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5'Sl
financial
V
INCLUDING
Bank
& Quotation
Railway
Section
Bankers* Convention Section
Railway Earnings Section
VOL.
SATURDAY, FEBRUAKY
112.
I'lltl.ISHKl)
of
Subscription
ror One Veiir
For all Months...
('hiirings
U'KICKLY
— Payable in Advance $10 00
6 00
13 50
Chicago
<
'
Cincinnati
Cleveland
Detroit
fund')
Suftsfrfpfion includes follawino Supplements
Quotation (monthly) Uaiuway & In oustkiai.
Toledo
—
Statb and Oiti
(Beml-aiitiually)
Terms
'
(setnl-annually)
Railway (semiannually)
Ki.F.rT.cic
Bankers' Oonvbntion (yearly)
of Advertising
i
—
—
DANA COMPANY,
WILLIAM
B.
Front, Pine and Dopeyater Streets,
Publishers,
New York.
CLEARING HOUSE RETURNS
following table, made up by telegraph, &c.. Indicates that the total .ank
lolearings of all the clearing houses of the Unlt«d Stattes for the week ending to-day
[have been $5,437,818,149, against $7,754,479,741 last week and $7,649,086,616
[the corresponding week last year.
— Returns by Telegraph.
1921.
13.101,000
12.995.300,
'
11.8.38.414|
(Jrand Rapids...'
D:iyton
ICvansvUle
4.041.136
5.092.125
3.429.837
3.377.1841
Springfield, III....
2.3.59.961
Wayne
1.861.9831
I
'
Voimsstown
4.303.448
0.214.0001
2.000.000'
1.902,489
1.392,782
1,316,240
3,181,406
1,130,552
1,400,000
1,409.530
.\kron
Lexington
Hock ford
Quiney
Bloom ington
Mend
Si)rin2flcld,
Per
Cent
1920.
O...
Lan>ing
Mansfield
Jaek'^onville,
Diiuvllle
The
Februa'-y 12.
.32,214,895
Columbus
S<>;iih
Week ending
I
('anion
De.'atur
Published every Saturday morning by WIM.IAM H. DANA COMPANY, President, Jacob Scibert Jr.; Moo President, Arnold C^i. Dana: Business Manager, William
D. Riggs; Secretary, Horbf^rt D. S<Mb('Tl. AcldrossM of all, Office of the Comiumy.
Clearings
526.208.805
54.569.204
104.883.108
85.310,892
Indianapolis
I'ort
Transient display matter per aKate line
45 cents
Contract ami Card rates
On request
Tttlephone
Ohicaoo Ofcicb 19 South La Salle Street,
State 5594,
London Office Edwards & Smith. 1 Draperq' Gardens. E. O.
1.5.50
$2,764,792,302
Chicago
,399,814.817
Philadelphia
Boston
Kansas City
..
St. Leuls
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
68,000,000
59,172,874
41,232,301
Eleven cities, 5 days.
Other cities, 5 days
Total
AU
all cities.
cities, 1 day
Total
.309, .567, 160
218,214,208
123,147,535
102,546,920
100,800,000
116,187,167
S days.
all cities for
week
$3,238,779,821
442,064,743
297,664,159
294.092,086
198,105,609
140.436,686
107,193,307
105,682,069
75,842,624
63,502,429
73,431,000
—14.6
—9.6
+ 3.9
317..S01
111
802,135
Lima
Owensboro
1,020.,S03
Ann Arbor
600 000
601,468
Adrian
1.56.457
Tot. Mid. West
San Francisco..
Los Angeles
9.9
—+10.3
Fresno
—6.8
—43.9
Stockton
San Jose
— 14.4
Yakima
Reno
Long Beach
$5,279,889,206
157.928.943
$6,100,274,380
1,548,812,236
—13.5
—89.9
$7,649,086,616
—28.5
$5,437,818,149
—8.7
Kansas City
Minneapolis
The
St.
Paul
Denver
Joseph
St.
Des Moines
Sioux City
Duluth
Clearings at
Week ending
—
Wichita
Febrtuiry 5.
Lincoln
Topeka
Inc. or
1921.
1920.
Dec.
1919.
1918.
%
$
$
$
$
4.547.667.278 5.313.002,811 —14.1 3.890.795,644 3.059,363,083
—9.4 380,739,191 2!;8,811,075
Philadelphia
486,457,422
44.089.630
—1.4 122,828,504
Pittsburgh
149,742.435
147,732.004
58,645.479
Baltimore
—9.2
81,823 592
90 130 243
73 719.135
38.056.509
—9.1
Buffalo
36,197,579
39,839,006
20 291 763
20,077,666
Albany
6,000.000
16.7
5,000 00!)
5,723,219
4,827,155
Washington
16,478,971
17,389,260
+ 5.5
15,146,057
11.829,577
Rochester
12,889,657
11,214.760
+ 6.0
9,183,206
6,184,424
Scranton
4.792.901
1
4.500,000
4,400,601
3,502,211
Syracuse
3.850.000 + 19.9
4,618.044
3,500,000
3„503.425
Reading
2,884.950
15.9
2.425.984
2,392,491
2.052.549
Wilmington
4,239,598 —31.6
2,929.081
2 900.000
2.693.229
Wiikes-Barre
—0.0
2.755.086
2,755,113
2,203.109
1.889.235
^Vl^eeliug
—3.2
5,019,725
4.857.986
3,583,020
3,116.049
Trenton
2,943,224 + 16.3
3.424.802
2,366.526
2.734.093
York
..
1.226.472
1,399,298 —12.4
909 KOO
1,196,303
Erie—5.2
2,287,747
2.167.666
2,228,664
1,637,227
Greensburg
748,018 + 13.5
850 000
892,479
764,673
Blnghamton
1,422.200 —15.9
1.196.300
929.700
794,400
Chester..
1,372,047 —19.2
1 0.59 070
1.108, .581
1,443.596
Altoona
753,892
825 000
+ 9.4
798.7.58
601 554
Lanea.stor
1.944.995
2,610.347 —25.5
1.850,000
2.018.568
Montclalr.
—7.8
418.073
453,546
359.517
433.223
Huntington
1.994.626
1,817,360
+ 9.7
Bethlehem
3.718.837 Not included in total
Total Middle.. 5.306,807.615 0,150,399,454 —13.7 4.549.276,527 3,525,778,371
New York
—
_
Boston
Providence
Hartford...
New Haven
Springfield
Worcester
Portland
Fall River.
New
Bedford
Lowell
Holyoke..
Bangor
Stamford
Total
New Eng
302,020,545
10,342,400
9,700,460
6,0;)0.000
4,.585,444
4,030.205
2 600.000
1.8S9.205
1,277,304
1.040,067
357,871,017
13,653.300
10,738,123
6.278.393
4.861.013
4,791.109
2.970,000
3.100.571
2,104.579
1,168.211
800 000
750,000
921. .539
819,712
2,134,094 Not included
345 807 169
409.100.028
—15.4
—24.2
—9.7
—4.4
—5.7
—15.9
— 12.5
298,429,675
9,544,100
7,507,406
5,000,000
3,615,479
3,500,259
2,700,000
Colorado Springs
Cedar Rapids. .,
Pueblo
Fargo
Fremont
Waterloo
Helena
Billings
Hastings.
_
Aberdeen
Tot. other West
—39.1
—39.3
—11.0
1,784,131
2,136.132
1,025,000
+ 6.7
+ 12.4
623,980
631,587
in total
—15.5
336.497. 749l
St.
Louis
Orleans
New
Louisville
Houston
Galveston
Richmond
Atlanta.
Memphis
Fort Worth
Nashville
Savannah
Norfolk
Birmingham
Mobile
Knoxvllle
Charleston
Augujita
Chattanooga
Little
219,906,806
8.705.000
6.499.623
4.014.204
2.9S9.071
3.031.702
2.000.000
2.091.847
1.380.053
1 111 118
603,818
667,265
253.693.927
—30.5
—21.5
5.017.011-
:52.9
4.121.4fi4
—29.0
3,490,910
1.890,825
—
-8.4'
— 16.11
— 10.81
—41.8,
—00.0
— 19.1
—37
7
4.192.328
1, .'551,652
3,081,805
7,199,000
4.212,123
1.155.872
1,601,749
— 14.2
—11.5
—45.7
—0.8
869.228
—2.8
1.0.55.151
1,278,780 —52.9
—2.0
612,513
300,000 —00.0
1.385.7:58
.5S1.378
32,000.771
19,051,880
12,470,801
4,911.380
10.401,082
0,547.093
2.924,513
4„550,481
2.014,874
5,708,900
2,301,195
1,067,0.58
843,929
3,487.860
1,04 0.546
3.515,0:i8
Not included
372,445.286
—16.5
— 14.7
1,080,030,
l,753,396i
538.305
82,325
809.895.866,
+ 8.1
;50,991,.572
— 10.0
—30.2
—27.3
-30.5
23,884.601
13.400.000
8.352.280
— C.04
—
— 19.8
10.3
3.507.862!
8.010.525'
—21.9
2. 7.59. 2-49
—+ 57.7
— 19.1
16.9
—33.7
—27.7
—0.8
1,398,460
1.388,316
2.675,184
1.020,480
919.107
821.299
765,079
834.550
4,52.321
.540.000
718,770
—43.1
8.5.59,368
4. 743. .587
4.23J.075
3.152.980
2,704.388
1.972.389
1.060.736
3,002.936
1.0.50,332
.508,2,59
119,413,541
33,227,000
13,251,000
9,892.600
1,697,161
1,;583.874'
1.800.109
21. 476, .528
6, .588,000
2.380,431
1,077,290
1,011,771.
1,030,558
1,110,244'
1,151,1711
157,590,817
61,288,838
38,129,873
32,873,117
20,158,507
11,996,867
8,863,793
6.019.419
5.529.684
10.274.699
3.859.203
3,126,523
823,706
2.198.234
875.448
1
,800 000
494,417
1,239,689
1,877,658
984,296
425 6 H
1,239,583
371,670 012
234.048.940
44.030,523
56,408,922
19,596,148
22,737,461
18.404,035
12,903,016
11,034.057
6.129.198
14..589,354
5,333,477
3,499,974
1,224,883
2,922,680
951,307
2,044,824
8.53,444
2,077,605
2,339,933
1,383,569
774,802
1,528,136
'465,536,435
—6
—
70,270,041
31,463,549
11.911.000
11.281.600
9.827.580
—35.0
—46.4
—29.8
—0.7
1..500. 000
1.870.121 —24.7
610 000
319.593 151
81,209,2.58
— 12.2
—25.4
— 18.8
— 18.6
426,980,515
30. .530. 238
63,100.291
39,283,794
4.219.904
2.130.251
700.000
912.132
437.565
80.000
662,970.417
87,248,775
27,272,000
32,758,414
16,995,417
10,816,283
6,489,284
3,994,759
5,300,456
3,6.54,694
1,230,340
1,873.014
1.115.894|
775.000
646.971
1.314.542
2,222,124
2,335,121
1,137,076
1,922,306
986,909
677,011
410,000
968,620
in total
—14.2
256.858.546
205,189,249
I
Omaha
full details of the week covered by the above will be given next Saturday.
cannot furnish them to day. rloarings being made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday ni^bt.
Detailed figures for the week ending Feb. 5 show:
3,554.998
3,223,322
4.618,800
1.912.866
1.105,105
Pasadena
• Partly estimated.
We
2.623,4.59
488.025.314
53.944,441
5.931.9281
1,609.7761
37,7.'iy,r.75
9,053,111
3,118.771
10,3C6.832
5,250,020
lUlh.
2,014..583(
21,4.55.434
26.937, !;67
13 300 000
Oakland
Sacramento
San' Diego
Santa Barbara..
Total Pacific.
5.810..502
6.745.305
5.111.208
4.752.870
2.576.032
2.218.01C
4.891.708
10,733.000
5,000,000
2,420,840
2,235 036
153,590,813
72,108,000
Lake City.
Spokane
1919.
%
131,O0C,0O0
77,931,000
Portland
Tacoma
$5,036,794,533
1,063,479,847
Dec.
—15.6
—19.3
—12.2
—14.2
623,805,559
07.022.472
119.464,409
99.390.729
36,082.618
17. .500. 000
16.010,860
14„585.276
892,024,935 1,068,572,799
Salt
—25.8
—37.8
—27.0
—0.4
$4,309,475,284
970,413.922
0:0
1.225.920
Seattle
New York
I
I
—
i
1920.
1921.
Milwaukee
Bank and
Railwat Karninos 'monthly)
5.
ai^
Inc. or
Bur«ipean Siib'icrlplion Jm^Judliii; pustaKu)
European Subscrlptlou six uioiiibs (liirlixliiiK postage)
7 75
Oaiiadiiio SubscrlplloD (louhultiiK postage)
11 50
NOTICE Oil aci'oiini of t!<i' MiKtuucloii'i In the fiitiM of eich^tnge. remit,
tanci's for European suli<ii-rl|>tl-iii.>i and advertl«Ufnvnt8 must be made In
New York
NO. 2903
12, 1921
Week ending February
'^he Chronicle
Terms
Railway Section
State and City Section
Electric
Section
&: Industrial
Rock
Jacksonville
Oklahoma
Macon
Austin
VIciisburg
Jackson
Tulsa
Muskogee
Dallas
Shreveport
121,316,950
48,832,083
22,827,356
25,747,004
8,925,963
53,007,177
41,599,840
16.993,375
15,086,609
16,080,737
5.038,297
7,803,346
15,187,771
1,700,000
3,214,102
2,800,000
1,943,231
5,356,720
14,626,997
11,416,503
25,499,213
4,000 000
1,248,111
444,578
836 793
9,499,419
4.314,191
28,730,493
4.500.000
518 .'.7 --59
169,891,049
78,748,236
15,500,000
28,583,069
7.614,957
65.592,574
66,481,904
30,241,157
20,040,045
24,734.335
11.477.094
12.161.475
17.315.281
2.365.727
3.714.018
4.700.000
4.855.974
8.098,609
12,991,118
11,589,486
12,556,228
7,963,845
2,300.000
5:54,011
779,820
11,000,000
4,637,559
39,000,000
5,000,000
681. 007.571
Total Southern
Total all
7.754 479 711 9.146.4C7..">06
Out.slde N.York 3.'206 Sl_' 403 3.833.464.01)5
i
—32.7
+ 39.2
—32.8
—+ 67.7
11.3
—34.8
—31.3
—45.5
—9.8
—22.7
—27.0
—10.7
—32.7
—24.8
—8.0
—12.0
—
—
—19.7
42.1
40.3
—28.8
—45.2
—
is.
-20.2
—28.8
—38.0
+ 47.9
—9.9
+ 17.2
—19.2
—37.4
—
—24.7
43.8
—35.0
—56.1
—35.8
—12.3
—28.1
—13.5
—
—58.9
10.4
—38.4
+ 12.6
—1.5
+ 103.1
—
—15.7
19.8
—16.9
+ 4.7
—13.6
—7.0
—26.3
—10.0
180.658,102
33.048.090
52.922.158
15.225.507
18.029.403
19.461.674
9.748.376
9.302.636
8.402.715
10.306.550
4.516.665
4,181,585
832,393
2,283,010
726,671
2.329,964
694,153
1,694,666
3,228,978
1,140,401
720,434
1,282,318
380,736,449
179,605,155
28,884,497
46,856,725
12,864,801
18,547,157
16,388,632
8,754,907
7,246,237
4,082,455
7,385,560
4,331,428
3,005,772
735,591
1,871,237
633,734
1,762,590
727,224
2,287,000
2,148,532
943,709
485,294
859,275
350,407,112
145.950.117
55.099.867
20.674.385
15.580.934
4.408.790
123,953,954
48,835,775
19,891,310
14,000,000
5,500,000
32,602,516
37,504,857
13,011,872
14,746,089
11,927,196
6,298,969
7,820,505
3,467,499
1,578,859
2,766,222
3,094,278
2,597,773
3,835,863
4,387,289
4,497,266
8,722,198
2,000,000
5,000,000
444,011
697,471
6,841,340
1.944,777
18,198.902
2,245,797
408.5 32.588
5.406.021.210
.53.677.836
52,573.381
17.564.646
14.934.345
14.734.946
6.358.539
8.581.128
11.147.997
1.798.672
3.149.879
3,100,000
2,701,470
4,993,399
5,405,741
8,319,178
8,901,456
2,800,000
8,676,134
443,705
708,421
8,501,186
2,433,683
25,199,488
2,877,420
—23
8
511.3 56.743
15
2
6.844.621.880
—10
4 2.953. S26. 236 2.346.05.S.12"
THE CHRONICLE
588
[Vol. 112.
mental eye open towardB what
s(!emed to be popular; yet when the issue has become
clearly cut and has reached the decisive clinch the
also in having a
THE FINANCIAL SITUATION.
lOitiuT as strengthening: the case against the Oalbill, or as fiiniishinf' another i)()iiit
there did not seem to be any valne in the
report, last week, that organized labor had come ont
Labor (that is,
''unalterably" against the scheme.
(Icr
coal-control
against
it,
th(> laboi-
which makes the most noise and keeps
air ringing with complaints)
is
so constantly
tin;
wrong
on economic doctrine and so persistently against social welfare beyond its own narrow circle that when
one is in doubt concerning the merits of a matter
he might go pretty safely by finding how labor views
So labor did
it and then taking the other position.
not seem to be a valuable reinforcement to those
who are fighting the coal scheme, because it put its
objection on the grotesque ground that under Oovei'ument operation and control workers would meet
unjust treatment. In one sense this is correct, since
labor would suffer in common with all other people,
but that
not the sense intended.
But a Washington dispatch of Wednesday renews
the ridiculous objection by saying that Mr. Gompers
is "apprehensive" lest the price-fixing powers con:
tained in the bill might be directed against organizations of workers, saying this to the Senate committee in charge of the bill. It is true that those pricefixing powers, in common with other features, would
be "directed against" organized labor, since they
would make against the welfare of everybody,
though, of course, this is not what Mr. Gompers
means. He is usually "apprehensive" in these days,
as he well may be in view of his own failing leadership of a movement that has developed force more
rapidly than reason and is taking him along with it
is
towards destruction.
He
is
largely influenced in
his present apprehension, he says,
by the interpreta-
tions placed by the courts in the past
regulative statutes.
"Laws designed
upon similar
to prevent com-
binations in industry have been applied to limit the
activities of workers seeking to promote their individual rights by collective action." The Sherman
Act
must
or might be, the one to which he
particularly refers, but timid and bargaining poliitself
be,
ticians have thus far
managed
powers of
workers that
Gompers,
own
behalf," adds Mr.
apprehensive about this species of legislation; experience has made us so."
In reply to a question, Mr. Gompers declared his
opinion that the American judiciary has not shovv^n
as much "understanding of the rights of workers" as
legislative and executive branches of the Government have shown- This is an unintended compliment to the judiciary, and an unintended thrust at
the other Governmental branches.
The Supreme
Court, in particular, has been unable to please him,
notwithstanding he might take pleasure in some remarks by the minority in the recent case regarding
the secondary boycott. The conduct of the Executive branch, first, and the conduct of the legislative
"is
branch directly
certainly
make
lost cause.
Nothing could be more absurd than the plea that
Governmental control would be "hard" on the labor
employed as to terms and conditions; if such a hardness came, it would be not all unwelcome evidence
that experience had really succeeded in inoculating
Government with some business sense and had made
Mr. Gompers has
the wholesome virus "take."
in
economic circle,
spot
the
one
faced so constantly
has so longed for wind from only one direction, and
has repeated economic untruths so incessantly that
he is incapable of any broader mental seeing. For
instance, he cannot see and he cannot now be justthat workers have no inly blamed for not seeing
we of course mean that
which
dividual rights, by
there are no special and distinctive individual rights
for workers, because there are no workers, in the
"class" sense. Labor has no special right to protection by the law, nor any special right to have competence and comfort. Its right is the right of capital
and of everybody, because, in this separative sense
there is no labor and no capital. "All are but parts
of one stupendous whole, whose body Nature is, and
God the soul." The world learns slowly that all na-
—
—
tions of the earth are essentially made of one blood,
that it is vain and hurtful to try to put asunder into
"classes"
what was
originally joined,
and that
co-
operation constructs while quari'eling destroys.
Capital and labor will yet be in agreement, but
only when and as talk and effort about individual
and peculiar rights die away. The forces which
make for industrial peace are greater than the most
wliich those who live upon discord can do to prevent.
to keep the
that Act from limiting "activities" of
went clear beyond all lawful or tolerable "collective
action." "Labor, or such part of it as knows enough
to think in advance on its
judges on the final courts have not flinched. This
is what makes Mr. Gompers apprehensive, for he
has not forgotten the Danbury Hatters, and perhaps
has not quite forgotten his own tussles with courts
in the District of Columbia.
He has found his own
refusal to respect decisions which did not meet his
views not equal to staying the trend of final legal
doctrine, and he is now the Jeremiah of a virtually
after, in the closing
months
of 1916,
the course of the judiciary with
re-
failures exhibit for Januai-j', 1921,
presents further evidence of the continuation of readjustments in business and a consequent increase
The mercantile
in the
number
of firms forced into insolvency.
It
true that the total of liabilities of insolvents in
this latest period was somewhat less than the unprecedentedly heavy aggregate for December, but
with that exception it stands as the largest of any
month since -lune, 1914, when the Claflin suspension
is
sum of the debts some 40 million dollars.
The number of defaults, on the other hand, was consAvelled the
siderably greater than in the preceding month, and,
in fact, in excess of any such period, since January
of 1916. Comparison with the corresponding period
in 1920 is, of course, especially unfavorable, as the
number of defaults then reported was the smallest
on record for January and the
liabilities less
than
for the particular month in over a quarter of a century- Stress in Jailuary the present year was especially notable in trading lines, almost aU the in-
demands and threats crease in number over December having occurred in
brilliantly reasonable by comparison.
The judges that division, but in every division there is a marked
on the bench, from low to high, have been human in augmentation in both number, and indebtedness as
Large failures— those for
their sympathies with what appeared to be the un- contrasted with 1920.
der-dog in industrial fights and have been human .^lOO.OOO or over were a feature of January, numspect to labor disputes and
—
I
THE CHRONICLE
Feb, 12 1921.]
bering 82, and involving no less than |24,9.'>8,12(), or
dose to one-half of the; aggregate of liabilities, with
manufsicturing lines most alfected.
Accoitliu^ to Messrs. K. CJ. Dun & Co.'s statement,
upon which our remarks are founded, the total of
the insolvencies in January was 1,895 against 509,
673, 1,178 and 1,540 one, two, three and four years
earlieav with the liabilities $52,136,G;n against |7,210,032, $10,73G,:{G8, |19,278,7S7 and !i?l 8,283, 120 reIn 1915, however, when the Kumely i)o.
sptH^-tively.
default ooutribuUnl inordinately to swell the volume
of debts, the aggix^gate was about a million dollars
greatei-
than now.
954.
For the Dominion
ures compilation
gate of all much less than for any three mouthb*
period since the second quarter of 1919, 2% million
dollars below the record total i)aid out in tlie third
<|uarter of 1920 and close to ^6(10,000 under that ot
the final quarter of tliat year.
Tlu^ showing, however, will occasion no surprise,
as in tlie rnluction in dividends, or (as in a few
cases) their temporary discontinuance, we merely
have evidence of th<' depi-ession in cotton go<»(ls thai
was a feature of the last luilf of L920, As a jchuIi
of tliat dei>ression ciirtaiiment of output became
quite the rule and in a few instances production was
entirely suspended for a
The showing in tJie trading group was decidedly
unfavorable by comparison with that of a year ago,
liabilities of f22,594,lG2 contrasting with only .if2,993,219, with all the various branches involved to a
greater extent than in 1920 and the increase in indebtednese strikingly heavy in clothing, dry goods,
shoes, general storeys, and lines catering to the tabl(»
of the householder. In the manufacturing division,
too, a marked expansion in liabilities is to be noted
—^21,808,187, comparing with but |2,586,859— and
all line^ except iron, foundries and nails shared in
the increase, with" machinery, lumber, clothing and
liquore and tobacco most conspicuous in that respect.
Furthermore, among agents, brokers, etc.,
the number of insolvencies was nearly double that
of a year ago, and due to several failures for unusual amounts, the debts were very greatly in excess of last year, in fact |7,734,282 against |1,659,-
is of
68t
MJ^r^
more or
less exteude<l
i)e-
It is true that since the turn of the year there
has been some revival of demand, permitting most if
not all of the mills to resume full-time «)perationB^
but despite advances in prices (not, however, whoUy
maintained) and the general reduction in wages of
22y2%, P"t into effect about the first of January,
riod.
it is reported, little oi- no margin
year ago printing cloths, 28-inch, 64x64,
ruled about 16c. per yard, and later on advanced
(May 4) to liy^c. It was not long, however, before
the price began to decline, and by the end of September was down to 10c. and closed the year at
6%c. A fractional advance occurred in Januar}%
but now the cpiotation is down to 6c., the lowest
point reached since April 1917.
Our compilation of dividends declared bj' tlie Fall
Kiver establishments for -distribution in the first
quarter of 1921 shows that of the 37 cor])()rations included, 33 decreased the rate to be paid as compared
with a year ago, and three made no provisicm for
there
is
at present,
of profit.
A
Canada the January fail- payments to shareholders. Altogether, the amount
much the same character as to be paid out in the period this year is $936,150, or
of
that f«r the United States.
In other words, a very
decided inci'ease in the number of defaults is indicated and a concurrent heavy expansion in the volume of liabilities. The number, in fact, was over
three times that of January, 1920,
and the heaviest
and the indebtedness over
and in excess of
that for the same month of any earlier year. In all,
the commercial insolvencies in Januai^j^ totaled 222,
an average of 2.48%, on the capital invested, against
7%, in 1920, and $1,131,184, or 3.42%,
in 1919. For 1918, too, the rate was higher than that
of the current year and nominally so in 1917, but
therefore, back to and including 1910 it was lower.
$2,325,338, or
for the period since 1915
eleven times the total of a year ago
involving |7,003,229, against 70 for $643,188 a year
earlier, 80 for $1,887,991 in 1919, and 105 for |2,287,-
510 in 1918. The manufacturing exhibit is as conspicuously unfavorable as was that of 1920 satisfacthe debts mounting to no less than |4,060,776
against the extremely meagre sum of $133,896.
Among traders, too, the comparison with last year
is a poor one, the aggregate of debts standing at
tory^,
12,740,814 against $429,044.
The
liabilities of brok-
were heavier than a year earlier, $201,639 contrasting with $80,248, but smaUer
than in 1917, 1916 or 1913, whereas in the other two
classes they were of high record for January.
ers, agents, etc-, also
The Fall River cotton manufacturing corporations' exhibit of dividends for the first
quarter of
with all other important recent statiscompilations in reflecting the changed mercantile and industrial situation, which contrasts so decidedly with that of a year ago, when unpreced1921
is in line
tical
ented and well-sustained prosperity prevailed in the
industry. The amounts scheduled to be distributed
to the stockholders in the various establishments
during the period are, in fact, with one isolated exception, smaller,
so,
and in most cases conspicuously
thaa at the same time in 1920, with the aggre-
The question of a partial or total remission of war
debts by the Allies has been raised again. Austen
Chamberlain, Chancellor of the British Exchequer,
appears to have started the discussion. His statements were made in an address in Birmingham a
week ago last night. He was reported to have
asserted that at the close of the war he would have
preferred that ''the whole of the international debt
of the Allied and Associated Governments should
have been wiped out, and that they should have
started with clean slates." He also declare<l that
"there was no proposal for a settlement of the international debt among the Allied and Associated
Powders, whether a total remission or partial re-
mission, to which the British Government would
not have been prepared to be a party." Continuing
the Chancellor was quoted as follows: **We made
such proposals, but they were not acceptable to the
Government of the United States. To make them
again would be, I think, beneath our dignity and
would render us liable to a misconception of our moIn making them we sought no national adtives.
vantage for ourselves. We proposed a solution in
which we should have foregone claims larger than
any remitted to us, and we proposed it because we
believed it would be in the interest of good relations
among
credit
peoples, the rehabilitation of international
and the restoration
of international trade.
Our great external debt was due
to the obligations
:
THE CHRONICLE
590
If we had
behalf of our allieK.
only oiirselves to consider, we could have been practically free of external debt at this time."
we undertook on
Secretary of the Treasury Houston, in testifying
before the Senate Judiciary Committee on Monday
admitted that "one nation" had re<iuested the
United States to cancel its war loan to that Power.
In reply to a direct question from Senator Reed
of Missouri, the Secretary said he preferred not to
name the nation. While before the committee he
was reported to have imparted the information that
during the remaining weeks of the present Administration he did not intend "to make any additional
loans or to establish any new credits for foreign
He admitted that payments might be
made "under commitments already entered into."
He also supplied the Committee with the following
data as to the approximate balances still existing
nations.''
Powers:
Czechoslovakia, |6,072,000; France, .^50,496,000; Greece, $33,236,000;
in favor of foreign
Italy, §3,921,000,
and
Liberia,
$4,974,000.
He
added that "possible further payments that might
be made before the Administration v/ent out of ofhe estimated at about |75,000,000."
The London correspondent of the New York
"Herald," iu a long cablegram Tuesday morning,
said that Sir Auckland Geddes, British Ambassador to the United States, and Lord Chalmers, Permanent Secretary of the British Treasury, who had
sailed for the United States, would be prepared
when they arrived here "to discuss arrangements regarding the war debts, certainly with full power to
act for Great Britain, and possibly for Britain's
He added that "the official attitude here
allies."
while
Great Britain would welcome an allis, that
around cancellation of war debts, even including
the German indemnity', she is not proposing such
cancellation herself and is making full budget plans
to meet her own trans-Atlantic maturities, whether
or not the maturities due to her from the Continent
fice,
—enemy as well as AUied—materialize."
sentative in the British capital of the
The
repre-
New York
"Evening Post" quite likely expressed the most important British view in the following statements:
"It may be stated on unquestionable authority, notwithstanding contradictory reports in the British
press, that the statement of Austen Chamberlain to
the effect that the United States declined to write
off the British war debt was based on nothing more
than the informal debt discussions that have been
going on between the Allies ever since the first Paris
Peace Conference. It is also very evident that Downing Street and Whitehall regret very much that the
Chancellor of the Exchequer mentioned the subject
at all, and even more so that he failed to detail
how the matter was brought to the attention of the
representatives of the different Governments." In
a cablegram to his paper Wednesday morning a special correspondent of the New York "Herald" said
"The whole question of canceling the inter-Allied
war debts was discussed at the time of the Peace
Conference by the Committee on Reparations with
American members of the Commission present. That
little hope was given to France of any such solution
of the problem being evolved, was admitted in the
French Chamber of Deputies this afternoon by Louis
Klotz, who was Premier Clemenceau's Finance Minister, and who headed the French Reparations
Committee at that time."
(Vol. 112.
I'remier Lloyd George has made two addresses
within the period covered by this article that have
attracted special attention. The first was in Birmingham a week ago to-day, upon the occasion of
being given the freedom of the city. He asserted
that "Germany could and must pay the reparations
demanded by the Entente; that the Treaty of Versailles must be observed and the (iermans must disarm." Referring to the recent sessions of the Su"We
preme ('ouncil in Paris, the Premier said
:
to certain conclusions, and last week we put
forward our bill, and Germany does not like it.
There is one advantage in the way in which that bill
lias been framed.
It is scaled according to German
prosperity.
If Germany is not prosperous she
cannot pay. If Germany is prosperous she can pay
and she must pay. The bill presented last week
is on a scale which varies according to the prosper-
came
ity of
Germany, especially her prosperity
in refer-
ence to exports, and, after all, only through exports
can she pay, because that is wealth that is sold outside the country and therefore you are able to
transfer the values to the countries that receive a
share of the indemnity." In conclusion he said that
"the Allies have the same just cause as ever. They
will proceed in the same spirit of justice and moderation, and they are as united as ever in their purpose."
The second speech was made last Tuesday before
the Welsh National Liberal Council. It was characterized in London dispatches as "impassioned"'
and as a defense of the Coalition Government and
an ardent plea for a continuation of political unity.
The Premier made many striking expressions. In
his plea that all political factions should hold to-
gether he said that "it is something more important
than defending myself and my Administration." In
reply to a question of his own as to whether any
one could say that the need for unity had passed,
he exclaimed, "I wish to God everybody could, because it worries me. It fills me sometimes with
dread. If someone could tell me that the danger is
past, someone with authority, someone with vision,
someone whose word we could take, I should be so
glad that I would sign my resignation to-morrow.'^
He characterized the situation to-day as a "world
reeling under the most terrible blow ever dealt." It
was explained that "the Prime Minister's speech
was in answer to recent vigorous attacks upon the
coalition and the breaking away of some of the important coalitionists who have decided that the time
has come to stand for their
own
parties."
According to the Paris correspondent of the New
York "Times" the debate in the French Chamber
of Deputies on the reparations question a week ago
yesterday afternoon was "bitter." Premier Briand
was reported to have asserted even that "the Treaty
of Versailles was a dead letter, because the machinery provided would not work." The correspondent
declared that the Premier said also that "the people
of France had been too long deceived, and they might
as well face the fact that the Paris Peace Conference had done a poor fob. The only way he could see
to get justice for France was to maintain the unity
of the Allies in the effort to compel Germany to
He then informed the Chamber that "it
pay."
might either approve his course whole-heartedly or
get someone else for Premier," the "Times" man
claimed. The Chamber then adjourned imtil last
THE CHRONICLE
Feb. 12 1921.]
Tuesday without giving the vote of confidence on
the Premier's presentation of the reparations question that hjad been expected.
Monday morning the Paris correspondent of the
New York "Times," in an effort to outline the political attitude in Paris with respect to the repara"To-day France is divided
tions question, said:
politically into two camps. One, led by M. Briaud,
and backed by President Millerand, would maintain
the entente with England at almost any cost. The
other, led by former President Poincare, would compromise no furlhei-, and, if need be, cut loose from
England and use the nuiiled fist to deal with Germany. Wlien M. Briaud declared Friday in the
Chamber that the treaty was a dead letter and
France must stick with England at almost any
price, he made the issue clear cut between himself
and M. Poincare, who believes in standing on the
letter of the treaty and using force to obtain its
fulfillment." With the resumption of sessions of
the Chamber this week the Premier was reported to
have announced that he would insist on a vote, even
if a night session was necessary.
Such a vote actually was taken late Wednesday night and resulted
in :}87 ballots being cast for the present Ministry
The Paris correspondent of the
"Times," in commenting upon the vote
and the debate of several days preceding, said that
"Premier Briand will go to the London conference
with free hands, but with the knowledge that if be
abates by one jot or tittle of the terms of the Paris
agreement in favor of Germany his Ministry will
and 125 against.
New York
591
regarding the total amount of the indemnity fixed
mouth, she is greatly mistaken."
Sir Robert Home, President of the British Board
of Trade, in an address in Sheffield, said that "the
Allies should not permit the Germans to pay the
reparations in finished goods, because such payments would demoralize British industry."
The
(Jeruuins were reported to have declared that "such
a reparations scheme will not work that it cannot
work." In a cablegram from Paris it was asserted
tliat "the Allied reparation plan, contrary to the
in Paris last
;
general ini})ressiou i)roduced in America and elsewhere, does not contemplate a direct tax of 12%
on CJernmn exports." It was also said that "instead,
this is to be regarded as a tax placed on Germany
equivalent to 12% of her exports." Such an explanation was reported to have been made in French
official circles.
Count Sforza, Italian Foreign Minister, made an
announcement in the Italian Chamber of Deputies
that caused considerable discussion and comment
in European capitals for several days. He said that
"at the recent meeting of the Supreme Council in
Paris it was decided to reduce the expense to (iermany of the Allied occupation of the Rhine to 240,000,000 gold marks." The Minister claimed that this
action was taken upon the initiative of his Government. He added that "the proposed 12% net tax on
exports was opposed by the Italian delegation on
tlie ground that it would hamper German exports
and retard Germany's reconstruction which Italy
desired to hasten."
He
pointed out that the pro-
That was
posed reduction in the cost of military occupation
the significance of the vote of confidence just given
would about offset this tax.
The Berlin correspondent of the New York "Evening Post," on February 9, said that "German (jOVerumeut officials are now sounding out diplomatic
scarcely last beyond the day of his return.
him."
The representative
of the
ald," gave the action of the
able interpretation
Chamber
when he
New York
Chamber
a
more
"Herfavor-
said that "the French
Premier Briand a big
vote of confidence to-night, approved the German
reparations settlement of the Allied Premiers in
Paris Saturday before last, and made it possible for
the French Prime Minister to go to Loudon on Februaiy 28 to meet again with the Entente Premiers
in connection with the reparations settlement and
the Turco-Greek imbroglio, with the Parliament's
stamp of approval on his policy." Attention was
called by the Paris correspondent of the New York
of Deputies gave
"Tribune" to the fact that the vote for ratification
of the reparations agreement was 395 to 83.
It
was reported
there that
week ago
announcement had been made
in a Berlin dispatch a
to-day that official
"Germany has declined
to attend the Al-
lied financial conference of experts to
be held in
Brussels beginning next Monday. The ground taken
is that Germany requires her financial experts to
remain at home for the present." Last Monday a
cablegram from London stated that "Germany had
given notice that
it
will reply shortly to the Allied
invitation to send representatives to the Reparations
Conference in London March 1." In all previous
advices February 28 was the date named for this
conference.
In another London dispatch received
the same day it was said that "Germany's attendance
on the London conference of Premiers set for February 28 has been postponed until the first week
in March." It was added that "if Germany sees in
postponement or in Premier Lloyd George's
speech in Birmingham last Saturday any disposition on the part of the Allies to permit her to dicker
this
representatives here in regard to the accer)tance of
a cash offer of 50 to 55 billion gold marks, for reparations."
He added that "twenty to twenty-four
billions of this
would be regarded as
satisfied
by
surrendered ships, cables, railwa}^ material, etc., and
coal, dyestuffs and other products delivered since
signing the treaty. The remainder would be raised,
according to the tentative German idea, by a loan
which would be amortized by installment payments,
covering principal and interest, extending over
thirty years. The United States is naturally counted upon to finance the loan." The correspondent declared also that "the reception of the suggestions
has, in fact, been distinctly chilly, as they are far inferior in amount to that demanded by the Supreme
Council, even if the German calculation of the present worth of the forty-two annual installments be
correct.
The sum of actual cash which would be
available for France, for example if the loan could
be satisfactorily financed Avould so so small 16,-
—
000,000,000 to 19,000,000,000 marks—compared to
French expectations, that the first verdict has been
that such a proposal is absolutely out of the ques-
and that German representatives at London
must be prejiared to go far beyond this to get the
slightest consideration for a substitute offer. French
tion,
representatives in fact insist that the Paris proposal
the ultimate concession."
Word came from Paris Wednesday morning that
the German Government had sent formal notice to
is
Premier Briand, as President of the Supreme Allied
Council, that it had decided to accept the invitation
extended to attend the reparations conference in
.
THE CHRONICLE
593
London on March
[Vol. 112.
"on the supposition that negotiations will take place also on the propositions
as £135,919,000.
This compares with £116,197,000
a week earher.
Of this total, revenue contributed
the German Government intends to present to the
conference."
Doctor Koehler, Director of the Hansa League
for Commerce and Trade, the central commercial
organization in Germany, which is said to have a
memhcrship of ahout 300,000, in the course of an
interview with the New York "Herald" correspondent in Berlin wa.'^ reported to have asserted that
£32,356,000, against £25,851,000, and savings cer£950,000, against £900,000. Foreign credits
brought in £1,509,000, against nothing from this
source the previous week, while sundries yielded
£161,000, again.st £100,000.
Advances brought in
£27,050,000, against £22,2.50,000 the week before.
Treasury bills were sold to the amount of £73,538,000,
which compares with £64,591,000 the previous week.
1,
"he would support the movement begun by some
members of the league to boycott English and French
goods, if the reparations agreement reached by the
Allied Entente becomes effective." He was reported
to have asserted also that "under these conditions
he would urge his organization to adopt measures
to purchase American-made goods instead of British
and French, and at the same time to push the sale of
Oerman goods in the United States and certain
South American republics." Doctor Koehler was
quoted by the correspondent as having expressed
the opinion that no decision by the League on the
question would be made, "until after the inauguration of Mr. Harding as President of the United
states, and until after peace with America." He
suggested further that "by that time it probably
tificates
New
i.ssues of
1
Treasury bond.s, however, showed a
off— £355,000, against £.505,000 the preceding week. The volume of Treasury bills outstanding was again brought down, this time to
£1,139,938,000, in contrast with £1,145,049,000 the
week previous, but temporary advances again increased and reached a total of £249,072,000, in comparison with £241,822,000 a week earlier.
Total
floating debt stands at £1,389,010,000, against
£1,386,871,000 for the week preceding.
falling
European centres
Berlin, Vieona and
Official discount rates at leading
5%
in
continue to be quoted at
Switzerland; 53^2% in Belgium,
6%
in Parte,
Rome
and Madrid, 7% in London, Sweden and Norway,
and 43^% in Holland. In London the private bank
will be known what action the London conference rate has been reduced to Q}/8@Q/4% for sixty and
of the Allied Premiers take on the Paris repara- ninety day bills, as against Q}4®^M% ^ast week.
Money on call in London is also easier, being now
tions settlement."
reported at 5%, comparing with 534% a week ago.
The railroad labor situation in Great Britain ap- So far as can be learned, no I'eports have been
pears to be threatening again. After a meeting in received by cable of open market discounts at other
Leeds on Wednesday of representatives of the leading centres.
Union of Locomotive Engineers and Firemen, the
The Bank of England reported a loss in gold this
union made a threat of a general strike on the railroads of the United Kingdom if their demands are week, albeit an unimportant one, it being £9,314.
not granted. The union is said to have a member- Total reserve, however, gained £602,000 in conseship of 75,000. The union demanded that "the Gov- quence of a reduction of £611,000 in note eii-culation
ernment investigate the kUling of two railwaymen Heavy contraction was also shown in the deposit
at Mallow, Ireland, Jan. 31, and guarantee the items, as a result of which the Bank's proportion of
reserve to liabilities advanced to 14.02%, in comparisafety of the Irish members of the union."
Lloyd George was quoted as saying that "no son with 11.54% a week ago, and only 8.83% for
threat of a national strike could be permitted to in- the week of Jan. 7. A year ago the ratio stood at
An expansion of £1,573,000 was shown in
fluence the action of the Government in the admin- 223/g%.
public deposits, but other deposits were cut £23,istration of the law."
The British trade statement for January was favorable in that a decrease in imports was recorded.
Exports were less also. The final figures, however,
resulted in an excess of imports for the month oi
only £14,350,000. against £52,154,000 for the corre
sponding month of 1920 The following table shows the
results for the opening month of the two calendar years:
.
Month of Januarv
laiporte
Brltisli exports.
R>^-exporta-
—
Total exports
Excess of imports
The
_..
1921.
1920.
£117,050.000
92.750,000
9,950,000
£183,498,000
105,880.000
25,464,000
£102,700,000
£131,344,000
£14 ,350,000
£52 ,154 ,000
British Treasury statement of national finan-
cing for the week ending Feb. 5 showed an excess of
income over outgo of £1,188,000, bringing the Exchequer balance up to £4,762,000, as against £3,573,-
000 the previous week. Expenditures for the Aveek
were £18,863,000. as compared with £16,722.000 last
week, while the total outflow (comprising repayments
of Treasury bills of £74,960,000 and advances of
£19,800,000, as well as other smaller items) was
£134,731,000 ^against £116,485,000 for the week of
Jan. 29). Total receipts from all sources were given
520,000, while Government securities declined £20,In loans (other securities) a decrease of
419,000.
£2,109,000 was shown. Gold in hand now stands
at £128,283.084. and compares with £106,027,343
Ciixjulation
in 1920 and £81,619,117 a year earlier.
aggregates £128,987,000. Last year it stood at
£89,976,685 and in 1919 £69,832,835. Reserves
amount to £17,744,000, comparing with £34,500.658
and £30,236.282 one and two years ago; and loans
£76,588,000, against £83,838,233 one year ago and
£83,297,994 two years ago. Clearings through the
London banks total £692,869,000. This compares
with £830,973,000 last week and £824,970,000 a year
The Bank of England's official discount rate
ago.
continues at 7%, the same as heretofore. We append
a tabular statement of comparisons of the different
items of the Bank of England return:
B.^^K OF EXGLAXDS COMPAR.\TrVE 3TATE1MHNT.
1921.
Feb. 9.
.
1920.
Feo. 11.
1919.
Feb. 12.
1918.
Feb. 13.
1917.
Feb. U.
£
£
£
£
£
128,987,000 89,976,685 69.832.835 46,06«,800 39,450, .J3o
20.178.000 22.012.395 28.158,294 39,012.911 51,923,359
106,333.000 132,276.047 120.045,536 126,265,157 145.157,070
Governm't securities 50.202.000 53.947,714 52.679,744 56,349,951 134,959,208
76.588.000 83,838,233 83.297.994 95,666,673 44,034,19 4
Other securities
Reserve notes & coin 17,744.000 34,500.658 30,236,282 31.332.308 36.140,502
Coin and bullion. -.128,283,084 106,027,343 81.619.117 58.943,108 37,141,037
Proportion of reserve
Circulation
Public depo6its
Otlier deposits
to
Bank
llabiUties
rate
14.02?:-
225^%
20.40%
18.96%
13.33'^.
7%
6%
6%
5%
5H%
I
THE CHRONICLE
Feb. 12 1921.]
The Bank
weekly statement reports
a further small gain in the gold item tliis week, the
The Bank's total
increase being 328,000 francs.
France in
of
its
now stand
5,502,209,175 francs,
comparing with 5,581,018,954 francs at this time
last year and with 5,510,740,288 francs the year
before; of these amounts 1,948,367,050 francs were
held abroad in 1921, 1,978,278,410 francs in 1920
and 2,037,108,484 francs in 1919. During the week
Treasury deposits rose 120,000 francs, while advances were augmented to the extent of 23,812,000
francs.
On the other hand, silver decreased 2.018,francs,
bills discounted were reduced 235,045,000
000
gold holdings
and general deposits
at
253,879,000 francs.
A further expansion of 06,919,000 francs occurred in
note circulation, bringing the total outstanding up
This contrasts with 37,to 38,272,406,370 francs.
980,766,570 francs in 1920 and with 32,506,654.715
francs the year previous.
On July 30 1914, just prior
to the outbreak of wiu", the amount was only 6,683,184,785 francs. Comparisons of the various items
in this week's return with the statement of last week
and corresponding dates in 1920 and 1919 are as
francs
fell off
follows:
BANK OF FRANCE'S COMPARATH-K STATEMENT
Changes
Cntil
Holdings
—
In I'Yance
Ino.
No
Abroad
Total
SUver .-
Status as of
for Wuk.
Francs.
Fe6. 10 1921.
