Full text of Commercial and Financial Chronicle : December 6, 1919, Vol. 109, No. 2841

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financial

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AmnwriHlf
VOL. 109 DECEMBER 6 1919 NO. 2841
C L E A R IN G S

FOR N O V E M B E R , S I N C E
November.

Clearings at—

Inc. or
Dec.

N ? w Y o r k . . ..............
2 2 ,5 8 5 , 7 5 2 ,4 9 5 1 5 ,6 0 5 ,8 2 6 ,0 9 2
P h i l a d e l p h i a ___________
1 ,9 1 8 , 0 0 7 ,5 9 3
1 , 7 8 1 ,7 0 4 ,3 2 7
P i t t s b u r g h ______________
6 3 1 , 6 5 6 ,6 2 0
5 5 7 ,5 0 4 ,1 7 1
B a lt i m o r e ____________ __
3 6 9 , 9 5 6 ,9 5 7
3 3 0 ,7 9 8 ,8 1 3
B u i i a l o .................................
1 6 8 ,4 2 2 ,3 1 1
1 0 0 ,2 0 0 ,9 4 2
W a s h i n g t o n ____________
7 1 , 1 2 9 ,0 9 0
6 7 ,5 1 2 ,3 9 9
R o c h e s t e r _______________
4 3 , 9 8 1 ,5 2 8
3 3 ,5 0 6 ,8 7 1
A l b a n y _________________
2 3 , 5 0 8 ,1 0 0
2 1 ,5 6 2 ,9 3 1
S y r a c u s e ___________I I I
2 0 ,0 5 5 ,9 9 4
2 1 ,9 3 3 ,5 9 3
S c r a n t o n ____________
1 9 ,8 2 2 ,2 7 9
1 6 ,7 1 9 ,9 1 1
W h e e lin g . . . _____H I .
2 2 ,6 4 5 ,1 4 5
1 6 ,0 7 6 ,7 5 1
W i l m i n g t o n ____________
1 6 ,2 0 2 ,6 6 8
1 4 ,3 7 2 ,2 2 9
R e a d in g . . . . .
1 2 , 0 2 4 ,1 1 2
1 1 ,2 0 2 ,0 0 0
T r e n t o n ________________
1 4 , 5 7 0 ,8 3 3
1 2 ,1 1 3 ,2 9 0
H a r r i s b u r g _____________
1 4 , 1 6 2 ,6 6 7
1 2 ,0 1 4 ,4 1 3
L a n c a s t e r _____ _________
1 0 . 7 9 1 ,7 1 5
9 ,6 6 9 ,7 3 6
W i l k e s - B a r r e ___________
1 2 ,4 4 4 .0 3 4
8 ,8 1 6 ,0 7 9
E r i e ______________________
9 , 6 3 6 ,8 7 6
8 ,8 5 2 ,7 3 3
C h o s t e r ____________
.
5 ,5 4 0 ,8 7 5
6 ,6 1 0 ,5 3 9
Y o r k _____________________
5 , 8 1 5 ,9 7 8
4 ,9 3 4 ,4 0 2
G r e e n s b u r g ____________
4 , 7 2 9 ,5 2 9
5 ,3 3 2 ,7 8 1
A l t o o n a ________________
4 ,2 0 7 ,5 3 4
3 ,4 6 8 ,4 9 9
B i n g h a m t o n . . . ________
3 ,1 0 2 ,5 2 4
4 , 5 5 1 ,5 0 0
O r a n g e s ________________
3 , 5 3 9 ,1 1 8
4 ,0 8 4 ,6 3 7
N o r r i s t o w n ____________
3 ,4 4 0 ,8 3 9
3 ,1 0 6 ,8 2 4
H a g e r s t o w n .............. ........
2 ,7 9 8 ,3 4 9
2 ,8 0 5 ,7 5 4
B e a v e r C o . , P a ________
3 ,0 5 2 ,2 3 1
2 ,3 0 5 ,6 2 8
F r e d e r i c k _______________
2 .4 1 7 ,3 1 3
2 ,4 9 7 ,2 3 1
F r a n k l i n ________________
3 , 2 9 4 ,2 9 4
1 ,9 5 7 ,5 3 3
M o n t c l a i r _______________
2 , 0 7 3 ,8 0 2
1 ,5 7 1 ,0 8 6
T o t a l M i d d l e .............. 2 6 , 0 1 0 , 2 3 2 ,3 7 9 1 8 ,6 7 2 ,2 5 4 ,7 1 9
1 ,6 5 3 ,8 6 1 ,2 5 1
6 2 ,7 6 9 ,8 0 0
4 0 ,8 5 9 ,8 9 0
2 6 ,4 4 7 ,0 4 7
2 0 ,7 8 1 ,0 2 3
1 9 , 2 0 1 ,0 9 9
1 0 , 1 5 0 ,0 0 0
1 4 ,7 5 6 .9 7 8
1 1 , 4 1 8 ,3 7 3
8 ,3 2 1 , 5 0 0
5 ,1 3 6 ,5 0 8
4 ,1 9 5 , 2 5 8
3 ,4 0 5 ,4 4 1
2 ,1 7 1 ,8 9 3

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

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

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

+ 22.2
+ 7 0
+ 5 4 .7

+ 21.1
+ 1 2 .4
— 1 0 .3
+ 2 6 .1
+ 2 1 .4
— 7 .1

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

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

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

2 ,1 7 0 ,6 1 7 ,0 4 7
+ 1 9 .1
3 7 8 ,4 3 7 ,0 3 1
+ 2 7 .3
2 9 2 ,8 8 1 ,7 0 2
+ 50
2 3 8 ,4 4 8 ,9 9 2
+ 9
1 2 4 ,4 5 7 ,9 0 3
+ 0.02
5 8 .9 4 8 .0 0 0
+ 20 “
4 6 .7 4 9 ,7 0 0
+ 24
4 7 ,5 4 8 ,7 4 6
+28
2 2 ,4 0 2 ,7 8 5
+ 27
2 2 .9 8 2 .0 0 0
+ 99
1 7 ,9 2 8 ,1 3 2
+ 7
1 7 .5 8 6 ,8 9 5
+ 9
1 3 ,7 8 8 ,2 4 3
+ 14
2 1 ,3 0 7 ,8 7 2
—0
9 ,4 8 3 ,5 4 1
+ 85
7 ,8 6 3 ,6 2 8
+ 16
8 ,3 9 7 ,2 8 8
+ 20.
5 ,2 5 7 ,3 9 1
+ 2 1 .I
5 ,3 4 6 ,9 1 2
+ 34 j
5 ,3 4 5 ,1 5 5 + 132.,
5 ,0 1 4 ,7 6 4
+ 36.
4 ,7 8 6 ,8 2 6
+ 64.,
4 ,3 5 3 ,6 5 3
+ 47.i
4 ,5 6 2 ,7 0 1
+ 47
4 ,1 5 8 .0 2 4
+40,
4 ,3 7 3 ,9 9 4
+ 41.:
4 ,5 1 2 ,9 4 5
+ 52,
4 ,0 7 7 ,2 9 7
+98.:
3 ,8 3 1 ,3 5 4
+ 21,
6 ,4 2 0 ,8 8 4
+ 27.i
4 ,3 1 6 ,2 1 2
+ 11.I
3 ,8 0 7 ,6 7 5 —34.1
2 ,7 6 0 ,8 4 1
+28.,.
2 ,2 7 0 ,1 0 3
+40.2
2 ,1 7 7 ,5 2 9
+22.5
1 ,5 5 4 ,6 5 2
+ 54.0
1 ,6 7 2 ,7 7 6
+32.7
1 ,1 1 9 ,3 5 3
+ 73.4
5 4 4 ,8 8 0
+44.1
2 8 3 ,9 5 4 + 196.9

T o t a l M id d le W e s t

4 ,3 8 9 ,9 6 8 ,8 8 3

T o t a l P a c i l l c ........... .

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

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

+ 14.2

+ 2 2 .5

5 0 7 .0 9 9 ,8 0 1
+ 3 3 .7
1 7 1 ,0 0 7 ,1 9 8
+ 1 .4
1 3 6 ,5 8 2 ,0 0 0
+ 7 5 .3
1 3 2 ,0 4 9 ,6 0 4
+ 1 4 .9
6 9 ,8 1 4 ,5 3 9
+ 2 3 .9
3 6 ,0 4 3 ,8 6 0
+ 5 9 .9
3 1 ,8 0 8 ,7 4 2
+ 2 3 .3
2 3 ,1 2 3 ,7 6 7 — 1 9 .3
1 8 ,8 0 0 ,2 3 0
+ 6 5 .9
1 4 ,4 2 3 ,1 9 5 + 102.8
1 1 ,0 2 8 ,7 3 8
+ 1 1 .4
8 ,0 8 7 ,9 6 6
+ 1 7 .4
8 ,4 0 3 ,6 2 5 +222.1
6 ,3 8 0 ,3 1 3
+ 5 4 .3
4 ,6 5 9 ,0 6 3 + 1 6 9 .6
5 ,3 6 0 ,2 4 0
+ 8 9 .9
3 ,8 8 8 ,9 1 0 + 102.2
4 ,0 1 4 ,8 1 5 + 1 1 8 .2
2 ,7 2 2 ,3 4 9
+ 5 2 .6
2 ,9 8 8 ,7 7 1
+ 5 3 .5

1 , 6 1 1 ,9 1 1 ,0 9 6

1 ,1 9 8 ,2 8 7 ,7 2 6

O th e r W e s t e r n a n d S o u t h e m c le a r in g

o n page 2143

,%
+ 3 0 .9
+ 10 .’.

+ 4 4 . 7 2 1 1 ,8 2 2 ,7 6 7 ,9 8 7 1 6 1 ,8 7 4 ,1 7 2 ,3 4 4
+ 7 .6
1 9 ,8 9 2 ,3 9 0 ,7 9 2
1 7 ,9 4 4 ,5 7 3 ,7 0 6
+ 1 3 .3
6 ,5 4 7 ,1 3 0 ,3 3 2
5 , 1 9 7 ,8 2 4 ,6 4 4
.0
+ 11.8 3 ,9 2 6 ,8 2 2 ,8 5 4 2 , 9 8 7 ,9 2 7 ,7 2 6 ++ 32 16 .4
+ 68.1
1 ,4 6 7 ,8 3 2 ,5 7 0
1 ,0 3 4 ,8 4 6 ,4 3 2
+ 4 1 .8
+ 5 .4
7 3 6 ,4 2 5 .9 8 9
6 4 6 ,4 9 6 ,1 1 8
+ 1 3 .9
+ 3 1 .3
4 3 8 ,4 8 9 ,1 2 1
3 5 8 ,8 0 2 ,6 4 7
+ 22.2
+ 9 .0
2 3 5 ,2 2 3 ,5 8 1
2 2 9 ,6 2 7 ,0 5 4
+ 2 .4
— 8 .6
1 9 3 ,0 3 5 ,3 0 3
2 1 8 ,8 8 0 ,4 2 8 — 11.8
+ 1 8 .6
2 0 4 ,3 0 4 ,8 6 1
1 8 3 ,8 3 8 ,4 9 9
+
11.1
+ 4 0 .9
2 2 1 ,6 0 8 ,2 4 2
1 8 8 ,7 7 0 ,4 6 6
+ 1 7 .4
+ 1 2 .7
1 7 6 ,6 3 0 ,5 7 7
1 5 1 ,6 0 4 ,9 3 4
+ 1 6 .5
+ 7 .3
1 2 0 ,5 9 1 ,5 3 2
1 2 7 ,3 2 1 ,1 6 1
— 5 .3
+ 2 0 .3
1 4 1 ,1 5 8 ,9 6 2
1 3 0 ,0 7 9 ,8 6 2
+ 8 .5
+ 1 7 .9
1 5 0 ,0 7 7 ,9 7 4
1 4 1 ,8 6 0 ,6 6 2
+ 10.0
+ 11.6
1 2 3 ,0 6 9 ,6 0 0
1 2 8 ,2 9 7 ,2 2 6
— 4 .1
+ 4 1 .2
1 2 1 ,5 0 2 ,7 8 4
1 0 0 .8 4 7 ,2 1 0
+ 2 0 .5
+ 8 .8
1 0 0 ,5 6 5 ,5 7 3
9 7 ,6 9 9 ,0 7 6
+ 2 .9
— 1 6 .2
6 7 ,0 1 3 ,0 2 8
7 3 ,7 4 1 ,8 6 5
— 9 .1
+ 1 7 .9
6 3 ,2 5 5 ,0 8 9
6 1 ,2 1 7 ,8 3 4
+ 3 .3
— 11.2
5 1 ,3 9 2 ,8 8 4
5 4 ,9 4 8 ,2 1 0
— 6 .5
+ 2 1 .3
4 3 ,7 7 7 ,2 3 8
3 7 ,1 7 4 ,5 9 5
+ 1 7 .8
+ 4 6 .7
4 5 ,1 4 3 ,7 4 4
3 9 ,6 1 2 ,7 8 4
+ 1 4 .0
— 1 3 .3
3 5 ,2 4 1 ,0 9 6
4 5 ,0 5 7 ,9 6 2 — 21.8
+ 10.8
3 6 ,0 7 1 ,8 7 0
3 4 ,4 5 0 ,9 8 6
+ 4 .7
— 0 .3
3 0 .9 2 2 ,5 9 3
3 2 ,8 6 0 ,1 2 6
— 5 .9
+ 3 2 .4
3 1 ,9 2 1 ,3 6 3
3 1 ,8 6 6 ,4 9 6
+
0.2
— 3 .2
2 7 ,8 8 9 ,4 6 2
2 5 ,9 1 7 ,0 4 6
+ 7 .6
+ 6 8 .3
2 9 ,8 4 4 ,9 8 4
2 1 ,1 1 6 ,1 4 4
+ 4 1 .3
+ 3 2 .0
1 9 ,6 5 5 ,6 3 3
1 9 ,0 3 7 ,0 8 8
+ 3 .2

T o t a l N e w E n g la n d

S a n F r a n c i s c o ________
S e a t t l e ------------------------L o s A n g e l e s ...................
P o r t l a n d ----------------------S a lt L a k e C i t y ________
S p o k a n e -------------------------O a k l a n d -------------------------T a c o m a — . . . ________
S a c r a m e n t o -------------------F r e s n o ________________
O g d e n ---------------------------S a n D i e g o --------------------S t o c k t o n — -----------------B o i s e -------------------------------S a n J o s e ----------------------Y a k im a — — — -------P a s a d e n a ------------- . . . . .
L o n g B e a c h ------------------R e n o ____________________
B a k e r s f ie l d ---------------------

FOR

W EEK

E N D IN G

+ 3 4 .5

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

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

Inc. orI
Dec.
4 ,4 8 3 ,9 2 9 ,4 5 7 3 ,2 5 8 ,6 7 0 ,9 1 5
4 0 7 ,8 8 5 ,7 6 0
3 6 0 ,3 6 4 ,5 1 6
1 3 1 ,9 9 5 ,0 8 3
1 2 1 ,3 6 6 ,3 3 5
7 7 ,3 9 3 ,4 2 4
7 0 ,2 3 7 ,3 5 5
3 4 ,3 3 4 ,4 3 8
2 0 ,1 7 7 ,3 1 0
1 4 ,7 0 3 ,9 2 4
1 3 ,4 2 6 ,9 4 3
8 ,5 5 1 ,2 8 1
6 ,2 1 4 ,8 4 4
4 ,0 0 0 ,0 0 0
3 ,7 7 3 ,5 1 8
3 ,4 4 4 ,7 3 2
4 ,2 4 5 ,3 4 0
3 ,7 3 3 ,5 1 0
3 ,5 9 3 ,7 7 6
4 ,9 9 2 ,2 0 1
3 ,3 5 3 ,9 2 1
3 ,2 4 6 ,4 0 8
3 ,2 2 8 ,7 7 8
2 ,4 6 7 ,5 3 6
2 ,1 4 0 ,4 5 5
2 ,7 1 4 ,8 7 0
2 ,8 7 8 ,2 8 3
” 2 ,3 9 8 ',8 0 6
1 ,7 0 0 ,0 0 0
1 ,8 6 1 ,8 0 8
1 ,1 7 1 ,4 6 7
1 ,2 9 4 ,7 7 0
1 ,1 5 8 ,3 0 6
9 3 5 ,2 5 0
8 5 9 ,8 0 0

'

1 ,8261461
1 ,4 0 0 ,0 0 0
1 ,7 4 6 ,2 5 9
1 ,3 9 5 ,5 7 4
1 ,0 0 8 ,2 6 7
6 6 3 ,5 0 5
5 6 0 ,2 0 0

4 9 4 ,0 1 2

3 0 6 ,1 0 4

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

.8 8 3 ,5 4 8 ,6 5 9

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

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

+ 5 .2

+

1.1

— 9 .9

29

2 ,100,000

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

%

!

1917.

1916.

s

+ 3 7 .6 3 ,1 0 7 ,3 7 0 ,5 7 1 3 ,6 3 0 ,4 2 3 .5 9 2
+ 1 3 .2
3 1 3 ,1 0 2 ,3 5 5
2 7 2 ,4 2 0 ,3 2 2
+ 8.8
6 7 ,9 6 7 ,0 2 0 ' 6 9 ,8 0 9 ,8 5 5
+ 10.2
3 9 ,3 6 8 ,0 8 5
4 4 ,9 6 2 ,2 1 9
+ 7 0 .2
1 5 ,7 9 8 ,8 6 3
1 4 ,5 3 0 ,4 4 0
+ 9 .5
9 ,5 1 1 ,4 1 1
9 ,1 9 8 ,2 7 4
+ 3 7 .6
5 ,8 4 3 ,1 7 6
6 ,8 1 9 ,4 2 2
+ 6 .0
3 ,6 0 0 ,8 1 9
4 , 8 0 4 ,8 1 7
— 1 8 .9
4 ,2 0 0 ,0 0 0
3 ,5 5 8 ,2 9 4
+ 3 .9
2 .5 8 7 .0 6 9
2 ,8 3 2 ,8 9 7
+ 4 8 .9
3 ,9 8 1 ,6 9 8
3 ,7 4 6 ,1 8 7
+ 0.6
2 ,6 7 2 ,3 5 3
3 ,2 2 2 ,2 0 6
+ 1 5 .3
2 ,4 1 1 ,2 6 9
2 ,3 9 4 ,9 0 1
— 5 .7
2 ,4 0 8 ,2 5 9
2 .7 1 2 .0 6 9

+3113
+ 2 1 .4
+ 6.6
—
+
+
+
+

1 ,0 00 .000

+ 2 8 .6

— 12.0

NOVEMBER

W eek en d in g N ov em b er 2 9 .

Inc. or
Dec.
$

C h i c a g o ________________
C l e v e l a n d _______________
D e t r o i t ___________
C l n c l n n a t __ ”
M i l w a u k e e _____
I n d i a n a p o l is ______
C o lu m b u s ________
T o l e d o ______
G ra n d R a p ld s .I I I I I *
A k r o n ___ . . .
D a y t o n __________
E v a n s v i l l e ____________ I
Y o u n g s t o w n ___
P e o r i a ________________
C a n t o n _________
S p r i n g f ie l d , 111. . . I H I
R o c k f o r d _______________
F o r t W a y n e ______ I
F u n t 0. y. ; ; i i i i i i : : : B io o m ln g t o n . .
8 o u t h B e n d .................’
M a n s i l e l d __________
S p r i n g f ie l d , O ________
D e c a t u r ________________
L e x i n g t o n _______________
J a c k s o n _______________ _
L a n s i n g ________________
L i m a _____________________
P a d u c a h _______________
G a r y ________ _____ _____
O w e n s b o r o ____________
A u r o r a ___________
D a n v i l l e __________
J a c k s o n v i lle , 111______
H a m i l t o n ______________
A n n A r b o r _______
L o r a i n ----------------------- . .
N e w A l b a n y _________
A d r i a n ........................

1 ,A N D

Eleven Months.

1918.

B o s t o n __________________
P r o v i d e n c e _____________
H a r t f o r d ________________ I
N e w H a v e n ____________
S p r i n g f i e l d _________
W o r c e s t e r __________
P o r t l a n d ____________
F a l l R i v e r __________
N e w B e d f o r d ______ ____
W a t e r D u r y ______________
L o w e l l ___________________
H o l y o k e ____________
B a n g o r ____________
S t a m f o r d _________

JAN.

J a coUh fi8PJ ^ r t eVi T y £ * 2 # ® * m ° r o l £ 8 b y W I L L I A M B . D A N A C O M P A N Y :
J r ' l J i M < lent -a n d T r e a s u r e r ; A r n o l d Q . D a n a . V i c e - P r e s i d e n t
an d S ecre ta ry .
A d d re s s e e o l b o t h , O fllo e o l t h e C o m p a n y .

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

+ 6 1 .4

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

" l , 639', 9 8 8
1 .4 6 5 ,1 3 0
1 ,3 5 8 ,0 3 0
1 ,1 5 6 ,8 8 9
1 ,2 1 3 ,6 2 1
7 7 8 ,1 2 9
6 0 0 ,0 0 0
5 9 1 ,0 0 0

4 5 1 ,9 8 5

5 4 8 ,8 3 5

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

2 9 5 ,4 7 4 ,2 1 4
+ 1 2 .3
9 ,3 3 8 ,0 0 0
+ 4 2 .1
6 ,2 1 4 ,5 7 2
+ 2 3 .1
4 ,8 5 4 ,9 9 5
— 7 .3
3 ,0 6 8 ,2 6 8
+ 2 7 .4
3 ,1 4 5 ,5 9 6
+ 3 7 .6
2 ,0 4 7 ,5 8 2
+ 2.6
1 ,7 2 9 ,9 1 6 + 1 1 0 .5
1 ,6 8 5 ,0 2 8
+ 5 9 .6
1 ,2 0 4 ,9 2 6
6 5 3 ,5 7 8
5 1 3 ,1 9 5

— 13.1
+ 3 9 .0
+ 3 6 .6

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

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

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

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

1 8 ,1 1 2 ,5 8 7 ,3 3 8

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

+ 1 1 .3

3 7 6 ,4 6 9 ,9 0 2

3 2 9 ,9 3 0 ,6 7 0

+ 14.1

2 7 2 ,6 9 8 ,1 0 8

2 5 8 ,4 8 0 ,3 8 2

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

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

+ 1 3 .4
+ 2 4 .6
+ 40
+ 9
+ 3

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

4 6 6 ,0 3 5 ,4 8 4
+ 1 6 .5
8 7 ,7 2 7 ,2 0 9
+ 1 6 .0
5 8 ,7 3 8 ,3 2 7
+ 5 3 .4
5 0 ,1 4 5 ,7 3 0
+ 1 3 .4
2 5 ,0 9 1 ,3 7 7
— 1.0
1 1 ,7 1 7 ,0 0 0
+ 2 6 .6
8 ,5 0 2 ,5 0 0
+39
9 ,2 4 5 ,0 9 8
+ 22
4 ,4 4 0 ,4 9 2
+ 25
5 ,1 3 8 ,0 0 0
+ 81
3 ,5 1 9 ,9 0 3
+ 13
3 ,5 7 1 ,4 1 8
+ 16.
3 ,0 1 9 ,1 6 3
+0
5 ,3 9 6 ,8 1 0 — 2 1 .
1 ,9 8 2 ,9 5 6
+ 77.
1 ,6 3 4 ,6 7 2
+ 1 9 .’
1 ,6 4 9 ,6 5 5
+ 20.
8 6 2 ,3 8 8
+ 89.
1 ,2 0 0 ,3 9 4
+ 27.

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

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

+44"
+ 75.
+ 5 0 .’
+ 33.
+ 5 1 .3
+ 3 8 .9

" 'o o Y o i l

*

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

8 0 0 ,0 0 0
6 3 4 ,0 8 2

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

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

+2
+ 21
+ 23

+7

+ 62

+6

+ 16
+26

+7

+ 28

+ 8.
+ 12 .
--2 0 .
+ 17.
+ 48.
+ 25.:
+ 13.,

+ 22.
+
+
+
+
+
+
+
+

24.i
2 3 .:
57.
38
4 0 .:
16.
3 4 .4
1 5 .5

+ 6 .6
+ 10.2
+
+
+
+
+
+
+

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

+ 16.)
+ 2 8 .:

+ 8.

+47.
+ 2 6 .2
+ 1 8 .2
+ 3 0 .0
+ 3 7 .6

— 2 .0

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

” l . 6 0 2 ! 193
1 ,5 4 8 ,5 1 6
1 ,2 6 9 ,1 7 9
1 .3 5 0 .0 0 0
1 ,3 5 9 ,5 2 3
1 .2 5 0 .0 0 0
1 ,8 0 3 ,0 0 0
1 ,0 0 6 ,5 2 0

T , 1061692
8 8 0 ,0 2 8
8 4 1 .6 4 2
9 7 6 ,5 3 8
8 9 8 ,1 1 3
9 0 0 ,0 0 0

1 ,000 ,000

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

844*,297
9 0 0 ,0 0 0
6 0 2 ,3 7 1
1 ,0 5 0 ,0 6 7
7 5 2 ,4 9 1
6 7 0 ,1 0 5
1 ,0 7 6 ,5 3 3

599,506

4 5 7 ,3 9 7

8 3 3 ,1 9 0

— 4 5 .1

5 4 9 ,4 6 3

431,771

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

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

+ 7 7 .3

4 0 5 ,6 8 6
4 0 0 ,3 8 6

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

4 3 4 ,1 6 6

2 9 8 ,0 0 4

+ 4 5 .6

1 5 0 ,0 0 0

—0 .1

6 2 ,9 8 8 + 1 3 8 .1

2 5 0 ,0 0 0

276,000

1 3 6 ,9 2 1

65,443

+ 1 9 .8

653,544,709

647,613,320

+ 3 7 .1

92,553,140
24,284,344
25,298,000
13,602,677
16.087.504
7,357,609
4,670,556
3.118,721
3,494,878
2,742,392

81,221,978
17,339,047
27,667,000
12,720,357
16,000,000
5,645,525
4,660,575
2,057,598
2,480,087
1,997,083

9 0 8 ,8 2 7 ,6 5 7

7 5 8 ,8 3 1 ,5 9 1

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

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

” 2',0 4 2 1 6 8 5
5 ,0 9 2 ,5 0 0 |

"l.eie'.oio

” 1.84*9,1f 8 ” ‘2,243425
2.062.504

1,924,089

” 2",17 8 ! 193
1 ,9 8 2 ,0 7 0
1 ,7 1 4 ,6 5 9
2 ,1 4 7 ,7 4 6
7 2 2 ,5 7 6

' ” 9 6 o l3 9 5 + 1 2 6 .9
1 ,1 0 6 ,3 0 8 ) + 7 9 .2
8 3 2 ,4 3 1 + 1 0 6 .0
9 0 8 ,0 1 1 + 1 3 6 .5
5 0 0 ,0 0 0
+ 4 4 .5

'T .i73!307
914,787
818,055
704,201
525,000

"Y , 069419

201,250,693

179,790,141

+ 2 7 .2

3 4 9 ,4 0 7 ,3 5 3

+ 0 .2

+
+
+
+

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

+ 2 6 l3
1 ,6 5 6 ,5 3 5 + 2 0 7 .4

259,219,741

+ 34.8

671,307
996,738
646,513
450,000

T o ta l O th e r W estern

2 ,1 2 5 ,3 6 6 ,3 0 5

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

+ 1 5 .5

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

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

+ 1 3 .5

Total Southern-------

4 3 4 ,3 0 7 ,7 3 3

365,522,888

+ 18.8

3 ,2 8 8 .9 4 2 ,4 8 2

338,075,898

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

250,520,081

+ 3 6 .6

2 8 ,0 8 8 ,2 6 9 ,8 0 0

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

+ 1 9 .1

6 7 2 ,2 5 8 ,4 4 4

4 7 1 ,4 8 8 ,6 4 5

+ 4 2 .6

448,906,918

338,754,283

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

+ 2 4 .4

,9 3 6 ,5 3 7 ,9 3 2

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

+ 1 7 .0

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

Total all....................

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

______ _

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

O u t s id e N e w Y o r k . .

------ ----i

Clearings by telegraph and Canadian Clearings on pages 2143 and 2 1 4 4 ,




6,067,093,194 + 3 0 .8 5 , 6 0 5 .6 5 2 .8 5 9 5.755,399,946
2,808,422.279' +22.9 2,398.345.288 2.124.976.354

THE CHRONICLE

3098
THE

.

F IN A N C IA L

S IT U A T IO N .

T h e stock market has shown a much better tone
the present week and is evidently developing new
strength after the severe shake-down it experienced
the last few weeks. Confidence,it would seem, has
not been greatly impaired as a result of this experi
ence, and hence values have again been slowly
creeping up. Some manipulation, too, has once more
become apparent, though not on any such daring
and reckless scale as was previously witnessed.
There is nothing very strange about the quick re
covery in values. It is merely a repetition of what
has occurred many times in Stock Exchange history.
High money rates were responsible for the liquidation
which caused such a tremendous slump in prices; but
high money rates have never yet sufficed to destroy
a bull market. It is common experience that when
the monetary pressure is relieved, a quick rebound in
prices is certain to ensue. It is natural diat this
should be so, s’nce so long as there is apparently
nothing inherently wrong with the stocks themselves,
prevailing values, no matter how high their level or
how speculative their character, appear to be justi
fied to the speculative community. Accordingly,
buying is resumed with greater avidity than before
after any great break in the market which has had
no other provoking cause than monetary tension.
This is what has happened on the present occasion.
The early part of last month call money got up to
panicky figures, touching 20% , then 25% and then
30% in very short order and borrowers on Stock
Exchange collateral had to pay even 18% per annum
for a renewal or extension of their loans. The present
week, on the other hand, call money has returned to
6 %
and the market has responded with a wellsustained upward reaction. Manipulators have once
more been emboldened to resume their old practices
though with greater caution and somewhat less vim.
So far, however, as the recovery is based on an easier
monetary situation it would appear to be resting on a
very insecure foundation. Fundamentally the con
dition of the money market has not changed. There
is a semblance merely of ease, and it has been
occasioned altogether b jr an injection into the chan
nels of monetary circulation of a further large batch
of Reserve notes. It is difficult to explain or under
stand the action and conduct of the Reserve banks
in this respect. The Federal Reserve Board has
for months been warning against a further use of the
facilities of the Federal Reserve banks in the pro
motion of speculation and been insisting that there
must be liquidation and a curtailment of borrowing,
particularly borrowing on war obligations. But the
Reserve banks go merrily on granting new facilities
and especially are extending their accommodation
on war obligations which we have been told must be
gradually paid off.
T o meet these demands for accommodation the
Reserve banks have no means but the issuance of
more and still more Reserve notes. In saying this
we have in mind not alone the Federal Reserve Bank
of New York but the Reserve banks in other districts
too— in fact the whole Reserve banking system.
Last week, for example, over §35,000,000 more of
these Reserve notes were put in circulation and this
came after an addition the previous week of $9,000,
000. The volume of discounts keeps steadily growing
and especially the discount of bills based on war
obligations. Last week the discounts on war obliga




[V ol . 109.

tions were increased over $62,000,000,* while there
was an addition to the bill holdings of all kinds
of fully $105,000,000.
The batches of Reserve
notes put out from week to week occasion a fictitious
state of ease and this in turn engenders further
speculation. But every sensible person knows that
the process cannot go on indefinitely, and herein lic/s
the menace to Stock Exchange speculation.
The exhibit of bank qlcajdngs in the United States
for November 1919 indicates a continuation of the
extreme activity in mercantile and industrial lines
at highly inflated prices witnessed in October. In
fact, the aggregate of clearings now disclosed is second
only to the banner total of the preceding month and
very close thereto notwithstanding the fewer number
of business days covered. Furthermore, the ten
dency toward the making of new high records in clear
ings at individual cities is still in evidence, although
in less marked degree than in October. It is to be
explained, however, that in some instances— Stockton
and Macon, for example— the seemingly great expan
sion recorded is due to a new method of compiling
the totals announced, items being included that are
not made a part of the clearings by a vast majority
of the clearing houses, those of all the larger and more
important cities in particular. The new plan appears
to be one recommended by the Federal Reserve
Board and wherever put in operation, by abnormally
swellingthetotals, upsets comparison between current
figures and those for preceding years. Moreover,
from such cities as have adopted the new method we
are unable to get returns upon the old basis and
rather than eliminate them from our compilation are
using the totals as given, intending later, after thor
ough investigation, to indicate in our tables those
reporting under the new plan.
At New York the total of clearings for this latest
month, while not a high record, exceeds that of the
same month a year ago by a very considerable
amount, and the cause therefor is to be found in only
limited extent in the expansion in speculation on the
Stock Exchange as compared with 1918. Outside of
this city, too, a new high mark for November has
been set up and, as in the care of the total for the
whole country, these outside clearings exceed in
amount all earlier months in the record, excepting
only October this year. Twenty-one cities furnish
monthly aggregate of unprecedented volume, and at a
number of other points previous records are very
closely approximated. Finally, 155 of the 174 cities
included in our compilation establish new records for
November and in only a very few instances (20 in all)
have the current year’s eleven months’ aggregates
ever been exceeded.
The clearings at New York for the month exhibit
a gain of 44.7% over 1918 and for the eleven months
there is an increase of 30.9% , contrasted with 1917,
the gain for the month is 52.2% and for the larger
period an increase of 30.1% is recorded. The 173
cities outside of New York combined give an aggre
gate of 21.4% greater than that of November 1918,
with the augmentation for the eleven months 17.0%,
and comparison with 1917 reveals gains of 34.9%
and 38.9% , respectively. Indicating the great ex
pansion in clearings at some points during the elapsed
portion of 1919, and this on the top of very large
gains in 1918, at most of the points included, we note
that increases over 1918 in excess of 35% are disclosed
at 25 cities and that in twelve instances they run

j

D ec . 6 1919.]

THE CHRONICLE

2099

above 50%. The result for the United States as a Fall River Textile Council, after a conference with
whole for the month of 1919 at $309,900,200 the New Bedford Textile Council decided to ask for a
exceeds 1918 by 33.9%, and 1917 by 44.4%, and for general advance of 25% for the six months wage
the period since Jan. 1 at $375,154,608,315 exhibits period beginning Dec. 1. To this request the manu
gains of 24.4% and 33.8%.
facturers made no immediate reply but after several
Operations in shares on tlje New York Stock conferences among themselves it was unanimously
Exchange in November 1919, while smaller than in decided on Nov. 26 that it was absolutely impossible
October, were very much greater than those for the to grant the increase requested and a lengthy ex
month last year. The transactions foot up 30. planation of the reasons for such a decision was for
169,478 shares, against 14,651,844 shares in 1918 warded to the operatives. The reply was considered
and 14,816,058 shares in 1917, and for the eleven by the various associations of textile workers on the
months the totals are 291,935,142 shares (the 28th at special meetings and it was voted to stay out
heaviest for the period on record) 132,193,166 shares on strike on Monday. The strike was actually
and 172,861,225 shares respectively. Railroad and begun but before the day had ended the manufacindustrial bonds were in fairly good demand during tuiers tendered an increase of 12)/£%, which was
the month, the dealings having been larger than for accepted and work resumed on Tuesday. The
any monthly period in 1919 except May and moder advance also applies to New Bedford and generally
ately heavier than for the corresponding time in throughout New England. Aside from the operatives’
1918. State, city and foreign Government secur lequest for a 25% advance, trouble also threatened
ities, on the other hand, were much less freely over the demands of the mill engineers and firemen
dealt in than a year ago. Sales of United States foi higher pay, but that difficulty has likewise been
Liberty Loan bonds, however, were of very large adjusted and freedom from friction with labor seems
volume, reaching nearly 300 million dollars par assured for at least six months.
value—the best monthly total on record with the
exception of December 1918—whereas in 1918
In lecent weeks rather conflicting reports have
operations in these securities were only 160 millions been received through the medium of cable advices
and in 1917 but 53% millions. Collectively the from Paris as to the probable character of the body
bond sales of the month were, of course, very ap oi organization that would undertake the solution
preciably heavier than those of a year ago, having of the problems left unsolved by the Peace Confer
reached no less than $373,967,000 par value, against ence upon its dissolution. In one dispatch from the
$246,828,000, while for the eleven months the total Paris capital a week ago to-day it was claimed that
(a high record) at $3,132,302,300 compares with probably “a new conference, made up of new repre
1,678 million dollars last year and 944 1-3 millions sentatives of both France and Great Britain, will
in 1917. At Boston stock trading was also more assemble in London between the middle and the last
active in November this year than in 1918, trans of January.” According to another cablegram the
actions in 777,853 shares contrasting with 451,992 new body will concern itself first of all with the future
shares, and for the period since Jan. 1 the respective of the Turkish Empire and secondly with “the Rus
totals were 8,260,670 shares and 3,446,570 shares. sian problem, including the future of the Baltic
Chicago, too, reports more doing on the Stock States, which have asked for, but have not obtained,
Exchange, sales of 705,318 shares for the month, recognition of their independence.” While these
comparing with 370,141 shares, and for the eleven were declared to be the two main questions, it was
months the contrast is between 6,037,964 shares and stated also that “it is the idea now of the French and
1,598,664 shares. At Philadelphia a like result is the British that the new conference shall continue
revealed, the November sales having reached 239,245 the work of the present one, so far as it is related to
shares, against 154,889 shares in 1918, with the the adjustment of affairs in Europe, handling any
eleven months’ total 2,813,418 shares and 1,656,270 remaining problems of the new States.”
shares.
Canadian clearings for November are in line with
As late as thelast day or two of November, Assistant
those of the United States in showing an extremely Societaly of State Polk was quoted in Paris as de
satisfactory business situation in the Dominion. claring that the American peace delegation would
For the 25 cities covered by our compilation the surely leave there for home on Dec. 5, in accordance
months’ aggregate exhibits a gain of 20.9% over 1918 with plans made some time before. Sunday morn
and 40.3% over 1917, while for the eleven months ing a cablegram was made public here, in which it
the augmentation is 21.1%, as contrasted with 1918 was stated that a conference was held at the office
and 28.9% with 1917. The exhibit is especially of Piemier Clemenceau the day before, at which
gratifying at Montreal, Toronto, Ottawa, Edmonton, Mr. Polk and Sir Eric Crowe were present. Much
London, St. John andKitchener forthe eleven months concern was reported to have been expressed to the
andtheresults at Toronto, Ottawa, Quebec, Hamilton, American representative as to the effect upon the
London, St. John, Brantford, Sherbrooke, Peter political situation, particularly as to Germany and
borough and Kitchener for November are new high the Adriatic problem, if he and his associates should
monthly records.
••
leave as planned. Secretary Polk was reported to
have intimated, and even stated definitely, that the
The Fall River cotton manufacturing industry has date might be postponed except for the extreme diffi
this week happily avoided what might have been a culty of arranging passage for himself and staff for
serious labor trouble by meeting its help half-way. some subsequent time. According to Paris advices,
Quite a time in advance of the date (December 1) for Piemier Clemenceau and Sir Eric Crowe were not
the regular period of wage adjustment conferences strongly impressed with this explanation of the
between the Manufacturers’ Association and the situation, and, as a matter of fact, did not regard it
Textile Council were held without any agreement as as a valid reason, in view of the seriousness of affairs
to terms being reached. On Nov. 16, however, the in Europe. The assertion was made, however, that




2 1 0 0

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[V ol . 109.

“Mr. Polk gave assurances to both of those gentle tary group as to whether it will participate at the
men that the State Department intended to stand opening of Parliament.” The organ of that party,
firmly behind the Allies in whatever attitude they “Avanti,” announced that the group had decided that
assumed toward the latest tactics of the Germans.” it must participate. It was reported in a Rome dis
He suggested also that Ambassador Wallace would be patch that the directors of the Socialist Party had
in Paris to represent America. Cablegrams fromthat adopted a resolution, declaring that “the Socialist
centre the next day declared that “pressure on the victory at the general elections is an act of
American delegates to the Peace Conference to post complete solidarity with the Soviet Republic in
pone their departure has not relaxed.” A high offi- Russia, clearly expressing to the Italian Government
- cial of the Fbreign Office was quoted as having said anorder to recognize immediately the Soviet Republic
that “the presence of the American delegation for in Russia.” Another dispatch from Rome received
only a few weeks longer would carry us over the here on Sunday stated that the Socialists had decided
crisis and the victory will have been saved. We that “when King Victor.Emanuel enters the Chamber
cannot believe that the American people would at the opening of the 25th session of Parliament to
sanction such a move on the ground merely of trans morrowmorning, the Socialist Deputies will not rise.”
Their plan was to leave when the roll call began and
portation difficulties.”
Still a day later a staff correspondent of the New to hold a meeting in an adjoining room while the
York “Times” cabled from Paris that “England, King was reading his address.
The opening of Parliament apparently passed off
France, Italy and Japan let it be known to-day that
they would not agree to the adjourning of the Peace better than was feared and without any untoward
Conference this week and the disbanding of the incident. According to all the advices from the
Supreme Council.” The American delegation, the Italian capital, the King was received with loud
correspondent stated, was asked once again “to cheers as he entered. Upon the request of Premier
abandon its plan to leave Paris Friday night,” but Nitti the audience took their seats. The extreme
they were reported to have declined to change their Socialists thereupon shouted “Vive Socialism!” and
plans. In cablegrams from Paris Wednesday morn took their departure. The King was accompanied
ing it was stated that Assistant Secreatry of State to the Parliament buildings by Queen Helena and
Polk “had yielded to the protest against the Ameri Crown Prince Humbert. The cablegrams recited
cans going home at a time when Germany was openly that the royal party “was given an enthusiastic
defying the Allies,” and had announced that their reception while proceeding from the Quirinal to the
departure “had been delayed for four or five days.” Parliament buildings.” In his speech from the
One correspondent declared that “what has really throne the King declared that “the confidence and
happened is that it has been delayed until the sympathy of the nation are indispensable to the
strained situation is relieved.” He added that “it Parliament.” “Italy,” he added, “after her great
will be relieved when it becomes clear what the victory must direct all her efforts to the works of
American Senate intends to do about the treaty.” peace.” Continuing he said: “We have no im
He also ventured to say that “it is possible that the perialistic views and intend in no way that the peace
American delegation may eat its Christmas dinner in of Europe shall be disturbed.” The advices stated
Paris.” The advices stated, furthermore, that after that the speech made a good impression. The
Mr. Polk had refused several times to prolong the . Vatican was reported to have been particularly
stay of the American delegation beyond Dec. 5, pleased with the expression that “peace must be the
Premier Clemenceau “sent an appeal to Washington same for the victors as the vanquished.” While
asking that the American delegation be kept in the Parliament was being opened the cause of Italy
Paris.” According to the reports in circulation in was being presented in London by ardent supporters
that centre, he did not receive a reply and Mr. Polk of the Italian Government, “for sympathetic con
took the decision on his own responsibility. The sideration of the Italian point of view in regard to
latter was reported to have been scored severely by both that country’s internal needs and external
the French press for planning to leave during the aspirations.” It was urged that “the Allies ought,
crisis, and also to have been besought by French, even from the standpoint of self interest, to relieve
Italy’s needs as far as possible.”
English and Italian diplomats to stay.
A special correspondent of the New York “Sun”
cabled his paper Tuesday morning that he was in a
position to assert that several weeks before “Premier
Nitti cabled a personal appeal to Washington in the
hope of enlisting the support of President Wilson in
the crisis now confronting Italy.” According to the
correspondent’s statement Secretary Lansing replied
in the President’s name, and the communication was
reported to have “reviewed the entire situation and
to have taken Italy severely to task for not proceeding
against d’Annunzio, and virtually refusing to discuss
Several days prior t.o the convoking of the Italian the situation further, until Italy had dealt with the
Parliament, the Monarchial Socialists of Florence poet.”
and other towns in Italy were reported to “have
issued a manifesto calling on all Italy to rally around The organization of Parliament was begun on
the King.” The Government organ “Tempo” de Monday after the delivery of the King’s speech. As
clared that “the supreme hour of the monarchy has had been expected, he named Tomasso Tittoni,
arrived.” There has been keen interest in political former Minister of Foreign Affairs, for President of
circles over “the decision of the Socialist Parliamen the Senate. This office is filled by the King alone.

The announcement was made in a Paris cable
gramthat the Supreme Council had decided “that the
question of Fiume should not be settled in the Hun
garian treaty, but reserved for final decision by the
Allied and Associated Powers.” It was pointed out
that “this eliminates any objections on the part of
the Italians and Jugo-Slavs to signing the treaty,
on account of Fiume.” London had a report yester
day morning that a solution of the Adriatic problem
had been found.




D ec . 6 1919.]

THE CHRONICLE

2 1 0 1

It developed that day also that there would be a office of the Secretary of the Peace Conference,
struggle from the start “for domination of the “supposedly as replies to the Supreme Council’s
Italian Chamber of Deputies,” and that it would note asking when Germany intended to sign the
really be between the Catholics and Socialists. protocol to the Versailles Treaty.” In a special
Rome advices stated that when they appeared in the Paris dispatch to the New York “Times” the assertion
Chamber “the Socialists wore red carnations, while was made that “neither note answers the question
one hundred members of the Catholic Party appeared of the Supreme Council.” One was said to have
with white carnations.” The Socialists were expec contained “arguments against the Germans paying
ted “to take the oath of office and offer a resolution for the 'Scapa Flow fleet,” while the other was re
that the oath be expunged from the Constitution.” ported to have been “an argument about German
Deputy Lazzari was to be their candidate for Presi prisoners of war.” It was expected that the notes
dent of the Chamber, while former Premier Orlando would be placed before the Supreme Council the
was to be named as the Government representative. following day. This, by the way, was claimed to
A striking fact was that some time before Orlando have been “the first time the Germans have used
“had Lazzari imprisoned for conducting an agitation their own language in notes to the Peace Conference.”
against the war.” When the votes were cast the According to the Paris dispatch already mentioned
following day Signor Orlando received 251, against the opinion was entertained in Paris that “Germany
143 for his opponent.
is seeking to delay the putting into effect of the
More or less excitement attended the administering treaty, which the Allies had fixed for Dec. 1.”
of the oath to the Socialist Deputies. For instance, (The dispatch was dated Nov. 28.)
Deputy Abba of Genoa, “who, at the opening of Par
liament the day before wore a sweater and cycling
A cablegram from Berlin states that the Chamber
costume,” answering his name, said: “I swear— of Commerce has sent “an energetic protest to the
but falsely.” AnotherDeputy exclaimed: “I swear National Assembly against adopting the projected
—but demand the abolition of the oath.” Because a proposal for taxing®incomes and capital before the
few Socialist Deputies were insulted by the crowd effects upon the German economic position have been
as they were passing through Palazza Colonna, the observed.” It was contended that the adoption of
Labor Exchange, “declared a general strike in such a measure would “prevent any reconstruction,
Rome, Milan and Florence, where there was a com arrest all enterprise, deprive the industrial world
plete cessation of work.” While at midnight “all of its life blood, result in wholesale unemployment nad
the public services were working, ‘Populo Romano’ the emigration of millions.” A similar protest to the
and the ‘Observatore Romano’ are the only papers National Assembly was made by the Trade Committee
appearing in Rome.” The strike spread rather rap of the Diet, while Dr. Felix Pinner, financial writer
idly and was in effect “throughout the northern for the “Tageblatt,” predicted that “the Finance
cities.” Up to Wednesday night the railways had Minister will be disappointed in his expectations of
continued in operation, but it was stated in Rome ad realizing 8,000,000,000 marks by taxing great for
vices that “the street car lines in Rome, Genoa, tunes.”
Turin, Milan, Bologna and Florence,” were tied up.
It was added that “retail business everywhere is
In its efforts to raise money by the sale of goods in
largely suspended.”
other countries, German Government authorities
The Chamber of Deputies will be asked to recon apparently are afraid that the country will be
sider a bill which it passed last September, but which stripped. A dispatch from Berlin stated that the
never became a law because Parliament was closed Government had been forced by the situation “to
before it was’acted upon by the Senate, giving women enact temporary measures which are calculated to
the right to vote and hold office. The belief was ex put a radical check on exports, while definite legisla
pressed in a^London cablegram that the latter power tion is in courseof preparation.” Even imprisonment
will be omitted from the bill when it is introduced was reported to have been decided upon as punish
at the present session. Rome cablegrams received ment “for the exportation of commodities which
Thursday afternoon. declared that the Chamber of affect the vital needs of the nation.”
Deputies opened yesterday amid great excitement,
Socialist Deputies being present in larger numbers
During the week copies of notes exchanged between
than on Tuesday, and the Catholic Party members all Baron von Lersner, Chairman of the German Peace
appearing in their seats.
delegation, and Premier Clemenceau, as Chairman
of the Peace Conference, were made public in Paris.
As the week opened there was further speculation, The former contended that on Aug. 29th last, the
both in Paris and Berlin, as to the probable course of Allied and Associated Powers issued a statement to
the German Government in dealing with the Peace the effect that they “had decided to ignore the date
Treaty, because of the failure of the American of the ratification of the treaty in dealing with
Senate to ratify it at the last session. According to German prisoners, the repatriation of whom was
an Associated Press dispatch from the German refused.’’ He also defended ‘‘Germany’s accomplish
capital, the Foreign Office had declared that “the ment of her obligations.” M. Clemenceau in his
German Government will be confronted by an reply alleged that the Baron’s letter “contains a
altered situation in respect to its obligations under series of statements whose incisive tone cannot mask
the Versailles Peace Treaty in the event that the their inaccuracy.” He also asserted that “the state
United States finally fails to ratify it.” It was said ment that France on August 29th, or any other time,
to have been contended in official German- circles in connection with the murder of Mannheim, or the
that “Germany should not be held responsible for delivery of coal, promised the repatriation of prison
the acts of the marine forces at Scapa Flow.” It ers is absolutely without foundation.”
became known in Paris a week ago this morning that
Baron von Lersner stated to the Associated Press
two long notes had been received in German at the correspondent in Paris on Wednesday that “Germany



2102

THE CHRONICLE

is w i l l i n g t o s i g n t h e p r o t o c o l p u t t i n g t h e P e a c e
T r e a ty in to e f fe c t if c e r ta in c la u s e s in th e p ro to c o l,
o b je c tio n a b le to h e r, a re w ith d r a w n .” A s a m a tte r
o f f a c t, th e B a ro n w a s r e p o r te d to h a v e “ c a lle d u p o n
S e c re ta ry D u ta s ta o f th e P e a c e C o n fe re n c e on
M o n d a y , a n d to ld h im t h a t G e r m a n y h a d d e c id e d
n o t to sig n t h e p r o to c o l a s a c o n d itio n fo r p u ttin g th e
P e a c e T r e a ty in to e f fe c t.” A s s is ta n t S e c re ta ry of
S t a te P o lk w a s r e p o r te d in a H a v a s d is p a tc h ' T h u r s 
d a y a fte rn o o n a s h a v in g s u m m o n e d B a ro n v o n
L e rs n e r a n d h a v in g to ld h im e m p h a tic a lly t h a t
“ G e r m a n y s h o u ld n o t in te r p r e t a s b e in g in h e r f a v o r
a n y d e la y t h a t m ig h t b e e n c o u n te re d in r a tif y in g
t h e V e rs a ille s T r e a t y a t W a s h in g to n .” A c c o rd in g
t o t h e d i s p a t c h a ls o M r . P o l k d e c l a r e d t h a t “ if
th e r e c a n b e in th e U n ite d S ta te s s e v e ra l w a y s of
u n d e r s ta n d in g th e t r e a ty , th e r e a re n o t tw o w a y s
o f u n d e r s ta n d in g th e o b lig a tio n s in c u m b e n t u p o n
G e r m a n y , n o r th e a ffe c tio n b in d in g th e U n ite d
S t a t e s t o h e r A l l i e s .” P h i l i p p S c h e i d e m a n n , f o r m e r
G e r m a n C h a n c e llo r , w a s q u o te d in a n in te r v ie w
g iv e n “ E c h o d e P a r is ,” a s h a v in g s ta te d t h a t “ G e r
m a n y sh o u ld s ta n d b y h e r w o rd a n d c a rry o u t th e
t e r m s o f t h e V e r s a i l l e s T r e a t y . ” Y e s t e r d a y ’s P a r i s
a n d L o n d o n a d v ic e s c o n ta in e d r a th e r d e fin ite r e p o r ts
t h a t m ilita r y fo rc e w o u ld b e u s e d , if n e c e s s a ry , to
c o m p e l t h e G e r m a n s t o sig n t h e p ro to c o l.
A c o rre s p o n d e n t o f th e N e w Y o rk “ T im e s ” s a y s
in a B e r lin c a b le g r a m t h a t t h e s o -c a lle d d y e t r u s t o f
G e r m a n y , r o u g h l y v a l u e d a t 1 5 ,0 0 0 ,0 0 0 ,0 0 0 m a r k s ,
h a s d e c id e d to m a k e a v e ry la rg e in c re a s e in th e c a p i
ta liz a tio n . In a s m u c h a s th e a c tu a l fig u re s w h ic h h e
g a v e d o n o t h a rm o n iz e , t h e y a re n o t g iv e n h e re . H e
s t a te d t h a t th e p u rp o s e o f th e in c re a s e w o u ld b e
to e n a b le G e r m a n y to “ r e a s s e r t s u p r e m a c y in th e
d y e in d u s tr y a n d to m a k e h e r in d e p e n d e n t a s to
n itr a te s u p p lie s .” A c c o rd in g to th e c o rre s p o n d e n t,
“ b e f o r e t h e w a r G e r m a n y ’s a g r i c u l t u r e r e q u i r e d 2 2 2 ,
0 5 0 to n s o f n i tr a t e , h a lf o f w h ic h c a m e fro m C h ili,” b u t
h e a d d e d t h a t “ th e t r u s t c a lc u la te s t h a t a s so o n a s th e
w h o l e o f t h e p r e s e n t a n d p r o j e c t e d p l a n t is w o r k i n g
t h e r e w i l l j b e s o m e t h i n g l i k e 2 5 0 ,0 0 0 t o n s f o r e x p o r t . ”
G e r m a n y is a c tu a lly t r y in g a p r e m iu m o r a l o tte r y
lo a n . A d v ic e s fro m B e rlin th is w e e k in d ic a te d t h a t
it w a s n o t p ro v in g a su c c e ss. A t a n y ra te , a n n o u n c e 
m e n t w a s m a d e o f a n e x te n s io n o f tim e fo r m a k in g
s u b s c rip tio n s , to D e c e m b e r 1 0 th . I t w a s p ro p o se d
o r i g i n a l l y t o r a i s e 5 , 0 0 0 ,0 0 0 ,0 0 0 m a r k s . Y e s t e r d a y
m o r n i n g ’s c a b l e g r a m s f r o m t h e G e r m a n c a p i t a l c o n 
ta in e d a lo n g s y n o p s is o f a fin a n c ia l p la n p r e s e n te d
to th e N a tio n a l A s s e m b ly o n W e d n e s d a y b y F in a n c e
M in is te r M a th ia s E rz b e rg e r. L a c k of sp a c e a n d
. tim e m a k e i t im p o s s ib le to g iv e a d e ta ile d id e a o f t h e
p la n , w h ic h w a s s a id to h a v e b e e n c h a r a c te r iz e d in
B e r lin a s “ c o n f is c a to r y .” T h e F in a n c e M in is te r
s ta te d , h o w e v e r, t h a t th e b u d g e t fo r th e fis c a l y e a r
1 9 1 9 p ro v id e d fo r a re d u c tio n in to ta l e x p e n d itu re s
o f 2 1 , 5 0 0 ,0 0 0 ,0 0 0 m a r k s . H e a d d e d t h a t e x t r a 
o r d i n a r y e x p e n s e s w o u l d a m o u n t t o 4 1 ,0 0 0 ,0 0 0 ,0 0 0
m a rk s , a n d th e e x tr a o r d in a r y w a r le v y a n d ta x a tio n
o n w a r f o r t u n e s t o g e t h e r w o u l d y i e l d 1 2 ,0 0 0 ,0 0 0 ,0 0 0
m a rk s . T h e re q u ire m e n ts o f th e S ta te fo r th e n e x t
y e a r , h e s t a t e d , w o u l d b e 1 7 , 8 0 0 ,0 0 0 ,0 0 0 m a r k s .
T h e in c o m e ta x s c h e d u le p r o v id e s fo r e x e m p tio n o f
th e firs t th o u s a n d m a rk s o f in c o m e . A fte r t h a t
a m o u n t in c o m e s w ill b e ta x e d 1 0 % f o r t h e s e c o n d
th o u s a n d , 1 % b e in g t h e g r a d e d in c re a s e s fo r e v e ry
t h o u s a n d u p t o 1 5 ,0 0 0 m a r k s . I n c o m e i n e x c e s s o f



V ol . 109.]

5 0 0 ,0 0 0 m a r k s m u s t p a y 6 0 % . I t w a s s t a t e d a ls o
t h a t t h e m a n w h o h a d a p r e - w a r i n c o m e o f 1 0 0 ,0 0 0
m a r k s “ is e x p e c t e d n o w t o t u r n o v e r h a l f t h a t a m o u n t
to t h e S t a te , w h ile lo c a l ta x e s a r e lik e ly to c o n s u m e
a n a d d i t i o n a l 2 0 ,0 0 0 m a r k s . ”
A s ta ff c o rre s p o n d e n t o f th e N e w Y o rk “ S u n ” o n
T u e s d a y e v e n in g s e n t a th o ro u g h ly a la rm in g d is 
p a tc h to h is p a p e r r e la tiv e to fo o d a n d fu e l c o n d itio n s
in A u s tr ia . H e s a id t h a t C h a n c e llo r R e n n e r , w ith
t h e m e m b e r s o f h i s C a b i n e t , “ w ill a r r i v e i n P a r i s
e a r ly n e x t w e e k fo r th e p u rp o s e o f p re s e n tin g to th e
S u p r e m e C o u n c il th e s itu a tio n o f t h e f o r m e r d u a l
m o n a r c h y .” T h e c o rre s p o n d e n t a d d e d t h a t a m o n g
o th e r th in g s D r . R e n n e r w o u ld s h o w b y s ta tis tic s t h a t
A u s tr ia “ h a s n o t s u ffic ie n t fo o d to c a r r y h e r th r o u g h
t h e m o n t h o f D e c e m b e r ; t h a t t h e r e is n o t e n o u g h
c o a l in t h e w h o le le n g th a n d b r e a d th o f th e re p u b lic
t o k e e p s e v e r a l g o o d s iz e d p la n ts in o p e r a tio n a s in g le
w e e k a n d t h a t th o u s a n d s o f w o rk e rs a re w a lk in g th e
s tr e e ts id le , a n d t h a t u n le s s f o o d , m e d ic in e a n d c o a l
a r r i v e i n t i m e c a s u a l t i e s a m o n g t h e p o p u l a t i o n w ill
b e s h o c k in g , p a r tic u la r ly a m o n g o ld p e rs o n s a n d w o 
m e n a n d c h ild r e n .”
U n d a u n te d b y h is m ilita r y fa ilu re , A d m ira l K o l
c h a k is r e p o r t e d t o h a v e d e c i d e d t o f o r m a n e w C a b 
in e t. V ic to r P e p a lia e ff, fo rm e rly M in is te r o f th e
I n t e r i o r i n t h e A d m i r a l ’s C a b i n e t , w a s i n t r u s t e d w i t h
th e ta s k o f fo rm in g a n e w o n e , a n d i t w a s d e c la re d
t h a t i t w o u ld h a v e “ th e g r e a te s t s o c ia lis t te n d e n c ie s
c o m p a t i b l e w i t h A d m i r a l K o l c h a k ’s s t a n d a g a i n s t
B o ls h e v is m .” L a r g e r p o w e rs w e re to b e g iv e n t o
th e r e c e n tly o rg a n iz e d Z e m s tv o C o n g re s s , w ith s u c h
a p ro g ra m , it w a s s ta te d , t h a t “ A d m ira l K o lc h a k
h o p e s t o b e a b l e t o s u r v i v e t h e c r is is b r o u g h t a b o u t
b y t h e c o lla p s e o f h is m ilita r y c a m p a ig n in t h e w e s t
a n d t h e o u t b u r s t o f s o c ia lis tic a n d r e v o lu tio n a r y
a c tiv itie s in th e e a s t.” F u r th e r m o r e , it w a s s a id
to h a v e b e e n d e c id e d “ to e lim in a te e n tir e ly th e in flu 
e n c e o f t h e m i l i t a r y o v e r c iv i l m a t t e r s , w h i c h i s
g e n e ra lly c o n c e d e d to h a v e b e e n o n e o f th e n o ta b le
w e a k n e ss e s o f th e K o lc h a k G o v e rn m e n t.” L a te r
d is p a tc h e s s t a te d t h a t “ t h e S o c ia l R e v o lu tio n is ts
a n d Z e m s tv o s a re d is p o s e d to a c c e p t a c o m p ro m is e
w ith t h e K o lc h a k G o v e r n m e n t a lo n g t h e lin e s o f a
re s p o n s ib le c o a litio n C a b in e t.”
O n T u e s d a y th e S ta te D e p a r tm e n t a t W a s h in g to n
a n n o u n c e d th e n e w K o lc h a k C a b in e t, w ith V ic to r
P e p e lia e ff a s P re m ie r. S u b s e q u e n t a n n o u n c e m e n t
o f a ll t h e m e m b e r s a n d o f its p r o p o s e d p o lic y w a s
m a d e a t O m s k . A s t h e w e e k c lo s e s t h e R u s s i a n
a d v ic e s p o r t r a y a s o m e w h a t m o re f a v o r a b le p o s itio n
fo r th e p rin c ip a l a n ti-B o ls h e v is t le a d e rs .
N a t u r a l ly a b ig fu s s w a s m a d e in L o n d o n o v e r t h e
a n n o u n c e m e n t t h a t L a d y A s to r h a d w o n a s e a t in
th e H o u s e o f C o m m o n s fro m P ly m o u th b y a m a rg in
o f o v e r 5 ,0 0 0 v o t e s . B y t h e w a y , s h e w a s n o t t h e
f ir s t w o m a n to b e e le c te d to t h a t b o d y , in a s m u c h a s
C o u n t e s s M a r k i e v i e c z , a S i n n F e i n e r , is a b l e t o c l a i m
t h a t d is tin c tio n fo r h e rs e lf, b u t L a d y A s to r is th e
f ir s t a c t u a l l y t o b e s e a te d in t h a t m o r e o r le s s e x c lu s 
i v e b o d y , w i t h i n w h o s e h a l l s a w o m a n ’s v o i c e h a d
n e v e r b e e n h e a rd o ffic ia lly . I n d e s c rib in g th e a n 
n o u n c e m e n t o f L a d y A s t o r ’s v i c t o r y , t h e c o r r e s p o n d 
e n t o f th e N e w Y o rk “ S u n ” , r a th e r e x tra v a g a n tly
s t a te d t h a t “ w ith o n ly a fe w d is s e n tin g v o ic e s , th e
fa m o u s le a d e rs o f E n g lis h t h o u g h t a re a c c la im in g th e

D e c . 6 1919.]

THE CHRONICLE

e le c tio n o f L a d y A s to r to th e H o u s e o f C o m m o n s a s
a g r e a t f o r w a r d s t e p i n t h e m a r c h o f w o m a n ’s w o r l d 
w id e e m a n c ip a tio n .” I t w a s p o in te d o u t t h a t “ h e r
e n tr y b r e a k s a t r a d i t io n o f s ix c e n tu r ie s .” S h e w a s
r e p o r te d to h a v e re c e iv e d “ th o u s a n d s o f te le g ra m s
o f c o n g r a tu la tio n , in c lu d in g c a b le g ra m s fro m A m e ri
c a . ” P r e m i e r L l o y d G e o r g e ’s m e s s a g e r e a d : “ H a i l
to t h e f ir s t w o m a n m e m b e r .” M a r ie C o rre lli a m 
b ig u o u s ly d e c la re d “ L a d y A s to r h a s m y m o s t sin c e re
s y m p a th y .”
L a d y A s to r to o k th e o a th a s a m e m b e r o f th e H o u s e
o f C o m m o n s a t 4 o ’c lo c k l a s t M o n d a y a f t e r n o o n .
P r e m ie r L lo y d G e o rg e a n d A r th u r J . B a lfo u r s e rv e d
a s h e r s p o n s o r s . I t w a s re c o rd e d in L o n d o n a d v ic e s
t h a t s h e s ig n e d th e ro ll a s “ N a n c y A s to r .” T h e
d e m a n d fo r tic k e ts fo r th e p u b lic g a lle ry w a s s a id
to h a v e b e e n g r e a tly in e x c e ss o f th e s u p p ly .

2103

A c a b l e g r a m f r o m L o n d o n t o t h e N e w Y o r k “ S u n ’y
y e s te r d a y m o r n in g c o n ta in e d a s y n o p s is o f t h e r e p o r t
to th e C h a n c e llo r o f th e E x c h e q u e r o f th e A m e ric a n
D o l l a r s S e c u r i t i e s C o m m i t t e e . I t is s t a t e d t h a t
“ B r i t i s h i n v e s t o r s h o l d t o - d a y $ 9 ,0 0 0 ,0 0 0 ,0 0 0 i n
fo re ig n s e c u r itie s , e v e n a f te r s u p p ly in g t h e G o v e r n 
m e n t w i t h $ 3 ,0 0 0 ,0 0 0 ,0 0 0 w o r t h o f s u c h s e c u r i t i e s .
t o f o r m t h e b a s is o f lo a n s in t h e U n ite d S ta te s t o
s u p p o r t th e p o u n d s te r lin g .” T h e c o rre s p o n d e n ta d d s “ t h a t t h e r e m a in in g fo re ig n s e c u r itie s h e ld a r e
e n o u g h to w ip e o u t th e e n tir e n a tio n a l d e b t o f $ 8 ,
0 0 0 ,0 0 0 ,0 0 0 a n d l e a v e a g o o d m a r g i n . ” H e r e i t e r a t e s
th e s ta te m e n t re c e n tly m a d e o f la te t h a t G r e a t
B r i t a i n ’s i n a c t i o n w i t h r e s p e c t t o t h e g r e a t d e p r e 
c i a t i o n i n t h e B r i t i s h s o v e r e i g n is f o r t h e p u r p o s e
o f h a v in g it s e rv e a s a n e m b a rg o a g a in s t h e a v y im 
p o r ta tio n s o f fo re ig n g o o d s .

T h e p ro p o s a l to ra is e m o n e y fo r th e G o v e rn m e n t
b y l o tte r y m e th o d s c a u s e d m u c h d is c u s s io n a n d e n 
c o u n t e r e d s t r o n g o p p o s i t i o n i n L o n d o n a n d e ls e 
w h e re in G r e a t B r ita in in a d v a n c e o f its b e in g b r o u g h t
u p in th e H o u s e o f C o m m o n s . W h ile t h e p la n w a s
r e p o r t e d t o h a v e h a d a s u b s t a n t i a l p o p u l a r f o l lo w in g ,
m a n y p ro m in e n t G o v e rn m e n t o ffic ia ls , a n d c h u rc h 
m e n g e n e ra lly , w e re s tr o n g ly o p p o s e d to it. P re m ie r
L lo y d G e o rg e , A n d re w B o n a r L a w a n d o th e r G o v 
e r n m e n t le a d e r s w e re b e lie v e d to h a v e d is a p p r o v e d
o f th e s c h e m e , a lth o u g h u p to t h a t tim e th e y h a d n o t
g iv e n p u b lic e x p re s s io n to th e i r id e a s . T h e A rc h 
b is h o p o f C a n te r b u r y d e n o u n c e d i t “ a n d s e rm o n s w e re
p re a c h e d a g a in s t it in m a n y o f th e N o n -c o n fo rm is t
c h u rc h e s th ro u g h o u t th e c o u n tr y .” T h e c o n se rv a 
tiv e e le m e n t in th e H o u s e o f C o m m o n s p re v a ile d
w h e n th e m e a s u re c a m e u p fo r c o n s id e ra tio n la s t
M o n d a y . I t w a s d e fe a te d b y a v o te o f 2 7 6 to 8 4 .
W h ile H o r a tio W . B o tto m e le y , I n d e p e n d e n t, fro m
S o u th H a c k n e y , a rg u e d th a t “ su c h a m e a su re w as
n e c e s s ita te d b y th e e x is te n c e o f a h u g e f lo a tin g d e b t,
w h ic h m ig h t c a u s e a r u n o n th e B a n k o f E n g la n d ,”
th e o b je c tio n w a s ra is e d t h a t th e s c h e m e w a s “ im 
m o r a l a n d t h a t th e B r itis h G o v e r n m e n t c o u ld n o t
a ffo rd to e n c o u ra g e g a m b lin g a s a n a tio n a l in s titu 
t i o n .” T h e f ir s t v o te to b e c a s t in th e H o u s e o f
C o m m o n s b y L a d y A s t o r w a s a g a i n s t t h i s b i ll .

I h e fe a tu r e o f th e B ritis h T re a s u ry s ta te m e n t o f
n a tio n a l fin a n c in g fo r th e w e e k e n d in g N o v e m b e r 2 9 ,
w a s a lo s s in t h e E x c h e q u e r b a la n c e o f n o le s s t h a n
£ 1 ,2 4 9 , 0 0 0 , w h i c h w a s d u e t o a f a l l i n g o f f i n r e v e n u e s
a n d in c o m e a n d a n in c re a s e in e x p e n s e s a n d o u tg o .
E x p e n d i t u r e s f o r t h e w e e k w e r e £ 2 5 ,1 1 8 ,0 0 0 , w h i c h
c o m p a r e s w i t h £ 2 3 ,3 7 1 ,0 0 0 l a s t w e e k , w h i l e t h e t o t a l
o u tflo w , r e p r e s e n tin g r e p a y m e n ts o f A d v a n c e s ,
I r e a s u r y b ills , a n d o th e r ite m s , a g g r e g a te d £ 1 0 7 ,
2 0 7 ,0 0 0 , a s a g a i n s t £ 7 6 ,2 6 0 ,0 0 0 t h e p r e v i o u s w e e k R e c e i p t s f r o m a ll s o u r c e s e q u a l e d £ 1 0 5 ,9 5 8 ,0 0 0 ,
L a s t w e e k t h e y a m o u n t e d t o £ 7 6 ,6 7 9 ,0 0 0 . O f t h i s
t o t a l , s a v i n g s c e r t i f i c a t e s a d d e d £ 9 5 0 ,0 0 0 , a g a i n s t
£ 1 ,0 5 0 ,0 0 0 , a n d r e v e n u e s £ 1 4 , 2 4 6 , 0 0 0 , a g a i n s t
£ 2 2 ,8 3 3 ,0 0 0 a w e e k a g o . T h e c iv i l c o n t i n g e n c i e s
f u n d b r o u g h t in £ 3 ,0 0 0 ,0 0 0 , a g a in s t £ 2 ,0 1 0 ,0 0 0 t h e
p re c e d in g w e e k . F o r th e f ir s t tim e in s o m e w e e k s
s a le s o f n e w T r e a s u r y b ills w e re le s s t h a n t h e a m o u n t
r e p a i d , b e i n g £ 6 8 ,3 3 2 ,0 0 0 , a g a i n s t £ 3 8 , 2 8 8 , 0 0 0 t h e
w e e k b e fo re , in c o m p a ris o n w ith re p a y m e n ts o f
£ 7 1 ,6 9 7 ,0 0 0 ; h e n c e t h e v o l u m e o f T r e a s u r y b i l l s
o u t s t a n d i n g w a s r e d u c e d t o £ 1 ,0 8 9 ,0 8 2 ,0 0 0 , i n c o m 
p a r i s o n w i t h £ 1 , 0 9 2 ,0 5 9 ,0 0 0 a w e e k a g o . N e t
te m p o r a r y a d v a n c e s , h o w e v e r, a s h a d b e e n e x p e c te d ,
s h o w e d a n i n c r e a s e o f £ 7 ,5 0 0 ,0 0 0 t o £ 2 0 9 , 5 8 0 ,0 0 0 .
T h e E x c h e q u e r b a l a n c e n o w s t a n d s a t £ 3 , 2 6 8 ,0 0 0 , a s
c o m p a r e d w i t h £ 4 , 5 1 7 ,0 0 0 l a s t w e e k .

W h a t w a s p o p u la r ly s p o k e n o f in L o n d o n a s th e
“ A n ti-d u m p in g B ill” w a s r e p o r te d to h a v e b e e n
f r e e l y d i s c u s s e d i n B r i t i s h t r a d e a n d f i n a n c i a l c ir c le s ,
a n d th e o p in io n a p p e a r e d to b e r a th e r g e n e ra l t h a t it
w o u l d f a il o f a d o p t i o n i n t h e H o u s e o f C o m m o n s .
I t w a s p o in te d o u t t h a t th e m e a s u re , in te n d e d , o f
c o u rs e , to p r e v e n t t h e w h o le s a le “ d u m p in g ” o f
fo re ig n g o o d s o n t h e B r itis h m a r k e t, r e a lly “ p u ts
in to e ffe c t th e e q u iv a le n t o f a p ro te c tiv e ta r if f , w ith
a b u r e a u c r a tic a d m in is tr a tio n , g iv in g e x tr a o r d in a r y
d is c r e tio n a r y p o w e r to a s m a ll c o m m itte e .” T h e
“ E c o n o m is t” s a id o f th e p ro p o s a l t h a t “ th e m o s t
c o n s p ic u o u s c h a r a c te r is tic o f t h e b ill is i ts s t u p i d i t y .”
S p e a k in g o f t h e f e a r in s o m e c irc le s t h a t I t a l y a n d
F ra n c e , a n d o th e r c o u n trie s w ith a d e p re c ia te d e x 
c h a n g e , w o u ld r u s h la rg e q u a n titie s o f g o o d s u p o n
th e B ritis h m a r k e t, th e “ E c o n o m is t” s u g g e s te d ,
“ H o w a r e th e s e m a r k e ts e v e r g o in g to b e a b le to
ta k e o u r g o o d s u n le s s th e ir e x c h a n g e im p ro v e s ?
A n d h o w is i t e v e r t o i m p r o v e u n l e s s t h e y a r e p e r 
m i t t e d t o s e ll f r e e l y t o u s ? ” T h e “ N a t i o n ” s a i d
“ th e b ill s e ts u p a t r ib u n a l w h o s e d u t y is i t to h a r r y
a n d h a m p e r B ritis h tr a d e .”

N o c h a n g e h a s b e e n n o te d in o ffic ia l d is c o u n t r a te s
a t le a d in g E u r o p e a n c e n tre s fro m 5 % in P a r is , B e rlin ,
V ie n n a - , S p a i n a n d C o p e n h a g e n ; 5 ^ % i n S w i t z e r l a n d , '
6 % in L o n d o n , S w e d e n , N o rw a y a n d P e tro g ra d a n d
4 /^ 2 % i n H o l l a n d . I n L o n d o n t h e p r i v a t e b a n k r a t e
is n o w q u o te d a t 5 ^ % f o r s ix ty a n d n in e ty d a y b ills ,
a s a g a in s t 6 % la s t w e e k . M o n e y o n c a ll in L o n d o n
h a s a ls o b e e n r e d u c e d , a n d h a s s te a d ily d e c lin e d t o
2 2 4 % , c o m p a re d w ith 4 % % a w e e k a g o . N o r e p o r ts
h a v e b e e n re c e iv e d b y c a b le o f o p e n m a r k e t d is c o u n t
r a te s a t o th e r c e n tre s .




F o r t h e f ir s t tim e in a lo n g p e r io d t h e B a n k o f
E n g la n d r e p o r te d a re a lly s u b s ta n tia l g a in in i t s i
g o l d i t e m , i n r o u n d n u m b e r s £ 3 ,8 8 8 ,7 5 0 , a n d a g a i n
i h t o t a l r e s e r v e s o f £ 3 ,4 4 9 ,0 0 0 . N o t e c i r c u l a t i o n
i n c r e a s e d £ 1 , 1 4 0 ,0 0 0 . T h e p r o p o r t i o n o f r e s e r v e t o
lia b ilitie s , h o w e v e r, w a s re d u c e d — m a n if e s tly b e 
c a u s e o f t h e e n o r m o u s in c re a s e s in t h e d e p o s it ite m s —
a n d is n o w 1 3 . 2 1 % a s a g a i n s t 1 6 . 3 4 % a w e e k a g d
a n d 1 5 .1 7 % la s t y e a r . P u b lic d e p o s its w e re a u g 
m e n t e d £ 1 , 4 8 6 ,0 0 0 , w h i l e o t h e r d e p o s i t s s h o w e d t h e
p h e n o m e n a l g a i n o f £ 4 5 ,5 4 8 ,0 0 0 a n d G o v e r n m e n t
s e c u r i t i e s w e r e e x p a n d e d £ 4 5 ,9 6 6 ,0 0 0 . L o a n s ( o t h e r

THE CHRONICLE

2104

s e c u r i t i e s ) w e r e c o n t r a c t e d £ 1 ,2 7 2 ,0 0 0 . T h e B a n k ’s
s t o c k o f g o l d o n h a n d a m o u n t s t o £ 9 1 ,7 9 0 ,3 6 9 , a n d
c o m p a r e s w i t h £ 7 6 ,0 1 1 ,2 4 1 i n 1 9 1 8 , £ 5 7 ,5 3 4 ,9 5 5 t h e
y e a r p r e c e d i n g a n d £ 3 6 ,6 2 4 ,1 8 7 i n 1 9 1 3 . C i r c u 
l a t i o n h a s r e a c h e d a t o t a l o f £ 8 8 ,1 3 3 ,0 0 0 , a s a g a i n s t
£ 6 7 ,0 4 7 ,7 7 5 t h e y e a r b e f o r e a n d £ 4 3 ,7 2 8 ,0 8 0 i n 1 9 1 7 .
R e s e r v e s t o t a l £ 2 2 ,1 0 6 ,0 0 0 , i n c o m p a r i s o n w i t h £ 2 7 ,
4 1 3 ,4 6 6 a n d £ 3 2 ,2 5 6 ,8 7 5 o n e a n d t w o y e a r s a g o ,
r e s p e c t i v e l y . L o a n s a g g r e g a t e £ 7 8 ,8 0 8 ,0 0 0 . T h i s
c o m p a r e s w i t h £ 9 7 ,5 9 6 ,7 3 3 l a s t y e a r a n d i n 1 9 1 7
£ 9 1 ,7 9 8 ,9 7 2 . A L o n d o n c a b l e g r a m s a y s t h a t t h e
T r e a s u r y b o r r o w e d a b o u t £ 4 5 ,0 0 0 ,0 0 0 t o m e e t w a r
lo a n d iv id e n d s d u e D e c . 1 . A s a p a r tia l o ffs e t th e
B a n k o b t a i n e d £ 4 ,0 0 0 ,0 0 0 g o l d , p r o b a b l y f r o m j o i n t
s to c k b a n k s . C le a rin g s th r o u g h th e L o n d o n b a n k s
f o r t h e w e e k w e r e £ 7 2 1 ,2 1 0 ,0 0 0 . L a s t w e e k t h e t o t a l
w a s £ 6 8 3 ,8 8 0 ,0 0 0 a n d i n t h e c o r r e s p o n d i n g w e e k o f
1 9 1 8 £ 4 4 6 ,5 8 4 ,0 0 0 . W e a p p e n d a t a b u l a r s t a t e m e n t
o f c o m p a ris o n s :
B AN K OF E N G LA N D ’S COM PARATIVE STATEM E NT.
1919.

1918.

Dec. 3.

Dec. 4.

£

£

1917.

1916.

1915.

Dec. 5.

Dec. 6.

Dec. 8.

£

£

£

Circulation.............. - 88,133,000 67,047,775 43,728,080 37,858,335 34,155,360
Public deposits.......... 20,793,000
26,530,367 36,458,001 58,716,597 52,443,879
Other deposits_____ 146,527,000
154,198,738135,638,569 108,946,191 90,018,941
Governin’t securities 84,300,0 0 0 _ 7 3 ,544,385^65,912,870^42,187,693_32,840,075
Other securities-TTT'78,808,000
97,596,733 91,798,972 106,749,646 92,910,363
Res’ve notes & coin. 22,106,000
27,413,466 32,256,875 36,534,395 34,567,388
Coin and bullion___ 91,790,369
76,011,241 57,534,955 55,942,730 50,272,748
Proportion of reserve
to llablllies............
13.20%
15.17%
18.75%
21.79%
24.26%
Bank rate__________
6%
6%
5%
6%
5%

T h e B a n k o f F r a n c e in i ts w e e k ly s ta te m e n t sh o w s
a f u r t h e r g a in in its g o ld ite m th is w e e k , t h e in c re a s e
b e i n g 2 7 7 ,0 0 0 f r a n c s . T h e B a n k ’s t o t a l g o l d h o l d 
i n g s t h e r e f o r e , n o w a g g r e g a t e 5 ,5 7 7 ,2 3 9 ,2 5 0 f r a n c s ,
c o m p a r i n g w i t h 5 ,4 6 7 ,6 2 9 ,1 5 8 f r a n c s l a s t y e a r a n d
w i t h 5 , 3 3 6 ,2 9 5 ,5 6 7 f r a n c s t h e y e a r p r e v i o u s ; o f t h e s e
a m o u n t s 1 ,9 7 8 ,2 7 8 ,4 1 6 f r a n c s w e r e h e l d a b r o a d i n
1 9 1 9 a n d 2 ,0 3 7 ,1 0 8 ,4 8 4 f r a n c s in b o t h 1 9 1 8 a n d
1 9 1 7 . D u r in g t h e w e e k , b ills d is c o u n te d w e re a u g 
m e n t e d t o t h e e x t e n t o f 1 4 6 ,9 7 1 ,1 4 9 f r a n c s a n d a d 
v a n c e s r o s e 3 0 ,6 7 2 ,5 3 2 f r a n c s . S i l v e r , o n t h e o t h e r
h a n d , f e ll o f f 3 , 1 6 0 , 8 7 2 f r a n c s . T r e a s u r y d e p o s i t s
d e c r e a s e d 2 ,0 4 1 ,2 6 3 f r a n c s a n d g e n e r a l d e p o s i t s
w e r e r e d u c e d 1 0 6 ,9 0 5 ,9 9 2 f r a n c s . N o t e c i r c u l a 
t i o n r e g i s t e r e d t h e l a r g e e x p a n s i o n o f 3 3 2 ,5 1 8 ,2 3 6
f r a n c s , b r i n g i n g t h e t o t a l o u t s t a n d i n g u p t o 3 7 ,
3 8 6 ,3 2 5 ,6 9 6 f r a n c s , w h i c h c o n t r a s t s w i t h 2 8 ,7 3 2 ,
7 0 3 ,6 5 0 f r a n c s l a s t y e a r a n d w i t h 2 2 ,9 1 1 ,7 8 2 ,2 5 7
fra n c s in 1 9 1 7 . O n J u ly 3 0 1 9 1 4 , ju s t p rio r to th e
o u tb r e a k o f w a r, t h e a m o u n t o u ts ta n d in g w a s o n ly
6 ,6 8 3 ,1 8 4 ,7 8 5 f r a n c s . C o m p a r i s o n s o f t h e v a r i o u s
i t e m s i n t h i s w e e k ’s r e t u r n w i t h t h e s t a t e m e n t o f
la s t w e e k a n d c o rre s p o n d in g d a te s in 1 9 1 8 a n d 191 7
a r e a s f o l lo w s :
B AN K OF FR ANC E’S C O M P A R A T IV E jST A T E M E N T .

Changes
for Week.
GoldHoldings— Francs.
In France___......I n c .J I
277,000
A b r o a d .....______
No change

-------------------- ------------ status G.‘

Dec.

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

4 1919. Dec. 5 1918. Dec. 6 1917.

Francs.

3,598,960,834
1,978,278,416

Francs.

3,430,520,673
2,037,108,484

Francs.

3,299,187,082
2,037,108,484

Total
inc.'I 277,000 5,577,239,250 5,467,629,158 5,336,295,567
tllver " * *
- Dec. 3,160,872
280,487,256
319.941,426
246,254,889
Jills discounted — .In c.l46 ,971 .149 _1.0 75,6 93,2 73_.. 998.426,443 _ 802,073.883
advances______ -"-Inc. 30,672,532 1,353,368,770__1.182,530,417__1,170,714,260
sfote circulation— Inc.332,518,236 37,386.325,696 28,732,703,650 22,911,782,257
rreaaury deposits..D ec. 2,041,263
50,119,136
257, 900, 12. , —
' .
3eEeraf”deposits__ Dec .106,905,992 2,843,768,476 2,557,094,183 2,796,256,304

T h e I m p e r ia l B a n k o f G e r m a n y in its s ta te m e n t a s
o f N o v e m b e r 15 (d e la y e d in tra n s m is s io n a n d r e 
c e iv e d a lm o s t s im u lta n e o u s ly w ith t h a t o f N o v e m b e r
2 2 ) , s h o w e d t h e f o l lo w in g c h a n g e s : C o i n a n d b u l l i o n
d e c r e a s e d 8 2 0 ,0 0 0 m a r k s , g o l d d e c l i n e d 1 ,1 0 3 ,0 0 0
m a r k s . T r e a s u r y n o t e s w e r e e x p a n d e d 9 ,9 0 1 ,0 0 0
m a r k s , w h i l e b i l l s d i s c o u n t e d w e r e a u g m e n t e d 1 ,8 0 3 ,


[V ol . 109.

5 7 0 .0 0 0 m a r k s . O t h e r i n c r e a s e s w e r e 1 ,2 3 0 ,0 0 0
m a r k s i n n o t e s o f o t h e r b a n k s , 1 ,0 2 6 ,0 0 0 m a r k s i n
a d v a n c e s , 4 8 ,2 0 0 ,0 0 0 m a r k s i n n o t e c i r c u l a t i o n a n d
1 .9 4 7 .5 1 4 .0 0 0 m a r k s i n d e p o s i t s . O t h e r l i a b i l i t i e s
w e r e r e d u c e d 1 9 4 ,9 4 2 ,0 0 0 m a r k s .
In v e s tm e n ts
s h o w e d a c o n t r a c t i o n o f 1 ,4 8 1 ,0 0 0 m a r k s a n d o t h e r
s e c u r i t i e s 1 0 ,6 6 3 ,0 0 0 m a r k s .
.
I n th e s ta te m e n t fo r N o v e m b e r 2 2 , d ra s tic c h a n g e s
w e r e r e c o r d e d , c h ie f a m o n g w h i c h m a y b e m e n t i o n e d
a c u t i n d e p o s i t s o f 2 ,3 7 5 ,8 1 2 ,0 0 0 m a r k s a n d a r e 
d u c t i o n i n b i l l s d i s c o u n t e d o f 1 ,9 4 8 ,3 7 8 ,0 0 0 m a r k s .
T o t a l c o in a n d b u l l i o n w a s a g a i n r e d u c e d , v i z . , 6 7 5 ,0 0 0 m a r k s , a n d g o l d , 9 6 9 ,0 0 0 m a r k s . A d v a n c e s w e r e
r e d u c e d 1 ,4 0 1 ,0 0 0 m a r k s a n d s e c u r i t i e s 1 2 3 ,9 1 8 ,0 0 0
T h e r e w e r e i n c r e a s e s o f 5 0 ,2 3 7 ,0 0 0 m a r k s i n T r e a s u r y
n o t e s , 3 3 2 ,0 0 0 m a r k s i n n o t e s o f o t h e r b a n k s , 3 , 2 0 4 , 
0 0 0 m a r k s i n i n v e s t m e n t s , 1 9 5 ,5 6 6 ,0 0 0 m a r k s i n
c i r c u l a t i o n a n d 1 6 7 ,6 4 6 ,0 0 0 m a r k s i n l i a b i l i t i e s . A c 
c o r d i n g t o t h e l a t e s t r e t u r n s t h e B a n k ’s s t o c k o f g o l d
n o w s t a n d s a t 1 , 0 9 0 ,7 6 3 ,0 0 0 m a r k s . T h i s c o m p a r e s
w i t h 2 , 3 0 8 ,5 6 0 ,0 0 0 m a r k s i n 1 9 1 8 . N o t e c i r c u l a t i o n
h a s r e a c h e d a t o t a l o f 3 1 , 3 1 9 ,0 4 0 ,0 0 0 m a r k s , a s
a g a i n s t 1 7 ,9 0 5 ,4 2 0 ,0 0 0 m a r k s t h e y e a r p r e v i o u s .
L a s t w e e k ’s b a n k s t a t e m e n t o f N e w Y o r k C l e a r i n g
H o u s e m e m b e rs , issu e d o n S a tu r d a y , in d ic a te d a
c o n tin u a tio n o f th e “ r e tr e n c h m e n t” w h ic h w a s in
e v id e n c e t h e p r e c e d in g w e e k , th e r e h a v in g b e e n a
f u r th e r c o n tra c tio n in lo a n s a n d a s u b s ta n tia l in 
c re a s e in re s e rv e s , b o th a g g r e g a te a n d s u r p lu s ,
a lth o u g h th e e x p a n s io n in th e l a t t e r w a s d u e la rg e ly
to a n in c re a s e in re s e rv e c re d its a t th e F e d e ra l
R e s e r v e B a n k . T h e lo a n ite m w a s r e d u c e d $ 8 ,1 9 3 ,
0 0 0 , w h i l e n e t d e m a n d d e p o s i t s d e c l i n e d $ 5 ,0 5 9 ,0 0 0 ,
t o $ 4 ,1 8 0 ,6 2 1 ,0 0 0 ( G o v e r n m e n t d e p o s i t s o f $ 8 1 , 
7 4 5 ,0 0 0 d e d u c t e d ) , a n d n e t t i m e d e p o s i t s $ 5 , 
5 0 3 ,0 0 0 , t o $ 2 6 5 ,4 5 8 ,0 0 0 . M e m b e r b a n k s ’ r e s e r v e s
w i t h t h e R e s e r v e B a n k i n c r e a s e d $ 3 2 ,7 5 9 ,0 0 0 t o
$ 6 0 3 ,8 6 1 ,0 0 0 . O t h e r c h a n g e s w e r e n o t i m p o r t a n t ,
c o m p ris in g o n ly a re d u c tio n in c a s h in o w n v a u lts
( m e m b e r s o f t h e F e d e r a l R e s e r v e B a n k ) , o f $ 1 ,2 7 1 ,0 0 0
t o $ 1 0 0 ,0 8 2 ,0 0 0 ( n o t c o u n t e d a s r e s e r v e ) , a n i n c r e a s e
o f $ 7 2 2 ,0 0 0 t o $ 1 2 ,1 1 4 ,0 0 0 i n r e s e r v e s i n o w n v a u l t s
o f S ta te b a n k s a n d t r u s t c o m p a n ie s , a n d a re d u c 
t i o n o f $ 2 5 8 ,0 0 0 i n t h e r e s e r v e i n o t h e r d e p o s i t o r i e s
( S t a t e b a n k s a n d t u r s t c o m p a n i e s ) t o $ 1 1 ,2 0 4 ,0 0 0 .
T h e i n c r e a s e i n a g g r e g a t e r e s e r v e s t o t a l e d $ 3 3 ,2 2 3 ,0 0 0 ,
w h ic h c a r r ie d t h e t o ta l o f r e s e rv e s n o w h e ld u p to
$ 6 2 7 ,1 7 8 ,0 0 0 . S u r p l u s g a i n e d $ 3 4 ,0 6 5 ,6 9 0 , s o t h a t
t h e t o t a l o f e x c e s s r e s e r v e s n o w s t a n d s a t $ 7 1 ,3 3 3 ,1 7 0 .
T h e a b o v e fig u re s fo r s u rp lu s re s e rv e s a re o n th e
b a s is o f 1 3 % le g a l r e s e rv e s f o r m e m b e r b a n k s o f t h e
F e d e ra l R e s e rv e s y s te m , b u t d o n o t in c lu d e c a s h in
v a u l t , a m o u n t i n g t o $ 1 0 0 ,0 8 2 ,0 0 0 h e l d b y t h e s e
b a n k s la s t S a tu r d a y . R e d is c o u n ts fo r th e w e e k
G o v e r n m e n t o b lig a tio n s a t t h e R e s e r v e B a n k r e g is 
t e r e d a n i n c r e a s e o f n o l e s s t h a n $ 5 2 ,0 0 0 ,0 0 0 , a s
c o n tr a s te d w ith a c o n tra c tio n th e w e e k b e fo re
$ 1 9 ,3 0 0 ,0 0 0 . T h e b a n k s t a t e m e n t w i l l b e f o u n d i n
m o re c o m p le te fo rm o n a l a t t e r p a g e o f t h e “ C h r o n 
ic le .”

of

of

C o m p a ra tiv e ly little a tte n tio n w a s g iv e n b y s p e c u 
la to rs " " in s to c k s t o th e c a ll m o n e y m a r k e t a t th is
c e n tre . D u rin g th e la tte r p a r t o f th e w e e k th e re 
m a rk w a s fre q u e n tly h e a rd t h a t a p p a re n tly fo r th e
tim e b e in g t h e r a te w a s “ p e g g e d ” a t 6 % . B r o k e r s
r e p o r te d t h a t in so m e in s ta n c e s th e y w e re u n a b le to
l o a n t h e i r s u r p l u s f u n d s f o r t h e d a y , t o w a r d t h e c lo s e
o f b u s i n e s s , e v e n t h o u g h t h e y o f f e r e d t h e m b e lo w

THE CHRONICLE

for out of town account. Loans on demand for
bankers’ acceptances have not been changed from
Quotations in detail are as follows:
----------------- Spot

Delivery-----------------Sixty
Thirty
Days.
Days.

Ninety
Days.

Delivery
within
3 0 Days.

E ligib le b ills o f m e m b er b a n k s ___________ 4 4 s @ 4 4

44e@ 44

4H @ 44

4 4

bid

E lig ib le bills o f n o n -m e m b e r b a n k s _____ 4 4 ® 4 4
In eligible b i l l s . . . ................................................ 6
@ 5 4

4^@ 4M
6
@ 5 ,4

4 4 @ 4 4
5 4 @ 6

4%

bid
b id

6

No change in rates, so far as our knowledge goes,
has been made the past week by the Federal Reserve
banks. In the following table we show the prevailing
rates for various classes of paper at the different
Reserve banks.

Discounts—
W ith in 15 (la y s, in cl. m em bet
b a n k s’ collateral n o te s ____
16 to 6 0 d a y s ’ m a t u r i t y ...
61 to 9 0 d a y s ’ m itu r lty ___
A gricu ltu ral an u liv e stock
p ape r, 91 to 18 0 d a y s i n c l . .
Secured b y 4 4 % U . S . certl
ficates of In d ebted n ess—
AVitbin 15 d a y s , including
m e m b er b a n k s’ collateral
n o t e s _______________________
Secured b y 4 4 % U . S . C er
tifica tes o f In d eb te d n ess.
L ib . b o n d s & V ic . n otes—
W it h in 15 d a y s , Including
m e m b er b a n k s’ collateral
n o t e s __________________ . .
16 to 9 0 d a y s ’ m a tu r ity ___
Trade Acceptances—
15 d a y s ’ m a t u r i t y . . ...................
16 to 9 0 d a y s ’ m a t u r it y ______

SanFrancisco.

Kansas City.

44
44
44

4*4
44
44

44
44
44

44
44
44

44
44
5

5

44

5
5

5
5
5

44
5
5

5

5

5

54

5

54

54

54

oH

54

54

5 4

44

44

44

44

44

44

44

44

44

44

44

44

44
44

44 44
4 4 44*

44
44

44
44

44
4 4

44
44

44
44

44
4 .4

44
44

44
44

4 4
4 4

44
44

44
44

44
44

44
4 4

44
4 4

44
4 4

44
44

44
44

44
44

5
5

5
5

44
5

43
a
3

l

55

Dallas.

44
44
44

s

Chicago.

44
44
44

o

j Atlanta.

44
44
44

Cleveland.

New York.

CLASSES
OF
DISCOUNTS AND LOANS

Minneapolis.

D ISCO U NT RATES OF FED ERAL RESERVE B AN KS.
| Philadelphia.

the 6% rate. The report was general from day to
day that the supply was considerably in excess of the
demand, but, as already intimated, the bankers were
not disposed to reduce the quotation below the 6 %
level. Those wTho gave the most careful attention
to the money market laid emphasis upon the fact
that, although bids of 7 and 7 ^ % , according to the
maturity and the collateral, were reported, the offer
ings were negligible. They suggested that if the
money market were definitely and permanently
easier, and if the general banking position were what
it should be, time money would be lower and easier
to get. The facts appear to be that the Federal
Reserve authorities and the officials of our leading
financial institutions are determined not to permit
another big speculative movement in stocks between
now and the end of the year. Although this attitude
is pretty well known in the financial district, even
by speculators, they have endeavored to advance
their favorite issues again this week. While fairly
substantial rallies have resulted, there is said to be
little occasion for apprehension over the probability
of any group of stock market interests being per
mitted to carry on an unusually active speculation
in the immediate future. The demand for funds
on the part of the industries of the country will be
affected materially by developments in the bitumi
nous coal strike. If it is to continue for some time
the industries will be slowed down, and even closed
down, to a considerable extent. Secretary of the
Treasury Glass made it plain in his annual report
that his department does not favor further large
Government loans to Europe. Plans for extending
financial assistance on a big scale appear to be dead
locked. Preparation for the large Jan. 1 interest and
dividend disbursements is likely to be a temporary
factor in the local money market as that date ap
proaches.

2105

Boston.

D ec . 6 1919.]

a

1

44

1 R a te s for d iscou n ted b a n k e rs’ a cce p ta n ce s, 4 4 % .
1. A cc e p ta n c e s purchased in op en m a r k e t, m in im u m rate 4% .
2 . R a te s on paper secured b y W a r F in a n c e C o rp o ra tio n b o n d s, 1% h ig h e
th an on com m ercial paper o f corresponding m a tu rities.
Note 3 . W h e n e v e r application is m a d e b y m e m b er b an k s for renew al o f 15 d a y
p ape r, th e F ederal R e serve b a n k s m a y charge a rate n o t exceeding th at for 9 0 d a y
paper o f th e sa m e class.
R a te s for c o m m o d ity paper h a v e been m erged w ith th ose for com m e rcial paper
o f correspon din g m atu rities.
x 4 4 % in th e case o f red iscou n ts of n o t m ore th an 9 0 d a y s , secured b y L ib e r ty
Loan b o n d s or V ic to r y n otes.
(a) 4 4 % fo r m e m b er b an k s' collateral n ote s w ithin 15 d a y s

Note
Note

Sterling exchange levels suffered another drastic
reduction this week and demand bills once more fell
below the $4 mark, this time declining steadily until
on Wednesday some transactions were reported at
as low as S3 8 4 ^ — a figure which contrasts with
53 99J/2, the extreme low of two weeks ago, and
54 8634, the normal rate quoted before the war.
Cable transfers sold down to S3 90, while commercial
long and short bills were all correspondingly weak.
Heavy selling, both for domestic and foreign account,
figured conspicuously in the weakness, and it is
estimated that during the first few days of the
week some of the large international banking con
cerns delivered sterling in amounts ranging anywhere
from £1,000,000 to £3,500,000.
Later on, when
this movement subsided, one or two institutions came
into the market as buyers and there was a slight
upward reaction, though at the close weakness set
in again and the quotation reacted to S3 8434, or
3 4 c. below the break on Wednesday.

Referring to money rates in greater detail, loans
on call have ruled easier during the week and the
range was 53^>@7% for both mixed collateral and
all-industrials alike, as against 6 @ 1 0 % a week ago.
Monday the high was 7 % and this was also the ruling
rate, with 6% low. Tuesday there was no range and
all loans were put through at 6% , which was the high
low and renewal figure for the day. On Wednesday
and Thursday the range was 5 ^ @ 6 % and renewals
negotiated at 6% on both days. Friday 6 % was
still the maximum, and also the minimum and re
newal rate. In time money, however, funds were
as scarce as ever. The result is that the market was
extremely dull and quotations almost nominal. The
range for all maturities from sixty days to six months
is still at 6 @ 7 % for mixed collateral with all-indus
trial money unchanged at 7 @ 7 % % . Only a few
trades were reported and these were confined to the
D u r in g t h e e a r lie r p a r t o f t h e w e e k t h e m a r k e t
shortest maturities and for small amounts.
m o s t o f t h e t im e w a s p r a c t ic a lly d e m o r a liz e d , so
M ercantile paper has shown a moderate degree m u c h s o t h a t r a t e s q u o t e d b y t h e d i f f e r e n t i n s t i 
of activity. Country banks were again the principal t u t i o n s w e r e f r e q u e n t l y A v ide a p a r t . T h i s t e n d e d t o
buyers, local institutions showing an indisposition a d d t o t h e g e n e r a l c o n f u s i o n a n d t r a d i n g w a s n e r v o u s
to enter into new commitments under present con a n d e x c i t e d . A s i d e f r o m t h e h u g e q u a n t i t i e s o f b i l l s
ditions. The undertone was firm with quotations o f f e r i n g , w h i c h c o n t i n u e f a r i n e x c e s s o f t h e m a r k e t ’ s
still at 5 % @ 6 % for sixty and ninety days’ endorsed p o A v e r s o f a b s o r p t i o n , p r o b a b l y t h e o u t s t a n d i n g
bills receivable and six months’ names of choice' f e a t u r e i n t h e A v e e k ’ s c o l l a p s e i n p r i c e s h a s b e e n t h e
character, with names not so well known at 6 % .
k e e n d is a p p o in tm e n t fe lt o v e r th e a b s e n c e o f a n y
Banks’ and bankers’ acceptances remain without r e f e r e n c e t o t h e P e a c e T r e a t y i n t h e P r e s i d e n t ’ s
quotable change. Trading was more active, but m e s s a g e t o C o n g r e s s , w h i c h is r e g a r d e d a s a n i n d i c a 
transactions in the aggregate attained only moderate I t i o n t h a t t h e m e a s u r e , t e m p o r a r i l y a t l e a s t , h a s 1 e r n
proportions. Here also most of the purchases were s h e l v e d f a n d j t h a t a ll c h a n c e s o f a r r i\ ri g a t a m o r e




2106

THE CHRONICLE

satisfactory adjustment of international trade rela
tions are thus seriously lessened. Following closely
upon this was the statement by the Secretary of the
Treasury again reiteratig the Government’s inten
tion to leave the financing of foreign trade solely to
private initiative; thus effectually putting a stop to
the flood of reports in circulation at the beginning of
the week to the effect that plans for the stabilization
of exchange through the granting of credits to Europe
b y means of an organization in which the Government
and banking as well as manufacturing interests were
to collaborate were well under way. However, there
are some bankers who take the position that it will
be difficult if not impossible for Treasury authorities
to maintain their preset attitude on the subject,
since improvement is almost out of the question unless
either the Government decides to take a hand, or else
Europe’s exports to this country begin to more nearly
approximate its imports. A good deal of attention
was given to the report that a majority of American
manufacturers are willing to export goods upon the
basis of 60% cash and 40% in notes or other securi
ties, but it is pointed out that Europe at present is
not even able to furnish the 60% of cash required.
A wide diversity of opinion appears to exist among
exchange experts as to the probable duration of
current levels of exchange. In some quarters the
view prevails that the decline has gone far enough and
when the present accumulations have found their
way into stronger hands the market may be expected
to show an improving tendency. Other market
observers hold to the opinion that still lower levels
are likely to be reached, some even going so far as
to predict §3 50 exchange before the end of the slump
is witnessed, while not a few feel that unless something
is done by this Government it may be necessary for
Great Britain to send representatives over here with
the power t ) regulate and restrict sales for the Btirish
Government for the purpose of eliminating every
thing in the way of purchases of a non-essential
character.
Late in the week announcement that the Edge
Bill had finally been passed, while regarded as a
favorable influence, was without appreciable effect
on actual quotations. In view of the conditions
above referred to, it is regarded as improbable that
any remedial measures of the sort proposed by the
Edge Bill would be likely to be effective for quite
some time to come. A factor which is regarded as
likely to lessen offerings and alleviate the situation
for the time being is the proposed coal embargo, which
is expected to reduce the movement of vessels to and
from this port.
Referring to the day-to-day rates, sterling exchange
on Saturday of last week was weak and there was a
sharp decline to 3 9 9 % @ 4 00% for demand— a new
low record— 4 01 @ 4 01% for cable transfers and
3 9 5 % @ 3 9634 for sixty days. On M onday there
was a further break to 3 9 8 % @ 3 99% for demand,
3 9 9 % @ 4 00% for cable transfers and 3 9 4 % @
3 95% for sixty days; heavy selling, both locally and
from abroad, was held to be chiefly responsible for
the sensational weakness. Demoralization prevailed
on Tuesday and prices touched the lowest levels in
history; the range for demand was 3 9 2 % @ 3 95% ,
cable transfers 3 9 3 % @ 3 96 and sixty days 3 89@
3 91% ; trading was active but excited. Wednesday’s
market was nervous and unsettled and additional
declines were recorded, which brought sterling rates to
unprecedentedly low levels; it was reported that in




[V o l . 109.

some transactions demand bills sold down to as low as
3 84 % , with the range for the day 3 8 4 % @ 3 89% ;
cable transfers ranged between 3 85% and 3 90 and
sixty days 3 8 1 % @ 3 86% . What appeared to be
the culmination of the selling movement on Thurs
day brought about a partial rally and rates were
advanced to 3 8 9 % @ 3 92% for demand, 3 9 0 % @
3 93 for cable transfers and 3 86@ 3 88% for sixty
days. On Friday the market was quieter, but again
turned weak and there was a further decline, demand
bills ranging between 3 84% and 3 89% , cable
transfers at 3 85@ 3 90% and sixty days at 3 8 0 % @
3 86. Closing quotations were 3 85% for sixty days,
3 84% for demand and 3 85% for cable transfers.
Commercial sight bills finished at 3 83% , sixty days
at 3 79% , ninety days at 3 77% , documents for pay
ment (sixty days) 3 79% and seven-day grain bills at
3 83% . Cotton and grain for payment closed at
3 83% . A small shipment of $136,000 in gold bars
was withdrawn from the Assay Office for shipment
to Paris early in the week. On Friday announcement
was made of the engagement of $10,000,000 gold coin
at the Sub-Treasury for shipment to Buenos Aires
to-day. It is stated that the entire amount will go
forward on a single boat, the “ Santa Rosalia.” It
is said to be the largest shipment of gold on one
vessel to South America on record. It is being made
for a group of financial institutions as an exchange
transaction. The Columbia Trust Co. announces
that it is shipping $1,200,000 gold bullion to various
South American correspondents. Apparently the
total for the week was $10,136,000.
Demoralization was also apparent in the Conti
nental exchanges and heavy declines were recorded
at nearly all centres, carrying quotations in a number
of cases to well below the already sensationally low
levels reached in recent weeks. This was especially
true of francs, which broke to 10.74 for checks.
This is 94 points down for the week, 164 points below
the low record established during the war period, and
compares with a pre-war parity of about 5 18%.
Lire and marks likewise suffered severe losses, but
rates in the case of the former remained slightly above
the previous low points, the low for the week on lire
being 12.77, against 12.87, while marks finished at
2.10, the previous low point. Austrian kronen,
however, sagged off to 00.63, or 7 points lower than
a week ago, while Belgian francs, though relatively
steady during the opening days of the week, later
receded to 10.25, also a new low level. At the
extreme close a slightly better undertone was dis
played and final quotations were substantially above
the low levels above noted.
While undoubtedly the same factors which op
erated so powerfully in bringing down the levels of
sterling exchange have been at work in the Conti
nental markets, one explanation of the violent down
ward movement in rates lately which is worthy of
attention is that it has been to some extent empha
sized by the action of the Federal Reserve Bank in
ruling that bills drawn against exports of commodi
ties, where the commodities were being held for a
higher market value and not actually sold, would
not be rediscountable at the Federal Bank. Mer
chants all over the country, it is stated, have been
consigning commodities in large quantities to the
other side and carrying them there for increased
prices. Under the new ruling, and being no longer
in a position to continue financing these shipments,

D ec . 6 1919.]

✓

THE CHRONICLE

sales of the various commodities have been necessi
tated, it is claimed, and the exchange received in
payment sold. Furthermore, exporters who felt that
current rates were too low and have been holding
their bills off the market, have also been compelled
to liquidate, in this way adding to the already enor
mous volume of legitimate offerings pressing for sale.
Sharp declines have also been noted in recent weeks
in exchange on the new Central European Republics.
A recent dispatch from The Hague states that the
prohibition of the exportation of foreign securities
from Germany has been extended to Jan. 31 1920 by
a German Government decree. It is learned also
that the Belgian Government has now fully restored
trade relations with Germany.
The official check rate in Paris on London closed
at 40.25 against 39.23 a week ago. In New York
sight bills on the French centre finished at 10.72
against 9.78; cable transfers at 10.70 against 9.76;
commercial sight at 10.75 against 9.81 and com
mercial sixty days at 10.83 against 9.89 last week.
Belgian francs closed at 10.25 for checks and 10.23 for
cable transfers. Last week the close was 9.37 and
9.35. Closing quotations on reichsmarks were 2.12
for checks and 2.14 for cable transfers, which com
pares with 2.31 and 2.34. Austrian kronen finished
the week at 00.67 for checks and 00.69 for cable
remittances, which compares with 00.70 and 00.72
the week previous. Exchange on Czecho-Slovakia
closed at 1.95, against 1.90; on Bucharest at 3.65
against 3.60; on Poland at 1.65 against 1.85, and on
-Finland at 3.45 against 3.60 the previous week. For
lire the closing rates were 12.77 for bankers’ sight
bills and 12.75 for cable transfers. A week ago the
final figures were 12.14 and 12.12. Greek exchange
continues to be quoted at 5.55 for checks and 5.53
for cabh' transfers.
Trading in neutral exchange was not active and,
with the exception of Scandinavian rates, changes
were confined to fractions. Stockholm, Chris
tiania and Copenhagen remittances, however, were
all conspicuousl}’- weak, Copenhagen checks for the
first time in years declining to below 20.00. As
against this, Swiss francs were strong and higher,
while guilders ruled firm, as also did Spanish pesetas.
This is regarded as a fairly accurate index of the
present economic and financial dondidons prevailing
at these centres, and is taken to indicate the probable
trend when trading is once more replaced upon a
normal footing.
Bankers’ sight on Amsterdam closed at 38% ,
against 37% ; cable transfers at 38% , against 37% ;
commercial sight bills at 38 1-16, against 37 11-16,
and commercial sixty days at 37 11-16, against
37 5-16 on Friday of the privious week. Swiss
francs finished at 5 36 for bankers’ sight bills and
5 35 for cable transfers, in comparison with 5 46
and 5 45 last week. Copenhagen checks after de
clining to 19.10, rallied and closed at 19.15 and cable
transfers at 19.30, against 20.10 and 20.25. Checks
on Sweden finished at 22.00 and cable transfers
22.15, against 22.45 and 22.60, while checks on Nor
way closed at 21.35 and cable transfers at 21.50,
against 21.55 and 21.70 a week ago. Spanish pesetas
finished the week at 19.75 for checks and 19.85 for
cable transfers. Last week the close was 19.65 and
19.75.
• As to South American quotations, a firmer ten
dency has been noted and there has been an advance
in the Argentine check rate to 43% , and cable trans




2107

fers to 43% , as compared with the previous quotation
of 42% and 42% . For Brazil the rate for checks
is now quoted at 33.20 and cable remittances at
33.50, against 25% and 25% , during recent weeks.
Chilian exchange closed at 21.21%, against 18.50
and Peru at 5 00@ 5 05,against 4 7 4@ 476 last week.
Far Eastern rates are as follows: Hong Kong,
1 03@ 1 03% , against 1 01@ 1 01% ; Shanghai, 1 50@
1 50% , against 1 65@ 1 65% ; Yokohama, 5 0 % @
50% , (unchanged); Manila at 4 9 @ 4 9 % , (unchanged);
Singapore, at 5 0 % @ 5 0 % , (unchanged); Bombay,
at 4 5 @ 4 5 % , against 4 4 % @ 4 4 % , and Calcutta, at
4 5 @ 4 5 % , against 4 4 % @ 4 4 % .
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $6,199,000 net in cash as a result of the
currency movements for the week ending Dec. 5.
Their receipts from the interior have aggregated
$10,398,000, while the shipments have reached
$4,199,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which
together occasioned a loss of $159,083,000, the com
bined result of the flow of money into and out of the
New York banks for the week appears to have been
a loss of $152,884,000, as follows:
W eek ending D ec . 5.

In to
Banks.

Banks’ interior movement___________
Sub-Treasury and Federal Reserve
operations and gold exports______
Total.......................................... ..........

A 'cl Change in
Bank H oldings.

Out o f
Banks.

810,398,000

S4,199,000 Gain S6,199,000

46,476,000

205,559,000 Loss 159,083,000

*56,874.000 8209.758 000 Loss* 152,884.000

The following table indicates the amount of bullion
in the principal European banks:
D ec . 4 1919.

Banks o f —
Gold.

Silver.

£

D ec. 5 1918.
Total.

Gold.

Silver.

Total.

£

£

£
£
£
91,790,369 76,011,241
11,200,000155,158,433 137,220,826

England . . 91,790,369
76,011,241
France a . . 143,958,433
12.760.000 149,980,826
Germany . 54,533,150
1,046,650 55.579.S00 115,417,900
1,003,410 116,421,310
Russia
129,650,000 12.375.000 142.025.000 129,650,000 12.375.000 142.025.000
Aus-Hun.c
,
2.374.000 13.575.000 11.005.000 2.289.000 13.297.060
Spain____ 96.779.000 25.267.000 122.046.000 89.130.000 25.756.000 114.916.000
Italy_____ 32.202.000 2.997.000 35.199.000 38.439.000 3.200.000 41.639.000
Netlieii’ds. 52.680.000
488,000 53.168.000 57.785.000
600,000 58.385.060
Nat. Bel. h 10.653.000
1.085.000 11.738.000 15.380.000
600,000 15.980.000
Switz’land. 19.128.000 2.393.000 21.521.000 15.171.000
15.171.000
Sweden___ 16.677.000
16.677.000 15.339.000
15.339.000
Denmark _ 10.634.000
182,000 10.816.000 10.335.000
130,000 10.465.000
Norway __ 8,151,000
8,151,000 6,738,000
6,738,000

11 201,000

Total week 678,036,952 59,407,650 737,444,602 717,624,967 58,743,410 776,368,377
0 ^ .5 1 P 717.209.591 58.667.060 775.876.651
Prev. week 673.697.710 60.958.800

734

a Gold holdings of the Bank of France this year are exclusive of £79,131,137
held abroad.
_
* No figures reported since October 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journsd” for Dec. 7
1917.
h Figures for 1918 are those of August
1914.
.
?

6

-------------P -------------------------------H

P

•;

V X o/1
ff

THE TREASURY REPORT.

?

„

h fs "

How numerous and important are the questions
with which the Government’s financial department
must deal in the coming year may be judged from
a mere list of the topics which are discussed in the
annual Treasury report, submitted to Congress last
Wednesday. These topics, in the order of their
treatment, comprise the financial condition of the
country; the Treasury’s general fiscal program; the
international financial situation— including the policy
regarding our Government’s loans to foreign G ov
ernments, the extension of commercial credits to
European purchasers of our merchandise, and the
Treasury’s attitude toward the foreign exchange
market— the state of our own currency and the ;
condition of our banking credit; the question of
Government revenue and expenditure; the program
of taxation made necessary by the resultant deficit;
the public debt and the plans for its redemption;
the question of a budget of Federal expenditure; the
work of the Federal Reserve, the gold exports; the
melting up of our silver dollars for export, and the
general financial outlook for the future. It may
be doubted whether there has ever been a time in our
Government’s history when so many financial prob
lems of so wide a scope came up for the Treasury’s

AD

A

2108

THE CHRONICLE

[V o l . 109.

immediate consideration. All of them call at this A subsequent official statement shows^that the total
time for the outlining of something like a definite redemptions up to the present date have reached
policy; many of them require immediate action.
81,043,000,000. A scientific budget system in plan
The clearness and conciseness with which Secretary ning public expenditure is now foreshadowed, Mr.
Glass discusses these manifold questions make it Glass believes, by “ the compelling force of neces
possible to sum up his general view regarding each sity.” It should be prepared, he thinks, under the
of them. As to the country’s financial condition, supervision of the Secretary of the Treasury, and,
the Secretary is altogether hopeful. He bases this having been accepted by the President as a program
attitude on the willing acquiescence of our people of the various departments, should not as such be
in the immense burden imposed by the war finance, increased by Congress. This suggestion, it will be
on the strong position of our banking and industrial seen, applies to requisitions for the ordinary depart
system, and on our foreign trade. The nation’s mental purposes; it would not preclude additional ap
present prosperity, he admits, must be considered propriations made necessary by special legislation.
in the light of the prevalent social and industrial
Naturally, the questions of most immediate inter
discontent; but he believes all difficulties or problems est in the Treasury report have to do with revenue
to be entirely susceptible of solution.
expenditure and taxation in the coming fiscal year.
Regarding the international financial situation, Including loans to the Allies, excess of all public
the Secretary believes that further extension of expenditure over revenue in the fiscal year ending
credits to European purchasers of our merchandise with June 1919 was 814,297,760,281. In the present
should be the task, not of the Government, but of fiscal year the Treasury estimates a total ordinary
the American business community. The motive of revenue of 86,100,250,000 as against 84,647,603,852
our business men for such action he sets forth by in the fiscal year 1919, and an ordinary expenditure
saying that, in his^opinion, the country’s industries of 86,097,237,892 against 815,365,362,741 in the
“ must create or co-operate in creating the means past fiscal year. Including all kinds of revenue and
of financing export business,” because “ so soon as disbursements, the deficit of 814,297,760,281 in the
domestic stocks, which were very low at the time fiscal year 1919 would be replaced by a deficit of
of the Armistice, have been replenished, those in 84,158,620,585 in the fiscal year 1920.
dustries which have been developed to meet a de
The last-named deficit would, however, be wholly
mand for great exports paid for out of Government caused by 84,664,104,490 disbursements made on
war loans, will be forced to close plants and forego account of redemption of public debt, including the
dividends unless they maintain and develop an 83,633,804,490 certificates of indebtedness outstand
outlet abroad.”
ing June 30 1919. For the fiscal year 1921, which
M r. Glass states that the question of funding into begins with next July, the Secretary estimates an
obligations the interest accruing in the next two or actual surplus of revenue over all the year’s expendi
three years on the debts accruing to our Treasury ture amounting to 81,646,552,015. But this is
is being considered. But he opposes altogether the naturally subject to any increased appropriations
intervention of the Government in any other way by Congress hereafter, and it would still remain to
to support the rates of foreign exchange. His view pay off from any surplus of the year the deficit
is that to extend such support as a Government remaining from preceding years.
The Secretary urges strongly that in the coming
would inevitably involve the£ shifting on our own
people, whether through war^loans or taxes, a part fiscal year, with a deficit in revenue and a large
of the loan and taxation burden of those other unextinguished floating debt, “ any appreciable re
duction in the amount of revenues from taxation is
countries.
As to the currency, the£Secretary disagrees with not to be thought o f.” He believes, however, that
the contention that the high prices of commodities the excess profits tax ought to be either removed or
are due to the increase in our Federal Reserve note substantially reduced; for the reason that “ it en
circulation. He believes that increase to be the courages wasteful expenditure, puts a premium on
effect rather than the cause of the high prices, and overcapitalization and a penalty on brains, energy
he takes his stand on the principle that “ under our and enterprise, discourages new ventures and con
system currency can be issued only in response to a firms old ventures in their monopolies.” The dis
demand for it as a circulating medium,” and will cussion of all these complicated questions by the
be retired when no longer needed for that purpose. Secretary is vigorous and clear. What undoubtedly
As for the great expansion of banking credit, this will impress most favorably those who are anxious
he holds to have been primarily a result of war to see the public finances restored as soon as possible
demands by our Government and by the European to a normal status is the firmness with which the
belligerents, and of the high prices caused by those Secretary puts aside all seductive plans for an easy
demands. • He believes that rigid economy, public and comfortable short-cut, and insists on meeting the
and private, is the only way out of the dilemma Government’s problems as a well-managed business
corporation would meet them.
created by such expansion of credit.
Of the public debt, the Treasury report points
TH E MESSAGE.
out that the cumulative sinking fund which goes
into operation next July, and which requires the
The largest and most immediately pressing of the
annual redemption of 2 ^ % of the then outstanding problems now be ore Congress is that of transporta
public debt, less obligations to the Allies, would tion, which must begin (although it cannot end) with
extinguish within twenty-five years the debt in the return of the railroads to their owners; on this
curred for our own part in the war. But he also the President offers only the passing remark that
shows that under the preliminary Act of April 1918 “ at a later date” he will treat of it.
there had been repurchased by the Government
What he says upon the long-awaited and seemingly
and canceled up to N ov. 15 8907,905,526 Liberty now not far-distant matter of turning our national
bonds at a profit to the Government of 845,174,973. financial chaos of receipts and expenditures into




D ec. 6 1919.]

THE CHRONICLE

some shape by a budget agrees in general with the
plan already before Congress and will meet general
approval; that this approval may not stop with the
abstract assent which all good things receive but
may be pushed on to the concrete is earnestly to
be hoped, but the hope needs an unmistakable interest
shown and determination felt by the people at home.
Congress always has feelings, and usually has beliefs,
in the right directions; but it always needs help to
hold selfish thoughts in check and to overcome the
inertia of over-large bodies.
The remarks of the Message concerning taxation
are well made although rather perfunctory. Truly
Congress may well consider whether higher rates
of income and profits taxes “ can in peace times be
effectively productive of revenue” but may not
operate to reduce that; and it is entirely true that
“ there is a point at which in peace times high rates
of income and profits taxes discourage energy, en
courage extravagant expenditures, and produce in
dustrial stagnation, with consequent unemployment
and other attendant evils.”
Some of the recommendations of four months ago
for legislation aimed at the cost of necessaries are
repeated. Regulating cold storage should be at
tempted very carefully if at all, and great doubt
attaches to the proposition that a federal license be
exacted of all corporations engaged in inter-State
commerce. Perhaps, however, this is not the best
expression of opinion on that; for “ doubt” is too weak
a word to use. All business of any considerable size,
whether by a corporation or not, engages in commerce
between States, and therefore this proposition, while
limited in its terms to “ regulations designed to secure
competitive selling and prevent unconscionable profits
in the methods of marketing,” is the old one for
putting practically all business under a Federal
license. The Lever law nearly does that already;
let us rest with that. In any proposal to duplicate
that or extend it indefinitely the “ hand of Joab”
(that is, of the Trade Commission) may be suspected
even if not plainly visible.
Much space is given in the Message to “ unrest.”
If the remark that “ the only way to keep men from
agitating against grievances is to remove the griev
ances” is true at all it is only a half-truth and is not
in good time now; against it may be set the far more
sensible and apropos truth that the sure way to
create and perpetuate “ grievances” is to harp on them
and to concoct nostrums for them instead of search
in g testing them to see if they are not merely im
aginary. Some nostrums have already been tried,
with frightfully bad results, the worst of them being
the soothing syrup of repeated surrenders. And
now Mr. Wilson puts to Congress “ the difficult task
of finding a method that will bring about a genuine
democratization of industry, based upon the full
recognition of the right of those who work, in what
ever rank, to participate in some organic way in
every decision which directly affects their welfare.”
This sentence is open to severe criticism for several
reasons: it gives some possible strength, by a quasi
official recognition, to a dangerous and much
mouthed word, “ democratization,” and it mis-'
states at once a natural law of republics and an actual
state which now exists. All industry is already
in “ democratization,” in the healthy meaning of
the word, because all industries (emphatically in
cluding the railroads, to which the word has been
mischievously applied of late) are really the property




2109

of all the people. Further, the right of participation
in work by all workers is already recognized, and is
constantly becoming more so. Employer and em
ployee, capital and labor, are coming faster and more
largely together. The collective bargaining, men
tioned in another paragraph as if it were something
which “ governments must recognize,” is recognized
already. As the “ Chronicle” has already explained,
this term in its true meaning is a natural, a feasible,
and a progressing process, “ recognized” effectively
by carrying it into operation; but no control of indus
try by some central body and from some central
point is possible in the nature of things. That is
the Gompers aim, but it cannot be established and
all struggles to produce it are hinderingly and inci
dentally hurtful. We may say broadly (the ex
ceptions being relatively too few to need notice) that
all adult and self-supporting persons are laborers;
therefore industry in some phase or other includes
the whole people. Therefore, because of the im
possible scale of such a thing and the complex and
non-blending small factors in it, to manage industry
in the centralized way is just' as impossible as for
some central body to breathe for all the people.
Respiration is important, but it must be done locally.
For this immovable reason, such conferences as
that of October and the present one which M r. Wilson
now says is meant to “ bring about a better under
standing” are futile, at least beyond producing some
helpful general advice. The truth is that what is
doing most to obstruct the coming together in
industry is the misdirected energy of labor unions;
the workers in them have been misled hitherto and
they are misled now. M r. Rockefeller stated a vital
and permanent truth when he said that labor and
capital are partners. They are: partners in produc
tion, in control, and in division. This partnership
cannot be dissolved, yet interference by selfish union
leaders and selfish politicians can disturb its workings
and retard its forming. “ The settlement of industrial
disputes by the establishment of a tribunal, fair and
just alike to all,” proposed as the last words of this
Message upon this subject, is a sheer fallacy; it can
be attempted, but it can only work harm. The rea
son is the same natural impossibility above-men
tioned: a “ tribunal” for settling disagreements cannot
operate, any more than can a central body for making
working arrangements. If centralizing would serve
in the one case it might in the other. No central
power can breathe industrially for all the people, any
more than it can breathe physically. The whole
thing is a fantasy, yet potentially mischievous. The
American Federation of Labor itself comes under
this same natural law; labor is so vast, numerically and
geographically, and so made up of diverse units which
can never be fused into a single formal structure, that
to ‘federate” it into one is impossible. It may serve
Mr. Gompers’s individual ends, but it works only
trouble, and it contains in itself dispersive elements
which are swaying and menacing it.
Keep hands off. Collective bargaining will be
come universal, in time, if permitted to follow its
own natural lines. Men will labor together, in a
recognized community of interest and duty, when
outsiders are made to seek their own living by labor
and not by controlling the labor of others. The
yearnings” and the “ aspirations” about which we
get so much rubbishy talk will be realized when men
bargain as freemen in labor and not as vassals under
some blatherskite boss at a central point.

THE CHRONICLE

2 1 1 0

1920.
In less than six months we shall be in the struggle
for control of the Government until 1925. We can
not, if we would, go on bearing the evils we now have
in administration; we are forced to try for a change
and hope for an improvement, and the beginnings of
the skirmishing for position are already with us.
The partisan alignments and questions^ of former
years are gone; the Democracy of the present is the
early Federalism reproduced; the centralization for
which Hamilton stood and against which|Jeflerson
left a type and an example is now fastened upon us,
avoidably or unavoidably, and our national problem
is to get back to the safe road of representative
government on constitutional lines.
The issue ought riot to be raised under any party
name, but since that cannot be escaped we’ may re
joice that there is already a distinct stand made for
constitutional limitations and procedure. The dinner
to Will H. Hays, Republican National^Chairman,
on Wednesday evening, was not merely a personal
testimonial to a political leader who may not im
properly be commended for having shown! possession
of what the vernacular calls “ level-headedness,” but
it proposed general lines for next year, and^it is en
couraging to note the soundness of those advance
suggestions. Let us not be swayed by remembrances
of former misuse of the words “ square deal;” for
Mr. Hays seems clearly to stand for the sound[meaning of that former catch-phrase when he says it
shall be held to mean “ exact justice for labor, exact
justice for capital, and exact justice for the public,”
and we may note the applause of his audience to his
supplemental remark that the last of these three
sides of the “ triangle” must not be slipped out of
sight. In the last analysis and the final stand, not
one of us can ask more or be satisfied with less than
as near an approximation to “ exact justice” as is
•humanly possible. We have not had it, andjin the
past three years have been apparently^ drifting
farther away from it. It is not justice to capital to
keep a hot prejudice going against it and to stimulate
industrial quarrels by allowing government to be
safely reckoned upon in advance as being against it.
Nor is it justice, in reality and in the permanent
results, to either aid or permit it to attack and rob
the capital which has been produced and is solely
producible by labor and is as essential to itsjlife as
labor is to that of capital. As for the public, that
is the forgotten side, not remembered by trying to
divide an indivisable whole, the public and the coun
try, into imaginary “ groups” and then to arrange
rights among them. “ To establish justice, insure
domestic tranquility— promote the general welfare”
— these are the aims declared by a very ancient docu
ment which is now beginning to get some revival of
attention; but in these last years we have not even
been sanely and consciously trying for those aims.
Under some thinly-veiled pretense of seeking the
general welfare, government has not been establish
ing justice or anything resembling it, as proven by
one revolt following another, with little spaces of
truce between, and domestic tranquility has not
been attained by such means, nor can it ever be so
attained.
Now we need justice and sanity, and so says Mr.
Hays. Let us try to forget, as he says it, that we
belong to any “ party;” let us try to rise above party,
the mere tool that should be for good public ends.
THE

R E P U B LIC A N




K E Y -N O T E

FOR

[V o l . 109.

We were found unprepared by peace, he says, aswe were found by war; we just “ slipped along” with
out any adequate thought of the problems certain
to confront us. Is he not right, and have they not
confronted us? Are we now measuring them cor
rectly and are we girding ourselves to grapple with
them ? “ W e,” he says, (here speaking, it must be
admitted, as a party leader) recognize labor (here, of
course, meaning all labor, which is everybody) as
entitled to justice; we will strive to do justice also to
business, which “ must have sympathetic help, not
antagonistic curtailment; it must be treated with
an appreciation of its fundamental importance and
not as a demagogue’s shuttlecock.” Taxes that kill
initiative must not be levied. Our problems being
largely economic, industrial difficulties can be dealt
with “ in one way, by finding exact justice and en
forcing it.” There must be federal regulation, but
not government ownership. The spread of socialism
must be stopped. We are against paternalism in
government, and “ against that form of pedagogic
paternalism that has developed recently.”
This is the gist of Mr. Hays’s advance pronounce
ment, and it seems reasonable to accept it as rather
more sincere than the familiar phrasings of generali
ties. There seems encouragement also in his view
of the women who form the most difficult of factors
now to forecast. He offers them also “ equality” and
justice in the party, not reckoning them as a solid
“ vote” or as anything except “ units in the party
membership,” for a distinction may be noted here
between “ units” and “ a unit.” The latter seems te
imply “ a” party, and “ a Woman’s Party” is some
thing from which we should hope and seek deliver
ance. The women sought suffrage, and won it;
it is now for us all to try to make the best of that re
sult. For that best, it should be permissible to de
precate the disposition expressed by some women to
put Senator Wadsworth to political death in revenge
for his continued opposition to according the ballot
to women. Some of us men were “ pro,” and some
stayed “ anti” to the last; now let nobody cherish
and try to fulfill grudges against a man who followed
his view of duty under representative forms and could
not bring himself to act as mere agent under the
“ referendum” which is destructive to those forms
and has the further objection of being narrow in
mind and numerically only a fraction. With the
first female member now sitting in Parliament, let
American women scorn to carry their feeling against
the “ antis” of their struggle into their use of the ballot
now won; let them strive to raise our party ideals, in
stead of yielding to an impulse which would tend
towards lowering them.
PROTEST

A G A IN S T

E X A L T A T IO N

POGROMS— S P I R I T U A L
S T IL L N E E D E D .

On November 24th, more than a year after the
armistice, a procession, variously estimated to con
tain from twenty-five thousand men, women and
children, to one hundred thousand, in protest against
the massacre of Jews in Ukrainia, marched up Eighth
Avenue to a meeting place in Carnegie Hall. To the
slow music of funeral dirges, six and eight abreast,
with few banners, and in irregular step, the strange
columns passed in silence. Upon the set faces of
some of the older men and women was the stamp of
grief. What horrors in a far land their souls saw,
what bitter protest against the persecutions of a race
their quickened minds felt, the careless watchers by

D ec . G 1919.]

THE CHRONICLE

the way no doubt too little appreciated. One of the
placards bore these words, “ America fought for the
protection of oppressed peoples, the Jews included.”
Service flags were carried, showing the number of
Jews participating, in the war, the dead and the
wounded.
Some curious reflections occur to the mind con
templating this most unusual spectacle. What
anguish prompted and what hope could follow such
protest! It indicates more than racial sympathy
and less than satisfaction with the results of the worldwar. How widespread is the home, how attenuated
the ties that bind, this one-ness we have lately called
humanity! In the most populous city of the con
tinent, sundered by seas from Central Europe, it
is said half a million Jews gave up their vocations to
a “ Day of Sorrow.” And yet from this same city
and from this same race millions of money have gone
to alleviate distress in foreign lands. Yet the hu
mane has not come to the human heart, the brother
hood of man, even the political federation of the
world, have not come on the triumphant conclusion
of a war to end war and establish perpetual peace.
Sometimes, whether it be Armenia or Ukrainia,
the citizen, in a land of religious liberty, wonders
over causes. He cannot fathom them, though he
revolt at the fiendishness of these massacres. But
what a mighty task it is, and must be for a time no
man can measure, to bring peace and goodwill to
the races and religions of earth. If political freedom
in a new state of the world will not do it, will a politi
cal mandate by a super-state accomplish the desired
end? What is the antidote for hate, what is the
healing potion that will induce universal love, what
will bring forth the spiritual communion that knows
not time or place? What talismanic change has the
great war wrought upon the human soul? Can war
end war, can hate beget love, can sorrowful protest
whiten the black deeps of murder?
Again the old thought repeats itself— that progress
is not the lightning flash out of high heavens, but
the slow fire of earth, tended by humble hands of
home. War has ended, but the work of the world
goes on, and shall till the scroll is rolled up. This
nation sent its millions over sea in a military expedi
tion to hasten the end of a colossal struggle, and there
are none to deny its efficacy, to tarnish its glory, to
minimize its sacrifice. And it gave its tens of mil
lions of money to clothe the naked and feed the hungry,
irrespective of race or nationality, and regardless of
the place of dearth and destruction. We ask, not in
derogation of motive, cause or action of war-partici
pation, rather in suggestion for the future, which of
these two processes will live longest in the annals of
time, produce the most good in the world?
Let such a comparison pass for what it may be
worth to the individual mind. This strange and
solemn procession of protest, though it be, in the
world’s continuing tumult, no louder than the vagrant
sighing of an autumn wind, suggests, this truth to
the American people— the work of a heroic and gen
erous people is not finished on that forward way that
invites humanity to plenitude and peace. The spirit
ual exaltation that so lately stirred the forces of
kindness and charity to marvellous beneficence need
not die now that one great war is at an actual end.
Spiritual forces may be invoked in new ways to more
lasting benefits. And now and hereafter, as then,
the citizen can devote himself to the world’s good
without sacrifice of his personal freedom or his popu



2 1 1 1

lar government. The ways of peace are infinite in
variety and eternal in duration. Without the crea
tion of a mighty force of organic government, with
out the stimulation even of some shining ideal redlettered on the sign-boards of a federated future, a
man may “ love his neighbor as himself,” and though
it be but a pebble cast into the pool of universal
unity; its ripples will reach the farthest shore.
One wonders what good this processional of protest
can do. How can it reach the official powers of
states, the secret chambers of diplomacy? And yet
we know not what may come, for the avenues of
human love are hidden, and the swelling convergences
of right end we know not where. The lesson that
comes from far world conditions is futile if it does not
reveal to us our own needs and duties. If we have
tolerated religious freedom in the past so must we
do in the future. If we have overcome racial anti
pathies here in the world’s “ melting pot” in the past,
granting equality before the law, while preserving
a social and political individualism that recognizes the
solidarity of character and self-respect, that we must
continue. If we have held the right to live and labor,
to acquire and own, against the envies, jealousies, and
consuming cupidity, of those who have not earned
and who do not own, by reason of toil and thought
applied, that we must preserve and extend.
If we have taught the world by light of an example
that leads upward and onward, that light must never
wane or die. For we know that charity which is love
in no light sense begins at home. And out of the
sacred soul of freedom, we know, every man, may
draw his own inspiration for the homely deeds and
devotions that are never lost, that though unseen of
men and unknown of states, water the spiritual fields
that feed the world!

THE TIME FOR OPTIMISM.
We have all heard of the cloud with the silver
lining. And when things seem to be going wrong
is a good time to take stock of resources and poten
tialities. Optimism is all right when it is not in
flated. It becomes dangerous when affairs are
going right, for then the belief is apt to arise that
the rapid momentum of business can go on increas
ing indefinitely. It is well in the midst of pros
perity to prepare for adversity. Caution and con
servatism in the midst of success are always wise.
On the contrary it is never helpful to believe in the
midst of difficulties that they will never end. In the
commercial world we sometimes tremble at the
words stagnation, apathy, doubt. The fact is there
is no such thing as stagnation. Energy is forever
opposed to inertia. And the very doubts we have
prove it. So that in the midst of turmoil there is
always toil. The energy in man never rests. In
the midst of war he looks onward toward peace.
And to-day with the world standing at bay over its
unsolved economic problems, it is possessed of
fabulous potential wealth, and is actually doing
an unprecedented profitable and successful business.
And if we go below the surface of our disrupted con
ditions Ave have every reason to be optimists.
T h e g r e a t t r o u b l e is w e a r e o p p o r t u n i s t s .
It i s
n o t s im p ly

th a t

we

A vant t o

liv e

A v h ile Ave l i v e ; o r ,

t h a t Ave a r e i m p a t i e n t A vith t h e s lo A v n e s s

of

t o b r in g u s e v e r y t h in g a t o n c e a n d n o w .

c e n tu r ie s

T h e la r g e r

t r u t h is t h a t Ave s e e o n l y t h e u n r e s t a n d a r e a b s o r b e d
b y it.
th a t

A n d y e t avc k n o A v t h a t t h e s t o r m is a b n o r m a l ,
c a lm

is

th e

n a tu ra l

sta te,

in

w h ic h

p o w e rfu l

2 U 2

THE CHRONICLE

[V ol . 109.

forces are at work peacefully, their very energies, or energies popular or personal. In our own land and
in opposition, creating equilibrium. If we take country, these have hardly been more than brushed
work as a criterion, look how the hundreds of mil by the black wings of death and destruction. There
lions are toiling and note the total output of pro is no ogre of want going about capable of devouring us.
duction with any previous decade of the world’s We have our soils and our cities, our mines and our
history. True, the momentum has not kept up, factories, our ideas and ambitions. But we have
we cannot even say perhaps that the mass is actually shackled them with the superstitions of governmental
as great in every instance, but the total, whether control and class rule. If we could strike off these
we view it in civilization as we now maintain it, chains of our own slavery and once more be free,
or in the figures of commerce and industry is as nothing could stop our advance, or diminish the ful
ness of our domestic and foreign trade. And here
tonishingly large.
T o be concise, if we could wipe out for ten flames up the light of a just optimism. The way to
years all strikes and stoppages in industry, elimi cure our turmoil which is as a case of “ nerves,” and
nate from our minds the theories of proper “ human our~“ unrest” which is of our own making (omitting
relations” that beset and upset us, relieve ourselves inescapable effects of war) is to r e l a x . Quit wonder
of political contests affecting nations and peoples, ing, worrying, and worshipping false lights, and just
reduce our Governmental taxes and our personal cease from troubling. This form of rest is not idleness
expenses to a minimum, and then rely upon our by any means. It is, on the contrary, work. Here
continental resources and our racial energies and are the fields and factories, the inventive genius and
ambitions, and live within the circle of the laws and the need, the gold and the credit, the men and the
order we have evolved, can there be doubt that we marts. What more, but forgetting the mental mal
would forge ahead in universal welfare even though adies and the quack doctors? Rest from worry in
compelled to drag with us our leaden losses and work.
—■
■■
hindering mistakes ? W hy then should mankind
H E N R Y C. F R IC K .
despair because the world has been turned topsy
Following by only a few months his former com
turvy by war ?
rade Carnegie, this other captain of industry in
The hypochondriac is peculiarly susceptible to the
the fuel and iron field has gone on to the majority.
quack doctor. Having really nothing the matter
When the time had come, his departure almost
with him but imaginary ills, he cannot cure himself,
seemed a sort of irony of dest’ny, for after a life
and the legitimate practitioner is powerless to aid
of stress which had a far more than average lot of
him. If he is to be helped it is by some counter delu
antagonisms, he died as gently as if falling into the
sion. Anything in fact that will break the spell is
regu'ar nightly sleep which merely knits up the
salutary. Now it would be a poor analysis to say
ravelled sleeve of the daily round. Like Carnegie,
that we are in a “ psychological state” at present
he rose from the plain soil. He was not a bobbin
which accounts for all our ills. They are very real,
boy but not far from that, for he was a farm boy in
and tremendously burdensome. But we avail little
by brooding over them until they overpower us. If a rough agricultural district and time; his father, a
Swiss by descent, had given up the farm struggle and
we could be shocked out of the thought of them, our
was a mill engineer at the boy’s birth. Young Frick
normal energies would send us forward at a rapic
did not begin wage-earning in quite so seemingly
rate. On the contrary as long as we are obsessed by hig
humble a way as did the bobbin-boy, or for quite so
prices, high taxes, and high wages, we are feeding our
small a wage; yet as store clerk he accepted the wage
minds on phases of the abnormal. And it should help
of about a dollar a day which used to be accepted by
us to try to bring forth the strength of the normal
the office boys of this city.
and real.
But young Frick had serious thoughtfulness and
Let us enumerate a few of our assets. First, we
some vision, and while he worked over his account
have had enough of war. (And what applies to our
books he watched the beginnings of coke-making
own people applies in kind if not degree to every
and perceived its possibilities. As his first move, he
people.) If war is mania and malady, we have got
became a coke dealer, then began acquiring small
it out of our system. It will not soon cost us any
bits of coke lands, and thus became a growing factor
more lives or wealth. No fear here then for the
in the coke industry, afterwards extending naturally
future. Second, we have set up an “ idealism” in
earth, that whether attainable or not, is an evolu to iron and steel.
He was rated a “ hard” man, as rich men who do
tion. There it is, shining in the sky. It has been
not explain or exploit themselves in public view are
pictured in marvellous colors. We know what it is,
as far as we shall ever know. For it will ever advance likely to be rated; but a testimony to the contrary
before us, as we advance. So that it is in fact a reali could be given by one Alexander Berkman, who, in
sation. And its peculiar quality is that if it cannot company with the too-lingering Emma Goldman,
sustain itself in the midst' of our so-called human has just been brought east from Chicago for an osten
relations, by the power of its life and lure then we sible deportation which may not get farther than a
need not waste more time in trying to bring it into term of turkey and cranberry sauce on Ellis Island.
being. Certainly we have it, wrought out of wondrous Back in 1892, the Amalgamated Association of Steel
sacrifice, and set forever in the temple of our trust and Iron Workers demanded the same “ recognition”
and worship. Therefore we need lay no more pro- which has so recently made trouble again, and the
pitiary offerings on its altars. All we need to do is strikers at Homestead asserted the natural right to
to return to our national domestic and personal quit work in the still-prevailing method of a riotous
activities, the old ways of life bounded by the nature seizure of the property. That was a Presidential
. of things and illuminated by the vision and apprecia- year, yet the hard man Frick viewed riot as lawless
force and met it with force, reserving the parleying
• tion of our own worth and work.
Third, our losses though large are not insuperable. over moral issues until order had been restored.
The world is not bankrupt either in resources physical Order was restored, by the ultimate aid ot State




D ec . 6 1919.]

THE CHRONICLE

2113

troops (although the quadrennial campaign was on) buy he unwillingly gets penalty with his feast and he
but in the middle of it this Berkman, without any is liable to envy the stomach of the man who digs
personal relation to the matter, but perhaps moved by his garden for him. Nor can he carry with him any
sensational talk like that from which may have come cover for his first nakedness when he has to depart;
the murder of President M cKinley nine years later, so, not trying to analyze his motives, our sensible
conceived it h’s part to intervene against the oppres part is to accept his endowments and admit and be
sor, and he attacked Mr. Frick. Even a very gentle lieve that he is “ a man for a’ that.” Whether the
mind would hardly be expected to feel tenderly socialistic dream of the State becoming foster-parent
towards an assassin in whose intent to kill had accom of everybody and guiding everybody’s course through
plished two bullets and several knife thrusts; yet life, with nobody rich and nobody poor, but every
when Berkman had served two-thirds of his 21 years’ body “ middle,” will ever come on earth we need not
prison sentence Mr. Frick was one of the signers to trouble to consider, or whether, in such a case, it
a petition for clemency. Perhaps he recognizee would be better all around for the State to establish
that the man was a moral pervert, so made by an and endow public institutions; let it suffice that
environment and a heredity produced through the berated and still-hated rich do that now. The
centuries of the worst tyranny the world has known; line of benefactions never ceases, and they are planned
perhaps his magnanimity was tempered also by policy. wisely and for all coming generations. Of this class
He never explained it; it was his way to leave his is M r. Frick’s endowment to this city, by which,
conduct to explain itself; but in two weeks after the after the little time in which his widow lives, his
attack on his life he was back at his desk, and when palace, where used to be the Lenox Library, goes to
the rioting strikers had been quelled he raised the New York as a gift, with all its matchless art con
wage in the plants 10%, for he could do that then tents.
without having it interpreted as a surrender to force
If there were no construction there would be noth
or as in fear of force expected.
ing for attack. If the great majority did not labor,
This man’s business life was strenuous throughout,
even grumblingly and none too efficiently, the
for results did not come to him of themselves; he
anarchist would soon settle into the nothingness to
made them come. He marked out his path, and
wards which he ignorantly pushes. This country
he followed it with the inflexible push which, Ameri
has grown marvellously, but. is yet new, and has still
can-like, passes around an obstacle if necessary but to find itself,” which it certainly will do, on a basis
keeps the direction of movement unchanged. Pro
of just liberty, after its broods of disturbers have spent
ductive efficiency and efficient production (the two
or have been put down. So we may well be thankful
expressions are really complementary, not quite
for the numerically small line of builders, the type
equivalent) were always his aim, and, like Mr.
of men like James J. Hill, like Carnegie and Shonts
Carnegie, he accomplished them.
and Frick. Their works live after them, and their
The two men had points of contact and resemb examples may yet begin to use their wholesome power.
lance, yet they differed in character as well. Mr.
Frick was not one who either spoke or acted for
public observation, and his comparative rank by
volume as a public benefactor has not yet been
We have frequently called attention to the need
put into estimate; certainly he was not one to give of special education to-day for men who would suc
that any consideration. His city of Pittsburgh ceed in any department of business life, and to the
mourns him sincerely and rates him highly for good recognition of this in the commercial schools of high
citizenship and practical beneficence; yet his gifts grade to be found in the different countries of Europe.
all together may not have been extraordinarily large We recently printed what M . Georges Hersent, the
in aggregate and do not seem to have been widely
distinguished French engineer, had to say as to the
scattered; he did as his sagacious judgment indi
benefit which American engineers might find in
cated, and kept to his habit of personal silence.
advanced study in France.
His career offers two lessons, neither of them offered
Ih ere is to-day the same necessity, and a like
for the first time, yet neither taken as they ought to be
opportunity existing in the realm of public life.
into American remembrance. One is the oft-proven
Attention has been called in Paris to the fact tha t
one that this is the country of equal opportunity and
the American Cabinet took more pains than any other
of freedom from any hampering by either traditions
to be fortified with full and exact knowledge when it
or governmental structure. If all men were really
appeared at the Peace Congress, and the presence
created free and equal, in the perverted meaning of
of President Wilson throughout the negotiations was
the declaration of 1776, they would still not remain
looked upon in Paris as a proof of this purpose.
so; opportunities are before the many, but only the
Numerous research commissions were created in
few have the intuition to recognize and the personal
Europe immediately upon the signing of the armi
qualities to use them. This is the land for work,
stice, but the superiority of the American preparation
for individualism, not for seeking a universal level
was recognized with the opening of the Congress.
of achievement (which means no achievement at all)
Perhaps it is because of this that the character of
and certainly not for railing at destiny or at the better
the discussion over the Peace Treaty in the Senate
progress of those who get progress by complying with
has occasioned such painful surprise abroad. Certain
its conditions. The other lesson is that it is not
it is that our Senators must have realized their need of
meet for any of us to repeat the literal interpretation
arger knowledge, and the public has greatly lacked
of the saying about the rich man and the needle’s
the information that would have aided it in forming
eye, but to observe the fact that wealth is more and
its opinions. We are as a people little accustomed
more accepted by its possessors as a public trust.
to dealing with international problems or world
The multi-millionaire cannot wear more than one suit
conditions. The time has come when this can no
of clothes, or eat more than one meal at a time, and
longer continue, and young men whose eyes are turn
if lie tries to devour according to what he is able to
ing toward public life need to know what preparation




THE NEW NECESSITY FOR SPECIAL EDUCA
TION FORPUBLIC LIFE.

