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VI
TWO
SECTIONS
SECTION
ONE
Bank & Quotation Section
Railway Earnings Section
Bankers' Convention Section
Electric
Railway & Industrial Section
+
COPYRIGHTED IN 1921 BY WILLIAM B. DANA COMPANY, NEW
Issued
VOL.113.
Weekly
NEW YORK,
financial
DECEMBER, 3, 1921.
^financial
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City Section
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Harris, Forbes A C©
HARVEY FISK & SONS
SfHE FARMERS'LOAN & TRUST
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INCORPORATED
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CHARTERED
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ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
YORK.
110.00 Per Year
■;'■!
Railway Sects®®
State and
at?}
'
Pine Street, Corner William
NEW YORK
""
.
"""""
-3en;i:^'c0mpaliyv
32 NASSAU ST., NEW YORK
10 Drapers
1
OTHER OFFICES
16, 18, 20 and 22 William Street
17
075 Fifth Avenue, at 41st Street
YORK
NEW
■
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.
PHILADELPHIA
CHICAGO
v'fr
INDUSTRIAL SECURITIES
■n*\
(DOMESTIC AND FOREIGN BANKING
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Established
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securities
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THE
Mechanics
foreign
•
Mbtals
and
letters of
*
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John L. Williams & Sons
Telephone
Whitehall 2000
YORK
NEW
,
credit
BROADWAY
65
House
1874.
exchange
commercial
of the city of new yoek
Member Federal Reserve System
Clearing
t<
■
National Bank
York
*'
international
PARIS
New
^
NEW YORK
•„
Established. 1S10
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and
INVESTMENT
Application
Cable Address SABA.
LETTERS
ACCEPTANCES
[LONDON
on
P,
AMERICAN EXPRESS COMPANY
CREDIT
COMMERCIAL
list
.«
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EXCHANGE
OF
*
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LETTERS
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pal, railroad and public utility
-...BONDS FOR
OF SECURITIES
FOREIGN
* '*
SAVINGS BANK*
■ CHICAGO
-
eal in Government, munici¬
Salities and corporations and
MUNICIPAL,
ESTATES
PUBLIC UTILITY AND
CARE
&. CO., Inc
*BOSTON' ?
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GOVERNMENT,
OF
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Act as fiscal agents for munlci-
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Gardens, London, E. C,
HARRIS, FORBES
,
EAST 45TH ST.; NEW YORK
BOSTON
'
.
^
Capital, Surplus, Profits
527,000,000
-
5196,000,000
Deposits, June 30, 1921
BANKERS
Edward B. Smith & Co
Bond
RICHMONO, VA.
Servios
Trust
Foreign Exchange
Corner 8tt ad Main Stmts
Members New York and
Department
Stock
Phiiadelpbie
Exchanger
{Baltimore Correspondents:
R. LANCASTER WILLIAMS & CO., Inc.
Investment Securities
GARFIELD
National bank
STREET,
23rd
FIFTH
r
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/Surplus,
Bank for
A
'
•
.
The New York
Broadway
-
'''
'
-
51,000,000
Trust Company
the Builders of Business
•
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New Yoki
Philadelphia
„
AVENUE
Crosses
Stpttal,
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where
•
The Chase National Bank
of the
.
City of New'York;
BROADWAY5
#7
U.S.Government
Loans
Capital, Surplus &
Undivided Profits
Wholesalers io
$26,000,000
» *v
.$15,000,000
CAPITAL
SURPLUS AND PROFITS
20,578,000
DEPOSITS (Sept. 6, 1921)
.290,959,000
OFFICERS
Banks andBrokers
< <
A.
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CFChilds&Co.
The Oldest House in America
New York
•
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Boston
Detroit
*
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ALBERT H. WIGGIN, President
Assistant Vice-President!
Vice-Presidents
Samuel H. Miller
.Carl J. Schmidlapp
Gerhard M. DaW
'
Main Office
Dealing
[Exclusively in Government Bonds
Pittsburgh
BARTON HEPBURN
Chairman of the Advisory Board
100
Broadway
Chicago
St. Louis"
Fifth Avenue
*
FIrst National Bank
57th St. &
Office
Fifth Ave.
Reeve Schley
Alfred O. Andrews
Robert I. Barr
Sherrill Smith
Comptroller
Thomas Ritchie
Henry W. Cannon
A. Barton
op Philadelphia
George H. Baylor
M. Hadden Howell
Cashier
.'{
t William P. Holly
DIRECTORS
'
Hepburn
Albert H. Wiggin
John J. Mitchell
'
■* "j
Edwin A. Lee
William E. Purdy
,
,
Guy E. Tripp
Newcomb Carlton
Frederick H. Eckor
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M. Dahl
James N. Hill
«
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*
N.
Clearing House
Y.
,
A.
LAW.
President
Wm. Boyce
Charles M. Schwab
1
•,'
Wm.
Andrew Fletcher
Daniel O. Jackling
CHARTER NO.
*
.
Association
Samuel H. Millar
Edward R. Tinker
Edward T. Nichols
Thompsor
Reeve Schley
Kenneth F. Wood
H. Wendell Endicot.
William M. Wood
Jeremiah Mil bank
II
THE CHRONICLE
[Vol. lia.
ivtotatirunt ftottte* anb Jkatoer* at foreign
Cxcftattgie
MORGAN & CO. Maitland,
D
JL
•
Wall
Street, Corner of Broad
.
NEW YORK
3REXKL
&
CO.,
Coppell & Co.
62 WILLIAM STREET
|
KIDDER, PEADODY & CO.
NEW YORK
Orders executed for all Investment Securities.
PHILADELPHIA
Act
as
agents of
Issue Loans.
Corner of 5th and Chestnut Streets
of
;>»•»••
Letters of
BOSTON
t
NEW YORK
: a}.
••
.
Exchange, Telegraphic
No. 22 Old Broad Street
18 Broad Si
Corporations and negotiate and
<>■
Bills
MORGAN, GRENFELL & CO., LONDON
115 Dwoosblro St
Transfers,
Credit
on
•iORGAN,
HARJES
&
PARIS,
CO.,
The
National
Provincial
&
Union
Bank
14 Place Vendome
Securities bought and sold on Commission.
of
Commercial and Travellers
England, Ltd., London,
Messrs. Mallet Freres & Cie, Paris,
Letters of Credit
and
Foreign Exchange, Commercial Credits.
Principal Places
Mexico.
*n
Cable Transfers.
Areolar
Letters
for
Travelers,
available
In
TRAVELERS' LETTERS OF CREDIT
fmuDtWBU
43 EXCHANGE
J
=
LAZARD
London, Paris and Vienna
.
ISSUE LETTERS OF CREDIT
FRERES
Nassau Street
19
for Travelers
Foreign Exchange
Deposit
r
Agents and Correspondents of the
Messrs. ROTHSCHILD,
Securities
NEW YORK
Available in all parts of the world.
Accounts
Commercial
CO, LTD
PLACE, NEW YORK
Members New York Stock Exchange,
ALEX. BROWN & SONS, Baltimore
Investment
&
August Belmont & Co.
BosroeJ
NEW YORK
_
BARING BROTHERS
LONDON
BROWN BROTHERS & CO. ,
.
on
Agents for the Bank of Australasia.
ail
parts of the world.
Draw bills of Exchange and make
Telegraphic
Transfers
Credits
Execute prders for the purchase and sale of
Travelers' Credits
Bonds and Stocks.
LAZARD
FRERES
6 Rue
&
CIE,
Pan.
PiUet-WUl
LAZARD BROS. & CO., Ltd., London
11 Old
Broad
Street
•'
Laxard Brothers & Co., (Espana) Madrid
SHOWN, SHIPLEY & CO.
Lesard
Equipment Bonds
frONDON
Brothers
Laxard
RAILROAD
TANK
T. Suffern Taller
(fffanvllle Kane
6c
Freres
Co.,
A
Ltd.,
Cie,
Antwert
Mayence
Foreign Exchange
Securities Bought
CAR
and Sold
on
Commissi**
Letters of Credit
James G. Wallace
INDUSTRIAL
Freeman & Company
"IAILER&CD
Members New York Stock Exchange
84
PINE
STREET,
tO Pine Street. New York
NEW YORK
IRpdmond&<to.
New
Investment Securities
York
Philadelph*.
Pittsburgh
Lawrence Turnure A Co.
Baltimore
Washington
64-66 Wall Street,
Wilmtr>»«»-
New York
Winslow, Lanier & Co.
69 CEDAR
Investment securities bought and sold
mission.
STREET
Central
America
and
countries.
BANKERS.
Received
on
Bought
Subject
to
Deposits,
and
Sold
Spain.
Make
London
Draft.
Interest
lnvestment|Securitie>
Bankers:
Bank,
Members
collections
'
Midland
Allowed
com¬
credits, available through¬
States, Cuba, Puerto Rico, Mexico,
in and Issue drafts and cable
transfers on above
NEW YORK
tSsposlts
on
Travelers'
out the United
London Joint City &
Limited.
New York,
Philadelphia and
Pittsburgh Stock Exchange*
Paris Bankers: Heine & Co.
Securities
"J
on
'
Commission.
Graham. Parsons X Cd
foreign Exchange, Letters
of Credit
435 CHESTNUT ST.
30
PHILADELPHIA
PINE ST.
NEW
Investment Securities
Bonds for
Investment
HUTH & CO.
YORK
80 Pine Street
New Yori
Dm] In and Purchase
Issues
BONDS
Foreign Bonds & Investment Seoarlt'fs,
of
MUNICIPAL
BONDS.
AND
Commercial Credits, Foreign Exohany.
Cable Transfers
NOTES
on
of
RAILROADS, UTILITIES AND
Kean, Taylor & Co.
New York
FREDK HUTH A CO./Londoi.
INDUSTRIAL CORPORATIONS
and
of
Pittsburgh
ESTABLISHED
on
Cable Address "Graco." Philadelphia.
HEIDELBACH, ICKELHEIMER & CO.
John Munroe & Co.
80
PINE
STREET,
NEW
YORK
Letters of Credit for Travelers
Deposit Accounts
Oemmerdai
Credits
Foreign
Cable Transfers
MUNROE A
PARIS
Exchange.
37 William Street.
BOISSEVAIN & CO.
58
Members of the New York Stock
Exchange
INVESTMENT SECURITIES
COMMERCIAL DEPARTMENT
MESSRS. PIERSON 6t CO.
PAD
MEMBERS
N.
Y.
STOCK
EXCHANGE
BROADWAY, NEW YORK
FOREIGN EXCHANGE
CO.,
the Continent oi Europe
VALUE
Amsterdam, Holland.
Execute orders for purchase and sale of
Stocks and Bonds.
Foreign Exchange Bought and Sold.
Issue Commercial and Travelers' Credits
available in all parts of the world. •
Dec. 3 1921.]
THE CHRONICLE
InbeKtment auto Jlnandal
in
gmgag
Goldman, Sachs & Co.
60 Wall Street
NEW
Lee, Higginson & Co.
,
14
Investment Bankers
Millett, Roe
YORK
187 So. La Salle Street
60
BOSTON
Montgomery Street
421 Chestnut Street
SAN FRANCISCO
philadelphia
.
*
411 Olive Street
ST. LOUIS
Boston
New York
;
Hoge Building
SEATTLE, WASH.
INVESTMENT SECURITIES
\JU,
1
Higginson & Co.
'
"vl
MEMBERS
Members of New York and
Chicago
Stock
;
.
Title Insurance
Building
LOS ANGELES, CAL.
Chicago
Hageb
a
Congress Street
Chicago
NEW YORK STOCK EXCHANGE
Exchanges
Commercial Paper
80, Lombard St.
Securities
bought and sold
London, E. C.
commission
on
Foreign Exchange
Commercial
&
available
Travelers'
in
all
parts
52
Letters
of the
WILLIAM ST.
NEWIYORM
of Credit
world
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
EQUIPMENT BONDS
Investment Securities
Bonds
Short Term Notes
MEMBERS
NEW
YORK, BOSTON AND
CHICAGO STOCK EXCHANGES
EVANS, STILLMAN
Members New York Stock
Direct wires
■'
to
all
principal
'
■
markets
'
60
Acceptances
Exchange
BROADWAY
NEW
j'
Boston
& CO.
fain
Office:
Uptown
YORK
National
Branch: 42nd
City
St.
&
Bans
BoUOlac
Madlaan Av
Office* in 60 Cities
Chicago
Detroit
Providence
Established
Portland
Robinson & Co;
1888
t
.
•
-
ii
v'
•
Investment Securities
;
■
/
D. S. Government Bond*
Investment Securities
J. & W.
W. A. Harriman & Co.
Seligman & Co,
26
Exchange Place
,
New York
Member* New York Stock Exchang*
INCORPORATED
NS-54 Wall Street
Niw Yore
Boston
Sybacubi
NEW YORK
Conservative
Investment Securities
Underwriters
Yielding 6 %
Distributers
Howe, Snow,
Corrigan & Bertles
Jersey Bros. &. Co.
BANXEKS
.
Investment Bankers
GRAND
RAPIDS,
MICH.
to
8%
Peabody,
Houghteling &Co.
EST. 1865
MEMBERS PHILADELPHIA STOCK EXCHANGE
INC. 1918
10 So. La Salle St.
Investment
DAVIS & CO., LTD.
Securities
866
Madison
,
Chicage
Ave., New York
1421 CHESTNUT STREET
BANKERS' BROKERS
PHILADELPHIA
New York
Marshall Field, Glore, Ward & Co187 SOUTH LA SALLE STREET
Bnenes
Montevideo
Rio de Janeiro
cA„lon
Exch*"
Exchange
CHICAGO
Sao Paolo
Santo*
f Argentine Peeo*
Uruguayan Peeo.
[
40
(Argentine Cedula*
Dollar *
Wall
Street
New York
BrazllUn Mllrel*
Peso
YORK
ALDRED & COe
]
Uruguayan Cedula*
14 WALL STREET
NEW
Aires
Fiscal Agents for
Public Utility and Hydro-Electric
Companies
Sterling Issue*
PESO COUPONS PURCHASED
49 Wall St.
H.
T.
Tel. Hanover 394
RAILROAD, INDUSTRIAL, 1
FOREIGN
HOLTZ &
CO.
INVESTMENT
HARPER
&
INVESTMENT
BONDS
GOVERNMENT)
AND
TURNER
BANKERS
-
MUNICIPAL BONDS
FOR INVESTMENT
STOCK EXCHANSE BUILDING
WALNUT STREET ABOVE BROAD
39
SOUTH
LA SALLE
CHICAGO
STREET
PHILADELPHIA
Members Philadelphia Stock Exchange
Parker &
49 Wall Street,
Company
New Yorfc
i
THE
IT
CHEONICLH
[VOL. US.
^Financial
jfimnti&l
Investment Bankers
ESTABROOK & CO.
Power and
Members New York and Boston
Stock Exchangee
•
SECURITIES
INVESTMENT
15 State Street*
NEW .YORK
24n Broad Street*
HARTFORD
with which
BORG & CO.,
Simribtrt of Now
York Stock Exchange
Ms. 46 Cedar Street
-
,
;
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j
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we
are
•
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.
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...
.
bonds
19 CONGRESS ST.
BOSTON
identified.
ELECTRIC BOND AND SHARE CO.
(Paid
SIMON
'
.
Issued by companies with long records
of substantial earnings.
panies
SPRINGFIELD
(PROVIDENCE
CHASE & COMPANY
Light Securities
f
I
.
We extend the facilities of our organi
zation to those desiring detailed infor¬
mation or reports on any of the com¬
BOSTON
'«
offered
are
71
Capital and
$27,000,000)
up
Broadway
Surplus,
New York
-
MUNICIPAL
AND
RAILROAD
J. S.
FARLEE & CO.
66 BROADWAY
NEW YORK
New York
•
EST. 1883
BONDS
For Conservative Investment
HIGH-GRADE
Tel. 9695-9699
INVESTMENT SECURITIES
R. L.
35
ESTABLISHED 1860
£
^>x/liJQ)et<6Co
5 Nassau
Day & Co.
Investment Bonds
Congress St., Boston
New York
Bowling Green
Correspondents
REMICK, HODGES & CO.
St.* N. Y.
(MEMBERS NEW YORK STOCK EXCHANGE
Deal in
Underlying Railroad Bonds
and
Tax-exempt Guaranteed & Preferred
'Railroad & Telegraph Co.
STOCKS AND BONDS
bought
and
sold
for
cash,
carried
or
PARKINSON & BURR
Stocks*
William ftfompton To.
Members of the New York and
Boston Stock Exchangee
an
INVESTMENT BONDS
conservative terms.
Inactive and unlisted eecoritlee.
Inquiries invited.
BOSTON
83 State Street
14 Wall
Street, New York
Cincinnati
St. Louis
Fl NCH & TARBELL
New Orleans
Chicago
Members New York Stock Exchange.
ISO
BROADWAY*
NEW YORK
We%will
BONDS
k $m
Founded 1797
be
glad
to
receive '
dealers
from
inquiries
on
Standard Foreign Bond issues.
Baker, Ayiing & Young
STROUD & CO.
Seasoned
boston
43
Investments
Exchange Place* New York
1429 Walnut
PHILADELPHIA
St.* Philadelphia
30 Pine Street
DERTRON, GRISCOM & CO. INC.
New York
H. MOUNT AGUE VICKERS
49
Wall Street
INVESTMENT
SECURITIES
Land Title
46 Wall Street
Bonds
A
Building
PHILADELPHIA:
NEW YORK
Guaranteed Stocks
Survey of the
INVESTMENTS
OIL INDUSTRY
A. B. MURRAY & CO.
A brief summary of the
future
of
the
Worlds
Second largest
| anues ^atotf J
14 Wall Street
Industry
Free
on
request
New Yorl
Municipal, Railroad,
Public
FACTORS
j
Phone 10f3 Rector
FOUNDED 1854
Utility
and
Industrial Securities
R.C.Megargel
&
Co.
Main Office
225 4th Ave
27 Pine Street
•
-
.
WATKINS & CO.
New York
New York
7
Cable Address
-
Quomakel
Wall Street
NEW YORK
40 State St*
BOSTON
Dec. 3
CHRONICLE
THE
1921.]
Canabfati
Canadian
Government
THE CANADIAN BANK
OF COMMERCE
BANK OF MONTREAL
and Municipal
Eatabliahed
HEAD OFFICE. TOBONTO
100 Yeara
over
$15,000,0
....615,000, 0
PeesMent. SI* Edmund Walker. O.V.O., LL.D., D.O i
PAID UP CAPITAL
Bonds
RESERVE
122,000,000
Capital Paid Up
offer exceptional oppor
If pur
they will yield from
bonds
These
tunities for sound investment.
chased
now
fgf:- 5i/2%to7%
and interest payable
Principal
Rest &
on
Frederick Williams-Taylor
Sir
Throughout Canada and
STREET, NEW YORK
Ci
Montreal, London, Eng
Bank
Paria,
1
[Agent*
STEPHENSON,)
C. J.
.
Continental!
Collsetlcae
available In all parta of the
*
of Oredit l*eu*D
world.
Banking and Exchanga bUBlne**
description transacted with Canada.
Newfoundland.
sf evens'
England, and at Mexico City.
At London,
In
Exchanga Place"
Travelers' Oheque* and Letter*
Branches and Agencies:
Incorporated'
mmmmmmmmmmrn
F.B.FRANCIS,
C. L. FOSTER,
General Manager.
'
-
'
Navr York Office, 16
Buy and Sell Sterling and
Exchange and Cable Transfers.
made at all points.
Office—MONTREAL ;
Head
request.
V. Joan.
General Manager. H. V.
T *'
GORDON, G.B.E., Vice-Pre*.
SIR CHARLES
in
'
MEREDITH, Bart., President.
SIR VINCENT
.
14 WALL
..517,403,162
Total Assets
Wood, Gundy &Co.
Toronto, Winnipeg,
Anhtant
'
United States funds
Full Particulars C-21
General Manager. Sir John Alrd.
Undivided Profits 23,501,646
States—New York (64
England,
The
of
Bank
of Scotland,
r
Limltsd,
Bank,
Lloyd's
West
and
Bank
Tha
Indies.
British Guiana
Africa—The Colonial
Bank (of
West
(in which an interest
of Montreal).
BRITAIN
BANKERS IN GREAT
Montreal).
by the Bank of
Lombard Street; B. ©
LONDON OFFICE—2
(France).
Montreal
of
Wall
Street), Chicago, Spokane, San Francisco—
British American Bank (owned and controlled
In the United
London),
Is owned by the
Bank
\
W-
V;
THE
ROYAL BANK OF CANADA
*A'&\Ames
GstdblxsUcd
Co
&
Established 1869
;;;
ttS9
:
United Financial Corporation
(S&n&di&ri
E.
INVESTMENT BANKERS
/
ffowYork
VtetoriattC:
L. PEASE, Vice-Pres. & Man. Direct
O. E. NEILL, General Manager
720 Branches throughout
CANADA and NEW¬
in
CUBA,
PORTO RIOO.
REPUBLIC. HAITI, COSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
FOUNDLAND,
Montreal
fToronto
Montreal
HOLT. President
Head Office
SIR HERBERT S.
Securities
?4Thoadway
21,000,000
500,000,000
Total Assets
Limited
& Corporation
(JoMzmtruzmt, Municipal
/,
$20,000,000
Capital Paid Up
Reserve Funds
Mcn&cr$7ototito Stock Sucfaftufl#
DOMINICAN
Chicajo
Provincial,
Canadian
Government,
Municipal
and Corporation
Bonds
ARGENTINA—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao
URUGUAY—Montevideo.
.
SPAIN—Barcelona.
LONDON OFFICE—Princes
RURNETT.
u
PORTSOUS
Street,
■
Walker and J. A. Beatson, Agents.
FRENCH AUXILIARY:
The Royal Bank
Canada (France), PARIS, 28 Rue de
,
MONTREAL
T.
F.
London, Eng.
Ottawa
Toronto
Street, E. O. *
AGENCY—68 William 8t.
NEW YORK
112 St. James
Pau
Quatre-Septembre.
;
;
■
<-/
€r O?
THE DOMINION BANK
HpbflBKontreriStocKbichsn^
Hontrrai
IT St John Street
STOCK AND BOND
BROKBR»
Co.
&
Daly
A.
R.
CANADIAN
Inquiries solicited—Offerings on
Up
AND
request
$6,000,0 C
7,819,00
—-—126,000,00 0
Profits
Sir Edmund Osier,
Clarence A. Bogert,
President
General Mana
«
New York Agency, 01 Broadway
O. S. Howard, Agent
Building
TORONTO, ONT.
McIeod^oung^Veir
& Undivided
Total Assets
MUNICIPAL
CORPORATION BONDS
Bank of Toronto
TORONTO
Capital
Reserve Funds
GOVERNMENT,
Canadian Bonds
HEAD OFFICE,
Paid
London Branch, 78 Cornhill
S. L. Jones, Manager
|
£fCo.
INVESTMENT
BANKERS
CANADIAN
Canadian
cial,
Government,
TRAVELERS* AND
and Municipal
v
Offerings on Request.
Street,
CANADIAN
GOVERNMENT
and
Montreal
BAYLISS, SHREWSBURY & CO.
Municipal Bonds
NEW YORK
St.
OREDIT
GREENSHIELDS & CO.
Members Montreal Stock Exchange.
Dealers
in
Canadian Bond Issneh
17 St. John
15 Broad
EXCHAN G
SOLD
COMMERCIAL
LETTERS OF
Bonds
Bought—Sold—Quoted
BONDS
FOREIGN
Provin¬
Municipal and Corporation
CANADIAN
Government
AND
BOUGHT AND
Toronto
!Z3 Jordan St.
Correspondence Solicited
CANADIAN
INVESTMENT
M ac Kay—M ac Kay
SECURITIES
C. P.
TORONTO, ONT
R. BIdg.
Bequest
Correspondence Invited
Offerings on
Adrian
Muller & Son
Hi
McDonagh, Somers & Co.
Dominion
'
AUCTIONEERS
OFF1CB
No.
86
Corner
Bank Building
TORONTO, CANADA
CANADIAN
WILLIAM STREET
Pino Street
Regular Weekly Sales
BONDS
Nesbitt, Thomson
OF
& Co.
Limited.
Canadian
Stocks
and
Bonds
Municipal, Public Utility ft
Industrial bonds
j
EVERY WEDNESDAY
St., MONTREAL
Toronto
London,
Hamilton
At
the Exchange
14-16 Veaey
Salea Ro
Street
^Emilius Jarvis 6c
INVESTMENT
SSS St. James
Ont.
BANKERS
Established 1891
Co.
VI
THE
CHRONICLE
[VOL. 113,
^oteign
Australia
New Zealand
and
LONDON JOINT CITY AND
BANK OF
MIDLAND
NEW SOUTH WALES
tESTABLISHED 1817.)
Pa(d-Up Capital...
Rmrvs Fund.....
Raaarva Liability of Proprietors
...
BANK
CHAIRMAN
$24,826,000
17,125,000
24,826,000
The
Right
Hon.
LIMITED
t
R.
McKENNA
"
JOINT MANAGING DIRECTORS i
$66 777 000
Assets 31st March,
S.
B.
MURRAY
F.
1921.$378,*462|443
OSCAR LINES,
General Manager.
HYDE
E.
Subscribed Capital
Paid-up Capital
868
BRANCHES and AGENCIES In
the
Australian States, New Zealand, FIJI, Papua
(New Guinea) and London.
The Bank transacts
Deposits
•vary
Heed Office
GEORGE
London Office
STREET
HEAD
10,860,565
OVER
STREET. E. C. 2
•
THREADNEEDLE
5,
39, THREADNEEDLE
SYDNEY
10,860,565
(June 30th, 1921)'
OFFICE:
OFFICES
If SO
WOOLLEY
£38,116,815
-
Reserve Fund
description of Australian Banking Business.
Weal and other Produce Credits
arranged.
-
«
,
W.
IN
371,322,381
STREET,
ENGLAND
LONDON,
AND
EC 2.
WALES
OVERSEAS BRANCH: 65 & 66. OLD BROAD STREET. LONDON. E.C.2.
Atlantic Offices:
"
Aquitania "
THE ONION BANK OF AOSTRAUA, Limited
Established 1837.
OVER 110 OFFICES IN
...£9,000,000
Eeserre Fund
OVER 160 OFFICES IN SCOTLANO
£2,750.000
teeerve Liability of
£5,000,000
The Bank has 42 Branches In
VICTORIA, 88 In
SOUTH WALES, 10 In
QUEENSLAND. 14
SOUTH AUSTRALIA, 20 In WESTERN
Rotter damsche
HEW
in
THE CLYDESDALE BANK LTD.
IRELAND
£7,500.000
£2,500,000
Capital Paid Up
Proprietors
" Mauretania "
AFFILIATED BANKS'
BELFAST BANKING CO. LTD.
incorporated 1880.
Capital Authorised
Capital Iaaued
"Berengaria "
AUS¬
TRALIA, 8 in TASMANIA and 46 in NEW ZEA¬
Total. 182.
LAND.
Head Office:
Bankvereeniging
71, Cornhlll. London. E.G.
danager. W. J. Essame.
Asst. Mgr.. W.
AJLalng.
Secretary. O. T. Tobitt.
Rotterdam
The Hague
THE
Commercial Banking Company
of
Capital and Reserves
Sydney
LIMITED
Incorporated in New South Wales.
Reserve
Capital
Fund....
Our
£2,000,000
2,040,000
2,000,000
—
Reservo Liability, of
Proprietors
f 110,000,000
Every description of banking business transacted,
including
the making of
collections, the issuance of travellers' letters
of credit and
documentary letters of credit, buying and selling
of foreign exchange and of stocks and
shares. I
Established 1834.
faid-Up
Amsterdam
large capital and complete organization enable
handle
and
all
matters
entrusted
to
our
with
care
to
us
efficiency
promptness.
£6,040,000
Drafts payable on
demand, and Letters of
Credit are Issued by the London
Branch on the
Head Office.
Branches and Agencies of the
Bank
la Australia and elsewhere.
Bills on Australasia
negotiated
or
collected.
Representative for the United States
,
14
J. G. van BREDA
Wall Street,
KOLFF
New York
Remittances cabled.
Haad Office, Sydney, New
South Walee
..
«.
1$.
Blrchin
w.
London Office:
.
Lane.
Lombard
Street.
E.
O.
NATIONAL BANK OF INDIA Limitatf International
Bankers to the Government in British
Bas<
Africa and Uganda
Lincoln
Menny Oppenheimer
Head Office: 86, Blshopsgate, London, ■. t
tranches
in
India,
Burma.
Ceylon, Ksayi
Colony and at Aden and Zansibar.
BANKERS
FRANKFORT-o-M.,
Subscribed Capital
Paid-Up
Capital
Banking Corporation
STREET, NEW TORK CITY.
Capital and Surplus
Undivided
$10,000,008
Profits
-
Branches
£4.000,000
£2,000.000
£2.000.000
Pund
$4,000,00$
In
London
ffe* Bank conducts every description of bankta*
and
Cable Address
WALL
exchange
business.
"Openhym"
Lyons
China
Java
Panama
India
Philippines
Santo
Japan
Reserve
GERMANY
60
Straits
Spain
San
Francliso
Domingo
Settlements
INVESTMENT SECURITIES
FOREIGN EXCHANGE
Hong Kong & Shanghai The Mercantile Bank of India Ltd
BANKING CORPORATION
BANK OF
HEAD
JU60SUVIA, Ltd.
OFFICE, ZAGREB
Now
York
Agency
LOTHAR BERKS,
Agent
LEO SORGER,
N.
CVETNIC,
Sub-Agent
Paid up Capital (Hongkong
Head
Currency)...H$15,000,000
Reserve Fund In Silver (Hongkong
Curr.)H$21,500,000
Reserve Fund in Gold Sterling
£2,500,000
ISSUE DRAFTS
AND LETTERS OF CREDIT
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA, -JAPAN, PHILIPPINES, STRAITS SET¬
TLEMENTS, INDIA. JAVA AND SUM.
J.
A.
JEFFREY,
Agent.
30
Wall
St..
New
Office
15 Gracechurch St.
Capital Authorized
Capital Paid Up
London, E.C. 3
.............
£3,004,00S
£1,050,000
Reserve Fund and Undivided Profits
£1,227,638
Branches in India, Burma, Ceylon, Straits Settle¬
ments, Federated Malay States, China and Mauritius,
New York Agency. R. A. Edlundh. 64 Wall Street.
York
Sub-Agent
The
Subscribed
Capital..J.K.200,000,000
Reserve
25
50,000, OOf
Broadway,
Cable Address
New York
"Jugobanfc'
National
Discount The Union Discount Co.
Company, Limited
Sf CORNHILL
of London, Limited
LONDON, E. C.
39
Gable Address—Natdls London.
Subscribed Capital
Telegraphic
$21,166,62$
Paid Up Capital
4,288,328
Reserve Fund
8,600,000
FOREIGN MONEY
Reserve Fund
BOUGHT and SOLD
HANDY
and
Est.
ft
HARM AN
1867
CEDAR STREET
NEW
Telephone 4337-8 Jo1
are
follows:
3% per
NOTICE
RATES
IS
OF
HEREBY
INTEREST
ap¬
proved negotiable securities.
PHILIP
HAROLD
WADE.
deposit
At
annum at call.
3
GIVEN
aUowed
that
for
the
money
Call, 8 Per Cent.
At
to
7
are
as
follows:
Days' Notice, ZH
Per
Cent.
The Company discounts approved
Mercantile Acceptances, receives
Bank
Money
on
and
De¬
posit and effects Purchases and Sales of Govern¬
ment Stocks, Treasury Bills, Shares and other
Securities
Manager
5,000,000
£1 STERLING
on
8X% at 7 and 14 days' notice.
Approved Bank 8c Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to
time; and for fixed periods upon
specially agreed terms.
Loans granted on
London.
i
$5
Deposit
as
Udisco:
Capital Authorized & Subscribed.$10,000,006
Capital Paid Up
5,000,000
($5=£1 STERLING.)
NOTICE is hereby given that the RATES OF
INTEREST allowed for money on
CORNHILL
Address,
on
the
usual
CHRISTOPHER
R.
terms.
NUGENT, Manager.
Dec. 3
VII
CHRONICLE
THE
1921.]
Jtatefia)
Jfocetgn
BANCO DI ROMA
Xv;".'. ,\'yT.LJ. iV;
ESTABLISHED 1880
Head Office: Rome, Italy
I
Capital Fully Paid and
—
"'■■■K'"
*'
Banqne Natiooale de Credit
'•
.■
$1,000,000,000
■
,■«
•
'j
•;
frs.
500,000,000
Surplus
frs.
92,000,000
Head Office
events in
as
well
as
institution distributes a
our
Upon request we shall be
current
..
i77:73^|7:;
350 Branches in Franoe
4
in
Branohes
Rhenish Provisoes
the
Kindly address
Rodolfo Bolla
BANKING BUSINESS
GENERAL
/
Representasive
New York
Wall Street
One
PARIS
glad to mail the
Bulletin to you.
American
<
Deposits .... ...frs.2,420,000,000
Europe, Asia and Africa
bulletin relative to current
Italy.
American Bankers will find this publication of interest
of value to them in helping to keep in touch with Italian affairs.
EACH month
,
Capital
(Five Lire—One Dollar)
Branches throughout
More than 250
-
$35,000,000
Surplus
Total Resources Over
i
r
i :
';
*
&
BROTHERS
K0NI6
CO,
IN Port Strati, NEW YORK
Travellers
and
Commercial
Letters of Credit
KONIG BROTHERS, LONDON
and
,-77'..'
NEDERLANDSCHE HANDEL-MAATSCHAP
ROnERDAM
Banking Facilities
in Italy
Our
throughout Italy enable us to
offer a commercial banking ser<
exceptional breadth and
vice of
■
Reserve
.£3,000,000«
Paid
Fund
Reserve
world.
.
.
»
.
.
.
.
.
(Nov. 1920)
Deposits
14
Office,
6
New York Agency,
Magnus Irvine. Becro**tsr
Lombard Street
113 Buchanan Street
and Sub Olllces throughout SoottaM
London Office, 62
AND
7
KING
AGENCY
288 Branches
WILLIAM ST.,
New York Agents
$80,000,000
Capital fully paid
;
Resources
LONDON, E. C., 4.
.
.
.
.
Royal Bank of Scotland
BANQUE GUYERZELLER
$62,400,000
$31,200,000
$1,286,817,065
Head Office:
National Bank
ENGLAND.
62-64 William St.
Authorized Capital
Surplus
41,000,69
.
.
.
1,780,09
1,000,01
Gsorgs Street, Edinburgh
American Exchange
BANCA C0MMERC1ALE1TAL1ANA
Incorporated by Royal Charter,
SOCIETE ANONYME
ZURICH
MILAN, ITALY
Deposits.
£1,082,176
.£89,114,127
....
Head Office
Paid up
The NATIONAL BANK
of SOUTH AFRICA,
London Office
Ltd.
exceed
banks and bankers Its anperiar
facOltfe sfor the extension of trade and com¬
Off angle American
merce
banking bnsinees
transaoted.
between this country
-
•
«
Edinburgh
A. K. Wright
3 Bishopsgate, E.C.2
Exchange Square
Glasgow Office
175 Branches
Throughout Scotland.
Every Description of British,
Foreign Banking Business
Branches In Africa
Capital and Reserves
$21,000,000
St. Andrew Square,
Cashier and General Manager:
Capital Frs. 6,000,000
Every de*orlptlon of
Ionian
Paid Up
-
1727.
...£2,000,000
Paid-up Capital
Rest and Undivided Profits
Established 1894
Om §00
16,806,01?
•
.
#
Glaigov Office,
LONDON
And several affiliations
throughout the
,
v
Capital
up
Alex. Robb, Qen'l Manager
£2,000,000
Fund
Constantinople
Londort
Capital
Subscribed
Egyptian
under
Lit
Established 1810
Law
June, 1898, with the exclusive right to
Issue Notes payable at sight to bearer
Established
Capital, fully paid
.•
FOREIGN BRANCHES
York
COMMERCIAL BANK OF SCOTLAND,
Head
completeness.
New
EGYPT
of
Head Office—Cairo
in 80 cities
branches
own
NATIONAL BANK
Colonial and
Transacted.
Correspondence Invited
Bank, Limited
Incorporated by Royal Charter.
Offers every banking facility for transaction
with Greece, where It has been established for
80
years,
and has Branches throughout the
Country^
Also at Alexandria. Cairo, Ac..
In Egypt.
Head Office: Basildon House,
SOCIETE GENERALE ALSACIENNE
Moorgate
Pondee In 1681
and Africa.
-
-
Strs^k.
leONDOWf
Ee C»
DE BANQUE
•«
Siege social:
New York
Agency
-
-
44 Beaver St.
Strasbourg
English Scottish and Aostraliao Bank, Ltd
Head Office:
Gracechurch St., London, E. C.
Authorized Capital
.....—£3,000,000 0 0
Reserve Fund
1,085,000 0 0
Subscribed Capital—.......— 2,495,525
0 0
Paid-up Capital
1,247,762 10 0
Further Liability of Proprietors. 1,247,782 10
0
Remittances made by Telegraphic Transfer.
Bills Negotiated or forwarded for Collection,
banking and Exchange business of every de¬
5
PRAGUE
Head
Office:
Brannbe
t
CREDIT BANK
Czechoslovakia,
Prague,
Osechealevakla-
threugheut
Establlsbed
In
1878
scription transacted with
Capital and Reserves
CzK129,000,000
Australia.
E. M.
JANIOS, Manager
4, Rue Joseph
capital.
100 millions da
Massol
francs antlsremen
verses
86 Agences
notaaunent a
•ULHOUSE
BET2
COLOGNE
BAYENC1
lUDWIGSHAFEN
FRANCFORT
SARREBRUCK
VIII
THE
CHBONICLE
[VOL. 11*,
Ranker* anb jBrokew ©nwlbe iJtto Pork
MILWAUKEE
CHICAGO
CHICAGO
EDGAR, RICKER &. CO.
Investment Securities
East Water and Mason Streets
A.G. BECKER & CO.
MILWAUKEE, WIS.
?•
>
1
'* '
'•
*
'
■
Marinette & Menom. Paper Co.
First 71/28, due 1936
&
Distributed
137 So. La Salle Street
j
_
Underwritten
CHICAGO "*
Federal Securities
■rjm
BONDS
Corporation
Commercial Paper
38 South Dearborn Street
CHICAGO
New
Financing of Milwaukee
York
;
St. Louis
r,
San Francisco
and Wisconsin Industries.
Los
Angeles
Seattle
'
JAMES
Investment Securities
Bought and
D.
Lacey Timber Co.
TIMBER
.loS
y
First Wisconsin
Investment
v
"
based
'
-
'
Company
Securities
MILWAUKEE
Greenebaum Sons
WostmAllt Company
BONDS
always
upon
expert
verification
of underlying assets
889 SOUTH MICHIGAN
AVE., CHICAGO
Safe Investments Since 1855
#
S. B. Cor. LaSalle and Madison Sts.
WISCONSIN
Safe First
SCOTT
Mortgage
INVESTMENT BONDS
Real Estate Serial Bonds
Suitable Investments for Banks.
ance
fit STITT
ill
Insur¬
Companies. Estates and Individuals
W.
Monroe St.
CHICAGO
Approved and Recommended by the
OLDEST
BANKINQ
HOUSE
IN
CHICAGO
Second Ward Securities Co.
MUNICIPAL BONDS
Second Ward Savings Bank Bldg.
Firet
MILWAUKEE
Gammack, Ray & Co, inc.
Mortgage
Corporation Bonds
108 So, La Salle St,
Short
CHICAGO
.
Specializing in
Industrial Note Issues
Hyney,
Specialists in
89
Wisconsin
Term
South
Emerson
La
Salic
Industrial
& Co.
St
CHICAGO
and
Railroad
Bonds and Notes
Municipals
and
108
High Grade Investments
A. O.
Slaughter & Co,
South
La
Salle
Street,
CHICAGO, ILLINOIS
Members
ffsij York Stock Exchange
Obicaco Stock Exchange
Chicago Board of Trade
419
INDIANAPOLIS
WEST MONROE STREET
CHICAGO
ILL.
Investment Securities
Ask
Fletcher American Company
Partial
INDIANAPOLIS
Capital
Powell, Garard & Co.
11,500,000
•
INVESTMENT SECURITIES
John Burnham & Co.
INC.
41
39
^pettlallEing In Indiana
jffi Corporation end
and
South
Salle
Chicago
IndlF^iap-
Mnnlolpa! bends
La
8S8
for
Payment Plan
S.
La
Salle
St.
Tel.
Randolph 3446
Street
-
Chestnut St.
SPRINGFIELD, ILL.
Philadelphia
stocks
BREED, ELUOTT & HARRISON
SEE."" BONDS
Matheny, Dixon, Cole & Co.
SPRINGFIELD, ILLINOIS.
Dealers
INDIANAPOLIS
?f)M«&anati
Detroit
Chicago
Milwaukee
Investment Securities
I
COMPANY
and
134
Municipal Bonds
iadlana
lllfltl
SOUTH
LA
SALLE
DENVER
Commercial
Local Securltlea and
Collateral
Corporation Bonda and Stocks
Bond*
Mortgages
,
Municipal and
Paper
Loans
Investment Securities
INDIANAPOLIS
WILL
H. WADE
INVESTMENT
COMPANY
BANKERS
Sooond Floor U. 8. National Bank Btdg.
ms.li sua SI.
BEND,
Farm
Corporation Bonda
NEWTON TODD
SOUTH
Illinois
in
Corporation
STREET
Corporation Securities
111 Lameks Bldg.
and
CHICAGO, ILLINOIS
CHRISTIAN & PARSONS CO.
Indiana
Municipal
Chltaga, IB.
DENVER
MINNEAPOLIS
IND.
L.Kaufmann& Co State Bank
Goss-Geyer-Ross Company
FOREIGN
SECURITIES DEPARTMENT
a
GOVERNMENT, MUNICIPAL
ESTABLISHED
&
CORPORATION BONDS
Union Trust Bids.
SOUTH BEND. IND.
IQI O
#
Foreign
Exchange and Foreign
.Securities a Specialty.
TtfUNlClPAL RAILROAD
'CORPORATION BONDS
! COMMERCIAL PAPER/
MINNEAPOLIS
STuPAV't""*
Dec. 3
IX
CHRONICLE
THE
1921.]
$otk
Santa* and ^Broker* ©uttfoe flea
MICHIGAN
MICHIGAN
CLEVELAND
Mem bars of Detroit
Harris Small & Lawsof
The Gandling-Jones Company
•
t
■'
^ *'?i- * ' < . " '■ '
i,"'
190 CONGRESS ST., W
STOCKS—BONDS—NOTES
*•
Stock Exchange
Charles A. Pa reel Is A Co.
<' *j\
^INVESTMENT SECURITIES
PENOBSCOT BUILDING, DETROIT,
DETROIT
Members Detroit Stook
Bonds
Acceptances
Stocks
York, Boston, Cleveland, Chicago
Stock Exchangee, the New York
Cotton Exchange and the Chicaoo Board
of Trade.
HUGHES, GORDON, BRASIE & CO.
eeembere of Now
CLEVELAND
Bostonj
Toledo
Denver
tafwriot
your
Bldg., Detroit
DETROIT
BLDG.
Cincinnati
Detroit
Akron
Dayton
Wo invito
1721-3 Dime Bank
DIME BANK
:
Specializing Detroit Securities
High Grade Bonds
Detroit
Saw
Ezohange
Richard Brand Company
OTIS & COMPANY
and
MIC
CLEVELAND
HANNA BUILDING,
York
Columbus
Youngstown
Colorado Springs
WHITTLESEY, McLEAN & CO.
CINCINNATI
Municipal Bonds Corporation
THB
CHANNER A SAWYER
CO
KLIPFEL - WASHBURN ■ BERKLEY
»
Members Detroit
DETROI
Building
Union Trust Bids*,
INVESTMENT SECURITIES
CINCINNATI. OHIO
Bldg.
CLEVELAND, Oe
Securities—Municipal Bonds
New York Stocks and Bonds
Ohio
Bucyras
Warroa
Dayton
Stock Exchange
INVESTMENT SECURITIES
2054 Penobscot
lad Floor National City
Bonds
;\.r/ Stocks
FENTON, DAVIS &
Investment
BOYLE
Bankers
DEALERS IN
Lilted
Unlisted
-
-
Inactive
INVESTMENT SECURITIES
Grand Rapids
Detroit
Chicago
Stocks & Bonds
IRWI N.BALLMANN
CINCINNATI, OHIO
CLEVELAND, O.
Nawa Bids.
& CO.
& CO.
KEANE, HIGBIE
888-880 881 Walnut St.
FOYER
ALBERT
"
MUNICIPAL BONDS
.
NEW YORK
I
DETROIT
«U
TOLEDO
U0
GRISWOLD ST.
BROADWA
FRIEDLANDER
EDGAR
DEALER IN
TUCKER, ROB I SON & CO
,
■
OHIO
CINCINNATI
Successors to
KAY & CO. Inc.,
Cincinnati Securities
INVESTMENT BANKER
David Boblson Jr. A Sons
Bankers—Established 1876
MuktaaL nn^gsss
Riilnml ^a^ass
ssd
^^^s
Toledo and Ohio
Gardner
DETROIT, MICK.
Penobscot Bldg.
CmoratiM Baidi
COLUMBUS, OHIO
^w^^ns^syBeBesvsBS tM'MPMNBeP
Detroit Stock Exchange
Members
Securities
TOLEDO. OIIC
Build ins.
CARY & CO.
W. W.
Members
GEORGE M. WEST &
Columbus Stock Exchange
COMPANY
Established 1898
Graves, Blanchet
1
^
COLUMBUS SERVICE
& Thomburgb
20
COLUMBUS, OHIO
East Broad
INVESTMENT BANKERS
MUNICIPAL BONDS
TOLEDO
Detroit Stock Exchange
OHIO
A
GORDON
COMPANY
INVESTMENT
•
y.
.
fembert
YOU
ARE
Members
PITTSBURGH
DETROIT,
BLDG.
UNION TRUST
GARDNER BUILDING
Union Bank
..•»
.
.-A;-
■
r
BANKERS
%
:
'
<
Pittsburgh Stock Exchange
Building,
Phone Court
W. A.
HAMLIN A CO.
Detroit Stock Exchanie
Members
Motor
Stocks, Public
PITTSBURGH, PA.
3264-5
1010 Penobscot
DETROIT, liECib
Bids*,
SEEKING
*
INVESTMENT BANKERS
AS A TRADER
PITTSBURGH
Commonwealth Bldg.,
OR
HAVE
4 CO.
LYON, SINGER
OCCUPATION
YOU
Securities of
NEED FOR ONE
Pittsburgh District
Pennsylvania
Municipal Bonds
facilities
INVESTMENT
afforded
by
the
A. E.
MASTEN & CO.
Established 1891
The Financial
facing the
BANKERS
Municipal, Government
Corporation Bonds
Members
A
Detroit Stock Exchange
Bldg.,
.
DETROIT
-
Cherry"'' •'
should avail of the
New York Stock Exchange
Boston Stock Exchange
Classified Department
of
& Co., Ino
Joel Stockard
Penobscot
Then you
Utilities St Oils
Chronicle
inside back cover.
Members! Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
S23
Pourth Ave.,
Pittsburgh, Pa
Branch Office—
Wheeling, W. Ve.
I
WATLIN6, LERCHEN &
Michigan
COMPANY
Municipal Bonds
Local Corporation
We Incite
Bonds and
Stocks
Inquiries
DETROIT
lembers
Detroit Stock
Exchange
THE
CHRONICLE
[Voi* 113.
Banter* anU jBroter*©utaibe
iletu gort
MCiriC COAST
PACIFIC
COAST
MACON
>i
m
mm
....
Howard Throckmorton
Pacific Coast Securities
W. M. DAVIS & COMPANY
CALIFORNIA SECURITIES
bonds
Southern Municipal Bonds
-Jr, V.,
...
•f
Government
Bonds
MUNICIPALITIES
Municipal
having substantial
San
Alaska
s
CORPORATIONS
.Corporation
;
AND
Francisco
-•
AND
;■
/Guaranteed Stocks
MACON
GEORGIA
aasets
and earning power.
"
Commercial Building
ATLANTA
WILLIAM R. STAATS CO.
LOS ANGELES
Quotations
and
Information Furnished
on
BAN
FRANCISCO
PASADENA
THE ROBINSON-HUMPHREY CO.
Established
Pacific Coast Securities
Established
MUNICIPAL
1858
ATLANTA
INVESTMENT BROKERS
San Francisco
1•
GEORQIA
Members
Montgomery St.
San Francisco Stock
and Bond Exchange
Private Wire
Hunter,Dulin & Co.
AUGUSTA
JOHN W. DICKEY
PORTLAND, ORE.
Augusta, Ga.
Investment
Securities
HALL ft COMPANY
'm
;
Southern
v
San Francisco
Looal snd Paolflo Coast Ssourltiet
BUILDING
Securities
■ftabllsfcsd 1880>
INVESTMENT BONDS
& KWII
1894,
CORPORATION
\
BONDS
SUTROftCO.
_
AND
Lo« Angeles
Oakland
Pasadena
Santa Barbara
San
Diego
PORTLAND. OXBBDb
WM. E. BUSH & CO.
Augusta, Ga.
We
specialise In California
Municipal ft Corporation
DALLAS, TEXAS
BONDS
BREG, GARRETT ft CO. DRAKE,
ANGELES
Wachovia Bank & Trust Company
Texas and Oklahoma
BOND DEPARTMENT
DALLAS, TEXAS
North Carolina
R. H. MOULTON & COMPANY
Municipal Bonds
and
Warrants
Distributors of Entire Issues
yielding from 6% to 8%
We solicit
inquiries from dealers,
banks
and
Investors
GEO. L. SIMPSON & CO.
DALLAS
Title Insurance
Building,
Winston-Salem, N. C#
San Francisco
W. F. SHAFFNER ft CO
CHAPMAN DE WOLFE CO.
Winston-Salem, N. C.
801-888 Montgomery
Street,
SAN
FRANCISCO, CALIF.
Southern Investment
Securities
Stocks and Bonds
ilton-Lumscl
and
Quotations
on
all
Coast Securities
Members San Francisco Stock A Bond
&
Paclfla
SPARTANBURG.
Bxchangs
Company
MUNICIPAL BONDS
at
National
Securities Company
Exchange Place.
Stocks
Inc.
Bonds
a
Specialty
SPARTANBURG, S.
*
TEXAS
and
Southern Textiles
NASHVILLE, TENN.
SAN ANTONIO.
C.
DEALERS IN
American
DALLAS, TEXAS
S.
Ae Ms LAW & CO.,
NASHVILLE
SOUTHWESTERN
Main
and Bondo
Company Securities
LOS ANGELES
American Natl Bank Bldg.,
Information
Houqhton-Lumsden
Municipal Notes
R. J. Reynolds Tobacco
CALIFORNIA MUNICIPALS
Texas
CAROLINA
Nuya Building
LOS
Farm and
101 Praetorian Bldg.,
NORTH
RILEY A. THOMAS
Van
Municipal Bonds
City Mortgages
SOUTHERN SECURITIES
COTTON MILL STOCKS
C.
Railroad and Corporation Securities
Tennessee Municipal Bonds
J.
E.JARRATT& COMPANY
Investment Bankers
SOUTHERN
Municipal Bonds
EXECUTIVE
MUNICIPALS
Cumberland Tel. & Telep. Oo. 6s
Nashville Chattanooga & St. Louis
Ry.
Nashville & Decatur Ry.
Nashville Railway & Light Co. Securities
San Antonio, Texas
NASHVILLE,
TENN.
814 Union Street
NORFOLK,
and capable head for
any
one
ST/kLOUIS,?MO
Security Bldg.
of your Departments
can
be obtained
817
ALABAMA
MARX &
A BUSINESS
Caldwell & Company
the
VA
Financial
Classified
COMPANY
BANKERS
MOTTU & CO.
(opposite
through
Chronicle
Department
Inside
back
Established 1892
cover).
BIRMINGHAM, ALABAMA
SOUTHERN
MUNICIPAL
Investment Bankers
CORPORATION BONDS
Use and Consult It.
AND
NORFOLK, VA.
Correspondents:
.
E. ft C. Randolph, N
York
DEC. 3
THE
1921.]
CHBONIOLE
XI
JBairitett Htm ^Brokers ©uttlbt AtSa Sttfc
To-day!
into
:
1: -7
THAYER, BAKER & CO.
Short Term
Convert
£JU.£lark«£o.
Long Term Investwhile fast disap¬
ments
BANKERS
pearing 7% to 8% income
yields with safety may
still be obtained
;
else— v
or
521
:
INVESTMENTS
■
.
i
Commercial
by
con¬
monthly
pay¬
to-day's prices.
at
Ask for attractive
BORDEN & KNOBLAUCH
our
Ameritaa Gas &Ebc. Co. StcsiliK
j,
-'
a.
w
Incorporated
■
New York
111
PHILADELPHIA
v
Members
Chicago
Philadelphia Stook
Boles ^Westwood
Exchange
208 S. LaSalle St.
Broadway
Providence
10
Co.
•
FOURTH STREET
S.
119
H. M. Byllesby &
v
Boston
.*
i
14 State Street
Weyboaiet St.
Member's
Phila.jSiockExchande
Pennsylvania Tax Free Bonds
;
PAUL & CO.
Member* Philadelphia Stock Exchangt
edwards
1481 Chestnut
J
INVESTMENT
SECURITIES
'
geo. b.
Philadelphli
Stock Exchanges
list CC-3.
investment
v!
Bldg.t
Members New York and
ex¬
amples listed in
Trust
PHILADELPHIA
investments
ments
Philadelphia
Established 1837
Buy Long Term
venient
Chestnut St.y
Street/ ,;'
PHILADELPHIA
v'V
J
"
INVESTMENTS
78 Trinity PUc«f
Philadelphia
NEW YORK, N. ▼.
ST. LOUIS
70S SALE—Timber, Coal, Iron,
other proportion.
(Confidential
•I
United States
Charles W. Msers
Herndon Smith
Investigations
Negotiations
Settlement* and
PHONE: LOCUST 4723
Ranch and
WUltam
Urchasea of Property.
West Indie*
Canada
H. Burg
:
SMITH, MOORE & CO.
NEW ORLEANS
INVESTMENT BONDS
■
ST. LOUIS, MISSOUR
OLIVE ST.,
809
BONDS
W
st. louis service
HARK C. STEINBERG & CO.
Member* New York Slock
Exchange
Municipal
Member* St. Louis Stock Exchange
N.
300
ST. LOUIS
Broadway
Railroad
providence
Public
BODELL & CO.
10
Utility
Industrial
WEYBOSSET STREET
PROVIDENCE
New
Borton
York
Harrison, Smith &. Co,
We
cordially invite all our friends
our
Orleans
New
in
offices
new
to
the
NEWARK.JHLJI.
INVESTMENT SECURITIES
CONSERVATIVE
121 SOUTH 5TH STREET
INVESTMENT SECURITIES
in
when
PHILADELPHIA
visit
New
Hibernia Bank Building.
Hibernia Securities Co.,
Li*t upon
LOMBARD 6100
Inc.
F. M. CHADBOURNE &
U. S. A.
NEW ORLEANS,
J.
a. trufant
INVESTMENT
Are
The United States Life
[SECURITIES
of New Orleans Stock Exchange
IN
-
NEW
•
r
*
or
stocks
Oil
Timber
and
Properties
Louisiana,
Lands,
Non-Participating Policies enly.
Forty-Five Million Dollars Paid t* PeUcy*
Plantations
Texas
and Country
Estate
j. edw. crusel
784 Common Street
Phones—Main 4078
co.
need for one?
should use and
the
Financial
Chronicle Classified
JOHN
Good
New Orleans, La.
Long Distance 68
have you
Then you
consult
holders.
Leases In
Arkansas and
Real
Over
P.
MUNN, M. D.,
producers,
PRESIDENT
-
personal
under
direct contracts with
the
Address Home Office. 106-107 Fifth
territory
Company.
a
as a
BANK OFFICIAL
•
Organised 1860.
securities
seeking
THE CITY OF NEW YORK.
'
ORLEANS, LA.
bonds
you
position
Insurance Co.
718 Common Street
Id ember
N
CO
BUILDING
FIREMEN'S INSURANCE
NEWARK.
s.
reguett
Avenue. New
open
for
York Olty.
high
class
partment
De¬
(opposite inside
back cover.)
THE
XII
Theodore L.
Members New
York Stock Exchange
Exchange Bank "Rights"
Utilities
Bonds, Notes and
Preferred
'
Preferred Stocks of
'
~d
#
New York
Conservative
7S80
Phone Rector
Southern
[You 11S.
Bronson A Co.
120 Broadway,
Corn
CHRONICLE
Oil
General Gas & Elec. 6s, 1929
Sugar Refining
Columbus & 9th Ave. RR. 5s, 1993
Godchaux Sugars Inc.
Safety Car Heating & Lighting
Bklyn., Queens Co. & Sub. 5s, '41
Brooklyn City Railroad
Kings Co. Elevated RR. 4s, 1949
Mississippi Valley G. & E. 5s, 1922 Brooklyn Union Elevated 5s, 1950
National
Sertoli IrntljerH
0980-5
Private
to
Philadelphia
Public UtttttB Seratfttea
9723-7
Phones
Corp. 7s, 1933
Humble Oil & Ref. 7s, 1923
S. O. of New York 7s, 1925-1931
CARL II. PFORZHEIMER & CO.
and
6022-3
Boston
111 SSroabtnag.
Gulf Oil
Vacuum Oil Co 7s, 1936
We have actual markets at all times in securities local to New York and Brooklyn
Phonet Rector
Companies
Oklahoma Gas & Elec. 8s, 1931
Wisconsin Gas & Elec. 5s, 1952
New Pork
Dealers In Standard Oil
Phones 4860-1-2-3-4 Broad
Securities
25 Broad St., N.Y.
For Sale
N.News &
Amer. Water Works & Elec Co.
5%, due 1934
Cleveland Electric Ilium. Co.
1st 5%, due 1939
1st
1st
5%, due 1925
1st
5%, due 1930
Minneapolis Gas Light Co.
1st
5%, due 1930
Southern Public Utilities Co.
Georgia Electric Light Co.
1st
5%, due 1930
Southern Power Co.
Dubuque Electric Co.
1st
Hamp. Ry. G. & EI. Co.
ftllsfc 5%, due 1944
Pacific Power & Light Co.
5%, due 1943
Wilmington Gas Co.
1st
5%, due 1930
Cedars Rapids Mfg.
& Power Co.
First
5%, due 1949
Mtge. 5% Gold Bonds
Due
January 1,
1953
A. 0. Smith 6s, 1924
Central Power & Light 6s,
1946
Niagara Falls Power 6s, 1956
Telephone—Broad 3500
Omaha & Council Bluffs St. Ry. 5s, 1928
Peerless Truck & Motor 6s, 1925
Washington-Idaho Water, Lt. & Pr. 6s, 1941
Cleveland Electric Illuminating, Pref.
Duluth Edison, Preferred
Sherwin-Williams, Preferred
Spencer Trask & Co.
Broad
25
ALBANY
E. F. Leland & CO.
61
Broadway
Phone
New York
American Tobacco 6s, 1944
BelPham B'y & Br. Col. 5s, 1932
Chic. T. H. & S. E. Inc. 5s, 1960
Chicago Stock Exch.
N. Y. Cotton Exch. Chicago Bd. of Trade.
Members
New
York
Members Chicago
Stock
Exchange
Exchange
Stock
St.
Louis
Cleveland
and other Financial Centres.
Sugar Securities
Guaranteed Railroad Co.
Bought—Sold—Quoted
Central Aguirre
National Sugar
Fajardo Sugar
Federal Sugar
STOCKS
INVESTMENT BONDS
Savannah Sugar
Savannah Pfd.
Cuban-American Sugar Pfd.
Manati Sugar Pfd.
Telegraph Co.
South Porto Rico Sugar Pfd.
Ogden Gas 5s, 1945
STOCKS
West India Sugar Finance Pfd.
Seaboard Air Line 7s, 1923
Tacoma Eastern RR. 5s, 1923
Cuba Co. Debenture 6s, 1955
Federal Sugar Refining 6s, 1924
Francisco Sugar 1st 6s, 1939
Ry. Ref. Imp. 5s, 1962
West India Sugar 7s, 1929
Gwynne Bros.
Members N. Y. Stock Exchange
GUARANTEED
INVESTMENT
STOCKS
FARR A CO.
JOSEPH EGBERT
Members New
133
2
York
CHICAGO
DIRECT WIRES TO
Chicago,
Denver City Tramway 5s, 1933
23rd St.
New
BOSTON
MEMBERS
N. Y. Stock Exch.
Bowling Green 2940
Arkansas Lt. & Power 6s, 1945
American Can Deb. 5s, 1928
Street,
Sector St., N. Y.
Tel. Sector 9261
York Stock Exchange
Front St., New York
BONDS
Phone Broad 5270
25
Broad
St.
New
York
Telephone John 6428
Specialist in all
Cincinnati Gas
Transportation 5s. 1933
Cincinnati Gas & Electric 5s, 1956
American Gas
Connecticut
Colorado Power Co.
Light & Power 7s, 1951
Indiana Natural Gas & Oil 5s, 1936
Electric Bond
Long, Island Lighting 5s,
&
Kansas Gas &
1936
Nevada-California Electric 6s,
Northwestern
Ohio
Power
Electric
7s,
6s,
1946
1935
1951
&
Electric
Central
Coal
RECTOR
ST.,
N.
Y.
alfred f.ingold&co,
74
Broadway.
N.
Y.
Northern States Power Pfd.
Utah
Gas
Power
EARLE A. MILLER
2
1458J
Capital Stock
Standard
7s, 1946
1457
Niagara Falls Power Pref.
Utah Securities 6s, 1922
Power
1455
Telephone 14561 Bowling Green
Pref.
Electric Pref.
Southern California
Penn
14641
Share
Railway & Light 7s, 1946
Toledo Trac., Light & Power 7s, 1922
West
Pref.
Pfd.
Nebraska Power Pref.
New
Rochester
Canadian Securities
Adirondack Power & Light Pref.
&
&
Edison
Pfd.
Electric Pref.
Light
Pfd.
A CO.
TEL.
RECTOR
8060-1-2-3-
GLOVER & MACGREGOR
345
Fourth
Ave., PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
Gulf Oil Corporation 7s, 1933
West Penn Power 7s, 1946
Armstrong Cork 7s, 1931
Dec. 3
XIII
CHBONICLE
THE
1921.]
DEPARTMENT
Acadia Sugar
serial 7s
Acme Tea
100
Continental
50
1928
<.
Detroit United Rys. 8s,
Thruber Earthen
Hale & Kilburn Pfd.
Hudson & Manhattan RR. Com.
100
Prod.
N.
Ry. Com.
100 Virginian
Pulp & Paper
'
Mutual Gas Light
Y.
Phelps-Dodge Corp.
j:K.Rice,Jr.&Co.
Refining Corp. 7s, 1929
National Oil
Equitable Trust Stock
Midwest & Gulf Oil Pfd.
50
& Ariz. Land
New Mex.
500
/
Island
100
100
Baking, all issues
100 West Virginia
Crocker-Wheeler Com.
100
500
1946
General Asphalt 8s
Kirby Petroleum
100 Mass.
Telephone 5s, 1937
?.
International Elevating
200
Cumberland
50
¥# 25 Gilliland Oil Pfd.
Insurance
100
Continental Motors serial 7s
100
•
Insurance
Great American
25
Consolidated Copper 7s,
1,000 American Thread Pfd*
1st Pfd.
Northern RR.
100 Cinn.
Bethlehem Steel Cons. 6s, 1948
For Sale
CO.
J. K. RICE. JR. &
Wanted
7V^s, 1925
American Sumatra
v
St., New York
Wall
85
4010 and 8918 to 5919
Phones John 4000 to
Corp. 7s, 1925
Philadelphia Electric 6s, 1941
Royster, F. S., Guano Co. 8s, '41
We Will
St. Clair Co. Gas 5s, 1959
Seattle Constr. & D. D'k 6s, 1922
United
WILSON & CO.
Light & Rys. 5s^&32
Wabash
Buy
Sell
or
Illinois Cent. Stock
Rights
CO..
SECURITIES
RAILROAD
Coll. 4a
Valley El. 5s, 1936
West Va. Wat. & Elec. 6s, 1922
.yi..
•
,"
■
i
'
_
•
■
%J?>
»
v
*
■
.
•
'
v-
,
A .f
.
,
i
Bought, Sold & Quoted
Battelle
&
Hartshorne
*
Members New York Stock Exchange
Morton Iachenbruch& Co
Tel. Broad 7740
25 Broad St.
Private Wires to, chicago -philadelphia -st. louis
lmBUM-DEIR0II-ae/£LAffl)-5EANI)Wms
1
NEW YORK
/
42 BroadL Street. NewYork
C. C. Kerr & Co.
Phone 8780 Rector
N.Y.
2 Rector St.,
Cin. 4s, 1959
Bait.
Bangor & Aroostook (All Issues)
Maine Central (All Issues)
Central Maine Power
Bangor Railway & Electric
Cumberland County Power & Light
Bonds and Stocks
PORTLAND, ME.
108 MIDDLE ST.,
Private
Wire to Potter Bros. & Co., New
Mil. & St. P. Conv. 4)^s, 1932'
&
Denver
SIMMONS HARDWARE CO.
due 1925
7s,
Air
1955
Mex.
Inc.
5s,
1935
Line
Ref.
5s,
1959
&
1952-1954
5s,
Electric
All Cuban and Canadian
& 68
Securities
Mississippi Valley Trust Co.
MUNICIPAL
Rio Grande 5s,
Tex.
due 1923
5s
BOND
O.
Havana
KINLOCH TEL.
York
N.
Seaboard
REC. CERTFS.
U. R.
78,
BEYER & SMALL
& Ohio Tol.
Chic.
DEPARTMENT
ST.
MILLER & COMPANY
Members N.
LOUIS
Y. and Phila. Stock Exchange
120 Broadway,
Phone 7500 Rector
N. Y.
BONDS
B. J.Van
46
Ingen&Co.
New York
Cedar St.
Railroad
Telephone John 6364
Rutland Toluca & No. 4s,
We
Specialize
in
South American Bonds
Cities Service Issues
HERBERT M. SOLOMON & BRO.
15
BROAD
Public Utility
Bond Dept.
1930
Ogdensb. & Lake Champ. 4s, '48
Ulster & Delaware 4s, 1952
Rock Island 4s, 2002
N. Y. Penna. & Ohio 4^s, 1935
St. Louis & Cairo 4s, 1931
International Gt. No. 5s, 1914
Weather. Mineral & N.W. 5s, '30
Cin. Wabash & Mich. 4s, 1991
Wash. Ohio & Western 4s, 1924
Industrial Bond Dept.
Island Refining 7s, 1929
Mobile Cotton
Sen Sen
1947
Caro. Clinch. & O. Elkhorn 6s,
'22
Empire Gas & Fuel 6s, 1926
Great Western Power 6s, 1949
Columbia Gas & El. 1st 5s, 1927
Lehigh Power Securities 6s, 1927
Southern California 5s & 6s
Pacific
Light & Power 5s, 1951
Chicago Railway 5s, "A," 1927
United Ry. & Investment 5s, 1926
Vanderhoef & Robinson
84 PINE
ST., NEW YORK
Phone
6495 John
Share Pfd.
Pfd.
Carolina Pr. & Lt. Com. &
Com. & Pfd.
Light Pfd.
Gas & Elec. Pfd.
Colorado
Power
Ft. Worth Power &
Kansas
Nebraska Power &
Southwestern
Pr.
Canadian Bond
Light Pfd.
& Lt. Pfd.
Dept.
1943
1923
Edmonton 6s, Sept. 1922
Alberta 4^8, 1923-24
Manitoba 6s, 1946
6s, Sept.
Saskatchewan 4s,
National Oil 7s, 1922-25
Adams Express 4s,
&
Bond
Electric
Ontario
STREET, NEW YORK
Telephone Hanover 5731
Dept.
Offerings Wanted
Amer. Pr. & Lt. Com. & Pfd.
Mills 7s
Chiclet 6s, 1929
Atlantic Sugar
Ref. 6s, 1928
Industrial Stock Dept.
Municipal Bond Dept.
Wanted
State of
Offerings
Sainta Catherina
6s, 1944
Dept.
Bank Stock
& Metals
Pacific Coast Co. Common
Mechanics
Co. Pfd.
Titu8ville Iron Works Pfd.
Duesenberg Motor
Kaufman Dept. Stores Pfd.
Nat. Bank
Bank of Commerce
Astoria Mahogany
Mortgage Bond Co.
Central Union Trust
National City
CARRUTHERS, PELL &
15 Broad Street,
New York
Philadelphia Phone, Locust 572
Bank
:
CO.
5169 Hanover
Bait. Phone, St. Paul 9389
Phones 5161 to
XIV
THE
CHRONICLE
[VOL. 118.
TRADING DEPARTMENT
f.
j. lisman & co.
Members New York Stock
61
Ohio Valley Water Co. 5s
Lev. City & Ft. L. Water Bonds
Acquackanonk Water Co. 5s
Exchange
BROADWAY, NEW YORK
Akron Canton &
,
Youngst'n 1st 6s, 1930
Ann Arbor RR. 1st 4s, 1995
*
Augusta-Aiken Electric 1st 5s, 1935
Central
WE^ DEAL IN
Vermont
Ref.
Paso
&
Rock
Island
1st
5s,
1927
Kansas City Clinton & Spring. 1st 5s, 1925
Interurban Water Co. 5s
Racine Water Co. 5s
Wichita Water Co.
,
5s, 1941
H. C. SPILLER & CO.
NewiMexico Ry. & Coal 5s, 1947, 1951
INCORPORATED
Stephenville No. & So. Texas 1st 5s, 1940
17
Water St.,
63 Wall St.,
Boston 9, Mass.
AND ALL RAILROAD AND
Trunk
Pacific
3s,
1962
Argentine Govt.
Grand
Trunk
Pacific
4s,
1955
Brazilian Govt. 4s,
Grand Trunk Western 4s,
1950
Nor.
Ry.
4s,
1930
Grand Trunk Pac. Br. L. 4s, 1939
Canada
Atlantic
4s,
1955
.
Costa
Rica
4s
and
5s
4%* and 5s
Northern Securities
5s
Cuban Govt.
43^8, 5s and 6s
Japanese Govt. 4s, 4^s, and 5s
Uruguay 5s,
Babcock & Wilcox
1919
Specialists in AU Tobacco Securities
CASSEL, NUNES & CO.
Members New York Stock
60
Broadway N. Y.
"Soo" 6i/28, 1931
West. Union 6Vfes, 1936
NEWBORG & CO.
Members New York Stock
60
Bristol & Bauer
Exchange
Telephone Bowling Green 5963-4-5-6
Canada Nor. 6%s, 1946
Nor. West. Bell 7s, 1941
Exchange
BROADWAY, N. Y.
New York City
FOREIGN SECURITIES
Grand
Canadian
5s
Emmett
Irrig. District Ctfs.
Laurel Railway & Light 6s
Queens County Water Co. 5s
St. Joseph Water Co. 5s, 1941
Galveston Houston & Hend. 1st 5s, 1933
Kanawha & West Virginia 1st 5s, 1955
Lake Erie & Western 2d
Roch. & Lake Erie Water Co. 4s
N. Y.
5s, 1930
Chicago Terre Haute & So. East. 5s, i960
Cinn. Indianapolis & West. 1st 5s, 1965
El
Peoria Water-Works 4s & 5s
Birmingham Water Co. 5s, 1939
Clinton, Iowa, Water Co. 5s
Grand Trunk Pac. 3s, 1962
Grand Trunk Br. L. 4s, 1939
North. Ont. Lt. & Pr. 6s, 1931
N. Y. Chic. & St. L. 2nd 6s, '31
Rio de J.
Tr., L. & P. 5s, 1935
Shaw'n'gn Wat. & Pr. Ss&S^s
Wisconsin Cent. Ref. 4s, 1959
Broa&vJay %£ Phone* Rector
Wichita
Falls & N.
W.
Ref.
5s, 1940
N. Y.
Chicago & St. L. 2d 6s, 1931
St. P. Minn. & Man. Pac..Ext. 4s, 1940
C. B. & Q., Nebraska Ext. 4s, 1927
constable & fleming
W«.
66
K. L. FLEMING \JfL
CONSTABLE.
Broadway, N.Y.
Tel. Bowl. Green 7270-2
Telephone 4390 Bowling Green
PRIVATE
WIRE
TO
8T
Abraham & Co.
LOUIE
cMembers New York Stock
Exchange
American Power & Lt. 6s & 8s
27 lUilliam Street, New York
Appalachian Power 5s & 7s
Bell Tel. Co., Canada, 5s & 7s
Telephone: Broad 3785
RAILROAD
SECURITIES
Central Dist. Tel. 5s, 1943
Chic. Ind. & Louisv. Refg. 6s,'47
HAVE
Cuyahoga Telphone ext. 7s, 1941
HomeTel.&Tel., Spokane,5s, '36
&
BANK FIXTURES
FOR SALE ?
Then consult the Financial
REYNOLDS
Chronicle
ment
1st
Lien
Haute 7s,
Term.
4s,
1950
1954
Foundry 1st 6s, 1931
Beech Creek
RR.
1st 4s, 1936
Soo Leased Line 4%
(opposite
Depart¬
inside back
&
CO.
Guaranteed Stock
Raymond M. Smith & Co.
Incorporated
Classified
Investment
43
Securities
CEDAR STREET
Telephone 3723
cover).
GARDNER
STREET, N. Y.
Ind. & Terre
RR.
Charleston & Western Caro. 1st 5s, 1946
Investment Securities
84 Pine Street
New York City
'Phone 6691-4 John
20 BROAD
Evansville
Wabash
Central
Manitoba Power 7s, 1941
Nebraska Power 5s, 1949
GILMAN
YOU
NEW
YORK
John
Ruberoid Co. 8s, 1936
Tel. Rector 7430
Bought-Sold
Quoted
Chicago & Alton 3s
1949
Chicago & Eastern III.
6s_ 1934
B'klyn Un. Gas Conv. 7s.1929 Portland Ry. 5s___
1930
N. Y. & Erie 3d 4y2s____1923 Penna. Co.
3V2s
____1944
Terre Haute &Indianap's 1925 Ala. Gt. Southern
5s_ __1927
Atl., Knoxville Nor. 4s.__2002 L. & N. Col. 5s_.___.
1931
DUNHAM & CO.
_
43
Exchange Place,
New York
Telephone 8300-16 Hanover
DEC. 3
THE
1921.]
Arkansaw
Water
Co.
CHRONICLE
BROOKLYN UNION ELEVATED RR. CO. 1st 5s, 1950
6s
Birmingham (Ala.) Water, Co. 5« f
Butler (Pa.) Water Co. 5a
1
*
iv
;
"
JOPLIN UNION DEPOT COMPANY 1st 4i/2s, 1940
KINGS COUNTY ELEVATED RR. CO. 1st 4s, 1949
City of New Castle (Pa.) Water Co. 5a
Chattanooga Water Co. 6a
CENTRAL UNION GAS COMPANY 1st 5s, 1927
FORT STREET UNION DEPOT CO. 1st 4%s, 1941
Clinton (la.) Water Co. 5a
E. St. L. & Interurban Water Co* 5a
NEW AMSTERDAM GAS COMPANY CONSOL. 5s, 1948
NEW YORK & QUEENS ELEC. LIGHT & POWER 5s, 1930
Wichita (Kan.) Water Co. 5a
THIRD AVENUE RAILWAY COMPANY 1st 5s, 1937
ULSTER & DELAWARE RR. CON. 5s, 1928; 4s, 1952
Muncle
WESTCHESTER LIGHTING COMPANY 1st 5s, 1950
Joplin (Mo.) Water Co. 5s
St.
(Ind.) Water Co. 5a
Joseph (Mo.) Water Co. 5a
Warren (Pa.) Water Co. 5a
Racine
(Wis.) Water Co. 5a
Carnegie Ewen
^ f
2 Wall Street,
Tel. Reotor 3273-4-5-6
Indianapolis Water Co. 4^i and 5a
New Yor
Huntington (W. Va.) Water Co. 5s
53 State St.,
telephone
{ Mala 460
Kansas & Texas Ry.
Chicago & Eastern Illinois RR.
Mo.
& CO.
HOTCHKIN
Boston 9,
Mass.
BULL & ELDREDGE
Members of the New
20 Broad
WANTED
Central District Tel. 5s, 1943
v
Cumberland Tel. & Tel. 5s,1937
C.
Tel. of Va. 5s,
& P.
IN
& NEW
V
Mason
Short Term Securities
York
New
York
Federal
City & Ft. Dodge 4s
V
New Orleans Gt. Northern 5s
Foreign Government Bonds
New
5s, 1944
Ohio State Tel. 7s, Dec. 1922
Ohio State Tel. "Serial" 7s, 1922-5
Southern Bell Tel. & Tel. 5s, 1941
Tel. 5s,
OLD
Cincinnati Northern RR.
1943
Tel.
Home
Tel. Rector 8460
SPECIALISTS
Mountain States Tel. & Tel. Stock
Toledo
ISSUES,
Lehigh Valley Coal Sales
;-;;0
Michigan State Tel. 5s, 1924
Michigan State Tel. Pref. Stock
State
St., N. Y.
«
Cuyahoga Tel. "Extended" 7s, 1941
Home Tel. & Tel. of Spokane 5s, 1936
Ohio
ALL
York Stock Exchange
City Bonds
State
Farm
Bonds
Loan
Canadian
Wm. C. ORTON & CO.
Bonds
Bonds
Specialists Reorganization Securities
Tel. Hanover 9690-9697
54 Wall Street, N. Y
1922
1941
U. S. Tel. "Extended" 7s,
a
MacDomald
T.L.
62
Tel. Broad 2357-8-9
Broadway, N. Y.
FOR SALE
Pittsburgh,
Northern RR. 6%
Arkansaw Water 6s,
&
Rec. Ctfs.
Havana Tobacco 5s,
5s, 1934
Water-Works & Elect.
American
Underlying
Shawmut
1922
1931
WILL BUY
City Water Co. of Chattanooga 6s, 1931
St. Louis & Inter. Water 5s, 1942
East
St.
Joseph
Water 5s,
Atlantic Refining
1941
West Penn
Traction 5s,
West Penn
Railways 5s, 1931
Natl.
Sec. Corp.
Power Sec.
1960
1924
P. L. 6s,
Co.
/t:;
Mercantile Stores Co.
:
1
Bonds & Stocks
Ty-':
Corp. Coll. 6s and Incomes
WOOD, STRUTHERS & CO
IS
OTTO
27 Wall St., N.
BILLO
Chas. E. Doyle & Co.
Phone Hanover 6297
Y.
30
BROAD
STREET,
Nassau
Stree-
NEW YORK
NEW YORK
Telephones 7106, 7107. 7108. 7109 Broad
r
Light & Power 6s, 1945
Arkansas
i
y
Arizona Power 6s, 1933
WANTED
Consumers' El. Lt. & Pr. 5s, 1936
Kansas
City Gas 5s, 1922
Beech Nut Packing Co.
Springf. & Peoria 5s, 1939
7M8
St. Louis
Securities
United Fuel Gas 6s &
7s, 1922 to 1925
American Gas & Elec.
Preferred
Locomotive
Clinchfield Coal
Commonwealth Pr. Ry. & Lt. Pref.
i
27 William St., N. Y.
Louis. & Nash.
& Un. Stk. Yds. 4s,'40
4a?,*1955
& Susquehanna
4s, 1963
Keystone Telephone
Cine. Ind. & Western
Co. 5s, 1935
5s, 1965
Twenty-Third St. Ferry 5s, 1962
Cine. Ham. & Day. Gen. 5s, 1942
Gulf &
Ship Island 1st 5s, 1952
W01FF
2920
Trinity Place, N. Y.
N.
Y.
Stock
Exchange
New York
Telephone Reotor 8620
0944-6-6
(Monon Joint) 4s
Chicago & North Western 5s, 1933
Portland & Ogdensburg 4^s, 1928
Buffalo & Susquehanna 4s
Portland Ry., Lt. & Pr. 5s,'1942
Consolidation Coal 4 )^s, 5s & 6s
Elkhorn Coal 6s, 1925
Granby 8s
Florida Cent. & Penins. 6s, 1923
Dominion Coal 5s
B. & O.-Pitts. Jet. & Mid. Div.
International & Grt. Northern 7s
Chicago Elevated 6% Notes
Denver City Tramway 6s, 1924
Locomotive & Machine Co. (Can.) 4s
Adams Express 4s, 1947
Cuban Telephone 5s
Nashville Terminal 5s
Jackson & Battle Creek 5s, 1923
3^s
Denver & Rio Grande Inc. 7s
L. & N.-St. Louis 3s
Akron Canton & Youngstown 6s
STANLEY
&
Telephone Rector
72
New York City
Rector
Membert
5 Naasau St.
SECURITIES
1947
City & Ft. Dodge
Buffalo
INVESTMENT
US Broadway
City Cable 5s, 1937
Chi. Jet. Ry.
Mason
EDWIli BANCKER & CO.
Utility—Industrial Bonds
Idaho Power Co. 5s,
St. Paul
of
Davies, Thomas&Co.
Short Tarn Securities.
Tel. Broad 4931
Co.
Light Preferred
Louis Levenson
Public
Machine
Montreal 4s, 1924
Sherwin-Williams Preferred
Texas Power &
&
SAM'L
GOLDSCHMIDT
25 Broad Street
Phone 5380-1-2-3 Broad
i
THE
XVI
CHRONICLE
maassmssmsmmwmaasaBeavat a aa a iiniM m"1 rii"isKsi?P!aigiiiLm„M;
a n
[VOL. 113.
a
a
gtfjfTRADING DEPARTMENT
The World's Best Bonds
TELEPHONE RECTOR 4061
Some
w
STOCKS
BONDS
E
H
A
V
E
O
Beaver Board 8s, 1933
Buckeye Pipe Line
Brighton Mills
Bucyrus Co. Pfd.
Consol. Utilities 8s, 1925
Cincinnati Abattoir 8s, 1925
Hershey Choc. 7 J^s, 1930
Holden Evans SS. 7s, 1924
Foundation Co.
Liggett's lntern'1 Com. "A"
II
Caloric
»
Co.
values
be
may
obtained!
European Government and Municipal!
Bonds, giving high yields, and a very
large speculative return through advance of
exchange.
These bonds are legal Invest¬
for
ments
panies
Savings
and
Banks,
Trustees
Trust
in
the
on
Com¬
request
countries
of issue.
Circular L-867
Welch Grape Juice 8s, 1931
Greenwich Bleach. 1st 6s, 1923
Mich. Stamping
E
unusual
In
MELHUISH & CO.
II
UNLISTED DEPT.
Established 1884
I
43
RASMUSSEN &, COMPANY
N
111
Broadway
New
Exchange PI.
New York
York
Japanese Govt. 4s, 4^8 & 5s
Argentine Govt. 4s & 5s
CHICAGO SECURITIES
Central Vermont 5s, 1930
Brazilian
Bought, Sold A Quoted
Trac., Lt. & Pr. 6s, '22
West Penn Power 5s, 1946
Cuban
Now
York,
Stock
Chicago
and
Treasury 5s
Chinese Government 5s
Boston
Akron, Canton & Younst'n 6s
Exchanges
90MB INS. BLDG.
OHIOAOO
& 5s
Costa Rica 5s
BABCOCK, RUSHTON & CO.
Members
Philadelphia Electric 6s, 1922
Brazilian Govt. 4s, 4%s
Buenos Aires 6s, 1926
7 WALL STREET
NEW YORK
Cedar
Rapids Mfg. 5s
Goodyear Tire & Rubber Com.
Inquiries Invited
from Banks and Brokers
Goodyear Tire & Rubber Pfd.
COWEN & CO.
67
ALL
A. R. Smith & Company
49
C.
Broadway
NEW
YORK
A.
C.
Exchange Place, N. Y. Tel. Rector 6700
FOREIGN
V
BONDS OF
CHECKS
Building
GERMANY,
CLEVELAND. OHIO
BOKIDS
M
United
and
POLAND
N.
Y.
Bowling Green 2538
Y
Quoted.
R.A.SOICH &CO.
UNDERWRITERS
16*18
heywood brooks & co.
149 BROADWAY
60 Beaver St.,
N
Sold
AUSTRIA,
AND
Nehemiah Friedman & Co.
CURRENCIES
Royalties Co.
Bought,
RUSSIA
Foreign
New York
Exchange Place
Telephone: Bowling Green 3841-55
Bonds
Inquiries invited from
banktp broker$ and dealeri
NEW YORK
We
Advance
Int. & Grt. Nor. 5s, 1914, Def.
have
orders
in
Rumely Co. 6s, 1925
Jerome B. Sullivan
U. S.
Light & Heat Corp. 6s, 1935
Georgia & Alabama Railway 5s, 1945
Int. & Grt. Nor. 6s, 1919, Def.
Int. Grt. Nor. 7s, 1922
Raymond & Company
Hydraulic Steel 8s, 1931
60
Wall
St.
(Hanover 7940),
FOREIGN
GOVERNMENT,
r, r/v
MUNICIPAL &
Ml
Of VJU.
R .R. BONDS
44 BROAD STREET. NEW YORK
Tel. Broad 1723-4;
7130-4;
5»o34-5
New York,
and
Securities Corp. Gen'l Com.
New York Title &
Stock
Exchange
UNITED
Utah Gas & Coke 5s, 1936
SAN
Atlanta & Birmingham 5s, 1934
Angeles,
Calif.
RAILROAD
Tel.Whitehall 1056
Write for Quotation
Sheets.
1927
SUTRO BROS. & CO.
120
Guaranteed Stocks
OF
Certificates of Deposit
Investment Securities
Trinity Place,N.Y.
Los
FRANCISCO
4%,
HANSON & HANSON
72
Bldg.,
Mtge.
JosepD matter $ Sons
Members New York Stock Exchange
61
Broadway
New York
*
BROADWAY, NEW YORK
Telephone: Rector 7350
Members of New York Stock Exchange
New Jersey
Securities
OUTWATER & WELLS
Government,
Public
Municipal,
Utility
Railroad
15
Exchange
Place
Tel. 20 Montgomery
Jersey City,
Industrial
J.
N.
Foreign Bond
Investment Bonds
SPECIALISTS
Central Pacific Franc 4s
A. B. Leach &
Investment
St.
Co., Inc.
Paul
Securities
French
92 Cedar St., New York
hlladelphia
Seranton
105 So. La Salle St.,
Boston
Cleveland!
Detroit
Hartford
Pittsburgh
St. Louis
Franc 4s
New Haven Franc 4s
German
Government
&
Municipal
4s, 4>£s & 5s
Chicago
Minneapolis
DUNHAM
& CO.
SPECIALISTS
Milwaukee
43
Exchange Place,
Telephone 8300-16
New
York.
Hanover
Dec. 3
THE
1921.]
XVII
CHRONICLE
Lehigh Valley RR; Annuity 6s
Y.
N.
Erie
&
RR. 2d
P. C. C. & St. L.
Mtge. 5s, 1939
4s, "G" &
cons.
Chicago Milwaukee & St. Paul Conv. 4J/2S & 5s
"D"
Central of Georgia Cons. 5s, 1945
4% Trust Ctfs. "E" 1952
Penna. Co.
& Wash.
Bait.
Phila.
1st 4s,
St.
Minn.
Atlan.
Western
Virginian Railway Co. Equip. 6s,1929
Un.
Fifth
South
Birm.
1938
4s,
Established
of
Members
20 Broad Street, New
Tel.
Philadelphia
and
&
Scran.
Wyom.
Province
Missouri Kansas &
Vail. .TVac.
Wilkes-Barre Trac.
6s due 1934
Corp.
Province of Manitoba 6s,
Issues
53^s, 1946
Province of
Province
Issues
of
1946
North 6s, 1956
Town of Montreal
Illinois RR. Co.
All
of Saskatchewan
Province^ of British Columbia 6s, 1941
Chicago & Eastern
& Light Co.
Roanoke Traction
April 15, 1925
Ontario 6s,
March 1926
Ontario 4s,
1958
due
5s
AH
1951
due
Rector 9830
Co.
Exchanges.
&
5s
York Stock Exchange
York
Texas Railway Co.
Lackawanna
L. 5s
Philadelphia
York
New
Stock
Kansas & Texas P.
1865
a
Chestnut St.,
410
Kan. & Texas Notes
L. M. PRINCE & CO.
Members New
Bioren
Mo.
Kingdom 5^s, 1929 & 1937
Street
Call Canal 8487
York
6s, 1928
1929
Norfolk & Western Div. 4s, 1944
Philadelphia
PrUaU Wire to New
Mo.
'
Maryland 4s, 1952
Biddle & Henry
104
&
L.
L. San Fran. P.
Baltimore & Ohio 6s,
& St. Louis Ref. 4s, 1949
Seab.
1943
1924-1930
Can. Pac. Ry. Equip. 6s,
New Orleans Terminal 4s
Chicago & Alton 3}^s, 1950
Chgo. & St. L. Equip. 5s, 1931
N. Y.
Indiana Service Corporation Securities
North Jersey Street Railway 1st 4s, 1948
Railway General 5s, 1933
Rap. Grd. Haven & Musk. 1st 5s, 1926
Pittsburgh Railways General 5s, 1953
United Traction of Pittsburgh Genl. 5s, 1997
HOLMES & CO.
J. H.
Carbondale
Georgia Light, Power & Railways
Hale & Kilburn
111
Com. Stock
Direct Private
Wire Connection.
FLEMING
N.
Lafayette Building
Philadelphia
Telephone Lombard 6414
Crew
Illinois Central Coll. 4s,*1953
Southern Indiana 4s, 1952
Missouri Pacific 3rd Ext. 4s,
Member*
Philadelphia
Land Title
New
Colorado & Sou. Ref.
Iowa Central 1st 5s, 1938
Stock Exchange
Pacific Coast 1st 5s, 1946
Mobile & Ohio 1st 6s, 1927
Economy Light & Power 5s, 1956
Lake Erie & Western 1st 5s, 1937
CANAL 4845
Prince & Whitely
Wabash Terminal 4s, 1954
2004
N. Y. & Westchester Ltg. 4s,
52
BONDS
RAILROAD
80 Broad St.
4s, 1939
Hartford, New Haven, Syracuse, Philadelphia,
Wilmington, Baltimore, Rochmond
,
PHILADELPHIA
DBEXEL BLDG.
Keystone: Main 6711
Amer. Tel. & Tel. Coll. 4s, 1929
Chase National Bank
Central Pacific
Bank Rights
Chatham & Phenix Nat'l Bank
Corn Exchange
We will mal^e
a
times
market at all
FRANK J.
71
in
Consolidation Coal 5s, 1950
Columbia Gas & El. 1st 5s, 1927
DILLON
M.
Chic. & N. W. Ext. 4s, 1926
Tel. 6400 Bowling Green
John B. Stetson Co.
WILL
BUY OR
Manila Elec. Ry. & Lt.
New York Telephone
SELL
Rolls-Royce
McKinley & Morris
Specialists
147 South
4th St.,
Philadelphia, Pa.
Tire and Rubber Stock*
Member* Neu> York Stock Exchange
R. B. Hatha way &
80
Nassau
1940
Tri-City Railway & Light 5s, '23
Pfd.—Chalmers 6s
Motor Stocks
BARNES & LOFLAND
5s, 1953
4V^s, 1939
Peoria & Eastern 1st 4s,
Willys Corp. 1st pfd. or ctf3.
Maxwell Motors undep. com. & 1st pfd.
H. H. Franklin Mf*. Com. and Pfd*
Carlisle Tire Corp. Com. and Pfd.
Common & Preferred
3V2S> 1929
Ches. & Potomac Tel. 5s, 1943
NEW YORK, N. Y
Broadway
New Haven
Private wires to
New York City
Telephone: Broad 8484
ARTHUR C. RICHARDS & CO.
173 Orange St.
Broadway
New York
S. P. LARKIN & CO.
(Southern Lines)
Bell: Loin. 7056
Members N. Y. Stock Exchange
Western N. Y. & Pa. 4s, 1937
WANTED
Manila RR.
43^s, 1935
Greenbrier RR. 4s, 1940
1938
Western Union Collat. 5s, 1938
Bldg., Philadelphia
York Telephone
Sd. 1st 4s, 1949
Chic. Milw. & Pug.
Ogdensburgh & Lake Cham. 4s, 1948
AV-Cown&Co.
Lake Sh. Coll. 3^s, 1998
N. Y. Cent.,
El Paso & Rock Island 5s, 1921
Republic Iron & Steel 5s, 1940
Cinn. Hamilton & Dayton 5s, 1942
Public Service Issues
Levick 6s, 1931
Pa.-Ohio Pr. & Lt. Issues
Bradford Elec. 6s, 1929
Penn.
Stock Exchanges.
Union Bank Bldg., Pittsburgh
Broadway New York.
61
Preferred Stock
GEORGE
York and Pittsburgh
New
Members
Grd.
St., N. Y.
Co.
SIXTY BROADWAY
#
Tel. Bowling Green
Tel. John 5020
NEW YORK
2150 to 2157
Telephone Lombard 41-72
41/2«> 1922
Cass Ave. & F. G. Ry.
Compton Hgts. U.D.&M.T.
5s,*23
STIX & CO.
Members St. Louis
509
Stock Exchange
ST LOUIS.
OLIVE ST.
Atch. Trans-Cont. P. L. 4s, '58
Cent, of Ga. Ry. 6s,
Sun Oil 7s, 1931
Toledo Edison 7s, 1941
1929
'35
K. C. Ft. S. & Mem. Ry. 4s, '36
Armour & Co. 1st 4V2S, 1939
Southern Ry. Consol. 5s, 1994
Ore.-Wash. RR. & Nav. 4s, '61
Des Moines & Ft. D. 1st 4s,
Am. Public Serv. 6s, 1942
Detroit Edison 6s, 1940
Amer. Power & Lt. 6s, 2016
B. B. & R.
Knight 7s, 1930
Rys. 41/2S, '62
New York State
Soo Con. 4s & 5s, 1938
New York Cent. Ref.
K. C. & Mem.
Montgomery
.
4V2S> 2014
Ry. & B. 5s, 1929
Telephone
Broad 8063
Bros.
25 Broad
New
St.,
York
Vilas & Hickey
Members of New
49
Wall
Railroad Dept. Tel. Hanover 8317
York Stock Exchange
St., New York
Public Utility Dept. Tel. Hanover
191
XVIII
THE
CHBONICLE
^TRADING
^ ">-
[Vot. 11E.
DEPARTMENT fa
'
•
St. L. & S. F. p.
1. 4s & 5s, 1950
Southern Ry. gen. 4s, 1956
Specialists in
Canadian Public Utility Bonds
B. &
O., Tol.-Cinn. 4s, 1959
Northern Ontario Lt. & Pr. 6s, '31
Ft. W. & Den.
Electrical Development 5s, 1933
Nova Scotia Tram. & Pr. 5s, 1946
Mo. Kan. & Tex.
Laurentide Power 5s,
Ontario Power 5s, 1943
Cedar Rapids
Mfg. & Power 5s, '53
1946
Montreal
Lt., Ht. & Pr. 4^8 & 5s
Shawinigan Wat. & Pr. 5s, 5J^s, 6s
Montreal
Tramway 5s, 1941
Toronto Power 5s,
PYNCHON
Members New
111
York
Private Wires
■■
to
ARTHUR E. FRANK & CO.
Telephone Rector
970
Members of New York Stock Exchange
100
principal cities of United States and Canada
:■
,
'•
securities
& CO.
Chicago—Milwaukee—London—Liverpool—Parte
.
new
Midvale Steel 5s, 1936
Mexican Government Issues
1924
Slock Exchange
Broadway, New York
'■ -x •'•'
City 5y2s, 1941
Broadway, N. Y.
Tel. Rector 5300
;
Shawinigan Wat. & P. Co. 5s, 5^s, 6s
Duquesne Light Co. 6s, 7^8
Denver Gas & Elec. Co. 1st 5s, 1949
Denv. G. & E. L. Co. 1st Ref. 5s, 1951
WE
OFFER
Austrian
FOR
IMMEDIATE DELIVERY THE FOLLOWING:
Treasury 6s
Bremen 3s
Bad. Anilin 4J^s
Dresden 4s
;
*
E. A. Watson
A. E. G. 43^s (Gen. Elec. Co.)
Hamburg 3s, 4s & 4^s
Govt,
All Foreign Securities
*
BOUGHT
—
SOLD
—
60 State St.,
Boston, Mass.
4792
Hamburg Amer. Line 4^s
Krupp 5s
North German 4^s
Greater Berlin 4s
of Newfoundland
Gold
QUOTED
5July 1939
Price
R.
M.
26
BAUER
BROAD
&
CO.
416, 417, 658,
on
application.
C. W. WHITIS &, CO.
STREET, NEW YORK
Phones—Broad
& Co.
Telephone
Fort Hill 6194
INVESTMENT
3978, 4308
Representatives of/Anglo Austrian Bank, Vienna and all its branches
\Hardy & Co., G.m.b.H. BERLIN
85 CEDAR
BONDS
STREET
NEW YORK
Cleveland Cincinnati
CITY
Chicago
& St. Louis
Railway Co.
6% Equipment
All
Fairbanks
Philadelphia
Ford
Motor
of
WM.
Canada
Goodyear T. & R.,
Securities
Issues
Bought—Sold—Quoted
Morse
com.
& pfd.
45
Pine
KLUMPP & CO.
Street
New
York
Tel. John 5180
Industrial Finance Motor Prod
Packard Motor
pfd.
Specialists in
Light & Railways
Wilson
J. S. Bache & Co.
(C. R.) Body Pfd.
Members New York Stock Exchange
New York
&
com.
United
CHICAGO
ROBERTS, HISCOX & COMPANY
TeL, 6400 Broad
BRANCHES and CORRESPONDENTS
Albany
Cincinnati
Chicago
St. Louis
Syracuse
Philadelphia
Buffalo
Rochester
Kansas City
New Orleans
Boston
29
Troy
South
Pittsburgh
Cleveland
Baltimore
120
Broadway,
WE WILL BUY
We Specialize in All Short Term Notes
Goodrich 7s, 1925
■ft
ft
Philadelphia Go, 6s, 1944
New York Edison 63^8, 1941
Virginia Railway 1st 5s, 1962
■■
|
|j
W
DWI1L/W
HOOPER
_
Government
Utica Gas & Electric 7%s
Utica Gas & Electric 5s
Mohawk Valley Investment
New Bond Issues for Invesment
■K
Salle Street
NEW YORK
Traders' Telephone: 7683 Rector
|
La
CHICAGO, ILL.
MERRILL, LYNCH & CO.
|
M|| |\|
SECURITIES
Corp.
Organized Under New York State Banking Law*
225 Genesee St.
Utica, N. Y.
& CO.
investment securities
~~
Municipal
Hanover 1093.
United States Finishing 5s, 1929
.
Corporation
Mallory S. S. 1st 5s, 1932
Arcadia Sugar Ref. 7s
*"ber°id Co. a.,i936
jPY®?
G. H. WALKER & CO.
Members New
_
.
35 Wall Street, n. Y.
'
Railroad
York Stock
Exchange
Members New
.
Breadway and Locust
ST. LOUIS
67
Telephone:
MUNICIPAL
in Banks and
negotiated
534%
department
JACOB
confidentially
BACKER
FINANCIAL
(
BROKER
Exchange Bank Building
LOUIS
st.
paul.
minn.
1
Purchasing
out
first
If
tkey
fundamentally sound. For
Corporations
.
When
Bonds
dollar
Mississippi Valley Trust Co.
ST.
YORK
Find
1936-1949
Price to Yield
bond
NEW
Rector 2908-13
Sale of the Control
$200,000
15,
Stock Exchange
BONDS
MARICOPA CO., ARIZ., 5%%
June
v
z
York
Exchange Place
to
we
date
are
one
will Bend you an up
unbiased opinion
on
'
the
security of
any
bond issue.
Investment Registry of America, Inc.
established
608 Chestnut
Street,
1910
Philadelphia
Dec. 3 1921.]
THE
TTX
CHRONICLE
7m
TRADING DEPARTMENT
i
'
'n''ri"i^rsi'li"
>'
rrti >
'M*:t-'ijj''.Vrt.-i.f
.^..; ll
Adams Express 4s,
Amer. Lt. & Trac.
111,11 ii'i: ftfTl'l '-1^1
7711^1'^TT/Xt!t '^ttlDTIJIILUllllUuitllltSf!
fnjfjTtfTTl
Portland
1947
Adirondack Power & Lt. 6s,
1950
Pacific Gas & Electric
Railway 5s, 1930
*
Spring. & Peoria RR. 5s, '39
Joaquin Lt. & Pr. 6s, 1950
St. L.,
San
Cuyahoga Telephone 7s, 1941
Indianapolis Gas 5s, 1952
Mortgage Bond 5s, 1932
Niagara Falls Power 6s, 1950
Central Petroleum 0
i".
Sierra & San Fran. Power 5s, 1949
Tampa Northern RR. 5s, 1936
Fuel
United
Gas 6s,
1936
Western Power
Canadian
Provincial
and
FREDERIC H.
MacQuold
Members New
74
Tel. Rector 9970
St., N. Y.
INTERESTED
WE ARE
& CO.
1888
Tel. Bowling Green 1220
Broadway, New York
York Stock Exchange
CONNECTIONS
WIRE
14 Wall
HATCH
Established
& Coady
Municipal Bonds
Boston
Chicago
Pittsburgh
"Montreal
Philadelphia
IN
United States Certificates of Indebtedness
Specialists in
Ohio Cities Gas 7s, 1922
Consolidated Gas 7s, 1922
North American Life Insurance Co.
TOBACCO STOCKS
Inquiries Invited.
American
Josephthal & Co.
American Tobacco Dividend
British-American
Members New York Stock Exchange
120
Tel. Rector 6000
Broadway
Mengel Company
Cigar Com. & Pfd.
G.
W.
Helme
MacAndrews & Forbes Com. & Pfd.
Scrip
Porto Rican-American Tobacco
Tobacco
Com.
R.
&'Pfd.
J.
Reynolds Com. & Pfd.
Imperial Tobacco (Great Brit. & Ireland)
The Youngstown
The
The
Brier
Sheet & Tube Co.
Hill
International Cigar Machinery
Weyman-Bruton Com. & Pfd.
Johnston Tin Foil & Metal
J. S. Young
Company
Steel
MOORE &, SCHLEY
The Robert W. Forcier Co.
Members N. Y. Stock Exchange
100
501-2
Com. & Pfd.
Company
Steel
Trumbull
Tobacco Products Dividend Scrip
Telephone: Rector 4920
Broadway, N. Y.
Mahoning Bank Bldg.,
OHIO.
YOUNGSTOWN,
CINCINNATI SECURITIES
Westheimer & Company
New
Members of the
York Stock Exchange
Cincinnati Stock Exchange
Board of Trade
Baltimore Stock Exchange
Chicago
CINCINNATI,
BALTIMORE, MD.
OHIO
United Light fit Railways
1st
&
Refunding
Due
Mtge.
June
6%
1st,
Gold
Panhandle "A" 4l^s, 1945
New Amsterdam Gas 5s, 1948
Wabash 1st 5s, 1939
B. & O. Prior Lien 3V&S, 1925
St. Louis Southwestern 4s, '89
Denver & Rio Gr. Imp. 5s, '28
Ogdensburg & L. Ch. 4s, 1948 N. Y. Pa. & Ohio 41/£s, 1935
Co.
Rutter & Co.
Bonds.
1932.
M Wall St.
yield 7.45%.
37 Lewis St.
NEW YORK
To
HARTFORD
GIBSON & COMPANY, Inc.
Telephone Rector 4391
INVESTMENT BANKERS
Correspondents of E. M. Hamlin & Co.
New York and Boston Stock Exchanges
377 Main St., Springfield, Mass.
Members of
Texas
Municipal Bonds
High Yield
Hollandsche Bank
Zuid-Amerika
voor
Short-Term County Notes
J. L. ARLITT
Sit Broadway. New York
TeL Rector 4514
Ooabtr Texas BankqyV
AooocDattsu
(Banco Holandes de la America
(Banco Hoilandez da America
AMSTERDAM
del Sud)
do Sul)
HAMBURG
.
BUENOS AYRES
SAO PAULO
SANTOS
RIO DE JANEIRO
SANTIAGO DE CHILE
VALPARAISO
F1.50,080,000
Capital Authorized
IF YOU ARE A
Capital paid
up
Advances
BANK MAN
Fl.30,080,000
and Reserves
Bills
on
documentary bills
negotiated and collected
Foreign Exchange
and
are
tions,
seeking
use
Financial
fied
and
new connec¬
Commercial Information
consult the
Mail and cable transfers
Chronicle
Department
inside back cover.)
Letters
Classi¬
(opposite
Grants
Facilities
for
of credit
entering
into
business
CHILE.
relations in ARGENTINA, BRAZIL and
Correspondents All Over the World
1
XX
THE
CHRONICLE
[Vol. 113.
^financial
financial
Prompt and
A Well Seasoned External
de Rio
Janeiro
Thorough
Sterling Issue
in the
5% Gold Bonds 1904
which is
external obligation of the Federal
an
in
this
District of Itio de Janeiro, which includes within its borders
the
capital city of Brazil, is
present
is
over
of
prices
an
73/£%.
over
The
yield
change and at the same time investing in
backed
the faith
by
and
credit
of
in
sterling
^
and
price
upon
Cbc
^
JMarine Crust
ex¬
well-seasoned
a
of
one
the
Company
most
important districts of South America.
Circular
the
maturity
affords the opportunity of tak¬
advantage of the present depreciation
bond
to
of
part
country.
annual income basis, at
8%.
Investment in this security
ing
on
your
banking requirements
(Federal District).
This bond,
handling of
of Buffalo
request.
Capital and Surplus, $17,000,000
©
American Express Company
65BROADWAY—NEW YORK
6%
securities
7
an.
Department
First
Mortgc.
es
on
Improved SEATTLE Property
Interest and principal collected and
remitted
without
charge.
TEN
MILLION DOLLARS invested dur¬
ing 20 years without loss.
Profit
Inquiries solicited from individuals,
trustees, banks, insurance companies
and others interested.
From The
Eastern
Closing Year
and
Calvin
Western
Philips & Co.
Incorporated
800
Experience enables Let to profit
us
by former mistakes.
take
A
us
stock
now,
so
that
we
may
Thus
272
MANUAL
Page Booklet
Statistical
condensed reports;
vestment
a
Investments
Issued Monthly
description of 400 corporations;
5,000 high and low rec¬
ords, complete history, earnings, dividends,
etc.,
will be furnished
FREE
by any in¬
hasten America's business
recovery.
This bank, with all its resources, stands
we
back of those committed to such
U.S.A.
INVESTOR'S
POCKET
can
1901
Seattle,
Profitable
to
THE
make 1922
bigger and better than 1921.
Leary Building
Guide
References
pro¬
nish
house
names
of
on
request OR we will fur¬
reliable houses who will sup¬
ply FREE monthly copies OR for 30c latest
issue will be sent direct
by FINANCIAL
PRESS, Publishers, .116 Broad St, N. Y.
gressive policy.
First Wisconsin
National Bank
Sugar Engineering Corp.
Milwaukee
WOOL WORTH BLDG.,
NEW YORK
Milwaukee Incorporated in 1846
INVESTIGATIONS
APPRAISALS
REPORTS
Illinois Trust & Savings Bank
La Salle at Jackson
-
•
•
Chicago
Capital and Surplus
L.J?Sk
t.-Th. Stgn of S+tyV* <
DESIGN
$15,000,000
Bond
"
Pays Interest
on
Time
Has
change.
cellent securities.
I
Deals in Foreign Ex-
Transacts
a
hand at all times
a
variety of
ex¬
Salesmanship
Side of Business' Is the
this subject ever written/*
$3, cash with order.
Descriptive
circular free.
Published and far safe by
'The Human
best book on
Price
Deposits, Current and Reserve
Aooounts.
on
Government*
General Trust Business.
Buys and sells
Municipal
and
Corporation Bonds.
the Investment House of
Frederick Peirce & Co.
14S1 Chestnut
Street, Philadelphia
Dec. 3
THE
1921.]
CHRONICLE
jffaaitefal
engineers
41
STONE & WEBSTER
INCORPORATED
ITH
REPORTS
VALUATIONS
us
your
bal¬
insures service
ance
EXAMINATIONS
that does
ON
the
INDUSTRIAL
AND PUBLIC
SERVICE
PROPERTIES
New York
with
stop
receipt of "member-
items"
at par.
We receive all items at
Chicago
Boston
not
member
par,
or non-
member; cash
or
col¬
lection.
Our 24-hour-transit
and direct method of
ment
handling collections result in
a maximum interest bearing
A.
WILLIAM
depart¬
BAEHR
ORGANIZATION
collected and
balance of
ENGINEERS
available funds.
Public Utility
We make
Specialists
no
charge for tele¬
graphic transfers.
Gas and Electric
Management and Operation,
Counsel and Reports,
THE
Accounting and Purchasing,
Utilities
Publio
Relations,
Valuation and Rates,
Design and Construction of
central station and industrial
power
plants and gas plants.
WILLIAMA.BAEHK Organization
Chicago
Peoples Qu Building
PHILADELPHIA, PA.
THE
J. G. WHITE
ENGINEERING
LLOYDS BANK
CORPORATION
LOMBARD ST., LONDON, E.C.3
Head Office: 71,
($5
Capital Subscribed
Constructors
Engineers
Capital paid
Reserve Fund
Public Utilities
Deposits, &c.
-
Advances, &c.
-
Reports—Valuations—Estimates
EXCHANGE PLACE; NEW
YORK
The Agency of Foreign
H. M. CHANCE
&. CO.
Engineers and
Geologists
Mining
COAL AND MINERAL
PROPERTIES
Examined, Managed,
Dressl
BMg„
Appraised
PHILADELPHIA
'v.'
£ 1.)
50,000,000
-
1,731,987,765
755,39^,865
ENGLAND & WALES.
17, CORNH1LL, LONDON,
E.C. 3.
& Colonial Banks is undertaken.
Affiliated
THE NATIONAL BANK OF
—
353,444,900
-
THIS BANK HAS OVER 1,500 OFFICES IN
Colonial and Foreign Department:
S
70,688,980
up
Buildings—Industrial Units
42
-
SCOTLAND LTD.
Banks:
LONDON & RIVER PLATE BANK, LTD.
Auxiliary:
LLOYDS AND NATIONAL PROVINCIAL FOREIGN BANK
LIMITED.
XYTT
THE
CHEONICLE
[Vou lis.
ifitunuial
WE
ARE
PLEASED
THE
New York
in
lloyh
a.
ANNOUNCE
OF
OUR
3-4
at
Telephone
—
.
TO
OPENING
Office
Jflnanclal
John
charge
Pine
Street
1831
of
1836
Chartered
mungku, Vice-president
THE GIRARD Trust
Company offers to
r
banks, bankers and in¬
Taylor, Ewart &
dividuals the services of
Company
its Real Estate
INCORPORATED
investment
NEW
YORK
chicago
KANSAS
•
.
34
PINE
STREET
105
v
•
•
SOUTH
for the
ment
securities
CITY
Depart¬
and
care
examination of proper¬
ties in Philadelphia and
•
LA
SALLE
STREET
VICTOR
BUILDING
vicinity.
This
Department
com¬
bines every advantage of a
real estate agency with the
added
security
of
trust
a
company.
GIRARD
Does This Meet YOUR Needs?
TRUST COMPANY
Bread & Chestnut Sts., Philadelphia
A TRUST COMPANY of moderate size,
capital ample .for security and
but with
an
efficient organization of trained officers
and
clerks, ready to give personal attention
business problems, whether small
or
to your
large.
A Trust
of
Company which makes a specialty
Personal Accounts and Personal Trusts—
with
a
years
successful record of
than
more
ninety
in this specialized business.
Sfaiu fork Etfie Jnaurattrr auh
SruBt (Enrapang
EDWIN
52
WALL
G.
MERRILL.
IN FRANCE
Our
President
ST.
NEW
Paris
American
branch
business
places
in
direct banking contact with
all parts of France.
YORK
men
Other branches in
Spain
Argentina
Bradford
A Bank to
In
We maintain
of
In
foreign,
of
the
a
the
is
financial
at
your
and
industrial
Capital and Surplus
New York
•
-
Agency, 45 Broadway
Head Office,
London
affairs
disposal.
MELLON NATIONAL BANK
PITTSBURGH,
American
"Bank, limited
complete banking service, both domestic and
knowledge of
Pittsburgh District
our
Uruguay
Anglo-South
Pittsburgh
a
to
Peru
Mexico
Represent You
completely organized department for the service
out-of-town banks, firms and
individuals.
addition
Chile
Manchester
^
|
/V
>
fXQy
\j
J0
'
COMPOUNDED
ANNUALLY
meDts
PA.
$11,000,000.0$
SEMI-
inveetmenfcs 111 monthly payor
on
lump
sums;
Safety; Real Estate Security; Tax-Exempt;
State Supervision.
Send for Details.
OKMULGEE BUILDING & LOAN ASST*
Okmulgee
Oklahoma
Dec. 3
XXIII
CHRONICLE
THE
1921.]
jHnantfal
j
financial
Foreign Drawings
by Banks and Bankers
'By and by is easily said."
r'.J.l,
SHAKESPEARE
are
Action
handled with promptness
through
is the
resolve and
our
is
which
us
banks
correspondent
with
tention
particular
by
is
their
at-
<
Daily quotations by mail, or
Our
choosing
are
if
Address
We invite
,
New York
Broadway
120
inquiries about
banks.
town
park'union
METROPOLITAN
COMPANY
TRUST
FOREIGN BANKING CORPORATION
NEW YORK,
716 FIFTH AVENUE
THE CITT OF
-60 WALL STREET
56 Wall Street, New
Meetings
Gillette Safety Razor
foreign trade, due consideration must be given
potential markets for merchandise.
The Park-Union For¬
eign Banking Corporation maintains thoroughly equipped branches
in Tokio, Yokohama and Shanghai because of the strategic
position of those commercial cities in the commerce of Japan
and China and the possibilities for future trade between those
countries and North America.
In
the
linked closely
besides the
service
to-day declared a stock
Colony
Old
Trust
of the Pacific is similarly served through our
Seattle and San Francisco.
Thus the principal
in
gateways of Eastern Asiq, and North America are
together through one banking system, providing
ordinary functions of international banking, a helpful
for the merchants and manufacturers of the countries
dividend
10%, payable from the office
of
up
The eastern coast
branches
have
of
building
to
Co.
Directors
of
Board
York
Foreign Trade
CENTRAL MISSISSIPPI VALLEY ELECTRIC
PROPERTIES.
Stone
&
Webster,
Inc.,
reports that,
on
account of the Annual Meeting of the Sharehold¬
ers of Central Mississippi Valley Electric Proper¬
ties, to be held on December 19, 1921, the trans¬
fer books will be closed from December 9, 1921, to
December 19, 1921, both inclusive.
The
..
service from out-of-
our
OF
Service Department.
•
banking connection.
tan
,
our
currencies in a ten word message.
Knauth,Nachod 8c Kuhne
you
metropoli¬
a
drafts on any of our many cor¬
telegraph, as desired.
telegraph code quotes ten
perience, personnel, and
resources
are
important
factors to consider
own
respondents.
Our V ex¬
needs.
the transmission of
and all parts of the world,
and have
arrangements
under which
banks and bankers as principals can draw
bank's
the
to
special
boring countries in
funds to Europe
delay
without
handled
and
accom¬
to
world.
specialize in acting for banks and
bankers in the United States and neigh¬
We
Any business
sent
and efficiency under our protection
correspondents throughout the
connecting link be¬
tween
plishment .
.
Com¬
branches
these
Boston, Mass., on Decem¬
1921, to stockholders
of record at the close of business
December 12th, 1921.
are
where
located.
pany,
ber
FRANK
J.
FAHEY,
Boston, Nov. 18th,
THE
BORDEN
Surplus and Undivided
Treasurer.
COMPANY.
olders of record December 1st.
Books
Eany, payable December 15, 1921, to
Bibibenbs
Sfbftien))*
The American Sugar
stock-
Refining Company
do not
Checks to be mailed by
the Bankers
Trust Company, dividend disbursing agents.
SHEPARD RARE8HIDE, Treasurer.
close.
ALLIED CHEMICAL & DYE CORPORATION
61 Broadway.
New York, November 29th, 1921.
Board of Directors has this day declared
a regular quarterly dividend of 1 % % on the pre¬
ferred stock of this Company, payable January 3,
The
preferred stockholders of record at the
December 15, 1921.
CLINTON S. LUTKINS, Secretary-Treasurer.
to
close of business
THE TALE &TOWNE
A
dividend,
(5%) has been
tors
No.
On the
of
one
No.
cent,
120T consecutive dividend
thereon; payable on the third day of
January, 192K2, to stockholders of record
the first day of December, 1921*
on
EDWIN T.
will not close.
GIBSON.
Secretary
declared by the Board of Direc¬
Union Stock Yards,
CAN CO.
A quarterly dividend of one and three-quarters
per cent has been declared on the Preferred Stock
of this Company, payable January 2nd, 1922, to
Stockholders of record at the close of business
December
15th,
1921.
Transfer Books will
remain open.
Checks mailed.
R. H. ISMON, Secretary & Treasurer.
December 15, 1921.
MANUEL E.
regular
RIONDA, Treasurer.
MARESI-MAZZETTI CORPORATION.
105 West 49th Street, New York City.
Board
The
November
of
28th,
at a meeting held
have declared from net
Directors
1921,
earnings a dividend of 2 % for the
November 30th,
1921, payable
quarter ending
1st,
December
1921, on all outstanding first preferred stock to
stockholders of record at close of business 3p. m.
CHAS.
New York,
J.
1921.
FISK, Treasurer.
November 28th, 1921.
Chicago
Dividend No. 144
($2.00) per share on
capital stock of Swift & Company, will be
Dividend of TWO DOLLARS
the
2, 1921.
MAN ATI
COMPANY have declared the
Wednesday, November 30th,
Swift & Company
PER CENT
earnings, payable January 3rd,
stockholders of record at the close of
December 17th, 1921.
J. H. Towne, Secretary.
dividend
quartets per
The Transfer Books
SUGAR COMPANY.
quarterly dividend of 1 % % upon the preferred
payable January 3, 1922,
to holders of preferred stock of record upon the
books of the Company at the close of business
114
114, of FIVE
AMERICAN
-
SUGAR
being the
out of past
1922, to
business
Preferred Stock a
and three
MANATI
112 Wall Street, New York, December
The
Board of
Directors of the
stock of the Company,
Preferred Dividend
MANUFACTURING CO.
Dividend
Profits—... $625,000
1921.
PREFERRED
STOCK DIVIDEND NO. 80.
Preferred Stock Dividend No. 80.
The regular quarterly dividend of 1 ^ % has
been declared on the preferred stock of this com-
1922,
$4,000,000
Capital (fully paid)-
19th,
TOBACCO
PRODUCTS
Board of Directors
The
Corporation have declared
CORPORATION.
December 2,
of Tobacco
1921.
Products
the thirty-sixth
(36th)
January 1.1922. to stockholders of record,
December 10,1921, as shown on the books of the
paid
on
Company.
On account of
ferred
annual meeting, transfer books
11,1921, to Jan. 6, 1922,
on
capital stock of the Corporation, payable
1922, to stockholders of record at
January 2,
will be closed from Dec,
the
both inclusive.
Checks
C. A. PEACOCK. Secretary
close
of
business
on
December
15,
1921.
will be mailed.
WILLIAM A.
FERGUSON, Secretary.
xxiv
THE
CHRONICLE
[Vol. 113.
®ra6t Companies
Wioxk %ift Insurance Sc Jrnst (Eh.
cm
52
Receives
or
otherwise.
Grants Annuities
Close
of
a
Business
Real
on
November
$2,000,000.00
2,932,654.92
Mortgages
1921.
Capital
Surplus Fund and Undivided Profits
Deposits
Annuity Fund
Interest due Depositors, Taxes, &c...
and
Stocks, viz.:
Public Securities (Inc. U.S. Bonds $1,463,022.16)
Private Securities....
Loans
on Collaterals
Bills Receivable (Inc.
U. S. Ctfs. $755.915.31)
Company's Vaults
Deposit
Accrued Interest, Rents, Suspense Account, &c
3,036,926.61
9,070,351.75
6,459,876.49
$1,000,000.00
2,716,580.19
24,962,284.82
1,983,204.59
398,780.17
4,433,615.31
1,827,994.43
Cash in
Cash
15,
liabilities
Estate.
Bonds and
as
Favorable Terms.
on
Specialty of Personal Trusts.
assets
Bonds
for Fixed Periods and
or
Accepts Trusts created by
Manages Property and Collects Income
Company of Moderate Size Which Makes
STATEMENT—At the
Check
Daily Balances,
on
Agent for Owners.
A Trust
STREET, NEW YORK
Deposits Subject to
Allows Interest
Will
WALL
on
973.564.48
288.386.38
Overdrafts
37,579.40
$31,060,849.77
$31,060,849.77
TRUSTEES
Frederic W. Stevens
Cleveland H. Dodge
Thomas Denny
Alfred E.
Henry Parish
Lewis Spencer Morris
Lincoln Cromwell
Stuyvesant Fish
Edmund L. Baylies
Columbus O'D. Iselin
W. Emlen Roosevelt
Howard Townsend
Moses Taylor
Nicholas Biddle
Joseph H. Choate, Jr.
Edward M. Townsend
William M. Cruikshank
Edwin
Paul Tuckerman
EDWIN
HENRY PARISH,
ZEGER W.
J.
LOUIS
ERNEST H.
ZELM,
JOHN C.
Vice-President
CHARLES
©(bfoenbtf
Transfer books will not close.
Checks will be mailed to stockholders
addresses recorded on the books of the
NO.
COMMON
at
ers
of
record
1
to
and
21.
23,
Common
Stocks
the
at
close
of
The Trtmsfer Books will not be closed.
Checks will be mailed by the New York Trust
Company of New York.
DE WITT CLINTON
JONES, Treasurer.
1921.
DIVIDEND NOTICE.
BYLLESBY Sc COMPANY,
CHICAGO, ILLINOIS.
The Board of Directors of the Arkansas
Valley
Railway Light & Power Company has declared
the regular quarterly dividend of one and threequarters per cent (1%%) on the preferred stock
of the Company, payable by check December
15,
1921, to stockholders of record as of the close of
business November 30, 1921.
ROBERT
H.
Baton
13
payable DEC. 1
of record NOV.
payable December 15, 1921,
Stock of record at
the close of business November
30, 1921.
The
books will not be closed.
to Stockholders
FREDERICK R. ROBINSON,
Secretary & Treasurer.
23, 1921.
Stone & Webster, Inc.,
Stock.
to the holders of the Preferred
A $5.00 semi-annual
dividend is
M.
(Incorporated)
Racine, Wis., U. S. A., November 18, 1921.
regular quarter-yearly dividend of one
dollar and seventy-five cents
($1.75) per share
upon the outstanding PREFERRED
STOCK of
this Company has been
declared, payable January
1, 1922, to the holders of Preferred Stock of
Haverhill Gas Light Co.
(Shares—$50
par
The
104
value)
A
$1,123^ quarterly dividend is
payable JAN. 3, 1922, to Stock¬
record at the close of business
12 1921.
holders of record DEC.
15,1921.
Stone & Webster, Inc.,
WM.
General Manager
AMERICAN
New
LOCOMOTIVE CO.
,
30 Church St., New York, Nov.
3, 1921.
.Quarterly Dividend of One and Three-
2uarters Per Cent (l%%)
upon
lapital
Stock
of
the
American the Preferred
Locomotive
Company has been declared payable on December
31, 1921, to the Preferred Stockholders of record
Fifth
Secretary.
Avenue.
York, N. Y., November 30, 1921.
A dividend of \y%%
the
Preferred
Stock
of
has
The
Company payable January
been
declared
American
3,
J.
M.
W.
upon
Tobacco
1922,
nolders of record at 12 o'clock
noon
1921.
Checks will be mailed.
HICKS,
to stockDecember 10,
Treasurer.
at
the close of business on December
13, 1921.
Dividend checks will be mailed December
30, 1921.
A Quarterly Dividend of One and
One-Half
Per
Cent
(1H%) upon the Common Capital
Stock of the Company has been declared
payable
on
December 31, 1921, to the Common Stock¬
holders
of
record
at
the
December
close
of
business
13, 1921.
Dividend checks
mailed December 30, 1921.
W. SPENCER ROBERTSON,
will
Secretary.
on
be
AMERICAN ACCEPTANCE CORPORATION.
The Board of Directors has
this day declared
the
regular quarterly dividend of two per cent
(2%) on the eight per cent preferred
stock, and
a
special dividend of two per cent
(2%) on the
Common stock, for
quarter ending December 6th,
1921, to stockholders of record on December
20th,
1921, payable December 22nd, 1921.
Dated New York, November
JOHN
T.
14th, 1921.
Preisdent.
McCALL,
Gas
cent
(2%) upon
preferred stock of the Company, payable by
check
per
December
as
15,
1921, to stockholders of
of the close of business November
30,
ROBERT J.
GRAF,
Secretary.
E. I. DU PONT DE NEMOURS & COMPANY.
Wilmington, Del., November 28th, 1921.
The Board of Directors has this day declared a
dividend
of
Company,
2% on
payable
stockholders
of
the Common Stock of this
December
15th,
1921, to
record
close
at
of
business
on
December 5th,
the
1921; also dividend of Wi% on
of this Company, payable
1922, to stockholders of record at
Debenture
January 25,
close
of
Stock
business
on
TEXAS
PACIFIC
January 10th, 1922.
COPELAND, Secretary.
COAL
&
OIL
COMPANY.
DIVIDEND NO. 106.
New York, N. Y., November 30,
The Board of Directors has this day
1921.
declared
regular quarterly dividend of two and one-
the
half per cent
company,
of
holders
(2}4%) on the capital stock of this
payable
record
January
at
the
3,
close
1922, to stock¬
business, De¬
of
cember
15, 1921.
Checks will be mailed.
Monday, December
SAWYER.
THE AMERICAN TOBACCO COMPANY.
Ill
A
F.
Standard
Company has declared the regular
C.
J. I. Case Threshing Machine Co.
Dividend No.
Directors of the
quarterly dividend of two
the
Treasurer.
COMPANY
Illinois
Chicago,
of
Detroit, Michigan, November 30, 1921.
General Manager
GRAF,
1921.
The 49th quarterly dividend of one and
threequarters per cent (1% %) on the Preferred
Capital
Stock of the Company, has been declared
by the
Board of Directors,
Rouge Electric Co.
Common Dividend No.
J.
Office of
BYLLESBY &
The Board
and Electric
PACKARD MOTOR CAR COMPANY.
Preferred
OF
M.
record
General Manager
Secretary
Secretary
Asst.
OFFICE
H.
business,
Thursday, December 15, 1921.
Stockhold¬
NOV.
Stone & Webster, Inc.,
DIVIDEND
aside for the payment of $7.00
per share for the
year
1921) on the Preferred Stock, payable
January 3, 1922; a dividend of $1.50 per share on
the Common Stock, payable January
3, 1922,
payable to stockholders of record of Preferred
A $3.00 semi-annual dividend is
payable DEC.
STOCK
21.
The following dividends on the stocks of this
Corporation have been declared:
A dividend of $1.75
per share (from a sum set
the
Rouge Electric Co.
No.
21.
CAPITAL
NO.
TREVVETT, Secretary.
Dividend
ELDREDGE,
©fbfoenfe*
UNITED DYEWOOD CORPORATION.
New York, December 1, 1921.
PREFERRED CAPITAL STOCK DIVIDEND
Company.
Preferred
Secretary
Bibftettfrg
1921.
Baton
VEDDER,
WILLIAM B. AUSTIN, Asst.
COOK. Vice-President
HOCKING VALLEY RAILWAY CO.
61 Broadway, New York, Nov.
17, 1921.
The Board or Directors has
to-day declared a
DIVIDEND of TWO PER CENT
upon the cap¬
ital stock of the
Company, payable December
31, 1921, to stockholders of record December
9,
G. Merrill
ALGERNON J. PURDY, Asst. Secretary
Vice-President
THE
A.
Stephen P. Nash
MERRILL, President
Vice-President
ZELM,
van
van
G.
Edward J. Hancy
Marling
J.
.
PENN,
President.
LEHIGH VALLEY COAL SALES CO.
New York, November 25, 1921.
The
Coal
R.
Board
Sales
Dividend
of Directors of the Lehigh Valley
have this day declared a
Two
Dollars
per
share
payable
1922, to those stockholders of the
Company
of
January 3,
Company who are holders of full share certificates
of stock registered on the Company's books at
the close of business December 15, 1921.
Checks
will be mailed.
W. J. BURTON, Secretary and Treasurer.
UNITED RETAIL STORES CORPORATIONCOMMON STOCK DIVIDEND NO. 6.
The Board of Directors have this day declared
the regular quarterly dividend of $1.50 per Share
on
all classes
of Common
Stock outstanding,
payable January 3,1922, to Stockholders of record
at the close of business December
15, 1921.
The Stock Books will not be closed.
GEORGE
November 30, 1921.
WATTLEY, Treasurer.
Dec. 3
XXV
CHRONICLE
THE
1921.]
t^rnsft Companies
Condensed Statement of Condition' on Nov. 15,1921
as
reported
to
the State Banking Department
RESOURCES
Cash
on
Hand and in Banks
.
Exchanges for Clearing House
.
.
.
....; .;
Demand Loans
Time Loans
on
.
.
.
.
.
.
.
U. S. Government Securities
OtherTime Loans and Bills Discounted
.
.
U". S. Government Securities (at market value)
New York State and
(at market
Municipal Bonds
(at market value)
Stock of Federal Reserve
(at market value)
•
Bonds and Mortgages.
Real Estate
•
...
•
.
«
12,432,644.15
9^,104,659.50
10,561,598.00
20,165,116.75
3,128,289.05
...
...
on
19,562,503.59
Bank and Other
........
Liability
.
•
Accrued Interest and Accounts
Customers'
•
67,773,583.48
value)
Other Bonds
Stocks
.
# 59,200,490.77
18,963,274.57
.
.
.
.
.
Receivable
Acceptances
.
.
.
•
980,000.00
9,093,315.51
3,827,555.07
11,424,478.51
#336,217,508.95
LIABILITIES
# 20,000,000.00
Capital ••'•••••••••••
Surplus Fund...........
Undivided Profits
.....
Unpaid Dividends
Deposits
•
•
•
.
.
•
•
.
11,250,000.00
9,158,468.06
.
•
.
.
.
.
1,895.00
258,713,881.24
21,736,500.56
Certified and Other Outstanding Checks
Accrued Interest Payable
Unearned Interest
.
•
•
.
.
•
.
...
.
.
.
.
.
Reserve for Taxes, Etc. .
Outstanding Acceptances
.
•
.
•
.
.
......
531,627.94
503,172.99
1,250,445.03
12,071,518.13
#336,217,508.95
Downtown Office:
16 Wall Street
Fifth Avenue Office: 5 7th Street Office:
at 42nd Street
at Madison Avenue
Paris Office: 3 &. 5 Place Vendome
[Vol. US.
CHRONICLE
THE
XXVI
jbnaiufal
New Issue
Taxes. Jersey
New
Tax
the
Exempt from all Federal Income
$3,500,000
City of Jersey City, N. J.
5% General Obligation Bonds
Due December 1, 1925
Denomination
i
M&
Dated December 1, 1921
UH
Principal and semi-annual interest (June 1st and December 1st) payable at the office of the City Treasurer in Jersey City.
to
■
$1,000.
Coupon bonds with privilege of registration as to principal only, or both principal and interest.
,
Legal Investment for Savings Banks and Trust
New Jersey,
FINANCIAL
Assessed Valuation
Total bonded debt
•
•
STATEMENT
$400,862,109
40,686,092
.
•
(including this issue)
Less Water Debt
Less
Funds in New York,
Massachusetts and other States
$15,842,755
,
6,392,152
Sinking FundsJ
22,234,907
Net Bonded
18,451,185
DebtJ
Population 1910
267,779
Population 1920
298,079
Legal Opinion of Messrs. Hawkins,
Delafield & Longfellow, New York City
Price 101.08 and interest,
yielding 4.70%
First National Bank
New York
Kissel, Kinnicutt & Co.
Stacy & Braun
New
New York
York|
Eldredge & Co.
White, Weld & Co.
New York
New York
All statements above are
based
upon
information which we regard as
reliable and are correct to the best of our knowledge and belief.
BETHLEHEM STEEL CORPORATION
Secured Serial Seven Per Cent.
Gold Notes, Series D.
NOTICE
WE BEGby private telegraph wiresnow con¬
to announce that we are with the
nected
following investment houses and will act
New York
correspondent:
as
their
Building
Hartford, Conn.
Hartford and New
specializing in
England local securities.
D. F. Faulkner & Co.,
Inc.
City Bank Building
Syracuse, N. Y.
Dealers in investment
New
York
securities, specializing in
State local
securities.
gxiuu& WYhiXzXa,
Established
1918,
1878
Exchange
Wires to Hartford, New Haven, Syracuse,
Philadelphia, Wilmington, Baltimore, Richmond.
Broadway
Bethlehem
Trust Company,
Steel Corpora¬
and Bank¬
as
CONVERSION PRIVILEGE.
with the provisions of said
the right
to
exchange said
Notes of Series D for Consolidated Mortgage
Thirty-Year Sinking Fund Six per Cent Gold
Bonds, Series A, of said Corporation, due August
1, 1948, now pledged under said Trust Indenture,
wili continue up to said redemption date, January
16, 1922.
The holder of any one or more of said
Notes of Series D upon the surrender thereof at
said office of Bankers Trust Company on or be¬
fore said date, will be entitled to receive in ex¬
change therefor one or more bonds of said Series
A of such
aggregate principal amount Cjvhich
shall be $1,000 or a multiple thereof) that such
bonds, taken at a price to yield six and one-half
In
accordance
Trust
Indenture
cent per annum (computed according
of bond values specified in said
to the
Trust
will equal the principal amount of
so
surrendered for exchange, with
a cash adjustment of accrued interest, and with
a payment in
cash by said Corporation of that
part of the principal amount of the Notes for
which bonds cannot be delivered upon any such
tables
York Stock
Private
52
between
Trustee.
NOTICE IS HEREBY GIVEN that Bethle¬
hem Steel Corporation has elected to exercise
its right to redeem, and will redeem and pay,
on
January 16, 1922, all of its Secured Serial
Seven Per Cent Gold Notes of Series D
then
outstanding; that interest on said Notes of Ser¬
ies D will cease on said redemption date, January
16, 1922; that the holders of said Notes of Series
D are required on said redemption date to present
them for redemption and payment at the office
of Bankers Trust Company, No. 16 Wall Street,
in the Borough of Manhattan, in the City of New
York; and that on presentation and surrender
thereof with coupons maturing on July 15, 1922,
at said office as aforesaid said Notes of Series D
will be redeemed and paid at 100% of the prin¬
cipal amount thereof and interest accrued to said
redemption date.
per
Members New
the Secured
Notes, Series
D, of Bethlehem Steel Corporation, issued
under the Trust Indenture, dated July 15,
ers
Goodwin-Beach & Co.
Dealers in investment securities,
REDEMPTION.
tion, Bethlehem Steel Company
•
Connecticut Mutual
OF
To each
and every holder of
Serial Seven Per Cent. Gold
New York
Indenture),
the
Notes
exchange.
Application will be made for the list¬
ing of said bonds, Series A, upon the New York
Stock Exchange.
Dated, New York, November 23, 1921.1
BETHLEHEM
STEEL CORPORATION,
by W.
F.
HARTMANN, Treasurer.
Dec. 3
THE
1921.]
CHRONICLE
XXVII
jftnattdal
,
,
'V
v
•
-
Additional Issue
$750,000
The
Pennsylvania-Ohio Power & Light Company
Ten-Year
Dated
November
1,
8% Bond Secured Sinking Fund Gold Notes
Due November 1, 1930
1920
Refund
Tax
principal only.
Callable, as
a
Pennsylvania
Coupon Notes in denominations of $1,000, $500 and $100, registerable as to
Principal and interest payable in New York.
at 1
in
whole or in part, at any time on 30 days' notice at 109 prior to November 1, 1922, and thereafter
point less each year until maturity; plus accrued interest in each case.
Interest
Central Union Trust Co. of New Yoric, Trustee.
payable May 1 and November 1 without deduction for Federal Income Tax
The
following is summarized from
Business
a
up to
2%.
letter by Mr. R. P. Stevens, President:
The Company owns
and operates properties which supply electric power and
territory of about 600 square miles, in Pennsylvania and Ohio
midway between Pittsburgh and Cleveland, including the city of Youngstown,
Ohio, serving a population in excess of 300,000.
The Company owns certain
electric railway lines directly or through subsidiary companies, which, however,
light, in
a
comprise only
small part of its business.
a
highly developed,
prosperous
This territory is
one
of the most
and rapidly growing industrial sections in the
United States.
Security
These Notes will be the direct obligation of the Company secured by
of 150% of
ak
collateral
or
will be
Notes.
for
each
100%
pledge
The total authorized
of Notes outstanding.
General Mortgage Bonds is $4,500,000,
of
amount
a
General Mortgage Bonds of the Company, due November 1, 1930,
all of which have been
pledged under the Ten-Year 8% Bond Secured Sinking Fund Gold
.
Earnings
For Year Ended September 30, 1921:
Gross Earnings
_
-
- -
-
- - -
-$4,486,035
2,444,245
Operating Expenses and Taxes
Net
$2,041,790
Earnings
Annual
Interest
Charges
on
Underlying Bonds out¬
1,071,950
standing in hands of public
$969,840
Balance
Annual
Interest
on
Secured Notes
$2,930,000
Ten-Year
8%
Bond
234,400
(including this issue)
$735,440
Balance
Net
earnings for the year ended September 30, 1921, after deducting all
prior charges, exceed four times the annual interest requirements on the entire
issue of these Notes.
Net earnings for
1.56 times the annual
Notes.
The growth
charges
on
this
same
period
are
equal to
over
total funded debt, including interest on these
of the electric light and power properties owned by The
Pennsylvania-Ohio Power & Light Company is indicated by an increase from
96,989,498 K.W.H. in 1915 to over 260,402,000 K.W.H. in 1920, or more
than 168%
in five
Sinking
Annual
Fund
Secured Notes
at
Price
not
99
7=-:'-V'-J:■ ;v:
years.
sinking fund of 3% of the total amount of Ten-Year 8%
issued, to be used for purchase
or
Bond
call and retirement of notes
exceeding the respective redemption prices.
and
accrued
interest,
yielding
over
8.15%
Bonbright & Company
Incorporated
,
25
'
New York
Nassau Street
The information contained in this advertisement is derived from sources which
we
regard
as
reliable,
This advertisement appears
and
as
a
all
statements are
matter of
based
record
as
upon
such information.
all these notes have been sold.
}
[Vol. 113.
CHRONICLE
THE
XXVIII
•
.
I
ifinatuial
NEW ISSUE
$2,000,000
City of Philadelphia
Pennsylvania
5 Per Cent School District Gold
To Be Dated January 1,
Fully
Registered
Interest January 1 and July 1
Due Serially
1922.
Bonds
Bonds in Denominations of $500, $1,000 and $5,000
the Philadelphia National Bank, Philadelphia
Principal and Interest Payable at
Exempt From All Federal Income Taxes
Tax Free in
Certificate
No
Legal
of Ownership
Interest Required
in Collecting
Trust
for
Investment
Pennsylvania
Funds
in
Pennsylvania
FINANCIAL STATEMENT
(as officially
Less
(Including This Issue)...
Sinking Funds
Net Debt
$2,159,300,000.00
(October 1, 1921)....
Valuation
Assessed
Total Debt
$22,617,441.67
________
5,080.875.73
.
(Including This Issue)___
..$17,536,565.94
___.
Ratio of Net Debt to Assessed
Valuation Less Than 8-10 of 1 Per Cent.
Population (Census of 1910)...
Population (Census of 1920).
The School District of
pay
1,549,008
.1,823,158
Philadelphia is co-extensive with the City of Philadelphia .
All taxable real estate in the
has been
I
furnished)
City is subject to taxation for school purposes.
provided sufficient to
pay
A tax
the interest and taxes on this issue of bonds and
the principal at maturity.
We offer this
John Hampton
issue, if, when and
as
issued and subject to approval of legality by
Barnes, Esq., and Francis B. Biddle, Esq., of Philadelphia.
MATURITIES
1932
@ 104.15
$100,000 due July 1,
1942
106.65
100,000 due July 1, 1933
104.45
100,000 due July 1,
1943
106.84
$100,000 due July 1,
1,
100,000 due July
1, 1935
@
100,000 due July 1,
1944
105.02
100,000 due July 1,
1945
107.21
107.38
105.28
100,000 due July 1,
(&
105.54
100,000 due July 1,
1947
1938
(5)
105.78
100,000 due July 1,
1948
@
1946
100,000 due July 1, 1937
100,000 due July 1,
100,000 due July 1,
107.03
104.74
1934
100,000 due July
1936
107.54
@
107.69
100,000 due July 1, 1939
@ 106.01
100,000 due July 1,
1949
@
107.84
1940
<& 106.23
100,000 due July 1,
1950
@
107.99
106.45
100,000 due July 1,
1951
@
108.12
100,000 due July 1,
100,000 due July 1, 1941
<m
Accrued
Interest
to
Be Added
Prices: To Net 4V2
Per Cent.
Harrison,Smith & Co.
121
Biddle & Henry
104 South Fifth Street
South Fifth Street
Philadelphia
Philadelphia
William R. Compton
14
Company
Wall Street
New York
The information and statistics contained herein have been obtained from sources which we believe to
be reliable.
Dec. 3
CHRONICLE
THE
1921.]
XXIX
.,i
;
Jftnantial
....
,,,
/
17=
Additional Issue
•
:
.;v.
$1,250,000
Electric Bond and
'■
''
-V
■':
"'.v
v'-'.
Company
6% Cumulative Preferred Stock
Preferred
as
to Assets
upon
well
as
90 days' notice
as
Dividends. Callable,
Dividend Date
on any
as a
whole, at the option of the Company
at 110 and accrued dividends. Divi¬
dends cumulative from date of
issue, and are paid quarterly,
February, May, August and November 1.
CAPITALIZATION
Authorized
Outstanding
Preferred Stock
6% Cumulative (including this issue) $12,500,000
$11,250,000
Common Stock
12,500,000
11,250,000
For further
Mr. S. Z.
particulars
onceming this issue of Preferred Stock,
Mitchell, President of the Company, summarize.
Business
Electric Bond and Share
28, 1905, takes
ary
a
as
refer to
we
a
letter of
follows:
Company, incorporated Febru¬
financial interest in Electric Power
and
Light and Gas enterprises. It buys, holds and sells
securities issued on such properties, and acts as Fiscal
Agent and supervises the operation of companies control¬
ling and operating such properties. All the outstanding
Common
Stock is owned by the General Electric Com¬
pany.
Company has
Provisions
By-Laws
no
mortgage or funded debt. Under the
indebtedness shall
no
of the total par
ever
be incurred in
excess
value of the outstanding Preferred Stock
without the affirmative vote, or consent in
writing, of the
majority of all outstanding stock.
This
is
stock
the rate of
preferred
6%
as
per annum.
to cumulative
No dividends
dividends at
may
be paid
on
the Common Stock unless, after such payment, there re¬
mains
dend
a
surplus equal to at least 18% (three years' divi¬
requirement)
stock.
For the year
Earnings
on
the total outstanding preferred
,
ended October 31, 1921, Net Income, after
$2,274,803.63 or over 3.3 times annual
Federal taxes, was
dividend
requirements of $675,000
Stock
Preferred
Income of the
Net
on
the total amount of
outstanding, including this issue. The
Company since its incorporation in
1905, has been sufficient to meet the Preferred dividend
payments during all of that period, more than 3.9 times.
Dividend
Dividends
Record
Stock
have
from
been
paid
regularly
organization to date.
on
the Preferred
Common
paid regular dividends at the rate of 8%
Stock has
since
per annum
July 15, 1909.
The Preferred Stock is followed by
Equity
$11,250,000
of Common Stock, which has all been
less than par
All
par
value
purchased at not
by the General Electric Company.
legal details in connection with the issue of this Preferred Stock will be passed upon by Messrs.
Winthrop & Stimson, New York. The accounts of the Company are audited by
Messrs. Marwick, Mitchell & Co., Accountants and Auditors.
Price $89
per
share, to yield about 6.75%
Bonhright & Company
Incorporated
New York
25 Nassau Street
The
information contained
which
we
consider
as
All the stock having been
in this
advertisement has
been obtained from
reliable. While not guaranteed, it is accepted by
sold, this advertisement
appears
only
sources
us as accurate.
as a matter
of record.
i
[Vol. 113
CHBONICLE
THE
XXX
Jffnancfal
All of the Notes having
been sold, this advertisement appears as a matter of record only.
$4,507,100
The Cleveland, Cincinnati,
St. Louis
Chicago and
Railway Company
Equipment 6% Gold Notes
Dated
January 15,
Authorized
I
Due $346,700 each January 15, 1923 to 1935
1920
and issued, $5,200,500;
matured and retired, $346,700; held by
Director-General of Railroads (January 15, 1922, maturity), $346,700; balance
now
being offered,
Interest payable January 15 and July 15.
$4,507,100.
Principal and interest payable in New York City.
of $1,000,
registerable
as
to principal only.
part on any interest date at
Coupon Notes in denomination
Redeemable
whole but not in
as a
103% and accrued interest.
Guaranty Trust Company of New York, Trustee
These Notes
General of
pany
are
issued under
an
Equipment Trust Agreement between the Director-
Railroads, The Cleveland, Cincinnati, Chicago & St. Louis Railway Com¬
and the Trustee, and
are
secured by the following standard railroad equipment:
25
We
is
Light Mikado Locomotives
1,000 Double-Sheathed Box Cars
10
Heavy Switching Locomotives
1,000 Hopper Cars
are
33%
amount
informed that the cash contract cost of this
more
now
equipment
was
$6,937,707, which
than the total amount of Notes authorized and 43% in excess of the
outstanding.
;
PRICES
Approx. Yield
Maturity
January
5.50%
January
15, 1925
to
1932
5.80%
January
Interim
15, 1923 and 1924
15, 1933
to
1935
5.75%
Receipts will be delivered
upon
payment
on or
about December 14, 1921,
exchangeable for definitive Notes when received by us.
/
.
.
.
'
.
••
"•
*'
i
.
•
.
•
.
'•
*
.
.
.
:
'
■,
I
,
-
Guaranty Company of New York
Potter Brothers & Company
The Union Trust Company of Pittsburgh
The Union Trust
First Trust and Savings Bank, Chicago
Company, Cleveland
We do not guarantee the statements and figures presented herein, but they are taken from sources
which we believe to be reliable.
Dec. 3
THE
1921.]
XXXI
CHRONICLE
ifitiandal
appears as only, as the
a matter^ of
This advertisement
entire issue has been sold.
record
New Issue
$12,500,000
The
Philadelphia Electric Company
First Lien and
Refunding Mortgage Gold Bonds
6% Series due 1941
To
be dated
December 1,
To
1921
be due
December
1,
1941
payable June 1 and December 1 at the office of the Trustee.
Not callable until December 1, 1926; callable in whole or in part during
the next succeeding five years on any interest payment date on thirty days' notice at 107M and interest; during the succeeding
five years at 105 and interest and thereafter at a premium of 1% for each year of unexpired life.
Coupon bonds
of $1,000, $500 and $100, with privilege of registration as to principal.
Interest
Girard
Trust
Company, Philadelphia, Trustee
The Company will agree to pay interest without deduction for Federal Income Taxes to an amount not exceeding
2% which it may lawfully assume and pay.
The Company will also assume the payment of the Pennsylvania State
Tax of four mills on bonds held by residents of Pennsylvania.
Mr.
Joseph B.
BUSINESS:
McCall, President of the Company, furnishes us with the following information:
The
Philadelphia Electric Company, operating under a franchise which in the
unlimited in time, does the entire central station
third largest city in the United States.
Through
opinion of counsel is
electric light and power business in Philadelphia, the
its principal subsidiary, the Delaware County Electric
Company, it does the entire commercial electric light and power business in the important manufacturing
district southwest of Philadelphia along the Delaware River, including the City of Chester.
The territory
served embraces a total population of over 2,000,000, according to the 1920 U. S. Census.
PROPERTY:
The
properties of The Philadelphia Electric Company and its subsidiaries form a
single inter-connected
of which 276,000
system including power plants with an aggregate rated capacity of 310,982 kilowatts,
lalowatts are installed in three of the largest and most modern generating stations in
SECURITY:
the country.
Refunding Mortgage Gold Bonds, in addition to being secured by a general mortgage
the Company, will be secured by the pledge of $5,000,000 The Philadelphia
Company First Mortgage Sinking Fund 5% Gold Bonds, due October 1, 1966, and $10,000,000
First Mortgage Demand Bonds and all of the Capital stock (excepting Directors' Shares) of the Delaware
County Electric Company.
The indenture will provide that no additional First Mortgage Bonds of either
The Philadelphia Electric Company or of the Delaware County Electric Company shall be issued except
for pledge under the indenture securing the First Lien and Refunding Mortgage Bonds.
The First Lien and
on
the entire property of
Electric
EQUITY:
be followed by the outstanding $30,000,000
(8%) of the Company which have a market
value, based on the quotations of November 28, 1921, of more than $39,500,000.
Dividends have been
paid without interruption during the past eighteen years on the Company's common stock from time
to time outstanding, the dividend rate for the past eight years having been 7% per annum.
These $12,500,000 First Lien and Refunding 6% Bonds will
stock and $11,000,000 cumulative preferred stock
common
SINKING
FUND:
provide a Sinking Fund of 1% per annum of the total amount of bonds outstanding ,
applied to the purchase and cancellation of First Lien and Refunding Bonds. If bonds are not *o
acquired or as yet callable, the funcjls are to be invested by the Trustee in accordance with the terms o
The indenture will
to be
the indenture.
EARNINGS
Of
the
Philadelphia Electric Company's System for the Years
Ended:
t
Dec. 31, 1920
1921
Nov. and Dec. Estimated
Gross
$20,043,336
13,519,378
$5,975,197
_
$21,486,780
14,068,139
Earnings
$7,967,402
Operating Expenses, Including Current Maintenance,
Rentals and Taxes
Net Earnings,.
Annual Interest
on
Funded Debt,
Balance
times the total annual interest
We recommend
Price 99 and
are
$5,317,369
—
Net earnings over 3
These bonds
2,650,033
including this issue
these
charges.
bonds for investment.
Interest, yielding nearly 6.10%
offered when, as and if issued and received by us,
and subject to their approval by our counsel, Mes
Morgan, Lewis & Bockius.
It is
expected that Interim Receipts will be available for delivery on or
about December 20,1921.
DREXEL & CO.
BROWN BROTHERS & CO.
HARRIS, FORBES & CO.
Philadelphia, November, 1921.
The
from
information and statistics contained herein have been obtained
sources we
deem reliable and are accepted by us as accurate.
[Vol. 118.
CHRONICLE
THE
sxxu
Jfittamfal
All available bonds have been
This advertisement
sold.
appears as a
matter of
record.
$600,000
Carthage Sulphite Pulp & Paper Co.
First Mortgage
20-Year 8% Sinking Fund Gold Bonds
Total Authorized and
Dated
August
1,
Issued $600,000
Due August 1, 1941
1921
The Company agrees to pay
the United States Normal Income Tax up to 2% per annum
is not claimed.
if exemption
fund, starting February 1, 1923, payable semi-annually,
An annual sinking
maximum amount of the bonds
of 6% of the
issued, must be paid to the Trustee to retire bonds at not
If the full amount to be redeemed cannot be purchased,
sinking fund.
exceeding 107 and accrued interest.
bonds will be drawn at 107 and interest to complete the
UNITED
The
STATES MORTGAGE
pany
The. company is a large manufacturer
mills and it is also
is assured of its
raw
quarries, coal mine and of
lands in Canada.
a
Canadian
years
The
The com¬
in limestone
miles of timber
to come, through its interest
company
that
owns over
52 square
-■
assets of $1,747,816.08 or
$2,913
Net current assets equal $596,346.24, or $994 per bond.
$1,000 bond.
modern
of sulphite pulp that is supplied
of the largest makers of heavy manila paper.
one
materials for
Assets—The balance sheet shows net tangible
per
NEW YORK, TRUSTEE
Company—The business of the Carthage Sulphite Pulp & Paper Company was
established in 1898.
to paper
COMPANY,
& TRUST
Property consists of
sulphite pulp and
a
machinery and equipment.
paper
mill equipped with the most
Acid tanks, machine shop, laboratory, storehouses,
In addition, the company has perpetual and exclusive
etc., comprise the rest of the plant.
rights to one-half of the flow of the Black River, which furnishes the water necessary
for
manufacturing and also supplies about one-half of the company's hydro-electric power.
Security—These bonds will be secured, in opinion of counsel, by a closed
mortgage
on
the entire property of the
appraisal is $1,394,784,
or more
company.
than twice the amount of the entire bond issue.
Earnings—Net earnings, after all taxes,
December
more
as
reported for the past five years, ending
31, 1920, have been $1,060,636.69, or an average of $212,000 per annum, or
than four times the interest
reported, after all taxes,
first
The American Appraisal Company's
We
to
as
requirements of this issue.
Net earnings for 1920 are
$299,615.43.
offer these bonds, when,
as
and if issued and received by us, subject
approval of all proceedings by Messrs. Townsend, Elliott and
the
Munsonfor
jankers and Messrs. Taylor, Jackson, Brophy and Nash for the
Company.
Price 100 and Interest.
Yielding &%
STROUD & COMPANY
New York
Philadelphia
The information contained, in this advertisement has been
which
i
we
consider reliable.
While not guaranteed, it is
obtained from sources
accepted by us as accurate.
t
DEC. 3
THE
1921.]
CHRONICLE
XXXIX
Jfmamtal
been sold, this advertisement
All of these Bonds having
appears
as
a
matter of record only
New Issue
$30,000,000
The New York Edison
First Lien and
Company
Refunding Mortgage Gold Bonds
Series A, 6%% due 1941
Non-Redeemable for Fifteen Years
October
Dated
1,
Interest
1921
Due
payable April 1 and October 1
October
1941
1,
Fully registered Bonds in denominations of $1,000, $5,000 and $10,000.
option of the Company upon sixty days' notice on October 1, 1936, and anysubsequent interest payment date prior to maturity at 105%.
Coupon Bonds in denominations $500 and $1,000,
Redeemable at the
NATIONAL
THE
CITY
BANK OF NEW YORK, TRUSTEE
Application will be made to list these Bonds on the New York Stock Exchange.
by the Public Service Commission of the State of New York.
Issuance authorized
HE First Lien and Refunding Mortgage
T
|
These
Bonds
a
Bonds
issue of $30,000,000
new
the
entire funded
The
First
Additional
Bonds may
Lien
The New York Edison
Company and The United
Electric Light and Power Company possess fran¬
chises for
there will be outstanding only
opinion of counsel,
$68,071,000 face value
quate for
of bonds.
furnishing electric service which, in the
are
perpetual and entirely ade¬
their business requirements.
CONSOLIDATED STATEMENT OF EARNINGS—TWELVE MONTHS ENDED
Gross Earnings
on
$30,000,000
Balance
are
_
on
etc.*
$50,694,825.71
36,052,095.68
new
______
_
________
_ _
$14,642,730.03
Bonded Debt with the Public, including interest
6p>% Bonds
_______________
*
Bonds
SEPTEMBER 30, 1921
.
Operating Expenses, Maintenance, Renewals and Replacements, Taxes,
Charges
3,644,720.00
—.— ______
___ ________________________-
_________
$10,998,010 03
Including'$2,117,808.83 for Renewals and Replacements
offered when, as and if issued and received by us.
It is expected that temporary Bonds exchangeable
when available, will be ready for delivery on or about December 15, 1921.
Complete circular
upon
request
/
The National City
Main Office: National
more
^
Company
City Bank Building
Uptown Office: National City Building.
Offices in
for definitive engraved Bonds,
yielding 6.10%
Price 104% and accrued interest,
(42nd St. at Madison Ave.)
than 50 cities in the United States and Canada
The above information is derived from sources which we regard as reliable.
Mortgage
Mortgage.
new
exclusive of working capital, represent an in¬
vestment of over $220,000,000, as against which
Earnings..
in the world.
Refun ling
and
a
any
be issued only under the conservative
restrictions of the
pany,
Net
This territory has
electric light and power company
properties of The New York Edison Company
The United Electric Light and Power Com¬
Annual Interest
directly the entire
population of 3,000,000, the largest served by
debt)
Edison Company.
and
serve
Bronx, City of New York.
First Mortgage
and
over 99% of the stock of The United Electric Light
and .Power Company.
The Bonds will also be se¬
cured, in the opinion of counsel, by a direct mort¬
gage, subject to the prior liens of underlying mort¬
gages, on the entire property of The New York
(comprising
Companies combined
Borough of Manhattan and the greater part of the
will be secured by pledge with the Trustee of
We do hot guarantee but believe it to be
correct.
CHRONICLE
THE
XXXIV
[Vol. 113.
fiwemti&l
$10,111,000
CITY OF
DETROIT, MICHIGAN
454%, 5% and 5J4% Bonds
S3,OGG,CCO 5% General Public Improvement Bonds "School."
Maturing serially from December 1, 1922 to 1951.
June and December
coupons.
June and December
coupons.
1,GQQ,GG0 4l/2% Public Sewer Bonds.
Maturing serially from December 1, 1922 to 1951.
483,000 4V2% Public
Utility Bonds (Water Supply;.
Maturing serially from January 15, 1922 to 1950.
January 15 and July 15
coupons:
January 15 and July 15
coupons,
296,000 41/2% General Public Improvement Bonds.
Maturing serially from January 15, 1922 to 1950.
332,000 5%% General Public Improvement Bonds.
Maturing serially from January 1, 1922 to 1929.
We
are
advised that these bonds
are
the direct
from all Federal Income Taxes and tax exempt in
Banks and Trust Funds in New York,
January and July
coupons.
.
obligation of the City of Detroit,-exempt
Michigan and
a
legal investment for Savings
Massachusetts, Connecticut and other States.
Principal and interest payable semi-annually in New York City
or
in
Detroit.
Coupon Bonds in denomination of $1,000,
with
As
privilege of registration
as
to
both principal and interest.
officially reported the taxable property in the City of Detroit has
an
assessed valuation of
$1,853,196,420 while the Bonded Debt, including this issue and after deducting Water Debt and Sinking
Funds, amounts to $75,802,478,
According to the Federal
the fourth
as
less than 4.10% of the assessed valuation.
census
of 1920 the City of Detroit had
a
population of 993,739, being
largest city in the United States.
We offer the above
when,
or
Bonds, subject to previous sale and change in prices, deliverable
and if issued and received by
Maturities
us, as
4*/2% Bonds
follows:
5% Bonds
1922 to
1929
to
yield 4.75%
to yield 4.80%
1930 to
1941
to
yield 4.65%
to yield 4.70%
1942 to
1951
to
yield 4.55%
5^4% Bonds
to yield 4.65%
to yield
4.80%
Legality to be approved by John C. Thomson, Esq., New York City.
Kuhn, Loeb & Co.
Hallgarten & Co.
New
York, November 29, 1921.
Kidder, Peabody*& Co,
w&ljfflr
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
Sank &
SATURDAY. DECEMBER 3, 1921
VOL. 113.
3*hc
Tor
One
*or
Six
of
Months
NOTICE.—On
for
6 00
<
of
account
fluctuations
the
In
the
13 50
7 75
11 50
—.—
rates
of
exchange
European subscriptions and advertisements must be made
New York funds.
Bank
Terms
Transient
Contract
display matter
and
Card
per
Supplements
Electric
Bankers'
of
Convention
437,578,753
69,714,073
82,000,000
45,938,889
22,392,664
Chicago
Cleveland
*
Detroit
Cincinnati
Milwaukee
14,058,000
9,136,300
8,858,491
6,500,000
4,238,000
Indianapolis. ...i.
Columbus
45 cents
B.
WILLIAM
request
DANA
Pin® and
1
Telephone State 6594.
Drapers' Gardens. E. C.
COMPANY,
Depeyster Streets.
3,138,941
3,722,467
2,070,747
2,558,006
2,573,596
1,848,471
1,700,000
1,605,293
Peoria
Canton.
Springfield, 111
La Salle Street,
Smith,
Dayton
Youngstown
Advertising
—On
London Office—-Edwards &
Grand Rapids
Akron
Evansville
(yearly)
agate line
rates
Chicago Office—19 South
Front,
folloiDing
Railwat & Industrial (semi-annually)
Railway (semi-annually)
Quotation (monthly)
and
Railway Eabninos (monthly)
Isatb and Oitt (semi-annually)
Rockford
Fort Wayne
Publishers,
Quincy...
New York.
917,350
_
942,587
Bioomington
South Bend
Published every Saturday morning by WILLIAM B.
DANA COMPANY.
Presi¬
Mansfield
1,110,780
HOUSE
RETURNS.
Ann Arbor...
1921.
1920.
-5.4
-9.9
San Jose
-17.4
Yakima
San
Detroit
76,704,983
New Orleans
49,638,086
$5,628,741,069
1,004,416,243
$6,241,874,724
1,215,014,273
Chicago
Philadelphia
269,000,000
Boston
105,134,727
City
112,900,000
St. Louis...
110,000,000
*136,000,000
San Francisco
Pittsburgh
-17.5
-18.0
-4.6
-52.2
Francisco...
Seattle
...
Los Angeles
Portland
Salt Lake City...
Spokane
-12.1
Oakland
-15.4
Tacoma
-17.5
Sacramento
-12.3
-21.5
Fresno
San
Diego
Stockton
Ten cities, five days.
Other cities,
five days.
Pasadena
Total all cities, five days
All cities, one day
$6,630,157,312
1,130,469,928
$7,456,888,997
-11.1
1,253,322,994
-9.8
Long Beach
Reno
Santa Barbara..
Total all cities for week....
*
$7,760,627,240
+ 24.3
—41.1
—13.1
—9.9
—27.9
4,110,849
4,156,739
—31.7
3,028,536
4,228,955
—32.8
3,524,319
—15.5
—36.6
1,960,265
1,985,227
1,632,293
1,532,043
1,602,193
1,548,616
1,269,179
1,241,811
1,359,523
1,250,000
1,803,000
1,006,520
+ 45.6
457,397
—9.0
—9.5
—26.2
—14.9
—23.4
11,717,000
8,502,600
9,245,098
4,440,492
5,138,000
3,519,903
3,571,418
3,019,163
5,396,810
1,982,966
1,634,672
1,649,655
862,388
1,200,394
1,106,692
880,028
841,642
976,638
898,113
337,566,585
—8.1
349,407,353
259,219,741
161,013,934
43,295,493
79,653,752
—35.2
—32.2
220,185,984
54,709,795
—30.6
42,673,860
24,168,668
37,477,318
—17.6
23,595,581
—31.3
12,425,893
10,133,046
—46.4
169,186,652
47,781,474
39,639,218
17,646,758
16,706,857
20,290,562
14,791,815
7,437.147
6,786,413
6,980,671
3,326,630
3,055,089
1,869,634
2,400,673
—28.7
—23.0
—9.4
900,000
733,700
746,341
833,190
450,739
485,040
298,004
—9.8
798,952
—66.8
484.347
+5.7
+ 14.4
434,166
150,000
—19.1
908,830,317
758,831,591
—8.8
154,147,382
38,235,126
+ 1.9
52,622,000
—20.6
33,096,680
112,396,999
38,172,519
29,398,000
28,699,328
17,27S,7o9
62,988
$8,710,211,991
-10.9
Total Pacific
—21.2
20,294,160
10,967,305
—8.8
8,728,804
3,831,698
5,742,952
6,353,278
+ 14.5
12,125,868
7,542,446
3,675,637
2,800,000
4,221,9 0
1,761,280
1,551,986
2,837,566
3,230,133
—38.4
+4.3
—21.3
—24.7
—4.9
—1.1
—26.1
—3.8
+3.7
650,000
—3.8
737,812
6.358,949
5,428,676
2,042,685
5,092,550
2,178,193
1,982,070
1,714,659
2,147,746
722,576
7,521,648
7,174,344
4,306,601
3,854,543
2,839,651
1,616,919
1,656,535
960,395
1,106,308
832,431
908,011
500,000
—0.9
Estimated.
will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and hence ip the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Nov. 26 follow:
The full details of the week covered by the above
Kansas
City...
Omaha
Minneapolis.....
Denver
St.
Paul
Duluth
St.
Week ending November 26.
Des
Clearings at—
1920.
Dec.
Joseph
Moines
Wichita
Inc. or
1921.
1919.
1918.
........
Sioux City
Lincoln
%
$
New
York
Philadelphia
Pittsburgh
...
Buffalo.
Washington
Rochester
...
Albany.
Syracuse
.....
3,346 ,823,678 4,005.322,210
341 000,000
400,231,964
*150 000,000
181,880,220
30 533,393
35,142,139
15 354,319
14,371,522
7 277,244
8,527,204
3 000,000
3.500,000
2 848.939
3,900,244
—17.5
—13.1
+ 6.8
—14.7
—14.3
—27.0
4 074,707
4,362,526
—6.6
Wheeling
4
5,000,000
—20.0
2,245,535
1,949,017
3,714,565
2,323,130
2,163,568
2,085,060
1,193,493
1,234,801
1,354,744
1,028,525
840,70'
364,858
—14.8
3,126,589
1,875,782
4,000,000
958,575
131,995,083
J.21,366,335
34,334,438 '> 20,177,310
14,703,924
13,426,943
8,551,281
6,214,844
4,000,000
3,773,518
3,444,732
4,245,340
3,733,510
3,593,776
4,992,201
3,353,921
3,246,408
3,228,778
2,467,536
2,140,455
2,714,870
2,878,823
2,398,806
1,826,461
1,700,000
1,400,000
1,861,808
1,746,259
1,171,467
1,395,574
1,294,770
1,008,267
1,158,306
1,000,000
935,250
663,505
859,800
560,200
494,012
306,104
—33.3
—25.3
000,000
1 913,777
Wilmington
Reading...
Trenton
.....
1, 909,059
3, 089,687
Lancaster
2 531,391
Wilkes-Barre
2 378,823
1, 539,733
853,930
1, 089,410
1, 250,000
878,407
836,118
469,040
084,489
401,251
729,085
970,534
Erie...
Chester
York.....
Greensburg
Altoona
Bingham, ton
Montclair
Bethlehem
HuntiDgton
Harris burg
Jamestown
—2.1
—16.8
+8.9
+ 9.9
—26.2
—28.5
—11.7
—7.7
—14.6
—0.5
+28.8
...
Fargo
$
—16.5 4.483,929,457 3,258,670,915
—14.8
407,885,760
360,364,516
Scranton
2,500,000
Topcka
1,812,367
3,249,244
1,648,350
966,744
568,152
1,200,000
Helena
Cedar
Rapids.
__
Waterloo
i...
Billings
Aberdeen
Colorado
Memphis
Louisville
Houston
Nashville
Fort
...
Worth.....
Birmingham
Oklahoma
—17.8
Norfolk
+ 1.3
Savannah
Total Middle-
3,931,837,014 4,691,738,396
—16.2 5,117,873,419 3,813,311,304
—30.5
433,917,981
365,522,888
—12.8
134,329,306
—20.7
49,553,266
—15.8
55,194,207
26,008,659
18,653,303
22,224,128
30,621,939
18,469,799
14,202,652
18,839,421
26,291,904
—25.6
149,215,786
67,852,377
71,280,576
80,092,797
41,912,724
—12.3
31,092,523
13,879,797
—16.1
36,602,307
7,360,890
6,740,578
9,179,979
9,660,684
11,755,754
9,521,207
7,427,145
2,268,669
3,000,100
1,500,000
3,806,135
4,281,523
18,383,137
18,843,408
14,862,660
13,806,680
11,673,562
11,465,033
9,680,107
8,221,269
5,822,104
6,882,097
5,187,118
6,412,161
4,129,083
5,089,343
3,278.305
3,000.000
2,111,554
4,000,000
+ 3.2
2,700,000
1,892,266
517,756
—15.4
355,587
—8.2
537,781,410
5,991,513,786 7,200,150,884
475,776
109,700,000
36,499,387
41,729,237
41,063,274
22,625.502
18,245,449
19,481,639
25,994,144
14,038,071
9,186,772
17,780,715
19,136,327
6,256,878
4,110,716
5,612,525
Hartford
New
Haven
Springfield
Worcester
Portland
Fall
—8.0
254,000,000
9,505,6 0
276,032,441
10,473,700
—9.2
9,373,589
4,119,473
2,952,622
2,981,530
2,100,000
1,719,166
1,335.575
Boston
7,850,469
+ 19.4
5,137,714
—19.8
4,113,451
—28.2
3,662,630
—18.6
2,300,000
1,371,742
1,248,252
—8.7
331,726,609
13,266,600
7,651,219
4,500,546
3,909,314
4,328,425
295,474,214
9,338,000
6,214,572
4,854,905
2,100,000
3,640,895
2,689,290
2,047,582
1,729,916
1,685,028
1,204,926
•
3,068,268
3,145,596
Lowell
Bangor
956,187
—5.9
925,000
688,042
New Bedford
Hoi yoke
+25.4
900,000
River
1,100,000
—7.6
1,046,925
908,177
745,412
—7.6
701,902
513,195
376,469,902
329,930.670
+ 7.0
653,578
3,131,646 —25.1
2,346,721
1,040,837 Not included in total
Stamford-
Lynn
Tot. New Eng.
292,947,318
318,123,544
—7.9
**•7,840,378
Jacksonville
Providence......
8,074,848
5,907,857
5,831,530
1,659,623
2,500,000
Galveston.
Chattanooga....
Augusta
Charleston...
Austin
...
Shreveport
...
Muskogee-......
Macon
...
Knoxville
Mobile
Jackson
Vicksburg
Total Southern
Total all
1,377,854
3,235,570
2,475,561
4,129,532
2,600,000
1,600,000
625,000
326,785
439,654,074
Outside N. Y__ 2,644,690,108 3,194,828,674
Estimated
on
the basis of the last officially
reported week.
1,124,539
1,291,921
1,411,096
125,722,281
46,032,879
—11.0
Rock
Little
1,432,372
1,859,717
412,356,987
'
Dallas
'
286,502,954
Atlanta
Orleans
1,571,664 + 106.7
—6.4
1,761,042
1,397,397 —30.9
1,416,922 —59.9
1,465,793 —18.1
2,749,766 —72.3
+6.5
Louis
New
4,854,326
2,912,856
3,718,422
1,910,238
2,596,451
1,621,241
1,427,820
—21.3
490,000
.
Richmond
9,163,485
—10.8
—25.9
Tot. otb. West.
St.
+ 1.1
—34.9
3,685,171
2,800,000
2,302,448
351,838
......
Hastings..
+ 2.9
—38.3
889,512
658,514
313,151
506,305
....
7,997,172
9,458,064
5,876,418
19,186,387
6,326,311
13,813,914
8,794,408
12,631,019
—28.9
846,334
565,407
353,720
599,040
761,629
Springs
Pueblo
Fremont...
Tul3a
*
—23.2
25,091,377
Cent.
$4,198,749,857
540,396,890
426,813,560
282,130,345
219,856,976
128,485,008
130,000,000
164,757,381
87,472,351
63,212,356
Kansas
...
Tot. Mid. West
$3,976,100,000
445,663,273
350,000,000
Week ending December 3.
+ 4.1
—24.8
104,262,516
29,363,979
55,360,741
19,900,514
25,765,385
6,648,041
7,201,513
8,230,523
9,562,438
3,623,518
2,389,340
620,162
216,871
New York
—15.3
13,509,000
12,145,900
11,541,862
5,227,371
7,193,000
3,609,384
4,131,390
3,289,950
3,743,264
3,829,563
2,187,871
1,869,745
1,774,178
1,243,630
1,107,629
1,450,000
310,372,888
Jacksonville, Ill._
Adrian
87,727,209*
68,738,327
50,145,73a
—9.5
Danville
have been $7,760,627,240, against $5,991,513,786 last week and
corresponding week last year.
y'v
Per
56,885,114
24,836,286
14,834,000
11,843,700
11,310,467
5,572,961
9,340,000
133,300,000
29,903,213
74,725,000
29,723,658
16,600,000
475,026
Clearings—Returns by Telegraph.
—21.8
120,600,000
27,271,124
76,167,000
23,543,624
13,007,074
9,999,000
9,993,250
2,358,610
5,991,661
5,000,000
2,107,847
4,012,600
1,742,280
1,140,673
2,730,524
3,349,348
625,000
733,373
Owensboro
$8,710,211,991 the
-.V
58,726,887
26,440,514
902,583,962
telegraph, &c., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
.
90,000,000
730,199,638
502,447
by
466,035,484
101,773.002
—18.0
—16.7
Lima
The following table, made up
542,869,957
—35.6
100,000,000
1,200,000
1,700,000
793,569
326,637
687,483
630,738
473,473
162,471
822,697
1,000,000
1,540,000
Lexington
Lansing
CLEARING
—16.1
108,229,102
500,000
185,829
Decatur
Company.
521,886,699
—27.1
816,034
Springfield, 0-_-
D. Riggs; Secretary, Herbert D.
Address of all, Office of the
1918.
1,259,118
1,145,517
1,068,555
918,144
'
dent. Jacob Seibert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
Seibert.
1919.
%
Toledo
includes
or
Dec.
1920.
--$10 00
European Subscription (including postage)
Xuropean Subscription six months (including postage)
Oaoadian Subscription (including postage)
io
Inc.
1921.
Advance
Year
remittances
NO. 2945
Clearings at-
WEEKLY
Subscription—Payable in
City Seclio®
Week ending November 26.
f&hvo
PUBLISHED
Terms
Railway Secdcft
—13.0
—2.2
—24.0
19,994,420
—35.3
—15.0
21,081,157
16,367,095
15,582,633
10,872,220
—39.0
12,693,610
—6.6
—27.2
—38.9
9,454,217
—18.8
10,862,150
10,955,885
10,413,100
—31.3
—38.0
—21.5
—26.8
7,714,818
6,400,983
—16.7
4.500,000
—8.2
2,117,956
4,558,653
4,666,627
8,731,694
2,667,473
2,227,060
—15.0
569,650
459,625
417,747
51,069,698
52,622,338
51,489,899
22,000,000
2,326.807
541,601
459,250
2.371,915
2,100,000
2,024,247
1,500,000
428,729
378,285
-18.4
674,691,389
471,488,645
-16.8
,861,190,291 '5 996,855,839
-17.2
,377,260,894 2 ,738.184,924
—42.2
—3.7
+20.7
THE
2342
[Vol. 113.
CHRONICLE
be commended to
1%
i[
SITUATION.
FINANCIAL
THE
When the
railway executives announced on Nov.
that
an
threats to
country in lower rates, and
general
strike is
shred of
inaugurated without waiting for action upon wages,
they not only took a high position before
•
the public,
honorable challenge to the
an
Thus far,
brotherhoods.
railway
those organizations, at the
chal¬
lenge, and the shopmen's response is a threatened
active opposition.
Mr. Jewell, head of the railway
employees' department of the American Federation
of Labor, lias addressed to the Federation's district
officials a letter, which begins by saying, with di¬
rect and unshrinking frankness, that "in compliance
best, have not shown alacrity in accepting the
witli
the
ment
it
of the Railway
laws
inaugurated
mediately
Employees' Depart¬
that there shall be im¬
decided
been
has
wage-increase
general
a
movement," and the general chairmen of each of the
shop crafts
forget
its
Bourbon-like
inability
to
Each system federation is to
learn.
or
address the proper
the
Here speaks
and
the Federation
either
road in the country are expect¬
the radicalism of
on every
notice.
to take
ed
officers of each road "over which
system federation has jurisdiction," asking a
conference, to be held not later than Dec. 20, "for
the
in
crease
of
of negotiating an adequate wage in¬
purpose
compliance with the Transportation Act
What
1920."
crease
established
meant
is
is five cents
an
as
such
"adequate" in¬
hour, "to be added to all rates
by Decision 2, issued July 20 1920, by
the U. S. Railroad Labor
Board, for the shop craft
employees," this increase, if achieved, to be of course
retroactive to
These
insurgents,
or some
of them, may possibly
they
can
obtain something, for persistent
holding one's
own
immediate self-interest close to
imagine
the mental eye
shuts off all view of everything else;
but the officials back of the
nothing
on
movement
more
attempt probably count
downward
If they can tangle
the
than obstructing
nominal
in
wages.
the action of the roads and of the Labor
think they
may
delay
can
ceive but will not
a
the
Board, they
decline which they per¬
declaration of Mr. Lee of the Trainmen that he has
of
the
delay decrease must fail.
men
are
not in
it, however
but
One is that the shop¬
alternative offered in the
Chicago session
to
be
could
not
tolerate any more
to
So when their exac¬
a
way
of escape;
repair work and shops to
freight
are
that
relief, because
execu¬
in railway work down to the level of
wages
places
On what rule
on?
a
schedules prevailing in similar
generally, thus conforming to the
like work in
and
of its work. This is
expressed and reasonably business-like desire
bring
car,
can
on
If
the right-of-way.
Why not?
anybody assert that painting a
for instance, needs higher expertness
justifies higher
pay
than painting
an
ice
wag¬
railway employees of any and every grade
to throw out their
chests,
upon
the assumption
they are expert above other workers,
their trust and
responsibility
are
or
that
somehow distinc¬
tive, then the old principle of "noblesse oblige"
Formerly, it
surrenders.
was
the
how
high
were
pacified for the occasion and train service was
not
went so long as the brotherhoods
wages
interrupted; now, suggestions are coming from
shippers that the Labor Board ought to be divested
of
any
authority
over
Because if that Board
shopmen's
puts
up or
wages.
keeps
Why so?
up,
directly
indirectly, the wages of this class of workers, it
or
"peg" (or establish
may
a
standard for) wages for
like work in other industries
over
the country; thus,
instead of
leveling shopmen downward to match the
prevailing
wage
in like work generally, the workers
in like industries
and
outside
might be leveled upward,
thereby railway troubles might unpleasantly
become
everybody's
tive puts
As
concern.
one
railway
execu¬
it, "the effort just inaugurated by the rail¬
shop crafts to increase their pay five cents an
hour
what it
over
scale,
a
was
17% increase at
of wages
at the
a
peak of the war-time
time when the whole trend
is downward, is of vital interest to not only
railway managers but to business men generally,
and
particularly to manufacturers and others who
employ machinists, boilermakers, blacksmiths, elec¬
The shopmen,, he adds, are not spec¬
tricians, etc."
ialized
railway workers, and there is
why their
wage
or
no more reason
should be standardized by the L|i-
any
other central authority than the
of mechanics in factories or clerks behind coun¬
or
Now,
laborers
as
on
farms should be.
if in rejoinder to this brazenly impudent
ment
by the Labor Board.
gins to stir
may
That lethargic body be¬
little, and its action makes several
a
changes of position in the whole matter.
The Board
Wednesday evening promulgated a revision of
working rules,
tives'
of
shipper who wanted lower rates and did not care
time ago, on some
industries
way
at last, public opinion will not
now,
on
wage
said
they
by the shopmen, has come an important announce¬
lease their
brings in the
was
that
fight the Government—another
saying that
private contractors. The Erie took such action, some
it
realized
they do not operate trains,
tions become unendurable there is
can
the brotherhoods
because
projection of themselves as an obstacle in the case
keep trains fit to operate.
the roads
How
The abandonment of the
only adjuncts to
train service but
necessary;
time when the whole business ranks
a
country were so against the unions.
could this be otherwise?
ters
to
known
never
might show them that attempts to get an increase
or
They might well ponder the recent
against them.
pay
the
thought is that they have abused
public sympathy until they have turned the public
bor Board
openly admit to be inevitable.
several factors in
are
a
!
important factor of the situation which
take into serious
situation which
There
brutally selfish, and without
shopmen and all other railway workers should
way
May 1 of last year.
put the country in siege and famine by a
The most
would be
products, to run for six months,
but offered
justly be chal¬
consistency.
experimental decrease of 10% in the rates
farm
on
may
conduct; to boast of the occupation and also join in
cut which they are seeking
16 that the further wage
would be returned to the
them, and they
lenged to keep some spirit of loyalty and service in
to become effective
the next day
(Thursday, Dec. 1); "classifications," as will be re¬
membered, have been a heavy burden and an irritat¬
ing nuisance, and the first claim made by the broth¬
erhoods in
Chicago was that they were lining up to
off any
head
changes whereby working rules and
might become less favorable to
conditions
them.
Classification will now become more "elastic."
machinist
nect
a
occupied
wire
or
on
running repairs
an
may now
A
discon¬
make other trivial changes without
having to stop (with his "time"
while
may
placidly running on)
electrician is brought in; common laborers
dismantle a wooden freight car, instead of
summoning carpenters to do it; and so along the
-
Dec.
line
3-1921.]
of
v:.
TUB GH aONIGLE
;
From this ^change
repair and shop work.
from irrational rules, whose aim and effect
away
off in
draw
were
to
gross
receipts,
saving of
a
another percentage of
wages
50 millions a year is
some
Equally interesting and
thus
of
creates the class
now
significant is the rule
of "special apprentice,"
shortening the time to be served by young men
technical education before they can rate as
some
This might suggestively re¬
full-fledged mechanics.
call the
early and stubborn resistance of labor union¬
ism to the
Observe also that
apprenticeship idea.
all this looks
of
month
the
straight towards the open shop, as does
only is the number of de¬
current
year,
excess
of any
previous
but the liabilities
re¬
ported, according to Messrs. R. G. Dun & Co., are
the heaviest
expected by the roads.
which
it is to be noted that not.
faults for November much in
number of
on
record for the
period.
An unusual
large disasters offers explanation for the
unsatisfactory exhibit this year, 88 of these furnish¬
ing $31,070,347,
bilities.
58% of the aggregate of lia¬
or some
Following the usual tendency, most of these
large insolvencies occurred in manufacturing lines,
45 for
$100,000
or more,
and involving in all $17,-
228,433 being reported in that division, while among
traders
there
31 similar defaults for
were
$6,876,-
everything that softens the disposition or lessens
346, and in the brokers' etc., class, 12 for $6,965,-
the
568.
ability of unionism to keep stiff the classifica¬
tion lines of its many
This is not the entire
from its
the
R.
crafts.
gain, for the Board recedes
suggestion (so greedily seized as excuse by
brotherhoods
the
at
session)
Chicago
that
a
of business in complaint cases may put off
press
action
on
wages
out of the way,
Board will
now
the
or
roads
Mr. Hooper of that body, the
says
be free to consider
the
application for
a
requests by either
shopmen for a change in wage
Neither the notice
schedules.
With rule-revision
till midsummer.
cut,
nor
by
some
carriers of
from the shopmen for an
G.'Dun &
conclusions
are
the indebtedness
with
$53,469,839 and $30,758,130
and
$9,177,321 and $13,815,166, respectively.
1921
aggregate of liabilities is, as already noted, the
heaviest
record for
on
it exceeds that of
for
by
some
22% million
manufacturers account
among
$23,871,636 of the month's indebtedness, or some
more
in
than in 1920, with stress most
machinery, clothing
and
In fact,
classed under miscellaneous.
the
lines
it is in this
latter
class, in which virtually one-third of the dis¬
asters
occurred, that about one-half of the indebted¬
justice, and the
and skill to operate
humane
men
who furnish the brawn
the roads must have just and
treatment; the time will never come again
ness
of the whole division is
($23,370,389) is close to double the total of a year
comparison being with $12,706,890.
public will be willing to give the carriers
ago,
and their
employees unrestrained freedom to engage
of the continued
industrial
destruction
the
warfare, to
of
the
comfort and property of the innocent third
peace,
Agreed, and undeniable; but although Mr. Hooper
is of the
tion is
strict
purchases in the main to absolute needs is
found in the
great increase in the number of failures
those catering most direct¬
ly to the family.
For the eleven months of 1921 the
"public" three in the Board this recent ac¬
by the full body, which has perhaps been jog¬
Evidence
policy of the general public to re¬
and indebtedness among
party, the public."
In trad¬
represented.
ing branches, the aggregate of liabilities as reported
when the
in
November, to the extent that
year ago
the dollars invested in the railroads must
own
have
The
interesting remark of his is that "the men
other
who
An¬
a
Disasters
dollars.
noticeable
party can get it before us."
1,988,
551 in 1919, and 570 in 1918,
"which will therefore be free to take up
tion before either
our
year,
against 1,050 last
increase, has been officially received by the Board,
ques¬
compilation, from which
cantile and industrial casualties in November
8]/2 millions
this
Co.'s
drawn, makes the number of mer¬
situation, both
regards the number of disasters and the debts
as
history.
gled out of its leisure, by hearing from that super¬
involved, is the least satisfactory in
latively large "group," the public, not wholly an
In
"innocent"
$539,899,501, contrasts with only 7,356 for $236,250,-
dling but
party in all the long transportation mud¬
now
of its
sure
apparently coming to know and feel
mind
own
on
this vital
fact,
260 last year,
299
subject.
for
The
statement of
lines
increase
aggregate, against $100,157,555 in 1920, while in the
trading division the contrast is between $219,911,-
in the number of
concurrent noticeable
of
1918.
Manufacturing in¬
$194,120,931 of the 1921
less than
mercantile and in¬
1921 furnishes renewed evidence of the
wards
cover no
States for November
failures in
in the United
5,890 for $104,990,805 in 1919, and 9,-
$150,770,496 in
solvencies
dustrial
our
the current year's exhibit, at 17,208 for
tendency to¬
defaults, with
a
augmentation in the volume
781
and
Brokers' agents', etc., liabili¬
$70,171,681.
ties, moreover, of $125,866,789, compare with
$65,-
921,024.
indebtedness, as compared with 1920 or earlier
Obviously these unsatisfactory exhibits are
years.
simply steps in economic readjustments, and, in con¬
trasting present returns with
years,
those
for
earlier-
it should also be borne in mind that in the
meantime
creased
the number of firms in business, has in¬
materially, thereby augmenting to an im¬
Canada's
foreign trade,
export sides of the
marked
on
account,
contraction
both the import and
continues
to
show
compared with corresponding
periods of recent preceding years, but on balance
the result is in favor of the Dominion.
The figures
for October
are
now
available, and with a decided
portant extent the possibilities of financial embar¬
drop in the outflow of agricultural products, and
The statement for November is in some
wood, etc., and smaller declines in iron and steel,
rassment.
respects, too,
for
while
number
more
favorable than that for October,
indicating
of
an
important increase in the
insolvents, it shows
a
practically
un¬
changed aggregate of liabilities, notwithstanding an
animals, and, in fact, all other classifications, the
exports for the month record a decline of over
million dollars.
On the other hand,
general in the import schedules, a loss of about
large failures and a swell¬
millions is
ing of the total of debts.
The fact is that the great
and iron and steel.
some
chandise from Canada in October, as
officially an¬
At the same time,
nounced, was of a value of $81,256,153,
against $131,-
of the insolvencies of November
$4,000 less than those of October.
46
textiles
Specifically, the outflow of mer¬
indicated, largely in fibres and
increase in the number of
mass
50
with decreases
averaged
THE CHRONICLE
2S44
147,000 in 1920, and the imports for the like period
Lord
[Yoa uic ;
indirect
Curzon's
though plain reference to
Consequently, French 'militarism' and 'imperialism'—charges
which Premier Briand tried hard to dissipate in his
the months favorable, or export, balance, reached
$21,737,905 in 1921, against $25,376,963 in 1920. Washington addres%—with extreme astonishment in
tWith the month's figures showing such an important view of the sympathetic expressions several days
diminution, it is evident, of course, that the exhibit ago, not only of Mr. Balfour, but of other dele¬
for the elapsed portion of the Dominion's fiscal year
gates."
On the other hand, it appeared that the British
is a comparatively unsatisfactory one.
It is, in fact,
$59,515,248
less
$105,770,037.
against
satisfactory than at
time since 1916, the ex¬
any
were
well
too
none
pleased with Premier Briand's
ports for the seven months (April 1 to October 31)
address in
of
regarding the Washington
the
fiscal year
current
having aggregated only
It|happens, though, that there has been a much greater
shrinkage in the imports—from $818,782,228 to
$438,249,613—so that the import balance for the pe¬
riod reaches only $14,097,986, against $125,768,917
$424,151,627, against $693,013,311 in 1920.
in
1920.
In
immense
1919, 1918 and 1917, however, due to
shipments of
war
supplies, etc., there were
York "Times"
some
during the past few days; but
continues
optimistic.
garded
a
as
It would be
extremely difficult—and space would
permit—to give
of all that has
comprehensive outline
a
even
appeared in the dispatches from the
leading European capitals in the way of comment
what has
on
—at the
a
week
happened—and what has not happened
In
Washington Conference.
cablegram
a
The present condition is
to-day the Paris correspondent of the
ago
New York "Times"
attempted to throw
a
address, he said:
sidelight
what he believed to be the attitude of the French
on
action
recent
"The French
painful impression here.
in
concluding separate
with the Kemalists in Turkey
rangements
British confidence.
regarded
ar¬
shook
What France did in Turkey is
'cricket,' to put the matter in sport¬
as
Briand's speech is construed in
ing English terms.
as
re¬
Outlining the attitude toward the
Premier's
France's
the
the wrhole the view
of inevitable differences in various national
gence
points of view."
not
in London
concern
on
New
the
"Reports from
sort of backwater caused by the emer¬
Premier's speech caused a
not
Conference,
correspondent said:
Washington have created
French
heavy export balances.
very
As to general impressions
Washington.
light of the Angora transaction and condemned
effort to cultivate favor for French national¬
an
ism at the risk of the
seeking
of the Conference in
success
international basis of settlement."
an
The
people toward limitation of armamei ' —purely for
correspondent indicated what should have been more
financial
fully understood in this country than probably it
He based his statement upon an
reasons.
incident in the Chamber of
lated
follows:
as
"The
Deputies, which he
Government
asked
re¬
for
a
namely that much that Briand said was for
was,
"home
supplementary credit of 450,000,000 francs for mili¬
of his
tary expenditures.
consumption," and to strengthen the position
served
every corner
At
protests
once
of the house.
arose
from
All the economists and
own
complexion
on
who have had
they termed this extravagance.
ences
000,000 francs had already been voted, cried Louis
Marin,
one
and there
of the strongest advocates of
was
no
economy,
need for this extra money.
The
Curzon's
"Lord
pacifists claimed the right to speak against what
More than 4,500,-
The "Times" correspondent ob¬
Ministry.
that
serious
a
Those
experience in these recurring differ¬
between the two nations
seem
confident, how¬
that when M. Briand returns and he and Pre¬
ever,
mier Lloyd George can
ings
speech put
the Anglo-French differences.
be cleared
can
confer, the misunderstand¬
In these quarters M. Briand's
up.
statement of M.