Francs.
328,000
change
3,553,902,119
1,948,367,056
12 1920.
Francs.
/"eft.
3.602.740.538
1,978,278,410
ff6. 13 1919.
Franci.
3,473,637,804
2,037,108,484
Inc.
328,000 6,502.269,175 5,581,018,954
5,510.746,288
Dec.
2,018,000
253,950,429
314,804.460
206.628.495
Bills discounted... Dec. 235.045.000
3.0S2.659.298 1,808,708.633
1.153.745.361
Advances
Inc.
23.812.000 2.236,896,000 1,569,976,683
1,226,637,864
Note circulation.. Inc. 66.919.000 3S.272.406.370 37.986,706.570 32,506.0.'>4.715
Treasury deposits. Inc.
87.030.4.54
120.000
51.047.000
66,279,262
General deposits.. Deo. 263,879.000 3,189,394,894 3,123,278,074
2,604,302.696
In
companies were reduced $276,000, to
.S9, 127 ,000, and the reserve kept in other depositories
by State banks and trust companies fell off $287,000,
and
trust
$8,901,000. A small reduction in aggregate
reserve was noted, $1,846,000, to $522,886,000;
although surplus, as a result of the cut in deposits,
gained $4,250,480, to $19,347,550.
The changes in the statement of the New York
to
associated banks and trust companies for the pre-
ceding week (issued on Saturday last) were not particularly important and the statement was regarded
somewhat colorless. Loans increa.sed $3,085,000.
Net demand deposits showed a small decline, namely
as
S8t)8,000 to .$3,846,474,000.
was a
there
lowering
In net time deposits
$239,688,000,
to
against
$242,558,000 the previous week. Cash in own vaults
of menil)ers of the Federal Reserve Bank was re$680,000. to .$79,765,000 (not counted as
reserve), but the reserves of member banks with the
Federal Reserve Bank registered a gain of $5,714.0CQ
to $506,141,000. a factor largely responsible for that
week's addition to surplus. Reserves in own vaults
duced
companies were augmented
$385,000, to $9,403,000, though the reserve kept in
other depositories, by State institutions and trust
companies showed a falling off of $154,000, to
In aggregate reserves there was a gain
$9,188,000.
of State
banks and
trust
Surplus increased $6,221,that week of $5,945,000.
bringing
the
total
that
week up to $15,097,070.
920,
,
statement issued as of Jan. 31, the Imperial
Bank of Germany shows further drastic changes in its
principal items.
Chief among these was an increase
of 4,837,558,000 marks in bills discounted.
Deposits expanded 4,407,113,000 marks, notes in circulation 602,354,000 marks and advances no less than
4,787,558,000 marks. Securities registered a gain
of 235,671,000 marks.
Total coin and bullion fell
294,000 marks and gold 2,000 marks. An unfavorable feature of the statement was a heavy expansion
in circulation, 602,354,000 marks, thereby offsetting
the reduction effected a week earlier.
Liabilities
showed an expansion of 181,701,000 marks. The
Bank's gold holdings are reported at 1,091,635,000
marks in comparison with 1,090,140,000 marks last
year and 2,253,720,000 marks in 1919. Note circulation outstanding aggregates 66 ,560,796 ,000 marks.
A year ago the total was 37,443,880.000 marks and
in 1919 23,647,640,000 marks.
its
Owing to the fact that to-day is a holiday (Lincoln's
Birthday) the New York Clearing House Bank statement was issued at the close of business yesterday
evening and showed that there had been a contraction
in loans of 872,945,000, while net demand deposits
were brought down S47,442.000, to $3,799,032,000.
This is exclusive of Government deposits of .$31,489,000.
593
Time
deposits,
however, were expanded, to
The Federal
Bank
New York
reported a
slight lowering in the reserve ratio from 38.3 to 38.1%.
Reser\'e
of
Taken as a whole, however, the statement was better
than might have been expected, in view of the heavy
Government withdrawals and extensive financing
operations of the week.
Gold reserves increased
Bills discounted secured by war paper
$4,000,000.
expanded $10,725,000, and bills secured by commeralthougli
cial paper were increased $25,377,000,
these items were to a large extent offset by a decline
in bills bought of $18,554,661.
Federal Reserve
notes in actual circulation were increased $8,745,000
—the
first
increase in these notes since the
week
ending Dec. 23 1920.
There was practically only one rate for call monej',
namely, 7%. For several daj'-s, however, the supply
of call funds on the Stock Exchange has been reported
as rather limited.
Probably the rate would have
been higher except for the light demand. As has
been true for several weeks, it would seem safe to
asume that the
principal
demand
for
money
in the
from the institutions that
have been engaged in the floating of Government and
domestic issues. There has been no important foreign government loan this week, but many offerings
of corporation issues have been made.
The institutions that have put them out say that the demand
financial district has
liueen
continues active. Still other financial plans involving the issuance of considerable amounts of new
The
securities, are understood to be under way.
bank statements last Saturday showed that the
heaviest money requirements are outside of New
«242,666,000, as against .S239,688.000 in the preceding statement.
Except for an increase in cash
in own vaults of members of the Federal Reserve
as to the principal purposes for which this
Bank
upon
The reserves of member banks with the
Federal Reserve Bank declined $1,283,000, to $504,858,000, while reserves in own vaults of State banks
brought forward as to the causes for the steady flow
The rates in the
of funds to the South and West.
local market have been sufficiently high, it would
seem, to hold the funds in New York, except for
of S8,366,000, to S88, 13 1,000, (not counted as
reserve), the other changes were not particularly
significant.
Even the
York.
needed.
to
V>ankers here are not quite certain
money
is
They only know that they are being called
supply it. No new suggestions have been
-
THE CHRONICLE
594
urgent demand olsowhcro. There weni rumors in
the financial district yesterday that banks were curtailing; loans to the farmers, presuma])ly in the hope
them
meet their financial requirement^'
as far as possible by tlu; sale of last year's products,
which they have been holding in the hope of getting
higher prices. The trend of commodity prices this
of requiring
to
week, particularly for food products, has been deTh(M-(> is nothing to indicate an
cidedly downward.
innnediate ui)war(l turn. The opinion is growing
that the supply of loanable money here will continue
comparatively limited and that there will not be much
change in rates.
[Vol. 112.
0%. Besides this change with respect to paper based
on Treasury Certificates, the Federal Reserve Bank
of Cleveland has in .'uidition raised from ry}4 to 0%
the rate on paper secured by Liberty bonds and Victory notes, bankers' acceptances and trade acceptances.
The rates of the other Federal Reserve banks
are unchanged.
The following is the schedule of
rates now in effect for the various classes of paper at
the different Reserve banks:
DISCOUNT RATK8 OF THE FEDERAL KESERVE BANKS
IX KKirCCT
FEBRUARY
Discounted
iclthtit
'M
hills
duija
memher banks'
lateral notes)
Federal Rcserce
BaiJc of—
Treasury
11 1021.
maturing
(iiiclitdliig
iTr-day col-
secured by
Liberty
—
Other-
Bankers'
acceptnnces
dUc'ted
for
Agriculand
Trade
tural
acceplaices
lire - stock
paper
ccrtt/ibonds
wise
maturing maturino
Dealing with specific rates for money, loans on call
cales of
memtier
uithtn
and
secured
91 to 180
indebtVictory
and
banks
90 days
davs
covered a range during the week of 7@8% for both
notes
unsecured
edi-ess
mixed collateral and "all-industrials" alike. This Boston
7
6
7
1^
New York
7
6
7
7
compares with 7@9% a week ago. Monday there Piillaflelphla
6
6
5H
t6
(71i»veland
6
6
6
..
B
6
6
was no range, a single rate of 8% being quoted all Rlchmoud
6
Alhtnta
G
7
6
7
.5M
7
7
6
7
6
day, and this was the high, low and ruling quotation. CliicaKO
6
.St. Louis
6
.SH
6
6
6H
^V:
6
6
7
OK
On Tuesday renewals were still at 8%, which was the Minneapolis
tfi
K.ansas City
C
6
6
5^
6
6
6
5H
high, but the low was 7%.
For the remainder of the Dallas.
San Franclsno
6
6
6
«
6
6
week that is, Wednesday, Thursday and Friday
t Dl.srount rale corresponds with Interest rate home by certificates ple<;ge'J ae
collateral with minimum of 5% in the case of Kansas City and Dallas and .IM^i
calfl money was a shade easier, being quoted at 7%,
In ihe case of Phil.idelphia.
this being the only rate named on each of these days
Louis. Kansas City and Dallas are normal rates,
Note. — Rates shown for
and the maximum and minimimi, also the basis for applying to discounts not in excess of ba.sic lines fixed for each member bank
by the Federal Reserve Bank. Rates on discounts in e.\ces3 of the basic line are
In the first half of the week heavy subject to a H "^ progressive increase for each 25% by which the amount of accomrenewals.
extended exceeds the basic line, except that In the case of Kansas City
Government withdrawals were given as a cause for modation
the maximum rale is 12"^
the firm tone. Later, call funds were in more
liberal supply and it was reported that outside the
A pronounced falling off in activity characterized
Exchange some money had loaned on call at 6%. trading in sterling exchange this week and the market
In time money the supply of available funds is still was subjected to a succession of unsettling developvery light and the undertone remains as firm as ever. ments. In the first place reports that Germany had
Sixty and ninety days and four months loans con- declined to attend the Allied conference of financial
tinue to be quoted at 7%, with five and six months experts created an unfavorable impression.
Buyers
No important promptly withdrew from the market and prices ran
at 6^%, the same as a week ago.
For all- off to 3 82^ for demand. On Tuesday, following
trades were recorded in any maturity.
industrial money the range remains at about 3^ of 1
official announcement from Berlin that the German
higher than the figures above noted.
Government had accepted the invitation to particiMercantile paper has ruled firm, but quiet, with pate in the forthcoming reparations conference next
sixty and ninety days' endorsed bills receivable and month, cable quotations from London turned firm
six months' names of choice character still at 7^-^(8} and prices here were rushed up precipitately nearly
8%, and names less well known at 8%, unchanged. 5 cents in the pound, as a result of liberal bujdng on
There are no new features to report. The bulk of the part of both local and foreign interests. The
the inquiry continues to come from out-of-town strengthening influence of this announcement, howinstitutions.
ever, proved short-lived, it being almost wholly offset
Banks' and bankers' acceptances were moderately by publication still later in the week of Lloydactive.
Savings banks were more active than for George's address before the Welsh National Liberal
some little time, while several large institutions were Council, emphasizing Great Britain's "terrible task,"
in the market for substantial amounts.
Both local and the necessity of national unity until the peril was
and out-of-town banks figured in the dealings. Rates over. This had a decidedly depressing effect and
Trading again
for eligible bank acceptances ruled at levels previously caused another recession in prices.
current, but the ineligible bills were fractionally lapsed into dulness and operators quite generally
lower.
Open market rates for loans on demand seemed disposed to adopt a waiting attitude, at least
against bankers' acceptances remain at 53^%. The until some of the uncertainties surrounding the
posted rate of the American Acceptance Council is present international situation shall have been
6%. Detailed quotations for acceptances are as cleared away. Considerable hesitancy was noted
follows:
and movements were a trifle irregular, although,
Delivery
Spot Delivery
taken as a whole, rates were well maintained. Even
Thirty
icilMn
Ntneli/
Sixly
Days.
Days.
SQDays.
Days.
at the lowest point of the week, prices were still well
Eligible bills of member banks
6 bid
6H@6
6@5H 5ys@5H
above the low record of the preceding week, while for
Eligible bills of non-member banks
6>^@6's 0ys@6% 6M@6
6H bid
7 bid
Ineligible bills
7
@63i 7 ®6Ji 7 @65i
the larger part of the time quotations ruled between
In the opinion of some bankers the
3 86 and 3 88.
Following the course of the several other Federal reason sterling values did not more sharply decline
Reserve banks, whose action was noted in these col- was the persistent scarcity of commercial bills offerumns last week (page 502) the Federal Reserve banks ing, which is attributed partly to continued light
of Cleveland and Atlanta have advanced to 6% the exports and partlj' to the fact that many dealers,
rediscount rates on paper secured by Treasury Cir- owing to the improvement in the money market, are
tificates of Indebtedness bearing interest rates under showing a willingness to accept part time payments,
thus obviating the necessity of forced sales in the
0, the rate previously had ranged from o^/^ to
-,
u
r,
r,
fi
r>
r>
-
—
—
tfl
fl
.
.St.
.
%
,
^
THE CHRONICLE
Feb. 12 1921.]
open market and to that extent reducing the available
supply of bills. At the extreme close, what was regarded as pre-holiday dulness developed, most dealers
being unwilling to take on new commitments over the
double holiday, and business much of the time wus
Final quotations, which wore little
at a standstill.
better than nominal, were firm, with demand at
3
88K.
One event
been shipped from Shanghai, valued at $750,000 for
account of the Foreign Credit Corporation.
The Continental exchanges followed the course of
sterling and the same general tendencies were displayed. Trading was spotty, l)rief spurts of activity
and strength being (juickly followed by more or less
prolonged periods of dulness and depression. Here,
also, however, prices, though showing a downward
trend, were sustained by the scarcity of offerings.
This proved one of the most noteworthy features of an
According to market
otherwise uneventful week.
week which was looked upon as
distinctly favorable to the futm-e of exchange was the
announcement by the British Chancellor of th(>
Exchequer that the excess profits tax would be withdrawn. This was taken by many to indicate that experts
of the
595
been more
Great Britain is in reality enjoying a much stronger drastic but for this factor. No really adequate exCoinci- planation could be found for the lack of commercial
financial position than had been supposed.
dental to this came the report that England had al- bills, other than light exports; also the probability
ready begun the repayment of war loans granted by that the mark(!t of late has been in a somewhat overCanadian banks. Secretary of the Treasury Hous- sold condition. Speculators were less in evidence and
ton's intimations to the effect that negotiations with this of course added materially to the general inacthe British Government over the refunding of its tivity. French francs fluctuated between 0.99 and
debt to the United States were to be left to the 7.61 cents per franc, with the close slightly under the
incoming Administration were without influoncc best. Lire after a decline to 3.61 cents per lira re-
upon actual market
levels.
A
feature
of
recent
dealings has been the substantial buying of future
exchange by one or two large commercial houses.
Competent market observers are responsible for the
statement that while exports are not showing any
increase, the recent lowering in commodity markets
is likely to lead to much heavier shipments abroad
near future.
Referring to quotations in greater detail, sterling
in the
exchange on Saturday
demand declined to
3 833^@3 83^ and
3
of last
82^@3
sixty
week was
easier
and
83, cable transfers to
days to 3
77K@3 78^;
trading was quiet and movements uncertain. Monday's market was a dull affair, though rates were well
losses
would undoubtedly
li^ve
covered to 3.66, while reichsmarks, following weakness in the early dealings which carried the quotation
for checks to 1.58, rallied more than 12 points, to
1.71, although the final quotations in each case
showed a partial recession from these figures. Antwerp francs moved in sympathy with French exAustrian kronen ruled heavy, at or near
00.25.
Greek exchange, with no specific reason to
account therefor, broke to 6.95, another new low,
but subsequently part of the loss was regained. In
the final dealings holiday dulness prevailed, although
change.
and in some cases
Taken altogether the market can
the market was firm,
slightly
higher.
best be
described as being in a waiting attitude, with oper-
and fractionally higher, at 3 8'S}4@' ators holding aloof pending definite settlement of
3 83M for demand, 3 84@3 84^ for cable transfers the troublesome German reparations problem.
and 3 783^(5;3 79 for sixty days. Reports that
The official London check rate on Paris closed at
Germany had consented to take part in the proposed 3.75, which compares with 54.40 last week. In
Allied reparations conferences early next month New York sight bills on the French centre finished
brought about a sharp recovery on Tuesday and at 7.22%, against 6.97; cable transfers at 7.23%,
demand was marked up fully 5 cents to 3 863^@ against 6.98; commercial sight bills at 7.20%,
3 88%, cable transfers to 3 87@/3 893^2 and sixty against 6.95, and commercial sixty days at 7.14%,
days to 3 8l3/2@;3 84. On Wednesday sentiment against 6.89 on Friday of last week. Antwerp
was adversely affected by the utterances of the francs closed at 7.54% for checks and 7.55% for
British Premier regarding possible perils to be faced cable transfers, in comparison with 7.34 and 7.35
and quotations moved unevenly with a slightly a week ago. Final quotations for Berlin marks
reactionary trend; demand ranged at 3 87@3 88, were 1.70% for checks and 1.61% for cable transfers.
cable transfers at 3 87%@3 88^ and sixty days at Last week the close was 1.58 and 1.59.
Austrian
3 82i^@3 83%. Dulness marked Thursday's deal- kronen finished the week at 00.25 for checks and
ings, though price levels were firmly held and a 00.26 for cable remittances, against 00.26% and
fractional advance took place to 3 873/2(S>3 88% for 00.27%.
Closing rates for lire were 3.66% for bankdemand to 3 883^^3 89^/8 for cable transfers and ers' sight bills and 3.67% for cable transfers. Last
to 3 82%@;3 83% for sixty days.
On Friday trading week the close was 3.61 and 3.62. Exchange on
was largely of a pre-holiday character and the Czecho Slovakia moved irregularly but without
market at times was almost at a standstill; demand important change, the close being 1.29%, against
rates, which covered a narrow range, were fraction- 1.27; on Bucharest at 1.38, against
1.38%; on
ally up at 3 88%@3 88%, cable transfers 3 89%@ Poland at 14, against 13, and on Finland at 3.55,
3 89%, and sixty days at 3 83%(&3 83%.
Closing against 3.65 a week earlier. Greek exchange finished
quotations were 3 83% for sixty days, 3 88% for at 7.20 for checks and 7.25 for cable transfers, in
demand and 3 89% for cable transfers. Commercial comparison with 7.10 and 7.15 last week.
maintained
sight bills finished at 3
87%,
sixty days at 3
80%,
ninety days at 3 80%, documents for payment (60
days) at 3 83% and seven-day grain bills at 3 86%.
Cotton and grain for payment closed at 3 87%.
Gold arrivals this week were limited to a shipment
of $3,200,000 on the Lapland, consigned to Kuhn,
Loeb & Co. Advices from San Francisco indicate
that another consignment of Chinese gold bars has
Neutral exchange was dull and inactive, but prices
in the main were steady.
Guilders and Swiss
francs, after weakness in the initial dealings, turned
The same
firm and closed at a slight net advance.
is true of Stockholm remittances and Spanish pesetas
which ruled strong practically throughout. Copenhagen exchange on the other hand, was slightly
:
.
.
THE CHRONICLE
596
[Vol. 112.
easier, though Norway developed strength with a to the bank and never go through the Clearing House.
recovery to 18.30, from the rooont low point of 17.60.
Bankers' sight on Amsterdam closed at 34.25,
The folh)wing table indicates the amount of bulagainst 33J^; cable transfers, M^i, against 34.00; lion in the principal European banks:
commercial sight at 34 3-16, against 33 15-16, and
February 10 1921.
Februarv 12 1920.
commercial sixty days at 33 13-16, against 33.79 a Ranks uf—
aold.
surer.
Total.
Gold.
Siher.
Total.
week ago. Swiss francs finished the week at 16.28 for
£
bankers' sight l)ills and Hi. 30 for cable transfers, in F:ngland 128,283,084
128 283,084 106 ,027,342
...106 ,027,343
Franco a. 142,156,0So 10.640 000 1.52 796,085.141 .109.621> 10,120 ,000151 229,621
366 8.50 .54 948.
„524.8<K)I
comparison with 16.03 and 16.04 last week. Copenha- Ocrmany .'>4,.581,700
1,057 .800 55 682 .90t)
Aus-IIun.. 10,944,000
2,369 ,000 13 313,000'
.'.H4,00(l
2,369 .000 13 ,313.000
Spain
....
98.4,52.000
23,202
,000121
0.54,000
,1.39,000
25,516
.000123 655,000
gen checks closed at 18.65 and cable remittances 18.75
Italy
.32,768.000
.\r<H,00<>
3,000 .OfK) 3.5 708.00fJ
3,001 ,000 35 ,202.000
.nrA, OOO,
68fl ,000 53 340.000
against lO.lOand 10.20. Checkson Swede^i finishedat Noth< tlH .53.012.000 1,871 ()()0 64 883,000:
Nat. H(;lif- 10.6f;i.0(K)
1,124 OOO 11 785,00ffl
,6.57. 0(XJ
1.101 ,000 11 ,758,000
Swltz
land
21,720.000
000,000'
5,280
27
,000
.178,000
3.285
.000 24 4i63,000
22.30 and 22.40 for cable transfers, against 21.85 and Swi'dfn
I.5,6.5'I.Of)0
,6.59, OfK»,587 ,00^)
... 16 .587,000
12.643.000
145.000
,788,000! 12 ,602.00a
188,000 12 .790,000
21.95, while cltecks on Norway closed at 18.10 and Denmark
Norway
8.115.000
IIS.OOU
ijoooj
8 ,136,0OOi
8 ,130,000
18.20 for cable transfers, against 18.30 and 18.40 a Total week 588,994,869 47,997,850636 ,992,719.567, 756,764! 47,326.800615,083,564
week earlier. Closing quotations for Spanish pesetas Prev. week 588,996,063 46,807.600635 ,893,66.{.563 112,96a 47,036,800610,148,750
a Gold holdings: of thf Hank of l-"rant». thin year are exolu.sJve of £77,934,682
were 14.07 for checks and 14.09 for cable transfers. held abroad.
Last week the close w^as 14.02 and 14.04.
As to South American quotations, a better feeling
THE WIDENING FIELD OF BANKING.
has been noted and the rate for checks on Argentina,
We printed at page 422 of a preceding issue a
after a recovery to 35.37, finished at 35.02 and cable part of the address of Mr. i. C. Devoe, of the Irving
transfers 35.20, against 34.97 and 35.14 a week ago. National Bank, this city, before the American Fruit
Brazil was also firmer, advancing to 14.77 for checks, and Vegetable Shippers' Association in annual conalthough the close was 14.53 for checks and 14.60 vention at Chicago Jan. 20.
The co-operation
for cable transfers.
A week earlier the close was which .-iihould prevail between industrial enterprise
14.64 and 14.71, respectively.
Chilian exchange and banking is therein well emphasized, and his adruled weak, but finished at 13.61 as against 13.50 last vice to shippers and others as to banking relations
week, while Peru closed at 4.10 in contrast with 4.09 we may affirm by again repeating it: ''Take him
the week preceding.
Trading in all of these curren- [the banker] more into your confidence; give him
cies was quiet and the volume of transactions small
a chance to profit by your contact with banking and
in the aggregate.
suggestions arising therefrom, and advi.se him of
I
.
.5.50,'
.
rl
.
.
.
.
<
,
Far Eastern exchange was as follows: Hong Kong,
4934@493^, against 49^^493^; Shanghai, 67@
your business problems, so that when you need him,
he will better understand how to serve you."
The thought sugge.sts the rapid changes in bank673/^, against 68@68M; Yokohama, 48H@48M,
against 483^@49; Manila, 46@/46V2 (unchanged); ing service and procedure which have taken place
Singapore. 443-4(^45, against 45^>453^; Bombay, in little more than half a decade. First, there is the
27H@28, against 28i/2@29, and Calcutta, 27%® regional banking system, or Federal Reserve, establishing twelve regional centres, which began to func28li, against 2SH@^9}4tion in the early stages of the war, and which draws
The New York Clearing House banks, in their the national banks together in closer ties and interoperations with interior banking institutions, have ests. Second, there is the Liberty bond work, gragained |6,645,463 net in cash as a result of the cur- tuitously and jjatriotically performed by all the
rency movements for the week ending Feb. 10. Their banks, regardless of size or Governmental allegiThird, there is the enlarged scope of the
receipts from the interior have aggregated |8,096,- ance463, while the shipments have reached .fl,451,000, as American Bankers' Association by the creation of
new committees designed to promote the public welper the following table
CT'RRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING fare by enlarging the knowledge of the nature of
INSTITUTIONS.
banking among the people, and the unity of interest
Week ending February 10.
Into
Ou! of
Gain or Loss
between banks and business. And fourth, the enerBanks.
Banks.
to Banks.
gizing of credit in general by the larger participaBanks' interior movement
$8,096,463
$1,451,000 Oaln
tion of banks in the spread and popular absorption
As the Sub-Treasury was taken over by the Fed- of industrial and Governmental issues of bonds and
eral Keserve Bank on Dec. 6, it is no longer possible the now proposed affiliation of all willing banks
to show the effect of Government operations on with the Foreign Trade Financing Corporation inti)e Clearing House institutions.
The Federal Ke- tended to further foreign trade in every part of the
.Sfi-fi4.'i.4fi.^
Bank of New York was creditor
House each day as follows:
serve
ing
at the Clear-
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
Feb. 5.
Monday,
Tuesday,
Feb. 7.
Feb. 8.
Wednesday Thursday.
Feb. 9.
Feb. 10.
Friday,
Feb. 11.
Aggregate
for Week.
$
$
46, .517, 03.5 72,429,7.57 39.798,755 49,306,344 41,925,112146.315.949 Cr. 296,292,949
The foregoing heavy credits reflect the huge mass
of checks which come to the New York Reserve Bank,
from all parts of the country, in the operation of
the Federal Reserve System's par collection scheme.
These large credit balances, however, show nothing
as to the results of the Reserve Bank's operations
with the Clearing House institutions. They represent only one side of the account, as checks drawn
upon the Reserve Bank itself are presented directly
country.
All of these successive steps tend to broaden the
legitimate field of banking and equalize the credit
power of the various industries and communities,
with a corresponding spread of benefits to all the
people. Especially does it lift the horizon of the
country bank and tend to prevent the congestion of
inactive deposits due to local conditions, while at
the same time ft brings the universal fountain of
credit to the doors of each, that there may be less
The counfear of constriction in times of stress.
try banks, especially, should recognize this new condition and take a more active part in the efforts
now being put forth by the American Bankers' Association to give due publicity to the mutual interests of banks and business, and it is incumbent,
THE CHRONICLE
Feb. 12 1921.]
charge of these interests give
ample opportunity to country bankers to participate in committee work.
It is but a few years' time since it was an uu
usual thing to be possessed of a United States
I)ond.
Now, it is estimated that seventeen millions
hold them. If the banks who talce stock in the Foreign Trade Financing Corporation show a tithe of
the same interest in the spread of the debentures
of this coi-poratiou (under Federal Keserve IJoard
supervision) it will be but a short time until a billion dollars are absorbed in these credits to the furthei-ance of a billion dollars' worth of foreign trade.
Not only this, but the rapid turnover of the base of
these debentures will result iu multiplying the beneFor while long-term
fit to our business interests.
issues, there is in
bond
credits are indicated by
debentures a constant change of base, due to the
self-liipiidating nature of all trade transactions,
rhe baidcer becomes therefore a broker more than
therefoi-e, that those iu
697
he envied his father. The question turns on whether
the inheritance of great wealth is a handicap to the.
making of a nnm, or so we would put it, as compared to an inheritance of poverty. One of the answers which comes (luickly is that it depends on thtindividual.
When asked for his opinion, Judge-
Gary, a self-made rich man, born to humble circum
stances, though not extreme poverty, views the mat
ter as a "very close question" and yet says "I should
not have felt handicapped if 1 had been born with
An<l then with Wi^
a legacy <»f a million dollars."
usiial k«H^n insight he solves the problem:
"The
great incentive, the thing that makes for adventure,
:
is
And
the desire to siicceed.
something better than
your
success
means
fellow-))eings,
doin.ij
givini;
more service, finer service, if you will. There is n<»
monopoly <m that feeling. It knows no caste."
.Judge Gary emphasizes another great truth in
citing his own career, when he says the first "incenAfter
tive" was to place his family beyond want.
that was attained, at the age of thirty, there seems
to him he had little more to induce further effort..
and the power of his local organism is
extended and made more useful.
To these changes the local banker must yield a than may be the possession of every rich man regardmeasure of hiw isolation and self-sufficiency. He less of the amount of his wealth, namely to succeed
becomes more amenable, in the nature of things, to by vision and accomplishment. He thinks Rockethe sweeping cnrnnits of credit, whether he will or feller, Jr., may accomplish greater service to mannot, and his success demands a larger participation kind than even Rockefeller, Sr-, if he continues his
in the iiHiversal and unified scheme of domestic vision and effort; that the third and present Morbanking. Nor is it conceivable that by so doing he gan in a line of rich men will accomplish more than
will be less able to supply domestic demands or that his predecessors; and he does not fail to estimate
he will be less sure of his own footing. For it is at its true bearing in the total of good results the
ever befort%
—
an expansion in general business, which
returns quickly to enlargement of local facilities and
time eijuation the time spent by one who has nothing at the start in gaining the miDion to use, and
the advantage of having the million ready at hand.
And so it appears that making service the law of
life, there is an advantage in results to the rich
man's son, while there is a seeming advantage in the
attainment of personal character to the poor man's
SO))
an advantage which, however, disappears
when each has the same motive and vision, sem'ice,
markets.
in ti)ue a)id place, for others.
demonstrable that in these larger credits that are
now appearing in our own country' there lies a measure of the stability and surety of local credits. By
general participation there is attained not only increased opportunity but increased profit since by
the general embracement of all the banks of the coun-
—
try there is not only a control
and a check on
credits-
general, bat
We
see in this situation a
new
vision for
tlie
bank
—
ing to opportunity- and effort
and banker, hitherto seemingly restricted to the
credit-power of his own community. There is a field
for growth that has not before been opened to him.
He is no less bound by the laws of good credit-dealing, he is freed from none of the helpful and desired super\'ision of State or Nation, but he can plan
ior an increase in his own business and for the benefit of his agricultural, mercantile and manufactur-
the verj' few
permitted. This may
sound to the local banker of limited environment
like an invitation to engage in more hazardous
l)usiness, but the fact is that these widening influences are at work and in but a short time he will
feel the pi-essure of the new forces everywhere wid-
amounting
ing
clientele
never
before
ening the field of business- Study of these movements, cautious participation in these endeavors,
will not only enlarge and strengthen his OAvn position but add momentum to the whole.
KEEPING THE WAY TO WEALTH OPES— THE
ROCKEFELLER FAMILY.
The i-emai-k of John D. Rockefeller, Jr., to a class
ui young men, on the occasion of his giving a million dollars to a relief fund for the starving children
But how important, and we cannot refrain from
])ointing
it
out, it is to keep the
way open
for "mak-
ing a way." How important it is to recaU in the
light of recent tax statistics, as one writer puts ii.
that "in 1918 there were 67 people in the United
States, each of whom received an income of from
11,000,000
to
15,000,000,
to a total of
.f
their
joint
114,500,000.
incomes
If this
people in li)l>! had been equally
divided among the 100,000,000 population of the
United States, each person would have received
If it had been divided among
|;1.44 for his share.
the 40.000,000 workers, whom the radicals are so
fond of calling the proletariat, or the propertyless.
each worker would have received f3.60 for his
share." And yet, in order to gain this sum, there are
those who would abolish ownership in property, destroy accumulated capital, and prevent the large insupe)--income of
<)7
out of which new industries come into being,
and from which the munificent charity of one million dollars proceeds!
What possible vision of service could a man have
By no possible effort cotild
>i)ider such a system?
he do more for his fellows than those about him.
(•()U)e
much discussion.
"He had to make his own The ill ions so often called unearned increment
of his father:
the world and I have never known what would never accumulate; there could not be new
of Europe, has been the cause of
He said
way in
The millions accordmay be as worthy as
that was."
)ii
He added
that that
was the only thing industries
an«l beneficent charities.
In fact, though
—
—
THE CHRONICLE
598
we cannot stop for that phase, each man would be
prevented from doing more work than his fellow and
could not contribute a greater service. The vision,
call it ambition to succeed, call it desire to accumulate, if you will, would not exist.
The dead level of
a dull, prosaic life, confined to a meagre and economical sustenance, would ensue. Neither the poor
man's son nor the rich man's son could succeed
coidd do something better and finer than his fellows, lu order to gain a poor mess of pottage the
socialist would sacrifice all opportunity to work
more, to plan better, and to vision higher. He would
have everything in common, and commonness in
human
we need
freedom and
democracy in initiative and ownership than we do
the great fortunes even when well used- If all men
try and fail it would be better for the advance than
that none try and all fail. The intense, steady, allabsorbing pursuit of the personal goal, is the lodestone of effort and the inspiration to ever higher and
wider vision. It is useless to seek power that cannot be used, wealth that cannot be administered,
character that cannot eventuate in self-directed
service. And it seems almost beyond common sense
that men should advocate a scheme of things in
which the individual would be handicapped through
life, not only by having nothing in his own right, but
by doing nothing according to his own desire and
in
life
this
design.
The truth
name, that will renew the perishing, but lile, even as
his life was lived to the end in obedience to duty.
The Government that sent him forth needs now the
same courage and self-abnegation in those who walk
the paths of peace— the courage that will dare to
destroy the means of warfare even as he was compelled to use them, and the dedication of all human
effort to the spirit of good-will even as he held in his
own lieart no hate of the personal foe. He gave
he could give no more, and his very friends
know not tlie ashes that are given to earth again
in humility and reverence
and by the devotion of
those who live after him alone can a living immoriiinis(df,
—
tality come, even as he is transfigured in the victory
everything.
Far more
[Vol. 112.
that these great fortunes had to grow
before the duty of their proper use in augmenting
industries and construction "foundation" institutions, could come into being.
And while the great
fortunes have been growing the lesser competences
is
— until
have been growing
—
now
there is a "middle
class" of "well-to-do," educated, striving and working men and women, who are the bulwark of civiliza-
They may have a little property only, they
may be and for the most part are in the 40,000,000
of workers, but without envy and with noble consetion.
cration they are maintaining a social state, otherwise impossible. It is not the few who gain under
this plan exceptional wealth, who endanger society
and the State, but those who gain nothing through
we now
enjoy. Millions, we may hope, who must
pass into oblivion as the centuries roll on, will leave
the impress of their unremembered lives on the
character of a people and the virtues of a nationUnknown, he leads those who will follow his example, who will make the world a little better by
their having lived, to heights beyond the reaches of
the trumpets of praise, the heights of a human wellbeing never attained before.
Solemn will be the occasion, and impressive the
ceremony, when in the hush of the new burial there
shall breathe upon every heart the benediction of an
heroic army returning with a victory that a nobler
people must treasure and vitalize. Naught will
there be of pomp and circumstance. But out of the
deep silence of that hour an admonition will resound
to the living to keep the faith, even as the dead have
kept it, even as the survivors of war kept it. For the
instrument of their devotion to a cause was not to
their liking or of their making, they come back silent
and grave to the old ambitions and industries of the
civil life, and they say with one accord— it must not
be again.
In the midst of reviving activities and
competing endeavors, in sound of the sigh of the
mothers of all the earth, in the wonderlight of the
eyes of the children of an advancing age, who shall
say that it is not the obligation of mankind to so
live and legislate that never again an unknown
soldier must needs be interred in the hearts of his
lack of effort and a sullen enmity, and in their folly
countrymen ?
The darkness of an epoch, the despair of a people,
pass, and the sun of righteousness lifts again above
would "overturn" the whole.
the horizon to light the
Down twenty
TEE UNKNOWN DEAD.
Solemn
will be the occasion, impressive the cere-
mony, when there shall be interred in the National
Cemetery at Arlington one of the unidentified dead
who in behalf of the United States fell in the great
World War.
If the "bravest are the tenderest"
a
nation with wet eyes will stand about that one grave,
typical of all who suffered and sacrificed, in mute
respect and admiration and love. The waves of the
receding conflict are not yet stilled, the woes of the
living are not yet soothed, famine and failure and
disorder yet stalk the highways of the world, but the
consecrated dust of the dead admonishes those who
must still "carry on" in the ways of peace and helpfulness to be brave, earnest, unselfish and trueSome, in the bitter anguish of turmoil, have cried
out for a leader to come forth. Who and what might
better lead than this "unknown" soldier who died
that others might live?
For it is not power or fame that shall save us all,
but service. It is not death, though that be glorious, not even the death of this one who bears no
way of the eternal advance.
centuries travel the words
"He gave
:
His only begotten Son that whosoever believeth in
Him might not perish but have everlasting life."
The conscript soldier, living or dead, is the Apotheosis of Service through sacrifice and submission.
In
the marts and in the forum the lesson is clear
not the doorway of death, but the roadway of life.
is the only immortality that can come to all who
are born to earth.
Seven times, it is estimated,
every foot of soil has been buried over. The dust
that blows about a deserted well once thrilled with
emotion and was sentient with thought. Not those
who
strive to fashion a
name
in history, to lead the
world by the exercise of power, to fasten upon the
generations to come their own pett\' ideas and vainglorious ideals shall deliver the peoples and the nations but the unkno^vn who saw clear their duty
—
and followed the lowly star of their own helpfulness,
being kind one to another. For as selfishness grows,
conflict follows, and as men seek and gain power
they crave to exercise it, and power kneels not at
the feet of love. The spirit of the unknown soldier
yet travels the earth, and out of the new-made tomb
Feb. 12 1921.]
his voice speaks
THE CHRONICLE
—the voice of one without material
or earthly reward, the voice of au humble man who
died in the line of duty, as all must die who would
live.
Memorials of marble perish, forgotten
cities lie
beneath the sands of time, a single life is but a shining mote in the sunlight of an infinite pui-pose, yet
the unknown shall live in the better work and tlie
As a people turns from honoring this
type of all that was sacred in the war that embraced
a world, there should follow closer communion with
better way.
the ministries of peace. Else the heroic dead died
in vain and the heroic living are robbed of their
heritage. It is not so much a nuitter of institutions
and agreements as it is a consecration of the living
become unknowns who merge their lives
in others of their own time and place, and only thus
doth the mortal put on earthly immortality.
soul.
All
TEE KANSAS INDUSTRIAL COURT— PUSHING DOCTRINE OF CONCESSIONS TOO FAR.
Kansas also has its Pittsburgh, and that town,
which was prominent in the miners' revolt of months
ago, when the wielders of the pick were aghast to
see volunteers, some of them returned from the front
in France, take up the rejected tools because fuel
must be had, now has a renewal of threat of strike
trouble- Alexander Howat, head of the Kansas Coal
Miners' Union, is under arrest for issuing a strike
It is undercall in defiance of an order of court.
which is
is
test
stood that this
a desperate step to
the stronger, union domination or the Industrial
Court scheme, which was intended to end the old
process of that domination. This is the inference
of Gov. Allen, who says that bills for creating a like
tribunal have been introduced in Iowa, Nebraska,
Colorado, Texas, Oklahoma and Washington, and
Howat seeks to impede passage in those States by
showing that the Kansas plan will not operate. The
plan has the disapproval of labor organizers, and all
plans for bringing employers and employees together
locally for consideration and disposal of their own
differences are similarly disliked by those organizers.
Mr. Gompers has long been unable to view
such plans in the steel industry with other feelings
than alarm and sorrow, in which he unwittingly reminds all thinking persons that an old and very fair
test of any measure is to find what kind of persons
are respectively for and against it.
The Kansas Industrial Court scheme attracted
much attention because of the fuel issue which led
to it, and because of the high respect the country has
for Gov. Allen; yet it can hardly be considered to
have passed the stage of experiment, both because
of the attempts at resistance which it was certain
to encounter and also because it is still far from
clear that any form or plan whatever for a centralized and general dealing with industrial disputes is not fundamentally unsound. In the home,
under the marriage state, in the shop, in professional circles, or anywhere else, persons Avho have differences are the persons to settle them, this being
according to the natural healing which the doctors
call "first intention."
Granted, that they cannot
be left to argue it out indefinitely, or to fight it out
with fists and legs, for ebullitions must be kept the
exception and not the rule; but Avhen men fail to
agree society offers them the recourse of an umpire
whom they accept, or the arbitration of an impartial
599
court to which one of the contestants takes the matter.
Tiie one course wliich is contrary to nature
and has never been justified by trial is to set up a
permanent ''Board" for handling all differences in
all industries or all places. This does not work well,
thus far, even in the case of railway and other i)ublic
Does not the
operations that are indispensable.
readily
makes
trouble and
fact that the meddler
never (or very rarely) composes any, indicate <iuite
clearly that when society takes up the device of setting some tribunal as an universal pacifier and regulator, in order to end the bickerings which waste
everything and tire us all, there is an attempt to
disregard natural laws?
AVe are working out the answer to this question
in the vast field of transportation, and though we
aie not at the end of the effort that end is becoming
plain to some thinkers. We are working at it in
industries generally, and really appear to be making
progress by the gradual elimination of the old and
naturally ''impossible" factor of a despotically- controlled union, which begins to destroy itself by attempting to further centralize and entrench itself,
as it is forced to do or confess defeat.
This present outbreak in the infected district of
Kansas also recalls a matter of nearly two months
ago, in which was shown the danger to which the
effort at concession may sometimes be pushed of incautiously accepting doctrine that is unsound and
therefore liable to return in the form of troubl-3.
Just before Christmas, the Kansas Industrial Tribunal had before it a complaint by employees of
flour mills in Topeka which had reduced output
about one-half.
The mills were deemed essential
industries and therefore within jurisdiction, but the
court found nothing to indicate any design to affect
prices or to coerce anybody. The warehouses were
and the elevators full of wheat, and so
the mills were running at about 60% of full capacity, which the court deemed "reasonable continuity
of service." The skilled men employed were paid by
the month and were drawing pay even if not workfull of flour
ing; "so far as it is possible to do so," said the court,
"this rule should be recognized in all the mills of the
State," in order to keep skilled and faithful w^ork-
always available for such essential industriesThere is nothing alarming in this doctrine, qualified
by "so far as it is possible to do so" but as quoted
approvingly by Gov. Allen, the court went farther,
by lawing down a queer economic dictum that "capital is a commodity, labor is not," and adding that
ers
;
"capital invested in the essential industries must be
compelled to operate to meet public necessity, while
the laborer has the right to quit the employment
at any time, but capital must be assured of a fair
return in such cases." No, decidedly no; we are
slowly but surely learning through troubled experience that if capital must stand at its post in things
which must be kept going, labor also is imder some
bond and if labor may work or sulk, as its whim
takes, who is always to assure capital of a fair return, and what is such a return?
As seemingly accepted by Gov. Allen, and as con-
like
;
densed in a headline, the doctrine is intimated that
capital must care for and carry labor through dull
times, a doctrine which, if not unsound throughout,
looks in unsafe directions. It is a false saying that
the world owes a living it "owes" no man anything
except equal protection of law and the opportunity
to earn a living. The crook accepts the fallacy of the
;
THE CHRONICLE
600
"owed" and proceeds to collect it by his ingenuity at tricks. The outlaw puts weapons in his
pocket and becomes
pirate on society. The I. AV. W.
hfinors work by icf'iising it. A willingness to work.
a one's own selection of subject and terms, is just
living
;i
I
a variant of the doctrine that society *'owes" support.
The truth is slowly becoming plain, even to organized labor under the ra])s of experience, that the
worker is a part of society and therefore strikes at
iuniself when he revolts.
The "class"' dogma is
equally harmful and artificial; there is only one
class, and that includes all. Now that the perennial
in<lustrial problem is painfully though surely mailing its way towards the natural and therefore the
<inJy final solution, it is wise to guard against benevolent slips which may be twisted into giving old
^Iclusions a fresh start.
r OWING OBJECT ION TO THE GOAL CONTROL
AND PACKING CONTROL
Un Tuesday
the
Chamber
of
BILLS.
Commerce
of
the
United States sent to members of each branch of
Congress copies of a brief of objections to the twin
monstrosities, the pending bills for control of the
<?oal and of the meat-i)ackiug businesses.
The brief
disclaims any expression of dissent from "reasonable legislation affecting industry where the public
interest requires it," and does not wish at this time
to dispute the power of Congress to enact such bills
as these, however questionable that power may be.
The Chamber "objects on principle to legislation
which gives the Government such control, either
through Bureaus, Commissions, licenses, or other
agencies, as will in effect
amount
to (Toverumental
operation of industry."
That this is a just characterization of the effect
of these bills the Chamber thinks undeniable.
In
evidence, note the so-called "voluntary" registration scheme, which would inevitably distinguish its
operation by various favors in reward to packers
who assented and came under it, and would i^lace
the non-consenting under various competitive handicaps. We cannot refrain from adding that even a
child can see that the scheme
would work
thus, in-
asmuch as it is in human nature for officials to
take themselves seriously and invent some sort of
rewards and punishments, and no man on earth
would i)ut himself under such a scheme of surveillance and interference unless he believed it would
hurt him more to stay out than to come in.
The Chamber points out that the packers' bill in
effect pronounces stockyards public utilities and
would carry the control to the fixing of prices, at
which not only the meat products could be sold but
the livestock could be bought; further, that to the
Commission is given greater power to control a private industry than is ordinarily exercised by commissions over railroads or other public utilities.
This is what the "Chronicle" has contended, and we
now point out another solecism, in that there seems
to be an attempt to cajole the livestock grower into
imagining that the scheme will give him higher
prices and to cajole the consumer into imagining
that he will get lower ones. There is an old legend
of a double-headed snake in the town of Xewbury,
but it is not historically sure that the reptile moved
in opposite directions at once.
The Chamber points out also that the "principle"
advanced could be extended to other and to all pri-
vate
Tiie
industries,
(Vol. 112.
('ertainly;
crowning defect
what
is
to prevent?
any bad doctrine is that it
no limit upon itself but tends
of
contains within itself
t(» spread until the inevitable reaction is j)roduced.
.Many persons .seem to see things by just sinitting
their eyes and ttirning their vision inward, and it is
for this reason that some strange delusions peis'iit.
as that size in a business is prima facie evidence of
public spoliation. There is evidence to the contrary
in the report, just made, that the Woohvoi-th concern did in 1920 a business of about 141 millions,
against al)out 1191/2 niillions in 1910, all upon the
nickel and the dime, and all on the riound principle
that a great voltime of trade on a very small profitmargin is enriching to the trader and eminently satisfactory and attractive to the public. The articles
dealt in include all commodities which can be
brought (even by division) within the price limit,
and why cannot the mass of the people catch the lesson and .see that the same rule can and does work it)
the great field of foods?
The Chamber is also sending to the more than a
thousand organizations and more than 15,000 corporations, firms, and individuals include<l in its membership a recpiest for their co-operation against these
bills.
In this the "Chronicle's" suggestion for. pubStill another objection
lic attention meets responseto the bills, aside from their intrinsic demerits, is
that they are helping to obstruct the necessary routine bills of the short session and to jam up everything into the confusion which does, but ought not
to, prevail as a legislative custom.
ELECTORAL CONTEST NOT LIKELY TO DISTURB MEIGHEN DOMINION GOVERNMENT.
Ottawa, Canada, Feb- 11 1921.