/
2114

TH E

C H R O N IC L E

[Vol. 109

is requisite, and how others are obtaining it, and “ THE MONEY P U M P ”—IN FLA TIO N — A SUGGESTION
AS TO i H W f VT)'}’.*
that, not to meet an emergency, but for a successful
Editor Chronicle:—
career.
Optimism is assuredly the only safe policy in this wonderful
M . Caudel, the Secretary of the School of Political country of ours, but even here it is dangerous to be too
Science in Paris, incidentally mentions in an article blindly complacent or hopeful. This truism is suggested
published in a French journal* several American by tho President’s latest letter to Congress. In his appeal
students who have distinguished themselves in that to the public on the 25th of August last our Chief Magistrate
asserted that “the cost of living has certainly reached its
school; M r. Ellery C. Stowell, since become a pro
peak.” He therefore urged patience. To-day ho again
fessor in the University of Pennsylvania; Mr. Hugh urges patience—temporizing, more temporizing, in tho
Gibson, our Minister in Brussells; Mr. Sanford expectation that our disease will eventually cure itself, af te
Griffith, lately employed by the General Staff of the method of Christian Science.
But tho cost of living is advancing, not declining. Condi
our army in exceptionally delicate missions, and Mr.
tions,
social and financial, are rapidly becoming acute.
George Sharpe, the son of the late American Am There is an active disease. Our people, the great majority
bassador in Paris. It gives opportunity to call of them, have shown remarkable patience and fortitude
attention to the character of the school which ex under trying conditions, but a change is in evidence, as the
straws in the wind make clear. This week it was an officer
tends its advantages to students of all lands.
It was organized some years ago by Emile Boutmy holding a high position in tho country’s war service that
privately confessed his loyalty was sadly tested by tho
and Hippolite Taine and has been under the succes great disparity between pay and prices; many others are
sive direction of Anatole Leroy-Beaulieu and Eugene resigning their commissions. Last week two self-respecting
d ’Eichthal. Under this distinguished leadership it laborers on a railroad platform, strangers to the writer,
has aimed at furnishing training of a special kind, complained bitterly of the hardships they were subjected
reflecting the demands of the hour, the shades of to by tho excessive cost of essentials. The older man
lamented that his wages would scarcely keep him in food
opinion and the trend of national politics. This is and “coal,” he said, “costs as much as eggs.” Tho younger
accomplished by securing the service of diplomats, man assenting remarked, “it is well there’s plenty of work
members of Parliament, financiers, magistrates and or there’d be a panic”—he meant an uprising.
officers of both army and navy. Instruction covers
Small use, surely, is any plan “for the suppression of” the
the history of diplomacy, the law of nations, con “Reds” when we tolerate conditions, which turn toward
stitutional and parliamentary history, finance, poli radicalism the best of American stock. Action is needed,
tical and social economics, economic geography, and quickly too, if the Ship of State is to escapo a sandbar,
colonization, and the comparison of civil, commercial not to say the rocks. But it is action of a character quite
and maritime legislation, in all of which personal different from the program that is now recommended by the
President. “We are on the wrong road,” or “going tho
contact and direct investigation are sought.
wrong
way,” as a representative of the railroad men sagely
The law and method of governmental administra
tion, for example, is presented by gentlemen occupy remarked last summer, and it is first of all necessary to
ing the highest administrative positions, questions ascertain where we are and whither we should turn. No
nation ever traveled this road at such a speed before, but
o f the budget, of customs, of banking and of ex
bewildering as the succession of events has proven, there is
change, by financiers, and questions of contemporary
nothing occult or new about tho forces at work, except that
political concern by publicists or statesmen. Among they are operating in the reverse of the usual order under
recent instructors of this class were the statesman the will of misguided and deluded men, so numerous in
now widely known, M . Alexandre Ribot and M . number that they form a large minority of our people.
Andre Tardieu, the High Commissioner of the French
A careful study of the financial aspects of tho problem,
Republic to the United States.
now that tho smoke of war has blown away, will servo to
To emphasize the connection of the instruction shed new light on the matter. How many of our peoplo, how
with practical affairs, student trips for special study many of the nation’s representatives assembled at Washing
are made both in France and to neighboring countries. ton, may we ask, are aware of the fact that this country
In this way on intimo/tc acquaintancc is sought with with all its boasted wealth and prosperity is at tho present
the details and atmosphere of European politics, time, week after week, putting out great volumes of papor
which is expounded and enlarged by special studies mon(ly_ 3 4 millions by the last weekly report—an averago
of 22 }4 millions weekly since Aug. 1—after the manner of
under the guidance of competent masters.
T o secure thoroughness and test the scholarship poor war-swept France, still engaged in readjusting her
and mental quality of the student who wins the finances after tho tempest?
The following table compiled from the statistics published
diploma of the school, examinations especially
each week by the “Chronicle” shows the extent of our
adapted to foreign students as well as to French are
reckless financing on this lino as compared with tho records
conducted. The school is open to all comers and
of
Great Britain and France:
is free, after the manner of France, which has always
o t a l f e d e r a l r e s e r v e n o t e s in c ir c u l a t io n .
_
opened her treasures of knowledge and of art to the t"N olcs” tand
"Bank N otes")— Increase by H'ceAs— Increase in Foreign Circulation.
((£1
£ 1 taken as equal to $5 and 5 Fr. as equivalent to S I.)
world, and been the generous and inspiring instructor K
-Increase by Weeks
Week Ending Tot. Fed. Res.
France.
of all who- seek them. In this instance the largest
United States. Bk. o f England.
About—
Circul’n (I/..S’.)
$18,624 ,87 1
$ 1 2 ,465 ,00 0
89.4 1 9 .0 0 0
Auc
1
$2,707,765,000
4
6 ,7 4 7 ,9 9 9
liberty is given the pupils; courses of study are ar Aug 8 .............. 2,737,375,000
3
.6
0
5
.0
0
0
2 9 .6 1 0 .0 0 0
d e c .2 1 ,3 80,176
d ec .2,02 5,0 00
13.238.000
15 .............. 2,750,613,000
ranged quite independently in each department, Aug
d e c .9 0 ,2 8 0 ,0 0 0
d
e
c
.
1,115,000
18.716.000
AU2 22 ............ 2,769,329,000
d e c .341,565
1.500.000
31,1 1 5 ,0 0 9
diplomatic, financial and administrative. A student Aug 29 .............. 2,800,444,000
7 3 ,1 5 5 ,5 9 3
4.9 8 5 .0 0 0
3 4 .8 1 8 .0 0 0
Sent 5
2,835,262,000
4 5 ,0 9 8 ,6 1 5
1.650.000
14.135.000
may select the courses which meet his need.
gent’ 1 2 _______ 2,849,397,000
6 8 ,6 6 2 ,5 9 0
d e c .1,130,000
4.4 5 5 .0 0 0
Sept! 19 ............- 2,853,852.000
2 6 ,3 5 4 ,0 1 2
3.5 4 5 .0 0 0
In view of the fact that to-day business with us Sent 26 .............. 2.894,805,000
40.953.000
d e c .3 3 ,4 47,958
1 2,660,000
55.3 1 8 .0 0 0
Oct ’ 3
2,950,123,000
294 ,1 2 9 ,3 6 8
finds itself under the necessity of reaching out for net’ 10
1
.310.000
3
8
.7
37.000
2,988,860,000
14,637,302
d e c .3 ,5 1 0,000
3 .3 8 4 .0 0 0
17
3,002,244,000
foreign connections, and that public life as a career Oet
d e c .8 0 ,1 3 1 ,4 1 2
d e c . 1,460,000
2 .8 0 3 .0 0 0
n e t’ 24 ‘ _____ 3,005,047,000
115,009,332
5
.2
1
5
.0
0
0
2
.7
6
2
.0
0
0
is rightly attracting so many of our young people, Oet' 31 ’ _____ 3,007,809,000
15,078,563
7 .8 7 5 .0 0 0
56.5 2 2 .0 0 0
Nov 7 ‘ .......... 3,064,331,000
d e c .78,8 3 8 ,4 8 7
d e c .625,000
1.406.000
and that even the diplomatic career, of which they Nov' 14
3,065,737,000
6,3 5 2 ,7 3 9
d
e
c
.
1,130,000
9 .1 1 6 .0 0 0
21
3,074,853,000
d e c .587 ,560
5.0 8 0 .0 0 0
have hitherto known so little, except as a chance and Nov’
3 4 .2 1 7 .0 0 0
N „v! 28 .............. 3,109,070,000
$41 8 ,8 4 3 ,8 2 6
honorary appointment, is now become attractive as
$ 4 8 ,895 ,00 0
$ 4 0 0,72 4,0 00
Total Increase, 18 weeks-----$23,269 ,10 1
$2,7 1 6 ,3 8 9
$ 2 2 ,262 ,44 4
a field for the widest influence and as requiring the Average weekly lncrcase.
26 1919
1919 wa
w as
to ta l n o te circu lation o f th e B a n k o f E n g la n d N o v . 26
best and most highly trained ability, information as £86N 6o 9/e3__,0 0T0h,e contrasting
w ith £65 ,9 9 0 ,4 5 0 on Nov. 7 1018, (holng
about £ 2 0 ,7 0 0 ,0 0 0 ), and £34 ,2 7 5 ,1 0 3 on D e c . 1 1915. ^ In a d d itio n , the llr lt
to this French institution has especial value.
Government h a d outstanding on N o v . 12 1919 £ 3 3 9 ,6 9 8 ,0 0 0 , against £ 3 -3 ,2 4 1 ,0
It may serve also to strengthen the hands of those
who in our own country are trying to do something
jn the same direction, for they can do little without
* A previous communication from the sam e contributor will be found In the
public support.
••Chronicle” of A u g . 2 3 , pages 727 to 729.
* F r a n c e — E ta ts U n i s , S e p te m b er 1 9 1 9 .




D ec . G 1919.]

TH E

C H R O N IC L E

3115

We shall not appreciate the full import of this exhibit with the five, ten and tAventy-dollar bills as the spare cash,
•of American financing unless .we recall that the first of our the same phenomenon of popular expenditure that once
Federal Reserve notes was not issued until Nov. 1914, astonished us when it took the shape of buying at the 5 & 10
while in April 1917 there were only 327 millions of these cent stores or in contributions to the Church of Rome— the
Government obligations outstanding. During our participa might of the many when acting in unison on limited lines,
tion in the Avar, as an aid to the financing of munition and but Avith this difference, that the individual outlay is no
other war contracts and to assist in the flotation of Liberty longer sm all, or “ hidden under a bushel.”
Loan bonds, the bars being specially lowered to this end, (4) The “ kiting” of commodity prices and as a natural
we added 2J4 billions to the amount of these Federal notes outcome of these combined forces, a general inflation of
in circulation.
paper values.
The special reasons or excuses of war for this sort of
financing are a thing of the past, but nevertheless we go on
expanding the currency in like regardless fashion—by nearly On the other hand, let us consder the leading alternative
100 millions since the 25th of last July, so that Ave have
outstanding at this moment in Federal Reserve notes (backed explanations:
(1) Surely no one Avill assert that the country is dispensing
by 40% gold) and Federal Reserve Bank notes (Avith merely paper
money at the rate of 1)4 billions yearly because it is
a gold redemption fund) a total of three billion, one hundred bankrupt,
or temporarily embarrassed.
million. This immense sum, moreover, is additional to some
N or can it be claimed Avith any show of reason that
300 million “greenbacks” and GOO millions of national bank an (2)unparalleled
export trade makes necessary all these
notes, left outstanding from former periods. On the other further currency issues,
to the already great mass
hand, the issuance of Federal Reserve notes has marked the of new money producedadditional
during the war. To be sure, for
retirement from circulation since April 1 1917 of about 1 the ten months ended Oct. 31 1 9 1 9 , the country’s merchan
billion of gold and gold certificates.
dise exports as shown by the official reports do indicate an
Our various forms of paper money consequenty, over and increase
billion dollars— about 3 0 % — over the same
above all gold certificates and silver certificates, reach a period inof1 911 )^
8.
But this increase is only apparent, and in
grand total of approximately four billion dollars, or an average
way real, for the reason that it was more than offset in
of $39 for every man, Avoman and infant in the country. If no
1 918 by the immense shipments by the Federal Govern
Ave consider all money outside the Treasury and Federal
ment, on transports, war vessels and vessels under Govern
Reserve banks, the rate per capita is increased to about
charter, of all manner of munitions and war supplies,
$46, contrasting with $37 88 on April 1 1917—room enough ment
these having been omitted from the aforesaid valuation of
for inflation surely.
statistics for the years 1917 and 1918.
Prior to 1914 the Federal Reserve banks were not in export
(3) N or is there good ground for the argument still some
existence so that it is not possible to carry back the com times
that excessive prices in all lines (which might
parison of per capita circulation on the aforesaid basis for call forheard
more money in carrying on business) are due to a
any long series of years. HoAvever, the following record widespread
of supplies and men. Of the first,
furnished by the United States Treasury Department shoAvs Europe wouldshortage
us if she could, so great are her needs, but
the amount of money outside of Treasury vaults (including at this time strip
lacks the purchasing power. While as
a sizeable portion in the past constantly held by the national regards men, weshehave
an army of 3J^ millions
banks and to a less extent by their successors the Federal who, if slow to go backjustto disbanded
of their old jobs, especially
Reserve banks) and serves to indicate in a general Avay, the on the farms where they aresome
greatly needed, are for the most
upAvard trend of money afloat or held as a basis for credit: part actively employed in business
of some kind, together
FO R M ER

P E R C A P IT A

A M O U N T O F M O N E Y IN C IR C U L A T IO N
R E P O R T E D B Y U . S. T R E A S U R Y .

ON JU LY

1 AS

1880.
1885.
1890.
1895.
1900.
1905.
1910.
1914.
1916.
1918. 1919
$19 .41 523 .02 5 22 .82 5 23 .24 $26 .93 5 31 .08 S34.33 5 3 5 .3 5 5 39 .29 $ 50 .80 5 5 4 .2 8
N ote .— T h e c o u n t r y 's im p orts o f m erch andise Increased fro m 512 .51 per ca p ita
in 1880 t o $ 2 1 .0 8 in 1916 (and 5 26 .86 in 1918) an d its m erch andise ex p orts from
$ 1 6 .4 3 per ca p ita in 1880 t o $ 4 1 .33 in 1916 ($ 5 4 .7 4 in 1 9 1 8 ).

W hat means such extraordinary note expansion under
existing peace conditions? W hat can it mean? There is,
the writer contends, only one possible explanation; all other
causes existing during the Avar having, one by one, dropped
away during the year since the armistice was signed, but
this one is so substantiated, as we shall see, by attendant
circumstances of such an unaccustomed nature that Ave have,
as it were, a net-Avork in which our much-sought-for cause
of the high cost
living
to be enmeshed.

of

appears

S I G N I F I C A N C E O F T H E S E R E C U R R E N T N O T E IS S U E S C O M I N G I N C O N 
J U N C T I O N AVITH T H E U N E X A M P L E D D E M A N D S F O R H I G H E R
W A C rE S.

In the first place, let us remark at once that it certainly
cannot be a freak coincidence that the richest and in all
respects the most prosperous nation on earth, its individual
finances, if not exactly on Easy Street, being, at all events,
in no wise radically upset so far as permanent financing is
concerned, should find itself issuing such huge amounts of
Aemand obligations, against its will, as it were, at the very
timo that the folloAving chain of events is taking place:
(1) Successful and oft-repeated strikes on an enormous
scale for greatly increased Avages and shorter hours, this
movement incidentally forcing the entire pay-roll of the
country on to a materially higher, though not an equally
excessive, basis.
falling off in the output per man, oAving to shorter
hours, strike blockades, and Avasteful labor turnover (re
quiring the constant training of green hands) so that liter
ally from two to three times the former expenditure of cash
required to secure
given output— this is true in not a
feAV of our principal industries.

(2) A

is

a
(3) An “orgy of spending” by some millions of the suc
cessful strikers, at least while the paper wage increases'are
still fresh, and by all those Avho benefit largely of the con
current wage movement, for all manner of luxuries, especially
automobiles. This reckless buying, which the Govornor of
the Federal Reserve Banks has this week named as the cause
of our high prices, carries into the realm of big business,




C AU S ES

O R

S U P PO S ED C AU S ES F O R
L A R G E L Y E L IM IN A T E D .

N O T E

IS S U E S

NOW

with the many men and boys lately engaged in making war
supplies, and several hundred thousand women and girls
Avho, prior to the war, were not participating in any produc
tive industry.
There is unquestionably lack of help and consequent un
natural cost levels in certain essential branches, but both
are plainly occasioned in most cases by the popular craze
for buying the non-essential luxuries.
(4) The belief that profiteering was the main factor in the
case was dispelled by the campaign recently carried on Avith
such zeal by both Federal and State authorities. This cam
paign curbed to some extent a serious evil, but it also demon
strated that profiteering was not as general nor excessive as
supposed.

(5) Speculation undoubtedly often raises prices and helps
on inflation, and for this reason the Government wisely took
steps to check those indulging therein; but whether practised
as of late in stocks, grains, real estate, oil properties, or
otherwise, speculation requires the use of relatively little
money, since checks and other substitutes meet practically
all of the settlements which it involves.
AVAG E IN F L A T IO N

C O M P ELS M O N E Y IN F L A T IO N , A N D
P R IC E IN F L A T IO N .

SO GENERAL

The most painstaking search leaves us, as we have said,
only one plausible explanation for this surprising develop
ment in the country’s use of paper money. The majority
of transactions which represent large aggregate sums can
be, and as a rule are, taken care of by checks and drafts—
not so wages— these must be paid, Avith few exceptions, in
cash.
Probably no one will question the statement that wages
since Jan. 1 1917 have voluntarily or involuntarily been
advanced by from 3 0 to 1 5 0 % , and even, in some cases, as
in the steel industry, 2 0 0 % or more.
' T h e U n ited States Census reports the total num ber of
persons engaged in gainful occupations in this country in
1910 as exceeding 3 8 million ( 8 % m illion Avomen).
In
1914 in m anufacturing there were nearly 9 % m illion persons
em ployed Avith total salaries and wages aggregating $ 5 ,3 6 7 ,
2 4 9 ,0 0 0 ann ually.
A p p ly in g to this last am ou n t, sa y , 5 0 % ,
as the average increase in wages since J a n . 1 1 9 1 7 , and w e
have an expansion on the co u n try’ s w eekly p a y envelope for
manufactures alone am ounting to $ 5 3 ,0 0 0 ,0 0 0 .
M u ltip ly

2116

TH E

[V o l . 109.

C H R O N IC L E

this figure by three or four to include employees in all occu
pations, and we reach an aggregate which manifestly could
not be met otherwise than by a vastly increased supply of
circulating medium.
The Federal Reserve note system was devised with the
view of providing for any or all needs of legitimate business,
and it has done so in this case, as we have seen, on a liberal
scale, up to the present time.
Take the ingenious proposition of the Coal Administrator
for raising the wages of some 500,000 miners by 14% at the
expense of the coal-mining companies. If this offer is finally
accepted by the men, can we properly expect the public to
go scot-free? It is doubtful. In the first place, the funds
which we may suppose would otherwise be distributed to the
shareholders of the coal companies in question or be expended
on their properties, and in either event paid out by check,
must now, perforce, be taken from the banks in the form of
bills. Three million weekly is so large a sum, if we take the
average increase at $6 a man, that in the first instance the
companies must go to the member banks and the latter to
the district banks for rediscounting, which, as matters now
stand, means the issuing of further Federal Reserve notes.
Presumably at the end of the first week, comparatively
little of this money will have come back either to the issuing
banks or to the disbursing companies, and a further install
ment of new money is required, which, like the first, will go
wandering over the country to buy phonographs and the
like. Human nature, in such cases, strongly favors gratify
ing first the whims and appetites for luxuries and subse
quently the purchase of life’s necessaries. A little later on,
the notes getting outside the district of the issuing bank, will
be sent home for cancellation, but in the meantime the
makers of the luxuries, driven to increasing their working
funds in order to handle the new business which descends
upon them, will presumably be in quest of more bank notes
and so the merry round continues.
The effect in such instances is bound to be two-fold. The
general level of money in circulation is materially increased,
with the inevitable, though gradual, raising of all prices.
At the same time a pronounced wave, and possibly a
series of waves of luxury buying is set in motion. These
travel far and wide, and coming first from one industry and
then another up and down the land, produce just such a
feverish boom in business as we have been witnessing since
the armistice was signed. (See communication in “Chroni
cle” of Aug. 23, pages 727 and 728.)

they call for more money to meet inflated wage and price
scales and carry their inventories; (j) extravagance and un
rest rampant and widespread.
W H A T

T H E

L E A D IN G

E C O N O M IS T S

SA Y

OP

SU CH

M A T T E R S .

The following quotations Avill be found more or less per
tinent to the situation:
P ro fe s so r

a m o u n t.

S u m n er— “ T h e

.

.

.

v a lu e

of a

paper

cu rren cy

id e a liz e th e F e d e r a l R e s e r v e A c t )
expand

and

depends

upon

it s

T h e r is e o f p r ic e s a n d m u lt i p l ic a t io n o f c r e d it o p e r a t io n s

w ill a b s o r b a n y a m o u n t o f c u r r e n c y w h a t e v e r .
con tra ct, b u t a

an

And

e la s tic b o d y

paper cu rren cy

(fo r t h o s o w h o s till

is o n e w h i c h

n ev er con tra cts

w ill b o t h

its e lf.

A ny

d e v ic e w h ic h h a s e la s t ic it y f o r its o b j e c t w ill h a v e e x p a n s io n f o r its e f f e c t .”
John

S tu a r t M ill— “ T h a t

p r ic e s a n d
in

an

a d im in u t i o n lo w e r s t h e m , is t h e m o s t e le m e n t a r y p r o p o s it i o n

th e th e o r y o f cu r r e n c y .

th e

in c r e a s e in t h e q u a n t it y o f m o n e y r a is e s

cu rren cy

is

w h o lly

paym ent

o f s a la r ie s

s u d d e n ly

in c r e a s e d

.

.

m e t a llic ,

and

.
a

p u rch ase

S u p p o s e t h a t in a c o u n t r y o f w h ic h
paper

cu rren cy

o n e -h a lf, a ll p r ic e s

The

w ill r is e , a n d

p r ic e s o f a ll t h in g s m a d e o f g o ld a n d s ilv e r .
g o ld

is s u d d e n ly

o f c o m m o d it ie s .

is s u e d

cu rren cy

am ong

th e

in

b e in g

rest th e

A n o u n c e o f m a n u f a c t u r e r ’s

w ill b e c o m e m o r e v a lu a b le t h a n a n o u n c e o f g o ld c o in a n d it w ill b o

p r o fit a b le t o m e lt th e c o in
t a k in g it s

fo r th e p u r p o s e o f b e in g m a n u fa c tu r e d , p a p e r

p la c e a s c u r r e n c y .

S uppose n ow

s a m e s e r ie s o f e f f e c t s w ill b e r e n e w e d , a n d

a
so

secon d
on

is s u e o f p a p e r ; t h o

u n til th o w h o le

o f th o

m e t a llic c u r r e n c y h a s d is a p p e a r e d .
.
.
.
U p t o t h is p o in t t h e e ffe c t s
o f a p a p e r c u r r e n c y a r e s u b s t a n t i a ll y t h e s a m e , w h e t h e r it is c o n v e r t i b le
in to s p e c ie o r n o t .”
T h e r e p o r t o f th e

•
E n g lis h

B u llio n

C o m m it t e e

in

1810

(d e sc r ib e d

“ p e r h a p s t h e m o s t im p o r t a n t d o c u m e n t in f in a n c i a l l i t e r a t u r e ,"
s ta n c e )— “ A

b etter a n d

in

a w o r s e c u r r e n c y c a n n o t c ir c u la t e t o g e t h e r .

as

(su b 
The

w o r s e w ill d r iv e o u t t h e b e t t e r .”
H o n . A n d r e w D . W h i t e ( w r i t i n g o f t h e r e p e a t e d is s u e s o f p a p e r m o n e y
in F r a n c e f r o m

1789 to

m e n a ce s th e U n ite d

1 7 9 6 , a n ir red eem a b le p a p e r s u c h a s w e m a y fe a r

S ta tes if w e d o n o t m e n d o u r w a y s ):

n e c e s s itie s o f life in c r e a s e d ; m e r c h a n ts w e r e o b lig e d

"P r ic e s o f th o

t o in c r e a s e t h e m , n o t

o n l y t o c o v e r d e p r e c i a t io n o f t h e ir m e r c h a n d is e , b u t a ls o t o c o v e r t h e ir r is k
o f lo s s f r o m f l u c t u a t i o n ; w h il e t h e p r i c e s o f p r o d u c t s t h u s r o s e , w a g e s w h i c h
h a d g o n e u p a t fir s t u n d e r t h e g e n e ra l s tim u lu s , fe ll.
d o u b t a n d d is c o u r a g e m e n t, c o m m e r c e a n d
d estroy ed .
m en

U n d e r t h e u n iv e r s a l

m a n u fa c tu r e s w e re c h e c k e d

or

A s a c o n s e q u e n c e , th e d e m a n d fo r la b o r w a s s t o p p e d ; la b o r in g

w e r e t h r o w n o u t o f e m p lo y m e n t a n d u n d e r o p e r a t io n o f th o s im p le s t

la w o f s u p p ly a n d d e m a n d , th e p r ic e o f la b o r — th e d a ily w a g e o f th o la b o r in g
c la s s — w e n t d o w n , u n til a t a

tim e w h e n

v a r io u s a r tic le s o f c o n s u m p t io n

t h e p r ic e s o f f o o d , c lo t h in g a n d

w e r e e n o r m o u s , w a g e s w e r e a s lo w

t h e t im o p r e c e d i n g t h e is s u e o f ir r e d e e m a b le c u r r e n c y .”

as at

No, Mr. Editor, it is true enough wo are still some distance
removed from the evils of a paper currency and if reason is
given a chance to dictate, we shall escape thorn. But ono
needs no exceptional imagination to discover that tho
country cannot long go on printing paper money at the rate
of more than a billion a year, our record sinco July 25—and
at the same time continue exporting its gold even at moderate
rate (in June and July our net gold exports aggregated
881,077,800; in August, September and October, 87,999,
598) without presently having tho ends meet and overlap,
unusually great as our stock of gold is at this timo. The
writer
was so impressed by this tendency, ovon then dis
THE DISEASE A N D ITS SYM PTOMS.
cernible, that in July last he felt constrained to writo to the
From what precedes, the ailments of our patient would President, suggesting that the note issuing process was getting
appear pretty plain. Misled by delusions as to the value of out of hand for the reasons just stated.
inflated wages and abbreviated hours, he has wandered from
CONCLUSIONS— PROTECTIVE MEASURES.
Gold Money Inn down the crooked lane that leads to that
broad street, Paper Money Avenue. While so doing, he All of us have the utmost confidence in the good senso and
has contracted the habit of taking increasing doses of a loyalty of the American people, “rank and file and captain,
dangerous stimulant. The method of applying it, by local too,” provided they understand the facts. Tho mischief
ized self injection on demand from special groups has pro in this instance arises from the delusion which possesses
duced an exceedingly feverish condition throughout the them, ineulcated, alas, by those who should know better,
entire body politic, for, in the main, the temporary benefits that the wages which men may reasonably demand should
of the injection process go to the minority workers and be proportionate to their desires or the requirements of
merchants who serve them, while for the rest, it is a case some artificial scale of living, and need bear no particular re
lation to the output of the worker or tho amount of service
of the “devil take the hindermost.”
Lest anyone question this inflation diagnosis, let him rendered by him.
compare the principal symptoms with those to be found in Nevertheless, if President Wilson would sot forth the
any treatise on economic therapeutics. We note (a) an situation clearly, even now, labor, wo may beliovo, will
unquenchable thirst, one wage injection scarcely absorbed listen. It is simply impossible (without disastor) that the
before there comes the cry for more and heavier doses; (6) wages of 2,000,000 railroad men should again be raised fol
a high temperature and irregular pulse as indicated by fever lowing the promised 14% to 500,000 bituminous coal miners,
ish business, and most uncertain money rates; (c) prices tho 22 ]/2 % increase recently awardod to some thousands of
soaring with no stop in sight; (d) the prices of the precious Atlantic Coast and Gulf Coast longshoremon, tho six dollars
metals, at the moment silver, advancing to a point at which a week advance just granted to several thousand employees
the coins, being undervalued at their face, are appropriated in the New York City printing trade; and only this weok
for use in the arts or for shipment abroad; (e) the purchasing tho allowance of 12)^% givon to tho textilo operatives in
power of life insurance, endowment funds and all savings Now England, this last concession, it is said, meaning
81,000,000 more pay to be distributed each week among
growing “beautifully less.”
We also observe (f) exceptionally few banking and com 300,000 hands.
mercial failures—why fail with money supplies increasing It may be silly to do so, Mr. Editor, but the outlook is so
and prices higher with each succeedng week? (g) apparent serious for all concerned, especially for tho great wago and
(but fateful) prosperity except for those whose incomes are salaried class, that with his unbounded confidence in tho
fixed or sadly lagging; (h) rank speculation, as the clover stick-togetlier character and fair play instinct of tho Amorican
and unscrupuous hasten to outbid one another for the people, tho writer ventures to suggest that the President sub
property of him who fails to perceive how radically values, mit to the public somo such proposition as tho following:
as measured in depreciated currency, have advanced and will (1) That the representative merchants throughout tho
continue to advance; (i) over-extenson of the loan account land pledge themselves on tho first of somo near-by month to
of the banks, since merchant, manufacturer and farmer reduce their prices by say 10% for a well selected averago
come in competition with the demands of the speculator, as grade of staples of no largo varioty, but in ovory way Josir-




Dec. 6 1919.]

THE CHRONICLE

able articles covering the whole range of essentials for life
and sustenance in use by the American people.
(2) That labor simultaneously assent to a decrease of 5 %
in wages with an increase of 2 y 2, or better 5 % , in hours—
the 8-hour day movement to be dropped until the world has
recovered from the effects of the war.
If the plan should fail, nothing would be lost. If suc
cessful, it might pave the way to a readjustment of our
difficulties and enable us to preserve our gold standard, keep
open the door for our export trade which high prices threaten
to close, and by curtailing prices prevent the country from
becoming the “ dumping ground” of the world at large.
A. G. D.

(E urtxnt % m u t s

an d d i s c u s s i o n s

C O N T I N U E D O F F E R IN G OF B R I T I S H
BILLS.

TREASURY

The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a dis
count basis of 6 % , the figure to which the rate was advanced
some weeks ago from 5 % % . The bills in this week’s offer
ing are dated Dec. 1.
C O N T I N U E D O F F E R IN G OF F R E N C H
BILLS.

TREASURY

Another block of the French Treasury bills which are being
offered in the market up to an amount of $50,000,000, as
market conditions justify and on much the same scheme as
the British Treasury bills, was disposed of by J. P. Morgan
& Co. this week. The offering in any one week is limited to
$5,000,000. These French Treasury bills were again dis
posed of on a discount basis of 6 % , the figure to which the
rate was advanced some time ago. The bills in the week’s
offering are dated Dec. 5.

S O V I E T R U S S I A ' S GOLD RESER VE— GOVERN M E N T
P R E P A R E D TO P A Y $200,000,000 FOR FOOD, &C.
A London cablegram of N o v . 20, published in the New
York “ Tribune” of N o v . 29, said:
R u s s i a ’s g o l d r e s e r v e s a r e u n p r e c e d e n t e d a n d t h e S o v i e t g o v e r n m e n t is
prepared
c h in e r y

OF C A N A D A ' S V IC T O R Y L O A N - T O T A L S
I N P R E V I O U S L O A N D R IV E S .

In our issue of N ov . 22, page 1931, we referred to the sub
scriptions received in the recent Canadian Victory Loan
campaign. W ood, Gundy & Co. of Toronto, under date
of N ov. 25, supplied the following information as to the
quotas and totals for the Dominion, the Province of Ontario
and the cities of Toronto and Montreal and the results in
previous loans.
RESU LT

OF

C A N A D A ’S

V IC T O R Y

LO A N ,

to

pay

and

4 0 0 ,0 0 0 ,0 0 0 r u b le s

n e c e s sa r ie s, a c c o r d in g

($ 2 0 0 ,0 0 0 ,0 0 0 )
to

a

L i t v i n o f f is n o w

in

fo r fo o d ,
to

h a v in g

been

sent

th ere

by

th e

A M E R I C A N M I N I N G CONGRESS FA V O R S P R E M I U M
P A Y M E N T TO GOLD PR O D U CER S TH RO UG H
E X C I S E T A X O N GOLD M A N U F A C T U R E .
The enactment by Congress of legislation providing for the
payment to gold producers of a premium of $10 per fineounce for gold hereafter produced, is urged in a resolution
adopted at the National Gold Conference of the American
M ining Congress in session at St. Louis on N ov. 19. The
Mining Congress itself approved the resolution the following
day. It is proposed that the funds enabling the payment
of the premium be derived through an excise of $10 per
ounce on the use, manufacture or sale of gold in the United
States for other than coinage or monetary purposes and from
other funds in the Treasury not required for specific purposes.
According to the “ G lobe-Dem ocrat,” the adoption of the
resolution followed the suggestions of H . N . Lawrie, of
Washington, D . C ., Chief of the Precious & Rare M etals
Division of the American Mining Congress. The following
is the resolution adopted:
W h ereas.

The

g o ld

p ro d u ctio n

o f th e

U n ite d

S ta te s w h ic h

d e c lin e d

W h erea s, G o ld

is t h e s t a n d a r d

o f v a lu e a n d

t h e b a s is o f a ll c r e d it a n d

It is v i t a l l y i m p o r t a n t t o t h e f i n a n c i a l a n d c o m m e r c i a l l i f e o f t h e n a t i o n t h a t
th e m o n e ta ry reserv e b e p r o te c te d ; a n d
W h e r e a s , T h e r e is n o w
S ta tes

m ore

b e in g u s e d h i t h e a r ts a n d m a n u fa c tu r e r s o f th e

g o ld

th a n

th e

a n n u a l d o m e stic p r o d u c tio n ,

am ount
oth er

and

m any

m in e s

in

g o ld

th e

m in e s

U n ite d

have

n e c e s s a r ily

cea sed

p r o d u c tio n

S ta te s a lm o s t w it h o u t e x c e p tio n

c a n b e p r o v i d e d f o r t h e p r e s e n t s e r io u s s it u a t io n in t h e g o l d m in in g i n d u s t r y ;
and
W h e r e a s , i t is t h e o p in io n a n d p u r p o s e o f t h is C o n g r e s s t h a t n o c h a n g e
s h o u ld

be

m ade

m on eta ry

in

th e

t r a n s a c t io n

p resen t g o ld

of

t h is

and

sta n d a rd

oth er

and

c iv iliz e d

u n it

o f v a lu e fo r

c o u n tr ie s

and

M in in g

C o n g r e s s in

th e U n ite d

S ta tes

r e m e d ia l le g is la t io n a s s h a ll p r o v i d e f o r a p e r io d

D o m in io n p o p u l a t i o n ...

C ity o f T o r o n to p o p u l .

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

.

2 2 6 ,0 0 0 ,0 0 0 C i t y o f M o n t r e a l q u o t a .

9 0 ,0 0 0 ,0 0 0

P r o v . o f O n ta r io r e s u lt ..

3 5 4 ,6 2 4 ,5 0 0 C i t y o f M o n t r e a l r e s u l t .

1 2 6 ,1 0 2 ,2 0 0

P r o v . o f O n ta r io p o p u l . .

2 ,7 5 0 ,0 0 0 C it y o f M o n t r e a l p o p u l .

6 7 0 ,0 0 0

1 9 1 5 ) ......................

LO AN S.
...$ 1 0 3 ,7 2 9 ,5 0 0

S econ d W ar L oan

(1 O c t o b e r

1 9 1 6 ) _____________________________

2 0 1 ,4 4 4 ,8 0 0

T h ir d W a r L o a n

(1 M a r c h

1 9 1 7 ) _____________________________

2 6 0 ,7 6 8 ,0 0 0

F ir s t V i c t o r y L o a n

( 1 N o v e m b e r 1 9 1 7 ) _____________________________

4 1 9 ,2 8 9 ,0 0 0

S e c o n d V i c t o r y L o a n ( 1 N o v e m b e r 1 9 1 8 ) ___________________

th e

th a t

no

o b lig a t io n s h o u ld b e h a d t h a t w o u ld in a n y w a y in v a lid a t e t h e o b li g a t i o n
o f t h e c o n t r a c t s n o w e x is tin g .

speedy and

(1 D e c e m b e r

w ill b e

c o m p e lle d t o s h u t d o w n a n d s u s p e n d t h e ir m in in g o p e r a t io n s u n le s s r e lie f

f r o m a n d a ft e r t h e p a s s in g o f s u c h le g is la t io n , t h e r e s h a ll b e p a id

F ir s t W a r L o a n

is

W h ere a s , T h e a c t u a l c o s t fo r m in in g a n d p r o d u c in g g o ld n o w fa r e x c e e d s
th is
and

C it y o f T o r o n t o r e s u lt .

W A R

w h ic h

o b ta in e d u n d e r o u r p r e se n t s y s te m fr o m t h e T r e a s u r y o f t h e U n ite d S ta te s
a t a n et co st o f $ 2 0 67 p e r o u n ce o f g o ld ; a n d

D o m i n i o n q u o t a ................... $ 5 0 0 , 0 0 0 , 0 0 0 C i t y o f T o r o n t o q u o t a _ $ 9 0 , 0 0 0 , 0 0 0

R E S U L T S O F P R E V IO U S C A N A D IA N

so

r a p id ly d u r in g t h e w a r p e r io d , s in c e th e s ig n in g o f t h e a r m is t ic e s t ill fu r t h e r
d e c lin e d b e c a u s e o f th e e x tr e m e e c o n o m ic p r e s s u r e t o w h ic h th e g o ld m in in g
in d u s t r y h a s b e e n s u b je c t e d ; a n d

D o m i n i o n r e s u l t ................... 6 7 3 , 1 9 9 , 7 0 0
8 ,0 0 0 ,0 0 0

B o ls e h v ik

its

t w e n t y - s e c o n d a n n u a l s e s s io n in t h e C i t y o f S t . L o u is , t h a t t h e C o n g r e s s o f

(O c to b e r 2 7 — N o v e m b e r 1 5 ).

P r o v . o f O n ta r io q u o t a

m a

c o lle a g u e s

D e n m a r k t o n e g o t ia t e w it h t h e A llie d n a tio n s r e la t iv e

t o a n e x c h a n g e o f p r is o n e r s ,
g o v e r n m e n t o f R u s sia .

N o w , t h e r e f o r e , i t is r e s o l v e d b y t h e A m e r i c a n

1919.

in g o l d

s t a t e m e n t a s c r ib e d

o f M a x im L it v in o ff b y th e C o p e n h a g e n c o r r e s p o n d e n t o f “ T h e D a ily M a il .”

U n ite d

RESULTS

2117

6 9 5 ,3 9 0 ,7 5 0

p erson

be and

p ro d u cin g g o ld

it Is h e r e b y

fr o m

e a r n e s tly

t h e m in e s w it h in

p e tit io n e d

th e

U n ite d

to

p a ss s u ch

o f fiv e
to

S ta tes

years
every

and

its

p o ss e s sio n s, u n d e r s u c h te rm s a n d c o n d it io n s a s m a y p r o p e r ly b e p r o v id e d ,
a p r e m iu m o f $ 1 0 p e r fin e o u n c e o f s u c h
p a y m e n ts t o b e m a d e o u t o f fu n d s t o
ou n ce on

th e u se,

oth er th a n

m a n u fa c tu r e

c o in a g e

fu r th e r

h e re a fte r p r o d u c e d , s u c h
by

in
fr o m

an

th e

e x c ise o f $ 1 0 p e r

U n ite d

oth e r

S ta tes

fu n d s

fo r

in

th e

S ta te s , n o t r e q u ir e d fo r s p e c ific p u r p o s e s ; a n d
A vera ge fo r

is

so

o r m on eta ry ’ p u rp oses a n d

T r e a s u r y o f th e U n ite d

It

g o ld

b e p r o v id e d

o r s a le o f g o l d

recom m en d ed

th a t

F iv e
a fte r

Y ea rs.
fiv e

years

fr o m

th e

p assage

of

s u c h le g is la t io n t h e p r e m iu m a n d e x c is e s o t o b e p r o v id e d s h a ll b e a d ju d g e d
in a c c o r d a n c e w i t h t h e r is e a n d f a l l in c o m m o d i t y p r i c e s a s c o m p a r e d w i t h

IN T E R E ST ON R U SS IA N G OVERNM ENT E X T E R N A L
LOAN DEFAULTED.

th e a v e r a g e fo r th e fiv e -y e a r p e r io d

h e r e in r e fe r r e d

t o ; t h is r e a d ju s t m e n t

a n d e x c is e t o b e m a d e e a c h y e a r a n d u n t il s u c h t im e a s t h e p r e m iu m

and

e x c is e c a n b e a b a n d o n e d o n a c c o u n t o f th e r e s t o r a t io n o f a p r ic e le v e l w h ic h
w ill

s a tis fa c to r ily

m a in ta in

th e

n orm al

p r o d u c tio n

of

new

g o ld

in

th e

It was announced at the National City Bank of this city
U n it e d S t a t e s t o m e e t a ll in d u s tr ia l r e q u ir e m e n t s o f t h e a r t s a n d t r a d e s .
on D ec. 1 that the semi-annual interest due on that date
on the Imperial Russian Government five years 5J ^ %
C A N A D I A N C R E D I T S TO R U M A N I A , G REECE,
external loan had been defaulted. The total outstanding
FRANCE, B E L G IU M A N D IT A L Y .
amount of the issue is $25,000,000. The bonds will mature
The- following information regarding Canada’s foreign
in December 1921. This is the first timo that the interest
trade loans, contained in advices received by the Depart
on these bonds has not been paid.
ment of Commerce at Washington from Consul-General
As was announced in these columns Juno 21, page 2482,
John G . Foster, at Ottawa, under date of N o v . 6, appeared
the maturing $50,000,000 6 ]/2% three-year credit of the
in “ Commerce Reports” of N o v . 21:
Russian Government was not met on the due date, June 18,
C a n a d a h a s a lr e a d y a ll o t t e d $ 1 0 6 ,0 0 3 ,3 9 1 o n a c c o u n t o f t h e f i v e c r e d it s
the holders having been advised of the inability to provide o f $ 2 5 , 0 0 0 , 0 0 0 e a c h t o R u m a n i a , G r e e c e , F r a n c e , B e l g i u m a n d I t a l y ,
funds to meet the obligations. A protective committee a c c o r d i n g t o a s t a t e m e n t m a d e o n t h e f l o o r o f t h e D o m i n i o n S e n a t e l a t e
in S e p t e m b e r .
I t a ly h a s u s e d t h e e n tir e a m o u n t a ll o t t e d t o i t , B e lg iu m
was formed by the bankers interested in the floating of the h a s u s e d i t s a l l o c a t i o n t o t h e e x t e n t o f $ 1 , 0 . '8 , 0 2 1 , a n d R u m a n i a u p t o
bonds three years ago, this committee consisting of John II. $ 5 , 0 5 3 , 6 5 5 . N o a d v a n c e s h a v e b e e n m a d e t o F r a n c e o r G r e e c e , a l t h o u g h
Fulton, General Executive Manager of the National City t h e l a t t e r c o u n t r y h a s e n t e r e d i n t o c o n t r a c t s a m o u n t i n g i n t h e a g g r e g a t e
t o $ 9 ,6 5 3 ,0 5 4 , f o r w h ic h a d v a n c e s w ill h a v e t o b e m a d e s h o r t ly .
Bank, Chairman; Thomas Cochran, of J. P . Morgan & Co.;
A ll a d v a n c e s a r e c o v e r e d b y T r e a s u r y b ills d e p o s it e d t o t h e c r e d it o f t h e
N . Dean Jay, Vice-President of the Guaranty Trust Co. of M i n i s t e r o f F i n a n c e i n L o n d o n . T h e T r e a s u r y b i l l s o f R u m a n i a , F r a n c e ,
B e lg iu m a n d I t a l y a r e r e p a y a b le in f i v e y e a r s f r o m D e c . 3 1 1 9 1 9 , a n d t h e y
New Y ork; Lloyd W . Smith, of Harris, Forbes & C o.;
c a r r y in te r e s t, p a y a b le h a lf-y e a r ly , a t th e r a t e o f 5 f i % .
D iffe r e n t a r
Charles S. Sargent Jr., of Kidder, Peabody & C o.; Frederic r a n g e m e n t s h a v e b e e n m a d e w i t h G r e e c e . T w e n t y o f t h e t w e n t y - f i v e
W . Allen, of Lee, Higginson & C o., and Albert H . Wiggin, m i l l i o n s c r e d i t o p e n e d b y i t w i l l b o u s e d f o r p u r c h a s e s m a d e d i r e c t b y t h e
ex-officio, Chairman of the Foreign Securities Committee G r e e k G o v e r n m e n t ; t h e o t h e r f i v e m i l l i o n s a r e f o r c i v i l i a n p u r p o s e s . T h e
t e r m s o f p a y m e n t a r e 4 0 % c a s h , 2 0 % in s ix m o n t h s , 2 0 % in n in e m o n t h s
of the Investment Bankers’ Association of America. It is a n d t h e r e m a i n i n g 2 0 % i n t w e l v e m o n t h s . I t is b e l i e v e d t h a t m o s t o f t h e
g
o o d s t h u s p u r c h a s e d b y t h e G r e e k s w ill b e s o l d in R u m a n i a o r o t h e r c o u n 
understood that this committee may act in behalf of the
t r ie s w h e r e t h e G r e e k s , b e in g n e a r a t h a n d , c a n j u d g e o f t h e r e li a b ili t y o f
holders of the 5 j ^ % external loan.
th e b u y e rs .




B e lg iu m a n d R u m a n ia e a c h c a n b u y f o o d s t u f f s t o t h e e x t e n t o f $ 5 ,0 0 0 ,0 0 0 ,
raw

m a t e r ia ls

w orth

a t $ 1 5 ,0 0 0 ,0 0 0 .

th e

sam e

F ran ce can

a m ou n t,

and

m a n u fa c tu r e d

goods

d e v o t e $ 1 0 ,0 0 0 ,0 0 0 o f t h e c r e d it t o

v a lu e d

th e p u r

c h a s e o f f o o d s t u f f s , $ 5 ,0 0 0 ,0 0 0 t o b u y i n g r a w m a t e r ia ls a n d $ 1 0 ,0 0 0 ,0 0 0 t o
g e ttin g m a n u fa ctu re d p r o d u c ts .

o f th o m a rk e t v a lu o
b orrow ers.
T he bank

The extent to which France, since the armistice, has gone
forward with her program of reconstruction will be a sur
prise to those who have not closely studied the subject.
The recent anniversay of the signing of the armistice has
been taken advantage of by the house of Brown Brothers
& Co. to bring out a booklet under the title “ France, the
Reconstruction,” giving in some detail the facts of the re
building of the railroads, highways, dwellings and factories
and also the year’s accomplishment in the way of setting
France back to somewhat her old position as a leader among
the agricultural countries of Europe.
Emphasis is given in this booklet, which is copiously
illustrated, to the new assets which France has derived from
the regaining of Alsace-Lorraine and also to the potential
values that existed in her heretofore undeveloped colonies.
Charts are published showing the ratio of income tax on
individuals in France to corresponding taxes in the United
States. There are many features in this booklet which
should give it permanent wrorth in financial literature, and
as its authorship is that of a house which has been in the
past closely identified with the placing of French Govern
ment loans in this country and as it carries the written en
dorsement of M . Maurice Casenave, Director-General of
the French Mission in the United States, its contents will
carry great weight. France has in the past shouldered
her burdens with courage and met her obligations and so
we m ay expect her to do to-day; the qualities of thrift,
tremendous industry and national pride have not been
dulled by the war. W e quote as follows from the con
cluding paragraph of the booklet:
T h e r e c o r d o f h e r a c h ie v e m e n t s in t h o w a r a n d , s in c e th e s ig n in g o f t h e
a r m i s t i c e , i n p e a c e is c o n v i n c i n g e v i d e n c e o f t h e s t r e n g t h a n d t h e s o l i d i t y
o f t h e n a t io n .

o v e r w h e lm in g m a jo r it y o f t h e s u p p o r te r s o f th o G o v e r n 

m e n t in t h o n a t io n a l e le c t i o n s .
a> s h e h a s r e c o v e r e d
in

th e

in

n o t lo a n

fr o m

F r a n c e w ill r e c o v e r fr o m t h is w a r a s s u r e ly

p r e v io u s w a r s .

W ith

th e p re se n t o p p o r tu n ity

fie ld s o f in d u s t r y a n d t r a d e th e n e w F r a n c e s h o u ld b e c o m e g re a te r

e v e n th a n b e fo r e .

_______

on

real

e sta te .

a

brok er or

w r itin g , th r o u g h

A p p lic a tio n s
n ota ry

fo r

banker

a ll l o a n s m u s t b e

p u b lic .

In te re st ra tes

th o c o u n c il o f th o b a n k , e x c e p t th a t th o r a t o fo r lo a n s o n

s e c u r itie s m u s t h a v o th e a p p r o v a l o f th e M in is t e r o f F in a n c e .

a re

p u b lic

T h e ra tes

n e e d n o t b o a lik e f o r th o M a d r id o f f ic e a n d t h e b r a n c h e s , b u t in p r a c t ic e
t h e r e is g e n e r a lly n o v a r i a t io n .
R e d is c o u n t B u s in e s s — L o a n a n d D is c o u n t R a tes D u r i n g W a r .
A lt h o u g h t h o B a n k o f S p a in p e r f o r m s n e a r ly a ll t h o o p e r a t io n s p e r f o r m e d
by

p r iv a t o

banks,

in d ic a t e d ,

it

a ls o

fu n c tio n s

it h o ld s n e a r ly

as

a

ban kers’ b a n k .

1 0 t im e s t h e c a s h h e ld

by

As

p r e v io u s ly

a ll t h o o t h e r b a n k s

c o m b in e d , t h e r e b y e x e r c is in g a w e ll-c e n tr a liz e d c o n t r o l o f S p a in ’s r e s e r v e
o f s p e c ie .
W h e n t h o w a r b r o k e o u t in

1 914 th e n e e d fo r e m e rg e n cy cu r r e n c y w a s

f e l t in S p a in , a s in o t h e r c o u n t r ie s , a n d t h e B a n k o f S p a in s o c u r o d a u t h o r it y
to

e n la r g e

p e se ta s
fo r

th e

lim it

of

($ 3 8 6 ,0 0 0 ,0 0 0

th e b a n k s.

n ote

to

D u r in g

is s u e

fr o m

2 ,0 0 0 ,0 0 0 ,0 0 0

$ 4 8 2 ,0 0 0 ,0 0 0 ).
th e fir s t w e e k

L ib e r a l

p erson al
th ese

c r e d its

ra tes

to

6% .

A bout

o n e -h a lf o f

1%

o f A u g u st,

fu r th e r r e d u c e d t o 4 ^ %

in

f o r p e r s o n a l c r e d it s .

s e c u r ity w a s r e d u c e d

fr o m

5

to

4H

m ade

to 5 H % . a n d fo r
p o s s ib lo t o

O ctob er

In

41^% .

w ere

1 9 1 4 , th e ra te fo r re

1 it w a s fo u n d
and

2 ,5 0 0 ,0 0 0 ,0 0 0

th o

f o r r e d is c o u n t s , b u t r e m a in e d a t 5 %

o n s e c u r it y a n d a t 5 H %
upon

S e p t.

r e s p e c t iv e ly ,

to

r e d is c o u n t s

d is c o u n t s a n d lo a n s u p o n s e c u r it y w a s r a is e d fr o m

red u ce

ra te s

w ere

f o r lo a n s u p 

1 9 1 5 t h o r a t e f o r lo a n s

D im in g t h e d a y s

o f em er

g e n c y t h e b a n k e x p a n d e d it s c r e d it s in a m a n n e r w h ic h g r e a t ly e a s e d th e
S in c e 1 9 1 5 t h o b a n k ’s r a t e s h a v o b e e n m o d if ie d t o f a c il it a t e t h o f lo t a t i o n
o f p u b lic lo a n s a n d
c o u n tin g .

In

to

a ffo r d

a d d it io n a l fa c ilitie s t o

t h e b a n k s fo r r e d is 

t h e s p r in g o f 1 9 1 7 t h e r a t e fo r lo a n s u p o n p u b lic s e c u r itie s

w a s r e d u ce d fr o m 4 M

t o 4 % , t o a s s is t in p r o m o t in g t h e c o n s o lid a t io n lo a n

o f th a t y ea r.

A g a i n , in J u n e , 1 9 1 9 , t h o r a t e w a s r e d u c e d t o 3 H %

p u rpose.

v ir tu e

B y

o f a n a g r e e m e n t e ffe c t iv e

J u ly

1,

f o r a lik e

1 9 1 8 , lo c a l b a n k s

(n o t in c lu d in g b r a n c h e s o f fo r e ig n b a n k s ) m a y s e c u r e r e d is c o u n t s a t a r a te
o f 1 % le s s t h a n t h e g e n e r a l r a t e .
R e d is c o u n t in g b y th e B a n k o f S p a in h a s g r e a t ly d e v e lo p e d
w ar.

In

p a r t t h is

d e v e l o p m e n t is a

r e s u lt o f t h e

.
d u r in g tn e

em ergen cy

e x p e r ie n c e

o f 1 9 1 4 , a n d in p a r t a r e s u lt o f t h e m e t h o d o f h a n d lin g t h e c r e d it s g r a n t e
by

S p a in t o

th o U n ite d

S ta te s, E n g la n d , a n d F r a n c e .

T h e s e lo a n s w o re

m a d e b y m e a n s o f a c c e p t a n c e s o f S p a n ish b a n k s , w h ic h

a ccep ta n ces,

or

th e m o s t p a r t , r e d is c o u n t e d b y th e B a n k o f S p a in .

T h o p r a c tic e o f re

c o u n tin g

s t e a d ily ,

has

th u s b e e n

s t im u la t e d

p o lic y o f r e d is c o u n t u p o n

and

is g r o w in g

and

s

w in o a

w h i c h t h e b a n k s m a y c o u n t in t h e i r o p e r a t o n s

h a s n o t y e t b e e n fu lly d e v e lo p e d , th e o ffic ia ls o f th e b a n k , to g e t h e r w
m e m b e r s o f t h o G o v e r n m e n t a n d o ffic e r s o f p r iv a t o b a n k s , a r o m a n ife s

ng

a g r o w i n g in t e r e s t in t h is q u e s t io n a n d a r e c o m in g m o r e a n d m o r e t o r e a

ze

th o n e e d o f d e v e lo p in g a b r o a d e r d is c o u n t m a r k e t fo r S p a in .

T h e p e o p le h a v e r e c e n t ly g iv e n th e ir a n s w e r t o B o ls h e v is m

r e tu r n in g a n

by

.
n o t e x c e e d in g 9 0 d a y s a g a in st

w ill o p e n c r e d it s f o r a p e r io d

it m a y

fix e d b y

FRANCE.

in d u s t r ia l s e c u r itie s o ffe r e d

in d o r s e d b ills o f e x c h a n g e o r p r o m is s o r y n o te s w it h a t le a s t t w o s lg n a t u e s ;
but

PROGRESS OF R E C O N S T R U C T IO N I N

o f s p e c ifie d

t h o p e r c e n t a g e r e m a in in g a t 6 0 w h o r e s u c h s e c u r itie s a r e t e n d e r e d b y p r iv a t e

m ado

by

[V ol . 109.

THE CHRONICLE

2118

War-Time Increase in Gold Holdings.
S in c e t h e o u t b r e a k o f t h o w a r t h e a m o u n t o f g o ld in t h o v a u lt s o f th e
Bank

o f S p a in

has

in c r e a s e d

by

315% ,

a la r g e r p e r c e n t a g e

o f In crease

t h a n is s h o w n b y t h e n a t i o n a l b a n k o f a n y o t h e r c o u n t r y e x c e p t t h o N e t h e r 
la n d s .

T h is g r e a t in flu x o f g o ld h a s c h a n g e d fu n d a m e n ta lly th o c h a r a c te r

o f t h e g u a r a n t y b a c k o f t h e n o t e is s u e o f t h o B a n k o f S p a in .

F rom

1900

t o 1 9 1 4 t h o p r o p o r t io n o f g o ld a n d s ilv e r re s e rv e s h e ld a g a in s t n o t e s v a r ie d

BANK

OF

S P A I N P R O FIT S— W A R T I M E
I N GOLD H O L D I N G S , ci'C.

IN CR EASE

fin a n c e .

L ik e

th e

Bank

of

E n g l a n d ',

a lt h o u g h

p r iv a t e ly

ow ned

t

a n d c o n t r o ls th e r e s e rv e s o f g o ld
sy stem

is b a s e d .

It

is

at

th o

sam e

t im e

w h ic h

fis c a l

S p a i n ’s

a g e n t fo r

th e

G o v e r n m e n t , t h e b a n k e r ’s b a n k , a n d t h e la r g e s t b a n k f o r t h e p u b lic .
T h e B a n k o f S p a in is p r e p o n d e r a n t in fin a n c ia l p o w e r in S p a in .
e n d o f 1 9 1 8 it h e ld a c a s h r e s e r v e o f 2 ,8 7 0 ,0 0 0 ,0 0 0
p eseta s

($ 1 2 4 ,0 0 0 ,0 0 0 ) s ilv e r .

added

D u r in g

a b o u t 2 0 0 ,0 0 0 ,0 0 0 p e s e ta s

A t th o

p e s e ta s ($ 5 5 1 ,0 0 0 ,0 0 0 ),

th e fir s t n in e m o n t h s o f

1919

( $ 3 8 ,6 0 0 ,0 0 0 )

th ese re 

o f g o ld

to

o f s ilv e r .
fo u r -fift h s

and

o f w h ic h

2 ,2 6 6 ,0 0 0 ,0 0 0

6 5 7 ,0 0 0 ,0 0 0 p e s e t a s

($ 1 2 7 ,0 0 0 ,0 0 0 )

s ilv e r .
T h o m a in fa c t s r e g a r d in g t h e n o t e c ir c u la t io n a n d r e s e r v e s o f t h o B a n k
o f S p a in d u r in g t h e y e a r s 1 9 1 4 t o 1 9 1 9 , in c lu s iv e a r e s o t fo r t h in t h o fo llo w 
in g t a b le

(fu n d s h e ld a b r o a d

t o t h o c r e d it o f th o b a n k o r o f th o S p a n ish

T r e a s u r y a r e n o t h e r e in c lu d e d

as g o ld ):

R eserv es .
S ilv e r.

______________________________
P e rc en ta g e
o f g o ld a n d
s ilv er to
n o te s .

N o t e s in c i r c u 
la t io n .

D a te .

J u ly 25
D e c . 31
D e c . 31
D e c . 30
D e c . 31
D e c . 31
J u n e 28

1914
1914
1915
1916
1917
1918
1919

o f w h ic h 2 ,2 2 8 ,0 0 0 ,0 0 0 p e s e t a s ($ 4 3 0 ,0 0 0 ,0 0 0 ), w e r e g o l d a n d 6 4 2 ,0 0 0 ,0 0 0
bank

8 3 % , n e a r ly

($ 5 6 5 ,0 0 0 ,0 0 0 ),

($ 1 3 8 ,0 0 0 ,0 0 0 ) w e r e g o ld

I t a lo n e h a s t h e p r iv ile g e

a n d s ilv e r u p o n

to

O n t h a t d a t e t h e b a n k h e ld , in r o u n d fig u r e s , a c a s h

r e s e r v e o f 2 ,9 2 3 ,0 0 0 ,0 0 0 p e s e ta s
p e se ta s

h a lf o f w h ic h c o n s is t e d

1919, th e reserves a m ou n ted

G o ld .

o f g o ld
n o te s .

to

is

o f n o t e is s u e , a n d it s n o t e s a r e t h e o n l y p a p e r c u r r e n c y c ir c u l a t in g in S p a in .
m on eta ry

7 5 % , som ew h a t m oro th a n

Juno 28

(B a n c o d e E s p a n a ) s ta n d s a t th o c o n tr o o f S p a n ish

in a t r u e s e n s e t h e c e n t r a l a n d n a t io n a l b a n k .
I t h o ld s

50 to

B ut on

o f w h ic h w a s g o ld .

Important and interesting information respecting the Bank
of Spain, the character of its operations, the war timo in
crease in gold holdings, & c., is made available in a com
munication received by the Bureau of Foreign and Domestic
Commerce of the Department of Commerce at Washington,
from Trade Commissioner Arthur N . Young, and published
as follows in “ Commerce Reports” of Oct. IS:
T h e B a n k o f S p a in

fr o m

P e s e ta s .

P e s e ta s .

P e s e ta s .

729 ,8 0 0 ,0 0 0
7 0 8 ,9 0 0 ,0 0 0
7 5 2 ,9 0 0 ,0 0 0
741 ,0 0 0 ,0 0 0
709 ,2 0 0 ,0 0 0
6 4 1 ,4 0 0 ,0 0 0
6 5 6 ,5 0 0 ,0 0 0

543 ,5 0 0 ,0 0 0
5 7 3 ,1 0 0 ,0 0 0
867 .2 0 0 ,0 0 0
1 ,2 5 0,900,000
1 ,9 6 6 ,9 0 0 ,0 0 0
2 ,2 2 8 ,3 0 0 ,0 0 0
2 ,2 6 6 ,2 0 0 ,0 0 0

1 ,9 1 9 ,0 0 0 ,0 0 0
1,97 3 ,6 0 0 ,0 0 0
2 ,1 0 0 ,2 0 0 ,0 0 0
2 ,3 6 0 ,1 0 0 ,0 0 0
2 ,7 9 8 ,6 0 0 ,0 0 0
3 ,3 3 4 ,3 0 0 ,0 0 0
3 ,5 1 0 .5 0 0 ,0 0 0

66
65
77
84
96
86
83

28

29
41
53
70
67
65

Notes in Circulation Greatly Increased During War.

th e

T h e b a n k p u r s u e d a v e r y c o n s e r v a t i v e p o l i c y a s t o n o t e is s u e s u n t i l t h e

s e r v e s , p r in c ip a ll y b e c a u s e o f t h e r a is in g o f t h e A m e r ic a n e m b a r g o o n g o ld

b e g in n in g o f t h e la s t q u a r t e r o f 1 9 1 8 .

e x p orts.

1 9 1 8 , a p e r i o d in w h ic h t h o g o l d r e s e r v e s I n c r e a s e d b y 1 ,6 5 4 ,0 0 0 ,0 0 0 p e s e t a s

S in c e

J u ly ,

b y over 3 0 0 % .

1914,

th e

bank

has

In creased

its

h o ld in g s

of

g o ld

T h e b a n k ’s r e s e r v e is n e a r ly t e n t im e s t h e a m o u n t . o f c a s h

(p e s e t a = $ 0 .1 9 3

at

in t h e v a u l t s o f t h e o t h e r v a n k s o f

th e co u n try .

I t s c a p ita l a n d s u rp lu s

w a s o n l y 1 ,0 9 7 ,0 0 0 ,0 0 0 p e s e t a s .

2 1 0 0 0 0 ,0 0 0

w ere

o n o -th ir d

th o g o ld

p eseta s

($ 4 1 ,0 0 0 ,0 0 0 ),

c lo s e

to

of

th e

to ta l

F rom

n o rm a l e x c h a n g e ),

th e

J u ly 2 5

in c r e a s e

of

1914
n otes

to

S ep t. 28

o u ts ta n d in g

B u t fro m S e p t. 2 8 1 9 1 8 , to J u n o 2 8 1 9 1 9 ,

reserves w e re a u g m e n te d

by

o n ly

6 9 ,0 0 0 ,0 0 0

p e s e ta s w h ile th e

c a D ita l in v e s t e d in b a n k i n g in S p a i n , e x c l u d i n g t h a t o f t h e p r iv a t o b a n k e r s

n o t e c ir c u la t io n

A t

fr o m J u ly 2 5 1 9 1 4 , t o J u n e 2 8 1 9 1 9 , th e n o t o c ir c u la t io n g r o w fr o m

th e

c lo s e

of

1 9 1 8 its d e p o s it s ,

w e r e n e a r ly e q u a l t o
cou n try .

a th ir d

1 ,1 5 9 ,0 0 0 ,0 0 0

p eseta s

($ 2 2 3 ,0 0 0 ,0 0 0 )

o f t h e t o t a l d e p o s it s o f a ll t h o b a n k s o f t h o
.

th e

p u rch ase

and

s a le

o f fo r e ig n

m a k e s lo a n s , a n d d is c o u n ts p a p e r , a n d
m en t.

exch an ge.

r e c e iv e s

A ll b a n k s , t h e le a d in g b u s in e s s m e n , a n d m a n y , p e r s o n s n o t a c t iv e ly
on

d e p o s its ; b u t

an

accou n t

at

t h is b a n k

S p a in .

N o

is r e g a r d e d

3 ,5 1 6 ,5 0 0 ,0 0 0

p e se ta s,

an

in c r e a s e

D u r in g th o w h o le p e r io d
of

1 ,5 9 7 ,5 0 0 ,0 0 0

1 ,9 1 9 ,
p eseta s,

T h e a m o u n t o f n o t e is s u o p e r m i t t e d t h o B a n k o f S p a i n , w h i c h w a s 2 , 0 0 0 , 

d e p o s its ,

e v e n h a s a s a fe t y -d e p o s it , d e p a r

e n g a g e d in b u s in e s s h a v e a c c o u n t s a t t h e B a n k o f
p a id

It

to

5 0 0 ,0 0 0 ,0 0 0 p e s e t a s .

w h i l e t h e b a n k ’s h o l d i n g s o f g o l d i n c r e a s e d 1 , 7 2 2 , 7 0 0 , 0 0 0 p e s e t a s .

—-

Character of the Bank's Operations—Loans and Discounts<

T h e B a n k o f S p a in e n g a g e s in p r a c t i c a l l y a ll t h e u s u a l b a n k i n g o p e r a t io n s
excep t

0 0 0 ,0 0 0

in c r e a s e d

i n t e r e s t is

a s a b s o lu te ly

0 0 0 ,0 0 0 p e s e ta s a t t h e b e g in n in g o f t h e w a r , w a s s u b s e q u e n t ly in c r e a s e d
fo u r tim e s , a n d

w a s 4 ,0 0 0 ,0 0 0 .0 0 0

in J a n u a r y ,

1919.

T h e fin a n c ia l d is 

t u r b a n c e s a c c o m p a n y in g t h e o u t b r e a k o f w a r le d t o t h o d e c r e e o f A u g u s t
5 1 9 1 4 , b y w h ic h t h e li m it w a s in c r e a s e d t o 2 ,5 0 0 ,0 0 0 ,0 0 0 p e s e t a s .
fig u r e w a s n o t c h a n g e d u n til M a r c h

T ills

1 0 1 9 1 7 , w h e n t h o I n flu x o f g o l d in t o

S p a in le d t h e G o v e r n m e n t t o r e g a r d a n in c r e a s e o f 3 ,0 0 0 ,0 0 0 ,0 0 0 p e s e ta s

s a fe , a n d d e p o s it o r s e n jo y th e a d v a n t a g e o f th e fa c ilitie s o ffe r e d fo r tr a n s 

a s d e s ir a b le .

fe r r in g fu n d s a t th e r a t e o f o n e -h u n d r e d t h o f 1 %

p e s e t a s , ju s t s h o r t o f t h e t h e n e x is tin g lim it, a n d th e B a n k o f S p a in fo u n d

o f th e b a n k .

to a n y o f th o 62 bran ch es

B r a n c h e s a r e lo c a t e d in e a c h o f t h e p r o v in c i a l c a p it a ls a n d

in o t h e r c it ie s o f im p o r t a n c e .
T h e p r a c t i c e a s r e g a r d s l o a n s is s t r i c t l y d e f i n e d in t h e s t a t u t e s a n d r e g u 
la tio n s o f th e
cou n ts;
tw o

(2 )

bank.

The

c h ie f fo r m s

lo a n s s e c u r e d b y

o r m o r e s ig n a tu r e s .

o f c r e d its

c o lla te r a l; a n d

(3 )

a u t h o r iz e d

lo a n s o n

are

(1 )

D is 

th e g u a ra n ty o f

N o t e s e lig ib le fo r d is c o u n t m u s t b o g u a r a n te e d

B y A u g u s t , 1 9 1 8 , t h e c ir c u la t io n h a d r e a c h e d 2 ,9 7 5 ,0 0 0 ,0 0 0

it s e lf u n d e r t h e n e c e s s ity o f p a y in g o u t s ilv e r r a th e r th a n n o t e s .
upon

th e d e cre e o f A u g u s t 6

3 ,5 0 0 ,0 0 0 .0 0 0 p e s e t a s .
to

d o u b le

In

1916

w as

T h ere

is s u e d , p e r m it t in g a n in c r e a s e t o

r e t u r n f o r t h is p r iv ile g e th e b a n k w a s o b lig e d

t h o c r e d it o f 7 5 ,0 0 0 ,0 0 0

p eseta s e x te n d e d

to

th o

G overn m en t

a s a w o r k in g b a la n c e , a n d t o r o d u c o t h o in te r e s t r a t e o n t h is b a la n c e fr o m
2 to 1 % .

A t t h e c lo s e o f 1 9 1 8 t h e n o t e s o u t s t a n d in g a m o u n t e d t o 3 ,3 1 6 ,

b y a t le a s t t w o g o o d n a m e s (t h o u g h s e c u r itie s m a y b e s u b s t it u t e d fo r o n e

0 0 0 ,0 0 0 p e s e t a s , a n d i t w a s d e e m e d

o f th e s e n a m e s ), m u s t b e p a y a b l e in

t h a t t h e b a n k m i g h t n o t b e r e s t r i c t e d In it s o p e r a t i o n s n o r o b l i g e d t o m a k e

o r le s s .

L oans upon

S p a in , a n d m u s t m a t u r e in 9 0 d a y s

c o lla te r a l c a n n o t

b e le s s

th a n

50 0 p eseta s

($ 9 6 .5 0 )

p a y m e n t s in s i l v e r .

B y r o y a l d e c r e e o f J a n u a ry 3 1 9 1 9 . th o lim it o f n o t e

in M a d r i d o r 2 5 0 p e s e t a s ( $ 4 8 .2 5 in b r a n c h o f f i c e s , a n d a r e lik e w is e li m it e d

is s u e w a s

to 90 d a y s , th ou g h th e y m a y b e ren ew ed .

T h e b a n k w ill lo a n u p t o 9 0 %

O n o o f t h e r e a s o n s fo r t h e in c r e a s e w a s t o fa c ilit a t e th o g r a n t in g o f c r e d its

o f th e v a lu e o f g o ld

o f th e m a r k e t v a lu e o f p u b lic

u n d e r t h o fin a n c ia l a g r e e m e n ts w it h

1 9 1 8 p e r m it s lo a n s u p ^ to 8 0 %

J u n e 2 8 1 9 1 9 t h e n o t e is s u e s t o o d a t 3 ,5 1 6 ,0 0 0 ,0 0 0 p e s e t a s .

s e c u r itie s .

A

o r s ilv e r , a n d

to 8 0 %

s p e c ia l a r r a n g e m e n t m a d e in




a g a in

a d v is a b le t o r a is e t h o li m it in o r d e r

in c r e a s e d , f r o m

3 ,5 0 0 ,0 0 0 ,0 0 0

to

th e U n ite d

4 ,0 0 0 ,0 0 0 ,0 0 0

S ta tes a n d

p eseta s.

F ran co.

On

Dec. 6 1919.]

THE CHRONICLE
L eg a l-R e s e r v e R e q u ir e m e n ts .

o f t h o C o m m is s io n o f t h e T r e a s u r y a p p o in te d S e p te m b e r 5 1 9 1 8 , t o stu d ?

T h e la w d o e s n o t r e q u ir e a n y s p e c ia l r e s e r v e s t o b o h e ld a g a in s t d e p o s it
lia b ilit ie s .

B u t r e s p e c tin g r e s e r v e s a g a in s t n o t e s , t h e la w o f M a y 13 1 9 0 2

a r tic le 3 , c o n t a in s t h e fo ll o w in g p r o v is io n s :
o f 1 ,2 0 0 ,0 G (),0 0 0
o f w h ic h

p eseta s

m ust b o

a

s p e c ie

g o ld ; fo r

s p e c ie r e s e r v e o f 6 0 %

reserve

n o te s fr o m

o f o n e -t h ir d ,

1 ,2 0 0 ,0 0 0 ,0 0 0

to th e a m ou n t

at

to

le a s t o n e -h a lf

1 ,5 0 0 0 0 0 0 0 0

a

o f s u c h n o t e s , o f w h ic h a t le a s t t w o -t h ir d s m u s t b e

T .n ° tCS f r o m 1 ’ 5 0 0 . 0 0 0 , 0 0 0
o f th e a m ou n t o f su ch n otes,

70%

F o r n otes u p

T h e k i n d o f g o l d w h i c h m a y b e h e l d Ls e i t h e r S p a n i s h g o l d
o f fin e g o ld .

The

s ilv e r m u s t b e

S p a n ish

c o in

o f le g a l

T h ei le g is la t io n s in c e A u g u s t 1 1 9 1 4 , w h ic h h a s r a is e d t h e lim it o f n o t e
ssu o
r o m ^ ,0 0 0 ,0 0 0 ,0 0 0 t o 4 ,0 0 0 ,0 0 0 ,0 0 0 p e s e t a s , h a s b e e n v e r y c o n 
s e r v a tiv e a s r e g a r d s t h e h o ld in g o f r e s e r v e s .
E a c h o f th e fo u r d ecrees
c o m p r is in g t h is le g is la t io n h a s p r o v id e d t h a t in c r e a s e s in n o t e is s u e m u s t
b e b a ck ed b y eq u a l a m ou n ts o f ca sh .

T h e d e c r e e o f A u g u s t 5 1 9 1 4 , w h ic h

t h a t a n y is s u e in e x c e s s o f 2 , 0 0 0 , 0 0 0 , 0 0 0 p e s e t a s m u s t b e c o v e r e d
th ree

s p e c ie , n o t s p e c ify in g

su bsequ en t

decrees

fr o m 2 ,5 0 0 ,0 0 0 ,0 0 0
in g o l d .
The

reserve

T hese

to

a u th o r iz in g

p art m ust b e

in c r e a s e s

p r o v id e d

by

g o ld .

th a t

is in

a

p o s itio n

to

go

fr o m

are

s im ila r ,

s u m m a r iz e d
in

p r in c ip le ,

in
to

th e

ta b le

th ose

th a t

°

t b e rre ! ° r v .e s °,f t b e B a n k o f s P a l n b o s o l d p r o m p t l y ; t h a t t h e 2 5 - p o s e t*

° f „ t k e b a ° k b e r e t lr c d ’ in o r d e r t o m a k e r o o m fo r t h e c ir c u la tio n c
g o a , a n d t h a t t h e m in t b e p l a c e d in a p o s i t io n t o c o in g o l d , p e n d i n g w h lc i
o r e ig n

c o in s ,

p r o p e r ly

s t a m p e d , s h o u ld

b e le g a l

te n d e r.

T h is p r o p o s t

H o w e v e r , i t c o n t a in s *

t n o e s s e n t ia l p r o v is io n s n e c e s s a r y t o e f f e c t th is r e f o r m , s a v e a c la u s e c b l
g a t in g t h e B a n k o f S p a in fr e e ly t o r e d e e m its n o t e s in g o l d ,
S p a n ish

o p in io n

a c c u m u la t io n

fo llo w s .
fo r

■

it s p r e - w a r s i l v e r s t a n d a r d s q u a r e !)

^
™ a m P o in t s in S e n o r A lb a ’s p r o p o s a l w e r e t h a t s ilv e r c o in s o f ;
p e s e t a s b e m a d e le g a l t e n d e r o n l y u p t o 5 0 p e s e t a s ; t h a t t h e s u r p lu s s ilv e

in c r e a s e s

p r e s c r ib e d

S ta n

o n t o t h e g o l d s t a n d a r d w h e n t h e w o r ld fin a n c ia l c o n d it io n s b e c o m e m o r

g e n e r a lly

regard s

G o v e r n m e n t s h o u ld

th e

w ith

m u ch

o f g o l d , w h ic h h a s r e s u lte d f r o m

t le d e m a n d s o f t h e b e llig e r e n ts .
are

(4 ) th a t th e

Fu ture P olicy Respecting the Gold Standard.
S p a in

o p r o lo n g t h e t r a n s it io n , a n d a s b e in g In c o m p le te .

an
The

4 ,0 0 0 ,0 0 0 ,0 0 0 m u s t b e c o v e r e d , p e s e t a f o r p e s e t a

r e q u ir e m e n ts

r e g u la t io n s

th a t a

th e S ta te; a n d

a s m u c h d is c u s s e d a n d c r it ic iz e d a s c o n t a in in g p r o v is io n s c a lc u la t e d u n d id 

a u t h o r iz e d a n in c r e a s e o f n o t e is s u e u p t o 2 ,5 0 0 ,0 0 0 ,0 0 0 p e s e t a s , p r o v i d e d
e q u a l a m o u n t in

b a n k s a n d t o c o m m e r c e ; (3 ) t h a t it u n d e r ta k e t o r e g u la te fo r e ig n e x ch a n g .
e v e n i f a t a lo s s , b e in g in d e m n ifie d b y
s h a r e m o r e f u l l y in t h e p r o f i t s .

s ta b le .
I n M a y , 1 9 1 8 , S e n o r A lb a , t h e n M in is t e r o f F in a n c e , p ro p o se *
a fa r -r e a c h m g m e a s u r e t o e s ta b lis h t h e g o ld s ta n d a r d .

a t p a r , fo r e ig n g o l d a t t h e m in t p a r e x c h a n g e , o r b a r s a t t h e r a t e o f 3 ,4 4 4 .4 4
p e se ta s p e r k ilo
cu rren cy.

1 9 1 9 , u r g e d (1

la r g e d ; (2 ) t h a t t h e b a n k e x te n d in c r e a s e d c r e d it fa c ilitie s b o t h t o th o o t h e

t o 2 ,0 0 0 ,0 0 0 .0 0 0 a s p e c ie r e s e r v e o f
o f w h ic h a t le a s t fiv e -s e v e n t h s m u s t

o . ! n gn o o ‘n n o
/ ar a n . ™
o f 2 ,0 0 0 ,0 0 0 .0 0 0 p e s e ta s t o t a l re s e r v e s o f
9 3 0 ,0 0 0 ,0 0 0 p e s e t a s , o r 4 6 . 5 % , m u s t b e k e p t , o f w h ic h a t le a s t 5 7 0 ,0 0 0 ,0 0 0
m u st b e g o ld .

t h e b a s e s o f r e n e w a l, w h o s e r e p o r t w a s p r e s e n t e d in M a y

t h a t t h e s h a r e o f t h e G o v e r n m e n t i n t h e m a n a g e m e n t o f t h e b a n k b e eD

s a tis fa c tio n

t h is

la r g

S p a i n ’s a b i l i t y t o r e s p o n r

I t is s u g g e s t e d in s o m e q u a r t e r s th a

u n d erta k e

to

o b ta in

g o ld

in

fin a l r e p a y m e n t c

B a n k o f E n g la n d , n a m e ly , (1 ) a r e la t i v e ly s m a ll in it ia l is s u e n o t c o v e r e d

<5 r t s g r a ” t e d i n t h e P a s t y e a r t o t h e U n i t e d S t a t e s , G r e a t B r i t a i i
ana rra n ee.
H o w e v e r , s o m e q u e s tio n in g v o ic e s a r e h e a r d .
I t is fe a r e '

b y reserve, an d
o f s p e c ie :

t a t P r ic e s w o u ld b e r a is e d
q u a n titie s o f g o ld .

(2 ) a n y f u r t h e r is s u e s t o b e b a c k e d b y a n e q u a l q u a n t i t y

a rl d

A m o u n t o f n o te is s u e

P e s e ta s .

F rom 3 ,5 0 0 ,0 0 0 ,0 0 0
to 4 ,0 0 0 ,0 0 0 ,0 0 0 .

nf

000
5 0 0 .0 0 0 .

000

G o ld o n ly , o f w h ich
n o t m ore th an
1 5 % m a y b e w ith 
o u t legal cu rren cy
unless th e M in is
ter o f F in a n ce a u
th orizes It on a c 
c o u n t o f the Inter
national s itu a t io n .
G o ld
o n ly ,
n on e
w ith o u t legal cur
r e n c y t o b e held
w ith o u t a u th ori
za tion o f M in ister
o f F in a n ce .

500 ,0 0 0 ,0 0 0

- - d o ...............

2 07 000000 0* 8 6 0 ,0 0 0 ,0 0 0 t

th °

bank

havo

been

l a r &e . v a r y i n g s i n c e 1 8 7 5 f r o m

b o n d s (m e n tio n e d a b o v e ) , th e

it s c a p i t a l s t o c k ..
T h e s e p r o fits w e re
th a n p a r .
A t o n e t im e t h e d o lla r w a s

i
fo r th o s e Im p o r tin g it , e x c e p t a m in o r m a r k e t a m o n g
J e w e le r s , d e n t is t s , & c . , s in c e t h e m in t w a s n o t in o p e r a t io n .

The B a n k ' s Relation to the Government—Renewal of Charter.
T h e la w o f 1 8 8 4 c h a r t e r e d t h e b a n k f o r 3 0 y e a r s , a n d in 1 8 9 1 t h is n e r io d
D ecem ber

31

1921.

The

o n e in t h e c o u n t r y h a y i n g a p r i v i l e g i o . o r
t o s p e c ia l b a n k in g le g is la tio n .
and

Bank

s p e c ia l

of

S p a ta

is

t L

fr a n c h is e ^ a n d

o id v

s u b jS

O th e r b a n k s a re s u b je c t o n ly t o t h e g e n e S

th e co d e o f com m erce, a n d

not

to

any

s S d a

b a n k in g la w .
T h e p r iv ile g e o f t h o B a n k o f S p a in c o n s is t s m a i n l v ^ t o l t
e x c lu s iv e r ig h t t o is s u e n o t e s .
I n r e t u r n f o r t h is r ig h t t h l “
, ,y
,t s
t h e S ta te , c h ie f o f w h ic h

p e se ta s

w ith o u t

in te r e s t,

and

c o n s ls t o f m a k i n g

a c tin g

as

fis c a l ^ g o n t

?

e

fo r ^ h l

G overn m en t at h om e and abroad .
T h e c h ie f L ^ t l o m
as ^
1
ageS t
a r e t o h a v e c u s t o d y o f t h e p u b lic fu n d s , a n d t o s u p e r v is e t h e i s s u e d I
t
s e c u r itie s , p a y in g
th e b a n k
It

th e In terest a n d

a m o r t iz a t io n

upon

th en

In S

U k o o t h c r in c o r p o r a t io n s , p a y s a y e a r ly ta x o f 1 6 5 %

ls d e s h e d

by

m any

th a t th e

Z

u p o n p r o f it e

ren ew a l o f th e p re se n t ch a rte r

w h ch

e x p ir e s a t t h e e n d o f 1 9 2 1 , h o m a d e t h e o c c a s io n o f in c r e a s in g t k e G o v e m
m e n t s s h a r e in t h o m a n a g e m e n t a n d p r o f i t s o f t h o b a n k .

M u c h in te r e s t

Is b e i n g m a n i f e s t e d i n t h e c o n d i t i o n s o f r e n e w a l , a n d i t i s h o p e d t o b r i S
a b o u t a n im p r o v e m e n t In t h e r e la t io n s o f t h o b a n k b o t h w it h
a n d w ith th o o t h e r b a n k s .
Senor
J o a q u in
S an ch ez d e C

th o

S ta te
2

P r lm o M in is t e r o f S p a in , a n d a v e r y c a r e fu l s t u d e n t o f b a n k in g a u c t i o n s
m ade

th e

S p a in : (1 )

fo llo w in g
T h o bank

c r itic a l
d ocs

com m en ts

n o t fu lly

on

a tta in

th e

w o r k in g s

th e p o s it io n

of
of a

th o

B ank

of

n a tio n a l b a n k ; (2 ) i t a c t s t o o m u c h a s a n o r d in a r y p r o fit -m a k i n g c o m p a n y
in flu e n c in g

a n»»“

th e e n tir e e c o n o m ic life o f t h e c o u n t r y

t

t

e

t

o

r

fo r

I t is f e a r e d b y s o m

th e e c o n o m y

Z

^

,

o f g o ld , s u e

s * acaulrad ,

Declaring himself as “ strongly opposed to the League o'
Nations Covenant as originally submitted to the Senate 1
Otto H . K ahn, of the banking firm of Kuhn, Loeb & C o.,
m a letter to Senator Poindexter further declares his dis.
belief “ in the whole conception on which it rests.” M i
Ivahn states that he had hoped “ that in place of creating i
wholly novel and untried machinery of vast complexity
tho United States, England, France and Italy would m ab
a short, simple solemn declaration to the world to the effecthat the high and beneficent things we fought for, we meai
to preserve and protect and that any one who assails then
will find these great European powers and America arrayec
for the defense of liberty, peace and right.” In arrivinf
at the conclusion that the Treaty will presumably be rati
fied during the next session of Congress with suitable reser
vations, M r . Kahn records his views thereon as follow?
“ being given tho circumstances of time and the world-situa
tion which unfortunately and unnecessarily has been created
ratification with such reservations would seem to me th(
course that is called for, however reluctantly.” Alludinf
to Europe’s need of America’s financial aid M r .
8tate>
that “ the very first thing we ought to do as an expressioi
of our true sentiment and in fulfillment of our plain duty
is to make available to the Allied nations, and next to theE
the Central Powers, those credits which are required U
enable them to obtain, urgently, indeed vitally, needec
foodstuffs and raw materials and to resume their norma
life.
If, he says, “ we do not provide these credits-, anc
provide them promptly, we shall in the end lose far mor*
through the impairment of trade and trade opportunities
than if the whole amount of those credits were to prove *
loss (which will by no means be the case.)” M r . Kahn’i
letter, dated N o v . 30, was made public by the Committe*
withmenCan BuSmeSS M e n -

(3 )

th e

We

it in large part her*-

l am ,

th e w a r
to th e
h e r o is m

(4 ) t h o b a n k d o e s n o t u n d e r s t a n d h o w

to use

a hoad

th e

o f c o u r s e , c o r d ia lly

t o f a v o r o f a n y w is e

and

fittin g

p act

to

n rd

t o 7 h e b u r d J J 6 f . i he. W ° r t d ‘
1 a m in f a v o r o f A m e r i c a t a k i n g h e r fu U sh a r*
I a m to
^
r e s p o n s ib ilit y w h ic h r ig h t fu lly g o e s w it h p o w e r ,

re s e rv e s a c c u m u la t e d in n o r m a l tim e s w e r e t o o s m a ll t o b e a p r o p e r s a f e 

o f t h e r e n e w a l o f t h o c h a r t e r is ^ b r ln g in g t o

T

r c o u n tr le s m a k in g

0 T 7 0 II. K A H N , W H I L E OPP OSED TO L E A G U E OJ
E A 1 I 0 N S , SEES R A T I F I C A T I O N , W I T H
RESEh
VATION S, A 5 O N L Y C O U R S E -N E E D E D
C R E D I T S FOR E U R O P E .

g u a rd a g a in st a p a n ic ; a n d
it s r e s e r v e p r o p e r l y .
T h e d is c u s s io n

L °

cen tra l an d

a n d n o t e n o u g h a s a c e n t r a l in s t it u t i o n c h a r g e d w it h a n im p o r t a n t D u b lic
In te re st a n d

^
n g r 0,°nd T d w e a l t b a n d ^ i n g e m p l o y m e n t t o l a b o r . ”
p o h c y o f t h e l e a d i n g n a t i o n s o f E u r o p e a n d o f t h e U n it e * '

b C n g ( ° 11° 'T e d w i t h m u c h I n t e r e s t I n S p a i n .

a s^ ts

„„ ^
b y t h 0 b a n k a t a r a t e o f 4 -8 5 p e s e t a s , a d is c o u n t o f a b o u t 6 %
? ® ® d“ p " e d ^ ,t h t h e P a r o f 5 .1 8 p e s e ta s .
T h e b a n k w a s a b le t o d o th is
^
J* h a d P r a c t i c a l l y a b u y i n g m o n o p l y o f g o l d i n S p a i n .
T h ere

s e r v ic e s t o

T h a t it

p u t J ‘ T a y 111 t h e b a n k o v e r 1 . 7 0 0 , 0 0 0 , 0 0 0 p e s e t a
J re. W h o U y u n P r « d u c t i v e . a n d w h i c h o t h e r w i s e m lg h -.

5 0 0 .0 0 0 .

o f 113 0 ’ 0 0 0 ' ° 0 0 p e s e t a s i n 4 %

1 5 0 ,0 0 0 .0 0 0

g o ld
,g

♦

e x c h a n g e d f o r c o t t o n , c o a l, a n d th e lik e .

w i l l l ^ t r i r t ^ h f n ^ f ^ ^ I v e c ir c u l a t io n o r c e n t r a li z a t io n in a s t o g ie b a n l

v n i ! L i D ? l b e n g , a ,1 I o w c d t 0 a d d
f a c q u i r i n g g o l d a t le s s

c e r ta in

beeD

G o ld .n o k in d s p e d .

D u r in g t h e y e a r 1 9 1 8 t h e b a n k d is t r ib u t e d t h is a m o u n t t h r o u g h t h e is s u o

o f in c o r p o r a t io n

hr

000
N o n e _______

tm s a c c o u n t s h o w e d a s u r p lu s c a r r ie d o v e r in t o 1 9 1 8 o f 3 3 ,0 0 0 ,0 0 0 p e s e ta s .

la w

!

000
5 0 0 .0 0 0 .

3 ' h e . P r o f i,t a n d , o s s a c c o u n t i n t h e r e p o r t f o r t h e y e a r 1 9 1 7 c o n t a t o « l a n
Item ,
p r o f it f r o m t h e a c q u is it io n o f g o l d , 2 9 ,9 7 6 ,3 0 6 .5 0 p e s e t a s ,” a n d

to

r

5 0 0 .0 0 0 .

i S
fr 0 D ] ^ 1 3 40 1 9 1 7 ’ t o c l u s i v o ’ 2 0 % : ln 1 9 1 8 , 2 1 % p lu s a d i v i d e n d t o
b o n d s e q u iv a le n t t o a b o u t 2 0 % ; a n d in t h e fir s t h a l f o f 1919
1 2 <?

e x ten d ed

J

( $ 3 2 8 n o n n n m UF
have
^

th a t^ e

d u r i n g t h e p ? n, U? n y '
T h ° P r ° fit S d is t r lb u t e d a n n u a ll y t o t h e s h a r e h o ld e r s
B» t h
l a s t 1 0 y e a r s w e r e a s f o l *o w s :
F r o m 1 9 1 0 t o 1 9 1 2 in c lu s iv e

w as

a h r n - ! ’, ! C n tb I S m 6 t ? 1
n o t P r o d u c e d In S p a in b u t w a s o b t a i n e d fr o n w i s e w n n lr f h ! r e c e i v e d i n r e t u r n f o r t h e s a l e o f S p a n L s h g o o d s , w h i c h o t h e t
. “

S p ecie,n o k in d sp ec!

“ o r le s s " .

n lD g S

t h e fo llo w in g

P e s e ta s .

Profits of the Rank—Purchases of Gold Very Profitable.
T

th u s b o p re v e n te d .

000
N o t specified 5 0 0 ,0 0 0 .0 0 0 t

2,930,000,000

t

a d d itio n s

5 0 0 .0 0 0 .

500 ,0 0 0 ,0 0 0

C
C
c
* "o r m ore";

t h e a c c o m p a n y in g r is e o f p r ic e s w o u ld

t h e a d v a n t a g e o f g o l d h o a r d i n g s p e r s e is q u e s t i o n e d , a s in
c it a t io n o f a w r it e r q u o t e d in E l S o l, M a d r id :

P e s e ta s .

4 0 0 .0 0 0 .
000
2 0 0 ,000 ,00 0* 2 0 0 .0 0 0 .
0(S
0 0pan
t ish silver
150.0 00 . 000 120 ,000 ,00 0* 6 0 ,0 0 0 ,OOOt I g o ld , fore ig n g o ld
{ a t p a r, o r gold
3 5 0 .0 0 0 .
000
2 5 0 ,0 0 0 ,0 0 0 * 100 .0 0 0 . 0 0 0 t I b a rs a t ra te o f
i 3 ,4 4 4 .4 4 pesetas
I per k ilo o f fine
l g o ld .

Since A u g . 1 1914:
From 2 ,0 0 0 ,0 0 0 ,0 0 0
t o 2 ,5 0 0 ,0 0 0 ,0 0 0 .
F rom 2 ,5 0 0 ,0 0 0 ,0 0 0
t o 3 ,0 0 0 ,0 0 0 ,0 0 0 .
F rom 3 ,0 0 0 ,0 0 0 ,0 0 0
to 3 ,5 0 0 ,0 0 0 ,0 0 0 .

r e c e iv e

g ? ld y o u ld b e s o m e t h in g o f a n o v e l t y a n d w o u ld e ith e r b e h o a r d e f
o r w o u l d c i r c u l a t e le s s r a p i d l y t h a n t h e n o t e s o f t h e B a n k o f S p a i n . « Als>.

G old req u ired S ilv er a llo w ed .

P e s e ta s .

A u g . 1 1914:
U p t o 1,20 0 ,0 0 0 ,0 0 0
F rom 1,20 0 ,0 0 0 ,0 0 0
t o 1 ,5 0 0 ,0 0 0 ,0 0 0 .
F rom 1 ,5 00,000,000
to 2 ,0 0 0 ,0 0 0 ,0 0 0 .

S p a in

„ J b f e l s a d i s c u s .s i o n g o i n g o n i n t h e p r e s s o f t h e p r o j e c t o f p l a c i n g s o m
g o m in a c t i v e c ir c u l a t io n , o n t h e t h e o r y t h a t in f l a t io n o f t h e f i d u c i a r

Reserves.
A m ount
re q u ir e d .

s t ill fu r t h e r s h o u ld

nnt m J
n n r!

r r u s s ia n ls m

i d e a lin g w it h t h o s e n a t io n s b y w h o s e s id e w e fo u g h t b

f l y aCC° r d n g t o t h e m e a s u r e o f o u r d u t y , b u t a c c o r d t o j
i i j - ° U r g " l ’ d " w iI1 a n d o f o u r g r a t e f u l a p p r e c i a t i o n o f t h e h
** l r

s a c r if,c e s

*n

s tr u g g le

to

save

th e

w o r ld

fr o ir

c o n t r o v e r s y b e t w e e n t h e s h a r e h o ld e r s o n t h e o n o h a n d a n d t h e G o v e r n m e n t
a n d p r iv a t e b a n k in g a n d c o m m e r c ia l in te r e s ts o n lt h e i o t h e r .




T h e rep ort

o r » M o ° f In nfaVOJ ; ° *
a
n
a y* F r a n c e

p r ° P ° s e d d e fe n c e t r e a t y w ith o u r s is te r -r e p u b lic a n d
(e x c e p t in g t h e p r o v is io n w h ic h m a k e s its d u r a t lo i

2120

subject to the judgment o f the League o f Nations). I am in favor of the
most cordial understanding and co-operation with Great Britain.
Indeed. I believe that no other single element is so vital to the peace,
safety and freedom o f the world as close, harmonious and mutually trustfu
relationship between America and that great democratic Empire.
. I am in favor o f doing everything incumbent upon us to make secure and
to perpetuate that which we and the Allied nations fought for.
But I am strongly opposed to the League o f Nations Covenant as origi
nally submitted to the Senate. Indeed, I disbelieve in the whole concep
tion on which it rests. I sharo the opinion o f President Nicholas Murray
Butler as expressed in a recent speech in which he gives voice to his deep
disappointment that instead o f “ setting up a great tribunal by which law
shall be substituted for force in the settlement o f international disputes, ^
the peace treaty “ largely relies upon political and diplomatic discussion
and devices as a means o f preventing wars.
Nothing that we fought for makes it incumbent upon us to entangle
ourselves in the age-long squabbles and intrigues o f Europe and Asia, or
to become the guardians and guarantors for all times o f an arbitrarily re
modeled world, put together in disregard, more or less, o f the evolution of
centuries or the proven qualities and characteristics o f races, according in
the judgment and formulae and compromises o f a few men assembled io
secret conclave, far removed from the informing and vitalizing currents of
public opinion.
,
Nothing that we fought for makes it incumbent upon us to relinquish our
fundamental national policies and traditions, and to transform the American
eagle into an international mongrel.
We helped mightily to win the war. Alone among the victors, we ask
for none o f the spoils (though, it seems to me, at least we might well and
justly have claimed a share in the distribution o f those islands in the Pa
cific formerly owned by Germany, which are o f strategic importance to
America.) W e are not called upon to set America’s signature to an in
strument that would leave us poorer in those intangible assets which we have
jealously guarded heretofore and which we rightly prize.
America, the young giant of the free and unconventional West, cannot
be put into a garment cut according to the manner and habits of old-time
European diplomacy. She is not much good at sitting around green tables
in elaborate and ceremonious discussions.
She is not fitted by tradition, training, governmental methods, interest
or inclination to take a continuous and responsible part in the adjustment
o f European affairs.
She will do far more and far better work for the world if she is left free
to do it in her own way than if she is confined and constrained by the rigid
formulae and precise provisions o f a Covenant such as the one framed at
Versailles__a Covenant which a French writer has termed a “ chimerical
edifice conceived in disdain o f the laws o f history and reality and human
nature.”
I fear that our participation in the League, with its infinite and all-em
bracing complexity, inelasticity and cumbersome machinery, instead of
being a breeder o f peace and good-will, would be rather apt to bo a breeder
o f misunderstandings, irritation and ill-feeling, as far as America is con
cerned.
■
Already, in our recent excursion into the field o f European politics, we
have managed in one short year to convert friendhip and trust toward us
into misunderstanding and irritation, in the case o f too many of those na
tions with whom we were associated in the war.
\ye would be expected by our associates in the League to do things, some
o r which we know beforehand we shall not do adequately or at all unless
t h e y are supported by public opinion in this country.
I have been at pains to read through the Peace Treaty, including the
Covenant, from beginning to end. I laid it away soro at heart and sick
It falls grievously, most grievously, short o f realizing the high hopes o
the world for a peace which would be worthy o f the spirit and aspirations
that animated the Allies and America during the war and at the conclusion
had "hoped (and some of thoso more competent than I in international
afTairs shared that hope) that in place o f creating a wholly novel and un
tried machinery o f vast complexity, the United States, England. France
and Italy would make a short, simple, solemn declaration to tho world to
the effect that the high and boneficient things we fought for, we mean to
preserve and protect and that any one who assails them will f'n d th eso
great European powers and America arrayed for tho defence of liberty,
F Such a declaration would have meant neither an allianco with or against
anybody, nor a threat toward any other nation. It is true that it would
have no perpetually binding force. But neither has the Leaguo of Nations
Covenant perpetually binding force, inasmuch as any member may with
draw from it on two years’ notice. I feel that such a declaration, toge er
with the utilization, strengthening and development o f the existing machin
ery o f The Hague Tribunal, would accomplish all that we are called upon
to do in this respect, and accomplish it more effectively than an ironclad
America wants peace, not only actually but also formally, with her late
enemies. Wo should— and but for tho League Covenant complications
would—-have had it long ago.
f„r
If, contrary to expectation, developments were to make it necessary fo
America to act upon her own initiative, she could have it for 1 10 as
g
any time and upon her own terms, because the Central Powers nee p
far more urgently than we do.
. . .
T,
it will he
’ The Versailles Peace Treaty has been rejected. I resumab y,
ratified during tho next session of Congress with suitable ™®crva
.
unless prevented by unyielding obstinancy and pride o f opin onMn mgn
places. Being given tho circumstances o f time and tho wodd-situation
.which, unfortunately and unnecessarily, lias been created, 1ratification
•
such reservations would seem to mo the courso that is called or, 10
reluctantly.
.
, hl . .
Whether or not the course be approved by the necessary two-thirds ma
jority o f the Senate, I am quite certain that the Senate’s attitude in resp
of the League o f Nations Covenant does not signify any lack o f good
•will or gratitude toward the Allied nations, or a callousi disregard of our duty
toward a world in sore distress. I am convinced, on the contrary, that our
Allied friends may rest assured that the more we are left to do things In our
own way, the more willingly, generously and effectively we shall do them.
And the very first thing we ought to do as an expression of our true sen
timent and infulfillment o f our plain duty, is to mako available to the Allied
•nations, and, next to them to tho Central Powers, those credits which are
required to enablo them to obtain urgently, indeed vitally, needed food
stuffs and raw materials and to resume their normal economic life,
rv It has now been demonstrated unmistakably that private enterprise
In’ America cannot accomplish that task by itself, or, at any rate, that
cannot accomplish it quickly enough, for various reasons, among the prin
cipal ones o f which is the fact that crude and shortsighted taxation has
destroyed the American investment market for the time being. It is up
to our Government to take the lead and to act promptly and effectively.
The sum required now and for the next twelve months is no more than our




[VoL. 109.

THE CHRONICLE

expenditures would have been for thirty days if tho war had lasted but
one month longer.
I f wo do not provide these credits and provide them promptly, we shall
in the end lose far more through the impairment of Irade and trade oppor
tunities than if the whole amount of those credits were to prove a loss
(which will by no means bo tho case). In addition, wo shall lose inter
national good-will, which is a business asset not to bo under-estimated.
Europe needs America’s financial aid at this juncturo a good deal more
than it needs America’s participation in tho League of Nations. Self
interest as well as humanity and a duo regard for our duty and good name
require that we should give that aid without further delay. We tarried far
tool long, as it is.
The allegation that private capital would have taken care of the require
ments of Europe if the Peace Treaty had been ratified and that ail this time
it has stood ready to act awaiting only ratification, is not in accordance
with the facts. The ratification or non-ratification o f the Treaty is not
and was not tho determining factor in the attitude of private capital to
ward Europe.
What is needed and has been needed all along to meet the financial
economic necessities o f Europe, with the resulting benefit to our own in
situation, is definito and purposeful leadership on the part of tho Adminis
tration and appropriate legislation by Congress.

Senator Poindexter, in forwarding the letter to the Senate
Committee,

said:

PROPOSAL

TO

I regard this letter from M r. Kahn as the most effective statement from
an American business man which I have seen, in opposition to tho passage
of the Peace Treaty as submitted to the Senate.

THROUGH

R A ISE

MONEY

LOTTERY

IN

METHODS

GREAT

B R IT A IN

DEFEATED.

In announcing the defeat in the Bi’itish House of Com
mons on Dee. 1 of a proposal to h a v e the Government
enter upon a policy of raising money through lottery methods,
the cablegrams from London to the daily papers on that
ditto said:

Tho question o f issuing premium bonds was discussed in the IIouso of
Commons to-day at tho instance of Horatio W . Bottomley. ^Inclep en ,
who argued that such a measure was necessitated owing to the ex stence
of £2,000,000,000 floating debt which might cause a run on the Bank or
England should labor unrest revive and Bolshevism spread.
.
M r. Bottomley declared that the issue would not create serious diversion
from popular securities, and even if post office deposits and war
certificates were disturbed and reinvested in premium bon ,
relieve the Chancellor of the Exchequer.
Austen Chamberlain, Chancellor of tho Exchequer, oppose ^
•
tomley’s motion. He said premium bonds would not produce £100,00 ,
.
thoy were more likely to bring only £50,000,000. which remedy was alto
gether unequal to the disease. Moreover, he contended, it would encourage
the gambling spirit, which already was too rampant.
What was required was steady, honest work, and tho people should
taught that there was no salvation without it. Ho hoped the House wou
give the motion a direct negative.
. . .
The motion was defeated, 276 to 84. Lady Astor recorded her f
vote in the House of Commons against the motion.
GERMAN

GOVERNMENT

TO

R E I M B U RSE_BE L G IU M .

The daily papers of N o v . 29 printed tho following cable
gram advices from Brussels N o v . 28:
An agreement has been arrived at between tho Belgian and German Gov
emments whereby Germany during a period of twonty years will redeem
6,000,000,000 marks, which were issued by the Germans in tho occupied
__.
territories.
. ,
’
The marks will be exchanged for Treasury bonds producing 5% Interest.
By the agreement Belgium is assured complete reimbursement.
B I L L TO M A K E G O L D C E R T I F I C A T E S L E G A L T E N D E R .

A bill providing that gold certificates of the United States
payable to bearer on demand should bo mado legal tender in
payment of all debts and dues public and private was intro
duced in Congress this week by Senator Smoot.
I lio follow
ing with regard thereto is taken from tho
W all Street
In™ plaining his bill Senator Smoot said that the business interests of tho
country are unable to do all that is required of them on account of the lack
of SI and $2 bills, which cannot bo provided under tho law. Practically all
silver certificates have been withdrawn from circulation. The silver dollar
can be sold as bullion for more than tho dollar is worth as a circulating med
ium, and^it is necessary to meet the demands of business by issuing paper
currency of same kind and in smaller denominations.
His bill would not change, he said, tho present reservo situation. It does
not propose to give legal tender quality to $ 1 0 ,0 0 0 gold certificates, of which
there is about $654,670,000 outstanding, but only to those certificates tha
are payable on demand, under $10,000. Tho exportation of silver, prin
cipally to tho Orient, slnco April 23 1918. when tho Pittman Act became
a law has amounted to $425,554,000.
, As Federal Reserve Bank notes in denominations of ono dollar and t
dollars cannot bo issued in sums exceeding tho amount of silver dol a
broken up and exported and as silver certificates are no ^ngcr avaiteble
purposes of circulation, there has developed an unprecedented shortag
paper currency of $ 1 and $ 2 denominations.
r\„n„ ,n ie n t
Tho last report received by tho Senato from tho Treasu y
I
showed tho withdrawal of $152,000,000 silver dollars upon tho issui
of silver certificates. That silver has been exported to Japan and China
principally and some to I n d i a . _____________ _
B IL L

TO

M AKE

SILVER

C E R T IF IC A T E S

LEGAL

TENDER.

In special advices from its Washington Bureau Dec. 4
the “ Journal of Commerco” said:

fd

Silver, with its recent metric rise in value, and the development o f ^
gerous possibilities as affecting G o v e r ^ W ^ n c U l opration .
l

—

d t r e n ^ ^ ° t h ( T \ ^ u o Io f t t h e ^ e S , 0a n d I^ th ol g r e d u a l Cd i m l n u l i o n o f t h e

D ec . 6 1919.]

THE CHRONICLE

silver stocks o f the country have been acting as a spur to officials for the
formulation o f plans to check the further enhancement o f silver values.
Many suggestions have poured In upon the Treasury purporting to be
the real solution for the silver problem. These proposals range all the way
from the withdrawal o f all silver subsidiary coin from circulation and its
conversion into silver bullion for the purpose o f meeting the demand with
the issuance o f “ shin plasters” in place o f the silver currency withdrawn
to the prohibition o f silver exports and the placing o f all silver stocks under
Government control, for the fixing o f prices and supervision o f distribution.
None o f these, however, are destined to receive serious consideration by
the Treasury Department in extricating itself ffom tho silver dilemma.
Instead, officials o f both the Treasury Department and the Federal Reserve
Board are pinning their hopes on the operation o f the Pittman bill, recently
presented to Congress, providing for the making o f $1 and $2 silver cer
tificates as legal tender.
The silver situation in this country has been agitated to some extent
by a recent Mexican decree prohibiting silver exportations to the United
States for the present, because o f internal financial conditions in Mexico.
Officials here, however, are not disposed to treat this act o f the Mexican
Government with much seriousness for the reason that it is believed to be
o f a temporary character and because o f the marked reduction in the flow
o f silver from Mexico to the United States during the past ten days or two
weeks.
Any further action by the Treasury Department to remedy the silver
situation is not expected until Congress acts on the Pittman bill, and that
plan given an opportunity to operate in (hawing from bank vaults and pri
vate depositaries the hidden quantities o f silver expected to be coaxed
into circulation again to relieve the present scarcity o f the metal.
NEW

EXPORT

D U T IE S

ON

SILVER

IN

M E X IC O

“Commerce Reports” of Dec. 1 published the following
cablegram received from Vice-Consul Joseph W. Rowe, at
Mexico, under date of Nov. 26:
According to a Presidential decree o f Nov. 25, in effect from Dec. 1, the
duties payable upon the exportation o f silver from Mexico have been
modified. The new rates vary according to the daily New York quotations
on silver and are as follows: When the quotation is less than $1 per ounce
the tax is to be 7% ad valorem; when the price is from $ 1 to $ 1 10 the tax is
8 % ; from $ 1 10 to SI 20 the rate is 9% ; from $ 1 20 to $ 1 30, 10%; from
$1 30 to SI 40, 11%; while if the quotation is above $ 1 40, duty is to be
collected at the rate of 1 2 %.The Government reserve the right to buy what silver it needs at the
market price plus 1 % , but deducting taxes and shipping expenses.
PAUL

M.

WARBURG

h cCLL.A R E S A G A I N S T
D) E

PRESENT

CALL L O A W S Y S T E M — A C T IO N B Y A M E R IC A N
"A C C E P T A N C E

C O U N C IL .

The call loan, together with the Treasury certificates,
were characterized this week by Paul M. Warburg, formerly
of the Federal Reserve Board, as the two most serious ob
stacles preventing the bankers’ acceptance from attaining
the position as the most desirable and most important asset
among the so-called secondary reserves of banks. Mr.
Warburg’s views were presented in his report as Chairman
of the Executve Committee of the American Acceptance
Council, submitted at the annual meetng of that organiza
tion in this city on Thursday of this week, Dec. 4. Mr.
Warburg, among other things, declared that “our Stock
Exchange must be protected from the vagaries of a daily
fluctuating money supply,” adding that “it should be placed
on a basis of weekly or two weekly settlements.” Following
the presentation of his report the Council adopted unanim
ously a resolution declaring that the present method of
daily stock exchange settlements “influences adversely the
development of a wide and healthy discount market” and
authorizing the appointment of a committee to study the
question of modifying the present sj'stem. The resolution
reads as follows:
Whereas, The present method o f daily stock exchange settlements with
its dominating and often unsettling effect on the call money market in
fluences adversely the development o f a wide and healthy discount market
in tho United States:
Resolved, That the Chairman o f the Executive Committee be authorized
to appoint a committee consisting o f members o f tho Executive Committee
and other individuals to study tho advisability, ways and means of modifying
tho present system o f settlements on the New York Stock Exchange and
substituting therefor some system o f periodical settlement, with power to
take such steps as may seem advisable in the case

Discussing the call loan in his report, Mr. Warburg said:

As long as this system is continued, as long as the banks all over the
country dump their idle funds upon the stock exchange treating these
stock exchange loans and New York balances Invested therein as their
quickest and most important secondary reserve, just as long is the stock
exchango in an unsound condition and just so long will it be impossible to
secure for our country the benefits o f a wide discount market and effective
bank rates.
For over ten years some o f us have preached the gospel o f a system of
centralized reserve-banking predicated upon a reliable discount market.
as against decentralized banking based upon reserves invested in stock
exchango loans. Only the first part o f this program has been carried into
effect; the second part still remains to be accomplished As long as the
stock exchange call loans retain their prominence as secondary reserves of
too many banks and as long as stock exchange demands fix the call loan rate
In tho largest money centre o f the world, we shall not enjoy a complete and
perfect banking system. Nobody will deny that for a machine moving as
fast and involving as gigantic daily transactions as the New York Stock
Exchange, a chango o f system is a most difficult task. It is obvious that
it should be undertaken only with the greatest possible precautions. But
the difficulty should hot scare us into inactivity and indefinite delay when
wo know that eventually the change has got to be mado. When diastic
banking reforms were first urged the most prominent bankers were opposed
to it for tho reason that they were prospering under the old system and
because thoy thought that it would be impossible and dangerous to tinker




2 1 2 1

with so immense and, at the same time, so delicate a structure. None the
less, tho system was remodeled without any serious disturbance and those
were proved to have been right who predicted to prosperous bankers that
if thoy could prosper with ah unsafe system they would be certain to enjoy
an even greater prosperity with a safe banking system. The same experi
ence is in store for the stock exchange, but the question is: will they, of
their own free will and initiative, undertake the task for their own benefit
and that o f the entire country, or will they delay as the banks did until
they learned their lesson by the dread experiences of the panic of 1907.
resulting in Governmental legislation?
A t present our gold position is well protected by a trade balance so
phenomenally in our favor. In the long run, however, our country will not
be able safely to accomplish its new task o f a world banker without the
protection o f an effective discount rate regulating a wide discount market.
Our stock exchange must be protected from the vagaries of a daily
fluctuating money supply; it should be placed on a basis of weekly or two
weekly settlements. Our bill market should be protected from the daily
unsettlement caused by the increasing and decreasing demands of the stock
exchange. The call money market ought to be based primarily on prime
bills that can quickly be turned into cash balances, while the bulk of undi
gested stocks and bonds ought to be carried by time loans rather than call
loans. As a matter of fact, many of these call loans are callable only in
name, and inasmuch as they are carried by loans that are actually subject
to call, they are a source o f unrest and danger.
It would be foolish to say that our present financial complexities are due
solely to this defect in our system. W e could not expect to go through a
period o f unparalleled destruction and inflation without having to face
consequences whose beginning only we are witnessing to-day. M aybe
that in spite of a defective system we might have felt less cramped to-day
if since the armistice we had set our face more sternly against over-buying,
over-spending, and over-speculation, not only on the stock exchange but
also in many other trades. M aybe that somewhat higher discount rates
would have been less costly to the country than high prices and a low level
or rates. But these are, after all, large questions on which opinions may
mrrer. The fact remains that, with the heavy burdens that the future,
no doubt, will place upon us, we should be criminally negligent if we left
any mg undone that would tend to perfect as far as possible every cog in
our financial machinery.
, - The establishment of a world-wide discount market and its emancipation
rrom the evil influences o f an unscientifically organized call-loan market is
obviously a task still to be accomplished by us. No more useful work could
be undertaken by the American Acceptance Council than to centre the
attention of its members on this problem and to further its solution.

Of Treasury certificates, Mr. Warburg said:

As long as banks are expected to invest from time to time in large amounts
or Treasury certificates, and as long as these certificates are offered on a
basis wh ch makes the investment more attractive for the banks than for
e small investor (owing to the Government deposit that carries a sub
stantial portion for a substantial time at a low rate of interest and thereby
materially increases the return to the bank); as long as it is easier for banks,
an at times even more profitable, to borrow against these certificates than
° Jff., “ ankers’ acceptances, so long will the bankers’ acceptance have an
uph‘ ‘ 1 nght for a proper position in the portfolio o f the banks.
* •»,
,once °ur Treasury certificates are paid off, or funded, or dis
tributed in a manner to eliminate banks as their main buyers, and when, as
a consequence, our banks become the chief purchasers of bankers’ accep
tances, we shall enhance most effectively our ability to finance the world’s
trade and, at the same time, we shall have removed one more element
of artificiality in the present financial situation. Like England, where
Treasury bills are now being offered on approximately a 6 % basis, we
shall continue to move in the direction of bringing interest rates under the
control o f the natural forces, a policy without which expansion and inflation
cannot be arrested.
SAMUEL

F.

S T R E IT I N
ON

REPLY

CALL LO AN

TO P .

M.

WARBURG

SYSTEM.

A reply to the contentions of Paul M . W arb u rg against
the present call m oney system was m ade on T hursd ay bj?
Sam uel F . Streit, Chairm an o f the C o m m ittee on Clearing
H ouse of the S tock E xchange.
M r . Streit refers to the plans
of the E xchange to p u t into operation as soon as possible the
Stock Clearing Corporation for the purpose of facilitating
and handling the daily settlem ent and concludes w ith the
statem ent th a t “ it would be physically im possible for us to
change from our present d a y -to -d a y settlem ent basis to a
w eekly or fortnightly settlem ent basis a t the present tim e .”
T h e follow ing is w hat M r . Streit had to say as reported in the
N e w Y o r k “ T im e s” of yesterday (D e o . 5 ):
The Stock Exchange is going ahead as rapidly as possible to put into
operation the Stock Clearing Corporation for the purpose of facilitating and
handling the daily settlements. We do not feel justified in considering or
undertaking any other change until that is perfected
•Mr;, W.a nJUrK “ *■ ,that with " a machine so fast' and involving such
gigantic daily transactions as the New York Stock Exchange, a change of
system is a most difficult task and should be undertaken only with the
p-eatest possible precautions." That is the way we feel about it. We want
r V f T t le congestion in the Street and modernize our present
methods of doing business. If we are successful in that we will be open to
and convict on on the subject of a term settlement, whether i t
be weekly or fortnightly.
Mr. Warburg speaks of inactivity and delay. The Exchange is moving
tio^onelari 8 Pof sIbl® if the matter o f putting the Stock Clearing Corporaare
^ * * * ? ' t Th° quartere ln the Stock Exchange Budding
are Promised to be ready Jan. l next. When they are completed there
th° offico f o r c c 8 and ‘ he banks, and drilling
!!iu t
y ^T ° f the CorP°ratlon in the working thereof. How long that
xvHI take, whether one or two months, I do not know. But it is being
y if* P0 StlblC’ and 1 think that 18 the answer to the static
ment of Mr. Warburg about “ inactivity and delay "
. ^ riY arbuPK also
wo should bo willing to undertake the task of
changing and modernizing our system for our own benefit, in addition to
^ a ctiv ity . I do not think it a question o f delay, or of lack
o f desire to get things moving better. It is a question o f machinery, and
jf tbat works’ whlch I expect it will, then Stock Exchange members and
bankers can enter into an intelligent discussion as to the merits and demerits
of a term settlement.
I want to emphasize very strongly that if to-day the New York Stock
Exchango approved o f and desired to adopt a term settlement, it would be
impossible and Impracticable until our present plan has worked out success-

THE CHRONICLE

2122

[V ol . 109.

o f which $203,000,000 was in loans secured by stocks and bonds, and the
loans and Investments o f the Federal Reserve bank increased $129,700,000
while its reserve percentage decreased from 44.5% to 41.5% in spite o f its
disposal to other Federal reserve banks of bankers acceptances aggregating
$68,000,000.
RE-ELECTION OF OFFICERS OF AMERICAN
During the two weeks period for which reports have been received since
ACCEPTANCE COUNCIL.
the Increase in rates, the volume of Government obligations carried in one
form or another by the 1 1 2 reporting banks i . this district has continued
gradually but steadily to decrease, their aggregate loans m d investments
k
have decreased $215,300,QQ0 and their loans on stocks and bonds have de
creased $101,600,000. Between November 1 and 22 the loans and invest
President, Lewis E . Pierson, Chairman o f the Board, Irving National ments of the Federal Reserve bank have decreased $36,700,000 and its
3ank, New York City. Chairman Executive Committee, Paul M . War- reserve percentage has risen from 41.5% to 45.0%.
No accurate estimate can be given of the portion of this decrease in loans
aurg. Vice-President, Arthur Reynolds, Vice-President, Continental &
Commercial National Bank, Chicago. Secretary, Jerome Thralls, Secre- which represents actual decrease in credit demand, because tho high rates
sary-Treasurer, Discount Corporation o f New York, New York City. for call money prevailing throughout tho month doubltess have led cor
Treasurer, Percy H. Johnston, Vice-President, Chemical National Bank, porations and others to withdraw surplus money from banks to lend on call
and have added still further to the already immense volume of funds from
*7ew York City.
interior banks which are employed here; but the lower prices now prevailing
In security and in some of the commodity markets would seem to indicate
a somewhat reduced obsorption o f funds. The reserve position of the Fed
eral Reserve System as a whole, however, did not improve with that of
the New York bank, but, on the contrary, declined from 47.7% to 46.9%.
The money market in October frequently gave signs o f strain, owing In
part to the speculation which was proceeding in securities, real estate and
many commodities. The congestion o f railroad and overseas freight, due
to strikes, added largely to the pressure, and the payment of $135,000,000
MEMBERSHIP OF AM ERICAN ACCEPTANCE COUNCIL. of British notes and $36,000,000 of the French Cities loan on November 1
and tho placing of the new British loan of $250,000,000, though in part a
refunding operation, involved a heavy readjustment of balances.

Allly. In other words, it would be physically impossible for us to change
from our present day-to-day settlement basis to a weekly or fortnightly
•ettlement basis at the present time. I cannot make this too strong.

At the first annual meeting of the Board of Representatives
the American Acceptance Council on the 4th inst. the
following officers were re-elected:

. There were but few changes made in the personnel of the
Executive Committee, to which the following new members
vere elected: John Bolinger, Vice-President of the National
Shawmut Bank of Boston, and Kenneth R. Hooker, Presiient of the Putnum-Hooker Co., Cincinnati.

The report of the Executive Secretary, Robert H. Bean,
presented at the annual meeting shows that the membership
>f the Council has grown from the time of its re-organization
n January last from 111 to approximately 200 active mem
bers and 16 service members. Active membership of the
Council comes from the following cities, and is composed of
<6 banks, 31 bankers, 14 national associations, 58 commertiai houses and 7 individuals.

Stock Market.
Developments o f the month ended November 20 on the stock market
were interlocked with the movements on the money market. During
October the rates averaged well above 6 % , but the transient decline in
money which occurred soon after tho middle of the month encouraged specu
lation and prices particularly of certain industrial shares rose rapidly.
Normal liquidation which might have been expected from profit-taking
did not materialize because many holders of stock figured that most o f the
Baltimore, 2; Boston, 8 : Brooklyn, 1; Buffalo. 1; Cazenovia, N . Y ., 1; profits accrued would have passed from them by way of income taxes.
Jhicago, 6 : Cincinnati, 3: Cleveland, 6 : Detroit. 2; Fall River, Mass., 1; The limitation thus placed on the available supply of stocks accelerated the
fresno, Calif., 1; Houston, Texas, 3: Indianapolis, 1; Jolliet, HU., 1: Jack- rise. The impetus of the speculative activity carried through to November
ion, M ich., 1; Lexington, K y ., 1: Minneapolis, 4; Mishawaka, Ind., 1; 3, despite a period of high money rates which began tho last week in October.
Newark, N . J., 1; New Haven, Conn., 1; New York City, 89: New Orleans: The record of daily sales several times approached and in one case exceeded
i; Orange, N . J., 1; Philadelphia, 6 ; Pittsburgh, 3: Portland, Ore., 4: two million shares.
Following the rate increase of the Federal Reserve bank call money
Rochester, N . Y .. 1: Richmond, Va., 3: San Francisco, 10: St. Louis, 8 ;
io . Bethlehem, Pa., 1: Syracuse, 1; South Bend, Ind., 1; Tulsa, Okla., 1; renewed progressively at ten, twelve, fourteen, and sixteen per cent., and
on November 12, after a week of hesitation prices broke violently. Sales
7tica, N . Y ., 1: Worcester, Mass., 1.
on that day were more than 2,500,000 shares. Industrial stocks as a group
closed 12H points and railroad stocks 5 points below the highest o f tho year.
Y. FEDERAL RESERVE BAN ICS REVIEW OF
Certain industrials which had been the leaders on tho rising market closed
from 51 to 126 points below the year’s high record. Subsequently prices
IN C ID E N T S LEADING TO INCREASE IN
recovered somewhat, and in the final week the volume of transactions fell
RESERVE RATES.
o ff materially.
Bond Market and New Financing.
High money and the demand for credit depressed tho bond market some
weeks before their effect on stocks was apparont. Evon in tho third week
of October there was a noticeable falling off in tho public demand for bonds,
both on the stock exchange and in the bond houses; and during the last
week of the month slow liquidation developed.

V.

A review of the conditions which led to the advance in
riscount rates by the Federal Reserve Banks and to the
4suance of the explanatory statement of the New York
federal Reserve Bank on Nov. 3 (the latter was published
n our issue of Nov. 8, page 1749) is contained in the monthly
•sport made to the Federal Reserve Board under date of
Mov. 20 by Pierre Jay, Federal Reserve Agent of the New N . Y. FEDERAL RESERVE BANK ON RECKLESS
BUYING BY PUBLIC.
7ork Reserve Bank. The report made public on Monday
The
lavish
buying
which has been witnessed in the retail
Dec.
1) says:
The increase in rates, though only fractional, was the first step taken by trades is referred to at some length in the November report
He Federal Reserve bank towards assuming its normal relation to the of the Federal Reserve Bank of New York, made to the
rolume o f credit . During the war and asJong as the Government continued
.o borrow on an increasing scale, a constantly'increasing expansion of credit Federal Reserve Board. The Bank observes that “ the
vas necesssy and the Federal Reserve bank had not only to provide the consensus of opinion among retailers is that tho bulk of the
>asis for such expansion but to encourage it, and its rate policy was nec- buying comes from the intermediate classes and mainly from
ssary subordinated to the rate carried by the Government bonds and cer;ificates. But when the tide turned and the Government’s borrowing those whose wages or income has risen far above tho amount
iegan to decrease, credit contraction became not only possible but necessary required to maintain their former standard of living.” It
aid it was the duty o f the Federal Reserve bank, hitherto the agency of further observes that the “reckless buying acts directly to
ixpansion to take the lead in encouraging the gradual contraction of credit.
The statement expressed the views o f the bank as to the desirable policy postpone the return to lower prices, to produce over-expan
io be pursued by the member banks as their investments in Government sion in the country’s industries and to hamper the capacity
>bllgations, or their loans upon them, gradually are reduced. During the of this country not only to maintain its financial position
rar the Federal Reserve bank as fiscal agent o f the Government had to
mcourage a program o f “ borrow and buy,” among banks in order that they in the world, but to serve those parts of the world which are
night buy certificates o f indebtedness far in excess o f their available funds, still suffering grievously from the losses of war.” We give
md among individuals that they iriight buy bonds far in excess of their
rarrent savings. The result was an immense increase in the loan accounts what the Reserve Bank has to say on the subject herewith:
3

>f the member banks, and a proportionately great increase in their edis:ounts with the Federal Reserve bank. But with bond buyers gradually
•educing their borrowings at the banks, and with a steadily decreasing
rolume o f certificates to be carried by the banks themselves, the appropriae course would seem to be for the banks to apply the credit thus released
» reducing their discounts with the Federal Reserve bank. By such a
process, that portion o f the expansion which the carrying of Government
>bllgatlons imposed upon the banks would be gradually but automatically
•etired and extinguished.
The issuance by the Federal Reserve bank o f the statement already quoted
ed to a general discussion o f the policies therein advocated as well as of tho
tormal purpose o f the recourse to the Federal Reserve bank by member
>anks, which in the general rediscounting and expansion of the past three
/ears above referred to, had naturally become somewhat obscured and overooked. Opinions were quite generally expressed that gradual contraction
* now desirable, that it should proceed at least as fast as Government
ibligations in the banks are reduced, and that in normal times the redisjounting privilege should be exercised to meet emergency conditions or
She- sudden or seasonal demands o f a bank’s own customers, but not for
die purpose o f supplying funds, at a profit over the discount rate, to the
general credit market , whether In the form o f commercial paper or of loans
lecured by stocks and bonds or commodities.
Briefly reviewed, the conditions which led to the advance in discount
fates and to the issuance o f an explanatory statement on November 3
vere the following: The total Government debt decreased $400,000,000
luring September, and from September 5 to October 31 the Government
obligations carried by the 1 1 2 reporting banks in this district decreased
$103,000,000. But the funds thus released were not used to decrease bor
rowings at the Federal Reserve bank: on the contrary, during the same
period, the loans and investments o f the 112 banks increased $237,000,000,




Retail Trade.
The repressive effect of the war on personal expenditure which began to
lift at the time the armistice was signed disappeared completely with most
people upon the sale o f the Victory Loan. Carefully compiled reports from
several branches of retail trade, mado particularly with a view to deter i ine
the extent of luxury buying, indicate that never has there been so much
spending, such a demand for expensive articles and such disregard of prices.
It is natural that New York City should be a primary market for luxury
buying because people from all parts of the country go to its stores to spend
their surplus funds; but reports from many sections of this district indicate
that free spending is general and that tho conclusions reached for New York
apply elsewhere, in small and large cities alike.
Inquiry was made in six branches of retail trade, namely jewelry, furs,
musical instruments, furniture, automobiles and clothing, and extended
to department stores dealing in two or more of theso specialties. Alto
gether somewhat more than forty stores and individual authorities were
visited. Percentages showing tho increase above a year ago in tho volume
of total sales, averaged from estimates made, were as follows:
Percentage
Percentage
Increase in
Increase in
Sales Value.
Units.
Jewelry___________________________________
‘18
44
purs.................................................................... 57
48
70
Indetermina e
Musical instruments..........................................
Furniture............................ ....................... ........
78
38
C loth in g.......................... ............................... .
141
53
Figures were not obtainable from passenger automobile dealers bocause «f
the current shortage in cars due to the somewhat slower readjustment from
war production.

D ec . 6 1919.]

THE CHRONICLE

It appears from the inquiry that the increase in the value of sales is
greater than the number o f units sold. This difference is mainly a reflection
o f the increase in prices charged. Jewelers account for the fact that the
total value o f sales has increased only slightly more than the volume of units
sold on the ground chiefly that gold is the basic material o f jewelry, and
that gold, because o f its fixed price has not increased in dollar value. Fur
riers in telling why price increases in certain furs has not produced a greater
difference say that the introduction o f many furs not known heretofore in
this market has tended to equalize the average o f prices.
To high prices the buying public shows almost no resistance; buyers are
either completely indifferent or they accept the higher prices as quite to bo
expected. Many o f these new buyers are unaccustomed to former prices
and accept the new scale therefore without question, often paying in cash.
Reports from the stores indicate that the wave o f buying done by wage
earners has somewhat subsided, a result, it was sugested, o f strikes or
unemployment caused by strikes. People who have possessed wealth
for some timo also have been disposed to limit their purchases, relying on
present supplies to carry them through in the hope that prices may como
down. The consensus o f opinion among the retailers is that the bulk of
the buying comes from the intermediate classes, and mainly from those
whose wages or income has risen far above the amount required to maintain
their former standard o f living.
The jewelry trade reports an unprecedented demand for platinum and
fine gold jewelry, diamonds and other precious stones. Within six months
the price o f diamonds has risen 100%. A number o f jewelers, particularly
those who do not operate their own factories, say that they are having trouble
getting enough goods to meet the demand and that they will have to face
the Christmas season without sufficient Stocks. The increase in the price
o f silver, which on November 20 was SI 32K an ounce, and therefore at
or above the gold parity point, has caused a great rise in the price of silver
ware. Nevertheless the dealers report that the demand exceeds the supply.
Gold, on the other hand, while its dollar value remains stable, is cheap in
precisely the ratio that general prices have risen. In the ten months o f this
year S48.500.000 o f gold has been withdrawn from the Assay Office in
New York for use at the arts. In October the highest amount in the b story
o f the Assay Office was withdrawn. The increase in withdrawals appears
from the following:
January . .
February .
M arch___
A p ril____
M a y ____
J u n e _____
July______
A ugu st__
September
October__

$3,825,323
3,744,780
4,353,164
*,859,454
4.636.782
5,499,574
4,856.319
0,343,637
5,444,690
' 6,004,972

09
08
33
04
33
40
15
29
82
87

Total......................................................................................... $48,568,698 40
Reports from the fur trade indicate that this year's business is the best
ever known, despite the fact that for the last two or three years it has been
unusually heavy, with rising prices. The furriers dealing in the most ex
pensive articles are those who report the greatest increase in business
Musical instruments cannot bo produced in qualtity to meet the demand.
In the first six months o f the year wage earners were buying lavishly. They
were quite content to pay ten times as much for an instrument of the same
sort they bought five years ago but o f better grade. Latterly the volume
o f purchasing has shifted to those o f larger incomes.
In the furniture trade there is a preference for higher grade goods, particu
larly luxury furniture, despite the fact that certain articles have advanced
at least 100%. Installment furniture houses say that manual workers are
Inclined to pay cash for their purchases or on short-term credit, while
clerical workers are prone to extend their payments over a longer period.
In the clothing trade the season's business has been phenomenal. Reports
from the dealers indicate variously that the increase in the dollar value of
sal os over last year is from 50 to 400%. The highest grades of clothing have
advanced probably less in proportion than the lower grades, because of the
factor o f labor, which costs nearly as much per hour on cheap products
as on the more expensive. Luxury buying has been particularly heavy not
only in millinery and other articles o f women’s wear, but in men’s apparel.
Tho reckless buying that is indicated from many sources acts directly
to postpone tho return to lower prices, to produce over-expansion in the
country’s industries and to hamper the capacity o f this country not only
to maintain its financial position in the world, but to serve those parts o f the
world which are still suffering grievously from the losses o f war. With this
point o f view the wisest retailers aro fully in accord.

.V. Y. FED E RA L RESERVE B A N K POSTPONES
ERECTIO N OF B U IL D IN G .
Tho Federal Reserve Bank of New York announced on
Dec. 3 that its board of directors at its meeting on that day,
had decided to postpone for the present the erection of the
bank’s new building on the land recently acquired on Nassau
Street. In explanation it was stated that, while the bank
had acquired all the land needed for the building, a careful
survey of building conditions had convinced tho manage
ment of the bank' that prices of practically every kind of
building material required for the erection of the structure,
which will contain nearly 12,CC0,C00 cu. ft ., appeared to be
too high to justify the bank in making the necessary expenture at this time. It was stated at the bank that the delay
in proceeding with building plans would enable the bank to
perfect tho detail of the building and that tho space it has
on long lease in the Equitable Building, together with offices
which it occupied in other buildings, was regarded as suffiperfect the detail of the building and that the space it had
on long lease in the Equitable Building, together with offices
which it occupied in other buildings, was regarded as suffi
cient for the bank’s requirements for some time to come.
N o date could be forecast for the commencement o f the
building operations which, it was said, would be determined
by developments in building conditions.




2123
OPENIN G OF CONGRESS.

The second session of the Sixty-sixth Congress was brought
under way on Dec. 1; on the opening day the Senate re
mained in session but twenty-three minutes, while the
House in a a brief session of several hours considered only
minor bills. In pursuance of an agreement reached between
Republican and Democratic leaders before the opening of
the session the usual procedure of appointing a committee
to notify the President that Congress was in session was
dispensed with on account of President Wilson’s illness,
and a formal notification was drafted and dispatched in
stead. The President’s message to Congress is given else
where in to-day’s issue of our paper. W ith JJie receipt of
the message the new session was bro^gh^irito full swing.
P R E S ID E N T

W IL S O N 'S A N N U A L
CONGRESS.

ME S S AG E
U S . U

TO

President W ilson’s illness operated to preVfiht his pursuing
his usual custom of delivering in person his annual message
to Congress, the address instead, being read in the Senate
and House separately at noon on Dec. 2. This was the
second tim e that President Wilson, with the reassembling of
Congress, had failed to address that body in person; the other
occasion was in M a y last, when the first session ofjthe SixtySixth Congress convened, the message at that time, written
on foreign soil by the President, and cabled from Paris to
W ashington, having been read during his absence'in Europe
by clerks in the Senate and the House. In his"message this
week the President at the outset made known his intention
to address Congress at a later date on the subject of the
railroads and the readjustment of their affairs growing out
of Federal control. The only reference vouchsafed by the
President to the failure of the Senate to ratify the treaty was
in calling attention to the “ widespread condition o f’political
restlessness in our body politic.” The causes of this'unrest,
he said, “ while various and complicated, are superficial
rather than deep seated. Broadly,” he continued, “ they
arise from or are connected with the failure on the part’ of our
Government to arrive speedily at a just and permanent peace
permitting return to normal conditions, from the'transfusion
of radical theories from seething European centres pending
such delay, from heartless profiteering resulting in the
increase of the cost of living, and lastly from the machinations
of passionate and malevolent agitators.”
Later on in his message he alluded to “ the great unrest
throughout the world, out of which has emerged a demand for
an immediate consideration of the difficulties^between
capital and labor,” and which he said, “ bids us put our own
house in order.” In his remarks with regard thereto the
President opined that “ the establishment of the principles
regarding labor laid down in the covenant of the League of
Nations offers us the way to industrial peace and concilia
tion. N o other road,” he said, “ lies open to"u s.” Return
to the old standards of wage and industry in employment, said
the President “ are unthinkable.” The President set out that
“ labor not only is entitled to an adequate wage, but capital
should receive a reasonable return upon its investment and
is entitled to protection at the hands of the Government in
every emergency.” Declaring that “ the right of individuals
to strike is. inviolate and ought not to be interfered with by
any process of Government,” he continued;
But there is a predominant right and that is the right of the Government
to protect all o f Its people and to assert its power and majesty against the
challenge of any class. The Government, when it asserts that right,
seeks not to antagonize a class, but simply to defend tho right of the whole
people as against the irreparable harm and injury that might be done by the
attempt by any class to usurp a power that only Government itself has a
right to exercise as a protection to all.

In advocating a tribunal for adjusting the differences of
capital and labor the President had the following to say:
Surely there must be some method of bringing together in a council of
peace and amity these two great interests, out of which will come a happier
day of peace and co-operation, a day that will make for more comfort and
happiness in living and a more tolerable condition among all classes of men.
Certainly human intelligence can devise some acceptable tribunal for adjust
ing the differences between capital and labor.

Immediate consideration by Congress of the problem of
future taxation was asked by the President in his message,
simplification of the income and profits taxes having, he
said, become an immediate necessity. Congress might well
consider, he stated, whether the higher rates of income and
profits taxes can in peace times be effectively productive of
revenue, and whether they m ay not, on the contrary, be
destructive of business activity and productive of waste and
inefficiency. The adoption of a national budget system,
recognition and relief in behalf of the soldiers, in particular

2124

through Government farms were also asked in the message,
which likewise urged measures for the protection of the dye
industry, the consideration of means for encouraging the
farmer in materially increasing production, the extension of
the Food Control A ct, the latter with a view to lowering the
cost of living, &c. The following is the President’s message
in full:
To the Senate and House of Representalices
I sincerely regret that I cannot be present at the opening or this session
o f the Congress. I am thus prevented from presenting in as direct a way as
I could wish the many questions that are pressing for solution at this time.
Happily 1 have the advantage o f the advice o f the heads of the several
executive departments who have kept in close touch with affairs in their de
tail and whose thoughtful recommendations I earnestly second.
In the matter o f the railroads and the readmstment o f their affairs,
growing out of Federal control. I shall take the liberty at a later day of adfh o p e that Congress will bring to a conclusion at this session legislation
looking to the establishment of a budget system. That there should be
one single authority responsible for the making of all appropriations and
that appropriations should be made not independently of each other, but
with reference to one single comprehensive plan of expenditure properly
related to the nation's income. there can be no doubt. I believe the burden
of preparing the budget must, in the nature of the case if the work is to
be properly done and responsibility concentrated instead of divided, rest
upon the Executive. The budget so prepared should be submitted to and
approved for amended by a single committee of each House of Congress
and no single appropriation should be made by the Congreess, except such
as may have been included in the budget prepared by the Executive or
added by the particular committee of Congress charged with the budget
legislation.
.
Another and not less important aspect o f the problem is the ascertain
ment o f the economy and efficiency with which the moneys appropriated
are expended. Under existing law the only audit is for the purpose of ascer
taining whether expenditures have been lawfully made within the appro
priations. No one is authorized or equipped to ascertain whether the
money has been spent wisely, economically and effectively.
The auditors should be highly trained officials with permanent tenure in
the Treasury Department, free of obligations to or motives of consideration
for this or any subsequent Administration, and authorized and empowered
to examine into and make report upon the methods employed and the results
obtained by the executive departments of the Government. Their reports
should be made to the Congress and to the Secretary of the Treasury.
I trust that the Congress will give its immediate consideration to the prob
lem of future taxation. Simplification of the income and profits taxes has
become an immediate necessity. These taxes performed indispensable
service during the war. They must, however, be simplified, not only to
save the taxpayer inconvenience and expense, but in order that his liability
may be made certain and definite.
With reference to the details o f the revenue law, the Secretary of tne
Treasury and the Commissioner of Internal Revenue will lay before you or
your consideration certain amendments necessary or desirable in^connec
tion with the administration of the law— recommendations which have my
approval and support.
It is o f the utmost importance that in dealing with this matter the pres
law should not be disturbed so far as regards taxes for the calendar y .
1920, payable in the calendar year 1921. The Congress might w
sider whether the higher rates o f income and profits taxes can in p
times be effectively productive of revenue, and whether they may no •
the contrary, be destructive o f business activity and productive of
inefficiency. There is a point at which in peace times high rates of
and profits taxes discourage energy, remove the incentive to new en
, ’
encourage extravagant expenditures, ai-d produce Industrial stagna
consequent unemployment and other attendant evils.
niaoe
The problem is not an easy one. A fundamental change has taken place
with reference to the position of America in the world s affa rs
prejudice and passions engendered by decade of controversy between two
schools of political and economic thought— the one believers in p
__
of American industries, the other believers in tariff for revenue only
must be subordinated to the single consideration of the public interest in
the light of utterly changed conditions. Before the war Amerca ^as heav
ily the debtor of the rest of the world, and the interest payments she had to
make to foreign countries on American securities held abroad, the expen
ditures of American travelers abroad, and the ocean freight charges she
had to pay to others, about balanced the value o f her pre-war favorab e
balance o f trade.
During the war America’s exports have been greatly stimulated, and in
creased prices have increased tneir value. On the other hand, she has
purchased a large proportion o f the American securities previously held
abroad, has loaned some $9,000,000,000 to foreign Governments and has
built her own ships.
_
Our favorable balance of trade has thus been greatly increased, and r.urope has been deprived of the means of meeting it heretofore existing. Eu
rope can have only three ways of meeting the favorable balance of trade
in peace times— by imports into this country of gold or o f goods, or by
establishing new credits. Europe is in no position at the present time to
ship gold to us, nor could we contemplate large further imports of gold
into this country without concern. The time has nearly passed for inter
national Governmental loans, and it will take time to develop in this country
a market for foreign secutries.
Anything, therefore, which would tend to prevent foreign countries from
settling for our’ exports by shipments of goods into this country could only
have the effect o f preventing them from paying for our exports and there
fore o f preventing the exports from being made. The productivity of the
country, greatly stimulated by the war, must find an outlet by exports
to foreign countries, and any measures taken to prevent imports will
Inevitably curtail exports, force curtailment of production, load the
banking machinery o f the country with credits to carry unsold products,
and produce industrial stagnation and unemployment.
If we want to sell, we must be prepared to buy. Whatever, therefore,
may have been our views during the period o f growth o f American busi
ness concerning tariff legislation, we must now adjust our own economic
life to a changed condition growing out of the fact that American busi
ness is full grown and that America is the greatest capitalist in the world.
No policy o f isolation will satisfy the growing needs and opportunities of
America. The provincial standards and policies o f the past, which have
held American business as if in a straightjacket, must yield and give way
to the needs and exigencies o f the new day in which we live, a day full of
hope and promise for American business, if we will but take advantage of
the opportunities that are ours for the asking.
The recent war has ended ot isolation and thrown upon us a great duty
and responsibility. The United States must share the expanding world




l Vol . 109.

THE CHRONICLE

markets. The United States desires for itself only equal opportunity with
the other nations of the world, and that through the process of friendly co
operation and fair competition the legitimate interests o f the nations con
cerned may be successfully and equitably adjusted.
There are other matters of importance upon which I urged action at the
last session of Congress which are still pressing for solution. I am sure it is
not necessary for me again to remind you that there is one immediate and
very practicable question resulting from the war which we should meet in
the most liberal spirit. It is a matter of recognition and relief to our sol
diers. I can do no better than to quote from my last mesage urging this
very action:
“ W e must see to it that our returning soldiers a
r
e
eJ ?iZ
ticable way to find the places for which they, are fitted in the daily work
of the country. This can be done by developing and maintain!ng upon an
adequate scale the admirable organization c ra ted
i * 1®*toPat 1«wt one
Labor for placing men seeking work, and it can also be done ini atd(»st one
verv ereat field by creating new opportunities for individual enterprise.
^ S ^ L r e t a f y of the Interior has pointed out the w a y b y w h ich re u rn inz soldiers may be helped to find and take up land in tho hitherto undove^oDed rSim is of the country which the Federal Government has already

^

a

^

^

s

^

A

’s s s s s s f f . s t e f i S U

?

Wants Dye Industry Encouraged.
In the matter of tariff legislation, I beg to call your attention to the
statements contained in my last message urging legislation with reference
to the establishment of the chemical and dyesturfs industry in America.

ip fS H lp S Il
industry

exceptional signiftonce and value- unheBltatJngly Joln in the

of a peculiarly insidious and dangerous kind.
As I pointed out in my last message, publicity can accomplish a great deal
in this Campaign. The aims of the Government must be clearly brought
To £ ea tten tion of the consuming public, civic organizations and State of
ficials who are in a position to lend their assistance to our efforts.
You have made available funds with which to carry on this campaign, bu
. • :n
ia\v authorizing their expenditure for tho purhi this regard.

I would strongly urge upon you its Immediate adoption,

as it constitutes one of the preliminary steps to this campaign.

I also renew my recommendation that tho Congress pass a law regu
lating cold storage as it is regulated, for example, by the laws of the State
of New Jersey, which limit the time during which goods may be kept in
storaeo prescribe the method of disposing of them if kept beyond the
permftt’ed Period, and require that goods released from storage shall in
all cases bear the date of their receipt.
ifw ou ld materially add to the serviceability of the law for he purpose
we now h a v e in view, if it were also prescribed that all goods released from
storage for Inter-State shipment should have plainly marked upon each pack
age the selling or market price at which they went into storage. By this
means tho purchaser would always be able to learn what profits stood be
tween him and the producer or the wholesale dealer.
•
I would also renew my recommendation that all goods destined for In
ter-State commerce should in every case, where their form or package
makes it possible, bo plainly marked with the price at which they left the
hands of the producer.
W e should formulate a law requiring a Federal license of all corpora
tions engaged in inter-State commerce and embodying in the license, or in
the conditions under which it is to be issued, specific regulations designed
to secure competitive selling and prevent unconscionable profits in the
method of marketing. Such a law would afford a welcome opportunity to
effect other much needed reforms In the business of inter-State shipment and
in tho methods of corporations which are engaged in it; but tor the mo
ment I confine my recommendations to the object immediately in ha ,
which is to lower the cost of living.
Industry Must Be Democratized.
N o one who has observed tho march of events in the last year can fail to
note the absolute need of a definite program to bring about an I m p l e 
ment in the. conditions of labor. There can be no settled conditions leading
to increased production and a reduction in the cost of living if labor and
capital are to be antagonists instead of partners.
Sound thinking and an honest desire to serve tho interests of the whole na
tion, as distinguished from the interests of a class, must be applied to the
solution of this great and pressing problem. The failure of other nations
to consider this matter in a vigorous way has produced bitterness and jeal
ousies and antagonisms, the food of radicalism. The only way to eep
men from agitating against grievances is to remove the grievances. An un
willingness even to discuss these matters produces only dissatisfaction arm
gives comfort to the extreme elements in our country which endeavor to stir
up disturbances in order to provoke Governments to embark upon a course
o f retaliation and repression. The s a d of revolution is repression. The
remedy for these things must not bo negative in character. It must be
constructive.
It must comprehend the general Interest.
The real anti
dote for tho unrest which manifests itself is not suppression, but a deep
consideration of the wrongs that beset our national life and tho application
Congress has already shown its willingness to deal with these industrial
wrongs by establishing the eight-hour day as the standard in every field of
labor. It has sought to find a way to prevent child labor. It has served
the whole country by leading the way in developing tho means of preserving
and safeguarding lives ard health in dangerous industries. It must now
help in the difficult task of finding a method that will bring about a genuine
democratization o f industry, based upon the full recognition of the right of
those who work, in whatever rank, to participate in some organic way in
every decision which directly affects their welfare.
It is with this purpose in mind that I called a conference to meet In Wash
ington on Dec. 1 to consider these problems in all their broad aspects,
with the idea of bringing about a better understanding between these two
interests.
The great unrest throughout the world, out of which has emerged a
demand for an immediate consideration of the difficulties between capi
tal and labor, bids us put our own house in order. Frankly there can be
no permanent and lasting settlements between capital and labor which do
not recognize the fundamental concepts for which labor has been strug
gling through the years.

D ec . 6 1919.]