Doumer, the Minister of Finance,
Washington speech is regarded as intended mainly
that the money
had already been spent, and that
for French
the Government
event, raised
the whole
a
was
asking for sanction after the
howl of protest.
Left,
among
The Socialists and
whom
are
the majority of
Premier Briand's supporters, voted solidly
the
credit, and it
was
only by
a
against
bare majority that
the
last
a
week, naturally stirred
consumption.
luncheon in London
the French.
Pre¬
opposition at home that usually balks him in carry¬
a.m.
was
tion, and then
tive to the attitude of Great
ceptance of the
France's
attitude
French
Britain, and her
Premier's
toward
the
ment, than those of Lord Curzon.
various
assertions made
portrayal
limitation
By
of
ac¬
of
arma¬
reason
of
by the latter concerning
that "the questions
regarded here
as
are
disqueting, be¬
inconceivable that Lord
Curzon would utter words of such
purport as con¬
reached
on
many
on
his
Lloyd George, who is expected
way to
Washington.
It is
no
soon
to be
violation of
confidence to say that the Foreign Office
regards
will
"Hope with modera¬
see your
sure
hopes justified on
that the Conference will be
understanding
important, as it sets the standard.
as
the
forces.
as
primarily naval stations do in limiting
I heard
sentimentality.
We
France
much in the way of reducing land
We will live up
achievement.
mental.
wrill be
of the most perplexing problems
That constitutes the first step and
of the Pacific.
is most
are
What
to their standard of
talk in America of French
we
offer to do is not senti¬
That is
actually cutting our army.
reality."
tained in his London speech without the advice of
Premier
you
armaments, and an
sea
it is
cablegram from that port last
quoted in part as follows, regarding
Something will be done about limiting
naval
forces
He added
at 10:20
successful.
"Tribune" said that in the French
cause
Havre
I feel
tion
and
at
that basis.
will in turn do
capital the ques¬
being asked, "What is England's policy?"
also, "Is it expressed by Balfour or by Curzon?"
a
arrived
Washington Conference:
France, the Paris correspondent of the New York
was
In
yesterday.
evening, he
the
Washington Conference rela¬
is credited
with sincere belief."
he
thur J. Balfour at the
which he
ing out the broad policy in
mier Briand indicated before
sailing for home that
preferred to take the statements made by Ar¬
anybody
done, has disarmed the particular
The Prime Minister
up
M. Briand, having stated
for French nationalism better than
else could have
the extra money was accorded."
Lord Curzon's address at
case
Monday morning the Berlin correspondent of the
same
paper
cabled:
"I learn officially from the
Ministry of Defense that the German Government
is
willing to consider the question of guarantees.
Dec. 3
THE
1921.]
This would have the effect of
CHRONICLE
allaying fears of Ger¬
aggression which Briand in his Washington
man
speech represented as existing in France.
Government
man
maintains, of
course,
The Ger¬
that
the
country has been disarmed in strictest accordance
with the terms of the Versailles
Treaty.
in the future, however, the Government here
pen
thinks that
and
something might be done to allay them,
strengthen the case for, and chances of, land
disarmament." He added that "one
to
is that
me
the presence
Ulster Parliament
door
suggestion made
Germany would willingly consent to
in the country of a mission of inspec¬
for
open
on
Tuesday next will leave the
continuance
a
of
the
negotiations
lines, if it is found that agreement cannot
upon new
be reached
along the lines that have
so
far been
ex¬
plored."
Irish
As France
to entertain fears regarding what may hap¬
appears
2345
have taken
women
in the situation in their
"a
hand, to
a
country.
some
extent,
A few days
ago
big demonstration of women workers' organiza¬
tions
held in
was
protest against the treatment of
political prisoners and to demand their release. The
of the
streets
Later the
through
marched
long procession
principal
the
to Mountjoy Prison."
[Dublin]
city
organizations sent a message to the Wash¬
tion which would be able to insure to France's satis¬
ington Conference, requesting it to "protest against
faction
the torture of Irish
that
the revenge
Germany is not preparing to repeat
York
New
The
effort which led up to the battle of Leip-
political prisoners."
"Herald"
representative in Lon¬
sic, though the. remotest possibility of anything of
don, commenting on the probability of Lloyd George
that
coming to the Washington Conference, said:
sort
Briand's
occurring is counted as fantastic.
ever
speech caused very great surprise in Gov¬
ernment circles
ter his
here, coming as it did so shortly af¬
and Paris
the
over
been
worst
general relief in London
positive statements cabled from
"His
that unless affairs in Ireland take the
possible turn, he will turn over the supervi¬
sion of the
speech in the Chamber of October 23."
There must have
intimates say
negotiations to Austen Chamberlain, in
whatever weight is possible behind
order to throw
President
Harding and
Secretary Hughes at the
contrary, "there is no intention on the part of Presi¬
trying juncture in the Conference to realize disar¬
mament. The Prime Minister is known to be greatly
dent
impressed by the surprising shower of letters, tele¬
Washington, that, notwithstanding rumors to the
Harding to invite Germany into the Conference
Eastern Treaties."
what President
said in
toward the fate that befell the
as
to
Harding has in mind and actually
the smaller nations may
results achieved at
probably would be
did not at
any
of the nations
made it
so
invited.
He
time indicate that Germany or any
would be invited
nation
be asked to ratify the
Washington, and that Germany
one
into
this
Conference,
but
quite plain that the decisions of this Con¬
ference will
delegates at Washington are drifting
following assertions
the
"He said that after this Conference is
:
and cables, from people high and low, who
grams
think that the
discussing the matter with newspaper corre¬
spondents
over
Far
Washington correspondent
The
the "Sun" made
of
and Pacific and
of Armaments
Limitation
on
stand,s regardless of the actions of the
smaller nations."
Hague and Versailles
conferences, and are urging him to go
him that he
They say his personality is just what is needed
go.
now
if he
Mr. Lloyd George thinks he
in Washington.
should go,
and wants to go, and has resolved that
cannot
sail Saturday his departure
long delayed, so he will surely be
be
Many tell
ought to go and that it is his duty to
The New York "Tribune" repre¬
before Christmas."
sentative'
in
will not
in Washington
Washington
asserted
George is anxious to talk to President
;
immediately
support the noble efforts of America.
to
that
"Lloyd
Harding and
the proposed Har¬
ding Association of Nations, according to very wellinformed opinion here.
This is the explanation ad¬
Secretary of State Hughes about
The outlook for
situation
was
not
week.
It
was
still
result
of
an
early settlement of the Irish
bright at the beginning of the
gloomy at the close.
more
the conference
between
Premier
As a
Lloyd
the
Aquitania, after it had been understood for
weeks that he had abandoned his original
George and the Ulster Premier, Sir James Craig, it
several
seemed
plan of visiting
apparent,
according to the London
cable
advices, that "the Government must abandon the
plan formed to secure a compromise settlement, for
it is
is
pledged not to coerce Ulster.
consequently confronted
with
The Sinn Fein
something
ap¬
In
an
that the Ulster leaders were
the
dispatches stated
opposed to the latter.
Still, in cable dispatches from the British capital,
only
was
a
day later, a close associate of Lloyd George
quoted
as
saying that the British Premier was
"reasonably certain" that his next Christmas would
be
spent in Washington.
It was even added that he
from Belfast
Craig, "in speaking to a
Parliament, asserted that "he had told
of the Ulster
ernment's
All
dispatch
that Sir James
motion for adjournment"
Prime Minister
Parliament."
Press
Tuesday evening, it was reported
the
Ireland
Washington."
Associated
proaching the certainty of a complete breakdown of
negotiations if it continues to insist on an All-
ordering of accommodations
vanced for his sudden
on
the Irish
Ulster
Lloyd George that the British Gov¬
proposals to Ulster for the settlement of
question were utterly impossible. He said
an all-Ireland Parliament
would not enter
under the
present conditions, but was prepared to
discuss other avenues
for settlement."
He was re¬
ported to have added that "by Tuesday next, nego¬
tiations will have broken down, or the Prime Min¬
ister will send
me
new
proposals for consideration
Word came from London Wed
hopeful of being able to go to America that
nesday morning that as soon as Premier Lloyd
he had engaged passage on the Aquitania, which
sails to-day.
Still later advices stated that accom¬ George learned of the foregoing statement of the
Ulster Premier, "he convoked a meeting of the Sinn
modations had been reserved on other steamers also.
Fein delegates and the British Ministers, who form
The New York "Times" correspondent said that "the
the Cabinet committee dealing with the Irish ques¬
Prime Minister's hopefulness is based on the convic¬
tion.
The meeting sat for two hours, and it was
tion that only a negligible quantity of the people
was
by the Cabinet."
so
either in
England
or
Ireland want the Irish nego¬
It is agreed that the state¬
tiations to break down.
ment
which Sir James
Craig will read before the
being ex¬
According to later advices, the Sinn Fein
delegation in London "turned down" the most rereported afterward that 'a new avenue was
plored.' "
THE
3346
CHRONICLE
proposals of the British Government, and that
cent
apparently the negotiations had "collapsed."
Associated Press
a
The
correspondent in London sent out
dispatch Thursday evening in which it was assert¬
ed that "the
spectre of renewed bloodshed in Ireland
Isles in the face in consequence
the British
stares
virtual
of the
which have
months."
"Public
collapse of
the
proceeded under
The
negotiations
peace
truce for the last five
a
correspondent of the Philadelphia
Ledger" claimed that "Sir James Craig's
the
[Vol. 113.
cablegrams from Berlin, London and Paris.
week
New York "Tribune" said that "efforts to convince
France of the wisdom and
tions
tax
payment, due in February, will be made di¬
rectly
or
indirectly by the Allies."
"direct efforts will be made
the urgency
That
after
is
of
time limit
a
surprise and
should attempt to
one
any
seven
days for new proposals
negotiations have been in progress five months
resented, and if first expressions may be accepted
the real
as
not
definite
more
took
situation
Irish
turn
on
a
Irish
settlement
was
proposals for
given by the Government
Mr. Barton left for
evening with the documents, which will
considered
Sinn Fein
somewhat
Thursday, when it became
to-day to the Sinn Fein leaders.
Dublin this
be
and
Fein Cabinet.
by the Sinn
If the
indicates a readiness to discuss the new
scheme, then the Government will submit it to Ul¬
ster,
Tuesday."
it is hoped, by
"Times"
New
York
correspondent explained that "the alterna¬
tive proposal
Ulster
The
would create in Ireland
Dominion,
a
exercising her option to remain out of the
Dominion and Parliament to retain her present pow¬
ers
and
at any
Imperial representation, but Ulster would
time have the option at her
joining the Dominion Parliament.
would be
new
The Sinn Fein
required to give their allegiance under
form to be
the
agreed on."
proposal is
view to
some
a
He also said that "a part of
a
boundary commission to
examine the frontiers of Ulster and the
a
request of
own
re¬
South, with
changes which would be advantage¬
ous
both to North and South
are
separated.
Such
a
during the period they
boundary commission, it is
thought, might ged rid of
some
difficult problems in
Tyrone and Fermanagh, and if in these counties
Sinn
some
Fein
population
were
allotted
the
to
for such
in
now
Berlin
a
greater
part
from
that
of
the
Philadelphia
on
Monday, the
dispatch
not substantiated
was
Washington.
financiers
assumption
a
of which
later advices
Indirect ef¬
measure.
correspondent
Ledger" sent
"German
relief
by the United States."
"Public
by
He said in part:
consider that
the gathering
the
of
preliminary
statesmen
at
Washington will not be permitted to disperse with¬
out
new
that "the draft of alternative
known
an
temper of the British public, Ulster has
helped its position in England."
The
The
proposals suitable to
London with
in
received
disappointment.
set
to submit
week
one
was
He added that
by Frenchmen
Germany studying the situation and who believe in
forts will be made
tiations
repara¬
payment, due Jan. 15, as well as the export
would
Ulster
necessity of granting Ger¬
delay in the 500,000,000 gold marks
many a
statement before the Ulster Parliament that Ulster
give the other parties in the Irish peace nego¬
A
to-day the Berlin correspondent of the
ago
considering the problems of
America and German
by
Allied
dispatches from America, which report that
news
Secretary Hughes has another big surprise
sleeve in
a
facilitate
a
The "Daily Mail"
three years on
rations may
ment
[will
of London
pub¬
report on Tuesday that "a moratorium of
a
or
This is
accepted.
are
to reducing the German reparations
way
obligations."
two
proposals
with enthusiasm in the belief that it
received
his
up
proposal to remit half of the Allied debt
if the disarmament
lished
to
debts
reparations, is fully confirmed
Allies.
the
to
the payment of German
required to
cease
Germany in return would be
her mad manufacture of
and to increase taxation.
currency
repa¬
be recommended by the British Govern¬
Such
a
paper
proposal
would be the result of the memorandum drawn up
bv Sir John
Bradbury, chief British delegate
Beparation Commission." It
tude of France toward the
was
the
on
said also "the atti¬
suggestion remains to be
ascertained, but her financial officials realize the
gravity of the German situation.
ments in kind would
Reparation
not be affected bv the
pay¬
mora-
•/
torium."
In
cablegram Tuesday morning the London
a
respondent of the New York "Herald" said:
Walter
cor¬
"Dr.
Rathenau, former German Minister of Re¬
construction
in the Wirth
Weisbaden agreement
Cabinet, who signed the
with France, and Dr. Walter
South, perhaps in exchange Ulster might be allotted
Simons, former German Foreign Minister in the
some
Fehrenbach
territory in
render thb
County
Donegal, which
would
geographical position of Derry City less
anomalous."
According to
a
cable dispatch from London last
Dec. 12 to attend the
stated
Another
that
"the
Washington Armaments Con¬
dispatch from the
British
centre
same
Government's
latest
pro¬
regarding the
Hugo Stinnes.
have
they
due
Jan.
on
dicting
a
[to-day].
The
form, show
some
advances
new
terms, which
delegates in written
over
the Government's
previous proposals, and the delegates felt the
sity of giving them fullest consideration
at
a
neces¬
Cabi¬
net session."
of
foreign loan to Germany and
extension of time for meeting the
granting her
an
a
reparations installment due Jan. 15, and
moratorium, have occupied
considerable
even
of
space
a
in
with
reparations, and
Both
an
extension of
have been eloquent in pre¬
at this critical stage.
a
of the
Their visit is
the Stinnes negotiations
regarded with misgivings officially
sequel to
Also it is
here.
strained relations
with
France."
Referring to the determination of Premier Lloyd
George to attend the Washington Conference, the
Paris
representative of the New York "Tribune"
serted
questions of
Both Dr. Rathenau and Dr. Simons
15.
to pay
because
mier
The
se¬
did
as
European trade disaster if Germany was
regarded as
handed to the Sinn Fein
mysterious
payment in connection with the next installment,
forced
Dublin to-morrow
same
of their visit
known to be anxious to get
are
considered
were
purpose
long been concerned
posal for settlemet of the Irish question will be
by the Cabinet of the Dail Eireann in
Cabinet, arrived at the Carlton Hotel
to-night, maintaining the
crecy
evening, "Prime Minister Lloyd George is definitely
planning to leave England for the United States
ference."
here
in
a
as¬
cablegram Tuesday morning that "Pre¬
Lloyd George will propose to the Washington
the Limitation
of Armaments
that
Conference
on
the German
reparations program be revised, accord¬
ing to
a
report which stirred Paris to-day.
said that the British Premier would
It was
announce
that
Dec. 3
2347
CHRONICLE
cancel
loans, but objects to short loans because she feels
part of the obligations owing her by Germany,
at the same time would demand that France
they would result in a further disastrous fall of the
Britain,
all
THE
1921.]
beginning of the revision, would
as a
or
and
take
more
a
reasonable view of the war
debts owed
the payment of re¬
duced reparations in materials rather than in gold."
Dispatches from Washington later the same day
stated positively that the original agenda of the
by the former enemy and accept
increased for this or any
Conference would not be
other purpose,
with the
Dr. Simon had a long
Chancellor
of the Exchequer
officials, at which Sir John
guaranties, such
the seizure of German customs and
new
occupation of
territories; for instance, the Ruhr, together with
control of German finances."
real Allied
sociated Press
with
British Treasury
and
as
Wednesday morning that
Walter Rathenau and
accepts any suggestion of monetary re¬
Germany, but she will refuse to assent to a
German moratorium without new
went
It became known here
conference
form in
and, furthermore, that the question
would not be taken up.
of international debts
"Dr.
She
mark.
tions
far
so
"A
:
as
to make the
the Allies for
asser¬
Rhineland to be exploited by
reparation purposes, are likely to be
alternative to any mora¬
proposed by France as an
torium
following radical
receivership for Germany as a bankrupt,
autonomous
an
The As¬
representative in the French capital
on
reparations that may be suggested by
Great Britain, it was said in official circles here to¬
British Ambassador
in Berlin, were present.
A full report of it will be day. The Allies, it is held by French officials, have
full authority under the terms of the Treaty of Ver¬
madq to the Cabinet to-morrow [Wednesday]. They
also had interviews with Sir Robert Kindersley and sailles to take Germany's affairs in hand and to ad¬
Bradbury and Lord D'Abernon,
financiers."
other
spondent said that "in authoritative
ters it was asserted that
with
two
minister her resources
financial quar¬
Germany was
alternatives: either she must
confronted
default in
The
sharp advance
violent declines
which
in which event a
stated that
occupation of the Ruhr would be probable,
must repudiate her domestic paper money, in points.
case
internal trouble would be
in
advices from
Cable
French
she
similar to that
pursued by the Turkish Debt
regard to her foreign obligations,
or
in
"Times" corre¬
The New York
the price
a manner
Commission."
in marks on Thursday caused
stocks
on
the Berlin Bourse.
that centre yesterday
morning
losses ranged from 400 to
1,000
^
practically in¬
correspondent of the New
in Germany
over
the possibility of industrial activity in that
country lessening materially before long.
He said
in a recent dispatch:
"Is the end of the German
industrial boom in sight? The Ministry of National
"the British Cabinet was considering the proposed
moratorium for Germany were confirmed in official Economy and Minister of Labor have issued strong¬
circles to-day [Wednesday].
The point being dis¬ ly-worded warnings that the turn of the wheel is to
be expected at an early date.
The Ministry of Na¬
cussed is under -what conditions a moratorium could
tional Economy has sent out a notice calling upon
be
declared." He added that "it also was confirmed
all public authorities to carry out only the most
that the interview which Dr. Walter Rathenau, for¬
mer German Minister of Reconstruction,
had with necessary public works and to suspend those which
Sir Robert Horne, Chancellor of the Exchequer, was can possibly be stopped, so that when serious unem¬
ployment sets in there will be a reserve of work
for the discussion among other things of the mora¬
which will absorb at least a portion of the workless."
torium
evitable."
The Cabinet Council had to
be postponed
committee
dealing with Irish affairs to hold a sitting." The
Associated Press representative in London said, in
a cablegram Thursday morning, that "reports that
order to
"in
permit the special Cabinet
According to a Berlin
York
"Times," there is apprehension
question."
"An immediate British
of
a
initiative in the direction
moratorium is regarded
within the scope of pos¬
sibility here" [Berlin], according to a correspondent
of the New York "Herald" in that city.
In an Asso¬
ciated Press
cablegram from the same centre it was
stated that "the executive
Union of German
committee of the Imperial
Industry yesterday discussed the
During the meeting,
made a report concern¬
ing his recent visit to London." The further state¬
question of raising credits.
Hugo Stinnes, the financier,
Commenting further upon the
that "the latest
situation, he asserted
in spite of
official reports show that
'cheap sale,' exports are not increasing, and
has been no such rise in exports as during the
20
spurt.
there
1919-
Official experts declare it is really the
who is buying most, and the fear is
home consumer
that when the home
the
boom ends exporters
foreign market with goods
worse
than
ever.
Traders
are
will flood
and make things
being officially
that may
restrictions abroad
ment was made that "the union is concerned at pres¬
and thus harm will be done to the economic strength
ent over a credit for the January payment of repara¬
of the country.
Too much stress should not be laid
tions, but it is especially anxious to find new meth¬
on
the recent decrease in unemployment figures.
ods for paymets so that Germany, after the January
The railways and Government offices are even more
installment is met, will not reach a similar necessi¬
warned
against selling at low prices, as
bring about more severe customs
tous
condition."
The New York
"Tribune" corre¬
heavily
overstaffed.
Large private concerns
are
fitness of work¬
hours, to employ larger
formerly the case."
forced, owing to decreased physical
following assertion
ers
and shorter working
high¬
numbers of men than was
est authority that France is prepared to discuss with
England or Germany, or both, the question of the
The announcement of the designation of Crown
revision of German reparations, but will reject the
Prince Hiroliito as Regent of Japan came just as the
British plan for a German moratorium under exist¬
"Chronicle" was going to press last week.
The Im¬
ing conditions."
He added that France's position
perial rescript, in which the official announcement
may he stated as follows "without fear of contra¬
was
made in Japan, stated that the action was
diction":
"France is ready to accept modification
taken "with the approval of the Council of Princes,
of the form of Germany's payments completely elim¬
the, Imperial family and the Privy Councillors." It
inating gold, if necessary, in favor of reparation in
was due to the protracted illness of Emperor Yoshikind.
She accepts the policy of German long-term
spondent in Paris cabled the
Thursday morning:
"It may be stated on the
2348
Iiito.
THE
Prince
Iyisato
CHRONICLE
Tokugawa, President of the
Japanese House of Peers, and
one
of the principal
tions
for
stocks
ference,
991,291
quoted in
Washington dispatch
a
as
the
responsible
delegates from his country to the Washington Con¬
was
"would result in
with
no
change in Japan's
Japanese foreign policy,
in
or
in the
course
alteration
any
of
instructions to
or any new
Japan's delegation in Washington, and intimated
that the
Regency had been set
and at the
These
manner.
firmed later in
opinions
strictly
a
were
con¬
cablegram to the delegation from
a
Uchida, Japanese Minister for Foreign Af¬
fairs.
I
In
in
with the approval
request of the Emperor and in
constitutional
Baron
up
gathering before the Palace
a
Japan, the young Regent said that his aim would
be "to further the
to
friendships of foreign Powers and
of his father's health."
The Tokio
£81,733,000.
eral view here is that the
the
appointment of a Regent
timely and natural development, in view of
a
Emperor's condition.
hito will
As Regent, Prince Hiro-
practically be the actual ruler.
There is
1919
to his
as
been many
He has shown
of
the
people.
recent
His personal super¬
military
His remarkable
resem¬
On Monday the Crown Prince
was
tabular
against
as
last
OF
an
There has been
no
change in official discount rates
leading European centres from 5% in London,
Berlin and
of
ENGLAND'S
1921.
COMPARATIVE
1920.
Dec.
13,749,000
Other deposits..... 130,410,000
and
4%
private discounts
are
in
a
Switzerland.
bills,
against
Call
In
London
trifle easier and the
range
3%@4% for short bills
and
3
4@4^
in
money
11-16% for
and
London
compared with 3K%
a
is
three
15^16@4%
3
dropped
week ^ago.
market discounts in Paris have been reduced to
to
Open
4^2%
against 5%, and in Switzerland from 4J^% to
4%.
England announced
addition to its gold
an
reserve
21,651,393
807,000.
increase in
compares
note
reserve
reserve
a
week
again
a
5.
20,530,387
36,458,001
154,198,738 135,638,569
73,544,385
65,912,870
75,352,624
78,808,515
97,598,733
91,798,972
12,959,141
22,106,489
27,413,466
32,256,875
Coin and bullion...
128,442,340
124,991,291
91,790,369
76,011,241
57,534,955
to
reserve
liabilities
15.11%
7.88%
13'4%
15.17%
5%
7%
6%
5%
Bank rate
18H%
\
5%
The
Bank of France in its
weekly statement reports
further small gain of 50,000 francs in the
gold item
this week.
The Bank's
aggregate
gold holdings, therefore,
5,524,092,825
5,495,108,850 francs
year
of
francs,
in¬
panded £6,328,000.
these
amounts
in
francs
both
in
1,948,367,056
1921
1919.
and
During
1920
the
and
week
£7,124,000.
place in loans
on
before;
held
were
1,978,278,4.16
increases
follows:
as
were
Silver,
116,428,000 francs.
Treasury deposits, on the other
hand, fell off 24,136,000 francs.
Note circulation
an
expansion of 152,571,000 francs, bring¬
up
to 36,488.846,000 francs.
This contrasts with
38,573,306,485
at this time, and with
previous.
francs, last
year
37,756,325,940 francs the
year
Just prior to the outbreak of
war,
in 1914,
the
amount was
only 6,683,184,785 francs.
parisons of the various items in this week's
with the statement last week and
in both 1920 and 1919
FRANCE'S
are
as
corresponding dates
COMPARATIVE
Dec. 1 1921.
Francs.
Com¬
return
follows:
STATEMENT.
Status
for Week.
|
Gold Holdings—
as
of
Dec. 2 1920.
—
Dec. 4 1919.
Francs.
Francs.
50,000
3,575,725,769
3,546,741,794
No change
In France
1,948,367,056
1,948,357,056
1,978,278,416
50,000
5,524,092,825
5,495,108,850
5,577,239,251
Inc.
Abroad..
Total
Inc.
Silver
Inc.
226,000
279,298,495
Francs.
259,211,899
3,598,960,835
280,487,708
Bills discounted....Inc. 144,216,000
2,431,725,298
3,455.111,357
1,300,427,273
Advances
2.253,393,000
2,038,880,020
1,359,590,849
circulation...Inc. 152,571,009 36,488,846,000 38,573,308,485
37,756,325,940
Note
Inc.
38,385.000
Treasury deposits..Dec. 24,136,000
30,165,000
110,509,945
50,119,514
General deposits...Inc.116,428,000
2,625,225.000
3,921,865,584
2,982,429,476
The
on
year
francs
226,000 francs; bills discounted, 144,216,000 francs;
advances, 38,385,000 francs; and general deposits,
issued
although
now
with
the corresponding date lash
on
and with 5,577,239,251 francs the
than
year.
Loans
This
comparing
and 18.47% for the
was
more
reported, and
improvement in the
£1,852,000,
Dec.
43,728.080
81,733,000
corresponding week of
low record of 7.88%
during the current
ties increased
ago
15.11%.
It, however, is
ratio in the
is illustrative of the
reduced
Government
to liabilities to
with 16.88%
1920, when
took
the
ending Nov. 17.
double the
tion
circulation, amounting to £1,-
temporary loans and this coupled with an
deposits brought about a decline in the
proportion of
1917.
4.
Reserve notes & coin 22,500,000
Changes
holdings this week—£3,975—but
£1,803,000, in consequence of
Moreover,
creased its
a
67,047,775
29,793,878
Other securities....
further small
a
decreased
expansion in
week
88,133,900
84,300,830
BANK OF
The Bank of
total
Dec.
93,896,073
ing the total outstanding
as
and
herewith
1918.
Dec. 3.
142,685,454 148,537,547
registered
2%%,
1.
Governm't securities 57,437,000
in
week.
£703,-
STATEMENT.
1919.
Circulation........ 125,114.000 130,482,150
Public depo3ita
totaled
comparisons of the principal
England returns:
Belgium; 5J^% in Paris, Denmark and
Sweden; 6% in Rome, Norway and Madrid; 43/2%
months'
rumors
week ago
a
append
registered in the various items
public."
last
We
year.
statement
BANK
abroad
contemporary with Pericles and the Roman Re¬
Holland
vague
continued unaltered.
was
£658,631,000
items of the Bank of
installed
Regent "with ancient mystic rites dating from
age
The loan total is
Notwithstanding
manoeuvres
blance to his
grandfather, the late Emperor Mutsuhito, also has been responsible for much of his popu¬
at
£78,808,515.
£753,233,000
a
aroused favorable comment.
as
respectively.
a
in the confidence of the
larity."
£125,114,000, as
£130,482,150 and £88,133,900 one
Clearings through the London banks
personal interest in various popular
undertakings and has strongly established himself
intendence
and £22,106,469 in
year
discount rate, the 5% rate
popularity, of which there have
evidences since his return from Europe.
compares
further possible reduction in the Bank's official
Proportion of
little doubt
earlier.
year
£22,500,000, which
Nov. 30.
gen¬
a
Last year it was £75,352,621 and in
corre¬
spondent of the Associated Press said that "the
was
with
and two years
ago,
promote the national welfare while awaiting the
recovery
to
Gold
against £124,-
as
£91,790,369
held
were
noted.
Note circulation aggregates
contrasted
a
above
£128,442,340,
only £12,959,141 last
1919.
of
disbursements
changes
and
1920
amount
375,000,
address to
an
the
stand at
in
Reserves
month-end
fbr
now
saying that the appointment of the Crown Prince
Washington Conference,
[Vol. 113.
Imperial Bank of Germany in its statement,
as
of Nov.
A decline in
23, showed the following changes:
gold of 1,000 marks and
Bank's
posi¬
total coin and bullion of 1,230,000
Public deposits
were
certificates
other
deposits
ex¬
Government securi¬
A contraction of £837,000
other securities.
Prepara¬
the
fell
218,477,000
ever-increasing
yet apparent,
another
output
a
reduction in
marks.
Treasury
marks.
No
let-up
in
of
circulation
is
note
and this week's statement registers
huge expansion, namely 1,277,772,000 marks.
Bills discounted
were
heavily reduced—3,173,509,000
Dec. 3
THE
1921.]
deposits decreased 5,428,442,000 marks
marks—while
Declines
reported also in advances, 8,334,000
were
marks and in¬
marks, other securities 187,855,000
Notes of other banks
619,000 marks.
vestments
marks and other liabilities
348,635,000 marks.
Gold stocks have been brought
down to 993,709,000 marks in comparison with
2,658,000
expanded
in
again at
Outstanding
1919.
high record figure, this time of 96,marks. A year ago the total was
1,890,893,000 marks.
ing bill and the good market for investment securities
it is
practically certain that offerings of railroad bonds
will be
■
The
of
financing
the
as
*
issued
a
the
offerings
large amount of
of
new
money
in
it has for many months. Inasmuch
turn-over in this business is accomplished
quickly,
money
transaction for
borrowed is not tied up in any one
long time.
Stock market require¬
a
ments for funds do not appear
to differ greatly from
The Government continues to with¬
week to week.
statement,
Bank
Reserve
prominent feature of the general investment
a
market.
draw
Federal
near
Because of the failure of the so-called fund¬
future.
the aggregate, as
preceding 21,219,marks and in the week of July 25 1914
The
offerings of bonds.
will be brought out in the
1,090,760,000
note
63,583,243,000 marks, the year
060,000
cessation in the demand for and
Other large issues
securities will involve
a new
283,320,000
no
circulation is
marks last year and
1,091,570,000
marks
£349
CHRONICLE
only moderate amounts from local institutions.
It is assumed that there may
be
fair-sized flurry in
a
near. The dis¬
holdings were
bursements on Dec. 15 will be large also.
Accord¬
again increased, both in the New York institution and
ingly some authorities do not look for call money to
for the combined system.
In the case of the latter the
expansion was $14,000,000 an<l in the former $22,- drop much below 5% this month. Consolidations
like that which is being considered for a half dozen
000,000.
Bill holdings for the combined banks de¬
clined $19,000,000, to $1,255,255,000, in comparison or more independent steel companies, if consum¬
with $3,019,856,000 a year ago.
Total earnings mated, would involve large sums of money. So far
assets were $16,000,000 smaller.
Deposits, however, these proposals have not gone beyond the preliminary
expanded $14,000,000.
Federal Reserve notes in stage, which does not require any money. The
actual circulation registered a decline of $23,000,000, reports that are "coming to hand from day to day
indicate a slackening in general business during the
and the ratio of reserve advanced to 72.7%, from
Thursday afternoon, showed that gold
money as
In the New York bank
hand was cut $9,000,000, to
72.3%, the previous week.
the
of bills
total
A
$233,498,896.
to
on
year ago
000,000
was
The reserve ratio
declined $6,000,000.
circulation
advanced from 82.8% a
week
covered
week
ago
to 83.6%.
;
specific rates for money, call loans have
As to the
in
shown, while Federal Reserve notes
draws
:y-;'.; -r';';
market.
again
year
This would tend to ease the money
current month.
the bill holdings amounted
In deposits an increase of $16,-
$1,054,020,000.
the turn of the
a range
of 4H@5K%, the same as a
ruling
Monday 5% was the high and
ago.
O11 Tuesday there was an
534%, but renewals were negotiated at
quotation and 4J4% low.
advance to
was the low for the day.
Wednesday
Clearing
the renewal basis was 5%. which was the lowest
House banks and trust companies was in line with
general expectations.
Loans fell $29,250,000. Net figure quoted, while the maximum was still 534% •
Thursday's range was 4J4@534%? with 5% for
demand deposits were likewise curtailed, $4,407,000,
renewals.
On Friday a flat rate of 5% was quoted,
but net time deposits increased $1,906,000.
The
Saturday's statement of New York
Last
total of net demand
exclusive
is
which
deposits,
a
of
$3,817,869,000,
Government
a
week of
contraction of $15,141,Federal
of member banks with the
Bank, which led to a
Reserve
now
$51,071,000 in
Aside from
000 in the reserve
corresponding cut in
other changes were comparatively slight.
vaults of members of the Federal Reserve
surplus,
Cash in
deposits is
decrease in the latter item for the
$11,622,000.
Bank
4/4j%, which
own
gained $2,859,000, to $74,631,000 (not
counted
ruling rate.
collateral and allwithout differentiation.
In time
being the maximum, minimum and
this
These
apply to
figures
industrlial
loans
money very
little change
dull and featureless.
were
mixed
was
noted and trading was
Practically
no
important loans
negotiated, although the undertone was
easier
and after opening
unchanged,
a
slightly
flat rate of
quoted for all maturities from sixty days to
as against 5@534% a week earlier.
Commercial paper continues to be quoted at
5%
six
was
months,
banks and trust
5@5M% f°r sixty and ninety days' endorsed bills
companies in own vaults were reduced $229,000 and
receivable and six months' names of choice character,
reserves of these same institutions kept in other de¬
as
reserve), but reserves of State
$222,000. Owing to the changes
noted, surplus was brought down $15,053,560, and
stands at $14,536,410, in comparison with $29,589,970 last week.
The figures here given for surplus
positories
are on
fell
above legal require¬
member banks of the Federal Reserve
the basis of 13% reserves
ments
for
cash in own vault amount¬
ing to $74,631,000held by these banks on Saturday last.
System, but do not include
The
were
Dec.
1
interest and
dividend disbursements
large, but preparation for
them had only a slight
perceptible effect on the local money market. There
was an upturn | in* the
call mo*ey rate from 4J4
to
534%.
latter rate.
Time money remained stationary at the
The feature of the market for the longer
the freer offerings. Borrowers did not
bid actively.
The result was a fair volume of busi¬
ness at the ruling rate mentioned.
There has been
periods
was
with
not so well known
names
changed.
with country
Banks'
at
reported,
banks the principal buyers.
and
bankers'
acceptances
of-town institutions were
reflected in
a
were
a
shade
Both local and out-
easier and in better demand.
in the market and this was
larger volume of business.
less, the market was rather quiet
Neverthe¬
and devoid of new
bankers' acceptances
For call loans against
feature.
534@5)4%, un¬
A fair amount of business was
posted rate of the American Acceptance Council
continues to be quoted at 434%The Acceptance
the
Council makes the discount rates on
prime bankers'
eligible for purchases by the Federal
Bank 434% bid an(l 4}/g% asked for bills
acceptances
Reserve
running
120
days;
days.
days;
434©4^% for thirty
4J4@434% f°r ninety
434@4J4% for sixty days, and
Open market quotations
follow:
THE
2350
CHRONICLE
DELIVERY.
SPOT
Days.
60 Days.
4^@4J*
4M@4Ji
90
Prime eligible bills
30 Days.
FOR
»
DELIVERY
*X bid
—
Eligible non-member banks...
bX bid
Ineligible bank bills
There have been
of rates
changes this week in Federal
no
The
following is the schedule
in effect for the various classes of paper
now
at the different Reserve Banks:
DISCOUNT
RATES
for
sterling from 4 86 to,
Mils
Discounted
'
within 90
.
Agricul¬
accep¬
Trade
tural
accep¬
live
Treasury
Liberty
Other¬
disc'ted
notes and
bonds
wise
for
tances
paper
maturing maturing
and
secured
member
within
Victory
and
banks
90 days
days
edness
notes
unsecured
4X
IX
4X
Philadelphia
*X
4^
*X
4M
4X
^X
4X
IX
IX
Cleveland
5
5
5
b
5
5
Richmond
bX
6X
bX
bx
bX
Atlanta
bX
bX
bX
bX
bX
bX
bX
Chicago
b
b
b
5
5
5
York
*X
4X
5
4tf
4H
*X
5
5
b
b
bX
bX
bX
bX
bX
b
b
b
b
b
fractionally
3
Dallas
bX
bX
bX
bX
bX
bX
San
b
b
b
b
b
trading
easier and demand declined
was
and
sixty
time and
weak
tone
material increase in
carried
firm
sent
and
this,
cable
plies
London
levels.
a
powerful influence in
a
the
In
time caused
a
early
dealings
reactionary tend¬
sup¬
quickly absorbed and rates commenced
were
On
soar.
07%
$4 00.
once
offerings continue light, available
as
was
much better
quotations practically throughout
price
but
above
usual, exercised
as
stabilizing
ency,
bills
demand
realizing sales for
4
a
developed and advances took place which
more
to
point of activity
sterling exchange this week,
was
Thursday
prices shot
reached for demand,
upward
a new
high
until
the
on
3
at
market,
and
higher
3
3
to
however,
London
on
Tuesday, though
Wednesday's market
result of
a
rushed
3
light trading' and
very
almost
may
proposal to grant Germany
Bankers
the
two-year moratorium.
a
generally expressed approval of the plan
ground
that
Germany
regular payments
1
be said to have been
solely due to the sentimental influence of the
default
likely to
It
is
come
understood
moratorium
an
Increased
France
is
British
to
opposed
consider
Conference
of
German
vanced to 4
the
to
plans for
a
re¬
take
soon
is, of
feeling
Disarmament
to be called.
course,
seems
still
a
as
some
encouraging,
of the rise
to stabilize
matter of
conjecture, but the
to be that the present depreciation of
if economic and financial conditions
something like normal.
are
that much of the present strength in
a
decline of
measures,
ever
to
be
One prominent
authority is said to be responsible for the
tributable to
exchange
Just what form this will
foreign currencies calls for drastic relief
restored to
was
to be taken at the forth¬
coming international conference
statement
sterling is at¬
little to do with
bills
offering.
restricting the supply of commercial
Bankers evinced keen interest in the
Vanderlip scheme for
a
for demand, the low
was
and sixty days at 3 97%@3 98 9-16.
Thursday, partly
on
of short covering and partly because
moratorium
and
reports,
demand
ad¬
04%@4 07%, cable transfers to 4 02%@
was
On Friday
decidedly reactionary with
a
decline to
cable
transfers
and
Closing quotations
4
02©4 04%
were
for
days.
sixty
4 02% for sixty days, 4 04%
for demand and 4 05 for cable transfers,
Commercial
sight bills finished at 4 04%, sixty days at 4 00%,
Cotton and
The
grain for payment closed at 4 04%.
week's
gold
arrivals
and
numerous
were
included—
$675,000
on
the Carmania, $908,000
Southampton, $680,000
875,000
on
from
Rotterdam.
Rico; 4
and money on
and 31
Havre and
follows:
as
from Porto
cases
4
bars of
cases
cases,
the Adriatic from
13
packages of gold
Smail
of
specie
shipments
on
on
on
the
the
also
were
the Philadelphia
28 bags and 2 envelopes of silver
the Yucatan from Mexico; 60 bars of silver
of silver and
Peru; 11 bars of gold
53
on
the Celtic from Liverpool, $1,-
the Lapland from Antwerp, $5,607,000
Touraine from
Noordam
on
gold and 2
gold
on
the Ebro from Chile and
the W. M. Tupper from Colombia;
on
cases
of gold and platinum
Lake Fackler from Colombia, and 9 packages
on
the
gold and gold
dust on the Nickerie from Haiti.
The East Cape brought
gold coins to the value of $2,200,000, and the Wurttemberg
$100,000, both from Hamburg.
Part of this Reichsbank
gold
was
mainder
consigned to the Acceptance
was
for account of the
Bank and the
Equitable Trust Co.
re¬
Kuhn,
Loeb & Co. have been advised of the shipment to them of
$1,300,000 in bar gold
ton
on
Thursday.
on
the Olympic, which left Southamp¬
*
Liverpool cotton purchases,
and there is little doubt that this factor has had not
a
as
were
04@4 06 9-16 for demand, 4 04%@4 07 1-16 for
La
the
likewise regarded
anticipatory of the action
prices
08% and sixty days to 3 99%@4 05%.
received
were
and it is claimed that at least
which is
at
active and
news
ninety days at 3 99%, documents for payment (sixty
arrangement of the reparations plan.
Developments of the week
more
days) at 4 01 and seven-day grain bills at 4 03%.
Cable advices from London state that
Cabinet is
rather
strength developed
in consequence
end with the spring settlements.
that
95%@3 97 1-6 for sixty days.
was
4 00 9-16
to
and 4 01 1-16,
idea, but will probably have to yield to
the inevitable.
the
to
was
only slightly changed, being
if
soon
upon.
belief is that the German Government's ability to
pay
is
steadying
a
little activity
The prevailing
must
insisted
are
on
very
encouraging reparation
up
4
on
Light offerings
had
99%, while cable transfers ranged between 3 99%
early part of April 1920.
accomplished
quiet.
was
97%@3 99 1-16 for demand, 3 98%@3 99 9-16 for
the trend
was
97%; cable transfers ruled
quotations
cable transfers and 3
present movement and the highest figure since the
This
to
98@3 99% and sixty days at 3 95% @3 97%;
the
4
transfers
3 96@3 97%;
to
demand, after advancing to 3 99%, turned
and declined
noted and the range was
no
cable
days
inactive. On Monday quotations showed
was
influence
While
what
natural reaction
wider range than had been the case for some little
a
5
noted in
less
or
3 98@3 99%,
to
98%©3 99%
b
Francisco
more
slight lowering of prices and the
Saturday last
on
5
bX
Louis
St.
Minneapolis
Kansas City
actual
on
under the best.
91 to 180
of indebt¬
New
a
a
and
stock
certificate
4 X
as
effect
any
At the extreme close,
Referring to the day-to-day rates, sterling exchange
Bankers'
tances
Boston
proposals exercised
price levels.
regarded
was
maturing
Reserve
of—
market
days (incl. mem¬
lb-day collateral
notes) secured by-
Bank
and neither
The movement,
almost universally disapproved here,
was
1921.
ber banks'
Federal
most
attention
exchange parity
3 65.
brought about
IN EFFECT DECEMBER 2
1'
American
say,
final range was
FEDERAL RESERVE BANKS
OF THE
Some
given the plan put forward by Gustav Cassel
of London to reduce the
however,
Reserve Bank rates.
impracticable.
as
4% bid
...—
...
regarded
was
THIRTY DAYS.
WITHIN
settlement problem, though the idea is for the
part
•
Eligible member banks
[Vol. 118.
solution of the Allied debt
Generally speaking, Continental exchange moved
closely
parallel
to
sterling
and
sharp
gains
were
registered in nearly all of the principal European
currencies; albeit, with a relatively small volume of
THE
Dec. 3 1921.]
business
Berlin marks, after a considerable
passing.
suddenly
for checks,
renewal of rumors that an
period of apparent dulness and quiescence,
shot up more
in
10 points, to 0.56
than
of
consequence
a
extended moratorium
on
the
a
and
fluctuations violent in
wide range of prices was
that at intervals it was difficult to
accurately the price at which marks could
bought
or
Opinion as to the fundamental
is a good deal mixed and
sold.
situation in reichsmarks
there
are some
who persist in
ment in marks to
transfers,
cable
for
0.33% and 0.34
which contrasts with
Austrian
Friday of last week.
on
kronen closed at 0.03 for checks and
remittance,
so
ascertain
be
Hence
extreme.
0.42% for checks and
0.03% for cable
Lire finished at 4.23 for
bankers'
wildly excited, with
reported,
0.43%
were
Berlin marks
on
transfers
although not particularly active, was nervous
at times
tions
reparations payments was
Trading in this class of
to be declared.
3351
CHRONICLE
attributing the improve¬
is less bearish
the fact that Germany
(unchanged).
sight bills and 4.24 for cable remittances.
Last week the close was 4.03 and 4.04.
Exchange on
closed
Czecho-Slovakia
Bucharest
against 0.0295,
0.0285,
against
1.08,
at
against 0.75;
0.76%,
at
and
1.05;
on
Poland at
on
Finland at 1.78,
on
Greek drachma finished at 4.01 for
4.06 for cable transfers, against 4.00
against 1.95.
and
checks
and 4.05
week ago.
a
There is
nothing
to report in the exchanges on
new
Here, too, trading
the former neutral centres.
was
that extensive
dull, but rates were well sustained for the most part.
covering by a large German short interest has taken
Guilders, it is true, did not retain all of the gains
place in the last few7 days.
On the other hand, the noted at the close of last week and a decline of about
strength is perhaps more widely interpreted as a
30 points carried checks down to 35.37, against the
Response to the visit of Dr. Walter Rathenau to
previous high of 35.75, although most of this was
London, ostensibly for the purpose of discussing ways
recovered later on.
Swiss francs ruled at or very
and means of modifying reparations payments. One
near the high levels of the preceding week.
The Scan¬
thing seems certain, that is, that no permanent
dinavian exchanges were steady but without essen¬
improvement in marks is lopked for until some
tial alteration, and the same may be said of Spanish
decision has been reached on the question of in¬
on
her
exchange, and it is claimed
Own
pesetas.
demnity settlements.
after early weakness, rallied and
French francs,
participated in the upward movement to the extent
of over 50 points, to 7.40 for checks.
The recent
weakness of exchange on Paris is ascribed to the
Bankers'
sight
Amsterdam closed at 35.70,
on
35.80;
against 35.75; cable transfers 35.75, against
commercial
cial sixty
sight 35.65, against 35.70, and commer¬
days 35.29, against 35.34 last
Final
bankers'
week.
quotations for Swiss francs were 19.13 for
trade balance, which
sight bills and 19.15 for cable remittances, as com¬
besides which
pared with 19.06 and 19.08 a week ago.
Copen¬
the militant attitude of the French Government has
hagen checks closed at 18.65 and cable transfers at
affected sentiment unfavorably.
No reason could
18.70, against 18.45 and 18.50.
Checks on Sweden
be assigned for the betterment, other than that the
finished at 23.80 and cable transfers at 23.85, against
declaration of a moratorium for Germany would
23.45 and 23.50 the previous week, and checks on
prevent default on its reparation payments and in
Norway closed at 14.40 and cable transfers 14.45,
the end prove beneficial to French finances, through
against 14.20 and 14.25 last week. Spanish pesetas
the arranging of some other form of settlement.
finished the week at 14.02 for checks and 14.04 for
Belgian francs shared first in the weakness, then in
cable transfers.
A week ago the close was 13.85
the strength exhibited by French exchange, selling
and 13.90.
to as low as 6.46, then rallying to 7.13.
Here also
falling off in France's favorable
has
once more
turned against France,
.;
BUYING
off. Italian lire ruled firm and
registered a gain of about 33 points, to 4.41 for checks,
though before the close a moderate reaction set in.
This in fact was true of francs and marks as well.
1921
exports have fallen
broke to 3.98, a new low, then re¬
Exchange on the Central European
Greek exchange
covered to 4.10.
steady and without essential change,
exception of Rumanian lei, which rallied
republics
with
was
the
announcement of the modification of the
Government restrictions on foreign exchange
sharply
recent
on
The
Rumanian
Government is
also abandoned its plan
have
for
a
said to
moratorium
on
the sudden drop in ex¬
change is said to be receiving close attention. .Recent
dispatches from Moscow state that the Soviet
10,000-ruble notes are to be pared down to the value
of one ruble.
Russian currency is still quoted nomi¬
foreign payments, though
The official London
check rate
on
Paris finished at
compared with 56.95 a week ago. Sight
the French centre closed at 7.22%, against
as
on
against 6.90%;
bills at 7.20%, against 6.87%, and
days at 7.16%, against 6.81% last
francs finished at 6.99 for checks
6.89%; cable transfers at 7.23%,
commercial sight
commercial sixty
week.
Antwerp
and 7.00 for cable
transfers.
6.49% and 6.50% the previous
FEDERAL
RESERVE
BANK,
INCLUSIVE.
1921,
Nov.
25. Nov.
Nov.
26. Nov. 28. Nov. 29
30
York.
Dec.
1.
Austria, krone
.000336
.000308
.000325
.000302
$
.000373
Belgium, franc
Bulgaria, lev.
.0662
.0653
.0663
.0660
.0671
.0693
.006567
.0066
.0068
.006558
.006642
.006892
Czecho-Slovakia, krone
.010481
.010553
.010553
.010606
.010738
Denmark,
.1846
.1844
.1846
.1856
.1858
.1864
3.9952
3.9939
3.9872
3.9905
3.9989
4.0375
krone
pound
Finland, markka-.
France, franc
Germany, relchsmark
England,
$
$
$
S
EUROPE—
■
.000320
$
.011069
.019214
.0192
.017614
.0169
.017186
.017343
.0697
.0696
.0696
.0692
.0702
.0723
.003385
.003483
.003635
.003645
.004133
.005445
Greece, drachma
.0400
.0401
.0399
.0400
.0401
.0404
Holland, florin or guilder..
.3579
.3569
.3527
.3548
.3541
.3550
.001094
.001106
.001142
.001225
.001328
.001789
.0406
.0408
.0407
.0407
.0415
.0424
.0033
.003256
.003397
.003438
.003544
.003716
.1421
.1428
.1425
.1423
.1424
.1425
.000289
.000268
.00028
.000278
.000268
.0794
.0791
.0799
.0812
.0824
.0818
.007113
.0070'5
.007363
.007338
.01375
.01425
.014730
krone
Italy, lira
__
Jugoslavia,
krone.
Norway, krone
Poland, Polish mark
Portugal, escuda
Rumania, leu
i-
«.
.000292
.01324"
.01352
Spain, peseta
.1386
.1395
.1386
.1388
.1388
.1395
Sweden, krona.
.2345
.2349
.2353
.2353
.2359
.2380
Switzerland, franc.
.1899
.1902
.1898
.1900
.1900
.1909
.013213
Serbia, dinar
ASIA—
.5392
.5373
.5398
.5413
.5390
.5413
Shanghai, tael
Shanghai, Mexican dollar.
.7546
.7544
.7588
.7613
.7633
.7608
.5480
.5415
.5470
.5450
.5500
India, rupee
Hong Kong, dollar
...
.5475
This compares with
week.
Closing quota¬
.2643
.2663
.2672
.2665
.2652
.2671
Japan, yen
.4789
.4793
.4792
.4795
.4791
.4799
.3509
.3500
.3490
.3493
.3497
.3495
Singapore, dollar
business transacted.
bills
1
DEC.
Java, florin or guilder
100 rubles, with no
nally in this market at 8c. per
56.20,
TO
Noon Buying Rate for Cable Transfers in New
Value in United Slates Money.
Country and Monetary Unit
Hungary,
trading.
25
BY
FIXED
RATES
NOV.
CABLE
.4550
.4558
.4567
.4575
.4558
.4542
...
NORTH AMERICA—
'
.915625
Canada, dollar
.912656
.913359
.913263
.995421
.995629
.996463
.996463
.996670
.996877
Cuba, peso
Mexico, peso
.483225
.483125
.48275
.4825
.4825
.4831
.908958
.908958
.911146
.910938
.913333
Newfoundland,
.9100
SOUTH
dollar
.911719
AMERICA—
Argentina, peso (gold)
.7288
.1233
As to South
.6676
!
.7246
.7272
.7289
.7288
.1279
.7355
Brazil, milreis
Uruguay, peso
trend
.911406
.1276
.1276
.1265
.1280
.6604
.6588
.6496
.6527
.6555
American
quotations, a reactionary
developed, especially for
rate for
checks finished at 32.10
fers
32.20, against 32.75
at
Argentina, and the
and for cable trans¬
and 32.85 last week.
3352
THE
Negotiations for
be under
checks and
with
loan to Argentina
a
13
for
12% and
cable transfers,
12% for
was
which
compares
12% the week preceding.
exchange remained
at
still said to
are
For Brazil the close
way.
CHRONICLE
Chiliean
unchanged at 10%, and Peru
civilization that these
debts can ever
conceivably be
paid, and it is only through the rehabilitation of Eu¬
exchange
realize in full
full
measure
54%@54%, against 54%@54%; Shanghai, 79%@80,
against 78%@79; Yokohama, 48%@48%, against
48%@48%; Manila, 49%@50 (unchanged); Singa¬
46%@47, (unchanged); Bombay, 28%@28%
(unchanged), and Calcutta, 28%@29, (unchanged).
pore,
New
York
of
America
her
can
destiny,
conceivably
expect
or can
a
prosperity for her people.''
Clearing House banks, in their
It is a primary
obligations must be met in
truth in economics that
goods, and that,
gold to send
if these debtor nations had the
even
us
should be disturbed
we
anew
by re¬
ceiving it; true, further, that if the products of the
debtors'
industry
tries would be
raised
The
that
measure
Much that he says is
fully true.
follows: Hong Kong,
was as
civilization
ropean
3.42, the level previously current.
Far Eastern
[Vol. 113.
from
sent hither
were
affected that the
so
our
own
indus¬
question might be
(as has been raised concerning reparation due
Germany)
whether the creditor could afford
operations with interior banking institutions, have
to
gained $7,115,651 net in cash
hydro-electric development in Europe are almost in¬
calculable; that the grain fields of Southern Russia
might have their merely trifling yield multiplied by
Their
receipts from
result of the
as a
rency movements for the week
cur¬
ending December 1.
the interior have
aggregated
$8,181,051, while the shipments have reached $1,065,400, as per the following table:
CURRENCY
RECEIPTS
AND
SHIPMENTS
BY
NEW
YORK
BANKING
be
paid.
It is true that the possible gains by
better culture; that
the lacks
"education,
are
INSTITUTIONS.
the application
Week ending December 1.
Into
Banks' Interior movement
Out of
Banks.
Banks.
$8,181,051
Gain
Loss
or
to Banks.
eral
Sub-Treasury
Reserve Bank
was
taken
by the Fed¬
1920, it is no longer
Dec. 6
on
over
possible to show the effect of Government operations
on the
Clearing House institutions. The Federal Re¬
Bank of New York
serve
ing House each day
as
follows
DAILY CREDIT BALANCES OF NEW
AT
CLEARING HOUSE.
Monday,
Tuesday,
Wednesday,
Nov. 26.
Nov. 28.
Nov. 29,
Nov. 30.
.•$
$
:
$
Dec. 1.
$
Friday,
$
%
$
of checks which
mass
come
to the New York Reserve Bank from all
parts of the country, In the operation of
the Federal Reserve System's par collection scheme.
These large credit balances,
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing House institutions.
They represent only one side of the account, as checks
drawn on the Reserve Bank itself are
presented directly to the bank and never
go through the Clearing House.
include
His
Dec. 2 1920.
France
a..
Germany
.
Aus.-Hun.
Spain
Italy
Netherl'ds.
Nat. Belg.
Switz'land.
Sweden
Denmark
.
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
£
£
128,442,340
143,029,034
49,685,450
10,944,000
100,325,000
33,704,000
50,497,000
10,663,000
21,798,000
15,286,000
128,442,340 124,991,291
li.ieo'ooo 154,189,034 141,869,672
714,550 50,400,000 54,578,250
2,369,000 13,313,000 10,944,000
24,861,000 125,186,000 98,185,000
2,990,000 36,694,000 32,192,000
724,000 51,221,000 53,012,000
1,608,000 12,271,000 10,660,000
4,961,000 26,759,000 21,637,000
~
12,685,000
Norway
188,000
8,115,000
Total week 585,173,824
Prev. week 585,187,896
15,286,000
12,873,000
8,115,000
held abroad.
2,369,000
13,313,000
23,166,000 121,351,000
3,018,000 35,210,000
eign
year
are
of
THE DEBT OF THE ALLIES TO
THE UNITED
STATES.
Returning again from his investigations in Eu¬
Mr. Yanderlip offers a plan for disposing of
the debts of the Allies to this
country.
among
Britain)
says
joined in
our
debtors
A feeling has
(shared least in Great
Mr. Yanderlip, that inasmuch
the
common
defense
and
have
as
we
alone
emerged in solvency, comity, justice and policy now
suggest that we cancel these debts, treating them, in
effect,
as
would not
that
loans made to ourselves.
so
regard
or
Mr.
Yanderlip
treat them, but would insist
they be acknowledged
as real
payment upon some method.
debt, calling for
He would have the
payment turned back to help Europe, for, he
'/it is
a
says,
idealistic.
It is inter¬
He would
have
grand gesture in international
a
debtor nations
our
to
goes
our
re¬
hearts;
being left to
course
indeter-
a now
revolving fund, expending it practically
upon
This would have to be done directly by the
Governments,
proposed by
to be
suggestions
upon
now
or
along lines
Could it be done well?
our own.
Governments
Are
in such concord and efficiency
capable of really good constructive work,
could such work be carried
ways
able and ready
future, Mr. Yanderlip would make this inter¬
debtor
as
were
com¬
astray.
go
annual half-billion of interest, payment
Our
through at all?
might not be like foreign
ways,
and habits
are
not
readily changeable, especially when the changes
are
proposed by outsiders.
When
this
plan
is
brought under hard, practical analysis, does it not
appear
a
iridescent and beautiful
an
Europe needs
creased
our
own
lack
a
wiser planning,
in the future
who
rope,
But
we
are
and
feeling
sure
have
men,
now
full of
that the
war
field, albeit with terrible destructive-
looking to foreign lands as holding
unprecedented
tunity.
in¬
word, needs development;
broad-minded and energetic
cleared off the
ness,
rather
country needs the same, the difference in
here many
ing,
capital,
new
industry—in
being in degree, not in kind.
faith
dream
realizable vision ?
industrial
and
commercial
oppor¬
The reconstructing factors will go to Eu¬
without governmental action and without
as soon
and
as
retards there is the
urg¬
as
Europe is ready, for what
same
that also retards here at
fast
only through the rehabilitation of European i home, the lack of stability.
far-reaching,
as
the waters would
with the heart, lest the latter
Europe.
than
rope,
grown
est
or
£77,934,682
well
as
bread upon
species of moratorium.
a
principal of
any
46,622,500 631,140,713
46,508,950 630,016,493
exclusive
as
domestic, the head should keep close
or
Suppose
12,783,000
8,116,000
"mooo
own
yet in the rehabilitation problems of this time, for¬
54,673,000
11,767,000
26,121,000
15,689,000
1,107,000
4,484,000
15,689,000
12,644,000
8,116,000
49,575,550 634,749,374 584,518,213
49,410,850 634,598,746 583,507,543
; a Gold holdings of the Bank of France this
124,991,291
10~,360*666 152,229,672
318,500 54,896,750
1,661,000
speedy,
so
cast
lationships," and his altruism
mined
£
our
us.
plan is
to pay us an
Gold.
England
we
"America make
of
1921,
excluding
even
giver with receiver; its blessings would be
expanding and
that what
of bul¬
lion in the
Dec. 1
not
be, in Mr. Yanderlip's view, a sort of
mingled altruism and self-help, a mercy which would
pany
following table indicates the amount
principal European banks:
globe,
esting, appealing and
46,200,000 49,000,000 43,500,000 62,200,000 52,300,000 60,200,000 Cr.
313,400,000
The
the
This would
Aggregate
for Week.
Dec. 2.
Note.—The foregoing heavy credits reflect the huge
of
return to
Thursday,
organization,
of enlightened methods to produc¬
country7.
so
YORK FEDERAL RESERVE BANK
Saturday,
.
creditor at the Clear¬
was
Europe; that
economic
Much of this could be said also of the
greater
$7,115,651
part
As the
modern grain ele¬
tion, and the harmonizing of blind racial antagon¬
isms."
$1,065,400 Gain
(inter alia)
vators could do wonders for Eastern
DEC. 3
THE
1921.]
Mr. Vanderlip's "gesture" is proposed to
space.
«Governments, but they could make of it more than a
Time and agreement would be necessary
gesture?
for
that; can the world afford to wait? V
even
We
;;
icle"
has
we
ourselves strong, sane,
are
must clasp
Reason, or hindrance may follow instead
Our first duty is to lighten our own tax
hands with
of service.
:
unless
Impulse
deliberately practical.
and
loads, bring our conduct back to control
by common
thrashing wildly about, stop snarling and
sense, stop
quarreling, and begin to pull all together for greater
^production and the stopping of private and public
i waste.
4.;.j
•
•
We
for
;
.
thus do best and most speedily our
can
restoring
and beaten
-
our
neighbor that has been robbed
and
ture
deed
by Governments.
which
zations
and
He gives twice who
We have a number of relief organi¬
have the great advantage of experi¬
gives quickly.
ready to carry on, needing only an ade-
are
They save now what can¬
quate supply of material.
not
the globe,
starving at least cannot wait for either ges¬
or
ence
individ¬
action, rather than for even a
better Government than there is now on
.and the
•
and straight-aimed
by brigand Force. The work is for
initiative
share
Set ourselves in order, and
have hand and head free
ual
wait, and their work naturally and quietly tends
bringing currencies and exchange back to
towards
normal
and
restoring
vendi for trade and
international modus Vi¬
an
"scrapping" only that which is now in the discard.
years
intercourse.
to pass,
and not a battle keel laid
put it at this, though for the moment
interpretation
of displacements contains difficul¬
forget?
Will the spirit of peace
Will
ties.
meanwhile
back the
we
strengthen
and
broaden until looking
battleship shall stand for barbarism? We
convinced
are
all peoples hope
so—but how much
self the effectiveness of the
Yet
tion.
a
A naval
of
holiday! Why, there are many thousands
"loyal
liberty-loving citizens" in the interior of the
intelligent, low-abiding, and, as we say,
and
United
States
who
have
never
Until this war came on with all
attention
and
we
for the
asm
knowledge
seen
a
battleship.
its grasping upon
these
citizens
rarely
thought of our possession of a navy; and were in¬
different alike to its constitution and cost, save,
perhaps, when aroused by
ress
to
wrar
in
it¬
ques¬
with hope and enthusi¬
large and abiding reason that it marks
turning point,
a
laggard though sudden apprecia¬
pursued (we, with
nations) in the past, a policy by many unnoted,
all
this
And
is
the
inspiration
we
gather from a
holiday"—the conviction at last that war is
"naval
not necessary
be
to national existence, that it may
banished from the world without
danger to human
If for ten years all additional preparation
security.
As one has
thing even if
Many of those whose business it is to closely
and pertinently comment are saying there
is to cease,
then why not for all time?
pointed out this conference is a good
it fails.
observe
We are be¬
should be other conferences and soon.
ginning to see in all its enormity this
war-policy we
pursued—we, the peoples of earth.. E very con¬
ference must make it more clear.
Meantime we are
have
respite in taxes, an opportunity to foster
to have a
constructive works for the
public good, to pursue our
affairs, and a chance to forget to hate
own
the
The submarine is only an
When first used by the Ger¬
language could not paint its
mans
Often it was
man."
"inhumanity to
pointed out it could not rise
to the
surface, parley with a ship not
secret
equipment,
passengers,
and envy.
might, and sometime,; if not
program
must, go further.
knowing its
board and search, and remove
before sinking.
the armistice it seems to
be
Yet three years after
an accepted agency of
Again, how terrible the maledictions on
war.
concealment of the plan, but the sudden ad¬
into the mind of mankind of the plan itself.
what a commentary is the plan upon the prog¬
of man!
In more recent years it was common
hear it said the
we
the
of innocents,—yet
air-plane is such a commercial
development as to preclude or to
speak of the contest between
armor-plate and
projectiles—and perchance to ask how long this
could continue.
But do we realize the distance that
lies between the. old wooden sailing vessels, with
render impracti¬
agreements as to its future use by this con¬
ference.
And what is to be said of the manufacture
cable
of
explosives and implements and poison gases being
individuals? "A step," Mr. Borah says,
left free to
and a step in the right
yes
step"!
Still
naval
;,r\" -:■
-
holiday.
tion for war.
good-will.
."'V
•;•.
,; -
"
significance in this
It denotes a common
into concrete form.
sion
direction, but "only a
there is to us infinite
orary
And
hail the plan
was
tion of the mad course we have
historic appeal to praise it.
just here is where, as we see it, Mr. Balfour's
"bombshell" comes in, not merely the trifling temp¬
And
vent
Indeed in the
capital ship
bombing of cities, the slaughter
depends upon themselves!
>
have confirmed this.
instrument of hell.
us
Let
Recent airplane bomb-dropping experi¬
ly waste.
ments
now,
down!
Already the charge has
hand.
own
One who marked the Senate debate on the naval ap¬
But
A NAVAL HOLIDAY.
Ten
by its
injected into this wide discussion that we are
accepted as a matter of course.
in uplifting Europe.
then
been
altruistic propriation bill increase must have been impressed
with what truth it was driven home that the battle¬
But the "Chron¬
ship is obsolete and our famous 1916 program mere¬
cannot do much
already urged that we
work
rescue
yet an evil thing usually overreaches itself
and dies
to Europe a course of combined
owe
i duty and enlightened self-interest.
•
And
subject is too vast to be compassed in brief
The
2353
CHRONICLE
conviction put
It denounces war and prepara¬
It asserts the eternal
sufficiency of
It prevents the sudden turning of pas¬
conflict. It gives visual instruc¬
into deadly
tion, not only by
idleness of
consume
"scrapping," but by the enforced
lie in wait,
huge engines that for the most
in cost of active maintenance
the substance
that war is a
necessary evil and can never be banished from
their futile small-calibre bore, ships
that sought among men. It is not an idle comparison to recall
the laws banishing dueling and forbidding the car¬
with grappling irons to come to hand-to-hand en¬
rying of deadly weapons. Does anyone believe that
counters, and these monster twelve to sixteen inch
with present equipment, the 5-5-3 status quo, na
guns, placed in revolving turrets, on gigantic ships
tions will in the ten years cessation of building go
and hurling heavy shells fifteen and even twentyto war? i The very potency of what is already un¬
five miles?—marking the advance of civilization in
fortunately possessed is nullified by the resolve to
death
dealing!
of
peoples, and forever reminds us
t
2354
add
THE
Not
no more.
the nature of
rejoice
on
forget
our
CHRONICLE
only is rivalry abandoned but in
things
Ordinarily
use.
summary
"holidays," throw dull
we
to the winds,
care
troubles, animosities, fears.
So
the
may
peoples of earth forget during this naval holiday,
turning to actual paths of
with
seas
merchant
and threading the
peace,
sins, have suffered sorely, that tried in the awful
school of
the
as
experience should desire.nothing
opportunity to labor
on
much
so
in quietude for the
things that make for righteousness, justice, liberty,
and peace. 4 Is it wrong to ask: What olive
branch,
in a spiritual
way, has this "new world" held out?
Can
ships, shouting ahoy!
[Vol. 113.
we
further and ask why since the
go
is
war
now
three years over some sort of overtures
FRANCE
To set down
AND
naught in extenuation or malice, has
the time come, or
has it not, when something "may
be told" to the generous
his
heart of mankind
he not be first to
should
that blessed
obliterated?
Allies to
It may
be too
proposal let them
coming of
of
of
never can
be
that the rehabilitation
us
come
until there is
He speaks, of
When
testimony which
from other
of the quick
cause
to
come
us
rejuven¬
only in terms
coprse,
consider the
we
a
vagrant bits
through the
see
in
Germany
to
militarism, while others believe that beneath the
surface
almost complete disillusionment
an
lurks
the
old
the old worship
power,
force, merely waiting its time,
or more
haps waiting renewed strength.
observer must ask
as
of
properly per¬
Here the outside
question of the logic of the
one
situation:—appraising the universal lament that
must exist in the heart of the German
upon
people pressed
by the tremendous losses in "men and money"
ing
a
of
than willing now to join a
are more
world,
new
family of nations, dedicated to the economics
new
self-help and the preservation of perpetual peace?
Premier
Briand
has
eloquently and forcibly
pressed the fear in France.
world will
the
not be slow
struggle,
is founded.
nor
But
as
introduce
to the conditions
this
ex¬
The
to
the border
over
the stand for adequate pre¬
germane
current
deeper significance.
one.
which it
upon
say
that they
at least conjectural?
or
it is not
natural
to estimate its sequence
paredness, is it too much to
may,
a
the historic facts
which make necessary
hypothetical
It is
a
partly
Be this
to the queries
phase of
are
as
it
make to
we
subject of far
Through her Premier France
has uttered noble sentiments for
peace, for
ment of peoples side
by side without hatred
develop¬
inter¬
or
ference, for the divine live and let live principle. In
the poignancy of great
grief, in the pain of giant in¬
justice, the States of the world will not ask more,
nor
will
this
wTe
they forget in the
may
years
to
tual peace comes
Is it
summation
in
a
so
sooner
soon
then to ask
devoutly to. be wished"
can
ever
a
it may
until
world
rec¬
Germany still in the struggle
for life amid the throes of the effects of
war;
and
spiri¬
this "con¬
come,
splendid effort at reconciliation the
new
as
in Europe the better for the whole
yet too
ognizes that there is
a
far
physical.
There remains the conviction that the
under
fairly liberal government, "weak" though
be; and containing a people that, for all their
that
the
among
good things
the German people."
And again, with¬
attempting to quote exact words: "We desire
responsible,
the
liberal government,
a
people, with which
now?
The
a new
treaty of
we
yet
Is there
have
one
brought into
"administration" that has procured
With what, with whom?
peace.
a
government of
a
treat."
we may
changing currents
a
Have
to sense the full significance of this
come
act, and the obligations material and spiritual it
imposes ?
feated
On the "settlements" imposed upon a de¬
enemy
interpose
we
has not been proper
no
comment; if there
and ready response, we set down
naught in extenuation—but does malice yet linger
either
side, and what must be its effect
world dedicated to
life of
north,
live on, and
out
there
in
under
two
parties
yet ready,
bitterness
the
defeat
not be
closed book
the world
safe?
If
recover?
tween
victor in
some
If
the
there
is
cancer
one
Europe
be
to
it
can
of
as
an
the
a
passes,
the patient
come
peace
be¬
until
the
it, makes known it
word, almost, has not the time
worthy and imperative to
indispensable part of
as
as¬
poverty and
can
lasting
ever
tenders
manner
In
when it is both
civilization;
even
relentless condemnation
a
ognize the German people of to-day
regard;
may
inveterate hatred is the peace
former enemies
is welcome?
come
people sinking
a
controversy? If somewhere
failure eats out the heart of
ever
do its part,
What should it bequeath,
open
nurses
Is
to peace.
long until this generation
or an
con¬
aptly pointed
so
song?
new
in the outer darkness of
outlaw still
We who
of the
years
ask, to
we
of
join in the
may
It will
of
peace!"
necessary
may
here, there, everywhere.
one
have
chastisement, may take hope,
pire, and
a
us
As Premier Briand
are
the icorld
"Let
labor, after the weary
gone!
are
that
on a new
act in the
an
memorable than the magnificant return
of his sword to Lee ?
flict
Was there
peace?
Grant, whose ashes rest in this city of the
more
rec¬
entitled to
as
an
ascending
if willing, integer in
necessary,
longer-for universal peace?
Perhaps
is the
we say
these things prematurely.
tice, and there is mercy.
From the shores of the
greatest harbor in America, we are told,
search-light
rays
the
fogs at
saving light.
sea
out through,
for
a
no more.
Not in
true peace
standing"
a
nor
can never come
anguish
of
shine
war
yet in restitution, shall
reconciliation!
where there is
"Under¬
no
apprais¬
If France knows the inde¬
an
unprecedented
war,
can
If the world around
spread the spirit of peace, should it pass Ger¬
conquered Germany escape it?
many
peace
world that would have
but in
al of the "other side."
scribable
new
hundred miles its welcoming
release,
abide,
a
above and beyond
So must the spirit of
above the welter of
would
There
law-giver and the peace-maker; there is jus¬
and
dismiss the current topic in
it deals with the
world.
And with
come.
as
of the world?
peace
reminded
are
war upon
out
is it reasonable to believe other than that this
peo¬
ple
as a
President Wilson did say was this "We are not mak¬
on
those who
are
keep the
press
travelers, less able and less specific in¬
vestigators than Mr. Moody, there
to
being
for France and the
John Moody, after close inspec¬
can never
Germany.
to the
answer
peace.
of economics.
of
soon
past
instinctively object to such
conditions, tells
Europe
ated
try to foster
forget, is it too soon to try to forgive?
If there be those who
tion
even
forgetting and forgiving without which
the animosities and hatreds of the
Germany to join
new
a
people in the united resolves henceforth forever
concern¬
conflicts, but if the peace-maker is true to
mission
nation,
a
We
Time softens the asperities of
ing Germany?
national
be made to
GERMANY.
might not
by "on the other side"?
Dec. 3
THE
1921.]
2355
CHRONICLE
The Associated Press also had the following to say
fi/urrcixt
Omenta and jptscussitfixs
A
SUGGESTED
proposed by France
Reports
of
the
figured in
moratorium for Germany have
proposed
a
cablegram:
tions, the "Daily Mail"
may
here
payment of German repara¬
be recommended by the
says, may
and to increase
currency
paper
Reparation payments in kind would not be affected by the
moratorium.
memorandum, appeared as follows in
any
"Wall Street Journal" of
the
yesterday (Dec. 2):
memorandum or telegram to his
Government proposing German moratorium and has had nothing to do
with Hugo Stinnes and Walter Rathenau at London.
Pointing out that question of moratorium could not possibly be presented
Reparations Commis¬
except on formal request by German Government to
sion, which has not been made, to
be
granted except
the first to
was
nothing of being granted, and could
"I do not know
unanimous vote, he stated:
on
use
say
For my part I will do
this word moratorium.
opinion, would be disastrous not only for the Entente but
in my
for the
whole world."
or
fear of force can best be applied to
selected by lot be
will be difficult but possible, is expected.
has
impressed
consideration
no
Adoption of system of progressive penalties,
punished.
from which escape
Commission
will consider
It is suggested
Germany.
certain city should be razed or persons
that unless obligations are met a
for
so
long
as
on
German Government that it can hope
it continues to print marks without seriously
trying to balance paper obligations by solid products, or by adequate taxes.
President
Former
tions
emphasizes
change,
in
current
"Revue des Deux
obliged to take
Mondes" drastic measures of fiscal control Allies may be
Briand and Lloyd George at conference about to
recommendations
on
take place may formulate
days
The point being discussed
It
was
stallments.
is under what conditions a moratorium could
Dr.
On the previous clay
from Berlin
Reconstruction, had with
Simon,
to-day
progress
a
at
the
those due
sincerity,
between
the obtaining of advances to
cover
discussed questions
Germany's January and
proposing here a plan, similar
agreement between Germany and France looking to the
rehabilitation of devastated France, applicable to Great
Britain, Belgium
and Italy, as well as to France.
It is still not known whether Irish affairs will permit the Cabinet to con¬
the situation with Sir John Bradbury to-morrow, or whether there
meeting.
In any case Dr. Rathe¬
remain in London until Saturday.
His visit here is considered
further postponement
of such
a
important, because it is expected that he will shortly rejoin the German
yet
morning newspapers give great attention to
no
very
the subject
absence of
moratorium for Germany,
a
Dr. Rathenau's visit
of Germany's finances from
concrete opinion has developed,
that there is complete
of
any
or
many
angles.
althoguh it is noteworthy
declared hostility to the suggestion
any
other scheme calculated to render
Indeed, the tenor of most of the comments suggests that it would be easy
view, attributed to financial
experts, that a moratorium is desirable.
The question of France's position
is discussed by the financial writers, who assume that a moratorium would
bring general opinion into line with the
be distasteful to her,
but it is argued that French interests would be served
equally with British and that France
such
a
would gain more in the long run under
territory should Germany
plan than by further occupation of German
default in her payments.
In
was
Sun" stated that the reparations moratorium
meeting with
some
The Cabinet's Finance
of the plan, but
of Germany's
A bond
objections.
It
was
added:
.
scheme has been introduced
on
in the discussions as
a
means
of
of
the
Reparations
Commission
it
made
that
clear
but
installments,
to Paris
returned
situation,
to-night.
Germany must
pay
It was said that
the January and
that future payments would be given further
PAUL M. WARBURG SAYS EUROPE CREDIT WILL NOT
WHILE WASTEFUL ARMAMENTS
CONSUME SAVINGS.
According to Paul M.Warburg, Europe's credit "will not
be
restored
long
as
the old
tinues in
political and economic strife con¬
as
world;
long
as
as
the will to destroy is
stronger than the wish to construct, and as long as
armaments consume the
states that
assured."
be
the Board of
remove
these obstructions
do her full share in the work of recon¬
which
without
structions
cannot
can
wasteful
He further
savings of the people."
"Europe will have to
before America
it
was
made plain to-day, is strongly opposed
proposed moratorium for Germany's debts to the Allies, the move¬
for which is understood here to be gaining great strength in British
circles.
The
French view is that
Germany is potentially quite
capable of meeting her reparation payments
encouragement from Allied sources to
and will do so unless given
resist payment.
agreeing that Germany's finances are in a
officials indicate their belief that a
resorting to such
a
critical condition, French
readjustment can be effected without
radical move as a moratorium.
Reparation Commission circles it is
conference
the
of
dent
our
peace
own
prosperity
and
Warburg, who is chairman of
Mr.
the International Acceptance Bank of New
meeting of the latter
thought that an international
situation as regards
should be held to discuss the
Germany after the January
reparation payment.
on
Presi¬
at the annual
American Acceptance Council
Thursday of this week. As noted
Mr. Warburg has just returned
in these columns last week,
from
has
a
trip of several months to Europe, and hence what he
to
As to
is of particular moment.
say
our
economic
relations with Europe he said:
If I
were
to
translate America's position with regard to
the economic
problems of Europe into plain business language, I should say: we are
substantial creditors of the Old World Corporation, which is our best
customer
and
which
But how far we may
or
even
Is it to our
is facing great financial difficulties.
interest to let this corporation
go
into insolvency and disintegration,or
The answer is plain.
in taking "new securities"
further a reorganization?
be able or willing to go
in paying an assessment
make towards rehabilitating
Mr.
It
our
(that is
what contribution we would
depends on the plan of
customer) that
Warburg also said:
wherever we safely can do so, to place our
must be our aim,
to the rest of the world
'
to the
•t* In
members
banking strength freely at the disposal of other countries;
the part of France was indicated in the
The French Government,
financial
and
consideration.
Committee has not yet completed its discussions
penalization.
Opposition
While
semi-officially to-day after a final
.
financial
many's
it is believed some members are objecting to postponement
following from Paris Nov. 29 (Associated Press):
ment
Wirth
reorganization and the confidence it will inspire.
alleviating this difficulty.
official
intimated
was
shall we encourage and
cablegram from London last night (Dec. 2) the New
a
York "Evening
after
Commission, which has been in Berlin for several days studying Ger¬
The
As
payment of the reparations easier.
to
postponed,
York, made the foregoing statement in his address as
Government.
discuss
be
Commission.
Commission, and other Britishers,
It is understood that Dr. Rathenau also is
The
it
Chancellor
BE RESTORED
February reparations payments and the possibility of a moratoirum.
and
.
and February are paid, if the Allies are convinced of
in January
Treasury between
The Germans also met certain bankers, with whom they
will
v
■■■
Associated Press advices
(Nov, 19)
had the following to say:
of
German
reparations may
installments
Future
Dr.
German economic expert; Sir John Bradbury,
in
chief British delegate on the Reparations
nau
•>
500,000,000 gold marks.
The Feb¬
ruary installment is a 25%
tax on Germany's exports for the preceding
three months.]
:
7
Chancellor Wirth's negotiations with the German Industrialists' League
have not yet been decisively concluded.
;
made known this afternoon that the interview which
were
to the Wiesbaden
of the January and February in¬
V-',
January payment amounts to
[The
Chancellor of the Exchequer, yesterday, was for the
Home,
Consultations
a
here
that it was
prevailed in Berlin official circles since the arrival
payments subsequent to the falling due
discussion, among other things, of the moratorium question.
on
Dr. Wirth,
German
of the members of the Reparations Commission
conference
adyiees from there added:
Dr. Waiter Rathenau, former German Minister of
will be
the Reparations Commission by
primary object of the Commission to obtain at first hand an idea upon
which to base its attitude for an adjustment of Germany's reparations
February
sult
has
ago
the
concerning
Repara¬
Associated
•
belief
The
ten
ciated Press
Rathenau,
the
Berlin Nov. 20:
to
the
telling of
Chancellor,
confirmed in official circles, in London on Nov. 30, the Asso¬
Robert
to
the following
to
Government's willingness to seek
foreign credits required to meet the January reparations payment to the
Allies, has been received by the public as confirming the belief popularly
held that the Government possesses no illusions as regards its ability to
secure a period of grace in which to meet its obligations.
The Commission
departed yesterday for Paris, without answering the communication, but in
official quarters the belief is expressed that a reply will be forthcoming
from Paris.'
A.:;
'
' -V'i'
the
considering the proposed moratorium for Germany had been
be declared.
conveyed
were
according
handed
Germany's
exploitation of Germany.
details of occupation and
stating that the reports that the British Cabinet was
In
January
Commission,
month.
next
Sir
in
due
communication
A
in
who is talked of as Briand's successor
Poincare,
Governmental
next
willingness of the German Govern¬
credits to meet the reparations pay¬
seek foreign
to
ments
IN JANUARY.
DUE
TIONS
Advices indicating the
the
Reparation Commission at a meeting soon to be held here
how force
COMMIS¬
SION REGARDING MEASURES TO MEET REPARA¬
Any delaying of reparations,
everything possible to avoid such an event.
similar to that pursued by the
REPARATIONS
TO
ADVICES
GERMANY'S
Press cablegram from
French press he never sent or drafted any
who
manner
Turkish Debt Commission.
British Reparations delegate, announces to
Paris—'Sir John Bradbury,
not
Treaty of Versailles to take Germany's affairs in hand and
administer her resources in a
ment
by Sir John Bradbury of responsibility for the
drafting of
moratorium on reparations
officials, have full authority under the
The Allies, it is held by French
terms of the
proposal would be the result of the memorandum drawn up
A denial
any
Great Britain, it was said in official circles
be suggested by
British Govern¬
taxation.
Such a
by Sir John
Bradbury, chief British delegate on the Reparation Commission.
The attitude of France to the suggestion remains to be ascertained, but
her financial officials realize the gravity of the German situation.
jmad manufacture of
for reparation purposes, are likely to be
alternative to
an
as
to-day.
to
three years on the
or
that
Germany in return would be required to cease her
the Alllies.
to
printed the following special
-
A moratorium of two
ment
From London
week.
the current
papers
Nov. 29 the New York "Times"
a
receivership for Germany as a bankrupt, with an autonomous Rhine-
land to be exploited by the Allies
GERMANY.
FOR
MORATORIUM
in
cablegram from Paris Dec. 1:
and to ourselves.
vast
this is but fair
.
between the dollar and the currencies of the rest of the world
become unhealthily wide, but it is not within our power to bridge it
The gap
has
unaided.
It is only when the credit of the
old world is restored that,
automatically, our unused loaning power will become
able for world trade and
effectively avail¬
development.
Referring to the stabilization of exchanges and
the
neces¬
44 that
obligations and
sity of halting the printing press of the former enemy
night and day manufactures Government
currencies" Mr. Warburg said:
ingenious plans, which are
bringing abcut a
"stabilization of exchanges."
It is true that the world cannot hope to
return to fairly normal economic conditions until the
exchanges of the
I
cannot
conceived
help smiling whenever I hear of
as
independent
devices for the purpose of
principal countries are stabilized.
That stabilization, however, will fol-
2356
THE
the restoration of economic order;
:ow
necessary,
indeed practicable,
or
It is not
precede it.
it cannot
majority of the countries
for the
to find
level
a
further inroads of the enemy,
that
which they
on
whose deadly weapon is the printing press
succeed in bringing these printing presses to a
we
The payment
halt, we will
of the enemey's
order
to
positions.
printing
stop
budgets
equally well understood that taxation
limits
without
defeating
its
and
balanced.
first be
must
30
It is
raised beyond certain
cannot be
ends
own
efforts in attempting to balance
Pacific Development
admitted today that, in
It is generally
•
presses,
announced at the
greatest possible moment
doVn
induce the leading powers to cut
No student of history will doubt
is doomed to
suffer
statement issued
which
will not
it
requisite, it can only be considered
the Chinese
cation of the reparation terms, so that Germany may
them
into
to pay
be enabled to carry
without being forced to continue the fantastic output
effect,
admits
of
financial and
time.
that
in Central
social chaos
People
who
Europe within
of strength
evidences
see
must lead
Germany's present course
in
full, and have been
ernment in
activity and in the "boom" prevailing on her stock market are like those
who mistake the hectic flush
tion of health and vigor.
the cheeks of
on
Unless
low
sign of prosperity
a
people in the
integrity of China and the
very
glad to accede to the request of the Chinese Gov¬
granting this temporary extension and thus prevent any default
the liability of the Chinese Government to this corporation.
on
consumptive for an indica¬
a
would consider it
one
pending will enable them
desire and ability of the Chinese people to meet all of their obligations in
industrial
Germany's
are now
Development Corporation shares what they believe to be the
general belief of the American
to
ominously short
an.
period of three months from Dec. 1 1921.
the request of the Chinese Government in
the loan to the Pacific Development Corporation during the period
The Pacific
doubt
no
a
been taken at
of the ninety-day extension.
of her printing presses.
It
lhas
expectation that the negotiations which
It must be followed, if world disaster is to be avoided, by a modifi¬
step.
extended the payment of the principal of the loan by
Government for
This action
though the most important,
first,
as a
The following is the
1.
The Chinese Government has to-day paid the interest due Dec. 1 on the
the corporation has
for
recover
Dec.
$5,500,000 loan made to it by the Pacific Development Corporation and
the
But while reduction of armaments is an indispensable pre¬
generations.
Nov.
by Mr. Bruce:
is manfully trying to
most wasteful expenditures.
their
setback from
a
that
that, unless these efforts succeed,
on
time that the payment of the prin¬
same
ment for three months from
From these points of view it is of the
Uncle Sam, having once more come out of his tent,
made known
was
cipal of the loan had been extended by the Chinese Govern¬
budgets must be directed upon retrenching
expenditures.
world
Corporation
by Edward B. Bruce, President of the Corporation, who
the main
therefore,
that,
by China of the interest due Dec. 1 on the
$5,500,000 loan made to the Chinese Government by the
have gained the strategic point from which we can successfully carry the
rest
CASE OF CHICAGO LOAN.
MENTS IN
night and day manufactures government obligations and currency.
When
ARRANGE-
DEVELOPMENT CORPORATION—NO
successfully arrest the
may
[Vol. 118.
CHINA PAYS INTEREST ON LOAN TO IT BY PACIFIC
in¬
But their
volved to aspire to return to the ante bellum level of exchanges.
aim must be
CHRONICLE
per-capita
debt
of the
Chinese
Government
and
the
With the
tremendous
million rubles, and in Austria a
population and undeveloped resources of that country, China offers per¬
could only see the dread
haps the most attractive field that there is to-day in the world for American
symptoms of a panic in the amazing rise of foreign exchanges and shares
investment, and it is the sincere hope of the Pacific Development Cor¬
that in Russia
in
railroad ticket sells for
a
lady's dress for
a
hundred thousand
German markets.
It
a
crowns,
in gold
so
much more than she
long
so
possibly
as
can
things like industrial stocks) and foreign
cases,
bought.
in
to its
bound to rise and
are
As long
war.
jump in this
wages
as
hectic
from
one
Increase
in
the
national
classes that used to live
ing classes
debt
are
In
such
conditions
not sufficed to meet the cost of all her
last
months
have
in
ceasing to exist and the Work¬
such
ing recent months shows
many
a country
of
Meanwhile, disorganization in
and
Wherever
one
one
Switzerland,
capacities,
or not at
doctrine,
pounding the
In almost
every
It is significant
liquidate their loans.
find
we
that it is
the
wiseacres
some
monetary
country there
are
or
system
on
the banking
Whenever I heard such
Bankers who
on
the Nov. 1 maturity, said
of the
case
were
was
easily arranged
all held by the corpo¬
Continental & Commercial deal the notes
investors.
among
an
early date which will make possible the refunding of
both of these loans.
J
for several
months, conducting negotiations with the Republic
of China for the payment
United
States
Nov.
on
Press dispatch from
According to
an
weaker
renewal,
no
or no
immediate prospects
adjustment" of the loan during his 25 days' stay there.
CHINESE RAILWAY
their ills by sinking to
cannot cure
From the New York
ones.
ultimately drag down their
BOND INTEREST
DEFAULTED.
the level of the
They must rather seek salvation in arresting the inflationist's
plunge into financial anarchy, so that his lower standard of living may not
take the
we
"Evening Post" of last night (Dec. 2)
following:
own.
The Chinese
Government
has defaulted
interest payment on the $10,-
000,000 issue of Chinese Railway 5% bonds, due Dec. 1 last.
JAMES
SPEYER
AND
R.
G.
HUTCHINS
INTERNATIONAL BANKERS'
JOIN
JR.
COMMITTEE ON
unification of
the
representing
Mexico made known the fact that
tion had been extended to James
to
become
members of
the
terms of the issue.
American
Section
WASHINGTON.
This
Bankers in the American group of
on
Mexico has invited James
have been duly elected upon the committee.
The British Section has
enlarged by the election of Frank C. Tiarks, of the banking house of
Messrs. J. Henry Schroder & Co. of London.
committee bring about
interests representing American and
have recently been
these conferences
the Chinese Consortium
holding meetings in this city.
the
further community of
European holders of Mexican
securi¬
date Speyer & Co. made the
following state¬
ment:
We
Members of the American group of the
respecting
China.
The
international consortium held
deliberations have taken
we
of the aftermath of the default by
As
China on $5,500,000 notes due Nov. I
result of the study of the situation
a
owners.
similar amount on Dec. 1.
which has been undertaken the
we
considered advisable for the protection of the
It
had
was
no
best
be served
proposal on its
behalf.
It does not intend to alter its
interests of the
position, but there is a chance that the Peking Government may reconsider
so
lief that from this time forward the interests of the bonds which
will
proposition from China before it and that it was not prepared to
make
of Bankers on Mexico to be represented on that body, we did
issued
emphasized in banking quarters yesterday that the consortium
have taken all
In accepting the recent invitation of the International Committee
in the be¬
our
house
through such co-operative action, and
settlement of all Mexican obligations promoted thereby.
$16,
000,000 loan to the Peking Government.
,
posit of these securities has oeen very gratifying, and
steps that we
a
cognizance specifically
impression obtains that the American group may renew its offer of a
up till now acted independently in representing the holders
Irrigation 4bonds and Mexican Government 4% oonds,
had placed here and abroad.
The response to our call for the de¬
have
of Mexican
which
26
said:
and the possibility of a default on a maturity of
same
Regarding
"Journal of Commerce" of Nov.
meeting yesterday, the second this week, to "consider the general situation"
a
ties.
On the
in accordance with the
CONSORTIUM—PROPOSED DISCUSSION IN
that
of
Speyer, of Messrs. Speyer & Co., and R. G. Hutchins Jr., of Messrs. Hall-
has
the interest by Nov. 21,
CONFERENCES IN THIS CITY RELATIVE TO CHINESE
garten & Co.. to become members of the American Section, and these gentle¬
.
over
The cable stated that the Yokohama Specie Bank has
cess.
Speyer and R. G. Hutchins
The International Committee of Bankers
to the
cable message from its home office, stating that it was
been making strenuous efforts to secure the interest due, but without suc¬
statement follows:
These additions
a
invita¬
an
committee, and that both had been elected thereto.
Deen
Information
received this afternoon by the local office of the Yokohama
Government to hand
interests
statement issued in behalf of the International Committee
on
was
unable to pay interest on these bonds because of the failure of the Chinese
American
holders of Mexican securities has been effected; on Nov. 30
of Bankers
to this effect
Specie Bank in
MEXICO.
The
men
Associated
Peking Nov. 26, he said that there had
been "no collection,
of
of the notes, left China for the
27.
afflicted with scarlet fever, because he envies him the auto ride to
Stronger nations
Jr.
were
Hope was expressed in responsible banking quarters that an agreement
attempt to become infected by a
the hospital—or to the cemetery.
a
principal
the $5,500,000 loan made by the Continental & Commercial
Pacific Development Corporation extension
the
politicians pro¬
or
who hold the view that, in
some
ought likewise to indulge in inflation.
good health who, advisedly, would
person
noted
John Jay Abbott, a Vice-President of the Continental &
arguments, which happily are spending their force, I had to think of a man
in
was
As to the default in that
Commercial Trust & Savings Bank, who had been in China
ours;
order to meet the low cost of production of German goods, their own gov¬
ernments
Chicago
the New York "Tribune" of Dec. 1 said:
will be reached at
policy of the particular country that is to be blamed for the loss and suffer¬
ing.
Continental &
the
factories working
credits and extended banks trying to
that in almost all these countries
issue of Nov. 5, page 1930.
widely scattered
are
affects
Scandinavia
syndicate headed by
all, accumulations of unsold goods, frozen
England—one finds conditions very similar to
at half their
Holland,
a
ration, whereas in the
Acute un¬
of Europe's important units
principal and interest
$5,500,000, maturing Nov. 1, made to it two
because the Chinese notes involved in this loan
60 million people, protected by an army
goes—in
our
that
of 100,000 boys, is a condition not to be faced with complacency.
the others.
China
out and
development and general prosperity
opment Corporation loan and had defaulted
One dreads to think what
over
exist in connection
asked yesterday why it was that China had taken care of the Pacific Devel¬
German export trade dur¬
be the consequences when factories will have to be closed.
employment in
now
be straightened
may
Trust & Savings Bank of Chicago, due at that time.
German exporters no longer
marked decline.
by
ago
and interest
and have
proportions
a consequence,
As
a very
ghastly
pending and
On Nov. 1 the Chinese Government defaulted in the payment of
Exchange fluctuations!
importations.
uncertainty, that today
foreign orders.
the loan of
case,
the less, that her total exports have
taken
finance
Commercial Trust & Savings Bank of
Reichsmark has flooded Germany with
none
are now
people.
years
the
with the ever-rising cost of living.
manufacturing orders, it is true,
created such
no
doomed continuously to struggle for increases in wages so as
are
While every new decline of the
dare to take
earth that
unbounded
fixed incomes
on
to enable them to catch up
during the
power on
there is
circulation.
Government
The failure of China to meet both
on
day to the other prices of goods
stop the continuous and
manner,
and
Chinese
enabled to go forward with a period of
Increased dividends, payable in worthless paper, in most
could produce a balanced budget and
may
with
decline—
do not give the German holder the same return in goods that he en¬
joyed before the
and
exchanges
conference, the somewhat chaotic conditions which
produce in goods, or
and will be thrown overboard—and "things" in Germany (or the equity
result of the negotiations which
as a
especially in view of the developments which will result from the Washington
that country is held
induce the world to accept in goods, the Reichsmark is doomed to
will be
poration that,
that people, inside of Germany and out,
means
have reached the definite conclusion that
to pay
one
a
a
new
its rejection,
has it, has
Press
own
particularly if the Chinese delegation at Washington,
recommended such
advices from
so
report
a course.
Peking that John J. Abbott of the Continental &
Commercial Trust & Savings Bank of Chicago, had arranged a $30,000,000
20 year loan were informally
denied here.
Dec. 3
THE
1921.]
Some discussion has been had at the twolmeetings
CHRONICLE
of the^ bankers
con¬
cerned of the progress of the Washington conference toward settlement of
the Far Eastern question, with particular reference
China, but
of opinion has been established.
no consensus
In referring to the appointment of
::
the
how it will affect
to
sub-committee at
a
Washington conference to deal with Chinese financial
the
matters
New
in
"Commercial"
York
advices
from
diplomatic body must provide guaranties for
tains silence
on
Her delegates have prepared
funds
In
obligations to all the Powers, but will demand
indemnity.
fiscal freedom to enable
more
He is expected to propose the general remission of the Boxer
so.
The Roosevelt administration
v
consider
to
under
come
the
review
Sze
also
expected to
amounting
principally
to
$5,500,000
of Chicago
notes
question
of rendering
ap¬
China financially
deal with
$10,000,000,
China's financial
accrued
interest
which matured Nov.
defalcations,
loans,
on
and
16.
Precisely how much fiscal relief China will seek is uncertain, though it
is
significant
that
of her
one
delegates states that
which threatened the stability of the Government
temporarily through remittances from provincial military
7,000,000 taels.
Such heavy remittances from the
unprecedented and the action of the governors is pointed to
totaling
are
We likewise quote the following
Trade
tension
Bank
Commissioner
in
of
regard
China
1
yields $40,-
ap¬
that
the
four-Power
York "Times" in
Consortium
would
come
Washington dispatch Nov. 27 had the
a
the
has
cabled
runs
the
Department of Commerce that the
the
on
diminished.
Bank
of
Communications
the
and
Some
are
It
is also
reported that General Chang-Tso-Lin, Governor-General
Manchuria, has furnished the Pekin banks with $3,000,000 Mexican.
According to advices received at Washington
by
cablegram from
China,
and
of
Commercial
Attache
Nov. 29,
on
Arnold
at
Pekin,
the Bank of Communications and the Bank of
from
resulting
Shanghai
the
runs
offices of the
the
on
banks,
Peking,
still
Tien-Tsin
remains
serious.
It is added that:
in part:
say
Rhea
to
,
,
before the conference before the end of this week, the New
is
Washington advices,
of the commercial
concerns, the
accepting part payment in the notes of these banks,
but there is some question as to whether this action on the
part of private
concerns is purely a
voluntary effort towards the restoration of confidence.
pressure on
China
cablegram
a
allotment to the
an
The present allotment of 5%
000,000 annuallj.
following to
crisis had been averted,
a
indicating the seriousness of the situation.
as
Government of 20% of the customs dues levied in China would enable it
to meet ail its domestic needs.
Stating
capital, but offers to guarantee all
collapse of the Govrenment.
In some
crisis
cablegram stated,
is
a
averted
provinces
Chinese customs, and,
by the sub-committee
autonomous.
Dr.
the
pearing in the "Wall Street Journal" of Nov. 22:
The Boxer indemnity is guaranteed by liens of the
to-day
miles from
collapse is expected hourly.
a
financial
been
governors,
other nation followed
,
therefore, will necessarily
pointed
^
Pei-fu, the strongest militarist connected with the Govern¬
eighty
Peking, Nov. 22 (Associated Press), stated:
The
cancelled the American share
of the indemnity, amounting to $20,000,000, but no
the example.
Wu
now
indicating that
from
has
v''.
the police.
pay
is
foreign obligations in the event of
this point, it was agreed to allow them to state their case
•/
Dr. Alfred Sze wili voice the desire of China to meet her just financial
her to do
to
General
ment,
although the official communique main¬
to-morrow,
refund of this money if it Is
|A general mutiny of the unpaid troops around the metropolis is feared.
The situation among them have been aggravated
by the release of salt tax
China's voice will again be heard in the Committee on Pacific and Far
Eastern questions when it meets to-morrow.
definite financial proposals, and.
a
released, and this is impossible.
quarters here
Washington Nov. 22 said:
3357
There
are
believe the report true
to
reasons
that the authorities
not
are
accepting the offer of
$3,000,000 Mexican by General Tsao-Lin, Governor-
agreement, that of making loans in a businesslike way, without attaching
General of
on
to
The
willing to accept the principle enunciated in the consortium
thenji concessions and alleged infringements upon China's integrity.
Manchuria,
offer, however, has had
The consortium plan was conceived by the United States in the interest of
given
China and
appreciable
our
officials
of the steps in
one
hopeful that it will be accepted by that Country
are
the financial rehabilitation
as
and
which will be
a
of objections
must be eliminated.
a
advice, there
In the opinion of Chow Tze Chi, ex-
"The international banking consortium was objected to by the Chinese on
at least three
principal grounds," he said.
"These
The first objection found by the ex-Minister is to the Manchuria and
memorandum
on
This clause, he
her
says,
is not definite and clear.
Japan's
rights and interests in Manchuria shows that she cannot
give up her special interests in the regions of South Manchuria and Eastern
Inner Mongolia,
Japan's national defense and her economic existence."
Chow Tze Chi says that the consortium agreement does
point of special interest clear.
Inasmuch
as
any
notTmake this
official recognition of
Japan's special interests in Manchuria and Inner Mongolia is regarded
direct
violation of the open
door,
China cannot accept the
as a
interpreted to give international control of China's railways.
as a
ways
of
revenue
The
third
monopoly
To
grant
a
China's railways
situation where
are
the principal
and, according to the ex-Minister, if control of the rail¬
objection
over
in any loan
urged is
that
the
consortium
gives the
The ex-Minister says China wants to have
If it should be agreed, he
says,
a
CHINA.
pay
"the interest due
on
two
Bankers'
Association.
These
same
requested that repayment of principal be extended for six
months
or
a
China
This
that
is
movement
societies
educational
extensive popular movement is
an
organized through the
and
industrial
bodies,
association
wishes
the
of
the
commerce,
central
a
na¬
to
make
further
no
that there could
this matter has
existing loan,
of the wine and
American
loan
tobacco
be
no
carries
been
objection to the refunding of
complicated
provision for
a
This loan has
revenues.
by the fact that the
American co-inspector
an
now
been turned
over
which in turn will put it into the international
group,
That
foreign commitments until
in China is settled and the reconstruction completed
seem
Pacific development
the
have
people of China has declared emphatically that
Government
it would
While
an
chambers of
which
organization in Shanghai.
This
it
understand
going on in
the reorganization of the Government in the provinces and the
for
nation.
tional
".vV. '
.
We must
the
The following is quoted from his state¬
year.
ment:
sortium.
group
TO
advices state that he said further that the Association has
means
international
to
con¬
control.
a
free hand
Chinese people
The
loans and prevents China going outside of the group for
negotiation.
no
dispatches of Nov. 20) has been
press
Chinese
the
the internal situation
should lie with the consortium it would cripple Government finance.
financial assistance.
been
China by American banking companies"
guarantee for loans,
he says, will cause a great deal of trouble and will lead to
source
has
ASSOCIATION'S OFFER TO PAY
offer to
an
to
(we quote Washington
made by
consortium
The ex-Minister says the second objection is that the consortium can be
continued control of the railroads to foreign Powers
Government,
nese
agreement without a specific statement to that effect.
international control will actually exist.
Banks in other plaices have
otherwise there
According to Paul S. Iieinsch, legal counselor to the Chi¬
the ground that "these regions stand in every close
on
and special relation to
but
ON LOANS EXTENDED
vital to China's
are so
economic interests that they can never be accepted in their unmodified con¬
dition and undefined form."
Mongolia clause.
beneficial effect.
assistance,
change in conditions.
loans extended
three objectionable stipulations in the consortium.
are
a
Peking
INTEREST
number
Minister of Finance, and China's leading financier, who came here to offer
his
in
CHINESE BANKERS1
protection against "frenzied finance"
accept the consortium her delegates say that
can
banks
increasing
corruption of Chinese officials.
Before China
the
program.
China is to be placed on a basis of financial stability, through
her customs duties, withdrawal of the foreign Post Offices and the operation
of the consortium,
account of the conditions involved in the tender.
ment
itself
object to making such
a
commitment.
The Govern¬
might make the loan, but the people would object.
that China could
obtain loans for economic and industrial development from the consortium
source
only, China would have to accept whatever terms the consortium
might impose
upon
If all the terms of the consortium
her.
are
OFFERING OF LINCOLN JOINT STOCK LAND BANK
carried out,
he says, it virtually means that other nations are barred from free
BONDS.
■
competi¬
An issue of
1
tion for loans in^an open market.
$1,000,000 Lincoln Joint Stock Land Bank
(of Lincoln, Neb.) 5% farm loan bonds
week by Brooke,
CHINESE BANK DISTURBANCES.
ton and
Iluns
the
on
of Communications and
Bank
the
Bank of
China in Peking, Tiensin and Shanghai were reported
received
cablegram
by
the
Department
of
in
Commerce
a
at
Washington, Nov. 18, from the U. S. Trade Commissioner,
Frank
Rhea, at Peking,
which said:
outstanding feature of the situation in China at present is the runs
the Bank of Communications and Bank of China in Peking, Tien-Tsin
on
and
started November 17.
In Peking these banks sus¬
pended the redemption of their notes in excess of $10 Mex. per person, but
continued to pay depositors in silver.
Post-offices, railroads and telegraph
offices, however, continued to accept the notes as heretofore, and by Novem¬
Shanghai, which
21 commercial
ber
these banks,
of
concerns
were
also accepting part payments in the notes
but there is some question as to whether this action was a
purely voluntary effort on the part of private concerns toward restoration
of confidence.
Under the military regulations which were promptly im¬
posed the
had
been
effect of
reduced,
the
runs was
minimized, and by Nov. 21 the tension
though the situation,
which still remains serious, will
probably be long drawn out and the eventual results are still doubtful.
Under
the
same
date
the Associated
Press reported the
following advices from Peking:
The
by
heavy
run
on
all the Chinese banks
continued to-day.
All efforts
the foreign banks failed to induce Sir Frances A.
of the Imperial Maritime Customs, to release the
taels trust fund to save the situation.
He atgues that the
the officials and
Baltimore.
The offering price is 100 and interest,
The issue is dated May 1 1921 and will
May 1 1941.
The bonds are callable at par on
mature
May 1 1931 or
coupon
any
interest date thereafter.
They
in
are
form in denominations of $500 and $1,000; interest
payable May and Nov. 1 in New York, Chicago and Lin¬
coln.
The official announcement of the offering says:
These bonds are a direct
of Lincoln,
the
obligation of the Lincoln Joint Stock Land Bank
Nebraska, and
made
mortgages
by
are
it.
secured by deposit of an equal amount
These
mortgages
are
deposited
of
the
with
Registrar of the Farm Loan Bureau of the United States Treasury Depart¬
ment.
The loans
are
all made
on
Every farm was appraised by
farms in Iowa and Nebraska
an
.
experienced land examiner appointed
by the
Federal
by the Federal Farm Loan Board, and this appraisement passed upon
Land Bank and also checked
by the Appraisement Division of the
Farm Loan Bureau.
The average
appraised value
per acre
of land underlying the bonds of
bank is $158 12, while the average amount
this
loaned per acre is $66 93,
1-3 %.
made.
percentage of loans to appraised value of security is 42
or
A number of
From official
record of sales we find the average sale price per acre to be $182 15, while
the average amount loaned per acre on land sold was $69 90, or the per¬
farms have
been sold since the original loans were
centage loaned to the selling price is noly 38
These bonds are
3%.
.
legal investments for all fiduciary and trust funds under
of the Federal Government and are acceptable at par j as
Aglen, inspector-general
the jurisdiction
14,000,000
security for postal savings and other deposits
offered this
yielding 5%.
is
The
was
Stokes & Co. of Philadelphia, Washing¬
of Government funds.
[Vol. 113.
CHRONICLE
THE
2358
Over
the amount of their stock.
OFFERING OF FLETCHER JOINT STOCK
LAND BANK
Co. of In¬
dianapolis of an issue of $750,000 Fletcher Joint Stock
Land Bank 5% Farm Loan bonds was, we are officially
under date of Nov.
advised
bonds
The
subscribed.
28,
at par and interest.
offered
were
than doubly over¬
more
dated Nov. 1 1921 and are due Nov. 1951.
They
callable Nov. 1 1931 or at any interest date thereafter
They
are
at
Interest
par.
in denominations of $1,000, $500
are
offering by
The official announcement of the
$100.
of the Federal
under the direction and control
of the
of the Treasury Department
Farm Loan Board, which is a bureau
United States Government.
The Federal Farm Loan Act
provides that these bonds are "instrumen
talities of the United 8tates Government,"
and
as
such are free from all
Federal, State, municipal and local taxation.
The constitutionality of the Act and tax
exemption of the bonds has been
It also
1918
under
Bank
Land
Stock
Joint
Milwaukee
of
Act, with
Loan
Federal
Farm
Federal
supervision.
the
under
The
organized
was
in
capital of $250,000, and
a
officers
Earle
are:
M.
Pease,
Fratt, Vice-Presidents, and E. A.
Carr and George N.
President; Fred J.
Dow,
bank:
gives the following particulars regarding the
Bankers'
operates
Secretary-Treasurer.
The
bank
is
in making loans to the farmers of Wisconsin and
engaged
Up to the present time the loans have been confined to South¬
and Southern Minnesota, the great dairy belt of the Middle
Minnesota.
Wisconsin
ern
West.
Up to Jan. 1 1921, first mortgage loans in an aggregate amount of
$3,854,200
value
of
The
made.
were
covered
lands
appraised
following is the acreage and the
Total amount loaned, $3,854,200;
by loans:
acres
appraised value of real estate security,
$10,104,459 ; appraised value per acre, $94 56; amount loaned per acre,
$36 07 ; percentage loan to appraised land value, 38.15%, from which it
can
be
noted
that the percentage of loans to appraised value is only
38.15%, while the amount authorized by the Federal Farm Loan Act is
50%.
All of these farms are appraised by inspectors appointed by the
United States officials, and each loan is accompanied by a certificate from
real
an
attorney approved by the Government that the mortgage is a first
estate
the
on
upheld by the Supreme Court of the United States.
106,847;
security,
lien
premises.
Indiana and Illinois
by groups of mortgages on
The bonds are secired
is
of
Trust Co. said:
the Fletcher Savings &
These bonds are issued
and
1
semi-annually May
payable
is
The bonds
1.
bank
The
hundred Wisconsin bankers are stock¬
one
officers and directors are also Wisconsin
therefore a home organization, doing business with
while the
bank,
people.
The
are
Nov.
and
home
offering by the Fletcher Savings & Trust
An
this
in
bankers.
BONDS.
-
holders
exclusive of improvements, at least
double the amount lent.
Furthermore, they are the obligations of the
Fletcher Joint Stock Land Bank, the capital stock of which (excepting
directors' shares) is owned by the Fletcher Savings & Trust Co.
farms, which are in each case worth,
by Brooke, Stokes & Co. was noted
in these columns Nov. 12.
COMMITTEE—FINANCING
ORDERLY MARKETING
In announcing
its
Corn
Belt
Chicago, the
MISSISSIPPI AND ARKAN¬
OFFERING OF BONDS OF
SAS JOINT STOCK
LAND BANK.
Baltimore, this week announced an
Land
Stock
Bank
5% Farm Loan bonds (Memphis, Tenn.), at a
to
price
The firm stated that all of the bonds
yield about 5.24%.
for delivery have been sold.
of these banks now available
These bonds
is
Interest
dated Nov. 1 1921 and
are
York City, and the bonds are callable at
Nov. 1 1931
They
interest date thereafter.
or any
in denominations
are
1 at the Equitable
payable May 1 and Nov.
Trust Co., New
par on
due Nov. 1 1951.
are
$500 and $100.
of $1,000,
announcement the firm said in
In their
part:
The stock of these banks is owned by
Co., Memphis, Tenn., which latter has depos ts of over $15,000,000, and
is the second largest
Joint Stock Land
(i. e,, Bank of Commerce and Trust Co.), to pay necessary assess¬
banks
ments is assured.
The farms
having been planted for 75 to 100 y ears without any rotation of crops and
that thrive in the North, and in addition is a peerless producer of
1 ong staple cotton, sugar and
fertility in the first
over
It makes luxuriant crops of all the grains and
in the temperate zone.
grasses
seven
eighty years without fertilizer.
centage of loans to appraised valuation of lands underlying
s
not more than
these
per¬
bonds
36%.
are
Belt
Finance
Farming"
J.
pelca &
Santa
U.
exempt from all Federal, State, munici¬
111.
Vice-President, Atchison, To-
Alexander Legge, General Manager,
111.; Charles Brand, Urbana, O.;
;
Chicago,
Co.,
S.
Agriculture,
of
Department
President of the First National
McNider,
The
Harvester
of
Tennv, Assistant to the Chief, Bureau of Markets and Crop Esti¬
Lloyd S.
mates,
Howard,
Chicago,
RR.,
Fe
International
publisher of
Meredith,
T.
Agriculture, Des Moines,
President, American Farm Bureau
Secretary
former
R.
E.
Edward Chambers,
111.;
Federation, Chicago,
two
and
Vice-Chairman;
Iowa,
Hon. Warren T. McCray, Gov¬
Chairman;
Indianapolis,
Indiana,
the membership of its
to-day announced
Corporation
Advisory Committee as follows:
of
"Successful
majority
the
Washington,
Bank,
C.,
D.
C.
and
H.
Mason City, Iowa. ;
of the Committee have been conferring
in Washington for the past
members
the
of
Finance
War
Corporation directors
The Committee will
days.
establish headquarters in
proceed to
now
Chicago, from which place its work will be directed.
Committee will
The
obtain the co-operation of
to
the banking
generally throughout the
corn
belt
the
purpose
of providing adequate financing for the orderly marketing
corn
and the
feeding of livestock.
Bankers
of
endeavor
and banking institutions
organizations
for
the
problem of- the farmers
generally will be urged to consider the
in
belt
corn
their respective
Loan Agencies of the
Agricultural
districts and to co-operate, through the
War Finance Corporation,
in providing
adequate funds to meet the present situation.
In
the
reason
that
event
another,
or
and
ways
tions
take
derived
Committee
by
be
called
facilities for financing the
to
generally
of
assist
farmers.
States
to
investigate and
great deal of benefit will be
the
of
problems
that
the
that such comprehensive participa¬
and
secure,
may
functioning
different
a
one
meetings of farm organiza¬
cause
consideration
for
in
banking
a
restoration
institutions
confidence
of
where
proper
and
security
be obtained.
can
pal and local taxation.
bankers
able
unable,
the Committee will find
situation,
the
in
themselves
find
It is felt that
comprehensive
will be
effective
more
the
additional
create
to
the
from
of
care
that the Committee will
bankers
and
to
institutions
local
the
to
means
is expected
It
tion
The bonds by an Act of Congress were created "instrumentalities of the
United States Government" and
is
storing corn for orderly marketing and
help work out local problems.
The
it
that
The Corporation's announcement follows:
War
ernor
Soil chemists assert that there is enough
rice.
inches of Delta soil to produce standard crops for
The policy of these banks in placing loans is very conservative.
1
Corn
The soil of this Delta will produce every crop that
without fertilization.
grows
The
in the most
The land in this Delta country is
fertile section of the Mississippi Delta.
extremely fertile, many farms are still producing very heavy crops after
stated
purchasing feeder livestock through loan companies and
banks.
of
which the mortgages are placed are located
on
in
bank in Memphis, thus insuring wise management.
In addition the financial aoility of the stockholders of these
Corporation
existing conditions warrant the granting of liberal credits
with
the Bank of Commerce & Trust
headquarters in
with
Committee,
Finance
War
agreed by the directors of the latter and the Committee that
Land
Arkansas Joint Stock
and
Bank
Joint
ENABLE
TO
OF CORN.
under date of Nov. 18 the membership of
Advisory
to assist farmers in
Washington and
offering of Mississippi
Brooke, Stokes & Co. of Philadelphia,
CORN BELT ADVIS¬
CORPORATION'S
FINANCE
ORY
Joint
offering early last month of $500,000 Fletcher
An
Stock Land Bank bonds
WAR
It
was
agreed by the Committee and
the Directors of the War Finance
Corporation that existing conditions warrant the granting of liberal credits
OFFERING OF BONDS OF JOINT STOCK LAND BANK
to
assist
An issue
Milwaukee.
First
of
$500,000 Bankers' Joint Stock Land Bank of
Company
of
in
storing
through
corn
for orderly marketing and in purchasing
loan companies and banks.
ready has been engaged in making advances
5*4% Farm Loan Bonds, is being offered by the
Wisconsin
farmers
livestock
feeder
OF MILWAUKEE.
Milwaukee
and
Oskkosh
livestock sections and
under
corn,
in the
prevailing
corn
belt.
levels,
price
on
a
The
Corporation al¬
considerable scale in the
A better price can be obtained for
Dy
feeding
it
to
livestock
than
by
selling in the market under present conditions.
at
102% and accrued interest, yielding 5.18% to optional
ma¬
turity and 5.50% thereafter.
em¬
Two separate offerings,
ADVANCES
bracing bonds of five banks of issue, including the Bankers'
Joint Stock Land Bank of
columns Oct.
Milwaukee,
1, page 1409,
and Nov.
were
19,
noted in these
2127.
page
The
syndicate underwriting the issue offered by the First Wis¬
consin
of
Company is composed of the following members, all
Milwaukee:
First
Wisconsin
Co.,
Henry C.
Quarles &
Co., Morris F. Fox & Co., Marshall & Ilsley Bank and the
Finance
Investors
sued
under the
Corporation.
Federal
bonds, which
are
is¬
Farm Loan Act, are dated Nov. 1,
and are due Nov.
1921,
The
1 1951.
They
are
redeemable
at
OF
FINANCE
According to
the
War
a
Finance
128
MILLIONS
statement
sumed
BY
WAR
issued under date of Nov. 19,
Corporation
taling $128,996,938 from
ment
APPROVED
CORPORATION SINCE JAN. 4.
operations,
lias approved
advances to¬
Jan. 4 1921, the date when it re¬
to Nov.
The following is the state¬
19.
:
shotting, by Commodities, Advances Approved by War Finance
Corporation from Jan. 4 1921 to Nov. 19 1921. Inclusive.
advances
approved
by 2. Advances for "agricultural pur¬
War Finance Corporation:
poses" approved by War Fi¬
nance Corporation:
Cotton
$47,877,598 00
$15,000,000 GO
Tobacco
3,199,369 00 Wheat
Wheat
11,500,000 00 Cotton
13,025,214 50
Condensed milk
1,000.000 00 Livestock
9,855,772 00
agricultural
Canned fruit and veg,
400,000 00 General
Dried fruit,
1,250,000 00
purposes
20,957,518 60
Statement
1.
Export
-
the option
of the obligor at par and accrued interest
1, 1931, or any interest date thereafter.
nominations of $1,000 and
1
and
Nov.
1.
The
They
on
are
Nov.
in de¬
$10,000; interest is payable May
bonds
are
exempt from
all
Federal,
State, municipal and local taxes, except inheritance taxes.
The circular of the First
'These
Bank
bonds
of
Act, with
are
Milwaukee,
a
direct
Wisconsin,
capital of $250,000.
Wisconsin Co. also
obligations
of
organized
the
says
Bankers'
under the
in part;
Joint
Stock
Land
Federal
Farm
Loan
The liability of the stockholders is double
Meat
products,___
Railroad
equipment,,
Copper
Sugar mill machinery,
Agricultural machin'y
the
total
$63,700,000
institutions.
amount
Total
500,000 00
__$70,157,433 36
Total
Of
1.000,000 00
2,925,000 00
145,600 00
359,866 36
Grand total,
represents advances to exporters:
associations and $58,050,329 57 to financial
$7,245,608 89
to .co-operative
$58,838,505 10
-$128,995,928|46
DEC. 3
Corporation approved, on Nov. 29, 71 advances, ag¬
The
AD VAN CESS OF
APPROVED
MILLIONS
14
OVER
BY
WEEK OF NOV. 19.
WAR FINANCE CORPORATION
gregating $2,272,000, for agricultural and
follows
as
Finance Corporation
During the week of Nov. 19 the War
of which $13,447,and livestock purposes and $892,-
approved advances totaling $14,339,726,
000
were
for agricultural
726
were
intended to assist in the
summary
poses-follows:
: r
Number of
'
State—
Advances. Amount.
(on
live
$287,000 Missouri
stock in Texas)
2
" 491,000
148,000
,
2
...
..
:
'
.
/
_
Utah-Idaho
483.000 in Iowa
61,000 in Kansas
Wyoming
1
Montana
8
Arizona
New Mexico
4
1
284,000
ginia
North Carolina
8
4
7
319,000
325,000
192,000
exporter to assist in
South Carolina.—
______
27
631,000
—w--_
2
75,000
-218
$13,447,000
_
— —
Minnesota—
1,351,000
303,000
25
684,000
~
Dakota.9
288,000
352,000
Florida
-
-
_
Y~:'
Georgia.
7
-
Illinois.-
10
15
Missouri
-
W isconsin
Nebraska
South Dakota.
—
-----— _
Iowa
Texas
North
Total..
financing the exportation of sugar mill
Y-:
■
X-YYXv X ■ Y-Y:'
machinery.
FEDERAL RESERVE BANK
Agricultural machinery..-
— —
Cotton
Total
—.
.
1
------
42,726
3
-
—
_
350.000
1
$89? ,726
$14,339,726.
Nov. 19 1921,
Grand total for the week ending
WAR FINANCE
MILLIONS
9
CORPORATION WEEK OF NOV. 26.
Finance Corporation
During the week of Nov. 26 the War
for agricultural and
were
for
were
In
approved for agricultural and
follows
Amount.
$326,000
41,000
Nebraska
Colorado.--.-.
Colorado (on livestock
—
Nebraska and
Amount.
__
:
Montana
1,717,000
Y —105,000
Iowa
Minnesota.
436,000
25,000
Missouri
Missouri
- _
300.000
_ -
-----
_
—
;
----------
221,000
225,000
223,000
254,000
186,000
offered
decided
of pre¬
discount in this district, certain of the member
good enough to furnish us periodically with
to
this
As
us
received by them
discount
member banks to report
upon each note or bill
for rediscount.
in keeping in touch with
information will assist us
additional
entire district, the banks applying for re¬
trust, be ready to co-operate by, filling out the appro¬
conditions throughout the
credit
discounts
will,
we
in the new forms of application blank, copies of which are
herewith.
Very truly yours,
BENJ. STRONG, Governor.
23, referring to the cir¬
The New York "Tribune" of Nov.
—
-
-
$500,000
500,000
180,000
si.aso.ooo
ending Nov. 26 1921, $9,105,000.
week
Second Federal Reserve District:
bank might be fully informed
supplement it by requesting
to
interest or
of
week end¬
200,000
the
Rediscount.
■
priate column
products
products
for
1921.
reports of the rates which they are charging upon various classes of loans
investments.
This information has proved to be of such value that it
been
On iron
Total
22
Banks on Paper Offered for
officers of this
vailing rates of interest and
banks have heretofore been
rate
On textile
YY'
-.Y ' Y ; '
the
that
order
In
ing Nov. 26, were as follows :
On cotton
;"v: YY
.
BANK OF NEW YORK.
Discount Received by
or
Banks in the
All Member
To
the
_
Texas
of Interest
Y■ Y'Y'■ Y-
Rates
has
South Carolina
exporters approved during the
On cotton
RESERVE
November
enclosed
The advances to
Y-Y;-y?Xy yY" Y/. Y,-.' Y"
:;X\-VY "Y;''''■ 'X, V
and
10/.000
-----
....
the
in
issued
FEDERAL
337,000
Carolina
North
Louisiana
in
livestock
(on
Texas)
Illinois
offered it for rediscount.
member banks
1,126,000
636.000
87,000
_
23,000 Georgia
Oregon
Wyoming
20.000
__:Y
200,000 South Dakota
33,000 North Dakota.
557,000 Wisconsin
—
.
New Mexico
540,000
198 advances
State—
Indiana
Kansas
in
Wyoming)
Arizona
all
livestock purposes, as
J Y'Y
X
:
State—
discount received by
The following is
matter by Governor Strong to
report the rate of interest or
paper
on
circular
the
various classes of
requested member
on
has
Bank
livestock purposes, and $1,380,000
of exporters.
account
the
them
the
investments,
and
loans
the local Federal Re¬
regarding rates charged
Bank
serve
Reserve
Federal
the
supplying periodically to
been
have
$9,105,000, of which $7,725,000
approved advances totaling
were
APPROVED BY
in
banks
ber
banks to
OVER
OF
ADVANCES
which certain of the mem¬
District of New York
Supplementing the information
$500,000
1
--'
.___
OF NEW YORK ASKS
INTEREST RATE ON
DISCOUNTED.
PAPER
Amount.
advance of $42,726 to an
cotton for export, and an
011
exporter in Vir¬
advance of $350,000 to an
an
V
exports were:
The advances to assist in financing
YY YY.7;Y rr,YYY'-: 7YYYY.Y-7 YYYv Y":. Number of Y./:Y
Product—
:Advances.
made known Nov. 21 the
Finance Corporation
The War
approval of
MEMBERS TO REPORT
Sugar mill machinery
Y
SUGAR
MACHINERY EXPORTS.
14
Louisiana
184,000
195,000
237,000
112.000
COTTON AND
FOR
ADVANCE
156,000
100,000
34,000
1,907,000
460,000
Mississippi
4,150,000
182,000
1
3
CORPORATION OF Y
APPROVAL BY WAR FINANCE
5
1
1
44
15
Kansas
(sugar
beets)
Idaho
livestock purposes,
YY
$308,000 in Minnesota
240,000 in South Dakota
171,000 in North Dakota
75,000 in Wisconsin
50,000 in Ohio
50,000 in Georgia
347,000 in Texas
"•
in
in
in
in
_.
Oregon
'X/YY'''
' Y
Nebraska
Colorado
Montana
Illinois
15,000 in Indiana
$39,000
124,000
249,000
60,000
Amount.
Advances.
California
A
.
Number of
State—
financing of exports.
agricultural and livestock pur¬
of the advances for
2359
CHRONICLE
THE
1921.]
cular, said :
'./Y'Y
'
-YYX .V:v
■
'••Y-Y
Bank of New York would not
upon the step taken to obtain this information, the
the financial district as being an effort on the part of
Although officials of the Federal Reserve
comment
move
the
yesterday
was
viewed in
financial
banks
are
authorities to
see
that
market lending rates of member
open
rediscount rates, which lately
kept in line with Federal Reserve
steadily falling until they stand currently at 4%%.
The information obtained in this connection will indicate to the
have been
APPROVAL BY WAR FINANCE
ADVANCES
LIVESTOCK
The
War
CORPORATION OF
FOR AGRICULTURAL
AND
PURPOSES.
announced on Nov. 21 its
Finance Corporation
approval of 76 advances, aggregating
tural and livestock purposes, as
$3,187,000 for agricul¬
follows:
$47,000 in Montana in three loans;
$184,000 in Wyoming in one loan; $107,000 in Arizona in three loans;
$80,000 in Missouri in two loans; $134,000 in Kansas in three loans;
$186,000 in Nebraska in nine loans; $110,000 in Wisconsin in three loans;
$45,000 in Minnesota in two loans; $30,000 in North Dakota in two
loans; $164,000 in South Dakota in five loans; $831,000 in Iowa in 23
loans; $100,000 in Mississippi; $382,000 in Georgia in 12 loans; $500,000
in Tlexas; $25,000 in North Carolina; $30,000 in South Carolina; $50,000
$182,000
in
Idaho in three loans;
Reserve
by
authorities
Bank
the spread between
Federal
the rate of interest obtained
lending bank from a customer and the rate which the bank pays the
Reserve Bank for the privilege of rediscounting that
particular
a
Federal
with the central institution.
paper
The Federal
continues to receive information
Reserve Bank of New York
weekly from the New York Stock Exchange relative
market loans
outstanding,
as
to the volume of stock
well as other important facts relative to
such
lending operations.
HARDING'S
GOV.
REPLY
SENATE RESOLUTION
TO
REGARDING RESERVE BANK
WITH SALARIES
PARISON
SALARIES—COM¬
TO NATIONAL
BANK OFFICERS.
Florida.
in
On Nov. 23 the
gating $2,073,600, for
as
agricultural and livestock purposes,
Wyoming in two loans; $429,000 in Iowa in 14 loans;
Dakota in eight loans; $208,000 in North Dakota in
nine loans; $95,000 in Nebraska in six loans; $23,000 in Oregon; $41,000
in Colorado in two loans ; $232,000 in Montana in five loans; $43,000 in
Kansas in three loans; $86,000 in Minnesota in three loans; $25,000 in
in
$307,000 in South
Georgia
;
$48,000 in South Carolina ;
cultural and
85 advances,
$200,00° in Arizona
33 000 in New Mexico
108,000 in Montana
20,000 in Indiana
57.000 in Illinois
70,000 in Wisconsin
25.000 in Missouri
300,000 in Missouri on
10,000 in Nebraska
597,000 in Iowa
livestock in
Texas
49,000 in Kansas
The
151,000 in Minnesota
311,000 in North Dakota
597.000 in South Dakota
254,000 in Louisiana
97,000 in Georgia
125 000 in North Carolina
88,000 in South Carolina
55,000 in Texas
advances, aggregating
livestock purposes, was
approval of the following 57
$2,505,000,
made
$100,000 in North Carolina.
aggregating $3,147,000, for agri¬
livestock purposes, were approved as follows;
On Nov. 25.
for
known
agricultural
on
Nov.
217.000 in Montana
540,000 in Colorado on livestock in
Nebraska and Wyoming
17,000 in Wisconsin
50,000 in Illinois
13,000 in Kansas
the Senate resolution call¬
information relative to the salaries of em¬
ployees of the Federal Reserve
of
ernor
banks, contained a number
submitted in Gov¬
bearing on the information
exhibits,
Harding's letter to the Board, which letter we
lished in
issue of Nov.
our
19,
pages
laid stress on the fact "that the
Mr. Harding
eral cases from
of three of these
Bank
state
banks there is
Bank, and that in the case
a
Vice-President whose sal¬
that of the Governor of the
of New
York."
He also added
that while the senior officers
Bank have
never
received any extra
$100,000 in Minnesota
117,000 in North Dakota
222,000 in South Dakota
691,000 in Iowa
87,000 in South Carolina
131,000 in Texas
99,000 in Georgia
Federal Reserve
that "it is proper to
of the Federal Reserve
compensation or bonuses,
very
substantial bonuses have been paid to
by
some
salaries of the
75% to 100% in excess of the salary paid the
Governor of the Federal Reserve
exceeds
pub¬
In his letter
New York City are in sev¬
Presidents of the larger banks in
ary
2130-2134.
cers
and
28:
$221,000 in Nebraska
made by W. P. G. Harding, Governor
of the Federal Reserve Board, to
ing for certain
follows:
$436,000
The recent response
Corporation approved 56 advances, aggre¬
of the national banks in
the higher offi¬
various parts of the
asserted that "if
considered, it will be
found that the Federal Reserve Bank of New York, with 40
officers and with a total official payroll as of Oct. 1 1921 qf
country."
Governor Harding furthermore
the average
annual salaries paid are
2360
$509,800
paid its officeriran
per annum,
of $12,745, while the
ary
average
average
CHRONICLE
annual sal¬
annual salary paid to offi¬
of the six national hanks listed in Exhibit D, some with
cers
a
THE
larger and others with
smaller number of officers than
a
the Federal Reserve Bank,
ranged from $11,466 to $28,792,
of each reserve bank six should be elected
by the member banks, the other
three being appointed by the Federal Reserve Board.
Of the six elected
by the member banks, three must be bankers and the other three
engaged in
senting the
the salaries paid
the Federal Reserve
by
Exhibit "D" furnishes comparison of
to officers of
the Federal
Bank
Reserve
with salaries paid to certain of the large-national banks in
the cities in
which
the Federal
Reserve banks are
located,
viz., Boston, New York, Philadelphia, Cleveland, Richmond,
Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dal¬
las and
San
Francisco.
be
conducted
we
unable,
are
because of
ing the
give herewith the
summary
of the
RESERVE
THE
TWELVE
14
Average.
$135,500
m.. 298,000
411,200
101,750
21
25
Bank
C
New York—
9
40
$9,679
14,190
16,448
11,306
$12,745
11,466
19,201
16.791
26,573
28.792
Bank
C
23
Bank D
Bank E
12
12
$509,800
768,200
1,574..500
386,200
318,880
345,600
Bank
36
627 600
17 431
12
$121 500
$10 125
15
16 767
8
251 500
104 500
7
116,000
26
$7,792
14
$202,600
707,000
392,600
148,000
25
167,400
66,000
58,000
89,600
6,600
5.800
13
31
$176,000
12
95,900
98,800
63,620
$5,677
7,992
9,880
5,784
82
F_
Philadelphia—
B
Bank
C
...
Cleveland—
Federal Reserve Bank
Bank
A.
Bank
70
...
B
Bank
C
40
,
Richmond—
Federal Reserve BankBank A
Bank B
-
...
Bank C
Atlanta—
Federal Reserve Bank
Bank
Bank
A
B,
10
Bank
C
11
_
Chicago—
13,063
16,571
10,100
9,815
10.571
6,892
Federal Reserve Bank
Bank A
41
$325,800
$7,946
19
Bank
Bank
11.000
22
12
III
$155,700
37
I.Ill-
C
St. Louis—
Federal Reserve Bank
Bank A
Bank B
Bank O
209,000
420,500
188,833
22
B
457,000
198,000
80,500
18
8
Minneapolis—
Federal Reserve Bank.
Bank A
Bank B
Bank C
16
18
expected to develop
were
collecting
checks,
scientific and economical
more
and
notes,
drafts,
They were expected to
of
funds
transferring
develop and support
through which bankers' acceptances drawn to facilitate
our
ready sale and through which,
a
discount
a
foreign
at times of
foreign banking funds would readily flow to
ments of
they miy have
$7,078
12,351
11,000
10,063
$6,478
12,711
10,955
6,654
steadying influence
a
gold to and from the United States.
on
the periodical move¬
As fiscal agents for
the
Treasury Department they have been able to assist the Treasury in con¬
ducting the finances, managing the public debt, and maintaining the credit
of the
United
States, and have
market for Treasury
been instrumental in
creating
an
open
certificates of indebtedness, thereby greatly facilitat¬
Finally,
custodians of the gold
as
reserves
and the ultimate
credit power of the country, they are expected at all times, and
particularly
in sudden emergencies, to administer their trust in such a manner as to
insure the maintenance of the gold standard in the United States and to
the
prevent
panics
periodical
from
which
the
has suffered so
country
severely in the past.
development and management of such
sponsibilities of
much
a
requires the selection
wider
than
nature
officers of
as
institution, having
an
those of
the member
re¬
banks,
trained in banking, with imagina¬
men
tion, constructive ability, and sound judgment, courageous and able to
lead; men capable not only of administering the routine functions of the
bank, involving frequently a turnover of a billion dollars in a single day,
and of safeguarding its many billions of dollars in cash and
securities, but
capable also of the difficult task of formulating and carrying out policies
affecting both national and international finance.
Appended to this letter is
of
some
a
brief summary showing the enormous volume
of the routine transactions of the bank, but it may be
mentioned
here that the total loans and discounts made
by the bank since its orgnization aggregated about $159,000,000,000.
Policy in Appointing Officers.—It
was
Federal Reserve Bank of New York
organization
and
recognized by the directors of the
from
the outset that
development of the bank
character of its personnel,
the effective
depended largely
and they have selected
upon
its officers
as
the
men
of
banking experience with a view to the assumption and exercise of the wide
responsibilities with which it is charged.
These officers have organized
and
are
administering
and transactions
are
bank with
a
a
staff of 2,896,
a
bank whose
resources
far larger than those of any other bank in the United
States.
,
The
directors have also
from
the outset
vacancies, both official and clerical,
within the staff
far
followed the
policy of filling
as
possible by promotions from
the only sound method of
as
developing and maintaining
as
high esprit de corps throughout the organization.
This has been
markedly successful, and the rapid growth of the institution during the
a
10,300
$132,300
153.300
103,500
85,100
$5,512
9,581
7,393
9,456
$226,080
186,800
148,100
155,700
$6,459
judgment or defects in the
organization might easily have resulted in losses far exceeding any savings
that might have been made
through the payment of lower salaries to less
10.988
competent
6
24
B
14
IIIIIIIIIIIII
B
9
35
17
"I
I.I. I"
C
The data
15
11
submitted
also included
letter
a
to
the
$6,147
11,280
9,225
9,873
14,155
Senate by Governor Harding
(Exhibit G), addressed to him under
date of
Oct. 26 1921, by the nine
directors of the Federal
Bank of New York
presenting the views of these
directors as to their duties and
Reserve
responsibilities, and review¬
salary
policy
of
that
Reserve
bank.
This
letter
HON. W. P. G.
Federal Reserve
Board. Washing-
SIR:—The board of directors of the
Federal Reserve Bank of New York,
having been requested by the Federal Reserve
Board
statmeent setting forth the basis
upon which
bank has been determined,
Nature and
Reserve banks
to
present to it
a
the scale of salaries of the
hereby respectfully submits the
following:
Organization of the Federal Reserve banks.—The
12 Federal
are
separate and distinct corporations chartered
under the
of Congress.
Their stock is owned not
an act
by the Govern¬
ment or the
public but by national banking
associations, State banks, and
trust companies, all of which are
private corporations owned by private
citizens.
With the exception of a few
specified and optional open-market
purchases, the Federal Reserve banks are not
permitted to have direct
transactions with the public; they
may deal only with their
stockholding
member banks and with the Government
of the United States, for which
they act as fiscal agents.
Consequently the great majority of the trans¬
actions of the Federal Reserve Bank
which
contribute
the
entire
of
New
York
are
capital stock of
with its member
the
bank,
provide
about 95 per cent of its total deposits, and to which
about 80 per cent of its
or discounts are made.
It is apparent, then, that the
member banks
loans
very real and direct interest in the efficient and safe
management
Federal Reserve bank of which they are stockholders.
Congress
recognized this interest and provided in the act that-of the nine directors
been recognized by promotion
The period of seven years during which the bank has been in existence
has been probably the most difficult
period in the history of banking in the
United States.
officers
It has been
no
time for
experimenting with inexperience
with men who had not demonstrated their
ability to
the normal salaries of bank officers. Errors of
or
Besides
men to manage
carrying
the affairs of the bank.
immense
on
command
routine
the officers of the
transactions
Federal Reserve Bank of New York have also shown themselves able to
grasp and deal with the larger functions and responsibilities of
the bank.
They have devoted themselves with enthusiasm and single mindedness to
their work, have gained the confidence of the member banks and the
pub¬
lic,
have
recommended
themselves
resourceful
wise
in
and
measures
meeting
policies,
and
have
shown
tljie many new and unexpected situa¬
tions which have arisen
during the past seven years.
Salary Policy.—In order to procure and retain officers capable of discharg¬
ing these responsibilities the directors from the outset have followed the
to officers of
HARDING. Governor
ton, D. C.
provisions of
past few years has afforded unusual opportunities for the display of in¬
dividual initiative and ability, which have
in rank and salary.
policy of fixing salaries at
follows:
of the
matter of vital
a
73,800
61,800
16
C__
a
elastic currency,
8
II I"!
San Francisco—
Federal Reserve Bank
Bank A
have
of
an
individual and every business undertaking in the
101,600
A
banks,
not
$159,820
B
the
pro¬
to be conducted
11
Dallas—•
Federal Reserve Bank
ing
as are
9
C
Bank
Bank
and employees
It is quite evident from the
Congress at the time of its pas¬
197,200
73,200
A..
Bank
Bank
Bank
It gives
banking" includ¬
26
Kansas City—
Federal Reserve Bank
Bank
Bank
Bank
19,114
15,736
$103,650
228,800
18
board of
a
throughout the country, and of clearing the balances resulting from these
The
Federal Reserve Bank.
Bank A
Bank
They
methods
6,696
10
10
67
bank
reserve
of
Besides making loans to their member banks they were
every
ing their sale.
Federal Reserve Bank
Bank A
Bank B__
the
this country.
They are given broad powers to deal in gold at home or
abroad, and to appoint agents and maintain accounts in foreign countries
Boston—
Federal Reserve Bank
Bank A
Bank B
to
in order that
Total.
such officers
.
expected to furnish the country with
heavy credit requirements,
Annual Salaries.
of
Officers.
repre¬
in
have
merely as mechanical agencies for the dispensing of credit, but as banking
institutions exercising wide powers and discretion and intrusted with large
and domestic trade would find
DISTRICTS.
Number
.
.
sage that the Federal Reserve banks were expected
market
SUMMARY OF SALARY COMPARISONS IN
also
the business of
provided for in this act."
transactions.
in the cities indicated.
agriculture
supervision and control
visions of the act and the discussions in
country.
lected for comparison
"to appoint
power
not otherwise
Harding submitted,
we
the
under
them all powers necessary "to carry on
importance
in each instance of salaries paid in the banks se¬
and
pertaining to the office of directors of banking associations."
lack of room, to publish the tables in detail which Governor
showing
business
It requires the directors "to perform the duties usually ap¬
responsibilities.
While
which
Responsibilities of Directors.—The act provides that the
"shall
directors."
twice that paid
Bank of New York."
•
interest
must be
other industrial pursuit,
or some
effective management of the reserve bank.
erable
than
agriculture,
commerce,
the average annual salary paid by Bank "E" being consid¬
more
[Vol. 113.
City.
The
a
level fairly commensurate with the salaries paid
corresponding rank in the larger member banks in New York
range
of salaries paid if frequently tested, (a) by comparison
with the salaries
actually paid by the larger New York City member banks;
(6) by invitations extended to the officers to join the staffs of other banks
at
higher salaries.
Many of the officers have had opportunities to go to other institutions at
higher salaries than they receive from the Federal reserve bank and the
directors
what
are
might
convinced that the range of officers' salaries is generally below
be
considered
their
earning
power
and
below
the
average
salaries paid to officers of similar rank in the larger New York City member
banks.
Many of the officers whose promotion has been the most rapid have
been among those most sought after by other institutions at higher salaries.
The officers of Federal
mental service,
reserve
banks
are
not
engaged in public
but, like the officers of national banks, they
or govern¬
are
citizens engaged in banking as a means of making a livelihood.
forbidden to engage in other
private
They are
business, and their only remuneration is the
salary paid them by the Federal reserve bank.
As long
as
they
serve
the
bank they have a right to expect remuneration for their services in accord¬
ance
with the local value of such services.
The details of the circumstances and conditions governing the increases
in the
salary roll of the bank, both official and clerical, and the proportion
of officers' salaries to the total
salary roll and to the toatl
resources of the
bank, which is much less than in the larger commercial banks in New York
City,
are
dealt with
very
fully in the letter addressed by the
governor of the
DEC. 3
bank to the Federal Reserve Board under date of
which is attached hereto.
\
*
October 6 1921, copy of
New York
fully appreciate the responsibilities which the law imposes upon them for the
successful operation of the bank, for the safe custody of its immense re¬
sources, and for the fulfilment of its obligations to the Treasury, to the
member banks, and to the public.
In addition to carrying on the routine
work we must look ahead and prepare for the discharge of the new obliga¬
tions which are falling upon the Federal Reserve System as a result of our
larger participation in world finance.
The directors are unanimously of the
opinion that the only sound policy for the bank to pursue is to procure and
retain men capable of discharging these obligations in the most complete and
effective manner, and that to carry out such a policy it is necessary to pay
salaries, both official and clerical, which are fairly commensurate with those
paid by the larger member banks in the city of New York.
Under any
other policy the present type of officers could not be retained and the spirit
and work of the organization would degenerate.
Nothing could be more
dangerous to the permanence of the system than to have the Treasury, the
member banks, or the public lose confidence in its management.
This statement is submitted merely as a brief review of the salary policy
of the bank.
If at any time information is desired regarding duties, re¬
sponsibilities, and salaries of individual officers and employees, the directors
will be very glad to furnish it either to the Federal Reserve Board or to some
JAMES
LESLIE
jS
■'
CHARLES
RICHARD H. WILLIAMS.
*
' - W V /• l-./'i
PEABODY.
FOSTER
GEORGE
SMITH.
'/:;v vV
:•/=
'
■
associated States.
The German Treasury,
will
delegation is that while the meeting of representatives of the banks of
give temporary
may
the value of the German mark
ADVISERS TO INTERNA¬
ECONOMIC
The only
at
by
sion
also quote
we
been reached by the Federal
adviser to the forthcoming con¬
exchange stabilization.
the following:
to be represented
of preventing sudden
exchange fluctuations resulting from the January payment of the German
indemnity.
The date and place of meeting of the conference have not been
communicated to American officials, who regard the whole matter as yet to
officials said, has signified its willingness
The Board,
which will consider specific methods
at the conference,
of
be still in the form
a
proposal.
Treasury officials asserted it was
at
womd
the conference
very
much the same ideas are
issue.
(
the
Instead of
as
been disclosed, although
oanks of
'• '
believed to be held by the foreign
■r
:
One method understood to
avoid
probable the American representative
avoiding disturbance of
present suggestions for
but definite methods have not
exchange ratios,
vv-
\
be under consideration
•''
-
would be a proposal to
indemnity in the monej of any one country.
requiring the reparations payment to be made in American dollars
payment of the
installment, it was believed that
in the case of the last
portion of the pay¬
/
It was not known, officials said, whether the next reparations payment
would be in American dollars, as it might be called for in pounds sterling
or the French francs, but the effect on the exchange of any one country
would be the same.
Reserve Board's adviser
but it has been considered probable that Roland T. Boyden, the
ooserver at meetings of the Reparations Commission, might be
Treasury
might be,
American
used for indemnity purposes
officials did
not intimate who the
designated, possioly with the assistance
of an agent of the Board.
advices from Washington (Nov. 29) indicating
the Federal Reserve Board would probably designate
Earlier press
that
unofficial adviser to take part in
an
the payment of German
upon
In
the conference of Allied
of preventing exchange
bankers to discuss means
flutuations
indemnity payments, said
part:
An invitation to
ment
participate in the conference was tendered
by the banks of
this Govern¬
issue of England, France, Italy and other
Allied
probably
would not be officially repre¬
sented, they said, but the presence of an adviser of the Reserve Board
would permit the presenatation of the American viewpoint.
Exchange discussion at the coming conference, officials declared, would be
confined to devising means of .avoiding disturbance of exchange ratios by
the
payments on the German
ment of the
foreign debt questions or
Decision of the
settle¬
other world economic problems. *
committee of bankers
Reparations Commission to ask a
study the problem of the effect of
Allied nations to
payments upon
cause
indemnity in January and later, and would
for international exchange stabilization,
include any proposals
from the
DEBTS.
Secretary of the Treasury Mellon was reported as
Nov. 28 that in his
stating
opinion the commission which would
the re¬
empowered to defer,
The New York "Com¬
by Congress to conduct negotiations for
abate, the interest payments.
quoted him to the following effect:
legislation providing for such a committee passes
by our foreign debtors," Mr.
/
denied that any proposal had been made
countries would accept the arms limitation
,-<.N
a
Mellon said.
by this
the debt if
proposals of this
responsible parties for a 50% reduction of
Government or by
the European
Congress, I have
authority to defer, but not abate, interest pay¬
doubt that it will carry
-V.
'
proposal has never had the slightest
tion," he added, "and I don't imagine
Administration considera¬
its suggestion came from any reliable
source."
According to
dispatches from Washington yesterday
press
(Dec. 2), the passage of the Allied Debt Refunding Bill as
the first work of the next session was understood yesterday
to have
been definitely agreed upon
by Senate leaders at the
These advices also state:
request of President Harding.
of
Lodge
of
Penn¬
sylvania, and Watson of Indiana, during discussion of the legislative pro¬
gram for the next session at a dinner last night attended by those Senators.
The President, as a result of the agreement, was expected to omit al
reference to the Funding Bill in his forthcoming message, in which it is
believed he will deal principally with the two subjects of tariff and the
merchant marine.
While he is expected to urge revision and passage of
the tariff at the earliest possible date, it was not revealed as a result of the
dinner discussions to what extent he might suggest changes in the American
valuation provision of the House bill, although he was represented as favor¬
ing some alterations.
He has been strongly urged to ask its entire
The
President is understood to have
favored immediate enactment
secured the agreement to this of Senator
Massachusetts, Republican leader; Curtis of Kansas, Penrose of
this legislation and to have
,
elimination.
'
,,
"'/.'X
On Nov. 23 it was stated that
hope of getting the
question
reparations and other problems relating to
of German
the
economic condition of Europe acted upon formally
by the International Conference for Limitation ot Arma¬
ment was practically given up that day by the representatives
present
of
foreign nations who had hoped for a
consideration of these
The New Yorlp "Times", which is the authority
this statement, also said in a special dispatch from
topics.
for
V"
Washington Nov. 23:
that a discussion of financial
time debts, would embarrass the efforts of
speedy progress toward a settlement of the limitation of armaments and the
solution of Pacific and Far Eastern questions has been made plain.
Suggestions that a financial and economic congress be called to consider
these subjects separately while the Conference for Limitation of Armament
is in session also have not met with favor by American officials.
It would
appear that if such a discussion is to be held it must await the conclusion
It is
understood that the American viewpoint
problems, and especially the war
of the present
conference.
The United Sttaes
countries.
not
IS PURPOSE TO DEFER,
NOT ABATE, INTEREST ON ALLIED
on
arrived
United
must take part.
SECRETARY MELLON SAYS IT
cushion might be
provided against a sudden exchange drop by spreading a
ment over into Dutch or some other exhange.
whose money was
,
solution, it is felt, that might be adequate would be one
States, as the dominant financial power,
"Such
foreign bankers called by the
discuss
to
Germany may not be able to meet
or
international conference, In which to assure success the
an
country.
Reparations Commis¬
According to the
Associated Press, a statement to this effect was made offi¬
cially at the Treasury on D^c. 1.
From these dispatches
ference of
abroad
early in the new year to restore
subsequent installments.
no
CONFERENCE.
The decision is said to have
issue
Germany on the question of exchange
assistance to
something more comprehensive must be done
"If the
FINANCIAL AND
Reserve Board to send an
due
Authoritative opinion in the French armament
April 1 and May 15 1922.
At the same time he
TIONAL
its resources
sufficient to meet installments of the same amount coming
be
ments
UNITED STATES TO NAME
according to authoritative statements in Berlin,
feels itself able to cover these payments, but doubts whether
mercial" of Nov. 29
ROBERT H. TREMAN.
>
PALMER.
the smaller Allied and
not
CHARLES A. STONE.
JAY.
R.
Germany of last March, of which France
52%, Great Britain 26%, Italy 10%, the remainder going to
funding of the Allied war debt will be
WM. L. SAUNDERS.
ALEXANDER.
S.
PIERRE
These payments are due under the reparations
quarter of 1921.
is to receive
be created
appropriate committee of Congress.
Respectfully submitted.;
the last
agreement between the Allies and
,
of the Federal Reserve Bank of
The undersigned directors
2361
CHRONICLE
THE
1921.]
indemnity
exchange quotations, officials explained, was reached
fluctuations which had resulted in the past after
of the violent
transfer of gold from
Germany to the
exchange, it was said, has
Allies.
authorized the Federal Reserve
ning Nov. 25 1921,
cash before Dec. 15
interest
accrued
Treasury
Administration,
Mellon announced on Nov.
Secretary of the Treasury
that he had
be¬
possibility of any immediate discussion of international econom¬
ic questions tending to world readjustment was discounted both in officials
circles and among the delegates of the limitations of arms conference, it
was indicated strongly that such an international conference may be held
MATURITY OF V. 8. TREAS¬
DUE DEC. 15.
URY CERTIFICATES
the
The effect upon American
been carefully noted by the
REDEMPTION BEFORE
and until further notice, to redeem in
1921, at the holder's option, at par and
to the date of
such optional
Certificates of Indebtedness
dated Dec. 15 1920,
23
banks, begin¬
redemption,
of Series TD 1921,
maturing Dec. 15 1921.
ft While the
later.
Spokesmen for both the
British and Italian armament delegations to-day
had ho desire to go beyond the agenda of the
but indicated a favorable attitude toward a later ex¬
change of views on the subject of war debts and exchange.
The attitude of the American Government toward an international
economic conference was said to be that some effort must be made to solve
present conference,
tangle of world
difficulties, but not during the present arms
conference
position that the nations
should first determine whether unanimity of action could be obtained inter¬
nationally through the present conference before attempting to extend the
field
or concerted action by the leading countries of the world,
Germany is required to pay 500,000,000 of gold marks on Jan. 1 1922, and
about 85,000,000 marks on Feb. 15, the latter payments being the quarterly
installment of the 26% on the estimated value of German exports during
The
OF CONGRESS.
Sixty-seventh Congress
adjourned
session to be placed
on the statute books was the tax revision bill.
The House
was the first to wind up, adjourning sine die at 4:01, the
Senate concluding at 4:37.
The special session was con- ;
vened on April 11 1921.
On Monday next, (Dec. 5) the
on
,
declared their governments
the
ADJOURNMENT
The extra session of the
Nov. 23; one
of the last bills of the
regular session of Congress
will be brought under way.
Administration, it was asserted, takes the
ADOPTION
BY ARMAMENT
PRINCIPLES FOR
The
Conference on
the
CONFERENCE OF FOUR
PROTECTION OF CHINA.
Limitation
marked last week by the adoption on
of Armaments
was
Nov. 21 of a program
THE
2362
CHRONICLE
The
enunciating four principles for the protection of China, as
drafted by Elihu Root, discussed and
tion,
ish
the
Powers
It
attending this Conference herein¬
integrity of China.
their influence for the
and
in¬
special rights
subjects
cal to
the
A
joint
from
and
administrative
the
and
tion
first
in
Root
adoption.
During
directly
interested
application
all
the other
"Perfect
.
Admiral
to
two
features
the
were
that
clause
the
questions
might
agreement
have
much
a
rights"
As
tonight
he
lead
in
to
does
Previous
the
not
delegations,
China
Chinese
if
it
have
its
office
post
various
other
under
let
into
than
the
likely
Root
to
used
which
however,
the
its
full
after
hands of
the
in
in
as
another
foreign
Chinese
of
in
many
particularly
internal
operates
even
to
effect
the
of
along
performing
the
to wipe
declaration
out all
will
these
of
be
considered
by
railroads
nation
any
is
problematical.
It is certain
Japan would resist stubbornly any application of the "administrative
principle which sought to interfere with the leases she holds
putting
administrative
meet
with
In
the
Asked
also
tonight
is
would
late
the
Although
It
is
variety
Japanese
that
language
to
of
experts."
the
Chinese
gations,
of
the
much
Baron
The
provision
the
into
fourth
be
may
Kato
specific
replies
offered.
to
in
after
the
view
within
the
credited
committee
Arthur
suggestion
What
,T.
that
trend
the
to
room
the
committee
government."
were
clause
centred
of
The
that
an
of
four
at
least
only
before
British
in
when
in
attempt
group
principles
questions.
but
the
about
it
is
gradual
a
effort
subscribed
the
to
would
Root
was
ten itoiial
tain
their
agreed
in
Nov.
on
courts
change
discussion
"inside
the
be
it
made
to
resolution.
be
a
made
assemble
was
The
add
The
other
general
prolonged considera¬
to
take
specific
up
(outside of China
25
that
the
powers
Pacific and Far Eastern
of
extra-
urging
responses
the
of
other
Belief
given
should
by
of
come
committee
delegation
can
The
to
expressed
a
to
in
as
The
extra-territorial
been
of
accomplishment
of
rights and sym¬
by the representatives
voiced
that
conditions
as
upon
British
sub-committee
present
treaties,
was
the
the
in
compatible
rights
could
China,
with
but
the
not
that
held
by
Root
and
agreement
work
out
the
details
This task will include
for
problematical.
general
present
situa¬
authorized
the
headed
will
that
Chinese
that
and
said:
troubling
are
the
of
challenge
the
Far
conference.
arms
four
general
the
from
prin¬
Chinese,
pointedly asked by the
were
who
had
been
French
China
all of
oppose
with
the
the Far
of
not
Treaty
the
of
its
over
East,
forward
came
their
of
whether
ascertain
to
raise
to
examination
an
China
first
French
is
flurry in
opinion
the
it
future
on
credentials
and
Chinese
the Root resolution
the
Chinese,
British
attracted
of
would
it
over
widest
Should the
negotiations.
resources.
interna¬
an
mean
■
.
interposed
was
the
the meeting of the nine dele¬
between
of
possible effect
declared
questioning
when
Chinese
the
presented
at
by which China would regain tariff autonomy by
from
the
present
that
they
were
foreign
control.
representing
and
powers
by
negotiations
view
of
The
the
Chinese
only
replied
Government
in
help rather than
attempting to
were
furnishing
between
explained
four accepted
consortium,
the
the
whatever
to
British
information
Chinese
and
newspaper
resolutions,
The
Chinese
they
developed wh^n
his Government
that
men
reason
the
time
of
the
surrender
declared
for
British
sent
into
Sze,
detailed
a
an
official
statement
discussion
committee
they
its
the
of
containing them.
the
agreed
the
to
such
interpretation
been
mentioned
embodied
as
and
China
Chinese view,
the
in
privileges,
and
such
no
States,
interpretation
in
the
The Chinese delegation
resolutions
The consortium,
powers.
to
United
had
brought
Dr. Sze
forth
China placed
said, had
no
no
not even
in the committee.
According to the
door
rights
them.
on
The
with
adopted
were
had
Minister
discussion
of
concessions
customs.
view by the signatory
that
Chinese
railroad
China's
ol
viewpoint,
in
word
out
Alfred
Dr.
of
expression by the delegates of the British view, and that
policy
the Root
resolutions
of
assurance
her
apply to
John
defined by
unhampered political
waiving
and
territorial,
Hay,
political
the
of
open
special
development
economic
and
of
administrative
integrity.
The
British
view,
international
to
political
if acceptd,
fiscal
the Chinese
control
whcih
assert,
would
be
be tantamount
would
only
short
a
step
to
control.
Washington advices
(Associated
Press)
Nov. 24
said:
'
The
Chinese
the
of
they
policy
is
given
not dare
would
that
delegation
"open door"
approved
should
home
go
the
of
seriously
so
disturbed
general circulation
Washington
they contemplate such
such
view
:hey declare
interpretation become the
an
that
There
conference.
but as
is
no
indication
they await a more
com¬
manifestly greatly
they are
case
British
a
over
vester.hsy
outcome,
an
development of all the facts in the
plete
puzzled.
official
refuse
sit
to
in
of
the
the
the
declaration
gestion
for
other
One
to
with
not
an
delegations
Chinese
the
the
on
being
were
purpose
but
the
It
of
official
as
said,
made
an
"if
mean,
pooling
the
policy
said
tonight
the
operation of the railway
United States nor that
the
his
delegation
would
officially
have
British view, as it was not put forward
proposal
British
board
outside
the
States in
violated
he
of
of
China.
room.
chess
the United
proprieties
would
fair
just
he
of
the
and
generally toward
conference
diplomatic
that
longer if the
expression
represent
ignore the publication of the
within
as
did
China was ready to
British view in question
But he accompanied
confidence that- the British sug¬
tonight
said
any
be the attitude of the powers.
consortium
a
concessions
delegation
conference
really turned out to
the consideration
required
operation
supervision
the
by China of
meaning acceptance
as
the
of these principles
quickly
enter
of
continued
according to
while
to
principles
pooling
and
powers
acceptance by China
be
the
by Senator Lodge of the Ameri¬
the principle in the concrete form of a resolu¬
also
Is
paper.
Government at Canton.
momentary
a
spokesman
the
"But,"
reaching
China
our
plan
a
the
financial
a
of China.
sub-committee
number
the
however,
view
promptly
the/Powers of their rights.
a
of
have
in
door.
objection
difference
regarded
of
generally
appointment of
tion.
said
Powers.
and progress
The
abolishment
were
immediately
up
abolition
tion
was
the
Demands
of
challenge
The
One
of their own
nationals.
Press advices of that date also
said in part:
Chinese delegation presented to the
committee today a statement
pathetic
been
application of the
Nov. 23
of details
con¬
Associated
strongly
the
of
could.
story"
"with
delegates
quarters
principle to the abolition
for trial
has
in
of
the
the
on
the
have
rights in China by which various
powers main¬
own
between
prompt
would
they
recognized by the
absence of
to
unanimously to the declara¬
tions.^ It was announced on
participating in the conference
under¬
merging
offices
post
presumed to speak for
four principles
change
Further
stated
affairs had
the
one
the
Eight of the powers to the conference
itself)
of
delegations,
some
there would
any
known
formal
no
spokesmen
the
to
the
of
It is
while
Government
application
a
Chinese economic
French
declined
out.
take
may
opinion seemed to be that
of
the
stricken
uncertain,
tonight
the
Details
closely guarded, but
head
be
negotiations
appears
probable
declarations
"stable
Balfour,
the
tomorrow
sidered
to
explanatory
words
Far
this
corporations.
problems
Japanese,
open
prevail,
members
four
the
the
that
judgment
Japan.
and
in today's issue
with
China
the
that
the
today's meeting
trans¬
the
clause
again
that
application
from
principles, which in its original form was said
words
"overcoming the difficulties incident to the
the old and
long continued imperial Government" as an
from
prin¬
replied
reluctance
same
indefinite
debate
is
between
be made
suppose
British
Chinese
alien
concrete
divergence of
of
because
program,
that
to
and
objection
Washington
met
action
tionalization of
would
powers
had
Japan,
before
come
best
the
France,
the
to
consideration
caused
the
British
principle
delegations.
included
tion
railroads
the
the
of
interpretations
or
equally
of
prin¬
i;
provision
interpretation,
the
with
met
understood
second
rights"
a
the
that
specific
South
the
the
application
a
quarters.
that
along
construe
rights
several
"special
the
problems
other
particularly
attempt to
any
the
"leave
broad
existing
of
for
that
extra-territorial
from
of
realized
rather
the
to
opposition
it
functions,
indicated
end
case
ciple,
he
is
it
an
not
reasonable
an
delegates themselves
the
with
complicate
China, and
adopted
Twenty-one
conflicts
China
in
has
Governments
the
of
enough,
to
various
as
four
agreement
an
consortium,
differences
from
suggestion
a
integrity"
other
the
resolutions
afterwards by
than
represents
the
upon
by what authority they
attention
Japan
addition
in
in
pool all of their loans to
only
of
based
is
settle
view
Chinese
famous
of
years
and
more
Britain,
Great
to
protests of the
with
Japanese
functions of
powers.
capital,
functions,
the
For
is
another item
to
already
the
show
objections
a
Japan
the internal situation
on
application.
as
resolutions
that
today to the first sharp clash of opinions in the
Strangely
control.
the
sweeping enough
that
to
agreement
be
incidents
this,
far-reaching effect
one
the
administrative
Japanese
Whether
not
past
in their analysis of the four principles.
integrity" provision, in the view of members
a
fall
and
go
out
authorities
delegates,
is
and
conference
Further
carried
administration
own
future,
will have
is
ciples
commonly construed
integrity."
The "special
direct contravention of the
a
attempt
British
the
the
discuss.
"administrative
other
generally
France
subject
still
old,
apporve
relative
to in
regard
led
A
Chinese
regarding
it
agreements
dispatch
The
integrity,"
the Japanese
the
before
spokesmen would not
The
of
some
only to
to
policy
the
finances,
delegation
Root
the. Root
disapproval has been given.
its
of
action
Press
East
influence."
bringing
want
of
ten
that
four principles enunciated at the conference, an Associated
"administrative
considered
of
by
applied
for
"territorial
than
not
British and French
tonight
integrity"
for
China
and
seek "special rights" within
to
not
declarations
with
term
was
"spheres
be
vehicle
agreed
said
conference.
that
year
a
this
far
America,
does
separate
With
by
although
is
and
nations to
four
the
disapproval
referred
attracting widest attention
"administrative
powers
stopped
narrower
interpreted
to
the
agreement
policy of
declaration
the
The
to
as
problems,
expressed
delegation,
Chinese
customs,
the
today
in
practice of making with individuals of
China,
in the debate.
was
Japanese
the
changes
the
of
territory.
integrity
in
stand
various
and
specific
to
part
resolution
the
of
approving
which
under
Chinese
is
what
suggest
the
head
Japan
many
principles
less active
a
both
asked
nations,
suggested
took
with
Kato,
discussion
China
explanation
she is confronted.
East.
The
as
satisfaction"
Baron
declined
Far
the
of
nations
the
conference
was
American
said
down
nothing
as
So
of
view
only
agreement,
the declaratory resolution and two hours of debate
proposed
most
the
as
specific problems with which
British
Governments of
that
these
of
China.
to
committee
The
to come out of the conference,
British
the
financiers
Eastern
conference.
arms
its
possible
while
the
of
preceded
and
the declara¬
in
general terms most of the principles for which China
"bill of
rights," but does not provide in detail for the
her
settlement
Elihu
the
in
definite agreement
touches
asked
territorial
on
economic opportunity, an enforced "open door"
"special rights" was agreed upon today by all the
of
represented
The
by
hereafter
China based
toward
policy
integrity,
abolition
nations
of
laid
Britain
by Great
approved
regarded
the
21 said:
Washington Nov.
declaration
it
Chinese
in
principles
the
the
nothing to do, in the British view, with the present fiscal administration
China.
The consortium, which was originally proposed by Americans
Regarding this declaration of policy the Associated Press,
in advices
basic
as
in
of
'
security of such States.
China
to
escape
the
American
integrity and independence.
delegation
British
the
for
respect
by
Chinese
of
of the
accepted
time
to
as
"reasonable"
to place the entire
was
involved
executive
position
as
purpose
of
declarations
the
with
maintenance
with
viewed
not
was
inconsistent
Spokesmen
citizens of friendly States and from countenancing action inimi¬
or
China's
no
details
of
At the same
supervision of
international
of
the
there
issues.
open
railroads
of
ciples
privileges which would abridge the rights of the
or
sense
favor
the present conditions in order
(4) To refrain from taking advantage of
other
even
any
of effectually establishing and
purpose
and
foundation
would be
a
on
consideration
the
to
continuance
dustry of all nations throughout the territory of China.
to seek
negotiations
application
whose
points
develop and maintain for herself effective and stable Government.
use
East
from
proceeded
To provide the fullest and most unembarassed opportunity to China
(3) To
authoritatively today that the
in
committee
rights.
revealed
was
Far
Italy, Japan, the Netherlands and Portugal:
maintaining the principle of equal opportunity for the commerce and
the
of
regarding
delegation in bringing forward the Root/resolution
To respect the sovereignty, the independence and the territorial and
(2)
session
detailed statement
a
The statement was characterized
by the representatives of the other Powers.
the United States of America, Belgium, the Brit¬
to-wit,
Empire, France,
(1)
administrative
to
intention of
mentioned,
at the
delegation,
presented
extra-territorial
adopted, states:
as
It is the firm
after
Chinese
session,
amended; the declara¬
[Vol. 118.
as
declared,
and
other
conference,
was
public
made
maneuvers
then
among
not
calling the conference
only
as
a
move
delegations
would the
be set at naught,
well."
that
-
China
would
not
be
getting
even
opportunity as at Paris and that the Chinese delegation might
well
withdraw.
,
1
DEC. 3
The
can
already
news
"What
press,
Chinese
If
concerning the query in the Ameri¬
was
already stirring the
China
reaching
China,"
is
continued,
he
again,
of
"First
desire
Versailles
it
diplomacy"
"secret
or
of
to
tion
various
about
Prior
to
delegates
sent
of State
Secretary
to
assurances
Hughes, chairman of the Arms Conference, that they had
intention
no
of
of
parley because
the
from
withdrawing
"The
somewhat
the
ever,
the
OFFICIAL
;
REVENUES—STATE-
CHINA'S
WITH
COMMITTEE
REGARDING
COMMUNIQUE
DEALING
Armaments,
of
Limitations
011
was
issued
Nov. 22:
on
than
the
5%
in
order
tions
arising
Pacific
on
and
Questions met at the Pan-
Eastern
Far
Building Nov. 22 at 11
All the members were present ex-
a.m.
Baron Shidehara and Signor Meda.
cept
The
committee
discussed
the
■
of
matter
..'yv
limitations
;
and
mittee,
consisting of
representative of each
a
of the nine Powers for the
of examining facts and stating their conclusions to
purpose
the sub-committee having power to call
mittee,
it
on
might desire.
the full
com¬
in such expert opinion as
'f,v:
■
The Committee
>'■■■■'-
adjourned until 3 p.m., Wednesday, Nov. 23
presented
of China's delegates to the Conference,
one
account of the origin ana history of the Chi¬
an
"Mr.
restored
to
meantime
lated
such
to
as
posed that
require
immediate relief,' it was pro¬
some
and after Jan. 1 1922, the Chinese import tar¬
011
iff he raised to
12^%,
as
it
stipulated for in the treaty
was
Japan."
with the United States. Great Britain and
ICoo's statement.
gard to I)r.
would
prevailing
only in
was
funds to
inadequate
VV
■
then
rate
that
1902
a
the Chinese
meet
much
was
protocol.
In that tariff the
prices of 1897 to 1899.
revision
obliga¬
rate
In
was
1912,
Government to have another revi¬
difficulty of securing the unanimous
It was only after six years of
Chinese
the
to
powers.
revision was effected.
another
1918
but
rates,
The tariff
fix and to differen¬
appeared
it
as
possible
hardly
to
said that full autonomy should be
period to be agreed upon.
In the
certain
a
impose
maximum rate and would like to enjoy
maximum, such as the right of differ¬
a
within
a
freedom
different
the
But,
commodities.
of
classes
the
as
The
he
reasons
the
deprives
China
the
with
foreign
powers.
5%,
only
pay
duties
of
the
of
of
ment
"4.
rate.
to
-'"'"i.'<•
impediment
V':
system
v■'
there
stands,
now
The
rates.
of
develop¬
economic
the
upon
Tyz-VV'
the
As
order
serious
a
China.
differentiation
no
arrangements
imported into China
"vFF-'.-
constitutes
It
infringement
make reciprocity
to
all foreign goods
exported to foreign countries have to pay
Examples were given to show this lack of
reciprocity.
"3.
China, constitutes an
power
While
goods
Chinese
maximum
a
in support of the proposals of the Chinese
right to fix the tariff rates at her own discretion.
sovereign
It
"2.
States, Great Britain and Japan.
the United
gave
is the list:
customs regime in
following
existing
China's
of
the treaty with
in
for
"1.
the
relief, it
condition
financial
delegation,
We shall
give another week the official communique issued with re¬
not
was
yields only 3*£%.
after
among
"Among the
of
was
sources
Chinese Government was such as to
require some immediate
was proposed that on and after Jan.
1
1922, the Chinese import tariff be raised to 12%%, as it was stipu¬
present financial condition of the Chinese Government
the
China
full
entiation
how¬
Later,
regime all at once, he
new
China
have
and
rates
prices
as
average
by the
tariff
import
a
1858,
made.
proposed to restore to China the right to
Koo
the
tiate
establish
It
for.
seventeen
and
force
in
the
and
In
V;.;;
sufficient
the
owing
or
other
customs
Boxer
of
made
failed,
sixteen
is
1918
Among other things, he stated that "as
treaty tariffs.
nese
the
of
established,
accordingly
was
from
the
afford
basis
was
it
of
present
1921.
Wednesday's (Nov. 23) meeting of the Committee, Dr.
At
Wellington Koo.
of
administrative
Upon
those connected with reve¬
Senator Underwood's proposal decided to appoint a sub-com¬
out
United
prevailing.
,
long negotiations that in
.v:
autonomy of China, with particular reference to
nue,
but
consent
on
that
to
after having
States,
a
years
the
and
for a revision was forthcoming, and
her part did not press for a revision, seeing
stipulated
the
on
attempt
an
revision
request
no
collected
was
made
sion,
Committee
The
American
fact
given
tariffs.
right of levying customs
drop and the 5% actually collected appeared to
the 5% prescribed, a revision was asked for
A
then
was
calculated
Conference
the
then
requirements.
the
liquida¬
was
treaty
of
excess
powers.
revenue
its
the
to
fifth time imposed.
thereby
was
prices
customs
Chinese
subsequent
France
no
maritime
revenue
the
had
Government
A brief account
the full
the
for
valorem
began to
in
less
Pacific and Far Eastern Questions at
on
the
customs
the
in
Britain,
was
current
Government
Chinese
"But
following communique, setting forth the proceedings
of the Committee
ad
the
prices mounted,
meet
to
MENT ON CHINA'S TARIFF AUTONOMY.
.
The
5%
treaty
as
that
Great
this right
of
be
view.
British
semi-official
the
to
Chinese
history of
enjoyed
and
however,
with
upon
by
objections
the
administration of
of the
the
and
China
said,
1842,
rule
that
present
proceeds
origin
he
commodities
of
the
of
upon
based
were
the
foreign loans secured thereon.
treaties
limitation
emphasized
with
the
1842,
In
made
he
devotion
of
him
by
duties.
According to the "Wall Street Journal'' of Nov. 25 the
Chinese
all,
interfere
with
or
succeeded in "framing"
was declared,
then it would mean either a "repetition
Treaty" or that the delegation had failed.
:
submitted,
2363
CHBONICLE
home.
at
China
China
the
THE
1921.]
only
is
one
v
rate and
because
obvious,
is
disadvantage
uniform
it
injurious effects upon the morals and social habits
prevent their
which China
For luxuries,
such as cigars and cigarettes, they ought to pay heavy tax perhaps in
order to prevent their injurious effects upon the morals and social habits
of the people.
As it stands, therefore, the Chinese tariff is not scientific
at all.
v'.'
.v.r,v: ' ,V:': .:\'
"5. The
present tariff has occasioned a serious loss of revenue upon
the Chinese Exchequer.
The item of- customs duties is an important one
in the budget of nearly all countries.
For instance, Great Britain raises
12% of its revenue from customs duties; France, 15%, and the United
States
35% before the World War.
But the customs revenue in the
Chinese budget as it now stands becomes a comparatively insignificant
China is in need of machinery and metals for
would like to impose a tariff rate even lower than the 5%.
people.
OFFICIAL
AIRCRAFT AND
The decision
to
create
three
of
conduct
the
was
war
OTHER BOARDS.
of experts with
broads
spect to aircraft, poison gases and
CONFERENCE
AT
ISSUED
COMMUNIQUE
REGARDING
re¬
appropriate rules for the
in
made known
an
official com¬
munique made public by the Conference Committee on Ar¬
maments
Nov. 23.
on
the forenoon
In
the following com¬
munique was issued:
The
Committee
Pan-American
the
present,
the Limitation
subject of
of Armament met at
All the members were
Baron Shidehara and Signor Meda.
After a general dis¬
subjects relating to land armament and the agencies of war¬
except
cussion of the
these
fare,
the
on
Building at 10:30 this morning.
to the sub-committee, consisting of the heads of
referred
were
delegations,
the
with instructions to bring-in an order of procedure with
to these
subjects and to appoint sub-committees to deal with the
regard
questions relating to poison gas, aircraft and
sub-committee later in
The
rules of international law.
the day gave out
the follow¬
of
the sub-committee
to
create three
to
the
nominate
lows;
'
boards of experts,
each
mem¬
members pf these boards as fol¬
y
,
1.
With respect to aircraft, their quantity,
2.
in
With
the
character and
regret
great
The
that
he
expressing his
colleagues,
to leave them and their appreciation of the
in the proceedings.
adjourned, subject to the call of the chair.
obliged
then
committee
"The
REGARDING
REVENUES—STATEMENT ON
CHINA'S
CHINA'S
A
It
was
pointed
out
in
the press dispatches of Nov.
is based
principles; First, that the existing restric¬
four
on
amount
tions
23
of tariff autonomy
to
of
denial
a
self-determination;
second,
inequality in taxa¬
economic development of
communique issued 011 the 23rd inst.
yielding of insufficient revenue; third,
tion,
and
China.
with
M.
The
regard
in
members
the
were
check
a
official
on
Pacific
Columbus
present
upon
Room
except
and
of
Far
the
Signor
Eastern
Pan
Meda
Questions met at 3:30
Building.
All the
American
and
Baron
Shidehara.
Mr.
the first time as one of the Japanese delegates.
"The topic of discussion was the customs revenue of China.
Mr. Koo,
on
behalf of the Chinese delegation, made a statement as follows:
Hanihara
was
present for
held
America.
alternate.
"
Beelaerts
von
*
H
•
Blokland.
Friday morning at 11 o'clock, Nov. 25 1921.
The
the call of Senator Underwood as Chairman."
relative
to
China's dekts developed at
the
in the New York
23, being as follows:
View
subject
complicated
authorized
of
of
Tariff
Issue.
Chinese fiscal and tariff
arrangements,
today that
the status
the British delegation asserted
England had a subtle interest in maintaining
for
spokesman
that
that she continued to occupy an excep¬
affairs were not accurate.
"About the year 1845," this British representative stated, "the affairs
cf China were in great confusion, the Chinese Government being unable
to
derive any revenues from the taxes on imports
and exports, owing
to
the
fact
that the
Chinese
officials themselves thought that they
with
respect
position
to
in
them
and
Chinese fiscal
The result was that
the subject under
Government, and
a
commission was set up with the object of collecting the customs dues
at Shanghai, the commission consisting of representatives of Great Britain,
required
the
money
Britain,
Great
consideration,
France
"The
Koo's statement follows:
to Dr.
Committee
"The
P.
fourth,
of
Feileti, alternate.
account of this, as appearing
an
the
tional
China's contention for restoration
this subject
meeting
Ernesto Yasconcellos.
full Committee 011 Pacific and Far Easter Ques¬
"Times" of Nov.
quo
that
the
the
until
statement
meeting?
intimations
TARIFF
at
sub-committee will meet upon
an
AUTONOMY.
States
Vincenzo
Signor
British
COMMUNIQUE
upon
Koo.
Albertini;
of
meeting
adjourned
On
OFFICIAL
agreed
Hanihara.
Portugal—Captain
The other members of the sub-committee expressed their
was
revenue
tariff question,
customs
United
Underwood,
"Netherlands—Jonkheer
As each
being
v "
the
Sarraut.
"Japan—Mr.
regret at
levied,
which were announced to be as follows:
of
Wellington
"Italy—Senator
had taken
he
part
his
the
of
subcommittee
the
to
the members
22,
tions
of
V.\
be
should
be
discussion
general
transferred
5%
effective
still
"France—M.
conduct their inquiries under the direct supervision of
took leave
it exceedingly difficult for the Chinese
it was shown in the past experiences
I'..
1918.
the
will
"China—Dr.
use.
ported to it.
as
"Belgium—Baron de Carrier; M. Carrier, alternate.
"British Empire—Sir Robert
Borden; Mr. Lampson,
subject is prepared for the discussion of the full committee it will be re¬
obliged to depart.
if
Even
"After
was
respect to appropriate rules for the conduct of war.
Briand
in
revision
a
resulting
hardly adequate to meet the requirements of the
Chinese Government, as the Government has many functions to perform
in matters of modern education, sanitation, public utilities, &c.
"7.
■
sub-committee, composed of the heads of the five delegations.
Mr.
ask
to
and
1912
makes
present regime
therefrom
With respect to poison gases.
3.
The experts are to
-;7,
The
"6.
Government
"Chairman—Senator
decided
The sub-committee
;
factor.
Nov.
ing communique:
ber
■
and
more
France,
more
the
system
or
than
and
the
the
Government.
United
States
took
less at the request of the Chinese
United
States.
worked
later
so
satisfactorily
that
it was extended to
other
superseded by the appoint¬
Both the commission
and the single administrator were appointed by the Chinese Government,
probably upon the nomination of them by the powers.
"The Chinese tariff was fixd in 1858 by the Chinese Government in
conference with the powers named at 5% ad valorem.
In 1902 Great
Chinese
ment
of
ports
a
and
the commission
was
single administrator of Chinese customs.
to the United States
should be raised to 12}&%
subject to the Likin being either abolished or strictly limited.
The
Likin is the internal tariff levied upon commodities being imported by
one
province from another and it has operated greatly to the prejudice
Britain,
and,
other
and
trade
of
think
I
the
be
should
relation
loans but
Relation
explained
the
to
rate
debt.
peculiarly
only.
favorable
Considering
British
the
situation.
there are two loans
loans.
This
money was advanced not by the English and German Governments, but
by nationals, and was raised in England and Germany respectively for
the purpose of enabling
China to pay the Japanese indemnity.
They
fall to be paid off about the years 1930 and 1940, being now in gradual
process of redemption.
They were made in 1896 and 1898.
"In addition, there are Russo-French loans which were raised in Russia
and France, respectively, by China, whose total amount I do not know.
The Americans seem not to have been in the money-lending business at
that time, but were rather borrowing money.
No doubt, however, Ameri¬
"As
of
this
to
citizens
can
"The
each
in
Anglo-German
the
called
are
part in making advances to China.
indemnity
interests
incurred
which
have taken
Boxer
having
coming to its constituent parts,
debt,
£16,000,000
payable to practically all the countries
intended to reimburse them for losses
was
China,
being
the Boxer disturbances.
All these countries had
trading interests in China.
China for many years was in a very disturbed
state.
Whether conditions in China have improved, I am not prepared
to
by
state.
doubt
There
the
of
reason
is
still
question
certain
a
land
of
That
is
amount
in
armaments
in
disturbance
of
will
China
No
China.
before
come
the
conference."
"Early
treaty
of
1881
declared the
that
it
made
was
the
for
promotion
with
trade
American
of
American-Chinese
the
this British spokesman to
by
China.
He
object of all commercial treaties with China was obvious, and
the
to
the rest of the world that
Chinese trade be developed.
He believed the question of the personnel
of the Chinese maritime customs would be considered by the conference,
was
but
expressed
the
The
members,
he
the
suggestion
Robert
Hart,
Chinese
dence of
view
appointed
were
the
of
who
long term of
a
administration,
American
well
as
other
as
years
citing
remain
would
the
as
today.
it is
Chinese Government upon
the administration of Sir
by the
praised
He
powers.
for
and
that the personnel
said,
customs
of China
advantage
dictator of the
the confi¬
virtual
was
he
that
fact
nationals,
won
including the Chinese.
to
by
the
the
dispatch
from
Nov.
Washington
18, said:
In
formal
a
statement
said
suggestion
of
sented
"her
that
the
ten
"this report
today the Chinese delegation to the Washington
"in
view
United
general
of
printed report"
that the Chinese
that
a
States
principles,"
the
statement
it
at
was
delegation
the
has
pre¬
authorized
was
that
is unfounded."
under the
OF FOREIGN POSTAL
WITH¬
AGENCIES
cies
in Ghina
was
reached
ence
report of
a
of
these
mittee
sion
the
postal
and
Par
that
on
formal
offices
her
1923,
point
China had
Dr.
tegrity
of
Com¬
the
The deci¬
which
the
retention
French
a
Chinese
postal
agreed
so-called
at
upon
China
Tokio,
to
of the foreign
an
independent
and
the
"the
post
committee
maintenance
on
in
China
and
treaty
in
direct
administrative
other
or
is
for¬
by
legal
territorial
consent,
various
the other
and
and
is
in¬
rights."
day in his remarks before
now
suffering not only from
administrative integrity, to which
but also from open violations of her
rights
which not even a color of contractual
for
"On
the
points,
the
I shall
stationing
the
of foreign troops and rail¬
installations of wire and wireless
maintenance
first
speak
of
of
foreign Post Offices and
the foreign postal services
Chinese soil.
that
requests
to abolish
all
the
powers
assembled
in
the
conference
agree
postal services
now maintained by them in China.
the following propositions:
"1. That China has organized and is now
conducting a postal system
covering the entire country and maintaining relations with all foreign
She
bases
countries
matter
statutes
her
request
adequate
is
a
of
conducted
upon
to meet all
Government
Oct.
12
1921,
reading:
by the Government.'
requirements.
monopoly,
the
'The
first
The
transmission
paragraph of
postal business is
of
the
treaty provision or
merely tolerated
any
on
increase
was
connection
in
carriage of mails
the
with
was
operating
customs,
Finally,
"As
the
and
1
Oct.
regarded
the
since
the
not
the right
recognize
1
Congress,
opened
how¬
was,
respective foreign offices
measure
passed,
was
however,
agencies could be considered
a
foreign country not itself
of which China has been a member
foreign postal
established
were
Postal
A
any
Union,
in
1914.
Chinese
the world.
reached.
was
up
Postal
of
member
the question of
a
of their withdrawal
of their
purview
only those
as
Universal
the
at
The question
the
brought
delegation
Chinese
decision
union
Universal
the
Sept.
"The
does
Union
1920.
within
that
effect
withiiu
of Posts
wholly as
of
China
in
1
as
definite
no
1,
Postal
union,
on
within
Minister
the
has operated
Government.
gave
Sept.
Universal
postal
the
China
1914,
since
establishments
to
the Chinese
of
maintain Post Offices in another country which is
Madrid
ever,
services
under
the system
that date
Since
her adherence to the universal postal
that year, China has continued as a
good standing of the Universal Postal Union.
the
alien
at
directly
operating
system
and
country to
of
of May
decree
March
convention,
maintains
Office
Post
the
service
general
cheapest
in
spite of these very cheap rates and very high transportation
In
where no modern facilities are
expenditures has been steadily
improvements on the service,
particularly in new offices and extension of the service to the smaller
villages inland.
Its income in 1920 was $12,679,121 98 and its expendi¬
tures $10,467,053 07, thus leaving a surplus for the year's operation of
of
costs
long
maintaining
available,
courier
lines
of
receipts
over
surplus
the
profits are being put
All
increasing.
of
into
are
Although
less
than
1
postal
postal
entitled
"There
1920
in
90,000.
claim
to
claims
400
in
articles, parcels, insured letters and express
indemnity in case of loss by the Post
registered
articles
of such articles were posted,
made, the percentage being
37,000,000
over
for
indemnity
.
has ,been
were
.
decrease
a
30%
of
the number of insured
in
letters
though other mail matter has increased
by 50 per cent, in the same time.
This is considered as indicating a
growing public confidence in the other non-insured services.
"The Chinese Post Office has over 3,000 linguist employes and every
in
posted
the
last
serving
this
four
years,
of
places
linguists
of
in
residence
foreign
number
large
to
cope
China is amply supplied
with all foreign corres¬
pondence.
"The
is further guaranteed by
staff.
Employees enter
only after a fair examination, both mental and physical.
Postmasters,
even
in the larger cities, are selected from the most efficient of the
The penalty for invoking
employes, never from outside the service.
political aid is dismissal and in practice is never done.
"The Post Office functions under the same leadership over the entire
have
Chinese postal service
efficiency of the
service methods
civil
In
country.
time
recognized
disturbance
local
of
the
appointments of
in
Office
Post
as
a
and revolution the revolutionists
necessity to the welfare of the
community and have always permitted it to continue its functions without
change of staff
control.
the disturbed
or
condition
"Notwithstanding
recent
in
affairs
of
China
this system has been steadily developed since it
wholly under the direction and control of Chinese authorities.
years,
"Mall
matter
creased
from
"There
154,740
is
in
1911
to
300%
approximately
increased
in
400,886,935
ments
(offices
in
10,469
stations)
makes
than
scarcely
now
Post Office,
a
in
to
has
Parcels
1920).
in
4,216,200
was
placed
since
posted
1911
have
the increase
1920,
during
in¬
being
300%.
over
by
posted
126,539,228
(from
agency
and
1920.
have
of
double the
Chinese
a
or
village
which
is
served either
Major establish¬
not
minor postal establishment.
agencies) have increased from 9,103 in 1917 to
Minor establishments
(town box
offices
and rural
increased
total
a
from
31,325
number
places
of
4,890
in
1917 to
20,856
provided with
now
in
This
1920.
postal facilities,
more
places served four years ago.
Willoughby, in his careful study,
'Foreign Rights and
in speaking of this system says:
Interests
China,'
"At the present time (1920) the postal service tn China is
the Government deserves great credit.
Generally speaking,
onelforfwhich
the service is
efficiently operated and with reasonable financial success, notwithstanding
the fact that China has been obliged to acquiesce in the operationkwithin
her borders of some sixty or more foreign post offices."® If fcPi
"Notwithstanding
certain
system,
this
order
America
at
a
and
the
fact
China
that
now
has
an
efficient
postal
governments continue to maintain Post Offices
China.
At
the present time Great
Britain, France,
foreign
in
Japan
are
large number of
and operating offices of this kind
The alien postal establishments in China
maintaining
places.
they Btand at present are as follows:
Great Britain, 12; Japan, 124;
France, 13; the United States,
1.
The Japanese establishments are
classed as follows:
First class offices, 7; second class offices, 23; third
as
class
are
gradual
regular service for the
a
lines
administrative
the
member in
of
Koo
suffered
time
Communications.
of
one
"Mr.
to
Sze, Minister to the United
Offices
no
by Mr.
has
communications,
upon
with
said:
police boxes.
maintained
consultation
territorial
upon
these violations
guards
once
to
retention
that
Post
soverign
be claimed.
can
electrical
'
her
led
of
territorial
Among
way
to
China
upon
has been
right
he
referred
was
committee,
the
by
been presented
latter's
rests
his protest
as
by
virtually
was
pending
declared
the
and
limitations
at
Sze
Governments
violation
she
when
accordingly being left 'blank in the meantime.
protest against the
in
States.
As
28,
including
own,
adviser
as
1
Nov. 25 by Dr. Sao Ke Alfred
the
confer¬
the
Questions.
organization
acts
January
and the date
In
in
Nov.
date of withdrawal, Japan alone
withholding final
approval
eign
on
adopted
Eastern
of
domestic
general
authorities.
A
unanimously
was
facilities
present
the
Armaments
agen¬
agencies,
conditioned only on the maintenance by China of
co-director
as
such
participating
powers
of
having
sub-committee providing for the withdrawal
a
Pacific
was
efficient
of
the
Limitation
offices
on
Governments
the
by
the
on
by
not based
and
28 1911, the system was taken from under
the administration of the Inspector General of Customs and erected into
sturdy
FROM CHINA.
Agreement for the abandonment of foreign postal
administrative
general direction of the Inspector General of Customs.
imperial
from
DRAWAL
and
Tolerated."
Merely
offices was
foreign
by
office
ACTION OF ARMS CONFERENCE LOOKING TO
territorial
chiefly between the numerous ports on the coast of China and those far
up the Yangtze River.
This service continued to work and improved its
machinery year by year.
By imperial decree of March 20 1896, this
system was erected into a distinct Chinese postal system and placed
about
conference
latter's
of
existence
same
on
"Senders
Press
the
of
Government.
Chinese
"About
and
Their
established
with
system and deprives
the last century foreign Post Offices began
agencies in the particular treaty ports of China.
these
of
concession.
interferes
Offices
this
of
treaty or other legal rights.
no
upon
sixties
the
opening
Post
which legally and equitably should belong to it.
by foreign Governments of Post Offices in
violation
branches
open
The
foreign
development
maintenance
Office.
Associated
the
$2,212,068 91.
CHINA DENIES THAT U. S. INSPIRED THE 10 POINTS.
An
difficult
direct
in
as
Allusion
the
in
these
of
existence
more
"Existence
internal
including
debt,
Chinese
including the portion of the Boxer indemnity now standing,
not
£138,000,000
"3.
China
arrangements have
these customs
The
debt before the war,
which was
£800,000,000, and the British debt now, which is
£8,000,000,000, the Chinese debt does not seem to be very serious.
China has
a
population of 400,000,000 and an enormous area,
and occupies a
is
the
makes
Debt;
the
to
further that
Chinese
and
the system of a revenue
integrity and rests
' ^
No
"It
no
the
that
China.
in
"2. That
observation applies
same
agreed
powers,
[Vox,. 113.