Developments in the Canadian political situation
during the past several months indicate more and
more that an election held at the present time would
not seriously disturb the present political line-up
of parties in the
Dominion House
of
Commons. For
a time the separation of the agricultural groups
from the old-time Liberal and Conservative organizations seemed to point to a break-op in the twopartv system. Recent developments, however, illustrate the essentially conservative temper of the Ca-
nadian people. Premier Dniry, who led to power
the organized farmers of Ontario, has tasted political authoritA' for no more than a twelve-month, and
now finds that to continue in power his party must
adopt Avhat he terms a "broadening out" policv.
"This involves," explains Mr. Drury, "the renunciation of any class policies and the inclusion both in
the Provincial Cabinet' and in the program of legislation of men and ideas representative of the general
interests of the whole people."
The Government, headed by Mr. Drury. is the first
purely farmers' Government to attain power in any
part of Canada, and his repudiation of class rule
and discriminatory policies has proved an astute
move in gaining the support of the business eleThis "broadening out" inclination of the
ment.
Farmers' Party in Ontario has been watched with
great interest bv the Prairie Provinces, where the
old-time party organizations have been pretty well
overthrown and where the political program adopted by the grain growers has tended strongly towards free-trade principles, and a somewhat hostile
attitude to the established system of banking in
>
Canada.
THE CHRONICLE
Feb. 12 1921.]
GOl
Puzzling aliko to labor leadois and to the Icadois
of the old political parties is the complete failure
tlius far of organized labor to develop political auAlmofct without exception, labor candithority.
dates, even in industrial communities, have jioUed
struction was promptly used, and with rapidly in
creasing effect, to make the last war distinguisiie<i
the minimum vote, even under circumstaiu-es where
four or five candidates had >p!it up the coustitueucy.
Under these circumstances, the pri'seut Domiuiou
I'remier, Hon. Arthur MiMghen. has ])rol)ahly good
reason for his claim !hai until opposition leaders
and policies acceptable to the majority of conservatively-inclined citizens can be brought forward, there
that an eiecforal contest
is no reason to Ixdieve
civilization,
would
seriouisly disturb the control of the
Meighen
Meantime, Mr. Meighen is adroitly
(fovernment.
<lrawing the French-speaking Province of (Quebec to
his standard by increasing the French representation in his C^ibinet, and repeatedly deuouiuiug whatever tends towards the separation of the two great
divisions of the
Canadian
peoi^le.
THE PROMISE OF BETTER
TIMERS.
We
are glad of the cheerful words of Mr. Sabin,
President of the Guai'anty Trust Co., spoken at
the recent dinner of the State Bankers' Association,
when, with the "a.ssurance of conservative opti-
mism," he told
normal business conditions, stabiliy^ prices, easier money and larger
opportunities," as near at hand.
But
of a "return to
this obviously has reference to the material
— to
factors of the situation alone
that pecuniary
success which is such an essential of life to the business man and the wage-earner alike. Other considwerations, nevertheless, deserve attention.
We are willing to join with all who look forward
with confident anticipation to the new Congress and
the new Administration but we have been through
;
orgy of Governmental management and aid for
everybody's business, and we are in the mood of the
late Edward Evej^tt Hale, who, when he was asked
'by his grandson if he ever prayed for the Senate, replied:
'"No. but when I looked at the Senate, I
prayed for the country."
Much can be said of the successful reconstruction
already accomplished in certain devastated areas of
Europe, and of the great advance, both in me<hanical invention and in scientific discovery occasioned
bj the war. For example, in an address in Strassburg in October the French Minister of Finance said
that 77% of the French factories damaged or destroyed during the war had resumed operation
wholly or in part. Nearly 90% of the cultivated
lands devastated by military operations are again in
condition for cultivation, and 66%> are now under
tillage.
The devastated territory now produces
20,000,000 hundred-weight of grain, or one-sixth of
the countx'y's crop. Practically all the railways also
-an
-are
now
restored.
beyond
all
others by the completeness and extent of
it could work.
Instead of
the devastation and ruin
being the support and consummation of modern
these material forces have proved
rather its nemesis.
In the new possibilities on every hand of obtaining wealth and power by inventions and devices for
mastering both men and mateiial things devices
of chemistr\ and nieciianics, of «'lectricity. steam,
water power, oil, iron, steel, etc. lies tlu' temptation to \iolence in seeking one's own interest.
The first olistacle, therefore, to be overcome, if
we are to have better times with any hope of permanence, is the narrow Americanism that plans a prosperity distinctly our own, without regard to the
world's confusion and distress. Much has been said
about this, but it is a state of min<l hard to eradicate; it returns and is emphasized in times either
of prosperity or the opposite, as uien think they
have more than they can do to care for themselves,
(U- when they ai-e content to be let alone.
We have too long been boastful of a '•pure .Americanism" that abides in its traditions of political
usage and economic and commercial policy, or i>erhaps, of a patriotism in the higher atmosphere of
Irish, Cermans or Jew.
This ''America for Americans" has just now landed us in the impossible condition of our shipping; we have rushed the building
of a fine lot of new vessels, and have no use for them,
as we have so little foreign trade. It has also deepened the morass in which our national finances are
—
—
helplessly floundering.
^Vhat that wise observer. Philip Gibbs, has declared to be the only cure for the woes of Europe,
"the reconciliation of peoples, burying the old hatchets
and co-operating
tual
much
closer union of mu-
The
api)lies with equal truth to us.
debates of the past few months show that
very far from either practicing or recognizing
help,''
])ul)lic
we
in a
ai-e
this.
There seems justification for saying that the most
serious destruction wrought by the war is not in
the direction of material loss, to which we have referi-ed, or that which is generally recognized, but
in the destruction of faith
of religion
— not
the technical faith
—but the faith on which
aiul stability in
huumn
affairs
all true
advance
must depend,
faith
and goodness, the things which centuries
have taught, and we have accepted, as the funda-
in truth
mentals of a decent life.
Honesty, purit}-, regard for others' rights and
in-
terests, kindness, patience, industry for its own sake,
and labor for every one as necessary to well-being,
all of which rest upon and are sustained by faith in
God and faith in men, as equally with ourselves, children of God, these are the features of the better life
The speeding up and improvement of machines in of man, in which the war has made such a terrible
many industries and the openings for chemistry, breach.* Without the restoration of the faith in the
•electricity, engineering and the like, the result of sci- existence of truth and goodness, which, in a hun'entific advances, are widely recognized and probably dred million peoi)le the war has destroyed, a Rus''Our hearts will
-are not yet fully estimated. But these things taken sian iu)velist and exile has said:
together furnish no adequate foundation for the better times
we
Indeed, valuable as they are es'teemed for their contribution to man's luxury and
comfort, they may, on the contrary, if left to them.selves, contribute to the overthrow of civilization.
Instead of their serving to prevent war by making
iit terrible, as was vainly hoped, their power of deseek.
*The i)ossil)ilit.v of this evil was feared l).v souie. President Motta of Switzerland, in the course of his address in
'"There
opening the League of Nations in (Jeiieva. said:
were certuiul.v moiuents wlien eveiyoue of us asked hiuithe senti.^elf whether the highest fruits of civiliz;ition
ments of love, virtue and pit.v. the sense of justice, the eonsoiousness of human brotherhoo<l, and the inspiration of
the finer arts might not utterl.v disappear in the maelstrom
—
—
of destruction."
—
//
THE CHRONICLE
60!^
we
die of their burden of bitterness, and
sliall per-
ish curKiiifi; life
and our fellow-men; and that
most
thing of
frijfiitful
all,
is
the
to perish thus despair-
ing."
AVe in America have not realized this, even for others, certainly not for ourselves.
Kussia is a long way off, and Bolshevism is an unintelligible curse; but when we talk of better times,
we need the help of our "Thrift Days" and the generous giving which responds to Mr. Hoover's appeals
for the starving children of Europe, or seeks to save
the despairing sufferers in the Near East, to open
our eyes to the real nature of the destruction the
war has wrought in faith in those fundamentals
both of civilization and of life, a loss which we ourselves are sharing, and from which we also shall
suffer if not in similar ways, yet in deep and permanent injury not lightly to be restored.
For this we may not "need to find new leaders,"
as Philip Gibbs says, but we certainly must strive
for ''new enthusiasm for the ideals of life, a new
spirit of unselfishness
and service for the common
weal."
the Governments of men begin to show more
regard for promoting the practice of these qualities,
and men
in positions of
power and leadership
advocate and exhibit faith in goodness and truth
the new day will appear.
Now
that
we may
think that
"The tumult and the shouting dies,
The captains and the kings depart."
We may
need to be reminded that
"Still
stands the ancient sacrifice,
a contrite heart."
An humble and
And
to join in the prayer
"Lord God of Hosts, be with us
we forget.
And then to add
Lest
we
Lest
yet,
forget."
power we loose
Wild tongues that have not Thee in awe.
Such boasting as the Gentiles use,
Of lesser breeds without the law.
Lord God of Hosts, be with us yet.
"If drunk with sight of
Lest
we
forget.
Lest
we
forget."
In that direction and that only
the promise
of Better Times for America,
because also for the world.
lies
and the attainment
CONTINUED
OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a discount basis of 6%, the rate which has been in effect for
some time past. The bills in this week's offering are dated
Feb.
SWEDISH IMPORT PROHIBITION OF COFFEE
According to a cablegram received at Washington from
Consul Ocncral D. I. Murphy, Stockholm, under date of
Jan. 12 1921, the Swedisii (Jovernmcnt has imposed a
prohiljition against the importation of coffee for an indefinite
time. The decree became (;ffectiv(; from Jan. 12 1921.
RULING OF NEW YORK STOCK EXCHANGE ON CONTRACTS FOR DANISH CONSOLIDATED LOAN.
Secretary E. V. D. Cox of tho^'ew York Stock Exchange
issued the following notice on Feb. 10:
The Oommitleo on Securities rules that contracts for the Danish Consolidated Municipal Loan Twenty-Klvo-Ycar 8% Sinking Fund External
Gold Bonds, due 1946, "when Issued," must be settled on Tuesday, Feb. 16
1921:
That either or both Series A or Series B Interir.i certificates may b«
delivered in settlement of "w.ien issued" contracts unless otherwise stipulated at the time of the transaction:
7'hut said conlracls may be settled prior to said date upon the seller
giving to the buyer one day's written notice of his intention to make delivery; that such notice must be uiven before 2:1.5 p. m.; that Interest will
cease on the delivery date established by such a notice.
The accrued interest from Feb. 1 1921 to Feb. 15 1921 (viz., 14 days)
will amount to $.3.1111 per $1,000 bond.
Settlement of contracts may be enforced "under the rule" beginning
Feb. 15 1921.
The
7.
RATE ON FRENCH TREASURY BILLS CONTINUED
AT 6%%.
The French ninety-day Treasury bills were disposed of
week on a discount basis of 6%%. The bills offered
this
are dated Feb.
11.
BANKING CONDITIONS IN SWITZERLAND— OVER
200,000,000
FRANCS RAISED IN TREASURY BONDS.
From an authoritative source we are furnished the following as to banking conditions in Switzerland:
There is considerable significance in the fact that the Swiss Confederation
has recently raised over 200.000.000 francs in 6% Treasury bonds, in the
comparatively short space of three weeks.
This achievement has been taken as proof that the Swiss banks have
plenty of resoiirces available. Apparently the improvement in the local
and national money situation in Switzerland has, for the present, postponed
consideration of a new Swiss loan in the United States.
offering
was
referred to in our issue of Saturday last,
page 512.
APPOINTMENT OF RECEIVERS FOR HANNEVIG &
The
When
[Vol. 112.
following
is
from the
New York
CO.
"Evening Sun"
of
last night (Feb. 11):
Receivers were appointed to-day for one of the largest foreign bankers in
New York, Christoffer Hannevig. doing business as Hannevig & Co. at 1.39
Broadway, who was placed in involuntary bankruptcy by creditors. The
petition, which was presented to Judge Knox in the Federal Court, alleges
that the banker's liabihties are $8,000,000, against which there are but
$500,000 in assets.
The petitioners say that while Hannevig's real business in the firm named
is foreign exchange, the company has been financing ships and shipbuilding.
Hannevig has considerable assets in Norway, it is claimed, and has admitted
his willingness to be adjudged a bankrupt.
Judge Knox appointed as receiver Henry A. Wise and Thomas Hanagan.
under a joint bond of .S20.000.
The petition was signed by Osier Wade, liquidator, representing the
Dominion Shipbuilding & Repair Co., Ltd., who claims that $800,000 is
due on a contract for two ships waich Hannevig contracted for; A. S. Reid,
assignee of a elaim for $7,000. and the Equitable Trust Co., which claims
to hold notes aggregating $250,000.
REGINALD McEENNA ON BRITISH GOVERNMENT'S
DEFLATION POLICY.
The British Government's
money and rigid restriction
deflation policy, involving dear
of credit, was declared imposby Reginald McKenna, formerly Chancellor of the Exchequer, in presiding on Jan. 28 at the annual meeting of the London Joint City & Midland Bank,
Ltd., of which he is chairman.
Mr. McKenna suggested
that a commendable method of bringing about deflation
would be through an increase in the amount of commodities available for purchase, without any increase of purchasing power.
The New York "Times," in a copyright
cablegram from London Jan. 28, regarding Mr. McKenna's
observations, stated that great interest had been taken
in financial circles in his address, as it was considered to
be almost an official announcement of British bankers'
views, which would be bound to influence the Treasury's
The "Times" gave the following account of Mr.
policy.
sible of execution
McKeuna's remarks:
He began by differentiating
between inflation due to loans required for
trade or manufacture and loans granted merely to increase the consumers'
power of purchase. Periods of trade prosperity, he said, nearly always
culminated in overtrading and speculation, but these could he checked by
a high bank rate. Unfortunately, to-day the world was confronted with a
new type of inflation, monetary inflation, which must be regarded as more
or less permanent.
"Rigid restriction of credit." he said, "so far from proving an effective
method of restoring trade to a wholesome, condition, can only aggravate
out evils. This policy of gradual monetary deflation, but deflation so
guarded as not to interfere with production, is a policy impossible of execuTrade is never good when prices are declining and the consequence
tion.
of a continuous fall in prices entailed by dear money and a restriction of
credit and accentuated by heavy taxation must be a complete stagnation
of business.
"A fall in wholesale prices will foUow, due to goods being thrown upon
the market by traders who are unable to carry their stocks or have failed in
There ynU be a diminution in production, profits will be greatly
business.
This will in turn lead to reduced
lessened and unemployment will grow.
power on the part of wage earner^ to spend on consumption, and to a further
fall in both wholesale and retail prices."
Moreover, Mr. McKenna argued, the fall in prices would be only temporThe purchasing power resulting from the great war loans remains and
ary.
will be exercised as soon as prices reach bottom, so a new period of inflation
will begin.
-M
"It permanent monetary deflation is to be accomplished," he continued,
"it can only be by a reduction of the purchasing power brought into existence
by the great war loans, a reduction which can only be effected by paying
But there is no means of doing this by the
off part of the National debt.
imposition of additional taxation without bringing immediate ruin upon
our commerce and manufacture. The only source from which funds can
THE CHRONICLE
Fhb. 12 1921.]
i
ubcalned for the repaynieut of the National debt is by economy In exand by this moans alone can monetary deflation be effected or
tivoti attempted without permanent injury to our trade."
7 Mr. MoKeuna. however, suKBt*>led that there was one other method of
guccuisrul deflation, an increase in the commodities available for purchase
without increase of purchasinp power,
"The fall in prices." he said, "will bo very gradual and though a less rate
p[ profit will bo made than if price's were stable, it will be on a larger Quaufcity and there can still be room for a fair return on capital and a fair reward
This is the kind of deflation which we ought to aim for, a defor lalxjr.
flation vt-hich will be brought about by a larger supply of the commodities
we all need, a greater surplus for foreign export and a larger total of real
Ijtudituro.
I
ivcalth
Xi:W YORK BANKS FORM I^YKDICATE TO PROTECT
coi/Missiox jioui<i:s ex(ia<ij:i) ix colomujan
Mr. Chamberlain said that ail businosoea except tho6«) boKUu rsioue the
war \n]l pay the excess profits tax for a period of sevi-n yeafb, dating from
their first accountancy i>eriod, but for all new businebsw the tax ceases
from Dec. 31 last.
The excess profits tax, he said, had many defects. It tended to encourage
extravagance and discourage enterprise.
Supi)k'meuting the above, a special London cablegram
to tile "Journal of Commerce" Keb. 7 said:
Although business interviews have unanimously demonstrated the benefits derivable from the al>olition of the excess profits duty, the Stock Exchange .shows indifference, which means thai the public is not at all enthiLsiastic over the matter.
The removal of the excas.s ijrofits duty of (iO% Is less beneficial tbao at
first api)ears, because such profits were in any event unassessable for income
tax and now mast pay a 'M)'/c income tax, so that the lax is halved instead
of abolished.
On
COFFEE TRADE.
The fmancial difficulties of the United States of Colomi)ia. which loachiHl a t-risis duriiis; tlie hitt(>r part of 1920,
and cautWHl the susiH'Usioii of iJa.vmeut Ity five laiw New
York eoumiissiou houses
eiifxaged
in tlie Coloiubian coffee
strouy syndicate of
.New lork banks and bankers lo aid these New York merThe syndicate
chants in liquidating their indebtedness.
will lie: known as "The Colombian Acceptance Agreement
The s.xiidicale will finance shipments
of January 1, 1921."
of coffee to this country, centralizing the shipments to the
New York merchants to whom the C'olombian shippers are
This will help the Colombian debtors of these
debtors*.
New York merchants to liquidate their obligations to them,
and in turn will allow the New York merchants to meet
iiade. liave led to the fonnatioii of a
own commitments.
their
The New York merchants to be aided in the plan are
\asquez C-orreas & Company. Inc., placed in the hands of
Lawrence Berenson and Justus Kui)erti. receivers, on October 20, 1920; Heilbron, Wolff & Co., Inc., who filed a
voluntary petition of bankruptcy on October 25, 1920; Ale-
Angel & Co., Inc. de Lima, Correa & Cortissez. Inc..
and the Anitoquia Commercial Corporation. The three latter oori»oraUons were placed in the hands of committees
rei)resenting their creditois under agreements to refrain
from suit for specifietl periods to enable the corporations
involved to collect their accounts receivable in Colombia.
The l)aukers comprising this syndicate are the Equitable
Trust Company of New York, the Chemical National Bauic.
the National Park Bank, the Battery Park National Bank,
Huth & Company, the Bankers' Trust Company, the Bank
of New York, the Commercial Bank of Spanish America.
William Schall & Company and Schultz & Kuckgaber.
.iandro
It is
60S
:
the hoi)e of the syndicate managers that the result
Feb. 4, in reporting the effect of the announcement on
Loudon Stock Exchange, the cablegrams to the daily
the
pai)ers stated:
The speech delivered by J. Austen Chamberlain, Chaucullor of the Exchequer, at liirmingham yesterday, in which he announced that the exce>s
profits tax would be withdrawn had the effect of cheering ail sections of the
Stock Kxchangt' this morning. The oil shares section was distinctly good in
tone, quotations on the Shell, Kagle and Trinidad shares favoring holders.
Commercial securities, Argentine rail stocks and the war loan were frac,
tionally better.
The removal
of the excess profits tax
in the seciyities of the
is
expected to cause a further rise
lieen so heavily taxed since
companies which have
1916.
OFFERI.Xa of $40,000,000 NOTES OF COPPER
EXPORT
ASSOCIATION, INC.
Under plans developed for the financing of the 40(J. 000,000
pounds of refined surplus copper held by memliers of the
Copper Export Association, Inc., an offering of §40,000,000
8% secured gold notes of the Association was announced on
Fel). 10 by a banking syndicate headed by the Guaranty
Trust Co. and the National City Bank of New York, and
including also Kidder, Peabody & Co., Lee, Higgiuson & Co.,
Dillon, Read & Co., the Union Trust Co. of Pittsburgh,
tlie Mellon National Bank, Pittsburgh, the Continental &
C'Ommercial Trust & Savings Bank, Chicago, the First Trust
& Savings Bank, Chicago, the Illinois Trust & Savings Bank,
Chicago, and Halsey, Stuart & Co.. Inc.. Chicago. The
notes are secured by the 400,000,000 pounds of copper (at
10 cents a pound), and according to the official circular, the
sums required for th(> payment of principal and interest are
guaranteed by the copper producing companies in the approximate proportions stated below:
Maturities.
S6,000,000 1-year notes, Feb. 15 1922 $12,000,000 3-year notes Feb. 15 1924
10,000,000 2-year notes, Feb. 15 1923 12.000.000 4-year notes, Feb. 15 1925
The notes are to be dated Feb. 15 1921 and interest will
the diversion of coffee from the New York houses
or from the holders of the dishonored paper
Any holder of the dishonored paper of
of those houses.
any one of these corporations who is not already a member
of the syndicate will be received by the managers as a syndicate subscriber, in order that he may obtain the benefits
be pajable Feb. 15 and Aug. 15. The notes will be coupon
in form in denomination of $1,000, and will be registerable
as to pi-incipal only.
They will be redeemable as a whole or
in part on anj- interest date prior to maturity on 30 days'
pubhshed notice at par plus a premium of 1
for each year
or portion of year between the date of redemption and respective maturity dates.
The notes are offered when, as
and if issued, subject to allotment and approval of counsel,
of the operation of the plan.
at—
of the oi>eration of the syndicate will be to lessen the probability of
iu difficulties,
The syndicate managers are the members
of the commit-
tees supervising the affairs of the Alejandro Angel
inc..
rea
&
Co..
Antioquia Commercial Corporation and de Lima, Cor-
&
Cortissez, Inc.
the intention of these committees, as well as of the
receivers of Vasquez, Correa s & Co., Inc., and the trustee in
bankruptcy of Heilbron. Wolff & Co., Inc., to take such action as may be necessary to protect the corporations and
their creditors from the results of the diversion of coffee
by debtors of these corporations in Colombia to banking institution or importing hou.^es in the United States not alivady creditor.s of such Colombian debtors.
It is
%
and interest, to yield
and interest, to yield
and interest, to yield
and interest, to yield
Dehverj' of interim receipts is expected
1-year
2-year
3-year
4-year
notes, 100
notes,
99%
notes, 99M
notes,
99
about 8%
about 8.15%
about 8.30%
about 8.30%
on or about Feb. 21
Further details regarding the offering will be found in our
Industrial and Miscellaneous New^s Items.
A statement
bearing on the copper plan issued on Feb. 9 by John D. Rj-an,
President of the Cop])er Export Association, Inc., said:
The sale of 400,000,000 pounds of copper b.v producers, members of the
Copper Export Association, and the financing of the amount advanced by
the Export Association to tiie producers on the purchase, will assign to the
export market a part of the surplus stocks of refined copi)er that accumulated as a result of the sudden ending of the war. and remains in the stocks
of the producing companies on account of the inability of European consumers to take their usual requirements.
PROPOSED REMOVAL OF BRITISH EXCESS
PROFITS TAX.
reporting the British Chancellor of the Exchequer
Austen Chamberlain as stating at Birmingham, Eng. on
pjeb. 3 that the excess profits tax in Great Britain would
bp withdrawn, the eal)legrams to the daily papers also
announced him as saying:
Not onlj' irould this tax be abolished, he added, but no new tax would be
In
proposed to replace it
financial year.
and no new taxes would be proposed
for the coniiug
There might be new duties iu connection with "dumped" goods or depreciated exchange, but there would be no new taxes on business, the
Chancellor declared.
/
Mr. Chamberlain, who was speaking to his constituents, denied that the
Government had any intention to promote and rush an election on a popular
budget.
None of the Ministers had any such idea, he said, and "if the Government
should wish to appeal to the country it would not be on fiilance that they
wotild find ao opportunity or the means for gratifying that wish."
The maturities of the obligations is.'iued against this copper in one, two.
three and four years will give ample time in which to market this amount
in an orderly way in the export trade and relieve tlie producers of the
financial biu"den of carrying it and the necessity of pressing it for sale.
The 400,000,000 pounds is only about three^fourths of the e.icport trade
done by this country last year, and if marketed over a reasonable period
be easily absorbed.
present rate of production being below the rate of deliveries of copper
in 1919 and 1920 should not result in any accumulation.
will
The
T.
\V.
The
LAMONT AND JAMES SPEYER INVITED TO
MEXICO TO DISCUSS ADJUSTMENT OF
EXTERNAL DEBTS.
affaii-s
Mexico have figured largely in the news
With a view to effecting a solution of its finanof
week.
problems, both T. W. Laniont, of J. P. Morgan & Co.
and James Speyer, of Speyer & Co., have been approached
by the Mexican Charge d'-Vff aires, who has made known to
of the
cial
THE CHRONICLE
604
them Ihe
desire of the
thoin
Mexico
in
Mexican Government
siiiUvble
to discuss with
arrangements for adjusting the
The lirsl intimation of this
country's extermil indehlc^dness.
movement on the part of the Mexican Government came in
a dispatch (copyright) to the New York "Times" from Mexico
City under date of Feb. 4, reporting tiio extension of an
invitation to Mr. Lamont to visit Mexico and start prelimin-
The first
Mr.
Lamont
was
by
ary work on the refunding of the foreign
announcement
di'bi.
in the nuitter
the 8th inst., while on the previous day (Fob. 7) a
statement had been i.ssued at the office of Speyer & Co.,
official
made on
which had been taken in .seeking Mr.
Speyer's advice. Senor Manuel C. Tellez, Mexican Charge
d'Affaires in Washington, (ialled at the office of Speyer &
Co. on that day, by direct order, it appears, of President
Obregon, to e.xpress to James Speyer the Mexican Government's wishes to discuss with its creditors a suitable way to
come to an arrangement, within present possibilities, of
questions pending, and a.ssuring Mr. Speyer that, should ho
be willing to come to Mexico in connection therewith, the
Govermnent would take; pleasure in according to him all
At the office of Speyer &
courtesies to facilitate his trip.
on that day:
authorized
statement
was
the
following
Co.
AVo are very much pleased that the present Mc:acau Clovernnient is taking
telling of the stops
way the .adjustment of its financial obligations
have, during the last thirty years, placed with inveftors here and
abroad a larpe amount of Mexican securities (Government bonds, raiiroad
bonds and other securities guaranteed by lie Mexican Government): mterest on these securities has been in default for over six years, and we are
very willing to aid the (jovernnie-it in every possible way in resto;-ing its
AVhether our Mi. Rpcyer will bo able to go to Mexico cannot be
credit.
decided at once, but he and our firm certainly will co-operate with the
Mexican Government in its commendable efforts to straighten out its finan
cial complications brought on by the many years of revolutions, and to
secure for the bondholders the best po-'-ible settlem.ent and as quickly as
possible.
We believe that the proper and prompt settlentent of its financial
obligations win go fai towards enilsting public sentiment in the Unued
States favorable to a recognition of President Obregon's Government.
up
in a .sensible bitsincss
We
I
Mr. Lamont
in his statement of the 8th inst. said that
no
made anent
the suggestions of the Mexican
GoA^ernment until after consultation with the Department of
State at Washington and with the foreign members of the
The folInternational Committee of Bankers on Mexico.
lowing is the statement given out by Mr. Lamont in behalf
of the American Section of the International Committee:
The Mexican Charge d'Affnires ha- stated to us that "the Mexican Government v/ishes to discuss with its creditors a suitable way to come to an
arrangement, within present possibilities, of questio" pe idlng" and has,
in behalf of his Government, made the fiirthei sugf ftlo that it might be
of value for the Acting Chaiinian of the Ccmmitte
T ,)mas W. Lamont,
to proceed in the near future to Mexico City. to<- p poses of cl)si;us>.ion
Inasmuch as the Bankers' Committee, organized two years ago. for the protection of foreign investors holding Mexican obligations, was formed with
the approval of the governments of the United States, Great Britain and
France, the American Section of the Committee would, of course make its
decision in the present .-ituation only after consultaiion with the Department
of State at Washington, which, no doubt, would wish the Committee to
Further, it is obviconfer with membe.s of the incoming adminiscration.
ously necessary for the American members of the Committee to consult
their foreign colleagues upon the Committee as to the suggestion ju>t made
by the Mexican Government.
It goes wTthout saying that the International Committee has alwaj's been
and is now strongly de.sirous of assisting in any possible way the Mexican
decision cou^d be
,
.
.
Governnaent and people in the proper adjustment of their financial .situation
and of taking any step that, in the opinion of the Department of State, may
be helpful.
Regarding Tuesday's meeting of the Committee, the New
of Feb. 9 said:
Yesterday's meeting was attended by all of the Eastern men on the Committee and by Frank L. Polk, now of Stetson, Jennings & Russell and for-
York "Times"
merly Under Secretary of State, who has been appointed counsel for the
American Section. At the conclusion of the meeting an answer was drafted
for transmission to Mexican authorities, pointing out that the Committee
would not feel free to act at once, but must firet consult with the State Department, which, it is believed, will desire that members of the Committee
take up the matter with representatives of the incoming Administration.
A communication was dispatched also to the British, French, Swiss and
Dutch members of the Committee, who are expected to take some action
on the suggestion of the Mexican Government:
ISSUANCE OF DECREE PERMITTING MEXICAN
BANKS CLOSED DURING CARRANZA REGIME
TO REOPEN.
The
issuance of a decree by President Obregon, whereby
banks of issue closed during the CaiTanza administration
are permitted to reopen, was announced as follows in Associated Press advices from Mexico City on Feb. 4:
More than twenty Mexican banks which formerly had authority to
issue paper money and which were closed during the administration of President Carranza yesterday received permission to resume business through
The largest of these instia decree made public by ['resident Obregon.
tutions was the Banco Nacional de Mexico of this city, in which there are
heavy foreign investments.
Formal proofs of their right to reopen their doors must be filed by the
banks with the Minister of the Treasury within thirty days, although this
time may be extended officially to sixty days. Liquidation of the banks
obligations, including the payment of deposits made prior to April 15 1913,
must be paid as follows: All claims less than 2,000 pesos must be paid in
[Vol. 112.
all ulxivv that amount inuat )>« paid in aix ytxtm.
All paper money must bo r«lo<iincd In ^,^ght ybam.
iiOCal bankers, when qu<»tioncd yisUTday. wore unable to Kivfo mi
c«itiinatc of either the aKxets or llabiliti<» of the varioua banki< affected by the
docroo.
They would not hazard cvon a conjwjturo as to the value of tb»
Kold immodlaU'ly, and
paper money Ihtjued by them and now held In Mexico, iiumora that ttK
decree wa« («ntomplated cauuod quite a flurry in bunking circles, and th*
stock of the iianco Nacional rose rapidly durinK the last few days.
A
further account of the decree and its purport is given is
5, published as follows in the
Mexico City advices of Feb.
New York "Evening Post":
I.ssuance of the decree permlttinK bankii suppreiified during the Carranza
Administration to resume bu.slness. made public on Thursday night by
I'residont Obregon, Is considered In financial circles of this city to be the
first step made by the President to stabilize banking conditions In the
rijpu'ilic.
A compreheiihive banking project, which wili be submittc<l to tho
special session of Congios.s next week, has been prepared by the Oovemment.
One
of tiie bills would call for the establLshracnl of from six to eight regional
bank-s for the issuance of paper money which would be under Government
control.
'I'ho value of the outstanding paper money which wa.<i Issued by the
varioas bank.« affected by Thursday night's decree is estimated at upwards of
110,000.000 pesos by the "Financial and Mining Bulletin," the official
organ of the financial Interests here. Of this amount the Banco Nacional dt
Mexico issued more than 32. .500, 000 pesos, the Bank of London & Mexico
over 26.000,000, and the Oriental de .Mexico more than 21.000.000. The
remainder, the publication says, is scattered among twenty other bankr
ill sixteen States which acted as subsidiary banks of emission.
There li"
little prospect that all these banks will take advantage of the decree, it Is
declared, but it is considered certain the next fe.v days v.ill see the Banco
Nacional. the Occidental, the Mercantile de Vera Cruz, the Mercantile de
Monterey, and the .State banks of Nuevo Leon. Tabasco, Guerrero, Sonora.
Ilidalgo. Zacatecas. and Mexico open their doors.
Secretary of the Treasury de la Huerta announced yesterday that the
various banks affected by Thursday night's decree held Government obligations totaling .'jS. 000. 000 pesos.
He asserted ail these obligations would
be redeemed, partly in gold and partly in Government notes.
As bearing on the Banco Nacional de Mexico, we quote
the follow'ing from a Mexico City dispatch of Feb. 3 appearing in the "Journal of Commerce":
Publication of a Pi-esidential decree ordering the immediate opening of
the Banco Nacionale. the funds of which were confiscated during the administration of President C.aiTanza, and which has not beea functioning since
that time, is expected to be issued this week.
Reports that such action was contemplated by President Obregon have
been heard for several days, and Adolfo de la Iluerta, Secretary of the Treasury, did not deny that such action was impending when questioned last
night.
He said his Department would make a definite statement late thiK
weelc.
The Banco Nacionale, which was founded by Minister of Finance Limantour during the administration of Porfirio Diaz, received broad grants o
power as a bank which might issue currency.
When Carranza became President he decreed the confiscation of its fund=.
partly because he aiicged the bank extended aid co former President Huerta
and his party, and partiy 'oocau.se the concession undor whic!i it operated wa.«
too extensive.
The bank, with its subsidiaries, was allowed to issue paper
money to an amouuc three times as large as its gold reserve, and its sphere
of influence was so great that virtually all Mexican banking business was
done under its supei vnsion.
After it was clo.sed by Carranza, however, it never reopened, and at
present tWere are no banks of emission in Mexico, although President Obregon's proposed banlang law, which will be considered at the coming special
ses.sion of Congress, contemplates the establishment of such institutiou.«.
Many foreigners own stock in the Banco Nacionale. and its restoration to
biKiness is considered of vast importance.
It is understood President
Obregon's decree will stipulat« that the bank shall be at present revived
merely as a private institution, and it will not bo allowed to issue paper
money until Congress enacts a law providing for such work.
It :s also stated the decree will affect all otner banks of emission which
functioned during the Diaz regime and which were taken over while President Carranza wa.s in office.
These banks, it is said, will be given eight years in which to complete
liquidation.
In the meantime, they will collect all their issues of paper
money now outstanding, which, because of their enforced closing, were
left in the hands of clients.
NEW MEXICAN BANKING LAW UNDER
CONSIDER-
ATION OF SPECIAL SESSION— OTHER MEASURES.
According to a Mexico City dispatch of Feb. 5, published
n the New York "Times", a comprehensive banking project, to be submitted to the special session of Congress
which opened on Feb. 7, has been prepared by the Government. One of the biUs, it is stated, would call for the estabhshment of from six to eight regional banks for the issuance of
paper money, which would be under Government control.
As to other measures which would be taken up the same paper
iprinted the following from Mexico City Feb. 6:
The special session of Congress called by President Obregon for tomorrow will be confronted with the task of solving several problems, the
successful dlspo.sition of which means a long step in the reconstruction
program sponsored by the President. It is expected that President Obregon
will appear in person before the Congress in the afternoon and deliver a
message urging the immediate passage of certain projects.
Among the measures to be submitted are ihase concerning the petroleum
and agrarian questions, a new banking system, new labor laws and indemnities.
it is said there is a strong possibility that specific
be taken" with regard to Article XXVll., declaring
In official circles
and definite action
will
its being retroactive.
has been rumored that the Administration wishes a clear-cut, jokerless
law which will embody the Mexican Government's stand on petroleum
matters, settling the drawn-out controversy between Mexico and the oil
companies.
The agrarian question, which includes a project for parcelling land to
small farmers and breaking up the large haciendas, is said to be one of the
mast Important ever preaented to Congress, having an international angle
in that numerous foreigners hold large tracts of land which would be subject
to division.
as to
It
THE CHRONICLE
Feb. 12 192L]
President ObregoD's banldne proposal has Jxien
much dUcussed
of late.
It is uiidoretood llial ho haw al>audu>UHl for tlio proseut iho idt^a of only one
central bank of uinJNsiou. ubicli wns llio p»-t si-lionio of Carraiiza's AdiiU'iiK-
Ho favors the fbtablishmeut of regional banlcs of emission with
tration.
central control.
W.
McADOO IN MEXICO -REPORTED THAT HE
WILL TAKi: CHARGE OF REORUAX I ZATIOX
OF RAILWAYS.
a.
El I'a.so dispatches of Feb. 8 slated that \V. CI. McAd<*(»,
formerly Socretary of lljo U. S. Treasui-j-, who arrixi'd in
Mexico ou Feb. 2, had pone there for tho purpose of takiiif^
of the reorganization aiul reeonKt ruction of th(*
eharf^:**
National Railways of Me.vico. An announcement to this
effect is said to have been made by Lio Antonio Cainpansuno,
who represent*»d the Mexican Minister of Coinnumictions
at the convention of the Confederated Mexican Chambers of
Commerce which closed its sessions at EI Paso on tlie 8th
Mr. Campansuno is also reported to have added that
inst.
it was the inttmtion of the Mexican Government as soon as
the railroad system had been rehabilitated to return the
roads to their owners.
On Feb. Mr. McAdoo, it is stated,
conferred for moiv than two hours with Adolfo de la lluerta,
Witii his arrival in Mexico
Secretary of. the Treasury.
City Mr. McAdoo is said to have requested the Associated
Press to deny "specifically and absolutely" that his visit
was in any way connected with "political, or even business
affairs."
He said that he and his wife were here on a
personal pleasure trip, arranged in conjunction Avith several
of their friends in
on a
tlie
Ignited States,
special car provided
who accompanied them
by President Obregon.
OPENING OF MEXICAN
BRANCHES BY FIRST NATIONAL BANK DENIED.
REPORTS OF PROPOSED
Along with reports from Mexico Citj' on Feb. 6 that the
Mexican Secretary of the Treasury, Adolfo de la Huorta,
had announced that a French banking corporation, with a
capital of 50.000.000 pesos, would enter the field there
ile was also said to have announced that the
immediately,
National
Bank
First
of New York was desirous of establishng a branch in Mexico City. On the 7th the "Financial
America" declared that it had been officially stated that
there was no truth in the report that the First National
Bank of New York was planning to open one or more branches
in Mexico if the contemplated banking law for that country
should be passed.
CANCELLATION OF BRITISH DEBTS TO U. S.~J.
AUSTEN CHAMBERLAINS STATEMENT AND
COMMENTS.
The question of the cancellation of the inter-AUied debts
has been brought to the fore this W'Cck, following a speech
at Bu-mingham, Eng. on Feb. 4 by J. Austen Chamberlain,
British Chancellor of the Exchequer in which he is reported
to have stated that tho British Government proposed a
cancellation of all the inter-AUied debts, but that the proposals were unacceptable to the United States Government.
At a hearing before the Senate, Judiciary Committee on Feb.
7 which is conducting an investigation of foreign loans.
Secretary of the Treasury Houston admitted that "one
Government" had proposed the cancellation by the United
States of the loans to it, but he preferred not to give the name
of the Government making the proposal. Further reference
to Secretary Houston's testimony is made in another item
The Associated Press, in cablegrams
in our issue of to-day.
of Feb. 4 from Birmingham, Eng., in reporting Mr. Chamberlain as stating that the formal proposals of the British
Government for the cancellation of the war debts had
proved unacceptable to the United States, added:
"To make them again would be, I think," Mr. Chamberlain continued,
"beneath our dignity and would render us liable to a misconception of our
motive."
"In making them," said Mr. Chamberlain, "we sought no national advanWe proposed a solution in which we should have
tage for ourselves.
foregone claims larger than any remitted to us and we propo.sed it because
wo believed it would be in the interests of good relations among peoples,
the rehabilitation of national credit and the restoration of international
trade.
"Our great international debt is duo to the obligations we undertook on
If we had had only ourselves to consider we should
behalf of our Allies.
have been particularly free of extenral debt at the present time."
Mr. Chainbeiiain prefaced his remarks by .saying that he would have
preferred at the clo^e of the war that the whole inter-AUied debt h;ul been
wiped out, so as to start with a clean slate. There was no proposal for a
settlement of the international debt among the Allietl and Associated
Powers, whether for a total or partial renus.sion, which the liritish Government Would not ha^'e been prepared to be a party to, he declared.
Washiiigton Associated l^ess dis|)atches Feb. 4 had the
following to say in the matter:
Treasury officials refused to comment to-night on the statement of the
British Chancellor of the Exchequer. J, Austen Chamberlain, in an address
G05
nirminRham, England, tiiat tho Cnltod States Government refused to
accept Hritibh (iovcrniin-nt proiKisals tlial the intt-r-Allled dulili> ariiiing from
tho world war be canceled.
No mention has ever lM«in made in official circles here of any proiMwal
offiuully t»Midert<l by fireat Britain for canctUlatlon of the InVer-AlUtd debtfi,
but it was re(!all<xl lo-night that Hir (ieorge I'aUia, Uia Hritii>h financial
ex|><'rt. who visitcKl the I'ulted State« a year ago, put forward lionu- HUCh
Hir Ciuorge'M inJiision wait not rugard>xl by
lirupoKal while in this country.
the I'niKHl States tioverninent um official and cuuisequeatly tiio jifoposal
did not receive official coiisidiTallon.
In fact, so far as could be livirinKi (o-iil^hl mi officials hi>re are aware
that the British (io\(-rmnent has ever lliroiigh :iii.\ official cliaiiuel proposed
a remission or canci'llalion of the Brltisli war debt to the United Ktates.
(ireat Britain's indebtednetis. of alxiul $-1 .OOO.OeO.OOO. in far larger tlxau
that of any other of tlii< Allied countries, but this u> «.\|ilttiued by the fact
that (ireat Britain itself was a cnxlltor country and disbursed Aniexlcao
funds to her other .Allies.
Treasury officials, while refusing to discuss the Chaiiiborlain proiXMial,
said tonight tliey nad rw.fivwi rm n«erit advici* regarding the prospective
triixif Lord ('liainiers, r«'|'r<'«enlaliveof the Uritish 'rr«iH«ury to tills country.
It Is the expt><rtation here, however, that when Ambassador Oeddee relunm
about the end of the prevent month from hlu sudden trip to Kngland, he
will be accompanied \>y Lord Chalmers.
It Is also understood that they will be charged with full authority to
negotiate with .\merican Trt^asury officials for a conversion of the present
British indebtedness, which /low stands in th<' form of demand notes, into
long time, permanent obligations at a rate of Interest corresponding to that
set forth in the Liberty loan issues.
at
Commenting on the assertion of Mr. Chamberlain, that
the British government formally had jjroposed a cancellation of all inter-Allied debts, but that the project was unacceptable to the American government, the "Westminister
Gazette" according
to
London cabh'grams
(*f
Feb. 5, said:
Wo
must suppose the American Govemmtnit cx>ncludod that opinion In
the United States would not have sanctioned an undoubtedly heavy sacrifice
for what we Ciill international, but what a great many Americans consider
to be purely European, object*.
It perhaf>s, is not within reason to expect tho .American people should all
at once bo converted to this ver.v practical application of world solidarity.
Nevertheless, we unfeignedly arc glad it should be on record that Great
Britain made this prot)osal and made it in a way which precluded retorts
that she did it for interested motives.
On Feb. 7 a cablegram from London purporting to show
that tho Chancellor's statement of a week ago was based on
misinformation was published in the "Journ;tl of Commerce" of Feb. 8 and we give the .same herewith:
An inquiry carried otU in official circles with reference to the statement by
Austen Chamberlain, Chancellor of the Exchetiuer, in his speech at Birmlast Friday night that the American Government had vetoed a
ingham
British suggestion for a general wiiting off of Inter-Allied obligations, tends
to show that the Chancellor's declaration was ba.sed on misinformation. Tj|
It became known late today that one British official who checked up the
data at the Treasury durinK this afternoon, found that the matter had never
been made the sut)ject of formal exchanges between the British and American Governments.
Mr. Chamberlain declined today to amplify or comment upon the
statement he made in his Birmingham speech.
-'Wll
In another reliably informed quarter ic was declared that the matter had
only come up in informal discussion between Allied financial representatives
at the Paris peace conference, where the writing off was first suggested by
the French to the Americans and ijy them to tne British.
This was said to have occurred in Feb. and March of 1919. A year
later when the British Treasury was engaged in a general discussion of
Allied financial settlements the writing off proposal was informally referred
to American Treasury officials by the British Treasury, but the Americans
conveyed an informal intimation, it was stated, that negotiations along that
line probably would lead to unfavorable consideration on the part of the
American Government.
It was then formally recorded, according to this informant, that the
question' of writing off the debts had been informally raised, but that in
view of the American attitude the British had decided the point would never
be
made
the subject of formal discussions.
])ress disimteh from London Feb. 8 said:
The "Daily Mail," conunenting to-day on Chancellor of the Exchequer
Another
Chamberlain's utterances wth regard to the remission of the Allied debt,
says that more than one overture in this respect has been made. It declares that in 1919 John M. Keynes, while representing the Treasury on the
Economic Council, is understood to have discussed the matter freely with
Amei'ican representatives.
"The existence of the immen.se war debts," the "Daily Mail" continues,
"meaas that at any moment somewhere in Europe it may pay the Oovt-rnment of a day to make repudiation a plank in its platform. There is, of
course, no such danger in Englajid, but sooner or later the Alhes must meet
and wipe off old scores."
In its editorial on the subject the "London Times" asserts that well-informed quarters here have long understood that diu-ing the war the British
Government suggested to the United States that it should substitute ttseU
for Great Britain as direct creditor of France and Italy with respect to sums
Great Britain borrowed from America and lent to the two Allies, but that the
suggestion was rejected.
The newspaper recalls that Frank A. Vanderlip before the Foreign Rel&tioas Committee of the Senate in June, 1919, proposed remission of the
loans to France and England, but neither then nor since, says the "Times,"
was the idea favorably received.
" We shall not go back on our word." it continues; "we are a nation of shopkeepers, and commercial interest, as well as commercial honor, forbids us
to discredit our paper.
Payment of both the capital and interest ought to
have been concluded long ago."
Kegmdiug the .\llies' debts to Great Britain, the "Times" declares there
can be no talk of remitting any part of them until full arrangements are
ij
made for the repayment of Great Brit;uu's own debt to .America.
"We shall pay fuuy and promptly," it says, "on whatever reasonable
terms are pi-opo.sed to us."
To indicate the attention which Mr. Chamberlain's
statement has claimed, we also quote the following special
cablegram to the New York "Times" from Ix)don Feb. 4:
The "Morning Post" says this morning that It regrets that words used by
Austen Chamberlain
in his reference to the prot>osBd remission of International debts "should be regardwl by sensitive .American opinion as conveying a covert reproacn." and that on tne other side of tho Atlantic there
G06
THE CHRONICLE
X
boon round nn impuliiUon that tends to disturb the friendHhJi) existing
between the two countrU*.. It inidn:
"That the Ohaiicollor of (lie Kxch(>quer luid no idwi that his statfimonts
would be thus interpreted we are convinced. Mr. Cli.-imborlaln miuit be
perfectly aware that the nritish taxpayer is dctennine<l to discharge his
external debt, and tlu' Chancellor mer<iy iiiK^nded to (•xpr(«.s the national
haft
rtBolution.