THE CHRONICLE

Help to Labor Through League.
The whole world gave its recognition and endorsement to these funda
mental purposes in the League of Nations. The statesmen g thered at
Versailles recognized tho fact that world stability could n< t be had by
reverting to industrial standards and conditions against whuh .ne average
workman of the world had revolted. It is, therefore, the tasic of the states
men o f this new day of change and readjustment to recognize world con
ditions and to seek to bring about, through legislation, conditions that
will mean the ending of age-long antagonisms between capital and labor
and that will hopefully lead to the building up of a comradeship which
will result not only in greater contentment among the mass of workmen,
but also bring about a greater production and a greater prosperity to busi
ness itself.
To analyze the particulars in the demands of labor is to admit the jus
tice o f their complaint in many matters that lie at their basis. The work
man demands an adequate wage, sufficient to permit him to live in com
fort, unhampered by the fear of poverty and want in his old age. He
demands the right to live and the right to work amidst sanitary surround
ings, both in home and in workshop surroundings that develop and do not
retard his own health and well being; and the right to prov de for his chil
dren’s wants in the matter of health and education. In other words, it is
his desire to make the conditions of his life and the lives of those dear to
him tolerable and easy to bear.
The establishment of the principles regarding labor laid down in the Cove
nant o f the League of Nations offers us the way to industrial peace and
conciliation. No other road lies open to us. N ot to pursue this one is
longer to invite enmities, bitterness and antagonisms which in the end only
lead to industrial and social disaster.
The unwilling workman is not a profitable servant. An employee whose
industrial life is hedged about by hard and unjust conditions, which he did
not create and over which he has no control, lacks that fine spirit of en
thusiasm and volunteer effort which are the necessary ingredients of a
great producing entity.
Constructive Remedies Demanded.
Let us be frank about this solemn matter. The evidences of worldwide
unrest which manifest themselves in violence throughout the world bid us
pause and consider the means to be found to stop the spread of this con
tagious thing before it saps the very vitality of the nation itself. Do we
gain strength by withholding the remedy? Or is it not the business of
statesmen to treat these manifestations of unrest which meet us on every
hand as evidences of an economic disorder and to apply constructive reme
dies wherever necessary, being sure that, in the application of the remedy
we touch not the vital tissues of our industrial and economic life. There
can be no recession of the tide o f unrest until constructive instrumentalities
are set up to stem that tide.
Collective Bargaining for Humane Objects.
Governments must recognize tho right o f men collectively to bargain
for humane objects that have at their baso the mutual protection and wel
fare of those engaged in all industries. Labor must not be longer treated as
a commodity. It must be regarded as tho activity of human beings, pos
sessed o f deep yearnings and desires.
The business man gives his best thought to the repair and replenish
ment of his machinery, so that its usefulness will not be impaired and its
' power to produce may always be at its height and kept in full vigor and mo
tion. No less regard ought to be paid to the human machine, which, after
all, propels the machinery of the world and is the great dynamic force that
lies back of all ind ustry and progress.
Return to the old standards o f wage and industry in employment are
unthinkable. The terrible tragedy o f war which has just ended and which
has brought the world to the verge o f chaos and disaster, would be in vain
If thero should ensue a return to the conditions of the past. Europe itself,
whence has come the unrest which now holds the world at bay, is an exam
ple o f standpatism in these vital human matters which America might well
accept as an example, not to be followed but studiously to be avoided.
Europe made labor the differential, and the price o f it all is enmity and
antagonism and prostrated industry. The right o f labor to live in peace
and comfort must be recognized by Governments, and America should be
the first to lay tho foundation stones upon which industrial peace shall be
built.
Labor not only is entitled to an adequate wage, but capital should receive
a reasonable return upon its investment and is entitled to protection at
the hands o f the Government in every emergency. No Government worthy
of the name can “ play” theso elements against each other, for there is a
mutuality o f interest between them which the Government must seek to
express and to safeguard at all cost.
Strikes and Government Rights.
Tho right o f individuals to strike is inviolate and ought not to be inter
fered with by any process o f government, but there Is a predominant right
and that is the right o f tho Government to protect all o f its people, and to
assert its power and majesty against the challenge o f any class.
Tho Government, when it asserts that right, seeks not to antagonize a
class, but simply to defend the right o f the whole people as against the
Irreparable harm and injury that might bo done by the attempt by any
class to usurp a power that only government itself has a right to exercise
as a protection to all.
In the matter o f international disputes which have led to war, statesmen
have sought to set up as a remedy arbitration for war. Does this not
point the way for the settlement o f industrial disputes, by the establishment
o f a tribunal, fair and just alike to all, which will settle industrial disputes
which in the past have led to war and disaster? America, witnessing the
evil consequences which have followed out o f such disputes between the
contending forces, must not admit itself impotent to deal with these matters
by means o f peaceful processes.
.
Surely there must be some method of bringing together in a council of
peace and amity these two great interests, out o f which will come a happier
day o f peace and co-operation, a day that will make men more hopeful
and enthusiastic in their various tasks, that will mako for more comfort and
happiness in living and a more tolerable condition among all classes of men.
Certainly human intelligence can devise some acceptable tribunal for ad
justing the differences between capital and labor.
No Class Rule— Reforms Must Come Through the Orderly Processes of Repre
sentative Government.
p This is the hour of test and trial for America.
By her prowess and
strength, and the indomitable courage of her soldiers, she demonstrated
her power to vindicate on foreign battlefields her conception o f liberty and.
justice. Let not her influence as a mediator between capital and labor be
weakened and her own failure to settle matters o f purely domestic concern
be proclaimed to the world.
There are those in this country who threaten direct action to force their
will upon a majority. Russia to-day, with its blood and terror, is a painful
object lesson of the power o f minorities. It makes little difference what
minority it is; whether capital or labor, or any other class; no sort of privilege
will over bo permitted to dominate this country. We are a partnership or




2125

nothing that is worth while. We are a democracy, where the majority are
the masters, or all the hopes and purposes of the men who founded this
Government have been defeated and forgotten. In America there is but
one way by which great reforms can be accomplished and the relief sought
by classes obtained, and that is through the orderly processes of represen
tative government. Those who would propose any other method of reform
are enemies of this country. America will not be daunted by threats nor
lose her composure or calmness in these distressing times.
We can afford, in the midst of this day of passion and unrest, to be selfcontained and sure. The instrument of all reform in America is the ballot.
The road to economic and social reform in America is the straight road
of justice to all classes and conditions of men. Men have but to follow
this road to realize the full fruition of their objects and purposes. Let
those beware who would take the shorter road of disorder and revolution.
The right road is the road of justice and orderly process.

NO APPR E CIA BLE R E D UC TIO N I N T A X E S C O N T E M 
P L A T E D , ACCORDING TO SECR ETA RY OF THE
T R E A S U R Y GLASS, I N A N N U A L REPORT.
In discussing the subject of taxation in his annual report
made public this week, Secretary of the Treasury Carter
Glass declares that “ any appreciable reduction in the amount
of the revenues from taxation is not to be thought of during
a fiscal year when the Government’s current disbursements
will exceed its current receipts.” W hile citing the Treasury
Department’s.objections to the excess profits tax as a war
expedient, and more particularly to its operation.in peace
times, Secretary Glass would make up the loss in revenue
which would come from its elimination, through an increase
of the normal income tax and of the lower brackets of the
surtax. Secretary Glass also favors the revision of the
revenue law so. as to prevent the evasion of Federal taxes
through^ investment in tax-exempt State and municipal
bonds. He_contends that the law should be amended “ so
as to require that for the purpose of ascertaining the amount
of surtax payable by a taxpayer, his income from State and
municipal bonds shall bo reported and included in his total
income, and the portion of his income which is subject to
taxation taxed at the rates specified in the Act in respect to
a total income of such amount.” The following is what
Secretary Glass has to say on the subject:
TA XA TIO N .
Though any appreciable reduction in the amount of the revenues from
taxation is not to bo thought of during a fiscal year when the Government's
current disbursements will exceed its current receipts, when its unfunded
debt amounts to upward of $3,736,000,000 (Oct. 31 1919, on the basis
of daily Treasury statements), and when the Congress is considering various
measures carrying vast additional appropriations, it is, I believe, the duty
o f the Congress to give its closest attention to the study of the incidence of
taxation with a view to the revision of the revenue Act on lines which will
produce the necessary revenue with the minimum o f inconvenience and
injustice The Treasury’s objections to the excess profits tax even as a
war expedient (in contra-distinction to a war profits taxi have been re
peatedly voiced before the committees of the Congress. Still more objec
tionable is the operation of the excess profits tax in peace times. It en
courages wasteful expenditure, puts a premium on over-capitalization and
penalty on brains, energy and enterprise, discourages new ventures, an
confirms old ventures in their monopolies. In many instances it acts as
a consumption tax, is added to the cost of production upon which profits are
figured in determining prices and has been, and will, so long as it is main
tained upon the statute books, continue to be, a material factor in the in
creased cost o f living.
The revenue sacrificed by elimination or reduction of this tax must be
sought in an increase o f the normal income tax (from which the income
on Liberty bonds is exempt) and of the lower brackets of the surtax. The
upmost brackets of the surtax have already passed the point of productivity
and the only consequence of any further increase would be to drive possessors
of these great incomes more and more to place their wealth in the billions
of dollars of wholly exempt securities heretofore issued and still being issued
by States and municipalities, as well as those heretofore issued by the
United States. This process not only destroys a source of revenue to the
Federal Government, but tends to withdraw the capital of very rich men
from the development of new enterprises and place it at the disposal of
State and municipal governments upon terms so easy to them (the cost of
exemptions from taxation falling more heavily upon the Federal Govern
ment) as to stimulate wasteful and non-productive expenditure by State
and municipal governments.
In that connection I call attention to the urgent necessity of revision of
the revenue law so as to require that, for the purpose of ascertaining the
amount o f surtax payable by a taxpayer, his income from State and munici
pal bonds shall be reported and included in his total income, and the portion
of his income which is subject to taxation taxed at the rates specified in the
Act in respect to a total income of such amount. The Treasury’s recom
mendations in this respect have been trasmitted to the appropriate com
mittees of Congress in connection with the Revenue Act of 1918, and again
in the present calendar year. Under the present law a person having an
income of, say, $1,000,000 from taxable securities would, upon the sale of
half his property and the investment of the proceeds o f that half in State
or municipal bonds, not only obtain exemption for the income derived from
such investment in State and municipal bonds, but greatly reduce the sur
taxes payable in respect to his other income. It is intolerable that tax
payers should be allowed, by purchase o f exempt securities, not only to
obtain exemption with respect to the income derived therefrom, but to
reduce the super taxes upon their other income, and to have the super
taxes upon their other income determined upon the assumption, contrary
to fact, that they are not in possession of income derived from State and
municipal bonds.
It is impossible to determine the actual gain in revenue to the Govern
ment which would result from such an amendment of the law. That it
would be very material I have no doubt. A still more important result
of the amendment of the law in this respect, however, would be the reflex
benefit to I.iberty bonds which carry exemption from normal income tax;
but as to the great bulk not from surtaxes. The very great advantage the
States and municipalities now have in conferring upon holders of their bonds
larger exemptions from Federal taxation than the Federal Government itself

2126

THE CHRONICLE

confers upon holders o f Liberty bond; should be reduced, so far as it may
be reduced, by the adoption o f appropriate administrative provisions in the
Federal revenue law.
A question has been raised concerning the right o f the Federal Govern
ment under the Constitution to tax the income from State and municipal
bonds, but there can be no doubt o f the constitutionality of such an ad
ministrative provision. The proposal is not to tax the income derived from
State and municipal securities, but to prevent evasion o f the tax in respect
to other income. The principles involved are abundantly established in
the decisions o f the Supreme Court sustaining taxes upon corporations,
bank stock, &c , computed after taking into account income derived from
Government, State and municipal bonds.
I am calling attention to these matters because it is o f the utmost im
portance that the Congress should follow the wise precedent adopted by
the last Congress in determining in advance o f the year’s business the basis
upon which taxes are to be imposed. Uncertainty in respect to taxation
during any given business period results in each taxpayer’s setting aside
for taxes an ample margin to cover variations in tho tax law which may
affect him onerously and calculating his costs and prices on that basis.
Even a bad law is better than a retroactive law. It is, therefore, of the
utmost importance, in my judgment, that the Congress should give con
sideration in the calendar year 1920 to the question of revision o f the tax
law with a view to making such revision effective well in advance in respect
to the incomes and profits o f the calendar year 1921.
The administration o f the Revenue Act o f 1918 is discussed later under
the heading "Bureau o f Internal R evenue.’
TIIE COST OF THE W AR.
The total expenditures o f the Government, exclusive o f the principal
of the public debt and postal disbursements from postal revenues, for the
war period from April 6 1917 to Oct. 31 1919 amounted to $35,413,000,000,
according to statistics compiled on the basis o f the daily Treasury state
ments. Of that great total covering the disbursements for two years and
seven months, $11,280,000,000, or nearly 32% , was met out o f tax receipts
and other revenues than borrowed money, although the amount of taxes
does not include the Dec. 15 1919 installment o f income and profits taxes
for the fiscal year 1919, nor any part o f such taxes for the fiscal year 1920.
The above calculation includes capital outlays as well as expenditures
that have been permanently absorbed. No deduction is made for loans to
the Allies, or for other investments, such as ships, stock of the War Finance
Corporation, bonds o f the Federal Land banks, &c. Foreign loans on Oct.
31 1919 aggregated $9,400,000,000, and if that amount is deducted from
tho total expenditures, the disbursements for the purposes of the American
Government during the war period under consideration were $26,007,000,
00 . And on that basis, the proportion met out of tax receipts and revenues
other than borrowed money was over 43%.
If it is assumed that the expenses o f tho Government on a peace basis
would have been at the rate of $1,000,000,000 a year, or $2,583,000,000
for the two years and seven months mentioned, the estimate o f the gross
cost of the war to Oct. 31 1919 would be $32,830,000,000, inclusive of
loans to foreign governments, or $23,424,000,000 exclusive o f such loans.

P U R CH A S ES OF L IB E R T Y BONDS B Y TH E TR EASU RY
DEPARTMENT.

Liberty bonds to the amount of $953,080,500 were pur
chased by the Treasury Department from the bond purchase
fund from April 12 1918 to Nov. 15 1919, according to the
annual report issued this week by Secretary of tho Treasury
Carter Glass. The amount paid for the same was $907,
905,526, the difference between the par amount and tho
amount paid therefor, namely $45,174,974, appearing on
the books of the Treasury as a miscellaneous receipt. In
addition to the above, the Treasury Department also pur
chased, as the result of the payment of foreign loans, Liberty
bonds to a total of $64,812,150, the amount paid in this case
being $61,320,796. The following is Secretary Glass’s re
port on Liberty bond purchases:
PURCHASES OF L IB E R T Y BONDS B Y THE TREASU RY.
The authority conferred upon the Secretary o f tho Treasury by sec
tion 6 o f the Act approved April 4 1918 (Third Liberty Bond Act) to pur
chase Liberty bonds in order to stabilize the market prices o f the securities,
has been exercised from time to time during the year. Liberty bonds have
been purchased, canceled and retired in accordance with tho law, as neces
sary to support the market. As a matter o f practical convenience the
services o f the War Finance Corporation have been utilized in this con
nection. The bonds have been purchased by the corporation at the market
price for its own account, and subsequently the accumulated stocks have
been taken over by the Treasury at the average cost to the corporation,
plus accrued interest.
These purchases have served tho purposes o f the law, particularly when
heavy sales were pressing upon the market. Many o f these sales were the
result o f conditions produced by the ending o f the war. Some of the
smaller holders, who changed their occupations during the winter on ac
count o f the dislocation o f industries, found it necessary to dispose of their
securities. Large corporations that during the war had been able to hold
Government bonds, either with their own resources or on borrowed capital,
also found it. necessary to liquidate on account o f changed financial con
ditions due to economic dislocation attendant upon the ending of the war.
During all this period without endeavoring to hold tho bonds to levels
that could not be maintained. It was the constant endeavor o f the Treasury
to maintain the stability of the market for Government securities. The
terms o f the Victory Loan had a favorable influence on tho market situation.
The following bonds have been purchased, canceled and retired by the
Treasury from the bond-purchase fund to N ov. 15 1919:
Liberty Bonds Purchased from Bond-Purchase Fund from April 12 1918 to
Nov. 15 1919.
Amount of
Principal
Amount
Amount
Accrued In 
terest Paid.
Loan—
Purchased.
Paid.
First Liberty Loan converted 4%
$
$
$
and 4M % bonds o f 1932-47-- 25,115,000 23.841,677 60
398,633 59
Second Liberty Loan 4% and
conv. 4'A% bonds o f 1927-42.371,215,000 353,340.965 55 6,364.544 95
Third Liberty Loan 4 \i % bonds
of 1928...................................... 208,635,500 200,895,398 00 1,687,060 05
Fourth Liberty Loan 4 H % bonds
o f 1933-38................................ 348.115,000 329,821,485 00 5,051,207 97
Total.




.953,080,500 907,905.526 15 13,501,446 56

[V ol . 109.

Tho difference between the par amount of bonds purchased and the
principal amount paid therefor, $45,174,973 85, appears on the books of
the Treasury as a miscellaneous receipt.
Section 3-o f the Act approved April 24 1917 (First Liberty Bond A ct),
and section 3 of tho Act approved Sept. 24 1917 (Second Liberty Bond Act),
as amended, authorize the Secretary of the Treasury to apply any repay
ments of the principal of loans to foreign Governments to the redemption
or purchaso of any bonds issued under authority of such Acts. Certain
of the loans to foreign Governments have been repaid, as stated elsowhore
in this report under the heading “ Loans to Foreign Governments,” and the
proceeds o f the repayments have been applied to the purchase of Liberty
bonds, which have been canceled and retired, as follows:
Bonds Purchased as the Result of Payment of Foreign Loans to Nov. 15 1919.
Obligations of Foreign Governments Repaid.
Amount
Government—
Date.
Repaid.
F ra n ce._______ ______ ________ ______ Jan. 11919
$3,384,000 00
“ ______________________ ______ ..M a r . 31 1919
588,00000
“ . . : ______________________
Mar. 14 1919
3.598,00000
Belgium______________________________ July 18 1919
10,00000
Aug. 11 1919
4,577,00000
F r a n c e ..._________________
Great B ritain .......................
Aug. 11 1919
22,000,00000
“
Sept. 18 1919
10,000,00000
*•
Sept. 23 1919
10,000.00000
“
Oct. 11 1919
7,164,00799
’*
..O c t . 27 1919
8,000,00000
Bond Purchases.
Amount of
Principal
Accrued In
Amount
Amount
terest Paid.
Loan—
Purchased.
Paid.
Third Liberty Loan 4 ]4 % bonds
$702,901 6 6
of 1928-------------------------------- $62,297,200 $59,090,313 78
Fourth Liberty Loan 4 M %
51,690 47
bonds of 19 33-3 8.................... 2,514,950
2,230,482 32
T ota l..........................................$64,812,150 $61,320,796 10 $754,592 13
The bond-purchase fund, while designed primarily for another and more
immediate purpose, has operated also, as the above analysis shows, in
the nature of a preliminary sinking fund in advance of the operation of a
scientific plan for the retirement of the debt through purchases or redemp
tions over a period of years. The authority to purchase bonds through
tho bond-purchase fund expires one year after the termination of tho war.
Tho Congress, however, has already provided tho plan for tho gradual
retirement of the debt by means of a cumulative sinking fund.

TE M P OR A RY F I N A N C I N G OF T R E A S U R Y DEP A RT
M E N T , ACCO RDING TO SECRETARY GLASS,
E X P E C T E D TO E N D J U L Y

1 1920.
In treating in general of financial conditions and tho
Treasury' Departments’ program, Secretary of tho Treasury
Carter Glass, in his annual report, states that he confidently
expects “that by tho time the cumulative sinking fund
begins to operated on July 1 1920, temporary financing will
be substantially over and tho certificates will have disap
peared from the market except to the extent that financing
may be done and certificates issued in anticipation of income
and profits taxes.” While taking cognizance of the “serious
and grave problems that challenge’ our statesmanship and
our patriotism,” the Secretary states that “tho continuation
of prosperity and the financing of our domestic and foreign
trade, the full and peaceful employment of labor and capital,
credit expansion, speculation and the cost of living, are great
social and economic problems, but they are susceptible of
American solution.” On this point Mr. Glass has the
following to say:
Financial Conditions and the Treasury's Program.
In this period of readjustment from war to peace, of reconstruction
of regions swept bare by the havoc of tho greatest war of ail time, of political
and economic change, and o f world-wide unrest and anxiety, America
stands strong economically, financially, and politically among the nations
of the earth. She has emerged from the colossal struggle with strength
tested and unimpaired. The impious hand of tho enemy has not touched
any part of her fair land, and there are no waste places here to restore.
A large share of the cost of the war already has been paid for by taxes and
tho public debt is but a fraction of our national wealth, our credit and
financial structure is sound and secure, our gold reserves are the greatest
in the world, prosperity flourishes in every branch of industry and in overy
part of tho Nation, and the people of the country are fully employed.
On tho other hand, there are serious and grave problems that chal
lenge our statesmanship and our patriotism. In the train o f the great
physical and spiritual effort the Nation put forth in the supreme task
of winning the war, it is not surprising, in tho light of tho experience of
mankind following wars of every age, that there should appear a cer
tain spirit of reaction that finds its concomitant in discontent and dis
satisfaction. Tho continuation of prosperity and the financing o f our
domestic and foreign trade, the full and peaceful employment of labor
and capital, credit expansion, speculation and the cost of living are great
social and economic problems, but they are susceptible of American solu
tion. T o entertain the thought of failure in finding an effective remedy
for every phase of discord and dissatisfaction In America is to shatter the
hopes of mankind. Tho answer to these great questions, which are far
less grave in tho United States than elsowhore in the world, is to bo found
in the courage and ability and spirit of Americans and their love of the
United States. These are attributes which have stood the test of time
from the birth of thirteen struggling colonies to the maturity of a great
nation. The men who went to Europo to fight for the freedom of the
world, and their compatriots who mobilized to support them to tho utmost
at home, will not be found wanting in these critical times and can be re
lied upon to grapple with these questions In the same indomitable and
loyal spirit that won the war and with the traditional appreciation and
respect of Americans for the rights of their fellowmon, in full confidence of
the vindication of right and justice in every element of our life as a nation.
This spirit of optimism and hopefulness is born of tho Nation’s perform
ances of the past and has its immediate revivaljin the great achievements

D ec . 6 1919.]

THE CHRONICLE

2127

'I lie following circular regarding these certificates was
issued on Dec. 3 by the New York Federal Reserve Bank:

of tho pooplo during tho war and in the index afforded by the Treasury’s
favorable outlook for the future, if our course is directed along intelligent
lines o f efficiency and rigorous economy in public and private finance.
During the 19 months o f activo warfare, the people o f tho country cheerfully To All Banks, Trust Companies, Savings Banks, Bankers, Investment DealerI
and Principal Corporations in the Second Federal Reserve District.
contributed taxes for the support o f the Government in greater measure
Dear Sirs:— Subscriptions for the issue of certificates of indebtednesi
than ever before in our history, and generously subscribed to four great
popular Liberty loans. Tho success o f these stupendous operations was of Series T M 3-1920 were closed by the Treasury Department at the dost
made possible only by tho devoted patriotism o f the American people. In of business on Tuesday, Dec. 2 1919.
In response to the continuing demand for tax anticipation certificate!
the highest and truest sense, the people o f the country financed the war,
and they deserve the credit for the great achievement. The loyal and and in order to make further provision for the payment without inconveni
efficient work of the organization in the Treasury, the Federal Reserve ence of tho installment of income and profits taxes due Mar. 15 1920 th(
banks and tho Liberty Loan committees, great and effective as it was, Secretary of the Treasury authorizes the Federal Reserve Bank until furthei
would have amounted to naught had it not sounded the note o f patriotic notice to issue 4}£% Treasury certificates of indebtedness of Series T N.
appeal.
3-1920 at par with an adjustment of accrued interest in exchange fo:
Since the signing o f the armistice, taxes have been paid with equal Treasury certificates of indebtedness of any issue now outstanding no?
willingness in even larger amounts than during the period o f hostilities, overdue maturing on or before Feb. 16 1920, with any unmatured coupon
although not so great as would have been necessary if the war had con attached. The certificates so outstanding are:
Scries.
Dated.
Maturini
tinued. During the year that has elapsed since the previous report of the
Secretary o f the Treasury, it has been necessary to issue only one popular i . ® - .............- -------- ------------------ - ........... -June 3 1919
Dec. 15 1914
loan short-term Victory Liberty notes— as compared with four issues l iooo-------------------------------- - ................. July 1 1 9 1 9
Dec. 1 5 1911
of long-term bonds in the previous 19 months. In the face o f many gloomy A |9 2 9 ------- ----------------------- -------- - ......... Aug. 1 1919
Jan. 2 192C
forecasts that the Victory issue must be sold on a strictly commercial o in oo---------------------------Aug- 15 1919
Jan- 15 192(
basis and that it would bo impossible again to appeal to the patriotism of TX im n ---------------------------------------Sept. 2 1 9 1 9
Feb‘ 2 192<
Dec.
x1919
Feb. 16 192c
the American people, the loan, launched without the impulse o f the en D 1920......
thusiasm o f war, was another overwhelming success that again reflected
Yours very truly,
the financial and economic strength o f America and the solidarity and
BENJ. STRONG,
patriotism o f tho people o f the country.
____________________
Governw
Tax receipts, payments o f Victory loan subscriptions and the dimin
ishing expenditures o f tho Government have permitted the issue of Treas SUBSCRIPTIONS TO TREASURY LOAN CERTIFICATEi
ury certificates o f indebtedness on a decreasing scale for the purposes of
SERIES D,
temporary financing. This has been particularly true since the close of
the fiscal year 1919. On Oct. 31 1919 the total amount o f outstanding
Treasury certificates, which on April 30 aggregated $6,250,000,000, had
been reduced to $3,736,352,300, o f which only $1,634,671,000 were loan
certificates. There are no maturities of certificates to provide for prior to
1920, as tho certificates maturing Dec. 15 1919 are more than covered by the
income and profits tax installment due on that date.
In these circumstances, it is believed that the time will soon be in sight
when the expenditures o f the Government, including interest and sinking
fund charges on the public debt, may be met by current receipts, without
incurring new floating debt except Treasury certificates o f indebtedness
Issued in anticipation o f income and profits taxes. I confidently expect
that by tho time the cumulative sinking fund begins to operate on July 1 Boston, $14,535,500.
St. Louis, $8,728,000
1920 temporary financing will be substantially over and tho certificates New York, $43,165,000.
Minneapolis, $8,300,000.
Philadelphia,
$11,601,000.
will have disappeared from the market except to tho extent that financing
Kansas City, $10,000,000.
may bo done and certificates issued in anticipation o f income and profits Cleveland, $7,978,500.
Dallas, $11,916,500.
taxes. That is the goal toward which the Treasury is aiming, but its , Richmond, $7,193,500.
San Francisco, $14,250,000.
realization is dependent upon the continuation o f taxes at the present Atlanta, $9,272,500.
Total, $162,178,500.
Chicago, $15,238,000.
aggregate level and the vigorous enforcement of economy.

1920.
Subscriptions of 8162,178,500 to the Treasury Certificatei
of Indebtedness, Series D, 1920, issued for Government
loan purposes were announced by Secretary of the Treasury
Glass on December 4. The offering was referred to in ou?
issue of Saturday last, page 2034. The subscriptions werf
closed Dec. 1. The certificates are dated Dec. 1 1919 and
will mature Feb. 16 1920. The allotments by Federa
Reserve Districts are as follows:

CLOSING OF SUBSCRIPTIONS TO TREASURY LOAN
CERTIFICATES AND TAX CERTIFICATES.

Subscriptions for the sale of the two issues of Treasury
Certificates of Indebtedness offered by Secretary of the
Treasury Glass last week, have both been closed during
the week; the subscriptions to the two series, it was an
nounced by Secretary Glass on Dec.3, exceeded $400,
000,000. The New York Federal Reserve Bank of New
York in announcing on Dec. 3 the closing of the subscrip
tions said:

N . Y. FEDERAL RESERVE BANK ON USE OF TREASURJ
SA VINGS CERTIFICATES— CIRCULAR
DESCRIBING ISSU E .

In a letter under date of Nov. 13, to the banking institu
tions in the Federal Reserve District of New York, Benjamir
Strong, Governor of the local Federal Reserve Bank urgec
banks which have not yet qualified as agents to handle
Treasury Savings Certificates, to arrange for a consignment
at their earliest convenience. The War Savings Certifi
Secretary Glass announced that subscriptions for tho issue o f Treasury cates are issued in registered form only and an exchange of
Certificates o f Indebtedness o f Series T M — 3 1920, dated Dec. 1 1919,
maturing IVIarch 15 1920, closed at the close o f business on Tuesday Dec. War Savings Stamps for them renders the money that was in
2. Tho subscriptions for Treasury Certificates o f Indebtedness o f Series vested absolutely safe.
They mature on Jan. 1 1924, whei
D 1920, dated Dec. 1 1920 and maturing Feb. 16 1920, closed at the close full face value will be paid to those investing in them. At
of business on Monday Dec. 1. Both o f these series o f certificates bear
interest at 4 )4 % . No specific amount o f certificates o f either series was heretofore stated (July 12, page 130, and July 26, page 332)
offered. It will be noted that the subscription books for the one series Treasury Savings Certificates are issued in denomination!
remained open for only ono day and for the other series for only two days.
of $100 and $1,000. The new securities are exempt froir
Final reports o f subscriptions have not yet been received but preliminary
reports indicate that the aggregate subscriptions for both series up to the all taxation, now or hereafter imposed by the United States
time of closing exceed $400,’'00,000, a result very gratifying to the Treasury. any State, or any of the possessions of the United States
In response to the continuing demand for tax anticipation certificates
and in order to make further provision for the payment without inconven or by any local taxing authority, except estate or inheri
ience of the installment o f income and profits taxes, due March 15 1920 tance taxes, graduated additional income taxes, commonh
tho Secretary o f the Treasury has authorized the Federal Reserve banks known as surtaxes, excess-profits and war-profit taxes
until further notice to issue 4 >4% Treasury Certificates o f Indebtedness
o f Series TM — 3 1920 at par with an adjustment o f accrued interest in Purchasers have the right to redeem the certificates prior tc
exchange for Treasury Certificates o f Indebtedness o f any issue now out maturity, when the United States Treasury Department wil
standing not over due maturing on or before Feb. 16 1920 with any un repay in full what was invested, plus interest.
If held unti
matured coupons attached.
maturity,
the
Treasury
Savings
Certificates
earn
4 % in
The results of the two offerings are given in separate terest, compounded quarterly.
items in to-day’s issue of our paper.
The following is Gov. Strong’s letter of Nov. 13:
SUBSCRIPTIONS TO TREASURY CERTIFICATES
( T. M . 3-1920) I N A N TIC IPA T IO N OF TAXES.

Subscriptions of $250,942,500 to Treasury Certificates
Series T M 3-1920, issued in anticipation of taxes, are
announced by Secretary of the Treasury Glass. Those
certificates are dated Dec. 1 1919 and are due Mar. 15 1920;
details of the offering were given in our issue of Saturday
last, page 2034. Subscriptions to the offering were closed
on Dec. 2. It is stated that the demand for certificates of
indebtedness to be used in payment of internal revenue taxes,
due Mar. 15 next, was so heavy that Mr. Glass indicated
his intention to issue a now series maturing on that date.
Tho following are the allottments ofsubscriptions, by
Federal Reserve Districts, to the Certificates Series T M
3-1920:
Boston............................... $18,445,500

St. L ouis..................
$7,971,000
New Y o r k . . . ................. 89,456,500 Minneapolis----------------- 4,906,500
1 0 ,1 8 6 ,0 0 0 Kansas C ity--------------------- 6,220,000
2 1 ,4 0 0 ,0 0 0 Dallas ...............
10,954,000
Richmond......................... 9,088,500 San F rancisco............... 19,250,000
A t l a n t a ............................. 11,125,000
C h i c a g o .................
41,939,500
T o ta l...................... _ .$250,942,500
P h il a d e l p h i a ----------------------C leveland. ........................




[Circular N o. 221]
FEDERAL RESERVE B AN K OF NEW Y O R K .
November 13 1914.
Treasury Savings Certificates.
To all Banks and Trust Companies in the Second Federal Reserve District,
Dear Sirs— In connection with its activities to encourage the practice o
thrift and savings and to meet an increasing demand on the part of the pub
lie for a Government savings security in the convenient denominations o!
$100 and $1,000, the Treasury Department is offering in these denomina
tions obligations of the United States known as Treasury Savings Certifi
cates.
Full description of the certificates is given in Treasury Department
Circular No. 143, enclosed herewith.
In order that banking institutions may have available a supply of Treat*nry Savings Certificates with which to meet the demands of their customer)
and others, It is hoped that such banks and trust companies as havefnol
yet qualified to handle these certificates will arrange for a consignment at
their earliest convenience. This may be accomplished by signing thf
“ Pledge Agreement” and passing tho “ Resolutions,” copies of which art
also enclosed.
Banking institutions will find Treasury Savings Certificates easy to handlt
and by keeping a supply on hand they will be performing an important
service both to the Treasury and the public generally.
Yours veryjtruly,
& BENJ. STRONG.
& Governor.

THE CHRONICLE

212$

Treasury Department Circular No. 143, dated July 1,
gives as follows the details regarding the new issue of certifi
cates:
TREASU RY SAVINGS CERTIFICATES.
Treasury Department,
Department Circular N o. 143.
Office of the Secretary,
Loans and Currency.
Washington, July 1 1919.
1. Under authority of an Act o f Congress approved Sept. 24 1917, as
amended and supplemented, the Secretary o f the Treasury offers for sale
to the people o f the United States an issue of United States War Savings
Certificates, Series o f 1919, in registered form, hi denominations of $100
and $1,000 (maturity vaule), hereinafter called Treasury Savings Certifi
cates. This issue of Treasury Savings Certificates is in addition to the
issue o f War Savings Certificates, Series o f 1919, offered pursuant to
Department Circular N o. 128, dated Dec. 18 1918. but both issues of cer
tificates are included within the Series of 1919 of United States War Savings
Certificates. It shall not be lawful for any one person at any one time to
hold War Savings Certificates o f the Series o f 1919 (of whatever issue or
denomination) to an aggregate amount exceeding $ 1 ,0 0 0 (maturity value).
The sum o f War Savings Certificates o f all issues outstanding shall not at
any one time exceed in the aggregate $4,000,000,000 (maturity value).
2. Treasury Savings Certificates in the denomination of $100 (maturity
value) may be purchased at post offices o f the first and second class, and
such other post offices as the Postmaster-General may from time to time
designate for that purpose; and Treasury Savings Certificates in denomina
tions of $ 1 0 0 and $ 1 ,0 0 0 (maturity value) may be purchased at Incorporated
banks and trust companies which are agents o f the second class for the sale
o f War Savings Certificates, Series of 1919, and qualified to obtain certifi
cates to the amount o f $ 1 ,0 0 0 (maturity value) or more.
1919,

Description of Treasury Savings Certificates.
3. Treasury Savings Certificates will be issued only in registered form,
and shall bear the name of the owner thereof, which shall be inscribed
thereon bv the issuing agent at the time o f the issue thereof. At the
time o f issue o f each such certificate the registration stub attached thereto
shall be inscribed in the same manner by the issuing agent, and shall be
detached and forwarded in the manner hereinafter directed for transmission
to the Treasury Department at Washington. The registration stubs shall
remain at the Treasury Department at Washington and shall constitute the
basis for the Department’s record o f the registered ownership o f the cer
tificates. In addition to the registration stub above described, the certifi
cates will be provided with an additional stub, designed for execution by
Impression from the original registration stub, which additional stub shall
be retained by issuing agent banks and trust companies subject to tha
order o f the Secretary o f the Treasury, and by issuing post offices in such
manner as the Postmaster-General shall direct. The certificates will not
be transferable, and will be payable only to the owner named thereon
except in case o f death or disability o f the owner, and in such case will be
payable as provided in regulations prescribed by the Secretary o f the
Treasury. The certificates will not be valid unless the owner's name is
duly inscribed thereon by an authorized agent at the time o f issue thereof.
Tax Exemption.
4. Treasury Savings Certificates shall be exempt, both as to principal
and Interest, from all taxation now or hereafter imposed by the United
States, any State, or any o f the possessions o f the United States, or by
any local taxing authority, except (a) estate or inheritance taxes, and (b)
graduated additional income taxes, commonly known as surtaxes, and
excess-profits and war-profits taxes, now or hereafter imposed by the
United States, upon the income or profits o f individuals, partnerships,
associations, or corporations. The interest on an amount o f bonds and
certificates authorized by said Act approved Sept. 24 1917, and amend
ments thereto, the principal o f which does not exceed in the aggregate
$5 ,0 0 0 , owned by any individual, partnership, association, or corporation,
shall be exempt from the taxes provided for in clause (6 ) above.
Issue Prices.
5. Treasury Savings Certificates will be Issued in 1919 at the following
prices:
Denomination of $100.6
8
7
January____ ___ $82 40 M a y ......................$83 20 September_______$84 00
February___ ___ 82 60 June____________ 83 40 October_________ 84 20
March______ ____ 82 80 July_____________ 83 60 November_______ 84 40
April............. ___ 83 00 August__________ 83 80 December_______ 84 60
Denomination of $1,000.
January___1 ...$ 8 2 4 00
February___ . . . 826 0 0
March______. . . . 828 0 0
April_______ . . . 830 00

M ay ......................... $83200Septem ber.. ...$ 8 4 0
June______________ 83400October_____ . . 842
July______________ 83600November__ . . 844
August___________ 83800December__ . . . 846

00
00
00
00

6 . The average issue prices above fixed for the year 1919, with interest
at 4 % per annum compounded quarterly for the average period to ma
turity. will amount to $100 and $1,000, respectively, on Jan. 1 1924.

Payment at Maturity.
7. Owners o f Treasury Savings Certificates will be entitled to receivo on
Jan. 1 1924 the face amounts as stated thereon. On and after Jan. 1
1924, payment o f the certificates will be made upon presentation and
surrender thereof by mail or otherwise at the office o f the Secretary of
the Treasury, Division o f Loans and Currency, Washington, and upon
compliance with all other provisions thereof, provided the form of demand
for payment appearing on the back thereof shall be properly signed by the
owner in the presence of, and duly certified by, a United States postmaster,
an executive officer of an incorporated bank or trust company, or any other
person duly designated by the Secretary o f the Treasury for the purpose.
In case o f the death or disability o f the owner a special form of demand
for payment prescribed by the Secretary o f the Treasury must be duly
executed.
Payment Prior to Maturity.
8 . The owner o f a Treasury Savings Certificate, at his option, will be
entitled to receive prior to Jan. 1 1924 the amount Indicated in the following
tables (and in the table appearing on the back o f the certificate) with
respect to certificates of the denomination concerned. Payment prior to
Jan. 1 1924 of the amount payable in respect o f any such certificate will
Only be made ten days after presentation, surrender and demand, made
as aforesaid at the office of the Secretary o f the Treasury, Division of
Loans and Currency, Washington, and upon compliance with all other
provisions thereof; but in no event shall such demand be made prior to the
Second calendar month following the calendar month In which the cei>
tiflcate is issued to the owner.




[V ol . 109.

Tables Showing How Treasury Savings Certificates Increase in Value.
Denomination of $100.
1923.
1922.
1921.
1920.
Month—
1919.
$92 00
$89 60
S87 20
$84 80
January___________ $82 40
92 20
89 80
87 40
85 00
February__________
82 60
92 40
90 00
87 60
82 80
85 20
March____________
92 60
90 20
87 80
83 00
85 40
April___________
92 80
90 40
88 00
85 60
83 20
M ay ______________
93 00
90 60
88 20
85 80
83 40
June______________
93 20
90 80
86 00
8 8 40
83 60
July_______________
93 40
91 00
8 8 60
86 20
83 80
August____________
93 60
91 20
8 S 80
8 6 40
84 00
September________
93 80
91 40
89 00
8 6 60
84 20
October___________
94 00
91
60
89 20
8 6 80
84 40
November________
94 20
91
80
89
40
87
00
84
60
Decem ber________
100 00
.Tam 11024
Denomination of $ 1 ,0 0 0 .
1921.
1923.
1922.
1920.
1919.
Month—
$872 00
$920 00
$896 00
$848 00
January---------------- $824 00
922
00
874
00
898
00
850
00
826 0 0
Febi nary_________
924 00
900 00
876 00
852 00
828 0 0
MarCh_____— - 902 00
926 00
878 00
854 00
830 00
904 00
928 00
880 0 0
856 00
832 00
906 00
930 00
882 0 0
858 00
834 00
932 00
884 00
908 00
860 0 0
836 00
J u ly ___________
934 00
910 00
886 00
862 0 0
838 00
A u g u s t _______________
912
00
936
00
8
8
8
0
0
864 00
Scnt'.mbcr________ 840 00
938 00
914 00
890 00
866 00
842 00
October_________
940 00
916 00
892 00
8 6 8 00
N ovem ber------------ 844 00
942 00
918 00
894 00
870 00
846 00
December------------1 ,0 0 0 0 0

Issue on Surrender of Other War-Savings Certificates.
9. A United States War Savings Certificate, Series of 1919, issued pur
suant to Department Circular No. 128, dated Dec. 18 1918, which has not
been registered and which bears the full complement of 20 War Savings
Certificate Stamps, Series of 1919, may be received in exchange for a Treas
ury Savings Certificate in the denomination of $100 (maturity value)
Inscribed in the same name as the certificate tendered in exchange, upon
presentation and surrender to any post office authorized to issue and sell
Treasury Savings Certificates in the denomination of $100 (maturity value)
or to any other agent for the sale of Treasury Savings Certificates in either
denomination, and 10 such War Savings Certificates may in like manner
be received in exchange for a Treasury Savings Certificate in the denomina
tion of $ 1 ,0 0 0 (maturity value) inscribed in the same name as the certificate
tendered in exchange, upon presentation and surrender to any agent for
the sale of Treasury Savings Certificates in the denomination of $1,000
(maturity value). No previous demand for payment of certificates so
surrendered will be required, and the exchange will be made in each case
without payment to or by the United States.
10. A United States War Savings Certificate, Series of 1919, issued
pursuant to Department Circular No. 128, dated Dec. 18 1918, which has
been registered and which bears the full complement of 20 War Savings
Certificate Stamps, Series of 1919, may in like manner be received in
exchange for a Treasury Savings Certificate in the denomination of $100
(maturity value) inscribed in the same name as such registered certificate,
when tendered therefor by the registered owner to the post office of regis
tration, provided that such post office is authorized to Issue and sell Treas
ury Savings Certificates.
11. War Savings Certificates, Series of 1918, detached War Savings
Certificate Stamps, War Savings Certificates bearing less than 20 War
Savings Certificate Stamps, Thrift Cards with Thrift Stamps affixed, and
Thrift Stamps will not be received in exchango or payment for Treasury
Savings Certificates.
Methods of Distribution and Sale.
12.
Treasury Savings Certificates In the denomination of $100 (maturity
alue) may bo purchased from post offices of the first and second class,
nd from such other post offices as the Postmaster-General may, from tlmo
3 time designate for that purpose, and from incorporated banks and
rust companies which are duly qualified as agents of the second class for
tie sale of War Savings Certificates, Series of 1919, to the amount of
1,000 or more, pursuant to Department Circular No. 130. as heretofore
r hereafter amended and supplemented. Such post offices and mcororated banks and trust companies are hereby designated as agents for the
alo of Treasury Savings Certificates in the denomination of $100 (maturity
alue) subject to the provisions hereof.
13
Treasury Savings Certificates in the denomination or $1,000 (maurity value) may be purchased only at Incorporated banks and trust
ompanies which are duly qualified as agents of the second class for the
ale of War Savings Certificates, Series of 1919, to tho amount of $1,000
r more pursuant to Department Circular No. 130, as heretofore or herefter amended and supplemented. Such incorporated banks and trust
ompanies are hereby designated as agents for the sale of such certificates
a the denomination of $ 1 ,0 0 0 (maturity value) subject to the provisions
ei4°f In reporting sales of Treasury Savings Certificates and In accounting
jr the proceeds thereof. Federal Reserve banks and incorporated banks
nd trust companies acting as agents will enter in their accounts the serial
umbers of such certificates covered by such accounts.
15. Every Incorporated bank or trust company which is a cash agent of
he second class and qualified hereunder will transmit to tho Federal
teserve bank from which it receives War Savings Certificates for sale tho
rlglnal registration stub detached from each Treasury Savings Certificate
old by It immediately upon the issue of such certificate or not later than
ho close of tho month in which sold. Such Federal Reservo bank will
ote the serial number appearing on the stub (for comparison with the next
eport rendered by such agent), and will forward the stub to the Secretary
f the Treasury, Division of Loans and Currency, Washington, so as to
each tho Treasury Department not later than tho month succeeding the
aonth in which the certificate Ls sold.
16. E v e r y i n c o r p o r a t e d b a n k o r t r u s t c o m p a n y w h ic h is a c o lla t e r a l

y

g e n t o f t h e s e c o n d c la s s a n d q u a l i f i e d h e r e u n d e r w ill a t t a c h t o its m o n t h
c c o u n t t o t h o F e d e a r l R e s e r v e b a n k w it h w h ic h s u c h a g e n t s h a ll h a v e
e p o s i t e d t h e c o ll a t e r a l s e c u r it y r e q u i r e d u n d e r D e p a r t m e n t C ir c u la
7 o 130 a s h e r e t o f o r e o r h e r e a f t e r a m e n d e d a n d s u p p l e m e n t e d , t h o o r ig m a
e g is tr a t'lo n s t u b s d e t a c h e d f r o m a ll T r e a s u r y S a v in g s C e r t i f i c a t e s s o ld b y It
rith in s u c h m o n t h .
T h e F e d e r a l R e s e r v e b a n k r e c e iv i n g s u c h s t u b s wui
ee t h a t a r e g is t r a t io n s t u b is a t h a n d f o r e a c h s u c h c e r t i f i c a t e r e p o r t e d
o l d , a n d w ill f o r w a r d a ll r e g i s t r a t i o n s t u b s t o t h e S e c r e t a r y o f t h o T r e a s u r y ,
) i v is io n o f L o a n s a n d C u r r e n c y , W a s h i n g t o n , s o a s t o r e a c h t h e T r e a s u r y
J e p a r t m e n t n o t l a t e r t h a n t h e m o n t h s u c c e e d i n g t h o m o n t h In w h ic h t h o

ertificate is sold.

.

17
O r ig in a l r e g i s t r a t i o n s t u b s d e t a c h e d f r o m T r e a s u r y S a v in g s C e r t i n a t e s s o l d b y p o s t o f f i c e s w ill b e a t t a c h e d t o t h e a c c o u n t s o f s a le s o f s u c h

THE CHRONICLE

D ec . 6 1919.

certificates rendered to the Third Assistant Postmaster-General, Division
of Stamps, and will bo forwarded by the Post Office Department to the
Secretary of the Treasury, Division o f Loans and Currency, Washington,
so as to reach the Treasury Department not later than the month suc
ceeding the month In which the certificate is sold.
18. Agents of the second class may qualify for the sale o f Treasury
Savings Certificates by deposit o f cash or pledge of collateral, as the case
may be, in the manner prescribed by Department Circular No. 130, as
heretofore or hereafter amended and supplemented, the amount o f such cash
or collateral to be determined by the issue prices o f Treasury Savings
Certificates delivered to such agents for sale, in the same manner as pro
vided in said circular with respect to War Savings Certificate Stamps de
livered to agents appointed thereunder.
19. The duties and obligations o f such agents of the second class, as
provided in said Department Circular No. 130, as heretofore or hereafter
amended and supplemented, with reference to the receipt and sale of War
Savings Certificate Stamps, and the payment o f the proceeds thereof, and
accounting therefor, and re-delivery thereof, are hereby extended to, and
shall govern, the transactions o f such agents, respectively, with respect
to Treasury Savings Certificates, and such agents will by the receipt or
sale of Treasury Savings Certificates be conclusively presumed to have
assented to all the terms and provisions hereof, and to the retention of any
collateral security pledged pursuant to'said circular as collateral security
thereunder and hereunder. Each collateral agent of the second class, in
accounting for the proceeds of sales o f Treasury Savings Certificates, shall
be entitled to receive appropriate credit for each United States War Savings
Certificate, Series of 1919, issued pursuant to Department Circular No. 128,
dated Dec. 18 1918, and bearing the full complement o f 20 War Savings
Certificate Stamps, Series o f 1919, which is received in exchange for
Treasury Savings Certificates and transmitted to the Federal Reserve bank
with Its account.
20. An incorporated bank or trust company acting as a cash agent of the
second class for the sale o f Treasury Savings Certificates which receives in
exchange for such certificates War Savings Certificates, Series o f 1919,
issued pursuant to Department Circular No. 128, dated Dec. 18 1918, and
bearing the full complement o f 20 United States War Savings Certificate
Stamps, Series o f 1919, may secure cash reimbursement for the War Savings
Certificates so received in exchange, from the Federal Reserve bank from
which it receives AVar Savings Certificates for sale, upon the surrender of
the War Savings Certificates so received to such Federal Reserve bank, at
the time o f forwarding the registration stubs for the Treasury Savings
Certificates in exchange for which they were received. The Federal Reserve
bank will thereupon pay to such agent the value of such certificate stated
in said Circular No. 128 as the surrender value o f such certificates on the
date of their receipt in exchange for Treasury Savings Certificates, and
no previous demand for payment shall be required.
Other Details.
21.

T reasu ry

S a v in g s C e r t if i c a t e s w ill n o t b e r e c e iv a b le a s s e c u r it y f o r

d e p o s it s o f p u b lic m o n e y s a n d w ill n o t b e a r t h e c ir c u la t io n p r iv ile g e .

22. The provisions o f Treasury Department Circular No. 108 (War Sav
ings Circular No. 8), dated Jan. 21 1918, further defining rights o f holders
of War Savings Certificates, do not apply to or govern the rights o f holders
o f Treasury Savings Certificates. The Secretary o f the Treasury will
shortly issue a new Treasury Department Circular further defining the
rights o f holders o f Treasury Savings Certificates and prescribing regula
tions under which Treasury Savings Certificates will be payable In case
of the death or disability o f the owner.
23. The Secretary o f the Treasury reserves the right at any time to
withdraw this circular as a whole, or to amend from time to time any of
the provisions thereof, to revoke any or all appointments o f agents, of with
draw Treasury Savings Certificates from sale, to refuse to issue or to permit
to be issued any such certificates, and to refuse to sell or to permit to be
sold any such certificates to any person, firm, corporation, or association.
24. The right is also reserved to make from time to time any supplemental
or amendatory regulations which shall not modify or impair the terms and
conditions o f Treasury Savings Certificates Issued in pursuance o f said Act
o f Sept. 24 1917, as amended and supplemented.
25. Further details may be announced by the Secretary o f the Treasury
from time to time, information as to which will be promptly furnished to
postmasters and to other agents.
_
CAR TE R GLASS,
Secretary of the Treasury.

REGISTERED W A R S A V I N G S C E R T IF IC A T E S M A Y
BE R E D E E M E D A T A N Y POST OFFICE.

The War Savings Committee in making known that regis
tered War Savings Certificates might be redeemed at any
Post Office in the United States, according to a now regu
lation changing the former provision that such securities
must bo redeemed at the Post Office where they were
registered, said:
This ruling will undoubtedly encourage registration o f War Savings
Stamps, for many purchasers found it inconvenient to go to the Post Office
where they were registered when, by necessity, they were forced to redeem
them. The now provision warrants the payment by mail o f registered
War Savings Certificates, tho holder o f tlio certificate merely going to his
nearest Post Office and filling out Form W. S. 3371, which will mean that
In and about ten days’ time the cash will be given him.
The form will be filled out in duplicate, in the presence o f a postmaster
or post office clerk who will witness tho signature and forward one form,
with tho certificate, receipted by the owner, by official registered mail, to
tho postmaster from whom payment is requested. Tho other form should
be retained by the owner. Complete details as to serial number of the
certificate, registration number, number o f AVar Savings Stamps, name,
address, &c.. must bo supplied When filling out the application.
Tho question of making A\rar Savings Stamps absolutely safe from theft
or loss has caused worry to many purchasers, who hesitated in having them
registered and yet feared to carry them about or leave them at their homes.
Now, that holders are accorded tho privilege o f redeeming them at any
post office, it is suggested that owners o f certificates register them as soon
as possible, thus insuring their absolute safety. If the certificates are held
until date o f maturity, Which is Jan. 1 1924, for war Savings Stamps,
scries of 1919, $5 will be paid for each stamp, the money invested earning
4 % interest.
If the stamps are redeemed prior to date oflmaturity, the
amount of money invested, plus 3% interest, will be paid. J
t
ij




GOVERNMENT

2129
CONTROL OF SUGAR E N D S

JAN.

1.

Following a conference on Dec. 4, between representatives
of the U. S. Sugar Equalization Board and the Department
of Justice, it was announced by Attorney-General Palmer
that Government control of the purchase and distribution
of sugar Avould cease after Dec. 31, the date on Avhich the
poAvers of the Equalization Board will be terminated by law.
“The Congress, although requested to do so, has failed to
extend the life of the board,” said Mr. Palmer. The Attor
ney-General’s statement folloAvs:
A conference has been held this morning between representatives o f
the Sugar Equalization Board and the Department of Justice, in which the
sugar situation was reviewed. The Department of Justice has neither the
power nor the facilities with which to control the purchase or distribution of
sugar. The only Governmental body having this power is the Sugar Equal
ization Board, and its control terminates on Dec. 31. The Congress, al
though requested to do so, has failed to extend the life of the board. The
Department o f Justice will continue its efforts in the future, as it has in the
past, to the enforcement of the provisions of the Lever food control act,
as amended, by prosecuting all instances of sales of sugar for an unjust or un
reasonable profit.
The Department o f Justice has never attempted to fix the price of sugar,
it has accepted in the past the recommendations of the Sugar Equalization
Board very largely in determining maximum fair prices. The fair margins of
profit allowed are those established by the Food Administration. When
such determinations were made, they have been communicated to the dis
trict attorneys, who were advised that any sales in excess of the maximum
figure set would be considered unfair and unreasonable. The early termina
tion of the board will make it impossible to set any definite price on sugar in
the future or control its distribution. Every sale will be treated on its own
merits, and in all cases, where the district attorney has evidence indicating
an unfair profit or withholding of sugar from the normal consumptive chan
nels, or any discrimination in price to the manufacturer or to the jobber
supplying the domestic consumer, he will proceed under the Lever food con
trol act.

b urther advances in the price of sugar may follow the dis
solution of the Sugar Equalization Board according to Wash
ington advices of Dec. 4 to Philadelphia “Public Ledger,”
Avhich said:

1 lie American public must prepare itself for a substantial boost In the
price o f sugar after January 1 unless the people are willing to put up with
s ortage conditions during the coming year. How large that increase in
price is will be determined by how high Americans must go in outbidding
Europeans for the bulk of tho Cuban sugar crop.
The situation facing the country has been precipitated by the failure of
on^re^s.to Prov'd e for tho continuance of the sugar equalization board and
the decision of A . Mitchell Palmer, attorney-general, not to attempt the
control and distribution of sugar under the food sections of the Lever act re
cently delegated to the department for enforcement by President Wilson.
Announcement of the department’s decision was made to-day by Mr.
Palmer.
As the result the country is confronted with the following situation re
garding the 1920 sugar supply:
The American crop, both beet and cane sugar, will amount to approxi
mately 1,087,800 short tons. The Cuban crop now coming In is estimated
at about 4,500,000 tons. The normal consumption o f sugar in the United
States is about 4,000,000 tons, so if America is to have its normal ration of
sugar it must acquire at least 3,000.000 tons of the Cuban sugar.
Although there is no reason to believe that American refiners will fail
to get the bulk of the Cuban crop as they have done heretofore, they must
bid up the price on the European nations and consequently pass the cost
along to the American consumer.

Unless Congress continues the Sugar Equalization Board
during 1920 the price of Cuban sugar to American consumers
will increase to 15 or 20 cents a pound. Attorney-General
Palmer said in a letter to Senator McNary, which the Senator
made public on Nov. 17. Mr. Palmer expressed the hope
that the bill Avhich had been offered by Senator McNary
to continue the Board in existence would be enacted. No
action has been taken on the bill.
.«
Prices to the consumer for beet sugar advanced 1 V2 cents
in all Pacific Coast States on Nov. 19 as part of the moveby the Department of Justice to equalize sugar prices
throughout the country.
In the House on Nov. 18 Representative Tinkham (Mass.)
introduced a resolution “requesting the Attorney-General
to furnish to the House . . . certain information re
garding the fixing of the price of sugar,” Avhich resolution
Avas referred to the Committee on Agriculture. Mr. Tink
ham criticized Mr. Palmer’s policy Avith respect to sugar
prices and he was quoted on Nov. 18 as speaking thereon
as follows:
.
•
The Attorney-General, as one of his first acts to attempt to reduce'the
cost of living, has fixed the price of Louisiana sugar at seventeen and eigh
teen cents per pound at the plantation and thus hopes to reduce the cost
o f living. Sugar is now selling at twelve cents per pound retail
Congress has not given him any such arbitrary authority to fix the price
of commodities and foodstuffs, and it would seem that it was well that it
had not. Congress has merely passed a criminal statute allowing him to
prosecute profiteers in commodities and foodstuffs.
If it is claimed that the price of Louisiana sugar is set at seventeen and
eighteen cents per pound at the plantation because there has been a short
crop and otherwise there would be a loss to the producer, the short answer
is that the United States Government neither in war nor in peace has or
should order a profit for the producer as against the cost to and the interest
of the general consuming public.
As Louisiana sugar cannot be identified at retail from sugar from other
sources, it would seem the general effect of the policy of the AttorneyGeneral must be to raise most inordinately the price o f sugar at ratail
throughout the United States and thus defeat the very purpose o f the
legislation which Congress enacted.

2130

THE CHRONICLE

Is the United States Government sitting on the same side o f the table
with the profiteer?

Press advices of Dec. 3 from Havana announced that a
Presidential decree issued on that date prohibited the expor
tation from Cuba of refined and turbined sugars manufac
tured from the 1918-1919 crop, unless such exportation was
authorized prior to the issuance of the decree. It was pro
vided in the decree also that the same grades of sugar from
the coming crop may be exported only under sworn declara
tion of the shipper that they proceed from the 1919-1920
crop.
Violation of the decree would, it was said, result in the
seizure of the sugar offered for export, which would be turned
over to the United States Sugar Equalization Board for dis
position
INTERNAL REVENUE COLLECTION FOR YEAR EN D 
IN G JU N E 30 1919— INCOM E TAX RETURNS.

Total collections of internal revenue from all sources for
the year ending June 30 1919 were S3,839,950,012, as com
pared with 83,094,619,639 for the previous year. The
Income tax collections for 1919 were 8243,019,236 less than
those for 1918, the amount collected during the current
fiscal year having been but 82,596,008,703, against 82,839,
027,939 in 1918. Details of internal revenue collection
have been made public as follows by Internal Revenue
Commissioner Roper:
TREASU RY D E PARTM EN T.
Office of Commissioner of Internal Revenue.
Washington, D. C., September 6 1919.
Sir.— I have the honor to submit the following preliminary statement
relating to the collection of internal revenue for the fiscal year ended
June 30 1919:
Total Collections, 1919 and 1918.
The total collections of internal revenue from all sources for the fiscal
years 1919 and 1918 were as follows:
1919...........................................................................- ............. $3,839,950,612 05
1918_______ _____ - ..................- ............................................. 3,691,619,638 72
Increase____________________ ________ _______________ $145,330,973 33
Income and Profits Taxes.
The collections from income and profits taxes for 1919. compared with
those from similar taxes for 1918, were as follows:
1919...........................................................................................$2,596,008,702 70
1918........................................................... - .............................. 2,839,027,938 57
Decrease____________________________________________ $243,019,235 87
The original estimate o f receipts from these sources for 1919 was $4,707,
000,000, but the law provided for the payment o f the tax, if the taxpayer
30 elected, in four equal installments, commencing with March 15, or tho
date o f filing return, with the three subsequent payments due and payable
on the 15th of June, September and December following.
It will thus be seen that the last two payments fall due in the fiscal year
1920, which explains the decrease in the collections made during 1919 in
the foregoing comparison. It Is estimated that the two remaining payments
will amount to about $2,000,000,000. which, if added to the receipts for
1919, would bring the amount very close to the original estimate.
It is not possiblo at this time to segregate the collections of incomo and
profits taxes, but special tabulations o f the returns received are now being
made for the annual report o f the bureau, which will show separately the
amounts assessed against corporations, partnerships and individuals.
Miscellaneous Taxes.
The collections in 1919 and 1918 from miscellaneous taxes, which include
all sources o f internal revenue except income and profits taxes, were as
follows:
jg ig
............. ....................................................$1,243,941,909 35
855,591,700 15
19181” ! ___________ _______________ _____ - ......................
Increase__________ __________________________________ $388,350,209 20
The revenue derived in 1919 from distilled spirits and fermented liquors,
representing two o f the principal sources of internal revenue, was as follows:
P. C. of Total
Amount.
Collections.
Distilled spirits, including wines, &c_________$365,211,252 26
10%
Fermented liqu ors..________________________ 117,839,602 21
3%
T otal........... — ..................- ................. ...........$483,050,854 47
13%
During the fiscal year 1909, just prior to the passago of the Tariff Act of
Aug. 5 1909, which, in Section 38, provided for an excise tax on corpora
tions as an additional source o f revenue, the corresponding collections and
their percentages were as follows:
p ^
Total
Amount.
Collections.
Distilled spirits, including wines, &c_________$134,868,034 12
55%
Fermented liquors__________________________
51,887,178 04
21%
T otal......... ........................................................$186,755,212 16
76%
The miscellaneous taxes for 1919 include certain receipts from taxes on
Philippine and Porto Rican products and from income tax assessed on
railroads in Alaska, which are required to bo paid into tho treasuries of the
Philippine Islands, Porto Rico, and the Territory o f Alaska, respectively.
These revenues are as follows:
Philippine Islands__________________________________________ $1,120,466 26
Porto Rico________________________________________________
957,688 46
Territory of Alaska (Act of July 18 1914)---------------------------21,167 86
T otal......... ................................................................................... $2,099,322 58
Collections under the Act of February 24 1919.
The following is a statement of internal revenue receipts for the period
March 1 to June 30 1919, grouped as nearly as possible to correspond with
the designation of the taxes levied under the Revenue Act of 1918, approved
Feb. 24 1919:
Title II.— Income tax________________________________ 1
Title III.— War profits and excess profits tax (from cor-j-$2,262,976,826 16
porations, partnerships and individuals)____________ J




[V ol . 109

Title IV.— Estate tax: Transfer of net estates of decedents
Title V.— Tax on transportation and other facilities and
on insurance:
Freight transportation_________________ $37,222,25749
Express transportation_________________ 4,569,46680
Passenger transportation______________ 28,781,00358
Seats, berths and staterooms___________ 2,027,30943
Oil by pipe lines______________________ 2,370,16476
Telegraph, telephone, and radio mess
ages .......................
6,503,023 15
Leased wires, or talking circuits_____
23,155 77
Insurance______________________________ 5.396,65667

18,683,351

15

86,893,037 65
Title V I.— Tax on boverages:
Distilled spirits_____________________ 95,378,254 53
1,601,494 18
Rectified spirits or wines____________
Bottled-in-bond spirits______________
41,027 00
Export spirits stamps_______________
4,226 84
Still or sparkling wines, cordials, & c._ 3,996,101 30
Grape brandy used in fortifying sweet
wines_____________________________
107,946 71
Rectifiers, retail and wholesale dealers,
manufacturers of stills, & c. J______
714,428 33
Fermented liquors__________________ 50,408,887 46
Brewers, retail and wholesale malt
liquor dealers____________________
64,156 89
Floor tax on distilled spirits, wines,
&c., including increased value of
beer stamps in hands of brewers__ 42,742,234 55
Beverages (non-alcoholic), including
soft drinks, &c___________________ 4,193,556 66
Title V II.— Tax on cigars, tobacco and
manufactures thereof:
C igars________________________________ $14,966,81716
Cigarettes_____________________________ 37,290,44049
Tobacco.............
22,273,364 22
Snuff.............
2,111,448 65
Cigarette papers and tubes_____________
277,49747
Floor tax, including increased value of
stamps in the hands of manufactur
ers.........................................
13,862.065 60
Title V III.— Tax on admissions and dues:
Admissions to places of amusement or
entertainment____________________ $21,079,535 76
Club dues............................................... 1,520,354 55

199,252,314 50

90,781.633 59

22,599,890 31

Title IX .— Excise taxes:
Automobiles, &c______________________ $29,262,864 79
Musical instruments, sporting goods,
chewing gum, hunting and bowie
knives, articles made from fur,
yachts, motor boats, &c., if sold for
more than $15___________________ 13,279,161 04
Perfumes, cosmetics, proprietary med
icines or preparations, &c_________
1,500,018 93
Positive motion picture films leased..
23,915 98
Sculpture, paintings, statuary, &c___
112,770 67
Carpets and rugs, picture frames,
trunks, valises, purses, certain grade
391,971 78
of wearing apparel, &c____________
Jewelry, watches, clocks, opera and
field glasses, &c__________________ l,79i,247 50
40,367,950 69
Title X .— Special taxes:
Corporations, on value of capital stock $3,111,627 76
Brokers____________________________
743,115 53
Theaters, museums, and concert halls,
&c...................
666.824 04
Circuses, aggregation of entertain
ments, &c__________________ - ____
14,560 50
Bowling alleys, pool and billiard tables
829,710 70
Shooting galleries___________________
8,986 59
Riding academies___________________
3,525 46
Passenger automobiles for hire______
507,721 01
Use of yachts, power and sailing boats,
&c.........................................................
190,764 45
Cigar manufacturers________________
188,805 65
Cigarette manufacturers____________
58,779 18
Tobacco manufacturers______________
22,12975
Importers, manufacturers, and com
pounders of, and dealers and prac
titioners in opium, coca leaves, their
salt derivatives, &c., including tax
on the product___________________
544,256 03
6,800,800 64
Title X I.— Stamp taxes:
Bonds, capital stock Issues, convey
ances, &c...............................................$7,498,050
Capital stock transfers______________ 3,654,937
Sales of produce onexchange________ 2,991,997
Playing cards______________________
808,617

50
68
11
95

Unidentified collections (distribution by sources later)___
Tax collections not provided for in Rovonuo Act of 1918:
Alaska railroads Income tax (Act of
July 18 1914)....................................
21,167 80
Oleomargarine, adulterated, and pro
cess or renovated butter, and mixed
flour.....................................................
920.186 22
Sales of condemned Government prop
erty, receipts under repealed laws,
&c........... ............................................
309,166 04

14,953,603 24
4,775,200 00

1,250,520 12
$2,755,375,134 05
Total from all sources.
Note.— A number of items, especially under Title IX , excise taxes, include
some delayed payments upon assessments made under the Rovenue Act of
1917.
,
The figures shown in the foregoing statement (other than Incomo and prorits taxes, which embrace the first and second installments), cannot be
taken to represent the average of such receipts for a full four-months
period under the Revenue Act of 1918, as many of the miscellaneous taxes
were not effective until April 1 and M ay 1. Furthermore, the collection

D ec . 6 1919.]

THE CHRONICLE

o f taxes offectivo on M ay 1 wero, for the most part, deferred until after
June 30, owing to the granting of an extension o f time to July 20 for filing
returns.
There are appended certain statistical statements o f internal revenue
receipts for 1919 and 1918. The totals for the fiscal year 1919 are subject
to revision on the verification of collectors’ accounts.
Tho annual report of the bureau will furnish detailed information in
regard to all of the revenue collected and the expenditures relating thereto.
DAN IEL C. ROPER,
Commissioner of Internal Revenue.
Hon. CAR TE R GLASS, Secretary of the Treasury.

1917.
Statistics of income compiled from individual and corpora
tion tax returns for the year ending Dec. 31 1917 were re
cently made public by the Bureau of Internal Revenue. The
reports show that for that year 3,472,890 personal income
tax returns were filed for 1917. The net income reported
on these returns amounted to $13,652,383,207. This, it is
pointed out, is an increase of 3,035,854 returns and $7,353,
805,587 in net income reported over tho corresponding
figures for the preceding calendar year. The large increase
is due to the lower exemption provided in the Act of Oct. 3
1917, and in part to a general increase in the scale of wages,
salaries and other forms of compensation. A detailed
analysis is presented for returns reporting net income of
$2,000 and over. There were 1,832,132 such returns with
a total net income of $11,191,246,207. The income tax,
including surtaxes and war excess profits taxes on this
amount was $675,249,450. The average tax per individual
was $368 56 and tho average tax rate 6.03% of the net
income. Of the total number of personal returns filed, 47%
reported net income of from $1,000 to $2,000 and 53% of
the total number reported net incomes in excess of $2,000;
315 returns showed net incomes of from $500,000 to $1,000,
000, and 141 returns showed net incomes of $1,000,000 and
over. A comparative table showing the number of returns
classified by amount of income for the two years 1916 and
1917 reveals a marked increase of 1917 over 1916 in the
number of individuals reporting net incomes of less than
$150,000 and a considerable decrease in the number reporting
incomes in excess of $150,000. In the increase of incomes of
$1,000,000 and over, 206 were reported in 1916 and only
141 in 1917, a decrease of 65.
New York leads the other States with 489,089 personal
returns. Income reported by personal returns from New
York in 1917 was $2,439,736,148, an increase over 1916 of
$516,871,497. The smallest number is reported by Nevada,
with 6,623. Alaska reported 4,570 such returns and Hawaii
3,131. Of the total net income reported by individuals
approximately 63% was derived from personal services in
the form of salaries, wages, commissions and profits from
business obligations, while 37% is classified as incqme from
property, and was paid to the recipient in tho form of rents
and royalties, interest on bonds, notes, &c., and dividends.
For tho calendar year 1917, 351,426 corporation income
tax returns wore filed. Of this number 232,079 reported
not incomo aggregating $10,730,360,211, producing income
tax amounting to $503,698,029, and war excess profits taxes
of $1,638,747,740, making a total of $2,142,445,769. The
increase over 1916 was 10,173 in the total number of returns,
25,095 in the number of returns reporting net income
$1,964,451,227 in net income and $1,970,640,619 in taxes.
Tho report presents a detailed analysis of corporation incomo
by leading industrial groups. This classification shows that
approximately 62% of tho total tax on corporations was paid
by manufacturers and 15% by corporations engaged in
trade. Mining and quarrying is credited with approxi
mately 10% of tho total.
I N C O M E T A X RETU RN S FOR

U N ITED

STA TE S G R A IN CORPORATION
FLOUR TO FOREIGN BUYERS.

TO

SELL

Julius II. Barnes, United States Wheat Director, on Dec.
4 made the announcement on tho exchanges of the various
seaports in the country that the flour position in the United
States is now apparently easy enough to warrant the Grain
Corporation in offering to sell from its stocks to any foreign
buyers, tho “straight” grades of pure wheat flour which it has
been handling in export. Heretofore, sales of this flour
have been confined largoly to supplying the Allies. Tho
announcement of the Corporation says:
According to Mr. Barnes this action Is but another step in the effort to,
assist the reconstruction o f trade facilities outside o f Government agen
cies. It is hoped that it will facilitate business by American exporters,
in spite o f difficulties still to bo overcome in private transport and private
finance.
I' It Is understood that during tho last week Canada advanced its price
on export flour to $13 a barrel, or even more. The willingness and ability
of tho United States to furnish large quantities o f pure wheat flour at




2131

at $10.50, consequently will be quite a relief to those buyers partially de
pendent on Canadian flour, formerly available at about $12 a barrel.
Flour production in the United States has been on a large scale and in
the case of winter wheat “ straights" without material advance in price.
This accumulated position warrants an extension of the sales policy o f the
Grain Corporation in the opinion of the Wheat Director.
Tho elimination of the export-embargo on Dec. 15 also makes it possible
for exporters to operate direct with the mills, but this offer o f the Grain
Corporation to provide cargo lots readily from its large stocks in the various
seaports will be a material aid.

125,000 U N S K I L L E D WORKERS I N M E A T P A C K I N G
I N D U S T R Y G R A N T E D 10% W A G E INC REASE.
A 10% wage advance was awarded to 125,000 unskilled
workers employed by meat packing firms in Chicago, Kan
sas City, Omaha, Lincoln, Fort Worth, St. Paul, East St.
Louis and Sioux City by Federal Judge Samuel Alschuler,
arbitrator, on Dec. 1 at Chicago. The award which is
retroactive to Sept. 1 will mean a yearly wage increase of
$12,000,000, it is stated. With reference to the award and
the demands originally made, Chicago press dispatches of
Dec. 1 said:
The men asked to have the increase date from July 14.
The demand o f the men for a forty-four hour week and double pay for
overtime was denied. At present the men receive time and a half for over
time and holiday work.
Representatives o f the Stockyard Labor Council expressed disappoint
ment over the award. The men had asked for wage increases ranging from
______
20 to 50% .

T E X T I L E O PER ATIVES A T
F AL L
RIVER ACCEPT
W A G E COMPROMISE— OTHER W A G E A D V A N C E S .

A strike of approximately 38,000 operatives in the textile
mills at Fall River, Mass., which began on Dec. 1 following
refusal of the Cotton Manufacturers’ Association to grant
the wage increase demanded, was called off on that date
when the textile unions accepted the compromise offer of the
employers’ organization. The strike lasted one day, the
hands returning to work Dec. 2. Similar action with respect
to wages was taken by the Textile Council of New Bedford,
Mass., representing thirteen unions, following a conference
on Dec. 1 with representatives of the cotton manufacturers
of that place. About the same number of operatives are
employed at New Bedford as at Fall River. In both cases
the unions asked a 25% wage increase, and in both a com
promise offer of 12]^% made by the employers was accepted.
At New Bedford no strike vote had been taken. As was
expected, the advance in the Fall River district were fol
lowed by similar increases in mills in many other parts
of New England. Advanced wages for thousands of
operatives in the textile industry in New England were
announced on Dec. 2. Press dispatches of Dec. 2 from
Boston said:
Within a day or two. It was indicated, 300,000 workers In cotton and
woolen mills in this section and thousands of operatives in other Eastern
States -would be receiving higher pay.
The advance, which almost generally was announced as 12M % , marks
a new high level for textile wages. It is estimated that it will add slightly
less than $1,000,000 weekly to the pay-rolls of New England mills. In
creases in textile industry wages since the beginning of the war will then
aggregate from 100 to 148%. Of those who will benefit by the advance
approximately 2 0 0 ,0 0 0 are employed in cotton mills and 1 0 0 ,0 0 0 in woolen
and worsted mills.
•
Following closely upon the settlement last night of a one-day strike at
Fall River, with an advance o f 12J^% to 38,000 workers and the averting
of a threatened strike at New Bedford by the granting o f a similar increase
to 35,000 operatives, word came to-day from virtually every important
textile centre that manufacturers were falling in line. The American
Woolen Co. announced that an increase had been ordered at all of its mills.
Tho amount was not made public. This company employs upwards
of 35,000 persons in 56 mills, including plants in New York and Fennsylvania. Other woolen manufacturers were slower o f action, but the manage
ment of the Kuuhardt Mills at Lawrence said a notice of increased pay
would be posted there in a dayD r two.
Increases announced to-day by cotton mills will affect 40,000 operatives
in Rhode Island cities, 20,000 in Lowell, 12,500 in Lawrence, 9,000 in
Biddeford and Saco, M e.; 3,000 in Ludlow, 5,000 in North Adams and lesser
numbers in other places in Massachusetts and New Hampshire.
Men familiar with conditions in the industry said it was a most certain
that all the textile interests would join in the advance. The Amoskeag
Manufacturing Co., which has at Manchester. N. H., the largest cotton
mill in the world, employing 1 2 ,0 0 0 persons, announced to-night an advance
in wages equal to “ what they have done in other places.”

On Nov. 28 members of six textile unions of mill workers
at Fall River voted practically unanimously to go on strike
Dec. 1, the cotton manufacturers having refused to grant
their request for a 25% advance in wages.
Advices of Nov. 28 from Fall River to the New York
“Sun” said with reference to the controversy:

Efforts were made by Mayor James H. Kay to secure a postponement of
strike action, but the mill workers would not listen to any proposition for
a delay. The mill workers feel that the manufacturers can afford the ad
vance asked even though it comes on top of a series of unprecedented raises
in the industry since the German war began. The total of these advances
would run over 1 0 0 % since 1915.
Manufacturers contend that a further advance of 25% is absolutely
impossible.
This is the first serious break in tho cotton industry in this city since the
memorable strike of 1904-05, which lasted from July 25 1904 until Jan 18

2132

THE CHRONICLE

1905. At that time the worker;, fought against a reduction o f 1 2 H % .
but were compelled to submit after a six months struggle.

The “Sun” advices also said:

In New Bedford, where similar wage demands were also refused, the
Textile Council to-night (Nov. 28) instructed their thirteen locals to take
a strike vote, to be completed by Sunday. I f voted, the strike will also
be ordered for M onday (Dec. 1). The unions claim a membership of 35,000.

Supplementing the above, press dispatches of Dec. 1 from
New Bedford had the following to say:

Mayor Charles S. A.-hley brought the union and the manufacturers’
representatives into conference yesterday, and the manufacturers offered
to continue negotiations to-day if the opera ives would postpone strike
action. While the union operatives compri-e but one-third of the number
o f workers in the mills, it was believed that the unorganized workers would
have struck with the others.

The workers had voted Nov. 30 to defer vote on strike
pending negotiations.
The unions involved in the Fall River strike were those
representing the mule spinners, weavers, carders, loom fixers,
slasher tenders and yarn finishers.
The vote of the Cotton Manufacturers’ Association, re
fusing to grant the wage increase demanded, was unanimous.
On Nov. 28 the Association sent to the head of the Fall
River Textile Council (the workers’ body) a communica
tion pointing out that “an increase of 25% on the present
wage rate would amount to $1,173,619 per year in these
mills alone.” Further, it was contended that “if wages
were increased 25% the balance available for dividends would
be $179,381, or only 2.36% of the capital stock.” The
letter, after stating that to grant the 25% wage increase,
would involve an advance in the price of cotton goods
observed that “in addition to these more directly interested
parties, the public, as a whole, has discovered that it is
vitally concerned in such problems and, sooner or later,
will demand due consideration in their solution.” The letter
as published in the New York “Journal of Commerce”
Nov. 29 read as follows:
November 28 1919.

[V ol . 109

N ot one of them could be built for double the cost represented by the
capitalization, and the present market price of stock in these mills averages
more than twice the capitalization, to be exact, $230 per share.
No industry can be successful, no additions to old mills made, and no
new mills built; in fact, machinery cannot be maintained up to date, unless
there is an adequate return on the investment; and in these days it must
be more than 6% in any industrial enterprise.
If dividends were computed on the true capital of theso mills, which
cannot be less than $20 a spindlo, or $13,000,000, and at the rate of 10%
per annum, no more than is just at the present dollar value, the dividends
paid would amount to $1,300,000, or only $53,000 less than the actual
amount paid in 1919, and it is clear that stockholders' earnings are not
beyond their just dues. On the other hand, assume that wages were in
creased by 25%, the dividend on a fair capitalization would only amount
to 1.3% .
Apply any test and it will be found impossible to carry on the business
of labor costs were increased 25%. Hence this association has unanimously
voted that the request bo not granted, and thus gives official notice of its
decision.
As before stated, this association recognizes the right of the wage earner
to a fair share of the profits. He and the stockholder are not antagonists.
The prosperity of both depends upon business success.and the share of
both should be capable of determination by a business like study of business
conditions.
In such examination, this association is always ready to co-operate with
the representatives of employees and to make such adjustments as are
arranted by conditions.
(Signed).C. E. SM ITH , Secretary.

GOVERNOR GARDINER OF MISSOURI TAKES POSSES
SION OF COAL M IN E S BY PR O C L A M A TIO N M ARTIAL LAW I N OKLAHOMA.

A proclamation putting the State in control of coal mining
properties of 14 companies was issued by Governor Gardiner
of Missouri on Dec. 4 as a result of tho exigencies arising
from the fuel shortage and the inability of the people to
obtain coal. Tho proclamation stated that the closing of tho
coal mines had resulted in a fuel famine in Missouri; that
the people of the State had been unable to obtain coal or
fuel of any kind to meet their absolute needs for use in their
homes, and were in distress and want as a result thereof,
and that the State was unable to securo coal necessary for
use in the eleemosynary and penal institutions with tho
inevitable consequence of suffering and distress among the
inmates.
In a statement issued in connection with tho proclamation
Governor Gardiner said:

James Tansey, President Fall River Textile Council, Fall River, Mass
Dear Sir:__As a result o f the recent request for an advance, textile em
ployers and employees in Fall River and many others, are now discussing
the readjustment o f wages.
In the language now frequently used, the question is one o f “ collective
bargaining,” and, as usual, textile manufacturers throughout New England
are awaiting the result, prepared to follow tho example here established
There will be no receiverships asked for. Nor will the question of com
more or less completely, according to the reasonableness o f any decision pensation to the mine operators be considered at this time. The people
which may be reached, while others throughout the country are watching of the State are freezing, and thero is no time now to quibble over wages,
to take such advantage as they may, the principal one possible to them rights of the mine operators and such minor problems. The people of the
being an increase in the price o f cotton goods if stoppage o f manufactre- State must have fuel. I was informed this morning that 700 children of
results because of failure to agree, o f if there be an increase in wages war the Home for Feeble Minded at Marshall are actually suffering from the
cold. The institution has no fuel, although good coal mines are locate
ranting such an advance.
In addition to these more directly interested parties, the public, as a within thirty-five miles of that place. I wired back to the mangers to cut
whole, has discovered that it is vitally concerned in such problems and, jdown shade trees, if necessary, and to get fuel of some kind regardless of
sooner or later, will demand due consideration in their solution.
consequences and costs.
In view o f the foregoing, it 6eems proper to state some o f the issues in
Conditions are desperate in Missouri. I do not intend that they shall
volved in order that all concerned may have facts on which to base a final continue. The State is going to see to it that the people are protected at
all hazards. I have instructed Adjutant-General Clark to produce coal
^ I t m a y ’be conceded that the employee has a right torhls fair proportion and to use the entire State Guard in doing so if that step becomes necessary.
o f profits o f the enterprise. It is on this basis, and this alone, that wages
have been increased to such a tremendous extent by rapidly succeeding
Whereas, The closing of the coal mines of the country and of practically
advances.
...
..
..
..
It is now being recognized that the the living cost has not been the cause all in this State, including those hereinafter described, has resulted in a fuel
o f increased wages, but largely a result; in fact, the increase o f wages in famine in this State; and
Whereas, The people of the State are unable to obtain coal or fuel of any
the textile industry has very considerably exceeded the increased cost of
commodities, and the public in general, following announcements of students kind to meet their absolute needs for use in their homes, and are In distress
o f the subject, is now looking with alarm upon proposed increases o f wages, and want as a result thereof; and,
Whereas, The State is unable to secure coal necessary for use in its elee
lest the cost o f living in the country be further increased, to the injury
o f those not engaged in industry and with great danger to the future of mosynary and penal institutions, with the inevitable consequence of suffer
ing
and distress among the inmates;
industry in competition with other countries where the wage standard is
Now, therefore, I, Frederick D . Gardner, Governor o f Missouri, do
far below that in the United States.
t
Therefore, there should be no increase in wages unless it'b e possible to proclaim that. In this emergency, to relieve the distress and want of tho
allow a fair profit to the stockholder as well as to the wage earner without people o f the State and to avert the calamity which threatens tho wards of
so increasing the selling price o f the manufactured article as to create an the Stato in its eleemosynary and penal Institutions, the State of Missouri
has taken possession and control of the hereinafter described mines and
additional burden upon the public.
What, then, is such a fair divison? In times when the value of the mining property for the purpose of temporarily operating the same and
dollar has depreciated, the earnings o f capital are entitled to an increase supplying coal to meet the extreme necessity of the people and of the
State, to wit:
just as are the earnings o f labor.
Carney Cherokee Coal C o., Clems Coal C o., Dean Coal C o., Domestic
The dollar earned by capital will buy no more than a dollar earned by
wages, but it must serve the same purpose. Out o f the dividend dollar Fuel C o., Ellsworth Coal C o., Independent Coal C o., Liberal Coal C o.,
must come rent, food and taxes for those dependent upon the taxes dividend Minden Coal Co., Pittsburgh-Midway Coal C o., Pittsburgh-Oscaloosa Coal
for support, such as the aged, the widow and many organizations and insti Co., Sheridan Coal Co., Sherwood D. Lester Coal C o., Universal Brick &
tutions depending upon their endowments, and, in addition to these, tho Tile C o., United States Coal Co.
dividend dollar must be depended upon for the support and increase of
business enterprises.
Without this, the development o f industries must cease, to say nothing
of the building of homes, schools, Institutions and other necessary adjuncts
o f a progressive social life.
Adjutant-General Clark has appointed Colonel E . M . Stayton, o f Inde
The following figures are taken from the books o f a group o f representa pendence, as Superintendent of Operations in the Barton County District.
tive mills. The group includes fine goods mills as well as those weaving
Tho Adjutant-General has been in communication with all twenty of the
the ordinary varieties o f cloth, and some concerns which have been among State institutions during the day, and has.made arrangements to take the
the most prosperous in the city.
engineers from each institution to operate the engines of the twenty-four
The aggregate wages of the group at tho current rate amount to $4,694,478 steam shovels in the event the State must operate the mines. This will give
per year, and the aggregate capital is $7,650,000.
the State about fifty experienced engineers to start with. Ho has also
An increase of 25% on the present wage rate would amount to $1,173,619 communicated with a number of construction companies in various parts
per year in these mills alone, or 15-34% on the above capital. During the o f the State who have suspended business for tho winter, and they have
past year (1919) these same mills paid in dividends $1,353,000, or 17.7% promised to furnish expert shovel men. He calculated five hundred men
o f their combined capital stock.
will be required to load the coal cars, and he expects to get this number.
If wages were increased 25%, the balance available for dividends would
be $179,381, or only 2.36% o f the capital stock.
This capital, however, does not represent the actual money invested and
entitled to dividends, for the capitalization on which the above dividend
rates were computed amounts only to $11 76 per spindle. The actual
money invested in the cheapest mill in the group was not less than $15 per To the Editor of "The Evening Post"
Oklahoma City, Okla., Dec. 4.— Oklahoma has been and now is operating
spindle, while in the fine goods mills and the more modern mills of the group
the actual investment is much more.
. ..
-ijj ,. fcw! pit strips and one deep mine since tho strike bogan. I havo this day




The proclamation in main part read as follows:

Advices of Dec. 4 from Jefferson City, Mo., to tho Now
York “Times” from which advices the above is quoted, fur
ther said:

Martial law was declared in tho coal counties of Oklahoma
Dec. 4. On that date Governor Robertson sent to tho editor
of the New York “Evening Post” tho following tolgram:

D ec . 6 1919.]

THE CHRONICLE

declared martial law in the coal counties and have called for and received
sufficient volunteers to operate all coal strip pits and will gradually extend
volunteer workings to deep mines.
The Federal method o f distribution is very unsatisfactory. People and
business are suffering from lack of fuel. With strict conservation, however,
we hope to get through all right, as we have an abundance o f natural gas,
fuel oil and wood in the eastern part o f the State.
J. B. A. ROBERTSON,
Governor o f Oklahoma.

On the same day it was stated that Governor Robertson
and John A. Whitehurst, President of the State Council of
Defense, were enroute to MacAlester, where they would
begin work as coal miners, along with 300 other volunteers.

DR. GARFIELD E X PL A IN S BASIS ON W HICH WAGE
AWARD OF 14% TO BITU M IN O U S M IN ERS
WAS CALCULATED.

A statement furnishing a detailed analysis of the figures
on which was based the wage increase of 14% offered by the
Government to the bituminous coal miners, was issued by
Federal Fuel Administrator Garfield on Nov. 29. Prior
to the award of 14% Secretary of Labor Wilson had sug
gested at a meeting of the represnta tives of miners and
operators a plan embodying a wage increase of approxi
mately 31%. In his statement of Nov. 29 Dr. Garfield
said: “The principle applied in arriving at 14% is different
in kind and character from that applied in arriving at 31.61 %
and hence any attempt to average the two or to compromise
the results is impossible.” Dr. Garfield declared statistics
of the National Industrial Conference Board showed only a
73% increase in the cost of living, and that on this basis
the miners would be entitled to only 9.8% wage advance.
The statement issued by Dr. Garfield was quoted in Wash
ington advices of Nov. 29 to the New York “Times” as
follows:

2133

Report has come to me that the present crisis in the coal industry will
be used to break down the labor union. I wish to say that I am as much
opposed to an attempt to destroy the principle of collective bargaining and
the union o f workingmen as I am to the effort of labor leaders to keep labor
satisfied by a constant boosting of wages, regardless o f the public interest,
or to the effort o f leaders in the industrial world to boost profits unduly
to the hurt o f the public.
•
Any attempt to complicate the issue at this time by seeking to destroy the
union of mine workers or the principle of collective bargaining will be
resented by the public and opposed by me.

FURTHER RESTRICTIONS ON USE OF COAL ORDERED
BY GOVERNMENT.

Failure of the bituminous coal miners to accept the Govern
ment’s decision granting a 14% wage increase has resulted
in a general coal shortage which has become increasingly
serious and caused the U. S. Government to take drastic
steps to conserve the nation’s supply. Fuel Administrator
Garfield, acting in conjunction with the Railroad Administra
tion, gave notice on Dec. 1 that thereafter only the essential
consumers included in the first five classes of the war priori
ties list would be supplied with coal, and asked the help of
all State and municipal authorities to make rationing effec
tive. The five preferential classes are:
First— Railroads, coastwise and inland water vessels.
Second—Army and navy and other Federal departments.
Third— State, county and municipal departments and institutions.
Fourth— Public utilities, including newspapers and newsprint manu
facturers.
Fifth— Retail dealers (domestic consumers are included under this head).

In a statement issued Dec. 1 Dr. Garfield said: “Adver
tising signs and displays of various kinds necessitating the
use of coal should be curtailed and no coal should be dis
tributed for such purposes.”
The following day (Dec. 2) it was announced that bunker
ing of all foreign ships in American ports would be stopped
at midnight Dec. 5 and passenger train service on railroads
would be curtailed as necessary measures to conserve the
nation’s scant fuel supply. Walker D. Hines, DirectorGeneral of Railroads, issued the following statement on
Dec. 2:

“ Dr. Garfield, using the data supplied by the Department of Labor,” the
statement read, “ analyzed the demand o f the mine workers for a 31.61%
addition to the present wage rates, at the same time calling particular atten
tion to the fact that the principle involved is o f far greater importance than
the figures arrived at. The principle applied in arriving at 14% is different
in kind and character from that applied in arriving at 31.61% . and hence
With a view to the further conservation o f coal regional directors o f the
any attempt to average th two or to compromise the results is impossible.
"Thoso datashow that increases have raised the average wages from 100% Railroad Administration have been instructed to review the situation
carefully
and have been authorized to eUminate passenger trains that can
o f 1914 to 157 6-10% at the present time, as compared with an increase in
the cost o f living during the same period from 100% to 179 9-10% . In other be spared with the least inconvenience to the public.
words, an average increase o f 14 1-10% In the present rate o f wages would
bring the increase in the wages o f the industry up to parity with the increase
in the cost o f living. •
It is necessary that coal shall be used only for essential purposes. Public
“ To increase all wages 31 61-100% would give an average wage, as com
pared with 1914, o f 207 4-10%, or a total increase o f 107 4-10% to compen utilities consuming coal should discontinue to furnish power, heat and
light to non-essential industries, and should only consume sufficient coal
sate for the increase o f 79 8-10% in living cost.
“ Miners are paid by the ton. Other mine workers are paid by the day. to produce enough light, power and heat to meet the actual urgent needs
The day laborers generally have received advances o f wages since 1913 equal •of the people. Advertising signs and displays o f various kinds necessi
tating the use o f coal should be curtailed, and no coal should be distributed
to and, in some instances, in excess o f the increase in the cost o f living.
“ The proposition that a general increase o f 31.61% be given is simply a for such purposes.
Pursuant to this policy, I have requested the Railroad Administration,
proposition to give to all mine labor the per cent, o f Increase required to
bring the class o f labor that has received the lowest per cent, up to the pre in the distribution o f coal now or hereafter in its possession, to limit dis
sent level o f living cost, even though that advances the other groups far tribution to these essential and urgent uses. As far as practicable, until
the conditions warrant a change, the distribution o f coal will be limited to
above the amount necessary.
"As has been stated, on the basis of the statistics furnished by the Depart the first five classes of the priority list.
Retail dealers who distribute coal for household requirements, heating
ment o f Labor an average advance o f 14.1% would put the increases in the
wages o f the mine workers on a level with the increase in the cost o f living. hotels, buildings, hospitals, &c., should take every precaution to see that coal
But the National Industrial Conference Board, in its Research Report No. is only delivered where it is absolutely required, and then only in such
19, finds an increase in living cost o f only 73% instead of the Department limited quantities that the supply may be distributed widely and prevent
o f Labor’s figures o f 79.8% . Taking 73% as the increase in the cost o f suffering.
The State and other local authorities can materially aid in inspecting and
living, the advance required to equalize the wages o f mine workers would
supervising such distribution be retail dealers, and the United States Gov
bo only 9-8% .
“ The additional wage bill on an annual output o f 500,000,000 tons would ernment will be glad to leave the supervision and control of the distribu
tion to retail dealers entirely to any State, county, or municipality which
approximate:
On a 31-61% advance_______ _______ ______ ________________ $238,000,000 may make provision therefor. The distribution to the retail dealers must
On a 14.1% advance............................................ ........... ............. 107,000,000 necessarily be administered by the Railroad Administration, in pursuance
On a 9 .0 % advance--------- ------------------ -------------------------------74,000,000 o f the orders already made by the United States Fuel Administration in
carrying out the priority which has been prescribed under the Lever act.
Dr. Garfield also presented in detail the figures to back up his deductions
as to increase to various groups o f workers in the mining industry, since
1913. He held that the figures from the Bureau o f Labor Statistics for a
typical district in the central competitive field, which employed 11,333
workers, showed that there had been an average increase o f 57.6% . o f which
machine miners, loaders, and cutters had received 56.1%; hand miners and
pick miners 34.8% ; track layers’ helpers, 81% ; pipe men, 77%; trappers
(boys), 100%. and other labor, 76.1%.
He also presented in detail tables compiled from data furnished by the
Federal Trade Commission, to show the condition o f mine workers in the
contral competitive fields during 1918. These placed the average pay per
day of all employees at $6 18 for the year 1918, and $6 53 for the months
o f October, November and December o f that year, the average yearly pay
in 1918 at $1,550 56, and for the last three months o f the year 1918 an
average remuneration o f $407 42.

The statement issued by Fuel Administrator Garfield on
Dec. 1, which we have already quoted, was as follows:

WAGE D ISPU T E I N COAL IN D U STRY M U ST NOT BE
USED TO BREAK DOWN LABOR UNIONS SAYS
U. S. FUEL ADM INISTRATOR.

RTDr. Harry A. Garfield, Federal Fuel Administrator, issued
a statement on Nov. 29 in which it was made known that the
Government would not tolerate any attempt to destroy trade
unions, or the principle of collective bargaining, on the part
of employing interests in the present crisis in the coal in
dustry which has resulted from the refusal of representatives
of the bituminous miners to accept the Government’s wage
award. Dr. Garfield’s statement follows:



The coal shortage has been felt more keenly in the Middle
West than in the eastern part of the country. On Nov. 28
rationing of coal to Chicago householders was ordered by
the Regional Committee at that place.
On the same day was announced the issuance by the State
Public Utilities Commission to all public utilities companies
of a request that all* electric advertising signs and window
display lighting be discontinued. Similar measures have
been taken in several other cities in the Central West. In
the State of Kansas Governor Allen, who recently had coal
mines put under control of the State Government, issued an
appeal on Nov. 27 for volunteer workers and on Dec. 2 the
Governor announced that more than 7,000 had responded.
Operators in the bituminous coal industry have accepted
the Government’s decision granting to the miners a 14%
wage advance, notwithstanding that the Government has
refused to allow them to increase the price of coal;; but the
miners have refused to return to work on this basis and the
strike which started Nov. 1 has therefore continued in most
districts.
Governors of seven soft coal producing States at a confer
ence on Nov. 30 at Chicago agreed that the State Govern
ments should take all possible steps to obtain the production

2134

THE CHRONICLE

of coal and recommended to the Federal Government that
a complete Fuel Administration with an administrator for
each State, to be appointed by the Governors, be perfected
immediately. The State executives also requested equitable
distribution of coal under uniform and rigid regulations in
all States.
CONTEM PT PROCEEDINGS BROUGHT AGAINST
H EAD S OF COAL M IN ERS.

[Vol . 109.

tions arising out of the relations of capital and labor. The
labor leader asserts that organized labor in the United
States as represented by the American Federation of Labor
is opposed to profit sharing in industry, to compulsory ar
bitration and to the use of the injunction power of the courts
in labor disputes. It also is opposed to the Cummins rail
road bill with its provision prohibiting strikes of railroad
employees. On this measure the letter makes the following
comment:

The Cummings bill now before Congress is the most un-American piece of
Information charging criminal contempt of court wras filed legislation
ever proposed by any one. It not only intends to return the rail
roads
private interests, but it likewise undertakes to guarantee to the
in the United States District Court at Indianapolis on Dec. 3 railroadto holders
an income of 6% on all their investments whether these
against 97 international and district officers of the United
originally represented legitimate capital or merely water of
Mine Workers of America, and capiases requiring their investments
every shade or color, while during the war the Government only paid to the
o f patriotic investors in Liberty and Victory Loan bonds an in
appearance Dec. 9 to answer the charges were issued on the millions
ranging from 3 to 4
interest.
same date. The proceedings were brought by the U. S. come
The
main
points
of
the
leader’s reply to Mr. Hays’
Government in its efforts to end the strike of the bituminous questions were brought outlabor
in
Washington
press dispatches
coal miners, which, despite the fact that the officials of the of Nov. 30 as follows
United Mine Workers were ordered a few weeks ago by the To make the fruits of labor more effecively usable for the welfare o f the
Federal District Court to cancel the strike order, has con country, capital and labor. Woll declared, must be placed on an equal foot
ing by making all corporation charters provide that under its powers the
tinued in effect. Among the charges brought against those holders
might not deny employees the right to organize, bargain collectively
cited in the contempt proceedings are:
through ‘ ‘representatives of their own choosing" or to determine for them
That they countenanced payment o f strike benefits.
.
That they limited facilities for coal production.
That they sent out the strike withdrawal order on blank paper and
without the official seal and without the signatures o f the international
officers, knowing that under these circumsatnces it would be ignored.
That by comment through the press they aided the strike by declaring
it would continue.

The contempt proceedings are brought under the provisions
of the Lever Act under which the restraining order was issued.
SECOND IN D U ST R IA L CONFERENCE CALLED BY
PR E SID E N T WILSON OPENS IT S SESSIONS
A T WASHINGTON.

“Adjustment and arbitration” in industry will be the first
subject considered by the second industrial conference which
opened at Washington on Dec. 1 at the call of President
Wilson, to take up the work which the first conference,
composed of representatives of the public, capital and labor,
failed to do. In contradistinction to the course pursued
by the first conference, the sessions of the new parley—in
the Pan-American Building—are being held behind closed
doors, the reason for this being, according to William B.
Wilson, Secretary of Labor and Chairman of the conference,
that “Men are free to think out loud when there is no re
porter present. They can change their minds without being
charged with inconsistency, and they do not have their
minds hardened by making certain statements publicly, and*
are therefore left free to change.”
The membership of the conference is composed of former
State and Federal officials, business men, administrators,
bankers and economists. Labor has no representative in the
group, and, it is stated, the officials of the American Federa
tion of Labor have expressed their displeasure that their
side of the industrial controversy is not represented.
Herbert Hoover, Federal Food Administrator during the
war, was elected Vice-Chairman of the conference at the
opening session, and Stanley King, of Boston, former
member of the Council of National Defense, was made
temporary Secretary. A committee from the conference,
composed of Secretary Wilson, Herbert Hoover, former
Attorney-General Gregory, and Julius Rosenwald, conferred
with Secretary Tumulty at the White House on Dec. 2 con
cerning an appropriation to meet the expenses of the con
ference. They were asked to prepare a budget.
All of the seventeen members invited by President Wilson,
except George T. Slade, of St. Paul, Minn., who, it is stated,
is in Europe, were present at the opening of the new indus
trial'conference ...which, it is generally believed, will require
several weeks, at least, to complete the very extensive and
varied work it has mapped out. The calling of the conference
and the list of delegates invited to attend were referred to in
the “Chronicle” of Nov. 22, page 1940.
A T T IT U D E OF AM ERICAN FEDERATION OF LABOR
TOWARD PROBLEM OF IN D U STR IA L UN
REST-PRO G RA M OF REFORM.

A letter setting forth the attitude of the American Fed
eration of Labor toward matters bearing upon industrial
conditions, pending and likely to come before Congress, was
recently sent to Will Hays, Chairman of the Republican
National Committee by Matthew Woll, Vice-President
of the Federation. It was made public by the latter at
Washington on Nov. 30. The letter was in response to a
communication from Mr. Hays containing a series of ques




selves the conditions and relations o f their service. Without this check on
corporate powers, he said, “ the domestic conflict now raging cannot and will
not be permanently ended.
Discussing plans to settle or minimize industrial unrest, M r. Woll de
clared that "arbitrary exercise o f unwarranted and unconstitutional au
thority by our courts" could not allay it, adding that “ to avoid building up
a judicial aristocracy” the word o f the Supreme Court, State or Federal
should not be final on the constitutionality of an act.
"Government by injunction should be prohibited, the rights and liberties
and freedom should be fully safeguarded and the upbuilding of a judicial
autocracy made impossible for all time to com e.”
Congress, he said, should “ speedily approve the Covenant o f the League
of Nations, including the labor provisions contained in this remarkable
document, which holds the hope for future peace of the world in its keep
ing, instead of filibustering and fiddling away like Nero while Romo was
aflame.”
Measures to prohibit child labor, total exclusion o f Immigration for two
years, a Government employee’s minimum wage, and retirement act, a
Federal employment service, elimination of convict labor competition,
soldiers’ land legislation. State home building and repeal o f all taxes on
necessities, were advocated.
Mr. Woll denounced the pending bill for railroad control offered by Sen
ator Cummins, Republican, la., as “ the most un-American piece of legisla
tion ever proposed by anyone,” and suggested that the railroads be not re
turned to private operation for two years to permit the people meanwhile
to say what should be done with them.
Under no circumstances, he contended, should any commission or other
agency be authorized to fix wage or hours, and while the Federal compen
sation law has done good, it should be amended as to its rates to keep pace
with the cost o f living.
Discussing accident and unemployment insurance, Mr. Woll declared the
trade solution was to strike at unemployment itself by “ a systematic elimi
nation of many of the seasonable industrial undertakings.” The United
Mino Workers, he said, in asking for a five-day week, were “ in reality asking
for a greater period of work rather than a greater period o f idleness.”
Universal observance of the eight-hour day would tend, he said, to ad
just conditions o f unemployment in many industries. If these matters
were adequately dealt with, he added, workers could lay by savings to care
for their families in times of stress or idleness.
Answering if labor desired “ to participate in the control and management
of industry and share in profits and losses,” M r. Woll said profit sharing as
thus far proposed was a "sham and a fraud” and a "cloak for excess profits."
The suggestions as to sharing profits and losses "borders on the absurd,”
said Woll, who added:
“ If workers are to share in the losses then let us establish shop soviets and
let the worker also mnaage and operate the entire industries,” ho said.

Mr. Woll’s letter in full follows:

Recently you submitted a letter containing a series of questions o f great
importance, arising out of the relations of capital and labor and which you
state is a part of the duty o f the Republican Party to consider for the pur
pose o f offering effective solutions to these questions. Responding to your
request, I hereby submit for the consideration o f yourself and the political
party you represent the following views on the question submitted:
Your first question reads as follows:
"W hat measures should bo adopted which, while contenting labor and
capital, will in the interests o f all the people? What should bo dono or un
done to make the fruits of labor to be used more effectively for the welfare
of the country?”
Answering this question, permit me to call your attention first to the utter
lack o f an equilbrium of personal rights and opportunities and relations be
tween employers and employees, which tends more and more to divide our
people into classes and which is developing a bitter class feeling.
Of course, nature has endowed individuals, as it has nations, with certain
physical, mental and spiritual advantages, one over another. Organized
society cannot successfully interfere with these processes of nature. Neither
is it just or natural that Governments should permit the mentally, physi
cally or spiritually strong to dominate, control and exploit the weaker
members of the human family.
The unfortunate development in our modern industrial society and gov
ernment has been the creating of new concentrated powers and advantages,
vested in a small group of industrial and financial people, while at the same
time every effort o f government has been made to deny and deprive the
much larger group o f society of the opportunity for similar advantages of
organization and concentrated powers.
.
When the State undertook to create corporate bodies or organizations for
Industrial, financial and commercial purposes and delegated these corporate
powers to groups o f persons solely interested in exercising these arbitrary
grants for private gain, without placing an effective restraint upon these
corporate powers to safeguard and protect the rights of individuals who are
not associated with such corporate entities and who must deal with them
as individuals, it was then that the seed was lain for the development o f
classes and class conflicts.
When the State authorized the rich and those in possession of reserved
capital to combine their wealth with corporate undertakings without at the
same time fully safeguarding the rights and Interests of the individual work-

D ec . 6 1919.]

THE CHRONICLE

men with whom these corporate bodies must o f necessity deal, then and there
equal opportunities to all o f our citizens were denied, and by arbitrary dic
tum added strength, power and influence was given to the strong to prey
upon and exploit the weaker o f the human family.
It is a sad commentary upon the history and development of our land
that the State and nations, instead of maintaining a just, fair, and natural
equilbrium of personal rights, privileges and relations, not only undertook
to place arbitrary corporate powers and advantages in the hands of a few,
but at the same time undertook by affirmative action to destroy or render
ineffective the hope and aspiration o f the great mass of our people— the
workers— to protect themselves against the exercise o f these great cor
porate powers delegated exclusively into the hands o f a few to dominate
the lives and destiny of the many without restraint or limitation.
"Right to Orgainze Into Trade or Labor Unions” Must Be Recognized.
T o make the lot o f labor better; to enable the fruits o f labor to be used
for the welfare o f the country as a whole; to place capital and labor more
on an equal footing all grants o f corporate powers to any group of persons
should be predicated on the express condition that the right to exercise such
corporate powers does not permit such corporations or incorporated bodies
to deny those with whom it deals, its employees, the right to organize into
trade or labor unions or associations, to bargain collectively through repre
sentatives o f their own choosing and to determine for themselves the rela
tions and conditions under which they shall give service.
Unless such a check is placed on the corporate powers, now granted by the
State to individuals, the domestic conflict which is now raging in the midst
o f us cannot and will not be permanently ended. It should also be re
membered that from the inception o f modern civilization the privileged
few, either by an alleged divine right, heredity assumption, or by legisla
tion, have put property rights, most o f which were stolen rights, above
human rights. W e have now reached a period o f civilization when human
rights, when men should be placed before and above the dollar. Activities
and results with this end in view should not and cannot longer be ignored
with safety to the nation and our people.
Criminal Profiteering M ust Be Done Away With.%
I f we are to remove the existing unrest, it is essential that criminal
profiteering shall be put to an end. The cost of necessities has gone up with
leaps and bounds, and this increase has not been due to a proportionate
increase of labor cost. On the contrary, the workers have been unable to
as this condition exists serious discontent and unrest will prevail. T o de
port the “ Reds” and at the same time coddle the profiteers will not bring
us to a state of domestic tranquility.
Your second question is as follows:
“ What plan or plans can be adopted which will settle or, at least, mimimize industrial unrest?”
This question is answered in part in m y reply to your your first inquiry.
May I add that industrial unrest cannot be allayed or minimized by meas
ures o f repression or suppression or by the arbitrary exercise of unwarranted
and unconstitutional authority by our courts.
'
"Great Powers of Courts Approaches Condition of Judicial Aristocracy.”
Nowhere in history has the judiciary ever held sway over peoples as do the
Judges in our great republic. The courts o f Great Britain, New Zealand.
Austria, France, and' the other democracies o f the world have no such
sovereignty and cannot dare not overrule the other departments o f Govment and override the expressed will o f the people. The power of the
American judiciary to say that “ it is the State” and to reverse the actions
o f a co-ordinate branch o f the Government is a power never delegated to
our courts and Judges, and, as prophesied by Jefferson, is making our
Supreme Court the master o f America. T o avoid building up a judicial
aristocracy steps should be taken to bring Into existence the rule which will
provide that in the event o f a Supreme Court declaring an act of Congress
or a State Legislature unconstitutional the people, acting directly o r
through Congress or a State Legislature, should re-enact the measure, that
it shall then become law without being subject to annulment by the court.
Law Forbids "Combination o f Working Men and Permits the Combination
of Employers.’
Our administration o f law in parallel columns seeks to forbid the com
bination o f workingmen and permits the combination o f employers. The
trust and combination o f corporations may strike against the public by
raising the price o f necessities o f life, and the law does not interfere. They
can force their competitors out o f business and the law does not even utter
a word o f protest.
They can strike against their employees by refusing to consider any rep
resentation that employees feel' themselves compelled to make to keep body
and soul together, or they may even reduce wages, increase the working
hours or stop work en masse by shutting down the factories, the railroads or
the mines, and the law puts its sheltering arms around them. But when the
workers are considering grievances they have against their employers the
Jaw sends the police to break up their meetings.
When a speaker in their union meetings is responsible for utterances
which only a fool or a knave would make, then the entire membership is
held responsible in damages for such an individual wrong or indiscretion,
and when a strike takes place, then the law affords an easy way to rob the
union and its members o f all their funds and savings o f years of sacrifice
and effort. It is high time that this awkward contradiction in our ad
ministration o f law is made to disappear.
Use o f Inlunctions To Prevent Strikes An Invasion o f Liberty.
In the history o f progress tyranny has always been the turnkey, liberty
always the convict. Lowell once said: “ Truth forever on the scaffold,
wrong forever on the throne." That is many times the situation in so far
as it applies to our courts in the exercise o f their assumed equity over the
lives and liberties o f workingmen when involved in a conflict with their em
ployers. The use o f the injunction to prevent strikes, to interfere with the
conduct o f strikes or to compel men to call o ff strikes does not rest upon law
and order. To the contrary, such injunctions are in violation of law and or
der, and constitute a clear invasion o f the natural liberty o f man.
Government by injunction is not a Government o f law, but a personal
whim and fancy. Government by injunction is not a Government o f the
people, by the people and for the people. Government by injunction
means that a Judge may at will crowd the people into a position where they
must all be either slaves or criminals—slaves if they obey him, criminals
if they obey the Magna Charta, the Declaration o f Independence and the
Constitution o f the United States.
Government by injunction should be prohibited, the rights and liberties
and safeguarded, and the upbuilding o f a judicial aristocracy and autocracy
should be made Impossible for all time to come.
Urges Ratification o f Peace Treaty.
^Congress would do well also to speedily approve the Covenant of the
League o f Nations, including the labor provisions contained in this re
markable document, which holds the hope for future peace of the world in
in its keeping, Instead o f filibustering and fiddling away like Nero while
Rome was aflame.




2135

N o act at this particular time could do so much to allay the unrest which
dominates the world and which would permit men’s minds to be turned to
industrial justice and tranquility, instead of keeping them in a state o f
wonderment as to what the future political boundaries, authorities, obli
gations, and responsibilities of the various nations o f the world will be.
Remedial Laws Suggested.
The enactment of the following laws would also prove helpful to an im
measurable degree; laws to prohibit child labor; to totally restrict immigra
tion for at least two yeasr; to defeat the amendment to Section 13 of the
Seamen’s act; to enact the Nolan minimum wage bill for Government em
ployees; to create a United States free employment service; to eliminate
convict labor competition by prohibiting the transportation of prison
products from one State to another; to make possible the retirement of
Federal employees; to provide land and homes on long-time payment to
soldiers and sailors; to permit the States to loan money to the people by
which to build homes, and to repeal all taxes on the necessities o f life.
Your third question contains the following:
“ Should the Erdmann Act be modified or strengthened, or should a new
system in connection with Federal investigation and for the settlement of
industrial controversies be adopted? If so, what?”
Evidently you have overlooked the fact that the Erdmann Act was re
pealed in 1913, and that the Newlands Act has been substituted in its place.
There is nothing particularly wrong with this enactement. Your question
might have been better framed had you asked what kind of railroad legis
lation should not be enacted.
'
.
Anti-Strike Legislation Should Be Defeated.
Without venturing into the problem of whether the railroads should be
owned and controlled by private interests or by the Government, I have
no hesitancy in stating that whatever form of ownership or control may
ultimately prevail that any and all legislation intended to enforce or pro
mote compulsory arbitration or include anti-strike provisions should be
defeated if we are going to be true to the ideals of freedom and democracy
so clearly manifested during the war period.
While strained relations between employers and employees are to be
deplored, while strikes are not desirable and are favored only as a final
means o f protest, the wage-earners cannot and will not admit o f the right
of any person or any legislative body to compel them to remain at work
when for any reason whatsoever the conditions o f employment become
distateful and unsatisfactory. The right to quit work after all other
methods o f adjustment have been exhausted Is the concrete expresson of
individual liberty.
Opposes Compulsory Arbitration.
The workers o f America are not opposed to voluntary methods o f arbi
tration; they are opposed to compulsory arbitration, which in fact means
the fixing o f wages, hours, and conditions of work by law. Such a con
dition anu relation o f employment is a denial o f the rights of free men—
the right to freedom o f action— the right to freedom of contract. In fact,
it is a return to involuntary servitude— industrial serfdom. There is
nothing which is fraught with more danger, which results in more rank
injustice and injury than compulsory arbitration and compulsory service.
The Cummins bill now before Congress is the most un-American piece of
legislation ever proposed by any one. It not only intends to return the
railroads to private interests, but it likewise undertakes to guarantee to the
railroad holders an income o f 6% on all their investments, whether these
investments originally represented legitimate capital or merely water of
every shade or color, while during the war.the Government only paid to the
millions of patriotic investors in Liberty and Victory Loan bonds an income
ranging from 3 to 4 H % interest.
Besides attempting to place this heavy financial burden on the people.
Senator Cummins and those associated with him further propose to turn the
railroads back to these private interests with over two million o f workers
tied hands and feet to the railroads and the railroad interests. It is diffi
cult to conceive a more vicious proposal than that which is now proposed
to re-enact and re-establish serfdom and slavery.
During the war, when the Government found it necessary to take the rail
roads out of the control of private interests, these workmen were free, and
as such responded in all their activities in a truly American fashion Now
that the war has ended, it is proposed to return the railroads to these self
same interests from which the Government took the control, and in so doing
deprive the loyal and patriotic American wage earners of their liberties and
freedom. Under the cloak o f industrial peace. Senator Cummins would
now impose involuntary servitude on the railroad workers and give added
powers to private railroad interests over the lives o f nearly two millions of
wage earners.
It is suggested that the Government do not return the railroads to private
interests for at least two years from the conclusion of peace, in order that
the American people may have an opportunity to consider the many possi
ble solutions o f the railroad problem which have been put forward and so
that a mature judgment may be reached and justice be done to all con
cerned.
Employer's Liability Act.
Your fourth question is as follows:
“ What changes should be made in the Employers’ Liability A ct? How
can satisfactory wages and reasonable hours be assured and adequate pro
ductivity obtained? Should the Inter-State Commerce Commission have
the right to fix wages as well as rates, and the Federal Trade Commission
or other bodies the right to fix prices as well as wages? Should the powers
o f these commissions also extend to fixing the hours of labor?”
If your question relates to the Federal compensation law, then permit me
to say that the Act in question has accomplished much good. However,
the compensation provided to the injured and to the survivors o f those
whose death ensues needs amendment. First o f all, the compensation’
provided in all our compensation laws where the amount is stipulated and
arbitrarily limited needs immediate amending to meet adequately the
higher cost o f living o f to-day and the great shrinkage which has taken place
within the last four or five years in the purchasing power of the dollar.
With the cost o f living having increased enormously, the purchasing
power of the dollar o f to-day is worth about one-half less than it was in 1914,
and all compensation paid to-day on a fixed value o f the dollar o f 1914 is an
imposition and an intolerable wrong to the injured employee and to the
survivors o f those killed in industrial employment. Justice demands a
readjustment o f the compensation paid as herein indicated, and in addi
tion the compensation allowed under the Federal Act should be further
amended as to increase compensatory payment in certain injuries and in
cases o f death.
Oppose Fixing of Wages.
Under no circumstances should the Federal Trade Commission or any
other commission or Government agency have the right or authority to fix
either wages'or hours. To permit any Governmental agency to perform
such acts would in effect destroy the right to freedom of contract, deprive
our people of their liberties, and create a Government o f bureaucracy,
which is desired no more than is a military autocracy.

2136

T o allow a Governmental agency to function in the manner that your
question implies would also destroy the labor sections o f the Clayton Act.
It is evident beyond a shadow o f doubt that such an extension o f Govern
mental authority would establish in our democracy compulsory labor and
encourage a Socialistic Government control over all the industrial and
commercial activities o f our people.
_ _
As a matter o f fact laws are not self-enforcible, and it is only where they
are supported by a permanent and strong crystallization of public senti
ment and moral force that they are effective without requiring the, ele
ments of fear and o f dire punishment to the individual or groups if they are
not observed. T o make the industrial laws effective would require a sys
tem o f espionage o f an inconceivable magnitude, which system would be
come so burdensome and intolerable that its attempted enforcement would
render impossible the accomplishment of the end desired.
Enforcement of Eight Hour Day.
Experience has demonstrated that laws granting men the eight-hour day
were never observed except when their enforcement was obtained through
the economic power o f the trades unions. In Colorado, the Constitution
provided for an eight-hour day, but the miners were forced to strike to
enforce that law.
This is true in all other parts o f the country where laws have been enacted
for the eight-hour day
In all these instances the enforcement o f laws came
about not through the activities of the State or Municipal Government, but
through the economic power o f the trade unions.
Question five is. as follows:
“ What measures should be adopted in the interest o f women and children
in industry? Should minimum wage commissions be created?”
Protection of Women and Children in Industry.
Of course, whatever applies to the employment o f the male wage earners
applies to an equal degree to the women workers. Justice demands that
women workers should receive the same pay as men for equal work per
formed, and employers should not be permitted to require them to perform
tasks disproportionate to their physical strength or which tend to impair
their potential motherhood, and thus prevent the continuation o f a nation
o f strong, healihy, sturdy, and intelligent men and women.
Your sixth question reads as follows:
‘ Should health standards be established for industries?.”
Health Standards.
I am not clear as to the purport o f this question i f it is intended that
only the physically strong shaO be employed, and those less favorably en
dowed by nature be required to starve, then of course there can be only one
answer. If it is intended that industries should not be permitted to oper
ate excepting under conditions which will enable the less fortunate and less
strong to give profitable service in industry under equally favorable con
ditions with those more fortunately endowed, then my answer is “ yes ”
Industry should only be permitted to operate under conditions which
will give employment to all our people without arbitrary discrimination,
and which shall safeguard and promote the health o f the workers, rather
than force them into a ife o f misery and rob them o f their full, normal
and natural period o f life.
"Efforts Shou d He Made to Lessen Unemployment."
Your seventh question is as follows:
“ Should there be Federal insurance against old age. sickness, accidents,
and unemployment in industry?’
...
There is contemplated in this question merely the subject of dealing with
effects rather than with the causes o f unemployment
It seeks to ascertain
palliative measures rather than cause an inquiry into the causes o f unem
ployment.
.
Efforts should be made to lessen unemployment. This may be accom
plished by making first a study o f seasonable employments, and thereafter
by a systematic elimination o f many o f the seasonable industrial under
takings Regardless o f the erroneous impression that has been created,
the mine workers, in asking for a working week o f five days, are in rea lty
asking for a greater period o f work rather than a greater period o f idleness
Indeed, thev are asking that an end be put to the manipulation o f the laws
of demand and supply, and that they be afforded an opportunity to work
throughout the year instead o f being overworked a few months during the
year and kept in Idleness tho balance o f the time. This holds true in other
lines of industrial endeavor.
,
.
.
The universal observance o f the eight-hour day will tend also to sta
bilize employment and lessen unemployment to a large degree.
I f these measures are effectually applied, there will be no undue employ
ment and such unemployment as may occur under the conditions can be
well cared for by enabling workers to lay aside from their proper and ade
quate earnings a sufficient amount to care for themselves and their families
in periods o f stress and idleness.
Labor’s Share in Industrial Control.
Your eighth and last specific question reads as follows:
“ Does labor desire to participate in the control and management of in
dustry. and share in the profits and losses? I f so, how ?”
Profit sharing, as thus far proposed and practiced, is nothing more nor
less than a sham and a fraud. In competitive field of Industry this method
of compensation .s not only impracticable, but will ultimately cause more
friction and turmoil than any other method of compensation I know or.
This method of rewarding labor for services given will not tend to equalize
compensation for equal work performed: rather it will throw the question
o f compensation into a greatly confused state.In a monopolistic or semi
monopolistic enterprise profit sharing can only serve as a cloak for excess
profits under the guise o f philanthropy.
Profit Sharing Undesirable.
Profit-sharing and like methods o f compensation now urged are designed
principally to prevent organization o f employees into trades unions and to
tie the workers to their job as well as to compel them to labor under the most
Intensive strain o f which they are capable, by an appeal to undue selfish
ness. Its very conception is an impressive indictment o f the present
quastionable method of industry as a whole.
Your suggestion as to the sharing of losses borders on the absurd. Only
those who haye and who do exercise the determining voice and power
should pay for the folly o f their own shortcomings. If the workers are to
share In the losses, then let us establish shop soviets, and let the worker
also manage and operate the entire industries.
American Workers Do Not Seek Revolutionary Change.
But the American workers do not seek a revolutionary change of this kind.
They demand a voice and control in such Industrial matters and manage
ment as affect their interest as workers and which are determined largely by
their contracts o f employment. In these matters they demand an equal
voice with employers. They further demand the right to exercise control
over their own bodies and labor power by the method of collective bargain
ing, through trades unions and representatives of their own choosing— by




[V o l . 109.

THE CHRONICLE

men who are capable of dealing with tho representatives of capital upon an
equal footing and who are not constantly under tho domination o f employ
ers or swerved from their purposes by fear of loss of employment.
The concluding paragraph of your letter asks:
“ What matters not herein mentioned deserve consideration? I believe
you will appreciate that the only thought I have in mind in writing to you
and to others on the same subject is to obtain tho benefit of the views you
and they entertain. Aided by the replies I hope to receive, I feel sure that
measures can be taken which will assist greatly in developing measures which
will be of the greatest possible good to the people as a whole.”
Permit me to direct your attention to the inclosed copy of the reconstruc
tion program of the American Federation of Labor, which was originally
prepared by a special committee o f which I was its Secretary, and which
program was later unanimously endorsed by the Executive Council of the
American Federation of Labor and still later unanimously approved by the
American Federation of Labor convention, held in June of this year, at
Atlantic City, N. J. I am sure you will find this program interesting,
instructive and helpful in determining labor’ needs as expressed by the
millions of organized wage earners throughout our land.
May I further suggest that 1 have no desire to hold this correspondence in
confidence. T o the contrary, I believe these matters of extreme importance
to ail our people and to no particular group, economic, religious, political,
or otherwise. You are not only at liberty but 1 shall be glad to aid in
bringing these subjects to public view and public discussuion.
W

A R - T I M E

C H A N G E S

N A T I O N A L

I N

W A G E S

I N D U S T R I A L

A S

R E P O R T E D

C O N F E R E N C E

B Y

B O A R D .

Increases of from 7 4 % to 1 1 2 % from Sept. 1914 to March
1919 in the average wages of men in eight leading industries,
as measured by average hourly earnings, are announced in a
report on “ Wartime changes in W ages,” issued on Oct. 15
by the Ni^ional Industrial Conference Board (15 Beacon S t.,
Boston). Increases in weekly earnings of men ranged irom
0 2 % to 1 1 0 % . A statement with regard to the disclosures
in the report says in part:
*
'
Percentage increases in earnings of female workers were broadly similar
in the respective industries, with, however, a somewhat wider range.
The eight industries included were metal, cotton, wool, silk, boot and
shoe, paper, rubber, and chemical manufacturing. The average results
are based on payroll data for one week, usually the third week of Septem
ber, for the years 1914 to 1918, and for the first week of March 1919.
A noteworthy feature of the results is that the highest percentage in
creases in earnings often were recorded in cases where the absolute earnings
were relatively low, or vice versa. Thus hourly earnings of male workers
in cotton manufacturing increased over 100% as against an increase of
about 70% for male workers in tho metal manufacturing industries. Actual
hourly earnings of the latter, however, were 50.2 cents in March 1919, as
compared with 38.9 cents for male cotton operatives. In tho case of male
workers in tho rubber manufacturing industry, a high actual hourly average
was accompanied by a high percentage rate of increase.
The increases shown were in most cases greater than tho corresponding
percentage increase in cost of living, which was placed by a previous report
of the board at 61.3% for the period from July 1914 to March 1919. “ This
fact indicates,” says the report, “ that these workers were in general able
to maintain and even to improve their standard of living prevailing in
1914.” The report emphasizes, however, that “ comparisons of relative
values afford no means whereby tho adequacy of wages or living standards
prevailing in either period can be determined. The comparisons simply
afford an approximate idea of the extent to which tho relationship between
wages and living costs existing at the opening of the war was maintained
or changed during the succeeding 4 H years." The report does not purport
to discuss the question whether or to what extent wages should vary with
changes in the cost of living.
Actual earnings of men were consistently greater than those of women.
The report points out, however, that this fact does not afford conclusive
evidence as to how far the principle of “ equal pay for equal work” was
applied, since the tasks at which men and women were engaged in any
given industry, while often broadly similar, were not necessarily identical.
In the main, the percentage increases in earnings of pieceworkers were
greater than in those of timeworkers. Actual earnings of pieceworkers
were in a majority of cases likewiso greater than those of timeworkers in
the same occupational group, but the exceptions to this rule were rather
numerous.
A summary of results by industries is given in Tables 1 and 2 below ,F
which are based on total payroll data for the specified periods.
TABLE 1.
Aver. Hourly Earnings— One Week in Percentage Increases.
Sept. 1914- Sept. 1914Sept. 1914. Sept. 1918. Mar. 1919. Sept. 1918. Afar. 1919.
Industries—
Male W orkers.
74
71
$.289
$.502
$.495
106
104
.189
.385
.389
C o t t o n .........
88
97
.215
.424
.405
W o o l_______
97
88
.230
.431
.453
S ilk ________
85
.292
67
.489
.539
Boots & Shoes
89
88
.448
.450
.239
P a p e r ______
112
.288
100
.575
.612
R ubber------111
92
.232
.445
.490
Chemical —
Female Workers.

.314
.309
.304
.312
.328
.329
.312
.285
.298
.308
.294
.297
.247
.292
TABLE 2.
Aver .Weekly Earnings— One Week in

Metal _____
C o t t o n ------W o o l___ - S ilk ________
Boots & Shoes
P a p e r ______
R ubber-------

.149
.152
.167
.156
.192
.177
.174

107
100
97
83
55
66
42

111
105
96
100
60
68
68

Percentage Increases.
Sept. 1914- Sept. 1914Sept. 1914. Sept. 1918. Mar. 1919. Sept. 1918. Afar. 1919.
Male W orkers.
Industries—
88
103
$26.80
$24.75
M e ta l______ $13.18
71
106
17.10
20.60
10.00
C o t t o n ------62
102
18.61
23.21
11.52
W o o l.............
93
83
22.69
21.54
11.77
S ilk ________
76
64
25.90
24.04
14.70
Boots & Shoes
76
76
22.40
22.40
12.73
P a p e r ______
110
104
29.35
28.60
14.00
R ubber------104
109
26.20
26.80
12.85
C hem ical---Female W orkers.
125
122
14.50
14.35
6.45
Metal --------66
100
12.75
7.70
15.37
C o t t o n _____
55
89
13.46
16.42
8.70
W o o l_______
102
88
15.10
14.06
7.49
60
55
14.69
14.24
9.18
Boots & Shoes
64
87
12.24
13.95
7.47
P a p e r --------61
40
14.90
12.94
9.25
R ubber-------

D ec . 6 1919.]

This comparison shows that the largest percentage increases in hourly
earnings of male workers occurred in the cotton and rubber manufacturing
industries; the smallest in metal and boot and shoe manufacturing. Actual
hourly earnings in the two latter industries were, however, relatively high.
Percentages of increase in hourly earnings o f female workers were highest
in the metal and cotton manufacturing industries, and smallest in the
boot and shoe and rubber industries. The difference is largely due to varia
tions in the actual hourly earnings in 1914; the averages for females in the
various industries in 1919 showed approximate uniformity.
The most pronounced increases in weekly earnings o f males up to Sept.
1918 were recorded in the chemical, metal, rubber, cotton and wool manu
facturing industries. In the three latter groups, however, there was a
sharp falling off on weekly earnings during the period from Sept 1918 to
March 1919. This was due to a reduction in the number of hours worked,
which in turn was partly due to the disorganization attending the readjust
ment from a war-time to a peace-time basis, and partly to a shortening of
weekly work schedules in these industries. Earnings of female workers
In the cotton and wool manufacturing groups showed an even more pro
nounced falling off during the six months period.
The highest average o f hourly earnings o f males for any of the eight
industries was 61 2 cents, in rubber manufacturing: the lowest 38.9 cents,
in cotton manufacturing. The corresponding averages in 1914 were 28.8
cents and 18.9 cents, respectively. Average hourly earnings of male
workers in the metal trades were 50.2 cents in March 1919, against 28.9
cents in Sept. 1914. The highest hourly average for women in 1919 was
32.8 cents, in wool manufacturing; the lowest 29.2 cents, in rubber manu
facturing. ’ The corresponding 1914 averages were 16.7 cents and 17.4 cents.
The highest average of weekly earnings of males for any industry in March
1919 was S29 35, in rubber manufacturing; the lowest $17 10, in cotton
manufacturing. The corresponding weekly averages in 1914 were $14 00
and $10 00, respectively. The Sept. 1918 average for male cotton-mill
operatives was $20 60.
,,
.
In the case of female workers, the highest average weekly earnings were
$15 10, in silk manufacturing; the lowest $12 24, in the paper industry.
In 1914 the corresponding averages were $7 49 and $7 47, respectively.
In addition to the data for entire industries the report also presents aver
ages for 63 occupational groups o f male workers, and for 30 groups of female
workers in these industries. These are summarized for the 1914. 1918 and
1919 payroll periods in Tables 3 and 4. The occupational groups are in
each case arranged in the order o f the amount of the 1919 averages
It
will bo noted that o f tho first 20 groups o f male workers, ten were in the
metal trades and eight in the boot and shoe industry. In nine occupational
groups average hourly earnings o f males in March 1919 range between 60
cents and 69 cents; in nine others they were lass than 38 cents. Two groups
o f female workers showed hourly earnings o f more than 40 cents in March
1919; for three other groups the average was under 25 cents.
There was a consistent increase in the number of women employed in
tho various industries during the entire 4 H-year period. Tho number of
men increased in most cases up to Sept. 1918, but frequently fell orf sharply
during the ensuing six months.
Owing to the fact that conditions were unsettled at the time the data
were gathered, the averages are in some cases based on a comparatively small
number o f employees. The report finds, however, that the averages agree
fairly well with those for a larger number or workers in certain industries,
as gathered by other agencies. The averages as given relate to identical
establishments in each group. Considerable additional data are given for
other establishments furnishing figures for only a part o f the period covered.
Tho report contains a large number of charts setting forth its salient
features in graphic form .
Average Hourly Earnings.
Sept. March
Sept.
i918.
1914.
1919
Occupation!i— „ ,
„
.
..$ .365 $ .628 $ .687
1. Stitchers (Boot and Shoe— P w .)-------------------$
.. .304
.688
.651
2. Coremakers (Metal— P w .)------------------.666
.642
3. Molders (Metal— P w .)...........................................
.309
.. .309
.540
4. Finishers (Boot and Shoe— P w .)--------------------.330
. . .330
.638
5. Patternmakers (Metal— T w .)-------------------------3.80
.. 3.80
.603
.638
.626
. . .340
.570
6. Bottomers (Boot and Shoe— P w .)-----------------.340
.606
.621
.. .363
7. Molders (Metal— T w .).............................
.562
.612
8. Lasters (Boot and Shoo— P w .)--------------------. . .315
.558
9. Assemblers (Metal— P w .)--------------------------------.307
.. .307
.603
.557
.. .356
.356
10. Toolmakers (Metal— T w .)------------------------------.594
.557
11. Blacksmiths (Metal— T w .)......................................
328
.. .328
.592
.559
12. Upper Leather Cutters (Boot and Shoe— P w .).
1- .331
.591
13. Machinists (Metal— T w .)..........................................
324
.572
.. .324
.587
14. Makers (Boot and Shoo— P w .)-----------------------.324
.. .324
.555
.586
15. Machine Operators (Metal— P w .)------.. .325
.551
.577
16. Skilled Labor (Chemicals— T w .).......................
. . .300
.526
.574
17. Solo Leather Cutters (Boot and Shoe— P w .)..
. . .271
.469
.552
18. Sorters (Wool— P w .)........................................ .. .296 .296.586
.552
19. Coremakers (Metal— T w .)------------------------------.297
.. .297
.518
.541
20. Upper Leather Cutters (Boot and Shoe— Tw.)). .289
.499
.539
21. Assemblers (Metal— T w .)____________________
.307
.. .307
.502
.530
22. Machine Tenders (Paper— T w .)_______
.. .309
.530
.520
23. Loom-fixers (Cotton— T w .)___________________
.262
. . .262
.514
.505
24. Fitters (Boot and Shoe— P w .)_________________
.274
. . .274
.482
.486
.251
25. Unskilled Labor (Silk— T w .)__________________
. . .251
.472
.477
26. Weavers (Wool— T w .)________________________
.252
.. .252
.521
.471
27. Weavers (Silk— P w .)__________________________
.216
.. .216
.441
.467
28. Machine Operators (Metal— T w .)_____________
.265
._ .265
.454
.461
29. Weavers (Wool— P w .)________________
.225
.. .225
.472
.457
30. Unskilled Labor (Chemicals— T w .)____________
.210
.. .210
.408
.446
31. Baitermen (Paper— T w .).................................__
.440
.. .232
.232
.440
32. Solo Leather Cutters (Boot and Shoe— T w .)..
.. .254
.405
.428
33. Unskilled Labor (Metal— T w .)_______________
.. .216
.438
.426
34. Foundry Labor (Metal— T w .)..................................
218
.. .218
.431
.425
35. Finishers and Cuttermen (Paper— T w .)____ .. .227
.407
.420
36. Weavers (Silk— T w .)...................................... . .302
.433
.419
37. Beelers, Winders and Spoolers (Wool— Tw.) .. .201
.418
.417
.403
38. Calendarmen (Paper— T w .)------------ --------- - - .204
.414
39. Calendarmen (Rubber— T w .)-------------------------.225
.. .225
.375
.409
40. Unskilled Labor (Rubber— T w .)..................... . .205 .205 .388
.409
41. Unskilled Labor (Wool— T w .)...............................
.201
- .201
.384
.406
.375
42. Warpers (Silk— T w .)--------------------------------------.226
. .226
.406
43. Miscellaneous Labor (Paper— T w .)................... .202
.202 .465
.406
- .190
44. Spinners (Cotton— P w .)...........................................
190
.422
.401
. .191
.361
45. Makers (Rubber—T w .).............................................191
.398
- .182
.407
46. Spinners (Wool— T w .)-----------------------------------.182
.391
- .206
.405
47. Rag Sorters (Paper— T w .)------------------.392
. .198
.417
48. Weavers (Cotton— P w .)---------------------.389
. .186
.377
49. Weavers (Cotton— T w .)---------------------------------.186
.389
.391
50. Finishers (Wool— T w .)...................................... . .215
*
.385
.376
51. Carders (Wool— T w .)---------------------------------- . .177
.384
. .217
.357
52. Finishers (Boot and Shoe— T w .)..............................
217
.383
- .187
.437
53. Carders (Cotton— Pw.)-----------------------------------.187
.380
. .226
.368
54. Lasters (Boot and Shoe— T w .)-----------------------.226
.373
55. Spoolers. Warpers, Twisters (Cotton— T w .).._ .176
.349
.361
.351
56. Dyers (AVool— T w .)
------- . . . . . . . . . . . . . .. .175
.356
.317
57. Miscellaneous Labor (Boot andShoe—T w .) .. . .215
.352*
. .172
.377
58. Carders (Cotton— T w .)---------------------------------.172
.352
.340
59. Unskilled Labor (Cotton— T w .) ..................... . .177
*
.351
.339
60. Openers and Pickers (Cotton— T w .)------------ - .158
.349
.339 ' ’ .34.3
. .166
61. Spinners (Cotton— T w .)--------------------------------.166
- .162
62. Spinners (AVool— P w .)-----------------------------------.162
.345 :*J3S.329
Note.— T w ., Timoworkers. Pw., Pieceworkers.




3137

THE CHRONICLE
TABLE 4.

Average Hourly Earnings.
March
Sept.
■Sept.
1919.
1918.
1914.
$ .442
S
.421
-S
.215
1 . F in is h e r s (A V ool— P w . ) -------------------------------------------- ® - “ i ' /
.418
.392
.201
2 . W e a v e r s (A V ool— P w . ) ---------------------------------------------.
.353
.322
.154
3 . A V ea vers (S ilk — P w . ) ----------------------------------------------.352
.364
4 . W e a v e r s ( C o t t o n — P w . ) ---------------------------------------.350
.336
.195
5 . F i t t e r s ( B o o t a n d S h o e — P w . ) --------------------------------.
.342
.347
,
.190
6 . A V ea v ers ( C o t t o n — T w . ) . . --------------1 9 0
.331
.314
.172
7 . R e e le r s . A V in d ers a n d S p o o le r s (A V ool— P w . ) _ ,.
.323
.306
_ .141
8 . S p in n e r s ( C o t t o n — P w . ) ___________________
.315
.320
9 . S p in n e r s (A V ool— P w . ) ------------------------------.310
.303
_ -.161
1 0 . C a r d e r s ( C o t t o n — P w . ) ------------------------------------ -Jy!
.302
.288
.)
.150
1 1 . S n o o le r s . A V arp ers a n d T w i s t e r s ( C o t t o n — P w . )
1- n
.296
.271
.173
12. U p p e r L e a th e r C u tte r s (B o o t a n d S h oe— T w .) .
.296
.286
.146
1 3 . D r a w e r s ( W o o l — T w . ) _______________________________ -1
46
.294
.262
.146
1 4 . W a r n e r s (S ilk — P w . ) -------------------------------------------------1 4 6
.291
.296
.137
,4 1
15 C a r d e r s (A V o o l— T w . ) _______________________________.289
.278
.
.135
1 6 . S p in n e r s ( C o t t o n — T w . ) ________________________- - •135
.283
.277
.129
1 7 . R e e le r s . W i n d e r s a n d S p o o l e r s (A V ool— T w . ) . . .1
29
.281
.295
.136
1 8 . S n in n e r s ( W o o l — T w . ) _____________________________.
,2 5
.280
-2~4
_
.176
1 9 . F in is h e r s ( W o o l — T w . ) _____________________________
-J 7 6
.276
.271
.142
3 0 . F in is h e r s a n d C u t t e r m e n ( P a p e r — T w . ) ------------_ .1
42
.272
.233
9 1 . F i t t e r s ( B o o t a n d S h o e — T w . ) _____________________
-.1l y«1l
.270
_
.274
2 3 . R an: S o r t e r s ( P a p e r — T w . ) ________________________
-.131
ly l
.276
.269
.139
9 3 . D ra w ers
( C o t t o n — T w . ) ________________
»*
39
.268
.233
24
S p o o le r s (P n t t .o n — T w . ) ______________________________ .134
-1 3 4
.229
.268
- .129
■>6. W i n d e r s (S ilk — P w . ) ___________________
-1 2 9
.257
.318
.142
26. Rasr Sorters (Paner— P w .)______________________ .142
.248
.230
2 7 . W i n d e r s ( S ilk — T w . ) ____________ __________________.1 5 4
.237
.254
.130
° 8 . U n s k ille d L a b o r e r s ( C o t t o n — T w . ) _______________
-1
30
.237
.218
.117
2 9 . C a r d e r s ( P n t t o n — T w . ) _____________________________
.1
17
.221
.200
.- .112
30. Ouillers (Silk— T w .) ..................
112
Occupations—

N o te . — T w . , T i m e w o r k e r s .

P w ., P ie ce w o rk e rs .

A V E R A G E COST PER F A M I L Y PER Y E A R OF P R I N 
C I P L E A R T I C L E S OF FOOD FOR 1 9 t 3 A N D
I N 1 9 1 8 A N D FOR J U N E 1 9 1 9 .
T h e TJ. S . D e p a r t m e n t o f L a b o r , B u r e a u o f L a b o r S ta tis tic s
in A lienist crave o u t a t a b u la r s t a t e m e n t , sh e w in e th e a v e r 
a g e c o s t n e r fa m ily r>er y e a r o f 2 2 p r in cip a l a r ticle s o f f o o d fo r
t h ^ y o n r s 1913 a n d 1 9 1 8 a n d a ls o f o r J u n e 1919 in 3 9 ’c itie s .
Tt
w ill b e o b s e r v e d t h a t a t N e w Y o r k th e c o s t o f th e 2 2 a r ticle s
o f f o o d f o r th e y e a r 1 9 1 8 w a s 8R 02 against. 8 3 c'9 f o r th e y e a r
1913 a n d t h a t in J u n e 1 9 19 t h e r e h a d b e e n a fu r t h e r in c r e a s e
to 8W 3 per y ea r.
"We p r in t t h e t a b le in fu ll as fo llo w s :
AATF P \ OF, COST PER FA M IL Y PER YE AR OF 29 PRINCIPAL
ARTTPT.ES OF FOOD FOR THE YEARS 1913 A N D 1918, AND
FOR JUNE, 1919, IN 39 CITTES.
Arerane cost ner famil’i ner
year for 9‘> articles of fond in
Per cent of
specified rities. based on
inn-ease from
prices in
1913 to

P ro v id e n ce
B o s t o n _____ N o w TTn v o n
T ?*v or
P b a r ln a to n . S . O .
" ’ n « h ' n ! r t n n ________________
M *»n r> io«:T p r
B 'r m l n t r l i n m
________ ___
R ?r*h m on H
T a e k s o n v O l e - ____________
V f w Y o r k _______ ______ ___
__________________
D n ll o * ;
_
_____________
N e w a r k _____________ ________

nb^S_____________

T’ n P 'm n r p

__________________

T -o s A n o m ie s ________
-- r O a v n l a n d ________ _________
flp n ft lp
_ _ _______________
■V ew O r le a n s . - _
_____
D p frn R _ _
S a n F r a n c i s c o ____________ .
T n n ' s v l l l e _______ ______ ______
R n f f n l o _____________ _________
O m a h a __________ __________
p i n e i n n a t l __________________
T r a n s a s P l t v _____________ D e n v e r _______________________
'l a p L a k e P 't V
.
P o r t l a n d , O r e . _______ ___
T n d 'a n a n o l i s _______________
S t . L o n ' s ________
__________
M ' l w a u k e o __________________
P T i ' e a g n . - __________________
M 'n n e a n o l i s _______________

-

..
_

. . .
_
..
..
_____
.
..
_______
.............
_______
_____
._
..
_______
_______
_______
_______
.............
_______

1913
(A r e r a n e
fo r n ea r)
$ 3 8 4 .5 9
3 9 0 R5
.351 4 6
3 7 9 83
360 33
3 4 8 66
3 7 0 04
356 04
34R 19
3 7 7 73
359 48
3 5 4 69
356 80
3 5 4 74
339 69
357 62
368 7 7
3 4 0 61
3 3 0 01
.3 7 0
343
351
340
304
350
335
301

304

71

68
34

66
99
97
58
72
56
04
70
69
60
56

397
330
395
347
. . - - 350
- 3 3 4 66
_______ 3 1 6 8 9
_______ 3 1 8 0 3
_______ 3 1 7 9 2
............. 3 1 1 3 7

1918
(A rer a n e
fa r n e a r )
$ 6 6 7 71
6 4 5 69
6 5 4 15
633 40
6 0 0 91
fV > n.Q ?
630 63

504 84
598
.5 9 9
601
699
614
696
.5 7 8
586
618
573
601
.586
571
571
576
559
.563
.661
570
548
.6 4 6
5 .5 5
548
547
5 .5 9
546
.5 4 9
536
544
509

40

04
99
71
08

03
1.5
40
OR
10
.64
57
90
84
07

07
04

.Tun?,

1919

$797 36
6 9 3 16
686 78
R Q1 Q 4
6 7 5 °1
679 65
669 95
RRQ 3 ?
6 6 6 .5 9
666 8R
6 6 0 .7 7

rro
659
654
654
650

99
87
36

647
641
637
630
608

72
.69
53

73
6 5 0 53

1918

74
64
71
67
67
78
71
67
73
.69
67
69
72
71
70
64

68
68

09

82
65
54

85

66

607 94
604 19

64
64
74
62
67
77
69
67

(\7

603 35
6 0 3 0.5

89
81
58
87
44
81
47
69
89
30
90
74
73

611
ROO
698
607
604
693
600
.6 0 6
.6 9 5
.691
JJQO

6 00 59
36
A5
40
49
19

03
31
38
46
06
OO

5 7 7 71

68

69
58
60
63

77

69

66
64

.T u n e
1919
84
77
SO
80
88
92
81

88
93
76
84

86
85
85
93
S3
77
90
94
79
70
S3
79
83
92
78

86
90

88

86

84

86

74

72

78

88

86
77
86

The articles upon which thei above costs are based
weighted according to quantity used. are: Sirloin steak
r o u n d s t e a k , r ib r o a s t , c h u c k r o a s t , o la t e b o ilin g b e e f , p o r k
c h o p s , b a c o n , h a m , h e n s , fr e s h m ilk , b u t t e r , c h e e s e , la r d ,
e g e s , b r e a d , flo u r , c o m m e a l , r ic e , p o t a t o e s , s u g a r , te a a n d
c o ffe e .

I N Q U I R Y I N T O I N C R E A S E D PRTCE OF SHOES—
M A N U F A C T U R E R ' S S T A T E M E N T A S TO
H I G H E R PRI CES.
A s a n n o u n c e d in o u r issu e « f A u g . 2 (p a g e 4 3 3 ) a r e s o 
lu t io n c a llin g u p o n t h e F e d e r a l T r a d e C o m m is s io n t o in 
q u ir e in t o t h e c a u s e a n d n e c e s s it v o f t h e p r o p o s e d in c r e a s e
in t h e p r ic e o f s h o e s w a s r e p o r t e d t o th e H o u s e o n A u g .
1 b y th e H o u s e C o m m it t e e o n I n t e r -S t a t e C o m m e r c e .
A
s t a t e m e n t in w h ic h it w a s sa id t h a t “ t h e p r e s e n t p r ic e s o f
r a w m a te r ia l a re n e a r ly d o u b le t h e p r ic e s c u r r e n t six m o n t h s
a g o , a re w h o lly b e y o n d w a r t im e o r a n v o t h e r e x p e r ie n c e ,
a n d h a v e n o w m a d e n e c e s s a r y p r ic e s f o r s h o e s fo r a b o v e a n y
Avith w h ic h t h e t r a d e is y e t a c q u a in t e d ,” w a s is s u e d as fo llo w s
in A u g u s t a t B o s t o n b y t h e N a t io n a l B o o t a n d S h o e M a n u 
fa c t u r e r s A s s o c ia t io n :

2138

THE CHRONICLE

The shoe manufacturers o f the United States deplore the unprecedented
advances which have taken place In hides, leather and shoes during the last
six months, and It Is the sense o f this meeting that each one o f us should
do his utmost to curb and check the advancing market and discourage all
buying of a speculative character, both among manufacturers and mer
chants. The present prices o f raw material are nearly double the prices
current six months ago, are wholly beyond wartime or any other experience
and have now made necessary prices for shoes far above any with which the
trade is yet acquainted. W o know o f nothing which can quickly relieve
the present temporary scarcity o f materials or bring about lower prices
for shoes for the coming fall trade. Shoes sold in the spring o f 1920 must
bring still higher prices, based on the present established prices of leather
and labor. These are both excessive, far beyond any past experience.
The cause o f this situation is easily to be discovered. The stocks on the
shelves of the merchants have been depleted by the lessened production
made necessary by wartime conditions. All classes o f the people continue
well supplied with funds and eager to obtain their usual supplies. The
Increased price so far established has not checked In any way the steadily
Increasing demand from the consumer.
Shoe manufacturers struggling to meet the increasingly large require
ments of their trade have suddenly found themselves in competition with
leather buyers from Europe, seeking supplies for countries closed for sev
eral years by the war. The actual and legitimate shortage o f supplies has
led to the bidding up o f prices by these competitive buyers to the present
unheard o f and unprecedented level.
This situation can only exist so long as the unusual export demand per
sists and this country's prosperous condition continues. Any further up
heaval abroad, a serious crop failure or widespread labor or political dis
turbance in our country would cause an Immediate and serious reaction.
Extreme conservatism is, therefore, demanded from all branches o f the
trade. Tanners, manufacturers and dealers alike recognize the situation
as dangeous and unfortunate.
We see no reason to doubt that all the world’s legitimate requirements
for leather can be fully supplied from usual sources, and that the equili
brium o f the market can be restored if manufacturers and merchants gen
erally will follow the dictates o f common sense, but all purchases far in
advance o f actual needs or buying in quantities in excess o f those actually
needed for seasonable goods must stop.
This policy may bring about some reduction in the volume o f business for
the next few months, stocks may be depleted to a point lower than ordi
narily considered advisable, and factory production may be In some cases
necessarily reduced, but we are convinced that the losses so resulting will
be insignificant as compared with those likely to follow any other course
of action.
While this or any other policy may not reduce the cost o f shoes for the
next six months, there Is no warrant for the assumption that the tide now
so rapidly rising will not ebb or that relief In some form will not come dur
ing the latter part o f 1920.