CHRONICLE
THE
2364
offices,
agencies,
4;
33;
unclassed
letter
offices,
10;
sub
offices, 3;
box offices,
1;
boxes, 33; field post offices, 10.
have their own postage stamps
and operate in
every respect in
direct competition with the Chinese system.
It is to
be noted, moreover, that these foreign offices are located at the chief
centres of
population, industry and commerce.
They are thus in a
position where they can, so to speak, skim the cream of the postal
business, since they are under no obligations to, and, in fact, do not
"These
maintain
"It
of
post
offices
offices
at
is submitted
foreign
Post
unimportant points.
that if the necessity ever existed for the maintenance
Offices
in
China,
this necessity
has now passed
away.
April 20 1902, the American Minister at Peking reported to
his Government
(United States foreign relations, 1902, p. 225):
As
early
"
exclusively
in
'I
my
as
have
given such investigation as I have been able and report that
judgment
foreign
Post Offices in China,
except in Shanghai, are
DEC. 3
not
THE
1921.]
under the imperial
service and is
rapidly and effectively increasing and extending into the interior.'
"More recently the Commercial Hand Book of China, from which we
have
already quoted, says:
'The developments of the Chinese postal
service during the last decade have been so extensive and so favorable
that there
is in reality
no
longer any need for a continuance of the
foreign Post Offices operated in that country.'
T
"It is to
be noted, moreover, that the maintenance of these foreign
offices rests upon no treaty or other legal right.
Regarding this point,
the American Minister, in his communications to his country of April
20 1902, to which reference has already eeen made, said:
a
because
necessity,
maritime
the
is
customs,
service,
postal
Chinese
everywhere
satisfactory
giving
^
2365
CHRONICLE
,
established principally for political
reasons, either in view of their future designs upon the empire, to strengthen
their own footing or because jealous of that of others.
They are not estab¬
lished with the consent of China, but in spite of her.
They will not be
profitable.
Their establishment materially interferes with and embarrasses
the development of the Chinese postal service, is an interference with
China's sovereignty, is inconsistent with our well-known policy toward the
empire, and I cannot find any good reason for their establishment by the
■."The foreign post offices are being
conformity with the Root proposals enunciating fpur prin¬
for
ciples
territorial
the
and
administrative
of
integrity
(printed elsewhere in to-day's issue of
China,
paper)
our
were
drafted by a sub-committee headed by Senator Lodge;
they
provide
which
for
"to
is
international
an
into
inquire
the
commission
of jurists,
practice
present
of
extra¬
territorial jurisdiction in China, and into the laws and the
judicial system and the methods of judicial administration
of
China, with
several
the
view to reporting to the Governments of
a
above named their findings of fact in
powers
regard to these matters, and their recommendations as to
such
means
they may find suitable to improve the exist¬
as
administration of justice in China,
of the
conditions
ing
and to assist and further the efforts of the Chinese Govern¬
United States."
ment
"In
the
conclusion,
financial
Post
Offices
the
China
loss
her
on
development
offices
is
accorded
not
is
It
the
of
maintenance
such
hef territorial and adminis¬
of
to
peoples.
This neces¬
sarily has a tendency to lower the prestige of the Chinese. Government
in the eyes of her people and to make more difficult the already difficult
problem of maintaining a Government that will command the respect
are
and
ready
obedience
viewed,
the
should,
therefore,
On
continuance
withdrawn
ranted,
that
soon
as
it
announcing
and
.->,/■ 4 7
and
Pacific
on
the foreign
as
to draw up a
named
Post
Far
Eastern
post offices should
appeared
that
conditions
that
sub-committee
a
be
war¬
had
been
The follow¬
resolution to this effect.
ing is the communique issued by the Committee:
The
Committee
Building
Pan-American
discussed
committee
the
was
the
A
Geddes,
Viviani,
up
Mr.
resolution
a
The
composed
Senator
Karnebeek,
The
Portugal,
then
shall
constituted to draw
was
committee at
full
the
to
o'clock this afternoon.
yesterday's meeting
Pearce;
Sarraut;
Chevalier de
Jonkheer van
Mr.
France,
Belgium,
Netherlands,
Hanihara;
The
America,
States of
United
to
meet
Nov.
28,
at
the
committee
(Nov.
sub-committee's
the action of
on
received
28)
report:
the
Committee
report
the
of
and
Pacific
on
sub-committee
China
and
adopted it unanimously,
force
and
effect
The report
future.
Recognizing
to
the
being deferred
is
adopted
as
justice
of
the
Far
or
as
it
follows:
foreign
leased territories
in
which
on
public announcement
expressed
of
Foreign
on
the date
for
as
desire
abolition
the
secure
except
or
the
by
the
agencies
postal
otherwise
Chinese
in
specifically
China,
provided
The
four
the
subject to
donment,
following
Chinese
"a.
That
an
efficient
"b.
That
an
assurance
contemplate
"2.
is
through
which
severally
ordinary
The
them, with
Government
that they
far
so
as
the
into
of
regulations
committee
territoriality,
gation
of
received
the
asking
for
of
a
the
postal
agencies,
full
facilities
agencies
registered
all
to
postal
which
not,
or
the
passing
otherwise
contravene
the
committee also
sub-committee
on
decided
drafting
to
of
the
sub-committee
statement from
various
that there should
be
on
Extra¬
the Chinese dele¬
establishments
as
placed
in
foreign troops,
The committee decided
composed
of
be constituted
a
delegate
a
standing
appointed
by
power.
The
committee
o'clock
A.
then
adjourned
to
sub-committee to
Chief Justice
Wang,
of the
The following is the statement of Dr. Chung-
made public on Nov. 5 before the Committee:
Hui Wang
vision
the beginning of
almost to
dates back
China
in
"Extra-territoriality
foreign countries.
It was clearly laid down in the
States and China, and a similar pro¬
inserted in the treaties with other powers.
Extra¬
1844 between the United
Treaty of
been
since
has
only five treaty
Now there
equal number of places open to foreign trade
rights were granted at a time when there were
territorial
ports—that is, places where foreigners could trade and reside.
are
fifty such places and an
on
China's
her
territory
has
condition
anomalous
is
administrative
integrity of
is
There
a
inter-relation
the territorial and
not to be continued the matter de¬
of the serious
of China's sovereign rights
by the Chinese people as a national
and is regarded
the
China is
of
This
problem with which the local
the
In
almost powerless.
the impairment of
if
to the extra-territorial system: .
first place, it is in derogation
objections
"1.
serious
a
and
number
ever-increasing
an
I should like to point out a few
solution.
immediate
means
whom she is
over
become
confronted
administration
mands
This
initiative.
own
within
persons
humiliation.
courts in one and the same locality and
rise to a legal situation which
multiplicity of
of such courts has given
perplexing both to the trained lawyer and to the layman.
The disadvantages arising from the uncertainty of the
law; The
applied in a given case is the law of
the defendant's nationality, and so in a commercial transaction between,
say, X and Y of different nationalities, the rights and liabilities of the
parties vary according as X sues Y first or Y sues X first.
"4. When causes of action, civil or criminal, arise in which foreigners
are defendants, it
is necessary for adjudication that they shall be carried
to the nearest consular court, which may be many miles away, and so it
often happens that it is practically impossible to obtain the attendance
of the necessary witnesses or to produce other necessary evidence.
"5. Finally, it i s a further disadvantage to the Chinese that the for¬
eigners in China under cover of extra-territoriality claim immunity from
local taxes and excises which the Chinese are required to pay.
Sir Robert
general rule is that the law to be
worked and lived in China for many years, has this to say in
: 'The extra-territoriality stipu¬
meet
'These From the Land of Sinim'
his work
has
tomorrow,
official of some troublesome duties,
humiliating and has ever
people in one hand to despise their
on the other to envy and dislike the
have relieved the native
may
it
always been felt to be offensive and
disintegrating effect, leading the
own
Government and officials, and
a
the
Nov.
29
1921,
at
M.
is
system
control.'
or substantially
abolished
.......
.''. ■
modified it is inex¬
China to open her entire territory to foreign trade and com¬
The evils of the existing system have been so obvious that Great
Britain in
in 1903 and Sweden in 1908
1902, Japan and the United States
subject to certain conditions, to relinquish their extra-territorial
rights.
Twenty years have elapsed since the conclusion of these treaties,
and while it is a matter of opinion as to whether or not the state of China's
laws has attained the standard to which she is expected to conform, it is
agreed,
impossible
to deny
that China has made great progress on
legal reform.
"A
discussion of these questions at its next meeting.
begin the
The
a
It was added that "in regard to
Chung-Hui
Dr.
later."
pear
"Until
afford
and telegraph and wireless stations.
police boxes
appoint
to
pedient for
those
which
statement
removal
the
or
and
25,
Supreme Court of China, made a statement which will ap¬
China."
reporting progress,
"decided
been
subject
necessary
by foreign powers without treaty sanction, such
China
this
not later
in
whether
contraband
laws of
or
Com¬
Far Eastern Questions on Nov.
and
territoriality in China."
the
make
to
examine
letters,
for
courts
investigate and report in regard to the question of extra¬
and effect
force
foreign
undertake
to
own
of such rights was agreed to in principle
foreigner withdrawn from native
concerned.
view to ascertaining whether they contain articles
a
dutiable
are
had
it
but
maintained.
concerned to
come
withdrawal
authorities
customs
(excepting
customs
11
is
Chinese
examination appear plainly to contain only written matter)
upon
each
complete
the
concerned
powers
Chinese
matter
to
service
the
powers
shall
their
communique issued after the meeting stated
that day. A
merce.
Pending
four
on
lation
.
"b.
the
the
this arrangement
dispositions,
than
and
China
their aban-
to
agree
conditions:
postal
given by
Co-Director General
foreign
enable
To
is
agencies
change in the present postal administration
no
the
of
status
such postal
having
powers
Pacific
on
Hart, who
by treaty, it is "resolved:
"1.
maintain
powers
"3.
meeting
following communique making known the
the
rights in China,
subject of extra-territorial
various
and the abolition
"2.
next,
Monday
on
in
near
mittee
as
either
trials of their own nationals was discussed before the
Vasconcellos.
into
Government
save
of
Questions reads:
come
"a.
The
and it
reforms
in relinquishing,
A report in the matter is required within
The
year.
whereby
is
committee
the
in
adjourned
Monday's
of
Offices
Post
Sze
proposed at
Wang;
Captain
China,
withdrawal
a
that conditions
Lodge, Sir Auckland
Senator
of
1921.
26
the
it appeared
as
delegates:
Mr.
be
should
in
met
M.
A.
communique
The
soon
Senator
Chung-hui
made public the
Eastern
Empire,
Dr.
Following
The
Nov.
Post Offices in
there
submission
following
Japan,
committee
adoption
as
for
Ricci;
and
o'clock
11
Saturday,
foreign
composed
effect
the
of
China,
Wouters;
M.
A.
that
Extra-territoriality
British
Lodge;
Senator
Italy,
this
on
a
judicial
and
several powers
otherwise, their respective rights of extra¬
or
territoriality."
treaty relations with
Questions
This sub-committee will meet at 3
session.
Committee
be
will
Eastern
Hanihara and Mr.
Mr.
to
Far
of
China
in
sub-committee
warranted.
its next
matter
committee
Post Offices
foreign
10:30
at
the
the
of
sense
and
Pacific
on
progressively
that
communique stating it to be the sense
a
Committee
the
foreign
Committee
the
Questions issued
of
whatever standpoint
Offices upon Chinese soil
disapproved."
be
26
Nov.
these
of
other
to
legislation
such
the
warrant
would
population, r From
her
of
given
effect
to
from
that is peculiarly objectionable,
the Chinese people that they
reminder
considration
the
system,
violation
moreover,
one,
visible
apart
a
postal
direct
wholly
that
out
result of the existence of foreign
obstacles thereby placed in the way of
as
the
own
most
constant,
a
and
point
to
by her
her
a
integrity.
it
soil
of
represents
trative
since
wishes
suffered
few
the path of
v
facts will
A law codification committee
suffice for the present.
sitting since 1904. Five
into force.
First, the civil code (still in course of revision).
Second, criminal code
(in force since 1912).
Third, code of civil procedure.
Fourth code of
criminal procedure, both of which have just been promulgated.
Fifth,
commercial code, part of which has been put into force.
These codes
have been prepared with the assistance of foreign experts and are based
mainly on the principles of modern jurisprudence.
Among the numerous
supplementary laws may be especially mentioned a law of 1918, called
'rules for the application of foreign law,' which deals with matters relating
to
private international law.
Under these rules foreign law is given
for the
compilation and revision of laws has been
codes have
been prepared, some
of which have already been put
ample applications.
"Then
COMMUNIQUE OF ARMS CONFERENCE FAVORING
Judges
that the China of
Resolutions looking to the abandonment
of foreign courts
Britain
is
were
adopted
on
Nov. 29 by the Committee on
Pacific and Far Eastern Questions of the conference on the
Limitation
of
Armaments.
The
resolutions,
adopted
a
new
system
trained
modern
of
law courts, established
lawyers and
reforms'which have been carried out
of the
CHINA.
China
is
all
no
Judge unless he has attained the requisite legal
WITHDRAWAL OF FOREIGN COURTS FROM
in
there
are
in
not
torial
"I
what
Was
she
immediate
and
training.
our
part.
in 1910. The
be appointed a
These are some
I venture to say
eighty
these
when Great
and a fortiori she
when she first granted extra-terri¬
to reform her judicial system,
rights to the treaty
made
can
to-day is not what she was twenty years ago
encouraged her
have
on
one
years
complete
ago
powers.
observations
abolition
not
of
for
the purpose
of asking for an
extra-territorially, but for the pur-
inciting the powers to co-operate with China
improving and eventually abolishing the
of
pose
toward
steps
which
admitted
is
Chinese.
and
hands
all
on
a
in
at
the
end
of
represented
definite
a
their extra-territorial rights in China
Meanwhile, the Chinese delegation pro¬
to relinquish
this conference agree
period.
will, at a date to be
agreed upon, designate representatives to enter into negotiations with
China for the adoption of a plan for a progressive modification and ulti¬
mate abolition of the system of extra-territoriality in China, the carrying
out of which plan is to be distributed over the above-mentioned period."
that the powers represented at this conference
poses
the
of
That
the
Nov.
26
the following
Pacific and Far Eastern Questions contained
at yesterday's meeting
United States of America,
Senator Lodge;
British Empire, Senator Pearce; France, Mr. Sarraut;
Italy, Senator Ricci; Japan, Mr. Hanihara; Belgium, Chevalier de Wouters; China, Dr. Chung-hui Wang; The Netherlands, Jonkheer van KarneThe
will
Committee
be
beek
Extra-territoriality proposed
on
the following delegates:
composed of
and
Committee
and
reject
to
In
it
to
its
the
received
Committee
in
communique
a
The
establishment
by
in
the
formal
States
the
next
system
relations
treaty
United
in
the
statement from the Chinese dele¬
gation asking for the removal of the various establishments placed in China
by foreign powers without treaty sanction, such as foreign troops, police
boxes and telegraph
arid wireless stations.
The committee decided to
begin the discussion of these questions at its next meeting.
The
then
adjourned
to
of
standing
by
appointed
delegate
a
Nov.
tomorrow,
meet
1921, at
29,
29, embodying the resolution
communique of Nov.
of
commission to investigate and
a
at
Committee
the
in
met
Pan
29, 1921,
Post
Meda and Ambassador Shidehara.
Offices
of
tions
China
in
Resolution
report
by the committee
establishment
the
for
Pacific
of
Limitation
the
Right
commission
a
in
both at its
its
opening
and
investigate
to
Far
Eastern
wit,
France,
Empire,
the
Italy,
the
in
United
that
"gratifying
States
America,
of
and
China, dated Sept.
America
Japan
to
give
its
of
the
with
the
of
Chinese
the
existing
that
appropriate
tion
of
and
Have
in
not
methods
China,
of
fact
in
regard
as
Chinese
would
That
three
in
judicial
into
the
several
progress
above
to
one
or
to
several
make
its
acceptance
indirectly
or
concession,
favor,
Additional
That
the
Nov.
on
viewpoint
16
jurisdictional
and
the
on
devoted to
was
a
presentation of
land armaments by Premier Briand
those of Mr. Balfour,
Baron Kato and Baron de Cartier,
action
ascertainment and
upon
might
as
apprecia¬
the laws and the judicial
to
of
China,
which
the
of
the
Governments
the
above
their
are
The
The proposals of the American Government
limitation of naval armament have been under consid¬
and aided
by
of the plenipotentiary delegates of the five Powers,
subcommittee of naval experts, that matter is progressing
a
favorably.
You
will recall the appointment of a committee
consisting of the pleni¬
potentiary delegates of the nine Powers to consider questions relating to
In the
East.
Far
the
of the deiiDerations of that
the Pacific
and
committee,
most important declarations have been
course
made
behalf of the
on
while there is nothing at the moment to report
plenary sess.on w,th respect to either of these topics, I think 1 am
to the
justified in saying that our expectations with respect to the expedition and
thoroughness of
consideration on these matters have already been more
our
than realized.
There remains another subject which so far has not engaged our attention,
and that is the subject of land armament or military forces.
So far
the army cf the
as
United States is concerned,
no
question is pre¬
It has always been the policy of the United States
ditional policy) to have the
At the time of the armistice
possible basis.
(it is its tra¬
regular military establishments upon the smallest
there were in the field and in
At once upon
training in the American army upwards of 4,200.000 men.
of the armistice demobilization began, and it was practically
the signing
completed in the course of the following year, and to-day our regular estabnumbers
ment
While,
than
less
however,
we
160,000
military forces in the United
States,
culties that exist with respect to
the apprehensions
ditions of national
men.
have this gratifying condition with respect to the
we
fully recognize the special diffi¬
military forces abroad.
We fully under¬
that exist, their bases and aiso the essential con¬
security which must appeal to all the Powers that are
here represented.
It is regarded as fitting at
this time that there shouid be the freest oppor¬
tunity for the presentation of views
upon
this subject of land armament
military forces by the delegates present, and it is the wish of all delegates
that
the considerations that
are
pertinent and full explanation of all the
conditions that exist that bear upon
the matter should be had, and that all
delegates of the Governments represented here should have oppor¬
of the
tunity to present fully the matters which they think should
be understood
by the Conference and the world.
above
powers
practice
and
paper.
our
pleasure to be able to state that gratifying progress has Deen made
a
eration by the committee
or
of
shall
shall
appoint
extra-territorial
judicial
system
view
a
named
named
in
to
jur¬
the
and
reporting to
their
findings of
recommendations
to
as
such
such
and
in relinquishing,
powers
rights
herein
legislation
Following the speech of Premier Briand and those of the
representatives of the other principal nations participating
in the Conference,
that "no words
Secretary Hughes took occasion to state
ever
spoken by France have fallen upon deaf
in the United States."
ears
He also said:
of
reforms
as
either progressivelv
or
extra-territoriality;
contemplated
upon
the
shall
but
that
all
of
or
dependent
benefit
or
in
no
be*
constituted
Conference,
any
shall
part
of
such
any
within
detailed
of
the
of
the
said
recommendations
powers
either
the granting by China of any special
immunity, whether political or economic.
resolution:
of
the
conference
a
written
notice
of
accession
full
if I did
which
n
you,
It would not do justice
of the American delegation
in this expression of the sense of privilege
gentlemen, but a moment.
sentiment or to that of my colleagues
not!,
has
in
a
word, take part
been felt
in listening to this
and instructive address stating the
No words
and
ever
brilliant, eloquent, comprehensive
position and policy of France.
spoken by France have fallen upon
The heart of America was
the memory of her
devoted to
enduring among our people.
Secretary Hughes's remarks follow:
I shall deta
to my own
world conscious of its mutual
and upon the fact that if they desire, most
ardently and wholly desire it, peace w 11 be
States.
•
and officers and men and material can
supply: that is, the disposition of a
interests, of their dependence,
In
that here will be
national security, the final
engaged in this Conference make us confident
of security which armies
ar¬
powers
practical measures may be avail¬
heard from the representatives of
generated that disposition which is essential to
never
with
on
non-signatory powers,
adjournment
but the expressions that we have
the Powers
assurance
by the Governments
case
We cannot foresee at the moment what
able,
judicial
having by treaty extra-territorial rights
in China, may accede to the resolution affecting extra-territorialitv and
the administration of justice in China by depositing within three months
after
It Is
with respect to the
will
shall be instructed to submit its report and resolutions
after the first meeting of the committee;
the powers above named shall be deemed free to
accept
or any portion of the recommendations of the committee
contemplated,
directly
the
and
of
reject all
herein
regard
circumstances
such
to
China, with
aftelr the adjournment of
year
each
of
and
effect
respective
commission
named,
this
in
find suitable to improve the existing conditions of the
justice in China, and to assist and further the efforts of
the
their
months
That
has been made in the work of the
opening remarks of Secretary Hughes follow:
stand
determine;
powers
rangements to be hereafter agreed
Within
TO
PLEA.
given elsewhere in the current issue of
are
that
satisfied
expression
administration
laws
matters,
into
removed";
regard
present
the
it
they
their administration
for
gave
regard
Governments
into the
Government
the
GRATIFYING
may
of
wai runt
otherwise,
when
furthering
be
that
doing;
(to which each of such
these
to
they
administration
the
the
and
of
to
depend
judicial administration
Governments
means
are
fact
of
inquire
to
in
rights
so
toward
position to
a
That
commission
a
member)
isdiction
the
methods
resolved.
establish
one
is
in
delegation
must
of
agreed
to bring
and
declared
arrangements
them
determination in
any
this end
to
the
conference
the
action
of
complicated states
system
have
and
"immediately, or as soon as
limitations upon China's political,
administrative freedom
be
judicial system
extra-territorial
Chinese
have
attainment by the Chinese Government
its
disposed
States
between
treaty
powers
that
effect
Considering
the
several
warrant"
sympathetically
aspiration to which the
permit,
and
these
nations,
laws,
considerations
to
1903,
reform
relinquish
to
in
8,
1903,
8
Western
of
Being
1921,
Oct.
Oct.
desire to
that
"prepared
other
dated
dated
the treaty between the United
in
1902,
assistance toward the
expressed
state
and
5,
China,
China,
every
accord
also
and
and
ON
Monday last, the 21st inst., and at
on
and the latter's remarks, as well as
sented.
Having taken note of the fact that in the treaty between Great Britain
of
BRIAND'S
The session
Conference."
Conference
the Netherlands
Japan,
in
participating
named,
Questions
Portugal—.
and
HUGHES
Speaking at its start, Secretary Hughes stated
closing.
represented countries, and
follows:
as
hereinafter
powers
and
Armament—to
of
British
the
the
of
representatives
discussion
Belgium,
of
presented resolu¬
China, which
to-day
yesterday,
Extra-Territorial
on
extra-territoriality and the administration of justice in China.
upon
The
accepted
was
Sub-committee
the
unanimously adopted
were
present, except Sir Robert Borden, Ambassador
were
Lodge, whose report on behalf of the Sub-committee on Foreign
Senator
on
Questions
Eastern
C., Tuesday morning, Nov.
Building, Washington, D.
Bicci, Signor
the
Far
and
Pacific
on
of the delegates
All
nations
Secretary of State Hughes addressed the third plenary
on the Limitation of Armaments,
o'clock.
11
other
1844,
CONFERENCE—REPLY
OF
in the work of the Conference.
justice in China" follows:
American
in
session of the Conference
and the administration of
report on the extra-territoriality
The
rights
M.
A.
the establishment
-'for
1842, which marks not only the legalized
rights in C
a but also of
between China and the Western powers.
The
STATE
OF
PROGRESS
Senator Schanzer,
The
so-called
following.
years
SECRETARY
the French
Committee
o'clock
be constituted a
there should
composed
be
to
a
'
power.
The
11
drafting
on
that
decided
also
Committee
sub-committee
each
and
the
of extra-territorial
extra-territorial
obtained
few
followed
China, which was the result of
by China.
The war terminated
and
justice
in
of Nanking
treaty
of
China
in
courts
Britain
administration
the
beginning of
foreign
of
Great
between
war
friction
Extra¬
the Sub-committee on
of
statement
reporting progress,
the committee's delibera¬
account of
Washington
tions the New York "Times" of Nov. 30 said:
PREMIER
territoriality,
facility for the successful accomplish¬
possible
every
its tasks.
tions:
The
that China shall be deemed free to accept
or
any
afford
Pacific and Far Eastern Ques¬
on
estab¬
its satisfaction with
of the deliberations
On Nov. 28 reference to the progress
of the subcommittee was made as follows
issued by the
shall
it being understood
Var.concellos.
Portugal, Captain
the
extra-territoriality
upon
expresses
all of the recommendations of the commission.
Fur¬
thermore, China is prepared to eo-operate in the work of this commission
or
opium
Extra-territoriality:
justice in China,
China, and declares its intention to appoint a
have the right to sit as a member of the said
from
who
representative
Committee on
the appointment of a
paragraph regarding
to
disposition of the powers hereinbefore named in regard
of the Chinese Government to secure the abolition of
extra-territoriality
committee,
the Committee on
communique issued by
a
it
aspirations
ment of
On
investigate and report
to
of
administration
resolutions affecting
note of the
taken
having
commission
a
sympathetic
to
by
resolution:
China,
the
to
communication
for
signatory powers.
lishment cf
the
States
United
the
of
Government
the
Additional
of the
and
delegation therefore asks that the powers now
Chinese
"The
as
with
each
foreigners
to
by the various delegations at
expressed
previous meeting of this committee.
this question
toward
powers
both
unsatisfactory
be
to
in taking initial
existing system
learn of the sympathetic attitude
is gratifying to
It
[Vol. 118.
CHRONICLE
THE
2366
deaf ears in the United
thrilled by her valor and her sacrifice,
stand for liberty is imperishable in this country,
the institutions of liberty.
It is evident from what M. Briand has
said that what is essential at this
time, in order that we may achieve the great
ideal, is the will to
peace.
DEC. 3
And there
justice
THE
1921.]
can
be
in response to a word which
say,
appraise them, that we should have the most candid and complete state¬
ment of all that is involved in them, and then, with that full appreciation
to
apprehensions, of the dangers of all
of the
that may create obstacles in the
path of the policy that we are most anxious to pursue, We
to meet the case to the utmost practical extent, and thus
may
so
the will to peace
have effective expression.
We cannot go
is
should then plan
into
statement of detail now.
a
organized that this matter may have an
what practical measures may
We cannot foresee at the moment
cussion.
Apparently the Conference
appropriate place in our dis¬
expressions that we have
be available, but the
tives of the Powers engaged
in this Conference
heard from the representa¬
make us confident that here
essential to national security,
and men and ma¬
terial can never supply; that is, the disposition of a world conscious of its
mutual interests of their dependence and upon the fact that if they desire,
most ardently and wholly desire it, peace will be enduring among our people.
Is it the desire of the delegates that the matters suggested by the ad¬
dresses that have been made and the subject itself of land armament should
now be committed for the consideration of the Committee on Armament,
consisting of the plenipotentiary delegates of the five Powers?
Assent is
manifested and it will be so ordered.
;
,!
Is it now in accordance with your wish that we should adjourn subject
generated that disposition which is
will be
which armies and officers
the final assurance of security
to the call of the Chair?
Adjourned.
/
>
v'
'
xAaAA
'•
BRITISH FOREIGN
LORD CURZON,
MINISTER* WARNS
PURSUING ISOLATED
INDIVIDUAL POLICY.
'A
AGAINST
FRANCE
AND
:
Premier Briand of
Washington Conference on the
essaying to rep]y to the speech of
In
France
Nov. 21 at the
on
Limitation of Armaments in which
need of France for armed forces,
Curzon
Lord
Kedleston,
of
he bespoke the continued
the British Foreign Minister,
on
declared that if
Nov. 24
isolated and individual policy she would
fail to protect
herself. ; He asserted that "the real strength and protection
of France does not consist in the strength of her arms,
.
.
.
France
pursued
an
injure Germany and would
but in the fact that the conscience of
will not tolerate
and
always rattling the sword in the
physical forces of the world
bined
the reappearance
V
.
.
in the heart of Europe of a great
dangerous Power that was
the peace of the world."
In
speech, the Associated Press in
cablegrams Nov. 24 said:
scabbard
as
London
was
to
menace
a
Lord Curzon's
account of
It
the world and the com¬
warning couched, if anything, in
a
plainer terms than a similar
last May, at the time when
proceeding to the occupation of Germany's Ruhr towns, which
speech delivered by Premier Lloyd George
France was
created such
a
armaments on land.
on
primarily to the Washington Confer¬
clearly an intimation to France of the effect
questions, but it was
of that country's attitude to¬
French policy
them by."
AA
;
"Peace will never be
A,"
achieved," said Lord Curzon, "if any one Power
its own
Kemalist Govern¬
ment at Augara, which has evoked hostile British comment.)
The Foreign Minister bluntly reminded France that her safety lay not in
her own strength, but in the confidence of the world, and he cautioned
France that she could not succeed by a revengeful policy toward Germany
tries to steal
or
a
march
on
another and conclude an arrangement on
(This referred to the French treaty with the
account."
permitted by isolated action to frustrate the
be
work of the nations at
Washington.
The
speech, which occupied only half an hour
with striking matter,
was
in delivery but was filled
remarkable for the expressed determination' to
nations and for its enunciation of Great
Britain's duty in the new world which succeeded the war.
Alluding to the new struggling nations which have arisen from the
ashes of Germany, Austria and Turkey, Lord Curzon said:
"We, as one of the great Powers, are largely responsible for the crea¬
bring Germany into the comity of
Therefore it devolves upon us to do our best to
tion of these new nations.
help their progress and make them instruments not of
curb their rivalry,
renewed disturbance and warfare
"The real strength and
but of future peace.
protection of France," continued Lord Curzon,
"does not consist in the strength of
not consist in the
even
her arms, potent as they are.
inexhaustible spirit of ther people.
in the justice
It does
It does not consist
of her cause.
"It consists in the fact that
conscience of the world and the combined
physical forces of the world—and
world, whose sea
to defend coasts
We shall convert Germany
into
a
"Disarmament enters the
field of practical politics
when a definite limit
the size of the navies of certain great Powers," said Lord
"and still more when one of those Powers comes forward and
Curzon,
announces to
the world that
construction of ships which
lot of
our
stopping
It fell to the
disarmament shall begin in her case by
already had been commenced.
give the lead, and it fell to the
representative, Mr. Balfour, to follow it.
lot of the Secretary
of State for America to
.
.
■"
..
Power in the
daily existence as a nation on the
willing to reduce our naval strength, let
allowed to build up other engines or instruments
air
of
under the sea, which may render our sacrifices
or
from leaving us in the proud position of having
leave us in the perilous position of having incurred
.-A.
A
nugatory and which, so far
set an
an
example, may
undue risk.
"These
to
the
are
the sole
conference, spoke of the
but said he was not going to
He cited the great day when the Czar
world to discuss disarmament, and
prevent the most devastating war of history or the
premature hosannas.
anj
the nations of the
invited
Russia
added that this did not
A
life.
from losing his
Czar
joy which was
days at Washington,
events of the last ten
of
Washington
felt throughout the nation over the
speech, Lord Curzon, referring to the
At another point in his
utter
attach
precautions and conditions that I would like to
proceedings at Washington."
proposal made during Lord Grey's
He mentioned the
Secretaryship for
"Again the sun of peace came on to
war." He said he did not suppose
our swords were going to be made into plowshares, and he did not suppose
"old Adam" was expurgated from man.
It was not by resolutions of a
conference, but by the resolution of the people that a change could occur,""
he said.
AAAA A'/A AA :AA;'AAAAV^
■
''AAAA
A'-''.
Among the other points in Lord Curzon's address was the statement
that, looking calmly ahead, he believed a decade would pass from the
signing of the armistice oefore normal conditions of life as they were in the
old days would be resumed.
Speaking of the necessity of international
co-operation for the re-establishment of peace, he said:
"Look at what has happened at Washington.
Until the meeting of the
conference Japan was building ships, Great Britain was building ships and
a
treaty of arbitration with
America.
shine," he said, "but it did not prevent
'
Why could they not cut
building ships.
America was
afraid of the competition
Because each one was
half?
"But
they
had
left to the initiative
Deen
I should like to apply this
by itself.
the great Powers would
After saying
in
advance
mutual action which might have taken years
by common consultation and
to achieve if it
programs
around a table.
followed, and in a moment you had an
Washington
at
met
Another great Power
lead.
their
of the other. Each
than its own.
Some one gave the
confronted with a program bigger
afraid of being
of any individual Power acting
golden rule method all around."
assist Germany provided she showed
sincerity, Lord Curzon added:
"So long as
and Italy hold together 1 am
Great Britain, France
hopeful
A
of this result."
hostilities between the Greeks and
the Turkish Nationalists that it was very important that there should be no
victory for either side and that there should be peace.
That, he said, would
be in the interests of both parties, and it was important to this country
"because, although we fought against the Turks, although they were
guilty of many inhuman acts and although we beat them in war, we have
no permanent quarrel with the Mohammedan races.
We are the greatest
said in reference to the
The speaker
Mohammedan Power in the
we
world.
kill the suspicion
prevailing between Greece and
Turkey
is room for both in the Near East.
Our
if we go into this affair with a single policy, a
single plan."
might persuade them that there
hopes will materialize only
single aim and a
Regarding the view taken in France relative to Lord
remarks, the Associated Press in Paris advices
Curzon's
Nov. 25 said:
The
Marquis Curzon, the British Secretary
policy toward Germany and in the Near
warning given to France by
for Foreign
Affairs, regarding her
of the French policy at the
East, and his criticism
Washington conference
Government.
It was explained in official
circles to-day, however, that Franco regards A. J. Balfour as Great Brit¬
ain's official representative at the Washington conference, and that his
and not Lord Curzon's opinion would be accepted as that of the British
have
deeply aroused the French
Government.
France's
negotiated between
France and the Turkish Nationalists, to which Great Britain has taken
exception, according to the viow in official circles, and merely used the
Lord
the time he was speaking of
in mind, all
had
Curzon
and individual
"isolated
policy," the treaty recently
Washington conference and
the resentment which he
the ^French army as a means
of driving home
feels over the Turkish pact.
pointed out, has never sought a policy of isolation from
the earliest days of the peace conference, having urged an alliance of the
United States, Great Britain and France so that France could safely de¬
France, officials
attack by Germany would
Failing this alliance, it is argued,
France is forced to maintain a large army, because the German menace is a
real thing, as Premier Briand made clear at Washington.
mobilize her army with
the assurance that an
bring the two countries to
her aid.
BRIAND
PREMIER
TURKISH
ON FRENCH TREATY
FOR
Aristide
United
tation
Briand,
FRANCE.
Premier
States to participate
of
steamer
which
of
France,
who came to the
Limi¬
French
Just before his
in the conference on the
returned
Armaments,
Paris
WITH
GOVERNMENT—HIS DEPARTURE
peaceful member of the international
is placed upon
\
communications are the longest in the world, who have
other empire
not other Powers be
Europe only if the great Powers
Powers.
A A"-*
by two or three.
infinitely longer and more exposed than any
attack, either in the
in that I include the great Powers of
the reappearance in the heart of
rattling its sword
combine, not merely to enforce
the treaty, but to make it clear that no policy of retaliation or revenge
will be tolerated by them, and that they will assist Germany to play her
part, provided she shows sincerity and good faith."
Lord Curzon previously had said no one would deny that the steps taken
at Washington marked a great and notable stride forward in the moral
progress of mankind.
The sole guarantee of the recovery of the peace of
the world, he declared, was not the old idea of the splendid isolation of any
individual power, but the harmonious and fruitful co-operation of all the
court of
,
is that if we who are the greatest naval
command of the sea—if we are
great and dangerous Power that was always
in the scabbard as a menace to the peace of the world.
a
t
who are dependent for our
in the world,
Europe and America—will not tolerate
Europe of
.
submit to sacrifices while others
'
■
-
"A third condition
It also applied with equal force to the
in the Near East.
.
accumulation of vast
proportion to their position and their ability by all.
It is not for Great Britain to accept or
'If only we could
Limitation of Armament and Far Eastern
ward disarmament.
<■:
reducing armaments
no use
example must not be set by one nation only, or even
It must be followed in
tremendous sensation.
Lord Curzon's address was directed
ence
It is
still to contemplate the piling up or
at sea if we are
was
in the long run
be fulfilled.
tions which still remain to
pass
remains still to be accomplished,
word of caution and to suggest certain condi¬
and I would like to utter one
"An
But do not suppose that the matter is
men.
A great deal of spade work
ended there.
all peace loving people.
challenged us all as it was uttered
by M. Briand, that there is no more isolation for the defenders of liberty
and justice.
We understand the difficulties; what has been said will be
read throughout
this broad land by a people that desires to understand.
The essential condition of progress toward a mutual understanding and a
maintenance of the peace of the world is that we should know exactly the
difficulties which each nation has to consider, that we should be able justly
May I
honor to these two
"All
until institutions of liberty and
hope of a will to peace
no
are secure among
2367
CHRONICLE
sailed on
to France on the
Nov. 25.
in the daily papers that Pre¬
issued the following statement in reply
speech of Nov. 24 in which the latter
departure it was announced
mier
to
Briand
Lord
had
Curzon's
entered into a separate treaty with
Government :
"First, it is not a treaty.
It is an agreement between the Angoran
government and us for the settlement of special questions concerning the
frontier of Syria and Cilicia, the exchange of prisoners and the cessation
of
hostilities which, since the war, have cost France several thousand
spoke of France having
the Turkish
Nationalist
3368
killed
of
which
and
70,000
"It
,
compelled
surprised that
am
moment that we are
very
agreement which
an
in these distant regions
keep
has
as
asked
of
agreement.
conference
It
prepared
was
which,
the
on
decided
Italians
to
did
sign
the
ratified
once
and
the
of
We
agreements
these
assembly,
them
text of
but the
was
it,
this
agreement was
assembly.
It can only
of which all the conditions
peace
the
object of
complete
a
equitable and definite
"The
British
with
ment
aid
and
this time
negotiation, which
in the Orient.
peace
we
Premier Briand is
have
other country, without exception.
any
far along this road
as
gone
In effect,
as
land, in spite of the
on
■dangers which khe undergoes, she already has spontaneously reduced her
metropolitan army by a third.
In spite of the law which keeps three
•classes
with
ernment
of
the colors,
by
half
"It
is
in
and
number
the
consequence
naval
60,000,000
of
in
prepared
the
a
her
the
reduces
effectives
of
in
the
and
navies,
France, having
regards
as
coasts
are
three
on
and
seas,
her fleet of capital ships reduced by
squadrons to a single squadron.
She is
seen
three
proportional reduction.
sea
reduction
it
army,
total
sum
be said that France will have made
can
superior to that of
greater because she is
in
of national defense, land
effort
an
other nation, and her merit will be
any
veritable danger.
Our English friends ought to
recognize the fact that the German fleet is at the bottom of the sea and
that
but
This
is
is
conclusion
sufficient for
I
have
observed
with
the
satisfaction
that
loyally to explain the situation to the American
me
ple, in order to be understood by the whole world, which
leave
for
and
with
France
permits
spirit and peaceful heart."
tranquil
a
it
peo¬
me
to
M.
Briand
hope
present
a
session of the Arms Conference
"M.
Briand
forced to
day
asks
give
up
is the last
the
of
one
cipate,
"He
that he
one
for
and
to
will
time, in the work of the conference, following the noble,
initiative taken by the American Government.
a
courageous
wishes
to
something which he was unable to ex¬
at the last plenary session with all the emotion which he felt; how
his gratitude to his colleagues for the words spoken
by them
press
deep
say
once
more
and
addressed
to
France.
which
has
Europe to take
a
brought
that
would
about
"No longer
sity
for
moral
attacked;
she
has
take
to
the
up
after
Paris
the
credited
this
is
and
the
burdens.
tary
The
the
the
of
rather than
in the
method
treaty
asserted
a
new
the
in
and
the
point
authoritative quarters
have
soon
as
that
far
so
nation's word
a
con¬
to be
is yet
Mr.
as
its bond.
as
face upon international relation¬
new
a
of
sense
President
national
for
honor.
continuation
a
such
Agreements
of
the
when
moment
a
deliberations,
The
suggestion
dent's
like
conferences
as
the
delegates reached
arms
strongly suggesting that further
the task begun here.
It
tion
for
the
submitted
not
negotia¬
is
further
with
a
convened
foreign
spokesmen
day in
new
point
of
definite
a
the
on
pro¬
the Presi¬
subject had
international relationship
as
conference.
that
as
here,
basis
including
that
the
of
first
a
world-wide recogni¬
step toward
consider
to
Germany
and
covenant
any
plan,
chinery would be suggested to
be
the
revealed to-night that
was
plan the results of the negotiations here might be
indication
no
the
as
reached
approval not only to the participating nations but to those
represented
There
stated:
means
his hope for
Washington
conference
for
no
conversations
the
indicated
was
by
has
increased
of
also
association, but it
an
personal
result
a
advices
same
posal for such
that
or
Russia.
constitution would be
or
elaborate
any
it into effect.
carry
special subjects
pro¬
international
The meetings
merely to
or
relationships and look for danger points in
ma¬
might
international
survey
general effort at good under¬
a
standing.
In referring to the suggested plan, the new York "Times"
in
special advices from Washington said in part:
occasion
mind
and
Harding
It
intends not
only
the
make
to
present
the
meeting
for
an
effort to continue such gatherings but he also has
in
calling of other nations to the present conference near its close
the
inviting
them
to
has been
done.
This
would
include
•.
announcement
an
what
approve
.
made
was
the
at
White
this
House
afternoon.
represents the intention of the Administration to carry out the Republi¬
platform
can
plank
world
a
advocating
This
court.
association
an
offered
was
of
the
in
nations
place
for
conference,
the
of
League
of
Nations.
formal
ference
announcement
would
extend
by the Government at this
its
and
scope
vastly
add
stage
its
to
of
the
con-
of
so
of
which
President
tant
Harding has
in
nations
association
the
than
which
nations
of
covenant
is
for
these
talks
with
there
said,
conference
the
of
that
ministration
had
it
under
delegates,
looser
a
In
stating
of
the
kind
the
impor¬
subject
of
the
of
important
are
his
of
arrangement
is the belief
It
whom
of
some
League, do not look with disfavor
delegates
broached
League of Nations.
the
of
leading
was
Ad¬
leaders
the idea.
upon
she
her
and
for
the
has
been
a
neces¬
sharply
so
motives,
that
in
which
M.
French
Briand
must
Parliament
it
presents
with
up
will
itself
desire
a
to
in the realm of the reduction of mili¬
the
service
will
probably
very
be
M.
will
be
Briand
created
for
in
to
be well
serene
that
It
is
certain
Briand
in
which have almost
his
hands
the
a
the guest
speech
the lines of
made
interests
him
Conference
Nov. 21.
on
was
that
of
conferred
was
made
On Nov. 24
upon
by him
nations
existing,
in
those
to
the
tive
the
the degree
of Doctor
Premier Briand at
the
that
Foreign
their
and
in
there
it
If
New
the
same
day.
League
is
have
what
of
HARDING'S SUGGESTION FOR
ANNUAL
INTERNATIONAL CONFERENCES.
An
informal
suggestion for
conferences
ciation of Nations"
ton advices
delegates
ments.
the
a
may
continuing series of
eventuate
into
inter¬
"Asso¬
made, (it is learned from Washing¬
by President Harding to some of the
Conference
on
the
Limitation
indicating the President's ideas
put
corres¬
to
(not
of
Arma¬
yet in
League
that
such
any
undeceived
thought
accorded
put forward
asso¬
of Nations
as
who
this
to
alterna¬
an
were
of
deferential
in
any
project might succeed.
been
it is
It
plan
considerate
plain,
been
however,
that there
say,
that
and
that they should
essential
has
was
no
dispose of
would
be
when
both
favor¬
very
or
from
rival
the
of Nations.
the
suggestion
the
in
developing
any
intended,
was
question of
a
substitute
favor
therefore,
for the
to
test
international
League it has
opinion
been successful
not
support.
or
Purpose of Association.
But,
there
as
was
already
no
the
stated,
intention
of
current
propounding
strongly emphasized that the idea of
domestic
of
politics.
political necessities
evidence
such
any
is
all
plan.
to
the
It
this association grows
rather than
out
but
also
treaty,
arrangements
as
embodying not only
to
the
Pacific,
is
that
primarily out
of those of
Conditions present themselves somewhat as follows:
a
effect
cannot be too
a
international
As already
disarmament
believed
to
be
the present Senate.
politicians now in power want 'to encounter the Senate. Ac¬
cording to one Senator, the Administration has been "badly scared by the
belief that the G. O. P. no longer exists"—this belief being founded on
highly
None
improbable
of
a
not
to
if
such
document had
a
of
good
carry
the
many
tax
any
bill,
to
other
projects through the Senate for some time past.
lack of control over Congress as to the tariff
disappointments have warned
attempt anything more
absolutely unavoidable.
be ignored,
and
as
that called
The fact that
pected by foreign nations as an
however,
to go
the
inability to
Failure
and
was
as
of
League
idea that the
reception
was
have
must
a
as
indicate
plan
the
misinterpre¬
or
"Spokesmen of the Ad¬
slightest
unfavorable
new
country.
supposed
any
the
Association
an
rival of
view
compete with the
they said and what they did not
response
League
the
an
was
Nov. 25)
to
In
which
to
special
of
kind of
a
erroneous
convey.
nothing to
course
opinion,
foreign
a
to
way
the
Nations
of
delegates
to
agreement
PRESIDENT
any
was,
explained, the ratification of
national
in
idea
of the League
rival
suggestion
an
never
was
countries where the
expressions of
the
intended
opinion originally that such
accredited
by
to have been
there
should
entertained.
idea
the Arms
on
President's
as a
of Commerce"
produced
that
on
before
University and Columbia University
the
Nations"
organization would be
President
assert
was
able
France
of
already
the
This appears
what the
of
ciation
an
of the Lotos Club in this
his statement
not
was
"Journal
impression
was
on
was
Nov. 24 and
Laws
tation
If
occasion along
York
he
that
first
Nations.
of
safeguarded."
Premier
on
a
add
^himself universal sympathies
American citizen.
city
reached
wishes
The
Nations
words
spoken at Washington, these
atmosphere.
departs without anxiety, since, in
his place, he leaves M.
Viviani, who, during his previous trips to America,
decisions
Nations,"the
ministration"
purposes.
as
of
that it
the "Association of
It
France
of
practically
hidden
real
forth
pondence from Washington Nov. 29 said in part:
armaments
was
many
reasons
military
to
enabled
,
importance—and
complexities.
friendly
it has, in fact,
existence
military problem
they will take it
progress
Thanks
it
uttered;
doubt
Government
of
duration
by one-half.
to
victory;
make the greatest possible
reduced
the
of
has
world
positive result.
a
with
of
one
French
consideration
war
without
be
words
have ventured
the
exchange
whole
the road to peace;
on
Speaking frankly,
the
the
the
be able to say that the
one
been
some
that
before
indeed, to reach
that
Tomorrow—and
return
certain
situation
intentions.
France
foreign lands
is
place
great step forward
will any
offensive
It
taken
have been hard,
mask
of
"gentlemen's agreement"
the American delegation
a
was
declarations
will
his pre-
in
is
their
of
The
A
spend in Washington.
He considers it
political life to have been able to parti¬
it
tions will be necessary to consummate
that day:
on
the floor in order to express his keen
regret at being
his collaboration in the work of the conference, as this
greatest honors of his
even
generous
made
the secret
the
favor
became known at
one
stage
and
his associates of the Committee on Armament at
he employed
as
de¬
sense
expected to reach are regarded by the Chief Executive
closely national consideration of uprightness and good-will,
resting, therefore, upon the good faith of nations concerned.
Such
which
is
touching
Germany.
On Nov. 23 the following summary was issued at Wash¬
ington of the farewell address
on
Some members of
arouse
President
greatest
to keep his
reducing to
intention
His
position the President is said to base upon a faith that the Wash¬
conference
and
fact that France must realize and consider.
a
"In
no longer a menace either for England or for us,
of the German army are very much alive and available.
men
international
of
purpose
complication.
minds,"
ington conference will help to put
ships
consequently it is
7,000,000
toward
means
the world situation in the broadest
concerned he would
posed
of her forces,
treaty.
was
gov¬
period
for
toward dispensing with details, it is declared,
go
to
this ground to realize and accord with her friends and allies
on
same
"Consequently, in the
army
do
not exceed 40%.
colonies, whose
has
will
nations
envisaged do
navy,
from
war
other
the
reductions
subjecte
effects
than
more
consequently needs
at
Furthermore, the
Parliament5 which
into
willing to
was
greatly
much
the
since
for
bill
a
proportion.
same
the
she has actually only two.
introduced
has
service
results
nebulous
too
ready to let the results of the present conference and the plans
it
The
disarmament—France will
of
apply to
said
quoted as follows:
to
to
but
the
Regarding France and disarmament,
of the best
causes
Harding
an
moment
the
of
one
consider
to
possible with the
as
decided,
all ready, in agree¬
are
been
detail
meetings rest merely
are
This
to seize the propitious
have
is
ference
as
"As
to
formal
a
.
that
aware
other allies
our
said
probable
for future
general
to obtain peace."
justice might be
is
Asso¬
said:
the
minimum
com¬
in
the
from
that he
result
may
movement,
Mr. Harding is said by his friends to have tried
as
So far is he
change
a
of
the principles of "a
meeting of
inauguration days at Marion.
at
by| the great
establishment of
the
in
court
President
his preliminary consideration
clared
reserved, and will soon, I hope, from
are
government is well
England
and finally ratified
again examined
Turkish
the
the
free
a
municated to
all Allied governments, including England.
"Later, with several modifications which did not fundamentally
which
to
Washington Nov. 25
proposals
we
not
were
respect
co-operation,
The
private affairs.
about our
agreement
Unfortunately,
Angora
allies that
with
international
an
subject
In
Orient.
any astonishment at
notice to our
form)
present discussion.
England,
gave
a
[Vou 113.
Press accounts from
Whether
is
army—for
in London, in the course
the representatives of
signed
initiative
special
a
same.
by
standing
our
result the prevention of new bloodshed and
a
Angora had been asked to attend.
had
concrete
ciated
should be reproached—
we
to reduce
which permits us to reduce by half our army in the
"I am still more surprised that there should be
this
army
an
intolerable burden for which the parliament would no longer
an
responsibility and I
the
to
us
CHRONICLE
men.
was
assume
in
THE
a
the Administration
for Senatorial recognition than
treaty will evidently be ex¬
outcome of the present conference cannot,
a
result the Administration has
had to
face
,
Dec. 3
question of entering into a treaty struggle or of
The alternative - which it has proposed is the
the
informal
vals
for
Plan
This
the
for
merely
a
Proposal.
scheme
conference
for providing a mechanism
way
in the announce¬
seen
before the present con¬
The plan is thus
to it.
its consent
getting
of
purpose
which can be used to perpetuate
existing conference arrangements.
had
leave
to
sion.
good
a
many
conference
the
making
By
reached at former meetings,
issue
at
practically a self-perpetuating body,
explain and extend the agree¬
continuing control over the questions
the so-called "gen¬
This is the latest form of
be established.
can
a
which was put forward very
early in the conference—soon after its first session in fact
What is
now
seen
as
the principal practical trouble in connection with it is the
question whether it will be any more acceptable to the Senate than a
treaty providing for certain specific things.
Not a few members of Con¬
gress have already announced that they are opposed to any rival League
of Nations, just as they are opposed to the League of Nations itself.
The
question whether they will be opposed to an annual conference of nations
viewed in the light already referred to is another question.
tlemen's
agreement"
organization
of
type
urged that the international debt could be more successfully
association
and
additional
"It
extensive power
more
not appear as yet
does
All of which things simply disclose
is another
nations
of
for the
name
League with some
annexed.
whether
we
to have two leagues,
are
one
or
by Mr. Wilson will be merged into the association organized by President
It will be very difficult to get rid of the present League unless
Harding.
Versailles
the
is radically modified, but I
Treaty
the matter
when
more
reduced to such
is
will know
presume
concrete
we
form
will
as
enable
us
it or at least to try to do so."
to grasp
As to the
reception accorded Senator Borah's remarks in
Washington the New York "Times" in its issue of Nov. 29
y'/
said:
meeting from year to year in order to ratify,
ments
also
the
that
there has been no need
conference has not finished its work, but has
matters open for subsequent report and discus¬
the
because
treaty,
a
;
to say to inquirers that
It will thus be possible
of
is
manipulated through the association.
league and one association, or whether it is to be that the league organized
is
to-day that the question will be placed
ment made
ference
Submit
to
annual
the
of
nature
"It
finding some substi¬
establishment of an
meeting of representatives of the several powers at annual inter¬
the purpose of discussing matters of mutual interest.
tute.
3369
CHRONICLE
THE
1921.]
No
V-
consternation was observable in conference circles today over
great
by Senator Borah upon the Harding plan for the
attack
the
establishment
system of annual conferences.
The foreign delegates were interested,
of what the Senate did to President Wilson's foreign plans, but
of
a
in
view
told from sources, unofficial and otherwise, that
to establish a telling opposition.
they were
It
stated
was
in
tion
if
co-operation,
position of
should
is
Administration proposal
an
go
before
the
Senate,
would
that of the league covenant.
The founda¬
the successful fight against the league rested upon the hostile atti¬
different position. from
a
of
of
tude
that the
them
to
international
for
be
Borah would
able
be
not
the
majority,
Republican
whereas
plan
any
coming
of
out
the
would have the support of the vast majority of Re¬
conference
presence
Nov. 26) .that the proposal
looking to annual international
publican Senators plus pro-league Democratic Senators.
The
opinion was expressed in Administration quarters that Senator
Borah had taken too much for granted, that President Harding did not
conferences "is expected to
be placed before the Armament,
propose
One
it
had
account
"Times,"
York
(New
Washington
and Far Eastern Conference when it reaches the
Article
of
Provision
time
which
reads:
auspicious numerical designation,
made
as
international
to the Pacific
questions relative
basis for the determination of
a
This
common
policies of
signatory powers in relation thereto.
TION IS OLD LEAGUE
OF
—VIEWS
UNDER ANOTHER NAME
navy
except by
This
does
President Wilson's League
be
taken
declared in
statement issued on Nov. 27 that
a
"is
of Nations"
old League
the
of Nations under another
Association of
points out that, unlike the Wilson plan, the
covenant—that it would "consist of repre¬
written
tion or
sentatives of
limitation
Governments coming
different
He adds that "I am in¬
League
clined to think that if the American people choose a
they will choose one which has its powers defined,
least
attempt
an
destiny
to
define
to
rather
them,
discretion of
unbridled
the
with
their jurisdiction or power or authority
upon
than their own discretion."
other
together
or at
trust their
than
few men."
a
The
nor
But from what one can gather here and there it is the
yet defined.
It will be engaged in pre¬
cisely the same kind of work and doing the same kind of things that were
proposed by the League.
It is not what you call it but what it is that
counts.
Fundamentally and in the practical workings of the Association
of Nations, it will not differ from the League of Nations.
"I see no reason
therefore, why the forty-three nations which have
old
League
Nations under another name.
of
signed the league should be asked to abandon it and transfer their names
to an Association of Nations.
If we want to go into this kind of a pro¬
"It
has
>■'
'
one
-
the advocates of the League that the. present League
of much service to Europe.
If so, there is no reason for asking
claimed by
is
been
a
League every
new
If we are going into
If we are not, we ought not to be handing
ninety days.
She will likely conclude that after
the
joining
in
whatever
difference
she would have another
election
Presidential
present
League
League.
and
has
written
no
constitution.
One
of the
arguments being
constitution
written covenant.
written
that the
new
association will consist of representatives
ments
or
coming together with no limitation upon
"A
direct
rather
can
or
limit their powers save
another
put
a
In
forth
now
mistake in
the British
of
nations
other words,
of different govern¬
their jurisdiction
own
the
"serial
so
doors with nothing to
will and discretion would be a
of
a
few men.
but
It is also
be
the
suggested
some
being urged that while the people of the
willing to form
security of
association
an
United States would not
alliance with France and Great Britain to guarantee
France,
of nations
the same thing could be
constitution.
without any
It
conference.
conference
complicate matters.
may
of the other Senators relative to the
Nov. 26, from which we take the follow¬
..;
':
the League of Nations welcomed the
none
among
the nations,
as
"gentlemen's agreement"
a
and
admitted for publication that in the end the association
might look like a close relation of the League.
As the situation stands, there is a clearly defined opposition in the Sen¬
to
ate
opposition has not lip to the present moment assumed impressive
It
proportions.
line-up
of
of the Senate
the Senators.
Hitchcock
Committee
Versailles,
the
gave
He said he
dorsement.
Nebraska,
of
member
Democratic
ranking
of
the
Foreign Relations, who led the fight for ratification of the
on
of
Treaty
is impossible to get any correct estimate
the matter owing to the absence from the city of about two-
on
thirds
but it is also a fact
project that even resembles the League,
any
that this
enthusiastic
en¬
at the suggestion of
the
Harding proposition
not at all surprised
was
his
adding that it was just what he had been expecting for some
President,
time.
"I
toward
a
"that this
he added,
felt,"
have
eventually point
conference would
league of nations."
This view
was
also held by
Senator Walsh of Montana, one of President
Wilson's stanchest supporters.
of
pleased to note," he said today, "that we are to have a League
Nations under another name.
However, so far as I am concerned, it is
very
"I
am
little consequence by what name it is called.
When the associa¬
I am satisfied that it will be along the lines of the cove¬
is formed,
tion
at
framed
nant
to
Committee on
ber of
the
and
described
accomplished under an
the
a
as
territory,
nations.
new
his
As
be
we
the
be
but the principle
case
of France."
.
Foreign Relations to support the Treaty of Ver¬
President's
the
suggestions,
which
he
The
only
the
hope
that
the President's suggestion
the ends sought was, in
to accomplish
way
international agreement.
get the nations to sign a join compact," he
added, "we are
highway to everlasting peace."
Senator
to
an
Lenroot
endorsed
table"
will
that Article X
of Nations,
and to compel arbitration of disputes that arise between the
one of the
Democratic Senators expressed it, this description
can
Senators
also
mean
applied in the
approved
League,
realized.
opinion,
"If
not
"joint agreement" to prevent aggressive warfare, the seizure
"just fits the League."
Senator McCumber expressed
would
does
Association
McCumber of North Dakota, who was the only Republican mem¬
Senator
of
the
of
doubtless find application in the case of China and may,
extent at least, be
limited
a
This
Versailles.
feature
essential
the
and
of
Nations,
their
Sterling,
President's
Cummins
one.
discuss
who
the
Lodge
reservations,
an
"around the
proposition.
Iowa discussed
like families,
common
supported
the
proposition
he said,
as
should meet at proper times
problems.
the absence of Mr.
the League of Nations.
"I think," he said, "very well of the plan so far as it has progressed up
to this time.
It is bound to produce much that is good.
Future develop¬
ments of the suggestion will prove of great benefit to the world.
It will
bring all the nations into social harmony if the four or five great powers
take the initiative and work out the idea advanced by the President."
Senator Harrison of Mississippi was "delighted."
"I think," he said, "that we had better join the Association of Nations
that is already organized.
It is in good working order, and is proving
to be a great success.
The sooner the United States joins the better. Not
Senator
s
time ago, according to the press dis¬
patches, that the Anglo-Japanese Alliance be extended to an Anglo-Ameri¬
can-Japanese Alliance and that this alliance take upon itself the duty of
administering China.
Now, it is said, that such an alliance would be
wholly objectionable to the American people, but that under an asso¬
ciation of nations the same thing could be effectuated and accomplished.
George
reduction
meaning ultimately "The League of Nations under another
Republicans endorsed the proposition as involving
as
harmony"
on,
on
choose one which has its powers de¬
attempt to define them, rather than trust their destiny
unbridled discretion
"Lloyd
naval
Administration
name."
I am inclined to think that if the Ameri¬
interesting proposition.
a
Jo'V-'v-S
suggestion
or power
people choose a league they will
fined, or at least an
to
their
the
Democratic Senators who supported
no
authority other than their own discretion.
conclave of diplomats sitting behind closed
or
the naval reduction plan, for
oppose
for
ing :
sailles
giving his plan a written constitution.
That we should adopt
idea and undertake to conduct the League or an association
any
see
Great Britain
Nations is that Mr. Wilson made
without
I
joining
League by a new name.
"The United States operates under a written Constitution.
in favor of the Association of
calling
some
from Washington
of Article X will
next
con¬
Harding suggestion were indicated in a "Times" despatch
an
a
statement,
from the
determination to bring the results of the conference
a
of
Europe we ought to go in.
the
that he would
resolution
Europe to scrap the old League and try a new one.
her
his
of
there is no reason why we should not experiment with the
position,
they have.
plans.
executive branch of the Government has
Congress its constitutional right to provide
treaty approved by the Senate."
mean
a
views
Senator
proposed association of nations has not yet been reduced to form
its
issuing
the
that
Germany to
asking
following is Senator Borah's statement:
"The
in
before
The
be conducted without any written Constitu¬
Nations would
no
Borah
In criticising the Harding proposal Senator
name."
to
continuing "Association
President Harding's proposal for a
mind
granted that there will be much sounding out of other Govern¬
definite plans are made.
The expected opposition of France
for
ments
of Nations,
statement upon
in
possible that no further pronouncements on the annual conferences
forthcoming until later in the present conference.
It may be
is
will
idea
the Senate.
before
of the "irreconcilables" in
the Senate who stood out against
not
introduced
It
one
likely that
to take from the
power
he
another
discussion whether all plans resulting
before the Senate.
He said today:
opinion
my
definite
more
a
had
merely represents
SENATORS.
OTHER
of Idaho,
Borah
Senator
is
seems
a
should go
ference
"It
make
he
start
to
it
strong on the Harding proposal in order to force the Ad¬
to
think
Some
In fact,
the Senator.
to worry
seem
little
a
namely,
no
DECLARES HARDING ASSOCIA¬
BORAH
not
ministration
a
SENATOR
Senator
did
went
he
"Association of Nations," but something different, and there¬
was barking up the wrong tree.
an
the
fore
held from time to
to be
conferences
future
for
of
discussion
Far East,
Article X,
demands.
Chinese
the
an
be
to
the
for
and the
the
is
think
some
of
X
discussion
Curtis,
acting Republican
Senate leader in
Lodge, in discussing the proposition steered wide of
3370
only
THE
would
the
it solve
situation
the
problem
which
of
France
of
only would the United States and
but
forty-six nations would
"The
be
right
before.
and
A
not
Watson
is
of
Georgia,
proposition,"
new
justice to the
"What
"In
in
do
"will
talked
about
moral obligation
a
platform,
anti-League
an
gave
them
before
the
Board
the Board shall receive for
"does not surprise
I also want to
at all,
me
and in
do this
would
Cox and
honest, must
for all of us, if we are
platform,
effective
association
any
nations must
of
also
think of the conference?"
you
of
Senator
replied, "it is just
Tennessee,
the
of
one
Watson
While there is
to
that
I
to
Democratic irreconcilables,
re¬
is,
say
The
hearing "any dispute involving
Rule 35 is there¬
disposition shown by the labor element
rules, and the representatives of the
new
various crafts assert that it will take ten
them to form
determined
that there will be great difficulty getting
entangling alliances through the United States Senate."
care
appear
arises.
portion of the Act.
some
criticize the
a
proper
regulations, little
asked.
was
humbug."
occasion
working conditions."
or
fore in line with this
very
that during that campaign
say
League of Nations is concerned
be
to
grievances, rules
people think it is."
representatives
own
when
Transportation Act of 1920 requires that "upon a written
petition signed by not less than 100 unorganized employees"
Board in
or
stand
this
or
no
for
more
the
new
misgiving is felt lest they take a
accepting the dictum of the
against
acknowledged that
rules
days
estimate of the import of
The
matter.
:
"All
any
for
nations."
Shields
Senator
marked
on
lot of
same
order
opinion," he
my
"a
far as the
so
the
on
were
that
league of
a
has
President
President I must say that he said he
pointed out that
Harding
elected
he said,
thing during the campaign.
be
shall be allowed to have their
what the
just
formidable than
more
"This
admit
the aid of France
Great Britain go to
The open shop principle is recognized in rule 35
by the
that minority interests
amoilg the
employees
provision
opinion that opposition to the Harding idea in the Senate would
be much
I
not
binding."
his
as
meet
trouble,
of
event
by the President," said Senator Smoot,
It
me.
the
gentlemen's agreement would be nothing but
Senator
it
with
In
it would
but
armament,
[Vol. 113.
do the same."
suggestion advanced
all
naval
complains.
<
labor
leaders
had
reasonable restating of
a
previously
o" the
some
needful and proper.
was
The nature of the revision to which the rules have been
RENE
VIVIANI
ENDORSES
PRESIDENT
HARDING'S
PLAN FOR CONTINUATION OF CONFERENCES.
In
endorsing President Harding's suggestion for
international conferences,
of
uance
the French
it
"a
Rene Viviani, head of
Observing that "humanity, for its
happiness, must solve problems of
universal character,"
a
he added that "the initiative of President
the whole world to take part."
Harding will allow
The following
M. Vivi-
are
It is
thought.
high thought,
a
a great
considerable impor¬
very
and what is equally
This conference has already
beginning of other conferences, this is
beautiful,
historic moment.
a
practical
a
ideal for its aim.
If it is the
Second, humanity, for its happiness,
must solve problems of
Consequently, universality of
be
must
means
a
universal
used.
It
any
great nation should be missing in the cohesion of ideas and in the
examination -
of
initiative
solutions,
that
would
make
them
most
difficult.
The
of
President Harding will allow the whole world to take part.
Third,
have all to gain by these associations in which
we
continue to
learn the law of equality among nations and we find what
we
are
we
in offering to others that which we possess.
missing
Fourth, what will people think in Europe of the President's
Are they not going to think it is in conflict with the
League of Nations?
I answer, no.
America has decided to ignore the League of Nations.
her right.
was
She has
Nations exists.
no
account to render to any one.
Let the world
be united
one
way
or
in another way.
There
special protocol for that.
no
Fifth, I do not know if these conferences and the League of Nations
associate their ends.
that
It does not matter.
parallel lines do
spheres.
I
am sure
.
not
meet.
Both
It is
that for all great problems
can
only for mathematicians
thoughts
will
meet
in
different
shall be together.
we
Al¬
ready America has given her adhesion to the International Court of Justice,
whose verdicts without her would have been weakened.
that discussion may be apart when aims are in
It will be
SHOP
FOR
CRAFT
running repairs
AND
COMPLETELY
MINORITY LABOR REPRESENTATION.
the lines of the road
on
as
Wednesday evening the United States Railroad Labor
Board at Chicago
promulgated 148 shop craft rules, effective
on
Dec.
Board
1, adopted unanimously by the members of the
(including the labor representative A. 0. Wharton)
and intended to
control, in
so
far
as
similar rules have not
already been agreed to by the several roads and .their em¬
ployees, the management of the 400,000 men employed in
shop work by the railroads of the United States,
namely,
the machinists,
boiler-makers, blacksmiths, electricians, car
repairers and sheet metal workers.
These
from
the
148
old
new
rules
National
embrace 99 rules taken
bodily
Agreement of Sept. 20 1919, now
superseded, and 37 with essential changes.
rules have been
eliminated and four others
remanded
to the unions and railroads for
settlement among
themselves.
majority of the changes deal with the elimination of the
extravagant and oppressive regulations that arose from war
The
conditions.
The Board estimates that the resultant
roads
road
should
Under the national agreement all grate
rigging work
aggregate $50,000,000 annually.
officials, however, question whether in practice this
estimate may not prove
In
Some rail¬
the
main,
considerably too high.
the changes,
many
technical, apply to the classification
possible for
of
of
are
highly
and make it
craft to perform minor
operations
strictly falling within the province of other crafts, instead
of
insisting,
with
the
men
as
one
previously, that hard and
consequent unnecessary
workers in the
multiplication
accomplishment of what
simple jobs.
fast lines be drawn
may
be
of
skilled
more or
less
even
was
assigned to jour¬
boilermakers.
previously per¬
formed by them exclusively to be done by their
helpers and by mechanics
in other crafts where the needs of the service
require it.
Under the national agreement carmen
exclusively assigned to wreck¬
were
ing
crews.
Under the new rules wrecking crews, exclusive of
engineers,
will be composed of carmen, where sufficient men
are available, but when
needed
men
of any class may be taken
as
additional members of
w
recking
crews.
Another important change affecting carmen is that which allows
dismantle wooden freight cars hereafter.
to
common
Under the
national
agreement only qualified carpenters were allowed to do this work.
68% of the company's freight
cars are built of wood.
permit employees getting S3 2.5 to $5
be done
An
a
by
new
receiving $5 84
carmen
entirely
a
a
About
rule will
new
day to do work previously required to
day.
type of apprentice to be known
there have
The
rule promulgated by the Board for the first time creates
new
as
"special apprentice."
Previously
been only two kinds of apprentices.
Regualr apprentices are
youths entering the service between the ages of 16 and 21 years and serving
four
years'
apprenticeship,
and
helper apprentices
selected from the ranks of the helpers.
lected
from
young
years'
apprenticeship
A
are
those
Special apprentices
apprentices
to be se¬
are
between the ages of 18 and 26 who have had
men
technical school education,
and they wrill be required to
before
member of the
a
only three
serve
becoming journeymen mechanics.
Labor
preserved in fuil effect.
Board
is
Many of the
reported
as
saying:
'
by the experience of years,
rigid rules, however, were
consideraoly relaxed in favor of the roads, although the recognized rights
men are fully protected and the
principle of collective bargaining and
more
of the
recognition is retained,
as
contemplated
The principle of the open shop established
be
oy
the Transportation Act.
by the
new rules
will, in fact,
theoretical than practical at the present time, since a
large
of the railroad shops are unionized and the
more
existing unions
the
oy
Board
and
by
the
Transportation
Act
as
are
majority
recognized
representative
of the
majority.
Mr. Ben W.
and
Hooper of Tennessee, also Vice Chairman,
public member of the Board, is quoted as saying that
a
the Board will
railroads
or
now
the
be free to consider applications from the
shop employees for
ules.
He also said
merce
luncheon in
in his
a
change in
sched¬
wage
speech at the Chamber of Com¬
Chicago
on
Dec. 1:
Some carriers have given notice of an
application to decrease wages and
the shop crafts have given notice for an increase.
Neither
application is
Defore the Board, which will therefore be free to take up this quest'on
long
before either party can get it Defore us.
The
men
who
the
own
dollars invested in the railroads must
be given
fair treatment and the men who furnish the brawn and skill to
operate the
roads must be accorded just and humane treatment.
The time
never
will
the carriers and their
come
employ
again when the public will be willing to give
ees
unrestrained freedom to engage in industrial
warfare, to the destruction of the peace, comfort and property of the inno¬
cent third
partyr—the puolic.
Jewell, bead of the Railway Employees' Department
of the American Federation of
Labor, at Chicago
on
Dec. 1,
stated that the Executive Committee of the Federation would
meet in
Chicago at
rejection of the
which
of work
work
The classification of the work of the sheet metal
workers, electrical work¬
ers and carmen has been
changed to allow some of the work
B. M.
saving to the rail¬
was
Boilermakers' helpers will get the job of
removing and replacing grates.
Ten of the old
are
pipe
perform*
they are qualified to
new
union
On
or
This work
rules thus allow train operatives to
perform repair
though it is ordinarily considered shop mechanics' work.
proved
EFFICIENCY-
The machinist working
disconnect any wiring, coupling
may connect or
repairs to equipment
common.
RULES
ECONOMY
Almost without excep¬
previously assigned to electricians and sheet metal workers only.
Engineers, firemen and cranesmen are not prohibited from making such
are
REVISED
as
elastic.
more
Most of the older working rules, sanctioned
RAILROAD
dispatch
connections necessary to repair machinery or
equipment.
Amer¬
into contact with the rest of the
come
in
That
The League of
What is to be deplored is that it should exist alone.
ica, through these conferences, will
world.
is
on
laborers
idea?
new
made
are
The rules broaden the scope of each craft's work.
No nation has the exclusive
gift of intellectual and moral power.
performed by the various crafts.
tion these classifications
neymen
It shall not be
for France to stay away.
character.
of the work to be
The
ani's comments:
First, the initiative of President Harding is of
Press
The majority of the changes effected by the new rules is in the
classification
contin¬
a
Associated
an
follows:
delegation at the Washington conference, termed
high thought."
tance.
subjected is described in
an
new
early date to vote for acceptance
rules.
or
He then made the following
statement, which has been interpreted as an intimation that,
his opinion at least, the railroads -would by the new
in
rules
in
conjunction with the
wage
increase of last July,
of concessions from
have secured all, if not more,
in the
the
rightfully
shop
men
that
could
way
be
expected.
Mr.
Jewell says:
The decision of the Labor Board
reaching
one as yet
to-day is believed to be the
rendered by the Board.
most far-
*
,
DEC. 3
It is believed that every serious objection
offered
with
'
were
To this must be added the
be treated
A
force for
Dec. 1
of
Railroad
in reduction of their wages,
months past.
many
Trainmen,
pointing
as
the fact that the
to
which had been in effect in the shops for a
number of years.
the
that
This
Board
good indication, Mr. Lee said,
was a
would
continue
'overtime
payment
for
transportation employees in freight and yard service.
These
groups were given time and a half over eight hours
Federal control; but passenger train employees do not
latter
under
receive it.
means
The transportation employees
to us.
conditions."
have always worked Under open-shop
President Lee also pointed out that a large
number of decisions on rules
brought for the past year", both under rules and wage
and specific cases
Board returns to the matter
of wage reductions.
The trainmen have had cases pending a year or more
and rules yet remain to be revised for dispatchers, telegraphers, and train
service employees, all of which, according to the
brotherhoods' under¬
standing of the statements of Ben W. Hooper of the Board on Oct. 30,
are to be disposed of before the Board will take up carriers' petitions for
schedules, yet remain to be depided before the
no
of
equipment trusts
of these obligations than the
more
FUNDING BILL ABANDONED.
President
of
Washington state that with the approval
Harding the Republican leaders in Congress
have decided to abandon the so-called
ground that, with the easier rates for
Funding Bill
money now
conditions improving, there is
need for the special aid
on
the
prevailing
no
longer
which< the
measure was designed to
give in connection with the settlement of the accounts due
by the Government to the railroads
control.
A
as
the result of Federal
(Compare "Chronicle" of Nov. 12,
p.
2043, 2044.)
Washington dispatch published in the New York "Com¬
mercial'' of Nov. 13 says:
President Harding will not again urge Congress to pass
the Railroad Fund¬
ing Bill, under which he could have sold hundreds of millions of dollars of
railroad securities to the War Finance Corporation, it was authoritatively
declared
the
at
market have
White
House
Easier conditions in the
to-day.
money
practically removed the exigency which resulted in the bill
With the President having lost interest in
summer.
proposed legislation, the bill probably will not be revived during the
session of Congress,
next
The bill
was
V:\
'"..'j.: t /
;
/
passed by the House under suspension of rules without diffi¬
culty, but it has had
a
rough road to follow in the Senate.
Easier conditions in the money market mean that the Railroad Adminis¬
tration
and
can
fill its coffers from sales of railroad securities direct to the public
the funds to effect settlements with the railroads and also that the
use
railroads themselves
get money more readily.
can
Compare "Additional Sales of Equipment Obligations,"
&c.,
another page.—Ed.
011
■:
further reductions.
"I look for
cases
July 31.
on
RAILROAD
the
proposition," Mr. Lee said, "I do not see that that
much, certainly not
very
three
Advices from
being drafted last
The dispatch further says:
"As for the open shop
Government owned
amounts of
acquired by the United States Government; this
were
in
and with general
<
quoted W. G. Lee, President of the Brotherhood
payment
sale
Added to this is also the further reduction in
decision continues the time and one-half for overtime method
of
the
.
special dispatch to the "Evening Post" from Cleveland
on
Subsequent to July 31 1921 small additional
of the aforesaid issues
explains
result of the Labor Board's actions
approximately $450,000,000 which the Board's
effective July 1.
in
2371
as
earnings which thousands of railway employees have suffered because of
reductions
'
of the $300,000,000 per year
decision No. 147 took away from the employees
was
'
railroad employees
treated, then the earnings of all
rules governing working conditions.
which
'
To any one reasonably
Board.
will have been reduced considerably in excess
demanded by railroad management as a
on
'
technique of rules governing working conditions, it is
the
shop crafts
,
which railroad management
clear that if the remainder of the railroad employees are to
the
1
CHRONICLE
national agreement has now
against the Federated Shop Crafts'
been acceded to and removed by the Labor
familiar
'
THE
1921.]
action to be taken
on wages
for many months yet," Lee said.
REDUCTIONS ORDERED
RATE
FREIGHT
AND
PROPOSED.
ADDITIONAL RAILROAD
SOLD
The
EQUIPMENT OBLIGATIONS
GOVERNMENT.
STATES
UNITED
BY
$15,381,400
following additional sales, aggregating
of railroad
equipment trust certificates recently held by the
Government, have been announced duWng the past week:
The
issued
Commission
Commerce
Inter-State
Mountain-Pacific districts, embracing the
the
Mississippi
Dee. 27,
Nov.
on
22
order requiring the railroads in the Western and
an
River,
instead of
to
Nov. 20,
on
as
territory west of
operative
make
on
or
before
first ordered, the reduction
1)
To Blair & Co., New York City—Atlantic Coast Line RR_ .$1,275,900
averaging approximately 13% in the Western rates for hay
2)
To Cassatt & Co., Philadelphia—Richmond Fredericksburg
*
-v
and
& Potomac.
(3)
_
...
...
_—
.
-
-
-
393,600
-
Kinnicutt & Co.—Virginian
These sales aggregating
869,600
Railway...
$15,381,400, making the total amount of sales
This postponement was
York—Cleveland Cincinnati Chicago & St. Louis Ry._...—
5)
of
To Guaranty Co. and Potter Brothers & Co., both of New
4,507,100
To Illinois Trust & Savings Bank, Merchants' Loan & Trust ]
:
Commercial Trust &
Savings Bank, all of Chicago—
Chicago & North Western Ry._^.
940,800
1,592,400
1,039,200
—
...
New York Central RR_.
.
1,994,700
..........—
Hudson Co
Delaware &
Michigan Central RR
.....
....
2,768,100
The Railroad Administration remarks with reference to
the sale of railroad
trust certificates to the
Chicago banks
that "it is interesting to note that the investment demand for
these securities which at first
was
the equipment trusts
as
shown in the
following table:
Ann Arbor
$154,000
$154,000
737,800
...
Atl Blrm & Atl.
Atlantic Coast L
o,954,200
Bait <fc Ohio....
6,358,800
1,870,400
5,796,000
Buff Roch & P..
Caro Clinch <fc O
Cent RR of N J
5,537,000
Term.j
Cent.
Mo Kan & Texas
1,177,400
9,718,800
567,000
460,600
2,427,600
1,211,000
12,762,400
4,142,600
123,200
Missouri Pacific.
Mobile & Ohio..
"All
Monongahela...
763,000
Morgant'n & K.
Nash Ch & St L
Chic & East Illin
5,656,000
691,600
N Y N H & Hart
Ch Ind & Louisv
970,200
Chic Great West
607,600
Chicago & Alton
Chic Burl & Q__
N
All
Norfolk <fe WestNorth west
Pere Marquette.
Chic & West Ind
260,400
893,200
4,788,000
Colo <fc Southern
3,715,600
543,200
2,613,800
918,400
345,800
1,540,000
2,626,400
All
Rich Fred & Pot
510*400
Seaboard Air L.
Rutland.
"
4,507,100 Southern Pac Co
Southern
Ry
SpokPort&Seatt
All
Det Tol & Iron.
788,200
St Louis-San Fr.
Det &,Tol Sh L.
467,600
Ter RRAssn,StL
Erie Railroad
Ft Worth & D C
Ga RR lessees..
GrTrkof Can..
Gr Trk Western.
Great Northern.
Texas & Pacific.
4,201,400
240,800
1,104,600
838,600
2,891,000
4,008,200
Hocking Valley.
Central.
9,059,400
Ind Harbor Belt
Kanaw & Mich.
Virginian Ry...
All
Washington Sou
All
Washing'n Term
Western Mary'd
890,400
Note.
A table
Wheeling & L E
on
Oct. 20 last ordering a cut
10%
on
agricultural rates referred to Nov. 19 (p. 2153)
planned for the entire country, excepting only traffic wholly
as
The application
within New England.
Traffic Wholly in New England Preparations for Wage. Cut.
1.
for
A reduction,
experimental period of six months,
an
carload rates on wheat, corn, oats, other
alfalfa,
and
unmanufactured
except cottonseed oil and
cottonseed meal, citrus fruits, other fresh fruits,
and
wool,
to constitute a
any
hogs, poultry, eggs, butter and
1920
reduction in such rates made since Sept. 1
part of this 10%.
understood that the proposed reduction of 10% shall not apply
to the movement
of such traffic wholly within New England, and that
the reduction of wages,
said experimental period, this
It should be noted that the loss of revenue
"
AH
said reduction in rates.
resulting from this reduction
of the carriers.
including, in case of failure to
United State Railroad Labor
possible, for a reduction in wages of em¬
ployees, with the understanding that, concurrently with such reduction
in wages, the benefit of the reduction thus obtained shall, in a manner
approved by this Honoraole Commission, be passed on to the public in
the reduction of existing railroad rates, except in so far as such reductions
2.
All
Total
if
referred to in the next succeeding paragraph hereof,
into effect prior to the expiration of the
would all come out of the net revenues
31,154",666
cottonseed and products
other fresh vegetables, dried fruits and vegetables, horses and
mules, caittle and calves, sheep and goats,
cheese,
of 10% in
grain, flour and meal, hay, straw
cotton,
tobacco,
limitation of six months shall not apply to the
12,917,800
submitted
10% Reduction Proposed on Rates for Agricultural Products Outside
General
694,200
All
as now
proposes:
The
agree
necessary
steps under the law,
in conference, an application to the
Board, to be filed as promptly as
in rates shall have been made in
2,636,200
918,400
A statement issued
the meantime.
by the Association of Railway Execu¬
tives further says:
All
Rate
be
an
Program.—*'The effect of this proposal," said the application, "will
products of agriculture
immediate reduction in carload rates on the
products of animals which are mentioned, but, as soon as and to
a reduction in wage^. is obtained from the Labor Board on
and the
182,400
the extent that
the
proposed application,
a
further reduction in rates (except as meanwhile
the users of transportation in such
put into effect), to be distributed among
manner
869,600
Ai'l
All
as
this honorable Commission
duction in operating costs,
ture and undertakes to
as soon
may
determine.
waiting for a re¬
the needs of agricul¬
further reductions not confined to agriculture
are made possible by the proposed reduction
proposal thus deals immediately, and without
"The
as
in the manner stated, with
make
further reductions
in wages..
$322,838,5005132,910,600
of equip¬
created by the several roads under this arrange¬
given in the "Railway and
:
9,606,800
820,400
13,424,600
319,200
2,233,000
2,003,400
1,103,200
1,521,800
10,575,600
393,400
88,200
799,400
4,281,200
showing the maximum and minimum amounts
ment trusts authorized to be
ment was
Tol St L & West
Wabash RR....
550,200
954,800
Kansas City Sou
Tol & Ohio Cent
631,200
2.646,000
Illinois
9,426,200
Pittsb & L Erie.
980,000
Del & Hud Co..
of
is put
6,426,000
253,400
54,518.000
Pittsb McK & Y
All
2,195,200
Cln N O & T P.
Pac.
PennsylvRR..
446,600
rChic Milw & StP 15,348,200
Chic & Nor West
9,308,600
Chic R I & Pac.
7,576,100
C C C & St Louis
Central...,;
Norfolk South..
Chicago June...
Chic St P M & O
Y
4,849", 600
be realized by the agricultural industry
Commission re¬
can
its decision rendered
It being
"All
1,388,800
Michigan
10,609,200
1,695,400
Charl & W Caro
Ches & Ohio
597,800
Minn & St Louis
1,469,600
$100,000
$175,000
9,854,600
1,122,800
4,776,800
Maine Central..
3",827",700
Sold.
Owned July 31.
Louisv & NashvJ
All
16,613,800
Boston & Maine
Kan City
Lake Erie &Wes
"
6,865,600
917,000
AtchT&SFe..
Road—
Sold.
Owned July 31.
Road—
Nov. 23 by the filing
hay and grain rates and substitute the general reduction
potatoes,
Equipment Trusts Held by Government July 31 and Amts. Sold to Nov. 30 1921.
Ala Great South
in
1848.)
on
reduction in freight rates," that the
a
confined to eastern terri¬
tory, is gradually spreading westward."
There still remain unsold in the hands of the Government
about $190,000,000 of
widespread relief
open
.......
Chicago St. Paul Minneapolis & Omaha Ry
followed
petition by the carriers asking, "in order that more
a
from
Co., The First Trust & Savings Bank and the Continental &
(See this decision given at much length
in "Chronicle" of Oct. 29, p. 1845 to
date $132,910,600.
(4)
grain and grain products, as required under their de¬
cision of Oct. 20.
To Lee, Higginson & Co., White, Weld & Co., and Kissel,
Industrial" Section for Nov. 27 1920.
.
of the special needs of
the transportation industry, do not believe that any further reductions in
rates than those herein mentioned, should be made until there is a reduction
"Your
petitioners, in view of the condition and
in operating costs.
justification for treating grain,
"
"They further submit that there is no
grain products and hay preferentially or for giving special and
advantage to the territory covered by the order in this cause,
preferred
and that
the measure of reduction recently ordered by this honorable Commission
cannot be extended to the other products of agriculture or throughout the
country without serious injury, injustice and hardship to the transporta¬
tion Act
application points out, for the
This proposal is made by the carriers, the
of aiding in the economic readjustment and relieving the "serious
economic distress" of the agricultural industry, despite the fact the finan¬
purpose
not warrant such a move.
cial condition of the railroads does
of the railroads in 1920
normal in other years of more than
amounted to $62,000,000, as against a
this amount of
the Government for
prior years of approximately $64,000,000, thus showing, when the opera¬
tions of that year alone are considered, an actual deficit before making any
allowance for elthei interest or dividends."
Interest requirements alone
for 1920 amounted to approximately $475,000,000, the application says.
Excessive Curtailment of Maintenance.—For the first nine months this
year the net operating income of the carriers was $391,384,719, which was
only 2.9% of the value of their properties as tentatively fixed by the Com¬
mission for rate-making purposes.
The application added:
"The foregoing were the operating results, notwithstanding the fact that
the carriers as a whole were compelled to reduce their expenditures for
maintenance of way and equipment for the said nine months' period $426,793,121 below what was expended for these purposes during the corre¬
sponding period of nine months of the previous year.
"The policy of rigid economy made necessary by these results, and the
consequent cutting to the bone of the upkeep and maintenance of the prop¬
erties, was at the price of neglecting, and for the time deferring, work which
must hereafter and in the near future be done and paid for."
(Vol. 113,
$900,000,000," the application says, adding, "and even
$62,000,000 included back mail pay received from
2264.)
by the Labor Board of wages,
estimated at from 10 to 12%, in no sense meets or solves the problem of
labor costs, and in no way makes it possible for the carriers to afford a
Wage Reduction.—"The recent reduction
whether
laid
Shreveport
in¬
crease in ex Parte 74,
made many hundreds of thousands of reductions
in freight rates.
These reductions having resulted, it is estimated, to a
however,
this,
"Notwithstanding
reduction in the carriers'
down
the carriers have, since the rate
$200,000,000
from $175,000,000 to
of
revenue-.,
"The only practicable
labor costs is through an
hearing of the
a
excessive
order of the Labor Board which can be rendered
parties."
(Compare also " Chronicle" of Nov. 19,
TRANSPORTATION
HEARING ON AMENDMENTS TO
Hearings
were
Committee
on
THIS RATE FIXING POWERS.
continued this week before the Senate
on the Capper Bill,
Inter-State Commerce
the 5^% financial, rate-making
which aims at the repeal of
provision of the Transportation Act and the repeal
the section
also of
giving the Commission control over intra-State
late Inter-State Commerce Commis¬
sioner, appeared before the Committee on Nov. 20 at the
request
the President of the National Association of
Securities, but on the understanding
of
Owners
of
that he
Railroad
was
Mr. Clark
was
Clark,
E.
Edgar
is
merely his
to state
was a
own
views of the situation.
member of the Commission for fifteen years
Chairman when he recently
officially summarized in part
The Constitution of the
of
United
His testimony
resigned.
It would
(in effectl that the owners
States says
We
long and unbroken line of decisions of the highest courts in the
the value of the property which they devote to the public use.
have
a
that that is the law of the
country
Constitution
rate-making which is here under attack is only
a
be thus nullified
of the
"
no
would be made unlawful.
Congress
It would
as
a
was,
I think,
.
The rule for
.
.
on
determining what should be
cautious in
very
reasonable return
the value of the property for
fixing that return of 5H%, in the
carriers should pay
same
the two-year
It is significant that while
Act, Congress provided that the
interest on money loaned by
to the Government 6%
the Government to the carriers and 6% on the
indebtedness of the carrier?
the Government.
♦
Answering those criticizing the principle of making rates based on the
grouping of carriers, Mr. Clark asserted that this grouping has been estab¬
lished for years in actual practice by the Commission in various cases and
desirable if Congress wished
The
should
be
given
commerce
Senator
as
I see it,"
of Congress
purposes
asserted
Mr.
enacting
in
such
Clark, "is that the public welfare
paramount over all other considerations
and the
Commie, inn
special consideration to the necessities of the welfare
of the
of the country and the public."
Poindexter
asked
Mr.
Clark: "What
justification
the assertion that the present conditions are the result of that
is there for
(rate-making)
Mr. Clark—"Absolutely none.
When that statement is made, Senator,
I regard it as being madp in
the absence of
the purpose to misrepresent
the facts.
by the phraseology of the
Act itself
a
knowledge of the facts
That it is not
a
or
with
guaranty is evident
to start with; by the interpretation that
has been placed upon the Act by the Commission and the railroad owners."
Mr.
Clark asserted that the suggestion that the Act contemplated the
increase of rates without reasonable reference to the movement of traffic
not the
fact, and that in
of anything in the
as
a
Counsel
General
the
of
Association
Railway
of
Executives, pointed out that inter-State shipments constitute
approximately 85% of the total freight traffic carried by
the
railroads.
To
State rates would not
result
in
discriminations in the
over
At the
hearing
the States, with dis¬
among
against the inter-State shipper.
Nov. 23 Senator Cummins, Chairman
on
of the Senate Committee on Inter-State
that
Congress had
never
Commerce
Inter-State
state rate
a
share of the total
proper
Commerce, asserted
intended to grant authority to the
Commission to change an intra¬
the ground that such rate was not
on
of
case
only result in chaos but would, he said,
"guerilla warfare"
criminations always
Inter-State
control of the
the
repeal
Commerce Commission
revenues
producing
of the railroad against
He added:
which the intra-State rate operated.
Inter-State Com¬
Commission, and if any such supposed right was exercised it was
merce
clearly
by
authorized
not
the Inter-State
Congress gave to
the Act.
Commerce Commission the authority to change any intra-State rate
the ground that such rate
inter-State rate.
discriminated against
The carriers have
no
a person, a
only
locality or
right to complain on any other
grounds than those three.
The
Committee
this
question
only
has to determine is whether
the
Transportation Act has been misinterpreted and if so, whether it can be
My idea of the purpose of the law is that it was to give to the
Clarified.
Commerce
Inter-State
what
authority
Commission
rate that had been considered
a
not intend to
to
declare
for
the future
discriminatory should be.
We did
give to the Commission the right to declare a rate discrimina¬
tory simply because that rate might
be lower than an inter-State rate.
The
question or reveiiue is, of course, inseparable from rate making.
But it is
assumed State commissions will take this under consideration in fixing
I
In his
testimony before the Committee
no
Act to pay
instance
an
are
the shippers required because
unreasonable rate either individually
or
on
Nov. 28 Bird
President of the American Short Line Railroad
M. Robinson,
Association, opposed the repeal of the rate-making provisions
Transportion Act, taking the position that the prin¬
of the
ciple
upon
can
which these provisions
are
based "is the only
one
which the question of the weak and the strong roads
upon
He said in part:
be solved."
firmly convinced, and in that I am supported by the best
am
judgment
practically all of the officers, of the 800 short line roads of the country,
of
that the group
plan of making rates prescribed by Section 15a is sound and
is the only plan
under which rates can be made in this country,
and that the
principle upon which it is based is the only one upon which the question
of the weak and the strong roads can be solved.
the
When
Transportation Act was being considered
a
•
i
We believed that it would be best for all concerned to
mission to fix the amount from time to time.
are now
we
carriers
as
authorize the Com¬
Notwithstanding that fact
strongly of the opinion that it would be seriously detrimental
It is true that it has been determined that the
at the present
repeal of that section.
to
I advocated the
mandatory rule of rate making, but did not advocate
fixing the rate at 5 H %
grouped, or as a whole, will not earn or can not earn,
time, the authorized 5}4%, and it is true that that
provision will expire
March 1 next.
on
If that section remains thel aw,
the Commission has a definite measure by
If repealed the Commission will find
which to make divisions of rates.
and equitable divisions,
If they do fail,
fore, fail to accomplish that result.
bankruptcy of many of the smaller or
If the Inter-State Commerce
the
arid
may,
it
there¬
it will result in the
weaker lines.
Commission fixes rates sufficient to pay for
transportation service rendered to the public and
exercises the authority
given in the Transportation Act to make divisions of joint rates, so that
each road will receive just compensation for the service it renders, the result
will be, as
without
The whole plan of consolidation can
Frank J. Warne, on
road
but certainly, be con¬
be rounded out, I think,
I believe, that the carriers will gradually,
endangering the boat or sinking any of them.
employees,
the other hand, representing the rail¬
in his testimony before the
Committee
Transportation Act and made
sweeping charges of unfair and improper practices against
the railway officials with respect to such matters as *wage
statistics, charges to maintenance account, rebating, &c.
attacked the working of the
whole.
"I want," Mr. Clark
have
different
48
create
Indicating the importance of this to shippers, Alfred P.
Thorn,
solidated.
provision as to guaranty?"
was
to
|
"Absolutely and would create 48,000 discriminations.
much more difficult to make just
to sustain transportation as a whole.
outstanding fundamental
legislation
hac
commissions
different
48
then
mean
incorporation of
period succeeding the enactment of the law.
was
That is, every order would
matter whether it was issued before or after the enact¬
Transportation Act.
rates," asked Senator Fernald of Maine.
statutory declaration of
that constitutional provision.
to
the
Every order issued by the Commission
absolutely nullify it.
and the present rates
ment
I
upon
taken
modify
affecting State rates would be stricken off under the Capper Bill if enacted
follows:
as
utility shall not be deprived of the opportunity to earn a fair return
a
would
Supreme Court in the
State rates.
rates.
and
over
by which the Commission has had authority
case,
an
AS TO
Bill
Congress specifically declined to give that right to the
method of obtaining relief from these
power
any
charges, he said:
________
ACT OF 1920
Capper
by the U. S.
on
2153.)
P.
of
Asked by Senator Poindexter
adjust State rates that discriminate against inter-State
to
the basis of normal business.
only after
the
believed
he
doctrines
their revenues.
reduction in
year on
Commission
Commerce
discriminatory State rates.
Railroad Earnings.—"The net operating income
a
revolutionary and if enacted would deprive the
are
Inter-State
industry."
tion
p.
[Vol. 113,
CHBONICLE
THE
3373
been
gleaned
said, "to correct another impression that
from what has been said here,
that the
seems
to
Inter-State
Commerce Commission has held that a mere difference between the State
and the inter-State rates constitutes undue prejudice or undue discrimina¬
tion.
Neb.,
commerce
Nov. 19 Henry A. Scandrett of Omaha,
counsel for
the Union Pacific System,
told the Committee that the bills to amend the
BER,
Transporta¬
HEAVY DECREASE IN SEPTEM¬
COMPARED WITH SEPTEMBER 1920.
The extraordinary
The Commission never held it in any case."
At the hearing on
FREIGHT TRAFFIC,
falling off in freight traffic with which
the railroads of the country
have recently been contending is
the following comparative
and 1920 as compiled by the
brought out in striking fashion by
figures for September 1921
Dec. 3
1921.]
Inter-State
Commerce
and the lines
of which
THE
having
few
a
NET FREIGHT
Commission for
over
included in the
are
entire
MILEAGE
1921
AND
country
earnings,
gross
following
HAULED IN SEPTEMBER
TON
the
$25,000,000 annual
CHRONICLE
summary:
1920—TOTAL NET
6.06%, showing the cumulative effect of
or
tions.
Average
166 Steam Railroads.
Operated.
per Mile of
(Millions.)
tons carried
revenue
1920.
Road per Day.
1921.
7
:
per
one
mile compared with July 1920 shows
on
which
1921.
1920.
■
Eastern District:
8,365
22,236
27,991
5,403
38,261
New
8,371
22,224
27,968
Lakes
5,107
Ohio-Indian a-Alleg..
5,339 Pocahontas Region
7,138
38,263 Other Southern District
3,714
Western
47,401
50,972
748
England
Great
492
777
896
853
945
1,161
1,258
554
587
District:
Northwestern
47,220
50,932
1,672
455
1,072 2,981 4,268
7,656 10,672
7,116
10,382 8,500 12,374
2,466 10,315 15,393
4,803 3,235 4,185
Central
5,689
5,690 6,590
2,404 2,880
30,825 40,998
4,352
Western
Southwestern-..
32,501
32,423
233,130 232,740 United States
In
Live
708
612
635
2,466
4,408
2,960
536
547
Canned
5,872
679
746
Rice,
516
Representative Lines.
236
385
3,182
216
291
3,671
5,192
4,934
462,
52/
880
881 Delaware A Hudson
261
392
9,898 14,840
827
997 Delaware Lack <fc West-
393
490 13,174 16,375
773
871
540
Sand, gravel, &c., for roads__
18%
Rock salt to seaboard
20%
Export iron and steel
25%
Grain ex-Lake for export
Grain and grain products, do¬
from Pacific Coast
33%
10-12%
goods
2,259 Erie
889
2,418 Wabash
1.462
10,839 Pennsylvania System..
5,154 Baltimore & Ohio
2,520 Chesapeake A Ohio
2,189
6,151
6,942
8,323
10,626
8,172
6,411
"9,708
1,029 13,123
474
5,104
8,617
4,898 10,435
2,050 8,280
1,120 9,753
1,039 11,102
1,515 6,269
370
5,646 New York Central
2,253
3,405
1,288
746
Norfolk A Western
740
Illinois Central
1,157
Southern Railway
560
765
821
1,221
983
1,202
644
739
871
1,055
874
2,980
3,045
Great Northern
746
Pacific..'
Northern
989
658
793
980
Atch Top & Santa Fe..
1,063
792
722
849
7,663 Chicago Rock Isl A Pac
3,614 Union Pacific..
1,070
3,421
3,345
3,447
7,830
mestic
last
June, effective July 1.
How
the
1,263
1,206
761
782
481
505
511
650
612
658
age
corresponding quarter of 1920.
has not
553
520
644
over
for the second quarter of 1921
With the revival of business
already have been taken
1916,
economical
1,700,000.
following announcement
Labor Board
in the last few months
Board
was
as
disposed of exactly six times
organized in April, 1920.
15 to Nov. 30 1920.
In the
same
"...
v,'
The round numbers, by an unusual
a
final
'-'r
'V
disposed of indicates not only the greater
;;y
The increased number of
cases
rapidity of the Board's work but also how its. volume has increased.
With the recent
disposal of 200
justment boards will handle
a
cases
and the prospect that the new ad¬
large amount of the
grievance cases which
have heretofore been brought before the Board, the clearing of the Board's
docket may be said to be in sight.
FREIGHT
Inter-State
Mayor Hylan
hearing
TO
SUBJECT
BE
INVESTIGATION.
Commerce
Commission
announced
Dec. 14 "to determine whether and to what
on
on
a
ex¬
tent, if any, further general reductions in the rates, fares
and
charges of carriers by railroads applicable in inter-State
foreign
or
lawfully be required by order of
commerce can
the Commission under Section 1
other provisions of the
or
Inter-State Commerce Act, upon any commodities
scriptions of traffic."
The official statement
says
or
de¬
proceedings looking to general
reduction in rates, one on live stock in the Western district,
reductions became effective in September, and the other
on
hay and grain
(see another caption).
asking the institution of investigations,
more or
less general in scope,
with a view to effecting reductions in rates oh various
descriptions of traf¬
fic, and the carriers have indicated their intention to effect immediate re¬
ductions of 10% in
sale
unused
of
ail districts
on
designated products of the farm and the
petitions have received careful consideration, but it has seemed
to the
Commission that its investigation should not be confined to any
particular
descriptions of traffic, and should be distinct from and without prejudice
to proceedings on complaints already filed or hereafter to be filed.
The
now issued is intended to elicit whatever information
may be lacking
guide for the Commission in its further action and is along lines under
consideration by the Commission for some time past.
order
as a
The "Bulletin of
Railway News and Statistics," Chicago,
in its issue of Nov. 15 notes that rate reductions aggregating
$20,000,000
urges
that before the Commission orders further rate reductions
it should wait and
way
by those already in force.
revenues
says
what inroads have been made
see
for
yielding
later than March last, and
occasion
Scrapping,
&c.—We
a
loss of
over
with clean,
per
mile
as
on
revenues
per
carefully
planned
theories
in the reports that I am, sim¬
conveyances.
Then I would start in and tear down the elevated structures
throug <out
the city and put
the elevated roads in the same scrap heap as the surface
In their place I would construct subways wherever traffic warrants.
cars.
In other words, I would not have an elevated structure in this
ways
ating in six months far
which
I
city, but sub¬
and very few surface cars, with many buses.
Financing—Would Not
Worry About Bankers.—We
some
do
not
folks
are
now,
more
and I will guarantee to have them oper¬
satisfactorily than the worthless
trying to sell
consider that
ready to spend
are
street cars,
us.
need worry about
we
bankers.
You
have
not
heard any serious murmurs about our debt limit in the last four
years, have
you
in
Borough President Riegelmann of Brooklyn tells
?
building operations in his borough for this
000,000 and $180,000,000, with
And there is
what that
a
me
that the increase
will show between $150,-
consequent reflection in
similar increase in all parts of the city.
means
Positions
a
year
tax*
valuation.
Of course, you know
for the debt limit.
of Traction
Companies.—As
I
the
see
matter,
the
traction
companies are apprehensive because the city, in the dual subway contracts,
has a recapture clause which permits the municipality to take back the sub¬
ways
at what it costs the companies, with
That recapture
clause is for ten
years
an
addition of
a
certain
and is due, I think, in 1928.
sum.
At that
time the city can, and I think will, take over the subways and
operate them.
Naturally, the companies
The
are
awake to this situation.
inquiry of the Transit Commission is simply reviewing what
veloped in
our
investigation.
we
de¬
The traction interests, for the time being,
are
endeavoring to make the people believe they have dropped their demands for
increased fare.
an
less
investments.
Their little game now is to turn over the surface car
franchises that any
Then
their
city has
ever
is
scheme
had.
to
grab the most valuable bus
That's all there is to their scheme.
WHOLESALE PRICES OF COMMODITIES IN OCTOBER.
slight recession in the general level of wholesale prices
in October is shown
by information gathered by the United
Department of Labor through the Bureau of Labor
Statistics.
Measured
by
the
weighted
Bureau's
index
number, the decline from the September level was a little
Ton
per
Mile for
Seven Months to
July
over
1921.
Feb.
Mar.
Apr.
May.
June.
July.
1921
1.210c.
1.254c.
1.335c.
1.334c.
1.251c.
1.278c.
1.254c.
1920
.969c.
.985c.
.986c.
.981c.
.954c.
.970c.
.960c.
be
very
no truth
thing is to wipe out the useless surface systems and replace them
well-lighted, reliable and sanitary automobile buses.
If the
given in the monthly bulletins of the Commission's
Jan.
Here it will
have
There is
Courts and
States
in 12 months.
the following record of average receipts per
Bureau of Statistics:
Revenue
The
Legislature will give us a chance, we will tear up the unsightly
and unwieldy trolley tracks and take from the streets all these cumbersome
A
the current volume of business would
$251,000,000 freight
This statement is based
freight ton
on
in the five boroughs.
saying:
neither haphazard nor political.
6% less revenue than those in effect
over
6%
as
rail¬
j
The present rates are
no
on
The "Bulletin"
in brief:
YORK CITY AND
junk to the taxpayer, further burdening the city and taxpayer with worth¬
month have already been made, and
a
1740, to 1742.)
p.
city property
about traction in this city.
ranch.
All
to
surface
upon which
Meantime, petitions have been filed by representatives of various inter¬
ests
100,000
as
down
Tuesday, in discussing the traction situa¬
City, took the position that the present
$10,000,000 for buses right
in the same district, effective Dec. 27
employed,
pay-roll
lines and the elevated roads should be
scrapped and
replaced by buses and additional subways.
The city, he
said, has $10,000,000 available for buses and $137,000,000
for new subways, with another $100,000,000 in
sight by the
in sub¬
stance:
The Commission has acted recently in two
the
ply for political purposes, opposing the Transit Commission and its pro¬
posed relief .
My ideas on traction are the result of careful study and are
general investigation would be begun at
a
on
tion in New York
The first
Nov. 23 that
("Chronicle" Oct. 22,
Mayor is further quoted
REDUCTIONS
OF GENERAL
The
hold
USE BUSES.
Plans
FURTHER
should
may
The
It disposed of 100 cases from April
coincidence, represent the actual number of cases carried through to
decision.
,
will have to be
But until traffic regains the proportions of
VATED RAILWAYS IN NEW
as many cases
period of its existence.
period this year—April 15 to Nov. 15
1921—it disposed of exactly 600 cases.
aver¬
MAYOR HYLAN WOULD SCRAP SURFACE AND ELE¬
I
.
it did in the first
2,197,824
The
made by the Railroad
was
Nov. 21:
on
The Railroad Labor Board has
mark of
1,568,143, against 2,004,760 for the
below
be remembered, the average yearly compen¬
employees was $887, against $1,816 in 1921 and over
In 1916, it
now.
high
1,542,716 in April, 1921.
was
more men
on.
operations
of railway
$1,700
CLEARING OF LABOR BOARD'S DOCKET IN SIGHT.
600,000 employees between the
in August, 1920, and the low mark of
752
614
about through a decrease in the wage scale, but
through the
come
laying off of
sation
The
Wages by Reduced Forces.
on
The great reduction in railway expenses
reported from month to month
1,176
890
28 %
!
Railways Have Saved
1,115
602
13%
Lake cargo coal
(seasonal)
8,210
3,673
4,889
3,770
4,036
4,125
3,648
3,140
9,867
563
29%
business.
There is little doubt .that railway rates for 1921 have
already discounted
the whole of the 10% cut in wages allowed
by the Railroad Labor Board
15,820
796
30%
Grain and grain products, do¬
.25-27%
14,821
724
10%
rail
for
export\
from Chicago..
{
E'lour\
16%
Dried fruit
969
897
Buffalo f.o.b
14%
Dried beans and peas
951
800
3,279
Chicago Milw A St Paul
872
6,537
13,303
15,062
13,260
2,691
Chicago & North West-
15,180
28%
.......
Grain {All
13-18%
...
about
ore....
mestic,
*
2,259
2,418
5,655
10,877
5,185
2,548
2,222
6,151
6,942
8,342
10,992
8,163
6,408
9,762
7,661
3,615
Territory.
Iron
25%
941
995
...
Made.
Eastern
25%
Apples, vegetables and melons
633
Already
In
10%
Lumber, Gulf to New York..35-40%
Cotton, Gulf to New York. _.20-25%
4,312
1,965 N Y N H & Hartford
of Reductions
Lumber from Pacific Coast..
4,016
2,469 Boston & Maine
List
Territory.
stock
3,060
1,960
Western
Copper bullion
3,721
2,469
decline of .081 cent in freight
receipts would
a
decrease of $251,000,000 in freight
earnings.
mean a
Train.
1920.
1921.
1920.
July 1921 (24,990,327,000), the
25.02%.
or
Partial
1921.
mile in
one
decrease of .081 cent in the average receipts
per ton mile cost the railways
$20,241,900 for the month.
For the seven months to July 1921 the revenue
mately 310,000,000,
Train-load
Net Tons
Non-Revenue
District and Region.
; ■/
.
r
On the
a decrease of 56,If this relative decrease is maintained during the
remainder of the year, the total tonnage carried one
mile will be approxi¬
Met Ton Miles Traffic Dens'v
Revenue and Net Ton Miles
Road
readjustments and reduc¬
,
966,321,
Miles of
rate
.
freight carried
(IN MILLIONS), AC.
3373
perceived the average revenue per ton mile reached its
peak in March, and at 1.254 cents in July represented a drop of .081 cent.
1%.
In making public the October figures
on
Nov.
19, the Bureau says:
For the first time since June farm products
the drop in corn, wheat and other grains.
than
in
the
meal, sugar,
month
before,
showed
a
net decrease, due to
Food products also were cheaper
substantial declines being reported
potatoes and most pork products.
for flour;
Building materials and
in,September, while a slight de¬
house-furnishtng goods averaged less than
shown for the
crease was
such Important
commodities, including
bran and miilfeed middlings, linseed meal, cot¬
group
articles as
of miscellaneous
and newsprint paper.
tonseed oil, phosphate rock,
of cloths and clothing, fuel
In the groups
and lighting, and metals there
No change in the general price level
was found in the case of chemicals and drugs,
Below are shown the index numbers of wholesale prices in the United
small net increases in October.
were
computed by the Bureau of Labor
Statistics for the months named.
The figures for the last-named month
are
preliminary and subject to revision.
The base used in computing
these index numbers is the average for the calendar year 1913.
by groups of commodities, as
States
NUMBERS OF WHOLESALE PRICES, BY GROUPS OF
COMMODITIES (1913 equals 100).
October
September
October
INDEX
■
'■
1920.
1921.
1921.
182
204
122
146
187
178
119
142
190
182
products
Farm
Food, &c
„
Cloths and clothing
257
282
184
313
216
371
229
225
—
Fuel and lighting
'*
—.... — .
.....
—
The U. 8. Department
and
October
1921
industries
of Labor through the Bureau of Laoor Statistics
tabulated reports concern,ng the volume of employment in
received
and
in
establishments
representative
from
in
increases
there
the 14 industries there
while in 6 industries
the numoer of persons employed,
The largest increase, 52.5%, appears in
decreases.
were
In the iron and steei indus¬
29.9%.
finishing shows an increase of
try, the greatest decrease—37.8%—appears.
Six of the 14 industries
for
OctoDer
1921
show an increase in the total amount of
dustries show decreases in the amount of
in
and shoes and one of
boots
shows
decrease of
a
COMPARISON
OF
120
The woolen industry
An increase of 23% appears
The most im¬
and car-building and repairing
'
,
EMPLOYMENT
ESTABLISHMENTS
IDENTICAL
IN
1920 AND
OCTOBER
1921.
i
% of
% of
Amount of
In¬
No .of Period Number on Paycrease
Roll in
Estab¬
of
lish¬
ments
October.
Pay-
October.
j
PRICES OF FOOD.
RETAIL
IN
DECREASE
Y mo. 191,870119,269
50
-37.8 $15,393,187
-23.4
4,299,731
$4,989,018 —67.6
39.1
2,620,491
71,1101 50,772—28.6
59,6231 63,597 +6.7
10,457 13,579+29.9
5,342,742
3,081,558 —42.3
1,066,067
988,259 —7.3
284,611 + 20.1
62
116,615; 89,346
Hosiery and
U week
17
mfg
finishing
Cotton
Yi mo.
61
repairing..
Cotton
1 week
236,900
un¬
1 week
25,623
52
1
week
33,770
30,283 +18.2
51,496 + 52.5
Silk
45
2
wks.
14,137 + 9.7
25,872; 33,757 + 30.5
548,775
derwear
63
.....
760,706
12,884:
766,571
48
1 week
37
1 week
14,160!
13,617}
3.8
375,563!
82
1 week
53,460
58
1 week
34,367
64,940+21.5
24,499—28.7
1,143,759
1,055,025
54
1 week
16,214
16,865! +4.0
344,282!
102
Yi mo.
27,590
25,858
—6.3
2,847,472
clothing-
making.
_
Cigar mfg
the
through
Labor
of
ment
Bureau of
decrease of .3 of 1% in the
with September,
and
chops, Dacon, .ard and flour,
3%, corn meal, 2%; plate beef, canned salmon,
milk, bread, rolled oats, baked beans, 1%.
The price of
In
price during the month from
Sept. 15 to
17%; onions, 14%; oranges, 7%;
and bananas, 3%; fresh milk, oleomar¬
garine, nut margarine, cheese, crisco, navy beans, canned peas and prunes,
1%.
Prices remained unchanged for corn flakes, cream of wheat, canned
as
follows: Strictly fresh eggs,
butter, 5%; rice, canned tomatoes
coffee.
and
corn
combined was 23%.
38%; cabbage, 33%, and potatoes, 3%.
decreased
a.
1921, the percentage decrease
period, Oct. 15 1920 to Oct. 15
in all articles of food
made
19%; fr&sh milic, coffee and
bananas, 18%; rib roast and cornflakes, 17%; sirloin ? teak, roiled oats and
raisins,
macaroni and canned
and canned salmon, 15%; canned corn and
13%; evaporated milk, 12%; canned tomatoes, 11%;
7%; tea, 5%, and cream of wheat, 2%.
Changes Since October 1913.
crease
in
all
period, Oct. 15 1913 to Oct
articles of food
showed increases as follows:
combined
was
15 1921, the percentage in¬
47%.
The articles named
Potatoes, 94%. hens and ham, 75%;
bread,
fresh mils:, 58%;
bacon, 48%; cheese, 47%; sirloin steak, 46%; round steak and fresh eggs,
42%; butter and corn meal, 39%; rib roast, 38%; tea, 27%; sugar, 25%;
chuck roast, 21%; coffee, 20%; lard, 8%, and plate beef and lice, 7%.
The index numbtjr, based on 1913 as 100, was 153 in October 1921 and
70%; flour, 64%; leg of lamb, 63%; pork chops, 59%;
was
the same as in September.
OF
COMPARISON
EMPLOYMENT
AND
WAGES
IN
SLECTED INDUSTRIES IN OCTOBER 1921 AND 1920.
According to the compilation made public on November
19
in
14
October 1921
month in 1920, while
with
September
the number on
as
compared with the
six reported decreases.
1921,
same
As compared
10 industries showed increases in
the pay-roll in October the present year,
while in four there were
follows:
1912.
Amount of Pay-
Roll in
Roll in
% of
% o
Period
Estab¬
of
Pay-
Sept.
Oct.
or
September
October
or
ments
Roil.
1921.
1921.
Dec.
1921.
1921.
Dec.
109
steel.
Iron and
Automobiles.*
52
_
decreases.
The Bureau's statement
Inc.
Inc.
Yi mo. 111,970 118,799
+ 6.1
89,687
—3.9
54,318,183
2.944,511
54,969,732 + 15.1
93,296
50,928
63,597
13,579
+ 7.6
2,759,235
+ 1.2
1,066,787
292,693
3,091,619 + 12.0
988,259 —7:4
+ 1.8
32,106
+ 4.8
501,727
546, 206
+ 8.9
—9.0
1 week
2,627,442 —10.8
Car building and
Y mo.
47,339
Cotton
mfg
61
1 week
62,846
finishing
17
1 week
13,336
65
1 week
Woolen
52
1 week
30,641
51,459
51,496
Silk
44
wks.
12,635
34,600
12,498
33,936
13,287
63,747
22,596
13,494
62,748
63
repairing..
284,611
Hosiery and un
derwear
50
Leather
Boots and shoes.
1 week
82
....—
1 week
36
clothing.
Men's
1 week
making-.
58
I week
Cigar mfg
Coal (bitum.)..
55
1 week
94
16,945
24,919
Yi mo.
by some of the
—2.8
.1
1,155,993
1,052 143
1.1
494,161
501, 892
1.9
1,092,015
+ 1.6
297,400
293, 449
—1.3
—1.6
1,458,276
1,369, 013
—6.1
23,068
+ 2.1
538,681
558, 488
+ 3.7
17,144
+
322,910
310, 575
—3.8
26,239
+ 5.3
4—
—
!.2|
1,585,743
+ 1.6
915, 799 —16.1
1,859, 693 + 17.3
Wage Rates and Per Capita Earnings.
Changes in
15 to Oct. 15, there were wage changes
made
establishments in 9 of the 14 industries.
One plant made a 27% decrease in wages to 46% of the
Iron and steel:
A decrease of 20% was reported by two mills, affecting
mill and 65% of the men in the second mill.
employees.
70%
of the men in the first
creases
De¬
the entire force of 11 estab¬
establishment were reduced approxi¬
ranging from 12 to 18% were made to
All employees in another
lishments.
mately 15% in wages.
A reduction in wage rates of 10% was
reported by
95% of the men in the
third plant and aoout 92% of the men in the fourth plant.
95% of the
force in one establishment were cut 9% in wages, while the entire force of
another estaolishment had an average wage reduction of 7%.
Increased
production, caused by resumption of work, is reported for the iron and
steel industry.
The per capita earnings for October are 8.5% higher than
affecting all men in the first two plants,
4 plants,
those for September.
made to all employees
the piece workers, or 34%
of the employees, were reduced 5% in wages, while the hourly men, or 22%
of the employees, were reduced approximately 7% in wages.
On account
of decreased production many establishments are working on a short-week
schedule, and the per capita earnings show a decrease of 7.2% when com¬
paring September and October.
Car building and repairing: A decrease of 20%, affecting 60% of the
employ ees, was reported by one shop.
Ani ncrease in per capita earnings
of 4.2% is reported for this industry as in many districts plants are work¬
Automobiles:
in
one
A decrease of 10% in wage rates was
establishment.
In another estaolishment
ing full time.
Cotton
manufacturing: Although the
sxight increase, less
capita earnings are
selected industries shows that in eight there
increases in
OCTOBER
lish¬
a
Labor, at Washington, a comparison of figures of employ¬
ment
IDENTICAL ESTABLISHMENTS IN
SEPTEMBER AND
by the Bureau of Labor Statistics, U. S. Department of
were
cjothing shows a
10.8%.
During the period Sept.
21%; bread, 20%; ham and cheese,
For the 8-year
in bituminous
Men's readydecrease of 16.1% and automooiles a decrease of
COMPARISON OF EMPLOYMENT IN
follows:
baked beans, 16%; hens
industries show in¬
paid to employees and 8 show decreases.
iron and steel, and car building and repairing.
coal mining,
The price of onions increased
41%; corn meal, 34%; crisco, 33%; prunes,
32%; storage eggs and flour, 31%, pork chops, 28%; oleomargarine and
strictly fresh eggs, 27%; plate beef, 26%; bacon and navy beans, 25%;
chuck roast and butter, 23%; round steals, leg of lamb, nut margarine and
peas,
in the amount of money
Respective percentage increases of 17.3, 15.1 and 12 appear
The prices of all other articles
.
Sugar, 50%; rice, 42%; lard,
oranges,
comparing October 1921 with September 1921, 6
creases
Paper
Changes in One Year.
For the year
respectively.
ready-made clothing a
and men's
Cotton
less than .5 of 1%.
Fifteen articles increased in
15
mining,
coal
inous
43 articles
Potatoes,
and raisins, 6%, sugar, 5%.
11%, leg of iamb, 9%, ham
round steak, rib roast, pork
macaroni and tea decreased
Oct.
The largest increases, 7.6%, 6.1%
iron and steel and bitum¬
Automobiles show a decrease of 3.9%
decrease of 1.9%.
and in 4 decreases.
5.3%, appear in car Duilding and repairing,
Number on Pay
4%, chuck roast and hens,
evaporated
in
creases
No .Oj
if
Sept. 15 1921 to Oct. 15 1921 28 of the
monthly prices are secured decreased in price as follows:
13%, cabbage,
-11.5
-26.1
The figures show that in 10 industries there were in¬
the number of persons on the pay-roll in October as compared
Industry.
During the month from
sirloin steak,
,794
304,
,681
1,837,
1921 and September 1921 appear in the
Comparative data for October
Changes in One Month.
which
21.2
585,7211—44.5
following table.
19:
nouncement issued Nov.
on
(bitum.).-
,025296,
l,406,902| + 23.0
The Bureau also states in its an¬
number.
the index
in
Coal
Labor Statistics
retail
cost of food to the average family in October as compare*
with September.
Prices of 43 food articles are reported to
the Bureau of Labor Statistics each month by retail dealers
in 51 important cities.
From these prices average prices
are made for each article.
These average prices are then
"weighted" according to the quantity of each article con¬
sumed in the average workingman's family.
From January
1913 to December 1920 22 articles of food were used in
this index, but from January 1921 43 articles are included
shows that there was a
515,
,561 + 11.6
1,052,
,243 + 38.3
•560,
,132 + 2.1
,885 + 18.8
910,
461,991
Woolen
Paper
issued by the United States Depart¬
crease.
Car building and
Boots and shoes.
The retail food index
or
De¬
1921.
1920.
crease
1921.
1 week
117
steel..
Iron and
crease
De¬
1920.
Automobiles.
In¬
Pay-Roll
in
or
Roll.
Industry.
Men's
_
Pa¬
67.6, which appears in iron and steel.
42.3%.
OCTOBER
IN
pay-roll.
20.1% in cotton finishing.
decrease of 44.5%
shows a
per-making
The remaining 8 in¬
increase—38.3%.
shows the most important
pay-roll
1920.
compared with October
as
Leather
36%.
over
the woolen
shows an increase of 30.5% and
Men's ready-made clothing
industry.
cotton
manufacturing
for identical estab¬
Comparing the figures of October 1921 with those
lishments for Octo.^er 1920, it appears that in 8 of
were
13
in
bituminous coal mining.
portant percentage decrease is
121
Building materials...
193
192
Chemicals and drugs
162
162
House-furnishing goods
223
218
Miscellaneous
146
145
All commodities
152
150
Comparing October with the corresponding month of last year, it is seen
from the foregoing table that the general price level for all commodities
has declined approximately 33 1-3%.
The greatest decrease is shown for
the group of house-furnishing goods, in which prices have fallen 41%
Building materials were 38H% cheaper than in October, 1920; fuel and
lighting materials were 35H% cheaper, and farm products and metals
were 34%
heaper.
Food articles averaged over 30% less in price than a
year ago, cloths and clothing averaged 26% less, and chemicals and drugs
25% less.
In the group of miscellaneous commodities the decrease was
Metals and metal products..
[Vol. 113
CHRONICLE
THE
3374
Cotton finishing:
to
number of persons employed shows
time has been worked
dining this period, and the per
8.4% less for October than for September.
A wage rate decrease of 20% was made by one plant
When comparing the per capita earnings
decrease of 4.5% is shown.
An increase of 20% was granted to 20% of
95% of the employees.
September and October a
Hosiery and underwear:
force
in
one
this industry
those
for
Woolen:
ber and
establishment.
Employment conditions have
and the per capita earnings
for
the
improved in
for October are 3.9% higher than
September.
A decrease of
9% in per capita earnings is noted
October figures are
compared.
when Septem¬
Dec. 3
reported a 7% decrease in wage rates,
the employees.
[T. D. 32431
income tax
of 2.7%
increase
an
is shown.
,
affecting 27% of
October are compared
Extension of time for filing
.
employment was reported
throughout the industry due to the seasonal decline in trade.
The per
capita earnings show a decrease of 14.5% when September and October pay¬
Men's
rolls
ready-made
clothing: Part-time
.
In
been used in
approximately
Work was rather slack and the per capita earnings
for October are 2.8% less than for September.
.
;
Boots and shoes: One factory made a 9% wage decrease to 98% of the
A decrease of 4.6% in per capita
slack
period
between manufacturing seasons.
Office
ployees in one mill, while in another mill
made to all em¬
reduced 15%.
the entire force was
all men. In a fourth
plant 60% of the men were decreased 12% in wages.
Four establishments
reported a wage rate decrease of approximately 10%, which affected the
entire force in 3 establishments and 5% of the force in the fourth estaolishment.
One concern made a 40c. flat cut for men and a 25c. cut for women.
An increase of 1.6% is shown for per capita earnings when September and
In
three
plants
decrease of 12H% was made to
a
Commissioner of Internal
of
To collectors
coal:
' ■1
■
3220, approved August 26 1921, all tax¬
Under the provisions of T. D.
who, in the preparation of their income and profits tax returns for
payers
subsequent years, have used appreciated or inflated values
1917 and
returns within 90
in
days from the date of that decision and make payment
of
the additional tax shown to be due.
In view of the fact that many of
the additional taxpayers are unable to
complete their returns by November 24
1921, the last date under which
provided by T. D. 3220, an extension of
amended returns may be filed, as
and including January 15 1922, is hereby granted within
time up to
H.
D.
which
payment of the additional tax due.
to file such amended returns and make
BLAIR,
Commissioner of Internal Revenue.
When the per capita earnings
for October are com¬
of 4.9% appears.
September and October
Approved November 14 1921.
pared with those for September a decrease
Bituminous
'
of internal revenue and others concerned.-
October figures are compared.
Cigar manufacturing:
Revenue
Washington, D. C.
;'-r:
determining the amount of their invested capital are required to file amended
Decreases ranging from 8 to 20% were
Paper making:
September
reported for
earnings is shown when
earnings, as the period
earnings are compared with October
a
determining invested capital.
TREASURY DEPARTMENT
of 10% was made to
tannery a decrease
one
27 % of the employees.
was
amended returns required by T. D. 3220, ap¬
proved August 26 1921, in cases in which appreciated or inflated values have
compared.
are
Leather:
force.
2375
CHRONICLE
When earnings for September and
One mill
Silk:
THE
1921.]
Comparing
the
Secretary of the Treasury.
MELLON.
W.
A.
per
capita
earnings, an increase of 11.4% is shown.
ITEMS
SNIPPING BOARD REACHES
COTTON CARRYING
ON
LINES
ERPOOL
AGREEMENT W1T11 LIV¬
BANKS,
TRUST COMPANIES, ETC.
trust company
or
stocks
were
made at
auction this week,
the Stock Exchange or at
FROM EGYPT.
T'..:
yy. •/%■■■/,'T
Egypt, over which
question of cotton carrying from
The
ABOUT
No sales of bank
Stock
York
New
Two
Exchange
memberships
were
negotiations between the IT. S. Shipping
reported posted for transfer this week, the consideration
erpool Lines Conference, representing
being reported at $90,000 and $86,000, respectively.
British
tant
shipping
threshed out and
broken off. has been
have been
settled.
William
.T.
became known
first
fact
This
Mr.
Love
direct
Shipping Board are to
The
shipments.
dria
15.
Dec.
agreement on the Egyptian
and the United States Ship¬
Corporation.
first
The agreement is to
exist for two crop years.
Ameri¬
ship¬
ments
were
in
It seemed
progress for nearly a year.
recently, judging by official announcements, that it would be
Impossible for the Shipping Board to reach an agreement
growing,
Negotiations
shipowners
can
to
of
out
fair
a
with the British lines, by reason
make
to
it
Hence
concessions
any
Fleet
cotton
companies.
in the "Chronicle," on Oct.
American
16, page 1642. that efforts to reach an
ter had
of
the
of
of the refusal of the latter
to
definitely stated
was
claims
the
share
agreement in the mat¬
Emergency
Board vessels to
carrying trade from
Corporation had ordered Shipping
underbid
British vessels in the cotton
Alexandria, in order to share the business.
ever,
controversy, and it would now appear,
ment
on
has been
Nov.
by Vice-President
10
practically settled.
ment, dispatches
the
from the announce¬
Love, that the matter
With regard to the announce¬
of the 10th inst. to the New York "Journal
following to say:
of Commerce" had the
This has been the outcome of
by Mr. Love with Sir Ernest
of
Evidently, how¬
negotiations were resumed between the parties to
Raeburn, former head of the British Ministry
Shipping in America, and similar
Sheedy, head of the European
.
the negotiations on this side of the Atlantic
pour-parlers in London between Joseph
organization of the Shipping Board, with the
secretary of the Liverpool
TAX
RETURNS,
VESTED CAPITAL, TIME EXTENDED.
FLATED
Commissioner of
The
on
Nov,
returns of income
years
in
ease
in
Because
Works
Internal
14 announced that
Revenue at Washington
he had extended from Nov. 24
which taxpayers may file amended
and profits taxes for 1917 and subsequent
15, the time in
to Jan.
values
IN¬
of
case
they erroneously used appreciated or inflated
the amount of invested capital.
determining
the
Supreme Court
decision in Labelle Iron
("Chronicle" of May 21, p. 2154) the
Treasury
required that such returns be
made within 90 days or by Nov. 24.
The extension of time
was allowed because many taxpayers were unable to complete
returns in the time proposed.
The following is the Treas¬
ury Department's decision in full:
Department had previously
the
gives
$330,965,510.
National
Chase
seven
in Brook¬
The branches include the Metropolitan Branch, at
23rd Street and Fourth Avenue,
formerly the offices of the
Branch, at 100
Branch, at Seventh
36th Street; the Shoe & Leather Branch, at 320
Metropolitan National; the Maiden Lane
William
Street;
the Seventh Avenue
Broadway; the Prince Street Branch, at 565
Branch,
Avenue
Madison
Branch, at 191 Montague
Henry Ollesheimer, formerly President
Brooklyn.
Street,
Broadway; the
Madison Avenue and 41st
at
Street, and the Hamilton Trust
Metropolitan National, has been made a director and
and Gilbert B. Sayres,
of the
Vice-President of the Chase National,
Hadden, formerly Vice-Presi¬
Alfred W. Hudson and George
Metropolitan, have all been elected Assistant
dents of the
Vice-Presidents
National
as now
of the
man
H.
Samuel
Reeve
the Chase.
of
constituted
are:
The officers of the Chase
A Barton Hepburn, Chair¬
Advisory Board; Albert H. Wiggin,
Schley, Henry Olesheimer, Alfred
William E.
President;
Dahl,
Miller, Carl J. Schmidlap, Gerhard M.
ert 1. Barr and
C. Andrews, Rob¬
SherrillSmith, Vice-Presidents; Edwin A. Lee,
Purdy, George H. Saylor, M. Hadden
and Messrs. Sayres,
Howell,
Hudson and Hadden, Assistant Vice-
Comptroller, and William P.
Presidents; Thomas Ritchie,
Holly, Cashier.
4
the Corn Exchange
the
proposal to increase the capital stock of the institution from
$7,500,000 to $8,2.50,(XX).
The increase will be effected
through the issuance of 7,500 additional shares of $100 each,
to be offered to the stockholders at par ($100) in proportion
A
special meetingt>f the stockholders of
Bank of this
to the
The
ELIMINATING
result of the merger the
a
capital of $20,000,000, surplus
branches, six being situated in Manhattan and one
lines conference.
AMENDED
also
consolidation
i
proved fruitless, the result being that the
a
profits of $21,002,918, and deposits of
Avenue and
by the United States
receive 50% of the business on direct and indirect
ship, the Ophis, will go on this berth at Alexan¬
As
Tuesday, Nov. 22.
on
lyn.
this agreement vessels operated
terms of
the
By
the Liverpool liners
Fleet
Emergency
Board
ping
between
situation
direct and in¬
the Metropolitan National Bank with the
at the close of busi¬
Chase National will have
The
this morning, giving the text of the
poration
ness
and
received by the Emergency Fleet Cor
were
The merger of
Chase National Bank became effective
according to
of the business on both
London
from
advices
S.
The
previous transaction was at $84,000.
Shipping Board vessels
statement saying that,
a
The statement read as follows:
shipments.
Cable
Emergency Fleet
the
last
amicably
Nov. 10, when
Subsequently, i. e. Nov. 21,
of the agreement. U.
receive 50%
would
cotton
out
gave
on
brief announcement to the effect that
a
agreement had been reached.
the terms
of
Vice-President
Love.
Corporation, made
an
Board and the Liv¬
several of the impor¬
companies, recently were reported to
city will be held on Dee. 23 to vote upon
stock already held by them.
Bankers Trust Co. of this
condition Nov.
city, in its statement of
15 shows undivided
profits of $9,158,468,
compared with $8,262,170 on Sept. 5.
Total resources at
the latest date are $336,217,509, as against $307,581,674
as
of
The deposits, now at $258,713,881,
Sept. 5.
contrast
Demand loans on Nov. 15
are shown as $67,773,583, against $60,878,207 at the Sep¬
tember date; time loans on United States Government
securities now total $12,432,644, compared with $13,920,248.
Other time loans and bills discounted are now $99,-
with $235,305,279 on
104,659,
as
company
Sept. 5.
compared with $97,400,287 in
has
a
September. The
surplus fund of
capital of $20,000,000 and
$11,250,000.
4
Total
resources
of
of the country are
$12,323,430,000 for the trust companies
shown by the
nineteenth annual edition
3376
THE
of "Trust
the
Companies of the United States," just issued by
United
States
Mortgage & Trust Co. of New York.
New York, Pennsylvania, Illinois, Ohio
in the order
the
CHRONICLE
and California lead
greatest
gains.
In
commenting
No stronger evidence of the stability of trust
during their entire
trust
on
history
than
companies has been forth¬
June 30 1921 covered by the latest returns as given
Companies of the United States,"
during the
The year ending
in the 1921 edition of
of tremendous recession
was one
of prices and values attended by reduction
of bank loans, contraction of
credit and rapid falling off of deposits.
Notwithstanding
these adverse
companies of the United States,
the
conditions,
of the trust
resources
of June 30 1921,amounted to $12,323,-
as
430,000 for the 2,390 companies reporting, a decrease for the year of only
$128,000,000.
This
situation, coupled with the fact that
in ail branches of fiduciary business,
further and convincing proof of
substantial increase is shown
a
is extremely gratifying, and affords
the recognition by both corporations and
individuals of the value of trust company service.
As
have indicated in past references to
we
formerly President of the North Carolina
was
and South Carolina.
it is not limited to
statistics of all
trust
companies
per
the publication,
but embodies
se,
The
company
demonstrated
was
past year in connection with their banking operations.
"Trust
Drake
Bankers' Association, and is well-known throughout North-
named, the last two and Missouri showing also
conditions during the past year, John W. Platten. President
of the United States Mortgage & Trust Co., says:
coming
Mr.
[Vol. 1IB.
<■;
companies with the word "trust" in their
Curb
this week
Market.—Speculation in the Curb Market
fairly active, witn the undertone firm.
was
irregularity
recessions
generally small.
were
leadership.
Several
new
Standard Oil issues.
of
Some
exhibited at times due to profit-taking, but
was
The oil shares resumed the
high
records
recorded
were
Prairie Pipe Line made an
in
early gain
about ten points to 240, but sold back to 230
finally.
Standard Oil of N. Y. sold down at first from 389 to 380,
then up to 393, the close to-day being at 387.
Imperial
Oil
to
(Canada)
was
conspicuous for
an
advance from 97%
111, the final figure to-day being 110.
Maracaibo Oil
advanced from 24% to 25%, weakened to 23% and sold
finally at 24.' Mountain Producers improved from 10% to
11% and ends the week at 11%.
Ryan Consolidated
dropped from 6% to 5 and recovered to 6.
Salt Creek Pro¬
ducers gained over a point to 14%.
Simms Petroleum, after
fractional recession to 9%, sold up to 12, the close to-day
titles, actively engaged in business in the United States and
being at 11%.
Territories,
Bros. Com. A sold up from 116 to 120 and down
finally to
coming
the jurisdiction
under
the
of
State
Banking Commissioner, Auditor, &c., and doing either
trust
or
banking business
associations
institutions, acting in
or
a
both, and those banks, banking
or
fiduciary capacity
a
without the word "trust" in their
titles, but supervised
above, and commonly classed
trust companies by the
as
as
State officials to whom they are amenable.
117%.
were
The Com. B gained
ends the week at
sold to
a
32%.
over
without feature.
Burns
three points to 33% and
Gillette Safety Razor, from 177%
high of 179%, easing off finally to 178%.
new
Glen Alden Coal fell from 44% to 42% and finished
to-day at
43.
Changes in bonds were small,
though transactions
were
to the recent averages.
A complete record of Curb Market transactions for the
up
week will
Alvin E. Masten, founder of the
Industrials
be found
on
2396.
page
brokerage firm of A. E.
ond
formerly
Chicago Stock Exchange.—Record of- transactions at
President of the Pittsburgh Stock Exchange, died
suddenly
Chicago Stock Exchange Nov. 26 to Dec. 2, both inclusive,
compiled from official sales lists:
Masten
&
Co.
of
Pittsburgh and
director
Nov.
on
22.
Mr. Masten had attended business during
day, seeming in his usual good health and his death
the
unexpectedly.
Mr. Masten was fifty-eight years of
He was a member of the New York Stock Exchange,
came
age.
the
Chicago Stock Exchange, the Chicago Board of Trade,
the Boston Stock
Exchange and the New York Metal Ex¬
change.
Sales
Friday
Last
Stocks-
Par.
Week's Range
for
Sale.
of Prices.
Week.
Price
Low.
American Radiator.... 100
the
announces
opening
of its ninth office, to be known as the Lorain-93rd Office,
located at the corner of West 93d Street and Lorain Avenue
the west side of Cleveland.
on
of Assistant Treasurer
This office will be in
Harvey Chappell.
Mr.
charge
Chappell's
connection with the Union Trust Co. dates from 1900, when
he
joined the forces of the old Union National Bank
Board
(*)
His rise has been
messenger.
has
embraced
banking.
The
every
new
with stone front
will be
one
of
on
phase
commercial
building will be
and
years
personal
expensive structure
an
both Lorain Ave. and 93d Street, and
the most complete
and modern of
1st preferred
the
new
50
Aug
77
Feb
1,320
1,152
84
Jan
95
Dec
12
42
Feb
71
Feb
Chicago Elev Ry, pref. 100
1
100
100
Match...... 100
Nov
_
100
25
3X
750
3*4
3X
July
5*4
10*4
Apr
100
35
Nov
37
Oct
10
400
10
Nov
48*4
X
4*4
IX
IX
114*4 116
,
3*4
1
3*4
X
IX
115
6*4
"si"
62*4
107
750
1
Apr
Dec
8
Apr
1,400
*4
Nov
5
50
IX
Nov
3
Jan
116
Nov
104
July
63
fJan
350
817
100
640
103
75
46
June
210
59
Oct
91
Feb
265
95
!July
108
Nov
10X
4,650
Nov
11
Nov
X
3,645
6*4
104
51
62
63
106
107
9X
1-32
6,050
4*4
8*4
meeting of the directors of the Security Trust Co. of
Detroit, Mich., on Nov. 16, action was taken toward in¬
creasing the capital of the institution
from
$500,000 to $1,-
000,000 and the surplus from $500,000 to $1,000,000 by
taking $500,000 out of undivided profits.
The stockhold¬
of the trust company at
ers
will vote upon
Common
l-32Dec
10
100
10
78X
81
465
69*4
69
100
69
75
Oct
to
their annua?meeting
existing stockholders at
The
par,
new
on
Dec. 13
stock will be offered
viz., $100
per
share.
It
will become effective Jan. 15 next.
Nov
65
Jan
75
Jan
4X
4*4
100
10
10 x
10 X
50
3*4
10*4
Dec
X
X
100
X
Nov
Middle West Utll, pref. 100
Prior Lien..
Mitchell Motor Co
(*)
National Leather
10
of
2%
Chicago
was
on
of the National
City
Nov. 29 the regular quarterly dividend
declared and
an
extra dividend of
2%, payable
Jan. 3 1922 to stockholders of record Dec. 31 1921.
Drake Jr., President of the Merchants' National
Bank of
Raleigh, N. C., has been elected President of the
Raleigh Bank & Trust Co. and also the Mechanics' Savings
Bank, both of Raleigh.
the
and
above-mentioned
the
Johnson.
Savings
Mr. Drake
positions
Bank
Col. Johnson is
and while he retains
an
to
a
in
recently elected to
was
the
succeed
man
Trust
Col.
of about
interest and remains
81
4*4
3
100
56 X
Plggly Wlggly Stores,
seventy
on
now
E.
5*4
Nov
575
3*4
Nov
3*4
Jan
52 X
200
24*4
Jan
53*4
Nov
x81
82 X
125
80
Nov
82*4
Nov
4
805
June
9*4
Oct
3
20,350
2*4
Nov
485
14*4
Nov
9*4
30*4
Apr
510
34*4
20
1,205
10
5*4
81
81
55
68
140
40
83
Aug
149
90
130
73
June
91
19X
20
150
17
June
27*4
55
62X
4,850
55
Nov
87
87X
12X
91
312
87*4
Nov
7*4
Aug
99*4
13*4
Sept
13
250
40 X
903
24
July
40*4
Dec
24
800
21
Oct
36*4
Jan
Jan
com... 100
59
..100
x 39
50
com. 100
23 X
100
100 *4
99X 100*4
3,690
15
20*4
20 X
Temtor Prod C&F "A"_(*)
3*4
3X
Speed,
Swift & Co
Swift International
Thompson, J R,
25
com
Union Carbide & Carbon. 10
United Iron Works v t c.50
Ward, Montg & Co, pf.100
When issued
...20
Western Knitting Mills. (*)
Wilson & Co, pref
100
July
105*4
20*4
Nov
31*4
117
3*4
Nov
26
45
880
46*4
45*4
48
24,700
Jan
27*4
40*4 June
7X
8X
1,850
6
Oct
13X
13X
50
13
Sept
52 %
50
54
86
82
86
15
14
15 X
8*4
71
10
Mfg
88*4
4,505
44
100 X
160
X
8*4
8X
8,775
147
10,395
755
15*4
23*4
Feb
Jan
Jan
Jan
Nov
Jan
Mar
Jan
x36X June
54
Nov
82
Nov
106
Nov
14*4
Nov
6*4
Nov
24*4 May
32*4
Jan
Dec
86
Apr
Aug
105
Nov
3,425
74
Mar
170
Nov
3,870
44*4
Oct
60
Nov
60
Jan
Nov
105
159*4 169
54X
57 X
70
69X
71X $49,000
Bonds—
Chicago City Ry 5s...1927
Chic City Conn Ry 5s. 1927
Chicago Railways 5s. .1927
33
.1927
34
3,000
Oct
68 X
72
43,300
61*4
Jan
72
Nov
31X
~7l"
71*4
41*4
33
13,000
28
Mar
35
Mar
Apr
Jan
98
Dec
Jan
100
Nov
Jan
31
18
18
3,000
98
98
98
1,000
93 X
92 X
92
94
11,000
4,000
90*4
78*4
28
Metr W Side Elev 1st 4s '38
54
49
28 X
54
Extension gold 4s... 1938
49
47
People G L & C ref g 5s '27
Swift & Co 1st s f g 5s. 1944
Wilson & Cq 1st 6s
1941
cashiership.
62
Jan
Jan
Mar
72*4
25
16,850
95 X
46*4
Sept
71
71
71
57
Yellow Taxi
Jan
4
21*4
44 1
25
com
23 X
Adjust Income 4s... 1927
Drake has
Nov
Nov
89
10
Sears-Roebuck,
Yellow
58*4
20*4
81*4
140
Motor
Wrlgley Jr.
Jan
Aug
100
Ill.com 100
Preferred
Commonw Edison 5s. .1943
Mr.
Jan
..100
Pub Serv of Nor
Quaker Oats Co
Reo
56
18X
81
14*4
Chicago Telephone 5s. 1923
only
Jan
15
years,
The
13
57
4X
2*4
the board of
been President of the Merchants' National Bank for the
past
three years, having been promoted from the
13,600
3X
Inc
.__(*)
4s. Series "B"
maintains is Presi¬
dent of the Southern' Light & Power Co.
6*4
10
the two institutions, yet he will not be active.
active position that Col. Johnson
Company
Chas.
3*4 Sept
3
52
1
United Pap Board, com. 100
Wahl Co
(»)
W. B.
Jan
Jan
3X
Orpheum Circuit, Inc
People's G L & Coke
Preferred
meeting of the board of directors
2
8*4
16*4 May
*4 Nov
3
14*4
Stew Warn
a
144
Oct
6X
Libby, McNeill & Llbby. 10
Lindsay Light
..10
Preferred
At
Nov
34*4 May
81
10
Sandard Gas & Electric.50
Bank of
*4
Jan
July
Holland-Amer Sugar
"A"
the proposal.
7*4
Hart, Schaffner & Marx-
Preferred certificates. (*)
a
Jan
3ept
Sept
Sept
Kansas City Ry com ctfs..
At
Jan
Sept
Hupp Motor
type of small banking structures.
Jan
X
3*4
10
~8l"
Oct
51
5*4
103
1-32
Rights
Godschaux Sugar, com.(»)
Hartman Corporation.
4X
Jan
35
*4
10*4
Earl Motors
25
X
15*4
10
Chic Rys Part Ctf Series 2
com.
8
90
3X
10
Cudahy Pack Co.
305
25
4X
....100
Commonwealth Edison. 100
Continental Motors
10
9
July
Aug
Nov
35
(*)
2d preferred..
100
Chic City & Con Ry pt sh
Common
(*)
Preferred..
(*)
Diamond
12
92
8
8
(*)
Deere & Co, pref
rapi^I and in the past
of
Booth Fisheries, new
Case (J I)..
Crane Co, pref
as
High.
66*4 June
25
15
Preferred
The Union Trust Co. of Cleveland
Low.
■
50
71
95
12 X
94*4
12*4
Range since Jan. 1.
Shares.
735
92
94*4
71
Armour <fc Go, pref
Armour Leather.
Beaver
High.
81X
70 X
Amer Shlpbldg, pref___100
100
-
(*) No par value,
97*4
Ex-dividend
92
Nov
28
Nov
28*4
Nov
44
Sept
54
Dec
49X
51,000
10,000
6,000
44
Jan
49
85 X
13,000
70
Mar
91X
1913
x
83*4
Apr
84 X
Commonwealth Elec 5s *43
Kansas City Ry5s
19*4
Apr
91*4
5,000
97 X
97*4
2,000
92
80*4
88*4
Jan
Oct
85*4
91*4
97*4
Dec
Dec
Nov
Dec
Dec. 3
THE
1921.]
CHRONICLE
intention
PUBLIC
STATEMENTS
DEBT
the
of
statement
STATES,
The
public debt and Treasury cash
holdings of the United States
as
officially issued for Aug. 31
1921, delayed in publication, has now been received, and
as interest attaches to the details of available cash and the
and net debt
gross
that date,
on
append
we
a
summary
evidently being
Transvaal
ounces,
fine
as
for Oct.
Aug. 311921. Aug. 31 1920.
$333,092,445 $257,746,628
receipts belated Items
1,408,008
40,303,4j7
Balance end month by dally statement, &c
Deduct—Excess disbursements over
gold
out
1921
amounted
ounces
for Sept.
$331,684,437 $217,443,171
Y
Treasury warrants
$4,228,752
63,887,534
72,720,224
106,076,562
...
.
Matured Interest obligations
_
Disbursing officers'checks
Discount accrued on War Savings
Total
Certificates.
$32,185,319
53,919,213
86,785,907
79,870,609
$246,913,072 $252,761,048
.
1920.
The
following
the figures relative
are
the
to
United
Kingdom
imports and exports of gold during the month of Oct. 1921:
'v:;
';;
■
,
Imports.
f-.:";
■
Netherlands
Exports.
£521
...
„
10,200
£1,113
5,800
...
Spain and Canaries.
447
-
West Africa..
108
126,528
United States of America
3,747,162
1,220
Argentina, Uruguay and Paraguay.
2,322
...
Egypt...
Rhodesia....,
191,389
-
Transvaal
....
British India...
Straits
...
7,265
; 3,598,603
-
389,462
832,147
21,644
27,793
£4,339,993
£4,627,729
....1.
Settlements
.....
...
Other countries..
3,998
.........
$84,771,365 *$35,317,877
Balance.
INTEREST-BEARING DEBT OUTSTANDING.
Total.
Interest Aug. 31 1921.
i
Title of Loan—
599,724,050
118,489,900
599,724,050
118,489,900
„Q.-F.
-Q.-F.
Q.-M.
48,954,180
25,947,400
50,000,000
25,947,400
Q.-J.
28,894,500
J.-J. 2,542,584,500
J.-J. 7226,729,450
2,571,201,000
Panama Canal Loan:
2s of 1916-36
2s of 1918-38
*
—
3s of 1961....i.
3s, Conversion
—
bonds
4>£8 to 6s, certificates of indebtedness
2s, certificates of indebtedness
J.-D. 1,410,074,250
16,554,800
4)£s, First Liberty Loan, converted
*522,108,100
4^s, First Liberty Loan, second converted
3,492,150
4s, Second Liberty Loan
72,352,700
4s, Second Liberty Loan, converted
3,242,956,550
4^s, Third Liberty Loan.
—...M.-S. 3,610,196,650
4>£s, Fourth Liberty Loan
..A.-O. 6,353,107,600
3^8, Victory Liberty Loan
J.-D.
601,589,000
4%b, Victory Liberty Loan
J.-D. 3,204,548,250
48, War Savings and Thrift Stamps
Mat.
679,072,166
2)^8, Postal Savings bonds
J.-J.
11,774,020
5Ms. Treasury Notes........
J.-D.
311,191,600
3Hs, First Liberty Loan
4s, First Liberty Loan, converted.
■:'
$
Q.-J.
Q.-F.
-
....
Aug. 31 1920.
$
Payable.
2s, Consols of 1930
4s, Loan of 1925
48,954,180
50,000,000
28,894,500
7259,375,000
1,410,074,400
.
48.304,750
490,564,000
,J.-D.
J.-D.
J.-D.
M.-N.
3,492,150
189,131,200
3,135,672,650
3,659,338,250
6,393,404,250
795,561,000
3,445,552,250
805.778,747
__
11,612,160
•; v
Bearing no interest
Matured, interest ceased.....
:
silver.
quiet and by the 12th inst. successive
The silver market has remained
falls had brought the
quotations to 38Md. and 37Hd. for cash and forward
deliveries, respectively—the lowest prices fixed since Sept. 3 last.
Hd. to 38^d.
on
The buying, however, was not sustained and
the 14th.
unchanged for three days until to-day, when
China account carried the prices to 38 Hd. for cash
the cash quotation remained
a
moderate demand on
Sales were made from America and the
forward delivery.
and 38Hd. for
....23,922,470,233 24,322,402,993
Debt.....
84,771,365
—
*35,317,877
.23,837,698,868 24,357,720,870
Net debt.
with
Vy1-' U-■
steady tone.
a
In Lacs of
Oct. 22.
Oct. 31.
17917
Rupees—
17971
"7<
•
•-'Nov. 7.
17848
7943
7996
7923
2434
2434
2434
Notes in circulation
Silver coin and bullion in India..
...
Gold coin and bullion in India
......
Gold coin and bullion out of India.
(British
Government)
No coinage of rupees was
834
....
the 5th inst.
statement of the
at
Silver per oz.
Cash.
Nov. 11
38%d.
38Md.
37%d.
38^d.
MOVEMENT
OF
THE
UNITED
Bar Gold
38d.
Nov. 12
37%d.
37Hd.
38^d.
-
38Hd.
104s. 6d.
silver
'
5d.
9d.
6d.
8d.
103s. 9.2d.
104s.
103s.
103s.
102s.
37.937d.
The
-
-
38Hd.
38.458d.
Fine.
per oz.
377Ad.
38Hd.
7
Average
country's foreign trade for Oct. and from
TRADE
9d. the tael.
Std.—
Nov. 17
Washington has issued the
compared with
as
2 Mos.
Quotations—
Nov. 16
It and previous statements we have prepared the following:
FOREIGN
bars,
The Shanghai exchange is quoted at 3s.
Nov. 15
IMPORTS AND EXPORTS FOR OCTOBER.
The Bureau of Statistics
consisted of about 25,300,000
24,500,000 dollars, and 1,580 silver bars
about 24,900,000 ounces in sycee,
on
6706
785
reported during the week ending 7th inst.
in sycee, 24,000,000 dollars, and 1,490 silver
ounces
—-
6706
835
6706
(Indian Government)
Securities
.....
Nov. 14....
$141,700 has been retired.
y
Silver coin and bullion out of India
—Bar
issue to Aug. 311921 was $195,500, of which
,/■.
CURRENCY RETURNS.
INDIAN
Deficit.
t Of these totals, $32,854,450 in 1921 and $20,000,000 in 1920 bear various rates
of interest.
•
..''."'v.
Issues of Soldiers' and Sailors' Civil Relief Bonds not included In the above; total
The market closes
Continent, but business has not been on a large scale.
The stock in Shanghai on the 12th inst.
Deduct—Treasury balance
Some
inquiry from India for shipment had the effect of raising the price for spot
Securities
.....23,680,321,816 24,091,071,837
229,472,097
227,970,286
12,676,320
3,360,870
Aggregate of interest-bearing debt
*
707,825 fine
to
1921 and 662,472
The New South Wales gold output for Oct.
1920.
Central America and West Indies
Deduct outstanding obligations:
The
Germany.
gf
1921 amounted to 4,550 ounces, as compared with 6,296 ounces for Oct.
MATURING OBLIGATIONS.
*
Oct.
gold output for
compared with 691,096 fine
ounces
France
AVAILABLE TO PAY
the
ingots."
Belgium
thereof, making comparison with the same date in 1920:
CASH
smuggle
to
customs officers confiscated the
1921.
AUGUST 31
The
UNITED
OF
58377
quotations to-day for cash and forward delivery are
each
Ad. below those fixed a week ago.
STATES.
circular written under
We have also received this week the
(In the following tables three ciphers are in all cases omitted.)
date of Nov. 10 1921:
gold.
Gold.
Merchandise.
The Bank of
Silver
as
Excess
000*
Excess
Excess
omit¬
Ex¬
Im¬
of
Ex¬
Im¬
of
Ex¬
Im¬
port*.
ports.
Exports.
ports.
ports.
Exports
ports.
ports.
Exports
%
%
$
%
$
%
£126,604,635,
We append statistics relating
imports and exports of gold for the first half of this
compared with £226,602,255 last week.
to Holland
as
to the
of
ted.
England gold reserve against its note issue Is
(in kilogrammes):
year
Net
Net
1921
1920
1919
1918
1917
1916
*
346,000
.
.
183,000
163,000
751,211
631,618
.
333,195
418,016
401,845
229,773
246,765
221,227
178,659
255,096
501,861
.
542,101
492,814
.
.
Excess of
320,874
314,155
47,134 *39,558
25,931 116,762 *90 831
44,149
4,970 39,179
%
S
%
7,576
4,782
7,510
5 709
4 912
2,178
11,154
7,054
12,269
708 32,037
1,470
4.150
7,004 ( 6,983
97,509 *90,455
6,016
*2,728
797
8,722
3,547
6,766
25,271
5,049
1,934
3,124
2,892
1921.
January
February
March
♦Net
The
Imports. Exports. Exports
Imports. Exports. Exports.
136
11,755
11,619
5,203
982
*4,221 April
41
4,002
3,961
48
3,110
3,062 May
1,869
6,635
4,766
58
9,582
9,524 June......
import.
great
of exports over
excess
Totals for ten months ended
Gold.
chief countries to which exports were
Silver.
Excess
Excess
omit¬
Ex¬
Im¬
of
Ex¬
Im¬
Of
Ex¬
Im¬
ports.
ports.
Exports.
ports.
ports.
Exports
ports.
ports.
t
SILVER.
The
I
$
1921 .3,898,308
2,055,763 1,842,545
1920 .6,831,201 4,691,215
3,098,844
5,063,965 2,569,318
1919 .6,498,996
1918
.
list
1917 .5,146,0.50 2.504,022
1916 .4,443, 2402 ,009,833
21,122609,344/588222 39,627
2,139,986 285,163315,519/30,356 104,391
3,400,152 270.070 61,223208,847189,374
2,491,647| 36,441 57,973/21,532197,369
2,642,028360,123 532,482/172359 69,217
51,892 /12.265
78,409 25,982
72,707 116,667
,*J-X17iX0090A\J
61,549 135,820
U I
38,100^ 31,117
2,433,4071101, 484480,237/378913 53,740 26,1271 27,613
market during the
absent, and the Indian
operated have been usually sellers.
but
MARKETS.
what
tone
extent
set
the
following from the weekly circular of
reprint the
Samuel Montagu
& Co. of London, written under date of
in,
A fair amount of gold came
on offer, and was practically all taken for the United States of America.
Gold to the value of $7,070,000 is reported as having arrived in New York—
$1,570,000 from Egypt
The SS. Korea Maru, which left San Fran¬
$3,300,000 from London, $2,000,000 from France,
and $200,000 from Germany.
Oct.
on
26 last,
carried shipments of gold aggregating $2,525,000
Reuter reported from Copenhagen,under date
occurrence, which can be described as the work of a
consigned to Hong Kong.
of Nov.
10 last,
an
super-smuggler, in the following words:
Aabenraa
(Slesvig),
customs offices
frontier near Flensburg,
in Germany for a
n
may
feel more
be rash even to surmise.
exchange can
At any rate,
were
"According to a telegram from
at Harreslev, on the Dano-German
to-day inspecting a locomotive constructed
Danish firm, to be delivered on Nov. 8, when they found
it gold ingots to
the value of 24,000,000 gold
marks (£1,200,000), the
accentuated
falls are disquieting to the East.
With the exception
the same respective
England gold reserve against its note issue is £126,605,635,
compared with £126,604,635 last week.
cisco
bears
of
a temporary
rise on the 8th of Hd., the
terday, the lowest quotations since Sept. 9 last, when
GOLD.
as
some
continuously to 38%d. for cash and 38%d. for two months'
Nov. 17 1921:
The Bank of
for that quarter, and
extraordinary oscillations of the German
affect silver, it would
We
Notwithstanding
level of prices
should a
disposed to cover.
To
take profits.
shipments on the way to China the lower
reached may tempt further purchases
steadier
SILVER
Inquiry
entirely
have
A measure of support has come from
of the market deterring any
the very cautious from hastening to
the extremely large
AND
month or so—has been almost
bazaars have been inactive and when they
bears, but by no means forceful, the appearance
now
GOLD
week has been somewhat depressing.
for China—so evident during the last
/ Excess of imports.
THE ENGLISH
Fran¬
$2,612,720 consigned to Hongkong.
Exports
$
cisco, carried gold aggregating
of
ted.
made were the U. S. A., Switzerland,
The SS. Nanking, sailing on Oct. 22 last from San
Japan and Sweden.
Excess
imports, by
gold introduced by smugglers, whose operations—difficult to check—have
been doubtless considerable.
Imports mostly came from Sewden.
The
October 31:
Merchandise.
ooo*
imports, especially in the last four
This is fed, in addition to legitimate
months, is interesting.
imports.
figures.
price fell
delivery yes¬
they were fixed at
There was to-day a reaction of
Hd. in both
positions, mainly on account of the shyness of sellers.
INDIAN
RETURNS.
CURRENCY
Oct. 15.
Oct. 31.
7943
17971
7996
2434
2434
2434
6706
835
Silver coin and bullion in India
17917
7893
...
Oct. 22.
...17868
(In lacs of rupees.)
Notes in circulation
6706
834
Silver coin and bullion out of India
Gold coin and bullion in India—
-
Gold coin and bullion out of India
Securities (Indian Government)
Securities (British Government)
I
,
6706
835
The coinage during the week ending 31st ult.
amounted to 4 lacs of rupees.
The "Times of India" under date of Oct. 22
1921 thus describes the effect
which the commencing of the collapse
of the mark exchange had:
"There
;
THE
>378
has been
panic in the exchange market this week both here (Bombay)
a
The decline in the German cross rate to 740, as
and in Calcutta.
Indian
Germany, led to precipitate buying of sterling in
produce from
Is. 4%d. in Calcutta and Is.
in
stock
in
inst. consisted of about 24,900,000
Shanghai on the 5th
24,500,000 dollars, and 1,460 silver
with about 23,300,000 ounces in sycee,
bars
the 29th ultimo.
on
The Shanghai exchange is
t
•
quoted at 3s. 9d. the tael.
Bar Gold,
Bar Silver, per Oz. Sid.
■
Nov.
2 Mos.
Cash.
39Kd.
4
5.
39^d.'
39Kd.
Quotations—
Oz. Fine.
39^d.
-
-
per
104s. 4d.
39d.
9__
104s. 3d.
38Vsd.
104s. 2d.
39d.
386%d.
104s. 2d.
39.312d.
10
Average.,
38.895d.
104s. 3d.
cash and forward delivery are, respec¬
The silver quotations to-day for
week ago.
tively, l%d. and Id. below those fixed a
FINANCIAL MARKETS—PER CABLE.
ENGLISH
The daily closing
quotations for securities, &c., at London,
reported by cable, have been
*
London,
Silver, per
as
Nov.26. Nov. 28.
Week ending Dec. 2—
_.d. 37^
oz
Gold, per fine ounce-
follows the past week:
Nov.29. Nov.30.
Wed.
Tues.
Man.
Sat.
Production of petroleum in the
Survey, continued to
United States, according to the U. S.
decrease during October.
The daily
month, 1,149,613 barrels, was 70,887 barrels a day less than
the production for September and was the smallest for any month since
February 1920.
California, as a result of the strike in the oil fields, dropped
to third rank; decreased daily average production is also reported for all the
other States with the exception of Wyoming, Illinois and Montana, where
small gains are recorded.
Only 752 producing oil wells are reported to have
been completed during October as compared, with 2,086 wells in October
Geological
average for the
a
year
103s.2d.
Thurs.
37%
37%
37%
37^
-.-102s.lid. 103s.
Dec. 1.
Dec. 2.
Fri.
37%
102s.lid.102s.7d. 101s.3d.
49%
49%
49%
49%
49%
88)4
88^
88%
88%
(1) Crude Oil Production, &c., in October (Figures of Geological Survey).
81
81
81
81%
54.90
54.85
French War Loan (In Paris) ,fr.
80.20
80.20
Imports.
11,600,000
9,100,000
3,400,000
8,000,000
10,200,000
9,100,000
10,000,000
12,300,000
11,400,000
13,200,000
6,800,000
4,500,000
2,800,000
1921, Oct..35,600,000
Sept.36,600,000
Aug ,41,000,000
July.40,200,000
June.40.400.000
May.41,900,000
April 40,100.000
Mar.41,000,000
Feb .35,300,000
Jan..37,900,000
1920, July.38,200,000
1919, July_33,900,000
1918, July.31,800,000
80.20
British, 5
_
per cents
British, 4% per cents
900,000 C168,200,000 42,600,000
500,000 cl67,200,000 41,500,000
600,000 cl61,000,000 42,800,000
900,000 cl53,800,000 41,500,000
700,000 cl45,000,000 42,500,000
700,000 cl38,200,000 45,200,000
800,000 cl30,900,000 39,300,000
700,000 cl24,300,000 48,300,000
700,000
130,800,000 43,400,000
200,000 el41,700,000 32,100,000
500,000 el35,100,000 36,900,000
a Pipe line and tank farm stocks of domestic petroleum plus Mexican
petroleum held in U. S. by importers,
b The number of producing oil wells
completed during the month,
c Not directly comparable with stocks for
previous years; for comparison add 17,800,000 bbls.
e Stocks of Mexican
petroleum held in the U. S. held by importers not available.
Production
Oct.
1920.
Oct.
1921.
No. 1,000 Bbl.
(42 U. S. Gal.)
California
99%
— .—
99^
99%
99%
99%
9,716
2,825
4,833
67^
67%
67^
68
67%
Louisiana
Coastal
124
1,482
162
716
628
Wyoming
Kentucky
TRAFFIC
AND
IRON
SUPERIOR
LAKE
West Virginia
Pennsylvania-
MOVEMENTS.
ORE
SHIPMENTS.—The
shipments of iron ore from Lake Superior docks during the
season just closed amounted to only 22,300,726 tons and are
said to be the smallest since 1904.
Last year the movement
aggregated 58,527,226 tons, as against 47,177,395 tons in
1919, 61,156,963 tons in 1918 and 62,498,901 tons in 1917.
Below we compare the shipments from the various ports
for
the last five
seasons:
„
—Entire Season
—•
1921.
Escanaba
Duluth
1917.
Tons.
Tons.
6,424,545
47,177,395
61,156,963
62,498,901
3,286,338
58,527,226
.
—
—
Two Harbors
....
—
4,991,278
9,164,803
7,156,854
3,207,145
7,597,841
13,978,741
20,567,419
9,990,901
10,919,965
..—22,300,726
—
4,963,358
2,132,935
5,915,383
16,821,209
580
Central & Eastern Ohio._
MEXICAN OIL EXPORTS, PRODUCTION, TAXES,
&c.—Oil exports from Tampieo, Mexico, in October aggre¬
gated 16,749,355 bbls., contrasting with 17,634,000 bbls.
in September, notwithstanding the influx of salt water into
the wells in the Amatlan and Zacamixtle fields.
The "Oil,
Paint & Drug Reporter" of Nov. 28 has the following:
Tampieo "Tribune" says pessimists will get little joy out of the
of petroleum exports for October.
Despite the cry that the oil
fields are gone and that Tampieo is ruined, that everything has gone to
the dogs, or is going, 16,749,355 bbls. of crude oil, topped crude and
distillates were shipped last month and even though the Amatlan and
Zacamixtle have gone salt, there is but a loss of 884,597 bbls. from Sept.
Attention is called to the fact that six companies exceeded the best
month's total they ever before had made, and that another company,
Panuco Boston, made its first shipment this year.
Huasteca Petroleum
Go. not only exceeded its former best, but broke all existing records when
it exported 3,743,010 bbls. at its Mata Redonda terminal.
The above and the following figures showing exports for October are from
the Tampieo "Tribune" of Nov. 12.
Figures for Sept. and Aug. from
preceding issues of "Tribune" supplied for comparison:
Oil
Exports
Reported
as
by
Tampieo
October.
j
3,743,010
1,264,552
1,613,854
1,717,999
206
2,045
2,028
890
8721
9,151
9,614
70
61J
Southwestern Indiana
Mexican
Total
c
importers
Aguila (Eagle)
Trans-Continental.
International
C ontinental-M ex
Texas...
1,104.863
1,418,386
737,850
Mexican Gulf
Mm-
-
Island
975,235
303,403
713,408
1,058,445
455,702
Oortez
Freeport
Corona
East
1.103,750
212,520
986,491
1,183,294
1,196,907
1,263,885
August.
273,221
1,853,505
Coast
PennMex.
National Oil
New England
Nat-
____
^roleum
Pierce Navigation
750,177
671.790
427.669
Estimated in part.
Note.—The "stocks
U.S.Mexican
i
Total.
138,018
ON
here shown include the pipe
as
line and
are reported monthly by the Bureau of Mines; (&) stock held by pro¬
ducers, which number many thousand; their stocks are reported only once
year to the Geological Survey, but these ordinarily aggregate only about
which
3% of the total stocks.
REFINERIES
OIL
OF
U.S.
CONSUMP¬
OUTPUT.
TION AND STOCKS ON HAND IN SEPTEMBER AND
MONTHS
NINE
THE
OF
1921.—The following tabula¬
oil refineries of the United States
months ended Sept. 30 is based
figures published by the Bureaus of Mines and Foreign
tion of output, etc., by the
in September and the nine
on
and Domestic Commerce:
(1) Output of Refineries in U. S. in September, 1921, and Stocks
Refineries September 30.
As compiled by
"Oil, Paint & Drug
Daily
'
Total.
Crude
bbls.
run
Hand at
Total Slocks Sept. 30.
Average.
September,
1921.
on
Reporter" from Bureau of Mines, <fec.. Data.
1921.
35,613,933
1920.
|
1920.
1921.
1,351,644!
17,991,036
18,830,079
94,228
1,187,131
839,421
1,067,019
Oils purchased and
bbl.
2,999,042
99,968
gal. 416,913,000
re-run
Gasoline
13,897,100
gal. 154,017,299
Kerosene
Gas and fuel.
gal. 788,408,124
5,133,910
15,129,370 515,325,998 288,195,394
6,638,001371,235,034 379,300,705
26,280,271 27,890,0031229254127 771,126,965
Wax
lb.
69,053,367
33,054,167
Coke
ton
44,863
1,495
Asphalt
ton
107,420
3,581;
gal.
83,050,575
Losses
bbl.
1,638,549
Lubricating
..gal.
2,301,779]
2.874,346 230,227,413 130,449,829
1,101,805;
1,557,854 237.421,155 158,743.995
1,614
23,522
67,758
'
74,944
3,718
90,968
2,768,352
54,618!
3,973,745691,915,316 530,965,960
59,962
-
(2) Production, Consumption, &c., First 9 Months of 1919, 1920 and 1921.
(Unit of Gallon.)
Gasoline.
1921.
108,005
I
1920.
Kerosene.
I
1919.
1921.
f
1920.
1
462,381,837
446.793.4311 297,326,983; 393.070,923) 339,319,690
Production--3,841,675,557:3,499,723,473 2,920.073,1931,417.116,813jl,680,881,001
Stocks Jan.
28.907,583,
34,706,851
9,322,518
142,498
40,578
407,459
771,753
4,332,964,977;3,981,223,7553,226,722,6941.810,187,736 2,020,200,691
Totals
351,113
Exports
218.532
Domestic
Insular
396,832,696;
ship's]
465,439,992.
268.166,964
525,337,626
611,385,848
22,761,119
16,312,386
12,889,050
14.082,119
11,595,301
I
i
i
consumption 3,398,045,164 3,211,275,983 2,574,541,261
on
30-.-I
Bal.
288.195,394
515,325,998
Gas
17,633,949
899,532,957 1,017,918,837
hand.
Sept.
5,582,006
PRODUCTION OF CRUDE OIL IN UNITED STATES
IN OCTOBER AND TEN MONTHS TO OCT. 31—
STOCKS
hand"
116,185
160,217
51,412
148,556
16,749,345
—
on
tank farm stocks, which constitute by far the greater part of the petroleum
held in storage in the U. S., but they do not include (a) refinery stocks,
Imports
361,648
984,234
365,644
260,499
51,640
159,439
113,156
74-338
Panuco Boston
5,554
116,403
-
597.348
196,414
298,820
____
9,314
____
60,260
176,478
_____
990
2,894
1,158
6,716
35,638 39,592 390,229 365,742 172,245
(1,000 bbls.)
Miscellaneous
"Tribune."
September.
3,179.163
2,148.905
3,250,047
831
188
Illinois
The
Companies—
78
N. W. Ohio & N. E. Ind_.
record
Huasteca..
405
New York & Tennessee._
a
6,774,969
3,457,054
7,565,608
14,068,341
20,564,519
8,723,472
7,361,070
3,415,108
8,180,852
14,812,398
15,479,334
9,278,464
——
Total
1918.
Tons.
1,806,656
—
—
1919.
Tons.
786,946
2,264,705
-
Marquette
Ashland
Superior
1920.
Tons.
Ports—
Oct. 31
1920.
21,265
3,269)212,107 206,689189,863
63,293
6,6591 (Mid-Continent) f
2,5111
9,199
8,314
2,619 ( 28.440
21,205
17,107
9,986
1501
(Gulf Coast)
(Gulf Coast)
1,676/ 17,017
14,558
1,098
544
65
(Rocky Mt.)
(Rocky Mt.)
7601
1,877
784
673]
646) 25,656
25,3581
4,339
2,779
4461
(Appalachian) /
c3,146
2,730
Montana and Colorado
TRADE
Oct. 31
1921.
31,574
9,437/
Texas Central & North
Texas Coastal
99%
66%
Domestic
—
9.459
Nor. Louisiana & Ark
Silver in N. V., per oz. (cts.):
Foreign.
7,065
Oklahoma
The price of silver in New York on the same day has been:
Stocks on Hand.
First 10 Months
1921.
1920.
95,813
86,290
Kansas
,
952
1,157
1,471
1,401
1,224
1,452
1,574
1,832
1,859
1,509
1,687
(2) Production by Fields—Net Stocks from Same Sources at End of Month.
55
Consols, 2% per cents,.—
Total
aStocks on
Est. ConbNew
Exports.
Last Day.
sumption. Wells.
700,000 cl72,200,000 45,600,000
752
900,000 cl71,400,000 41,700,000
781
Total
Domestic
Month— Production.
81%
French Rentes (in Paris), fr.
Bbls.—
88%
81
domestic production was offset by an increase in im¬
Mexican petroleum, amounting to a daily average of 373,400
Consumption also increased by 180,352 barrels a day and was the
greatest for any month of the year since January.
There was a net increase of stocks at the end of October, amounting to
884,000 barrels.
An increase of 2,029,000 barrels of Mexican petroleum
held in the United 8tates by importers is contrasted with a decrease of stocks
of domestic crude oil amounting to 1,145,000 barrels, which marks the first
net decrease in pipe-line and tank-farm stocks east of California since
April 1920.
49%
88
ago.
This falling off in
ports of
barrels.
104s. 4d.
39d.
38%d.
——
_
38%d.
39%d.
7
8-
as
1,580 silver bars, as compared
24,500,000 dollars, and
sycee,
4%d. in
4%d."
Bombay, but at the close the market has rallied to Is.
The
oversold.
and also by the Bombay bazaar, which was heavily
Rates were forced down as low as
ounces
against
of the inquiry for
previous week's 540, and the consequent stoppage
the
Calcutta,
CHRONICLE
1921.
Stocks Jan.
Production
_
1
_
and
371,125.919
1920.
371.235,034
379,300.705
Lubricating.
Fuel.
1919.
837,404,414]
714,124.455 659,001,357
7,165,015,196 6,356,567,6646,598.736,520
1921.
1920.
160,522,477!
137,318,934
642,309,9931
771,403,821
HAND.—The
phenomenal recovery in the
prices for "crude oil noted in the "Chronicle" Nov. 12, p.
2039, Oct. 22, p. 1729, Oct. 15, p, 1640, and Oct. 8, p. 1534,
gives especial significance to the following report of the
country's crude oil production for October and the 10
months ended Oct. 31 and also the stocks
latter date,
all substantially
logical Survey:
as
on
hand at the
reported by the U. S. Geo¬
8,002,419,610 7,070,692,1197,257.737,877
780,031,398
1,615,662,916 1,361,167,874
Totals
Exports
802.832,470!
978,722,755
194,350,580
297,426,907
87,933,207
3,462,098,
3,505,484
consumption 5,064,734,839 4,860,275,855 5,527,637,887
374.792,379
477,340,535
230.227,413:
130.449,829
Insular ship's
92,767,728
Domestic
Bal.
on
78,121,425j
hand|
Sept.30--.11,229,254,127
771,126.965
862,135,385!
Figures on exports and shipments are taken from reports of the Bureau of Foreign
and Domestic Commerce.
Dec. 3
1921.]
THE
CHRONICLE
PETROLEUM PRODUCTION OF ENTIRE WORLD
IN 1920 AND FROM 1857 TO 1920—Statistics compiled
not
from
at
S. Geological Survey
the United States as
regards the production of petroleum, the great (temporary)
falling off in Russian output due to political conditions,
and also the large part played today by Mexican producers.
numerous
by the U.
sources
show the leading position still held by
A condensed statement follows:
World
Production
Production
Auction
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold
auction in New York, Boston and
Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Stocks.
Price.
1,040 World
Rubber
of 42
U.
S.
Tire
&
500 Gotham Oil Assn.. $10 ea.$50 lot
400 Internations Comm'l Corp.,
of Bbls.
No.
Oil,]
$10
pref., $10 each.....
Percentage
63.8
5,429,693,000
23.5
536,524,000
1,904,021,000
219,^84,000
21.8
1.8
.5
1.1
48,070,000
122,583,000
g7,435,344
h5,606,116
1.1
165,462,000
1.9
.8
2.0
kl2,059,075
1.8
171,263,000
147,772,000
694,854,000
100.0
India
.....
Poland
...
13 other countries (see note)
Total..
.....
2.5
i
12,250 Ward
La
13 Ward
La
7,500 Indian
p.
059,075 includes:
Lands
pref.
k Obtained from various sources, this total of 12,Peru, 2,810,649 bbls.; Japan and Formosa, 2,139,777; Trinidad,
2,083,027;
Argentina,
1,665,989; Egypt, 1,042,000; British Borneo
Sarawak),
1,015,949; Venezuela, 456,996; France Alsace), 388,700; Germany, 212,046; Can¬
ada, 196,937; Italy, 34,180; Algeria, 3,916; England, 2,909.
500 McSherry Mfg., pref.. —$100 lot
—
I
pref..]
245 C. & A.
$45 lot
trust ctf
50 Atlantic Steel, pref
50U.
7,663 J*
sh.
of
America,
New York City Banks and Trust Companies.
All
prices dollars
per
1,500 Montana
Farming
S.
Garages, Inc., com..$2 lot
pref.....
Garages, Inc., pref..$6 lot
250 Montezuma
Mines Corp., pref.
....)$10
lot
1,000 Internat. Aut. Music, com .$15 lot
Banks—N Y
Bid
Ask
Banks
America*
174
178
Irving Nat of
240
245
Exch—
Amer
n
Trust Co.'s
Ask
Bid
188
y
192
Asked
Bid
400 N. Y. Motor Cab, Ltd., pref.
York
New
375 Nat. Bank of Cuba...... $ 110 lot
210
Manhattan *.
210
220
Bankers Trust
318
Hi'
Battery Park.
145
155
Mech A Met.
319
324
Central Union
340
350
Bowery*
430
450
Mutual*.....
510
526
Columbia
292
297
100 H. B. Claflln, first pref...$50
Broad way Cen
120
Nat American
145
155
Commercial..
105
135
100 Pioneer Malting, pref..—$10
Empire...
lyo
Atlantic
m «*
80
90
Bronx Nat...
150
160
New
Neth*..
120
Park*
145
155
New
York...
425
Butch A Drov
130
140
Pacific*
300
190
Park
405
415
Fulton
240
Public
230
240
Guaranty Tr.
205
210
230
240
Hudson
170
460
480
Law Tit A Tr
*.
Bor
Nat
320
City
325
310
268
274
Farm L A Tr.
380
Fidelity
*
300
Equitable Tr.
135
•
198
...
Inter
22,500 Julian
'
175
285
Chat A Phen.
275
Chelsea Exch*
80
90
Chemical
-185
500
Standard*
200
225
Lincoln
Trust
155
208
215
State*......
240
250
Mercantile Tr
260
280
Colonial*..
350
Tradesmen's *
200
Metropolitan.
240
250
110
$5
166
Coal A Iron—
125
—
Seaboard
•
....
Second
1
155
165
23d Ward*...
|0<t
Commerce
242
246
Union Exch—
180
190
Com'nwealth*
215
225
United States*
155
165
Wash
325
Columbia*
,
Continental..
130
Corn Exch*..
350
3'5
90
Cosmop'tan*.
H'ts*_.
194
...
Y
n
A
100
108
Brooklyn
Fifth
150
165
Coney Island*
145
First
925
First
215
230
Garfield
215
225
Green point...
175
185
80
100
90
96
v.
342
348
260
910
m
Homestead*.
240
255
Mechanics'*..
Hanover
830
840
Montauk*
Harriman
360
Nassau
220
Imp A Trad..
505
515
North Side*..
195
160
170
People'B
150
5,000 Mexican
420
Banks marked with (») are State banks,
-
&
Producing
675
685
210
....
290
....
$18
Mines,
lot
6,900 Quindio
Mercury
Ltd., £ 1 each
$25
Corp.,
$500 lot
$5 lot
ment, no par
25 Montana Farming Corp.. .$15 lot
Ex-dlvidend.
yEx-rights
All
AH!an R'lty..
Atk
72
78
Amer Surety.
63
218
Ask
} Lawyers Mtg"
f Mtge Bond..
| Nat Surety..
222
Bid
125
$22?* per sh.
N
Preferred
96
1
100
Y
Title
Realty
Assoc
Bid
A It
(Brooklyn).
102
107
75
84
U S Casualty.
145
160
180
190
U S Till Guar
80
90
A
West A Bronx
137
Mortgage..
145
Title A M G
145
155
OF
NEW
YORK—MONTHLY
Customs Receipts
at New
1921.
Shares.
$
$
I
|
!
$
1920.
$
April
May
June
100,048,763 315,350,911 107,506,523 254,306,435
.
March
104,648,783 323.427,245 112,683,284
August... 111,371,583 265,399,334 105,218.873
September 106,610,356 184,623,524 110.338,972
October... 108,483,456 179,929,909 98,153,764
July
Total.
200,319,661
160,316,294
174,781,030
267,317,672
1102168999 2596329829 1536852336 2658517486
..
Movement of
1921,
1920.
$
12,265,070
14,154,349
18,615,006
26,838,089
17,221,670
16,397,034
13,443,107
18,237,808
15,203,273
15,657,373
$
21,284,852
19,323,958
22,429,000
19,999.683
17,971,669
21,434.058
21,468,214
18,392,047
16,140,524
16,845,472
168,032,839(195,289,477
Stocks.
13 Commercial
j
Imports.
Exports.
York.
1920.
Exports.
March
April
May
June
July
1920.
1921.
1921.
$
$
$
$
$
31,328,278
18,439,803
81,335,005
74,173,373
29.701,157
37,152,786
57,338,204
183,085
1,458,285
1,708,182
55,186,705
1,682,127
6,023,355
10,945,005
12,454,509
34,228,556
200
August
78,990,700
Sepember.
60,8O5,4d7
October...
44,137,381 114,561,653
Total—J512,402,154
—
...._
8% notes, 1922.......
...
2,500 shares Tublze Artif. Silk
of[$2300
Amer., pref.
1...
1,000 shares Tubize Artif. Silk of
25,000
rubles
lot
com., no par
Russian
Govt.
In¬
ternal Loan 5}*8, 1920
—$90 lot
$55,000 Pitts. Shawmut A Nor. RR.
1st 4s.
...$925 lot
$82,000 Ohio Copper of Utah 1st
7s, convertible
.......$10,000 lot
$24,000 Bklyn. Ferry 1st consol. 5s,
1948, ctf. of deposit
.$35 lot
$10,000 K. C. Mex. & Orient RR.
6% notes, 1916...$800 lot
$1,000 Colo. Wyo. & East.
Ry.)
Gen. 6s, Inc.; May 1915 coup. on|
II shares Colo. Wyo. A East. Ry.>$13
lot
100 shares Colo. Wyo. A East. Ry.
pref.
t.
v.
c—............
marks
State
Loan
..
Royal Prussian
of
1893;
3s,
Oct.
1915
Sporting
Club
$260 lot
coupon on
International
3s, 1931.'.
$55 lot
$10,000 Altoona Gas Lt. & Fuel 5s,
1942.....
.$100 lot
.-—
1st
A Ref. 5s, 1936
25
Shares.
Stocks.
500 The
Dome
$ per sh
Development Co..
7c.
360 Royal Oil A Ref
7c.
30 Mina Transfer Corp
J*
......
500 Panhandle Oil, Pitts.
7c.
$60 lot
10 Giant Portland Cement, pref— 16
17 University Heights Farms...$50 lot
223 Steub. A E. L. Ry. & L. Co..$50 lot
50 Horn A Hardart Autom. 111.,
238,431,462
17.790.299
24,814,399
1,595,573
2,800,154
841,850
"300,666
35,247,500
34.820.300
2,649,762
1,436,853
2,943,013
246,300
874,225
858,684
4,376,916
1,013,620
1,060.799
2,137,837
1,329,049
4,212,285
4,830,670
1,071,362
274,003
3,109,125
130,0. 0
1,773,797
3,270,065
4,825,813 121,621,701
22.496,1991
14,578,169
124,300
234,300
100,000
1,124,000
$55 lot
Utilities..
367 Washington Va. Ry
43
12 Columbia Ave. Trust..
8 Philadelphia Nat. Bank
11 Common. T. I. & T._
198}*
....220
36
Trust
1
$2 lot
62 Atlantic City Co
..$20 lot
178}* Louisiana Timber Corp...$350 lot
lOOAjaxOil
180 Sayres Mining A Mfg
50 Aguas Reed A Co., Inc., pref.,
and 25 shares common .....$ 10 lot
78 East Penna Rys., pref
35
133
8 West Phila. Pass. Ry
50 Staunton
$25 lot
Gas, preferred
25 Staunton Gas, common
$20 lot
500 Penna.
Ohio Elec., pref
50 Internat. Glass, pref
15 Internat.
Glass,
preferred......
25 Horn
.300}*-301
45}* rts to sub Media T. AT. @$50 103*
100 Camden Fire Ins. Assn
113*
65
40
40
common..
.$15 lot
2
A
Hardart
$1,400 lot
Autom.
common...
111.,
........$200 lot
Bonds.
Per cent.
$1,000 Un. Trac. Co. Ind. gen. ext. 6s 47
$2,500 Indiana Service Corp. adj.
3.6s,
27
2020
$2,500 Indiana Service Corp. 1st A
ref. 5s, 1950
61
$4,000 Indlanap.St. Ry. gen. 4s, '33 49
$17,000 Consumers' Brew. Co. 4s_$60 lot
$66,000 N. J. Gas 1st 5s, 1940
16
$6,000SchuulkUlCo.L.&F.l8t58.'33
8)*
$500 City of Philadelphia 4s, 1945-
1,114,930
1,042,557
239,657
622,262
1,110,636
9034
$2,000 United Nat. Util. 6-7% ext.,
5
1923-
2
$5,000 North Pines SS. Co 7s
$9,000 Montgomery Trans. 5s, '46-S15 lot
$11,000 Wash. Arl. & Falls Church
17 X
Ry. 1st 5s, 1958
$3,000 Wildwood A. A H. B. 1st 5s,
5
1935
By Messrs. Wise, Hobbs & Arnold, Boston:
Stocks.
$ persh.
$ per sh
Stocks.
Shares.
1 Merchants National Bank
275
3 Riordon Co., Ltd.. common.
303
3 Edwards Mfg. Co
5 National Union Bank
5 Manomet
.
—$20,000 lot
$50,912 Gillette Rubber Co., Eau
Claire, Wis., notes..$2,000 lot
$12,803 Ideal Tire & Rubber, Cleve¬
land, O., notes.....
.$700 lot
5 First National Bank..
1921.
$
..
.......$95 lot
50 A. L. Sayles Co., common....
Silver—New
York.
New
Imports.
1921.
February
$ per sh.
Mass......
100 Washington
Shares.
January
sh.1
per
Trust...........265
50 Consumers Brewing..
gold and silver for the 9 months:
Gold Movement at
Month.
notes
$17,000 Michigan United Rys.
$95
..$60
23 Republic Trust, 850 each..
56
5 Union Water Meter of Worces¬
25 Mutual
1921.
1920.
108,651,387 280.997,659 356,457,600 257,101,089
103,427,293 260,144,811 237.794,460 301,626,954
123,996,959 292,276,856 167,836,305 396,929,064
124,926,117 270,147,>37 132,460,324 302,495,893
110,004,302 224,033,443 108,502,231 343,323,392
February
York.
Exports.
Imports.
..
Land,
17 H. K. Mulford..
Merchandise Movement at New York.
January
Trenton,
6 Nat. Bank of Chester County. 127}*
6 Walton Amusement
..$1 lot
TRADE
STATEMENT.
Month.
Dominion
.
...
Corp.,
By Messrs. Barnes & Lofland, Philadelphia.
ter,
FOREIGN
Aeroplane A Motor
t. c., no par .$3 per sh.
v.
each....
130
City Investing
152 Old
share.
per
I
65
Bond A M O.
prices dollars
com.
.......
$500
100 Curtlss Aeroplane & Motor,
160 Curtlss
Surety Companies.
lot
Per cent.
33*
$l,000.Monon Coal 1st 5s, 1936..
33*
$1,000 Augusta Aiken Ry. & Elec.'
Corp. 5s, 1935
$330
$1,500 Augusta Aiken Ry. & Elec
lot
Corp. 5s, 1924
$122,080 Empire Tire & Rubber
100,000
18% Seaboard Finance Invest¬
x
com...]
common v. t. c................
Textile
each
pref. v. t. c
Bid
.$60 lot
Mines,'
Mercury
10,000 European
-
t New stock,
New York City Realty and
Re¬
Ltd., 1 shilling each....
160
*
-
.$225 lot
45 Reorg. Finance Corp. N. Y .$25 lot
1,200 Quindio
405
205
Industrial*...
-
lot
20 Faultless Iron Works, 111. .$10 lot
Kings County
Manufacturer
125
192
.1150
pref
250 Montezuma Lead,
Bonds.
$1,000 Georgia & Florida Ry. 1st
5s, 1956, Nov. 1913 coupon on..
Amer., Class B
.....$130lot
t. c
fining, $1 each....
Brooklyn
Brooklyn Tr.
.$50 lot
;.
200 Haytian Amer. Corp., pref .$9 lot
m
People's
196
Greenwich*..
Gotham
Stores,
Food
100 Sanitas Seal, common.....J
778 Casualty
Co. of America,
155
905
Federal
..>$25
.
$50,000 Tublze Artif. Silk of Am.
Refining
N. Y., $10 each
255
States
$15 lot
&
Oil
Inc
3t5"
Title Gu A Tr
'imm.
925
$25 lot
.
165 Interbor.-Met. Co. common
580
United
170
910
Cove
889 2-5
310
,U S Mtg A Tr
East River
Fifth Avenue*
com¬
—
$20 lot
25 Lawyers Mortgage .$1243* per sh.
Life Ins
Trust
n Y Trust-
....
.$2 lot
lot
lot
Co., $10 each...
100 Sanitas Seal,
(West
Chester
;
of
...
Signal,
$5 each
each..
200 Gum
Mutual
420
Yorkvllle*
.....
Corp.'
pref
4,297 Atlanta Home Gold Mining,
200
Cent Mercan.
first
Beggs
mon,
V
Chase
Fibre
Amer.,
260
290
Bronx
Bryant
150 Industrial
lot
pref.,'
.
ordinary..$16 lot
participating
American
Corp.,
.......$110
Lead,
ctf. of deposit.
••'i
Silver]
75 New Almaden Quick Silver
Mines Corp., common..]
share.
pref....$1,200 lot
60 N. Y. Sanitary Utilization.$35 lot
110,000 Princess Pat Copper, com .$21 lot
100 U. S.
100 New Almaden Quick
lot
Matisse, pref....$25 lot
Artificial Silk of
Tublze
$35 per sh.
60 Denv. A Rio Gr., pref .65c. per
.
250 Haytian Am. Corp.,
f'ders.]
250 Haytian Am. Corp., com.. >$10
400 Haytian Am. Corp.,
100 National Thrift Bond Corp.
stock
sh.
Oper.
each.$2,000 lot
common, $1 each..
.$20 lot
II,550 Ranger Ref. & Pipe Line,
$1 each—
$20 lot
lot
$10 each.... .$55 lot
common,
com., $1
per
350,000 Snake & Opportunity Mines
lot
15 Atlantic Steel, com..$25 per sh.
100 Will L. Smith, Inc., no par .$10 lot
Commercial and JBltscellatienus Hewi
Corp.,
800 Penn Va. Coal & Coke Corp.,
15, March,
sh.
per
$1
I,254,580 Mines Holding A
.....>$25
50 Dixie Industrial, $10 each .$28
per sh.