"It is a matter not of sentlniem, but of Ixjsiness. but at the same time
fulfillment of business obliprations confirms the friendly relations uxIstinK
Thi.s country, the essential ehanent of
iHJtwccn the two parti<s concerned.
whose national policy Is the niaintonanco of the niost cordial relations with
America, has no intention of allowing them to be irai>eriled by indefinite
postponement of repayment of the large sum due to the United States
Government.
It is also the traditional policj- and invariable practice of Great Britain to
Wc believe if IJritain canceled the debt duo to her
pay her debts.
from her allies that action would confer the greatest conceivable benefit
upon Kurope and would prove of the highest pos.sible service to civilization.
Such amnesty would moreover remove that potential irritation which resides
in the presence of perpetually impending financial obligations.
This country is in the position to make the proposal and to act upon it.
because the United Kingdom will be the loser financially. That the Allies
.
.
.
who spent their blood together in a conflict with their common enemy
should be struggling \rith the burtlcn of financial obligations incurred among
themselves for the sole purpose of waging war is at lea,st singularly inappropriate.
Victory having been achieved by united action, restoration can
only be achieved by purstiance of the same principle.
The interallied debts having been canceled, Britain will proceed to fund
the debt due to the United States, whose discharge the people of tliis country
regard as a matter of course. The nation would regard any suggestion that
it desires "the debt to be remitted as highly derogatory to the national honor.
Its discharge must evidently be a financial tran-saction, arrangement of
which must be left to authorities.
We recall, however, that diuing the recent voyage of the Prince of Wales
there was a suggestion that a British colony might be transferred to the
United States. That expedient is out of the question altogether. As the
Prince affirmed, British territory is not for sale. The people of this coimtry
would not entertain the proposal for an instant, and the sooner the Government takes requisite meastires to fund the American debt the better.
REPORTS THAT POSTPONEMENT OF PAYMENT OF
BRITISH DEBTS WILL BE SOUGHT BY LORD
CHALMERS.
to the prospective visit of Lord Chalmers
of the British Treasurj- to the United States, Paris cablegrams to the daily papers Jan. 27 said:
Lord Chalmers, permanent Secretary' of the British Treasury, whose visit
to the United States has been deferred for a short time, will be intrusted
with a mission to obtain a postponement of the payment of the British debt
to the United States until 1936 and 1947, says "Pertinex," political editor
He declares Sir Auckland Geddes, British Ambassaof the Echo de Paris.
dor to the United States, who has arrived in this city, came here to report
to Premier Lloyd George on the matter.
Sir Auckland has arranged to return to the United States on the liner
Aquitania, which leaves Southampton Feb. 15, said this morning's Paris
edition of the "Daily Mail."
With regard
SECRETARY HOUSTON ON PROPOSAL FOR CANCELLATION OF FOREIGN INDEBTEDNESS.
The statement on Fe>). 4 of the British Chancellor of the
Exchequer (which we gi^'e elsewhere to-day) that Great
Britain had formally proposed the cancellation of the interAlUed loans and that this proposition had been unacceptable
to the United States, preoipated a discussion of the matter
iu the Senate on Feb. 5. the discussion being preceded by
the insertion in the Congressional Record, at the instance of
Senator Lodge, Chairman of the Committee on Foreign
Relations, of a letter from Secretary of the Treasury Houston
with regard to the obligations of foreign Governments. In
this letter, dated Feb. 4. Secretary Houston states that "for
obvious reasons" he would not, during the remainder of his
term of office, proceed further with negotiations for exchanging the AUied demand ol)hgations held by the United States
into long time obligations, but will leave his successor free
This letter we give herewith:
to continue such negotiations.
February 4 1921.
^fy Dear Senator I have liefore me copies of the resolutions introduced
b,\ Senator Walsh, S. J. Res. 245 and S. Res. 422.
The Liberty Bond Acts contemplated that the Secretary of the Treasury
should negotiate an exchange of demand obligations of foreign Governments held by the United States for long-time obligations. Accordingly,
negotiations to that end, involving a postponement of the time for payment of interest, were imdertaken. This Is all set forth in my annual
Such negotiations have not been concluded, except that
report of 1920.
during August, 1920, an arrangement was made with the British Government in respect of .1122,019,633 57 of its obligations held bj^ the United
Under this
States, as set forth on Page 63 of my annual report of 1920.
arrangement $17,633 57 of principal, together with accrued interest, have
been paid; the accrued interest on the remainder becomes due during April
and May, 1921; thereafter interest is paj^able semi-annually, and the principal becomes due in equal annual installments during April and May of
the years 1921, 1922, 1923 and 1924. The negotiations before mentioned
were conducted almost entirelj- orally. There have not been any official
proposals on the subject that would in any way bind this Government or
the foreign Governments other than the agreement of the foreign Governments contained in their demand obligations held by the United States
For
to give long-term obligations, if requested, in exchange therefor.
obvious reasons I shall not dtu-ing the remainder of my term of office proceed further with such negotiations, leaving my successor free, if he sees
fit. to continue them without any commitments having been made by me
except as to the $122,017,633 57 of obligations of the British Government
Very truly yours.
above referred to.
D. F. HOUSTON.
—
Following the presentation of this letter, Senator Knox
took occasion to state "as a matter of specialjprivilege, that
[Vol. 112.
the story carrir-d by the Associated Press," that ho CRfnator
Knox) had introduced a resohition to forgive the foreign
debt "is a perfect absurdity." "I have done many things,"
.said llic Senator, "but notliiiig quite so bad as that."
The
publication of Uie accounts of the British (Chancellor of the
Exchequer figured in the Senate proceedings of the day, and
S(>nator Walsh of Massachusetts in referring to the accounts
said:
The
article in the press of
to-day <-ontains the
first
information that has
any way given to the American public that an actual proposal was
made by a debtor foreign Government to cancel our foreign obligations.
It never has api)earod in any report of the Trca-sury or even in the letter
read this morning, that any such proposal or rwiucst had l)oen presented
to our Government, and it secm-s to me the American people have a right
to know whether or not such proposal was made, as claimed by the English
statesman, and if so, why we were not informed of it, especially In view ofthe
course purs-ued so much of late of spreading propaganda in favor of a policy
in this country which some foreign country may desire to promote.
Secretary' of the Treasury Houston, in appearing on Feb. 7
before the Senate .Judiciar\^ Committee ntlative to Senator
been
in
Reed's resolution to rescind the authority to make further
loans or credits to foreign Governments stated that one
nation had made a request for the cancellation by the United
States of loans to it, but in answer to a question by Senator
Reed as to what particular nation this was, the Secretarv'
As to his testimony
stated that he prefemul not to say.
on that day special ad\ices from Washington to the New
York "Times" gave the following account:
Mr. Houston informed the committee that it was not his intention during
the short time he remained in office to make any additional loans or to estabIt wa.s possible, he said, that
lish any new credits for foreign nations.
payments would be made under commitments already entered into. There
was no indication that requests for these advances would be forthcoming
the nations concerned, but "it would be very unfortunate if this Governfailed to keep its pledge in the event of the requests being made."
Secretary Houston said that the approximate balances exLsttng were for
Czechoslovakia, $6,072,000; France, $50,496,000: Greece, $33,236,000:
Possible further payments that
Italy, $3,921 iOOO, and Liberia, $4,974,000.
might be made before the Administration went out of office the Secretary
estimated at about $75,000,000.
Secretary Houston was called as a witness by the Committee to testify on
the resolution offered by Senator Reed of Missouri, which seeks to prevent
fiu1.her payments on foreign credit balances.
In answer to questions by
Senator Reed and other Senators, the Secretary contended that Section 3
of the Second Liberty Loan Act authorized the Treasury Department to
accept short time obligations from foreign Governments in lieu of permanent
seciu-ities as security for loans made them by the United States.
Senator Smith of Georgia said he could not agree with the Secretary and
his argument was that the law as passed by Congress contemplated the
depositing by foreign Governments of securities with maturities and interest
rates the same, approximately, as the maturity and interest of American
bonds, and that these foreign securities so deposited should be marketable.
The Secretary declined to answer a question as to whether any nation
had asked the United States to cancel its war debt to the Allies. When
Senator Reed insisted that the Secretary answer the question, the Secretary
replied that he did not care to go into that phase of the question at this time.
Senator Reed said, basing his remarks on the Secretary's statement that
further payments might be made on commitments already made, that while
the Secretary had informed the committee that he would make on further
loans or continue refimding negotiations this would not bind Mr. Houston's
successor, who might, he added, take a different ^-iew of the situation.
Senator Reed urged tnat Congress pass a law to prevent further payments
even on commitments already made.
Both Secretary Houston and Assistant Secretary Kelley said it was true
that many of the foreign Governments owing large simis to the United
States had not paid interest as j'^et on those advances.
"Do you think it justifiable," asked Senator Reed, "to pay money out of
these credits to Governments that already owe us large sums of money?"
Mr. Houston did not reply directly to the question, but explained that he
did not feel jiistified in making public a contract involving Great Britain.
France and Greece under which it had been suggested each Government was
bj'
ment
to receive 250,000,000 francs.
"Have you a copy of that contract?" asked Senator Reed.
"I do not think that it should be made public. I am to appear before
the Senate Committee on Foreign Relations in executive session, and at
that time some of these matters may be disclosed. But I think it would
be unfortunate to make them public." Secretary Hotiston answered.
Senator Smith wanted to know if France and Italy had given their permanent securities for money loaned them by this country.
"They did not," replied Secretary Houston. "It was contemplated
originaUy that their securities should be in permanent form, but thisjeould
not be done, and we accepted short-term obligations with the understanding
that they were to be converted into long-time obligations. This is one of
the reasons for the pending negotiations."
The committee went into the question of loans made to the Kerensky
Russian Govermment. It was disclosed that Boris Bakmeteff, the Russian
Ambassador, had received $200,000 from the Treasury in 1920 to pay expenses of the Emba.ssy here, which was repaid.
Also after the fall of the Kerensky Government ISlr. Kelley said that
advances were made to their representatives on the advice of the State
Department totalling something less than $100,000,000 in order that American firms could be paid for materials furnished to Russia and avoid bankAt the same time, it was brought out, the Keren-sky Government
ruptcy.
still owed this Government many millions.
"In other words," said Senator Reed, "the United States Government
saw fit to take care of contractors instead of taking care of itself."
Mr. Kelley said that there were satisfactory reasons for this; thatjRussia
was then our ally, and that the course pursued was to otir interest.
"If it had not been done it would have been a serious blow to the conduct
of the war," Mr. Kelley replied.
Just before the committee adjourned Senator Overman moved to refer
the^Reed resolution to the Committee on Foreign Relations, whei-e, he argued, it rightly belonged. An executive session followed and it was finally
,
decided that the Judiciary Committee should hold one more'hearing on the
resolution.
D
Secretary Houston has not made his expected appearance
before the Foreign Relations Committee, a bronchial attack
preventing him from doing so.
THE CHRONICLE
Feb. 12 1921.]
WILLIAM RANDOLPH HEARST BRINGS ACTION TO
PREVENT FURTHER LOANS TO THE ALLIES.
Suit for
an
iujiuiction rcstniiniii^ So<'n>tary
Houston
007
tliis country, uiiij'at that time the opinion was eJtprMBetl ihm
the enga^meiit was •V|ii'ii.il'' .ui.i i,.,t liKely lo be repeated.
The lateot
iiewB, however, which
arrival as the first of several
for ttie ForeiifM Credit a
-*-ciii to inilicat<» that tlie moie-
coiicenis in
:
of
the Troasurj- Department from makinij: any further loans
to foreign governments was filed in th(* Dislriot Supreme
Court yesterday (Feb. 11) by counsel for William Ran<lolph
The St-cretary
Hearst, who acted in his capaeity as a citizen.
was ordered to show cause on Feb. 21 why he should not be
restrained from so doin}?.
The petition sets fortli that the
Treasury is contemplating the grant of credits of more than
France, Greece, Italy, Czecho-SIovakia
and Liberia and asks that a stop l)e put to the action. The
petition also accuses Secretary Houston of having illegally
permitted Boris Bakhmateiff, the accredited Ambassador
of the Kerensky government of Russia to draw moneys from
the Treasury in defiance of law.
$l,000,(kK),(X)0 to
ment
i.s
likely
to
be fairly
i-xtcti^i\i-
GOLD EROM INDIA RECEIVED BY GUARANTY
TRUST COMPANY.
Tlie (Juaranty Trust Co. of this city
ing inf(U-niati(»n on .Ian.
India
(1
gave out the followshipment from
regardiniir a gold
:
A shipment
of gold from
since tlie
India
— the
first
yellow metal to be
'
'
—
''
movement from China and India
recently- has just been received by the Guaranty Trust Co. uf Nr„ .......
The shipment is precurrent to a general movement, tlie trust company sayt,
which should bring to the United States a very subbtantial amount of gold
in
this
i'«)untry
<
and which is responsible, incidentally, for the firmer tone of the rupee and
Concerning events leading up to
tael rate which has been noticed lately.
the present movement of gold from the Far East, the company says
including Uie silver dfdlars sold to Great
under the Pittman Act, were insufficient to settle the trade balance
No
rolled up against tlie world by India anil by China during the war.
silver being available, gold was resorted to. and yellow metal was shipped
to Bombay, Calcutta, Singapore, Hongkong and Shanghai from South
Africa, via London, from Australia and from Iwth New York and San
Francisco. India and China absorbed gold by the tens of millions but their
rates of exchange continued to soar until March of last year, when the
nipee was quoted in the neighborhood of 48 cents and the tael as high as
These high rates not alone attracted gold, but also commodities
$1.70.
in large amounts, with the result that the trade balances were first settled
The coinmoility panic attendant upon the readjustand tlien reversed.
ment period in both Europe and the United States virtually wiped out the
Indian and Chinese export trade over night, and in something like eight
months the rupee went from 48 cents to •2;> cents and the tael from $1.70
to 70 cents.
Expressed in terms of taels and rupees. Chinese and Hindus have about
100% profit in their gold and, in view of tiie famine in China and the hard
times prevailing throughout the Far East, the Orientals are now taking
their profits in the way of sales of gold and the metal in the market is
offered at prices which represent a discount of about 0%.
Gold usually flows to the nearest premium market, and, in the case of
The weight of this metal shortly
India. Yokohama was the first absorber.
begran to tell on the yen rate, which quickly fell from ..j1% to less than
There remains on*.48, thereby making further exports unprofitable.
premium market for the shipment of gold, and that is the United States.
This explains the movement of gold from Bombay to New York and from
Shanghai and Hongkong to San Francisco.
All the visible stocks of silver,
Britiiin
\EW
Fh'WCE TO REPLACE
EMERGENCY PAPER ilOXEY.
VURIf i:\Cy I\
A new form of money is about to make its appearance in
France, this new currency, according to information received from its Paris correspondent by tlie Bankers Trust
Company of New Voi'k, being coins made from a composition of bronze and aluminum.
In its announcement, issued
.Tan. 4, the company states
It will replace Uie emergency paper nionej' issued during the war in two,
one, and one-half franc denominations.
The new monej- will effect a refonn
in French "pocket money" by providing small change that is more convenient, durable, and sanitary than the paper bills.
The two franc, one franc and 50 centime bills, because of the depreciation
of French money, have been used as small change along with old ten and
twenty-five centime coins, with the result that they have been submitted
to wear which .small paper bills cannot long withstand.
These paper bills
were issued temporarily by the various Chambers of Commerce in France
under a special agreement with the Government under which an equal
amount of Bank of France notes are deposited in the Bank of France by tlie
t'hambers of Commerce for the paper money which they issue.
The staull paper currency will be withdrawn as fast as the new coins are
issued.
Since there is some difficulty in .securing the metal necessary to
make the coins, it is estimated that it will take two or three years to com-
plete the change.
It is difficult to secure an exact .statement of the amount of small paper
raonej' issued to date.
It is certain, however, that the figure is at least four
hundred million francs. The amount actually in circulation is about three
hundred millions, one hundred million having been either reimbursed or
kept by collectors or destroyed bj- use.
The new coins or "jetons" will be acceptable throughout France and will
be issued under the responsibility of the Ministry of Finance, the Chambers
of Commerce serving merely as the distributing medium.
Because of the shortage of nickel and copper coins, as well as small bills,
the handling of street car fares and small purchases has caused general
embarrassment for some months.
The Compagnie Generale des Omnibus
which controls practically all the surface lines in Paris has applied to the
city authorities for permission to issue small coins of its own for facilitating
the payment of fares.
These coins when issued will be produced by a private firm and will be acceptable oidy as fares.
AMERICAN COMMITTEE TO ACT WITH AMERICAN
SECTION OF INTERNATIONAL CHAMBER
OF COMMERCE.
American participation
Commerce has become
in
the Chaml)er of Conmierce of the United States. They were
chosen from the main divisions of the business of the coimtry.
A. C. Bedford. Chairman of the board of the Standard
Oil Co. of
said
The
shipment of gold from Turkey since before the war arrived in
on Monday by the steamer The Angeles. It was consigned to the
Guaranty Trust Company of New York from the hitter's Constantinople
office, and amounted to .')(), 000 Turkish pounds, or about $219,500.
The
.shipment was entii'ely in gold coins of Turkey, and was contained in a
key-opening safe made in Birmingham, Kngland, before the days of comfirst
New York
bination locks.
The "Times" of Fet). 2. in referring to the shipment, had
the following to say
An odd and rather embarrassing feature of the shipment was that it was
made in an iron safe manufactured in Birmingham, England, before combination locks were in vogue. This safe was locked with a key, which was
sent to the Guaranty Ti-ust Company on the same steamer.
The gold was taken to the offices of the Guaranty Trust Company, still
in the iron safe, and because the safe could not be unlocked at that time,
and was entirely too large to go into the trust company's vaults, a special
guard was set over it during Monday night. Yesterday the whole business
was moved to the Assay Office.
GOLD EROM SHANGHAI FOR ACCOUNT OF FOREIGN
CREDIT CORPORATION.
Advices have bec^i received from San Francisco of the
arrival of Chinese gold bars shipped from Sliangbai, valued
at .$7.")0.()00, for account of Foreign Credit Corporation. This
gold, the first of several
shipments engaged, the Corpora-
announcement of the 5th inst.. arrived at
Vancouver per steamers Montcaglc and Einprens of Asia.
In a reference to this shipment, the New York "Times"
tion stated in its
in its issue of Feb. 6 said
Advices have been received from San Francisco by the local office of the
Foreign Credit Corporation that that institution has just received from
Shanghai Chinese gold bars valued at ^T.'iO.OOO.
This is the first of
several shipments engaged, and came in to Vancouver on the steamers
^(mteagle and Empress of Asia. About a week ago a shipment of slightl.v
more than $3,000,000 was received from Shanghai, consigned to several
of
appointment
of an American committee composed of fifty-seven of the
leading business men of the country. Members of the con)mittee were appointed by .loseph H. Defrees, President of
New
Chairman.
.Tersey. is
GOLD EROM TURKEY CONSIGNED TO GUARANTY are rei»resented by .James S.
TRUST COMPANY.
Bank of Commerce in New
Regarding a shipment of gold consigned to it from Turkey, the Guaranty Trust ('omi)auy of this city on Feb. 1
Chamber
the International
fully organized with the
Finance and banking
Alexander, President National
York William P. Bonbright.
Bonbright & Co., New York City; Willis H. Booth, VicePresident Guaranty Trust Co.. New York City; John S.
Drum. President American Bankers' Association, San Francesco. Calif.; L. S. Gillette. President Plymouth Investment
Fred I. Kent, Vice-I'resident
Co.. Minneapolis, Jlinn.
Bankers Trust Co., New York City; Robert F. Maddox,
President Atlanta National Bank, Atlanta, Ga. Dwight W.
Mon-ow. J. P. Morgan & Co.. New York City; George M.
Reynolds, Continental & Commercial National Bank, ChiCharles A. Stone, President American Internacago. 111.
tional CorjKiration, New York City, and Harry A. Wheeler.
Vice-1'resident Union Trust Co.. Chicago, 111.
The direct representative of the International Chamber
:
;
;
;
United States is the American Section. The Section's
headquarters at Washington is the point of contact between
the membership in this country and the International headquarters in Paris. The American committee will serve in
The International
an advisory capacity to the section.
Chamber was created at Paris last June. In the form of
organization adopted each country holding membership has
a national bureau as headquarters of its section, its national
committee and an administrative «^ommiss;ouer of its own.
resident at Paris.
The American Section headquarters
began operation in the fall with Lacey C. Zapf as Secretary.
The American administrative commissioner. Dr. Frederick
P. Keppel, has taken up his duties at Paris.
in the
AUTHORITATIVE INFORMATION ON FRENCH
EXPENDITURES, FOREIGN CREDITS AND
NATIONAL DEBT.
Under date of Dec. 27 the Bankers Trust Co. of this city
presented the following authoritative answers to a series of
questions about France's expenditures, foreign credits and
:
:
THE CHRONICLE
608
natioiml
,
which were Huhuiitted by the Paris corr6-
lU'bt,
sporKlciii of its Foreifrn Information Sorvioc to ono of the
most compotpnt Frcncli financiers.
Tliis
man
a posi-
is in
and
tion to l<no\v llip fac'(s wlion llio
answor
his opinions,
entitled to be regarded as
it
is avprrcMl.
jirc
rails for facts,
antlioritative.
Qurstion 1.
The btuJgcts for 1920 niiil 1021 contain an extraordinary
biKlpet item divided into two cateprorics, part not recoverable iinder Die
terms of the Treaty of Versailles, part recoverable nnder the terms of the
—
treaty, totalling for both years approximately 48 billion francs.
Does this
represent actual expenditures for the purposes named in these two categories, or is it contemplated that only part of this sum will actually be spent
each year? An.i. By the terms of the Financial Law of .July 31 1920 (1020
Bndfret) the extraordinary expenses which are entirely and definitely to
francs
the nation'.s account are about
.0, 420, 000,000
Those reimbursable in execution of Peace Treaty--20,7.')1,000,000 francs
26,171,000,000 francs
Total --__-__
.\ccording to the proposed budget for 1921, these expenses are divided
as follows
5,499,000,000 francs
Kxtraordinary expenses
Expenses reimbursable in execution of Peace Trs9tj'-_16,r)39,000,000 francs
__-__
Total
22.038,000,000 francs
The grand total of these sums, or 48,209,000,000 francs, represents expenses incurred during 1920 and those which, it is estimated, will be incurred during 1921.
Question 2. -With reference to the item in the extraordinary budget
charged as recoverable from Germany, against which the Government contemplates raising for the two years 1920 and 1921 the sum of approximately
48 billion francs in interior loans and sales of national defense bonds and
certificates, What fiscal plans are contemplated by the Government in the
event that Germany's payments are not sufficient to meet this outlay of
48 billion frnnes? Aus. While waiting for Gciinaiiy to fulfill the engagements which sbe has contracted, the French Government must advance the
funds which are urgently demanded for the restoration of the devastated
The Government procures these funds from loans. The annual inregions.
terest charge resulting from tho.se loans is entirel.v covered by the ordinary
and permanent resources written into the budget, that is, by the tax returns.
Therefore, if Germany delays the payment of her debt, the continuation of
restoration work in tlie de\astated regions might be seriously delayed and
hindered, but the security of French Rentes would be in no way compromised.
—
EtiTABLISHMENT OF E8TH0NIAN CREDIT IN
ENGLAND.
The Bureau of Foreign and Domestic Commerce, Department of Commerce, at Washington, announced on Dec. ir>, the receipt of a cablegn"am
from the American consul general at London under date of Dec. 10, stating
that on the previous day the Esthonian Steamer "Ellind" from Reval had
brought £500,000 worth of gold consigned to the Bank of England by the
Bank of Esthonia. The purpose is given as the establishment of Esthonian
credit in England.
A
NEW
The
FINNISH BANK TO BE ESTABLISHED.
from Consul Leslie A.
Davis, at Helsingfors, under date of Nov. 4. was announced
by the Department of Commerce on Dec. 15
receipt of the followinc: advices
A new
bank, the A. B. Kommunalbanken, is to be established in Finland,
with a capital of 30,000,000 marks, which can be increased to 90,000,000
marks. It will be a joint stock company. The par value of each share is
5,000 marks.
One-third of the shares will be subscribed for the State, one-third by priyate persons and credit institutions, and one-third by the communes.
An
annual dividend of 6% will be paid on the shares owned by the State, a
dividend of 8% on those owned by private persons and credit institutions,
and the rest of the profits on the shares owned by the communes.
The bank will loan
begin work as soon as
money
it
principally to towns and communes.
has been duly registered.
RECALL OF REICHSBANK
MARK
It will
NOTES.
of this city in a
customers under date of Feb. 2 furnishes
the following with respect to the recall of Reichsbank Mark
Notes dated Nov. 30 191S.
its
Under date of Jan. 17 1921, a bank correspondent in Berlin sends to us
"a copy of a ncwspaj^er report which has reference to the calling in of the
50 Mark Notes with the date of Nov. 30 1918, for your information."
The
report reads as follows:
Recall of Reichsbank Notes of 50 Marks.
The Reichsbank is now calling in Its 50 Mark Notes dated Nov. 30
The holder will be asked to give these notes in payment before Jan.
1918.
31 to
one of the Service Offices of the Reichsbank, or to exchange them in some
other legitimate transaction. On Jan. 31 the called in notes will lose their
value as legal teudw. After that date the redemption will be made only
at the Head Offices of the Reichsbank in Berlin but then only until July 31
1921. After that period the obligation of the Reiclisbank to redeem will
expire altogether.
The above information we beg to convey under usual reserve and without
responsibility, as it may be of interest to you.
•
OPERATION OF FOREIGN BANKS IN BELGIUM.
Advices from Trade Commissioner Samuel H. Cro&s, at
Brussels, in a report dated Dec. 6 1920, were published as
follows in "Commerce Reports" of Jan. 10:
There are no .specific restrictions in Belgium on the operation of foreign
banks, which can organize their branches either as Belgian stock companies
or simply maintain a branch office, though themselves organized under the
incorporation laws of a foreign country.
In the second case they are equally
empowered to operate and to enjoy the protection of Belgian justice, and
may contract and plead under Belgian law. Managers of such establish-
ments are subject to the Belgian
legislation governing their respon.sibility.
foreign commercial orgamzacion with a Belgian branch office not incorporated is required to submit to the publicity requirements observed by
A
Belgian corporations, and to have lt« acta of Incorporation, balance Bhects
and other corporate enactmenl."i to appear In the "MonU.cur." By "branch
office" the Belgian law understands a dependent commercial Installation or
secondary establishment openitlon in a fixed and regular fashion and
dircctwl by a manager empowercxl to a.ssume commercial obligalionN In the
name
of the organization h<; represents.
Foreign corporations wiih'Belgian
art; subject to the local penal law for violation of provisions governing ail corporations organized or In opeiation within the country.
branches
THE EGYPTIAN BANKING SYSTEM.
Along with other items on economic condifions and American trade possibilities in Egypt, received from Commercial
Attache Alfred P. Denni.?, at London, under date of Dee. 2.
"Commerce Reports" of Feb. .5 publishes the following
relative to Ihe Egyptian banking sysU;m:
There
Is
nothing
the Egyptian
in
fin.-incial
structure correspondinK to the
Bank of England, or to the Federal Re.ser\'C system, as a banken.' bank.
The National Bank of Egypt holds Oovemnient balances and has the exclusive right to issue bank notes; but there Is no central reserve system or
any prescriptions governing the amount of reserves to l)c held, each Institution deciding that for itself.
In Egypt the banking field Is free for all,
with no discriminations whatever, either legal or fiscal, against foreign
banks.
There are three distinct classes of banks: (1) Ordinary or deposit banks,
accepting deposits and making loans on paper or approved collateral security, but not accepting land as security for loans: (2) one agricultural
bank, established under Government auspices, which makes loans to
farmers for buying seed or moving crops, &c., each amount not over 10
Egyptian pounds and for a period not exceeding 15 months, excepting that
larger loans with longer maturities may sometimes be made for permanent
improvements on agricultural land, such as buildings; (3) land banks which
loan money on mortgage, obtaining their funds from the subscribed capital
of stockholders.
The principal European nations are represented in banks of the first cla.ss,
England for example having the Bank of Egypt and Anglo-Egyptian Bank
the French such important banks as the Credit Lyonnais, the Comptoir
National d'Escompte de Paris, and the Credit Franco-Egyptien while
Italy is represented by the Banco di Roma, with fine new buildings in Cairo
and Alexandria. Greece has the Bank of Athens and the Banque d'Orient;
Turkey has a branch of the Imperial Ottoman Bank, and Belgium is represented by a strong credit institution. The Deut.sche Orient Bank, which
before the war lent such powerful .sypport to the development ofGerman
commercial relations with Egypt, has been liquidated.
,
.
,
BANK NOTES
TO BE CIRCULATED IN PARAGUAY.
The following is from "Commerce Reports" (publi.shed b}'
the Department of Commerce at Washington) of -Ian. 20.
The President of Paraguay .signed a decree on Nov. 18 1920. authorizing
the "Oficlna de Cambios" (Exchange Office) to put into circulation the notes
acquired from El Banco de La Rcpublica." numbered from 1 to 10,000.
with a value of 1 ,000 pesos Paraguayan paper currency for each note, except
four which were canceled. The notes will bear a stamp of authorization
which will read "Emission of the State, Law No. 432, September 8 1920,"
and will be signed by the president and manager of the Exchange Office.
It is hoped that by thus increasing the amount of money in circulation the
present financial crisis will be considerably alleviated.
MORATORIUM EXTENDED IN PARAGUAY.
the American Vice Consul at Asuncion.
Paraguay, published in "Commerce Reports" of Jan. 3 made
Ad^vices from
known
the fact that the
Government
Paraguay had exIt was
the Banco -Mercantil
of
tended the General Moratorium to April 11 1921.
also stated that the
had been extended
moratorium
to
Mav
for
16 1921.
PROPOSED MODIFICATION OF PARAGUAYAN
REDISCOUNT LAW.
The American Exchange National Bank
circular letter to
[Vol. 112.
Important modification of the Paraguayan re-discount
law, has been proposed, according to Vice Consul G. E.
Seltzer in a report to the Department of Commerce, which,
on .Jan. 27 stated that according to the report the fodowing
modification of the rediscount law of Sept. 8 1920, are
embodied in a bill which the President recently sent -to the
Paraguaj'an Congress: Paper currency to the amount of 75%
instead of 50% of the value of the negotiable paper presented to the conversion offices will be granted to tlie banks.
Interest will be
instead of 12% per annum.
8%
NEW LOAN MADE BY TURKISH GOVERNMENT
The following
Jan. 29.
is
taken from "Commerce Reports" of
A dispatch from Trade Commissioner Gillespie, dated Constantinople.
Jan. 27 1921, states that the Ottoman PubUc Debt has granted to the
Turkish Government a loan of 1.200.000 Turkish pounds, ^rith interest
at 6% secured by 225,000 pounds sterling from the Turkish internal loan
of 1918 sequestered by the Allied High Commissioners after the armistice
period.
The Turkish Government agrees that the Ottoman Public Debt
shall have the administration, control, and disbursement of the loan, which
means that the finances of the Government will be virtually placed in the
hands of the Ottoman Public Debt".
TURKISH CABINET ACCEPTS FINANCE STIPULATIONS OF ALLIES.
A Constantinople cablegram, dated Jan. 24, appeared
follows in the "Journal of
Commerce"
as
of Jan. 27:
The Turkish Cabinet today accepted the Allied stipulations in regard t-c
the control of the finances and thereby 1.200,000 Turkish pounds became
available to the Government, which will be immediately applied to offiaos'li
salaries.
THE CHRONICLE
Feb. 12 1921.]
Recent Constantinople dispatches announced that with the exception o
the Sultan none of the Turkish officials had received salaries for the past
four months, all the sources of revenue being in the hads of the Allies.
Constantinople will become virtually an Allied city Feb. 1, when the
French will occupy Stambul, the British will move Into I'era and the
Italians Into Scutari.
This move presumably is in pursuance of the notice given the Turkish
flovcrnment last week by the Allies that u renewed military occupatiim of
Constantinople was Imminent to guard against threatened disorders,
owing to Nationalist and Bolshevik activities and btH.-auso of the failure of
the Tiu-ks to ratify the peace treaty.
COMPTROLLER OF CURRENCY WILLI AMS'S ANNUAL
REPORT— CRITICISM OF IXTERE^^T RATES
IN NEW YORK.
the Currt'iicy
l,h(<
John Skelton Williams for the fiscal year ending Oct.iil
]\)'20, prosented to Congress on Monday last, Feb. 7, considerable sptice is devoted to a discussion of the AIle}?ed
excessive and articifially fixed interest rates in New York
(Mty, and there is published for the first time his correspondence Avith the President of the New York Stock Exchanj^e
on this subject. Comptroller Williams also gives additional
data designed to supixirt the charges as to the damaging
effect of present practices, and quotes thi^ following extract
annuiil report of Comi)trolli;r of
Ill
from the recent annual report of a large Canadian bank,
showing that rates in Canada have been maintained on a
lower basis than in this countrj':
comparisons are constantly made between Canada and the United
owing to general similarity of conditions, one anomaly attracts
oon.siderable attention, viz.: that with credit restrictions as acute here as
koroas the line, the price of money is materially lower in the Dominion.
j\s
.States,
Furthermore,
it
is
observed in tne Comptroller's report,
the Canadian
bank quoted, points out that its large earnings
were "not the outcome of high rates of interest on current
loans in Canada," but that "the rate of interest to the merchant and manufacturer at home was al)out the same as it
was before the war." Following his criticism of alleged
exorbitant interest rates in New York, Comptroller Williams
recommends to Congress consideration of an amendment to
the National Bank Act "which shall provide that member
banks, borrowing from a Reserve bank, shall be prohibited
from charging their customers more than a fair and reasonable advance over and above the interest rate they pay to
their
Reserve banks."
years, excepting only (he yeiir 1919.
The pt-ro-nlage of llie capital of
banks to the total capital of all banks wa-. aljout twooui*-thuo.->audth,s
of one JKT cent, or 10 times better than the average for the entire jjeriod of
57 years from the beginning of the National Banking System to the prtasem.
Tilled
Earnings for 1920 Far Ahead of Every Former Year.
of the country in the past 12 monllis earned 23.09%
The National Banks
Net
eutli-e capital or 12.78',^ on their total capital and surplus.
euriilngs for the year amounted to 82N2.083.000, or $41 ,717,000 more than
than they ever cHriu-d Ijefore in any year.
"The deflation which wo said a year ago was obviou.sly inevitable has
on their
come, and the country is now In many respects on a sounder Ijasis, economiWhen conditions aljroad Ijocome more
cally, than it has been for years.
.seitle<l or stabilized, and when at home much-needed adjusinu-nis are effected in the cosus to consumers of steel and iron products, which are still
about twice their pre-war prices, and when coal, for which the (Jovernmont
itself ha.s paid in re<-cnt months as much as four times the pre-war price,
and ceitain other commodities, which are now being kept artificially, or a«
a result of monopolistic control, far above the pro-war figures, get back to
a normal level, our country, resting as it is on a solid foundation. wiU be
prepar(<d to enter upon a new and, let us hope, enduring era of prosperity
and lieiilihy progress."
Our Banking Potter Now Ten Times as Great'as in 1890.
that the banking power of the United States as oxpreesed
by the aggregate capital, sm-plus, deposits and circulating notej of National.
.State and Federal Keservo banks, has reached the huge total of $50,981,900,000, according to the figiu-os of June 1920. The increase over the previous year is $5,225.()00.000. According to an estimate made by Mulhall
in 1890. t)ur banldng power at that time was 5.150 millions, so that our
banking power is about 10 limes ad great as it was 30 years ago.
The report .shows
Jluge Credit Balances Abroad.
says that the exce.ss of our exports over imports of
merchandise for the seven years from 1914 to 1920, inclusive, amounted to
$19,548,215,954. Of this vast credit, approximately 10 billion dollars
is accounted for by the loans by our Government to the European countries
during and succeeding the war. I'ayment of approximately four to five
billion dollars more was made by our debtors by reselling to this country
various issues of our securities which the investors of Kurope had been accumulating during the past 50 years. In addition to buying back our own
The Comptroller
we have purchased from different foreign countries, principally
Europe, several billion dollars worth of other securities of variotis kinds, so
that there is a credit balance still due as on open account and on short term
obligations of from three to four biUion dollars, in addition to the 10 billion
dollars due our Government for its advances.
.securities,
Bank Guaranty Law Would Bring Ilundrcs of Millions of Dollars out of Hiding.
The Comptroller again recommends the guarantee of all deposit balances
in National banks for $5,000 and less and shows that if the record of the past
should be maintained a premium of S25 per million dollars of
deposits would be sufficient to co\er all losses to depositors. He also suggests
that if the earnings of the Federal Reserve banks keep up to tne level of the
past year, the Government, by appropriating one per cent of the money
which it would receive from the Federal Reserve banks as a franchise tax.
would cover all losses if the good record of the past six years as to failures
six years
should bo maintained.
The Comptroller
also discusses at some length the matter
of the alleged eiuTeney inflation, and presents figures showing
that the proportion of the money in circulation to the total
resources of the banks is now considerably smaller than
before the European War. While the amoimt of money
actually "in circulation" increased from $3,419,168,000 in
July 1914 to $5,380,852,000 in July 1920, the Comptroller
this is largely accounted for by the increase in
our holdings of gold deposited with Federal Reserve banks,
against which Federal Reserve notes have been issued. The
Comptroller says that the increase in cinnilation of 1,902
milUon is thus mainly represented by Federal Reserve notes
to secm-e which the Federal Reserve banks now hold approximately 50% in gold. A summary is presented of the S5,380,852,000 of money in circulation, which shows" that of
this sum the national banks held in their vaults 450 million,
banks under State supervision 626 railhon, and Federal
Reserve banks (exclusive of more than a biUiou dollars of
?old pledged as reserve against Federal Reserve notes outstanding) 960 million, leaving a balance of money hoarded in
safe deposit boxes, stockings. &c., and currency circulating in
Cuba and other foreign countries, 3,344 million dollars.
The report is the 58th annual report of the Bureau and the
seventh and last annual report of the present Comptroller.
A condensation of some of the principal features of the report
(other than those of which we make special mention above)
along with recommendations for such changes in the Banking
Law as in the Comptroller's judgment may "improve the
system" or "increase the security" of depo.sitors and other
creditors of the national banks, follows:
shows that
T^alkmal Banks Now at Ilighes! Point.
The Comptroller shows 8.157 National bank.s in operation or authorized
to do bttsiness at the close of business for the fiscal year
the highest number ever reported.
.Since March 14 1900. 2,828 State Bank.s, Trust Companies and private banks with capital of -SI 83 ..554 ,800 have been converted or reorganized as National banks and the movement toward nationalization is progressing .steadily.
Dming the past fiscal year 301 new National
banks were chartered in 40 States, and in the District of Columbia
—
Number
609
of Depositors Exceeds All Previous Rrcords.
On June
30 1930, there were 20,.520,177 deposit accounts in all National
banks, being an increase of 2,279,877 over the pre^ioas year. There is now
approximately one deposit account in the National banks for every five of
our population.
Banks Maivlai-^ Jrumtinity From Faihire I nder Trying Conditions.
Despite the strain and troubles of the past year the National banks in the
matter of immunity from failure have made the best record in al)out 40
Resources of Our National Banks Compared With Foreign Banks.
Figures are submitted showing the resources as of June 1920. of the central
banks of !.ssue of fourteen foreign countries, including the Bank of England,
Belgium,
the Bank of France, the National Banks of Italy. Naples. Sicily, of
National
the German Ricnsbank, the Austro-Hungarian Bank and the
Bank of Roumania, Sweden, Norway, Spain. Netherlands, S\vitzerland,
the par
Java and Japan. These resources at that time aggregated, at
billion doUare.
of their local currencies, the equivalent of approximately 64
the
but at the depreciated rates of the currencies of tnose 14 countries at
eqmvalent
time of the statement their resources really amoimted only to the
National
of about 16 biUion dollars or say 70% of the resoiuxjes of the
Banks of the United
States.
Comparison of National and Stale Banks.
The law requies the Comptroller to include in his Annual Report a
under
statement showing the condition of all banks and trust companii*
banks_ A
National
of
well
as
as
obtainable,
far
as
as
State supervision,
banks from
comparison of increase in tne resources of the National and State
shows that the
the outbreak of the European War in 1914 to June 1920.
the mcreaso in
resources of the National Banks increased 103.899J while
was 91.o4%.
etc.,
companies,
trust
banks,
State
resources
the
of
the
companies under
Diu-ing the last fiscal year failures of 06 banks and trust
reportetl.
State supervision, and distributed among 27 States, were
Y""°|
coma
all
the same period there were five receiverships of National banks
.
parativcly small.
Aggregate Resources of All Banks Nearly Sixty BiUion Dollars.
bank*
The Comptroller's fi<rures show th-it the combined resources of all
Ueserve.
Federal
and
State
in the United States, including National,
gigantic
aggregated on June 30 1920. or the report date nearest thereto, the
,„
sum of S,')9, 153, 704.000. This aggregate was made up as ''o""'™^^;
8,030 National Banks held
Iv/^in-nnn
18,994 State & private bants reported aggregate resources of ^'^•^--•"^"^.""J^
-620 Mutual savings banks
],!^'"
4nnn
-- ^f
1,087 Stock savings b.anks
^•:e^^n;8 qoo
companies
Loan
and
trust
1,408
„:;'^n« onn
6,0,4,596,000
12 Federal Reserve banks
Depositors in the United Slates. ^
the
A compilation of the official reports obtained by'this office" through
tne
during
increase
great
banking authorities of the several States shows a
banlcs ana
year both in the number of depositors in the mutual savings
ine dO IVJ-U
the aggregate amount of their deposits, these deposits on J
depositors, the in9.445.327
to
belonging
amounting to $5,180,845,000.
crease during the year in deposits being S435.732.000.
during
The number of depositors in the mutual savings banks increased penoa.
tins
the year, despite the spending craze which prevailed during
of each depositor
496,519. and the average amount balanced to the credit
1920.
June
30
14
1919 to $549
advanced from
June
Saiinfis
Jiaiik
m
.
30
$530 92
Borroicers.
Bank Loans According to Occupation of
or occupation
busine^
Figures are presented for the first time showing the
total loans ana
of the principal borrowers from the National banks. The
^e loans to
discounts on Nov. 15 1920 aggregated 13.764 million dollars:
Distribution of
million
farmers, agriculturists and livestock raisers amounted to 1,998
firms the loans
dollars, or about 14%: to manufacturing corporations and
amounted to approximately 21%. or 2.862 million dollars; to merchants,
jobbing busine-s
mercantile corporations, firms, individuals engaged in the
and trading, wholesale and retail, 3.581 miUion doUars, or about 26%.
The loans reported to bond and stock brokers and dealers in investment
.
.
THE CHRONICLE
610
securities afCKrt'Katc^ <>(>) milliun; to railroad ((inipanics. shipping companies,
electric light and power companies, 225 miliion: while the loans to profeKsional men, including doctors, lawyers, teachers, chemists, engineers,
clergymen, 37.5 million dollars; miscellaneous loans, not Included In the
above amounted to about 4 billlou dollars or about 30% of the total.
Big Depositors in National Hanks.
The statement shows that on Nov. 1,5 1!)20 the public funds, exclusive of
U. 8. deposits, but including .States, cities, counties, &c.. In national
banks amounted to 629 miliion dollars: the deposits of railroad companies,
280 million; of steamship, .steamboat and exprr-ss companies, 82 million;
of electric railway, electric light and power companies, 9,5 million: of coal
companies, firms, &c., 1.50 million; of corporations. Individuals engaged in
mining and manufacturing steel and iron, 172 million; and of oil producers
and refiners, &c., 200 million. Other deposits, including individual and
savings deposits in National banks, 12,097 million (not including deposits
of other banks)
Profits of National Banks.
The gross earnings of the Nalion.nl hanks of the country during the 12
montlLs ending .June 30 1920 aggregated 1,109 million dollars. Their total
expenses amounted to 736 million, of which 17.5 million went for salaries
and wapcs and 287 miliion for interest on deposits. Los.scs from loans and
discounts for the year aggregated 31 million and losses on account of deMiscellaneous losses- were
preciatiini in l>onds, securities, &c.. 01 million.
reported at 21 million.
Big Earnings
Made
by National Banks in Cities.
The National banks in New York City show earnings on capital stock of
'i7H% while earnings on capital and surplus aggregated 15.45^,. In
%
Philadelphia the National banks earned 33 M
on their capital; in Chicago.
in Boston, 23%: in Cleveland, 2^14%;
Minneapolis. 21Ji%:
in St. Louis, 17^3 %; in Richmond, 20'A%; in Dallas, 30%; in Kansas
City. 17% and In San Francisco, 18%.
Pueblo, Colo., reports the largest
earnings of National banks in any reserve city. 55%; Birmingham. .\la..
is next with 39 J.i % and Atlanta third, 38 5i
m
24%;
;
%
Changes Recommended in Bank Act.
The Comptroller renews a number of recommendations for changes in
the National Hank Act contained in previous reports, and adds lo them
year .several additional recommendations of special public iu.,eresi,.
ijnportaiit of the several recommendations for changes in the
banking laws is one to enable solvent banks to meet, runs or other -iidden
emergencies by the use, with Federal Reserve banks, of good secvu'u.ies that
are not now "eligible" for such purpose.
The Comptroller siiys:
"Under existing laws no National bank can obtain funds lawfully from its
Federal Reserve Bank, however urgent the need, except upon the security
of United States obligations or upon paper of a certain character and
description shown to be eligible under the regulations of the Reserve Board.
"There are maay National banks throughout the country, including some
of the largest and most ably and conservatively managed, which Include
in their as.sets large amounts of securities of a high character, including
State and municipal bonds, prior lien railroad mortgages and industrial
mortgage bonds of unquestioned merit and value, and also a large amount
of good obligations of business houses, but which have on hand only a
comparatively small proportion in many cases less than 25% K>f their
total assets in paper or securities eligible for rediscounts or loans at Reserve
banks. If banks in this condition should have the misfortune to be subjected to a run upon their deposits they would be unable to obtain loans or
advances from their Reserve banks except to the extent of the eligible
paper which they may have on hand.
"In times such as we have been through in the past few years they wotild
also find it impossible or impracticable to convert even their high-class
securities into money except at a grave sacrifice, if at all, and attempts to
realize upon large blocks of securities might precipitate further trouble on
such markets as we sometimes have had in the past.