H O W A R D E L L IO T T DECLARES E F F I C I E N T TRANS
P O R TA TIO N M A C H I N E A N A T I O N A L N E C E S S IT Y .

At the thirteenth annual convention of the Association
Life Insurance Presidents in New York on Dec. 4, Howard
Elliott, President of the Northern Pacific Railway Com
pany, took the ground that the country cannot have an
efficient transportation machine, nor can the investments
in railroad securities by the life insurance companies bo
protected unless the railroads are given adequate rates, rates
sufficient to maintain the railroads efficiently for the benefit
of all the people.
Mr. Elliott pointed out that such is not
now the case and he called attention to the fact that the
railroads must be prepared for the great and growing future
of the country.
The inadequacy of present revenues was
dealt with at length by Mr. Elliott in his address before
the Academy of Political Science on Nov. 2 1 , and a part of
what he had to say at that time was given in our issue of
N o v . 2 2 , page 1 9 5 7 .
In his discourse this week Mr. Elliott
said in part:
of

Safe, adequate and satisfactory transportation must be furnished to the
American people either by private owners as a business enterprise under
suitable Governmental regulation and protection, or be furnished by the
Government itself. The public seem to have settled in their own minds
that they prefer to have the transportation furnished by the owners rather
than under Governmental control or Government ownership.
The Association o f Railway Executives recently sent out a questionnaire
to some 6,000 editors throughout the country asking them to express their
opinion as to Government ownership and control.: 83% answered that
their communities were in favor o f the return o f the roads to the owners.
Most o f the bills introduced into Congress reflect this sentiment with
varying degrees o f Governmental regulation and protection.
Those interested in life insurance, both the insurers and the insured, are
vitally interested in the proper answer o f the question.
Figures furnished show that in 1918 there were 53,923,734 life insurance
policies in force with the legal reserve companies. Among the assets se
curing these policies are nearly $2,000,000,000 o f railway securities, and a
failure to protect those securities affects directly the holders o f these poli
cies and the beneficiaries thereof. In addition, these policy holders, in
common with the balance o f the 105,000,000 people In the country, need
continuous development o f the transportation machine for the purpose of
increasing the food and fuel supply and the production o f those ai tides that
are necessary for clothing, shelter, and our modern American life
If this
Is not done, the-standard o f living must decline and the cost o f living. In
stead o f being reduced, will be increased. This general development will
bo checked If the transportation machine o f the country is not sufficient
and adequate. Even to-day, in the months o f heaviest business, that
great machine is doing about all it can and there is a very small margin of
safety.
In order to consider the question we must state briefly the salient facts
of this transportation machine, its growth during the last 18 years, what it
represents in the property of the nation, the work that it does for the people,
and what should be done to keep it efficient for future needs.
The transportation machine consists o f 260,000 miles o f railroad, and
about 404,000 miles track— a growth from 1900 o f 192,560 miles o f railroad
and 258,784 miles o f track. Over these tracks are operated about 66,000
engines, nearly 2,400,000 freight cars and about 56,000 passenger trains
cars— an increase o f nearly 30,000 locomotives, 1,000,000 freight aers and
2 2 ,0 0 0
passenger train cars since 1900.




[V ol . 109

It is interesting to note here the very slight growth since 1914 In the
number o f units o f equipment in service. The number o f locomotives
is substantially the same as in 1914, although they are o f a heavier type.
The number o f freight cars is substantially the same as in 1915, although
o f larger capacity, and the increase in passenger train cars is only about
1,500. The reason the people have received the transportation they have
without more o f an increase in units o f rolling stock is the increased effi
ciency displayed in handling the equipment, but now we are faced with
the absolute necessity o f expansion.
This great transportation machine is maintained and operated by an
industrial army of approximately 2 : 00,000, earning an average in 1918
o f $1,400 a year. In 1900 there were about 1,000,000 men, earning an
average of $567 a year. And it is furnishing transpottation to the people
of the United States equivalent to hauling every day in the year for each
man, woman and child 20,000 pounds of freight one mile— and giving each
one o f them also each year a trip of 411 miles— an increase in service ren
dered o f over 100% since 1900.
The total book value of the machine in 1918 was about $19,000,000,000.
or nearly $79,000 per mile o f road.
The capital in the hands o f the public representing this great machine
at the end o f 1917 was about $16,500,000,0 0The stock outstanding in tho hands of the public at the end of 1917 was
$9,045,000,000, held by 647,689 stockholders, with an average holding
of $13,966. N o accurate figures as the number of bondholders are avail
able, but it is thought that there are about as many bondholders as stock
holders, so that there are probably 1,250,000 owners of this great machine.
The stocks and bonds of American road companies are in the hands of
of the public— are owned by insurance companies, savings banks, guar
dians, trustees, and by hundreds o f thousands of individual investors,
representing every trade and calling. The once more or less prevalent
idea that the railroads are owned by a few great financiers is, of course,
very erroneous. Everybody knows that the seemities of our railroads are
scattered all over the country as the prime investment o f the people. The
Bureau of Railway Economics in a recent statement announced that the
ownership equities of American railroads are really in the hands o f more
than 50,000,000 people.
It seems to be forgotten by some that a great many hundred millions are
needed to-day for expansions and improvements. Where are these mil
lions to come from? No one can be compelled to furnish them and every
one who is requested to do so, if he is ordinarily prudent, should realize
fully the conditions under which he does it. I f he puts his money into
manufacturing or business he knows that his return will be subject to the
natural laws o f commerce only; that if the cost of the material ho uses in
creases. or if the wages go up he is at liberty to put up the price of his com
modity correspondingly. In no other way can business be successfully
carried on or capital receive a Just return. Wages and the cost of all
materials has risen very much and the cost o f their combined resulting
products has arisen correspondingly and as a matter of course. The com
modity the railroads furnish is transportation. The cost of providing it
has risen enormously. Correspondingly the railroads should receivo higher
freight and passenger rates.
The Government’s measure o f the net earnings of the railroads o f the
country for the three years ending June 30 1917, generally known as the
“ standard return,” was approximately $935,000,000. Tho authorities at
Washington from the very start of Government control o f operations found
that the revenues to be received from existing rates were not sufficient to
meet the growing expenses. This fact received the careful consideration
o f the Director-General, and as a result the Director-General, on June 10
1918, made passenger rates 3 cents a mile instead o f 2 cents and 2 'A cents
and on June 25 1918 increased freight rates about 25% .
Tho net operating income for the first year o f Government operation
failed to meet tho standard return by approximately $235,000,000. This
was in spite o f the very earnest, sincere and hard work o f the DirectorGeneral and all of his assistants. In that first year the new rails were
not effective for the entire period. There was a very serious winter in
parts o f the country, and war conditions were m ost onerous and difficult
so that the Federal Administration had unusual conditions to deal with.
It is, therefore, fair to say that 1918 should not be taken as a measure of
the results under the new rates inaugurated by the Government and under
the wage scales that it was necessary to pay because of these conditions.
Figures are now ready for part of 1919, and a fair estlmato can bo made
for the balance o f the year. The Director-General had hoped that income
would be sufficient to meet all outgo, but the results are disappinting.
The figures for the 9 months, for Class 1 roads (earning $1,000.000 or over)
show that the proportion o f the standard return for that period has not been
met by $245,000,000. During the months of July, August and September
the roads have just about earned the standard return, and possibly In Oc
tober they may be the same, but there Is every Indication that tho year will
end with a substantial deficit, perhaps $350,000,000 for all railroad opera
tions.
These deficits must be considered in any forcast o f future require
ments, and, in addition, there are other elements to be taken into account.
The money necessary to bring the condition of the present properties
to a higher standard that must be spent in the next few years is an element
in considering the revenue needs of the railroads. This amount cannot
to-day be stated exactly, but it will be several hundred millions of dollars.
Again, there are some Increases in expenses to be met in 1920 which were
not effective for tho full year 1919, such as the recent change in rates o f
wages and rules of men working in shops,estimated at about $ 5 0 ,0 0 0 ,0 0 0
a year. Other increases in wages may have to be made, and these will be
an important element in the problem.
There is also the probability that as a result o f the recent coal strike fuel
will cost more In 1920 than it did in 1919. The railroads’ coal bill to-day
is running at the rate of at least $500,000,000 a year, and prior to the war
was about $225,000,000.
Then the world-wide demand for steel, lumber and all materials for re
construction work for doing work that has been postponed or suspended
since 1914 means that there will probably be no decrease in tho prices o f
these important elements in the railroad expense account, and there may
be an increase.
ftt1
Additional payments must also be made for new capital to be used for
Increasing the capacity o f the roads to serve the public. For 5 years to the
war the expansion o f the roads was not rapid enough to meet the needs
o f the country, and during the war period even less has been accomplished.
It is not too much to say that for new equipment, with tho necessary
shops and tools to keep it In order, there should be spent within the next
few years $3,000,000,000, and, no doubt, an equal amount for tracks,
terminals, electrification and other facilities to make the transportation
machine equal to the demands of the country if growth is to continue.
The increased expenses o f States, counties and municipalities, because
of higher wages, is being reflected In a constantly increased tax rate, and
this also must be taken Into account when considering tho revenue needs
o f the railroads.
In 1910 the taxes paid by the railroads o f the United States weere $103,
000,000, and for 1919 the total taxes will be approximately $250,000,000.

D ec. 6 1919.]

THE CHRONICLE

Without an increase in rates a very large number of railroad companies
will face bankruptcy, and very few of those who escape this unfortunate
plight can pay any return to the shareholders.
The people cannot survive without the railroads and our railroads cannot
survive without our peoplo. They go hand in hand either for good or ill.
With your completo knowledge o f our peoplo, with your avenues of in
formation, with your channels for the dissemination o f the truth— you
are perfectly awaro that the power o f public opinion is omnipotent. This
public opinion should be directed toward a complete knowledge of railroad
conditions, their effect upon the securities you hold as against the millions
on millions o f policies you have issued for the protection o f the family: and
all should understand that our railroads cannot serve the people, cannot
serve the country without adequate rates, and it is quite apparent that our
rates at the present time are not adequate: are not sufficient to maintan
the railroads on that highly efficient plane which our people demand.
There can be no higher function at the present moment, let me add, than
for the great life insurance companies o f our country to make it plain to
all the peoplo that our railroads must not be crippled, but on the contrary
they must be kept abreast o f the times and be prepared to serve the great
and growing future o f the country.

W ILLIAM
0.
JEN KIN S,
A M ERICAN
CONSULAR
A G E N T , RELEASED FROM M E X I C A N
PENITENTIARY.

William O. Jenkins, American Consular Agent at Puebla,
Mexico, was released from the penitentiary at Puebla on
Dec. 4, where he had been confined for several days, pending
trial on charges of giving false information regarding his
abduction by Mexican bandits in October. Ilis release was
in compliance with the request of the United States Govern
ment. The State Department at Washington made the
following announcement Dec. 5:
The release of William O. Jenkins, American Consular Agent at Puebla,
Mexico, was roported late this afternoon from the American Embassy at
Mexico City. The Secretary o f State announced that a dispatch from the
Embassy stated that Third Secretary Hanna o f the Embassy, who was sent
to Puebla in connection with the Department’s repeated representations
for the immediate releaso o f Jenkins, had reported that Jenkins was re
leased from the penitentiary last night.

Having failed to obtain definite action by the Mexican Gov
ernment looking toward the liberation of William 0. Jenkins,
Secretary of State Lansing on Nov. 29 sent a note to Mexico
requesting “the immediate release of Consular Agent Jenkins
from further imprisonment.” The note was a reply to one from
the Moxiean Government under date of Nov. 26, which in
turn was called forth by a note sent to that Government by
the United States on Nov. 20 demanding “the immediate
liberation of Mr. Jenkins.” The American Consular Agent
had been abducted by Mexican bandits, and then been
released after the payment in part of a ransom; he was sub
sequently arrested on alleged connivance with the bandits
by "whom he had been abducted; after being again released
ho was finally rearrested and imprisoned in the penitentiary
at Puebla. The note sent by the United States to Mexico
on Nov. 29 was peremptory in tone, stating at the outset
that “the Government of the United States declines to be
drawn into a juridical discussion of irrelevant matters or
unimportant incidents brought forward in connection with
this case.” It had been alleged by the Mexican Government
in justification of the rearrest of the American Consular
Agent that lie was supposed “to be responsible for the crime
of rendering false judicial testimony.” This tho United
States Government pointed out was “merely an expression
of opinion on the part of the Mexican Government, as it is
entirely unsupported by evidence.”
The note said the United States regards Mexico’s plea of
judicial reasons for not releasing Jenkins as “mere excuses.”
Tho attitude of the Carranza Government in the matter, the
noto said, has been to “assume a willful indifference to the
feelings of the American people” and tho conclusion drawn
by the Government is that Mexico sought to divert the
attention of the American people and tho Mexican people
as well from the fact that Puebla, second largest city in
Mexico, is overrun by bandits, while the civil authorities
aro negligent.
This Government does not admit, the note said, that it
was necessary to keep Jenkins in jail while his case is being
investigated, and this Government “fails to discern” that the
“intricacies of tho Mexican penal law” have been applied
with impartial effect to Jenkins.
The full text of the noto sent by the United States Govern
ment on Nov. 29, as transmitted by George T. Summerlin,
American Charge d’Affairs at Mexico City, and made public
by tho State Department at Washington on Dec 1 was as
follows:
I have not failed to transmit to my Government the note o f Mexican
Government dated Nov. 26 1919 with reference to the case of William O.
Jenkins. American Consular Agent at Puebla, and I am now in receipt of a
reply from tho Government o f the United States which I am instructed
immediately to transmit to you.
Tho Government of the United States declined to be drawn into a juridical
discussion of irrelevant matters or unimportant incidents brought forward
In connection with this case. The Mexican Government cannot be misled




3139

as it intimates, by the citation by the United States, “ o f no principle or
precedent of international law and not even a reason” for Jenkin’s release;
for obviously no such citation is necessary for the enlightenment of a
government of the present day.
The Mexican Government believes, and rightly so, that the American
request for Jenkins’s release is not based on “ solely the strength of the
country which makes it,” for it knows the request is founded’ on the justice
of the right of an American citizen and United States Consular Officer to
fair treatment while residing and discharging his duties within Mexican
jurisdiction with tho knowledge and approval of the Mexican Government.
The Mexican Government may contend that the imprisonment of the
victim is necessary for the investigation by a judge under the “ constant
vigilance of public opinion” of the truth regarding his abduction and that
a right of release on bail is a palliative for such wrongful imprisonment,
but the United States is constrained to the opinion that such arguments are
mere excuses.
The Government of the United States invites and desires the fullest
possible examination and investigation of this case, but it cannot admit that
it is necessary in order to ascertain the facts that M r. Jenkins should be
retained in prison even with the privilege of applying fer bail.
M y Government will not and is satisfied that Mr. Jenkins will not place
any obstacle in the way of a complete and full examination of himself or
his witnesses, or o f the events leading up to and connected with his abduc
tion. The Mexican Government prefers to attribute the American note to
an imperfect knowledge of the Mexican penal laws and proceeds to explain
with refinement the intricacies of Mexican penal proceedings.
But the Government o f the United States fails to discern in their appli
cation to this case at the hands of Mexican authorities any approxima
tion to impartial treatment o f Jenkins and the Mexican Government knows
the absence of such treatment is tho reason for the American request.
The Mexican Government maintains that it cannot grant the request
of the United States for Jenkins’s release for the reason that under inter
national law no diplomatic intervention is appropriate unless a denial of
justice has occurred and because the Mexican Government is not in a
position to demand Jenkins’s release in view of the separation of the execu
tive and judicial powers under the Mexican form of government and the
independence of the State courts, by one of which Jenkins is held.
The succinct answTer to this contention is, as every one knows, that a
denial of justice has already taken place, and also because the Mexican
Constitution specifically gives the Federal tribunals jurisdiction o f “ all
cases concerning diplomatic agents and consular officers.”
The United States is not to be driven by such subtle arguments into
a defense o f its request for the release of Air. Jenkins. It is for Mexico to
show cause for his detention, not for the United States to plead for his
liberation. Stripped o f extraneous matter, with which the Mexican note
of November 26 endeavors to clothe it, the naked case of Jenkins stands
forth:
Jenkins, a United States Consular Agent, accredited to the Government
of Mexico, is imprisoned for “ rendering false judicial testimony” in con
nection with the abduction o f which he wras the victim.
This is the substance of the Mexican note.
M y Government is pleased to learn that the imprisonment of Jenkins
stands on this single and well defined ground, and that the reported state
ment that Mexican authorities had caused the imprisonment of Jenkins
because of collusion with his abductors and rebellion against the State are
not seriously regarded by your Government.
In whose interest then is the charge of false swearing brought against
Jenkins ? His abductors ? He is in equity the complainant in the case of
his abduction, not the defendant as the Mexican Government now makes
him out to be. The Mexican Government is prosecuting the victim instead
of the perpetrators of the crime.
While the outlaws who endangered his 1 fe and took away a large part
o f his fortune enjoy their freedom, the Mexican authorities now deprive
Jenkins of hi- liberty.
Moreover, the ground expressed for the imprisonment of Jenkins, namely,
that he is supposed “ to be responsible for the crime o f rendering false
judicial testimony,” musi be taken—and my Government directs special
attention to this point— as merely an expression of opinion on the part of
the Mexican Government, as it is entirely unsupported by evidence.
There is not produced any o f the testimony rendered by him, or any
extracts from such testimony tending to show the correctness of this opinion.
The Mexican Government cannot expect the United States to accept in the
grave circumstances o f this case such a bare unsupported statement as a
valid excuse for the imprisonment of an American Consular Officer, par
ticularly in view o f the fact that the investigation o f the case by the repre
sentatives o f the United States in Mexico, so far as it has proceeded, falls
utterly to support this opinion o f your Government.
On the contrary, the investigation gives the Government of the United
States every reason to believe that M r. Jenkins has not knowingly given
any false testimony in respect o f vital points in his case, although he has
been harassed by Mexican authorities to give such testimony, even while
lying in the hospital too weak and exhausted to make them a- a result of
his treatment by the abductors, and while he knew evidence was being
obtained against him through intimidation o f witnesses.
So stands the single, unsupported and, my Government believes,
unfounded ground alleged for Jenkins’s imprisonment.
What conclusion is to be drawn from such a reply o f the Mexican Govern
ment other than there has been a studied effort on the part o f Mexican
authorities to ensnare Jenkins in the intricacies o f legal proceedings by
alleging the commission o f technical offenses, and by bringing unsup
ported charges against him, for a purpose?
In the first place, to divert the attention o f the American public and
the American Government, and indeed of Mexicans themselves, from the
actual situation, namely, that Puebla, the capital of the State of Puebla,
and perhaps the second largest city in Mexico, is without adequate pro
tection from outlaws who infest the immediate neighborhood, and who were
accustomed openly and freely to visit the city without hindrance, that by
the failure to furnish adequate protection in this district the Mexican
authorities have, tlirough their negligence, made possible the abduction of
Jenkins, and that in harmony with such an attitude on the part of the
Mexican authorities they have failed to carry out the duty and obligation
incumbent upon them to apprehend and punish the bandits concerned in the
crime o f which Jenkins was the victim.
And in the second place it appears to have been the purpose of the
Mexican Government to assume a willful indifference to the feelings of the
American people that have been aroused to the point of indigantion by
the exposure, hardships and physical suffering endured by Jenkins during
ihis abduction and his subsequent treatment at tho hands o f Mexica*
authorities.
In view of the considerations which have been set forth and in view
particularly of the belief o f my Government that the charge against Jenkins
of deliberate false swearing is unfounded, the Government of the United
States must renew its request for the immediate release o f Consular Agent
Jenkins from further imprisonment.
..
(Signed) LANSING.

3140

THE CHRONICLE

Commenting on the above Washington advices of Dec. 1
to the New York “Sun” said “it is understood to be the last
word to Mexico in this case short of a bellicase announce
ment.” The advices added:
It is pointed out that the terms of the communication, when analyzed,
show that the United States flatly declines to be led into any further con
troversy; that the statements of the Mexican Government are not to be
accepted; that the charge o f false swearing against Jenkins is unfounded
and that the Mexican reply to the first note was made to divert attention
from the actual situation of disorder in Mexico.
It is plainly evident in Washington that a series of communications over
the Jenkins case is not only not to be expected, but will not be tolerated.

[Vol . 109.

The American Government seems to labor under the conviction of the
absolute innocence of Mr. Jenkins, in spite of the fact that the case is
in progress of investigation. The Mexican Government, without trying
to claim that Mr. Jenkins is guilty, confines itself to submitting the fore
going considerations to the United States, permitting itself to hope that
the Department of State will postpone its judgment until tho courts have
handed, down their decisions, with the assurance that in the bosoms of
Mexican judges there does not lie the desire to injure or persecute Mr.
Jenkins, but rather that they are possessed of a genuine desire to proceed
according to justice.
I take the occasion, &c.
H ILARA .M E D IN A .

Following is a retranslation of the Spanish version of the
note sent to Mexico by the State Department on Nov. 20
The note of the Mexican Government to which the above made
public by Andres G. Garcia, Consul-General at El
note was a reply, was made public at Washington on Nov. 27, Paso, Texas,
on Nov. 27:
as follows:

Mexico, November 26.
M r. George L. Summerlin, Acting Charge d'Affaires for the United Slates
of America:
I am instructed by the President of the Republic to answer herewith
your note o f N ov. 20, which you addressed to the Mexican Government on
instructions from the State Department of the United States.
You will no doubt realize the fact that no legal foundation principle or
precedent o f international right, or even o f reason, is invoked in the de
mand for the immediate liberation o f Mr. Jenkins, who, as you know is a
present under the jurisdiction o f a judge of the City of Puebla.
The Mexican Government cannot see what the foundation for such a
demand might be. It believes that it can bo only the power of tho country
that makes it, although the United States has expressed the desire on
various occasions that right and justice should be the basis of its diplomacy
and respect for weak countries the basis of its international relations on
the continent.
The terms of a note which I am answering are attributed by my Govern
ment to an imperfect understanding of our penal laws. The imprisonment
is neither unjust nor arbitrary, as your notes states, since Mr. Jenkins
himself has signed contradictory statements regarding the kidnapping of
which he was a victim. The judge has had ample foundation to suppose
that he was guilty o f the crime of falsifying judicial declaration, and this has
caused his imprisonment.
Nevertheless, this imprisonment does not o f itself signify that Mr.
Jenkins is guilty, because such a fact can be established only by a definite
judgment.
Your Excellency knows that the criminal proceedings in Mexico in
volves three classes of imprisonment— preventive, when it is suspected
that a person has criminal complicity in an act; formal, when against the
accused there is sufficient evidence, in the judgment o f the magistrate,
to suppose that the accused is guilty of the crime; and ordinary imprison
ment, which involves a definitive sentence as the penalty provided for the
crime and the guilt of the accused duly proved.
The two first classes of imprisonment are not legal penalties, but re
strictions to the liberty o f the accused, pending investigation. The judg
ment may also declare the innocence o f the accused.
M r. Jenkins has undergone a preventive detention, first, and then a formal
imprisonment o f seventy-two hours. It is because of this that he was
rearrested, and this is a fact that seems to be considered by the Government
of the United States as persecution or a series o f injuries that are inflicted
unjustly on the Consul.
.
In the course o f the trial, at any time, the accused may ask and obtain
his liberty on bail. The Mexican law is very liberal about this, since all
that is necessary is a request and the production of the sum fixed by the
judge. M r. Jenkins’s refusal to exercise this right, notwithstanding that
he was asked to do so several times, and the fact that the judge has fixed
for him as bond the sum o f 1.000 pesos ($500) cannot permit him strictly
to call himself the victim o f injuries which he has brought upon himself.
M r. Jenkins, finding himself, then, involved in a trial that is being con
ducted according to law, under the jurisdiction o f a judge whose proceedings
are open and are constantly under the vigilance o f public opinion, which
is interested in learning the truth of the affair, the Mexican Government
finds itself under the necessity o f not being able to accede to the demand
for liberation contained in the note to which I am replying, and it has so
decided for these strong reasons, founded on the rights o f peoples and
considerations o f constitutional character.
As to the first rights, the Government believes no other government
can make diplomatic claims for one o f its subjects abroad save in the
case where justice is denied or where the sentence is notoriously excessive,
which is also in international law a denial o f justice, and that the practice
which has been invariably observed has been that o f waiting for the tri
bunals having cognizance o f a case involving a foreigner to pronounce a
judgment that, as I have said, if it were notoriously unjust, would be the
only basis for a claim.
As to the constitutional viewpoint, our political constitution estab
lishes as a fundamental principle the separation o f the executive power
from that o f the judicial, and by virtue o f this the Executive does not have
the power to interfere in the business o f the latter.
Likewise, the autonomy o f the various States is guaranteed in our Con
stitution. and by virtue of the federative structure o f the Mexican Republic
the Federal power cannot intervene in affairs which, like that of Mr.
Jenkins, belongs properly and exclusively to the authorities of the State
o f Puebla. For this reason the Executive could not order the judge having
Jurisdiction o f the case to free Mr. Jenkins, because this latter function
ary could with reason refuse to obey such an order. The Executive would
thus be lacking in the first duty o f all government— a duty that he has
always tried to observe— that of respecting the laws o f the country and
causing them to. be respected.
Therefore, such a line of conduct, in the opinion o f the Mexican Govern
ment, cannot unfavorably affect the relations o f friendship which for
tunately exist between it and the United States— especially since the
matter is so simple a one— in which, by simple request, M r. Jenkins could
be at liberty, for never should there be cause for friction in tho fact that tho
laws o f each are applied equally to citizens and foreigners.
In the United States, at times, Mexican consuls have suffered imprison
ment for acts involving the law o f the United States. Although, in the
opinion o f the Mexican Government, such imprisonment was not justifi
able, never has it asked that the application o f the laws o f the United
States be not made in each case, for the Mexican Government always
observes respect for foreign laws and does not claim that Mexicans abroad
should occupy, because they are Mexicans, a position o f exception or
privilege.
Neither in the United States nor in Mexico can a citizen on trial be freed
by an Executive order, and it would be strange if an American citizen in
Mexico should have more rights than he would have in his own country.
The Government o f Mexico likewise cannot concede to American citizens
more rights than Mexicans enjoy in the United States.




AM ER IC A N EM BASSY, M E XIC O C IT Y ,
November 20 1919.
To Ililario Medina, Sub-Secretary of Foreign Affairs, Mexico City.
Sir;— Referring to previous communications in the case of the con
sular agent o f the United States at Puebla, William O. Jenkins, I have the
honor of informing you that I have received telegraphic instructions to
notify the Secretary of Foreign Affairs of Mexico that in connection with
the losses and injuries already suffered by M r. Jenkins as the result of his
being kidnapped— occasioned by the inability of the Mexican Government
to give due protection— and his first arrest by Mexican authorities, the
Government of the United States o f America is surprised and exasperated
to learn that M r. Jenkins again has been arrested.
His new arrest seems to my Government, according to the evidence
before it, entirely unjustified and an arbitrary exercise of public authority.
The Government orders mo to add that the persistent persecution and
subsequent harrassing of Mr. Jenkins cannot but have a very serious effect
on the relations between the two countries, for which the Mexican Govern
ment will be solely responsible.
Therefore I am ordered to demand the immediate liberation of M r. Jen
kins.
Accept, sir, &c.
GEORGE L. SUM M ERLIN,
Charge d’Affaires.

The text of the above, as well as the reply made by the
Mexican Government, was received from Mexico City by the
Consulate-General at El Paso, with instructions, it was
stated, to give both documents publicity.
After a conference with Secretary Lansing on the Mexican
situation, Chairman Porter of the House Foreign Affairs Com
mittee, on Dec. 1, expressed the opinion that “the State
Department means business this time.” The Chairman
indicated that he was in thorough accord with the Govern
ment’s present policy in dealing with the Mexican situation.
He was quoted in Washington press dispatches of Dec. 1
as follows:
Tho danger to the United States of this condition of continual unrest and
feeling of hostility toward us in Mexico lies in the fact that it provides a
fertile field for anci-American propaganda and even for a base for attack
upon tho United States by any foreign country that effected a combination
with Mexico. By this the spirit, if not the letter, of the Monroe Doctrine
would be violated.
Property rights have been violated and the Mexican courts have de
clared constitutional the confiscatory provisions of tho Mexican funda
mental law against which we have taken a strong stand. I have a copy
of the Mexican court's decision in this matter. If we permit the property
rights of our nationals in Mexico to be thus violated where can we stop?
Suppose Brazil and Argentina and Germany and other nations adopt such
a confiscatory law; our interests abroad would be wiped out.
For three years or more I have been firmly convinced that either amicable
or forceful Intervention in Mexico by the United States is inevitable.
I have heard nothing here that leads me to change my mind.
And I wish to say that I am convinced that the State Department means
business this time. I also believe that when the State Department’s firm
stand is put before Congress we shall give it our strongest support.

A statement relative to the abduction of Consular Agent
Jenkins was given out by the State Department at Washing
ton on Nov. 1. It read as follows:

The American Embassy at Mexico City has been authorized by tho
Department of State to give out the following statement to-day regarding
the case of William O. Jenkins, the American Consular Agent at Puebla.
American Consular Agent Jenkins, who was abducted from his house in
Puebla on the evening or Oct. 19 after his abductors had taken approxi
mately 50,000 pesos in gold from his safes, was released Sunday aftenioon
last near the hacienda Acheverra, several miles south of Puebla, and two
hours later was placed under tho caro of physicians in tho Latin American
hospital in Puebla.
Jenkins was abducted and held by a band of rebels under tho command
of Frederico Cordoba, with whom negotiations for Jenkins’s release wero
opened Oct. 24. Tho negotiations, conducted partly in writing and
partly in personal conference with Cordoba, or with his agents, were
terminated last Sunday pight and arrangements were then made for the
release of the captive the following day.
Release was effected by agreement of Jenkins to pay Cordoba 300,000
pesos in addition to the 50,000 stolen on the 19th. On Oct. 28 a first
payment was mado consisting of 34,000 pesos cash and two drafts of $5,000
American currency each. A total of approximately 51,000 pesos.
The Embassy is informed that subsequent payments are to be made as
rapidly as Jenkins can securo tho funds until tho prescribed total is paid.
The fulfillment of this agreement was to bo guaranteed in writing, and was
so guaranteed by five responsible citizens of Puebla and Mexico City.
When released, Jenkins was suffering from rhuematism, physical and
nervous exhaustion and other effects » f the deprivation and exposure to
which ho was subjected, but ho is improving rapidly under physicians’ care.

The State Department on Nov. 21 mado public tho full
report dealing with the abduction of the American Consular
Agent, as received from Mrs. Jenkins. This report con
firmed, it was stated, the reports that had reached Washing
ton several days before that it was likewiso the purpose of
the bandits who kidnapped Mr. Jenkins to kidnap also the

THE CHRONICLE

D ec . 6 1919.]

3141

pany as Vice-President in 1912, prior to which time he had
played an important part in the reorganization of the Third
Avenue Railroad Co. Mr. Davison was born in Rockville
Centre, L. I., in 1872. He took an active part in the Lib
erty Loan campaigns in 1917, serving for a time as Acting
Deputy Governor of the Fedral Reserve Bank in charge
of the organization of the redeposit of Government funds
in the banks of the New York Reserve District.
At a meeting of the directors of the Mercantile Bank of
the Americas of New York on Dec. 4, George Willetts
Davison, President and Chairman of the Board of Trustees
of the Central Union Trust Company was elected a director.
Mr. Davison takes the place on the board of the Mercantile
Bank of the Americas, left vacant by the recent death of
James N. Wallace.
At their annual meeting in January the stockholders of
the Corn Exchange Bank of this city are to act on the ques
tion of increasing the capital from $4,299,033 to $4,629,
000. It is proposed to issue 4,200 additional shares which
The list of American dead in Mexico since July 22 was are
to be offered to existing stockholders at par, in propor
announced by the State Department on Nov. 28:
tion to their present holdings.
At a meeting of the executive committee of the board of
directors of the Guaranty Trust Co. of New York on Nov.
24 John Watts was appointed Assistant Secretary and
Benjamin Fairbanks, Peter Solari and Louis P. Imer,
assistant managers of the foreign department.
COL FARNSWO RTH ON N E E D OF S T A B IL IZ IN G
The plans to increase the capital of the Bankers’ Trust
SOCIETY A G A I N S T BO LSH EVIS M.
Company
of this city from $15,000,000 to $20,000,000,
Declaring that “this is no time for narrowness of view
to in our issue of Nov. 22, were ratified by the stock
or provincialism of spirit.” Fred E. Farnsworth, Secre referred
holders on Dec.3. Stockholders of record Dec. 4 are given
tary of the American Bankers’ Association in addressing the
right to subscribe for the new stock at $100 per share
the American Institute of Banking at its annual convention
the basis of one share of new stock for every three shares
held at Now Orleans on Oct. 7 said that, rather, “it is a time on
for the assimilation of broad ideas, of inspiring ideas, of now held. The right to subscribe thereto expires Dec. 29.
ideas that will stabilize society against the menace of Bol C. P. Hunt, Vice-President and Cashier of the Bank of
shevism and of anarchy.” “Great as the war achievements New York, N.B.A., of this city, has been elected Vice
havo been,” said Col. Farnsworth, “it also is increasingly President of the Chemical National Bank. The directors
recognized that they are but a prelude to what must be of the Bank of New York have elected Robert E. Miller,
carried out in tlio tremendous process of world reconstruc Vice-President, succeeding Mr. Hunt, and Frederick C.
tion and rehabilitation.” Pointing out that is is evident Metz, Jr. has been appointed Cashier.
that now more than ever before bankers must be students
of international problems and relations, Col. Farnsworth The organization on the part of some of the larger banking
institutions of strong financial corporations designed to
said:
facilitate the transaction of foreign business, is an important
development of the past year. The Shawmut Corporation
of Boston, which on Dec. 1 opened a New York branch
office at 65 Broadway, is an example of this development in
the banking field. The Shawmut Corporation, w’hich is
under the supervision of the Federal Reserve Board, will
finance export and import shipments, deal in acceptances,
drafts and bills of exchange, and will, in addition, conduct a
general banking business for foreign commercial transactions.
An important feature of the service which it plans to develop
will be in furnishing expert trade information covering the
various phases of foreign business. A number of strong New
England financial interests are represented in the Corpora
Col. Farnsworth also said:
tion: The National Shawmut Bank of Boston being majority
stockholder. The corporate interest of the latter institution
in the Mercantile Bank of the Americas and the Asia Banking
Corporation, and its affiliation with leading banking insti
tutions of Europe, will be at the disposal of the Shawmut
Corporation.
I T E M S A B O U T B A N K S , T R U S T C O M P A N IE S , & c.
Stuart G. Nelson, one of the organizers of the Seaboard
No bank or trust company stocks were sold this week at National Bank of this city and formerly identified with its
the Stock Exchange or at auction. Extensive tables re management, died on the 1st inst. Mr. Nelson was made
porting bid and asked quotations, deposits, surplus, &c., of Cashier of the bank at the time of its formation in 1883,
banks and trust companies in all important cities in the and later became its Vice-President. He retired from active
United States are published monthly in the “Bank and Quo participation in the management in 1917, but continued as
tation” Section, the December issue of which accompanies a director of the institution until the close of that year.
to-day’s “Chronicle.” Bid and asked quotations for all Mr. Nelson was sixty-six years of age.
New York City bank and trust company stocks are also
published weekly in another department of this paper, and At a meeting of the executive committee of the board of
directors of the Guaranty Trust Co. of New York on Nov. 24
will be found to-day on page 2162.
John Watts was appointed Assistant Secretary and Benja
Three New York Stock Exchange memberships were re min Fairbanks, Peter Solari and Louis P. Imer, Assistant
ported posted for transfer this week, the considerations Managers of the foreign department. On Nov. 26 Ernest
being $100,000, $95,000 and $98,000, respectively. The Graham Humphreys was appointed Treasurer of the London
last preceding transaction was reported at $100,000.
office of the Guaranty Trust Co.
George Willetts Davison was elected President and Chair Francis S. Smithers, formerly head of the banking firm
man of the Board of the Central Union Trust Company of of F. S. Smithers & Co., died on Nov. 28 1919. Mr.
this city on Dec. 2, succeeding James N. Wallace, who died I Smithers was born in 1849. He was a son of the late Charles
on Oct. 11. Mr. Davison entered the Central Trust Com Francis Smithers, at one time President of the Bank of

British Vice-Consul at Puebla. This part of the plot failed
because the British Vice-Consul was not in Puebla at the
time.
Full information about the abduction of the American
Consular Agent at Puebla was requested in a resolution
adopted unanimously on Nov. 11 by the Senate. Senator
King, Utah, was the author of the resolution.
The State Department announced on Nov. 2S that James
Wallace, American employee of an oil company in Mexico,
had been killed by a Mexican soldier. The announcement
said:
J a m e s W a lla c e , a n A m e r ic a n e m p lo y e e o f a n o il c o m p a n y n e a r T a m p ic o ,

w as

m u rd ered

by

a

M e x ica n

F ed eral

s o ld ie r

at

P otrero

del

L la n o

on

W ed n esd a y , N o v . 20.
T h e D e p a r t m e n t ’s in f o r m a t i o n is t h a t t h e m u r d e r w a s u n w a r r a n t e d .
The

m u r d e r e r "w a s n o t t a k e n i n t o

cu stod y .

A c c o r d in g

to

th e

D e p a rt

m e n t ’s a d v i c e s , t l i o o f f i c e r in c h a r g e o f t h e t r o o p s c a m p e d in t h e v i c i n i t y

c la im e d t h a t W a lla c e p r o v o k e d th e m u r d e r .
T h e D e p a r t m e n t h a s b e e n in fo r m e d , a s t h e r e s u lt o f in v e s t ig a t io n , t h a t a
m u le o n

m a c h in e

w h ic h W a l la c e w a s r id in g t o h is p la c e o f e m p lo y m e n t s h ie d a t a
gun

w h ic h

it

w as

p a s s in g ,

o v e r tu r n in g

im m e d ia t e ly s h o t W a lla c e , t h e b u lle t s t r ik in g h im
h im

th e

gun.

The

s o ld ie r

in t h e n e c k a n d k illin g

in s t a n t ly .

J u ly 3 1 , R - A . C u n n in g h a m , a t M a t a m o r a s .
A ugu st 28, A d am

S c h a e ffe r , a t P in o s .

A u g u s t 3 0 , H . S . M c G ill, a t C o a p a .
S e p t. 2 , A . P . H c n n e s y , a t L a C o lo r a d o .
S e p t . 2 1 . L ie u t . C . H . C o n n e lly , U . S . A . , a t B a h ia ; L ie u t . F . B . W a t e r 

h o u s e , U . S . A . , a t B a h ia .
N o v . 1 4 , E . K . L a c k , a t M b x ic a li.

•

O n e o f t h e f o r t u n a t e r e s u lt s o f t h e w a r is t h a t t h e n a t io n s o f t h e w o r ld

now

h a v e a n u n d e r s ta n d in g , m o r e c le a r th a n h a s e v e r b e e n t h e c a s e p r e 

v io u s ly , o f th e ir in t e r c o n n e c t io n s a n d th e ir m u t u a l d e p e n d e n c e , o r , r a th e r ,
in t e r d e p e n d e n c e ,

in

th o

b est sen se o f th e

p la in l y , t h a t w o a ll r e a liz e a t p r e s e n t h o w

w ord .

T h is

m eans, to

p u t it

e s s e n tia l t o t h e w e ll-b e in g a n d

p r o s p e r it y o f e a c h o f u s , th e w e ll-b e in g a n d p r o s p e r it y o f a ll o f u s a r e .

W e

m u s t e x te n d t h e h e lp in g h a n d , n e v e r w it h th e id e a o f g iv in g a g r a t u it y o r
m a k in g o th e r s fe e l u n d u ly o b lig a t e d t o u s , b u t
gen eral

w e ll-b e in g

of

w ith

th o

b r o a d v ie w o f th e

c iv iliz a t io n .

I w o u ld t h e r e fo r e a d v is e t h a t t h e s t u d e n t s o f b a n k in g , a n d t h is m e a n s

b a n k e r s o f a ll a g e s , s h o u ld m a k e a s p e c ia l e f f o r t t o c o m p r e h e n d in t e l lig e n t ly ,

w o r ld a f f a ir s a n d t h e ir o w n r e s p o n s ib ilit ie s in c o n n e c t io n w it h t h o s e a ff a ir s .

L e t t h o o p in io n s o f le a d e r s in f in a n c e , m a n y o f w h o m , i t m a y b e r e m e m 

b e r e d , a r e th e m s e lv e s in s t it u t e g r a d u a t e s , b e c o n s id e r e d

a n d w e ig h e d , s o

t h a t t h o b e n e fit o f th e ir w is d o m

b e s h a r e d , a s it

s h o u ld

be

and

th e ir fo r e s ig h t c a n

sh ared.

’

*

I t is a s s e r t e d t h a t t h e r e is n o t h in g m o r e p o w e r f u l t h a n id e a s , b u t I m a y

b e p e r m i t t e d t o a d d t h a t t h e f u l l t r u t h o f t h i s a s s e r t i o n is t o b e f o u n d i n t h o

s t a t e m e n t t h a t t h e r e is n o t h i n g m o r e p o w e r f u l t h a n i d e a s c a r r i e d i n t o a p 
p r o p r ia te a c t io n .

p o r t u n it y

The

ban k ers o f th e co u n try

fo r t h e d e v e lo p m e n t a n d

g u id a n c e

h ave now

an

un u su al o p 

o f c o r r e c t t h in k in g w it h r e 

s p e c t t o s o c ie t y a t la r g e , a n d I h o p e a n d b e li e v e t h a t y o u w ill r e a liz e th is
o p p o r t u n it y t o t h o fu lle s t e x te n t .




2U2

THE CHRONICLE

Montreal. Mr. Smithers came to New York in 1865 and
entered the foreign exchange business, later becoming a
member of the firm of Charles Unger & Go., which after
wards was changed to Unger, Smithers & Co. and subse
quently to F. S. Smithers & Co. He retired in 1909, but
retained his directorships in the American Bank Note Co.,
the N orth American Co., the Detroit Edison Co. and
United Railways of San Francisco.

[V ol . 109.

Savings Bank, 813,475,000 by the National Bank of Com
merce, 810,461,000 by the Peninsular State Bank, and
88,396,000 by the Bank of Detroit.

Robert R. Forgan has resigned as Vice-President of the
National City Bank, of Chicago, effective Doc. 31. Mr.
Forgan will remain a director of the bank, but wished to be
relieved of the duties of an active Vice-President in order
With a view to forming better banking connections in to give more of his time to other enterprises in which he is
western Massachusetts, interests connected with the Metro interested.
politan Trust Co. of Boston recently purchased a substantial During two months just past the National Bank of the
interest in the Commercial Trust Co. of Springfield, Mass., Republic, of Chicago, has gained over a thousand new savings
and as a consequence William H. Stiekney, Vice-President customers
with initial deposits averaging nearly 8100 each,
and Treasurer, and Wilbert S. Bartlett, a director of the
by displaying in the lobby a “home” savings bank
Metropolitan Trust Co., have been elected directors of the simply
is furnished to those opening an account with one
Springfield institution. B. Devereaux Barker, a law part which
dollar
or
ner of Chandler M. Wood, the President of the Metropolitan matter: more. The bank has the following to say in the
Trust Co., has also been elected a director of the Springfield
bank. The Commercial Trust Co. was founded five years
ago. It has a capital of 8350,000, surplus of S105,000 and
resources of approximately 83,500,000.
Samuel_Wv Bridges, President?of the SA W. Bridges
Co., Inc., has been elected a director of the Massachusetts
Trust Co. of Boston.
O fte n

a

expense.

s a v in g s

The

c a m p a ig n

e x p e r ie n c e

m eans

of

th is

e la b o r a t e

bank

p la n n in g

in d ic a t e s

th a t

and

c o n s id e r a b le

a ccou n ts

m ay

be

o b t a i n e d in e x p e n s iv e ly in la r g e n u m b e r s b y a p r o p e r m e t h o d o f a p p e a l t o
t o t h e p e o p le r e g u la r ly v is it in g t h e b a n k .

d e c id e d

th a t a n a ttr a c tiv e g ift b a n k

s a v in g s c a m p a ig n .

T h e o ffic e r s o f t h e R e p u b lic fir s t

w a s e s se n tia l t o

t h e s u c c e s s o f th e ir

T h e y th e r e fo r e c h o s e a u n iq u e a n d h a n d s o m e b o o k -lik e

b a n k s s u it a b le fo r t h e m a n te l o r lib r a r y t a b le .

A

y o u n g w o m a n th e n w as

s e le c t e d t o e x p la in t h e p la n t o in q u ir ie r s a n d t o g i v e o u t t h e b a n k s t o n e w
cu stom ers.
The

A c a r d in t h e e n t r a n c e w a y c a ll e d th e ir a t t e n t io n t o t h e d is p l a y .

respon se

p o s s ib ilitie s t o
a ccou n ts.
__

w as

fa r in

b e r e a liz e d
__

excess

fro m

o f e x p e c ta tio n s

s im p le p la n £ f o r

and

d e m on stra ted

o b t a in in g

new

th e

s a v in g s

A consolidation of the Fidelity Trust Co. of Rochester
and the Rochester Trust & Safe Deposit Co., which has been
under consideration for some time, was arranged on Nov. 18
when the stockh olders of both companies gave their approval
to the plan. The new organization, which is to continue
the title of the Rochester Trust & Safe Deposit Co., will have
a capital of SI ,000,000, consisting of 10,000, shares of the The cash holdings of the Government as the items stood
par value of 8100 each, and will occupy the present building Nov. 29 are set out in the following. The figures are taken
entirely from the daily statement of the U. S. Treasury for
of the Rochester Trust Co., which is to be altered extensively Nov.
29.
to meet the requirements of the enlarged institution. The
merger will go into effect, we understand, about the first
of the year.
.
$
John W. Thompson, who has been Trust Officer of the
Fidelity Title & Trust Co., of Pittsburgh, was elected also
a Vice-President of that company, at the recent annual
election.
Note
The directors of the Union Commerce National Bank of
Cleveland have elected Eugene R. Grasselli a director to
S
$
fill the vacancy caused by the death of Alvah S. Chisholm.
They have also named Ralph H. Sharpe and Michael B.
Koelliker Assistant Cashiers, and appointed William F.
Lynch, Auditor, to fill the vacancy caused by the^promotion of Mr. Sharpe.
S
Banks of Detroit Clearing House Association in the cal}
for statements of their conditions as of November 17th>
reveal the thriftiness of Detroiters, and the energy and in
dustry of bank managers in encouraging the movement and
finding lodgment for the funds thus accumulated. The
total savings deposits of the Detroit banks are put at $182,
115,000 or a gain of 840,885,000 in approximately twelve
months. The combined savings and commercial depsoits
have nearly reached the half billion mark. The Peoples a
State Bank, the largest institution in Detroit and incidentally
the largest State Bank outside of New York and Chicago,
shows a gain in 66 days of 83,754,297. John W. Staley is
President of the Peoples State Bank. A statement of the
savings and commercial deposits of the Detroit institutions
In comparison with the corresponding month last year as
given by the “Detroit Journal,” follows:
“ W e h a v e b e e n su r p r ise d o v e r t h e w a y th e s e a c c o u n t s h a v e flo w e d in ,”

s a id W . T . F e n t o n , F ir s t V ic e -P r e s id e n t a n d M a n a g e r .

“ W e a re c o n tin u in g

t h e p la n a n d h a v e a r r a n g e d t o fu r n is h t h e b a n k s in s p e c ia l C h r is tm a s b o x e s
d u r in g t h e h o lid a y s .”

T R E A S U R Y

C A S H

A

N

D

C U R R E N T

L I A B I L I T I E S .

C U R R E N T A SSE T S A N D L IA B IL IT IE S .
GOLD.

ASSETS.

L IA B IL IT IE S .

G o ld c o in ................................ 5 7 9 ,7 3 2 ,6 1 7 3 9
G o ld b u llio n ..........................1 ,7 2 4 ,5 0 6 ,2 3 1 3 8

G o ld c e rts, o u tsta n d in g . 6 4 8 ,9 4 0 ,3 6 1
G o ld se ttle m e n t fu n d ,
F e d 'l R e se r v e B o a r d -1 ,2 6 8 ,9 1 4 ,5 9 8
G o ld reserve........................
1 5 2 ,9 7 9 ,0 2 5
A v a il, gold In g e n . fu n d . 2 3 3 ,4 0 4 ,8 6 4

T o t a l . . . ............................. 2 ,3 0 4 ,2 3 8 ,8 4 8 7 7 I

00

10
63
04

T o t a l ..................................... 2 ,3 0 4 ,2 3 8 ,8 4 8 7 7

.— R e sorved again st $ 3 4 6 ,6 8 1 ,0 1 6 o f U . S . n ote s an d $ 1 ,7 0 2 ,2 6 6 o f T r e a su r y
n ote s o f 1 8 9 0 o u tsta n d in g . T r e a s u r y n ote s are also secured b y silver dollarsl
th e T r e a s u r y .
S IL V E R D O L L A R S .
ASSETS.
L IA B IL IT IE S .
Sliver d o l l a r s . . . .................

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

S ilv er c e rts, o u tstan d in g
T r e a s . n otes o f 18 9 0 o u t .
A v a ila b le silver dollars
In general fu n d ________

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

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

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

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

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

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

GENERAL FUND.

ASSETS.

T o t a l s . . . ............... ..................................... $ 3 4 2 , 0 8 1 , 0 0 0

$ 4 7 3 ,2 1 3 ,0 0 0

$ 1 3 1 ,1 3 2 ,0 0 0

It will be seen from the foregoing that the combined in
crease in the savings and commercial deposits in a little
over twelve months has been 8131,132,000 or about 38%.
Of this increase 829,432,000 has been contributed by the
Peoples State Bank,|817,446,000 by the First & Old Detroit
National Bank, 817,312,000 by the Wayne County & Home



T re asu rer’s ch e ck s o u t
s ta n d in g ________________
D e p o sits o f G ov e r n m e n t
officers:
P . O . D e p a r tm e n t___
B o a r d o f tru stees. P os
ta l S a v in g s S y ste m
( 5 % r ese rv e)..............
C o m p tro ller
of
th e
C u r r e n c y , ag e n t for
creditors o f In solv
en t b a n k s . . ................
P o stm a ste r s, clerks o f
cou rts, & c ........... ..
D e p o sits for:
R e d e m p tio n o f F e d ’ l
R e se r v e n ote s ( 5 %
fu n d ) _________________
R e d e m p tio n o f F e d ’l
R e se r v e b a n k n otes
( 5 % fu n d )...................
R e d e m p tio n
of
n a
tional b a n k n otes
( 5 % fu n d ) ...................
R e tire m e n t o f ad d i
tion al c i r c u l a t i n g
n o te s, A c t M a y 3 0
1 9 0 8 ................................
E x c h a n g e s o f curren
c y , c o in , & o ................

♦ N e t b a la n ce ........................

-

N o v . 1 -1 8 .
N o v . 1 7 -1 9 .
In crea se.
T h e P e ° p lc s S ta fo
. . . ---------$ 7 6 , 1 6 6 , 0 0 0 $ 1 0 5 , 5 9 8 , 0 0 0
$ 2 9 ,4 3 2 ,0 0 0
F i r s t & O l d D e t r o i t N a t i o n a l --------6 0 ,7 9 9 .0 0 0
7 8 ,2 2 5 ,0 0 0
1 7 ,4 4 6 ,0 0 0
W a y n e C o u n t y & H o m o S a v in g s .
5 2 ,0 9 4 ,0 0 0
6 9 ,4 0 6 .0 0 0
1 7 ,3 1 2 ,0 0 0
N a tio n a l B a n k o f C o m m e r c e
2 2 ,3 6 6 ,0 0 0
3 5 ,8 4 1 ,0 0 0
1 3 ,4 7 5 ,0 0 0
P e n i n s u l a r S t a t e .......................................
2 3 ,9 0 5 .0 0 0
3 4 ,3 6 6 ,0 0 0
1 0 .4 6 1 .0 0 0
B a n k o f D e t r o i t . .........................
1 0 ,8 8 9 ,0 0 0
1 9 ,2 8 5 ,0 0 0
8 ,3 9 6 ,0 0 0
D e t r o i t S a v i n g s .......................................
1 8 ,0 2 2 ,0 0 0
2 4 ,5 3 0 ,0 0 0
6 ,5 0 8 ,0 0 0
T h e A m e r i c a n S t a t e .................
7 ,3 7 5 ,0 0 0
1 2 .7 4 3 ,0 0 0
5 ,3 6 8 ,0 0 0
M e r c h a n t s N a t i o n a l ............................
1 0 ,2 5 7 ,0 0 0
1 4 ,8 8 0 ,0 0 0
4 ,6 2 3 ,0 0 0
C e n t r a l S a v i n g s ..............................
1 2 ,0 8 3 ,0 0 0
1 6 .6 0 3 ,0 0 0
4 ,5 2 0 ,0 0 0
C o m m o n w e a lth -F e d e r a l S a v in g s ..
5 .1 8 9 ,0 0 0
9 ,7 0 8 ,0 0 0
4 ,5 1 9 ,0 0 0
D i m e S a v i n g s .............................................
2 9 ,8 9 4 .0 0 0
3 4 ,0 1 4 ,0 0 0
4 .1 5 0 ,0 0 0
F ir s t S t a t e .
..........................................
8 ,1 5 2 ,0 0 0
1 2 ,2 0 5 ,0 0 0
4 ,0 5 3 ,0 0 0
T h e U n i t e d S a v i n g s --------------4 .9 1 0 .0 0 0
5 ,7 7 9 ,0 0 0
8 6 9 ,0 0 0

L IA B IL IT IE S .

A v a il, gold (see a b o v e ) . 2 3 3 ,4 0 4 ,8 6 4 0 4
A v a ila b le silver d ollars
(see a b o v e ) .............. ..
6 6 ,3 8 4 ,5 1 8 0 0
U n ite d S ta te s n o te s-------1 9 ,1 9 2 ,2 2 0 0 0
F e d e ral R e se r v e n o t e s ..
3 9 ,3 4 6 ,7 4 0 5 0
F e d ’ R e serve bank n ote s
5 7 ,5 5 2 ,2 5 5 5 0
N a tio n a l b a n ., n o te s------- • 4 4 ,3 2 7 ,3 7 3 8 9
C e r t , checks o n b a n k s ..
3 0 8 ,1 4 7 0 2
S u b sid iary silver c o i n .. .
4 .5 S 9 .3 2 0 54
M in o r c o in ________________
7 8 4 ,7 8 0 6 9
Silver b u llio n ........................
1 3 ,6 S 4 ,7 6 1 13
U n c l a s s if ie d
(un sorted
cu rren cy , e t c .) ________
4 3 ,9 5 9 ,6 5 7 3 3
D e p o s its in Federal
R e se r v e b a n k s _________
1 6 1 ,2 3 5 ,2 5 8 0 2
D e p o sits in special de
p ositaries a cco u n t o f
sales o f certificates o f
In debtedness an d V ic 
to r y n o te s ........................ 2 4 2 ,6 5 1 ,0 0 0 0 0
D e p o sits In foreign de
positaries:
T o cred it T r e a s ., U . S .
1 9 ,8 0 5 ,7 7 8 4 7
D e p o sits in n a t. b a n k s:
T o credit T r e a s . . U . S .
3 2 ,9 8 7 ,8 2 1 10
To
credit o f other
G o v e r n m e n t officers
1 0 ,1 5 9 ,6 0 5 04
D e p o sits in Philippin e
T r e a su r y :
T o credit T r e a s ., U . S .
3 0 2 ,9 1 0 4 9
To
cred it o f other
G o v e r n m e n t officers
3 ,1 0 2 ,3 4 6 9 0

T o t a l.

9 9 3 ,7 7 9 ,3 5 8 6 6

T o ta l.

1 ,1 2 4 ,7 8 4 51

2 5 ,5 8 3 ,9 4 3 74

7 ,6 7 8 ,4 2 9 4 5

1 ,2 3 5 ,0 9 1 0 2

2 4 ,4 8 3 ,8 6 2 64

2 1 6 ,8 8 7 ,4 1 0 23

8 ,4 6 9 ,5 1 0 0 0

1 6 ,7 1 5 ,4 8 9 61

2 0 2 ,5 6 0 0 0

2 5 ,2 9 0 ,5 9 9 91
3 2 7 ,6 7 1 .6 8 7 11
6 6 6 ,1 0 7 ,6 7 1 5 5
9 9 3 ,7 7 9 ,3 5 8 6 6

* T h e a m o u n t to th e cred it o f d isbursing offlcors and agencies to -d a y w a s $ 1 ,5 4 1 ,
6 1 1 ,7 3 9 3 0 .
B o o k credits fo r w hich o b ligation s o f foreign G o v e r n m e n ts aro held
b y th e U n ite d S ta te s a m o u n t to $ 1 5 8 ,2 3 6 ,6 2 9 0 5 .
U n d e r th e A c t s o f Ju ly 14 1 8 9 0 an d D e c . 2 3 19 1 3 dopostts o f law fu l m o n e y for
th e retirem en t o f o u tstan d in g n ation al b an k an d Federal R osorvo b a n k n otos are
paid Into th e T r e a su r y as m iscellaneous receipts, an d these o b ligation s are m a d e
u n d er th e A c t s m e ntioned a part o f t h e public d e b t.
T h o a m o u n t o f su ch ob ligatio n s
to -d a y w as $ 3 2 ,8 3 1 ,0 6 4 5 0 .
a T h e a v a ila b le cash In Federal R e se rv e b a n k s , in accord an ce w ith telegraph ic
rep orts receive d , w as $ 1 0 3 ,4 3 2 ,0 0 0
T h e d ifferen ce Is d u e to not disbu rsem en ts
In tra n sit an d In p rocess of e x a m in a tio n .
bfii

TREASURY CURRENCY HOLDINGS—The following
compilation, made up from tho daily Government state
ments, shows the currency holdings of the Treasury at the
beginning of business on tho first of September, October,
November and December 1919:
.

H o l d in g s in
S u b -T r ea s u ries.

S e p t. 1 1 9 1 9 . O ct.
S

1 1919. N o t.
S

1 1919. D ec.
S

1 1919.
S

g o l d o o ln a n d b u l l i o n .
s ilv e r c o i n a n d b u ll io n
U n ite d S ta te s n o t e s ..
n a t io n a l b a n k n o t e s . .
F e d . R eserv e n o t e s ..
F e d . R e s . b a n k n o tes
s u b s i d i a r y s ilv e r _____

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

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

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

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

T o t a l c a s h in S u b - T r e a s
r e s e r v e f u n d ___

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

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

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

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

C a s h b a la n c e in S u b - T r e a s
D e p . in s p e c i a l d e p o s ’ rle s :
A c c o u n t c e r ts , o f ln d e b t
L ib e r ty L o a n d e p o s it s .
C a s h in F e d . R e s . b a n k s .
C a s h in F e d . L a n d b a n k s
C a s h in n a t io n a l b a n k s ;
T o c r e d it T r e a s . U . 8 . .
T o c r e d it d is b . o f fic e r s .

4 S 9 .8 9 8 ,4 9 2

5 0 5 ,6 4 3 ,1 5 0

5 0 9 ,4 1 2 ,5 8 8

5 2 3 ,5 3 4 ,6 3 9

7 1 8 ,9 3 6 ,0 0 0

7 4 1 ,6 2 9 ,0 0 0

4 2 2 ,7 7 6 ,0 0 0

2 4 2 ,6 5 1 ,0 0 0

1 3 3 ,3 2 1 ,8 3 9

1 7 0 ,8 7 9 ,3 5 1

1 6 7 ,9 1 5 ,3 6 8

1 6 1 ,2 3 5 ,2 5 8

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

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

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

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

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

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

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

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

N e t c a s h in b a n k s , S u b 
T r e a s u r ie s ____________ 1 ,4 2 1 ,6 9 6 ,7 2 9 1 ,5 0 1 ,1 4 5 ,4S 7 1 ,1 7 7 ,3 0 8 ,9 8 1
3 0 9 ,4 0 6 ,9 8 7
2 8 9 ,2 7 6 ,4 6 0
3 0 3 .5 S 7 .1 9 4
D e d u c t c u r r e n t li a b ili t ie s .

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

N et
N et
N et
N et
N et
N et
N et

Less g o l d

C a s h in P h il ip p i n e I s l 'd s .
D e p ’ s . In F o r e i g n D e p t s .

2143

THE CHRONICLE

D ec . G 1919.]

A v a i l a b l e c a s h b a l a n c e . 1 ,1 1 8 ,1 0 9 ,5 3 5 1 ,1 9 1 ,7 3 8 ,5 0 0

8 8 8 ,0 3 2 ,5 2 1

6 6 6 ,1 0 7 ,6 7 1

Ac.,

* I n c lu d e s D e c . 1 S 1 3 ,6 8 4 ,7 6 1 13 s ilv e r b i l l i o n a n d S 4 5 ,0 5 2 ,5 8 5 0 4 m in o r c o in
n o t in c l u d e d in s t a t e m e n t “ S t o c k o f M o n e y . ”

1919.

I n c . or
D ec.

1918.

The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
L ondon,
N ov. 29. D ec. 1. D ec . 2 .
W e e k e n d in g D e c . 5 .
S a t.
M on.
T u es.
S ilv e r , p e r o z ..............................d _ 7 2 H
7346
73M
C o n s o l s , 2 y i p e r c e n t s ________H o l i d a y 5 1 5 4
5046
B r it i s h , 5 p e r c e n t s ____________ H o l i d a y 9 1 %
9 0 4s
B r it i s h , 4 Y i p e r c e n t s _________ H o l i d a y l O l
8 5 !4
F r e n c h R e n t e s (in P a r i s ) . . f r . 6 0 .5
6 0 .5
6 0 .1 5
F r e n c h W a r L o a n ( in P a r i s ) f r ..................... 8 7 .9 0
8 7 .9 0

D ec. 3 .
W ed .
74*4
5044
9015
854i
60
8 7 .9 0

D ec. 4 .
T h u rs.
75
501a
9046
8415
5 9 .6 0
8 7 .9 5

D ec. 5 .
F rl.
74
5 0 HI
90
8415
5 9 .6 0
8 7 .9 5

S i l v e r in N . Y . , p e r o z ___ . c t 3 1 2 9

1302£

131H

131

The price of silver in Now York on the same day has been:
129H

130H

C a n a d ia n B a n k C le a r in g s . —The clearings of the Cana
dian banks for the month of November 1919 show an increase
over the same month of 1918 of 20.9%, and for the eleven
months the gain reaches 21.1%.
N ovem ber.

E lev en M o n t h s .

C le a r in g s at—
1919.

1918.

I n c . or
D ec.

1919.

I n c . or
D ec.

1918.

%

S
?
M o n t r e a l _______ 6 1 5 ,3 2 5 ,5 2 s 5 0 9 ,0 9 3 ,1 6 3
T o r o n t o ________ 4 1 4 ,7 3 0 ,5 4 4 2 9 5 ,5 7 5 ,3 0 7
W i n n i p e g ______ 2 8 5 ,3 9 2 ,8 6 5 3 0 9 ,5 3 9 ,5 2 2
V a n c o u v e r _____ 6 5 ,6 2 3 ,7 2 5 5 0 ,0 0 5 ,3 5 0
O t t a w a _________ 6 0 ,6 7 1 ,7 5 1 3 9 ,7 9 0 ,0 5 4
C a l g a r y _________ 4 4 ,7 6 3 ,3 6 9 3 2 ,9 8 8 ,7 8 1
Q u e b e c _________ 2 9 ,4 9 5 ,0 3 5 2 4 ,0 9 9 ,7 3 2
H a m i l t o n ______
3 2 ,1 1 2 ,3 2 2 2 3 ,6 1 0 ,6 8 8
R e g i n a __________ 2 5 ,1 1 5 ,5 9 7 2 1 ,4 2 9 ,1 5 5
H a l i f a x _________ 2 2 ,0 5 6 ,2 0 5 1 9 ,5 0 2 ,6 4 0
E d m o n t o n _____ 2 5 ,5 1 2 ,4 7 2 1 5 ,6 1 9 ,4 8 8
L o n d o n _________ 1 6 ,6 0 S ,6 3 6 1 2 ,5 4 9 ,0 7 8
6 t . J o h n ________ 1 4 ,2 3 9 ,7 1 4 1 0 ,8 5 2 ,2 0 5
V i c t o r i a ________
1 2 ,1 4 5 ,2 5 1
8 ,4 2 0 ,6 4 3
M o o s e J a w _____
9,4 7 9,5431 1 0 ,7 4 8 ,1 1 5
S a s k a t o o n _____ 1 1 ,7 4 7 ,3 5 5
9 ,5 9 6 ,4 4 6
3 ,6 2 6 ,4 8 1
L e t h b r i d g e _____
3 ,3 7 7 ,8 0 0
5 ,8 1 7 ,5 6 0
W i n d s o r * ........... 1 1 ,0 6 6 ,3 0 3
4 .4 9 3 .S 0 2
B r a n t f o r d ...........
6 ,1 9 4 ,8 7 2
4 ,6 0 2 ,7 9 6
4 ,2 3 5 ,7 8 8
S h e r b r o o k e _____
4 ,6 7 2 ,2 9 3
4 ,1 6 4 ,4 3 0
B r a n d o n .............
4 ,1 4 7 ,1 7 2
4 ,7 2 2 ,5 9 0
F o r t W illia m ..
4 ,3 5 3 ,3 9 0
P e t e r b o r o u g h ..
3 ,9 0 5 ,6 1 3
3 ,2 1 2 ,9 4 3
K i t c h e n e r ______
5 ,4 3 1 ,3 6 5
N e w W e s t m 't e r
2 ,6 9 8 ,0 1 9
2 ,2 2 0 ,4 8 3
2 .5 2 6 ,7 7 4
M e d ic in e H a t .
2 ,0 9 6 ,6 2 0

S
S
%
+ 2 0 .9 5 ,5 9 3 ,5 6 2 ,8 5 3 4 ,2 7 5 ,6 9 7 ,3 1 7
+ 4 0 . 3 3 ,7 S 0 ,1 6 9 ,9 5 S 3 ,0 4 4 ,5 S 0 ,6 6 6
2 — 4 .6 2 ,0 5 1 ,4 8 8 ,3 4 8 2 ,0 6 4 ,6 0 2 ,5 6 5
4 9 1 ,6 4 5 ,8 1 4
+ 3 1 .2
5 8 8 ,0 7 2 ,3 4 3
4 1 9 ,6 1 9 ,5 5 9
+ 5 2 .5
3 1 4 ,7 9 9 ,8 6 7
2 9 8 ,5 4 5 ,7 0 3
+ 3 5 .7
3 1 4 ,6 0 3 ,0 4 0
2 1 3 ,0 8 5 ,8 1 6
2 6 0 ,9 6 7 ,0 2 1
+ 2 2 .4
2 3 9 ,3 8 6 ,5 2 9
2 7 4 ,7 4 1 ,5 1 9
+ 3 6 .0
1 6 5 ,0 6 2 ,4 8 7
+ 1 7 .2
1 8 9 ,3 0 6 ,8 9 4
2 1 8 ,5 7 0 ,6 4 1
1 9 5 ,8 5 3 ,1 9 6
+ 13.1
+ 6 3 .3
2 0 5 .0 3 0 ,2 4 7
1 5 4 ,3 5 5 ,7 5 0
1 4 6 ,4 2 3 ,0 4 6
1 1 4 ,3 6 2 ,1 7 7
+ 3 2 .3
1 3 7 ,8 8 5 ,3 8 5
1 0 6 ,9 9 9 ,6 9 7
+ 3 1 .2
9 1 ,6 2 2 ,6 3 8
+ 4 4 .2
1 1 0 ,8 8 2 ,9 5 7
6 8 ,2 0 0 ,7 6 9
7 7 ,6 4 2 ,6 2 4
— 1 1 .8
+ 2 2 .4
8 1 ,8 S 0 ,9 3 6
9 5 ,0 5 5 ,2 5 3
3 7 ,8 9 3 ,5 8 4
— 6 .9
3 4 ,4 6 0 ,2 1 1
+ 9 0 .2
3 8 ,6 5 7 ,4 3 2
8 3 ,4 3 5 ,8 4 7
+ 3 7 .9
4 3 ,5 8 1 ,9 3 3
5 1 ,0 8 7 ,5 6 8
3 8 ,6 9 4 ,7 7 3
+ 8 .7
4 4 ,4 7 7 ,8 0 8
+ 1 2 .2
2 9 ,1 S 6 ,4 2 1
3 2 ,6 1 1 ,2 0 7
+ 1 3 .9
3 6 ,9 1 3 ,1 2 4
3 3 ,9 8 2 ,5 2 3
+ 1 1 .5
3 3 ,6 8 7 ,5 6 7
3 7 ,3 4 4 ,1 8 0
+ 6 9 .1
4 2 ,7 0 5 ,9 3 9
2 9 ,2 9 2 ,1 0 0
+ 2 1 .5
2 6 ,7 3 1 ,6 5 6
2 1 ,3 0 2 ,8 8 0
+ 2 0 .5
2 1 ,8 8 3 ,5 5 1
2 1 ,7 1 1 ,3 7 9

T o ta l C a n a d a 1723600729 1425523699

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

+ 3 0 .8
+ 2 4 .2
— 0 .6
+ 1 9 .6
+ 3 3 .3
+ 5 .4
+ 2 2 .5
+ 1 4 .8
+ 1 4 .7
+ 1 1 .8
+ 3 2 .8
+ 2 8 .0
+ 2 8 .9
+ 2 1 .0
+ 1 3 .8
+ 16 .1
— 9 .1

+
+

1 7 .2
1 4 .9
+ 1 1 .7
+ 8 .6
+ 1 0 .9
+ 4 5 .8
+ 2 5 .5
— 0 .8

+ 21.1

* N o t I n c lu d e d in t o t a l; c o m p a r is o n i n c o m p le t e .

The clearings for the week ending Nov. 27 in comparison
with the same week of 1918 show an increase in the aggregate
of 13.7%.
Week ending November

Clearings at—
Canada—

1919.

1918.

S

S

M o n t r e a l .............. .. ................. 1 4 0 ,6 8 8 ,0 5 7 1 3 3 ,1 6 7 ,6 4 5
9 3 .1 4 S .9 8 7 6 6 ,0 6 5 ,9 1 2
T o r o n t o .....................................
6 4 ,8 1 0 ,2 6 2 6 9 ,5 0 9 ,0 4 9
W i n n i p e g . .............................
1 5 ,3 7 5 ,0 1 7
V a n c o u v e r - .............................
1 1 ,0 3 3 ,2 5 5
1 1 ,7 9 5 ,3 5 2
O t t a w a ...... ................................. 1 2 ,0 9 3 ,3 1 9
5 ,9 1 1 ,1 6 8
5 ,1 3 8 ,4 5 8
Q u e b e c ______________________
4 ,6 6 6 ,9 1 9
4 ,9 0 4 ,6 9 1
H a l i f a x - . ........................ ..........
1 0 ,1 1 1 ,4 8 2
7 ,8 9 2 ,3 3 0
C a l g a r y .....................................
3 ,1 9 0 ,8 8 3
2 ,3 8 3 ,7 6 3
8 t . J o h n ------------------ ------------6 ,7 0 2 ,2 0 0
4 ,7 9 2 ,6 2 0
H a m i l t o n ...................................
3 ,5 1 0 ,8 6 7
2 ,5 6 3 ,0 0 7
L o n d o n .....................................
2 ,3 9 3 ,7 8 9
1 ,8 3 4 ,9 5 1
V i c t o r i a - ...................................
5 ,9 1 9 ,7 1 3
3 ,6 2 7 ,5 9 6
E d m o n t o n - .............................
5 ,2 7 6 ,1 3 6
4 ,3 7 7 ,1 4 5
R e g i n a . .....................................
1 ,0 6 1 ,1 9 0
9 8 7 ,7 1 3
B r a n d o n ___________________
6 8 3 ,1 9 4
7 6 9 ,7 6 5
L e t h b r i d g e -------------- ----------2 ,5 8 7 ,1 0 6
2 ,1 4 8 ,4 5 5
S a s k a t o o n ........... ....................
2 ,1 5 1 ,9 4 3
2 , 5 4 5 ,S 29
M o o s e J a w ________________
1 ,0 2 0 ,3 8 3
9 0 9 ,5 6 7
B r a n t f o r d --------------------------9 6 9 ,3 9 4
1 ,0 4 7 ,4 3 3
Fort W i l l i a m - - ......................
5 9 1 ,8 4 9
4 5 5 ,2 9 7
New W e s t m i n s t e r ..............
5 3 8 ,0 4 9
4 9 1 ,4 8 6
M e d i c i n e H a t _____________
9 S 9 .1 9 3
8 6 9 ,0 6 3
P e t e r b o r o u g h _____________
1 ,0 3 8 ,7 6 8
9 2 4 ,4 2 9
S h e r b r o o k e .............................
1 ,0 1 0 ,7 1 2
7 6 2 ,1 5 8
K i t c h e n e r ................................
2 ,4 9 8 ,0 1 4
1 ,3 4 9 ,3 8 9
W in d s o r. . .
................ ..
6 8 4 ,2 7 8
3 7 9 ,2 2 2
T o t a l C a n a d a ................... 3 8 9 ,6 1 4 ,8 7 2 3 4 2 ,7 2 5 ,5 8 0

Inc. or
Dec.
%
+ 5 .6
+ 4 1 .0
— 6 .8
+ 3 9 .4
+ 2 .5
+ 1 5 .0
— 4 .8
+ 2 8 .1
+ 3 3 .9
+ 3 9 .8
+ 3 7 .0
+ 3 0 .5
+ 6 3 .2
+ 2 1 .5
+ 7 .5

— 11.2
+ 2 0 .4
— 1 5 .5
+ 12.2
— 7 .4

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

1917.




1916.

S

$

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

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

770,109
5 1 2 ,7 4 6
5 3 6 ,6 4 9
4 S 3 .2 0 5

___.___ •_

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

O t h e r W e s t e r n a n d S o u t h e r n C le a r in g s

ward from first page.

27.

brought for

1919.

I n c . or
D ec.

1918.

S
%
$
S
S
%
K a n s a s C i t y — 1 0 0 6 4 6 6 0 9 7 8 2 5 ,8 0 9 ,0 6 6 + 2 1 .9 10 2 1 1 1 9 0 2 1 3 9 ,1 4 6 ,8 2 0 ,4 4 0 + 1 1 .6
+ 8 .8
O m a h a _________ 2 4 7 ,4 9 6 ,9 5 1 2 2 0 .2 2 9 .4 S 2 + 1 2 .4 2 ,8 1 6 ,7 5 0 ,6 7 0 2 ,5 8 8 ,3 1 9 ,0 8 5
+ 8 .6 2 ,0 3 1 ,3 2 2 ,6 4 4 1 ,7 2 4 ,8 3 6 ,2 1 8 + 1 7 .8
M in n e a p o lis ___ 2 1 6 ,4 6 2 ,8 7 0 1 9 9 ,3 8 1 ,0 1 5
D e n v e r _________ 1 6 5 ,5 7 1 ,1 4 5 1 3 6 ,1 2 1 ,7 2 5 + 2 1 .6 1 ,4 6 8 ,5 8 4 ,4 2 4 1 ,0 S 3 ,4 2 2 ,9 0 2 + 3 5 . 4
7 2 0 ,4 2 2 ,4 0 2 + 1 9 .1
8 6 4 ,8 2 3 ,8 1 1
S t . P a u l________ 9 3 ,5 0 1 ,2 5 4 7 8 ,1 9 8 ,7 2 7 + 1 9 .6
4 0 0 ,6 3 8 ,6 2 1 — 1 5 .5
3 4 3 ,7 6 7 ,3 2 3
D u l u t h _________ 3 3 ,1 4 4 ,2 1 1 8 0 ,7 6 1 ,6 0 9 — 5 9 .0
— 0 .2
8 1 4 ,5 3 2 ,9 9 4
8 1 2 ,5 4 1 ,1 3 9
S t . J o se p h _____ 6 8 ,3 1 0 ,7 7 8 6 8 ,1 1 5 ,7 9 7
+ 0 .3
4 5 7 ,1 4 6 ,0 8 8 + 1 1 .4
5 0 9 ,3 7 3 ,3 8 0
4 5 ,7 0 9 ,1 8 6 3 7 ,1 4 7 ,1 3 3 + 2 3 .0
D e s M o in e s —
4 2 8 ,1 2 3 ,2 0 8 + 3 5 . 9
5 8 1 ,8 2 0 ,8 4 5
W i c h i t a .............. 6 0 ,6 4 3 ,6 5 5 3 5 ,3 6 9 ,4 5 2 + 7 1 .5
4 0 1 ,8 2 7 ,0 1 0 + 2 1 .7
+ 6 .3
4 S 9 ,2 1 6 ,2 7 0
S iou x C i t y _____ 3 3 ,8 4 8 ,0 8 6 3 1 ,8 4 5 ,7 7 6
2 1 0 ,8 6 6 ,5 4 8 + 1 9 .3
2 5 1 ,6 2 2 ,8 7 3
L in c o ln _________ 2 3 ,5 3 2 ,9 1 7 1 8 ,7 0 2 ,7 1 7 + 2 5 .8
1 0 9 ,3 3 6 ,9 6 5 + 3 3 .6
1 4 6 ,0 6 8 ,9 3 6
F a r g o ___________ 1 5 ,6 7 3 ,0 8 6 1 3 ,4 7 4 ,7 5 8 + 1 6 .3
+ 4 .5
1 5 3 ,9 9 6 ,5 1 2
1 6 0 ,8 5 3 ,2 5 5
T o p e k a _________ 1 5 ,7 8 2 ,2 5 8 1 0 ,7 8 7 ,4 8 5 + 4 6 .3
9 1 ,0 4 4 ,6 6 3 + 1 0 .3
1 0 0 ,4 6 2 ,5 0 1
— 4 5
H e l e n a _________
1 0 ,0 7 0 ,0 8 6 1 0 ,5 4 6 ,4 7 0
9 4 ,0 9 3 ,8 9 4 + 2 6 .3
1 1 8 ,8 5 2 ,2 5 5
C e d a r R a p id s . 1 1 ,9 7 3 ,2 4 4
8 ,1 3 1 ,3 7 5 + 4 7 .2
1 6 3 ,3 4 0 ,2 9 9
9 5 ,7 9 9 ,3 2 0 + 7 0 .5
Sioux F a lls _____ 1 3 ,2 9 4 ,0 1 4
8 ,1 6 0 ,8 0 2 + 6 2 .9
G ra n d F o r k s . — 2 .8
7 1 ,9 5 9 ,4 0 0
6 2 ,1 0 2 ,8 0 0 + 1 5 .9
7 ,7 0 2 ,0 0 0
7 ,9 2 2 ,0 0 0
7 4 ,3 8 3 ,7 1 9
8 8 ,2 9 4 ,7 4 1 — 1 5 .8
+ 5 .9
J o p lin ___________
7 ,3 4 1 ,0 0 0
6 ,9 3 5 ,0 0 0
— 9 .0
8 6 ,2 3 8 ,7 9 3
9 4 ,7 8 1 ,7 1 6
W a t e r l o o ______
7 ,9 4 2 ,3 7 8
6 ,1 3 4 ,6 3 8 + 2 9 .5
6 2 ,5 1 0 ,5 4 2
5 2 ,4 3 9 ,8 4 1 + 1 9 .2
6 ,8 7 4 ,8 8 0
B illin g s _________
6 .1 0 8 .8 S 8 + 1 2 .5
7 7 ,5 4 6 ,1 1 6
6 3 ,7 7 1 ,5 0 5 + 2 1 .0
A b e r d e e n ______
7 ,5 6 8 ,8 1 7
5 ,9 6 3 ,6 5 7 + 2 6 .9
4 6 ,0 3 8 ,4 9 6
3 6 ,6 7 9 ,0 8 8 + 2 5 .5
C o lo ra d o S p ’ gs
4 ,6 4 0 ,9 6 6
3 ,3 7 0 ,1 6 5 + 3 7 . 7
3 5 ,3 8 0 ,8 9 3
+ 5 .8
3 3 ,4 4 8 ,1 7 7
— 4.0
P u e b l o _________
3 ,1 1 4 ,1 4 0
3 ,2 4 4 ,2 4 9
— 0 .1
2 9 ,2 4 7 ,2 1 6
2 9 ,2 8 5 ,3 0 7
L e w is to w n _____
3 ,2 0 0 ,0 0 0
4 ,8 5 4 ,7 1 1 — 3 4 .1
+ 4 .2
3 8 ,0 2 7 ,9 2 2
3 6 ,4 9 2 ,2 6 3
F r e m o n t ________
2 ,6 9 4 ,0 0 0
2 ,3 3 5 ,0 8 2 + 1 5 .4
3 1 ,2 3 8 ,1 1 2
2 6 ,9 5 1 ,2 9 4 + 1 5 .5
H a s t in g s ________
2 ,9 8 1 ,5 2 8
2 ,2 9 9 ,4 3 3 + 2 9 .7
2 8 ,4 4 3 ,3 3 4
O sh k osh ________
2 ,7 5 0 ,3 1 2
2 3 ,7 6 1 ,1 9 0 + 1 9 .7
2 ,1 7 9 ,4 6 8 + 2 6 .2
K a n .C i t y ,K a n .
3 4 ,2 8 7 ,4 0 2
2 5 ,8 8 3 ,2 2 1 + 3 2 .5
2 ,8 7 7 ,0 9 2
2 ,3 6 6 ,0 0 4 + 2 1 .6
Io w a C i t y ______
1 9 ,4 4 3 ,7 1 1 + 3 1 .0
2 ,3 0 0 ,0 0 0
1 ,7 2 5 ,2 7 5 + 33.2
2 5 ,4 6 9 ,3 2 8
+ 3 .5
1 ,8 9 9 ,3 5 4
2 0 ,0 3 7 ,9 8 3
1 9 ,3 6 0 ,8 0 3
L a w r e n c e ______
1 ,6 6 2 ,5 4 2 + 1 4 .3
T o t .o t h .W c s t 2 1 2 5 3 6 6 3 0 5 1 8 3 9 8 8 4 5 0 5

E N G L IS H F I N A N C I A L M A R K E T S — PER CABLE.

E lev en M o n t h s .

M o n t h o f N o v e m b e r.
C le a r in g s at—

S t . L o u is _____
A t l a n t a _________
R i c h m o n d _____
N e w O r le a n s ..
D a l la s __________
M e m p h i s ---------L o u is v ille ---------H o u s t o n ________
N a s h v i l l e ---------Fort W ro th —
B irm in g h a m . .
O k l a h o m a _____
N o r f o l k ...............
S a v a n n a h ---------T u l s a __________
L ittle R o c k —
Jack son ville —
G a lv e s to n ---------C h a tta n o o g a . .
A u g u s t a -----------C h a r le s to n -------A u s tin __________
S h r e v e p o r t------M u s k o g e e ______
M a c o n _________
C o lu m b ia ---------K n o x v ill e ______
M o n tg o m e r y . _
T a m p a _________
B e a u m o n t _____
N ew port N ew s
E l P a s o _________
R a le ig h _________
W i l m 't o n .N .C .
M o b ile ................
T e x a r k a n a _____
C o lu m b u s , G a .
Jackson ________
V ic k s b u r g ______
W a c o ___________

6 9 5 ,8 6 8 ,5 7 3
3 6 0 ,0 2 S ,3 1 1
3 4 6 ,9 8 4 ,0 7 2
3 4 2 ,1 1 8 ,3 7 5
1 9 0 ,1 0 7 ,6 7 3
1 5 3 ,2 9 8 ,1 2 5
6 9 ,6 8 3 ,2 8 7
1 4 2 ,8 1 5 ,4 4 0
9 5 ,5 1 5 ,7 7 7
1 0 0 ,9 8 0 ,1 6 9
7 7 ,7 2 9 ,0 6 0
7 3 .0 S 0 ,04 5
5 4 ,4 2 0 ,5 4 0
6 0 ,8 3 0 ,9 2 4
4 6 ,4 3 3 ,6 3 0
6 2 ,1 8 6 ,3 0 1
3 9 ,5 7 4 ,3 6 1
5 5 ,8 5 6 ,0 8 3
3 2 ,4 9 3 ,5 4 7
3 2 ,0 2 2 ,6 9 0
2 3 ,4 8 9 ,0 9 7
9 ,6 0 7 ,9 7 8
2 1 ,2 6 0 ,2 2 0
2 1 ,2 2 2 ,0 2 9
3 8 ,7 8 6 ,6 4 1
1 8 ,0 1 7 ,2 1 6
1 3 ,3 1 4 ,0 0 1
9 ,7 4 6 ,0 9 8
7 ,8 7 4 ,7 8 4
5 ,6 1 4 ,6 3 1
5 ,2 8 8 ,8 8 7
2 6 ,0 0 0 ,0 0 0
7 ,5 0 0 ,0 0 (
5 ,3 6 4 ,1 0 7
9 ,7 0 1 ,3 2 1
4 ,9 5 9 ,7 9 9
6 ,1 5 5 ,9 4 0
3 ,3 2 6 ,6 9 4
2 ,6 8 0 ,0 4 1
1 7 ,0 0 0 ,0 0 0

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

T o t . S o u th 'n 3 2 8 8 9 4 2 4 8 2 2 4 0 7 7 5 6 5 6 3

+ 1 5 .5 2 1 7 3 1 4 0 0 ,0 9 4 19 14 5 9 2 2 52 7
+ 5 .7
+ 3 1 .6
+ 37.5
+ 4 1 .1
+ 7 7 .5
+ 6 2 .8
— 2 3 .1
+ 100.C
+ 3 4 .2
+ 6 9 .2
+ 5 0 .6
+ 5 6 .5
+ 3 8 .4
+ 1 1 1 .8
+ 3 6 .6
+ 102.4
+ 3 7 .2
+ 1 4 1 .6
+ 39.C
+ 8 5 .8
+ 5 6 .7
— 15.5
+ 69.2
+ 81.5
+ 308.4
+ 6 2 .5
+ 2 2 .8
+ 35.1
+ 18.4
— 1.6
— 8 .7
+ 19.5
+ 55.5
+ 35.4
+ 52.5
+ 38.1
+ 69.2
+ 2 6 .6
+ 2 6 .2
+ 5 6 .9

7 ,4 3 9 ,0 6 5 ,9 3 8
2 ,9 1 3 ,8 9 1 ,8 6 5
2 ,7 4 0 ,4 0 0 ,5 1 4
2 ,S 0 3 ,2 S 5 ,9 4 5
1 ,4 3 8 ,0 9 6 .3 0 6
9 8 0 ,5 9 2 ,5 2 5
8 4 9 ,0 3 6 ,1 8 8
9 7 0 ,9 2 2 ,9 6 8
7 5 3 ,8 5 1 ,9 9 6
7 9 7 ,7 1 2 ,0 7 8
6 3 3 ,8 7 6 ,2 4 2
5 8 2 ,6 6 2 ,8 9 6
4 9 2 ,0 9 7 ,5 5 9
4 2 1 ,8 4 2 ,2 0 5
4 7 8 ,2 8 2 ,7 4 5
3 6 9 .86 1.74 S
4 0 0 ,1 2 7 ,0 4 3
3 5 4 ,1 2 2 ,46C
2 8 5 ,8 2 4 ,5 3 4
2 0 4 ,1 6 6 ,2 1 2
1 8 9 .4 S 2 .0 3 1
2 0 4 ,9 0 0 ,4 1 7
1 5 3 ,1 2 1 ,9 7 7
1 5 4 ,9 9 4 ,2 3 5
1 9 6 ,0 7 9 ,1 8 5
1 2 6 ,4 6 0 ,4 1 1
1 3 4 ,0 3 7 ,5 6 3
8 1 ,3 2 0 ,2 2 5
8 7 ,4 0 6 ,2 1 6
6 3 ,0 5 0 ,3 4 2
5 5 ,1 7 3 ,5 9 8
2 7 2 ,9 1 5 ,1 5 5
5 4 ,5 3 4 ,3 5 7
4 4 ,2 9 9 ,4 2 0
9 0 ,5 4 7 ,2 2 3
4 2 ,6 1 6 ,0 6 8
4 7 ,9 3 2 ,7 7 8
2 8 ,1 8 5 ,9 5 5
2 0 ,0 9 2 ,5 7 6
1 3 1 ,4 0 0 ,1 0 6

+ 3 6 .6 2 8 0 8 8 2 6 9 .8 0 0 23 4 2 0 9 4 7 198

Week e n d in g

N ovem ber

+ 1 3 .5

+ 4 .3
7 ,1 3 1 ,0 2 2 ,0 3 8
2 ,2 6 4 ,9 2 2 ,0 5 8 + 2 8 . 7
+ 2 7 .4
2 ,1 5 0 ,3 0 4 ,3 5 5
2 ,3 9 2 ,1 1 2 ,1 8 2 + 1 7 .2
9 6 5 ,3 3 3 ,6 8 7 + 4 9 . 0
6 4 2 ,0 0 5 ,2 S 7 + 5 2 .7
1 ,0 5 5 ,0 1 1 ,9 8 8 — 1 9 .5
7 2 0 ,2 9 0 ,9 7 6 + 3 4 .8
6 7 2 ,1 2 5 ,3 4 4 + 1 2 .2
6 3 6 ,2 9 5 ,9 2 5 + 2 5 .4
2 9 1 ,1 6 1 ,3 9 0 — 1 1 7 .7
4 3 5 ,2 0 9 ,4 6 5 + 3 3 .9
3 8 9 ,3 0 4 ,0 7 8 + 2 6 .4
3 4 4 ,7 8 8 ,0S7 + 2 2 .3
4 3 1 ,1 5 0 ,8 8 5 + 1 0 .9
2 4 7 ,0 2 1 ,9 2 4 + 4 9 .7
2 4 9 ,2 2 1 ,4 5 8 + 6 0 .6
2 4 9 ,2 8 6 ,6 1 5 + 4 2 . 1
2 3 3 ,7 8 5 ,6 2 6 + 2 2 .3
1 7 3 ,3 8 7 ,6 3 5 + 1 7 .8
1 5 6 ,7 2 4 ,1 9 7 + 2 0 .9
+ 1 8 .9
1 7 2 ,3 9 6 ,7 9 5
1 1 8 ,4 4 0 ,7 9 7 + 2 9 .3
1 2 0 ,6 6 6 ,4 5 1 + 2 S .4
9 8 ,8 0 1 ,7 0 5 + 9 8 .5
+ 2 8 .2
9 8 ,6 4 2 ,2 0 4
+ 4 .6
1 2 8 .1 3 2 .6 2 J
7 3 ,2 4 6 ,3 3 8 + 1 1 .0
+ 3 2 .0
6 6 ,2 1 1 ,5 4 4
+ 1 .9
6 1 ,8 9 8 ,4 8 5
+ 1 6 .0
4 7 .5 6 6 .0 0 S
2 0 5 ,8 5 9 ,3 5 2 + 3 5 .0
4 2 ,9 7 3 ,5 3 7 + 2 6 .9
+ 5 .1
4 2 .1 5 0 .3 4 S
7 0 ,9 5 7 ,8 2 1 + 2 7 .6
+ 3 1 .S
3 2 ,2 4 1 ,0 9 5
+ 3 2 .4
3 6 .2 0 2 .3 2 J
+ 1-7
2 7 ,7 1 2 ,3 8 8
+ 5 .9
1 8 ,9 7 9 ,9 7 2
+ 3 .2
1 2 7 ,2 9 1 ,0 6 0
+ 1 9 .1

29.

C le a r in g s at—

K a n s a s C i t y ...........
O m a h a ____________
M in n e a p o lis---------D e n v e r ------------------S t . P a u l__________
D u l u t h ____________
S t . J osep h -----------D e s M o in e s ---------W ic h ita ...................
Sioux C i t y ________
L in c o ln ____________
F a r g o _____________
T o p e k a ____________
H e l e n a ____________
C e d a r R a p id s —
W a t e r l o o -------------B illin g s ......................
A b e r d e e n -------------C olo ra d o Springs
P u e b l o ____________
F r e m o n t __________
H a s tin g s __________
T o t a l o th . W e s t
S t . L o u i s -------------A t l a n t a ____________
R i c h m o n d -----------N e w O rle a n s_____
D a l l a s - . ...................
M e m p h i s _________
L o u is v ille _________
H o u s t o n __________
N a s h v i l l e -------------Fort W o r t h ...........
B i r m i n g h a m _____
O k l a h o m a ________
N o r fo lk ____________
S a v a n n a h -------------T u l s a _____________
L ittle R o c k ...........
J a c k s o n v ille -_____
G a lv e s t o n -------------C h a t t a n o o g a _____
A u g u s t a ----------------C h a r le s to n ..............
A u s t i n .................... ..
S h r e v e p o r t........... ..
M u s k o g e e _________
M a c o n ................ ..

Knoxville______
Mobile...............
J ackson __________
V ic k sb u rg _________

Total

Southern

1919.

1918.

I n c . or
D ec.

1917.

1916.

$

$

%

$

S

220,185,984 169,1S6,652 + 30.1 170,011,117 107,048,564
54,709,795 47,781,474 + 18.7 39,000,000 26,945,769
42,673,860 39,639,218 + 7.7 33,893,718 36,977,944
15,183,385
23,595,581
17,646,758 + 33.7 20,232,537
14,297,683
19,186,387
16,706,857 + 14.8 14,160,840
9,864,210
6,325,311
20,290,562 —68.8
7,952,367
9,714,723
13,813,914
13,554,794
14,791,815 —6.6
5,453,686
8.794.40S
7,305,704
7,437,147 + 18.2
12,631,019
4,454,190
6,785,413 + 8 6 .2
7,033,979
9,163,485
4,417,785
6,980,671 + 31.3
6,761,540
4,854,326
2,991,672
3,326,630 + 45.9
3,474,044
2,912,856
1,856,784
3,055,089 —4.7
1,770,192
3,718,422
1,812,274
1,869,634 + 98.9
2,422,078
2,300,000
2,400,673 —4.2
2,040,550
2,379,332
2,596,451
1,886,043
1,859,717 + 39.6
2,010,757
1,621,241
1,775,775
1,124,539 + 44.2
1,564,274
1,427,820
909,142
1,291,921 + 10.5
1,413,302
1,432,372
828,055
1,411,096 + 1.5
1,124,608
846,334
600,000
490,000 +74.7
500,000
565,407
450,073
579,531
569,650 —0.7
353,720
588,780
495,272
459,625 —22.4
599,010
422,988
435,912
417,747 +43.6
434,307,733

365,522,888 + 18.8 338,075,898 250,520.081
149,215,786 134,329,306 + 11.1 132,289,964 113,147,132
67,852,377
51,069,698 + 32.9 44,058,736 23,729,0S2
71,280,576 52,622,338 + 35.5 34,152,188 21,346,0S0
80,092,797
51,415,283 36,047,048
51,489,899 + 55.6
41,912,724 22,000,000 + 90.5 21,554,101
15,300,300
31,092,523
13,261,357
16,417,943
18,383,137 + 69.1
17,136,474
13,879,797
18,843,408 —26.3
16,269,836
36,602,307
13.9S5.960
14,862,660 + 140.3
19,400,000
19,994,420
8,378,408
13,806,6S0 + 44.8
12,025,880
21,081.157
10,866,277
11,673,562 + 80.6
15,566,882
16,367,095
2,871,741
11,465,033 + 42.8
3,637,574
15,582,633
5,346,605
9,680,914
9,080,107 +61.0
10,872,220
6,026,599
8,221,269 + 32.2
6,880,215
8,675,584
12,593,610
5,822,104 + 116.3
10.584.098
9,454,217
5.848.8851
4,012.117
6,882,097 +37.4
10,862,150
3,569,167
6,717,919
5,187,118 + 109.4
2,000,000
8,500.000
4,294,725
6,412,161 + 32.6
10,413,100
6,840,127
4,129,083 + 152.2
7,200,000
7,714,818
3,275,360
5,089,343 + 51.6
5,034,540
6,400,983
3,281,385
3,278,305 + 95.2
,4562,978
2,913,691
4,500,000
3,000.000 + 50.0
3,487,289
2,500,000
2,117,956
2,111,554 + 0.3
4,000,000
4,558,653
2,326,807 +95.5
3,000,000
1,445,820
4,666,627
2,371,915 +90.8
3,328,387
5,346,926
8,731,694
2,300,000
2,100,000 + 315.8
2,200,696
2,667,473
2,024,017 + 31.8
2,550,000
1,346,025
2,250,000
1,400,000
1,500,000 + 50.0
382,416
541,501
428,729 + 26.4
734,742
314,066
563,839
459,250
378,285 + 21.4

672,258,444

471,488,645 + 42.6

448,906,918 338,754,283

THE CHRONICLE

2144

[V ol . 109

BAN K CLEARINGS AT LEAD ING CITIES.
C le a r in g s

b y

T e le g r a p h —

S a le s

o f

S t o c k s ,

B o n d s ,

& c

—The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out once
a month. The figures are received by telegraph from other
leading cities.
Clearings—Returnsby Telegraph.
WeekendingDecember6.
New York____
Chicago...........
Philadelphia..
Boston............
Kansas C ity ..
St. Louis_____
San Francisco.
Pittsburgh___
Detroit............
Baltimore____
New Orleans..

1919.

1918.

Per
Cent.

:,GS5 367 ,751
554 ,631 .615
430 ,30 ,325
366 ,409 97
2 IS 117 ,926
152 622 ,669
150 0'0 .547
129 800 ,S02
♦S3, 600 000
79 691 624
91, 123 224

§3,384,785,124
467,123,891
345,432.745
283,420,398
162,115,683
140,000,000
112,030,326
109,531,544
58.696,797
74,454,609
64,361,830

+ 29.3
+ 34.5
+ 9.0
+ 34.0
+ 18.5
+ 42.4
+ 7.0
+ 41.6

Eleven cities, 5 days.
Other cities, 5 days____

S6,Oil,759,280
1,275,497,049

$5,201,942,947
976,208,201

+ 33.4
+ 30.0

Total all cities, 5 days.
All cities, 1 day_________

$8,217,256,929
1,592,074,692

$3,178,151,151
1,137,204,195

+ 33.0
+ 40.0

$9,809,331,621 I $7,315,355,346

+34.1

Total all cities for week.........................

+ 38.4
+ 18.5

+ 21.6

♦Partly estimated.

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the eleven months of 1919 and 1918 are given below:
Eleven Months 1919.
Eleven Months 1918.
Descrip
Par Value
Actual Aver. Par Value
tion.
Actual Aver.
Value. Price. or Quantity.
or Quantity.
Value. Price.
Stock(Shs
291,935,142
132,193,166
\Val $26627,196,460 523904,885 ,S02 90.0 $12358,003,065 $11436,211,999 92.5
457,218,213 91.3
RR. bonds
501,007,000
311.572.500
275,223,955 88.3
U. S. Govt
bonds.. 2,378,709,800 2,251,419,23S 91.5 1,127,348,000 1,092,141,812 96.9
State.Ac.,
248,780,917 98.5
252.5S5.500
239.683.500
226,875,144 94.7
bonds..
101,182 214.3
47,200
19.200
Bank stks.
37,786 196.7

000,000s
omitted.)

Jan.

---------------- N o v e m b e r -----------------------------1 to N o v . 30-----------1919.
1918. 1917. 1916.
1919.
1918.
1917.
1916.

$ $
$ $ $
New York_______ .22,586 15,608 14,834 16,653 211,823
(

Chicago................... .
Boston___________ .
Philadelphia.......... .
St. Louis________ .
Pittsburgh_______ .
San Francisco------ Baltimore________ Cincinnati_______ .
Kansas City......... .
Cleveland_______ .
New Orleans_____ .
Minneapolis_____ Louisville________ .
Detroit___________ .
Milwaukee_______ .
Los Angeles______ .
Providence______ .
Omaha.................... .
Buffalo___________ .
St. P a u l ............ .. .
Indianapolis_____ .
Denver.................... .
Richmond________ .
Memphis_________ .
Seattle___________ .
Hartford . . _____ .
Salt Lake City___ .

2,584
1,654
1,918
696
632
678
370
261
1,006
482
342
216
70
441
124
239
63
247
168
94
71
166
347
153
173
41

86

2,171
1,461
1,782
658
558
507
331
238
826
378
242
199
91
293
124
137
51
213

100

78
59
136
252
94
171
34
70

2,128
1,247
1,533
697
345
474
198
167

886

336
216
174

86
120

228
125
53
203
90
74
95

101

175
83
116
32
76

1,932
1,103
1,274
537
310
361
192
162
526
275
165
165
79
227
105
181
47
124
73
79
53
72
103

26,866
15,975
19,892
7,439
6,547
6,512
3,927
2,823

10,211

68

83
4.3
59

4,906
3,803
2,031
849
4,023
1.3C3
2,074
528
2,817
1,468
865
734
1,469
2,740
981
1,837
410
731

s

s

s

161,874 162,791 142,645
2.3,685 20,903 18,482
9,177
14,200 11,490
17,945 15,648 11,731
4,816
6,294
7,131
3,073
3,694
5,198
3,123
4,399
5,082
2,005
2,988
2,077
1,586
1,874
2,585
4,433
6,846
9,147
3,364
2,191
3,939
1,206
2,392
1,729
1,324
1,725
1,507
848
1,055
917
2,875
2,522
2,026
1,184
942
1,345
1,404
1,145
1,381
545
466
496
2,581
1,154
1.695
1,035
718
897
714
726
6S9
714
630
505
1,083
613
788
2,150
1,300
827
414
541
642
1,042
713
1,087
392
388
381
634
449
619

T o ta l__________ .35,908 26,860 24,856 24,988 344,674 276,733 257,720 128,268
16,249
Other cities______ . 3,402 2,489
2,373 1,827 30,481 24,812

22,686

29,349 27,229 26,815 375,155 301,545 280,406 234,562
Total all_______
Outside New York .16,724 13,743 12,395 10,162 163,332 139,671 117,615 91,917

C o m m e r c ia l im d iH is c c lla u c o u s ^ e x o s

—Among other securities, the following,
were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian II. Muller & Sons, New York:
A u c t io n

S a le s .

not usually dealt in at the Stock Exchange,

Shares. Stocks.

Percent.

S h a res.

S lo ck s.

P er cen t.

34$ Southampton Real Est. Asso.
5 Brit. Am. Cigar Stores, com.) $4
10 Brit. Am. Cigar Stores, pref.) lot
20 Fifth Ave. Transportation____
7 U. S. One Stave Barrel......... $1 lot
25 Oriental Bank, 374$ % paid
125 Internat. Power Generator.$5 lot
in liquidation..... .....................
T o ta l.. $29759.545,960 $26862,403,352 90.3 $14036,626,265l$13030,490,696 92.8
30 Universal Fiber — ...............-.$ 1 lot
$300 Sliinnecock Golf Club income
2 Peoples Institute Improv’t .$ l lot
bonds, 1998_______________
5 The Little Chronicle Press..$1 lot
$800 Promissory note_____________
200 General Steel Co., com--------$26 lot
2.500 U. S. Chicle Co. com. stock
200 General Steel Co., pref--------$35 lot
trust, $10 each......... ............
1,000 Nina Mines, com.................. S100 lot
2.000 U. S. Chicle Co. pref., $10 ea.
610 Nina Mines non-cum. pref.$200 lot
200 Acme Harvesting Mach., com.
204 H. B. Claflln Co. 1st p r e f...) $200
100 Acme Harvesting Mach., pref.
125 H . B. Claflin C o..corn............) lot
400 Milwaukke Elec. Ry. A Lt.,pf.
SALES OF STOCKS A T TH E N E W YO R K STOCK E X C H A N G E .
248 Sound Realty Co., $50 each$500 lot
41 Augusta-Alkeu Ry. & Elec.
200 U. S. Reduct. & Refg. nonCorp.. common________ $41 lot
1919.
!
1918.
360 Augusta-Aiken Ry. & Elec.
lot
cum. pref_________________
9 St. Louis A San Fran. Ry.
Corp., pref__________SI per sh
V a lu e s .
Ry. Ser. A. pref. tr. c tf..$ 9 lot
N u m b er
N u m b er
362 Columbia R y., Gas & Elec.,
V a lu e s .
common______________ $7 per sh.
140 Monarch Drug C o_________ $50 lot
of
of
S h a res.
P ar.
j
A c t u a l.
S h a r es.
235 Federal Primer Corp., com.,
90 Ga. Coast & Pled. RR. Co.
P ar.
|
A c t u a l.
$10 each_________________ $5 lot
2d pref........................._25c. persh.
20 United Gas & Elec., 1st pref.154 3,450 Naumkeag Copper, $10 50
*
$
per share paid_____ 25c. per sh.
Jan.. 11,858,465 1,126,755,705 1,037,420,S0S 13.616,3571,279,740,7001,175,427,688
100 J. S. Andrews Co----------------- $5 lot
100 Cimetar Pub. Co., $50 each.$2 lot
Feb . 12,210,741 1,152,181,000 1,038,276.91S 11,418,07911,0S3,216,900 996,548,212
120 Columbia Brake A Supply Co]
373 Caraboya Rubber A N a v ...S 8 lot
Mar. 21,403,531 2,019,230.1601,845,369,427 8,419,477] 772,475,950 710,581,497
1 Chic. A So. Side R T . C o ..
620 Caraboya Rubber & N .. pf_S17 lot
1 Chicago Magazine Pub. & Ptg]$110
213 Chautauqua Motor Co--------$1 lot $200 Demand note of Home School lot
1st qr 45,472,737 4.29S,166,803 3,921,073,153 33,453,913j3,135,4.33,550 2,882,557,388
100 Rail Road Weed Burner, $10
dated Chicago....................)
each______________________$10 lot
B onds.
P er c e n t.
April 28,587,431 2,710,196,8502,141,053,298 7,401, 174] 687,371,800 631,497,841
60 Autosales Gum & Choc. C o .$5 lot $2,000 Kings Co. Lighting Co. 1st
M ay. 34,413,553 3,215,473,425 2,841,347,811 21,139,092,1,984,405,900' 1,S26,464,917
84 Peninsular Fertilizer, Put
Ref. 5s, 1954................................. 35-35 'A
June. 32,860,365 2.879,567.450 2,649.924,618 11,772,26l|l.087,605,150 1,010,478,462
nam Co., Fla., pref............$5 lot $1,000 St. Louis Co. Gas 1st 5s,
16 Peninsular Fertilizer, pref..$5 lot
2d qr. 95,S61,349|8,805,237,725 7,632,325,727 40,315,527|3,759,382,850 3,468,441,220
Ser. " A , ” 1951..........
42
10.000 Montezuma Oil Co., $1 ea.Sl lot $59,000 K . C. Mex. A Orient RR.
100 U. S. Sulphur Reduction...$2 lot
mos 141334 086|l3l03 404,530 11553 398,88073,769,440 6,894,816,400 6,350,998,608
-yr. % notes ctfs. of dep-------4*
200 Grcen-Meehan Mining, Ltd.,
$5,000 Chic. Kiev. Ry. Co. 2-yr.
$1 each______________________S10lot 5% notes, July 1919 coupons at
July. 34,502,242 3.017,064,550'2,810,474,811 8,449,8S8 771,723,890 718,568,917
Aug . 24,432,647,2,165,107.475 2.056,927,637 6,887,589 651,885,275 600,499,818
250 Ozene Co.. Inc., stock trust
tached ............................
ctfs., $10 each.......................... $2lot
Sept. 24,141,830 2,210,207,875 2,114,448,927 7,763,068 727,457,350 681,740,982
$1,000 Bernice Anthracite Coal of
12.500 Metals Chemical, Ltd., $1
of Pcnna. 1st s, 1924___________ 5
3d qr 83,076,719 7,392,379,9006,981,851,37523,100.545 2,151,066,5152,000,715,717
each_________________________ *13 lot
$5,000 Wabash Pittsb. Term. Ry.
150 Denny-Renton Clay & Coal$500 lot
2nd 4s, l954;Dec. i')01 coup. on .$20lot
9 mos 224410 805|20495 784,430 18535250,255196,869,985j8,045,882,915:8,351,714,325
416 Tiger Gold Co.. SI each------ '
$2,500 Ozone Co., Inc., % conv.
28 The Trustee Co. of Seattle,
income_________________________ $7 lot
O ct..
$650 The Business Property Security
pref______________________
Nov . 30,169,478 2,762.131,150 2,120,487,62914.651,844 1,366,434,525 1,284,010,396
500 Ethylight Photo Machine,
Co. 1st s........... .............................$2 lot
pref., $10 each......... ..........
$1,800 Underwriting Photo Mach.
625 Ethylight Photo Machine,
Co. Installments, of SI,575 paid.$2 lot
common, $10 each______
$25,000 Chicago Elev. Rys. Co.
23 Interocean Submarine Engi
2-yr. 5% notes ctf. of deposit____ 2
neering, pref....... ............. .$101 lot $25,000 Metropolitan By-Products
4.800 Hedley Gold Mining Co.,
1st s............................ ...$ 2 ,5 0 0
lot
$10 each................$14$ per share $2,000 Travers Securities Co. 5s,
M O N T H L Y C LEARINGS.
4.800 Old Eureka Mining Co.,
ctf. of deposit.................................. $19 lot
$10 each_____ _____ .30c. per sh. $5,000 Second Ave. UR. Co. %
Clearings Outside New York.
Clearings, Total All.
310 Wasson Seeur. Corp., pf_$l per sh.
Receiver's ctfs. (ctfs. of dep.)___30 'A
475 American Benzoate Corp.,]
31,000 Texas & Okla. RR. 1st 5s,
1919.
1918.
%
1918.
1919.
pref., $10 each...................j $8
%
1916, coupon on, ctf. of dep____$100 lot
2,375 Amer. Benzoate Co., com., lot# $45,000 Gulf Fla. A Ala. Ry. Co.
S
s
S
$
'
$10 each................................ )
*
1st 5s. July 1917 coupon on, ctf.
Jan__ 3 2 ,4 1 5 ,8 1 4 ,2 0 1 2 6 ,5 4 7 ,0 1 3 ,2 9 9 + 2 2 .1 1 4 ,5 55,171 ,367 1 1 ,8 2 8 ,5 4 5 ,7 6 9 + 23.1
50 Jefferson Bank of N. Y ____$60 lot
of deposit_____________________ $36 lot
F e b ___ 2 5 ,7 9 2 ,8 3 9 ,2 5 6 2 2 ,2 5 5 ,0 6 3 ,7 5 7 + 1 5 .9 11,598,586 ,744 9 ,9 9 5 ,7 0 7 ,7 0 2 + 16.0
200 Knlckerbockcr-Wyoming Oil, ]
£2,800 City of Nlkolaet, Russia, 5s,
M a r . . 3 0 ,0 7 6 ,7 5 7 .9 9 5 2 6 ,0 8 3 .7 4 7 ,0 6 7 + 1 5 .3 1 3 ,5 8 9 ,7 8 4 ,3 2 6 12 ,2 4 3 ,4 6 5 ,6 8 6 + 11.0
pref., $10 each____________ }S110
July 1918 coupon on__________ $120 lot
200 Knickerbocker-Wyoming Oil, f lot $2,000 Hurlburt Motor Truck 3-yr.l
1st q u . 8 8 ,2 8 5 ,4 1 1 ,4 5 2 7 4 ,8 8 6 ,4 2 4 ,1 2 3 + 1 7 .9 3 9 ,7 4 3 ,5 4 2 ,4 3 7 3 4 ,0 6 7 ,7 1 9 ,1 5 7 + 16.7
common, $10 each________ J
7% s. f. notes, ctf. of depodt------ j
14 Sixth Avenue RR. Co............33
}$100
10 Hurlburt Motor Truck Co.,
3
0
.5
9
2
,2
9
6
,5
9
2
April..
26 ,4 8 1 ,1 6 2 ,6 3 1 + 1 5 . 5 13,25 9 ,2 2 9 ,1 6 9 1 2 ,387,655 ,645 + 7.0
25.4375 Greeley Sq. Realty C o .$55 lot
common, no par_________________ lot
M a y . . 3 3 ,1 6 0 ,2 7 1 ,7 3 2 2 8 ,2 6 6 ,6 6 4 ,5 1 8 + 1 7 . 3 1 4 ,277,373 ,563 12 ,7 0 6 ,9 6 3 ,8 8 8 + 12.4
407 Hudson Companies, pref..S100 lot 300 shs. New Bingham Mg. Co.
J u n e . . 34 ,2 4 0 ,4 1 9 ,9 0 1 27 ,3 1 8 ,4 7 9 ,8 7 1 + 2 5 . 3 1 4 ,486,588 ,709 12,460,$25 ,351 + 16.2
1,255 Delano Self Starter C o r p ...$102 lot
temporary ctfs..
c. assess, paid)
2,300 Couch
Tire Corp., $5 ea.SlO lot $44,000 Superior Devel. Co. 1st ad).
2d q r . 9 7 ,7 9 2 ,9 8 8 ,2 2 5 8 2 ,0 6 6 ,3 0 7 ,0 2 0 + 1 9 . 4 ]42,023,191,441 3 7 ,5 5 5 ,4 4 4 ,8 8 4 + 11.9
500 American Uniform Co------$100 lot
5s, ctfs. of deposit______________
50 Interboro Rapid Transit
$44,000 Superior Colliery Co. lst}$500
6 m o s . 186278 399 ,677 156952 731 ,143 + 1 8 .7 8 1 .7 6 6 ,7 3 3 ,8 7 8 7 1 ,0 23,164 ,041 + 14.1
Co. old sto ck ................$ 4 5 0 lot
adj. 5s, ctfs. of deposit..............- -I lot
10 First Mtge. Guarantee C o .. 50
410 shs. Sup. Colliery Co. ctfs. dep.J
J u ly . . 3 7 ,4 9 0 ,3 3 6 ,2 6 7 2 8 ,6 4 4 ,2 2 0 ,4 4 1 + 3 0 . 9 1 5 .615,700 ,427 1 3 ,2 4 3,024 ,200 + 17.9
114 Cripple Creek Cent. Ry., pf. 15
$18,000 Ga. Coast A Pled. RR. Co.
A u g . . 3 4 ,6 8 2 .2 0 3 .0 4 9 2 8 ,1 5 8 ,3 2 0 ,0 2 1 + 2 3 . 2 1 5 ,155.093 .252 1 3 ,1 9 9,893 ,397 + 14.8
201 Crip. Crk. Cent. R y., com .. 5
5% ctf. of deposit, 1962______ $500 lot
S e p t . . 3 5 ,5 3 5 ,8 4 4 ,4 8 4 2 6 ,3 7 5 ,3 8 2 ,5 3 3 + 3 4 . 9 15.97 5 .9 7 8 ,2 2 7 1 2 ,711,505 ,404 + 25.0
100 Amer. A British M fg., com.
$900 Ga. Coast A Pied. R R . Co.
(old stock)------------- ---------- 3 4$
Income deb. 5s..... ..........................$25 lot
3d q r . 107 75S374,79f) 8 3 ,1 7 7 ,9 2 2 ,9 9 5 + 2 9 . 5 4 6 ,7 1 6 ,7 7 7 ,9 0 6 39 ,1 5 4 ,4 2 3 ,0 9 1 + 19.4

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in
1919 and 1918 is indicated in the following:

$2

s

$

6

2

6

8

6

6

6

6

The following compilation covers the clearings by months
since Jan. 1 1919 and 1918:

0

6

20

!08

ii

9 m o s . 294036 774.477 2 4 0 1 3 0 6 5 4 ,1 3 8 + 2 2 . 4 128513511 ,78 4 110777 5 87,132 + 16.(1
i
_
Oct__ 4 1 ,8 0 7 ,9 9 3 ,6 3 2 32 ,0 6 4 ,9 1 5 ,9 2 1 + 3 0 . 4 1 8 ,094,240 ,833 1 5 ,1 4 9,716 ,675 + 19.4
Nov . . 3 9 ,3 0 9 .9 0 0 ,2 0 6 2 9 ,3 4 9 ,3 5 9 ,2 8 7 + 3 3 . 9 16,72 4 ,1 4 7 ,7 1 1 1 3 ,743,533 ,195 + 21.4

The course of bank clearings at leading cities of the country
for the month of November and since Jan. 1 in each of the
last four years is shown in the subjoined statements:



By Messrs. Wise, Hobbs & Arnold, Boston:

Shares. Slocks.

2
12
50
50
500
200
100
10

persh. Shares. Stocks.

per sh,

$
$
Manchester A Lawrence R R ___102
15 King Philip Mills........................ 2314$
Plymouth Cordage......................2334$
1 Whitman Mills............................ 226
Louis Dejonge A Co., pref____96
Union Twist Drill, common___275
Boston-ldaho M g., $1 each..]
130,000 rubles Imp. Russian Govt.
The Black Prince Cop., $1 ea. ]50c.
54$s of 1916, 1926......... 37
Wood Itiv. Mines, com., S5 ea. i
lot S5.000 Internat. Traction coll. tr.
Wood Riv. Mines, pf., $10 ea. j
4s, certf. of dep________ 20

Bonds.

Percent.

By Messrs. R. L. Day & Co., Boston:

S tock s.
S p e r sh .
S h a r es.
S tock s.
$ p e r sh . S h a r es.
6 N e w E n g la n d E q u ita b le I n s .
4 M e r c h a n t s ' N a t i o n a l B a n k _____ 2 9 5
41 N e w E n g l a n d C l i f t o n , p r e f ___
10
M e r r im a c k M f g . , c o m m o n ----114
41 N e w E n g la n d C lift o n , c o m —
6 0 S o u le M i l l s .............................................. 1 5 5
■$5 l o t
3
A p p l e t o n C o ___________________ 3 9 5 K 3 0 0 G u e r lg e n C o _____________
10 A n t i m o n y C o r p . , p r e f . .
22
G r e a t F a lls M f g .................... 2 1 5 - 2 1 5 K
2 0 A n t i m o n y C o r p . c o m m o n ___ |
5 L u d lo w M f g . A s s o c i a t e s ________ 148
1 8 0 N a s h u a & L o w e l l R R ____________ 1 ? 0
4 S t. L aw ren ce 10
S p r in g f ie ld S t r e e t R y . , p r e f —
33 K
B onds.
P er ce n t.
5 0 B o s t o n W h a r f ______________________ 7 6
$ 5 ,0 0 0 B o s t o n E l e v . d e b . 5 s , 1 9 4 2 .
1
2 A m e r ic a n G l u e , p r e f e r r e d ----------1 4 2 K
1 5 2 ,0 0 0 2 d A v e . R y . o f N . Y . C i t y
5 0 M a s s . B o n d in g & I n s u r a n c e _____ 8 5
co n s . 5 s, 1948, tru s t r e c . 4 0 K
20
N e e d h a m T i r e , p r e f e r r e d _____ 9 0
2 .0 0 0 B o s t o n & N o r t h e r n R R . 4 s ,
1 8 C a m b r id g e E le c t r i c L i g h t _______2 2 5
1 9 5 4 , tr u s t r e c e i p t s ----------4 0 K
20
C h a lm e r s M o t o r C o r p . , p r e f .,
2 .0 0 0 I n t e r n a t . R y . 5 s ,
1962,
c t f . d e p ___________________________3 5
N o v . 1 9 1 9 c o u p o n o n ___ 6 0
9 0 C h a lm e r s M o t o r C o r p . , c o m 
1 .0 0 0 B r o c k t o n & P l y m o u t h S t .
m o n , c t f . , d e p __________________
8K
R y.
4K s,
1920, D e c.
2 2 0 M a s s a c h u s e t t s B r e w e r ie s ........... 1 2 K
1 9 1 8 c o u p o n o n ____________ 2 5
5 0 E rh m a n M a n u fa c tu r in g , p r e f . .
K
7 5 0 A u g u s t a - A ik e n R y . & E l e c .
1 0 0 A m e r ic a n O r ie n t a l , p r e f _____- } $ 5 lo t
5 % n o t e s , 1 9 2 4 ___________
1
2 5 A m e r ic a n O r ie n t a l , c o m m o n . . /
150 I n te r sta te E le c . C o r p . 6 %
1 P u g et S d . T r a c ., L . & P ., p r e f. 50
d iv . co u p , n o te s , 1 9 2 5 ..
6K
5 0 D r a p e r C o r p o r a t i o n ______ _______1 4 5
2 5 In te r sta te E le c . C o r p . d iv .
1 F a r r A l p a c a ________________________ 2 1 2 ?4
1
s c r ip , 1 9 2 5 ________________
19 N . B e d f o r d G a s & E d is o n L t . . l 6 5

By Messrs. Barnes & Lofland, Philadelphia

B onds.
P e r ce n t.
S h a r es.
S to ck s.
P e r ce n t.
$ 5 ,0 0 0 1F0e5dK
e r a l S t . & P le a s a n t V a l .
20
W a y n e T i t l e & T r u s t . . .................. ............................
P a ss. R y . con s. 5 s, 1942,
1 5 G e r m a n t o w n T r u s t ----------------------- 2 2 0 K
t r u s t r e c e i p t s ........................ - 6 0
2 B r o a d S t r e e t B a n k , p a r S 5 0 -------- 5 9 H
1 G ir a r d T r u s t C o ------------------------------8 0 2 M $ 4 ,0 0 0 P h il a . & G a r r e t t f o r d S t . R y .
1st 5 s , 1 9 5 5 ________________ 8 4
10 F id e li t y T r u s t C o . ...........................- 5 0 2
1 .0 0 0 S a n J o a q u in L i g h t & P o w e r
7 C o n t i n e n t a l - E q . T . & T ., p a r $ 5 0 9 5 K
C o r p . 1 s t & R e f . , S e r ie s
17 E m p ir e T i t l e & T r u s t , p a r $ 5 0
“ A ” 6 s , 1 9 5 0 ...........................9 7 M
($ 2 5 p a i d ) ---------------- - - - - -----------2 2 H
2 .0 0 0 N o r t h S p r i n g fie l d W a t e r 5 s ,
6
P h il . B o u r s e c o m . P a . $ a 0 ......
1 8 U n i o n T r a n s f e r , p a r $ 2 5 -------------- 12 K
72
J a n e w a y & C a r p e n d e r , p r e f ---19
1 G ir a r d N a t i o n a l B a n k -------------------4 0 5
B onds.
P e c ce n t.
5 .0 0 0 M o n o n . S t . R y . 1st 5 s , 1 9 2 8 ,
t r u s t r e c e ip t s ----------------------- 6 0
1 5 .0 0 0 F o r t P i t t T r a c . C o . 1 s t 5 s ,
1 9 3 5 , t r u s t r e c e ip t s ------------ 6 0
1 0 .0 0 0 D u q u e s n e T r a c t i o n 1 s t 5 s ,
1 9 3 0 , t r u s t r e c e i p t s ------------61
5 .0 0 0 P it t s . & B ir m i n g h a m T r a c .
1 st 5 s , 1 9 2 9 , t r u s t r e c e ip t s 6 0 K
4 0 .0 0 0 U n i t e d T r a c . (P it t s b u r g h )
g e n . 5 s , 1 9 9 7 (t r u s t r e c t s .) 4 0
5 .0 0 0 S e c o n d A v e . T r a c . ( P t t t s b .)
1 st 5 s , 1 9 3 4 , t r u s t r e c e ip t s 6 0
£ 2 0 , 0 0 0 P e n n s y lv a n ia R R . c o n s .
3 J ^ s, 1 9 45, £ 2 0 0 e a c h .8663 e a ch

1928________ ____ .64K-65K

1 .5 0 0 S o u t h w e s t e r n P o w . & L t .
1 s t 5 s , 1 9 4 3 . . - ...................... 8 0 'A
1 .0 0 0 F t . D o d g e D e s M .
S o u th 
e r n R R . 1st 5 s , 1 9 3 6 ______ 8 0
1 .0 0 0 S t . L o u is S p r l n g f. & P e o r ia
1st & R e f . 5 s , 1 9 3 9 ________5 7
1 .5 0 0 A m e r . P u b . S e r v . 1 s t 6 s , 1 9 4 2 8 9
1 0 .0 0 0 T h e C i t y W a t e r P o w e r C o .
1st s . f . 5 s , c e r t , o f d e p o s i t
SH
3 .5 0 0 M i d l a n d V a l . R R . a d ] , i n c . ,
S e r . A 5 s , 1 9 5 3 ______ _______ 31 %
6 .0 0 0 W e s t P e n n P o w e r S e r . A 1st
5 s , 1 9 4 6 ..................................... 8 5
5 0 .0 0 0 M a s s . E l e c . C o s . 5 % n o t e s ,
1 9 1 8 , c e r t o f d e p o s i t _____ 3 6
2 .0 0 0 T w i n F a lls S a lm o n R i v e r
L a n d & W a t e r 1 s t 6 s , 1 9 1 7 11 %

National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

APPLICATIONS FOR CHARTER.
For organization o f national banks:
Capital.
The Citizens National Bank o f Fort Meade, Fla_______________ $25,000
Correspondents: W . M . Taylor, Fort Meade.
The First National Bank o f Crow Lake, So. Dak_____________
25,000
Correspondent: Donald Fellows, Plankinton, So. Dak.
The Bayard National Bank, Bayard, W. Va_________________
25,000
Correspondent: P. A. Dixon, Bayard.
The First National Bank of Pocahontas, Ark_________________
35,000
Correspondent: L. R . Martin, Pocahontas.
The First National Bank o f Cicero, 111______________________ 100,000
Correspondent: William Kaspar, care Kaspar State Bank,
Chicago.
The Liberty National Bank o f Bowling Green, K y ___________ 125,000
Correspondent: Alex. M . Chaney, Bowling Green.
The First National Bank o f Centerton, Ark__________________
25,000
Correspondent: S. J. Anderson, Centerton.
The Bluffton National Bank, Bluffton, Ohio_________________
50,000
Correspondent: O. Henry Smith, Bluffton.
The Citizens National Bank o f Caddo, Tex__________________
25,000
Correspondent: O. P. Coffin, Caddo.
The Hurley National Bank, Hurley, W is____________________
25,000
Correspondent: Charles Bonino, Hurley.
The First National Bank o f Huntington Park, Calif__________
50,000
Correspondent: Thomas V. Cassidy, Huntington Park.
The Citizens National Bank o f Tyndall, So. Dak____________
25,000
Correspondent: J Garfield West, Huron, So. Dak.
.Tho First National Bank o f Springfield, Colo_________________
25,000
Correspondent: W. A. Thompson, Springfield.
Tho Woodstown National Bank, Woodstown, N . J __________ 100,000
Correspondent: Oscar Ware, Woodstown.
Tho First National Bank o f Ashton, Iowa___________________
25,000
Correspondent: J. R . Carley, Minneapolis, Minn.
The Guaranty National Bank of Porum, Okla______________
25,000
Correspondent: Floyd Finklea, Porum.
The Memorial National Bank o f Coolingswood, N. J________
50,000
Correspondent: John A . Bottomley, West Collingwood.
Tho Picher National Bank, Picher, Okla_____________________ 100,000
To succeed tho First National Bank of Picher. "
Correspondent: F. H. Dolson, Picher.
The Community National Bank of Buffalo, N . Y _____________ 200,000
Correspondent' Edward A. Duerr, Buffalo.
The Peoples National Bank o f Shakopee, Minn_____________
25,000
Correspondent: Frank W . Hunter, Shakopee.
The First National Bank of Onaga, Kans____________________
25,000
Correspondent: C. A. Leinbach, Onaga.
The First National Bank of Downey, Calif__________________
25,000
> Correspondent: A . L. Darby, Downey.
Tho First National Bank of Mackay, Idaho_________________
25,000
Correspondent: Chase A. Clark, Mackay.
The First National Bank of Breckwalker, Tex_______________
25,000
Correspondent: Walter Nance, Ranger, Tex.
Tho Farmers National Bank of Hallock, Minn_______________
50,000
Correspondent: O. O. Myhre, Hallock.
The First National Bank of Roosevelt, Utah_________________
60,000
Correspondent: Clarence L. Ashton, Roosevelt.
Tho First National Bank of Bakerton (P. O. Elmora), Pa__ _
25,000
Correspondent: E. P. Reed, Elmora, Pa.
For conversion o f State banks:
The First National Bank o f Thompson, N o. Dak____________
25,000
Conversion of the Farmers State Bank o f Thompson.
Correspondent: The Farmers State Bank o f Thompson.
The Stock Yards National Bank of Denver, Colo____________ 250,000
Conversion o f the Denver Stock Yards Bank, Denver.
Correspondent: F. M . Butcher, care Denver Stock Yards
Bank.
The Rice National Bank, Rice, Minn_______________________
25,000
Conversion o f the Rice State Bank, Rice.
Correspondent: D. I. Bouck, Rice.
The Drovers National Bank of Denver, Colo________________ 200.000
Conversion o f The Drovers State Bank, Denver.
Correspondent: Tho Drovers State Bank, Denver.
Farmers & Merchants National Bank of Hayward, Calif_____ 100,000
Conversion of the Farmers & Merchants Bank of Hayward.
l Correspondent: John Allan Park, Hayward.
------------T o t a l............................................................................................$1,920,000
EXTENSIONS OF CH ARTER.
The First National Bank of Norman, Okla. Charter extended until
close o f business Nov. 28 1939.
J: '1 ho Commercial National Bank of Muskogee. Okla. Charter extended
*untinclose o f business N ov. 24 1939,




2145

THE CHRONICLE

D ec . 6 1919.]

CHARTERS ISSUED.
Original organizations:
Capital.
The First National Bank of Colony, Kans----------------------------- $25,000
President, M . L. Jones; Cashier, J. V. Lintner.
The First National Bank of Keenesburg, Colo---------------------25,000
President, W . D . Bish; Cashier, A L. Austin.
The First National Bank of Loysville, Penna-------------------------- 25,000
President, Wm. T . Morrow; Cashier, B. Stiles Duncan.
The First National Bank of Sipe Springs, Tex-----------------------25,000
President, S. T. Zellars; Cashier, S. D. Pottinger.
25,000
The First National Bank of St. Croix Falls, Wis-------------------President, Alvin Robertson- Cashier, D. I. Cobb.
_____
The First National Bank of Delta, Utah_____________________
30,000
President, F. L. Copening Cashier, J. B. Christenson.
The Farmers & Merchants National Bank of Blythe, Calif-----50,000
Succeeds branch bank of Peoples Trust & Savings Bank
of Blythe.
President, Geo. K. Scott; Cashier, J. B. Neel.
Farmers National Bank of Tazewell, Ya______________________ 100,000
President, R. C. Chapman; Cashier, Aaron Russ.
The First National Bank of Shafter, Calif___________________
25,000
President, W. E. Benz; Cashier, J. S. Ilenton.
The First National Bank of Devol, Okla____________________
25,000
President, J. A. Fowler; Cashier, J. E. Laney.
The Farmers National Bank of Mankato, Kans_____________
25,000
President, Geo. II. Case; Cashier, E. II. Howard.
Tho Farmers National Bank of Parsons, Kans_______________ 100,000
President, Goo. K. Ratliff; Cashier, W . F. Lay.
__
Conversion of State banks:
The First National Bank of Eureka, So. Dak-------------------------50,000
Conversion of the German Bank of Eureka.
President, C . Voriander; Cashier, A . Sprick.
The First National Bank of Buffalo, K y _____________________
25,000
Conversion of the Buffalo Savings Bank, Buffalo.
President, E. S. Ferrill; Cashier, J. E. B. William.
The Farmers & Merchants Nat. Bank of Mountain View, Calif.
50,000
Conversion of The Farmers & Merchants State Bank of
Mountain View.
-------- ——
President, J. S. Mockbee; Cashier, Wilbur L. Camp.
Total.................... ........................ .......................................... .
$605,000
RE-EXTENSIONS OF C H ARTER.
The National Bank of Ogdensburg, N. Y . Charter re-extended until
close of business Dec. 2 1939.
INCREASES OF CAPITAL.
The First & Merchants National Bank of Middletown, Ohio.
Amount.
Capital increased from $350,000 to $400,000_________________ $50,000
The Stockyards National Bank of Kansas City, M o.
Capital increased from $200,000 to $300,000___________ _____ 100,000
The Third National Bank of Philadelphia, Penna.
____ _
Capital increased from $600,ik,0 to $1,000,000______________ 400,000
The Delaware County National Bank of Muncie, Ind.
Capital increased from $150,000 to $300,000_________________$150,000
The First National Bank of Oakland, Calif.
Capital increased from $500,000 to $600,000_________________ 100,000
First National Bank of Wauwatosa, Wis.
Capital increased from $50,000 to $100,000________ - ________
50,000
The Commercial National Bank of Tiffin, Ohio.
Capital increased from $150,000 to $250,000_________________ 100,000
Total............................................................................................... $950,000
CHANGES OF TITL E .
The Powder River National Bank o f Broadus, M ont., to "The First
National Bank of Broadus.”
The First National Bank of North Yakima, Wash., to “ First National
Bank of Yakima." Name of place changed to Yakima.
CONSOLIDATIONS.
,
,
The First National Bank of W olf Point, M ont., and the Citizens National
Bank o f W olf Point, M ont., under the charter and corporate title of ‘The
First National Bank of W olf Point.” with capital stock of $50000 and
surplus o f $8,000. Combined capital of banks prior to consolidation
$50,000.
VOLUNTARY LIQUIDATIONS.
Capital.
The First National Bank of Lexington, No. Caro_______________ $50,000
Liquidating Agent: J. E . Foy, Lexington. Succeeded by the Lexington
Bank & Trust Co.
The Commercial National Bank of Steubenville, O____________ 125,000
Liquidating Agent: W . A. Stewart, Steubenville. Absorbed by
the Steubenville Bank & Trust C o., Steubenville.
The American National Bank of Tampa, Fla___________________ 250,000
Liquidating Committee: M . W . Carruth, Tampa, and W . W .
Trice. Absorbed by the Citizens Bank & Trust Co. of
Tampa.
The Claiborne National Bank of Tazewell, Tenn---------------------- $25,000
Liquidating agent: J. T . Hughes, Tazewell. Assets taken over
by another bank.
Tho First National Bank o f Roseville, Ohio-----------------------------25,000
Liquidating Agent: W . M . Parsons. Assets to be taken over by
a State bank.
25,000
The First National Bank of Robert Lee, Tex___________________
Liquidating Committee: The Board of Directors of the national
bank. Succeeded by a State bank.
------------Total...................................... ......................................................... $500,000

DIVIDENDS.
The following shows all the dividends announced for the
future by largo or important corporations:
Dividends announced this week are printed in italics._______
N a m e o f C om pany.

P er
C e n t.

R a ilr o a d s (S te a m i.
A l a b a m a G r e a t S o u t h e r n ( o r d i n a r y ) _____ $ 1 .7 5
P r e f e r r e d _______________________ ___________ $ 1 .7 5
A t c h is o n T o p ek a <fc S a n ta F e , p r e fe r r e d . .
2K
A t l a n t i c C o a s t L in e C o . ( q u a r . ) ___________ S I . 5 0
A t l a n t i c C o a s t L in e R R . , c o m m o n ______
3K
B o s t o n & A l b a n y ( q u a r . ) ................... .............
2H
B u f f a lo & S u s q u e h a n n a , c o m . ( q u a r . ) . .
IK
P r e fe r r e d ___________________________________
2
C a n a d ia n P a c i f i c , c o m m o n ( q u a r . ) ______
2A
C h e s a p e a k e & O h i o ____________ ______________
2
C h ica g o <fc N o r t h W e s t e r n , c o m . {g u a r.)
*1K
P r e fe r r e d (q u a r .) ......... ....................................
*2
C o l o r a d o & S o u t h e r n , fir s t p r e f e r r e d _____
2
S e c o n d p r e f e r r e d ................................. ............
4
C u b a R a i l r o a d , p r e f e r r e d ........... .......................
3
t D e l a w a r e <fc H u d s o n C o . ( q u a r . ) ..............
2A
D e tr o it & M a c k i n a c , c o m . a n d p r e f ________
2K
E r ie & P it t s b u r g h ( q u a r . ) ................................ 8 7 K c
F o n d a J o h n s to w n it- G lo v ., p r e f . ( g u a r . ) . .
IK
H o c k i n g V a l l e y R y __________________________
2
I lli n o is C e n tr a l, le a se d l i n e s . . ........... ............
2
1
L a c k a w a n n a H R . o f N e w J e r se y ( g u a r . ) . .
tL e h ig h V a lle y , c o m m o n ( g u a r ) . ................
87 K c
$ 1 .2 5
P re fe r r e d (g u a r . ) _______________ - . ________
2
M o b i l e & B ir m i n g h a m , p r e f e r r e d _________
M o r r i s & E s s e x . .................................................. $2.12 'A
N . Y . L a c k a w a n n a & W e s t e r n (g u a r .) ___
IK
N o r f o l k & W e s t e r n , c o m m o n ( q u a r . ) _____
IK
5 0c.
R e a d i n g C o . fir s t p r e f e r r e d ( q u a r . ) _____
S o u t h e r n P a c i f i c ( q u a r . ) ..................................
IK
U n i o n P a c i f i c , c o m m o n ( q u a r . ) __________
2K
V a lle y R a ilr o a d ( N . Y . ) ____________________
2K

W h en
P a y a b le.

D ec.
fe b .
F eb.
D ec.
Jan.
D ec.
D ec.
D ec.
D ec.
D ec.
Jan.
Jan.
D ec.
D ec.
F eb.
D ec.
Jan.
D ec.
D ec.
D ec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
D ec.
D ec.
Ia n .
Jan.
Jan.

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

2 9 H o ld e r s o f r e c . D e c .
1
20 H o ld e r s o f r e c . J a n . 2 2
2 H o ld e r s o l r e c . D e c . 3 1 a
10 N o v . 3 0
to
D ec.
9
10 H o ld e r s o f r e c . D e c . 1 9 a
31 H o l d e r s o f r e c . N o v . 2 9 a
30 D e c . 16
to
Jan.
1
3 0 D e c . 16
to
Jan.
1
31 H o ld e r s o f r e c . D e c .
1
31 H o ld e r s o f r e c . D e c .
5a
2 ‘ H o ld e r s o f r e c . D e c .
9
2 ‘ H o ld e s r o f r e c . D e c .
9
15 H o ld e r s o f r e c . D e c . 4 a
15 H o ld e r s o f r e c . D e c .
4a
2 H o ld e r s o f r e c . D e c . 3 1 a
2 0 H o ld e r s o f r e c . N o v 4 2 6 a
2 H o ld e r s o f r e c . D e c . 1 3 a
10 H o ld e r s o f r e c . N o v . 2 9
5a
15 H o ld e r s o f r e c . D e c .
31 H o ld e r s o f r e c . D e c . 1 2 a
to
Jan.
4
2 D e c . 12
2 H o ld e r s o f r e c . D e c .
6a
3 H o ld e r s o f r e c . D e c . 1 3 a
3 H o ld e r s o f r e c . D e c . 1 3 a
1 D ec.
2
to
Jan. 1
9a
2 H o ld e r s o f r e c . D e c .
2 H o ld e r s o f r e c . D e c . 1 3 a
19 H o l d e r s o f r e c . N o v . 2 9 a
11 H o ld e r s o f r e c . N o v . 25a
2 H o ld e r s o f r e c . N o v . 2 8 a
la
2 H o ld e r s o f r e c . D e c .
2 H o ld e r s o f r e c . D e c . 1 8 a

Street and Electric Railways.
A m e r ic a n R a i l w a y s , c o m m o n _____________
A r k a n s a s V a l. R y ., G cu it- E l e c ., p f . (g u .)
B r a z ilia n T r . , L . i t P .. p r e f . (g u a r .) ______

8 7 K c D e c . 15 H o ld e r s o f r e c . D e c . 10 a
D e c . 15 H o ld e r s o f r e c . N o v . 2 9 a
IK
Jan.
1 ‘ H o ld e r s o f r e c . D e c . 15
*1K

2146

THE CHRONICLE
Per
When
Cent. Payable

Name of Company.

nX JFaenb..
--)- fix
Feb.
y)
5c.
Jan.
—
4 6 .1 c . J a n .
‘ $3
D ec.
-

-

1

-

-.)

Union Traction, Philadelphia______
West End St. Ry., Boston, preferred__
W e s t P e n n R y s . , p r e f . ( q u a r . ) _______

Banks.
Commerce, National Bank of {quar.).
Extra_________________________

C u b a , B a n k o f ____________________________

Cuba, Bank of, in New Y ork...........
Mechanics Bank (Brooklyn) (guar.)__
Extra............................................
Trust Companies.
Guaranty (quar.)_________________
M a n u fa c tu r e r s . B r o o k ly n ( q u a r . ) . . .

United States____________________
M is c e lla n e o u s .

X

2X
$ 4 .5

IX
S3

-

IX

-

5

-. *81.51
IX
. *$2
liL
-

2X1

. 6
. SI
- $1
._ 35
. 25
-

Jan.

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

.

Books Closed.
Days Inclusive.

Name of Company.

H o ld e r s o f r e c . D e c . 15 a
15a
15a
15a
15 a
H o l d e r s o f r e c . D e c . 15a
3 ♦ H o ld e r s o f r e c . N o v . 2 9 a
H o l d e r s o f r e c . D e c . 15a
1
H o ld e r s o f r e c . D e c . 4 a
H o ld e r s o f r e c . D e c .
la
1.
H o ld e r s o f r e c . N o v . 3 0
H o ld e r s o f r e c . D e c .
la
H o ld e r s o f r e c . D e c . 15a
2( 1 H o ld e r s o f r e c . N o v . 30a
H o ld e r s o f r e c . D e c . 2 0 a
‘ H o ld e r s o f r e c . D e c . 1 0 a
2 ♦ D ec. 21
to
Jan.
2
H o ld e r s o f r e c . D e c .
la

. H o ld e r s o f r e c . D e c .
.i HH oo ldl d ee rr ss oo ff rr ee cc .. JJ aa nn ..
. H o ld e r s o f r e c . D e c .

:

H
2
2

]

1
2
2

D e c . 31
Jan.
2
Jan.
2

H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.

D ec.
D ec.
D ec.
D ec.
D ec.
D ec.

19a
19a
21
21
20a
20a

H o l d e r s o f r e c . D e c . 19
H o ld e r s o f r e c . D e c . 20
H o l d e r s o f r e c . D e c . 19 a

*\x

Jan.
2 ♦ H o ld e r s o f r e c . D e c . 1 5 a
» 1 0 c D e c . 15 ♦ H o ld e r s o f r e c . D e c . 5
$ 1 .5 0 D e c . 15 H o l d e r s o f r e c . N o v . 2 9 a
AUis-Chalmers, pref. (quar.).
- IX J a n . 15 H o ld e r s o f r e c . D e c . 3 1 a
- hlX J a n . 15 H o ld e r s o f r e c . D e c . 3 1 a
)
IX J a n . 2 H o ld e r s o f r e c . D e c . 15 a
IX D e c . 31 H o ld e r s o f r e c . D e c . 13 a
A m e r ic a n B o s c h M a g n e t o ( q u a r .) ..
. $2
Jan.
1 H o ld e r s o f r e c . D e c . 15a
A m e r ic a n C a n , p r e f . ( q u a r . ) _______
2 H o ld e r s o f r e c . D e c . 1 6 a
- dIX J a n .
Amer. Car & Fdry., common (quar.).
.
3
Jan.
1 H o ld e r s o f r e c . D e c . 1 5 a
Preferred (quar.)______________
IX J a n . 1 H o ld e r s o f r e c . D e c . 1 5 a
A m e r ic a n C h i c l e , p r e f e r r e d ( q u a r . ) .
- IX J a n . 2 H o l d e r s o f r e c . D e c . 2 0 a
American Cigar, preferred (quar.)__
IX J a n . 2 H o ld e r s o f r e c . D e c . 15 a
A m e r ic a n D r u g g i s t S y n d i c a t e ________
.
4
M a r . 15 H o ld e r s o f r e c . J a n . 3 1 a
A m e r i c a n E x p r e s s ( q u a r . ) ____________
Jan.
2 H o ld e r s o f r e c . N o v . 2 9 a
. S I .2 5 J a n .
2 H o ld e r s o f r e c . D e c . 15
Jan.
2 H o ld e r s o f r e d . D e c . 15
- /$ 1
P r e fe r r e d ( q u a r .) .
- IX F e b . 2 H o l d e r s o f r e c . J a n . 16
)
IX J a n . 2 H o ld e r s o f r e c . D e c . 13a
) IX D e c . 31 H o l d e r s o f r e c . D e c . 16a
) u x D e c . 15 H o ld e r s o f r e c . D e c . l a
P r e fe r r e d ( q u a r .) .
- vlX J a n . 2 H o ld e r s o f r e c . D e c . 15
.m e r lc a n L o c o m o t l v
- IX D e c . 31 H o l d e r s o f r e c . D e c . 13 a
P r e fe r r e d ( q u a r .) .
.
IX D e c . 31 H o ld e r s o f r e c . D e c . 13 a
- *1X D e c . 31 ♦ H o ld e r s o f r e c . D e c . 15
Preferred (quar.).
*1X D e c . 31 ♦ H o ld e r s o f r e c . D e c . 15
)
IX J a n . 2 H o ld e r s o f r e c . D e c . 1 5
.
3
D e c . 3 l D e c . 23
to
D e c . 31
A m e r ic a n S e w e r P i p e ( q u a r . ) .
D e c . 20 H o ld e r s o f r e c . D e c . 10a
.
1
D e c . 15 N o v . 2 9
to
D ec.
7
1 IX J a n . 2 D e c . 1 3 t o D e c . 2 1
Preferred B (quar.)____________
IX J a n . 2 D e c . 13 t o D e c . 21
.
2
American Snuff, common (quar.)___
Jan.
2 H o ld e r s o f r e c . D e c . 13 a
Preferred (quar.)______________
IX J a n . 2 H o l d e r s o f r e c . D e c . 13 a
* 7 5 c . J a n . 15 ♦ H o ld e r s o f r e c . J a n .
Amer. Steel Foundries, com. (quar.).
2
Preferred (quar.)______________
•IX D e c . 31 ♦ H o ld e r s o f r e c . D e c . 15
A m e r ic a n S u g a r , c o m m o n ( q u a r . ) . .
IX J a n . 2 H o ld e r s o f r e c . D e c . l a
C o m m o n ( e x t r a ) ____________________
X J a n . 2 H o ld e r s o f r e c . D e c . l a
P r e f e r r e d ( q u a r . ) ___________________
IX J a n . 2 H o l d e r s o f r e c . D e c . l a
2
J a n . 15 H o l d e r s o f r e c . D e c . 2 0 a
A m e r ic a n T e le p . & T e le g . ( q u a r .) .
12Xc. J a n . 1 N o v . 1 5 t o N o v . 3 0
American Thread, preferred_______
American Tobacco, preferred (quar.).
IX J a n . 2 H o l d e r s o f r e o . D e c . 13
*IX J a n . 15 ‘ H o l d e r s o f r e c . D e c . 16
3 c . D e c . 15 H o l d e r s o f r e c . D e c .
1
*IX J a n . 1 • H o ld e r s o f r e c . D e c . 15
Associated Oil (quar.).
•IX J a n . 15 • H o ld e r s o f r e c . D e c . 2 6 a
5
Feb.
2 H o ld e r s o f r e c . D e c . 3 0 a
IX J a n . 1 H o l d e r s o f r e c . D e c . 1 0 a
A t la n t ic R e fin in g ( q u a r .) .
5
D e c . 15 H o l d e r s o f r e c . N o v . 2 4 a
IX J a n . 2 H o l d e r s o f r e c . D e c . 12
hlX J a n . 2 H o l d e r s o f r e c . D e c . 12
3
A tla s P o w d e r , c o m m o n ( q u a r .) .
D e c . 10 N o v . 3 0
to
D ec.
9
A u t o s a le s C o r p o r a t i o n ( q u a r . ) . .
IX D e c . 31 H o l d e r s o f r e c . D e c . 15 a
E x t r a _____________________________
X D e c . 31 H o l d e r s o f r e c . D e c . 15 a
3X J a n . 1 H o l d e r s o f r e c . D e c . 6 a
IX J a n . 2 H o l d e r s o f r e c . D e c . 2 0 a
2
D e c . 15 H o l d e r s o f r e c . N o v . 2 9
D e c . 2 0 H o l d e r s o f r e c . D e c . 10
SI
First preferred (quar.) (No. 1).
IX J a n . 1 H o l d e r s o f r e c . D e c . 1 5 a
*3X D e c . 15 ♦ H o ld e r s o f r e c . D e c . 1
B e t h le h e m S t e e l, c o m m o n ( q u a r . ) .
IX J a n . 2 H o l d e r s o f r e c . D e c . 15 a
C o m m o n B ( q u a r . ) ___ ____________
IX J a n . 2 H o l d e r s o f r e c . D e c . 15 a
P r e f e r r e d ( q u a r . ) .............. .................
IX J a n . 2 H o l d e r s o f r e c . D e c . 15 a
2
E ig h t p e r c e n t p r e fe r re d ( q u a r .) .
Jan.
2 H o l d e r s o f r e c . D e c . 15a
B o o t h F is h e r ie s , p r e f e r r e d ( q u a r . ) .
IX J a n . 2 H o l d e r s o f r e c . D e c . 13 a
IX D e o . 15 H o l d e r s o f r e o . D e o . l a
IX J a n . 2 H o l d e r s o f r e c . D e c . l a
B ro w n S h o e , co m m o n (q u a r .).
D e c . 1 H o ld e r s o f r e c . N o v . 2 0 a
i x
B u c k e y e P i p e L i n e ( q u a r . ) _____
$2
D e c . 15 H o l d e r s o f r e c . N o v . 2 2
Buffalo General Electric (quar.).
2
D e c . 31 H o l d e r s o f r e c . D e c . 2 0
$1
D e c . 15 H o l d e r s o f r e c . N o v . 2 9 a
Preferred (quar.).
IX J a n . 2 H o l d e r s o f r e c . D e c . 1 5 a
50c.
5a
D e c. 22 H o ld e r s o f r e c . D e c .
Calumet & Hecla Mining (quar.)..
S5
6
D e c . 31 H o l d e r s o f r e c . D e o .
Cambria Steel (quar.)_________
75c.
D e c . 15 H o l d e r s o f r e c . N o v . 2 9
Extra...................... ......................... 2 5 c . D e c . 15 H o l d e r s o f r e c . N o v . 2 9
Canada Steamship Lines, com. (quar.)..
1
1
D e c . 15 H o l d e r s o l r e c . D e c .
Canadian Car & Foundry, preferred___ hlX D e c . 10 H o l d e r s o f r e c . D e c . 1
Canadian Crocker-Wheeler, com. Apf.(qu.)
IX D e c . 31
2
Canadian General Electric (auar.)_____
Jan.
1 H o l d e r s o f r e c . D e c . 11
Carbo-Hydrogen, preferred (quar.)____
8Xc D e c . 31 H o ld e r s o f r e c . D e c . 2 0 a
Case (J. I.) Threshing Mach., pref. (qu.) IX fa n . 1 H o l d e r s o f r e c . D e c . 1 5 a
Celluloid Company (quar.)_______
2
D e c . 31 H o l d e r s o f r e c . D e c . 16 a
Extra_______ _______________
2
D e c. 31 H o l d e r s o f r e c . D e c . 16 a
Central Leather, pref. (quar.)________
IX ra n . 2 H o l d e r s o f r e c . D e c . 1 0 a
Centred States Electric Corp., pref. (quar.). IX D e o . 31 H o l d e r s o f r e c . D e c . 10

Ajax Oil (monthly) ________

A ja x R u b b e r , I n c . ( q u a r .)..