.—$11}*
—
common
1,000 FrohmanAmusement,com.,
$10 each
sh.
per
Co.,
.10c.
100 Central-Hudson Steamboat,
Corp.,
each
Hanford
166 Central-Hudson Steamboat.
Truck
50c. per sh.
common, $10 each...v .$20 lot
1,000 Frobman Amusement. pf.,]
100.0
$10
1, No. 1,
Oil
—..10c.
A
common
par.5c. per sh.
no
France
Corp., pref.
1.7
pref
33 Staples
lot
Truck
France
Corp., com.,
1.4
a U.
S. Geological Survey, preliminary,
b Department of Industry, Mexico,
preliminary,
c Soviet records,
d Bureau of Mines, Dutch East Indies,
e Im¬
perial Mineral Summary (London).
f Estimated by Imperial Mineral Bureau
(London),
g Moniteur du Petrole Roumain, Feb. 15 1921.
h Przeglad Natowy,
Rok
f$12
25 The Parker Vein Coal
100 Section 30 Mining, $10 ea.
.25
8,744,972,000 1
$10 each
_..$3 lot
214 Conn.Chemical...
25c. per sh.
525 Hudson Cos., pf., $25 ea.$5 persh.
50 Staples
&
Hanford
Co.,
lot
50 Hampshire So. RR., W.Va.
6.1
3.6
Oil,
common, $10 each
62.1
el2,352,655
f7,500,000
Rumania.
lot
1857-1920.
Percentage \
Bbls.
c25,429,600
dl7,529,210
Persia
$6
•
.
125 Overman Tire of Del., com .$9 lot
bl63,540,000
.
Dutch East Indies
Mill-]
ing, common, $i each..
1,000 Golden City Mining A Mill-
ing, pref., $1 each...„._]
200 Biograph Company._ ..$1 per sh.
200 Knickerbocker-Wyo.
Mexico
10,000 Golden City Mining &
Total Production
Year
Entire
a443,402,000
Russia
$1 per sh.
244 Connecticut Silica Corp.. .$50 lot
Rubber
preferred
200 Knickerbocker-Wyo.
United States
$10 each
197 Waterloo C.F.&N. Ry.$l persh.
125 Overman Tire of Del., pf—$11 lot
1920.
of
Price.
t. c.,
v.
—$200 lot
20 Waterloo C. F. & Nor. Ry .$45 lot
Gallons.
Stocks.
2,000 Liberty Motor Car, common
$500 lot
300 Rubber Corp. of America .$100 lot
Corp.,
Country.
No.
Shares.
Products,
Inc., preferred..
990 Empire
of Petroleum—Barrels
2379
5 Mass.
10 York
.....186
Mills
Cotton
Mills
111
...1463*
Manufacturing Co....200
179 Boston & Wore. EI. Cos., pf.
3
2 Draper Corporation
1423*
410 Rights Haverhill Gas Light..3-33*
20 Herschell
Spillman
Motor,
preferred...
12}*-12
5 American Glue, common
1123*
10 American Brick, pref
4 N. E. Power,
14 Hood Rubber,
6% pref
common
1,450 Business Real Estate Trust..
10 Riordon Co., Ltd., pref
12
85
50
10
10
20 Wm. Whitman Co., Inc.,
6 N.
E.
pf.
1
70?*.
94
Equitable Ins. Co.$1.10 lot
75
2 Regal Shoe, preferred
Rubber, pref.$1.75 lot
Equitable Ins. Co.$2.75 lot
100 Worcester
Cons.
St.
Ry.,
5 Plymouth
15 N. E.
21
first preferred
100 Am. Granite Saw Co.,
50 Worcester
com..$1 lot
66 H
Gas Light Co
Per cent.
Bonds.
Light,
Heat
A
1933
88
$3,000 City of Rio de Janeiro 6s, '31 85
$1,000 Yarmouth Light A Power
$3,000 Montreal
Power 5s,
7%
note.
....—
1924.
90K
CHRONICLE
THE
2380
Nov. 23—7868, The First National Bank of Huntington Beach,
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
mon
..;
320
85
Mfg., com.90% ex-div
10 International Trust.
shs.
5 Worcester Cons. St. Ry. 1st
20
1 228% N. H. El. Ry. pref......
8
15 Eastern Mass. St. Ry. com.
9Y%
5 Medway & Ded. St. Ry. $40 lot
20 Converse Rub. Shoe, pf
63
48 Plymouth Rub., pref.....81 lot
25,000 The Herrick Gold Mines,Ltd.
lc.
50 Springfield Coach Wks.,com.
1
50 Springfield Coach Wks., pf. 10
3,255Homa Oil
7c.
324Riordan Co., Ltd....
1
100 Amer, Cyanamid (Me.)
9%
14 Lowell Gas Light.......... 160
100 Caracus Sugar
14
10 Chapman Mfg., com. & 50
shs. pref........
..$10lot
25 Samoset Choc., pref..
$22 lot
207 O'Bannon Corp., com
.$75 lot
13 O'Bannon Corp., pref.....$15 lot
10 Jessup & Moore Paper 1st pf. 88
34 West River Paper, com....
1
100 West River Paper, pref....
5
...
10,000
933
20
39
750
200
50
21
National Bank of Wakefield
„
Effective Nov.
Cal.
Ah^gIgs
Bank of Homer, La
50,000
12 1921.
Liquidating Agent. N. J. Kendnck, Homer, La.
Business acquired by the Commercial National Bank of
Homer, La., No. 11638.
11621
The American National
Effective Nov.
I
(Can.) and 5 sh. pref. ..$100 lot
$905lot
(part
Corp.
..$100 lot
O'Bannon Corp. and 30 sh.
pref *
........... $205 lot
Tyer Rubber, pref........ 51
paid)
74
DIVIDENDS.
60 Meadows
22 Union Chem. & Indus. Cos.
lot
Bonds—
lONeedham Tire, pref.....$300lot
20 Walker-Johnson Truck, pf$200 lot
rent week.
OH <fc Chem,,
as
bonus, and 15 sh. pref...$15 lot
Percent.
we
show
Trac.
Ref.
&
Cons.
1942^
10 Beaudette A Grama, pref.$500 lot
lONeedham Tire, pref.....$300lot
5s,
..$10 lot
$1,500 La Porte Oil & Ref. Corp.
1st & Coll. Tr. 7s, 1924.$130 lot
5 Central Texas Oil Corp...$50 lot
Then
we
follow with
Canadian Bank Clearings.—The clearings for the week
ending Nov. 17 at Canadian cities, in comparison with the
same week in 1920, show a decrease in the aggregate of 13.7 %
the dividends
Week ending November
17.
Per
Railroads (Steam.)
Albany & Susquehanna
Beech Creek (quar.)
—
1920.
Canada-
Winnipeg...
Vancouver.....
Ottawa...
Quebec...
..
...
Halifax..
Calgary
St, John
.....
Hamilton...
London
Victoria....
Edmonton
Reglna
Brandon..
...
Lethbridge..
...
Saskatoon
Moose
„
Jaw...
Brantford
Fort William
New
Westminster..,
Medicine Hat
...
$
—11.9
—3.9
—20.7
—19.9
—-42.1
—23.0
—22.1
—36.8
—13.3
—19.6
—11.3
-r-21.4
+ 9.4
—17.3
—7.8
—43.3
—15.7
—28.0
—9.4
—8.7
—10.7
—45.0
744,423
999,069
—25.5
842,698
1,324,424
—36.4
945,320
1,308,789
3,833,477
3,540,578
1,093,115
803,697
783,151 Not incl. in
—27.7
387,045,826 448,690,100
13.7
Peterborough
Sherbrooke.........
Kitchener
Windsor
Moncton
Kingston
Total Canada
....
National
1918.
1919.
%
120,748,598 137,068,361
117,101,936 121,899,842
71,744,502 90,472,939
13,488,560 16,834,655
8,270,660 14,282,693
6,067,555
7,875,656
4,194,884
3,246,415
0,495,267 10,283,692
3,075,714
2,666,028
5,622,700
6.994.265
3,078,530
3,471,559
2,058,189
2,618,292
5,455,275
5,965,994
4,550,623
5.501.266
853,040
925,156
1,045,322
592,655
2,647,999
2,232,000
1,681,583
2,335,479
1,275,001
1,155,484
1,048,890
1,148,886
516,742
578,152
728,555
400,842
Toronto...........
or
Dec.
$
Montreal.
+ 8.3
148,688,057 133,167,645
93,148,987 66,065,912
64,810,262 69,509,049
11,033,255
15,375,017
12,093,319 11,795,352
5,138,458
5,911,168
4,904,691
4,666,919
7,892,330
10,111,482
2,383,763
3,190,883
4,792,620
6,702,200
2,563,007
3,510,867
1,834,951
2,393,789
3,627,596
5,919,713
4,377,145
5,276,136
987,713
1,061,190
683,194
769,765
2,148,455
2,587,106
2,151,943
2,545,829
909,567
1,020,383
1,047,433
969,394
591,849
455,297
491,486
538,049
869,063
989,193
924,429
1,038,768
762,158
1,010,712
1,349,389
2,498,014
+ 36.0
total.
388,930,594 342,346,358
following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Nov. 26—The First National Bank of Eagle River, Wis
—.
Correspondent: E. W. Ellis, Eagle River, Wis.
The Totowa National Bank of Paterson, N. J
-
APPLICATIONS
R.
Hudson,
152
Market
—
Capital.
$25,000
200,000
St.,
*
TO
ORGANIZE
APPROVED.
Nov. 22—The Capitol National Bank of New York, N. Y
$2,000,000
Correspondent: Max Radt, 115 W. 30th St., New York.
Nov. 22—The Carolina National Bank of Spartanburg, S. C
200,000
Correspondent: Wm. S. Glenn, Spartanburg, S. C.
National Bank of Duncan, Okla.
Conversion of the Security State Bank of Duncan.
Correspondent: L. L. Humphreys, President, Security
State Bank of Duncan.
50,000
/
CHARTERS ISSUED.
President, J. M. Armstrong; Cashier, J. B. McLendon.
Nov. 22—12052, The Wynona National Bank, Wynona, Okla
Conversion of First State Bank of Wynona.
Nov. 22—12053, The American National Bank of Ardmore, Okla.
Conversion of Guaranty State Bank of Ardmore.
Nov. 22—12054. The Oklahoma National Bank of Cushing, Okla.
100,000
_
.
200,000
50,000
Nov. 23—12055, The Public National Bank of Houston, Tex__
300,000
President,
J. L.
Thompson; Cashier, Stroud
Kelley.
Nov. 25—12056, The Placerville National Bank, Placerville, Calif.
50,000
President, AJden Anderson; Cashier, W. E. Holmes.
CORPORATE EXISTENCE EXTENDED.
_
Until close of business.
First National Bank of Herndon, Pa
..Nov.
Goldthwaite National Bank, Goldthwaite, Tex
Nov.
First National Bank of Kenmare, N. Dak
Nov.
First National Bank of Lawrenceburg, Tenn
...Nov.
22 1941
22 1941
24 1941
24 1941
CORPORATE EXISTENCE RE-EXTENDED.
Until close of business.
.
,
_
2600—The Lancaster National Bank, Lancaster, N. H......Nov. 25 1941
2618—The Hudson National Bank, Hudson, Mass
Nov. 27 1941
VOLUNTARY LIQUIDATIONS.
Capital.
The New York County National Bank, New
....$1,000,000
21
1921.
Liquidating Committee:
George R. Baker, Joseph Brown and James C.
Brewer, New York, N. Y.
Business acquired by
Thd Chatham & Phenix National Bank of the City
of New York (No. 10778).
Liability for circulation
assumed under Section 5223, U. S. R. S.
Nov. 23—1116,
York, N. Y
Effective Nov.
3 ♦Holders of rec. Dec.
....
15
15
Holders of
rec.
Dec. 20
30 ♦Holders of
rec.
Dec.
15
♦1%
Dec.
Dec. 30 ♦Holders of
Dec.
15
27 ♦Holders of
rec.
Dec.
17
Dec. 27 ♦Holders of
rec.
Dec.
17
Dec. 31 ♦Holders of
rec. Dec.
*3K
Dec.
31 ♦Holders of
rec.
Dec.
9
Dec.
31
rec.
Dec.
17
Dec.
3
Holders of
9
Holders of
rec.
Dec.
17
31
Holdere of
rec. Dec.
17
Dec.
4
New York & Harlem, com. and pref
N, Y. Lackawanna & Western (quar.)
rec.
Dec. 31
2
—
Plttsb. Ft. Wayne & Chicago, com. (qu.)
Preferred (quar.)
Plttab. McKeesp. & Youghlogheny.....
Valley RR. (N. Y.)_—
United N. J. RR. & Canal Cos. (quar.).
—-
Street and Electric Railways.
Arkansas Val. Ry., L. & P., pref. (qu.)__
Baton Rouge Electric, common..
Preferred
!
♦1
Jan.
2 ♦Holders of rec. Dec.
♦4%
Jan.
3 ♦Holders of rec. Dec.
9
♦$2.50 Jan.
Lackawanna RR. of New Jersey (quar.).'
Morris & Essexj.........
_
2
Jan.
♦3
Chicago R.I. <fc Pacific, 6% pref
7% preferred......
Colorado & Southern, com..
3 ♦Holders of rec. Dec.
15
Jan.
3 ♦Holders of rec. Dec.
14
♦1%
♦1%
Jan.
1%
*2K
2K
6
3 ♦Holders of rec. Dec.
*»
10
♦Holders of rec. Dec.
10
3 ♦Holdere of rec. Dec.
Jan.
♦
♦$1.50 Jan.
17
-
Jan.
1
Jan.
10
Dec.
♦Holders of
rec.
21
to
Dec.
17
Dec. 31
Dec.
15
Holdere of
rec.
Nov. 30
5
Dec.
1
Holdere of
rec.
Nov. 23a
3
Dec.
1
Holdere of
rec.
Nov. 23a
IK
Dec. 30
*$3
Continental Passenger Ry., Phila—
1
$4.50 Jan.
Frankford & Southw'k Pass., Phlla. (qu.)
Dec.
1
Holders of rec. Dec.
15
Dec.
2
td
Rochester & Syracuse RR., pref. (qu.)..
Second & Third Sts. Pass., Phila. (quar.)
$3
Jan.
1
Trl-City Ry. <fc Light, pref. (quar.).
United Light & Railways, 1st pref. (qu.)
*1K
*1K
Jan.
2 ♦Holders of
Jan.
2 ♦Holders of rec.
♦2
Jan.
♦2
Jan.
25
Jan.
Holdere of
Dec.
1
15
rec.
Dec.
rec
Dec. 20
1
Dec.
15
1 ♦Holders of rec. Dec.
15
1 ♦Holders of rec. Dec.
15
3
16
Trust Companies.
Mercantile (quar.)....
Extra
United States Trust.
Holders of rec. Dec.
Miscellaneous.
Advance-Rumely, pref. (quar.)
Allied Chemical <fc Dye, pref. (quar.)
Allis-Chalmers Mfg., pref. (quar.)
American Can, pref. (quar.).
American Public Service, pref. (quar.)..
American Rolling Mill, common (quar.).
Preferred (quar.)...
i.;
Amer. Smelters Secur., pref. A (quar.)..
Preferred B (quar.)
American Steel Foundries, com. (quar.).
Preferred (quar.)
American Tobacco, pref. (quar.)
Autosales Corporation, pref
*
Boston Woven Hose & Rubb., com.(qu.)
...
*K
Jan.
IK
Jan.
♦1K
Jan.
3 ♦Holders of
rec.
Dec.
15
Holdere of
rec.
Dec.
15
3
15 ♦Holders of rec. Dec. 23
2
Holdere of rec. Dec.
1
♦Holdere of rec. Dec.
15
15 ♦Holdere of rec. Dec.
31
15a
K
Jan.
*1K
Jan.
*2
Jan.
*1K
♦l %
Jan.
15 ♦Holdere of rec. Dec.
31
♦1K
Jan.
l
Jan.
75c. Jan.
2 ♦Dec.
13
to
Dec. 21
2 ♦Dec.
13
to
Dec. 21
14 ♦Holdere of rec. Jan.
IK
Dec. 31 ♦Holdere of
IK
Jan.
3
3
rec.
Dec.
15
Holders of
rec.
Dec.
10
Dec.
31
Holders of
rec.
Dec.
16
IK
Dec.
15
Holdere of
rec.
Dec.
1
3
Dec.
15
Holders of
rec.
Dec.
Burroughs Adding Machine (quar.)....
Canadian General Electric (quar.)
Chicago Canal <fc Dock (quar.).
Chicago Mill & Lumber, pref. (quar.)'
*2
Dec.
31 ♦Holders of rec. Dec. 20
♦2
Jan.
*2K
*1K
Jan.
1 ♦Holders of rec. Dec.
23
City & Suburban Homes..
Colonial Finance Corp., com. (quar.)...
Preferred (quar.)
♦2
K
Dec.
4 ♦Holders of rec. Dec.
1
25C.
Jan.
1
Holders of
rec.
Dec.
1
2
Jan.
1
Holdere of
rec.
Dec.
Cons. G. E. L. & P., Balto., com. (qu.).
Preferred (quar.)
♦2
Jan.
3 ♦Holders of rec. Dec. 15
♦2
Jan.
3 ♦Holdere of rec. Dec.
$1
Jan.
Preferred
*4
Dec.
2 ♦Holdere of rec. Dec.
1
15
1 ♦Holdere of rec. Nov. 30
Holdere of
10
rec.
1
15
Dec. 23
♦2
Jan.
1 ♦Holders of rec. Dec.
15a
Dominion Oil (monthly)..
1
Jan.
1
Holdere of
rec.
Dec.
10
Draper Corporation..
3
Jan.
2
Holders of
rec.
Dec.
duPont(E.I)de Nem. <fe Co., com. (qu.)_
Debenture stock (quar.)
du Pont (E.I .)de Nem. Powd., com.(qu.)
2
Dec.
15 ♦Holders of rec. Dec.
IK
Jan.
25 ♦Holders of rec. Jan.
10
*1K
Feb.
1 ♦Holders of rec. Jan.
20
Feb.
1 ♦Holders of rec. Jan.
20
Dec.
1
Jan.
1 ♦Holdere of rec. Dec.
20
.....
♦1K
(quar.).....
Eastern Shore Gas & Elec., pref. (qu.)„
(quar.)..
Emery & Beers Co., Inc., 2d pref. (quar.)
Equitable HI. Gas L., Phlla. ,pref—;
Erie Lighting, pref. (quar,)
General Railway Signal, pref. (quar.).—
Great Falls Mfg
2
*1K
Imperial OH, com. (monthly)
Indian Refining, pref. (quar.)
International Salt (quar.)
International Silver, preferred (quar.)..
Liggett & Myers Tobacco, pref. (quar.).
—
Louisville Gas & Elec., pref. (quar.)
Manati Sugar, preferred (quar.)
Mfrs. Light & Heat,
Marine Oil (extra)
Dec.
16
Dec.
Dec.
14
3
Dec.
15
Holders of rec. Dec.
8
15
J&n.
2
Holders of rec. Dec. 23
IK
Jan.
1
Holdere of rec. Dec. 20
4
Dec.
1
Holders of rec. Nov. 23
rec. Dec.
rec. Dec.
rec.
Dec.
rec. Dec.
rec.
19
15
15a
20
Dec. 20
rec. Dec.
30
1
Dec.
15
Holders of rec. Nov. 30
IK
Dec.
15
Holders of rec. Dec.
IK
Jan.
2
Holdere of
IK
Jan.
1
Dec.
IK
K
Jan.
2
Holders of
16
rec.
to
rec.
Dec.
Jan.
Dec.
Dec. 31 ♦Holders of rec. Dec.
IK
Dec.
1
IK
Jan.
3
,
8
15 a
2
15
7
Holders of rec, Nov. 21a
Holdere of rec. Dec.
15
Jan.
14 ♦Holdere of rec. Dec. 31
♦2
(quar.).
Dec.
31 ♦Holders of
*1K
Jan.
1 ♦Holders of rec. Dec.
5
Jan.
2
*3
Jan.
10 ♦Holdere of rec. Dec.
17
Jan.
2 ♦Holders of rec. Dec.
17
Holders of
♦2
(quar.)
Holders of
3
Jan.
2
Mill Factors Corp., com. (quar.)
Dec. 15 ♦Holders of
♦1K
Oklahoma Gas & Elec., pref. (quar.)...
1 ♦Holders of
Jan.
»$2
Orpheum Circuit, Inc., pref. (quar.)
Holders of
Dec. 15
IK
Pacx&rd Motor Car, pref. (quar.)
Jan. 10 ♦Holders of
*3
Pan-Amer. Petrol. & Transp., com.(qu.)
Jan. 10 ♦Holders of
*3
Common B (quar.)
2 ♦Holders of
♦90c. Jan.
Penn Central L. & Pow., pref. (quar.)..
Dec. 31 ♦Holders of
*1K
Penney (J. C.) Co.. pref. (auar.)
Preferred
to
50c.
Pittsburgh (quar.). *$l
May Department Stores, pref.
5
2
♦l
Lindsay Light, pref. (quar.)
3
Holdere of rec. Nov. 28
Dec. 31 ♦Holdere of
*1K
Hart, Schaffner & Marx, Inc., pref.(qu.)
1 ♦Holders of
Jan.
♦$l
Haskell & Barker Car (quar.)
Holders of
8
1.12 K Jan.
Haverhill Gas Light (quar.).
3 ♦Holders of
Jan.
*1K
HendeeMfg., pref. (quar.)
1 ♦Holders of
Jan.
*1K
Hupp Motor Car, pref. (quar.)
Dec. 31 ♦Holders of
♦2
Illinois Bell Telephone (quar.)
Mclntyre Porcupine Mines
Mexican Petroleum, com. (qusr.)
"
_
3 ♦Holders of rec. Dec.
2K
♦5
—
Edmunds & Jones Corp., pref.
Conversion of Oklahoma State Bank of Cushing.
™
Jap.
*50c. Jan.
♦2
Extra
Preferred
Nov. 22—12051, The Oklahoma National Bank of Duncan, Okla..$100,000
6049—The
6092—The
6064—The
6093—The
♦4%
+15
Preferred (quar.)
Chicago Burlington & Qulncy
Detroit & Cleveland
APPLICATIONS TO CONVERT RECEIVED.
Nov. 23—The Security
,
Days Inclusive.
Computing-Tabulatlng-Recordlng (qu.).
Navigation (quar.).
APPLICATIONS TO ORGANIZE RECEIVED.
.
Paterson. N. J.
Books Closed.
Payable.
....
Banks.—The
Correspondent: Walter
—
— .
Boston & Providence (quar.)..,
Buffalo <fc Susquehanna, com. (quar.)...
When
Cent.
Name of Company.
First preferred
Second preferred (annual)
Clearings at—
1921.
second table, in which
previously announced, but which
...
Inc.
a
In the
the cur¬
have not yet been paid.
The dividends announced this week are:
$5,000 U.S. Reduc. & Ref. Co. 1st
6s, 1931...
$10 lot
$15,800 Northamp. East. & Wash.
6 Beaudette & Graham, pf.$300 lot
20 Walker-Johnson Tr'k, pf.S200 lot
625 Sou. States Cons. Corp...$50 lot
I
Dividends are now grouped in two separate tables.
first we bring together all the dividends announced
«
.
50
1921.
10
Liquidating Agent, Lewis E. Bliss, Van Nuys, Cal.
Business acquired by the California
Bank of Los
100 The Asbestos Corp, of Am.
20 Forbes-Pcrklns
National Bank of
Ltd.
Hubbard,
&
Business acquired by the Fanners
Wakefield, Neb., No 9984.
■■
10168 The First National Bank of Van Nuys, Cal——.100,000
pref..
...$25 lot
Tlmberland, com.
and 10 shs. pref...
$100 lot
11 Kleskum R'ch, Ltd——$150 lot
5 Lamson
'
Liquidating Committee. Board of Directors of the First
pref
50c.
Arizona Bagdad Copper
50c.
Splitdorf Electrical Co. ....
7
Massachusetts Ltg. Cos....
9
The Oakland Trust tr. ctfs. .$1 lot
Com'wealth Fish of Boston.
1
Haverhill Gas Light rights..
2%
The Marine Hardware Co.. 25
United Chem. & Indus., com.
3 Barnjum
.....
24 sh. pref—$1
ington Beach.
Business acquired by the Guaranty
Trust & Savings Bank of Los Angeles.
Wakefield, Neb——$25,000
Nov. 18—5368 The First National Bank of
Effective Nov. 17 1921.
and 42 shs.
....
com. &
$430 lot
29
$131 lot
.......
& 17
shs. pref......
...$118 lot
1,172 The Nassau Ter. Co., Inc.,
Nonqultt Spinning........ 165
6 1-5 Sequoia Mills, Inc.—B.
25c.
.........
pref
100 O'Bannon Corp., com.
5
pref
......
101 O'Bannon Corp., com. &
1 Nashua Mfg. Co. com
3 Merrimack
Effective "Sept. 20
1921.
Liquidating Committee*
Board of directors The First National Bank of Hunt¬
3,867 Texcalokan Oil & Gas, com¬
303
75,000
Qa]
S per sh.
Stocks.
Shares.
$ per sh.
5 First National Bank...
[Vol. 118
rec.
rec.
rec.
Dec. 20
Dec.
15
1
Dec. 20
rec. Nov. 30
rec.
Dec.
rec.
Nov. 30a
rec.
Dec.
17
rec. Dec.
17
rec. Dec.
10
rec.
15
Dec. 20
Dec. 3
THE
1921.]
Miscellaneous (Continued)
Pettibone, Mulliken Co.,lst&2d pf.(qu.)
Phillips Petroleum (quar.)
PureOll, 5X% pref. (quar.).,
6%|preferred (quar.).
8% preferred (quar.)...
Quaker Oats, pref. (quar.)..
Railway Steel-Spring, com. (quar.)...
...
When
Cent.
Company.
Payable.
Per
Days Inclusive.
Name of
(quar.)
Ranger Texas Oil (monthly)..
Realty Associates
rec.
Dec. 21
Dominion Textile (quar).
♦Holders of
rec,
Dec.
14
Eastman Kodak, common
Jan.
Holders of
rec
Dec.
15
Jan.
1X
Holders of rec
Dec.
15
Jan.
Holders of rec,
Dec.
15
IX
Feb.
Holders of
Feb.
la
2
Dec.
Holders of rec. Dec.
17a
Dec.
Holders of rec. Dec.
10 a
15
A*
rec
(quar.).
)sSouth West Pa. Pipe Lines (quar.)..
Royal Dutch Co..
5
Galena-Signal Oil, pref. (quar.)
General Cigar, debenture pref. (quar.)..
Holders of rec. Jan.
5
General Electric (quar.)
2
Jan.
Holders of rec. Dec.
15
Jan.
Holders of rec. Dec.
15
Dec.
Dec.
SI
Dec.
Holders of
rec.
*IX
IX
Jan.
2X
Jan.
♦5
Jan.
Union Carbide & Carbon (quar.)
United Dyewood, common (quar.)
♦SI
Jan.
♦Holders of rec. Dec.
8
Preferred
(quar.)
United Retail Stores,com.,all classes(qu.)
Universal Leaf Tobacco, pref. (quar.)..
Waldorf System, Inc., com, (quar.)...
First and second preferred (quar.)...
Western Canada Flour Mills (quar.)...
Wheeling Steel Corp., pref. Class A (qu.)
Preferred Class B
(quar.)
Williams Tool Corp., pref. (quar.)
Wrigley (Wm.) Jr. Co.—
Common (monthly)...
Yale A Towne Mfg.
Below
and
we
not
15
Holders of
rec.
Dec.
15a
Holders of
rec.
Dec.
15a
Holders of rec. Dec.
15a
♦Holders of rec
Jan.
.
Dec. 22
♦Holders of rec. Dec. 20
♦Holders of
Jan.
rec.
Dec. 20
Holders of rec. Dec.
5
Jan.
Holders of rec. Dec.
10
Dec.
Holders of
rec.
Dec.
10
IX
*ix
Jan.
Holders of
rec.
Dec.
10
Jan.
2
_
(quar.)
.
15
rec.
.
*1
Weyman-Bruton Co., com. (quar.).
Common (payable in common stock)
Preferred
Dec.
rec
Holders of
*50c. Jan.
*20c
5
♦Holders of rec. Dec.
Jan.
IX
Jan.
IX
SI.50 Jan.
*2
Dec.
Holders of
Jan.
2
Dec.
2X
f 20
♦50c
_
Feb.
5
Holders of
Jan.
rec.
Dec.
17
give the dividends announced in previous weeks
paid.
Tnis list does not include dividends
yet
announced this week.
Nov. 30a
rec.
Deo. 20a
Holders of
rec.
Deo.
3
Holders of
rec.
Dec. 15a
15
Holders of
rec.
Nov. 25a
Jan.
1
Dec.
Dec. 31
3
Jan.
14
Holders of
rec.
Jan.
14
Holders of
rec.
De&
Dec.
19
Holders of
rec.
Dec.' 12a
Dec.
15
Dec.
IX
Jan.
2
Holders of
reo.
Deo. 22a
Holders of
rec.
Dec.
Holders of
rec.
Dec. 15
Dec.
15
Jan.
20
Holders of
rec.
Jan.
Dec.
to
Dec. 26
2
Dec. 31
reo.
Dec. 20a
Deo. 16a
Holders of
rec.
Dec.
31
Holders of
reo.
Deo. 16a
IX
Dec.
31
Holders of
reo.
Deo. 16a
2X
Dec.
15
Holders of rec. Dec.
Lehigh Valley Coal Sales (quar).,
Louisiana Oil Re fin. Corp., com
Preferred, series A and B
Dec.
31
/54
$2
28
Dec.
$2
Dec. 28
(quar.)
McCrory Stores Corp., com. (quar.)
Mergen
aler Linotype (quar.)
Payable.
Mexican Seaboard Oil...
Middle States Oil (quar.)...
Middle West Util ties prior Uen(quar.)_.
...
Holders of reo. Deo.
Holders of rec. Dec.
7a
3
Holders of
7a
15
Holders of
3L
IX
15
Holders of
3
Holders of
750. Jan.
IX
.Tan.
3
IX
Dec.
15
IX
Cottons, Ltd., com. (quar.)..
(quar.).
Biscuit, com. (quar.)........
Dec.
15
Holders of
3X
Feb.
17
Holders of rec. Jan.
10
Nov. 30
20
to
Dec.
rec.
1
Nov. 30
9
(quar.)
Illinois Central, leased lines
Mobile & Birmingham, pref.
Dec. 31
Holders of
Dec.
Holders of rec. Dec.
Nov. 20
Dec.
4
6
3X
Dec. 27
Holders of rec. Deo.
6
2X Deo. 20
87Xc. Dec. 10
Dec. 15
IX
$2
Dec.
2
Dec. 31
15
Holders of
rec.
Nov. 26a
Holders of
rec.
Nov. 30a
Holders of
rec.
Dec. 10a
Holders of rec. Nov. 28a
Holders of
rec.
2
Jan.
3
Dec.
2
Jan.
1
Holders of
Norfolk & Western, com. (quar.)
IX Dec. 19
Phlla. German town & Norristown (qu.).
Reading Co., first preferred (quar.)
Southern Pacific (quar.)
Union Pacific, common (quar.)
$1.50
Dec.
Jan.
rec.
Holders of
Nov. 30a
Dec.
5
Nov. 20
8
Holders of
rec.
Nov. 22a
Nov. 30a
to
Dec.
IX
Jan.
3
Holders of
rec.
2X
Jan.
3
Holders of
rec. Dec.
4
(quar.)
Northern OhloTr. & Light, pref. (quar.)
Public Service Corp. of N. J., com. (qu.)
Preferred (quar.)
San Joaquin Light & Power, pref. (qu.).
Prior preferred (quar.)
j__
West Penn Rys., pref. (quar.)
com.
Jan.
1
Dec.
♦2
Dec.
♦Holders of
rec.
Dec.
Dec.
Holders of
rec.
Nov. 30
IX
Dec.
Holders of
rec.
Nov. 30
IX
Dec.
Holders of
rec.
Dec.
Holders of
Dec.
IX
rec.
Holders of
rec.
Dec.
Dec.
Holders of rec, Dec.
15a
15
1
Banks.
3
Dec. 21
to
Jan.
IX
3
Dec. 21
to
Jan.
2
Sugar, pref. (quar.)
American Fork <fe Hoe, common (quar.).
American Locomotive, common (quar.).
Dec. 22
Holders of
rec.
Dec. 20
2
(quar.)
Amer. Beet
Dec. 22
Holders of
rec.
IX
♦75c,
Jan.
15
3 ♦Holders of
Dec. 31
IX
Holders of
rec.
Dec.
15
rec.
Dec.
10a
IX
IX
IX
Dec.
Jan.
1
Nov. 29
to
Jan.
2
IX
Jan.
1
Nov. 29
to
Jan.
2
15
Dec. 31
Dec. 31
Holders of rec. Dec.
Holders of
Holders of
5a
rec. Dec.
13a
Dec.
13a
rec.
American Radiator, common (quar.)...
SI
Deo. 31
American Stores, com. (quar.)..
SI
Jan.
2
Dec. 22
to
Jan.
2
IX
IX
2X
HX
Jan.
2
Dec. 22
to
Jan.
2
Jan.
3
Holders of rec. Dec.
Jan.
16
First and second pref. (quar.).
Sugar Refg., pref. (quar.)
Amer.
Telep. & Teleg. (quar.)
Armour A Co., preferred (quar.)
Atlantic Refining, common (quar.)
Atlas Powder, common (quar.)
Baldwin Locomotive Works, com. A pref.
Beldlng-Cortlcelll, Ltd. (quar.)
Bethlehem Steel, common (quar.)
Common B (quar.)......
Eight per cent cum. conv. pref. (quar.)
Seven per cent non-cum. pref. (quar.)
Co..
preferred
(quar.)
Buckeye Pipe Line
Z
Bucyrus Co., preferred (quar.)
Calne Bros. Paper Co., Inc., preferred..
Preferred (extra)
California Packing Corp. (quar.)
Calumet A Arizona Mining (quar)...
Carter (William) Co., pref. (quar.)
Case (J. I.) Threshing Mach.. pref. (qu.)
Chesebrough Mfg., com. (quar.)
Preferred (quar.)..
Chllds Co., common (quar.)
Preferred (quar.)
Electric,
(quar.)..
common
Common
(monthly, pay, in scrip)
Common (payable in scrip)
Pref. A pref. B(mthly.) (pay. In scrip)
Colorado Power, preferred (quar)...
Consolidated Gas of New York (quar.)..
Continental Oil (quar.)
Jan.
Deo.
5
3
Deo.
3X
IX
IX
Jan.
Holders of rec. Dec. 16a
Holders of
rec.
10
Holders of
Dec.
rec.
1
to
Holders of
Holders of
Jan.
2
(quar.)...
...
1
Dec.
1
16
Holders of rec. Nov. 17a
Holders of reo. Nov. 17a
435*0 Dec. 15
Pullman Co. (quar.).
60c.
Deo,
16
Dec.
15 ♦Holders of rec, Nov. 25
Feb.lSn ♦Holders of reo. Jan.
*2
Dec.
31n
Holders of rec. Dec. 15a
Holders of rec. Dec. 22
Dec.
20
Dec.
Dec.
17 ♦Holders of reo. Nov. 16
Jan.
♦$1
*1X
Solar Refining
I,
South Penn Oil (quar.)
South Porto Rico Sugar, pref. (quar.)..
Standard Gas & Elec., pref. (quar.)...,
31
3 ♦Holders of rec. Deo. 16
2
Jan.
IX
IX
25c.
5
Dec. 20
♦3
Dec. 31
2
Doc. 31
10
Deo. 20
to
Dec.
1
to
Deo. 11
♦Holders of rec. Dec. 14
Holders of rec. Dec. 10a
Dec.
15
Holders of rec. Nov. 80
Dec.
15
Holders of
$1
Dec.
15
3
Dec.
15
Nov. 17
to
Dec. 15
Holders of rec. Nov. 30a
3
(Calif.) (quar.)
Standard Oil (Indiana) (quar.)....
Standard Oil (Kansas) (quar.)....
2
$1
Dec.
15
Holders of rec. Nov. 30a
♦3
Standard Oil
Jan.
Standard Oil (Nebraska).
5
2 ♦Dec.
Dec. 20
rec.
Nov. 19a
16
to
Jan.
Nov. 26
to
Dec. 20
2
Preferred
stock)
Crescent Pipe Line (quar.)
Crucible Steel, preferred (quar.)
2
2
Jan.
2
IX
Jan.
2
Dec, 15
IX
12
rec.
rec.
Dec.
9
Dec.
3a
Dec.
rec. Dec.
Holders of rec. Deo.
Holders of rec. Dec.
Holders of rec. Dec.
Holders of
rec.
15
Dec
1
15a
15a
15a
la
Holders of
rec.
Nov. 22
Jan.
IX
3
Holders of
rec.
Dec. 20
Dec.
15
Holders of
rec.
Nov. 15
Dec.
15
Holders of
rec.
Nov. 15
Dec.
15
Holders of
rec. Nov.
30a
Holders of rec. Dec.
Holders of rec, Dec.
2a
50c. Dec. 19
Dec. 15
IX
Jan.
IX
1
Holders of
rec.
*3X
*1X
2
Dec. 10
IX
Dec.
*oX
Jan.
*0lX
10
10a
Dec. 12a
Dec. 28 ♦Holders of rec. Dec.
Dec. 28 ♦Holders of rec. Dec.
12
12
Nov. 27
to
Dec. 10
Nov.
to
Dec. 10
27
Jan.
1 ♦Holders of rec, Dec.
1 ♦Holders of rec. Dec.
OX
Jan.
1
IX
Dec. 15
Holders of rec. Dec. 15
Holders of rec. Nov. 30a
15
IX
IX
12
Nov. 24
to
Dec. 31
Dec. 17
to
Dec.
1
rec.
Dec.
la
Deo. 15
Holders of
rec.
Dec.
la
Dec. 15
Nov. 26
Dec, 31
Holders of rec. Dec. 15a
to
Dec.
3
Dec. 15
Holders of
rec.
Dec.
Holders of rec. Dec.
.;
15a
1
Dominion Iron A Steel, pref. (quar.)
Holders of
rec.
Dec.
Deo. 15
Holders of
rec.
Nov. 30a
IX
IX
Jan.
2
Holders of
rec.
Dec.
15
Jan.
2
Holders of
Dec.
16
IX
Jan.
1
Dec.
i»
17
rec.
to
Jan.
3
Holders of
1
Dec.
Texas
Company (quar.)
Texas Gull Sulphur (quar.) (No. 1).....
75c.
Dec. 31
Nov. 25a
rec.
Holders of rec. Nov. 25a
11
Nov. 25a
rec.
to
Jan.
5
Holders of
rec.
Holders of
rec.
Jan.«»21a
Deo.
2a
rec.
Deo.
Preferred
Dec.
15
Holders of
Dec.
15
$2
Dec. 20
Holders of rec. Deo.
Holders of rec, Dec.
la
2X
Jan.
1
Holders of
Deo.
8a
IX
Jan.
1
Holders of reo. Dec.
3a
2
(quar.)...
50c.
50c.
Extra
Todd Shipyards Corporation (quar.)
Underwood Typewriter, common (quar.]
Dec.
15
Holders of
5a
......
Union Bag A Paper (quar.)
Dec. 15
IX
87Xo. Dec. 16
United Gas Impt., pref. (quar.)
United Royalties (monthly)
reo.
Deo.
rec.
la
la
Holders of rec. Nov. 3
Holders of rec. Nov. 80a
3
U. S.
Gypsum,
common
Common (payable In common stock).
Preferred (quar.)
1
U. S. Playing Card (quar).
.....
Corp.,
rec.
Dec.
5
Holders of
rec.
Dec.
5
Dec.
Holders of
rec.
Dec.
1
15
Dec. 31 ♦Holders of rec. Dec. 15
*e5
Dec. 31 ♦Holders of
Dec.
*1X
rec.
Dec. 16
31 ♦Holders of reo. Dec.
15
3
Jan.
1
Holders of rec. Dec. 21a
5
.........
U. 8. Steel
Holders of
Dec. 27
♦1
(quar.)
Extra
Dec. 27
1
IX
Extra
Jan.
1
Holders of rec. Dec. 21
IX
Deo. 30
3
com.
Dec.
2X
Dec. 15
Holders of rec. Nov. 30
Dec.
8
to
Dec. 15
Jan.
2
Holders of reo. Deo. 22a
2
Holders of
(quar.)
Valvoline Oil, common
(quar.).
Wahl Co., common (quar.)
Preferred (quar.)....
Wamsutta Mills (quar.)
....
$1
(quar.)
Woolwortb (F. W.) Co., pref. (quar.)...
Woolworth (F. w.) Co., pref. (quar.)...
Worthlngton Pump & Mach., pf. A (qu.'
Preferred B (quar.)
.......
Jan.
2
Dec.
2X
White Motor
Dec. 20
Holders of rec. Nov. 21a
Dec. 31
Holders of reo. Deo. 10a
Holders of rec. Deo. 10a
$1
closed
3
Jan.
3 ♦Holders of
Jan.
3 ♦Holders of rec. Dec. 24
*1X
Jan.
3 ♦Holders of rec. Dec. 24
rec.
/ Payable in
Payable in stock.
k Payable
ft
Dec. 10
1
Holders of reo. Deo. 25
Jan
l
Holders of rec. Deo. 26
[Dec.
1
Jan.
IX
t The New York Stock Exohange has ruled that stock
for this dividend,
count of accumulated
8a
Jan.
will not be quoted ex-dlvldend on this date and not until further notice,
books not
Deo. 22a
15*
6
From unofficial sources,
rec.
Holders of rec. Nov.
*15*
o
Manufacturing.
15
*15*
o 60c.
oPreferred (quar )._
•
Nov; 30
15*
......
Wells, Fargo A Co
York
15
dividends.
b Less
British
oommon stock,
< Payable
In
o
Income tax.
Payable in scrip*
Liberty
or
a
Transfer
d Correction.
A On ac¬
Victory Loan
bonds
In preferred stock,
1922.
15
,
Jan.
Jan.
Jan.
$1.20 Feb.21n
............
15
Jan.
Holders of
Holders of rec. Nov. 25
3
1
Extra
15
15
Deo.
Holders of
15
15*
Swift <fe Co. (quar.)..
Swift International
e
Dec. 15
1
fix
IX
15
Dec.
Jan.
2
(quar.).
Dec.
4
Holders of rec. Nov. 10a
Dec.
IX
15
Dec. 24
Davis Mills (quar.)
Dominion Glass, common (quar.).
Preferred (quar.)..
Holders of rec. Nov. 25a
3
15a
Dec. 15
IX
3X
3X
75c.
Cuban-American Sugar, pref. (quar.)
Cumberland Pipe Line (annual)
15
Nov. 21a
Holders of
Jan.
IX
1
la
Dec. 20a
1 ♦Holders of rec. Dec.
15
Dec. 15
2
Cramp (Wm.) &Sons8hlp&En. Bldg. (qu.)
Crane Co., com. (quar.) (In com.
Preferred (quar.)
Dec. 20a
Holders of rec. Dec.
rec.
*1X
Cities Service—
Diamond Match (quar.)
Holders of
1
Jan.
IX
rec.
15 ♦Holders of reo. Dec.
60e. Dec. 31
Dec. 20
Jan.
2
IX
(quar.)
American Piano, common (quar.)
Preferred (quar.)
Borden
Dec.
♦$1
Holders of
20
$1.25 Dec.
American Art Works, com. A pref. (qu.)
American Bank Note, preferred (quar.).
Amer.
Holders of reo. Jan. 3In
Holders of rec. Apr. 29n
Feb.lSn
IX Mayl5n
2
Jan.
American Acceptance Corp., com. (qu.)
Preferred
Dec. 23
$1.50 Jan.
Miscellaneous.
Preferred
to
Extra
Jan.
...
Nov. 30a
Nov. 27
(quar.)
la
15
Deo. 13
Dec. 23
...
St. Joseph Lead Co. (quar.).
2X
IX
Greenpoint National (Brooklyn).
Extra
(quar.)
Oil............
Preferred
rec.
to
$1.75 Dec. 31
Preferred
Philadelphia
rec.
Holders of
Nov. 27
la
Electric Railways.
Holders of
2
31
$1.25 Dec. 31
Ontario Steel Products, pref.
la
50c. Dec.
3
Jan.
50c. Dec.
4
Dec.
to
6
Holders of rec. Dec. 19
Holders of rce. Dec.
3a
Holders of rec. Dec. 15a
Dec. 20
75c. Jan.
Ohio Oil (quar.)
Extra
6
16 ♦Holders of rec. Jab.
1
Pacific
16 ♦Holders of rec. Feb.
14
5
9a
rec.
12
Feb.
Jan.
Nunnally Co.
Holders of rec. Dec.
Dec. 10
Jan.
Northern Pipe Line
Dec. 27
Dec. 20a
rec.
$4
2a
5
3
rec.
15 ♦Holders of rec. Nov. 30
la
3
Dec.
rec.
3
*2X
Jan.
to
Holders of
Holders of
3
15 ♦Holders of rec. Nov. 30
*2X
Preferred
New York Transit (quar.).
2
Erie & Pittsburgh (quar.)
Fonda Johnstown & Glov., pref. (quar.)
Great Northern Iron Ore Prooertie
Hocking Valley
,E1 Paso Electric Co.,
New York Dock, common.
Dec. 31
Holders of
Dec. 10'
♦50c. Dec.
Extra
75C.
Cin. NT. O. & Texas Pacific, common
Common (extra)
Street and
Dec.
rec.
Jan.
Deo. 31a
reo.
Holders of rec. Nov. 25a
Holders of rec. Dec. 16a
16
*50c. Dec.
2X
2X
Canadian Pacific, com. (quar.)..
Chesapeake & Ohio
Chestnut Hill (quar.)
Delaware & Hudson Co.
Dec. 29
$1.50 Dec.
Preferred
Atlantic Coast Line Co. (quar.)
Boston & Albany (quar.)
3X
Jan.
rec.
Holders of
Dec. 31
3
Nov. 30
Holders of
Deo. 31
Dec.
rec.
rec. Dec. 14a
Holders of rec. Deo. 14a
Holders of rec. Nov. 30
Holders of rec. Nov. 30
IX Jan 14n
Days inclusive.
la
Dec.
3
Preferred
Dec.
Jan.
♦$1.25 Dec.
Montana Power, common (quar.)
Preferred (quar.)
rec.
rec. Dec.
la
Holders of rec. Deo.
3a
16 ♦Holders of rec. Oct. 17
1
Holders of rec. Deo. 10a
ix
(Steam).
la
3
Doc.
2X
National Transit..
Alabama Great Southern, ordinary
la
15
Dec.
Dec.
n
Books Closed.
Cent.
Company.
rec.
Jan.
IX
IX
Name of
Railroads
Holders of
Jan.
(quar.)...
Montreal
Holders of rec. Dec.
3
Jan.
$6.75
IX
When
10a
Holders of
IX
Per
1
2
3
...
...
•'
Holders of rec. Deo. 15
Holders of rec. Dec. 15a
Holders of rec. Dec.
5a
3
$1.50 Jan.
Common (payable In common stock)..
common
15
15 ♦Holders of rec. Nov. 16a
Jan.
....
...
8a
15
Dec. 31
Jan.
Preferred (quar.)
Laclede Gas light, preferred
Dec.
to
8a
Dec. 31
Gulf States Steel, 1st pref. (quar,).
a ix
Hanna Furnace, preferred (quar)...
2
Harbison-Walker Refrac., pref. (quar.).
IX
Illinois Pipe Line.
8
Kelsey Wheel, common (No. 1)
Kresge (S. 8.) Co.. common
1
Deo.
*1X
Dec.
National
Holders of rec. Nov. 30
Holders of rec. Dec. 24a
Jan.
Great Atl. A Pac. Tea, com. (quar.)
*25o.
Greenfield Tap A Die Corp., pref. (qu.).
2
Companies,
la
IX
Preferred
Holders of rec. Dec. 20
rec.
Holders Of
♦2
Chemical, common (quar.)
(quar.)
Preferred
Mack ay
Jan.
Holders of
3
10
IX
Goodrich (B, F.) Co., pref. (quar.).....
15
Dec." is"
2
Jan.
75c. Dec.
c2
Dec.
Grasselli
♦Holders of rec.
Jan.
IX
15
C10
Dec. 20
Jan.
Nov. 30a
Nov. 80a
3
2
Extra (payable In stock)
Gillette Safety Razor (payable In stock)
Globe Soap, 1st, 2d & spec. pref. (quar).
Jan.
*15
rec.
*2
Holders of rec. Dec.
Holders of rec. Jan.
Sears, Roebuck A Co., pref. (quar.)
Texas Chief Oil (monthly).
Texas Pacific Coal & Oil (quar.)...
Tonopah Belmont Development
Holders of
$2
Jan.
to
2
Famous Players-Lasky Corp., com.(qu.)
Federal Mining A Smelting, pref. (quar.)
Jan.
6
rec.
Jan.
IX
IX
2X
com.
(quar.)
Rochester Sliver Corp
Dec.
2
Holders of
Holders of
rec.
Jan.
7X
Elsenlohr (Otto) A Bros., pref. (quar.)..
Elk Horn Coal Corp., preferred 'quar.)
Jan.
2X
.
Jan.
1
Preferred
Days Inclusive.
3
(quar.)
Common (extra)
Preferred (quar.)
2
Reynolds (R. J.) Tobacco,
Books Closed.
Payable.
Miscellaneous (Concluded)
♦Holders of
Jan.
3
...
Extra
When
Cera.
Company.
♦50c. Dec.
*1 X
IX
Preferred
3381
Books Closed.
Per
Name of
CHRONICLE
10a
1
o
Dividends of 50o.
a month
declared on common stock,
of each month to holders of record
payment.
on
the 25th day of the
payable on the first day
month preceding date of
Also three quarterly dividends of 1H% oacb on the preferred stock;
payable July I, Oct. 1 and Jan. 1 1922 to holders of record June 25,
Sept. 25 and
Dec. 25. respectively.
p
New York Stock Exchange has ruled that Detroit United By.
ex-stock dividend on Nov. 15 and hot until further notice.
stock be not quoted
Stock Exchange daily,
forward from page 2386.
Railroad,
and Foreign
Dec. 2 1921.
Par Value.
Shares.
Saturday
874,320
Tuesday
808,670
757.910
610.911
Wednesday
.....
Thursday
Friday
...
802,009
.........
2,405,000
Bank shares,
par
1921.
$
13,0.56,000
$
$
$
7.348.000
12.440.9.0
574.510.950
Jan. 1 to Dec. 2.
17,09+
Exchanges for Clearing House
Due from other banks
1920.
1921.
2,62'., 090
Loans, disc'ta A investments. 525,149, 000
Individual deposits, lncl. U.S. 403.012 000
Due to banks
91,664, 000
Time deposits
23,884, 000
United States deposits
9,4 °2, 000
Circulation
Reserve
In
excess
bank
S3 000
2,622 ,000
2 ,613,000
5,2 <0. 000 530,409 ,000 533 ,178,000
5,233 000 408,245 ,000 404 ,443,000
Inc.
Dec.
Dec.
6,952, 000
115, 000
19,611 ,000
63,624 ,000
43,709 ,000
95 ,669,000
23 ,187,000
15 ,114,000
17, ,100,000
57 ,456.000
44 043,000
47, 000
7,333 ,000,
7 ,188,000
4,750 000
46, 000
Dec.
Dec.
2,517, 000
2,512, 000
Dec.
000 Dec.
56,672, 000 Dec.
43,594, 000 Dec.
7,380, 000'Inc.
Reserve in Fed. Res. Banks._
Cash in bank and F. R. Bank
Par value
Nov. 12
1921.
13,930,000
2,335,500
2,027.000
210,220,428
154.669,653
4,442,026
4.296,435
$324,559,500 $356,331,100 $11,572,814,751 $17,983,885,575
$22,400
$11,000
Stocks—No. shares...
Nov. 19
previous week.
12.512,000
$44,476,000 $12,806-500
1920.
1921.
Changes from
1921.
16,053,000
7,814,000
9,227,000
Weekending Dec. 2.
Sales at
Nov. 23
6,519,000
2,484,000
2,477,000
New York Stock
Exchange.
CLEARING HOUSE MEMBERS.
BOSTON
$1,078,000 $
6.131,000
4,296,435 $324,559,500
Total
u. s.
Bonds.
Bonds.
$5,722,000
8,234,000
$31,709,500
67,936,000
60,465,500
58,131.000
45,896,100
60,421,400
442,615
...
Monday
showing Hie totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
mary
Stale, Mun.
&c..
Bonds.
Stocks.
Week ending
Banks.—We give below a sum¬
Boston Clearing House
Transactions at the New York
weekly and yearly.—Brought
[VOL. 113.
CHRONICLE
THE
3382
96,414 ,000
23,930 ,000
12,009 ,000'
and
787,
Federal Reserve Bank
62.000
00 Dec.
792,000
849,000
Bonds.
State, mun., Ac., bonds
$57,340,700
$1,761,863,600
$2,495,821,750
3,633,500
20,018,500
285,932,700
909,215,700
319,567,400
$80,992,700
$74,510,950
12.806,500
RR. and misc. bonds..
$2,957,012,000
$3,508,916,150
44.470,000
Government
bonds
Total bonds........ $131,793,450i
TRANSACTIONS
DAILY
AT
PHILADELPHIA AND
BOSTON,
THE
693,527,000
BALTIMORE EXCHANGES.
(Stated in thousands of dollars—that is,
Week ending
Dec.
2
Saturday
20,758
26,189
23,543
20,975
20, .543
26,246
$33,300
30,550
109,500
Thursday
Friday
47,100
138.2.54
$342,850
.....
......
Total..........'
$40,000
50,000
HOUSE
1,097,200
4,321
94,000
277,700
654,450
1,945
93,000
55,800
6,639
44,500
1,495
144,500
12,958
57,793 $4,194,650'
$477,300
Demand
De¬
Circu¬
Vault.
Deposi
Deposits.
posits.
Average
Average Average
7,333
35,911
569.
3,286
24,685
5,000
Co
17,362
116,673
2,058
14,011
96,394
163.646
8,930
Capital. ! Profits.
17,555
5,879
50,925
1,570
6,346
47,965
959
65,745
466,118
7,213
1*196
15,191
114,270
1,467
*490,201
100,16'
20.263
1,334
350
Atlantic Nat'l..
4,500
1,000
52,783
13,241
1,144
16,036
405
1,884
14,013
604
Nat Butch A Dr
500
249
5,564
128
658
4,366
70
11,173
80,225
2,288
7,460
Chemical Nat'l
5,000
7,951
92,032
Nat Bk of Com.
25,000
35,485
1,758
303,202
1,350
1,131
Week ending
Nov. 26
8,682
22,303
124,528
1,103
7,000
6,233
14,965
3,000
7,500
21,296
107,633
808
13,415
94,458
9,995
8,746
23,692
168.879
6.384
160,796
35,174
159,377
740
23,084
3.422
1.168
16,765
26,200
128,369
769
15,611
291
1,594
14,458
4,841
21,579
823
2,660
17,517
83
543
269,020
704
24,401
3,235
7,231
7,164
24,524
187,621
185,195
3,196
2.513
1,000
Net
Net
Nat'l
National Park..
with
Demand
Time
Bank
East River Nat
Legal
De¬
De¬
Circu¬
Vault.
Deposi¬
Second Nat Bk.
lation.
posits.
First Nat'l Bank
10,000
38,650
12,500
1,000
11,550
Average Average Average Average
Fed'I
Res.
Bank.
$
$
$
$
1,169
340
$
$
$
161
Average Average
1,540
200
809
W. R. Grace A Co.
500
1,053
5,294
23
505
Yorkville Bank
200
839
18,047
499
1,599
9,401
1,481
1,500
10,203
198
10,243
100
35
2,180
1,493
51
5,420
50
7,428
115
806
4,851
100
303,250
6,757
39,971
282,984
21,625
1,089
396
Avenue..
500
2,295
17,803
765
2,697
19,914
Commonwealth.
400
876
8,231
495
1.202
8,675
16,458
511
2,313
15,698
42
14,714
299
1,756
13,355
558
49,950
926
5,426
41,337
761
64
16,512
855
1,599
13,000
438
410
16,500
485
391
1,652
1,000
371
Garfield Nat Bk
1,443
Fifth Nat Bank.
1,000
809
9,155
Seaboard Nat'l.
3,000
4,981
Coal & Iron Nat
Mutual Bank
4,589
16*302
Chase Nat Bank £20,000 £21,066
Fifth
S
171
7,927
10,628
2,860
Battery Park Nat.
182,720
171
15,642
806
Continental Bk
Members of
1,500
10,000
1,000
1,000
Irving Nat Bank
posits.
tories.
Tr.
6
Nat'l.
Hanover
in
Statebks.Sept.6 ments,
Ac.
cos. Sept.6
1921.
2
264,341
23.442
107,063
Reserve
Nat.bks.Sept.6 Invest¬
240
4,883
34,385
3,392
Cash
Dis¬
*993
10,000
5,500
40,000
Im- A Trad Nat
counts,
1,668
National City..
Corn Exchange.
CLEARING
13° .9 55
$
$
1,061
14,209
2,157
Chath & Phenlx
omitted.)
Loans,
NGN-MEMBERS
18,402
Average Avge.
Bank of America
Mech A Metals.
Pacific Bank
HOUSE.
Net
Average
2,000
Amer Exch Nat
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
1
la¬
tion.
$
S
$
%
$
$
Bk of N Y.NBAi
(Stated in thousands of dollars—that is, thiee ciphers [000
Net
with
tories.
&c.
Members of
Fed. Res. Bank
New York City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
Legal
ments,
Cash
Tr.cos., Sept. 6
Nov. 26 1921.
Manhattan
Bank
in
Sept. 6
Sept. 6
Nat'l,
endlngState,
Week
Time
Invest¬
(,000 omitted).
1,297;
Reserve
Loans,
Capital. Profits. Discount,
MEMBERS.
12,734
20,000
Net
CLEARING
1,294
2,606
$776,000
1,344,800
8,297
10,614
8,339
......
HOUSE RETURNS.
three ciphers [900] omitted.)
\Bond Sales
Shares
Bond Sales
11,170
102,400
.......
.
Shares
Bond Sales
Shares.
1921.
Monday.
Wednesday
Wednesday
YORK WEEKLY CLEARING
NEW
Baltimore
Philadelphia
Boston
Clearing House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Nov. 26.
The figures for the
separate banks are the average of the daily results.
In the
case of totals, actual figures at end of the week are also given:
Statement of New York City
and Trust
1,500
1,451
17,715
338
1,500
2,789
33,822
807
3,865
28.443
Not Members of the
Bankers
Trust.
20,000
19,512
244,228
1,122
30,789
*234,668
3,462
9,537
Federal Reserve Bank
U S Mtge & Tr.
3,000
4,171
48,546
782
Guaranty Trust
25,000
16,131
1,512
45,841
*358,727
17,766
1,500
1,698
353,323
18,553
71,409
5,952
36,796
365
2.423
18,287
245
612
Total.
4,184
2,400
43,787
4,813
1,023
30,816
198
11,140
Union Exch Nat
Brooklyn Trust
State Banks
Bank of Wash Hta.
100
428
222
3,676
600
1,777
3,610
17,094
491
Colonial Bank
2,23\
1,510
18,341
700
2,205
20,704
2,722
1,732
30
22,017
Fidel-Int Tr
Co
1,589
1,000
1,022
9,385
70,572
1,500
2,001
36,610
1,216
New York TrCo
30
10,000
16,907
144.09S
411
3,572
16,944
123,208
2,189
1,388
1,844
744
7,728
5,000
2,000
1,221
22,283
429
3,103
21,354
Metropol'n
Tr.
2,000
3,407
3,246
1,339
24,320
1,000
28,711
15,066
458
Nassau N, Bkln
12,489
13,219
*99,419
2,862
20,051
23,537
*173,552
525
Farmers L & Tr
573
200
Total
200
Comparison prevlo
us
6,963
19
—325
3,300
Gr'd aggr. Nov. 12
Gr'd aggr. Nov. 5
3,300
3,300
Gr'd aggr. Oct.
3,300
29
6,963
6,963
6,963
6,903
122,587
2,000
1,718
23,090
648
12,000
16,817
139,795
5,474
6,789
a56.906
16,644
198
150
—74
—623
+ 27
+3
Avge.
Nov. 25. 273,000 446,959 4,226,169
73,178 495,491 c3,683.749 185,206 33,068
a57,529
a56,249
16,617
195
16,568
194
Totals, actual co ndition!Nov.26 4,244,343
Totals, actual co ndition Nov. 1914,273,229
a54.773
16,138
16,16o
194
Totals, actual co ndition Nov. 124,222,848
74,631 502,292c3,718,449 185,983 33,169
71,772 517,433c3,721,689 184,072 32,902
75,632 518,846 c3,690,385 175,893 32,701
—
74,367
4,278
6,863
73,734
72,543
72,087
4,272
3,926
6,809
6.405
3,932
6,209
a53,892
2,046
250
833
2,500
3,828
Bk.|
17,845
5,479
77,605
3,750
6,708
Totals, actual co ndition Nov.26
a
Federal
part of legal
the
Reserve
Bank.
"Cash
in
Reserve
ending Not. 26
1921.
46,880
100.929
6.677
3,930
52,277
46,930
6,599
3,839
3,977
Totals, actual co ndition Nov. 19
99,831
6,870
6,743
52,291
52,275
46,942
co ndition Nov. 12
101,081
100,555
3,811
52,517
46,888
931
Ciphers
(00) omitted.
Capital
Surplus and profits
Members of
Trust
F.R.System Companies
$33,475,0
94,265,0
611,678,0
24,307,0
89,188,0
105,305,0
473,203,0
$4,500,0
deposits
14,219,0
Total deposits
592,727,0
350,0
19,171,0
Loans, disc'ta & investm'ts
Exchanges for Clear .House
Due from banks
Bank deposits
Individual deposits
Time
Reserve with F. R. Bank..
Cash
in
vault*
Total reserve and cash held
Reserve
required
Excess res. & cash in vault
13,469,0
33,157,0
429,0
14,0
294,0
18,527,0
1921.
Not Me mbers cf F. R. Bk.
Trust Cos.
6,000
4,000
13,080
6,393
46,086
1,356
3;254
30,512
Lawyers Tit&Tr
25,566
832
1,758
17,110
376
Avge. Nov. 23.
10,000
19,474
71,652
2,188
5,012
47,622
1,307
Totals, actual co ndition Nov.26
71,286
2,234
72,176
70,212
2,192
5,032
5,116
47,129
48,312
1,326
co ndition Nov. 19
co ndition Nov. 12
2,251
4,899
46,309
1,335
Title Guar & Tr
Totals, actual
Totals, actual
>3,068
3,783,648 233,443 3:
4,416,710 83,464511,163
-29,250 +2.630—15363
3,817,8691234,251 33,169
80,834(526,526
3,822,276232, 345 3:2,903
3,789,211(224, 1163 2,701
Comparison, pre vious
w
eek
Gr'd aggr., act'I
cond'n
Nov.19 4,445.960-
$37,975,0
Gr'd aggr., act'I cond'n
Gr'd aggr., act'I cond'n
Nov.
107,734,0
Gr'd aggr.,
Oct.
643,228,0
648,812,0
26,112,0
97,701,0
28,799,0
95,911,0
106,889,0
496,948.0
105,222,0
923,0
2.996,0
2,773,0
223,0
12,514,0
14,254,0
618,091,0
9,508,0
2,461,0
48,740,0
11,393,0
495,188,0
14,324,0
614,734,0
"
12,976,0
2,597,0
49,366,0
11,458,0
62,594,0
63.421.0
49,364,0
48,934,0
13,230.0
14,487,0
act'lcond'n
Sole.—U.
S.
84,626|527.556
78,434(504,281
2914,369,244
77,442,510,502
deposits deducted from net
above were as follows: Average for
—16,884
—630
—4,407+1,906
+ 467
+266
3,779,853222, 374 3:2,782
3,801,670 224,073 33,112
demand deposits in the general
tota1
week Nov. 26, $57,813,000: actual totals Nov. 26,
Nov. 19, $62,693,000; Nov. 12, $89,348,000; Nov. 5, $94,577,000;
Oct. 29, $30,486,000.
Bills payable, rediscounts, acceptances and other liabilities
average for week
Nov. 26, $417,597,000; actual totals Nov. 26, $421,979,000;
Nov.
19, $442,067,000; Nov. 12, $411,249,000; Nov. 5, $419,423,000; Oct. 29,
$51,071,000;
$445,692,000.
,
J
^
t
in foreign branches not Included in total footing as follows;
$90,657,000; Bankers Trust Co., $10,386,000; Guaranty Trust
Co., $80,391,000; Farmers Loan & Trust Co., $8,600,000: Equitable Trust Co.,
$23 816 000.
Bankers carried in banks in foreign countries as reserve for such
deposits were: National City Bank, $36,329,000; Bankers Trust Co., $967,000:
Guaranty Trust Co., $11,852,000 Fanners Loan & Trust Co., $705,000; Equitable
Trust Co., $2,449,000.
Deposits in foreign branches not included.
g As of
*
Includes deposits
National City Bank,
.
Cash In vaults not counted as reserve for Federal Reserve members.
4,392,891
54.415,080
Nov. 12
$37,975,0
107,734,0
46,927,0
12,291,0
1,297
Gr'd aggr. avge. 287,650 473,141 4,398,750 82,043 504,433
6.472
-12,331 -1,889
Comparison, pre vious w eek
$37,975,0
107.734,0
644.835,0
24,736,0
89,202,0
10,875,0
59,218,0
"2",073*0
48,343,0
Nov. 12
46,976
1921.
Total.
105,599,0
491,730,0
14,569,0
611,898,0
7,675,0
2.073,0
48.343,0
11,798,0
62,214,0
49,700,0
U. 8. deposits (not lncl.).
Reserve wth legal deposit's
Totals, actual
Gr'd aggr., act' 1 cond'n
Not. 19
Two
50
5,418
28.469
reserve.
Federal
Week
18,390
325
1,989
Bank
T
For trust companies
system the reserve
required is 10% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
of
1,616
2,772
658
State
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Nov. 26 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand
deposits and 3% on time deposits, all
members
.
3,247
Bowery Bank-
1,050,000.
Avge. Nov. 23.
vaults" is not
8,446
R.
1,000
Not Me mbers oj
)ff
Banks.
Greenwich Bank
Excess reserve, $93;580 decrease.
not
1.630
194
State
the
50
4,073
U. S. deposits deducted, $52,000.
Bills payable, rediscounts, acceptances and other liabilities,
with
191
244
a
kept
756
19,518
1,183
4,128
74,042
week
5,000
624
Columbia Bank.
5,474
4,073
383
9,551
3,300
Grand aggregate..
573
244
383
9,551
1,516
11,929
Equitable Tr Co
Mech Tr, Bayonne
be
35,500
Lincoln Tr Co.
Federal Reserve Bank
to
876
Peoples Tr Co..
Columbia Tr Co
Total
Trust Companies
Not Members of the
Gr'd aggr. Nov
2,415
Nov.
22
1921.
Dec. 3
THE
1921.]
STAETMENT
OF
POSITION
RESERVE
AND
CLEARING HOUSE BANKS
OF
2383
CHRONICLE
COMBINED
BANKS
OF
RESULTS
Reserve
in
Total
Reserve
Surplus
in Vault.
Depositaries
Reserve.
Required.
Reserve.
Week
Reserve banks
State banks*
6~,677~000
$
S
$
S
Oct.
8
11,047,450
Oct.
15
1,197,140
Oct.
22
7,143,300
56,700
Oct.
7,200,000
5,012,000
29
Nov.
Total Nov. 12-...
5
Total Nov.
12,301,290
16,730,690
13,466.050
8,865,000 504,433,000 513,298,000 500,996,710
8,980,000 510.905,000 519,885,000 503,154,310
8,873,000 502,606,000 511,479,000 498,012,950
8,801,000 508,380,000 517,181,000 504,746,160
Total Nov. 19-...
Total Cash
in
IN
Vaults.
Reserve in
Depositaries.
12,424,840
5
Nov.
12
Nov. 19...
Nov
*
$
4,226, 641,100
4.246, 794,000
4.254, 991,100
5,031
5,061
5,103
5,109
5.044
1...
495,491,000 495,491,000 484,443,550
9,409,860
10,607,000
3,930,000
2,188,000
Total Nov. 26....
$
886,400
236,500
666,100
574,100
169,700
5,006 016,400
5,038 381,100
5,028 647,300
5.045 584,600
5,035 ,166,100
ended—
Sept. 24
Oct.
Trust companies
COMPANIES
a
Reserve
%
*
Deposits.
Invesments.
Members Federal
TRUST
Demand
and
Loans
Averages.
Cash
AND
GREATER NEW YORK.
TRUST COMPANIES.
26..
This Item includes gold, silver,
102,581,900
103,500.000
103,269,800
108,235,800
4,299 ,787,000
4,432 365,900
4,416 ,118,300
4,430 ,338,100
4,378, 259,500
4,427 ,302,300
4,412 ,077,700
103.919,000
101,912,000
99,678,300
103,411,200
106,167,800
104,005,900
574.216,900
567,838,500
566,301,700
578,381,400
602,611,100
583,285,400
593,207,100
587,367,200
600,951,500
590,461,500
legal tenders, national bank notes and Federa
Reserve notes.
Figures.
Actual
Reserve
Cash
b
Reserve
Depositaries
State banks*..
Total Nov. 26
8,833,000
9,062,000
8,994,000
8,806,000
19
Total Nov. 12
*
9,412,380
7,069,350
1,025,620
511,163,000 519,996,000 505,459,590
526,526,000 535,588,000 505,998,030
520,556,000 536,550,000 501,426,250
504,281,000 513,080,000 500,125,050
14,536,410
29,589,970
35,123,050
12,961,950
5—>.
10,438,000
3,839,000
5,032,000
7,266,000
196,650
demand deposits in the case of State banks
of membe s of the Federal Reserve banks in¬
cludes also amount of reserve required on net time deposits, which was as follows:
Nov. 26, $5,556,180; Nov. 19, $5,575,290; Nov. 12, $5,245,290; Nov. 5, $5,255,490.
This is the reserve required on net
b This Is the reserve
on net demand deposits in the case of State banks
in the case of members of the Federal Reserve Bank in¬
on net time deposits, which was as follows:
required
cludes also amount of reserve required
Nov. 26, $5,579,490;
Nov.
comparison with the previous week and the corresponding
date last year:
Nov. 30 1921.
Nov. 23 1921. Dec.
19, $5,522,160; Nov. 12, $5,276,760; Nov. 5, $5,227,710.
391,330,688
45,084,428
109,556,000
458,260,866
164,361,000
594,033,978
436,415,117
594,280.778
15,000,000
15,000.000
38,000,000
—1,067,294,844 1,045,695,895
45,573,422
48,870,139
450,597,000
135,291,000
Gold with Federal Reserve Agent——
Gold redemption fund
Total gold reserves
-
...
Legal tender notes, sliver, Ac
1,112,868,267 1,094,566,034
Total reserves
Bills discounted: Secured by
30,128,000
24,677,000
248,236,000
585.888,000
U. S. Gov¬
130,695,108
110,786,802
441,623,000
4,324,250
135,019,358
10.000,000
120.786.802
441,623,666
74,592,471
95,301,925
529,173,000
74,592,471
95,301,925
522,473,000
23,887,067
obligations—for members—
For other Federal Reserve banks
ernment
26.470.516
89,924,000
6,700,000
Less Rediscounts with oth.F.R.bks.
Banks
House.—The
Companies Not in Clearing
and Trust
State
figures showing the
Banking
Department reports weekly
condition of State banks and trust com¬
panies in New York City not in the Clearing House as follows:
Bills bought in open
market
233,498,896
Total bills on hand
U.S. bonds and notes
-
BANKS
Act,-.
36,400,000
5% redemp. fund agst. F. R. bank notes
Uncollected items
IN GREATER
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
NEW
{Figures Furnished
:
AND TRUST COMPANIES
by State Banking Department.)
">.'■■■.
'
T
Nov. 26.
-
311,197,896
6,353,010
1,565,760
108,510,223
One-year certificates (Pittman
Loans and investments
Inc.
Dec.
1,912,500
7,500
17,051,800
54,644,800
670,820,700
Dec.
Dec.
Dec.
265,400
1,186,800
3,483,800
628,429,700
107,691,400
Inc.
Dec.
1,659,400
4,290,900
_
Currency and bank notes
previous week.
636,416,100
4,911,100
...
Gold
Deposits, eliminting amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits...
of reserve,
State Banks
*
Trust Companies—
16.58%
5.31%
27,347,700
8,754,200
Eeposits m banks and trust cos
*
Total
resources
49,260,0^0
22,629,500
71,889,500
21.89%
36,101,900
13.73%
6.30%
20.03%
of New York, which for the
Nov. 26 were $54,644,800.
Includes deposits with the Federal Reserve Bank
■State banks and trust companies combined on
Banks and Trust Companies
trust
1,541,760
123,698,526
2,649,000
152,652,000
3,440,238
942,000
============
27,136,650
26,245,000
20,408,010
59,318,368
20,408,010
51,308,000
Tax
9,071,255
675,224,739
14,866,090
7,435,007
22,143,000
Member banks—Reserve account--.-
661,672,881
14,669,941
696,393,000
All other.......--....-.-....------
699,162,085
683,777,830
731,572,000
631,590,215
17,831,200
83,680,942
4,691,174
637,671,544
17,607,200
92,157,275
4,693,849
873,360,000
Capital paid in
Surplus
...
27,140,400
59,318,368
......
.
Reserved for Government Franchise
Deposits:
—.-—-
F. R. bank notes in circul'n—net
liability
Deferred availability items
All other liabilities..
—
deposit and
F. R. note liabilities combined-.
Ratio of total reserves to F. R. notes
in circulation after setting aside 35%
Ratio
in New York City.—The
of the New York City Clearing House banks and
companies combined with those for the State banks
companies in Greater New York City outside of
13,036,000
36,989,000
96,546,000
47,515,000
1,543,822,395 1,542,770,728 1,863,535,000
Total liabilities.....
of total reserves to
82.8%
83.6%
37.8%
137.5%
134.1%
40.0%
12,060,756
12,063,370
6,074,634
against deposit liabilities
and trust
2,380,000
4,211,000
1,543,822,395 1,542,770,728 1,863,535,000
-
Liabilities—
Contingent liability on bills
for foreign correspondents
averages
59,276,000
6,182,423
3,327,237
—^
F. R. notes in actual circulation
RESERVE.
Total..
Ail other resources.
Government
20.6%.
.
Gash in vault......
Bank premises...
37,400,000
33,382,500
313.341,744 1,117,193,000
Total deposits.
v.
Deposits with Federal Reserve Bank of New York..
Total deposits
Percentage
41,299,000
...
Total earning assets.
—
Differences from
.
242,559,244 1,054,020,000
1,517,000
U. 8. certificates of indebtedness—
All others
SUMMARY OF STATE
1920.
$
395,453,294
62,807,572
All other—For members-.,...
State
3
Resources—
Gold and gold certificates
Gold settlement fund—F. R. Board
Total gold held by bank---
and trust companies, but in the case
a.nd trust companies, but
following shows the condition of the Federal Reserve
Bank of New York at the close of business Nov. 30 1921, in
Gold with foreign agencies
Not members of Federal Reserve Bank.
a
—The
13,314,140
6,599,000
2,234,000
Trust companies
Total Nov.
S
$
502,292,000 502,292,000 488,977,860
Reserve banks
Total Nov.
Reserve.
$
%
%
Members Federal
Total.
Condition of the Federal Reserve Bank of New York.
Surplus
Reserve.
in
in Vault.
purchased
Note.—In conformity with the
practice of the Federal Reserve Board at Washing
computing ratios of reserves to liabilities was changed beginning with
Instead of computing reserves on the basis of net deposits—
that is, Including In the total of deposits "deferred availability Items" but deducting
"uncollected Items"—the new method is to disregard both amounts and figure the
ton, method of
the return for March 18.
percentages entirely on
the gross amount of the deposits.
For last 3'ear, however,
the old basis; that is, reserve percentages are calculated on
notes in circulation.
the computations are on
the
Clearing House,
are
as
follows:
basis of net deposits and Federal Reserve
The Federal Reserve Banks.—Following is the weekly statement issued by the Federal Reserve Board on Dec. 1figures for the system as a whole are given in the following table, and in addition we present the results for seven preced.
ing weeks, together with those of corresponding weeks of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve Board says:
The
Further gains of $14,200,000 of
gold, offset in part by
a
loss of $3,300,000
of other reserve cash, are indicated in the Federal Reserve Board's weekly
consolidated bank statement issued as at close of business on Nov. 30 1921.
Deposit liabilities of the Reserve banks show an increase of $14,300,000
the week, while Federal Reserve note circulation decreased by $23,In consequence of these changes, the reserve ratio shows a further
rise for the week from 72.3 to 72.7%.
Federal Reserve Bank holdings of bills secured by United States Govern¬
for
1300,000.
ment obligations show an increase of $9,200,000, larger increases in the
holdings of paper secured by Treasury notes and Treasury certificates being
offset in part by reductions in the amounts of paper secured by U. S. bonds
and Victory notes.
Other discounts on hand show a decline of $32,100,000,
while holdings of acceptances purchased in open market increased by
$3,600,000.
U. S. bonds and notes show a nominal decrease, Pittman
certificates used as cover for Federal Reserve Bank note circulation show
a decrease of $5,000,000 for the
week, while other Treasury certificates,
largely held under repurchase agreements by the New York Reserve Bank,
increased by $8,500,000.
The statement for the first time during the
present year shows Reserve Bank holdings of municipal warrants reported
by the Philadelphia and Minneapolis banks.
Total earning assets of the
Reserve banks are given about $16,000,000 less than the week before, and
at the close of November stood at $1,459,900,000, a decline of over 57%
from the peak attained on Oct. 15 of last year.
Of the total holdings of $476,400,000 of bills secured by United States
-Government obligations, $338,400,000, or
Combined Resources
and
71.0%, were secured by Liberty
Liabilities
of the
$77,700,000, or 16.3%, by Victory notes, $30,400,6.4%, by Treasury notes and $29,900,000, or 6.3%, by Treasury
compared with $349,100,000, $81,600,000, $19,600,000 and
$16,900,000 reported the week before.
Bills held under rediscount for other Reserve banks by the Boston,
and other U. S. bonds,
000,
or
certificates,
decline from $19,700,000 to $14,Richmond reports a reduction from $10,000,000 to $4,300,000
held under rediscount with the New York Reserve
a
slight increase from $7,200,000 to $7,500,000
in its total rediscounts with the Boston and Cleveland banks, while Dallas
increased from $2,500,000 to $3,000,000 the amount of bills rediscounted
New York and Cleveland banks show a
800,000.
in the amount of paper
Bank.
Atlanta shows
with the Boston Reserve Bank.
Government
deposits
are
given $13,700,000 larger than the week before.
decrease, while other deposits, composed
Reserve deposits show a nominal
chiefly of non-members' clearing accounts and cashier's checks,
increased
by $900,000.'
Federal Reserve banks
report smaller figures of Federal Reserve note circulation than last week,
the Nov. 30 total of $2,366,000,000 representing a new low record for the
year and a total lower than any published after Sept. 27 1918.
As against
this reduction in
Federal Reserve note circulation, the aggregate net
liabilities of the banks on Federal Reserve Bank notes in circulation show
an increase of $1,100,000, though the actual amount outstanding, according
to Treasury records, shows an increase of less than $300,000 for the week
With the exception of the San Francisco Bank, all
under review.
Federal Reserve Banks
at the
Close
of
Business Nov. 30 1921
.
Nov. 30 1921. Nov. 23 1921. Nov. 16 1921. Nov.
RESOURCES.
S
%
$
9
1921.
S
Nov. 2 1921.
S
Oct. 26 1921.
%
Oct.
19
1921.
$
Oct. 11 1921.
S
Dec.
3
1920.
$
488,917,000
Gold settlement, F. R. Board
465,236,000
485,108,000
425,833,000
473,760,000
424,014,000
469,250,000
500,723,000
458,468,000
502,647,000
448,280,000
496,111,000
447,697,000
480,829,000
-
446,962,000
426,998,000
201,131,000
873.960,000
Gold and gold certificates
657,738,000
388,743,000
67,864,000
954,153,000
Gold redemption fund
928,526,000
961,115,000
944,391,000
897,774,000
910,941,000
969,973,000
1,732,113,000 1,194,204,000
1,779,605,000 1,811,316,000 1,810,060,000 1,723,523,000 1.708,670,000 1,729,790,000 1,711,331,000
170,733,000
122,849,000
132,864.000
130,472,000
112,058,000
116,067,000
122,803,000
112,972,000
115,639,000
Total gold reserve
2.728,922,000 2,022,675,000
2,849,397,000 2,835,229,000 2.823.901.000 2.816.299.000 2,800.257,000 2.786,239,000 2,772.721,000
Total gold held by banks
Gold with Federal Reserve agents
/
THE
Legal tender notes, silver, Ac
142,999.000
139.745,000
CHRONICLE
145,567,000
144,484,000
145,414,000
150,909,000
Total reserves
149.039,000
148,011,000
175,520,000
2,921,760,000 2,876,933.000
Bills discounted:
Secured by U. S. Govt, obligations...
459,671,000
All other...
870,097,000
54,308,000
Bills bought In open market
Total bills
......
602.791,000
899,615,000
61,393,000
hand..
on
U. 8, bonds and notes...
C7. S. certificates of Indebtedness:
One-year certificates (Plttman Act)..
411 other
Municipal warrants
Total earning assets....-.-—Bank premises
5% redemp. fund agst. F. R. bank notes
Uncollected items...
All other resources...
Total resources
LIABILITIES.
Capital paid in
-
Surplus.....
.....
Reserved for Govt, franchise tax
—
Deposits—Government
Member banks—reserve account
Allother.—.
Total...
1,724,865,000
-
—
F. R. notes in actual circulation
F. R. bank notes in circulation—net
2,476,311,000
97,933,000
489,403,000
22,412,000
llab.
Deferred availability items..
All other liabilitiles
Total liabilities
of
Ratio
gold
—
deposit and
to
reserves
F. R. note liabilities combined
Ratio of
deposit and
liabilities combined
total reserves to
F. R. note
Ratio of total reserves to F. R. notes in
after
circulation
aside
setting
35 %
against deposit liabilities
Distribution by Maturities—
$
t-15 days U. 8. certif. of indebtedness.
Municipal warrants
16-30 days bills bought in open market.
16-30 days bills discounted
16-30 days U. 8. certif. of indebtedness.
11,526,000
133,324,000
4,000,000
1-15 days bills discounted
—
10,092,000
143,726,000
26,105,000
61-90 days bills discounted
Municipal warrants
market
Over 90 days bills discounted
Over 90 day f certif. of indebtedness....
Municipal warrants
$
58,207,000
732,102,000
6,724,000
10,818,000
171,818,000
499,000
34,554,000
835,108,000
22,083,000
26,170,000
794,732,000
7.500,000
_L.
12,261,000
10,826,000
143,281,000
140,286,000
2,400,000
2,300,000
—
10,756,000
146,971,000
3,100,000
-
10,345,000
$
33,351,000
771,132,000
—-
13,384,000
194,373.000
",*10.178",000
158,144,000
2,500,000
—
12,264,000
204,247,000
28,197,000
12,188,000
212,353,000
21,883,000
10,602,000
229,112,000
16,036,000
11,350,000
224,855,000
"To'.oeV.ooo
19.215.000
16.799.000
6,242,000
125,384,000
8,602,000
5,776,000
129,937,000
13,059,000
6,892,000
138,881,000
6,527,000
156,114,000
12.303.000
18.824.000
108,000
43,020,000
124,388,000
336,000
35,287,000
126,244,000
219,230,000
.—...
....
6,215,000
125,550,000
4.618,000
6,708,000
124,915,000
4,900,000
54,631,000
119,333.000
73,000
51,710,000
120,919.000
6,077,000
120,863,000
5,602,000
.
-
^_zzzZZZZZZZ
126,821,000
—
—
...
72,000
47,485,000
:
70,000
31,014,000
70,000
33,804,000
119,365,000
122,531,000
-----
224,569,000
;
.
J
2,698.675,000 2,704,639,000 2,716,943,000 2,708,845,000 2.715,606,000 2,725,315,000 2,769,083,000 2,780,189,000 3,664,949,000
332,665,000
314,723,000 318,719,000 288,014,000
307,484,000
316,536,000
328,221,000
303,878,000
352,910,000
-
Held by banks...
In actual circulation
$
60,401,000
701,686,000
30,480,000
10,368,000
152,974.000
20,100,000
8,900,000
10,000
9,895,000
122,039,000
4,656,000
57,000
16,000
56,023,000
114,566,000
61-00 days U. 8. certif. of Indebtedness.
Outstanding
——
12,820,000
188,202,000
16,935,000
171,417,000
10,660,000
61-90 days bills bought in open market.
Federal Reserve Notes—
37,797,000
674,047,000
27,498,000
-
Municipal warrants
Over 90 days bills bought in open
—
—
Municipal warrants
*
81-60 days bills bought in open market.
31-60 days bUls discounted
31-60 days U. 8. certif. of indebtedness.
$
$
40,270,000
693,057,000
9,878,000
34,582,000
699,318,000
38,409,000
market.
1-15 days bills bought in open
2,366,006,000 2,389,916,0002,398,224,000 2,420,831,000 2,408,122,000 2,408,779,000 2,440.862,000 2,476,311,000 3,312,039,000
-
3,556,811,000 3,579,491.000 3,570,549,000 3,564,141,000 3,695,551,000 3,689,880,000 3,688,748,000 3,614,118,000 4,261,938,000
Agent.—
858,136,000
874,852,000
853,606,000
855,296,000
879,945,000
864,565.000
819,665,000
833,929,000
596,989,000
Amount chargeable to Fed. Res. agent
In hands of Federal Reserve
.
Issued to Federal Reserve banks
I
■
)
■
.
-
!»■■<
.
I..
.
2,698,675,000 2,704,639,000 2,716,943,000 2,708,845,000 2,715,606,000 2,725,315,000 2,769,083,000 2,780,189,000 3,664,949,000
How Secured—
450,163,000 450,163,000
450,163.000
450,164,000
450,182,000
450,163,000
450,102,000
267,7*26,000
893,323,000 906,883,000
985,322,000 1,006,936,000 995,525,0001,057,752,0001,048,076,000 2,470,745,000
112,822,000
122,509,000
117,952,000
120,908,000
110,418,000
126,046,000
114,167,000
123,884,000
1,207,940,000 1.248,331,000 1,237,328.000 1,155,408,000 1.137,598,000 1,169,210.000 1,135,122,000 1,167,784,000
802,594,000
450,163,000
919,070,000
121,502,000
By gold and gold certificates...
By eligible paper
Gold redemption fund—
With Federal Reserve Board
Total
-
—
2,698,675,000 2,704,639,000 2,716,943.000 2,708,845,000 2,715,606,000 2,725,315,000 2,769,083,000 2,780,189,000 3,664,949,000
eligible paper delivered to F. R. Agent. 1,207,798,000 1,230,018,0001,217,412,000
1.278,794,000
1,299,054,0001",331,799,000 1,344,603.000^1.418,131,0002,929,842,000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 30 1921
Two
ciphers
(00)
omitted,
Boston
Federal Reserve Bank of—
RESOURCES.
Gold and gold certificates
Gold settlement fund—F. R. B'd
Total gold held by banks
Gold with F. R. agents.._r__
Gold redemption fund
Total gold reserves
Legal tender notes, silver, Ac...
Total reserves
a
Bills
U.
All
discounted: Secured
obligations
by
S. Govt,
other
Bills bought in open market
Total bills on hand
U. S. bonds and notes
U. S. certificates of indebtedness:
One-year ctfs.
All
(Pittman Act)-
other
——
Municipal warrants.
.
Total earning assets
Bank
premises
5% redemption fund against Fed¬
eral Reserve bank notes
Uncollected Items
All other resources..
Total resources
LIABILITIES.
Capital paid in
Surplus
Reserved for Govt, franchise tax.
Deposits:
Government
Member bank—reserve acc't—
.
All
other
-
Total deposits
F. R. notes in
actual circulation.
in circulation-
F. R. bank notes
net liability
Deferred availability items
All other liabilities
—
—
Tot.l liabilities
—
-
Phila,
Cleveland. Richmond
Atlanta
Chicago,
St. Louis
Minneap.
Dallas,
San Fran,
Total,
DEC. 3
1921.]
LIABILITIES
(Concluded)—
Boston.
Two ciphers (00) omitted.
Memoranda.
Ratio of total
$
i
San Fran.
Total.
$
$
■
■
$
$
43.7
1,152,0
47.3
63.5
74.8
on
rediscounted
i
■
with other F. R. banks
Contingent liability on bills pur¬
chased for foreign correspond'ts
a
Includes
bills
72.7
79.3
39.3
48.6
7,488,0
1,568,0
'•#
■
74.2
40.5
4,324,0
74.6
83.6
76.3
$
,
■
per cent
paper
Dallas.
$
$
$
$
St. Louis. Minneap. Kan.City.
Chicago.
$
com¬
Contingent liability.- s endorser
discounted
$
$
Atlanta.
to deposit
reserves
and F. R. note liabilities
bined,
Cleveland. Richmond
Phila.
New York.
2385
CHRONICLE
THE
12,061,0
10,246,0
discounted
2,336,0
2,624,0
4,324,0
2,560,0
14,812,0
3,000,0
864,0
1,504,0
3,808,0
832,0
1,536,0
1,472,0
32,317,0
for
'
other F. R. banks, viz
STATEMENT OF
Federal
Reserve
Resources—
Reserve
hand..
on
Phila.
$
$
27,220
28,719
39,200
319,930
$
*
14,812,
-
San Fr.
Total.,
$
S
$
25,660
12,950
76,486
6,110
34,560
858,136
19,749
40,131 276,301 2,698,675
7.700
59,396
13,052
161,720
-
450,163
6,701
12,189
"4", 010
3,588
14,639
4,380
1,943
~3~229
171,000 130,389 135,000
28,595
37,000
287,644
2,200
27,360
42,201
45,897
19", 690
121,502
2,234 190,087 1,207,940
919,070
27,400 66,524
18,150
33,775
27,491
11,616
26,109
16,313
172,765
140,000
65,627
Eligible paper!Amount required
/Excess amount held
$
439,698 121,305
3,400
18,375
396,925
5,600
____
______
Gold fund—Federal Reserve Board..
»
K. City. 1 Dallas.
Minn.
$
766,799 217,473 233,022 115,885 124,639
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
■
_
St. L.
77,368
103,360
...
»
30 1921.
$
$
$
227,540
.
«
Chicago
Richm'd Atlanta
Cleve.
$
$
notes outstanding
Gold redemption fund
New York
Boston.
at—
....
RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS NOV.
FEDERAL
(In Thousands of Dollars)
Federal Reserve notes
Federal
Agent
242,0
75,468
67,458
83,280
80,651
137,415
56,341
54,384
33,220
7,080
41,502
14,470
16,303
47,315
13,835
-
18,612
3,796
16,975
288,728
'
Total
577,052 1,886,748 469,246 546,746 274,959 342,949 1,088,431 282,105 149,892 194,447 127,502.604,137 6,544,214
......
......
Liabilities—
Net
of
amount
Federal
Reserve
received
notes
from
330,900 1,086,729 244,693 272,222 144,604 202,007
43,988
594,034 142,005 165,564 32,605
161,993
96,954
82,548 108,960 97,750
205,985
84,239
Comptroller of the Currency
Collateral received
Federal Reserve
.!'
from \ Gold
Bank/Eligible
paper
66,921
72,346
17,195
84,186
302,283
30,589
59,880 310,861 3,556,811
12,731 209,777 1,779,605
184,730
68,219
60,351
79,672
54,891
601,418 146,965
83,499 1,207,798
577,052 1,886,748 469,246 546,746 279,959 342,949 1,088,431 282,105 149,892 194,447 127,502 604,137 6,544,214
Total
209,413'
Member Banks of the Federal Reserve
the principal items of the
in the statement
439,698 121,305
59,396
76,486
38,115
21,365
3,044
7,695
40,131 276,301 2,698,675
332,669
3,493
52,425
631,590' 197,873
18,127
Federal Reserve notes in actual circulation
Board giving
766,799 217,473 233,022 115,885 124,639
9,226
4,840
135,209
19,600
19,530
227,540
Federal Reserve notes outstanding...
Federal Reserve notes held by banks
401.5831
99,940
56,352
68,791
36,638 223,876 2,366,006
System.—Following is the weekly statement issued by the Federal Reserve
Definitions of the different items
and liabilities of the Meipber Banks.
resources
given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
were
STATEMENT SHOWING PRINCIPAL RESOURCE AND
BRANCH
BANK AND
213,492 106,659 119,799
MEMBER BANKS IN
LIABILITY ITEMS OF REPORTING
FEDERAL RESERVE
CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS NOV. 23 1921.
Continued loan liquidation, as against a
reporting banks show a decrease for the week of $34,000,000, as against an
moderate increase in investments
indicated in the federal
$6,000,000 under the same head shown for the member banks in
in United States bonds and Treasury certificates, is
increase of
weekly consolidated statement of condition on Nov. 23
of 807 member banks in leading cities.
New York City.
Reserve Board's
borrowings of the reporting institutions from the Federal
an increase for the week from $702,000,000 to $709,from 4.7 to 4.8% of their total loans and investments.
For the
New York City banks, a larger increase, from $103,000,000 to $131,000,000
in accommodation at the local Federal Reserve Bank, and from 2.2 to 2.8%
in the ratio of accommodation, is shown.
Net withdrawals of Government deposits for the week amounted to
$51,000,000.
Other demand deposits (net) show a decrease of $45,000,000,
while time deposits show a further gain of $7,000,000.
For the New York
City banks, net withdrawals of $20,000,000 of Government deposits, of
$10,000,000 in other demand deposits and of $1,000,000 in time deposits,
Aggregate
Reserve banks show
against an increase of $18,000,000 in loans secured by corporate stocks
bonds, loans secured by Government obligations show a decline of
$13,000,000 and all other loans and discounts, composed chiefly of com¬
mercial and industrial loans, a decrease of $49,000,000.
Corresponding
As
000,000,
and
changes for the member banks in New York City include an increase of
$3,000,000 in loans secured by corporate obligations and declines of $10.000,000 in Government paper and of $11,000,000 in ordinary commercial
loans.
•
A further increase of $6,000,000 is shown in the United States bond
holdings of the reporting institutions, this increase being confined, however,
to member banks in New York City.
Changes in United States Victory
notes and United States Treasury notes were only slight, while Treasury
are
or
shown.
Aggregate reserve balances of the reporting institutions at the Federal
certificate holdings of the reporting banks show an increase of $10,000,000,
and those of the New York City banks an increase of $18,000,000 for the
Reserve banks show a nominal decrease, while cash in-vault shows a gain
of $4,000,000.
Corresponding figures for New York City banks indicate
week.
Investments of the reporting banks in corporate and other securities
declined by about $6,000,000, largely outside of New York City.
In
an
of the changes shown,
consequence
in reserve balances and of $4,000,000 in cash
close of business Nov. 23 1921.
110
Chicaoo.
43
82
85
58
Atlanta.
Three ciphers (000) omitted.
St. Louis. Minneap
Kan. City
35
37
112
Dallas.
79
San Fran.
52
Total.'
807
65
including bills re-
discounted with F.
„■«
$
$
$
16,676
73.048
18,959
6,502
51,241
430,015
121,933
32,806
66,105
299,531
225,973
378,431
39,133
200,582
145,1983 ,077,470
744,689 7,704,687
381,272 1,661,345
29,586
73,435
440,307
269,962
463,495
246,217
26,645
15,597
32,870,
34,696
914,600 11,308,660
912,184
101,600
1,830
27,475
8,097
978
754
3,608'
1,191
106,003
636,588
323,967
594,259 1,018,082
47,378
112,585
812,1*7 4,099,925
Total loans and discounts
51,549
329,945
$
$
$
313,355 1,113,282
22,079
55,809
198,688
339,762
195,366
31,776
196,742 1,359,661
583,629 2,544,898
obligations,.
stocks and bonds...
All other loans and discounts
$
$
$
$
$
$
bank:
R.
Loans sec. by U. S. Govt,
Loans secured by
New York Philadel. Cleveland. Ricfim'd.
49
Number of reporting banks,
and discounts,
of $9,000,000
total loans and investments for all
Boston.
Federal Reserve District.
Loans
increase
hand.
member banks in each Federal Reserve District at
Data for all reporting
1.
on
452,049
59,432
18,843
11,383
24,713
.526,503
42,900
335,460
U. 8. Victory notes
3,652
78,803
9,937
14,690
2,983
U. 8. Treasury notes
4,572
7,764
7,264
157,629
3,448
112
1,222
1,862
622
7,645
5,829
83,636
96,421
2,855
U. 8. certificates of indebtedness.....
12,475
274,973
2,051
2,005
23,292
2,518
2,740
2,839
14,689
178,110
50,725
33,277
361,019
69,599
21,122
5,977
48,338'
10,480
174,018
2,069,153
540,109
311,397
556,150
296,045
39,997
19,772
6,247
41,459,
12,295,
20,116
7,611
U. S. bonds
143,848
Other bonds, stocks and securities
incl.'
Total loans, dlsc'ts & investments,
724,175
20 273
1,228,277,14,751,558
743 508
deposits..
deposits
182 519
216,049 1,260.451
290,826
177,430
362,4311
191,764
429,307
126,334
141,628
76,484
4,319
5,608
4,896
105,080
2,847
60,323
5,282
662,329
21,463
149,988
15,805
25,626
22,183
20,347
10,955
17,040
8,165
2,501
8,396
4,544
15,577
230
185
351
964
186
11,052
2,393
38,848
16,535'
438,672
62,991
6,372
293,457
14,771
,638,544
481,509
12 590
14,713
88,699
Government
Bills payable with Federal
Secured by U. S. Govt,
Reserve Bank:
obligations...
All other
R. Bank:
obligations...
Bills rediscounted with F.
570,688
824,231 1,435,660
92,380
62,842
104,091
deposits
28,756
775,101
447,970 2,109,663
173,166
27,857
52,323
9,946
27
Bank
Cash in vault
31,929
All other
5, 078
3,055
11,579
3,290
1,528
83,764
11,652
60,885
37,117
35,027
New York City.
Three ciphers
Federal Reserve Bank
Data of reporting member banks In
2.
Nov. 23.
City of Chicago.
68
Nov. 16.
Nov, 23.
69
incl. bills redis¬
$
$
counted with F. R. Bank:
183,524
174,005
Loans sec. by U. S. Govt, oblig'ns
Loans secured by stocks & bonds. 1,194,169 1,191,033
2,254,807 2,266,249
All other loans and discounts
Nov. 16.
51
$
Nov. 23.
Nov. 16.
58,162
310,193
703,047
716,913
3,622,981 3,640,806 1,070,953 1,085,268
19,941
19,655
283,581
289,288
Total loans and discounts
U. S. bonds.
$
824
807
807
$
S
S
905,677
3,054,789
7,495,077
7,535,576 1,986,287 1,988,534 1,827,296 1,829,102 11,308,660 11,353,212
468.933
102.934
475,000
94,133
73,211
14,778
16,875
91,329
of indebtedness—
547,717
154,005
547,278
154,424
securities..
invest'ts,
incl. bills redisc'ted with F. R. Bk. 4,701,364 4,695,438 1,275,861 1,291,432
549,390
123,662
128,105
557,870
Reserve balance with F. R. Bank..
131,417
1,135,025
Total loans <k dlsc'ts &
9,433,641
86,806
30,088
29,276
936,714
176,094
4,177,081 4,186,932
871,811
7,227,723
1,416,015
89,317
88,854
71,101
218,894
219,375
218,290
218,209
912,184
906,517
37,578
38,444
21,059
21,321
161,626
162,699
93,023
15,315
15,641
12,387
11,930
121,835
28,894
30,174
17,789
19,702
178,100
167,834
1,143,298
578,659
577,045
355,469
354,345
2,069,153
2,074,688
(a)
884,160
194,081
120,594
117,958
(a)
,
313", 179
(a)
16,732,012
9,461,722 2,865,627 2,869,213 2,452,290 2,545,609 14,751,558 14,785,544
1,267,692 1,269,059 1,286,946
192,505
140,305
145,602
190,673
930,952
388,105
303,342
60.937
307,474
71,845
72,208
59,535
170,197
10,892,122
7,244,026 1,552,148 1,568,329 1,410,642 1,423,326 10,190,513 10,235,681
918,450
673,890
671,187 3,009,356 3,002,576 2,811,123
919,451
1,412,939
87,799
214,326
163,264
29,561
12,616
16,486
22,163
310,279
80,179
316,166
885,347
314,042
59,922
20,210
25,681
128,485
45,237
1,774
4,924
119,680
96,672
67,347
64,893
43,378
39,423
230,405
200.988
67,705
87
deposits...
100
87
100
725
855
152
523
964
1,478
2,069
37,942
254,140
309,316
Time deposits
deposits
F. R. Bank:
Sec'd by U. 8. Govt, obligations..
Bills payable with
All other
Bank:
Sec'd by U. 8. Gov't obligations
Bills rediscounted with F. R.
2,248
1,880
56,098
32,001
2.8
2.2
2.8
_
and investments, per cent..
not
available.
659,770
1,566
1,382
60,996
_
All other
168,279
'
25,819
25,342
7,806
7,038
5,223
5,562
38,848
36,101
232,675
252,053
96,108
99,123
109,889
110,402
438,672
461,578
1,258.407
4.0
4.0
6.0
6.0
6.5
6.4
4.8
4.7
13.0
3.3
Ratio of bills payable & rediscounts
with F. R. Bank to total loans
$
317
540,072
379,479
102,989
Comparative figures
$
3,059,193
3,513
Other bonds, stocks and
318
212
212
7,753,947
12,116
Net demand
Total.
Nov. 16. Nov. 23 '21 Nov. 16*21 Nov. 26 '20
526,503
3,361
U. 8. certificates
Nov. 23.
3,077,470
12,404
91,318
35,652
7.704,687
72,750
,
22,529
230,405
71,739
77,373
Cash in vault
28,946
1,267,692
307,474
415.318
418,237
459,746
463,746
2,184,273
4,971,824 1,433,224 1,440,078 1,337,958 1,342,045
78,845
i
U. S. Treasury notes
2,538
23,836
366,085
2,195,487
4,933,505
71,643
U. 8. Victory notes
184
23., Nov. 16.
$
$
$
$
54,491
313,415
Nov.
278
277
51
.
2,954
80,194
609,37010,190,513
549,820 3,009,356
9,977
163,264
and branch cities and all other reporting banks.
Loans and discounts,
t
2,715
All F. R. Batik Cities. F. R. Branch Cities. Other Selected Cities,
(000) omitted.
Number of reporting banks
2,544
69,985
3,519
9,447
84
87
25, 528
Secured by U. S. Govt,
a
121,835
44,035
601,152
Government
161,626
17,936
631,582
,418,420
76 828
Time
15,725
*
bills rediscounted with F. R. Bank... 1,012, 948
Reserve balance with F. R.
Net demand
"
THE
238$
Sales
STOCKS.
(jjfagjettje.
jBauluers7
[VOL. 113
CHBONICLE
Week ending Dec. 2.
Wall
Railroad
Street, Friday Night, Z)ec. 2 1921.
Miscellaneous
Stocks.—Although the
and
bond market has again been the outstanding feature of the
market and the foreign exchanges have attracted more at¬
tention than usual, the stock market has been decidedly more
active than last week and prices have generally advanced
Great Northern and Northern Pacific were bid up more than
expectation of benefits to accrue from an extra
cash dividend on Burlington shares, while Can. Pae., Atch.
and N. Y. Cent, advanced 4
3 and 2% points respec¬
tively for other reasons.
The general industrial and financial situation is steadily
improving.
Steel production, which was only 30% o;f
capacity in Aug. is now at 45 to 50%, and bank statements
continue to show, week by week, a steady reduction of bank
3
points
on
discounts and commercial indebtedness.
Sterling exchange has sold at $4.07^ or higher this week
a price not reached since 1919 and German marks are quoted
at
nearly twice their value in this market early in Nov.
These figures may not be maintained, doubtless will not be,
but they are at "least straws that show what the general
tendency is.
The following are sales made at the Stock Exchange this
represented in
week of shares not
our
detailed list
on
the
STOCKS.
Week ending Dec. 2.
Range since Jan. 1.
Range for Week.
Sales
for
Highest.
$ per share.
(
All America Cables. .100
575 101% Dec
Am
300
Bank
Note
50
50
100
Am Brake 8h & F.no par
4,400
Preferred
55
56
43%
112% May
91%
Nov 28
48
56
5% Nov 26
17% Nov 28
4
260 z55
Am Teleg & Cable... 100
Nov 30
5% Nov 29
56
91
Feb
Nov
300
Partlcip pref (6%) 100
Am Wholesale pref.. 100
200
16% Nov
100
95
Nov 28
95
Ann Arbor
100
700
24
Nov 28
25% Dec
2
20
Oct
6%
19% Nov
96% June
25% Dec
.10
100
15
Dec
15
1
15
15
10
1,100
pref
Art Metal Constr
Assets Realization
Atlantic Refining
Preferred
1H Dec
11 970
100
200|ll2% Dec
par
ljOOl 10% Nov
...100
Proferred
Sales
50
100, 68% Nov
400!
3% Nov
Barnsdall Class B
25
400
20
600
Beech Nut Pack pref. 100
Bklyn Union Gas
100
1,600
Auto
Batopilas Mining
Brown Shoe, Inc
Preferred
21% Dec
100100
74
2
Dec
1% Nov 26
1 970
Dec
100
Austin, N'ls & Co.no
1
90%
1
820
Dec
July
3%
June 1125
1|113% Nov 29 103% July 113%
Jan
8%
29 10% Nov 30
13%
29 68% Nov 29 50% Aug 70
2% Sept
3% Dec
1
29
4%
Nov 28
14% June 35
2 22
% Aug
1
1
% Nov 28
% Dec
Nov 28 100
Dec
2
Nov 28
97
Nov 100
76% Nov 29
51
Jan
Feb
Mar
100
500
40
Nov 29
46% Nov 26
33
..100
200
86
Nov 29
87
70
Dec
2
3% Nov 30
2%
Jan
May
Nov
Jan
Jan
Jan
Jan
Nov
46%
Nov
87
Dec
800
150
65
Dec
2
65
Dec
2
65
Dec
73
Feb
400
88
Nov 29
89
Nov 29
88
Nov
90
Nov
..100
Calumet & Arizona...10
Carson Hill Gold
1
300
26% Nov 28
27
600
54% Nov 26
55% Nov 30
15% Nov 28
6,900
Dec
12
2
Nov 30
Aug
5%
Jan
14%
41%
JaD
28
Aug
Jan
55%
Dec
15%
Nov
Apr
4
Nov 28
3
Nov
Nov 29
78
Nov 29
71
Sept
10%
85%
32% Nov 29
32% Nov 29
22
Aug
44
Nov 28
5% Nov 26
4
Nov
8%
Jan
11% Nov 28
12% Dec
2
12% Nov 30
5
June
5%
Chic & E 111 when issued. 13,100
Preferred when issued.
6,000
12% Dec 2
16% Nov 29
12%
12%
Nov
200
16
33% Nov 30
37
Nov 28
33%
Nov 28
59
Nov 28
50
Dec
1,000
100
100
Certain-Teed Prod no par
Chicago & Alton
Chic & E 111 tr
rec
78
100
1st pd
2,400
4
1,000
Pref trust rects 1st
paid
C St P M & Omaha.. 100
Preferred
100
200
Nov 28
16
59
400
12
Weyman-Bruton, pf.100
Aug
Nov
July
47
72
Mar
85%
13%
Dec
69
2 101
on
Dec
Oct 104
8%
12% Nov 26
Nov 26
For volume of business
Mar
36%
1
phia and Boston exchanges,
Jan
2 101
71% Dec
Feb
Oct
Dec 101
Dec
Oct
Feb
65
2
Nov
Nov
89%
New York, Boston, Philadel¬
2382.
see page
Bonds.—No sales of State bonds
Railroad
and
87% Sept 107
92
Dec
100 101
700
Nov
Sept
Aug 20% Mar
Sept 175
May
Nov
Apr 17
Feb
Aug 160%
85% Nov 29
44% Nov 29
85% Nov 29
600
Jan
35%
Jan 255
Nov 30 121 %
Nov 30 103% Nov
100
Aug
48
96% Nov 30
28
44% Nov 29
96% Nov 30
2,100 103
100
Nov 28 210
Nov 30 125
100 125
100
100
Oct 119
Dec
15
Dec
16% Nov 26
12%
147% Dec
2 119
144% Dec
Dec
1
8
16% Nov 30 17
Wilson &. Co pref
have been reported at the Board this week
The bond market has again been very active and while
prices have not generally advanced as during the recent past
issues have been decidedly strong.
The latter applies
particularly to the Government Liberty Loans for which
there has been urgent call at advancing prices.
A list of 20
representative railway and industrial bonds shows one half
higher and the other half lower than last week.
On at least
two days the transactions aggregated more than 24 millions
some
value.
United States Bonds.—Sales of Government
the Board
limited to $5,000 4s reg. at
are
bonds at
104 and the various
Liberty Loan issues.
l
Daily Record of Liberty Loan Prices.
First Liberty Loan
28^Nov. 29
Nov. 26 Nov.
|
lJDec.
Nov. 30 Dec.
Converted
Feb
Jan
Dec
16%
Nov
Nov
37
Nov
June
63
96.28
96.40
2.
1
(High
96.70
99.60
99.30
99.30
Low
96.20
96.00
96.10
99.40
99.18
99.18
[Close
Total sales in
96.24
£6.06
96.40
99.46
99.24
99.18
305
919
1,129
1,035
1,260
837
96.00
97.00
97.38
96.00
97.00
97.38
$1,000 units..
4 %
bonds
of
[High
1932-47 (First 4s)
Low
97.00
97.38
Total sales In $1,000 units..
Converted 4%% bonds of High
1932-47 (First 4%s)
Low
96.20
97.00
97.50
97.60
98.00,
95.90
95.90
96.70
97.20
97.30
97.44
!Cloee
£6.10
97.00
97.42
97.20
97.40
97.50
112
1,013
435
415
419
67
96.00
[Close
Second
"High
Converted
4%%
of
bonds
(First-
1932-47
1
1
Total sales In $1,000 units..
-
Close
4%s)
w
^
m
^
W-r
-
98.00
"«r
»
•»«-
"
Second
».
97.00
98.00
98.00
.
97.64
98.00
98.00
~
Low
1
3
Liberty Loan
High
95.70
95.88
96.30
97.24
97.42
97.46
4% bonds of 1927-42
Low
95.70
95.88
96.22
97.24
97.24
97.42
Close
(Second 4s)
Total sales In $1,000 units._
95.70
95.88
96.30
97.24
97.24
97.44
1
2
10
1
High
96.10
96.14
97.10
97.58
97.70
97.66
Low
95.64
95.92
96.28
97.20
97.30
97.42
96.14
97.08
97.60
Total sales In $1,000 units..
Second
Converted
1927-42
bonds of
4%%
(Second 4%s)
-
15
Close
95.90
97.28
97.44
621
1,123
2,740
1,755
2,180
High
97.48
97.40
£7.66
97.90
98.20
97.88
Low
96.86
97.10
97.26
97.48
97.56
97.70
Total sales In $1,000 units
Third
Liberty Loan
4%% bonds of 1928
(Third 4%s)
97.64
1,634
97.84
Close
97.30
97.34
97.46
97.70
1,956
2,208
4,563
4,299
3,636
1,397
High
96.44
96.50
97.50
97.88
97.90
97.90
Low
95.88
96.26
96.50
97.26
97.46
97.64
Blose
96.20
Total sales In $1,000 units..
Fourth Liberty
Loan
4%% bonds of 1933-38
Nov
12
3% Nov 30
Case (J I) Plow...no par
Case Thresh M pref. .100
300
Preferred
100
United Drug 1st pref.. 50
Van Raalte 1st pref.. 100
Weber & Heilbron no par
Jan
Nov
76%
Brunswick Terminal. 100
Butterlck
800
..100
Union Tank Car
Sept
Buffalo & Susq
100
Bush Terml Bldgs pf. 100
3% Nov 30
1,300
100
Underwood...
Nov
Am Wat Wka & Elec.100
Nov 28
100
rec..
$ per share.
June
35% Nov 26 z32%
1
Nov 30 345
7 340
(First 3%s)
95
91
81
26
3%% bonda of 1932-47— i
64%
Nov 30
Nov 29
Dec
NOV 28
87
Dec
89
30% Nov 29
Dec
1,700 105% Nov 29 108% Nov 28
500 68 X Nov 26 72y Dec
2
2,300
100
Am Sumatra Tob preflOO
Third Avenue Ry
Tidewater Oil
Toledo 8t L & W tr
Oct
14
Nov 29
Nov 30
Nov
14
Nov 26
89
30
Tex Pac Land Trust. 100
Jan
14
100
Highest.
share
per
300
10 23,400 z32% Dec
56%
29
500
$
100
_
49%
100
Am Malt & Grain stmpd
American Radiator...25
$ per share.
$ per share
Nov
83%
6%
11%
66%
Nov 26 55% Dec
Dec
26 100
9
Dec
7% Nov 26
1,300
Snuff
49 y Dec
49% Dec
46%
42
.no par
American
103 y Dec
55
Nov 30
94 % Nov
900
American Chicle,
Nov 30
Highest.
$ per share. $ per share.
2 100
>105% May
52 %
100
Preferred
Lowest.
Lowest.
S per share.
Week
Par. Shares
Lowest.
Highest.
100
Stern Bros pref
Superior Steel
Texas Gulf Sulphur
par
which follow:
pages
Lowest.
Par. Shares
State
Range since Jan. 1.
Range for Week.
for
Week
i
97.50
3,420
3,661
3,551
2,899
2,464
99.98
100.00
100.00
99.98
100.00
100.00
Low
99.94
99.98
99.94
99.94
99.96
99.94
Close
99.98
100.00
99.98
99.98
99.98
99.98
1,185
3,643
2,881
2,515
2,553
1,088
High
99.98
100.00
99.98
99.98
99.98
99.98
Low
99.94
99.98
99.96
99.96
99.96
99.94
99.98
99.98
99.98
99.96
99.96
99.98
240
206
101
65
1,460
191
96.50
97.60
97.76
97.38
1,352
1 High
(Fourth 4%s)
■
otal sales In $1,000 units..
Victory Liberty Loan
4%% notes of 1922-23
|
(Victory 4%s)
Total sales In $1,000 units..
3%% notes of 1922-23
(Victory 3%s)
Jan
1
j Close
Total sales in $1,000 units..
above
Note.- -The
table
includes
400
81
Nov 26
85
Cluett, Peabody & ColOO
COO
44% Nov 30
48
Nov 26
200
66
Dec
1
66
Nov 30
70
July
36% June
28% Aug
62%
Continental Insur
66
Nov
39
1st
100
80
Nov 28
80
Nov 28
68
Oct
95
Feb
36
1st
300
61
62% Nov 28
59
Oct
80
Apr
1
1st
250
99% Nov 30 100
8
2d
4s
95.92 to 97.02
64% Dec
2
Nov 100
Oct 75
Oct
100
2d
4%s.
1
May
9% May
164
Dec
only
sales
of
coupon
95.80 to 97.56'
25
Cuban-Amer Sug pref 100
Deere & Co, pref
100
Detroit Edison
10O
Detroit United Ry.. 100
Emerson Brant'h'm.100
.
Preferred
600
Dec
3
2
1
Nov 29
64% Dec
93%
2
59
3% Nov 28
3
Oct
85
Dec
Jan
100
600
21
Nov 30
22
Nov 28
15%
Oct
40
Jan
no par
3,000
49
Nov 26
55
Dec
39%
Oct
55
100
98
Nov 28
98
Nov 28
84
300
Green Bay & West.. 100
40
Gen Am Tank Car
Gen Cigar pref
Habishaw E
9% Dec
31
1
Nov 29
9% Nov 30
31
C._.no par
4,200
Hartman Corp
100
Homeetake Mining.. 100
200
80
Nov 29
400
55
Nov 30
Nov 29
81
55
Hydraulic Steel...no par
100
Indian Refining.
10
Internat Cement.no par
Int Nickel pref...... 100
3,000
% Dec
500
7% NOV 28
27% Dec
67
Int Paper pref
100
300 100
Kelsey Wheel Inc
100
200
Kresge (S S)
100
Preferred
Nov 26
9%
60
% Nov 26
-Nov 29
Dec
1
7% Nov 28
10
Nov 28
Locomotive...100
2,600
%
69
49%
7
400
21
300
100
3,600
36
2nd preferred
100
800
6
5%
April
1 1922
4%%
Nov
69
Nov
1 105% Nov 29
Nov
Jan 174%
97% June 105%
18
Apr 160
Aug
82
'Dec
Jan
67
June
June
34
Nov
3
May
Aug
7
May
18% May
45% May
8% May
Sept
21
Jan
Aug
Nov 29
12
Aug
27
Aug
18% Nov 29
38% Nov 28
7% Nov 28
18% Nov 26
19
24
11%
Nov 30
Dec
Nov 30
Nov 26
Sept
18
4%
88% Nov 30
13
24
Nov
June
12
Nov
94
Oct
8%
22%
Dec
9%
Dec
4,900
89% Nov 29
9% Dec
2
23% Dec
2
70
8% Dec
22% Dec
Dec
Dec
23% Nov 30
23% Nov 29
17%
July
14
23%
28%
13
Feb
500
13
Dec
par
1,650
100
200
9% Nov 30
600
68 % Nov 26
4
Nov 29
Norfolk <k West pref. 100
Ontario Silver Mg
100
Otis Elevator
100
Preferred
100
325
5
Panhandle P & R pf.100
Parish & Bingham no par
Pacific Mail S S
Mar. 15 1922
Nov
17% Nov 30
500
Nov 30
9% Nov 30
75
Dec
2
4% Dec
2
1,500 115
Nov 29
87
Nov 26
90
Nov 28
2,000
Nov 26
9
Nov 28
200
75% Nov 29
14% Nov 29
120%;Nov 28
77% Dec
2
8%
62
3%
87
151922
Jan
May
33% Nov 29
4% Nov 28
Jan
Jan
Continental
exchange also
rally in marks.
,
Jan
68
Aug
78
Oct
High for the week
Low for the week
Apr
Jan
Pitts Cin Chic & St L. 100
100
80
Dec
2
80
Dec
2
78
Nov
80
Oct
Prod & Refiners pref. .50
100
35
Nov 30
35
Nov 30
35
Nov
38
Oct
Remington 1st pref. .100
Nov 30
47%
47%
Nov
80
Jan
Nov 30
Nov
75
May
Nov 26
85
Nov 104
38
Nov 28
Nov 28
4%
26
„
Jan
77%
7%
Oct 103
Aug
Nov
Jan
3 97%
3 98
7.40
7.41
6-87
Germany Bankers' Marks—
June
6% Dec
Nov 28
35
102
level since April 1920.
6.79
Nov
12
900
102%
101%
ninety days 3 99% @4 01% and documents for payment (sixty days)
4 00%@4 02%.
Cottop for payment 4 03%@4 06% and gram for pay¬
03% @4 06%.
t
i
a*7 a.
To-day's (Friday's) actual rates for Paris bankers francs were t .14©7.25
for long and 7.20@7.31 for short. .German bankers
marks are not yet
quoted for long and short bills.
Amsterdam bankers guilders were 35.24©
35.39 for long and 35-60@35.75 for short.
Exchange at Paris on London, 56.20 francs; weeks range, 56.20 francs
high and 57.83 francs low.
The range for foreign exchange for the week follows:
Sterling, Actual—
Sixty Days.
Cheques.
Cables.
High for the week
4 05%
4 07%
4 08%
ment 4
17%
15%
1,800
102%
moved upward, with a sharp
Low for the week
96
8
3,200
100%
100%
100%
100
;
To-day's (Friday's) actual rates for sterling exchange were 4 02@4 04%
sixty days, 4 04@4 06 9-16 for cheques and 4 04% @4 07 1-16 for cables.
Commercial on banks sight 4 03%@4 06%, sixty days 4 00%@4 02%,
Aug
9% June
So Porto Rico Sugar. 100
100%
for
8
Nov 29
Sears, Roebuck pref. 100
Shattuck Arizona
10
100%
100%
quiet, but toward the end of the week turned
strong and advanced to the highest
7.30
Apr
Asked
Bid.
100%
Foreign Exchange.—The market for sterling exchange
continues
3 95%
Nov 29
54%
47%
91%
7%
100
High for the week
Nov 28
"
100%
Low for the week
Paris Bankers' Francs—,
8
""
6%%
6% °7r
4%%
5%%
5%%
Dec
15
54% Nov 30
1922
May
73
47% Nov 30
85
Nov 29
1
May
Nov 28
100
Aug.
6
Nov 29
100
100%
100%, Sept. 15 1922—
100% Sept. 15 1922
100%, lune 15 1924
100 »,i Sept. 15 1924
75
8
100
100%
10)%,
Aug 148
73
preferred
5 y%
Aug
400
2d
151922
June
400
....
June
13% May
Nov
Obligations.
Rate.
100%,
33
79% June
37%
Govt.
Maturity.
Dec
100
600
S.
Sept
Phillips Jones....no par
Peoria & Eastern
4%s
145 Victory 4%s
2 Victory 3%s
Nov
3,700
no par
Mar.
Jan
29
85
500
Southern
20%
2 174% Nov 29 130
8
Body
Aug
Nov!
11% Nov 29
Shlpbuilding.no
May
Mar
11% Nov 29
Mullins
61
Sept! 103
500
Norfolk
100%,
Mar
35
1,300
N Y
5%%
6%%
92
no par
.
5%%
67
Maxwell Mot "B" no par
Mexican Petrol pref. 100
Preferred when issued
16 1922
Mar. 15 1922
Nov 29
Mathieson Alkali.....50
Mo Kan & Tex wh iss._
Feb.
Nov 26
300
Parry
Jan
Nov 30
Dec
100%,
6%
70
63
Bid.
15 1921
Nov
15%
.97.00 to 97.68
.95.90 to 97.54
.99.76 to 99.90
.97.30
4th
Int.
Asked.
Rate.
Maturity.
Dec.
81
June
were:
3d 4%s
158
Int.
Oct
Jan
7% June
28% Nov 28
13%
127
Mar
Nov 26 100
3% Nov 30
100
Prior preferred
Nov
60
Nov 29
32% Nov 28
Preferred
16%
Oct
100 152% Nov 29 152% Nov 29 137
400 77
Nov 28 82
Dec
2
64
200 55
Nov 30 58
Nov 30
46%
Mallinson (H R) pref 100
Martin
2
200 105% Dee
100
Manhattan Shirt..
25
Market Street Ry.__100
63
1,200 172
Liggett & Myers "B" 100
Lima
1
9% Nov 30
300
2
regis ;ered bonds
96.00 to 96.32
97.00 to 97.58
.97.00
Quotations for Short-Term U.
May
Gray & Davis lnc.no par
Jan 100
Jan
Transactions in
3%e
4%s
2d 4%s.___
Dec
100
jonds.
6-88
00.56
00.56%
00.33%
00.33%
Amsterdam Bankers' Guilders—:
35.39
High for the week
34.69
Domestic Exchange.—Chicago, par.
St
discount.
Boston, par.
San Francisco, par
premium.
Cincinnati, par.
Low for the week
The
Curb
Market.—The review
given this week on page
2376.
35.80
35.85
35.10
15@25c.
Montreal, $90
Louis,
of the
35.15
per
per
$1,000
$1,000
Curb Market
is
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
2387
OCCUPYING THREE PAGES
For sales during the week of stocks usually Inactive, see preceding page
PER SHARE
EJQE AND LOW SALE PRICE—PER
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On basis 0/100-share lots
EXCHANGE
Saturday
,
Monday
Tuesday
Wednesday
Nov. 20
Thursday
Friday
the
!
Nov. 28
Nov. 29
Nov. 30
Dec. 1
Dec. 2
Week
8 Per share
$ per share
t per share
$ per share
$ per share
Shares
$ per share
88
89
86%
1%
*87
89
119
59%
*6%
*634
7%
18%
23%
86%
1%
88
87
138
88
37%
53%
7%
7%
I
89%
90
91
89%
90»4
87
87
88
87
87%
1%
3734'
37%
89%
38%
54%
55
1%
56
1«4
90
91
90
37%
38%I
7%
7%
19
120% 123%
59% 6034
"7"
....
7%
19%
7%
5%
24%
54%
1%
2
5%
5%
25%
534
25%
24%
55
55
*53
57
112
112
12%
26%
40
41
40
7%
71
7034
40%
7%
70%
39
*634
71
74
90
90
92
114
9384
2%
3
6%
2«s
2%
19%
1934
3%
19%
3%
19%
19
48%
*3%
49
47%
49%
47
60
60%
4
4
74%
"74%
58%
58%
*68
76
*59
65
13
21
99
7934
*69
3%
4%
3%
19
46
110
76
82%
35
12
12%
18
18
18
11«4
17%
12%
768s
12%
12
79%
3234
76%
77%
33
33
77%
33%
32%
7
*6
19
19
99
100
*53
114
*111
37%
19%
47%
4%
63
*20%
21%
10084
13%
20%
14%
20%
£97%
82
82
74%
43
43
2234
38%
38%;
22
23%
3%
23
5%
23%
22%
35%
3%
5%
3%
3684
3%
36
3634;
6
81%
81
20%
49%
25%
*30%
81%
20
20%
50
49%
24%
49%
25%
32
32
26
38
128% 130
70%
70%
3%
5%
83%
4%
279%
20%
20%,
49%
50%
24%
24%
*30%
40
130% 131%
129% 131
71%
3%
82%
5%
82%
20%
72
72%
74
9
9
22%
7%
22%
22%
7%
23
22%
14
14%
23%;
22%
23
15
15
|
15%
15%
9%
17%
9%
*9
8
*22%
7%
9%
9%
8
8%
7%
21%
7%
9%
17%
20%
59%
20%
59%
20%
18% (
20%'
60
60
8%
8%
7%
15%
27
15%
27%
47
4834
«
884
21%
22%
18
*17%
34%
3%
5%
7%
|
19%
49
23%
9%
17%
14
500
37%
6%
71
1%
2%
2%
3
19%
47%
73
18%
46%
3%
5984
74%
58
*70%
2,900
36,500
4
60%
76
58%
3%
5984
75%
59%
""560
23%
j
3534!
*73%
73%
*42%
5
I
I
74%!
I
43
43
43%'
22%
37%
2134
23%
3734
22
34
49%
1984
49%
24%
24
7%'
20
4984
25%
*7
16
*13%
9%'
1934
*59%
19
6884
60
8
8
8
15%
8%
16
15%
15%' *14%
15%
27%
2934
30
30%
28«4
2884
49
49
8
I
9%
15%
18%
59%
*7%
*15
2984
*11
II84
12
12%
*36S4
38
38
38
40
40
18
"17"
17%
17%
*%
%
%
34
%
55
53%
100% 101
36%
36%
84
33
*5934
29%
26
75
73%
*43
42%
22%
*34
26%
79%
74
7
13%
8%
16
Lebigh Valley
New York Central
100
N Y Chicago A St Louis... 100
First preferred
100
Second preferred
.100
16
I
Do
prior pref
pref v t c
9,700,
Reading
Do
1st pref
7%'
30
3,100
16,800
2,500
2,500
5,800
2,800
*11%
41
4034
17%
4034'
*3984
1734
18
53%
*98% 100%
38
54
57
*99
101
38
37%
85%
32%
32
32%
60
58
58%
29%
29%
59%
29%
29%
28
29
59
58
59
55
57
34
34
32%
*32
33
33%
31%
33%
3134
89%
32%
31«4
32
31% 32%
91%
91%
14234 149
89«4
23
23
*43
48
5%
129%
*11%
12%
5%
129
74%
71%
37%
*884
56%
75%
73%
38%
9%
34
61
*22
45%
*5%
91
145%
116%
45%
Southern Railway
Do
pref
72
40%
34%
9%
32%
9%
33%
61%
59
60
95
110
4%
63»
4184
84%
91
91
14234 143%
*113
115%
22%
"45%
46%
22%
4534
5%
46
18%!
%i
Do
pref
Wabash
85
58
July 16
54
June 24
12
Nov 29
16
Mar 11
Express
100
Rumely
..100
pref
100
Air Reduction, Inc
No par
60
AJax Rubber Inc...
Alaska Gold Mines
10
Alaska Juneau Gold
Min'g 10
.100
46,500
Do
No par
86
700
31%
32
3,600
60
27
27%'
2734
28
56%
56%
34
Do
pref
1,200
3,100 American Beet Sugar
Do
pref
1,700
115
21%
*45
59
58
58
32%
32%
32%
800
33%
92%
22,400
3,500
17,000
92
148% 151%
*113% 114%
22%
21% 21%
200
115
48
*45
5
129%
13%
12%
57% 5834
74%
73%
129
72
72
40*4
*884
*884
9
9
3134
3284
32%
32'4
33%
5884
60
59%
94%
32%
59%
60
60
87
8<n«
I Ki-righu*.
1,200
47
5
600
2,600
1,700
8,500
4,400
4,000
1,600
44,400
5,900
5,100
1,900
17,200
200
2,400
8,900
10,900
o
<>n(i
pref
..100
Amer Agricultural Chem.. 100
Amer Bosch
American
Do
Magneto
100
100
100
pref
3
Aug
8% Dec
13% May
40
May
8% Feb
16
Feb
89% May
94
Aug
38% July
8% Dee
63
Feb
80% June
2% Deo
3% Deo
11% Deo
83% Deo
8% Deo
31
June
64% Feb
23% Feb
50
Apr
41% May
15% Deo
16
Feb
84% June
66*4 June
87% May
14
Dec
Deo
Deo
23
Oct 17
32
70
Mar 11
60%June 20
36%June 24
38% Aug 26
19% Mar 11
27%June 23
19%June 23
28
June 24
2% Oct 13
484 Dec 1
67% June 21
Jan 10
2
79% Dec
89% Jan 15
66
Feb 7
67% Jan 15
2684 Aug 3
3 % Nov 28
30%May 9
41
Jan 13
7%May 9
12%May 10
101
3
Jan
21% Feb
66% Aug
64*4 Feb
31% Mar
83% Mar
15% Feb
23% Jan
11
Feb
20% May
6% Dee
8% Deo
88%
Feb
17%June 20
24% Jan 13
18
Feb
42
60
Jan 13
50
Feb
Deo
June 21
5
27%May 16
14
32
Nov 28
111
June 21
66% Apr 7
131% Nov 29
110
16% Jan
62% July 18
6
Aug 24
17
Aug 27
14%June 23
1734
Oct 18
50% Nov 15
7%June 21
13%June 21
23
Oct 18
26% Jan 3
11
Sept 2
35
Aug 17
30
June 21
10% Nov 22
%May 25
% Oct 31
27% June.
2
3
61% May,
7% Aug
26
3
14
Mar
9
May 9
24%May 10
15% Nov 29
ll%May 9
21
May 6
30%May 9
70% Jun 10
ll%May 9
19%May 9
37%May 9
__
Feb1 129% Nov
74% Dec
12% Mar
69%
Jan
Aug!
7
May
17
Dec
12% Deo
8%
11
Vv.
23%
Oct
88%
Jan
Feb
July
20% Feb
64% Feb
8% Deo
15
May
25
34
Aug 15
83
June 23
100
Foundry. 100
100
Syndicate. 10
May
22
Deo
Dec
2
6
51
Deo
Jan 20
79
Deo
61
Feb 16
8284 Deo
75
Oct;
45% Deo!
21*4 Deo
72% Deo!
65
June 22
115%June 17
168
May 23
15%June 23
35% July
4
5
June 13
57
Jan
American Linseed
10
100
pref
..100
American Locomotive...—100
Do
pref..
—100
American Safety Razor
Ship A Comm
Amer Smelting A
26
No par
Refining. 100
ir>o
f Less man lUu snare*
a Ba-divideua a d rights.
share and ex-dlvldend (100% In stock Aug. 22).
S
Deo
Deo
Dec
Deo
00
Jan 26
100
Deo
%
84
43%
84%
26%
67%
80
40% Feb
Corp.. 100
24
66% Jan
Aug 29
24% Oct 17
42
pref
1% Feb 9
57% Dec 2
101
Nov 26
Dec
Deo
51
American Ice
American La France F E—
40®4 Deo 1
39% Jan 11
Its Feb 9
14
40
2
8
Amer International
19*4 Jan
62% Feb 171
39%May
American Hide A Leather.100
Do
pref
loo
—100
4
8
6O84 Oct
28% Aug 24
67% Aug 26
26% Aug 29
114
r>rp«
Jan
87
100
rv.
7
18% Deo
80% Feb
60
23%June21
76<4June 25
American Express
Am
Deo
2
—100
pref
Amer Druggists
Do
12
65*4 June
24% Deo
Dec
29% Aug 10
American Cotton Oil..... 100
Do
pref
..100
Do
Feb
3
May
5% Deo
9% Feb
16% Deo
Nov 20
No par
Can
American Car A
Do
83% June
166
Miscellaneous
....100
39%
59
6,800
3,300
8,200
Do
Deo
62
8% Oct 17
Advance
4184 Jan 12
23%May 18
60
05
Western Maryland (nets).. 100
Adams
68%Sept
23% Jan 12
23% Sep v 30
104% Feb 19
88
Jan 28
81% Deo
Jan 19
Mar 11
*56%
323sf
share for share, to stock of Glen Alden Coal Co. at $6 per
1
9
4
6
Mar 11
8c
22
10
18
28
7
17
Dec
7
....100
3
6
25
9
30
2J
76
12% Mar 12
Western Pacific.
69% Oct
July
68% Jan
14%May
74% Nov
9384 Nov
3% Nov
534 Jan
23%May
49% Nov
6% Feb
77% Feb
118
61%Sept
70
Nov
June 20
18
pref——.....100
Nov 20
14% Jan 13
Jan 25
28
89
100
Allis-Chalmers Mfg
9
Bid and asked prices; no saiee on tbia day.
June 21
55
6
64%June 21
100
Allied Chem A Dye
Do
pref
72
33
*<*
Mar 11
3% July 28
100
1,000
3984
71«4
39
*S
2
pref B
20,800
95
9734
95
96
95
96
95%
95
9334
112
*109
109%:
112
112
*110
*110
110% 110% *110
4%'
4%
4%
4%
43g
4%
438
4%
4%
4%
5%
5
53g
6%
5%
5%
6%
6%
484
5%
43
4334
41% 4178
41% 42%
41% 42%
42% 43
84%
Apr 14
pref A
2d
Jan 25
16
Do
Do
.
28%May
83% Mar 11
46
Feb
7
25
Do
99%
57%
72
70
3734
9
100
38%
38%
73
39%
9
31%
58%
173s
9%
*7034
38%
100
100
j
85%
*56
5%
684
5%
5%
5%
5%
129
*128
130
*125
130
*125
12934 131
1234
13%
1234
12%
1134
13%
12%
12%
58
56
56
56%
56% 59%
57%
5684
74
74
71
72%
74%
71%
75%
73%
7084
95
115
23%
38%
110
115
700
3gi
32%
85
I
*%
56%
99%
37%
85%
J
%
*58
89
700
41
*8334
32%
13884 142
142
116% *113
1,000
37
85
32%
91
91%
143% 144%
2,800
3634
60
'
50%
12%;
}
60
Do
900
pref
100
1,400 Wheeling A Lake Erie Ry.100
Do
pref..
100
1,000
.100
2,600 Wisconsin Central
7%
15%
37
60
4,700
100
17,100, Texas A Pacific
100 Twin City Rapid Transit—100
100
37,400 Union Pacific
Do
pref
100
3,200
1,200 United Railways Invest... 100
21%
13%
9
16%
37
3334
*115
*
12%
*11%
85
34%
32%
41%
12%
59
29«4
16
ll%May 10
26
100% Nov 29
5% Jan 26
30
1% Aug 25
2% Aug 25
100
pref
—
19
49
%
85
17
6% Oct 14
63
Aug 24
83
Aug 22
100
Do
100
2,000 Seaboard Air Line
Do
pref
100
3,500
62,000 Southern Pacific Co......100
60
734
15
48%'
32%
86
18
12
30
Mar 11
3484 Dec
35
400
38
84
36%
97
..100
950
8
19
2984' *29
48%
%
53%
50
100
22
*59
1
i
33%
60
84
18%
%
34% Nov 25
17% Aug 26
47%June 21
Do
2d pref
60
1,500
16,800 St Louis-San Fran tr ctfs—100
Preferred A trust ctfs
100
2,000
5,000 St Louis Southwestern
100
Do
pref
100
5,900
35
3%
5
81%
20%
49%
25
38
21
8
60
*33%
31%
4%
6%
%
1
%
54%
53%
99%
99%
36%
36%
25%June 24
10
100
9
22»4May
15% Jan 12
79% Dec 1
100
1
r
14
100
par
Dec
June 14
v t 0
58.100
22%
8
900
600
45
43
23
39
22%
*20%
5984
84
*57
56%
%
%
%
54%
53%
100
100%
36%
36%
40
49
*11%
*36»4
*39%
17%
12
100
Lake Erie A Western
Do
pref.
Industrial
*47
10
59
21
Do
1,400
8,800 Pittsburgh A West Va
62
125% 128%
73
74%
17%
19
61
2334
*30%
7%
22%
15%
9%
22
22%
17%
19%
48«4
12%
37%
3% Nov
11% Mar
16%June
11% Apt
5% Nov
18% Oct
85% Mar
1% Aug
4% Nov
18% Feb
46% Jan
31,400 N Y N H A Hartford..
100
1,400 N Y Ontario A Western...100
99
12,300 Norfolk A Western....... 100
8312 III,600 Northern Pacific.........100
60
34% 24,100 Pennsylvania.
23
100
14,900 Pere Marquette v t c
*33
3%
4%
80%
1984
4934
\
34%
3%
484
81%
484
80%
81%
20
98%
81%
34%
22%
64%
75
3
3%
18%
20%
—
60
48«4
12%
37%
39%
1784
Apr 14
Aug 26
1% Mar 24
Gulf Mob A Nor tr otfs
Do
pref—
Do
pref
4,600
100
6,900 Missouri Pacific trust otfs. 100
Do
pref trust ctfB
26,000
.100
5,300 Nat Rys of Mex 2d pref—100
700 New Orl Tex A Mex v t c-.lOO
31,400
1,900
90
693
60
100
1,300 Louisville A Nashville
4,200 Manhattan Ry guar
100
1,800 Mlnneap A St L (netc)
100
2,600 Minn St P A S 8 Marie.—100
Do
300
pref.
100
14,400 Missouri Kansas A Texas. 100
76
47
38
*30% 38
129% 131% 2128
128%
72%
73%
72%
72%
8%
8%
8%
8%
22
21
21
*21
|
7%
21%
25%
71
*30%
*14
Aug
26%'
73%
42%
4284
34%
July
35
25%
25%
75
22«4
Feb
46
60
25%
*73%
38%
23%
20
2
55% Nov 28
'28
110% Nov
249 May 10
4% Jan 3
7% Jan117
15%May 9
59
26
23%!
4%
25%
54
Feb
46% Nov 26
Great Northern pref
.100
Iron Ore properties.No par
100
54
Feb
'
Nov 29
8
100
64
Nov 12
8
100
120
21% Dee
73
Jan 26
100
Deo
52
59
25%
*73
22%
38%
2
Dec
21
3
64%
26%
39%
77
3% Deo
6% Deo
15% Dec
Feb
64
25%
24
21
June 21
65
25%
38%
2
88%June 21
61%June 14
32%June 23
1684Marll
60
Apr 29
25%
37«4
23%
36%
88% Dec
9984
84%
34%
22%
64%
58%
23%
60
12
99
58
36
32
Septi 14
82%
34%
21%
58
23
June
35
83%
3484
21%
35
43
Deo
98
Jan
>24
ll
99
64
72%
60
Jan112
Jan
ill
110
21
2134
43
8684 Deo
71
21
64
4234
46% Jan 12
Jan
100
Feb
31
14
1
Jan
3,400 Illinois Central
6,300 Interboro Cons Corp..No
Do
pref
l
1,900
6,700 Kansas City Southern
Do
pref.
1,300
3484
6%
2
3
19%
19
6%
—
Feb
June 21
42
100
100
_
Oet
134
47
June 20
60% Apr
95
July
22% Mar
6884 Mar
56%June
49
o
__
104%
Aug
Sept
4
Dec
90«8 Nov
"
109% Deo
June 18
27
go 2d pref.
1st >ref
Highest
Feb
June
14
100
Delaware Lack
7
27%
40%
9%
5%
32
100
pref
Delaware A Hudson
Jan
123% Nov 29
66%May
Deo
282 Dec
22
.100
^Southern
10
Nov 29
Feb
May
4%
7% Nov 29
9%May 9
2Q%May 9
13%
21
34%
73%
42%
42%
% Apr 28
% Apr 28
6%June 23
63
21%
72%
42%
42%
2284
June 20
13
*20%
22%
64%
57%
73%
46
*61
57
43
Colorado
June 20
13%
21%
64%
43
6% preferred
......100
Clev Cin Chic A St Louis.. 100
Do
pref
100
101
63
57
73%
100
Mar 14
6% Sept 30
3% Sept 30
13%
57
75
74%
4284!
preferred
4
47
1st pref..
7,600
58% 5934
112% 112%
6%
*61
62
7%
76
72
Nov
7% Jan
91
2d
63,900
19
*11%
25%
7384
1%
2%
~
99%
1%
4%
38
6%
2%
3%
*70%
100
88
42%May 9
56% Nov 29
14% Jan
Apr 27
30% Mar 11
Do
900
2434
54
112
*73
35
*42
*18%
99%
1%
54%
12%
26%
59%
*10%
26%
57%
65
*40
*6
7
20
100
14
pref...
100
A Western. 50
Duluth 8 8 A Atlantic
100
Do
pref.
100
8,800 Erie
100
4,700
12
77
Do
I
$ per share $ per share
77
Do
2,500
4,900
1,500
11%
17%
12%
22%
75
108% 1093s
111 %
111
12
64
Chicago Great Western...100
Do
100
pref..—.
Chicago Mliw A St Paul—100
Lowest
'
300
5
65
*72
9,000
59
*4
75%
21%
44%
6
34%
75
43%
*4
58%
76
34%
300
5
7434
*63
74%
4
12
99
50
*3
64
8034
77
4
22
*72
77
*68
*3
*69
99
3,000
4,000
2,400
*48
108% 109%
111
111%
111%
3%
58
75%
58%
$ per share
91
Nov
200
61
74%
58%
Chic A East Illinois trust rects
Do
pref trust rects
Chicago A North Western.100
Do
500
pref
100
25,600 Chic Rock Isl A Pao—
100
56%
46%
*3%
00%
75%
58%
*70%
*3%
100
21,200
88%
59
6%
74%
3%
3%
19%
48%
384
75"
80%
34%
99%
80%
881
74%
45%
43
44%
39
2
5984
63%
13%
21%
9984
63%
12%
21%
13%
21%
88%
76%
49
*68
73
6%
73%
61
74
*57
49
38%
7
824
59
70
57
58%
113%
40%
Chesapeake <fc Ohio.
3,000
4,000
7,400
15,700
34
134
12
II,000
113
33%
4%
25%
26
38.300
Certificates of depositCanadian Pacific
100
600
34
33%
87%
75%
48%
87
*110
,
184
12
3
34%
113
4%
24%
25%
56%
2
*110
134
10%
2
113
69%
$ per share
76% Jan" 3
1% Nov 17
6,200
23%
36%
70%
36%
5%
25%
54%
12%
27
25
1%
23%
1%
10%
684
23%
37%
70%
Par
77%June»24
7
4%
24%
22
*68%
18%
22%
36%
70%
Railroads
Year 1920
Highest
Atch Topeka dc Santa Fe-.100
19,500
1,700
73s
1884
1%
10%
56%
7
73g
18%
5«4
25%
54%
21
90%
37%
56%
7%'
18%'
*7
7%
18%
2334
38
7084
184
55
90%
37%
56%
37%
87%
2%
Range JorPreviotu
Lowest
Do
pref
..—100
1,500 Atlanta BJrm A Atlanta...100
2,800 Atlantic Coast Line RR..100
100
20,700 Baltimore & Ohio
Do
pref—
5,200
.....100
3,000 Brooklyn Rapid Transit.. 100
90%
87%
*1%
9O84'
*5%
24%
5484
*9%
110
90
~6% " 6%'
7
7%
19%
23%
21
57
67%
*109% 110%
!
8934
37%
"7%
19%
18%
18%
24
23% 24
23%
2234
38%
37% 38%
37% 38%
3634
69
70%
70
70
70%
09%
71
108
108% 109% 109% *10934 113
*110
33% 33% i
3334
34%
3334 34%
33%
85
86
86
88
87
87
8734
72%
73%! 74% 76®4
75
*75
76%
50%
5034
49
49
49% 50
48%
*68
75
73
*69% 74%
72%
73
46
45
46%
46
45%
44%
45%
*55% 58
*57
57% 58%
*53
55%
54% 55%
*53%
109% 110
*107
110% 110% 109% 110
112
113
112
111
11284
111% 112%
3
3
*2%
3%
3%
3%
*3%
5
*4
*4
5
*3%
12%
12%
1134
12%
11%
11%
12%
18%
18%
18
18%
18%
18%
1784
12%
12% *12
12
*12
12%
12%
75
76%
76
77%
70%
77%
7684
3434
35%
32
33
32%
33%
32%
*5%
6
6
6
*6
*5%
6%
*18%
20,
*18
*18%
20
20
*18%
9734
80
98
100
9984 100
100%
9
j
2
56%'
55%
56
I
*7«4
8%
734
734 f
7%
7%
684
7
6%
6%
6%
6%
12134 12334 xl 19
120%
118% 120
x57
59% 60%
59% 60
57%
7
6%
7%
*6%
7%
....
87
56
8
684.
8%
7%
119% 120%
59%!
59% 60
—
*6%
90%
2
90
38%
56%
4
7%
120%
90%
*86
1%;
37%
55%
7h
9%;
134
38
9
PER SHARE
Sales
SHARE, NOT PER CENT,
July 15
Apr 14
2
6
2
2
2
2
115% Nov 16 j
74% Jan
65%May
33% Dec
92% Dec
151% Dec
2484 Nov
67
Apr
884 Jan
135 May
13%May
59*8 Nov
76
14
26
11
9
18
28
Nov 25
Ill
Dec
Dec
Deo
106«4 July
15% Deo
69% Dec
6%
DOo
95
Feb
6
Dec
35
Dec
37
Aug
28s Mar
3
Mar
62% Sept
92% NOV
63% Jan
92
Jan
95
Jan
Jan
103% Apr
96%
93
Jan
128%
Jan
Jan
61*4
101
Jan
147% Apr
116% Feb
54% Jan
86
16%
175
30%
122
Mar
Jan
Mar
Jan
Jan
63% Mar
Jan
8
73% Nov 26
63
Feb
68
25
23
24
20
20
98%June 20
3% Aug 30
63*sMay 6
11«8 Apr 18
30%
8*4
Deo
Dec
120%
14%
Jan
62% Jan 31
42
Deo
95
Apr
Jan 29
80
Aug
74
Dec
21% Aug
7% Aug
17% Aug
39% Aug
73%June
4% Aug 19
29% Aug 26
*4!.
4 hp
26
Ex-dividend,
93
9784 Dec 2
110% Nov 28
10
Jan 7
14
Jan 20
96% June
44%May
2
29%
Dec
Deo
Deo
87
2
64%
Dec
Dec
b Ex-rights
6%
7%
Jan
99% Jan
109% Apr
107
Mar
17% June
30% JaD
72
Jan
100%
Jan
(June 16) to subeorib*
New York Stock Record—Continued—Page 2
3388
the week of stocks
For sales during
usually inactive, see second preceding page.
NEW
for
On basis of
YORK STOCK
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 26
Nov. 28
Nov. 29
Nov. 30
Dec. 1
Dec. 2
Week
$ per share
S per share
Shares
$ per share
I per share
$ per chare
*86%
~557S ~5~6%
92%
92
92
92
92
56%
54%
56
52*4
87%
33
95%
95%
126%
4612
75l2
*99
102
*99
10012
*96
3i2
3H2
31S
32%
31%
23
23%
23
3%
32
2334
2214
96%
2214
9713
217g
22
3%
5178
55%
*8978
56*4
*90
....
*4%
*9418
...
*4%
*94%
5
96%
84
44%
4384
83%
8334
44%
84%
7
32%
66%
3484
4684
46*4
53
1278
27%
38
38
24%
6334
663g
66%
3414
24%
64%
4
1734
42
37«
1734
4178
34%
4534
*60%
13
27%
37%
2434
64%
4%
19
45%
24%
63%
3%
1734
42%
*21%
23
*21
53
1234
37%
23
6 434
*62
6434
1
1
1
9384
15
95
15%
49
49
48%
95
153g
48%
*99
104
88
I684
*107
67%
33%
46%
34%
33%
45%
34
46%
33%
46
4634
19
19%
7778
"69%
70%
86%
87
*21
*61
*40%
21%
♦60
65
94%
15
"88%
17%
1434
56%
19%
19%
7934
10484 104%
69%
70%
86%
87
10
3484
15
15
Atlantic Petroleum
200
*90
Do
No par
3
100
88
Burns Bros
12%
5,000
2,800
5,800
12%
71
7134
11,800
534
3034
45%
84%
6%
32
65%
33%
46%
66%
3434
473g
4,300
7,800
43%
84%
*50
700
18,800
9,200
9,600
1,000
17,800
52
24%
64%
334
12%
27%
39
27
65%
334
25,100
11,700
16
1634
9.00C
7,200
3,300
300
64%
48
*46
104
*99
4,300
48
104
89%
108%108%
88%
33
33%
9,300
65
64%
66%
29,000
88
88
700
88
7%
163g
1534
143g
14%
48%
*1834
513g
19%
51
5334
19
19%
18
18%
7734
9,200
734
17
14%
18%
7834
7%
18
'78%
78%
7%
136
*70
71
*70
71
71
9%
*69%
*81%
70
82%
70
70
82%
87
31%
81%
3134
3034
81%
29
30
*6%
27
50%
48
27
684
50%
79%
17
7834
11
7934
82
7%
49
79%
15%
78%
10%
4
4
6,600
48,400
1,600
400
15,800
105
85%
21,400
1,600
72%
*60
984
403g
77% 78%
101% 101%
12%
1234
*26%
72%
*60
12%
80
63
38
*834
55
"78%
56%
28
56
13
56%
72*4
113g
72%
12%
11%
61
3%
12%
100
77% 7 3
10%
034
3%
J%
3734 38%
7%
9
*38
39%
75% 77
56%
26
73
10
10
25%
10%
2434
10
42%
46%
43
42%
43%
42%
47
*108
14%
9«4
*99"
109
1434
10
116"
24%
*46
2784
10
48
46%
28%
27%
80%
78%
10%
77%
1034
7984
11%
3734
3734
3734
9
*7%
9%
4%
700
62
73
27
73%
12%
11%
5184
12
53%
23", 500
53
72%
1234
25%
73
73
12%
13
2,400
93,200
28
123g
*24%
3%
11%
8%
4284
90
27
2%
11%
3
11%
*43
44%
33%
33%
8%
41%
8
403g
*85
25%
1C%
4234
46%
28%
2434
984
41%
10
10%
103g
37
38
*11%
*44
33%
8
40%
*85
25%
10
42%
8%
41%
90
103g
36%
25
200
25%
27,100
13,400
pref
100
International
Nickel (The)25
International Paper
100
100
60
Do
stamped pref
Invincible Oil Corp
Iron Products
Corp
No par
Island Oil A Transp v t c._
Jewel Tea, Inc
Do
pref
Jones Bros Tea, Inc
4,400
46%
47%
28
27«4
2834
3,500
10
100
100
100
2
Kennecott Copper
Nov 29
Jan
Jan
Jan
42
Mar
89*4
85%
Jan
Jan
69
Dec
94
Apr
Jan
Jan 11
27
Dec
Jan
7
70
Dec
86%
102*4
34% Nov 25
27
Nov 27
15
Dec
65%
15
Dec
38%
Jan
11%
Dec
20%
Aug
26
Dec
84%
Jan
16%
Jan
50% Dec
Nov 28
82
7%
Jan
Dec
Dec
Deo
6i4 Dec
6% Aug
51%
12%
65%
Dec
29% Mar 12
6
Aug 31
38% Dec
28
13*4 Jan 11
33% Aug 31
67% Aug 22
57
9*8 Dec
4 % Dec
88
Nov
Jan
7
99%June 20
100% Feb 16
110
Jan 29
36
7% Aug 24
Aug 25
63% Jan I1
25% Oct 14
42
100
Nov
Jan
Jan
78% July
46% Apr
116% Sepv
23% Apr
9*4
61%
27
Apr
Apr
Apr
88*8
142%
Apr
115
Jan
Apr
10% Dec
Nov
61*4
111%
Jan
28% Dec
68
Nov
170
Apr
63% Oct 17
Oct 11
6
Jan 18
64
64% Apr 25
11% Aug 24
17
38% Aug 24
67
Aug 25
73*4May 17
54% Dec
11% Dec
38% Dec
5
22% Sept 9
2
Sept 26
5% Aug
17% Jan 11
76
May
May
2
75*8 Nov 14
26
Jan 20
40
Jan 11
27ia Dec
Dec
3
Dec
7% Sept
46*4 Nov
Mar 11
25% Dec
2
17%May
2
18
Dec
4
4
3
6
24
31
70%May
Dec
19
9
34*4 Nov 14
8% Jan
32% Aug
69%
8
4*4 Jan
6
14% Jan
44
12% Nov 22
Jan
4
25
100
No par
94*4
172
85
June 30
4% Oct
Keystone Tire A Rubber-- 10
Lackawanna Steel
100
Dec
Dec
12% Dec
64% Nov
58% Dec
44%
June 20
10
...
Dec
75%
9
Dec
Jan
71
Apr
20*4
Jan
91*4 Mar
79% Jan
47% July
61% Jan
7% July
21*4 Jan
45%
Jan
30
Jan
Nov 19
54%May
94
13
Jan
84
6
Jan 25
Jan
25% Dec
75
Dec
152%
Dec
33%
Apr
14%
106
Jan
Dec
48%
Jan
32
68% Jan 11
45
Dec
91*4
Jan
40
35
Aug
57%
Oct
15% Dec
127% Nov
95
Dec
38%
Jan
207
8% Jan 3
June 23
Jan 3
5*4
3
1907s
Jan
200
Liggett A Myers Tobacco. 100
Do
pref
100
138% Jan 22
67%May 17
29*4 Apr 30
162%Sepl 19
110
Nov 28
4,300
Loew's Incorporated.—No par
7
21% Mar 28
14% Dec
36
14%
Apr
7% Aug 25
12*4 Jan 10
42
Jan 31
9*8 Nov
28
Jan
25
Dec
70
Jan
Mar 11
100
Dec
155
110
14%
400
1,700
157
10934 *107
LacledeGas (St
Louis)
Lee Rubber A Tire
100
No par
17% Jan 14
*10
10%
*10
10%
2,600
Loft
*35%
37
♦35%
37
1,600
Loose-Wiles Biscuit tr ctfs. 100
115
*99
115
*99
115
*99
115
*99
150
152
152
154
150
150
*147
152
151% 153
112
*102
102% *102
112
111
500
4,700
100
1st pref
2d
Kelly-Springfield Tire
Temporary 8% pref
*95
Bid and asked prlees; no aalea on this day.
2,725
Do
39,900
*102
102% *102
Internat Motor Truck.-No por
21,800
10%
47%
47%
143g'
100
pr f
8%
984
14%
Do
Kansas A Gulf
90
43%
150% 153%
33,300
100
Int Mercantile Marine
42%
8
41%
10%
*107
14%
3
n%
44%
33%
*88
4234
28
110
10%
3534
33%
25%
*46
155
45
35,400
100
2%
511%
*43%
33%
*9%
41%
28
2734
3
1134
2434
47
*46
.
37
90
12%
25%
2%
Inspiration Cons Copper.. 20
Agricul Corp
100
Do
pref
100
Internat Harvester (»wto)-.100
Do
pref (new)
100
Internat
Do
1,900
12
114
•
1,200
61
149% 150
*102
8,400
35,000
5
43
79% Dec
16%
72% Nov 29
Nov 29
Aug 20
26%June 24
62%June 23
15
Aug 16
19
July 21
Jan
Deo
78%
83
69
Jan
Jan
19%
Deo
2
10% Jan 11
141% Dec
72
48
30%
71%
95% Nov 15
80% Apr 25
109% Aug 22
9% Aug 24
Refining
12is Dec
1% Dec
32% Dec
61
1
16*4May
13%
*60
5
6
40% Aug 25
13%
...
61
Dec
10%June 21
800
73
69
8
10
19,500
72
78%May
117%May
39% Aug 25
77
Aug 25
100
79%
*25%
Dec
20% Jan 17
5l8 Jan 13
% Oct 19
Houston Oil of Texas
38%
26
10
9% Aug 24
25% Apr 25
86 May
"
78%
26
44*4 May
134% Mar
13
37
60%
Apr
16% Mar
50%June 20
79
60%
Jan
91%
100
40
13%
95
Dec
Hendee Manufacturing
78
12%
5784
Dec
Dec
5
Dec
Hupp Motor Car Corp
Jan
66
Haskell A Barker Car..No par
8,900
Jan
40
II,500
15,300
104
Apr 27
Nov 22
500
9
JaD
Dec
Nov 22
90
June 21
*38
*60
61
4%
38%
*7
Jan
28
10
6
Indiahoma
13
84
25
Guantanamo Sugar
Jan
Apr
147
Dec
100
Jan
Apr
Dec
78
100
85%
9% May
13% Dec
47
Dec
Nov 16
105
Aug 22
7,600
25
59%
Apr
Ap*
Sept
21%
Jan
100
40
Jan 11
60
10,700
II
4
38
78%
11
4%
7734
4
278%
Nov 25
(6%)...100
Do
Deb stock (7%)
100
Goodrich Co (B F)___ No par
900
43*8
Deo
Dec ■605
13,950
17
Dec
90
54
Jos
70
82% Apr 29
100
Apr
107
24%
79% Nov 14
19%May 5
8*4 Aug
Jan
105%
Dec
z35
Copper. .100
Jan
102*4
97
21%
No par
72%
155
*153
155
154% 155
*106
10934 *107
108% 110
14%
14%
14
14%
14%
9%
35%
80%
15%
97*4 Jt»ne
61
Dec
5
3
Do
pref
100
Granby Cons M, 8m A PowlOO
Jan
93% Mar
46% Apr
98
Apr
81% Dec
16% Dec
64
Dec
Gulf States Steel tr ctfs...100
50%
33%
41%
80%
15%
Feb 14
71*4 Dec
16
Doc
52
Dec
21
6
79% Nov 29
June 21
500
7%
12%
43%
*87
80
17
Jan 17
25%M/*y
74*4 July 22
5%June18
21
Sept 30
63
4,100
53%
74
13
33%
89
50%'
8034
27
Aug
59% Nov 25
44% July 21
100
Cananea
7
21*4Apr
3
100
Debenture pref
Greene
8g7t
Dec
Sept
100
pref
General Cigar, Inc
400
Aug
June 28
25
General Asphalt
4,900
12
43%
41«4
4,300
Jan
80
57
Deb stock
27%
60
75
Co
No par
Gaston, W A W, Ino...No par
Do
Dec
100
100
1,700
1,550
92*4
No par
pref
pref
5184
72%
74%
13%
2%
7%
4034
100
Do
Jan
Dec
33% Feb 26
5
Do
65%
511^ Dec
26
Mar23
23
Jan
Do
Jan
Dec
68% Feb 28
3
3
1(1% Oct 14
6% Oct
87
preferred (8%)
100
Federal Mining A Smelting 100
Jan
67
70
91
5
pref
Jan
40*4
44%
34
9
43*4 Apr 29
107% Jan 11
13% Oct
Jan
Do
41%
Dec
Dec
May
62%
90% Nov 28
June 27
77
52
Famous Playere-Lasky.No par
Dec
9
109% Nov
Jan 24
General Motors Corp..No par
82
33%
83
21% Jan
22% Aug 22
49
Aug 25
16
Do
164*4 Mar
111% Apr
21% Jan
50
Nov 26
10% Jan
....
Jan
Mar 26
10
1,600
72
71%
10
95
Nov
7% Nov
8
62% Feb 10
45% Nov 28
59% Jan 11
%8ept 17
50
50
Endlcott-Jobnson
Jan
Nov 30
77% Jan 6
12*4 Aug 26
Elk Horn Coal Corp
46,900
71%
71%
48%
12%
5734
26%
72
t c.no par
v
61%
18
Feb 18
Dome Mines, Ltd
11,800
137% 141%
10%
10%
*15
10
__
General Electric
12%
11%
89
Davison Chemical
400
56
3%
8
10,200
98%
7%
47%
101% *101%
100
Cuban-American Sugar.
500
7%
47%
*60
12%
89
2734 28
152% 152%
26
32
2,200
97,300
47
38%
78%
No par
pref
Free port Texas
26
1134
56%
25%
7134
1134
41%
24%
75
61
12%
34%
884
24%
38%
Do
Fisk Rubber
26
9
5784
*60
12%
44
8%
37%
"12%
*72
11%
33%
40«4
10%
3%
101
"l2"
74
45
*85
77%
100
pref
Cuba Cane Sugar
4,500
68%
67%
26
80%
No par
Do
2,700
102
*94
30
1134
54%
33%
81
*99
82%
73%
45
%
64%
31%
47
Cosden A Co
Crucible Steel of America. 100
10
15%
%
65%
103
100
Jan
22
80
Jan
Jan
JaD
16%
12*4 Jan
Oct 21
Jan
75%
104*4
108%
2
6
32*4May
Jan
46
20%
00
Nov 28
66
Nov 23
60
:
984
15%
%
63%
13534 136
10%
1034
71%
71%
71%
71%
*684
pref
Fisher Body Ohio, pref
*29
*15
Do
Fisher Body Corp
*81%
17
27% Nov 26
13
Jan
Jan
Dec
Dec
24% Dec
59% Dec
34*4 Nov 28
40% Nov
85%
Apr
Dec
4
86
Apr 30
70% Jan 11
21
..
11%
80%
19% Mar 30
19
Feb 24
22
July 29
52 June 20
2% Aug 24
9% Aug 24
28%June 21
129
29%
28%
30%
38% Oct 7
47
Aug 25
9
Mar 9
Jan
Jan
Apr
Dec
Jan 12
96
15
96*4
Dec
8
43% Jan 18
7% Jan
100
pref
950
82
80%
Do
77
30
47
4
3*4 Aug 25
22% Aug 24
67% Aug 24
23
Mar 10
68% Jan
No par
Consolidated Cigar
77
95
*24
Computing-Tab-Record No par
77
9%
15%
69
25%
100
pref
500
31
25
Do
1,400
67%
81
Columbia Graphophone No par
10
82
12%
56%
33%
62%
*98
100
Columbia Gas A Electric. .100
80%
*29
73
3
76%
9%
15%
Colorado Fuel A Iron
31%
85
55
45
8
31
71%
71%
7%
4834
81
No par
*6
28
*684
26
5
Copper...
Chino Copper
Coca Cola
79
28
*24%
3
12
8134
10%
72
7134
8I84
10%
26%
Chile
31%
*80
26
Chicago Pneumatic Tool. .100
85
94
95
13534 136%
32%
100
Cerro de Pasco Copper.No par
Chandler Motor Car...No par
500
69
84%
8134
32%
82%
*15
1034
10%
3%
4
37%
38%
*8%
10
39%
39%
77%
79%
101% 102%
12%
12%
5534
57%
26%
26%
72%
72%
37%
40
26%
684
64%
99%
66%
*93
135% 136%
10%
11%
10
9%
31%
*%
72%
83
*3084
*79%
30%
82%
31
81%
7034
82%
31%
26
10
15%
62%
99%
62%
72
11
137%
11%
100
12,900
6834
105
68
*84
*80
15%
1367g 137%
11%
11®4
Central Leather...
Do
pref
600
33
9%
31%
77
94
...100
1C0
15%
10
77
4,400
14
85
77
143g
88
7%
76%
%
94%
*21
43
22
42%
32%
88
77%
9%
15%
42
63%
33
63
pref
Callahan Zinc-Lead
Dec
9%
55%
49%May 14
85
Nov 29
Jan
Apr
Jan
May
Jan
Feb
114
Dec
Dec
Dec
15*8 Nov
63
Nov
19% Apr 19
74
Nov 22
Nov 16
19%
94
Do
25
Dec
Dec
8
100
53
61%
100
102%
102%
3*4
June 20
19
95
No par
Petroleum
Aug
76
8
June 15
334
17%
66
87% 89
.107% 107%
49
61%
5
California
Jan
96
*6
61%
Jan
California Packing
6
17*4 Nov 21
59
85
*93
100
24
20
22
28
102%
2%
Corn Products Refining...100
*29
*95
8
3% Aug
10%June
7*4 Aug
63% July
96%
Dec
82
19", 900
65%
38%
*99
104
*17%
%
65%
81% Jan
5
10
Dec
99%
Jan 29
14%
102
119% Nov
100
Dec
90
66
10
%
97% Dec
Butte Copper A Zinc v t o.
Caddo Central OilARef No par
Sept
5*4 Jan
8
Jan
92
48%
34% Aug 16
82% Aug 25
85
63%
112
Aug 20
20%
47
6
6
11
29
27
2
28
Continental Can, Inc.....100
Do
pref
.100
33
*99
conv
93% Jan
Butte A Superior Mining..
3,000
12%
2634
*46
18%
77%
79
79%
*105
105
105
105%
68
69%
69%
70
87
86%
87% *85
%
100
8% pref. 100
May
200
*8
%
65
Brooklyn Edison, Inc
18,100
2,100
148%
Jan
Aug
Jan
75
Dec
62%May
Booth Fisheries
5%
Dec
78
41%June 23
87 June 13
90 June 24
800
17%
42
39%June 24
600
5%
7
100
"""966
17
44% Jan
23*4 Apr 29
98% Nov 29
a: 105
Dec
2
Consol Distributors, Ino No par
85
63% 65%
101-2 101%
common..
97%
II684 118
Dec
Dec
Consolidated Gas (N Y)__100
Consolidated Textile
No par
33
*%
3g
64% 65
100% 100%
*61
61%
cum
6%
71%
I,300
13%
15
Do
3
76
16*4June 17
10
Aug 25
104% 104%
*4%
434
96
176%
74%
75*4
Jan
1*4 Oct 1
June 17
18
100
Corp
pref
—
B
125
5,500
16
10%
Class
Dec
100
Do
pref...
Bethlehem Steel
Do
Deo
84
62%June 24
05 June 27
Baldwin Locomotive Wis. 100
13,300
57%
25
Dec
38
Dec
1
1434
54%
934
100
pref
49%
1
77
Sept 27
93%
143g
17%
15
Do
67%
I
10%
934
No par
Dec
Jan
Apr
Jan
Jan
Jan
69%
66%
18
93%
14%
85
15
Fruit
Dec
76% Nov 14
5
91
21%
Dec
107% Mar 23
9
Jan
3
6
Jan
45
100
Oil
1,800
95,100
4
"~fl% To"
Atlantic
55*4 Jan
100
preferred
61*8
30
64%
34%
*76%
2d
Jan
Jan
Jan
Jac
105%
25%
Dec
1
94%
14%
34
*80
85
Do
Jan
June
165%
2
47
65
15
19%
18%
31*4 Aug 25
24
Jan 26
Associated
97*4
210
48% Nov 29
22% Aug 22
pref
*62
7%
7%
25
Do
Atl Gull A W I SS Line...100
1,000
39% Jan 20
11% Nov 22
36
Nov 23
*21%
48
88
89
7%
15%
13%
52%
19%
*17%
7884
103% Nov
100*4 Mar
Jan
283
Dec
Dec
88% Dec
28% Dec
5*4 Dec
3%
1734
42%
23
87%
88
89%
109
107% *106
3234
33
333g
66
63%
65
*88
Feb 21
20% Aug 12
6% S<^Pt 1
118*4 Jan
106*4 Mar
55%
24%
♦46
48
93
...100
pref
Mar
60
100%
37%
1
94%
14%
*%
93%
14%
1
9334
14%
*4584
82% Nov
Jan
65
18%
23
52
12%
2634
39
24%
129% Dec
Feb 21
2
2
2
29
28
25%
66
4
18%
47%
21%
*24%
63%
3%
4
18%
43
50%
12%
2634
3
67
6,900
52%
86
110
100
Woolen
Nov
92% May
104% Dec
85% May
119% Nov 21
38
37%
37%
24%
6334
.
12%
27%
12%
26%
12%
27
3734
24%
63%
334
18%
42%
55
*52
53
*8
*7
34
*80
473g
1234
26%
33
8
6%
66%
7%
*99
88
5%
4334
84
66%
33%
65
19
*82%
31
66
*17%
77%
42%
84
64%
33%
7%
I684
14%
51%
19%
*17%
7734
43
84
30%
33%
1734
15
56%
42 84
12%
71%
6<
65
87
70
66%
34%
8%
71%
*71
16%
12%
5%
16%
31%
65%
86
5%
5%
17
13
5%
16%
12%
6
3384
778
17%
1434
54%
104% *102% 104%
4%
4%
5
96%
*94%
96% *94
115
117% 116% 118
104
Aug 27
97% Dec
12,400
1,300
105
5534
66
65
86
56
....
30%
107
109
*107
109
55%
*90
—
32
634
31%
%
903g
88
55%
5484
104
*99
88%
z943g
52
*90
134% Dec
31%
223g
22%
9534
21%
98%
29% Nov 17
95% Jan 3
Anaconda Copper Mining. 50
Associated Dry Goods
100
Do
1st preferred
100
600
223g
21
zl05
96%
5%
1
94%
14%
22%
21
52
"119%
117
*52
53
26%
22%
115
400
600
30%
97%
5,000
107% Jan 27
88
Mar
1
lll%June 21
Amer Writing Paper pref. .100
Amer Zinc, Lead & Smelt. 25
200
32,300
47% Oct 19
67% Oct 18
100
2%
31
52
1,900
80
2
2%
30
*103
85
4378
83%
46i4
5278
12%
27%
2%
700
96
Teieg-.IOO
common
Do
200
Jan 11
63
pref (new)...
100
Class B... 100
Amer
1C2
99
52
73%
4334
684
*73%
4%
13
'73%
31%
*74
77
100
Do
100
pref
Do
26,100
76%
77
76
Do
20,159
.
ctfs
American Sugar Refining-. 100
2,900
129%
110
5
72%
43%
7234
34
96%
5%
17
13%
73i8
6*4
32
35,400
100
126
52
....
*93%
13%
6578
5434
*90
*4%
73
6*4
3184
52%
56%
104% 104%
5
5%
17%
13%
SI4
17%
98%
"52%
21*4
96%
117% 119%
5%
5%
17
1734
13%
13%
118
116
*96
*103
104% 105
104
104
23
97%
52%
56%
52%
55%
52
2934
223g
2184
32%
22%
2134
104
104
110
*103
3
Dec
16,600
97%
*74
99%
3%
3134
22%
21%
98%
99%
2%
101
3
31
65
American Tobacco....
*98
75
Apr
Amer Sumatra Tobacco...100
126% 126%
80
80%
75%
75
Jan
142%
Arner Telephone &
131
97%
75%
76
75%
74
93%
Dec
Dec
18,000
*73%
76
Dec
82%
97%
12,100
74%
*73
76
79%
32%
33%
115% 116%
131% 134%
48
37
26
2
4,400
74%
455s
75%
100
125% 127%
79%
80%
2
Jan 18
56
1163g 11634
130
Dec
86%
46%
11%
11%
44
*95
130% 132
95% 97
126% 127%
2
35
92*4 Dec
85
45%
4634
28
28
*35
*70
127%
8434
30%
115%
87%
Dec
Aug 24
Aug 27
55
80%
81%
80
82%
106
*103
104% *103
105
103% 103% *103
*25
28
28
26%
26% *26
26% 28
11%
11%
11
11%
11%
11%
11%
11%
*35
36
3534
3534
♦35
37
36
36
46%
47
45% 46%
45%
46%
4534
46%
45%
45%
45%
45%
47
45%
48
48%
80%
82%
103% 103%
11
35%
85
31% 3234
116% 116%
53%
*83%
31%
54%
85%
31%
116%
131%
88
18
Am Steel Fdry tern ctfs-33
1,200
9234
92 %
Highest
$ per share $ per that*
83
Mav
61
Dec
78
200
21,400
84%
32%
92%
$ per share
1-3
88
35
Pre! tem
Highest
$ per share
100
88
32%
5534
3134
124
28
11
3134
88
Year 1920
Lowest
Lowest
Indus. 3c Misceli. (Con.) Par
Am Smelt Secur pre! eer A. 100
88
323g
92%
*86%
31%
116% 117%
127% 1297g
105
*26
8734
32%
87%
31% 33%
116% 117%
12512 12712
94%
94*4
12214 124l2
7914
8078
*103
*8684
31%
32
87i2
85
*86%
32
55
31*4
88
31%
92
3H2
SHARE
Range for Previous
lOO-share lot*
EXCHANGE
Scaur day
$ per share
87
87
PER
SHARE
PER
Range Since Jan. 1
STOCKS
Salts
SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICE—PER
Do
115
111
| Less than 100 shares.
"4",300
100
Ex-rights,
Incorporated
2d
©referred
Lorillard (P)
Do
pref
a
Ex-dlv. and rights.
No par
100
100
97% Jan
10 June
30
Aug 25
94%June 23
136
Feb 3
100
164% Feb 28
• Par value
Jan
120ia Dec
115%
183*4
Dec
110%
Jan
97
100
$100.
0 Old
stock.
»
Jan
Ex-divldend.
Jan
New York Stock
For tales
2389
Record—Concluded—Page 3
during the week of stocks usually la act ire, see third preceding page
PER SHARE
PER SHARE
Sales
STOCKS
Range Since Jan. 1
Range for Previous
for
BIOH AND LOW SALE PRICE—PER
SHARE, HOT PER CENT.
NEW YORK STOCK
On basis of 100share lots
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 26
Nov. 28
Nov. 29
Nov. 30
Dec. 1
Dec. 2
Week
$ per share
$ per share
$ per share
*73
90
Shares
8 per share
f
per
share
$
*72%
8912
*72lz
90
♦57
59
60
60
*28%
28%
29
2814
901a
28
28%
28*8
28ls
90
105
*73
90
*73
89%
70
*62%
*62%
64%
62
62
27
27
28
27%
27%
2814
90%
26%
26%
*26
28
66
27
28
26%
27%
27
28
89
89
89
90
91
H4i2ll6i2l 114i2116
-25%
25h
25%
15%
1534
15
25
2514
56
56
♦95
99
24%
56%
9834
14%
2578
15%
25%
56%
98%
15%
13
13
122
122
15
1512
123s
12%
12438 124%
117
90
90
90% 91
*103ia 100% ♦103l2 108%
105
115%1167g
*110
per share
*7212
*6212
I
25%
25%
15
15%
24% 25%
*56% 60
99% 100
14%
1284
13%
122% 124%
*26%
28%
112% 112% *111
*25
*25% 28
♦65
74
*63
; 2%
2%
4134
417«
*90
■
94
*81
*63
2%
4284
1%
4134
95
81
107
,
73
*91
82
*105
1%
42%
15
81
*91
81%
105% 105%
107
*63
14%
13%
60
34%
34%
337g
337#
3384
56
56
1384
60%
34%
5634
42%
407g
27
1284
3%
42
43
40»4
26%
*12%
41
26%
27
13
3%
14%
*12%
3%
3%
15
8%
1484
8%
8%
3%
15
15
15%
8%
2734
28
7%
734
8%
8
64%
45%
46
64%
44%
64%
4584
51%
52%
47%;
47
11
10%
27
47
27
10%
IO84
10%
58
58%
343g
57
33%
32
33
31%
13%
32%
13%
70%
59
91
15%
137g
14%
33
33
13%
14
72
72%
60
'
597g
*90
15%
63%
■
65
"24%
24%
*60
64
109
-
109%
30%
36%
50%
96
7%
4634
137g
*134
*9%
2%
14
2
11%
2%
65
24%
6334
237g
*36
<
37
59
59
58
58
91
91
90%
*90
91
15%
65%
90%
24%
15%
6784
90%
25
66%
59%
90%
15%
68%
90
90
25
25
64
*60
64
109
110
*105%
14%
2434
22%
50%
86
7%
45%
13%
1«4
*9%
2%
60%
23%
*35
40
*39
76
75
78
79
*23%
31
24
3134
75%
757g
*96
105
334
4
8%
934
8%
10%
46%
46%
29%
59%
97g
33%
♦71%
30%
60%
8534
10%
33%
73%
207g
-
21%
*84
-
*25%
26
72% 72%
122% 125%
53
53%
18
177g
52
57
*6%
7
11%
12
3984
40%
*70
90
57
49«4
57,
-
48%
23
88%
173%
11134
78
*23
31
75%
*95
334
8%
10
45%
29%
5984
85
9%
33%
73
20%
*25%
72%
122
51%
17%
57%
6%
1134
39%
*74
5634
49
95
95
96
33%
*42%
83%
33%
43%
83%
112%
59%
10%
32%
32%
34
112%
58%
10%
32%
32%
15
111
23%
178%
11134 11134
33
109
40
175
30%
13%
*60
23%
91%
10%
70%
*74
89
13%
10%
70%
14%
24%
*85%
*7%
46%
:
11
72
91%
4984
45%
52%
47%
71
'
-
44%
51%
47%
13%
92
24
65
58
~14%
'<
64%
3384
31%
14%
35%
14%
29«4
3584
24%
9%
33
307g
367g
*21
8%
28
*42%
8334
112%
6884
10%
30%
29
30%
36%
94%
36
30%
39%
93«4
73
123%
73
123% 124%
15
67
1434
67%
89
89
25
25
25
25
25%
24%
*60
64
108«4 109%
29% 29%
38% 3934
57
57%
4934
4934
96
97%
34
34%
43%
84%
112%
60
42%
*82%
90
59
50%
97%
34%
42%
8334
112% 112%
59%
60%
9%
10%
31%
32%
32
*30
31%
75
7
7%
64
63%
90%
91
96
95
95
48%
38%
I384
11%
47%
48%
3884
13%
11
*11
5
5%
26
29%
25%
29%
123% 123%
*112
43
47%
38%
13%
13%
11
♦93
7%
63%
90%
96
51%
6%
48
49
14%
14%
I84
134
10
*2%
58%
24
37%
22%
40
74%
90%
186
"7", 900
2,500
1,000
1,700
3,800
50,100
42,900
2,000
4,800
6,000
7,500
7,100
14,500
10,800
4,700
63,500
2,200
12,500
600
30%
112%
58%
10%
31%
29%
82%
II284
60
10%
31%
30%
73
73
*71
85%
7
7%
7
90
300
700
9%
58%
4984
97%
34
*42%
83
113%
69%
103
334
8%
10%
46
2984
90
10%
4,800
74
72
72
85*4
8534
7%
8534
7%
4 ,500
6,000
28,700
45,900
19,000
7,300
9,000
43,000
6,200
1,700
1,600
9434
91%
9484
47%
48%
8,700
1,700
6,000
3,000
32,600
3,500
12%
1034
5%
28
5
5%
26%
*29%
121
*38
39
12%
12%
11
12%
5
5%
26
29%
1
27% 27%
25%
*29% 30
30
29%
123
*121
123
123% *122
*112
*112
___
300
900
„
44
43
44
43
43
78
79
80
81
*80%
85
*81
90
*81
80
*81
87
69
69
69
69
70
*60
70
*64
70
68
68
800
9
o
9
p
J7
9
9
0
9
0
1,400
.
S*4
v
884
^
"
9
8%
9
cr
834
•Bid and asked prices: no sale on this day.
8<4
ov4
42%
42%]
43%
| Leas than 100 shares.
44%
14% Nov 30
12% Nov 22
102
Jan 4
105
Aug 25
15
Sent 13
44% Oct 18
%Sept 19
26
Aug 25
89 June 11
67% July 28
100 June 20
Jan 26
45
32%
31%
20%
8%
Aug 31
Aug 31
Nov 9
Mar 8
8
3 Ex-rights,
9
82% Nov 16
4
14% Nov 28
May
89
Feb 19
39
19
18
22
21
Deo
40
Mar
40
Mar
125
Jan
103% July
25% Deo
59% Deo
116
Jan
102%
Jan
2
Deo
13
Apr
45
Nov
88
Nov
63% Deo
100
Deo
8
Nov
66
Deo
16% Deo
par
100
100
25
25
29
22% Apr
5% Mar
28% Sept
417g Jan
14
25
19
12
25
17
27
20
3
26
64% Jan
19% Jan
65% Nov
47% Oct
79% Feb
71% Jan
13% Oct
Aug
June 17
Oct
5
Mar 12
Dec
1
40% Oct 17
10% Aug 20
1% Oct 17
8% Oct 6
2% Oct 18
6434 Nov 30
12*4 Mar 11
30% Oct 6
10% Aug 25
32%June 29
68%June 29
67%June 24
124%June 13
105% Jan 3
60
Sept 23
June
6
25% Aug 24
42% Jan 3
Jan
5
Oct 17
3% Aug 10
0% Aug 20
June 21
29
10
15% Aug 24
45
Mar 22
100
.100
Telegraph. 100
Westlnghouae Air Brake
60
Westlngbouse Eleo A Mfg. 50
White Motor..
60
White OU Corporation.No par
Wickwlre Spencer Steel
5
Willys-Overland (The).... 25
Do
pref (nets).
100
Wilson A Co. Inc, v t c.No par
—..
Wool worth Co (F
prefB............100
Wright Aeronautical...no par
TT
vuiwuuwu»..i*v
Fur
Ex-dlv.
Jan
-*->«*
-
30% Apr
25
(The)
-
2
Nov 22
Dec
17%June 20
18 June 21
41%June 23
75% Oct 20
3
»
"77% "Jan
24% Oct 14
21% Aug 25
67
July 28
98
Apr 21
83
61
Dec
89% Aug 24
21
Jan
Jan
Jan
Deo
16
Mar 29
Jan 11
11
8
4
28
17
12
27
Jan 17
17
23
Nov
12
Dec
*42% Deo
10% Deo
41% May
35
Deo
69% Dec
64% Deo
6% Deo
59% Nov 22
35% Jan 11
31% Nov 19
42%May 2
27
Aug
80% Dec
26% Deo
15
Deo
Mar 28
59
Deo
14% Nov 29
9
Deo
7
72
Deo
61%
83
Feb
Deo
88
78
Jan
3
91
Nov 25
16%May 6
64%May
Deo
£2
Jan
17%
117%
48%
9
4
27
par
110
2% Deo
89
20% Oct 11
54
Jan 15
100
Jan
89% Jan
102% Jan
93% Apr
•
Deo
5
80
35% Deo
12
11
100%
Dec
96
90% Deo
No par
and rights.
124% Nov 26
120
Jan 20
35% Jan 18
79%May 16
5
Jan 10
05
Feb 14
93
12% Deo
25% Deo
72
United Retail Stores..No par
U S Cast Iron Pipe A Fdy.100
a Ex-div.
4
Jan 24
United Fruit
Do
Jan
Jan
Jan
Jan
Jan 24
Texas Pacific Coal A OU..
Western Union
2
Jan
May
57%May
44% Nov
41% Nov
71%
52%
69%
Aug
26
6% Aug 22
30% Aug 22
52
July 16
82% Jan 8
12% Mar 15
100
pref
May
Mar
10
28% Deo
47% Deo
96
Superior Oil
.No par
Tenn Copp A C tr ctfs.No par
Do
Nov 29
25
95
Jan
7
9% Aug 26
21
Nov 30
80
108
26
8
6%June
33% Jan
26% Aug
10
100
Jan
Jan
14% Deo
Jan
24*4 Nov
7% Nov
40% Jan
27% Mar
38% Aug
34% Aug
6
16% Nov 21
33% Jan 4
61
107
222
12% Jan
l%May 31
14
-
137% Apr
Oct
104
pref..
Texas Company
Mar 31
9
47% Aug 17
20% Feb 9
Dec
Deo
64% Mar
151% Apr
Aug
95%
148
Aug 25
W)
100
pref..
100
8,000 Worthlngton P A M r t0—100
Do
400
pref A—........—100
1,0 0
*67
43%
Aug 25
92% Oct 15
65
Nov
167% Jan
26
Deo
June 22
Do
*112
43
105
.
83
pref non voting... 100
Submarine Boat.
Mar 18
95
84% Aug 25
15% Jan 3
10
July 20
22 June 21
56
63% Deo
48
10
100
1,300 Utah Securities v t c
14,100 Vanadium Corp.......No par
100
3,700 Virginia-Carolina Chem
Do
500
pref
.—100
100
1,000 Virginia Iron, C A C
—.No par
3,600 Vlvadou (V)
.100
1,000 Wells Fargo Express
66
38
89% Feb
30% Nov
93% Apr
500
91
13%
11%
6
"
Highest
$ per share 9 per share
66
Deo
69% Jan
"
100
2,000 Union Bag A Paper Corp.. 100
No par
15,100 Union Oil..
No par
700 United Alloy Steel
100
1,900 United Drug
66
38
Oct
12% Aug 16
65% Jan 4
Dec
—100
......
Savage Arms Corp
.100
Saxon Motor Car Corp.No par
Do
21
28
91%
12%
....100
62
70%June 28
6
Aug 25
65
11
pref
Sept 22
7
Transue A Williams St.No par
400
90%
38
Do
100
70
June
17,700
65
13
Pittsburgh Coal of Pa
Lowest
$ per share
55
Tobacco Products Corp... 100
Do
pref
100
Transcontinental OU...No par
90%
38%
13%
Do
pref......
...100
Pierce OH Corporation.... 26
Do
pref..
100
Do
~
64
47%
3884
12%
IO84
5%
People's G L A C (Chic)..100
Philadelphia Co (PIttsb).. 50
Phillips Petroleum
No par
Plerce-Arrow M Car...No par
10,900 Studebaker Corp (The)—.100
64
"47%
50
Do
Class B
60
Panhandle Prod A Ref. .no par
Penn-Seaboard St'l v 10 No par
...
10
33%
30%
96
Pan-Am Pet A Trans
400 Steel A Tube of Am pref..100
1,000 Stewart-Warn Sp Corp .No par
3,100 StrombergCarburetor. .No par
90%
*93
Paclflo Oil..
100
800 U S Express
0,200 U S Food Products Corp.. 100
39,600 U 8 Industrial Alcohol....100
Do
pref.
100
92
200 U S Realty A ImprovementlOO
59%
5134 26,900 United States Rubber...—100
Do
1st pref
.....100
1,300
97%
1,600 U S Smelting, Ref A M... 60
34%
Do
300
pref..
60
43%
84
84.300 United States Steel Corp.. 100
Do
pref
100
4,100
113*8
10
0084 17,100 Utah Copper..
*9%
3134
2834
7%
100
27,600 Standard OU of N J
77%
*86
Pacific Development.....
Pacific Gas A Electric
..No par
1,700 Replogle Steel
25,100 Republic Iron A Steel.....100
Do
800
pref
100
1,900 Republic Motor Truek.No par
26,500 Royal Dutch Co (N Y shares).
10
1,000 St Joseph Lead
700 San Cecilia Sugar v t c.No par
32
76%
8
1
1,800 Producers & Refiners Corp.50
100 PubUc Service Corp of N J. 100
100
9,050 Pullman Company
60
12,100 Punta Alegre Sugar
25
55,300 Pure Oil (The).*
100
2,600 Railway Steel Spring
Do
100
pref
.100
10,200 Ray Consolidated Copper. 10
2,300 Remington Typewriter v 10100
234
192
5
Otis Steel............No par
Owens Bottle
25
1,700 Pond Creek Coal
7,000 Pressed Steel Car
Do
900
pref
23%
334
Oklahoma Prod A Ref of Am
6O84 111,500 Sears, Roebuck <fc Co
No
24% 16,700 Seneca Copper
38
3,600 Shell Transp A Trading
22% 36,100 Sinclair Cons Oil Corp.No
1,600 Sloss-Sheffleld Steel A Iron
41%
Do
400
pref
„
74%
92
18,500 Standard oU of Cal
2384
10%
*45%
2834
59%
100
.—.100
5,100 Orpheura Circuit, Inc
112% 112%
*75%
80%
*96
.........100
pref
...
10
42%
82
47%
♦112
91
6%
42%
97
47%
25%
29% 29%
122% 123
54%
91
*32%
57%
48%
48
5%
27%
24
56% 59%
49% 49%
97% 97%
34% 34%
42% 42%
82% 83
H284 13%
58% 5934
10%
10%
31%
31%
29% 30%
*80
86
43
23
57%
50
97%
34
7
12%
39%
*80
27
*82
*6%
90
"14%
*80
54%
*70
*117
14%
25
90
123
54%
*6%
11%
35%
*83
26% 26%
*29
29%
*122% 125
*107
7
11%
37%
122
71
56
31
4%
64
108% 109%
2934
30%
37%
90% 92
30
69% 69%
122% 123
52% 5234
17%
17%
*55
55%
*6%
7
10«4
II84
35% 37%
69%
55
86
6
60
109
29%
38%
8834
Do
.50
10,900 North American Co
Do
pref..........—..50
2,600
1,800 Nova Scotia Steel A Coal..100
Nunnally Co. (The)...No par
15
*33%
34*4
72%
72%
19%
20%
*24% 26
7084
71%
12384 126
52%
53%
18
17«4
55%
55%
6%
6%
11
10%
36% 3734
18%
75
5%
60
108
pref
National Lead
9,100 Nevada Consol Copper
5
..100
2,300 New York Air Brake
1,300 New York Dock.........100
Do
400
pref
.100
89
53%
40
300
68
89
18
11%
37%
"T.ioo
91
64%
51%
|
38%
91
*14%
18%
7
11
91
15
53
75
-
91
91
18%
*82
47%
38%
1312
59%
67
52
7
*93
00%
1434
18%
57%
6%
1134
10%
32%
*63
59
70%
6I84
64%
*88
53
76
6484
70
.
73
Do
95
70
.
86
:
*91
-
7
90%
*66
....