"The suspension of a large and sound national bank because of inability
to realize promptly on high-grade securities and loans in order to meet a
run might precipitate a panic and financial crisis which it would be difficult
For the protection of National banks in such an emergency and
to stem.
to prevent the demoralization which, under certain conditions, the faUure
of important banks might precipitate, I respectfully recommend to the
Congress that there be an amendment to the bank act that shall make it
possible, under proper safeguard, for a National bank which is found to be
in sound and solvent condition to obtain in an emergency fimds from its
Reserve bank upon its obligations when secured by other collateral than
United State Government Securities or "eligible" paper, when such loans
shall be recommended by the Reserve bank of the district, and approved by
not less than three-fourths of the members of the Federal Reserve Board
(including the Secretary of the Treasury) when such relief may be deemed
by the Reserve board to be necessary to prevent suspension or failure of
the member bank.
"Authority to make such advances upon collateral other than the security
of the class provided for by the present law should be safeguarded with the
utmost care and should be exercised only as an emergency act and upon
abundant security. There should be provided on such advances a margin
of at least 20 or 25% in excess of the amount loaned, and at an appropriate
rate of Interest, and the time of such advances should be strictly limited.
It may also be desirable to stipulate that in such an emergency relief shall
not be granted to the same institution oftener than once or twice.
"I believe that the enactment of such an amendment to the National
Bank Act making such relief to National banks possible would prove
distinctly salutary and would laigely dispel the nervousness which sometimes arises in financial circles because of the possible dangers of the situation
as the law now stands, and would inspire increased confidence in our whole
banking situation. With such an amendment to the law as it here recommended it is believed that a suspension or failure of an hone.stly and capably
conducted National bank would be made practically impos.sible."
The Comptroller emphasizes the recommendations made in previous
reports that national bank officers be forbidden to borrow from their own
banks.
Securities Corporations Should be Detached From National Banks.
this
The most
—
—
,
He gives warning that "securities companies" operated as adjuncts to
National banks have become an increasing menace to the stability and
safety of banks with which they are associated because of the speculative
operations of some of the securities companies. Many diffei'ent devices
and methods have been used, he says, to evade the law to enable a bank to
do through this agency what it is forbidden by law to do, and to tie up and
practically combine National banks with the securities companies.
He
recommends that certificates of stock in such corporations should not be
issued or associated with stock certificates of National banks and that the
managements of banks and secmdties corporations should be entirely
,
distinct.
The new and enlarged powers
conferred
upon National banks under pro-
visions of Section 1 1 of the Reserve Act authorizing them to act as executor,
trustee, etc., make it more than ever important, he insists, that they be
conservatively
managed and avoid
specultaive and hazardous risks.
[Vol. 112.
Big Banks Should Not Be Directors In Other Corporations.
For reasonn which he sets forth In hln report the f 'omptroUer also recommends that the ;u-tive officers of l.-irge national banks .should not hold
.Xetive Officers of
directorships in other corporations.
Bank Officials Conrictvd of Criminal Violations of Law.
During the last fiscal year three presidents, eight (Sishiers of bank.s,
and thirty assistant cjisliiers, tollers, bookkcieper^ and others of National
banks were convicted of criminal violations of the banking law and sentenced to terms of Impri.sonment running up to six years and varying fines.
Publicity for Salaries of Bank Officials.
An interesting exhibit is Included in the report showing the salaries paid
to the executive officers by all National banks in the coimtry whot;e resources, exclusive of bills payable and rediscounts, were in excess of 20
million dollars on Nov. 1.5 1920.
The largest annual s;ilary paid any National bank president Is reported at
In calling attention to what seem to be excessive salaries the
•$100,000.
Comptroller says: "Such inequalities would exist to much less extent If the
stockholders of banks were Informed of the salaries paid to their executive
officers, but unfortunately it is an exception rather than a rule that the
majority of the stockholders of the banks are so Informed."
The Comptroller recommends that National banks be required to mail
to all of their stockholders after each meeting; first, a condenaed statement
of the a.ssets and resources of the bank; second profit and loss statement for
the year; third, statement as to salaries paid officers; fourth, total number
of employees, and average salary paid all employees other than officers.
Five
and One Half
Billion Dollars of Currency Issued
the Year.
and Redeemed During
During the last fiscal year the Comptroller's Bureau issued new currency
amounting to more than 3,118 million dollars, and redeemed National and
Federal Reserve Bank notes and Federal Reserve notes aggregating 2.416
million dollars.
Praise for Bank Directors and Examiners.
In closing, the C:;omptroller refers in warm terms to the fidelity and ability
He says
of the great body of directors and officers of the National banks.
that they have co-operated earnestly in the correction of defects and faults
in the banking system and that to them is due in large part, the establishment of the country's finances on foundations so secure that they have endured every shock, and will be a powerful factor in the world's rehabilitation.
He is emphatically complimentary of the National Bank Examiners
and declares that in common with the people of the whole cotmtry ho owes
them a debt of gratitude for their invaluable services. Their character,
faithi ilness to trust, courage and capacity aie so clearly recognized by financial institutions that they are constantly taken from Government service
by offei - of higher pay and responsible jiositions in private life, and the timjover of the examining force in the past six years iias been 100%.
15.000 Bank Ezaminations in United States. Europe and South America.
The e.xaminers during the past year have made about 15.000 examinations
of National banks and branches in this country,'- Hawaii, Alaska and Cuba,
and in thirteen foreign coimtries, in both hemispheres. Nearly 65,000
reports from National banks, regular and special, have been received by
the Comptroller's Bureau in the year, compiled and abstracted and digests
of them given to the public.
FEDERAL RESERVE BOARD OX EXPORT AND LONG
TERM CREDITS.
The Federal Reserve Board in its -January
Bulletin,
made
public Jan. 27, in referring to the progress which is being
made "toward the restoration of a more liquid condition in
our banking portfolios," calls attention to the fact that "it
is essential to note any factors that might result in endangerThis question,
ing the^advance^made from time to time."
during the
form
up
in
acute
the Board sets out, has come
and
proposals,
it adds
past few weeks in connection with two
These are (1) that there be a restoration of the activity of the War Fi
nance Corporation, and (2) that direct assistance be given by the Govern
nient or by Federal Reser\-o banks to interests wliich are suffering from re
ductlon of prices of their products. The "revival of the War Financ
Corporation would be expected to result in the granting of export credit
by that organization, the purpose being to take off accumulated surpluses
"
of cotton, grain and otner Items and to place them at the disx>osal of foreign
countries in which a shortage of raw materials had developed, although there
exists there abundant labor power for the working up of the raw materials
The idea of a grant of direct Government loans
into finished products.
(or, what is the same thing, of loans made by the banks upon the strength
of Government deposits left with them) or of easier rediscounts furnished
by Reserve banks, has for its object the enabling of producers to withhold
their goods from the market pending the time when prices of such commodities succeed in reaching a higher level. These plans have resulted in
the resolution adopted by the Senate on Dec. 13 and by the House on
Dec. 18, the resolution being sent to the President on Dec. 19, vetoed by
him on Jan. 3 and passed by the Senate o^-er his veto on the same date.
Prior to the action of Congress hearings had been held by the Senate and
House Committees on Agriculture in joint session, at which the views of
the Secretary of the Treasury- and the Governor of the Federal Reserve
Board were heard. The reason for looking witn disfavor upon the idea of
reviving the War Finance Corporation was stated by the Secretary of the
Treasury in the following language used in his annual report and repeated
in substance to_the CongrK;sional_committ_ees:^
,
In'the circ'unistances, producers whose products could no
be satisfactorily marketed and whose prices were falling demanded that the
Treasury intervene. They asked cither that it deposit money in ctrtain
sections'or that the activities of the War Finance Corporation be rcKumtd.
"Neither of these things was feasible. The Treasury had no money lo
lend and no money to deposit except for Govenimenr pm'poses. It is not
It is borrowing money periodiin the banking business and should not be.
.
callv to meet current obligations at a cost of about 6%.
"Furthermore, the War Finance Corporation was a war agency and was
created to help win the war. It was clearly desirable that war agencies
should cease to function as quickly as possible. The only power of the Corporation which had any possible >bearlrg rn the situation is one which was
inserted after the armistice with a particular possible state of facts in view.
Fearing that with the cessation of exports for military purposes after the
armistice exports might not go forward. Congress empowered the Cori)oratlon. In order to promote commerce with foreign nations, to make advances
under certain conditions. The War Finance Corporation had eo money
It or the Treasury would have had to borrow money, and borof its owm.
row it at a cost of about 6%.
Governor Harding, in his discussion of the banking aspect of the planscontemplated in the proposed resolution, expressed the following views;
"^The Federal Reserve Board has always advocated the policy of orderl v
marketing of crops. We realize that it is best for the producer, best for tl e
consumer, best for the banking interests, and best for the, railroads. 9u -
.
..."
r
t
Vm.
THE CHRONICLE
12 1921.]
pose an entire crop which takes the better part of a year to produce, a staple
crop, should be dumped on the market in the coui-se of two or thrtv weeks
The result would be that the pressiu-o of the volume
or a month or two.
of that commodity, no matter how great the demand for it might be. on
It would tax the
the market at one time would depress the price for it.
baiik.s to furnish the money in advance of the consumptive need for the crop,
and it would also tax the warehciu-se capacity, and the lailroads would be
burdened in furnishing transportation facilities.
"Orderly marketing means some marketing; it means some buying and
I would regard as an ideal
selling, a gradual and steady process.
condition the steady movement of a staple crop extended over a period of
five or six months, thus causing no stram on anybody and giving the producer the btjnefil of the average price.
"It has been pointed out that there are certain staples for which there is
Well. I do not see anything to do in such cases
at present no market at all.
Hut there are
but to arrange for renewals on the best terms possible.
other staples for which there Is some market, although prices are not satisfactory to the producers."
These considerations were influential in leading to the elimination in the
House of Kepresontative.^ of that part of the resolution whicli directed or
suggested a relaxation of banking credit.
some
(.'ontiuuiny its observations still furtbir, in which it statos
that the reason for objecting to most of the plans currently
set forth for the extension of lonK-tcrni credit is not fount!
in their purpose, but in the method they seek to apply,
the Board says:
There have been a number of variants of the plan suggested in the
Congressional resolution to which reference has already been made.
One of these is seen in the proposal to advance funds to Germany in an
amount equal to the holdings of fonner Geniian propei^y in the
hands of the Allen Property C;ustodian. the proceeds of the credit to be
used in the purchase of cotton, grain and other products. Some similar
demands have been made in connection with plans for financing goods in
AU
warehouses.
such proposals tend to increase the amount of "frozen
hands of the bank.^;. They thus not only reduce the amoimt of
goods to which the consumer has access, but they also tend to reduce the
amount of fluid credit which can be used for the puiTJoso of promoting active
business enterprise. As pointed out by Governor Harding in his testimony
before the Senate Committee, there has been no reduction In the total
amount of ci^adit avaUable in the countrj' at large. Aggregate liabilities of
Federal Reserve banks on account of reserve deposits and Federal Reserve
notes combined at the close of December were $5,116,944,000, as compared
credit " in the
with the corresponding figure of $4,808,767,000 a year earlier. The question at issue, therefore, is simply bow the volume of credit already existing
aba]] be used
whether it shaU be used for the financing of new production,
the maintenance of institutions whicii are actually disposing of goods and
facilitating their movement from producer to consumer, or whether it shall
be used for the purpose of withholding goods from the market or possibly
of shipping them to foreigners who are not now in position to settle for them
through retura shipments. As to this latter point there should be no misunderstanding. It is not only desirable but practicaUy essential that satisfactory arrangements be made for the financing of a legitimate and reasonable export trade, such action facilitating, as it necessarily will, the restoration of industry abroad and consequently the eventual liquidation of the
claims which we now hold upon foreign countries. Such long-term, advances, however, should be financed through the agency fo actual investment credits provided by the placing of bonds or other evidences of indebtedness In the hands of individuaLs or iiistittitions who are in position to supply
the funds that are needed to "carr-"" these obligations until their foreign
—
recipients are able to settle
them.
Raie of Discount.
In this same connection is is well to note that the request for special relaxation of credit in favor of a particular group of producers is only one
phase of a demand for the general relaxation of credit.. Subsequent to the
opening of Congress at the beginnmg of December bills affecting the fimctions or policies of the Federal Reser\e system were introduced.
Among
them was Senate Bill No. 4560, which, if enacted, would have fixed the
maximum rate of interest or discotmt which Federal Reserve banks could
charge at 5% per annum. This bill having been brought to the attention
of the Federal Resei^e Board with a request for an expression of its opinion,
the Governor of the Board on Dec. 16 addressed to Hon. George P. McLean,
Chairman of the Senate Committee on Banking and Currency, a statement
in which he expressed the opinion of the Board, as foUows:
"The Federal Reserve Board desires to put itself on record as unalterably
opposed to this bill or to any other bill which in any way attempts to limit
the power now vested in it and in the Federal Re.serve banks to regulate the
rates of discount which those banks may charge.
In conclusion
and by way of s-umniary, if this bill should become a law it is the board's
firm ixjlief that the Federal Reserve banks would find it impossible while
functioning in a normal way to protect theii- gold reserves, that the Federal
Reserve system would within a very short time cease to be in any sease a
reserve system and would become a mere insti-unient for the acceleration
and perpetuation of expansion, and that a wholesale scramble for the funds
of the Federal, Reserve bank.s would ensue which would leave those banks
only two altemativas one, to lend their funds at the rate prescribed until
the exhaustion of their rese^^"es had been completed, and the other to fix a
definite limit upon their total volume of loans, thus adopting a rigid system
In the one case they would reach a point where they
of credit rationing.
would be unable to make further rediscounts, no matter how insistent or
meritorious the demands might be, ;ind in the other they would find it necessary to place all applications for discount accommodations on a waiting list
until repayment of prior loans made new funds available."
...
—
The views
expressed in the letter from which quotation has been
made
amply borne out by the experience of the Bank of England and of other
foreign reserve banks in making discoiait rates for the regulation of money
are
market conditions.
In the general practice of central banks, rates have
usually been slightly above the market rates a plan which has been followed by the Bank of England for many years past. A study of the money
market in the United States during the past year .shows clearly that the
present rates of discount prevailing in the United States are not the result of
the rates of discotmt established at the Federal Reserve banks, but are the
outgrowth of the natural interaction of demand for and supply of capital
foUowing upon the relaxation of Government control of interest and discotmt
—
rates.
Check
As
to
Foreign
Business.
just explained, however, the reason for objecting to most of the plans
currently set forth for the extension of long-term credit is not found in their
purpose but in the method they seek to apply. Indeed, the call for a rational system of foreign trade financing has become more and more evident
during the past month or more in consequence of the growtn of serious congestion in foreign ports.
This congestion has now been carried to so advanced a point that in the case of some countries trading is practically at
a standstill.
At various South American ports, for instance, official reI>orts show that very large quantities of Ameiican goods were shipped to
buyers in those countries but that these buyers have not been able to make
settlement.
In other cases the buyers have canceled their orders because
of the belief that they could now buy at a lower level of prices in the United
States.
The result has been at some points to fill custom houses and warehouses with unsold goods which are "held up" pending a decision whether
the buyers can be induced to take and pay for them either at the level of
prices origixally agreed upon or at some new level.
Tnis condition of af-
ttll
would not be so acute as ii is were It not for the fact that staple products
of ^arious foreign couutritb have ceased to find a satsifactory market in
.Such articleti :ts sugar, rubber, hides and other basic
the United .Stata>.
exports to the United States are eitlnT not in demand in this country at the
present time, owing to the congi^tion here and the slackening of manufacturing activity, or else the prices they command arc so low that their foreign owners are not uilling to part with them at existing rates.
The actual buying power of many foreign counirii* in the United States,
already unfortunately reduced by war condltioiLs, has bin'n still further curtailed, the effect being to agtii'avate unfavorably conditions in exchange.
Une outcome of tnis situation, as already nottxl iu i>revious issues, has been
the establisljincnt of moratoria in various counihes or the creation of a condition of affairs oractlcally equivalent to a moratorium.
Coupled with the
embargoes upon the movement of gold and sp<«ie which already existed,
such action necessarily brings about a depreciation of exchan;/e wnich Ifl
abnormal even from the standpoint of current conditions. A means of
obtaining relief from the existing situation »hich is noxv much under discussion is that of placing in the I'nitixl States loans of a sufficient amount
This may be
to fund a sulmtantial part of the outstanding indel)t<ylness.
Evidently, however. It would have
the most available means of relief.
biH?n better had there been from the outset in the trade with the countries
which require such assistance nicognition of the needs of the situation and
u corresponding provision for placing the trade upon an investment basis.
That has unfortunately been lucking in many instances. A representative
of the .State Department, for example, who has just inquired into condltit)iis in Cuba, finds that a loan of S.'iO, 000,000 to $100,000,000 will be needed
iu order to restore finance and trade equilibrium in that country, and to
render it possible to end the moratorium existing there.
While in no small
measure the difficulty in our foreign trade is due to the sudden changes in
prices that ha\e occurred, it is also true that these changes themselves are
in SOUK' degree the outcome of miscalculations and an improper basis of
trading.
The lesson of the present situation is emphatically that of making
regular arrangements for putting our foreign obligations upon an investment footing.
Foreign rs. Dumeslic Credit.
The developmonis in our foreign trade diu'ing the past two months have
clearly shown a marked increase in the unfunded trade balance in favor of
the United States which is being carried on the books af banks and of
merchants. In the October issue it was estimated that this unfunded balance up to the close of September was probably conservatively to be figured
at $3,000,000,000. Taking the trade figtires now aailable up to the end of
November as a base, and assimiing a continuance of trade during the month
of December at approximately the same date as for November, it may be
fair to anticipate a trade balance for the year of about $2,800,000,000 in
our favor, an estimate which would add fully $600,000,000 to the estimate
previously published.
If this assumption be correct, our foreign trade
since the armistice will show a credit balance still unfimded and amounting
to al>out $3,600,000,000 in our favor as against the remainder of the world.
The question has been raised by some whether this credit balance may
have operated to ctirtail the credit applicable to domestic business. In
other words, it nas been argued by some that as this great volume of credit
has been extended to foreigners it must have had the effect of reducing the
amount of credit which could be extended to our own citizens. From this,
inference has been drawn that a continued favorable balance of trade would
have a continuously unfavorable effect upon domestic commerce and industrj-, inasmuch as it would mean the transfer of an increasing propoiT,ion of
bank credits from domestic business to export business. This view hardly
recognizes the fundamental facts in the situation.
The credits which are opened on beaalf of European importers or buyers
by banks in the United States are American credits, not foreign credits.
They are opened for the purpose of enabling the European importer to
obtain a domestic credit in the United States with which he can pay for
.\merican products destined for European use.
It is a domestic credit, not
a foreign credit, that is granted by the American finanerial institution involved in the transaction. It is a domestic credit foreign in its incidence
only in that it is granted to a foreign buyer in order to finance an export
from the United States to a foreign country. It is, therefore, only the
goods constituting the export which leave the country. The credit opened
by the .Unerican bank remains behind as a part of the total voliune of
banking credit outstanding in the United States, and passes fl"om hand to
hand as is the case with all ordinarj- banking credits.
9tiU more apparent is this the case when the credit which finances the
export to Europe is an ordinary credit granted to the American producer or
exporter.
Neither class of these two transactions can properly be .said to
reduce the quantity of credit available or in use in the United States. This
may be seen by a glance at the situation which has developed during the
past few months.
The credit which has been extended for the support of
our export trade has. as it is often remarked, been largely ext-ended to individuals and firms in the form of loans whie-h have enabled them to continue
their process of production here at home.
They have, in short, continued
their employment of labor and their demand for raw materials, and the
"credit" gi-anted to them by the banks has thus continued its existence as
domestic credit, being transferred by those who received it to others from
whom these recipients bought the goods or services. The effect of our
foreign trade, therefore, has not been to diminish the amount of credit
granted but rather to increase it. and this, in fact, is the more serious
Too
criticism to be made in connection with our present expoit trade.
much of it has taken the form of "credit." which has continued in existence
long after it should have been canceled or paid.
Our foreign credit has been of such a nature as to require for its proper
management the absorption of bonds or long-term obligations of one kind
or another which could be used to "fimd" the outstantling indebtedness,
thereby reducing the quantity of credit granted by the banks and transfering it to the investor in the shape of securities.
A packer, for example,
who sells abroad S3. 500. 000 worth of me-ats. for whicli he receives, say,
£1,000,000 in credit in an English bank, may borrow doUai-s in New York
or Chicago against this balance.
With these iloUai-s he buys more animals,
and the seller thereof still further enlarges his operations by the use of the
proceeds. Thus the "credit" continues its local existence until the claim
It is
against the English bank is liquidated by some form of payment.
because of the lack of such a funding arrangement that the outstanding
balance in our favor has grown so great and now constitutes an clement of
concern in our international trade situation. Those who \iew our foreign
trade as in some sense prejuelicial to home conditions of credit or production
should constantly boar in mind that the effect of it is not the limitation
of bank eredlt. but its undue expansion, and that the harm resulting from it.
if harm there bo, is found in the fact that it deprives us of the use of our
productive resources, which might otherwise, theoretically at least, be retained and applied at home, while it results imder present conditions in
unduly enlarging the amount of non-liquid or "frozen" bank creelit which
remains in e'xistence on the books of our various financial institutions and
which consequently exerts an undue effect, in the raising of prices for those
goods which are in fact retained at home. The situation at present is such
Danger lies in a
that while we export capital we got credit in return.
shortage of capital, not in a curtailment of credit.
fairs
,
:
THE CHRONICLE
61»
FEDERAL RESERVE BOARD ON RIGHT OF NATIONAL
HANKS TO INVEST IN STOCK OF INTERNATIONAL FINANCIAL CORPORATIONS.
Tli(>
ri;;lit,
of national hanks to Invest in
tlio
stock of in-
ternal ional financial coriHtrations is the suhjeot of a
lengthy ruling of the Federal Ileserve Board, puhlished in
the January nunihor of its "Bulletin."
The Board rules
Ihat any national hank may inveKt in the stock of any corporation organized under the provisions of the so-called
I'idge Act, regardless of whether such cor])oration is a foreign hanking cor[)oratiou or a foreign investment corporation issuing its own debentures.
The Board presents an
interpretation of the provisions of both the Edge Act (constituting Section 2o (a) of the Federal Reserve Act) and
Section 25, making provision for the investment by national
banks in the stock of certain kinds of international financial coi'porations organized under the laws of the United
States or any State. The Board rules that a national bank
having a capital and surplus of $1,000,000 or more may invest in the stock of a State incorporated banking institution,
but may not invest in the stock of a State incorporated investment cori)oration. It has also ruled that a national
bank desiring to invest in the stock of corporations described
in Sections 25 or 25 (a) must make application to the Board
for permission to subscribe to such stock. The following is
the ruling in full
The Federal Rescj^'e Board recently has received a number of inquiries
as to whether a national bank desiring to invest in the stock of corporations organized or to be organized under the provisions of the so-called
Edge Act, which constitutes Section 25 (a) of the Federal Reserve Act,
must make application to the Federal Reserve Board for permission to purchase such stock, and if so, whether such applications must be filed prior
to January 1, 1921, in view of the provisions of the so-called McLean-Platt
amendment to Section 25. In order to correct certain misapprehensions
which appear to have arisen in this connection, the Federal Reserve Board
feels that it is advisable to set forth its interpretation of the pertinent
provisions of Section 25 and Section 25 (a).
Section 25, as amended September 7, 1916, and September 17, 1919,
makes provision for tlie investment by national banks in the stock of certain kinds of international financial corporations organized under the laws
At the time of the passage
of the United States or of any State thereof.
of these amendments, however, there was no provision for the incorporation
of international financial corporations under the laws of the United States.
The Edge Act has now provided a means for the incorporation of such corporations under Federal law, thus enabling national banks to exercise to
the full extent the rights which were given to them by the amendments
to Section 25.
In addition to making provision for the organization of international financial corporations, the Edge Act, among other things, expressly provides:
Any national banking association may invest in the stock of any
corporation organized under the provisions of this section, but the
aggregate amount of stock held in all corporations engaged in business of the kind described in this section and in Section 25 of the Federal Reserve Act as amended shall not exceed 10 per centum of the
subscribing bank's capital and surplus.
It is evident, therefore, that this provision of Section 25 (a) to some
extent has modified the provisions of Section 25, so far as the right of
national banks to invest in the stock of corporations organized under the
laws of the United States is concerned.
Section 25 and Section 25 (a) both contemplate two classes of international financial corporations,
(1) international banking corporations
engaged in granting ordinary short-time commercial credits, and (2) international investment corporations engaged in granting long-time credits and
in issuing their own debentures secured by foreign securities.
Section 25
authorizes a national bank with a capital and surplus of $1,000,000 or more
to make application to the Board for permission to invest not to exceed
10% of its capital and surplus in the stock of one or more corporations organized under the laws of the United States or of any State thereof and
principally engaged in international or foreign banking ; and the McLeanPlatt amendment of September 17, 1919, authorizes any national bank,
irrespective of the amount of its capital and surplus, until January 1, 1921,
to make application to the Board for permission to invest not to exceed 5%
of its capital and surplus in the stock of one or more corporations organized
under Federal or State law and principally engaged in such pliases of international financial operations (as distinguished from international banking operations) as may be necessary to facilitate exports from the United
States.
Section 25 (a), however, without qualification, authorizes any
national bank to invest in the stock of international financial corporations
organized under that section, whether engaged in international banking
or in the international investment business, provided, only, that the aggregate amount of stock held in all corporations engaged in the business of
the kinds described in that section and Section 25 does not exceed 10%
of the subscribing bank's capital and surplus.
It will be noted that the pertinent provision of Section 25 (a) contains
no such restrictions upon the powers of national banks to invest in the
stock of international financial corporations as are found in Section 25,
other than the provision with regard to the aggregate amount of stock
which a national bank may hold in all such corporations. As the provision of Section 25 (a) is limited to corporations organized under that section, this specific provision must be construed as superseding the more
general restrictions in Section 25 as to tlie capital and surplus requirements of the subscribing bank and as to the amount which may be invested, the time limit and the phases of the international financial operations of the corporations in whose stock tlie national bank desires to invest, so far as investments by national banks in corporations organized
under the laws of the United States are concerned.
In view of these considerations it is clear that the January 1, 1921,
limitation in the McLean-Platt amendment restricting the right of national
banks to make application to the Board only until January 1, 1921, does
not relate to the right of a national bank to invest in the stock of an Edge
corporation, whether the Edge corporation is organized for the purpose of
engaging in international banking operations or in an international investment business. Similarly, the provisions of the McLean-Platt amendment
[Vol. 112.
5%
of
upon the amount which a national bank
invest in a corporation of the kind dfttoriljed therein, lias l>e«n modified by virtue of the proviHionn of Section 2.1 (a) to the extent that a
national bank may now invest not more than 10% of ItN capital and mjr-
which placoH a limitation
may
plus in a corporation organized under tlie laws of the United States, irreKpcctive of whether Kuch corporation is organized to carry on a banking
buKinew! or an investment buHiness, provided that the aggergate amount of
stock held in all corporation.s engaged in business of the kind described In
Section 25 (a) and in .Section 25, whether organized under the Edge Act
or under .State law, does not exceed 10% of the subxcribing bank's capital
and surplus.
In brief, under the present provisions of Section 25 and 25 (a) the situation after January 1, 1921, will be as follows:
Any national bank, irrespective of its capital and surjilu.s, may invest in Uie stock of any corporation organized under the provisions of Section 25 (a), regardless of whether
such corporation is a foreign banking corjjoration or a foreign investment
corporation issuing its own debentures ; a national bank having a capital
and surplus of .$1,000,000 or more may invest in the stock of a State incorporated banking institution, but may not invett in the stock of a State
incorporated investment corporation ; a national bank having a capital and
.surplus of less than $1,000,000 may not invest in the stock of a corporation organized under State law, whether that corporation is a banking corporation or an investment corporation ; and the aggregate of the investments of any national bank in the stock of corporations engaged in the
business of tlie kind described in Sections 25 and 25 (a) may not exceed
10% of the subscribing bank's capital and surplus.
The Board has ruled that a national bank which desires to invest in the
stock of corporations such as are desfnribed in Section 25 and in Section
25 (a) must make application to the Board for permission to subscribe to
such stock, irrespective of whether the corporation is to be organized under Section 25 (a) or under State law.
The Board will not consider an
application by a national bank to subscribe to the stock of a corporation
to be organized under State law until the corporation has filed an agreement with the Board to restrict its operations as the Board may require,
pursuant to the provisions of Section 25, and will not consider an application to subscribe to the stock of a corporation to be organized under Section 25 (a) until the corporation has submitted its title to the Board for
approvel and reservation for 30 days, pursuant to the Board's regulation K.
series of 1920, and the Board has approved this title.
In the case of an Edge corporation which is in the process of organisation, the Board has ruled that while it will consider an application after
the approval of its title the Board will approve the application only upon
the condition that the national bank shall not be authorized to pay out any
money in payment for such stock until the international financial corporation in which the national bank desires to invest shall have been duly incorporated under the provisions of Section 25 (a) and shall have received
from the Board a preliminary permit to exercise such of the powers conferred upon it by that action as are incidental and preliminary to its
organization.
Heretofore the Board has not required that these applications be in any
particular form, but has accepted as an application a letter sig^ned by an
officer of the national bank requesting permission to invest in the stock of
the international financial corporation.
In view of the increasing number
of national banks desirous of investing part of their capital and surplus
the stock of such corporations, the Board recently has prepared a form of
application for use by national banks, and will hereafter require national
banks desiring to purchase stock in international financial corporations to
make application to the Board upon this form. The applications in the
first instance must be foi-warded to the Federal Reserve agent of the district in which the applying bank is located, who will in turn forward
them to the Federal Reserve Board with his recommendation noted thereon.
This form is suitable for use in making applications- to purchase stock
either in Edge corporations or in corporations organized under State law.
U
FEDERAL RESERVE BOARD REPORTS SLIGHT IMPROVEMENT IN BUSINESS CONDITIONS
IN JANUARY.
In its review of business and financial conditions during
the month of January, the Federal Reserve Board, in its
report made public Feb 1 states that the business developments "have shown a shght but unmistakable turn toward
a better state of affairs." It adds:
At some plants whare considerable numbers of men have been unemployed, industrial operations have been resumed in whole or In part. The
.
,
Bureau of Labor, however, reports a total of 3,473,466 unemployed for the
country as a whole. Prices in many lines have gone no lower than the
Banking conditions
level which had been established at the close of 1920.
have materially improved, partly through the steadier and more rapid
movement of agricultural products to market and partly through the more
rapid liquidation of paper already aeld by member banks. As a result the
reserve ratio of the Federal Reserve system has risen to 49% at the last
reporting date in the month (Jan. 28). Member bank conditions also show
improvement in liquidity and increasing strength. Failures have been
There are signs of a distinct improvement In certain
relatively fewer.
branches of the textile trades, while retailers .ire now beginning to buy
much more freely and actively than heretofore, due to the depletion of the
stocks on their shelves. Transportation supply has been fairly equalized
vrith demand and there is now little or no delay of goods going from producer
Farm products, although fluctuating more or lees widely,
to consumer,
have maintained themselves at prices substantiaUy equivalent to those
There has been little or no gain in export
established during December.
trade conditions, but preparations for the placing of export financing upon
more satisfactory basis was believed to lay the foundation for a distinct
improvement of the outlook. Retail prices have sho'svn during the month
of January a much greater tendency to reflect the changes that had already
occurred in wholesale prices. While, therefore, it cannot be said that very
material alteration of fundamental conditions has occurred, enough progress
has been made to give assurance of a steady movement toward sounder
There is a wide demand for American goods the
conditions in business.
difficulties connected with marketing being found in the question of prices
and of terms to be required of purchasers.
As
to the situation ir the tobacco sections the review says:
Conditions in the several tobacco sections continue unsatisfactory.
Farmers in District No. 8 (St. Louis) are unwilling to accept the prices ofIt is stated,
fered, claiming that they do not cover the costs of production.
however, that "the best grades are selling at reasonably fair prices, while the
inferior grades, of which the crop is largely composed are bringing unusually
District No. 5 (Richmond) durlow figures." Llttie tobacco was soid
ing December, and "many of the markets were closed a good part of the
In District No. 4 (develaad), many
month or until after the holidays.
,
m
"
THE CHKONICLE
Feb. 12 1921.]
of the markets closed shortly after the opening, due to the low
price offered'
A general sentiment in favor of a reduction In the tobat-co acreage appar"
ently exists* in all the sections.
"Much talk Is heard of raising no hurley
crop in 1921" in District No. 4, "numerous plans to enforce a
reduction of
acreage have tje<>n advanced." In District No. 5. and farmers
in District
No. 8 "are aBltatlng to hold last year'.s crop and plant none
this year "
The al)ove are ail tobaccos of the so-called manufacturlnK and export types
The quality of Pennsylvania cigar leaf i^ considerably lower tlian last
year
and manufacturers are reluctant to use this grade of leaf. Except
for brands
tor wJuch tliero is an established trade, demand
has decreased wltluii the
past 60 days in the industry.
lioKardirij,' liidi) and leather prices the review
states:
drastic declines in the prices of hides appear to have
l>een arrested
during the past month and calf skins have even advanced
slightly
sIi.hj
factories in District No. 1 (Boston) have t)c«n
reopening with the reMilt
that the Irather market has also registered some
price advances
The
Increase in production both in December and in January
was stated to be
"perceptible although not largo.
Manufaciun-rs in the District did not
hold large stocks either of leathe.or of finished shoes.
On the other h iml
tanners- stocks of leather were still large, and tanneries
In the District were
being operati-d at only about 307o capacity.
In District No. 3 (I'liiladeiphia) shoe manufacturers have received more orders
for hnmedtote delivery
and some for spring shipments, and the result has been a
slight increase in
operations of plants already active, while some wlilch
had been closed down
have again resumed opt^rations. Many tanneries in the
District have al.sJ
opened although the percentage of cpaacty being operated
is mudi restricted, in view of the large amounts of finished
stock on hand. Sales of
shoe houses located In District No. 8 (St. Louis)
in December were far
be^ow totals of the same month in 1919 and shipments
had decroa.sed anywhere from 28 to 42%
Shico Jan. 1 however, two leading manufacturers
reported slight increases. The percentage of plant
capacity in operation in
this DLsinct was decideilly alxjve the average
for the country
beinir
' at large
>^iub
a
estimated at 50%.
Tho Board makes
•
m
There has been no revival of Industrial operations on a scale to
reduce
materially widespread unemployment which was
prevalent a mouth ago
It is probable, however, that the slight Increase
in activity in loading New
England industries during the month has brought a
measure of relief but
that would not be reflected in the latest statistics
at the end of December
and west furthermore, the situation has become
^, ^^'^^
more acute'
i°hif
while in District No. 12 (San Francisco), previou.sIy
only slightly affected'
unemployment is stated to be abnormally great for this
o.sason
Wage
reductions have likewise continued to be
announced and have spread to
sections of the country where wage rates
have hitherto been maintained
'^"Slaud District probably 100,000 operatives
^^^
fn fhn
.
I*,
n"
tho textile
mills
have been affected by wage reductions which
on the
average amount to about 22H%. Although
reductions have not been
qult« so large in the boot and shoe industry,
they have been extensive
but so far the wage cuts have not stimulated
employment to any marked
degree.
At the end of December, the Mas.sachusetts
Department of
Labor and Industries on the basis of returns from unions
having a membership of 199.022. reported over 57.000
persons or 28.9% wifhouTwork
The returns from the textile unions showed
48.2% of the membership
unemployed, while in the boot and shoe Industries
47.3% of members of
r^rtmg unions were unemployed. Public employment
offices in the
Stel^ noted a slight increase in the demand for
labor in January, but the
Boston office stated that the number of applicants
was the sicaiesi
greatest in
record in the first days of January.
In District No. 2 (New York) unemployment
increased in January and
numbers of workers employed were about
below
^T
4%
December figures
' ^'"^^ Industrial Comimssion estimates that the
factor^
of the State were emplojing 300,000 fewer
wage earners than last spring
Some tavtile mills have reopened and there nas been greater
activityTn the
men s clothing indiistry of Rochester, but, on the other
hand, transportation
companies dropped a considerable number of
employees in January unemployment >VBs likewise widespread among longshoremen,
frcignt handlers
.^"^ \"'^ ^^'°''°' ""'^^^ '^^'*' '''•"<' ^"^^^ reductions in iron and
i°^^ plants. A survey made
steel
by the United States Department of Labor
of the industries of New York State
most seriously affected show for a
seh^ted .St of firms with 2,258,963 persons
on their pay-rolls Jan 1
a reduction to 1 611,920 per.sons employed
Jan. 1 1921-a drop of 32%
In District No. 3 (Philadelphia)
unemployment is prevalent as I result of
"^ shut-downs of plants or curtailment of operation in
"
'
many
f
n'^f
hnos
of mdustry^
In January work was resumed in some
of tho u-kvZ
miUs of District No. 5 (Richmond), but in
the building trades and n the
''''"' '^ ' ^^"-'""^ '^'^^ "^ emiLyment
In DiV
r?A^,"1
'f •'T
^^*'=*"'^>
=» ^^'•se number of blast furnaces and
some mines have
^1J'°,'
''^^'
°''*^" ""'^ operating only two to fom- days
""'"/•
ZtJZ^
Z
mo
Tf
tSVo
w^f ^n
^^
a
^^'^'°"'*' ^""^ ''^° operating on greatly
reduced sc^K^
TnT/.P
'"'"i
and the number
of unemployed has increased decidedly,
idleness bein- mos^
J^id^pread in the ranks of the unskilled. In many lines
wage redu°ctTom
have already been made or have been annoimced.
An attempt of
trades employers in Atlanta to put
a reduced wage scale into effect has met
witn union opposition, however, and a
projected reduction in ^^ii of The
Tm^Z
BuTmngham &
Atlantic
RR.
equal to 50% of increased granted
^^"^ ^*'^^«^- Conferences arfbeS
heT^'°^'
°^ *^° employees and company officials
nnlnn?
/^^'"T"*^"'"'^
Unemployment
has become more pronounced In District
No. 8 (St Louis)'
dunng the pa^t month, being especiaUy felt in
industries such as ron and
steel, automobiles, shoes, fm-nitm-e.
clothing and lumber.
So far wag<^
have remained fairly steady despite the decline
in numbers
''''
^d
A
'^^' "'^'"*^"
""^ *^''"^ "^ '^^
^s^i^t
^^™^
employel.^A
'^
especiaUy notice^bleln th^
recent survey
by the Minneapolis Civic and Commerce
Association
'^'^^^ ^^''•'^'^- - year ago 'Ih owed a
reduction of
o? ?2'.;T""'^'"
r^'^^'^f
m
numbers
22K%
employed, decreases being greatest in
the
wood-workmg and paper industries, which had
about 64% ofTh. m mher of
men employed a year ago. Iron and steel industries
had retain^ "7% of
the working forces of a year ago and
clothing firms 71%.
In food^ind food
products lines, however, the reduction had
onlv amounted to 9'
"f com
pared with January 1920. Klsewhere
m Di.itrict No 9 (Minneapolis)'
unemployment is also increasing. No work is in
progress at the Du°uth
shipyards and it is stated that "reports
from a selected Rst of mi^injoper
atoi^ indicates that in Montana the
number of men employed w^s only 70%
^uSn
th^ w T
°"^ ^^^
t^"'
'"™'''''"
'manufacturers reporting directly to
"^'^'^'^^ ""^"^ °' Minneapolis, the numbers
were 66% of the
tof.i?:^r
'"''^"""'^ '^PP^^'^^^ly e^nployment condUion^
are
Ire^ot
not unlavorable,
Lirrlwrb.,/",
but elsewhere in District No. 12 (San
Franclscol n..m
"' *"'''
^'">°™-"y '-'•se.
Portland 11.000 wer„°em:
"""""^ ^'^^'^ °^ •^•0«0^ '" Sl'"ka"e
2 .rooTnoTSar^r^r°''';"'-'^.T"''
f
^"'^ '°
3.000 were unemployed in the mines as
comrrLi'w^^'
pared
^"^^''f
with a year ago.
Wage reductions of 10% to 20% have occarrea
occarredTn
m
various parts
'
^ZT.
regarding prioee:
A
compilation of tho Bureau of Labor Sutistics shows an average
reduc-
7%
the country as a whole
Is still
apparently twlm as high as before the war
.
Discussins unemployment tho Board has tue
following
^ to
sa3'
it.s review:
Atlanta
comment
tion in the cost of living for the whoie
country of aU^ut
between June
and December of last year. This osthiiate is based
upon a study of prices
n 32 leading cities, the greatest decline
In any city amounting to 10%, the
least to 2><i%.
Nevertheless, the December level of the cost of living In
I'lJDh'IiAL
AXVEH
,
m
the foiJowiut'
In eariy January certain staples— notably grain,
cotton and other agricultural products— rose in price, but later in
the month decllm-d again
At th«- same time other leading commodities, such as crude
and refim^l olto
and bituminous coal, which ha4 not been greatly affected
in etirJier months
were increasingly weak, while iron and steel products
and many less im-'
portant commodities coniinuiHl to decline.
One of the striking features of the early period of the pn-sent pritv
movement was tho difference in the degree to which individual
commodities
were affected. Textiles and leathers were practically
without a market
at the same time that sU»el products, gasoline,
kerosene. Ac. were in heavy
demand. By January, however, this situation had changed
and practically all industries— the unimportant as
well as the important— had iH-gun
to make price revisions.
In .some cases, notably iron and sttx;! copper
coke and live stock, tho reductions in the course if
the last three or lour
months have been very heavy, while in others .such as
anthracite coal
comparatively slight changes Uius far have been made.
In the wool and
Mlk markets .something more nearly approacJiing
stabilization of valuM
ex st<-d in January than in eariler months.
Although then- wav thus euUb.
llslied a more .saiUfactory
trading basis in thOh«f raw mat*-rials markets the
same was not the case as regards finisliod piece goods. In these
Unos trading continued on a very Umited sc^le.
The
.
613
r
of the district.
•
m
HEHEIiVE HOARD RULlNd OS ACOEPTFOIi
EXPORT AND DOMESTIC
>v ILA'fe'.
The Federal
Ke.serve Board, in its January nuii)l>er, pubthe following ruling regaitling the availability of
hankers' acceptances drawn by dealers engaged in the exlishes
port and domestic sale of thy
same class of goods:
The Federal Reserve Board has received an inquiry as to wh«th«r bankers' acceptances, drawn by dealers engaged in both export and domestic
trade under a certain fonn of contract with the accepting banliF, are eligible
and purcha.se by Federal Reserve Banks under the Board's
new regulations of tiie series of 1920. The form of contract was prepared
.some time ago to comply with the requirements of an opinion of the
Hoard's counsel dated April 1, 1918.
In that opinion, published on page
of tlie April, 1918, "Bulletin," and on page 438 of the May, 1918,
"Bulletin." it was suggested that drafts, drawn by a dealer purchasing
the same class of goods both for export and domestic sale and accepted by
a bank to finance the purchase and sale of the goods to be exported, might
be considered eligible bankers' acceptances if the dealer's contract with the
accepting bank, provided "(a) tliat he has entered into a contract for
tlio export of tiie goods of a fixed amount ; (b) tJiat the total amount of
drafts drawn by him under tlie credit opened to finance the export of such
goods shall at no time exceed the aggregate amount of the import or export transactions contracted for and in process of execution; (c) that the
proceeds of drafts drawn against the accepting bank under this credit are
to be used in connection with the export contracts referred to, and that
tlie pioceeds of tlie sale of tlie goods exported will be applied in payment
of tlie acceptances unless tlie dealer has in the meantime placed the bank
in funds to meet tliem at maturity or has secured such acceptances by shipping documents, wareliouse receipts, or oUier similar document conveying
or securing title to readily marketable staples."
Tliis suggestion was further commented upon in an opinion published on
page 439 of the May, 1918, "Bulletin." As a result of these opinions the
form of contract in question was submitted to and approved b^ the Federal Reserve Board containing the provisions .suggeste<l in the above quotation.
This form is now used, the Board understands, by a number of
concerns, engaged in botli foreign and domestic trade, when arranging
for rediscount
.m
acceptance credits with their bank.s.
tlie cases under consideration the drafts are drawn to finance the
purchase or production of goods to be exported, and the exx>ort shipments
of the goods has not actually occurred at the time of acceptance.
Under
tlio Board's Regulation A and B, series of 1920, bankers' acceptances so
drawn in export or import transactions are eligible for rediscount or purcliase by Federal Reserve Banks only when they comply with the requirements of Regulation A, section B, subdivision (b) (1) "that there be in
existence a specific and bona fide contract providing for the exportation or
importation of such goods at or witliin a specified and reasonable time,
and that the customer agree tliat the accepting bank will be furnished in
due course witli sliipping documents covering such goods or with exchange
arising out of tlie transaction being financed by the credit."
It is apparent that a contract of the kind suggestion in tlie opinion of
April 1 does not comply with these requirements.
Under the terms of tlie Federal Reserve Act the Federal Reserve Board
is vested witli bioad discretion in the matter of regulating the rediscounts
and open market purcliases of Federal Reserve Banks. The Board's ruling,
incorporated in the published opinion of April 1, 1918, was made during
the war and at a time when it was necessary to facilitate in every way tlie
exportation of goods essential to the prosecution of the war.
The opinion
permitted the use of bankers' acceptances under circumstances which would
not justify their use at the present time.
The Board'.s regulations of the
series of 1920, which have just been issued, supersede all previous rulings
which are inconsistent with them and make acceptances drawn under the
form of contract suggested in the opinion of April 1, 1918, ineligible for
rediscount or purchase.
If dealers purchasing or producing the same class of goods both for export and domestic .sale wish to finance their export transactions by means
of eligible bankers' acceptances, jt will be necessarj- tliat their contracts
with tlie accepting banks shall contain different provisions than those
suggested in the opinion of April 1, 1918.
The Board now suggests that
tlie contracts between such dealers and tlieir accepting banks contain the
following provisions (a) that tlie dealer lias entered into contracts providing for the exportation of goods of a specified amount witliin a specified
and reasonable time; (b) that the total aniouui of drafts drawn by the
dealer under credits opened to finance the exportation of such gi..ods shall
at no time exceed the aggregate amount of the export traiuMct ious contracted for and in process of execution; (c) that the proceeds of drafts
drawn against the accepting bank under this credit will be used to consummate the export contracts referred to, that the dealer will furnish in
due course to the accepting bank shipping documents covering sucli goods,
and that the proceeds of the sale of the goods exported will be applied in
liquidation of the acceptance credit.
The furnishing of "exdiange arising out of llie transaction being fin.inced by the credit" is intended as an alternative to the furnishing of
shipping documents only in import transactions, so that this phrase, which
for
In
i
——
6U
THE CHRONICLE
ap|i«nrK in Kei^ilatiou A, iiuiy
actions.