.
-

Certain-teed Products Corp.
First and second preferred (quar.)____ •IX r a n .
Chandler Motor Car (quar.)___________ $2
an.
Chicago Telephone (quar.)_____________ •$2
Jec.
Chino Copper (quar.)________________
7 5 c. D ec.
Childs Company, com. (quar.)............
1
D ec.
Common (extra)__________________
D ec.
1X
Preferred (quar.)_________________
IX D e c .
Cleveland Worsted Mills (quar.)............... - 2
D e c.
Cluett, Peabody & Co., Inc., pref. (qu.).. IX . a n .
Colorado Power, common (quar.)_____
X D ec.
Preferred (quar.)___________ _____
IX . a n .
Columbia Graphophone, common (quar.).. 2 5 c . . a n .
Extra (payable in common stock)_____
w
. an.
Preferred (quar.)__________________
IX ■a n .
Computing-Tabulatlng-Recordlng (qu.) 1
. an.
Consolidated Gas (quar.)____________
D e c.
1 «
Consol. Gas, Elec. L. & P., Balt, (quar.) 2
. an.
Consumers Gas, Toronto (quar.)...........
•2X . a n .
Consumers Power (Mich.), pref. (quar.).. •IX . a n .
Continental Can, common (quar.)..........
an.
IX
Preferred (quar.)__________________
an.
IX
Continental Oil & Refining (monthly)
2




[V ol . 109

1 ’ H o ld e r s o f r e c . D e c . 15a
2 H o l d e r s o f r e c . D e c . 15
31 H o l d e r s o f r e c . D e c . 3 0 a
31
H o l d e r s o f r e c . D e c . 12 a
10 N o v . 2 9
to
D e c . 10
10 N o v . 2 9
to
D e c . 10
10 N o v . 2 9
to
D e c . 10
24 H o l d e r s o f r e o . D e c . 1 5 a
1 H o ld e r s o f r e c . D e c . 2 0
15 H o ld e r s o f r e c . N o v . 2 9
15 H o l d e r s o f r e c . D e c . 3 1
2 H o ld e r s o f r e c . D e c . 10a
2 H o l d e r s o f r e c . D e c . 10 a
2 H o l d e r s o l r e c . D e c . 10 a
10 H o l d e r s o f r e c . D e c . 2 1 a
15 H o l d e r s o f r e c . N o v . 12 a
2 H o l d e r s o f r e c . D e o . 15 a
1 H o l d e r s o f r e c . D e c . 15
2 H o ld e r s o f r e c . D e c . 17
1 H o ld e r s o f r e c . D e c . 2 0 a
1 H o ld e r s o f r e c . D e o . 2 0 a
H o ld e r s o f r e c . N o v . 5

Miscellaneous (C o n tin u e d )
Copper Range Co. (quar.)___________
Crescent Pipe Line (quar.)_____
C resso n C o n s . G old M . & M . ( q u a r .) _____

Crex Carpet._________________
Crucible Steel, preferred (quar.)______

C u b a C a n e S u g a r C o r p ., p r e f . ( q u a r .) _____

Cuba Company, preferred...........
Cuban American Sugar, common (quar.)
Preferred (quar.)...............................
C u d a h y P a c k in g , c o m m o n (q u a r .) ___________

Cumberland Pipe Line______________
Davls-Daly Copper Co______________

D e t r o i t E d i s o n ( q u a r .) ________________________

Diamond Match (quar.).—..................
Dome Mines_______________________
Dominion Glass, common (quar.)_____
Preferred (quar.)_________________
D o m in io n I r o n A S teel, p r e fe r r e d (q u a r ) .

Dominion Power & Transra., com. (qu.)

Per
When
Cent. Payable
50c.
75c.
1 0c.
3

IX

*1X

3X
2X
IX
IX
12

50c.

*2
2

25c

1
IX
IX
1

D o m in io n S tee l C o r p o r a tio n , c o m . ( q u a r .) .

Dominion Textile, common

quar.____

D r a p e r C o r p o r a tio n ( q u a r .) _________________

\*
*3

du Pont (E. I.) de Nem. & Co., com.(qu) 4 H
Debenture stock (quar.)___________
IX
du Pont (E.I.)deNein. Fowd., com.(qu.) •IX
Preferred (quar.)_________________ •IX
East Coast Fisheries, com. (qu.) (No. 1) 1 0 c .
Preferred (quar.)__________ „ _____
IX
Eastern Steel, common (quar.)_______ 12X
First and second preferred (quar.)___
IX
Eastman Kodak, common (quar.)_____
2X
Common (extra)__________________
7X
Preferred (extra)____ _____________
IX
E d m u n d s A J o n e s C o r p ., c o m . ( q u a r .) ___

Edmunds & Jones Corp., pref. (quar.)—
Elsenlohr (Otto) & Bros., Inc. pf. (au.)
E l e c t r ic S to ra g e B a tter y , c o m . A p r e f . (q u .)

Elk Horn Coal Corp., preferred (quar.)

E n d lc o tt J o h n s o n C o r p ., c o m . ( q u a r .) _____
C o m m o n ( e x t r a ) ____________________________
P r e fe r r e d ( q u a r .) ___ ________ ______________
E q u ita b le I liu m . G a s L ig h t ( P h ila . ) , p r e f . .
F a ir b a n k s C o m p a n y , p r e f . ( q u a r .) _________

Farrell (Wm.) & Sons, preferred (quar.)
Federal Min. <&Smelting, pref. (quar.).
F ir e s to n e T ir e A R u b b er, co m m o n ( q u a r ) .
S ix p e r ce n t p r e fe r r e d ( q u a r .) ____________
S even p e r c e n t p i e fe r r e d (q u a r .) _________

Fisk Rubber Co., 2d preferred (quar.)
Galena Signal Oil, old & new, pref. (qu.)
General Chemical, preferred (quar.)___
General Cigar, deben. pref. (quar.)___
General Electric (quar.)_____________
Extra (payable In stock)....................
General Motors, common (quar.)_____
Preferred (quar.)_________________
Debenture stock (quar.)___________
General Railway Signal, com. (quar.)..
Preferred (quar.)_________________
Globe Rubber Tire Mfg., com. (quar.)..
Globe Soap Co., common, 1st, 2d and
special prer. stocks (quar.)_________
Goodrich (B. F.) Co., com. (quar.)___
Preferred (quar.)_____________

Books Closed.
Days Inclusive.

50c.

IX
IX
2X
75c.
* $ 1 .2 5
S2

•IX
3
*2

IX
X
$6

IX
IX
IX
2
IX
IX
2
«2
3

IX
IX
IX
IX
IX
IX
1
IX
X

D e c . 15 H o ld e r s o f r e c . N o v . 2 0
D e c . 15 N o v . 2 3
to
D e c . 15
D e c . 10 H o ld e r s o f r e c . N o v . 3 0
D e c . 15 H o ld e r s o f r o c . N o v . 2 8 a
D e c . 2 2 H o ld e r s o f r e c . D e o . 8 o
Jan.
2 ‘ H o ld e r s o f r e c . D e c . 15
F eb.
2 H o ld e r s o f r e c . D e c . 3 1 o
Jan.
2 H o ld e r s o f r e c . D e c . i 5 a
Jan.
2 H o ld e r s o f r e c . D e o . 1 5 »
Jan.
5 H o ld e r s o f r e c . D e c . 2 4
D e c . 15 H o l d e r s o f r e c . D e c .
1
D e c . 2 0 H o ld e r s o f r e c . N o v . 2 0
J a n . 15 ‘ H o ld e r s o f r e c . J a n .
2J
D e c.. 15 H o l d e r s o f r e c . N o v . 2 9 o
Jan.
15 H o l d e r s o f r e c . D e c . 3 1
Jan.
1 H o l d e r s o f r e c . D e c . 15
Jan.
1 H o ld e r s o f r e c . D e c . 15
Jan.
1 H o l d e r s o f r e c . D e c . 13
D ec.
15 D e c .
1
to
D e c . 15
Jan.
1 H o ld e r s o f r e c . D e c .
5
Jan.
2 H o ld e r s o f r e c . D e c . 15
Jan.
1‘ H o ld e r s o f r e c . D e c .
0
D e c . 15 H o l d e r s o f r e c . N o v . 2 9 »
J a n . 2 6 H o l d e r s o f r e c . J a n . 10®
F eb.
2' H o l d e r s o f r e c . J a n . 2 0
F eb.
2 ‘ H o ld e r s o f r e c . J a n . 2 0
Jan.
1 H o ld e r s o f r e c . D e c . 27
Jan.
1 H o ld e r s o f r e c . D e c . 27
J a n . 15 H o l d e r s o f r e c . J a n .
2
1
D e c . 15 H o l d e r s o f r e c . D e c .
Jan.
2 H o ld e r s o f r e c . N o v . 2 9 o
Jan.
2 H o ld e r s o f r e c . N o v . 2 9 a
Jan.
2 H o ld e r s o f r e c . N o v . 2 9 a
to
D e c . 31
Jan.
1 D e c . 21
Jan.
1 D e c . 21
to
D e c . 31
Jan.
1 H o ld e r s o f r e c . D e c . 2 0
Jan.
2 H o ld e r s o f r e c . D e c . 15
la
D e c . 10 H o l d e r s o f r e c . D e o .
Jan.
1 ♦ H o ld e r s o f r e c . D e c . 1 5
Jan.
1 ‘ H o ld e r s o f r e c . D e c . 1 5
1 ‘ H o ld e r s o f r e c . D e c . 15
Jan.
D e c . 15 H o ld e r s o f r e c . D e c . 0
Jan.
1 'H o l d e r s o f r e c . D e c . 2 0
Jan.
2 H o ld e r s o f r e c . D e c . 20
D e c . 15 H o l d e r s o f r e c . N o v . 2 5 a
D e c . 20 H o ld e r s o f r e c . D e o . 1 0a
la
J a n . 15 H o l d e r s o f r e c . J a n .
5a
F e b . 15 H o l d e r s o f r e c . F e b .
D e c . 15 H o l d e r s o f r e c . N o v . 2 9 a
D e c . 31 H o l d e r s o f r e c . N o v . 2 9 a
Jan.
2 H o ld e r s o f r e c . D e o . 1 9 a
Jan.
2 H o ld e r s o f r e c . D e o . 2 4 a
0a
J a n . 15 H o ld e r s o f r e c . D e c .
0a
J a n . 16 H o l d e r s o f r e c . D e o .
F eb.
2 H o ld e r s o f r e c . D e c . 3 1 a
F eb.
2 /H o l d e r s o f r e c . D e c . 3 1 o
F eb.
2 H o ld e r s o f r e c . D e o . 3 1 a
Jan.
2 H o ld e r s o f r e c . D e c . 20
Jan.
2 H o ld e r s o f r e c . D e c . 20
D e o . 15 H o l d e r s o f r e c . N o v . 2 9 a

D e c . 15 N o v . 3 0
to
D e c . 16
F e b . 16 H o l d e r s o f r e o . F e b .
6a
Jan.
1 H o ld e r s o f r e c . D e c . 2 1 a
D ec.
1 H o ld e r s o f r e c . N o v . 2 0
D e c . 31 D e c . 1 6
to
Jan.
1
IX
1 D e c . 10
to
Jan.
1
I X Jan.
1 ♦ H o ld e r s o f r e c . D e c . 15
•I X J a n .
*10
Jan.
1 ♦ H o ld e r s o f r e c . D e c . 15
Jan.
1 ‘ H o ld e r s o f r e c . D e c . 15
Grasselli Chemical, common (quar.)___
IX D e c . 31 H o l d e r s o f r e c . D e c . 1 5 o
Common (extra)_____________
D e c . 31 H o l d e r s o f r e c . D e c . 1 5 a
Preferred (quar.)_________________
1X D e c . 31 H o l d e r s o f r e c . D e c . 1 5 a
Gulf States Steel, first pref. (quar.)___
Jan.
2 H o ld e r s o f r e c . D e c . 1 5a
H a c k e n s a c k W a t e r , c o m . a n d p r e f __________ &
D ec.
1 H o ld e r s o f r e c . N o v . 2 0 a
Harblson-Walker Refract., pref. (qu.)I. I X J a n . 2 0 H o l d e r s o f r e c . J a n . 10 a
Hartman Corporation (quar.)________
IX D e o . <11 H o l d e r s o f r e o . N o v . 1 9 a
H a r t , S c h a ffn e r A M a r x , I n c . , p f . ( q u . ) . .
• > X D e c . 31 ‘ H o l d e r s o f r e c . D e c . c 18
Haskell & Barker Car (quar.)___ _____ SI 4 J a n . 2 . H o l d e r s o f r e o . D e c . 1 5 a
H e c la M i n i n g ( q u a r .)_______________________
15C. D e c . 2 8 H o l d e r s o f r e o . D f c .
la
H e lm e (G eo . W . ) C o ., c o m m o n ( q u a r .) _____
2X . J a n . 2 H o l d e r s o f r e c . D e c . 13
C o m m o n ( e x t r a ) ____________________
Jan.
4
2 H o l d e r s o f r e c . D e c . 13
P r e fe r r e d ( q u a r .) ___________________
lX x J a n . 2 H o l d e r s o f r e c . D e o . 13
H e r c u le s P e tr o le u m , C la ss A (m o n t h ly )___
* l o . D e c . 15 H o l d e r s o f r e c . D e c . 5
H e r c u le s P o w d e r , c o m m o n ( q u a r . ) . .
D e c . 24 D e c . 16
2
to
D e c . 24
C o m m o n ( e x t r a ) .....................................
D e o . 24 D e o . 16
2
to
D e c . 24
Home Petroleum Corp. (of Denver) (qu.) 5
D e c . 10 H o l d e r s o f r e o . N o v . 2 5 a
Illinois Pipe Line______________
D e c . 31 N o v . 3 0
8
to
D e c . 21
Independent Brewing, Pittsb., com.(qu.)
6 0 c . D e c . 15 H o l d e r s o f r e c . N o v . 2 8 a
I n d i a n R e fin in g , co m m o n ( q u a r . ) . .
D e c . 15 H o l d e r s o f r e c . D e c . 8 a
3
P r e fe r r e d (q u a r .)___________________
IX D e c . 15 H o l d e r s o f r e c . D e c . 8 a
I n g e r s o ll-R a n d , p r e fe r r e d ____________
3
Jan.
2 H o ld e r s o f r e c . D e o . 13
I n t e r n a t i o n a l S a lt ( q u a r .) -------------------IX J a n . 1 H o l d e r s o f r e o . D e c . 1 5 a
International Silver, preferred (quar.) — IX J a n . 1 D e c . 16 t o J a n . 1
K a y s e r ( J u l iu s ) & C o ., c o m m o n ( q u a r . ) . .
Jan.
*2
2 ♦ H o ld e r s o f r e c . D e c . 19
F ir s t a n d s e c o n d p r e fe r r e d ( q u a r ) .
•IX F e b . 2 ‘ H o ld e r s o f r e c . J a n . 2 0
K e l ly -S p r in g fi e ld T ir e , p r e fe r r e d ( q u a r . ) . .
IX J a n . 2 H o l d e r s o f r e c . D e c . 15
Kennecott Copper Corp. (quar.)...........
2 5 c D e c . 31 H o l d e r s o f r e o . D e c .
6o
Capital distribution_______________
2 5 c D e c . 31 H o l d e r s o f r e c . D e c .
5a
Keystone Tire & Rubber, com. (quar.)..
30o Jan .
2 H o ld e r s o f r e c . D e c . 1 5a
Kresge (S. S.) Co., common................... •2X J a n . 1 ‘ H o ld e r s o f r e c . D e c . 1 6 i
Lackawanna Steel, common (quar.)__
IX D e c . 31 H o l d e r s o f r e c . D e o . 1 0 a
Laclede Gas Light, preferred........... .
2X D e c . 15 H o l d e r s o f r e c . D e o . l a
L eh ig h V a lley C o a l S a les (q u a r .) ......................
2 ‘ H o l d e r s o f r e c . D e c . 18
$2
Jan.
L ib b y , M c N e i l l A L ib b y .....................................
*50c. J a n .
5 ‘ H o l d e r s o f r e c . D e c . 12
Liggett & Myers Tobacco, pref. (quar.).
J
a
n
.
1 H o ld e r s o f r e c . D e c . 1 5 o
IX
L o o s e - W i le s B i s c u i t , 1st p r e f . (q u a r .) _____
•IX J a n . 1 H o l d e r s o f r e c . D e c . 10
L o r illa r d ( P .) C o ., co m m o n ( q u a r .) ..............
3
Jan.
2 H o ld e r s o f r e o . D e o . 15
P r e fe r r e d ( q u a r .) ...............................................
IX J a n . 2 H o l d e r s o f r e c . D e c . 1 6
Mackay Companies, common (quar.)..
IX J a n . 2 H o l d e r s o f r e c . D e o . 6 a
Preferred (quar.)_________________
Jan.
2 H o ld e r s o f r e c . D e c . 6a
1
M a n a t i S u g a r, p r e f . (q u a r .) ..............................
IX J a n . 2 H o l d e r s o f r e c . D e c . 15
M a n h a t t a n E l e c . S u p p ly , c o m . ( q u a r .) _____ $1
Jan.
2 • H o ld e r s o f r e c . D e c . 2 0 a
F ir s t a n d s e c o n d p r e fe r r e d (q u a r .)............ •IX J a n .
2 ‘ H o ld e r s o f r e o . D e o . 2 0 a
May Depart. Stores, pref. (quar.)___
IX J a n . 2 H o l d e r s o f r e c . D e c . 1 5 a
Mergonthaler Linotype (quar.)_______
2X D e o . 31 H o l d e r s o f r e c . D e o . 3 a
M e x i c a n P e tr o le u m , c o m m o n ( q u a r .) ______
•2X J a n . 10 H o ld e r s o f r e o . D e c . 1 3 a
P r e fe r r e d ( q u a r .) ................................................ *2
Jan.
2 ♦ H o ld e r s o f r e c . D e c . 1 3 a
Michigan Sugar, pref. (quar.)...... ........
15c D e o . 11 H o ld e r s o f r e c . D e c .
1
1 H o ld e r s o f r e o . D e c . 2 0 a
1 0c. J a n .
Middle States OH Corp. (monthly)........
D e c . 31 ♦ H o ld e r s o f r e c . D e o .
M i d la n d S e c u r itie s ( q u a r .) ................................
5
*2 X
Jan.
2 H o ld e r s o f r e c . D e c . 2 0
Mill Factors Corp., Class A (quar.)----2
Montana Power, common (quar.)..........
X J a n . 2 H o ld e r s o f r e o . D e o . 13a
Preferred (quar.)-------------------------IX J a n . 2 H o l d e r s o f r e o . D e o . 1 3 a
Montreal Cottons, Ltd., com. (quar.)..
IX D e o . 15 H o l d e r s o f r e c . N o v . 2 9
IX D e o . 15 H o ld e r s o f r e o . N o v . 2 9
Preferred (quar.)...............................
M t . V ern o n -W o o d b er ry M i lls , p r e fe r r e d ..
•3X J a n . 15 • H o ld e r s o f r e c . D e o . 31
M u s k o g e e G a s A E l e c t r ic , p r e fe r r e d (q u a r .)
IX D e c . 15 H o l d e r s o f r e c . N o v . 2 9 a
National Aniline A Chem., pref. (quar.) IX J a n . 1 H o ld e r s o f r e c . D e c . 15 a
National Biscuit, oom. (quar.)........—
IX J a n . 15 H o l d e r s o f r e c . D e o . 3 0 a
N a t io n a l B r e w e r ie s (C a n a d a ) ( q u a r .) -------2X J a n . 2 H o l d e r s o f r e c . D e c . 15
National Enamel & Stamping, pref. (qu.) IX D e o . 31 H o l d e r s o f r e c . D e c . 11
D e c . 31 D e c . 2 0
National Grocer, common (quar.).......... 2
to
Jan.
1
3
D e o . 31 D e o . 2 0
Preferred_______ ___. . . -----------to
Jan.
1
National Lead, common (quar.)______
IX D e c . 31 H o l d e r s o f r e c . D e o . 1 2 a
Preferred (quar.)...............................
IX D e o . 15 H o l d e r s o f r e c . N o v . 2 1 a
National Sugar (quar.)--------------------IX J a n . 1 H o ld e r s o f r e c . D e c . 8 a
5 0 c . D e c . 15 H o ld e r s o f r e c . N o v . 2 9 a
National Transit (quar.).......................
Extra___________________________ $ 1 .5 0 D e c . 16 H o ld e r s o f r e o . N o v . 2 9 a
3
Jan.
2 H o ld e r s o f r e c . D e c . 1 9 a
National Surety (auar.)_____________
G ra n t M o t o r C a r , c o m m o n (q u a r .) _________
G rea t L a k es T o w in g , c o m m o n ( q u a r .) _____
P r e fe r r e d ( q u a r .) __________________________
G rea t W e s t e r n S u g a r, c o m m o n ( q u a r .) _____
C o m m o n ( e x t r a ) ____________________
P r e fe r r e d ( q u a r .) __________________________

•ix

D ec. 6 1919.]
Name of Company.
( Continued1
Nevada Consol Copper (tuar.) ____________
N e w Jersey Z in c (e x tr a )__________________
N e w N iq u e r o S u g a r , c o m m o n __________
N e w Y o r k A ir B ra k e ( q u a r .) ____________
N e w Y o r k D o c k , preferred_______________
N e w Y o r k T r a n s it (q u a r .)_______________
E x t r a ______________________________________
N lle s -B e m e n t-P o n d , c o m . ( q u a r .) ______
N o r th A m e rica n C o . (q u a r .) ____________
N o rth e rn P ip e I.in e _______________________
Ohio Cities Gas, preferred (quar.)_________
O h io O il ( q u a r .) ____________________________
E x t r a ______________________________________

THE CHRONICLE
Per
Ce nt .

When
Pay a bl e .

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

M is c e lla n e o u s

Oklahoma Gas & Electric, pref. (quar.)..
O k la h o m a P ro d u c in g & R e fin in g (q u a r.)
Otis Elevator, common (quar.)_____________
Preferred (quar.)______ ____________________
Owens Bottle Co., common (quar.)_________
Preferred (quar.)........................ ......................
P a b st B re w in g , preferred ( q u a r .) ________
P a cific M a i l S te a m s h ip ____________________
E x t r a _______________________________________
P a ck a rd M o t o r C a r , preferred ( q u a r . ) . .
P a n -A m e r . P e tr o l. & T r a n s p ., c o m . (q u .)
P referred (q u a r . ) ______ __________________
Parke, Davis tfc Co. (quar.)__________________
Patchogue-Plymouth Mills, pref. (No. 1 ) . .
Peerless T r u c k & M o t o r C o r p . ( N o . 1 ) . .
E x t r a _______________________________________
Pennsylvania Rubber, common (quar.)------Preferred (quar.)........... ......................... ..........
Pennsylvania Water & Power (quar.)------P e ttlb o n e -M u llik e n C o ., 1st & 2d p f.(q u )
P hila d elp h ia E le ctric ( q u a r .)_____________
P ierce-A rro w M o t o r C a r , p ref. ( q u a r .) ..
P ittsb u rg h B re w in g , c o m m o n (q u a r.) —
P ittsb u rg h P la te G la s s , c o m m o n (q u a r.)
C o m m o n ( e x t r a ) _________________________
P referred (a n n u a l)_______________________
Price Brothers (quar.)____________ ___________
P r o c t e r * G a m b l e 6 % p ref. (q u .) ( N o . 1)
Q u a k er O a t s , c o m m o n ( q u a r .)------------------Preferred ( q u a r .)_________________
Q u in c y M in in g (q u a r .)____________
R a ilw a y S teel S p rin g , c o m m o n ( q u a r . ) . .
P referred ( q u a r .) _________________

Ray Consolidated Copper (quar.)..

R e a lt y A s s o c ia te s ------------------------------E x t r a _______________________________
R e o M o t o r C a r ( q u a r .)-------------------

P referred ( q u a r .) ...................... ................
R e p u b lic O il & R efin in g (e x t ra )-----------R e y n o ld s (R . J . ) T o b a c c o , c o m . ( q u a r . ) . .
C o m m o n , C la s s B ( q u a r .)_______________
P r e fe r r e d ( q u a r . ) _________________________

S t. J osep h L ea d (q u a r .).
C o m m o n (e x t ra )________________
F irst p referred (q u a r .)_________
S e con d p referred (q u a r .)_______
S a v o y O il ( q u u r .)._ J _____________
Soars, R o e b u c k & C o ., p reierred (q u a r.)

S m ith (H o w a r d ) P a p e r M i l l s , L t d ., c o m . .
P r e f e r r e d ( q u a r . ) __________________

S olar R e fin in g _____________________
E x t r a ________________ ___________
S ou th P en n O il (q u a r .)___________
P referred

(q u a r .)______________

S ou th W e s t V i r g in ia P i p e L in e s ( q u a r . ) . .
S t a n d a r d O il ( C a l i f . ) ( q u a r . ) _____
E x t r a _______________________________
S t a n d a r d O i l ( I n d . ) ( q u a r . ) _______
E x t r a _______________________________
S t a n d a r d O il ( K a n s a s ) ( q u a r . ) ____
E x t r a _______________________________
S t a n d a r d O il ( K e n t u c k y ) ( q u a r . ) _________
S t a n d a r d O il ( N e b r a s k a ) ___________
S t a n d a r d O il o f N e w J e r s e y , c o m . ( q u a r .)
P r e f e r r e d ( q u a r . ) ( N o . 1 ) _________
S t a n d a r d O il o f N . Y . ( q u a r . ) ________
S t a n d a r d O il ( O h i o ) ( q u a r . ) -------------E x t r a _________________________________
S t r o in b e r g C a r b u r e t o r ( q u a r . ) ______
S tu tz M o t o r C a r ( q u a r .)__________ _____
S w i ft <& C o . ( q u a r . ) _________ ___________
S y m in g t o n ( T . I I . ) C o . , c o m . ( N o . 1 ) ___
P r e f e r r e d ( q u a r . ) _______________________
T e x a s C o m p a n y ( q u a r . ) ---------------------------T id e W a te r O il ( q u a r .) --------------------------------E x t r a ______________________________________
T o d d S h ip y a r d s C o r p o r a tio n (q u a r .) _____
T o n o p a h B e lm o n t D e v c l. ( q u a r .) ___________
T o o k e B r o s . , L t d . , p r e fe r r e d ( q u a r . ) _____
U n d e r w o o d T y p e w r i t e r , c o m m o n ( q u a r .)
C o m m o n ( e x t r a ) __________________
P r e f e r r e d ( q u a r . ) --------------------------U n i o n B a g & P a p e r ( q u a r . ) ----------U n io n C a r b id e & C a rb o n ( q u a r . ) . . .
U n i o n T a n k C a r ( q u a r . ) -----------------U n i t e d C ig a r S t o r e s , c o m m o n -----U n i t e d C ig a r S t o r e s , p r e f . ( q u a r .) .
U n i t o d D r u g , c o m m o n ( q u a r . ) ------U n i t e d D y e w o o d , c o m m o n ( q u a r . ) ---------P r e f e r r e d ( q u a r . ) _________________
U n i t e d P a p e r b o a r d , p r e fe r r e d ( q u a r .) —
U . S . C a s t I r o n P i p e A F d y . , p r e f . ( q u .)
U . S . G y p s u m , c o m m o n ( s p e c i a l ) ______
P r e f e r r e d ( q u a r . ) _______________________
U . S . I n d u s t r ia l A l c o h o l , c o m . ( q u a r . ) .
U . 8 . P l a y i n g C a r d ( q u a r . ) ----------------------E x t r a ---------------------------------- -----------------------U . S . S te e l C o r p o r a t io n , c o m . ( q u a r . ) . .
U n i t e d S t a t e s T i t l e G u a r a n t y ......... ............
U ta h C o p p e r C o . ( q u a r .) ----------------------- --—
U t ili tie s S e c u r itie s C o r p ., p r e f . ( q u a r . ) . . .
V . V l v a d o u , I n c . , ( q u a r . ) ( N o . 1 ) ..............
V a l v o l i n e O i l , c o m m o n ( q u a r . ) ...................
W a b a s s o C o t t o n ( q u a r . ) ----------. ----------------W a y la n d O il & G a s , c o m m o n ( q u a r . ) . . .
W e s t e r n G r o c e r , c o m m o n ----------- -------------P r e f e r r e d --------------------------------------- --------------W e s t .,C h u r c h ,K e r r & C o .,I n c ., c o m .( q u .)
P r e f e r r e d ( q u a r . ) _________________________
W e y m a n - B r u t o n C o ., c o m m o n (q u a r .) ------P r e f e r r e d ( q u a r . ) ______ ____________________
W h i t e M o t o r C o . ( q u a r . ) __________________
W illy s O v erla n d , p r e fe r r e d ( q u a r .) _________
W i r e W h e e l C o r p . o f A m . , p r e f . ( m ’ t h ly )
W o l v c r l n o C o p p e r M i n i n g ( q u a r . ) -----------W o m a n ’ s H o t e l C o __________________________
W o o lw o r t li ( F . W . ) , p r e fe r re d ( q u a r . ) . .
W o r th in g to n P u m p * M a c h ., p r e f A ( q u .)
P r e f e r r e d II ( q u a r . ) .......................................




37 X e D e c. 31 H o ld e rs o f re c . D e c . 12a
2
D e c. 10 H o ld e rs o f re c . N o v . 29a
2 H o ld e rs o f r e c . N o v . 24
3 H Jan.
D e c. 19 H o ld e rs o f re c . D e c . 2a
2X
J a n . 15 H o ld e rs o f re c . J a n .
‘I X
5
4
J a n . 15 H o ld e rs o f re c . D e c . 20
4
J a n . 15 H o ld e rs o f rec. D e c . 20
2
D e c. 20 H o ld e rs o f r e c . D e c . l a
J an .
2 H o ld e rs o f re c . D e c . 15a
1X
5
J an .
2 H o ld e rs o f re c . D e c . 13
Jan.
1 H o ld e rs o f r e c . D e c . 15
IX
S I .25 D ec. 31 N o v . 30
to
D e c . 23
S4.75 D e c. 31 N o v . 30
to
D e c . 23
D e c. 15 H o ld e rs o f re c . N o v . 29a
IX
6 H old ers o f re c . D e c . 26a
V 2 X Jan.
Jan . 15 H o ld e rs o f re c . D e c . 31
IX
J a n . 15 H o ld e rs o f re c . D e c i 31
IX
*75c. Jan .
1 "■Holders o f re c . D e c . 21
Jan .
1 "■Holders o f r e c . D e c . 21
*IX
D e c. 16 D e c . 7
IX
to
D e c . 10
5 0c. D e c. 15 H old ers o f rec. D e c . l a
D e c. 15 H o ld e rs o f re c . D e c . l a
SI
D e c. 15 H o ld e rs o f re c . N o v . 29a
IX
s i . 50 J a n . 10 H o ld e rs o f re c . D e c . 13a
2 H o ld e rs o f re c . D e c . 13a
Jan.
IX
*S2
Jan.
1 ‘ H old ers o f re c . D e c . 30
D e c. 1 H o ld e rs o f re c . N o v . 21
IX
Jan.
2 H o ld e rs o f r e c . D e c . l a
IX
1
Jan .
2 H o ld e rs o f r e c . D e c . l a
D e c. 30 H o ld e rs o f re c . D e c . 15
IX
D e c. 30 H o ld e rs o f re c . D e c . 15
IX
Jan .
2 H o ld e rs o f r e c . D e c . 19
IX
Jan .
2 H o ld e rs o f r e c . D e c . 20a
IX
4 3 .7 5 D e c. 15 H old ers o f re c . N o v . 20a
2
1 H o ld e rs o f re c . D e c . 15a
Jan.
50C. D e c. 15 H o ld e rs o f re c . D e c . l a
2
D e c . 31 H o ld e rs o f r e c . D e c . 15a
5
M a r . 1 H o ld e rs o f rec. F e b . 12a
12
M a r . 1 H o ld e rs o f r e c . F e b . 12a
2
J a n . 2 D e c . 16
to
Jan.
1
D e c . 15 H old ers o f re c . N o v . 25
3
J a n . 15 H o ld e rs o f r e c . D e c . 31a
F eb . 28 H o ld e rs o f r e c . F e b . 2a
SI
D e c. 22 H o ld e rs o f r e c . N o v . 29a
2
D e c. 31 H o ld e rs o f re c . D e c . 17a
D e c . 20 H old ers o f re c . D e c . 6a
IX
5 0c. D e c. 31 H o ld e rs o f r e c . D e c . 12a
3
Jan . 15 H o ld e rs o f r e c . J a n .
5
2
J a n . 15 H o ld e r s o f r e c . J a n .
5
*25c. J a n .
1 ‘ H old ers o f r e c . D e c . 15
IX
F eb . 2 H o ld e rs o f r e c . J a n . 15
J an .
2 H old ers o f re c . D e c . 15a
IX
2
D e c. 10 H old ers o f re c . D e c . l a
3
Jan.
1 H old ers o f rec. D e c . 20
3
Jan .
1 H o ld e rs o f re c . D e c . 20
Jan .
1 H o ld e rs o f rec. D e c . 20
IX
D e c . 31 H o ld e rs o f r e c . D e c . 24a
IX
‘ 1
Jan.
1 ‘ H old ers o f re c . D e c . 15
2 5 c. D ec. 20 D e c . 10
to
D e c . 21
D e c. 15 H o ld e rs o f r e c . N o v . 30
IX
5
Jan . 15 H o ld e rs o f r e c . N o v . 30
D e c. 15 H o ld e rs o i r e c . N o v . 30
IX
D e c . 15 H o ld e rs o f r e c . N o v . 30
IX
15c. D ec. 10 H o ld e rs o f re c . D e c . 1
Jan .
1 H o ld e rs o f re c . D e c . 15a
IX
D e c. 30 H o ld e rs o f re c . D e c . 15
IX
Jan.
2 H o ld e rs o f re c . D e c . 20a
IX
5
J a n . 15 H o ld e rs o f re c . D e c . 31
Jan. 15 H o ld e rs o f re c . D e c . 31
IX
5
D e c. 20 N o v . 30
to
D e c . 21
15
D e c. 20 N o v . 30
to
D e c . 21
5
D e c. 31 D e c . 13
to
Jan.
1
5
D e c. 31 H o ld e rs o f re c . D e c . 10a
2
D e c. 31 H old ers o f re c . D e c . 10a
3
D e c. 31 H o ld e rs o f r e c . D e c . 15
2
D ec. 15 H o ld e rs o f re c . N o v . 30
D e c. 15 H o ld e rs o f re c . N o v . 15
2X
1
D e c. 15 H o ld e rs o f re c . N o v . 15
3
D ee. 15 N o v . 18
t o D e c . 15
3
D e c. 15 N o v . 18
t o D e c . 15
3
D e c. 15 H o ld e rs o f r e c . N o v . 29a
3
D e c. 15 H o ld e rs o i r e c . N o v . 29a
►3
Jan.
2 D e c . 16
to Jan.
2
10
D e c. 20 N o v . 21
t o D e c . 20
5
D e c. 15 H o ld e rs o f re c . N o v . 20a
D ec .15 H o ld e rs o f r e c . N o v . 20a
IX
4
D e c. 15 H old ers o f re c . N o v . 21a
3
Jan .
1 N o v . 29
t o D e c . 17
1
Jan .
1 N o v . 29
t o D e c . 17
SI
J a n . 2 H o ld e rs o f re c . D e c . 16a
S I .25 Jan .
2 H old ers o f re c . D e c . 17
2
Jan.
1 D e c . 11
to Jan.
8
Jan .
2X
1 H o ld e rs o f rec. D e c . 15
2
F eb . 14 H o ld e rs o f re c . F e b . 5
D e c. 31 H o ld e rs o f re c . N o v . 29a
2X
2
D ec. 31 H old ers o fr e c . D e c . 19
2
D e c. 31 H old ers o f re c . D e c . 19
*$1.75 D e c. 20 ♦H olders o f r e c . D e c . 6
‘ 5 c.
Jan .
1 ‘ H o ld e rs o f rec. D e c . 15
D e c. 13 H o ld e rs o f re c . N o v . 29
IX
2
Jan.
1 H o ld e rs o f r e c . D e c . 6a
5
Jan .
1 H o ld e rs o f re c . D e c . 6a
Jan .
1 H o ld e rs o f re c . D e c . 6a
IX
2
D e c. 15 H o ld e rs o f re c . D e c . 5a
‘ S I .25 Jan.
1 ‘ H o ld e rs o f re c . D e c . 12
D e c. 24 H o ld e r s o f r e c . D e c . 1
IX
6
J an .
2 H o ld e rs o f re c . D e c . 15a
D e c. 15 H o ld e rs o f re c . N o v . 28a
IX
J an .
IX
2 H o ld e rs o f r e c . D e c . 15a
Jan.
IX
2 H o ld e rs o f re c . D e c . 13a
Jan .
IX
2 H o ld e rs o f r e c . D e c . 13a
IX
J a n .d i e H o ld e rs o f r e c . J a n .
1
D ec. 13 H o ld e rs o f r e c . D e c . 1
IX
1
D ec. 31 D e c . 16
to
D e c . 26
D e c. 31 D e c . 16
IX
to
D e c . 26
2
D o c. 15 H o ld e rs o f re c . D e c . l a
3
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1 H o ld e rs o i re c . D e c.d 2 0 a
5
Jan .
1 H o ld e rs o f re c . D ec.<f20a
D e c. 30
1X
D ec. 2
3
D e c . 15 H o ld e rs o f re c . N o v . 29
s i . 50 D e c. 31 H o ld e rs o f re c . D e c . 12
D e c. 27 H o ld e rs o f re c . D e c . 17
IX
5 0c. J a n .
2 H o ld e rs o f re c . D e c . 15
D e c. 15 H o ld e rs o f r e c . D e c . 10a
2X
2
Jan.
2 H o ld e rs o f re c . D e c . 15
15c.
D e c. 10 H o ld e rs o f r e c . D e c . l a
4
D ec. 31 D e c . 20
to
Jan.
1
3
D e c. 31 D e c . 2 0
to
Jan.
1
D ee. 10 H o ld e rs o f rec. N o v . 29
l X
D e c. 10 H o ld e rs o f r e c . N o v , 29
Jan .
1 H o ld e rs o f re c . D e c . 15
2X
Jan.
1 H old ers o f r e c . D e c . 15
D e c. 31 H old ers o f rec. D e c . 15a
SI
Jan .
1 H o ld e rs o f re c . D e c . 22
1
D e c. 10 H o ld e rs o f r e c . D e c . l a
5 0c. Jan.
H o ld e rs o f re c . D e c . 6
3
D e c. 16 H o ld e rs o f r e c . D e c . 1
\x J an . 2 H old ers o f r e c . D e c . 10a
Jan.
1 H o ld e rs o f rec. D e c . 20a
Jan.
1 H o ld e rs o f re c . D e c . 20a
IX

ix
ix

ix
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ix
ix

o

2147
P er
C e n t.

N a m e o f C om pany.

W h en
P a y a b le.

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

M i s c e l la n e o u s (C o n clu d e d )
V a le <i- Tow. c M fg. ( q u a r .) ________________

2 X J a n . 2 H old ers o f re c . D e c . 15
* F r o m u n officia l sou rces. T D e cla r e d s u b je c t t o th e a p p ro v a l o fD ire cto r-G e n e ra l
o f R a ilr o a d s .
1 T h e N e w Y o r k S t o c k E x ch a n g e has ru led th a t s to c k w ill n o t be
q u o t e d ex -d iv id e n d o n th is d a te a n d n o t until fu rth er n otice.
a T r a n s f e r b o o k s n o t c lo s e d f o r t h is d i v i d e n d , b L e s s B r it i s h i n c o m e t a x .
d C or
r e c tio n .
e P a y a b le in s t o c k . / P a y a b l e in c o m m o n s t o c k ,
a P a y a b l e i n s c r ip .
h O n a c c o u n t o f a c c u m u la te d d iv id e n d s .
< P a y a b l e in L i b e r t y L o a n b o n d s .
I R ed
C ro s s d iv id e n d ,
m P a y a b l e In U . S. L i b e r t y L o a n 4 X % b o n d s ,
z P a y a b le
M arch 1 1920.
t L ess 1 0 c. on a c c o u n t o l w a r In com e ta x e s ,
u D e c la r e d 3 % o n
c o m m o n s t o c k , p a y a b l e X % e a c h o n D e c . 15 1 9 1 9 , M a r c h 15 1 9 2 0 , J u n e 1 5 1 9 2 0
a n d S e p t . 15 1 9 2 0 , t o h o ld e r s o f r e c . D e c . 1 1 9 1 9 , M a r c h 1 1 9 2 0 , J u n e 1 1 9 2 0 and
S e p t. 1 1 9 2 0 , r e s p e c tiv e ly ,
p D e c l a r e d 7 % o n p r e fe r r e d s t o c k , p a y a b l e 1 J £ % e a c h
o n J a n . 2 1 9 2 0 , A p r il 1 1 9 2 0 , J u l y 1 1 9 2 0 a n d O c t . 1 1 9 2 0 t o h o ld e r s o f r e c . D e c 14
1 9 1 9 , M a r c h 15 1 9 2 0 , J u n e 15 1 9 2 0 a n d S e p t 15 1 9 2 0 , r e s p e c t i v e l y .
w O n e - t w e n t ie t h o f a s h a r e o f c o m m o n s t o c k .
z A t r a t e o f 8 % p e r a n n u m f r o m d a t e o f is s u e . O c t . 6 1 9 1 9 .___________________
S t a t e m e n t
a n d

T r u s t

sh o w s

th e

m e m b e rs
se p a ra te

o f

N e w

Y o r k

C o m p a n ie s .—
c o n d itio n

fo r

th e

b a n k s

o f

th e

w e e k

a re

th e

C ity

T h e
N e w

e n d in g

C le a r in g

fo llo w in g
Y o r k

C ity

N o v . 2 9 .

a v e ra g e s

o f

c a s e o f t o t a ls , a c t u a l fig u r e s a t e n d

th e

H o u s e

d e t a ile d

C le a r in g

T h e
d a ily

B a n k s

sta te m e n t

fig u r e s

r e s u lts .

H o u se
fo r

th e

In

th e

o f th e w e e k a re a ls o g iv e n :

N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N S .
________ ( S ta led in thousands o f dollars— that t » . three ciphers 1 ,0 0 0 ) omitted.)

C LEA R IN G
HOUSE
M EM B ER S
(.000 o m itt e d .)
W e e k e n d in g
Nov. 29 1919.
M em bers o f
F ed. R es. B ank

Bk of N Y,N B A
Manhattan C o.
Merchants’ Nat
Mech & Metals.
Bank of America
National C ity ..
Chemical N a t ..
Atlantic N at___
Nat Butch & Dr
Amer Exch Nat
Nat Bk of Comm
Pacific Bank___
Chath & Phenix
Hanover N a t ..
Citizens N at___
Metropolitan...
Corn ExchangeImp & Trad Nat
National Park..
East River N atSecond N at____
First National..
Irving National
N Y County Nat
Continental____
Chase National.
Fifth Avenue..
Comm’l E x ch ..
Commonwealth.
Lincoln N at___
Garfield N at___
Fifth National.
Seaboard N a t ..
Liberty N at___
Coal & Iron Nat
Union Exch Nat
Brooklyn Trust.
Bankers Tr C o.
U S M tg e & T r.
Guaranty Tr Co
Fidelity Trust. .
Columbia Trust
Peoples T ru st..
New York Trust
Franklin Trust.
Lincoln T ru st..
Metropolitan Tr
Nassau N , Bkln
Irving Trust Co
Farm Loan & Tr
Columbia Bank.

N et
C a p it a l. P r o f i t s

Nat’l, Sept. 12
State, Sept. 12
Tr.Cos,Sept.l2
$
2,000
2.500
3.000
6.000
1.500
25.000
3.000
1.000
300
5.000
25.000
500
7.000
3.000
2,550
2.000
4.200
1.500
5.000
1.000
1,000
10.000
6,000
1,000
1,000
10,000
500
200
400
1,000
1,000
250
1,000
f5,000
1.500
1,000
1.500
15.000
2,000
25.000
1,000
5.000
1.200
3.000
1.000
1,000
2,000
1,000
3.000
5.000
1.000

§

6,099
7,982
3,279
13,027
7,141
55,345
10,059
1,068
122
6,943
27,899
1,174
6,951
18,513
3,443
2,674
8.627
8,378
20,978
633
4,268
33,395
7,845
482
692
20,479
2,316
926
794
2,128
1,465
448
4,248
f6,791
1,511
1,389
2,634
18,786
4,808
29,637
1,348
7,262
1.628
11,129
1,350
783
4,460
1,258
1,571
11,982
853

L oan s,
D is c o u n t , c a s h
I n v est
in
m en ts,
V a u lt.
< tc .

R eserve
w ith
N et
L egal
D em a n d
D e p o s i D e p o s its .
to r ies .

A v era ge. A vera ge A vera ge
$
S
S

55,334
479 5,440
70,190 1,682 8,639
38,125
651 3,765
153,530 10,444 31,095
35,576
1,120 3,629
560,750 14,377 80,478
96,307
1,843 9,274
20,774
494 2,221
5,102
122
746
118,790
1,855 13,509
347,175 2,953 35,991
22,744
1,925 3,491
133,986 5,429 15,069
140,595 5,747 20,789
43,920
1,205 5,668
40.411
2,201
6,021
146,785 6,301 20,846
44,176
686 3.277
207,841
1,322 21,022
11,086
378 1,343
22,161
1,014 2,867
341.671
1,033 25,098
128,103 4,254 16,408
13,645
820 1.727
8,342
153 1,241
388,557 6,713 41,285
20,924
1,298 2,644
8,365
406
1,227
9,479
401
1,226
17,223
948 2,252
13.411
400 2,304
11,530
344
1,413
52,446
1,107 9,897
100,628
680 10,684
25,952
985 2,279
19,833
525 2.728
42,198
755 4.187
273,548
914 33,873
59,583
1,060 6,424
601,896 2,874 52,609
14,269
333 1,402
90,523
1,244 9,954
31,572
1,185 3,125
88,467
507 7,824
26,661
695 2,584
24,145
482 3.187
50,121
646 4,827
17,243
434
1.277
58,771
2,134 8,883
125,001
4,292 14,901
20,424
650 2,789

A vera ge.
S

36,204
68,033
26,220
166,863
27,567
*595.788
69,585
16,706
4,401
101,495
276,549
23,569
104,890
139,791
37,159
40.473
147,029
24,519
159,514
10,127
18,557
190,230
114,851
13,257
7,357
306,628
18,955
8,503
9,374
16,231
12,997
10,855
53,518
78.474
15,466
19,503
27,772
253,800
48,023
♦451,768
10,663
77,163
30,495
55,123
19.332
22.333
34,203
12,173
64,964
•142,877
19,488

N d f
T im e
Bank
D ed ressV08il8. I o f f e *

A v e ra g e A S t i .
S
*

3,599
737
93
1,300 1*744
3,981 1,000
33.898 1,430
2,601
428
515
143
292
5’,429 4,49
5,445
50
10,998 4*290
100
"652
979
59
5,423
1,190 " ‘ 51
3,774 4,879
507
50
626
7*.030 8,121
3,853 2,195
501
198
26",744 l’ iod

15 *210
57
395
412
24
500
65
5,349 1,903
545
410
415
395
6,418
13,229
8,759
61,755
418
6,406
1,986
2,053
1,910
1,250
1,249
932 ” 50
1,214
8,277
166

209,600 399,020 4,999,889 100,500 575,430 c4,028,000 240,957
36,535
N ov.29 5.006,778 100,082 603,861 04,049,268 239,476 36,491
N ov.22 5,014,637 101,353 571,102 4,054,418 245,386
N o v .15 5,079,502 98,230 583,194 4,071,394 248,650 36,189
36,381
N ov. 8 5,148,111 100.408 633,577 4,082,679
249,648 36,322

Totals, actual co ndltion
Totals, actual co nditlon
Totals, actual co ndltion
Totals, actual co nditlon

State Banks.

Greenwich Bank
Bowery B ank..
N Y Prod Exch.
State Bank____

N o t M e m b ers o f F ed e ra l R e s e rv e B a nk

500
250
1,000
2,000

1,674
836
1,328
1,201

3,750

5,040

Totals, actual co nditlon
Totals, actual co ndltion
Totals, actual co nditlon
Totals, actual co ndltion

N ov.29
Nov. 22
Nov. 16
Nov. 8

T ru st

Compan l e s .

18,003
6,011
24,269
62,105

2,473
657
2,834
3,718

110.38S

9,682

110,734 10,096
111,036 9,336
111,418 8,969
109,433 9,489

1,094
325
2,072
2,598

18,785
5,408
26,428
” 79
33,833 24,454

....

6,089

84.454 24,533

—

6,046
6,513
7,061
0,643

85,092
85,410
86,311
85.22S

24,680
24,276 _____
23,731
23,197 ___ _

N ot M e m h ers o f F ed e r a l R e s erv e

Title Guar & Tr
Lawyers T & Tr

5.000 12,825
4.000 5,529

44,355
25,710

Average_____

9,000 18,355

Totals, actual co nditlon
Totals, actual co nditlon
Totals, actual co ndltion
Totals, actual co nditlon

N ov.29
N ov.22
Nov. 15
Nov. 8

B a nk

1,128
856

3,044
1,814

27,921
17,480

1,070 ' . . . .
227

70,065

1,984

4,858

45,401

1,297

69,967
69,999
69,377
68,600

2,017
2,055
1,887
1,870

5,158
4,949
5,082
5,150

46,261
45,852
45,315
45.660

1,302
1,299
1,471
1,474

—

Gr’d aggr, avgc 222,350 422,416 5,180,342 112,166 586.377 d4,157,855 266,787 36,535
Comparison, pre v. week
— 58,188 — 242 + 3 ,1 8 5 — 38,221 — 5,437 + 410
Gr’d aggr, act’l cond’n Nov. 29 5,187,479 112,195 615,065 e4,180,621 265,458 36,491
Comparison, pre v. week
— 8,193 — 549 + 32,5*1
— 5,059 — 5,503 + 302
Gr’d
Gr’d
Gr’d
Gr’d

aggr,
aggr,
aggr,
aggr,

act’l cond’n
act’l cond’n
act’l cond’n
act’l cond’n

N ov.22 5.195,672
N ov.15 5,260,297
Nov. 8 5 326,144
N ov. 1 5,364,812

112,744 582,564
109,086 595,337
111,767 645,370
101,967 602,862

e4,185,680 270,961 36,189
4.203,020 273,852 36,381
4,213.567 274,319 36,322
4,264,819 273,025 36,377

* In clu d es d ep osits in fo reig n bran ch es n o t in clu d ed in t o ta l fo o tin g s , as fo llo w s :
N a tio n a l C it y B a n k . S 11 8,3 69,0 00; G u a ra n ty T r u s t C o . , §6 3 ,0 9 0 ,0 0 0 ; F a rm ers’ L oa n
& T r u s t C o ., $ 3 1 ,9 5 6 ,0 0 0 . B a la n ces carried in b a n k s in fo reig n c ou n tries as reserv o
fo r such d ep osits w ere: N a tio n a l C it y B a n k , $ 2 7 ,3 3 7 ,0 0 0 ; G u a ra n ty T r u s t C o .s
§1 0 ,9 7 9 ,0 0 0 ; F a rm ers’ L o a n & T r u s t C o . , § 5 ,7 0 8 ,0 0 0 . c D e p o s its in foreig n b r a n c h e .
I'"?t in clu d e d , d U . S . d e p osits d e d u cte d , S 9 8 .5 7 6 .0 0 0 . e U . S . d ep osits d e d u c t e d .
’ 74.5,000. B ills p a y a b le , red iscou n ts, a ccep ta n ces an d o th er liab ilities, § 1 ,
0 3 6 ,8 2 6 ,0 0 0 . f A s o f O c t . 18 1919.

2148

THE CHRONICLE

STATEM ENTS OF

RESERVE
AND

P O S IT IO N
TRUST

OF

C L E A R IN G

H OUSE

BANKS

STATE

[V o l . 109

BANKS

AND

TRUST

C O M P A N IE S

IN

NEW

W e e k en d ed N o v . 2 9 .

A verages.
R eserve
in
D e p o s ita r ie s

N ov. 29.
1919.

a
R eserve
R equ ired

T ota l
R eserv e.

S u rp lu s
R eserve

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

S

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

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

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

29___ ! 11,665,Ojo! 5S6.377,009 598,043,009 552,580,589 45,162.420

T ota l N o v .

Total Nov. 22___

11,319,000 '533.192.00Ul59I.611.000 558.081,1 lo' 36.429.S90

T o t a l N o v . 1 5 -------j 1 1 .4 3 0 ,0 0 0

Total Nov.

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

4 2 ,0 0 5 .3 5 )

8 ___ I 11.339.000 594.4 41.000 605,83.3,000 503.449.880 42.333,120

N o n -M e m b e r
b
R eserv e
R e q u ired .

T o ta l
R e ser v e.

in g
S u rp lu s
R eserv e.

is

th e

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

10,0*96*,000
2 ,0 1 7 ,0 0 0

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

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

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

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

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

$

N o v . 2 9 _____
N o v . 2 2 _____
N o v . 1 5 _____
N o v . 8 _____

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

* N o t m em bers o f F ed eral R eserve B an k.
a T h i s Is t h e r e s e r v e r e q u ir e d o n n e t d e m a n d d e p o s i t s In t h e c a s e o f S t a t e b a n k s
a n d t r u s t c o m p a n i e s , b u t in t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e b a n k s ln o lu d e s a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t i m e d e p o s i t s , w h ic h w a s a s f o llo w s N o v . 2 9 , 3 7 , 2 2 8 , 7 1 0 ; N o v . 2 2 , S 7 ,4 0 5 ,8 9 0 ; N o v . 1 5 , $ 7 ,4 5 5 ,3 3 0 ; N o v . 8 , 3 7 ,5 2 4 ,1 2 0 .
b T h i s Is t h e r e s e r v e r e q u ir e d o n n e t d e m a n d d e p o s i t s In t h e c a s e o f S t a t e b a n k s
a n d t r u s t c o m p a n i e s , b u t In t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e B a n k In
c lu d e s a l s o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t i m e d e p o s i t s , w h ic h w a s a s f o ll o w s :
N o v . 2 9 , $ 7 , 1 8 4 , 2 8 0 ; N o v . 2 2 , S 7 ,3 6 1 ,5 8 0 ; N o v . 1 5 , 3 7 ,4 5 9 ,5 0 0 ; N o v . 8 , 3 7 ,4 8 9 ,4 4 0 .

S ta te

B a n k s

H o u s e .—
fig u r e s

T h e

a n d

s h o w in g

c o m p a n ie s

T r u s t

S ta te

in

th e

N e w

C o m p a n ie s

B a n k in g
c o n d itio n

Y o r k

N o t

D e p a rtm e n t
o f

S ta te

in

b a n k s

tru st
as

S U M M A R Y O F S T A T E B A N K S A N D T R U S T C O M P A N I E S IN G R E A T E R
N E W Y O R K , N O T IN C L U D E D IN C L E A R IN G H O U S E S T A T E M E N T .

-----------S la te B a n k s ----------C a s h In v a u l t s ................................................S 2 4 ,3 1 8 ,2 0 0
1 4 .3 0 %
D e p o s i t s In b a n k s a n d t r u s t c o s ------- 1 2 ,6 0 9 ,4 0 0
7 .4 0 %
.3 3 6 ,9 2 7 ,6 0 0

T o t a l.

B a n k s

a n d

a v era g es
tru st
a n d

o f

th e

Y o r k

C le a r in g

C ity

combined

c o m p a n ie s

in

H o u se ,

C O M B IN E D

a s

N e w

Y o r k

C le a r in g

w ith

th o se

G re a te r

a re

in

7 ________________
1 4 ________________
2 1 ________________
2 8 ________________
5 -------------------------1 2 ..............................
1 9 ..............................
2 6 ..............................
2 ..............................
9 -------------------------1 6 ------------------------- 2 3 ..............................
3 0 ________________
6 ________________
1 3 ________________
2 0 ________________
2 7 .............................
4 ..............................
1 1 ..............................
1 8 ..............................
2 5 _______________
1 ..............................
8 ..............................
1 5 ......... ....................
2 2 .............................
2 9 ______ __________

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

th e

Y o r k

T h e

b a n k s

a n d

S ta te

N ew N e th e r la n d s
W R G r a c e & C o ’s
Y o r k v i l l e B a n k ___
F ir s t N a t , J e r C i t y
T o t a l _____________

C ity

o u ts id e

o f

fo llo w s :

R eserve in
D e p o s ita r ie s .

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

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

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

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

In

a d d it io n

to

p a n ie s in N e w
b y

th e

F o r
a re

a

in

C ity

o f

d e fin itio n s

T h e

u p ,

o f

S ta te

o f

1 9 7 5 ).

o f

d e p o s its

p u ta tio n
A p r il

4

b a n k s

a n d

all

la w

b a n k in g

th e

th e

u n d e r
V .

p .

g o v e r n in g

in s titu tio n s

th e

in s titu tio n s

w h ic h
9 8 ,

o f
191 4

w h a t

th e
(V .

d e d u c tio n s

reserv es
9 8 ,




p .

o f

th is

v a r io u s

w ere

1 0 4 5 ).

a re

th e

reserv e

a m e n d e d

M a y

19

p e r m itte d

g iv e n

ite m s

166 1.

as

“ C h r o n ic le ”

th e

1917

in

th e

r e q u ir e 
M a y
(V .

22
104 ,

th e a m o u n t
in

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

th e

c o m 

“ C h r o n ic lo ”

N et
T im e
D e
p o s it s .

N a fl
Bank
C ircu 
la t io n .

6 ,0 3 7

6 7 ,0 9 0

1 ,4 5 8

7 ,6 8 5

5 0 ,5 5 0

8 ,1 4 3

588

100
600
500
200

457
1 ,1 9 2
259
244

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

391
1 ,4 6 7
813
454

149
1 ,1 6 0
875
343

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

382
320

___ ____

2 9 ,7 2 3

3 ,1 2 5

2 ,5 2 7

3 0 ,3 2 3

702

500
200

1 ,0 8 9
435

8 ,6 0 5
8 ,2 9 3

539
329

336
262

6 ,7 3 4
3 ,7 3 8

1 ,0 1 8
4 ,4 7 9

T o t a l __________

700

1 ,5 2 4

1 0 ,8 9 8

868

598

1 0 ,4 7 2

5 ,4 9 7

G ra n d a g g r e g a t e ..
5 ,5 0 0
C o m p a r is o n p r e v lo U S ____

9 ,7 1 7 1 1 3 ,7 1 1
— 8

5 ,4 5 1
— 22

1 0 ,8 1 0
— 194

* 9 1 ,3 4 5
+ 1 ,0 9 0

1 4 ,3 4 2
+ 66

588
+ 29

G r 'd
G r 'd
G r 'd
G r 'd

9 ,7 1 7
9 ,7 1 7
9 ,7 1 7
9 .7 1 7

1 1 3 ,7 1 9
1 1 5 ,7 4 5
11 4 ,5 8 1
1 1 1 ,8 7 8

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

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

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

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

559
580
575
574

aggr,
aggr,
aggr,
aggr,

N o v . 22
N o v . 15
N ov. 8
N ov. 1

5 ,5 0 0
5 ,5 0 0
5 ,5 0 0
5 ,5 0 0

* U . S . d e p o s it s d e d u c t e d , $ 1 ,0 8 6 ,0 0 0 .
B ills p a y a b l e , r e d is c o u n t s , a c c e p t a n c e s a n d o t h e r l i a b ili t ie s , 3 9 , 0 8 9 ,0 0 0 .
E x c e s s r e s e r v e , $ 2 0 0 ,8 0 0 d e c r e a s e ,
t A s o l O c t . 11 1 9 1 9 .

B o s t o n
m a ry

C le a r in g

s h o w in g

H o u s e

th e

H o u se

to t a ls

w e e k ly

B a n k s .— W o

fo r

a ll

th e

sta te m e n t

g iv e

ite m s

fo r

HOUSE

a

b e lo w

in

s e r ie s

a

th o

o f

su m 

B o s to n

w eek s:

M EM BERS.
N ov. 22.
1919.

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

N o v . 29
1919.

N ov . 15.
1919.

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

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

D ec.

2 ,9 7 4 ,0 0 0

2 9 .4 6 1 .0 0 0

2 5 .7 6 5 .0 0 0

* F o r m e r ly I n c lu d e d u n d e r t h e h e a d o f " I n d i v i d u a l D e p o s i t s . "

P h ila d e lp h ia
s ta te m e n t

fo r

fig u r e s

th e

fo r

r e q u ir e m e n ts
a re
to

1 0 %
b o

w ith

is

w ith

le g a l

w eek s

n o t

a

p a rt

o f

1 5 %

th o
o n

le g a l

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

th o
a n d

a n d

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

is

as

3 %

o n

R e so rv o

“ C a sh
N ov.

T ru st
C os.
S 3 ,0 0 0 ,0
t S , 1 4 5 ,0
3 0 ,2 0 6 ,0
4 8 1 ,0
1 0 ,0
3 5 5 ,0
1 9 ,8 4 6 ,0
_________
2 0 ,2 0 1 ,0
________
________
2 ,6 7 5 ,0
9 2 3 ,0
3 ,5 9 8 ,0
2 ,9 5 5 ,0
6 4 3 ,0

a ll

“ C a sh

in

tru st

sy ste m

sy stem

d e p o s its ,

B a n k .

a n d

in

R e se rv e

R e so rv o
tim o

H o u se

c o m p a r a tiv e

fo llo w s .

F o r

R e so rv o

C le a r in g

w it h

F e d e ra l

d e p o s its

to d in g

M em bersof
F .R .S y stem

2 9

re so rv o .

F e d e ra l

d e m a n d

d e p o s ita r ie s ”

T w o c ip h e r s (0 0 ) o m itted .

o f

F e d e ra l

o f

N o v .

p r e c e d in g ,

d e p o s its

th o

P h ila d e lp h ia

e n d in g

m e m b e rs

d e m a n d

m e m b e rs
is

w e e k

tw o
fo r

k e p t

v a u lts ”
n o t

o n

B a n k s .— T h e

th o

fu r n is h e d
a ls o

o m it t e d .)

3 ,4 0 0

c o m 

D e p a rtm e n t

T h e r e g u la t io n s r e la tin g t o c a lc u la t in g
a n d

tru st

Y o r k .

r u le s

th e

C o m p a n ie s .—

th e

Y O R K C L E A R IN G

2 ,1 5 4

r e q u ir e d

not in the Clearing H ou se,”

c o v e r in g

in

T r u s t

“ S ta te

“ C h r o n ic le ,”

1 9 1 7 w e r e p u b lis h e d
p .

o f

a n d

D e p a rtm e n t,

N e w

a n d

see

p r o v is io n s

m e n ts

C ity

B a n k in g

sta te m e n t

th e

m a d e

retu rn s

Y o r k

S ta te

p resen ts
c la s s

th e

B a n k s

in

p a g e:

A v e r a g e A v e ra g e A v e r a g e A v e r a g e A v e r a g e A v e r a g e
$
$
$
3
S
S
1 2 ,5 4 1
188
186
162
1 ,9 5 6
1 6 .9 3 5
422
1 1 ,8 3 4
1 ,6 9 1
223
1 2 ,6 5 8
214
8 ,0 7 8
1 ,2 6 3
9 ,4 6 8
225
1 ,7 0 6
652
3 ,6 3 3
19
6 .3 9 S
5 ,6 1 5
7 ,3 4 0
1 ,1 7 3
281
1 2 ,4 5 3
7 ,1 2 4
400
950
548
9 ,1 7 7

B O STO N C L E A R IN G

* T o ta l C a sh
I n V a u lt.

S ta te

in c lu d e d

fo llo w in g

1 .4 0 0

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

IN

D em a n d
Deposits.

c le a r in g

T r u s t C o m p a n ie s
N o t M e m b e r s o f the
F ed e ra l R eserv e Bank
H a m il t o n T r , B k ln
M ech T r, B ayon n e

C le a r in g
C O M P A N IE S

L oans and
I n v e s t m e n ts .

C ity

n o t

F o llo w 

b y

S
1 ,6 3 0
623
t6 7 6
997
72S
1 ,3 8 2

W eek
Y o r k

are

th e

H o u se

3
1 ,5 9 0
200
tfiOO
500
200
400

S ta te B an ks
N o t M e m b e r s o f the
F ed e ra l R eserv e B a n k
B a n k o f W a s h H g ts
C o l o n i a l B a n k _____
I n t e r n a t io n a l B a n k
N o r t h S id e , B k ly n

b a n k s

* T h i s I t e m I n c lu d e s g o l d , s ilv e r , le g a l t e n d e r s , n a t io n a l b a n k n o t e s a n d F e d e r a l
R eserve n o te s.

N e w

o n

N et
Loans
D is 
C L E A R IN G
C a p it a l P r o fi t s
c o u n t s , C a sh
N O N -M E M B E R S
in
N a t.b k s .S e p .1 2 I n v e s t 
W e e k e n d in g
S t a t e b k s S e p 12 m e n t s , V a u lt.
N o v . 29 1919.
& c.
T r . c o s . S e p . 12

20 11%

C it y .—

H o u se

fo r

N e w

D ec.
D ec.

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

RESULTS OF BAN KS AN D TR U ST
GREATER NEW YORK.

W eek en d ed —

June
June
June
June
J u ly
J u ly
J u ly
J u ly
A ug.
A ug.
A ug.
A ug.
A ug.
S e p t.
S e p t.
S e p t.
S ep t.
O ct
O ct.
O ct.
O ct.
N ov.
N ov.
N ov.
N ov.
N ov.

C o m p a n ie s

N e w

c o m p a n ie s
tru st

th e

T r u s t

p -e v lo u s w eek.
D e c . 3 9 ,8 4 4 ,6 0 0
In c.
5 2 2 ,4 0 0
D ec.
9 5 ,5 0 0
D ec.
6 7 9 ,9 0 0
D e c . 5 ,0 7 3 ,3 0 0

— T r u s t C o m p a n ie s —
3 7 5 ,7 1 3 ,2 0 0
1 4 .7 9 %
2 7 ,2 1 9 ,9 0 0
5 .3 2 %

2 1 .7 0 %

w h ic h

R e tu r n ”

C o m p a n ie s .—

C le a r in g

( S ta ted i n th o u s a n d s o f d o lla r s — th a t i s , th r e e c ip h e r s [0 0 0

Differencesfrom

■
N ov. 29.
L o a n s a n d i n v e s t m e n t s ___________________________________ 3 7 8 4 ,9 1 2 ,4 0 0
S p e c i e ......................................................................................................
8 ,8 5 1 ,8 0 0
C u r r e n c y a n d b a n k n o t e s ---------------------------------------------------1 8 ,4 5 3 ,5 0 0
D e p o s i t s w it h F e d e r a l R e s e r v e B a n k o f N e w Y o r k . .
7 2 ,7 2 6 ,1 0 0
T o t a l d e p o s i t s .................................................................................... 8 5 2 ,5 0 9 ,0 0 0
D e p o s i t s , e li m in a t in g a m o u n t s d u e fr o m r e s e r v e d e 
p o s i t a r ie s , a n d f r o m o t h e r b a n k s a n d t r u s t c o m 
p a n ie s In N . Y . C i t y , e x c h a n g e s a n d U . S . d e p o s i t s 8 0 0 ,1 4 8 ,6 0 0
R e s e r v e o n d e p o s i t s ------------------1 3 9 ,8 6 0 ,7 0 0
P e rce n ta g e o f re s e rv e , 2 0 .5 % .
RESERVE.

T r u s t

th e

R E T U R N O F N O N -M E M B E R I N S T IT U T IO N S O F N E W
H OUSE.

w e e k ly

a n d

fo llo w s :

F ig u r e s F u r n is h e d b ’J S ta le H a n k in g D e p a r t m e n t

to

in s t it u t io n s

M em bers o f
F e d 'l R e s . B a n k .
B a tte ry P ark N a t .

D ec.
5 5 0 ,6 0 0
D e c . 1 6 ,2 9 5 ,4 0 0
D e c . 1 ,6 4 6 ,3 0 0
D ec.
0 .1 %

2 1 9 ,5 3 1 ,2 0 0
D e c . 3 ,3 7 4 ,1 0 0
D e c . 2 7 ,4 9 5 ,0 0 0 2 ,2 0 3 ,6 2 2 ,4 0 0
D e c . 1 ,9 6 4 ,5 0 0
2 9 6 ,9 5 3 ,9 0 0
In c.
0 .1 %
1 7 .4 %

a n d

m a d e

H o u se

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

C le a r in g

re p o rts

not in the Clearing H ouse,

C ity

B a n k s

re p o rt

n o n -m e m b e r
“ C le a r in g

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

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

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

N ov. 29.
1919.

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

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

C a p ita l a s o f J u n e 3 0 .
S u rp lu s as o f J u n e 3 0 .
L o a n s & In v e s tm e n ts.
S p e c i e __________ _______
C u rre n cy & b k . n otes
D e p o s i t s w it h t h e F .
R . B ank of N . Y ..
D e p o s i t s _______________
R e s e rv e o n d e p o s it s ..
P . C . reserve to d e p ..

A c t u a l F ig u r e s .
R eserve
in
D e p o s it a r i e s

C a sh
R eserve
i n V a u lt.

C IT Y .

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

S ta le B a n k s .

C a sh
R eserve
i n V a u lt

YORK

C O M P A N IE S

c o m p a n ie s
th o

in c lu d e s

resorv e

“ R e so rv o

v a u lt s .”

9 1919.
N ov. 22
1919.

N o v . 15
1919.

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

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

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

* C a s h In v a u l t la n o t c o u n t e d aa r e s e r v e f o r F e d e r a l R o a e r v e b a n k m e m b e r s .

THE CHRONICLE

D e c . 6 1919.]
M e m b e r

B a n k s

B oa rd

g iv in g

In

sta te m e n t

th e

th e

o f

t h e

p r in c ip a l
w ere

F e d e r a l
ite m s

g iv e n

in

o f
th e

R e s e r v e

th e

S y s t e m .—

re so u rce s

sta te m e n t

a n d

o f

D e c .

F o llo w in g

lia b ilitie s
14

o f

1 9 1 7 ,

is

th e

th e

3 U 9

w e e k ly

M e m b e r

p u b lis h e d

in

sta te m e n t

B a n k s.

th e

is s u e d

b y

D e fin itio n s

“ C h r o n ic le ”

D e o .

th e
o f

2 9

F e d e ra l

th e

R e s e rv e

d iffe r e n

1 9 1 7 ,

p a g e

ite m s
2 5 2 3 .

STATEM ENT

S H O W IN G P R IN C IP A L R E S O U R C E A N D L IA B IL IT Y IT E M S O F M E M B E R B A N K S L O C A T E D IN C E N T R A L R E S E R V E
AND OTHER
S E L E C T E D C I T I E S A S A T C L O S E O F B U S I N E S S N O V . 21 1 9 1 9
F u r t h e r r e d u c t io n s o f 6 6 .7 m illio n s in lo a n s s e c u r e d b y s t o c k s a n d b o n d s
ju s t a s t h e w e e k b e fo r e , 1 8 .1 % o f t o t a l lo a n s a n d in v e s tm e n ts o f a ll r e 
a n d o f 2 0 .9 m llio n s in t h e h o ld in g s o f G o v e r n m e n t s e c u r it ie s ; a m o d e r a t e
p o r t in g b a n k s .
I n h a r m o n y w it h t h e r e d u c t io n in lo a n s a ll c la s s e s o f d e 
in c r e a s e in w a r p a p e r , a n d a d e c r e a s e i f 3 2 .7 m i l l i o n s in a ll o t h e r lo a n s a n d
p o s i t s s h o w s u n b s t a n t ia l d e c r e a s e s . G o v e r n m e n t d e p o s it s d e c lin in g b y 5 6 .7
in v e s tm e n ts a re in d ic a t e d b y t h e F e d e r a l R e s e r v e B o a r d ’s w e e k ly
s ta te
m il lio n s , o t h e r d e m a n d d e p o s it s (n e t ) b y 9 5 .1 m illio n s , a n d t im e d e p o s it s
m e n t o f c o n d it io n o n N o v . 21 1 9 1 9 o f 7 9 1 m e m b e r b a n k s in le a d in g c it ie s .
b y 5 .2 m illio n s .
R e s e r v e b a la n c e s w it h F e d e r a l R e s e r v e b a n k s w e n t d o w n
U n it e d S ta te s b o n d s o n h a n d d e lin e d b y 0 .7 m illio n , V i c t o r y n o t e s b j
1 9 .3
m il lio n s , w h ile c a s h in v a u l t s h o w s a g a in o f 1 .8 m illio n s .
A ccom m o
5 .7 m illio n s , a n d T r e a s u r y c e r t if i c a t e s b y 1 4 .5 m il lio n s .
O f th e to ta l re
d a t io n a t t h e F e d e r a l R e s e r v e b a n k s ,a s m e a s u r e d b y t h e t o t a l o f t h e r e 
d u c t i o n in lo a n s s e c u r e d b y s t o c k s a n d b o n d s 5 9 .1 m il lio n s c o n s t i t u t e d t h e
p o r t in g b a n k s ’ o w n c o lla t e r a l n o t e s a n d o f c u s t o m e r s ’ p a p e r r e d is c o u n t e d
a m o u n t o f n e t liq u id a t io n a t th e N e w Y o r k C it y m e m b e r b a n k s .
T o ta l
" k e w i s e s h o w s a m o d e r a t e r e d u c t i o n o f 1 1 .4 m il lio n s .
It m a y b e n oted th a t
l o a n s a n d i n v e s t m e n t s a r e s h o w n 1 1 1 .7 m i l l i o n s le s s t h a n t h e w e e k b e f o r e ,
w h ile c h a n g e s in t h e a m o u n t s o f t h e m e m b e r b a n k s ’ o w n c o lla t e r a l n o t e s
t h e N e w Y o r k b a n k s r e p o r t i n g a d e c r e a s e o f S 2 .S m il lio n s u n d e r t h is h e a d .
d o n o t a ffe c t t h e a m o u n t s o f lo a n s a n d s ic o u n t s c a r r ie d a m o n g t h e ir a s se ts
A g g r e g a t e h o ld in g s o f w a r s e c u r itie s a n d w a r p a p e r a r e g iv e n a s 2 .8 0 5 .1
th e a m o u n ts o f r e d is c o u n te d c u s to m e r s ’ b ills a r e d e d u c te d f r o m th e a g g r e g a te
m illio n s , c o m p a r e d w it h 2 ,8 1 7 .5 m illio n s th e w e e k b e fo r e t h a n d c o n s t it u t e .
lo a n s a n d d is c o u n t s s h o w n a m o n g th e a s s e ts o f th e s e b a n k s .
I.
B o sto n .

T h r e e c i p h e r s ( 0 0 0 ) o m itt e d .

D a ta

f o r a il r e p o r t in g

N e w Y o rk

banks

P h ila d e l. C lev ela n d .

N u m b e r o f r e p o r t in g b a n k s . . ........... ..
U . S . b o n d s t o s e c u r e c i r c u l a t i o n ___
O t h e r U . 8 . b o n d s * ___________________
U . S . V i c t o r y n o t e s ___________________
U 8 . c e r tific a te s o f I n d e b t e d n e s s ..

46
$ 1 3 ,5 3 6
1 4 ,8 3 5
8 ,1 5 8
3 0 ,3 4 7

112
$ 4 8 ,7 3 7
2 8 3 ,7 7 0
1 1 7 ,9 0 7
3 8 8 ,8 7 3

56
$ 1 1 ,0 9 7
2 8 ,9 3 6
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3 9 ,6 0 7

90
$ 4 1 ,8 4 1
6 2 ,5 0 1
2 7 ,2 6 2
6 7 ,1 1 6

T o t a l U . 8 . s e c u r i t i e s ______________
L o a n s s e c u r e d b y U . 8 . b o n d s . A c __
L oa n s secu red b y sto ck s an d b o n d s
o t h e r t h a n U . S . s e c u r i t i e s -----------A ll o t h e r lo a n s a n d i n v e s t m e n t s -------R e s e r v e b a la n c e s w it h F . R . b a n k . .
C a s h In v a u l t ____________________________
N e t d e m a n d d e p o s i t s --------------------------T i m e d e p o s i t s ----------------------------------------G o v e r n m e n t d e p o s i t s --------------------------B ills p a y a b l e w it h * F . R . b a n k -----------B ills r e d is c o u n t e d w it h F . R . b a n k .

$ 6 6 ,8 7 6
4 0 ,7 6 4

$ 8 3 9 ,2 8 7
5 5 3 ,6 2 8

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

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

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

fo r

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R ic h m 'd

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A t la n t a .

N u m b e r o f r e p o r t in g b a n k s ........... ..
U . S . b o n d s t o secu re c ir c u la t io n .
O t h e r U . 8 . b o n d s * ________________
U . 8 . V i c t o r y n o t e s ________________
U . 8 . c e r tific a te s o f In d e b te d n e ss

71
$ 3 9 ,0 4 0
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14. N o v .

M in n e a p

K a n . d tp

D a l la s .

S an F ra n .

T o t a l.

S 2 0 .0 7 1
3 6 ,9 3 8
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107
$ 2 0 ,8 5 7
5 1 ,7 9 9
4 9 ,5 5 0
1 1 5 ,7 1 0

35
$ 1 7 ,1 5 4
1 3 ,8 4 0
6 .0 0 8
1 3 ,0 5 4

35
S 7 .1 2 0
1 0 ,1 4 8
4 ,0 6 5
2 3 ,2 5 5

77
$ 1 4 ,4 6 7
2 4 ,9 1 8
8 ,3 6 1
2 1 ,2 1 7

43
S 1 9 .5 7 3
1 9 ,8 5 9
4 ,7 2 2
1 4 ,8 5 7

S 1 9 8 .7 2 0
9 1 ,8 8 5

$ 9 7 ,4 1 3
37 665

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

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

S 4 4 .5 8 8
1 4 ,7 1 2

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

S 5 9 .0 1 1
6 ,2 2 8

S 1 6 0 .S 9 S S I , 9 9 9 ,5 9 4
2 7 ,5 6 6
1 ,0 7 4 , 6 2 2

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

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

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

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

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

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

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

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

F ed eral R eserve

Bank

and

B ran ch

21 . N o v .

71
S 3 8 ,9 3 6
2 5 3 ,0 7 8
1 0 5 ,4 3 1
3 7 0 ,9 0 0

50
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2 4 ,3 2 6
5 9 ,3 2 0

S701 ,585 $ 7 6 8 ,3 4 5
T o t a l U . 8 . s e c u r it ie s ...........— 5 2 3 , ,662
L oa n s secu red b y U . 8 . b o n d s. A c .
5 2 6 ,8 8 1
L oa n s secu red b y sto ck s an d b o n d s
o t h e r t h a n U . 8 . s e c u r it ie s ........... 1 .2 8 6 , 0 5 7 1 ,3 4 5 ,1 6 0
A ll o t h e r lo a n s a n d I n v e s t m e n t s . . 2 ,9 1 5 , 8 9 7 2 ,9 2 9 ,5 9 5
R e s e r v e b a la n c e s w it h F . R . b a n k
6 5 2 , 031
6 6 0 ,0 0 0
C a s h In v a u l t . . i ____________________
116, 6 4 0
1 1 3 ,4 8 7
N e t d e m a n d d e p o s i t s _______________ 4 ,0 7 3 , 0 8 3 4 ,6 9 8 ,9 1 6
T i m e d e p o s i t s _______________________
344, 855
3 5 1 ,5 3 8
G o v e r n m e n t d e p o s i t s _____._________
115, S 0 7
1 5 6 ,2 1 8
B ills p a y a b l e w it h F . R . b a n k _____
4 5 1 , 119
4 6 1 ,7 5 8
B ills r e d is c o u n t e d w it h F . R . b a n k
2 0 3 ,256
2 1 7 ,8 5 1
R a t io o f U . 8 . w a r s e cu re , a n d w a r
p a p e r , t o t a l lo a n s A l n v e s t 't , %
2 2 .7
2 2 .6
• I n c l u d i n g L ib e r t y b o n d s .

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

$105,
67,

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

371,
764,
13 3 ,
41,
954,
245,
21,
59,
40,

14

50
$ 1 ,4 3 9
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6 1 ,6 2 3

1 3 .1

C it ie s a n d

A ll O t h e r R e p o r t in g

A U F .R .B a n k C itie s

F . R . B r a n ch C itie s

N ov.

N ov.

T h r e e c i v h e r t ( 0 0 0 ) o m itt e d .
21. N ov.

S t .L o u i s

47
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2 7 ,9 3 6
9 ,7 7 8
3 0 ,7 1 4

C h ic a g o .
N ov.

T h r e e c ip h e r s (0 0 0 ) o m i t t e d .

C h ic a g o .

2 1. N ov.

274
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3 7 5 ,0 6 2
1 6 4 ,0 5 6
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14

21.| A To » .

21

21. N ov.

14

791
$ 2 6 9 ,0 7 3
6 3 4 ,1 2 1
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B an ks.

A l l O th er
R e p o r t in g B a n k s .
N ov.

61
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5 8 ,6 4 1
1 2 ,2 2 9
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T o ta l.
N ov. 21.

N ov. 14.

M ag 23.

274
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3 7 6 ,9 0 8
1 6 6 ,6 3 8
5 6 0 ,9 8 7

178
$ 6 6 ,1 9 9
1 3 1 ,0 2 9
5 6 ,2 5 1
1 6 1 ,6 7 0

178
$ 6 6 ,1 9 9
1 3 0 ,5 7 8
5 7 ,6 0 4
1 6 5 ,1 7 8

339
$ 1 0 0 ,9 8 7
1 2 8 ,0 3 0
5 5 ,0 8 9
1 0 8 ,8 1 1

338
$ 1 0 1 ,0 1 4
1 2 7 ,4 5 3
5 6 ,8 2 5
1 0 9 ,2 9 4

$1191528 $1206317
8 4 5 ,7 6 4
8 3 6 ,4 3 6

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

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

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

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

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

791
$ 2 6 9 ,0 7 3
6 3 4 ,1 2 1
2 7 5 ,3 9 6
8 2 1 ,0 0 4

790
$ 2 6 8 ,9 9 7
6 3 4 ,9 3 9
2 8 1 ,0 6 7
8 3 5 ,4 5 9

773
$ 2 6 8 ,2 1 5
8 6 4 ,8 4 6
1 ,7 7 7 , 8 6 5

2 ,4 7 0 ,7 4 8
4 0 8 ,6 1 3
4 1 4 ,8 7 5
4 0 1 ,7 9 3
4 0 1 ,7 5 7 3 ,2 2 0 ,6 9 0 3 ,2 8 7 ,3 S 0
5 ,8 2 0 ,8 1 5 1 ,6 6 7 ,4 4 6 1 ,6 7 3 ,8 5 8 1 ,7 1 3 ,9 8 6 1 ,7 1 3 ,8 2 2 9 ,1 7 5 ,7 7 9
9 ,2 0 8 ,4 9 5 1 0 ,5 1 5 ,0 9 6
1 ,0 6 9 ,2 3 4
1 8 2 ,1 6 5
1 8 2 ,3 1 0
1 7 2 ,6 5 5
1 7 6 ,6 7 9
1 ,4 2 8 ,2 2 3
1 ,4 0 8 ,8 8 0
1 ,2 9 8 ,0 0 8
2 2 2 ,5 8 6
6 8 ,2 9 3
6 7 ,8 7 6
9 1 ,4 1 0
3 8 5 ,9 2 6
9 3 ,6 3 4
3 5 9 ,1 8 4
3 8 4 ,0 9 6
8 ,0 7 7 ,2 6 9 1 ,5 7 2 ,3 8 5 1 ,5 9 8 ,8 6 4 1 ,7 4 8 ,6 7 8 1 ,7 5 9 ,4 5 4
1 1 ,3 4 0 ,5 2 0 1 1 ,4 3 5 .5 8 7 1 0 ,3 7 0 ,7 4 7
1 ,1 5 0 ,2 4 9
6 0 0 ,0 3 9
6 0 0 ,5 5 3
5 4 4 ,2 0 0
5 4 2 ,3 3 7 2 ,2 8 7 ,8 9 7 2 ,2 9 3 ,1 3 9
1 ,7 1 5 , 5 4 2
2 3 8 ,4 2 1
2 1 ,0 9 8
2 4 ,4 6 6
2 3 ,9 5 9
2 5 ,5 4 8
2 3 1 ,7 0 1
2 8 S .4 3 5
6 2 7 ,8 9 7
7 1 3 ,2 5 3
2 2 5 ,7 1 8
2 1 5 ,1 6 8
1 3 3 ,7 6 7
1 4 1 ,8 5 4
1 ,0 5 4 ,5 3 2
1 ,2 2 6 ,9 8 6
1 ,0 7 0 ,2 7 5
5 1 7 ,2S1
9 0 ,1 6 5
9 0 ,1 0 7
6 6 ,0 2 4
6 7 ,7 4 8
6 7 9 ,5 4 6
6 7 5 ,1 3 6
2 2 5 ,9 5 3

1 8 .9

1 8 .S

1 8 .0

1 8 .1

1 5 .2

1 5 .3

1 8 .1

18.1

2 6 .2

T h e F e d e r a l R e s e r v e B a n k s . — F o llo w in g is t h e w e e k ly s t a t e m e n t is s u e d b y t h e F e d e r a l R e s e r v e B o a r d o n N o v . 2 8
I n c r e a s e d lo a n a c t i v i t y o f t h e F e d e r a l R e s e r v e b a n k s , t h r o u g h t h e d is 
G o v e r n m e n t d e p o s it s s h o w a d e c r e a s e o f 4 .6 m illio n s fo r th e w e e k , w h ile
c o u n t o f w a r p a p e r a n d o r d in a r y c o m m e r c ia l b ills , a c c o m p a n ie d b y a fu r m e m b e r s r e s e r v e d e p o s it s w e n t u p 6 .9 m illio n s ; a ll o t h e r d e p o s it s , in c l u d i n g
r e d u c t io n in g o l d r e s e r v e s a n d s u b s t a n t ia l a d d i t io n t o n o t e c ir c u l a t io n , is
fo r e ig n G o v e r n m e n t c r e d it s , in c r e a s e d 3 .3 m illio n s a n d t h e ‘ f l o a t ’ ’ c a r r ie d
i n d i c a t e d i n t h e F e d e r a l R e s e r v e B o a r d 's w e e k l y b a n k s t a t e m e n t i s s u e d a s
b y t h e b a n k s w a s a b o u t 3 7 m i l l i o n s le s s t h a n l a s t w e e k ’ s f i g u r e .
N et de
a s c lo s e o f b u s in e s s o n N o v . 2 8 1 9 1 9 .
p o s it s a c c o r d in g l y f ig u r e o u t 4 2 .6 m illio n s la r g e r t h a n f o r t h e p r e c e d in g
W a r p a p e r o n h a n d w e n t u p 6 2 .1 m il lio n s , o t h e r d i s c o u n t s 2 7 .4 m il lio n s ,
a n d a c c e p t a n c e s — 1 5 .6 m il lio n s .
T o t a l d is c o u n t s h e ld b y t h e C h ic a g o a n d
A r e d u c t i o n o f 2 5 .7 m i l l i o n s in g o l d r e s e r v e s is n o t e d , 6 . 5 m il lio n s o f t h e
S t . L o u is b a n k s in c lu d e 2 3 .5 m illio n s o f p a p e r d is c o u n t e d f o r o t h e r F e d e r a l
t o t a l d e c r e a s e r e p r e s e n t in g s a le s o f g o l d h e ld w it h t h e B a n k o f E n g l a n d .
R e s e r v e b a n k s , a s c o m p a r e d w it h 2 0 .4 m illio n s t h e w e e k b e fo r e
w h ile
T o t a l c a s h r e s e r v e s d e c lin e d 2 7 .3 m il lio n s .
F e d e ra l R e s e r v e n o te c ir c u 
t o t a l a c c e p t a n c e h o ld in g s o f 7 b a n k s w e r e in c l u s i v e o f 1 3 6 .9 m il lio n s o f a c 
la t i o n s h o w s a n e x p a n s io n f o r t h e w e e k o f 3 5 .1 m il lio n s .
A s a r e s u lt o f t h e
c e p ta n c e s p u rh ea sed fr o m N e w Y o r k a n d B o s to n R e s e rv e b a n k s .
T reasu ry
in c r e a s e s in d e p o s it a n d n o t e lia b ilit ie s a n d t h e d e c r e a s e in r e s e r v e s , t h e
c e r t ific a t e s o n h a n d w e n t u p 2 .7 m illio n s a n d t o t a l e a r n in g s a s s e ts a r e s h o w n
b a n k s - r e s e r v e r a t io n s h o w s a d e c lin e f o r t h e w e e k fr o m 4 6 .9 t o 4 5 .5 % .
1 0 7 .8
m illio n s la r g e r th a n t h e w e e k b e fo r e .

C o m b i n e d R e s o u r c e s a n d L i a b i l i t i e s of t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e of B u s i n e s s N o v . 2 8
N o v . 2 8 1 9 1 9 . N o v . 21 1 9 1 9 . N o v . 14 1 9 1 9 . N o v . 7
RESOURCES.

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

G o l d s e t t le m e n t f u n d , F . R . B o a r d ________

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

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

1 9 1 9 . O ct. 31

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

1 9 1 9 . O ct. 2 4

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

1 919.

1 9 1 9 . O ct. 1 7 1 9 1 9 . O ct. 10 1 9 1 9 . N o v . 2 9 1 9 1 8 .

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

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

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

$
3 7 0 .9 5 8 . 0 0 0
3 9 5 .2 9 2 .0 0 0
5 ,8 2 9 , 0 0 0

T o t a l g o l d h e ld b y b a n k s . ______ ________
8 1 1 .3 3 0 .0 0 0
8 3 4 .7 5 4 .0 0 0
8 3 4 .8 5 5 .0 0 0
8 0 1 .4 3 0 .0 0 0
8 2 8 .0 7 6 .0 0 0
8 4 6 .8 9 3 .0 0 0
8 2 0 ,0 6 4 ,0 0 0
8 5 0 ,5 1 2 ,0 0 0
7 7 2 ,0 5 9 ,0 0 0
G o l d w it h F e d e r a l R e s e r v e a g e n t s _________ 1 ,1 4 8 ,7 2 4 ,0 0 0 1 ,1 6 6 ,0 8 6 ,0 0 0 1 ,1 9 4 ,3 1 9 ,0 0 0
1 ,2 0 7 ,2 7 5 ,0 0 0 1 ,2 0 5 ,5 7 6 ,0 0 0 1 ,1 9 7 ,9 3 3 ,0 0 0 1 ,2 0 1 ,3 0 2 .0 0 0 1 ,1 8 6 ,6 9 7 ,0 0 0 1 ,2 1 6 ,5 4 1 .0 0 0
1 3 3 .5 8 7 .0 0 0
1 1 8 .4 7 5 .0 0 0
1 0 4 .0 8 6 .0 0 0
1 1 0 .8 6 0 .0 0 0
1 0 4 .3 4 8 .0 0 0
1 0 1 ,7 9 9 ,0 0 0
1 0 7 ,0 7 7 ,0 0 0
9 4 ,1 1 9 ,0 0 0
7 6 ,6 1 3 .0 0 0
T o t a l g o l d r e s e r v e s --------------------------------------- 2 ,0 9 3 ,6 4 1 ,0 0 0 2 .1 1 9 ,3 1 5 ,0 0 0 2 ,1 3 3 ,2 6 0 ,0 0 0
2 ,1 1 9 ,5 6 5 ,0 0 0 2 ,1 3 8 ,0 0 0 ,0 0 0 2 ,1 4 6 ,6 0 5 ,0 0 0 2 ,1 2 8 ,4 4 3 ,0 0 0 2 ,1 3 1 ,3 2 8 ,0 0 0 2 ,0 6 0 ,2 6 5 .0 0 0
L e g a l t e n d e r n o t e s , s ilv e r , A c ----------------------6 6 ,0 2 0 ,0 0 0
6 7 .6 5 7 ,0 0 0
6 6 ,8 4 6 ,0 0 0
6 7 ,8 0 4 ,0 0 0
6 7 ,5 9 2 ,0 0 0
6 7 ,9 5 6 ,0 0 0
7 0 ,7 4 2 ,0 0 0
7 0 .7 7 2 ,0 0 0
5 5 ,1 5 8 ,0 0 0
T o t a l r e s e r v e s ______________________________ 2 .1 5 9 .6 6 6 .0 0 0 2 .1 8 6 .9 7 2 .0 0 0 2 ,2 0 0 ,1 0 6 ,0 0 0
2 .1 8 7 .3 6 9 .0 0 0 2 .2 0 5 .5 9 2 .0 0 0 2 .2 1 4 .5 6 1 .0 0 0 2 .1 9 9 .1 8 5 .0 0 0 2 ,2 0 2 ,1 0 0 ,0 0 0 2 . 1 2 0 .3 7 3 . 0 0 0
B ills d i s c o u n t e d :
S e c u r e d b y G o v t , w a r o b l i g a t i o n s ........... 1 .7 3 6 .0 3 3 .0 0 0 1 .6 7 3 .8 9 0 .0 0 0 1 ,7 0 0 ,6 1 8 ,0 0 0
1 .7 7 1 .0 2 8 .0 0 0 1 .6 8 1 .0 8 2 .0 0 0 1 .6 6 6 .0 5 5 .0 0 0 1 .6 9 8 .8 8 5 .0 0 0 1 ,6 7 2 ,7 9 7 ,0 0 0 1 .4 1 2 .5 1 1 .0 0 0
A ll o t h e r ____________________________________
4 7 8 .1 7 6 .0 0 0
4 5 0 .7 4 7 .0 0 0
4 3 9 ,0 0 0 ,0 0 0
4 1 8 .4 6 1 .0 0 0
4 4 7 .4 6 5 .0 0 0
4 1 6 .0 8 4 .0 0 0
4 0 1 .0 5 8 .0 0 0
4 2 2 .8 4 2 .0 0 0
4 0 2 .6 8 4 .0 0 0
B ills b o u g h t in o p e n m a r k e t ..............................
4 9 5 .5 9 5 .0 0 0
4 8 0 .0 4 3 .0 0 0
4 5 5 ,6 5 3 ,0 0 0
4 3 3 .5 8 6 .0 0 0
3 9 4 .3 5 5 .0 0 0
3 6 8 .8 4 6 .0 0 0
3 2 6 .8 5 2 .0 0 0
3 4 2 .9 3 8 .0 0 0
3 7 5 .3 4 1 .0 0 0
T o t a l b il ls o n h a n d _________________________ 2 ,7 0 9 ,8 0 4 ,0 0 0 2 ,6 0 4 .6 8 0 ,0 0 0 2 ,5 9 5 ,2 7 1 ,0 0 0
2 .6 2 3 ,0 7 5 .0 0 0 2 ,5 2 2 ,9 0 2 ,0 0 0 2 ,4 5 0 ,9 8 5 ,0 0 0 2 ,4 6 4 .6 6 5 ,0 0 0 2 ,4 0 0 ,7 0 7 ,0 0 0 2 , 1 9 0 ,5 3 6 . 0 0 0
2 6 ,8 4 8 ,0 0 0
2 6 ,8 4 6 ,0 0 0
2 6 ,8 4 6 ,0 0 0
2 6 ,8 4 5 ,0 0 0
2 7 ,0 9 5 ,0 0 0
2 7 ,0 9 6 ,0 0 0
2 7 ,0 9 7 ,0 0 0
2 9 ,1 3 2 ,0 0 0
O . 8 . V i c t o r y N o t e s --------------------------------------5 7 ,0 0 0
5 7 ,0 0 0
7 9 ,0 0 0
8 4 ,0 0 0
8 4 ,0 0 0
8 6 ,0 0 0
8 7 ,0 0 0
1 3 3 ,0 0 0
U . S . c e r t if i c a t e s o f I n d e b t e d n e s s _________
2 8 8 ,0 3 2 ,0 0 0
2 8 5 ,3 4 1 ,0 0 0
2 7 8 ,5 3 8 ,0 0 0
2 7 3 ,1 9 9 ,0 0 0
2 7 4 .3 2 5 ,0 0 0
2 7 3 ,5 8 5 ,0 0 0
2 6 9 ,4 1 4 ,0 0 0
2 6 7 ,5 5 1 ,0 0 0
* 9 2 ,6 6 4 ,0 0 0
A ll o t h e r e a r n in g a s s e t s ______________________
2 7 ,0 0 0
T o t a l e a r n in g a s s e t s . . . ___________________ 3 .0 2 4 .7 4 1 .0 0 0 2 ,9 1 6 ,9 2 5 .0 0 0 2 ,9 0 0 ,7 3 4 ,0 0 0
2 ,9 2 3 ,2 0 4 ,0 0 0 2 ,8 2 4 ,1 5 6 ,0 0 0 2 ,7 5 1 .7 5 1 ,0 0 0 2 ,7 6 1 ,2 6 3 ,0 0 0 2 , 6 9 5 ,4 8 7 ,0 0 0
2 , 3 1 2 ,3 5 9 , 0 0 0
B a n k p r e m is e s ________________________________
1 2 ,8 7 8 ,0 0 0
1 2 ,2 7 8 ,0 0 0
1 2 ,2 6 6 ,0 0 0
1 2 ,2 2 2 ,0 0 0
1 3 ,3 5 7 ,0 0 0
1 3 .3 5 8 .0 0 0
1 3 ,3 3 6 ,0 0 0
1 3 .3 1 9 ,0 0 0
G o l d In t r a n s it o r In c u s t o d y in f o r e ig n
1 .0 1 3 .4 2 6 .0 0 0
U n c o l le c t e d I t e m s a n d

o th e r d e d u c tio n s

8 % r e d e in p f u n d a g s t . F . R . b a n k n o t e s
A ll o t h e r r e s o u r c e s ____________________________

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

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

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

4 6 ,3 5 5 ,0 0 0

4 6 .3 5 5 ,0 0 0

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

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

T o t a l r e s o u r c e s _____________________________ 6 .2 3 0 .0 4 1 .0 0 0 6 .1 3 7 .5 4 1 .0 0 0 6 .1 5 9 .7 6 0 .0 0 0
6 ,0 8 1 ,6 0 6 ,0 0 0 5 .9 3 9 .3 4 4 .0 0 0 5 .9 3 8 .6 3 0 .0 0 0 6 ,1 6 1 ,8 1 2 ,0 0 0
LIABILITIES.
C a p it a l p a id i n ___________________ ____________
8 7 .0 0 1 .0 0 0
8 6 .8 8 5 .0 0 0
8 6 .7 6 9 .0 0 0
8 6 .2 6 7 .0 0 0
8 6 .0 1 3 .0 0 0
8 5 .8 6 3 .0 0 0
8 5 .5 4 0 .0 0 0
S u r p lu s __________________________________________
8 1 .0 8 7 .0 0 0
8 1 .0 8 7 .0 0 0
• 8 1 ,0 8 7 ,0 0 0
8 1 .0 8 7 .0 0 0
8 1 .0 8 7 .0 0 0
8 1 .0 5 7 .0 0 0
8 1 .0 8 7 .0 0 0
G o v e r n m e n t d e p o s i t s _________________________
9 8 .1 5 7 .0 0 0
1 0 2 .8 0 5 .0 0 0
7 7 .9 1 2 .0 0 0
6 3 .6 8 7 .0 0 0
1 0 0 .4 6 5 .0 0 0
8 3 .9 8 4 .0 0 0
1 3 3 .6 3 9 .0 0 0
D u e t o m e m b e r s , r e s e r v e a c c o u n t _________ 1 .8 4 4 .4 3 4 .0 0 0 1 .8 3 7 .5 4 0 .0 0 0 1 .8 6 3 .3 7 9 .0 0 0
1 ,9 0 6 ,8 6 7 ,0 0 0 1 .8 3 3 .4 8 1 .0 0 0 1 .8 1 3 .5 6 3 .0 0 0 1 ,8 4 1 ,1 0 1 ,0 0 0
D e fe r r e d a v a i l a b i l i t y i t e m s _________________
8 6 1 ,4 3 6 ,0 0 0
8 1 1 .2 0 4 .0 0 0
8 4 2 ,0 4 7 ,0 0 0
7 3 9 ,3 8 4 ,0 0 0
6 9 3 .7 6 6 .0 0 0
7 3 3 ,2 2 7 ,0 0 0
8 8 2 .1 5 6 .0 0 0
O th e r d e p o s it s , ln c l. f o r . G o v t , c r e d i t s . .
9 8 .7 9 8 .0 0 0
9 5 .5 3 9 .0 0 0
9 8 .4 9 4 .0 0 0
9 7 .7 5 0 .0 0 0
9 7 .8 4 3 .0 0 0
9 8 .8 7 8 .0 0 0
1 0 1 .4 3 0 .0 0 0
T o t a l g r o s s d e p o s i t s _______________________ 2 .9 0 2 .8 2 5 .0 0 0 2 .8 4 7 .0 8 8 .0 0 0 2 .8 8 1 .8 3 2 .0 0 0
2 .8 0 7 .6 8 8 .0 0 0 2 .7 2 5 .5 5 5 .0 0 0 2 .7 2 9 .6 5 2 .0 0 0 2 .9 5 8 .3 2 6 .0 0 0
F . R . n o t e s in a c t u a l c i r c u l a t i o n __________ 2 .8 5 2 .2 7 7 .0 0 0 2 .8 1 7 .1 7 3 .0 0 0 2 .8 0 8 .4 5 6 .0 0 0
2 .8 0 6 .7 5 9 .0 0 0 2 .7 5 2 .5 7 6 .0 0 0 2 .7 5 3 .4 5 7 .0 0 0 2 .7 5 2 .5 6 9 .0 0 0
j r . R . b a n k n o t e s In c ir c u l a t io n — n e t l i a b .
2 5 6 ,7 9 3 ,0 0 0
2 5 7 ,6 8 0 ,0 0 0
2 5 7 ,2 8 1 ,0 0 0
2 5 7 ,5 7 2 ,0 0 0
2 5 4 ,9 3 3 .0 0 0
2 5 1 ,5 9 0 ,0 0 0
2 4 9 .6 7 5 ,0 0 0
A ll o t h e r l i a b i l i t i e s ___________________________
5 0 ,0 5 8 ,0 0 0
4 7 ,6 2 8 ,0 0 0
4 4 ,3 3 5 ,0 0 0
4 2 ,2 3 3 ,0 0 0
3 8 ,8 8 0 ,0 0 0
3 6 ,9 8 1 ,0 0 0
3 4 ,6 1 5 .0 0 0

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

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

6 .0 8 1 .6 0 B .n O O l5 .9 3 9 ,3 4 4 ,0 0 0 '5 .9 3 8 .6 3 0 ,0 0 0 6 .1 6 1 .8 1 2 ,0 0 0 1 5 ,8 3 2 ,0 4 9 ,0 0 0 5 , 1 9 4 ,9 8 8 , 0 0 0
• I n c lu d e s O n e - Y e a r T r e a s u r y




N o te s.

2150

THE CHRONICLE

[V ol . 109.

Nov. 28 1919. Nov. 21 1919. Nov. 14 1919. Nov. 7 1919. Oct. 31 1919. Oct. 24 1919. Oct. 17 1910. Oct. 10 1919. Nov. 29 1918.
Ratio of gold reserves to net deposit and
Ratio of total reserves to net deposit and
Ratio of total reserves to F. R . notes In
circulation after setting aside 35%
against net deposit liabilities-------------

44.2%

45.4%

45.7%

45.3%

46.3%

47.0%

46.1%

47.0%

51.7%

45.5%

46.9%

47.1%

46.8%

47.9%

48.7%

48.3%

49.1%

50.0%

55.2%

54.6%

56.6%

57.6%

57.1%

58.1%

59.8%

52.5%

54.7%

$
S
$
$
S
$
95,228,000 \1 305 634 000
95,063,000
88.601,000
76,671,000
83,577,000
94,230,000 102,431,000
89,003,000
1-15 days bills bought in open market..
1,582,690,000 1,518,169,000 1,568,739,000 1,723,833,000 1,770,521,00:’. 1,721,280,000 1,777,863,000 1,756,690,000
14,156,000 ^ 8,895,000
32,290,000
31,814,000
21,066,000
20,067,000
21,760,000
27,614,000
30,235,000
1-15 daysTJ. S. certif. of Indebtedness..
5,000
1-15 days municipal warrants--------------59,443,000
60.772.000 1 225,900,000
99,432,000
90,740,000
79,954,000
91,471,000
87,971,000
85,690,000
16-30 days bills bought in open market..
77.632.000
109,132,000
115,589,000
119,955,000 103,418,000
135,642,000 122,628,000 149,456,000
4,999,000
15,500,000 J 1,188,000
6,499,000
3,000,000
10,998,000
15,681,000
12,499,000
13,012,000
16-30 days U. S. cortif. of indebtedness..
10,000
16-30 days municipal warrants__________
l 470,666,000
131.462.000
129.176.000
124.124.000
176,945.003
159.536.000
186,021,000
180.666,000
201.297,006
31-60 days bills bought in open market. .
167.147.000
162.437.000
143.163.000
144,585,000
143.943.000
293,789,000 273,145,000 184,578,000
13,497,000 ^ 9,220,000
18,227,000
25.762,000
22,507,000
23,497,000
18,299,000
22.343.000
14,158,000
31-60 daysTJ. S. certif. of Indebtedness..
4,000
31-60 days municipal warrants......... ........
56.248.000
41,144,666 1 165,185,000
76.167.000
81,085,000
80,461,000
60.502.000
117.339.000 111,821,000
61-90 days bills bought In open market. .
64,444,000
63.495.000
91.868.000
99.017.000
192,744,000
220,029.000
186,561,000
183.448.000
1,086,000
24,177,000
19,769,000
14,875,000
5,517,000
9,054,000
6,715,000
12,655.000
17,324,000
61-90 days U. S. certif. of Indebtedness..
5,000
61-90 days municipal warrants__________
\
23,151,000
522,666
722,000
77,000
2,226,000
Over 90 days bills bought in open market
7,942,000
8,800,000
10,239,000
17,951,000
14,555,000
16,816,000
11,648,000
18.640,000
198,134,000 194,129,000 200,221,000 ^ 72,275,000
213,303,000 214,693,000 215,221,000 213,111,000 211,607,000
Over uo aays certif. of indebtedness____
3,000
Over 90 days municipal warrants______
Federal Resene Notes—
2,773*043,000
2,949,244,000
2,970,132,000
2,980,610,000
3,031,492,000
3,036,690,000
3,000,867,000
2,958,709,000
3,059,652,000
207,375,000 214,319.000 228,234,000 194,108,000 205,824,000 227,153,000 217,563,000 207,560,000
Held by banks__________________________

S

Distribution by Maturities—

Fed. Res. Notes (Agents Accounts)—
Received from the Comptroller.................
Returned to the Comptroller____________
Amount chargeable to Fed. Res. agent
In hands of Federal Reserve Agent---------Issued to Federal Reserve banks______

How Secured—

with Federal Reserve Board____________

S

S

2,568,676,000
2,852,277,000 2,817,173,000 2,808,456.000 2,806,759,000 2,752,876,000 2,753,457,000 2,752,569,000 2,741,684,000
3,692,060,000
5.810.500.000 5.774.280.000 5.746.280.000 5.665.380.000 5.620.180.000 5.577.160.000 5.511.620.000 5.461.940.000 603,417,000
2.379.085.000 2.350.935.000 2.314.968.000 2.281.864.000 2.241.892.000 2.187.243.000 2.154.160.000 2.122.288.000
3,088,643,000
3,431,415,000 3,423,345,000 3,431,312,000 3,383,516,000 3,378,288,000 3,389,917,000 3,357,460,000 3,339,652,000 315,600.000
371,763,000 391,853,000 394,622,000 382,649,000 419,588,000 409,307,000 387,328,000 390,408,000
2,773,043,000
3,059,652,000 3,031,492,000 3,036,690,000 3,000,867,000 2,958,700,000 2,980,610,000 2,970,132,000 2,949,244,000
212,627,000
236,248,000 236,248,000 238,248,000 238,248,000 242,249,000 242,248,000 242,248,000 244,248,000
1,556,
SOL 000
1,910,928,000 1,865,406,000 1,842,371,000 1,793,592,000 1,753,124,000 1,782,677,000 1,768,830,000 1,762,547*666
88,108,000
91,949,000
93,368,000
83,663,000
90,999,000
99,461,000
98,821,000
105,267,000
813,015,000 831,017,000 850,804,000 875,659,000 242,249,000 864,686,000 867,105,000 854,341,000

2,949,244,000 2,773,043,000
Total............................................................. 3,059,652,000 3,031,492,000 3,036,690,000 3,000,867,000 2,958,700,000 2,980,610,000 2,970,132,000
2,312,574,000 2.114,588,000
2,371,047.000
2.618.530,000
2.509.360.000
2,530,781.000
2,519.660.000
2.366.882.000
2.427.125,000
Eligible per delivered to F. R . Agent-----W
E K L YI S
AT
WELLIVL
MT A
I E M E N T1 O
UrF R E S O U R C E S A N D L I A B I L I T I E S O F E A C H O F T H E 12 F E D E R A L R E S E R V E B A N K S A T C L O S E O F B U S N E S S N O V . 2 8 I 9 1 9 _

Two ciphers (00) omitted.

Boston. New York.

Phila.

S
RESOURCES.
8.644.0
Gold coin and certificates...........
Gold Settlement Fund, F. R. B’d 42,327,0
9.906.0
Gold with Foreign Agencies------

$
S
$
S
137.374.0 1,241,0 21.797.0 2.303.0
115.902.0 25.939.0 23.996.0 31,355,0
49,800,0 10.856.0 11.127.0 6.649.0

Total gold held by banks.......... 60.877.0
Gold with Federal Reserve agents 62.090.0
Gold redemption fund_________ 26.854.0

303.076.0 38.036.0 56,920,0 40.307.0
282.877.0 78.522.0 105,502,0 46.923.0
25,000,0 11.664.0 1,531,0 12.440.0

149,821,0
4)550,0

610,953,0 128,222,0 163,953,0 99,670,0
837,0
477,0
211,0
49,586,0

Legal tender notes, silver, &c-----

154,371,0
Bills discounted: Secured by Gov
ernment war obligations (a) - 126,192,0
39,236,0
Bills bought In open market (b ). 33,348,0
Total billsonhand................. 198,776,0
539,0
U. S. Government Victory bonds
U. S. certificates of Indebtedness 22,562,0

Total.
Chicago. St. Louis. Minr.eap. Kan.City. Dallas. San Fran
$
S
S
S
%
S
S
$
235.348.0
130,0 6.615.0 13.366.0 440.286.0
8.136.0 24.150.0 3.312.0 8,280,0
27.740.0
19,555,0
22,662,0 58.766.0 15,740,0 11,956,0 44,348,0
4.885.0 16.148.0 6.378.0 3,664,0 6,513,0 3.528.0 6.242,0 135.696.0
811.330.0
35.683.0 99.064.0 25,430 0 23.900.0 50.991.0 29.698.0 47.348.0 1,148,724.0
53.553.0 247,491,0 69,100,0 34.354.0 38.917.0 24.996.0 104,399,0 133.587.0
10.733.0
3,461,0
6,896,0 20.927.0 6,418,0 2,379,0 5,284,0
96,132,0 367,482,0 100,948,0 60,633,0 95,192,0 58,155,0 162,480,0 2,093,641,0
06,025,0
199,0
1,217,0 2,389,0 4,8000 . 73,0
311,0 1,375,0
97,349,0 369,871,0 105,748,0 60,706,0 95,503,0 59,530,0 162,679,0 2,159,666,0

Cleveland. Richmond Atlanta.

660,539,0 128,699,0 164,790,0 99,881,0
753.834.0 185,583.0 130,272,0 83.560.0 65.630.0 176,503,0 49.151.0 30.999.0 47.750.0 29.681.0 56.878.0 1,736,033,0
107.068.0 12,684,0 32,966,0 14.340.0 36.541.0 88,956,0 24.150.0 29.455.0 47.531.0 15.507.0 29.742.0 478,176,0
97,021,0 3,135,0 64,694,0 11,810,0 11,912,0 99,923,0 33,638,0 20,183,0 10,305,0 12,803,0 96.823.0
957,923,0 201.402,0 227,932,0 109,710,0 114,083,0 365,382,0 106,939,0 80,637,0 105,586,0 57,991,0 183,443,0 2,709,804,0
28,848,0
375,0 4,477,0 1,153,0
116,0 8,868,0 3,966,0 2,633,0
844,0 1,235,0
1,257,0 1,385,0
57,0
—
—
—
4,0
—
_____
_____
_____
■ 3,0
50,0
77,684,0 31,471,0 25,883,0 11,860,0 15,665,0 40,236,0 17,366,0 8,380,0 14,820,0 11,225,0 10,880,0 288,032,0

410,095,0 125,458,0 89,136,0
221,877,0 1,036,914,0 234,258,0 254,659,0 122,805,0 130,127,0
503,0 2,936,0
691,0
600,0
491,0
889,0
500,0
3,994,0
1,078,0
Gold In transit or In custody In
..........
_____
_____
..........
.........
..........
........Foreign Countries_________
Uncollected Items and other de
70,776,0 22,968,0
ductions from gross deposits. . 78,835,0 249,903,0 88,495,0 78,112,0 85,648,0 41,665,0 111,150,0
6% redemption fund against
206,0
1.856.0
390.0
822,0
696.0
1,112,0
1,450,0
2.896.0
1,072,0
Federal Reserve bank notes . .
227.0
147,0
180,0 1.087.0
751.0
697,0
281,0
1.340.0
317,0
All other resources_______ ____
173,763,0
303,220,0
396,995,0
270,646,0
310,272,0
500,259,0
Total resources_____________ 457,550,0 1.995.586,0 453,683,0
LIABILITIES.
22,448,0 7,873,0 9,469,0 4,386,0 3,406,0 12.308.0 4,057,0 3.060.0
7,103,0
2.320.0
32,922,0 5,311,0 5,860,0 3,800,0 2.805.0 9.710.0
5,206,0
37.272.0 7.015.0 2.470.0 5.318.0 4.025.0 6.971.0 9.499.0 3.238.0
Government deposits_______ _ 12.692.0
246,855,0
50.508.0
62,016,0
52.853.0
66.273.0
132,861,0
Due to members, reserve account 108,254,0 787.739.0 81.472.0
91.131.0 62,591,0 19.199.0
Deferred availability Items_____ 72.753.0 188.922.0 90.160.0 67,506,0 71.595.0 39.575.0
44.055.0 6.976.0 6.019.0 3.594.0 2.706.0 9.659.0 3.747.0 2.156.0
All other deposits....................... 5,942,0
Total gross deposits_________ 199.641.0 1,057,998,0 185.623.0
F. R. notes in actual circulation. 220.828.0 767,398,0 223.051.0
56,150,0 27,938,0
F. R. bank notes In circulation 21,169,0
18,670,0 3,887,0
All other liabilities...... ................ 3,603,0

129,274,0 73,182,0 196,956,0 3,024,741,0
12,878,0
400,0
402,0
394,0
.........
..........
.......... .............
77,448,0 60,341,0 48,085,0 1,013,426,0
559.0
269.0

957.0
505.0

655.0
858.0

12,671,0
6,659,0

304,089,0 194,275,0 409,633,0 6,230,041,0

87,001,0
3.996.0 3,437,0 5,458,0
3.957.0
3.043.0 2.564.0 4.050.0
84.455.0 59.486.0 111,662,0 1,844,434,0
82.163.0 43.298.0 32,543 0 861,436 0
98,798,0
3.637.0 2.985.0 7.312.0
208.856.0 146.780.0 99.159.0 354.616.0 137,853,« 75.101.0 173.298.0 108,333,0 155.567.0 2.902.825.0
251.011.0 141.556.0 148,567,0 475.062.0 141,009.0 83.784.0 101.749.0 69,176,0 229.086.0 2.852.277.0
21,490,0 11,702,0 14.703.0 39,594,0 15,996,0 8,006,0 18,688,0 9.992.0 11,365,0 256,793,0
3,573,0 2,048,0 2,006,0 5,705,0 1,786,0 1,492,0 2,401,0 1.308.0 3,579,0

6,230,041,0
Total liabilities...................... . 457,550.0 1,995,586,0 453,683,0 500,259,0 310,272,0 270,646,0 896,995,0 303,220,0 173,763,0 304,089,0 194,275,0 109.633,0
Memoranda—Contingent llaoility as endors er on:
Discounted paper rediscounted
23,500,0
23,500,0
Bankers’ acceptances sold to
40,474,0
_____
..........
..........
..........
_____
_____
..........
.
.
.
.
.
.
40,474,0
Includes oills discounted for
23.500.0
19.500.0
4,000,0
.
.
.
.
.
.
.
.
.
.
.
.
..........
..........
other F. R. banks, v iz .._____
..........
)Includes bankers’ acceptances bought fr om other F. R. banks:
40.474.0
15.210.0 15.118.0
5.066.0
5,080,0
With their endorsement_____
96,440.0
33.161.0 13.446.0
—
23.269,0
—
—
......... 10,005,0 5.012.0 11,547,6
Without their endorsement...
S T1A
M
O Fr F
TIE N T1 w
r E D E R A L R E S E R V E A G E N T S A C C O U N T S A T C L O S E O F B U S IN E S S N O V . 28 1919.
^
/VT1EE/1

Two ciphers (00) omitted.

Boston. New York.

Phila.

Cleveland. Richmond Atlanta.

Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.

Total.

S
S
S
S
S
$
S
J
S
5
$
S
Federal Reserve notes:
S
289,000,0 797.880.0 286,280,0
196,160,0 131,740,0 382.120.0 5.810.500.0
Received from Comptroller___ 458.800.0 1,884,860,0 492.780.0 451.760.0 292.640.0 86,928,0 269.734.0 105,906,0 146,480,0
2.379.085.0
117.397.0
46,314,0
52,820,0
82,407,0
122.843.0
Returned to Comptroller-------- 182.324.0 918,011,0 230.970.0 163.431.0
85.426.0 264,723,0 3,431,415,0
202,072,0 528,146,0 180,374,0
Chargeable to F. R . Agent------ 276,476,0 966,849,0 261,810,0 288,329.0 169,797,0 48,865,0 28,360,0 18,880,0 93,660,0 113,753,0 12.990.0
4,150,0 371,763,0
6,310,0
8,110,0
121,000,0 27,980,0 23,820,0 23,018,0
In hands of F. R . Agent---------- 48,280,0
Issued to F. R . bank, less amt.
returned to F. R . Agent for
228.196.0
redemption:
Collat'l security for outst’g notes:
Gold coin and ctfs. on hand___
Gold redemption fund----------- 13‘ ,"090*6
Gold Set’m’ t Fund, F. R . B ’d. 49,000,0
Ellgible paper, min'm required 166.105.0

24.125.0
183.740.0
14,137,0 15,133*6 16.377.0
85,000,0 63,389,0 65,000,0
562.972.0 155.308.0 159.007.0

-y&T o ta l..........................................

845.849.0 233.830.0 264.509.0 146,779,0 153,207,0 499.786.0 161,494,0
2.500.0
4,000,0
9,347*6
3,169,0
**9*23*6 4.053.0
46,000,0 47,000,0 238.144.0 61.931.0
99,856,0 99,654,0 252.295.0 92.394.0

85.550.0 107,443,0
13.052.0
1,502,0
19.800.0
51.196.0

72.436.0 260.573.0 3.059.652.0

236.248.0
8.831.0
99,461,0
2*.*5*57*6 4.681.0 14,492*6
36.360.0 11.484.0 89,907,0 813.015.0
68.526.0 47.440.0 156.174.0 1.910.928.0

228,196,0
Amount of eligible paper deliv
ered to F. R. Agent----------------- 198.776.0
F. R . notes outstanding_________ 228.196.0
7,368,0
F. R . notes held by bank_______

845,849,0 233,830.0 264,509,0 146,779,0 153,207,0 499,786,0 161,494,0

85,550,0 107,443,0

72,436,0 260,673.0 3,059,652,0

956.361.0 159.400.0 227.862.0 100.780.0 102.356.0 364.958.0 106.739.0
845.849.0 233.830.0 264.509.0 146.779.0 153.207.0 499.786.0 161.494.0
4,640,0 24,724,0 20,485,0
5,223,0
78,451.0 10,779,0 13,498,0

66.115.0 105.586.0
85.550.0 107.443.0
5,694,0
1,766,0

57.991.0 171.606.0 2.618.530.0
72.436.0 260.573.0 3.059.652.0
3,260,0 31,487,0 207,375,0

n^R.^notes In actual circulation. 220.828.0

767.398.0 223.051.0 251.011.0 141,556.0 148,567.0 475.062 0 141.009.0

83,784.0 101,749.0

69.176.0 229.086.0 2,852,277,0




D ec . G 1919.]

THE CHRONICLE

Ip a tx k e rs'

D A IL Y TRANSACTIONS AT TH E B O S T O N , P H I L A D E L P H I A
BALTIM ORE E X C H A N G E S .

(G a ze tte .

Wall Street, Friday Night, Dec. 5 1919.
R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— Notwithstanding
the fact that the Federal Reserve Bank’s statement showed
the smallest percentage of reserve yet reported by that in
stitution— that the President’s message to Congress was
generally disappointing— that the Mexican situation seems
to have steadily grown more acute— and that the coal strike
shows no sign of a settlement, sentiment in W all Street has
been almost wholly of a cheerful, hopeful type, if one may take
the trend of prices at the Stock Exchange as a criterion.
The lowest prices of the week were in practically every case
recorded on M onday, since which they have day by day
reached a little higher level.
In to-day’s market Southern Pacific shares were the con
spicuous feature. A t the opening they sold nearly 14 points
above yesterday’s closing price, an official announcement
that the Government has discontinued its action against the
Company for recovery of a part of the oil lands involved
in the litigation. Sympathetically Texas & Pacific advanced
nearly 2 points, all the active railway issues were strong and
the list as a whole has advanced an average of about 3 points
within the week.
M any industrial stocks have, however, covered a wider
range, including General M o to r’s 21 points, M e x. P e t.’s
20 , Cruc. Steel’s 23, A m . Tobacco’s 11)^ and A t. Gulf &
W . I. and U . S. Ind. Alcohol 10. U . S. Steel closes 314
points higher than it sold on M onday.
The following sales have occurred this week of shares not
represented in our detailed list on the pahes which follow:
STOCKS.

Week ending Dec. 5.

Sales
for

Range for Week.
.

Lowest.

s S per share.

Par

Range since Jan. 1.

Highest.

Lowest.

1
2
3
2
5
2

2
2
2
5
2

A

3
5

%
A
A
A

Highest.

$ per share. $ per share S per share.

160
Dec : 160
Dec 3 156
A lb a n y & S u s q u e h a n .100
) 89
Dec < 89
Dec 4 85
A m B rake S h oe & F . .1 0 0
91 >4 Dec
91)4 Dec 5 76 A
A m erican E x p re ss___ 100
80
Dec i 80
A m er S n u ff p r e f_____ 100
Dec 1 80
: 55
Dec ] 55
Dec
A m T e le g & C a b le ___100
55
] 9
Dec
9
Dec
A n n A r b o r ....................100
1
105
Nov 29 105)4 Nov 29 102
B a ld w in L o c o m o pref 100
94
Dec
101
Dec
B a rn et L ea th er..................
94
94
Dec
P referred ______________
94
Dec
91
52 .Dec
52
Dec
B u ffa lo R o c h A P it t s . 100
52
B u ff & Susq v t c e x t d . .
70
Dec
70
Dec
68
•Callf P a ck in g p r e f___ 100
120
Nov 26 120
Nov 29 109
•Central o f N J _______100
175
Nov 2!. 175
Nov 29 170
C h ic a g o & A lt o n ____ 100
7 A Dec
7)4 Dec
7H
6
Deo 6 7
C h ic & E 111 pref tr c tfs
Nov 29
6
I
Dec 5 1 Dec
C o n so l T ex tile r ig h t s ..
1
51
Nov 29 51
C rex C a r p e t . . . .......... 100
Nov 29 48
D e tr o it U nited R y . . . 100
100
Dec 3 100
Dec 3! 80
4 A Dec 1 4A Nov 29 2%
D u lu th S S & AtlantlclO O
137
Dec 3 137
E lec Storage B a tt e r y . 100
Dec 3 55
Fisher B o d y p re f____ 100
101
Dec 1 101
Dec 1 91
•General C h e m ica l___100
195
Dec 1 195
Dec 1
P referred___________ 100
101
Dec 5 101
Dec 5 101
G e n C igar d eb en pref 100
93
Dec £ 94
Dec 4; 93
G ra y & D a v is I n c ____ 25
48
Nov 29 49)4 Dec 3 48
H om esta k e M in in g .. 100
76
Dec
76
Dec 2 60
In tern at N ick el p r e f. 100
92
Dec
93
Dec 1 90
In tern ation al S a l t . . . 100
65
Dec
70
Dec 3 53
Isla nd Creek C o a l_____ 1
44
Dec 5 44 A Dec 5 44 A
K a y ser (Julius) & C o 100
115
Dec
115
Dec 1 105
K elsey W heel p r e f . . .1 0 0
98)4 Dec 2 98)4 Dec 2 89
L oose W iles 1st p r e f. 100
99)4 Dec 4 100
Dec 3 94
M a x w ell M o t ctfs ot dop
35)4 Dec
39
Dec 5 35
1st pref ctfs o t d e p ._
64
Dec
67
Dec 5 64
2d pref c tfs o f d e p ____
30
Dec 1 33
Dec 5 30
M St P & S S M p r e f. 100
94
Dec S 94
Dec 3 94
M o n ta n a P ow er p r e f. 100
100
Dec 5 100
Dec 5 100
M orris & E ssex _______s o
70 A Dec 2 70
Dec 2 7 A
N a t lty s M e x 1st pref 100
12 >4 Dee
12)4 Dec 5 12
N Y L a ck & W estern .1 0 0
89
Dec
89
Dec 5 92
N orfo lk & W est p r o f. 100
3C0 67
Dec
Dec
67
P a n -A m P et & T rights
11,200
A Dec
A Dec 3
P a n -A m P & T p r e f . . 100
100 183 % Dec
183)4 Dec
117
Parish & B in g h a m .n o par 1.700 42 Vs Nov 2! 44
Dec 4 42
Peoria & E a stern ____ 100
100 13 A Dec
13)4 Dee
P itts Steel p r o f . .......... 100
100 92)4 Dec
92)4 Dec
R o y a l D u tch A m shares.
100 102 Dec A 102 Dec 4 90
70
Sears, R o e b u ck p r e f. 100
700 117
Dec
117)4 Dee
U51s
S o P o r to R ic o S u g a r. 10C
200 218 • Dec
219)4 Nov 29
Stand ard M illin g rig h ts.
100 6)4 Nov 29 6)4 Nov 29 132
6%
S tu d cb a k er rig h ts_______ 13,000
1A Dec 1 3 Dec 4 1
T e x a s C o rig h ts.......... ....... 8.700 5 9 ^ Nov 2! 65)4 Dec
59 A
U n C ig Stores p r e f___ 100
100 U0 A Nov 2! HO A Nov 29 06
V u lca n D etin n ln g pref 1001 300 88
Dec 3| 90
Dec i
40

May
Nov
Sept
Dee
Dec
Api
Jan
Dec
Oct
Dec
Sept

185
97
103
99
63
13

14
%

1
1

£ A
£
1
1 68)4
£
1

l

H
%
£ %
%
1 4%
A
1 H

1

A

5
5

Mar
July
May
Jan
May
Nov
June
Dec
Nov
Feb
June
Oct
Aug
May
July
Dec
July
May
July
Dec
Oct
Nov
Feb
Aug
Nov
Feb
May
Dec
Dec
Apr
Oct
June
Nov
Nov
Nov
May
Feb
May
Oct
Aug
July
Oct
Oct
Nov
July
May
July
May
Oct
Oct
Nov
Nov
Aug
$Oc

A

111 A

101
95

72 A
78

Mai 120 A

Sept 213

Jai 12 A

Dec
Dec
Mar
Feb
Feb
Feb
Feb

1713
1
79
105
613
137
110K
203
Nov 108
bee 101
Nov 5313
Oct 100
Oct 9713
Feb 70
Dec 44 A
Apr 130
Jan 10013
Jan 1061s
Dec 43
Dec 6913
Dec 3513
Dec 1091s
Nov 10613
Jan 72
Dec 19
Aug 92 A
Nov 26
Nov
313
Jan 225
Nov 4713
Mar 20
Jan 9913
Jan 12013
Nov- 120
Jan 257
Nov 14
Dec
413
Nov 70
F el 122
Jar 95

Y%
%

2
2
2
1

*' *-J■* XWJ.WV OICJUK.

D A IL Y , W E E K L Y A N D Y E A R L Y .

Week ending
Dec. 5 1919.
Saturday__________
Monday....................
Thursday................
F riday_____ _____ _
Total....................

Stocks.
Shares.

Par Value.

Railroad,
<kc.,
Bonds.

728,200
1,119,275
843,912
814,202
1,079,100
1,030,866

$63,918,500
99,678,000
75.373.600
72.096,200
97,247,500
93.852.600

SI,787,000
3,303,000i
4,000,000
4.339.000
4,507,000)
5.159.000

5,615.555 $602,166,400

Sales at
Ne’j>York Slock
Exchange.

S23.095.000

Week ending Dec. 5.
1919.

1918.

State, Mun.
& Foreign
Bonds.

United
States
Bonds.

$725,000 $10,345,000
1,546,000 15.950.000
1,046,000 24.165.000
982,000 16.710.000
1,044,000 19.613.000
1,239,000 15,430,250
$6,582,000 $105213250

Jan. 1 to Dec. 5.
1919.

1918.

Stocks— No. shares___
5,615,555
2,408,385
296,822,497
134,336,196
Par value.................... $502,166,400 $221,878,600 $27,065,444,330 $12,554,772,915
Bank shares, par_____
$200
$47,200
319,900

Bonds.

Government bonds___ $105,213,250
6,582,000
State, mun., A c., bonds
RR. and mlsc. bonds..
23,095,000
Total bonds_______

$134,890,250




$49,648,000
7.167.000
9.879.000

2151

S2,473,588,050
258,442,500
522,315,000

S I,171,879,000
256.544.000
320.425.000

S66.694.0001 $3,254,345,550

$1,748,848,000

Week ending
Dec. 5 1919.
Saturday
Monday_____
Tueslay_____
Wednesday_____
Thursday____ ____
F rid ay____
Total_______

Boston.

Philadelphia.

A N D

Baltimore.

Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
20,480
28,586
34,555
35,607
26,305
24,435

$35,700
63,850
208,900
65,900
81,100
19,000

6,917
9,586
11,114
12,489
10,851
11,583

$62,500
31,900
17,700
48,600
156,700
94,000

2,553
6,309
5,213
3,909
3,786
6,801

$38,700
25.500
55,600
72.500
53.000
17.000

169,9681 $474,450

62,540

$411,400

28,571

$262,300

S t a te a n d R a ilr o a d B o n d s .— N o sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds has been
overshadowed by the enormously heavy movement of Liberty
Loan issues. The former have been very irregular. South
ern Pacifies advanced to-day over 7 points in sympathy with
the shares. The local tractions have been in demand and
decidedly strong on reports that maturing interest will be
taken care of. Atchisons’ , Union Pacifies, Rubbers and
Steels have been strong, while Burlingtons, St. Pauls, B alt.
& Ohios and New York Centrals have shown a tendency to
weakness.
U n it e d S t a te s B o n d s .— Sales of Government bonds at
the Board are limited to unusually heavy transactions in the
various Liberty Loans, some of which have sold down to
new low records.
Dally Record of Liberty Loan Prices. Aroc.29 bee. 1 bee. 2 Dec. 3 \dcc. 4 Dec. 5.
1
( High
3) 3s, 15-30 year, 1932-47 { Low
_
[Close
Total sales In SI,000 units.........
S econ d L ib e rty L o a n
( Hig
4s, 10-25 yearconv, 1942 (Low
_
i Close
Total sales In SI,000 u n its...
Se co n d L ib e rty L o a n
f Hig]
48, convertible, 1932-47
<Low
,
[ Close
Total sales In $1,000 units.
T h ir d L ib e rty L o a n
I High
433s of 1928
{Low
„
.
(Close
Total sales In $1,000 units______
T h ir d L ib e r ty L o a n
f Higl"
4) 3 s of 1st L L conv,'32-'47{ Low.
_
(Close
Total sales in $1,000 units.
T h ir d L ib e r ty L o a n
f High
4)38 of 2d L Lconv,'27-’42(Low_
[Close
Total sales In $1,000 units.
F o u r th L ib e rty L o a n
High
F ir s t L ib e rty L o a n

4 )3 8 o f 1 9 3 3 -3 8

{Lo w .

(Close
Total sales in SI,000 units.
F o u r th L ib e rty L o a n
[ High
4)3s,lst LL 2d conv,’32-47< Low
_
iciose
Total sales in $1,000 units............
V ic to ry L ib e rty L o a n
(High
4 sconv gold notes,’22-23{Low.
l Close
Total sales In $1,000 units............
V ic to ry L ib e rty L o a n
f High
3)3S,conv gold notes, ’22-23 {Low.
[Close
Total sales in $1,000 units______

H
„

99.98
99.86
99.9C
640
91.5C
91.06
91.2C
305
93.9C
93.96
93.9C
4C
93.8C
93.58
93.8C
2,090
94.5C
94.16
94.2(1
92
92.04
91.48
91.98
710
91.94
91.40
91.94
2,000
100.96
100.96
100.96
1
99.04
99.00
99.04
1,660
99.04
99.00
99.02
910

99.941
99.82
99.82
427
92.0(
91.3C
91.4C
42C
94. U
93.8C
93.8t
275
94.28
93.98
94.1C
2,519
94.2C
94.1C
94.16
29
92.36
91.80
91.92
2,290
92.24
91.80
91.90
7,139

___
___
___
___

99.04
98.86
98.96
1,828
99.02
98.84
98.98
4,005

99.861
99.60
99.66 j
831
91.6C
91.3C
91.4C
511
94.06
93.7C
93.7C
82
94.12
93.91
93.96
4,995
94.21
93.7C
93.9C
108
92.10
91.84
91.94
4,892
91.96
91.70
91.74
9,460
100.96
100.96
100.96
1
99.02
98.92
99.00
2,247
98.98
98.94
98.98
999

99.78
99.6C
99.7C
768
91.80
91.50
91.76
346
93.70
93.70
93.70
38
94.12
93.92
94.02
2,669
94.20
93.90
94.00
116
92.14
91.84
92.10
3,292
92.26
91.80
92.26
5,636

99.02
98.96
99.00
2,368
99.00
98.96
98.98
1,125

99.78
99.80
99.6C
99.60
99.70
99.68
388
399
92.30
92.20
91.60
91.90
92.14
92.30
266
570
94.00
94.10
93.94
94.00
93.94
94.00
37
70
94.90
94.50
94.IS
94.20
94.46
94.48
3,981
3,355
94.30
94.3S
94.10
94.30
94.20
94.30
65
118
92.90
92.60
92.40
92.20
92.55
92.62
3,056
3,863
93.74
93.20
92.40
92.30
92.68
92.62
6,446
5,193
101.00 100.96
101.00 100.96
101.00 100.96
18
18
99.16
99.08
98.98
99.00
99.06
99.14
2,985
3,377
99.16
99.12
99.00
99.02
99.04
99.10
858
659

F o r e ig n
E x c h a n g e . — Sterling exchange suffered another
h eavy break in rates this week and new low records were
again established.
The range for foreign exchange for the week follows:
S te r lin g A c tu a l—
S ix ty D a y s . C h e c k s .
Cables.
High for the week---------------------------------- 3 96)3
4 00)3
4 01)3
Low for the week------------------------------------ 3 80)3
3 84)3
3 85
P a n s B a n kers' F ra n cs—
High for the week______________________ 9 9 5
9 82
9 80
Low for the week_______________________ 1 0 85
10 74
10 72
G erm a n y B a n k ers’ M a rk s—
High for the week______________________ _______
2 38
2 40
Low for the week_______________________ ” ” ~” ”
2 10
2 12
A m s te r d a m B a n k e r s ’ G u ild e r s — •
High for the week______________________
38)3
38)3
38)3
Low for the week_______________________
37J3
37 13-16 37 15-16
Dom estic Exchange.— Chicago, par. St. Louis, 15@25c. per 81,000
'JiSooAnt' Boston. Par- San Francisco, par. Montreal, 850 375 per
81,000 premium. Cincinnati, par.
1

O u t s id e M a r k e t .— A firm tone prevailed throughout the
week in “ curb” trading and prices of many issues' moved to
higher levels. The volume of business, however, was not
large. General Asphalt com . led the list with an advance
from 101 ]/i to 1243^, though it finally reacted to 1213^ .
A . T Securities, after early weakness from 61 to 5 9 M ,
moved up to 6 4 34 ,.the close to-day being at 6334. General
M otors com . “ w . i .” rose from 34 to 36 during the week,
and to-day jumped to 39 , but reacted to 3534 finally. To
bacco Products Exports, after a gain of two points to 28
during the week, sold up to-day to 32 and closed at 31.
\ anadium Steel advanced from 52 to 62 and ends the week
o k i / 34Loft, Inc., was firm, advancing from 2134 to
2 5 34,. the close to-day being at 2434* Oil shares were
especially prominent in the upturn. Among the most
active, Shell Transp. & Trading improved from 77 to 8034
and finished to-day at 78. Simms Petroleum, another active
feature, rose from 50 to 5834, hut reacted finally to 5534Heavy transactions in W hite Oil advanced the price from
35 to ,4334, the close to-day being at 42. Internat. Petrol
improved from 53 to 6034, the final figure to-day being 60.
Houston Oil com. advanced from 145 to 178.
Midwest
Refining sold up from 157 to 162 and at 161 finally. In
bonds Interboro R . T . 7s, on renewed activity, rose from
5734 to 71J4- Russian G ovt, bonds were weak, the 534s
dropping from 31 to 2834 and the 634s from 32 to 26. The
close was at 29 for both issues.

2 1 5 2

N ew

Y ork

S to ck

E x ch a n g e — S to ck
O C C U P Y IN G

R e c o r d , D a ily , W e e k ly

THREE

and

Y e a r ly

PAGES

For record of sales during the week of stocks usually Inactive, see preceding page
H IG H

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

S a tu rd a y
N ov. 29.

M onday
D ec. 1.

T u esd a y
D ec. 2.

W ed n esd a y
D ec. 3.

T hu rsd ay
D ec. 4.

F r id a y
D ec. 5.

$ p e r sh a re
S p e r sh a re
$ p er sh a re
S p e r sh a re
S p e r sh a re
83%
84
85%
84*2
81%
85*2
84%
85*4
85*:
84%
77*2 7 7 %
78
78%
78%
78*2
77*2 7 8*2'
7734 78*2'
*8
9
7*8
7%
7%
8%
8%
*8
9
7*2
92
92%
*92
91%
92%
*9 1
92
91*4
91
91
34
32
33
34
32%
30*8 33*2
32%
33*8
33*2
44
45
44
43*8 4 5 %
41*4 4 5
45 1 44
44%
14
15%
1 4%
14 %
15 %
15%
15%
16%
15%
15%
10 % 10 %
10 % 11 %
10*2 11*2
10 % 11 %
11 % 1134
140
143*2 jt137*2 1 3 8 %
138% 140
138*2 140
138*2 1 3 9 %
5 4 '8 5 6
55*4 5 6 %
56
56*2
56*4 5 7
57*8 5 7 %
8
8%
8%
8%
8
8%
8%
8*4
22 % 2 4
23
23
24
24
*23*2 24*2
35%
38
36
38
37%
37*2 38*4
37*2 3 8 %
38%
52%
52*2 5 3 %
5 1%
53%
53%
54
53
54
55*2
85*s 91
8 8 % 90%
89%
89
89%
89%
89*4 8 9 %
*116
120
1 17% 1 1 7 % * 1 1 7
120
117
118
*117*2 1 2 0
23%
24%
24
25%
24
25
25%
25%
25*2
25*2
70 %
73
72% 76%
73%
74
75
75
*74*2 7 5 %
58%
60
60*2
62
62
60*2
60*2 6 1 %
61*2 6 2
60
*43
41
43
43
42*2 42*2 *43*2 4 4
44
44
72
*6 5
65
65
68
68
*66
68
*65
68
20% 20%
20
20
19*2
19*2
48
48

— ____
____ ____

100

101

91*2 100 %
93 % 96%
190
*174
*174
190
190
*6
*6
7*2
8
7*2
12 % 13*2
12*2 13%
13%
14
12 % 13%
13%
13%
13%
13%
19 % 2 0 %
20 % 22
20*4 20 %
14
14
14*2 15%
78*8 79*2
78% 80%
79
80*4
38
38%
38*4 3 9 %
38
39
8%
8%
*8
8%
*8
8*2
34
*30
*30
35*2 * 3 0
35*2
89%
91
88*4 91
88*2 89*2
3%
3%
4%
3%
3*2
3*2
11*2 12 %
11 % 12*2
12*2 14*2

•170
7

—

—

13%
*45

15
47

*8

10
22

*17%
42
41
*10 9 *2 112*2
41%
39%
12 % 13
80
80
9%
9*8
14
13
23%
22%
40%
40%
5*2
5*4

____ ____

6S78
26
*60
*43
27*8
16%
12
95*2
78
41%
21%

70*2
26
70
46
28*2
17%
12
96%
80
41%
22%

67*2
25
*73
74

67*2
26*2
76^2
75 %

14%

15*2

____ ___

8
15%
91%
21%
59%
39
12%
*9
*18
*36
1 2 2 l4
67

8

1712

8

24%
16

11
11
22
20% 21
55

11*2

32
3 7 l8
70
80

55
1 2U

21
35

40%
•90
90U
9634

32
38
70%
80U
2U
2'%
4134
92
92%
9634

90%
*85

92
95

2'8
214

120
48%

120%
50

♦9934101

131% 133
49%

14%
44

8

___ ____
42
42*2
107% 110%
39*2 41
13
13%
9%
13
23%
41
5%
41%
69%
26
*60
*43
28
16*2
12
95
79*4
41%
22%

10 %
13%
25
41%
5%
44
70*8
26
70
46
29
17
12
96*2
81
42%
23%

47
67*2
25%
*70
74*8
34

47
67*2
26 %
78
75*2
34

15
15 %
20
20
13
14
26
26
8
8
8
15 %
14%
15*8
93
92%
93%
22%
22*2 2 3
60
59 %
61%
40*4
38%
40%
13
12%
12*2
12
*9
12
25
*19
25
39
*35
40
z 12134 1 2 4 %
125
67
6734 6 7 %
8
8*8
8%
19
1 7 i2
20
8%
734
8%
23%
2 4 l2
24%
15%
16%
16

•15

♦17
•30

13%
44
7%

49%

11% 11%

10% 11%

*19

*20
55

12

19
*30

15
15%
*44
46
10
*7*2
*1 7
22
42
43*8
*10 7 *2 H O
39*4 41
13*8
13*4
SO
SO
9%
10
12 % 13
24
25 %
42
41
5*2
5%

____ ___

69%
*25
*60
*43
28
16%
11
95*4
81
41%
22*2
63

71
27
70
46
29*2
17
11
97
82%
42
23*2
63

*65
68
26
26%
*75
77
74*2 77*2
*33
34
3
5U
351?
15%
16%
21
21
* 12 %
14*2
*25
27
8
8%
15
15
92% 94%
22*2 23*2
60
59
40
42*2
13
13%
12
*8
*19
25
37
37
123% 125
67%
68

8
*18

8

23%

8
20

8

*8

8*2

*30

35*2

88 %

88 %

4
14

4*2
15*2

15%
*44

1534
48

8*2

8*2

20
*16%
42%
43%
1 0 8 % 109*2
40*4 42*4
13%
13%
80
80
9*2 10
*12
15
24%
25%
39*2 4 1 %
41%
69%
*25*2
*6 1
*43
28%
16%

42
70
28
70
46
29%
17

95%
81%
41*8
23

96%
82
41%
23*2

47
*66
26*8
*75
75%
33*4

47
68
27
SO
76-%
33%

15*4

15*4

13
13
27
*26
8
8*4
14%
14%
94
95%
23%
22%
59
58
42%
41
1334 14
10
*7
25
*18
39
*37
123% 125
67%
67%

*8
10
20% 20%
734

24%

8%
24%
16 %

11
22
21% 21%

24

" i r
*18

' h 38
22

55
1234
19
35

5434
12%
19
*30

55
13 %
19
35

*54
1 3%
19%
*28

57
1334
20
34

32%
39
70%
81%

31
38
71%
81%

32
38%
71%
83

*30%
33%
*70%
83%
2%

32%
39
71%
85
2%

2%
41
92
92
98
45%

40
*90
91%
9634
45%

4134
92
92
96%
45%

" 4 l"
91%
91 %
.* 9 6 %

4*1%
91%
92%
97

92
90

92%
90

22% *21

22

32
33
70
81
2
2%
4034
*90
90
*96%
45%
4834
90
*85
119%
50%
100
132%
11 6
4734

90%
95
121%
51%
100
134
116
50

90%
9134
*85
94
1 1 9 % 122
50%
51

11 %
29%

1134
30%

11% 11%

29%
30%
119
121
.120%
42% 42%
42
*63
66
01%
105
106%
105%
06%
6634 z 6 7
*92
94
*92
90%
92
90%
•106% 107
106%
49
49
*47
2634 2734 !
26%
*80
84
*80

91*2 94*4
178
178
*7
9
14*4
13*2
13%
14%
2 0 % 21 %
15%
15%
79*4 7 9 %
38
38%

2%

2%
2

2%
2%

4334

122%
42%
67
103
67%
95
92%
107
49
27%
84

50%

100% 100% 100
132% 134%
4734

49%

29%
30%
1 2 1 % 124
425g 4 3 %

66

68

10534 1 0 7 %
66%
6734
*90
95
92
93%
106% 106%
46
46% ;
26%
27%
83*4 8 3 %

51%

102

134% 135
48

48%

1134 1134
30
30%
12334 1 2 5 %
43%
44%
*63
67
106% 109
673s 7 0 %
*92
94
93
93%
*1 0 6 % 107
*45
43
27 % 29%
82%
83

• B id a n d a s k e d p r ic e s : n o s a le s o n t h is d a y .