76
*63
95
39%
92
92
9334
90
*105
*105%
105% *106
14%
14%
1438
14% 14%
14%
14%
24
25%
24% 24%
24% 24%
24%
23
23
2284 *21% 24
*21% 23%
51
50% 51%
49%
4934 50%
50%
88
88%
90
90
88
8934
89'4
5
6
7%
7%
7%
0%
7
46
46%
45% 46%
49%
46% 46«4
14
1384
1384
13%
1384
*1334
14
' 1%
*134
2
134
134
I84
134
11
11
10% 10%
*9%
*9%
11
2*4
*2%
2%
*2%
2%
2%
2%
63%
56% 61%
5434
50% 58%!
57%
24%
22% 2384
22% 23%
22% 23
36%
35% 35%
36%
3684 37
38%
23%! 2284 23
22% 23 I
22% 22%
40
39% 39% *39
38% 38%'
3934
75
74
74
78
7434 74*4 *73
j
87
88%
89
88% 907g
8884 9134
17434 175
178
17884 187%
17434 179
112
11184 112
11134 112
11134 112%
79
*75% 80%
*75% 80%
*75%
80%
23% *23% 24
23% 23%
2334 2384
31%
30% 31%
30% 30%
30% 30%
77%
76%
77h
75% 76%
75%
76%
105
*96
*96
*96
103
103
102%
3%
3%
3%
3%
3%1
3%
3%
8%
8%
8%
734
8%!
*7%
8
10
10%
10%
10%
10%
10%
10%
45
46%
45% 46%
45%
45% 46
30 1
2 8*4
29% 29%
28% 29 I
29*4
60%
59% 60%
59%. 59%' *59% 59%
87
88
*86
85% I *86
87
90
10%
9%
10
9%
10%
9%
9%
34
34
33%
34
33% 33% *33
72
74%
72
73
72% 73
7434
21%
20% 20%
19% 20%
1984 20%
25
2584
26
25
25% 2534 *25
*82
.
95
57
3334
*89
1
8%
47%
1084
1084
58%
34%
33
14%
34%
13%
71%
*1034
26%
1284
3
*7%
64%
27
*90
81
80
81%
81%
81%
81%
*105
109
106% 106% *104
109
13% 13%1
13% 13»4
1384
14
60
60%
*60
60%
60% 60%
33
33%
32% 32%
*31% 33%
*53
56
56
*53
56«4
5684
42% 44%
42% 42%
43% 44%
40% 41%
40% 40%
40% 41
25
25
25%
25%' *24
25%
*11
12
12% *11
12%
*11%
3
3%
3%
3%
3%
3%
15
14
15
14%
15
14%
8
8
8
8
8%
*27
28
*27
28
27%
27%
8%
8%
8%
8%
8%
8%
64
64% 64%
64% 64%
04%
44% 4584
44% 45%
45%
40
50% 51%
4934 51»4
51%
51%
46%
46%
45% 47
4684 47
12%
12%
12% 13%
12%
12%
10
10
9%
10
10%
10%
56
56
56
56%
57%
56%
33% 33%
32% 33%
33%* 34
30%
31%
29% 31
31% 32
13% 1334
13%
13%
13%
1434
32% 33%
32% 33
32%
34%
13%
13%
12% 13%
13%
13%
60
*11
41%
*91
14
417g
40%
267g
1%
81%
60
*53
*103% 106% *103% 106%
110% 112% 111% 113% 166,700 Mexican Petroleum.......100
25% 25%
25% 26
5
6,900 Miami Copper...........
14%
15%
14%
15
78,900 Middle States Oil Corp... 10
24% 25%
25% 29% 50,850 Mldvale Steel A Ordnance. 50
61
59%
..100
59% *59
60%
1,200 Montana Power....
*99
100
Do
100
800
pref....
9934
9984
.....100
14%
14%
15%
14%
15%
14,600 MontWard&CoIllaCorp No par
*12%
13
13
1234-13
50
1,700 National Acme......
*121
122
123
124% 123
100
1,000 National Biscuit.
*110
117
114
Do
117
114'
700
pref
.....100
27
*25% 27
25% 27
400 National Cloak A Suit....100
*64
72
*64
Do
72
72
pref..
100
1%
1%
1%
1%
1% "2^800 Nat Conduit A Cable. .No par
42
*41% 42%
4234
42%
4,000 Nat Enam'g A Stamp'g..l00
95
107
14%
57
121
73
59
42%
40%
100
14%
*12%
*25
14
42%
40%
57
27
43
59% Jan
100
100
100
1,400 Manati Sugar
no par
5,400 Marland Oil....
2,300 May Department Stores..100
Do
100
pref
100
—
*112
1%
$ per share
Companies..
pref...
Do
Year 1920
Highest
Indus. 5c Mlscell. (Con.) Par
Mackay
""200
10934 114
25% 25V
14%
15%
24% 24%
117
58
*54
89
Lowest
June 25
57
Sept 10
15% Aug 25
Nov
65
Jan
78
Jan
61%
Jan
417* Dec
116% Apr
111% Apr
86%
Apr
45
Oet
42% Jan
44% July
827* Jan
108% Jan
23% Jan
98
Jan
72% Sept
91% Jan
27% Jan
113% Apr
104% Feb
14
70%Mayl9
52
Deo
68
114% Nov 17
51% Jan 11
95% Deo
124
40
120
39% Nov 29
29% Deo
28
109
Mar 3
15 May 11
38%May U
89% Jan 12
73% Jan 13
96% Mar 2
24% Jan 25
69%May 5
14% Dec 2
94% Nov
73
Deo
Dec
92% May
10
Nov
Jan
94
Jan
30
Deo
93% July
65% Deo
124% Jan
106% Jan
65% Jan
123% May
177* Apr
25% June
83% Apr
21% Jan
84
Deo
16% Dec
49% Dec
10
Deo
6% Apr 30
98% Jan 3
25% Nov 17
2% Deo
85% Deo
14% Oct
33% Deo
9
28%May
56
75
Dec
6
20
Deo
43
Dec
9
76
Deo
92% Nov 11
192
Deo 2
113% Nov 23
82
Feb 7
37
Jan 24
46
9
Jan 11
Nov
Apr 30
93% Apr 29
Nov 25
103
10% Jan 7
13% Jan 11
10% Apr 26
47
Nov 14
86% Jan 21
72 Sept 13
91
Jan 13
13
Apr 25
44% Apr 25
75
Jan 13
26%May 19
34
Jan 4
Nov
107
22%
2% Deo
May
Apr
Jan
Apr
607*
106%
24% Deo
5% Feb 16
23% Jan 11
49
Jan
Mar
243
Apr
23% Nov
90% Jan
48% Jan
82% Jan
94% Apr
*142% Deo *212% Mar
113% Mar
100% June
77
Deo
91% June
24% Deo
51% Mar
22% Deo
118% Apr
126% Apr
37% Deo
76
Deo
101% Jan
14
Oct
8% Deo
20% Sept
11% Deo
6% Dee
13% Mar
40
Deo
22
Deo
46
Deo
80
Dec
*67% Jan
63% July
96% Jan
106
Jan
38%
661*
5% Deo
34% Deo
61% Deo
19% Deo
27% Dec
127
Jan
Jan
Apr
Jan
"
38
19
June
53
Jan
46
Sept 13
106
Jan 19
91
Dec
148
Jan
*95%June 20
46% Aug 22
11% Jan 3
38
Aug 25
6%June 20
8% Sept 23
35% Nov 30
84
July 29
41% Mar 11
40% Aug 27
74
Aug 27
207
Jan
7
176
Feb
2247* Oct
96% Jan
26% Jan
55% Apr
377* Apr
78% Jan
26
Apr
37
8
1
9
Aug
70%June23
105
June 21
41% Aug 25
7
Aug
5
25%June 21
20% July 30
57% July 30
59
Aug 17
6% Mar 11
49% Jan 4
76
Aug 10
81% Sept 8
38% Aug 22
29%June 23
7
July 16
8% Nov 17
4% Nov 28
23
Aug 26
27% Nov 14
106
Aug 25
105 June 24
30% Aug 26
70% Aug 15
64
Aug 8
vgtf uuv wv
6%June 23
62%May 23
19 May 6
67% Nov 28
7
Jan 13
45% Dec
10% Nov
27% Jan 19
15
74%May
102
Mar
116%
Jan
90
103%
69%
143%
116%
Jan
Apr
76
Jan
102% Jan 18
95
Jan 25
9%May 11
72
Jan 20
12
96% Jan 14
49% Mar 29
44 May 2
Apr
17% Jan 8
18% Jan 11
10%May 4
42 May 3
7
3
113% Nov 4
55%May 5
81
Feb U
70
Nov 29
9% Nov 5
47
Jan
Nov
v
o *
Reduced to basis of
Dec
56% Deo
8
42% Jan 11
126
Deo
6% Deo
3
69% Dec 1
79% Apr 30
103% Jan 4
86% Jan 27
44% Jan 3
86%May 6
113% Dec 2
60% Dec 2
12% Mar 17
41
Jan 11
94
38
Aug
35% Nov
63
Deo
95% Deo
Jan
Jan
29
Deo
39%
76%
104%
44%
Deo
Dec
Deo
Deo
17
Aug
14
Oct
28% Deo
24% Deo
88% Deo
76
Feb
5% Deo
46% Nov
80% July
89% Nov
97
Apr
40
Deo
30% Dec
13% Deo
19
Nov
6% Dec
26
Deo
47% Mar
109
Jan
115%
80%
Jan
Jan
80%
Apr
112% Jan
120% Sept
21
June
76
Mar
92%
119
Oct
Jan
55% Jan
69% Mar
25% Oct
82% Sept
82
Jan
93
Jan
82%
Jan
34% Deo
June
146
Deo
116
Apr
Jan
95
Jan
93%
Jan
Jan
100
102
35% Dec
73
Deo
53% Deo
76
L—
$26 par.
Par
$100.
2390
Exchange method o quoting
1909
1-31
EXCHANGE
|
Range or
Since
Last Sals
Jan. 1
Ask Low
Bid
Government.
ol 1932 1947
1947—
4 )4% of 1932
conv
D
96.46 Sale
J
4% of 1932 1947
Conv 4)4%
2d
D
97 20 Sale <
J
D
97.64 Sale
95.90
J
D
97.44 Sale
,97 49
6 00
Of 1928
Fou th Liberty Loan—
Pan Canal
97 70 10M2
85.30 95.54
96.86
97 88 Sale
95.88
D 100.00 Sale
99.34
99 98 Sale
99 94
100 00 13565 95.56 100 00
100.00 2263 95.80 99.98
D
100
J
ioiu
F
10412
10412
101%
J00
100
99
100
July'18
100*4 10114
76i2
1961 Q M
Canal 8a g—.
...
7612
1961 Q M
m
2.5-year s f deb 6 Kb
19461J
Car Clinch A Ohio 1st 30-yr 6s.38 J
J
F
A
Craig Valley 1st g
9278 108*2
105
A
97% Sale
A
10212 Sale
1015s
O
100*4 Sale
9978
102*4 Sale
100*4
D t
43
106*4
234
875s
96*4
95
97*4
335
92
104
179
99
101
103'2 1029 100*2 103
45
67
108
49
110
40 H
49
9434 108
72
90
88
90
85
84
85
19
76
85
74
77
77
15
74*4
81
Sale
72
74
40
03
74
10812 Sale
10714
28
85*2 108*2
108Sale
1946
107
108%
44
95*2 108*2
108l2
10912
170
95*2 109*2
Sale
83
100
Henri) Republic 25-yr ext 8s. 1646
20-year extern loan 7KB..194J J
Gt Brit St Ireland (U K of)—
D
83
Safe"
94U Sale
9312
108l2
16
83%
101*4 1357
90i2 2080
1926
J
99% Nov'21
M N
F
A
94% Sale
94
95*s
564
A
96% Hale
9514
96*4 1452
A
9912 "bile
99%
99*4
A
90*4 Sale
90*4
91
A
80% Sale
86I2
86%
8714
87%
155
185
70»s
71
80%
87'4
86i2
87
54l2
313
86i2 Sale
J X 70*4 Sale
Sterling loan 4s
>...1931
8 % Sale
Lyons (City of) 15-yr ds..
1934 M N
86'2 Sale
M N
Marseilles (City of) 16-yr 6s. 1934
J t 53t2 5412
Mexico—Exter loan £ 6s of 1899 Q
D
Gold debt 4s of 1904
1964
Norway external s f 8a
1940
O
5-year 6s
1921
Queensland (State) ext e f 78.1941
Rio de Janeiro 25-year b f 88.. 1946
40
53
41
109%
41*2
11012
99%
Oct'21
66
37i2
o
Paris (City of)
706s
83*2
90
101*4
95
98
109% Sale
976S 100
83
95*2
80
90*4
224
91
9V*%
42
81
92
75*s
75*g
87*4
87*4
120,
56
73
145.'
74*2
159
74
90*4
90*4
40
59
207|
90.
....
43*4
29
-96*8 110*2
91
102
o
Safe*
108
245'
99*2 108
102
Sale
10012
102*4
J
1936
1939 J
10712
o
J
103
Salt
101*4
103*2
367,
121'
95
123
81*4
D
M
96i2 8ale
J
8s '40 J
112% Sale
S
1946
F
A
..1946
A
O
96
111%
97'4
114
Ohio Burl A Q— 111 Dlv 3KB-1949 J
Illinois Dlv 4S
1949 J
Nebraska
8
4Mb Corporate stock
1964'M S
4Kb Corporate stock
I9601 A O
4Kb Corporate etook July 1967 J
J
D
8
N
N
N
N
..1967 M N
4K%
Corporate
stock... 1957 M N
4H%
Corporate
stock...1954 M N
Sale
6212
103
Sale
102l2
104
107
Sale
107
108*2
4s...1927 IN N
Extension
96*2
97*4
96*4
97*4
96*4 97*4
100
101*4
100
101*4
40
101
63
95*2 Nov'21
94
43
97*4
69
981* 104
94
95*2
98*2 Nov'21
95*2
87l2
87*4
97*4 Nov'21
100*2
997g
102
100
82*4
82*2
82*4
Nov'21
90*2
92
91
90*2
92
8
"
88*8 Nov'21
90*2
90
108*2
1958 1*1
Genera] 4s
Ohio A E 111 ref A Imp 4s g..l965 J
U 8 Mtg A Tr Co otsof dep...
—
Nov'21
99
Nov 21
8712
88*2 Nov'21
100*8 Sale
82-
79
78*4
78*4
81*2
Refunding 4s Series C
Ind A Loulsv 1st gu 4s
Chlo Ind ft Sou 50-yr 4s
1960
Chic L S ft East 1st 4KB—1909
Ch M A St P pen g 4s ser A.<1989
<1989
Registered
Gen'l gold 3Ks Ser B
General 4 Ks Series C
<1989
<1989
Gen A ref Ser A 4Ha
Gen ref conv Ser B 6s
a' 014
,
.
993.
81*2
A
Convertible 4Kb....
1932 J
Permanent 4s
.....1926 J
D
D
J
25-year debenture 4s......1934 J
Chlo A Mo Rlv Dlv 5s
1920 J
81*2
1961 J
J
89
Chic A
4s..-1886-'26 F
N'west Ex
J
Highway Improv't 434s ..1963 M S
93
101
Apr'211
July'20
—
95
S
J
65
71*4
75*2
5a deferred Brown Bros ctfs.
99
O
O
1933 M N
1933 M N
1930 J
D
101
-19951 A
O
1995 A
-
J
58*4
89
Sale
84*4
76*2
~79%
O
Registered
*1995 Nor
*1995 Nov
Stamped
58*2 Sale
82
77*4 Sale
Conv gold 4a
1955 J
D
Conv 4s issue of 1910
1960 J
D
East Okla Dlv 1st g 4s
1928 M
£
91*2
J
77*2
I
80*8 Sale
Rocky Mtn Dlv 1st 4s
1965 J
Trans Con Short L 1st 4s. 1958 J
Cal-Aris lBt A ref 4Kb"A"
1962; W e
S Fe Pres A Pb 1st g fis... 19421M
Atl Coast L 1st gold 4s
*1952]M
10-year scoured 7s
...1964 1
Ala Mid 1st gu gold fis
86*s
S
8
92
87
92*8
£
1930 M N
Gen unified 4)48
~87% "II
D
1928 M N
78 Sale
106
8434
Sale
86
94*2
Bruns A W 1st gu gold 4s. .1938 J
J
J
109*8
LAN coll gold 4s
01962 MN
flav F A W 1st gold 6s....1934 A O
92*4
905s
1934
fis
Bait A Ohio prior 8Ks......1925
1st 50-year gold 4s
Registered
"78 "
Sale
75
76
77
Sale
10-yr oonv 4Kb
Refund A gen fis Series A..1995 J
D
J
J
96
J
97*2
1929
Temporary
1922 J
3 He. 1925 M
P L E A W Va Sys ref
4S..1941
N
M N
floutbw Dlv 1st gold 8Kb—1925 J
J
Cent Ohio 1st 0 g 4Kb...1930 M S
Ol Lor A W con 1st g 5s.. 1938 A O
Ohio River RR 1st g fis...1936
1937
Pitts Clev A Tol 1st g 6s—1922
To! A Cin dlv 1st ref 4s A..1959
Buffalo RAP gen g 5s
1937 M 5
CO11 sol 4Ks
1967 w» v
General gold fis
•No prloe Friday; latest bid and asked
79*4 Sale
Keok A Des Moines 1st 58.1923 A
76*8
78
21
67%
78
79
877g
__
96*8
71*4
75
Aug'21
80
Nov'21
71
68
Nov'21
80
Nov'21
74
71*4
|
70
69
Apr'21!
80
74%
Apr'21
5278
Sale"
52
5378
40
Sale
39
4134
77%
78*2
77%
86*2
94
87
Sale
87
100
10278
1027s
80*4
79
70%
80*4
Aug'2i
|
34*4
28
35%
20
35%
35%
90%
95%
Sept'21
103
90*2
102%
50
70
78
90%
Mar'17
62*4
130
63
"47%
103
Nov'21
70
A u* 21
70
72*4 Nov'21
66
74*4
76%
68
77
77
70
63
~
91% 103
79*2 Nov'21
----
7478
78
75*2 Sale
76
81%
72%
76%
77
79%
75*4
03%
75*4
5
"65" "06"
2%
75*4
Feb'10
"57*4 "66""
|
65%
66
82*8 Sale
10*4 Sale
82
83%
60%
63
65% Sale
65*4 Bale
78*4 Sale
61% Sale
92%
65
69
132
69
466
80
116
08
78
79
51
90% Nov'21
72
65*2
!
87
102%
68% Nov'21
02*4 Sale
8,*4
j
94
Oct 19
102*4
32
102
87
93*4
65
78
61%
.
71%
53*2
80%
47l
67
92*2
70%
76
102
Sale
80%
63*4
60%
00
70
83%
65
72%
72
80
Sept'19
92*2
79
l|
53%
59%
12%
70%
89%
July'211
76%
81%
80%
92*4
84%
Jan'21
84%
84%
93
91*4
93*4
93%
12*4
93*4
93
93
85%
84%
62%
71
68
68
71%
82%
72%
87%
80%
71%
Jan'21
Safe"
82
82%
80*8 Nov'21
Sale
97*4
79
99
Nov'21
08
83*2
71
101*4 103
101*4
102
90
93%
108
San
Feb'2l
93
99
90% 102
9fc%
97
90
90%
Feb'20
»7%
107*2
108
17,
109
47
10112
95
99% 108*8
96% 109
Oct'19
Oct'21
95
95
Nov'21
107%
1102%
77*2
6
94
95
1067s Sale
8
Sept'21
94%
95~ IIII
u.
99
Nov'21
98%
70
100*4 102%
70
70
Mar'21
06%
91
June'21
91
99
Mar'21
99
93*8
99
98%
90%
74
07
83*8
94%
81%
07%
73%
Aug'21
66%
98% June'21
1
83%
81
83*8
94%
Sale
94*8
81
81
2
39
73*2 Nov'21
77*2
,78%
80
O
F
A
1930 J
D
to 3KS--1930 J
L
"82% I III
_
-
04
29
04
79
80
85%
92
79%
"°
02%
61%
97%
70*8
80
103%
81%
|
-
-
90
Feb'19
Nov'21
75
8ale
74*2
79
Sale
76
-
4
78%
80
103*4 105
83
J
85%
60%
346
78*4
91% Nov'21
169,
103% Nov'21
M*s
88
1930 M
£
89%
1930 J
J
101%
118
72%
82
Superior Short L 1st 6s g__<1930 M £
90%
-
Jan'21-
81%
95
83%
106
84*4
77
12
J
77
Chlo T H A So East 1st 5S..190O J
88
73%
106*2
86*2
86*2
84*2
84*3
Ohio A West Ind gen g 6s__<1932 Q M
J
Consol 50-year 4s
1952 J
99
81*4
72*f
Nov'21
107
84*4
91
95
78*2
Jan'21
79
Aug'15
78*4
91
June'21
92
'72
~06% "78*4
mi "89" "89*4
80
79
183
60
80
180,
87*2
97*4
68%
61%
"89 "
91
73*4
88*4
85
88%
"91*4
76*4
Mar'20
89*2
92*4 Sept 21
85
92%
Feb'21
84
84
84
95*4 May'21
64
65*4
91*2 Sept 21
86
86
95*4
40
D
Cuba TLB
79
98
89*2
1993 J
1931
20-year deb 4Kb
General 5s Series B
86
65
"""2!
J
79
"586
80
Jan'12
J
89%
"69
92*4
79*2
80
68*4
97*4
78*2
D
96*4
65*4
93
79*4
79*2
04%
64*4
68*4 Sep<*21
77
15 year s f 7Hs
1935 M S
J
Cln H A D 2d gold 4Kb
1937 J
C Find A Ft W 1st gu 4s g.1923 M N
J
Day A Mich 1st cons 4Kb. 1931 J
1929
1939 j"~J
J
4s...1991 J
St L Dlv 1st coll tr g 4s
J990 MN
Spr A Col Dlv 1st g 4s
1940
W W Val Dlv 1st g 4s
1940
ClStL A C 1st g 4s
*1930
Registered
*1930
Cln S A CI cons 1st g 5s...1928
C C C A I gen cons g 0S...1934
Ind B A W 1st pref 4a
1940
O Ind A W 1st pref 5s_—£1938
Peoria A East 1st cons 4s„1940
Income 4s
1990 Apr
Cleve Short L 1st gu 4Kb
1901 A O
Colorado A Sou 1st g 4s——1929 F A
Refund A Ext 4Kb
1935 M N
Ft W A Den C 1st g 0s
1921 J D
Conn A Pas Rlvs 1st « 48... 1943 A O
98
79*2 Mar'21
78
D
Clev Cln Cb A St L gen 4S..1993 J
136
8834
76*4
80*4
Debenture 5s
88*4
93*4
70
North Wisconsin 1st 08
76*4
86*2
75
92
8>
Sale"
I
70% Sept 21
76
7412
64'
87
71%
83
87*4
QQ
j
86
65
89
82*2
Cons 0s reduced
87
85
8 <*2 Sale
Nov'21
92
87*4 Sale
94
1952 MN
Chic St P M A O oons 0s
74*4
86%
83%
86%
84% Sale
75*8 Nov'21
79*2
80*8
86
86*2
87
Au.'21
112
..
1934
St Paul A K C Sb L 1st 4Ks.'41
96
97%
C R J F A N W 1st gu 68..1921
Cb Okla A G
5s
90
87
8478
93%
79
oons
100
80
79
83*4
79*4 Sale
86
Burl C R A N 1st 5a
78
Aug'21
8% June'20
77*2 Sale
82%
79
Sale
89*2
■
100
99
96
95%
----
94
9 0
90
69
75
83*2 89
73*4 Sale
91
1.0
81
1988
67%
68
59
91
80
88
76% 89
92% 103%
100%
100%
1988
1934
73*2
10078 Nov'20
Q9
*1925
*1948
*1948
1933
Registered
99*4 Sale
81
Safe"
83
89
102*2
1.13*4
99%
99*41
106*4 June'21
103%
94*8
""I
38
79
102*4
102*2 Sale
80%
210
59
79
1297g
77*2 Sale
89
J
86
Nov'21
87% Nov'21
83
May'18
5)5
3
79
93
90
86
68
59
76*2
93
83*4
Charles A Sav 1st gold 7s.. 1936 J
79
Apr'21
85*2
89
S
Registered
50
87%
Aug'21
Mlcb Dlv 1st gold 0s...1924
Mil Spar A N W 1st gu 48.1947 M
Refunding gold 4s
*1990 Q
"87 "
Oct'21
90
87%
75%
Man QBANWlst 3K8-1941
Mllw A S L 1st gu 3Ks...1941
Ohio R I A P—Ry gen 4s
Deo'20
67%
98
69%
68
88
St L Peo A N W 1st gu 58.1948 J
101
Oct'20
847g
86
83*2
16-year secured 6 Hs g
1936 * 8
84
DesPlalnes Val 1st gu 4Hb.-'47 M S
*103*4
Frem Elk A Mo V 1st 6s.. 1933 A O
R I Ark A Louis 1st 4Kb..1934
Adjustment gold 4s
1879-1929 A
1879-1929 A
Sinking fund deb 5s
Registered
Mil L 8 A West Imp g 5s.. 1929
Asbiand Div 1st g 6s...1925
•
P Juno A M Dlv 1st p
1987 M N
1987 M N
1870-1929 A O
1879-1929 A O
10-year secured 7s g
Railroad.
10-yr 6s
Pitts Juno 1st gold 6s
...
Registered
July'20
Highway Improv't 4Kb
1965 M
Virginia funded debt 2-3s_..1991 J
A
A
1880-1920 F
1987 M N
__pl987 Q F
...1987 M N
Registered
General gold 3Ks
Sinking fund 6s
Registered
8ept'20
Canal Improvement 4s.... 1960 J
J
J J
J J
Mllw A Nor lstext4HB...1934 J D
Cons extended 4K®
1934 J D
98*2
86*4 100*8
81*2
72
100*8
J
J D
J
J
Q J
J
J
J J
A O
a2014 F
95*2
88*2
87*4
98
102%
J
Sinking fund 6s
91
98
90
——
J
J
J
J
9 t
97*2
85*4
80%
9'%
..1947 J
1946 J
1950 J
Refunding gold fis
90
907g 112
98
94
1930 J J
Chicago Great West 1st 4s... 1959 M 8
81%
96% 109%
90
34% Sale
34*4 Sale
Stamped
Guar Tr Co ctfs of dep
12
72
220
96
7078 Sale
96*8
71
99% 100%
85
J
Chlo A Ind C Ry 1st 5s
General 5s stamped
Deo'20
Atch Top A S Fo— Gen g 4s
Bitk
88*4
96*2
69%
80*2 Sale
1930 A O
General oonsol 1st 5s
1937 M N
U S Mtg A Tr Co ctfs of dep
71
Sale
S
1st consol gold 6s
95*2
87*4 100*2
87*4
92
91*2
101*4
100
91
90
Arbor 1st g 4a
Low
Sale
9078
84%
34%
34%
1927 M N
Registered
Registered
8
1st gold
J
CM APugetSd 1stgu4s_. 1949
180 102/g 114
63*2
1961 M
Ann
J
Fargo A Sou assum g 0s...1924
"*
63
Sale
Sale
Sale
.
Stamped 4s
City—4Kb Corp Btook.1960 M
Canal Improvement 4s
J
J
2d oonsol gold 4s
1989, J J
Greenbrier By 1st gu g 4s. 1940 M N
Warm Springs V 1st g 6S..1941 M 8
Ohio A Alton RR ref g 3s
1949 A O
Railway 1st lien 3 Ks
I960 J
J
General 4s
N Y state—4«
1940 J
103*2
City Securities.
1965'J
4Kb Corporate stock
1963 M
4% Corporate stock
1959 W
4% Corporate stock
1658 M
4% Corporate stock
1957 M
4% Corporate stock reg...l966 M
S
J
N
N
BAA Dlv 1st oon g 4s... 1989 J
97*4 102*4
t Then ars prices on tks basis of $5 to
4Kb Corporate stock
J
J
J
Chic Ind A Loulsv—Ref 6S..1947 J
1921
20-year gold bond 8KS--1937
10-year oonv 5)48
1929
8-year conv 6)4s
pi922
ualy (Kingdom of) Ser A 6)48.'26
Japanese Govt—£ loan 4)4s.l926
Tokyo City 6s loan of 1912
97*4
104
1C1
105
Sale
109
Dominican Rep ('one Adm at 6s '68
Uruguay Repub ext 8s
83K
74
194f
San Paulo (State) ext s f 8s.
85*i
81
72
1949
4)4s
97
100
82
Otolith Con Municipal 8a "A"1946
notes..
439
96>4
95i2
88
Exter dt of 6s 1914 ser A.1949
Denmark external s f 8s
45*4 Sale
10712 Sale
Cuba—Externa] debt 6s of 1904.
4)48
10313
94*8
9714
M N
J
68.1937 M N
Potts Creek Br 1st 4s
74
90*4
89
73*2
93U 107
107
97*4
93*2
110%
107%
85*2
4s...1945] J D
6s
1940 J
J
58
95
4Kb
No.
High
May'21
85
Apr'20
997g Nov'21
93*2
94*2
112
1
10878
1 J9*4
107%
857g
8
S
A
O
D
68
Snie
66*2
71
110
84*2
152
Sale
Series B
79*2
87
Sale
J
32
78
*76*2
10812
Sale
New
Ask Low
73%
97*8 Sale
Coal River Ry 1st gu
>
1929
75
96*4 105*4
9
(Repubillc) ext sf 8s— 1941
External 6-year b f 8s
1926
25-year 8 f 8s
1946
OblneHe (Hukuang By) 6s of 1911
Ohrtotlanla (City) s f 8s
1946
Copenhagen 26 yr s f 5)48.. 1944
7612
139
95
10-year 8Kb
105*4
100
87
104
M N
bile
100
250
105
M N
g
1987 J
Registered
51987 Q
Am Dock A Imp gu 5s
1921 J
N Y A Long Br gen g 4s...1941 M
Cbeea A O fund A lmpt 5s...1929 J
1st consol gold 6s....
1939 M
Registered
1939 M
Genera] gold 4Kb——
1992 M
Registered
1992 M
20-year convertible 4KB—1930 F
30-year oonv secured 5s...1940, A
Big Sandy 1st 4s
1944 J
9618
105*4
O
a f
Bines
Jan. 1
08
J
95%
104*4
O
Y
D
1946 J
Mobile Dlv 1st g 6s
Cent RR A B of Ga ooll
105
10612 105
10712 Sale 107
86% Sale
86i2
J
D
N
J
D
J
237
104i2 Sale
95% Sale
D
1941
Oraail, US extern 8b
Skate and
O
D
10-yr temp secur 6s June..1929
Chatt Dlv pur money g 4s. 1951'J
Mac A Nor Div 1st g 6s..1940 J
Mid Ga A At) Dlv 6s
1947 J
106*4
77l2
Oanada (Dominion of) g 6S..1926
do
do
...1931
Zurich (City ot) s f 8s
D
1945 M N
Conso) gold fis
1043s
77
M N
•weden 20-year 6s
Swiss Confederation 20-y r
1922j J
A 6s... 1962 A
78
95*2 106*4
73
6
J
104
102*2 1046#
Oct'21
761* Sepl'21
75
July'21
Jan 1926
1941
tiergen (Norway) s f 8s.....1946
Berne (City of) I f 8s
1946
Bordeaux (City of) 16 -yr 6s. 1934
fl~y«u 6% notes..
20-year » t 8s
series
oons gu
Cent of N J gen gold 5s
July'21
'ereign Government.
Argentine Internal In of 1909.
Belgium 26-yr ext s 17K ■ g-1946
Second
100
June'2l
F
1926
81936 Q F
10-30-yr 2s reg...l938 Q N
100*4
J
41980
1923
_
6-year 6H%
Pitts Con 1st g 6s
Canada Sou
97 90 17435 85 34 95.78
97.80 Sale
O
A
IOOI2 June'20
104
104
External loan
ttocb A
...
Registered..
i-
Clear A Mab 1st gug
98 20 17786 88 00 90.96
97.58 Sale
S
Pan Canal 10-80-yr 2s
Panama
1998 A O
5s.-.1943 J
J
West 1st g *8 gu
Central of Oa 1st gold 5e...pl945 F
28 oonsol coupon
4s registered
/ill A
.
95 88
95 70
Notes Of 1922 1923
Notes ol 1922 1923
28 con so I registered
41930
coupon
96.70 5485 80.00 96.30
97 38
4 85.24 94 90
93.0; 2471 85.40 95 96
6 94.00 100.60
98.00
85.34 95 30
97 98 Sale
M N
of 1933 193g
Liberty Loan—
4)4%
Victory
4)4%
3)4%
Rang
Mange or
Lest Bale
BiS
High
97 46
M N
M
4)4 %
Low
ending Dec. 2
Canadian North deb s t 7s..1940 J
Liberty Loan—
4% of 1927 1 942
Oonv 4)4% of 1927 1942
Third Liberty Loan—
4a
96 06
J
3K% of 1932 1947
Second
No.
Week's
Friday
Dec. 2
STOCK EXCHANGE
Week
Buffalo RAP (Concluded)—
First Liberty Loan—
Oonv
High
Y
and defaulted bonds.
Price
BONDS
Mange
Week's
Price
Friday
j»
Week ending Dec. 2
S.
bonds teas c ifino'd and prices are now—"and interest"—except for income
Dec. 2
BOND8
N. Y. STOCK
u.
Exchange—BOND Record, Friday, Weekly and Yearly
New York Stock
Jan.
50*8
Ref A lmpt 0s Series A
Cairo Dlv 1st gold 4s
Cln W A M Dlv 1st g
1st (WVvear
fis s.. 1909 J
I
oDue Jan. dDue April. cDue May. yDue June. ADue July. tDue Aug. ODue Oct.
71%
103%
79
May'18|78% 61
Oct *21'103%
103%l
1
68*2 Sale
68%
71%
42
Sale
101*4
102%
124
102
79%
79% Nov'21
88
"81% IIII
Mar'17
81
Aug'21
87%
88
38
86
90
90
1
7 »*2
76
9578
79%
108
97*2
78
Nov'21
69
81*4
74%
Oct'21
76*4
71%
937, 102%
79%
81-* ~8l"~
36
8778 Sale
9578 Sale
53
-
78
80
69
97% 103%
72*4
75%
77%
88%
04
88%
Nov'lOj-
65%
78
72
88
90
81
65%
97%
78*4
6^4
76%
85%
-
73
.
62%
76%
June'211-
08
78
84
80*2
80*2
82%
78
76%
77
r3
77
78
75%
83
Sept'19| —
89%
HI-
90
100
100*4
75
Nov'21
..
Aug'21!..
Nov'21
85% 90
98% 100
75
75
..
Nov'21,
75
64%
64%
10
54
64*4
20
20
22
24
18
26
8978
88%
88%
10
79
91
8<% Sale
90
91%
15
77
92
84%
85%
93
72
85%
99%
102%
376
93
102*2
64%
68
87%
99
Sale
74% Sale
pDua Nov.
72
76
|
*'
« Due Deo.
32
597.
88%
76
sOptdonsaie
2391
New York BOND Record—Continued—Page 2
33
BONDS
Week ending
P
Range
BONDS
Friday
Range or
Since
Laet Sale
Jan. 1
Wtelt't
Price
ca,
Dec. 2
Del Lack A Western—
Price
N. Y. STOCK EXCHANGE
Dec. 2
Si
N. y. STOCK EXCHANGE
Bid
A»k Low
"Sl1
High
Low
NO
Week ending
Istgug5s___1941'a
0
73
75
75
1
66%
9 9'8 Sale
99%
99%
1
95
75
99%
LebV Terra Ry
A
Term A Improve 4s
Warren 1st ref gu g 8 }*■
1923 M N
2000 F A
96%
60%
95
91
95
Leh Val RR 10-yr coll 0s__»1928|„_.
Leh Val Coal Co 1st gu g 5a
1933 j
j
1st lien equip g 4Ha
1st A ref 4s
1922 J
99%
96%
99
743$
87%
Leh A N Y 1st guar g 4s
30-year oonv 5s
10-year seoured 7s
1935 A O
1930 J D
78
92
Long laid 1st oons gold 5a..*1931 |Q
75
Aug'21
102%
Feb'08
99
Nov'21
J
1943 M N
9912
85">8 Sale
85%
90% Sale
108% Sale
90%
92
108
J
D
71%
A
46% 8ale
78%
45
*
77
8
74
62
17%
53 %
1995 J
83
Dal A Iron Range 1st 6s
Registered
Dal Sou Shore A Atl g 5s
63%
93%
O
1937 J
i
93
Elgin Joliet A East 1st g 5s_ .1941 M Is
Erie 1st oonsol gold 7s ext ..19:30
M S
1930 A
92
94
Safe"
35
Guar refunding gold 4s
1949 iw a
70%
78
76
77
96
Registered
61%
7434
47%
65
62%
50
60
64%
8334
92%
v»5
87%
16
9334
1|
98%
94% 100%
Erie 1st
58%
m
-
-
-
91
-
96
86%
1
61%
mm
—
....
Aug'16
5)%
92
Oct* 20
4e prior
1996 J
Registered
J
1996
Registered
1996
~76%
39
Erie A Jersey 1st s f 6s
1965 J
Genessee River 1st a 16s...1957 J
87%
Long Dock oonsol
Goal A RR 1st
g
6s
our gu
1935 A
6s
O
1937 F
A
5S..1943 M N
1940 A
Wllk A East 1st gu g 5s
Ev A Ind 1st cons gu g 6s
Evans A T H
A
1940 F
Mid of N J 1st ext 5s
O
1942
80
85
82%
Nov'19
57
Sale"
58
O
1936 J
j
1961 j
Apr'21
Apr'21
69%
83
66
J
1961
j
J
1933 J
J
1933 J
j
1933 J
j
1933 J
J
1933 J
D
1937 j
79
j
1948 A
O
1622 J
J
1937 J
1937 J
J
j
1st guar gold 5s
I
I
□Men Bay A W Deb otfs "A"
Debenture otfs "B"
j
D
Feb
Feb
QOlf A 8 11st ref A t g 5s. .51952 J
Hooking Va: 1st oonsg 4 J*s_. 1999 J
Registered
1999 J
J
J
J
1948 A
O
1965 F
A
Houston Belt A Term 1st 08.1937 J
Illinois Central 1st gold 4s...1951 J
J
J
Registered
1st gold 3Hs
1951 J
J
.1961 j
J
Registered-
1951 J
J
Extended 1st gold 8Hi
1951 A O
Registered
1st gold 3s sterling
1951 A
1951 M
85
88
110% Sale
100% Sale
108
108% Sale
108%
1952 m
s
1952 A
O
Registered
1st refunding 4s
1952 J
LNOA Texas gold 4s
j
1953 M N
Registered
..1953 M H
16-year secured 5 Ha
1934 j
j
15-year secured 6%s g
1936 J
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s_ .1961 J
D
Loulsv Dlv A Term g 3HB.1953 J
J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 8s__ 1951 J
Gold 33*8
1951
Spring! Dlv 1st g3Hs._„..1961
Western Lines 1st g 4s
1951
Registered
1951
J
J
J
A
J
j
J
J
F
A
F
1923 J
D
1932 M
S
D
Registered
1951 J
D
Qold 33*8
1951 J
D
Joint 1st ref 6s Series A.1963 j
D
Memph Div 1st g 4s
1951 J
D
1951 J
Registered
St Louis Sou 1st gu g
99
1950 J
J
Int A Great Nor 1st g ext 7s__ 1922 M N
Jamoe Frank A Clear 1st 4s. .1959 J
D
Kansas City Sou 1st gold 3s.. I960 A
O
Registered
1950 A O
Ref A Impt 5s
Apr 1950 J
J
1060 J
J
Kanr.ae City Term 1st 4s
Lake Erie A West 1st g 5e
2d gold 5s
1937 J
1941 J
North Ohio 1st guar g 5s
1945 A
Leh ValN Y 1st gugdHs...1940 J
Registered
J
J
O
J
J040 J
I
Lehigh Val (Pa) eons g 4s___2003 M N
_
General Ann* 4Ui
•
No pnoe Friday;latest bid
m
and
93
71
69%
83
M S S M A A 1st g 4s lnt gu'20 J
66
Mo Kan A Tex—1st gold 4s.. 1990 J
80
"93% ::::
70
7%
70
82
80
99%
99
101
90% 103%
94%
90
70
8%
90
Jan'2l
90
Feb'21
65
8
83
73%
55
5%
65
i
8
72
07%
83
Oct'18
68%
Aug'21
67%
68%
86
Nov'21
76
81%
86
86
83% Sept 21
83%
83%
76%
95
68
76%
86
86
76%
*62%
84
Nov'15
79%
72
Oct'21
80
July'09
81
81
"8"l% "82%
76
Sale
79
Sale
79
78%
97% Sale
j07'4 Sale
74%
*r
68
97%
105%
73%
83
81
95% Sept'19
83
82%
76
A
72*
81
72
"
80j
'loi!
108
*67% "81 "
20
Jan'21
91% Nov'21
70
July'21
71%
75%
452
56
45
47%
830
34%
47%
45%
32%
48
265
34
48
37
66%
"8534 ~98%
100% 108
69%
73%
"
Mar'19
94
1st A refunding 5s Ser A..1965
F
1st A refunding 5s Ser B_al923 F
1st A refunding 6s Ser C..1926 F
General
1976 W
4s
Missouri Pac 40 year 4s
3d 7s extended at 4%
86%
76
"93"%
87%
91%
76
80%
*84%
AU«%1
88%
g 5a.
St Louis Dlv 5a
74%
Sale
73
87%
77
65%
70
85%
27%
34
A
A
A
83%
98%
86
98%
93
93%
S
61% Sale
39%
71% Sale
"76% IIII
85
86%
67%
asked tnis
1
58
29
75%
55
863$
94
68
8134
63
418
j 71%
71%
1
68
85
I
79%
87%
92
96%
94
"7""
75%
80
79%
25
June''"
77
98
95
60%
84
*59
64%
J
Oct'17
78%
90
1
90
101
96
96%
83
232
84
807$
101% 101
79%
15
July'14
82
85% Sale
OH'21
95
102
"77% Sale"
A
6a
101
96
90
9.
78%
81
82
82
67%
82
91%
95%
98
99%
22
28
30
Oct'21
29
29%
18
Nov'21
83
28%
2934
84%
44
66%
71%
21
61%
71%
98%
25
90
99%
67%
73
53%
67%
100%
19%
25
70%
97%
96% Sale
67
Sale
66%
99%
39
...J
56
....I
1*
20%
18%
30%
28%
30%
16%
33
84%
418
87
100%
105% Sale
105
106%
97
98
106%
sale
79
80
20
65
85%
867$
79
71
74
50
62%
1
6184
9934 Sae
N Y Cent RR oonv deb 68—1936 M N
2013 A
82
JuJy'21
22%
22%
17%
Ref A Impt 4H8 "A"
85
95% Nov'21
8334 Sale
71
Sale
1930 M S
1998 F A
76%
99
100
1936! A
57
72
96%
1925|J
10-year coll tr 7a
83
2
78%
90
90
94
Oct'21
81%
J
94
63
'III f 75%
80% July%l
95
Sale
83%
98%
Oof 18
67
"
34
34
86%
98%
82
84
32
77
79
8534 Sale
O
Debenture gold 4a
Registered
76
Lake Shore coll g 3Hs
Registered...
Registered
2d guar gold 5s
80
86%
10
'i
Jul- *21
1
76%
..
a Due Jan.
79
8434
81%
Apr'21
81%
76% July'21
70%
"is" II—
Ka A A
G
R
83% Sale
75
S
91%
1931 Wl N
89%
Debenture gold 4s .....1928 M
75-year gold 4s
67%
' 7?U
84
..1931
Registered
Vfoh
A
83%
trv
V
4s
* Due July,
IOOIM
74%
2
75
73%
73%
6
91%
92%
35
88%
9134
Sale
91
117
76% Nov 21
77
Due Oct.
* Oution
59%
83%
83%
■
,
_
9
a Due Sept.
76%
*
83%
59
84
68%
863s
0 Due June.
June'21
1997
80
Feu.
59
8J|*
May'16
1997
Registered
80
76%
104
79
1st gu g 5s.. 1935
Lake 8bore gold 3H«-
June'21
65
1981
81%
* Due
57
Beech Creek 1st gu g 4s... 1936
Cart A Ad 1st gu g 4s
65
59
70
Battle Cr A Stur 1st gu 3s. 1989
Qouv A Oswe 1st gu g 5s..1942
64
70
79%
71
64
70
62
56
Nov'21
Feb'20
80%
84%
65
59%
71
6.4
49
85%
79
71
71
Sale
75
>2"
79% Nov'21
67
69%
75
J4
Si
87%
71
65
1998
72
Oct'21
51
61%
Registered
Beech Cr Ext 1st g 3HB.M961
84%
85%
78%
8034;
84% Nov'21
73
87%
66% June'20
69%
1936
Qct'09
89
74% Sale
1936
65
73
86
Sale
81
1998, F
3HS..1998|F
80
73
73
73%
73
85
1998! F
72
7i
65
* *80 "
Sale
74
J
1997 J
J
1997 J
....1934 M N
1934! M N
1942 J
J
Mortgage 3H»
54
80
wees,
;
85%
98%
92%
61%
65
55
30
Oct'21
Nat of Mex prior lien 4Hs—1926 J
1st oonsol 4s
1951| A
Mich Cent coll gold
75
80
Nnv'Cl
!
60%
1927, J
1931 J
1928 A
93
S4
69
77%
65
1947 F
76%
7634
11
20
NOV'21
74%
76%
88%
86%
51%
67%
68%
xO
67
Oct'21
Oct 21
86% Sale
27%
76%
Nov'17
75
17
37
67%
Nov'21
65
51
23
413
7%
10
D,
Jasper Branch lat g 6a
30-year deb 4a
"7*8% "9*f%
63%
80% Sale
57
81
Sept'21
78
27%
55
66
74
64% Sale
26%
28%
Sale
72%
33
5
1938 M S
80
92%
51
77%'
May'211
1938 M N
1948 J D
A
J
Bt L Ir M A 8 gen con g 68.1931, A O
Gen oon stamp gu g 6S..1931 A O
Unified A ref gold 4a
1929 J
J
Registered
1929 J
J
Rlv A G Dlv let g 4s
1933 M N
Verdi V I A W lat g 5a
1926 M S
Mob A Ohio new gold 6s
1927 J D
1st ext gold 60....
*1927 Q J
65
97
51
Sale
26%
1945
Registered
65% July* 18
*85~~
51%
—
Texas A Okla 1st gu g 6S..1943 M 8
Missouri Pacific (reorg Co)—
Non-cum Income 6s A
"75 "
"94 *
May'21
76
30%
49%
New York Cont A Hud River—
93% Nov'21
80%
85
32
Consol 48 Series A
Oct'21
76
51%
40
1923 J
Nat Rye of Mex pr lien 4H8.1967; J
Guaranteed genera] 4s
1977.A O
Nov'10
76
72
48%
25
77%
58%
09
87'8
481
51% Sale
5S..1942 M S
56%
81%
58
77
M K A Okla 1st guar
Nashv Chatt A 8t Llat
Nov'16
89% Sale
188
72
72
64%
Nov'2J
65
72%
70
68
57% Sept'21
90%
70
72
52
61
94%
31
Sale
55
50
73
33%
72
57
76%
81
73%
Oct'21
94
75%
Oct'21
61
....
70%
Nov'21
62
95%
~92~
Sept'21
N O Tex A Mexico 1st 6s
74%
Sale
88%
70%
58
69%
92
104
69
58%
74%
97
99%
72
68
79%
15
44
66
10334
51
83~
"7134
65%
98%
68
201
87
77%
78%
87
74% Sale
St L A Cairo guar g 4s
"22
Dec'20
80%
75%
46
72%
64%
76%
6
97
75
62
70
86
96
Dee'2o
NO A N'Elst ref A impt 4HsA *62 J
New Orleans Term 1st 4s
1953 J
6234
86
97
33% Sale
A
1942 A O
6s...1942 M N
Montgomery Dlv 1st
17
76
66%
86
Kan City A Pac 1st g 4a....1990 F
58% Sept'21
69% Nov'21
61
35%
47% Sale
O
General gold 4a
79%
68
11
72% 8ale
PaoRof Mo latextg 4S...1938 F
2d extended gold 6a
1938 J
81%
76% Sale
41
94
Cent Br U P 1st g 4a
73
86
76
36
85
6% secured notes "ext"...1910
Sher Sh A So 1st gu g 6s...1942 J
"75""
73% June'18
"75% II"
St Louis Dlv 1st ref 4s
M R A T of T 1st gu g
6634 Nov'21
83% Sale
47
74
35%
Sale
102
J
2001
45
48
71
Gen sinking fund 4Hs
1936 J
Trust Co certfs of deposit...
80
136% Mav'06
93% Oct'21
734
8
74
39
Trust Co certfs of deposit...
82
85%
Mar'21
70
15
70%
1944 M N
79
Mar'20
90
92%
8
43
..2004 M S
80
82
Sept'2i
101
33
42
47
1st ext gold 5s
84%)
99
....
33
42
85
Trust Co otfs of deposit
Mar'21j
80
99
105
01980 F
Mo K A E 1st gu g 58
83
79%
34
Dall A Waco 1st gu g 5s...1940 M N
Oct'21
84%
84% Sale
26
102% Sale
A
96% 110%
77
85%
67%
36%
75% Sale
J
D
1st A refunding 4s
26
35%
33
J
Mississippi Central 1st 5s... 1949 J
2d gold 4s
76
Sale
41
M N
61% 80
«2% 88
99% 111
95
100%
72%
81%
Ml S
98% Nov'21
74
J
1931
~85% "93 "
93
82
-.3
July'20
10
90
38
1938
6s.
1941
Sept 20
"9234 "94%
Nov'21
Nov'10
99
36
10-year coll tr 6I2S
82% 82%
81% 8*
99% 103%
Nov'21
D
4S...1931 M S
Ind 111 A Iowa 1st g 4s.
666
85% Nov'21
82% Oct'21
A
Bellev A Car 1st 6s
Garb A Shaw let gold 4s
Ohlc 8t L A N O gold 5S...1951 J
98
410
100%
110%
88
~88% 89
103% 108% 103
oons
98%
76
Mar'10
S
1st Chic Term 8 f 4s
66
111
77
95%
1961 M
88%
O
1955 M N
Purchased lines 3Hs
99%
Refunding gold 4s
M St P AS 8 M oon g 4s lnt gu'38 J
60
47
71%
Nov'21
S
Collateral trust gold 4e
m
69%
Nov'21
D
1940 J
m
60%
83
80
j
1937 j
82%
mm
-8
Apr'21
85%
m
1st
Apr'21
83
O
Col A H V 1st ext g 4s
Ool A Tol 1st ext 4s
88
69%
79
1936 M S
1937 J
Will ASF 1st gold 5S...1938 J
13
m
75
98%
Nov'21
75
D
mm
_
1933| A
Nor Dlv 1st g 4s.
Iowa Central 1st gold 5B..1938 J
•
75
27
J
81%
59
65%
Grand Trunk of Can deb 7S..1940 A
15-year s f 6s
Des M A Ft D 1st gu 4s...1936 J
Jan'17
80
4«..1928lj
50
..
90
....
73%
40
Aug'21
72
76%
!___
993g
40
64%
91
73%
D
40
80%
90
97
94%
90
81
Jan'21
47
D
....
76%
"
Nov'21
87
1977 M S
....
Apr'2i
80
90
94%
...1927 J
61
m
100
73%
90
84%
64%
Oct 21
....
f g 6s..1925 J
5"%
mm
9034
82%
61
77
90s4
Feb'05
90
S
1st oonsol gold 5s
1934 M N
1st A refunding gold 4s
1949 M S
Ref A ext 50-yr 5s Ser A... 1962 Q F
m
Nov'21
80
1941
□alv Hous A Hend 1st 5s
tt Minn
....
s
Minn St Louis 1st 7s
69%
50%
91%
95
1930 rvi N
Stamped guaranteed
Midland Term—1st
Nov'21
80
1969
78%
"75"
95
O
99
98
82%
60%
84% Nov'21
76%
76%
76% Sale
95%
76
1946 M
86
83
90
84%
92
109
93%
101%
100
70
97
Mex Internal 1st oons g 4s...1977 M S
m
19
Nov'21
92
85%
86%
—
85%
100
73%
J
77
m
"2
91%
108%
88%
73
78
Oct 21
80
A
76%
m
78%
90% Nov'21
100
Sept'21
103
74%
A
La A Jef Bdge Co gu g 4s
Manila RR—Sou lines 4s
m
77
94
101
100
90
60
Nov'21
5934.
J
97
....
80
77%
80
Feb'20
82%
Sale
78
LAN AM AM lstg4Hs.l946 M 5
LAN South M Joint 4s...1962 J
J
*1952 Q
1937 F
100
...
60
O
88
m
....
102%
Mt Vernon 1st gold 6s...1923
Sol Co Branoh 1st g 5s
1930
88
75
m m
Jan'18
1926
Florida E Coast 1st 4J*s
Port St U D Co 1st g 4His
16
77%
1
83
75%
63%
93% Nov'21
100
Oct'21
93% 100
J
N A C Bdge gen gu 4HB-.-1946 J
SAN Ala eons gu g 5s
1936 F
Gen oons gu 50-yr 6s
1963 A
85
43
Kentuoky Central gold 4s. 1987 J
4l
72
40
D
Header Bdge 1st s f g 6s...1931 M S
Registered.
98%
101
J
At! Knox A Nor 1st g 6s... 1940 J
45%
Jan 18
43%
1930 J
Safe" 107%
92
2d gold 6a
...1930 J
J
Paduoah A Mem Dlv 4s___1946 f a
St Louis Div 2d gold 3s ...1980 IW 8
Atl Knoxv A Cin Dlv 4s... 1965 M N
N Fla A 8 1st gu g 6b
Apr'21
44
91%
1931
M N
83
80
85%
80%
"95% IIII
L Cin A Lex gold 4Hs
40%
....
79
84" "87"
99% Nov'20
96%
96%
86%
88%
81%
Oct 21
107%
76%
June'21
58
79%
1930 ffl N
39
78%
64
78
95
4734
83
62%
42%
40%
75% July'21
1931 M N
72%
88
23%
1st gen g 5s...1942
Ft Worth A Rio Gr 1st g
97
103
81%
Collateral trust gold 5s
39
Jan'17
Nov'21
86% Nov'21
87%
100%
88
1922 M N
1943 J
J
N Y A Green L gu g 5s
1946 M N
N Y Susq A W 1st ref 5s...1937 J
J
2d gold 43*s
General gold 5s
Terminal 1st gold
—
ADr'21
77%
Jan'll
July'21
83
76S4
64
77%
95
j
83
68
57%
87
*85% "9lh
J
39%
37
85
Dock A Impt 1st ext 5s
507
73
87
1940 J
1940 j
....
97
106%
88
4s.
....
3934
4234
41%
gold
Lex A East lst60-yr 6s gu.1965 A
51
35%
34%
81%
J
61%
83
Gen oonv 4s Series D
1963
Ohlc A Erie 1st gold 5s
1982 M N
Oleve A Mahon Vail g 5s..1938 J
J
J
m
38
Sale
....
/
mm
40
42% Sale
87
....
—
139
38%
39% Sale
50-year oonv 4s Ser A...1963
do Series B
1953
....
....
4534
4734
39
Aug 21
76% Nov'21
46% Sale
1st oonsol gen Hen g 4s... 1996
Penn ooll trust gold 4s..1951
66
83
86%
g
Louisiana A Ark 1st g 6s
1927 M 8
Louisville A Nashv gen 6s___1930 j D
Gold 6s
1937 IW N
Unified
83
N O A M 1st gold 00
92
86%
....
9484 Nov'15
100%
s60 % Sale
1949 !YI
Registered
"_5 "76 " "83 "
Q9
5th ext gold 4a
1928 J D
N Y L E A W lit 7s ext ..1930 M S
83
10-year secured 7s.
4
Nov'21
92
77
74
57
Jau'20
92
O
76%
Oct'21
96%
e
" ~/"l%
1937 M JN
Nov 21
80
63
1934 j
27
81
100%
101%
73%
1947 M N
1943 m
81
78
67%
1949 M
"14
8334
"16
77
98%
20-year p m deb 5a
N Y B A M B let con g 68.1935 A O
NY A R B 1st gold 68
1927 M 8
Nor Sb B 1st con g gu 68.01932 Q
J
91
83%
82%
91
Debenture gold 5s
8
71%
85%
98% Nov'21
Unified gold 4a
D
83%
70
'""I
91
99%
Oot'06
71% Nov'21
72%
95
83%
Oct 21
99%
97%
68%
8
D
783$
"fo" "id"
9334
9334
105% Mar 08
~8i~ Sale'
1932 J
74
May'2t
95
...1922 M
4s
101%
91%
95
July'2l
77
50%
48%
Oct'21
82%
73
66%
Apr* 11
65
50
62
Sale
4s
92
9*5%
82% June'21
....
4012
2
7434
62%
84
67%
Nov'21
63
J
*1931 Q
Ferry gold 4Hs
Gold
91
1938\3 D
1st oonsol gold 4s
Genera] gold
93
""l4
101%
Oct'13
70
91
j
84
90%
Nov'21
83%
76
19451M £
High
Low
No
Mar'12
95
....
*85~% IIII
5
183
Nov'21
73
Sale
95
O
61%
96%
j
75%
62
100%
J
1933; j
Jan. I
Aug'2.1
Sale
101
Range
Since
I
High
92
113
11'
783s
10
65%
Det Rlv Tun Ter Tun 4Hs—1961 M N
Dal Mlssabe A Nor gen 6s
1941 J
J
4th ext gold 5s
45
Sale
15
Rio Gr West 1st gold 4s...1939 J
Mtge. A coll trust 4s A..1949 A
Det A Mack—1st lien g 4s...1995
J
N Y A Erie 1st ext g 4s
3rd ext gold 4Hs
49%
78
1940 J
126
79
78%
4534
45
Trust Co certlfa of deposit-.
Rio Gr Juno 1st gu 5a
193G i
Rio Gr Sou 1st gold 4s
1940 J
1937 A
1937 A
100% 108%
.1
68% 76%
75%
78
Sale
78
1930 J
1928 J
1955 F
Gold 4s
4
1933 J
1st lnt reduced to 4s
i
7334
73% Sale
Improvement gold 5s
Guaranteed
108%
102
Consol gold 43*s
1st A refunding 5s
44
76% Nov'21
77%
Alb & Susq oonv 3 Hi 8
1940 A O
Renss A Saratoga 20-yr 6s_194l M N
Den A B Gr—1st cons g 4S..1936 J
J
"38
87%
99%
100
....
105
Registered
Delaware A Hudson—
oona g
Registered
Atl Dow
95
O
1941A
D
1923
gu
Ranoeor
Lati Sale
2
Bid
Higl
33*82000
N Y Lack A W 5s
Morris & Essex 1st
•82
WeeJt'i
Friday
Dec.
Dec. 2
-ale.
New York BOND Record—Continued—Page 3
3392
Week't
Price
BONDS
.
Dec. 2
J
.1931 M 8
1934 J
Mabon C'l RE let 5s
Michigan Central fil..
Registered
1931 Q M
J
..1940 J
it
90%
J
1961 M %
1962 M N
20-year debenture 4s....1929 A O
N J Juno RR guar 1st 4s
N Y A Harlem g 3H»
1930 F
A
86%
7184
eon g AHs
1941 J
Og A L Cham 1st gu 4s g 1948» J
Rat-Canada 1st gu g 4s.1946 J
S
J
_
0t Lawr A Adlr 1st
61
g
J
1990 J
J
3d gold Os
..1990 A O
Utloa A BIk Riv gu g 4s...1922 J
J
Pitts A L Erie 2d g 6a....al928 A O
Pitts MoK A Y 1st gu 0S..1932 J
J
2d guaranteed 0e
West Shore 1st 4g guar
Registered
...1934 J
2361 J
J
.2301] J
j
......
N Y C Lines ea tr
J
70%
Eaulp trust 4HS.—1920-1926 J J
4S.„..1937 A O
Registered
1937 A ©
N Y Chic A St L 1st g
Debenture 4s
1931 m n
N Y Connect 1st gu 4Hl A..1963 F
A
1947 m S
Non-oonv deben 3H«
Non-oonv deben 3Hi
1947 m 8
1964 A O
Non-conv deben 4s
1966 J
J
..I960 M N
Non-conv deben 4e
Oonv debenture 3Hi
Oonv debenture 6e
..I960 J
J
1948 j
j
Con§ Ry non-conv 4s.....1930 F
j
.....1957 M N
Harlem R-Pt Ches lit 4s
1954 m n
3 A N Y Air Line 1st 4a...l956 F
A
Cent New Eng 1st gu 4s...1901 j
J
Housatonio Ry cons g 6I..1937 M N
Naugatuok RR 1st 4s
.1964 M N
N Y Prov A Boston 4b
1942 a O
N Y W'obeo A B 1st Ber 1aHb '40 j
j
New England cons 5s
J
Consol
1945 J
...1946 J
4s
J
1957 m N
1950 m 8
Provldenoe Seour deb 4s
Providence Term 1st 4b
W A Con East 1st 4Hi
1943 J J
N Y O A W ref 1st g 4b.....#1992 M 8
Registered 25,000 only...f!992 M 8
General4s
...1955 J
D
1901 F
A
Norfolk Sou let A ref A 6s
Norfolk A Sou 1st gold 6s
Registered
M 5
D
J
J
MN
J
1997
F
O2047
J
2047
J
9t Paul-Dulutb Dlv g 4s..1990
N P-Gt Nor Joint OHs
1936
Apr'21
76
Nov'16
93
95
*93 ~ "93"
Jan'21
90
May'21
84%
80
76
77%
09%
2d g 4s Income bond
87
85
*82% Saie"
Nov'17
82
85
83
85
80%
41
55
37
677#
35
1
40
38
40%
41%
42
41
42%
Sale
39
40
«60
Sale
59
62%
60
70
60
35
31
70
2
60
60
54
34
70
69
69% NOV'20
58% Oct'21
"6*1%
50
50
Sale
6334
06%
90
Consol gold 4s
...1948 MN
4Hi
...1900 F
General 4 H".
General
A
1906 J
1908 J
D
1930 A
O
....
5s
10-year secured 7s
16-year secured CH«AUeg Valgen guar g 4s
D
1930 F A
1942 M S
D R RR A B'ge 1st gu 4s g.1930 F
P -nnsylvanla Co—
A
Guar 8Hi ooU trust reg A.1937 M S
Guar 8Hs ooll trust Ber B.1941 F A
Guar 8Hs trust otfs C
a
1942 j
Guar 3 Hi trust etf D
1944 j
Guar 16-26-year go«d 4s... 1981 a
40-year
guar 4s
otfBlSer E..1962
a
o
M N
din Leb A Nor gu 4a r
1942 MN
CI A Mar lstgu g 4HI-.-.1936 M N
OIAPgen gu4HsBer A..1942 J
Series B...
J
1942 AO
Int reduced to 2Hf
1942 A ©
Series O
8Hi
...1948 M N
Series D 3Hs
1960 F A
®rle A Pitts gu g 8Hl B...1940 J
J
Series C
...1940 J
J
Gr S AI ex 1st gu g 4HS..194I J
J
Ohio Connect 1st gu 4a
1943 M S
Pitts Y A Ash 1st oons 6s.. 1927 MN
Tol W V A O gu 4Hb A...1931 J
Series B 4Hi
1933 T
Series O 4a
J
J
..1942 M S
*31%
84
12
Series C guar.
82
82
Sale
Gl34 sale
Series D 4s guar.
107
49%
*41
39
73
"2
74%
75%
106%
77% Sale
74% 75
80
P alia Bait A W 1st g 4s
134
84
84
847#
86%
94i2
89
81
99
7684
1
82
107%
94% 107
100
80
84
Feb 20
Nov'21
May'21
Apr'21
6984
79
80%
*80*%
86%
82
80
93
Union Paolflo 1st g 4s
85
84
....
85
July'21
...
78%
82
77
Sept'21
88
S ipt'21
....
88
76%
82%
4
80
67
83% Sept'21
82
85
77%
84%
87
92%
64
73%
67
* "67%
Nov'21
92
17
Feb'21
Sept'21
88%
92%
93
87% Nov'21
92
84%
82
92
93
891#
50
55
69
61%
Oct'21
99% 100
99%
100
99
97%
75%
83
70
70
96% 100
96
97%
75% 76%
97%
Aug'21
70
90%
89
56
58
95
70
89%
58
60
85
Nov'21
97%
70
88
May'21
Apr'21
95
67
86
71%
Se:n'21
87
89i2
66
57%
70% Nov'21
92%
55%
83
65
95
88%
Deo'20
90
92%
8,%
Jan'21
"90"
90*
86% July'21
86%
89
80%
80%
*0
81%
90%
98
Oct'21
73
71% Nov'21
60%
71%
89
76
85% Mar'21
727# nov'21
85%
687#
85%
727#
90
87
82
94
79
Oct'21
92%
94
I
83%
78
----
Sale
Sale
80
I
67
87
94
80
81
July'20,
88% I
Sept'2 li
77
88%
50
60
50
60
79%
75
Oct'21
66
75
71
78% 106% Nov'04
90
93
92%
90%
83%
76%
JO
73
84%
"
87
75
Sept'21
Nov'21
72
89
80%
89
18
73
82%
30
45
25
"26"
17
79
7.3
83%
62%
1928
..1952
1947
1947
88%
89
75
75
72
56%
60
15% June'21
So* Sate"
"
75
65%
68%
82%
36
81%
Feb'19
May'21
88
Sale
121
79
82
52
Sept'21
52
15%
26
75
Nov'2
82
85
60
14
63%
26
15
62
78
93
77%
93
81%
92%
84%
78
83%
102
841«
100
..1933
92%
84%
44
86
73
102%
35
84%
1
97% 103
75
84%
83%
8*4®
Sale 102
84%
Sale
100% 100
8
81
95
78
Sale
8ale
96%
22
97% 100
86% 961#
88%
86
.1955
Aug'21
90
~90* ®a,e
6s....1922
1946
1929
Nor gold 5a.....1926
1st extended 4s
Feb*2l
75
.
74
89
"
Oct'21
90
37
77%
90
89
96
707g
72%
79%
76%
72%
100
95%
95%
797# Sept'21
74% Sept'21
1
83% Sept 21
62
..
82
....
83%
81
VandaUa
Nov'21
82
84%
Nov'21
75%
88
Consols 4s Series B
1957 MN
J
Vers Crux A P 1st gu 4%a... 1934 J
78
88
..
26
28
28
Nov'21
23
29
M N
91
Sale
90
91%
116
787#
91%
94
95
46
827#
96%
87
15
72
87
60
62
82%
Apr'20
80
May'21
83% Aug*21
88%
87% Sale
06% 98
...
87%
90
9184
Aug 21
80
81
84
102
82%
80% June'21
87%
P0
Sale
80
2d gold 68
*80% "80
29
77%
7584
76%
16
63
76%
14s. 1937 j
9
41%
45
42
42%
9
35%
50
x»ue Feb.
F
A
86
Sale
85
1939
J
67%
----
90
Aug'18
1964
1941
J
66
70
62
Feb'21
84
Sept'21
Aug'21
abash 1st gold 5s.........
Oro Dlv 1st g 3Hi
Tol A Cb Dlv # is
PO
76%
.
1939
Debenture series B 6s
*
Dea Moines Dlv 1st g
74*4
u
93
1st Hen 50 yr g term 4a
Det A Cb Ext 1st g 68
88
ouu
N
«t,
81
P5%
>
Due June.
72%
M
83%
91%
79
Jan'21
1939
83%
43
72%
Sale
81
Jan 03
S
4s Ser A
80
Sept'21
J
oons g
Virginian 1st 5s series A.....1962
J
67
67%
97%
91
55
84
82%
D
NoprlceFriday;Iateet old and aated.
*514
83
81%
80
83
67
73%
95%
Utah A
68
65
74
89%
95%
88%
80a
344
91
Sept'21
55%
Guar refund 4s
88%
45
81%
88
73%
61%
89
87
80
78
70
86
91% Nov'21
73%
73%
81% Mar* 16
Ore Short Line 1st g
85
89
Sale
72
S
I
87
80
92
96%
94
88%
Oct'21'
84%
88
94
June'2l|
80
89
«1%
90
*84 * "84 "
Jan'21!
87
89
Sale
84*4
90%
84
86% Nov'21
94
85
"H"
J
■
06%
87%
72%
1st oonsol g 5s—
84
Deo'20
...
Pere Marquette 1st Ser A 5s. 1956 J
1st 8eries B 4s
.....I960 J
Philippine Ry lst30-yr
"62%
1st A refunding 4s
#2008 M S
J
10-year perm iecured 6S..1928 J
Ore RR A Nav con g 4S...1946
Mar*10
Mar*19
Sept'21
29
83
...1927
20-year oonv 4s
*78% *82%
92
89% Sale
Tol St L A W pr lien g 3H«-1926
60-year gold 48
.1960
CoU trust 4b g Ser A
1917
Trust 00 ctffl of deposit
8ept*20
80%
84
94
84
1935
..1990
Registered
Oct'21
72
90
88%
Ulster A Del 1st com g 6s
1st refunding g 4s
.
86%
81% Sale
Tor Ham A Buff 1st g 4a...*1946
67
Oct'21
?8%
Feb'12
67
87%
90
83%
Dec*15
Jan'21
86
1936
Kan A M 1st gu g 4a
Apr*20
79% May'19
90
83
85
2d 20-year 5s
......1927
Tol P A W 1st gold 4s
.1917
85
05
89
»2
104
74%
77
921#
92%
95%
87
45
96
Deo'12
67%
80
85%
88
Nov'21
67
77
Nov'211
Oet'21j
Mar'21
85%
..1926
....1936 M N
J
2003 J
O
1958
A
W O A W 1st oy gu 4s
.1924
J
Spokane Internet 1st g 5s.... 1955
O
Term Assn Of St L 1st g 4HB.1939
A
1st 00m gold 58.. ....1894-1944
J
Oen refand • f g 4s
.1953
O
St L M Bridge Ter gu g 58.1930
Di
Texas A Pac 1st gold 6s
2000
2nd gold Income 6s......#2000 Mar
J
La Dlv B L 1st g 68
1931 J
W Mln W A N W 1st gu 58.1930
Tol A Ohio Cent 1st gu 58...1935
91
91
92%
87
J
General 6b
96
88%
82%
July'2l|
J
Va A So'w'n 1st go 6b
1st oons 60-year 6s
69
70
84%
70%
*75% "84"
Nov'21
83
J
IW
General gold 5s..
76%
77
80
93
97%
1945
Western Dlv 1st g 6a
68
84
96% Sale
MN
A
91
72
100
86
92%
1948 J
Series F 5b
31
88%
84
J
J
9534
82%
82
80%
75%
86%
85
O
J
314
94%
Sale
88%
86
88
J
A
66%
08%
87
95
So Car A Ga 1st extd 5HB.1929 M N
Virginia Mid Ser E 5s
1926 M S
67%
67
Apr'21
96%
90%
Nov'21'
81%
80
85%
87%
87
1950 A
Mortgage gold 4s
72
Feb'20
....
87%
80%.
91
1926
677#
Nov'21
72%
Oct'21
87%
80
75%
1922
72
Oct'21
837# Nov'21
8J
1943 MN
dodos Bay A Sou 1st g 6s. .1924 J
V N J RR A Can gen 4s
.1944 M
99
98
74%
188
74%
82%
J
5s.....1994 J
..1994 J
Knoxv A Ohio 1st g 6b
76%
83
5
107%
A
O
33
208
80%
g
Ga, Pac Ry 1st g 6b
69
80
80
80
Nov'21
80
86
•
02
104% 106%
86%
92%
80%
89%
89%
72%
72%
96%
89%
82% Sept'16
Rioh A Don deb 6s stmpd.1927
Rich A Meek 1st g 5s
1948 MN
79%
73
63%
73%
68%
83%
92
82
Mob A Blr prior Hen g 5s.. 1945
76%
93%
79
1941
1938
1927
1937
1937
1943
1955
96% 109
98% 100%
NOV 21
70
80
Oet'21
84
*84% ~85%
Com let gold 5s....
1956 MN
E Tenn reorg Hen g 6s....1938 M S
Ga Midland 1st 3s...
1946
88
68
107
82
80
72
Atl A Char! A L 1st A 4HS-1944 J
1st 30-year 5s Ser B....1944 J
87
80
76
43
87% Saie"
95% Sale
1933 M N
62%
75
85%
39%
32
D
51949
oonv 4s
82
91%
75%
106
72%
85%
74%
15
99
87%
O
Atl A Danv 1st g 4s.
65
72
57
219
I
79%
1926
2d 4s
1948 J
Atl A Yad 1st g guar 48—1949 A
E T Va A Oa Dlv g 5s.
1930 J
67%
69
50
70%
85%
St Loula dlv 1st g 4b......1951 J
Ala Gt Sou 1st eons A 5s..1943 J
»*%
75
677#
34
84
99% 100
87
75%
53%
93
83
73
363
92
....
53
52%
Oct'21
Mob A Ohio ooll tr g 4b...1938 M
Mem Dlv 1st g 4Hs-5s
1996 J
54% 60%
109%
79% Sept'21
70
5;
Sale
Nov'21
85
88
105
70
20
53
71%
54%
95
74%
58
105% Sale
71
71%
69%
69%
84
Develop A gen 4b Ser A...1956
83%
79%
83
75%
58
Jan* 13
97%
5284
84% NOV'21
....
73
02
98%
78%
73
15
106% Sale
6i%
75%
89
83%
Southern—let cons
106%
72
84
74
85%
Ore A Cal 1st guar g 6s
So Pac of Cal—Gu g 5a
So Pac Coast 1st gu 4s g
90
77%
95
65
60%
37,
73
55
7384
121
Nov'21
86
72%
65%
63%
A A N W let gu g 58.
96
99
105% Sept 21
98
76
5ii
65
38
let guar 5b red
80%
7O84
98%
Nov'21
....
85
62%
55
76
65
58%
So Pac RR 1st ref 4s.
San Fran Terml 1st 4s
90
May'21
92
July'21
75% May'21
96%
83%
84% 86%
92% Sale
87% Sale
96% Sale
78
16'
74
70
38*4
42% 241
1
63%
63%'
62% Nov'21'
Tex A N O eon gold 5b
92%
Oct'21
69
...
92% 101
62
76%
40% Sale
63% Sale
63%
72%
1931 M N
J
2d exten 5b guar
...1931 J
Gila V G A N 1st gu g 5s..1924 M N
HOUS E A W T 1st g 5b
1933 M N
59
547#
73%
75
100
....
Aug'21
Sale
53
G H AS AM A P 1st 5a
74" "so"
32
109
84
77" "77"
1
118.
17
Registered
87
100
88
7 St L A P lit com g 6s...1932 A
**
97% 101%
73% 85
1
107
76%
101
34%
92%104%
*10
109%
87%
Jan'21 i
75
14%
101% 101%
40
85
Sale
Oct "20
32
No of Cal guar g 5a
60%
107
108
85
88
Series G 4s guar
1957 MN
Series I eons guar 4 Hi--1903 F A
General 5a Series A
1970 J D
82
61
60%
1940 A O
.1942 A O
Series E 3Ha guar gold.. 1949 F
Series F guar 4s gold
1953 J
m
-*
43
"50"" "6*9""
Nov'21
85
67
77
64
H A T C 1st g 5b lnt gu.__.1937 J
J
Waco A N W dlv 1st g 6B..1930 M N
1
83
,
14% Sale
"26*% *32 "
195
82" "83"
1942 MN
1945 MN
C O A St L gu 4Hl A
Series B guar
70%
#»
106%
83% Sale
94%
Oonsol
63
m m
100
Apr'2l
10484
83%
F
J
61
39%
70%
83%
98% July'2 J
105% Sale
83% Sale
74
71% Sale
54%
..#1929 M S
D
oonv 5a
.1934
Cent Pac 1st ref gu g 4b...1949
Registered
..1949
Mart guar gold 3Hi—*1929
Through St L 1st gu 4s. .1954
Deo'19
67%
01%
,
32% Sale
20-year
20-year
Feb'18
74%
68% Sale
457
58
ol949
Seaboard A Roan 1st 5b
70
58
8ept'17
Sept'21
88%
St Paul A Duluth 1st 6s...1931
1901
727#
July'14
Aug'13
32
IIII
Paolflo Coast Co 1st g 6s
D
1940
Paducah A Ills 1st ■ f 4H«—1966 J
J
Pennsylvania RR 1st g 4S...1923 M N
Consol gold 4s
1943 MN
45
67
"29" "35"
Sale
D
49%
f-3%
48
32%
74
7c %
Consol gold 6s
...1943
Ga A Ala Ry 1st oon 6s...01946
GaCar A No lstgu g 5a_..1929
_30" ~ *41*
10
51
83
70%
85
96%
101
87
1950
Registered.
34
87
99
72% Sale
74% Sale
09%
Gold 4b (Cent Pao ooll)...11949
70% July'21
Sale
70%
845#
Southern Pacific Co—
33
68
195:
...1959
Oct'19
53% Sale
70%
"34"
60
51%
176
70
Sale
45
36
306
Fla Cent A Pen 1st ext 6S..1923
1st land grant ext g 5s..1930
40%
35
16
433
98
1st A 00m 6b Series A
1945 M S
Atl A Blrm 30-yr 1st g 4s.cl933 M S
Caro Cent 1st ©on g 4e
1949 J
40
34%
38%
4
23
I
70%
85
75% Sale
1950
4s
Refunding 4b
82%
37
31
74
71%
g
"63% """5 "69 " 64~
Sale
101
J
73
87
!
73
78
6b_.1947
48
1943
Adjustment 5b...
July'18
49
*32% Saie"
J
73
7j 76
54
56% 1178; 44% 59%
99% Nov'21
93% 1007#
87
93%
93%
93%
68
gu g
Gold 4b stamped
*70% *85 "
2
Oct'17
60
40
87
777#
"42
82%
39
100%
1948 Q M
J
1933
Gray's Pt Ter 1st
Seaboard Air Line
16
39%
41%
42%
107
...1908
777#
s A A A Pass 1st gu g
Apr '21
39%
A
1st oonsol gold 4s
81
66
26
Apr'21
40
93%
J
Consol gold 4b
1932
1st terminal A unifying 5S.1962
Feb*19
67% June'20
83% Sale
etfto.pl989
*165 *717# **83"
85
90
Sale
100
...
77%
83%
78
81
J
High
91
68%
81%
73% Sale
54% Sale
O
K C Ft S A M Ry ref g 4a..l936 A O
KC&MRAB 1st gu 5b..1929 A O
St L S W 1st g 4b bond ctfs—1989 M N
Jau'09
80
Sale
A
J
St L A 8 F RR eons g 4a...1996 J
Southw Dlv 1st g 5b
1947 A O
K C Ft 8 A M com g 68—1928 M N
95% June'20
A
Wash Cent 1st gold 4s
90
51955
J
51960 Oct
St Louis A Ban Fran gen 6s..1931 J
General gold 5b
....1931 J
76
130%
....
1923
Nor Pa© Term Co 1st g Os
Oregon-Wash 1st A ref 4s
73
50
....
Registered certificates.. 1923
J
96
76
D
8t P A N P gen gold Os
J
74
66%
F
2047
Registered
Ref A impt 6s ser B
Ref A imp 4 Hs ser A
J
.02047
....
General Hen gold Ss
J
...1928 J
68
...
J
1950 J
Prior Hen Ser C 68
50
75%
78% June'2i
1941 Ml N
103
102%
102%
1931 M n
102%
101% Oct 21
Improvement A ext g 0S...1934 P A
102
108% 101% Oct'21
New River 1st gold 6s
O
1932
8434 Sale
84%
85
N A W Ry 1st cons g 4s...1990
o
74
Oct'20
o
Registered
1990
"81% :::: 79% Nov'21
Dlv'l 1st lien A gen g 46.1944
J
80
80
Sept'21
10-26-year oonv 4s
1932 J D
90
92«< Apr'21
10-20-year oonv 4s
.1932 MS
M 8
Prior lien Ser B 5b
96
55%
Norf A West gen gold Ce
10-26-year oonv 4HS...1938
10-year oonv Os
1929
Pooab C A O Joint 4s
1941
O C A T 1st guar gold 6S..1922
MO V A N E 1st gu f 48..198)9
Northern Paolflo prior Hen rat
way A land grant g 4a
1997
70
70%
85
63%
66
68
103
102
63%
92%
Cum adjust Ser A 6a.
Income Series A 6#
Aug'21
84%
68% Sale
82% Sale
Feb'21
90
j
4% debentures
St Louis A San Fran (reorg Co)—
Prior Hen 8er A 4s
.1950 J
71% Oct'21
66% Nov'21'
....
6212
53%
85l2
7334
9834
A
Non-conv deben 4s.....1966 j
Non-oonv deben 4t
1960 j
77
NO. Low
81*4
71
85%
7084
"97% "99%
High
Dec'17
82%
73
70%
99%
j
June'21
97%
81%
"*85* "87%
Atlantic City guar 4s g
St Jos A Grand Isl 1st g 4s..-1947
60
71
Atk Low
1)0
74
May'16[
99%
Since
Jan. 1
85%
81% Sale
1997
1997
1951
1951
....
Range
Mange or
Last Sale
Bid
Beading Co gen gold 4a
Registered
Week'e
Friday
Dec. 2
1
Pltte Sh A L E let g 5a......1940
1st consol gold 5b
1943
62
Nov'21
113
....
N Y N H A Hartford—
Non-conv deben 4s
*74 "
Price
II
ending Dec. 2
Jersey Central coll g 4e
71% Sept'2 i
....
yy%100
1620-22 M N
6B
72%
June'21
96
9734
101
68
....
Rutland 1st
Nov'21!
Week
High
9(T "90%
85% Nov*21
70«4 Aug'21
....
74
O
No. Low
66% Maf20
77
77
76
N(Y A Pu 1st cons gu g 4g.l993 A O
Pine Creek reg guar 6s
1932 J D
>
74
~::::
66
95
R WAOoon lstext60.. JI1922 A
H. Y. STOCK EXCHANGE
74% 8ept'20
O
2000 M N
N Y A Northern 1st g 6S..1923 A
BONDS
Since
00% June'21
08% Nov'18
m77m nrr
85
*I"r#
Jan. 1
93%May'20
92
1940 J
Registered
J L A S 1st gold 3H«
1st gold 3
High
A*k Low
BUI
N T Gent4HRBH (Co»>—
"§3
Range or
Last Sale
Friday
N. T. STOCK EXCHANGE
Week ending Dec.. 2
■*
ash Terml 1st gu 3Hs
1st 40 yr guar As.
Due July.
Due aug
84
«4
56%
£1%
56%
Sept'21
65%
66%
June'21
78
71
69
79%
J
86%
4S...1939 J
J
60
70
56%
A
O
60%
607#
60% Nov'21
78
69
78
...1941
1941
M
1945 F
1945 f
Oiw Ooi.
S
73%
A
65
72
A
78
j
i
71
Jje Deo.
«1
t Option sale.
3893
New York BOND Record—Concluded—Page 4
Week ending Dec.
Bid
Income 5e
6s
1946 m
5a
g
S
19261A O
Wheel Div 1st gold 5s
Esten A Impt gold
—1928J
6a.....1930!F
J
RR 1st oonsol 4a
ZV. Y. STOCK EXCHANGE
Ask Low
901a
66%
91
65%
921a
36
77
""
•3%
91%'
67
8!
60%
Nov'21
82
86%
90
92
90
Nov'21
80
90
47
67%
51%
63%
66
6s
63%
as
78
7834
«U% Mar'17
....
171
152,
57%
56
5712
63%
63*4 Sale
7512
60%
J
j
77
Sale
77
78
80
78
7834
4s'30jm M
73
Nov'21.-'—
78%
111
3,
j
7% secured notes...*1921 J
Certificates of deposit.
Certificates of deposit stmpd..
Bklyn Un El 1st g 4 5s
1960 F
Stamped guar 4 5b
1966 f
Sings County E 1st g 4s..l949?F
4a
J
A
a
A
1949jF
A
Nassau Elec guar gold 4a..1961 j
'
j
bloago Rys 1st 5s
onn
1927 F
A
Ry A L 1st Aref g 4Xs 1951 j
J
Stamped guar 4X&
..1957 F
A
O
J
4s._1990| A
O
19Q0 A
O
4s
..2013 J
D
4X8..1935
100%
76
71%
Oot'21.
63
64
65
62%
65
65
5-*«*
Nov'211.
June'2l!.
53
64
53
25
2JI4
2934 Nov'2J j.
18
5t%
2934
71
70
Sale
61
56
74%
45%
593$'
86
86
94
10i2 Bale
10
Jan'2oj.
75%^
64
Sale
53
61
62
65«4
46%
6034|I
48
Certificates of deposit..
10 year adj too 5s
71
10
63% May'211.
..
....
....
86
62
Sale
6&%
48%
62
52%
52%
al960 A
Sale
"80% ~87
9534
81
....
96%
United Rys Inv 6s Pitts lss..l926 M N
r,nlted Rys St L 1st g 48
1934 J
Jl
St Louis Transit gu 5s....1924 A O
1927 A
16
8
63%
69%
36
O
Union Tr (N Y) etfs dep
Eqult Tr (N Y) Inter ctfs
!...
Ry Pow 1st A ref 5s
1934 J
77
Ga» and Electric Light
I
tlyn Edison Ino gen 6s A..1949 J
General 6s series B
1930 J
General 7s series C
1930 J
General 7s series l> ......1940 J
1927 J
Stamped..
..1927
Columbus Gas 1st gold 5s
1932
Oonsol Gas 6 yr conv 7s
1925
Oon* Gas ELAP of Bait 5 yr6s '21
J
J
J
J
Q
J
F
*1940 M Si
Doaueene Lt 1st A coll 6b..1949 j
j
■a a L N Y 1st cons g He
1932 W 8'
Havana Elec oonsol g 6s
Hudson Co Gas 1st g 5s
1952 F Aj
1949 M N
Kan City (Mo) Gas 1st g 5S..1922 A
O
Kings Co El L A P
1937 A
.1987 A
Oj
1925 M
r!
g 5s
Purchase money 6s...
Convertible deb 6s
o
48.1939 J
J
has Gas L of St L Ref A ext 5s *34 A O
con g
Milwaukee Gas L 1st 4s
5«
g
HYGELAPgM
1927 M
..1948 J
..1948 J
Purchase money g 4s.....1949 F
N|
D
d!
A
Ed Eleo mist cons g 6s...1995 J
Jl
NYAQ El LAP 1st con g 5S..1930, F
A
Pacific G <* E Co—Ca O A E—
Corp unifying A ref 6s
Pacific G A E gen A ref 5s
Pae Pow A Lt 1st A ref 20 yr
i?at A Passaic G A EI 5s
1942 J
5s '30 F
.1
A!
1949 M Si
OJ
1947 M 5
Ch G L A Coke 1st gu g 6S.1937 J
J*
Con G Co of Cb 1st gu a 6s.l936 J
J
Ind Nat Gas A 01! 30 yr 5S.1936 M N
Mu Fuel Gae 1st gu g 6s..1947 M Mi
Philadelphia Co conv g 6s
1922 M Ni
D,
stand G&« A ET eonv sf 6s... 1926 J
Syracuse Lighting 1st g 5s
1951 J
Syracuse Light A Power 5»..1954 J
Trenton G A El 1st g 5s
1949 M
D;
J
Rj
M S(
anion Eleo Lt A P 1st g 5S..1932
Refunding A extension 5s..1933 M N;
United Fuel Gas 1st s f 6s
1936 J
J
Utah Power A Lt 1st 5b
.1944 F
7tlca Elec LAP 1st g 5s_—1960 J
Utloa Gae A Elec ref 6s..... 1957 J
Westchester Ltd gold 5s.... 1950 J
i
Vfl*r*flart«OU*
Adams Ex coll tr g
A
J,
Jj
D
I
4s_—1948 M S
Alaska Gold M deb 6s A
Conv deb 6s serlee B
Am Wat Wks A Elec 5b
91
1925 m 8!
1926 m
8
1934 %
A Co 1st real est 4Xs 1939 j
Atlantic Fruit conv deb 7s A-1034 J
U;
D
Atlantic Refg deb 6 He
1931IW
8
Booth Fisheries deb s/ 6s
1926 A
.11*
:
latest bid and
AI
asked,
18
17
105
107%
Sale
100
108
89
90%
87
88
Nov'21
90
i...
Sale
90*4 Sale
75
104%
Sale'
17
11
"19
90
89®4
8984
37
90%
Sep
10
|
142
91
Apr-20
89% Sept *2i
91%
91%
90%
100
Saie
80
"81 "
60
40«4
47%
26
85%
76
88%
96
68
02%
65
80%
ou'4
co
29
86(4
79
O
1940 M N
1st ?
5S.1927 A O
4XB—1936 J D
du Pont de Nemours A Co 7He *31 M N
Flak Rubber 1st S1 8s......1941 M S
General Baking 1st 25-yr 6a.. 1936 J D
Gen Electric deb g 3Xs
1942 F A
Debenture 6s..
1952 M 5
20-year deb 6s„.....Feb 1940 F A
Goo lyear TlreA Rublst sf8s*1941 M N
lot Agrlc Corp 1st 20-yr 5s—1932 M N
Internat Cement conv 8s
1926 J D
oonv
International
Paper 5s
1947 J J
Kelly-Springfield Tire 8a
1931 M N
Liggett A Myers Tobao 7:... 1944 A O
5s
1951 F A
O
...1944 A
1951 F
5s
A
Nat Enatn A Stampg let 6s. .1929 J D
Nat Starch 20-year deb 5s... 1930 J
>
National Tube 1st 5s
..1942 M N
Sharon Steel Hoop let 8s ser A '41 M 8
Standard Milling 1st 5s
1930 M N
Steel A Tube gen s f 7s ser 0.1951 J
J
Packard Motor Car 10-yr8S-1931 a
Union Bag A Paper 1st 5e_—1930 J
-jfi
10a
98%
mil4
105
97
87
96
100
81%
85% 85%
89% Sale
91% Sale
fj8*
Nov'21
81
Nov'21
S9%
89%
92
...1930 F
5
A
Va-Caro Chem 1st 15-yr 6s..1923 J
Conv deb 6s
«1924 A
89%
87%
85
79
105
100%
100
5
2
July'17
100
1st A ref 6s guar A........1942 M N
89
1926 J
1940 A O
.1952 M N
7934
87
82
77
May'2i
7434 Sale
74%
10%
88
t
23
Rate
23
28
I
67%
78"
a
il
81
11
*
88%
89%
" *77**
56%
stmpd-1955 Jf
Tenn Coal I A RR gen 5s... 1951 J
8 Steel
a f
Corp—\coup
10-60-year 5s/reg
Victor Fuel 1st
f 6s...
s
Sale
106
107%
55
Nov'21
51
108
116.
T«l«grapti
<4
Telepl
7434
4s...—
110
1(9
Sale
77% Sale
102
87%
104*8
11234
9184
112%
90%
95
88
dumb TAT 1st A gen 5a—1937 J
Mlcb State Telepb 1st 5a
1924 F
J
A
N Y Telep 1st A gen s f 4XS.1939 M N
30-year deben s f 6s..Feb 1949 F A
A
75
88
73
South Bell Tel A T 1st e f 58.1941* J
West Union coll tr our 5s—1938 J
106
87%
10234
89
Sale
1127s
01%
11278
Sale
Sale
113
91
91
....
88
95
94
102
93*4
95
99%
101%
99%
100*4 Sale
92
08
95%
86
10434
362
113
|
102
I
17
3
103
1
93
13
78
1127s
91
Nov'21
77%
I
4
91
100%
86
6
100
71
96
85
.
203
,
91%
PO
.
Jan'21
.
86%
92
101% 101
103
j
107
98
101«4
86%
35
186
75
86%
95
42
96%
7
97%
122
99
99%
10584
147
97%
3
95%
Sale
95%
96
96%
89%
89%
93
Sale
95% 106
26
14
86*4 100
105%
97%
9584
86
04% 105%
90
87%
90
12
78%
86
87
66
74%
96
78
Aug'2)
8134 Apr'21
83%
83*2
71
7284
70% Oct'21
Sale
94% Nov'21
873s
88*2
95% R«.iu
97% Sale
83*8 Sale
86%
95
83
82»4
....
*83% Saie"
75
94
97%
81%
85
Sale
79
95%
78
62%
94%
94%
33
76
92
86
89
06%
97%
92%
91
195
70%
83
""76
87
37
2
9334
0V
87
91
66
7A
86
'422
100
8"
76*8
80%
*16
91
75
98%
P5
"84
79
90% Nov'21
Stile
83*2
73
July'21
75
85
78
81%
83%
74%
79%
72
89%
90%
78
90
87
81%
Nov'21
84
97%
76
2!
0
83*2
98
96%
96%
977g
87%
02% 100
52
Sale
09
88%
36!
Saie
90%
84
98
87
88
85%
106
106
90
72
07
9634
9/% Sale
83%
102%
100%
93%
79*4 03
94% 102
78
93
96
94% 100%
227
86%
10434
91
88
87
20
100%
101%
1)0%
97
93
112%
88
|
96
89
113
87%
-
Feb'21,
94
78
104
P2% 104%
6
91%
92'i 100
87*2
96%
52
Oct'21
Jan'21
93
76
....
52
62
89«4
86% Nov'21
81
86%
88
81%
93»4
8
83
82
95
1
80
96
77%
93
92
92% H.tie
92%
li >7%
109%
10734
10884'
86
June'21
64% Feb'21
Sale
90
"88" Sale*
73%
125
04% 112
47, 100% 100
86
80%
560
04%
8834
38
78
88%
96%
44
85
96%
87%
88%
154
88%
87% 101%
75
101%
101
108*8
154
92%
21'
80
J
92%
46
80%
J
93%
1936'.
...
] 91
88*2 Sale !
107
Due Aug
•
Sale
0 Due
64%
88
94*2
9534 ge
87% Sale
1960 M N
tf
81
95
8734
101
15-year 6%s g
h Due July
170
81
97
108% Sale
108
94%
94
8334
Sale
10/%
Fund A real est g «Xs
Due June
80
*
.
'
92% Sale } 90%
02% Sale ) 91
94%
0
98
1
,
107% Sale
67%
Due May.
10
71
10
87%
104
101% Sale
80
e
78
99
09% 106
97% 111
18
400
110%
90%
73%
84
83%
85
95%
80%
66
116
.
105
90
99
Oct'21
Sale
95%
264
84
105% Sale
98% Sale
96
79%
105%
101%
96
....
8584 Nov'21
10434 sale
92% Sale
101
77
79
399
91*2 Nov'21
9284
Safe
89%
89%....
0ia4 93
J
67%
April 6 Due Mar.
76*2
104
105
62
45
100% Sale
9234 94
73%
9tt% Sale
IO584 Sale
Sale
80%
105
101% 108%
747a Sept'21
103
10584
100
100%
89% Sept'21
73%
73%
96%
06%
106
104%
J
1936 W
20-year conv 4Xs
-1933
30-year temp coll tr 6s....1946
7-year convertible 6s
1926
Bell Telepb of Pa s f 78 A
1946
North west'n Bell T 1st 71 A.1941|F
Padflo Te! A Tel 1st 5s
1937|J
23
95
92
< ru
Te! ooll tr 4«....l929 J
Convertible
19%
19%
34
34
53
78
105
C1963MN
41963 M N
1963 J
J
dfl-1949 *s f
70
10
94%
Due Jan. <t Due
St L Rock Mt A P 6s
10
10434
Oct'21
94
107
87
61%
86%
103%
105
J
8
m e
J
o
P A
A O
Cent Diet Te) 1st 30-year 68—1943 J
O
Commercial Cable 1st g 4a... 2397 Q J
25
Oct'211
Bale
Sale !
104
O
i
J
Am Telep A
77
82
94
Rale
Repub IAS 10-30-yr 6s »f. .1940 A
f 5s.. 1928 J
'6
^
Nov'21
103% Sale
105
68
s
Oct'21.
54%
J
Pleasant Val Coal 1st
83%
'
7484
Oct'21:
10
I
J
f 4X» A..1964 J
Va Iron CcMA Coke 1st g
Xov'iy
13%
O
f
78%
80
77
12
»
1950 M
73
88% Nov'21
86%
89%
95
Mar'20!
....
10
91%
*68% 68%
88% Sale
82%
9 J
LohlgbCANav
U
8?
83% Sept 21
80
Bept'll
12
79%
~8s" 9978
—
68% Mar'21
73
June'21
81
1st cone 5s series A..
.
51
Pocah Con Colliers 1st a f 68.1957 J
87%
70% N'iv"20
76
Lackawanna Steel 1st g 5s.. 1923 A
Oct'21
61
A
O
&
87%
79%
99%
99%
94% Nov'21
84
8
01926
Elk Horn Coal oonv 68
May*19
....
1932
Cons Coal of Md 1st A ref 6s. 1950 J
Mar'17
76
93
D
Col Indus 1st A coll 6s gu... 1934 F
*84 " *90
60
91
J
20 yr p m A imp s f 5s....1936
Buff A Susq Iron s f 6s
Debenture 6s
A
63%
77
J
2
63
....
Coal, Iron & Steel
Beth Steel 1st ext s f 6s.....1926 J
1943 F
Uu
72%
"99" ldd"
89*2
98%
59
Mid vale Steel A O oonv s f 6s 1936 M $
84%
83%
86
96% 105
98%
91
70%
70
86% 04%
89% 89%
62
63%
Wick wire Spen Steel 1st 7a..1936
J8%
82%
87% Nov'21
79% Oct'21
....
88
17
12
226
t
Sale
97*8 Sale
75
75,1
73*4
82
84% Sale
88%
73
48
88
59
105% Sale
t 7Xs
Illinois Steel deb 4Xs
164
93
O
92
6434
86%
943/.
91
87%
94%
95
89% Sale
....
M N
s
Indiana Steel 1st 5s
9!%
Sale
D
10-year 7Xs
25
86
70
04
1931
78% May'20
....
J
90
81
75
D
U 8 Smelt Ref A M oonv 6s.. 1926 F
Colo F A 1 Co gen s f 6s
Aug'21
D
J
102
90%
71
03
62
88
98%
92% 102%
65
84%
-
93
94% "*37
89% Mar'21 j.
.
1932 M N
1922 J
J
ok
?r»
9034
Apr*17
99
89
105
84
98%
Westlngb E A M 7s.
Jl
73
82%
77%
102%
84%
West Electric 1st 6s Deo
104%
190
95
81%
85
75
7534
90
J
1
12-year
Oct'21
104%
90%
81
76
75
86
Nov'21
\{
7&
~66 "
Oct'21
101% Nov'21
...
81
75
Nov'21
84% Sup 1/2 i
*89% "92%
1930J
Union Oil Co of Cal 1st 60—1931 J
United Drug conv 8a..
1941 J
U 8 Realty AI oonv deb g 6s. 1924 J
U S Rubber 6-year sec 7s
1922] J
1st A ref 5s series A
1947 J
PeD'la
75
8934
98% 100
.
95
T
94
81
TOOL
88
75
"74" "75%
I1/*
89
101%
J
Stamped.....
u
Nov'21
84
Sale
10768
I
100
83
101
9584 99
100% Sale
95%
1?"
94%
00% 101%
103%
38
Sale
N
O
Porto Rlcan Am Tob 8s
90
"87
107«4
84
.
101%
103%
84% Sale
9584
102
1931 M N
91
83,4
Nov'21
76%
9984
101
I
100%
90%
71
j
07
7? 2
IO684
89
76
96%
57%
90%
09
E I du Pont Powder
Lor1 Hard Co <P) 7s
86
37
671
88
A
O
Corn Prod Refg 1 f g 6s.....1931 m N
1st 25-year s t 5s...
1934 M N
Cuba Cane Sugar con v 7s.... 1930 J
J
Certificates of deposit 8%-—.
Cuban Am Sugar 1st coll 8s 1931 iw S
Diamond Match s f deb 7X8-1036
36%
2«
98%
353
97
Cent Foundry 1st s f 6s.....1931 F
Cent Leather 20-year g 5s_—1925 A
Distill Sec Cor
83%
"74%
100%
99%
99%
101% Sale
100
....
Baldw Loco WorkB 1st 5s
6434
4fi%
87
98%
76%
101%
t.
86%
9
90
84%
81
"90*
103%
7%
70
75%
67%
8934 Nov'21
87%
92%
102%
87% Sale
82*2 Sale
3
87%
76,J
91
91
103
104M Sale
"89% 89%
•
Sale
100%
Sale
J
79
~9184
85
....
Sale
09
A
3%
75
105
104%
O
Braden Cop M col) tr s f 6s..1931 F
17
90% Sale
108
V
Armour
*
91
Sale
O
27%
65
100
Sale
I
193? M N
f*eop Gas A C 1st oons g C«—1943 A
Refunding gold 5s
92
17%
20%
79
75
105% Sale
I
*1940 M 8'
1st A ref 6s series B
90%
100
M N
Detroit City Gas gold 6s
.1923 J
J
Detroit Edison 1st coll tr 5s—1933 J
Jj
A
79%
1
34%
74%
99%
106%
30
47
Nov'21
95%
Sale
Sale
gale
83
.
7%s g.—198«IF
51
—1
Oct'21
Atlas Powder conv
"0
10|
.
79
—
76%
96
99%
92%
90
33
1
Oct 21
Am Sm A R 1st 30-yr 5h ser A 1947 A
Am Writ Paper s f 7-fls
1939 J
37%
27%
90
85
86%
1
84
91%
49%
62%
83
95
Sale
13
93
71%
62
1
Idartufacturmg find Industrial
N Y Air Brake 1st oonv 6s..1938 M
,
3tlyn Un Gas 1st cons g 6s.. 1946 M N
CJincto Gas A Eleo 1st A ref 6s 1956 A O
Columbia G A E 1st 6s
"23
95
82
48
76%
95%
99%;
92%
20
83%
23
j
76%
9434
99%
02%
88%
....
85
Sale
A
1st ref s
7%s g........ .1941
Am Cot Oil debenture 6s....1931 W N
35
347
84
97
Am Agrlc Chem 1st 0 5s.—.16 :«
36
Apr'2l
34%
33
*
80
102
91%
....
Sale
88% Sale
90
71%
07%
92
92%
0034100
92% 103%
28
I,
l>
84%
7.)
85%
82
77%
85%
Oct 21.
O
.1928
63%
66
Mar'21
31%
A
_._el946 F
eonv s f 6s
fi*54
69
i
Feb'17
Nov'21
50
76
78
49
——
31
Au<%li
78 |
Nov'21
52%
...
77
57
60 !
47%
85% Nov'21
95%
9534
67
Sept 21
D
19.58 J
1st series D 7s
10-year
48%
AO
59%
45%
1933 J
1948
i
5%
4%
y0%
86
"bird Ave Ry 1st g 5s
1037J
frl city Ry A Lt 1st s f 5S..1923 A
28
26
J
S
5s... 1946 WI
Wllfloci A Co lBt 25-yr s f 6s.. 1941
60
21%
"13
83% Nov'21
78
80
77% Sale
82
1st series C 6s....
"75% "93"'
64
64
West Penn Pow ser A
19%
Deo'U
25%
26
79%
97%
76%
9334
106%
85%
100%
103%
82
-35!
75% Sept'2i
Sale
N
A
Union Tank Car equip 7s...1930 F
Wash Wat Pow s f 5s
1939 J
42%
4
71% June'21
83
83%
60
Feo'21
371" Nov'21
....
59% 60
46% Sale
.1960, J
84%
51
5
City Cab oons g 5s..1037iJ
f*ntted RRs San Fr s f 4s.
....
2434 24%
6% Sale
Portland Ry 1st A ref 6s
1930 M M
*nrtld Ry Lt A P 1st ref 6a—1942 F A
Portland Gen Elec 1st 5s..1935'J
Income 6s
51
"9l" HI'.
25
4HS.1962 M K
Tndergr of London 4Xs
36%
37%
a1942; A
Adj lnoome 5s
....
Sate
16
43
Certificates of deposit
Third Ave 1st ref 4s
83
91
O
21%
11%
8%
111
46%
92%
89
A
Tennessee Cop 1st conv 6s..1926 M N
Tide Water Oil 6Xs
—1931 F A
46%
82
351!
56%
N
63%
23%
101% Sale
O
Nlag Look A O Pow 1st 58—1954 M
Nor States Power 25-yr 6s A. 1941 A
Ontario Power N F 1st 6s...1943 F
Ontario Transmission 6s..—1945 M
Sinclair Con Oil conv 7%s
1925 MN
Standard Oil of Cal 7s— .01931 F A
57
159
60% 62
65% Sale
1961 F
Niagara Falls Power 1st 5s.. 1932 J
Ref A gen 6e._
a1932 A
"59 * "75%
74j
221!
934
7
61
62
57%
4634| 450j
jA ug'2i|
"60
12%
Bale
8s... 1936 M N
s f
4X8—1939 J
Pan-Amer. P.AT.lst 10-yr7sl930
Pub Serv Corp of N J gen 6s. .1959 A
72
58
60
.
Oct'21..
58
75% Sale
287
72
.
June'21
f
86
78
103%
93%
O
75%
71%
83
J
100%
s
80%
188
99
58
75%
49%
Municip By lsts! 5s A.1966. J
Y Rys lBt R E A ref 4s
1942 j
98
92
Sale
3
75
12
S Y
99
J
75% Sale
j
37
Montreal Tram 1st A ref fie..1941'J
O
Mexioan Petroleum
91
1
92%
o7
57
49%
1.9311 J
91%
37
54
15% NOV'21
30
Oct'2l
Refunding A exten 4Mb
85%
128
Sale}
49
Mllw Eleo Ry A Lt cons g 58.1926 F
85% 86
94% 95
92% Sale
s f
87
77
SADr'20
O
1940 M N
s f 6s
76%
94%
48%
O
D
Col A 9th Av 1st gu g 5s..1993 M S
Lex Av A P F 1st gn g 58..1993 M S
*•3 W 8 El (Chic) 1st g 4s..1938 F A
Newark Con Gac
95
6s__1941 A
Conv deben 8s
Great Falls Pow 1st
9934
66
10
86
86
—
112
90
91
80
90
101
317
87
88
A
83%
Ed El 111 Bkn 1st
84%
Sale
N Y Dock 50 yr 1st g 4s
82%
83
eer
Sale
81
77
20
ITS!
90
78%
45
90
99
60%
83% Sale
1st A ref 5s
1928 Ml N
..1925 M N
114
85
High
67% 84%
33
67% 85
87j 104% 114%
112
99% Sale
39
63%
-
Computing Tab Reo s f 6s..1941 J
J
Granby ConsMSAP eon 6s A 1928 M N
87*8
111.
Sale
85
5-year 6% notes
1924;A
Metropolitan Street Ry—
Bway A 7th Av 1st c g 6s.. 1943 J
*
112%
89% Sale
112
95%
Manila Elee Ry A Lt s f 5s... 1963 m ~
Market St Ry 1st cons 5s
1924,M 5
et Paul
Sale
114
J
206
97
Rap Tran let 6b._1966 J
Stamped tax exempt
Y State Rys 1st cons
85
J
....
"»
84
J
60%
45*2 Sale
W Y A Jersoy 1st 6s
.1932 F
:«terboro Metrop coll 4X8—1950 A
Certificates of deposit
mt
Rale
Montana Power 1st 6s A....1943 J
55
58
1957j
Mew Orl Ry A Lt gen
85
Morris A Co 1st
Sale
59% Sale
S
2d
1960 A
61%
II
70
"44
84%
35
61%' 147{
34%,
No. Low
High
82%
—
...—
8inte
Nov'21
Sale
35
32
59
j
A
jierboro
77
80
83
Chic Un Sta'n 1st gu 4He A. 1963 J
1st Ser C 6J4s (otfs)
1963 J
Chile Copper 10 yr eonv 7s..1923 M N
Co 1 tr A conv 6s ser A
1932 A O
Stamped
Range
Jan. 1
Ask Low
75%
22%
32
60
61%
-"ud A Man hat 6s aer A
*fachat Rv (N Y) cons g
1 ex...
r
O!
2
1965 J
40%
34%
3)
61%
615s
Oct United let, oons g 4X8—1932'j
f >: Smith Lt A
Tr 1st g 6s...1936 rw
•
.1952 A
25
35
-l..
J
1961! j
Adjust income 5s
4
34%
32
54
O
S yr
guar
tut au
Inter Merean Marine
55
1945 a
2002 j
1st refund eonv gold 4s
Stamped
Building
73
8334
Street Railway
g
"75% "88 *
85%
85
Dec.
Marland OUsf 8s with war'ts 1931 A
Sap A Dal div A term 1st
Brooklyn Rapid Tran
Bush Terminal 1st 4s..
Oonsol 58——
Cerro de Pasco Cop 8a
•«!
85
....
57%
1949 M S
63%
91%
67
83
Week'*
Mange it
Last Sale
Friday
Bid
High
51%
5
On'17
»5l
^V
Week ending Dec. 2
8512 gale
8378
s
Winston Salem 8 B 1st 4s...1960!j
Wis Cent 60 yr 1st gen 4s_—.1940! j
No} Low
Hioh\
61
A
Refunding 4His solos A—1966! M
BONDS
Since
Jan. 1
81*4 Sale
yl943;Nov
aer A
Wheeling A L E let
Price
Range
Mange or
Last Sale
2
West Maryland 1st g 4a
1952 A O
West N Y A Pa 1st g 58—
1937j J J
Gen gold 4s.
—1943'A o
Western Pac 1st
<3*1
Week'e
BONDS
N. T. STOCK EXCHANGE
88%
!1(6
....4
NOV'21
90
108
j 00%
-
10
142
83
77%
1
0V
109
92%
97%
93%
90
108
Oct. g Due Dee. t Opt* neais.
BOSTON STOCK EXCHANGE-Stock Record 3..Bn°rP3.r.
2391
B10H AND LOW SALE PRICE—PER
STOCKS
Salet
SHARE, NOT PER CENT.
BOSTON
for
Tuesday
Nov. 26
Nov. 30
the
Dec. 2
130
130
76
77
*96
16
*15%
,261
129
78
79
Lowest
79
78
78
78
78
96%
97
97
97%
99
9934
239
173»
1,218
26
*25
26
121
*120
121
24
j
15
15i2
14%
1578
15
15
26
.
25
25
121
Sale'.25
Feb'21
Last Sale Zh
13
36%
13%
*62
66%
35%
76%
35%
12%
76
Mar'21
35
35
12%
64
*55
52
♦51%
"
52
"
52
1314
13l4
64
52
57
58
55
53
*16%
19%
*17
19%
*17%
19
*70
75
*70
77
74
74
74
49
49
49%
49%
49%
49%
49i2
6OI2
59
59%!
59
5912
59%
59%
59%
59%
59%
59%
*09
.10
*.09
.10
*.09
.10
*.09
.10
3%
*3%
3%
3%
14%
3%
14%
3%
3i2
15%
13i«
5012
59
Jan 29
.99 Jan 28
76c
Dec
3% Feb 16'
3
Nov
26!
130
77
100
34
100
Dec
100
15
Vermont A Massachusetts. 100
69
Nov
West End Street
50
40
60
40
Feb
Nov 22
Jan
65%
Dec
43% Feb 3
23% Jan 12
1
12% Nov 28
April
50
Do
Jan
Dec
.75
130
;
Dec
25
124
10c
Old Colony
Rutland pref
106
Jan 21:
May
74% Dec
13% Dec
.25 Jan 29
60
1,018
51
59
4
Jan
Feb
60
Jan 29
"512
74
8:
30
133
119
.25
-"yj
19%
75
49%
16% Nov 10
June22
Northern New Hampshire. 100
Norwich A Worcester pref. 100
Oct'21
Last Sale 17%
*17
*70
25% Feb
14% Nov 21
110
2
63%June16
N Y N H A Hartford
62
99% Dec
3% Jan 19
130
Feb 26
985
Nov'21
5712
133k ,Nov 22
79
Nov 28
7
100
Maine Central
24
57V
48%
Jan
100
123
64
Last Sale 55
*53
100
pret-No par
13l2
1314
13%
*64
.100
34
34
65
13%
64
*55
100
pief
Boet A Wore Elec
60
35
34
78
Chic June Ry A U 8 Y
Do
pref
20
130
Apr 16
617, Jan 11
100
Boston Suburban Elec.No par
Do
pref
No par
*75
35%
*35
13%
62%
13%
*62
*55
130
*75
I
77
76%
76
35%
*76
Do
119
100
Boston A Providence
Jan'21
*130
*130
*130
♦130
76%
100
pre!
Boston A Maine
240
Last Sale .75
♦76
Do
49
120
2412;
121
*120
Last
♦130
Boston A Albany
Boston Elevated
660
*120
121
Year 1920
Lowest
Highest
Railroads
439
13112 13134
133
130%
77%
97%
15
16
26
24%
*119
96
96%
15
26
121
zl30
132
79
*96
96%
*120
131
77%
Range Jot Precious
Jan. 1
Week
Dec. 1
Share*
130
Range Since
STOCK
EXCHANGE
Friday
Wfdnetday
Nov. 29
Monday
Nov. 28
Saturday
32
Dec
15%
Dec
pref.
Feb 23
76
Dec
76
Jan 27:
77
July
75
Jan 19
60
Apr 23
21
Jan 12;
15
Jan
7
76
Feb
9
70
June
Jan
3
51
Dec
2
36
Dec
Jan
8
59% Dec
1,
48
July
.04 Aug
100
75
7
Oct 27
5
51
Nov
Dec
Miscellaneous
3%
•
14
116% 117
97
3%
14
14
14%
97
97
97
81
82
82
9714
312
82
3,138
1,091
82
81
Last Sale .10
15
*13%
15
*13%
15
*13%
15
*14
15%
*14
15%
*14
15%
*14
15%'
1
*.50
•7(5
*.25
.50
*.15
*.15
.25
*.15
.25
.15
.18
.17
*.05
.15
*.05
.15
*.05
.15
*.05
♦12%
13%
13%
*3%
13%
4
11%
31%
10%
30%
*14
Last Sale .50
.25
*3%
11%
31%
*41
46
160
161
11
30%
11%
31%
31
41
41
41
42
*11
4%
*
22
*
39
"75"
4%
*
38
*~"r
75
"3%
38
*3
3%
3%
7
7%
3%
7%
*7%
9
7
3
3
3
3
3
6%
6%
6%
6%
6%
6%
6%
6%
*13
14
13
*85
90
*85
65
*88
65
14
66
12%
65%
5
110
*7%
65%
65
61
61%
61
136
135
135
15
15
14%
16
27g
*4%
3
278
*4%
3
5%
109% 110
*7
8%
15
15
15
16
*15
*164
165
165
165
165
80
80
30
110
90
238
13H2 132i2
"
82
15l2
278
434
....
13*2
*13
13%
*13
1312
*14
16
*14
16
*14
16
3%
312
*54
312
99l2
6512
♦
99*2
*54
13
*3
312
99
55i2
169
*54
1212
38
24%
19%
24%
*3
3i2
*54
24%
200
965
59
55%
19
60
19%
24%
24
24
8%
8%
39" "
24%
19%
24%
19%
25
19%
19%
24
24
24%
2,099
8
8
10
10
■
Circuit Inc
10
1
25
Do
504
157
Waltham
9
300
Walworth
19
16
17
17%
19
236
28
29
28
29
354
Do
1st
*28
30
29%
29%
*25
*29
29%
30
30
140
Do
113s
11
11
11
11
11
11
12
240
.75
.30
2414
3%
24%
3%
24%
24%
24
3%,
*.50
3%
9
9%
9
1312
13
13%
*---♦266
268
1S14
Q
9%
36i4
36*4
*1%
2
678
1034
11
*1«4
2
*2
284
234
*2
.30
*.30
*238
.30
♦86
22l2
*3i4
1%
*234
♦I84
•1%
♦2
4i2
♦2
55
17
914I
678
684
10%
2
2%
3
|
.03
266"
266
*
*834
13%
253"
268
14%
15%
14%
Q
9%
36%
*1%
9%
37
9%
36%
2
634
2
7
67g
10%
11
2
11
*2
284
*2
2%
2%
.75
2%
2%
2%
*.30
*1%
6%
9%
67g
10%
10%
2%
6%
1034
♦134
2%
*2
6%'
1078'
2%
2%
*.30
.75
*2%
"
79
78%
86%
*86
2284
3%
2234
*3%
*1%
284
134
I84
1%
314
2
2
2%
2%
4lg
4J2
2%
56%
17%
*2
55
17
.50
*.35
79
.75
78
79
79
.30
86%
86%
86%
87
88
2384
3%
134
23
23
*3%
23%
3%
*3%
23%
3%
1%
*2%
3
*1%
*258
3
134
2
2
134
1%
1%
212
*21-
r
414
1%
3
4%
4%
*2
2l2
56
54%
16%
17%
.50
2%
4%
i
!
*234
i
4^6
378
55
56
17
16%
1678
.50
.50
■
3
*334
4%
.
Last Sale 2
2%
56
548s
1634
.50
5478*
1678
56%
1634
6i2
12%
*.20
—
*214
*25
83
*78%
634
13
6%
12%
.50
*.20
83
80
80
6%
13%
6l2
12%
6%
1234
.20
.50
.20
2%
.
i
1
,1>4
1%
.10
*.06
.10
*2%
3
27g
3
3
1%
1'/. lfi/6
1%
1%
3%
378
.70
1 «/«
l,„
3
1*,!%
334
4%
3%
*.41
.43
.43
.55
.55
.70
.65
3%
3%
2%
3%
3
3
3
2%
2%
2%
2%
2%
*2
1%
13g
1%
13g
1%
1%
*1%
50
*.40
1%
1%
.50!i
13s
*1%
234
1%
134
2
1%
2%
1%
•
3%
50
""165'
_.
12
*35
4%!
-»
12
I1
50
Bid and asked prices,
*.40
12
*.35
1%
*234
1%
1%
_
*1%
New Cornelia Copper
New Idrla Quicksilver
_
„
.40
12
.50
.40
*.40
.60
.uu
*11%
12%
*11%
12%
11%
*.35
.50
d gx-divioend and rights.
50
Last Sale .35
•
Dec
1%
Dec
1%
1% Jan 25
Dec
Dec
1% Jan 22
2
.55 Apr
9
3% Jan
8|
2% Aug ll
0% Jan
8!
1% Aug
4
3%May
fi|
43% Jan
12% Sept
3
5
Sept 20
25
57
96
4
8
M ar 23
Feb
.12 Nov 17
Aug 18
1
15% Jan
25
Osceola
25
21
Qulncy
25
25
28
Shannon
Superior
Superior A Boston Copper.
Corp
Trinity Copper
l%!
13g
895
Utah Metal A Tunnel
134'
300
Victoria
.50
.uu
172
Winona
11%'
110
Wolverine
.
Wyandotte
z
Jan
3i
.35 Nov
171
.04Mar
4!
Ex-dividend.
25
10
5
6
5
.75
7;
...
1%
Dec
401,
Dec
12% Nov
35c
79
Feb
8% Jan 20
7
Dec
13% Nov 28.
.60 Jan
7,
8
Dec
33
22;
May 14'
43% Nov 25
2
44% Dec
l%Dec
l|
Dec
Dec
20% Dec
34%
Dec
26%
Dec
50c
Dec
Mar
2
Jan
18
10c
Jan
8
3c
Sept :'.0
4% Feb 11;
June 23
2% Feb
.85 Dec
2
3% Oct
7|
5
.35
Jan
6
8% July
5
25June23
Par value 910 per share
1
Dec
33c
Dec
4% Nov 28
1% Nov 16
.95 Jan 4
4
Dec
2% Dec
17{
1% Aug 16
.40May
Oct
1
15
.12
1
8
Mar
t
2% Nov 17 j
25% Nov
2
l^July
Dec
21
.34 Aug 19
25
90c, Dec
1% Dec
3% Deo
7;
Mar
25
Mining
Utah Consolidated
h Ex-righis.
3
Jan
1%
May 10!
1
1
25
25
Tuolumne Copper
Utah-Apex
Jan
10
-
South Utah M A S
450
Aug 10
33% Aug 25
5
Land..
South Lake
1,415
19,647
10,575
3
25
St Mary's Mineral
.95
4
Old Dominion Co
1,180
2
Sept 13:
56% Nov 26
17% Nov 28
8ept21
July 14
15
25
Mining
4
.40 Nov 22
77
5
.....
Jan
40
100
900
Assessment paid,
2%
100
1,520
Oct'21
4
Sept 17
1% Apr 12
5
New River Company
Do
pref
2%j
1%
*1%
„
2% Mar 14
25
Mohawk
3%!
138
134
_
Deo
25
Consolidated
Mayflower-Old Colony
North Butte
i
334
*2
15
25
Mine
Nlplsslng Mines
340
.85
2%
2
300
1%
3%
Dec
300
3%;
.70
*3
24
25
Valley
1,610
Nov'21
1%
Nov
3
3% Feb 16
2% Feb 111
5
_J Michigan
Nov'211
3%
75
16% Jan
75
Mass
210
Last Sale .62
*3
2
6
1,590
Last Sale .10
t
6
Dec
Mason
65
*.06
Feb
Jan
89
25
42%
44%
*.60
Aug
Nov
39
La Salle Copper
32
1
1
25o
2
25
.10
278 Nov 16
Jan
.98
I684
Nov 26
.95May 27
82% Nov 30
25
540
3% Deo
47, Dec
3
175
_
11
6
June 20
25
Copper
Copper Co
42
*.60
1
7% JaD
.25 Mar 18
48
Lake
*31
.45
9 *.35
1
25
Kerr Lake
*24%
3%
12
pref
42
3%,
12
1
Royale Copper
32
1%
4
*.40
25
25
42
*.06
I
.10
3%
Dec
Dec
Aug 25
Keweenaw
1,320
18s;
Deo
Aug
*31
1%
6% Dec
25
2
43%
44
2
7%
25%
31%
44
Jan 28
4% Jan 18
Oct
Dec
10% Nov
50c
31
42
1% Nov 16
6% Mar 28
200
6
*42
,
Nov 28
16% Jan 17
6
Ojibway
44
269
2c
3% Jan
North Lake
13}j
210
Apr 6
11% July 29
08May 25
3% Jan
200
1%
6
7
500
1%
.03 Jan
2
2%
1%
10
%8ept
.20
1%!
Dec
6% Mar
6
1% Apr
.20
1%
5%
Oct
7
2%
42%
Aug
Apr 28
14
10
2
43%
2
10
g
25
.25
3112
6
Deo
25
Consolidated
26
43
3% Jan
Dec
Dec
15
Bancock
2
311*
24% Nov 14
6
40%
20c
10
*25
42
3
7
Deo
20
2%
*41
.60 Apr
10
.25
31%
.75 Mar
5778 Nov 26
5
39% Dec
*2
43
Dec
Deo
3
*.15
44
19%
4
*25
*.15
14
27
3
300
6%
Feb 18
Jan
2%
43
*.38
6%
17
22% Apr 28
2934 Nov 25
1% Sept 21
235
-I
14% Dec
Jan
2534
42%
1%
i
63g;
Dec
5
7
*2
31*2
3
80
*6%
15
Jan
27
*25
42%
43 !
♦2%
6%
Feb
7
17
3
12%
25
4,655
6%
Deo
2278 Sept
Mar
5
Copper..
Jan 14
25
Isle
1
July'21
Nov
678 Jan
Butte-Balaklava
2i4
31*2
*13s
80
Apr
400
.50
.50*
—
1
16
8
2534
42%
1
80
Dec
21
32%
25% Nov
Aug 22
.15 July
4
19% Nov 14
Mar 29
40
10
25%
3112
42%
*.06
25
2l4
—,
2534'
*.60
80
25
39% Jan
July 12,
'225
56%
50
Aug
25
Do
104
4%
Jan 10
40c
Oct
l!
.4
25
Indiana Mining
Island Creek Coal
789
Nov'21
Last Sale 40
*78%
89
Nov'21
1%
1%
*2%
3
178
17g
2
*1%
3
*234
2
Feb 15
Nov
Dec
Helvetia
1,518
24
178
*134
*1%
3
2%
I
200
.3
2
*2
510
1,120
134,
61
22
June 16
Deo
5
97% Nov
East Butte Copper Mining
Franklin
1,558
.75
*2%
,
2
*178
*1%
11
23«
89
2
177«
Davis-Daly Copper
l",535
*2%
.
47
Copper Range Co..
"
*.30
—
Dec
9
Dec
146% Dec
Daly-West
Last Sale 3%
*1%
1%
'
.50
.
9%May
105% Jan 12
Centennial
115
.75|
88%'
88
.
1
Dec
1
2,578
82%
Dec
82% May
23%
15
25
2%
82%
3% Nov 16
8
Calumet A Heel a
Nov'21
81
87
Nov 23
16.
Carson Hill Gold
2
2)2
Last Sale 2%
2%
171
3
88% July 11
Commercial..
Bingham Mines
1
67g
Nov 18
10% Jan 7
30% Apr 29
2
18% Jan 11
Arizona
634
10%
112
1434 Dec
146
Jan
25
Arcadian Consolidated
360
9%'
95% Jan 3
7
July 26
Jan 11
1,470
38%
Dec
7% Dec
Aug 18
30
1,380
*9%
10
381
39%
Last Sale 1%
Nov'21
38
15
6
Apr 13
181
9%
35% Apr 25
9% Jan 13
Aug 26
Feb
Aug 12
20
pref
11,500
38%
37
Nov
17
Manufacturing-
3%
!
June
118
11
10
100
Allouez
"I55
15%
67
Nov 29
136
68%
25
93g
13
Sept'21
Last Sale .05
.03
153g
87g
13%
8
9
22% Apr 1
16% July 16
167* Jan 5'
7
Sept 24!
c
Sept 2l!
5
Algomah Mining
24
Jan
May
25
Abmeek
Nov'21
*3
87g
13
3%
9%
13%
.
Nov'21
24
89% Deo
80
64
July 12;
pref
Wlckwlre Spencer Steel...
295
__
92% Feb 23
5'<%Sept27
58% Oct 10
117
Sept 22
13%8ept28,
2% Nov 15,
4
7
Sept
Mining
Adventure Consolidated—
67i2
Last Sale .26
_■
3
9
269
1478
Last Sale .50
57%
■
*127g
w
269
7834
.30
♦
.03
1478
*8i2
3614
*1%
i7%
*3%
9%
*13
.75
57
*.20
JUne15
73
June
10% Nov
t>9% A-
12
2d
57%
Dec
Jan
ell
Jan 11
Dec
33
WarreD Bros
29
57%
Dec
4
6%
5
Watch
9
*.20
24
...
*28
*.50
7
25
pref
*17
.40
8
Jan
Corp..
Ventura Consol OH Fields.
Waldorf SyBtemlne
9
.75
Jan
478Mar 18
Dec
20
577g
13
32
Nov
9
57%
Dec
13
*27
*.16
Dec
80
86
85
*16
*.50
40
Aug 19
Jan 10
9%
113s
7
Mar 28
June 20.
75
Feb 17
17%
9
Apr
41% Feb
36
Mar 23
29
9%
16 '
14
17%
*9
Dec
32% Dec
24
28
9
Nov 25
14%
28
9
Dec
8
12% Apr 14
18%
9%
3
78% Nov 10
*26
*9i8
1712
15%
100
United Shoe Mach
1,572
-
100
Union Twist Drill
3,305
24
1912
24
8%
1914
38%
Linotype
Torrlngton
150
12
39
24%
19i8
19%
12
12
I
12
38
12
"*
9%
4
100%
100
100
May
140
28% Nov 26
18
25
Plant (Thos G) pref
Nov'21
*3
4
99% 100%
37%
24
*3
29
6;
3
Theatres
2,
8j
Reece Button Hole
10
Root A V Dervoort CI A No par
Slmms Magneto
6
Swift A Co
100
Last Sale 12% Nov'21
Last Sale 14%
Jan
13
Pacific Mills
127
170
1334
,,
99i2 100
55i2
*54
9978
55i2
►
12
19%
2378
*8%
171
15
*13
K
4
99'g
3778
,,
170
Jan
8
Nov 23
"225 Orpbeum
7
*1234
99
171
15%
15
17
23% Apr 12;
6
10
New England Oil Corp
New England Telephone.. 100
Ohio Body A Blower
No par
296
109i2 111
Nov'21
1434
1,5
110
15
Nov 22
164% Dec
Nov 17i
Ken' 27
Mexican Investment Inc..
National Leather
495
80
167
165
142% Oct 28
Sept j 0}
Nov 12
pref
Mergenthaler
5,600
....
Dec
43
5
Do
990
3%
I5I3
3
Dec
15%
2
1st pref.100
Massachusetts Gas Cos...100
448
61%
21
8
2
McElwaln (W H)
16
65%
61
Last Sale 7%
8%
15%
15%
Nov 23
8
No par
Loew's
233
Dec
Jan
Do
pref
.100
Island Oil A Transp Corp. 10
Llbby, McNeill A Llbb_.
10
2,420
3%
34% Oct
Nov 30
65%
157g
109
110
*85
23
Jan 10
July
6%
135
278
4l2
5
*7
Nov
4% Feb lli
19
6
6512
6H2
135
*14%
Dec
12
Oct 21
3
21
925
Dec
9% July 27
25
1,905
2,100
37»
Dec
Greenfield Tap A Die
6I4
3
49c
Internat Cement Corp.No par
Internat Cotton Mills
50
Do
pref
100
Internat Products
8
Deo
1% Jan JO,
13% Jan 10,
8'
3
Jan
Nov
14
Nov
5% Mar
11
90
*85
64%
61
135
5
478
110
110%
♦7%
8%
110%
8%
88
88
90
66
61
61
61
61%
*136
138
*131% 136
15
15
16
1478
3
3
278
278
4
Dec
10
5
50
9%
2
Apr 29
lc
60c
42
100
Sept
6% Jan
6
3
13
Nov
9
.95 J&d 10
9% Sept
3
13
Nov
70
4% Mar 18
26
.08%Oct 29
3
9
13
13
65%
61
5
13
13
13
70
.16 Feb
.50June24
No par
5
"6"
3
Nov 28
82
.15 July
No par
12
5
100% Oct
20
150
38
"S~
Apr
14% Nov 15
Gorton-Pew Fisheries
22
Feb
Feb
80
16
16
Elder Corporation
Motor
Dec
119%Nov 21
Jan 21
12
3o
1
9% Oct 25
Manufacturing
Gardner
20
75
3i2
7'2
*234
6i8
3%
7%.
3
10
10
Edison Electric Ilium
1,548
Aug'21
*3—1
38
75
3
Inc..
5
5
6
850
j
3
Construe
Eastern 88 Lines Inc
Do
pref
131
12
*21
22
75
7
3%
Eastern
85
*11
|
*74"
75
Metal
East Boston Land
1,825
43
Last Sale 5%
28
*
32"
4
12
2i%;
27%
28%
28%
i
4%
"21
22
*21%
28%
12
*
50
I6H2 16412
4
*11
4%
*3%
12
"255
4
43
42
159% 160%'
*11
28%
75
42
(
159% 160%
*3%
4%
12
13
"3l"
3
.07 Jan
Jan
4% Apr 30!
15% Nov 30
Feb 24
10
Boston Mex Pet Trustees No par
Century Steel of Amer Inc. 10
Connor (John T)
10
1,900
130
31%
Jan
73
par
Atlas Tack Corporation No par
Beacon Chocolate
10
Nov'21
*312
74
No par
pref
Blgheart Prod A Refining.
.25
13
1314
4
10%
*10%
46
"21%
38%
*3
-
•11
22%
28%
*1253
*3i2
j
4
10%
4% *_
75
13
*3%
10%
3%
160% 161%
4
3%
11
*21%
28%
38%
13
13%
3%
10
Mar'21
10
No par
Do
Art
15
.25
.25
Last Sale
.15
31%
*42
4
*3%
13
4
*.20
3
3
pref...
Anglo-AmCommlCorp.No
Nov'21
Last Sale 414
_|
.171
8% Jan
96% Jan
Amoskeag Mfg
52
3
Jan 21
2
Amer Telephone A Teleg—100
Nov'21
1478
1534
Do
June'21
Last Sale 1434
*13%
*.50
82
Engineering
Amer Pneumatic Service..
1,265
1,866
116% 11634
9714
9812
9734
82
Amer Oil
1414
14
98
97%
*78
312
334
15
II6I4 11634
115% 116%
116% 117
97
97%
*77% 81
116% 117%
Nov'21
Last Sale .10
Jan
12j
2% Jan3l!
2% Feb 17,
.80Mar
41
Feb
211
14
.48 Jan 13'
1
%A* Aug
42%
Dec
2c
Nov
1
Dec
25c Sort
8
Dec
15c
Oct
Dec. 3
Outside Stock
2395
CHRONICLE
THE
1921.]
Exchanges
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Nov. 26 to Dec. 2, both
inclusive, compiled from official sales lists:
at
Boston Bond Record.—Transactions in bonds at Boston
Exchange Nov. 26 to Dec. 2, both inclusive:
Bonds—
of Prices.
High.
Low.
Low.
American
96.04
96.26
$2,350
85.84June
96.26 Nov
1st Lib Loan 4s.. 1932-37
95.74
95.94
1,300
85.64 May
95.94 Nov
1927-42
95.84
95.92
1,250
85.44 Mar
95.92 Nov
1st Lib L'n 4Ms. 1932-47
2d Lib Loan 4 Ms 1927-42
95.94
97.24
650
85.62
97.24 Dec
Jan
96.62
13,600
85.54
Jan
97.62 Dec
3d Lib Loan 4Ms... 1928
96.74
97.64
10,850
88.10
Jan
97.64
4th Lib L'n 4Ms. 1933-38
96.04
97.70 108,700
85.34
Jan
97.70 Dec
Victory 4%s
99.74 99.86
10,350
1922-23
87%
108 M 108M
Convertible
Collateral
.1925
6s
95.78
Jan
99.86 Nov
75 M
Jan
88
25,000
95%
Feb
Feb
92
45 %
90
Aug
62
Jan
100M
Sept,
74
Apr
86 %
Nov
103%
Nov
1,000
5s____1946
tr
Atl G & W I S S L 5s. .1959
55
55%
Chic June & U S Y 5s. 1940
~
102
86M
103%
102
15,000
100%
Nov
Nov
108%
Nov
%
Nov
Jan
1,000
93
99
regis. 1928
6.000
22.000
85%
Internat Cement 8s... 1926
75,100
100
100
Carson Hill Gold 7s_.wl823
K C Ft S & M 6s
55M
Dec
4,000
87
Am Tel & Tel coll 4s.. 1929
99
Dec
99
Dec
Feb
82
Nov
American
Milling..,
Oct
Jan
25%
Mar
79
741
Jan
83
Sept
106
106
82
87
Jan
Susq Corp vtc. 100
68
68
143
60
Aug
80
Jan
100
48
58
50
35
Aug
48
Dec
50
37
37
21
34
June
37
Jan
78
78
80
12
75
Sept
80
Dec
39%
36
39%
18
29
Nov
39%
Dec
114% 118%
Buff &
Preferred
t c
v
Steel
50
Consol Trac of N J
100
Preferred
Lehigh
Dec
Lehieh Valley
Dec
100%
Nov
Little Schuylkill.
Northern Central
32,500
10,000
79%
Jan
1,000
88 M
Mar
98 M
2,000
94
Jan
99
Nov
1,000
94
Jan
125
Nov
5,000
80%
Jan
Nov
Pennsyl
91
91
90
90%
91
78
10,000
July
91%
90%
Dec
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Nov. 26 to Dec. 2, both inclu¬
sive compiled from official sales lists:
r.
Friday
'•'
Range since Jan. 1.
Last
>
Stocks—
Week's Range
for
Sale.
■
of Prices.
Week.
Preferred.
2M
Mfrs Light & Heat
Marland
100
Dec
Jan
5
Feb
Aug
30
Oct
Feb
2%
3%
12
Jan
16% June
26
42
Feb
11
53
3%
Nov
Oct
50
Traction
36%
..50
United Cos of N J
.100
United Gas Impt
8
8%
12,925
"39%
Preferred
Preferred
14%
118
118
M
1,145
10
118
97%
49%
Mar
Lehigh Coal & Nav—Consol 4%s...
Jan
18%
Nov
85
Jan
Oct
Bonds—
96%
75
Pittsburgh Brew 6s...1949
93
1931
West Penn Trac 5s... 1960
86
Nov
July
75%
Nov
88% May
3,000
96
Jan
6,000
86
86
96%
121,500
105% 105%
West'house El & Mfg 7s *31
Mar
5,000 '60%
75
91
Pittsb Coal deb 5s.... 1931
85%
$3,000
96%
75
Jan
1,000
86
66
Aug
Feb
98
105%
Nov
Dec
86
Exchange.—Record of transactions at
Nov. 26 to Dec. 2, both in¬
clusive, compiled from official sales lists:
Stock Exchange,
Sales
Par.
Stocks—
Week's Range
for
of Prices.
Low.
High.
Week.
Price.
50
30
24
.45
.45
Co
100
147
147
High.
240
21
Mar
75
24
Celestlne Oil
Canton
Shares.-
30%
100
Arundel Corporation
Baltimore Tube
20
June
do
5
146
1
Sept
Nov
Oct
.95
160
4
Jan
Jan
260
350
Sept
7
Jan
47
47%
162
39
Jan
48
Nov
Preferred
25
25 %
25
25%
235
22
Jan
26
Nov
Preferred B
25
26%
26%
27
Nov
""94"
92
95
95
Nov
10
Consol G,EL & Pow.. 100
.100
Preferred-
Consolidation
100
Coal
Cosden & Co, pref
5
1
"
2%
2%
84
84
4%
4%
Feb
80
Aug
317
100
Oct
79
July
7
871
85
4%
20%
505
105% 107%
106%
2%
-
2,525
3%
July
20
23
Mar
56
81
394
67
Aug
83
10
23
Jan
24%
24%
5
4
4
500
3%
Nov
pref..25
Mt V-Woodb Mills v t r 100
17
17
34
16%
Jan
Refining
Monon Vail Trae,
100
Preferred vtr
Pennsyl Wat & Power. .100
United Ry & Elec
50
Wash Bait & Annap
"i3M
13
13%
50
50
51%
89
91
8%
9%
50
Preferred
...50
4%
55
81
ctfs.100 "8l"
24 M
Benesch & Sons, pref. .25
Hous Oil pref trust
Indiahoma
107%
88%
55
Davison Chemical, .no par
15
91
24%
6%
19
Dec
Jan
page
on
York
New
Dec. 2,
on
the
the
Jime
18
Sept
62%
Dec
Par.
Stocks—
Industrial
77%
7%
Sept
12%
Jan
;.otte
Goal
Jan
15%
Nov
■lime
Misceil.
....I
Packing
12
152
26
July
30
Mar
82
$3,000
82
Dec
82
Dec
86%
Dec
,.-.10
Certificates
Aluminum Mfrs,
com__(1)
100
June
Jan
84%
85%
13,000
72% June
85%
Nov
& Trac com 100
Amer Products Exports. 12
Jan
100%
Nov
Am
Nov
102 %
Dec
Jan
99%
Nov
Automatic. Fuel & Sav_.(t)
80%
Nov
Dec
100M
100
100%
12,000
.93%
102%
102%
12,000
100
99%
6,000
92%
1,000
74
96
100
95
80
Fair & Clarks Trac 58.1938
1,000
77
Mar
86
Nov
Aug
81
Dec
Nov
95
June
86
84
June
70
2,000
70
Nov
Ga Caro & Nor 1st 58.1929
85%
70
1936
Bait & Annap 5a 1941
Wash
68%
81,000
46%
47
"65%
65%
65%
58,000
1,000
76%
'/6%
76%
8,000
1949
Nov
78%
73%
Lexington (Ky) St 58.1949
Funding 5s
91%
82
2,000
7,000
77
Income 4s
Jan
3,000
3,000
81
68
Nov
Nov
91%
68
July
99
101%
96
77
United Ry & Elec 4s.. 1949
J an
Jan
91%
81
June
89
81
1931
90%
Dec
Nov
89
Georgia & Ala cons 5s. 1945
Fairmont Coal 5s
Fla Cent & Pen cons 5s *43
13,000
71%
83
101% 158,000
96
13,000
86
97.14 Dec
84.40
Jan
97.56 Dec
88.20
Jan
85.60
Jan
97.74 Dec
94.50
Jan
100.00 Nov
Jan
97.88 Dec
82
6,000
68%
82
Dec
79
80
2,000
6,000
68
Mar
80
NOV
98%
93
Mar
98%
Nov
2,000
101
108
108
56%
103
1,000
1,000
Jan
56%
98%
Nov
Aug
109
56%
105
Nov
Nov
Apr
Dec
Jan
62%
Dec
61
Mar
61
Dec
37
2,350
5,000
50
72%
73%
14,000
59
Jan
30
31%
*,000
25
Sept
89%
90
0,000
84
Feb
2,000
1,000
100
97
_
90
63%
w _
100
96
;
97
100
63%
85%
85%
84
84%
30
Jan
j._
Nov
Nov
Nov
Aug
85%
Nov
76%
Feb
Jan
84%
91%
Nov
82
81
Jan
92%
Nov
100%
Dec
101%
Dec
67%
Sept
75%
Nov
June
84%
97%
78%
Nov
96
77
4,000
3,000
78,000
77
97
100
Oct
2,000
8,000
72
55
Mar
63%
27,000
100
Nov
Aug
82%
53
Jan
90%
56
75%
100
Dec
88%
75%
100% 101%
Dec
73%
Nov
92%
82
"100%
91%
92%
37
48
1,000
1,000
43,000
3,000
47,000
8,000
91%
91
ova
Market.—Below is
Nov
Feb
Mar
100
Nov
33
Jan
55
Nov
65
Apr
80%
Nov
record of the
a
York Curb Market from Nov. 26 to
60%
86%
75
Aug
68%
Jan
June
Nov
Jan
Sept
47%
60% June
65%
Dec
June
76%
Nov
41
67%
1%
Sales
1%
81c
12 M
3M
3%
17M
3%
17
39
imalgam Leather, pref
Amer Light
VA
65c
12M
65c
Explosives._ (no par)
Allied Packers
(no par)
68% June
__
96.24 Nov
86.47 Mar
53
Aetna
60
6s.
1927
Elkhorn Coal Corp 6s. 1925
97.88
86.87 July
200
Range since Jan. 1.
Shares
High.
Low.
Feb
91
Jan
75
Davison Sulphur
Feb
$450
17,350
39,900
54,050
Jan
10
30
86%
97.56
for
40
2,900
99
95.84
Price.
85
9%
98%
28%
Apr
Week.
140
295
15%
86%
Nov
of Prices.
Low.
High.
30
99%
CO O
52
Week's Range
9,000
99
Jan
Nov
30%
Last
14,000
1934
9
Sale.
ending Dec. 2—
28.000
6% notes
Oct
Friday
Week
Jan
83
Cosden & Co conv sf
7
Feb
71%
Consol'n Coal ref 4 %s_
200
June 27 transferred its
86%
102%
9
Broad Street curb to its new
82%
loo"
37%
activities from the
building on Trinity Place, and
Association is now issuing an official sheet which forma
basis of the compilations below.
Association
70
1931
Nov
8%
June
7%
both inclusive, as compiled from the official lists. As
our issue of July 2, the New York Curb Market
86
1922
51
Feb
27
29
aoted in
82%
7s
Jan
49%
184
17,000
90
Curb
71%
7s
709
8%
62%
transactions in the New
Consol Gas. gen
.
51
28
8%
Jan
82
"86 M
Nov
on
Chicago Ry 5s
1951
4%s._1954
Cons G, E L & P 4%S.1935
Nov
40
Exchange.—This week's record of prices
the Chicago Stock Exchange will be
2376.
•
transactions
Nov
Bonds—
Augusta Ry & Elec 5s
Bait Elec stamped 5s_. 1947
177
Aug
61%
1966
1941
1959
Reading gen 4s_
1997
Spanish Am Iron 6s
1927
United Rys gold tr ctf 4s'49
United Rys Invest 5S.1926
Dec
Nov
28%
"29%
July
29
29%
37
1951
.
small-
Jan
1
2%
47
10
Preferred
Dec
163
6,371
2,739
37
Nov
24
25
Cent Teresa Sugar
Commercial Credit
37
11
40
69%
1954
(when issued)
found
30%
.35 Sept
1,000
.45
147
Jan
177
33%
38%
58
do
stmpd s f & red 1951
Phila Electric 1st 5S..1966
and
Low.
Oct
Dec
Chicago Stock
Range since Jan. 1.
Last
July
Jan
1949
5s..... 1908
Cons & coll tr 5s...
Dec
86
Baltimore Stock
Sale.
1 1-16
Jan
Nov
60
Peoples Pass tr ctfs 4s. 1943
Philadelphia Co—
6s
Friday
440
June
4,735
1%
1
30,000
Pub Serv Corp N J 5s.
Baltimore
1%
1%
1%
Nov
69%
N Y Telephone 6s
Penna RR gen
1943
50
Jan
62%
Lehigh Valley cons 4%s '23
Jan
9
57%
51
Feb
67%
31%
39%
100
Apr
69%
Lake Superior Corp 5s 1924
Sept
Aug
1,213
56%
Sept
Jan
120
19%
60
103
""73"
47%
215
108"
Bethlehem Steel p m 6sl99S
Consol Trac N J 1st 5s 1932
Keystone Telep 1st 5s. 1935
49
322
Sept
12
July
17%
8,112
98%
"80 "
2007
small
Inter-State Rys coll 4s 1943
107%
25%
Jan
80%
Feb
W'house El & Mfg, com.50
WPenn Tr&W P, com.100
17%
Dec
130
Dec
3,399
23%
28%
95.94 97.74
99.80100.00 465700
—
Nov
83
73
«.
Nov
305
49
—
13 M
95%
17
M
29%
94
73
M
Aug
£5%
17%
m,
Bell Telep of Pa 7s
1945
B R T 7s 1921 ctfs dep stpd
June
21
97.00
»
6% June
West'house Air Brake...50
100
do
Jan
Mar
7%
3,251
96.04 97.14
'M
Amer Gas & Elec 5s...2007
Mar
Aug
113
695
11
13
4%s. 1932-47
1927-42
3d Lib Loan 4%s... 1928
2d Lib Loan 4 %s
Mar
7
23%
98.04 96.24
1st Lib L'n
9
91
Dec
30
-
^
Elec & Peoples tr ctfs 4s '45
do
small
1945
175
130
10%
14
Tidal Osage Oil
Mar
40c
Jan
37
Sept
Apr
9
50
3%
Jan
35%
28
15
27
8%
10
4
June
42
Oct
30%
49%
50
50
Warwick Iron & Steel
West Jersey & Sea Shore 50
York Railways
50
Aug
84
20c
405
8%
130
"16%
10
91
24c
Apr
1,471
176
.
50
Jan
1%
5
91
Pittsburgh Plate Glass. 100
West Penn Rys 5s
1%
1 5-18
.....1
Baldwin Loeom 1st 5s. 1940
1% June
155
100
32%
37
Bonds—
30%
3M
23c
Pittsburgh Coal, pref.. 100
PIttsb & Mt Shasta Cop.. 1
Pittsburgh Oil <fe Gas
5
Cent Dist Teleg 5s
Tonopah Mining..
23%
6
7,121
33%
Nov
1933-38
2
35
88
1922-23
6
34%
44%
1%
1%
Victory 4%s
2
Mar
29
4th Lib L'n 4 %s.
3%
Nov
74%
Feb
Nov
.
79%
49%
Jan
41%
Mar
50
Jan
64%
10
62% June
18
Pittsburgh Brew, com...50
40.
326
22
Jan
Oklahoma Prod & Refin._5
289
66%
175
12
50
Jan
72%
49
100
325
Sept
Nov
74
U S Lib Loan 3%s. 1932-47
Mar
June
Oct
Dec
71
42%
Jan
17M
Mar
34%
29
Jan
40
70
•«
73%
16%
760
Jan
42%
9
49
July
66
29
Jau
20
33
23
50
Devel....1
6
19%
36
50
60
165
19%
34%
71
Jan
Nov
Dec
7M
49
June
60
7M
25
July
47
57
60
50
Nov
Ohio Fuel Supply
Oklahoma Natural Gas. .25
62
1,659
Mar
"*18%
Phila Rapid Transit....50
16%
Sept
1,628
59%
Dec
Aug
11%
68%
52%
19%
10%
2,053
1,439
75%
59%
67%
Aug
320
22 M
10
June
Nov
19%
46%
Aug
865
15
3%
16
5%
7%
6%
50
Jan
16
Jan
52
1M
7%
10
50%
192
June
Nov
27%
331
2,536
Oct
May
6
130
50
3%
15%
3%
22 M
Preferred
Oct
Nov
1
31
27%
50
.1
100
1
July
27%
no par
24
Ohio Fuel Oil.....
Union Natural Gas
66
3
17
GO
i
27%
..25
Preferred
Pliila Insul Wire.
Union
1,133
23%
15%
50
Salt Creek Consol Oil
300
Jan
31
25
Pliila Electric of Pa
49
•
3%
Nat Flreprooflng, com..50
Preferred
4,015
Feb
12
30
22%
35%
22%
5M
24%
*>
.10
Preferred
3
101
Sept
Jan
33%
34%
"37"
24 A
M
..5
Middle States Oil
50
240
Jan
7%
175
25
115
8%
72%
49
M
50
Refining.
49% June
93
Apr
65
13,495
1
5
High.
25
65%
"
Philadelphia Co (Pitts).50
Pref (cumulative 6 %). 50
Tono-Belmont
3
1
.25
Lone Star Gas..
66
3
24%
2M
24%
Duquesne Oil....;
HabirshawElCable(no par)
50
11%
64
Ice, com..50
..50
Indep Brewing, pref
96
10%
"11"
Columbia Gas & Elee..l00
Consolidated
70%
910
90
Co, pf.100
Arkansas Nat Gas, com. 10
Low.
Shares.
70
Am Wind Glass Mach..l00
Am Wind Glass
High.
Low.
Price.
Par.
Pennsylvania
Jan
15
48%
49
.50
50
.
Jan
110
71
50
Mfg..
Apr
70
Oct
33
50
Philadelphia Traction
Phila & Western pref
Reading
2d preferred
Sales
'
Salt
119
Aug
88
56%
"67%
..50
Pennsylvania
Jan
40
200
7%
Penn Cent L & P pf no par
North
92
610
6%
ml
50
87%
1944
*
"3l"
50
SIM 93 M
100% 100%
Western Tel & Tel 5s. 1932
'
Navigation
4,262
64
15
.
Keystone Telephone.
.00
Lake Superior Corp. _.u 100
Dec
Sept
100
62%
Insurance Co of N A_u__10
87%
93%
106%
100
Top pref.....50
89 M
122
77%
100
Jan
98
_
118
Elec Storage Battery. .100
General Asphalt....
100
Hunt & B
-
105
Cambria Iron
Cambria
-
78%
1st preferred
Feb
Swift & Co 1st 5s
«,
~
American Stores....no par
74 %
122
June
2
17
44
80
.1925
5
2
33
1,000
Seneca Copper 8s
6%
Dec
Aug
6%
3%
2,000
Pond Creek Coal 6s.. 1923
45
Nov
17%
89 %
N Y Central 6s
June
200
3%
82
93 M
27
Jan
10
17 A
89 M
86
87
6%
Apr
153
45
17
«,
82
1932
High.
10
18
6%
Low.
Shares.
17%
50
100
Preferred
K C & M
Miss River Power 5s_.1951
High.
42
_
10
American Railways
K C M & Bir income 5s '34
N E Telephone 5s
Loio.
18
100
Gas
67
Ry & Edge 5s '29
Week.
10
Alliance Insurance
High.
2d Lib Loan 4s.
95.50
for
of Prices.
Week.
Shares.
U S Lib Loan 3 %s_1932-17
.
Weefc's Range
Price.
Par.
Stocks—
Range since Jan. 1.
for
Week's Range
Last
Sale.
Price.
Ramge since Jan. 1.
Last
Sale.
Sales
I
Friday
I
Sales
Friday
Stock
101
101
3 M
Feb
12 K
Dec
200
2%
Aug
Dec
July
25
He-»t.
40
78
July
101
4
VA
100
20
800
1,200
Jan
Nov
1
Sept
100
38
June
80c
500
10c
Nov
80c
1,200
75c
Nov
Nov
Ordinary
Brooklyn City RR
Burns Bros,
11%
11
£1
10
11M
11M
2M
2M
comA.wl
"32%
Common B, w 1
California Crushed Frult.l
Power—25
Carlisle Tire
(no par)
Celluloid Co, com
100
Car Lighting &
Preferred
Central Aguirre Sugar
100
20
6M
90c
6%
2%
"loo"
106
99
105
56%
Jan
1
June
1
Nov
1%
Nov
300
11%
18,200
2.600
11M
Mar
450
2%
Dec
5
Oct
120
4
11
1,310
22,900
7,950
3,700
1,140
107
100%
135
95
107
134
57
25
116% 120
30
33%
90c
1%
68
1M
11%
7
95c
3%
Dec
1%
700
75c
£1
Mar
Nov
6M
Nov
80c
■»rit-Arn Tob ord bear
Jan
1% May
Bradley Fireproof Prod_.l
1%
Jan
Dec
2%
Benford Auto Produces..5
1
23
2A
39
Preferred
3%
3%
14M
39
39
10
100
2%
1%
5%
Jan
200
3
Writing Paper com. 100
1
Dec
9M
3H
102
Apr
Mar
65c
100
17 x
39
2%
Audubon Chemical
2
%
7,000
30,800
27
2M
75c
'• ua
Oct
Sept
July
14
13%
33%
7 %
5a
Jan
Feb
Jan
Nov
Nov
Nov
Feb
Oct
0
July
Nov
105
May
98 M June
107
Nov
57
Nov
1%
56%
Nov
THE
Friday
(Concluded)
Par.
Price.
of Prices.
Low.
I New
preferred
100
Preferred
Preferred B
59
24 %
12,200
31%
Apr
800
11%
22%
July
22X
Nov
50
Jan
1-16
2,600
60c
J*
1X
15%
ex
4,100
4%
Sept
3X
800
1%
Aug
6
com
..
Preferred
Dec
Marland Oil of Mexico
05c
Nov
Marland Refining....
70c
60c
90c
2,360
50c
Sept
25
26 X
1,500
13
Jau
1%
29%
July
23
Nov
26
Nov
Mexican Eagle OIL.
.5
28C
Nov
1
Oct
a uk
21
Jan
Participating pref.
Mexican Panuco Oil
10
1%
12%
Apr
Mexico
10
IX
Dec
Midwest Oil, com
16%
179%
Nov
100
56c
12X
350
12%
15 X
14%
m% mx
42X
44%
5
4%
13%
UK
11%
66C
12%
4%
20
56c
43
28c
17%
"l2%
26
28c
1,500
25 X
1 3-16
M)%
Ailg
3
Oct
June
lVn
26%
54
2%
Dec
Oct
1%
100
6%
June
4
21
1,475
50
3
13%
75c
Aug
1
IX
51.500
2%
2%
200
10%
11%
6,400
6%
9,800
1
Aug
1
10
11X
J.".
Oaiar oil A Goa.....
Pennok Oil
Jan
Jan
3%
Feb
Ryan Con iol
9%
14%
May
4%
Mar
6%
Dec
3
22,400
3
Nov
13
13%
Nov
18'
%
May
100
18
IX
3,300
ex
2,500
50
•.
1%
Feb
Feb
Dec
Dec
1,000
3c
IX
4
6,200
1%
Nov
13
49%
Mar
Oct
4c
5-16
Mar
Mar
75c
800
?5 c
Sept
4
25c
25c
500
6c
Sept
50c
(undepos)
50c
50c
100
50c
Nov
3
2
July
6
Jan
Jan
Oct
Sept
Spencer Petrol Corp
North Amer Pulp &
Pap(t)
Packard Mot Car.
New
1.000
Texas-Ranger.
8%
Nov
11
Nov
Texou OH A Land
21%
Nov
24%
Nov
9X
12,800
8%
Nov
9%
Nov
4
4X
6,500
2% June
6%
Sept
3
3,500
2
Nov
2%
Sept
Apr
3
2X
2X
500
2
7X
300
4%
69%
10
700
29c
37%
100
19
X
26c
42 c
15,600
3X
800
23
23 X
200
10
10
10X
230
Radio Corp of Amer
2%
4,900
it)
PreforrH
5
3X
2X
2
2X
2
2X
Republic Ry A Lt com. 100
Republic Rubber..(no par)
Reynolds (R J) Tob B.25
"37 X
Southern Coal A Iron
5
Stand Com Tob Cl
B_.(t)
Preferred
100
52 X
51
10 OK
100
100X
Standard Motor Constr.10
Sweets Co. of Am"rlca__10
Swift International
15
3%
par)
X
3X
Preferred
2
4%
2%
io
10
Wayne Coal....
Nov
•22
3,200
1
July
800
41%
Apr
120
96
Aug
100%
Dec
5
700
3
Sept
9%
Jan
50c
33%
14,100
4X
1,400
4
Aug
9
Jan
100
40
June
60
Jan
1 1-16
10c
10c
8
7c
lie
70,000
10c
18c
IX
1
10c
7%
7c
1%
Nov
Mar
1 15-16 Nov
Dec
1%
Jan
76,000
10c
Dec
3,000
50c
Aug
1%
2%
Jan
IX
1 5-16
3,900
V0o
Aug 1 13-16 Nov
15c
10 X
18,700
2,400
10c
7%
Nov
Dec
Jan
iex
100
13%
Mar
20
Standard
Galena-Signal,
Feb
New York
38.500
22
14
Aug
22
May
100
85
140
71
June
89
July
40
47
445
31
July
58
Oct
160
"45"
173
65
4c
June
5c
Sept
10c
July
July
7-16 June
Canada Copper Co
5
283
30c
7,000
l
July
39c
223
25c
12,400
12-
55«*
M aj
4c
6c
17.700
3c
Sept
10c
July
9c
9c
lc
June
10c
1
'awtalarla Silver
1
Cash Boy Consol
...1
Con Arizona
6
IX
Copper Canyon
Corp Mines of America
1
IX
1
1
Silver
Forty-Nine Mining...
1
Nov
284"
280
286
220
223
AU.'
320
20
20
200
18
Oct
29
Aug
Oct
230
230
240
638
160
June
240
Nov
225
225
10
165
July
259
Jan
387"
20
570
Oct
380
393
265
296
June
393
British-American OH
25
Burknett-Van Cleav Oil__l
Carib Syndicate
"3l"
2
Carib
Trading
Consolidated Royalties
Continental Petrol
6
Cosden A Co, pref
5
Creole Syndicate
5
Cushlng Petrol Corp
Denny Oil
6
Dominion Oil
Engineers Petrol Co
Ertel Oil
2
25
2X
2
2%
1,900
IX
6c
0C
9c
63,000
5c
Aug
Sept
15c
21c
3,000
80
July
1
100
85c
8,500
7X
15,600
Sept
70c 106,200
260
13c
1,000
13c
Sept
June
2c
2c
6,500
lc
July
1
6
1 9-16
IX
(no par)
9X
4X
9X
9X
(f)
3%
4%
8,900
10
IX
IX
IX
10,000
Nov
5
60c
Federal Oil...
Fensland OH
com
June
65c
13c
63c
.5
Fay Petroleum
GllUland Oil.
Olenrock OH
7
2c
IX
17,000
300
1H June
6
14,800
7c
%
1,000
3%
July
Nov
Dec
Feb
Aug
inn
24c
Ma-
Apr
37c
Sept
8c
Feb
21,100
10c
Nov
31c
May
22
21
22
17
Mar
25 %
4c
"i%
vioTuerlode
4C
1%
1%
1,600
1,100
800
3c
1
11c
July
IX
1%
June
Feb
Feb
May
May
13c
14c"
4c
Coalition
.(+)
5X
16c
4,000
1
14c
14c
2,000
11c
July
30c
Jan
4c
4c
1,000
4c
Dec
11c
Aug
31c
7,000
29c
31c
Dec
5%
8
Motherlode Copper Mln. 10
80c
(Old)
5%
11.300
8%
4,000
80c
1,100
%
<%
4%
75c
June
Dec
June
Jul,
6X
Oct
9%
Apr
Oct
92c
Nov
Oct
Mot her lode
Jan
Murray-Mogridge M Ltd 1
2c
2c
2c
1.000
50c
62c
58c
67c
62,300
7-Hi
Mar
—1
25c
20c
25c
9,700
18,000
16c
June
42c
Sept
AUK
16c
June
Nevada Silver Hills
Aug
3%
12c
13c
New Cornelia
3X
37c
Oct
Oct
1,300
8X
Mar
Jan
4%
83*
Jan
1%
42
Aug
ex
2%
Nov
July
June
Feb
10c
Copper
Jan
2
12c
300
Feb
Nov
13c
.
Mohican
10%
95c
7,300
X
1
5
1
5
....1
..1
Mispah Ext of Tonopah. _
25c
90c
37c
3%
June
29c
Porcupine
32%
100
65c
Nov
_20c'
—
Nov
600
7%
Mining
July
IX
70c
Maema Copper
July
3X
7
..6
Jan
3%
IX
Edmonds Oil A Refining.. 1
Elk Basin Petrol
MacNamara Mining
6c
3X
4X
1
Feb
Mclntyre
27
12c
20c
M cKinley-Darragh-Sav
300
9,000
i
Apr
2,400
21c
Dec
Apr
31,100
16c
7%
Nov
June
18%
25c
3c
28c
20c
10,000
lc
25%
4%
5%
6c
2%
5c
4c
Auk
31%
1,700
2%
3c
Fci
Jan
Nov
Nov
21.000
Aug
16c
1,450
4 %
29,500
ex Sep I
2
7X
3%
Jan
5% July
1% May
2c
500
4%
......
1
3c
1.000
7,985
9c
8,500
July
4c
3c
4%
20c
4,600
July
Dec
3c
4%
7%
lc
4X
Sept
Nov
34c
7c
10 X
loo
Fob
38c
May
8c
11
44e
26o
Nov
7•
18c
2c
4X
50c
Sept
20c
244,100
_i0<
8%
100
60
55,500
20c
""3X
Mason Valley Mines
IX
14,900
30c
13c
20c
Marsh
84c 120,000
15c
30c
1
Dec
IX
30%
60c
uric
19c
7X
Star
Nov
80c
Mar
1
16c
4 X
La Rase Consol Mines—5
2%
23c
Feb
3c
Oct
June
4c
8c
60c
84c
11c
3c
7c
Oct
"27c"
Nov
3o
3c
1
.
Sept
5
Nov
Knox Divide
14c
Boston-Wyoming Oil
l
Corp
(no par)
10c
55c
Nov
Oct
Oct
July
Sept
2
100
Boone Oil
1
Nov
lc
35c
1,000
18,300
Brazos OH
60c
1,200
13,500
3%
60c
40c
500
10c
55c
3X
2%
Nov
60c
Ma*
53c
3%
53c
25c
60c
5
57c
6,000
29c 138,500
Jail
Kerr Lake
10
40c
20%
Nov
July
36c
Dec
Oct
3c
Big Indian Oil A Gas
10c
Dec
20,700
10
1,000
3%
4c
8X
4K
10c
2c
3c
"Vox
10c
1,000
3c
(t)
Dec
10c
>
IW*
3%
1
..
20c
Nov
S
4c
Allied
com. IP
June
4c
Aug
corn
10c
3%
20c
Arkansas Nat Gas.
5,000
4c
6,800
Atlantic Petrol (old!
42,000
406,700
%c
Jerome Verde Devel
77c
Atlantic Lobos Oil
9-16 .Jau
11c
5,000
Jerome Verde Copper
70c
IX
Oct
Ma'
May
20c
3,000
10c
.
75c
2%
2%
Dec
Nov
33c
57,100
—
1
10
7c
65*
Dec
lc
MacNamara Crescent
Amer Fuel Oil, com
Preferred
June
IX
1
Dec
20c
lie
Jumbo Extension
Lone
OH
400
7X
10c
Independence Lead Mln—
Other OH Stocks
Allen Oil
1%
22,000
2 %
July
16
26c
5
Howe Sound Co
590
IX
Mar
6
45c
HolUnger Cons G M
Oct
582
25c
62c
15
110c
10c
1
Mar
Standard Oil (Kansas. 100)
Standard Oil of N Y...100
21c
100
30c
4i5c
86
93 X
600
86c
16,700
lc
Divide
vitiitng.
195
eo% June
Jan
15,900
2X
0
30c
152
59,600
July
25c
1
May
89%
76c
1
11"
June
86 X
Nov
10c
DlvM««
Blossom
10c
Aug
4c
June
Iron
Mar
86c
53c
Zone Divide
iteeltt
2
6
Mln
Devel
Hasbrouck
»an
Sept
20c
Eureka Croesus
Harmill
Nov
78c
82c
IX
2 %
Oct
5,550
2 7-16
IX
*3c
HI
15,000
86c
"21c"
El Salvador Silver Mines. 1
Goldfield
5,000
I
IX
2 9-16
1
c
IX
700
5
Esperanza..
Florence
I
20e
10
Divide Extension
Dolores
IX
95c
1,000
4c
10c
Silver
Cortez
69
"89"
6c
Consol Cooper Mines
145
25
J.tit
6o
140
25
Apr
12c
5
100
■0
2,000
235
100
35c
I'llV
15,900
150
South Penn Oil.
Standard Oil (Ind).
July
6c
82
25
Nov
11%
Jan
7-32 May
June
16c
150
Oil..
Fenn-Mex Fuel.
Prairie Pipe Line
4%
2% Nov
4
800
6c
4c
50
Ohio
"81c"
2%
13c
Transit....1100
82 X
"30c"
Golden Cycle Mln A Ref.u
83
50
100
com
Illinois PlDe line
Indiana Pipe Line....
18X
Feb
1
Hard Shell Mining
21K
Nov
%
1
Gold
£1
95c
5
Caledonia Mining
Calumet A Jerome Cop
Golden Gate
Oil
Subsidiaries
Miglo-Amcr OU._
Buckeye Pipe Line
Jan
F'b
6,000
Oct
Nov
Ooldfleld Cons Mines—10
iex
Nov
2
3%
1 '4
Ooldfleld Florence..
Former
Nov
July
15%
fan
Jan
Rights
Co
,
June
12c
37"
Golden State Mine
Reading
Nov
24%
21c
500
1,400
174,900
Jan
3
25%
50c
30c
Aug
1 X June
00c
Sent
2,000
30c
3
Nov
85c
Cresson Con Gold M A M.l
Jan
40c
24%
22%
Oct
1%
Jan
80c
Davis Daly Mln
Nov
X
Apr
Nov
Jan
%
2,400
%
60c
Jan
80c
1-16
1
Feb
86c
Oct
Nov
9
600
% June
55c
Sept
35
14,900
5,600
39c
tllg
IX
3,700
33c
Mar
Mar
20c
Nov
IX
74c
%
500
14%
80c
I
30
300
200
1 3-16
"~7c"
1-10
Oct
\i.'g
5% June
55,200
8c
Brougher Divide
3% May
28% May
1%
Apr
33% Nov
2
2c
40"
1,450
57c
Apr
2
Aug
4,000
30c
June
21
5
Jau
Nov
20c
10
100
20%
X
10%
75c 116,300
3c
Jan
Vov
55c
3%
.
1
Cooper Co....5
60
10,100
8,000
9%
Dec
Sept
5
28c
Silver
Ledte
Jan
3
1 3-16
Bin
Boston A Ely
..1
Boston A Montana Dev..5
21
16,700
3c
20c
Arizona
Jan
2 X
22
70c
400
3c
Jan
52%
47
500
1,500
July
1,500
Aug
Jan
47
4c
6,200
1%
31
47
July
8c
5%
Nov
lc
3X
7%
2%
Sept
4,000
Dec
8c
Dec
50C
Dec
7%
Aug
23%
Fe
7%
5
Mining Stocks
Oct
5,500
100
9%
Sept
87,200
Aug
Aug
Jan
[Julr
"
1%
81c
1%
Nov
■i
9c
40c
Alaska Brit Col Metals...1
,
75
70c
Alvarado Mln A Mill.._20
Amer Tin A Tungsten
1
37 X
4X
2X
30
72C
Nov
36
IX
Apr
_I
Mar
39
July
May
6,000
11
3%
30c
12
Sep
94c
23%
4,300
4%j"mt
fl|e>t
75c
Nov
2X
Jan
78c
July
ft/
9
fur
Nov
(t)
8%
14c
4
IX
100
5
Nov
A
18,700
„
1
30c
Woodburn OJ1 Corp
"Y" Oil A Gas....
.
5%
14%
1
3X
*r
•
3c
30c
24X
15%
Feb
Sept
Feb
3IX
1
First preferred
3%
50c
1 3-16
Willys Corp com..(no par)
3%
23
Dec
Nov
1,300
4
5
Chemical
48
Jan
Sept
21
io
U 8 Ship Corp
U 8 Steamship
85c
9 %
60c
White Eagle Oil A Ref.(t)
Wilcox Oil A Gas
5
20c
United Profit Sharing..25c 1 11-16 IX
1 15-16
Un Retail Store*
5%
Candy, (t)
5%
514
U 8 Dlstrib Corp com...50
0 8 Light A Heatoom...lo
Feb
2%
12.700
3c
Whelen Oil...
76
14%
100
10
14
Western States OH A Oas.l
Jan
Apr
Feb
4% June
4c
67c
14
Jan
1%
7%
6.
70c
73c
Nov
7%
105,000
95
5%
4X
10
1
12
July
26c
*
60
May
Victoria Oil
Oct
15c
Tenn Ry, Lt A P, com. 100
Texas Gulf Sulphur
10
Tob Prod Exports
Corp. (t)
Union Carb A Carb(no
3
5%
5%
Jan
Aug
56
50c
25
com
Mfg
West End
400
►
37
(no par)
Electric,
"70c"
Tidal Osage OH...(no par)
Tuckeny Oil Corp
United Texas Petrol
1
10
:
\t»
Jan
.
6%
16c
1.000
6c
12
90
e%
5X
Oct
June
4,800
2,500
4%
9%
92
1
9,420
45c
26c
4%
%
•
2,200
4
6c
UX
3%
6c
Aug
ex
14%
13%
i.
f.iv
Sept
Aug
2%
2,100
5,100
3%
5
8,900
69X
Parsons Auto Accessories..
Peerless Trk A Mot Corp50
Perfection Tire A Rubb.lO
2X
10 x
7%
.100
Preferred..
14%
3
Oct
Nov
July
5%
1
Oct
75c Dec
1,200
6
1-16
4%
6c
24 X
X
3
2%
46.700
10
2X
com.. 10
92c
5
10
8X
National Leather, com.. 10
Nat Mot Car & Vehicle, (t)
75c
680
Jan
.
16
60c
July
853
1
1»
hitv
2c
Stanton 011
Texas Chief OH
9
2
4%
7c
200
3c
23
Stubs
5,500
2c
Southwest Oil
20
Dec
Dec
5%
.
>
Nov
8c
95c
Sinclair Cons Oil, pref.. 100
SKellv oil.
;
10
South Petrol A Re tin
Jan
1 lc
34c
Dec
Feb
3%
13%
8ept
3,000
"1%
par)
Sept
5%
39
48X
Oct
2
"80c"
10
(no
90c
9.
ie
83,100
uio par»
'etr-dctnn
Ju
8c
Sapulpa Refining....
5
Savoy OH
5
Sequoyah Oil A Refining. 1
SlinniH
May
15c
10
Salt Creek Producers
Yi
29%
13%
6%
2c
Producers A Refiners... 10
Red Rock Oil A Gas
1
Nov
Oct
12
3Gc
2
Nov
FC«
2%
10
23c
13%
lie
X
Apr
Dec
Mie
8c
'
...
3
5o
1%
34c
5
...
Nov
55c
Morris (Philip) Co. Ltd. 10
14c
A Ref..._5
2%
2,000
2%
1
Ohio danger....
16c
Mar
Jan
3%
Dec
400
8
4c
Mercer Motors
(no par)
I Missouri Kan&Tex RR w 1
I Preferred wl
100
2%
0%
48 X
55c
2,300
13%
2X
Dec
4,600
1%
17
13%
Dec
9%
6
14*%
5
Nov
ex
Sept
Sepi
4,100
5
50c
Nov
l
11
30C
14,800
Mar
74c
Feb
32%
4%
2%
Jan
2
1,100
31,200
4
Aug
10%
13c
120
1%
J ny
May
10
Oil Corp....
Okmulgee Prod
Jan
50c
4,800
3%
1%
10 X
17
800
300
5K
14K
Jan
Jan
2%
Jan
3%
3%
15c"
Preferred
North American OH
July
1
tn
May
Aug
10
Mountain Prod
Oct
100
400
45c
Nov
%
2,200
3X
National OH of N J, com. 10
Noble OH A Giw.........»
May
50c
•
Oct
1%
Sept
70c
..10
Meridian Petrol
Merrltt Oil Corp,
Nov
20
LoeomoblleCo.com (no par)
Manhattan Transit
Pyrene
Jan
IX
IX
Lincoln Motor Class A..50
Oct
13%
IX
3
1
Dec
8X
'■
Kay County Gas
1
Llbby, McNeill & Llbby. 10
Liggetts Internat, pref..50
700
Nov
130
8,000
ex
50c
9%
17 X
7%
300
63c
IX
1
2.500
IX
5
30c
Intornat Products com.(t)
Phila
IX
IX
1X
166
27
1 3-16
63c
100
8,700
Aug
"ix
5
1
17%
July
4,200
3
Feb
Dec
20c
20,300
25%
23%
2%
■4
111
9% Aug
% A prll
4,200
83c
May
Mar
Li ay
* ns
%
89
1,000
2
10c
11-16
Nov
18,100
2
IX
~~2%
26
19%
Intercontinental Rubb.100
Maxwell Motors
10.300
50c
Sept
Imp Tob of GB4 Ire..£l
Llg-Mar Coal Mining.
98c
30c
IX
"24"
(t)
19
20
Aug
22,464
74c
(no par)
.
20c
(no par)
Int Proprietaries v t c
Margay OH Corp.
300
100
Heyden Chem
Maracaibo OH Explor
Nov
300
32
Dec
Jan
Jan
3%
20
Hall Switch & Slg, com. 100
Preferred
..100
Havana Tobacco, com. 100
8
40c
100
10
19%
Sept
22,500
IX
19
(t)
100
June
3c
10c
75c
75c
Magna Oil A Refining....1
Manhattan Oil
(no par)
25c
Garland Steamship (no par)
Preferred
11
6,000
iex
"ix
Lyons Petroleum
Ian
40c
Emerson Phonograph....5
khi
el ( * m)i«rton.fO>«j <t)
Goodyear TAR,
500
4%
9%
41,100
15%
80c
Feb
High.
-ten;
8c
10
10%
98X 111
110
Lou.
2%
13c
30c
Keystone Ranger Deve 1..1
Livingston Oil Corp
1
Livingston Petrol...
(t)
6%
14
—
Grant Motor Car
71
600
'■
10c
iex
July
3%
3X
10x
lnu»rimt Petrol...luo par)
Ramus sines Jan. 1.
Shares.
7c
Imperial OH (Canada) coup
22 K
"19
100
Mdun Coal..(no par>
Goldwyn Pictures (no par).
June
for
Week.
High.
Lou.
"io'c
Jan
3%
Range
of Prices.
3X
Feb
255
35
Price.
Feb
7%
July
2%
960
1
Durant Motors (no par)
Eastern Steel
100
Glen
Aug
101
2%
100
Gillette Safety Razor.,
June
600
1,706
1,000
6%
Denver <fc Rio Or RR..100
Georges Clothing Corp cl B
Gibson-Howell Co. com. 10
28%
3
5%
14%
10
..
Jan
Nov
Nov
59 %
Curtiss Aerop & Mot com (t)
Preferred
2
17
35
22%
22 %
1 1-16
Conley Tin Foil...(no par)
Preferred
Dec
12% June
Week's
Sate.
Grenada OH Corp Cl A—10
Harvey Crude OH
1
Hudson oil
..1
Imperial OU (Del).
25
July
5%
"24%
Cities Berv Bankers' sn.it)
Cleveland Automobile..(t)
Motors
50c
2
Aug
100
35
Stocks (Concl.)
Par,
58 X
..10
Colombian Emerald Synd
Continental
203
220
1
222
2H
2%
100
200
5,100
1,600
OH
High.
Low.
Shares.
17
34%
100
Chicago Nipple Mfg cl A10
Last
Other
week.
50c
10%
Sates
Friday
lit *>/t%
1
50c
50c
I Ohio & E 111 Dew com -100
dries Service com..
High.
1
Ceatrul Teresa. Bug. com 10
Chalmers Motors ctfs
[Vol. 113.
Range since Jan. 1.
for
Last
Sale.
Stocks
CHRONICLE
Sales
1%
Nov
National Tin
Nevada
Corp
Ophlr
4c
Nov
New Jersey
Zinc
4%
Apr
..5
%
Jan
Nixon Nevada
1%
Jan
Ohio Copper
17%
2%
2%
100
Vlntsslii" Mines.
5c
16%
New Dominion Copper...5
Dec
4c
iex
4%
4%
10
'%
lu
Jan
Pitt* A Mt Shasta
Apr
Rav
1 1 I-L6 Aor
10
Rex Consolidated
$1
Mar
Jan
4
2c
1.000
lc
12c
9c
12c
9,200
22c
25c
15,600
20c
20c
23c
4,500
7,600
1%
22c
16c
Sept
Aug
July
lulj
Nov
Oct
Nov
Nov
I'llv
I
*
16
17%
2%
158
Feb
Ma>
Nov
Nov
Jan
«%
Jan
24 %c
Sept
12c
July
2%
3oc
H
Nov
Sept
Feb
lc
lc
1.000
%c
May
9c
5,300
'<•
Jan
14c
ADr
10c
10c
10c
2,000
3c
Aug
10c
Dec
18c
13c
20c
29,000
13c
Nov
20c
Dec
3c
3c
1,000
3c
July
5c
50c
50c
50c
400
25c
July
75c
Aug
7c
7c
1,000
3c
Apr
16c
July
1
—
Rochester SUver Corp
Aug
15
Jan
1
Aug
24
Jan
Silver King Consol
1
July
Jan
SUver Pick Consol
1
San Toy Mining
1%
5c
61c
Nov
8c
.......
Mln
550
2%
110
5,800
IX
5
Rochester Mines
2%
30
ex
Cop__.l
Red Hills Flo ence
July
IX
2c
Hercules
24c
124
3c
12
ex
ex
Pittsburgh-Idaho
Oct
124
900
4,800
lc
1
4%
Feb
Aug
Dec. 3
Sales
Friday
Quotations for Sundry Securities.
Range since Jan. 1.
Last
Week's Range
for
Sale.
of Prices.
Week.
High.
Par. Price. Low.
Mining {Concluded)
2397
chronicle
the
1921.]
All bonds prices are
High.
Low.
Shares.
Simon Silver-Lead
5h
2,000
43c
1,000
10c
10c
1,000
8c
Sept
1
3c
3c
2.000
3c
June
10c
July
1,000
lc
July
4c
Mar
1%
43c
Success Mining
1
lc
lc
Tlntlc Star Mining...
1
1%
1%
Tone ..all Belmont l)ev...l
Divide.
1 9-16
1
Sept
2%
Aug
5,250
July
19-16
Oct
54"
Sept
1 7-16
apr
Sept
1%
July
1 9-16
60c
.1
1 5-16
68c
Tuolume Copper
1%
2,100
16 Mar
5
Nov
Aug
80c
Dec
\t»r
1%
34,700
350
21,600
2
June
3
May
700
22
Aug
29
Nov
75c
80c
2% 2 7-16
2%
1 11
July
j
3,150
5
42c
75c
1
1
Mining
Eastern
1%
6,100
1%
3%
Tonopah Mining
3-16 Jan
98c
100
7-16 1 9-16
Trinity
Dec
20,100
7-16
1h
62c
_1
Tonopah Extension
United
Dec
43c
43c
1
Sliver-Lead
Stewart Mining
Tonopah
Jan
6%
Feb
3%
6,400
6%
5%
43c
Southern States Cons Corp
Standard
60c
60c
60c
1
South Amer Gold a Plat. 10
1 1-16 May
Oct
54c
Exten...60c
28 h
28
87c
87c
100
u 9 Continental minus new
50c"
45c
51c
15,000
10c
lc
4c
4.000
lc
June
West End Consolidated. .5
81c
81c
88c
9,480
65c
Aug
1 1-16
,10c
5c
6c
7,000
2c
Sept
10c
1
lc
lc
1,000
lc
July
4%c May
United
Verde
United
Zinc
29
Jan
1%
Aug
%
11
June
lo
Apt
"and Interest" except where marked
"f.*
Joint Stk. Lund Bk. Bonds
Par,
Standard OH Stocks
100
99
5%s, l'51 opt 1931
1 102l2 103i2
Equipments—Per Ct. Basis.
Chlo Joint Stk Land Bk 5s '39;
Anglo Amerlo&n Oil new. £1!
Atlantic Refining
100
Preferred
100
rr.
5.87
6.50
60
Cheeebrough mfg new... 100
Atlantic Coast Line 0s a 0 %s
5.95
6.70
Baltimore a Oblo 4 %s
6.16
6.75
..100
Buff Rocb a Plttsb 4s a 4%s
5.90
5.60
Atch Topeka a Santa Fe 6s.
100
Borne Scrymser Co
Buckeye Pipe Line Co
Preferred
new
...100
Continental oh
6.70
5 95
Equipment 6s
Crescent Pipe Line Co...
Canadian Pacific 4 %s a 6s..
6.0,i
5.70
Cumberland Pipe Line
Caro Cllnchfleld a Ohio 5s__
7 60
6 50
6.60
6.00
50
100
Eureka Pipe Line Co.... 100
Central of Georgia 4 %s
100
Preferred old
Preferred new
Central rr of n j 6s
5 90
100
100
Galena Signal Oil com...
Chesapeake a Ohio 6%s
6.10
5 70
Equipment 6s
Chicago a Alton 4%s. 6s
Chic Burl a Qulncy 6s
6.10
5.70
7 50
7 00
5.87
5.60
Chicago a Eastern bl 6%t..
8.00
7 00
Chic Ind a Loutsv 4%s
100
Indiana Pipe Line Co
50
International Petrol.(no par]
National Transit Co_._12.50
New York Transit Co...100
Illinois Pipe Line
5.60
White Caps
Wllbert
Mining
Mining....
Tukon Gold Co
1-16
1 1-16
6
1-16
1
Aluminum Mirs
Tel a Tel 6s
100
1922
99H
.1924
.
Southwest Pa Pipe Lines.100
99 %
102%
Equipment 7s a 6%s ..
Kanawha a Michigan 4%s
5.70
100%
Dec
Nov
Standard oh (California).
0.25
5.75
i,000
Oct
Oct
6.90
62,000
Louisville a Nashville fs_
6.00
5 60
Equipment 6s a 6%s...
Michigan Central 5b, 0s..
Minn St p a s r m 4%«a hp
5.00
6.70
5.90
5 60
95.000
64,000
101
6,000
16,000
97
96
96%
166%
100%
100%
100% 101
106%
99
103 s
Nov
Washington Oil..
July
106%
Dec
100% Nov
100%
Dec
99%
102
Nov
102%
Dec
w
Mar
Jan
i
83
Jan
103
Nov
90
July
98
Feb
65
May
99
74,000
175.000
71% 151,000
"i
Jan
Oct
98%
58
Aug
94%
4,000
76
Oct
88%
51.000
78
June
85
43
58
283,000
43
45
99% 101
2,000
88,000
101% 103
1921
Cons Gas e1lap Bait 7s '31
102
98
98
1941
39
Nov
1930
.1925
Grand Trunk Ry 6ks.1936
Gulf Oil Corp 78
1933
Humble Oil a Ref 7a.. 1923
1921
8b j p m receipts
Kenneoott Copper 7s .1930
8outbern Railway 4%s a 5s
Mar
105%
Nov
Conley Foil (new)...no par
Helme (Geo W) Co, oom. 100
Toledo a Ohio Central 4a..
103
Dec
95
Oct
June
90
June
98
Aug
1,000
98%
Dec
July
102
Nov
Sept
106
Dec
Jan
99
Dec
98%
1,000
91%
106
9,000
98%
99
430,000
83
15,000
92% June
95,000
94
104
100% 265,000
4.000
Mar
94%
Jan
94% June
14s Series b wt
98%
104%
102%
104%
100%
Dec
Nov
Nov
Nov
Dec
38,000
66%
Oct
83
June
47,000
68,000
69%
Aug
80
Oct
16b Series c
National Leather 8«
97%
in y Edison 6 ]^b w
_
t 02 r>
Nov
Young (j s) Co
Nov
99%
99
Mar
101
Aug
90%
1,000
10,000
90
Nov
91%
Nov
Firestone Tire A Rub, oom
78% 1041000
71
Nov
78%
Nov
66
56
Nov
66
Nov
6% preferred
100
7% preferred
100
Gen'l Tire A Rub, com... 100
"68""
99
98%
107
38,000
74,000
401,000
60
70
433,000
54
30,000
100% 100%
2,000
Nov
39%
Nov
Dec
87
Sept
99%
99%
Nov
93%
ana
Nov
107
Nov
47
apr
72
Oct
42
Oct
87
July
99
1,000
92% June
98
1,000
92% June
92% June
Otis Steel 8s
i»4)
99
Phila Electric 6s
1944
95%
1941
...
98%
100%
Phillips Petrol 7hs—1931
96
100% 102
52,000
322.000
97.000
100
Solvay a cie 8s
104
99%
99% 68,000
94.000
89
90%
100% 101% 184,000
57,000
105
105%
99%
ioi'%
104%
7% ser gold deb 1927
1928
1.000
101% 103% 113,000
14,000
103% 104%
1994
7% ser gold deb 7i -1926
7% ser gold deb
1926
7,000
99% 100% 165.000
68,000
99% 100%
102%
Southw BellTelep 7s
1925
Stand Oil of n y deb 6 hs'33
49.000
100% 100%
100
7%sernotes. .Octl6'23
Sbawsbeen Mills 7s... 1931
102%
100%
ioo'%
Sean, Roebuck a Co 7s '22
105%
.
10,000
100% 100%
102
Reynolds (r j) Tob 6s, '22
6s when Issued
99%
95%
Procter a Gamble 7s.. 1922
1927
South Ry 6% notes.-.1922
100
105%
104% 105%
105
105%
105% 105%
105
7% ser gold deb
106% 107
ii,000
9m
87%
100%
Oct
96
Dec
102
100%
100%
94%
Mar
100%
97%
Oct
100%
Jan
Nov
107%
Feb
89% June
93% June
108%
Nov
100
98
United Rys of Hav 7h* '86
100 %
100
Vacuum Oil 7*
1936
106%
106% 107
7*.1025
104%
104% 104%
97%
35,000
Weetern elw conv
Wilson 4 Co 7hs w 1.1931
Winch Repeat Arms
7 h s'41
96%
97%
8,000
105% 150,000
53,000
101%
100%
Aug
98%
Jan
99% Nov
96% Sept
Aug
91
June
72,000
99%
June
94,000
97 h
98% 100% 279,000
100
97 H
100
89,000
105%
Nov
99%
6%
§ Frankfort 4s
Frankfort Govt premium 5s
Philippine Govt 5 h s. .1941
105%
Rio Grande do Sul 8s.. 1946
101
Russian Govt 5^8
1921
Switzerland Govt 5m» 1929
"94%
99% 100% 1064000
per
Odd lots.
Oct
Nov
Amer
107%
101%
Aug
July
107
Nov
.104%
1000 marks,
West India
Preferred
100%
18%
70
Oct
105%
Nov
101%
35c
Nov
Jan
Aug
Dec
Dec
Oct
21
Mar
Jan
96%
Nov
Dec
g
par
Marks,
value.
I Listed on the Stock Exchange
k Correction.
100
United Lt a Rys, oom...100
1st
100
100
r
Short Term Securities—Pe
Am Cot oh 6s 1924..mas2
Amer Tel a Tel 6s 1924.faa
Preferred
......
7s
2% May
245
Deb 6s j'ne 15
'22.jaj10
jaj15
Canadian Pao 6s 1924.mas2
Federal Sug Ref fls 1924man
Goodrich(b f)Co 7s'25.aao
Hooking Valley 0s 1924. mas
Interboro r t 7s 1921. .mas
k CTerm Ry 6s '28.man16
6%s July 1931 -----jaj
Laclede Gas 7s Jan 1929 faa
Lehigh Pow Sec 6s 1927.faa
Pub sw Corp n j 7s '22.ma8
Sloes Sheff 8 A10s *29..faa
100
109
f—
1stg 5s, June 11922..jad'
International Salt
100
---
48
International Sliver, pref .100, *84
Lehigh Valley Coal Sales.60,
Phelps Dodge Corp
100,
Singer Manufacturing...100
•
Per share.
Flat price.
tBasta.
ILast sale.
66
175
95
sl%
48
Southern Ry 0s
Swift a Co 7%
68
185
100
84
86
92
93
Nominal.
1922..-m^s
'25..aa015
7% notes Aug 15 1931---Texas Co 7s 1923
mas
u s Rubber 7%s 1930--faa
Utah Sec Corp 6s '22.mas15
West Eleo oonv 7s 1925-AAQi
~87~
90
104
4
14
*
"5%
17
96%
107
*13%
14%
*39
40
%
4%
1
5
23
24
65
67
28
29
75
76
Cent
9514 95%
9978100i8
100
100%
10078 101%
101% 101*4
96% 97%
101% 102
103% 103*4
102
|102%
99*4 100%
99
98%
100% 101
100% 100*4
100
97
100%
97%
9812
99
98
98%
73
76
9978 100%
100
97%
101
98
80%' 81
99
99%
90
92
99% 99%
10078 101%
101% 102%
101 1101%
105
97%
! 105*4
98%
100% 100%
accrued dividend. • New stock.
Ex-dlvldend. V Ex-rlghts.
4Purchaser also pays
•
'24 .jad15
7% notes July 15 '28
60;
100
Preferred
jaj
Beth St 7s July 16
100* 87
Company
1929 8ertes b
Anglo-Amer Oil 7% 8*25 aao
Arm'r ACo7sJuly 15*30 jaj16
Deb 6s j'ne 15 '22 .jad16
Deb 6s j'ne 15 '23 .jad15
99
96
Preferred
100 *99
da Pont(e i) de NemAColOO
98i2102
Debenture stock
100
68 | 70
Havana Tobacco Co
100 * 60c«63c
Celluloid
notes'22 man
7% notes 1923
man
AnaoondaCop Mln 0s'29. jaj
Borden Company, com.. 100,
Preferred
aao
0% notes 1922
Amer Tob 7%
....