I)c
fli-retfarded
in
considering export trans-
Under the
l!e(;iilatioii.> of
1920 acceptances drawn to finance the purproduction of floods under contract for export arc eligible for
rediMount of pnrclinse only wlien the customer definitely affrees that tlie
ncceptinf; biink will he furnished in due courhe with shipping; documents
covering s-uch Roods.
Such acceptances will no longer he elixible, therefore, if the customer is given the option to furnish warehouse recei|)ts or
similar documents covering goods not intended for export, and thus to
change the nature of the accept.inces by converting them from acceptances based upon export transactions into acceptances based upon domes-
pliase
or
tic transactions.
/lAXKS AlTllOlilZED HY FEDEItAL RESERVE HOARD TO GRAXr ACCEI'TAXCE CREDITS
TO AUSTRALfAK BANKS.
.Uh'MHl'JIi
[Vol. 112.
must 111- accepted by the receiving niembcT at the lime80curitieH are rocolved
and differences mu.sl be adju.sl«l thereafter directly between offices, and
not through the Stock Clearing CorjKjratlon.
Article 2(). Section 2, and Article 27, Section 2, of the Comititution of the
N«w York Stock Excnange. require that all transactions entercfl into
between in<^niberH in securities that are on the list for sfJttlemont through the
.Stock (Ucsiring ("orporation must be settled In the manner Bpnclfled. unless
mutually agreed othCTwIso. The non-observance of this rule In the past
has brought numerous complaints from membtTs who have been greatly
inconvenienctsd by the failure of mwnbers to exchange tickets on Liberty
l>ond>>.
These rules must be strictly observed by all members in nspect to
transactions, as stated above.
.Separate stationery must be used for Liberty bond transactions, which
will be iirovided by the .Stock Clearing Corporation.
Membtjrs will call
at the Day C;iearing Brancn, H Broad Street, for thoir stationery between
the hours of 10 A. M. .and 2 P. M. on Feb. 9, 10 and 11 1921, at wnlch
time oxplanations.lf required, will be given.
S.
Tlu>
ill
.\iii(>riciiii
Acooptaiuc Couufil,
.stating lliat the FedcM-al lU'.servo
in its .January Lssuc,
Board
lia.s.
upon the
re-
member
banks, given permission to grant acceptbanks to be used for the purpose
of "furnishing dollar exchange," says:
quest of
aiK'e cnvlits to Australian
The Board
which plainly
to be congratulated upon having reached this conclusion,
in the interest of the country.
In order successfully to establish American dollar acceptances in world
markets in competition with sterling credits, it is most important that
American banks .should be in a position to offer approximately the same
These foreign institutions are
f.icilities as British or other foreign banks.
is
is
hampered by legislation in the same manner as American banks. The
law that go\'erns their operations is that of supply and demand and that of
general business and banking usages and prudence as established by practical experience and the best tiudition.-.
The Federal Reserve Board is charged with tlie duty of solving the difficult problem of protecting our country from abuses
that easily might
arise iti a country- that has a sjstem of .souie 30,000 banks as against system.*; of comparatively few large branch banks as in most of the foreign
ootfntries
and, at the same time, to Tc-duce to the minimum the severe
handicap under which our banks are placed through the fact that in their
against foreign competition their hands are frequently tied by the
fiifrht
not
F.
STRRIT.
President,
STOCK C-LEARI.VO f CORPORATION
commenting on the newly announced course
corporation, the "Wall Street Journal" says:
In
.
of the
Announcement that the Stock Exchange Clearing Corporation would
begin the handling of Liberty bonds, Feb. 1.5 was received with a good deal
of interest and satisfaction in banking and brokerage circles as this step
would mciin the elimination of much of the carrying of Liberty bonds
through the streets in making deliveries and thus minimize the danger of
robberies.
It is said that thefts
and hold-ups in the financial dLstrict during the last
few years involving Liberty bonds have aggregated well over $1,000,000.
The Stock Exchange Clearing Corporation is expected to begin clearing
loans in the near future.
Heretofore, the corporation did not have the
facilities for clearing loans as they have been expediting the work of clearing
stock balances. The matter Ls now in that stage where this work will be
undertaken as soon as tho operation meets with the approval of the banks.
—
—
fetters of rigid legislation or regulation.
It appears to the Council that the privilege of accepting for the purpose of "furnishing dollar exchange" should be freely granted by the Board
wherever it can consistently be done without incurring the risk of opening
wide the doors for finance drafts i>sued, not in anticipation of exchange
ultimately to be furnished through seasonal operations (primary crops),
but for the purjwse of financing the carrj-ing of securities or speculations in
foreign countries.
Where, in such circumstances, banking systems e.xLst
with a well established credit and a very large borrowing power, the aggregate of drafts so drawn, on the plea of "furnishing dollar exchange,"
raigiit easily become so large as to be detrimental or even a menac-e to the
accepting countrj.
Such danger does not prevail in dealing with countries in Central and
.South America, the British Dominions, or countries of a similar character.
To all such countries the Board could safely grant tlie advantage of
having their banks draw long draft.s on American banks for the furnishing
of dollar exchange in anticipation of seasonal movements.
It would appear
a sufficient precaution to exclude the large European countries of exceptional financial strength.
It must be borne in mind that in countries like
Australia, even though at times there might be a large market for sterling
checks and sterling cables, there would always V)e certain periods when the
importer would require foreign excliange, while, the export season not yet
being at hand, there would not be available checks or cables drawn against
the shipment of the crops.
On tlie other hand, in anticipation of these
crops, a good many shippers might be willing to sell e-xchange in order
definitely to secure the price for their products, and against these contracts
banks might be willing and anxiou> to draw their three montlis drafts.
These are perfectly legitimate transactions which American banks must
t>e placed in position to facilitate it, indeed, they are successfully to compete in these foreign fields, and it is to be hoped that the Board will continue to rule liberally when acting upon requests of this character.
It may be timely to recapitulate that so far the Board has granted permi.-sion to American banks to accept for the purpose of furnishing dollar
exchange, bills drawn by bank^ or banking firms in the following countries:
Argentina. Bolivia, Brazil, British Guiana. British Honduras, Chile,
Colombia, Costa Rica, Cuba. Dutch Guiana, Ecuador, French Guiana,
(Guatemala, Honduras, Nicaragua, Pan.ima, Paraguay, Peru, Porto Eico,
San Salvador, Santo Domingo, Trinidad, Uraguai.- and A'enezuela, and Australia, New Zealand and other Austral;>ian dependencies.
OPENING OF HELENA BRANCH OF FEDERAL RESERVE
BANK OF MINNEAPOLIS.
The Helena Branch of the Federal Reserve Bank of MinneapoUs was opened on the 1st inst., the event being celebrated by a luncheon at the Montana Club at Helena
attended by the Governor of Montana Joseph M. Dixon, the
Governor of the Federal Reserve Bank of MinneapoUs, Roy
A. Young and bankers of Montana and Minneapohs. A
rf^ference to the new branch appeared in our issue of Sept. 18.
page 1141. The officers are: O. A. Carlson, manager:
R. E. Towle, cashier; L. E. Rast, assistant cashier; L. L.
Long, auditor and assistant Federal Reserve Agent. Thomas
A. Marlow is Chairman of the Board of directors of the
branch. Mr. Marlow presided at the luncheon which was
held to signalize the opening of the branch. According to
the Montana "Record" the member banks of the Branch
include all the National banks isithin the Stato of Montana
and between 35 and 40 State banks that have become members of the Federal Reserve system.
The powers and functions that will be exercised by the
branch are indicated as follows in an announcement made
by Manager Carlson as follows:
Deposits Member banks will carry reservC'^nd clearing accounts with
—
the Helena branch.
The govermnent
will carry a deposit
and warrants and coupons
will
be
paid.
They will have discount operations.
The Helena branch will rediscount
eligible paper for member banks.
nppUcations for discount of commercial paper vvill be acted upon by the
manager and an executive committee, as will notes seciu*ed by the United
States securities for which immediate credit will be given, subject to the
final action of the executive committee of the parent bank at Minneapolis.
The branch will operate a clearing and collection department for the
clearing and collection of checks and drafts payable upon presentation,
Members of the Helena
also for the collection of maturing notes and bUls.
Clearing Hou.se association are either members of, or will carry clearing
accounts -with the branch, settlement to be made daily on the books of the
branch.
The Helena branch will be authorized to make telegraphic transfers for
depositing banks.
______^____^^_^^_^_^____
SETTLEMENT OF LIBERTY BOND BALANCES
THROUGH STOCK CLEARING CORPORATIONS.
The Stock Clearing Corporation of the New York Stock STATE INSTITUTIONS ADMITTED TO FEDERAL
Exchange announced on Fei). 8 that settlement of Libertjbalances would be inade through its "Day Clearing
Branch" beginning FeVi. 1."). The following is its announce-
Bond
ment:
STOCK CLEARING CORPORATION
8 iSroad St., \eu- York. Feb. 8 1921.
The Executive Committee has directed that the values of Liberty bond
balances to be delivered and to be received on balance orders of the "Night
Olearing Branch" of the Stock Clearing Corporation, be settled through the
"Day Clearing Branch" at the delivery price plus accrued interest, beginning with balances due Feb. 15 1921.
The method employed in handling these settlements \n]l be the same as
that now in force in settling "Night Clearing Branch" stock balances.
Bond balances must be entered on the itemized lists at the flat price the same
These lists must be filed
as is now done at the "Night Clearing Branch."
The value of the deliver}-,
at this office no later than 10 o'clock A. M.
including the accrued interest, must be extended on the credit and charge
As this sum %vill be in excess of the amount
tickets when delivery is made.
advised on the itemized list by the amount of the accrued interest, the value
of the flat delivery price must be entered on the credit and charge tickets
above the title of the security, and the amount of the accrued interest must
be entered above the delivery price. The Stock Clearing Corporation will
not require that numbers of Liberty Bonds be entered on the credit and
charge tickets as is done in stock deliveries.
To avoid delay in deliveries, the calculation of interest made by tne
delivering members, as recorded on the credit and charge delivery tickets.
RESERVE SYSTEM.
The Federal Reserve Board
at Washington announces the
Ust of institutions which were admitted to the
Federal Reserve Sj'stem in the week ending Feb. 4 1921:
follov\-ing
District
No. 6
Bank
of Millen, Millen, Georgia
No. 7
Ulch Bros. State Bank. Solon, Iowa
—
District
Capital. Surplus.
Total
Resources.
$50,000 $50,000
$597,476
50,000
No. 11.
60.000
The Farmers State Bank. Piano. Texas
District No. 12.
Bellevue Bank & Trust Co., Bellevue, Idaho.. 50.000
State Bank of Garfield, Panguitch, Utah
50,000
15.000
1.099,478
40.000
441,643
50.000
.549,973
District
—
52,500
Withdrawal.
of Goltry, Goltry, Oklahoma."
Bank
NEW OFFERING OF TREASURY
CERTIFICATES OF
INDEBTEDNESS.
A uew
issue of Treasury Certificates of Indebtedness, for
or thereabouts, was offered for subscription
by Secretary of the Treasury Houston on Feb. 9. This issue, designated Series G 1921, is dated and will bear interest
."i^lOO.OOO.OOO
THE CHRONICLE
Feb. 12 1921.]
from Feb. 15 1921, aud will be payable July 15 1921, with
Tlie certificates will be issued hi denoniliutei-est at 5^!%uations of $500, $1,000, $5,000. $10,000 and $1(K).00(), aud
will have one interest coupon attached, payable July 15
The certificates in the i)resent offering do not bear
1921.
circulatiou
privile{j;e aud will not be accepted in paythe
ment of taxe.s. The aunouncenieut of the Treasury I)ei)artmeut also says
The
ctTtiflcales of said serios shall
1m>
exempt, both
a.s
to
i)riiici|>al
and
taxation now or hereafter imposed by the UnitiHl st.itt*;.
any State, or any of the possessions of the United SUitts. or by any local
taxing authority, except (a) tistate or inheritance taxes, and (6) graduated
additional income taxes, coimnonly known iis surtaxes, and excess profit.s
and war profits taxes, now or hereafter imposixl by the United .States. u|X)n
the income or profits of individuals, partnerships, associations or ct)rporatlons.
The interest on an amount of bonds and certificates authorized by
said Act approved Sept. 2-1 1917, and amendments thereto, the principal of
which does not exceed in the aggrt^ato So.OOO, owned by any individual,
partnership, association, or corporation, shall be oxompt from the taxes
provided for in clause (b) above.
The right is reserved to rejcxjt any subscription aud to allot less than the
amount of certificates applied for and to close the subscriptions at any time
without notice. Payment at par and accruixl interest for certificates
allotted must be made on or before Fob. 1.5 1921, or on later allotment.
After allotment aud upon payment Federal Reserve banks may issue
Any
interim rweipts pending delivery of the definitive certificates.
qualified depositary will be permitted to make payment by credit for cerinterest,
from
all
customers up to any amount for which
It shall be qualified in excess of e.xisting deposits, when so notified by the
Federal Reserve bank of its district.
As fiscal agent of the United States. Federal Reserve banks are authorized
and requested to receive subscriptions and to make allotment in full in the
order of the receipt of applications up to amounts indicated by the Secretary of the Treasury to the Federal Reserve banks of the respective districts.
tificates allotted to it for itself
and
its
PROF. JOSEPH FRENCH JOIIXSOX DEXIES REPORTS
THAT HE WOULD MAKE BONFIRE OF
LIBERTY BONDS.
The daily papers on Jan. 30 reported Dr. Joseph French
Johnson, of the School of Commerce, Accounts and Finance
of the New York University as "willing to furnish the first
fuel for a public bonfire of Liberty bonds." In printing a
denial of the alleged statement the denial coming from
Prof. Johnson himself
the Xew York "Times" on Feb. 8
—
—
.said:
That Professor Joseph French Johnson, of the School of Commerce, Accounts and Finance, New York University, had advised people to burn
their Liberty bonds is a statement that appeared in print the other day
and since then has gone far. As it was a statement highly surprising to
come from a professional exponent of financial wisdom, it naturally has
elicited adversely critical or derisive comment from many quarters.
That is a fact equally to be regretted by the professor and by the commentators, for there is the best of authority his own that he never said,
and does not tliink, that a bonfire of "Liberties" would be a spectacle
either commendable or profitable. On the contrary, he believes these bonds
to be a good investment and recommends their purchase by his friends.
These are the facts in the case, as he presents them in a letter to the
—
—
"Times"
"Two years ago, when prices were rising and people were buying all
kinds of luxuries with their Liberty bonds, I said in a public address in
New York City that such practice was dangerous, for it tended to make
prices rise still further, and any such artificial rise of prices would certainly be followed by a crisis, if not panic.
'Rather than have people use
their Liberty bonds as money,' I said, 'I would prefer to see them all burned
in a big bonfire on the next Fourth of July.'
"A few weeks ago I addressed the business men in an up-State city on
'The Credit Outlook of 1921.'
In that talk I said that tlie rise of prices
which succeeded the armistice and culminated in a collapse last May had
been partly due to the use of Liberty bonds as money, but I said nothing
about burning them, for they are no longer working any mischief in our
markets.
"After my address two reporters talked with me and I tried to make
them see the difference between conditions to-day and those of two years
In my talk with them 1 told them about my bonfire suggestion of
ago.
two years ago. That was very unwise, as I see now, for one of the young
men in his report of my address made me advocate the burning of Liberty
bonds at the present time. I did not see his newspaper until ten days later
and so was considerably surprised when letters poured in from distressed
widows and indignant investors, denouncing me as a 'fool professor.' "
615
newspaper correspondents in Loudon had been warned
through a representative of the British Foreign office of an
anticipated brt^a^-h in relations between the two nations.
The dispatch around wliicli discussion centred was said
to have been sent in from London by the United News and
read as folhjws:
The British Foreign
Office made a gesture of tremendous slgrnificance
.summoned to its offii:e iu Whituhall every correspondent ntprasenting au .Viuericau newspaiwr or news .servi<:o aud utlerud through the lips
of one of the most important figures in Aiiglo-.\merican relations to-day a
when
it
w^irning that "wo are treading the path leading to war."
In substunct) the statomcnl was a direct appiiiil to lx)tn countries, througli
ho press, to exorcise patience and to use ovory pot>.sible care to giutrd against
statements or actions which might servo to arousu feeling either in England
or .Vmerica.
Hut It was a forceful, vigorous warning, iu which terms not
usually found in (Uplomatic exchanges wore used.
"Wo ivill always have some conuuerclal disputes," said the speaker,
"although thei-o is not one of them that cannot bo setllud diplomatically,
and ovory question now under disciUisiou by the two countries can be e.'t8lly
I
adjusted by diplomacy."
The speaker insisUxl upon describing the situation aa one of "broad aspects," in which the Anglo-American peoples are drifting apart through a
lack of comprehension of each other.
He declared that conditions had been brought about "by piecemeal."
partly through news and press stories exchanged between Great Britain and
.\inerica, and blamed much of the present sentiment in both coimtrios upon
Knglish and .\merican "politiciaiLS."
There has been adverse comment in regard to the intima-United News dispatch in Washington official
circles as well as in the British and American press, any
suggestion of a break in friendly relations being deeply
resented, not^vithstanding admitted differences of opinion
on numerous more or less important matters. Some of
the American newspaper correspondents in London, accordtions of this
ing to press dispatches, have, since the publication of the
when they were received it was the
understanding that the interview was to be considered
confidential and not to be quoted.
report, admitted that
LABOR LEADER BRINDELL SENTENCED— FACES
OTHER CHARGES.
Robert P. Brindell, head of the Building Trades Council,
convicted Feb. 4 of extorting $5,000 from Max Aronson,
owner of a biulding under construction at 236 West 36th St.,
to call off a strike instituted while the work was under way,
was sentenced on Feb. 8 by Justice John V. McAvoy for a
term of not less than five nor more than ten years at hard
labor in Sing Sing Prison. He now faces trial on other indictments in which he is named as co-defendant with his
associates, Peter StadtmuUer, Richard Pike and Joseph
Moran, walking delegates of the Building Trades Council.
These indictments are several of a series which followed disclosures before the Loekwood Legislative Committee at its
hearings in the City Hall and all relate to contributions alleged to have been demanded from contractors before they
could secure labor. The prosecution is to be conducted by
Samuel Untermyer, Special Assistant District Attorney and
chief counsel to the Loekwood Committee, who successfully
conducted the first trial in the interests of the State. Martin
W. Littleton, counsel for Brindell, it is said, will within the
next few days apply for his client's release pending appeal.
Justice McAvoy granted Mr. Littleton ten days in which to
make his application, during which time Brindell wall remain
in the Tombs.
THE CASE OF ROBERT BRINDELL.
IRichard SpUlane in the Philadelphia "PubUc Ledger," Feb. 5 1921.)
Consider the case of Robert BrindeU.
A few months ago he was the Overlord of Labor in the greatest city of
the Western World. Tens of 'thousands of toilers obeyed his orders aa
unhesitatingly as the boys of the A.E.F. obeyed those of Pershing.
Labor
paid the honor to him of putting his yearly salary at $35,000 thrice that of
Samuel Gompers and surely enough for any reasonable man's needs.
Clever and a natural leader of men, BrindeU brought more of unity and
organization and fildelity into the ranks of the building trades worka« of
New York than ever had been known before. He might have beem a great
force for the good of those who had faith in him.
But he had the money itch. He saw in the power he controlled opporWhile ostensibly playing only tlM
timity for plunder on a great scale.
game of Organized Labor, he played the game of Organized Blackmail.
Great corporations, powerful contractors and others had to pay tribute to
him in order to do construction work in New Y'ork. He set the price
They settled on his terms or were crucified.
Law, decency, the welfare of the public, were disregarded in his in-
—
REPORTED POSSIBILITY OF BREAK IN ANGLOAMERICAN RELATIONS DENIED.
A statement expressing a formal denial of any authorized
official
expression of unpleasantness in diplomatic relations
between the United States and Great Britain, attributed to
the American press, and expressing confidence that any question which might arise would be disposed of without difficulty "either
with the existing or the succeeding
administration," was issued by the British Foreign office on
Feb. 9. The statement reads:
The statement on Anglo-American
quoted in the English press
this morning as having appeared in the American press was ma<le without
the authority or knowledge of the Foreign Office, and does not in any way
istration.
On
And all
relations
represent the views of the Foreign Office upon the present;, or futtire state of
relations between the two coim tries.
On the contrary, the Foreign Office is confident that any questions
arising between Great Britain and the United States can, and will, be
settled without difficulty whether with the existing or succeeding admin-
the same day, by direction of the British Government,
Craigie, British Charge at Washington, called on
Secretary Colby to deny published reports that American
Leslie
satiable greed.
the while Union Labor
made no
protest.
Organized and imorganized labor worked side by side on the same Job
if
he said
so.
Organized labor refused to handle material
if
he said
made by imorganised
labor
so.
Organized labor struck at sight of tmorganized labor if he said ao.
Brindell was He Who Must Be Obeyed. And he was obeyed. Labor
cared nothing for stories of colossal graft so long as BrindeU 's method gave
Labor didn't see or didn't care that in the ultihigher and higher wages.
mate analysis the pubUc, of which Labor makes up the larger single body.
paid the larger part of the biU.
Bankers, big business men, leaders in many departments of Industry
bowed down to Brindell, sought his favor, feared his wrath. He held the
power of business life or death over many men. His office was the place
I
THE CHRONICLE
6i(;
where
all
Machine
went to
In
ii
offer tribute to propitiate the Graft
city of Six MillUiu Souls.
Ood
of the Building
Ilo w;ls i'owor poi-soiilfl(Ki.
Novor had a Labor leader «o much of it or
exercised It, so ruUilossly and Karnercxl so miieh in money.
He lauKliod at the law.
would dare Ills wnilh
Those who bouKht
privllcKO from him?
Not niurJi. Thoy could not afford it, for it is an
criminal to rIvo a.s to receive a bribe.
Who
'!
But to-day nrindcll Is a convicted criminal. On TuoBday he Is to ho
nentenced. and ho may ko to .'^tnt? .sinj? for 1.5 years. Much of tho fortune
he anm.s<iod has iron'? *o iawyei's Hkilind in the criminal law. Their efforts
w«ro v^iin. More of his wojillh may ko In attempts to overturn the sentence
the Supreme Court of .Ju.stice metes out to him. So long as he ha.s money
the lawyers will fatten on him.
What does it profit?
Not ho alone, but his vrife, his relatives, all those he loves suffer by the
brand of (^minal put upon him.
He betrayed honest Lal)or and sooner or later Labor will see the vileness
of his
a(rts.
more to woal<on Organized Labor in New York than all the forces
hat have combatted it for years.
He had the elements of leadership out of which big. able, great men axe
developed,
lie might have been a powerful force for good in the ranks of
He
did
American Laix)r.
But he preferred to be a grafter. And now be
does he profit? Wherein docs Labor profit?
is
a criminal.
Wherein
UNITED ST A TES SUPREME COURT REVERSES
BERGER CONVICTION.
.[Vol. 112.
White Ilouse &s he, Debs, was sleeping
and is rf;ported to have added that had the President pardoned him it would have Ixjen equivalent to Benedict Arnold j)ardoning George Washington.
Continuing,
Debs said:
It wa.s my own only fear that
might be indebted for my liberty to
as restfully in the
in pri.son,
I
Woodrow
Is
Wilson.
.My record, good or bad,
the only way it could have l)eon smirchMi.
Debs further
for parole
.said
Is
at least consistent,
and that
that although he was eligible
was not hi.s intention to request
that h(! would either starve the com-
in effect
Aug. 11 1922,
it
nor atjcept parole, l)ut
term or attain relea.se through an "unconditional
pardon." In his criticism of the President, Debs is quoted
as saying in part:
The man Wilson Is not rational
The manner In which he kicked Lanxtng
out of office when he tried to perform his duty when Wilson was incapacfplete
.
tatod indicates that there
Armenia,
when he
Ru.s.sia
—
is
something wrong with the man.
His note on
which he
advi.ses other countries to keep their hands off Rajvia
him.sclf sent an army of soldiers under fJeneral Graves to crush
this has made him the laughing stock of Europe, especially sfnc«
in
the note came with still mroe ill grace when It Is considered that Wilson was
the first to greet officially the new Russian republic after the downfall of
the Czar.
I understand perfectly the feelings of Wilson.
When he reviews what he
has done, when he realizes the suffering he has brought about, then he Is
being punished. It is he, not I. who needs a pardon. If I had it in my
power I would give him the pardon which would set him free.
Woodrow W'ilson is an exile from the hearts of his people. The betrayal
of his ideals makes him the most pathetic figrure in the world. No man in
puljlic life in American history ever retired so thoroughly di.scredited so
scathingly rebuked, so ovenrhelmingly impeached and repudiated as Woodrow W^iLson. Shortly before the November election his private secretary
made a pitiful plea for him, saying that all he craved was the love of the
people.
This plea was stamped by the American President with the one
word "denied," the one word he wrote on the back of the recommendation
for my pardon.
Reversing the conviction of Victor L. Berger of Milwaukee, Socialist, publisher and former member of the House of
Representatives, and four co-defendants who had been pronounced guilty of violation of the Espionage Act, the United
States Supreme Court on Jan. 31 handed down a divided
The decision as reported held that Judge Kenesaw
opinion.
Mountain Landis of the Federal District Court of Chicago,
before whom Berger and his associates were tried, was disIn discussing the disarmament proposition Debs stated:
qualified to preside after the defendants had filed with the
I
would sink the navy to the bottom of the sea, disbaind the army and
bias
and
personal
with
charging
him
Court an affidavit
raise my naked arms to the slcy.
Then no civilized nation would dare to
sentencing
a
in
previous
prejudice displayed a short time
attack us. That is the example I would hold up to the world.
I've been
priosoner named Weissensell also accused of violating the to many meetings where every man was armed; I have been in all sorts of
situations; I have looked into the muzzles of loaded guns, but I've never
Espionage Act.
I am armed by being armless.
carried a weapon in my life.
that
held
Court
The majority opinion of the U. S. Supreme
Senator Capper showed the other day that out of the $4,000,000,000 anin the interest of equity Judge Landis should have withdrawn nual expenditure for this country 97% is spent on war, results of war and
preparation for war, while 3% is spent on educational and constructive
after his eligibility had been attacked.
work. That's where Wilson stands. I stand for construction instead of
The Court di^^ded 6 to 3, Justices Day, Pitney and Mc- for destruction and devastation.
Reynold dissenting. The majority opinion was delivered
Disapproving the recommendation of the Attorney -General
by Justice McKenna, who after referred to the law in similar in regard to the commutation of Debs's prison term, the
cases said of the affidavit:
President stated that no sufficient cause for granting freeThe facts and reasons it states are not frivolous or fanciful, but sub- dom had been showTt and that no principle of justice w^as instantial and formidable and they have relation to the attitude of Judge
volved, as his case had been presented before the United
Landis's mind toward defendants."
The Supreme Court inquires of what concern it is for a judge to preside in States Supreme Court (as referred to in page 1127 of the issue
a particular case. It rules that the seotion of law under which a judge is of March 22 1919) and decided after a hard-fought contest.
barred from trj'ing a case on the filing of an affidavit of prejudice is imDebs is said to be a model prisoner and with good beha\nor
perative and "we cannot be relieved from its imperative conditions upon a
dread or prophecy that they may be abusively used. They can only be so his sentence will expire in December 1925.
He was arrested
used by making a false affidavit and a charge of and the penalties of perjury following
speech
Canton,
Ohio,
in
June
in which he
a
at
1918,
restrain from that perjury in him who makes the affidavit, connivance
disbarment."
him
to
Government
in
subjecting
assailed
participation
of
the
the war,
the
thereby
therein of counsel
justiwas
charges
against
him
under
Espionage
Landis
being
brought
the
Act.
Judge
that
The dissenting Justices held
remarks
of
his
Since
his
confinement
has
been
much
agitation
his
report
there
bjofficial
fied in tr.ying the case, that the
filing
and
was
the
mere
adherents
to
bring
about
his
release,
he
the
candidate
mind
and
betrayed no prejudiced attitude of
of an affidavit made on "information and belief" with no of the Socialist Party for President at the recent Presidential
substantiation of "facts" should not be accepted as evidence election.
,
—
of his unfairness.
Justice
Day
said in part:
opinion of the court places the Federal courts at the mercy of defendants who ar, willing to make affidavits as to what took place at previous
and the uncontradicted
trials in a court which the knowledge of the judge
districts may greatly
test of an official show to be untrue, and in many
retard the trial of criminal cases.
The
As stated in our issue of Nov. 22 1919, page 1954, Berger
and four others, WiUiam F. Kruse, Adolph Germer, J.
Louis Engdahl, and Edwin St. John Tucker, were sentenced
by Judge Landis on Feb. 20 1919 to 20 y^ars imprisonment
charged with violation of the Espionage Act and conspiracy
The case was appealed to the United
to obstruct the draft.
of Appeals, and finally reached the
Court
Supreme
States
Court. The ruling of the latter
Supreme
States
United
court, does not relieve defendants of the charges against
them and will probably mean a new trial in a Federal District
Court.
DEBS CRITICIZES WILSON FOLLOWING THE
PRESIDENTS REFUSAL TO FREE HIM.
Denouncing President Wilson, whom he characterizes as
"an exile from the hearts of his people," and criticizing his
Russian and Armenian policies, Eugene V. Debs, SoeiaUst
serving a ten-year sentence in the Federal prison
at Atlanta, Ga., for violation of the Espionage Act, issued
a statement Feb. 1 through his attorney, Samuel M. Castleton, following the refusal of the President to commute
Debs's sentence and permit his release on Feb. 12, as recommended by Attorney-General A. Mitchell Palmer. In this
statement Debs expressed the hope that the President slept
leader,
now
HOUSE PASSES BILL A UTHORIZING PARTIAL
PAYMENTS
The Winslow
Bill
TO RAILROADS.
which would permit partial payment
t-o
the railroads of funds due them under the guaranty provision
of the Transportation Act, was passed by the House on
Feb. 8 by a vote of 183 to 157. On the previous day (Feb. 7)
when it was sought to pass the bill under suspension of the
rules, the vote of 220 to 111 fell short by two-thirds of a vote
According
of the two- thirds majority necessaryj for passage.
to the New York "Tribune" advices from Washington Feb. 7
Representative John J. Esch of Wisconsin, Chairman of the
Committee on Interstate and Foreign Commerce, which
reported out the bill, declared that unless the raihoads were
allowed partial payments on their money due them under the
agreement by which they were restored to their owners
many supply companies would be unable
to
ployees and some would have to shutdown.
is also taken from the "Tribune":
pay
their
em-
The following
The decision of the Coinijtroller of the Treasury by which further payments to the railroads were prohibited until they had made complete accountings would delay complete settlements for years, said Mr Esch.
"There are deferred items of debits and credits arising out of personal
injury cases, loss and damage claims, reparations and things of that kind,
wliidi, going thi-ough the channels of the courts, will take years for final
settlement." he said
"The lo.ss to the Government under the six months' guaranty will be about
$631,000,000. of which S31.000.000 is due the American Railway Express,"
he said "Of this amount the Inter-State Commerce Commission has decided that there is no doubt that .S310.000.000 will be due the roads when
It has ordered this amount paid, but
the final settlement is agreed upon
he Secretary of the Treasury has decided he did not have the power to
THE CHRONICLE
Feb. 12 1921.]
It M~<i.s the inU'iitioii of < 'oiiijrfK> Ihut this amount
honor tho voui-hoi-s
should be paid iu |)arllal paymenlB and that i.s all there is in this hill
"The biK loss to tho (ioverniiiont \vas cauBtxl l>y the fact that tho Hailroad
Labor Hoard addt^i an additional burden to lli<> ii)ads of S-'Od.OOO.OOO or
more for inrrejised wages during tliij> period: that an ilhif,'"' strike of switehmon was eall(>d, and that many coal miners were on strike, thus Kreally
decrtvisinK railroad revenues
If the <iovormueut had not pr<>vide<l the
guaranty the transportation system of tho couiitr>- would I'ave failed If
partial payments are now allowed It will Ix' jtars before a final payment
"
can be made
The New York "Commercial" stated that although the
bill was open to amendments on Feb. 8, it was passed without any important changes. Only one amendment was
adopted. This was an amendment by Representative
Dewalt, of Pennsylvania, reserving to the Government tho
right to recover
from tho railroads
in the ease of excessive
payments.
It also said:
District Attorney Laskey declared before the District of Columbia Court
of Appejils to-day [Feb. 8 in art^ment in the mandamus proceedings iiLstiCuted by the railroads to compel the Secretary of the Treasury to draw
warrauts for partial payments to the railroadLs. that the Secretary of tho
Treasury was within Ids rights in passing on the legality of certificates issued
by the Inter-State Commerce Commission. He asserted that if two conatructions could be placed on a law, the Secretary could follow the one be
thought to be correct.
J. H. Covington, counsel for the railroads, asserted the Secretary had no
discretion under the law. but should draw warrants without question after
tliey had been issued by the Conuui^ision upon which, he said, was placed
the responsibility for their being in accord with the law.
I
The
following
on the 8th
is
the text of the
bill
as passed
by tho House
617
to wage disputes.
The National agreements
working rules for emplo^'eos of certain deparliuents
laborers as
establish
and do nut <o\er wage
rates.
Mr. W. W. Atterbury, representing the earners on Feb. 10
sent the following letter to Chairman Barton reiterating the
necessity for expediting relief measures for the carriers.
Yoiu- board in ius deei.sion ha.s very i)roperly said that "aU quastions
Involving the expen.se of operation or the uec«^ssiiies of ralirouds" are under
the Jurisdiction of tlie Inter-State Commerce Commission.
If there is any doubt In the mind of the board of the correctness of my
stat«5ment of the serious financial condition of the railways. I Ijeg you to
request immediately a statement of the fact* from the Inter-Stale Com-
merce ('omiuLssion.
In your decision you say that the board is not Insensible of the fact that
national agreements, rules and working conditions affect the expenditures
of the railroads, and that if any of them are unjust and unrea.sonable they
constitute an unwarranted burden upon the railroads and the public.
This
matter of rules and working conditions has Ijoen iu controversy ever since
the railroads wore returned to private oi)eralion. almo.st a year ago.
The unwarranted burden imposed by unreasonable rules and working
conditions is esiX-'cJally great and dangeroas at a time of financial stress such
as the prtsent.
It is therefore gratifying that you announce you intend to
pro<:oed to a determination of the rea.sonablenesK of the existing national
agreements, rules and working conditions with the utmost practicable
expedition.
With regard to tho wages of unskilled labor, the Association of Railway
Executives will take immediate steps to have that matter presented in
definite controversies between individual carriers and their employees.
T.
DE WITT CUYLKR EXPREHHES APPROVAL OF
DECISION OF PRESIDENT WILSON IN
inst.:
[H. R. 15836].
ACT To amend tho Transiwrtation Act, 1920.
Be it enacted by the Senate and House of Representatives of the United Stales
of America in Congress assembled, That the Transportation Act, 1920, is
hereby amended by adding after section 211a new section to read as follows:
"Sec. 212. (a) In making certifications under section 204 or section 209,
the Commission, if not at the time able finally to determine the whole
amount due under such section to a carrier or the American Railway E.icpress
Company, may make its certificate for .any amount definitely ascertained
by it to be due, and may thereafter in the same manner make further cerThe autnority
tificates, until the whole amount due has been certified.
of and direction tokhe Secretary of the Treasury under such sections to draw
warrants is hereby made applicable to each such certificate. Warrants
drawn pursuant to this section, whether in patliial payment or in final
payment, shall be paid: (1) If for a payment in respect to reimbursement of
a carrier for a deficit during tho period of Federal oontrol out of the appropriation made by section 201: (2) if for a payment in respect to the guaranty
to a carrier other than the American Railway Express Company, out of the
appropriation made by subdivision ig) of section 209; and (3) if for a payment in respect to the guaranty to the American Railway Express Company, out of the appropriation made by the fifth paragraph of subdivision
(t) of section 209.
"(6) In ascertaining the several amounts payable under either of such
sections, the Commission is authorized, in the case of deferred debits and
credits which can not at the time be definitely determined, to make, whenever in its judgment practicable, a reasonable estimate of the net effect of
any such items, and. when agreed to by the carrier or express company,
to use such estimate as a definitely ascertained amount in certifying amounts
payable under either of such sections, and such estimates so agreed to shall
be prima facie but not conclusive evidence of their correctness in amount
in final settlement."
RAILROAD C'ONTRO VERSY.
AN
,
ABROGATION OF NATIONAL RAILROAD AGREEMENTS REFUSED BY U. S. LABOR BOARD.
The request
of the railroads for an immediate abrogation
national
agreements
and war wage schedules for unskilled
of
denied
labor was
by the United States Labor Board at Chicago on Feb. 10. The decision of the Board stated in effect
that it was unable to authorize a return to the agreements
and working conditions as of Dec. 31 1917 without evidence
that they would apply equally as well to the present. The
Board also denied the request of the carriers to apply to railroad laborers the prevailing wage rate for unskilled labor.
It was further stated that the Board was at present endeavoring to determine as to any alleged injustice in the provisions
of the national agreements and would continue hearings to
that end. A Chicago dispatch to the New York "Commercial" quotes the Board to the following effect:
"It Is obvious that the Board cannot assume without evidence of the justness and reasonableness of the agreements, rules and working conditions in
on each railroad as of Dec. 31 1917, that such agreements, rules and
working conditions would constitute just and reasonable rules and working
conditions to-day on the railroads parties to the present dispute," the Board
aimounced.
"To make such a decision without evidence and careful consideration
would" be an abdication of the f mictions of this Board, and would frustrate
the purposes of the Transportation Act.
|lH"The Board must also deny the request that the prevailing rate of wages
In imskllled labor be applied to railroad laborers.
"The Board Is now endeavoring to determine whether any of the rules in
the national agreements are unjust, and will be better able to succeed in doing so if it is not further Interrupted by the introduction of unwarranted
effect
demands by either party," it is stated.
The Board announced it woixld continue its hearings on the national agreement and would hear the employees' side of the case.
The decision of the President referring the arbitration of
the dispute to the Labor Board is referred to at length in
another item in this issue.
Following the announcement of the decision, it is said
railroad executives intimated that the roads would shortly
arrange for individual conferences with their unskilled
Approval of President Wilson's course in denying the request of the railroad unions that he intervene in the controversy between the unions and the roads as to working agreements and wage adjustments was expressed by T. De Witt
Ciiyler. Chairman of the As.soeiation of Railway Executives,
in a tele.uram which he sent to I'resideut Wilson on Feb. 6,
iu which he said
I acknowledge wth thanks the courtesy of your telegram of to-day.
:
Your conclusion that the United States Railroad Labor Board is the appropriate body to settle the questioas now properly before it, and the InterState Commerce Commission is the proper body to settle any other questions
companies for the character of
sound and proper conciasion.
We appreciate your promoting the cause of orderiy procedure by the position
which you have taken.
1 assume that your statement, "It does not seem wise to comply with
your suggestion that the matter be submitted to the Congr«is," was intended as a reply only to the representatives of the railway employes, as
we have never at any time made such suggestion.
A-side from the wages of unskiUed labor in accordance with no existing
conditions, our effort is to secure a prompt decision of one fundamental
point, namely, that the managements, for efficient and economical railway
operation, shall have the opportimlty to sidjust rules and working conditions to meet the differing needs of the railroads and of the territories which
they respectively serve.
The evidence which we have already presented to the United States
Railroad Labor Board demonstrates beyond questiou that it is economically
unsound, and can only bo fraught with disaster, to attempt to compel all
regarding the responsibility of the railroad
their operations, is, in our judgment, the
the railroads in the country, regardless of their differing conditions, to
operate under rigid and uniform working arrangements. It has also
demonstrated that the existing wartime working arrangements do not deny
this necessary right of variation, but that they scandalously inflate the
labor cost of railway operation and result in enormous waste and inefficiency.
Upon their termination, the railroads stand ready to adjust their rules
and working conditions in accordance with the differing normal needs of
the country, each carrier in orderly conference and negotiation with its own
employes and in obedience to the letter and spirit of the Transportation
Act.
The railroads are also prepared to fully meet before the Inter-State
Commerce Commission any responsible charges or inquiries regarding
their operations.
They do, however, strongly object to the obviovis
attempts of certain leaders of railway employes to evade the real questions
at issue and delay and becloud their settlement by irrelevant and unfounded
charges.
PRESIDENT WILSON REFUSES RAILROAD UNIONS'
REQUEST TO INTERCEDE IN WAGE DISPUTES.
The
request of railroad union leaders that President Wilson take steps to have the Inter-State Commerce Commission examine into the alleged imminent bankruptcy of the
railroads (an assertion to the effect having figured in the
arguments of the carriers in their plea for the abolition of
national agreements) was denied by President Wilson in a
telegram which he addressed on Feb. 6 to the heads of the
railroad unions jointly and to the Association of Railway
Executives. In refusing the request of the union leaders,
the President noted that the Transportation Act placed all
questions of dispute between carriers and their employees
under the jurisdiction of the Railroad Labor Board and all
questions dealing with finances and railroad management
under the jurisdiction of the Inter-State Commerce Commission, and he stated that it would hence be manifestly
unwise for him "to take any action which would interfere
with the orderly procedure of the Inter-State Commerce
Commission or the Railroad Labor Board." The President's
reply is understood to have been based on the recommendations of Secretary of the Interior Payne, who still acts as
:
:
THE CHRONICLE
«18
Dlrcftor-fJonornl of the Railroad Administration. The request of tho railroad unions was roforrod to in detail in our
issue of Saturday last, pa^e HM. The followin^r is the reply
made hy
I
T'resldent "Wilson
have
with
rarpriilly considered tho scvcM-al leletoams
the labor <|iieNtions and railroad inanaKeincnt
addressed to me.
now under
c|ealiii>;
eonsidvr.ilion
by the Uailriiad Labor Hoard In Chicago.
"The TraiLsiiortalion Act a|>|)rovcd l>"ol>. 28 1920, to a greatei extent than
any previous Ie(;islallun place- all question.'-- dealing wltii finance!-' and railroad management and necas.sary rates undel- the jurisdiction of the InterState Commerce Conunitssion; hence all questions involving the exi)cnso of
operation the necessities of tho rallroad-s and the amount of money nccossary
to secure tho successful operation thereof are now under the jurisdictiou
of the commission.
"At tho same time the Act placed all questions of dispute V)elwecn carriers
and their omploye.s and suboi-dinate officials under the jurisdiction of
the Railroad Labor Board, now sitting in Chicago. This board is composed
of three members constituting the labor group, representing tlie employees
and subordinate officials of the carriers; thi-ee members constituting the
management group, representing the carriers, and three members constituting the public group, i-eprcsenting the public.
"So far as I am advised the board may bo relied on to give careful and
To seek
intelligent consideration to all questions witliin its juri.sdiction.
to influence either of these bodies upon anytliing which has been placed
within their jurisdiction by Congress would be unwise and open to grave
Utilities the
[V©L. 112.
of the Special (Committee that may now be appointed
the Chamber adopts tho resolution which I am directed
members
by the President
if
to present.
Resolved. That the President of the Chamber be, and he is hereby, authorixixl to appoint a Special Committee on the Rapid Transit situation,
whoso duty It shall bo to conHidcr and report to the Ckambvr at a special
m<!eting to bo called two weeks from today, such rocommendatinns as they
may find advi.sablo with reference to the rapid transit situation in the
City of Now York, and crspocially to wjnsider and report upon the questions
contained In the recent mcss:ige from the fJovernor of the State on the
subject of rapid transit.
.
objection.
"It would be manifestly unwise for me, therefore, to talre any action
wnich would interfere with the orderly procedure of the luter-State Commerce Commission or of the Railroad Labor Hoard, and all the matter
mentioned in your telegram are within the jurisdiction of one or the other
of these bodies, and in their action I think we miay repose entire confidonco.
"In view of the foregoing, it does not seem wise to comply with j'our suggestion that tho matter bo submitted to the Congress, and the only action
deemed necessary is to .submit copies of the telegrams received from you and
from the representatives of the railroad executives to the Inter-State Commerce Commission, and to the Railroad Labor Board for such action as
these bodies may deem wise in the premises: This will be done."
The telegram was addressed to J, F. Anderson, Vice-President of the International Association of Machinists; Thomas De Witt Cuyler, Chairman of the Association of Railway
Executives, and E. F. Grahle, (jirand President of the United
Brotherhood of Maintenance Employees and Railway Shop
Laborers.
SPECIAL COMMITTEE OF N. Y. CHAMBER OF COMMERCE TO REPORT OX RAPID TRANSIT SITUATION.
A
resolution calling for the appointment of a special com-
mittee charged with considering and reporting to the Chamber of Comuierce of tho State of New York on the rapid
transit situation was adopted at the Chamber's meeting on
Feb. 3.
The committee, which is to submit its report on
WilFeb. 17. was named as follows by President Kiugsley
liam McCarroll, Michael Friedsam, Wilson S. Kinuear, Alfred S. Marling, William A. Prendergast. M. P. Moseley and
B. F. White. The question was brought up for consideration at the meeting on the 3rd iust. by E. H. Outerbridge.
who submitted the following report for the Executive Committee
The Chamber of Commerce has often been called the "Father of Rapid
:
:
Transit in the City of New York." Its efforts were paramount in the
initiation of the movement for rapid transit and it was chiefly through the
studies of its Committee and the subsequent interest and activity of its
members, who constituted the original Rapid Transit Commission, that
New York obtained its first rapid transit subway. The memorial tablet at
the City HaU Station bears this inscription: "Suggested by the Chamber of
Commerce."
Again in 1908 it was the Chamber's Special Committee on Rapid Transit
which took the lead in investigating the conditions then surrounding the
question of the construction of further rapid transit lines in New York City,
in order that the causes then obstructing further progress should be clearly
established, with the object that they might be removed, and that report
formed the basis for much of the legislative enactment subsequently recommended by the PubUc Service Commission which had come into office in 1907
It is interesting to read that report again at this time because it clearly
foreshadowed the probability of some of the conditions arising which have
since developed and suggested at that time methods for establishing the
business of rapid transit on permanently sound lines, which were not
adopted in the contracts finally worked out by the City in the dual subway
system.
Other reports in 1910 and 1911 show" that the Chamber dealt on three
different occasions with reports on this subject in connection with the
proposals for what was then called the "Tri Borough route."
The people of this commmnty are now again facing a serious crisis in the
matter of its rapid transit facilities. The Governor of the State has sent a
special message to the Legislature with proposals of far-reaching importance
for dealing with this stituation in which every citizen has a vital interest.
It would be inconsistent with the record of this Chamber if it failed to give
its consideration to thig great subject, but there is not now any committee
of the Chamber free to deal with this subject because of the calls upon the
time of the members of the various committees with the subjects with which
they are already specially charged.
The Executive Committee assumes that the Chamber will adopt at this
meeting the amendment to the By-Laws providing for a new standing
committee on "Public Utilities in the Metropolitan District."
Such a committee, however, cannot be elected until the annual meeting
of the Chamber in May on nomination by the Nominating Committee in
the regular manner.