$ p e r sh a re
85
85%
79
78
*8
9
91%
92
33
34 %
44%
44 %
13*2 15*4
10
11%
139% 140%
56
57
8%
8*2
23%
23 %
38
39
54%
53%
89%
90
11734
116
2434 2 5 %
74*2 7 4 %
64
64

S a lts
fo r
th e
W eek

STOCKS
N EW YO RK STOCK
EXCHANGE

L o w e st

R a ilr o a d s
Par
A t c h T o p e k a & S a n ta F e _ _ 1 0 0
Do
p r e f ____________________100
A t l a n t a B ir m & A t l a n t i c . .1 0 0
A t l a n t i c C o a s t L in e R R . . 1 0 0
B a l t i m o r e & O h i o __________ 100
Do
p r e f ____________________100
B r o o k l y n R a p i d T r a n s i t . . 100
C e r t if i c a t e s o f d e p o s i t ________
C a n a d ia n P a c i f i c ____________ 1 0 0
C h e s a p e a k e A O h i o ________ 100
C h ic a g o G r e a t W e s t e r n ... 1 0 0
D o p r e l ____________________ 100
C h ic a g o M ilw & S t P a u l . .1 0 0
D o
p r e l ____________________ 100
C h i c a g o & N o r t h w e s t e r n . . 100
Do
p r e f ____________________ 1 0 0
C h i c R o c k I s l & P a e ............. 100
7 % p r e f e r r e d ______________ 1 0 0
8 % p r e f e r r e d ______________ 1 0 0
C h i c S t P M i n n A O m a h a . . 100
*4 3
45
C l e v C ln C h i c & S t L o u i s . .1 0 0
*65
67
Do
p r e f ____________________ 1 0 0
C o l o r a d o & S o u t h e r n _______1 0 0
Do
1st p r e f ______________ 1 0 0
Do
2 d p r e f _______________ 100
94%
96
96
93
1 3 ,1 7 5 D e la w a r e & H u d s o n _______ 1 0 0
*175
187
177
179
4 0 0 D e la w a r e L a c k & W e s t e r n . . 5 0
8
8
*7
9
3 0 0 D e n v e r A R i o G r a n d e _____100
1 3%
14
14
14% 1 1 ,5 0 0
Do
p r e f ____________________1 0 0
1 3%
13%
13*2 14
2 3 .5 8 0 E r i e ................................................... 100
2 0 % 21
2 0 % 2 0 % 1 8 ,4 0 0
Do
1 s t p r e f _______________100
15%
15%
15%
15%
Do
2 d p r e f _______________100
1 ,5 0 0
79%
79 %
79*2 80*2 3 6 ,8 0 0 G r e a t N o r t h e r n p r e f ________1 0 0
38%
39*8
39
39*8 1 9 .0 0 0
Iron O re p r o p e r t ie s ..N o par
*8
8%
*8
8*2
200 G u l f M o b A N o r t r c t f s ___ 1 0 0
*30
35*2 * 3 0
35*2
P r e f e r r e d ____________________1 0 0
89%
89%
89
89%
3,166 I lli n o is C e n t r a l _____________ 1 0 0
4*2
4%
4%
5
3 2 ,9 0 0 I n t e r b o r o C o n s C o r p . . N o P a r
14*2 15%
13
15
2 2 ,7 0 0
Do
p r e f ___________________ 100
55g
5*8
100 I o w a C e n t r a l _________________100
15*4 15%
15 %
16*2
7 .7 0 0 K a n s a s C i t y S o u t h e r n _____100
*44
48
*44
48
300
Do
p r e f ......... ............ ..........1 0 0
* 8*2 11
*8
11
600 L a k e E r ie A W e s t e r n ______ 1 0 0
*1 6
20
*16
20
P r e fe r r e d ___________________ 100
42%
43*8
43
43%
1 3 .2 0 0 L e h ig h V a l l e y __________________50
1 0 9 % 109*4 *108*2 112
1 .5 0 0 L o u is v i lle A N a s h v i l l e _____1 0 0
44
51%
53
49%
5 .2 0 0 M a n h a t t a n R y g u a r ________100
*1 3
14%
1334 1334
2 .7 0 0 M l n n e a p & S t L ( n e w ) _____1 0 0
4 0 0 M i n n S t P & S S M _______ 100
9%
9%
9^8 10*2
9 .8 0 0 M is s o u r i K a n s a s A T e x a s . 100
13%
14
14
14
2 ,4 0 0
Do
p r e f _____________________ 100
24*2 2 5
25
2 5 % 2 9 .9 0 0 M is s o u r i P a c i f i c t r u s t c t f s . 1 0 0
38%
40
39%
40*2 2 2 .5 0 0
Do
p r e f t r u s t c t f s _______100
5%
5*2
1 .6 0 0 N a t R y s o f M e x 2 d p r e f ___ 100
43
43
1 .8 0 0 N e w O r l T e x & M e x v t C . . 1 0 0
69*2 70*8
69%
70*2 2 8 .2 0 0 N e w Y o r k C e n t r a l ___________ 1 0 0
25*4 25*4
26
27%
1 .6 0 0 N Y C h i c a g o & S t L o u i s . . 1 0 0
*61
70
*62
70
F ir s t p r e f e r r e d ____________ 100
*43
46
*43
46
__
S e c o n d p r e f e r r e d ___________1 0 0
29%
28%
28*2 29*2 2 9 .9 0 0 N Y N II & H a r t f o r d _____1 0 0
*16
17
16%
17
2 .7 0 0 N Y O n t a r io & W e s t e r n ___ 100
5 0 0 N o r f o l k S o u t h e r n __________ 100
96*2 9 8
96
97%
8 .2 0 0 N o r f o l k <fc W e s t e r n _________ 100
80%
81%
82
80%
3 1 .4 0 0 N o r t h e r n P a c i f i c ____________100
41%
41*2
41*8 4 1 % 4 7 ,9 9 0 P e n n s y l v a n i a __________________ 50
23
23*2
23%
23%
1 5 .5 0 0 P e r e M a r q u e t t e v t c _______ 100
200
Do
p r io r p r e f v t c ______ 1 0 0
200
Do
p r e f v t c ______________ 100
66
65
63
63*2
9 0 0 P it t s C in C h i c A S t L o u i s . . 1 0 0
26%
26%
2612 2 7
7 .0 0 0 P it t s b u r g h & W e s t V a _____100
*7 2
78
*7 2
78
D o p r e f _____________________ 100
76»4
76
76%
78
3 4 .7 0 0 R e a d i n g ________________________ 50
34
*33
33*2 33*2
D o 1st p r e f _________________5 0
900
*35*2 3 8
D o 2 d p r e f ___________________ 5
200
1534 16
1634
16
9 ,9 0 0 S t L o u ls -S a n F r a n t r c t f s . . 100
200
P r e fe r r e d A t r u s t c t f s . .1 0 0
14
14
13*2 13*2
1,200 S t L o u is S o u t h w e s t e r n _____100
26
26
25*8 26*4
D o p r e f ---------------------------------100
800
7%
7%
7%
7*2
1 .7 0 0 S e a b o a r d A ir L i n e __________ 100
14%
143g 14*2
14
3 .0 0 0
D o p r e f ---------------------------------10 0
94%
95%
101
09
2 2 9 .7 0 0 S o u t h e r n P a c i f i c C o ________100
2234 23*8 1 8 ,0 0 0 S o u t h e r n R a i l w a y ___________ 100
22%
23
58%
58%
58*8 58*2
D o p r e f _____________________ 1 0 0
3 .0 0 0
43
45
41*2 423g
4 1 ,0 0 0 T e x a s & P a c i f i c _____________ 1 0 0
14*8 1434
14%
14%
3 ,3 0 0 T h i r d A v e n u e _________________100
12
*7
12
*9
____ T o l S t L & W t r u s t r e c e i p t s . .
25
*18
*18
25
____
P r e fe r r e d c e r t if i c a t e s d e p . _
39
*3 7
40
40
4 0 0 T w i n C i t y R a p i d T r a n s i t . . 100
125%
124% 126
123
3 8 .6 5 0 U n i o n P a c i f i c .............................. 100
67%
*67
4 ,7 5 0
Do
p r e f ......................................1 0 0
67*2 67*2
9
*8
8%
8%
2 .1 0 0 U n i t e d R a il w a y s I n v e s t ___ 100
20
18%
1 .5 0 0
D o p r e f _____________________ 100
17%
*18
8%
8
8*8 8*8 5 ,9 0 0 W a b a s h ------------------------------------- 100
2434
24%
23%
D o p r e f A .................................100
24*4 1 2 .1 0 0
16
15%
2 .5 0 0
D o p r e f B .................................100
15 %
16
11% 10% 11% 5 .7 0 0 W e s t e r n M a r y l a n d ( n e w ) . . 100
11
21
20
200
Do
2 d p r e f ________________ 100
*18
20
22
22
22
22
9 0 0 W e s t e r n P a c i f i c ______________ 100
57
54
54
800
Do
p r e f _____________________ 100
*54
1234 13 %
14
1 3 .3 0 0 W h e e l lu g A L a k e E r ie R y . 1 0 0
13
20
1 .1 0 0
D o p r e f _____________________100
19
34
________ W i s c o n s in C e n t r a l ___________ 100
*28
*28
35
I n d u s t r ia l & M is c e lla n e o u s
32%
33
33
1 ,3 0 0 A d a m s E x p r e s s ______________ 100
32
41%
39%
40%
43
5 ,1 0 0 A d v a n c e R u m e l y _____________100
71%
74
1 ,9 0 0
Do
p r e f ..................................... 100
71%
73
85%
86
2 ,8 0 0 A j a x R u b b e r I n c ____________ 5 0
2*8
5 ,9 0 0 A la s k a G o l d M i n e s ___________ 10
2*4 * ‘ 2*8
2%
2%
2*8
2*2 1 3 ,6 0 0 A la s k a J u n e a u G o l d M l n ’ g . 1 0
2%
41*8 43*2
43
44*8 1 2 ,8 0 0 A ll ls - C h a lm e r s M f g ..................100
92
92
95
95
300
Do
p r e f ..................................... 100
91%
91%
92
92%
3 ,7 0 0 A m e r A g r i c u lt u r a l C h e m . , 1 0 0
*96
97
97
97
300
Do
p r e f ........................
100
3 0 0 A m e r ic a n B a n k N o t e ________5 0
49
49
300
P r e f e r r e d . . . __________________5 0
93*4 94*8
93*2 9 5
1 5 ,9 0 0 A m e r ic a n B e e t S u g a r ______ 100
*88
94
590
90
150
Do
p r e f ..................................... 100
1 2 1 % 12434 124*8 125*2
5 ,6 0 0 A m e r B o s c h M a g n e t o . . N o p a r
51
5 2 38
52
5 2 *2 ’ 2 3 ,6 0 0 A m e r ic a n C a n _____ . . . _____ 100
100*2 102 ( 1 0 0 1 0 2
1 ,2 0 0
Do
p r e f . ................................. 100
135
138
1 3 7 % 137*8
8 ,9 0 0 A m e r ic a n C a r A F o u n d r y . 100
116% 116%
200
Do
p r e f.................................... 100
49
49
49% 40%
7 ,2 0 0 A m e r ic a n C o t t o n O i l ________100
90
90
200
Do
p r e f .....................................100
1134 12%
1 1 % 12*8
1 3 .4 0 0 A m e r D r u g g is t s S y n d i c a t e . 10
28*2 3 0
27*8 2 9 %
1 4 .9 0 0 A m e r ic a n H id e * L e a t h e r . 100
124
119
1 1 8 % 1 2 1 % 2 3 ,5 0 0
Do
p r e f . .................................. 1 0 0
44
44
44
44
2 .2 0 0 A m e r ic a n I c e ___ _________ r . . l 0 0
66
66
66*2 66*2
1 .0 0 0
Do
p r e f .....................................1 0 0
1
0
9
%
108
1 0 8 % 110*2 5 4 .9 0 0 A m e r I n t e r n a t io n a l C o r p . . 1 0 0
68*8 68% 67*2 6 8 %
5 .3 0 0 A m e r ic a n L in s e e d ___________ 100
94
*91
*91
94
-----------Do
p r e f ____________________ 1 0 0
93*8 9 4 %
94
95*2
2 6 .1 0 0 A m e r ic a n L o c o m o t i v e ______ 1 0 0
107
107
* 106*2 107*2
200
Do
p r e f .................................... 1 0 0
46*2 4 8 I 4 8
48
1 .5 0 0 A m e r M a l t & G r a i n . , . . N o parj
28
30
29%
30%
5 6 .6 5 0 A m S h ip A C o m m C o r p . n o p a r
83
83 I *82
85
6 0 0 A m S m e lt S e cu r p r e f sor A . 100

t E x -r lg h ts .

S h a res
2 3 .2 0 0
5 .7 0 0
1 .7 0 0
3 .3 0 0
39,550^
6 ,9 0 0
2 5 ,6 5 0 ,
1 1 ,3 0 0 ,
13,900|
3 ,4 0 0 !
1,9001
2 .3 0 0
2 1 .2 0 0
22,800|
8 .3 0 0
1 ,3 0 0 ,
1 9 ,2 0 0 ;
1 .8 0 0
3 ,0 5 0
300.
400
600
1 .0 0 0
100

} L oss th a n 100 s h a r e s,

PER S H AR E
R a n g e S in c e J a n . 1
O n b a s is o f 1 0 0 -sh a re lo ts

a E x - d l v . a n d r ig h t s ,

H ig h e s t

$ p e r sh a re

83% N

jv

29

77% N o v 2 8
6
M ar31
90*2 S e p t 6
30% N j v 29
42*2 N o v 2 S
13% D e c 5
10
D ec 5
2137% D ec 1
53% A u g21
7 % J a n 21
22*8 A u g 2 1
34% F e b l5
52*2 N o v 2 8
85
N ov23
116
D ec 5
22% Jan21
68% A u g 8
55% A u g21
60
N ov22
32
F e b 17
63
S e p tll
19*2 D e c 2
48
D ec 4
45
Feb
91*2 D e c 1
172% M a r l8
3% Jan 8
6 % Feb 3
12 % N o v 2 9
19*2 N o v 2 9
14
D ec 1
78*8 N o v 2 9
31% Jan 2
7
S e p t2 0
31% J a n l6
83*t D e c 7
3% M a r24
11*8 M a r 2 9
2*2 F e b 13
13
N ov23
44
D ec 1
7
Feb26
16*2 A p r 2 1
41
N ov29
104% A u g l9
39% D e c 2
9*8 J a n 2 1
80
N ov28
4 % F e b 10
8*2 J a n l 3
22% N ov 2 9
3S% D e c 4
5*8 D e c 1
2 8 % A p r 10
68% D e c 1
2334 S e p t 2 4
62
O ct 1
40
N o v l2
2 5 % F e b 13
16*2 N o v 2 S
11
D ec 2
95
D ec 1
78
N ov29
41% D e c 3
12% J a n 2 1
56
M ar27
39
Apr 7
44
A pr29
25
N ov29
77
N ov24
74
N ov28
33% D e c 3
35% D e c 2
10 % J a n 2 1
20
D ec 1
13
D ec 1
25
A ug28
7 % F e b 13
14
D ec 5
91% N o v 2 9
21% N o v 2 9
58
D ec 3
27*2 J a n 21
12*2 D e c 1
5
M ay 1
10
M ar 4
35
N ov28
119% A u g 8
66*2 O o t 2 7
7*4 J a n 9
15
J a n l3
7*t J a n 2 0
23*2 D e c 1
15*2 D e c 1
9% A pr21
20
S e p t l8
17
Feb 3
52*8 F e b 2 0
7% M a r 5
17
Jan30
30
S e p t l8
29%
21
56*2

66
2
1%
30
81%
87
94
33
42
6. _2
84%
84*2
42%
98%
84%
113
39%

88
10%
13%
71%
37%
54%
52*8
44*8
85
58
100
46
26*2
80

A p r26
Jan21
Jan20
J a n l3
D ec 1
Jan 2
Jan21
Jan23
S ept 2
O ct 4
Jan25
Jan 2
Jan 3
J a n l3
M ay 7
F e b 11
Jan 6
F e b 10
J a n l8
Jan 2
Jan 7
N o v l9
Jan 4
Jan 2
A ug21
Jan20
Feb 8
M ar 1
M ar 1
Jan21
J a n l4
D ec 2
D ec 2
O c t 3 ll

x E x -d lv ld o n d .

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

H ig h e s t

$ per sh a re
$ p e r sh a r e 1 $ p e r sh a r e
104
M ay27
81
M ar;
99% N o v
89 Jan
80
Jan
92*2 N o v
5
D eo
15 % J u ly 2 4
10% J u n e
107 M a y 2 9
N ov
89% A p r 109
62
N ov
48*2 D e o
55% M a y 2 7
59*2 M a y 2 7
53
Apr
64% N o v
3 3 % J u ly 2 3
48% Jan
25% D eo
28 % J u ly 2 3
1 7 0 % J u ly 10
135
M a r 1747s " 6 o t
68% M a y l7
62% N o v
49% Jan
12
J u ly l7
11
N ov
6
Apr
30% M a y l9
32
N ov
18*2 A p r
5 2 % J u ly 17
37*4 A p r
54% Sept
76
J u ly l7
66% A p r
86% N o v
1 0 5 M a y 26
89*2 M a r
107
N ov
125
J u ly
133 J a n 17
137
Jan
3 2 % J u l y 17
321* N o v
18
Apr
84 J u n e 6
56% Jan
88
NOV
N ov
73
J u ly l7
75
46
Jan
D eo
82
82
Jan 7
69
Sept
N ov
40
26
Feb
5 4 % June 6
N ov
70
_____
74
J u l y 12
58% M a y
27** N o v
18
Apr
31% M a y 5
55
N ov
47
Apr
58*2 J u l y 24
48
D eo
40
Apr
51*2 M a y 2 9
100*2 A p r 1 1 9 % N o v
116 M a y 2 9
185
Sept
160
Apr
217
M ay 7
7
N ov
2*4 J a n
1 5% J u l y l 4
13% Jan
5
Apr
24
J u ly l4
23% N ov
14
Apr
2 0 % M a y 19
361* N o v
33
J u ly l6
23*8 J a n
27% N o v
23% J u ly l7
18*2 J a n
106% N o v
86
Jan
100% M a y 2 7
34% N o v
5 2 % J u ly 10
25*8 J a n
10
M ay
8
M ar
12% J u ly 2 5
35% D e o
27
M ar
40*2 J u l y l 8
105% N o v
92
Jan
104
M a y l6
9% Jan
4% D eo
9*8 J u n e 2
47% J a n
17 % D e c
31% J u n e l2
5** N o v
9 % J u ly 2 1
2*8 J a n
24% N o v
25% M a y l9
15*8 A p r
59% N o v
45
Jan
57
M a y 21
117g N o v
7% O c t
14
J u ly 2 1
25
O ct
25
M a y 19
18
Apr
65% N o v
53% D eo
60% J u n e 2
124% N o v
110
Jan
1 2 2 % M a y 17
80
D ec
88
Jan25
100% D e o
157S N o v
7% A p r
24*2 J u l y l 7
97*2 N o v
98% M a y 2 9
80% Jan
6% N o v
16% J u ly 2 2
4% Jan
131* N o v
6*2 J a n
25*8 J u l y l 8
31% N ov
20
Jan
38 % J u ly 9
62
N ov
41
Jan
58% J u n e 7
10% N o v
14
M a r lO
4% M a y
361* D e c
50
S e p t2 4
17
Apr
84% N o v
83% June 6
67*2 J a n
34
N ov
13 % O c t
3 3 % J u ly lO
65
N ov
70
Apr 2
55
J u ly
48
N ov
53*2 J u l y 7
40
O ct
45% M a y
40% J u ly l7
27
Apr
24% N o v
24% J u ly lS
18% Jan
21% D eo
20
M a y 29
14
N ov
112*4 N o v
1 1 2 % M a y 19
102
Jan
105
N ov
99% M n y27
81*8 J a n
43*4 J u n e
4 8 % M a y 19
60*8 N o v
187* N o v
26% J u n e ll
9*2 M a y
64
N ov
67% J u ly l5
62% A pr
50
N ov
59
N ovi 7
30
Apr
58** N o v
72
S e p tlS
25% June
44% J u n e 9
40% N o v
22% Jan
82
N ov
81% June 7
61
Jan
96% O c t
93% June 6
70*8 J a n
33% F eb
4
39
M ay
35
Jan
40
J u ly
3 9 % M a y 16
35
M ar
27% J u ly l7
17 % D e c
9% A pr
37
M ay 2
33** N o v
21
Apr
23% Ju n o 9
25
N ov
19
O ct
40% J a n
3 7 % J u n e lO
28
O ct
12
N ov
12
J u ly 2 3
7
Apr
25% N o v
23% J u ly l7
15 % A p r
115 Ju n e 2
110
N ov
80*2 J a n
•347* N o v
33
M u y l9
20% A p r
7212 M a y 2 7
75*4 N o v
57
Jan
291 * D e o
14
M ay
70*2 J u ly 2
25 % J u ly 23
12 % D e c
21% J an
13*2 J u l y 2 9
7% A u g
4
June
25*2 J u ly 2 5
16
Aug
8*2 M a r
60 June 3
65% Jan
32
D eo
138*2 M a y 2 9
1371* O c t
109% Jan
74% M a r 5
76% N o v
69
Jan
15% J u ly 1
12
June
4% Jan
3 4 % J u ly 1
1 0 t* A p r
20
M ay
1 3% J u l y 2 3
1 1 % J u ly
7
Apr
38
M a y 19
30% D e c
44% Jan
2 5 % J u ly 9
2 6 % June
19*8 D e o
1 4% J u l y l 7
10
D eo
17% F e b
3 0 % J u ly 9
20 J a n
32
June
26
J u ly l4
13
24% N o v
Jan
61% Jan
9
46
66
June
Jan
18% S e p t 2 4 !
12% N o v
____
Apr
8
28% S ep t2 3
26
N ov
17*2 A p r
4 1 % M a y l6
39% O ot
29% D e o
64
M ay23
5 8 % J u ly 3
76 Ju n e 9
113
J u ly l4
4*4 J a n 15
3 % J u l y 14
51% O ct 8
97
S e p t 16
113% M a y 1
108
M a r 15
55
J u ly 15
49
O c tl8
101% O c t2 l
95
M a y 29
143% N o v 8
68% S ep t3 0
1 0 7 % J u n e lO
143% N o v 5
119
J u ly ll
6 7 % J u l y 14
93
Apr 3
14 % M a r 7
43*8 J u l y S l
142% O ct2 2
76*2 J u n e 0
76% J u n e 6
132% O ct3 1
89
N ov 7
9 8 % A p r 15
117*2 O c t 7
1 09% J u ly 2
63
Aug 3
47*2 O )t2 2
94*2 J u n e l 2

» F u ll p a id .

42
11
257*
49
1%
1*2
17%
72%
78
89*8
31%
4L%
48
x82

D eo
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Jan
M ar
June
N ov
Sept

80
26%
627g
72%
5%
3**
37
86%
106
101
35*2
42*2
84
91%

Jan
N ov
N ov
D eo
N ov
June
M ay
M ay
O ot
Aug
M ay
Aug
Fob
M ay

34% Jan
89*4 J a n
68*4 J a n
106
Jan
25
Jan
78
M ay

60»4 M a y
D ec
99
D eo
93
D eo
115
44% O ot
D eo
88

11% J a n
50
Jan
11*2 J a n
38% Jan
61*2 S e p t
Jan
27
69*4 J a n
53*2 J a n
X 95
Jan

22*8
94%
49
61
60*2
47%
92
71%
102%

89

M ay

96

Sept
Aug
O ot
O ct
O ot
D eo
D oo
M ay
D oo

N o -4

New York Stock Record— Continued— Page 2

2153

For record of sales during the week of stocks usually inactive, see second page preceding.
H IG H

AND

S a tu r d a y
N ov. 29.

LOW

S A L E P R IC E S — P E R

M onday
D e c . 1.

T u esd a y
D ec. 2 .

SHARE

W ed n esd a y
D ec. 3.

N O T PER C E N T.

T h u rsd a y
D ec. 4 .

F r id a y
D ec. 5.

fo r
th e
W eek

STOCKS
N E W YO R K STOCK
EXCH A N G E

PER SH ARE
R a n g e S in c e J a n . 1
O n b a s is o f 1 0 0 -sfta re lo t s
L ow est

$ p er sh a re
$ p e r sh a re
S p e r sh a re S p e r sh a re S P er s h a re
I n d u s . & M is c e ll. ( C o n ) Par S p e r sh a r e
62%
62%
61%
62%
61%
62%
62-% 63 %
6 2 % 64 %
653a 3 0 ,7 0 0 A m er S m eltin g & R e fin in g . 100
63%
61
Dec 1
97%
97%
9 8 % 9S%
96
98
97
97
*96
9S
97
97 %
1 ,2 0 0
D o p r e f__________________100
95
Dec 2
*116
119
*115
11 9
1 1 5 % 1 15%
115
115
1 1 3 % 113%
104
106
GOO A m erica n S n u ff____________ 100
101
Dec
5
39
40%
3 9 % 41
40
40 %
39% 42
41%
42%
4134 4 2 %
8 ,5 0 0 A m Steel F o u n d tern c t fs .3 3 %
33% MaylO
92
92
92% 92%
91 % 91%
91% 91%
500
P re f te m p c t fs ____________ N o par91% Dec 4
1 3 1 % 1 3 3 % * 1 3 0 % 1 32% 1 3 0 % 1321.1 1 3 1 % 133%
1 3 3 % 136
1 3 5 % 137% 23,1 00 A m erica n S u g ar R e f i n i n g .. 100 111% Jan21
*1 1 6 % 118
_____
_____ * 1 1 4 % 116
1 1 5 % 115%
117
117
*115
117%
200
D o p r e f__________________100 1131s Jan 6
89%
8 7 % 89%
87%
88%
88%
88% 89
88%
92
90%
91 %
12,200 A m er S u m a tra T o b a c c o ___ 100
73 Aug21
_____
_____
92
92
*90
94
*90
94
94
94
*91
95
200
D o p r e fe r r e d ___________ 100
92
Dec 1
99%
9 9 % 99%
99%
98 %
99%
99
99%
99%
99%
99%
99 % 2 9 ,7 0 0 A m er T e le p h o n e & T e le g .-lO O
96-li Augl4
242% 243% 243% 24 5
240
245
*230
265
250
250
251
255
1 ,4 0 0 A m erica n T o b a c c o _________100 191-8 Feb 4
*98%
99%
* 9 8 % 99%
9 8 .i
98%
98%
98 %
99% 99%
9S %
987s
400
Do
p ref (new) __________ 100
96% M ayl4
11 7
119
1 1 7 % 1 21%
1 2 0 % 122%
121% 127
1 2 5 % 1 27%
124% 128
3 4 ,4 0 0 A m er W o o le n o f M a s s _____ 100
45% JanlG
*100
102
101
1 01%
*1 0 1
103
101
101
1 0 1 % 102
103
103
1 ,2 0 0
D o p r e f.......... ..........
100
94%
Feb 8
54
54%
51
54
52
53
54
53
55%
51%
55
56
4 ,0 0 0 A m or W ritin g P a p er p r e f . . 100
2 7■'8 Jan 2
15 %
16%
14%
16 %
16%
15
15%
15%
15 %
16%
16%
16%
4 ,0 0 0 A m e r Z in c L ea d & S m e lt___ 25
11
Jan31
55
52
52
55
52
52%
*51%
55
52
52 %
*5112 56
2 ,9 0 0
D o p r e f___________________ 25
40
Jan21
54%
56
5 5 % 57 %
57%
57%
56% 58%
5S
56*4 57%
5 8 % 6 0 ,6 0 0 A n a c o n d a C o p p e r M i n i n g . . 50
545s Nov29
4%
5%
6%
6%
6%
7
5%
6%
6%
7%
6%
6%
6 ,0 0 0 A ssets R e a liz a tio n ___________ 10
1
Jan
2
52%
52%
55
55
54 %
54
56
53
53 %
53%
55 %
55%
2 ,8 8 0 A ssocia ted D r y G o o d s ____ 100
Jan 6
*60
72
*65
72
*60
72
*68
75
68%
68%
*69
73
100
Do
1st p re fe rre d ________100
61 Marl9
*
6
5
72
*70
73
*70
73
*6S
73
70
70
*68
72
100
Do
2 d p referred _______ 100
5Sis Feb 8
1 11%
107
107% * 1 0 0
115
A sso cia te d OH______________100
68
Jan 2
174%
160
164
166
168
168
172% 172
172
16412 1 6 9 %
175
1 6 ,3 0 0 A t l G u lf & W I SS L i n e . . . 100
92
Feb 8
73
*71
72
72
73
*69
*71
70
70
70
*7 3
75
600
Do
p ref................................. 100
64
Jan29
18%
1934
17
17%
17 %
19%
16
16
19% 2 0
1 6 ,4 0 0 A u tosa les C o r p o r a t io n ______50
1 4 % N o v 19
_
32
3 5 % _____
30
30
30% 30%
33%
34%
1 ,7 0 0
6 % p ref tem p ce rtifs _____ 50
29
Oct25
1 0 8 % 1 1 2 % z l 0 7 % 110% 1 5 9 ,3 0 0 B a ld w in L o c o m o t iv e W k s .1 0 0
10 3 % 105%
105
1 07% 106% 1 08% 1 0 7 % 1 0 3 %
6 4 % Jan29
1 1 8 % 118%
1 1 9 % 1 24%
1 2 3 % 125%
118
118
117% 118%
1 2 3 % 1243S
4 ,9 0 0 B a rrett C o ( T h e ) . . .................100 103
Jan
2
*
114
♦111
114
*111
114
11 4
*110
114
• 110
Do
p r e fe r r e d ___________ 100 110
Feb10
*1%
1%
*1%
1%
1%
1%
1%
*1%
1%
*138
1%
7 0 0 B a top ila s M in in g ____________ 20
1%
1% Jan20
31% 32%
32%
33
32%
33%
32%
31%
33%
31%
32%
32%
1 1 ,8 0 0 B eth leh em M o t o r s ____ N o par
26 Sept22
89
89
89
89
89U
B eth leh em S teel C o r p ____ 100
55>2 Jan20
89%
91 %
91
92%
9134 9 4 %
88%
91 %
91%
90
9484 1 2 6 'i 0 0
93
Do
C lass B c o m m o n ..1 0 0
55% Jan21
100
100
Do
p r e fe r r e d ___________ 100
90i2 Jan30
11334 1 1 4 %
1 1 3 % 114
114
1 1 3 % 113% 1 1 3 % 113%
114
113% 1 1 3 %
1 ,3 0 0
Do
c b m c o n v 8 % preflO O
% Jan22
11%
12
11%
12
12
12%
11
12%
11%
13%
13%
13%
9 ,3 0 0 B o o t h F ish eries_____________ N o par 11
Dec 1
*94
99
*91
99
95
B r o o k ly n E d iso n . I n c ...........100
95
Nov29
51
50%
51
51 %
5134 5134
50%
51
49%
52
52%
49%
2 ,3 0 0 B r o o k ly n U n ion G a s . ...........100
49% Nov28
105
110
105
105
103
5 0 0 B ro w n S h o e , I n c . ...................100
........................ 103
71
Feb 5

>2

1714

101

8
8
12 5
•115
9%
9
•23% 28
20%
20
22%
23%
74
75
41%
40
____
58% 58%
99
99
92%
92
107% 107%
52%
55
54
5 0 is
111 % 1 14%
103
103
18
17%
33
33%
85
85
38%
38
40
40%
61
61%
63%
69
*50
64
_____
83
16%
32
87
12%
*80
77%
106%
190%
99%
43%
82%
*350
*100
13 %
26
_____

54
64
_____
84%
17
32%
87

6%
120
9%
25
19%
20
74
41%
76
60
99
91%
108
52
54
112
103
16%
33%
84%
37%
40
61%
66
93
51%
63%
79%
84%
16%
32%
87%

"l2 %
"i2 %
85
*80
7 9%
78%
107
106%
197
192
99 %
99%
45
45%
84%
83
400
*3 5 0
101
*1 0 0
13%
13%
27
24
_____
*34%

7%
7%
7%
7%
7%
7%
7%
734
*7%
*118
126
120
*118
128
*118
125
*118
124
9
9
9%
9%
O il
9
9%
9
9%
24%
24%
25
26
26
*23% 28
*25
28
19% 2 0 %
20%
1 9 % 22 %
23%
24
2284 2 3 '»
22
20%
22%
23%
22%
23
23%
2234 2334
74%
75
75
74%
75 %
75%
77%
7734
77%
44%
45%
42%
4112 4 5
44 % 45%
463.1
45%
79
79
76
7712 7 7%
*78
SO
78%
78%
6
2
%
*
6
1
%
6
3
61%
61^2
*61% 63
*6 1
63
99
99
99
92%
94%
93%
94%
9 5%
9 4 % 9534
94% 96%
*
1
0
8
1
0
9
%
108
*10S
109%
1 0 7 % 103% * 1 0 7
109
52% 55%
54 %
54%
55
55
5534
56
54
54
54
115
112% 114
115
115
115% 118
118
119
1 0 4 % 105
_____
103
105
105
106% 108
17%
16%
18%
18%
18%
18%
19
18 %
19
34 %
33%
34
36%
37%
35*2 36*2
35%
36 %
84%
_____
*83
87
85
85
87
87
38%
38
3S
38
39
38%
39%
38%
39%
40%
39
40
37%
39%
38% 39%
38%
39%
62
64
62 %
63%
64%
63% 64
64%
69%
66%
68%
67
67%
67%
6S38
68
71
93
64
54
51%
*52
55
*53
55
*5 2
57
63
63
63%
*63
64
62% 62%
63
63
79 %
80
7 9%
80
80
80%
80%
80
80
85 %
84%
85%
84%
86
85%
87
8684 8 8
16%
17%
16%
17 %
18
18
18%
1S%
19
_____
_____
32 %
32%
35
35
36 %
3234 3434
88
88
88
87%
88%
91
91%
91%
91%
12%
12
85
*80
80%
78%
106%
107
202%
190
100
45
46
84
83%
400
*350
101
100
13%
13%
25 %
23%
40
*3 5

12%

80
80 %
107
202
46%
84
400
100
13%
24 %
40

92%
92%
92%
92%
130
135%
133
141
137
150
_____
_____
105% 105%
105
1 07%
_____
_____
* 7 9 % _____
*80
100
85%
87%
8 5 % 87%
87
89
*9
11
*9
11
*9
11
28
25% 25%
*25
*25%
27
*125
135
*125
135
*125
135
40
41%
39%
40%
40
40%
36
35% 36%
33%
3 5%
36
15
IS
18
15%
IS
17%
6 8%
70
68%
69%
68 %
1 8%
1 7 1 % 174
*168
174%
1 71%
170
324
337
329
135
3 1 9 % 127
*9 0
92
93 %
93%
89
90%
88%
89
89%
90%
79
78%
79%
78%
79 %
78
_____
_____ _____ _____
104% 104%
53%
54
52%
83
51
53
33
34 %
32%
34
34%
34
6 1 78 64
64
60
60%
63
89%
89 %
91
89
89
*89
56
56 %
55
55%
56 %
56
4 6 % 4S%
48 %
45%
48%
47%
1 8 % 20 %
19%
19%
19% 2 0 %
82%
82%
*80
83
80%
80%
126% 127%
125% 126%
1 2 6 % 128%
44%
46%
44%
47
101
102
101
1 01%
22%
22
22%
23
65% 68
66%
67
76%
77 % * 7 6
79
_____
38
35
37
22
23%
*20
23%
63
63
*6 2
65
_____
32
26
1 2 6 % 129
128
126%
102%
103% * 1 0 0
104
80
80%
80%
*80
27%
28%
28%
28
46%
45%
46%
45%
84
8 1 % 83%
82%
40
45
*40
45
33%
33%
34
33%
201
19 5
200
*190
112
112
115
*112
_____
70
70%
68
109
109
*106
^ ------- ---44%
100%
22
65%
*75
38
*20
*62
*27
126
*102
80
27%
45%
81
*42
32%
20 1
•108
_____

46%
1 02%
22 %
68%
79
_____
22
64
2 7%
128
102%
87
2S %
46%
84 %
40
34
97
15
68
115

" 12 % Y d '
*80
85
80
81%
107
107
200% 204%

13%

1334

81
106%
201 3 4
99
t4 6
47%
46%
t8 4
84%
84
*350
*350
400
*9934
*100
101
13%
13 %
13%
26%
24
27
*35
*35
40
*30
*92
*91% 94
142%
145
149
105
105
81%
81
81
89
89%
91
*9
11
*9
27
27
27%
*122
134
*125
41%
10% 41%
35
35U
35
18
20
19%
69%
6812 6 9 %
1 7 0 % 174
173
333
336%
335
91%
93
93
89% 90
89%
7 3 34
78%
80
1 0 3 % 1 04%
104
5234
52% 52%
34
34 %
33%
66%
70
68%
*89
90
*89
55%
56
55%
4 8 % 49 %
48%
20
21%
22
82%
83
*83
1 2 6 % 1 2 7 i» 1 2 8
113% 113%
4 5 % 4 7 l»
47
1 0 2 % 103%
103%
22%
22
22%
67%
69
68%
*76
78
77
36
37
36%
20%
22
20%
_____
*62
64
2 8 . 2S
129
130%
132
103
103
103
80%
80 %
81
28%
29 %
28%
45% 46%
44%
82%
8 4%
83%
*30
43
33%
3 4%
3334
*195
197
*195
11434
113
113
70%
7 0%
72
*106
115
*106

84
107%
215
100
47%
84%
400
10034
13%
27%
40
32
95
145
83
923j
11
27%
135
42
36 %
20%
73
173%
345
92%
90
80%
104
53
34
70%
91
56%
50%
22
84
130
50 %
1 06%
2234
71
77
37
22

135
103
81
29%
4634
S 6%

13%
*80
82%
*106
210%
9978
47 “
84%
375
99%
13 %
28
*35
*30
92
140
105
81%
90
*9
2.8%
*130
41%
3534
1934
71%
*168%
337
88
79%
104
52 %

3384
69%
*89

*55
50
21

*8334
130
1 14

13%
85
84
107%
218

3 0 ,7 0 0
1 4 ,4 0 0
4 ,5 0 0
1 ,6 0 0
2 4 ,7 0 0
1 7 ,8 0 0
500
7 ,3 0 0
1 1 ,3 0 0
7 ,5 0 0
6 6 ,3 0 0
200
700
3 ,0 0 0

11,100
9 ,7 0 0
8 ,4 0 0
1 ,7 0 0
9 ,5 0 0
4 8 ,6 0 0
1 ,5 0 0
5 0 ,8 0 0

48
3 3 ,6 0 0
84%
7 ,7 0 0
380
525
99%
400
2 ,2 0 0
13%
8 ,7 0 0
2S34
40
32
200
92
300
142
2 2 ,9 0 0
1 ,0 0 0
105
82
1 ,2 0 0
9334 2 6 ,4 0 0
11
--------. .
400
28%
..............
135
4 2 % 2 1 ,5 0 0
1 3 ,1 5 0
37%
2 0% 2 1 ,6 0 0
1 3 ,7 0 0
73%
16034
3 ,5 0 0
144
5 5 ,2 0 0
600
89%
5 ,4 0 0
8 2 % 2 3 ,1 0 0
104
800
52%
2 ,6 0 0
34
3 ,6 0 0
70 %
5 ,6 2 5
91
200
58
4 ,4 0 0
50*4 2 7 ,5 0 0
22
3 ,2 0 0
84
500
130%
7 ,9 0 0

493.1 52%
1 0 5 % 107S»
2234 2 3
70%
7134
*76%
77
37
38
20
20%
60%
62
27%
27%
135
139
10.3
104
81
82 %
*2S % 29%
43%
47
8434 8 6 %

341->
34
197
*200
11484 * 1 1 0
72
115
—

2 ,0 0 0
100
9 ,4 0 0
300
1 2 ,4 0 0
1 5 ,5 0 0
6 ,6 0 0
1 4 ,7 0 0
800
600

35
210
115
—

7 6 ,4 0 0
2 8 ,9 0 0
4 3 ,1 0 0
2 1 ,8 9 0
400
4 ,1 0 0
1 ,5 0 0
400
700

8,2 0 0
800
800
4 9 ,5 0 0
3 8 ,5 0 0
2 1 ,1 0 0
4 ,9 0 0
900
610
700
100

Do
p r e fe r r e d ___________ 100
97 AugI8
B ru n sw ick T e r m & R y S e c . 100
6% Dec 1
B u rn s B ro s........ ............
100 117 Novl3
B u tte C o p p e r & Z in c v t c . . 5
5 >8 Feb20
B u t t e r i c k ___________________ 100
16
Jan27
B u tte & S up erior M i n i n g .. 10
1678 Feb 11
C a d d o C en tra l O il & R e f . . 100
20
Dec 1
C a lifo rn ia P a ck in g ____ N o par
48% Jan 2
C a liforn ia P e tr o le u m _____ 100
20% Jan 2
Do
p r e f_________________ 100
64% Jan 2
C a lu m et A A rizon a M in in g . 10
56% M arl5
C a se (J I) T h re sh M p f c t f.1 0 0
91% Janl4
C en tra l L ea th er_____________100
56% Feb 8
Do
p ref_________________ 100 104% Jan 7
C erro d e P a sco C o p ___ N o par
31
Jan22
C e rta in -T e e d P r o d u c t s .N o par
30% Aprl2
C h a n d ler M o t o r C a r ___ N o par
90 N ovl2
C h ica g o P n eu m a tic T o o l . . 100
68
Aprl6
C h ile C o p p e r ________________ 25
16% Dec 1
C h in o C o p p e r .......... ................... . 5
32% Feb 6
C lu e tt, P e a b o d y & C o ____ 100
60% Feb27
C o c a C o la ___________________ N o par 37% Nov28
C o lo r a d o F u el & I r o n ____ 100
34% Feb 10
C olu m b ia G a s & E le c _____ 100
39% Feb 1
C o lu m b ia G ra p h o p h o n e N o par
50% Octl8
D o p r e f__________________100
93 N ovl8
C o m p u tin g -T a b -R e c o rd in g 100
37% Jan 4
C o n so lid a te d C ig a r____ N o par
54 Aug 18
D o p r e fe r r e d ___________ 100 *78
Augl5
C o n so lid a te d G as (N Y ) . . 1 0 0
83 Nov28

5% Apr23
31% N ovl9
65% FeblO
Do preferred
.1 0 0
100% Octl8
10% Sept20
58
Jan 3
46
Jan21
Do preferred.
.1 0 0
102
Jan23
'rucible Steel of
.1 0 0
52% Feb 7
.1 0 0
Do preferred .
91
Jan 2
20% Jan27
.1 0 0
69% Mar 1
100 150
Jan 8
93% Febl7
10% Jan31
23% Dec 2
Do preferred.
..5 0
40 Sept 5
merson-Brantinj
.1 0 0
28% Aug 8
Do preferred .
.1 0 0
92
OctlO
80 June30
Do preferred__________100 101% Aug21
73 Septl9
85% Nov29
9% Feb20
Do preferred.
.1 0 0
25% Dec 1
38% Jan 8
39% N ovl3
33% Nov29
15 Dec 1
.1 0 0
47
Jan 3
144% Feb 2
118% Jan21
Do preferred_______ .1 0 0
82
Jan 6
Do Debenture stock. .1 0 0
82% Feb 17
5612 Janio
Do preferred .
.1 0 0
102
Aug 7
.1 0 0
51 Nov28
32% Dec 2
49% Feb 8
54% Jan 8
40
Feb 6
42% Feb 6
10% Jan 2
Do preferred___
.1 0 0
48
Jan 4
iter Harvester (n e
110% Jan21
Do Preferred, n e w ____100 113
Oct30
21% Jan31
Do preferred.
.1 0 0
92% FeblO
22 Nov29
30% Jan 3
Do stamped pref______ 100
62
Janl3
35
Dec 1
.1 0 0
18 Sept30
Do preferred.
.1 0 0
59% Oct 1
.1 0 0
26
Dec 2
68
Jan21
Temporary 8% preferred 100 102% Nov28
39
Jan24
27% Nov29
..1 0
43% Dec 5
.1 0 0
72% Jan21
.1 0 0
40
Dec 2
21
Jan22
195
Dec 1
Do preferred____
.1 0 0
107
Jan27
oose-Wiles Biscuit ti
40% Feb 17
Do 2d preferred.
.1 0 0
94
Feb 5

* Bidfluctuations
a’'d askod prices;
salessecond
on thispage
day.preceding.
t Less than 100 shares. 5 Ex-rlghts a Ex-dlv. and rights 6 80% paid
If For
in rightsnosee



PER SH AR E
R a n ge f o r P rev io u s
Y e a r 1918

H ig h e s t

L ow est

$ p e r sh a re

S p e r s h a re

89% Julyl6
109% Julyl7
140 Septl8
47 July 7
96% Augl4
14S% Oct29
119 May24
120% Junel2
100 M ayl2
103% MarlO
314% Oct24
106
Jan 6
14978 Oct20
110%June 5
69
Oct 2
29 Julyl4
65 July24
7778 Julyl6
9% N ovl7
60
Oct 8
82 Augl4
80% M ayl3
142 Nov 7
192% Oct31
76% May 8
20% Oct20
35% Dec 3
156% Oct22
145 July 7
119 May29
2% M ayl3
45
Octl6
107% Julyl5
112
Oct23
108 July21
116 Sept30
25 July24
102
Aug 1
92 May29
112% Julyl6
101 M ayl4
17
Oct 6
166
Apr23
17
Oct 6
39% July30
37% July 11
54% May27
84% Oct31
56% Oct20
86% Sept 17
86% July24
101 Augl9
116% July24
114 Julyl6
67% Julyll
65% Nov 7
141% Nov 5
113% Nov 3
29% Julylt
50% Julyl6
95% July 2
43% NOV 7
56 Julyl4
69
O ctll
75% Oct27
95% Oct28
63% Julylt
75 June27
86% Julyll
106% July 15
23
Octl4
37% N ovlt
103% June 7
110 Junel7
15% Oct20
84% Nov 7
99
Oct22
109% July25
261
Oct23
105 July 3
48% Nov24
87'2 July 2
410
Oct31
103 July28
16% M ayl2
43 Julyl6
49 July23
43 June27
101 June26
150 Dec 2
107% Dec 2
94
OctlO
123 July 17
23% Julyl5
48% July 14
173
o ct 8
55
Oct 9
64% Julyl4
38% Julyl 1
9578 July23
176
Oet20
406% Nov 5
95 June 3
94% Aprl4
93% Oct29
109% Aprl6
80
Jan 3
47% Julyl4
89% Oct20
96% July 16
71% Julyl4
6878 Julyl6
37% Julyl4
91% Julylt
149% July 7
120 June23
67% Julyll
128% May28
33% June26
82 Nov 5
80 July22
65 Nov 7
Marl5
48
Mar 6
91
Julyl6
44
Nov 3
164
110% Oct21
114% Oct28
43 Julyl5
126% Julylt
107% Nov 1
83
Jan21
40
Oct21
250% Aug 8
115 July 16
81 Julyl4
120 June20

c Full paid,

H ig h est

S p er sh a re
May
94% Oct
Sept 110% Nov
Dec
Oct 107

73
103
85

Jan 116 May
Mar 114*2 Dec
Jan 145 May
Jan 103 June
Aug 109% Feb
Jan 198% Dec
Sepl 100% Dec
6078 May
Jan
Jan
Dec
Apr
39% Aug
Dec
21% July
Dec
53% July
Dec *74% Oct
Dec
2% Nov
May
18% Dec
51 May
63
Dec
36*8 Jan
36% Jan
54
Apr
71
Oct
9734 Jan 120% Feb
Jan
58
67% Nov

98
10S%
60%
81
90%
140%
92%
44%
92
20%
11
3S%
59

9584

12h

56% Jan
Jan
85
99% June

101% May
110
Dec
107% Dec

Dec
Nov
Dec
Jan
Jan

96 May
94 M ay
94 Sept
10678 Apr
28% Sept

Aug
78
62 June
Jan
95
6% Jan
Feb
108
5% Dec
7% May
61% Jan

93% Nov
74 Nov
98
Apr
16% June
61% Oct
12% July
1S% Nov
33% May

Jan
Jan
Jan
Dec
Jan
Dec
Dec
Mar
Oct

50 Nov
2478 Nov
70% Dec
71 May
92% Dec
73% Feb
108 Nov
39 Nov
40% Nov

68 June
14% Apr
31% Dec
Jan
45

7078 June
24% Oct
47 M ay
65% Nov

34% Jan
28% Mar

54 May
44% Dec

Jan

3978 July

82% July
7% Sept

105% Nov
13 June

65% Oct
99 July

95
107

60
59%
84
96%
21

36%
12
36
61
73
5454
101%
29%
30

30

44
29%
*90%
52
86
27%
77%
136
90
6
22
37

Feb
Dec

Feb
60
Dec
Jan
50% Nov
Jan 104
Dec
Jan
7478 M ay
Jan
91% June
Apr
34 Nov
Dec
S3
Feb
Aug 152
Jan
June
96
Feb
Tune
15 Nov
Jan
31% Nov
Mar
43% Nov

9
27
26

Dec
Jan
Jan

15
Oct
44% Oct
43 June

25%
34
127%
106%
75%

Oct
Jan
Jan
Jan
Oct

39
Feb
58 June
158% Oct
164 AUg
88
Feb

38
95%
74
38%
58%
37
34
41%
10

Jan
59% Oct
Dec 104
Dec
Jan
86
Oct
Jan
58% Nov
Dec 111% Apr
Mar
55
Dec
Jan
49% July
Dec
58% Oct
19 June
Jan
65 June
Jan
38
104
Oct 121 Nov
Oct 114% Dec
107
33
Oct
Jan
21
83% Jan 125% Nov
35 Nov
27
Jan
24% Jan
45% May
58
Jan
65% Jan
Dec
Apr
41

40% Nov
97% Jan

Apr

24% July
29 Mar

35
Oct
41% Nov

91% May
65% Dec
90 May
82 July
24
Dec
12
Apr
Dec
164% Aug 210
100% June 110 Nov
45% Dec
17% Jan
53
Feb
96
Deo

nOld stock, z Ex-dividend

2154

New York Stock Record— Concluded- Page 3
Pot record of tales during the week of stocks usually inactlre, see third page preceding

H IG H A N D
S a tu r d a y
N on . 29.

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

M onday
D ec . 1.

T u esd a y
D ec. 2.

W e d n e sd a y . T h u rsd a y
D ec. 3.
| D ec. 4.

$ p e r sh a re
S p e r sh a re 1 S p e r sh a re
S p e r sh a re
1 7 4 % 17434 1 7 2 % 1 7 2 % 17 5
176
16912 1 7 3
• no
115
120
*110
11 6
116
*110
*110
*74
85
80
73
73
*70
74
*70
6 4 14 * 6 4
*64
64%
64
64
64%
61%
_____
_____
30
30
31
31
2612 2 6 %
27
27%
36%
37
3534 3 7
37
3 6 % 3634
37%
64^4 6 5
63%
65
*64
66
65
65
35
•33
30%
31
30% 30%
32%
32%
*115
11/
_____
_____ * 1 1 8
122
120
12 5
•101
n o
*107
n o
* 10t
n o
*104
n o
186
190
186% 193% 191% 194
1 9 3 % 19 8 %
105
105
21
21%
21% 22%
22
22%
22% 23
5414 5 5 %
53
55%
53%
56%
56%
57%
49
49%
49
49%
49%
497*
49%
50
54
55
*54
59
54%
55%
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4312 4 3 %
43
44
441* 4 5
45 % 4 5 %
36
36
35%
36
36*2 3 7%
37% 33
60*2 6 2 %
617g 6 5
6 2 % 64%
64%
66
•85
90
89%
89%
*85
90
11534 11534 11 5
115
115
115
11 5
11 5
___ _
lit
114
*76
80
*77
80
*76
80
*77
80
IO 334 1 0 3 %
103
103
*103
101% *103
10 3
12
1134
1U 2
10%
97* 1 0%
10
10%
7514
7o%
76
76
*76
78
7534 76%
102
*100
*100
102
*100
102
*100
102
79
80%
7934 8 1 %
81%
8 2 >4
81% 82%
103
*1 0 4
108
*104
n o
*103
n o
1434
13%
15
15%
14%
15%
1 4%
15%
116
105
114% * 1 0 3
106%
170
101 %
45
42
*42
46
45%
45
45%
*5S
61
*58
61
*58
62
60
60
54
55
*53
57
55
56
56
56
7312
69%
72
75
73
7414 * 7 3
74%
47%
45%
46
47%
46%
47%
46% 43%
—
—
*50
53
*50
52%
52%
*50
9%
9%
9%
97*
9%
9%
9%
9%
9%
9%
9>4
9
*9%
9%
9%
9%
—
_____
_____
_____
130
130
130
130
3534
35%
36%
36
36
35%
36%
36%
55%
56
56
55% 56%
55%
55%
55%
73
73
60
60
60
60%
36
36%
*34
37
♦33
36
33
33
9 9 % io ' i
9 7 3 41 0 0
98 % 100%
100% 104
33%
33>a
35
3412 3 5 %
36
33%
35
34%
35
32%
35
37%
33
34%
35
3 1 % 31*2
3 0 % 307*
30%
31%
30*2 31
73 %
72 3 4 7 8
70 %
75
77%
75%
77%
104% 104% 105
105
18
18%
1 8%
1 7%
17%
17 %
17
17%
103
103
1 0 2 % 1 0 2 % 101
101%
101
101
59%
59%
6 0 % 61%
5934 60 3 8
61%
60%
87
89
87% * 8 8
92
92
87%
*87%
*2 1
24
20
21
1 9 % 21
21
21%
95% 97%
99%
96% 98%
93
95%
96

F r id a y
D ec. 5.

$ p e r sh a re
176
180
*110
116
*70
74
*61
6 t%

S p e r sh a re
180
180%
n o
lit
74
*63%
*63%
6 t%

27% 27%
37% 33%
65
66%
*30
33
125
127
*1 0 4
n o
193
203%

*30

38

66

39
63%
3t

121

121

105
193

103
203%

PER SH A R E
R a n g e S in c e J a n . 1
O n b a sis o / 100 sh a re lots

S a le s
or
th s
W eek.

STO CK S
N EW YOQK STOCK
EXCHANGE

Shares
4.00C
40C
IOC
700
400
800
4 ,8 0 0
1 ,8 0 0
590

I n d u s t r la l& V lI s c . ( C o n .) P ar
L o r ll la r d ( P ) ................................ IOC
Do
p r e f e r r e d ____________ IOC
M a o k a y C o m p a n i e s _______ IOC
Do
p r e f ___________________ 1 0 0

2 ,1 0 0
500
6 4 ,2 0 0

M a x w e l l M o t o r , I n c . . _____ 10 0
Do
1 s t p r e f _____________ 100
Do
2 d p r e f _______________100
M a y D e p a r t m e n t S t o r e s . . 100
Do
p r e f e r r e d ____________ 100
M e x i c a n P e t r o l e u m _________ 100

227* 237*
577* 6 3 %
49%
50%
*55%
59
45
55%
3 7 V*
37%
6 5
68>2
89
89%
115
115%
79%
*103
10
*75
*100
82%
*106
15%
109
45
*53
*51
73
481*
*50%
9%
*9
130
36
551 2

23
23%
62
6t
49%
50%
* 5 5 l2 59
46
43
37%
37%
65%
68
89%
89%
1 1 6 % 11 6%

7 ,2 0 0
4 5 ,6 9 0
3 5 ,5 0 0
800
6 ,0 0 0
7 ,5 9 0
1 6 ,6 0 0
600
600

79%
*77
80
108
*103
108
10%
10
10%
79
78
79
102
*100
10 2
82%
81
82%
n o
*103
n o
157*
15%
157*
1 1 0 % 1 0 9 % 111 %
45
45%
45%
61
61
61
57
*5t
57
74
74
74
50%
50
51
52%
50%
50%
10
97* 10
9%
9%
97*
131
1 3 t % 140
36%
36%
37
53%
55%
56%

10 0
200
8 ,4 0 0
1 ,4 0 0

N a t i o n a l C l o a k A S u i t _____ 10 0
Do
p r e f e r r e d ____________ 10 0
N a t C o n d u it A C a b le . N o par
N a t E n a m ’ g A S t a m p ' s . . .1 0 0

4 ,3 0 0

N a t i o n a l B e a d ----------------------- 10 0

5 ,9 0 0
1 7 ,0 0 0
690
600
709
2 ,9 9 9
4 5 ,8 0 0
10 9
3 3 ,1 0 0
1 ,4 0 9
1 ,2 0 0
5 ,5 9 0
4 ,4 0 0
200
800
300
40
7 7 ,7 0 0
4 ,2 0 0
6 ,7 0 0
5 ,7 0 0
2 1 6 ,6 0 0
400
2 7 ,9 0 0
600
6 ,0 0 0
600
8 ,1 0 0
9 ,1 0 0

N e v a d a C o n s o l C o p p e r ________5
N e w Y o r k A ir B r a k e _____100
N e w Y o r k D o c k ........................100
Do
p r e f e r r e d ____________ 100
N o r t h A m e r ic a n C o _______ 10 0
N o v a S c o t i a S t e e l A C o a l . . 100
O h i o C it i e s G a s ( T h e ) ........... 2 5
O h io F u e l S u p p l y ---------- -----------2 5

60
60
*34%
37%
35
35
103% 107%
35
35%
3 t%
33%
31
31%
78% 81%
17%
61
*88
21
97%

60%

60%

105
34%
33%
31%
79
103
18
18
*101
61%
*60%
92
90
217*
21%
99
95 %

11 2 %
35%
35
31%
83
109
19%
109%
62
90
24%
101

*
*
72
72
72
1147* 115
1 1 4 % 114%
1 1 4 % 115%
11 3 % 114%
114% 115
86
9
0
%
9
3
%
92%
9 4%
86
89%
87% 89%
89
91%
95% 98%
94%
957*
93%
93%
94%
96%
96%
95% 96
n o
1 0 7 % 107% * 1 0 4
10 7 %
*106
109% *106
103% *1 0 6
101%
1934
2 0 l i 207*
2 1%
20%
19% 20%
19% 20
20%
20%
80
HI
79%
84%
83%
79
81
79%
79%
79%
80%
101%
1 0 7 % 11 0 %
101% 104
1 0 3 % 1017* 1037* n o
101
103%
106
i n s i a 1ft51« * 1 0 5
106%
53%
53%
55
54
54%
52% 54
53
5 3%
53 % 5 3 %
98
1 0 1 % 102%
9 9% 102%
1007*
9 8 % 100%
98
99%
99
1 3%
133$
1234 13*8
131s 1318
13
76%
75
76
75
75
76
75
75
*74
75
75 %
137*
137*
14 %
13%
1 3%
137*
137* 14 %
13%
14
13%
219
220
218
218
216
220
215% 215% * 2 1 5
220
*215
11%
11
11
11%
11%
11%
11 %
10%
10 %
10 %
10
477*
477*
46%
46%
46
44U
45*18
45%
47
46
44%
71%
7 41,
74
71%
69%
71
71%
69
70
69%
70%
07
*9414 971* * 9 4 U
118 “ *115
11 8
118
*116
117
§115% 115% *115
118
*115
*130
140
140
*120
14 0
*130
14 0
*85
89%
90
89*%
90
90
*86
90
*86
90
*86
140
140
757* 77 %
71
73 %
71
75
733 a 7 5
75
78
71
75
105% 107%
10634 109%
1 0 8 % 11 0 %
108% 110%
10534 1 0 8 %
1 0 8 % 10 9 %
101
101
11 2
110
114% 1 1 4 %
1 1 3 % 1147*
109
n o
110
111%
1 1 0 % 11 5
42
42
45
45
44%
44%
44%
4 4%
43
43%
9%
10%
10%
10%
934 10 %
93t 10 %
10%
10%
1 0%
10%
272
276
291
2 7 2 % 2 7834 2 7 4
295
27*
299
276% 286% 286
*255
275
*252
2 /5
*245
*2 7 5
270
280
*240
270
78%
79%
887*
79
87
77
797* 81
81%
87
79
81
*98
99
98
100
100
10 0
98
100
97% 97%
98
93
45%
41%
43%
40%
45%
4134 431 4
43%
45
45
40i.i 43*8
60%
61
62
63
60
60% 60%
60%
60%
60% 60%
60%
1 9 7 % 1S7% x l 9 1
191
90
92
917* 9 2
*90
95
*88
95
3 5 U 3 fil2
35%
36%
35
36U
36
371*
3 6 34 3834
50
50%
4934 5 0 %
4 9 % 5 1%
49%
5 0%
50%
51%
50
49%
138
138
139
136
139
*136
136
13 7
136
136
13 8
138
*51%
52
*52
52%
*5 2
52%
52
52
52%
52%
*5 2
53%

1123411434

84%
92
*105
19%
79
100%
106
52
96
13 %
7434
1334
215%
11%
45%
69%
*94
*115
*130
*86

_

197% 203
199
8514
85
207*
20%
20
55
*55
60
*22
*22% 25
79.
74
72*8
*9 7% 100
98%
1 02% 102% * 1 0 0
35
35
*35
11634 1 2 1 %
119%

_ _____
11334
74
72
73
48
48
48
102% 103% *1 0 1
112% 113%
113
70%
71%
69%
10 %
10%
10
61%
63%
62%
*112
113% *113
67
56%
5634
56%
87
87
86%
* 1 1 4 % 115% * 1 1 3 %
5134 5 2 %
51
63
65
65
29
29
29%
90
75
75%
75
*
99% *
*121
12034 121
*114
11 5 % ♦114
77% 82
79%
*9 1
_____
76
76
* B id a n d

114
113%
73%
71*4
48
*46
1023* 1 0 1 %
112%
1 13%
72
69%
10
10 %
65%
63
11 4
*113
67
57
56%
89%
87
11 4
*113
52%
51%
66*4
64%
30
28%
88%
90
75%
7534
9 9 % * _____
125
* 1 2112
115% *1 1 4
84
81%
_____

asked prices:

76

200
88

200

ss

20%

201%
91

21

202%
198
89^4 9178
21%
21%

*
56
65
25
247* 247*
*2 2
23
23
25
771 4 7Qlo
771,
7*
75
73-Ti
100%
9 9 % 1017* 1 0 0 % 1 0 7 % 1 0 3 % 10 6 %
105
*100
105
105
*100
104
*100
39
40
*3 7
40
*36
33%
37%
122%
121% 123
12 1 % 123%
1 2 2 % 12 4 %
114
73%
50
103
113
72%
10
63%
115
56%
88%
116
52%
66
30
90
76
99%
12 5
115%
87
76

1137* 114
74%
73

11 3 %
72%
43%
102%
112
7U *
10%
61%
*11334

1 0 2 % 103%
1 1 2 % 112%
71%
72
10
10%
65%
65
113
113
_____
55%
5 6%
56
88%
87% 88
114
113% 113%
52%
52%
51%
65%
65%
64%
29%
29%
30
*89%
90
90
76%
75% 7 6
#
99% *
*1 2 1
*121% 125
115% *114
*1 1 4
87%
85
85
*92
94% 94%
*75

n o s a le s o n t h is d a y .




199

203

20%

L ow est

H ig h e s t

L o w e st

$ p e r sh a re
147% A p r l5
107
Jan2£
70
Jan22
*63
June 6
28

S p e r sh a re
2 4 5 J u ly 2 3
115
J u ly 2 9
79% M a y 2 7
66
J u ly ll
.331 * J u l v l 7
317 8 Mr»v 7
61
J u ly 2 8
8 4 % J u ly '2 8
46% Ju n e 3
131% O ct3 1
110
M ay 2
264
O ct2 2

$ p e r sh a re
144 % A u g
98
Jan
70
D ec
57
Jan

26%
50%
19%
60

101
163%

J a n ‘2 2
Jan22
Jan 2
Jan 4
Jan 2
J a n ’2 3

100
M i a m i C o p p e r ----------------------------5
M id v a le S -e e l A O r d n a n c e ..5 0
M o n t a n a P o w e r _____________ 1 0 0
M u ll in s B o d y -------------------n o p a r
N a t i o n a l A c m e ________________ 5 0

N a tio n a l

B ls o u lt ____________ 1 0 0

O n t a r io S ilv e r M i n i n g _____10 0

O w e n s B o t t l e ________________ 1.25

P jio iflfi M a l l S 3

Ft

P a n - A m P e t * T r a n s U _____5 0
P e o p l e ’ s G L A O ( C h i c ) . . 10 0
P h il a d e l p h i a C o ( P l t t s b ) . . . 5 0
P i e r c e - A r r o w M C a r ___ N o p a r
P ie r c e O il C o r p o r a t i o n ______ 2 5
P it t s b u r g h C o a l o f P a ______ 100
Do
p r e f ___________________ 100
P o n d C r e e k C o a l ______ _______10
P r e s s e d S te e l C a r __________ 1 0 o

115
115
74 %
73%
4S%
43%
1 0 1% 1 0 3 %
114%
113
73>*
72%
10%
10%
65
65%
115
*112%
70
56
53%
89
88
114
*113%
5 3%
5 3%
67%
66%
30%
297*
92% *89%
79
77
99% ♦
12 5
122
11 5 % * 1 1 4
87%
85%
109
_____
80

t L e s s th a n

115
74%
48%
101%
114%
73%
10%
68%
113%
70
58%
881*
116
53%
67V|
30%
92
73
99%
122
1 1 5 '"
88%
____

10 1 s h i r o s .

7 ,0 0 0 P u ll m a n C o m p a n y .................1 00
4 1 ,4 0 0
2 ,5 0 0 R a i l w a y S te e l S p r i n g ______ 1 0 0
10 0
Do
p r o f ______ ____________ 100
1 7 ,3 0 0 R a y C o n s o l i d a t e d C o p p e r . . 10
3 ,4 0 0 R e m i n g t o n T y p e w r i t e r v t c 100
1 2 4 ,6 0 0 R e p u b l i c I r o n A S t e e l ______ 100
200
4 ,8 0 0 R e p u b l i c M o t o r T r u c k . N o p a r
8 6 ,8 0 0
2 ,1 0 0
1 ,3 0 0 S a v a g e A r m s C o r p ................ 10 0
1 4 ,0 0 0 S a x o n M o t o r C a r C > r p 1 T ..1 0 0
6 0 0 8 e a r s , R o e b u c k A C o _____ 1 0 0
2 ,2 0 0 S b a t t u c k A rts C o p p o r ------------ 10
2 8 3 ,1 0 0 S ln o la ir C o n s O il U o r p
N o par
1 1 ,3 0 0 S lo s s -S h e ffle l d S te e l * I r o n 100
50

21

N )v 2 9

32
4 0%
54
40
29%
45
87
107

F eb 7
N ov2S
N o v l3
Jan 2
S ep t2 4
N > v l3
Aug20

J a n 12
70
10 3
D ec 1
’ 9% D e c 2
45% F e b 8
93
J a n l5
64
J a n 11
10 2
13% N » v 2 3
91% F e b 3
1 9% F e b 7
44% M a r l3
47
J a n 11
46
Jan30
035% F e b l l
43
J a n 18
«
5% M a r l8
M o v 1 9.
12*
M n vIQ
46
M ar 3

3 2 % J u l y 17
71% N o v lS
82% ' J u l y l l
83
J u ly 2 9
53
O ct2 0
43% J u ly l2
75
N ov 7
91% O ct 7
139
O ct 7
*1 2 1
M a r 14
92
J u ly 2 6
108% M a y 2 6
24% J u ly lS
8 8 % June 7
104
M ay27
9 4 % O s l2 3
112
J u ly lS
2 D * J u ly l7
145% O ct2 2
7 0 % J u ly 3 0
75
J u ly 2 9
67
J u ly 2 8
97
June 2
617* J u l y 10
55
J u l y 25
1.31j M a y 10
11% N o v 5
14 9
N ov 3
39% N o v l4
7 4 ' O c t 17

22% Jan
50
D ec
19
M ay
19
M ay
47
Jan
79
Jan
22%
41
64

D ec
D ec
June

H igh est
$ p e r s hart
200
M ar110
N or
78% F e t •
65
M ay

42%
i,97*
32%
32%
63%
194

N ov
N ov
N ov
N ov
D er
O oi

33%

Jan

61
M ay
81% N ov

26%

Jan

33

90
i 0 6 ’-4
65
100
13
37%
83
43%
99%
16%
98%
18%
42
37%
52%
35%
40

Aug
a -p t
S ept
Jan
N ov
Jan
N ov
Jan
M ar
D ec
D ec
Jan
Jan
'A u g
D ec
M ar
O ct

104
21%
54%
99%
69%
105%
217*
139
27
45%
57%
70
48
46%

4%

Jan

13

41

D ec

76 %

AUg

110%

Ma

D ei

671 * D e c
D ec
J u ly
M ay
F eb
D ecM ay
M ay
M ay
M ay
D ec
N ov
Aug
O ot
J unv
June

7 5 l4 J n ly 2 4

*

19 3
193
8 5 34 8 /1 2
2 0 %' 2 0 %
*55
60
2212 2 2 %
72%
73
99
100%
*100
104
*37
40
115% 118%

PER SH AR E
R a n g e f o r P re v io u s
Y ea r 1918

S o P o r t o R i c o 8 u g a r p r e f . . 100
S t a n d a r d M t l l l n a f _ .............. 100
Do
p r e f e r r e d -------------------1 0 0

10 0
100
1 2 ,9 0 0 S t r o r a b e r g - C a r b u r e t
. N o par
1 0 6 ,4 0 0 8 t u d e b a k e r C o r p ( T h e ) 1 .1 0 0
100
3 ,3 0 0 8 t u t * M o t o r C a r o f A m . N o p a r
8 0 0 S u p e r i o r S t e e l C o r p ’ n ______ 100
1 8 ,0 0 0 T e n n C o p p A C t r c t f s . N o p a r
2 0 ,5 0 0 T e x a s C o m p a n y ( T b o *1. . . 1 0 0
T i d e w a t e r O i l ______
_
100
2 9 .8 0 0 T o b a c c o P r o d u c t s C o r p . .1 0 0
500
Do
p r e f ___________________10 0
2 0 8 ,7 0 0
3 ,9 0 0 T r a n s u e A W i lli a m s S t . N o p a r
2 0 0 U n d e r w o o d T y p e w r i t e r ___ 100
7 0 0 U n i o n B a g A P a p e r C o r n . 100
3 0 ,3 0 9
5 .C 0 9 U n i t e d A l l o y S t e e l........... N o p a r
9 0 0 U n i t e d D r u g ................................ 100
Do
1 s t p r e f e r r e d _________ 5 0
200
Do
2 d p r e f e r r e d ________100
6 ,5 0 0 U n it e d F r u i t ................................1 0 0
1 0 1 ,0 0 0
2 '9 0 0 U S C a s t I P i p e * K d v _____1 0 0
200
Do
p r e f ...................................100
5 0 0 U S E x p r e s s . . . ........................100
3 2 ,4 0 0
2 6 J O O U S I n d u s t r ia l A l c o h o l ! . . . 1 0 0
100
Do
p r e f . ................................ 100
6 0 0 U S R e a l t y A I m p r o v e m e n t 10 0
1 1 1 ,9 0 0 U n i t e d S t a t e s R u b b e t . . . 1 0 0
100
Do
1st p r e f _____________ 109
2 ,1 0 0
8 ,0 0 0 U S S m e lt in g R e f * M ----------5 0
Do
p r e f ......... ............................ 5 0
400
3 1 8 ,2 0 0 U n it e d S t a t e s S t e e l C o r p . . 1 0 0
Do
p r e f .................................. 100
8 ,9 0 0
2 5 ,7 0 0 U t a h C o p p e r ........................ . . 1 0
2 ,9 0 0 U t a h S e c u r it ie s v t o ..............1 00
5 ,2 0 0 V lr g ln la - C a r o l ln a C b e m ___ 100
100
Do
p r e f ...................................1 0 0
3 0 0 V ir g in ia I r o n C An C
100
1 .5 5 0 W e l ls . F a r g o E x p r e s s ........... 1 0 0
3 ,6 0 0 W e s t e r n U n i o n T e l e g r a p h . 100
2 0 9 W e s t ln g b o u s e A ir B r a k e _____50
1 5 ,5 9 0 W e s t ln g h o u s e E le c * M f g . _ 5 0
1 3 ,3 0 0 W h i t e M o t o r ................................5 0
3 6 ,8 0 0 W l lly s - O v e r la n d ( T h e ) ........... 2 5
490
Do
p r e f ( neu>) __________ 100
5 .1 0 0 W l l s o n & C o . l n c . v t o . . N o p a r
1 ,1 0 0

W o o l w o r t h ( F W ) . . .............. 100

1 7 ,1 0 9
100
200

W o r th in g to n P * M v t C ..1 0 0

i E x - r lg h t s .

Do

p r e f B ________________ 10 0

a E x -d tv . n a l

ru b ts

234

Jao

40

D ec

67
Jan21
2712
32%
30
38% Jan 22
1 0 1 t4
16
101
45
Feb 3
85% M a r l7
12% F e b 5
T59
F e b ll

140%

O ct2 2

63%

O ct

72%

O et

57
43
99
111
31%
105^2
74%
98
31%
109

M ay26
A p r 28
O ct2 0
Oi?r ,20
A p r 17
O ct2 8
J u ly 2 9
M ay2S
O c tl8
O ct2 0

39%
21
34

Jan
Apr
Jan

61

70
n o
51
6 8%
104
19
68
71%
100
44%
84
12%
6 3%
6%
188%
10
4 !!
46%
85
107
124
85%
86%
36%
45%
92
42%
32
9%
184
207
72%
97%
40%
37%
115
75
35
37%
90%
50
91
157
8 0 is
14 "
42%
18%
06
XD7%
98%
17%
73
118
109
43%
45
88%
112
65%
10
51
n o
54
51%
82
94%
40%
45
23%
87%
65%
95%
120
1U %
59
83
66

1 3 2 % 'ju l y l 7
97
O ct3 0
107% N o v 5
112
June 3
27% J u ly l7
105% O ct2 4
145
N ov 1
1061* J u ! y 2 8
74% N o v 1
121
J u ly l7
17
J u ly l4
94% o c t l 7
29
Aug 6
225
N ov 3
19% J u ly 2 5
64% N o v 3
89
N ov 3
9 7 ij J u ly 8
117
Sept 6
160
O c tlS
91 % J u n e l2
181
N ov 7
1 0 9 % O c t lO
151
O ct2 8
104% N o v 0
1447* O c t 14
547* J u n e 3
1 7% M a y 5
345
O ctS O
275
N ov 1
115 Ju n e30
120 Ju n e3 0
6 2 % N o v 10
747* O c t 2 0
1971* D e c 4
100
J u ly lO
4 5 »s O cf, 14
68 % J u !y 2 8
1 7 5 % J u ly 2 9
68% M a y 9
165
J u l y ’2 9
215
O ct3 0
H 9 I4 O c t l l
38% A u g 7
7 4 % J u ly 7
32% M a y 2 4
913g O c t 1
167 " M a y 2 7
111
M ay23
507* J u n e 6
139% N o v 6
136
N o v l6
1 1 9 % J u ly lO
78% N o v 2 5
50
M ar 2
115% J u ly l4
1 1 7 % J i l l y 17
9 7 % J u ly lO
21% J u n e ll
9 2 t* J u l y l l
1157* O c t 7
82
O ct2 4
79
M ay23
92% M a y2 6
128
J u ly 7
597* J u n e 9
86
O ct2 0
40% J u n e 2
98% M a y 9
1047* J u l y 2
1 0 4 % J u n e lO
13 6 % M a y l 9
117% J u ty 2 5
117
O ct 7
98 % O c t lS
81
O ct 8

100%

Jan

132% N o v

45%
95
1 9%

Jan
Jan
D ec

78% D ec
105% D ec
26% M a y

*72%
92%

Jan
Jan

96
M ay
1 0 2 % S ep t;

51%

D ec

80% M ay
18
N ov
76% D ec18% F eb

29%

* E x -d lv

F eb

8

N ov28
F e b 10
Feb 4
M ar 4
A u g lS
J a n lS
J a n 13
S ept 8
A ug27
D ec 2
Jan24
M ar21
F e b 13
F e b l9
D ec 2
F e b 10
M a r ll
Jan27
Jan 2
J a n 11
J a n lO
Jan22
Jan22
F e b 14
Jan21
D ec 1
Jan 2
Jan29
D ec 2
D ec 2
J a n ll
Jan 8
Jan 3
J a n ll
Jan 6
J u ly lS
Jan28
F e b 10
A iii721
J a n lS
J a n lO
Feb 5
D ec 1
Jan 2
Jan 3
Jan21
Jan20
J a n ll
J a n lS
F e b 10
D ec 4
Feb 7
D oc 1
F e b 10
Jan 7
M ir 3 1
N o v l2
8 ep t2 !
J a n lS
J a n '2 1
Jan 3
.Tan’l l
Jan 7
J a n lO
N o v ll
F eb 7
J iin e 2 6
F e b 13
Jan 3

T F o r flu c t u a t i o n s

15

Sept

42
Jan
79% Jan
16
N ov
5 5 t* N o v
OI
An„

133% June
*13
D ec

N ov
35 % O o t
51% N o v
in «
D ec
19% O o l
58% Feb
857* D e c 20
June
73
Aug

39

Jan

71% M a y

10 2

Jan

80

June

110 ' N o v
120
D ec
89
Jan

37
O ct
34% M a r
12% D ec
136% Ja n

337*

Apr

727* N o v
N ov
D ee
45% M a y
21
J u ly
203
O ot

48% M a r
*87% M a r

"8 2 % D e c
1047* D e c

1n o

36%

O ct

65

Jan

367* o c t
69
June
46
Jan

56

42
112
80

M ay
D ec
M ay

441 * M a y

Jan

907* D e e
50% N o v
85% D e c
160% D e c

11% A p r
41
M ar
14% A p r

4 7 1* F e b
16 % M a y

116%

io

*90
94
8
61

D eo
O ct
M ar
Jau

137

*95
32%
42%
86%
108
71%
11
33%
98
50
63%
77%
95
38%
36%
1 5%
75
45%
90%
110
111
34
85%
69

Jan
Apr
Apr
M ar
M ar
D ec
S ept
Jan
Jan
Jan
S ept
Aug
D eo
Jan
Jan
Jan
Jan
Jan
S ept
M ar
O ct
Jan
F eb
Jan

110

In r ig h t s s o o

M ay

M ay
99
M ar
26
O ct
80% D e e

50*4
47%
116%
113%
93
16%
60%
113%
73%
83%
95%
96
471 *
49
30
89%
77%
99%
108%
115
09
01
70%

D ec
O ot
D ec
AUg
D ec
O ot
N ov
N ov
D ec
J u ly
J od
Apr
D ec
M ay
N ov
NOV
N ov
D «v
D ev
oct
Sep»
Aug
Apt
J U l?

p. 2151.

2155
BONDS
N . Y . STOCK EXCH ANG E
Week ending Dee. 5

Price
Friday
Dec. 5

I1

U. S. Government.
First Liberty Loan
3J4s 1st 15-30 year..1932-'47|j D
Second Liberty Loan
4s
1st L L conv___1932-'47|j D
4s
2nd L L..............1927-’ 42|M N
Third Liberty I.oar.
4 ^ s 1st L L conv
1932-'47| J
4 ^ s 2nd L L con v.. 1927-T2 M N
4 ^ s 3rd L L ._ ................1928 M
Fourth Liberty Loan
4>fs lstL I.2ndoonvl932-’47 J D
4th L L ..................... 1933-’38A
Victory Liberty Loan
4 ^ s conv g notes._.1922-'23|j D
conv g n o te s... 1922-’2.8 J D
s consol registered__________ dl930Q
3s oonsol ooupon............ (11930 Q
4s registered------------------------ 1923 Q
4s ooupon.................................
1923Q
Pan Canal 10-30 yr 2s..........*1936 Q F
Pan Canal 10-30-yr 2s reg .1938 Q N
Panama Canal 3s g ________ 1901 Q M
Registered______ ______ .1901 Q M
Philippine Island 4s_____1914-34 Q

Weeks ■3«i Range
ince
Sale 4* JS
an. 1
Low High ffo.j Low High

BONDS
N . Y . STOCK EX C H A N G E
Week ending Dee.

L ast

5

1

AskLoio

Cent Vermont st gu g 4s._el920i
ouesa A O fund A impt s . 192»| J
iff
tst consol gold s ____
Registered.........................
M
M
General gold 434s..............
2iWn8l8tered.........................1992 M
20-year convertible 4 34s.. 1930 F
-year eonv socured 5 s .. 1940 A
Big Sandy 1st 4s................ 1944 J

6

High No. Low

54
50
50
84*4' 80*4
80*4
Sale! 92
94.03 Sale 93.70
91.10 513 9 2 .5 0 9 6 .0 0
93% 104% Jan ‘ 17
92.14 Salo 9l.Oo
92.33 2118; 9 1 .0 0 9 5 .1 0
72% Sale 71
%
83%
‘ ------- 78
Mar‘ 17
91.30 Sale 93.70
91.50 528' 9 3 .7 0 9 6 .6 0
71
Sale 70
71
92.51 Sale 91.48
92.90 18103’ 9 1 .4 0 9 5 .3 6
78% Sale 78%
81
91.48 Sale 93.53
91.90 19509* 9 3 .5 3 9 6 .6 0
657g 75 % 75
Oct
E M
™
R y ls t
4 s . . 19451J
74% 82% 82*4 May’ 19
100.93 Sale 100.95 101.03
81
_
2
”
fJ*
X
alli
y
l8t
.........
1940
J
9 5 .4 2 102.05
96*4 Feb ‘ 10
92.62 Sale 91.40
93.20 35871 9 1 .3 3 9 5 .7 2
»
l9t 48------ 1946 J
u»
09 June'19
u a A Div st eon g 4a. ..1 9 8 9 J
73
76 Sept’ 19
99.14 Sale 98.86
2d consol gold 4a............1989 J j .
99.16 14165 9 3 .8 3 100.OS
707g Oct ‘ 19
99.10 Sale 99.81
Ry lat gu g
M N
99.1,3 8553 9 5 .3 4 100.48
70 '
% Sept
Sept’ 19
76 . . . . 113 F e b ‘ 15
97?* 997*
C h h « a* ni ? f Dr “o 9 V l 8 t * 5 « - . 1 9 4 1 Iff
100U Aug '19
tU®
*
Alt°
°
RR
ref
g
3
s
.
.
.
1949
A
47% 48*2 47
93
100%
48%
46%
105% 105
st lien 3 34s.
1950 J
Oct -19
31
1045* IO 6 I4
Salo 30
31
297*
105%
Chicago Burlington A Quincy—
10578 N ov‘ 19
103
106*g
Denver
Div
4
s
..
>
F
98% M ar'19
91%
9 3 U 98%
95% 99%
Illinois Div 3 3 4 8 ... * * " ’ l
J
99 July’ lS
72% *73”
71% 76%
Illinois Div 4s______ ’
J
8818 ____ 89 N ovT
S
87%
Sale
80%
-857*
% 90%
% Oct '19
b? ada •
Croat North
I
Nebraska Extension s . . .
Iff N
100 Feb 15
90% 90 m 90%
90%
""iq
liff N
Registered____
907* Oct T9
Foreign Government.
.77% Sale 77
78
Anglo-French -yr 5s Exter loan. IA O
i Sale 95%
%
v f™
* Ll n j p 4 s g . . l 9 5 5 J
j
____ 28% 25% Nov'19
951 977*
Argentine Internal 5s of 1 9 0 9 ... M
74
767* 71*8
75
f
■
■
.
'
*
•
v/w
uw
n
ui
u
Mtg
A
Tr
Co
ctfs
of
d
e
p
.J
.
.
.
74
23
93
24
24
24
Bordeaux (City of) 15 yr s . 1934 M N
92** Sale 92%
15
st oonsol gold s................ 193 * IA «
92-5*
92% 9|l»
July T9
Chinese (Hukuang Ry) s ol 1911 J D t 51
Sale 51
51
General oonsol st 5s......... 1937 M N
69
51
75
721*
71*2
Nov'19
Cubar— Externa! debt s of 1904. M
90% 92i
U
Mtg
A
Tr
Co
etfs
of
dep
91% Nov-19
____ 70% 70 Nov'19
91% 100
Exter dt s of 1914 ser A— 1949 F A
84l Sale 837*
84%
67
p ,.? „ar Tr Co
°f d e p ...
837g 93%
69
78 Aug T9
External loan 4 Ha...............1949 F A
76%
U 76i2
76'.2
Cn n i ? ! , 1^ lHt coal 5 8 .. 1942 F A
7 6 % 85
Feb '13
Dominion of Canada s 5 s . . . 1921 A O
Sale 97^4
98**
n
.l«h
.
»
A
f
nd
°
Ry
,8t
5s
19361J
J
96*«
9
9
'g
32 Mar’ 17
do
...1 9 2 6 A O
93 93i
9Ji*
93-3*
92% 98%
51%
CW Inrta
T
l9t 4 8 -1 9 5 9 M S
Sale 51%
52%
'l.o
do
...1 9 3 1 A O
93% Sale 93**
CDlc
Ind
A
Loutsv—
Ref
Hs.1947
J
91
9,6% 97% 987* N ov
92
98%
Japanese Qovt— £ loau 41*8-1925 F A t 76
80
80
Refunding gold 5s
J
J
80
80
80
85%
92%
Nov’ 19
Second series 4 >4s________1925 J J t ____ 78?* 82 N ov‘ 19
Refuadlng
4s
Series
c
T
I
—
T
J
J
% 77%
82
93
% Apr '17
do do
‘German stam p". . . . .
79
Sale 7 8 *4
80
* Loulsv 1st gu s
1956 J J
73*4 8 9
63 May‘ 19
Sterling loan 4 s . . . ............. .1931 J J t
% Sale 6 5 78
6 7 i2
64
c b c ° [ ns\
m: ? ° - y r 4s : ; : : i ^ J
j _____ 76*4 77 Nov‘19
80%
Lyons (city of) 15 yr s ____ 1934 M N
* Sale 9 2 %
92%
92% 92%
82% 97%
C h M A g ^ 1181^
1- - 19«9 J D
Oct T9I — . .
Marseilles (City of) 15 yr 681934 M N
* Sale 9 2 %
92*g
in
ser A.«1989 J
J
64% Sale 64%
92% 92%
65
|40
Mexico— Exter loan £ 5s of 1899 Q J t 30
* 43
R6gl8t0r6d..
^iQfiQ Q J
N o v ‘ 19
43
79%
92% Feb T _____
Gold debt 4a of 1904_____ 1954 J D _____ 417* 45 N o v ’ 19
Cen‘l
gold
Ws
Se'r
B
r
i-r
t
S
i
®
J
J
45
61
57%
57% N ov‘ 1 9 ____ 57
A O 94
Sale 93<2
Paris CUy of) 5-year 0s____
64
9 4 ' 2 183 9 3 % 10 0 %
f
C
-----«1989
J
J
71% Sale 71%
Tokyo City 5s loan of 1912____ M S _____
73
71% 84*
65
G en ^ r
3eraA 4 * 8 - _ .a 2 0 1 4 A O
65
65
83
56% Sale 56%
U K of Gt Brit A Ireland—
56
74'
Gen ref conv Ser B 5s.._a2014 F A
Sale
67%
5-ysar 5 34 % notes_______ 1921 M N 971* Sale 9 7
69
146 67% 81*
Convertible
s ..
J D
97% 203! 96 % 9 9 %
67% Sale 6 6 %
- ear gold bond 6 H e ._ 1937 F A
% Sale 87U
7,)
170
%
817
Permanent
s____
J
D
89*4 817i 8 7 % 1 0 1 » i
74% 75% 75%
10-year conv 5348..............1929 F O
96'* Sale 9 6 %
75%'
76
85
96*s 1353 9 6
Oh7.e2 r,df,beuture 48— 1— 1934 J
J
96%
67
67 |
1
3-year conv 5 t4s..............pl922 F A
977* Sale 97*8
Chic A L Sup Div g 5a
J
j ------- 67
787
98
6 7 4 ' 977g 9 8 %
------- 97
97%
Nov'19
. . . 96% 981
C h le A M o Rlv D l v t l m e l j
--------- 1 0 0
93
Oct
T9
.
.
93
93
Chic A P w lst g 5 s .__
J
J
• t«t» and Cltv Sacurltlai.
- - - - 96% 97% N ov‘19' .
97
991,
D ii h * PU ? S t 8 d , 8 t 8 “ * * - 19 4 9 J
J
67
Sale 66
N Y City—
s Corp stock-1960|lff
67 I 10 65
9534 9 3 % 9 5
74
96%
44 96
99%
.
98
FargoQA ea ' V l9t f ° 8- - -1920 J
J
43£s corporate stock___ 1904 Iff
9534 9 5 l2 97% Nov
99% Nov‘1 9 ____ 99% 100
96
98
° U,a9‘iUm 69— 1924 J J
98*4 ioo% 102 Sept‘ 19,____ 99% 102
434s Corporate s to ck ___ 1966 A
95»4 93i 97 Nov‘ 19
MUw A Nor 1st ext 4 4 4 s ..1934 J D
96
99%
81
84
434s Corporate stock July 1967L
89 M ay'ioj____
% 89
%
loot
1 0 0 % 1031*
WN A v?,Xten^.ed 4H S------ 1934 J D
787* 79% 79%
79%!
I
434s Corporate stock_____1965 J
100
100%
79% 82
ioo%
vv
*
^f
Div
g
s.........
1921
J
J
____ 97
97
971. Nov‘ 19 . .
100
1 0 2 78
------434 s Corporate stock___ 1963 Iff
97%
100
1 0 0 l2
96*4 98%
100
1027|
C
h
^
A
w®y
l8t
-----1920
J
J
82
99%
Oct
T
!
.
.
.
;
% Corporate stock_____
M
91
99
997*
9U; 91
92
C h R « i ? .r WeSe E3t 49 - - - 1 8 8 ^ ' 2 6 F
*
90*4 93*4
89 . . .
4% Corporate stock......... 1958 M ..
93 Aug T 9 ____
91
9U
89
93
Registered_______
ftfuF A
92*8 N ov‘ 19
90% 93%
89 . .
92 Oct T
4 % Corporate stock--------1957 1*1 N
91
92
92
9H
92% Nov’ 19
0
R
f
?
,
/
‘°!2l3!*
B
:
~
1
9
8
7
M
N
6
6
%
6
6
%
90%
93*8
66%
6S
4 % -orporate stock reg._1956 M N
9 0 14 9U
637* 71
Registered_______
Q F
92% Nov‘ 19
63% . . .
90% 93%
70% Apr T9
New 434s............................. 1957 M N 1 0 0 10
69
70%
............ . i . i i S
m n
100 1027g
77
Sale 77
78
Corporate stock— 1957 M N 1 0 0 1 0 0 l2 109
75
82%
stamped 4s___
1987 M N
100%
100
1027g
78% N ov
3*4% Corporate s to c k ... 1954 M
78%
78%
--------- 831*
Geneml
5s
stamped—
—
!Il9
8
7
M
N
Nov‘
l
97% 93
81% 83%
957* 9G
N Y State— is........................
M
98%
95% 101
s.........1879-1929 A
O
98% Aug ‘ 19 - —
109 106 Oct T9
98
98%
anal Improvement 4 s ...190 1 J
99%
■ " 100
% 106
N ov‘ 19
sin
8t.ere? ............. 1879-1929 A
O
96% 100
109% Apr ‘ 16
'anal Improvement s . . . l U |j
93>2
Sinking
fund
5s------1879-1929
A
O
98% Aug ‘ ly
96 104
98% 99%
96%
Oct
T9
J
anal Improvement 4s___
9 3 ' 2 _____
------ I 96% 97%
RegUtered..............1879
A
O
00
S
e
p
f19
96*4
99
96 N o v ’ 18
Canal Improvement 4 s 1961 J
10734 10912 109*8 N o v ’ 19
Debenture a..............
A O
97% 98
106*4 109%
97% N ov‘ 19
Canal Improvement 434s.l965lJ
101 % . _
Registered__
A O
98 Mar'19
Highway Improv’t 4 34s.. 1963 M
108 109% m n * ? eo 18
Sinking fund deb 5sl— I ” l
*W N
91
91%
IS*
S
e
p
f19
—
106%
'
'%
*'ghway Improv t 4 % a ..l9 6 5 Iff s ____ ______
91
91
Registered..
Iff N
100% June'18
91
97 N ov‘ 18
Virginia funded debt 2-38 —1991 J .
2“
Val lst gu*444s ’47 «
S
787* Deo 'lg
80%
10 1 %
T6
s leferred Brown Bros ctfs
._
48
49
Frem
Elk
A
Mo
V
lst
6S..1933
A
ol
50
N
o
v
'l
—
n
o
"
------ 59
74*4
105% N ov‘19
Railroad
* W i s t 3440-1941 J J
Jan ‘ 17
Ann *rbor 1st g 4s................ 41995 Q J 51% 52
? * ? L l8 t 8 u 3 44s— 1941 J J
62% .
51
51
58
Atchison Topeka A Santa Fe—
M M L S A West l s t g 6 s . . . 1921 M S
99
4 a ...........................1 9 9 5 A O
77% Sale
Ext A Imps f gold 5 s . . . 1929 F A
95
! Z2’2 „ 77% 255 75>2 85%
Registered .. .................... 1995 A O *75
Ashland Div 1st g s___1925 iff
100
7?!2' 70,2 SePl’qi
l a ; - - ! 78tg 82
Ad uetment gold 4s . . 41995 Nov
697* 71%
Mloh Div lst gold s . . 1924 J J 1 0 0
69
80*4
Registered. . ______ 419951 Nov
Mil
Spar
A
N
W
lst
gu
.
"*
Stamped-------------------- 41995;M N
70
Sale 70
riM L P?? * N W 1st gu s 19481J
J 85%
I 70
’79%
O anv gold 4s____________ 1955 J D
Chicago Rook Isl A Pao—
I
----- 91%
9 65% 76%
nnv 4s Issue ol 1910......... 1960 J D
%
«gL2
63,2
88%
general gold s. ..1 9 8 8 J J
7 1 % S a le 70%
f
8
%
102%
STaat Okla Div 1st g 4s._ _192>- iff
71%
87*4 91% 93% N ov' 18 . . .
Registered___________
logg j
j
92%
76** May'in
Rooky Mtn Div 1st 4 s . . . 1965 J J —
70% 7t
Refunding gold 4s____ — *1934 A ol
71
65
Sale 6 1 %
71
76
rans Con Short L st 4s, 1958 J
J ___ _ 75
65*4
20-year debenture 5s_____ 1932 J J
75%
75%
75% 81
Oil-Arls 1st A ref 434s"A” 1962 iff
70% Mar’ 19
76% 81
___
8
2
%
N
o
v
‘
1
9
K
I
Ark
A
Louis
st
44s—
1934
"*
61
82% 25
Sale 61
B Fe Pres A Ph 1st g 5a . _. 1942 M S ____ 95
62%
Buj ' C R A N lst g 5s------ 1934 A 0|
95
June‘ 19
90
93
96
95
At! Coast L 1st gold 48___ 41952 M
90 S e p fi
, 76% Sale
N W 1st gu 5 8 . .
A O
9 2 % ____ 97% Feo T
7? «
73%37 75 % 85%
Gsn unified 4 34s................1964 J D
75
75% 76% Nov
Cho Okla A G gen g 5 s..g l91 9 J
J
------ j 97% 97%
____ 76t2 8 8
Ala Mid 1st gu gold 6 s . . . 1928 M N 92% 99
97
M i y ’ 18
Consol gold 5s_________
iff N
98% June'19------ 96% 98%
80
'
Bruns A W lst pu gold 4s. 1938 J J ____ 85
89 Oct T
Keok
A
Des
Moines
lst
5s
1923
A
Oi
80
O c t ’ 19 . . .
80
------- 67
80
Charles A Sav 1st gold 7s. 1936 J
J ____ 117 1297* A u g ’ 15
69% Nov‘ 19
* K C h L lst 4
F A
65
L A N coll gold 4s............ 01952 M N
70
Onlc St P M A O con* s____ 1930 J D 103*4 105 ,
65
63% *78%
Bav F A W 1st gold 5s____ 1934 A O —
i105
n f 8 Aug
a
7018
9
l
104%
—
Cons
s
reduced
to
344s—
1930
J
d
|
105 107%
1st gold 5 s ............................
A O
83% Nov
Debenture 5s______ ______
iff
. . . .
88%
Balt A Ohio prior 3
1925 J J 81% 83 105 July’
87% Nov‘ 19
North Wisconsin lst 6 s ...1 9 3 0 J
J
81%
83%
%
81% *8*9%
Registered_____________41925 Q
118 Nov'lrt
87 Feb ’ 19
9f>ort L l8t
*-cl930 M s| 93%
37
87
1st 59-year gold 4s............. 41948 A O
64% Sale 64
Chic T H A So East 1st 58— 1960 J D[ ------- 80 ‘ 95 MayTS
65%
150
64
82%
Registered_____________ 4194» Q
67% June‘ 19
*59% 60
Chic A West Ind gen g 6s..»1932 Q M
92*4 Mar‘ l ;
10-yr oonv 434s.................... 1933 . .
02%
%
%
56% Sale f
Consol 50-year h_________ 1952 J
J ---------1
60% 3a3 53
56% Sale 56%
ttefund A gen 5s Series A . 1995 J
80
58
57
Salo 56%
%
249
01■
“
“
<
k
JIi
?
,d
8oId
-------1937
J
J
56% 82%
--------- 8 6 %
Temporary 10-yr s......... 1929 J
90
May
17
89
Sale
C
Find
A
Ft
W
lat
gu
4s
g
1923
M
n
|
92
67 88*4 93%
Pitts Juno 1st gold s ___ 1922 J
83
M ar
Day A Mich lst cons 4 s 1931 J
J
!12 Jan '12
P Juno A M Div 1st g 3 34s 1925 M
8 7 % 80
____ 82
Sept’ 19
01'jv Cln Cb A St L gen 4 s ..1993 J D --------84% Sept’ 19
82
6 4 % 647* 65% Nov‘ 19
87%
P L E A W V a S ys ref 4 s ..1941 M N 55
Sale 55
20-year
deb
4
4
8
.................
J
j
53%
39 55
78
eouthw Div 1st gold 3348.1925 J
77%
76
General 5s Series B _ .
J d ] 77 88 % 7S38 % 76%
77
86%
Cent Ohio R 1st eg 434s..1930 M S 87** 89*4 77 N ov‘19
82 Nov’ 19
C«*ro IMv lat gold 4 s . . . ” l939 J
J
37*8 8ept’ 19
6 9 % ____
87*4
39*4
Cl Lor A W con 1st g s . . 1933 A O
72
Nov‘
19
91 . . .
957g Jmy 1 9
95
2 ni ? n * . M D l v l s t 8 4 9 - 1991 J
Jl
95%
------ 6 5
Ohio River RR 1st g 5 s . .. 1936 J D
95*4 96
% Oct T9
L. D'V ,l t C J 'tr 4s — 1990 M n | fif*
96 Oct ‘ 19
95% 96
67
General gold s________ 1937 A O
68%
67*4
Nov’
lg
79
89
3pr
A
Col
Div
1st
g
4
s
..
M
88
A u g ‘ 19
70
91%
Pitts Clev A Tol 1st g s . . 1922 A O
74% Jan T9
9 6 % ____ 99% M ar'ls
^ r o ^ a^ V l8t * » - :- 1 9 4 0 J
71
Tol A Cln dtv 1st ref 4s A . 1959 J
J 51
84 Nov’ ie
52% 5478 Nov'19
, * L.^ ° OOMhl s ____1920 Iff
53
63
Buffalo R A P gen g s......... 1937 M S
101
Oct T
1st
gold
4s.......................*
i
R
q
91% 93
95 Nov‘ 19
95
99
Consol 4 348...........................1957
N
8 2 " — I I 84 Oct T
83% Sale 83*2
Registered____
> ?« ^
83'.
83% 38
All A West 1st g 4s gu____1998 A O
82% ept
7 3 % ____ 84% July-19
84% 84%
n'rcons l8t « 5s — 1938 J
907* . . .
Clear A Mab 1st gu g 6 s ..1943 J
J 89 ------- 103i*
93% May T9
103 % pen
Feb 16
10134
rna
^ i K,en
6s— 1934 J
Booh A Pitts 1st gold 6 s ..1921 F A ------- 100% 100%
102% Oct T
Sept’ 19
100% 101
O TnU ^ } 8t Pref -----*
Consol 1st g s ________ 1922 J D
76*4 N o v ’ 19
. . . 1 0 0 % 100% Aug ‘ 19
1 0 0 '4 102
70 . .
Canada Sou eons gu A 5*. ..1962 A O 84*4 SUe
84%
85
10 84% 957,
%
Oar Clinch A Ohio 1st 30-yr 5s -38 J D
70
75
75 Nov‘ 19
75
82
23% 26
Osntral of Ga 1st gold 5s. _pl945 F A
91 ____
Aug ‘ IS
97%
%
^ S sS S i
aA do
81 . .
Oonsol gold 5s........... ........
M N
85
U
86
947,
82% Svle
10-yr temp soour s June 1929
93% Salo 92
%
92
99%
72% Sale
Ghatt Div pur money g 4s 1961 J D
73% 75% 74*i M ay
74% 75%
Cion
* PasD6“
C igt.
l9t g a — iQ
1921
J
97
99
f5,ao * Nor Div 1st g Ss .1946 J
89% . .
U)nn A
Rlvs
d*? A
90
M
iy'18
Mid Ga A Atl Div 5s .
1947 J J
88
. ..I
Mobile Div 1st g s............1946 J J ------- 93% 97% June-17
797* 85*4 Sept'19
91*4
Jan
T9
31*4 U»4
OentRR A B of Ga coll g 68.1937 iff
80*4 87
87 Sept’ 19
w vrrrl!! *wEsa l8t 8U
-2000 J Ol 69% 70
86
90
Oentof N J gen gold s ......... 1987 J
1 0 0 % 102
N Y Lack A W 1st s............ 1921 J J 1 0 0 % ______ 71% Nov‘ 19
10 100
105
Registered....................... 41987 Q
Construction s ................
F A 95% 96 100% Nov’ 19
---------10 0 %
100%
Nov‘
19
—.! 100% 102
am Dock A Imp gu 5 s ...1921 J
94% Nov’ 19
98% Sale ? %
98%
w i r « ? ,* .ImProvt 4" - ..192 3 Iff N ------- 97% 93% Aug T9
93 100
Leh A Hud Rlv gen gu 5s. 1920 J
-----1
100
Apr
T
9
6
%
warren
st
ref
gu
g
344a
F
A
w v A T o n ir nr ePn t.
vf
* Feb ’08
80*4-------llOOt. j an

6

6

5

99*4
100
10534

88

8

9

88

66
923
923

1921

96

2

1

417
65

tThesearepricesonthebasisof\thtot
434

1959

2

VATS

1961
4 92
1960
34

‘19

100

100 100
82*4
9

8l“k'"8,u“66
^?8
5

1 4

N

8

a

’19
15

1930

4

81 0

0

6

a

6

6
6

<7

• No




97*4
86 8
6 86
94
'19
100
8

1044

au

. D a . J .a

101

8

~m
66 55
1 8

191

102

4^8

8
8
6

9
9
9

’19

102

11

i

9
9
8 ’19
9

93
10

00088
49 1949

75
53 55

100

8468

a

101

8

66

1940

14

J

‘19

1931
1993

>1
88

1945

9
9

44

6

8

88

100

8

6

6

59

5

6

3 66
66

i

1921
1952
448,41

’19

6
88*1

4

68

6
8
6
48 19471 8
6
4

68

6
6

6

66

1929
1921
1921
933
1933

1
Railway

88

68

1934

86

88

72
71
<1

8
8

’19

85*4
84

66

102

U

8 88

'10

2

9

51

IL

88

97*4

1947
947

108

6

1

‘2

t

4
48
4
8 848
3
atnT'Jr'i68 le9
444
1932
4
1925
1091
1921
8
8
8 1*1*1
6
08
188 192
01937

88

4

3

88

8?1 ®31

100
100
100

68

6
1
ctlt8

8

_.I.n<3

2

’19

192
»49
1949
1927
27

See 4

884

92
73

86*4

0 Railway 1

4
77
97*4
2

<10

20 7

80%

92

48.1940

952

6

1939
1939
1992

853

1

8

6
6
6

98 20 101.00

00

3?48

3

93.93 3461

99.63 Sale 99.60

5

63

1923
—2000

1

1021

,
Due N or.

Due Deo

e Optloa sale

[V ol . 109

New York Bond Record—Continued—Page 2

2156
3
K3
K.
£

BONDS
N . Y . STOCK EXCH ANG E
Week ending Dec. 5
Delaware A Hudson—
lat lien equip g 4 H a _____ .1922
lat A ref 4s_____________ .1943
20-year conv 5s_________ .1935
Alb A Suaq conv 3 H s — .1946
Renas A Saratoga 1st 7s. .1921
Denver A Rio Grande —
1st cons g 4s____________
Consol gold 4 H a----------- .1936
improvement gold 5s__ .1923
lat A refunding 5s----------

1 96
97
97
76 73%
73%
80
3 84
84
85%
3^ 70%
70%
70%
102% Apr '19 ------ 1 102%
J
02
62%
J J 62 >8 Sale 62
69
69
89% N >v‘ l9 —
J J 65
70
72
70
70
70
J D
45
4J78
F A ____ 40% 4'J7s

J J
IV! N
A
A O
M N

O

Rio Gr Sou 1st gold 4 s . . . .1940 J
Rio Gr West lat gold 4a. .1939
Mtge A ooll trust 4s A . .1949
Del A Mack— 1st Hen g 4s. -1995
Gold 4s_________________ .1995
Det Rlv Tun Ter Tun 4 Ha. .1981

Week's
Range
Price
Since
Rangeor
Friday
Last Sale
Jan. 1
Dec. 5
Bid AskLow Higl1 No. Low High

1

O

Dul Sou Shore A Atl g 5 s .. -1937 J J
Elgin Joliet A East lat g 5a. .1941 V! N
Erie 1st consol gold 7s_____ .1920 M 3

9814
54

j

43%

A
A
A
IM

80
A
38
O
36
O
41%
o
N ____
89

J
J 95
O—

J J
N If A Green L gu g 5 8 ,. Z194*6 M N
N Y Susq A W lat ref 5s. .1937 J J

Ft Worth A Rio Gr 1st g 4s .1928
Galv Hous A Hen 1st 5 s. . . .1933
Great Nor C B A Q coll 4a. .1921
51921
1st A ref 4 Ha Series A___ .1961
1961
8t Paul M A Man 4 s____ . 1933
1st consol g 6a________ . 1933

72
A o
J D ____
J J
J J 95
A O —

Reduced to gold 4 Ha .1933
Registered_______ .1933
Mont ext 1st gold 4 s .. .1937
1937
Pacific ext guar 4s £ . . . .1940
E Minn Nor Dlv 1st g 4s. .1948

J
A
J
G
j
j
j
j
j
j

J
o

J
J
J
J
J
J
J

D

j
J
A O

Mont O 1st gu g 6s_____ .1937 J

J

1st quar gold 5s______ .1937
Will A S F 1st gold 5s. .1938
Green Bay A W deb ctfa “ A
Debenture5tfs ■'8” _____
Gulf A 8 1 1st ref A t g 5 s .. 61952
Hocking Val 1st cona g 4 Ha 1999

J
J
J D
Feb
Feb
J
J J

Col A H V 1st ext g 4 s . . . .1948
Col A Tol 1st ext 4s____ .1955
Houston Belt A Term 1st 5a .1937
Illinois Central lat gold 4s. .1951

A
F
J
J

O
A
J
J

1st gold 3 Ha____________ .1951 J

J

Extended 1st gold 3 H s .. .1951 A
1951

O

J

____

89 4 Nov'19 —

83 June’ 19
89% Sept'19
9334
93%
78% Oct '18
91% Oct '19
____ 92 Sept'19
—
99% July'17
94*4 Nov* 15
93% Aug’ 19
Sale 52
54%
84 Dec '16
Sale 4212
43%
55
85% 82
82
40
40
• 40
Sale 30
39
Sale 30
41%
84% 85 Nov’ 19
100% Jau '17
93% 94% Oct '19
97
97 Nov’ 14
108 108% Sept'19
103 Jan ’ 18

100

99U
84 ' - - - 64% 64%

mN

Sull Co Branch 1st g 5s. .1910 A o
Florida E Coast 1st 4 H J- - . 1959 J D

77

85
65
100%
50
60
97
72
55
55
23%
96:14 95%
66
63
73

95
77

1st refunding 4s________ .1955
Purchased lines 3 He____ .1952
L N O A Texas gold 4 s .. .1953
.1953
15-year secured 5fjs____ .1934
Cairo Bridge gold 4s____ .1950
Litchfield Dlv 1st gold 3s .1951
Loulsv Dlv A Term g 3 Hs 1953
.1953
Middle Dlv reg 5s______ .1921
Omaha Dlv 1st gold 3 s .. .1951
St Louis Dlv A Term g 3a.1951
Gold 3H s____________ .1951
.1951

M N
J
M
M N
j
j
o
j
j
J
j
J
J J
F A
F A
J
J
J
J
J J

Western Lines 1st g 4s___ .1951 F
Registered...................... .1951 F
Bellev A Car lat 6s_____ .1923 J
Carb A Shaw 1st gold 4s. .1932 M
Chic St L A N O gold 5a. .1951 J
Registered____________ .1951 J
Gold 3 H s......... .......... -1951
Registered_________ .1951 J
Joint 1st ref 5s Series A .1963 J
Memph Dlv 1st g 4 a .. .1951 J
.1951 J
St Louis Sou 1st gu g 4s. .1931 M
Ind 111 A Iowa 1st g 4s_____ 1950 J
1st A Great Nor 1st g 8s . . .1919 M
James Frank A Clear lat 4s . 1959 J
Kansas City Sou lat gold 3a.1950 A
Reelstered.. _ .
1Q50
Ref A Impt 5s..............Apr 1950 J
Kansas City Term 1st 4a ._.I960 J
Lake Erie A Weat 1st g 5s. .1937 J
2d gold 5a______ __ . .1941
North Ohio 1st guar g 5a. .1945 A
Leh Val N Y 1st gu g 4 H s. .19 40 J
Registered . . . .
.1940 J
Lehigh Val (Pa) cons g 4 j .2033 M
General -ona u «
. 30.33

4

6

J
N

A
A
D
S
D

D

73% - - - 71% - - - 90
80
82% ____
71%

73%
76%
82
83

s

J

N
D
J

79
74%
75%
93
76%

o
J
J
J
J
O
J

72
72%
60%
82%

1

N
NT

74

79%
92
117%
73
95% 94
95%
____ 65%
74

90
70
93

70
77%

100"

81% SI
73% 71
65
81
77%
79%
93
76% 80%
55
55
78
Sale 71%
Sale 71%
82% 83%
65
80%
65
65
87% 83
8 6 % 78
69
Sile
77*1 78

* N o p r ic e F r i d a y ; la t e n t b id a n d a s k e d t h is w e e k




10

Oot '18
Apr T9
Nov'19
Nov'19

33
81%
89% 96
98% 100%
91&8 9 lr>8
% 92 ”
___

91

—
—
—
17

98% 93%
52
70%

lii

42% 57%

10

lj
22
81
---- -

77% 83
40
52
36
52
38
55
84
95%

—
94% 101
---- - 94 101
—
107 109
____
—

64%

73%

—
—
72
---- - 55
---- - ____
95
63

72
72

----1

93
70%

76

85

2

56
—
78%
2'Jo 93%
19 4
v 82
—
—

60%
78%
97%
90%
89

86% 88%
104 103%
6

90% 9518
____ ____
84
88%
80
80
77
81
---- - 74% 74%
499
99
—
103 108%
—
---- -

93%
95%
51
6*^8

94%
95%
60
15%
82%
68% 83

73

—
____
----- ----- -

76%
80
83

76%
82
83

74

70

73%

73%

16

71%

79

13
5
12

75% 84%
67% 75
57% 77%
66
71%
89% 97%
78% 79
61
61
60
73%

74% Nov’ 19 —
84
Nov* 15
73% Nov'19 —

72%
95*s
Sale 75%
76
67%
69 Sale
69% Sale 67%
66
90% Sale 89%
78% ____ 78%
61
69
05
68% 67%
83
*97% ____ 102
53%
65
62
67%
65%
72%

—
—

89% 95

June’ 12 —
Nov'19 —

834

*65

D
D
O
D

Jan '18
Nov’ 19
Deo '06
June’ 18
Deo '18
Nov’ 19
Nov’ 19
Jan '17
Aug'19
63

56
58
58
81
70
78% Nov'19
93% Sale 93%
94%
94% Nov’ 19
82%
82% Sale 82%
96 June’ 18
84% ____ 86% Oct '19
105% ____ 105% Nov’ 19
118 Apr '17
92
91% Sale 90%
99 102% M ay'16
81% Nov'19
83% ___ 80 Sept'19
77
Nov’ 19
74% Oct '19
80
74
99
Aug' 19
105% ____ 104% Nov'19
136% May'00
95% 95% Oct '19
93% 95% Nov'19
52’8 Nov‘ 19
52% 57
9
8%
8%
73
73 Oot T9
69%
63% Sale 68%

80
Collateral trust gold 4 a .. .1952 A

75%
76%
80
60%

39%

83
75
89%
9*34 toil

M s
j

Erie A Jersey 1st a f 6 s .. -1955 J
Genesee River 1st s f 6 s .. .1957 J
Long Dock consol g 6a. . . .1935 A

Terminal 1st gold 5 s .. .1943
Mid of N J 1st ext 5 s . . . .1940
Wllk A East lat gu g 5s. .1942
v A tnd 1st cons gu g 6s. .1926
Svansv A T H 1st cons 6s. .1921
lat general gold 5s---------- . 1942

89

91%
97%

J
J
F

97
85%
95%
78%
102%

......
61% Apr ' l l —
34 July' 47
6 4% 68 Nov' 19 L i - - 63% 73%
64
52
52-38 N jv ’ 19 —
52% 60
___
55
55*8 82 Deo '16 —
50 ____ 75% July'16 —
8 74% 8 4%
747s 77
74%
74%

a
o

3rd ext gold 4 Ha_______ .1923
4th ext gold 5a__________
A
N Y L E A W lat g fd 7s. -1920
Erie 1st cons g 4a prior.. .1996
-1996
1st consol gen lien g 4s -1996
-1996
Penn coll trust gold 4s. .1951
50-year conv 4s Ser A . .1953
do Series B _______ .1953
Gen conv 4s Series D _. . 1953
Chic A Erie 1st gold o s .. .1982

2

J ____

J J
A o
J D
D
IYI N

Dul A Iron Range 1st os___ .1937 4

9634 97%
73's Sale
8 5 Sile
70%
6J
1023a 104

July'09
72%
Sept'12
76
69
70
Aug T9
91
Nov'19
\UgT9
Nov'19
A u g '12
June'16
Sept'18
Oot *18
67%

81
—
- **•
—

____ ____
-5

. . . . ____
37% 68

May'19 ____ 79%
... Nov'10
■ May'10 . . . .
73
Mar'19 . . .
91
Nov'19
95%
Feb T9
July' 18
1
5 81
81
71
Nov'19 __ Nov'17
Aug'19 ____ 77%
79%
Oct T9 ___Nov'19 ____ 93
Aug'19 ____ 80%
56
59%
Oct '09
31 71%
74
53 71%
73
Nov'19 ____ 83%
Feb '17
Aug'19
65
Nov'19
SO
Sept'19
78
16 69
70
4 73
78%

a D ue Jan

79%
____

35

t> D u e F e b

73
99%
95%
95
77
79%
82
90
82
6 4%
83
81
99
85%
92
78
80%
90

Week ending Deo. 5
Lab V T e r m B y 1st g u g 5 s . .1 9 4 1
R e g is t e r e d .________________ 1941
L ob V a l R R 10 yr ooll 6 s ._ fil9 2 8
L ob V al C o a l C o 1st gu g 5 8 .1 9 3 3
R e g iste re d __________________1933
1st la t red u ced t o 4 s . . ___ 1933
L eh * N V 1st g u a r g 4 s ____ 1945
R e g is te re d __________________1945
L on g Isld 1st c o n s g o ld 5 a ..? ll9 3 1
1st co n s o l g old 4 s ________ 51931
G en era l g o ld 4 s ____________ 193S
F erry g old 4 U s ___________ 1922
G o ld 4 s . _______
1932
U n ified g o ld 4 s ....................... 1949
D eb en tu re g old 5 s ------------- 1931
2 0 -year p ra d e b 5 s ________ 1937
G u ar refu n d in g g o ld 4 s ___ 1919
R e g is te r e d ____________ .1 9 4 9
N Y B A M B 1st c o n g 5 s . 1935
N Y & R B 1st g o ld 5 s ____ 1927
N or 8 b B 1st c o n g gu 59.0193 2
L ou isian a <fe A rk 1st g 5 s ____ 1927
L ou ldvllle A N a sb v g en O s ..1 9 3 0
G o ld 5 s ................
1937
U n ified g o ld I s .......... .............1910
R e g i s t e r e d .. ____________ 1910
C olla tera l tru st g-old 5 s ___1931
L C in A L ex g o ld 4 H s ___ 1931
N O A M 1st g o ld 3 s ...........1930
1930
2d g o ld 6 s _____
P a d u a a b A M em D .c 4s .1 9 1 3
8 t L ou is D lv 1st g o ld 3 s . .1 9 2 1
2d g old 3 s _______________ J580
A tl K n o x A C ln D lv 4S___ 1955
A tl K n o x A N o r 1st g 5 s . .1 9 4 3
H en der B d ge 1st s f g 3 S ..1 9 3 1
K e n t u c k y C en tra l g o ld 4 s . 1987
L ex A E a st 1st 5 0 -y r 5s gu 1935
L A N A M A M 1st g 4 H s 1945
L A N S o u t h M j o i n t 4 s . . 195 2
R e g i s t e r e d _____________ 5 1 9 5 2
N F la A S 1st g u g 5 s ____ 1 9 3 7
N A C B d g e g e n g u g 4 1 ^ 3 .1 9 4 5
P e n s a c A A t l 1 s t g u g 3 s . .1 9 2 1
S A N A la c o n s g u g 5 s ___ 1 9 3 6
G e n c o n s g u 5 0 - y e a r 5 8 .1 9 6 3
L A J e f f B d g e Co g u g 4 s ___ 1 9 4 5
M a n i l a R R — S o u lin e s 4 s ___ 1 9 3 3
M e x I n t e r n e t 1 s t c o n s g 4 s . .1 9 7 7
S t a m p e d g u a r a n t e e d ______ 1 9 7 7
M id la n d T e r m — 1 s t a f g 5 8 .1 9 2 5
M i n n S t L o u is 1 s t 7 s __________1 9 2 7
P a o t flo E x t 1 s t g o l d 6 a _____ 192 1
1 s t c o n s o l g o l d 5 8 ___________1 9 3 4
1 s t A r e fu n d in g g o l d 4 s ___ 1 9 4 9
R e f A e x t 5 0 -y r 5s S er A . . 1932
D o s M A F t D 1st gu 4 s . . 1935
I o w a C e n t r a l 1st g o l d 5 s . .1 9 3 8
R e f u n d in g g o l d 4 s ______195 1
M S t P A S S M o o o g 4 s ln t g U -l9 3 8
1 s t o o n a 5 s . . _________________ 1 9 3 8
1 s t C h i c T e r m s f 4 s ________ 1 9 4 1
M S S M A A 1st g 4S ln t g u . ’ 23
M is s is s ip p i C e n t r a l 1 s t 5 s ___ 1 9 4 9
M is s o u r i K a n s a s A T e x a s —
1st g o ld 4 s
. . . ------- 1 9 9 0
2 d g o l d 4 s ........ ....................... 0 1 9 9 0
1 s t e x t g o l d 5 s ______________ 1 9 4 4
1 s t A r e fu n d in g 4 s ------------ 2 0 0 4
T r u s t C o c e r t f s o f d e p ________
G e n s in k i n g f u n d 4 H ® . 1 9 3 6
S t L o u is D l v 1 s t r e f g 4 s . . 2 0 0 1
5 % s e c u r e d n o t e s " e x t " '1 6
D a li A W a c o 1st g u g 5 a . . 1940
K a n C it y A P a o 1st g 4 s . . 1990
M o K A E 1 s t g u g 5 s _____1 9 4 2
M K A O k la 1st g u a r 5 a . . 1942
M K A T o f T 1st g u g 5s 1942
S h e r 3 b A S o 1 s t g u g 5 s . .1 9 4 2
T e x a s A O k la 1st g u g 5 8 ..1 9 4 3
M is s o u r i P a c i f i c (r e o r g C o ) —
1 s t A r e fu n d in g 5s S e r A . .1 9 6 5
1 s t A r e fu n d in g 5 s S e r B o 1 9 2 3
1 s t A r e f u n d in g 5 s S e r C . . 1 9 2 6
G e n e r a l 4 s ___ . . . ________ 1 9 7 5
M is s o u r i P a o l a t c o n s g 6 s . .1 9 2 0
4 0 - y e a r g o l d lo a n 4 s ________1 9 4 5
3 d 7 s e x t e n d e d a t 4 % _____ 1 9 3 8
B o o n v S t L A 8 1 s t 5a g u _ 1 9 5 1
C e n t B r U P l a t g 4 s _____1 9 4 8
P a o R o f M o 1 s t e x t g 4 a . .1 9 3 8
2 d e x t e n d e d g o l d 5 s _____1 9 3 8
S t L I r M A S g e n c o n g 5 s 1931
G e n c o n s t a m p g u g 5 s . .1 9 3 1
U n i f ie d A r e f g o l d 4 s . . 1 9 2 9
R e g i s t e r e d ______________ 1 9 2 9
R l v A G D l v 1 s t g 4 s ___ 1 9 3 3
V e r d i V I A W 1 st g 5 8 ____ 1 9 2 6
M o b A O h i o n e w g o l d 6 s _____1 9 2 7
1 s t e x t g o l d 6 s ______________ 6 1 9 2 7
G e n e r a l g o l d 4 s ______________ 1 9 3 8
M o n t g o m e r y D l v 1 s t g 5 8 .1 9 4 7
S t L o u is D l v 5 8 _____________1 9 2 7
S t L A C a i r o g u a r g 4 s _____1 931
N a s b v C h a t t A S t L 1 s t 5 a . .1 9 2 8
Jaaper B ra n ch la t g 6 s . ..1 9 2 3
N a t R y s o f M e x p r l l e n 4 H is . 1 9 5 7
G u a r a n t e e d g e n e r a l 4 s _____1 9 7 7
N a t o f M e x p r io r lie n 4 H 9 - 1 9 2 0
1 s t c o n s o l 4 a _________________ 1 951
N e w O r le a n s T e r m 1st 4 s ___ 1 9 5 3
N O T e x A M e x i c o 1 s t 6 s ___ 1 9 2 5
N o n - c u m I n c o m e 5s A _____ 1 9 3 5
N ew Y o r k C e n tra l R R —
C o n v d e b 6 s . . . . ___________ 1 9 3 5
C o n s o l 48 S e r ie s A _________ 1 9 9 8
R e f A I m p 4 H s " A " ______ 2 0 1 3
N o w Y o r k C e n t A H u d R lv —
M o r t g a g e 3 H e ______________ 1 9 9 7
R e g i s t e r e d ______ _____ . . . 1 9 9 7
D e b e n t u r e g o l d 4 s . . . _____ 1 9 3 4
R e g i s t e r e d _________________ 193 4
L a k e 8 h o re c o ll g 3 H s . . . . 1998
R e g i s t e r e d ___ _____________1 9 9 8
M i c h C e n t o o ll g o l d 3 H 8 . . 1 9 9 8
R e g i s t e r e d . . . . . . . . --------1 9 9 8
B a t t l e C r A S t u r 1 s t g u 3 8 .1 9 8 9
B e e c h C re e k 1st g u g 4 s . . 1936
R e g i s t e r e d _________________ 1 9 3 6
2 d g u a r g o ld 5 s . . . . . . . . 1 9 3 6
R e g i s t e r e d ___ __________1 9 3 6
B e e c h C r E x t 1st g 3 V *s_61951
C a r t A A d 1 s t g u g 4 s _____1 981
O o u v A O s w e la t g u g 5 a . . 1942
M o h A M a i la t g u g 4 s ___ 1991
N J J u n e R g u a r 1st 4 s ___ 1 9 8 6
N Y A H a r le m g 3 V j a _____2 0 0 0
N Y A N o r t h e r n l a t g 5 S .1 9 2 3

g D ue June

6 D u e J u ly ,

Range
Week's
Price
Rangeor 1 1 Since
Friday
Last Sale I * j Jan. 1
Dec. 5
Bid AskLow High No.2 Low High
O
97% 102%
99
97%
9714
O 97%
113 Mar’ 17
100 100% 106 100% 61 ioo 102%

11

BONDS

N. V. STOCK EXCHANGE

A
A

J
J
M
M
Q
Q

J
J

95%

J
3 68% *87%

S
j

j
D
M S
J D
VI
J D
N
61 3
VI S
A
M 3
Q J
M S
J n
M N
J
j

9

>1

1
J 1

100
105

~70 ' JuiyT

,39% 100% 92%
79%
75
72%
95% 92
85
99%
65
70
69%
72
81
72
72
07
63% 67%

86

82%

____
____
92
80

99
81% Sale

M M 92
M N *90%
J 103
J J
94%
F A
78
IYI S
99
M 3
51%
M N
71%
.1 O
95%
M S 100%
71%
J
A O
86%
M S
80%
J 62%
J
rf J
F A
j
80%
F A
99
F A
A O
85%
IW S
50
M N
M s
M s
)
70
J D
A
94
M N
74%
M S
38
Q F
J J 40
71
J D
38
M 8
J 80
J
____
83
M N
J * ___
J
J
1 80

1

I

0
0

Sale
Silo
100
89%
Silo
52%
73%
109
73%
83
66%
95
104 ’
105
89
67%

____
97%
39%
42%
50
72%
Sala
Sale
95
93%

92
Aug'19
87 Nov'19
90% Juno 19
81% Oct T9
99% Nov'19
99
99
80%
82
81% Sept'19
92
92
92 Nov'19
103
103
100 Jan T9
79% Jan T9
99
99
51%
51%
71%
71%
95% Nov’ 19
101% Oct T9
75 Oct T9
86%
86%
86% July T9
63%
65%
95 Feb '05
94% Sept'19
97% May'16
101% July'19
96% Nov’ 19
85% Nov’ 19
70 Oct T9
77
75
91%
101
97%
76
37%
44
45
72%
38
80
96%
88
92%
95

Sale 53
J D 58
31
F A
30
30
M N
20% 32
20%
M S
Sale 38
33
. . _ ____ 44
42%
J J
29
35% 29%
A O
30
27
39
25
M K
69%
F A ____ 52% 53
A O
40
39
40
M N
69
69
M S ____ 55
55%
74
J D
51
39
M S —
40
F
F
F
M
M

A
A

A
S
H

a

76
91%
90
Sale
86
Sale
55
97% 98%
85's
00

M N
F A
D
F A
80%
J 87
J
A O 89
A O
J
J
73
J
J
M N
67%
p
M S
J O 100%
Q J 95%
M s
60
F A
76%
J D
J
J 72%
A O
98%
J 101
J
O
23%
J .1
A O
J
60
J D
95
A O
50%

J

J
J
A

J

M N
F A
A O
j
J
M
M
F
F
F
F
j
j

J
j
j

A

J D
M S

A

A

n D ue S ept

75%
91%
86
54
97%
58
82
100
84% 68
____ 81
97% 89
Salt? 89
102
Sale 73
80%
Sale 66
92
ioo%
____ 96%
647s 69%
78
84%
82
?4% 75%
97% 90%
104% 110%
25
25
30
35
96%
21
63
03%
S lie 95
Sale 50%

90% Sale 90%
68% 71
63%
75% Sale 75%

j
67% Sale
J
N
79% Sale
N
A
60% Sale
A * _
62
A
6 4%
do
A
D
46
1 89% 93%

J
J
O

8

Sept’ 19
Aug'19
Nav‘ 19
Oct T9
Oct '06
Nov'19
Juno'19
Nov'19
67%

>2

86

88%

75’s "78 “

o D u e O ct.

68%
71
73
79
59%
02
02%
75

Mar' 10
Nov’ 10
Juno'17
July’ 19
Apr T9
Nov'19
38
Sept'19
Nov‘ 19
Nov'19
39
SO
July’ 19
Nov’ 19
Nov'19
Doe TO

....

.... ....

____
____!

1

____
__ _
5
____
____

4
23

1

____
5
____
.

1
3
2
3

____
____

2
____

4

92%
80
72%
%

86

98%
so
80
92

06
76
72
07

75%
84
77%
77

92
87
90%
,3334
99%
97
80'%
81%
92
92
103

88%
198
100%
88%
81%
100

79%
99
51
71%
95‘2
101%
73
86%
85%
62

79%
101%
57
79
95%
101%
80%
95%
87%
73

94%

95

94
92
91

94«4
105%

109 100

____ 101% 101%
____ 96% 100
____ 85% 93
70
____ 70
1

1

101
99%
80
49
49
44
45
45
7'2 % 80
48%
38
89
80
90% 97*4
88
88
91%
92

1 102
97%
74
10 37%

____

____
___-I
32
13
... ____

14
59%
30
1
Aug'19
15
38
____
1
Nov'19
29%
V
July'19

53
29
20%
38
41
29
25

69
38
30
48%
46%
31
27

Apr '17
Oct'19
Nov'19 ____
Oct T9
Aug’ 19 ____
Oeo TO
Oct T9 . . . .

53
40
69
50%

53
50
71%
58

40

50

76
Nov'19
86%
55%
97%
Oct '18
A p r '17
Feb '13
June’ 19
N >v'19
May’ 19
89
July' 14
73%
Oot T7
67%
July'19
100%
Nov'19
Nov'19
Nov’ 19
Apr' 19
Nov'19
N ov’ 19
.vlar'17
25
Aug TO
Feb '13
Aug '18
Nov’ 19
95
52?8
92
70
76

11
____
13
340
1

75% 87%
90% 94%
84% 92
03%
54
97% 100

__ _
____

68
80%
89
89

12
____ 1
17 73
___1
21 06
92
2 100%
....
90
____ 00%
____ 83
86%
___73%
____ 90%
25

4
41

03
94
50

70
97%
69%

249
14
17

82
Aug'19
95% N.iv'lO
104 May'10
Nov T6

80

May’ 19

80 May'W
96% Nov’ 19
• O p t i o n a a le .

S2%

7
....

56
63%
Oct T9
13
80%
Nov'18
28
01
6
00
Nov'19 ____
Mar'17

49

68
82
89
97%

77%
92
105%
98%
68
91
87
81%
100
....
59

90% 100%
68% 78%
86
74
66%
68%
78

73
71
86

59%
59
00%

68
67
70

82

82

____

----

54*8

N
O

97% 100

Sept’ 19
Oct T 3

80

80

90%

98%

BONDS
N . Y . STOCK EXCH AN GE
W «e*i e n d in g D e c . 5 .
N Y C e n t A H R l i l i (C o m N Y A P u 1 s t c o n e g u g 43 1 9 9 3
P in e C r e e k r e g g u a r 0 8 _____193
R f f i O e o n 1st e x t 5 a _ _ il 9 2 .
R u t l a n d l a t o o n g 4 H a . . . 1 9 11
O g & l.C n t m I 8 t g u 4 a g .l9 4 >
E u t - C a n a d a l a t g u g 4a 19 4v
S t L a w r A A d lr l a t g 5 a — 1 9 9 '
2 d g o l d 0 a ___ _____
1996
U t i c a A B l k R l v g u g 4 a . _ 192
L a k e S h o r e g o l d 3 H a _______199
R e g i s t e r e d ___ _ ___________ 1 9 9
D e b e n t u r e g o l d 4 s _______1 9 2 2 5 - y e a r g o l d 4 a ___________ 1931
R e g i s t e r e d ______________ 1931
K a A . t U R l a t g u o 5 a ___ 193>
M a h o n C ’ l R R l a t 5 a _____1934
P it t a A L E r ie 2 d g 5 a . _ . o l 9 2 '
P it t a M c E A Y l a t g u 0 a _ _ 1 9 3 ‘2
2 d g u a r a n t e e d 0 a ________1934
M i c h i g a n C e n t r a l 5 a ______ 1931
R e g i s t e r e d .......................
1931
4 a . . . ......................................... 194i
R e g ia t e r e d ______________ 194(
J L A S lat. g o l d 3 ^ a ___ 1951
la t g o l d 3 H a ..........................1952
2 0 -y e a r d e b e n t u r e 4 a . _1 9 2 9
N Y C h i A S t L l a t g 4a . . 1 9 3 7
R e g i s t e r e d _________________ 1937
D e b e n t u r e 4 a _____________1931
W e s t S h o r e l a t 4a g u a r — 2 3 0 1
R e g i s t e r e d _________________2 3 0 1
N Y C L in e s e q t r 5 a . .1 9 1 9 - 2 2
E q u ip t r u s t 4 H 8 - - 1 9 1 9 -1 9 2 5
N Y C o n n e c t l a t g u 4 His A . .1 9 5 3
N Y N D 4 H a r tfo r d —
N o n - c o n v d e b e n 4 a ________ 1 9 4 7
N o n - c o n v d e b e n 3 H a -------- 1947
N o n - c o n v d e b e n 3 H a -------- 1 9 5 4
N o n - c o n v d e b e n 4 a -------------1 9 5 5
N o n - c o n v d e b e n 4 s -------------1 9 5 6
O o n v d e b e n t u r e 3 H a ----------1950
O o n v d e b e n t u r e 6 a _________ 1 9 4 8
C o n s R y n o n - c o n v 4 s _____1 9 3 0
N o n -c o n v d eb en 4 a ._ _ .1 9 5 4
N o n - c o n v d e b e n 4 a _____ 1 9 5 5
N o n -c o n v d ebeD 4 a ._ _ .1 9 5 5
N o n - c o n v d e b e n 4 a ------- 1 9 5 0
H a r le m R - P t C h e a l a t 4a 1954
B A N Y A ir L in a 1s t 4 a . . 1 9 5 5
C e n t N e w E n g l a t g u 4 & ..1 9 6 1
H a r t f o r d S t R y l a t 4 a -------- 1 9 3 0
H o u a a t o n lc R c o n s g 5 a . . 1 9 3 7
N a u g a t u c k R R 1 s t 4 a --------1 9 5 4
N Y P r o v A B o s to n 4 s . . . 1942
N Y W ’ e h o a A B la t sor I 4 H s ’ 40
B e a t o n T e r m in a l iB t 4 a — 1 9 3 9
N e w E n g l a n d c o n a 5 s _____1 9 1 5
O o n a o l 4 a ____________ . . . 1 0 4 5
P r o v id e n c e S ecu r d e b 4 8 ..1 9 5 7
P r o v A S p r i n g f ie l d l a t 5 a _ 1 9 2 2
P r o v i d e n c e T e r m l a t 4 a ___ 1 9 5 6
W A C o n E a s t la t 4 H S . _ . 1 9 4 3
N Y O A W r e f l a t g 4 a _____0 1 9 9 2
R e g i s t e r e d $ 5 ,0 0 0 o n l y . . 0 1 9 9 2
G e n e r a l 4 s ____________________1 9 5 5
N o r f o l k S o u lB t A r e f A 5 a . . 1 9 6 1
N o r f A S o u l a t g o l d 6 a ________1941
N o r f A W e a t g e n g o l d 6 a _____1931
I m p r o v e m e n t A e x t g 0 a . . 1934
N o w R iv e r l a t g o l d 0 a _____1 9 3 2
N A W R y la t c o n a g 4 a . .1 9 9 6
R e g i s t e r e d _________________1 9 9 0
D l v 'l l a t lio n A g e n g 4 a . 19 4 4
1 0 - 2 5 - y e a r c o n v 4 a ______ 1 9 3 2
1 0 - 2 9 - y e a r o o n v 4 a ______ 1 9 3 2
1 0 - 2 5 - y e a r c o n v 4 H a ___ 1 9 3 8
1 0 - y e a r c o n v 0 a __________ 1 9 2 9
P o c a h C A C J o in t 4 a . . . 1941
C O A T l a t g u a r g o l d 5 8 .1 9 2 2
S o lo V A N E l a t g u « 4 a . . 19 8 9
N o r t h e r n P a c if i c p r io r H en rail
w a y A la n d g r a n t g 4 a _____1 9 9 7
R e g i s t e r e d _________________19 9 '
G e n e r a l lie n g o l d 3 a ______ o 2 0 4 7
R e g i s t e r e d _______________ O 2047
R e f A I m p 4 H a a c r A ______ 2 0 4 7
B t P a u l- D u l u t h D l v g 4 a . . 1 9 9 0
B t P A N P g e n g o ld 0 a . __ 1923
R e g la t e r e d c e r t i f i c a t e s . . 1 9 2 3
B t P a u l A D u lu t h l a t 5 a . . 1931
1 s t o o n a o l g o l d 4 s ........... .1 9 0 8
W a s h C e n t l a t g o l d 4 a _____1 9 4 «
N o r P a o T e r m C o l e t g fia __ 193.3
O r e g o n - W a s h la t A r e f 4 a ___ 1901
P a c ir io C o a a t C o l a t g 5 a ___ 1 9 4 0
P a d u c a h A I lls l a t 8 f 4 H a . _ 1 9 5 5
P e n n s y lv a n ia R R 1 s t g 4 a _ _ 1 9 2 3
O o n a o l g o l d 5 s ______________ 1919

A
J
A
J

J
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O
J
J
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0
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0
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S*
e

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W eek 's
R a n g e 01
L a s t Sale

H ig h
B id
A s* L ow
7 8 % A p r ’ ly
7 2 * 2 _____
1051 4 _____ 113
M ay H
96*2 9 8
9 9 % J u l y ’ 19
73
_____
77
O c t ’ 19
56
5 6 78 0 0
A u g ’ 19
67
F e b ’ 19
8 2 >4 8 5
101
N o v ’ lC
1 03
N o v ’ 16
90
A u g *19
9 5 1 « _____
03*2 S a le
63
69*8
63
71
7 0 % N o v ’ 19
86
85*2 86*2 8 5
83
82*2 83*8 8 2
_____ 8 7
8 4 % N o v ’ 19
10 4 %
1 03
1 0 2 5 s _____ 1 3 0 8
101
--------- 123%
99%
9 4 % _____
98%
82
75% 79
87
99
7 0 % _____
6 7 % 74% 7 4 %
75
75% 77
79%
7 9 % S a le
85
65
63% 75
71
71
72
69%
6 9 % S a le
99%
9 7 % _____
93%
9 3 % 1 02
80
80
S a le

N o.
...
_____
_- _____

_____
26
_____
19
44

99
67
60
67

99%
77%
61'*a
67

95%
6>
70%
3 4%
82
81%

96
74
70%
90
89
84%

84

_____

70*8
74%
78%

74%
85
84

71
70
69%
99%

76%
81%
78*4
99%

73

80*4

59
49
50
49%
49
49%
70

51%
51
52
56%
59%
52

2
_____
41

11
—

1

60

50

53
51
43
53
S a le
50*8
71

H ig h
80

81

F

J
J

N
J
J

50
_____
_____
50
50
_____
70%

L ow
78

....

J
J

A 0

88

J u ly * 18

A
49
O c c ’ 19
63
N o v ‘ 19
7 9 % D e c ’ 17
59
O ct ’ 09 . . . .

J
hi
F
J
M
M
hi

N

J

J

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N
N

A
A

J
J
hi
J
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i
N

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M
M

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F
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M

s

A

A
A
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J

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Q
Q
Q
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J
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F
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F

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J
J
J
hi
M

65
72%
---------59*4
80

_____

8 0 % _____
37
S a le

1 0 6 % M a y ’ 15
87
J u l y ’ 14
S3
A u g ’ 13
37
40

80
_____
GO ______
---------3 7 %
80
______
6 7 * 8 ______
fin
60
S a le

70
33

60

O
J
N
J
i
F
F
J
D
A
A
F
D
M
J
J
Ii
J

5 3 % S a le
--------- 5 1
79
84
76
79%
1 0 0 % S a le
9 9 % 10 0 %
_____ _______
6 9 % _____
60
_____
107
.
63*4 6 9 %
--------- 8 1
_____ 9 3

O
O
J
[>
S

7 6 % S a le

18

S e p t’ l
N j v ’ 19 _____

88 % F e b

60%
_____
70
60
S a le 6 0
SI
_____
86
1 0 3 % _____ 1 0 1 %
122
1 0 3 % _____ 1 0 6 %
76%
7 6 % S a le
79
73%
76
73
SH *
71
78%
11 7 %
9 6 % S a le
93%
1 0 3 % S a le 10.P 2
79% 80
79%
97
9 7 * 8 _____
7 3 % _____
74%

D
A
N

F

4

61
N o v ‘ 19
69
N o v '1 9
N o v '1 9
N o v ’ 16
A u g ’ 19
77%
O c t ‘ 19
79
p o t , - ii )
M a y ’ 19
93%

*

92

971
95%
87
78
76
7 / 1.
76%
77
75
8 3 4 82%
80%
81%
85
90*4
—
_____ 104
96%
90%
93%

58

62%

37

54

. . . .
38

60

_____ 1 6 0 %
5
60
81

40

70
62
69%
89

____ 1 0 6 % 10 8 %
15, 7 6 % 8 0 %
_ _ _ _ ! 79
81
5
74 ',, 8 2
___ J
84%
84

10 , 9 6 % 10 4 %
31 103
110 %
3
79%
7 9 % 80
A u g ’ l y _____I 9 7
97
1G 7 4
74%
81
293
o7
__ _ J
4

D eo

7 5 % 86
76% 82
01%
53
57%
55
90
79
70
70
l o o ' s 10 4 %

i
_____ 100
100*8
_____
97
98%
70% 76%
—

*!
32

1 0 6 % 107"%
63% 79%
8 4 -z 88

957s 95*8
9978 99 %
9914 99U
8 7 'a
82

91

7 9 ••*
89%

88

8 9 i|

96U
897g
97U

8 6 78

8 7 i2

871*

87H

97
95%

931*

78
771*
77
82U

78
771*
77
80*4
87
82*s
831*

17

29
O c t '111
F a n 17
J a n ’ 19
O o t ’ 19
N o v ’ 19
6
81%
82%
80%
N o v ‘ 19 _____
81
O c t ’ 19
'0
5
85
90%
M a y ' 18
9 0 1s
D e o *15
Fe;> * U
O c t *12
8814 F e h \
_____
84
7 9 18 O c t ’ 19 - _ . _ j
79% M a y ’ 19
80%
87
J u n e ’ 19 _ _ _ _
85s*
85*4 N o v ‘ 19
975*
93
M a y ’ ll ) - - - 84%
93*4 A p r ’ 17
8 7 is N o v ‘ 19 -------- 1
8U4
81
.
8318 S e p t* 17
8S'2 9 2 11 9 U 8 N o v ’ 19 ___
91
N o v ‘ 19 ------- 1
91
93
J u n e '1 7
8 8 * 4 ____
_____
O H 4 901* O c t ’ 19
90
O o t i q |. . . .

• N o P r ic e F r id a y ; l a t e s t b i d a n d a s k e d . « D u e J a a .

50%
70

101

751*
7«3*
7 6 >g N o v ’ IP
53
54%
55
N o v ’ 19
79
82
7*1 M a y ' 19
10033
1003«
1 00
N o v '1 9
97 F e b ’ iy
7 0 % O c c ’ 19
3 7 % D e c *16
10 3 % N o v ‘ 19
63%
69
8 4 % S e p t* 19
1001* F e u '1 7

81% —
97%
97
73%
73%
73%

49
63

14

9 9 <8 A p r *19
9 9 % F e h '1 9
8 3 % 86*4 8 7 1* J u n o '19
8 2 % S a le
82%
8 2 7s
91*4
92
91>2 S i l o
79*4 S a le
79H
81%
8 9 7g S a le
89*8
91*8
______ 87*2 A u g l j
84
8 5 * 4 _____
84*2 S e p t '10
82
--------- 8 7 t2 J a n *19
102
J a n *93

J
hi
F
M
J
J

Series W3 Hs ^nar gold. 1Q4Q F




D e o ’ 15
M a y ’ 17
J a n ’ 09
M a r ’ 12
A u g ’ 17
N o v ’ IS
N o v ‘ 19
F e b ’ 14
June’O'
A u g ’ 19
75
80
N o v ’ 17
N o v ’ 19
71%
70
F e b ’ 19
J u l y ’ 17
80

BONDS
1 V I
. Y . STOCK EXCH AN GE
W e e k e n d in g D e c . 5

R a n ge
S in ce
Jan. 1

3 3
§ 3
S3

N o v ’ 19 _____
43
N o v 'i a
50
A u g 'L'J
4
4 9 -2
49%
26
50
5 1 '2
50
O c t ’ 19
69
70
72
50
O c t ’ 17

__ 1949 hi
-.-1943 hi
__ 1960 F
___1905 J

G e n e r a l 5a----------------A H e g V a l g e n g u a r g 4 a ._ _ 1 9 4 2
D R R R A B 'g e l a t g u 4a g 1 936
P h ll a B a l t A W la t g 4 a . . l 9 4 3
S o d u a B a y A S o u 1 st g 5 8 .1 9 2 4
B u n b u r y A L e w is l a t g 4 s . 1 9 3 0
U N J R R A C a n g e n 4 s . .1 9 4 4
P e n n s y lv a n ia C o —
G u a r l a t g o l d 4 H i ------------1921
R e g la t e r e d ________________ 1921
G u a r 3 H a o o ll tr u s t r e g A . 1937
G u a r 3 H a c o l I t r u s t aer B . 1941
G u a r 3 H a t r u s t o t f s C ___ 1 9 4 2
G u a r 3 H a t r u s t c t f s D — 1944
G u a r 1 5 - 2 5 - y e a r g o l d l a . .1 9 3 1
4 0 - y e a r g u a r 4s o t fa S o r E . 1 9 5 2
O ln L e b A N o r g u 4 s g . _ . 1 9 4 2
O l A M a r l i t g u g 4 H « - -1 9 3 5
0 1 A P g e n g u 4 H » a o r A 1942
S e rin s B ...................................1 9 4 2
In t red u a ed t o 3 H a . .1 9 4 2
B e rio s 0 3 H a ......................... 1 0 i s l
S e r ie s D 3 H a ...................... 1 9 5 0
E r ie A P it t s g u g 3 H a B . . 1 9 4 0
S e r ie s 0 ...................................1 9 4 0
G r R A I e x 1st g u g 4 H a 1941
O h io C o n n e c t l a t g u 4 a . . . 1 9 4 3
p it t a Y \ A a b la t c o n s 5 a . 1 9 2 7
* 0 l W V A O g u 4 H « A __19 31
S e r ie s B 4 H a ____________1 9 3 3
S e r ie s C 4 s _________________ 1 9 4 2
f O O A S t L gu 4 H a A ..1 9 4 0
S e r ie s B g u a r ________
1942
S e rie s C g u a r ......... ............. 1 9 4 2
S erlea D 4 s g u a r __________1 9 4 5

P ric e
F rid a y
D ec. 5

fn
a.

0

O o n a o l g o l d 4 a --------------

2157

New York Bond Record— Continued— Page 3

D ec . 6,1919.]

97%

» D ue F eb.