Preferred
100
preferred
Western Power Corp
Typefounders, com.100
100
Preferred
50
p.comlOO
Preferred
Bliss (e w) Co, new..no par
95%
11
Tennessee Ry, l a
Sug Fin, com. 100
.100
105%
99%
79%
Preferred
100
Preferred
Chllds Co com
99%
Preferred
Federal Sugar Ref,
Royal Baking Pow, com. 100
Preferred
100;
tNo
100
Preferred
..100
Fajardo Sugar
Nov
this week, where
additional transactions will be found,
o New stock,
w When Issued. * Ex divi¬
dend.
y Ex rights.
sEx stock dividend. $ Dollars per 1,000 lire, flat. 5Dollars
•
Preferred
101
Dec
2,000
63%
63%
101% 105% 218,000
99% 101% 466,000
11,000
15
95% 152,000
35c
05,000
50
Cent Agulrre Sugar com..20
Central Sugar Corp. (no par)
Caracas Sugar....
Nov
100%
Jan
12%
Sugar Stocks
87
...
101%
89% June
Nov
94%
29%
Preferred
Industrial Ac Miscellaneous
American Brass
....100
American hardware
100
97%
5
35c
5 Vienna 6s
83%
27%
Nov
Nov
96%
52
7
78
83
Nov
Nov
Nov
Dec
'»d
010,000
6%
83
75
100
$
Argentine Nation 7s..1923
84
80
100
Pacific Gas a el. 1st pref. 100
Puget Sound Pow a Lt.-loo
100
Preferred
Gen m 7 %s 1941 ...man
Republic Ry a Light
100
Preferred
101%
102%
Government
Municipalities.
81
North Texas Eleo Co,oom 100
Rubber
Dec
Dec
June
Nov
Nov
104
100
100
Portage Rubber, oom
100
Preferred
100
Bwlnehart Tire A r, oom. 100
Preferred
Mohawk
105%
105%
97
107%
98%
69
Nov
Nov
Nov
Jan
Jan
Aug
104%
06
Preferred
99%
90%
101%
Nov
92
Nov
100%
18
North'n States Pow, oom.100
100
Miller Rubber
94% May
105%
'31
United Oil Producers 8s
12
100
Prior pref
Goodyear tar of Can pf 100
Nov
86%
4
-2
104%
107
101
100
par)
100
Northern Ohio Eleo. (no
June
97
Jan
86,000
98
oom..100
Preferred
100
Godchaux Bug Inc..(no par)
Preferred
100
Great Western Bug, oom. 100
Preferred
100
Holly Bug Corp, oom (no par)
Preferred
100
j uncos Central Sugar
100
National Sugar Refining. 100
Santa Cecilia Sug Corp, pflOO
Savannah Sugar, com (no par)
Jan
101%
87%
86%
Dec
Jan
101
74
72
103%
100%
102
1961—jaj
1935...man
-100
100
101%
s f g deb 7s
..100
Standard Gas a el (Del)..60
100%
equ'ntS. 1923
Tidal Osage Oil 7s...1931
Toledo Edison Co 7s u> 1941
13%
Cupey Sugar common... 100
Preferred
100
107%
-Aug 15 1931
06
12%
Oct
Nov
Nov
101%
Texas co 7%
9
63
95
32,000
108
8
100
First Mtge 6s,
Goodyear Tire A r, oom. 100
Preferred
Traotion.100
Mississippi Rlv Pow, oom 100
Preferred
-—100
..100
Preferred
...
Federal Light a
Preferred
105
8,000
42,000
99%
99%
100% 101% 151,000
82,000
102
102%
10
South Calif Edison, oom.100
12,000
7,000
(Cleveland prices)
100
20.000
99%
Dec
Nov
26,000
100%
Dec
100)
Rubber Stocks
99% Nov
Nov
Sept
106% 107%
108
Dec
103%
106% 107%
1931
1926
Nov
101
107
1931
Nov
98
Nov
106%
7% ser gold deb
99%
100
July
Mar
Mar
7% ser gold deb
Sun Co 7s
Dec
Nov
99%
97%
94%
7% serial gold deb.. 1929
Swift a oo 78
54
100%
98
100%
100%
1930
Nov
106
98
98
Nov
104%
99
100
Nov
43
Jan
1924
1925
94%
96
100
Preferred
6
100
Carolina Pow a Lt, oom. 100,
219
222
Cities Service Co, oom—100
59
59%
Preferred
—100
8%
7%
Colorado Power, oom ...100
84
88
Preferred
100
16
13
Com'w'tb Pow, Ry a Lt.100
34
31
Preferred
100
89
90
Eleo Bond a Share, pref. 100
Preferred
scrip
Nov
79
Amer Public utll. oom—100'
scrip
7%
98
1922
7s
26
102
97%
4s 1922 franc bonds
7«
Tobaooo Prod Corp 8%
lOOj
Preferred
25
100
100%
106
Niagara Falls Pow 6s. 1950
Ohio Cities Gas 7s
Preferred
Jan
52%
n y n h a Hartf 4«.. 1922
Reynolds (r j) Tobacco.
b common stook
Jan
97
1.1941
...
Scrip
75%
97%
to *124 125l4
42% 43%
50
100 il02
100
84 I
Preferred
..100,
69*2 71
Amer Power a Lt, oom..100'
Amer Lt a Two, oom
Mengel Co
100
Porto Rlcan-Amer Tob.. 100
94% June
90
5.70
6.10 5.80
Ry 0s
Public Utilities
84%
10,000
6.00
5.87
Preferred
100
Preferred
87%
91%
5.60
6.50
Amer Gas a Eleo. oom...
Forbes.. 100
Mac Andrews A
59,000
40
5.60
0.15
Imperial Tob of g b A Ire.
Johnson Tin Foil A Met. 100
38,000
101% 104%
590
Union Pacific 7s
64
1932
wi
6 60
Virginian
100
Preferred
90
i Adj m 6s 8erle8 Awl..
5.90
Equipment 7s
97%
216,000
94% 179,000
43 2 565,00n
8 00
ord__£l
99% 100%
"90%
00
6.50
Southern Pacific Co 4%«
Wey man-Braton Co, com 100
Preferred
100
101%
6
00
Beaboard Air Line 4%s a 6s.
99%
Morris a Co 7ms
1930
Nat Cloak a Suit 8s...1930
Foreign
Nov
76
196 2
...
Nov
99% Nov
104
77
iMo KanATRR 5sAwl 1962
Philadelphia Co 6s.
100%
Preferred
6 00
7 00
7
8t Louis a San Franolsoo
Brlt-AmerTobae, bearer.. £1
71%
Liggett a Myers Tob 6s '21
Manitoba Power 7s... 1941
100
100
Machine A Fdry.,100
American Cigar common.
Brltlsh-Amer Tobao
98
100
6 00
....
Dec
74
"99%
5 70
5.90
Reading Co 4%s
St Louis Iron Mt a Sou 6a..
Nov
100
100%
6 80
5 95
Equlpment 6s
Pittsburgh a Lake Erie 6%s
Aug
2,000
97%
Llbby McNei' a LIbby 7s *31
6.50
0.00
104%
76
Laclede Gas Light 7s
5.00
101%
104
i6o%
6 65
Pennsylvania rr 4s a 4%s..
104%
71%
Interboro r t 7s
6.70
Pacific Fruit Express 7s
Mar
Mar
102% 102%
1930
10l2
Mar
103% 104%
i02%
1165
*10%'
35,000
34,000
7,000
97%
6.70
5.1 0
American Tobaooo scrip
29,000
105
"98
160
Stocks—
Tobacco
.95
6.00
..
Amer
97%
100% 101%
101
General Asphalt 8s... 1930
5 90
Northern Pacific 7s
Dec
227,000
104
98%
Ft Worth & Den Cy 5 h s'61
Norfolk a Western 4%s
Nov
100% 100%
96%
6.75
98
98%
104
5.70
—
103
77,000
98% 103
6.70
5.9
Equipment 6s a 7s
Nov
104% 105%
"97%
1931
« 00
Sept
105%
Deere a Co-7Hs
6.00
<-
...
97%
37,000
Duquesne Light 7^8.1936
0 00
New York Ceni 4 He. 5«
97 %
103% 104%
103
30
6.0
Jan
98%
98%
98%
102% 104%
8% notes Feb 16.-j.1926
Cuban Tel 1st 7h8...1941
Cudahy Pack 7s
1923
6.00
Equipment 6%s
Mobile a Ohio 4%s. 6s_...
6 ♦1612! 1712
60 *170
Midwest Refining
Nov
6 50
n y Ontario a Weet 4 %a
100
10
Mexican Eagle Oil
Dec
o.i"
6 75'6.00
Missouri Pacific 5«...
Equipment 0h
Magnolia Petroleum
Merrltt Oil Corp
88%
45% June
30
10
Imperial Oil
Feb
101%
3o|0.oo
25 *109% 11012
99
Apr
6
...
Missouri Kansas a tsi*.; ft*
Stocks
Oil
Other
Equipment 6%s a 7s.
98%
104
8% notes Feb 16...1924
Nov
.
6.c0 5.60
.
4,000
100% 100%
102%
1923
71%
..
Valley 4%s, 6«-.
62,000
98
100%
Copper Exp Ass'n 8s__1922
Oct
8e-t
45
Consol Copper 8s
Dec
m'% .'une
45
1926
97%
Nov
97 v
87%
88%
Deb 7s, Series d...1966
Heinz ch j) Co 7s
Sept
w9%
99% June
Scot
92
Cities Serv deb 7s, Ser c '66
.
94%
Nov
V 4
9,000
100%
70%
hie a EastI1.1RR5s u5i
Nov
Nov
100%
102%
wune
122,000
99% 100%
99%
1....1941
100%
100%
Jan
43,000
105% 106%
100
June
Jan
94
61,000
100% 100%
..1923
Canadian Par Ry 6s.. 1924
95
v4
9? 14
50,000
Equipment 7s..
..1936
Canadian Nat ity? 7s. 1936
.
Feb
Feb
99%
101%
105%
72,000
100% 100%
Hocking
i....100
South Penn Oil
25
Standard oh (Indiana)
25 •887s1 89is
;590
Standard oh (Kansas)... 100 575
Standard Oil (Kentucky) 100
Standard Oil (Nebraska). 100
Standard Oil of New Jer. 25
Preferred
100
Standard Oil of New y'k. 100
Standard oh (Ohio)
100
Preferred
100
Swan A Finch
100
Union Tank Car Co
100
Preferred
....100
Vacuum Oil
100
29.000
81
76
Beaver Board Cos 8s..1933
Beth Steel 7% notes.. 1922
Goodrich (b f) Co7b
6.00
5,000
Illinois Central 4 %s & 5s.
102% 103
Galena-Signal Oil 7s
5.70
0.75
Oct
102%
8s Feb 15
Great Northern 0a
5.90
Nov
103%
notes.'3d
1931
BarnsdaJI Corp 8s
Consol Textile 8s
5.75
6.75 6.00
53%
ArmourACo
Cons Gas of n y 8s_
5.95
Erie 4 %s, 5s a 08
100
100
Southern Pipe Line Co.. 100
101%
100% 102% 172,000
96
97%
13,000
103% 104
122,000
Col Grapbopbone 8s.
Delaware a Hudson 6s—.
Prairie Oil a Gas
Mar
96%
w
6.25
Sopt
101%
Central 8teel 8s
6.00
7.00
May
7s.'29
7% notes
5.70
6.50
96
6% notes 8eries a..1929
Anglo-Amer Oil 7 vjs.. 1925
7%
5.90
Colorado a Southern 6s
26
100
Penn Mex Fuel Co
35
101% 102
1923
Anaconda Cop Mln
Ja-
Equipment 6s a 6%s.._
Chicago r i a Pao 4%s, 5s.-
26
Ohio oh Co
00
38
46%
100
American Tobacco 7s. 1922
7s
60
5.60
102% 102%
105% 105%
99% 100%
99% 100%
102H
Amer Pow a Light 8s. 1941
and
v
5.60
101% 101%
1933
7s...
n
0
5 90
0.00
20,000
52
45
7s..1925
7s
i
Jan
1%
6.50
Northern Pipe Line Co..100
$63,000
50
51h
Certificates of deposit
6s. ..-i.'
Oct
%
allied Pack eonv deb 6s '39
Amer
Mar
Chicago a n w 4%s
Solar Refining
6c
h April
1,000
Bond*—
.
Jan
7%
Oct
3%
100
3%
3%
5
Victory Divide
Chlo Bt Louis an o 6s
Prairie Pipe Line
Unity Gold Mines
3398
inmsimmt and
Jlailroad intelligence,
RAILROAD GROSS EARNINGS
can
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the
are
earnings for the period from Jan. 1 to and including the latest week
brought together separately on a subsequent page.
Latest Gross Earnings.
Jan.
or
month.
1 to Latest Date.
The returns of the electric railways
Latest Gross Earnings.
ROADS.
Jan.
1 to Latest Date.
ROADS.
Week
Current
Month.
Previous
Year.
or
Year.
,
Current
Previous
Year.
Year.
$
Alabama & Vicksb- October
368.174
333,395 2,823,175 2,975.360
Ann Arbor,.
3d wk Nov
123.808
122,660 4,602.132 4,655,712
Atch Topeka & S Fe October
18691589 20612086 158448159 176553300
Current
Previous
Year.
Year.
Year.
Year.
Mo K & T Ry of Tex October
Total system.— September
Atlantic City
October
Atlantic Coast Line. October
Baltimore & Ohio.. October
2,652,735 3,260,681 22,851,279
5,368.667 6,714,619 47,335,080
7,876
661,406
205,765
10690338 11696131 92,725,126
Mobile & Ohio
3d wk Nov
314,904
396,596 16,178,303
Colum & Greenvl October
178,053
190,797
1,276,625
October
Monongahela
545.576
545,893
3,522,058
95 978
272 967
620 153
Monongahela Conn. October
Montour
121,680
October
224,392
1,230,134
19045952 25015395 167216726 187589267
Panhandle S Fe._ October
Nashv Chatt & St L October
Mo & North Arkan. September
Missouri Pacific.
October
]October
290,277
Nevada-Calif-Ore
Bangor & Aroostook October
753-83J
Nevada Northern
September
Newburgh Sc Sou Sh October
279,045 2.167.506
1,775,994
672.920 6,010,175
5,445,879
55,573
15,999
86,561
7,597
553,513
4,590.301
572,242
3.734,333
Bessemer & L Erie.. October
1,320.357 2,156,021 11,956.799 12,753.724
Bingham & Garfield October
39,232
11,302
1,333.766
153,956
Boston & Maine...(October
7,312.392 8,694,513 65.371,098 71,729,995
969 660
Bldyn E D Term
.October
1.099.893
130,539
124,066
Buff Roch & Pittsb J 3d wk Nov
284,302
538,980 13,239,781 21,004,608
Buffalo & Susq
October
339,301
221,281
1,706,813
2,515,850
Canadian Nat Rys_l3d wk Nov 2 562 287 2 940 156 97 935 086 95 049 812
Canadian Pacific
j3d wk Nov 4.042,000 5,230,000 172914000 191190000
Caro Clinch & Ohio. I October
789,159
734,662
6.219,053
6,056.271
Central of Georgia.. October
2.025,082 2,248,011 18,835,161 21.169,584
Central RR of N J__ October
4:878,801 5,650,966 44,347.958141,836,692
Cent New England. October
781.518
919,254 6.963,639] 6,064,234
Central Vermont... October
630,128
725,476 5.517,394
5.913,472
Charleston & W Car October
296.491
299,311 2,746 304 2.894.155
Ches & Ohio Lines.. October
7,597,616 10075590 71,571,929 73,044,113
Chicago & Alton... October
2,958,277 3.112,401 26,028,751 24,675.202
Chic Burl & Quincy October
16993575 18919313 141724841 152328058
Chicago Sc East 111. ,October
2,701,931 3,232,993 22.826.018 25,307,168
Chicago Great West October
2,383,312 2,426,958 20,631,130 19.640,245
Chic Ind & Louisv.. October
1,401,639 1,643,681 12,726,479 13,150,147
Chicago Junction.
October
514,047
386,376 4,368,395
2,842.640
Beiiefonte Central.. September
Beit Ry of Chicago. .October
_
Chic Milw & St Paul October
Chic & North West- October
Chic Peoria & St L_ October
Chic R I & Pac
October
Previous
2,564.951 2,968,629 25.056,542 21.927.618
914,359 8,012,410 7,624,252
1,025.406
528,086 2,593,420 4,898,203
340.392
216,161
243,216 2,102,044 2,523,843
328,368 4.163.201
4,157,631
288,966
5.517.739 6,486.925 55,129,287 59.918,432
Gulf Colo & S Fe. October
Atlanta Birm & Atl. October
Atlanta Sc West Pt. October
B & O Chic Term.
Current
Week or
Month.
14989444 17398565 123609668 139395155
14630349 17946992 123335924 137812927
207,854
285,901
1,738,359
2,252.269
12515947 13199481 111753215 121620287
Chic R I & Gulf.. October
611,724
679,912 6,475,952
5,575,385
Chic St P M & Om. October
2,877,077 3,166,024 23,694,228 26,360,857
Cine Ind & Western October
368,032
455,321 3,058.293
3,7^9,340
Colo & Southern.._ 3d wk Nov
559 475
725,506 23,796,230 27,406.283
Ft W & Den City. October
1,115,749 1,330,621
9,471,516
10,542,919
365.004
303,672 2,575,686 1.690.148
210,968
172,192
1,401,655
1,420,013
96,685
106,970
1,101,430
715,620
3,996,738 4.225.048 38,350,191
36.379.835
7,548,162 8,835,932 72,430,985
66,473,598
Denv & Rio Grande October
3,784,315 4,057,097 27,417,892
32,456,612
Denver & Salt Lake October
330,956
349,801 2,423,381 2,386,536
Detroit & Mackinac October
181,333
247.169 1,674,155
1.723.149
Detroit Tol & Iront. August
763.840
399,142 4,541.411
3 068,362
Det & Tol Shore L_. September
268,320
301,214
1,988,997
1 633 876
Dul & Iron Range.
October
415.027 1,416,961
4,782,240 10,089,025
Dul Missabe & Nor. October
1,313,326 2,819,840 12,086,035
17,824,817
Dul Sou Shore & Atl 3d wk Nov
72.460
114,507 4,024,672
5.115,850
Duluth Winn & Pac September
159.789
194.170 1,798,015
1.763 403
East St Louis Conn. October
168,308
155,945 1,360,345
1,204 040
Eastern SS Lines
October
495,890
490,775 4,661,058 4,232,904
Elgin Joliot & East. October
1,630,107 2,807,239 16,186,969
20,327,635
El Paso & Sou West October
894,173 1,391,360 9,349,965
12.093.836
Erie Railroad
10540392 11521518 87,295,056
'87,870108
Chicago & Erie..
ctober
1,044,077 1.503.049 9,022,218
10,558,897
N J & N Y RR
October
125,851
134,290
1,247,771
1,104,811
Florida East Coast- October
930,711 1,075,499 11,376,884
11,132,170
Fonda Johns & Glov October
117,598
123,049
1.130.537
1,192,659
Ft Smith & Western October
192,491
252,573
1,486,459
1,600,972
Galveston Wharf.
October
199.887
256,604 2,283,509
1,484,109
October
Georgia Railroad
483,601
660,035 4,383,109
5,533,"34
Georgia & Florida.
October
121,465
162,633
1,170,479 1,242,932
Grand Trunk Syst.
3d wk Nov 2,022,337 2,406,546
Atl & St Lawrence October
175,949
332,736 2",283",993 2", 546" 559
ChDetCanGTJct October
195,912
144,924
1.639.538
1,568.966
Det G H & Milw. October
481,489
430,002 3,663,058 4,082.911
Grand Trk West- October
1,155,801 1,691,550 12,275,069
14,585,594
Great North System October
12289463 13295500 82,967,604
102821427
Green Bay & West- September
119.829
124,350
1,039,192
931.241
Gulf Mobile & Nor. October
391,012
462.909
3,409.190
3,250,361
Gulf & Ship Island- October
278.205
326,690 2,403,483
2,534.241
Hocking Valley
October
,655,527 2,131,704 12,079,665
13,702,047
Illinois Central.... October
13967300 14671030 118916572
118706596
Internat & Grt Nor. October
1,435,655 2,422,172 15,311,204
15,304.237
Internat Ry of Me.
October
213,249
220,571
2,310,044 2,312,381
Kan City Mex & Or October
148,376
169,911
1,537,504
1.378,910
K C Mex & O of Tex October
209,434
219.450
1,823,201
1,569,312
Kansas City South. October
1,246,245 2,126,779
462,581
594,675
Texark&FtSm.. October
198,700
255,582
1,859,729
1,813.997
Total System
October
1,915,357 2,394,023 18.506,321 18.314.843
Kansas City Term.. September
158,893
169.255
1.173.668
1,162.931
Kan Okla & Gulf
October
220,080
313,895 1,930,645 2,168,012
Lake Sup & Ishpem. September
105.211
221,597
281,100
1,316.985
Lake Term Ry
October
89,105
150,374
1,019,401
1,141,835
Lehigh & Hud River October
319,166
364,686 2,705,289
2,521,592
Lehigh & New Eng. October
538,286
566,557 4,081 205 3 812,942
Lehigh Valley
October
6,905,745 8,481,033 63,282,319
60,385,372
Los Aug & Salt Lake October
1,828,264 1,930,409 16,503,170
16,871,749
Louisiana & Arkan. October
347.005
402,814 2,844,600 3,459,677
Louisiana Ry & Nav September
362,961
331,956 2.981,879
3.047.393
Louisville & Nashv. October
11317193 11805282 98,980,898 105046220
Louisv Hend & St L October
268,165
301,357 2,424,924
2,613,981
Maine Central
Oqtober
1,898,453 2,239,640 17,401,922
17,243,655
Midland Valley..
October
442,229
510,313 3,754,245
4,172,710
Mineral Range
3d wk Nov
2,191
14,320
254,846
599,159
Minneap & St Louis 3d wk Nov
360,533
401,405 14,618,701 15,152.254
Minn St P & S S M. October
4,533.706 5,349.468 35,894,684
40,372,744
October
Mississippi Central136,415
126,693
966,725
884,477
Missouri Kan & Tex October
3,130,751 3,970,639 28,129,286
33,401,850
Trin & Brazos Val October
Wichita Valley
October
Cumb Val & Martin October
Delaware & Hudson October
Del Lack & Western October
_
8ctober
.
New Orl Great Nor. October
N O Texas & Mex_. September
Beaum S L & W._ September
St L Brownsv &M September
New York Central.
_
October
Ind
Harbor Belt- September
Lake Erie & West October
Michigan Central September
Clev C C & St L__ October
Cincinnati North. October
Pitts & Lake Erie Octolxr
Tol & Ohio Cent. October
Kanawha & Mich October
N Y Chic & St Louis October
N Y Connecting— October
N Y N H Sc Hartf.
October
N Y Ont & Western October
N Y Suso & West.
October
_
Norfolk Southern _., October
Norfolk & Western. October
October
Pacif'c
Northwestern Pac.. October
Northern
Penna RR and Co.. October
Bait Ches & Atl.
October
October
Cine Leb & Nor
_
Grand Rap & Ind October
October
Long Tsland
October
Mary Del & Va_
N Y Phila Sc Norf October
Tol Peor & West. October
W Jersey & Seash October
Pitts C O & St. b. October
Peoria Sc Pekin Un_ October
October
Marquette
Pere
October
Perkiomen
October
Reading.
Pittsb & Shawmut__ October
Pitts Shaw & North October
Pitts
& West Va._ October
Phila &
__
October
Port Reading
96.304.624
16,368,183
1,518,663
3,533,906
2603 617
1,308,530
2 007 571 2 307 003 17 590 850 20 415 640
6,442
23,251
186,318
14.517
80.759
263.512
372,299
1,357,610
211,149
1,147,838
1,469,561
220 117
3d wk Nov
.
__
23,852,108
52,028,977
1,510,068
263 734
383,464
2 222,157
2 150 808
2,043,272
295,584
1.915,851
1,592.410
205,803
1,647,009
5.551,998
85.5,980 4,611,528
28437560 38463953 268461145 306273642
6,624,061
836.281 1,160,104) 6,670,869
9,864,063
862,813 1,134,678 7,668,173
6,563,379 9,003,530 54,107.636 64,383.503
186.316
164,374
599.730
7,331,704
376,638
1,977,647
1,176,937
497,5-40
2,443,152
254,984
10859735
1,112,052
380,933
757,179
7,249,808
9,152,472 67,370,597 73,335,704
454,036; 3,248,820 3,064,520
4,631,031119,272,208 27,752,910
1,540,296; 9,163,953 10,700,617
576,620 4,141,646
4,312,734
2,483,309 22,460,367 22,830,854
300,352 2,828,389, 1,180,521
12181151 96,235,391 101894767
1,145,361 12,055.548 10,820,552
484,008 3,596,496 3,753,339
698,535 6,626,26-4
6,487,306
9,379,831 66,608,096 71,137,665
11027033 12027746 78,117,318 93,420,998
6,708,149
911,622
802,302
7,389,864
44220069 60571757 418648375 458897283
119,345
166,871
1,386,657
1,404,029
127,781
144,976
1,077,501
973,545
863,456
982,211
7,911,041
7,242,540
2,435,866 2,319,439 24,560,654 21,784,981
98,970
128,587
1,115,749
1,073,212
578,393
740,209
6,681,276
5,246,651
175,260
199,642
1,752,191
1,410,451
974.731 1,348,722 11.403,309 11,992,537
9,625,606 11634368 80,965,602 89,200,771
164.577
158,103
1,312,119
1,399,428
3,995,970 4,293,624 32,212,209 33.698,626
102,981
121,488
1,028,604
1,055,592
7,948,308 10572662 70,705,677 74,991,479
136,845
209,724
1,059,916
1,443,596
111,535
180,949
1.284.765
991,018
199.157
292,441
1,658,185 2,054,638
202,196
207,775
1,899,799
1,543,540
Quincv Om & KC__ October
118.282
Rich Fred & Potom. October
Rutland
October
773,596
519,296
...
St Jos Sc Grand Isl'd
St Louis-San Fran__
Ft w Sr. Rio Gr'de
St L-S F of Texas.
St Louis Southwest.
St L S W of Texas
Total Svstem
St Louis Transfer..
San Ant & Aran Pass
San Ant Uvalde & G
Seaboard Air Line.
_
141,137
1,114.070
1,093,433
914,262
9,201,085
8,413,282
607,014 4,910,675 4,888,161
398,373
425,232 2,847,628 2,849,595
October
7,721,301 9,412,726 68,963,217 76,911,535
October
147.108
October
205,908
1,630,552
1,450,829
173,923
187.915
October
1,615,993
1,443,928
1,834,219 2,033.881 14,193,392 17,493,518
October
844,183
October
995,427 6,396,575
7,590,818
513,968
3d wk Nov
609,859 21,860,830 26,978,685
122,994
October
131,832
952,994
1,145,286
630,403
October
812,012
5,306,263 4,860,719
88.600
138,127
932,364
1,129,205
September
3,878,118 4,334.067 35,535,577 40,428.691
October
Southern Pacific Co October
.Southern Pacific Co September
Atlantic S S Lines October
18810117 20860067 162051292 166400434
23712267 27780850 200801 054 200991555
963,459 1,094,743
5.303.766
8,711,904
194,812
370,705 2,314.979 3,369,654
2,153,412 2,973,639 21,033,905 21,984,946
October
1,818,411 1,378,625 11,495,923
9,076,839
305,612
October
342,832 2,472,608 2,495,297
460,867
October
508,204 3,717,546
4,434,498
861.158
October
959,389 7,260,152
8,530,654
834,927
October
980,912 7.184.058 8,230,666
3d wk Nov 3,307.448 4,076,018 148951867 175059 842
886,821 1,035,860 17,853,731
October
9,482,184
October
1,489,228 1,879,815 14,410,461 17,211,270
389,791
October
486,890 3,741,277 4,404,869
554,087
October
618,063 5,328.090 6,390,300
84,977
October
145,030
1.250,122
728,332
October
105,188
140,388
1,280,585
1,081.65?
839.945
892.722
6,666,525
5.712,998
September
October
225,684
217,503
1,984,978
2,136,147
_
Arizona
_
Galv Harris & S A October
_
Eastern. October
Hons A Tex Cent.
Hous E & W Tex.
Louisiana Western
Morg La & Texas
Texas & New Orl.
Southern Railway..
Ala Great South
_
Cin N O & Tex P_
Georgia Sou & Fla
New Orl & Nor E
_
Northern Ala____
Snokane
Internat..
Spok Portl Sc Seattle
Staten Island R T.
_
1,698
2,241
210,488
2,450,973
288,857
1,980,710
473,881
3,900,315
510,804
3,778,688
St L Mer Bdge T_ October
384,155
3,529,880
505,599
3,047.411
Texas & Pacific.
3d wk Nov
673,681
913,594 31,508,773 36,586,990
Toledo St L & West. October
1,003,333 1,131,618
9,754,329
7,777,142
October
147,086
Ulster Sc Delaware
1,2.54.350
152.856
1,489,075
13890798 14743231 96.681,680 108233295
Union Pacific
October
Total system
October
21677776 22418216 152051910 173106958
Tenn Ala & Georgia 3d wk Nov
Tennessee Central.
October
_
Ter RR Assn of St L October
_
_
Oregon Short Line October
4,594,708 4,529,174 30.572,694
3,192,270 3,145,811 24,797,535
754,362 1,286,362 8,048,680
October
127,077
212.550
980,318
October
389.319
440,555
3,467.154
October
1,585,895 2,036,938 15,452,432
October
5,621,494 6,266,659 49,982,567
3d wk Nov
267,203
5.713.048
508,932
September 1,281.436 1,856.638 9.093.090
October
247,084
250.109
2,129.756
October
1,501,338 2.032,543 12,668,143
October
241,281
232,125
2,379,283
October
2,129,662 2,042,010 17,009,614
Ore-Wash RR& N October
Union RR (Penn)__ October
Utah
Vicks Shrev Sr. Pac.
.........
Virginia
_
Railroad-_
Wabash RR
Western
Marvland.
Western Pacific
Western Ry of Ala.
Wheel Sc Lake Erie.
Wichita Falls & N W
Yazoo & Miss Valley
37,197,148
27.676,513
8,790,473
1,612,594
3,869,718
14,552,251
49,125,913
16,972,424
11.667.819
2,325,271
14,507,958
2,239,251
23,834.664
AGGREGATE OF GROSS
EARNINGS—Weekly and Monthly
Previous
'Weekly Summaries.
2d
3d
Year.
week Sept
week Sept
(17 roads).
(18 roads).
4th week Sept (11 roads).
1st week Oct
(10 roads).
14.895,215
15.663,906
17,524.098
13.041.475
2d
3d
15,823.655
17,060.029
23,344.095
week
Oct
1st
week
Nov
(14
(19
(17
(17
2d
week
(19 roads).
15,986.608
15,831,1 °9
3d
week
Nov
Nov
(20 roads)
15,12
week Oct
4th week
Oct
roads).
roads).
roads)
roads).
.
_
,666
17,296.330
17,499.614
20.690,651
15,630,831
18.943.662
19,908,919
26.628.203
18.530,260
19,577.819
19,107,127
Increase or
Decrease.
Current
%
I
*Monthly Summaries.
Curr.Yr.
Mileage.
—2.401,115 1388
—1.835,708 10.49
—3,166,553 15.30
December.. ..229,422
...
..232.492
_.
..235.653
January
February
—2,589,356 16.57
—3.120.007 16.47
—2.848,890 14.31
March
..234,832
April
..220.340
..235.333
—3.284.108 12.33
June
—2,543.652 13.73
—3,746,690 19.14
—3.982,461 20.84
Mav
..235.208
..230,991
July
..233.815
August
September .-235.155
Previous
Year.
Year.
Increase
or
Decrease.
%
Prev.Yr.
%
S
228.134 539 .197.615 443 .124,176 +96.073, 439 21.68
231.513 469 .784.542 503 .011.129 —33.226. 587
6.60
234.510 405 ,001.273 424 .172.348 —19.171, 075
4.52
233.839 456 .978.940 458 .462.330
—1,483, 390 00.32
219.743,411 .279.831 381 .112.844 +30.166, 987
7.91
234.9161444 .028.885 457 ,243.216 —13.214. 331
2.89
235.059 460 .582.512 494 .164.607 —33.582, ,095
6.79
230.410460 .989.697 527 .396.813 —66.407, 116 12.59
233.067 504 .599.664 554 .718.882 —50.119 218
9.03
234.559 496 .784.097 617 ,537.676 -120.753 579 19.55
Dec. 3
we sum
separately the earnings for the third week
The table covers 20 roads and shows 20.84%
decrease in the aggregate from
Third
the
same
1920.
1921.
Week of November.
week last
From
Pacific
Duluth South Shore & Atlantic-
377,869
5,230,000
725.506
1,188,000
166,031
42,047
114.507
380,409
1,613,155
—48,1'89
159,454
—136,321
108,720
—151,777
October
514,047
386,376
4,368,395
2,842,640
2,194
370.459
14.320
12.126
492,695
314.904
396.596
81,692
Nevada-California-Oregon
6,442
513.968
14.517
Louis Southwestern
3,307,448
1,698
Railway
Tennessee Alabama & Georgia.
Texas & Pacific
_
673.681
__
267,203
__
__
609,859
4,076.018
2,241
913,594
508,932
2,738,523
7.612.394
435,678
Chicago Peoria & St Louis—
October...
207,854
285,901
3,437
—25,732
—409,915
—9,847
-375,708
-32,835
-478,934
2,113,989
6,855,839
2,417,933
1,646,182
16,422,427
2,315,858
From Jan 1
2,252.269
1,738,359
—272,216
Chicago Rock Island & Pacific—
October
13,199,481
...12,515,947
From Jan 1 111753,215
■.
„
679,912
169.818
116,903
162,375
5,575,325
1,614,057
786,654
1,492,354
104,171
627,215
1,420,146
...
From Jan 1
2,920,946
112620,287 21,073,850
Chicago R I & Gulf—
October
611,724
543
239,913
241,729
(20 roads)
Net decrease (20.84%)
...
15,124.666 19,107,127
6,475,952
Chicago St Paul Minn & Omaha—
October
2,877,077
3.106,024
From Jan 1
1,148 3,983,609
'3.982,461
23,694,228 26,360,857
733,718
626,322
3,125,562
2,902,679
589,033
1,734,675
72,783
—494,566
-558,803
368,032
455,321
1,563
3,058,293
3,729,340
—449,038
...
From Jan 1
earnings
Railway—
Net
1921.
1920.
1921.
October
1.789,471
406,933
693,349
347,919
633.230
10,973,338 12,699,592
2,290,524
2,099,626
1,584,668
1,499,195
212,137
1,195,423
408,301
2,913,667
191,470
967,318
1,336,779
...
From Jan 1
$
$
S
October
1920.
S
■Net from
$
$
after Taxes—
1,115,749
1,330,021
449,111
9,471,516
10,542,919
3,249,574
303,672
127,051
53,407
119,851
45,434
1,690,148
431,860
—462,787
390,168
-540,923
...
From Jan 1
Trinity & Brazos ValleyOctober
365,004
...
Alabama & Vlcksburg—
119,165
277,687
33,395
368,174
2,975,360
—65,202
337,382
98,621
86,969
From Jan 1
—79,854
192,397
130616873 112531,221
1
210,968
From Jan 1
152,992--7,748,170
1,294,148-42,371,575
1,420,013
Ann Arbor—
158,039
73,621
520.708
505,587
4,202,814
4,279,126
675,501
192,304
October ...18,691,589 20,612,086
6,832,587
4,700,672
...
From Jan 1
137,629
477,155
—23,050
October
176553,300 48,569,335
453,519
—206,677
366,158
794,235
6,610,467 -1,078,762
463,026
2,343,478
60,049
441,554
—457,320
—695,005
340,392
528,086
—50,300
—45,542
—71,248
4,898,203
From
—62,277
2,593,420
8,012,410
From Jan 1
From Jan 1
2,102,044
2,523,843
24,487
285,818
288,966
From Jan 1
243,216
328,368
—39,850
34,529
537,648
160,912
446,207
—69,230
609,235
—58,580
—84,793
554,924
463,509
1,047,760
575,324
770,206
2,949,437
3,404,503
94,745
October
4,157,631
745,374
6,486,925
5,517,739
1 55,129,287 59,918,432
826,281
6,097,704
From Jan 1
4,163,201
From Jan
From Jan
3,913,994
3,367,968
3,636,822
21,225,032 -3,608,397
279,045
1,775,904
47,370
—61,311
8,568
32,626
76,983
22,536
71,972
30.491
—:86,229
—52.720
—674,839
181,333
247,169
1,723,149
18,629
157,780
31,539
1,674,155
—23,159
7,632
41,689
22,149
—137,436
415,027
1,416,961
113,513
775,640
4,782.240
10,089,025
995,263
4,758,202
84,357
689,954
4,230,784
...
...
1,313,326
2,819,840
12,086,035 17,824,817
672,920
6,010,175
5,445,879
Chicago—
572,242
553,513
290,907
1,106,840
81,136
36,412
78,482
33,548
434,007
-192,948
405,443
-218,737
490,775
4,232,904
125,244
90,755
102,183
67,225
1,160,489
377,754
937,351
137,238
707,377
1,071,943
577,987
4,523,560
4,666,008
3,681,069
1,007,477
4,135,676
1,391,360
285,608
9,349,965 12,093,836
2,128,004
513,575
2,824,857
195,399
1,210,589
413,109
1,900,025
2,420,384
90,491
8,420,035-12,501.106
2,116,816
—259,559
387,893
72,713
131,257
4,661,058
246,574
160.905
El Paso & Southwestern—
469,537
765,585
210,450
111,294
205,840
86,527
3,734,333
46,695
894,913
—212,207
Erie—
2,156,021
1,320,357
1 11,956,799 12,753,724
381,418
1,860,380
828,693
348,806
1,550,187
812,881
2,463,014
From Jan 1
4,590,301
October
...
From Jan
39,232
...
—27,275
2,620,129
2,589
322,352
—36,022
—284,483
1,158,429
—249,756
8,694,513
7,312,392
65,371,098 71,729,995
1,391,159
—30,305
3,113,209
—394,683
43,395
333,178
35,201
—136,910
37,046
266,905
23,235
564,345
—11,765
343,354
—241,940
—8,154
529,314
—592,631
37,701
71,073
34,323
52,298
—292,402
—202,586
—325,480
—228,236
October
...
From Jan 1
573,902 -6,423,223
130,539
...
969,660
1,099,893
From Jan 1
199,184
From
...
1,706,813
From Jan 1
339,301
2,515,850
...22,089,624 24,800,632
6,711,486
...
...
From Jan 1
7,700,822
311,558
1,715,588
2,248,011
Jan 1 18,835,161 21,169,584
494,288
1.779,670
734,662
6.219,053
227,381
From Jan 1
187,324
1,226,376
241,550
1,348,420
889,870
63,257
410,426
—24,888
October
From
...
2,025,082
—227,892
7,221
11,159
4,305
6,815
158,914
19,554
129,622
—4,045
1,075,499
11,132,170
95,006
144,598
2,573,811
46,553
1,304,060
2,084,895
382,648
930,711
93,993
123,049
1,192,659
405,132
35,407
433,048
41,781
347,382
192,491
252,573
44,770
57,118
1,600,972
23,203
88,503
39,756
—30,574
51,892
1,486,459
256,604
20,768
3,769
90,377
1,484,109
989,194
104,377
279,583
819,096
113.000
660,035
5,533,734
77,231
103,364
71,095
97,414
20,201
—25,341
6,907
—134,921
121,645
162,633
6,914
1,170,479
1,242,932
117,598
1,130,537
49,356
30,332
199.887
2,283,509
37,674
993,517 -1,115,524
4,383,109
Georgia & Florida—
Central of Georgia—
October
134,290
1,104,811
—
483,601
October
789,159
6,056,271
...
From Jan 1
125,851
Georgia Railroad—
158477,251 172238,035 28,612,157 26,857,961
Carolina Cllnchfield & Ohio—
October
793,929
Galveston Wharf—
Canadian Pacific—
From Jan 1
...
From Jan 1
October
October
...
From Jan 1
October
221,281
...
352,543
Ft Smith & Western—
Buffalo & Susquehanna—
October
1,192,195
Fonda Johnstown & Gloveisville-r
October
Pittsburgh1,334,519
2,490,636
Jan 1 12,012,277 17,462,888
Buffalo Rochester &
October
116,551
1,247,771
From Jan 1 11,376,884
28,957
—
...
From Jan 1
Florida East Coast
October
Brooklyn E D Terminal—
October
124,066
1,503,049
1,044,077
9.022,218 10,558,897
New Jersey &NY—
Boston & Maine—
October
...
From Jan 1
249,036
•—223,526
5,456,479-15,129,309
Chicago & Erie—
—1,921
1,333,766
153,956
From Jan 1
...10,540,391 11,521,518
87,295,056 87,871,008
From Jan 1
October
Bingham & Garfield RR~
October
11,302
894,173
...
From Jan 1
Erie Railroad-
Bessemer & Lake
October
1,610,791
8,800,836
155,945
187,496
October
October
617,019
4,456,915
1,204,040
495,890
...
From Jan 1
—92,480
—462,310 -1,408,119
236,240
1,171,584
From Jan 1
Belt Ry of
1,754,907
9,731,247
Lines—
...
753,831
...
772,619
5,622,753
168,038
Elgin Joliet & Eastern—October
1,630,107
2,807,239
From Jan 1 16,186,969 20,327,635
87,007 -1,091,107
Bangor & Aroostook—
October
703,011
1,360,345
...
From Jan 1
October
290,277
2,167,506
From Jan 1
319,801
Eastern Steamship
Bait & Ohio Ch Terminal—
October...
4,441,228
East St Louis Connecting—
October
4,357,704
25.015,395
1 167216,726 187589,267 27,435,025
1,030,362
2,665,061
2,386,536
...
From Jan 1
Baltimore & Ohio—
October ...19,045,952
771,621
4,163,684 * 5,785,769
330,956
From Jan 1
October
...
10,882,325
1,165,608
931,700
Duluth Missabe & Northern RR—
Atlantic Coast Line—
October
941,415
Duluth & Iron Range RR
Atlantic CityOctober
1,135,017
898,860
2,423,381
...
From Jan 1
23,438
16,286
3,784,315
...
From Jan 1
October
216,161
1,626,212
5,112,897
1,508,388
Detroit & Mackinac—
Atlanta & West Point—
October
252,652
807,062
1,964,280
7,548,162
8,835,932
72,430,985 66,473,598 14,773,722
4,051,097
Jan 1 27.417,892 32,456,612
October
-1,465,270 -1,110,143
-1,274,288
■
727,222
5,427,927
6,311,783
8,606
Denver & Salt Lake—
Atlanta Birm & Atlantic—
October
...
From Jan 1
34,491
2,137,901
352,790
1,855,447
3,996,738
4,225,048
38,350,191 36,349,835
...
October
914,359
7,624,252
1,025,406
...
—63,828
Denver & Rio Grande—
Panhandle Santa Fe—
October
15,677
387,030
436,705
1,161,430
From Jan 1
October
875,333
7,347,860
2,564,951
2,968,629
25,056,542 21,927,618
...
From Jan 1
203,788
12,156
-33,425
Delaware Lack & Western—
Gull Colorado & Santa Fe—
October
470,054
419,343
Delaware & Hudson—
Ateh Topeka & Santa Fe—
From Jan 1 158448,159
112,463
259,364
106,970
715,620
96,685
From Jan 1
56,144
3,740,260
5,469,083
37,406,735 21,370,210
52,389
480,650
21,477
i
Cumberland Vail & Martinsb—
October..:
October
117,787
172,192
1,401,655
October
341,350—7,725,277
2,762,702-40,792,863
11,111,685 15,463,147
2,575,686
Wichita Valley-
American Railway Express Co—
From Jan
58,874
-645,414
Ft Worth & Denver City—
—Gross from Railway1920.
1921.
2,823,175
—7,954
Colorado & Southern—
reported this week:
August
468,765
Cine Ind & Western RR—
October
Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies
3,004,648
3,729,886
7,629,250
17,946,992
...
Total
From Jan 1
2,343,390
8,923,724-10,159,732
3.025.393
1,047,006
3,434,949
15,001,922
8.075
95,891
768.570
1
___/
Iowa Central
...
5,023,488
123335,924 137812,927
October ...14,630,349
122,236
Mobile & Ohio
Minneapolis & St Louis
October
887,347 -1,526,711
1,184,032 -1,481,891
3,774,546
14.989,444 17.398,565
123609,668 139395,155 16,453,316
...
From Jan 1
From Jan 1
Atlantic
Range
Net
197,303
Chicago Milw & St Paul—
384,209
2,406,546
Western Maryland..
245,972
441,425
Chicago & North Western—
2,022,337
Southern
2,486,316 -1,906,747
444,473
2,226,215
12,726,479 13,150,147
From Jan 1
Detroit Grand Hav & Milw.
St
3,222,569 -1,173,340
...
254.678
Grand Trunk Western
Canada
$
244,379
338,026
326,249
421,015
2,426,958
Jan 1 20,631,130 19,640,245
October...
538,980
2.940.156
Grand Trunk of Canada
Mineral
1920.
$
Chicago Indianapolis & Louisville—
October
1,401,639
1,643,681
1,148
284.302
Colorado & Southern
Taxes
1921.
$
Chicago Junction—
2,562.287
4,042,000
559,475
72,460
Buffalo Rochester & Pittsburgh.
Canadian
122.660
123,808
Ami Arbor
Canadian National Railways
1920.
$
2,383,312
...
From Jan 1
$
$
1921.
S
Chicago Great Western—
year.
Decrease.
after
1920.
S
October
Increase.
—Net
1921.
up
of November.
Railway— —Net from Railway—
—Gross from
Weeks.—In the table which
Latest Gross Earnings by
follows
399
CHEONICLE
THE
1921.]
...
From Jan 1
—16,871
—1,129
—23,318
—681,951
—122,010
—746,671
Grand Trunk System—
Atlantic & St Lawrence—
Central RR of New Jersey—
4,878,801
5,650,966
Jan 1 44,347,958 41,836,692
October
From
883,095
590,594
9,084,054 -2,280,883
621,160
October
315,279
From Jan 1
781,518
6,963,639
919,254
6,064,234
198,517
126,662
1,830,930 -1,046,119
176.888
October
83,730
...
From Jan 1
630,128
5,517,394
725,476
5,913,472
142,312
—68,382
—493,331 -1,095,345
124,932
October
—96,832
—46,246
16,584
—57,882
2,894,155
—278,654
—204,960
—395,044
Chesapeake & Ohio Lines—
October
7,597,616 10,075,590
2,009,948
...
1,779,327
6,927,787
467,711
816,547
407,725
October
3,092,575
937,352
From Jan 1
RR—
18,919,313
1 141724,841 152328,058
4,591,303
3,966,122
3,775,775
3,237,074
2,701,931
3,232,973
Jan 1 22,826,018 25,307,168
226,381
62,770
354,082
—73,698
—306,149
82,725
—82,113
70,235
i
—5,355
—9,951
179,958
76,786
481,489
430,002
89,550
3,663,059
4,082,911
21,428
1,691,550
14,585,594
—25,048
205,446
—80,956
154,334
917,173
1,458,263
—184,553
1,118,948
13.295,500 4,530,236
82,967,604 102821,427 15,189,126
3,129,662
7,417,362
—336,888
1,155,801
12,275,069
3,985,050
2,164,246
7,921,299—1,211,226
391,012
3,409,190
462,909
3,250,361
107,307
316,015
11,835
85,494,
—3,423
—837,469
122,155
—990,044
57,783
218,458
—401,210
Gulf & Ship Island—
26,296,361 10,542,954
October
From Jan 1
56,804
326,690
84,773
79,953
2,534,241
428,070
—182,492
1,655,527
2,131,704
12,079,665 13,702,047
676,225
431,364
615,311
292,499
1,906,148
1,223,447
1,095,329
447,617
278,205
2,403,483
Hocking Valley—
Chicago <fc East Illinois RR—
From
From Jan 1
1,592,265
...
470,212
October ...12,289,463
.
900,886
3,930,170
2,958,277
26,028,751
144,924
1,568,966
Gulf Mobile & Northern RR—
October ...16,993,575
October
...
From Jan 1
2,514,300
12,476,315
2,744,382
71,571,929 73,044,113 14,685,396'
Chicago Burl & Quincy
From Jan
October
3,112,401
24,675,202
...
From Jan 1
195,912
1,639,538
Great Northern System—
Chicago & Alton RR—
October
—62,282
—972,184
Grand Trunk Western—
26,595
From Jan 1
...
From Jan 1
—699,246 -1,280,807
-102,372
...
2,746,304
—31,188
—429,480
Detroit Grd Hav & Milw—
Charleston & West Carolina—
October
296,491
299,311
From Jan 1
...
From Jan 1
1,625,936 -1,254,528
Central Vermont—
October
—44,628
—80,004
—609,594—1,153,019
332,736
2,546.559
175,949
2,283,993
Chic Det Can Grd Trk—
Central New England—
October
...
From Jan 1
6,599,391 -5,089,215
714,044
2,491,418
570,871
593,421
410,684
1,019.266
1,516,101
45,187
October
...
From Jan 1
THE
2400
I
$
Railway—
Net
1921.
1920.
1921.
1920.
1921.
1920.
1921.
1920.
1921.
%
$
$
$
%
%
S
I
-Net from
after
Taxes—
October ...13,967,300
14,671,030
From Jan 1 118916,572 118706,598
3,057,123
21,707,163
2,413,756
1,940,055
7,452,326 14,538,892
1,713,753
935,656
106,557
434,365
465,410
1,274,346—1,119,535
213,249
220,571
27,350
-115,292
12,350
—127,492
2,310,044
2,312,338
132,496
-495,801
—17,504
—617,801
...
145,614
896,257- -1,431,025
October
...
109,911
—3,226
-64,325
11,266
—72,025
1,378,910
-161,059
-701,014
-241,491
—778,078
148,376'
...
From Jan 1
Kansas
1,537,504
City Mex & Orient of Texas RR—
209,434
219,450
16,982
1,823,201
1,569,312 —306,370
October...
From Jan 1
Kansas
Oct
85,632
—711,668
10,832
—367,895
79,382
—775,493
2,126,779
16,677,528
462,581
594,675
368,825
521,252
4,524,723
2,844,709
3.718,649
2,137,195
198,700
255,582
90,701
126,539
83,342
118,469
1,839,729
1,813,997
674,420
656,558
599,914
550,130
...
Kansas Oklahoma & Gulf—
220,080
313,895
1,930,645
2,168,012
October
From Jan 1
Lake Terminal Ry—
October
52,636
128,943
27,557
43,566
19,555
—151,224
37,936
—252,981
9,058
115,922
30,743
3,220
79,943
—174,392
150,374
1,141,835
1,019,401
36,623
139,378
—
October
319,166
364,686
81,465
78,902
69,314
70,302
2,705,289
2,521,592
709,517
232,823
588,003
126,144
...
538,286
566,557
123,817
4,081,205
3,812,492
947,662
...
From Jan 1
...
80,597
174,366
609,624
765.365
158,913
453,880
8,481,033
63,282,319 60,385.372
1,448,952
1,203,254
5,201,787--5,955,508
1,046,539
1,238,546
3,545,280—7,948,200
October
1,930,409
443,009
16,503,170 16,871,749
2,576,019
1,828,264
...
451,944
3,974,634
339,859
312,097
1,591.483
3,066,910
402,814
3,459,677
347,005
...
From Jan 1
2,844,600
121,335
533,989
100,779
364,427
58,395
767,301
44,305
594,367
268,165
301,357
84,007
68,902
76,618
61,613
2,424,924
2,613,981
478,060
413,359
404,199
363,872
...
From Jan 1
October ...11,317,193
11,805,282
From Jan 1 98,980,898 105046,220
2,457,703
6,915,649
1,038,771
2,169,207
735,958
3,049,934
3,986,375
—68,948
Maine Central—
1,898,453
2,239,640
323,772
17,243,655
909,203
—315,974
218,912
259,178
17,401,922
...
From Jan 1
163,020
—86,347 -2,283,460
510,313
4,172,710
191,858
829,389
164,124
183,636
650,845
747,620
Minneapolis & St Louis RR—
October
1,692,464
1,783,947
From Jan 1 13,566,864 14,015,136
394,415
762,727
237,618
—843,669
351,672
169,996
31,466--1,450,320
October
442,229
3,754,245
...
...
Minneap St Paul & 8 S M RR—
October
4,533,766
5,349,468
From Jan 1 35,894,684 40,372,744
...
150,912
575,598
1,077,289
2,638,110
942,593
912,061
3,941,665
64,322
658,649
769,007
126,693
22,048
11,551
14,793
6,434
884,477
—4,108
—395,447
—68,431
—440,710
...
960,725
3,130,751
3,970,639
724,644
893,170
453,946
747,744
From Jan 1 28,129,286
33,401,850
5,700,546
3,588,784
4,043,709
2,351,971
...
Mo Kan & Tex Ry of Tex—
October
2,652,735
...
From Jan 1
3,260,681
-2,760,812
1,005,904
950,914
672,883
4,650,030 -3,285,507
1,859,571
1,377.069
2,272,948
1,310,858
11,691,405—4,140,817
716,865
Missouri Pacific RR—
October ...10,690,338
2,796,117
11,696,131
92,725,126 96,304,624 15,218,234
Mobile & Ohio—
October
1,826,051
15,392,042
15,213,864
456,826
1,630,145
93,796
1,037,531-
390,232
1,015,053
41,506
1,638,710
Columbus & Greensville—
October
178,053
190,797
54,060
1,518,663
—56,553
545,576
545,893
3,522,058
3,533,906
283,689
1,006,431
—8,581
—364,452
53,995
...
From Jan 1
200,858
263,064
272,967
2,603,617
25,730
—12,953
52,586
23,774
571,435
—30,735
478,097
9,223
437,975
1,440,900
54,122
962.617
46,058
424,871
—46,101
—437,404
186,318
211,149
72,208
1.147,833
1,469,561
183,584
220,117
263,734
2,150,808
2,222,157
New york Central—
October ...28,437,560
From Jan 1 268461,145
40,375
-15,318
59,531
29,863
75,542 def.fl03,178
October
...
—18,460
264,722
19,150
—36,510
—45,660
99,960
7,241,256
5,368.689
—5,668
—178,894
16',608^553 36*826,721
6,126,978
2,726,096
454,030
3,064,520
114,154
932,918
199,072
593,683
93,978
765,515
185,690
481,329
From Jan 1 67,370,597
9,152,472
73,335,704
4,631,031
27,752,910
...
From Jan 1
1,176,937
9,163,953
955,068
October
497,540
...
4,141,646
Lake Erie &
October
...
From Jan 1
October
...
N
...
535
—484
—172,011
—249,192
38,493
—5,037
125,596
83,317
7,911,041
213,582
2,319,439
21,784,981
536,201
189,936
411,630
5,065,383
829,319
3,733,549
78,339
—349,563
—11,972
1,917
20,600
—194,196
—9,379
—23,286
23,407
—221,566
—7,312
—438,137
39,500
—27,505
—353,151
—645,273
16,048
—593,865
42,068
5,770
—24,592
7,242,540
2,435,866
...
October
98,970
128,587
1,073,212
1,115,749
...
From Jan 1
October
578,393
740,209
5,246,651
...
From Jan 1
October
—158,128
—188,692
6,681,276
974,731
1,348,722
—12,860
From Jan 1 11,403,309
11,992,537
1,482,394
11,634,368
89,200,771
1,519,448
922,044
5,328,107—6,813,532
...
October
9,625,606
...
From Jan 1 80,965,602
October
—549,650
776,702
32,768
—552,365
1,042,090
452,346
1,531,176-10,552,800
175,260
199,642
23,359
9,096
13,559
596
1,410,451
...
From Jan 1
1,752,191
—248,757
—147,237
—348,872
—232,237
October
...59,538,598 78,512,993
From Jan 1 555804,115 598654,139
9,738,396
8,176,191
6,903,505
5,556,379
69,680,582-39,924,025 44,791,611-62,846,183
Pekin Union—
October
,
164,577
158,103
39,959
—43,892
24,674
1,399,428
...
From Jan 1
1,312,119
117,310
—309,465
—28,615
—53,392
—404,465
4,293,624
33,698,626
1,234,310
0,828,330
838,729
2,817,352
935,395
5,518,609
741,273
1,960,649
Pere Marquette—
October
3,995,970
...
From Jan 1 32,212,209
102,981
121,488
37,114
58,302
27,521
54,853
1,055,592
1,028,004
500,398
456,147
426,751
429,777
Philadelphia & Reading—
October
2,478,018
7,948,308 10,572,662
From Jan 1 70,705,677 74,991,479 12,478,522
2,753,341
2,327,791
10,528,217
2,511,775
11,427
October
...
From Jan 1
...
October
136,845
209,724
1,059,916
...
From Jan 1
2,057,039
1,443,596
39,128
72,055
38,967
71,813
—20,239
150,330
—29,460
141,839
:
111,535
180,949
17,236
—1,445
14,967
—3,385
991,018
1,284,765
—256,295
—344,201
—278,783
—364,698
Pittsburgh & West Virginia—
October
199,157
292,441
—331,351
20,135
—358,259
6,873
—587,558
—178,844
—792,055
—314,035
October
...
From Jan 1
...
1,658,185
From Jan 1
October
2,054,638
202,196
207,775
103,047
96,624
89,564
85,324
1,899,799
...
Ffom Jan 1
1,543,540
869,248
275,135
729,893
190,809
1,267
—349,106
Qulncy Omaha & Kansas City RR—
October
118,282
141,137
...
From Jan 1
October
1,093,433
1,114,070
—4,691
7,082
—8,615
—117,577
—307,921
—155,252
773,596
914,262
201,487
197,885
100,874
171,753
8,413,282
9,201,085
1,785,303
2,366,606
1,427,405
2,054,997
519,296
...
From Jan 1
October
—
From Jan 1
...
October
...
From Jan 1
October
...
From Jan 1
October
...
From Jan 1
607,014
4,888,161
94,940
460,862
33,578
—202,314
71,217
227,142
—425,207
2,143,135
1,960,324
10,508,889 15,620,029
1,884,237
8,003,617
—66,689
—661,522
4,910,675
10,773
9,412,726
2,397,481
7,721,301
68,963,217 76,911,535 18,641,439
205,908
1,603,552
147,018
1,450,829
7,785
—62,732
-48,416
—622,931
3,959
—84,990
173,923
187,915
27,531
—42,058
25,225
—43,946
1,615,993
1,443,928
51,050
—381,504
31,261
—404,477
1,939,946
2,431,114
18,574,487
8,069,364
72,231,107
14,978,818
1,834,219
2,033,881
891,076
682,170
766,391
626,740
From Jan 1 14,193,392
17,493,518
5,169,658
6,226,585
4,514,175
5,607,671
122,018
—46,787
97,989
—59,878
October
...
October
...
From Jan 1
October
...
From Jan 1
586,649
2,012,210
October
9,064,603
From Jan 1
218,708
1,461,144
1,944.500
454,304
—1,623. 1,674,789
734,213 -1,485,570
844,183
995,427
6,396,575
7,590,818
939,683 -2,161,041
—698,826 -1,932,075
3,029,308
2,678,402
20,589,967 25,084,335
1,013,094
4,470,832
635,383
864,380
566,862
4,294,510
3,574,492
3,446,630
...
122,994
131,832
72,786
952,994
1,145,286
440,650
63,332
279,180
72,017
63,060
435,141
276,200
October
...
From Jan 1
112,341
116,974
—264,402
630,403
812,012
126,362
275,954
5,306,263
4,860,719
254,118
—123,643
794,449
775,299
267,175
Seaboard Air Line RR—
1,540,296
10,700,617
267,191
1,473,467
434,282
800,586
576,620
4,312,734
112,572
380,060
—86,494
206,630
895,176
387,111
380,625
October
...
From Jan 1
3,878,118
4,334,067
35,535,577 40,428,691
4,333,954 -1,060,996
Southern Pacific—
89,052
82 673"
43 230
81,485
—409,999
Western—
Ocotber ...18,810,117
637,548
639,812
2,816,712 -2,513,859
„
20,860,067
From Jan 1 162051 292 166400,434
7,453,9S6
6,601,598
„
6,207,499
„
„„„
5,683,755
43,902,889 31,018,639 33,557,984 21,311,244
Arizona Eastern—
862,813
1,134,678
145,063
131,658
95,373
87,914
7,668,173
9,864,063
528,527
526,520
31,784
—2,992
2,443,152
2,483,309
22,430,337 22,830,854
639,370
414,438
410,181
228,430
5,161,999
4,310,379
3,798,585
3,061,729
179,535
2,025,383
202,638
October
...
From Jan 1
194,812
370,705
2,314,979
3,369,654
18,507
312,412
85,592
—5,100
55,195
653,722
95,719
353,174
144,679
—3,326
Atlantic Steamship Lines—
Y Connecting—
October
From Jan 1
October
7,330,681
N Y Chic & St Louis-
From Jan 1
10,665
—162,555
From Jan 124,560,654
2,358,015
Kanawha & MichiganFrom Jan 1
144,976
1,077,501
...
From Jan 1
10,045^448 1E577!950
Toledo & Ohio Central—
October
—11,123
—262,024
127,781
973,545
...
From Jan 1
San Antonio & Aransas Pass—
1,977,647
From Jan 1 19,272,208
...
October
St Louis Transfer—
Pittsburgh & Lake Erie—
October
23,427
-164,302
St Louis Southwestern System-
376,638
3.248.820
7,331.704
...
15,855
84,699
St Louis S W of Tex—
38,463,953
7,117,814
306273,642 53,478,481
Cleve Cin Chic & St Louis—
October
23,427
-116,997
St Louis Southwestern—
Cincinnati Northern—
From Jan 1
130,314
St. Louis-San Francisco System—
New Orleans Great Northern—
...
5,584,790
5,424,651
3,686,730
37332,610 39,061,703 -53550,350
St Louis-San Fran of Tex—
2,307,003
From Jan 1
166,871
1,386,657
Grand Rapids & Indiana—
October
863,456
982,211
From Jan 1
20,415,640
October
15.859
119,345
1,404,029
...
From Jan 1
October
2,007,571
...
Otober
194,565
From Jan 1 17,590,850
October
7,501,903
56,762,339
200,134
Newburgh & South ShoreFrom Jan 1
October ...44,220,069 60,571,757
From Jan 1 418648,375 458397,283
103,410
1,212,896
Ft Worth & Rio Grande—
95,978
...
239,672
1,711,958
—17,581
—461,669
Nashv Chattanooga & St L—
October
134,001
1,496,479
St Louis-San Francisco—
620,153
...
From Jan 1
289,842
2,093,018
187,821
Monongahela ConnectingOctober
802,302
6,708,149
277,189
941,425
—
Monongahela—
October
911,022
7,389,864
...
From Jan 1
Rutland—
1,276,625
...
From Jan 1
October
Richmond Fred & Potomac—
1,741,798
...
From Jan 1
2,138,222
3,362,067
Port Reading—
22,851,279 23,852,108
From Jan 1
4,999,038
4,304,639
12,153,676
Pittsburgh & Shawmut—
Missouri Kansas & Texas—
October
3,612,332
11,679,599
1,386,391
Pacific—
Pittsburgh Shawmut & Northern—
Mississippi Central—
October
136,415
From Jan 1
2,877,550
1.753,119
1,200,762
8,640.248 -2,293,337
Perkiomen—
Midland Valley—
From Jan 1
October ...11,027,033 12,027,746
From Jan 1 78,117,318 93,420,998
Peoria &
Louisville & Nashville—
October
1,568,986
Pennsylvania System—
Louisville Henderson & St L—
October
—559,639
Toledo Peoria & Western RR—
Louisiana & Arkansas—
October
624,550
949,538
2,154,076
From Jan 1 66,602,096 71,137,665 12,575,278
6,626,264
7,249,808
...
Pitts C C & St Louis—
Los Angeles & Salt Lake—
From Jan 1
6,487,306
9,379,831
October
West Jersey & Seashore—
Lehigh Valley—
October
6,905,745
From Jan 1
From Jan 1
33,062
-760,520
-M Y Phila & Norfolk-
Lehigh & New England—
October
$
149,741
Maryland Del & Virginia—
Lehigh & Hudson RiverFrom Jan 1
59,072
Long Island—
.
89,105
...
From Jan 1
182,440
Cincinnati Lebanon & Northern—
Texarkana & Ft Smith—
From Jan 1
698,535
757,179
...
Pennsylvania RR & Co—
16,190,923
.......
October
1920.
Baltimore Ches & Atl—
City Southern—
1,746,245
From Jan 1
Coxes—
Northwestern Pacific RR—
Kansas City Mex & Orient RR—
October
October
Northern
Ry In Maine—-'
From Jan 1
after
Norfolk & Western—
2,422.172
15,304,237
1,435,655
Jan 1 15,311,204
From
-Net
-Net from Railway-
,
Internat'J & Great Northern—
Internal'!
—Gross from Railway—
Norfolk Southern—
Illinois Central—
October
[You 118.
$
—Gross from Railway—
1921.
1920.
,s
CHRONICLE
October
...
From Jan 1
1,094,743
5,303,766
963,459
8,711,904
477,347—4,846,62^,
132,858
—14,849
358,434—4,959,878
Galv Harrisb & S Ant—
254,984
300,352
2,828,389
1,180,521
333,758
141,792
1,653,364
172,318
29,002
N Y New Haven & Hartford—
October ...10,659,735 12,181,151
From Jan 1 96,235,391 101894,767
October
...
From Jan 1
2.153,412
2,973,639
358,010
463,964
315,978
21,033,905
21,984,946
3,156,319
1,671,253
2,726,727
397,479
864,701
Houston E & W Texas—
2,269,396
6,154,570
754,204
1,882,696
349,734
-2,189,390 11,201,981 -6,824,501
October
...
From Jan 1
342,832
2,495,297
305,612
2,472,608
91,965
23,366
84,935
15,380
404,636
—135,085
357,379
—227,437
756,338
1,611,865
162,089
309,334
i
N Y Ontario & Western—
October
...
From Jan 1
Y Susquehanna &
October
...
From Jan 1
Houston & Texas Central—
1,112,052
1,145,361
12,055,548 10,820,552
Western—
484,508
380,933
3,596,496
3,753,339
134,365
1,829,613
97,083
232,651
98,452
1,467,371
—133,687
35,395
—49,700
—918.482
57,511
October
From Jan 1
1,818,411
11,495,923
1,378,625
9,676,839
784,797
214,240
1,964,288
207,653
508,204
4,434,498
176,090
67,086
144,876
32,449
933,277
986,471
665.347
620,281
Louisiana Western—
61,253
45,309
209,332
—684,879
5,500
October
...
From Jan 1
460,867
3,717,546
Dec. 3
THE
1921.]
-—Gross from Railway1
—Net from
CHRONICLE
-
1921.
1920.
1921.
1920.
$
%
$
861,158
...
Colorado Power Co
8,530,654
94,082
1,199,809
316,509
—22,838
-111,971
36,725
145,429
160,725
—268,369
—470.814
—1.920
—761.762
2.013,715
2,937,316
980,912
178,882
—241,546
7,184,058
From Jan 1
8.230,666
189.794
Southern Railway—
October ...12.108,784
3,355,409
17,081,315 21,193,510 13,292,048 16,932.318
14,189,224
From Jan 1 107051,636 126601,139
12
October
886,821
1,035,860
200,776
142,325
7,853,731
9,482,184
891,426
2,204,517
174,200
624,357
197,017
1,489,228
...
*453,907
*514,634
337,867
176,767
2.644,408
910,016
724,698
8,388.671
*633,970
276,046
*607,058
117.640
10
*6,245,181
7.081,186 *5.813,616
2,143,490
1,267,570
*20
Consumers Pow Co
219,057
388,287
1,977.011
1,879,815
17,211,270
154,943
3,903,981
1,461,858
Oct'21
*20
486,890
5,197
—55,132
—11,906
—77,229
3,741,277
4,404,869
—205,350
61,472
—376,834
474,708
414,551
4.552,641
208,174
266.534
194,443
1.942,229
3.303.862
1,731,257
220,108
2,610,412
1,572,605
1,008,054
266,116
1,046,019
204.929
ending Oct 31'21 11,559,786 *3,138,791
2,014,375
1,124",416
57,299
51,646
663,851
508,826
668,144
762.992
'21
12 mos
From Jan 1
October
*20
554.087
618,063
79,462
377,642
27,103
25,236
1,059,299
—92.217
635,903
145,030
10,293
18,724
6,170
13,361
Northern Alabama—
October
1,250,122
85,528
208,681
50,149
140,388
17,948
10,317
38,431
1,081,652
1,280,585
289,018
43,962
463,830
215,136
Lake Shore Elec
225,684
217,503
—25,220
—82,435
46,898
—92,680
2,136,147
1,984,978
3,014
—274,458
—157,375
—421,268
...
From Jan 1
St Joseph & Grand Island—
October
398,373
425,232
116,748
90,865
100,632
81,578
2,847,628
2,849,595
353,574
—200,311
218,156
—328,819
...
From Jan 1
son
210.488
288.857
1,980,710
2,450,973
...
From Jan 1
—47,955
—132.702
'
>.\
'
143,793
93,591
1,043,220
384,155
505,599
144,789
444,188
3,047,411
From Jan 1
3,529,880
608,869
—318,899
435,298
—470,358
627,625
1,382,893
204,023
444,129
26,377
131,127
132,167
...
From Jan 1
718,976
5,401,380
2,479,306
4,169,643
1,131,618
9,754,329
361,318
1,781,058
380,113
325,318
1,682,399
1,430,040
147,086
152,856
14,281
—16,257
7,368
50,216
12 mos ending Oct 31 '21
'20
438,337
North Carolina
Oct '21
'20
Public Service Co
12 mos end Oct 31 '21
101.534
1,489,075
1,254,350
160,199
—203,434
90,544
1
From Jan
8,864,096
14,743,231
5,655,052
96,681,680 108233,295 32,027,081
Oregon Short Line—
October
4,594,708
...
From Jan 1 30,572,694
4,529,174
37,197,148
Oregon-Waeh RR & Nav—
October
...
From Jan 1
St Joseph
October
1,625,553
7,894,514
1,768,365
11,084,423
1,534,443
4,905,796
685,973
245,172
3,183,011
448,039
173,770
749,685
1,399,224
116,748
2,849,595
353,574
90,865
—200,311
1,286,362
8,790,473
215,203
1,418,439
8,048,680
100,632
570,061
*197,582
*144,676
Republic Ry &
& Light Co
12 mos end
'20
'21
Oct 31
—328,819
372,005
210,203
1,329,689
212,550
1,612,594
95,694
27,405
693,633
49,753
15,812
78,652
1,751
3,869,718
618,872
563,260
445,075
From Jan 1
3,467,154
...
From Jan 1
99.878
45,444
49,350
ending Oct 31 '21
11,947
5,639
*180,185
78,708
101,477
'20
705,298
*65,337
64,643
694
'21
15,726
16,744
192,441
159,158
5,896
3,939
*52,169
*31,621
22~983
29,186
10,552
1,199,661
1,151,994
4,807,235
4,580,303
*238,756
*178,245
*905,392
*688,168
892,532
891,475
17,470
42,881
12,860
—203,307
56,064
57,919
521.476
569,790
8,711
19,705
*176,523
*226,556
130,013
96,023
130,523
mos
'20
Oct
20
12 mos ending Oct
456,150
771,101
5,168,524
4,121,180
402,532
4,214,411
'20
5,621,494
6,266,659
From Jan 1 49,982,567 49,125,913
Western
...
Maryland—
1,470,650
2,204,140
14,845,633 16,178,520
October
388,908
428,917
3,047,397
—716,641
...
From Jan 1
Western Ry of
October
944,176
1,428,793
7,509,250 -1.132,638
373,917
2,457,397 -1,226,641
250.109
242,084
61,686
24,194
54,565
2,325,271
293,421
389,228
214,040
426,827
...
2,738,499
317,164
1,464.930
322,319
242.545
1,896,790
770,200
23,530
83,357
11,697
2,379,283
—238.046
709,623
-353,226
458,712
241,886
150,060
1,041,083
1,825,001
308,312
484,588
From Jan 1
2,129,662
2,042,010
17,009,614 23,834,664
939,237
Gross Earnings
Previous
Current
Year.
Companies.
Year.
-—Net Earnings-
Current
Year,
Previous
Year.
557.226
63.077
595,869
oDuquesneLtCo&subsid Oct 1.290,212
1.352.187
Beaver Valley Trac Co .Oct
Jan
1
1
to
to
Oct
Oct
31-.
—
31.
.
50,737
—
cPhilaCo&subnatgas.Oct
Jan
1
to
Oct
*
*346.527
562,497
442,926
16.909,154
4,784,884
4,29.8,321
1,062,727
*61,566
*353.152
12,048.576 *1,999,897 *4,441,475
*47,733
74,464
143,052
1,470,076
3,735
4,571
*839
37.638
37,271
*11,092
Net earnings here given are after deducting
Does not include income from investments,
interest on debt and
*4,646,118 *3.555,338
892,746
Oct
al7tb. St Incline Plane Co.Oct
Jan 1 to Oct 31
a
623,759
8,150.522
31
cPhiladelphia Oil Co
Jan 1 to Oct 31
*509,697
1,863,982
-.13,274,154 12,200,527
Illinois Traction Co.——Oct 1,911,023
Jan 1 to Oct 31
18,106,393
*80,816
*536.027 *1,111,656
*10,285
*13,131
taxes.
and is before providing for
other income deductions.
Net after
Fixed
Earnings.
Taxes.
Charges.
Balance,
Surplus.
$
S
$
$
Oct '21
'20
& Power Co
12 mos ending Oct 31
'21
'20
Cleve Painesv
&
Sept '21
'20
Eastern RR
9
mos
46,510
preferred
end
Sept 30
'21
'20
1921.
%
S
1266,201
*165,655
127,781
106,517
138,420
59,138
65,368
76,210
589,522
608,619
15,153
17,380
159,372
172,978
13.960
13,658
124,853
121,859
1,193
3,722
months.
October
$
$
Co—
8,046
14,420
3,711
163,873
124,537
117,896
39,069
550,714
453,128
18,764
176,834
Co—
349.964
294,174
3,551,540 3,181,193
...
months.
139,470
78,573
111.482
52,472
1,131,471
897,872
795,478
595,144
9,836
13,666
4,180
7,937
92,983
50,182
26.088
Cape Breton Elec Co, Ltd—
October
62,182
12
months.
63,255
626,162
119,047
42,764
485,098
12,740
10,698
9,109
130,230
117,042
86,763
7,822
84,488
128,819
1,537,242
77,265
893,492
45,207
588,524
44,864
495,102
211,754
137,559
1,450,277
54,417
60,948
34,428
41,100
585,586
587,304
344.483
348,764
21,345
375,711
420,771
699,205
Central Miss Val Elec Co—
October
12
...
months.
44,628
515,856
Columbus Electric Co—
October
12
...
months.
163,754
1,722,216
12,070
Connecticut Power Co—
12
...
months.
144,578
1,493,050
Co—
130,793
140,231
38,910
48,393
1,692,590 1,580,336
595,715
595,359
Eastern Texas Electric
October...
12
months.
30,403
Edison Elec Ilium of Brockton—
October
12
months.
114,248
1,234,493
26,846
366,309
109,344
1,298,262
42,050
30,511
40,891
343,496
415,012
316,826
171,151
1,856,774
37,481
48,929
19,133
38,720
693,225
591,290
548.359
482,864
El Paso Electric Co—
October...
12
months.
190,302
2,278,368
Elec Lt & Pow of Ablngton & Rockland-
12
4,250
31,584
October
months.
31,003
7,346
5,117
343,410
353,700
57,286
61,386
6,787
47,643
53,581
32,727
230,018
7,397
163,727
32,551
227,951
166,877
Fall River Gas Works Co—
September.
92,385
80,058
months.
1,014,232
853,576
12
7,388
Fall River Gas Works Co—
12
95,287
months.
89,766
34,205
13,291
34,101
13,221
1,019,753
867,943
250,932
159,372
248,831
157,735
Galveston-Houston Elec Co—
12
34,519
51,119
-Surp. after Charges1921.
1920.
48,860
October
October
17,588
18,319
81,648
77,002
894,265
698,802
-
1920.
%
Blackstone Valley Gas k Elec
October
Gross
Binghamton Lt Ht
1920.
Baton Rouge Electric
October
1,831,392
16,631,122
*11,051
*13,414
*57.918
*154,208
BarcelonaTr.L&PCo..Oct 3,185,930
2,795.106
1.958,306
Jan 1 to Oct 31
.30,218,832 25.767,328 18,968,061
Jan
—Net after Taxes—
Oross-
1921.
...
Public Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Electric Railway and Other
a
After allowing for other income received.
Fixed charges include interest and dividends on outstanding
of constituent companies.
12
Yazoo & Mississippi Valley—
...
*
12
94,230
818,690
232,125
2,239,251
241,281
...
From Jan 1
x
221,126
stock
$
Wichita Falls & Northwestern—
October
*21
'20
315,572
1,501,338
2,032,543
From Jan 1 12,668,143 14,507,958
October
'20
ending Oct 31
15,120
2,129,756
Wheeling & Lake Erie—
October
12 mos
21,069
221,286
Alabama—
...
From Jan 1
'20
Oct '21
Vermont Hydro
Electric Corp
1,258,4.54
813,153
6,009,465 -2,449,637
328,908
ending Oct 31 '21
600,409
3,388,287
Wabaeh RR—
October
31 '21
Oct '21
Third Ave Ry Sys
4 mos
1,585,895
2,036,938
15,452,432 14,552,251
97,853
59,230
63,907
717,410
12
Virginian RR—
October
546,309
569,646
555.504
'20
...
1.442.023
Oct *21
425,470
980,318
23.174
282,765
12 mos ending Oct 31 '21
'20
Sandusky Gas &
626,512
97,111
127,077
...
33.492
121,502
1,935,127
15,564
1,374
*143,297
*149,228
91,261
Vlcksburg Shreveport «fc Pacific—
October
389,319
440,555
164.090
52,474
48,352
148,1267
38,248
136,905
87,573
144.193
'20
Power
358,505
246,267
729,401
7,568,619 *2,217.892
8,137,375 *1,988.332
Oct *21
Rutland Ry Lt &
Sayre Electric Co
From Jan 1
190,878
200,829
Oct '21
'20
Subsidiary Cos
mos ending Oct 31 '21
12
81,578
218,156
UtahOctober
89,564
'20
27,100
10,963
280,242
288,402
Electric Co
754,362
...
293,115
102,767
249,839
254,716
2,993,412
3,004.833
Oct *21
'20
2,617,316
& Grand Island398,373
425,232
From Jan 1
421,047
421,241
67,389
56,930
*714,198
*524,008
5,603,036
5,027,649
5,221,100
30,668,001 26,630,173 24,799,937
Union RR (Penn)—
October
-6,292
2,214
211,625
219,313
2,527,159
2,126,400
Reading Trans Lt
1,846,956
7,674,702
...
2,847,628
68,589
68,924
444,426
v-
3,192.270
3.145,811
24,297,535 27,676,513
From Jan 1
200,631
1,055,634
Oct *21
'20
18,874
12,322
1,762,626
1,614,711
9,923
3,842
*62,297
*71,138
12 mos ending Oct 31 '21
'20
77,259
73,891
1,962,942
2,670,345
44,690
43,524
476,466
&
...13,890,798
From Jan 1
76,799
71,262
129,699
Oct '21
'20
Ry & Pow er
12 mos ending Oct 31 '21
Penna Edison &
260,637
73,219
2,781,635
2,273,835
26,205
311,577
289,616
1,115,295
Northwestern Ohio
453,612
13,995
13,883
167,384
159,917
1,004.486
Subsidiary Cos
Union Pacific—
October
*
Northern Ohio Elec Corp
12 mos ending Oct 31 '21
—253,850
...
2,115,937
32.869
91.691
209,061
210,184
2,031,430
16,663
12,279
*154,058
*145,153
Ulster & Delaware—
October
360,213
43.275
479.609
—21,269
4,040,765
33,827,96S
1,003,333
7,777,142
From Jan 1
616,882
521,913
353,963
1,376,954
From Jan 1 29.445.735
...
80,951
68,091
2,707,424 *1,070,494
2,715,559
*882,126
'20
.
Toledo St Louis & Western—
October
660,760
'20
960,520
850,311
3,244,192
...
47,886
50,262
344,133
'20 11,078,759
Texas & Pacific—
October
25,180
'20
St Louis Merch Bridge Ter—
October
34,691
315,440
316,637
Oct '21
Power
14,996
49,687
83,066
365.707
f
Milwaukee Elec Ry
*469,698
1,510,376
Oct '21
& Light Co
'20
1.690,570
*283,403
12 mcs end Oct, 31 '21 18,399,282 *4,813 065
'20 18,435,239 *4,389,772
New Jersey
40,114
24.670
223,841
273.475
'20
—101,595
-
139,159
426,224
510,804
3,900,315
473,881
3,778,688
...
2,550.788
Oct '21
12 mos ending Oct 31 '21
'20
—53,690
—8,628
—45,097
—8,079
—91,514
Term RR Assn of St Louis—
October
219,201
298,950
1,979,426
Sept 30
Co
& Light Co
Tennessee Central—
October
'21
'20
end
mos
Metropolitan Edi-
-
Staten Island Rapid Transit—
October
Sept '21
*20
9
412,090
728.332
...
166,285
*97,413
169,536
*76,316
2,279.100 *1,331,995
2.250.175 *1.271,818
'21
'20
Oct 31
162,150
405,188
From Jan 1
From Jan 1
end
Ry Sys
84,977
...
Spokane International—
October
mos
—14,516
6.390,300
Oct '21
'20
12
5,328,090
...
1 242 915
'20
Idaho Power Co
New Orleans <fc Northeastern—
From Jan 1
1,184,492
Oct'21
& Subsid Cos
—137,965
...
123,560
ll.'564!444
Oct 31
end
mos
Georgia Southern A- Fla—
October
330.347
'20 11.554,366
10
3,138,300
389,791
From Jan 1 14,410,461
2,702,796
'21 25,749,569
'20 25.535.042
Oct 31
end
mos
General Gas & Elec
Cine New Orl & Tc-x Pac—
October
56,431
1,045,254
1,101,427
31
Oct
Pow, Ry& LtCo
78,310
1,793,106
...
23.701
108,435
'21
*20
Oct '21
end
mos
Commonwealth
Alabama Great Southern—
From Jan 1
69,398
Surplus.
1,625,099
834,927
...
Oct'21
669,762
Texas & New OrleansOctober
Balance,
Charges.
'20
959,389
7,260,152
Fixed
after
Taxes.
Earnings,
%
Southern Pacific (Concluded)
Morgan's Louisiana & Tex—
From Jan 1
Net
$
$
October
Gross
Net after Taxes
Railway
1920.
S
1921.
2401
...
months.
297,419
3,794,945
353,234
72,133
115,486
36,698
80,214
3,670.494
'994,474
1,063,328
509,834
641,279
42,024
446,725
18,175
6,005
111,808
64,141
17,258
101,358
5,325
58,167
13,236
82,474
7,063
7,855
136,497
17,986
1,395
84,261
Haverhill Gas Light Co—
October
12
months.
50,372
512,947
Houghton County Elec Lt Co—
October
46,721
53,179
...
12
months.
579,374
535,431
THE
2402
Gross—
•
1921.
1920.
$
*
Houghton County Traction Co—
October
16,629
23,282
12
months.
...
12
months.
267,194
1920.
Income from lease of road to U. S. RR. Adminis¬
tration (1920, 2 months)
—777
950
—.5,245
—3,503
1,990
67,775
—51,740
17,372
9,039
6,822
85,152
79,024
5,413
42.449
4,267
49,478
20,484
252,655
371,474
Key West Electric CoOctober
22,267
7,715
82,014
5,289
94,734
59,354
5,840
•
of
12
12
3,382
70,959
102,794
1,218,546
40,142
341,763
14,910
307,552
37,598
787,287
278,249
171,132
2,038,382
185,634
2,160,462
68,061
801,226
Dec. 31, inclusive..
10,531
324,352
237,865
2,749,059
229,780
...
months.
2,774,481
5,842
1920—March
of
1 to
Aug. 31, inclusive.—.
.$816,099
Less net deficit oper. income, items audi¬
ted March 1 to Aug. 31, inch, appli¬
cable to the period prior to Jan. 11918
28,812
84,930
951,765
23,903
...
Total (compared with compensation accrued in
1919 under contract with Director-General of
Miss River Power Co—
October
Railroads)..—
..—
$1,075,123
$1,597,045
$4,119
104,264
22,239
$6,031
68,535
18,308
$1,205,745
—
$1,689,918
Other Income—
Income from funded securities
Northern Texas Elec CoOctober
12
88,448
Income from unfunded securities and accounts
94,525
1,167,206
3,906,780
113,758
1,268,074
120,156
1,465.801
964,175
36,934
471,663
8,503
7,254
134,226
40
473
137.022
43,636
60,999
9,840,527
358,577
4,179,068
388,866
4,162,676
210,792
2,358,332
228,885
2,294,691
62,865
780.641
31,758
383,927
21,432
354,404
25,039
308.841
15,293
282,356
125,947
1,441,150
287,927
3,664,983
...
months.
68,784
48,152
554,167
54,377
615,553
43,944
501,330
370,034
Miscellaneous income
Gross income
Deductions from Gross Income—
Rent for leased roads
Paducah Electric Co—
October
12
-
43,956
523,210
...
months.
Paget Sound Pow & Light CoOctober
819,944
881,636
...
12
months.
10,080,462
Sierra Pacific Electric Co—
October
72,118
...
12
862,714
months.
$20,833
$125,000
Miscellaneous rents
5,526
5,374
War taxes accrued.......—
16,367
43,330
Interest on funded debt
672,041
639,594
Interest; on unfunded debt
132,162
111,660
Miscellaneous income charges
122,575
53,009
Rev. & exp. appl. to period prior to Jan. 1 1918.. Cr.153,488 De6.204,574
.
Surplus for the
12
136,915
...
months.
1,695,595
668,099
Operations—
Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
on
published during the preceding month will be given
This index will not
published.
Nov, 26.
Combined
<&
Operation.-r-Federal operation continued until March 1
1920, at which
307,580
157,560
revenue..$11,970,928
$9,784,826
$9,343,905
$8,122,895
$1,738,553
2,731,710
$810,564
1,404,732
179,983
3,285,176
191,077
$5,871,532
(72.28)
$2,251,363
397,587
resumed possession.
For the six months, however, to
Sept. 1 1920, we were guaranteed a railway operating income not less than
one-half the amount named in the contract with the Government as annual
compensation.
Rates.—The I.-S, O. Commission granted an increase, effective Aug. 26
1920, in freight rates in Eastern group territory of 40% and of 33 1-3%
between points in Eastern group territory and other territories; also an
increase in passenger rates of 20%, with a surcharge on Pullman fares of
60% accruing to the carriers.
These increases were not immediately
allowed by the States of Ohio, Indiana nor Illinois as to intra-State rates,
so that the full effect of the advance was not measured by the percentages
for inter-State traffic.
Results.—For the full year 1920 the freight revenue showed a marked in¬
crease over the previous year.
The return, however, was not as great as it
would have been under normal business conditions, due to the fact that the
greater part of the tonnage increase was carried at relatively low rates.
The principal source of additional tonnage was in shipments of bituminous
coal, ores and products of forests, these constituting an increase of 812,288
tons out of a total increase of 934.416 tons.
There was a falling off in the
shipments of products of agriculture, products of animals and products of
mines other than bituminous coal and ores, aggregating 268,815 tons, while
there were increases in tonnage of manufactures and miscellaneous com¬
modities of 390,943 tons.
147,408
4,346,856
308,134
_$11,530,004
$9,272,661
(94.76)
$512,165
443,076
$8,440,012
(90.33)
$903,893
341,553
expenses
Total expenses
Per cent exp. to earnings
Net operating revenue.
Taxes accrued, &c.
.
(96.32)
$440,924
577,853
Operating income. —def$136,929
sur$69,089 sur$562,3 .0 sr$l,853,777
BALANCE SHEET DECEMBER 31.
1920.
*\$scts
1919.
$
*
Other investments.
Cash...
483,631
stock-..11,840,000
284,312 Preferred stock... 11,840,000
35,231 Funded debt
12,784,500
331,373 Accounts & wages. 1,079,002
20,250 Misc. acc'ts pay'le
172,860
279,725
1,110,968 Matured interest..
Accr.int.,taxes.&c_
275,975
NoD-ncgot'le debt.bl,118,950
20,306 U.S. Govt, acc't.. 4,882,055
189,606
45,046
Tax liability
Other def'd llabll's
355,099
102,941
43,717
Other unad). items
&
other
accounts receiv.
Oth. deferred debit
Items....
—
Miscellaneous
$
224,952
155,005
35,231
1,473,328
Special deposits...
11,952
Material'& supplies 1.518,850
Agents
and
con¬
ductors
$
Common
40,451,129
137,198
Invest. In affil.eos.
1919.
1920.
Liabilities—
§
Road & equipm't.40,716,711
The number of passengers carried during the year was 836,148, a decrease
of 21,766.
Under order entered in Jan. 1920, the company received as additional
Traffic
Compensation due
from U. S. Gov¬
&
car
11,840,000
11,840,000
11,645,000
14,089
'
411
292,125
31,730
1,114,731
3,787,922
52,531
146,167
915.142
sor-
Total
end of Federal control has caused an unusual outlay for repairs, which are
still under way.
There was a substantial increase in the cost of fuel.
Federal Accounts.—Final settlement of accounts with the Railroad Admin¬
istration for the period of Federal control has not been effected.
The settle¬
b
1,881,416
898,165
422,394
417,405
413,796
—50,639,805 46,681,8351
Total
553,458
3,464,922 * 3,165,796
50,639,805 45,681,835
Non-negotiable debt to affiliated companies. V. 112, p. 162.
Pacific
U. 8. Government for the guaranty period—six months,
March to August 1920—in connection with the guaranty provision of the
Transportation Act, is progressing.
Change in Mileage.—As stated in the report for 1919, the Northern Ohio
By. passed out of the possession of this company at the termination of Fed¬
eral control, Feb. 29 1920, accounting for the decrease of 161.74 miles in
leased line.
Other changes were caused in Oct. 1920 by the surrender of
trackage rights over the Toledo Peoria & Western Ry. from Farmdale to
Peoria, 111., 5.31 miles, and the acquisition of trackage rights over the
Peoria & Pekin Union Ry. from Wesley Junction to Peoria,
111., 2.42 miles.
The average mileage operated for 1920 was 767.44 miles, a decrease of
135.51
miles as compared with 1919.
Equipment Trusts, &c.—Provision was made for financing the cost of 18
locomotives allotted to the company during Federal control by the DirectorGeneral of Railroads, all of which have-been delivered,
through a 6% equip¬
ment trust dated Jan. 15 1920.
The total cost of the equipment will
amount to something less than $867,300.
Equipment trust notes to the
amount of $640,500 have been issued.
On its ten-year 6% promissory note, dated Dec. 23
1920, the company
borrowed from the New York Central RR. Co. $609,000 to be used for
additions and betterments to way and structures ana
equipment
A $110,000 installment of equipment trust of 1917, due Jan. 1
1921, was
paid.
Interest on Northern Ohio Ry. Bonds.—When this
company transferred to
the Akron Canton & Youngstown Ry. Co. on March
11920, Its lease of the
Northern Ohio Ry., it agreed to pay interest on the 5% bonds of the North¬
ern Ohio Ry. Co. aggregating $2,500,000 for one year after the
effective date
of tho agreement and transfer.
The interest on these bonds for the first
two months of the year was charged to rent for leased
roads, while for the
349,789
.
1,458,083
Government
account
vice bal. pay'le.
Operating reserves
Deprec'n (equip.).
Add. to prop. thro,
income & surp._
Profit and loss
U. S.
1,716,174
4,202,120
ernment.—..
compensation for the period Nov. 1 1916 to Dec. 31 1917, approximately
$31,400, while the Railroad Administration received as its share for the
period of Federal control, $75,000.
The substantial increases in pay and the changes in working conditions
during and since Federal control have created a situation which is giving
the company grave concern.
The condition of the equipment also at the
ment with the
Gas
&
Electric
Co.,
San Francisco.
{Results for Nine Months ending Sept. 30 1921.)
October
The
published by the
issue
of
the
company,
"Pacific Service Magazine,"
reports in substance:
Results.—The increase of $244,247 in net income in September and of
$1,738,595 in the nine months to Sept. 39 1921 is attributable; (1) to the
larger investment, its plants and properties account in the interval covered
by the foregoing and succeeding comparisons having increased $24,245,000,
of which, however, a substantial portion is still tied up in construction work
in progress,
which is not yet in
a
revenue-producing stage; and (2) to de¬
creased operating expenses made possible by lower oil prices, better water
supply and the bringing in recently of 43,566 h.p. of additional hydro¬
electric energy from the Spring Gap plant and the two small initial plants
on Pit River.
Notwithstanding this, the company's operating ratio is still
about 15% above pre-war levels, owing, in large measure, to greatly in¬
creased State and Federal taxes.
The addition of customers in September was 3,568, by far the best record
this year,
The gain
bringing the total net gain for the first nine months up to 19,569.
in the twelve months' period was 30,370, making the total num¬
ber of customers served on Sept. 30 588,928.
Pit River Plant.—Work on Pit River Plant No. 1 is progressing so rapidly
that its
have
a
completion by July 1 is confidently anticipated.
This plant will
capacity of 93,000 h.p., entirely independent of storage and will
be the largest single hydro-electric plant in California.
with circular diameter of 14 ft. is the most important
A two-mile tunnel
feature; the bore is
Work on this plant and others in contemplation along
Pit River will be greatly expedited by the company's 35-mile railroad re¬
cently completed from Bartle, on the McCloud River RR., to the Pit RiVer
section.
The additional hydro-electric energy from this large unit will tend
further to bring our operating ratio back to normal.
Finances.—The company's cash position, notwithstanding heavy con¬
struction expenditures, is very satisfactory, the cash balance at Sept. 30
standing at approximately $5,000,000.
Sales of First Pref. stock directly
to the company's customers have helped materially to bring about this
situation.
Sales in October aggregated $983,300, making the record for
the last 16 months $9,880,900 and $24,672,300 since June 1914.
The
number of stockholders at this time exceeds 18,000.
Of the last issue of
$2,000,000 par value of this stock authorized a few days ago by the RR.
Commission, one-third has already been sold.
For the nine months of the
current year dividends on this Pref. stock were earned 2 1-3 times.
[A map showing the location of power stations, gas generating plants and
electric transmission and distributing system of the company will be found
80%
included in miscellaneous income charges
This explains the decrease of $104,167 in rent for leased
roads, and is the
principal cause of the increase of $91,164 in miscellaneous income charges
Taxes, tfcc.—The decrease of $26,963 in war taxes is a result of a change
m method of accounting since Aug. 31 1920, taxes for the last four
months
of the year having been included in railway tax accruals.
The corporate
general expenses for 1920 represent only those for Jan. and Feb. during
which time the property was udner Federal control; fort he remainder of the
year they were included in operating expenses.
This accounts for the de¬
crease or $21,666 as shown.
Additions.—The net increase in property investment in 1920 was $221,865, viz.: Expenditures on owned property used in operation, $243,411;
additions and betterments to equipment in excess of retirements, $22,170;
total, $265,582; less improvements on leased railway property canceled by
assignment of the lease of Northern Ohio Ry. to the Akron Canton &
Youngstown Ry. Co., $43,718; balance, $221,865.
203,669
5,303,376
3 *3, 05
$1,275,217
2,436,194
146,976
4,331,306
250,320
Transportation expenses
General expenses, net-
time the company
1917.
$7,061,114
665,349
287,595
108,838
Expenses—
Traffic
was
Co.'s Results
$8,252,429
626,336
Maint. way & structures $1,577,545
Maint. of equipment
4,112,010
President Alfred H. Smith says in substance:
it
900
Western Railroad.
Total oper.
year
$8,518,048
8U5.534
317,364
143,879
...
(34th Annual Report—Year ended Dec. 31 1920.)
remainder of the
1917.
YEARS.
-Federal Result?1919.
1918.
Earnings—
1920.
Freight
$10,463,360
Passenger.
I—
829,045
Mail, express and miscell
473,829
Other than transportat'n
204,693
The latest index will be found in the issue of
The next will appear in that of Dec. 31.
Erie
1918.
903
1919.
903
[Property operated by U. S. RR. Adm. from Jan. 11918 to Feb. 291920.]
in the issue of the "Chronicle" in which it is
Lake
YEARS.
OPERATING STATEMENT FOR CALENDAR
the last Saturday of each month.
include reports
1920.
1,001
CALENDAR
Passengers carried
836,148
857,914
729,205
1,117,708
Passengers carried 1 mile 29,024,216
28,969,495
26,545,754
34,477,290
Rate per pass, per mile..
2.86 cts.
2.78 cts.
2.36 cts.
1.93 cts.
Earn, per pass, train m_
$1.27
$1.05
$0.98
$0.78
Rev. freight(tons) carried
7,000,496
6,066,080
6,937,486
7,223,028
Rev.fght. (tons) 1 mile. 1072868436 864,137,497 1002829,739 1082154,796
Rate per ton per mile
.975 cts.
.986 cts.
.823 cts.
.653 cts.
Earn, per fght. train mile
$6.07
$5.13
$4.04
$3.09
Earnings per mile of road
$15,599
$10,836
$10,348
$9,025
Av. train-load (rev.) tons
622.60
520.29
491.34
474.15
FINANCIAL REPORTS
have been
$507,378
$389,729
year.
TRAFFIC STATISTICS FOR
Miles operated Dec. 31.
Financial
—
....
Tampa Electric Co—
October
$1,597,045
Net railway income, corporate account, Sept. 1 to
104,885
1,166,870
...
months.
Transportation Act
1919.
$258,090
Additional compensation accrued account comple¬
ted add'ns & bett'ts—Jan. 1 to Feb. 29, incl__._
Guar, net railway operating income under Sec. 209
Lowell Elec Light Corp—
October
[Vol. 113.
CORPORATE INCOME STATEMENT FOR CALENDAR YEARS.
f
$
,,q
31,057
353,857
...
months.
5
317,766
263,219
Keokuk Electric CoOctober
32,748
12
-Swp. after Charges1920.
1921.
■Net after Eases—
1920.
1921.
%
CHRONICLE
'
completed.
in the
"Railroad & Industrial" Section, Nor. 26 1921, p. 204.—Ed.]
Dec. 3
CONSOL. INCOME STATEMENT FOR MONTH & 9 A/OS. END. SEPT.30
American Window
[Including operations of Mt. Shasta Power Corporation.]
1921
Gross earnings, incl.
laneous income.
Miscel-
Maintenance
Sept.
$ '
3,191,863
245,083
_
1920.
1921—9 Mos —1920.
$
$
$
3,139,875 28,238,142 25,605,677
243,258
2,494,021
1,945,349
Oper.
expenses, rentals, taxes
(Federal, &c.), reserves for
1,732.581
income
Net
,
969,952
Interest charges
Bond discount & expenses
Reserve for depreciation
Divs. on Pref. stock
Divs.
Balance
391,804
33,266
283.333
188,978
161,762
910,692
219,910
Mtge. 20-year 6% Series "B"
316,819
....
8,523,692
3,366,340
216,343
2.090,450
1,355,496
1,275,152
10,262.287
391,448
3,612,972
30.065
292,390
233,004
2,550,000
153,673
1,621,080
1.275,152
Common stock
on
15,136,636
15,481,834
1,926,665
1,214,199
casualties & uncollectible*.
For offering of $10,000,000 1st & Ref.
gold bonds, see V. 113, p. 2318, 2086.
2403
CHRONICLE
THE
1921.]
Glass Co.,
Pittsburgh, Pa.
(Report for Fiscal Year ended Aug. 26 1921.)
William
L. Monro, President-General Manager,
meeting Oct. 18, reported in brief:
annual
a tithe
Operations.—Beginning the year with all the available furnaces in opera¬
tion, business shortly began to fall off and since last April we have operated
less than 24% of our capacity: and a portion of that on specialties.
Weproduced during the year 1,419,920 fifty-foot boxes of single-strength and
double-strength window glass, in addition to specialties, but nearly onehalf of this total was produced during the first 16 weeks of the fiscal year.
We made no reduction in wages until after Jan. 1 and the reductions in
the prices of our raw materials, fuel and supplies were not sufficient to enable
us to make any reduction in the selling price that was worth while.
Never¬
theless, in the effort to stimulate business, we reduced our selling prices in
April about 21% and guaranteed those prices for 90 days, but even this did.
not induce the trade beyond the amounts needed for immediate sale.
Since Jan. 1 1921 we have been compelled to readjust wages and salaries,
from time
time.
to
With the
Shoe
Brown
completion of practically all the improvements that were under
the company is in a position to turn out a larger production than ever
before.
Nearly all of the factories have been modernized and with their
Louis, Mo.
Co., Inc., St.
way,
Year ending Oct. 31 1921.)
John A. Bush. St. Louis, Nov. 23, wrote in subst.:
(Report for Fiscal
Pres.
Results.—Net profits for the second six months of the year amount to
$462,000.
Write off on inventories during the year amounted to approxi¬
mately $1,524,000, which could not be overcome by this profit made
largely in the last few months of the fiscal year.
Financial Status.—The ratio of current assets to current liabilities figures
approximately 2lA to one.
During the past year inventories have been reduced from $8,096,157 to
$5,023,206, a reduction of 38%.
Notes payable for money borrowed have
been reduced from $7,330,000 to $2,900,000, a reduction of 60%.
Inventories have been taken at cost or market, which ever was lower.
We have continued our policy of making the usual liberal charge-offs
for depreciation and against accounts receivable.
Plan' Account.—On Oct. 15 1912, at incorporation plant account, con¬
sisting of land, buildings, machinery, lasts, dies and patterns and other
equipment amounted to $1,500,000.
It now stands $1,399,316, which is
less than this same account stood 9 years ago.
During this period we have
additions and betterments together
enabling us to double
account.
dies and patterns have been reduced
by gradual amortization to $1 and prepaid interest, insurance, &c., as here¬
added 3
new
shoe factories, numerous
machinery, lasts and equipment,
with the necessary
output without increase in plant
Patterns, &c., Written Off.—-Lasts,
our
tofore
are
carried at $1.
Outlook.—The present
*
gratifying. Costs
efficient labor and all
condition of our business is most
Slants running full with production 33for future shipment, and everyThere
sizable volume of orders on hand
1-3% more than ever before. indi¬
i
a
months.
earnings for the present 6
cation is towards satisfactory
CONSOLIDATED PROFIT AND LOSS-SURPLUS STATEMENT OF
COMPANY & SUBSIDIARIES FOR YEAR ENDED OCT. 31 1921.
sales
finished
of
product
Tot. Year.
2d 6 Mos.
1st 6 Mcs.
Net
to
„
„
$9,894,553 $12,488,163 $22,382,716
customers
Deduct—Cost of material, labor & sell¬
ing, admin, and general expenses,
deprec. & int. charges, bad
debts, &c—...
—.
incl.
..
23,141,144
12,025,833
11,115,310
_loss$1,220,758 sur .$462,3291oss $758,429
Balance-.
Add surplus of Oct.
31 1920
Balance
divs.
Deduct—Cash
Additional reserve
$1,027,023
$367,325
200,000
paid Preferred stockholders (7%)
provided for accounts receivable.
$459,698
"Railway &
Surplus Oct. 31 1921
Compare income account for years 1916-17
Industrial Section" for May 1921, p. 158.
to 1919-20 in
>
Real
est., bldgs,,
mach'y, equip¬
Ac
_al,399,315 blf457,147
el
Lasts
4,966,365
4,966,365
438,686
636,293
Acc'ts receivable-.
6,577,985
369,054
861,011
8,913,536
prepaid purch.,&c.
51,753
140,082
5.023,206
_c5,262,500 c5,262,500
Common stock.
8,400,000
8,400,000
Notes payable
2,900,000
7,330,000
Accounts payable. 1,436,907
1,343,682
24,500
31,719
Accrued accounts.
Preferred stock.
for
Reserve
1
Securities
Cash
.
Inventories
Prepaid exp., Ac._
A
610,000
Surplus
house and cutting room, with two new ovens and the requisite cutting stalls,
which will be needed to take care of the increased output.
At Factory
No.
brick
Pa., we are replacing the old flattening house and
connected with the No. 2 tank building with a building of
construction.
When the improvements in progress are
Belle Vernon,
4,
cutting
room
and
steel
completed, the Belle Vernon factory will compare favorably with, any of
our other factories as a modern, up-to-date window glass plant.
At Factory
No. 14, Monongahela, Pa., we rebuilt and enlarged the tank, equipping it
with regenerators for either natural or producer gas, &c.
License to Inter-State Window Olass Co.—Dining the year we entered into
a
license agreement with the Interstate Window Glass Co. for the use of a
our machines until March 19 1929, and so long thereafter as they
number of
shall continue to
assures
us
a
Licenses—Settlements.—Desiring to settle
Other
The income account for the year
published in V. 113,
p.
Awtf.26'21. Aug. 27 '20
$
S
1
19,455,842
3,230,045
3,403,294
Investments
Treasury
71,059
5,000
70,687
5,000
stock.
5,190,927
Cash, notesAc.,rec 2,627,286
Discount on bonds
19,380
U. S. Lib.
49,587
67,554
66,983
762,600
Prepaid Insur., Ac.
1,572,250
bonds A
U.S. Treas.ctfs.
28,569,327 29,814,943
JUNE 30 AND CAL. YEARS 1920 & 1919.
6
Mos.
Years
Calendar
to
June 30'21.
a
Gross
1920.
1919.
$1,107,773
$4,694,171
$6,027,653
profit from sales
86,6/5
320.117
88,278
.$1,194,448
adv., admin, taxes, &c__ 1,374,032
$5,014,288
$6,115,931
3,645,589
Ll ,740
434,869
4,394,033
122,153
Other income
Total
income..
Selling exp..
-
Depreciation
99,626
,
Interest charges
-
Preferred dividends
233,965
(1M%)45,000
Common dividends (see text)
Net income
Less cost of manufacturing
BALANCE
$160,918
2 895,744
1,056,291
$1,101,609
$1,442,197
,
$2,000,371
$2,895,744
$558,175
31'20
Profit and loss surplus
a
(6)180,000 J6)180,000
($4)451,172 ($4)318,136
2,000,371
def.
-
.
surplus
Less adj. & loss on inv. as of Dec.
Previous
$
4,278,461
8,193,332
5,025,638
8,159,432
4,929,862
1,742,226
594,345
2,033,626
will, Ac....
Inventories
Advances for mat'l
Notes A acc'tsrec.
151,408
no
par
Bonds
Serial
President
George W. Lawrence
$51,625
canal....
Electric Power Sales.—(a) To electric light and power cos_.
(b) To manufacturers, $654,136: (c) street railways, $289,155;
(d) municipalities. $152,338-
549
2,102,078
charges, Ac..
552,196
2,107,002
720,336
Surplus
22,613,371 23,493,563
Total
U. 8. securities-..
cos.
A treas. stk.
Total
-V.
113,
p.
2314, 1677.
3,000,000
power customers
is 39, to whom
1,095.629
a
total of
w. h. were billed, or an average of 3,973,646 k. w. h. por
This company serves 10 electric lighting companies, 2 municipal
lighting systems, and 3 street railways, their consumption from our system
amounting to 109,437,411 k. w. h.
None of our property is mortgaged and there is no Preferred stock in the
capitalization.
Depreciation, &c.—On June 30 1921, $137,578 was used for purposes of
depreciation, loss on sale of Liberty Bonds, and other special charges.
INCOME ACCOUNT FOR FISCAL YEARS ENDING JUNE 30.
2,200,000
2,200,000
3,616,689
3,834,663
21,641
1,442,197
58,085
2.000,371
1919-20.
1918-19.
$1,717,973
846,061
$1,357,752
477,879
$926,775
412,333
$968,832
60,693
$871,912
232,689
$879,872
59,530
$514,442
b227,342
$1,029,525
250,990
137,578
Fea'l A State income taxes
60,402
$1,104,601
228,422
141,947
77,625
$939,402
a55,ll0
$741,784
187,997
36,892
58.749
45,633
155.722
(6 %) 579,255 (6 H) 628,060
730,012
394,450
Net
profit on operations
Other income
Total earnings
Interest charges
Depreciation, &c., charges
Special reserves
a
$1,300
$13,006
$28,547
Not Including $130,791 interest expense charged to
-
$3,615
construction,
credited income.
b In 1918, $146,863 int. was charged to construction A
BALANCE
SHEET JUNE 30.
1921.
Property
%
1921.
1920.
$
Assets—
$
Liabilities—
168,537
121,954
484,032
525,338
9,657,400
Notes payable.... 3,125,000
Accounts payable.
20,043
..11,990,587 11,821,662
Cash
Notes receivable..
xCapltal stock
254,973
Materials A sup..
165,300
491,072
Accrued accounts.
200,553
Reserves
147,244
354,491
Investments
216,190
583,600
102,754
Surplus..,
306,107
94,566
13,610,284
13,610,834
Acc'ts receivable.
_
Advanced expenses
Total
22,613,371 23.493,563
1917-18.
1920-21.
$1,768,546
799,714
(net sales)
Operating expense
Income
3,000,000
Reserved for taxes,
depreciation, Ac.
Stks. Abds. ofoth.
621,292
(2)
Balance, surplus
shares
value.. 10,349,845 10,352,945
1,983,000 2,047,500
payable
says:
Water Power.—Sold to mills at Turners Falls directly from
(1)
stock—
notes..
Company.
Operations.—During the past year the income from net sales of power
$1,717,974 to $1,768,546, or about 3%.
Customers.—The net sales of power, aggregating $1,768,546, Included:
$
Notes and accounts
585,427
85,072
672.449
Cash
Def.
Common
28,569,327 29,814,943
increased from
Dec. 31 '20
$
Preferred stock—
buildings,
equipment, Ac. 4,324,905
Trade-marks,good¬
Land,
1920.
June 30'21
Liabilities—
Total...
(7th Annual Report—Year ended June 30 1921.)
Dividends
AND DEC. 31
SHEET JUNE 30 1921
Dec. 31'20
$
1,794,134
and materials.
June 30'21
Assets—
8,275
6,974,800
7,326,047
154,972,215 k.
Reported to N. Y. Stock Exch.)
(Residts for First Half of 1921 as
Aug. 26 '21. Aug. 27 '20
$
$
stock...13,000,000 13,000,000
Preferred stock
4,000,000
4,000,000
1st Mtge. and Col¬
lateral bonds
525,000
245,000
Accts. payable
869,814
273,026
Pref. div. payable.
140,000
140,000
Royalty accounts.
130,303
419,162
Res. for dep., Ac.. 2,474,539
1,710,410
Tax reserve
980,412
Taxes accrued
2,165", 170
Int. on bonds
2,311
Turners Falls Power & Electric
customer.
INCOME ACCT. 6 MOS. END.
Liabilities—
Common
2082, 1775.
The total number of electric
New York.
Co.,
Chicle
American
was
SHEET.
Profit A loss surp.
19,093,605 24,803,353
aggregating $86,634, have, in our opinion,
capitalized.
Depreciation charges for the year aggregated
$144,465, and lasts purchased during the year were charged direct to
expense.—V. 112, p. 852.
ending Aug. 26 1921
Empl. Lib. bonds.
After deducting
been properly
reasonable terms, all;
1775.
BALANCE
A $ sets
Total
equipment accounts for the year,
on
contemplated patent litigation, we made a settlement during the year with
the Liboy-0wens Sheet Glass Co. and the Toledo Glass Co. of litigation
contemplated for the infringement of certain of our patents in their sheet
glass drawing pfocess on payment to us of a substantia] amount.
By this
settlement we gave to the Libby-Owens Sheet Glass Co. and its licensees
the right to use any of our patents relating to the drawing of sheet glass.
In the suit brought by the Pittsburgh Plate Glass Co. against us for
infringement of the Spinasse cold bait patent, Judge Thomson, of the
U. S. District Court, held that the various forms of cold baits used by us in
our factories
did not infringe the Spinasse patent sued on.
An appeal
was taken to the U.
S. Circuit Court of Appeals by the Pittsburgh Plate
Glass Co., and since Aug. 26 the Court of Appeals has dismissed that appeal
and affirmed the decision of Judge Thomson in our favor.
In the suit brought by us against the Pittsburgh Window Glass Co. on
the Rasp Ulairepa tent, covering a cold bait, the case was decided against us
by the uVS. District Court, and that decision was affirmed by the U. S.
Circuit Court of Appeals.
-
-V. 113, p.
Total
This license agreement
of our unexpired patents.
use any
substantial annual income from the use of the machines while
the license remains in force.
d737,500
1,047,952
$876,994 for depreciation,
b After deducting $1,561 ,669 for depreciation,
c After deducting $737,500 Pref. stock retired and
canceled,
d Special reserve account of redemption of Pref. stock,
e After
deducting $832,649 for depreciation. *
Note.—The company was contingently liable on foreign customers accep¬
tances discounted at bank and unpaid Oct. 31 1921, aggregating $18,880The chartered accountants Nov. 23 wrote:
"Charges to plant and
a
tank
completed No. 2 tank building, practically a duplicate of the No. 2
and building at Factory No. 2: plans are under way for placing it in opera¬
tion very shortly.
We also built a brick and steel addition to the flattening
650,000
459,698
contingencies.
Special reserves —
19,093,605 24,803,353
Total
completed the new No. 2 tank and building, with the cullet-conveying and
batcn-charging machinery. .At Factory No. 3, Hartford City, Ind., we
taxes
8,096,157
1
$
$
Liabilities—
ment,
Trade names, Ac..
1920.
1921.
$
to
as
Materials A supp.
31.
1920.
S
both
Pl'ts, goo-w., Ac__21,786,776
BALANCE SHEET OCTOBER
1921.
Assets—
1,785,452
—
.
The company
_
.
being reduced by less overhead expenses, more
are
equipment will dispense with a large amount of labor.
Ls now In the best possible position to compete for business,
quality and price.
Improvements.—At Factory No. 1, Arnold, Pa., we completed the second-.
story cutting room, and also the new batch storage and mixing plant and
the cullet conveyors on No. 2 tank.
At Factory No. 2, Jeannette, Pa., we
mechanical
new
x
V.
Includes
in
$
•
a
3,147,500
59,683
82,296
361,548
304,807
terif
13,610,284 13,610,834
Total
employees'holdings, $20,800
Ill, p. 2138.
1920.
9,655,000
1921,
$18,400 in
1920.—
THE
2404
CHRONICLE
Superpower Development Would Effect Much Needed Economies Bays E. G.
Buckland, Vice-Pres. N. Y. N. H. & Hartford.—"Ry. Age" Nov. 26, p.1025
Cars Loaded.—The total number of cars loaded with revenue freight during
the week ending Nov. 19 totaled 786,671 cars, compared with 753,046 cars
the previous week.
This was 102,467 cars less than were loaded in 1920
GENERAL INVESTMENT NEWS
RAILROADS,
INCLUDING
ELECTRIC
ROADS.
and 67,930 cars less than In 1919.
General Railroad and Electric Railways News.—Thu
Changes as compared with the week before were as follows:
Merchandise
and miscellaneous freight (incl. manufactured products) 483,181
cars,
increase of 16,884 cars (8,070 cars less than in 1920); coal 166,786, increase
following table summarizes recent railroad and electric rail¬
of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
of 14,477, but 49,536 cars less than last year); grain and grain products
37,455, Increase of 3,053; live-stock 34,538, increase 269; coke 6,487 cars,
increase 37; forest products 50,300, decrease 361; ore 7,924 cars, decrease 734.
way news
New Shop Craft Rules Adopted by Labor Board.—Bee "Current Events'
above and "Times" Dec. 1, p. 1; Dec. 2, p. 19.
October Net Up 25% Over Oct. 1920—Gross \$% Lower .—Reports of 145
lines show October to be the best month so far this year.
Expenses cut
Total Number of Cars
Weeks ended
Nov. 12.
1921
1920--
Gross revenues. $415,430,704. compared
1920; net oper. income, $82,654,489, agst.
Dec. 2, p. 28.
25%.
with $497,180,389 in$65,972,999.
Times
September RR. Returns.—(a) Operating statistics for roads that earn
$25,000,000 annually; (b) earnings for 200 Class I roads.—"Ry. Age"
Nov. 26, p. 1062 to 1064.
■
•
over
.
Questionnaire is Sent Out by I.-S. Commerce Commission.—Commission
into every phase of question to ascertain what rates are fair. Matters
named for consideration at hearings Dec. 14 to 21 and Jan. 9, &c., to In¬
clude freight and passenger rates, returns realized by carriers, reduction
in operating expenses, gross and net—adjustment needed to make rates
reasonable.
See "Current Events" above and'N. Y. "Commercial" Nov
will look
Amendments to Transportation Act Opposed.—See "Current Events
above and "Ry. Age" Nov. 26, p. 1021, and "Times" Nov. 29, p. 27.
Short Lines Present Compensation Case to I.-S. C. Commission.-—Bird M.
Robinson, President, and Ben. B. Cain, General Counsel, of American
Short Line RR. Association, before I.-S. C. Commission on Nov. 4 con¬
tended that in Section 204 of the Transportation Act the word "deficit" in
Paragraph A was not intended to limit the Federal reimbursement of roads
to such short lines as had no net operating income, but was meant to make
good to the carrier the amount of its losses as compared with what it had
earned during the test period.—"Ry. Age" Nov. 12. p. 951.
Railroad Funding Bill Abandoned.—See "Current Events
above.
,
,
Uniform Export Bills of Lading Prescribed.—Inter-State Commerce decision
refers solely to through rail-ocean shipments. "Post" Dec. 2, p. 10.
Traveling Public to Save $80,000,000.—The transportation tax of 8%
and freight tax of 3% cease Jan. 1, having been repealed by the new
Internal Revenue Tax Bill.—"Times" Nov. 27, Sec. 2, p. 1.
Hudson River Bridge Plans are Almost Ready.—Rail experts studying use
of span on joint basis to land freight in New York.— Times" Nov. 27,
Sec. 2, p. 2.
Reargument of New England Rate Divisions Case Begun Nov. 29.—"Wall
Street Journal
Nov. 30, p. 1 and 11.
Employees Allege that the RRs. Have Been Manipulating their Accounts and
Make Excessive Payments to Supply Companies.—F. J. Warne, before I.-S. C.
Committee of 17. S. Senate, asserts rail officials' interests cause excessive
payments to IT. S. Steel ana other supply companies.—"Times" Nov. 30
p. 10.
He also asserts the companies have "fixed" maintenance and wag
accounts to affect operating income and have indulged in rebating to an
enormous extent. "Times" Nov. 26, p. 13; Nov. 27, p. 13.
Takes up Ship Contracts.—Shipping Board asks 10 roads to explain
relations with foreign lines.—"Times" Nov. 26, p. 10; Dec. 2, p. 16.
Railroads Urged to Lease Shops.—Many offers made by outside construc¬
tion companies to do repair work.
Wage scales for outside work not
under jurisdiction of the U. S. Labor Board.—"Times" Nov. 29, p. 30;
Dec. 1, p. 25; Boston "N. B." Nov. 30, p. 3.
Plumb Plan Has a Rival in Reno Bill.—"Ry. Age" Nov. 12, p. 951.
Effect of Grade on Locomotive Coal Consumption.—"Ry. Review" Nov. 26,
p. 715 to 719.
Extension of Iron Ore Rates, &c.—See citation from "Iron Age" in in¬
dustrial summary in V. 113, p. 2313.
Eastern Lines Concur with So. Pac. Co. as to Rate Reduction on Fir Lumber.,
&c., from Pacific Coast.—"Times" Dec. 1, p. 25.
Reduced Coal Rates on Det. Tol. & Ironton Again Postponed.—"Times"
Dec. 1, p. 3.
Iron and Steel Interests to Continue Efforts for Lower Freight Rates.—The
railway executives on Nov. 22 refused to grant the request of Lake Front
iron and steel interests for reductions in freight rates on coal, coke, lime¬
stone, &c., but efforts to secure such reductions continue. "Iron Age"
Dec. 1, p. 1415.
In Its Consideration of Such Rates I.-S. C. Commission Will Investigate
Also Cost of Iron and Steel to RRs.—"Iron Age" p. 1429, 1430.
Rate
Controversy.—Eleven U. S. Senators from Middle West protest
against alleged refusal of Eastern and Western railways to reduce export
rates on steel and steel products to Southern ports as was recently done to
North Atlantic ports.—"Ry. Age" Nov. 26, p. 1066.
Petroleum, <fec., Schedules Suspended.—The I.-S. O. Commission Nov. 29
suspended from operation (1) until Jan. 7, proposing changes in weights on
crude petroleum from Texas to points in official classification territory;
(2) until March 1 1922 proposed increases in rates and charges on cotton
and cotton linters from Mississippi Valley points.—"Fin. Am." Nov. 29.
Boston All-Rail Wool Rates from Texas Unreasonable.—In case of Boston
Wool Trade Association against Abilene & Southern, &c., I.-S. C. Commis¬
sion holds that proportionate commodity rates on wool and mohair in the
grease are unreasonable and prescribes reasonable maximums for all-rail
rates from Texas to Boston.
Corresponding rail-water-and-rail rates are
not shown to be reasonable. Boston
N. B." Nov. 30, p. 2.
Wheat Rates to Far West Held Unreasonable.-rCoarse grain rates of 76c.
per 100 lbs .from points of origin in Western producing territory, to points
in the Far West, increased June 25 1918 from 50c. to the wheat rate basis
were held to be unreasonable by the I.-S. C. Commission Nov.
29.
The Trans-Continental Freight Rate Situation.—A presentation of the
railways' position on Pacific Coast rates and on Panama Canal tolls by
Edward Chambers, Vice-President Atchison Topeka & Santa
Fe.—"Ry.
Age." Nov. 26, p. 1034.
Amendments to Mail Pay Orders.—-The I.-S. C. Commission in an amended
order has prescribed a rate of 40 5-6 cents for each mile of service
by 70-ft.
storage car.—"Ry. Age" Nov. 26, p. 1065.
,
^ Clerk, Station & Express Unions to Fight New Wage Cut.—Brotherhood of
Railway and Steamship Clerks. Freight Handlers, Station and Express
Employees by E. H. Fitzgerald, President, to meet proposed reduc¬
tion of wages with a counter demand for restoration o
pay to the former
basis in effect before the 12% cut was ordered.—"Timefs" Nov.
30, p: 18
^Rail Wage Conference for Shop Crafts.—Operating officials to meet in
N. Y. Dec. 9 to check up data on cut.—"Times
Nov. 30, p. 23.
Ftve-Day Week in Shops.—Northwestern shop employees have agreed to
five-day week to avoid a 10% reduction in forces necessary because of light
business. "Ry. Age" Nov. 26, p. 1061.
N.Y' City's Appeal Argued on Transit Expense.—The
appeal of N. Y.
City from two orders of the First Appellate Division in special proceedings
brought by the Transit Commission was heard in the Court of Appeals
Nov. 29.
The Commission thus seeks to compel the Board of
Estimate
to appropriate $360,896 and $1,083,328, certified
by the Commission.
Tbe case will eventually be taken to the U. S.
Supreme Court, it was said.
Times
Nov. 30, p. 6.
Hearing on N. Y. City Transit Situation.—See N. Y. daily papers
Mayor Hplan Would Scrap Surface Lines and Elevated Railways and Use
Buses
Times
Dec
1
jp
7
City Car Lines Are Condemned.—Staten Islanders are bitter over Mayor's
system, installed just a year ago; service worse, commuters say. "Sun"
Dec. 2
p
0.
N. Y. Port Development Plan Outlined.—Tunnel connection between
Jersey and Long Island necessary, says Commission Chairman E. H.
Outerbridge.
Connections for railroad traffic, highways for motor truck
hauling between terminals and industrial plants.
Operations should be
•
——
I_l889,138
1919
854,601
5.
829,722
915,615
826,724
753,046
927,586
808,304
786,671
Loaded with Revenue Freight.
Nov.
JVor.19.
_
Oct.
[Vol. 113.
-Weekly AverageIs* Qr.
2d Qr.
693,297
744,154
817,601
834,488
704.035
761,511
Total Year
to Date.
38,222,611
40,530,261
37.424,759
Idle Cars Further Increased.—The total number of freight cars idle Nov. 15
totaled 324,686, compared with 277,669 qnjNov. 8.
The increase (47,017)
in the number of such cars was the second to be reported since the week of
April 7 last, when the peak was reached, and at which time there were
618,007.
Of the total Nov. 15, 140,189 were serviceable freight cars, while the
remaining 184,497 were in need of repairs.
Surplus box cars in good order on Nov. 15 totaled 54,277, compared with
32,747 on Nov. 8, an increase of 21,350, while surplus coal cars numbered
56,086, or an increase of 21,349, compared with the total on Nov. 8.
Idle Cars
on or
about First of Month, on April 7 (Peak) and on Nov. 15.
In Thousands—
Good order
Bad order
Nov.lb.
140
Nov.
80
184
184
Oct.
172
203
Sept.
246
221
Aug.
July. Apr.fi
321
227
374
——
Jan•
507
111
198.
Matters Covered in "Chronicle" of Nov.
26.—(a) Additional RR. equip¬
ment obligations sold by U. S. Govt., p. 2263.
(b) RR. wage matters;
shop crafts to demand more pay, p. 2263.
(c) Rail strike equivalent to
suicide in opinion of W. G. Lee, President of Trainmen's Brotherhood,
p. 2263.
(d) Pennsylvania RR. employees and wages; lower freight rates
demanded; traffic off; maintenance deferred, p. 2264.
(e) How net operat¬
ing income in September 1921 was swelled by cutting maintenance, p. 2264.
(f) Transit plan; Mr. IJntermyer holds city guaranty would be constitu¬
tional. p. 2262.
(g) Hearings on transit plan for Greater New York;
Chamber Committee reports, p. 2263.
Ann Arbor RR.—Interest Rate Increased.—
The I.-S. C. Commission has authorized the company to increase the
rate of interest from 5% to 6% on not exceeding $2,000,000 Improv. &
Extension Mtge. 30-Year bonds that it was already given permission to
issue.
(See V. 113, p. 182.)—V. 113, p. 2310, 2078.
Atlanta
Birmingham & Atlantic Ry.—Protective Comm.
A committee has been formed to represent the holders of the 5% 15-Year
Income Mtge. gold bonds of the Atlanta Birmingham & Atlantic Ry.
In
view of the default on the 1st Mtge. bonds of the Atlantic & Birmingham
it becomes necessary for the income bondholders to protect their
The committee consists of George E. Warren, Chairman; Joseph
Bradshaw, F. R. Dick, Edwin P. Maynard, A. W. Hutcbins, Sec.,
Columbia Trust Co., 60 Broadway, N. Y. City, depositary, and George
S. Franklin, Counsel.—V. 113, p. 1771.
By.,
interests.
P.
Baton Rouge
(La.) Electric Co.—Dividend Increased.—
A semi-annual dividend of 5% has been declared payable Dec. 1 to hold¬
of record Nov. 23.
Semi-annual dividends of 4% each have been paid
from Dec. 1916 to June 1921, incl.—V. 110, p. 76.
ers
Beaumont & Great Northern RR.—Not in Plan.—
See Missouri Kansas & Texas plan in V. 113, p. 2311 to 2313 and 2308.
-V. 107, p.
180.
Boonville Railroad Bridge Co.—Reorganization—Terms.
See Missouri Kansas & Texas plan in V. 113, p. 2311 to 2313, and 2308.
-V.
112, p.
1976.
Boston & Worcester Street
Ry.—Wages Reduced.—
The carmen's union recently voted to accept the award of the wage arbi¬
tration board, decreeing a flat 10% cut in wages retroactive to Sept. 1 last.
The men had been receiving 60c. an hour for a year, so that the reduction
will cut their wages to 54c. an hour.—V. Ill, p.
2519.
Bridge Operating Co., New York City.—Decision.—
a
The Appellate Division of the Supreme Court in Brooklyn handed down
decision Nov. 26 which holds that the city had no right to operate surface
Williams burgh Bridge without obtaining a certificate of neces¬
cars across
sity from the P. S. Commission.
The decision reverses one by Supreme
Court Justice Kelby, which authorized the city to run cars across the bridge.
An
appeal will be taken to the Court of Appeals.—V. 113, p. 530.
Carolina Power & Light Co.—Fares.—
The North Carolina Corporation
to increase fares in
effective
Jan.
1
Commission has authorized the company
Raleigh from 7 to 8 cents with two tickets for 15 cents,
113, p. 1469.
1922.—V.
Chicago Burlington & Quincy RR.—Declares a Semi5% and An Extra of 15%.—The directors
Dec. 1 declared a semi-annual dividend of 5% and an ex¬
tra dividend of 15% on the [$170,829,100] Capital stock,
par $100, both payable Dec. 27 to holders of record Dec. 17.
Annual Dividend of
on
Quarterly distributions of 2% were made from 1908 to March 1921 incl.
In June last the company paid a dividend of 5% (for no stated period).
As a result of the extra dividend the Chicago Burlington & Quincy RR.
will disburse about $30,000,000 in cash to
stockholders, which means that
practically all of this amount will be distributed between the Great Northern
and Northern Pacific railroads, which together own over 97% of all the
outstanding stock.
This sum, it is said, will enable these two roads to
maintain regular dividends, which, it is stated, are not now being earned.
The resumption of dividends by Colorado & Southern (see that company
below) will in turn bring over $700 000 into the treasury of the Burlington
which owns about $23 657 500 of the $31 000 000 outstanding stock.
The directors also announced the inauguration of a pension plan effective
Jan. 1 1922.—V. 113 p. 2184.
Chicago & Eastern Illinois RR.—Admitted to List.—
The New York Stock Exchange has admitted the Preferred and Common
stocks, "when issued," of the new corporation.—V. 113, p. 2310.
Chicago North Western RR.—Sale of Equipment Trusts
by U. S. Government—Bonds Offered.—
See under "Current Events" on
a
preceding page.—
^
McKinley & Morris, New York, are offering a block of $300,COO Exten¬
(registered) 4s, due Aug. 15 1926, at 93H a*id int., to yield about
5.62%.—V. 113, p. 2310.
sion
Chicago St. Paul Minneapolis & Omaha Ry.—Sale of
Equipment Trusts by U. S. Government.—
o
See "Current Events" on a
preceding page.—V. 113
p.
1359.
"
unified.
Substitute for
the Estimate Board's scheme for a belt line is
suggested in speech before the Chamber of Commerce of the Borough of
Queens.—"Times' Nov. 30, p. 19.
Death of Lord Mount Stephen, Railway Pioneer, in Canada.—First President
P.
Operating Results of French Railways for 1920.—"Ry. Age" Nov. 26, p.1067
Northwestern RR. of Peru Taken Over by Government.—"Ry. Age" Noy. 26.
1067.
Chicago Surface Lines.—Transfers as
Receipts.—
Fed. Judge Francis E. Baker Nov. 25 issued an order requiring the Chi¬
Surface Lines to issue a transfer as a receipt for every 8-cent fare
paid, pending a court decision on the legality of the order of the Illinois
Commerce Commission restoring the 5-cent fare.
The companies are re¬
cago
quired to put up a bond of $50,000.
Cleveland
Equipment
Cincinnati
Notes
Compare V. 113, p. 2311.
Chicago
Sold.—Guaranty
&
Co.
St.
of
Louis
Ry.—
New
York,
Union Trust Co. of Pittsburgh, Union
Trust Co., Cleveland, and First Trust & Savings Bank,
Chicago-,
have sold at prices ranging from 100.54 to
102.28, to yield from 5.50% to 5.75%, according to maturi¬
ties, $4,507,100 Equipment 6% Gold Notes (seeadv. pages).
Potter Bros. & Co.,
DEC. 3
THE
1921.]
Dated Jan.
1920, due $346,700 each Jan. 15 1923 to 1935.
IS
Guaranty Trust Co., N. Y., trustee.
Security.—Notes are issued under an Equipment Trust
between the Director-General of Railroads, the company and
and
are
Mikado
Agreement
the trustee,
(a) 25 light
locomotives; (6) 10 heavy switching locomotives; (c) 1,000 double-
secured by the following standard railroad equipment:
sheathed box cars; (d) 1,000 hopper cars.
The cash contract cost of this equipment was
more than the total amount of notes authorized
amount now
outstanding.—V. 113,
p.
$6,937,707, which is 33%
and 43% in excess of the
1570, 1470.
Colorado & Southern Ry.—Resumes
—A dividend of
Common Dividend.
3% has been declared on the $31,000,000 of
outstanding Common stock,
payable Dec. 31 to holders
$100, the first since 1912,
of record Dec. 17.
Commonwealth Power, Railway
& Light Co.—Favor¬
Earnings Statements—Financing—Electric Rail¬
way Situation.—The earnings statement of the company and
its subsidiary companies for 12 mos. ended Oct. 31 shows a
net income available for dividends, replacements and depre¬
ciation of $2,750,838 and a balance of $1,673,658.
The
balance in 1920 amounted to $832,271.
October
regard to the foregoing, B.C. Cobb,
Operating Executive, said:
In
Vice-President and
rescinding its action of two months ago when it passed an ordinance ousting
the company.
The agreement is a day-to-day arrangement, calling for
20-minute service between 5
to
A
p.
$186,281
Bal. for depr.. replac..&c
$27,875
note).
Dividend Pref. stock...
Balance
$7,206,091
5,428,844
897,650
1920-21.
$369,920
$879,597 def$354,559
1918-19.
1917-18.
maint. 21,297,340
21,759,631
16,451,616
14.725,606
$10,203,168
Fixed charges (see note).
7,452,329
Dividend Pref. stock... xl,077.180
$8,810,692
6,901,240
1,077,180
$8,680,071
6,495,012
1,077.180
$6,808,588
5.891,593
1,077.180
Op. exp., taxes &
Gross income.
—-
*'
descriptions of bonds, property, &c.f
Balance
—
—
Note.—Fixed
charges
$1,673,658
$832,272
$1,107,878 def$160,185
include interest and dividends on outstanding
V. 113,.p.
Houston & Brazos
See Missouri Kansas
Ill,
p.
Ry.—Reorganization—Terms.—
& Texas plan in V. 113, p. 2311 to 2313 and 2308.
1751.
RR.—Sale of Equipment Trusts by
U. S. Government.—
See under "Current
Events"
on a
preceding page.—V. 113, p. 1470.
Denver & Rio Grande RR.—No Basis for Suit.—
In connection with the suit for $200,000t000 against former officials and
directors, filed by the stockholders' protective committee, Alvin W. Krech,
Chairman of the Western Pacific RR. Corp., states:
"So far as concerned the claim that I conspired with the directors of the
Denver Co. or the directors of the old Western Pacific Co. to cause those
companies or either of them to default in the performance of their obliga¬
tions, or to accomplish anything else to the detriment of those companies,
there is not only no foundation for the statement but the circumstances
under which it has been made are such that I have no doubt whatever that
its falsity is known to the attorneys filing this suit.
Most of the matters
set forth in the complaint have been before the courts in various proceedings.
The entire claim so far as I am concerned is predicated on the theory that
obligations assumed by the Denver and the old Western Pacific Co. were
not valid.
As a matter of fact the validity of these obligations has been
established and finally determined by the Federal courts of this circuit,
of the Ninth Circuit and of the Eighth Circuit."
E J. White, Vice-Pres. of the Missouri Pacific, in a statement regarding
this suit is quoted as saying:
"As to these same charges, set forth in the
intervening petition of the stockholders' committee, the U. S. District Court
for Colorado, found that there was not a 'scintilla of evidence,' this opinion
having been rendered by Hon. Walter S. Sanborn and Hon. Robert E.
Lewis sitting as District Judges of the U. S. for the State of Colorado.
The stockholders' intervening petition was, therefore, dismissed because of
their inability to present any equity upon these charges against the old
directors of the Denver & Rio Grande and the Missouri Pacific.
See
113, p. 2311.
2185.
dis¬
112,
p.
V. 113,
2311 to 2313 and 2308.
•'
v
p.
1866.
Houston
(Tex.) Electric Co.—New Fare Schedule.—
In an effort to solve the transportation difficulties of Houston,the Houston
City Council adopted the fare schedule outlined in last week's "Chronicle."
This schedule is to remain in effect for a trial period of four months from
Jan. 1 1922.
See V. 113, p. 2311.
Houghton County (Mich.) Traction Co.—Receivership.
Samuel B. Tuell, local manager, has been appointed receiver.
High
operating costs, jitney competition and decreasing traffic arising from a
closing of mines is given as the reason for the company's difficulties.
The
company is a Stone & Webster enterprise.—V. 112, p. 372.
Central RR.—Listing—Earnings.—
Illinois
The N. Y. Stock Exchange has authorized the listing of $8,000,0 00
year
issue
tures
6H% Secured Gold bonds, due July 1 1936.
15
The proceeds of this
applied to discharge obligations incurred on account of expendi¬
for additions and betterments (see offering in V. 113, p. 71).
were
Income
Account for
Operating revenues
Operating expenses
the Nine Months ended Sept.
30
1921.
$-104,949,2721 Equipment rents—net-- $1,359,646
86,299,242 | Joint facility rent—net-- Dr.273,335
1Non-operating income-2,760,594
Net railway revenue-.$18,650,0301
Railway tax accruals
6,045,4061
Gross income
$16,445,742
5,787 |Deduc. from gross income
9,436,001
Uncollectible ry. revenue
Railway oper. income_$12,598,837
113, p. 2185, 2080.
$7,009,741
Net income
—V.
Kansas
City & Pacific RR.—Reorganization—Terms.—1—
See Missouri Kansas & Texas plan in V. 113, p. 2311 to 2313 and 2308.
—V.
113,
p.
628.
Memphis Street Ry.—Receivership May be Lifted.—
,
It is reported that this company may be taken from receivership and
placed on firm financial basis by its sale to Electric Bond & Share Co., a
subsidiary of General Electric Co., New York.—V. 113, p. 2311.
RR.'—Sale of Equipment
Central
Michigan
Trusts
by
U. S. Government.—
See under "Current Events" on a preceding
See Missouri Kansas & Texas
—V.
104,
p.
Ill, p.
p.
1471.
plan in V. 113,
p.
2311 to 2313 and 2308.
2010.
Missouri Kansas &
—V.
page.—V. 113,
Ry.—Reorg.—Terms.—
Oklahoma RR.—Reorg.—Terms.—
113,
p.
2311 to 2313 and 2308.
1752.
Missouri Kansas & Texas Ry.—New Securities Listed.—
The N. Y. Stock Exchange has admitted to
Delaware & Hudson
V.
Ry.—Readjustment Plan.
Valley Ry.—Not in Plan.—
See Missouri Kansas & Texas plan in
—V.
See Missouri Kansas & Texas plan in V.
Dallas & Waco
—V.
unpaid since Feb. 1 1921.—
1982, 729.
V. 112, p. 2083.
Ry.—To Receive Dividends.—
Missouri Kansas & Eastern
Preferred stock of constituent companies.
x Dividends on Pref. stock accumulated and
see
business, passenger trains having been taken off on Nov. 15
freight trains on Nov. 22.
The discontinuance of operation was
authorized by the I.-S. C. Commission and also by the Superior Court of
Bibb County. Ga.
Compare V. 113, p. 2311, 2185, 2079.
;»
: '
897,650
1919-20.
A. & O. in New
normal Federal income tax not exceeding
West End Trust Co., Philadelphia,
refunded.
tax
This road, which has been operated by R. B. Pegram, receiver, has
4,971.144
$31,500,508 $30,570,323 $25,131,687 $21,534,194
and int. $100,000
and
$5,514,235
$1,245,841
-
(3) 12 Mos.end.Oct.31.
Gross earnings
Co.—Bonds Offered.—
offering at 99Yi
continued
12.201,757
$7,081,187
5,813,616
897,650
are
Hawkinsville & Florida Southern Ry.—Discontinues.—
$129,113 def$137.847
$8,388,672
6.245,18 1
x897,650
Gross income--
4-mill
Penn.
Great Northern
89,765
13,723,527
Philadelphia,
See Chicago Burlington & Quincy RR. above.—V. 113, p.
497,774
18,453,855
Co.,
Eastern Massachusetts Street
$449,692
17.360,897
&
It is stated that over a majority of the bondholders and a substantial
majority of the stockholders have already assented to the proposed read¬
justment plan outlined in V. 113, p. 2079, 1983.
$25,749,569 $25,535,042 $20,929,618 $17,715,992
Fixed charges (see
2311, 2079.
For further
(2) 10 Mos. end.Oct.31—
Op. exp,. taxes & maint.
.
trustee.
fonths ending Oct. 31.
(For the company and its subsidiary companies.)
(1) Month of October—
1921.
1920.
1919.
1918.
Gross earnings.-$2,644,408
$2,702,796
$2,289,807
$1,799,628
Op. exp., taxes & maint.
1,734.392
1,978,098
1,527,554
1,349.936
Gross earnings
^
York without deduction for any
the Common¬
by the dec] ne
$762,253
543,375
89,765
and then half-hourly service
Gen. Mtge. 8% Sinking Fund gold bonds, Series "A."
Dated Apr. 1 1921, due Apr. 1 1936.
Interest payable
Earnings Statement for October and 10 and 12
$724,698
607,058
89,765
and 8 p.m.,
Durham (N. C.) Public Service
should not be large.
$910,016
633,970
x89,765
m.
Michigan P. U. Commission for authority
lieu of the cash dividend due Dec. 1 1921.
similar plea at the time of the Sept. dividend was denied.—V. 113,
McCown
diversified commercial and industrial activities in
business conditions in some sections being coun¬
teracted by more favorable conditions in others.
Electric Railways.—Earnings of some of the railways have not been satis¬
factory.
The Saginaw-Bay City Ry. property has not been in operation
since Aug. 10.
This because of the Commonwealth Co.'s determination
that the railways operated by it must be at least self-supporting.
There
are signs of a more favorable sentiment on the part of local authorities and
the public generally toward street railways.
This is perhaps due to the
experience of those cities where street railways were forced to suspend
operations and to the consequent realization that if these utilities are expec
ted to serve, they must be allowed to earn enough to pay their way.
We are
hopeful that the Saginaw Bay City situation will be worked out to the satis¬
faction of all concerned and I believe it will be.
It is unthinkable that
growing and prosperous communities like Saginaw and Bay City should be
without street railway service.
Preferred Stock Sales by Subsidiary Companies.—Favorable progress is
being made by certain of Commonwealth's subsidiaries in the sale of their
Preferred stock to customers.
More shares were sold during October than
in any previous month of 1921.
These sales are beneficial to the Common¬
wealth Co. in that it is not obliged to advance money to these companies for
their junior financing but can apply its income to the reduction of its
floating indebtedness, of which more than half a million dollars was paid
off during the past three or four months.
Construction.—The 1921 construction program is about finished, con¬
tributing to operating efficiency and better service.
The 1922 construction
plans have not as yet been completed.
Comparatively speaking, they
Gross income.
a.
midnight.
The company has petitioned the
to issue a 2 H % stock dividend, in
the territories served, poor
Dividends Pref. stock..-
&c.—
city was given permission to oust the company from these streets.
Through service on the Wyandotte-Trenton division of the D. U. R. was
20 as a result of the action of the Ford Village Council in
wealth situation was the
Fixed charges (see note)_
Ry.—Operations,
resumed Nov.
Earnings.—This excellent showing is remarkable because it was made
during a period when the volume of business done by the light, power and
railway departments was less than that of the preceding twelve months.
It is due largely to the success of the management in obtaining a stronger
grip upon the operating expenses of most of the subsidiary companies ard
to increases in the sales of electricity and gas for commercial and domes lc
l
United
Detroit
It is expected the City of Detroit and the company will reach a compro¬
mise which will permit both municipal and company cars to operate on the
Fort Street and Woodward Avenue lines.
At the November election the
2%.
sales in industrial power.
Another important that lost
gurposes, the additional revenue from which offset factor in
City Ry.—Franchise Voted.—
By a vote of over two to one the voters at a special election Nov. 28 ap¬
proved thepro posed service-at-cost franchise passed by the City Council
Oct. 24.
The election was held after the State Supreme Court nullified
the injunction granted Nov. 26 by Judge James C. Hume of the District
Court.
This temporary injunction was granted on the application of
Grant Van Horn, a representative of the North Des Moines Improvement
League, on the ground that the procedure of the Council in passing the
ordinance was illegal and that the franchise itself was irregular.
The Su¬
preme Court in nullifying the temporary injunction against the holding of
the election allowed the findings of Judge Hume to stand in regard to- the
legality of the franchise pending a hearing of the case on its merits at the
next term of the court.
The Supreme Court ruling is interpreted to mean
that the city will not be allowed to put into force or effect any of the pro¬
visions of the proposed measure pending final decision by the nigher court.
Compare V. 113, p. 1771, 1887.
par
has paid 2% per annum from 1908 to 1911 incl. and in
1912 1%; none since.
The Chicago Burlington & Quincy RR. owns $23 657,500 of the $31,000,000 Common stock.
The regular semi-annual dividend of 2% on the First Pref. and the usual
annual dividend of 4% on the Second Pref. were also declared, payable
Dec. 31 to holders of record Dec. 31.—V. 113, p. 1245.
The company
able
Des Moines
Auth.
and issued, $5,200,500; matured and retired, $346,700; held by DirectorGeneral of RR«. (Jan. 15 1922 maturity), $346,700; balance, $4,507,100.
Int. payable J. & J. in New York.
Denom. $1,000 (c*).
Red. as a whole
only on any int. date at 103 and int.
2405
CHRONICLE
.
dealing the securities of the
company as follows:
Missouri Kansas & Texas Ry. (new company)
5% 40-year prior lien mtge. bonds, series "A," "when issued"; 4% 40-year
prior lien mtge. bonds, series "B,
"when issued"; 6% 10-year prior lien
mtge. bonds, series "C," "when issued"; 5% Cum. Adjust. Mtge. bonds,
series "A," "when issued" (to be traded in flat); Pref. stock, "when issued
Common stock without nominal or par value, "when issued."
new
on 1st Mtge. 4% Gold Bonds.—
on the 1st Mtge. 4% 100-year gold bonds
Co. was to be paid on Nov. 30.
Payment
deferred.—V. 113, p. 2308, 2311.
Pays June 1 1921 Interest
Interest matured June 1
1921
due 1990 of the M. K. & T. Ry.
of interest due Dec. 1 1921 was
Montreal Tramways Co.—Bonds Sold.—Harris, Forbes &
Co., and Coffin & Bnrr, Inc., New York, have sold at 833^
and int., a block of $1,750,000 1st & Ref. Mtge. 5% Gold
Bonds of 1911, due July 1 1941.
The entire issue, but not any part, is redeemable at 105 and
Denom. $500 ana $1,000 (c*).
Int. payable J.
interest date.
int. on any
& J. in gold
in New York, Chicago or Montreal; also payable in London as to principal
and interest in £ Sterling at fixed rate of exchange of $4 86 2-3Harris
Trust & Savings Bank, Chicago, trustee; National Trust Co., Ltd.. Mon¬
Authorized, $75,000,000; issued, including this offering,
Previous issues are listed on the New York, Montreal and
treal, co-trustee.
$18,085,000.
London stock exchanges, and application
will be made to list these bonds.
Montreal, Nov. 26.
Data from Letter of President E. A. Robert,
Capitalization Outstanding.
Common stock
$4,000,0001First & Ref. Mtge. 5s_—$18,085,000
Debenture stock
17,150,0001 Underlying closed bonds.
3,272,954
Valuation.—The capital value of the company's property as determined by
contract with the City of Montreal, amounted to $38,599,246 as of Oct. 31
2106
THE
CHRONICLE
1921, against which company's total outstanding bonded debt, Including
bonds now offered, is only $21,357,954.
,i
the
..
Capitalization Outstanding Upon Completion of Present Financing.
Underlying divisional 5% bonds (closed mortgages)
$1,939,000
First & Ref. Mtge. 7^s due Nov. 1 1940 (V. Ill, p. 1753)
13,000,000
Ten-Year 8% Bond Secured Sinking Fund gold notes (including
this issue (V. Ill, p. 1950)
2,930,000
.
Purpose.—Proceeds of this $1,75C,000 issue will be used to reimburse
company, in part, for additions and extensions.
Earnings 12 Mos. ended Oct. 31 1921 [Earnings Year end. June 30 1921 in
V. 113, p. 1465.)
$11,784.965
Net
after operating expenses, taxes and maintenance
$2,726,757
Annual interest charges on all bonds outstanding
1,051,533
Gross earnings-..
...
Preferred stock, 8% cumulative
Common stock...
—
,
Balance
Gross earnings
L
Net earnings, after operating expenses and taxes
and all or its suburbs located on the Island of Montreal, with the exception
of about one mile of interurban line entering the city.
Lines operated total
located
on
earnings for year ended Sept. 30 1921, after deducting all prior
charges, exceed 4 times annual interest requirements on the entire issue of
these notes.
The percentage of gross earnings from electric light and power
and miscellaneous business is more than 85% while the electric railway is
less than 15%, most of the latter coming from interurban lines.
The company has issued $3,375,000 Gen. Mtge. bonds (auth. $4,500,000),
all of which have been pledged as collateral to the notes, and all bonds here¬
after issued under this mortgage will be similarly pledged.
portion of the electricity used by the company is generated
by water power and acquired under favorable terms.
Company is also
amply supplied with reserve steam stations.—V. 113, p. 2313, 1675.
(Mich.)
Traction
Lighting
&
Co.—May
Discontinue.—
U.
Michigan P.
Commission has issued
service unless jitney
company to discontinue
within 30 days.
an
order authorizing the
Properties.—Company and subsidiaries own and operate a modern
electric light and power system with three power plants of a total 77,666 h.p.
present installed generating capacity; transmissi n lines and distributing
competition is eliminated
The Muskegon City Commission has voted to call a
systems.
Company is installing an additional 20,000 h.p. unit in the main
plant at Lowellville, O.
Electric railway lines comprise 59.13
miles, single track equivalent, of which 49.35 miles is interurban, 40 miles
being on private right-of-way.
There are 218.5 miles of high voltage
transmission lines, and extensive distribution lines in Youngstown, Girard
and Struthers, O.; .Sharpsvilie, Farrell, Elwood City and Sharon, Pa.,
and vicinity.
For further description of notes, property, &c., see V. Ill, p. 1753,.
1950; V. 113, p. 2313, 2186, 2080, 1983, 1574, 10&4.
special election for
steam power
Dec. 14 to secure an expression from the people on the proposition to
forbid buses the right to operate where they come into direct competition
with the street cars.
Muskegon Heights Council also voted to take a
similar referendum on the
same
day.—V. 113,
RR.—Sale
Central
York
New
1675.
p.
of Equipment
Trusts by
U. S. Government.—
See under "Current Events" on
a
& Hartford
Y. N. H.
N.
preceding page.—V. 113,
p.
1471.
Pere
RR.—Equipment Trusts, &c.—
having heretofore been authorized by the I.-S. C. Commis¬
pledge $2,000,000 of its Equipment Trust Notes, Class A, as col¬
for loans evidenced by certain promissory notes in a like
aggregate amount, of which $136,000 has been repaid, has been authorized
by the Commission to sell Equipment Trust Notes, Ciass A, so pledged,
aggregating $1,602,000, at such price that the total cost to the company
of the sale shall not exceed 7Yi%.
The company,
.
sion
to
lateral security
Unconfirmed
maturity
on
The latest available figures show that $14,118,000 of
outstanding and $13,464,162 of the franc bonds.
payable in dollars.
the
dollar
bonds
are
Results for
Quarter and Nine Months ending Sept. 30.
1921—3 Mos—1920.
1
1921—9 Mos.—1920.
$34,694,577 $85,575,656 $90,004,727
26,329.378
37,832,701
81,690.482
92,910,745
Total railway oper. rev-$30,520,655
Total railway oper. exp.
Marquette Ry.—May Purchase Branch Line.—
It is understood that the company is considering the purchasing of the
Brazil branch of the Chicago & Eastern Illinois RR.
This branch extends
from Momence, 111., to Brazil, Ind., a distance of about 90 miles.—
V.
198i
113, p. 2186,
Philadelphia Co., Pittsburgh.—New York Registrar.—
The Guaranty Trust Co. of N. Y. has been appointed New York registrar
gold bonds, series "A," dated Feb. 1
for the First Ref. & Coil. Trust Mtge.
1919.
reports state that consideration is now being given to the
April 1 next of the European Loan of 1907, amounting to
about $27,582,163 4% debenture franc bonds.
During the war more than
half this issue was brought back to this country and resold here, stamped
See offering in V. 118, p. 1888, 2080, 2186.
Rapid Transit in New York City.—Contract Awarded.—
The contract for the extension of the Queensboro route of the dual sub¬
system, from Grand Central Station to Eighth Ave., was awarded
Nov. 22 by the Transit Commission to the Powers-Kennedy Con)., whose
bid of $3,867,138 was the lowest.
Immediately after the award the con¬
way
tract was sent
for
an
to
the Board of Estimate for
appropriation
so
$4,X91.277df$3,138,124
$3,013.544df$4,324,582
3,004,698
10,837,217
$3.885,174df$2,906,018
$319,284df$6,136,659
7,209,176
27,567,583
$6,018,243
7,027,950
$6,512,635
7,100,826
$7,528,461 $21,430,925
21,103,556 x21,405,453
$1,009,707
x$588.191
$l3,575,095xsur.$25,472
Net
rev.
Total non-oper. income.
Gross income
...
Total deductions
...
Net deficit.
x
After allowing,
no
doubt, for Federal guaranty for 6 months ending
Aug. 31 1920, or compensation and lap-overs.
The Federal compensation
during Federal control Jan. 1 1918 to Feb. 29 1920 amounted to $17,095,884
per
annum.—V. 113,
New York
p.
1773.
stations that will be built
V. 113, p. 1773, 629.
21, in
Ohio
Electric
Corp.—Earnings Statement
Statement for 12 Mos. end. Oct.
1920-21.
1919-20.
31
exp.,
1917-18.
...$8,864,096$11,078,759 $8,824,539 $7,121,474
incl. taxes, &c__ 6,901,153
8,408,414
6,408,476
5,079,347
Gross income.
Fixed charges, Incl. divs. on
a
was
given in the N. Y. "Times" Nov. 6.—
.
'
102, p. 713-
Railway.—Listing.—
The N. Y. Stock Exchange has authorized the listing of $5,655,000 addi¬
tional 1st Consol. Mtge. 5%
for $79,414,000.
bonds, due July 1 1994, making total applied
Of the bonds applied for there were issued
of
(a) $154,000 for a like amount
Virginia Midland Ry. Serial Mtge. 5s, which matured on March 1 1921,
(b) $5,501,000 for a like amount of 1st Mtge. 6s of Georgia Pacific Ry.,.
which mature on Jan. 1 1922.
Compare V. 113, p. 1983, 2081.
and
See Missouri Kansas & Texas plan in V. 113, p. 2311 to 2313 and 2308.
—V.
102,
p.
887.
Union Pacific RR.—New
Financing Reported.—
The company,
according to reports, is making arrangements for a new
which may be announced shortly.
Amounts ranging from
$15,000,000 to $35,000,000 are mentioned in this connection.
Kuhn, Loeb
& Co. are mentioned as being the bankers which will probably handle the
bond
issue,
Rotation.
Resignations
Board.—
from
Schiff and Otto H. Kahn of Kuhn, Loeb & Co. have resigned
This action was taken in compliance with Section 10 of the
Clayton Act, it is said.—V. 113, p. 1676, 1575.
Mortimer L.
as
directors.
United Light
& Railways.—Notes Called.—
All of the outstanding $2,000,000 7% Bond Secured notes, due April 1
1922, have been called for redemption Dec. 24 at 100 and int. at the N. Y.
Trust Co., trustee, 100 Broadway, N. Y. City. Compare V. 113, p. 1984.
United
Following
$1,962,943 $2,670,345 $2,416,063 $2,042,127
outstanding Pref. stocks of
subsidiary companies
a request
bids were
Shreveport & Southern RR.—Not in Plan.—
Southern
—
(incl. Sub. Cos.).
1918-19.
Gross earnings.....
Oper.
Seven
Texas & Oklahoma RR.—Not in Plan.—
opinion, answered the request for
1st Mtge.
bonds, as to what property was covered by the mortgage.
This informa¬
tion was needed in the foreclosure proceedings instituted by the trustee.
Judge Mayer found that the most valuable assets of the company, the
franchises and equipment, together with odd items, were subject to the lien
and then, summarizing the various properties owned by the railways com¬
pany, said the property, coi sisting of stock of the various companies in
the system, should be held for the benefit of the general creditors.
Judge Mayer said his opinion on the various properties at this time
could be considered only as advisory because of the many other unde¬
termined questions that must be answered before a final decree was entered.
—V. 113, p. 1471.
Condensed Earnings
once.
See Missouri Kansas & Texas plan in V. 113, p. 2311 to 2313 and 2308.
—V.
an
advice made by counsel for Guaranty Trust Co., trustee of the
Northern
Sherman
Railways.—Mortgage Opinion.—
Federal Judge Mayer Nov.
approval and with
that work could begin at
received altogether, highest being that of T. A. Gillespie Co. for $5,001,919.
A diagram showing the track extension under Bryant Park and the
new
from ry. oper.
Railway operating inc..
$735,440
Net
A substantial
Muskegon
!—
Balance
private
right-of-way.
The
$4,486,0352,041,790
1,071,950
234,400
Annual int. charges on underlying and 1st & Ref. 7^s
Annual interest on $2,930,000 Ten-Year 8% notes
Property.—Owns and controls entire street railway system of Montreal
267 miles, measures as single track, about 10% of which is
2,200,000
6,000,000
Earnings of Properties Owned or Controlled, Year ended Sept. 30 1921.
$1,675,224
-i..-..
[Vol. 113.
Rys. & Electric Co. of Baltimore.—Wages.—
a
conference between officials of the company and represen¬
tatives of its employees, the employees Nov. 28 agreed to accept a reduction
in wages of 2 cents an hour, effective Jan. 1.
For the motormen and con¬
1,762,627
1,614,711
1,481,846
1,310,186
$200,316 $1,055,634
b360,000
b.360,000
$934,217
360,000
$731,941
$574,217
$371,941
ductors, the most numerous class affected, this will mean a wage of 50
In addition to the 5% reduction in the salaries of all officials
previously announced, President C. D. Emmons said a
reduction of 4% in the salaries of office employees would go into effect
on Jan.
1.
The company estimates the reduction will mean a saving of
about $300,000.
This, with other economies the company hopes to make,
should bring the earnings up to $1,000,000 during 1922. the minimum set
by the P. S. Commission to cover fixed charges!, &c.—V. 113, p. 2186, 1575.
cents an hour.
Net for divs., deprec., &c_
Preferred dividends
Balance for deprec., &c__def$159,684
a
Incl. dividends
on
and unpaid since Dec.
$695,634
outstanding Pref. stocks of sub.
1 1919.—V. 113, p. 533.
•Northern Pacific Ry.—-To Receive
of
cos.
360,000
b Cumulative
United
Dividend—Officer.—
See Chicago Burlington & Quincy RR. above.
John M. Rapelje, Gen. Mgr., has been elected Vice-President in
charge
operations and maintenance, succeeding W. T. Tyler.—V. 113, p. 2186.
Olean Bradford & Salamanca Ry.—Transfer
Agent, &c.
The Guaranty Trust Co. of N. Y. has been
appointed transfer agent of
11.200 shares of Preferred stock and 26,880 shares of Common
stock, par
$100 each.
The New York Trust Co
will act as registrar.—V.
113,
p. 1675, 1252.
Ottumwa Ry.
& Light Co —Fares Increased.—
The company has announced an increase in
fares,
from 5 to 7 cents.—V. 113, p. 1574.
effective Dec.
1.
to
Pennsylvania RR.—
Employees
Wages—Lower Freight
Demanded—Traffic Off—Maintenance Deferred.—
Rates
See statement of President Rea, addressed to each
employee in connection
with the proposed wage reduction necessitated by
public demand for lower
rates under "Current
Events," Nov. 26,
p. 2264.
Pennsylvania-Ohio Power & Light Co .—Notes Sold.—
Bonbright & Co. announce the sale at 99 and int., by adver¬
tisement on another page, of $750,000 10-Year
8% Bond
Secured Sinking Fund gold notes.
Dated Nov. 1 1920 and
due Nov. 1 1930.
Int. payable M. & N. without deduction
for Federal income tax up to 2%.
Stevens, Nov. 10.
Purpose.—Proceeds of this issue, $750,000 of notes, together with $400 000
stock sold locally, will reimburse the company for betterments
Pref.
and improvements.
Traction
Co.,
Albany.—Trolley
Strike Ends.
Former employees of the company who went on strike on Jan. 29 because
of
25% reduction in wages voted to terminate the strike Nov. 21.
Similar
action was taken by the Troy members of the union, although the company
has been operating its lines as far as possible with non-union creWs and a
reduced wage scale since early in Feb., the earnings for the past ten months
shows a decided falling off as compared with the same period in 1920.
—V. 113, p. 1362, 1055.
a
Washington-Virginia Ry .Protective Committee, &c.—
The committee named l)elow recently in a notice to the holders of the
$2,500,000 "Washington Alexandria & Mt. Vernon Ry. Co. 1st Mtge,
5% bonds said in substance:
The continued default in the payment of the overdue interest on the above
bonds makes advisable the forming of a protective committee to care for
the interests of the bondholders.
The coupons representing interest due
March 1 1920 was paid on Feb. 3 1921; no interest has been paid since that
time, nor does it seem likely that the Washington-Virginia Ry., the present
operating company, will be in funds to make further interest payments
in
the
near
future.
interest on the bonds of
& Falls Church Ry., and we are informed that
protective committee is now being formed for at least one of the Wash¬
ington Arlington & Falls Church bond issues.
At the request of certain holders and institutions largely interested in
the Washington Alexandria & Mt. Vernon issue,'the undersigned have
consented to serve as a committee.
Mr. Parsons, who succeeded the late
Howard S. Graham as Chairman of the noteholders' protective committee,
has resigned from that committee so that he may be entirely free to act
in the interests of your bonds.
Bondholders are urged to promptly deposit their bonds with all unpaid
coupons, including that of Sept. 1 1920 attached, with the Pennsylvania Co.
for insurances on Lives & Granting Annuities, 517 Chestnut St., Phila.,
Default has been also made in the payment of
the Washington Arlington
Equipment Trusts.—Evans, Stillman & Co., New York
are
offering at prices to net 5.90% $250,000 Equipment
Trust 6s, maturing Jan. 151928-1935.—-V.
113, p. 1888,1675.
Data from Letter of President R. P.
of the company,
a
.
Bommittee.—Lewis
H.
Parsons,
Chairman; John W. Hamer, Samuel
J
Steele, all of Philadelphia, and Wm. G. Baker Jr. of Baltimore, with L.
Schmidt, Secretary, 435 Chestnut St., Phlladelphiar.—V. 113, p. 2186,1984.
Western Pacific RR.—Securities Authorized.—
The
I.-S.
C.
Commission
Nov.
21
authorized
the company
to
$3,000,000 1st Mtge. bonds, to be sold at not less than 94 and int.
issue
Pro-
Dec. 3
THE
1921.]
CHRONICLE
ceeds are to be applied to the redemption and payment at par and int. of
♦2,700,000 outstanding Equipment gold notes and to reimburse the com¬
pany in part for the payment of $300,000 of such notes which became
due and were paid Aug. 1 1921.
Arrangements were made by the company to purchase 5 mikado type
freight locomotives, 400 steel underframe gondola cars and 1,500 steel
underframe box cars, under an agreement of conditional sale dated Aug. 1
1918, with Equitable Trust Co., New York, at an aggregate cost of $4,125,625.
By the terms of this agreement $525,625 was to be paid in cash
and the remaining $3,600,000 in 12 consecutive annual installments of
$300,000 each, evidenced by Equipment gold notes bearing int. at the rate
of 6% per ann.
There are now outstanding $2,700,000 of these notes held
by Equitable Trust Co., New York.—V. 113, p. 2313, 2081.
West Penn
New
Stock Purchase notes due
1921 at office of Dollar Savings & Trust
113, p. 536.
1 will be paid off at Dec. 1
Wichita Falls
&
Ry.—Reorganization—Terms.
Northw.
See Missouri Kansas & Texas plan in V.
—V.
113,
2311 to 2313 and 2308.
p.
254
Times
cts. reported.
Theatrical Interests in N. Y. City.—Managers,
"Times" Nov. 30, p. 13.
Less Than in Same
and discuss conditions.
Wage Cut Necessary to
Avoid Cotton Mill Curtailment in New
"Wall St. J." Nov. 29, p. 8.
Milk Union to Sue Firms for
England.—
$2,000,000 Claimed as Due the
Striking
Employees.—"Sun" Nov. 28, p. 3.
*
Party.—Farm organizations, unions and Non¬
partisan League invited to join the movement.
"Times" Nov. 29, p. 13.
Tanneries Cut Wages.—Wage reductions averaging 12% or more, affecting
40 tanneries in Pea body, Salem and Lynn, were announced Monday in
plants that normally employ about 8,000 persons.
"Boston N. B."
Socialists to Form New Labor
Nov. 30, p.
2.
Arbitrator in N. Y. Printing
Dr. John Loveioy Elliott, as
Dispute Extends Status Quo for Two 1 ears.—
arbitrator, Nov. 28 handed down a decision
continuing until Oct. 1 1923 the present wage scale for 5,000 compositors
in the New York book and job printing trades, with possible readjustment
Oct. 1 1922.
The employers were asking a cut of $5 per week; the workers,
6, $5 a week increase.
The wage scale
week for day workers, $53 for night workers and
hours' day work, 40 hours' night
work and 35 hours' after midnight work. "Times" Nov. 29, p. 18.
Another Cut Sought in Papermaking Wages.—Twelve large paper manu¬
facturing companies have applied for a further reduction in wages of 10%
to 26%. and a board of arbitration has granted a hearing on Dec. 8.
continued provides $50 per
$56 for those
on
midnight shifts, all for 44
Boston
News Bureau" Dec. 1, p. 6.
International Paper Co. Sues.—The company
1743.
112, p.
to
tend to check buying of cotton piece
Wholesale Dry Goods Association.)
through Typographical Union No.
Wheeling Traction Co.—To Pay Notes.—
Co., Wheeling, W. Va.—V.
cut
Factory Men in N. Y. State in October Earn 15%
Month Last Year.—"Times" Nov. 27, Sec. 2, p. 3.
purchased the West Virginia & Mary¬
$309,530 of Pan Handle Trac. Co. 7%
lower;
Brady Says Great Crisis Faces
The latter company recently was
organized to supply electric service from Grafton, W. Va., eastward through
Taylor and Preston Counties, W. Va., and Garrett County, Md., into the
coal fields along the upper Potomac.
The plant at Grafton was purchased
by the incorporators of the West Virginia & Maryland Power Co. and the
sale to the West Penn interests carries with it the Grafton plant.—V. 113,
p. 1157.
The
reported
6.
actors, stagehands meet
land Power Co. of Kingwood, W. Va.
Dec.
sugar
Dry goods prospects—High prices
goods.
(Service letter of National
"Times" Nov. 29, p. 22.
Rys.—Acquisition.—
The company, it is announced, has
raw
Nov. 27, Sec. 2, p.
*
has brough suit for $150,000
International Brotherhood of Pulp, Sulphite
& Paper Mill Workers and other officials involved in the strike which tied
up
mills for two months.
Several hundred defendants are involved.
damages against officials of
MISCELLANEOUS.
INDUSTRIAL AND
Industrial
General
and
Public
Utility News.—The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as
public.
practicable
after the matter becomes
Steel and Iron Production, Prices, &c.
STEEL AND IRON MARKETS.—"Iron
,
Age" of Dec. 1 said in substance:
(1) Oil Line and RR. Orders.—"In the Chicago district orders from builders
car business came in time to prevent some curtailment of
mill operations.
About 30,000 tons has been placed in the past fortnight.
Bids on 40.000 tons of rails for the Argentine are to be opened this week.
German and Belgian mills have $6 per ton advantage on freight, but the
■»
who took recent
requisite financing may not be easy for European mills.
i
"The activity in line pipe for oil fields is due largely to
the fact that
makers have been willing to accept low and unprofitable prices to secure
orders.
The Pure Oil Co. has contracted for a 250-mile line of 8-inch pipe
amounting to 17,000 tons.
Another contract for 13,000 tons of various
sizes is expected to be closed this week.
One oil company has increased a
recent pipe inquiry to 20,000 tons and in addition is considering 10,000 tons
"Bost. N. B." Nov. 29, p. 11.
Packers' Strke in 15
Cities Called
by Amalgamated
Union.—A strike of
35,000 workers has been called for Dec. 5 by Amalgamated Meat Cutters
& Butchers Workmen of N. A. against the 10% wage cut which was accepted
Five packers. "Post" Dec. 2, p. 2.
Chicago Needle Trades Workers Walk Out When "Piecework" Is Ordered.—
Dec.
p
X0
Milk Strikers Reluming, Say Dealers .—Some of wagon forces recruited
in case of the Big
"Tinies
up to normal; men's leaders
Garment Strikers Enjoin
deny they are deserting.
"Times" Dec. 2, p. 19.
Employers.—First order for unions under con¬
spiracy law forbids violation of contract; Untermyer leads in test. "Times',
Nov. 30, p. 10; Nov. 29. p. 13: Dec. 1, p. 8; Dec. 2, p. 19.
Insures Chicago Builders in War on Unions.—Chicago Citizens' Committee
adopts new plan to enforce the Landis wage award. "Times" Dec. 1, p. 8.
Port of New Orleans Involved in Strike.—Between 12,000 and 15,000 cargo
loaders quit work in sympathy with seamen.
"Post" Nov. 25, p. 1.
Review the Conditions in Building Trades.—U. S. Department of Labor
wholesale price index on building material, not including
steel, was 192 for October, or 92% above the 1913 average.
The index
for September 1921 was 193, and in October 1920 313, or 213% above the
1913 figure.
"Times" Nov. 27, Sec. 9, p. 1.
Department Stores Gain in Second Federal Reserve District.—The monthly
review of the New York Reserve Bank reports: "October sales by 49 firms
reports that the
operating 62 stores were 2.8% larger than in October 1920.
A gain of 4.4%
in the sales qf stores in New York City and Brooklyn offset small decreases
for tank work
reported in other cities.
Sales in October were nearly 50% larger than in
(2) Other Business.—"Seasonal influences are more evident in the heavier
September; the seasonal increases in the two previous years were about
steel lines, particularly plates and structural shapes, which are quiet.
35%.
"Times" Nov. 29, p. 27.
Under present market conditions tank shops are bidding on work without
Italian Labor Gives Up Gains.—Workers surrender prestige won in war;
first getting prices on the steel.
In structural work a 3,100-ton contract
move for industrial peace; long term agreements set aside to start
mills
for subway extension in New York and 2,600 tons taken at Pittsburgh for
running.
"Sun" Nov. 29, p. 15./
power transmission towers in the South are the chief items.
Obregon Belittles Local Outbreaks in Mexico.—General condition good, he
(3) Operations.—"Mill operations are fairly well maintained.
In a few
says, looking back over year in office.
"Times" Nov. 27, p. 2.
instances a special effort has been made to give more men employment
Spot crude rubber at 20He., the highest price for spot rubber in a year;
against the holidays.
The average for the industry is probably 40 to 45%.
(4) Prices.—"There is no new development in prices.
On smaller lots large tire companies have been active buyers. "Wall St. J." Dec. 1, p. 1.
of plates, shapes and bars 1.60c. is commonly the basis, and as heretofore
Legislation, Litigation, Taxation and Miscellaneous.
Gor. Miller Names Men to Revise N. Y. City Charter.—Francis M. Scott,
larger business is done at 1.50c.
In the wire trade, while there are $2 90
a former Justice of the Supreme Court, Chairman.
"Times" Nov. 29, p. 8.
nail contracts on the books and plain wire contracts at $2 60, deliveries are
made at $2 75 for nails and $2 50 for wire under extensions of the prices
Tariff Hearings Dec. 7.—Tariff hearings will be resumed on Dec. 7 and
should be completed within two weeks, the tobacco schedule first and the
prevailing before Sept. 12.
"The American Sheet & Tin Plate Co. opened its books on Nov. 23 for
others to be limited to two days each if program is carried out.
^
Tax on Gifts Under 1921 Law May be Open to Question.—"Wall Street
1922 business at 3c. for black and 4c. for galvanized [contrasting with 2.75c.
and 3.75c. recently and 4.85c. and 6c., respectively, Nov. 30 1920—Ed.].
Journal" Nov. 29, p. 9; Nov. 30, p. 9.
•
Farm Group to Fight Sales Tax for Bonus.—Has votes to kill it in the
Independent companies are naming these prices also, but the present in¬
active market has not seriously tested them.
House, Representative Dickinson says, if plan is attempted.
Hearing as to Modifying Packers' Decree.—Hearing to determine the ad¬
(5) Tin Plate.—"Winter operation of tin plate mills promises to be on a
good scale, in view of the thorough cleaning out of stocks.
Welsh makers visability of recommending to the District of Columbia Supreme Court a
modification of the "Big Five Packers' "
decree to enable them to
of tin plate, with 40 shillings ocean freight to Vancouver, took 150,000 boxes
there lately at close to $5 25 per box, duty paid.
This is well below any resume operation of unrelated industries began Nov. 28 before a joint com¬
mittee formed by Attorney-General Daugherty, viz.: Herman J. Galloway
American
competition.
On recent Pacific Coast contracts Baltimore
of Department of Justice, Chairman; Bayard T. Hainer, attorney for the
makers, with an all-water haul, have been able to underbid Pittsburgh.
Agriculture Dept., and F. C. Hall of the Commerce Dept.
Modification
(6) Pig Iron.—"Very little activity is reported in the pig iron market.
is sought by the California co-operative canneries and others, who claim
Some concessions are being made in the Philadelphia and Chicago markets
that the withdrawal of the packers from the distribution of canned com¬
and the $17 50 quotation on Southern iron is more freely named, although
modities deprived them of their markets.
The National Wholesale Grocers'
$18 is still the general asking price.
Association and other organizations oppose any modification. "Times"
(7) Iron Ore.—"The 1921 movement of iron ore by vessel from Lake
Nov. 27. p. 19.
Superior ended this week with a total of 22,300,726 gross tons, the smallest
Trade Commission Denied Right to Operating Records in Cost Reporting Case.
since 1904.
From 1920 the falling off was 36,226,500 tons, or 62%.
The
—Justice Bailey of District of Columbia Supreme Court Nov. 30 denied
record year was 1916. when 64,734,000 tons came down the Lakes.
"Lake Superior mining operations promise little for the coming winter,
the application of the Federal Trade Commission for an order requiring
the Claire Furnace Co. and 21 other Eastern steel and iron corporations
though at some Gogebic properties three days' work a week instead of two
has been given recently.
to produce certain papers and documents for examination by its counsel.
At a few mines of independent companies mining
The steel corporations previously had obtained a temporary injunction to
wages are back to the 1914 level.
same effect.
"Times" Dec. l,p. 16; Nov.30, p. 24; "Iron Age ' Dec.1,p.1411.
Coal Prices, &c.
Would Annul Alarine Act Provisions that Hit Treaties.—Government finds
Prices.—Large retail distributors of bituminous coal at Boston are reduc¬
it impossible to put Sec. 34 of the Jones Law into effect and would have it
ing retail prices from $9 25 a net ton to $8 75, the second within 30 days.
repealed. "Times" Nov. 26, p. 10.
Boston "In. B." Dec. 2.
N. Y. P. S. Commission Begins Albany Hearing on Lower Telephone Rates
A cut of $1 a ton on lump and nut coal at the mines was put into effect
for All N. Y. State.—Corporation Counsel O'Brien alleges unfairness in
Dec. 1 by Colorado Fuel & Iron Co.
acting while N. Y. City case is undecided. "Times" Nov. 30, p. 36.
Big Coal Company Merger Under Way.—Independent Pennsylvania con¬
Conference of Mayors for immediate action; "local area" system for deter¬
cerns in Panhandle field may consolidate to form $50,000,000 combine.
mining charges favored at Albany meeting. "Post" Nov. 29, p. 2.
Syracuse Loses Appeal on Telephone Orders.—P. S; Commission will not
Oil Production, Prices, &c.
grant rehearing. "Sun" Dec. 2, p. 6.
Mexia Field, One Year Old, Now Producing from 40,000 to 50,000 Barrels
Hobokcn Begins Action for More Ferries Between N. Y. City and N. J.—
a
Day—Could be Increased to 100,000.—"Oil, Paint & Drug Reporter"
D. L. & W. is defendant in first test before Leo J. Flynn, an Examiner of
Nov. 28, Pet. Sec. 15.
Expected to beat Cushing record. "Oil Trade
I.-S. C. Commission. "Times" Nov. 30, p. 9; Dec. 1, p. 25.
Journal" Dec. 1921.
Unions Want Income Tax to Help the Idle.—Unemployment council of
Refined Oil Export Prices Reduced One Cent a Gallon.—(Gasoline in cases
unions would impose a special levy above $3,000. "Times" Nov. 27, p. 16.
from 3454 to 3354 cts., &c.). Boston "N. B." Nov. 29, p. 4.
$1,000,000 Whiskey Seized in Alleged Rum Import Fraud.— Times"
Mexican Oil.—Oil shipments from Tampico, Mex.. see "Current Events."
Nov, 27, p. 1.
Higher price for crude oil ($1,484 for light oil) raises Mexican tax under
Lockwood Committee and Realty Association Agree on Test Case in 10%
original 10% levy from 10.77 cts. for light oil in Oct. to 14.84 cts. in Nov.
Rent Ruling.—"Times" Nov. 29, p. 1.
Total Mexican production tax in September in U. 8. dollars, $1,992,777;
Will Fight Kansas Court.—United Mine Workers to test validity of in¬
of pl&tos
export taxes,
Sec., p.
$3,128,365. "Oil, Paint & Drug
20.
Standard Oil Deal wdh Persia
Prices, Wages
Reporter" Nov. 28, Pet.
$3,500 to $4,000; 29 other men
and Other Trade Matters.
Big Wool Sale at Boston.—Prices rise, and not a pound withdrawn of
7,000,000 offered.
"Times" Dec. 2, p. 30.
^
Expects $70 Print Paper Early in 1922.—P. T. Dodge, President of Inter¬
national Paper Co., Dec. 1 admitted that the company may shortly reduce
the price of print paper for the first quarter of 1922 delivery to 354 cts. a
pound, or $70 a ton, as compared with a current price of $80, and a reduc¬
tion of $60 a ton from the peak price late in 1920 and early in 1921.
Labor
situation is improving daily.
' Times" Dec. 2.
Hotels at California Winter Resorts Make Sharp Reductions.— 1 Wall St. J."
^Harvester
Ohio Plan
to Resume.—The
Springfield works of the Interna¬
tional Harvester Co. will resume practically normal
next week.
"Times" Dec. 2, p. 28.
.
Prices.—Coffee on Nov. 29 made a new high price,
in N. Y.),
contrasting with 554 cts.
Maple
flooring
advances
"Times" Nov. 28, p. 25.
Muslin
price reduced for
cents.
$5
$10,
December on
"Times" Nov. 28, p. 25.
to
operation within the
9H cts. (at wholesale
March 13 1921.
Refined copper has been selling at 1354 cts.
with an increasing effort to get 1354 cts.
Cement price war cuts 10 cts. here.
Times
for December deliveries,
Nov. 28, p. 25.
with further boosts promised.
Fruit of the Loom
"Times" Nov. 30, p. 7.
Sentenced to Jail.—Must serve 2 to 4 months and pay
also fined: 19 corporations are fined; pleas
of guilty prevent appeals; Judge Van Fleet says nefarious system stops
building. "Times" Nov. 24, p. 23.
i
104 Are Indicted in Glass Inquiry.—Manufacturers and a union head are
accused of combining to control output; price fixing through a common
"selling agency" is charged. "Times
Nov. 29, p. 31.
Swiss Company Sues Alien Property Custodian.—The Swiss National In¬
surance Co. of Basle and N. Y. City filed suits Nov. 28 in the District of
Columbia Supreme Court against Thomas W. Miller, Alien Property Cus¬
todian, for the return of more than $1,000,000 worth of railroad, industrial
and municipal stocks and bonds which were seized Nov. 18 1918 under the
Trading with the Enemy Act. "Times" Nov. 29, p. 23.
i
,
Rain Comes to the Aid of Southeastern Power Companies.—"Electrical
dustrial tribunal.
Four in Tile Trust
Contested.—"Post" Dec. 2, p. 3.
to 1754
1087.
Four Different Proposals for Power Development on St. Lawrence River.—
'Electrical World" Nov. 29, p. 1039.
U. S. Govt, to Sell 1,898 Dwellings at Auction.—The entire villages of
"Fairview" and "Morgan," at Camden, N. J., and "Harriman, ' Bristol,
Pa., near Trenton, are to be sold by Joseph P. Day at public auction to
the highest bidder on Dec.[10. "Times" Nov. 27, Sec. 9, p. 1 & 2.
Housing Survey.—Over $7,000,000,000 in buildings needed to.relieve
present shortage ("Building Age"). "Times" Nov. 21, Sec. 9, p. 1.
Send Phone Messages Over Trolley Wires.—General Electric tests apparatus
or communication on electric railroads.
"Times" Dec. 1, p. 1<.
World" Nov. 26, p.
2408
THE
CHRONICLE
[Vol. 118.
Dues Paid to Union Local Not Taxable.—No exemption in case of national I in the
Toteco district.
This will enable your company to continue operaorganizations without local bodies. "Post" Nov. 30, p. 11.
I tions pending the finding of new production of its own from development
Vienna Mobs Loot Hotels and Stores; Attack Americans.—-Times
Dec.lm.l I Gf more remote areas imder exploration.
Such exploration is going enerTo Help Ponzi Creditors.—Trustees
plan to pay 10% dividend before I getically forward in two widely separated areas, the Hacienda de la
Aguada
Christmas. "Times" Dec. 2, p. 8.
I an<l in the Chicimantla and Ocotopec, south of Tuxpam River.
Nineteen Members of Marble Industry Employers' Association Fined, but I
This double activity has been rendered possible through an agreement
Freed on Probation.—Justice McAvoy Suspends 19 jail terms of 6 months I
with the Transcontinental Petroleum Co. (Standard of New Jersey subto 3 years. "Times" Dec. 2.
j sidiary) under which agreement and with mutual and reciprocal privileges
New
Interests Join Mexican Banking Group—Hope for Settlement.— I an(j
obligations,
the
Transcontinental
Company becomes entitled to
"Wall Street Journal" Dec. 1, p. 6.
\
I one-half the production trom Aguada, in exchange for one-half the proPanic in Berlin as Mark Rises and Stocks Drop.— Times
Dec. 2, p. 1.
duction from some 29,000 hectares of leases selected by your company
German
"Bargains" Confiscated at Frontier and Purchasers Fined.— I from the much
larger holdings of the Transcontinental Company.
30, p. 4.
I
Current assets amount to $6,421,131 and current liabilities $2,037,384.
Matters Covered
"Chronicle"
t
,
^
^
■
,
.
.
.
in the
of Nov. 26.—(a) New Federal tax Act
—y
113
v
o64
full, p. 2267 to 2285.
(b) The new capital flotations for October and the I
p. 2236.
(c) Building statistics for the u. s. for Oct. 1921, I
Atlantic Fruit
n
American Linseed Co. and other linseed oil crushers, p. 2256.
,
n
p.
2259.
All
oT
fin
T)
ri
Alliance Gas & Power Co.—Bonds r<„li„,l
Galled.—
_
_
^
-
Com-
1 on the 810,000,000 7%
notice Dec. 1 to the debenture holders says=
a
"jn Vjew o{ the default in interest on the debentures, it is clear that there
be a readjustment of the securities of the company to make provision
for the further capital requirements and to carry over the present period of
depressed earnings, and to continue the company as a going concern.
r'The committee has conducted an independent investigation with regard
to the properties and operation of the company, and it is
expected that a
complete plan will be agreed upon and presented to the debenture holders
in the immediate future which will make provision for the
company's
present difficulties.
It is not contemplated that the holders of debentures
fce asked to make any cash contribution of new capital."
Committee.—Howard Bayne, Chairman, C. A. Boody, Robert K. Cassatt,
H. B. Clark, E. N. Potter, J. Herndon
Smith, G. R. Walker, with C. E.
Warren, Sec., and Joseph P. Cotton, Counsel.
Depositary, Columbia
of the outstanding $2,900,000 5-Year
6% Secured goldnotes ha vebeen
called for redemption Dec. 31 at
100)^ and int. at the New York Trust I
Co., 100 Broadway, N. Y. City.
Compare offering of $6,500,000 1st I
Mtge. Lien & Ref. 6% gold bonds due 1951, in V. 113, p. 2314.
I
/~i
n
must;
nU
c„.
TJ,on<>
Alabama Power Co.—Secured nla Notes CnlUJ
Gold
Galled.—Alabama
»n:a_nn
r
/-
Default—Protective
Sinking1 Fund Conv. Gold Debs, has been defaulted.
The committee (below) in
Chicago II
oocq
Co.—Interest
m^e.-The interest due Deo
1 15-Year
(f) Decisions
°e)'f^v> ofbOhfraeo los^Shel1 softmo mi^a^ain^^he &hicaeo
•DaiivTrihnnp'^ t^rt„f Judge Fisher,
Daily Tribune
text of decision of iwSw
n,
T
10 months,
a
All of the
outstanding General Mtge. 10-year 8% sinking fund gold bonds,
Series "A," dated Jan. 1 1921, have been called for
payment Jan. 1 1922
at 113.7535% and int. at the Colonial Trust Co. or
Philadelphia.
(See I
also Ohio PuDlic Service Co. in V. 113,
p. 1778.)—V. 113, p. 1774.
I Trust Co., 60 Broadway, New York.
Anv
n
..
»■
1
int>o
The directors in a statement announcing the default in interest, say: "In
Allied
Packers, Inc.—Plan Operative Jan. 1 1J22
I consequence of the very large cash requirements with the completion of the
Modification of Plan —
sugar project in Cuba, which is now ready for grinding the season's crop,
t
....
an<i because of the general condition of the shipping business, there is no
u?m
Jf^ck of
available for the payment of the interest on the 7 % bonds due Dec. 1."
the holders of certificates George W. Davison is Chairman in a notice to I
deposit under plan of readjustment dated
y
qo
n
c«qqr;
April 30 1921, as modified, says in substance:
v. nz, p. poo, aoz, voo.
Because of the time it has taken to secure deposits under the
plan it will
Atlas Powder Co.—Work on Darco Plant
...
,
i.,
^
«
...
t
.
•
^
^ consummate the plan until about Jan. 1 and therefore in
J
advisable that the plan should be conmhif necessitates n'} 192?*modification
l
This
a formal
of the plan so that (1) holders of S
r
....
denoSft^rt riffonnf™
fi rnmtv
v,
f?
i.i
p
of
i
I
!n +a statement °f
-?i
? nt6?!
?
-?n
h?V| and with First National Bank of Phila., Fort
S/r?a
Chicago, and First National Bank of
u,
i
^113
73,186'.)
n
147T
I677
p
P*
American Chicle Co
P'
<°fficiaI->—v* 113. P 538,420.
Thomas II.
Blodgett has been elected President succeeding Darwin R.
Robert Gair Jr. has been elected a director
succeeding George
w^orthington of Cleveland.
The statement for the six months
ending June 30 1921 will be found under
Financial Reports
above.—V. 113,
|
\
James Jr.
•
Amaris*an
nina
American
blue
Pa
I
DO,
o
Gflange in By-Laws, dec.
to
to
change the by-laws
that quarterly distributions
stock
on
'
can
V".
112, p.
q+00i
•
fcteel
n
,7
Corporation, N. Y. City.—Pref. Stock Div.—
(when 1^% in cash
_
_
Banner Consolidated Mines, Inc.—New Director.—
w
Pfnipv
kILaJ
been elected a
^
Tel.
Tel.
&
Co .—Convertible
At
when the transfer
thp
nntinn
1925 be
nf
«J
th?n?in™
convertible
?xcep^
a^S
I
on
proposed plans
\
Ltd., of Toronto and Detroit, exclusive fiscal
agents
T
rtUnn
Results
r*
n
•
r
if
Net earnings
Lease, rentals and expenses
j
,526,483
450,000
Depreciation
Federal income taxes
261 661
Preferred dividends
5*1*
111::
1,052 ' 000
'
Balance, surplus
Previous surplus
Export taxes applicable to
Miscellaneous
$1,276,689
$167,495
76,420
41,176
12,791
$1,186,134
$150,529
74,906
26,957
$3,504,980
$494,138
215,535
168,060
38,433
the
expenses
Provision for depletion
Losses written off
Interest on bonds
Res. for
Fed.
taxes
64,209
99,927
12,961
12,681
&
other contingencies.
194,845
184,339
498,591
Pref.divs.at7%-(l^%)176.283(m)179,192(1^)182,079(550537.554
(a) Sub. cos.'share.__
51,724
52,155
46,892
150,771
$1051915
119,407
~~~
'
.
_
I
Bal. carried to surplus
$552,615
$341,531
$507,752_ $1,401,898
Balance unappropriated surplus at Jan. 1 1921, $1,034,359.
Deduct
loss from operations of properties in escrow, $11,493, and add balance of
deb.373 362
1
'
net income for first nine months of 1921, $1,401,898; total surplus Sept. 30
1921
$2 424 764.—V. 113,
p.
853.
'
'
'
nJ
^
_
Canadian Car & Foundry Co., Ltd.—Plants Close Down.
„
,
.
^
.
mon^en^ SlfeiT hb^^oogmeo^en
tj^rcpss\l
withm
Sept. 30 '21. June 30 '21. Mar. 31 '21. Total 9 Mas.
Net earnings
$1,042,157
Deduct—Prov. for depr_
$176,114
Surplus at end of period...
1
$1,741,565
$413 654
Because of the oil tax dispute with the Mexican
authorities this company
and other American producers discontinued oil
shipments from July 1
until September, when they were resumed.
experience,
largely expanded by production
148, Amatlan, which was
completed early
m March.
This well was subsequently supplemented by another
of similar
capacity on Lot No. 199, Amatlan.
The entire Amatlan
producing area
was invaded by salt water
which reduced the output of nearly all
wells,
our own included, to a small fraction of their former
yield.
Your
company s
secured from weH
Cos.—Consoli-
*u
def264Qnn
814
•
u
at-
$5,783,190
2,278,210
86'670
413 654
surplus, $348,868.
and Sub.
$1,872,896
686,762
fi7ri I
Rfi
*
Corp.
$2,047,285
770,596
110
$1,328,726
1920
currently
o
$1,863,009
820,852
——
_
a
Quarters ending—
486'934
I
est"
^..,r
$298,458; sinking fund, $89,402.
Gross earnings.
Half-Yr. '21. Cal.Yr '20
$3,769,968
$1 678 629
_•
p.