Tne Executive Committee, however, believes that the President should
be authorized at this meeting to appoint a Special Committee to consider
the Rapid Transit question now pressing for a prompt solution, particularly
as relating to the question of policy as set forth in the Governor's message
and now under consideration by the Legislatiu'e of the State.
If the Chamber concurs in this opinion it may prehaps be assimied that
when the Nominating Committee is appointed it may well take into consideration as possible nominees for the Standing Committee of Public
PREMIER DAVID LLOYD GEORGE OF ENGLAND INHIHTS THAT GERMANY MUST PAY AND DISARM.
A speech in which he declared that the Allies' claim
against (Jermany "is a righteous one and we must enforce
if was made by Premier David Lloyd George, at Birmingham, Eng., on Feb. 5, upon the occasion of his receiving the
freedom of the city. The Premier stated that "the burden
imposed is not an extravagant one for the fir.st two years:
it is not (Kjual to the annual pension bill of France, or Great
Britain alone for the first two years.
Afterward it increases, but that is in i)roportion to the increased prosperity of Germany."
Another declaration by Premier George
was: "If Germany is not prosperous .she cannot pay. If
Germany is prosperous she can pay and she mu.st pay.'" In
asserting that "Germany can pay if she means to," the
Premier added
"She has not yet taxed herself to the level
of Great Britain or France. It is intolerable that the country that inflicted damage, and that while it was inflicting
damage" was escaping danger itself should escape with a
lighter burden, less taxation, than the two countries that
were victims of this wanton attaclc, and we cannot allow
it."
The stipulation of the Treaty of Versailles, with regard to disarmament. Premier George described as the
first of the two conditions that it is essential .shall be respected by Germany. There can be no peace, he averred,
"It is," he said, "those gigantic
without disarmament.
efficiency
year by year, swelling in
increasing
their
armies
equipment of slaughter
terrible
numbers and adding to the
generation by generation and year by year that have precipitated the world into this horrible conflict. It is the first
condition of peace that this machine must be broken uji
beyond rei)air." These remarks of Premier Uoyd George,
as quoted above, were contained in a copyright cablegram
from London Feb. 5 to the New York "Times," which we
:
give in full herewith
Premier Llo>d George insisted to-day at Birmingham that Germany
should and must pay the reparations demanded by the Entente. The Treaty
of Paris, he declared, must be observed and the Germans must disarm.
He was returning thanks for the freedom of the City of Birmingham,
which had been conferred on him, and, after referring to the splendid effort the city had made during the war in munition making, he said:
"I can give you some idea of the colossal character of the issues which
are at stake by just for one moment asking you to throw back your recollections to another great conference held at Berlin forty-two or forty-three
years ago. It was presided over by a great German statesman. It attracted
the attention of tliis civilized world, and its decisions were of great moment,
but it was only concerned with the affairs of one decrepit empire tlie
It was concerned with the adjustment of its boundaries.
Turkisli Empire.
"If the great statesmen who were present at that conference had been
privileged to glimpse into the future and see another conference sitting in
Paris presided over by a French statesman forty-three years later, I wonder
Prince Bismarck would have seen that
wliat they would ha\e thought?
conference dealing not only with the Turkish Empire, no longer an empire.
He would
for that would have been a small part of its deliberations.
have seen that conference recognizing four republics carved out of the
Russian Empire, which was then the victor. He would have seen Ministers
from Fiance, Great Britain, Japan, Italy and Belgium considering how
they could reconstitute the remnants of the proud Empire of Austria, not
reconstituting it as a great power and as a great force, but reconstituting
its shattered remnants just enough to enable it to keep its population from
—
starvation.
Would Have Seen German Humiliation.
"They would have seen something that wousd have put more than shame
They would have seen those
into the hearts of the German statesmen.
Ministers considering the disarmament of Germany, the reduction of that
They would have seen them reducing this
great army built by Bismarck.
great military machine into a force of 100,000 men. a force smaller than
the army of Great Britain, of which Bismarck once infamously said that he
would leave it to be dealt with by the Prussian leagues. They would have
seen that conference discussing how many millions of indemnity that great
empire should pay for the devastation it had wrouf^t.
"That would give you some idea of the tremendous issues involved in
this conference where there was the most complete agreement.
"We did it in the course of a week. One of the most ill-balanced of our
critics said we wasted our time, but upon that I shall have something to
say in another two or three days. I will do my best on this occasion to
shun controversy.
"Two decisions were taken at this conference, one in regard to Turkey.
I would rather not say a word about that at present because in the next
three weeks or so I may be called upon to preside at a gathering, and I
would rather say nothing about that issue now. As to the reconstruction
of Central Europe, there again, with the time at my disposal, it would be
impossible for me to give an adequate idea of what has been done.
"All I cay say is this: We fully realize that the trade and business of
the world cannot be set going until you are able, somehow or other, to
And I may say we are taking
restore normal conditions to Central Europe.
^^teps which will assist in that direction.
THE CHRONICLE
Feb. 12 1921.]
Peaee Treatie* Mutt Be Respected.
propose to take up all my time this afternoon in dealing rather
with that part of Uie conference which affects the relations of Cerniany
to other nations, for CNseiitial to the restoration of the world to a healthy
state of things is the restoration of real peace, the recreation of an atmosphere of peace, of a peacable frame of mind, the restoration of real neighThe first condition of tliat is that peace
borliness among the nations.
treaties must be respected.
•'We entered into the war becau>e a treaty was broken. Now it is over
we means to see that treaties are observed. Unless it is recognized that
treaties nmst stand you will have nothing but a constant state of unre.^t in
Europe.
A challengetl treaty is war in suspense. Tlie Allies may be able
to adapt the conditions of the treaty to any new circumstances that may
arise, circumstances that could not have been foreseen at the time the
We have shown the utmost readine.ss to meet such contreaty was signed.
"But
I
But the treaty nuist stand.
•'There are notably two conditions that it is essential sliall be respected
First is the stipulation of the Treaty of Versailles with reby Cennany.
There can be no peace without disiirmament. It is
gard 10 disarmament.
ditions.
those gigantic armies increasing their efficiency year by year, .-.widling in
numbers and adding to the terrible equipment of slaughter generation by
generation and year by year tliat precipitated the world into this horrible
It is the fir.-.l condition of peace that this machine must bo
conflict.
broken up beyond repair, not merely broken up, but broken up beyond
repair.
"1 have
knowledge on behalf of the British Government that since tlie
armistice Germany has made very great progress toward disarmament.
I
will give you a few figures of what she has surrendered and these figures
will give you some notion of what a terrible machine .she possessed and
you can guess whether it was built up for a good purpose.
Has Surrendered.
war in cannon great and small 1 will
31,000 and 10,000 trench mortars.
I remember
n'hat
•'She has surrendered
—
Sive you round figrures
(ji
rmani/
—
since the
few hundreds. We had, I think, a few big guns
and even in 191o we had only a few score big guas. There are thousands
and thou.siinds of the biggest guns e^•or forged surrendered, broken, smashed.
"I remember that we had about 100,000 shells.
I think we had 80,000
our
army with
little
its
in reserve in June, 1913.
Germany lias surrendered since the armistice
33,000,000 shells.
"In the case of machine gruns, I remember that we had, I think it was
two or three hundred. Germany has surrendered 70,000. She surrendered
3,000,000 rifles and 411,000,000 cartridges.
So that she has surrendered
by far the greater part of her equipment.
"When we left Spa she still had tliousands of g^uns and a very large
number of rifles. Since Spa, after a period of conversations, Germany has
accelerated the progress of surrender, but she still has too many.
The
process must be completed.
"She has large numbers of men trained to the use of arms fomiing irregular combinations throughout the countr}-.
Her excuse is and there
is something to be ^aid for it
that she has had something like a revolution in her own country and that she cannot leave her Eastern frontier unprotected.
We make allowances for that, but you don't want hundreds
of thousands of armed men for that purpose, and therefore the Allies decided that Germany should be compelled by July to conform more completely with the Treaty of Versailles in respect of machinery for the turning out of cannon, because we don't want any more trouble from that
—
—
quarter.
"France
is
She has been invaded once and \ery badly
naturally uneasy.
Some
ra\aged.
of lier fairest provinces have been devastated, and therefore France is entitled to say that .she cannot take any more risk of thins^s
of the same sort happening ag-ain.
"Now
come
Before the last election I ventured to lay
down principles which I thought were sound ones upon which the demand
for reparations should be framed.
I am just going to give you a summary
of these principles because there are so many garbled extracts circulated,
rather with the intention of misleading, I am afraid, that I think it is
essential I should just remind you of three principles laid down by the
Government before the last election. What were tliey?
••The first was this:
That Germany was morally bound to pay for all
the damage inflicted by her wanton acts
that by every principle of juri--prudence in every civilized community in the world a country, just like an
individual, is responsible for its own acts.
That is a princiiile that tlie
nations cannot get away from— that they ought to be just as responsible as
tlie individual for any damage which they inflict upon their neighbors.
••Then conies the second principle which I laid down.
It is a principle
not merely of law but of common .sense— that does not always mean the
same thing. It is that you can only recover from another what he is capable of paying.
You cannot get more out of him than he has got, and
every wise solicitor advising a client, when he finds liis client is making
a claim which is considerably larger than the debtor is capable of paying,
I
to reparations.
619
"Genuaiiy for the monieut can pay considerable sum* inside her own
but the moment she tries paying inside another country there are
aluays problems of exchange. That is one of the difficulties which baffled
the expertii when they came to consider this problem of indemnity.
••These are principles which have, I think, been actvpted by all the Allies, and at Bristol 1 emphasized tliese three principles, Kuyiitg
"When
we shall go into conference with our allies we shall cuntiider what Germany ought to pay, what she could pay and how bei>t the uould pay without doing harm to the Allies.'
"We came to certain conclusions, and last week we put forward out bill,
and Germany does not like it. There is one advantage in the way in which
that bill has been framed.
It is scaled according to German prosperity. If
Germany is not prosperous she cannot pay. If Germany is prouperout the
can pay and slie must pay.
I'ouiitry,
:
Through Eiporls.
on a scale which varies acc-oording to the
prosperity of Germany, especially her prosperity with reference to exports,
and, after all, only through exports uin she pay, because that is wealth
that is sold outside the counlry and therefore you are able to transfer the
.Viist
"The
bill
I'uy
presented last week
is
values to the countries that receive a fhare of the indemnity.
"We
have
sljirted
comparatively low figure.
a
at
Germany has undoubtedly
Why?
Because we
at the present
She lias lost Alsace-Lorraine,
moment.
She has lost her colonies all.
wliich was a considerable source of wealth.
She has had generally takei.
away from her one great coal field, the Sarre Valley. It has not yet beer;
decided whether a second and even richer coal field, that of Silesia, shall
be taken away from her.
That depends upon the people of Silesia. Her
The countiy is undoubtedly very demoralized
mercantile marine has gone.
and they have not yet pulled themsehes together.
••Therefore we recognize her difficulties and we say that under present
realized
that
—
great
difficulties
But we
conditions Germany can only pay a minimum, and we start there.
say it is a great people, an intelligent people and an industrial people, and
once you get their minds away from war on to peace, it will become a
prosperous people, and having inflicted this damage, they then can pay
and must pay.
"When the account of our proceedings in Paris reached Berlin I see there
was a storm. I decline to judge on what are only comparative siunmaries
of news, but I have had a fairly full report of an important speech delivered by Dr. Simons, who is the Gennan Foreign Minister, and I may say
at once a very able man, I think a very high-minded man, as I judge men.
I sat with him around a table on several days at !Spa, and he impressed
me as a very sincere and honest statesman who meant to carry out his
obligation in so far as he possibly could.
Simon's Conception. Wrong.
'There
a great deal of his speech based on complete misconception of
These misconceptions can be cleared up in London.
wliat we did in Paris.
It will take very little time to
I don't intend dealing with them now.
is
up any wrong ideas they may have as to the decisions arrived at.
But there was one jiart of his speech which looked to me too much like a
non posstimus.
lie complained, of all things in the world, that he had
clear
not received the full bill. Well, he won't like it if he gets it.
It is quite
ready, and if it be of any use to liiiu we certainly will .send it to him, but
I do not think it will cheer him up.
•'He says he cannot accept our Paris proposals even as a basis of discussion.
If we send the full bill, according to tJie treaty he is bound to
accept it is a basis, but I fail to .see how that will improve matters, and I
very respectfully iidvisp him to take the Paris bill.
"One sentence of his speech was received by the Reichstag with loud applause.
I have recollection of another sentence delivered in the Reichstag
whicli was recei\ed with e\en louder applause
a sentence about a scrap of
paper.
It is dangerous, it is dangerous, and I a.sk Germany not to allow
herself to be misled by the passing of a nioincDr into repeating the follies
of 1914.
She haa not yet taxed herself to
"Geniiany can pay if she means to.
the level of Great Britain or France. It is intolerable tliat the country that
inflicted damaged and that wliile it was isflicting damage was escaping
danger itself .should escape with a lighter burden, less taxation, than the
two countries that were victims of this wanton attack, and we cinnot
allow it.
We cannot allow it.
—
;
says to him
" 'Well, you
had better get out of him as much as you can.
If you
wind him up you will have all the cost of liquidation, all the trouble and
all the worry.
You will have all the loss of time. 'I'lierefore you had
better take what you can get.'
"And then comes die question, how much you can get, and the wise solicitor says
'You had better see an accountant and valuer,' and he at
:
once consults experts as to what the debtor
is
capable of paying.
Hoif Cennany .Must Pay.
"Having received the report, he says
" 'That, in ray judgment is all you can
get,
aur|
I
would not worry
.
got to pay in
America
—
problem which presents the greatest difficulty.
There are difficulties of exchange.
It is no use saying you have
railways in Germany, you have forests in Germany, you have mines in
Germany. You cannot transfer these across the German ocean and plant
them here. If you did we should probably not want them. But the problem of exchange is great.
it
is
a
the
Whotr
Satiort's.
who say
that it was the old regjime that was responsible
for all that.
That is not so the whole German people were behind if.
Yes, even the Socialists
the Socialists of Oei"many who pretended to be a
bulwark of peace, supported every proposal, including the invasion of
Belgium. The only one among them who protested was thrown into prison
;
—
anil
afterward assa.ssinated.
The Gennan people were
solid
behind
tliat
enterprise in 1914, and if they had won would have gladly shared the
booty.
Therefore, the German nation is responsible morally by that and
legally by its treaties.
"The burden imposed is not an extravagant one for the first two j'ears
it is not equal to the annual pension bill of France, or Great Britain alone
for tlie first two years.
Afterward it increases, but that is in proportion
to the increased prosperity of Geniiany.
It is not a question of imposing
economic slavery upon the workmen of Germany it is simply a proposal
that the workmen of Germany who supported the war should take their
share of pa>'ing the damage for the wrong which tliey approved, and which
they are inflicting on the workmen of other countries at this present mo;
ment.
about any more.'
"That was the second principle I laid down on behalf of the (Jovernnient.
"Capacity to pay was the second principle. What was the third? This
is the most importuit, and it is one which is not realized sufficient!}
That
Germany must not be allowed to pay in a way which would inflict greater
ilamage upon the country receiving pajmcnt than not to pay at all.
"For instance, Germany could jiay in goods, but what good would that
be to us?
It would throw hundreds of thousands of workmen out of work
here, in France, in Italy, in America, and every country receiving indemnity.
Therefore it was an essential condition that Germany should not be
allowed to pay in such a manner as would inflict greater injury on a
country than even not receiving indemnity.
"There is a great difference and this I tried to impress upon my French
coadjuotors in Paris
there is a great difference between paying a debt inside a country and paying it across tlie frontier.
Nobody has had to face
that worry like my friend the Chancellor of the E.\chequer.
When he has
—
HcxiJOiiKlhitili/
• Theio are some
"Somebody must
German army?
U
ho is to repair devastated France destroyetl by
the workmen of France, who simply protected
their native land against the iinader and protected it with infinite heroThe heroism of France is indescribable and the losses by France are
ism'.
terrible bejond human thought.
There are gaps in generations of young
men in e\ery home. Is it right that that country whidi suffered through
the wrong of Germany in material life and suffering of every description,
the
pay.
Is
it
that that country should be o\erbur(lened with taxation while
to escape
Germany
is
?
"Our claim
is a
Hidicult..s
Si)non'.s
I^jriu-ief.
ri;;hieous one
and we
niU'-t
enforce
it.
As
far as Ger-
Dr. Simons has
concerned it is purely a i|uestion of good will.
.vaid that he has some alternative jiroposals.
He is entitled to make them
by the treaty. The provisions of the treaty entitled Germany to put forward any claim of her own for liquidating her obligations. She has not
taken advantage of those provisions.
Why not? The excuse is an extraordinary one.
Dr. Simons says it is because of Uie sneers of tlie Paris
Dr. Simons must
press.
Fancy taking that as an excuse for anything
be very young in politics.
"The Paris press is just like any other metropolitan press some of it is
There are some who write witli a
sane and some of it is rather les>.
scn.se of responsibility and with Knowledge and they moke useful contribution to the discu.ssion of important public affairs, and there are others who
da^h something off liKhtlicart.-.ll.v and light-headedly, thinking of other
many
is
I
;
:
:
——
THE CHRONICLE
^20
— fnctlonuJ,
occtlonal or personal.
Think of anybody being influenced
'He that observcth the wind hhall not sow, and he that rcKardcth
the clouds uliall mrt reap,' and a Htatchnian who t-imply looks at leadini?
articles of that kind, variuble aw the wind, tenebrous as the clouds, and
ixRucH
IIERKERT ASQUITII ON INDEMNITY DEMANDS.
According to a copyright cablegram to the New York
by that!
allows thew thini^s to influence his judgment is not fit for responsibility, and
I think Dr. Simons must find a better reason than that.
"The views of the Allies are not to be found in the Paris press. They are
to be found in the considered notes that are issued from the conferences of
the Allied statesmen, and I trust that Dr. Simons will not be deterred from
currying out the treaty because of any leading articles he sees in any newspaper In any country In the world.
If he has alternative proposals wepromise fair consideration for them we said so at the time of the treaty
as long as these projwsals represent a bona fide effort to liquidate the
liabilities of Germany.
Wo are willing that Germany should pay us under
•conditions which best suit her own means, requirements and resources, but
if it is a mere attempt to evade payment we cannot put up with that.
It
.is a question of good faith.
—
"Times" from
Herbert Asquith, speaking at
scheme
I>r(>sciit('<l to Germany by the Paris Conference filled him
with the most disquieting skepticism as to Its suitability
for the purpo.se in view. The cablegram also stated:
Mai
of 1914
Behind Simons.
lie put up the
"I tell you that I found Dr. Simons reasonable at Spa.
best case he could for his own country, but I had an unea.sy feeling that
You could hear some mutterings drownbehind him are the men of 1914.
ing bis harmony. One of them burst into the conference room at Spa with
a loud, ill-timed, ill-considered, blus-tering remark, walking into the room
with a great swagger. It all depends on them.
"We met at Spa with many questions that looked as if they were inGermany was the better for it as well as
soluble, but we found a solution.
Disarmament is proceeding at a very much accelerated rate and
the Allies.
coal has been delivered to France, so that the conference did good, but that
was because the German representatives made a real effort. Is that effort
over? Is Dr. Simons the same man I met in the summer months at this
That the London conferDoes he still represent Germany?
conference?
Do the men of 1914 still represent Germany and are they
ence will solve.
biding their time? It all depends on that.
"The allied peoples are only anxious that the sword should remain
There Is nothing to induce the allied peoples to take strong acsheathed.
tion except the feeling that you have the same Germany to deal with, led
by the same people, animated by the same ideals, inspired by the same
purpose, waiting each time to achieve the same ends, and the treaty which
has been signed is intended to deal with that.
"The Allies have the same just cause as ever. They will proceed in the
•jame spirit of justice and moderation, and they are as united as ever in
their purpose."
In printing the above the "Times" says
The "Swaggerer"
at Spa.
Spa conference referred to by the British Prime
Minister is evidently Herr Hugo Stinnes, called by the German popular
press "the coal and railroad magnate^" and by the Socialists, "the colossal
profiteer, who made $500,000,000 by anticipating the defeat of the Fatherland." The Socialists also for a time gloried in the allegations that he
entered the conference with the sole purpose of smashing it.
On July 19 last he preceded the other German conference delegates to
Berlin, where he assembled the reporters of his newspapers and told them
what he had said to M. Millerand and Mr. Lloyd George. He said he accused them of "suffering from the disease of victory," but his last words
to the reporters were, "We now have them strangled and deceived."
It is on record, however, that he fretted and fumed and raged at the
conference, and gave expression to the idea that Germany could not provide
the coal demanded, and would not if she could, in various unprintable
The "swaggerer"
at the
phrases.
The
indemnity demands on Germany were given
columns of last week, page 520.
Allies'
in these
LLOYD GEORGE'S DEFENSE OF COALITION GOVERNMENT—SITUATION IN IRELAND.
In addressing the Welsh National Liberal Council at
London on Feb. 6 Premier Lloyd George defended the coalition government and pleaded for a continuation of political
unity, and in declaring that "we are engaged in a terrible
task," asserted that "it is something more important than
defending myself and my Administration." The Premier's
remarks had direct reference to the situation in Ireland,
-and from the Associated Press accounts we take the following relative to what he had to say
He asked whether anyone could say that the need for unity had passed,
"I wish to God everybody could, because it worries me;
sometime; with dread.
"If someone could 1<.11 me that the danger is past, someone with authority, someone with vision, someone whose word we could take, I should be so
glad that I would sign my resignation to-morrow."
A world reeling under the most terrible blow ever dealt, was the way
he described the situation of to-day. Gigantic events were in the making
.and old factional fights among the various parties should not be resurrected
until the peril was over, he said.
The Prime Minister's speech was in answer to recent vigorous attacks
against the coalition and the breaking away of some of the important coalitionists, who have decided that the time has come to stand for their own
and exclaimed:
it
fills
me
parties.
Alluding to Ireland, he said the coalitionists had given Ireland a greater
measure of home rule than either Gladstone or Asquith had proposed.
They must have an
"But," he added, "they say they won't take it.
They won't get it, and if
Irish republic, an Irish army, an Irish navy.
they don't get it, we are told, they will kill our policemen, our soldiers
not in open fighting, but hiding in homes, walking as respectable tenant
farmers or s^vaggering along the road until the come to a hiding place where
they find rifles, passing, perhaps, the very policeman they are about to
murder as though they were innocent men.
"Are we to allow tliat sort of thing to be done without protecting the
people we are sending there? There is no issue between us and our politiWe have gone one better than the Gladstonian
cal opponents on home rule.
home
rule.
"There is an issue about setting up an independent country by our very
gates by the places where submarines used to lurk and sink our ships and
endanger our commerce and the life of the nation. There is an issue as to
whether the policemen and soldiers who are there upholding the honor of
our flag are to be shot down by men who lurk in houses. I know of no
—
other issue."
Ixjiidon, Feb. 3,
Woiverbampton on
tliat
date, said the reparation
have wasted no sentiment about extracting from Ciermany anything
said.
"The question is can it be done and U
"I
Germany can pay," he
the way to do it?"
tliat
this
For anybody to say at this time of day, Mr. Aitquith continued, that a
set of gentlement, however wise and statesmanlike, sitting round a table in
Paris can make provision for what is to hapi>eii twenty, thirty or forty
years hence in the way of payment is to show an amount of credulity and
want
Fears
[Vol. 112.
of imagination
which
is
not creditable to statesmanship of the present
age.
BRIAND CABINET GETS VOTE OF CONFIDENCE.
A vote of confidence to the French Government, which
was called for by Premier Briand as a condition to his going
to London on Feb. 21 to confer further with the Allied
Premiers on the reparations settlement and Turkish Greek
differences was given on Feb. 9 by the Chamber of Deputies
by a vote of 387 to 125. The Associated Press in its account
in Paris
cablegrams of the action of the Chamber said:
This, howe\'cr. was only after four days' strenuous debate on the reparations agreement reacaed by the Supreme Council at Paris, which was
subjected to detailed and trenchant criticism by almost a score of speakers,
particularly M. Klotz and M. Tardieu.
The agreement was ratified by a vote of 395 to 83, although many of the
Deputies abstained from viting.
Two members of the former Clencnccau administration objected to the
Paris agreement on the ground that it was an annex or protocol to tt»e
Versailles Treaty, which permitted the reduction of what was due to France
without her receiving any equivalent compensation.
Klotz quoted figures to support his argument and considered that his
speech was responsible for fifty or sixty abstentions, which reduced the
Ministry's majority. That majority, however, was never for a moment
in doubt, although the temper of the House was often petulant, and interruptions and minor disturbances were frequent.
M. Briand in the course of his closing remarks expressed regret that
America, which has given so many proofs of its cordiality to France, was not
present in the Allied councils, but he recognized that a change of Administrations was a long and important operation.
When the Chamber resumed its sitting after dinner the Premier announced that unless he obtained a vote of confidence by midnight he would
resign.
He would up the long debate by declaring:
"The fate of Germany lies in her own hands. Should she, after May 1
1921 refuse to fulfill her pledges, the French Govenunent can be relied upon
to take all measures to make her."
One of the speakers this afternoon was Deputy Charles dc Lasteyrie, who
answered the speech made yesterday by Louis Loucheiir, Minister of Liberated Regions, in which he had declared the payment of annuities by Germany was the only solution of the reparations problem.
Andre Lefevre, formerly Alinister of War, began to speak on the question
of German disarmament, whereupon Premier Briand interrupted him saying
that the disarmament question was a thing of tne past.
Turning from disarmament to reparations. Deputy Lefe\-re told ttie
Chamber that according to his reckoning the Allied demands upon Germany
with compound interest, would exceed one trillion francs at the end of
forty-two years, tne term over which the reparation payments, as fixed by
the Paris plan, are to extend.
To demand such a sum, M. Lefevre declared, was indefensible, and
M
.
.
impossible of satisfaction.
"It might have been better to have asked less and received more,"
he
said.
is the first time in the course of the reparations discussions that
mention has been made of so large a sum as a trillion francs.
Special advices to the
York "Times" (copyrighted)
This
New
from Paris Feb. 9 said
in part:
The debate was thrashed out to the bitter end and time and again M.
Briand had to use all his agility and parliamentary skill to keep from being
trapped into a definite undertaking by his adversaries, of whom the most
redoubtable was Pierre Forgeot, former President Poincare's political
godson. Repeatedly the question was put in one form or another to what
length he would go to obtain full payment by Germany 2ind always he
declared that the alliance came first and that he would not go beyond it.
"If we encounter resistance," he declared in anser to former War Minister
If tomorrow the
Lefevre, "you vrill see if I have a feeble Government.
But
hour of penalties strikes I shall go with the Allies to the last step.
if I must go alone I shall not go.
I shall not go except with our allies.
Germany will pay if we conserve our force, and if, united with our allies,
we demand that she pay."
Beyond that the Premier would not commit himself, and the order of the
day which was accepted was prefaced by the words that the Chamber affirmed the strict solidarity of the Allied counties, while counting on the
Government to obtain with them the disarmament of Germany and continuance of the reparations negotiations to a successful conclusion.
In reporting that the French Parliament, Chamber and
Senate had on Feb. 3 given its seal of approval on that date
to the Govermnent's declaration on the decisions taken by
the Supreme Council at Paris respecting reparations, disarmament and other questions, the Associated Press in Paris
cablegrams of the 3rd added:
The Parliament received Premier Briand's declaration with all outward
\isible signs that promise a large majority in the vote of confidence which
the Briand Cabinet will seek tomorrow.
Andre Tardieu, former High Commissioner to the United States, had
given notice of an interpellation. This appeared to be taken most seriously
by the Goverimient, but was a moderate attack against the Briand Cabinet,
especially M. Loucheui'. and on the haste the French Government had displayed to settle matters concerning the United States before the new
Administration was installed.
Criticising the Paris conference he declared: "There can be no capitallaation mobilization or discounting of the German debt imtil the United States
is a party to the agreement.!'
and
,
THE CHRONICLE
Feb. 12 1921.]
France still intends to see that Germany is made to pay her debt in full,
ber economic condition permits of such payment, the Premier informed
tbe Chamber of Deputies In presenting the declaration of his ministry on the
If
reparations question.
"The French Government." said the Premier In reviewing the decisions
reached by the Allied Supreme (Council at its meeting in Paris lust week,
"has in no wise renounced the purpose of collecting the entire debt duo trom
Germany if she recovers her economic prosperity."
The decisions of the Allied conference in Paris, he asserted, were totally
embodied in the Versailles Treaty. Ills whole argimient was that none of
the decisions taken by the Paris conference had not already been provided for
The conference, ho contended, was ustJoss. All that might
fa the treaty.
have been done was to hold the Germans strictly to the Versailles Treaty.
Article 240 of the Versailles Trt^ty settled Germany's financial obligaArticle 238 provided for the manner in which the Indeminity must
tions.
be paid and for turning the matter over to the Iteparatlon Commission,
With reference to disarmament no deliberations were
said M. Tardieu.
needed except integral enfoi-cenient of the treaty. With respect to penalties.
Article 270 provided for the seizure of the Gorman customs.
"Thus, the Paris conference discovered nothing," declared the former
High Commi.s.sioner. who put special emphasis on his belief that the conference should have been postponed until the United States Government
'had been given an opportunity to express Its views on all questions.
In making his declaration. Premier Briand informed the deputies that the
French Government "has in nowise renounced the purpose of collecting the
entire debt duo from Germany, if she recovers her economic prosperity."
The declaration was received with business like silence. In fact. It could
not be recalled that the Frtnch Chamber had ever been so quiet under
Briand, Tardieu. Margatn, Lacotte and the
similar circumstances.
Communist leader, M. Cachln. piesented their arguments much as might
tbe board of directors of a financial organization discussing the liabiUties of
an insolvent debtor.
The Reparations Commission estimates that the total damages of all the
Allies collectible from Germany will be between 210,000,000,000 and
250.000.000,000 gold marks, according to an official announcement.
The Ministry of Foreign Affairs calculates that the Supremo Council's
fixed indemnities, if capitalized, should yield about 7.5,000,000,000 gold
marks.
The figures of the Repai-ations Commission, which have just been totaled,
show that Franco's damages amount to 110,000.000,000 sold marks of which
amoimt 57.000,000.000 gold marlcs are charged to the de%-astated regions
and 53,000,000.000 gold marks for pensions. The estimate of 75,000,000,000 gold marks as capital represented by the 225,000,000,000 marks fixed
by the Supreme Council, although approximately only one-third of the
damages, will be supplemented by the 12% German exi)ort tax.
At the Ministry of Foreign Affairs it was explained today that the 12%
export tax was not intended as a direct tax on exports, to be applied to
each shipment out of Germany, but a figure that the Allies demand that
Germany shall pay in a lump sum, in addition to the fixed indenmities.
MM.
PROFIT FROM SALE OF STOCK DIVIDENDS— HOW TO
BE TREATED IN INCOME TAX RETURNS.
621
preferred stock received iis a dividend, the basis for determining the gain
or loss upon the sale of each share of such stock being $100
The following additional explanation for computation of
tax on sale of dividend pai<l in stock is also given:
".Section 201, Article 1547:
Sale of Stock received as dividend
(Also
Hwtlon 202, Article 1501)
Held, that stockholders receiving a stock disidend upon sto<-k purchased
times sulwequent to Fen '28 lOl.'S. and at dilfcrenl pric«\s. may
not use as a basis for computing gain ur loss upon the sale of such dividend
slock, the quotient of the total cost of the iiurchasiHl stock divided by the
total number of old and now shares addjnl together
Kaoh share of dividend
stock sold must be allocattxi to a particular lot of purclia.si<d stoik and the
basis for determining gain or loss u|>on the sale of any such stock shall be
(U'termlned by lulng the cost of the .shari*s to which such dividend share
has been allocated.
If the particular lots csm not be ldentiri<xl the provLsions of paragraph 3 of article 1547, as amended by Trejisury Decision
If, however, the taxpayer is able to Identifj- his
3059, must bo followed.
>'arious purchases, ho may allocate, according to his wishes,, the stock
received as a dividend, except that no shan? of purchased stock may, for
the puri)o.se of this computation, be cnnlited with more than Its proportionate .share of the dividend stock.
In computing the gain or loss upon the sale of the purcha.sed stock it is
held that the same basis miLst bo used in each ca.se as is u.sod in comjiutlng
the gain or lo.ss resulting from the sale of dividend stock allocated to the
particular lot of purchased stock which is sold"
at different
INCOME TAX REGULATIONS GOVERNING ACCEPTANCE OF TREASURY CERTIFICATES IN
PA YMENT OF
The
T.iXES.
following regulations governing the acceptance of
Treasury Certificates of Indebtedness in payment of income
and excess profits taxes were issued by the Tresvsury Department under date of Jan. 12.
(T.D.3115.)
TREASURY CERTIFICATES OF INDEBTEDNESS.
Instructions relative to acceptance of Treasiu-y certificates of indebtedness
for income and profits taxes, supplementing articles 1731 and 1732,
Regulations No. 45 (revised) and superseding T. D. 2973.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington, D. C.
Revenue and Others Concerned:
1. Collectors of internal revenue are authorized and directed to receive
at par United States Treasury certificates of indebtedness, series TM-1921.
2-1921, dated July 15 1290, series
dated March 15 1920, series
3-1921. dated Sept. 15 1920, and series
4-1921. dated Oct. 15 1920.
all maturing March 15 1921 in payment of income and profits taxes payable
on March 15 1921. Collectors are authorized and directed to receive at par
Treasury certificates of indebtedness of series TJ-1921 dated June 15 1920.
and series TJ 2-1921, dated Dec. 15 1920. both maturing June 15 1921,
in payment of income and profits taxes payable on June 15 1921; Treasiuy
certificates of indebtedness of series TS-1921 dated Sept. 15 1920, matinrtng
Sept. 15 1921 in payment of income and profits taxes payable on Sept. 15
1921, and Treasury certificates of indebtedness of series TD-1921, dated
Dec. 15 1920, maturing Dec. 15 1921. in payment of income and profits
Collectors are further authorized and
taxes, payable on Dec. 15 1921.
directed to receive at par, in payment of income and profits taxes payable
at the maturity of the certificates, respectively. Treasury certificates of
indebtedness of any other series which may be issued matiuing on March 15,
June 15. Sept. 15 or Dec. 15 1921. respectively, and expressed to be acceptable in pajTnent of income and profits taxes. Collectors are not authorized hereunder to receive in payment of income or profits taxes any
Treasury certificates of indebtedness not expressed to be acceptable In
payment of income and profits taxes, nor any Treasury certificates maturing
on a date other than the date on which the taxes are payable. Collectors
are authorized to receive Treasury certificates of indebtedness which are
acceptable as herein provided in payment of income and profits taxes, in
advance of the respective dates on which the certificates mature. Treasury
certificates acceptable in payment of income and profits taxes have one or
more interest coupons attached, including as to each series a coupon payable
at the maturity of the certificates, but all interest coupons must in e^ch
case be detached by the taxpayer before presentation to the collector, and
The amount, at par. of the Treascollected in ordinary course when due.
ury certificates of indebtedness presented by any taxpayer in payment of
income and profits taxes must not exceed the amount of the taxes to be paid
by him, and collectors shall in no case pay interest on the certificates or
accept them for an amount other or greater than their face value.
2. Deposits of Treasury certificates of indebtedness received in payment
of income and profits taxes must be made by collectors, unless otherwise
specifically instructed by the Secretary of the Treasury, with the Federal
reserve bank of the district in which the collector's head office is located,
or in case such head office is located in the same dlty with a branch Federal
reserve bank, with such branch Federal resei%'e bank.
Specific instructions
may be given to collectors by the Secretary of the Treasury in certain
instances for the deposit of the certificates with Federal reserve banks of
other districts and branch Federal reserve banks. The term "Federal
reserve bank," where it appears herein, unless otherwise indicated by the
context, includes branch Federal reserve banks.
Treasury certificates
accepted by the collector prior to the dates when the certificates respectively
mature should be forwarded by the collector to the Federal resers-e bank, to
be held for accoimt of the collector until the date of maturity and for deposit
To
Collectors of Internal
TM
TM
TM
,
,
The United
States Supremo Court having decided that
stock received as a dividend is non-la.\able, the Commissioner
of Internal Revenue recently promulgated the following
rules and regulations dealing with the matter:
Tax an Profit by Sale of Stock Dividends.
T. D. 3059, amending Reg. 45, Art. 1547, is as follows:
Stock received as a
"Art. 1547.
Sale of Stock Received as Dividend.
dividend does not constitute taxable income to the stockholder, but any
profit derived by the stockholder from the sale of such stock is taxable income to him. For the purpose of ascertaining the gain or loss derived from
the sale of such stock, or from the sale of the stock with respect to which it is
issued, the cost (used to include also, where required, the fair market value
as of March 1 1915) of both the old and new shares is to be determined in
accordance with the following rules:
"(1) Where the stock issued as a dividend is aU of substantially the same
character of preference as the stock upon which the stock dividend is paid,
the cost of each share of both the old and new stock will be the quotient of
the cost, or fair market value as of March 1 1913, if acquired prior to that
date, of the old shares of stock dividend by the total number of the old and
new
(2)
shares.
Where the stock
issued as a dividend
is
in whole, or in part of a charac-
ter or preference materially different from the stock upon which the stock
dividend is paid, the cost, or fair market value as of March 1 1913, if ac-
quired prior to that date, of the old shares of stock shall be divided between
such old stock and the new stock, or classes of new stock, in proportion, as
nearly as may be to the respective values of each class of stock old and new
at the time the new shares of stock are issued, and the cost of each share of
stock will be the quotient of the cost of the class to which such share belongs
divided by the number of shares in that class.
"(3) Where tbe stock with respect to which a stock dividend is issued was
purchased at different times and at different prices and the identity of the
lots cannot be determined, any sale of the original stock wiU be charged to
the earliest pixrchases of such stock (see Art. 39 for sale of stock and rights)
and any sale of dividend stock issued with respect to such stock will be presumed to have been made from the stock issued with respect to the esirliest
purchased stock, to the amount of the dividend chargeable to such stock.
(T. D. 3069, signed by Acting Commissioner Paul F. Myers, and dated
Aug. 16 1920.)"
,
,
In explanation of rule 2 contained in Article 1547, as
amended by T. D. 3059, the following example
The
X
Company, which has outstanding
is
given:
a certain number of shares of
common stock of a market value of $90 per share, declares a 10% stock dividend payable in preferred stock having a market value of $120 per share.
A, who owns 100 shares of common stock having a market value of S9.000,
receives 10 shares of preferred stock which has a market value of $1,200,
making the market value of his holdings on the date of the receipt of the
dividend $10,200, of which 15-17 represents the value of the common stock
and 2-17 the value of the preferred stock. If the conmion stock cost the
shareholder $8,500 (or if it was acquired prior to Mar 1 1913, and had on
that date a value of .$8,500), such cost or value shall be apportioned to the
common and the preferred stock in the ratio of 15 to 2 In other words,
15-17 of $8,500, or $7,500, represents for the purpose of determining gain
or loss, the "cost" or the fair market value, as the case may be. of the 100
shares of common stock in respect of which the preferred stock was issued.
The basis for determining the gain or loss arising from the sale of any share
of such common stock will, therefore, be S75
Of the $8,500 representing the original cost of the 100 .shares of common
:*tock, or their market value as of March 1 1913. if they were acquired prior
to that date, 2-17, or $1,000, will represent the "cost" of the 10 shares of
.
on such date.
3. Collectors of internal revenue are not authorized, unless express
instructions otherwise are given by the Secretarj- of the Treasury to receive
in payment of income or profits taxes interim receipts Issued by Federal
reserve banks In lieu of definitive certificates of the series herein described.
4. Certificates of indebtedness should in all cases be indehbly stamped on
the face thereof as follows by the collector, and when so stamped should
be deUvered to the Federal reserve bank In person if tiie collector is located
in the same city, and in all other cases forwarded by registered mail uninsured:
192
This certificate has been accepted in payment of income and profits
taxes, and will not be redeemed by the United States except for credit of the
imdersigned.
Collector of Internal Reveniu.
District of
for the
5. Collectors should make in tabular form a schedule In duplicate of the
certificates of indebtedness to be forwarded to the Federal rosen-e bank.
.
.
THE CHRONICLE
622
showing the serial number of each certificate, the date of Issue and maturity
with surlul dcsiKnatiou. and face value. C<Ttlflcate« of indctbtcdncs.i
accepted prior to Iho date of maturity mu.st be schudulfd .sc^paratiiy. .Vt
the bottom of each schiyiulc there should bo written or stamped "Income and
," which amount must aRrco with the total shown on the
profits taxes .$
schedule.
One copy of this schedule must accompany certificaU* sent to the
Federal reserve bank, and the other be relalnixl by the collector. The
Income and profits tax deposits rcsullinn from Ihe de[>osits of such cenificatts must In all casts be shown on the face of th(r certificate of dejioslt
(.National Hauk Form 15) separate and distinct from the item of miscellaneous internal-revenue collections (formerly calhxl Orindary)
Until
certificates of deposit are received from the Federal reserve banks, the
amounts reprcsentwl by the certificates of indebtedness forwardetl for
deposit must be carried by collectors as cash on hand, and not credited as
collections, as the dates of certificates of deposit determine the dat'is of
.
collections.
For the purpose of saving taxpayers the expense of transmitting such
certificates as are held in Federal resen'O cities or Federal reserve branch
bank cities to the office of the collector in whose district the taxes are
payable, taxpayers desiring to pay income and profits taxes by such Trea.s6.
ury certificates of indebtedness acceptable in payment of taxes should
communicate with the collector of the district in which the taxes are payable
and request from liim authority to deposit such certificates with the Federal
reserve bank in the city in which the certificates are held.
Collectors are
authorized to permit deposits of Treasury certificates of indebtedness in any
Federal reserve bank with the distinct understanding that the Federal
reserve bank is to issue a certificate of deposit in the collector's name
covering the amount of the certificates of indebtedness at par and to state
on the face of the certificate of deposit that the amount represented thereby
is in pajTuent of income and profits taxes.
The Federal reserve bank should
forward the original certificate of deposit to the Treastu-er of the United
States with its daily transcript, and transmit to the collector the duplicate
and triplicate, accompanied by a statement giving the name of the taxpayer
for whom the payment is made, in order that the collector may make the
necessary record and forward the dupUcate to the office of the Commissioner
of Internal Revenue.
7. This TreasiuT- decision amends and supplements the provisions of
articles 1731 and 1732 of Regulations No. 45 (revised), and supersedes
T. D. 2973.
M. WILLIAMS, Commissioner of Internal Revenue.
Approved Jan. 12 1921 D. F. HOUSTON, Secretary of the Treasury.
WM.
,
EXPLANATION OF INTERNAL REVENUE OFFICE
RULING AS TO TAXABLE CASH DIVIDENDS.
That a cash dividend paid in 1920 by a corporation which
had an accumulated surplus in March 1 1913, with a net
operating deficit for the period 1913 to 1919 inclusive, but
which showed a profit for three of the seven years, is subject
to tax, was the ruling in Internal Revenue Office Decision
This is now
610, Section 201. Article 1541, Dividends.
82"
explanatory
"memo No.
followed by
issued by the Office,
published on Jan. 19, which cites a specific case in illustration
The decision and explanation read as
of the decision.
follows:
M
company operated at a profit during the years 1913, 1917 and
The
1919, but sustained losses during the years 1914, 1915, 1916 and 1918, so
that for the entire period of 1913 to 1919, inclusive, its books showed a net
operating deficit.
Having on hand a large surplus, accuxnulated prior to 1913, the company
declared a dividend in 1920, payable out of such siu"plus, and it is contended that this dividend is exempt from tax, since the books of the company show a net operating deficit for the period subsequent to 1913, and
notwithstanding the fact that a profit was realized during each of the
years 1913. 1917 and 1919.
While not sperifically so stated it is assimied that the dividend was pai^
in cash
In accordance with paragrapli (b) of section 201 of the Reve_uue
Act of 1918, it will, therefore, be deemed to have been paid out of earnings
accumulated since Feb 28 1913. in so far as such earnings were sufficient
for its payment
The distribution will not be subject to tax in the hands of
the stockholders to the extent that it was made from earnins-s or ijrofits
The operating losses of the company
accumulated prior to Mar 1 1913
sustained in 1914. 1915. 1916 and 1918 are not to be charged against the
earnings or profits of any particular year, and the fact tbat there were such
losses does not prevent or alter tlie application of the rule that the dividend
will be deemed to have been paid from earnings acucmulated since Feb. 28
1913, as j)rovidcd in Section 201 of the Act
Doubt having been expressed as to the correctness of the above decision
the following explanatory "Memo No. 82" was issued by the Office:
"In the judgment of the committee and upon the facts in the instant
case on which office decision 610 was based the correctness of the ruling
depends upon the meaning to be attahced to the words "acctimulated since
Feb. 28 1913." The word "accumulated" as used in this sense means in
the judgment of the conmiittee, profits which have been earned and not
dissipated by subsequent losses.
While it is recognized that assets cannot
be earmarked as representing earnings of any particular year, it is a fair
assumption that the earliest surplus of a corporation is likely to be represented in its balance sheet by fixed assets, while the later eaniings are
more apt to be represented by liquid assets. Consequently, any losses
sustained in a given year will be met out of the most recent earnings embraced in its surplus. It follows that profits of any year cannot be diminished by prior losses, but it is fair to assume that such earnings, to the extent
necessary, will go to satisfy subsequent losses.
To illustrate what is meant, let us take a supposititious case: A corporation had on Mar. 1 1913, a surplus of $100,000; during the remainder of
1913. it earned $10,000: from Jan 1 1914 to Dec 31. 1916. it lost .$25,000:
during 1917 it earned $15,000; during 1918 it lost $10,000: during 1919 it
earned $5,000. and in 1920 declared a dividend of $25,000. its earnings for
the current year up to the date of the dividend, being $15,000. Tabulated
with the fluctuations of surplus involved, this would show as follows
Surplus
Earnings.
Losses
Mar
Mar 1 to Dec
Jan 1 1914 to
1 1913.. $100. 000
Dec 31 1916-$25,000 Dec 31 1913.- 110.000
31 1913
$10,000
.Ian 1 to Dec
.Tan 1 to Dec
Dec 31 1916- . 85,000
10.000 Dec
31 1917- . 100,000
31 1918
31 1917
15,000
Jan 1 to Dec
Dividend 1920-$25,000 Dec 31 1918-. 90.000
Dec 31 1919- . 95.000
311919
5,000
.Ian 1 1920 to
date of dividend
15.000
This, of course, was met out
The most recent loss shown is that of 1918
of earlier earnings, and the corporation must have on hand at the present
time the $5,000 earned in 1919 as well as the $15,000 earned in the current
vear.