8 0 78
811*
85

79%
79*4

8/
83%

79%
79%
87
85*4

87%

87%

91%
91

94%
92%

90
on

90%
QO

# D u e June,

P ric e
F rid a y
D ec. 5

P . G . O . A 9 t . L (C o n .)—
S e r ie s F g u a r 4 s g o l d . . . 1 9 5 3 J
S e r ie s G 4a g u a r _________ 1 9 5 7 M
S e r ie s I c o n a g u 4 H 8 - - - 1 9 6 3 F
C S t L A P la t c o n s g 5a __1 9 3 2 A
P e o r ia A P e k in U n la t 6 a g _ _ 1 9 2 1 Q
F
2 d g o l d 4 H a _______________ 6 1 9 2 1 M N
P ere M a r q u e tte la t S e r A 5 a . 1950 —
l a t S e rle a B 4 a ......... ............... 1 9 5 6 - P h il ip p i n e R y 1 s t 3 0 - y r a f 4 s 1 9 3 7 J
P it t a S h A L E 1 s t g 5 a ............1 9 4 0 A
l a t c o n s o l g o l d 5 a .................... 1 9 4 3 J
R e a d i n g G o g e n g o l d 4 a ........... 1 9 9 7 J
R e g l a t e r e d _________________1 9 9 7 J
J e rse y C e n tr a l c o ll g 4 a ...1 9 5 1 A
A t l a n t i c C i t y g u a r 4a g _ _ _ l 9 5 1 J
S t J o a A G r a n d la l l a t g 4 s . . 1 9 4 7 J
S t L o u is A S a n F r a n ( r e o r g C o ) —
P r i o r li e n S e r A i n ___ _____ 1 9 5 0 J
P r io r li e n S e r B 5 a _________ 1 9 5 0 J
C u m a d j u s t S e r A 6 a_____ 6 1 9 5 5 A
O
I n c o m e S e r le a A 6 a ________ 6193 ^ O c t
S t L o u la A S a n F r a n g e n 6 a . 1931 J
J
G e n e r a l g o l d 5 a ___________ 1931 J
S t L A S F R R con a g 4 a ..1 9 9 0 J
S o u t h w D l v l a t g 5 s _____ 1 9 4 7 A
K C F t S A M c o n a g 0 3 .1 9 2 8 hi
K C F t S A M R y ref g 4 a . 1936 A
K C A M R A B l a t g u G a .1 9 2 9 A
S t L 9 W 1 s t g 4a b o n d c t f s . . 1 9 8 9 M
2 d g 4a I n c o m e b o n d c t f a . p l 9 8 9 J
C o n s o l g o l d 4 a . ...................... 1 9 3 2 J
1s t t e r m in a l A u n if y in g 5 a . 1 9 5 2 J
G r a y 's P t T e r l a t g u g 5 a . 1 9 4 7 J
9 A A A P a s s l a t g u g 4 a _____ 1 9 4 3 J
S e a b o a r d A ir L in e g 4 a ______ 1 9 5 0 A
G o l d 4a 8 t a m p e d ___________ 1 9 5 0 A
A d ju s t m e n t 5 a _ . _
01949 F
R e f u n d i n g 4 a ............................ 1 9 5 9 A
A t l B lr m 3 0 - y r l a t g 4 s . _ e l 9 3 3 M
C a r o C e n t la t c o n g 4 a _ _ _ 1 9 4 9 J
F l a C e n t A P e n l a t e x t 0 8 .1 9 2 3 J
l a t la n d g r a n t e x t g 5 8 . . 1 9 3 0 J
C o n s o l g o l d 5 s ___________ 1943 J
G a A A la R y 1 st c o n 5 a _ _ o l9 4 5 J
G a C a r A N o la t gu g 5 a ..l9 2 9 J
S ea b oa rd A R o a n la t 5 a ..l9 2 fl J
S o u th e r n P a c ific C o —
G o ld 4a (C e n t P a c c o l l ) . .* 1 9 4 9 J
R e g i s t e r e d .............. .............* 1 9 4 9 J
2 0 - y e a r c o n v 4 a ____________ 0 1 9 2 9 M
2 0 - y e a r o o n v 5 a ______________ 1934 J
C e n t P a o la t re f g u g 4 a ..1 9 4 9 F
R e g i s t e r e d .............................. 1 9 4 9 F
M o r t g u a r g o ld 3 H a . .* 1 9 2 9 J
T h ro u g h S t L la t gu 4 a . 1954 A
G H A S A M A P l a t 5 8 1 9 3 1 *1
2 d e x t e n 5a g u a r _________ 1 9 3 1 J
G lia V G A N 1st gu g 5 3 ..1 9 2 4 M
H o u a E A W T l a t g 5 a . . . 1 9 3 3 hi
l a t g u a r 5a r e d ................... 1 9 3 3 hi
H A T C l a t g 5a i n t g u . _ _ 1 9 3 7 J
G e n g o l d 4a I n t g u a r _____ 1 9 2 1 A
W a c o A N W d l v lB t g 6 s ’ 3 0 hi
A A N W 1 s t g u g 5 a ________1941 J
L o u is ia n a W e a t 1 s t 6 a _____1 9 2 1 J
M o r g a n ’s L a A T la t 6 a ..1 9 2 0 J
N o o f C a l g u a r g 5 a ________1 9 3 8 A
O r e A C a l 1 s t g u a r g 5 a ___ 1 9 2 7 J
S o P a c o f C a l— G u g 5 a ...1 9 3 7 M
S o P a c C o a s t l a t g u 4a g _ _ 1 9 3 7 J
S a n F ra u T e r m l 1st 4 a .__ 195 0 A
T e x A N O c o n g o l d 6a . . . 1 9 4 3 J
S o P a c R R l a t r e f 4 8 ______ 1 9 5 5 J
S o u t h e r n — l a t c o n a g 5 s _____1 9 9 4 J
R e g i s t e r e d _________________1 9 9 4 J
D e v e lo p A gen 4s S er A . . .1 9 5 0 A
M o b A O h io c o l l t r g 4 s ___ 1 9 3 8 M
M e m D lv la t g 4 H s -5 a _ _ _ 1 9 9 0 J
S t L o u la d l v l a t g 4 a ............1 9 5 1 J
A la G t S o u l a t c o n s A 5 S . . 1 9 4 3 J
A tl A C h a ri A L 1st A 4 H i 1944 J
l a t 3 0 - y e a r 5a S e r B _____ 1 9 4 4 J
A t l A D a n v l a t g 4 a ________1 9 4 8 J
2 d 4 a .........................................1 9 4 8 J
A tl A Y a d la t g g u a r 4 8 ..1 9 4 9 A
E T V a A G a D lv g 5 a ...l 9 3 0 J
•»
C o n a l a t g o l d 5 a ..................1 9 5 6 M M
E T e n n r e o r g lie n g 5 a _____ 1 0 3 8 M
S
G a M i d l a n d l a t 3 s . _ ............ 1 9 4 6 A
G a P a c R y 1s t g 6 a ________1 9 2 2 J
K n o x v A O h io 1 s t g 6 a . . . 1 9 2 5 J
M o b A B lr p r io r H en g 6 s . 1 9 4 5 J
M o r t g a g e g o l d 4 a .............. 1 9 4 6 J
R i c h A D a n d e b 5a 8 t m p d _ 1 9 2 7 A
R i c h A M e o k 1 s t g 6 a _____ 1 9 4 8 M
S o C a r A G a 1 s t g 5 a ........... 1 9 1 9 hi
V ir g in ia M i d S e r D 4 - 5 a ._ 1 9 2 1 M
S e rle a E 5 a . _______________ 1 9 2 6 hi
S e rle a F 5a_________________ 1 9 2 6 hi
G e n e r a l 5 s . ........................... 1 9 3 6 M
V a A S o ’ w ’ n 1st g u 5 a ..2 0 0 3 J
1st con a 5 0 -y e a r 5 s . .1 9 5 8 A
W O A W l a t c y g u 4 a _____ 1 9 2 4 F
S p o k a n e I n t e r n a l. 1s t g 5 a . . 1 9 5 5 J
T e r m A ssn o f S t L 1st g 4 H a 193 9 A
l a t c o n s g o l d 5 a ........... 1 8 0 4 -1 9 4 4 F
G e n r e f u n d a f g 48 __________1 9 5 3 J
S t L M B r id g e T e r g u g 5a -1 9 3 0 A
T e x a s A P a o l a t g o l d 5 a ____ 2 0 0 0 ■*
2 n d g o l d I n c o m e 5 a ________j 2 0 0 0 M a r
L a D l v B L l 8f g 5 a _______ 1931 J
J
W M in W A N W I s t g u 6 a l 9 3 0 F
A
T o l A O h io C e n t l a t g u 5 h . _ 1 9 3 5 J
W e s t e r n D l v 1st g 5 s ______ 1 9 3 5 A
G e n e r a l g >ld 5 a ______________ 1 9 3 5 J
K a n A M l a t g u g 4 s ______ 1 9 9 0 A
2 d 2 0 -y e a r 5 s .......................1 9 2 7 J
T o l P A W 1 s t g o l d 4 8 ...............1 9 1 7 J
T o l S t L A W p r li e n g 3 H 8 - 1 9 2 5 J
5 0 - y e a r g o t d 4 s ________ . . . 1 9 5 0 A
C o l l t r u s t 4 s g S e r A ........... 1 9 1 7 F
T r u s t c o c tfs o f d e p o s it . .
T o r H a m A B u f f 1 s t g 4 a . .6 1 9 4 6 J
U lste r A D e l la t c o n s g 5 s . .1 9 2 8 J
l a t r e fu n d in g g 4 s ___________ 19.52 A
U n i o n P a c i f i c la t g 4 a ___ _ . 1 9 4 7 J
R e g i s t e r e d ______
1947 J
2 0 - y e a r c o n v t a ................... 1 1 9 2 7 J
1 s t A r e f u n d in g 4 s ________0 2 0 0 8 M
10 - y e a r p e r m s e c u r e d 0 a . 1 9 2 8 J
O re R R A N a v c o n g 4 a .. 1940 J
O r e S h o r t L in e 1 s t g 0 a .
1922 F
l a t c o n s o l g 5 a .......................1 9 4 6 J
G u a r r e f u n d 4 a ___________ 1929 J
U t a h A N o r g o l d 5 a _____1 9 2 6 J
l a t e x t e n d e d 4 a ........... 1 9 3 3 J
V a n d a l l a c o n s g 4s S e r a _____1 9 5 5 F
C o n s o l * 4* S e rle a B .............. 1 9 5 7 1 M N
V n - x O - n g » p i n t gl1 4 ^ , 1 93 4 ! J
J

b D u e J u ly

« o n e A ug.

0 D ae O ct.

W eek ’s
R a n g e or
L a s t Sale

A s * L ow
91
92
90*8
91
____100*8 101
100
90
93
87
82*8
83
S a le
6 5 78
60*4 6 6
45
43
50
9 7 i « --------- 9 9
9 5 % --------- 9 7 U
80
S a le
79U
78
73
S a le
7e

B id
_____

59

60

51*4
67
57«2
4 1 <2

S a le
S a le
SUc
S a le

92U

94

61
53
6 5 '4
55
40

101*8___ 101
94
73
90

100*8 IOH4 101
6 0 7s
9012
60
63
55
59
9 8 !2
60
60
SUe
60*8
60<2 S t i c
60
6 2 U 60*4
S a le
33
33
39
S a le
33
71
_____
69
_____
70 U 7 6
____102
9 9 7g
101
_____ 104
______ 84*8 8 7 i*
93
6 0 78 S a le
86
89
5912 S a le
_____
70
5512 S a le

88

____

9412

9 5 ' * _____

95U

69*4 S a le

6 7 78
91)
7 7 l2
93*4
7 41 j
8 7 i*
82
7012
1 00
9 6*4
35
92H
100
94
9 1 l8
94

79is Sale
107b. Sale
75*8 Salo
81*8

6714
93
~ 9 2 12
85U
85*4
91*4
9 H«
90

8H2
70
101
99

1 02
_____

H ig h
S e p t 'i ;
A u g ’ 19
Apr
J u n e '1 9
J u u e ‘ 17
M a r ’ 16
83
66
N o v ‘ 19
J a n ‘ 18
D e c ’ 17
8 0 '2
A u g ’ 19
79

■33

R a n ge
S in ce
Jan. 1

N o . jL o w
....
881*
.
! 91

. . . . 101
9,

82*8

6 1 657s
— ! 45

79 U
73
73

91
91

102
90

7214
54

*.

86 4

8H *
85

5912 68

61
394
1 24
1 50
172

53
6614
67
55
53
42
39*8
N o v ‘ 19 ___'101
N o v * 1 9 . . . . | 91*8
M a y ' 16
M ay’ .7
991 2
101
6 0 7s
6 0 78
O c t ’ 19
881*
GO
6U 2
S e p t ’ 19
57U
55
5512
5 3 i8
53
J a n '1 4
59
60
60H
63*8
6 2 i8
60U
42*8
38
41
33
O c t ‘ 19
71
A p r ’ 19
76
N o v ’ 19
9 3 78
D e c ’ 15
O c t *19
871*
J u l y ’ 19
91U
94
A p r ’ 19
M a y ’ 19
9514
69*s
F e b 14
7 3 i8
103
751*
S e p t ’ 16
8 2 18
N o v ' 19
O ^ t 18
J a n *18
N o v *18
J u l y '19
O c t *16
O c t *19
N o v '1 9
M a r* 19

H ig h

6 7 78
1 63
1280
72

64
79
713g.
56
106
981*

103U
751*
901*
74
63

6512
64H
63
72
74

5314
60
80
76
100*4
921*
93
94

9614
7 9 7»

77*2 877*
98*4 1 1 5
72*4 8 3
81

S5*4

7012 80
--------!

92>4 92*8

93*4
_____! 9 4
93*4
9 3 i4
94*8
------- I 9 D 8
9 1 7s
94
-------'I 9 4
87*4 8734
8734
6
S7«4 87*4
"9 9 ’
9 9 i2 lOOU O c t ‘ 17
99i
93*4
99*8 A u g ’ 19
99*8 99*8
947* !>7
95>2 N o v ‘ 19
9 5 % 951*
92*8 93*4 93*8 N o v ’ 19
9 2 ^ 99*8
9434 _____
07&8 J u l y . 19
97*8 9 7 s*
901* 9 2 7a 9 2 i£ J u n e ’ 19
921* 9 3
7 l 78 7 4
7 2 U N o v ’ 19
72
80*4
83
_____
85
J u l y ’ 19
85
85
70
S a le
74*8
76
74*8 8 3 H
8512 S a le
84\
S51 2
84*4 96*8
_____
92
8 5 U S e p t '19
85U S0 I4
6 0 U S a le
5 9 i2
611*
5912 6 9
55
S a le , 5 5
55 I
55
6834
8SU 89
90*8 J u l y ’ 19
9 0 ig 9 1 U
_____
7 3 i2 7 0
N o v ’ 19
69*8 741*
9 2 <g J u ly * 19
____ 86
9 2 78 9 3
_____
8 2 >2 8 4 78 N o v ‘ 19
8 4 78 88*8
8 6 78 S a le
86i8
86 7s
86’s 97*8
06
69
70
O c t ’ l ‘j
70
74
8 H * M a r ’ 16
64
_____
68
O c t ’ 19 —
63
63
90*8 9 6
95
S e p t ’ 19 — ! 9 5
97
8914 9 2
S 9 78 9 7
91
N o v ’ 1 9 -------_____
94
92
J u l y ’ 1 9 _____
92
90 I4
4 7 14 51
52
J a n 1 9 _____! 5 2
52
100 101 , 100*2 A u g ’ 1 9 '-------- 1001* 101
97*4 --------- 100 O c t ’ 1 8 ______ i
85*2 9 7
|91*2 O c t * 1 3 ;_____ I_______
60
66
65
A u g ’ 1 9 _______! 6 5
65
921% 102
92*8 N o v ’ 1 9 _____ ! 9 2 :% 95*4
61
J
6 9 J u n e ’ 1 9 ______
69
71
---------------------! 99*2 A p r 1 9 ------ j 99
100
95*2 ---------- 102*2 J -iu e ’ l l i ______!(_ _
9 H * 100
91
N o v ’ 19 . _
91
96**
? 0*2 . . . . 1041* D e c ’ 1 0 _____
911* 9 3
93
J u l y ' 1 9 j--------~ 9 6 ~ ~ 9 7 "
8 2 ig 9 2
8158 S e p t ’ 1 3 ]_____ _____________ _
63>2 67*2 O c t ’ 1 9 '_____
6 7 IJ 7 1 ’
8518 9 5
9 3 % M a r ’ 1 7 : _____
78>2 75*2 A p r ’ 1 9 --------I 75*2 751*
81*8 8 3
86*2 N o v ’ 1 9 '_____
75
91*2
8 7 ‘2 9 0
9 3 O c t *19—
93
98*s
70
69
69
1 69
77
--------- 94*2 9 2 J u n e ’ 1 9 ______ ' 9 2
92
8 4 's 8 7
8 4 N o v ’ 1 9 ;______
84
93
5 2 1 * _____
4 1 d o p t ’ 1 8 ______
60U
86 M a y ’ I S ______ 1
10012 N o v ’ 0 4 ------- ;
82
80*2 9 2
A p r ’ 1 9 _______ ! 9 2
92
801* 8 7
84*4 N a v ’ 1 9 '_______! 8 3
87
70
81
70
O c t * 1 9 ______ I 7 0
73
64*4 7 1
73
O c t ’ 1 9 ______
7 0 -2 761*
87*2 8 9
92
S « p t ' 1 9 ______
88
92
50
38
F o b '1 9 ; ______
36
36
’ 74“
7 4 '8
7
74«8 761*
44
45
•1712 X o v ’ 1 9 — 45
56
35
181% iviAr’ l 0 L _ _
19
1 8 A u g * 181_ _ _
65
67 U 8 0 A p r *17 . . .
77*2 S o i8 8 0 58 N a v ‘ 19! —
80*8 85*8
--------- 8 5
53
8 ep t’ 1 7 !..
34*4 S a le
83U
84
125
82*4 8 9 78
8 2 i2 85
85*2 O c t ’ IS
837* s i l o
8 3 78
84*4
1 0 | S2
891*
75
S a le
74*2
75*2! 7 0 ! 74*2 831*
101*4 S a le 101*4
1 02
1 2 i l 0 l i 4 106
76*4 S a le
76*4
76*4
23
76*8 86
99*4 1 0 0
90*2
100
8 9 10U*
8 7a
92*4 9 3
92*4
93
3
92*4 987s
7 jS78 8 2
77=8
79
31
77*8 88
9 2 1* 9 6
93*8 O c t ’ 1 9
93
98
82
86
89
F e b ’ 18
78*8 S a le
78*8
78*8.
78*8 8 0 l2
______81*4
8 0 's J u n e ’ 18;
35
M ay’ l 9
35
35
p Due N ov .
D u e D e c . • O p t io n s a le .

[Vo l . 109.

New York Bond Record—Concluded— Page 4

2158
BONDS
N Y STOCK EX C H A N G E
Week ending Dec. 5

Week’s
Range
Price
Hinze
Range or
Friday
Jan. 1
LaUSale
Dec. 5
Bid Askho10 High No. Low High

s !
^ £

Virginian let 5s series A ____ 1952 m
Wabash 1st gold 5s_________19 59 m
2d gold 53_______ ________ 1939 F
Debenture series B ______ 1939 j
1st lien equip s fd g 5s____1921 rvl
1st lien 50-yr g term 4s___1954 j
Det A Ch Ext 1st g 5s____ 1941
Des Moines Div 1st g 4 s ..1939
Om Div 1st g 33Ss________ 1911
Tol A Ch Div g Is________ 1911
Wash Term! 1st gu 3 H s ____ 1915
1st 40-yr guar 4s_________ 1915
West Maryland 1st g Is____ 1952
West N Y & Pa 1st g 5s____1937
Gen gold 4s............................ 1943
Income 5s_______________ pl943 N o v
Western Pac 1st ser A 5s ..1 9 4 5 M S
Wheeling A L E 1st g 5s____1920 A
Wheel Div 1st gold 5s____ 1928 J
Exten A Impt gold 5s____ 1930 F
Refunding 4 4$s series A . . 1935 M
R R 1st consol 4s_________ 1949 M
Winston-Salem S B 1st I s .. 1950 J
Wis Cent 50-yr 1st gen 4s___ 1949 J
Sup & Dul div A term 1st 43 '36 IVI N
Street Railway
Brooklyn Rapid Tran g 5 s ..1915
1st refund eonv gold 4s___ 2002
3-yr 7 % secured notes._ftl921
Certificates of deposit________
Certificates of deoosit stmp’d
Bk City 1st cons 5s. .1910-1911 J
Bk Q Co & S con gu g 53..1941 IVI
Bklyn Q Co A S 1st 5s____ 1941
Bklyn Un El 1st g 4-5S ...1950
Stamped guar 4-53_____ 1953
Kings County E 1st g 4 s .. 1949
Stamped guar 4s_______1949
Nassau Elec guar gold 4s. 1951
Chicago Rys 1st 5s____
1927
Conn Ry & L 1st & ref g 4)^3 1951
Stamped guar 43$s............ 1951
Dot United 1st cons g 4 Hs 1932
Ft Smith Lt & Tr 1st g 5 s ...1 9 3 6
Hud & Manhat 53 ser A ____ 1957
Adjust income 5s_________ 1957
N Y & Jersey 1st 5s_______1932
Interboro-Metrop coll 43SS.1956
Certificates of Deposit.
.
Interboro Rap Tran 1st 5 s .. 1953
Manhat Ry (N Y con g 4s. 1990
Stamped tax-exempt_____ 1990
Manila Elec Ry & Lt s f . . 1953
Metropolitan Street Ry—
Bway A 7th Av 1st c g 5s. 19 43
Col A 9th Av 1st gu g 53..1993
Lex Av & P F lstgu g 53..1993
Met W S El (Chic 1st g 4 s ..1938
Mllw Elec Ry A Lt cons g 5s 1926
Refunding * exten 4>$s_.193t
Montreal Tram 1st A rer 5s. 19 41
New Orl Ry A Lt gen 4 Hs 1935
N Y Municlp Ry 1st s f 53 A . 1956
N Y Rys 1st R E & ref 4 s ...1 9 4 2
Certificates of deposit
30-year adj inc 53.............. ul942 A
Certificates of deposit
____
N Y State Rys 1st cons 4 ^ 3-1962 M
Portland Ry 1st & ref 5a____1930 M
Portld Ry Lt & P 1st ref 53.19 42 F
Portland Gen Elec 1st 53.1935 J
St Jos R y L H A P 1st g 5 s .. 1937 M
St Paul City Cab cons g 5 3 .. 1937 J
Third Ave 1st ref 4 s ................ 1930 J
Adj income 5s................ .a l9 60 A
Third Ave Ry 1st g 5s.............1937
Tri-City Ry A Lt 1st s f 5 s .. 1923
Undergr of London 4 He____ 1933
Income 6 s .............
1948
United Rys Inv 5s Pitts 133..1926
United Rys St L 1st g 4s____1934
St Louis Transit gu 53____ 1924
United RRs San Fr s f 43. 1927
Union Tr (N Y ctfs dep.
Equit Tr (N Y inter ctfs_____
Va R y A Pow 1st A ref 5 s . . . 1934

J

Aug’ 18
97t2 July’ 19
70% 70% N >v’ t )
88% Feb’ 19
90
75*8 80 Aug’ 12
65
67
Feb’ 19
72
74% Oct’ 19
72ig July’ 19
74*2 75
82
Aug’ 18
51% Sale 51%
54
9!
93 N >v'19
62
Dec’ 18
65*2 70
35
Oct’ 17
80
7)% 80
30%
96 July’ 19
91% 94
95
00
Feb’ 17
90r>8 Mar’ 17
53 Sept’ 19
50*4 53
55
52
52
6738 N ev’ 19
67*2 6)
Sale 65
65
65
72*8 Nov’ 19
67% 70

—

J




62
60
23
64*2
63%
54
11*2
70
18%
13-4
56*2
53*8
57%
46

—
98
75*2
78
61

O

N
N

32*2
32
7%
6
74%

A

J
N
J
J
O

Gas and Electric Light
D
Atlanta G L Co 1st g 53____ 1947
N
Bklyn Un Gas 1st cons g 53.1945
O
Cincln Gas A Elec IstArcf 53 1956
J
Columbia G A E 1st 5s. .
1927
J
Columbus Gas 1st gold s . . 1932
Consol Gas conv deb 6s
1920 Q F
Cons Gas ELAP of Balt 5-yr 53’21 M N
Detroit City Gas gold 5s____1923 J J
Detroit Edison 1st coll tr 5s. 1933
1st A ref 5s ser A _______ hl940
Eq G L N Y 1st cons g 53___1932
Gas)& Elec Berg Co c g 5 s .. 1949
Havana Elec consol g 5s____
Hudson Co Gas 1st g 53____ 1949
Kan City (Mo Gas 1st g 5s. 1922
Kings Co El L A P g 5s......... 1937
Purchase money 6s______ 1997
Convertible deb 6s_______ 1925
Ed El 111 Bkn 1st con g 4s. 1939
Lac Ga3 L of St L Ref A ext 5s ’34
Milwaukee Gas L 1st 4s____1927
Newark Con Gas g 53........... 19 48
N Y G E L H A P g 5s......... 1948
Purchase money g 4s_____1949
Ed Elec 111 1st cons g 5 s .. 1995
N YA Q El LAP 1st con g 53.1930
Paciric G A El Co-r-Cal G A E—
Corp unifying A ref 5 s . . . 1937 M N
J
Pacific G A E gen * ref 5 s .. 1942
Pac Pow A Lt 1st A ref 20-yr
5s International Series__ 1930
Pat A Passaic G A El 5s___ 1949
Peop Gas A C 1st cons g 6s. 19 43
Refunding gold 5s_______ 1947
Ch G -L A Coke 1st gu g 5s 1937
Con G Co of Ch 1st gu g 5s 1936
Ind Nat Gas A Oil 30-yr 5sl936 M N
Mu Fuel Gas 1st gu g 5 s .. 1947 M N
Philadelphia Co conv g 5 s .. 1922 M N
D
Stand Gas A El conv s f 6s_1926
Syracuse Lighting 1st g 5 s .. 1951
Syracuse Light A Power 5 s .. 1954
Trenton G A El 1st g 5s____19 49
Union Elec Lt A P 1st g 5 s ..1932
-•Refunding A extension 5 s .1933
United Fuel Gas 1st s f 6 3 .. 1936
Utah Power A Lt 1st 5s____ 1944
Utica Elec L A P l s t g 5 s . . .1950
Utica Gas A Elec ref 5s_____ 1957
Westchester Ltd gold 5s____ 1950
•No price Friday; latest bid and asked,

J

2
’4

88% 88U
67
67
72
7412
72% 75%
51% 63
92 100

86%
96

—

53

1952

83
94t2
87l2 93
79
89
97*2 97l
70% 70

-

3

5

93

) *4
.81

8

97%

32
23*2
51
49
48
N

84

85% Sale 85
89%
89% 91
81
Sale ,80%

47%
28%
92
70
60

Sale
Sale
Sale
Sale
Sale
77
70

__

56%
52
67%
64
72%

33
30
25
23
39
51
37
50
33
48
70
Oct’ 19
80 M ay’ 18
01 May’ 13
61*2
6 4%
63
63
60 Scpt’ 19
62
Jan’ 19
50 June’ 19
63%
65%
70% Sept’ 19
77 July’ 19
68%
69
86
Jan’ 14
21)
52%
54
290
11% 12
90 May’ 19
20*4 2495
14

95%

61%
6?
57
62
50
037s
70l2
77
63

79%
79%
63
62
55
81
S3
77
81%

52
11%
90
13%
13
43%
51%
55
75

65
19%
90%
43%
41%
75%
72
74%
77

Sale 49
48%
49% 58 Sept’ 19
4S% 57*2 Sept’ 19
54
Dec’ 19
96 Nov’ 19
8l's 81*2 Dec’ 18
73*2 78 Nov’ 19
68
61 July’ 19
52
57 July’ 19
3 4% 30%
34
3 5% 30
31
6
Sale
7%
Sale
6
6%
51
51
51
75
74% 75
66
55
55
94
90% Feb’ 17
73
95 July’ 17
81% 102>2 Mar’ 12
Sale 46
4 ;%
Sale 27
20 *8
83*2 86 Nov’ 19
93% 9 178
9 l78
96% 73 May’ 19
65
N )v‘ l9
74'
75*2 Nov’ 19
53% 5 1 N >v’ 19
55
50 June’ 17
% 2Jl2
29%
26!?
24%
2”
27*2 21
76
73
73

46
58
57%

72
63
74

Jo"

93*2
86
85
99% Sale
98
96%
95*2
Sale
89'
94

__

103
85
93
81
87
93%
93%
96%
95
89
94

100

92%
83

89
94*2

__

81
60

96%
101
74*2
82
87*2
87
81%
Sale

'81 '

89

87

83%
82%

—

84
91
92%
85
99%
98
75
S3
87
104%
80%
51%
92%
93%

89‘4 89
82% 82%
83

82

100

92*2 97
04% 64%
82
81
100
89
80
75
87%
87*2 83
91% 92%
83
97%
84
74%
73
93%
88%
90
82
97%
96
81% Sale 81%
101
95%
83% 87
83
86

89

71

__
—

....

—

a Due Jan.

79
61
63
49
2 )% 45
6
16%
6
16%
51
62
75
75%
55
65%

59%
42%
93%
91% 97
73
73
65
73
70
73
43% 55

86

36%
36%
36%
79

85
43
82
87
9 3%
96%
95%
94
83%

95
93
92%
87
105%
99
95%
96%
94

3

63
53

63

6
6

3

53

3^3
6

63

63

3

63

63

S
S
S
N
D
O
A
O
J
o
o
J
N
o
o

J

N
N
N
O

J
J
O

J
A
J
O

N
O
A
N
J
O

N
J
O

921?

N ov'19
N >v‘ 19
Apr'19
75
83
87
Apr’ 17
82
62
Nov’ 19
Aug’ 17

i0% 94
59% 74%
92% 105

90
83%

89

98%

82

98

8212 88

Apr’ 1 9 -----July’ 17|-----Aug’ 1 9 ! - .- 61%
N )v’ 19j-----Apr’ 1 7 -----Mar’ 17 [-----M ay’ 19____
87%!
6
Sept’ 1 9 -----M ay’ 17;-----Sept’ 1 9 ____
Oct’ 1 7 -----Oct’ 1 9 ____
July’ 1 9 -----Nov’ 1 9 -----81%
l
June’ 1 7 -----Nov’ 1 9 ____
Oct’ 1 9 ____

97 101
64% 77%
78% 88
75
75
87% 94
89% 95%
74%
83%
82
94
81%
87
85

< Due M ay.

D

Manufacturing & Industrial
Am Agric Chem 1st c 5s____ 1928 A
Conv deben 5s___________ 1924 F
Am Cot Oil debenture 5s___1931 M
Am Hide A L 1st s f g s ____1919 M
Am Sra A R 1st 30-yr
ser A ’47 A
Am Tobacco 40-year g
___1944 A
Gold 4s................................. 1951
Am Writ Paper s f 7-6s____1939
1st s f 5s ctfs of deposit____
Baldw Loco W or.s 1st 5 s ..1940 M
Cent Foundry 1st s f
____1931 F
Cent Leather 20-year g
. . 1925 A
Consol Tobacco g
_______ 1951 F
Corn Prod Refg s f g 5s____ 1931 M
1st 25-ycar s f 5s________1934 M
Distill Sec Cor conv 1st g 5s. 1927 A
E I du Pont Powder 4 Ha
1936 J
.General Baking 1st 25-yr
J
Gen Electric deb g 3'Hs____ 1942 F
Debenture 5s_____________1952 M
Ingersoll-Rand 1st 5s............1935 J
Int Agric Corp 1st 20-yr 5 s .. 1932 M
Int Paper conv s f g 5s_____ 1935
1st A ref s f conv ser A ___1947
Liggett A Myers Tobac 7 s .. 1944 A
...............
1951 F
Lorillard Co (P 7 s .. . . .1944 A
F
5 s ................................
Nat Enam A Stampg 1st 5 s .1929 J
Nat Starch 20-year deb 5 s .. 1930 J
National Tube 1st
.............1942 M
N Y Air Bra.e 1st conv
M
Pierce Oil 5-year conv 6s..?1920 J
10-year conv deb s____7)1924 J
Sinclair Oil A Refining—
1st s f 7s 1920 warrants attach F A
do without warrants attach F A
Standard Milling 1st 5s____ 1930 M N
The Texas Co conv deb
. . 1931 J
Union Bag A Paper 1st 5 s .. 1930 J
Stamped................................
J
Union Oil Co of Cal 1st 5 s ..1931 J
U S Realty A I conv deb g 5s 1924 J
U S Rubber 5-year sec 7 s . . . 1922 J
1st A ref 5s series A ......... 1947
U S Smelt Ref A M conv 63.1926 F
Va-Caro Chem 1st 15-yr 53.1923 J
Conv deb
____________ el924 A
West Electric 1st 5s Dec____ 1922

6
53
63

43

63
53

63.1930

J

5a

1951

53

63.1938

63

1930

J

63

Coal, Iron & Steel

Beth Steel 1st ext s f 5s____ 1926 J
1st A ref 5s guar A ______ 1942 M
20-yr p m A imp s f 5s___1936 J
Buff A Susq Iron s f 5s____ 1932 J
___________ <jl925 M
Debenture
Cahaba C M Co 1st gu
. . 1922 J
Colo F A I Co gen s f 5s____1943 F
Col Indus 1st A coll 5s g u ..l9 3 4 F
Cons Coal of Md IstAref 5s. 1950 J
Elk Horn Coal conv s _____ 1925 J
Illinois Steel deb 4j^ s_____ 1940 A
Indiana Steel 1st 5s________ 1952 M
Jeff A Clear C A I 2d 5s____1926 J
Lackawanna Steel 1st g 5S..1923 A
1st cons
series A _______1950 M
Midvale Steel A O conv s f 5sl936 M
Plea ant Val Coal 1st s f 5s. 1928 J
Pocah Con Collier 1st s f 5s. 1957 J
Repub I A S 10-30-yr 5s s f.1940 A
St L R oc. M t A P 5sstm pd.l955 J
Tenn Coal I A RR gen 5s. .1951 J
U S Steel Corp— [coup___ dl983 M N
s f 10-60-year 5s\reg_____ 41953 M N
Utah Fuel 1st s f 5s________ 1931 M N
Victor Fuel 1st s f 5s_______ 1953 J
Va Iron Coal A C o.e 1st g 5s 1949 M

53

63

6

84
87
90
91
92% 92%
85
94
95 105
90
93
75
84
8!
97
87
89

74%

Week's

I

R in g s o r
L a s t B ate

|

,0:0

Miscellaneous
Adam Ex coll tr g 4s______ 1948 M
Alaska Gold M deb
A ____1925 M
Conv deb
series B _____ 1926 M
Am SS of W Va 1st _______1920 M
Armour A Co 1st real est 4J4s'39 J
Booth Fisheries deb s f s___1926 A
Braden Cop M coll trs f s . . 1931 F
Bu h Terminal 1st 4s______ 1952
Consol 5s______ __________ 1955
Buildings
guar tax e x ..1980
Chic C A Conn Rys s f 5 3 ...1 9 2 7
Chic Un Stat’n 1st gu 4
A 1953
Chile Copper 10-yr conv 7s. 1923
Rects (part paid conv s ser A
Coll tr A conv
ser A __ 1932
Computing-Tab-Rec s f 6 s ..1941
Granby Cons M 3AP con
A ’28
Stamped . . . ______________ 1923
Great Falls Pow 1st f 53___1940 M
Int Mercan Marine s f
___1941 A
Montana Power 1st 5.3 A ___ 1943
Morris A Co 1st s f 4J^s____ 1939
Mtge Bonds (N Y 4s ser 2_1986
10-20-year 53 series 3_____ 1932
N Y D o c. 50-yr 1st g 4s____ 1951
Niagara Falls Power 1st 5 3 .. 1932
Ref A gen 6s___________ at932 A
Niag Loc. A O Pow 1st 5S..1954 M
Nor States Power 25-yr 5s A 1941
Ontario Power N F 1st 5S..1943
Ontario Transmission 5s____ 1945
Pan-AmPetATrlst conv ’ 19-’27
Pub Serv Carp N J gen 5 s ..1959 A
Tennessee Cop 1st conv 6s_1925 M
Wash Water Power 1st 53..1939
Wilson A Co 1st 25-yr s f 63.1941
10-yr conv s f 6s_________ 1928

6

43
25

Sept’ 15
Oct’ 19
July’ 19
Nov’ 19
June’ 10
99%
Sspt’ 19
Nov’ 19
95
89
Feb’ 18
Feb’ 13
84
Sept’ 19

toDue April.

14

78
61
55
30%

20
27

83

84

76
53
83
79
73%
70

Sale
64%
60
53
32
60
77*2
77*2
71
63
Sale
12
90
Sale
Sale 15%
20% 1110
Sale 43'8
57U 5027
52
Sale 5 4*2
53%
43
Sale 55
57%
75
Oct’ 19

>4

26
26
71

64
65%
76
80
77

Price
Friday
Dec. 5

23

BONDS
N Y STOCK E X C H A N G E
Week ending Dec. 5

53

3

57%
19
16%

Ring a
Since
Jan. 1

1

So.'Low High

H ig h

55
59 I
21 55
62
20
Nov’ 19 ----- ; 20
35
17% Nov’ 19 . . . 17% 35

1

85
Sale 82
71 82
83%
Feb’ 18
95% 90
95
95%
8 92% 97
79 N )v’ 19 ------ 1 77
80
83
75% 78% Nov’ 19 ------ 1 73
85%
Sale 75%
75%
2 75% 83
58 M ar’ 18
40'2 - 
80
79% Sale J7.)%
4 4 73% 89
10 5 1 216
107
Sale 101%
123
89% Oet’ 19 .— ! 82% 95
81
Sale 75
81
443 75
94%
82
8212 84
15: !2
89
96%
93 102
95%
1 96
98%
98
98
9>
93
3 95
93
94
94% 94% Nov’ 19 ■—
93% 96
93% Sale 9514
% 105 %
94
____ 80
%
87
7;
95%
85
83
Sale 83
2 83
83
Apr’ 14
94 June’ 16
67% Act’ 19 ------ 67*2 72
____ 68
N >v’ 19 ------ 93% 97
92
98% 93
____101% 101% Oct’ 19 ------ 100*2 101%
Nov’ 19 ------ 91*2 94
90%
84%
11 83% 90
83% Sile 83%
Sale 87
87
1 84% 91%
87
79
N jv’ 19 ------ 79
82%
78
155% M ay’ 19 ------ 112% 155*2
57 s
58 54% 80
53% Sale 5 4%
94% 94% N )v’ 19 . . . 91
96
94
90% 90% July’ 19 ____ 1 90
95
90
30 94% 101%
97% Sale 91'%
97%
9 578
80 94% 104%
95% Sate 9 4

82%
____
91
79
____
73%

'2 Sale

101*2

88

88

1

If6‘

15 96% 101
93%
Nov’ 19
98 112%
85% 89%
5%
Aug’ 19
99% 100*2
86 84*8 93
86
Aug’ 19 ____ 119
119*2
Sept’ 19
— 72% 80
29 83% 90%
85
July’ 19
- J 88
90%
pct’ 19 ___ 100 101*2
2 78
87*2
84%
97%
2 95*2 98%
Dec’ 18
Nov’ 19
99% 102
99*2 100%
Nov’ 19
N )V‘ 19
85*2 92%
Sept’ 19
92*2 94
July’ 19
88 88*2
NoVlO
70
77
18 93% 101
94
Nov’ 18
1 76% 85%
82%
Sept’ 19 . . . j 93
98
Aug’ 19 ------ 85% 90
110*2
4 4 103 133%
83%
15 87
95
no
18 109 113%
so
3 86
94
Nov’ 19 — 1 95
98
Aug’ 18
93%
8 93% 99*2
99
2 96*2 103
____100% 100% Nov’ 19 ------ 100 145
104
104% 104% 10 5%
11 88% 112%
9 !% 99
93'4 133
82
83

93%
99%
85%
100
35%
85%
119%
119
87
75
Sale 8 5%
84
90*8
____100% 100%
85
84% 84%
97% 97% 97%
75
80% 73%
100% 101 100%
100% 102% 100*2
89
86
83
93%
94 100
89 ____ 83*2
71
71% 70%
93%
93% 96
96
------- 82
82
93% . . .
93
87
------- 92
103% Silo 103
87
Sale 87
____10 1% 10)
81
Sale 86
96% 97% 97
9 3 % ____ 94
93%
93% 94
99
93% 99

'2

123% Aug’ 19
I 93%
99% July’ 19 ----- 1 95
Nov’ 19 ___ 91
92*2 92
103*2 ’ 45 100*2
Salo 105
86*2 N)VU0 . . . . 81%
83
87% Dec’ 18
Oct’ 19 . . . 93%
94% 95*2 95
77%
14 60
77% Sale 76*2
103
5 102%
101*2 10 5 103
86*2 2 41 83
83*2 Sale 83
87%
105 105% 107 Nov’ 19
12 94%
9 4%
94*2 9 4% 9 4*2
____ 101*2 101% Nov’ 19!_____ 96%
96% 95% 93*2
97
12 96%

152%
100

92
103
85

98%
96*4 93 * 96%
87%
87
Salo 87
8 4% s iio 84
85
8 7 % ____ 93% July’ 19
92 ____ 91% N >v‘19
101
Doc’ 14
____ 87% 87% Nov’ 19
74% Sale 74i«
75*2
____ 84% 83% Nov’ 19
................... 98
Feb’ 19
83% Salo 83%
85%
93% Sale 93%
93%
98 ...................................
____ 9 4% 9 4%
9 4%
94
Sale 93%
94
8 5*4 Sale 82%
84%
7 6 % ____ ’ .........................
85% 84 i 84% Nov’ 19
92
93
92%' 92*8
73
73
Sale 73
N )V ’ 19
9.3*2 94*2 90
9 5*4
93*4 Sale 9 7*2
97
97
----- 86% 86% N)V'19
70 Mar’ 19
50
80
85% 81
81

2

Telegraph & Telephone

0

88*2

4
93*4

Am Telep A Tel coll tr 4s___1929
Convertible 4s___________ 1936|M
20-yr convertible 4 Ha____ 1933 M
30-yr temp coll tr 5s_____ 1946 J
7-yoar convertible 6s_____ 1925; F
Cent Dist Tel 1st 30-yr 5 s .. 19 43 J
Commercial Cable 1st g 4 s ..2397 Q
Registered__ ____________ 2397 Q
C um bT A T 1st A gen 5 s ...1 9 3 7 J
Keystone Telephone 1st 5 3 .. 1935 J
Mich State Teleph 1st 5s___1924 F
N Y A N J Telephone 5s g ..l 9 2 0 M
N Y Telep 1st A gen s f 4 M s. 1939 M
30-yr deben s f 6s___Feb 1949 . .
Pacific Tel A Tel 1st 5s..........1937 J
South Bell Tel A T 1st at 5s. 1941 J
West Union coll tr cur 5s___1938 J
Fund A real est g 4 Ha___1950 M
M ut Un Tel gu ext 5s____1941 M
Northwest Tel gu 4 4$s g . . 193 4 J

gDoe June, ft Due July. A; Due Aug.

94 93
86*2

Due Oct.

81%
Salo 80%
74 4' 80 M ay’ 19
82
83%
85 I 82
80%
80
Salo 79%
90
97% Salo 97%
93
98
96*4 Oct’ 19
Nov’ 17
73
68*8 Jan'18
86%
% Sale 86%
Apr’ 16
98
81*8 Sept’ 19
87
90
9S's
98*8
98% 100
82
82*2 Sale 81
97%
97
Sale 96%
88*2
87*2 Salo 87
6%
81% 85% 8 6 * 4
88*2
Sale 88*2
81*
81% Sale 81%
101% Sept’ 17
94
Nov’ 16

86

88

86*2

VDuo Nov. gDue Deo.

c)5

104*2
89%
95%
7812
104%
89%
107%
93*2
104
99%

95%
87
80
93%
90

98
92
89*2
90*2
91%

87%
73*2
82%
95
82*s
91%

92
81
90
98%
86%
98%

94%

86

98

101%

82%

91

83%
92*8
70
87
97*2
97

88*2
96%
80%
93
101*2
100%

86% 86%
70
87%
79
77
82
79*8
97%
96

86
80
91
94
104%
98%

86%

94

81%

92*8

r

96%
87
85
85%
81%

s?;:

101%
95%
93*2
94
92

» Option sale.

D eo . o

1 9 1 9 .]

B O S T O N

S T O C K

E X C H A N G E — S to ck

SHAKEPltlCES—NOTPERCENTUMPRICES.
Saturday Monday i Tuesday I Wednesday Thursday Friday
Noo. 29. Dec. 1. I Dec. 2. | Dec. 3. | Dec. 4.
Dec. 5.
123
122 I 122
4 6H 2 121
62
6312 64
89
*86 89

*12134
65
*87i2
*78
34
*40
*140
*l
*4

123
12112
623
65*2
89
90
80
35
42
145 *140
...
...

*132
85

...
85

*132
85

----- 100

102

2

80 | ................. .
37>2 3512 36
45 | *45
145 ,*140 145 *140
4l

*212 . . .

50

51

*67
27*4
*80
*83
*15
95
40
*50

49l

4

'2 6
4

2

•-----*.75
70
*.25
33
13
*6
*.35
*381
25
*15
4234
*3
IK'S
13U
4
*512
3
1
45
*82<2
30 U
334
*1%
*4
*3
*3
*6
0
7
39
3
18>2

2

68

5'2

6

*34

8
9934

512
2

334

0*2 6*2 6
10

96

96
6834
6212 6212

68

43
*971
*15'2
53
17l2
4934
1331

2

2

68
68 ' ___
71

4

*2i4 . . .

133
85

___

133
85

68

29
29*8
90
85
*80
1712 *15*2
*80
4012 4012
59%' 50%

132
*85

10

145
145
82
83
19
1978
*25
83
3U
7U
14
14l2
*5%
5'2
20
20%
■71
70
148*2 146
335s
33i4
84
81
2934
30
49
49
4
4U
26%
26
46% *48
638
29U
2934

314

132
...

Last Sale 10334 Oct’ 19
Last Sale 72i2 N ov'19

68

68

68

29*8

29

29%

67

6

51

314
512

51

2

10

10

2

21 21
68
68

1

1

43
97%
16
52%
18
49
135
72
49%
26
17
17%
33
%
67
67
76

21 21

1
*.75
♦.75
*.75
70
70
71
70
70
70%
.75 *.25
.75 *.25
.75 * 2 5
33
33
33U
33
33
33%
13
12>2 1258
% 13
%
7
7
%
%
*7
.40
.34
.35
.34
.34
*.35
390
375 381
3S0 380
380
2412 25
25%
25% 26
17
*15
17
*15
17
*15
44
4312 43
43
43%
43
3
3
3
3
27g
1134
11
U
11
107g
Ills
1312 1312 13i2
13.4 13*2
13*2
4
4
4
37g 4
*4
6
*5*2
*51
3
3U
33s
3
3
3
*.85
.85 .85
.75
45
44*2 45
41
44%
44*i
84
*8212 81
*8212 84
*82*2
30%
3014 30^4
303
303g 303
4
*334
4
3%
*U
lU
%
412
4
4
4
4
*4
*3
312
*3
*3
3*4
3*2
4
4
*3
4
*3
*3

314

1

6

1*4 1*2
6*2
99% 9912
6*2

145
*82

146
83

*25
7

8*2

61*
14i2

21U

74
14612
3434
83
31
50
4
26
47
%
3012

*22
02 6

96U
96
69
69
68
62
62
62
*136>8 140 *1351 138
50
51%
49% 50
*44
45
*45
46
89
89
90
89

68

84

2

*96

44
43
43
43
98
97
97
97%
16
*15% 16
*15%
53
52% 53
52%
18*8
18%
18
18
49-3.1 49
49
48%
134l2 133% 131
132*4
*70
71% *71
49*4
49% 49'%
49
2534 *25% 25%
25%
16
16
15% 16
17
17%
17U
16%
33
33
33
33
2134
%
%
%
*60
67
*
68
*60
71
*72
76
*72

150
83
19
____
8%

6

*

Last Sile 5*214*2Nov’14*2
19

21

73
*72
146
145
331
33U
81l2
H
30
30
49
491
4
4
26
47
46i2
634
i
2958 30

0?8

10

*146
*82
19
*25
"V
8l2
3U
7G
6
14*2 *14

20l2

68

Last Sale 29 Alls’29119
Last Sale 99*2
85 Nov’ 19
Last Sale 16 Nov'19
82
82
40% 41
" 46" 44

145
82
19

4

122

63*2 64%
87
87i2

.
Last Sale67 85 Nov’
19

85
1712
82
41
50%

86

6H2

*86 90
3412 36
34
34
*43
...
Last Site *43 N ov'19
Last Sale 145
.35 N ov'19
4
4
3l8 314

143

*3*4

122>2 122

5^4 6
53s
6 534 6
*m
1% * n 4 n 2
6li4 6H4 *0l2 7
* 6i2 7
99-38 99% 99%
98% 9934 99

.
145
84l2 83
1912
19
25
*25
9
9
*3
7l
7U
14
14
*5U
19
19l2
19i2
72
*70
70
147l2
33
33U
33>8
80>2 81
*80*2
30
30
2934
48% 4912
48
4
4
26
26
26
45
45>2
45
* %
29>2 29l2 29%

"4 9 '
25’4
15’4
17U
33
U
' ____

76

*68

287g
2S34
90
*78
85
*80
*15%
*S0'4
40%
40%
*50

*6i2
9912
'145
8412
19U
25
9
3*2
7
13l2

10

63

4934

*1U

4
2114 2 2 21

*----•-----

4

122

102

68

8

2

____ *132
85
*S5

*67
2834
28
90
*80
85
*83
1612
95
40
40
*50

5%
534
*1'4
13
*7
99% 9934
145 145
*84
19
19
*25
9
‘Vi
33$
3
7
7%
131» 13*2
*5
183 19
70
70
149 149
32*2 33
81
81
29*2 291,
48*4 49
37g 37S
27
*24
47
*45
67g
67g
30
29
9
9l
*96
96l2
69
69%
*62
6212
*138 140
4712 50
44
44
8934 90
188 188
42
43
*97>2 98
*153s 16
52% 53
16l2 18
49U 49U
132l2 134%
*71% 7214
49l2 50
25-2 25*4
15U 1534
17*8 17 * 1
33
33%
H

123
64

*9*2 10

96
96
09
69
6212 63
139 140
51
51
*45’ 2 4612
90
90*2
175 175
431.1 44
97l
971
16
16
52l2 523
18
18
50% 59l
135*2 137
*71
72
49G 49*2
2534 2534
1612 163
17*4 17*2
33
33

2

21*4
74
146
3 4*8
82*2

'

2U 2
74
147
3434
82*2

49'

4934
37S 37S
25
26
46*2 46i2
(>58 678
30*2
30

10

10

6*9'
62
5*1
50
47
47
89*2 90
'43% '44‘
93

2 98
4 '52%
2 1712

5234
17*2

13512 137
72
72
49 U 50

4 ‘ 16I4 "lY

*60

17
34

2U2

21

75*4
67
76

*60

66

17U

34

21's

75*4
67
76

Last Sale
Last Sale
3334

1
Nov’ 19
71
71
71
71
71
.50
.50 Nov’ 19
33%
3334 *33'2 3334
%
13
13*2
12*2 12*2
71.1
612 7*2
*7*2
7%
.40
*.32
.40 *.35
40
380
380 330 1370 375
26
26
26>2
26*4 26%
17
15 Nov’ 19
44
44% 44*4
44
44>2
27g
27g
*212 27g
11*2 11
1H4 ll'S 11%
1334 137S 14
1378 14
4*2
4
4%
*37g 4%
*5*2
534
3
*3
312
3 Me
.75 *.50
1 *.50
1
44% 44 44
*44
45
84
84 Nov’ 19
30%
30% 31
31
31
3%
3-3
37g
1*4 *1*4 1*2 *1*4 1*2
4U
41g 4*8
4
4
3
*3
-3U3
3
31
% Nov’ 19
4?.i
47g
434 434
6
*7i.j
7U
7*4
59
59
59
5734 5734
3
*3
3l
*3
3*8
19
187S 19*2
19
19'2
9
7
7
734
;
99
25
____ 22
►
83
*811*2 82
*8U2 85
1234 * 1212 1234 12% 12%
14*2
14% 14*4
% 14*4

Sales/or
the
Week.
Shares

R ecord

BONDS
Sea Next Page

Range SinceJan. 1.

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
367 Boston & Albany_________ 100 121 Sept22
1,894 Boston Elevated__________ 100
62
Dec
40
D q p re ..............................
86 Oct24
Boston <fc Lowell__________
78
Octl5
1,077 Boston & Maine__________
28
Jan30
47
Do pref.............................
40
OctlO
Boston & Providence_____ 100 130 Sept22
Boston Suburban Elec..no
35c Nov21
1,475
Do
pref____________
3% Nov24
30 Bost A Woro Elec pre
2% Nov24
Qhlc June Ry & U S Y ____100 132
Oct 1
21 • Do pref________________
84
Feb13
Concord & Mont class 4 . . 100
61
Apr30
Connecticut R iv e r ..______ 100 100 Sept 6
Fitchburg pref_____________
47 Nov
Georgia Ry
Eleo stampd.100
99*8 Marl 5
Do Pref.............................
70 Mar 15
180 Maine Central_____________loo
63
Oct
2,128 N Y N H & Hartford.. ..1 0 0
257g Feb 13
Northern New Hampshire. 100
88 MaylO
Old Colony________________
85 Nov2S
Rutland pref_________ IZIZlOO
16 Nov20
27 Vermont & Massachusetts 100
82
Oct30
1,657 West End Street___________ 50
38% Sept24
207
Do pref.......................
47 Sept24

100
109
100
100
par
nopar
no par
100

6

6

100
100

&

100
50

Miscellaneous
1,633 Am Oil Engineering_________
100 Atner Pneumatic Service..*25
IS
Do pref___________
4,784 Amer Telep & Teleg______ 100
84 Amoskeag Manufacturing____
41
Do p r e f____________ ______
695 Anglo-Am Comml Corp.no
59 Art Metal Construo Inc . . 10
5,959 Blgheart Prod & Refg____ 10
1,485 Boston Mex Pet Trustees___
1,782 Century Steel of Amer Inc. 10
1,465 Cuban Portland C em ent.. 10
-------- East Boston Land________
1.S85 Eastern SS Lines Inc_____ 25
45
Do pref_______________ ZlOO
300 Edison Electric Ilium_____ 100
2,067 Elder Corporation____
1.235 Fairbanks Company______ 25
410 Gorton-Pew Fisheries_____
3,470 Gray & Davis lac__________ 25
13,951 Internat Portland Cement. 10
1,070
Do pref_________________
1,000(Internat Products____
655 Island Oil & Trans Corp__
1,054 Libby, McNeill & L ib b y ... 10
163 Loew’s Theatres__________
26 McElwain (W H) 1st pref.100
932 Massachusetts Gas Cos___100
117
Do pref__________r ____ 100
7 Mergenthaler Linotype___loo
1,903 Mexican Investment In c .. 10
305 Mullins Body Corp___
364 New England Telephone..100
_15 Paclfio Mills..........................
1,765 Parish A Bingham Corp.no
32 Plant (Thos G4 pref______ 100
15 Reece Button-Hole_______ 10
855 Root A Van Dervoort Class A
1,655 Simms Magneto____________
438 Stewart Mlg Corporation____
2,326 Swift A Co.............................. 100
50 Torrington______________
25
6,362United Shoe Mach C orp.-.. 25
1,186
Do pref_________________ 25
4,770 Ventura Consol Oil Fields. 5
1,829 Waldorf System Inc______ 10
663 Waltham Watch......... ......... 100
825 Walworth Manufacturing. 20
40 Warren Bros_______________ 100
8
Do 1st pref......................100
11
Do 2d pref......................100

10
50

par
10

no par
50

50
nopar
10
10
nopar

par
5

5% Nov29
55c Jan 2
2% Apr 8
97 Augl4
79
Febl5
78% Jan 9
18% Septll
17% Jan21
7 Dec 5
3 Nov2S
6
Dec 3
10 Mar26
4% Jan 4
6
Jan22
39
April
t38
Oct24
23% Oct 9
52% Jan21
28
April
A37 Septll
3% Nov22
18
Jan 4
19 Mar20
6
Jan 2
28% N ovl3
8% FeblO
90
Janl7
67% N ovl9
61 Nov22
130
FeblO
47% Nov29
32% Sept30
83 Sept26
Feb24
145
34 Aug21
Jan 6
93
Jan 3
14
35 July 1
16% Nov29
32% Jan23
Jan30
115
52% Janl3
44
Janl3
25% Oct28
7% Jan21
16 M ayl9
28 Aug26
17 Mar24
Febl4
15
Jan 2
37
Jan23
38

Mining

Range for Previous
Year 1918.
Highest.

145 Apr
80% Apr
97
Jan28
95
Jan
38% July29
50
Jan27
168
Jan 6
70c Nov
11
Jan14
Feb
30
Jan
135
90 JunelO
Jan 6
77
Apr 9
115
Jan
58
110 June24
78% July29
83
Jan 6
40*4 July29
99% Aug 6
105
Jan
23 May27
100
Janl8
50
Apr 3
58 Junel3
7% Nov 8
2 Augl4
9% \Augl4
108%May27
152 Nov21
84% Dec 1
21% Nov 5
25
Dec 1
13% May 19
47g NovlO
15% M arl7
18*4 May 6
678 JunelO
21% Dec 5
77
Oct30
172
Jan 2
38*4 Nov 7
93% Nov 6
38 M ayl7
54% NovlO
9% May 6
30
Oct24
58% Oct22
9% Feb20
35 Oct 20
11 Janl5
99 Mar26
86 Jan 9
71
Janl3
149 JunelS
72 Julyl7
54 Oct20
96 Marl 6
199 Nov 1
55% Oct24
99 Mar29
16 May 15
59% Oct20
27% NovlO
59% Oct24
150 May 5
74% Nov 7
55 May 6
31
Jan25
?0% Nov 3
21% JulylO
43
Oct23
25 July24
83 July 14
72% May 2
80 Julyl6

2

Adventure Consolidated.. 25
Ahmeek____________________ 25
Algomah Mining___________ 25
Allouez____________________ 25
Arizona Commercial______ 5

Apr22
.50
% July25
62% Mar22
91 July29
10c Apr30
1% July30
33 Nov29
52 July28
10% Feb28
18 July30
B in g h a m M in e s ____________ 10
6 N ov2!
10% M ayl2
B u lte -B a la k la v a C o p p e r .. 10
20c Jan30
90c M ayl4
C a lu m et A H e e ls ____________ 25 350 Marl4 480 July 17
C a rson H ill G o ld ___________
1
12% M ay 5
28% Oct
C e n t e n n ia l___________________25
12 Mar21
July28
1,120 C o p p e r R a n g e C o ___________ 25
.39 Mar 5
62 July28
r 1" D a ly - W e s t ___________________ 20
2 M arll
M ayl4
D a v ls -D a ly C o p p e r __________ 10
4% Febl3
14% Oct20
E a st B u tte C o p p e r M in ___ 10
8
Feb28
21
Aug 9
F r a n k lin _____________________ 25
13g May 9
July26
H a n c o c k C o n s o lid a te d ____ 25
4 May 1
9% July28
1,455 H e lv e t i a _____________________ 25
20o Feb20
May
175 In d ia n a ’ M in in g _____________ 25
50c Mar 8
2 July 26
7 3 6 .lsla n d C reek C o a l _________
1
42
Aprl6
July28
..........| D o p r e f__________________
1
78
Aprl2
% July30
435 Isle R o y ale C o p p e r _______ 25
24
Jan 2
41 July29
315 K e rr L a k o __________
5
3% Octl6
% May 9
200 K ew een a w C o p p e r __________25
99c Mar 4
23g July31
299 L a k e C o p p e r C o _________ i 25
3
Jan25
7*8 July28
100 L a Salle C o p p e r _____________ 25
2
Aprl6
5% July28
M a s o n V a lle y M in e ________
5
2% Apr23
47g
4% Oct31
5
M a s s C o n s o l_________________ 25
4
Feb 7
"o ' " I
534
10 July28
M a y flo w e r -O ld C o lo n y ____ 25
Janl3
13% June 2
7-38 73s
7
7
7U
*7U
M ic h ig a n . . . ___
25
59
% Feb’24
59
57
58
58
10 July26
58
M o h a w k ___ __________________25
49% Feb 7
3
3
3
83 July28
3
3*2
3U
N e w A rad ian C o p p e r _____ 25
1 Mar 8
1912
1812 19G
% July28
18*2 lS-’ i
IS
N
e
w
C
o
rn
e
lia
C
o
p
p
e
r
_____
5
14*4
Mar
5
I
29% July31
7*2
712
*7%
N e w Id r la Q u ick silv e r____
5
6% May 2
22
22
25
22
% July31
N ew R iv e r C o m p a n y ______ 100
87g Feb 11
83
S3
83
834 *83
83
28
Oct 4
83*2
D o p r o f ________________ 100
57-% M ar 1 87 NovlO
12-38 123
1234,1
12>2 1234
N lp lssin g M in e s ____________
5
8% Janl5
13>2 1434
137s 14%
13% M ayl2
14'4 14-ls 141-t
N o rt h B u t t e __________________15
*
9
Feb20
20*8 July23
N o r t h L a k e ________________ 25
25c Apr22
*1% 0
’ *i‘
*i' " "
*1% 2
July30
U -." Nov’ 19
O Jlbw ay M in in g ____________ 25
75c M arls
33
34
32
32 33
33 33
4% July29
327g 33
33
33
O
ld
D
o
m
in
io
n
C
o
___________
25
30% Mar
49
49
*47
*47 48
47 47
52% July28
47
47
*4S
51
O s c e o l a _______________________ 25
*60
45 Marl7
61
58
58
58 58
57 58
73 July28
58
53
61
*59
Q u i n c y .......................................... 25
*49
52 Mar22
55
*49 51
49 49 *50
83 July28
51
50
50
S t M a r y 's M in e ra l L a n d . . 25
40 Mar 4
15
15
16
Y s i *15
16 16
75 July29
15% 15%
15% 15%
S en eca C o p p e r C o r p . . . n o par
13
Jan22
2
2
2
2
2*8
26% July29
%
S h a n n o n ______________________ 10
1% M arls
2
4% .Iuly30
*1% 2 * .
Nov’ 19
S
ou
th
L
a
k
e
_______________
25
40c Jan13
*.20 .25 *.20 .25
.20 *.20 .25
3%June
.20 Nov’ 19
S ou th U ta h M A S ................ 5
8c Janll
51*
5l
50c Aug 14
*5%
*5U
*5
5%
5%
5%
S
u
p
e
r
i
o
r
_____________________
25
4 Mar 8
41S 4%
4*8 4*4
4
11% June 5
4%
4%
4%
4%
4%
4%
4%
5,678|SuperIor A B o s t o n C o p p e r 10
*
1 Mar28
3
3
5 % Nov24
%
%
* %
%
7 ,9 8 8 | T r I n lty _______________________ 25
1% Sept 9
ns
5% June 2
.99
l ’/ f.
.90
.95
.85
.87
8 ,2 6 9 T u o lu m n e C o p p e r __________ 5
*21-> 2-’4
74c
Apr
1
234 2*4
2 % Septl7
*2*2 23
%
%
%
%
555 U ta h -A p e x M in in g ____ ZIZ 5
M ay 9
7%
7%
3% June 2
77s
7%
77g
7%
7%
7%
*7%
493
U
ta
h
C
o
n
s
o
lid
a
t
e
d
________
1
7% Janl8
%
July29
%
%
%
%
%
%
%
%
7 ,780 U ta h M e ta l A T u n n e l_________ 1
*212 3
1% Jan28
2'4
* %
%'
July30
%
%
3
* %
3
259 V ic t o r ia ____________________ZZ 25
i * %
1% M arl3
%
* %
July28
* %
%
* %
%
%
* %
U
%
%
* %
470
W
in
o
n
a
_______________ZZZZZZ
25
50c Jan 9
*20
23
*
3 July28
|
*15
20
*18% 1S%!
80 W o lv e r in e ___________*
25
____
15 Mar 5^ 31 July3l
—
*. —
*76
1
Nov’ 19
_____Z.ZZZZ 2 5
---- ;-------------------------------------- —------------— -------------------- ------- - W y a n d o t t e ____------------------tm
;
0| _
40c M arl3
1% May27
• Bid and asked prices
E .-stock dividend
Ex-dlvlden 1 an 1 rights
* assessment paid
* Ex-rights
.'cx-d.v.der.d
Half-oald

12
6

*6

314

1

6
1

1

334
1<2

0>2
6

1
2

2
2

534 6

62 6

2
1

*

■Last Sale
234

2 6

4
11

6

'2
8 8
*20 22 *20
12-14
12*2

2

6

11

6*4
7*4
55*4
88
6

3lX,

Last Sale3
534 534 534
8
2
734

6
8

6

6

21

2
2

6
12

1*4

Last Site

.20

6

14

t

2
2*2
1
1
111
4
212
8
1
2 2 2 2
2
2 2 2 2 3
1
1
1
1
1
20 20
20
20 21
1
1
0
d




6

20
3*4

Last Sale
334 334
4

2

2

1>8
8
2r>8
1
1

4

*334
1

8 1>2

4

178

12 12

2534

*712 82

33
*47

6

5

2 2
2
Last Sale2 178
Last Sile

2 2
2 2
2 2
2
1 1
Last Sile

2
2
2
2
1

2159

6

2
2
8
2
1

1*4

--

12*4
5
4*4

122% Apr
37
Jan
91% Dec
80
Jan
19
Jan
27
Feb
Apr
150
50
Dec
10% Mar
25 July
138 July
82% Apr
73 Nov
104
Feb
53
Jan
106 Sept
70
Oci
771* June
27
Feb
84
Ocl
z88% June
20
Jan
80 ’ Aug
37
Feb
Jan
47

40* '
4
90%
60%
76
11

July
Sept
Aug
Jan
Jan
Feb

146 Nov
80 Nov
98 Nov
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
30% Nov
147
Apr
851* Dec
80
Feb
125 Nov
65
Jan
116% Jan
81
Feb
88 Nov
46 May
95 Nov
112% Dec
Jan
25
Oct
90
50 July
Apr
62

2

’ % Mar
15% Mar
109% Oci
92 Nov
82 June
zl9

Dec

147g Dec
10% May
17% May
11% Nov
% May
4
Jan '
6 Nov
13 Mar
39
58 Mar
Oct
134 June 1S6 Nov

5

27% June
27 Aug

64% Nov
35 Aug

4% Oct
12
Apr

7% Oct
23 Nov

3% Aug

6% Dec

7*4June 9103
88 Sept

z77% Jan
62 June
107 June

May
Nov
91% Nov
71 Nov
147 Nov

82% July
130
Feb

100% Oct
160 Nov

91
11

Aug
Jan

100

Feb

137g Mar

41% Nov
27
Oct
102 JAug 146% Aug
56
Dec
45
Jan
38% July)
% May
24*4 Aug
% May
5
Jan
9 Nov

48
26

17
9
35

Nov
Feb
Deo

25 Sept
12% Feb
42
Apr

ISj Jan
% June
69
Dec( 86 Nov
15c Julyj 45c May
401* Deo| 54
Feb
11
Jan1 16% Aug
% May
9 Novi
20o Oct
48c Nov
425
Deo 470
Dec

10

10*4

June
40 JDec
1% Apr
Deo
% Mar
3 June
Dec
15c Mar
40 July
4478 Deo
79% Oct
19% Jan
5
Jan
80c Sept
Dec
2
Jan
Deo
Sept
65c Mar
40c June
50% Dec
1% Aug

4*4
8
4*4

3*4
2*4
3*4

9% Deo
12 Aug
63% Dec
*/C» Jan
10% Dec
25c Feb
% June
32
Deo
46% June
59
Dec
38
Deo
7
Jan
Dec
% Sept
10c Deo
4
Feb
1% Aug
2% Sept
73c Deo
1% May
7
Dec
1 Dec
1% Dec
% Nov
18
Deo
40c May

8

2*4

14% Feb

51% Nov

3 Sept
67* Mar
12 Nov
Feb
10% Jan
30c Sept
Jan
70 May
84
Feb
29 July
% Oct
May
May
3% Mar
Feb
7
Jan
4% Nov
4% Oct
% May
2% July

6
1

6184
8*4
6

66

17% Mar
20
Jan
80
Jan
97g Apr
17% May
95c Mai'
% Dec
45% Jan
65
Jan
78 May
57
Jan
15*4 Deo
Jan
2
Jan
20c Jan
878 Nov
4*4 Sept
4% Feb
1 % Aug
4% Nov
12
Jan
3!4i Apr
3
Jan
2
Jan
36
Jan
Mar

1

5*4

1%

THE CHRONICLE

2160
O u ts id e

S to ck

E xch an ges

—Transactions in bonds at Boston
Stock Exchange Nov. 29 to Dec. 5, both inclusive:
B o sto n B o n d R e c o r d .

Sales
Friday
Last Week’s Range for
Sale. ofPrices. Week.
Price. Low. High.

Bonds—
U S Lib Loan 3 4 s . 1932-17
1st Lib Loan 4 s .1932-47
2d Lib Loan 4s. .1927-42
1st Lib L'n 4 49-1932-47
2d Lib L’n 4 M s .. 1927-42
3d Lib Loan 4 M s .. . 1928
4th Lib L’n 4MS.1033-3S
Victory 4 Ms____1922-23
Victory 3 Ms____1922-23
Am Tel & Tel coll 4 s .. 1929
Collateral trust o s .. 1946
Atl G & W I SS L 5s. . 1959
Carson Hill Gold 7 s .. . 1923
Central Vermont 4s___1920
Gt Nor— C B & Q 4 s_. 1921

81
80M
83
1024

44s.
"
...1 9 3 1
Miss River Power o s .. 1951
Swift & Co 1st 5s..........1944
Western Tel A Tel 5 s .. 19?2

934

99.44
93.44
90.84
93.04
91.34
93.54
91.34
98.74
98.90
98
SOM
SOM
82 M
100
50
93 M
91
85
78
784
93 4
86

99.74 SI 5,600
93.74 10,350
91.84 22,200
94.00 27,500
92.88 11,600
94.48 55,600
92.88 84,250
99.10 57,900
7,000
98.90
1.000
98 M
5,000
81"
3,000
80 M
83 M 16,000
102 M 19,800
50
1,000
1,000
93 M
91
2,000
85
2,000
78
10.000
2,000
784
94
6,000
87
6,500

%

Range since Jan. 1.
Low.
High.
98.04 Feb 100.64 Oct
91.64 Jan
95.90 Mar
90.84 Dec
94.SOJune
93.24 Jan
96.5( Jan
91.34 Nov
95.9( Jan
93.54 Nov
96.58 Sept
91.34 Nov
96.50 Jan
9S.74 Dec 100.04 June
98.90 Dec
99.90 Sept
96
100
87 4 Sept
8 0 4 Nov
92
May
SOM Dec
Feb
79
84
May
99 4 Nov 102M Nov
Dec
50
66
Feb
93 M Dec
95 M July
89 4
94
83
87 M
Oct
73
so
May
77
Mav
82
92 4
Oct
98 M June
86
Dec
91
Mar

B a ltim o re ^ S t o c k E x c h a n g e . —Record of transactions at
Baltimore Stock Exchange, Nov. 29 to Dec. 5, both in
clusive, compiled from official sales lists:

Stocks—

Friday
Sales
Last Week's Range for Range since Jan. 1.
Sale. of Prices. Week.
Par. Price. Low. High. Shares. Low.
High.
00

Alabama Co..... ...............100

Arundel Sand & Gravel .100
Atlan Coast L (Conn).. 100 _____
Atlantic Petroleum------ 10
3M

Cent Teresa Sugar pref-----Commercial Credit--------25

3.90
94
47

Consol Gas E L A Pow.100 104 4
Consolidation Coal------ 100
Cosden A Co____________ 5
94
Preferred______________ 5
44
31
Davison Chcndcal-.no par
Elkhorn Coal Corpn------ 50 _____

Houston Oil trust ctfs.,100
Preferred trust ctfs.,100
Indiahoma Refining----------

92
10 4

MtV-Woodb Mills v t r.100
Preferred v t r______ 100

55
93M

Pennsyl Wat A Power. .100
United Ry A Electric___50
Wash Balt A Annap____50

20

Bonds—
Alabama Cons C & 15s. 1933
Balt Spar P A C 4 M s. 1953
City & Suburb 1st 5 s .. 192?
Consolidated Gas 5 s .. 1939
Consol Gas E L A P 7 % notes
Co3den & Co Ser A Gs. 1032

97 M

Elkhorn Coal Corp 6s. 1925
Georgia A Ala cons 5s_ 1945
G-B-S Brewing inc 5s. 1951

Public Service Corp N J 5s.
United Ry A E 4s------1919
Income 4s.................1949

84
84
74 M 74 K
40
40
40
40
87 M 87 M
3
3M
10
10
23 M 23 Va
3.90 4.00
94
9M
47
47
25
25
103 X 104 M
83
84
9 M 10
44
44
31
32
2 4 4 28
40
40
84
84
33
33
172
170
86
92
10M 11
10
10
16M 16M
5 1 4 57
94
96 M
70
99
99
78
79 4
6
6
ii
12
20
204
4
4M
89
82
954
97 M
100
964
97 M
97
97
97
89 4
2
514
85 M
75

55

64 M
45 4

Va Ry & Power 5s____1934
Wash Balt & Ann 5 s .. 1941
Wil * Weldon 5s_____ 1935

64*4
454
G4
64
734
77 M
994

Feb
50
69
54
GO
145
381*4
60
3 4 4 Jan
63
87 M Nov
2
Jan
680
5G
8K
G
20
1 00 Mar
3,435
1,145
9 4 Nov
July
40
50
45
25
53 3 101
Nov
71
7 8 4 Apr
2,972
6 4 Feb
4
Jan
1,855
Nov
2,299
28
660
2 4 4 Dec
39
15
84
120
133
33
19
7 2 4 Jan
210
7 2 4 Jan
4,770
5M June
212
9H July
168
16
July
1.872
16
Jan
282
71
Feb
155
69
99
10
100
7 7 4 Jan
6
Dec
285
11
Dec
760
Oct
700
20
200
3M Fet

818,000
89
82
l.OOO1
4,000
96
1,000
97 M
8.000
100
5,000
964
3,000
97 4
97
3,000
9 8 4 25,000
2,000
97
5,000
90
2
10,000
514
1,000
3.000
85 M
75
15,000
55
2,000
66 M 60,000
46 M 65.000
64
3,000
64
500
1,000
73 4
1,000
77 M
4.000
994

81
82
95 4
97 «
100
964
97 M
844
85 M
97
894
1M
514
84
75

55

X

64
45 4
64
G4
734
77 M
99 V*

Fet
Dec
Nov
Nov
Nov
Nov
Dec
Mar
Jan
Nov
Dec
May
Dec
Oct
July
Dec
Dec
Dec
Dec
Dec
Dec
Dec

96
Aug
7G
40
49
July
June
97
4 4 July
10
Dec
24
Oct
Nov
Feb
h i m May
92
June
1 24 May
5
May
4 0 4 Feb
43
July
50
July
834
39 Ii July
172
Dec
101
May
124 Oct
124
50
2G

30
57
Dec
100
Aug
80
Feb
99
8 8 4 May
July
7
20M Jan
29
June
5

V%
%

no m Sept
90
100
100 M
101M
98 M
100M
1054
1054
99 M
95 M
34
514
924
77

55

Feb
Jan
Mar
July
Feb
July
Sept

Sept
June
Jan
May
Dec
Feb

Dec

76 M Jan
5 5 4 Mar
76
Mar
76
Mar
83 M Jan
83 M’ • Jan
101
Jan

—Record of transactions
at Philadelphia Stock Exchange, Nov. 29 to Dec. 5, both
inclusive, compiled from official sales lists;
P h ila d e lp h ia S t o c k E x c h a n g e .

Stocks—

Friday
Sales
Last Week's Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.

46
American Gas________ 100
Amer Iron A Steel-------90
American Milling-------- .10
American Rys pref------ 100 64 M
American Stores____ no pm
40 M
Baldwin Locom pref___ 100
.50
Elec Storage Battery.. 100 138
General Asphalt----------- 100
Preferred.................... 100 ISO
Giant Port Cement____ .50
.50
Insurance Co of N A __ .10
35 M
J G Brill Co.................... 100
Keystone Telephone__ .50
114
Lake Superior Corp____ 1( 0
194
Lehigh Navigation____
62
Lehigh Valley________ .50
43 M
Lehigh Val Transit prel .50
Midvale Steel A Ord___ .50
Minehill & S H ________ .50
50 M
Northern Central_____ .50
North Pennsylvania__ -50
Pennsyl Salt M fg .......... -50
77

H

Philadelphia Co (Pitts). .50
.50
Pref (cumulative 6% ) .50
Pbila Electric of Pa____ •)r,
Phila Rap Trans v t rec. .50
Philadelphia Traction. .50




24
26
62

X
H

45
90
9
64 M
40
106
39
133
103
175
5
22
35
51
10
19M
614
40M
20
49 »M
50 M
70 M
81M
77
41
?04
25
32
24 4
25 M
62

96S
120
9
20
12
64 M
42
1,561
108
5
39
143
6,264
123
832
180
19
21
5
22
100
36
681
52
’ 215
680
114
20 M
9,2S8
2.366
63 M
43
2,460
100
20
50
49 M
25
51
120
704
66
814
92
79 M
42!£
9,559
120
314
20
25
309
324
24 4
3,550
2,867
26 M
62
273
50

H 91

'i

H

Range since Jan. 1.
High.

Low.
Nov
44
90M Dec
May
9
6 2 4 May
2 0 4 Apr
Jan
100 4
51M
39
76
5
20
25
19 4
8
17
61 M
40M
20
41
50
69 M
79
77
41
30 '
25
314
24 M
23
62

Jan
Jan
Jan
Ocl

Jan
H Feb
Mar
Jan
Dec
Nov
Dec
Jan
Jan
Sept
Apr
Dec

M

Jan
Jan
Dec
Apr
Nov

74
91
1 24
694
43 M
110
41
153
161
241
5
22
36
64 M
18 4
25 4
73
«'0M
26
614
57 4
75
82
84 M
4S%
42 M
30
37 M
26 M
294
71

June
Dec
Apr
Jan
Nov
Nov
Oct
Oct
Oct
Oct
Nov
July
July
July
Jan
June
Jan
July
Sept
Jan
Nov
Feb
July
Apr
May
June
Jan

[V ol . 109

Friday
Sales
Last Week's Range for
of Prices.
Stocks (Concluded) Par. Price. Low.
High. Shares.
Phila A Western pref__ 50
Tono-Belmont Devel____1
Tonopah Mining________ 1
Union Traction________ 50

29
74

24
37

X

United Gas Impt_______ 50
U S Steel Corporation. .100
Warwick Iron * Steel__ 10
West Jersey & Sea Shore.50

53
104M

Preferred ............. ........ 50

304

Bonds—

U S 3cl Lib Loan 4 K s . 1928
4th Lib L'n 4 4 s . 1933-38
Victory 4 Ms____1922-32..
Amer Gas & Elec 5 s . . 2007
Baldwin Locom 1st 5s. 1940
El A Peoples tr ctfs 4s. 1945

210 210
24
24
24
2H

6

Lehigh Val Coal 1st 5s. 1933
Natl Properties 4-6S..1946
do
do
small. .1946
Penna RR gen 4 4 9 — 1965
General 5s________ 1968
P W & B ctfs 4s____1921
Pa & Md Steel cons 6s.1925
PhiiCoconsAcoltr5sstpd’51.
Phila Elec 1st 5s_____ 1966
do
do
sm all.. 1966
Pub Serv Corp N J 5s. 195?
Reading gen 4s ........ .1997

200

Low.
Mar

27
74

225
5
985
760
933

210
2M
2M

200

88
8

10

8

0

100

1,000 94.10
91.50
11,100 99.00
83
83 4
5,000
100 100 100>4 2,000 100
2,000 57 M
5 7 4 57 M
62 M
62 4 63 H 27,000
624
31
94.10 94.10
91.50 92.34
99.00 99.04
83
83 H

31

86
694
33

H
H

79
89 4

H

56 M
794

Schuylkill Riv E S 4s__ 1925
Spanish Am Iron 6s___1927

$
10,900

10,000

31
14
30

5,000

14

20,000 30
86 86 1,000 86
58
61
62
7.000
100 100H 4.000 100
30

694
77 4
99 4
334
34
79 4
89 4
97 4

100
89

Jan
Sept
Jan

37
37
38
197
197
185
52 4 54
12,233
5 2 4 Dec
1014 104 VH 1,350
M Feb
84
4 Jan
M
Dec
40
40
1 40
3
75
75
72 M Apr
7 Mar
9
30',i 30M
n o 30 May

14

Inter-State Rys coll 4s. 194?
Keystone Teiep 1st 5s 1935
Lake Superior Corp 5s.1924
Lehigh Val coll s ------1928
Gen consol 4s_________2003

29
7G

Range since Jan. 1.

79
89 4
93
54 4
79 4
53

69 M 11,000
3.000
7S
2.000
99 M
34
14,000
34
500
80 IT 44,000
6.000
90
7.000
97
9,000
100
3,000
814
28,000
91
1,600
93 M
45,000
57
30,000
SI
4.000
53 M
1.000
90
6,000
99

H

H
904 H
W
99 4

69 M
77 4
994
30
32
794
89
95

Ji

100

79
894
93
54 M
79 M
534
904
994

High.
May
30
9 3 4 June
Dec
3 % May
May
4
May
41
1974 oct
74 M Jan
1154 July
Apr
9
Jan
46
Jan
75
9 4 Juno
3 2 4 M ay

210

Dec 96.38 Jan
Nov 95.70 May
Dec 100.04 JuneNov
4 Jan
July
Apr
5 7 4 Dec
Jan.
Dec
71
Nov
Nov
31
Nov
Nov
14
Dec
4 0 4 Feb
92
July
Dec
Aug
Jan
74
Dec 1024 Jan
Dec
8 0 4 Jan
Feb
93
Dec
Dec 1004 Mar
May
Apr
40
Dee
34
Mar
Dec
8 9 4 Jan
Jan
98
Dec
Feb
9 7 4 N ov
Sept 1024 Jan
Dec
8 9 4 Feb
July
96
Dec
Jan
Dec
97 4
Sept
73
Dec
Dec
8 6 4 Jan
Doc
5 3 4 Dec
Dec
92 4 Apr
Aug;
Nov 102

88
101

C h ic a g o S t o c k E x c h a n g e . —Record of transactions at
Chicago Stock Exchange Nov. 29 to Dec. 5, both inclusive,,
compiled from official sales lists:

Stocks—

Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.

American Radiator— .100
Amer Shipbuilding— .100
Armour & Co preferred------

10
20
10,110
50
1,030
30
170
120
2,515
260
2,255
10
1,679
1,139
165
85
42
50
1,640
7,555
255
75
95
680
50
12
330
445
25
100
100
16,800
440
50
250
10*
600
174
11,240
3,610
1,765
740
20
13,725
61
1,150
10
10
28
216
230
1,305
225
737
100
391
348
635
521
1,530
9,100
8,432
22,500
735
2,955
25,575
2,420
3,435
70
85
85
170

Wilson A Co common. .(»)
100
Wrigley Jr common___ ..2 5 _____

330
120
106
48
14
31
124
27 8 4
66
8.8
214
97
4
5
94
102
107
6
64
215
215
9 7 4 97 4
108
110
124 124
104
4 4 4 45
100
1004
121
122
101
101
86
86
91
89
90
93
1144 115
25
25
1 8 4 18 4
1 34 15 4
78
79
260
262
33
38
45
50
44
54
11
15
29
304
64
74
84
94
42
434
125
125
1 7 4 18 4
504 504
33
36
80
80
87
87
250
255
9 4 4 96
5 2 4 53
274 304
53
544
215
220
118
118
250
259
2 6 4 2.8
41
424
48
504
149
150
354 394
133
139
524 574
484 494
404 424
744 774
4 3 4 49
112
113
4
4
75
75
98
99
82
834

1920
1921
1922
1923
1924
1927
Chicago Telephone 5s. 1923
Metr W Side E! ext g 4 s .’38
1945
Swift A Co 1st g 5s— 1944 ..........

2.000
1014 1034
102 4 102 4
2,000
2,500
1034 1034
1.000
1014
1014
1,200
65
G71.4 12,000
1,000
954 954
42
42
12,000
65
1,000
65
11,000
94
94

Booth Fish com new.

105
134

..1 0
276 66
--(* )

204

Chi City & C Ry pt sh com (*)
(*)
Preferred--------------Chic Pneumatic Tool. .100

8
107

Chicago Title & Trust .100
Cohn (A D) pref-------Common wealtb-Edison 100
Cont Motors com------ ..1 0
Cudahy Pack Co com. .100

215
974
108
12 4
105

&

Deere Co pref--------- .100
Diamond Match-------- .100

100
121

86
Great Lakes D A D —
89
Hartman Corp----------- .100
Hart Shaft A Marx com 100
Preferred.................... .100 115
Haytian Amer Corp. --(* ) _____
Holland Amer Sugar.. ..1 0 .........
Hupp Motor--------------- . 10
14 4
78
Illinois B ric k ----------- .100
Kansas City Lt A Pow com
Preferred___________
Kansas City Ry com ctfs..

33
45
5

Libby (W I)--------------- ..1 0
Lindsay Light----------- ..1 0
Preferred___________ ..1 0
(*)
National Carbon pref. .100
National Leather......... ..2 0
Ohio Cities Gas---------People’s Gas Lt A Coke 100
Pub Serv of No 111 com .100
.100
Quaker Oats Co........... .100
Preferred___________ .100

30
64
94
18
504
344
255
95

274
Reo Motor. ------------- ..1 0
_____
Republic Truck.........
Sears Roebuck com — .100 220
100
Shaw W W common.. --(*) 259
Standard Gas A E lec.. . .50
274
Preferred___________ ..5 0
424
Stewart Manufacturing (*)
494
Stew Warn Speed com 100
39
New (w i)--------------- .100
Swift A C o . . ................ .100 136
Swift International... ..1 5
564
Temtor (C A F) " A " . .(*)
Thompson common — ..2 5
424
Union Carbide A Carb.(*l
764
48
Wahl Co...................... -(*)
Ward. Montg A Co, pref.. 112

(*) No par value.

330
119
102
48
1 14
31
12
270
62
8.8
204
97

1004

M

1014
1014

Range since Jan. I.
Low.
275
100
984
47
114
194
94
250
55
88
20
97
4
5
604
5
178
974
107
84
1004
38
78
101
101
82
82
68
1084
25
12 4
104
56
260
33
45
44
11
194
64
74
33
118
1 64
504
33
SO
83
210
94 4
52 PJ
274
44
163 4
1164
1124
264
41
45
84
354
115 4
414
484
34
56
19 4
105
4
75
95
744

High.

Apr 345
Feb 138
A up 103
40
Nov
Dec
25
Apr
33
June
15
Ocl 278 4
Oct
684
Oct
90
Ocl
274
984
2
Jar
Dec
1 84
Feb 115
10-4
Feb 215
Dec
98
Auc 118
14
Apr
Feb 123
484
Apr 105
June 121
101
96
Ocl
96
Oct
Fet) 1004
Jan 115
Dec
25
Aug
214
17
Sept
Feb
804
280
Dec
38
50
Dec
Dec
54
15
Jan
364
17
Dec
Nov
104
554
Apr 125
25
Sepl
Dec
504
Dec
554
Nov
95 4
105
Sepl 300
Der 105
58
Der
354
74
Sept
Feb 2?2
122
May 259
Der
314
43
Der
59
Apr
Jan 185
43
Nov
Jan 1494
Jan
654
Nov
504
44
Aup
85
Jan
55
Sept
Jill} 113
12
Jan
Nov 101
Fet 101
89
Sep*

1004 Nov
102 4 Dec
Ocl
102 4
1014 Nov
1004 Mar
Nov
65
9 5 4 Dec
Nov
42
Dec
65
9 2 4 Sept

/i
7
\\

Nov
Oct
DecNov
July
Nov
July
DecNov
Oct
Aug
Aug
Nov
Nov
Nov
July
Oct
May
July
Nov
Dec*
Oct
Oct
Nov
DecDecOct
AugSept
Dee
Dee
Dec
Dee
Oct
Aug
Apr
July
Nov
Aug
Dee
July
May
May
July
May
Nov
Oct
Nov
Nov
Apr
Dee
Nov
Nov
Oct
Nov
Nov
M ay
Oct
Oct
Nov
July
Nov
Dee
Apr
July
July
Oct

1034 Dee
103
Aug
103 4 Dec
Oct
103 4
102 4 July
81
Jan
Juno
97
Jan
51
Dec
65
98 4 Jan

D ec . 6 1919.]

THE CHRONICLE

Pittsburgh Stock Exchange.— Record of transactions at
Pittsburgh Stock Exchange N o v . 29 to D ec. 5, both in
clusive, compiled from official sales lists:
Stocks—

Friday
ales
Last IFeefc’s Range Sfor
Sale. ofPrices. W
. Range since Jan. 1.
Par. Price. Low. High. Sheek
ares. Low.
High.

Amer Vitrified Products___
Am Wind Glass M ach .. 100

17
131

18
132
94
105
425
127
46 X
4

545

16X
79

Dec
Jan

45
98
1,275
53
1,460
75
1,523
32
2,030
2X
3,010
3X
406
6
50
39 X
15
91
15,760
30 X
360
IX
50
5)4
80 157
2,075
48X
9,461
6
330
5
545
10
866
16
1,593
42X
16,670
28 X
620
2
420
7
52
85 X
5,800
8c
10,600
21c
2,692
8
195 116
1,076
X
3,000
6c
174 122
100
88 X
155
93
1,273
40X

Mar
July
May
June
Aug
Aug
Sept
Feb

Pittsb-Jerome Cop Co— 1
Plttsb A M t Shasta C o p .. 1 52c
Pittsb Oil A Gas______ 100
15X
Plttsb Plate Glass com. 100 153
Riverside East Oil com— 5
4X
9c
San Toy Mining------------- 1
Union Natural Gas____100
U S Steel Corp com____100
West’house Air Brake— 50 115
53 X
West’house Elec A M fg. .50

16X
123
94
104
330
120
45
3X
4X
9
62
102
30 X
3X
8)4
156
58 X
6
8X
15
31
50
45
6
15
88 X
20c
52c
15
152
4X
9c
122
102
114X
52

15
88 X
20c
55c
16 X
153
5
9c
123
102
115
53 X

Mon R Con C A C 6 s .. 1949
Plttsb Brewing 6s____ 1949

86
107
75

88 X 810,500
107
1,000
75
10,000

Amer Wind Glass pref. 100
Arkansas Nat Gas com .100 403
Preferred____________ 100 125
Barnsdall Corporation..25
46
Carbo-Hydrogen Co com.5
4
Preferred......... .................5
4X
Carnegie Lead A Zinc____5
Columbia Gas A E lec.. 100
Guffey-Gillespie OH(no par)
Indep Brewing com_____ 50

34 X
4

Lone Star Gas_________100
Mfrs Light A Heat_____ 50
Marland Petroleum______ 5
Nat Fireproofing com___50
Preferred_____________ 50
Ohio Fuel O i l . . . ................1
Ohio Fuel Supply______ 25
Oklahoma Nat Gas_____ 25

156
OIX
6X

Preferred....... .......... ......50

16
32
50

X

47X
15

Bonds—

75

4X

10
62
102
34 X
4
SX
157
61X

ex

9
16X
32
51 X
50

ox

815

85
106
52

20
157
105
460
127
50 X
4X

4X

Nov
July
Aug
Nov
Dec
Oct
Oct
Oct
Oct
Oct
July
Nov
May

13X
67 X
104
Dec
35X
Jan
7
16
Dec 300
May
Jan
66
Nov
Nov
8 X Oct
Jan
n x May
Jan
24 May
Jan
35
Nov
Feb
54 X July
Jan
50 X Nov
10X July
Jan
20
June
Feb
98
Jan
67c
Aug
Jan
70c Sept
Jan
18X June
Jan 153
Nov
Feb
6 X Oct
Feb
13c May
Jan 135
May
Feb 114X July
Jan 124 X June
Jan
68
Oct

May
Jan

S8X
107X Nov
75 X July

New York “ Curb” Market.— Below we give a record of
the transactions in the outside security market from N o v . 29
to D ec. 5 , both inclusive. It covers the week ending Friday
afternoon. On the “ Curb” there are no restrictions what
ever. Any security may be dealt in and any one can meet
there and make prices and have them included in the lists
of those who make it a business to furnish daily records of
the transactions. The possibility that fictitious transac
tions may creep in, or even that dealings in spurious securi
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,
it is out of the question for anyone to vouch for the absolute
trustworthiness of this record of “ Curb” transactions, and
we give it for what it may be worth.

Friday
Sales
Last Week's Range for Range since Jan. 1 .
Sale. ofPrices. Week.
Stocks—
Par. Price. Low. High. Shares. Low.
High.
Acme Coal.r-------------------1
July
Oct
IX
2 X 19,250
IX
3X
Aetna Explosives.r(no par)
9
9
Jan
July
Weekending Dec. 5.

Air Reduction. r._ (no par)
51
Allied Packers.r..(no par)
Amalgam Leather, prcf.100 105
Amalg Tire Stores.r— (t)
15
Amer Candy Co, com .r(t)
Preferred.r__________100
Am-La France Fire Eng rlO
13
Amer Safety Razor.r— 25
18X
A T Securities Corp------ (t)
63 X
Amer Writ Paper, com .100
Austin Nichols A Co,Inc(t)
95
Beaver Board Cos, pf.r.100
Brlt-Am Chcm Corp____10
Brlt-Amer Tob ordinary. 1£
Ordinary bearer----------£1
Carbo-Hydrogen Co, com.5
Carib Trading.r--------- 100
Car Ltg & Power.r......... 25
3X
Cent Teresa Sug com .r. 10
9
Cities Scrv, pref B w 1— 10
7X
Cities Scrv Bankers shs (t)
42 X
Colonial Tire A Rubber, (t)
Columbian Emcr Synd new
19X
13
Dafoo-Eusttce Co I n c .-(t)
Fam Players-Lasky, pf.100
52
Farrell (Wm) & Son.Inc(t)
Firestone Tire & R.pf.rlOO 100
Fish Body Ohio Co pf.r.100
General Asphalt com .r. 100 118X
Preferred, r-------------------35
Gen Motors w l ...( n o par)
New 7 % debenture stock
30
Goldwyn Picture.r.(no par)
Grape Ola common----------1
IX
Preferred---------------------- 1
IX
HavanaTobacco com. r . 100
Preferred, r__________100
Hendee Mfg com .r------ 100
48 X
Ilcydcn Chemical r(no par)
Hupp Motor Car Corp. 10
14X
Hydraulic Steel, com .r.(t)
Impcr Tob of G B A I — £1
Indian Packing Corp.r. (t)
Kay County G as.r............1
Knickerbocker M o t .r .. 100
Libby,McNcillALibby.r 10
Lima Locom, c o m .r...1 0 0
Loew's Incorp------ (no par)
Loft Incorporated r(no par)
Madison Tire A R, com.(t)
MarconlWlrel .Tel .of AmerS
Mercer M otors.r..(no par)
Nat Fireproofing, com.r.50

17 X
2X
4X
86
31X
24 X
6X
35 X

Nat Motor Bus C o rp .r..10
Nor Am Pulp & Paper, (t)
3X
34
Ohio Body A Blower.r.(t)
Overland Tiro_________ 10
28 X
95
Packard Mot Car, p f.r.100
Penn Coal A Coko.r____50 -_____
perfection Tire A Rubb. r. 1 ______
phllllps-JonesCorp.pf.r 100
Republic Rubber r (no par)
5X
Rockaway Roll M ills.r.(t)
Root A Van Dervoort r 100
52 X
15
Savold Tire Corp.r......... 25
Selden Truck.r___________




8X
51
35
95
15
7X
100
11X
17X
59 X
11
26
95
8
25
25X
4
200
3X
8X
7X
42
27
17X
10X
100
49
98
83
100
150
34
94
28
l)li
3
12X
45
6X
13 X
40
99
12
16X
2X
4
28)4
84
28)4
21X
70
6
34
8
16
2
3X
31
28 X
94 X
27 X
7
94 X
4X
8X
52
12
45

51 X
35
110
15
8X
100
13X
18 X
64 X
11
27
95
8X
25 X
26X
4
320
3X
9

X
7X

44
27
19 X
13
104
52
100
83
124 X
185
39
96
32
IX
2
3X
12 X
50
7X
15
43
100
12 X
18
2X
4X
30
88
32
25X
70
6X
35 X
8X
17
3
4
34
29 X
96
28 X
8
95 X
5X
10
53
18
45

X

6,800
ex
June
51
800
35
Dec
800
95
Dec
1,500
14
Nov
5,200
7
Nov
5,400
Nov
600 100
14,600
11X Nov
80,900
16X Oct
12,200
55 X Nov
100
2 X Jan
26
Dec
1,600
95
Dec
100
Sept
600
1,000
20X Aug
20
4,300
Julv
300
2 X Sept
Dec
76 200
2
Feb
2,200
1,800
8 X Nov
20,000
7 X Oct
35
Feb
14,500
9
Nov
200
5,000
15X Nov
9,400
10X Dec
Dec
800 100
Dec
49
2,100
98
Nov
1,100
Dec
83
1,000
39
Jan
47,200
1,400
83 X Jan
30
Nov
49,900
Dec
94
1,200
Dec
11,300
28
11,400
X Oct
1
Oct
9,100
900
I X Jan
600
2 X Fob
42
Nov
2,600
6
May
2,700
18,000
4 X Jan
38
Nov
4,100
99
300
12
Dec
1,400
23,400
16X Dec
3,100
Dec
4
Dec
1,700
19
Jan
2,100
200
27 X Feb
16,500
2 8 X Nov
Oct
17
26,600
100
45
Aug
4
Jan
2,000
32
Nov
5,900
500
6 X Feb
800
13 X Jan
700
2
Dec
11,000
2 X Jan
6,450
29X Nov
3,000
14X Aug
300
94 X Dec
1,900
23
Apr
2,£00
X Feb
94
380
Sept
23,065
4 X Dec
7
Nov
3,400
2,400
37
Aug
12
8,500
Oct
100
45
Dec

7X

2X

12X
65
67 X
110
17X
8X
100
13X
20 X
80
18
38
95
11X
27X
28
4X
300
5X
12 X

7X

50 X
45
19X
14X
104
66 X
100
87X
162
240
41X
100
35
IX
2X
6X
29
62
10X
15
48
100
25
50 X
3X
10X
36
98
38 X
34X
80
7X
43
12 X
24
7X

May
July
Dec
Nov
Dec
Nov
Dec
Sept
Oct
July
Aug
Dec
July
May
May
Oct
Dec
July
Oct
Oct
Sept
July
Dec
Oct
Dec
Oct
Nov
Oct
Oct
Oct
Nov
Nov
Nov
Dec
Nov
July
July
Oct
AUg
Nov
Nov
Aug
July
Oct
July
Oct
Sept
Oct
Oct
Oct
Oct
Oct
May
Sept

Apr
7% Nov
37

Oct
32
99X Oct
Sept
30
Apr
Aug
11
July
12
Sept
60
Oct
Aug
Dec

97IX

77X
45

Stocks

£161

Friday
S a les
Last W e e k 's R a n ge for
Sale. o f P r ic e s . W e e k .
(C
oncluded) Par. Price. L o w . H i g h . S h a res

Snow’s Fount Hold Corp 10
15X
Solar Light Corp.r____(t)
10X
Spicer M fg, com .r_____ 100
Stand Gas A El c o m .r ..50
Standard Parts, c o m .r.100
Preferred _r__________100
Stanwood Rubber, com.(t)
Stearns M ot.F B StearnsCo
Submarine Boat v t c ..( t )
Swift International . r ___15
Tobacco Products E x p.(f)
31
Todd Shipyards C o rp ..(t)
Un Carbide & C arbon..(t)
79
Untd PlctureProdCorp. r (t)
10 X
United Profit Sharing..25c
2X
Un Retail St's C andy.r.(t)
15X
U S Distribution com___50
U S High SpeedSteel&Toolt '27 X
U S Lt & Ht Corp, com.r 10
3
U S Steamship__________10
4X
Uzold Tlre.r_____________
Vanadium Steel of A m .r(t)
60 X
V Vlvadou, I n c .r ..(n o par)
22 X
Warren B ros.r_________100
Wayne Coal_____ ________
4X
Weber A Hetlb, c o m .r ._(*)
Willys Corp 1st pref.r.100
Former Standard Oil
Subsidiaries
Anglo-American O il .r ..£ l
Illinois Pipe Llne.r____100
Prairie Pipe Llne.r____ 100
South Penn O il.r............100 334
Standard Oil of N J .r ..l 0 0 735
Standard Oil of N Y .r .1 0 0 442
Union Tank C ar.r____ 100
Vacuum O il.r_________ 100
Other Oil Stocks
Allen O il.r ...........................1
Alliance Oil & R ef.r_____ 5
16X
Allied O il.r...........................l
1
Alto Gasoline A O il.r____ 5
5
Amalgamated R oyalty.r.l
1X
Anna Bell_________________
69c
Arltex O il.r....... ...........
l
X
Associated Oil of Texas. . . 1
2X
Atlantic Lobos Oil.comr (t ) 71
Barnett Oil & G as.r_____ 1
X
Bell Petroleum.r__________
Big Heart Prod & Ref ..1 6
Boone O il.r_____________
Boston-Mex Petrol______
Boston-Wyomlng. O il.r ..1
Brazos OH Corp.r.(no par)
21X
Burknett Van Cloav O il ..5
2X
Can-Amer O & G .r ______ 1
Carib Syndicate r new w 1.
52
Circle O il.r______________ s
Commonwealth Petrol.r(t)
45
Cosden A Co, com .r____ 5
9X
Cushing Petr Corp com .r.5
3X
Dominion O il.r_________ 10
34
Elk Basin Petrol.r______ 5
7%
Engineers Petrol C o .r ___1
IX
Ertel O il.r_______________5
3X
Esmeralda Oil Corp.r____
Esmeralda Oil A G as.r___
'" x
Federal Oil Corp.r______ 5
4X
Fensland O il.r____(no par)
Gilliland O il.r.............
45
Glenrock Oil Corp.r____10
3%
Guffey-Gillespie O i l.r ..( t )
34 X
Home Oil & R efg.r____10
9
Home Petrol of Denver.10
35c
Houston OH com .r____100
Hudson O il.r____________ 1
X
Hughes Petroleum.r______
11
Internat Petrol.r______ £1
60
Invincible O il.r_________50
38
Island Oil & Transp.r_.10
6X
Livingston Oil Corp.r___1
Magna Oil & Refining____ 5
9X
Margay Oil Corp.r. (no par)
9
Maracaibo Oil Explor.r.(t)
26 M
Merritt OH Corp.r_____ 10
21
Metropolitan Petroleum.25
3%
Mexican-Panues Oil____10
Midwest Refining.r____50
Midwest-Texas O il.r____1
X
Morton Pet of M e .r _____ 1
3X
National O il.r__________10
North American O il.r____ 5
Ohio-Ranger. r___________ 1
X
Omar Oil & Gas new______
Orient Oil A G as.r______ 1
Osage Nation Oil S y n d .r.l
Pennok O il.r___________ 10
n x
Phillips Petrol, c o m .r ..(t)
Producers A R ef.r_____ 10
10X
Ranger O il.r____________ 1
Red Rock Oil A Gas.r
5
Rickard Texas C o .r ____ 5
Ryan Petroleum.r______ 1
5X
Salt Creek P rod.r______25
48
Sapulpa Refining.r______ 5
Savoy OH________________ 5 ’ *8
Sequoyah Oil * Ref_____ 1
78
Shell Transp A T r a d .r ..£2
Simms Petroleum r(no par)
12X
Skelly Oil C o .r _________ 10
Southern Oil A Trans, r . 10
8outh States Cons Corp r 1
Spencer Petrol Corp____ 10
Stanton O il.r____________ 1
8tar-Tex P et.r__________10
Superior Oil Corp (no par)
Texana Oil * R e f.r_____ 1
Texas Company new. ..2 5
oix
Tex Pac Coal A Oil w 1..10
Texas-Ranger Prod & R
Tex-Ken Oil Corp.r_____ 5
Texon OH & Land.r_____ 1
Thraman O il.r_______
Trinity Oil Corp.r______ 1
Tropical O il.r__________ 25
United Tex Petrol.r___.1
1
Victoria O il.r___________ 10
IX
Vulcan O il.r______________
8X
Wayland Oil A Gas, com .5
4X
Whelan O il.r_____________
1
White Eagle OllARef r _(t)
23 X
White Oil Corp. r . . (no par)
42
Woodburn Oil Corp.r.wl(t)
Wyoming Cons OH.r____ 1
40c
" Y ” Oil A G as.r.................1
Mining Stocks—
Alaska-Brit Col M etals..1
IX
Amer Hond Min Corp.r .1 111-16
America M ines.r_________ 1
l
Arizona 811ver.r_________1
Atlanta Mines___________ 1
3c

5

5

5
1

1
1

8X
3X

15X

8,000

95
27
61
£6
47 Xi 19X
79
79
15
16X
50 ■ 57 X
26
32
195 |[205
76 X 79

200

10X
10X
95
26
57
96

nx

t
it

12 *{t13X
2X 2X

f.

14
50

16
fc51X

27X&2SX
3
- 3X
3X 1 4 X

XI*524 X

3
52
21X
465

2 4X
70

* 4X

5

#21

21X

100

100

■J

30
174
272
334
704
420
124
440

33
174
273
334
735
445
125
440

8,700

600

200
100
5.100

100
12,000
2.100
4,500
150
1.300
5,400
12,500
24,100
700
3,045
5.000
65,000
12,400
18,200
6.300
300

2.000
200
100

IX
70c

60

2X
71
X

X
2

1

9,800
8,570
4,100
2.0S0
4.000
3.500

2X 200
9X 40.300
8X 11,200
3X
3X
84c 1 1-16 152.000
9
7X

20

2X
X

44
4X
41
9X

22
2X
X
52

4X
46
10

18.900
17.200

2.000

30.900
700
5,700
13.700
5.500
17.800
6.500
13.100
8,600

3X 3X
X 32
X 35
7X 7X
IX 1 ..
2X
3X
15c
15c
200
3-16 X 7.600
3X
4% 35.500
100
6X
eya 23.500
40
45
16.200
3X
3X 15.200
3 0X 34X
7
9X 11.900

2X

7X
5X
10X
7X
X
74X
X

35c
145

37c
176

35
6X

38
ex

12.000

2 0 X 22
3
3X
15
19
156
162

7.500
8.700
500
5,400
3.200

X 15-16
11
11
53
60 X

33.300
5.300
13.000
1.600
5,900
17.800

2X 25.300
9X 101,200
8X 9X 6.500
7.500
25X 28
2

8X

X
3X
7
5X
X
9 X 11X
7X 7X
X
11
12X
70
74 X

X

6,000
3.100
5.100

2,000
2.200
3.100

8,000
4,000
4,600

4,600
X
2,700
IX
4
1,000
6
5X
12,200
44
49
8,600
7
1,100
6X
8
100
8
7-16 X 15,200
76
80 X 17,300
50
58 X 105.000
11X 12 X 22,500
7
6X
500
IX
1,300
IX
18X 19 X 12,100
1
I X 12,500
13X 14
800
13
16
1,900
9-16 X 13,000
62
12,300
165
165
500
IX
6,400
IX
4
2,000
3X
1
I X 215,000
2
2X
9,800
1
I X 13,100
18
18
100
13-16 m
33,900
6,100
IX
IX
8
4,200
9X
2,300
4X
5,600
IX
23 X 25
22,500
35
43 X 132,500
3,200
8 X 10
35c
40c
46,300
1,700
X 5-16

IX
5

X
55X
6X
19X
IX
13X
X 55
IX
IX
2X

5

9X

Par.

X

4X
X

1 1 7-16
I X 1 H-16
1 1 13-16
1
X
2X o 3c

56,100
2,850
4,300
8,900
16,700

1.

H igh

9
Oct
15X Dec
11X Dec
9 X Nov
Oct
56 X July 105
24
Aug
44 X May
61
Oct
51X Sept
97
Sept
96
Oct
19X Dec
16 X Nov
93
Nov
51
Oct
10
Feb
20 X July
65 X Mar
40 X Jan
25
June
40 X July
Nov
102
Feb 220
86
July
60 X Feb
11
Sept
28
Oct
7-16 Jan
3 X July
14
Nov
30 X Aug
49
Nov
59
Oct
27
Novi 28 X Dec
I X Jan
4 X Oct
2
Mar
8 X Oct
4 X Dec
2 X Sept
66 X Oct
37 X Aug
33
Sept
21
Nov
90
Oct
42 X May
3 X May
6 X July
26
July
15
June
Oct
98X Sept 101

X

405 668
1,025 310
90 107
10 395

X 17IX 62,000
6.300
X 1 309.000
6,450
5
3X
26.500
1
X
2

L ow .

6,200 16 X Jan 36 X
10 164
Jan 197
20 264
Mar 317
10 292
Apr 350

15

67c

R an ge s in ce J a n .

Apr 798
Jan 447
Jan 138
Jan 490

X
4X

Jan
Apr

1
60c
X

Aug
Oct
Oct
Nov
Nov
Aug
Nov
Nov
Mar
Nov
Jan
Nov
Sept
Nov
Oct
Dec
Mar
Jan
Nov
Nov
Jan
Nov
Dec
Jan
Dec
Jan
Dec
Dec
Nov
Aug
Nov
Aug
Jan
Dec
Dec
Jan
Aug
Jan
June
Nov
Nov,
Nov
Aug
Sept
May
Jan
Nov,
Mar
Aug
Dec
Sept
Sent,
Apr:
Nov
Deo
Aug

X July
4X Oct
IX
X
IX
9X
3

60

3
18c

20
1

X
28
4X
37
6X
3X
32
6
IX
2X
4c
%
2
6X
40
3X
18
7X
30c
75
X
11
1CX
30 X
6X
IX
8X
8X
25 X
20

X

IX

10 X
124

X

1
2X
5X

X

5X
1X
X
11

3-16
55c
4
2X
38
6X
6X
7-16
66
28 X
11X
2X
IX
13X
X
13X
13
lie
55
168
X
3X
X
2
1
15
50c
IX
IX
3X
X
20X
35
8X
35c
3-16

Oct
Sept
Nov
Apr
Mar
Nov
Jan
Aug
Aug
Aug
Nov
Apr
Oct
July
Mar
Nov
Dec
Jan
Nov
Nov
Oct
Dec
June
Dec
Nov
July
June
Nov
Nov
Jan
Nov
Aug
Nov
Oct
Sept
Nov

31o
1
X
X
2c

May
May
May
July
Nov

Nov
May
May
May
July
Nov
July
May

4 X Apr
17
Dec
I X Sept
7 X Sept
2 X Apr
70c Nov
2 X Sept
2 X Nov
88
Sept
5-16 Jan
2 X Oct
11
Nov
16 X May
4 X Aug
I X Nov
32 X July
2 X Nov
I X May
52
Oct
5 X Oct
63
June
12 X Sept
5 X Oct
38
Oct
11X May
I X Nov
11
July
33c May
1 1-16 Aug
4 X Dec
7
Nov
45
Dec
8 X Apr
40 x Nov
40 X May
42c
Oct
176
Dec
5 X Apr
11
Dec
60 X Dec
49 X Oct
9 X Mar
4 X July
9 X Dec
9 X Oct
30
Nov
35
May
4 5-16 Mar
29
Oct
190
May
I X May
5 X Apr
7 X Dec
9 X Aug
2 X May
15
Oct
10 X Oct
2 X May
17 X Apr
81
Oct
12X Nov
2 X May
l X Nov
24 X June
7 X May
65 X July
9 X M ay
14
Apr
X May
84
Oct
58 X Dec
14 X Oct
9
Oct
IX
Nov
21
Oct
*2X M a y 14X Sept
20 X Oct

iXt June

68
195
6
6X
2X
2X
IX
25 X
IX
6
6
5
IX
29 X
43 X
10X
40c
IX

Oct
Oct
June
Aug
Nov
Nov
Aug
Oct
Nov
Apr
Apr
July
Oct
Nov
Dec
Aug
Sept
May

2

June

I X Nov
1%
Dec
I X Nov
6 X o Mar

THE CHRONICLE

2162

Mining (

Concluded) Par

Sales

Friday
Last Week's
Sale.
Price. Low.

Rangesince Jan. 1.
Low.
High.

Range for
of Prices. Week..
High. Shares.

25,400
62,000
Belcher Extension.r.
13,400
14,300
101,000
Boston A Montana D e v ..
17,200
Caledonia Mining_______
14,300
18,000
Candalarla Silver.r____
4,700
18,502
2,300
3,016
2H
7,000
1 9-16
105,900
4
8,600
10,400
Eureka Croesus Min r . .
1H
75
1,900
Eureka Holly.r ________
7,000
Forty-nine Mining.r_____1
2A
500
4,500
22.770
13c
16c
127,000
Goldfield D e v e l.r ..
Goldfield Florence.r
40c
2,250
4c
16,500
Goldfield Merger.r______ 1
25,800
38c
Gold Zone D lvlde.r_____ 1
3c
14,400
4,100
Hasbrouck Dlvlde.r_____ 1 _____
3 7-16
12,350
3W
3K
2,600
Howe Sound Co.
y% 1,200
Jim Butler.r____________ 1 23c
10.900
21c
24c
8c
12,700
Jumbo Extension________ 1
6c 8H c
Kewanus.r_______________ 1
4c
4c
12,500
3c
Knox D lvlde.r________10c
14c
18,200
12c
18c
V*
H 13,000
Louisiana Cons’d________ 1
2,200
H
MacNamara Crescent.r..l
33c
35c
41,000
31c
MaoNamara M in in g ..r ..l
51c
50c
54c 107,000
Magma Chief.r__________1
% 9-16 11,200
2,500
23
35
Marsh Mining___________ 1 37c
43.S00
30c
40c
1,960
Mason Valley____________ 5 ______
3H
2A
70c
7,200
McKinley Darragh S a v .-l z68c
z68c
Mother Lode, new.r_____ 1 5H c
300
5H c 5H c
National Tin Corp.r___50c
7
4,600
7A
7A
Nlplsslng Mines_________ 5
9,200
12H
12M 12 H
Nixon Nevada___________ 1
18c
18c
1,000
Onondago Mines C orp.r. 1
2,200
2A
Ophlr Sliver Mines, r____ 1
2,000
1H
1H
10c
10c
9c
4,500
Rex Consolidated Min___1
Roper Group M Co_____ 1
H 52,700
H
H
3,700
Seneca Copp Corp. (no par)
14H 15 A
2,200
Seven Metals M in ln g .r.-l _____
A 5-16
7-16
6,200
Silver Dollar M .r _____ - . 1
Vs 7-16
Silver King of Arizona___1 11-10
% 11-16 5,500
15c
lie
10c
17,800
Silver King D lvlde.r____ 1
6c
12,100
Silver Pick Cons'd.r_____ 1
6c
5c
6,400
Sou Am Gold A P lat.r_. 10
8A
8A
3,400
Standard Silver-Lead------ 1
A
A
H
17,500
23c
19c
Stewart__________________ 1 20c
4c
4c
17,300
3c
Success M in in g_________ 1
4,100
TonopahBelmontDevel.r 1
2H
2H
2H
5
8,915
4
Tonopah D lvlde.r______ 1
4A
2H 11,370
Tonopah Extension_____ 1
2A
2H
6,020
2 9-16 2H
Tonopah Mining_________ 1
2H
8,800
3 1! -16 4
United Eastern__________ 1
3H
10c
9H c 10Hc 16,500
0 S Continental Mines.r 1
2,100
8
Unity Gold Mines________5
8H
8A
5,200
1 7-16 1H
Utah Reserve.r__________ 1
1H
15,800
20c
25c
victory Divide, r_________ 1 22c
9,300
97c
99c
Washington Gold Quartz. 1 98c
1 9-16 1 A 11,900
West End Consolidated..5
1%
9,500
2H c
2c
White Caps Extension. 10c
2c
20,300
12
White Caps Mining___10c
10H 13
6H c 14.100
6c
6c
Wilbert Mining__________ 1
35c
48c
9-16
5c
75c
37c
1H
Vs
19
7c
13-16

38c
27c
34c
51c
H 9-16
4c
6c
75c
58c
3dc
36c
1H
1H
13-16 15-16
18
22
6H c 9c
13-16 13-16
7
7H
2
2A
1 5-16 1 11-16
4
3H
1 9-16 m
78
75
2
2A
2H
2H
2
1H
5-32
12c
19c
10c
40c
35c
3H c 4c
36c
46c
3c
2c
11c
7c
3H
3A

5-16

3

27c
22c
H
4c
6c
27c

Dec
84c July
Aug
52c Oct
Mar 15-16 Jan
Dec
Apr
36c
Feb
93c July
Jan
45c Sept
2H Feb
iy% Nov
52c
Jan 2 3-16 June
11 Aug
22
Nov
Feb 15Hc Mar
5c
13-16 Dec 1 9-16
Jan
2H Oct
7H Nov
1 A Sept
5H Jan
1 % Dec
3H July
y» Mar
5H May
Aug
2 A May
50
Nov
95
Oct
1
June
2 A Oct
1H
6H Feb
1H Nov
4H May
11c July
25c
Oct
10c Dec
24c
Jan
35c Mar
75c Mar
2H cN ov
8c Mar
35c
Aug
Apr
1A
2c Nov
6c
Jan
lie June
47c
Apr
3H Nov
6H June
5 74
53c
Jan
A Sept
21c Nov
44c
Feb
8c Sept
16c Mar
2HoJuly
8c
Jan
12c
Dec
37c July
15e
Apr
Oct
1-16
24c June
49c July
34c Mar
1H May
22c
Feb
23
52
July
Feb
4Pc Nov
3c
2
Apr
4H July
45c
Jan
75c Sept
3H c Mar
6H c Nov
H Mar
7 A Sept
May
15
8 A Jan
4 .
17c
4H Oct
2 A Nov
1H Oct
1A Oct
9c June
23c July
3-16 Oct
1H Aug
13 H Feb
26
May
A Aug
A July
% Nov
1H June
13-32 Feb
May
10c Dec
37c Mar
4c
Apr
14c
Apr
14H June
8 A Dec
H Jan
At May
14c Mar
34c May
2c Nov
7c
Jan
4
May
2H Dec
4
Aug
Dec •12
3 A May
1H Jan
2 A Jan
4H May
3-16 Jan
5 A Mar
Jan
19c May
Co
9H Oct
4H Mar
1 7-16 Dec
1 % Dec
20c Nov
53c June
Apr
99c
Oct
71c
1
Mar
3
May
Jan
2c
7c
Apr
35c
Apr
10c
Jan
5c
Jan
13HC Aug

11

33-2

A

80

IA

3

Honda—

82
Dec
94
Sept
124,000
85
82
Allied Pack conv deb 6s '29
95 A Dec
95 A Dec
95 A 90 A 119.000
Amer Tel A Tel 6 s . r . .1922
95A
95 H Nov 1003^ May
6% notes.r_________ 1924
95H 96 H 20,000
95H
Dec
May
95
9,000
95
96 A
96
Anaconda Cop Min 6s r '29
1,000 100H Dec 102H May
100 A 100 A
Beth Steel serial 7 s . r . . 1922
Serial 7s. r................... 1923
99 A 10053 11,000 99 A Dec 102H May
98 H Oct
95 A Dec
95 A
Canada (Dom of) 5H s.r '21
95 A 96 H 65,000
98
Dec
Aug
92
28,000
92
95
O C C & St L o u ls.r..l92 9
Nov
93 H AUg
S3
Copenhagen (City) 5 H s ’44
83 H 83 A 11,000
57 H Nov
92 H Feb
57 H 71H 365,000
Interboro R T 7s_____ 1921
Dec
72
Feb
26
30,000
32
29
26
Russian Govt 6H s.r._191 9
65
Feb
30,000
29
28 H Dec
28 H 31
5 H s .r ......................... 1921
Nov 100H June
92
15,000
93
93
Swedish Govt 6sJ’ne 15 '39
Dec
96 H July
87
Swltzerl’d. Govt of. 5H s’29
87 A 88 A 12,000
87
• odd lots, t No par value,
Listed as a prospect. 1 Listed on the stock
Exchange this week, where additional transactions will be found,
New stock,
r Unlisted, to When Issued,
Ex-dlvldend.
Ex-rlghts. * Ex-stock dividend.
t Dollars per 1.000 Ike flat
Correction.

100

A

A
i
z
k

N ew

Y o rk

C ity

o

u

B an ks an d

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

All prices now dollars per share.
Trust C o’s
Banks
Banks
America *____ 625
635 fIrving (trust
385
405 Bankers Trust y«J75
AmerExch___ 315
325 I certificates) 400
465
485 Central Union 408
f465
200
385
290 Columbia____ 375
Battery Park. 215
220 !Llncoln______ 285
160
240
250 Commercial.. 150
425
305
475 Empire______ 295
150 Mech A M et. 465
Broadway Cen 140
490
210 Equitable T r. 480
Bronx Boro*. 105
125 Merchants___ 230
450
Farm L A T r. 440
Bronx N at___ 150
160 Mutual*_____ 425
____
Bryant Park* 145
155 New N eth *.. 200
210 Fidelity.......... 225
265
149 Fulton______ 255
Butch A Drov
35
45 New York Co 140
427
190 New York___ 465
Cent Merc___ 175
4S0 Guaranty T r. 420
145
135
550
590 Pacific *......... 135
Chat A Phen. 325
335 Park________ 765
7 80 Irving Trust. /See Irving
INat Bank
Chelsea Exch* 130
140 Prod Exch*.. 350
400
Law Tit A Tr 144
152
Chemical____ 585
595 Public.............. 330
Citizens_____ 270
Lincoln Trust 175
280 Seaboard ____ 625
425 Mercantile Tr 235
C it y ................ 425
400
435
Metropolitan. 340
240
350
Coal A Iron.. 250
220
135 Mutual (WestColonial *____ 350
23d W a r d * ... 125
Chester)____ 105
125
Columbia*___ 205
190
Union Exch.. 185
N Y Life Ins
Commerce___ 252
255 United States* 200
800
Comm'l E x*. 395
450
A Trust___ 725
410 Wash H ’t s * -. 350
625
N Y T r u s t ... 615
C om m onWestch Ave*. 170
427
Title Gu A Tr 420
wealth*___ 210
220 Yorkvllle * ___ 340
435
U S Mtg A Tr 425
Continental*. 120
925
Corn Exch*.. 470
United 8tates 900
480
155 Westchester.. 130
140
Cosmop'tan*.
95
100 Coney Island* 140
Cuba (Bk of). 177
215
182 First................ 200
East River___ 150
165
Greenpolnt... 150
110
120 Brooklyn T r. 505
130 Hillside*. . . . 110
255
900
265
80
95 Hamilton____ 262
165 Mechanics'*— 85
272
Fifth............. - 1150
700
First ________ 990 1020 Montauk *___
95 Kings County 650
85
Garfield_____ 220
215 Manufacturers 205
205
190
130
305
200
315
115
Greenwich * . . 380
205
North Side*.'. 195
830
840
160
145
Harrlman____ 370
imn A T rad .. 600
620
• Hanks marked with a (•) are State banks, t Sale at auction or at Stock ExNew stock.
change this week, t Includes one-half share Irving Trust Co.
I/Ex-rlghts

Bid AskS NewYork Bid Ask

—NY Bid Ask




Brooklyn

Brooklyn

t

N ew

[V ol . 109

Y o r k C ity R e a lt y a n d S u r e t y C o m p a n ie s .
All prices now dollars per share.

Bid Ask

Alliance R'lty 70
Amer Surety.
78
Bond A M G . 243
City Investing 37
Preferred.
82

80
82
248
42
86

Bid Ask ||

Lawyers Mtge 124
92
Mtge B ond..
Nat Surety.. 230
N Y Title A
M ortgage.. 137

Q u o ta tio n s

Bid

12S ! Realty Assoc
97 || (Brooklyn). 115
240 |U S Casualty. 185
(U S Title Guar 80
145 |West A Bronx
J! Title A M G 150

fo r S u n d r y

120
200

S e c u r itie s

All bond prices are "a n d Interest” except whore marked " I .

Shar
Bid Atk

Standard Oil Stocks Per
Pari
3212
Anglo-American Oil new. £11 32
Atlantic Refining_______ 100 1625 167 5
Pref. new_________________ 111 112
Borne-Scrymser Co_____ 100 470 490
97
Buckeye Plpo Line Co___50 *94
Chesebrough Mfg new ...1 0 0 250 265
4
R ights___________________
*2
Preierred new____________ 108 112
Continental OH__________ 100 550 575
34
Croscent Pipe Line Co___50 *32
Cumberland Pipe Line____100 150 170
Eureka Pipe Line Co_____100 150 160
85
Galena-Signal OH com____100 03
Preferred old...................100 108 113
Preferred new____________ 104 109
Illinois Pipe Line________ 100 172 177
94
Indiana Pipe Line Co______ 50 *90
61
International Petroleum. £1 *60
37
National Transit Co___12.50 *35
New York Transit Co___100 178 183
Northern Pipe Line C o. 100 105 110
Ohio Oil Co......................... 25 *363 368
75
Penn-Mex Fuel Co______ 25 *72
Prairie OH A Gas________ 100 685 695
Prairie Pipe Line................100 273 278
Solar Refining___________ 100 365 390
Southern Pipe Line C o ..100 163 168
South Penn Oil...................100 330 3:)5
Southwest Pa Pipe Lines. 100 98 102
Standard Oil (California).100 295 300
Standard Oil (Indiana).. 100 750 770
Standard Oil (Kansas)...1 0 0 590 610
Standard OH (Kentucky) 100 470 485
Standard OH (Nebraska).100 520 530
Standard Oil of New Jer.100 732 736
Preferred______________100 113>4 1133.1
Standard Oil of New Y ’k. 100 440 445
Standard Oil (Ohio)_____ 100 530 540
Swan A Finch___________ 100 115 120
Union Tank Car Co____100 124 126
Vacuum Oil______________100 435 440
45
Washington Oil___________ 10 *40

—Ptr S^are.

Ordnance Stocks
Aetna Explosives pref___100
50
60
Atlas Powder common___100 152 155
Preferred______________100 88
90
Babcock A Wilcox______ 100 118 122
Bliss (E W) Co common. 50*430 470
Preferred_____________ 50* 60
80
Canada Fdys A Forgings. 1001 180 185
Carbon Steel common___100 123 126
1st preferred...______ 100 101 108
2d preferred___________ 100 70
75
Colt’s Patent Fire Arms
M fg............ ...................... 25 *60
63
duPont (E I) de Nemours
„
A Co common_________ 100 370 390
Debenture stock______ 100
92% 94
Eastern Steel....................... 100 88
92
Empire Steel A Iron com .100 22
28
Preferred______________100 67
71
Hercules Powder com___100 227 233
Preferred______________100 167 110
NUes-Bement-Pond com. 100 HO 115
Preferred..........................100 95 100
Phelps-Dodge Corp_____ 100 240 255
Scovlll Manufacturing___100 400 425
Thomas Iron____________ 50 *30
35
Winchester Co com_____ 100 350
1st preferred__________ 100 95
99
2nd preferred_____________
60 66
Woodward Iron_________ 100 43
46
Preferred__________________
80 90

—PtrCl Baslt

R R . Equipm ents
Baltimore A Ohio 4H s____
0.15 5.90
Buff Roch A Pittsburgh 4 He 6.00 5.70
Equipment 4s_________
6.00 5.70
6.00 5.70
Equipment 6 s ________
6.12 5.75
Canadian Pacific 4 H s ___
0.62 6.00
Caro Cllnchfleld A Ohio 6a..
6.50 5.87
Central of Georgia 4 H s ____
6.25 5 87
Chesapeake A Ohio_______
6.25 5.87
Equipment 5s___________
7.25 6.25
Chicago A Alton 4 H s _____
7.25 6.25
Equipment 5s___________
6 50 6.00
Chicago A Eastern 111 6 Ha.
6.50 6.00
Chlo Ind A Loulsv 4 H b-----6.12 5.75
Chic St Louis A N O 5s-----5.80 5.35
Chicago A N W 4 H S ............
6.50 6 00
Chicago R I A Pac 4 H s -----6.50
6.00
Equipment 5s___________
6.50 6.00
Colorado A Southern 6s___
6.75 6.12
Erie 6s________________. . . .
6.75 6.12
Equipment 4 Ha_________
6.50 5.87
Hocking Valley 4i*s----------6.50 5.87
Equipment 6s___________
5 85 5.60
Illinois Central 5a_________
5.85 5.50
Equipment 4 Ha_________
Kanawha A Michigan 4 H a .. 6.50 6.00
5.75 5.35
Louisville A Nashville 5s—
6.00 5.80
Michigan Central os----------6.00! 5.80
Equipment 6s____________
5.87 5.50
Minn St P A S S M 4H S____
Missouri Kansas A Texas 5s. 7.00 6.00
7.00 6.00
Missouri Pacific 5s--------------6.60 5.87
Mobile A Ohio 5s....................
6.50
5.87
Equipment 4 H s __________
New York Central Lines 53-- 6.00 5.75
6.00 5.75
Equlpinent 4H s__________
N Y Central RR 4 % s ---------- 6.15 5 85
6.50 6.00
N Y Ontario A West 4 H « - ~
5.75 5.30
Norfolk A Western 4 H s-----6.75 5 30
Pennsylvania RR 4 H s - - - - 5.75 5.30
Equlpment 4s____________
7.00 6.00
St Louis Iron M t A Sou 6 s ..
St Louis A San Francisco Ea. 7.00 0 25
7.001 6.25
8eaboard Air Line 6s----------7.00 6.25
Equipment 4H 9__________
5.85 5.40
Southern Pacific Co 4 H s —
e.4oj 5.7 5
Southern Railway 4 H s _____
6.40 5.75
Equipment 5s________ ___
Toledo A Ohio Central 4s___ 6.50 5 75

Tobacco Stocks

are.
—PtrPS
ah
r Bid.

American Cigar common. 100
Preferred______________ 100
Amer Machine A Fdry__100
Brltlah-Amer Tobao o r d ..£ l
Ordinary, bearer______ £1
Conley Foil_________r___ 100
Johnson Tin Foil A M et-100
Mac Andrews A Forbes.. 100
Preferred______________ 100
Reynolds (R J) Tobacco. 100
B common stock______ 100
Preferred______________ 100
Young (J S) Co__________ 100
fe Preferred______________ 100

A ll
133
90
110 113
*251; 26
•25
26U
300 325
129
85

110 116
150

00

510
465
103
132

160
97
550
485
106
140

100 110

—Ptr

C tu l.
SLort Term Notes
98
Am Cot Oil 6s 1 9 2 4 ..MAS 2 97
95
Amer Tel A Tel 6s 1924. FAA
95%
95
95%
6% notes 1922______ A&O
Anaconda Cop Min ’2 9 .JAJ 97
Public Utilities
9734
9734
Amer Gas A Eleo com___50 *124 12714 Canadian Pac 6s 1924.MAS 2 97
98
0 SJ4
Preferred_______________ 60 *3912 40>2' Del A Hudson 5s 1 9 2 0 ..FAA
97
9 7*4
Federal 3ug Rfg 6s 1924MAN
Amer Lt A Trao oom____100 207 210
95
General Elec 6s 1920__ JAJ
IDO’S 100%
Preferred______________ 100 93
60
99 ■
98
Amer Power A Lt com___100
Great North 5s 1920
M AS
961
K C Term Ry 4 He 1921.JAJ 94
Preferred______________ 100 73
10
Amer Publlo Utilities comlOO
6s Nov 15 1923..M A N 16 98U 99%
98
99%
Preferred______________ 100 *20' 27
Laclede Gas 7s Jan 1929.
36
99%
LiggettAM y e r 8 T o b 6 s ’ 2 1 J AD 99
Carolina PowALlght com 100
99%
Cities Service Co oom___100 410' 415
N Y Cent 6s 1 9 2 0 ..M AS 15 99
76
Preferred______________ 100 74
Penn Co 4H 8 1921..J A D 15 97% 9734
86 «
16
13
Colorado Power com____100
Pub Ser C o r p NJ 7s ’22.MAS
95
Preferred______________ 100
Sloss-Shef S A I 6s ’ 29.FA A '921*2 9 3 %
' 23
9 4*4
Com'w'th Pow Ry A Lt__100 '
Southern Ry 6s 1923___MAS
48
Preferred______________ 100 45
SwlftACo 6s 1921___FAA 16 *98% 9 9 U
95
87%
Utah Sec Corp 6s'22.M A S 15
Elec Bond A Share pref..100 (192
11
7
Federal Light A Traction. 100
45
Preferred...__________ 100 41
84
Great West Pow 6s 1946.JAJ 80
11
9
Mississippi Rlv Pow oom .100
Industrial
Preferred______________ 100 491 52
7t
76
and Miscellaneous
First Mtge 6s 1951___JAJ
20 A m e r ic a n Brass_________ 100 227 231
Northern Ohio Eleo Corp.(t) *dl.5
93
96
70
American Chicle com____100
Preferred______________ 100 56
85
67
Preferred______________ 100 80
North'n States Pow com. 100 64
152
157
92
90
American
Hardware--------100
Preferred______________ 100
50
47
72
Amer Typefounders com .100
North Texas Eleo Co com 100 67
93
72
Preferrod_________
100 89
Preferred______________ 100
Borden’s Cond Milk com. 100 105 107
Pacific Gas A Eleclst pref 100 ‘ 88*' 90
99
11
Preferred______________ 100 96
9
Puget 8d Tr L A P com ..100
65
Celluloid Company_____ 100 140 155
Preferred______________ 100 51
3
4
16
Havana Tobacco Co------ 100
14
Republic Ry A Light____ 100
12 10
Preferred______________ 100
53
Preferred______________ 100 51
60
1st g 6s June 1 1 9 2 2 ..J-D /5 5
89
87
South Calif Edison com ..100
16
19
Intercontlnen Rubb com .100
Preferred______________ 100 102 105
6,8 75
International S a lt ..-------- 100
28
Standard Gas A El (Del). 60 *26
71
72%
42
1st gold 6s 1951___ . .. A - O
Preferred_______________ 60 *41
92
International Silver pref. 100 *89
4
2
Tennessee Ry L A P com. 100
8 Lehigh Valley Coal Bales. 60 *90 92
Preferred______________ 100
Royal Baking Pow c om ..100 140 145
United Gas A Eleo Corp. 100
Preferred______________ 100 95 100
1st preferred__________ 100
Singer Manufacturing...1 0 0 175 180
2d preferred__________ 100
Singer Mfg L t d --------------- £1 d2% 3*4
United Lt A Rys oom____100
Texas Pac Coal A Oil_____ 10 >155 175
1st preferred__________ 100
60
W'houseChurchKerrACo 100
Western Power common. 100
90
Preferred______________100 '56
Preferred______________ 100

26

2

* Per share. & Baals,
/F la t price, n Nominal,

dPurchaser also pays accrued dividend, eNow stock.
t Ex-dlvldend. yEx-rights, (t) Without par value-

D

e c

THE CHRONICLE

. 6 1 9 1 9 .]

2163

imwstmeni anil ^ailraaxl Intelligence.
mi

. „

.

f .,

.

R A IL R O A D G R O S S E A R N IN G S
® l8 ^ " 8 ea/ nj n g s o f Y « i o u s S T E A M r o a d s fr o m w h ic h r e g u la r w e e k ly o r m o n t h ly r e tu rn s

nan
o X m n s t h e X n i n J s fo r th e

T

r

p

F c™

£

Latest Gross Earnings,
ROADS.

Week or
Month.

Current
Year.

T

“

e

e f t - g r ° l s e a r n in g s f o r th e la t e s t

m0lud‘ n* th6 IateSt weekOT m onth'

Jan. 1 to Latest Dale.

Previous
Year.

Current
Year.

Previous
Year.

o r ™ n t h , a n d th e la s t t w o

The rdu™

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

S
$
S
$
Alabama & Vicksb. October
247,272 236,582 2,287,577 1,987,448 Alonongaheia______
Ann Arbor________ 3d wk Nov
81,116 3,860,319 3,109,207 Monongahela Conn.
90,786
Atch Topeka & S Fe October
18025518 15425189 144822598 133560797 Montour______
Gulf Colo & S Fe. October
2.349.412 1,768.506 17,226,312 15,793,924 Nashv Chatt V St L
Panhandle & S Fe October
701,129 510,792 5,121,281 4,893,460 Nevada-Cal-Oregon
Atlanta Birin & A tl. October
455,211 463,296 4,156,669 3,772,881 Nevada
Northern..
Atlanta & West P t. October
254,615 251,362 7,256,464 2,041,703 Newburgh
& Sou Sh
Atlantic City______ October
277,564 350,371 3.906,677 3,503,184 New Orl Great
or.
Atlantic Coast Line. October
5,539,216 4,987,089 51,815,735 46,380,850 New. Orl & Nor NEast
Baltimore & O h io.. October
18917768 18261057 151527691 143303243 N O Texas & A4ex__
B & O Ch T erm .. October
239,443 155,182 1,658,242 1,514,477
Beaum S &L West
Bangor & Aroostook October
482,540 462,943 4,204,214 3,957,702
St L Browns & AI,October
Bellefonte Central.. September
7,339
11,083
74,755
65,038
York C entral.. October
Belt Ry of Chicago. October
389,626 349,689 3,111,865 3,287.437 New
Ind
Harbor B elt. October
Bessemer & L Erie. . October
1,244,327 1,530,951 11,228,250 11,466,650
Lake Erie & West
Bingham & Garfield October
163,777 309,686 1,010,965 2,908,243
Alichigan
Central.
Birmingham South. October
47,672
92,840
480,310 1,229,763
Cleve C C & St L .
Boston & Maine__ October
7,224,194 6,104,231 59,674,321 57,896,268
Cincinnati N orth.
Buff Roch & Pittsb . 3d wk N ov 210,048 344,894 12,793,082 17,136,228
Pitts & Lake Erie
Buffalo & Susq_____ October
254,034 167,426 1,941,829 1,882,930
Tol & Ohio Cent.
Canadian Nat R ys. 4th wkNov 2,721,699 2,515,883 82,698,389 72,808,704
& M ich
Can Pac Lines in Me October
176,490 117,946 2,189,933 1.S44.238 N Kanawha
Chic & St Louis
Canadian Pacific— 4th wkNov 5,086,000 4,502,000 156390000 138420000 N Y
N H & I la r tf..
Caro Clinch & Ohio. October
544,392 408,122 4,914,208 3.861.35S N Y
Y Ont & Western
Central of Goorgia.. October
1,952,520 1,974,419 17,690,512 17,001,793
Y Susq & W est..
4,077,471 4,434,685 36,973,106 37,526,591 N
Central RR of N J -- October
Norfolk & Western.
Cent New England. October
765,560 479,095 5,617,333 5,081,304 Norfolk
Southern . .
559,887 517,992 4,827,338 4,306,743
Central Vermont— October
AlabamaCharleston & W Car October
296,007 341,925 2.507.730 2,416,585 Northern Pacific_
_
Ches & Ohio Lines. - October
6,771,577 7,467,628 60,445,309 59,367,963 Northern
Alinn
&
Internat.
Chicago & Alton— October
2,429,236 2,388,752 21,120,693 20,124,094 NorthwesternPacific
16281561 14429332 128485758 118462045 Pacific Coast______
Chic Burl & Quincy- October
2,583,422 2,731,341 20,942.490 22,206,343
Chic & Est Illinois- . October
R R ..
Chicago Great West October
2,246,305 1.740,764 18,354,865 15,837.352 Pennsylvania
Balt Ches & A tl. .
1,295,341 1,082,408 10,274,609 8,987,030
Chic Ind & L ouisv.. October
Cine
Leb
&
North
October
Chicago Junction . .
358,756 323,653 3,056,317 2,788.670
Cumberland Vail.
Chic Alilw & St Paul October
14798636 14816516 125060892 110582669
Long Island_____
14252587 13876430 116365239 105303521
Chic & North West- October
M ary’d Del & V a.
Chic Peoria & St L_ October
231,919 194,320 1,453,414 1,831,151
N Y Phila & Norf
Chic R I & Pacific. . October
11372558 10160102 91,777,948 82,780,290
Tol Peor & W est.
Chic R I & G u lf.. October
572.533 385,065 4,042,611 3,642,362
W Jersey & Seash
Chic St P M & Om. October
2,818,819 2,496,072 22,682,130 20,235,460 Pennsylvania
C o__
Chic Terre H & S E October
532.395 554,594 3,600,531 4.185.699
Grand Rap & Ind
Cine Ind & Western October
307,126 371,354 2,563,301 2,605,333
Pitts
C
C
&
St L .
Cin N O & Tex Pac. October
1,382,590 1.371,190 13,295,154 12,567,165 Peoria & Pekin U n.
Colo & Southern— 3d wk Nov 527,614 472,629 22,484,S90
18,935,508
Pere
Alarquette____
Ft W & Den City. October
1,059,220 820,060 9,089,144 6,368,319 Perkiomen________
Trin & Brazos Val October
146,811 111.092 1.105,615
947,427 Phila Beth & N E . .
Colo & Wyoming__ October
57,282 105,000 -876,724
941,604 Phila & Reading__
Cuba Railroad_____ September 1,094.970 875,550 10.341.654 10.062.260
& Shawmut..
Delaware & Hudson October
3,359,670 3,172,081 29,049,930 29,254,606 Pittsb
Pitts Shaw & North
Del Lack & Western October
6,401,622 6,729,812 59,370,606 56,466,122 Pittsb
& West V a ..
Denv & Rio Grande October
3,477,549 3,257,741 27,020.629 25,547,191 Port Reading______
Denver & Salt Lake October
292,153 223,698 2.396.731 1,816,197 Quincy Om & K C . .
Detroit & Mackinac October
193,524 135.436 1,380,352 1,288,796
Fred & Potom .
Det & Tol Shore L .. October
225,198 169,994 2,044,421 1,616,681 Rich
Wash Southern..
Detroit Tol & Iront. October
430,830 354,043 3,148,023 3.763.700 R utlan
d __________
Dul & Iron R ange.. October
603,652 1.098,609 7,397,771 8,409,892
Jos & Grand Isl’d
Dul Missabe & Nor. October
2.229.239 3,195,440 18,698,783 19,925,877 St
St
Louis-San
F ra n ..
Dul Sou Shore & Atl 2d wk N ov
93,461
86,940 4,155,801 4,206,271
Ft W & Rio Gran
Duluth Winn & Pac September
153.533 126.056 1.412.359 1,267.889
St L-S F of Texas
East St Louis Conn. October
109,586 102,039 1,009,936
938,714 St Louis Southwest.
Elgin Joliet & East. October
1,151,891 2,391,205 10,128,294 16,032,631
L S W of Texas
El Paso & So W est. October
1,168,006 1,179,466 10,460.981 12,306,597 St St
Louis Transfer. _
Erie Railroad______ October
8,751,987 9,492,516 70.050,003 71,440,475 San Ant & AranPass
Chicago & E rie .. October
954,229 1,209,802 8,620,445 8,797,711 Seaboard Air L in e..
Florida East Coast. October
812,119 611,213 8,260,186 7,333,518 South Buffalo_____
Fonda Johns & GIov Octobor
102.589
88,406 1,042,374
931,423 Southern Pacific__
Ft Smith & Western October
209,552 134,951 1.340,391 1,059,614
Arizona Eastern. .
Galveston W harf.. October
101,989
81,737
726,766
872,228
Galv Harris & S A
Georgia Railroad.. October
723,781 657,336 5,177,735 5,379,468
Hous & Tex Cent. October
Georgia & Florida.. October
91,635
94,510 „ 818,535
839.924
IIous
E & W T ex. October
Grd Trk L in New E October
225,308 143,308 2,840,019 1,847,831
Louisiana Western October
Grand Trunk Syst_ 2d wk Nov 1,488,716 1.471,654 58.998.596 50,628,614
Alorg La & Texas October
Grd Trunk West. October
2.212.240 2,004,327 18,529,516 15,300,601
Texas & New Orl.
Great North System October
\ 1790298 12090441 89,025,304 80,657,056 Southern Railway. _
Gulf Mobilo & Nor October
306,827 216,346 3,297,998 1,987,720
Ala Great South.
Gulf & Ship Island. October
223.412 204,090 2,021,332 2.178,820
Mobile & Ohio__
Hocking Valley___ October
1,418,374 1,561,990 10,001,359 11,385,582
Georgia Sou & Fla
Illinois Central____ October
10774863 9,769,271 89,670,631 88,993,826
South Ry in Aliss.
Internal & Grt N or. October
1,364,460 1,319,817 11,742,020 11,123,938 Spokane
Internat . .
Kan City Mex & Or October
148,592 132,893 1.137,713 1,112,535 Spok Portl
& Seattle
K C Mex & O of Tox Octobor
145,091 111,120
972,009
999,077
Staten
Island
R T _.
Kansas City South. October
1,463,258 1,507,334 12,360,548 12,487,379 Tenn Ala & Georgia
Texark & Ft Sm_. October
163,623 127,719 1,234,948 1,014,102 Tennessee Central..
Kansas City Term. . October
146,045 114,612 1,156,457 1.033.199 Term R R Assn of St L
Lehigh * Hud River October
309,462 191,752 2,256,902 1,904,826
St L Mer Bdge T .
Lehigh & New Eng. October
449,423 305.513 3,219,201 0,317,265 Texas
& Pacific___ j.
Lehigh V alley------- October
6,210,026 6,292,522 53,379,836 53,678,353
Toledo
L & West October
Los Ang & Salt Lako Octobor
1,577,112 1,462,289 14,080,585 12,039,570 Ulster &StDelaware..
October
Louisiana & Arkan. October
178,348 134,338 1,712,102 1,388,676 Union Pacific______'October
Louisiana Ry & Nav September
298,961 268.859 2,583,090 2,253,572
Oregon Short Line October
Louisville & Nashv. October
10450909 10192131 89,043,901 83,560,074
Ore-Wash RR & N October
Louisv Hend & St L October
280,249 187,986 2,443,842 2,337,951
RR (P en n ).. October
Ataino Central_____ October
1,594,678 1,410,692 14,447,154 13,538,535 Union
U ta h ---------------------- October
Midland Valley___ September
339,244 326,524 2,877,453 2,520.767 Vicks
Shrev
& Pac. October
Mineral Rango_____ 2d wk Nov
13.961
20,577
669.225 1,000.725 Virginian R R ______ October
Minneap & St Louis October
1,460,086 1,216,594 11,152.329 9,953,872
Wabash R R ________October
Minn St P & S S AI. Octobor
4,483,018 4,256,832 35,162,854 28,611,701 Western
M aryland. October
Atlssissippi Central. October
103,974
89,614
843,510 1,072,724 Western Pacific___ October
Alissouri Kan & Tex October
3,235,979 3,556,117 28,328,571 27,069,349 Western
Ry
of A la .. October
October
M o K & T Ry of Tox
2,532,783 1,830,898 20,650,753 16,056,722 Wheel & Lake
October
AIo & North Arkan. October
162,936 117,159 1,308,023 1,178,027 Wich Falls <&N Erie.
W__ October
M oO k la& G u if___ October
211,767 156,908 1,232,473 1.516.996 Yazoo
&
Miss
Valley
October
Alissouri Pacific____ October
9,398.504 8,461,602 76,882,428 73.248.968
A G G R E G A T E

* Weekly Summaries.
1st week Sept (14 roads),
2d week Sept (14 roads),
3d week Sept (8 roads),
4th week Sept (14 roads),
1st week Oct (8 roads),
2d week Oct. (13 roads),
3d week Oct (14 roads),
(9 roads),
4th week Oct
1st week Nov. (14 roads),
2d week N ov (14 roads).
3d week N ov ( 8 roads).
VVe no longer include J




Current
Year.

Previous
Year.

O F

G R O S S

Increase or
Decrease.

E A R N I N G S —

%
S
S
S
8.487.457
7,539,327
+948,130 12.58
9,112,054
7,517 915 +1.594,139 21.20
7,526,452 5,909,152 + P.617.300 27.37
13,554,337 10,992.251 +2.562.086 23.42
8,512,726
7,547,948
+964,778 12.78
8,705,749 7,789,435
+916,314 11.64
9,751,383 8,364.852 + 1.386.531 16.57
1.3,060,631 11,621.996 + 1,438.635 12.38
8,852.433 8,110,510
+741,923 9.15
9,193,612 8,065,344 + 1,128,268 13.99
7,838.940 7.038.555
+800.385 11.37
lean roads 1

W e e k ly

a n d

Previous
Year.

the dedHc
Jan. 1 to Latest Dale.
Current
Year.

Previous
Year.