Petroleum
7jt
Operating
wr
151 098
Development work and drilling.
i
as
I dated Income Account Nine AlontflS.
Co.—Earnings for Half-Year.—
*
for—
tt
bonded debt
on
California
JJ®a uttiorteod
«onsi^s of S3.750.000 stock (par $100) and $30.000,000 bonds (of $300. $900 and $1,500
denomination.)—V. 113, p. 2315.
A+iontJ/i
a
'j.
j.
'
securities, have issued a legal prospectus and
proposed Detroit-Windsor
Bridge project, giving the
the construction, the board of directors
capitalization &c
Atlantic Lobos Oil
-r.
of'Sl cSSmny?8expendltures made in the
tile
the
on
«
September by $500,000 (not $350,000
2188.
I
Income statement for
8 months ended Aug: 31 1921 shows: Gross
rentals from loft buildings, $1,588,520; expenses operation loft building,
$681,i85: net earnings from loft buildings, $907,335; total net earnings,
$1,013,448.
Deduct taxes (incl. $3,557 Federal taxes), $276,719; interest
ana
Scott & Co.,
data
■
,.
Bush Terminal Buildings Co.—Listing—Earnings.—•
American Transit Co.,
Inc.—Detroit-Windsor Bridqe.—
R
T.
other
Pn
The New York Stock Exchange has authorized the listing of $4,784,300
7% Cumul. Pref. stock, par $100, with authority to add $2,215,700 additional on official notice of issuance, making the total amount applied for
»t»
merest
Rv
North western Ky. Co.,
the Wm. Farrell & Sons as outlined fully in V. 113, p. 1986, 2315.
prisontol for con^-sion^a mupfn^nifll'iir^^rrmn suifitl'r ot the bonds
$6 for each bond so^ mwntSS
wm!
^ payipent
acc?ued interest and dhiC -^v' 113, p. an adjustment of current or
With 2315.
aiviaends.—V.
of
Nnrth W^tpm
Burns Brothers.—Approves Capital Increases, &C.—
give!-l?e
into
S
The stockholders on Dec. 1 approved the amendments to the by-laws and
I author'zed the increase in the capital stock, necessary for the acquisition of
Bonds.—
Suve^t Sfr fa^ value
,
.
6% Convertible bonds
b^oks ?rpplosprl thfihni?HK ^,?v
192° and until Aug. 1
n
Adding Machine Co., Detroit.---Sales.—
reported.)—V. 113,
.
a
feature nrovides-
»
,
I
issuance
American
m
director.—V. 113, p. 2188.
October sales exceeded
Regarding the financial statement of the company covering the 9
months'
period ending
Sept. 301921, which is due at this time, Mr. Lamont is quoted
as
saying that it had been decided to issue no statement
prior to the
h<,v«°h^mhAw.h?;(!£°i,(]-00 °! t?e f43,367,200 7-year
invStOT constdeAbf? htthftr
v
Phir»?n fr
Co., New York.
The right to exchange the notes for Consol. Mtge. 30-Year Sinking Fund
6% gold bonds, Series "A," due Aug. 1 1948, will continue up to Jan. 16
1922.
(See advertising pages in last week's "Chronicle.")—V. 113, p.
,
President R. P. Lamont states that
report for the calendar year 1921.—V. 113, p. 105
nf thp
Bethlehem Steel Corp.—Notes Called—Conversion.—
company s percentage of production is reported to be increasing
steadily and next month will be running 60% capacity,
compared with 25 1 2188
1890.
to 30%
during the entire autumn.
Most of the new business, it is
stated, is
the result of railroad
equipment orders.
Four additional furnaces have
Burroughs
or tne annual
Prp^idpnt
AB of the outstanding Secured Serial 7% gold notes, Series "D," have
for redemption Jan. 16 at par and int. at the Bankers' Trust
Foundries.—Production—Outlook.—
been blown in within the
past month.
outlook is decidedly better.
paid) to Dec. 31 1920—V. 112,
was
been
Ihe
the
„
.
gainst Linseea Ull Grustiers.
Amorinan
^
_
|
Current Events," "Chronicle," Nov. 26,
p. 2256.—V. 113, p. 2083
American
1920
'
1980.
o
__
Ray p. Hamlin and John M. Crawford have been appointed receivers,
meet-
American Linseed Co.—Trade
Information Associations
Not Illeaal—Govt JjOW* 7"/<? Chip Annirist Linseed Oil Cm there
See
.
Avalon Rubber Mfg. Co., Barberton, O.'—Receivership,
to pay Quarterly dividends on the Common
March 15, &c., instead of semi-annual disbursements
in May and
November.
'
2540
p
It is also proposed to make it possible
treasurers, instead of two, change the annual
l.
2187
p
1920 covered accrued dividends from
March 31
it1iors^iehfnf?Uth? company
possiDlc for th©
it
112
'
'
'
Autosales
the Preferred stock instead of semi-annual
payments at present,
on
TJart®r'^'
three assistant Peb- !• &c-
have
so
—y
The directors have declared, "out of accmumlated
surplus and net earnI ings,"'a dividend of
4% on the Preferred stock, payable Dec. 31 in Preferred stock, at par, to holders of record Dec. 16.
The4M% Pref. stock
I distribution which was made Dec. 31
2314, 1677.
The stockholders will vote Dec.
16 on approving several changes in the
agreement of association and the by-laws, as recommended
by the directors,
It is proposed to
be made
&c.—Earnings.—
j^o.^awln^l^gSd'is'ptat
tnediserPweN—
p.
announcement
an
a new type of refining carbon essential in a wide range of industries,
Orders have already been received for a large proportion of the output for
in tbe refining and purifying of sugar, edible oils, lactose, maltose,
gelatine, drugs, chemicals, soft drinks and many other products.
Ground has already been broken and it is expected that the factory will
be completed within six months.
Surrounding the plant are large deposits
of lignite, which is the basic material used in making Darco by the patented
Darco process.
An area of land has been bought by Darco Corp. holding
a suppiy Gf lignite adequate for continuous operations.
There is natural
gas at the site of the plant so that production costs will be at a minimum.
oi
I
to
Webster
Use
„
.8 Fat
,,
J
which is
iho
hvth^'i to^an I 1922, uponpresentation ofcertificates required
shall
laws and regulations; and (2) the I irst MOTtgagebonds
+hQaI!i the I rior i reference stock and I referred stock dethe plan shall carry dividends from Jan. 1 1922.
rv?
issue. (V. 112'p.2645) at Marshall.Tex.,according
by President W
The plant is designed to have an annual capacity of 6,000 tons of
Darco.
represented by their certificates of deposit for the
+
Begun.—
The Atlas Powder Co. has begun construction work on a new plant for
Darco Corp. [controlled by Atlas Powder Co., which underwrote its stock
on
Lot.
has,
company
however, succeeded in purchasing on advantageous terms a
large
quantity of oil daily at the wells, for a period of one year, from production
^eplSua«'^ •
reopen aDOUC 1Jec- 051
were
No.
I
7,IiDOpra&an^?9lseipected thatthep,aut
v. lid, p. iy»o, io/y.
Carthage (N. Y.) Sulphite Pulp & Paper Co .—Bonds
a
11
r,,
°
j
p
t-uT-t
r^
j
i
w
i
I Bold.—Stroud & Co., Philadelphia,
100 and int. of $600,000 1st
a
1
101
rlno
Ana-
1
1QA1
g°ld bonds, dated Aug. 1 1921 and due Aug. 1 1941.
advertisement appears
as
,
announce the Sale at
Mtge. 20-Year 8% Sinking Fund
a
An
An
matter of record elsewhere.
Dec. 3
1921.]
Earnings.—Net earnings, after all taxes, as reported for the past 5 years
ending Dec. 31 1920, have been $1,060,637, or an average of $212,000 per
annum, or more than 4 times the interest requirements of this issue.
Net
earnings for 1920 are reported, after all taxes, as $299,616.
Condensed Balance Sheet Dec. 31 1920 (After Present Financing).
Assets—
Liabiilties—
Plant, water-pow. rights, &c.
(less $347,469 deprec.)
$885,287
Investments in afiliated cos. 183,412
Cash
173,589
Preferred
stock
$33,800
Common
stock
Inventories
General
Assets
Balance
31
Oct.
First
(each side)
$2,246,385
For description of bonds, history of company, &c., see V. 113, p. 1891.
this Financing„
Before
Liabilities—
Preferred stock
Common stock
Accts. & notes
payable-
Accrued int. & dividends
Syndicate liabilities
'
Reserves
Total
Surplus
(each side)
$27,112,368
-V. 113, p. 2189, 1987.
,000,000
10,000,000
865,525
164,995
188,929
373,373
5,519,546
Corporation.—Receivership Denied.—
Oil
Export
Federal Judge
Total
163,285
1921,
|
*
$15,121,551
Synd. holdings, under—
1,436,826
Cash
3.356,493
Notes, accts. & int. rec7,147,235
Other assets
50,264
Insurance, deferred charges,
&c_
Sheet
1
Investments
250.000
Mtge. 8s (this issue)-- 600.000
Notes & accounts payable._ 479,157
598,515 Accrued int., taxes. &c
19,412
242,299 Surplus & undivided profits. 864,016
Notes & accts. receivable
2409
CHRONICLE
THE
Coteral at
Okla., has denied the application of
Tulsa,
Pure Oil Co. for receivership of Export Oil Corp., in which Pure Oil
one-third interest.
In his decision, according to advices, Judge
holds a
Coteral
Export Oil Corp. from paying any funds except to holders of
export commercial paper and enjoined all payment to Constantin Refining
Co. and to general creditors.
He also enjoined the company from selling
any of its products atless than a fair market value. ("Wall Street Journal.")
—V. 113, p. 1256.
enjoined
Central Sugar Corp.—Noteholders' & Stockholders' Com¬
committee named below in a notice to the
mittees.—The
holders of $3,575,000 8% 10-Year Convertible Gold Notes
in substance:
says
Famous
Default having occurred in the payment of interest due on the above
1 1921 and the corporation having no net earnings available
notes on Oct.
for the Sinking Fund installment payable on that
been formed to protect their interests.
date, the committee has
1922
be made
on
receiv.,
&c.,
less expenses,
before
providing for income taxes
Previous surpluses of combined sub. cos., before
Government
or
Oct.
1921
1
and
subsequent
coupons
attached
Stockholders' Protective Committee.—
interests
the
of
$291,988
144,196
32,208
of sub. cos.
acquisition of additional shares
account of
on
Total surpluses
4,261
$529,296
360,000
22,517
—
$324,196
180,000
$146,779
......
Dividends paid
Income tax for previous year
—V.
before Dec. 6 [extended from Nov. 7] with the Bank
(Pres. Bank of
America), Russell B. Marchant (V.-Pres. J. G. White & Co., Inc.), C. B.
Campbell (V.-Pres. A. B. Leach & Co., Inc.), Acosta Nichols (Spencer
Trask & Co.), with Edward S. Blagden, Bee., 44 Wall St., N. Y.,City,
rd Masten & Nichols, Counsel, 49 Wall St., N. Y. City.
following
$380,839
taxes-
Additional participation in surpluses
$144,196
protective
Preferred
committee
and
has
Common
been
formed
stock:
E.
C.
to
protect
Edgar,
the
Commonwealth Edison
Co.,
2317.
p.
The stockholders Nov. 30 approved the plan providing
of this company with Burns Bros.
Fisher
Body Corp.
Sub. Cos.).—Earnings.—
(Incl.
Income Account for Three Months Ending—•
Oc t.
Net earns. & income from all sources after deduct¬
31 1921. Ju y 31 '21.
ing all expenses of the business incl. expenditures
for repairs & maintenance of properties & an
Detroit,
adequate allowance
depreciation
Deduct—Interest
for
accruing
renewals
&
$1,720,643
$2,542,674
171,005
charges
Provision for Fed. inc. & profits taxes
income taxes
Chicago.—Stock Issue.—
authorized the company to issue
stock which, it is stated, is to be offered to stockholders
and
the
proceeds used to finance improvements.—V. 112, p. 2753; V.
113, p. 187, 297.
!
for the merging
The details were published in V. 113,
1987, 2084.
p.
Chairman; Hume Lewis, Charles J. Peabody, E. L. Leuder and Henry A.
Rutkin, with E. E. Beach, Sec., 14 Wall St., N. Y. City.
Bankers Trust
Co., N. Y., depositary.—V. 113. p. 631, 539.
113,
—
(Wm.) Farrel & Son, Inc.—Merger Approved.—
of America, depositary, 44 Wall St., N. Y. City.
Noteholders Committee.—Edward C. Delafield, Chairman
The
Aug. 27 '21. Aug. 28 '20.
of sub. cos., int. earned on loans
accts.
Profit and loss surplus.
crop.
Deposit of notes with
must
&
-
Owing to the condition of depression in the Cuban sugar industry, it is
highly desirable for the noteholders to co-operate with the other large
creditors to endeavor to avert a receivership.
If this can be accomplished
it may be possible to negotiate for the necessary working capital to maintain
the business.
A complete reorganization of the financial structure of the
corporation and its subsidiaries will be necessary, and the committee hopes
to be able to submit a comprehensive plan as to this when the necessary
co-operation of the note holders and the other creditors has been secured.
Haste in obtaining this co-operation is essential if advantage is to be taken
of the
Players—Canadian Corp., Ltd.—Earnings.—
Fiscal Years Ending—
Profit from oper.
227,587
& Canadian
432,128
280,820
_L_ $1,939,541
$1,212,236
The Illinois Commerce Commission has
$4,535,000
new
Balance, surplus
—V. 113, p. 1058.
Share Stock.—
General Electric Co.—Electric Bond &
Consolidated Gas Co. of N. Y.—Sub. Co. Bonds.—
See Electric Bond & Share Go. above.—V. 113, p. 2189.
See New York Edison Co. below and V. 113, p. 2316.
General Mercantile
Consolidated
Gas, Electric Light &
Baltimore.—Initial Preferred Dividend.—
Power
Co.
of
An initial
quarterly dividend of 2% has been declared on Preferred stock
regular quarterly dividend of 2% on the Common, both pay¬
(See offering of 8% Cumul. Pref.
stock in V. 113, p. 965.)—V. 113, p. 1679, 1475.
in addition to
able Jan. 3 to holders of record Dec. 15.
Continental Candy
Corp.—Sale Ordered.—
John J. Townsend, referee in
bankruptcy,
on
Corporation.—To Dissolve.—
Dec. 5 on dissolving the company.
Office 511 Fifth Ave., N. Y. City.
The stockholders will vote
Parker is Secretary.
General Motors Corp.—Women
Total Number
of Stockholders
Dec. 1 ordered that bids
and Outstanding
See V. 113,
adjournment of the
2188, 2083.
p.
Oct. 3 1921.
6% Preferred
1,444
4,154
1,927
9,705
3,208
__
Robert Bradley Hawley died in New York City Nov. 27.—
—Shares
No. of Stockholders
Women.
Total.
6% Debentures —10,083
7% Debentures
8,906
Cuban-American Sugar Co.—Obituary.—
President
Shares—Proportion Held by
Women.
accepted for the company's Chicago property.
This action of the
referee followed his denial of an
application made by stockholders and by
Alvin Untermyer, as trustee for Allan A. Ryan, for an
'
Approximately one out of every four stockholders of General Motors
Corporation is a woman, at the present time, compared with one out of
every five in April last.
There were 17,230 women stockholders of record
on Oct. 3, compared with 15,116 on April 15, an increase of 2,114.
be
sale of this property.
Stockholders.—
Wv G.
44,641
Common
or
OutstandingWomen Held.
60,787 or 379?
169,738 or 289?
64,945 or 249?
1,579,846 or 6%
Total.
45%
41%
or
or
21%
or
21%
161,834
606,714
269,316
20,531,827
V.113,p.2084,853.
New
Dallas
(Tex.)
Dallas
Gas
Co.—Securities Authorized.—
Darco
Atlas
See
p.
City
Corp.—Operations
Powder Co.
on
above and
Ind.,
V.
112,
p.
Division, will become General Manager of that Division.—V. 113, p. 2189.
Gillette
2647.—V.
Eastern Steamship Lines, Inc.—To Retire Half of Each
Pref. Share, Reducing Par Value from $100 to $50.—
to the Old
Colony Trust Co., Boston.
The par value of all the Preferred shares will thus be reduced by the
amount of the installment payment, and cumulative dividends at the rate
of 7% per annum will accrue and accumulate only on such reduced par
value, to wit:
$50 per share.
Compare V. 113,
Excelsior Springs (Mo.)
p.
The company, it is stated, has made arrangements to purchase the Plattsburg Light & Power Co. for $50,000, the Kearney Electric Co. for $3,500,
the Holt Electric Light Co. for $2,000, and will build an electric transmission
line at a cost of $8,000.—V. 99, p. 410.
Electric Bond &
Share Co.—Preferred Stock Sold.—
Bonbright & Co. have sold at 89 flat, to yield about 6.75%,
$1,250,000 (additional issue) 6% Cum. Pref. (a. & d.)
stock, par $100.
(See advertising pages.)
Callable
whole upon 90 days' notice on any div. date at 110 and divs.
as a
such
and are not
2189, 1893.
company
113,
p.
Gilliland Oil
The
We have no knowledge
interested in any proposition of this
fountain pens.
Federal
'
Co.—Receivers'
Court at Chicago,
certificates.
Inc.—Annual Report—Reappraisal.—
The Chartered Public Accountants signing the report
"The inventories of sugars, molasses and materials and
Sheet
Balance
1521.
Liabilities—
Letter of
S.
Pres.
Z.
Mitchell, New York,
Nov.
28.
3,797,236
First Pref. stock..
3,140,000
1,469,233
Second Pref. stock
3,500,000
zCom. stk. (70,000
1,187,650
2,409,874
292,609
331,564
502,660
746,975
183,393
cl'm
150,029
443,584
Securities owned—
y 10,342
305", 522
1905 in New York.
vises the operation of companies
controlling and operating such properties.
Company also furnishes the necessary capital ana manages consolidations
and reorganizations of properties of the above-mentioned character.
Capitalization (No Funded Debt)—
Preferred stock, 6% Cumulative
Authorized. Outstanding.
$12,500,000 $11,250,000
12,500,000
11,250,000
Purpose.—Proceeds from this Preferred stock, together with $1,250,000
by General Electric Co. at par, will be used for
general corporate purposes of the company in expanding its business.
stock
Live
U.S.Govt.tax
Reaie tate, bldg
RR
.,
9,387,400
8,228,130
Earnings Calendar Years 1916 to 1920 and Year ended Oct. 31 1921.
Gross
Net
Income.
Income.
$2,170,915 $1,566,932
3,140,020
2,066,390
2,599,674
1,450,082
3,114,872
1,697,472
3,564,734
2,127,600
-.3,844,140
2.274,804
Preferred
Dividends.
Common
AccumuVd
Dividends.
Income.
$375,558x$l,458,222 $2,572,414
487,710
644,889
3,506,205
511,773
680,546
3,763,967
563,525
778,73 0
4,119,184
588,580
800,COO
4,858,204
598,767
800,000
5,478,751
p. a.
since July 15 1909.
4,048,025
1
342,569
Unp'dinc.taxinst.
16.621
234,110
61,250
331,009
941,607
Pref. div. pay.
Sinking fund
17,814,426
Total
14,457,919 17,814,496
$84,183. y Represents
purchased on aecount of sinking fund requirement
of $43,750. z The item or $3,481,288, shown among "liabilities" in 1921,
is described by the company as representing "Common stock (70,000 shares
of no par value) and capital surplus, less operations to date, dividends on
1st Pref. stock to July 11921 and dividends on 2d Pref. stock to Oct. 1 1920.
x
14,457,919
Less
reserve
-
for doubtful accounts and discounts,
116 shares 1st Pref. stock
—V.
112,
p.
(B. F.)
The
as
1871.
Goodrich Co.—Improved Financial Status.'—
"Chronicle"
statement
since Jan.
x Includes special dividend on Common stock of $1,000,000.
Dividend Record.—Dividends at rate of 5% p. a. were paid regularly on
Preferred stock from organization up to Oct. 31 1911, at which time regular
rate was increased from 5% to 6% p. a., and have been paid regularly at
this rate since then.
Common stock has paid regular divs. at rate of 8%
809,199
3,875,000
pay-rolls.
Est. Federal taxes.
Total
3,219,327
1,404,079
Drafts & notes pay
2d
1
160,901
«fec
Deferred charges..
)
210,900
Accrued
.,
&c
Good-will,
sh., no par), rep.
by cap. surplus of] 3,481,288
Surplus
3,500,000
3,500,000
Accounts payable-
Common stock
Common stock acquired
1920.
$
$
807,078
Cash
Mat'ls & supplies.
1921
30.
1921.
S
Flant.&grow.crops
1920—
June
1920.
$
Assets—
Sugar & moiasses.
1918----
supplies have been
priced at
30, which were below cost and also below prices
subsequently realized; materials and supplies are priced at cost.
"The Government has not yet passed on the claims for refund and abate¬
ment on account of Federal taxes, which have been added to surplus.
"The figure representing buildings,
machinery, railroad, equipment,
tools and implements has been adjusted to base it on the sound values as
shown in the appraisal made by the American Appraisal Co. as of June 1
1920, involving an increase over the previous book figure of $862,784, which
amount has also been included in surplus."
market prices as of June
General Electric Co.
1917.
Oct. 3 say in part:
valued by the officials of the company; sugars and molasses are
all of its outstanding Common stock.
Company takes a financial
interest in electric power and light and gas enterprises: buys, holds and
sells securities issued on such properties, and acts as fiscal agent and super¬
Company.—Incorp. Feb. 28
owns
1916
authorized the re¬
See V. 113, p. 1987.
it is said, recently
ceivers to issue $1,300,000 receivers'
Godchaux Sugars,
Certificates.—
Accts. & notes rec.xl.515,661
payable Q.-F.
from
company to manufacture
new
nature."—V.
2084, 1892.
Water, Gas & Electric Co.—
a
of any
The directors voted to pay on Nov. 22 last $50 in liquidation of Preferred
shares and reduced the par thereof to $50.
Certificates should be presented
1919
recently been circu¬
lated around Boston that the Gillette Co. was interested in the development
of
Data
Safety Razor Co.—Denies Rumors.—
Vice-President Frank J. Fahey says: "Rumors have
113'
187.
Divs.
Remy Electric Division, Anderson,
transferred to General Motors Export Co. as Operating
I. J. Reuter, now General Superintendent Remy Electric
be
will
Vice-President.
Plant Begun.—
compare
Export Co. Officer.—
J. D. Mooney, now General Manager
Commission has authorized the company to issue
$2,500,000 7% bonds and $800,000 8% Preferred stock.
The bonds are
to be used largely in refinancing.—V. 112, p. 2540.
The
has
received
official
confirmation
of
the
following
a great improvement in the company's financial position
Inventories as of Sept. 30 1921 were valued at $38,294,325,
showing
1.
compared
with
$72,631,057
as
of
Dec.
31
1920.
During the same
period bank loans were reduced by more than $23,000,000, and it is inti¬
mated that the balance still due the banks will be liquidated before the
Cash holdings as of Sept. 30 amounted to $2,298,041, but are estimated at $3,500,000 at the present time, while bills
payable are reported to have been reduced from $3,994,555 to $3,100,000.
end of the current year.
2410
THE
CHRONICLE
Current Assets & Current Liabilities, Showing Changes Since Jan. 1.
Current Assets—
Sept. 30 *21. Dec. 31 *20.
Cash In banks and on hand
$2,298,041
$3,058,314
U. 8. Liberty Loan and Canadian Victory bonds..
41,242
44.917
Bills receivable*.-....-....
978,872
1,071,126
Trade accts, rec. after deducting res. for doubtful
'
accounts, &c19,524,219
20,172,177
Other accounts receivable
433,943
503,964
Raw materials, partly manufactured <fc finished stk 38,294,325
72,631,057
,
the last
TotaJ
Liabilities—
Sundry accrued liabilities.....
Total
—V.
......
...........
113,
p.
$5,900,649 $29,122,955
3,994,555
2,580,236
1,875,234
1,461,331
1910, and of unpaid
such bonds, and also all holders of 6% coupon funding bonds
trustee, for the purpose of receiving the first dividend as well as the second
dividend of 1.15% which has now been allowed.
Compare V. Ill, p.
497,2428.
Great Falls Mfg. Co., Boston.—Dividend Decreased.—
A dividend of 4% has been declared on the outstanding $2,500,000 capital
stock, par $100, payable Dec. 1 to holders of record Nov. 23.
The comune has been paying dividends at
5any 1921, when 6% was paid,—V.the rate of 12% from 1907 to and incl.
110, p. 2295.
Haskell & Barker Car Co.,
Inc.—
The directors,
it is stated, have approved the plan providing for the
merging of the company with the Pullman Co.
The stockholders will
vote Jan. 4 on approving the plan.
For terms of merger plan see V. 113,
p. 2317.
Havana
Tobacco
Co.—-Default—Protective
Committee.—
The company having made default in the payment of interest due Dec. 1
the $7,500,000 5% 20-Year Gold Bonds, the following protective com¬
mittee has been formed to protect their interests.
Bondholders are in¬
vited to deposit their bonds with the Dec. 1 and subsequent coupons
attached on or before Dec. 31 1921 with Guaranty Trust Co., 140 Broadway,
on
N. Y. City, depositary.
The deposit with the committee of a majority of the outstanding1 $7,500,000 of bonds is already assured.
Committee.—James H, Perkins, Chairman (Pres. Farmers' Loan & Trust
Co.), Donald G. Geddes (Clark, Dodge & Co.), Bethune W. Jones (V.-Pres.
Bankers Trust Co.), with Charles H. Platner, Sec., 140 Broadway, N. Y.
City, and Root, Clark, Buckner & Howland, Counsel, 31
(See advertising pages.)—V. 112, p. 1621.
Nassau St.,
N. Y. City.
Haverhill Gas Light Co .—Stock
Subscription Riahts.—
Stockholders of record Nov. 21 are given the right to subscribe at par,
$50 per share, for 2,340 shares of stock in the ratio of one-fifth of a share
of new capital stock for each share of capital stock held.
Subscriptions must be returned to Stone & Webster, Inc., transfer
agent, 147 Milk St., Boston, Mass., and full payment in cash made therefor,
on or before Dec. 21 1921.—V. 113, p. 2317:
Invincible Oil Corp.-— Syndicate Dissolved—Developments.
J. S. Bache & Co. and Naphen & Co., managers of the 150,000-share
stock syndicate, announce that the
syndicate has been dissolved and that
syndicate commissions are being mailed to participants.
According to Pres. Ratcliffe, during the last three weeks the corporation
has completed 6 wells in Haynesville, La., field, where we own leases on
approximately 2,000 acres, with a total initial production of 15,300 bbls.
wells which are expected to be completed
next 45 to 50 days.—V. 113, p. 2317.
at various intervals during the
(S. S.) Kresge Co., Detroit, Mich.—To Increase Pf. Stock.
The stockholders will vote Dec. 6
on
Since
1912 the company has opened 112 new stores.
The sales have
increased from approximately $10,0^0,000 to over $50,000,000, and the
earnings, before taxes, from $673,000 in 1912 to an estimated $4,000,000
for the current calendar
year.
After careful consideration the board is unanimously of the opinion that,
rather than segregate from the working capital of the
company the funds
necessary for the payment of the serial notes which are now outstanding
(see offering in V. Ill, p. 393) and for other capital
expenditures, means
for the procurement of the funds necessary for these
purposes may best
be provided for by an increase In the amount of Preferred stock authorized
as above.
In the event that such increase is authorized, at such times as additional
funds may be needed for the purpose of retiring the serial notes referred to,
«r for other capital
expenditures, the stockholders will have the
subscribe for cash at par for such shares as
may be
right to
offered for sale, such
p. 2190.
subscriptions to be in proportion to their holdings.—V. 113,
Lee Rubber & Tire
1921, after charges and
compared with $658,291 before
The directorate of Comar Co. will be equally divided to represent
113, p. 1152, 1059.
Mercantile
The $20,000,000 Three-Year 6% gold notes, due Dec.
1,
were
paid at
aiy new financtog?—1v! 113fcp 189™ accomplIshed without resorting to
Lincoln Motor Co., Detroit.—Receivers—Govt.
T^e F.V®- Government has filed
assets of the company,
&c.
a claim for $4,500,000 against the
which sum is alleged to be due on 1918 income and
profits tax.
•
Ralph Stone, Pres. of Detroit Trust Co. and receiver, states that the
the Government is based upon profits of the
Lincoln Motor Co. of
Michigan arising out of the manufacture of Liberty aeroplane motors dur¬
ing the war.
The company has already paid fhe Government
$4,126,000
these profits, this sum having been arrived at
by agreement with
the War Department after a thorough examination.
However, the Treasreopened the case, and without
admitting settlement made
by the War Department, is making claim for these additional taxes.
The present company is incorporated under the laws of Delaware and the
receiver believes that when the facts are placed before the
Commsisioner
excess
the^present additional claims will be wiped out. Compare V. 113, p. 2190,
McCrory Stores Corp., N. Y.—October Sales.—
'
,
Increase. I
1921—10 Mos.—1920.
Decrease.
$62,6421 $10,730,905 $10.7407009
$9 1(M
Maple Leaf Milling Co., Ltd.—Obituary
Sir D. O. Cameron, President of the company, and Vice-President and
Managing Director Hedley Shaw both died this week.—V. 112,
Marine
Oil
2542.
declared, payable Dec. 31 to holders of
This brings the total dividends paid this
p.
Co.—Extra Dividend.—
An extra dividend of 2% has been
.record Dec. 20.
Co.,
Inc.—Tenders.—
Mexican Eagle
Oil Co., Ltd.—New District.—
have received advice from
Sons
London that
the
ing of
an
entirely
new
territory.
The bankers named understand that the
Mexican Eagle Oil is the only one holding oil leases in this district.—V. 113,
p.
1
2086,1894.
Mexican Petroleum Co.,
Ltd.—Listing Application
—
In connection with the conroany's application to the New York Stock Ex¬
change to list $6,057,200 additional capital stock, it is explained that this
dos not mean any new financing.
The discrepancy was discovered in one of the investigations conducted
by the Stock Exchange and called to the attention of the company.
Of
the amount above $4,000,000 has already been issued and is held by the
Huasteca Petroleum Co., the operating concern of Mexican Petroleum.
The remaining $2,057,200 applied for will not be issued, the application
being made so that the full authorized $48,000,000 Common stock will be
officially authorized for the list.—V. 113, p. 2191, 1988.
Midland Counties Public Service Corp.—Bonds.—
The company has been
to issue $415,000 7H%
authorized by the California Railroad Commission
Gen. Ref. Mtge. gold bonds in exchange for a
like amount of 1st & Ref. Mtge. 6% bonds.
The exchange was originally
authorized at $454,000 when that amount of the 6% bonds had been
deposited.
The exchange is to be made on the basis of $1,000 of 6%
bonds plus $40 for $1,000 of 7H% bonds.—V. 113, p. 1366.
Moline Plow
Co.—Progress of Reorganization, &c.—
The Noteholders' Committee, Ronald M. Byrnes, Chairman, in a notice
to the holders of 7% Serial Gold Notes, who have not deposited their notes,
in substance:
"The total claims of all creditors, and serial noteholders (computed without
interest) amount to about $19,500,000, approximately as follows: (a)
$13,650,000 claims of bank Creditors; (6) $4,000,000 claims of serial note¬
holders; (c) $1,840,000 claims of merchandise creditors.
"The bank creditors, constituting 70% of the total claims, have accepted
the plan of reorganization without a single exception and substantially all
of the merchandise creditors have followed the same course.
Considerably
over 80% of the $4,000,000 notes outstanding have already accepted the
plan and more notes are being deposited daily.
"At the present time approximately 95% of the creditors of all classes
have accepted the plan.
In view of this approval, the committee has
further extended the time to Dec. 12 1921, within which serial notes may
be deposited.
says
"In order that
you may
of the plan, it is
better understand the desirability and purpose
important that you should have in mind that, were the
liquidated through a receivership, the assets, consisting
company now to be
largely of agricultural implements for which there is no large present
market, would probably shrink In value to a considerable degree.
The
plan of reorganization is expected to permit the extension of this necessary
liquidation over a sufficiently long period to Insure reasonable prices for
the Inventory now owned.
It is hoped that serial noteholders by accepting
the
plan will accordingly save themselves from very material losses.
If
by their failure to accept the plan the company is forced into immediate
liquidation through the courts, every creditor will participate pro rata in
the assets, and in such a proceeding the serial noteholders will have no
preference or advantage over any other creditors.
"In other words, if and when the reorganization is accomplished the
creditors will get the advantage of the sale of agricultural implements in an
active market, whereas, if the reorganization is not accomplished and a
receivership ensues they will participate in the proceeds of the sale, in a
dead market."
Compare plan in V. 113, p. 1581, 1894, 2086.
Montgomery, Ward & Co., Chicago.—Nov. Sales
—
Nov.
1920.
Decrease.1 1921—11 Mos.—1920.
Decrease.
$7,581,069 $10,889,596 $3,308,527 $68,531,523$102,295,244 $33,763,721
—V. 113, p. 1989, 1582.
National Carbon
Co., Inc.—To Reduce Capital.—
The stockholders will vote Dec. 14 on reducing the authorized Common
stock from 1,000,000 shares, no par value, to 500,000 shares, no par value.
The capital stock, as reduced, will then consist of 500,000 Common shares,
par value, of which 419,250 outstanding, and 56,000 Pref. shares (par
$100), all outstanding.
The compay is a. subsidiary of Union Carbide
& Carbon Corp.—V. 106, p. 1581.
no
York
New
Edison
Co.—Bonds
year up to
10%;
Oversubscribed.—The
National
City Co. announce, by advertisement on another
page, the sale ait 104
and int., of $30,000,000 First Lien &
Ref. Mtgq. Gold Bonds, Series A, 6^%, due 1941 (nonredeemuble for 15 years).
Dated Oct. 1 1921.
Due Oct. 1 1941.
Int. payable A. & O. at National
City Bank. New York, trustee.
Denom. $50nand $1,000 (c*&r») $1,000.
$5,000 and $10,000.
Red. upon 60 days' notice, on Oct. 1 1936 and any
date
thereafter
at
105.
Listing.—N. Y. Stock Exchange has admitted these bonds "when issued."
Authorized.—Authorized by New York P. S. Commission.
Data from Letter of President N. F. Brady, New York, Nov. 26.
Edison
company
will acquire, in
connection
with the
present financing, all of the bonds and practically the entire capital stock of
United Electric Light & Power Co. [formerly owned by Consolidated Gas
Co. of N. Y.].
Companies combined serve directly all of the Borough of
Manhattan and the greater part of The Bronx, City of New York.
Popula¬
tion, 3,000,000, the largest served by any electric
Suit,
William H. Boyce, Dover, and the Detroit Trust Co.
were named Dela¬
ware receivers for the company
by Judge Morris in the U. S. District Court
•at Wilmington, Del., Nov. 21.
$1^250,793p$l2,iJo/im.
Stores
Mexican Eagle Oil Co. has just brought in a well of 25,000 barrels in the
district of San Geronimo, which is about 50 miles north of the Amatlan
field.
This news Is considered very important, since indicating the open¬
Business.—The
Liggett & Myers Tobacco Co.—Notes Paid.—
1921—Oct.—1920.
-
The Bankers Trust Co., trustee, will purchase for the sinking fund 15-year
5% debenture bonds and bond scrip certificates to an amount sufficient to
exhaust $500,000 now held for that purpose.
Sealed offers will be received
up to Dec. 14 next at a price not to exceed par and int.—V. 112, p. 2542.
Interest
Corp.—Earnings.—-
profits for the nine months ending Sept. 30
Federal taxes, are reported at $319,199, as
Federal taxes in 1920.—V. 113, p. 1682.
.
Compare
1921
Data from Letter of Pres. S. S. Kresge, Oct. 17.
Since the incorporation of the original company in 1912 the amount of
authorized and issued Preferred stock has never exceeded $2,000,000.
Funds for the development of the business have been raised from the
sale of notes and Common stock, and the reinvestment of surplus earnings.
„
1 last.
i
the two interests.—V.
increasing the Preferred stock from
$2,000,000 to $5,000,000.
made Nov.
Corp.—Sells One-half Int. in Comar Co.—
Joseph Walker &
All holders of the 1st Mtge. 4% bonds dated Aug, 10
coupons upon
Net
district.
2084, 541.
Issued Feb. 12 1914, or of scrip certificates or temporary certificates, who
have not heretofore presented their bonds, coupons, scrip or temporary cer¬
tificates for the purpose of receiving the first dividend of 40.196% heretofore
allowed thereon in the foreclosure proceedings against the company in the
U.S. District Court for the District of Maryland, are requested to surrender
the same at the office of Mercantile Trust & Deposit Co. of Baltimore,
was
The company, it is said, has sold for $2,000,000 to Roxana Petroleum,
the American subsidiary of Royal Dutch Shell group, one-half stock in
Comar Co., a subsidiary owning acreage recently acquired in Midcontinent
$11,770,438 $33,164,523
...
Gottlieb-Bauernschmidt-Strauss Brewing Co .—Notice.
.
Marland Oil
...$61,570,645 $97,481,559
Current
quarterly distribution of 2%
V. 113, p. 2086, 1894.
—
Bills payable (bank loans)....
Accounts payable
....
[Vol. 113
light and
power company
in the world.
,
During the past 12 months the several power stations generated 1,400,000.000 k. w. h„ of which about one-third represented the output of the
United Co.
Over 390,000 customers are now being served.
Present Financing.—Since 1903 the Edison Co. has issued no bonds, but
has reduced the funded debt outstanding with the public by over $5,000,000.
During the past 15 years the two companies have expended over $85,000,000
extensions and additions to their electric properties, largely
for permanent
financed by the issue of capital stock and temporary obligations.
from the present $30,000,000 First Lien & Ref. Mtge. bonds will
the companies in part for these
Proceeds
reimburse
large expenditures.
x Capitalization
Outstanding upon Completion of Present Financing.
Capital Stock (owned by Consolidated Gas Co. of New York)—$86,741,300
First Lien & Ref. Mtge.* Series A, 6H %. due 1941 (thisissue).. 30,000,000
Edison Electric Illuminating Co. of N. Y. 1st Consol. 5s, 1995—
2,188,000
New York Gas & Elec. Lt., Ht. & Pow. Co. 1st 5s, 1948
15,000,000
New York Gas & Elec. Lt., Ht. & Pow. Co. Pur. Money 4s, 1949 20,883.000
x Not including a real estate mortgage of $357,012 held by an affiliated co.
Security.—Secured by deposit with the trustee of a new issue of $30,000,000 1st Mtge. 6^% bonds due in 1996 (comprising the entire funded debt)
of United Electric Light 6c Power Co.
Over 99.99% of the capital stock of
the United company (aggregating $5,295,900), will also be pledged as addi¬
tional security.
As further amounts of 1st Mtge. bonds of United Electric
Light & Power Co. are issued, they shall be acquired by the New York
Edison Co. and promptly pledged under the new mortgage.
Also by a direct mortgage, subject to the prior liens of underlying mort¬
gages, on the entire property now or hereafter owned.
This Issue.—Authorized issue unlimited.
Series, with same or different
interest rates, dates, &c., may be issued by the directors.
Bonds of any series may be issued (a) in equal amounts for acquisition or
retirement of underlying bonds now outstanding; (b) for not exceeding 75%
Dec. 3
1921.]
THE
CHEONTCLE
of actual and reasonable
expenditures for permanent extensions and addi¬
tions made
subsequent to Oct. 1 1921; and (c) to the extent of not
exceeding
$10,000,000 for similar expenditures made
prior to that date.
Except for retiring underlying bonds
public, the stockholders are now being asked to adopt the reclassifica-,
tion or the stock which will not increase the
authorized stock capitalization,
but will merely reclassify it in the
proportion of $80,000,000 Preferred stock
and $80,000,000 Common stock.
,
The 5-year notes also are exchangeable for
Common stock at $80 a
share up to May 1 1922 and at $85 a share thereafter.
The proposed plan
will leave the
company in a position to take care of any of these conversions.
The company has under way extensive
hydro-electric developments on
the Pit River Basin and these and other
for refunding at maturity bonds
of another
series, no First Lien & Ref. Mtge. bonds
may be issued unless
annual consolidated net
earnings shall have been at least twice annual in¬
terest charges on all
underlying and all First Lien & Ref. Mtge. bonds
outstanding and then to be issued.
Earnings of N. Y. Edison
or
Co. and United Co.
.
.
(Eliminating Inter-Co. Items)
capital expenditures which
for 12 Months ended Sept. 30 1921.
„
Gross earnings
_
Preferred stock, and in:
time through the issuance and sale of Common
stock.
The company now
a well-balanced and effective financial
mechanism sufficiently elastic
enable it to obtain capital funds under
any and all conditions at the
3,644.720
____
must
be made to take care of its
rapidly growing business, makes it not only
desirable from the standpoint of all the
stockholders, but also very neces¬
sary that its financial structure be preserved so that its
capital needs may
be taken care of through the sale of bonds and of
$50,694,826
Oper. exp., maint., renewals & replace'ts [$2,117,8691.
taxes, &c. 36,052,096
Annual interest
charges on bonded debt with the public, includ¬
ing this issue.
3411
to the
has
Balance
to
.-$10,998,010
_____
Property.—The total capacity of the six power stations aggregates 820.000
p., including 200,000 h. p. as the
capacity of United Electric Light &
new station
recently constructed to meet the greatly increased
h.
lowest going rates, and the
for the purpose of
Power Co.'s
demands for electric service.
This station is located
of Hell Gate in The
Bronx, where a
of 400,000 h.
p. has been erected.
on
the East River north
The
K. R.
following announcement is credited as coming from the office of
Kingsbury, Pres. of Standard Oil Co. (Calif.):
"K. R. Kingsbury, Pres. of the Standard Oil Co. of
Calif., stated Nov. 29
that some months
ago his company had acquired a minority interest in the
Pacific Oil Co.
Mr. Kingsbury said that for many years
part of the
oil from the lands that were transferred to
the Pacific Oil Co. on its forma¬
tion had been delivered to the
Standard Oil Co. of Calif, for use in its
refineries, and this fact, coupled with the desirability of strengthening the
American ownership of Pacific Oil, had led the Standard Oil Co.
in
No. 1 and 2
Stations
the East
on
River, together have
generating capacity of
a
400,000 h.
over
p.
In addition, two smaller stations are operated.
The electrical distribution
systems include over 3,600 miles of feeders and
mains, of which three-fourths are located in
underground conduits.
The conduits and
subways for the underground high tension transmission
and distribution
system in Manhattan ana The Bronx are owned
by Con
to purchase the interest
referred
A dividend of $1 50
per share has been declared
company
that
Data from Letter of Jos. B.
McCall, President of the Company.
stockholders rights to subscribe to
additional stock "have been withdrawn for the
present."
The Common stockholders of record Dec. 8 were to
be given the right
to subscribe on or before Dec. 28 at
$50 a share for Common stock
(par
$50), to amount as follows: 15% on or before Dec. 28 1921; 20% on or before
Dec. 30 1922; 20% on or. before June 30
1923; 15% on or before Dec. 31
1923; the right to exercise each of the successive subscriptions
being depend¬
ent upon the exercise of the
previous subscription right, and to lapse to the
extent that such right as to the
previous installment or installments shall
not have been exercised and the stock
covered by such right taken up and
paid for.—V. 113, p. 1894, 1582.
Business.—Operates under a franchise unlimited in time.
Does entire
central station electric light and
power business in Philadelphia.
Through
Delaware County Electric Co. it does the entire commercial
electric light
and power business in the
important manufacturing district southwest of
Philadelphia along the Delaware
Population over 2,000,000.
maintenance & taxes._
Bond interest
Note interest
•_
Earnings of System Calendar Years [1921,
Preferred dividends
Balance
General interest
•____
113,
$1,134,021]
p.
Surplus Sept. 30..__.
1367.
1921.
$20,043,336 $21,486,780
incl.
on
maint., rent. & taxes..
funded debt, incl. this issue._
curr.
14,068,139
$5,317,369
Capitalization after this financing—
Preferred stock 8% Cumulative
(par $25)
Common stock (par $25) paying
7%
1st Mtge. Sinking Fund bonds
1916, 5s
Authorized. Outstanding.
..$15,000,000 $11,000,000
50,000,000
30,000,008
|60,000,0001x36,663,300
J
1,671,700
y
12,500,006
do
do
4s
1st Lien & Ref. Mtge. 6s (this
issue)
$2,056,016
13,519,378
2,650,033
Balance
$409,021
1,646,994
133,866
Total
-V.
exp.,
Annual interest
250,000
Two Mos. Est.].
1920.
earnings
Operating
$1,000,155
credit^.
Gross
$475,000
8,083,034
1,829,819
Balance sur. for period
588,739
1,530,843 Previous surplus.._____
of Chester.
1966, and $10,000,000 1st Mtge.
Demand Bonds and all of the Capital stock
(excepting directors' shares)
Delaware County Electric Co.
1921.
Amortization of debt
discount & expenses.
citjy
of the
.
Oper. expenses, including
including the
country.
Security.-— In addition to being secured by a general mortgage on entire
property, bonds will be secured by the pledge of $5,000,000 Philadelphia
Electric Co. 1st Mtge. Sinking Fund 5s, due
(Minn.).—Listing.—
Consolidated Income Account
for Year ended Sept. 30
earnings..
$13,032,591
"■Deduct—Depreciation
River,
Property.—Properties of company and subsidiaries form a single inter¬
connected system including power plants with an
aggregate rated capacity
of 310,982
kilowatts, of which 276,000 kilowatts are installed in 3 of the
largest and most modern generating stations in the
The N. Y. Stock Exchange has authorized the
listing of $1,500,000 1st &
Ref. Mtge. 25-year Series B
6% bonds, due April 1 1941, making the total
applied for $24,567,500 Series A 5s and $4,500,000 Series B 6s
(see offering
in V. 113, p. 1367).
Gross
to-day's columns.
int.; during succeeding 5 years at 105 and int. and thereafter at a
premium
of 1 % for each year of
unexpired life.
Denom. $1,000, $500 and $100 (c*).
Withdrawn.—
the
Northern States Power Co.
matter of record in
Dated Dec. 1 1921, due Dec. 1 1941.
Int. payable J. & D. at office of
Girard Trust Co., Phila., trustee, without deduction for
Federal income
taxes not exceeding
2%.
Penn. State tax of 4 mills refunded to residents
of Pennsylvania.
Not callable until Dec. 1 1926; callable all or
part during
next succeeding 5
years on any int. date on 30 days' notice at 107H ana
967.
announces
no
Ref. Mtge. Gold
An advertisement appears as
Bonds 6% Series/due 1941.
a
a St. Louis stockholder group.
George H. Kirchner,
Pres. of First State Bank of
Detroit, heads the local committee.
Charles
F. Noble, President of the
company, asserts the company is in no danger
The
capital stock,
yielding 6.10%, of $12,500,000 1st Lien &
receivership action by
p.
the
Philadelphia Electric Co.—Bonds Over-Subscribed.—
Drexel & Co., Philadelphia, Harris, Forbes & Co. and Brown
announce the sale at 99 and int.,
Co.—Company Solvent.-
North American Co.—Stock Rights
on
Bros. & Co., New York,
Detroit news dispatches state that local stockholders of the
company,
said to represent more than
$1,500,000 of stock, have organized to contest
insolvency.—V. 113,
Calif,
8ar value, of $1 50 per share was paidholders of record 113, p. 1989, 737.
Ded. 20 1921. An
litial div. payable Jan. 20 1922 to
July 20 last.—V.
companies, by over 99% of its stock.
The combined properties, exclusive of
working capital, represent an in
vestment of over
$220,000,000, as against which there will be outstanding
only $68,071,000.
Franchises.—The Edison company and the United
company possess
franchises for furnishing electric service in the
Boroughs of Manhattan and
The Bronx, which, in the
opinion of counsel, are perpetual and entirely
adequate for their business requirements.
See V. 113, p. 1367, 2318.
of
of
to."
Dividend No. 2.—
solidated Telegraph & Electrical
Subway Co., which is controlled by the
Edison and the United
^Charles F.) Noble Oil & Gas
Ref.
Pacific Oil Co.—Standard of
California Acquires Interest.
building for housing an ultimate capacity
Steam turbo-generators of 100,000 h.
p.
service, and operation of the balanceof of the 20°,000 h.
p. initial
capacity is expected within the next two months.
The turbo-generator
equipment in a second station of the United company, located on the
Harlem River, was completed in
February of this year by the installation of
the final 29,000 h.
p. unit, making the present capacity of that station also
over
200,000 h. p.
Thew New York Edison Co.'s Waterside
are now
proposal now submitted to the stockholders is
preserving this strong situation
[Compare offering of
6% bonds in V. 113, p. 2318.]
$10,000,000 1st &
$5,000,000 additional pledged under First Lien & Ref. Mtge. bonds.
y Authorized amount unlimited, but additional bonds are issuable
only
under the conservative restrictions of the
mortgage.
Purpose.—Proceeds will be applied to the payment of an equal amount
of 6% Secured Notes,
maturing Feb. 1 1922.
Sinking Fund.—Indenture will provide a sinking fund of 1% per annum
of the total amount of bonds
outstanding, to be applied to the purchase and
cancellation of First Lien & Ref. bonds,
(Compare also V. 112, p. 1984
and annual report for 1920 in V. 112.
p. 1738.)—V. 113, p. 1989.
x
Orpheum Circuit, Inc.—Com. Dividend Omitted.—
The usual quarterly dividend of 50 cents
per share
will be omitted.
Dividends of 50 cents
per
usually paid Jan. 1
share have been paid quarterly
the Common stock from April 1920 to Oct. 1921 incl.
The directors have declared the usual
quarterly dividend of 2% on the
Preferred stock, payable Jan. 1 to holders of record
Dec. 15.—V. 113, p.
2086.
on
Owen Magnetic Motor Car Co.—Re-Sale Ordered.—
Federal Judge Morris, it is stated, had ordered a
re-sale of the personal
of the company at Forty Fort, Luzerne
County, Pa.—V.
property
p.
113,
1895.
Pacific
Development
Corp.—Chinese Government Pays
Loan Interest-—Principal Extended Three
Months.—Edward
B. Bruce, Pres., Dec. 1, stated:
The Chinese Government has
to-day paid the interest due Dec. 1 on
the $5,500,000 loan made to it by the Pacific
Development Corp. and the
corporation has extended the payment of the principal of the loan
by the
Chinese Government for a period of three months from
Dec. 1 1921.
This action has been taken at the
request of the Chinese Government
in expectation that the negotiations which are now
pending will enable it
to pay the loan to the corporation
during the period of the 90-day extension.
The corporation shares what it believes to be the
general belief of the
American people in the integrity of China and the
desire and ability of
the Chinese people to meet all of the
obligations in full and has been very
glad to accede to the request of the Chinese Government in
temporary extension
Chinese Government
granting this
thus prevent any default on the
liability of the
to this corporation.—V. 113,
p. 1050.
ana
Pacific Gas & Electric Co.—Reclassification
of Stocks.—
The stockholders will shortly vote on
reclassifying the Capital stock as
(a) Increase the First Pref. stock from $50,000,000 to $79,9O0,OOO;
(b) reduce the authorized original Preferred stock from $10,000,000 to
follows:
$100,000, and (c) reduce the authorized Common stock from $100,000,000
to $80,000,000.
Data
from
Letter
of
President
W.
E.
Creed.
This amendment has been the subject of careful deliberation
on
the
part of the management and its adoption is earnestly recommended as
a very
essential-step in the financing of the company's future growth.
Its
purpose is to reduce by 200,000 shares the maximum amount of Common
stock that may be issued and to
permit of a corresponding increase in
the maximum amount of Preferred stock that
may be issued.
The total
authorized stock capitalization, which has stood at $160,000,000 for a
number of years, will not be increased
class actually issued and
nor
will the amount of stock of either
outstanding in the hands of the public be increased
by its adoption.
No
increase in
issued stock may take
place in future except with the
authority of the California Railroad Commission, and then only for the
acquisition of new property, extensions, additions, betterments and the
refunding of existing obligations, as the needs of the company may from
time to time require.
Explanation by Vice-President A.
F.
Hockenbeamer.
The company has outstanding at this time an issue of
$10,000,000 7%
maturing on May 1 1925.
These notes are convertible into the
Preferred stock at $95.
To place the company in
notes
position to meet any demands that may
from noteholders for the
exchange and at the same time to enable it to
tinue the very desirable policy of the sale of its Preferred stock
come
con¬
directly
Phillips Petroleum Co.—Initial Div.—Earnings—Listing
An initial dividend of 50 cents
per share has been declared
stock, payable Dec. 31 to holders of record Dec. 14.
In
connection
with
the dividend
declaration,
President
on
the Capital
Frank
Phillips
in substance: "During the first 10 months of 1921 the company earned
income, after all charges and Federal taxes, of $2,944,000.
Novemver's earnings have been
proportionately better because of the higher price
of oil.
Earnings for the first ten months are based largely on $1 oil,
whereas we are now receiving from $2 to
$2 50 a barrel.
"The company is in a strong cash
position and has no current obligations.
"It now has over 900 wells in
operation, and is adding to these by its new
drilling campaign.
It is also increasing its gasoline production by building
additions and new plants."
The New York Stock
Exchange has authorized the listing of 50,000
additional shares of capital stock, no
par value, on official notice of issu¬
ance in exchange for
outstanding stock purchase warrants, or on official no¬
tice of issuance and payment in full,
making the total amount applied for
says
a
net
710,000 shares.
The stock
hereby applied for was authorized by stockholders Nov. 1,
deposited with Central Trust Co. of Illinois, Chicago, III., as
trustee, for exchange for stock purchase warrants which
give to the holder
or owner thereof the
right to purchase from the company shares of its stock
at certain times, on certain terms
and at certain prices, as stated in con¬
nection with the offering of
$3,500,000 10-Year 7H% Gold Debenture
bonds in V. 113, p. 1583.
Compare V. 113, p. 1478, 1583, 1989.
and is to be
Pierce
Oil Corp.—New
Financing.—The company has
$2,000,000 10-year Debentures to Parker & Co., New
York, and West & Co., Philadelphia.
sold
Proceeds will be used to pay off all bank loans.
A public offering of the
securities is expected early next week.
An official statement says in sub¬
The volume of sales shows a large increase over sales for
the cor¬
responding period of last year and are continuously increasing.
Corpora¬
tion is now operating at
stance:
satisfactory profits, which it is expected will
tinue to show substantial increases.
arranged will shortly enable the
con¬
It is
expected that the financing just
capacity
intensive development of its oil properties in the United
company to operate its refineries at
and permit more
States and Mexico.
The
refineries have a total daily
capacity of 48,000 bbls., as follows:
Sand Springs,
Okla., 12,600 bbls.; Ft. Worth, Tex., 10,000 bbls.; Texas
City, Tex., 10,000 bbls.; Tampico, Mex., 14,000 bbls., and Vera Cruz*.
Mex., 2,000 bbls.
Equipment already on hand, when installed, will in¬
crease the capacity of these refineries to
54,000 bbls. per day, which, when
accomplished, should under normal conditions enable corporation to run
15,000,000 bbls. of crude oil per year through its stills.
Corporation
acres
in
owns
639
acres
Oklahoma, 55,460
in
acres
,
Louisiana, 4,678
11,106 acres in Mexico,
Kansas, 720 acres in
in
Texas
and
total, 72,603
acres.
The corporation and its subsidiaries own and operate
1,613 tank cars, freight and tank steamers,
pipe lines, gathering lines, &c.
The corporation has distributing oil
agencies and gasoline filling stations
in
Illinois, Missouri. Arkansas, Oklahoma, Texas, Louisiana and through--
shows as follows:
Total
$32,316,569
9,064,019
-—
Sept. 30 1921---
$41,380,587
1
&c.—
Listing—Sale of Additional Stock—Output,
authorized the listing of an additional
$2,500,081 Common stock, par $25 each, making the total amount applied
Stock Exchange has
$26,372,831.
for
The
_
Capital investment Dec. 31 1913
Capital investment Dec. 31 1913 to
The N. Y.
Union Oil Co.
depletion and depreciation,
investment, after
The capital
Mexico.
out
J
The issuance of $2,500,000 shares was
^
t
authorized by the directors Nov. 17
1921 and has been sold for cash.
The proceeds received from the sale will
be used for corporate purposes in development of oil leases, liquidation of
current bank loans and general corporate purposes.
Output for Six Months ending June
Subsidiaries).^
30 1921 (incl.
1,235,666
20,133
Crude fuel and gas
42-Gallon Barrels—
•___467,817 Miscellaneous
-.833,522
108,952
Totaloutput
Refined oil
Gasoline.
Lubricating oils
For consolidated statement of income and
Jan. 1 1921 to June 30 1921 and consolidated
^
o
.2,666,090
...
profit and loss for period
balance sheet as of June 30
1921, see V. 113, p. 1895, 2319.
Pittsburgh Coal Co.—Earnings, &c.—
apparently authoritative statement in the Pittsburgh
An
$3,000,000
dividend
requirements on $35,000,000 6% Preferred are $2,100,000 and the 5%
dividend on $32,169,200 Common adds $1,508,460, making total dividend
requirements $3,608,460.
For 1921 company is expected to earn present
6% Preferred and 5% Common dividends, with about $1,000,000 additional.
"Working capital on Sept. 30 amounted to approximately $18,000,000,
of which $3.200,000 was cash, $9,700,000 receivables and $9,300,000
inventory.
This last item represented coal at Lake ports, awaiting ship¬
ment; it has been practically all liquidated in past
"In 1920 the company earned $16 15 a share
National Exploration Co. being all the
held by the Union Oil Co.) on the basis
over
same
$1,000,000 having been charged off to
policy will be pursued this year."—V.
leased, 640 919 acres.
In July 1920 the Union Oil Co. acquired a contract then existing between
Texas Co. and Central Petroleum Co. under which the ownership of twothirds of the
total
the
outstanding $6,000,000 Preferred
Co.
The Central Petroleum Co.
United Electric Light & Power Co.—Status, &c.—
New York Edison Co. above.—V. 113, p. 2320, 1369.
See
U.
Industrial Alcohol
S.
Co.—Denies Rumor.—
statement published Nov. 30
month, and as saying, on the
it will show considerable profit.—
The company is reported as denying the
that it has recently been losing $100,000 a
contrary,
V. 113, p.
that for
2193.
the
current year
United States Playing
Card Co.—Extra Dividend.—
outstanding $3,335,900
has been declared on the
capital stock, par $100, in addition to the regular quarterly dividend of
3%, both payable Jan. 1 to holders of record Dec. 21.
Extras of 5% each,
in cash, have been paid semi-annually since Jan. 1920.—V. 112, p. 2775.
The
Wellsburg (W.
Va.) Home Telephone Co.—Sale.—
sale of the properties of this company, through its
issued by Federal Judge William
An order directing the
Dividends.—
the Common stock has
quarterly dividend of $2 per share on
Central Petroleum Co. will become
April 30 1923, upon the purchase by it of
Capital stock of Central Pe¬
troleum
and its subsidiaries operates
29,739 acres in Oklahoma, with 977 producing wells and a daily average
production of 4,480 bbls.—V. 113, p. 2193, 1990.
113, p. 1060.
Railway Steel Spring Co.—Regular
The regular
Capital stock of the
property of the Union Oil Co. on
the
An extra dividend of 5%
each account last year.
issued and outstanding stock (not
of one share of Union Oil Co. stock
Exploration Co. stock.
The National Exploration Co. was incorporated Oct. 6 1919 in Delaware
with an authorized capital of 1,500,000 shares, no par value, of which
600,000 shares are outstanding.
Company is engaged in the producing
of oil and gas, &c.
Began producing oil in Jan. 1921 and has at the present
time 49 producing wells located as follows in Oklahoma and Kentucky,
with an average daily production of 2,172 bbls.
Properties owned or
for 20 shares of National
six weeks.
its Common stock.
Showing this year is creditable, when it is considered that company's mines
had not operated above 50% or 60% of capacity during the period.
It
has been the practice to make heavy depreciation and depletion charges,
authorized the listing of 22,000
Exchange has
value, on official notice of issuance in exchange
outstanding stock of National Exploration Co., making the total
amount applied for 1,391,000 shares.
The stock is to be issued in exchange for 440,000 shares of Common stock
s
on
Delaware).'—Listing, &c.—
(of
Stock
York
for
"Dispatch''
27 says:
"Pittsburgh Coal Co. earned approximately
before taxes in nine months to Sept. 30 last.
Full year
New
additional shares, of no par
Nov.
net
[Vol. 113.
CHRONICLE
THE
2412
been declared payable Dec. 31 to holders of record Dec. 17
President F. F. Fitzpatrick says: "The amount necessary for
receiver, Samuel R. Caldwell, was recently
E. Baker, at Martinsburg, W. Va.
End
West
Chemical
the dividend
been fully earned,
but the directors are favorable to paying the dividend for a time, and hope
to be able to continue at the present rate throughout 1922."
The regular quarterly dividend of $1 75 per share on the Preferred stock
has also been declared, payable Dec. 20 to holders of record Dec. 10.—
V.
Co.—Reports on
Company's Borax
article by Hoyt S. Gale
c&ted."
on
the Common stock for the present quarter
has not
113, p. 967.
Dividend.—
stock, in addition to
the regular semi-annual dividend of 3%. both payable Jan. 16 1922 to
holders of record Jan. 5 1922.
In Jan. 1920 and 1921 extras of 2% each
paid.—V. Ill,
p.
has been declared on the
2145.
Republic Rubber Co., Youngstown,
O.—Capital Dec.—
The company has filed notice at Columbus, O., of a
capital from $1,000,000 to $100,000.—V. 113, p. 2319.
The "Engineering & Mining Journal" of Oct. 1 1921 contained a 6H-page
regarding this company's Callville Wash Colemanite
deposit, "a recent borax mineral discovery in Nevada which bids fair to
rival other existing deposits of Colemanite—large mineral reserves mdi-
reprinted in form for public distribution and copies
by Edward R. McCormick, investment securities,
Mr. McCormick also calls attention to the report recently
made by Dr. E. E. Free, consulting chemical engineer, formerly an expert
of the U. S. Government, who was employed by stockholders of the West
End Chemical Co. to report on all of the properties of the company, and
whose report discusses: (a) The capitalization; (b) its relation to property
values; (c) the company's present borax business; (d) its future potash and
soda business; (e) its large deposit of Colemanite (borax ore); (/) "Borax
Smith's part in the borax industry; (g) the company's domestic and foreign
markets; (h) the extensions of the chemical industries on the Pacific Coast.
Compare V. 113, p. 2320, 2197.
Royal Dutch Petroleum Co.—Interim Cash
decrease in its
Dividend.—
board of the company has
dividend of 15%) 15 guilders per share) in cash,
payable Jan. 18.
This dividend, it is stated, is being paid exclusively from
proceeds of enterprises outside the Dutch East Indies.—V. 113, p. 2193,
St. Regis Paper
Co.—Bonds Paid.—
Dec. 1, were paid off at office of Equitable
In connection with this payment the company
bonds, dated Dec. 1 1913 and due Dec. 1 1933.
Co., New York.
will issue $249,000 6%
—V. 113, p. 2319.
Western Knitting Co., Inc.—Bonds Authorized.—
stockholders have authorized the issuance of $500,000 1st
C.
Bolger,
Stores Corp.—New Realty
formerly Vice-President of the
Official.—
United Cigar Stores
Co. in charge of the real estate holdings, has become
Schulte Cigar Stores in the capacity of President of the
—V. 113, p.
associated with the
Schulte Realty Co.
2087, 1990.
Sears-Roebuck
Co., Chicago.—November Sales.—
&
1921
Nov.
1920.
Decrease. I 1921—11 Mos.—1920.
Decrease.
$16,186,495 $25,555,506 $9,369,011 ($160934099$235,427,598$74,493,499
The regular quarterly dividend of $1 75 per share has been declared on
the Preferred stock, payable Jan. 1 to holders of record Dec. 15.—V. 113,
p.1990,1779.
Seneca
The
New
$150,000
2650.
p.
Stock
Exchange has authorized
the listing of 100,000
additional shares of capital stock, no par value, on official notice of Issu¬
ance, making the total applied for 350,000 shares.
The 100,000 additional shares capital stock will be held and disposed of
by the directors as and when they deem it advisable.
The purpose of
issue is to provide funds for extending the development operations and
adding to the equipment of this corporation and of Gratiot Mining Co.,
its subsidiary.
The company recently purchased for cash the outstanding 20,500 shares
of capital stock of Gratiot Mining Co., par $3, and paid therefor $61,500,
thus getting full control.
Arrangements for direct milling facilities have recently been consum¬
mated whereby this corporation has purchased a stock intreest of 10,000
shares of capital stock of Lake Milling, Smelting & Refining Co. of Mich.,
with a capitalization of 100,000 shares stock, par $25, paid in $17.055016
per share.
.,
are development corporations,
loss, and received no income.—V. 112, p. 2544,
As corporation and Gratiot Mining Co.
they have made
no
profit
or
Zo 14*
Southern
P9wer Co—New Plants.—
The company, with headquarters at Raleigh, N. C., has
it has let contracts for wheels and generators for two new
Catawba
River,
Island, N. C.
one
It
is
announced that
stations on the
S. C., and the other at Mountain
expected to have the plants completed and ready for
at Great
^ 12 months.
Falls,
The estimated cost is stated to be about $10,-
000,000.—V. Ill, p. 2431.
Standard Oil Co.
(Calif.).—Minority Int. in Pacific Oil.
See Pacific Oil Co. above.—V.
113,
p.
1990.
Stearns Lighting & Power Co.—Trustee
—
Th® New York Trust Co. has been appointed trustee of the company's
Ten-lear 8%
gold notes.
Steel Merger.—-Two Steel
independent steel companies
were contemplating merging, but added that the matter was still in the pre¬
liminary stages.
The statement issued at the office of Mr. Chadbourne saysIn reply to Inquiries and newspaper comment, Mr. Chadbourne stated
was
that several of the independent steel companies
were con¬
sidering a plan arriving at a possible basis for consolidation; that he was
working with the companies upon such a plan, but that the matter was in a
preliminary stage and there was nothing definite to be said about it at this
time.
It is also
reported that two committees have been appointed to act
the details of the consolidation,
but the
names of the members
upon
of these
committees are not available.
From reports it would seem that two mergers are under consideration by
the various interests.
One merger, it is stated, will include Republic Iron
Steel Co., Mid vale Steel & Ordnance Co., Lackawanna Steel Co. and
Brier Hill Steel Co.
The other, it is reported, will take in Youngstown
Sheet & Tube Co., Steel & Tube Co. of America and Inland Steel Co.
Bethlehem Steel Corp. and Jones & Laughlin are not concerned in the
&
proposed mergers, it is reported.-
Gas & Electric Co.—Bonds
Authorized.
Railroad Commission has authorized the company to
& Ref. Mtge. Sinking Fund 5% gold bonds at
less than 80% and to use the proceeds to finance in part construction
The
California
not
expenditures made prior to Sept.
30.—V. 113, p. 2197.
Weyman-Bruton Co.—20% Stock Dividend.—
Dividends of 1%% on the Pref. stock and 2H% on the Common stock
have been declared, payable Jan. 3 1922 to holders of record Dec. 10 1921.
For the purpose of increasing the company's working capital, an additional
dividend of 20%, or $20 per share, in Common stock will be paid out of
accumulated surplus Dec. 28. to Common stockholders of record Dec. 10.
The company on Oct. 1 1918 paid a like amount in Common stock.
Compate V.
112, p. 1886.
Wheeling Steel Corp.—Cuts
Preferred Dividends.—
declared quarterly dividends of 1M% on the Class
the Class "B" Pref. stock, both oayable Jan. 2.
Distributions on these issues made quarterly since Oct. 1 1920. were 2H%,
on the "A" and 2% on the "B" stock.
The directors in June last omitted
the quarterly dividend usually paid Aug. 1 on the Com. stock.—V. 113,
"A" Pref. stock and 1% on
p.
1584.
Willys Corp.—Receivership,
&c.—On the application of
Bank & Trust Co. of Toledo, Federal Judge
Killits, Nov. 25, appointed Frank Kennison (V.-Pres. of*
the bank) and C. O. Miniger (Pres. of Electric Auto Lite
Corp.) receivers.
The receivership was consented to by
John N. Willys, Pres. of the corporation, but without the
knowledge of the several committees (see below) representing
the stockholders, creditors and others.
The Willys-Overland Co. is not affected (see below).
The receivership action was sought by the Ohio Savings Bank & Trust
Co.. which set up in the petition that it holds a note of the corporation on
which a balance of $100,000 is due.
The petition for receiver puts the
the Ohio Savings
indebtedness at not less than $10,000,000
Other
and not
over
$14,000,000.
developments in the situation are:
26,
(1) Judge Bodine in the U. S. District Court at Trenton, Nov.
ap¬
pointed Clifford I. Voorhees of New Brunswick, and Frank P. Kennison
C. O. Miniger as ancillary receivers for that district on the petition of the
same Toledo bank.
Judge Bodine in Newark Dec. 1 vacated the appoint¬
ment of Clement O. Miniger and Frank P. Kennison as ancillary receivers,
but continued the appointment of Clifford I. Voorhees, and also appointed
James Kearney, Trenton, as an additional receiver.
These changes were
made in a proceeding brought by the Equitable Trust Co., New York Trust
Co., Chemical National Bank, and Cnase National Bank to show cause
why the ancillary receivers should not be removed.
(2) Federal Judge Knox for the Southern District of New York. Nov. 26.
appointed C. O. .Miniger and F. P. Kennison, and on Nov. 30
F. M. Caffey as ancillary receivers.
^
, .
(3) Application to Federal Judge Cooper at Albany Nov. 30 asking
and
appointed
Mergers Pending.—
Thomas L. Chadbourne of Chadbourne, Babbitt & Wallace Dec. 1 con¬
firmed the reports that certain of the leading
j
Western States
The directors have
Copper Corp.—Listing, &c.—
York
Mtge.
The
issue and sell $200,000 1st
Retail
Schulte
James
out
7H% Serial gold bonds, dated Dec. 1 1922, and due $25,000 Dec. 1 1923,
$25,000 Dec. 1 1924, $50,000 each from 1925 to 1930, incl., and
on Dec. 1 1931.
The proceeds will be used to fund floating debt.—V. 112,
The $356,000 6% bonds, due
Trust
given
51 Exchange PI.
Amsterdam advices state that the managing
.
being
are
decided to pay an interim
1990.
»iin''.-"—
This article has been
Realty Associates (of Brooklyn).—Extra
An extra dividend of 2%
were
J/€*/'
CIY)ft
to
name
Northern
(4)
F.
M.
Caffey as ancillary receiver
of New York State.
him
for the corporation for the
District
The filing of a
petition in bankruptcy against
the corporation in
creditors with claims aggregating more than $1,500.
that the liabilities exceed $12,000,000 and that the
corporation had made preferential payments to a number of creditors.
(5) The filing of a bill of complaint in the Federal Court at Wilmington,
Del., Dec. 1, by Chase National Bank, Equitable Trust Co., New York
Trust Co., and Chemical National Bank, against the Corporation, seeking
the appointment of a receiver of all the property and assets wheresoever
situated or controlled.
Hearing has been set for Dec. 5 by Judge Morris.
In Sept. 1919 corporation, as successor by change of name to Electric
Auto Lite Corp., acquired the business of New Process Gear Corp. of
Syracuse, N. Y., and the Dusenberg Motors Corp. of Elizabeth, N. J.
(V. 109, p. 1186).
After acquiring the latter company's plant the company
began the building of a large automobile plant at Elizabeth, N. J.
This
plant has not as yet been completed as it is believed to be the cause of the
company's present difficulties.
New York by three
The petition alleges
Dec. 3
At
latest
mately
1921.]
THE
accounts
one-third)
the
company
owned
the
Common
stock
of
about
of the
$18,250.000
CHRONICLE
(approxi¬
Willys-Overland
Co.,
$1,000,000 Common stock of Fisk Rubber
Co., $1,000,000 7% Convertible
Rubber Co.. $101,000 Common stock and
$1,502,375 Pref. stock of U. S. Light & Heat
Corp.
The company has an authorized
capital of 5,000.000 no par value shares
Common stock
(4,450.000 outstanding.) $15,000,000 1st Pref. stock (all
outstanding) and $10,000,000 2d Pref. stock ($7,700,000 understood to be
outstanding).
2? £ef. stock of the Federal
World
The
3413
Commerce
Co.—Oil
Merger Scheme.—
dispatches Dec. 1 to the effect that a company of the above or
is being organized by
Philadelphia interests, with a total
capitalization of $2,000,000,000 (two billion dollars) to combine oil com¬
panies all over the world has failed to bring forth any definite information.
It is reported that the Land Title &
Trust Co. of Philadelphia may act as
depositary for companies going into the merger.
news
similar
name
In New York those interest in oil securities
are inclined to doubt whether
such
Statement by Pres. John N.
Willys Regarding the Receivership.
The receivership
proceedings should be regarded by all classes of creditors
and stockholders as
protective of their interests.
It is, of course, much to be
regretted that a receivership should be
deemed necessary at all, but in view of
the inability of the protective
committees,
representing the creditors and stockholders, in spite of the
imlimited discussion to get
together upon a plan of reorganization satis¬
factory to all and on account of daily increasing
by individual creditors
to
danger of hostile action
the directors have deemed it bast not
others,
or
the application
oppose
of the
Ohio
Savings Bank & Trust Co.
receiver.
A plan of reorganization, which will be fair to
everybody,
out under the protection of the Court.
The embarrassment of the
for a
now
take
classes
care
of all
its creditors and preserve
of stockholders.
I
particularly urge the stockholders not to sacrifice their investments,
but to have patience and hold on while the
situation is being worked out.
The return of normal business conditions will
see a
great improvement
in the condition of the
corporation.
The proceedings against the corporation
is understood
or
more
that
ago.
Worth &
not
the
affect
Willys-
improvement.
Statement by Protective Committee for 1st Pref. Stock, Nov. 28.
On its organization Feb. 3 1921 the committe
found the affairs of the
Willys Corp. in a highly unsatisfactory condition.
The corporation had
borrowed large amounts from banks,
yet had not completed its New Jersey
plant nor had it funds to complete or to start automobile construction in
that plant.
The corporation was pressed by creditors, some of whom held
liens against the New Jersey plant and was in
daily danger of a receivership.
The Auto-lite and New Process gear departments of the
committee
of the
corporation, owing
making little or no profits. The
were
highly dissatisfied with the conduct of the management
in the past and the uses to wnich the corporation's
was
corporation
funds had
a
'
-
Co., Inc.—Receivership.—
John Pearce Cann, Wilmington,
Del., Nov. 22, was named as a receiver
for this company by Judge Morris in the U.S.
District Court in Wilmington.
Murdoch Kendrick, Philadelphia, was named a receiver Nov. 21
by Judge
Rogers in Common Pleas Court No. 2 at Philadelphia.
Worth & Co. were
the fiscal agents for the National Guarantee Credit
Francis
M.
McAdams
Corp., now in the
J. Meagher.
and
Thomas
(Wm.) Wrigley Jr. Co., Chicago.—To Retire Pref. Stock.
The directors
Nov.
on
28 voted to retire the $1,500,000 7%
Jan.
Pref. stock
2 next at 110 and dividends.
A dividend of 50 cents
per share has been declared on the Common stock
payable Feb. 1 next.
In May last the directors declared a dividend of 50c.
on the Common
stock, payable on first of every month to Jan. 2 1922; also
1*4% on Pref. stock,
112, p. 2323.
payable July 1,
Oct.
1
1921
and
Jan.
1
1922.—
v.
Wright Aeronautical Corp.—Earnings.—
30 1921 the net earnings after taxes
$428,277, or the equivalent of $1 91 per share on the 224,390
capital stock issued and outstanding.—V. 113, p. 635.
amounted to
shares of
constant
general conditions of industry,
such
any
opened
were
For the nine months ending Sept.
do
Overland Co. in any way.
The Willys-Overland Co. is one of the best
known automobile companies in the
country and its position is sound.
Its business is
satisfactory under the conditions of to-day and is showing
to
assume
subscription books for the stock
be
Willys' Corp. came about when it was over¬
taken by the business
depression of a year ago with its new automobile
plant at Elizabeth. N. J., in an unfinished condition.
I feel confident
that in the remaining large value of its assets and in
the proven earning
power of its operating units, it has resources with
which, if given reason¬
can
It
week
hands of receivers
can
worked
able tune, the corporation
substantial equities for all
a
project if finally organized would be likely to
proportion which the reported capitalization suggests.
CURRENT
—The
Book
The
publication of the
Analyses,
or
railroad
market
has
"John
shown
Moody's
Rating
steadily advancing tendency in
a
recent weeks and interest in securities of this
type is growing apace.
Is the twel th annual edition of Mr.
Moody's
publication.
ful
descriptive,
financial
and
statistical
information
This
In addition to
all railroad
upon
systems, this book contains the definite investment ratings of all railroad
securities—both
bonds
and
stocks.
been
put.
This situation has continued
substantially since the formation of the
edition of
Railroad Securities" appears at an opportune time.
on
bond
NOTICES.
1921
new
For
than
more
20
Mr.
years
John
Moody has published financial reference books and is conceded
an authority
security values, but it is in the analysis of railroad investments that
the attitude in the conferences
which have been going forward with the committees
representing the banks
the lienors and the junior stockholders that it would
examine plans proposed by these committees which
on
Elans have been from time to timeto the creditors no plan has been evolved
suggested, but and the 1st Pref. stock¬
y these negotiations acceptable
town, N. Y., has organized
committee.
The
committee
has
taken
the trade creditors,
might be acceptable
to the interests of the 1st Pref. stock.
We have consistently co-operated
with the other interests to work out some
plan and a number of tentative
holders.
It has not been possible for the committee hitherto to
the stockholders any definite information
give to
concerning the negotiations for
giving out of such information might seriously impede
the progress of the negotiations.
On Nov. 25 1921 an application for a receiver was
made before the
the
reason
tnat the
U. 8. District Court for the Northern District of Ohio
by a creditor and
consent of the officers of the
company, a receiver
was appointed.
No member of the committee or, so far as we
know, of any of the other
committees which as the representatives of a
on
large
majority of the bank
creditors and lien creditors and the 2d Pref. stockholders had been attempt¬
ing to devise a plan of reorganization, were advised of the application for
a
receivership which
we
can
only
assume
was
intended to
be
concealed
his ability is especially keen.
The four Moody rating books, on railroad,
industrial, public utility, and Government and municipal securities, may
be purchased from Moody's Investors Service, 35 Nassau
St., New York.
of\he
—Floyd L. Carlisle, head
Northern New York Trust Co., Water-
a new investment house, to be known as F. L.
Carlisle & Co., Inc., with offices at 49 Wall
St., N. Y. City.
The capital
of the company
as
well
will be $500,000 paid in.
of W. H. Stevens, D. C.
all of Watertown.
The board will also consist
Middleton, D. M. Anderson and Roy K. Ferguson,
Mr.
Ferguson, who for several years has been head of
department of the Northern New York Trust Co., will come to
the bond
New
Mr. Carlisle will be President,
member of the board of directors.
as a
York
and
take
of the management of the
charge
firm.
new
The
house plans to specialize in securities of the Northern New York Utilities
Co., which is controlled by the Northern New York Trust Co., and other
investment issues.
from them.
In this situation
the
committee
believes that the
interest
of the
—Announcement
1st
is
Pref. stockholders will be best served
(1) by an attempt by legal proceed¬
ings to make certain individuals and corporations connected with the
corporation in the past management, pay for the
damage which the
investment
Carlile,
reorganization
made
securities,
William
by
John
Burnham
Co.,
&
dealers in
Inc.,
elected
Willys Corp. has suffered, and (2) the further consideration of plans for
In
1st
stock
at
the
appropriate
furtherance of both
Pref.
on
of
these
stockholders, who have
or
before Dec.
time.
aims, it is highly
desirable that all
heretofore done so,
deposit their
not
15.
that
B.
identified
in
La
at
Salle
for several
prominent
a
and
Monroe
with
way
the insurance
Nov.
Construction Creditor.,
30.
under the firm
Exchange,
The committee is informed that on Nov. 25 receivers were
appointed
for the corporation by the U. S. District Court at
Toledo.
The com¬
mittee is informed that these receivers were
appointed at the instance
of John N. Willys, and that none of the
committees
Pref.
stock
or
the
2d Pref. stock were consulted witn respect to the
application, and none
of the committees had any notice of it until after
the
receivers
were
in fact appointed.
This committee is acting in co-operation with the committees
represent¬
ing
the banking creditors, representing approximately $10,800,000
claims, the 1st Pref. stockholders and the 2d Pref.
stockholders
bond
construction
of these efforts.
Mr.
A.
and
Depositaries.
Joseph P. Cotton, counsel, 120 Broadway, N. Y. City, and Wfllard C.
Mason. Sec., 60 Broadway, N. Y. City.
Second Preferred Stockholders'
Committee.—Depositary, Bankers Trust
Co., 14 Wall St., N. Y.
Arthur O. Choate, Chairman, Clark,
Dodge & Co.; Francis M. Weld,
White, Weld & Co.; Ethelbert I. Low, Low, Miller & Low; Thomas F,
Lee, Secretary, 51 Wall St.; O'Brien, Boardman, Parker &
Fox, Att'ys,
120 Broadway, N. Y. City.
Merchandise <fc Construction Creditors' Protective
Committee.—Depositary
F. C.
Co.,
14 Wall St., N. Y.
B. Page, Chairman, E. W. Bliss Co., Brooklyn, N. Y.; Theodore
Beran, General Electric Co.; P. W. Brotherhood. Defiance Machine
Works; Joseph P. Terbell. American Brake Shoe & Foundry Co.; E. E.
Beach, Secretary, 16 Wall St.; Attorney, White & Case, 14 Wall St.. N.Y.
Bankers' Committee.—E. R. Tinker, Chairman, Chase National Bank;
J. A. Bower, Liberty National Bank; G. E. Gregory, National
CityBank;
A. W. Loasby. Equitable Trust Co.; P. H. Johnston, Chemical National
Bank; R. S. Hawes, First National Bank. St. Louis; J. E. Blunt, Jr.,
Merchants' Loan & Trust Co., Chicago; Rushmore, Bisbee & Stern,
Attorneys, and A. M. Williams, Sec. (who has succeeded W. J. Callahan),
61 Broadway, N. Y. City,
see V. 112, p. 661, 1310, 2776.
Wisconsin Telephone
business
Francoeur
Hixson
The
I.-S.
C.
with the firm
Commission
local and
has
authorized
the
company
to
acquire the
The latter company furnishes
long distance telephone service in the city of Janes\dlle, Wis., and
surrounding territory.
Serves approximately 2,315 subscribers.
Has out¬
standing capital stock of $126,200.
Indebtedness consists of $36,100 first
mtge. bonds and $42,600 notes payable.
The Rock County company shall transfer to the Wisconsin
company all
of its physical property except its central office building in Janesville, for
$190,000, of which $20,000 is to be paid in cash, and the remainder covered
by certain notes of the Wisconsin company maturing on or before five years
from their date, bearing interest at rate of 7 %, and secured
by a mortgage
covering all of the property of the Wisconsin company at Janesville.—
V. 113, p. 427
Philadelphia.
as
William
F.
of the municipal
manager
—W.
offices
at
formerly with
was
Hixson
C.
208
So.
La
Salle
Guaranty Trust
a
St.,
Co.,
Chicago,
Chicago.
111.
Mr.
Langley & Co., members of the New York Stock Exchange,
gratuitously distributed income
the Federal income tax
tribution.
the formation of
announce
of Francoeur & Hixson, to conduct a general
name
with
formerly with Byllesby & Co.
was
who have
as
Stress is
laws,
tax charts since the
now have their seventh edition
particularly laid
Chamberlain
&
Co.,
inception of
ready for dis¬
the changes in the new law.
on
Inc.,
of New
York,
announce
that
Philadelphia and eastern Pennsylvania
correspondent by Fairman & Co. of Philadelphia, who will also distribute
their securities in Maryland,
Delaware and Virginia.
—Mackie, Crouse & Co. of Philadelphia, announce that Wm. J. Crouse,
Joseph J. Foley, Mahlon H. Miller, Wm. E. Allen, Jr., George H. Wattles,
and Rudolph W.
Houkes have become associated with them in their bond
department.
—Carstens
announce
&
Earles,
the election
Inc.,
of L.
F.
through Vice-President
Crane
as
G.
Austin
Haskell,
Assistant Vice-President of their
firm.
—Kean, Taylor & Co.
announce
that Ernest J. Coulon,
investment security business under his
them
in
own
name,
formerly in the
is now associated with
their bond department.
—Arthur
May
&
Co., members
of the
Philadelphia Stock
have recently opened an office in the Stock
Exchange
for the purpose of conducting a
Exchange,
Building, Philadelphia,
general investment bond business.
—Prince & Whitely announce that Mr. Maurice M. Minton, Jr.,
formerly
with Bodell & Co., is now associated with them in their bond department.
^
—Joseph Barasch is
N. Y.
now
a
associated with Louis Levenson, 27 William
St.*
City, in the unlisted stock department.
—R. T. Garfein has
of
Co.—Acquisition.—
property of the Rock County Talephone Co.
St.,
hereafter they will be represented in
First Preferred Stockholders' Protective
Committee.—Depositary .Columbia,
Trust Co., 60 Broadway, N. Y, City;
sub-depositaries, First Nations'
Bank, Boston, Central Trust Co. of Illinois, Chicago, and Girard Trust
Co., Philadelphia.
Howard Bayne, Chairman; Stedman Buttrick, Walter C.
Janney. IT. N.
Bethell, Thos. B. Gannett, Leclanche Moen, Robert E. Hunter, with
Trust
Walnut
Francoeur and Frank W.
—Lawrence
Committees
co-partnership
a
Snyder, members of the Philadelphia Stock
1524
at
,
Protective
Bankers
of Lewis &
offices
partnership under the
investment
of
creditors, and will promptly advise creditors of the result
that
been
has
department.
—J.
repre¬
senting holders of substantial amounts of these securities, and will do
everything in its power to protect the interests of the merchandise and
name
with
Kling has become associated
representing the
banking creditors, the merchandise creditors, the 1st
field,
a
Vice-President of the Burnham organization.
Mr. Carlile in
assuming the Vice-Presidency, to which he has been elected, expects to
serve actively with the
organization, beginning immediately.
—George D. Lewis and R. Maurice Snyder have formed
Statement by Committee for Merchandise &
Chicago,
Streets,
postmaster of Chicago and before
years
opened offices at 115 Broadway for the transaction
general brokerage business in stocks and bonds.
—Schuyler Pardee has been admitted
as
a
general partner to the firm
of Vanderhoef & Robinson, 34 Pine St., New York.
—Howard
M.
Goff has become associated with Stroud & Co. of Phila¬
delphia, in their bond department.
—Harrison
McMIchael is
now
connected
with the sales department of
Harrison, Smith & Co., 121 South 5th St., Philadelphia.
—Wm. M.
ing,
Fogarty has moved to larger quarters in the Lafayette Build¬
Philadelphia, where he will conduct
a
general investment bond business.
—The firm of F. E. Warner & Co. has been formed to do a general invest¬
ment
business, with offices at 421 Chestnut St., Philadelphia.
[Vol. 113.
CHRONICLE
THE
3414
paid on American vessels to officers
A cut in the wages
(&ommzxtwl %xmzz.
1921.
Jobbing
Retail trade has been checked by storms
England—it raining here for four days
York, Friday Night, Dec. 2
New
sales are smaller.
and
here
New
in
setts, Maine, Vermont and
storms.
sleet
and
had
at
here
Holiday
In the far Southwest drouth has tend¬
trade has suffered.
The condition of winter wheat there
sections.
The coal trade has been
said to be the worst in many years.
Farmers at
are still using corn as fuel.
Prices of commodi
in some cases declined.
Usually there is a lively
at this time in jewelry, furniture and leather
Lumber sales have fallen off.
and depressed.
West
ties have
business
The same is true of the Western
be active. The
goods; it is only fair now.
it was recently reported to
shoe industry;
formerly did; they lack the
people are not buying as they
retail prices are still high.
money;
dull
Iron and steel have been
hampered by mild weather.
the
warm,
reported to-day
is
trade, though some relief was
ed to restrict
in certain
been warm—too
That has also hurt business.
South.
the
New Hampshire have had severe
The Pacific Northwest has also
Latterly it has
storms.
and
to-night—while Massachu
and raining again
in succession,
snow
That is clear enough.
is slowing down.
*
And fail¬
it is still more or less apparent.
tion of buyers;
significantly enough, are the largest for about a year
ures,
the slow shil
Retailers and others
" 'Tis better the nimble sixpence than
past.
ling," especially
in
have
of
hope
cases
many
continuance of the former reckless
a
buying and
and who lacked the capital
to stand a
exorbitant prices,
Mail-order trade in November fell below
siege of dulness.
of November last year.
that of October and far short of that
The decrease in the case of one concern
pared with last year, was close to
States
United
of
end
the
towards
are
the
year
quiet.
however, cannot be laid
big
course, as
usual,
industries of the
slowness of trade this year,
A
wholly to the beginning of inven¬
High costs and high prices,
check
high.
Times for many are hard.
Food prices continue
trade, and would in any case.
in
in Chicago, as com¬
37%. Of
many
tories, or anything of that sort.
declined
That was espe¬
been hard hit.
with those who embarked in trade in the
the case
cially
of replacement
refused to sell goods on the basis
who have
costs
shilling at all.
no
anything like
the
for
a
10% reduction is expected.
Philadelphia, on Nov. 28, between 4,000 and 5,000 cloak
and suit workers went on strike because of a dispute with
In
the
manufacturers over
The bread loaf has not
proportion
same
wheat
as
and flour within the
present year; meats and poultry, but¬
ter and eggs are
away up.
the question of establishing
piece¬
weekly wage system contin¬
ued.
About 75 manufacturers are affected.
The garment
makers' strike here is in its third week and has settled
down to a test of endurance, with a settlement probable
only when one side decides it cannot stand losses any
longer.
The local garment workers rejected the employers'
proposal to have the cloak strike arbitrated by Secretaries
Hoover and Davis.
On Nov. 28, wage cuts, average 12%,
affecting 40 tanneries in Peabody, Salem and Lynn, Mass.,
were announced.
The plants normally employ about 8,000
persons.
The Leather Manufacturers' Association
says
business conditions caused the reduction.
At Biddeford,
Me., on Dec. 1, the Saco Lowell Machine Co. announced a
workers want the
The
work.
general reduction in wages,
effective Dec. 12; amount not
2,000 workers. At Chicago, on Dec.
1, 5.000 needle trades workers employed by the Chicago
Cloak and Suit Manufacturers' Association struck because
of a new system of piece-work pay.
Officers of the associa¬
tion said no attempt would be made to reopen the shops at
stated; affecting about
strike of 45,000 packing-house workers in 15
Monday.
South Carolina mills are reported busy, and a meeting
will be held on Dec. 7, when planters will discuss the boll
A
present.
the lesson of the absten¬
Retailers have not fully learned
to result from a
Washington on Dec. 11 to
COMMERCIAL EPITOME
Trade
conference called at
discuss a renewal of the wage
scale and agreement between the sea unions and the Ship¬
ping Board.
The agreement expires on Jan. 1. The Ameri¬
can Steamship Owners' Association, it seems, believes that
another reduction in wages is imperative if the American
shipowner is to compete with the foreign lines.
A proposal
is expected
and men
cities is called for next
Textile plants are reported to have many
weevil problem.
spot orders, and collections are also reported good.
All of
the B. B. & R. Knight mills in Rhode Island Massachusetts
are
time.
Officials of the company de¬
outlook is better than for some time.
mills at Lewiston, Me., report the water-power situa¬
running full
now
clare that the business
Cotton
tion much
improved by recent stormy weather.
has recently dropped 10c per bbl.,
but maple
feet higher., Building ma¬
terials, in other words, are irregular.
In Boston large re¬
tail distributers of bituminous coal are reducing prices from
$9 25 a net ton to $8 75. This 50c cut is the second within
Cement
flooring is $5 to .$10 a thousand
thirty days.
dispatch says that, owing to the
A New Orleans
spread of
boll worm, Louisiana has placed a quarantine
against all cotton from the States of Texas, Arkansas, Okla¬
homa and New Mexico, except that which comes to New
the
pink
Orleans
on
through bills of lading for export.
quiet; prime Western, 9.50@9.60c.; refined to the
Continent, 11c.; South America, 11.25c.; Brazil in kegs,
12.25c.
Futures declined at one time owing to selling by
LARD
packers, who are awaiting lower prices for hogs.
At the
time there has been a fair amount of covering and some
same
still
Progress at the Armament Con¬
of the scarcity of buildings.
ference
in
has
Washington
Rents are still high because
down
seemingly slowed
some¬
settlement of Far Eastern questions.
London has been somewhat perturbed over the Irish situa¬
awaiting
what,
the
tion, which is usual at one time looked threatening and then
brightened
On
wheat farmers have had somewhat
hand,
higher prices of late, coincident with
less steady
or
a more
foreign demand and large exports, which for the first time
this season bring the total up to something larger than that
for the
corresponding date last season, when it was remark¬
In other words, we have exported some 211,-
ably large.
140,000
buShels of wheat,
whereas
the exportable
of this country was estimated some time ago at
Evidently it
also
on
was
under-estimated.
large scale.
a
bushels is
more
period
last
tinued
to
show
Moreover,
corn
exports
are
as
large
as
stocks and
during the same
bonds
have
con¬
strength and activity, which has heartened
the commercial community.
There
downward.
The
surplus
182,000,000.
The total up to Dec. 1 of 51,023,000
than ten times
year.
has
Money rates have been tending
been
a
Sharp rise in the rates of
exchange, sterling reaching the highest point seen
for many months.
Marks have also risen sharply.
There
foreign
has been
talk of
some
Collections
tions.
a
are
moratorium
somewhat
on
the German repara¬
better.
ment sale of wool at Boston showed
in
an
The big
ticeably in 1922, especially if producing costs
the
Govern¬
advance of 10 to 15%
The general belief is that trade will improve
prices.
are
no¬
reduced to
point which will encourage consumption.
The Federal Reserve Bank
of Philadelphia reported that
after three months of improvement business in general dur¬
ing the
progress
no
weeks has failed to make any further
toward recovery.
In fact, not only has there been
past four
betterment in conditions, but many industries and trades
have lost considerable of the gains
Secretary
made
depression is
to
Agriculture
following
the
farming,
of
it."
at
reported
Chicago:
"The
to
have
present
in the history of American
take fully five years for agriculture
the most severe
from
previously made.
Wallace is
statement
and it will
recover
week.
CLOSING
DAILY
PRICES
Sal.
January delivery
March
delivery
cts_ 8.50
8.67
OF
LARD
Mon.
FUTURES
Wed.
Tues.
8.52
8.50
8.52
8.72
8.70
8.72
IN
CHICAGO
Thurs.
8.50
8.67
Frl.
8.50
8.72
steady; mess, $25@$25 50; family, $30@$30;
$22 50@$25.
January closed at $15 35, which
is $1 10 higher than a week ago.
Beef dull; mess, $12@$14;
PORK
little.
a
other
the
buying for a bulge later on.
To-day prices were rather
higher.
They end, however, 7 to 8 points lower for the
are
short clear,
packed,
$13@$14; family,
$15@$16; extra India mess,
$24@$25; No. 1 canned roast beef. $2 25; No. 2, $5 25;
6 lbs., $15 50.
Cut meats steady; pickled hams, 10 to 20
lbs., 16%@17J^c.; pickled bellies, 10 to 12 lbs., 13c.
Butter,
32 @46 34c., as to quality.
Cheese flats, 16 @23 34c. Eggs,
resh, extra, 56@72c.
on the spot in moderate demand; No. 7 Rio 8%
No. 4 Santos ll%@12Mc; fair to good Cucuta 11*34
Futures have latterly fluctuated within very narrow
imits ending a little higher.
Brazilian cables were stronger
but on the other hand the trade has been selling.
Selling of
December for long account has been something of a feature.
The deliveries on contract on December 1st reached app¬
COFFEE
@ 9c.
@12c.
roximately 250,000 bags.
This was a somewhat smaller
quantity than had been expected, but the difference was not
arge enough to affect the market.
Announcement was
made that the Brazilian government would not sell any
coffee.
Estimates of the Santos and Rio crops for the com¬
ing season are not largeif than last year's. But firm offers at
;imes were scarce.
Today prices declined slightly.
They
wound up 1 to 15
March.
points higher for the week, the
latter on
crop Cuban sugar was offered early in
said, at close to 2)4 cents, cost and freight,
or 34c. under the price quoted by the Cuban Committee's
price for old crop sugar.
Offerings in some cases were for
December delivery, but mostly January and later.
Offer¬
ings of new crop sugar now are interpreted by some as mean¬
ing that sales will not be restricted by the Cuban Govern¬
ment.
There was further talk about the report that 900,000
uons of surplus old crop sugars in Cuba will be taken on a
SUGAR.—New
the week, it was
tolling arrangement with United States
refiners. ..Half of
Dec. 3
THE
1921.]
4his sugar, it is
supposed, will be exported if the deal goes
This plan means, it is recalled, that various in¬
terests would take 900,000 tons and refine it at the rate of
100,000 tons a month for the next nine months to be sold
after manufacture in equal quantities here and abroad.
I;
also means, of course, that the Cuban Commission would
have that much refined sugar to sell instead of raw sugar
Refiners would have a guaranteed profit.
The Cuban Com¬
mission would get rid of a big block of sugar.
But how
about the new crop sugar, it is asked.
Would it not find
all the smaller market?
Sooner or later the economic law
through.
_
of
supply and demand, which in the long run is inexorable
evaded, w'll have to govern.
Spot raw sugar
and cannot be
has been quiet and without marked change, although rumors
were in circulation that some concessions had been made on
small
lots.
New
Cuba
was
still offered,
it
was
said, at
Two centrals
have started grinding new crop cane and others are expected
to start up later in the present week.
There was a rumor
that 5,000 tons of refined sugar for
February shipment
abroad had sold at 3c. f. o. b., but it was denied.
Old
Cuba, 234c.
Granulated, 5.20 to 5.30c.
Concerning the
"tolling" of 900,000 tons of Cuban raw sugars, Lamborn &
Co. say: "By distributing the shipment of raws from Cuba
over a nine months period, it is felt that Cuba will have a
more favorable opportunity to market the new crop, grinding
234c. to 234c. c&f., according to shipment.
centrals, and
at the same time give holders of the unsold balance of this
•crop an opnortunity to sell and also producers a better market
than would be afforded them were shipments to be made
.over a shorter period."
Refiners have latterly made steady
progress in catching up on deliveries, but are still somewhat
behind on shipments to nearby points.
At Cuban ports the
receipts for the week were 22,812 tons, compared with 24,060
tons in the previous week, 7,301 for the same week in 1920
and 9,165 in 1919.
Exports for the week were 77,879 tons,
including 69,503 tons to United States Atlantic ports and
8,376 to Europe, against 62,414 in the previous week, 27,722
in 1920 and 52,570 in 1919.
The stock at Cuban ports is
997,459 tons, as against 1,052,526 in the previous week,
245,436 in 1920 and 82,707 in 1919.
Havana cabled:
"Light showers." 'To-day rumored sales of Venezuela at
2.10c. c. i. f. New York, now loading.
It is said that the
quantity of Cuban sugar which the Cuban Committee has
bought and is bringing forward unsold will not exceed 100.000
tons.
To-day futures showed practically no change.
They
are 3 to 4 points lower for the week.
of which will
.
commence
in December by a few
dull with English oil still plentiful at
prices than the price for American. American
November carloads, 67c.; less than carloads, 70c.; five barrels
or
less, 74c.
Cocoanut oil, barrels, 9 34@934c.; Cochin,
10@1034c.; olive, SI 15; soya bean, edible, 1034@Hc.; lard
strained winter. 87e.; cod, domestic, nominal,;Newfoundland,
43@45c.
Cottonseed oil fell with cotton.
To-day's sales
were 10,000 barrels, closing as follows:
:
OILS.—Linseed
much lower
Soot
8.30 (^8.50J
February
December. __8.28 0*8.30 [March
8.52 @ 8.531 April
8.95@8.96
8.62(3)8.05 J May
8.76@8.77[
January
8.81 @ 8.821
Spirits of turpentine 80c.
quality; B to I fell 5c.
.
Rosin $5 55 to $7 75, as to
PETROLEUM.—Gasoline
but
stocks
has
been
in
better
2415
CHRONICLE
demand
ample here.
Kerosene quiet and steady.
Export trade is not brisk at the moment.
The tax increase
on
Mexican petroleum exports arouses much comment.
New. York prices, gasoline, cases, cargo loss, 3434c.; United
States Navy specifications, bulk 19c.; export naphtha cargo
lots 2034c.; 63 to 66 degrees 2334c.; 66 to 68 degrees 2434c.;
cases, New York, 1934c.
Refined petroleum tank wagon
to store, 15c.; fuel oil $1.70 per barrel; motor gasoline to
garages, steel barrels, 27c.
During November, 1,330 wells
were completed east of the Rocky Mountains, a gain of 132
over October, while new production amounted to
165,911
barrels, a decrease of 3,992 barrels, according to the Oil
City Derrick.
Dry holes numbered 319 and gas wells 150,
making a total of 861 producting wells.
The Tampico cor¬
respondent of the Oil City "Derrick" says an increase in
export taxes on petroleum ranging from 20 per cent to
nearly 40 per cent for the oils moving in November has been
announced in Mexico City by the Department of Special
'Taxes, mines and petroleum section.
The percentage in¬
creases represent the advance in export taxes over the rates
obtaining in October, increased valuation per cubic meter
according to the directors, automatically increased the ex¬
port tax as 10 per cent of such valuation which is*made by
the Government department above referred to is collected
as the oil moves for export.
The "Derrick" says the new
valuation will result in collections being made per barrel as
follows: South Fields crude .149c. the barrel, Panuca crude
$2 28 Electra
14 00 Indiana
2 40 Princeton
Pennsylvania
Corning
Cabell
2 27
Thrall
topped crude prepared fuel oil .123c bbl.
October tax rates represent the follow¬
ing: 37.8 per cent, 31.7 per cent and 21.9 per cent respec¬
tively.
Oil City wired that the estimated daily average
production of the Gulf Coast fields last week was 104,560
bbls, a decrease of 6,220 bbls. compared with the previous
week.
North Texas output averaged 139,185 bbls daily, a
loss of 4,322 bbls.
Louisiana-Arkansas production was
111,000 bbls. daily, a gain of 3,800 bbls.
The Humble Oil
Refining Co. subsidiary of Standard Oil Co. of N. J. has
completed its Slaughter No. 1 well in Mexia with initial
•flow-of 8,500 bbls.
The advances
over
2 25
2 25
1 65 Moran_
Somerset, light-2 65 Plymouth
Henrietta
&
Okla¬
Ra gland..
1 25 Kansas
homa
2 00 Caddo. La., light.
Wooster
2 78
Lima
1 05 Caddo, heavy
2 48 Corsicana, light
Corsicana, heavy70
RUBBER has met with
a
2
2
25
25
2 00
1 25
better demand at rising prices.
Supplies have been none too plentiful.
Competition
among
buyers has put prices up.
London and Singapore prices
are
reported higher.
Ribbed smoked sheets at 2034c.;
January-March nominally at 21c.; April-June, 2234c.;
July-December, 24c.
First latex crepe, 2034c; Para upriver, 24c.
FREIGHTS
OCEAN
downward
a
little
have been
dull
and
still show
a
Time charters at times have shown
life and some demand has prevailed for grain
tendency.
more
and coal tonnage.
Recent
charters include
December,
iterranean,
grain Atlantic range to Bremen,
to assume lighterage risk;
owners
time, Atlantic
15He. early
Med¬
range to
round trip, $1 10 prompt; Atlantic range to Mediterranean,
not east of west Italy, 5s. and 5s. l^d. and 5s. 3d., option Adriatic 3d.
extra, Dec. 24; Gibraltar to Gibraltar passages range, 4s. 9d., option of
Spanish Mediterranean port. 5s. Dec. 24; North Pacific port to United
Kingdom or Continent, grain, 55s., Dec. 24.
Coal. Hampton Roads to
River Plate, ?5s., December; sugar, Cuba to two or three ports Japan,
$9 25, December; deals, Campbellton. N, S., to United Kingdom at or
about 102s. 6d., prompt; coal, Fernandina to West Italy, $3 25, December;
grain, Gulf to Antwerp Hamburg range, 16c., with options, spot.
one
Washington advices say that the Shipping Board is against
further reduction on North Atlantic grain rates to Con¬
tinental Europe, as it believes they are low enough under
resent conditions.
A better ocean freight business, it is
said, is being done to the Far East than to any other im¬
portant trade region.
General cargo, grain and cotton is
moving on a liberal scale, it seems, from Pacific ports to
Manila, Japan and China.
any
HIDES have been
quiet here, but in the River Plate district
26,000 frigorificos steers sold at $5,250, an advance.
Here
dry hides have been very dull at 8 to 10c.
Bogata
quiet at 15c.
Country dull.
City quiet at 17 to 1734c.
for spreads.
Later though quiet here, Santa Marta sold,
it is stated, on the basis of 15c. for mountain Bogata.
Reports from the River Plate section encouraged holders;
sales were reported of 8,000 Anglo-S. A. Meatworks frigorifico
steers at $54 50, November salting.
A sale of 2,000 Armours
at $54 was reported.
common
TOBACCO has met with
a
somewhat better inquiry, but
In fact, they have
actual sales have not increased much.
But it is said that manufacturers are
still been small.
keep¬
the market.
They have bought little
The natural inference is that their stocks
have become more or less depleted.
In any case, at the
Christmas and New Year's holidays trade is apt to brighten
up.
But prices with trade still slow are largely nominal.
It is surmised that they would be reduced on good-sized
purchases.
COPPER has been in better demand and firmer; Dec.,
1334c.; Jan.,-1334@14c.
Consumers have bought more
freely.
Some reports claim that the sales in November were
upward of 140,000,000 lbs.
Spot electrolytic, 1334c. Lead
in moderate demand and steady; here, 4.70c.; East St. Louis,
4.35c.
Zinc rather steadier; here, 5.10c.; East St.-Louis,
4.70c.
Tin advanced on higher London cables, but the
demand hangs fire; spot, 3034c.
ing
for
a
a
sharper eye
long period.
on
are
..161c. the barrel,
$2 25
Strawn
2 27
Illinois
2 01
PIG IRON has remained dull and
Consumers,
rule
as
more or
less depressed.
usual towards the end of the year, are
indifferent.
as
a
Western
prices are reported weaker.
Birmingham advices intimate that sales have been made
at below $18.
No. 3 sold there, it seems, at $7 50 for 500
Coke has been dull and weak at $3 to $3 25 for fur¬
tons.
nace
and $4 to $4 50 for foundry
STEEL
has
remained
on
grade.
the whole
dull and
none
too
steady, although railroads and oil companies have bought
to some extent.
The railroads, of course, need a good many
cars and a large tonnage of rails.
It is supposed that with
the opening of 1922 there may be orders for rails for some¬
thing like 300,(XX) tons.
Line pipe for oil fields has sold at
low and, it is said, even unprofitable prices.
That was the
only way in wrhich good business could be had.
Mills in
general are operating, it is estimated, at an average for the
trade in general at 40 to 45%.
WOOL
has
been
speculative buying
tariff.
Mills
have bought comparatively little, however.
Foreign prices,
it is well known, have recently declined.
American medium
and low grades have been the most firmly held.
Boston
quotations included: Domestic—Ohio
and Pennsylvania
fleeces, Delaine qnwashed, 36c.; fine unwashed, 29@30c;;
34-blood combing, 31c.; 34-blood combing, 28@29c.
Michi¬
gan and New York fleeces, Delaine unwashed, 33@35c.;
Pine unwashed, 27@28c.; 34-blood unwashed, 30c.; 34-blood
unwashed, 27@28c.; 34-hlood unwashed, 25@26c.
Wis¬
consin, Missouri and average New England, 34-blood,
25@26c.; 34-blood, 25@26c.; 34-blood, 24@25c.
,
in Boston
on
steady with
some
the extension of the European
In London the wool sale scheduled for Nov. 28 was post¬
poned
owing to the dense fog, which prevented a proper
inspection of the offering.
Buenos Aires cabled that there
are indications that French operators are preparing to resume
wool buying as a result of the settlement of the textile strike.
In London on Nov. 30, at the joint offering of Realization
Association and free wools, 11,000 bales.
Demand was
good, prices steadier.
Details are: Sydney, 2,073 bales;
2416
THE
CHRONICLE
merino, 15yd. to 23
pieces, lOd. to 17 yd.
Queensland, 1,682 bales scoured merino, 7d. to 32d. Victoria,
655 bales, greasy comeback, 17d. to 22yd.; crossbred, 4%d.
to 20y2&.
West Australia, 1,337 bales, greasy merino,
9d. to 20d.
New Zealand, 4,580 bales, greasy crossbred,
5 yd. to 123^d.; slipe crossbred, 6d. to 16d.
In London
on Nov. 29 the wool auctions were resumed with an offering
of 9,300 bales on behalf of the Realization Association and
2,791 bales of Punta Arena free wools.
Selection poor;
prices unaltered, i.e., on a level with those of last week, or
IVi to 10% below October's.
The details: Sydney, 2,740
bales, greasy merino, 15lAd. to 20d.; pieces, 8d. to 17d.;
greasy crossbred, 6d. to 12d.
Queensland, 1,596 bales of
greasy merino, lid.
to 21j^d.; scoured, 33^d. to 38d.
Victories, 1,056 bales, and New Zealand 2,780 bales, greasy
crossbred, 4%d. to 13Ad.
Puntas, greasy crossbreds,
6%d. to 11 yd.
London cabled on December 1 that Well¬
ington, New Zealand, reported that the wool dispute there
has been temporarily settled by extending prompt settle¬
ments to 14-days where necessary.
The next New Zealand
sales will occur at Napier, Dec. 5; at Auckland Dec. 9, at
Wellington Dec. 13, at Christchurch on Dec. 16, and at
Dunedin on Dec. 21.
Thereafter the original dates will
The following tabie shows
greasy
Dec.
1
prices at the Government sale ad¬
vanced over 10% from the November sale.
Borne 7,000,000
lbs. were offered and all sold except a few lots withdrawn by
the Government before the sale, i. e., lot 31 and the last
eight lots on the catalogue which were worsted yarn.
The
larger buyers were Brown & Howe of Boston, who took over
a million lbs.
The Kenneth, Hutchins Co. of Boston was
the largest buyer of scoured wools, taking 225,000 lbs.
Webb of Philadelphia took over 700,000 lbs., and Hutchins
of Bostoh 675,000 lbs.
The Crimmins & Peirce Co., Bos¬
ton, took 475,000 lbs.; Koshland of Boston, 270,000; Wheelock of Boston, 210,000; Chicago Wool Co., 214,000, and S. C.
Murfitt Co. of Boston, 230,000 lbs.
Wheelock paid 22 He.,
or 51c. clean basis, for Bahia Blanca French combing halfbloods, top-making style, irregular staple, some burrs,
beans and shives.
Prices were up over a cent over the pre¬
vious sale in the grease.
Patagonia low three-eighths sold
at 46c. clean and low three-eighths Punta combing 50s
35c. clean, and Argentine combing, 44s-40s at around 20
to 22c.; combing fleeces of the same grade sold up to 28c.;
but this was for excellent wool; Montevideo carding lambs,
56s grade, 36c.; carding Argentine low three-eighths, 30c. @
39c. (the latter price being for a choice lot of second clip
wool containing some 58s); Bahia Blanca 55s-56s, 37c. to
38c.; 46s-50s, pieces and bellies, 24c.; unwashed gray Peru¬
vian 44s-46s, 13c. or 27c. clean basis; Australian super 40s
combing, practically free, brought 29c. clean; high quarter
super combing lambs, 46c. ordinary; slightly faulty, 44s,
31c., against no bid in November.
New Zealand super
44s-46s, bellies, brought 29c. clean, 44s medium carding,
27c., and 40s medium hoggets, 35c. in domestic greasies.
Graded average fleece, the bulk 64s, 45c.; clean California
original fall lambs, 51c.; California average fall, practically
free, 35c.; fine medium California scoured wool, 43 He.;
domestic quarters scoured, 35c., and at one time, 38Hc.;
low around, 29 to 30c., and carbonized low quarter South
American, 25c. to 29c.
on
In London on Dec. 1 .auctions were continued, the joint
offering of Realization Association and free wools aggregat¬
ing a little over 10,000 bales.
Demand sharp.
Germany
bought more freely owing to the rise in the mark.
Prices
firm for merinos and crossbreds.
Details: Sydney, 2,945
bales, greasy merino, 9Hd. to 25 Hd.; scoured, 23d. to 33d.
Queensland, 1,486 bales; scoured merino, 17yd. to 38d.
Victoria, 1,250 bales, greasy merino, 12Hd. to 23d.;.cross¬
bred, 5yd. to 14yd.
New Zealand, 3,407 bales, greasy
crossbred, the bulk YorKshire, 4yd. to 15d.
the week's total receipts, the
Aug. 1 1921 and stocks to-night, compared with
total since
the last
year:
*
This
Texas
This
Since Aug
City
Houston
Gulfport
Mobile
Penscaola
Jacksonville
Savannah
Brunswick
1921.
1920.
1
1920.
382,778
90,204 1,367,761
375
12,283
8,270
207,797
294
6,735
79,752
548,571
74,689 1,379,353
975
13,919
202,641
20,281
464
8,853
543,081
32,241
3,589
2,281
71,131
Port Arthur, AcNew Orleans
Since Aug
Week.
1 1921
Week.
Galveston
Stock.
1920.
1921.
December 2.
11,513
299,480
4,661
445,220
411,427
.
6",2l4
35", 103
16,978
15",944
200
14,246
200
931
1,749
371,273
""38
"""935
"~2~, 351
~2~, 059
23,121
12,716
37,168
81
Charleston
Georgetown
2,364
310,604
8,274
33,088
179,243
1,032
121,114
149,958
4,430
243,011
36,061
125.954
63,061
200
__
~4~, 351
Norfolk
57,962
3",360
11,103
Wilmington
175,629
15,142
40796
100,930
46
555
27
796
4,800
14,364
15,621
2,506
N'port News, &c_
New York
1,364
Eoston
2,193
Baltimore
1,679
806
Philadelphia
Totals
be adhered to.
In Boston
[Vol. 113.
6,821
16,499
579
29,469
1,480
18,714
228
114
38^623
109",030
19",340
5,470
2,179
8,679
12,732
5,304
5,221
167,931 2,951,322 231,762 2,710,964 1,447,602 1,275,251
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
Receipts at—
1921.
I
1920.
Galveston
74,689
TexasCity.&c.
New
21,720
32,241
2.281
6,214
Savannah
14,246
23,121
200
931
200
OrleansMobile
Brunswick
Charleston
Wilmington
1917.
1916.
83,213
40.000
17,094
52,163
13,536
45,991
2,000
12,979
2,364
3,360
15,142
4,351
11,103
__
Norfolk
1918.
1919.
90,204
8,939
79,752
3,192
281
55,895
4,459
24,080
2,050
64,743
43,139
4,695
1,245
11,434
6,884
13,675
93,163
12,306
51,399
4,056
34,945
4,500
7,986
1,366
20,019
1,934
29,950
4,000
9,118
3,328
13,460
N'port N., &c.
46
27
296
All others.___
6,123
2,439
8,973
"3",697
24,679
12,764
Total this wk.
167,931
231,762
256,804
150,747
194,741
242,504
109
Since Aug. 1__ 2,951,322 2,719,964 2,937,450 2,210,400 3,021,100 4,126,678
The exports for the week ending this evening reach
a total
135,043 Dales, of which 13,628 were to Great Britain,
20,832 to France and 100,583 to other destinations.
Ex¬
ports for the week and since Aug. 1 1921 are as follows:
of
Week ending Dec. 2 1921.
From Aug. 1
Exported toExports
from—
1921 to Dec. 2 1921.
Exported to—
Great
Great
Britain. France.
...
68,467
82,743
306,021
181,687
15,355
20,281
36,812
40,506
4,708
Texas City.
Houston
8,400
4,926
5,876
.
.
Total.
4,708
99,093
59,506
1,000
23,586
Galveston
Other.
"B, 629
Britain.
France.
Other.
San Antonio
El Paso..
50
Gulfport
Mobile
26
399,844
Pensacola
3,589
47,514
200
"7",506
Savannah..
10,214
17", 720
Brunswick..
Charleston
47", 576
277,626
11,268
41,778
6,348
~"l",706
33J30
5,000
41,844
16,124
8,500
4,659
30,600
_
Norfolk
6,152
1,500
New York..
.
200
193,882
36,168
11,268
Wilmington.
6,152
1,500
44,100
97,972
42,679
4,877
51,469
25,643
912
361
_
4,516
59
Los Angeles.
100
100
San Fran
773
16,000
1,112
20,906
208
858
209
638
200
773
208
100
50
4,706
Philadelphia
"50
424
Baltimore
858
18,942
-
San Diego..
Seattle.
50
26
241,245
2,589
18,299
.
New Orleans
Boston..
Total.
632,621 1,120,329
5,142
5,142
125,323
202,641
18,942
600
..
Tacoma
Portl'd, Ore.
Total
13,628
Total
1920.
99,993
Total
1919.
40,528
20,832 100,583 135,043
600,222
51,614 131,323 282,930
739,076
80,729 160,673 1,090,712
39,416
600
21,268
17,707
1,150
21,268
17,707
1,150
339,567 1,441,740 2,381,529
320,958
205,824
838,155 1,898,189
810,476 2,107,012
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
New York.
COTTON.
On
Friday Night, Dec. 2 1921.
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
167,931 bales, against 137,225 bales last week and 170,422
bales the previous week,
making the total receipts since the
1st of August 1921 2,951,322
bales, against 2,710,964 bales
for the same period of 1920,
showing an increase since Aug. 1
1921 of 240,358 bales.
Wed.
Thurs.
Fri.
19,866
8,974
17,906
6,208
7,964
City
Port Arthur, &c_
New Orleans
13,771
975
"5",872
Houston
14,409
Orleans,.
~3~, 084 "3",891 "5",967 "8",504
975
20,281
464
"1,751
9,044
32,241
273
26
498
1,069
25
390
2,281
81
81
2,905
2,117
1,839
3,573
1,337
2,475
14,246
200
143
69
481
78
66
832
851
2,578
1,086
1,067
656
1,315
483
2,480
Savannah
Brunswick
Charleston
Wilmington
—
Norfolk
1,822
N'port News, &c.
_
Mobile
_
_
271
1,295
229
Baltimore
290
796
New York *
206
30,878
25,899
229
28,844
307
21,861
30.133
150
320,855
373,209
174,843
120,334
13,504
800
50
2,478
3,474
300
700
1921
53,202
44,094
159,435
9,733
14,087
29,344
1920,
Total
1919,
.
_
600
2,700
125,254
106,330
1,800
1,000
3,000
Other ports
4,800
62,485
800
21,164
20,064
59,729
56,180
3.172
90.792
6,980 150,808 1,296,794
5,817 140.242 1,135,009
17,325 300,068 1,252,432
Estimated.
Speculation in cotton for future delivery has been moder¬
ately active, at declining prices, mainly owing to the dulness
of spot cotton and
And,
many
94
931
4,351
11,103
this
cotton goods at home and abroad, coin¬
1,841
46
108
1,364
2,193
1,679
64
tendency to raise estimates on the American
crop.
There is an idea, rightly or wrongly, that the Gov¬
ernment estimate on Dec. 12 will be about 8,000,000 bales.
while
idea
tion.
30,316 167,931
about
adopted
the
has sold rather freely.
here
these
Bureau cast
figures
a
some
on
a
been
weeks
So have Wall
too,
the
South
New Orleans, in particular, has sold
large scale from time to time.
And that market
conspicuously weak, partly it is supposed,
the pressure
ago,
damper on the specula¬
Liverpool at times has sold heavily.
and local traders.
Now and then,
806
Street
has
Totals this week.
30
400
Stock.
61,923
72,011
4,400
700
443
1,679
Philadelphia
5,000
13,723
41,128
Norfolk,
200
320
1,044
_
8,000
11,364
1,000
Leaving
Total.
a
46
New York.
wise.
800
cident with
Pensacola
Jacksonville
Coast¬
Cont't.
74,689
"""464
Gulfport
Mobile
Boston
Total.
5,954
3,329
Savannah
*
Galveston
Texas
Tues.
29,246
16,160
3,000
Other
many.
Charleston
Total
Mon.
France,
Galveston
New
Ger-
Britain.
Dec. 2 at—
Total
Sat.
Shipboard, Not Cleared for-
Great
of Southern hedge selling.
under
On Thursday both
DEC. 3
1921.]
American
of
and
English markets
weak, partly because
were
local crop estimate of 7,939,000 hales.
a
the next
It is feared that
ginning report will reveal relatively rather large
totals for the period from Nov. 13 to Dec. 1.
has
ter
remained
vate report on
spinners
East
CHRONICLE
THE
and
Thursday
there
Indian
dull
more
statistics
curtailing
to
as
the
their
imports of
period last year
same
colored cottons of anywhere from 55 to
decrease as
a
bleached and
on
70%, which
show that Lancashire must have suffered
loss of considerable of its East
production.
textile cotton
goods for the six months ending Oct. 1 show
compared with the
A pri¬
depressed.
to the effect that weavers and
was
further
were
less
or
And Manches¬
to
goes
severely from the
Indian trade.
This fact is
also reflected in the cutting in half of the dividends of some
of
Lancashire cotton
the
has been
Spot markets at the
'
mill
The basis at the
And here there
companies.
of speculative life.
lack
a
Old longs have let
go.
South have gradually been declining.
Southwest
has eased.
Europe has shown
South.
American
aloof.
Latterly
political
is
have
some
land.
said
of late in foreign exchange, notably in sterling and
marks, has encouraged these friends of the market.
So has
the
to
some
more
to
off
acute,
in
The Irish
much
so
any
pected large spinners' takings for the week and
in the world's visible
lower
in
pest
worm
not
be
regarded
as
not
were
other
hand,
however,
prices
askance at the short side of cotton.
prices
bound to advance.
are
steadily decreasing.
well.
throughout
the
large interests here
is
too
none
in
times
at
stock
New York
at
And
ready to
it
very
intimated
is
large
scarcer
time goes
as
on.
lieve
that
substantial
a
rise
before. They think that
present crop will not go
visions of
the
on
of
of the pink
But it is
new.
come
They believe
an
spring. They be¬
then, if it will not
considerable percentage of the
contract under the rigorous pro¬
Lever law.
little discussion
menace
on
will
a
new
a
Meantime, there has been not a
practically new factor.
That is the
boll
Strictly speaking, it is not
worm.
in the sense that for the first time New
Orleans has declared
a
quarantine against cotton from New
Mexico, where the pest is said to have originated, and also
against Arkansas, Oklahoma and Texas.
The pest has ap¬
14.70
1908
9.35
1907.——.11.80
1901
1906—
week at New York
same
on
Spot
Market
Closed.
Saturday._.
Monday
Tuesday
Wednasday.
Thursday
Friday
'Quiet, 30 pts. dec.
jQuiet, 20 pts. adv.
in¬
seem
counties, it is said in private reports, will be
by actual count 73 stations
Oklahoma to which cotton
showed the pink boll worm.
It
seems
inside of the seed, and in the end
of the lint cotton.
inside of
In other
the boll,
still have the
matter.
few
are
was
is peculiarly
destructive
inside the seed.
If badly infected bolls
the infected seed would break into small
worm
This is the gist of
Farmers
doubtful
are
through
some
the lint, nearly
Texas reports on
urged to sterilize the seed.
Jlpcpmhpr 9
Stock at
1091
Liverpool
bales.
833,000
whether
the farmer will
heed
a
the advice.
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent..
Total Continental stocks
Stock in
974,000
769,000
346,000
98,000
145,000
1,000
85,000
17,000
135,000
8,000
45,000
47,000
77,000
1,000
25,000
14,000
370,000
235,000
117,000
6,345,596
to-day
6,028,467 5,564 ,209 4,362,912
Total visible supply
totals of American and other descriptions
Washington has taken
the
up
subject.
In
substance it says that with proper precautions the pest can
But the question is whether proper precau¬
be controlled.
tions will be taken.
Evidently they
were
not in the
case
of
boll weevil, though for that matter no effectual
remedy has
even
in
yet been found for that pest, which appeared in Texas
1892.
It
remains
with
the
note
that
their
fields, with
It
new
in
is added,
pest.
Porto
a
be
to
It
seen
whether
is perhaps not
Rico
cotton
science
without
farmers
are
burning
view of destroying the ping
however, that the suggestion
island dependency that as a
further
can
worm
is heard
measure
cope
interest
cotton
to
as
follows*
Total American
4 622,596
4,435,467 4,414,209 3,238,912
East Indian, Brazil, &c.—
Liverpool stock
Stock in
364,000
17,000
97,000
97,000
110,000
Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American.
Total visible
....
—
322.000
715,000
.1,723,000
4.622,596
supply
372,000
3,000
13,000
51,000
50,000
58,000
179,000
867.000
191,000
11,000
41,000
51,000
67,000
91,000
209,000
489,000
129,000
16,000
19,000
*16,000
14,000
44,000
329,000
557,000
1,593,000 1,150,000 1,124,000
4,435,46b 4,414,209 3,238,912
6,345 596 6,028,467 5,564,209 4,362,912
Middling uplands, iavermool
Middling upland, New York
Egypt, good sakel, Liverpool
Peruvian, rough good, Liverpool.
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
I0.46d.
10.67d.
17.55c.
22.50d.
29.00d.
13.50d.
20.00d.
9.80d.
10.40d.
10.80d.
10.90d.
16.15c.
25.47d.
39.50d.
51.00d.
36.00d.
23.35d.
23.60d.
20.16d.
29.75d.
31.05d.
38.00d.
16.93d.
17.18d.„
over
*
there.
in
our
Estimated.
Continental
imports for past week have been 122,000
The above figures for 1921 show a decrease from last
plant¬
ing be suspended for three years.
But, coming back to the
New York market, not a few believe that the general trend
of
of trade will favor cotton prices sooner or later.
1918.
are
474 ,000
Liverpool stock
bales.
518,000
516,000
153,000
Manchester stock
55,000
52 ,000
70,000
29,000
Continental stock—
613,000
184 ,000
319,000
*101,000
American afloat for Europe
407,241
808 ,957
703,835
199,000
XJ. S- port stocks.
1,447,602 1,275,251 1,552 ,500 1,393,104
U. S- interior stocks
1.546,811 1,453,053 1,325 ,993 1,331,279
U. S- exports to-day
33,942
8,328
16 ,759
32,529
Egypt, Brazil, &c., afloat
Agriculture at
110.000
American—
will not take the trouble to sterilize it.
they
21,000
1,344,000 1,004,000
463,000
50,000
67,000
14,000
703,835
808,957
199,000
58,000
91,000
44,000
179,000
209,000
329,000
867,000
489,000
*557,000
1,275,251 1,552,500 1,393,104
1,543,053 1,325,993 1,331,279
^328
16,759
32,529
1,447,602
Stock in U. 8. interior towns
London stock
s.
Manchester stock
Continental stock.
India afloat for Europe.—
Department of
1918.
282,000
16,000
48,000
1,546,811
33,942
Bombay, India
U. S. ports
bo ve,
1919.
665,000
11,000
93,000
110,000
Stock at Bremen
U. S. exports
1920.
888,000
3,000
83,000
72,000
Total Great Britain
Stock at Hamburg
It is said that about 80% of the seed planted is
grown and
saved by individual farmers, and many believe that
The
2,300
955,000
22,000
312,000
203,000
14,000
111,000
31,000
17,000
Stock at London
Stock at Manchester
the
But not
~2~, 166
to-night, as made
up by cable and telegraph, is as follows.
Foreign stocks,'as
well a§ 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.
shipped
words, it lives within the seed,
is ginned it may
would be distributed all
ruining it.
~2~io6
2,300
'Quiet, 50 pts. dec.
Quiet, unchanged..
200
THE VISIBLE SUPPLY OF COTTON
that the pest is found
and if defective cotton
should be ginned,
bits, and
seed
Total.
200
Easy
Barely steadySteady
Steady
715.000
and
Contr't.
Firm
Quiet, 30 pts. dec.
Quiet, 15 pts. adv.
Stock in
Texas
SALES.
Spot.
Easy
or
in
during the
following statement.
Futures
407,241
Dallas has wired that
8.06
9.44
glance how the market for spot and futures closed
days.
323,000
two
1891
1890
a
Egypt, Brazil, &c.,afloat for Eur'e
Stock in Alexandria, Egypt
those
8.06
9.62
also add columns which
we
American cotton afloat for Europe
Some parts of Texas
to quarantine against these two counties,
at any rate to avoid buying seed from them.
Seed bought
burned.
1892
the spot each day
had
in
5.81
1893
SALES AT NEW YORK.
indicated in the
are
1894
10.25
7.75
5.62
1899.
clined practically
of 77,000 bales.
8.58
8.55
8.00
—
1900
Total European stocks.
1,665,000
India cotton afloat for Europe.._
97,000
crop
5.81
7.69
1902_
For the convenience of the reader
on
1896
1895
1898
11.25
li97_C-——
on
9.00
1903
peared in the big Ellis County the most productive in Texas.
It is a county which in 1912 produced 178,000 bales.
It has
also appeared in Grayson County, which in the same
year
a
Fri.
17.55
..11.95
1904_
9.40
15.00
that
tenders
It also appears that the stock of good
acute situation will confront the trade next
come
12.85
with little inter¬
accept
Thurs.
17.55
ad¬
large thoughout the South.
and
scarcer
1912
1911.
The total sales of cotton
show at
11.65
_c
Closed.
They believe that later
The
1905
Market
Believers in
higher prices think that this kind of cotton is likely to be¬
come
1913.C.-.-.13.50
cir¬
For many look
fair premium,
a
week.
are
December contracts.
cotton
have been
have
18.05
factor.
After all, December has acted
It has remained at
ruption
17.55
always promptly stopped.
if the advance has not held.
Wed.
17.90
QUOTATIONS FOR 32 YEARS.
MARKET AND
the
quaran¬
bullish
a
time December notices
on
1921.c
And while there has
pink
Tues.
18.20
quotations for middling upland at New York
Dec. 2 for each of the past 32 years have been as follows:
12.40
7.50
would
even
NEW YORK
1915
the
Mon.
The
1914
culation and
the
Sat.
18.00
the Dis¬
And from time to
On
Nov. 26 to Dec. 2—
Middling uplands..
Washington, particularly over the
about
cov¬
75 to 80 points
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
20.10
talk
are
Spot cotton here was unchanged to¬
This is 75 points lower than last Friday.
1916
in the proceedings of
decrease
a
week.
1910
on account of this danger to cotton, it
may result in all the
larger shipments being made from che Southwest to New
vanced,
But final prices
1909
bullish
That
the
30.90
against Texas, Oklahoma, Arkansas and New Mexico,
York.
for
day at 17.55c.
27.50
hitch
To¬
supply of American cotton caused
ering and upturn later.
1917
a
coun¬
manufactured
prices declined
come
also
have
reports
and
early, and rallied later, closing about
unchanged for the day.
A lower Liverpool market, lower
exchange and week-end selling caused the decline.
Unex¬
day
16.65
political
raw
fail to have the effect that they might otherwise have.
40.25
disturbing
securities,
here and in Europe is dull, so dull, indeed, that
scarcity of raw cotton or bareness of drygoods shelves
1920
Southwest, it is also suggested that if New Orleans
tines
that
so
renewal of civil war in Ire¬
investment
business
the
And English
and
time being the
the
1918
a
relation^ between China and Japan.
some
falling
less disturbing.
or
held
extent
for
1919
armament Conference at
been
large
a
some
become
have
little like
a
been
looking for
from East India.
to
has
also
bonds
they take to mean the tide has turned in this
And
try.
for
demand
steady
which
And at times there has been what looked
been
Some
have
takings of American cotton.
has been
news
situation
mills
there
world's spinners'
is
rise
disposition to take hold freely at the spot centres of the
no
3417
The sharp
of
18,756 bales,
781,387 bales
a
bales.
week
gain of 317,129 bales over 1920, an excess
1919 and a gain of 1,982,684 bales over
over
FUTURES.—The highest,
lowest and closing prices at
New York for the past week have been as
Tuesday,
Monday,
Saturday,
Nov.
26. Nov.
follows:
Week.
Dec. 2.
Sight and Spinners'
Takings.
Receipts at ports to Dec. 2
Range
17.65-.99 17.28-.90 17.S3-.00 17.50-.90 17.24-.60 16.95-.37 16.95/.00
Week.
..167,931
Closing...
17.65-.70j 17.90
January—
—
17.57-89'l7.ll-.70
Range
17.53-.65
17.77
17.24-.25,17.25
—
17.14-.20.17.12-.15
17.57-.60 17.65-.70 17.46-.50 17.63-.65
Closing
612,064
26.669
1,216,000
58,000
260,044
1,194,000
"4,779,386
316,431
59,913
4,165,008
683,112
excess
17.62
17.41
—
17.61
17.13
—
March—
296,276
—jl7.ll —
These figures are
Movement into
17.55-.83 17.08-.62 17.38-.89 17.32-.66 17.09-.50 16.80-.28 16.801.89
Closing
17.55-.61 17.60-.62 17.38-.44 17.60-.63 17.12-.15 17.10-.12
1,072.308
87,059
sight in previous
'
Week—
17.46
116.98
17.06
17.45
Closing
May—
17.43
Range
17.27-.66 16.83-.36 17.10-.57 17.07-.40 16.84-.23 16.70-.05 16.70-.57
Closing
17.29-.31 17.32-.36 17.12-.15 17.31-.32 16.92-.93 16.85-.88
—
—
17.25
June—
'l6.94
Range
! 17.08
17.00
Closing
16.91
17.07
-
16.68
—
—
July—
16.24
—
^16.65 ~
16.70-.05 16.33-.93 16.70-.12 16.63-. 92 16.35-.77 16.25-.56 16.25-.12
16.70-.73 16.85-.93 16.71-.77 16.85 — 16.47-.50 16.40 —
Range
Closing
August—
Range
260.795
1918—Dec.
6.
415,038
1917—Dec.
7
■—
16.45
16.57
16.40
16.15
16.25
16.13
16.30
16.17
—il6.10
15.97
16.55
—
—
Bales.
.—5,207,636
—.4,910,387
6,126,792
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
Closing Quotations for Middling Cotton on—
Week ending
Tuesday. Wed'day, Thursd'y,
Saturday, Monday,
Decemober 2.
Closing
608,551
"
years:
1919—Dec.
1917—Dec. 7
.....
55,360
Since Aug. 1—
5__
Bales.
442,876
1918—Dec. 6--*
Range
4,848,120
consumption; takings not available.
1919—Dec. 5
April—
—L.
376,344
—
5,208,959
Nor. spinners'takings to Dec. 2--
Range
429,573
TotaJ in sight Dec. 2
a
17.56
Closing
2,710,964
51,194
February—
Range....
Aug. 1.
231,762
Dec. 2 a. 73,000
Came into sight during week
17.46-.95 17.40-.75 17.11-55 16.92-.30 16.921.95
Week.
Aug. 1.
2,951,322
.
292,125
4,151
Net overland to Dec. 2
Southern consumption to
Interior stocks in
Since
Since
'
Total marketed
December—
-1920-
-1921In
/
Friday,
Wed'day, Thursd'y,
30. Dec. 1.
29. Nov.
28. Nov.
[Vol. 113.
CHRONICLE
THE
2418
Friday.
Galveston
New Orleans
15.90
October—
15.85-.10 15.50-.95 15.95-.20 15.83-.02 15.75-.05 15.58-.83 15.58-.20
!16.05 — 15.72 — 15.70 —
15.83
15.85 — 15.95
Range
Closing
/18c.
117C.
AT
INTERIOR TOWNS the movement—that is,
THE
the
receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
17.50
17.25
17.00
17.00
16.25
16.25
16.00
17.25
17.13
17.25
16.25
17.13
17.25
16.50
17.13
Norfolk
17.13
17.00
17.00
17.00
16.63
16.63
Baltimore
18.00
18.00
18.00
18.00
18.00
Philadelphia
18.25
16.88
18.45
16.88
18.15
18.30
17.80
Augusta....
—
17.85
Savannah
.....
Closing....
17.70
16.75
16.88
16.50
17.80
16.50
Memphis
Range
17.85
Mobile
September—
17.85
18.00
18.00
18.00
18.00
18.00
18.00
Houston
17.60
17.65
17.50
17.60
17.15
> 17.10
Little
17.75
17.75
17.75
17.50
17.20
17.00
17.75
17.10
17.50
17.00
16.70
16.70
17.00
16.80
16.90
16.50
16.50
Rock
Dallas
Port
Worth
Receipts.
ments.
1,078
Eufaula
22,242
934
200
Ala, Blrm'g'm.a
4,971
400
Week. I
12,454
3,643
Dec.
j Week.
Seasno.
2.
1,300
14,700
1,300
7,234
348
889
5,776
30,947
Montgomery.
688
40,396
564
31,982
2,125
Seima
834
34,013
757
16,059
857
26,179,
330
15,064
923
1,800
9,082
1,288
16,770;
800
89,585:
84,963
11,884
51,535
210
9,347;
Helena__
1,215
Little Rock..
6,552
100.582
3,351
Pine Bluff...
3,598
76,318
2,631
31
5,692
122
59,274
4,532
2,462
59,382
4,174
46,144
Ark.,
-
Ga., Albany
17,776
52,935
8,016
2,135 62,255
113
6,132
7,682
129,425
7,020
61,170
7,432
71,778
58,420
7,709,
189,636
7,049 142,481
13,571
202,705;
Columbus
388,
23,661
820
18.032
820
12,650
2,800 58,702
4,782 27,986
7,949144,653
50 14,813
Macon
610!
22,006
389
13,666
1,251
23,922
1,963
Athens
Atlanta..
,
Aligusta
7,500
1,489
24,288
779
11,490
1,699
45,613
1,000
47,000
5,012
54,538
14,928
1,297
6,497
300
3,000
4,547
101,970
1,088
78,824
78,322
4,299
60,169
4,401
4,807
Meridian
737
24,987
66
17,907
1,531
Natchez
997
25,430
300
19,519
671
13,704
14,584
19,989
1,200
1,737
27,701
18,621
16,569
Miss.,Co umbua
Clarksdale
Greenwood
__
....
Vlcksburg
.
.
Yazoo City..
Mo., St. Louis.
N.C.,Gr'nsboro
1,236
37,520
1,532
187
Raleigh.....
Okla., Altus
4,941
Chick .sha
3,029
Greehwood..
Tenn.,Memphis
31,846
491,984
3~345
100,731
155
Austin 6
690
Dallas
5,459
Honey Grove
Houston
Paris
....
...
900
Fort Worth.
60,225
800
10,309
700
6,934
19,506
1,620
20,194
2,072
2,086
22,324
3,023
24,935
3,252!
7,284
3,227
47,102
9,952
1,455
21,166
1,332
10,446
529
9,907
317,712
629
10,500
44,078
2,089
889
373
450
796
1,647
135|
216
2,980
1,500
273
41,207
264!
760
1,642
13,247
17,703
13,0a6
3,560
400!
1,886
,
208
13,173
10,832
23,894347,896
97|
1,273
1,917
2,882
147
4,082
8,847
1,310
379
14,100
82,109
4,856
34l| 11,296
415
5,637
4,311' 46,260
95,553
18,200
377
2,285'
I
1,258
2,745
452
600
11,403
69,538 1 ,535,868 79,896 288,457
479
1,820
35,407,
12,741
.
65,910
3,839
357
9,207,
23,186
San Antonio.
2,832
3,6511 83,364
269
134
Brenham
300
3,853,
69,537
16,800
10,179
9,306
Nashville
Tex., Abilene..
55,315
34,397266,434
39,844
41,298
88,611'
4,507
1,462
633
14,434
14,438
6,911
17,509
135,101
3,649
2,156
26,945!
1,572
374,498 37,297
21,894
1,335
250
5,490
54,129
4,345
2,272
Oklahoma
B.C., Greenville
17,109
1,5551
7,719
16,919!
4,000
483!
Rome
■La., Shreveport
19,000
900
26,1191
Last year's figures are for Hugo, Okla.
more
than at the
at all towns have been
same
18,697
700
1,400
9,799
16,900
85,4401 ,429,721! 79,034 325,797
4,213,
46,373
2,893 20,887
709
356!
2,837
30,716!
4,608
42,252
2,595 17,457
b Last year's figures are for Clarksville.
period last
year.
to-night 3,768
The receipts
28,107 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
from telegraphic reports Friday night.
The results for
the week and since Aug. 1 in the last two
years are as follows:
up
1921December 2—
K*
Via
S2 Via
37,296
10,656
Mounds, &c
Rock
-1920Since
Week.
Island
Aug. l.
380,545
183,497
MARKET.
29. Nov.
30.
Dec.
Friday,
Dec. 2.
1.
Since
Week.
14,100
6,249
Aug. 1.
136,253
82,474
495
4,964
137
4,067
8,213
35,090
96,396
113,095
3,287
6,974
4,286
17,996
37,547
75,886
-66,746
813,587
34,364
71,503
2,401
9,410
120,610
411
4,883
37,291
6,449
50,658
15,552
201,523
7,695
May
July
—
—
—16.31
16.35-.47 16.40 — 16.29 — 16.43-.45 16.00
15.39-.40 15.39-.42 16.55-.58 15.14
.....
October
—
16.35
—
—
15.95
—
—
15.15
—
Tone—
Steady
Steady
Spot
Options
—
WEATHER
Quiet
Steady
Quiet
Steady
REPORTS
1
Quiet
Steady
Quiet
Ba'ly s'y
Quiet
Steady
TELEGRAPH.—Our
BY
re-
ports from the South this evening by telegraph indicate that
rain has fallen in most sections
precipitation light to moderate
during the week, with the
rule.
as a
Rainfall,
2.12 in.
0.01 in.
0.04 in.
day
0.38 in.
day
1.50 in.
dry
days
1 85 in.
dry
days
0.74 in.
day
0.60 in.
day
0.80 in.
day
1.47 in.
days
1.55 in.
days
0.48 in.
days
0.64 in.
days
1.67 in.
Thermometer
Rain.
2 days
Galveston, Tex
.1 day
...1 day
Abilene
Brownsville.....
Corpus Christi
Dallas
Del Rio
.1
1
2
Palestine.
San
Antonio
Taylor
2
New Orleans
1
1
Shreveport
Mobile Ala...
1
Selma.
4
Savannah, Ga
Charleston, S, C
Charlotte, N. C__
2
2
3
high
high
high
high
high
72
74
low
low
low
low
low
86
84
70
54
44
50
54
38
mean
63
mean
59
mean
68
mean
69
mean
54
mean
59
low 40
low 42
low 44
high 76
high 76
mean
60
mean
69
low 38
...
low 41
high 79
high 82
high 76
high 81
high 77
high 69
mean
60
low 43
mean
62
low 34
mean
55
low 43
mean
62
low 45
mean
61
low 38
mean
53
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Takings.
and Season.
Week,
___
80,000
6,000
30,000
Other India shipm'ts to Dec. 1.
Alexandria receipts to Nov. 30—
Other supply to
4,00°
Nov. 30 *
4",956",257
6,111,250
5,208,959
55,000
,
376", 344
535,000
58,000
3,000
340,000
20,000
85,000
5,000
6,780.628 12,335,209
Total supply.
Deduct—
Visible
5,919,978
___
1
supply Dec. 2
i
Total takings to Dec. 2_a
Of which American
6,345,596
435,032
309,032
4,848,120
357,000
100,000
220,000
73,000
6,382,322| 10,554,377
6,345,596
5,989,613
126,000
Season.
Week.
Season.
f
Visible supply Nov. 25
6,364,352
Visible supply Aug. 1_
American in sight to Dec. 2—
296,276
Bombay receipts to Dec.
1920.
1921.
Cotton
Week
6,028,467) 6,028,467
353,855
213,855
140,000
4,669,613
1,320.000
4,525,910
3,397,910
1,128,000
*
Embraces receipts in Europe from Brazil, Smyrna, West Indi,e&s c.
a This total embraces since Aug.
1 the total estimated consumption by
Southern mills. 1,216,000 bales in 1921 and 1,194,000 bales in 1920—takings
being available—and the aggregate amounts taken by Northern and
foreign spinners 4,773,613 bales in 1921 and 3,331,910 bales in 1920, of
which 3,453,618 bales and 2,203,910 bales American,
b Estimated.
not
ALEXANDRIA RECEIPTS AND SHIPMENTS.—We
weekly cable of the movements of cotton at
Egypt.
The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
now
receive
a
Alexandria,
94,398
26,669
16.80
16.84-.87 17.09-. 11 16.84-. 87 16.97-.99 16.40-.46 16.38-.43
16.95-. 01 17.14-.15 16.92-.95 17.11-.15 16.'55-. 61 16.00-. 54
16.80 — 16.93-.97 16.70-.72 16.86-.88 16.36-.40 16.36-.37
16.93
354,442
6,042
798
8,712
16.75
January
—
Of which other
Shipped—
t.
Via St. Louis
16.63
16.70
12,600
The above totals show that the interior stocks have in¬
creased during the week 4,151 bales and are
bales
16.63
17.50
Tuesday, Wed'day, Thursd'y,
28. Nov.
866
Total, 41 towns221,7344,081,869217,583 1546811 239,8413,179,221179,9281543053
a
15.75
December...
March
6,469,
40,906!
24,996
26. Nov.
16.75
*
Stocks
ments.
2.
Ship¬
Receipts.
Dec,
Week.
yeek. | Season.
'
Nov.
Stocks
Ship¬
Saturday, Monday,
Movement to Dec. 3 1920.
Movement to Dec. 2 1921.
Tovms.
ORLEANS CONTRACT
NEW
detail below:
17.40
260,044
EVia Louisville
Via
Virginia points
Via other routes, &c
6,018
3,617
Alexandria,
Egypt,
1920.
1921.
1919-„
November 30.
Total gross overland.
Deduct Shipments—
Pverland to N. Y., Boston, &c
E Between interior towns
It-Inland, &c., from South.
Ik* r*
Receipts (cantars)—
Since Aug.
1
1.652,026
l
.
51.194
612.064
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
this year has been 51,194 bales, against 26,669 bales for the
week last year, and that for the season to date
th^ aggre¬
gated net overland exhibits an increase over a year ago of
352,020 bales.
Since
Since
Week. Aug.
Exports )bales(—
Leaving total net overland *
*
320,840
3,029,853
143,861
200,000
2,542,281
This week.
•
Total to be deducted
.<
...
To Liverpool
To Manchester, &c
To Continent
To America
and India.
_
Total exports
6.
Week. Aug.
6.
Since
Week. Aug.
1.
3.000
76,647)
176
5,000
66,776)
1,400
9,683
5,864 141,713
15,100 78,893
4,582
45,623
14,441 89,285
13,526
98,484
39,987 355,514
4,000
6,000
68,0 tl
48,002
18,000 259,466
7,500
4,450
32,930
24,382
31,489
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week were 200,000 cantars
and the foreign shipments 18,000 bales.
iVote.—A cantar is 99 lbs.
Dec. 3
THE
1921.]
CHRONICLE
INDIA COTTON MOVEMENT FROM ALL PORTS
—
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
1920
2419
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
Nov. 11.
^
,
Sales of the week
1919.
1920.
1921.
Of which American.
Actual export
Forwarded
-
—
Total stock
December 1.
Since
Since
Receipts at—
Since
Aug. 1.
Total
54,000
.469,000
Amount afloat.______
Of which American
imports
Of which
357,00()
58,00(
835,000
80,000
f
Since
**
For the Week.
Great
Great
Conti¬
Total.
China.
nent.
nent.
Dec. 2.
37,000
29.000
20,000
6,000
63,000
883,000
518,000
58,000
29,000
87,000
79,000
216,000
137,000
27,000
6,000
53,000
889,000
526,000
80,000
46,000
253,000
158,000
233,000
142,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
Japan &
Britain.
China.
Conti¬ Japonic.
—
American
Nov. 25.
26,000
16,000
3,000
48,000
876,000
532,000
79,000
59,000
276,000
168,000
•
August 1.
Exports
Britain.
Nov. 18.
23,000
16,000
4,000
60,000
852,000
515.000
Of which American
Week.
Aug. 1.
Week.
Aug. 1.
Week.
Bombay
from—
-
Total.
spot cotton have been as follows:
Bombay—
Spot.
1.000
12,000
4,000
2
38,000
8,000
149,000
388,000
545,000
15,000
19,000
10,000
205,000
21,000
30,000
53,000
19,000
165,000
93,000
461,000
645,000
Market,
6,000
2,000
3,000
6,000
2,000
4,000
6,000
12,000
12,000
55,000
100,000
P.M.
l'ooo
45,000
82,000
8,000
2,000
Other
44,000
57,000
113,000
,000
Wednesday.
6,000
1919
}>
1921
1.000
18,000
25.000
16,000
22,000
23,000
34,000
287,000
59,000
518.000
194,000
Dull.
Quiet.
doing.
10.97
HOLIDAY
11.09
10.90
6,000
7,000
1
10.89
6,000
Mld.Upl'ds
4,000
10.67
6,000
600.000
396,000
99,000
209,000
10,000
22,000
31,000
44,000
6,000
2~666
1920—
Friday.
business
Quiet.
Quiet.
;
J
Sales
Total all—
Thursday.
Fair
1
12:15
India
408,000
758,000
Futures.
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
22,000 bales.
Exports from all India-ports record a gain of
22,000 bales during the week, and since Aug. 1 show an in¬
crease of 192,000 bales.
Steady,
Easy,
Market
Quiet,
/
51@81 pts.
decline.
3@6 pts.
decline.
decline.
Quiet,
8@23 pts.
advance.
Market,
Easy,
4
Quiet,
5@11 pts.
50 @60 pts. 33@40 pts.
advance.
decline.
\
opened
1919
Tuesday.
Monday.
Saturday.
308,000
2~666
1921
P. M.
Barely st'y,
25@31 pta.
decline.
Firm,
Steady,
Steady,
15@19 pts. 14@23 pts. 16@23 pts.
.advance.
Prices of futures at Liverpool for each
decline.
day
are
decline.
given below:
,
MARKET.—Our
report received by
to-night from Manchester states that the market is
easy for both yarns and cloths, manufacturers are reducing
their output.
We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
MANCHESTER
Tues.
Mon.
Sat.
Wed.
Thurs.
Frl.
Nov. 26
cable
to
12*
Dec. 2.
12*
4
12*
4
12*
p. m. p. m. p. m. p. m. p. m. p. m
d.
d
d.
d.
d.
12*1
4
12*
4
p. m.,p. m.p. m. p. m
d.
d.
d.
4
12*
p. m. p. m.
d.
d.
d.
Twist.
to
10.78 10.57 10.89 10.78 10.78 10.9410
10.77 10.48 10.64
10.76 10.54 10.86 10.76 10.76 10.9210
10.74 10.45 10.51
10.74 10.62 10.84 10.76 10.72
10.69 10.41 10.47
Cot'n
...
March
April
May
Mid.
32s Cop
ings, Common
Mid.
Upl's
Finest.
10.83 10.57 10.64
10.80 10.53 10.59
8* lbs. Shirt¬
Cot'n
8* lbs. Shirt¬
ings, Common
32s Cop
10.80 10.58 10.90 10.81 10.80 10.97
January
February
1920.
10.87 10.64 10.99 10.86 10.82 10.97
December.-.
1921.
November
Twist.
to Finest.
Upl's
HOLI¬
DAY
June
d.
d.
Sept.
23
@
14
23*
21
22
7
28
s.
d.
18
9
@
26
18
9
@
21*
26
25
18
9
s.
d.
d.
d.
d.
d.
b.
28
4
@
38
27
s.
29 6
@
47
45
4
@19 9
14.21 40
@
@19 9
12.62 39
@19 9
12.54 32
@32
@31
@30
@29
d.
d.
July..
17.74
0
0
10.88,10
10.49! 10.81 10.71 10.69 10.86110
10.71
10.65 10.37 10.44
10.69 10.47 10.78 10.68 10.64 10.8010 6010.58 10.31 10.38
10.64 10.431 10.73 10.62 18.59 10.76110
10.53 10.25 10.32
10.62 10.40 10.69 10.57 10.45110.6110
10.39 10.11 10.19
10.47 10.28 10.57 10.44 10.2110.3610
September
15.73
October
..
10.17
10.28 10.11 10.34
August
15.17
0
4
10.00
9.75
9.84
9.90
9.65
9.72
9.95 10.18
10.10
....
10.19, 10.0510.1810,
10.03' 9.95110.08ll0.
9.92 10.01
16.55
©
24* 18 0
@19 0
12.32,32*
@
40* 26 4
@
12.1135
@
40
4
@29 4
15.55
10.88 32
@
14.56
@
37* 26 6
25 0
35
@29 0
29
12.41
11.64,28*
@
33*.24 0
@27 6
@26 6
10.67 25
@
30
6
@24 6
10.46
Nov.
23
17
9
11
19
@
21
17
3
18
18*
@
20* 17
0
19
@
21
17
0
@18 9
@18 3
@18 0
@18 0
18
©
21
16
9
@17 9
4
20*
25
10.0
26
BREADSTUFFS
Friday Night, Dec. 2 1921.
11.23
Dec.
2
22
Flour has been firmer when wheat
have asked
SHIPPING NEWS.—As shown
on a
previous
the
page,
exports of cotton from the United States the past week havereached 135.043 bales.
The shipments in detail .as made
up
Bales.
NEW YORK—To Liverpool—Nov. 30—Calabria, 1 „500
GALVE8TON—To Liverpool—Nov. 26—West Totant, 4,764
To Manchester—Nov. 26—West Totant, 1,112
1,500
4,764
1,112
8,400
7,7177,717
To Antwerp—Dec. 1—Edgefield, 1,215: Lowther Castle, 1,8883,103
To Ghent—Dec. 1—Edgefield, 4,198; Lowther Castle, 10,278__ 14,476
To Barcelona—Dec. 1—Mar ael Norte, 2,478; Cadiz, 5,485
7,963
To Genoa—Nov. 25—Angelo Toso, 3,986
Nov. 29—Dora
Baltea, 3,0757,061
To Japan—Nov.
26—Selma
City, 16,453; Tacoma Maru,
5,050
Nov. 29—Portland Maru, 6,644
28,147
HOUSTON—To Havre—Nov. 30—Saco, 4,926
4,926
To Bremen—Nov. 30—Saco, 9,483
9,483
To Barcelona—Nov. 26—Mar del Norte, 5,872
5,872
NEW ORLEANS—To Antwerp—Nov. 30—Andalusier, 120-120
To Ghent—Nov. 30—Andalusier, 698
698
To Salonica—Nov. 26—Schenectady, 12
12
To Japan—Nov. 29—Fukuyu Maru, 3,878
3,878
SAVANNAH—To Havre—Nov. 26—Montana, 7,3987,398
—
-
-
*
—
-
To Dunkirk—Nov. 26—Montana,
To Bremen—Nov.
Ontario,
25—West
108
108
Hardaway,
3,150---Nov.
28—
6,650
3,500
300
110
200
354
To Amsterdam—Nov. 28—Ontario, 300
To Ghent—Nov. 26—Montana,
To Rotterdam—Nov.
To Abo—Nov.
110
28—Ontario, 200
28—Ontario, 354
Springs, 2,000
To Genoa—Nov. 29—Colorado
2,000
300
100
200
To Warberg—Nov. 28—Ontario, 300
To Ferrol—Nov. 28—Ontario, 100
To
Oporto—Nov. 28—Ontario, 200
NORFOLK—To Liverpool—Nov. 24—Rexmore, 252.--Nov. 30—
Modest a, 5,900
LOS ANGELES—To Liverpool—Nov. 26—Steel Voyager, 100
SAN FRANCISCO—To Japan—Nov. 26—Persia Maru, 773
SEATTLE—To Japan—Nov. 25—Silver State, 208
TACOMA—To Japan—Nov. 25—Arabia Maru, 858--
6,152
100
773
208
858
-
Total
135,043
The particulars of the foregoing shipments for the week.
arranged in our usual form, are as follows:
Ger-
Great
Britain.
New York
5,876
France,
many.
North.
South.
Japan.
17,579
15,024
28,147
1,500
Galveston
—Other Europe—
7,717
9,483
7,506
Houston
8,400
4,926
6,650
5,872
"818
New Orleans
Savannah
Norfolk
6,152
Los Angeles
San Francisco--
12
1,264
2,300
31878
-----
100
100
208
858
Seattle
Total
773
208
858
773
Tacoma
13,628
COTTON
20,832
23,850
19,661
23,208
33,864 135,043
FREIGHTS.—Current rates for cotton from
New York, as furnished by
as
Total
1,500
82,743
20,281
4,708
17.720
6,152
Lambert & Burrows, Inc.,
follows, quotations being in cents per
High
are
pound:
High
Standr-
Density,
Liverpool..- .25c.
ard.
.40c.
Stockholm-_
.57c.
Manchester,
,25c.
.40c.
Trieste
.750.
1.00c.
Vladivostok.
16c.
.31c.
Flume
.76c.
1.00c.
Gothenburg, ,47c.
.62c.
Ghent
.21c.
.36c.
Lisbon
.50c.
.76c.
Bremen
.21c.
.36c.
Havre
16c.
.31c.
Oporto
.60c.
.75c.
Hamburg—
.21c.
.36c.
,60c.
.76c.
60c.
.75c.
Antwerp
Density.
High
Stand-J
ard. |
Density,
.72c.' Bombay
,16c.
.31c.
Barcelona
.50c.
,75c.
Piraeus
Genoa
.50c.
.75c.
Japan
.60c.
.65c.
Salonica
Christlania—
.47c.
.62c.
Shanghai...
.60c.
.65c.
Rotterdam.,
.50c.
.50c.
Stand¬
ard.
.65c.
.65c.
was
another matter.
duller of possible
at
from mail and telegraphic returns, arc as follows:
To Havre—Dec. 1—Edgefield, 8,400
To Bremen—Nov. 29—R. C. Rickmers,
business
higher prices then.
times
than
been large.
ever.
was
advancing.
Getting them
on any
Mills
large
Reactions in wheat left flour
Offerings
on
the spot have
But both the home trade and the
demand have been small.
Private advices from
the Greek Government, when
early in November, had also
taken two carloads of Canadian flour through London direct
from the mills.
But foreign buying has been lacking of late.
Home buyers stick to their old cautious policy.
But later
the tone was a trifle better owing to the rise in wheat, May
getting up at one time to $1 19.
Flour offerings fell off*
Trade, however, remained quiet.
Spot business was in
fact very slow and export $ales were confined to small lots.
One great drawbaek is the largeness of the stocks here and
at nearby points.
Wheat was firmer at times owing partly to some further
export buying and higher cables, but largely to drought in
Oklahoma, Texas and Kansas, and in very productive parts
of Southern Argentina.
The Southwestern drought in this
country unless it is soon relieved will, it is feared, mean a big
decrease in the acreage.
Liquidation of December, however,
has at times been a feature.
But a bullish factor of no slight
importance was the estimates of experts on the world's needs
of wheat and the fact that to all appearance the United States
is nearing the limit of this country's exportable surplus;
200,000,000 bushels was supposed to be the maximum, of
which 182,000,000 bushels,
counting flour, have been
shipped in the last five months, leaving only 18,000,000
foreign
Athens stated, it seems, that
it made purchases of wheat
bushels available if the estimate
was
not too small.
Some
think it certainly was.
American statistics just now are a
bit puzzling.
Evidently the American export surplus was
under-estimated.
But how much?
That is the question.
Exports in the next seven months of this season still to run
may be 30,000,000
to 40,000,000 bushels.
That might
leave the total at say 220,000,000 bushels.
Latterly the
export business in American wheat has not been large.
Still
some
American hard wheat is said to have been taken by
They may move it later. Japan has recently
big buyer of Australian wheat because, it seems, of
a failure or a serious decrease in its rice crop.
East India
as well as Italy has been buying in Australia.
Germany it
seems may have to import heavily; its mark has risen sharply.
Meantime, however, there has been some selling in Chicago
on the idea that the market may have become somewhat
over-bought on a rise from the "low" of the season on Nov. 4
of roughly 15 to 20c.
Some rain has fallen in Argentina.
Crop reports from Australia were in the main favorable and
the early harvest is turning out to be excellent.
The late
crop has suffered somewhat from the heat and the yield
will probably be reduced thereby.
Beneficial rains nave
fallen in Spain and greatly improved the outlook.
Winnipeg
exporters.
been
a
prices fell sharply
on
Nov. 26, with less export demand.
THE
,
Oats have been in the main
A cable from Australia reports that bush fires have broken
the utmost vigilance will be
afloat at
required to save the crops.
The Kansas State report said:
"Approximately 11,280,(XX) acres of wheat have been sown in
Kansas this fall, or 1 Yi% less than last year, according to
the consensus of the Board's correspondents and nearly
this year's seeding the third largest.
Based on 100 repre¬
senting satisfactory standand development, however, the
present condition of growing wheat is rated 58.6, the lowest
November condition in the history of Kansas, due to gen¬
The next lowest fall conditions
1916.
A year ago
were
the condition
of the growing wheat was 87.8 or 29.3 points higher than
reported this fall.
The better conditions are in the counties
of eastern third of the State."
On Nov. 30 the price ad¬
vanced two to three cents on bullish crop advices from
Australia and Manchuria, and also from Kansas, Oklahoma
and Texas.
There was active buying on the GoodmanClement-Curtis crop report on winter wheat, making the
condition 77% and the indicated yield 475,000,000 bushels,
against 544,000,000 bushels last season.
A winter-wheat
condition around 77 is the lowest
record.
was
A
ten-year
December condition
on
Last December it
is 88.4.
average
one
an
Sat.
No. 2 white
In Manchuria it is rumored that the exportation of
all
-grain will be prohibited this season, owing to the serious
famine which has now spread over a large part of China.
Reports from Australia say old-crop wheat supplies are
practically exhausted.
Continental importers are bidding
actively for this wheat at prices ranging from 51 to 52 shil¬
lings a quarter.
Light rains are reported from South Aus¬
tral a.
Sydney cabled that the weather continues extremely
hot, early-sown crops are showing excellent quality but latesown are
ripening prematurely.
Mediterranean, the Far
East and India are bidding keenly for the new Australian
CLOSING
PRICES
No. 2red..
cts.123}*
DAILY CLOSING PRICES
OF
December delivery
cts_112}*
116}*
Indian
_
..
has had
126H
WHEAT
Sat.
May delivery.
NEW YORK.
WedJ Thurs.
Fri.
WHEAT IN
Sat.
Mori. Tues.
OF
128
125%
FUTURES
Mon.
114}*
117}*
129
CHICAGO.
IN
Wed.
Tues.
111$*
115%
127}*
Thurs.
113%
117%
113}*
116}*
Rye declined
undertone
was
little at
a
DAILY
supply in the United States last week decreased' 622,000
bushels, against 1,488,000 last year.
The total is still
17,314,000 bushels, against 5,634,000 a year ago.
Also,
the export demand fell off later, receipts increased, country
offerings
grew
larger, December liquidation
was
a
feature
and the usual increase in the crop movement in December is
expected.
The falling off in the foreign demand causes
comment.
Trading in July began Dec. 1.
Governor McGray of Indiana says that there are $200,000,000 agricul¬
tural credits
needed this
the
in the Middle West.
corn
crop
season
for
orderly marketing of
Thursday exporters
cables
steady but Buenos Aires opened lower.
Ex¬
in the1 market at the seaboard and -it was
reported that 500,000 bushels were sold; Chicago handlers
sold 200,000 bushels to the seaboard.
Also the home
32}*
38}*
one
Fri.
323*
38}*
time with other grain, but the
Mon.
Sat.
...cts.
—
The following are closing
Tues.
Wed.
85
91?*
85
90?*
Q 3 [0
No. 2 red
'
No. 2 hard
BarleyFeeding
Malting
$0 68}*
Rye—
No. 2
45}*
43}*
No. 3 white
1 28
winter.
Corn—
;;
.T
No. 2 white
$1 29
No. 2 yellow....
85
90}*
quotations:
grain.
•
Fri.
Thurs.
82}*
89}*
87
93
85}*
91}*
..53
(ft 57
61 J* @65 3*
0 98
flour.
Spring patents
Winter straights, soft
Hard winter straights
$7 00(ft $7 50
5 90
5 50©
First spring clears
Rye flour
Corn goods,
7 00
5 50
6 50 (ft
4 75©
5 25©
Barley goods—Portage barley
No. 1
$6 50
Nos. 2,3 and 4 pearl
6 50
Nos. 2-0 and 3-0..
6 50©
Nos. 4-0 and 5-0—
6 00
6 65
6 75
Oats
100 lbs..
Yellow meal
Cornflour
1 65©
1 75
1 60©
goods—Carload
spot delivery
5 20
1 65
@5 40
The statement of the movement of breadstuffs to market
indicated below
prepared by us from figures collected by
Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
are
the New York Produce
Wheat.
Flour.
Receipts at-
bUs.imbs
bush. 60
Rye.
bush.56lbs.
28,000
Toledo
Detroit
Louis
Peoria
90,000
j...
48,000
Omaha
'21
Same
wk.
'20
Same
wk.
'19
Since Aug. 1—
1921
1920
1919
741,0001
92,000
156,000
151,000
467,000
77,000
8,000
146,000
28,000
161,000
19,000
188,000
117,009
12,000
48,000
29,000
290,000
19,000
428,000
188,000
143,000
279,000
340,000
36,000
48,000
171,000
208,000
31,000
Indianapolis..
wk.
1,287,000
1,101,000
171,000
City..
Total
296,000
403,000
18,000
Minneapolis..
Kansas
Barley.
bush. 32 lbs. bushASlbs
1,835,000
711,000
160,0001
Chicago
St.
Oats.
Corn.
lbs.'bush. 58 lbs.
326,000
258,000
492,000
3,095,000
3,138,000
4,399,000
13,000
6,000
126,000
148,000
120,000
277,000
4,994,000
7,827,000
7,760,000
37,000
2,413,000
2,767,000
402,000
366,000
1.202,000
608,000
3,134,000
744,000
434.000
7,960,000 182,874,000 112,261,000 90,642,00012,297,000 9,069,000
4,518,000 156.263.000 54,862,000 87,606,00018,084,000 13,971,000
8,261,000 241.390.0001 54,759,000! 93,341,000133,960,00013,770,000
Total receipts of flour
and grain at the seaboard ports for
the week ended Nov. 26 1921 follow:
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Receipts at—
Bushels.
Bushels.
Bushels.
Bushels
Bushels.
were
demand
light.
Thurs.
32}*
38}*
Wheat—
were
porters
Wed.
32}*
38}*
,
May delivery..*...-
On
took 500,000 bushels.
This had a good effect.
On Nov. 30 prices advanced with wheat.
Chicago elevator
interests bought.
Also the room traders there.
Liverpool
Tues.
33
38}*
CLOSING PRICES OF RYE FUTURES IN CHICAGO.
December delivery.
Milwaukee...
ible
Mon.
33%
38}*
Rye has recently been helped by the firmness
but has developed no striking features
apart from this fact.
The visible supply in the United States
decreased last week 364,000 bushels, against 194,000 last
year.
The total is now 6,194,000 bushels, against 4,402,000
last year.
Rumors of export business had some effect at
one time, to say nothing of the rise in wheat and the firm¬
ness of the cash rye position.
But later, when wheat fell,
longs sold freely and home and foreign demand disappeared.
To-day rye declined and then rallied with wheat.
Final
prices are % to lc. lower than last Friday.
Fri.
The vis¬
Fril
45}*
considered steady with some export demand
Duluth
extent.
45H
apparent.
Cash houses have sold December to
some
Thurs.
44}*
of wheat and corn,
113}*
117}*
more
Wed.
44}*
45
Sat.
....cts.
May delivery
friends, so to speak, owing to the
firmness it has shown at times recently under small country
offerings and some export demand.
Foreign buying has
been restricted by the smallness of the interior offerings.
Naturally these will increase before long.
That is the gen¬
eral expectation.
But at Chicago dealers have been dis¬
inclined to sell freely owing to the lateness of
the season.
Farmers, however, who have recently been getting about
40 cents on the farms are said to be more disposed to sell.
corn
Tues.
Mon.
45
PRICES OF OATS FUTURES IN CHICAGO.
DAILY CLOSING
•
DAILY
cts.
December delivery
Later the effects of bad reports from Kansas
also that of the decrease in the visible supply in
passed off;
the United
States last week of 2,136,000 bushels, against an increase in
the same week last year of 3,354,000 bushels.
The total is
now down to 48,741,000 bushels, against 43,229,000 a year
ago.
Cables have been rising and 1,000,000 bushels of Mani¬
toba were reported sold here on Nov. 29 for export to Eng¬
land. Liverpool was higher on bad Kansas and other reports'
from this country, brush fires in Australia and drought in
southern Argentina and northern Italy.
Buenos Aires rose
23^c., though it reacted later in sympathy with the decline in
America.
Trading in July began in Chicago on Dec. 1.
India, it is said, will have to import 16,000,000 bushels
before the next harvest.
Wheat later broke 2H to 3c. under
general selling on a drop of 234c. in Buenos Aires and lower
prices in Minneapolis and Winnipeg.
The market had
become overbought.
To-day prices declined and then rallied.
They end 13^ to 2 cents higher than a week ago.
/"
rumors were
DAILY CLOSING PRICES OF OATS IN NEW YORK:
87.9.
crop.
quiet, although
At
export demand.
was
3°/p less than the State's record of the fall of 1919, making
70.1 in 1917 and 75.9 in
time of
any rate, it
reported that recently a cargo was taken by foreign buy¬
ers, something that was considered a ray of hope for a better
European trade in the near future or later on.
With an
enormous visible supply in this country, those who hope for
better prices later on can hardly be blamed for grasping at
strawrs if that is all the rumors signify.
Recently exporters
have taken corn and rye, to say nothing of wheat, and some
look for a revival of foreign buying of oats sooner or later.
At one time elevator interests were buying and this tended to
sustain the price.
Fears of big deliveries for December
tended to keep oats back, however.
The -visible supply in
the United States last week increased 28,000 bushels, against
a decrease in the same
time last year of 367,000 bushels.
This makes the total 68,424,000 bushels, against 33,961,000
a
year ago.
It was expected that December tenders on con¬
tract would be large, and they were, i. e., some 2,640,000
bushels.
France is reported to have been buying Canadian
oats on a moderate scale.
But export demand has been too
small to be a feature.
Trade in July delivery began on Dec.
1.
To-day oats were slightly higher but they end M>c. lower
for the week on December and unchanged on May.
out in the wheat belt and that
eral lack of moisture.
[VOL. 113.
CHEONICLE
was
said to be much better.
Country offerings
were
But colder weather
may cause an
increase.
The
in the United Kingdom continues firm.
consumption there amounted to 408,000 bushels.
To-day prices advanced slightly but they end somewhat lower
than a week ago, that is, Y to lVsC. off.
demand for
corn
Last week's
DAILY
CLOSING
PRICES
OF
CORN
Sat.
No. 2 yellow
Mon.
cts. 70}*
-
69}*
IN
Tues.
67
NEW
Wed.
68
Thurs.
68
Fri.
■Sat.
December delivery
May delivery
cts.
-
-
Mon.
Tues.
'Wed.
Thurs.
49
49
47}*
47 V*
47 J*
54}*
54}*
53}*
54%
54}*
443,000
1,961,000!
229,000
183,000
New Orleans *
81,000
201.P00
186,000
471,000
41,000
108",000
1,948,000
336,000
1,067,666
817,000
193,000
17,000
2,000
126,000
28,000
2,000
2,812,000
6,205,000
491,000
Since Jan. 1*21 23,618,000 276.642.000 90,322,000
1,611,000
.
Galveston
Montreal
22,000
Boston
Total
wk.
Fri.
48}*
54s*
*
on
46,000
'21
Since Jan.1'20
68}*
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
15,000
1,344,000)
67,000
19,000
York—
Philadelphia.
Week 1920.._
YORK.
596,000
31,009
194,000
Baltimore
New
337,000
5,147,000
12,253,0001229.537.000
20,000
2,000
78,000
236,000
119.000
42,923,000)16,852,000 22,620,000
134,0001
373,000
107,000
600,000
19,459,0001 25,797,00910,200,000 48,094,000
Receipts do not include grain passing
through New Orleans for foreign ports
through bills of lading.
The exports from the several seaboard ports for the week
ending Nov. 26 are shown in the annexed statement:
Dec. 3
1921.]
Exports from—
THE
Wheat.
New York
Corn.
Flour.
Oats.
Bushels.
,
Bushels.
Barrels.
Bushels.
1,387,306
180,309 134,058
373,000
7,000
Rhlladelphia.
666.000
Baltimore
204.000
123,000
464,000
194,000
Galveston
Montreal
Total
"~3~666
285,000
96,864
creasing
47.000 101,000
349,83l!
-
269,858!551,956 454,456 '
482,952 353,834
below:
as
■
357,986!
37,000
2,074,309',189.058
The destination of these exports for
July 1 1921 is
buying, but up to the present time this about con¬
stitutes the net result of the strike.
However, there is in¬
Yo~666
«
4.004,306
7,091,343
Week 1920
curtailed
13,000
1,160,000 1.267,000
week
.
3,300
the week and since
■
.
the anxiety which the
majority predicted it would.
Values have not fallen off; in
fact, have been well main¬
tained.
There are isolated cases of canceled deliveries
and
36,864 148,831
69,986
11,000
caused
Peas.
Barley.
Rye.
Bushels. Bushels. Bushels.
60,000
New Orleans
2421
and
for
Corn.
Week
Since
Week
Since
Week
Since
July 1
Nov.26.
Nov. 26.
July I
Nov. 26
July 1
1921.
1921.
1921.
1921.
bush.
bush.
bush.
11921.
1921.
bbls.
Kingdom-
bbls.
54,884
2,745,965
Continent
48,071
So. & Cent. Amer.
23,945
53,458
"V, 700
273,479
189,058
6,445,514
6,733,705
Brlt.No.Am.Col8-
b-ush.
1,422,827 40,892,086 .240,133 12,370,248
2,501,479 106,510,175 1,794,776 34,487.011
3,400
80,000
2,183,137
1,842,410
2,608,095
355,560
460,915
West Indies
Other Countries.
36,000
1,000
480,510
1,500
_
353,834
—
which
to
Week
Nov.
1920.
Since
Since
Week
July 1.
Nov. 26.
Bushels.
Bushels.
Bushels.
Bushels.
Oth. countr's
"280,666
10,832,00« 260,614,000 253,591,000
The
visible
1920.
Since
July
Since
.;
1.
July 1.
Bushels.
5,810,000 208,866,000 201,952,000 1,571,000
2,680,000
178,000
"150,666 13,380,000 38,217,666 2,879,000
4,872,000 34,976,000 13,142,000
712,000
India
Total
1921,
July 1.
26.
Bushels.
48,527,000
5,184,000
635,000
81,139,000
9,361,000
67,709,000
movement
"466",000
2,535,666
"864",000
5,028,000*128,132,000
87,822,000
GRAIN
STOCKS.
quoted.
New York
Oats,
bush.
bush,
Philadelphia
2,189,000
61,000
2,091,000
Baltimore
2,503,000
Boston
149,000
1
Newport News
New Orleans
3,981,000
2,669,000
2,369,000
1,402,000
Galveston
Buffalo
Chicago
4,486,000
2,979,000
808,000
53,000
169,000
....
2,718,000
afloat.....
154,000
3,024,000
Duluth
Minneapolis
Omaha
6,357,000
2,667,000
9,044,000
1,013,000
209,000
325,000
2,284,000
On Lakes
1,651.000
St. Louis
Kansas City...
St. Joseph, Mo.....
Peoria
Indianapolis
Canal
and
River
Total Nov. 26 1921
Total Nov. 19 1921
Total Nov. 27 1920
Total Nov. 29 1919
795,000
Barley,
bush.
73,000
353,000
2,000
4,905,000 18,331,000
3,985,000
220,000
200,000
117,000
......
546,000
830,000
56,000
17,000
1,041,000
2,000
144,000
......
595,000
20,000
143,000
5,231,000
438,000 21,984,000
74,000
879,000
1,707,000
3,231,000
134,000
229,000
63,00.
825,000
285,000
419,000
184,000
2,505,000
1,281,000
330,000
60,000
469,000
1,108,000
90,000
1,180,000
4,000
277.000
69,000
2,000
5,000
2,000
493,000
87,000
48,000
75,000
......
3,513,000
4,082,000
3,287,000
2,425,000
Boston, 31,000; Buffalo, 480,000; Duluth,
7,000; total,1574,000 bushels, against 4,000 bushels in 1920; and wheat,
2,115,000
New York, 663,000 Baltimore, 13,487,000
Buffalo, 827,000 Toledo, 606,000 Phila¬
delphia, 1,032,000 Boston, on Lakes 3,908; total, 22,638,000 bushels in 1921.
the
matter.
Ft. William & Pt.
Arthur.23,525,000
1,555,000
1,247,000
3,286,000
2,520,000
9,000
280,000
1,364,000
■'
697,000
1,555,000
1,353,000
107,000
7,053,000
7,771,000
5,590,000
4,624,000
9,000
239,UOO
1,000
55,000
2,341,000
2,187,000
1,089,000
1,569,000
48,741,000 17,314,000 68,424,000
31,611,000
1,556,000
7,053,000
Other Canadian
6,194,000
9,000
3,513,000
2,341,000
80,352,000 18,869,000 75,477,000
6,203,000
85,736,000 19,289,000 76,167,000
6,797,000
5,741,000 39,561,000
4,403,000
1,377,000 21,546,000 17,253,000
5,854,000
6,269,000
4,367,000
4,489,000
6,586,000
Total Nov. 26 1921
Total Nov. 19 1921
Total Nov. 27 1920
Total Nov. 29 1919
Summary—
American
Canadian
Total Nov. 26 1921
Total Nov. 19 1921
Total Nov. 27
Total Nov. 29
now
the higher-priced values before the
public.
There is some
activity in tire fabrics, and a fair volume of orders in this
field has been placed.
lines, although
There is little demand in unfinished
slightly stronger inquiry is apparent for
Export business, especially in sheetings, has
quiet, and while mills report inquiries which un¬
been very
a
usual
circumstances would be considered
1920....61,373,000
1919—105,616,000
will
the
see
usual
placing of orders.
that they do not expect
64
are
Gray goods
at 9c.
the
business to speak of until the
28-inch print cloths,
selling at 6^0, and 28-inch, 64 x 60's, at 6c.
part of the
64's,
x
are
any
month.
very
At present
quiet, with 38%-inch. 64
x 64's, quoted
72% are selling at 9^c, and
80's, at 12%c.
Three-yard brown sheet¬
Thirty-nine-inch, 68
39-inch,
80
x
x
ing is listed at 10%c.
WOOLEN GOODS.—There has been uneasiness in
wool¬
ens in both divisions
throughout the week. There are many
reasons for uncertainty, and
apparently the necessary con¬
fidence to insure steady distribution is
lacking in the situa¬
tion.
One of the chief questions just now before the
woolen
trade is the course of woolen yarns and the
necessity for a
Many observers predict
There is much
talk
of
the
retailer
retail at
a
for
low
after the inventory
season, and there is increasing evidence of a keen interest
being displayed in values.
The fact that several large buy¬
ers
about in
are
the
market
is known
and
has
stimulated
interest.
and
men
women's
ing
trail blazer and
a
the present
time
as
an
there
to the
battles
are
facturers,
strikers
turers,
to
time to come.
being waged between the strikers and the
which
have
institute
even
gone
so
far
as
to
proceedings against certain
alleging conspiracy
to
break
a
contract
Legal
manu¬
cause
the
manufac¬
has
been
workers.
Generally
speaking, the
strike
no
announcement
by the
showing.
new
It is
however, that it make arrangements for the
steady working of its production, and predictions are to the
that
within the
women's
some
next
move
two
towards
weeks.
opening
The
retail
may
be
expected
trade
in
men
and
has, generally speaking, proven disappoint¬
Merchants point out that the buyers are shopping for
ing.
wear
values
to an extent never before
seen, and that there is
frankly displayed antipathy to the prices which retailers
state they have to charge under the
prices passed on to
them
by
the
manufacturer.
The
shortage
of
garments,
which has been spoken of as inevitable for the
metropolitan
district since
the opening
followed
for
the
garment
workers'
fair distribution is in
progress.
a
FOREIGN DRY
has
of
In fact, prices have been well
GOODS.—Following the
the
past
few
weeks,
course which it
burlap
has
again
fallen
slightly in this market. At this, it is noticeable that
little offering, and the apparent reason for slow
business is the temporary dearth of
buyers. At present bur¬
there
laps
is
are
quoted
heavies at 4.00c.
for
spot
lightweights at
3.70c,
and
the
There has been
some strengthening of the
sterling exchange, which should cause this market to ad¬
vance, but as yet the advance has not materialized.
The
one,
and
are not
reported to be
on a
than the spot
on
a
steady basis.
quotations, but
discouraging, and the market
corresponding level with this
Futures
are a
few points higher
are not
being sought in volume.
Linens continue to be one of the bright spots in the entire
drygoods trade.
There is little talk indulged in, in this
with
the
section, but the majority of merchants are willing to admit
has
not
a
'
union
to
necessary,
there is
some
cloaks
by the en¬
has the reputation of be¬
accurate placer of values.
Up to
probable date of its
advices from Calcutta
will continue in effect for
and
tire trade, for this large company
ment workers-is still in
ances
suits
not look favorable.
The opening of the new lines of woolen
by the American
Woolen Company is being predicted for the near
future,
and will be watched with the keenest • interest
Generally speaking, the market, in all branches,
has passed through a quiet week, with the
price element
practically unchanged.
The strike of the cloak and gar¬
effect, and according to all appear¬
move¬
price, the situation does
maintained and
of buying
upward
owing to tariff legislation,
and, in view of the steady and insistent demand on the part
New York, Friday Night, Dec. 2 1921.
large.
an
in prices in woolens here,
ment
day
The market has been largely an affair of rumors
through¬
out the week, and the total aggregate of trade has not been
encour¬
activity at this time of the year
In fact, many of the agents state
in the
strike, has failed to develop.
THE DRY GOODS TRADE.
very
aging, the present movement in prices, exchange difficulties
and cautiousness on the part of the
buyer all tend to destroy
any sizeable export sales while they are still in the em¬
bryo state.
There is every indication that the close of this
effect
31,611,000
34,859,000
18,144,000
15,779,000
Just
merchants with cotton
goods
purchased at the recent peak prices have not
attempted to liquidate their values with other cotton
goods
on hand,
and apparently have made little attempt to
put
American
Canadian—
1,500,000
The general tone
very
raw
change in values.
......
Note.—BoDded grain not Included above:
Oats, 108,000 bushels New York, 101,000
Boston 33,000 Buffalo, 71,000 on Lakes;
total, 313,000 bushels, against 108,000 In
1920; barley, New York, 56,000 bushels,
.*
is
their hands
1,000
334,000
48,741,000 17,314,000 68,424,000
6,194,000
50,877,000 17,936,000 68,396,000
6,558,000
43,229,000
5,634,000 33,961,000
4,402,000
89,737,000
1,377,000 16,922,000 17,198,000
Montreal.
offerings.
this account
a readjustment of
prices in
material, but during the present time of
yearly settlements there is little disposition being shown to
latter
41,000
1,984,000
67,000
29,000
Milwaukee
Rye,
bush.
......
2,833,000
3,122,000
78,000
Detroit
On
609,000
19,000
216,000
261,000
18,000
139,000
1,306,000
afloat
Toledo.
'
1,055,000
__
142,000
507,000
revalue their
on
There will have to be
line with the
month
Corn,
bush.
States—
to
market
spotty, and there is
little real evidence of strength in the
prices which are being
der
supply
Wheat,
nited
well into the coming year, and have made
the finished.
of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Nov. 26 was as follows:
■>
carry them
the
on
Australia
circles, is being variously reported.
DOMESTIC COTTON GOODS.—There is little
change in
goods, and only a fair amount of business is being
transacted.
Many of the mills have orders on hand
rush
Corn.
.
1921.
Russ.&Dan.
really
cotton
12,208
------
4,004,306 149,845,398 2,074.309 49,192,387
482,952
7,091,343 166,435,798
4,205,786
Wheat.
Exports.
Argentina
manufacturers
Apparently those
are working on a narrow
margin of profit
doing a steady business, while consumers, shopping care¬
fully and cautiously, are passing by those stores which
have made little effort to readjust their values.
will
259,000
The world's shipment of wheat and corn for the week
ending Nov. 26 1921 and since July 1 1921 and 1920 are
shown in the following:
North Amer.
the
are
no
Total
Total 1920.
of
some
merchants who
Week,
Since
United
Wheat.
that
ably 'believe that the entire affair will not occur again. The
holiday trade, which has been looked forward to in all
retail
Flour.
Exports
evidence
contemplate the moving of their factories to other cities in
the very near future, should the
present difficulty not be
adjusted soon, and on a basis which will let them reason¬
fair business and
a
steady tone.
THE
U22
[VOL. 113.
CHRONICLE
j^taie md Citxj gjeyartmjmt
The Board is said not to have gotten down to a working basis yet on
the selection of an executive director.
State Auditor Tracy, AttorneyGeneral Price and Secretary of State Price each is said to be pledged to a
candidate with chances that none of the three will be named.
Talk recently has centred around Robert R. Roberts of Youngstown as
possible dark horse selection.
He was a sergeant in the war, is connected
a Youngstown steel company and was nominated at the last American
Legion of Ohio convention for State commander, but withdrew in favor
of Charles L. Darlington of Xenia, who won the office.
Nobody seems
to know yet whether Roberts is a Democrat or Republican.
Members
of the Sinking Fund Commission all are Republicans.
a
NEWS
ITEMS.
with
Now-Partisan League
dispatch from Bismarck to the Minneapolis
"Journal," dated Nov. 23, had the following to say in the
North Dakota.—Five-Year Rule of
Ends.—A
matter:
Non-Partisan League yielded control of North Dakota's State
Government to-day and turned the keys of the State administration over
16 the independents after five years of rule!
Following formal action by
the State Canvassing Board to-day, declaring the result of the Oct. 28
recall election, R. A. Nestos was to take the oath of office as Governor and
deliver an inaugural address.
His associates in the recent campaign also
were to
take office, Sveinbjorn Johnson succeeding William Lemke as
Attorney-General, and Joseph A. Kitchen replacing John N. Hagan as
Commissioner of Agriculture and Labor.
Governor Lynn J. Frazier, the
first State executive ever ousted by the recall, did not witness the cere¬
monies, to which he had been invited.
The
Foiled Officials Resell
Bonds.
At the
off charges in State departments contemplated by the
new officials were made by the League to-day.
Holders of two important
offices resigned, and successors have been appointed who cannot be re¬
moved except for cause.
Since they have been in office only a day, the new
independent administration will have difficulty finding "cause" to remove
^em"
Two
Officials Resign.
State Bank Examiner, resigned, and his assistant, Gilbert
Seminingson, was appointed in his place. Frayne Baker resigned from the
State Highway Commission and his brother, Benton Baker, was appointed.
The State Supreme Court unanimously rejected the petition by Leaguers
seeking to nullify the recall election.
The petitioners alleged fraud in the
petitions, owing to duplications found in the lists, and maintained that
only persons who voted for governor last year had a right to sign them.
The Court held that the petitioners had plenty of time before election to
make their protest, under provisions of the recall law, and that they failed
to act when they should have.
E. Loftus,
Independents Take Control.
the last hope of the Leaguers, who were banking on their
2 majority in the Supreme Court to come to the rescue.
It meant that
This killed
to-day three independents would step into the State House and
control of the Bank of North Dakota and the State industries.
In fixing the rate of interest, however, the Commissioners bore in mind
the fact that no bond expert consulted by them had recommended the
lower rate of interest.
It seemed to be the
of opinion that there might be a question
would find
a
ready sale, although
disposed of.
It is admitted that there was a chance that they could be
With the higher rate, it is expected they will sell at a premium and that
there will be no delays in disposing of them.
They will find an assured
market, in the opinion of bond men.
Some of the members of the Commission
say they expect to have to
attempts to discredit the work of the department at the start,
political purposes.
All of the members of the Board, as well as Director
Roberts, are Republicans.
Bond dealers are eagerly seeking information, indicating a readiness on
their part to take up the issue.
It is expected that there will be no difficulty
in disposing of them to Ohio houses and banks.
The first issue will either be for $10,000,000, to be followed at a short
interval by another issue of equal amount, or between $15,000,000 and
$20,000,000 will be issued at once.
This has not been decided.
The Constitutional amendment provides that the first maturity shall be
not later than April 1 1923, that tne bonds shall be for a 10-year period,
with 20 maturities, that is, with interest payable semi-annually.
The Commission hopes to have the paper ready for circulation by the
first of the year, and will probably offer the bonds for sale between Dec. 15
for
and 20.
They will be advertised for two weeks.
It is likely that tbe first interest
payment will be made due in 15 months; otherwise, it would have to be
made out of money derived from the sale of the bonds themselves, as
revenue coming from the State tax levy, authorized by the Constitutional
amendment, will not be advisable prior to that date.
The Board does not
want to pay interest out of the principal if that can be avoided.
into full
in the corridors awaiting the announcement of the
"majority of the Court had denied the applica¬
tion" without accompanying opinions. Justice Robinson said later that
all five judges were against granting the injunction, which would have kept
the present officials, elected with Non-Partisan endorsement, in office at
least temporarily.
He also asserted that affidavits of wholesale fraud in
obtaining signers to the recall petitions were not considered true.
The issues included in the bond sale contract follow:
Eight million
dollars real estate series: $2,000,000 mill and elevator: $1,000,000 home
builders at par with 6% interest and $1,300,000 of the Bank of North
Dakota bonds, authorized at 5%, at a discount to make them net 5%%.
In selling the real estate series at par the Industrial Commission increased
the rate of interest to 6% from 5h%.
It was stated that the contract provided for delivery of the real estate
series bonds at approximately $200,000 a month for 14 months' delivery of
$1 000 000 mill and elevator bonds when ready and $200,000 a month
thereafter for five months; the home builders bonds to be taken when
ready and the bank bonds immediately.
BOND
interest.
learned, however, they said, that the premiums 5% bonds
would command would be $75,000 less than the difference in interest
between 4M and 5%.
■
After deciding then to make the interest not more than 4£f, the Board
set out to learn if 4
bonds would sell readily and at a premium, and
whether 4^ or 4% % bonds would yield the greatest net return to the fund.
Members will take several days to study this question and likely won't
meet again formally before the middle of next week.
The amount of bonds to be offered for the first installment also is one
of the immediate problems under consideration.
Financial men of New York, Cleveland and Cincinnati are being inter¬
Members
Superintendent Scott also is making investigations
of the opinion that caution is better than haste in the
financial phases of the task,
details of secondary concern.
and regard the administrative and clerical
SALE.—An
ALLEGHENY COUNTY (P. O. Pittsburgh), Pa .—BOND OFFERING.
$1,500,000 Series 10 bridge
bonds.
Due $50,000 yearly
on
Nov. 1 from
1922 to 1951 inclusive.
810,000 Series 23 road bonds.
Due $27,000 yearly
on
Nov. 1 from 1922
1951 inclusive.
to
Date Nov. 1 1921.
a
national bank
or
Cert, check for 2% of the amount bid for, drawn upon
trust company, required.
ALLENTOWN SCHOOL DISTRICT (P. O. AUentown), Lehigh
County, Pa.—BOND SALE.—The $500,000 5% school bonds offered on
Nov. 29 (V. 113, p. 2331) were sold to M. M. Freeman & Co. andLewis&
Snyder, both of Philadelphia at 105.11.
Date Oct, 1 1921.
AMARILLO, Potter County, Tex.—BOND SALE.—Crosby,
McCon-
nell & Co., Denver, C. W. McNear & Co., Chicago, R. J. Edwards, Okla¬
homa City, and Mortgage Trust Co., were awarded the $150,000 paving,
$20,000 sanitary sewer disposal plant, $60,000 sanitary sewer extension,
$18,000 incinerator, $30,000 fire alarm system and $300,000 auditorium,
and municipal building 5% bonds at par, less 10%.
Denom.
$1,000.
Date March 1 1921.
Interest at National City Bank, N. Y.
The above corrects the report given in V. 113, p. 2331.
library
AMARILLO INDEPENDENT SCHOOL DISTRICT (P. O. Amarillo),
Potter County, Tex.—PRICE PAID.—The price paid for the $220,000
6% school building bonds by R. J. Edwards of Oklahoma City was 99,
less $800 for furnishing bonds, not 100 and interest as newspaper reports
made us say in V. 113, p. 2331.
Denom. $1,000.
Date Dec. 1 1921.
Interest semi-annually.
AMHERST VILLAGE SCHOOL DISTRICT (P. O. Amherst), Lorain
County, Ohio.—BOND OFFERING.—J. B. Avery, Clerk of the Board of
Education, will receive sealed bids until 12 m. Dec. 15 .for $125,000 6%
"The
The Ohio "State Journal" in its issue of Nov. 26 said:
bonds will be offered at not higher than A.K % interest
and possibly as low as 4^%, members of the Board of Sinking Fund
Commissioners said after an aU day meeting yesterday.
The Board began inquiries on the basis of 5% bonds with the idea that
the higher premiums they would command might offset the difference in
COUNTY (P. O. Laramie),
Wyo.—BOND
$25,000 road bonds has been sold to local investors.
—John P. Moore, County Comptroller, will receive sealed proposals until
11 a. m. Dec. 15 for the following 4tax-free bonds:
citizens of the State by a
Ohio soldier bonus
NEGOTIATION
AND
follows:
as
ALBANY
issue of
Ohio.—Complete Official Returns on Soldiers' Bonus and
Proposed Amendments—Sinking Fund Considers Interest
Rate on Bonus Bonds.—"The veterans' adjusted compensation
amendment," said the Ohio "State Journal" of Columbus,
under date of Nov. 22; "was officially declared a part of
the Ohio Constitution at 4.30 o'clock yesterday by issuance
of a formal proclamation by Governor Davis immediately
after the State Canvassing Board had declared the amend¬
ment adopted."
amendment," continued the "Journal," "was endorsed by the
majority of 624,662 out of a total vote of 1,273,656.
The vote for and against was 949,109 and 324,662, respectively.
"Members of the Sinking Fund Commission, created by the amendment
to administer the issuance of the $25,000,000 in bonds and the payment
of compensation to the ex-service men, expect to act with all possible
speed.
They probably will hold their first official meeting to-morrow,
to approve forms of applications for compensation, form of bonds, interest
rate and other details.
"It is expected that a representative of the American Legion post in
each county will be named to receive applications for compensation.
It is
known that members of the Sinking Fund Commission are anxious to have
all applications made through one channel, in order to avoid confusion,
and as the Legion membership has been the most vitally interested organ¬
ization in adoption of the amendment and has proffered its service in
distributing the money, it is expected this one organization alone will be
authorized to handle the applications.
"The senatorial redisricting amendment was defeated by a majority of
181,950, the official returns showing 518,524 votes against the amendment
to $336,574 for it.
"The poll tax amendment was defeated by a majority of 428,342.
The
official returns showed 244,509 votes for the amendment to 672,851 votes
against it.
"The Governor's proclamation declaring the soldiers' bonus amendment
adopted also declared the redisricting and poll tax amendments defeated."
PROPOSALS
this week have been
Other
consensus
to whether the bonds at the low rate
as
CORrwasaannounced that the
State Bank
The dispatch, which is dated Nov. 29,
meeting to-day of the Sinking Fund Commissioners with
first
In reaching this decision, the Board went contrary to the advice of W. W.
Durbin, State Chairman of the Democratic Committee, who last week
a "warning" to the effect that the bonds should bear only 4H%
hearing argument on the taxpayers' petition, which lasted until
late in the day, on the suit of taxpayers to break the present bond sale
contract, the Supreme Court retired to chambers to deliberate upon the
recall nullification.
A large crowd composed of both Non-Partisans and
^Nlembers1"are
Commission on
the Soldiers' Bonus
Director of Compensation R. R. Roberts, it was decided that the bonds
to be issued for payment of the bonus to former service men and women
would bear 4% % interest.
The vote on this proposition was unanimous.
After
viewed.
on
combat
mlMoves * to' head
independents, loitered
29 fixed the rate of interest
bond issue at 4%%.
said:
interest.
effort to nullify the election result, the Non¬
took hurried action to straighten out the bond sale tangle
and to embarrass the incoming administration.
The old Industrial Com¬
mission, whose members all stepped out of office to-day, announced a
"re-sale" of State bonds to Spitzer, Rorick & Co. of Toledo, which it is
claimed will comply with the law.
It nullified the former sale at 5%
discount, which was blocked by a taxpayers' suit still pending before the
State Supreme Court.
The new sale is made almost wholly at par, it is
announced, and if so it means a vast saving to the State compared with the
former transaction so loudly heralded as a "victory" for the League adFoiled in a last minute
3 to
Nov.
issued
partisan officials
O
According to the Cleveland "Plain Dealer's" Columbus
correspondent,;"the Ohio " Sinking Fund
building bonds.
Denom. $1,000.
Date, day of sale.
Int. A. &
Due yearly on Oct. 1 as follows $1,000 1926, $2,000 1927 to 1930, incl.:
$3,000 1931 and 1932, $4,000 from 1933 to 1937, incl.; $5,000 from 1938
and 1939, $6,000 1940 and 1941, $7,000 1942, $6,000 from 1943 to 1946,
incl.; $7,000 1947 and $6,000 from $1948 to 1952. incl.
Certified cneck for
5% of the amount bid for, payable to the above Clerk required.
Purchaser
coupon
O.
to pay
accrued interest.
ANNA, Shelby County, Ohio.—BOND OFFERING.—W. 8. Malchan,
Village Clerk, will receive sealed bids until 1 p. m. Dec. 10 for $4,000 6%
fire engine bonds.
Denom. $400.
Date Sept. 1 1921.
Due $400 each
six months from.March 1 1923 to Sept. 1 1927. incl.
Certified check for
$100 required.
ARBOR SCHOOL DISTRICT (P. O. Ann Arbor), Washte¬
County, Mich.—ADDITIONAL DATA.—We are advised that Bol-
ANN
naw
fer, Mosser & & Lawson
larris. Small Willaman
of Chicago and New York were associated with
of Detroit in acquiring the $200,000 5% school
bonds at 99.53, a basis of about 5.05% (V. 113, p. 2098).
'
ARLINGTON
HEIGHTS,
Dallas County,
Tex.—BOND ISSUE
VOTED DOWN.—The Dallas "News" on Nov. 27 said:
"The $100,000 school bond issue for Trinity Heights was defeated in an
election held on Nov. 26 in the Trinity Heights school house by a vote of
85 to 53.
Opponents to the bond issue claimed that chances for the an¬
nexation of Trinity Heights to the city of Dallas would have been lost had
the bonds been voted.
"Definite action on the
petition now in the hands of the City Commission
annexed to the city is expected within a
according to E. D. Hurt, Chairman of the Annexation Com¬
asking that Trinity Heights be
few days,
mittee."
Allegheny County, Pa.—BOND OFFERING.—S. R.
receive sealed bids at the Borough Office (No.
Aspinwall, Pa.) until 8 p. m. Dec. 5 for $50,000 tax-free
municipal bonds bearing either 4M %. 5% or SK % interest per annum.
Denom. $1,000.
Date Dec. 15 1921.
Certified check for $500 required.
ASPINWALL,
Chase, Borough Clerk, will
230 First St.,
ATHENS
COUNTY
(P.
O.
Athens),
Ohio.—BOND
SALE.—The
$60,000 6% road bonds offered on Sept. 24—V. 113, p. 1270—were sold
to the Athens National Bank at 100.30, a basis of about 5.93%.
Date
Sept. 1 1921.
Due $6,000 yearly on Sept. 1 from 1922 to 1931, inclusive.
AVON LAKE, Lorain County, Ohio.—BOND OFFERING.—W. R.
Hinz, Village Clerk, will receive sealed bids until 12 m. Dec. 30 for $10,000
6% road-impt. bonds.
Denom. $500. Date Oct. 1 1921. Due $1,000
each six months from Jan. 1 1923 to July 1 1927 incl.
Cert, check for 2%
of the amount bid for, payable to the Village Treasurer, required.
Pur¬
chaser to pay accrued interest.
Dec. 3
THE
1921.]
BALDWIN
CHRONICLE
(P. O. Baldwin
City), Douglas County, Kans.—BONDS VOTED.—By a vote of 439 to
192 $65,000 new grade and high school building bonds were voted recently 4
CITY
SCHOOL DISTRICT
NO.
IT
BARBOUR COUNTY (P. <L Clayton), Ala.—BONDS VOTED.—The
a recent election authorized the issuance of $150,000 of road
voters at
bonds by
a vote
BARRE,
Vt.—BOND
County,
OFFERING.1-—James
Smart. City Treasurer, will receive sealed bids until 7 p. m. Dec. 13 for
$60,000 6% coupon refunding bonds.
Denom. $1,000.
Date Jan. ] 1922.
Due $5,000 yearly on Jan. 1 from 1927 to 1938, inclusive.
*
BENSON
GRADED SCHOOL DISTRICT (P. O. Benson), Johnston
County, No. Caro.—BOND SALE.—On Nov. 19 the $8,000 6% school
bonds—v. 113, p. 2002—were sold to Prudden 8c Co. of Toledo at par and
interest, less a commission of 5H%.
This bid is equal to 94.50.
BENTON HARBOR, Berrien County, Mich.—BOND SALE.—'The
ollowing 6% direct obligation bonds were recently sold to Keane, Hlgbee
Detroit:
$150,000 water works bonds.
Due $5,000 yearly from 1922 to 1951 Incl.
J30.000 funding bonds.
Due $6,500 yearly from 1922 to 1941 incl.
20,000 paving bonds.
Due $1,900 yearly from 1922 to 1941 incl.
20,000 market site bonds.
Due $1,000 yearly from 1922 to 1941 incl.
11,000 fire-equipment bonds.
Due $1,000 yearly from 1922 to 1932 incl.
Date Nov. 11921.
& Co. of
.
BIRMINGHAM, Ala.—BOND SALE.—On Dec. 1 R. M. Grant & Co.
of New York, by
be unconditional.
The first issue ($6,000,000) is authorized by
Chapter 217 of the Laws of 1914 (the Charter of tie City of Buffalo) and
the Education Law, and pursuant to a resolution
adopted by the Council
Nov. 2 1921 and duly certified by the City Clerk; the second
($700,000) is
authorized by Chapter 217 of the Laws of 1914 of New York
(the City Char¬
ter) the General City Law, the General Municipal Law and Acts amenda¬
tory thereof, and pursuant to a resolution adopted by the Council on Nov, 2
1921 and duly certified by the City Clerk, the third Issue ($600,000) is
authorized by Chapter 217 of the Laws of 1914, the General
City Law and
the General Municipal Law and Acts
amendatory thereof, ana pursuant
to a resolution adopted by the Council on Nov. 2
1921 and duly certified
by the City Clerk, and the fourth and last Issue ($60,000) is authorized
by Chapter 217 of the Laws of 1914 (the City Charter) and the General
City Law and Acts amendatory thereof, and pursuant to a resolution
adopted by the Council on Nov. 2 1921.
The above corrects the report
given in V. 113, p. 2099.
Financial Statement.
Assess, val.—Real estate and special franchises, 1920-21 ...$597,634,615 00
must
,
believed to range about 12 to 1.
Washington
2423
t>
A
^
^
-KT
d?* ,™,do
do
1921-22.-1. 644,739.185 00
Bonded debt Nov. 15 1921—.———
Water supply bonds (incl. in above bonded debt).
Certificates of indebtedness (ind. in above bonded debt),
—...
,
,
due July 1 1922.—
40,929,531 73
12,656,929 04
677,226 58
Sinking fund, applicable to the payment of the bonded debt
City tax rate (per $1,000)
Population (U. S. Census) 1920
-
.....
5,181,413 36
24 00
506,775
bid of 102.54, acquired the $92,000 6M%
BUTLER, Morris County, N. J.—BOND OFFERING.—Sealed proposals
gold public impt. bonds (V. 113. p. 2212).
Date Dec. 11921.
Due Dec. 1
1931 at not exceeding one-fifth (1-5) in amount of said bonds of each series,
being redeemable by the City of Birmingham in numerical order before ma¬
turity on Dec. 1 1923, and a similar number of bonds on the 1st day of Dec.
in each year thereafter, by
paying to the holder or holders thereof as a bonus
a sum
equal to one-half (y%) the annual interest on the bonds redeemed,
notice of redemption to be given as provided by law.
will be received by Jno. F. Bormuth, Borough Clerk, until 8 p. m. Dec. 15
for $80,000 5H % coupon or registered electric light and power bonds.
BIWABIK, St. Louis County, Minn.—BOND OFFERING.—J. P. Goldtborpe, Village Clerk, will receive bids until 8 p. m. Dec. 17 for $180,000
6% funding bonds.
Denom. $1,000.
Int. J. & D,
Due yearly on Dec.
17 as follows: $14,000 1924 to 1935 incl. and $12,000 1936.
Cert, check
for $5,000,. payable to Olive E.
Faber, Village Treasurer, required.
BUTTE COUNTY (P. O. Orovllle), Calif.—ADDITIONAL DATA.—
Touching upon the offer of par and interest which was received and ac¬
cepted for the $1,300,000 highway bonds, the sale of which was reported
in V. 113, p. 2331, the San Francisco "News-Bureau" in one of its recent
issues said in part:
"The offer provides that the payment be in cash, but that the money may
be redepositea at 2H % by the county in the banks making the purchase,
subject to check from time to time, as expenditures in highway construc¬
tion are made.
The bonds sold are the last of Butte County's $1,800,000
issue of January 1919.
The bonds will be turned over to the purchasers
in Sacramento next Monday
by the Butte County Supervisors and Auditor
Accrued interest on the bonds sold at 5% is estimated by Clerk L. B.
McCoy to be $126,400."
submitting
a
BLAKELY TOWNSHIP, Lackawanna County, Pa .—BOND SALE.—
The $250,000 514 % coupon bonds offered on Nov. 28—V. 113, p. 2212—
M. M. Freeman & Co. of Philadelphia, at 100.14, subject to
were sold to
1921Pr°Va*
1
°' ^e issue by their attorney. Date Aug.
tlie
BLOUNT COUNTY (P. O. Maryvllle), Tenn.—BOND DESCRIPTION.
*—The $50,000 6% school bonds awarded on Nov. 12
as stated in V. 113,
2212, are described as follows:
Denom.
Interest M. 8c N.
Due Nov. 15 1941.
p.
$1,000.
semi-annual interest (A. & O.), payable at the Hanover National Bank,
N. Y.
Due yearly on Oct. 1 as follows:
$1,000 1923 to 1925, incl., $2,000
1926to 1928, incl., $4,000 1929 to 1931, incl., $6,000 1932 to 1937, incl.,
and $7,000 1938 to 1941, incl.
COUNTY
(P.
O.
Lebanon),
OFFERING.—
Ind.—BOND
Granville Wells, County Treasurer, will receive bids until 10 a. m. Dec. 6
for $208,000 5% Crawfordsville County Unit Road bonds.
Denom. $400.
Date March 12 1921.
Int. M. & N.
1922 to 1941, inclusive.
Dec. 1 from 1922 to 1941, inclusive.
Certified check for 2% of bid
incorporated bank or trust company, payable to the borough required.
Purchaser to pay accrued Interest,,
on an
Date Nov. 15 1921.
BOLIVAR COUNTY DRAINAGE DISTRICT NO. 7, Miss.—BOND
SALE.—The William R. Compton Co. of St. Louis, has acquired $85,000
6% tax-free bonds.
Denom. $1,000.
Date Oct. 1 1921. ^Principal and
BOONE
Denom. $l,O0O, $500 and $100.
Date Dec. 1 1921.
Prin. and semi-ann.
int. (J. & D.) payable at First National Bank, Butler.
Due $4,000 yearly
on
Due $10,400 yearly on May 15 from
.
BOONVILLE, Cooper County, Mo.—BOND ELECTION.—Through a
we are advised that an elec¬
tion will be held Dec. 20 to vote on the
question of issuing $50,000 bridge
special telegraphic report received last night,
bonds,
in.
BOVEY, Itasca County, Minn.—BOND OFFERING.—Until 8 p.
Dec. 6 F. H. Raumer, Village Clerk, will receive sealed bids for $20,000 6%
funding bonds.
Denom. $1,000.
Int. semi-ann.
Due yearly on Dec. 1
as follows: $1,000 1924 to 1927
incl. and $2,000 1928 to 1935 incl.
No bid
less than par will -be considered.
CALIP ATRIA HIGH SCHOOL DISTRICT. Imperial County, Calif.
—BOND SALE.—On Nov. 23 $150,000 school bldg. bonds were sold at par
to Carstens 8c Earles. Inc.
CAMBRIDGE, Middlesex County, Mass.—LOAN OFFERING.—
Henry F. Lehan, City Treasurer. wiU'receive proposals until 12 m. Dec. 5
for a temporary loan of $500,000 in anticipation or revenue for the year 1921
on a certified note or notes, discounted, dated Dec. 7 1921 and due April 13
1922.
The notes will be issued under the supervision of the First National
Bank of Boston, which will certify as to their genuineness, and their legality
will be
approved by Ropes, Gray, Boyden & Perkins, whose opinion will be
furnished the purchaser.
All legal papers incident to this loan will be filed
at the aforesaid bank, where they may be inspected.
CAMBRIDGE CITY SCHOOL DISTRICT (P. O. Cambridge),
Guernsey County, Ohio.—BOND OFFERING.—Geo. D. Dugan, Clerk
Education, will receive sealed bids until 12 m. Dec. 22 for
$225,000 6% school bonds.
Denom. $1,000.
Date, day of sale.
Int.
M. 8c S.
Due each six months as follows: $1,000 from March 5 1923 to
Sept. 5 1928 incl.; $3,000, March 5 1929 and Sept. 5 1929; $2,000 from
March 5 1920 to March 5 1931 incl.; $3,000, Sept. 5 1931; $2,000, March 5
1932; $3,000, Sept. 5 1932; $2,000, March 5 1933; $3,000, Sept. 5 1933;
$4,000, March 5 1934, and Sept. 5 1934, and $10,000 due from March 5
1935 to Sept. 5 1943 incl.
Cert, check for 3% of the amount bid for. pay¬
able to the Board of Education, required,
Purchaser to pay accrued int.
of the Board of
BOWEN DRAINAGE DISTRICT, Rio Grande County, Colo.—
BOND ELECTION.—On Dec. 10 $166,000 8% drainage bonds will be
yoted udou.
CARROLL COUNTY (P. O. Huntingdon), Tenn.—BOND SALE.—
Bank of Huntingdon and Farmers' State Bank, both of Huntingdon, were
awarded $115,000 6% road bonds at par.
Chas. A. White is Chairman Board of Supervisors (P. O.
47 Adams St., Monte Vista, Colo.).
BRAZOS COUNTY (P. O. Bryan), Tex.—BONDS VOTED.—An issue
bonds was carried by a safe majority at a
of $100,000 bridge and
funding
recent election, it is stated,
^
CARTERET COUNTY
Trust Co. of Wilmington
BRENHAM, Washington County, Tax.—BONDS REGISTERED.—
On Nov. 26 $40,000 6%
street-paving bonds were registered
(P. O. Beaufort), No. Caro.—BOND SALE
NOT CONSUMMATED.—'The sale of the $150,000 6% road and bridge
bonds to Seasongood & Mayer of Cincinnati and the American Bank &
a
with the State
(v. 112, p. 1433) was not completed because of
legal technicality.
CARUTHERSVILLE, Pemiscot County, Mo.—BOND OFFERING.—
sealed bids until 6 p. m. Dec. 15
(to be opened 7:30 p. m.), for $65,000 5H% 20-year serial water bonds.
Comptroller.
Thomas B. Ward, City Clerk, will receive
BREWSTER COUNTY (P. O. Alpine), Tex.—BONDS REGISTERED.
—The State Comptroller on Nov. 21 registered $45,000 refunding bonds.
Certified check for 2% required.
'
^
BRISTOL, Washington County, Va.—ADDITIONAL DATA.—The
$50,000 refunding and $25,000 school 6% bonds, which were sold to Weil,
Roth & Co. of Cincinnati on Nov. 21—V. 113, p: 2331—at 103 and interest,
a basis of about
5.79%, and 101.20 and interest, a basis of about 5.88%,
respectively,
are
described
as
follows:
$50,000 refunding
bonds.
Denom. $1,000.
Date Oct. 31 1921.
Int.
M. & N.
Due Oct. 13 1951.
25,000 school bonds.
Denom. $1,000.
Date Jan. 1 1923.
Int. J. & J.
Due $1,000 yearly on Jan. 1 from 1925 to 1949 incl.
BRISTOW, Creek County, Okla.—BOND ELECTION.—On Dec. 20
$90,000 water and sanitary sewage systems extension bonds will be voted
upon.
BROADWATER, Morrill County, Neb.—BOND SALE.—The Omaha
purchased $9,100 6% water bonds at par.
Date
Due Jan. 11941, optional Jan. 1 1926.
Trust Co. of Omaha has
Jan, 1 1921.
BROADWAY-MAIN STREET BRIDGE DISTRICT (P. O. Little
Rock), Pulaski County, Ark.—BOND SALE.—On Nov. 29 the $2,250,000
6% bridge bonds (V. 113, p. 2331) were acquired by the Liberty Central
„
Trust Co. of St. Louis and associates at 101.05.
BROOKVILLE, Jefferson County, Pa.—BOND SALE.—The Jefferson
County National Bank was the successful bidder at par and accrued interest
for the $8,000 5% (opt.) borough bonds offered on Nov. 21—V. 113, p.
2212.
Date Nov. 1 1921.
BUCYRUS SCHOOL DISTRICT (P. O. Bucyrus), Crawford County,
Ohio.—BOND SALE.—An issue of $115,000 6% school bonds has been
sold,
as
CATAWBA COUNTY (P. O. Newton),
& Co. of Toledo were the successful bidders for
bonds (V. 113, p. 1908) at par and interest.
Date
Due yearly from 1934 to 1941 incl.
v
the $200,000 6% road
July 1 1921.
CERRO GORDO COUNTY (P. O. Mason City), Iowa.—BOND
OFFERING.—The Clerk Board of County supervisors will offer for sale to
the highest bidder at 2 p. m. Dec. 12 $29,987 80 6% Drainage District
No. 57 bonds.
Denom. $1,000.
Date Jan. 1 1922.
interest semi-annual.
Due one-tenth each year from Jan, 1 1923 to 1932, inclusive,
sealed bids
should be filed with the County Auditor of Cerro Gordo County, Iowa, on
or before noon of Dec. 12.
Also there will be sold at said time bonds in Drainage Districts Nos. 56,
64, 65, 74 and 99, all of which several issues are under the sum of $25,000,
but in the aggregate amount of $90,000.
Date of bonds and terms, same
as above described in Drainage District No. 57,
CHARLOTTE, Mecklenburg County, No.
Caro.—BOND SALE.—
(registerable as to Principal only)
National City Co. of New York:
$450,000 water and sewer bonds at 100.599 for 6Jis,a basis of about 5.21%.
Due yearly on Feb. 1 as follows: $6,000 1924 to 1928 ind.; $9,000
On Nov. 26 the following gold coupon
bonds (V. 113, p. 2212) were sold to the
1929 to 1935 incl.; $11,000 1936 to 1942 incl.; $13,000 1943 to
1952 incl. and $15,000 1953 to 1962 Incl.
750,000 street impt. bonds at 100.599 for 5Hb. a basis of about 5.15%.
Due yearly on Feb. 1 as follows:, $70,000 1924 to 1933 incl., and
$25,000 1934 to 1935.
Bonds are dated Aug. 1 1921.
Financial Statement,
follows*
Assessed value, taxable property, 1921
Value of municipal property
$70,000 to Tillotson-Wolcott Co., Cleveland.
45,000 to Seasongood & Mayer, Cincinnati.
Bonds
BUFFALO, N. Y.—BOND OFFERING.—Ross Graves. Commissioner of
Finance and Accounts, will receive sealed bids until 11 a. m. Dec. 15 for
the following 4)4% coupon or registered tax-free bonds!
$6,000,000 school bonds.
Date Jan. 3 1922.
Int. payable Jan. 3 and
July 3.
Due $300,000 yrly, on Jan. 3 from 1923 to 1942 incl.
700,000 J. N. Adam Memorial Hospital bonds.
Date Jan. 3 1922.
Int. payable Jan. 3 and July 3.
Due $35,000 yrly. on Jan, 3
from 1923 to 1942 incl.
600,000. public general hospital bonds.
Date Jan. 3 1922.
Int. pay¬
able Jan. 3 and July 3.
Duie $30,000 yrly. on Jan. 3 from 1923
to
1942 incl.
60,000 sewage pumping station
bonds.
Date Dec.
15 1921.
Int.
Due $6,000 yrly, on Dec. 15
incl.
"
bonds of $1,000 each or registered bonds of $1,000
each or multiples thereof, as far as practicable.
Prin. and semi-ann. int.
payable at th'e office of the Commissioner of Finance and Accounts or at
the Hanover National Bank in N. Y. City, at the option of the holder.
Cert, check-for 2 % of the amount bid for drawn upon an incorporated bank
or trust
company, made payable to the above Commissioner, required.
Bonds to be delivered to the purchaser or purchasers on Jan. 10 1922 at the
office of the Commissioner of Finance and Accounts on payment for same.
The purchaser will be furnished with the favorable opinion of Caldwell 8c
Raymond certifying as to the legality of these issues.
Proposals must state
the amount of bonds desired and price per $100 of said bonds.
No bid for
a sum of less than
par and accrued interest will be considered, and all bids
payable June 15 and Dec, 15.
from 1922 to 1931
Denominations,
coupon
No. Caro .—BOND SALE.—
On Nov, 30 Sidney Spitzer
outstanding
Bonds now offered——.....
...
........
Total indebtedbess
Uncollected special assessments, pledged
ment of street bonds included above
..—$78,501,142
4,000,000
3,034,000
1,200,000
...
....
00
00
00
00
$4,234,000 00
to pay¬
(levied
$235,083 41; to be forthwith levied $680,000) .$915,083 41
Water bonds included above (for interest and amor¬
tization net water revenues are sufficient).
786,000 00 1,70 ,083 41
-
$2,532,916 59
None
Population, 1910 Census, 34,014; population, 1920 Census, 46,318.
Net indebtedness
Indebtedness of Charlotte Township.
CHEMUNG
COUNTY
issue of $93,000 highway
(P.
O.
bonds
Elmira), N. Y—BOND SALE.—.An
recently awarded to Sherwood &
was
Merrifield.
CHICAGO, Cook County, III.—BID CANCELED.—'The bid of the
Guaranty Company syndicate for the $8,000,000 5% tax-free general cor¬
The bid, which was the
City could not furnish the
syndicate with an opinion in favor of the legality of the issue by either Wood
& Oakley of Chicago or by John C. Thomson of New York within ten days,
the syndicate would withdraw its bid.
The city was unable to meet this
condition.
As this action leaves the city without a single bid for its bonds,
it is unofficially stated that the bonds will be re-offered by George F. Hard¬
ing, City Comptroller.
porate bonds (V. 113, p. 2212) was withdrawn.
only one submitted, was to the effect that if the
I
2424:
THE
CHRONICLE
CHICKASHA, Grady County, Okia.—BONDS VOTED.—Newspapers
and $30,000 bridge-
that $50,000 water and sewer mains extension
improvement bonds were voted recently.
say
FRANCHISE
APPROVED
AND
ACCEPTED.—At
election
an
last
[VOL. 113.
DETROIT, Wayne County, Mich.—BOND SALE.—The following
enteen
sev¬
issues of special assessment bonds, aggregating $2,000,000, which
offered
were
Nov. 28—V. 113, p.
on
2213—were sold to
syndicate
a
com¬
month, the voters of Chickasha approved a franchise asked for by the
Chickasha Gas & Electric Co. for the distribution of natural gas in the city.
The company, it is stated, has filed its
acceptance of the franchise.
posed of the Detroit Trust Co. of Detroit; the Illinois Trust & Savings Bank
CHICKASAW COUNTY (P. O. New Hampton), Iowa.—BOND OF¬
FERING.—An issue of $91,000 bonds will be offered for sale on Dec. 22.
5.50%.
CHIWAPPA-TOWN
Monroe
DISTRICT, Lee and
ADDITIONAL INFORMATION .—In V. 113,
CREEK
Counties, Miss
DRAINAGE
6. 2003, we reported that the Bank of Commerce advised that of Memphis
ad purchased $38,000 6% bonds.
We are now & Trust Co. these bonds
are part of a $58,000 bond
issue, $20,000 of which were sold locally to in¬
dividual investors.
CINCINNATI SCHOOL DISTRICT (P. O. Cincinnati), Hamilton
County, Ohio.—BOND SALE.—The $600,000 514 % coupon school bonds
offered on Nov. 28—V. 113, p. 2003—were sold to Taylor, Ewart & Co.
and Smith, Moore &
Co., both of Chicago, at their joint bid of 105.270, a
basis of about 4.93%.. Date Nov. 28 1921.
Due $25,000 yearly on
Nov. 28 from 1922 to 1945, incl.
The following bids were received:
Fifth-Third Nat. Bk., Clev.$630,600 Eldredge & Co-.
Wm. R. Compton Co.. Cin. 626,100;Kissel, Kinnicutt & Co
Breed, Elliott & Harrison
621,425 Northern Trust Co
Seasongood & Mayer...
624,540 Remick, Hodges & Co
-}$627,920
J
612,660
—
Hayden, Miller & Co
/
Guaranty Co. of New York.
N. S. Hill & Co
A.E. Aub&Co
626,086
r
624^294 Lamport,Barker&Jennings J
J
...1
Inc
J. B. Walker & Co., Inc..
C. W. White & Co
f 628,542
\
-
626,394 Otis & Co—
Taylor, Ewart & Co
Smith, Moore & Co
631,206 Prov. 8. B. &Tr. Co
619,620 Hornblower & Weeks
Nat. Bk. of Comm., St.
Stacy & Braun
A. B. Leach & Co., Inc
J
625.601
I
Chicago, and the First Trust & Savings Bank of Chicago, at Its bid of
plus
625,628
631,620
a
premium of $8,000, which is equal to 100.40,
Amount. Rate.
Amount. Rate.
Due.
Date.
$150,000 6% Nov.
100.000 6% Nov.
100,000 6% Nov.
100,000 6% Nov.
100,000 6% Nov.
150,000 6% Nov.
160,000 6% Nov.
150,000 6% Nov.
128,000 6% Oct.
151920 Oct.
85,000
128,000
128,000
120,000
120,000
85,000
86,000
2332—were sold.
Due.
1 1920 Dec.
1 1922
15 1920 Dec. 15 1922
15 1920 Oct.
151923
151920 Oct.
151924
1 1920 Dec.
11923
1 1920 Dec.
11924
15 1920 Dec. 15 1923
5% Dec. 15 1920 Dec. 151924
151922
or
registered bonds,
A
basis of about 4.83%, was awarded
$10,111,000 bonds,
which
consist
$332,000 issue, the $8,000,000 issue, the $1,000,000 issue, $483,000
bonds of the $500,000 issue, and $296,000 bonds of the $306,000 issue. The
remainder ($27,000) was sold to the City Treasurer at par and interest.
The bonds purchased by the City Treasurer are the $17,000 water-supply
bonds due in 1921, and the $10,000 general public improvement bonds also
due in
1921.
$332,000 514% general public improvement bonds.
Due yearly on Jan. 1 as
follows:
Date Jan.
1921.
1
$49,000 from 1922 to 1926,
incl.; $44,000 1927. $19,000 1928 and $24,000 in 1929.
*500,000 414% water supply bonds.
628,224
627,240
COCOA
BEACH
SPECIAL
ROAD
AND
BRIDGE
DISTRICT,
Brevard County, Fla.—DESCRIPTION OF BONDS.—Further details are
Dec.
Dec.
Oct.
Oct.
Dec.
Dec.
Dec.
syndicate composed of Kuhn, Loeb & Co., Kidder,
Peabody & Co. and Hallgarten & Co., all of New York, at its bid of 101.03,
a
T
.} 627,907
basis of about
aggregating $10,138,000, which were also offered on Nov. 28—V. 113, p.
J
L.J
5%
5%
6%
6%
5%
5%
5%
$120,000
Nov. 15 1922
11921 Nov. 1 1922
1 1921 Nov. 1 1923
1 1921 Nov. 1 1924
11921 Nov. 1 1925
151921 Nov. 15 1923
151921 Nov. 15 1924
151921 Nov. 15 1925
15 1921
a
Date.
BOND SALE.—The following five issues of coupon
of the
628,260
—
A. G. Becker & Co.....
Stiefel-Nicolaus Inv, CoKeane, Higbie & Co
Harris, Forbes & Co-National City Co.
Estabrook & Co
of
par,
Jan. 15
follows:
as
Date Jan. 15 1920.
,
Due yearly
$17,000 from 1921 to 1940, incl.,
on
and
$16,000 from 1941 to 1950, inclusive.
*306,000 414% general public improvement bonds.
Date Jan.
15 1920.
at
Due yearly on
awarded
1932, inch; $11,000 from 1933 to 1938. incl., and $10,000
hand relative to the sale of the $300,000 6% road and bridge bonds,
as stated in V.
113, p. 2212.
Denom. $1,000.
Date Oct. 1 1920.
Prin. and semi-ann. int.
(F. & A.) payable at the Seaboard National Bank,
N. Y.
Due $100,000 on Oct. 1 in each of the years 1930, 1940 and 1950.
„
300,000
$70,000 514% 5-25-year (opt.) court-house bonds.
Date Dec. 1 1921.
COLUMBUS, Franklin County, Ohio.—BOND SALE.—Clark. Wil¬
liams & Co., New York, were the successful bidders for the two issues of
514% bonds, aggregating $315,000, offered
follows:
on
Nov. 30 (V. 113, p. 2003)
as
$200,000 street-improvement bonds, paying
a
premium of $26.354, equal to
313.17—a basis of about 4.49%.
115,000 trunk
sewer bonds, paying a premium of $15,153 50,
133.17—a basis of about 4.49%.
Denom. $1,000.
Date Dec. 1 1921.
Due Dec. 1 1941.
equal to
$1,900,000
5%
12
m.
Dec.
19 for
bonds.
Denom.
$1,000.
Date Dec.
19 1921.
(J. & D.) payable at the National Park Bank in
Due yearly on Dec. 19 as follows: $100,000 from 1943 to
1946, incl., and $250,000 from 1947 to 1952, incl.
The sinking fund
of the district has
already purchased $100,000 of a $2,000,000 issue of
school
Prin. and semi-ann. int.
New York City.
which
the
any time
the office
above
up to
bonds
are
12 o'clock
the
unsold
noon,
of said Clerk for all
part.
Bids will be received at
19 1921, at
city time, Monday, Dec.
part of said total issue, except said
bonds which have been accepted by the said Commissioners of the
Sinking
Fund of said City School District, in amounts of $1,000 or
more, and
or
any
any bid for more than $10,000 in amount shall be accompanied by
tified
check, payable
a cer¬
the Board of Education, for one-half of 1% of
for, as a guarantee that the successful bidder will
take up and pay for said bonds.
No bonds will be sold for less than par.
If bids are received for all of said bonds above
par they will be awarded
to the highest bidder, but if bids are not received for all of said bonds above
par said Board of Education will award said bonds in the amounts for which
total
bids
to
bid
amount
received, whether all of said bonds
are
are
sold
or not.
'
CORDELL, Washita County, Okla.—BOND SALE.—The $40,000
6%. community hall bonds mentioned in V. 112, p. 2788, have been sold
to A.
F. Stewart & Co. of Oklahoma
City at par.
CRESTLINE,
Crawford
County,
Ohio—BOND
SALE.—Sidney
Co., Toledo, have purchased $28,500 6% improvement bonds.
SALE.—The $12,000 6% semi-annual deficiency bonds offered
unsuccessfully on Dec. 28 1920—V. Ill, p. 79—have been awarded to the
&
BOND
First National Bank of Crestline.
CUYAHOGA
°Mck» City Clerk, will receive sealed bids until 12
m.
Dec. 19 for
$1 -500 6 %
Due
coupon bonds.
Denom. $500.
Date Dec. 1 1921.
Int. J. & D.
on Dec.
1 in 1922, 1923 and 1924.
Payable at the Citizens
.Cuyahoga Falls, Ohio.
Certified check, drawn upon some solvent
the State of Ohio, for
10% of the amount bid for, payable to the
City Treasurer, required.
Purchaser to pay accrued interest.
$500
Bank
DALTON, Whitfield County, Ga.—BOND ELECTION.—The voters
I: °?,Jan- 6. determine whether or not the city shall issue
DAL HART, Dallam
of $25,000
6%
DAUGHERTY
Due $4,500 yearly for 20 years.
was
TOWNSHIP
issue
registered with the State Comptroller
SCHOOL
DISTRICT
(P.
O.
on
New
Brighton), Beaver County, Pa .—BOND SALE.—The $9,000 6% (opt.)
coupon bonds offered on Nov. 23—Y. 113, p. 2100—were sold to the Farm¬
ers National
Bank of Beaver Falls, Pa., at $9,057 55
(100.638).
Date
4SS1* J3"6 yearly
$1,000 1924, $1,500
optional after 1924.
on Dec. 1 as follows: $1,000 1922, $1,500 1923,
1925, $2,000 1926, $1,500 1927 and $500 in 1928:
DAWSON SPRINGS, Hopkins
County, Ky
BONDS VOTED.—The
citizens of Dawsonsprings voted favorably on the
$10,000 sewerage system
improvement bond issue on Nov. 8, the proposition carrying by more than
the necessary two-thirds majority.
DECATUR, Wise County, Tox.—BONDS REGISTERED.—The State
Comptroller on Dec. 1 registered $100,000 water extension and $75,000
sewer system 6% bonds.
DENISON, Grayson County, Tex.—BOND OFFERING.—J. L. Short
City Secretary, will receive sealed bids until 2 p. m. Dec. 19 for the follow¬
ing 5% coupon bonds:
$20,000 water works extension bonds.
Denom. $500.
Due $2 500 yearly
on July* 1 from 1922 to 1929, incl.
'
*
*
16,250 street improvement bonds.
Denoms. $500 and $250.
Due $1,250
yearly oh July 1 from 1922 to 1934, incl.
Int. J. & J.
Certified check for 2%, payable to W. F. Weaver,
Mayor
required.
Legiality approved by Chas. B. Wood, Chicago.
This report
corrects the one made by us in V. 113, p. 2332.
DES MOINES INDEPENDENT SCHOOL DISTRICT
(P. O. Des
Moines), Polk County, Iowa.—BOND OFFERING.—George L. Garton,
Secretary Board of Directors, will receive sealed bids until 4:30 p. m. Dec. 6
for 5% school bonds to an amount of from $160,000 to $500,000.
Denom.
$1,000.
Principal and semi-annual interest (A. & O.) payable at the office
of School Treasurer.
Certified check for 1% of the amount of bid, payable
R.
L.
Chose, District Treasurer, required.
$3,500,000
bond issue.
These bonds
are
follows:
as
Dec. 1
Date Dec. 1 1921.
Due yearly
on
$33,000 from 1922 to 1941, incl., and
1951,
inclusive.
that the maturity of this issue is in
seems
The Kuhn, Loeb & Co.
at the
prices which
are
Maturities—
syndicate is
now
error, as
the first
offering these bonds to investors
given below:
414% Bonds.
5% Bonds.
4.80%
4.70%
4.65%
1922 to 1929
-To yield 4.75%
1930 to 1941_.__--.-_To yield 4.65%
1942 to 1951
To yield 4.55%
To yield
514% Ponds.
yield 4.80%
To
To yield
To yield
Schmeltzer, Blodget & Co., Chase Par and interest, plus an $80,395
Securities Corp.,
Hornblower &
premium for $10,138,000 bonds.
'Weeks, Kountze Bros., Stacy &
Braun, White, Weld & Co.
Harris Tr. & Sav. Bank of Chicago,
Cont. & Comm. Tr.
& Sav, Bank
of Chicago, First Tr. & Sav. Bank Par and interest, plus a $78,865 80
of Chicago, Merchants' Loan & Tr.
premium for $10,111,000 bonds.
Co. of Chicago. Illinois Tr. & Sav.
Bank of Chicago, A. B. Leach &
Co., Inc., Lee, Higginson & Co.,
Curtis & Sanger.
National City Co., E. H. Rollins &
Sons, Wm. R. Compton Co., Kis¬
sel,
Kinnicutt &
Co.,
Remick,[Par and interest, plus a $55,509 39
Hodges & Co., R. L. Day & Co..
premium for $10,138,000 bonds.
Eastman, Dillon & Co., Redmond]
& Co., Dominick & Dominick.
Guaranty Co. of N. Y., Bankers Tr.)
Co.
of N.
Hannah,
Y., Estabrook & Co.,ijPar and interest, plus a $36,294 04
Ballin & Lee, Ilalsey,)
premium for $10,138,000 bonds.
Stuart & Co., Inc., First Nat. Co.I
of Detroit. Detroit Tr. Co. of Det., I
part of a
*
Keane, Higbie & Co. of Detroit./
Kuhn, Loeb & Co., Hallgarten & Co.,1101.037 and interest for $10,111,000
Kidder, Peabody & Co.
j
bonds.
Treasurer of City of Detroit—Par & int. for all or any part of
The notice of this offering
will be found
on a
previous
page
$10,138,000.
of this issue.
DULUTH, Minn.—BOND OFFERING.—F. D. Ash, City Clerk, will
Denom.
bids until 3
$1,000.
p.
Date Jan.
Dec. 19 for $50,000 5% 30-year bonds.
1922.
Principal and semi-annual interest
m.
1
(J. & J.) payable at the American Exchange National Bank, New York.
Due Jan. 1 1952.
Certified check for 2% of bid, payable to the city,
required.
DULUTH,
Minn.—BIDS.—The following bids were also received on
21 for the $50,000 514% incinerator bonds, awarded on that day to
Guaranty Company of New York at 110.637, a basis of about 4.82%.
-V. 113, p. 2332.
Nov.
the
Northern National
Duluth
Watkins
Bank,
-—$55,161
54,960
Barr & Schmeltzer
54,909
First Nat. Bk., Duluth.— 54,750
Blodget Co
54,710
Old Colony Trust Co
54,569
Eldredge & Co
County, Tex.—BONDS REGISTERED.—An
bonds
sewer
Nov. 25.
Although it
on
1951, inclusive.
$34,000 from 1942 to
*
Due yearly
bond is due Jan. 15 1921, the notice of this offering has come to us officially.
receive sealed
FALLS, Summit County, Ohio.—BOND OFFERING.
$90,000 6% school-impt. bonds.
from 1942 to
1,000,000 414% public sewer bonds.
1
,
Date Dec. 1 1921.
$266,000 from 1922 to 1941, incl., and $268,000
First National Bans: of N. Y., Barr &
COLUMBUS CITY SCHOOL DISTRICT (P. O. Columbus), Franklin
County, Ohio.—BOND OFFERING.—E. L. McCune, Clerk-Treasurer of
of Education, will receive sealed bids until
$10,000 from 1921 to
The following bids were received:
_
the Board
follows:
Dec.
COLFAX COUNTY (P. O. Schuyler), Neb.—BOND OFFERING.—
Until Dec. 13 Jess L. Woods,
County Clerk, will receive sealed bids for
to
school bonds.
$22,000,000
5,484,427
Assessed valuation (1921)
Total bonded debt (this issue only).
Population (U. S. Census 1920), 8,505.
the
5%
as
Estimated true valuation of all taxable property
follows:
as
from 1939 to 1950, inclusive.
8,000,000
Financial Statement.
,
Jan. 15
Geo. B. Gibbons & Co
H. L. Allen & Co
Harris Trust & Sav. Bank.
Curtis & Sanger
Riverside State Bank
Hambleton & Co
Prudden & Co
54,555
54,400
54,395
54,380
54,370
54.256
54,283
54.200
C. W. Whitis & Co
05
00
40
00
00
50
00
00
00
00
00
85
00
00
& Co
$54,200
54,198
54,175
54,175
B. J. Vanlngen Co
54,150
Kalman, Wood Co
54,125
Seasongood & Mayer
54,040
National City Co., N. Y__ 53,965
Halsey, Stuart & Co., Inc. 53,785
Remick, Hodges Co.
Merrill, Oldham Co
Paine, Webber Co
American
Exch.
00
National
Bank, Duluth
Stacy & Braun-__
Lincoln Trust & Sav. Bk_
Drake-Ballard
50
50
00
00
00
00
00
00
Co
53,684
53,635
53,576
51,228
00
00
00
00
DUNCAN, Stephens County, Okla.—BONDS APPROVED.—Reports
that $300,000 electric light bonds have been approved by the Attorney-
say
General's office.
EAST
BANGOR,
Northampton County, Pa.—BOND SALE.—An
bonds, which was offered on Sept. 29.
issue of $19,000 5% improvement
sold to local investors.
was
j
AND BRIDGE DISTRICT
(P. O. Tavares), Fla.—BOND OFFERING.—T. C. Smythe, Clerk Board
of County Commissioners, will receive bids until Dec. 12 for $600,000 bonds.
On Nov. 28 $300,000 of the above bonds were offered, but were not sold,
EAST LAKE COUNTY SPECIAL ROAD
all bids
being declined
(Y.
113,
p.
2213).
DISTRICT,
Tehama County, Calif.—
DISAPPROVED.—The San Francisco "Commercial News" on
Nov. 27 said:
"Attorney-General U. S. Webb has advised the State
Board of Control at Sacramento of his refusal to approve the $13,000 bond
issue of the El Canino School District.
This is the word just received in
Red Bluff, and indicates that another election must be held in the district
for the purpose of raising money with which to build a new school house."
These are the bonds which we reported as having been sold to the State
Board of Control—V. 113, p. 1075.
EL
CANINO
SCHOOL
BONDS
ELLSWORTH, Ellsworth County, Kans.—BOND SALE,—An] issue
of funding bonds amounting to $22,000 has
been sold.
Dec. 3
EL
1921.]
THE
CHRONICLE
PASO
COUNTY SCHOOL DISTRICT NO. 12, Colo—BOND
ELECTION AND SALE.—From a special telegram to us last night we learn
that
issue of $130,000 5H% bonds has been
purchased at 100.17 by the
International Trust Co. of Denver, subject to an election.
an
EMERY COUNTY SCHOOL DISTRICT, Utah.—BOND
SALE.—
We are advised by a special telegram sent to us last
night from Denver that
the Palmer Bond & Mtge. Co. of Salt Lake
City has
purchased $225,000
5% school bonds.
.■...
,
$20,000 5% coupon Haverhill Street, Andover, bridge loan bonds.
Prin.
and semi-ann. int. (J. &
D.) payable at the Commonwealth Trust
Co. of Boston.
Due $2,000 yearly on Dec. 1 from 1922 to 1931
incl.
.
95,000 Plum
Island river bridge temporary loan notes, Act of 1921.
Notes to be discounted and
payable at the Commonwealth Trust
Co. of Boston on July 1 1922.
Date Dec. 1 1921.
The official announcement states that these bonds
and notes are
exempt from taxation in Massachusetts.
These bonds and
notes are prepared under the
supervision of and certified as to their genuine¬
by the Commonwealth Trust Co. of Boston.
This trust company will
further certify that the legality of these issues has been
approved by Messrs.
Ropes, Gray, Boyden & Perkins, a copy of whose opinion will be furnished
the purchaser.
AU papers incident to these issues will be filed with the
ness
Commonwealth Trust Co.. where they may be inspected at
any time.
These bonds and notes will be
delivered to the purchaser at the office of
the Commonwealth Trust
Co., 30 Congress Street, Boston, Mass.
FALL
RIVER, Bristol County, Mass.—BOND SALE.—The Guaranty
bidder for $60,000 school bonds as 43^s
Co. of Boston, was the successful
101.024.
County, Calif.—BOND OFFER¬
of County Supervisors (P. O. Fair¬
a. m. Dec. 5 for $4,000 6% school
Denom. $400.
Interest semi-annual.
Due $400 yearly from 1922
to 1931, inclusive.
Certified check for 10%, payable to the above
official,
required.
G.
Halliday, Clerk Board
field), will receive
sealed bids until 11
bonds.
FERRIS, Ellis County, Tex.—BONDS REGISTERED.—On Nov. 25
$55,000 6% water works bonds were registered with the State
Comptroller.
FLORESVILLE, Wilson County, Tex.—BONDS VOTED.—On Nov. 15
$10,000 water works bonds wore voted by 103 to 3.
,
.
FORT MILL TOWNSHIP (P. O. Fort
Mill), York County, So. Caro.
SALE.—Sidney Spitzer & Co., of Toledo, were the successful
bidders on Nov. 21 for the
$75,000 6% highway bonds (V. 113, p. 2100)
at 100.06.
—BOND
FRAMINGHAM,
Middlesex County, Mass.—LOAN OFFERING.—
Herbert E. Stone, Town
Treasurer, will receive sealed bids until 1 p. m.
to-day (Dec. 3) for a temporary loan of $100,000, due
Sept. 15 1922.
FREDERICK
SCHOOL
DISTRICT
County, Okla.—BOND ELECTION.—On
bldg. bonds will be voted
O.
(P.
Dec.
Frederick),
6
Tillman
$150,000 high-school-
upon.
has
10-20-year
(opt.)
GLADES COUNTY
Comptroller.
GALLATIN COUNTY (P. O.
Bozeman), Mont.—BIDS.—The fol¬
lowing is a complete list of the bids received on Nov.
18 for the purchase of
the $125,000 coupon road bonds:
*
Int.
"Premium.
Bankers' Trust Co., Denver
'
Rate.
J $2,637 50
'
;
Stern Bros. & Co., Kansas City
^
'
The Yellowstone Merchants Loan
Co.,
Els ton, Allyn & Co., Chicago
Union Trust Co., Spokane.
1
;
/
6%
5H%
6%
5% %
6%
6%
337 50
3,787 50
1,312 50
\
Billings1,957 00
2,912 50
Minneapolis Trust Co., Minneapolis
Palmer Bond & Mortgage Co.*.Salt Lake
City
Bosworth, Chanute & Co., Denver
W. L. Slayton & Co., Toledo
Wells-Dickey Company, Minneapolis
Ferris & Hardgrove, Spokane 1
$60,000
I 65,000Prudden & Co.. Toledo
A. B. Leach & Co., Inc., Chicago
Kauffman-Smith-Emert & Co., Inc., St. Louis
Watkins & Co., New York.-Sidlo, Simons, Fels & Co., Denver, Colo
2,546 25
2,965 00
-
_f
1,337
2,575
1,263
2,775
75
/
6%
50
50
00
00
00
1
__
6%
5%%
6%
6%
6%
\6% '
5k %
1,667 00
63 00
1,01161
2,376 00
(
5%%
5H%
6%
6%
The Board accepted the bid of Bankers'
Trust Co. of Denver, Colo., at
premium of $337 50, bonds to bear
interest 5H% per annum.
Notice
that this bid had been accepted was
already given in-V. 113, p. 2333.
GARDNER,
at
par
*4
,
SCHOOL DISTRICT NO. 41,
Fla.—BONDS NOT SOLD—BONDS RE-OFFERED.—No
sale was made
of the $20,000
6% bonds on Nov. 21—V. 113, p. 2213.
They will be
re-offered
on
Dec.
30.
^
;
GLENDALE UNION HIGH SCHOOL
DISTRICT (P. O. Glendale),
Maricopa County, Ariz.—BOND SALE.—In a special
telegram received
by us as we were going to press last
night, our Denver correspondent says
that the
Bankers' Trust Co. of Denver has
purchased $75,000 6%
bonds.
,
serial
.
GLOUCESTER COUNTY (P. O.
Woodbury). N. J.—BOND SALE.—
The following three issues of
6% registered bonds which were offered on
Nov. 15 (V. 113, p. 2100) were sold to
Outwater & Wells, of Jersey City:
$49,000 road bonds ($50,000 offered) sold at
103.083, a basis of about
6.30%.
Date June 30 1921. Due $5,000 yearly on June 30 from
1922 tq 1930, incl., and $4,000 on June 30
1931.
44,000 road bonds ($45,000 offered) sold at
103.084, a basis of about
5 30%.
Date July 1 1921.
Due $5,000 yearly on July 1 from
1922 to 1929, incl., afld $4,000 on July 1 1930.
*25,000 road bonds.
Date Sept. 1 1921.
Due $5,000 yearly on Sept. 1
from 1922 to 1926, inclusive.
H.
L.
Allen & Co. of New York,
submitting the highest bid for this
issue, were awarded the same, but Outwater & Wells, who submitted
the next highest bid and were the successful
bidder for the other two issues,
also acquired this issue
by paying to II. L. Allen & Co. the difference in
price.
The three issues of bonds are
being offered to investors by Out¬
water & Wells at prices to yield from
5% to
Worcester
County,
4.90%, according to maturities
GLYNN COUNTY (P. O.
Brunswick), Ga.—BONDS VOTED.—On
Nov. 23 $175,000 road bonds were
voted, it is stated.
Out of a total of
680 votes polled, 619 were cast in favor of the bonds and 61
against.
It is
also stated that the small vote was due to
the fact that many voters were
stricken from the registration list because their taxes
had not been paid six
months previous to date of eloction.
GOLIAD COUNTY
(P. O. Goliad), Tex.—BONDS REGISTERED.—
$45,000 5H% road bonds on Nov. 26.
The State Comptroller registered
GREENWOOD, Le Flore County, Miss.—BOND DESCRIPTION.—
The $55,000 6% bonds reported as sold in V. 113.
p. 2100, are described as
Date Nov. 1 1921.
Prin. and semi-ann. int. (M. & N.)
payable
National Bank of Commerce, N. Y.
Due yearly on Nov. 1 from
1922 to 1941 incl.
follows:
at the
Financial Statement.
Estimated actual value taxable property
Assessed valuation taxable
property, 1920
Net bonded debt-...
Mass.—BOND
OFFERING.—The
GREYBULL,
Big
Census of 1920
Horn
Uounty,
Wyo.—BONDS
upon,
HAMPDEN
COUNTY
(P.
O.
Springfield),
5% of face value
required.
Bonded debt,
$22,000.
HARRISBURG SCHOOL DISTRICT (P. O.
HarrUburg), Dauphin
County, Pa.—BOND OFFERING.—D. D. Hammelbaugh, Sec y Board of
School Disrectors, will receive sealed bids until 4
p. m. Dec. 16 for $79,000
5% coupon tax-free school bonds.
Prin.
and int.
Due
Jan. 1
on
(J.
as
Denom. $1,000.
Date Jan. 1 1922.
payable at office of Treasurer of above district.
$13,000 1927; $2,000 1928 to 1936 incl., and $3,000
Cert, check for 2% of bid, payable to the Treasurer of
& J.)
follows:
1937 to 1952 incl.
District, required.
"
JOHNSTTIN, Edgefield County, So. Caro.—BOND SALE.—Issues of
$65,000 water works and $35,000 sewer 6% bonds have been sold.
HARTGROVE
TOWNSHIP
RURAL SCHOOL DISTRICT
(P. O.
Rome, R. F. D. No. 2), Ashtabula County, Ohio.—BOND SALE.—
zed
incl.
350,000 street-impt. bonds.
Due yearly on Feb. 1 as follows:
$22,000
1924: $23,000 1925 and 1926: $25,000 1927 to 1929
incl.: $27,000
1930 to 1933 incl.; $15,000 1934 to 1936
incl.; $18,000 1937 to 1939
incl.
Denom. $1,000.
Date Aug. 1 1921.
Cert,
Prin. and semi-ann. int. (F. &
A.)
check (or cash) upon an
incorporated bank
trust company for 2% of the amount of
bonds bid for required.
The
bonds will be delivered at place of
purchaser's choice, east of the Mississippi
or
River,
on or about Dec. 15 1921, and must then be
paid for.
These bonds
be prepared under the supervision of the U.
S. Mtge. & Trust Co.
City, which will certify as to the genuineness of the signatures of
the city officials and the seal impressed thereon.
Legality will be approved
by Chester B. Masslich of N. x. City, whose
approving opinion will be
furnished to the purchasers without charge.
These are the bonds which
were to have been sold on Nov.
29—V. 113, p. 2333.
are to
of N. Y.
Financial Statement.
Assessed valuation 1921
Actual estimated valuation
perhaps in excess of
Total indebtedness, including
-.----$17,900,540 00
20,000,COO 00
1,529,000 00
$500,000 proposed bond issue.
$9,842 20
Uncollected special assessments
actually levied
applicable to a portion of above bonds
32,456 18
Estimated amount of special assessments to be
levied presently and made
applicable to a por¬
tion of proposed street
improvement bonds.. 175,000 00
Water and light debt included in above
(includ¬
ing the proposed bond issue)
435,000 00
Sinking fund
„
652,298 38
Total deductions
$652,298 38
Net indebtedness
$876,701 62
Revenues from water and light
plants are, it is stated, about sufficient
for maintenance and for
payments of interest and amortization of water
and light bonds.
GIBBON,
Buffalo County, Neb.—CORRECTION.—The report in
112, p. 581, stating that $55,000 7% paving district and $36,000 6%
intersection paving bonds, had been purchased from Gibbon
by the Bank¬
a
Trust Co. of Denver
was
incorect.
months from June 30 1923 to Dec. 30
1953, inclusive.
9,000 6% fire engine bonds.
Denom.
$500Due
$500
months from June 1 1923 to Dec. 1 1931, inclusive.
on
on
99%.
Sept. 1 from 1924 to 1931 incl:
SCHOOL
DISTRICT
bond issue of $18,000 at
(P.
Nov. 12 (V. 113, p.
Date Oct. 1 1921.
each
six
a
O.
HartviHe),
a vote
2005)
Due
Wright-
of 12 to 1 author-
recent election.
HAZARD, Perry County, Ky.—BONDS VOTED.—On Nov. 15 the
following bonds—V. 113, p. 1699:
$75,000 water system bonds by a majority of 609.
50,000 sewerage system bonds by a majority of 593.
25,000 city hall bonds by a majority of 370.
voters sanctioned the issuance of the
HENRIETTA
TOWNSHIP
SCHOOL DISTRICT (P. O. Henrietta
Ohio.—BOND OFFERING.—Arthur Mc¬
will receive sealed bids until 1 p. m. Dec. 20 for
$45,000 6% coupon building bonds.
Denom. $500.
Date day of sale.
Prxn. and semi-ann. int. (A. & O.) payable at the Overlin Bank
Co., Oberlin, Ohio.
Due each six months as follows $500 from
Apr. 1 1924 to Oct. 1
1928 incl. and $1,000 from Apr. 1 1929 to Oct. 1 1948 incl.
Cert, check
for 5% of the amount bid for, payable to the above
Clerk, required.
Pur¬
chaser to pay accrued interest.
Center),
Dowell.
Lorain
County,
District Clerk,
HIGHLANDS SPECIAL
ROAD AND BRIDGE
DISTRICT, Pasco
OFFERING.—A. J. Burnside, Clerk Board of
(P. O. Dade City) will receive sealed bids until
10 a.m. Jan. 2 for the $750,000 bonds, offered
unsuccessfully on Sept.
5—V. 113. p. 1273.
Each bid shall be accompanied by a certified
check payable to J. M Mitchell, Chairman Board of
County Commission¬
ers, in the amount of $100 for each $50,000 worth bonds bid for.
Bids will
be received for the entire Issue cf $750,000, or for
$50,000 worth of the
bonds or any multiple of $50 000.
The bonds are in denominations of
$1,000 each, are dated July 1 1921, bear interest at
5% payable semi¬
annually on Jan. 1 and July 1 of each year, and both principal and interest
are payable at any bank in Dade
City, Fla., or at the National Park Bank
in the City of New York, at the option of the holder.
The bonds are pay¬
able on July 1 In the respective years and amounts as
follows: 1923, $10,000;
1924, $10,000; 1925, $20,000; 1926, $20,000; 1927, $25,000; 1928, $25,000:
1929, $25,000; 1930, $30 000; 1931, $30,000; 1932, $30 000; 1933, $35,000;
1934, $35 000; 1935, $35,000; 1936, $35,000; 1937, $35,000; 1938, $35,000;
1939, $35,000; 1940, $35,000; 1941, $35,000; 1942, $40 000; 1943, $40 000;
1944, $40,000; 1945, $45,000; 1946, $45,000
The bonds, it is stated, have
been validated by decree of court and
by Act of Legislature.
County,
Fla.—BOND
County Commissioners
HITCHCOCK, Beadle County, So. Dak.—BONDS VOTED.—At a
special election held in this city, called for the purpose of voting $14,000 for
fire protection and
water
service, the issue carried 65 for and 12 against.
7%.
Due in 20 years.
Int. semi-ann.
Interest rate not to exceed
V.
GIRARD, Trumbull County, Ohio—BOND OFFER!NG.—John L.
Gleason, Village Cleric, will receive sealed bids until 1p.m. Dec. 30 for
the following coupon bonds:
$120,000 5% water works bonds.
Denom. $2,000.
Due $2,000 each six
Handley).
Clerk,
Board
of
will receive sealed bids until Feb. 1 for
$50,000 6% 40-year
school bonds.
Denom. $1,000.
Date April 30 1921.
Bonds payable at
Hanover National Bank, New York.
Certified check for
Education,
County, Mo.—BONDS VOTED.—Tnis district by
County, No. Caro.—BOND OFFERING.—D. M.
Jones, City Treasurer, will receive sealed proposals until 12 m.
Dec. 5 for
the following 6% coupon (with
privilege of registration) bonds:
$150,000 water and light bonds.
Due yearly on Feb. 1 as
follows:$2,000
1924 to 1931 incl.; $3,000 1932 to
1939 incl., and $5,000 1940 to
SALE.—
*
HANDLEY INDEPENDENT SCHOOL DISTRICT
(P. O.
Tarrant
County, Tex.—BOND OFFERING.—The
HARTVILLE
GASTON I A, Gaston
payable in New York.
Mass.—NOTE
The $1,000,000 5% bridge notes offered on Nov.
29 (V. 113, p. 2100) were
sold to the West Springfield Trust Co. at
100.8), a basis of about 4.70%.
Date Dec. 1 1921.
Due Jan. 1 1924.
$500 yearly
Due $2,500 yearly for 20 years.
Due $1,000 yearly for 18 years.
Due $1,750 yearly for 20 years.
ILLEGAL.—The
HAMILTON COUNTY (P. O. Nobleoville), Ind.—BOND
OFFERING.
—A. G. Finley. County Treasurer, will receive sealed bids until
11 a. m.
to-day (Dec. 3) for $94,000 5% highway improvement bonds.
$50,000 school bonds.
18,000 town hall bonds.
35,000 sewer scrip bonds.
Date Dec. 1 1921.
.$11,000,000
8,225,965
478,200
7,793
sale of the $75,000 6% water bonds to a contractor
(V. 113, p. 1698) was
not completed because the bonds were declared
to be illegal.
A new elec¬
tion willne held on Dec. 15.
This time $70,000 bonds will be voted
The $4,000 6% deficiency school bonds offered
were sold at 100.125. a basis of about 5
ers'
purchased
TAX
Town Treasurer will receive sealed bias
until 5 p. m. Dec. 6 for the following
4H% bonds:
1961
Purchaser to pay
bonds.
SPECIAL
Population, United States
FRIO COUNTY (P. O.
Pearsall), Tex.-—BONDS REGISTERED.—An
issue of $500,000 5H% road bonds was
registered on Nov.21 with the State
a
($129,000).
interest.
GLACIER COUNTY SCHOOL DISTRICT
NO. 5 (P. O. Cut
Bank),
Mont.—BOND SALE.—The State Land Board
one
FALLS SCHOOL
DISTRICT, Solano
ING.—G.
accrued
$17,648 6%
ESSEX COUNTY (P. O. Salem), Mass.—BOND AND NOTE
OFFERINQ.—Phoebe M. Curtis, County Treasurer, will receive sealed bids until
11 a. m. Dec. 6 for the following bonds and notes:
at
DCert, check for 5% of the amount bid
for, payable to the
Village Treasurer
required.
Each bid may be for the entire Dlock, that is,
$120,000 or for $9,000; or for one-third of each block; or for
two-thirds
of each block or for the entire
two issues
for
HURON, Beadle County, So. Dak.—BOND SALE.—Issues of $25,000
water and $53,000 city-hall bonds have been sold.
IDABELL, McCurtain County, Ok!a.—BONDS VOTED.—At
election $7,500 fire truck and hose bonds were voted.
This report corrects the one given in V. 113, p. 2333
a recent
under caption
Ida-
bell, Ida/'
INDIANAPOLIS, Marion County, Ind.—BOND OFFERING.—Robert
H. Bryson, City Controller, will receive sealed bids until 12 m. Dec. 21 for
$350,000 6% coupon third Issue Sanitary District bonds.
Denom $1,000.
Int. J. & D.
1921.
Date Dec. 21
Purchaser to pay
Due Dec. 21 1926.
accrued interest.
Jackson), Cape
Gerardeau
Bank
County, Mo.—BOND SALE.—On Nov. 28 the Cape County Savings
of Jackson was awarded the $15,000 6% bonds—V. 113, p. 2214—for
$15,277 and bonds and the attorney's fees.
Denom. $500. Date Jan. 15
1922.
Int. semi-ann.
Due yearly on Jan. 15 from 1924 to 1938, incl.
JEFFERSON COUNTY (P. O. Madison),
Ind.—BOND OFFERING,
sealed bids until 10 a. m.
8. G. Bovard, County Treasurer, will receive
Dec. 10 for the following highway bonds:
Date Nov
15 1931 incl.
to Nov.
?
61,440 5% William Dow et al. Milton and Shelby Twps.
$1,024.
Date Nov. 15 1921.
Due $3,072 each
May 15 1922 to Nov. 15 1931 incl.
bonds. Denom.
six months from
Int. M. & S.
JEFFERSON COUNTY (P. O. Watertown),
lowing bids were received for
provement bonds
Blodgett & Co
Harris, Forbes & Co
Jelse, Hood & Co
E. H. Rollins & Sons
103.5977
A. B. Leach & Co
.102.67
Rutter & Co
103.168
Eastman, Dillon & Co
102.654
George B. Gibbons & Co—103.08
Redmopd & Co..
—103.24
National City Company—102.839
102.222
103.51
102.428
Bonbright & Co
102.67
O'Brian. Potter & Co...,.,,,
registered highway im¬
Barr & Schmeltzer
103.24
Sherwood & Merrifield
N. Y.—BIDS.—The fol¬
the $120,000 5H%
.101.615
102.577
♦Watertown NationalCorp. 1
♦
The notice, stating that
Successful bid.
was
.
these bonds had been
sold
given in V. 113, p. 2333.
JERSEY CITY, Hudson County,
000 coupon
or
N. J.—BOND SALE.—The $3,500,offered on Dec. 1—V. 113,
registered tax-revenue bonds
S. 2214-—were sold to aWeld & Co., Kissel, Kinnicutt & Co. and Eldrdege
syndicate composed of the First National Bank,
tacy & Braun. White,
& Co., all of New York, at 100 17 for 5s, a bas s of about 4.95%.
Date
Dec. 1 1921.
Due Dec. 1 1925.
These bonds are now being offered to
investors by the above syndicate on a previous page of this issue at 101.08,
yield 4.70%.
to
JUDITH BASIN COUNTY SCHOOL DISTRICT NO. 56 (P.
Spion Kop), Mont.—BOND SALE.—On Nov. 19 the State Board of
the $4,000 6% bonds. (V. 113, p. 2101)
par and interest.
at
Mo.—PROPOSALS VOTED DOWN.—At an elec¬
following nineteen proposals, aggregating $17,800,-
CITY,
KANSAS
O.
Land
Commissioners was awarded
tion held on Nov. 22 the
000, were declined by the voters:
.
.
.
—
New water plant & impts.fl 1,000,000 Negro hospital
Goose Neck Creek sewer.
A.-S.~
Free roadway over
600,000
900,000
800,000
450,000
750,000
150,000
B. Bridge
Swope Park
15th Street widening—.
Blue River sewer
Bridges and viaducts
of city
Pavement in front
property
swimming
beaches
houses,
pools,
Armory
The $11,000,000 water
on
Repair of pavement
Impts. at municipal
500,000
250,000
150,000
200,000
farm
General sewer bonds
Grading & widening
24th to 27th.
Main,
Pershing Road viaduct- _
Viaduct
on
39th, over
Robert Gillham Road-200,000
Nurses'
home,
General
Hospital
200,000
500,000
Fire stations
Bath
$500,000
...
...
bond proposal will be
200,000
100,000
100,000
re-submitted to the voters
O. Covington),
Financial Statement.
.$534,650
10,585
KNOXVILLE, Knox County, Tcnn.—BOND SALE.—The following
coupon 30-year bonds, offered on Nov. 8 (V. 113, p. 2004). have been sold
to Merrill, Oldham & Co., of Boston, at 102-33, a basis of about 5.34%.
$75,000 5% incinerator bonds.
Date Dec. 1 1921. Int. J. & D.
75,000 6% gold South Knoxville sewer bonds.
Date Aug. 1 1921. Int.
Assessed value of real estate and personal property
Total bonded debt, including this issue.
_
A.
&
OFFERING.—Until 10 a. m. Dec. 13 the Board of City Commis¬
sioners will receive bids for $61,000 6% city's share street-improvement
bonds.
Date Dec. 1 1921.
Int. J. & D.
Certified check for $1,250 re¬
quired.
The bonds are sold subject to the approving opinion of Schaffer &
Williams, of Cincinnati.
BOND
LAKEWOOD CITY SCHOOL
DISTRICT (P. O. Lakewood), Cuya¬
hoga County, Ohio.—BOND SALE.—The $125,000 6% coupon bonds
offered on Nov. 28 (V. 113. p. 2005) were sold to E. H. Rollins & Sons at
105.18, a basis of about 5.30%.
Date Nov. 1 1921. Due $5,000 Oct. 1
1923 and $8,000 yearly on Oct. 1 from 1924 to 1938 incl.
The following bids were received:
Toledo, Ohio...
A. T. Bell & Co..
Cincinnati
Detroit
The DeWeese Talbot Co.. the City Trust & Savs. Bk.,
Halsey, Stuart & Co.. Chicago
The Northern Trust Co., Chicago.__1,
Persons, Campbell & Co., Toledo
:
Provident Savings Bank & Trust Co., Cincinnati..
Breed. Elliott & Harrison.
The Detroit Trust Co.,
Prudden
&
Co.,
Toledo
Richards, Parish & Lamson, Cleveland
E. H. Rollins & Sons Co., Chicago..-
Seasongood & Mayer, Cincinnati
W. L. Slayton & Co.,
Toledo
Sidney Spitzer & Co., Toledo
Stacy & Braun. Toledo
Terry, Briggs & Co., Toledo
Tillottson & Wolcott Co., Otis & Co., Second
Co.,
129,457 50
129.762 50
129,813 75
Day ton _ 130,068 75
129,584 00
130,112 50
___
130,411 50
129.087 50
.130,138 00
130,887 50
131,480 00
128,825 00
131,475 00
130,434 00
131,021 00
129,488 00
Ward Securities
.130,215 00
Cleveland
LAUDERDALE COUNTY (P. O. Meridian), Miss.—BOND ELEC¬
TION.—On Dec. 20 an issue of $30,000 hospital bonds will be voted upon.
LEAVENWORTH
SCHOOL
DISTRICT
(P. O. Leavenworth),
Leavenworth County, Kans.—BONDS VOTED.—Reports say that this
voted a $450,000 bond issue for the erection of new school
district has just
houses.
LE SUEUR COUNTY
5H%
VOTED.—An is¬
(P. O. Lesueur Center), Minn.—BOND SALE.
$75,000
basis of about 5.17%.
Fayette County,
Ky.—BIDS DECLINED.—The
"Courier-Journal" of Nov. 29 had the following to say with
regard to the rejection of all the bids received for the three issues of bonds,
aggregating $1,200,000:
"In anticipation of a stronger bond market, which will make possible a
more advantageous sale of the $1,200,000 City of Lexington bonds, the
Board of City Commissioners, City Board of Education and the Citizens'
Advisory Committee in joint session at City Hall rejected the five bids
submitted for the bonds and instructed Commissioner of Finance James J.
O'Brien to readvertise immediately the bonds for sale.
"The bonds are in three issues of $500,000 for a new City Hall, $400,000
for two new high school buildings and $300,000 for street improvement,
LEXINGTON,
Louisville
and bear interest
at 5%."
LINCOLN PARISH
Dec. 15 the
(P. O. Austin), La.—BOND OFFERING.—On
$700,000 road bonds (V. 113, p. 755) will be
offered for sale.
LOUISIANA (State of).—BOND OFFERING.—Hy L. Fuqua, General
Manager of the State Penitentiary (P.O. Baton Rouge), will receive sealed
bids until 12 m. Jan. 5 for $1,000,000 5% coupon or registered penitentiary
bonds.
Denom. $1,000.
Date Jan. 1 1922. Interest semi-annual. Due
19,711
19,561
—
—
SCHOOL DISTRICT (P. O. Luhrig), Athens
County, Ohio.—BOND OFFERING.—Thomas B. Jones. District Celrk,
will receive sealed bids until 12 m. Dec. 10 for $2,500 6% coupon bonds.
Denom. $156 25.
Date day of sale.
Int. M. & 8.
Due $156 25 each six
months from Mar. 1 1923 to 8ept. 1 1930 incl.
Cert, check for 5% of the
amount bid for, payable to the Board of Education, required.
Purchaser
to pay accrued interest.
RURAL
McCULLOCH COUNTY
(P. O. Brady), Tex.—BOND
held on Dec. 20 for a $600,000
first-class highways in this county.
to be
ELECTION.—
County has ordered an election
Court of McOulloch
The Commissioner's
of building
bond issue for the purpose
McPHERSON, McPherson County, Kans.—BOND SALE.—We are
advised that of an Issue of $115,000 5lA% water and light impt, bonds,
$51,750 has been sold to local parties at par.
Denoms. $1,000, $750
$500.
Date July 1 1921.
Int. J. & J.
The remaining bonds
have not yet been sold.
and
($63,250)
DISTRICT (P. O. Madera), Madera Coun¬
Calif.—BOND SALE—On Nov. 29 the $200,000 6% tax-free gold
MADERA IRRIGATION
National Bank of
113, n. 2214—were sold to the First
basis of about 6.20%.
Date Oct. 11921.
July 1 1927 and $100,000 July 1 1928.
coupon bonds—V.
Madera at 99.01, a
Due
$100,000
(P. O. Canton), Miss.—BOND OFFERING.—
Clerk, will receive bids until Dec. 6 for $35,000
bonds at not exceeding 6% interest. Denom.
$500.
Interest semi-annually.
Due yearly as follows: $1,000, 1922 to
1926, incl.; $1,500, 1927 to 1936, incl., and $3,000, 1937 to 1941.
MADISON COUNTY
D. C. McColl, Chancery
Supervisors' District No. 2
$131,729 26
sold to the
Sept. 1
MARION, Marion County, Ohio.—BOND SALE.—The
6% deficiency bonds offered on Nov, 24 (V. 113, p. 2005) were
Win. R. Compton Co. at 102.82, a basis of about 5.40%.
Date
1921.
MARSHALL COUNTY (P.
An election will be
the question of issuing
building roads and bridges in
MATAMORAS, Fulton County,
Cochran, Village Clerk, will redceive
$10,000 6% coupon refunding bonds.
Due $500 yrly. on Dec. 1 from 1922 to
bid for, payable to the
accrued interest.
Marshall County.
So. Dak.—BOND SALE.—The
purchased at par the following
MARSHALL COUNTY (P. O. Britton),
Merchants' Bank of Britton has
Farmers &
7% bonds:
$70,030 Newport Weston Drainage District
31,000 Spain Drainage District bonds.
to pay
ELECTION.—
$300,000
O. Benton), Ky.—BOND
held on Jan. 14 to vote on
bonds to be used for
bonds.
Ohio.—BOND OFFERING—C. 8.
sealed bids until 12 m. Dec. 2^ for
Denom. $500. Date Dec. 1 1921.
1941 incl. Cert, check for 1 % of the
Village Treasurer,
required.
Purchaser
COUNTY (P. O. Medina), Ohio.—BOND SALE.—The
Wadsworth Savings & Trust Co. of Wadsworth, purchased $26,400 4K%
Sharon Township road bonds on July 23 at par.
BOND SALE.—At the same time an issue of $10,229 25 6% intercounty highway No. 29 bonds was sold to the Medina County
Bank of Medina at par.
National
MELVIN COMMUNITY
HIGH SCHOOL DISTRICT
NO. 312 (P. O.
BY
Ford and Livingston Counties, 111.—BONDS OFFERED
BANKERS.—An issue of $75,000 6% school bonds is being offered to in¬
vestors by the William R. Compton Co.
Date Nov. 1 1921. Denom.
$1,000.
Prin. and semi-ann. int. (M. & N.) payable at the
& Commercial National Bank in Chicago.
Due yearly on Nov. 1 as fol¬
lows: $2,000 from 1925 to 1927 incl.; $3,000 from 1928 to 1930 incl.;
from 1931 to 1933 incl.; $5,000 from 1934 to 1936 incl.; $6,000 In 1937
1938 and $7,000 from 1939 to 1941 incl.
Melvin),
Continental
$4,000
and
Financial Statement.
estimated
Assessed valuation, 1920
Bonded debt, this issue only
Population, estimated, 2,500.
$4,348,514
2,174,257
75,000
Actual valuation,
MERCED IRRIGATION
-—
DISTRICT (P. O. Merced), Merced
$12,000,000 bonds were
Calif.—BONDS VOTED.—On Nov. 22
2 to 1.
County,
voted by
.
MERIDIAN,
Miss.—BOND ELECTION.—Re-
Lauderdale County,
SDrts state thatissue. * Council has agreed to
the City
ospital bond
call an election for a $60,000
Dade County, Fla.—BOND OFFERING.—Chas. B. Selden,
Director of Finance, will receive sealed bids until 9 a. m. Dec. 20 for the
following 6% bonds—V. 113, p. 2101:
$300,000 dock and harbor impt. bonds.
Due yearly on Jan. 1 as follows:
$5,000, 1936 to 1950 incl., and $225,000. 1951. '
100,000 street railway bonds.
Due $10,000 yearly on Jan. 1 from 1927
MIAMI,
to
1936 incl.
Denom. $1,000.
Date Jan. 1 1922.
Prin. and semi-ann.
int. (J. & J.)
principal.
payable in New York in gold.
Bonds are registerable as to
Cert, check for 2% of the amount of bonds bid for required, i The bonds
will be prepared under the supervision of the U. S. Mtge. & Trust Co.,
N. Y
which will certify as to the genuineness of the signatures of the of¬
ficials and the seal impressed thereon
The validity of the bonds will be
approved by Chester B Masslich of N Y.
Bids to be on forms
by the above official or said trust company.
,
furnished
County, Fla.—NOTE
York have purchased $300,000 6%
1 1921.
Due July 1 1922.
MIAMI,
New
Dec.
This
113,
p.
Dade
item
was
incorrectly given under
SALE.—Curtis & Sanger of
tax-anticipation notes. Date
caption "Miami, Okla.," in
V.
2334.
OFFERED BY SYNDICATE.—The
syndicate composed of the Guaranty Company of New York, Wm. R.
Compton Co., Halsey, Stuart & Co., Inc., Eldredge & Co., Keane, Higbie
& Co., Marshall Field, Glore, Ward & Co., Ames, Emerich & Co., Watling,
Lerchen & Co. and Curtis & Sanger, which was successful in acquiring the
$4,000,000 5% coupon (with privilege of registration) highway-improvement
bonds on Nov. 1 as reported in our issue of Nov. 5 on page 2005, offered
these bonds to investors at 106.55 and int., to yield about 4.50%.
The
issue was oversubscribed within half an hour after the books were opened.
MICHIGAN
(State of).—BONDS
SCHOOL
Bell
Winchester "Sun"
the issuance of
DISTRICT (P. O. Middlesboro),
County, Ky .—SCHOOL BOND ISSUE UPHELD.—'The
Nov. 15 said: "The legality of the election to pass upon
on
Loan & Trust Co., of Minneapolis, has purchased
10-year road bonds at 100.54—a
*19-998
-
First National Bank of Vernon
Meyer-Kiser Bank
MIDDLESBORO
LENOIR CITY, Loudon County, Tenn.—BONDS
of $150,000 sewer bonds was recently voted.
sue
—The Minnesota
Payne & Co
L.
Galvin
O. Lovett), Jennings County,
received at the offering of the
26 (V. 113, p. 1910):
MEDINA
Ky.—BONDS VOTED.—At
a recent election a $500,000 road bond issue carried, it is reported.
KNOX COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 24
(P. O. Center), Nebr.—BOND SALE.—An issue of $9,500 6% school
funding bonds has been sold to the Peters Trust Co. of Omaha.
Denom.
$500.
Date Oct. 1 1921.
Int. semi-ann. (A. & O.), payable at the County
Treasurer's office.
Due Oct. 1 1911, optional after 5 years.
F.
$19,000 6% bonds on Nov.
amount
250,000
■
April 4.
KENTON COUNTY (P.
New York.
LOVETT SCHOOL TOWNSHIP (P.
Ind.—BIDS.—The following bids were
ty,
J103.60
Eldredge & Co
thanjpar will be
General and Jno. C. Thomson,
LUHRIG
Peter Pelsar et al. Smurna Twp. bonds.
Denom. $470
8 1921
Due $940 each six months from May 15 1922
$18,800 4H %
to 1962, inclusive. Certified check for
payable to the above official, required.
entertained. Legality approved by Attorney
$25,000 yearly on Jan. 1 from 1923
2% of the amount of bonds bid for,
No bid for less
JACKSON SCHOOL DISTRICT (P. O.
[Vol. 113.
CHRONICLE
THE
2426
upheld to-day by
acted within
The
take into
$150,000 worth of bonds for the Middlesboro schools was
Appeals.
The Court held the Bell Circuit Court
when it refused an injunction to J. M. Rogan and others.
Court in its opinion said the law did not require school boards to
consideration a city debt when planning a bpnd issue."
the Court of
its rights
MIDDLESEX COUNTY (P. O. East
OFFERING.—Charles E. Hatfield, County
Cambridge), Mass.—BOND
will receive sealed
Treasurer
$100,000 AM% coupon First District Court$1,000. Date Dec. 1 1921. Principal and
semi-annual interest (J. & D.) payable at the Old Colony Trust Co. of Bos¬
ton.
Due $5,000 yearly on Dec. 1 from 1922 to 1941, inclusive.
The
official announcement stated that the bonds are exempt from taxation i n
Massachusetts and that these bonds will be engraved under the supervision
of and certified as to their genuineness by the Old Colony Trust Co. of
Boston, Mass.
The favorable opinion of Messrs. Storey, Thorndike,
Palmer & Dodge, as to the validity of this issue will be furnished without
charge to the purchasers.
All legal papers incident to this issue will be
filed with the Old Colony Trust Co., where they may be referred to at any
bids until 11 a. m. Dec. 6 for
House Loan Bonds.
Denom.
time.
MIDDLESEX COUNTY (P.
First
for the 5M% coupon
on
O. New
Brunswick), N. J.—BOND SALE.
NationalBank of New Brunswick was the successful bidder
(with privilege of registration) bridge bonds, offered
Dec. 1—Y. 113, p. 2334—taking $44,000 bonds and paying $47,037,
—The
Dec. 3
THE
1921.]
CHRONICLE
equal to 106.90, a basis of about 4.73%.
Date Dec. 1 1921.
Due $2,000
yearly on Dec. 1 from 1923 to 1943, inclusive, and $1,000 yearly on Dec. 1
from 1944 to 1948. inclusive.
MILBANK, Grant County, So. Dak.—BOND OFFERING.—A. A.
Blomquist, City Auditor, will sell at public auction at 8 p. m. Dec. 6,
$50,000 6% city auditorium bonds.
Date Dec. 1 1921.
Principal and
semi-annual interest payable at the First National Bank, Minneapolis.
Due Dec. 1 1941, optional Dec. 1 1931.
Certified check for 10% required.
MILLARD COUNTY DRAINAGE DISTRICT NO. 4 (P. O. Millard).
Utah.—MATURITY.—1The $150,000 6% bonds which were purchased
by the Hanchett Bond Co., Inc.. of Chicago—V. 113, p. 2334—mature
yearly on Sept. 1 as follows: $5,000 1926 to 1930, Ihql.; $10,000 1931,rto
1935, incl., and $15,000 1936 to 1940. jpcl.
MILWAUKEE, Wi*.—BOND SALE.—On Nov. 29 the First Wisconsin
Co., Second Ward Securities Co. and the Ilsley Bank, all of Milwaukee,
the successful bidder for the $200,000 street-opening and $70,000
bath 6% 1-20-year serial bonds, dated July 1 1921—V. 113, p. 2334—at
109.391, a basis of about 4.78%. These bonds are now being offered to
investors at prices yielding from 5% to 4.60%, according to maturity.
was
The following is a complete list of bids received:
-As 6s-
Premium
Second Ward
First Wisconsin Co
Wells-Dickey Co..
Halsey, Stuart & Co
,
Oglebly & Austin
Edgar, Ricjer & Co.
__
|
Grossman, Lewis & Co J
Paine, Webber & Co.....
Morris F
Quarles & Co
N orthern Trust C ompan y
Estabrook & Co.
Inc...
The National City Co...
Ames, Emerich & Co
Guaranty Co. ofN. Y___
Bonbright & Co., Inc..'..
00 1.08714plus
00 1.08681
00 1.08420
60 1.08388
r
00
60
5,041 00
2.325 00
1.01867
1.00861 plus
2.736 18
1-01340"
2,114 10
1.08280
1.08198
21.006 00
1.00783
,
50
00
00
40
00
Hill Joiner & Co
1.07780
'"41466 l".66l53pius
1.07245
1.07168
1.07690
4,887 00 1.01810
1,674 00 1.00620
1.06442
"Journal" of Nov. 28, set forth as follows:
"Failure to provide complete and detailed plans for the project.
|
(P. O.
Mobile), Ala.—BOND OFFERING.—
Thomas B. Allman, County Clerk, will receive sealed bid? until Dec. 12
(not Dec. 19as newspaper reports made ussayin V. 113, p. 2334) for $50,000
road bonds.
SALE.—The $50,000
April 22—V. 112,
on
p. 2002—have been sold at par.
MONTCLAIR, Essex County, N. J.—BOND SALE.—The following
two issues of 6% coupon or registered bonds offered on Nov. 29 (V. 113, p.
2215) were sold as stated below:
$114,000 temporary school bonds ($115,000 offered) sold to Watson &
White at 101.079, a basis of about 5.87%.
Date Dec. 1 1921.
1022
62,725 temporary improvement bonds sold to the William R. Compton
Co. at 100.583, a basis of about 5.90%.
Date Dec. 1 1921.
1927.
OFFERING.—Harry Trippett, Town Clerk, will receive sealed
COMMON
SCHOOL
Montgomery), Orange County,
DISTRICT
Certified check
NO.
6
(P. O.
N. Y.—BOND SALE.—The $112,000
5K % school bonds offered on Nov. 29 (Y. 113, p. 2215) have been awarded
to Geo. B. Gibbons & Co,, New York, at 100.85—a basis of about
5.47%.
Date Nov. 1
1921.
Due yearly on Nov. 1 as follows: $3,000 from 1922 to
1925, inclusive; $4,000 from 1926 to 1928, inclusive; $5,000 from 1929 to
1931, inclusive; $7,000 in 1932 and 1933; $8,000 from 1934 to 1937, inclusve, and $9,000 from 1938 to 1940, inclusive.
MONTPELIER
SCHOOL
CITY
(P. O. Montpelier), Blackford
County, Ind.—BOND SALE.—The $33,000 6% bonds offered on Sept* 23
—V. 113, p. 1076—were sold to J. H. Wyles of Indianapolis at 100.26, a
basis of about 5.95%.
Date July 1 1921.
Due $2,200 yearly on July 1
from 1926 to 1946, inclusive.
MORA COUNTY SCHOOL DISTRICT NO. 12 (P. O. Wagon Mound),
Mex.—BOND SALE.—Benwell, Phillips & Co. of Denver, have pur¬
N.
chased
$65,000
6%
10-30-year
(optional)
school
bldg.
bonds
96.
at
COUNTY (P. O. Martinsville), Ind.—BOND OFFERING.
MORGAN
—J. 8. Spoor, County Treasurer, will receive bids until 10 a. m. Dec. 20
for $50,000 5% hospital-improvement bonds.
Denom. 2 for $700 each
and 72 for $675 each.
Date Dec. 20 1921.
Due $1,406 July 15 1923 and
$1,350 each six months from Jan. 15 1924 to July 15 1959, incl.
MORROW
ING.—E.
11
a.
m.
D.
Dec.
COUNTY (P. O. Mount Gilead), Ohio
BOND OFFER¬
Meckley, County Auditor, will receive sealed bids until
10 for $5,606 07
6% ditch bonds.
MOUNTAIN SHEEP IRRIGATION DISTRICT (P. O. Joseph),
Wallowa County, Ore.—BOND SALE.—The Lumbermen's Trust Co.
Portland, has purchased $125,000 6% bonds.
These bonds were men¬
of
tioned in V. 112, p. 583.
Westchester County, Pa.—BOND SALE.—The
$30,000 coupon Prospect Ave. Widening bonds offered on Nov. 30—V. 113,
p. 2334—were sold to Sherwood & Merrifield at 100.33 for 4%s, a basis
of about 4.70%.
Date Dec. 1 1921.
Due $2,000 yearly on Dec. 1 from
Inclusive.
HIGH SCHOOL DISTRICT (P. O. Napa), Napa
County, Calif.—SUIT FILED.—The San Francisco "News Bureau" on
UNION
sftid*
been filed in
elate
"Suit has
t
Superior Court by Fred Gross and other
property owners in Napa Union High School District, asking an injunction
against the sale by the Board of Supervisors of the $300,000 bond issue
for construction of the new high school at Napa.
"The suit is based on alleged irregularities in conducting the bond elec¬
tion, which resulted in 647 illegal votes being cast.
It is said 511 of these
votes were for the bonds."
NEWCASTLE,
Nov. 21
23 1922 Nov.
1
16 1922 Nov.
2
Oct.
27 1922 Nov.
2
2
1,030,000
425,000
1,000,000
125,000
5.35%
5.35%
5.35%
5.35%
5.25%
5.25%
5.25%
5.35%
5.35%
5.35%
5.25%
5.25%
10,000
450,000
200,000
50,000
3
10,000
7
40,000
9
5,000
200,000
16
22
23
28
28
440,000 5.25%
35,000 5.25%
600,000 5.25%
15,000 5.25%
3 1922 Nov.
3
Sept.
7 1922 Nov.
3 1922 Nov.
7
Nov.
9
July 10 1922 Nov. 10
Sept. 15 1922 Nov. 15
Mar. 16 1922 Nov. 16
July 17 1922 Nov. 16
July 17 1922 Nov. 16
Mar. 17 1922 Nov. 17
Feb.
17 1922 Nov. 17
Feb.
17 1922 Nov. 17
May 22 1922 Nov. 21
May 22 1922 Nov. 22
May 22 1922 Nov. 22
May 23 1922 Nov. 23
April 3 1922 Nov. 28
June 15 1922 Nov. 28
500,000 5.25% May 29 1922 Nov. 28
300,000 4.50% On or before
Nov. 29
($2,655,000).
350,000 4.50% On
1
or
1922 Nov. 29
before
Nov. 29 1922 Nov. 29
2
2
1,000,000 5.50% Jan. 24 1922 Nov.
2
25,000 5.35% Nov. 3 1922 Nov.
9
100,000 5.35% Sept. 11 1922 Nov. 9
350,000 5.25% Mar. 16 1922 Nov. 16
50,000 5.25% May 22 1922 Nov. 21
1
Nov.
Special Revenue Bonds of 1921, Aggregating
$4,004,900.
$1,000,000 5.50% Nov. 8 1922 Nov.
4,900 5.35% Nov.
1,000,000 5.50% Nov.
6 1922 Nov.
1,000,000 5.35% Nov.
9 1922 Nov.
9 1922 Nov.
7
7
9
9
1,000,000 5.50% Nov. 10 1922 Nov. 10
3%
PUBLIC OFFERING TALKED OF.—-"Financial America" on Nov. 30
had the following to say in reference to the proposed financing by the City
of New York, which has been rumored for some time:
"It was learned from an authoritative source to-day that the proposed
financing by New York City probably will not take place next Monday as
was
stated yesterday.
According to the same authority it is not yet
certain that the amount will be the $3Q,000,000 mentioned.
The city
authorities have the matter under discussion and it is expected that an
official announcement will be made at an early date as to Just what disposi¬
tion is to be made of the matter at this time.
In fact, it is said, there is a
lack of united opinion among city authorities as to the best course to
pursue in the matter of new financing.
"Some of the city officials are understood to favor the creation and
offering of a long-term issue of bonds, while others feel that by the disposal
of short-term paper now, the way will be paved for a long-term issue a little
later on, possibly at a more favorable rate of interest from the city's point
of view.
In investment circles the opinion is expressed that the present
is an opportune moment for the sale of long-term bonds for New York City
and It is understood that the advice of some bankers has been to proceed
without delay.
There are a number of factors to be considered, however,
in connection with this important matter, including the money market
situation and the outlook for securities in the future.
Present indications
point toward lower money rates and it is felt to be not at all improbable
that the
Federal
Reserve discount rate
will be further reduced at a
not
distant date.
If it may be assumed that money rates are to work easier,
foregone conclusion that New York City financing will be possible
if accomplished on more advantageous terms than could be expected at
the moment.
The city authorities, it is understood, are holding daily
conferences and it is thought to be highly probable that invitations to
participate in a new offering will be sent out some time next week.
This
will mean that the sealed bias probably will not be opened for another week
or
ten days.
Something definite is expected to be announced in this
connection within the next day or so."
It is learned from later reports that the new financing by New York City
will not take the form of short-term notes as was quite generally announced
in the press a couple of days ago.
According to those well informed, it is
not unlikely that the city authorities will shortly announce a new offering
of long-term bonds for jpublic participation, the amount most commonly
mentioned being $50,000,000, to run for a period of from 40 to 50 years.
it is
a
NILES CITY SCHOOL DISTRICT (P. O. Niles), Trumbull County,
Ohio.—BOND OFFERING.—M. G. Kennedy,
Clerk, will receive sealed
proposals until 12 m. Dec. 15 (date changed from Dec. 14—V. 113, p. 2335)
for $56,000 6% coupon bonds.
Denom. $ ,000.
Date Oct. 1 1921.
Int.
semi-annually.
Due $4,000 yearly on Oct. 1 from 1932 to 1945 incl.
Cert, check for 3% of the amount bid for, payable to the Board of Educa¬
tion. required.
Purchaser to pay accrued interest.
These are the same
bonds that were offered on Oct. 14 (V. 113, p. 1795).
NILES SCHOOL DISTRICT (P. O. Niles), Berrien County, Mich.—
OFFERED BY BANKERS.—The Harris Trust & Savings Bank
BONDS
of Chicago is offering to investors an issue of $150,000
5% bonds at prices
yield from 5.10% to 4.80%, according to maturities.
Denom. $1,000.
Dec. 1 1921.
Prin. and semi-ann. int. (F. & A.) payable at the
Harris Trust & Savings Bank in Chicago.
Due $10,000 yearly on Feb. 1
from 1923 to 1936, inclusive, and $10,000 on Dec. 1 1936.
to
the
Young County, Tex.—BONDS REGISTERED.—On
registered $25,000 6% serial water works
the State Comptroller
bonds.
NOCONA
INDEPENDENT
SCHOOL
DISTRICT
Montague County, Tex.—BONDS VOTED.—An
MOUNT VERNON,
recent
23 1922 Nov.
Oct.
Date
Auditor, required.
NAPA
3 1922 Nov.
$250,000 5.50% Jan. 23 1922 Nov.
50,000 5.50% Mar. 15 1922 Nov.
70,000 5.50% Oct. 16 1922 Nov.
Denom. 1 for $706 07
and 7 for $700 each.
Date Sept. 1 1921.
Int. M. & 8.
Due $706 07
March 1 1922 and $700 each six months from Sept.« 1 1922 to Sent. 1 1925,
incl.
Certified check for 5% of the amount bid for, payable to the County
1922 to 1936.
3
11
16
16
15
Jan.
55,000 5.50% Oct. 16 1922 Nov.
230,000 5.00% On or before
1922
Sept.
1922
Mar.
1922
June
1922
June
1922
May 22 1922
June 15 1922
April 3 1922
Purposes ($8,205,000).
Jan. 19 1922 Nov.
1
Jan. 23 1922 Nov.
1
Oct. 27 1922 Nov.
2
On or before
Nov.
($6,495,000).
Jan.
general fund bonds, maturing Nov. 1 1930, and on Nov. 18 the city also
issued $6,000,000 3% general fund bonds, maturing Nov. 1 1930.
COUNTY
bids until 4 p. m. Dec. 13 for $1,153,000 5% sewer bonds.
for 2% of the amount bid for required.
Nov. 29 1922 Nov. 29
Rapid Transit
$50,000 5.50%
170,000 5.50%
35,000 5.50%
170,000 5.50%
GENERAL FUND BONDS.—On Nov. 3 the city issued $6,000,000
"Proximity of the proposed bridge to the present Tenth Ave. bridge.
"The question of the right of way over the gas company's plant.
"Legal difficulties that might delay construction."
Union County, No. Caro.—BOND
and sewer bonds, offered but not sold
1
1
2
7
9
9
16
16
21
22
28
28
Nov. 29 1922 Nov. 29
3,010 50 1.01115
1,896 00 1.00702 plus
1,837 55 1.00680 plus
MONROE,
N6v.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
1,100,000 5.25% June 15 1922 Nov.
10,000 5.25% April 3 1922 Nov.
1,250,000 4.50% On or before
Water
that Mayor George E. Leach on Nov. 28 vetoed the Council resolution
authorizing the sale of $100,000 bonds with which to begin construction of
the proposed $900,000 Fourteenth Ave. bridge across the Mississippi River.
Reasons for vetoing the resolution were, according to the Minneapolis
MONTGOMERY
(Concluded).—
10,000 5.25% May 22 1922 Nov. 21
350,000 5.25% June 15 1922 Nov. 28
400,000 4.50% On or before
Date Sold.
Maturity.
270,000 5.35% Sept. 7 1922
200,000 5.35% Sept. 11 1922
1,850,000 5.25% July 17 1922
40,000 5.25% May 22 1922
100,000 5.25% May 23 1922
06 1.06236
_
Due June 1
50,000 5.35%
594 00" 1.00220
1.06417plus
sol¬
5%
Wa'er
Aggregating
$145,000 5.50% June 23 1922
1,000,000 5.50% Jan. 20 1922
120,000 5.50% Oct. 27 1922
200,000 5.35% Sept. 7 1922
Nov.
1.01140""
MINNEAPOLIS, Minn .—BRIDGE BONDS VETOED.—It is reported
BOND
Notes,
($5,772,Q00).
Int. Rate.
$1,000,000 5.60%
385,000 5.50%
500,000 5.50%
1,500,000 5.00%
1.07926
20,412 00 1.07560
19,948 00 1.07388plus
19,617 50 1.07265 plus
...
j
Amount.
35,000 5.25%
2,000 5.25%
00
102.86566
'
103.027
July 1 1941,
being re-offered to investors at 110.75%, to yield 4.20%.
are
920,000 5.25%
"3",078
—
NEW YORK, N. Y.—TEMPORARY
LOANS.—During the month of
November the city Issued $27,131,900 short-term securities,
Various Municipal
ContinentalTr.&Sav.Bk
Curtis & Sanger
water
These bonds
1,200,000 5.35%
150,000 5.25%
1,000,000 5.25%
950,000 5.25%
21,492 00 1.07960
21.400 00
.
(State of).—BOND SALE.—The $2,000,000
diers' bonus bonds offered ott Nov. 29 (V. 113, p. 2102) were sold to J. S.
Bache & Co. and Farson, Son & Co., both of New
York, at their joint bid
of 108.819i a basis of about 4.34%.
Date July 1 1921.
Due
21.667 83 1.08025 plus
19,561
19,354
Harris Trust & Sav. Bank 19,143
E. H. Rollins & Sons
17,393
Prudden & Co..
17,327
R. W. Pressorich & Co
16,821
6%
JERSEY
$23,127,000.
$4.349 00 1.01611
4,100 00 1.01518 plus
Merrill, Oldham & Co... 20,709 00 1.07670
btacy & Braun...
20,439 00 1.07570
MOBILE
NEW
corporate stock notes and special revenue bonds, as follows:
Pricc
Fox & Co
Henry O
Leach & Co
Hornblower & Weeks, New York...
Blodget & Co., New York- J
IfTT"
consisting of
5s-
Rutter & Co
B
_
Dock
23,976 00 1.08880
23,625 00:1.08750
23,538
Inc. 23,438
First Trust & Sav Bank.. 22,734
J S Bache & Co
22,647
R L Day & Co—
22,358
Watkins & Co
22,134
A
m
$25,355 70 1.09391
\
Corp.]
Federal Securities
-As
Premium
NEW CASTLE COUNTY (P. O. Wilmington), Del.—BOND SALE.—
The $100,000 5H%
coupon (with privilege of registration) "Seventh Series"
highway improvement bonds offered on Nov. 29 (V. 113, p. 2215) were
sold to the William R. Compton Co. of New York
City at 105.83943, a
basis of about 4.78%.
Date July 1 1920.
Due $20,000 yearly on July 1
from 1929 to 1933 incl.
These bonds are being offered to investors at
prices to yield 4.55%.
The following bids were also received:
Keane, Higbee & Co. and Sidney Spitzer & Co., jointly
102.556
National City Company of New York—,
103.019
B. J. Van Ingen & Co., New York-103.790
Estabrook & Co., New York
"104.170
Seasongood & Mayer, Cincinnati-.
101.960
Corporate Stock
Marshall & Ilsley Bank.
Wm R Compton Co.
Blodget & Co
Price
Co.'
aecur
2427
(P.
O. Nocona).
issue of $75,000
school
bonds carried recently by a large majority.
NORFOLK
COUNTY
(P. O. Dedham), Mass.—NOTE SALE.—The
$290,000 5% Monatiquot River bridge notes, which were offered on Nov.
28—V. 113, p. 2335—were sold at 100.82, a basis of about 4.19%, to
J. 8. Bache & Co.
Date Dec. 1 1921.
Due Dec. 1 1922.
NORWICH, Chenango County, N. Y
BOND SALE.—The $15,000
5% special appropriation bonds offered on Nov. 25—V. 113, p.
2102—were
sold at par and accrued interest to Sherwood & Merrifield of New York
Date Jan. 1 1922.
Due $500 yearly on Jan. 1 from 1926 to 1935,
and $1,000 yearly on
Jan. 1 from 1936
to
City.
incl.,
1945, incl.
OAKLAND HIGH SCHOOL DISTRICT,
Alameda County, Calif.—
BOND OFFERING.—George E. Gross, County and
ex-officio Clerk of
Board of County Supervisors (P. O. Oakland)
will receive bids untu 10
a. m. Dec. 12 for $800,000 5% gold school bonds.
Denom. $1,000.
Date
Nov. 1 1919.
Int. M. A N.
Due yearly on Nov. 1 as follows: $38,000
1922, $20,000 1923 to 1937. incl., and $21,000 1938 to 1959, incl.
Certi¬
fied check or cash for 2% of the amount of proposal, payable to the Chair¬
,
man
of Board of County Supervisors, required.
Financial Statement.
\
Total bonded indebtedness to date. $657,000.
Assessed valuation, approximately $157,000,000,
,
—BOND SALE.—The
which represents about
Dec. 1
from 1932 to 1951 Incl.
Financial Statement.
Total bonded indebtedness to date, $765,000Assessed valuation, approximately $157,000,000,
which represents about
;
A \
Population, 1920 Census, 216,000.
Primghar),
:
Iowa.—CORRECTION.—"We re¬
ported in V. 112, p. 2222, that a $750,000 5% coupon primary road bond
acquired on May 17 by various contractors at par and inter¬
est.
We are now informed that only $700,000 of the $750,000 were sold.
issue had been
ODESSA, Big Stone County, Minn.—BOND OFFERING.—C. P.
Shellenbarger, Pillage Recorder, will receive sealed bids until Dec. 5 for
$6,000 6%
bonds—V. 113, p. 981.
Denom. $100. Certified check
for 5% required.
•,
OKLAHOMA CITY, Oklahoma County, Okla.—BOND
TIONS DEFEATED.—At a special election held on Nov. 26
PROPOSI¬
(V. 113, p.
$7,100,000, were voted down by the
.'•/"
1
•'
election for water bonds
probably be held soon.
:
^
It is also stated that another
and possibly for
2215, were voted at the election
held Nov. 26.
DISTRICT NO. 1 (P. O. Olympia),
County, Wash.—BOND SALE.—It is reported that $115,000
been sold to the State of Washington
at par for 6s.
OLYMPIA SCHOOL
Thurston
bonds have
OMAHA SCHOOL DISTRICT (P. O. Omaha), Douglas County,
Nab.—NOTE SALE.—On Nov. 28 the $1,000,000 6% gold coupon promis¬
sory notes
Date
(V. 113, p. 2215) were
sold to the Continental & Commercial
basis of about 4.96%.
& Savings Bank of Chicago at 100.68—a
Jan. 2 1922.
Due Sept. 1 1922.
OREGON (State of)
BONDS HELD BY STATE TO BE OFFERED.—
The "Oregonian" on Nov. 22 said:
"O. P. Hoff, State Treasurer, announced Nov. 21 that he would receive
sealed bids Dec. 28 for the sale of bonds prviously purchased by the State
aggregating $215,500.
The money derived from tlie sale of these bonds
will be used to replenish the general industrial accident fund, which was
practically depleted as a result of over-investments by the State Bond Com¬
mission.
purchased with funds of the State Industrial
Accident Commission and will be disposed of by the 8tate Treasurer under
authority of a law enacted by the 1921 legislature.
The legality of all the
bonds offered for sale has been approved by the Attorney-General.
The amount of bonds to be sold was fixed by the State Treasurer on a
report received from the State Industrial Accident Commission showing
the receipts and disbursements of that department for the past two years.
The bonds to be offered for sale by the State Treasurer follow:
State of Oregon, irrigation district, interest blA %. bonds, general
obligation of the State of Oregon, dated June 1 1920, due Oct. 1
1941, without option of prior payment.
Int. J. & D.
Denom.
37 $1,000 bonds, one $500 bond----.*-,....-$37,500
8tate of Oregon, irrigation district, interest 5A% bonds, general
obligation of the State of Oregon, dated June 1 1920, due Oct. 1
> ■
1948. without option of prior payment.
Int. J. & D.
Denom.
The bonds to be sold were
$500 bond
40,500
5% road bonds, dated July 1 1919, due
serially July 1 1934-36.
Int. J. & J.
Denom. $1,000.58,000
School District No. 61, Umatilla County, Ore., 6% bonds, dated
Feb. 1 1910, due Fob. 1 1930, optional 10 years from date.
Int.
F. & A.
Denom. $1,000.V*—......
10,000
School District No. 9, Tillamook County, Ore., 5H% bonds, dated
Jan. 1 1920, due Jan. 1 1S40, optional after Jan. 1 1930.
Int.
J. & J.
Denom. 14 $1,000 bonds, one $500 bond......
__
14,500
School District No. 3, Mtiltnomah County, Ore., 5 A % bonds,
dated April 1 1920, due April 1 1940, optional after April 1 1931.
Int. A. & O,
Denom. $1,000--^.--.
35,000
School District No. 53, Klamath County, Ore., 6% bonds, dated
May 1 1921. due serially, May 1 1928-41, without option of prior
payment.
Int. M. & N.
Denom. $500--..--.21,000
40 $1,000 bonds, one
Klamath County, Ore..
_
OXFORD TOWNSHIP RURAL SCHOOL DISTRICT, Tuscarawas
Ohio.—BOND OFFERING.—Frank W. Wise, District
Clerk,
(Dec. 3) for $4,000 6% coupon
$500.
Date Dec. 1 1921.
Prin. and semi-ann. mt.
payable at the Oxford Bank in Newcomerstown, Ohio.
Due $500 each six
months from June 1 1923 to Dec. 1 1926 incl.
Cert, check for 5% of the
amount bid for, required.
Purchaser to pay accrued interest.
County,
will receive sealed bids until 12 m. to-day
Denom.
bonds.
McCracken County,
Ky.—BONDS VOTED,—At the
election held on Nov. 8 (V. 113, p. 1493) the $600,000 6% 40-year sewer
bonds were voted by 2.781 to 1,160, it is stated.
It is also stated that un¬
official returns indicate that the $60,000 6 % 20-year hospital bonds,
PADUCAH,
Redmond & Co.-..«_
Commercial
Co.,
a
were
voted upon
at the same time as the above, and
The action will be filed In the name of some
citizen and will be carried to the Kentucky Court of Appeals in order that
Solicitor.
has been
possible.
number of brokers
the purchasers of the bonds may be protected.
The City Solicitor
Instructed to prepare the suit and to make the test case as soon as
as a
PALESTINE CONSOLIDATED SCHOOL DISTRICT OF LIBERTY
TOWNSHIP (P. O. Palestine), Darke County, Ohio.—BOND OFFER¬
ING.—Omer L. Dill, Clerk of the Board of Education, will receive sealed
bids until 10 a. m. Dec. 22 for $60,000 6% coupon bonds.
Denom. $1,500.
Date Nov. 1 1921.
Prin. and semi-ann. int. (M. & N.) payable at the
office of the Treasurer of the Board of Education.
Due $1,500 each six
months from May 1 1922 to Nov. 1 1942 incl.
Cert, check drawn upon
some solvent bank in Darke County for 5% of the amount bid for, payable
to the above Clerk, required.
Purchaser to pay accrued interest.
PARIS, Bear Lake County, Ida .—PRICE PAID.—The price at which
Halloran-Judge Trust Co. of Salt Lake City obtained the $22,000 fund¬
ing bonds (V, 113, p. 2216) was par less 10%.
The bonds are described as
foflows: Int. rate 6%.
Due in 20 years, optional in 10 years.
Int. semiann., payable In New York.
the
PERRY
INDEPENDENT SCHOOL DISTRICT (P. O. Perry). Dallas
County, Iowa.—BOND SALE.—An
bonds, dated Sept. 15 1921, has been
Davenport.
issue of $75,000 10-year building
sold to Geo. M. Bechtel & Co. of
COUNTY (P. O. Rugby), No. Dak.—BOND
$57,000 seed and feed funding bonds has been sold.
PIERCE
issue of
PILOT MOUNTAIN, Surry County, No.
—Sealed bids will be received until Dec. 10 by
Board,
for
required.
SALE.—An
Caro.—BOND OFFERING.
P. E. Simmons, Secretary to
$40,000 6% hydro electric bonds.
Certified check for $800
Tnis place, it is stated, has no bonded indebtedness.
Hemphill, Noyes & Co..
...
—
Townsend Whelen and Charles W.
Potter estate
.....
--
Wilkinson..-
_ - -
103.63
100
syndicate is offering the above
The Harrison, Smith & Co.
at
101
104.15
100.125
80,000
25,000
20,000
10,000
Provident Life & Trust Co.,
The not
106
90,000
...
trustee of Thomas
Land Title & Trust Co——
vestors
104.417
all or none
$100,000
...
*
W. H.McCutcheon
bonds to in¬
prices to yield 4A%-
ce
1
V-
of this offering may be found upon a
PIQUA, Miami County, Ohio.—BOND
preceding page of this issue.
SALE.—An issue of $10,000
purchased by the Sinking Fund.
Due $1,000 yearly on April 1
6% street Improvement bonds has been
Denom. $1,000.
Date Nov. 15 1921.
from 1922 to 1931, inclusive.
1
,
COUNTY (P. O. McAlester),
PITTSBURGH
TION.—On Dec. 9 $750,000 road bonds will
Okla.—BOND ELEC¬
be voted upon.
OFFERING.—The
Berkshire County, Mass.—LOAN
PITTSFIELD,
City Treasurer will receive sealed bids until 11a.m. Dec. 6
loan of $100,000. dated Dec. 8 1921, and due Aug. 8 1922.
for a temporary
PLAINVIEW, Hale County, Tex.—BOND SALE.—The $75,000 5%
improvement bonds, offered on Sept. 19 (V. 113, p.
878), have been sold at par to Geo. L.
POCOPSON TOWNSHIP
—An issue of
Simpson & Co., of
Dallas.
<,
SCHOOL DISTRICT, Pa .—BOND SALE.
$27,000 bonds was recently
PORTAGE TOWNSHIP SCHOOL
—The State Industrial Commission
bonds.
disposed of.
DISTRICT, Ohio.—BOND SALE.
has purchased an issue of $60,000
school
.
.
RIVER COUNTY SCHOOL DISTRICT NO. 87 (P. O.
Broad us), Mont
BOND OFFERING.—Ralph L. Casey, District Clerk,
will receive sealed bids until 4 p. m. Dec. 17 for $1,225 6% 10-20-year
(opt.) funding bonds.
Date Dec. 17 1921.
Int. semi-ann. Due Dec. 17
1941; optional Dec, 17 1931.
Cert, check for $100 required.
POWDER
PRESCOTT
Ariz.—BOND
County
Yavapai
OFFERING.—Until
entertain proposals
15 1920. Cert,
7 30 p. m. Dec. 19. J. H. Robinson, City Clerk, will
for the purchase of $350,000 6% water bonds. 'Date Jan.
check for $10,000 required.
> .
>
A like amount of bonds was reported as tfold
v
in Y. 113, p. 1701.
PROVIDENCE
Webster County, Ky.—BONDS VOTED.—A $75,000
bond issue for Providence carried, it is stated, by a majority of nearly 5 to 1
place on Nov. 14.
at that
,
QUINTON, Pittsburg County, Okla.—BOND SALE—An issue of
$25,000 6% water-main-extension bonds has been sold at par to T. C.
Brooks & Sons, of Jackson, Mich.
r
SCHOOL DISTRICT (P. O. Perth Amboy),
J.—BOND OFFERING.—II. R. Cook. District
bids until 8 p. m. Dec, 12 for an issue of 6%
coupon or registered bonds not to exceed $16,000.
Denom. $1,000. Date
Dec. 1 1921.
Prin. and semi-ann. int. (J. & D.) payable at the Middlesex
Title Guarantee & Trust Co. of New Brunswica.
Due $1,000 yearly on
Dec. 1 from 1923 to 1938 incl.
Cert, check for 2% of the amount bid for
required.
Legality approved by the Attorney General of the State of
New Jersey and Edmund A. Hayes of New Brunswick,
Purchaser to pay
RARITAN TOWNSHIP
Middlesex
County, N.
Clerk, will receive sealed
accrued interest
.
RAYMOND DRAINAGE
DISTRICT, Sevier County, Utah.—BOND
of Salt Lake City has purchased
Due $5 000 yearly on July 1 from 1927
SALE.—Palmer Bond & Mortgage Co.
Denom. $500.
$75,000 6% bonds.
to 1941 incl.
REDDING, Shasta County,
Calif.—BOND SALE—On Nov. 21 the
bonds,
of
$40,000 6% 1-40-year serial municipal lighting and power distribution
dated Nov. 21 1921 (V. 113. p. 2216), were sold to Blyth, Witter & Co.,
San Francisco, at 107.52 and interest—a basis of about 5.32%.
(
DISTRICT NO.O. Olivia), Minn.—BOND SALE.—The $185,000 5H% new school
bldg. bonds offered on Oct. 25 (V. 113, p. 1701) were sold on Nov. 18 to
the Drake-Ballard Co. of Minneapolis and Northwestern Trust Co., St.
Paul, at 101.10, a basis of about 5.38%.
Denom. $1,000. Date Oct. 1
RENVILLE COUNTY
INDEPENDENT SCHOOL
79 (P.
Int. A. & O.
1921.
Due April 1 1935-
RICHLAND COUNTY (P. O. Mansfield), Ohio.—BOND SALE.—
An issue of $13,000 6% road bonds was awarded to the First National Bank
of Shelby at par.
,
RICHMOND,
Costa County, Calif.—BOND
have bought $150,000 worth
Contra
stated that three local banks
bonds at par and interest.
ROCHESTER, N. Y.—BOND
coupon
SALE.—It is
of 6% harbor
■
OFFERING.—J. C. Wilson. City Comp¬
following 4A%
$6,915,000:
yearly from 1923
bids until 2 p.m. Dec. 7 for the
(with privilege of registration) bonds, aggregating
troller, will receive sealed
$1,750,000 municipal improvement bonds.
Due $58,000
to 1951, inclusive, and $68,000 1952.
3,000,000 school construction
which required
VALIDITY OF SEWER BOND ISSUE TO BE TESTED IN COURTS.—
the bonds
already have written letters of inquiry."
entire issue
and Harper A Turner
Peoples Trust Co
two-thirds majority, were defeated.
Little difficulty is expected in disposing of
-JJi:
-
Carstairs & Co._
bonds.
building construction
from 1923 to
bonds.
125,000 municipal land purchase bonds.
inclusive, and $11,000 1942.
Due $2,500 yearly
„
bonds.
1942, inclusive.
250,000 local improvement bonds.
90,000 garbage disposal bonds.
•
1952, incl.
Due $1,000 from 1923 to
50,000 sewerage disposal construction
from 1923 to 1942, inclusive.
100,000 municipal
The "Paducah News-Democrat" on Nov. 18 says: "Suit to test the validity
of the recent sewer bond issue will be filed within the next few days by
Roscoe Reed, City
Trust
West & Co
101.072
103
.all or none
—
YJSJ..
*
which
103.7977
Rellly, Brock & Co_-i^^-_-----------—-
sewer-extension and
OMAHA, Douglas County, Neb.—BOND OFFERING.—Sealed bids
will be received until 10 a. m. Dec. 13 by Dan B. Butler, Commissioner of
Finance, for the purchase of $30,000 5% 20-year coupon non-registerable
fire engine -house bonds.
Denom. $1,000.
Date Dec. 1 1921. Prin.
and semi-ann. int. payable in Omaha.
Certified or Cashier's check on a
solvent national bank for $500, payable to the City of Omaha required.
Bids for less than par will not be considered.
Assessed value 1921-1922,
$326,162,292; bonded debt, excluding this offering and including $7,000,000
water and $5,000,000 gas bonds, $22,708,288.
Trust
104.79
104.70
i:,—
all or none
—-..---.all or none
—----all or none
Robert Glendenning & Co—
,
OKLAHOMA COUNTY (P. O. Oklahoma City), Okla.—BONDS
VOTED.—A special telegram which came to us late last night informs us
that the $200,000 county tuberculosis hospital bonds, mentioned in V. 113,
p.
Bidder—
National City Company
Girard Estate,.
,
•?'.
60% of the cash value.
other minor issues, will
2216) were sold to a
p.
basis of about 4.59%.
•
required.
2006), the six proposals, aggregating
bonds offered on
syndicate composed of Harrison,
and the Wm. R. Compton Co. at 105.33, a
Date Jan. 1 1922.
Due $100,000 yearly on July 1
The following bids were also received:
' Ami. Bid For.
Price.
$2,000,000 5% registered school
Smith & Co., Biddle & Henry
OAKLAND SCHOOL DISTRICT, Alameda County, Calif.—BOND
OFFERING.—Geo. E. Gress, County Clerk and ex-officlo Clerk of Board
of County Supervisors (P. O. Oakland), will receive bids until 10 a. m.
Dec. 12 for $200,000 5% gold school bonds.
Denom. $1,000.
Date Nov 1
1919.
Int. M. & N.
Due yearly on Nov. 1 as follows: $14,C00 192£,
$6,000 1923, $5,000 1924 to 1959, incl.
Certified check or cash for 2% or
the amount of proposal, payable to Chairman of Board of County Super
OBRIEN COUNTY (P.O.
(V. 113,
O. Philadelphia), Pa.
SCHOOL DISTRICT (P.
PHILADELPHIA
•
60% of cash value.
Population, 1920 Census, 216.000.
visors,
(Vol. 113
CHRONICLE
THE
2428
Due $5,000 yearly
Due $6,000 from 1922 to
Due $12,500 from 1923 to
Due 1952.
1941,
1942, incl.
1,550,000 canal land purchase bonds.
Due $51,000 yearly from 1923 to
1951 and $71,000 1952.
.
Date Jan. 1 1922.
Denom. $1,000.
Prin. and semi-annual interest
payable at the Central Union Trust Co., N. Y.
Certified check for 2%
par value of bonds bid for, payable to the City Comptroller
Legality of these issues will be examined by Reed, Dougherty & Hoyt,
^
of
required.
furnished the purchaser.
N. Y., whose favorable opinion will be
will be ready for delivery on Jan. 2 1922
or as soon after that
prepared for delivery, at the Central Union Trust
bid for less than par will be considered.
bonds can be
No
ROCHESTER, N. Y.—NOTE
troller, will receive
issues of notes:
All bonds
date as the
Co., N. Y.
OFFERING.—J. C. Wilson, City Comp¬
Dec. 5 for the following two
sealed bids until 2:30 p. m.
*
'
$100 000 local-improvement
25,000 overdue tax notes.
notes.
_
Due in two months from Dec. 8 1921.
from Dec. 13 1921.
Both Issues payable at the Central Union Trust Co. of New York City,
where they will be delivered to the successful bidder.
ROCKCREEK TOWNSHIP SCHOOL DISTRICT (P. O. Uniondale),
Ind.—BOND OFFERING.—J. E. Harshman, Township Trustee, will
receive sealed bids until 1 p. m. Dec. 15 or $90,000 6% school bonds.
Denom. $500.
Date Dec. 15 1921.
Principal and semi-annual interest
(J. & J.) payable at the Wells County National Bank, Bluffton.
Due as
follows: $9,000 Jan. 1 1924 and $4,500 from July 1 1924 to Jan. 1 1933.
Certified check for $5,000, payable to above Trustee required.
ROCKY RIVER, Cuyahoga County, Ohio.—BONDS NOT SOLD.—
The three issues of 6% special assessment sanitary-sewer bonds, which ag¬
gregate $12,154 and which were offered on Nov. 22 (V. 113, p. 2007),
were
not sold as no
Due in 8 months
bids were submitted for them.
Dec. 3 1921.]
THE
CHRONICLE
ROGERSVILLE,
Hawkins County, Tenn.—BOND OFFERING.—
The Mayor and Recorder
will receive sealed bids until Dec. 15 for
$25,000
6% tax-free school bonds.
Denom. $500.
Int. senii-ann.
Cert, check
for 10%
required.
N.
ROOSEVELT COUNTY SCHOOL DISTRICT NO.
Mex.—BOND SALE.—It is
reported that
5
$36,000
been sold.
(P. O. Floyd),
bonds have
6%
2429
SIDNEY, Shelby County, Ohio.—BOND SALE.—The following 6%
bonds, aggregating $200,000, have been
purchased by the Citizens Banking
Co.. Sidney, at
100.005:
$100,000
sewer
bonds.
An issue of
6%
xrust668,
11100,000 Water-main bonds.
funding bonds has been purchased by the Sinking Fund
SOUTH,
.
New
O.
Doming,
H.
EUCLID, Cuyahoga County, Ohio.—BOND SALE.—The
$11,000 6% special assessment
Sheffield Road water bonds, offered on
Nov. 22 (V. 113, p.
2103), were sold to W. L. Slayton & Co. at par and
interest.
Due $1 000
yearly on Oct. 1 from 1922 to 1930, inclusive, and
$2,000 on Oct. 1 1931.
Preston County, W. Va.—BOND OFFERING.—
Town Recorder, will receive sealed bids until
7
RIVER, Middlesex County, N. J
BOND SALE.—The issue
°f 5 A %
coupon or registered street-improvement bonds offered on Nov. 28
—V- 113, p. 2217—was sold
to B. J. Van Ingen & Co. of
Jersey City at
their bid of $35,610 for
$35,000 bonds, which is equal to 101.742, a basis of
about 5.27%.
Date Nov. 1 1921.
Due yearly on Nov. 1 as follows:
$2,000 from 1922 to 1937, incl., and
$3,000 in 1931.
,
ROOTSTOWN TOWNSHIP RURAL SCHOOL DISTRICT
(P.
Milford), Portage County, Ohio.—BOND OFFERING.—Reed
Clerk of
the Board of
Education, will receive sealed bids until
12 for $5,500
6% deficiency funding bonds.
Denom. $500.
Date
Nov. 1 1921.
Int. A. & Q.
Due $500 each six months from
Apr. 1 1932 to
Apr. 1 1928 incl.
Dec.
ROWLESBURG,
Georges Hayes,
p. m.
to-day (Dec. 3) for $40,000
5% improvement bonds.
Date Nov. 1 1921.
Due $20,000 Oct. 1
1931 and 1932.
Certified check for $500 required.
SANDERS COUNTY SCHOOL
DISTRICT NO. 2, Mont.—BOND
SALE.—A special telegraphic
dispatch from our Denver correspondent
last night states that
the Bankers Trust
Co. of Denver has been awarded
$130,000 6% 10-20-year
(optional) bonds.
SANDUSKY, Sandusky County, Ohio.—BOND SALE.—The
$87,000
6% (property portion) street
improvement bonds offered on Nov. 28
(V. 113. p. 2103) were sold to
Tucker, Robinson & Co. of Toledo at 102.06,
a basis of about
5.57%.
Date Nov. 1 1921.
Due $8,500 yearly on Nov.
1
from 1922 to 1927 incl. and
$9,000 yearly on Nov. 1 from 1928 to
1931 incl.
SAN
FRANCISCO
(City and
County), Calif.—BONDS OFFERED
AND SOLD.—A
syndicate composed of First National Bank of
New York,
the National
City Co.,
Kissel, Kinnicutt & Co., E. H. Rollins &
8ons,
Anglo & London Paris National Bank.
Blyth. Witter & Co., Eldredge
& Co., Stacy & Braun
and the William R. ComDton Co.
offered and quickly
sold $8,520,000 4
A % gold tax free water bonds.
The bonds were offered
to Investors at
prices to yield from 5% to
4.75%, according to maturities.
The bonds are
described as follows Coupon bonds of
$1,000 denomination,
registerable as to principal and interest.
Date July 11910.
Prin. and semiann. int.
(J. & J.) payable in San Francisco or at the
National Park Bank.
N. Y.
Due on July 1 as follows
$114 ,000 1924; $78,000 1929;
the
$431,000
to 1935 Incl.:
$544,000
1944 incl., and $322,000
1930; $448,000 1931; $499,000
1932; $549,000 1933
1936; $649,000 1937 to 1939
incl.; $558,000 1940 to
1945.
Tnese bonds are stated to
be a legal investment for
savings banks
and trustees in New
York, Massachusetts, Connecticut, California and
other
States, and eligible as
security for postal savings deposits.
information concerning these bonds see
V. 113, p. 2336.
For further
SARATOGA, FULTON AND McNAB ROAD
IMPROVEMENT
DISTRICT, Hempstead County, Ark.—BOND
SALE.—The William
R.
Compton Co.
St. Louis has been awarded
$25,000 6% tax-free bonds.
Date Aug. 1 1921.
Prin. and semi-ann. int.
or
Denom. $500.
(F. & A.)
payable in gold at the American Trust
Co., St. Louis.
Due yearly on
Aug. 1 as follows:
$500 1922 to 1924, incl.;
$1,000 1295 to 1931, incl.;
$1,500 1932 to 1938. incl., and
$2,000 1939 to 1941, incl.
SCHLATER
CONSOLIDATED
SCHOOL
Le Flore County, Miss.—BONDS
DISTRICT
Schlater),
(P.
O.
VOTED.—By a vote of
the question of issuing
$20,000 bonds, to be used for purpose of
purchasing ground and erecting and
equipping a school building for the
white children in the
district, carried.
61
SEA
ISLE
CITY, Cape May County, N. J.—BOND
SALE.—The
6% bonds, aggregating
$90,000, offered on July 13—V. 113,
not sold on that date
but were sold on Dec. 1 to
Geo. B.
& Co. at par and interest.
two issues of
106—were
(gibbons
SEATTLE, Wash .—BOND
DEAL
PROTESTED.—With
the
reference
to
opposition to the sale of the $2,000,000
water-extension bonds made by
City Council, the "Oregonian'1 of Nov.
26 had the following to
say:
"Vigorous protest against the
City Council's secret $2,000,000 water-
me
extension
bond deal came from all
sides
Wednesday, with demands
Mayor Caldwell, Water Supt.
Youngs and business
men
rescind its action and offer the
securities at public sale.
"Officials and business men
alike held that the
$100,000 by the transaction, which
afternoon by the Council,
without
from
that the Council
utility bonds at par and accrued
interest was accepted.
"Formal protest of the
Mayor against the deal was lodged with the Coun¬
cil this morning in a
letter, which held:
"1. That the sale will cause the
loss of from $60,000 to
$100,000 to the
city and the Water
Department.
That
the
wishes
and
advice of the Superintendent of
the Water
disregarded in the transaction.,
"3. That the
participation of City Engineer Dimock in
conference pre¬
ceding the transaction subjects him to
severe criticism and that
Bureau
were
will be warned that
"4.
That
a
a
repetition of this
public instead
brought the city
SEBRING,
of
was
Mr. Dimock
course
will result in his removal.
a
private sale of the bonds would have
5% above par value."
reported in V. 113, p. 2336.
a premium of 1
The sale of these bonds
to
Highlands
County, Fla.—BOND OFFERING.—Until
Zachary, Town Clerk, will receive bids for the follow¬
ing 7% bonds:
$100,000 electric light and water works bonds.
Due yearly on June 2 as
follows: $5,000 1925 to
1934, incl.; $10,000 1935 to 1939, incl.
50,000 street improvement bonds.
Due $5,000 yearly on June 2
from
1930 to 1939, incl.
Denom. $1,000.
Prin. and semi-ann. int.
(J. & D.) payable at the
American Exchange National
Bank, N. Y., or at the office of Town Clerk,
Certified check for $1,000
required.
The approval, as to
legality of the
bonds and all
proceedings thereon, of John C.
Thomson, N. Y., will be
furnished upon
12
m.
obliged
to pay a differential
of $9,700 on the $650,000 issue, while
they paid $43,000
differential on a $550,000 issue early this
year.
It is the general Impression
that the deal
in the inland
of the
Dec. 19 W. B.
request.
SENECA COUNTY (P. O.
Tiffin), Ohio—BOND SALE.—The follow
ing two issues of 6% have been disposed of at
par:
<
-
$16,000 Thompson
Township roaa bonds.
17,000 County ditch bonds.
The $24,000 6%
inter-county highway No. 449 bonds offered on June
23—V. 112, p. 2564—have been sold
to the Tiffin National
Bank and
the Commercial National Bank of
Tiffin, jointly,
at par.
The above banks have also
purchased the following 6%
$20,000 Clifton
Township bonds.
20,000 Jackson Township bonds.
20,000 Cookson Township bonds.
road bonds:
"The differential this
•
Francisco at
name
"Sequoia Union High School District."
of the place issuing these bonds is
,
Town Clerk is
offering for sale $6,000 5A%
.$10,817,194
314,000
—
Ratio net debt to assessed
valuation, 2.9%.
Present estimated population, 9,000Other bidders were
Nat. City Co., San
Fran—$315,624 First National Bank, Red¬
Bradford. Weeden & Co
wood City
315,526
$313,080 00
Bond & Goodwin &
E.
H.
Tucker,
Rollins & Sons,
~
an Francisco
315,170
312,630 00
314,812 Mitchum, Tully & Co.,
San Francisco
314,336
311,953 00
314,150 California Company, Los
313,335
Angeles
311,129 00
Royne & Co., San Fran_ 310 447 00
313.626
„
SHARON HILL SCHOOL DISTRICT (P. O. Sharon
County, Pa.—BOND SALE.—Messrs. McGovern
have purchased
&
Co. of Philadelphia
an issue of $65,000 5
A % school bonds at 104.
SHELBY COUNTY (P. O.
Memphis), Tenn.—OFFICIAL RETURNS.
—The official vote polled on Nov. 8 on the
$250,000 Tri-Statc Fair Bldg.
bonds—V. 113, p. 2216—was 5.197 to
3,702.
OFEFRING.—The
school bonds.
SPRINGFIELD CITY SCHOOL DISTRICT (P. O.
Springfield),
Clark County, Ohio.—BOND
OFFERING.—W. L. Smack, Clerk of the
Board of Education, will receive sealed bids until
12 m. Dec. 22 for
$260,000
5A% coupon bonds.
Denom. 1 for $10,000, 2 for $15,000 each, 1 for
$20,000, 1 for $30,000, 1 for $50,000 and 2 for $60,000 each.
Date Dec. 22
1921.
Int. J. & J.
Due on Jan. 2 as follows: $10,000 1928, $20,000 1931.
1934. $50,000 1937, $15,000 1940, $30,000 1943, $60,000 1946
Certified check for 5% of the amount bid for required.
These bonds are issued with the
provision that if the denominations are too
large to allow the easy sale of same then the denominations shall be
changed
to suit the
purchaser, provided, however, that in no event shall the aggre¬
gate amount of the bonds maturing on
any given date be changed; and the
numbers of said bonds shall be
changed to run consecutively from 711 to
such number as is required to
complete the series.
$15,000
and $60,000 in 1949.
SPRING
HOPE,
Nash
County,
No.
Sealed proposals will be received until 12
Caro.—BOND
m.
Town Clerk, for the
Dec. 15
OFFERING.—
by 0. W. Lassiter,
following 6% coupon bonds (V. 112, p. 1437):
$45,000 water bonds.
Denom. $1,000.
Due yearly on Nov. 1 as follows:
$1,000. 1922 to 1952, inclusive; $2,000, 1953 to 1959, inclusive.
10,000 sidewalk bonds,
Denom. $500.
Due yearly on Nov. 1 as follows:
$.500. 1922 to 1937, Inclusive, and $1,000, 1938 and 1939.
10,000 street-improvement bonds.
Denom. $500.
Due yearly on Nov. 1
as follows: $2,500, 1922 and
1923, and $5,000, 1924.
20,000 sewer bonds.
Denom. $500.
Due yearly on Nov. 1 as follows:
$500, 1922 to 1957, inclusive, and $1,000, 1958 and 1959.
Date Nov. 1 1919.
Principal and semi-annual interest (M. & N.) pay¬
able at the Hanover National
Bank, New York.
Certified ehcek on an
incorporated bank or trust company; or cash, for 2% of the amount of
bonds bid for, payable to the town of
pring Hope, required.
Purchasers
must pay accrued interest from the
date of the bonds to tne date of delivery.
The Board of Aldermen is authorized to
pay the purchasers, out of the
proceeds of the bonds, a commission or allowance of not more than
$8,500.
successful bidders will be furnisned with the
opinion of Roed, Dougherty &
Hoyt, of New York, that the bonds are valid and
binding obligations of
the Town of Spring
Hope.
SPRING WELLS, Wayne
County, Mich.— BOND SALE.—The Union
of Detroit was the successful bidder at
100.20 for $1,250,000
5A% sewer bonds.
Date Dec. 1 1921,
Due in twenty years.
Trust Co.
STAMFORD, Fairfield County, Conn.—BOND SALE.—The
$25,000
5% coupon public improvement bonds offered on Nov.
29—V. 113, p.
2336—were sold to Putnam & Co. at 106.55. a basis of about
4.31%.
Date July 1 1921.
Due $10,000 July 1 1933 and $15,000 on July 1 1934.
STANLY COUNTY (P.
O. Albemarle), No. Caro.—BOND SALE.—
On Dec. 1 C. W. McNear & Co. of
Chicago, were the successful bidders
for the $100,000 6% coupon road
bonds—V. 113, p. 2336—at 105.81 and
interest, a basis of about 5.58%.
Date July 1 1921.
Due yearly on Jan. 1
as follows:
$2,000, 1931 to 1940, incl.; $3,000, 1941 to 1950, incl., and
$5,000, 1951 to 1960, incl.
STEUBEN
COUNTY (P. O. Angola), Ind.—BOND OFFERING.—
Treasurer, Will receive bids until 1 p. m. Dec. 12
$10,400 5% Wayne Smith et al., York, Scott and Fremont
Townships
bonds.
Denom. $520.
Date Oct. 3 1921.
Int. M. & N.
Due $520
each six months from May 15 1923 to
Nov. 15 1932 incl.
Fred W. Sheldon, County
for
SULPHUR, Murray County, Okla.—BONDS VOTED.—At
an election
Nov. 25 the citizens passed a
$150,000 bond issue by a 15 to 1 vote.
result of the successful
election, $85,000 will be spent on water¬
works, $35,000 for a convention hall, $20,000 for
sewers, and $10,000 for
a "white way."
held
on
As
a
SUSSEX COUNTY (P. O.
Newton), N. J.—NOTE SALE.—The Sussex
County Trust Co., of Franklin, has been awarded an issue of
$27,900 5%
tax-anticipation notes.
.
^
I
TANGIPAHOA PARISH ROAD DISTRICT NO.
1, La.—FURTHER
INFORMATION.—The $325,000 5% lmpt. bonds, award of which was
made on Oct. 25 to W-. L. Slayton & Co. or Toledo
at 92.50 and interest, as
already stated In V. 113, p. 1913, answer to the following description:
$500.
Date
Financial Statement.
True
valuation, estimated
$9,000,000
5,465,820
325,000
Assessed value
Bonded debt (this issue)
Less: Sinking fund
Net debt
Population,
$24,824
„
300,176
estimated
__
8,000
TARBORO, Edgecombe County, No. Caro .—BIDS REJECTED.—All
bids received
$108,000
Financial Statement.
Assessed valuation, 1920__
Total debt (including this
issue)
_
no more
SPRINGFIELD, Effingham County, Ga.—BOND
_
-
105.25, a basis of about 5.30%—V. 113, p. 2216—are described
as follows:
Denom. $1,000.
Date Jan. 1 1922.
Prin. and semi-ann. int.
(J. & J.)
payable at the County Treasurer's office.
Due $15,000 yearly on Jan. 1
Inc., «an Francisco
Cyrus Peirce & Co., San Fr_
Schwabacher & Co., San Fr_
Stephens & Co., San Fran_«
Bank of Italy, San Francisco
Freeman, Smith & Comp
Co.
San Francisco
year
County Commissioner D, T. Ham.
"The bonds
bonds, dated Jan. 1, will be sold through R. R.
Denom.
Due 1922 to 1928, inclusive.
Official
will amount to
than a brokerage fee,"
are 5% bonds.
The
Rogers, of the Vermont
Loan & Trust
Co., the Seattle National Bank and other banking concerns
of Seattle,
together with the firm of Ferris & Hardgrove, the Union Trust
Co.. the Spokane & Eastern Trust
Co., the Exchange National Bank, and
Murphy, Favre & Co., of this city."
•
said
Oct. 1 1920.
Prin. and semi-ann. int. (A. & O.)
payable at the Parish Treasurer's office or at the Interstate Trust & Bank¬
ing Co., New Orleans, or Chase National Bank, New York.
SEQUOLIA UNION HIGH SCHOOL
DISTRICT,
San
Mateo
County, Calif.—BOND DESCRIPTION.—The $300,000
6%
tax-free
bonds, awarded on Nov. 14 to Blyth, Witter & Co. of San
from 1923 to 1942, incl.
means that the tide of financial
depression must be changing
empire.
The county had trouble marketing bonds because
depressed bond market early this year.
"
'
.
city lost from $60,000 to
hastily and secretly made Monday
previous advertisement or public notice
was
to bond dealers, other than
the three firms whose
joint offer to purchase
the $2,000,000 block of
6% Swan Lake
"2.
SPOKANE
COUNTY (P. O. Spokane), Wash.—BOND SALE.—With
regard to the sale of $650,000 road
bonds, the San Francisco "CommercialNews" of Nov. 23 said: "Banks and
bond houses of Spokane and Seattle
took the $650,000
block of Spokane County bonds for 1922 road
work,
which means that the
county can proceed at once with the plans for the
program of bonded roads.
Contracts probably will be awarded by New
Year's.
County heads are elated over the deal, as they will only be
1
to
p.
SOUTH
(V.
Nov. 29 for the three issues of
6% gold bonds, aggregating
113, p. 2336) were turned down.
on
These bonds
,
are still on the market and
can be obtained at a private sale.
TEMPE UNION HIGH SCHOOL DISTRICT
(P. O. Tempe), Mari¬
copa County, Ariz.—BOND SALE.—A
special telegram from our Denver
correspondent received as we were
going to press says that an issue of
$50,000 6% bonds has been acquired by tne Bankers' Trust Co. of Denver.
TEXAS (State
of).—BONDS REGISTERED.—The following 5% bonds
registered
on Nov. 25 with the State
Comptroller:
Place and Purpose of Issue.
$2,400 Union Hill Independent Sch. Dist
900 Henderson County Common 8ch. Dist. No. 17were
Amount.
500
Henderson County Common Sch.
Dist. No. 42
Due.
5-20 years
20 years
20 years
800 Henderson County Common Sch. Dist. No.
49
20 years
2,000 Grayson County Common Sch. Dist. No. 49
20 years
TILLMAN COUNTY (P. O.
Frederick), Okla.—BOND SALE.—An
issue of $125 000 court house bonds has been sold to C.
Edgar Honnold. of
Oklahoma City
TONAWANDA, Erie County, N. Y.—BOND SALE.—The $100,090
5% coupon school bonds offered on Nov. 30 (V. 113, p. 2337), were sold to
Blodget & Co. at 105.763—a basis of about 4.52%.
Date Jan. 1 1922.
Due yearly on Jan. 1 as follows: $3,000 from 1923 to 1942, inclusive, and
$4,000 from 1943 to 1952, inclusive.
Bertha), Minn—BOND SALE.—An
been sold to the State of Minnesota.
has
DISTRICT NO. 51
CONSOLIDATED SCHOOL
TODD COUNTY
(P. O.
issue of $26,000 5%
bonds
Trinidad), La. Ani¬
Denver cor¬
that, subject to an
TRINIDAD SCHOOL DISTRICT NO. 1 (P. O.
mas County, Colo.—BOND ELECTION AND SALE.—Our
respondent in a special telegram to us last night says
election, $125,000 5^% 15-30-year (opt.) bonds have been
the International Trust Co. of Denver at 101.25.
purchased by
SALE.—The National City
plus a premium of $4,961
(107-516), a basis of about 4-58%, for an issue of $66,000
<*>upon or
registered fire alarm telegraph and police signaling bonds of 1920, which
offered on Nov. 25Denom. 60 for $1,000 each and 20 for $300 each.
Date Dec. 1 1921.
Due $3,300 yearly on Dec. 1 from 1922 to 1941, incl.
TROY, Ren.»elaer County,
Bank of Troy was
N. Y.—BOND
the successful bidder at par,
was
Financial Statement Nov. 14
Sinking fund
Certificate of
indebtedness for harbor and
improvements (temporary loans)
bonds for liquor tax rebates
Real estate assessed valuation for 1922
Franchise assessed valuation for 1922.
Principal and semi-annual interest
Due serially from July
1921.
Treasurer's office.
the first
WEST POINT, Cuming County, Neb.—BOND SALE.—The Omaha
Trust Co. of Omaha has purchased $58,000 6% municipal light and power
plant bonds at 101.75,
1921.
6,400 00
—57,522,516 00
—99
Total assessed valuation for 1922
61,893,252 00
Population (1920 Census), 72,013.
.
City has never defaulted in any of its obligations.
Bonds are tax-exempt.
WESTWEGO, Jefferson Parish, La .—BOND OFFERING.—Further
are at hand relative to the ofering
on Dec. 13 of the $100,000 5%
bonds—V. 113, p. 2218.
Proposals for these bonds
will be received until 10 a. m. on that day by Vic A. Pitre, Mayor.
Denom.
$1,000.
Int. semi-ann.
Cert, check for 5% required.
details
water-works-system
WICHITA COUNTY (P. O. Wichita
TERED.—The State Comptroller on Nov.
Falls), Tex.—BONDS REGIS¬
is reported that an
been sold. Denom.
int. (F. & A.) payable
Due July 1 1946.
TULSA, Tulsa County, Okla.—BONDS VOTED.—We were advised by
special telegram last night that the $6,800,000 viaduct bonds mentioned in
TULSA, Tulsa County, Okla.—BOND SALE.—It
of $600,000 5H % tax-free sewer bonds has
DISTRICT NO. 1,
Comptroller regis¬
WICHITA COUNTY WATER IMPROVEMENT
Tex.—BONDS REGISTERED.—On Nov. 21 the State
tered $4,500,000 6%
bonds.
O.
(P.
COUNTY
WILCOX
that $100,000 6% tax-free
Abbeville), Ga.~BOND SALE.—It
bonds have been sold. Denom. $1,000.
issue
appears
$1,000.
Date July 1 1921.
Prin. and semi-ann.
at the fiscal agency of the State of Oklahoma in New York.
Date July 1 1921.
Principal and semi-annual
at the American Exchange National Bank, N.
have been voted.
OFFERING.—3. L. Snowden,
Jan. 3 for $45,000 6% 1-25year water-works bonds.
Date Nov. 1 1921. Prin. and semi-ann. int.
payable at the Hanover National Bank, New York.
UNION CITY, Darke County, Ohio—BOND OFFERING.—Thos.
Amburn, Village Clerk, will receive sealed bids until 12 m. Dec. 21 for $2,500
6% coupon deficiency bonds.
Denom. $500. Date Dec. 15 1921. Due
$500 yearly on Dec.15 from 1922 to 1926. incl.
Certified check for 1%
of the amount bid for, payable to the Village Treasurer, required.
Pur¬
UNION, Newton County, Miss .—BOND
Town Clerk, will receive sealed bids until 12 m.
chaser to pay
July 1 from 1932 to 1951,
Real valuation,
N. Y.—BOND SALE.—The following three
$68,560 41, which were offered on Nov. 30
& Merrifield, of New
York, at
Due $1,250
1923 to
SALE.—The $30,000 6% 20May 31 (V. 113, p. 2565) have
of Portland.
VALLEY CITY, Barnes County, No. Dak.—BOND SALE.—An issue
of $60,000 light and water bonds has been sold locally, it is stated.
VANBUREN TOWNSHIP RURAL SCHOOL DISTRICT,
Mont¬
gomery County, Ohio.—BOND OFFERING.—Clark,
Powell, Clerk of
the Board of Education (P. O. R. F. D. No. 12, Dayton), will receive bids
until 12 m. Dec. 24 for $150,000 6% coupon school-impt. bonds.
Denom.
$1,000.
Date day of sale.
Prin. and semi-ann. int. (J. & D.) payable
at the Dayton Savings & Trust Co. in Dayton, Ohio.
Due yearly on Dec.
24 as follows: $6,000 1922; $7,000 1923 and 1924; $8,000 1925 and 1926;
$7,000 1927 and 1928; $5,000from 1929 to 1936 incl., and $6,000 from 1937
to 1946 incl.
Cert, check for 5% of the amount bid for, drawn upon some
solvent bank, payable to the above Clerk, required.
Bonds will be de¬
livered and settled for at the Dayton Savings & Trust Co.
Bidders must
VALE, Malheur County, Ore.—BOND
water bonds, offered unsuccessfully on
the Columbia Trust Co.,
accrued interest.
O. Terre Haute), Ind.—BOND OFFERING.—
Treasurer, will receive bids until 10 a. m. Dec. 7
5% Charles F. Hill Sugar Creek Township bonds.
Denom.
VIGO COUNTY (P.
Due $6,400 each
COUNTY (P. O. Wabash), Ind.—BOND OFFERING.—
Irwin C. Delanter, County Treasurer, will review bids until 5 p. m. Dec. 8
for
$6,000 5% Adam Smith, Waltz Township bonds.
Denom. $300.
Date Dec. 15 1921.
Int. M. & N.
Due $300 each six months from May
15 1923 to Nov. 15 1932 incl.
WABASH
WAHOO, Saunders County, Neb .—DESCRIPTION OF BONDS.—
The $50,000 6H % Paving District and $102,000 6% intersection bonds
which were purchased by the Lincoln Trust Co. of Lincoln at 96 and
respectively, are described as follows:
$55,000 Paving District bonds.
Date June 1 1920.
Denom.
96.125,
$1,000.
Int. J. & D.
paving bonds. Date June 1920.
Denom. $500.
Int. J. & D.
Due yearly as follows: $5,000 1922 to 1934 incl.,
$6,000 1935 to 1940 incl., and $1,000 1941.
In giving the notice in V. 112, p. 679, that these bonds had been sold,
we erroneously stated that the price paid for the intersection bonds was
102,000 intersection
.
96.50.
COUNTY DRAINAGE DISTRICT NO. 6, Tenn.—
SALE.—Caldwell & Co. of Nashville have purchased $75,000 6%
Denom. $1,000.
Date Oct. 1 1920.
Prin. and semi-ann. int.
(A. & O.) payable at the Hanover National Bank, N. Y.
Due $5,000 yearly
from 1926 to 1940 inclusive.
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—BOND
OFFERING.—George S. Edie, County Comptroller, will receive sealed
bids until 12 m. Dec. 7 for $390,000 5% registered general county hospital
bonds.
Denom. $1,000.
Date Jan. 1 1922.
Prin. and semi-ann. int.
(J. & J.) payable at the County Treasurer's office.
Due $10,000 Jan. 1
1923 and $20,000 yearly on Jan. 1 from 1924 to 1942, incl.
Certified check
for 3% of the amount bid for, drawn upon a State or national bank or trust
WEAKLEY
BOND
bonds.
The legality of this issue will be examined by
Hawkins,
Delafield & Longfellow of New York, whose favorable opinion will
nished to the purchaser.
The bonds will be prepared under the
be fur¬
supervision
of the U. S.
Mtge. & Trust Co., N. Y. City, which will certify as to the gen¬
signatures of the officials and the seal impressed thereon.
uineness of the
Financial Statement.
Assessed value, real
Assessed value, personal,.:
_-$651,969,200 00
3,259,758 00
100%
3,000,000 00
11,237,675 51
—
of assessed value supposed
Value of real estate owned by county
Total bonded debt, excluding this issue
Floating debt
Per cent
390,000 00
Population, 344,086.
WESTFIELD,
Union County, N. J .—BOND
PONED.—The offering of the two issues of coupon or
to exceed $169,000 which was to take place on Nov.
113, p.
2218, has been
OFFERING POST¬
registered bonds not
28 as reported in V.
postponed, due to an error in the notice of sale as
Sublished in the "Westfield Leader."
>ec. 12.
The bonds will be re-offered on
FRANKFORT, Franklin County, 111.—BONDS OFFERED BY
BANKERS.—The Wm. R. Compton Co., of St. Louis, Mo., is offering
$40,000 5% city-hall bonds to investors.
Denom. $500. Date July 15
WEST
93,000
33,000
value)
5,892
—
OFFER¬
WILMINGTON, New Hanover County, No. Caro.—BOND
until 12 m. Dec. 10 by Thos. D. Meares,
City Clerk and Treasurer, for the following bonds:
$300,000 refunding bonds.
Due yearly on Jan. 1 as follows:
1923 to 1928, incl.; $8,000, 1929 to 1934. incl.; $10,000, 1935
to 1943, incl.; $12,000, 1944 to 1946, incl., and $15,000.
to 1952, inclusive.
200,000 street improvement bonds.
Due yearly on Jan. 1 as
$8,000, 1923 to 1927, incl.; $11,000, 1928 to 1930. incl.;
1931 to 1933, incl., and $17,000, 1934 to 1938, inclusive.
All of said bonds are dated Jan. 1 1922 and bear interest at the rate
Geo. A. School, County
required.
$5,000
72,000
16,000
Population (1920 Census)
Due
Purchaser
Int. M. & N.
$6,000,000
3,432,805
126,000
Less—Revolving Fund bonds
Certificates of indebtedness
Sinking funds
Net bonded debt (less than 1 % of assessed
the legality of this issue.
1932, incl.
Capital
$1,000,
Financial Statement.
Actual value of taxables (estimated)
Assessed value of taxables (official 1920)
Total bonded debt, including this issue
VANDERBURGH COUNTY (P. O. Evansville), Ind.—BOND OF¬
FERING.—Walter Smith, County Treasurer, will receive bids until 10 a. m.
Dec. 6 for $12,000 5% Alexander Rheinlander et al. Upper Mt. Vernon
Road, Perry Township bonds.
Denom. $600.
Date Dec. 6 1921.
$600 each six months from May 15 1923 to Nov. 15 1932 incl.
$1,000 and $400.
Date Nov. 15 1921.
six months from May 15 1923 to Nov. 15
1925 and 1931 incl.
$3,000, 1924, and $2,000,
ING.—Sealed bids will be received
year
company,
SALE.—
indebtedness has
$1,000. Date
WILLMAR, Kandiyohi County, Minn.—CERTIFICATE
issue of $20,000 6% tax-free coupon certificates of
sold to Gates, Wnite & Co. or St. Paul.
Denom.
Nov. 1 1921.
Prin. and semi-ann. int. (M. & N.) payable at the
Trust & Savings Bank, St. Paul.
Due yearly on Nov. 1 as follows:
yearly on
for $128,000
T.
Dec. 17 for
Nov. 1 1921.
1 1924 to
Treas¬
been
Due $1,750
to pay
15,511
WILLARD,
1922; $2,000, 1923;
$25,000 public improvement bonds.
Date Sept. 1 1921.
yearly on Sept. 1 from 1922 to 1941, inclusive.
35,000 public improvement bonds.
Date Oct. 1 1921.
yearly on Oct. 1 from 1922 to 1941, inclusive.
8,560.41 delinquent tax bonds.
Date Nov. 1 1921. . Due
Nov. 1 as follows: $1,712.09 in 1922 and $1,712.08 from
1926. inclusive.
satisfy themselves as to
$20,000,000
5,573.970
140,000
^
An
were sola to Sherwood
basis of about 4.70%:
been sold at par to
estimated
Huron
County, Ohio.—BOND OFFERING.—E.
Schrelner, Village Clerk, will receive sealed bids unci! 12 m.
$4,000 6% fire equipment bonds.
Denom. $500. 'Date
Due $500 Nov. 1 1923 and $500 each six months from Nov.
Nov. 1 1927, incl;
Certified check for $400, payable to the Village
urer required.
Purchaser to pay accrued interest.
SALE.—The
1913) were sold
basis of about
(V. 113, p. 2337)
102.238 for 5s, a
interest (J. & J.) payable
Due $5,000 yearly on
Y.
Statement.
Population (1920 Census)
accrued interest.
UTICA, Oneida County,
of bonds, aggregating
inclusive.
Financial
Assessed valuation (1921)
Total debt (this issue included)
URICHSVILLE, Tuscarawas County, Ohio.—BOND
$10,500 6% deficiency bonds offered on Nov. 26 (V. 113, p.
to Seasongood & Mayer, of Cincinnati at $10,837 (103.209), a
5.51%.
Date Nov. 1 1921.
Due Nov. 1 1931.
issues
serial
23 registered $75,000 5%
hospital bonds.
^
113, p. 2217.
1931, incl.
PARK,
payable to the City Treasurer required.
Purchaser to pay accrued interest.
Although It seems that the maturity of this issue is in error, as
bond is due Aug. 15 1920. the notice of this offering has come to us officially.
Revenue
V.
the City
(J. & J.) payable at
15 1922 to July 15
Cuyahoga County, Ohio .—BOND OFFERING.—
Stephen Hendrickson, City Clerk, will receive sealed bids until 12 m.
Dec. 23 for $5,190 96 6% special assessment bonds.
Denom. 1 for $690 96
and 9 for $500 each.
Date Aug. 15 1919.
Int. semi-annually.
Due
$1,000 yearly on Aug. 15 from 1920 to 1923. incl.; $500 on Aug. 15 1924,
and $690 96 on Aug. 15 1924.
Cert, check for 5% of the amount bid for,
WEST
.——$2,096,758 22
—
2,283,911 24
—- -133,411 34
dock and public
o74,500 00
debt-—-
General
Water debt
[Vol. 11S.
CHBONICLE
THE
2430
$6,000,
1947
follows:
$14,000,
of
and at the option
and July 1,
5H% per annum, as may be determined by proposals
of the Board of Commissioners, payable semi-annually, Jan. 1
both principal and interest being payable in gold coin of the
at the National City Bank, N. Y. City.
Bidders are
to
bids for the entire issue at either 5M% or at 6%.
Each bid must
companied by a certified check to the order of the City
United States
submit
be ac¬
Clerk and Treasurer,
drawn upon an incorporated bank or trust company, for an amount equal
to 2% or the face amount of bonds bid for.
No bid for less than par will
be considered, and the right is reserved to reject any and all bids.
The
opinion of John C. Thomson, Esq., N. Y. City, as to the validity of the
asked
bonds will be delivered free
of charge to the
purchaser.
OFFERING.—
City
multiples.
1956.
check for 2%
required. These
bonds will be prepared under the supervision of the United States Mort¬
gage & Trust Co., New York, which will certify as to the genuineness of
the officials and the seal impressed thereon, and the validity of the bonds
WILMINGTON, New Castle County, Del.—BOND
Sealed bids will be received until 12 m. Dec. 12 by Samuel J. White
Treasurer, for $515,500 5% sinking fund bonds.
Denom. $50 or
Date Dec. 15 1921.
Due $91,800 Oct. 1 1955, $200 800 April 1
$204,800 Oct. 1 1956, and $18,100 April 1 1957.
Certified
of bid, payable to the Mayor and Council of Wilmington,
will be
& Hoyt, New York.
Caro.—BOND SALE.—The $10,000
registered electric light bonds offered on Oct. 10—V. 113,
approved by Reed, Dougherty
WINGATE, Union County, No.
6%
coupon or
& ate Aug. 1 1920.
1495—-have been
Due $500 State on Aug. 1 from
sold to the yearly Bank of Wingate1923Winagte at par.
of to 1942 incl.
WINNETT, Fergus County,
Mont.—BOND SALE.—On Nov. 15 the
1703—were sold to W. J. Johnson of
following 6% bonds—V. 113, p.
Lewistown at par and interest.
$35,000 water bonds.
or
Date Dec. 1 1919.
after Dec. 1 1934.
Due Dec. 1 1939,
17,000 water bonds, Series "B".
Date Sept.
optional on or after Sept. 1 1936.
1 1921.
optional on
Due Sept. 1 1941,
SALE.—We are
WOLF POINT, Roosevelt County, Mont.—BOND
informed by
a special telegraphic dispatch from our Denver
received last night, that the $50,000 6% water bonds
representative
offered on Nov. 28
(V. 113, p. 1798) have been sold to Antonides & Co. of Denver.
Date
April 1 1920.
Due April 1 1940, redeemable at option of city at any time
after April 1
1930.
OFFERING.—Wal¬
WOODBURY, Gloucester County, N. J.—BOND
Woolley, City Treasurer, will receive sealed bids until 3 p.m.
for $11,000 5H% registered school bonds.
Denom.
1921.
Prin. ana semi-ann. int. payable at the First
Woodbury.
Due $500 yrly. on Oct. 1 from 1922 to 1943
for 2% of the amount Did for required.
The sum
at such sale is $11,000, and such bonds will be sold in not
sum.
Unless all bids are rejected, said bonds will be
to
bidders complying with the terms of sale and offering to pay
Dec. 12
$500.# Date Oct. I
ter B.
National Bank in
incl. Cert, check
required to be obtained
exceeding such
sold
the bidder or
not less than
$11,000 (and accrued interest) and to take therefor the least amount of
bonds, stated in multiple of $500. commencing with the first maturity.
Should two or more bidders offer to take the same amount or such bonds,
then, unless all bids are rejected, they will be sold to the bidder or bidders
sucn
therefor the highest additional price.
(P. O. Yuma), Ariz.—BOND SALE.—We are
special telegram sent to us last night by our Denver
that an issue of 6% funding bonds amounting to $119,000 has been sold
the Bankers' Trust Co. of Denver.
offering to pay
ad¬
con-espondent
to
YUMA COUNTY
vised by a
"'1
CANADA,
its
'
i—1 1
Provinces
and
Municipalities.
ROYAL, N. S.—BY-LAW ELECTION— In the near
future the ratepayers will be asked to vote on a by-law authorizing the
issuance of $10,000 local improvement debentures.
They will also be
asked to vote on a by-law for the borrowing of $18,000 for a memorial hall.
ANNAPOLIS
BARTON TOWNSHIP, Ont.—BOND
Township Cleric, will receive sealed tenders
Hamilton for approximately
$11,865 6% 10-year debentures.
House in
Ont.—DEBENTURE SALE.—Wood,
purchased $35,000 6>4% bonds.
BRAMPTON,
recently
OFFERING.—G. E. Bryant,
to-day (Dec. 3) at the Court
$14,692 6% 20-year debentures
and
Gundy & Co.
Dec. 3
1921.]
THE
CALGARY, Alta.—DEBENTURE OFFERING—J.
Treasurer, will receive tenders
sinking fund debentures.
until 3 p. m.
H.
CHRONICLE
Mercer,
City
Dec. 8 for $400,000 6% general
CARLETON PLACE, Ont.—DEBENTURE SALE.—An issue of
$5,500
6% sidewalk debentures was recently sold to local Investors.
CHAPPLE, Ont.—BOND SALE.—An issue of $15,000 6%
recently sold to MacKay & MacKay of Toronto at 96.
COLLINGWOOD, Ont.—BOND SALE.—A.
purchased $7,000 6%
bonds.
bonds
was
E. Ames & Co.
recently
FREDERICTON, N. B.—BOND
SALE.—The $40,000 6% serial bonds
offered on Nov. 23 (V. 113, p. 2218) were sold to J. M. Robinson &
Sons of
St. John at 100.25Due from 1922 to 1941 incl.
Other tenders received
included: Wood, Gundy & Co., 99.38; Eastern Securities
Corp., 99.34;
A. Jarvis & Co., 99.11; National
City Co., 98.79; Royal Securities
Corp.,
2431
National City Co., Harris, Forbes &
Co., Hanson Brothers, United Financial C°rp.,
Beausoliel, Ltd., and Rene T. Leclerc at 97.62.
Denom. $500.
1^21
PWn and semi-ann. Interest
(J. &
R'2 option of the
the Bank of Montreal, Quebec, Montreal or Toronto, at
the
holder. Due in 1936; optional
after Dec, 1 1926.
SANDWICH, Ont.—BOND SALE.—An
offered
on
issue of $174,892
6%
Nov. 29, was sold to A. E. Ames
& Co. at 99.14.
SEPARATE SCHOOL BOARD
Sandwich), Ont.
DEBENTURE OFFERING.—Albert J.
Genest,
?^t^rry
>5°^' wiI1 receive sealed tenders to-day (Dec. 3)
for $185,000 6H% debentures.
SASKATCHEWAN
(Province
of).—BIDS.—The
GRIMSBY, Ont.—BY-LAW TO
rs.
BE VOTED ON—On Dec. 8 the rate¬
by-law to loan the Arena Limited the sum of $15,000
for a term of 15 years.
In security for the loan the company agrees to
give
the municipality a first mortgage in the rink
property and that the latter
property, when completed, will be worth about $30,000.
GREATER WINNIPEG WATER
DISTRICT
(P. O. Winnipeg),
Man.—BOND SALE.—An issue of $150,000
5H % bonds was recently sola
to A. Jarvis & Co. at 105.
These bonds will be offered in the United States.
HAMILTON, Ont.—BOND SALE.—A.. E. Ames & Co. and Aemilius
Jarvis & Co. were the successful bidders at
98.903, a basis of about 5.875%,
for the following bonds aggregating
$1,235,375:
$375,000 6% technical school bonds.
Due in 20 installments.
365,000 6% public school bonds.
Due in 20 installments.
339,415 5% sewer bonds.
Due in 20 installments.
155,960 6% nurses' home bonds.
Due from 1931 to 1940 incl.
The followingafoids were received: A. E. Ames & Co. and
A. Jarvis &
Co., 98.903; Wdld, Gundy & Co., 98.638; R. C. Matthews
Co., United
Financial Corp. and R. A. Daly & Co., 97.7612;
McLeod, Young, Weir
& Co., National City
Co., Harris, Forbes & Co., Nesbitt, Thompson &
Co., 97.717; Dominion Securities Corp., 97.642; Canada Bond
Corp.,
C. H. Burgess & Co., Gairdner, Clark &
Co., Dyment, Anderson & Co.,
Osier & Hammond, Dominion
Bank, Housser, Wood & Co. and Canada
Trust Co., 97.274.
Alta.—DEBENTURE
SALE.—Bell,
Gouinlock
&
the successful bidders at 82.75 for $10,000
6% 20-year debentures
Co.
were
and
$24,557 6% 20-year debentures.
1
■
a
LETHBRIDGE,
was
re¬
NOVA SCOTIA (Province of) .—DEBENTURE SALE.—The
Province
recently sold $558,000 6% debentures to local dealers at 98.70.
Due in
1941.
Ont.—DEBENTURE
OFFERING.—Tenders
6% deben¬
debentures.
QUEBEC (Province of).—BOND SALE.—An issue
recently offered
NEW
QQ
KK7
103 59
~"
oof oi7
103.2497
Toronto
102 517
Y~~102
II
~
4
'
_
98 444
101.779
*
DISJRICTS, Sask.—DEBENTURES
AUTHORIZED.—The oSSP?OL according to the
following,
"Financial Post" of
Toronto, is a list of authorizations granted
by the Local Government
Board from Nov.
4
5 to Nov. 12;
Schools.—Crosswoods, $1,500; Turtleford, $1,000.
Telephones.—Sovereign, $1,800; Eldersley, $8,600; Veregin,
$1,400;
Arabella, $4,100.
;
<
was sold to a
of $4,000,000 5H%
syndicate composed of the
LOANS
■
,
^The following is a list of debentures reported sold from Nov.
Schools.—Fertile Field No. 3968. $3,500
bury Mfg., Regina; Whitesand Valley
Town.—Yellow
Grass,
Grass.
was
Only.
067
...
SHAWINIGAN
bonds which
'104
syndicate
PRINCE RUPERT, B. C.—DEBENTURE OFFERING.—E.
A. Woods,
City Clerk, will receive sealed tenders until Dec. 9 for $36,000
$75,000 7%
Canada
98 3Q~
United Financial Corporation,
Montreal, for syndicate_ 1 Oil763 ~
J. E. Price & Co., Seattle, for
syndicate
101.216
Canada Bond Corporation,
Winnipeg, for syndicate
101.18
National City Co., New York, for
syndicate
100 088
Paine, Webber & Co. and G. A. Stimson &
Co., Ltd.,
"""
Toronto, for syndicate
100.0577
Also, Ed. Brown & Co., Ltd., Winnipeg, tendered for
purchase $1,5001666
25-year 5H% debentures, payable U. S. A. and
Canada, 100.06.
*
Successful bid.
The notice stating that these
bonds had been sold was
given in V. 113, p. 2339.
will be received up to Dec. 9 for $50,000
6% debentures.
tures and
Payable
Toronto^ ^ana^a•
Miller & Co. and Brandon-, Gordan &
Waddell, N.
Harris, Forbes & Co., Montreal, for syndicate.
A. Jarvis & Co., Toronto, for
syndicate
A. Jarvis & Co., Toronto, for
5 to Nov. 12
10-year 8%; Waterman-WaterNo. 2788, $4,500 12-year 8%,
Waterman-Waterbury Mfg., Regina.
COUNTY,
Int. 6%,
5H%,
<abl
Payable
U. S.A.
■
♦Wood, Gundy & Co. and A. E. Ames &
Co.,
and Bankers Trust Co., New York
R. A. Daly & Co., Toronto, for
syndicate
Harris, Forbes & Co., Montreal
Dominion Securities Corporation,
tenders
of registra¬
Rural
LEVIS, Que.—BOND SALE.—An issue of $45,000 6% bonds
cently sold to Versailles, Vedricaire & Bculais, Ltd., at 98.30.
ONTARIO
following
Son® goldVbonc£- ^ S3'000'000 5H% coupon (with privilege
98.63; Thompson, Armstrong & Bell, 98.02; McKay & McKay, 97.55.
payers will vote on
bonds,
,»S^NeWI.CH ROMAN CATHOLIC
(P. O.
$500 10-year 8%, Mrs.
Rueben Whittan, Yellow
FALLS, Que.—BOND SALE.—An issue
a?98107> 5~year 8erial bonds was recently
of
$114,000
sold to Credit Anglo-Francais
STRATFORD, Ont.—BOND ELECTION.—-At an election to be
held
In January, ratepayers will be asked to
vote upon an issue of
$47,000 bonds
and an issue of $52,000 bonds.
NEW LOANS
FINANCIAL
SI 1.950
We
specialize in
CITY OF
City of Philadelphia
3s
City of Hardin, Montana, will sell at public
auction to the highest bidder on the 12TH DAY
OF DECEMBER, 1921, at 8 o'clock P. M. at
3^8
Council Chambers, $11,950.00 funding bonds of
the City of Hardin, to be dated November
1st,
1921, due $1,000.00 January 1st each of years
1933 to 1938 both inclusive; $1,500.00 In years
4s
4%s
4^s
1939 to 1941 both inclusive; $1,456.06 January
1st, 1942; interest 6% semi-annually January and
July 1st; denominations of $500.00 each except
one bond of
$450.00; principal and interest payable
5s
5Ms
5^8
Biddle &
HARDIN, MONT.
FUNDING BONDS
at
or
offices of City
at
The
Treasurer, Hardin,
Montana,
Kountze Brothers, New York City.
bidders will be required
to
deposit
a
certified check on a local bank equal to
10% of
the bonds.
No bid will be considered at less
Henry
than par.
Service for
BANKS, BANKERS
FOREIGN EXCHANGE DEALERS
BUSINESS MEN
The
international
zation
enables
scope
to
of
our
render
a
organi¬
complete
foreign financial service
In all parts of the world.
BY ORDER OF THE CITY COUNCIL.
By D. T. EGNEW, City Clerk.
104 South Fifth Street
Bankers
with
Philadelphia
Private Wire to New York
Call Canal 8437
us
and satisfactory
can
make
arrangements
whereby they
cipals, draw their
BALLARD & COMPANY
Members New York Stock
us
own
can,
as
drafts
prin¬
on
all
parts of the world, or remit by
money
order to payees abroad.
We furnish
Exchange
the necessary
equipment.
HARTFORD
Correspondence Invited.
United States and Canadian
Municipal Bonds.
Connecticut Securities
Kardos & Burke
L. A. HUGHES & CO.
WADDELL
Ground Floor Singer Building
89 Liberty Street,
New York
HIGH-GRADE BONDS
Underwriting and distributing entire Issues el
Oily. County, School District and Road District
Bends of Texas.
Dealers' Inquiries and offering!
Circular Free
request.
on
Request
Edward E. Half & Co.
Butablished
►ver
NATIONAL
New
1910
Broadway
F. WM.
PAPER
CHECKS
New York
Are
Holdup
Room. 017-520, 111 W. Monroe St.,
Harris Trust Building
CHICAGO,
ILLINOIS
TORE
NEW
*
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same*
LANE
Tel. John 4STI
KRAFT, Lawyer
Specializing In Examination & Preparation of
use
George La Monte & Son
61
Insurance Brokers
30 MAIDEN
York City
SAFETY
FOR THEIR
Broadway, New York
TE**»
Of the Banks in
80%
(XftabUflhed 1860)
100
&
COMPANY
Chicago
Direct Private Wires
Connecting All Offices
HAROLD G. WISE
HOUSTON
Baltimore
Semi-Monthly Investment
.
jelldtnd
on
Boston
Brooklyn
FOR INVESTMENT
MUNICIPAL BONDS
Circulars
Broadway, New York
Pittsburgh
_m
Telephone Oortlandt 3183
32
Philadelphia
your
and
Bonds,
Liability
Fire,
Automobile
policies properly
written?
Advice given
on
policy contracts, ICre
protection and lose adjustments.
Prompt
coverage
procured
wherever
WANTED.
opening in
skilled statistician
STATISTICIAN
EXPERIENCED
has
A nationally known concern
its statistical department
For
and analyst.
for a
a man
Unlisted Securities
REMARKABLE GROWTH OF
Well-known
who can prepare com¬
desires connection.
Address
ences.
Street, New York.
Excellent refer¬
Financial
1-17,
90 Pine Street, New York
Chronicle,
City.
HOUSE
BOND
CONSERVATIVE
Bankers
.
would secure high
distributive power in
Connection offers
high compensation and unusually attractive
future in young growing firm.
Address C. H..
dealing largely in Municipals
A
with
salesman
grade
P.
with
broad
experieice
as
a
wholesaler and distributor of sound
securities
difficult
to
and
market,
requiring
special salesmanship, seeks engagement.
Un
business record.
con¬
questioned
Hall Station.
Box 372, City
O.
GENTLEMAN,
successful
general line of securities.
Indications
BUSINESS.
•
i
'
<
of
•
.
future
greater
development.
Are you
equipped to
share
secure your
and the accompanying profits?
Does your organization function ef¬
ficiently and profitably?
Have you obtained the right organ¬
izing and administrative ability?
BOND SALESMAN WANTED
SMALL
BOND
ex¬
Capable of initiat¬
securities department.
90 Pine
Financial Chronicle,
years'
ten
ing business and establishing unlisted
right man.
details and references.
personal
giving
Reply,
Write to Box N-l,
*
perience in Unlisted Bonds and Stocks,
highly
A
institution.
the
in
prominence
desirable connection is offered to the
trader,
.
prehensive statistical and financial reports there
is excellent opportunity to advance to a position
of
Trader
an
nection considered.
Permanent
Address Box M-14, care of
Financial Chronicle, 90 Pine Street, New York.
Do you need an executive with a
thorough
knowledge
of
investment
banking or a competent man to handle
operation of major office?
Only firms with ample resources and
appreciation of value of such services
need reply.
Box N-2, Financial Chron¬
icle, 90 Pine Street, New York.
FINANCIAL SPECIALISTS.
JUNIOR
CAPITAL.—Write
BIG
RAISE
"QUICK
copy
big capital quickly for oil, mining or
Learn bow one company
business.
ONE MILLION SHARES by my
ated
WANTED
Partner
and
WANTED.—Small
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All
consider
taking
in
York
vicinity of industrials and utilities.
Calif.
held
dence.
Address
C.
B.,
in
strictest
Ex¬
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P.
Station,
New York,
N.
TRADERS WANTED
duplicate Certificate and all persons are
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warned
BUSINESS OPPORTUNITIES
ability
possess
tence
Public Accounting Practice
of
out-of-town
fidental.
or.
firm.
of
retiring
accountant
an
Trader,
City practice of
held
strictly
con-
York
New
Replies
to
acquaintance
compe¬
con¬
be
among
dealers
and
broad knowledge of investment se¬
curities?
Address
M-12, Financial Chronicle,
Street, New Mork City.
Pine
90
employees.
will
purchasing, originating
held
strictly confidential. Address
Christian, will purchase New
practice
City
practice,
Qualifications
'
and
that will warrant
fidence
York
other
bond de¬
familiar with principal finan¬
markets of country,
a
wide
man
cial
Must
from
a
and
organizing ability, with managerial,
distributing,
A
McKENNA.
i
charge of
and investigating experience,
Wanted
initiate business
O, P. A. (N. Y.)
to
or
An executive with administrative
Bond and Unlisted Trader
Certificate.
against negotiating said lost
man
partment,
Company of America has
Steel
bond
experienced
Organize and direct sales department,
Application has been made for a
lost.
Companies
NEED
City
H.
stock of
19 shares of preferred
Crucible
the
been
in the name of John
issued
for
Trust
YOU
Take complete
that Certificate
LOST:—Notice is hereby given
F27421
DO
An
Y.
LOST
McKenna
Banks and
Exchange firms
Manage New York, Chicago
office,
Hall
No.
Stock
Y.
N.
confi¬
Box 372,
Bankers
Investment
Junior
with distributive power in New
communications
ATTENTION
New
ultra-conservative
cellent opportunity for man of proven worth.
Grant'Building, Los Angeles,
418
bond
York
Write for proof and free particu¬
CUNNINGHAM, FINANCIAL SPE¬
CIALIST,
PARTNER
JUNIOR
industrial
sold OVER
plan.
lars.
PARTNER
FREE
for
if you need
FINANCING"
Street
K-12,
Station,
Box
3,
N. Y.
Wall
City.
Mr. Banker,
Please Note:
Box H-14, care of Financial Chronicle.
Are you
90 Pine Street, New York City.
foundry,
interested in
a
steel or iron
structural
cold-drawing,
a
steel or other manufacturing plant
which requires a new executive to
help pull it out of
pay?
Hang Out
An
Sign!
a
experienced and successful exec¬
sold
utive
nection
about
as,
i
former
interest
to
enter
Army, and
now solicits a business con¬
producing living expenses of
$15,000
with stock or cash
bonus
If you hung a sign on your building:
"I have need for, or I am seeking a
position
hole and make it
a
is
on
results as produced.
Age
45; business and personal reputa¬
;
standing.
Now
Address Box M11, Financial Chronicle, 90 Pine St.,
of very highest
resides Pittsburgh.
tion
a
York.
New
STATISTICIAN
TRADER
SALESMAN
BOND
TRADER
trading
CASHIER OF A BANK
house;
investment
OR THE LIKE,"
would
possibly
it
who
But
one
the
attract
could
satisfy
ambitious;
and
brokerage
experience;
house
rails, seeks
high-grade
highest credentials.
Address
specializing
the
attention
your
of
wants.
why not hang that "sign" before every¬
in
the banking and
investment field
world over by inserting an
advertise¬
.
in
ment
the
Department?
Financial
Chronicle Classified
(opposite inside back cover.)
This will insure your getting an
"above the
ordinary man."
If you
draw
priate
Do it
have occasion to "hang out a sign,"
and send or telephone an appro¬
ad to our Classified Department.
utilities
public
with
brokerage house;
Box K-l,
wire
energetic,
connection
someone
prominent
with
now
young,
and
investment
or
Financial Chronicle, 90 Pine Street.
New York City.
>
EXECUTIVE—Experienced Bank officer and
Credit man with successful record desires con¬
nection
with commercial concern or bank.
Will take financial interest in right proposition.
Over four years Expert Accountant, United
States Government.
Recently Cashier wellknown New Jersey National Bank.
Address
J-16, Financial
Chronicle. 90 Pine St.. New
York City.
up
now.
TRADER.—Young college man, 2 years* experi¬
ence
in
well-known
banking
house,
desires
position that will permit him to acquire knowledge
of bond trading.
Address Box J-4, care of Finan¬
cial Chronicle. 90 Pine
Street. New York City.
Dec. 3
1921.]
THE
CHRONICLE
Cotton
XXXV
iftnanctai
OftM. O.Oern
Paul Schwarx
August Schlerenberg
Prank A. Kimball
Corn, Schwarz & Co.
The
COMMISSION MERCHANTS
15
William Street
New
York
First National Bank
i
MEMBERS
OF
New York Cotton
Exchange
Now Orloana Cotton Exchange
Naw York Produce
Exchange
New York Coffee Exchange
,
of Boston
Geo. H. McFadden & Bro.
COTTON MERCHANTS
Transacts commercial
NEW
YORK
Broad Street
25
67
>
nature.
of
every
Worth Street
Dealer* in American,
Egyptian
Foreign Cottons
Make it your New England
correspondent
anc
FOREIGN CORRESPONDENTS.
Hlbbert, Finlay A Hood, Liverpool.
N. V. McFadden's Cie voor Import en
Export,
Rotterdam.
Capital, Surplus and Profits, $37,500,000
Societe d'Importation et de Commission, Havre.
Fachirl A Co., MUan.
Baltic Cotton Co., Copenhagen.
Geo. H. McFadden South American
Company,
Inc., Lima, Peru.
Henry
banking
business
PHILADELPHIA
*
Hentz &
William Street
NEW YORK
■
,
Co.
86
Street
Congress Streei
BOSTON, MASS.
COMMISSION MERCHANTS
ANH
AMERICAN
MFG.
CO.
BROKERS
BOYLE, BROCKWAY & GRAHAM, INC
MATTERS FINANCIAL
Members ef
New
New
New
New
Yerk
York
York
York
Stock
Exchange
Cotton Exchange
Coffee A Sugar Exchange
Produce Exchange
Chicago Board of Trade
Associate Members of
Liverpool Cotton Association
Hubbard Bros. & Co.
CORDAGE
Union
Arcade
Pittsburgh, Pa.
MANILA. SISAL, JUTE
B.
Roble and West Streets.
Brooklyn, N.Y.CIty
W.
SOUTHERN
Strassburger
INVESTMENT
Montgomery,
SECURITIES
Aim.
COFFEE EXCHANGE BUILDING
HANOVER SQUARE
NEW YORK
CHARTERED 18M
COTTON MERCHANTS
Liberal
Advances
Made
on
Cotton
Consignments
United States Trust Company of New York
45-47
GWATHMEY A CO.
16-34 EXCHANGE PLACE, NEW
478
FIFTH
AVENUE.
NEW
YORK
YORK
MEMBERS
IYBW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
fclVERPOOL
COTTON
ASSOCIATION
Itephen M. Weld & Co.
COTTON MERCHANTS
82-92 Beaver Street, New York
fOSTON,
PALL RIVER.
PROVIDENCE,
NEW BEDFORD
ROBERT
City
PHILADELPHIA.
UTIOA, N. Y..
WELD A CO..
LIVERPOOL.
MOORE A CO.
WALL STREET
Capital,
Surplus and Undivided Profits,
•
$2,000,000,00
$15,020,679.60
This Company acts as
Executor, Administrator, Trustee, Guardian, Cos*
mlttee, Court Depositary and In all other reoognized trust capacities.
It receives deposits subject to oheck and allows interest
on
dally balances.
It holds and manages securities and other
property, real and personal, fan
estates, corporations and Individuals, and acts as Trustee under
oorporate moilgages,
and
as
Registrar and Transfer Agent for oorporate bonds and stooks.
EDWARD W. SHELDON, President
KINQSLEY. 1st Vlce-Pres.
WILLIAMSON PELL. Vice-President
WILFRED J. WORCESTER, Secretary
FREDERIC W. ROBBERT. Asst. Secret*?*
CHARLES A. EDWARDS, Asst. Secretary
ROBERT S. OSBORNE, Aett. Secretary
WILLIAM C. LEE, Assistant Secretary
THOMAS H. WILSON. Asst. Secretary
WILLIAM O. GREEN. Assistant Secretary
ALTON S. KEELER. Asst. Secretary
TRUSTEES
WILLIAM
M.
JOHN
WILLIAM ROCKEFELLER
FRANK LYMAN
JOHNJ
PHELPS
LEWIS CASS LED YARD
LYMAN J. GAGE
PAYNE WHITNEY
A.
STEWART, Chairman of the Board
EDWARD W. SHELDON
CORNELIUS N. BLISS, IB
CHAUNOEY KEEP
HENRY W. de FOREST
ARTHUR CURTI8S JAMBS
WILLIAM VINCENT ASTO*
WILLIAM M
KINGSLEY
WILLIAM SLOANS
WILLIAM STEWART TOD
OGDEN MILLS
44 Beaver Street, N. Y.
COTTON MERCHANTS
Members New York Cotton
Exchange
STEINHAUSER A CO.
L. F. DOMMERICH & CO.
9ucce$sort to
WILLIAM RAY A CO.
COTTON BROKERS.
■6 Cotton
Exchange
New York
Orders for future delivery contracts executed en
New Yerk and Liverpool Cotton Bxcha
Hopkins, Dwight A Co.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
COTTON
General
Offioes, 264 Fourth Avenue
COTTON-SEED OIL
COMMISSION MERCHANTS
Coosa M
NEW YORK
Cotton Eaahawg
NEW YORK
titoMihl Our N Ytart
'V
fimmial
financial
ann arbor michigan
1935,
April.
Maturing
These bonds are a direct
District,
School
the
city
the
in
following markets',
adjacent.
New Haven
New Orleans
Augusta
Baltimore
These bonds
Cleveland
Cincinnati
Toronto
valuation.
assessed
Washington
Wilmington
Detroit
direct and gen¬
obligations of the State of
Michigan, which has a bonded
debt of less than 0.8% of the
Springfield, O.
Denver
are
eral
Savannah
St. Louis
Columbus
:
payable May 15 and Nov. 15.
Denomination $1000-
Minneapolis
Philadelphia
Pittsburgh
Buffalo
Charleston
Detroit
Interest
Milwaukee
Boston
Bolger, Mosser & Willaman
New York
Due Nov. 15,1941.
Dated Nov. 15,1921.
Atlanta
Chicago
Chicago
5% Highway Bonds
of
Application
upon
Michigan
Bonds and Stocks
general obligation of
including
of
State
without option
Ann Arbor and 3,000 acres
Price
financial
Listed and Unlisted
SCHOOL BONDS
5%
the
[Vol. 113.
THE CHRONICLE
xxxvi
106.55 and
Price
Interest
;
*
Reached
by Private Wires
Yielding about 4.50%
MUNICIPAL BONDS
Ames, Emerich
A. A. Housman & Co.
Our
list
current
unusual
offers
Iembers New
to
diversify
In
high grade Municipal Bonds and
to
average
exceptionally good
opportunities
Broad Street,
20
Gl
York Stock Exchange
New York
:
Correspondence Invited
So.
105
PHILADELPHIA, WASHINGTON
returns.
1st
AMSTERDAM, HOLLAND
Company
Broadway, New York
111
Wis.
La Sail*
Natl
Chicago
St.,
Bldg., Milwaukee
Bank
Republic Building, Kansas City, Mo.
Private wires to principal cities.
MORTGAGE TRUST COMPANY
Affiliated with
First National Bank
St. Louis
Union
Central Bond & Mortgage
Trust Co.
C.I. HUDSON & CO.
Co.
Broadway & Locust—St. Louis
LaSalle Street
BOWLING GREEN
CHICAGO
MEMBERS
Investment Bankers
Radon, French & Co.
N. Y. CJTY
BROADWAY,
66
208 South
3800
OF
Exchange
New
Listed and Unlisted
York Curb Market
New
Securities
York Cotton Exchange
New
INVESTMENT
SECURITIES
York Stock
New
Private Wires to the East and Southwaat.
York Coffee Exchange
Assn.
Chicago Board of Trade
Philadelphia Stock Exchange
We purchase and underwrite entire issues tf
Sends and stacks ef established corporations.
securities
lbs
af
municipalities,
Unlisted Securities
Dodge & Ross
Ms offer high-grade investment opportunities
Is
public
Department
Incorporated
Still ties, and well established industrial car*
Investment Bankers
sstasltns.
Correspondence
WEST MONROE
ft
Underwriters and Distributers of Investment
Securities
Invited
STREET
Public Utility
and
CHICAGO
Industrial Issues
Sold
Bought
Hord, FitzSimmons & Co.
F. H. PRINCE & CO
Quoted
W. MONROE ST., CHICAGO
111
High Grade Bonds
BANKERS
boston, mass.
108 So. La Salle St.
187 SOUTH LA SALLE STREET
BUY AND SELL
CHICAGO
HIGH-GRADE
INVESTMENTS
HIGH-GRADE
EMERY, PECK & R0CKW00D
BONDS
Member* ef New Yerk A Bestsn
Sleek Exsfcaa&t
investment securities
Reatfiasatal
9s
Commercial
Bank
C. F. Childs
Building
CHICAGO
Co.
and
Specialists
Railway Exchange Building
WE OFFER AT
MARKET
Government of Argentine Nation
De Laval Separator Co. S. F. 8%
North Amer. Lt.&Pow.Co.
La
YORK
Dominick & Dominick
Broadway
lstLien6%
& Perry,
Bros.
INVESTMENT SECURITIES
Inc.
118 Broadway
Wiggins B!e«»
NEW YORK
CINCINNATI!
Investment Securities
The Rookery,
108
CHIGACO.
So.
La
Salla
St.,
CHICAGO
McCiellan & Campion
Telephone Randolph 5520.
FIRST national bank
W. G. SOUDERS & CO.
RICHMOND, VA.
Capital and Surplus
•
$3,000,000.00
Burnett,
Vice-President
Alex F. Ryland, Vice-President
S. P. Rylandl Vice-President
Jas. M. Ball, Jr., Cashier
NEW
808 South
LOAN BONDS
5% FARM
New York
York Stock Exchange
60 Broadway
New York
"
f*Are
A
.
Lt\
P. W. Chapman & Co., Inc.,
.
New
CIYY
YORK
Detrelt
Grand Bapidu
INVESTMENT
SECURITIES
SEAS0NG00D,HAAS&MACD0NALD
Members
BROADWAY
CHICAGO
Joint Stock Land Bank
of Lincoln^ Nebraska
MANAGEMENT
La Salla Street,
Milwaukee
Invited
Ml
&
'
"a
R.
Correspondence
ENGINEERING
INVESTMENT ;SECURITIES
John M. Miller, Jr., President
W. M. Addison, Vice-President
Bo
Bxcbangf
Members New York Stock
RUTTER, LINDSAY &C0, Inc.
„
120
St.
Stevenson
Wisconsin River Power Co. S. F. 5%
.
Salle
7%
Wisconsin Trac., Lt., Heat & Pow. 7 Ut %
,
NEW
CHICAGO
808 So.
1870
Established
Government Bonds
MILWAUKEE
lit South La Salla St.,
CHICAGO
218 Broadway
NEW YORK
>
Municipal Bonds
Exempt
from Federal
Income Tamer'
to 7%.
Yielding from 5
Send for
List
THE HANCHETT BOND CO.
ted
1818
89 South La Salla Street
CHICAGO
@FedFRASER