2,600,363
2,023,382
1.130,219
17,790,855
257,227
2,248,051
1.168.984
1,849,390
5,411,698
1,639,809
1,187,194
3,661,413
239294263
4,542,970
7,729,450
55,568,239
58,959,212
2,277,224
27,427,568
8,320,313
4,986,241
17,961,574
87,075,143 85,055,277
9,285,769 9,320,357
3,230,886' 3,589,233
63,482,641
1
" 67,264,435
5,353,564 4,673.843
960,795 1,159,229
83,246,512 82,813,284
883.060
843,183
5,463,239 4,834,458
3,694,108 4,178,597
318884368 301212035
1,360,231 1.170,674
810.079
755.910
4,780,021 4,672,897
20,902,801 18,861.378
881,113
1,146.273
6,834,622 6,126,778
1,372,806 1.347,617
10.397.484 8,980,412
89,190,596 77,375,670
6.834,117 6,015,245
77,920,045 72,249,641
1,018,199 1,053,579
28,966,321 23,400,040
912,020
893,609
686,436 1.231,159
61,042,066 66,329,561
994,737 1,127,972
973,210 1,050,650
1,145,167 1,581,735
2,097,422 2,079,087
915,993
890.777
6,539,624 5,602.785
3,890,099 3,100,850
3,974,858 3,858,228
2,451,135 2,208,768
64.363.484 57,326,976
1,321,552
955,739
1.265,353 1.161,660
10,876,734 10.608,858
4,793,212 3.012,393
925,180
938,309
3,649,244 3.566,416
33,956,085 31,951,853
830,820 1.301.921
139322830 126556963
3,077,953 3,723,338
17,540,860 17,770,510
7,584,750 7,536,243
1,943,604 1,702,982
---------- 3,396,485 3,629.596
677,496 6,333,768 6.712.233
636,536 6,646,996 6,142,456
12269788 105782843 105380258
822,985 8,489,660 7.543.922
1.393.9S6 12,741.597 12,311,395
323,467 3,567,683 2,923,482
162,713 1.458.681 1,175,770
9 U 23
948.300
339,361
899,059 6,124,342 7,001,361
172,731 1,897.671 1.574,344
„ 2,810
120,965
122,542
279,167 2,099,194 2,496,145
385,560 3,247,076 3.214,264
377,687 2,554,056 3,065,037
666,019 31,577,832 23,504,186
767,458 6,650.029 6,801,989
92,386 1,032,760
863,452
10897724 92,571,713, 80,756,487
3,427,247 31,619,028 28,045,123
2,506,041 23,604,122 21,780,903
684,331 6,523,312 5,818.278
152,009 1,003,430 1,175,214
245,494! 2,733,679 2,116.719
1.231,845 9,992,168 9,911,593
5,067,330 39,912,316 39,418.660
1.262,474 12,375.593 12.271.879
1,065,732 11,146,096 9,414,198
, 254,762 2,095,349 2,070,806
1,519,074 10,843,042 11,511,848
106,120 1,856,727
869,378
1,970,667 20,315,648 17,904,311

M o n t h l y

Current
Previous
Increase or
*Monthly Summaries.
Year.
Year.
Decrease.
Mileage.
Curr.Yr. Prev .Yr.
S
S
S
November . .232,274 232 .259 438.602.283 356.438,875
December ..232,774 232 ,399 438.365.327 335.607.571 +82,163,408 23.06
+102757756 30 62
January____232.655 233 ,199 395.552,020 284.131.201
February ...2 3 2 .9 5 7 233, ,266 351,048.747 289,392.150 + 111420.819 39.22
+81.656.597 21.31
M arch --------226.086 225, ,631 375.772.750
+ 10,676,415 2.90
A p r il......... 232,708 233, 251 388,697.894 365,096.335
+ 17.986,895 4.85
M a y ............ 233.931 234, 339 413.190,468 370.710.999
+35.1,32.305 9.29
June.............. 232,169 232 ,682 424.035.872 37,8.058.16,3
+ 30.769.974 7.83
J u ly ............. 226.654 226, ,934 454.588.513 393.265.898
469.246.733 — 14.658.220 3.13
A u g u s t ____233,423 233, 203
502.505.334 — 32,6.36,656 6.4P
September . .232,772 232 .349 469,868.678
495.123.397 485.870.475 +9.252.922 1.90

THE CHRONICLE

2164

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of Novem ber. The table covers 12 roads and shows 1 0 .4 4 %
increase in the aggregate over the same week last year.
Increase. Decrease.

1918.

1919.

Third Week of November.

81,116
90.786
Ann Arbor_________________
344,894
210.018
Buffalo Rochester & Pittsburgh
Canadian National Railways— 2,108.164 1,884,198
Canadian Pacific........................ 4,111.000 3,582,000
472,629
527,614
Colorado & Southern--------------Grand Trunk o f Canada--------1,433,496 1,357,756
Grand Trunk Western--------Detroit Grand Hav & M ilw.
Canada Atlantic----------------4,889
7,558
Nevada-California-Oregon-----2,810
3,358
Tennessee Alabama & Georgia..
666,019
780,412
Texas & Pacific_______________
Total (12 roads)------------------Net increase (10.44% )________

9,670

134,846

223,966
529,000
54,985
75,740
2,669
548
114,393

134,846

9.272.436 8,396,311 1,010,971
876,125

N e t E a r n i n g s M o n t h l y t o L a t e s t D a t e s . — T h e t a b le
fo llo w in g s h o w s t h e g r o s s a n d n e t e a r n in g s w it h c h a r g e s a n d
s u r p lu s o f S T E A M r a ilr o a d a n d in d u s tr ia l c o m p a n ie s re
p o r t e d th is w e e k :
Roads.

.
,_
.
------ Gross Earnings--------------Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

$

Alabama & V icksburg-b.Oct 247,272
Jan 1 to Oct 31______ 2,287,577
Ann Arbor b
________ Oct 444,785
Jan 1 to Oct 31______ 3,601,409
Atch Top & Santa F e.b--O ctl8.025,518
Jan 1 to Oct 31______ 144822598
Gulf Colo & S F e -b ..-O c t 2,349,412
Jan 1 to Oct 31........... 17,226,312
Panhandle & S F e .b .-O c t
701,129
Jan 1 to Oct 31......... - 5,121,281
Atlanta & West P oint-b-O ct 254,615
j S i l to Oct 3 1 - - - - - - 7,256,464
Atlanta Birm & Atl b _ .-O c t
455,211
Jan 1 to Oct 31______ 4,156,669
Atlantic City b
___ Oct 277,564
Jan 1 to Oct 31______ 3,906,677
Atlantic Coast Line b - .-O c t 5,539,216
Jan 1 to Oct 31______ 51,815,735
Baltimore & Ohio b _____Octl8.917,768
“ n 1 to Oct 3 1 -......... 151527691
Balt & Ohio Chi T erm .b-O ct
239,443
Jan 1 to Oct 31______ 1,658,242
Bangor & A roostook-b--O ct 482,540
Jan 1 to Oct 31______ 4,204,214
Bessemer & Lake E rie.b.O ct 1,244,327
Jan 1 to Oct 31______ 11,226,250
TUTurham Carfield b
Oct
163 777
® gJa“ l to Oct 3 1 - :'- - - - 1,010,965
Boston & M ain e.b ______Oct 7,224,194
Jan 1 to Oct 31........... 59,675,321
fD„rroi« Hr Sikh h
Oct
245.034
Jan 1 to O c r s i : : : . - - 1.941.829
Buffalo Roch & P itts.b .-O ct 1,554,132
Jan 1 to Oct 31______ 12,110,844

s

236,582
1,987,448
338.503
2,850,604
15.425.189
133560797
1,768,506
15.796,924
510,797
4,893,460
251,362
2,041,703
463,206
3,772.884
350,371
3.503,184
4,987,089
46,3^1,850
18,261,057
143303243
155,182
1,514,477
462,943
3,957,702
1.536.951
11,466,650
309,686
2,908:243
6.104,231
57,896.268
167,426
1.882:930
1.743,177
15,393,611

s

®

75,167
39,253
318,555
355,086
109,328
72,730
649,655
242,077
5,885,191 4,981,345
37,522.931 40,965,722
662,317
429,381
2,556,762 3,864,420
171,990 def25,372
def369
607,747
71,730
55,295
588.646
646.920
defl2,201 defll3,442
def637,339 def245,599
defl5,332
113,438
1,040,531 1,103,657
1,028,437 1,188,938
7.668.675 11,616,300
3,504,664df 1,443,264
10,681,617 12,634,438
def15.225 def95,627
548,383 def698,127
7,473
7,013
230,614
487,062
323,284
541,165
2,874,368 3,909,929
46,642
148,252
def134,168 1,393,590
1,195,988
574,471
6.328.496 7,524,586
defl2,455
def8,585
def206.821
88,934
81,339 defl48,716
def385,127
965,973

CaD j l n ni Pt o O c t a3 i : I :?_C-t 1422M6626 126763715 2t;40i:051 28;292:lo4
•Canadian Paic LinesM eb.O ct ,, 176.490 x 117.946 **13.553 ^ 5 0 .5 7 9

'0aX°i% ?^ 0 % 0£°.:b0* 4,95f e 30982 S jU S jB
Centj f n Nr t o E cfcib 3i - : : 0 -C- 5.6?75S

5S

S

i J M
r r Of N J b
Oct 4 077,471 4,434,685
Ce“ t o l t o O C t 3 i : : : - 36:973,106 37,526,591
•Central Vermont b
_Oct 559,887
517,992
j t n l ^ Oct 3 1 - 1 - - 4,827.338 4,306,743
•Charleston & W C a ro.b .O ct
296,007
341,925
Jan 1 to Oct 31______ 2,507,730 2,416,555
•Chesapeake & O h io -b -.-O c t 6,771,577 7,467,628
Jan 1 to Oct 31........... 60,445.309 59,367.963
■Chicago & A lto n .b .........Oct 2,429,236 2,388,752
j i n 1 to Oct 31........... 21,120,693 20,124.094
Chicago & East 111.b___ Oct 2,583,422 2,731,341
Jan 1 to Oct 31........... 20,942,490 22,206,843
•Chicago & North W est.bOctl4,252,587 13,876,430
Jan 1 to Oct 31........... 116365239 105303521
Chic Burl & Q u in cy -b -.O ctl6 ,2 8 1 ,561 14,429.332
Jan 1 to Oct 31______ 128485758 118462045
•Chic Great W estern.b--O ct 2,246,305 1.740,764
Jan 1 to Oct 31_______ 18,354,865 15,837,352

M
■ C tta jo Jr

« i o n . b . ; ; ; ; Oct J g . 7 8 8

S & ffi

“

38

iS & ffl
372,302
4,189.918
def20,170
def360,668
2,020
225,313
623,285
11,398.294
161.441
1,860,252
408,832
914,948
2,938,035
19,052,996
4,297.399
29,550,397
477,746
2,630,745

1,362,919
8,769,555
37,750
def41,836
145,108
516,570
2,401,045
15,113.892
0 585.290
3,371,687
531,348
2,580,685
3,901,329
16,984,878
4,101,148
26,564,748
def429,042
1,345,996

ii8 3 8 i M

2 323.053

•Chi Milw & St P - b .........O ctl4,798.636 14,816,516 2,780.110
Jan 1 to Oct 31........... 125060892 110582669 10.772,407
•C h i R I & P a c .b ________ O c tll,372,558 10,160,102 2.067,029
Jan 1 to Oct 31........... 91,777,948 82,780.290 13,749,544
Chi R I & G u lf.b .........Oct 572.533
385,065
211.516
Jan 1 to Oct 31........... 4,042,611 3,642.362
717,441
Chi St P Minn & O -b .-.O c t 2,818,819 2,496.072
556,944
Jan 1 to Oct 31........... 22,682,130 20,235.460 3.690.444
Chic Terre Haute & SE .b.O ct
532,395
554,594
80,758
Jan 1 to Oct 31........... 3,600.531
4,185,699 defl0,097
Cine I n d & W e s te r n .b ...O c t
307,126
371,354 def48,276
Jan 1 to Oct 31........... 2,563.301 2,605,333 def286,854
CIn New Orl & Tex Pac.bO ct 1,382,090 1,371,190
def6.692
Jan 1 to Oct 31........... 13,295.154 12,567.165 1,037.963
Colorado & S outh.b___ Oct 1,196.903 1.181,111
213,526
Jan 1 to Oct 31........... 10,880,418 10,332.576 2,026,164
Ft W & Den C it y .b -.-O c t 1,059,220
820,060
290.855
Jan 1 to Oct 31........... 9,089,144 6,368,319 2,809.029
Trinity & Braz V a l.b .O ct
146,811
111.092 def36,929
Jan 1 to Oct 31______ 1,105,615
947,427 def467,722
•Colorado & W yom ing.b-O ct
57,282
105.000
23,147
876.724
941,604
183.449
Jan 1 to Oct 31...........
Delaware & H u d s o n .b -O ct 3,359,670 3,172,081
360,175
Jan 1 to Oct 31........... 29,049.930 29,254,666 2.840.320
D el Lack & W e st.b .........Oct 6,401,622 6,729,812 1,284,617
Jan 1 to Oct 31............. 59,376,606 56,466,122 13,202,847
^Denver & Rio G rande.b.O ct 3,477,549 3,257,741 1,072,112
Jan 1 to Oct 31............. 27,020,629 25,547,191 5,927,972




JU S

1,211 ,’537

a g & lg
220,251
10,641,934
2.407.906
13.161,714
§9.661
981,323
164,144
3,214,451
145,413
588,748
def7,746
35,241
318.574
2,442,258
279.186
2,659,248
251.898
1,408,387
dpf30,407
def319,023
21,112
219,760
def442,931
3,322.590
2,262,783
15,907.595
705,801
5,011.282

[V ol . 109.

------ Gross Earnings----- -------- Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
S
$
$
def39,778
def52,344
Denver & Salt L a k e .b ...O c t
292,153
223,698
Jan 1 to Oct 3 1 .......... 2,396,731 1,816,197 def626,001 def406,166
6,563
51,496
Detroit & M ackinac-b_.Oct
193,524
135,436
132,697
24,426
Jan 1 to Oct 3 1 -......... 1,380,352 1,288.796
68,111
93,687
Det & Tol Shore L ine.b.O ct
225,198
169,994
701,437
Jan 1 to Oct 31______ 2,044,421 1,616,681 1,014,300
58,842
def9,254
Detroit Toledo & Iront.b.Oct 430,830
354,043
Jan 1 to Oct 31______ 3,149,023 2,763,900 def314,929 def231,404
181,130
634,913
Duluth & Iron R an ge.b. .O ct 603,652 1,098,609
Jan 1 to Oct 31______ 7,397,771 8,409,892 3,585.123 4,437.733
1,471,835
2,324,813
Dul Miss & N orth .b ___ Oct 2,229,239 3,195,440
Jan 1 to Oct 31______ 18,698,783 19,925.877 12,285,544 13,087.348
77,927
115,303
Dul So Shore & A tl.b -.-O c t
465,743
483,849
387,215
513,633
Jan 1 to Oct 31........... 3.981.777 4,086,822
East St Louis C onnect.b.O ct
109,586
102,039 def25,764 def50,735
Jan 1 to Oct 31______ 1,009.936
938,714 def93.472 def 160,107
596,678
Elgin Joliet & E a st.b __ Oct 1,151,891 2,394,205 d ef103,257
Jan 1 to Oct 31______ 16,128,294 16,032.631 3,736,416 4,399,180
855,982 1,811.933
E r ie .b __________________ Oct 8,751,987 9,492.516
Jan 1 to Oct 31______76,050,003 71,446,475 3,218,805 def362,813
252,326
434,413
Chicago & E r ie -b .:..-O c t
954,229 1.209,802
870,943
Jan 1 to Oct 31______ 8,620,445 8,797.711 1,499,505
185,361
26,382
Florida East Coast_b------Oct 812,119
611,213
Jan 1 to Oct 31______ 8,260,140 7,333,518 1,355,105 1,974,290
30,689
66,729
Ft Smith & W est.b ______Oct
209,552
134,954
133,307
203,236
Jan 1 to Oct 31______ 1,340,391 1,059,614
7,666
def3
Galveston W harf.b______Oct
101,9S9
81,737
300,510
32,060
Jan 1 to Oct 31______
725,766
872,228
285,210
239,972
Georgia _ b _______________Oct
723,781
££7,336
Jan 1 to Oct 31______ 5,177,735 5,379,468 1,088,545 1,939,828
def44,885 def24,270
Georgia & F lorida.b-------Oct
91,635
Jan 1 to Oct 31______
818,535
839,974 def289,994 dcf20,877
Grd Trk Lines in N Eng b Oct 225,308
143,308 def66,405 def217,224
Jan 1 to Oct 31--------- 2,846,619 1,847.831 def801,852 def536,942
775,678
378.962
Grand Trunk W e st.b ----- Oct 2,212,240 2,004,327
735,110
Jan 1 to Oct 31______18,529,516 15,300,601 4,144,766
Great N orthern.b---------Octll.790,298 12,090,441 3,892,834 4,169,931
Jan 1 to Oct 31______89,025,304 80,657,056 18,446,737 14,117,864
def9,640
34,223
Gulf & Ship Island.b____ Oct
223,412
204,090
19,518
516,814
Jan 1 to Oct 31______ 2,021,332 2,178,820
13,814
42,696
Gulf Mobile & N orth .b._O ct
306,827
216,346
309,427
56,253
Jan 1 to Oct 31.........- 3,297,990 1,987,720
550,923
450,949
Hocking V alley.b_______ Oct 1,418,374 1,561,990
Jan 1 to Oct 3 1 --___ 10,001,359 11,385,582 2,147,113 2,635,733
Illinois Central.b----------- OctlO.774,863 9,769,271 1,459,197 1,541,632
Jan 1 to Oct 31______89,670,631 88.993,826 9,039,026 15.853,961
310,476
Internat & Gr N o r .b ___ Oct 1,364.460 1,319,817 def96,320
Jan 1 to Oct 31______11,742,020 11,123,938 def764,680 1,731,042
K C Mex & Orient_b____ Oct
148,592
132,893 dof56,851 def 14,193
Jan 1 to Oct 31___ : — 1,137,713 1,112,535 def472,165 dof219,869
K C M e x & O o f T e x - b .- O c t
145,091
111.120 def42,791 dof43,515
Jan 1 to Oct 3 1 -.........
972.009
999,077 def544,463 def225,850
458,259
466,024
Kansas City South.b----- Oct 1,463,258 1,507,334
Jan 1 to Oct 3 1 -.......... 12,360,548 12,487,379 2,190,413 3,561,960
64,960
62,883
Toxark& Ft S m ith.b.-O ct
163,623
127,719
272,922
316,254
Jan 1 to Oct 31_____ 1,234,948 1,014,102
15,156
923
Kansas City Term inal.b.Oct
146,045
114,012
197,568
138,771
Jan 1 to Oct 31______ 1,156,457 1,033,199
102,600
17,520
Lehigh & Hudson R iv .b .O ct
309,462
191,752
500,854
299,762
Jan 1 to Oct 31______ 2,256,902 1.904,826
15o,003
75,351
305,513
Lehigh & New E n g .b -------Oct 494,423
970,924
813,623
Jan 1 to Oct 31........... 3,219,201 3,317,265
632,621
990,759
Lehigh V alley.b--------------Oct 6,210,026 6,292,522
Jan 1 to Oct 31______ 53,379,836 53,678,353 4,906,990 6,946,990
491,520
505,774
Los Ang & Salt L a k e.b .-O ct 1,577,112 1.462,289
Jan 1 to Oct 31______14,080,585 12,039,570 3,478,548 3,142,132
7,163
Louisiana & Arkansas.b.Oct
178,348
134,338 def20,718
197,582
Jan 1 to Oct 3 1 .......... 1,712.102 1.388,676 def76,996
125,136
87,581
Louisv Hend & St L .b -.O c t
280,249
287.986
713,445
559,344
Jan 1 to Oct 31_____ 2,443.842 2,337,951
Louisville & Nashville.b.OctlO,450,909 10,192.131 2,082,519 1,847,879
12,163,041
19,076,013
Jan 1 to Oct 31______89,043,901 83,560,674
Maine Central.b________ Oct 1,594,678 1.410.692 def19,030 def44,048
639,622
Jan 1 to Oct 31______ 14,447.154 13,538,535 defl66,621
10,794
1,687
Mineral R ange.b------------ Oct
62,918
21.146
Jan 1 to Oct 31______
637,402
950.846 def56,202
211,882
250,681
Minn cap & St L ou is.b -.O ct 1,460,086 1,216,594
608.504
758,734
Jan 1 to Oct 31______11,152,329 9,953.872
Minn St P & S S M .........Oct 4,483,018 4,256,832 1,032.489 1,414,511
4,439,472
6,940,046
Jan 1 to Oct 31______35,162,854 28,611,701
8,684
10,479
Mississippi Central.b— Oct
103,974
89,614
291,797
843,510 1,072,724 def91.813
Jan 1 to Oct 31______
1,399.322
678,922
M o Kan & T exas.b.........Oct 3,235,979 3,556,117
Jan 1 to Oct 31...........28,328,571 27,069,349 4,562,191 4,770,903
116,611
23,721
M o Kan & Tex of T e x .b .O ct 2,532 783 1.830.898
720.946
853,245
Jan 1 to Oct 31...........20,650,753 16.056,722
defl6,626
3,223
Missouri & Nor A r k .b — Oct
162,936
117,159
84,322
Jan 1 to Oct 31........... 1,308.023 1,178,027 def410,101
def4,127
Missouri Okla & G u lf.b .O ct
211.767
156,908 def42,123
Jan 1 to Oct 31______ 1,232,473 1,516,996 def649,522 def217,367
1,655,836
433,348
Missouri P acific.b---------Oct 9,398,504 8,461,602 Q,\7Q,792
13.576,776
Jan 1 to Oct 31______76.882,428 73,248,968
10,872
11,484
Monongahela C onnect.b.Oct
108,814
236,222
289,987
Jan 1 to Oct 31........... 1,515,524 2,023.382 def96,364
478,709
233,085
Nash Chatt & St L ...........Oct 1,858,640 2,137,226
Jan 1 to Oct 31...........16,284,729 17.790.855 1,225,340 3,498,516
131,126
47,045
Nevada N orthern.b------- Oct
158,679 . 262,164
404,866 1,147,347
Jan 1 to Oct 31........... 1,264.313 2,248,051
54,818
8.040
New Orl Great N o r .b — Oct
101.845
i ? o ’?Qn
523,508
173,173
Jan 1 to Oct 31........... 1,914,446 1,849,390
129,394
33,225
New Orl & N ortheast-b.O ct
530,322
591.209
450.482 1,218,822
Jan 1 to Oct 31______ 5.311,828 5,411.698
99,987
55,747
New Orl Tex & M o x .b -.O c t
229,789
175,756
412,522
236,520
Jan 1 to Oct 31........... 1,660,897 1,639,809
34,817
32,972
Beau Sour Lake & W b Oct
134.375
111.562
105,564
393,588
Jan 1 to Oct 31--------- 1,103,000 1,187,194
222,469
142,265
St L Browns & M ex .b -O ct
537,215
461,584
Jan 1 to Oct 31........... 4,506,213 3,661,413 1,399,429 1,201,969
Now York Central.b___ Oct29,205,871 28,673,374 6,716,046 9,534,580
Jan 1 to Oct 31........... 258.216.642 239294.263 51,339.952 49,097,351
C le v C in C h l* S tL .b .O c t 7,468,981 7,137,150 2,326,651 1,403,701
Jan “ to Oct 31........... 60,561,108 58.959.212 14,944,987 16,544,658
89,796
85,807
Cincinnati N o r th .b ...O c t
268,544 „ 295,784
619.013
366,331
Jan 1 to Oct 31_____ 2,425,489 2,277,224
def137,946
defl54,170
Indiana Harbor Belt.b.Oct 644,338
482,642
Jan 1 to Oct 31........... 5.447,281 4,542,970 def395,952 def615,967
92,712 _ 300,791
Kanawha & M lc h .b ...O c t
477,400
692,796
315,797 1,504,123
Jan 1 to Oct 31______ 3,681,965 4,986,241
46.936
257,579
Lake Erie & W est.b ..O c t
945,284
972,138
858,452
600,146
^ J a n 1 to Oct 31______ 8,111,224 7,729,450
Michigan C en tral.b..O ct 7,819,647 6,644,538 2,622,761 2,056,674
Jan 1 to Oct 3 1 .- ___.64,737,873 55,568,239 17J94.727 13,650.243
210,900
264,316
Toledo & Ohio C en t.b .O ct 1,018,873 1,133,380
760.531
939.150
Jan 1 to Oct 31______ 7,869,533 8,320,313
Roads.

D ec . 6 1919.]

THE CHRONICLE
------ Gross E a rnin gs ------ ------N e t

R oa ds.

C urrent
Year.

P revious
Year.

E a rn in gs -----C urren t
Previous
Year.
Year.

$
$
N Y Chicago & St L .b .- O c t 1,957,582 2,327,660
428,981
626,904
Jan 1 to Oct 31---------19,665,068 17,961,574 4.664,279 3,837,171
N Y New Ila v & H a rt.b . Oct 10,346,762 9,353,128 2.089,944 1,324 577
Jan 1 to Oct 31---------87,075,143 85,055,277 11,264,850 15,068,220
N Y Ont & W estern.b__ Oct
893,950
900,823 def20,082
13,585
Jan 1 to Oct 31--------- 9,285,769 9,320,357 1,244,927 1,274,452
N Y Susq & W estern.b..O ct
360,171
504,876
27,473
214,346
243,850
Jan 1 to Oct 31--------- 3.230.886 3,589,233
482.490
Norfolk Southern.b------- Oct 666,483
521,770
134.051
42,627
261,058
Jan l , t o Oct 3 1 .......... 5,353,564 4,673,843
454,037
Norfolk & W estern.b— Oct 7,459,599 8,027,949 1,392,931 2,173,671
Jan 1 to Oct 31--------- 63,482,641 67,264,435 11,619,648 16,708,919
Northern A labam a.b------Oct
118,375
161,176
25,545
69,792
Jan 1 to Oct 31--------960,795 1,159,229
73,042
366,696
Northern P a cific.b ------- Oct 10,703,039 12,167,441 3,682,872 5,559,573
Jan 1 to Oct 31--------- 83,246,512 82,813,284 20.461,854 24,278.156
Minn & In te rn a t.b -.-O ct
83,190
69,812
195 defl0,539
Jan 1 to Oct 31...........
883,060
843,183
def8,294
29,254
Northwestern Pacific.b._Oct 673,881
511,814
194,112
177,334
Jan 1 to Oct 31--------- 5,463,239 4,834.458 1,216,009 1,668,614
Pennsylvania.b------------ Oct 36,030.244 37.010,854 3,153,530 4.189,062
Jan 1 to Oct 31------- 318,884,368 301212,035 28,571,743 3i;863|733
143,724
Balt Ches & A t l.b ___ Oct
130,990
11,681 defl0.700
Jan 1 to Oct 31______ 1,360,231 1,170,674 defl5,839
47,364
Maryland Del & V a .b .O ct
122,033
102,947
8.502 defl5,593
Jan 1 to Oct 31______ 1,146,273
881,113
11,316
def8,619
Toledo Peo & W est.b .O ct
169,326
155,508
def2,052
def3,649
Jan 1 to Oct 31______ 1,372,806 1,347,617 def75,860
def9,720
West Jer & Sea S h .b _.O ct
900,029
808,412
3,937 defl63,889
Jan 1 to Oct 31______10,397,484 8.980,767 1,165,413
994,753
Pennsylvania C o .b ...O c t 10,607,011 10,368,823 1,336,933
...
_ 1.427,289
Jan 1 to Oct 31______ 89,190,596 77,375,670 11,701,781 7,745,262
Grand Rap & I n d .b ..-O c t
812,169
691,072
162,324
149,044
Jan 1 to Oct 31______ 6,834,117 6.015,245
854,549
705.144
Pitts C O & St L . b ___ Oct 8,930,380 8,996,414 def84,780 1.340,655
Jan 1 to Oct 31______ 77,920,045 72,249,641 5,380,519 8,178,766
Cine Leb & N orth.b__Oct
141,699
93,818
9,163 def 16,880
Jan 1 to Oct 31______
951,778
849,729
def8,112 def80,882
Cumberland Valley.b.Oct
546,312
561,620
155,152
135.456
Jan 1 to Oct 31........... 4,780,021 4,672,897
860,485 1.700,769
N Y Phila & N o r f.b __ Oct 735,791
727,732
112,594
98,257
Jan 1 to Oct 31______ 6,834,622 6,126,778 1,041,573 1.119,961
Peoria & Pekin U nion.b.O ct
151.131
111,891
def1,282 def27,349
_________
Jan 1 to Oct 31...........1,018,199
1,053,579 def381,276 def120,546
Pere M arquette.b______ Oct 3,539,289 2,960,108 1,174,870
836,995
Jan 1 to Oct 31..........28,966,321 23.400,040 7,487,025 4,169,452
Perkiom en.b____________ Oct
99,137
114,127
51,195
62,222
Jan 1 to Oct 31______
913,020
893,609
444,677
404,543
Phila & R eading.b_______Oct 7,277,754 6,750,197 1,410,146
335,159
Jan 1 to Oct 31______61,042,066 66,329,561 7,661,670 12,748,712
Pittsb & Shawmut.b____ Oct 132,435
______
100.090
16,503 def32,213
994,737 1,127,972 def 131,488
Jan 1 to Oct 31______
55,292
Pittsburgh & West V a .b .O ct
139,347
170,079 def24,695 def46,970
Jan 1 to Oct 31_______ 1,145,167 1,581,735 def482,871 def 11,359
Pittsb Shaw & N o r .b ___ Oct 138,998
.78,256
954 def34,437
Jan 1 to Oct 31______
973,210 1,050,650 dof249,962 def387.878
Port R eading.b_________Oct 194,895
257,307
27,052
89,033
Jan 1 to Oct 31______ 2,097,422 2.079,087
728,604
665,622
Quincy O m & K C .b ____ Oct 103,438
97,009 defl6,914 def24,141
915,993
Jan 1 to Oct 31______
890,777 def98.429 def 141,279
Rich Fred & P otom ac.b.O ct
612,028
644,378
216,061
307,161
Jan 1 to Oct 31--------- 6.539,624 5,602,785 2,696,803 2,576,737
Washington S ou th .b .-O ct 357,514
383,927
163,308
190,145
Jan 1 to Oct 3 1 .......... 3,890,090 3,100,850 1,838,472 1,468,017
R utland.b---------------------- Oct 445 5 4 5
424,201
38.809 def46,747
Jan 1 to Oct 31--------- 3,974,858 8,858,228
278.058
264,329
St Joseph & Grand Isl. b.O ct
280,368
240,796
5,748
37,568
Jan 1 to Oct 31----------- 2,451,135 2,208,768
118,492
148,148
St Louis-San F ra n .b____ Oct 7,662,183 6,612,190 1,937,070 1,541,545
Jan 1 to Oct 31---------64,363!484 57’,3261976 15J24!329 12|l3l!002
Ft W & Rio G rande.b.O ct
185,795
108,695
39,732 def32,756
Jan 1 to Oct 31--------- 1,321,552
955,739
76,807
54,918
St L-S F o f T exas.b— Oct 138,791
123,620
8,899
def8,467
Jan 1 to Oct 31........... 1,265,353 1,161,660
74,253
186,760
St Louis S o u th w est.b ...O ct 1,236.245 1,026,628
*
433,370
96,685
Jan 1 to Oct 3 1 ..........10,876,734 10,608,858 2,762,388 3,577,921
St Louis Transfer.b_____Oct
116,191
89,806
34,100 def 1,066
925,180
Jan 1 to Oct 31--------938,309
237,780
147,901
San Ant & Aran P a ss.b -.O ct 437,229 . 478,072 def65,464
80,254
Jan 1 to Oct 31--------- 3,649,244 3,566,416 def696,658 defl08.131
Seaboard Air L in e.b ------Oct 3,657,284 _3,347,369
„
443.789
356,830
Jan 1 to Oct 31--------- 33,956,085 31,951,853 3,510,126 5,348,219
Southorn P acific.b-------- Octl7,567,995 15,263.107 _____
6,372,757 5,891,432
Jan 1 to Oct 31------- 139,322,830 126556,963 33,106.607 35.687,692
Arizona E a st.b -----------Oct 362,119
389,502
125,885
133 067
Jan 1 to Oct 3 1 .......... 3,077.953 3,723:338
703.532 1,309,262
Galv Harrisb & S A .b .O c t 1,917,813 1,882,010
528,833
602,737
Jan 1 to Oct 31---------17,540,860 17,770,510 3,567,900 5.601.126
Houst & Tex O en t-b -.O ct 1,023,432
809,938
280,798
231,174
Jan 1 to Oct 31--------- 7,584,750 7,536,243 1.323.342 2.199,744
Texas & New O r l.b ...O c t
751,761
636,536
55,402
40,808
Jan 1 to Oct 31........... 6,646,996 6,142.456
743,514 1.219,066
Hous E & W T e x .b
Oct 219,268
177,368
23,243
33,923
Jan 1 to Oct 31--------- 1,943,604 1,702,982
385,554
441,544
Louisiana W estern.b._O ct 408,315
394,262
192,260
207,843
Jan 1 to Oct 31--------- 3,396,485 3,629,596 1,145,528 1,732,317
Morg La & T e x .b ------ Oct 767,957
677,496
263,889
213,323
Jan 1 to Oct 31--------- 6,333,768 6,712,233 1,056,481
Southern R y . b . . . ------Octl2,356,555 12,269,788 1,585.131 3 857 331
Jan 1 to Oct 31--------- 105782843 105380258 12,634,102 30,888 355
Ala Gt S outh.b-------- Oct 939,701
822,985
255 573
122.897
Jan 1 to Oct 31--------- 8,489,660 7,543,922 1,413.429 1,944,008
M obile & O h io.b-------Oct 1,611,267 1,393,986
51 087
99,605
Jan 1 to Oct 31--------- 12,741,597 12.311,395
def322714 639,086
South R y in M is s .b „ .O c t
201,752
162,713
37224 16,269
Jan 1 to Oct 31........... 1,458,681 1.175.770
32790 82,317
Georgia Sou & F la .b ..O c t
389,804 323,467
def7 880 25.836
Jan 1 to Oct 31--------- 3,567.683 2,923,482
-221,285
-- - - - 
302,735
Spokane Internat.b_____Oct
137,040
94,123
44,527
33,245
Jan 1 to Oct 31.
948,300
839,361
302.085
288,899
Spok Port & Seattle.b..O ct 724,014
899,059
288,649
357,545
Jan 1 to Oct 31........... 6,124,342 7,001,361 1.975,715 2,961,931
Staten Island Rapid T r.bO ct 182,774
172,731
15,137
21,942
Jan 1 to Oct 31........... 1,897,671 1,574,344
275.758
214.498
Tennesseo C entral.b___Oct 219.271
279,167
2,427
25,023
~ ---------- def255,868
Jan 1 to Oct 31........... 2.099,194 2,496,145
334,312
Term RR Assn o f St L . b.O ct
414,506
385,560
98,888
34,891
Jan 1 to Oct 31........... 3,247.076 3,214.264
435,328
593,968
St L MerBdge&Term.bOct 367,391 „ 377,687
13,061
def3,941
Jan 1 to Oct 31........... 2,554.056 3,065.037 def322,796
185,115
Texas & P acific.b...........Oct 3,419,775 2,679,297
672,310
658.254
Jan 1 to Oct 31...........29,310,818 21,638,838 4.791.843 4,408,351
Tol St L & W est, b .......... Oct 827,616
767,458
176,996
221,119
Jan 1 to Oct 31........... 6,650,029 6.80L989 1.054,900 1.443,995




2165

------ Gross Earning_
Current
Previous
Year.
S
Ulster & Delaware.b___ Oct
140,953
Jan 1 to Oct 31______ 1,032,760
_______
Union P acific.b----------- Octll.825,305 10,897,724
-±ox o.^io.-wo
Jan 1 to Oct 31--------- 92,571,713 80,756,487 32,672,441 32,672,843
Ore Short L in e.b-------Oct 3,951.5603,427,247 2,016,212
1,309,052
Jan 1 to Oct 31--------- 31,619,028 28,045,123 10,615,619 10,459.253
Ore Wash R R & N av.bO ct 2,825,629 2,506,041
757,492
576,144
Jan 1 to Oct 31______ 23,604,722 21,780,903 5,083,154
------------- 5,595,704
------------Utah b .............................Oct
138,112
152.009
70,154
71,599
Jan 1 to Oct 31______ 1,003,430 1,175,274
428,675
608,757
325,254
245,494
Vicks Shrev & P a c .b ___ Oct
63,593
24.187
Jan 1 to Oct 31........... 2,733,679 2,116:719
526,933
387,648
Virginian, b . ............. ........Oct 1,363,915 1,231,845
479,768
144,468
Jan 1 to Oct 31........... 9,992,168 9,911,593 2,536,495 2,569,182
W a b a s h .b ...................... Oct 5,185,113 5.067,330 1.032,848 1,109.202
Jan 1 to Oct 31...........39,912,316 39,418,660 3,915.901 6,634,635
Western P a cific.b -------- Oct 1,780,803 1,065,732
978,031
220,829
Jan 1 to Oct 31______ 11,146.096 9,414,198
" ---------- 3,188,707 3,080,464
West R y o f A la .b _____ Oct
213.811
254,762
52,534
41,991
Jan 1 to Oct 31______ 2,095,349 2,070,806
502,109
576,527
Wheeling & Lake E rie.b.O ct 1,324,426 1,519,074
^
325,528
411,281
Jan 1 to Oct 31----------10.843.042 11,511,848 1,660,649 2,244,250
Wichita Falls & N W . b ..O c t
263,583
1 0 6 ,1 2 0
10,918
def7,393
Jan 1 to Oct 31--------- 1,856,727
869,398
def9,425 def218,873
Yazoo & Miss V a lley .b ._O ct 2,315,003 1,970,667
533,942
563,032
Jan 1 to Oct 31........... 20,315,648 17,904,311 4,781,275
.,
4,477,216
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
Gross
Net after
Other
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Income.
Charges.
Surplus.
S
S
S
S
S
S
Companies.

N .Y C h ica g o & S t L ou is R R —
O c t 4 9 1 ,9 5 7 ,5 8 2
3 9 8 ,8 5 5
’ 18 2 ,3 2 7 ,6 6 0
6 2 6 ,9 0 4
10 m o s ’ 19 19,665,068 4 ,1 6 8 ,3 8 6
'1 8 1 7 ,961,574 3 ,4 1 7 ,6 1 6

— 3 7 ,1 9 3
7 ,118
123,004
117,949

3 61 ,662
6 34 ,022
4 ,2 9 1 ,3 9 0
3 ,5 3 4 ,9 6 5

178,472
7 2,418
6 1 4 ,0 2 0
6 90 ,759

EXPRESS COMPANIES.
— M o n th o f A u g u st -------- J a n . 1 to
1919
1918
,1919
A m er ic a n R y . E x p r e ss C o .—
$
$
S
T otal from transportation— 24,913.907 22,510,024178,111,427
Express privileges—Dr......... 12,485.784 11,312,942 89,209,774
.

.

_

„

183 ,190
56 1 ,6 0 4
3 ,6 7 7 ,3 7 0
2 ,8 4 4 ,2 0 6

31—
1918
$

Aug.

____

6
! ransport’,n - 12>428' 123 11.197,082 88,901,653
Oper. other than transport n_
726,668
423,024 5,042,273
r»^ ^ ?-l,0peratIng revenues— 13,154,791 11,620.106 93,943,926"
Operating expenses------------- .14,540,913 12.019.567109.057.433
Net oper. revenue (deficit) 1,386.122"
399,461 15.113,507
Uncollect, rev. from transp'n
3,365
,
576
25.307
Express taxes...........................
146.203
125,138 1,099.746
Operating income (deficit). 1.535,690
525,175 16.238.560

E L E C T R IC R A IL W A Y A N D P U B L IC
Name of Road
or Company.

Latest Gross Earnings.
Month.

Adirondack El Pow Co October
Alabama Power C o_ October
Atlantic Shore R y __ October
Bangor Ry & Electric September
Baton Rouge Elec Co October
Blackstone V G & EJ. October
(/Brazilian Trac.L & P September
pBklyn Rap Tran Sys June
Cape Breton Eiec C o. October
Cent Miss V El Prop. September
Chattanooga R y & Lt September
Cities Service C o____ October
Cleve Painesv & East September
Colorado Power C o_ July
^Columbia Gas & Elec August
Columbus (Ga) El Co October
Com'w’th P, R y & Lt October
Connecticut Pow C o. October
Consum Pow (Mich) _ October
jCumb Co (Me) P & L September
Dayton Pow & Light. October
{/Detroit Edison_____ October
(7Detroit United Lines September
Duluth-Superior Trac October
East St Louis & S u b .. September
Eastern Texas E le c .. October
Edison El of Brockton October
j Elec Light & Pow Co October
g Ei Paso Electric C o. October
Fall River Gas Works September
Federal Light & Trac. August
Fort Worth Pow & Lt September
Galv-Hous Elec C o .. October
g Great West Pow Sys August
Harrisburg Railways. August
Havana El R y, L & P September
Haverhill Gas Lt C o. October
Honolulu R T & Land October
Houghton Co El L Co October
Houghton Co Trac Co October
Hudson & Manhattan July
b Illinois Traction__ October
l Interboro Rap Tran October
Jacksonville Trac C o. September
Kansas Gas & Elec Co September
Keokuk Electric C o .. October
Key West Electric Co October
Lake Shore Elec R y .. September
Long Island Electric. July
Louisviile Railway__ October
Lowell Electric Corp. October
Manhat Bdge 3c Line July
aMilw El R y & Lt Co October
Mississippi Riv P C o. October
Nashville R y & Light September
Now England Power. October
Newp N&H Ry.G&E. October
New York Dock C o .. October
N Y & Long Islan d.. July
N .Y & North Shore.. July
N Y & Queens County July .
New York Railways. July
Nqi^hampton Trac
June
Northern Ohio Elec
October
North Texas Electric October
Ocean Electric ( L I ) . . July
Pacific Power & Light September
Pensacola Electric Co October
Phila & Western
August
Phila Rapid Trans Co October
Portland Gas & Coke. September
Port(Ore) Ry.L & P C o September
Republic R y & Lt Co September

Current Previous;
Year.
Year.

...........

U T IL IT Y COS.
Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
•S
$
$
161,982 161,932' 1,384,573• 1,476,803
275,142 275.827 2,359.271 2.434,406
14,480
9,961
152,944
145,514
97,088 83,952
781,331
685,717
33,257 21,564
298,667
214,708
257,733 230,135 2,136,696 1,974,162
/"9792000 19081000 fS3559.000 /77730.000
3260,157 2774,333 17,514,662 15.240.907
50,590 43,391
477,083
412,595
35,913 29,847
304,515
249,256
164,034 173,242 1,376,103 1,347,673
1498,677 1784,000 18.606.847 18,652,718
50,941
65,471
521,222
416,826
85.566 103,548
652,726
733,413
804,071 779.687 7.709,114 7.660,977
128,697
96,231 1.070,067
972,816
2289,808 1799,629 20,929,618 17,715,993
112,770 91,027 1,025,126
815,461
721,249 582,240 6.558.580 5.261,859
250,318 299,726 2,026,130 2,416.267
259,177 218,689 2,302,456 1.902,457
1539,273 1268.289 13,130,802 11,063,958
2330,351 1710,423 17.862.321 14,103.983
163,844 125,099 1,598,771 1,395,845
373,893 385,033 3,050,285 3,050,932
123,980 87,857 1,137,872
924,739
99,390
74,036
882,128
653,472
27.577
21,250
237,468
185,213
141,605 95,246 1,272,475 1,028.760
73.577 64.173
548,045
522,955.
303,931 283,088 2.512.378 2,289,886
119.047 110,208 1,041,469
955,663
254,514 207,069 2,556,894 2,193.562
480,215 452,193 3,410.246 2,961.638
138,648 123,474 1,048,189
865,920
792.317 714,696 6.724.847 6.042,507
38,271
28,260
310,352
271,696
63,504
60,625
623,770
584,428
39.855 34,431
358,383
336,149
21,813
21,061
243,579
267,978
470,293 385,024 3.484.836 2.844.732
1602,692 1249,294 14,095,468 12.102,410
4280,838 3299.624 38,499,157 33,563,962
81.609 97,820
756.078
682,791
194,951 171,346 1,884.934 1.501,922
27.052
21,699
256,874
217,588
19,650
18,163
186,429
161,314
232,645 216,053 1.940,763 1,633,751
27,960 26,602
141,140
129.487
264,074 288.175 2.897.580 3.052.532
84.545
79,632
798,924
700,774
12,843
12,301
90,091
81,942
1295,459 1053,706 11,937,648 9,703,713
211,194 180.537 1,905.752 1,841,194
274,181 271,642 2,366,376 2.081.799
401,609 341,937 3,324,032 2,842,419
226.048 187,664 2,305,123 1,766,613
416,180 461,850 4,282,025 4,446,584
55.066 54,255
324.217
264,870
14,431
15,838
88,619
84.186
101,787 91,641
622,443
535,282
1077,896 905.830 8.342.663 6,519,757
20,470
19.615
125.977
108,999
796.765 585,622 7,528,102 5,997,743
331,137 200,633 2,758,070 2,464,099
39,429 30.336
112,196
85,347
204,727 167,678 1.585,325 1,370.630
43.856 40.173
456,713
406,479
69,130 59,268
476,825
400,642
3165.552 2411,986 29,160,984 25,535,542
190,275 173,504 1,575.864 1.293,316
706.479 672,791 6,376,094 5,660,876
508,241 443,863 4.522.471 4.150.660

2166
Name of Road
or Company.

THE CHRONICLE
Latest Gross Earnings.
Month.

Jan. 1 to Latest Date.

Current Previous
Year.
Year.

Current
Year.

Previous
Year.

$
S
$
Richmond Lt & R R — July
53.951 47,903
257,114
310,487
St L Rocky M t & Pac August
368.305 467,825 2,655,636 3,848,370
Santiago El Lt & T r._ August
64,367 57.839
440.507
495.658
Savannah Eloctric Co October
128,197 106,444 1,159,363
964,594
8econd Avenue (Rec) July
88.561
80,718
472,471
502,317
Southern Boulevard. . June
22.900
16.390
99.400
117.898
Southern Cal Edison. October
886,394 699,958 8,749,031 7,254.900
Staten Island M idl’d . July
42,028 31,539
163,839
200,023
Tampa Electric C o_. October
111,991
82,786 1.027,795
868,073
Tennessee Power___ September 161.296 186,419 1,603,598 1,590,498
JfcTenn Ry, Lt & P Co September 527,745 557,768 4,676,971 4,478,404
Texas Power & Lt Co September 279.145 326,820 2,426,172 2,299,633
Third Avenue System_ October
1030,116 797,504 9,428,155 8,254,601
D D E B & B R R . . June
50.426
286,313
51,366
240,805
42dStM&StNAvRy June
160,503 140.262
799,125
879,231
UnionRyCo (NY C ). June
274.226 255.823 1.407.661 1,302,869
Yonkers Railroad.. June
395.598
97,567
72.552
479,795
N Y City Inter R y. June
68,220 58.271
338.642
367.300
Belt Line Railway. June
48,577 48,053
298,470
292,776
Third Avenue_____ June
348,060 316.629 1,999,917 1,909.852
Twin City Rap Tran. October
990,865 751,697 9,231,466 8,051,212
Virginia Ry & Power. October
811,308 594,948 7,497,023 6,539,814
Wash Balt & Annap. . June
203.155 242,955 1,175,052 1,199.668
Westchester Electric. June
272.214
61.089 54.888
306,435
Youngstown & Ohio. September
314,517
47,935 40,657
362,189
a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources.
/ Earnings given in milreis. g Includes constituent or subsidiary companies.
h Subsidiary companies only, j Lewiston Augusta & Watervilie Street Ry.
earnings, expenses. See., not included in 1919. k Includes Tennessee Ry.,
Light & Power Co., the Nashville Ry. & Light C o., the Tennessee Power
Co. and the Chattanooga Ry. & Light Co. I Includes both elevated and
subway lines, j Of Abington and Rockland (Mass.).

E le c t r ic R a ilw a y a n d O t h e r P u b l i c U t ilit y N e t E a r n 
in g s . — The following table gives the returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Companies.

Gross EarningsCurrent
Previous
Year.
Year.

------Net Earnings
Current
Prev\
Year.

S

63,537
108,189
Appalachian Power C o ..O c t
150,775
782,076
N ov 1 to Oct 31--------- 1,543,922 1,196,830
Duquesne Light Co and
295,306
990,587
Subsidiary Cos_a---------Oct 971,526
Jan 1 to Oct 31______ 9,684,753 9.105,218 3,408,431
354,751
770,006
Northern States Pow C o . Oct 897,840
N ov 1 to Oct 31______ 9,605.741 8,068.591 4.090,734
Philadelphia Co and subsidi
166,977
ary NaturalGasCo’s.a .O c t
738,087 1,172,879
Jan 1 to Oct 31______ 9.916,705 10,445,127 4.329,805
53,453
West States Gas & El C o.O ct
155.726
128,673
760,187
N ov 1 to Oct 31______ 1.839,992 1,589,332
—
Surp.
after Charges—
Taxes---------- Net after
-Gross1918.
1919.
1918.
1919.
1919.
1918.
s
$
s
S
S
S
B a to n R o u g e E le c C o—
O c t o b e r ___
3 3,257
12 m o s ____
351 ,7 7 0

2 1,564
256 ,8 1 0

11,327
132,177

8,166
120,773

7,980
90,761

4,644
80,083

B la ck s to n e V a lle y G a s & E le c C o —
O ct o b e r . . .
25 7 ,7 3 3
230 ,1 3 5
12 m o s ____ 2 ,6 0 7 ,2 7 7 2 ,3 4 6 ,6 9 4

83,025
691,762

59,503
671,339

58,323
396,439

35,987
389,596

C a p e B r e to n E le c C o , L t d —
O cto b e r . . .
-5 0 ,5 9 0
4 3 ,391
12 m o s ____
5 77 ,494
5 01 ,329

6,485
128,980

7,028
127,564

1,244
64,602

1,774
64,573

C o lu m b u s E le ctric C o—
O ct o b e r . . .
128,697
12 m o s ____ 1 ,2 7 8 ,6 6 2

96,231
1,183,007

65,859
616,061

32,827
643,716

35,264
250,632

3,915
309,567

C o n n e c tic u t P ow er C o—
O c t o b e r ___
112,770
12 m o s ____ 1 ,2 37,917

91,027
9 75 ,031

36,479
484,565

35,030
372,478

17,238
257,843

16,229
154,918

23,066
468,666

32,829
369,276

9,821
336,928

19,403
258,283

27,892
281,270

12,859
189,040

4,817
51,880

5,618
42,779

4,137
45,060

20,654
391,697

34,077
333,993

13,836
313,162

34,293
858,324

16,633
416,836

4,963
510,392

1,899
26,479

10,635
35,642

1,332
22,587

7,478
138,362

8,503
98,126

3,975
97,154

2,336
105,700

def4,066
4,287

def3,804
32,151

3,362
62,636

358
25,988

1,051
35,769

6,991
76,534

4,707
56,005

4,928
52,577

E a stern T e x a s E le c C o —
46,283
O ctob er . . .
123,980
8 7,857
520,136
12 m o s ____ 1 ,3 4 4 ,8 8 5 1,086,207
E d is o n E le c Iliu m C o o f B r o c k to n —
34,203
O c t o b e r ___
9 9 ,3 9 0
7 4,036
361,708
79 1 ,2 3 4
12 m o s ____ 1 ,0 60,192
ockland—
E le c L ig h t & P o w C o o f A b in g to n & R o c k la n d —
6,188
O cto b e r . . .
2 7 ,5 7 7
2 1 ,250
50,319
12 m o s ____
28 3 ,1 1 7
2 24 ,252
E l P a so E le ctric C o —
41,956
O ct o b e r . . .
141,605
9 5 ,2 4 6
423,206
12 m o s ____ 1 ,5 0 1,347
1,245,437
G a lv e s to n -H o u s to n E le c C o—
51,792
O ct o b e r . . .
25 4 ,5 1 4
2 07 ,069
820,278
12 m o s ____ 3 ,0 5 4 ,6 6 4 2 ,5 9 9 ,4 2 4
H a v erh ill G as L ig h t C o —
11,400
O ct o b e r . . .
3 8,271
2 8,260
44,580
12 m o s ____
3 74 ,952
323,580
H o u g h to n C o u n t y E le c L ig h t C o—
12,365
O c t o b e r ___
3 9 ,8 5 5
34,431
143,300
12 m o s ____
445 ,9 3 9
4 16 ,546
H o u g h to n C o u n ty T r a c C o —
1,999
O ct o b e r . . .
2 1 ,8 1 3
21,061
77i334
12 m o s ____
2 9 5 ,6 7 0
3 25 ,156
K e o k u k E lectric C o—
2,724
O ct o b e r . . .
2 7 ,0 5 2
21,699
63,621
12 m o s ____
30 3 ,5 2 0
2 62 ,194
K e y W e s t E lectric C o 6,745
O c t o b e r ';..
19,650
18,163
81,072
12 m o s ____
22 7 ,9 9 0
189,021
L ow e ll E le ctric L ig h t C orp —
24,492
O ct o b e r . . .
8 4 ,5 4 5
7 9,632
274,673
12 m o s ____
99 0 ,9 9 7
841 ,6 1 9
M ississip pi R iv e r P o w e r C o—
169,914
O ct o b e r . . .
2 1 1 ,1 9 4
180,537
1,773,372
12 m o s ____ 2 ,2 7 7 ,9 5 0 2 ,1 6 8 ,9 3 5
N o rth e rn T e x a s E le c C o —
141,559
O ct o b e r . . .
331 ,1 3 7
2 00 ,633
1,263,982
12 m o s ____ 3 ,2 2 3 ,7 3 1
3 ,0 2 8 ,8 1 6
P en sa cola E lectric C o—
7,378
O cto b e r . . .
4 3 ,8 5 6
4 0 ,1 7 3
111,057
12 m o s ____
5 56 ,282
473 ,6 9 2
P u g e t Sou n d T r a c , L ig h t & P o w C o —
268,947
S ep tem ber.
709 ,9 7 7
_______
2,271,367
9 m o s ........... 7 ,2 8 9 ,0 3 7
.............
S a v a n n a h E lectric C o —
18,093
O ct o b e r . . .
128,197
106,444
228,814
12 m o s ____ 1 ,3 7 7,659
1,145,311
Sierra P a cific E lectric C o—
29,997
O cto b e r . . .
6 3,109
6 2 ,7 3 4
288,540
12 m o s ____
6 6 1 ,0 9 5
722,301
T a m p a E le ctric C o —
46,113
O ct o b e r . . .
111,991
8 2,786
479,804
12 m o s ____ 1 ,2 2 2 ,2 6 8 1 ,0 3 4,114




6,173
223,520

22,401
249,889

4,383
208,546

141,490
1,729,244

67,752
538,741

37,622
475,022

62,973
1,288,778

116,516
964,157

37,760
984,542

6,038
153,316

def 1,328
12,828

def 1,453
68,104

120,516
779i143

..........

23,328
356,361

def7,489
def69,023

deI773
75,986

30,418
377,740

23,976
218,901

25,218
314,197

34,545
430,361

41,510
425,307

30,262
378,644

[V ol . 109
Gross
Earnings.

Net after
Taxes.
$
Duluth-Superior
Oct ’ 19
163.844
13.084
Traction Co
’ 18
125,099
0.S40
10 mos ’ 19 1,598,771
227,494
’ 18 1,395,845
254,545
Interborough
Oct ’ 19 4,280,838 1,396,129
Rapid Transit Co
’ 18 3,299,624
898,921
4 mos ’ 19 15,245,108 4,688,585
*18 12,735,248 3,639,877
Milwaukee Elec
Oct ’ 19 1,295,459
319,437
tric R y & Lt Co
’ 18 1,053,706
219,435
10 mos ’ 19 11,937,648 2,632,044
’ 18 9,703,713 1,870,709
Nevada-California
Oct ’ 19
189,262
98,163
Electric Corp
’ 18
176,641
105,370
10 mos ’ 19 2,180,008 1,205,543
’ 18 1,844,277
960,707
New England
Oct ’ 19
401,609
186.556
Power Co
’ 18
341,937
142,732
12 mos ’ 19 4,038,894 1,452,120
’ 18 3,361,238 1,210,828
Oct ’ 19
Republic Railway
495,504
133,513
&iLight Co
’ 18
439.558
81,206
10 mos ’ 19 5,017,974 1,370,418
’ 18 4,590.219 1.191,412
.

Balance,
Fixed
Surplus:
Charges.
$
8
xl ,168
14,767
14.090 *def6,068
*99,662
146,240
*123,590
l,655,022*dof218.763
1,495,080*def544,026
6,606,63 l*def 1742970
5,693,63S*def1877607
*154,672
177,165
*78.402
151,223
1,631,485 *1,107,785
1,463,122
*501,950
*41,806
56,747
54,900
*50,693
568,770
*641,426
530,210
*434,659
57,082
129,474
63,944
78,788
762,047
690,073
634,427
576.401
114,466
*25,628
107,114 *def 17,586
1,141,566
*317,530
1,037,273
*235,800

* After allowing for other income received.
Fixed Cligs.
Net
Gross
Earnings. Earnings. & Taxes.
S
$
S
13,206
24,115
Honolulu Rapid
63,504
Oct ’ 19
29,211
13,019
Transit & Land Co
’ 18
60,625
131,963
273,288
10 mos ’ 19
623,770
127,882
260,015
’ 18
584,428

Balance,
Surplus.
$
10,909
16,192
141,325
132,133

F IN A N C IA L R E P O R T S

Financial Reports.—An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issuo of the “Chronicle” in which it is
published. The latest index will be found in the issue of
Nov. 29. The next will appear in that of Dec. 27.
Erie Railroad.
(Advance Report fo r the Fiscal Year Ending D ec. 31 1918)
The annual report of the company has not yet been pub
lished, but the following data have been furnished the “Chron
icle”:
RESULTS FOR SEPTEMBER AND 9 MONTHS ENDING SEPT. 30.
1919— September— 1918. 1919------9 Mos.------- 1918.
Operating revenues... $9,829,605 $9,041,546 $74,964,232 $69,541,868
Operating Expenses—
M . of W . & S.............. $1,129,114 $1,168,760 $8,917,380
$9,512,742
M . of E ................
2,918,171
2,687,275 22,704,741
23,383,124
Traffic_______
73,809
63,185
055,875
806,257
Transportation______
4,159,493
4,229,582 36,616,559
35,470,029
Miscel. operations___
51,120
52,348
438,529
424,793
G en era l.......................
219.308
213,293
2,059.874
1.729,190
Cr.1,614
Cr.6,407
0.38,728
0.40,048
Transp. for invest___
Operating expenses.
Net rev. from ry. oper.
Ry. tax accruals_____
Uncol. ry. revenues__

$8,552,371 $8,408,036 $71,354,230 $71,280,087
$1,277,234 $633,510 $3,610,002 defSl,738,219
297,153
273,505
2,587,537
2,422,002
1,497
909
17,232
5,215

Ry. oper. in c o m e ...
$978,584 $359,095 $1,005,233 def$4,165,436
Equip., rents, &c., netdef.$101,786def.8139,944det'.$000,190 def.$674,704
Joint facility rents, net
7,285 def.134,775 def.236,509 dof.199,497
Miscel. income
57,197
7,071
131,231
41,274
Miscel. charges 11. . . .
def^OSS
539 dcf.20,742
dcf.18,353
Net ry.adm.oper.inc. $938,325
$91,986
$213,024def. $5,016,717
Operating expenses for Sept. 1919 include approximately $550,000
backtime for shop employees.
, ___
Estimated compensation due company, based on Standard Return .
Monthly, $1,310,756; nine months, Sll,796,802; twelve months, $15,729,FEDERAL INCOME STATEMENT FOR 1918 AS COMPARED WITH
CORPORATE STATEMENT IN PRIOR YEARS.
1918.
1917.
1916.
1915.
Gross oper. revenues.. $98,895,284 $79,776,368 $74,311,262 $66,436,720
Maint. of way & struc. $12,612,403 $7,496,304 $6,369,301 $5,630,281
Maint. of equipment.. 30,400,747 18,757,335 15,009,919 1}>4$4,233
Traffic
1.006,759
1,392,008
1,350,216
1,339,635
Transportation I ..........
50,540,040 37,570,428 28,615,887 23,210,582
Miscellaneous o p e r __
559,242
512,152
474,682
401,215
General
2,357,453
1,808,202
1.705.082 1,466,837
Transp n~for"investm.. Cr.71,749
Cr.59,305
Cr.71.387 Cr. 116,101
Railway tax accruals..
2,660,195
2,686,847
2,220,333 2,206,407
Uncollectible ry. rev__
7,282
18,980
8,628
47,659
Oner exp., taxes, &c.$100,072.372 $70,182,951 $55,682,662 $45,070,748
Operat ing income.!. .def.Sl ,177.089 $9,593,417 $18,628,600 $20,765,972
CORPORATE INCOME STATEMENT FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
Compensation rev’b le ..$15,729,068
------- - - 
Operating income______
$9,593,417$18,628,600-$20,765,972
Lease of road ................
23,700
23,700
23,700
23,700
Miscel .re n tin co m e ____
230.083
208,028
202,617
179.498
Sep oper. prop________
122,088
118,481
176,700
1? § '? ok

f

ldi s i " u = i s : : ; ; 4-BH B

Miscel. income________

33.,60
23,950

" S *
227.609
1,268,<99

“ S iB
126.3.3
1,142,217

&
310.120
974,673

Gross income............... $21,046,619 $18,280,653 $22,382,830 $23,230,187
Hire or equipment_____
$1,771,373$1,980,186 $681,266
Rent for leased r o a d s ... $2,276,331
2,261,274
2,245,031
2,295,149
Other rents, &c_.............
301.952
1,414,319
1,437.757
1.120,328
Interest on funded debt. 10.448,818 10,535,042 10,361,414
9.977.578
Other interest, & c ------<68,347
246,504
238,573
909,82
Amort’n of debt discount
3,660
204,145
86.201
----.-ASg
Sinking. &c funds......... 1.027,140
1.001.032
881.920
836.068
Inv. in physical prop.....
.............
30b,856
513,833
1 ,3 8 3 ,<>"
Total deductions.........$14,826,249 $17,740,545 $17,750,918 $17,213,968
Balance, surplus............... $6,220,370
$510,110 $4,631,912 $6,016,219
* “ Amount received to Dec. 31 1918, $11,000,000. This amount or
compensation has been certified by the Interstate Commorce Commission;
however the certification provides that it is subject to such changes » «
corrections as the Commission may hereafter determine tc[be>requisite
in order that the accounts and reports of the Company used by the c o n
mission as the basis of computing said average annual railway operating
income may be brought into conformity with the accounting rules or reg
lations of the Commission in force at the time of such accounting or in oruer
to correct computations based on such accounts or reports. — V.
p. 1986.

THE CHRONICLE

D ec . 6 1919.]
N e w

O r le a n s

&

N o r t h e a s te r n

R a ilr o a d

C o m p a n y .

(35th A n n u a l Report— Year ended D ec. 31 1918.)
President Fairfax Harrison, New Orleans, La., Oct. 11919,
said in substance:
The company’s railroad property was operated during the entire year by
the United States Government. The operating statistics in this report
show the results o f such operation.
The Act o f Congress approved March 21 1918 entitled “ An Act to pro
vide for the operation o f transportation systems while under Federal control,
for the just compensation o f their owners, and for other purposes,” which
was set out at length in the 34th annual report, authorized contracts with
railroad companies to provide for the payment to them by the Government
o f annual compensation not exceeding a sum equivalent to the average
annual railway operating income for the three years ended June 30 1917,
with other provision.
Standard Return.— The average annual railway operating income for the
three year period ended June 30 1917 has been certified by the Inter-State
Commerce Commission, pursuant to the Act o f Congress, to be SI ,204,992.
The stockholders have authorized the board o f directors to conclude a con
tract on this basis but the execution o f the contract has been and still is
postponed pending negotiations as to details.
Dividend.— A dividend o f 6% on the capital stock was declared during
the year.
Accounts with U . S. Government.— There appear on the balance sheet
certain accounts which are subject to adjustment in the final settlement
between the Government and the company, viz.: (a) “ U. S. Government
deferred assets, 82,941,028” and (b) "U . S. Government unadjusted
debits, $877,075,” while on the other side are (a) “ U. S. Goverment de
ferred liabilities, $1,703,361” : (b) “ U. S. Government unadjusted credits,
$761,238.” [The balance sheet also shows among assets “ U. S. Govern
ment accrued compensation (balance as o f Dec. 31 1918),$1,181,692” — Ed.].
OPERATIONS A N D FISC AL RESULTS (214 M IL E S .)
------------------------ Calendar Years ------------------------- June 30 Y r.
Operations—
1918.
1917.
1916.
1916-17.
Passengers carried.........
836,066
667,267
579,330
536,597
Passengers carried 1 mile 57,309,442 42,419,449 26,656,273 30,534,296
Rev. per pass, per m ile..
2.60 cts.
2.31 cts.
2.34 cts.
2.27 cts.
Revenue tons carried—
3,405,119 3,382,288
2,942,062 3,271,229
Rev.tons carried 1 m ile.549,855,121 540,568,681 451,526,319 522.737,869
Rev. per ton per mile__
.078 cts.
.065 cts.
0.66 cts.
0.63 cts.
Earns per pass. tr. m ile.
$2.64
$1.91
$1.33
$1.47
Earns, per fr’t train mile
* $4.10
$3.72
$3.74
$3.75
Gross earnings per mile.
$27,975
$22,178
$17,725
$21,967
Earnings—
Passenger.....................- $1,491,582
$980,753
$624,870
$693,381
Freight._______________ 4,292,393
3,537,502 2,986,299
3,287,379
Mail, express, &c______
690,743
451,010
400,275
422,862
Total oper. revenues
$6,474,718 $4,969,265 $4,011,444
Oper. Exp. <& Taxes—
Mamt. of way, &c...........
$716,836
$483,991
$415,352
Maint. o f equipment__ 1,457,821
858,592
662,004
Traffic expenses...........
92,429
123,493.
125,173
Transportation expenses 2,749,654
1,691,655 1,158,216
General expenses----------137,788
135,429
145,054
Miscell. operations_____
38,496
47,576
83,477
T axes...........................
309,591
416,994
213,299

$4,403,622

2167

First M o r tg a g e 4 s , 5 1 0 ,0 0 0 ,0 0 0 , and E xten sio n M t g c . 4 s , 5 5 ,0 0 0 ,0 0 0 (excep t 5 5 6 7 ,
0 0 0 h eld in tr th e e a su ry o f the C h icago E le v a te d C a ll. T r u s t ) ; (b) South Side Elevated
R I t . F irst M t g e . 4 M s , 3 8 ,0 0 0 ,0 0 0 ; (c) U n i m E le v a te i R R . F irst M t g e . 5 s , 5 4 ,4 7 2 ,
0 0 0 : (d) C h ic a g o Ju n ction R R . First M t g e . 4 s , $ 2 ,3 2 7 ,0 0 0 (th e 5 5 0 ,0 0 0 stock is h eld
b y th e S o u th Side E le v a te d R R . ) ; (e) N o rth w e ste rn E le v a te d R R . F irst M t g e . 5 s ,
5 1 2 ,5 0 0 ,0 0 0 ; ( / ) U n io n C on solidated E le v a te d R R . G u aran tee d 5 s , 5 4 5 3 ,0 0 0 : (g)
C h ic a g o A O a k P ark E le v a te d R R . F irst M t g e . 5 s , $ 4 ,4 3 2 ,0 0 0 , eq u ip m en t n o te s ,
5 1 7 2 ,0 0 0 , real esta te m t g e s ., $ 6 ,8 6 2 .
E q u ip m e n t tru st of A u g . 1 1 9 1 4 , issued
Jointly an d severally b y M e tr o p o lita n , N o rth w e ste rn and S o u th Side co m p a n ie s, 5%
e q u ip , n ote s p a y a b le 1 9 1 7 t o 1 9 2 9 , a u th . $ 2 ,6 0 0 ,0 0 0 , o u tstan d in g S I ,9 8 5 ,0 0 0 — E d .

C OM B IN ED IN C O M E A C C O U N T FOR

YE AR S E N D IN G JU N E 30.

(Incl. M et. W . S. Elev. R y., Northwest. Elev. R R .
1918-19.
1917-18.
Operating revenue...........$10,587,462 $9,777,164
Operating expenses_____
6,839,464
5,227,978
Taxes, &c______________
1,031,103
932,408

& So. Side Elev. R R .)
1916-17.
1915-16.
$9,289,913 $8,435,008
4,824,486 4,335,061
863,334
722,115

Operating income____$2,716,896
Non-operating incom e..
141,464
Interest and rents______ 2,413,832
D ividends......................
590,040

$3,602,093 $3,377,831
151,589
135,694
2,386,662 2,247,406
1,176,345 1.135,543

Surplus_____________ def.$55,513

$3,616,778
150,490
2,390,450
1,198,395
$178,423

$190,675

$130,576

B A L A N C E SH EET JU N E 30.
.

Assets—

1S19.

1918.

$

5

R o a d a n d e q u i p . . 9 5 ,6 4 7 ,0 1 4 9 6 ,0 3 8 ,4 9 1
O th e r in v e stm e n ts
5 4 9 ,2 0 4
5 4 ,1 3 0
C u rre n t asse ts-------- 2 ,6 0 2 ,1 1 6
1 ,9 2 4 ,2 8 7
D eferred asse ts___
________
2 ,7 3 9
U n a d ju ste d d eb its
6 7 ,9 8 6
1 5 5 ,2 6 0

T otal............... 98,866,318 98,174,910
— V. 109, p. 1461.
I n t e r b o r o u g h

R a p id

1919.
1918.
Liabilities—
8
S
C a p ita l sto c k _______3 6 ,2 9 2 ,5 0 0 3 6 ,2 9 2 ,5 0 0
F u n d ed d e b t _______5 5 ,0 1 3 ,0 0 0 5 5 ,2 3 4 ,0 0 0
B ills p a y a b le w ith
1 ,0 7 0 ,0 0 0
C . E l . R y s ........... 1 ,0 7 0 ,0 0 0
C u rre n t lia b ilitie s. 3 ,5 6 4 ,5 4 2
2 ,8 5 7 ,2 3 0
A ccru ed lia b ilitie s .
5 5 7 ,6 1 6
5 4 7 ,7 7 2
U n a d ju ste d credits
8 0 5 ,2 9 7
4 6 1 ,0 3 2
C o r p o ra te su r p lu s . 1 ,5 6 3 ,3 6 3
1 ,7 1 2 ,3 7 4
T o t a l ..................... 9 8 ,8 6 6 ,3 1 8 9 8 ,1 7 4 ,9 1 0

T r a n s it

C o .,

N e w

Y o r k .

1 1919— Second In sta llm en t.)
Reports of Day & Zimmermann, Inc., engineers, Phila
delphia and New York, relative to the business of the Inter
borough Rapid Transit Co. as disclosed by their investigation,
started in Feb. 1919, as to operating, financial and statistical
data, are further summarized (see last week’s “Chronicle,”
page 2070 under date of Nov. 1) substantially as follows:
(Report o f Experts Dated N ov.

Organization.— The company was not incorporated until after commence
ment of work on the first subway, which was placed in operation on Oct. 27
1904; in addition to this property it operates the Manhattan R y., which it
leased Jan. 1.1903. Except for an investment in the N. Y . & Queens County
Ry. and two other small companies (all operating surface cars in the Borough
of Queens), its activities have been confined to the operation of the original
subway and the elevated system of the Manhattan Ry. Co. and their re
spective extensions, working at all times subject to the supervision of the
P. S. Commission and the authorities of the City of New York as provided
Total oper.exp.& taxes $5,502,616
$3,757,730 $2,802,575 $3,123,344 for in the various contracts and leases.
$972,102
$1,211,535
$1,208,869$1,280,278
Net earnings.............
Brief References to These Subway Contracts.
CORPORATE INCOME STATEMENT FOR CALENDAR YEARS.
Contract N o. 1.— On Feb. 21 1900 the city awarded to John B. MacDonald
1918.
1917.
Increase.
Contract No. 1, which provided for the construction, equipment and opera
Standard return____________________ $1,204,992
--------- $1,204,992 tion of the first section o f the subway from the intersection of Park Row with
Operating income (revised)_________
______ $1,431,103 decl,431,103 Broadway, north on the east side of the city to 42d St., west to Times Sq.,
44,747
246,115 dec.201,368 and again north on the west side to Van Cortlandt Park, with a branch
Miscellaneous income.................. .......
through Harlem to Bronx Park. The city paid the cost of building the sub
$1,677,218 dec.$427,480 way proper and the contractor paid for the equipment. The lease was for
Total corporate income___________ $1,249,739
$36,226
$21,668
$14,558 a term of 50 years, with an extension privilege of 25 years; it granted the
Interest, &c.
76,000
87,795 dec. 11,795 right to the contractor to operato for a 5-cent fare and imposed as a prior
War taxes__________________________
27,120 charge a rental equal to the interest and sinking fund on the bonds issued
3 9 2 ,3 2 5
Interest on funded debt____________
365,205
5,556 by the city to provide the construction funds. The city agreed to buy the
Interest on equipment obligations__
.
17,072
22,628
120,000 property furnished by the contractor at the expiration o f the lease at a valua
Dividend appropriation (6 % )----------360,000 (4%)240,000
Additions and betterments__________
dec.72,506 tion to be agreed upon. This section of the subway, in part, was put in
3,573
76,079
operation on Oct. 27 1904. The rights of the contractor under this contract
$358,987
$869,399 dec.$510,412 were acquired by the Interborough Rapid Transit Go.
Balance, profit and loss...................
GENERAL B A L A N C E SH EET D E C . 3 1 .
Contract N o. 2.— On July 21 1902 the first extension of the foregoing sys
tem was provided for in Contract No. 2 between the city and the Rapid
1918.
1917.
1917.
1918.
Transit
Subway Construction Co. It comprised the Battery Tunnel under
Liabilities—
$
Assets—
S
$
$
R o a d A e q u i p m e n t s , 1 2 6 .6 0 2 1 8 ,1 0 6 .9 8 6 C o m m o n s t o c k . . . 6 ,0 0 0 ,0 0 0
6,000,000 the East River, with Its connection to the existing sytem in Manhattan,
and the subway to Flatbush and Atlantic avenues, Brooklyn. The con
3 ,6 5 0 F u n d e d d e b t ............ 8 ,5 6 6 ,0 0 0
8 ,5 6 6 ,0 0 0
M is c e l. p h y s . p ro p
3 ,6 5 0
tract provided for the operation of this extension as a part of the older system
20,000 E q u ip , tru st o b l i g . 4 6 7 ,0 0 0
5 3 6 ,0 0 0
A ffil. c o s. sto ck s. .
2 0 .0 0 0
and in general embraced conditions similar to Contract No. 1. Its term
5 5 1 ,1 6 5 L o a n s & b ills p a y .
5 4 7 ,0 7 7
O th e r in v e s t m e n ts .
1 5 0 ,5 4 0
4 4 7 ,0 7 7
was for 35 years with the right of renewal for 25 years. As in the case of
T
r
a
ffic
,
&
c
.,
b
a
l
.
.
4
1
,0
1
3
2
1
7
,8
9
5
U . S . G o v t . accr.
Contract No. 1, the rights of the contractor were acquired by the Inter
co m p en sa tio n . . 1 ,1 8 1 ,6 9 2
8 7 9 ,4 9 2
M is c e l. a c c o u n t s ..
5 9 ,6 6 1
borough Rapid Transit Co.
1 ,0 4 1 ,8 9 2 I n t .& d lv s .m a tu re d
1 7 4 ,9 9 5
C a s h .............. ...............
1 4 ,1 6 8
1 7 4 ,0 6 1
1 6 3 ,8 4 3 I n t . A re n ts a c c r . .
S p ecia l d e p o s its —
1 ,9 0 0
2 7 ,1 6 4
1 6 ,8 9 0
Contract N o. 3.— On March 19 1913 the construction of all remaining lines
1 2 1 ,2 9 9 D e f . lia b ilities_____
1 2 ,3 8 6
3 ,8 1 3
T r a f f ic , A c . , b a l . .
7 1 ,4 9 4
was provided for in Contract No. 3 between the city and the Interborough
2 5 7 ,0 1 5 U .S .G o v t .d e f .l l a b . 1 ,7 0 3 ,3 6 1
A g t a .A c o n d u c ’ s . .
Rapid Transit Co. They comprise the 7th Ave. and Lexington Ave. lines,
2 3 3 .8 1 5
9 2 7 ,1 8 0 T a x e s ...........................
7 9 ,5 4 2
1 4 0 ,6 5 4
M is c e l. a c c t s . r e c .
together with extensions in the Bronx, a line through 42d St. and under the
4 6 0 ,2 3 6 O p eratin g reserves
4 9 ,1 0 9
2 6 6 ,3 2 1
M a te r ia l & s u p p . .
East River extending to Astoria and Corona in Queens, as well as important
1 2 5 ,0 6 3
8 1 ,0 5 1 A c c r . d ep reciatio n 1 ,1 9 2 ,4 3 5
O t h . current assets
1 ,0 8 0 ,8 9 2
extensions in Brooklyn. The Interborough Rapid Transit Co. agreed to con461
•
3 3 7 U n a d ju ste d cred its
3 0 9 ,1 9 0
D eferred a s s e t s . . .
1 2 1 ,9 9 0
contribute not exceeding $58,000,000 toward the cost of the subway proper,
U . S . G o v t , u n a d j.
U .8 .G o v t .d e f .a s s e ts 2 ,9 4 1 ,0 2 8
to provide all necessary equipment, then estimated to cost $22,000,000, and,
5 1 6 ',2 5 0
U n a d j. d e b its -------3 6 6 ,1 1 5
c r e d i t s .............. ..
7 6 1 ,2 3 8
under the terms of the lease, to operate the entire system covered by Con
1 2 3 ,8 6 6
i t . 8 . G o v t , u nad j'.
A d d ’ n s to p ro p e rty
1 2 7 ,4 3 9
tracts Nos. 1, 2 and 3 for a fare of 5 cents.
d e b it s ____________
8 7 7 ,0 7 5
3 ,6 7 5 ,9 5 5
P r o fit A lo s s ________ 3 ,9 9 5 ,9 9 2
It is also provided that the respective operating leases under each
of these contracts shall terminate contemporaneously on Dec. 31 1965.
T o t a l ____________ 2 4 ,1 1 3 ,6 0 4 2 2 ,2 5 0 ,9 0 4
T o t a l ------------------- 2 4 ,1 1 3 ,6 0 4 2 2 ,2 5 0 ,9 0 4
subject however, to extension in event of delay in completion of work and
Securities o f the company held by it, pledged, $468,000.— V. 107, p . 2285. subject also to earlier termination by the city through acquisition by the
city upon the fulfillment of certain clearly defined conditions. The contract
C h ic a g o
E le v a te d
R y s .
C o lla t e r a l
T r u s t .
sets forth in detail the disposition that the Interborough Rapid Transit Co.
shall make of its gross receipts in connection with the operation of the com
(Report fo r the Fiscal Y ear ending D ec.
bined subway system as explained below.
CHIC. ELEV. RYS. COLL. TRUST— IN C O M E AC C T . FOR C A L .Y E A R S .
' New York City's Investment.— The payments by the city to the Rapid
1918.
1917.
1916.
1915.
Transit Subway Construction Co. for work provided under Contract No. 1
Income— Dividends------$1,176,572 $1,196,701 $1,218,991 $1,027,045
will
aggregate $46,700,000 and $3,700,000 under Contract No. 2, a total of
Interest......................
195,439
190,980
153,483
125,585 $50,400,000.
The city also paid for easements, rights of way and other
Gross income_________ $1,372,011 $1,387,681 $1,372,475 $1,152,630 construction costs under the two contracts, approximately $8,600,000,
making
a
total
investment by the city of $59,000,000. Under Contract
Int. on notes & deben’s . $1,256,260 $1,255,795 $1,186,815 $1,120,000 No. 3 the city had
expected to invest $65,000,000, but as the result of
72,493
Other interest-------------72,493
29,792
changes in construction as well as the high costs brought about by the 'war.
33,890
General expense_______
42,759
32,067
26,213 this total outlay will be in the neighborhood of $100,000,000.
the City of New York will have invested by the early summer
Surplus income...........
$498
$25,503
$123,801
$6,417 of Therefore,
1920, when the system will be substantially completed, approximately
CH IC. E L. R YS. COLLATERAL TR U ST B A L A N C E SHEET DEC. 31.
$159,000,000 in the subway property operated by the Interborough Rapid
Transit Co. under its lease expiring Dec. 31 1965.
1917.
1918.
1918.
1917.
S
Liabilities—
S
Company's Investment.— The Interborough Rapid Transit Company’s
S
Assets—
expenditures on the subway, for real estate, equipment, Ac., which it was
Capital stock, bonds
$ 1 4 ,0 0 0 ,0 0 0 2 -y e a r 5 % Secured N o t e s
A c . , p led g e d ........... See n o te x b elow
required to provide under Contracts Nos. 1 and 2, including the cost of the
7 ,0 0 0 ,0 0 0 1 0 -y e a r 6 % deben tu res
C a s h ..........................
7 8 8 ,3 4 9
7 7 6 ,3 3 3
Steinway Tunnel, are now represented by $52,615,000 of the 5% bonds and
1 6 0 .0 0 0 p re f. p articip ation shares
N o te s re c e iv a b le --------- 1 ,0 7 0 ,0 0 0 1 ,0 7 0 ,0 0 0
the proceeds from the sale of stock of the company. Under Contract No. 3
2 5 0 .0 0 0 c o m m o n participation- shares
Notes payable.........1,300,000 1,300,000 the Interborough Rapid Transit Co. had expected to expend the proceeds
O th er
in v e s tm e n ts
( c o s t ) ________________ 2 ,0 5 4 ,4 2 6 2 .0 4 3 ,4 2 6 A cc o u n ts p a y a b l e . . .
1 8 ,0 8 1
1 ,5 6 9
from $80,000,000 of the 5% bonds only, but this sum has been increased,
owing to conditions stated in the preceding paragraph, to approximately
6 2 8 ,0 0 5
A c c o u n ts rec eiv a ble......................
4 ,2 9 0 A ccru ed in te re st_____ 6 2 8 ,1 3 0
A c c ru td in te re st_____
2 2 ,4 4 9
2 4 ,0 9 1 E xcess curren t assets
$100,000,000 of bonds and notes.
.
Consequently, the investment of the company in the subway system is
ove r cu rren t l i a b l l .1 ,9 8 9 ,0 1 3 1 ,9 3 8 .5 6 6
represented by its 5% bonds and 7% notes, amounting to about $153,
T o t a l ........................... 3 ,9 3 5 ,2 2 4 3 ,9 1 8 ,1 4 0
T o t a l ........................... 3 ,9 3 5 ,2 2 4 3 ,9 1 8 ,1 4 0
000,000, to which amount should be added the proceeds of the capital stock
invested in equipment under Contract No. 1.
x T h e s e a re th e a ssets pledged u nder $ 1 4 ,0 0 0 ,0 0 0 Secured G o ld N o t e s , v iz .:

$430,974
786,215
123,628
1,308,283
139,010
77,836
257,398

31 1918.)

s

Other Assets So Pledged—
Pledged.
In v e stm e n ts in secu rities of an d
c la im s a g a in st C h ic . A O a k
C o m m o n . . ...................... - ............ 7 ,4 6 2 ,8 0 0
P ark (n o t ln cl. $ 1 ,3 5 8 ,3 6 3
N o r th w . K i e v . R R . , p ref------- 4 ,9 4 4 ,4 0 0
receiver’ s
c e r tfs .,
eq u ip ,
C o m m o n . . -------------------------------- 4 .9 4 6 ,4 0 0
n o te s, A c ., carried am on g
F irst M o r tg a g e 5 s .................... .1 2 ,5 0 0 ,0 0 0
South S id e E le v . R R . s t o c k .. 1 0 ,2 3 1 ,4 0 0 1 “ o th e r In vestm e n ts” ) ............. S I , 7 0 9 ,3 7 3

Stocks A Bonds ( Par Val.)— x Pledged.
M e tro p . W . S . E le v . R y . . p ref$ 8 ,707 ,500

* Being in each case the entire outstanding amount. The underlying securities
in the hands oi the public Include chiefly (a) Metropolitan W. S. Elevated Ry.



Manhattan Railway Co.

Manhattan Lease.— On Jan. 1 1903 the Interborough Rapid Transit Co.
leased the property of the Mannattan Railway Co. for a period of 999 years
from the year in which the Manhattan Railway Co. was organized, namely,
1875. The terms of the lease provide that the Interborough Rapid Transit
Co. shall pay all interest on the bonds o f the Manhattan Co., an annual
dividend of 7% on outstanding stock of the Manhattan Co. (now $60,000.
000) and $35,000 annually for organization expenses.
Manhattan Certificate.— On March 19 1913 the P. S. Commission granted
1 to the Manhattan Railway Co. the “ Manhattan Certificate” authorizing

2168

THE CHRONICLE

*t to construct additional tracks on its 2d Ave., 3d Ave. and 9th Ave. lines.
The compensation payable to the city by the Manhattan Co. for this
authorization is based upon any increase in gross receipts over the year 1911
from stations served by express trains.
Interborou gh C ertifica te .— On the same date the P. S. Commission granted
to the Interborough Rapid Transit Co. the “ Interborough Certificate”
authorizing that company to construct certain short extensions to the Man
hattan Railway, and to operate the same in connection with the Manhattan
Railway for a 5 cent fare.
E xp en d itu res on M a n h a tta n .— In the performance of the work called for by
the Manhattan and Interborough certificates, the Interborough Rapid
Transit Co. will have expended the proceeds of 5% bonds and 7% notes
aggregating $29,000,000 on the elevated railway property of the Manhattan
Railway Co. and $18,000,000 upon the extensions thereto, a total of
$47,000,000.
The lease of the Manhattan Ry. to the Interborough Rapid Transit Co.,
as supplemented by an agreement dated March 15 1913, in effect provides
that upon the expiration or sooner termination of the lease for any cause, all
property constructed or furnished under the Manhattan certificate by the
RaPi(l Transit Co. out of its own funds (including the $29,
000,000 as above stated) shall remain for use upon and shall become the
property of the Manhattan Co. upon payment by the Manhattan Co. of
the reasonable value thereof, such payment to be made within 18 months
after notice by the Manhattan Co. of termination of the lease on account of
any default by the Interborough Rapid Transit Co. or upon tho termination
of the lease for a cause other than a default by that company.
'
P h ysical P rop erty.
Subway M ile a g e .— The subway system built under Contracts Nos. 1 and 2
aggregated 25.7 route miles or an equivalent o f 85 miles o f single track.
Contract No. 3 provided for additional construction o f 48 route miles or an
equivalent o f 147 miles o f single track. Upon the completion of the system,
232 miles o f single track will be in operation so that the mileage will havo
been trebled by the early summer o f 1920. At the present time about 195
miles are in regular operation.
Elevated M ile a g e .— Tho system o f the Manhattan Ry. Co. aggregated
37.7 route miles prior to the commencement o f work under tho Manhattan
Certificate, or an equivalent o f 118 miles o f single track. Upon completion
o f all the work now under construction, the system will comprise 41.9 route
miles, or an equivalent o f 140.5 miles o f single track. Of this total there
remains to be completed but 1.74 miles o f road.
Ph ysical C on d ition .— Tho physical property o f the Interborough Rapid
Transit Co. is in good condition throughout, having been well maintained
In spite o f the difficulties which the management has encountered through
and subsequent to the war.
M a g n itu d e o f O pera tion .— Tho Interborough Rapid Transit Co. now oper
ates over 4,000 cars o f all descriptions, approximately 2,200 on the Elevated
Division and 1,800 on the Subway Division, and dispatches more than
10,000 trains daily. During the fiscal year 1919 the entire system carried
approximately 809,000,000 passengers and during the year ended June 30
1917 approximately 764,000,000, as compared to about 96,000,000 passen
gers carried on the lines directly operated by the Pennsylvania RR. Co.
for the calendar year 1917 (4,500 miles o f road). This comparison clearly
sets forth the magnitude of the company’s operations. It is obvious that
this result could not have been achieved, with the unparalleled' record of
safety to the traveling public, but for the highly efficient organization
which the company has created and maintained throughout the period of its
activities.
5% Bonds and 7 % N o te s Outstanding N ov. 1 1919.
We givo below a statement showing the outstanding First and Refunding
M tge. 5% Gold Bonds and the Three-Year 7% Secured Convertible Gold
Notes of the Interborough Rapid Transit Co. and the division of these
securities as between amounts issued for work done on the subway system
and the Manhattan elevated system, respectively.
A P P L IC A T IO N OF BO N D S A N D N O T E S B Y D IV IS IO N S .
M an h a ttan .
Subway.
Total.

(1) I . R . T . Co. F irst & R ef. M tg e. 5 %
Bonds in H a n d s o f Public:

For refunding bonds & notes issued
on account o f Contracts lan d 2 __
________
For Contract N o. 3 and related ctfs.$29,110,535

$52,615,000
79,474,465

$52,615,000
108,585,000

$29,110,535 $132,089,465 $161,200,000
(2) T h ree-Y ea r 7 % N o tes:
20,946,034
38,974,000
For Contract No. 3 and related ctfs. 18,027,966
Total 5% bonds and 7% notes in
hands o f public______________$47,138,501 $153,035,499 $200,174,000

I . R . T . C o. F irst & R ef. M . 5%
Bonds Owned and Pledged as Collat
eral to Said T h ree-Y ea r 7 % N o tes:

For Contract N o. 3 and related ctfs.$28,190,452

$32,751,548

$60,942,000

R E N T A L S . IN T E R E S T A N D S I N K I N G F U N D C H A R G E S OF I . R. T. CO.
Subway R en tal .— T o city iinder contracts Nos. 1 and N o. 2,

$470,000 quar. (Q.-J.) and $520,000 in Decem ber..........- - -  $2,400,000
R ental to M an h a ttan R y.— (a) Interest on its [$40,684,000] Consol.
4s, $1,627,360; (6) interest on its [$4,523,000] 2d M . 4s,
$180,920; (c) dividend [at 7% p. a. on $60,000,000 stock],
6,043,280
$4,200,000; (d) organization expense, $35,000----------------- B ond Interest an d Sinking F u n d on First & Ref. M . 5% gold
bonds in hands o f public.— (a) account o f subway, $7,925,000;
(6) account o f E levated, $1,747,000________________________ 9.672.000

N o te In terest.— On T h ree-Y ea r 7 % Secured Convertible Gold N o tes.

— (a) On account o f subway, $1,466,000; (6) on account of
elevated, $1,262,000_______________________________________

2.728.000

for which the bonds are pledged as collateral: (a) on account
o f subway, $327,000; (6) on account o f elevated, $282,000-.

609,000

B ond Sinking F u n d .— On 5% bonds used in retiring 7% notes

Total rentals and interest: (a) for subway, $12,118,000; (6) for
elevated, $9 ,334 ,280 .............................................. ......................$21,452,280
All the forogoing sums are now chargeable against income except a portion
o f the charges on the 5% bonds and 7% notes pertaining to parts o f tho
system which have not been put into operation. A ll such work will be prac
tically completed by the summer o f 1920 so that the income deductions
that will accrue thereafter will be at least $21,452,280.
D is p o s itio n o f E a rn ings as A g reed u p o n w ith C ity.
Subway D iv ision (Contract N o . 3).— The first charge against tho gross
operating revenue o f the subway system is tho annual city rental o f approxi
mately $2,400,000, being the interest and sinking fund on bonds issued by
thq city in connection with Contracts No. 1 and No. 2, payablo by tho
Interborough Rapid Transit Co. under the provisions o f thoso contracts.
The Interborough Rapid Transit Co. must then (a) pay all taxes, operat
ing expenses, maintenance charges and set aside the annual depreciation
allowance, and thereafter (6) is authorized to retain certain sums (details
below) which are available for interest and sinking fund on its 5% bonds
and 7% notes or for other corporate purposes (see note),
h Then there is to be deducted (c) for the city 8.76% on tho city’s contri
bution (of approximately $100,000,000) under Contract No. 3; (d) a reserve
allowance o f 1% o f the revenue. Any balance remaining is to be divided
equally with the city.
Until realized, all the above sums (a) and (6), to which the company Is
entitled, continue to accrue for the benefit o f the company and with com
pound interest constitute the so-called "unearned accrued p r e fe r e n t ia l .'
Such preferential are payable to the company out of future earnings before
the city becomes entitled to receive any return on its investment in Contract
No. 3 which, as above stated, will amount to approximately $100,000,000.
W Elevated D ivision (.Interborough Certificate ).— From the gross operating
revenue o f the elevated system the Interborough Rapid Transit Co. must
pay taxes, operating expenses, maintenance charges and depreciation allow
ance. After making the foregoing disbursements, the Interborough Rapid
Transit Co. is to pay the elevated rentals o f $6,043,280 (stated above).
After meeting the rentals, the Interborough Rapid Transit Co. is entitled
to retain certain sums (stated In detail below) which are available for Interest
and sinking fund on its 5% bonds and 7% notes or for other corporate
purposes. Any balance remaining is to be divided equally with the city.
^ Com bined System— L ien o f B on ds .— All the 5% bonds, including those
pledged as security Tor the 7% notes, are equally secured by the First &
Ref. M tge., Irrespective o f whether the proceeds from such bonds or notes
•were spent on the subway system or the elevated system. They have a




l VOL. 109

common and pro rata right o f payment out of the company's earnings avail
able for corporate purposes. The ultimate disbursement of such available
earnings in so far as the 5% bonds and 7 % notes are concerned, is in no
wise affected by the part of tho system (subway or elevated) upon which
they are earned or the contractual clauses through which they become
available to the Interborough Rapid Transit Co. They have arrived at in
the following manner:
Sum s A vailable, I f Earned, fo r In terest and Sinking F u nd o f 5% Bonds
and 7 % N o tes.

(1) Subivay. — (a) A fixed sum called the Subway Preferential
(the fixed sum which the company is permitted to earn on its
investment prior to the execution of Contract No. 3. now
represented by $52,615,000 5% bonds and $35,000,000 capital
stock)_______________ _____ ___________________ ________ _
$6,335,000
(b) 6% on $80,000,000 representing the investment under Con
tract No. 3 originally contemplated_______________________
4,800,000
(c) Cost of the money and 1 % sinking fund for additional sub
way equipment; upon completion of construction work this
sum will approximate 8% on $21,000,000, or_______________ 1,680,000
T ota l.__________ ______ _______ ______________ _________ .$12,815,000
This total of $12,815,000 would be available under Contract No. 3, if
earned, for interest and sinking fund on the 5% bonds and the 7% notes,
or for other corporate purposes including the rental of tho elevated roads
to the extent that the elevated earnings continue insufficient to pay elevated
rental (see note below).
(2) Elevated. — (a) A fixed sum called the elevated preferential,
amounting to_____________________________________________ $1,589,348
(6) 5% interest and 1% sinking fund on $29,110,535 5% bonds,
with the exception of sinking fund on bonds issued for power
plant improvements (representing the investment originally
contemplated); and the cost of money and 1% sinking fund
on $18,027,966 7% notes, with the exception of sinking fund
on notes issued for power plant improvements (constituting
additional investment), being the securities issued in connec
tion with the Manhattan and Interborough certificates, o r .. 3,131,642
T ota l................................................. ..........................................$4,720,990
This sum of $4,720,990 will bo available under tho Interborough certifi
cate, if earned, for interest and sinking fund on the 5% bonds and the 7%
notes (see note below).
Com bined A vailable E a rn in g s .— From the foregoing it will be seen that if
the revenues to which the company has preference are earned, there will bo
available for interest and sinking fund on the 5% bonds and 7% notes a
total of $17,535,990, whereas the annual charges on the bonds and notes
now outstanding amount to but $13,009,000.
N o te .— For the purpose of simplification in this computation we have
excluded consideration of the miscellaneous earnings of the Interborough
Rapid Transit Co., including revenuo from the Subway Realty Co. , These
earnings for the fiscal year ended Juno 30 1919, after deducting certain
disbursements occasioned by tho Interborough Rapid Transit Co.'s intores'!
in the surface lines of the Borough of Queens, nono of which are provided
for in Contract No. 3 nor in the Interborough Certificate, resulted in a not
credit of approximately $417,000.
, .
. „
,
.
E stim a tes .— Our estimates for the subway, exclusive of the elevated
system, indicate that earnings applicable toward interest and sinking fund
on the 5% bonds and 7% notes will amount to $6,071,000 for the fiscal
year ending June 30 1920, whereas tho interset and sinking fund on the
amount of bonds and notes in tho hands of the public chargeable to income
will bo approximately $11,900,000. This estimate is predicated upon the
continuance of the 5-cent faro and the high costs of materials and supplies
now prevailing as well as tho wage scale that went into effect Aug. 17 1919.
The estimated sum in question should increase during subsequent years,
tho amount estimated for the 12 months ended June 30 1924 being $9,771,
000, whereas the estimated interest and sinking fund will then be about
$13 820 000. Tho estimated aggregate amount earned during the fivo years
ending Juno 30 1924, applicable toward interest and sinking fund on the
5% bonds and 7% notes is $38,455,000. As the foregoing relates to the
subway alono, tho charges incurred under the Manhattan lease, referred to
in the estimates as rentals, are not taken into account.
If we consider tho entire system, the estimated amount applicable to
interest and sinking fund on the 5% bonds and 7% notes as indicated in
our forecast would bo $3,037,000 in 1920, increasing to $8,138,000 in 1924.
The estimated total sum earned for the fivo-ycar period which will end
June 30 1924 would bo $26,587,000. See also tabular estimates in V. 109,
2070.

M e r g e n t h a le r L in o t y p e C o m p a n y , N e w Y o r k .

(Report for Fiscal Year ending Sept. 30 1919.)
Vice-President Norman Dodge, Nov. 18 1919, wrote in
substance:

R esults .— The net gain for the year, from all sources, and after making
proper allowance for depreciation and taxes, was $1,663,139.
The year has been one of groat disturbance in all lines of businoss. Dur
ing tho summer a serious striko, lasting nine weeks, occurred in tho Brook
lyn factory, due to tho interference of outsiders; and this notwithstanding
the fact that the company has maintained its policy o f paying the highest
prevailing wages, observing the prevailing hours, and has continued tho
life insurance for each employee for an amount equal to one year’s pay
wholly at the company’s expense.
There has been a steady increase in the rates o f wages and in all expenses
connected with the business; difficulties and interruptions in securing labor
and material; and delays in making foreign shipments, due to the dislocation
o f transportation.
B u sin ess .— The character of the market for Linotypes has changed in
tho past few years, the large field for new business lying principally in the
smaller offices, in replacements and additions to the larger offices, and in
the foreign field. Thoro is less profit per machine than in former yoars,
so that profits must bo secured through a larger production and sale of
machines and supplies and closer contact with the printers at homo and
abroad. We have also continued to increase the range and versatility o f
the Linotype, and improve the typographical excellence of the product, to
meet the varying demands of the printing industry.
A d d itio n s .— The increasing demand for Linotype machines and supplies
makes imperative an enlargement of the factory and tho introduction o f
additional machinery. To meet the situation the company will at once
begin the erection of a new building, 300 feet long, 70 feet deep and eight
stories high, facing the present factory buildings.
N eed o f Large w orking C apital .— To give the efficient service required by
the printing industry the company must carry large stocks In its United
States agencies and with its agents abroad.
Theroughout tho world tho company sells Its machines on deferred terms
o f payment extending over three years or more. The company does not
discount its customers’ notes or other evidences of indebtedness, but re
tains them in its possession until paid. It will be appreciated that this
locks up a vast amount of capital in the business.
F oreign B u sin ess .— The Linotype is used in practically every civilized
country, setting matter in about 40 different languages. Its use Is woll
established even in such distant places as: Manaos, Brazil, a thousand
miles from tho mouth of the Amazon River; Asuncion, Paraguay; 1,100
mllos from the mouth of tho Rio de La Plata; La Paz, Bolivia, 13,000 foot
above sea level; throughout Siberia, from the Russian Border to Vladivo
stok- various cities in China, including one a thousand miles from the sea
coast- throughout India; the Malay Peninsula; Fiji Islands; Alaska, Ice
land,the Dutch East Indies, the Philippine Islands, tho Hawaiian Islands,
and in many cities in North and South Africa.
The company has largo European interests and directly and indirectly
Is the owner o f extensive credits given to purchasers in countries which wero
involved in the war, and in which conditions are still unsettled. What
adjustments must be made, as a consequence of the world-wide disorgani
zation is not yet known. The full details o f the condition of tho German
Company are now being studied.
The British Company throughout tho war was engaged almost wholly
in the manufacture of war material. This work has now ceased and the
company has resumed tho production of Linotype machines, printing
presses, and other printers' machinery. The British Company’s holdings
are In good condition and that company has been managed skilfully and
with due regard to the rights of the American holders, at the samo time
giving marked assistance to the British Government throughout the war.
Bills P a yable .— The bills payable shown in the Treasurer’s report repre
sent In large part the purchase o f Liberty and Victory Bonds.

2169

THE CHRONICLE

D ec . 6 1919.]

B A L A N C E S H E E T O C T . 31.

I N C O M E A C C O U N T FOR Y E A R S E N D I N G S E P T . 30.

1918-19.
Total net profits________ $1,663,139
Dividends (about)_____ 1,280,000
Dividend rate_________
(10%)

1917-18.
$1,343,545
1,600,000

1916-17.
$1,883,159
1,600.000

(12M % )

(1 2 H % )

1915-16.
$1,898,200
1,279,990
(1 0 % )

Surplus or deficit___ sur.$3S3,139def.$256,455 sur.$283,159sur.$618,210
B A L A N C E S H E E T O CT. 1.

1916.
1917.
1918.
A ssets —
1919.
Plant, real estate, &c— $2,103,652 $2,237,322 $2,338,,525 $2,262,525
80,155
70,,180
109,955
69,605
Linotypes______________
'""
60,865
54,,613
56,272
56,556
Office fixtures, &c--------Bights, priv., franchises,
3,650,000
3,655 230
3,656,330
patents & inventions. 3,642,990
3,905,507
3,677 473
4,042,640
Stock and bond account. a3,901,581
832,796
256 096
482,664
348,190
Cash__________________
5,676,538
6,447 052
6,695,149
Bills receivable________ 6,019,670
1,398,193
1,253 770
881,277
Accounts receivable------ 1,471,231
1,735,455
2,998,415
2,580 ,477
Raw materials, &c_____ 3,166,424
309,198
358,462
303 ,348 ___________
Canadian Linotype, Ltd.
479,883 _______________________
Total assets................. $21,434,605 $21,343,662 $20,636,765 $19,911,233
Capital^stock!................. $12,800,000 $12,800,000 $12,800,000 $12,800,000
Creditors’ open accounts
®9,950
, o o l ’oRn
.S 'l S
43,420
Bills payable__________
825,000
1,281,300
450,000
648
Dividends unpaid--------„ „ „ 718
698
6/3
P ocopua fn. tnrpQ
261.928
126,58/
--------su ^ d a s.. . . . . : : : : : : 7 .477.008
7 ,093.869
7 ,350.323
7 .067,165
Total liabilities______$21,434,605 $21,343,662 $20,636,765 $19,911,233
a Includes U. S. Government bonds.— V. 109, p. 1992.

B row n S h oe C om pan y, In c.

31 1919.)
John A. Bush, St. Louis, Mo., Nov. 24 wrote in subst:

(Report for Fiscal Year ending Oct.

P res.
List o f P la n t s __The Brown factories, with total manufacturing capacity

nvpiftftft 000 per annum, are described as follows:
„
.
(1) The ‘ ‘White House,” Washington Ave., 16th to 17th Sts., St. Louis
wholesale distributing house, sales rooms and general offices
(2) Presi
dent” ^fartorv 18th and Wash. Sts., St. Louis, where m ens highest grade
Goodvear welt “ White House” shoes are made. (3) ‘ ‘Capitol factory,
adjoining the "President” factory, making “ Maxines " women s finest welts
and turns
(4) ^Sole leather supply plant,” 17th and Lucas Sts., St. Louis;
sole factory heel factory, counter factory, supplying complete bottom stock
to all c S n ^ s manufacturing plants. (5) ” Brooklfi«l Plant,” 224 miles
„ f ot i miis at Brookfield, M o., produces boys Buster Brown Goodvear wolts
(6)” Hom^tak0" factory, 12th and Russell, St. Louis; Maxine
ft£h grade novelty "M cK ays.” (7) “ Moberly Plant,” Moberly. M o 149
miles northwest of St. Louis; since the war is doing good service on Blue
Kibbon Servico Shoes” for workers. (8) “ Murphysboro 1 lant, Murphysboro l 1 1 9 3 miles east of St. Louis; takes care of company s “ Brown Value
popular priced shoes for boys, women and children. (9) “ Dixon Plant %
^70 miles mirth of St. Louis, at Dixon, 111., is now concentrating on women s
“ Maxine Pliable Treads." (10) “ Charleston Plant, at Charleston, 111.,
rw^nilec east of St Louis, the company s newest factory, bids for honors
in thTmakfng of Biister Brown McKays. (11) “ Litchfield (111.) Plant,“
52 miles northeast of St. Louis, concentrates on only a few styles of men s
noou a f pricedwelts. featuring “ The Ford Idea in Shoes.” (12) “ Buster
Srown Factory " Jefferson and Mullanphy St., St. Louis, makes the Buster
Brown Goodvear welts. (13) The company’s carton and box factory at
22d and Washington Sts., St. Louis now making 35,000 boxes per day.
(14) Central Shoe Co., subsidiary selling branch, moved July lo 1919 from
Kansas City to St. Louis, at 17th and Washington Sts.
Altogether the company owns and operates ten large modern plants for
the manufacture of its product and leases and operates a large plant for the
manufacture o f paper boxes. Including its two distributing houses, it
has a combined floor space.of 28 acres with a capacity of producing 30,000
pairs of shoes per day.
Book Value Oct. 31 1919 o f L and, B u ildings, M a ch in ery and E quipm ent.

Land A Bldgs. M a ch .,E q., & c.

Book value..........................S965.446
Allowance depreciation.. 159,457

$1,069,614
461,052

Lasts.

$941,267
847,333

Total.

$2,976,327
1,467,842

Assets—

Real estate, bldgs.,
machin’y, equip
ment, Ac_____ bl 508,485
Trade names, &c.. 4 ,966,365
130,513
Securities_______
258,860
Liberty bonds___
303,064
Cash___________
Accts. receivable.. 7 ,109,971
Prepaid purch., &c
56,800
Inventories_____10 ,844,696
Prepaid exp., &c_
1

1,460,098
4,966,365
112,397
280,739
355,900
5,492,677
86,309
7,813,795
67,575

Total.................25,178,755 20,635,854

1919.
Liabilities—
S
Preferred stock__ 5 ,400,000
Common stock__ 6 ,300,000
Notes payable----- 5 800,000
Accounts payable- 1,981,627
33,363
Accrued accounts.
Reserve for Federal
income, war and
excess p.ofits
taxes (est.)____ 1 ,325,000
Special reserves__ zl ,000,000
Surplus__________ 3 338,766

1918.
S
3,500,000
6,000,000

5,657,500
1,380,499
29,545
600.000
900,000
2,568,310

Total.................25,178,755 20,635,854

b After deducting $1,467,842 for depreciation, x After deducting $97,
142 for redemption of $100,000 Pref. stock, z Includes special reserve
account of redemption of Pref. stock, $600,000, and reserve for possible
fluctuation of prices, $400,000.
.
,
N o te .— The company was contingently liable in foreign customers ac
ceptances discounted at bank and unpaid Oct. 31 1919, aggregating $o9,00o.
— V. 109, p. 1794.

C a n a d ia n C a r & F o u n d r y C o m p a n y , L t d ., M o n t r e a l.

(1(M A nnual Report— Year Ending Sept. 30 1919.)
President W. W. Butler, Montreal, Nov. 11 1919, wrote
in substance:

R esults .— After charging earnings with the cost of maintenance, customary
depreciation, due provision for contingencies (bad debts, rebuilding of fur
naces, &c.), also after writing down inventories held at war-time prices to
present market basis, there remains a profit for the year, subject to war
tax, of $1,887,635. The aggregate amount of sales was approximately
$33,000,000, being practically all in our regular lines of products. (Com
pare V. 109, p. 583.)
,
,
.
.
R ussian Shell C ontracts .— Further adjustments have been made ana tne
settlement considerably advanced. (V. 108, p. 2435.)
Case o f A m erica n C an C o .— Final judgment was given in favor or your
company and actual cash settlement received within the year. (V. luo.

P W ar Con tracts .— All outstanding issues in respect of Canadian and
American munitions contracts have been settled satisfactory witn tne
Imperial Munitions Board and the United States Government.
O rders .— Your main producing company, the Car Company, has oraws
on hand which will carry it into next year, but, as might be expectea, tne
outlook is somewhat uncertain. We are hopeful, however, of a reasonably
full operation of tho main plants over the next fiscal year.
New lines of possible manufacture are being carefully considered, witn
the aid of expert advice where necessary.
Within the year one steamship has been built at Fort William, but unless
something very attractive develops it is improbable that further snip
building orders will be undertaken.
P a ym en t o f P ref. D ivs. in A r r e a r s .— See note below.
I N C O M E A C C O U N T FOR Y E A R S E N D I N G S E P T . 30.
(Inch Can. Car A Fdy. C o ., L td ., C an. Steel F ou ndries, L td ., and A s s o c .C o s .)
1915-16.
1918-19.
1917-18.
1916-17.
Approximate output___ S33,000,000 $15,233,000 $2o,000,000 $l',292", 105
Net profits____________ $2,993,471 $4,617,391 $2,572,884
350,000
467,610
Deprec’n & renewals__
568,719
711,563
538,693
523,915
Bond interest__________
493,910
507,305
50,156
50,019
Int., &c., on deb. notes. ________
________
118,331
Int. on bank loans, & c ..
43,206
145,913
Pref. dividends.............(8 ) 656,250 (3 H ) 262,500
$ 2 ,9 9 0 ,1 1 0
$ 1 ,4 1 3 ,0 0 9
$ 3 3 3 ,2 f ?
B a l a n c e , s u r p l u s ______ $ 1 , 2 3 1 ,3 8 6
N o te . — I n J u l y 1 9 1 8 p a id 3 . 4 % d i v i d e n d o n p r e f . s t o c k ; t h is is c h a r g e d
a g a in s t e a r n in g s o f 1 9 1 7 -1 8 , a b o v e ( V . 1 0 7 , p . 2 3 7 8 ) . B e g in n in g J a n . 1 1 . 1 .
r e g u la r q u a r t e r l y d i v i d e n d s w e r e p a i d o f 1 ^ " ^ e a c h .
I n a d d i t i o n , .rn^uc^.

...

ls paid (
st 1918-1
p a y a b le

C O N S O L ID A T E D B A L A N C E S H E E T S E P T . 3 0 .

(In cl. Can. Car A Fd y. C o ., L td ., Can. Steel F ou n d ries, L td ., and A s s o c .C o s .)
$608,563
$93,934$1,508,485
Balance........................... $805,989
1919.
1918.
1919.
1918.
The appraised value Oct. 1917 was $2,604,661; additions to Oct. 31 1919
Liabilities—
$
„ „ *
Assets—
$
$
at cost, net, $812,528; total, $3,417,189. Loss depreciation allowances to
Preference stock.. 7,500,000 7,500,000
Real
estate,
build
Oct. 31 1919, net, $753,760; balance, $2,663,429.
ings, machinery,
A d d itio n s .— We have, during the year, completed at Charleston, in ., a
patents, &c___ 22,373,964 21,376,024
modern brick factory building 250 by 44 ft., three stories, with a tower
for red. Mont.
65 by 80 ft., containing elevators, washrooms, &c. This plant is luny Inv.
St. Wks. bonds. 100,000
100,000 CTst m ! * count! 2,217.643 2,334,929
equipped with electrically driven machinery and every modern snoe- Material,
Mont.StAV. IstM .
742.000
742.000
supplies,
making appliance and has a capacity of 3,600 pairs of shoes every day.
Craig St. Mtge—
100,000
100.000
&c.
(at
or
below
This plant has been in operation for the past 60 days and is alreadyturning
Bank
loans,
&c.........................
2,275,000
cost)................. 7,394,226 12,016,773
out a very satisfactory product of women s and misses’ M cKay sewed snoes
Dividends payable
262,500
------Bonds,
stocks,
&c.
1,903,298
165,479
A club house for the use of our employees adjoins the factory- 1 h® c_u,, ens Accts., bills rec.,
Accts., &c., pay’le 1,661,162 6,012,072
o f this thriving town subscribed $100,000 and the site as a bonus for us to
151,523
less reserve___ 2,326,184 4,463,638 Acer. int. & taxes- 150,986
locate in their community.
.
t
Agency Russian
,
Agency
of
Co.
Rus
In order that we may manufacture our full requirements of paper ooxt»
c o n tra c ts ............................
690,043
sian shell con
or cartons, the mill constructed factory building at 22d St. and \Vashing«>n
Deprec. & sinking
_ „
...
tracts
________
______
1,013,595
Ave., St. Louis, has been advantageously leased for a term of years, oo.uuu Cash in banks___
fund reserve------ 3,561,255 3.028,304
814,916
489,116
paper boxes per day will be manufactured.
.
, __
500,000
104,848 a219,893 Special reserve —
Our subsidiary selling organization, the Central Shoo C o., formerly Deferred items . . .
Operat’g, &c., fund 1,062,201
482,883
located at Kansas City, M o., moved to St. Louis July 15 last, lh e bt.
Profit and loss____ 7,061,557 o,830,173
Louis location offers a larger field of distribution, as already evidenced
by largely increased sales.
,
,
,
T o ta l...................35,017,436 39.844,519
T o ta l.................. 35,017,436 39,844,519
P rofit Sharing and N ew Capital Stock .— The profit sharing plan l i ^ again
been successfully conducted. The proceeds of this fund are distributed — V . 1 0 9 , p . 2 0 7 5 .
in common stock. T o provide for this distribution the directors authorized
American Water Works & Electric Co., Inc.
the sale to said profit sharing fund o f 3,000 shares of the authorized but
(Fifth Annual Report— Year Ending June
unissued common stock.
During the past year the company was able to sell to advantage tne
$2 000 000 Pref. stock authorized but still in the treasury. The proceeds
were added to tho company’s assets. In view of the high prices prevailing
— T h e c o m p a n y ’s p r o p o r t io n o f t h e n e t in c o m e o f s u b 
for material and the high wages paid to employees, this strengthening of s i d ia r y w a t e r c o m p a n i e s d e c r e a s e d f o r t h e y e a r $ 1 5 5 ,8 8 5 , b u t i n c o m e l r o m
tho company’s cash position has been of material advantage. (V.109.P.175.) o t h e r i n v e s t m e n t s in c lu d in g d i v i d e n d s o n P r e f e r r e d s t o c k o f W e s t l e n n
With the additions to capital referred to above our net working capital T r a c t i o n & W a t e r P o w e r C o . , i n t e r e s t o n b a n k b a l a n c e s , & c . , m c r e a s e a
has^ increased as follows: 1917, $6,224,660; 1918, $6,961,875; 1919. $10
$ 6 6 ,5 0 4 . w h ile e x p e n s e s a n d t a x e s (n e t ) in c r e a s e d $ 4 2 ,9 2 3 , a n d i n t e r e s t

30 1919.)
Pres. H. Hobart Porter, Sept. 18 1919, wrote in subst:
Income Account.

" ‘outlook for 1920.— The volume o f sales for tho past year is especially
gratifying as during the year 1919 Government business amounted to only
approximately $2 ,000 ,000 , whereas in the previous year shoes for the army
and navy totaled $7,500,000, thus making a total gain in civilian business
o f SO 5ftft ftftft Orders for shipment during the next three months total
appro’xitnately $16,000,000. Considering shorter working day, all manu
faoturine plants are producing very satisfactory output.
,
Tile continual improvement In our product is evidenced by the increasing
number of tho best exclusive shoe stores and department stores in the largei
cities who are handling our shoes. ‘ Buster Brown shoes, particu arly
can bo bought now from one of the best retailers in practically every city
and town in the United States.
.
,
D ividend In c r ea se .— Considering the continued and gratifying earnings,
the directors on Nov. 4 felt justified in increasing the rato of dividend on
Common stock from 6% to 7% P- a., beginning with tho quarterly payment
o f Dec. 1 1919.
I N C O M E A C C O U N T FOR Y E A R S E N D IN G O CT. 31.
r
1918-19.
1917-18.
1916-17.
1915-16.
Net?sales
...$31,690,814 $30,825,715 $21,882,016 $15,913,373
.............
«1 Mfi fiSA S9
22SSHft $2,414,088 $1,719,762
$2,228,860
Notjearnings__________
172,334
229,680
255,664
Depreciation__________
496,638
Repairs, patterns, &c.,
79,671
105,848
134,812
charged o ff__________
209,322

Net profits___________ $2,680,725
Federal inconff), war and
_____
exc. profits tax. (est.) .a $ l,250,000
Preferred divs. (7 % )—
281,376
Common divs. (6 % )—
360,000
Balance, surplus------$789,349
a Includes State taxes In 1918-19.




$1,838,385

$2,078,560

Sl.467,757

$500,000
244,470
360,000

$410,000
248,955
360,000

$264,250

$733,915

$1,059,605

$1,203,507

c h a r g e s i n c r e a s e d $ 1 7 ,7 7 0 , w i t h t h e r e s u lt t h a t t h e n e t i n c o m e w a s $ 4 3 o ,1 1 0 .
$ 5 8 5 ,1 8 5 in y e a r 1 9 1 7 -1 8 , a d e c r e a s e o f $ 1 5 0 ,0 7 5 .
F o u r q u a rte r ly d m
d e n d s p a i d d u r i n g y e a r o n t h e P r e f e r r e d s t o c k , a g g r e g a t i n g $ 3 8 1 ,5 0 0 .
O perations o f Subsidiary W ater C om pa nies— Tw o Plants S o ld .— T h is c o m 
p a n y c o n t r o l s a n d o p e r a t e s w a t e r w o r k s c o m p a n i e s i n 8 4 m u n i c ip a li t ie s
a n d c o m m u n it i e s a n d s e r v e s a p o p u l a t i o n i n e x c e s s o f 1 ,1 7 5 ,0 0 0 .
O n D o c . 3 1 1 9 1 8 , t h e p l a n t o f t h e P o r t s m o u t h , B e r k l e y & S u f f o lk
a te r
C o . w a s s o ld t o th e C it y o f P o r ts m o u th , V a ., a n d o n A p ril 30 19 1 9 . th e
p l a n t o f T h e R a c i n e W a t e r C o . w a s s o l d t o t h e C i t y o f R a c i n e , t \ i s . , in
a c c o r d a n c e w i t h t h e r e s p e c t iv e m u n i c ip a l c o n t r a c t s .
( V . 1 0 8 , p . 1 9 4 1 ).
E x c lu d in g th e s e t w o p la n ts , t h e d a ily filt e r a n d p u m p in g c a p a c ity o f tn e
r e m a in in g p l a n t s h a s b e e n s lig h t ly ' in c r e a s e d d u r i n g t h e y e a r .
In som e o i
t h o d i s t r i c t s s e r v e d , t h e q u a n t it y o f w a t e r s u p p l i e d c o n s u m e r s w a s s l ig h t l y
le s s t h a n i n t h e p r e c e d i n g y e a r .
E arn ings o f Subsidiary W ater C om pa n ies. — (S e e V . 1 0 9 , p . 1 9 8 9 ).
T h e s u b s i d i a r y w a t e r c o m p a n i e s f o r t h e y e a r s h o w e d a n in c r e a s e in K toss
e a r n in g s o f $ 3 7 ,9 2 4 ; o p e r a t i n g e x p e n s e s a n d t a x e s a ls o in c r e a s e d $ 2 3 7 ,9 0 / •
b u t in t e r e s t c h a r g e & c . d e c r e a s e d $ 4 4 ,1 4 8 ; s o t h a t t h e p r o p o r t i o n due A m e r i 
c a n W a t e r W o r k s & E l e c t r ic C o . w a s $ 4 6 3 ,0 6 8 , a g a in s t $ 6 1 8 ,9 5 3 in 1 9 1 /- 1 S sx d e c r e a s e o f $ 1 5 5 8 8 5
T h e w a t e r c o m p a n i e s in c o m m o n w it h o t h e r p u b li c u t i li t ie s , h a v e h a d t o
c o n t e n d w it h in c r e a s e d o p e r a t i n g c o s t s w h ic h a r e c o n t in u in g a t a h ig h
T h e s e h a v e b e e n m e t i n s o m e i n s t a n c e s b y in c r e a s e d r a t e s , b u t g e n e r a lly
s p e a k i n g t h e r e li e f g r a n t e d h a s n o t t a k e n c a r e o f t h e e x t r a o r d i n a r y in c r e a s e s
in e x p e n se s in c u r re d .
.
,
.
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N a t i o n a l G o v e r n m e n t a s a w a r m e a s u r e , t h e e x p e n d it u r e s f o r a d d it i o n s a u u
b e t t e r m e n t s a m o u n t e d t o $ 8 2 9 ,7 1 6 , a s c o m p a r e d w it h $ 1 , 4 5 2 , / 9 7 f o r y e a
1 9 1 7 -1 8 .
T h e a m o u n t s e t a s id e o u t o f e a r n in g s f o r d e p r e c i a t io n a n d r e p l a c e 
m e n t r e s e r v e s o v e r a n d a b o v e a c t u a l r e p l a c e m e n t s w a s $ 5 4 ,5 6 6 , a s c o m p a r e
w i t h $ 1 1 2 ,1 9 1 in y e a r e n d e d J u n e 3 0 1 9 1 8 ; t h e a g g r e g a t e p r o v i s io n s
f r o m c u r r e n t e a r n in g s f o r m a i n t e n a n c e a n d d e p r e c i a t io n e x c e e d i n g t n o s e
th e p r e v io u s y e a r .

Construction Ac.

3170

THE CHRONICLE

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m i V t o o V bnn *0
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F Z !,J ?COrnP a c c o u n t ; b u t n o a m o u n t w a s i n c lu d e d f o r t h is c o m p a n y ’s p r o 
p o r t i o n o f t h e u n d is t r ib u t e d e a r n in g s o f t h e W e s t P e n n c o m p a n ie s '.
I h o W e s t P e n n R a i l w a y s C o m p a n y a n d its s u b s i d i a r y c o m p a n i e s f o r
•en<^e(^ J u n e 3 0 1 9 1 9 s h o w e d : G r o s s e a r n i n g s , a ll s o u r c e s ,
? f ^ ? 4 ’i )o )^ ,4? rl o ? cr.e a s e o f
o v e r 1 9 1 7 -1 8 : o p e r a t i n g e x p e n s e s a n d
t a x e s , S 3 ,-1 4 4 ,5 2 5 , in c r e a s e . $ 5 0 0 ,6 0 0 ; f i x e d c h a r g e s a n d d i v i d e n d s o f s u b 
s i d i a r y c o m p a n i e s t o o u t s i d e s t o c k h o l d e r s , $ 1 ,0 5 4 , 9 9 0 , a n i n c r e a s e o f $ 2 5 , 
2 3 4 , l e a v i n g a b a l a n c e o f $ 7 3 4 ,4 9 2 , b e i n g a n i n c r e a s e o f $ 5 1 ,2 0 0 .
i n a d d i t i o n t o r e p a i r s a n d r e p l a c e m e n t s , i n c l u d e d in o p e r a t i n g e x p e n s e s ,
« o l rt ? ™ Ar e s e ,t a s i d e o u t o f s u r p lu s a c c o u n t a s o f D e c . 3 1 1 9 1 7 , t h e s u m o f
r i : r t ’ a n d ? u t o f s u r p , u s a c c o u n t a s o f D e c . 3 1 1 9 1 8 , t h e s u m o f $ 2 5 0 ,0 0 0
f o r f u t u r e r e p la c e m e n ts .
I n c r e a s e d r a t e s h a v e b e e n g r a n t e d f r o m t im e t o t im e b y t h e P u b l i c S e r v i c e
C o m m i s s io n s o f P e n n s y lv a n ia , W e s t V ir g in ia a n d O h i o , w h ic h i t is e x p e c t e d
w t e n a b le t h e c o m p a n y t o m a i n t a in it s s t a n d a r d o f s e r v ic e .
t f c . w f n 4 1 9 i ? t h e N a t io n a l G o v e r n m e n t e n t e r e d i n t o a c o n t r a c t w it h
t h e W e s t P e n n P o w e r C o . , u n d e r w h ic h t h e c o m p a n y a g r e e d t o c o n s t r u c t
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lh e d iffe r e n c e b etw een th e re p ro d u ctio n
w l ? 0 c o m p a n y fo r this c o n s tru c tio n , t h e c o m ? v X 07 hn a m * Z F F ^ h i j d d c h t o m a k e this r e p a y m e n t t o th e G o v e rn m e n t.
2 2 4 8 ]°v :W 9 4i 3 'l8 9 9 ) 148 6 ’ 1 7 M ' 229° ’ 2482: V ' 1 08’ P ' 1872’ 2 0 2 9 ’ 2 2 3 7 ’
r0S Z nf i rUCt‘° ? 7 ° % h as Pro s r « « e d sa tisfa cto rily a n d th o s ta tio n w ill b o
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w V „ e«^Ll e g l « E
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h ig h -g ra d e stea m in g co a l fo r m a n y y e a rs ’ o p e ra tio n .
P
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A r n S w a ' o f s to c k h o ld e r s , been ren ew ed fo r a p e rio d
a iiv . J S
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^
t y r° .th e v o t ln g trust ce r tifica te -h o ld e rs h a v e fo rm 
a lly a cce p t e d th e term s o f th e n ew v o t in g tru s t. A n d re w S au ire h a v in e
b m g h ^ P a 5. ° V ° tln g TriLStee w as su cce e d e d b y W illia m B . S ch iller o f P itts?
IN C O M E

ACCOUNT

Y E A R S E N D I N G J U N E 30.
1918-19.
1917-18.
1916-17.
1$ 46 3,068
$ 61 8,953
$688,357
D iv s . d ecla red o n p re f. s to c k o f W est
P en n T r a c . & W a t . P . C o _________
9 27 ,93 0
8 61 ,42 6
139,268
In c o m e fr o m b o n d s , p referred sto c k s,
& c ., ow n ed
710 ,39 3
$ 1 ,4 8 0 ,3 7 9

$ 1 ,5 3 8 ,0 1 6

127,044

84,121

75,434

. $ 1,2 6 3 ,9 5 3

$ 1 ,3 9 6 ,2 5 8

$ 1,4 62 ,5 8 2
$ 74 6,508
12,000
26,933

1.
-




C O N S O L ID A T E D B A L A N C E S H E E T J U N E 30.
1919.
1918.
S
S
—
s
Cost of prop’s and
Am.
W . & El.
securs. owned.*49,235,728 51,906,432
Co. capital------ el0,41S,500
Advances account
bSub.wat.co.’sstks 1,302,437
Cal. properties.
598,414
542,829 Am. W . W . & El.
Deferred items to
Co. coll. tr. bds.16,673,600
be am ortized...
667,396
630,071 Sub .water co.bds.22,319,000
C a s h ..................... a2,042,019
1,881,567 Coll, trust notes,
Temp’y invest’t in
of sub. cos.........
400,000
system oblig'ns,
Pur. money mtge.
2,000
sec’d notes, &c. 1,167,155 1,020,594 Bank & oth. loans
Notes & accts. rec.,
of sub. wat. co.’s
46,000
accr. int., & c ___
790,611
830,513 Divs. accrued____
66,763
Materials & supp.
275,746
379,194 Consumers’ depos.
358,786
Advanced interest
Accts. payable and
and insurance..
11,642
14,055
accrued taxes___
442,327
Matured lnt. pay.
395,550
Accr. int. payable.
439,455
Adv. rents, &c____
______
75,256
Reserves_________ 1,2091480
Specialsav. fun d..
143,592
350,000
Special surplus___
General surplus.. .
145,966

Assets—

Liabilities
\V.

--------------- 54,788,710 57,205,255

S
10,418,500
1,450,295
16,870,400
24,498,500
400.000
6,500
229,644
239,649
431,956
385,052
455,233
80,344
1,160,112
63,856
350.000
165,214

Total ..................54,788,710 57,205,255

* In clu d in g $ 60 4 ,6 0 0 A m e r . W a te r W o r k s & E le c . C o . b o n d s a n d $ 7 6 2 .
000 crty o f 1 o rts m o u th , V a ., 5 % w a te r b o n d s , in tre a su ry, a In clu d e s in
19,19 cu rre n t ch e ck in g a c c o u n ts , $68 8 ,4 9 0 : w ith fisc a l a gen ts, $ 3 9 5 ,5 5 0 , an d
h e ld b y trustees fo r special p u rp oses, S 957.979.
b In p ossession o f p u b lic ,
in clu d e s u n d is trib u te d surplus a p p lica b le t o o u ts id e sto c k h o ld e rs, e C a p it a l
P a r v a lu e o f s to c k o u ts ta n d in g o f th e A m e r ic a n W a t e r W o r k s & E le c tr ic
C o .: 1st p re f. s to c k , $ 5 ,4 5 0 ,0 0 0 ; p a r tic ip a tin g p re f. s to c k , $ 1 0 ,0 0 0 ,0 0 0 ,
a n d c o m m o n s to c k , $ 9 ,2 0 0 ,0 0 0 ; to ta l, $ 2 4 ,6 5 0 ,0 0 0 ; d e cla re d v a lu e o f c a p ita l
SLOCK, 8 1 u ,4 1 o ,o 0 0 .
L I S T OF P R I N C I P A L S E C U R IT IE S O W N E D D I R E C T L Y OR T H R O U G H
S U B S I D I A R Y C O M P A N I E S J U N E 30.
Total
Par Value
Owned
Outstanding
W ater S u pply Com panies —
1919.
1918.
1919.
A rk a n s a w W at®
~ o ., L
........
~ ock , p f.
a ter C
it t le R
$56 ,00 0
$56 ,00 0
$ 5 6 ,0 0 0
C o m m o n ________________________________
i 5 4 9 499
1 ,5 4 9.40 0
1.519.400
B i r m in g h a m W a t e r W o r k s C o . , A l a . .
1 |829 V 0 0
1 .8 2 9.70 0
1 .8 2 9,70 0
4 4 7 599
B u t l e r W a t e r C o . , P a ___________________
4 17 .50 0
417 .50 0
C h a r t e r s V a l. W a t e r C o . , P i t t s . , P a .
x 9 0 3 ,0 5 0
x9 0 3 ,0 50
1,000,000
C ity W a ter C o . o f C h a tta n o o g a , p r e f.
4 0 5 ,5 0 0
4 38 .30 0
438 .30 0
C o m m o n ____________________ _ ______
1 ,7 4 0 3 0 0
1.7 2 6,50 0
1 ,7 4 0 .3 0 0
C i t y o f N e w C a s t l e W a t e r C o '.Z ’ P a Z .
6 9 1 !4 0 0
691 ,40 0
691,400
C it y W a te r C o ., M a r in e tt e , W is ., p r e f
* 6 6 ,0 0 0
66,000
*66,000
C o m m o n .............................. .............................
*200 000
200,000
*200,000
C i t y W a t . W k s . C o . , M e r r i l l, W i s ., p r
* 4 9 ,0 0 0
4 9 ,0 0 0
*49,0 00
C o m m o n __________________
___
*125 000
*1 25 ,00 0
125.000
C l i n t o n W a t e r W o r k s C o . , l a .................
32L000
321 .00 0
3 21 .00 0
277 000
C o n n e ll s v i ll e W a t e r C o . , P a . . ______
277 .00 0
277 .00 0
E a s t S t . L . & I n t e r . W a t . C o . , 111., p f
4 5 0 ,3 0 0
427 ,60 0
450 .30 0
C om m on
-------------------------------4 ,7 5 0 ,0 0 0
4 .7 5 0 .0 0 0
4 ,7 5 0 .0 0 0
227 000
H u n t i n g t o n W a t e r C o r p . , W . V a ___
227.000
227 .00 0
J o p l i n W a t e r W o r k s C o . , M o _________
8 0 0 ,0 0 0
800 .00 0
8 00 .00 0
K e o k u k W a te r W o rk s C o ., I a ., p r e f ..
* 1 1 5 ,0 0 0
*1 15 ,00 0
115.000
* 6 0 0 ,0 0 0
C o m m o n --------------------------------- ---------- -*600,000
600.000
K o k o m o W a te r W o rk s C o ., I n d ., p r e f
* 7 0 ,0 0 0
*70,000
70.0 00
C o m m o n ________________________________
*125 000
*1 25 ,00 0
125.000
* 1 3 ,0 0 0
L o u is i a n a W a t e r C o . , M o . , p r e f ______
*13,000
13.000
C o m m o n ----------------* 1 5 0 ,0 0 0
*150,000
150.000
M id d le S ta te s W a te r W o r k s C o ., p r e f
6 1 7 ,0 0 0
617.000
6 17 .00 0
C o m m o n . . .................................
3 , 3 1 9 ,9 0 0
3 .3 1 9 .9 0 0
3 ,3 1 9 ,9 0 0
M i n g o J u n c t i o n W a t e r C o . , O _________
4 5 ,0 0 0
4 5 .0 00
15.000
M o n o n . V a l. W a t . C o . , E l i z a b e t h , P a . , p f
1 5 ,0 0 0
15.000
15.000
C o m m o n ------------------------------------------------2 5 0 ,0 0 0
250.000
2 50 .00 0
M t . V ern on W a t. W k s . C o ., I n d ., p f .
* 3 2 ,0 0 0
*32,000
32.0 00
C o m m o n .............................
* 6 0 ,0 0 0
*60,000
60.0 00
2 8 1 ,0 0 0
M u n c i e W a t e r W o r k s C o . , I n d ________
281.000
281 .00 0
P o r t s m . B e r k le y & S u ff. W a t . C o ., V a
639,800
R a c i n e W a t e r C o . , R a c i n e , W i s ...... ..................................
400 ,00 0
S t . J o s e p h W a t e r C o . , M o _____________
3 , 2 5 0 ,0 0 0
3 .2 5 0 .0 0 0
3 .2 5 0 .0 0 0
S o . P itts b u r g h W a te r C o . , P a ., p r e f. _
2 7 ,4 5 0
27,450
250 ,00 0
C o m m o n -------------------- ---------- ----------------1 ,8 4 3 ,9 0 0
1.843.900
2 .7 5 0 .0 0 0
W a r r e n W a t e r C o . , W a r r e n , P a ___ __
114 500
114.500
114,500
W h ita k e r W a te r C o ., P itts b u r g h , P a .
xS.OOO
x5 ,00 0
5,000
W i c h i t a W a t e r C o . , W i c h i t a , K a n s ___ * 2 ,2 7 2 ,0 0 0
*2 ,2 7 2 ,0 0 0
2 .2 7 2 .0 0 0
T o t M ............. ....................... .................... $ 2 8 ,0 6 3 ,9 0 0 $ 2 9 ,1 0 0 ,0 0 0 $ 2 9 ,3 2 2 ,3 0 0
Bonds —
B d s . & c o ll, n o te s o f s u b . w a te r c o s . . $ 6,9 4 8 ,9 0 0 $ 7 ,8 9 0 ,9 0 0 $ 2 9 ,2 6 7 ,9 0 0
T o t a l ......................... ............................- ..$ 3 5 ,0 1 2 , 8 0 0 $ 3 6 ,9 9 0 ,9 0 0 $ 5 8 ,5 9 0 ,2 0 0
* O w n e d b y M id d le S tates W a te r W o r k s C o .
x O w n e d b y S o u th P itts b u rg h W a te r C o .
Securities o f Electric and Other
Par Value
Com panies Slocks —
Owned
A m e r . C o n s tr u c ’ n & S ecurities C o
$1 0 90 000
A ja x F a rm s C o r p o r a t io n ___ .
' 50 000
J am es M ills H o ld in g C o _______H i : : :
50 000
M t . V e rn o n E le c . L t . & P o w e r C o
16 000
M is s o u r i S ew erage C o ____________
”
5 000
N a tio n a l S ecu rities C o r p o r a t io n .
"
W est P en n R y s . C o ., p re fe rr e d _______
2'8l",866
W e s t P en n T r a c . & W a t . P o w e r C o . p f 4,6 5 9 500
W e st P e n n T r a c .& W a t .P o w .C o ., c o m 1 5 .8 9 8 J 0 0

Par Value
Total
Owned.
O utstanding.
$1,000,000 $ 1 ,000,000
50.000
50.0 00
50.0 00
50.0 00
16.000
16.000
5,0 0 0
5.000
1 ,0 0 2.40 0
7,365^31)6
281,750
8 ,0 5 4 ,7 0 0
4 ,6 4 9 .5 0 0
1 5,898,700 2 2 ,0 5 1 .7 0 0

$ 2 1 ,9 6 1 ,0 0 0 $ 22 ,95 3 ,3 5 0
Far Value Owned.
jg jg
1919.
$ 80 9,800

Bonds and N otes ( 1 )
N a tio n a l S ecurities C o r p . In c o m e b o n d s ____________
D e b e n tu r e s, & c _________
_ _
P r io r lie n n o t e s _________
______
"
_
W e s t P e n n R a ilw a y s C o . n o te
I
.............
M is c e lla n e o u s _____________
_
_
_
M e r e h a n ts C o a l C o . b o n d s
.................." I ................
C it y o f P o rts m o u th V a . 5 % b o n d s I I I Z ' I . Z I Z I . I .

o

508

12 250
120J100
28,7 00

$120,000

_______

5,500
762,000

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

— V . 109, p . 1989.

G E N E R A L IN V E S T M E N T N E W S

FOR

- $ 1,3 90 ,9 9 7

In teres t on —
C olla tera l tru s t 5 % b o n d s
C olla tera l tru st n o te s
.
B ala n ces d u e s u b sid ia r y co s"
B a n k loa n s o f c o s . o th e r th;
, r. sl,diary w a te r c o m p a n ie s .
M is ce lla n e o u s ________

[V ol . 109.

-

$ 79 0,503

$ 78 7 ,1 4 4

-

36,4 62

19,133

.

1,879
3 81 ,50 0
$53 ,61 0

4 ,1 1 9
19,676
677
9.231
3 8 1 ,5 0 0 V . 104,p .1 8 0 3
$ 20 3 ,6 8 5

$ 6 4 8 ,2 3 5

R A IL R O A D S ,
A la b a m a

IN C L U D IN G

E L E C T R IC

G re a t S o u th e r n R R .—

ROADS.

Dividends.—

A semi-ann. dividend of 3 >4% has been declared on tho common stock
payable Dec. 20 to holders or record Dec. 1; also a preferred dividend of
3 % . payablo Feb. 20 1920 to holders of record Jan. 22. A like amount
was paid on the Common in June last and on the Preferred in Auz
Unn
V. 108, p. 2432; V. 109, p. 1788.

A la b a m a & V ic k s b u r g R y .—

Federal M anager .—

H. B. Sargent has been appointed Federal Manager of the Alabama &
Vicksburg Ry., the Louisiana & Mississippi Transfer and the Vicksburg
Shreveport & Pacific Ry with headquarters at Vicksburg, Miss succeed:
ing E . H. Coapman as Federal Manager of tho first two mentioned roads and
J. A. Edson of the Vicksburg, Shreveport & Pacific, October 3.— V. 109,
P» 19So.

A n d a lu s ia F lo r id a & G u l f R y .— Successor

See Florida Alabama & Gulf RR. below.

A t c h i s o n T o p e k a & S a n t a Fe

— New President.—Tho

Company —
J

R y .— E . P. Ripley Resigns

directors have elected W. B. Storey,

D e c . 6 1919.1

THE

C H R O N IC L E

now Federal Manager of the company, as its President effec
tive Jan. 1, succeeding E. P. Ripley, who has resigned.

Rv.— Rec.

Brooklyn Rapid Transit Co.— Court

Ctfs.

Holds Up Petition

doeiskm o f 1 no*5 A1- M ayer, in the U . S. District C ourt, on Dec. 4 reserved
to oxtu'nd'sSTO n n rn -V ? n ° r R4;C(;1V<,T Lind!° y M . Garrison for authority
for 41 B. R . T . trolley cars, o f which 37. costing $325,000
i
th0 Nassau Electric R R . C o ., and 4. costing $35 000
forr*b ® B rooklyn Queens C ounty & Suburban R R .
w h ich m irtBythr/ S m f 0d decision because o f the wording o f tho application.
to i^ r ^ B l
S
v , 05 proferrod obligations o f the com panies wishing
future innlipoVinn ^ i ^ ^ SKaU ^'"].ecJ.ric Petition contained a reservation that
whho that of
3Vid ba m ado f,°r th0 issuance o f $2,500,000 certificates,

Augusta Southern RR.— Sold.—

This road has been sold to tho receivers o f the Georgia & Florida R-r
or a consideration said to be $150,000.— V. 109, p. 886.
^ * ,p d K y’

Boston Elevated Ry .—Bills

County & Suburban

8?nr?i?^l?’n

See Brooklyn Rapid Transit Co. b3low.— V. 109, p. 1985, 1792.

A resolution adopted on Dec. 2 says: "A t tho meeting o f the board of
directors held to-day the resignation of President E . P. Ripley wa«Presented
with a request from him that it be accepted as of Jan. 1 next
In taking
this action the board adopted resolutions expressing i t . b . J J L a T Y ; ,,
of President Ripley’s long and distinguished service and e l a t e d him Chih
“o m p a n ^ - T l ’08 prC2 ^ 8
C0 a“ d 0011,1861 w il1 be o f
vSluc toth o

ohhr

2171

o t & p l i '/of »'WJ8aQSSSaS5Sw *

Reported, & c .~

o'SRMiVe committee on street railways on Nov. 28 reDortod favor-

-» * -tta

n a K L MS
dif ° S e? that *5° *50-000 ow ed the city b y other lines be
the narant
tb a t fSome $100,000 that several subsidiary linos owe
P 2073 20/1 n ' T ' C ° ' f ° r power be pald 111 week,y installments.— V . 109,

Sti^>
ai^t<wnsk^Sv(^Cct^to^Fe^"^1^
8^^)^e0^
\vhicti
(c )a billnrovidi
a
operating
costs oSoo^enunount
f the Boston Elevated;

Canadian Northern Ry.— Bonds

Called.—

55s"1ncm nia n H ^ ^ ’ 4 T° Ban, d GrA nt bonds o f £590 each (N os. 3383r Cj* f an<^ onf^hundred o f £100 each (N os. 42-3249, incl.) have been
1 19J°nat
% oand
at the
Canadian Bank o f
co m m e rce , London Jani
or Lazard
Bros.10.& C
.— Vin. t-109,
p. 887.
4

a basis ^ * s n f f i di v ^ n mT- tb,° purcha?° o f the Cambridge subway is on
and
termlntr
Z w taken
? oes over
not incli
,dethe
l hcpurchase
Andrew plan
Square
section
Thn
Timtco* which0ic
ni -h is not
under
proposed
report tho ll w n'l10" on Ways and Means on Dec. 3 voted^f m 5 tb
monwealth. ‘ f° r the purcbase of tho Cambridge subway by tho Com

sana sat

E lOT«i!l‘ !S d ‘JSSll?Sfrnfl™ , ! K ? dlS?Kfor r t lte •— ™**B i f tue Boston
tr,

i urcflas.e : ‘ he interest and annual paym ents on such hnnds
e assessed upon cities and towns served b y road.— V . 109, p. 1890, 1097.

Boston & Lowell RR.— Merger— Exchange of Sto^k ’ d-r ’ Boston & Maine RR.— Consolidation Completed.—
Exchange of Stock — Receivership Ended, &c.—The Secretary
State of l\ow lork placed on file on Dee. 1 an agreement
of consolidation of the Fitchburg, the Boston & Lowell the
Connecticut River, the Concord & Montreal, the Lowell &
Andover, the Manchester & Lawrence and the Kennebunk
A Is ennebunkport railroads with the Boston & Maine RR
The principal office will be at Boston, with another office
at Troy, N. Y. (see Plan of Reorganization Nov. 1 1918
V. 107, p. 1918, 2007, 2288, 2375, 2474.)
Circulars have been sent to the stockholders-of the seven
principal leased lines of the B. & M. RR., calling for deposits
of stocks with the Old Colony Trust Co., Boston, in return
for which the hirst Pref. stock of the reorganized company
will be issued. In the case of the Lowell & Andover RR.,
stockholders are asked to deposit with the Boston Safe
Deposit & Trust Co., Boston, instead of with the Old
Colon.y Trust Co.
See Boston & Maino RH. below.— V. 108, p. 2432.

10iqWaanriahtic4 pai ed that, tb<J consolidation would be effected prior to Jan. 1
19, ana by .he terms ot the consolidation agreement the leased line stocks
S
ev^nremctlntv
edUCed
wHViHend uUring
th°the
19lp
-'’car.lineBecause
of the
"C'a5
‘ o e.tecting °^
tho
consolidation,
however,
leased
dividends
al
ready paid this year have been at the full regular rate. ConswuentJv the
frih..fVa,ym cn tw or ! he ycar wiH be adh Isted to m ake the ful? year’s ’ dis
tribution equal to the reduced amount as provided in the plan. ‘

Terms of Exchange.
i

Chicago Elevated Rys. Collateral Trust—E arnings.—

, Boston

la

i

m io

A-

Lowell,

Cl% f

u n d e r t h e c o n s o lid a tio n a g r e e m e n t

O n ^ » S
tor Oct- 1919 com pared with two years ago s^ o w s;
m f ^ f t: n L . rem nU,ei noSll2,44’9 3 9, against $901,894, increase, $443,045;
son
aKainst *306.650; increase, $22,059; net profits,
$90,110, against $82,644, increase o f S7.466.— Vr. 109, p. 1461.

J5?k*cago Surface Lines.— Fare—E arnings.—

i :n
bl!l°is l >ublic Utilities Comm ission has reduced fares on the surface
l m ^ to purchasers o f tickets m blocks o f ten and fifty . Cash fares remain
at ( cents for adults and 4 cents for children.
se|ling arrangements, ordered to becom e effective D ec. 1 are:
tlg1j cts for 65 cents, or Ct'A cents a ride. ( 6) Sale o f fifty ride
p rivileges w in b f e o n ^ i n u S 6

° f 6 CelltS & r id e ’

T h e PreSent transfeC

M a yor T hom pson says: “ Reaffirm ation o f tho 7-cent fare for Chicago
thpfn ^ . i f l n f p i 9 10 Illinois Utilities Commission is a mere cam ouflage, and
the peopie o f Chicago will get tho 5-cent fare restored before I get through.”
$3 449 03 R°^nia^r.«O«itO(vm sh o w s rg ro ss , S4 519,329, operating expenses,
7
0
9
’ t i ? ’283' N um ber o f passengers carried 113,352,/WU 11917) 98,061,^37. T h erep ort says: Com paring Oct. 1919 with 1918
gross increased S I,69<.810. Operating expenses increased S I.098 154,
n n ^ & o ° Ut ,res'du« receipts after deducting join t account expenses o f $ 1 ,
066,580, outi o f which the city s 5 o% must be paid. Com paring the net
f° r O ct. 1919 with O ct. 1916, a normal year, there Is an actual
‘ b ^ ea^ o f * 3 ' ’395
The city s 5 5 % is $217,213; the com p any’s 45% is
which is $33,793 less than last m onth. W ages increased $726,
685 over last year, which is at a rate o f $8,720,223 a ycar.— V . 109, p. 1891.

Traction Co.

T ^ S n i^ 1113’^
Funding of Deficits Proposed.
Legislation was introduced in the Cincinnati C ity Council on N o v 18
or the C incinnati Street R y . to fund
o f a r v o i r -i '
, „ p a t» ° ? l a ? t r c!;a ting $1,500,000, over a period
m ittod' to rrp-ifIj'nrf
PJ the franchise the com pany is not perThe ordinaruPp
ligation that cannot be repaid within 12 m onths,
this Drovision^ of^hpdfra™^r-eClte!?t£h a * l he com pany could not com ply with
ine!vPan^
increasing the rate o f fare. A ccordob H ga tion ^ w r a
o ? t grantlng. Permission to extend the proposed
insuro the rpnavm m ls^i?
years, a sinking fund to be created which will
insure m e repayments o f the notes or bonds b v D ec 31 194^
The ordi
nance was referred to the C om m ittee on Finance.— V . 109, p. *1179

City & Suburban St. Ry., Brunswick, Ga.— Receiver.—

Samuel C . Steinhardt and Oliver Lisman, N . Y
were annointed tem 
porary receivers on N ov. 29 b y order o f Federal J u d -e E v?n s under a
petition o f C olum bia Trust C o ., N . Y ., and M utual W ater & S t F n n f
Brunswick^ Hearing for a permanent receivership will be held on D e c."2 ^

r e c e i v e s F ir s t

n i e£ t ,t I e { ! t o d Jv s - a t ’ h e r a t e o f 6 . 4 % .

c o m m e n c to g

C o n c o r d

&

M o n t r e a l

R R .

— M erger— Exchange o f Stock .-—

See B o s to n & M a in e R R . a b o v e .— V . 107. p . 2 289.

at^ l j y f , h!!nrf
of U

of i %

s to c k h o ld e r s g e t c la s s A F ir s t P r e f ., e n title d t o 4 % d iv s
° a I r e a d y r e c e iv e d 3 ^ % ; h e n c e w ill r e c e i v e f u r t h e r d iv ^ .'

( 3 ) Concord Jc Montreal g e t s c la s s C F i r s t P r e f
d iv s .
S t o c k h o l d e r s h a v e a l r e a d y r e c e i v ^ 5 2 5 A S t? r ‘ c ’ J a t l I l o d t o 5 . 6 %
s h a r e s till d u e fo r t h e c u r r e n t y e a r .
5 - 2 5 4c ’ l e a v i n & 3 5 c e n t s p e r

d l ^ }o f T u ! %

o f ” w h i c h S8° 4 ~ c70 ld e r s h a y ci a l r e a d y r e c e iv e d d u r i n g 1 9 1 9 a

C o n n e c t iu t

R iv e r

R R .

— Receiver Discharged. —

J a m e s H H u s t is , r e c e iv e r , w a s d i s c h a r g e d a t 9 o ’ c l o c k , D e c . 1 . b v o r d e r
° f i :l i K! S a M c r t p n - in t h e U . S . D is t r i c t C o u r t .
T h e c o m p a n y is t o b e c o n f ? , P iod
' t c l l o s t o n & M a i n e R R . u n d e r t h e r e o r g a n i z a t io n p l a n in
> • 1 0 /, p . 1918; V . 108, p . 267.

M erger— P aym ent o f N ot
Full text of Commercial and Financial Chronicle : December 6, 1919, Vol. 109, No. 2841

FRASER