Of the .$15,000 earned in 1917, $10,000 was lost in 1918, leaving it
The $15,000 of 1920 earnings,
with $5,000 earnings of 1917 still on hand
together with the $5,000 of 1919 earnings and the $5,000 remaining of 1917
[Vol. 112.
;.rnlnK8 covem the dlvidned of $25,000. nhowlng that all of the dividend
w.is paid out of earnings acctimulated since Mar I 1913. notwithstanding
the fact thai Ihe cnnipany s surplus on l)<!c 31 1919 was fc5.0(j0 I"-j.s than It
was 1)1).Mar i 1913
From his it might be argued that uc^x^ssarily sinciits suri)lus on Dii: .',1 1919. was !es.s than that of Mar 1 1913, any dJMribiillon in excess of the earnings of 1920 must have (xjme out of the .VI .i:
surplus
This, however, is a fallacy, sinci', there is no obllimllon Ut recognize for lax i)urposes Ihe surplus of .Mar 1 1913. as capiUil whi.-h must be
made good before there can be any dinlrlbution of profits.
1
i
i
,
ITEMS ABOUT BANKS, TRUST COMPANIES, Sic.
No sales of bank or trust comr)any stocks were made at
the Slock Exchange or at auction this week.
'I
It was stated on Thursday that Eugene V. R. Thayer,
President of the Chase National Bank of this city had bf*n
given a leave of absence by the Board of Directors on account
ill health.
Mr. Thayer is .said to have suffered an attack
of nervous exhaustion, attributed to the strain of work, and
of
has been advised by his physician to take a rest.
During
Mr. Thayer's absence, A. H. Wiggin, Chairman of the
Board,
will serve as
Acting President.
The Com Exchange Bank of this city has purchased the
vacant plot between West 167th St. and West 168th St. on
the eastern side of St. Nicholas Ave. for the purpose of
constructing a banking building for its Audubon branch
which is now located at Broadway and West 166th St.
The lot has a frontage of 26 feet and an extra depth of
122 feet.
At a meeting of the Board of Directors of The State Bank
on Feb. 11, James A. Allis was appointed a
Vice-President.
Mr. Allis has been with the New York
Clearing House Association during the past nine years and
previous to that time was connected with the Equitable
Trust Co., and the Union Trust Co.
of this city
A
special meeting of stockholders of the Public National
of New York wiU be held on March 3 to vote on the
proposal to increase the capital of the institution from •?2,000,000 to $3,000,000. If the increase is ratified the new
stock will be offered at par (-SlOO) to stockholders of record
March 10 to the extent of 50% of their present holdings.
The institution has purchased the entire block front on
Delancy Street between Ludlow and Orchard Street which
Bank
wiU be improved with a large banking building. The
contemplated increase in capital wiU be the fourth that the
bank has made in the last few years. In Sept. 1918 the
bank increased its capital from S750,000 to $1,000,000;
then in Feb. 1919 the capital was increased to SI ,250,000;
in June 1919 it became $1,500,000, and in Oct. 1919, it was
The selling price of the proposed
increased to $2,000,000.
new issue of stock wiU be $100 per share, and the capital
of $3,000,000 mil become effective April 1.
The East River National Bank of this city because of its
continued development has found it necessary to lease
additional space in the ten-story building at the southeast
corner of Broadway and Great .Jones Street adjoining its
present quarters. The bank has leased the ground floor of
the building for a period of twenty years at a total cost of
$145,000.
The Standard Bank
of this city announces the election of
Mr. Loderer wiU have
Vice-President.
Arthur Lederer as
department of the
business
new
personal supervision of the
bank.
Louis Le B. Chapin has been apiwinted an Assistant SecLondon Office of the Guaranty Truts Company
retary- at the
of
New^ York.
The Morris Plan Company of New York elected six new
directors at the annual meeting of stockholders on Feb. 6.
The new directors chosen were former Governor Alfred E.
Smith, now Chairman of the Board of the United States
Trucking Corporation; Harry M. DeMott, President and
Du-eetor Mechanics Bank, Brooklyn, Trustee The Greater
New York Savings Bank; Charles Jerome Edwards, Manager
the Equitable Life Assurance Society, Dureetor Mechanics
Bank, Trustee Eastern District Savings Bank; George
Gordon King, formerly Treasurer Missionary Soeitey of the
Protestant Episcopal Church; Wallace D. McLean, VicePresident The Morris Plan Company of New York and
E. K. Satterlee, President and Trustee The Franklin Savings.
THE CHRONICLE
Feb. 12 1921.]
ii'Z^
Bunk. This company is one of 100 banks oporatinp: the
Morris Plan of Industrial Bankiiifj throufjliout tbt- United
Since its establishment Jan. 1 1915 the New York
States.
institution has loaned over S30.000.000 to ISS.OOO person
The other main feature of
to meet their eeonomie needs.
this banlunjj: system is to teaeh people to sa\e money sysMore than one half million dollars, it is
tematically.
claimed, was saved in .Janiiar>' under this plan in New York
Negotiations looking to the consolidation were begun in
<if DeceiulHr, and almost immediately the Board.s
of Directors of the two institutions approved the plan of
On Dec. IS, legal notice through publication
consolidation.
was given shareholders, and on Jan. 15 the special share-
City alone.
Thus
The Merchants National Bank of Plattsburgh, N. Y.,
has issued $r)0,000 new stock thus increasing its capital to
$1.')0.000.
The plans to »>nlarge the capital were api)ro\ed
The price at which the new
by the slookholdors on .Jan. 11
issue has been disposed of wa.^ .$200 per $100 shares and the
capital as increased becomes operative on Feb. 1.
.
ihf niiddU'
Almost immediately thereafter
holders* meeting was held.
Comptroller
of
the
of the Currency was had
the permission
and
his official ai)j)roval given as
<jf Jan. 29.
pointed out the merger from the very outset of
negotiations until its completion was made within the quickest possible time i)ermitted by the law, and prol»ably accomphshed in less time it is thought, than any on record. With
to all plans
it is
official staff and competent working force,
about 100 employees, and with comi)lete facilities
iu every dei)artment, The First National Bank of Bridgeport
lieconies one of the leading institutions in New England
ciilarg<'d
its
c()mj)rising
outside of the larger financial centers^
The Riverside Trust Company will take possession of t
new building in the center of the business district, corner of
Scott Street and Pavilion Avenue. Riverside, New Jersey,
i
on Monday next Feb. 14. It is claimed that the building is
one of the best arranged and equipped banking houses in
Nearly two years were required
its section of New Jersey.
to complete the work
At the annual meeting of the Stamford Clearing House
Association, held at the office of the Stamford (Conn.i
Trust Co. on Feb. 1 1921, the folio-wing officers were elected:
President. Clarence W. Bell. President First Stamford National Bank.
Secretary and Treasurer, J Howard Bogardus. Socretar>' and Trea.surer.
Stamford Sa^1nKS Bank.
At the annual meeting of the stockholders of the Frankhu
Tnist Co. of Philadelphia on Jan. 19 E. S. Conro and W. 11.
Smith were added to the list of officers as Assistant Treasurers.
The
A
new financial institution has been organized in Philanamely, the Metropolitan Trust Company with
temporary offices at No. 201 Fuller Building. The new
institution has been formed with a capital of .$500,000 and a
delphia,
The officers of the new institution are:
surplus of $100,000.
President Frank li. Tuft; Vice-Presidents, .John Walton,
Ali>ert M. Greenfield.
A
campaign to interest every Chicagoan in the i)rosp(H-t of
owning a home has been launched bj- the Com Exchange
National Bank of Chicago. To popularize the campaign
an elaborate booklet has been ])repared in which are shown
in colors a number of moderate priced houses, with complete
architect's plans accompanying each illustration, together
with a prospectus of methods by which that institution can
home
Ernest A. Hamill,
seekers in reaching their goal.
of the Board of Directors of the bank, who has
sold the "Home of Your Own" idea to more than 400 members
Exchange Bank, a
of the institution, believes the
pioneer in the movement, will set an example tiat will
become national. The campaign will be given further
impetus by the "Own Your Home" exposition to be held
aid
Chairman
directors
of
the
Northern Central Trust
Co.
of
Philadelphia have found it necessary to enlarge the official
staff of the trust company and have made the following
new appointments: Charles W. Doane was appointed an
Assistant Secretary, Richard J. BallantjTie was appointed
an Assistant Treasurer, John F. Conner was appointed an
Assistant Title Officer and John
Hibbert an Assistant
H
Trust Officer.
The Vliet Street State Bank of Milwaukee opened its
doors for business on Dec. 27. The new bank has a capital
of 8100,000 and a contingent fund of $20,000.
The officers
of the new bank are: President, Charles Knoernsehild; First
Vice-President, Max Schoetz Jr.; Second Vice-President.
Wilham C. Heib; Cashier, Arthur R. Emerson. The stock
is in shares of $100, the pric^ at which it was disposed of
was .?120 per share.
At a meeting of the Trustees of the Security Trust Company of Rochester held on Jan. 27, Frank M. Ellery, who
has been connected with the company for 25 years, desiring
to be relieved of active duty, tendered his resgination as
Secretary to take effect Feb. 1.
In accepting his resignation
the Trustees of the Company in recognition of his long years
of valued service voted him a generous compensation to
continue for the remainder of his Hfe. Mr. Ellery will also
-retain his connection with the Company as a member of the
Board of Trustees. At the same meeting Carl S. Potter was
elected Secretary of the Company to succeed Mr. Ellery and
Mortimer E. Wile was elected Treasurer.
The First National Bank of Bridgeport, with capital and
surplus of over $4,000,000, and resources of over $22,000,000.
is the name of the new institution formed through the con.
sohdation of the First-Bridgeport National Bank and the
Connecticut National Bank of Bridgeport, Conn. This
consohdation it is stated, makes the First National Bank of
Bridgeport, the largest National Bank in Connecticut in
point of deposits and assets, and the second largest in point
of capital and surplus.
All details were approved by the
Comptroller of the CJurrency and the merger completed as of
Jan. 31.
The officers of The Fu-st National Bank are:
Charles G. Sanfard, Chairman of the
Board.
Edmund S. Wolfe, President
Louis B. Powe, First Vice-President
Walter B. Lashar, Vice-President
Sumner Simpson, Vice-President
Peter W. Wren. Vico-I'rosideut
Robert A. Beers, Cashier.
F.
N. Benham,
Jr., A.sst. Cashier.
M. Merwin, Asst. Cashier.
M. S. Sistrand, Asst. Cashier.
J.
H. C. Woodworth, Asst. Cashier.
Frank T. Staples, Trust Officer.
Com
here in the spring.
"I have advised this movement." said Mr. Hamill, "because I believe
to be a duty every man owes to society to raise and provide for a family
under the most favorable conditions. Encouragement to people to own
their homes has been a question under consideration by bankers for some
Present conditions have accenttiated the need of this form of intime.
vestment, so it is deemed wise at this time to offer every encouragement to
Bankers have long rallzed their
those influenced by the home-loving spirit
best accoimts were derived from those men who had established themselves in thrift and industry to the extent they are able to own the dwelling
A home owner is a better credit risk and a better
n which they live.
depositor."
it
.
^larshall Field advanced another step into the realm of
finance on Feb. 8 when he was elected a Director of the
Chicago & North Western Railway Co. Mr. Field was
recently elected a Director of the Merchants Loan & Trust
Comi^any of Chicago, and also a Dhector of the Guaxantv.Trust Company of New York, and on Jan. I. became an
active partner in the Investment Ranking firm of Marshall
Field, Glore,
Ward &
Co.
E. R. Alder.son, President of the Great Northern Manufacturing Company, has been elected a Dire<,'tor of the Calumet Trust and Savings Bank, INIorgan Park, Chicago.
The
stock of the Madison and Kedzie Bank.
Chicago, which was increased from $200,000 to $500,000 in
November, was again increased to $750,000 at the annual
meeting of the stockholders. At the meeting of the InAcstors' Securities Corporation, the stockholders of which are
the same as the bank, the capital of the company was increased from $100,000 to $500,(X)0, with authorizjttiou for a
The officers of
further increase to $750,000 in the future.
capital
the bank, all re-elected are, H. H. Baum, President; Benjamin Kulp, Vice-President; John T. Mammoser, Cashier
and Paul A. Schroeder, Assistant Cashier. Necessary steps
will be taken immediately to qualify the bank as a trust
company.
The Robey State Bank, Robey and West 47th Streets.
Chicago, has opened with a capital of $100,000 and surplus
of .$15,000.
John S. Jurik is Pi-esident, .John Peck, VicePiesident and Joseph Hemzacek, Cashier.
THE CHRONICLE
6M
James F. Meade, formerly Cashier of the Fidelity National
«fc Trust ('o. of Kansas City, Mo., was elected President of the Continental National Bank of Kansas City at
Bank
C. R. Butler, forthe stoekliolders' meeting on Jan. 11.
merly Chairman of the board, was named Chairman of tlie
executive committee, and L. S. Criteh(;ll, formerly President, was made Chairman of the l)oard. J. C. Williams,
formerly an Assistant Casliier of the Fidelity National Bank
& Trust Co. of Kansas City, Mo., was elected to a Vice.
Presidency. I lis duties will continue to be in connection
with the handling of out-of-town bank business but with
enlarged responsibihties. Albert H. Smith, formerly First
Assistant Cashier of the Fidelity, has been advanced to the
position of Casliier in place of James F. Meade, resigned
New
on the Fidelity National board are:
Frank Phillips, President Bartlosville National Bank'
Bartlesville, Okla.; D. A. McDonald, Vice-President FideUty
National Bank & Trust Co., and Albert H. Smith, Cashier
directors elected
Bank & Trust Co. All other directors
were re-elected with the exception of Frank R.
McDermand, who resigned from the directorate.
[Vol. 112.
day a luncheon was served at the Commercial Club to the
visitors.
All th(> officers, directors and employes of l>oth
banks have been retained. The American Trust (>)mpany
and tlu! American National Securities Company have been
organized as associate institutions to occupy the old location
of the American National Bank, and the Cumberland Valley
branch of the American Trust Comjjany, under thf^ super
Na
vision of one of the officers of the (Cumberland Valley
tional Bank, now occupies the old location of that insti
tution, thereby insuring a convenient office for the handling of the
Houston
is
banking business of the shopping «listrict. P. D.
President of the American National Bank.
The capital of the Southern Exchange Bank of Dublin,
Ga. has been increased from S.50,000 to $100,000. It ia
expected that the now capital will bfscome effective about
March 1. The additional stock, authorized by the stockholders on Jan. 3, is to be disposed of at -SllO per SlOO share.
Fidelity National
and
officers
At the National Bank of Commerce in St. Louis there
has just been finished a new business contest among employees that produced remarkable results.
Early in 1920
Charles Rebstock, one of the directors of the bank, announced that he would contribute the sum of $5,000 in cash
for new business prizes.
The contest began on April 1 1920
and lasted until Jan. 1.5 1921. There were three separate
aps of the contest, each carrying its prizes; at the end of the
contest there was a distribution of capital prizes based on
the total points amassed by contestants. During the nine
and one-half months, it is announced, contestants brought
to the bank 3,862 savings accounts with total balances of
$468,182, an average for savings accounts of $121. In
addition there were produced 792 checking accounts with
total balances of $491,016 05, an average for checking
accounts of $620.
The
its
Bank of Covington, Ky., has reduced
from $600,000 to $500,000. The change became
First National
capital
With its half a million capital the
reports a surplus of $120,000.
effective Feb. 1.
With a view
Company
to converting the
bank
Commerce Bank & Trust
of Charlottesville, Va., into a National institution
an application has been made to the Comptroller of the
Currency for a charter for the Commerce National Bank.
The latter -ndll have a capital of $100,000. M. Lane Tilton
will continue as President of the institution following its
conversion and F. B. Behrend will be Cashier.
At the amiual meeting of the directors of the American
Exchange Bank of Norfolk on Feb. 1, Benjamin Margolius
was re-elected president of the institution. L. Snyder was
elected Vice-President to succeed Nathan Metzger resigned
and Frank C. Booker formerly Assistant Cashier was advanced to the position of Cashier to succeed Frank S. Weisel
who resigned also. Lewis Bress was made Assistant Cashier.
Mr. Booker the new Cashier has been connected with the
bank since its organization six years ago.
The Frost National Bank
are advised of the consolidation last
month
San Antonio, Texas, reports
a capital of $1,000,000 the amount having been increased
from $500,000. The new stock was authorized by the
shareholders on Dec. 15 and was allotted to and purchased
by the original stockholders at par, viz. SlOO per share.
The enlarged capital became effective Jan. 20.
The annual report of the London Joint City & Midland
Bank, Ltd. (head office London) covering the calendar year
1920 and submitted to the shareholders at the Ordinajy
General Meeting on Jan. 28, has just been received. Net
profits, the report states, after payment of aU expenses and
providing for all bad and doubtful debts and bonus to staff,
amounted to £2,831,861 and when added to the balance of
£726,852 brought forward from last account, made a
total of £3,558,713, which was appropriated as follows:
£1,367,094 to pay two interim dividends (less income tax)
at the rate of 18% per annum; £1,200,000 to cover depreciation of war loans and future contingencies and £250,000
written off bank premises, leaving a balance of £741,619
Total resources
to be carried forward to 1921 account.
The report
£422,837,258.
of
sum
the
huge
are shown at
fusion
of interests
for
a
agreement
the
further tells us that
has been
Ltd.,
Bank,
Clydesdale
between the bank and the
Clydesdale
the
shares
of
satisfactorily concluded and 99,909
of a total of 100,000 shares, have been acquired
in exchange for 499,-545 fully-paid shares of the London
Bank, out
This operation and the
Joint City & Midland Bank.
allotment of 477,441 new shares of £2,103 each, which were
offered to the shareholders of the London Joint City &
Midland Bank at the price of £5 per share, have resulted
in an addition of £2,442,465 to the capital account and
£2,442,465 to the reserv-e fund. Moreover, it is stated,
that the bank now holds all the issued shares of the Belfast
Banking Company, Ltd. Part of the premium on the
shares of the institutions issued in exchange for the above
holdings has been applied to writing down the cost of same.
These investments are shown in the balance sheet of the
bank
as of Dec. 31 1920, at the net figure of £3,257,415,
same date the assets of the two abo^^e-named
while at the
banks exceeded their
capital of
the
We
of
the bank
is
by £3,370,415. The paid-up
f 10,859,800 with a reserve fund of
Uabilities
now
same amount.
of the
Cumberland Valley National Bank of Nashville with the
American National Bank of that city under the title of the
latter institution.
The enlarged American National Bank,
with Capital of $1,500,000, surplus and undivided profits
of $1,000,000 and resources of $30,000,000, was formally
opened Jan. 20-24 in new quarters occupying the greater
part of the main floor and the basement of the Stahlman
Building at Third and Union Streets. The interior of the
banking rooms are handsomely fitted with the finest TennesAll departments of a
see marble and mahogany furniture.
modern commercial bank with ever>' facility for handling
the accounts of corporations, firms and individuals are provided and in addition there are safe deposit and foreign
departments, together with special accommodations for a
woman's department. The banking rooms were beautifully
decorated with palms and cut flowers for the opening days,
designated as follows: "Men's Day" on which the bank
provided cigars for the visitors; "Woman's Day" on which
cut floAvers were given the visiting ladies, "Kiddies' Day"
for which the bank had prepared a special booklet in colors
entitled "Money Jingles;" and "Bankers' Day" on which
That the Dominion Bank (head office Toronto) enjoyed
a very satisfactory year is evidenced in the fiftieth annual
report of the institution covering the twelve months ending
Dec. 31 1920, which was submitted to the shareholders at
After deducting
their General Annual Meeting on Jan. 26.
for bad
provision
full
making
and
management
of
charges
report
as
the
in
shown
profits
are
net
debts,
doubtful
and
profit
to
balance
the
sum
this
when
to
and
$1,347,011
and loss brought forward from the preceding twleve months
($495,707) is added and $158,500 deducted from the sum
thus obtained to cover Dominion and ProA-ineial Government taxes, $1,684,218 is shown as available for distribution,
which amount was disposed of as follows: $780,000 to pay
quarterlv dividend at the rate of 12% Per annum ($720,000)
together with a bonus of 1% ($60,000); $35,000 contributed
to officers' pension fund and $200,000 written off bank premises, leaving a balance of $669,218 to be carried forward to
1921 profit and loss account. Total assets are shown in
the report as $139,263,093, while total deposits are given at
$104,941,256. Sir Edmund B. Osier is President and C. A.
Bogart, General Manager.
THE CHRONICLE
Feb. 12 1921.]
GOVERNMENT REVENUE AND EXPENDITURES.
ENGLISH FINANCIAL MARKETS—PER CABLE.
daily closing quotations for secmriitos, &o., at London,
by cable, have boon as follows the past wook:
The
as rojiorted
London,
Sat.
Wetk ending Feb.
Feb. 5.
\l.
Silver, per oz
Gold, per fine
d.
ounce
percent
H
Purls)
-
The
-.48
Piirlsj.fr.
(In
fr.
85
77Ji
58.70
83.95
36
of
Thun.
Fe^.M.
Feti. 11.
36Hi
36>i
Fri.
lO.'is.lOd lOSs.
6d
.
(
Jovernnient receipts and disliursements for January 1921
for the seven months of the fisoal years 1920-21
and 1920 an<I
and 1919-20.
iTH
47Ji
85.*^
78
58.25
78
OusUims
58.25
78
67.90
58.57
Inieniiil revenue:
83.96
83.95
83.95
83.95
83.95
47H
85H
Jan 1921.
Receipts.
Ordinary
—
on the same day has been:
Jan 1920
S
17,485,633
•7.1/0.. '20-21
19-30.
7 -Vfoi.
t
«
28,628.890
S
167,682.7»«
170,397,365
46,726,771 1,682,427,253
S8l,4(#7.203
136,095,230
43,51»-,06S
448,192,116
5.l*H,ifJ7
339.06H
2.060,050.600
.7
3.486.401,121
39.575
Mb. bonds
628.748
Vic. notes..
4.600
Cortfs. of ludebtodne.<M-.. 695. 180.500 1.332.8.^7.256 5,208.4119.95(1
14.789.047
War.Haviu^'.s securities
8.987.403
2.040.397
178.880
Postal .Savings l)oudH
100.080
80.260
Deposlt-s for rollremem of
1.032.306.071
9.100.731.26*
60.938.033
189,400
IiK'oiiiu and itrofltB tax. 64,223.322
MlsouUanoouS111,432.962
32,739.988
I'atiama Canal lolls, &c
1,446,464
Mlscollanoous revenue
879,7:15,264
382,120.912
3,096,990
oz. (eta.):
99H
60
Forolsu
99H
61H
99H
60H
99H
62H
99H
62
99«
Totol ordinary
a2>i
Public
The cash holdings of the Governiuont as th(> items stood
Jan. 31 are set out in the followiii}?. Tlie figures are taken
entirely from the dailj' statement of the U. S. Treasui'v for
Jan. 31.
CUKRENT ASSETS AND LIABILITIES.
GOLD.
—
LiabUUiei—
216.496.040 45 Gold ctts. outHtandlnff.
459.727,105 00
2.064.062,484 37 Gold settlement fund,
Federal Reserve Bd. 1.413,199,808 59
Gold reaerve
152,979,026 63
Gold In general lund..
274,042,636 60
S
Assets
Gold coin
Gold bullion
Total
2,300,648,624 82
2.300,648,624 82
Note.
Reserved against $340,681,016 of U. S. notes and $1,604,447 of Trcjisury
notes of 1890 outstandluft. 'rreosury uotoa are also suoured by silver dollars In the
Total
—
TrKisiu-y.
SILVER DOLLARS.
AsaeU—
5
173,026,146 00 Silver
ctfs.
outstanding
out
Tra'is. notes ot 1890
Silver dollars In gen
Total
172.026.146 001
.
f
148,177.906 00
1.004,417 00
22,213,794 00
d
172.020,146 00
Total
GENERAL FUND.
—
Asaeis
LlctbUUies
274 ,G42,iS5 60 Trtus. checks outstanding
712,805 63
Silver dollars (.see above). 22 ,213,794 00 Deposits of Govt, olflcers:
Onltod States notes
Post Office Deoartment 24 ,531,136 81
3 938,348 CO
Fedcial Reserve ootca
Board of Trustees, Pos10 ,223,810 50
tal Savs. System
Pwl. Res. banK notes
5 027,334 05
National D:infc notes
22 ,467,062 P5
5% reserve
7 ,394,746 50
QerLllled checks on oanis116,494 55
Other deposits
151,996 13
7 836,848 27
Subaldliiry silver eoln
Comptroller of the CurMln'.>r coin
rency, agent far cred1 ,298,0o2 75
SUver bulllOT
itors of Insolvent bks.
42 ,215,942 27
,335.292 67
Postm;i3ter3,
.'i
Debt—
national
F»vl.
bauk uotm and
bank notes
lies,
(Acts of July 14
and Deo. 23 1913)
1890
3,167.896
601,111.372 1.344.211,224 5,234.133.606 10,194,636,874
Total
Grand
10,472,501
10.716,043
1,651,498
.818,439.621 1.609,649,260 8,418,981,031 13.0S0.037.994
total receipts.
Disbursements.
Ordinary
—
Chocks and warrants paid
(less bal8. repaid, &o.).. 317.018.977
Int. on public debt paid.. 09.408,424
Pan. Canal: Checks paid
(leas bals repaid &c ) .
Purchiise of obligations ot
foreign Governments
.
.
.
1.701.339
240.328.027 2.207.416.522
647.827.289
86,496.594
7,730.2fl
6,6753n
57.201.033
366,720,9M
1,470.075
16,000,000
3.280.334.802
562,447,100
loan bonds:
Principal
632
16,900.000
118.890
..388.179,272
348,293.696 2,896,193,605
50.000
Accrued Interest
Total ordinary.
.
4,195,178,80«
Public Debt —
Bonds,
—
(see aoove)
Unclas-slflert (un-sorted cur-
256.338,027
Purchase of Federal farm
LlabUUUs—
SUver dollars
217,328.249
A
TREASURY CASH AND CURRENT LIABILITIES.
GoM
Through tho courtesy of the Seoretai-y of tho Treasury
we are enabled to place before our readers tu-day the details
SSJi
78
57.80
iTH
85H
47H
85«
77«
New York
price of silver in
N. Y., per
Uomcstlc
Sllvex In
Feb.O.
37
36^
106s. Od.lOOs.
Feb. 8.
106s. 9d.l07B.
Consola. 2
British, 5 iMjr cents
British. 4,4 per cents
French Uentcw (In
French War Loan
36K
Wed.
Tues.
.Von.
Feb. 7.
^25
clerks
Interest-bearing
notes and ctfs. retired.. 688, 124,706 1,612.377,096 6.626,863.329
National bank notes and
Fed. Res. bauk notes retired (Acts of July 14 '90
1.975.952
522.040
0.614.693
and Deo. 23 1913)
*
13,134,444
...590,100.657 1,512.900.936 5.636.378.022 10.010.763,938
Total
Grand
9.007,019,494
total disbursements 978,279,929 1,861,194,632 8,431.571,628 14,205,932.744
Receipts and disbursements for June reaching the Treasury inJuiy are included.
of
courts, disbur.slng of14 592,799 48
Depos. In Fed. Land banks
800,000 00
ficers, &c
59 .616,390
,
Depos. In Fed Res. banks 103, 934,233 82 Deposits for;
Rederaptijn of F. R.
Dei>oeitB Id fpe( Lil depositaries account ji sales of
notes (5% fund. gold)258 ,288,203
crrtfs. of larlouteduoss-.156 ,592,000 00
Redemption of F. R.
Depos. In foreign depjs.:
bank notes (5% fund).. 10 ,980,896
To credit Treas. U.S.. 3 952,597 82
Redemptlonof nat. bank
To credit of other Govnotes (5% fund)
13 ,080,791
ernment officers
38 ,364,870 46
Retirement of additional
Deposits In national banks:
oirculutlng notes, Act
To credit Treas. U.S.. 10, 300,031 85
May ?0 1908..
93,460
To are<llt of other GovExchanges of currency,
rency, &o.)
64
.
ern.Tient
13 ,535,588 68
officer.'!
Depos. InPhillpplneTreas.:
To credit Treas. U. S..
coin,
&o
2 ,174,266 35
.733,256,641 40
—The amount to the credit
S0S9.564.157.16. Book
55
13
388.145,555 67
.345,111,085 73
733,2ii6,64l 40
Total
of dlsbursinj; ofi'icers and agencies to-day was
cre<llt3 for which obligations of foreign Governments are
held by the United States amount to 535,736.629.05.
Under the Act.s of July 1.4 1890 and Deo. 23 1913 deposits of lawful money for the
retirement of outstanding national bank and Federal Reserve bank notes are paid
Into the Treasury as mlsoellanojas receipts, and those oblitjations arc made under
the Acts mentioned a part of the pjbllc debt. The amount of such obligatloas to-day
Note.
was 530,679,629.
$3,100,304 in Federal Ressrvo notes, $4,910,225 in Federal Rosr>rve bank notes
and $21,230,791 In ;utional bank notos :u:e in the Treasury in process of releaipUoa
:ind are charges against tho dopusits for the respective 5% redemption funds.
DEBT STATEMENT OF. UNITED STATES JAN.
31 1921.
The preliminary statement of the public debt of the
United States for Jan. 31 1921, as made up on the basis
of tho daily Troasiiry statements, is as follows:
Total gross debt Deo. 31 1920
Public debt receipts Jan. 1 to 31 1921...
Public debt dlsoursements Jan. 1 to 31 1921.Increase
fo.-
.Voc.
1
1920. Dec.
Net gold coin and bullion.
Net silver coin and bullion
Ket United States notes..
.Vet national bank notes..
Net Fed. Reserve notes..
Net Fed. Res. bank notes.
Net subsidiary silver
Minor coin. &c
43.';.891.220
Total cash in Sub-Treas
Less gold reserve fund
Cash balance
In Sub-Treas
Dep. in c^pec. depositories:
Acct carts, of Indebt...
Dep. in Fed. Land banks.
Dep. in Fed. Res. banks..
Dep. in national banks:
To credit Treas. U. S...
To
credit disb. officers.
1920. Jan.
1
46.219.329
8.181.712
15.323.030
23.750.109
1
1921
$
$
$
4:50.386.732
51. .54 1.323
433.3,')5.085
55.803.331
5.359.144
15.518.080
Feb.
1
1921.
S
427.621.611
64.4.09,736
5,500.830
4,940,046
25,444,550
3.938.348
22.407,063
10,223,811
5,027.334
7.836,848
16,007,327
547.044.004
152.979.026
542,045.885 *557,715.3.54
152.979.020
1.52.979.0i'6
557,582,078
152,979,026
394.065,038
389.000.859
404.736.328
404,603.062
90.493.000
5.950.000
58,536,317
50.751.000
800.000
00,028,053
291.016.000
800.000
143.148,349
155,.592.000
14,092,500
12,030,455
11,005.577
12.414.409
10,544,890
14,615.081
10..300.032
.S.680.824
3.141.698
10.856.142
0,962,414
1:^,130.555
11. 722. '288
IS.203.857
4.094.172
3.631.931
14.034.901
800.000
103.934,234
13.535,689
20,729,015
2,522,449
8,423,054
23.450.040
2.781,239
48.788,187
25.159.980
2.348.651
43.279.167
23.836.621
2.174,266
42.317,468
580,719,473
383,067,446
.'•i75.efl5.384
liabilities.
410.03S.2S7
910.488.475
405 537.081
733.266.641
388,145,555
Availiiblc cash baU'ince.
203.0.J2.027
105.ri27.0!)7
Total
Cash
in Phllipiine Islands
Depo.sits in Foreign Depts.
Net cash
$23,982,224,168 16
$601,111,371 88
590,100,657 12
period
Holdings in
Sub-Treasuries.
00
11 ,959.826 00
Net balance.
Total
71
CURRENCY
HOLDINGS.—The following
TREASURY
compilation made up from the daily Government statements, shows the currency holdings of the Treasurj' at the
beginning of business on the first of November and Deoember 1920 and January and Febniar^^ 1921:
11,010,714 76
Total gross debt Jan. 31 1921.
...$23,993,234.882 92
Note. Total gross debt before deduction of the balance held by the Treasure^'
and without any deduction on account of obligations of
toralgii Governments or other Investments, was as followj:
BoDds:
Consols of 1930..
$599,724,050 00
Loan of 1025
118,489,900 00
Panama's of 1916-1936
48,954,180 00
Panama's of 1918-1938
25,947,400 00
Panama's ol 1961...
50,000,000 00
Conversion bjnds
28,8!<4,50U 0(
Postal Savings bonds
11,718,240 00
$883,728,270 00
First Llbe.-ty Loan
..$1,952,347,750 00
Second Liberty Loan..
3,322,770,900 00
Third Liberty Lo.an
3,616,592,150 00
Bourth Liberty Loan
6,362,690,013 00
15,284,401,413 00
in banks, SubTreasuries
Deduct current
Includes Feb. 1 $42,215,942.27 silver bullion aud
Sic. not Included In statement "Stock of Mimoy."
»
346,111.086
504.951 394
$10,007,326.78 minnr <viin«
—
free of current obligations,
I
Total bonds
Notes:
Victory Liberty
...316,168,129,683 00
Loan
4,202,971,105 00
Treasury Certificates:
Tax
Loan...
Plttman Act.
Soeolal issues
War Savings
Securities (net cash receipts)
Total interest-bearing debt..
Debt on which interest has ceased
Non-Uiterest-bearIng debt...
Total gross debt
..$1,651,694,500
699.465.000
259,375.000
32,854,450
00
00
00
00
TRADE AND TRAFFIC MOVEMENTS. " ^ J^.
STEEL PRODUCTION IN JANUARY.—The Amorie^
Iron & Steel Institute has issued a statement showing the
production of steel in January by the leading companies in
the United States.
From this it appears that the production
of steel ingots in .January 1921 by 30 companies, which in
1919 made 85.12% of the total output in that year, amounted
to but 2,201,806 tons, of which 1,589,961 tons were o])en
hearth, 608,276 tons Bessemer and 3,629 tons all other
grades.
In .January 1920 the make of steel ingots totaled
2,966,662 tons and in 1919 3,107,778 tons. By processes
the output was as follows:
—
Gross tons. Moruh of January
Open.hearth
...Gross tons.
Bessemer
Another
Total
2,643,388,950 00
746,031,582 79
$23,760,521,320 79
6,278,930 26
226,434,631 87
$23,993,234,882 92
Grosstons.
1919.
3.6'29
1920.
2.241.318
714.657
10.687
2,361,163
749.346
7.279
2.201.866
2.966.662
3,107,778
1921.
1.589.961
608.276
UNFILLED ORDERS OP STEEL CORPORATION.—
The United
States Steel Corporation on Thursday, Feb. 10,
issued its regular monthly statement showing unfilled orders
on the books of the subsidiary cor] )orat ions as of Jan. 31
1921 to the amount of 7.573,164 tons. This Ls a decUne of
—
.
.
tons from tho nnfillod tonnapfo on hand as of Dfc. HI
ContrasU'd with ordors on hand as of Jan. 31 1920.
1920.
the latest figures show a shrinkaK<' of no less than 1,712,277
tons.
In the foUowinf:: wf give eoinpari.soiis with previous
.'574,958
months:
Tons.
JliD.
31 1921.. 7.673. 164'july
Dec. 31 1920.. 8.I4S.I22IJuno
Nov. 30 1920.. 9.0L'I.4HI Mav
Oct.
31 1920.. 9,836.862 April
dept. 30 ll)20_.10.374.S(M I'eb.
Aug. 31 1920. .10,805,038 Jan.
July
30 1920. .11.118,468 Dec.
June 30 1920.. 10,978,817 Nov.
May 31 1920. .10,940,466 Oct.
April 30 1920. .10..359.747 Sept.
Mar. 30 1920.. 9,892,075 Aug.
Feb. 28 1920. 9.502,081 July
Jan.
31 1920.. 9.285,441 .lime
Dec. 31 1919.. S,265.:!0il May
Nov. 30 1919.. 7.128.:(.'?0 April
Oct.
31 1919.. 6,472,668 Mar.
Sept. 30 1919.. 6.284 ,638 Fob.
Aug. 31 1919.. 6.109,103 Jan.
July
31 1919.. 5,678,661 Dec.
June 30 1919.. 4,892,8,15 Nov.
May 31 1919.. 4,282,310 Oct.
Apr. 30 1919.. 4,800.685 Sept.
Mar. 31 1919.. 5,430,672 Aug.
Feb. 28 1919.. 6,010,787 July
Jan.
31 1919.. 6.684.268 June
Dec. 31 1918.. 7,379,152 May
Nov. 30 1918.. 8,124.663 April
31 1918.. 8,3,'>3,298 Mar.
Oct.
Sept. 30 1918.. 8,297.905 Feb.
Aug. 31 1918.. 8.759.042 Jan.
July
31 1918.. 8.883.801 Dec.
June 30 1918.. 8,918,866 Nov.
May 31 1918.. 8.337.623 Oct.
April 30 1918.. 8.741,882 Sept.
Mar. 31 1918.. 9,056,404 Aug.
Feb. 28 1918.. 9,288,4.';3 July
Jan.
31 1918.. 9,477,8,53 June
Deb. 31 1917.. 9,381,718 May
Ton*
Ton.1.
I
31 1917. .10.814.164
30 1917 .11 ,38:). 287
31 1917. .11.886,591
.30 1917. .12. 183,083
28 1917.. 11,570,697
31 1917. .11,474,0.54
31 1910. .11. ,547,286
30 1916.-11,0,58.542
31 1916.. 10.015,200
30 1916.. 9,522.58-)
31 1916.. 9,660,357
31 1916.. 9.593,592
.30 1916.. 9,640,4.58
31 1916.. 9,937.798
,30 1916.. 9,829,551
31 1916.. 9.331,001
29 1916.. 8,568,966
31 1916.. 7.922,767
31 1915.. 7,806,220
30 1915.. 7,189,489
31 1915.. 6.165,452
30 1915.. 5,317,618
31 1915.. 4,908,455
31 1915.. 4,928,540
30 1915.. 4.678.196
31 1915.. 4,264,598
30 1915.
4,162,244
31 1915.. 4,255.749
28 1915.. 4,345,371
31 1915.. 4.248,571
31 1914.. 3,836,643
30 1914.. 3.324, ,592
31 1914.. 3,461,097
30 1914.. 3.787,667
31 1914.. 4,213,331
31 1914.. 4,158.589
Aug.
30 1917
31 1917
30 1917
31 1917
Nov.
Mar.
30 1913.. 4.390.347
31 1917. .11,711.644
31 1913
4.613.767
.-,0 1913..
6,003,786
Aug. 31 1913.. 5.223.468
July
31 1913.. 6.399.356
June 30 1913.. 5.807.317
.Mav 31 1913.. 6.324.322
April 30 1913.. 6.978.762
M,ir. 31 1913.. 7.468.9.56
Feb. 28 1913.. 7,6.56.714
Jan.
31 1913.. 7.827 .368
Dec. 31 1912.. 7,932.104
Nov. 30 1912.. 7,8.52.883
Oct.
31 1912.. 7. .594. 381
Sept. .30 1912.. 6,.551..507
Aug. 31 1912.. 6.163.375
July
31 1912.. 5,957.073
June .30 1912.. 5.807.349
May 31 1912.. 5.750,986
April 30 1912.. 5.664,885
Mar. 31 1912.. 5.304,841
Feb. 29 1912.. 5.454.201
Jan.
31 1912.. 5.379,721
Dec. 31 1911.. 5,084.765
Nov. 30 1911.. 4,141,9.58
Oct.
31 1911-. 3,694,327
Sept. 30 1911.. 3.611.315
Aug. 31 1911.. 3,695,985
July
31 1911.. 3.584,088
June 30 1911.. 3,361.087
May 31 1911.. 3.113.154
April 30 1911.. 3.218.700
Mar. 31 1911.. 3.447,301
Feb. 28 1911.. 3.400,543
Jan.
31 1911.. 3,110,919
30 1914.. 4.032.8.57 Dec. 31 1910.. 2.674,750
31 1914.. 3.998.160 Nov. 30 1910.. 2.760,413
30 1914.. 4.277,068 Oct.
31 1910.. 2,871.949
31 1914.. 4,653,825 Sept. 30 1910.. 3.148.106
28 1914.. 5,026.440 Aug. 31 1910.. 3,537,128
31 1914.. 4.613.680 July
31 1910.. 3.970.931
31 1913.. 4.282.108
.
Nov.
.
THE CHRONICLE
6^6
Oct.
Sept.
— —
8,897, 106i April
9.009.675|Mar.
9,833,477 Feb.
10,407,049 Jan.
'Dec.
Oct.
Sept.
—
Flour.
Wheat.
flarrciK
Huxhrlf
Recetplt at
^>*w^^^^<»<V^>0^
Transactions at the New York Stock Exchange daily,
weekly and yearly. Brought forward from page 633.
—
WeeH ending
Railroad,
&c..
Stocks.
Feb. 11 1921.
Par Value.
Shares.
Saturday
201.790
354,850
447,965
464.012
376,855
405,061
Tuesday
Wednesday
Thursday
.
2,250,523 $188,537,200
$15,427,000
Friaay
Week ending Feb.
Salfs at
Sew York Stock
Exchange.
1921.
Stocks— No. shares...
2,250,623
5,054,647
Par value.
$188,537,200 8142,202,700
Baak shares, par... .
U. S.
Bonds.
$688,000
738.500
802,000
498,000
1,031,000
958.500
$2,888,000
9,331,000
5,579,000
4,957,000
4,942,000
7,609,500
$4,716,000 $35,306,500
Jan.
11.
1920.
1
Mun.
Foreign
Bends.
§1,363.000
2.584.000
3.122.000
3,412,000
2,755,000
2.191.000
.
Total
&
Bonds.
§16,779,500
28,963,000
38,704,000
37,817,100
32,160,500
34.113,100
...
Monday .
State,
1
Nfw York
Montreal
I
Hoston
I
Total wk. '21
Since Jan r21
1921.
$52,509,100
4.716.000
5.478.500
9,016,500
15.427.000;
$35,306,.500
State, mun., &c., bonds
RR. and misc. bonds..
Total bonds
$55,449,500
$67,004,100
1920.
Monday
Tue.sday
.
Wednesday
Thursday
Frid.iy
Total
Bond Sales.
Shares.
Shares.
Baltimore.
Shares.
Bond Sales.
8314.200
14,839
$108,300
59.193
S246.550
40.250
35,100
4,000
S20.100
82.300
2.484
1,915
81. .500
1,831
—
Breadstuff s figures brought from page 671. The
statements below are prepared by lis from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
RecUpis
—
at
Flour.
Wheat.
Barley.
Rt/c.
.
198,000
MinneapoUs.
Duluth
Milwaukee..
Toledo
Detroit
St. Louis
Peoria
Kansas City.
Omaha
Indianapolis..
Total wk. '21
Same wk.
Same wk.
"20
Since Aug.
1920-21
1
1919-20
1918-19
Oats.
bush. r,Olhs. bvs/i 56 lljs.bu.?h. 32 lbs bush.iS.bs bush.56lbs.
267.000
4,453, 000
1,095.000
198,000
175,000
144,000
333, 000
370,000
558.000
218,000,
160,000
57, 000
75,000
62.000
657, 000
47,000
31,600
86,000
144,000;
6Ws.196Jft.s-.
Chicago
Corn.
'19
39.000
49.000
900.000
67, 000
48, 000
849 ooo|
11.000
1 ,000
430 ,000,
300 ,000
267.000
39.000
475 000
402, ,000:
5.847.000
385,000
318.000 44.000.000
3.269.0001
220,000
5.654 ,000
3.344 ,000
88,000
70,000
,51
8.071, 000
2.249,000
0,789,000
706.W)0'
2.714.(J00
1.271.000
12,575.000
363.000
2.287.000
84,000
64,000
550.000
167,000
32,000
17,000
31.000
429.000
43.000:
370.fXX)
1.462.000
1..375.(KXJ
4.8.54.000
674,000l
511,000
4.014,000
1.9.57.000
952.000
4.210.000
New
Orleans for foreign ports
of lading.
bills
The exports from the several seaboard ports for the week
ending Feb. 5 are shown in the annexed statement:
—
Exports from
New
Wheat,
Corn,
Bushelt.
Bushels.
York..
931,016
734,000
Me
Portland.
795,000
Baltimore
Orleans.
Galveston
St. John, X. B
1,019,000
1,975,000
2,082,000
New
Total week
1920
The
Peas,
Barley,
Bushels. Bushels.
Rue,
Bushels.
10,101
288.671 145.6.59
64,000
1.000
340,000
3,600
1
14,000 113,000
392.000
Week
Julv
i
223,150 126,049
9,000
9,000
.321.666 19,000
683,000
7,000
600.000 28,000
Boston
Philadelphia
Flour,
Oat».
Barrels. Bushels.
207,000
526,000
219,000
129,000
429,000
58.0001
58,000
43.000
7,928.016 1.829,150 212,049 126,761 2.138.671 368.659
252.956 44,300 466,593
83.000 138,995
1.699.997
1.000
3.750
week and
since
destination of these exports for the
is as below:
1920
1
1
Flour.
Kf ports .''or Week
and Sinci
July
to—
1
Week
Since
Week
Feb.
5
1921.
Julv 1
1920.
Feb. 5
1921.
Barrels
West
Indiee
Total
Total 1919 20
Barrels.
78.646
89.752
6.000
11.000
2,311,495
3,922,004
858,396
617,267
2,000
26,651
1
Brit. No. Am. Cols.
Other Countries..
Wheat.
;
,091 ,366
212.049 8,802.528
411.300 13.299.773
Bushels.
1.079.000
Corn.
Week
Since
Julv I
1920.
Feb. 6
1921.
Bushels.
Bushels.
68.431.210 1.076.851
723.299
6,519.016 161,886,196
151,000
3.032.704
27,000
9,000
.%nce
Julv 1
1920.
Bushels.
3.994.539
4. .542 .274
65.343
793.813
29.
179,000
TW
13.798
4,188,355
7,928,016 237,.547,4«5 1,827,150
252.950
1.699,977 116.204.768
9.439.527
2.049.9W
The world's shipment of wheat and corn for the week
ending Feb. o 1921 and since .Julv 1 1920 and 1919 are
shown
in the following:
Com.
Wheat.
1920-1921.
Exports.
Week
Feb. 5.
North Amer
1919-1920,
Since
Julv 1.
Since
July 1.
1919-1920.
1920-1921.
Week
Sine*
Feb. 5.
JiilV 1.
Bushels.
Bushels.
Bushels.
Bushels
Bushels.
9,714.000 286,307,000)205,171,000] 1,663,000 10,865,000
Illimi
Since
July 1.
Bushels.
1,345,000
22,000
7,000
88,000!
160,000
256,000
411,000
3,138.000
464,000
3,722,000
493,000
656,000
3,295,000 1,240,000 1,046,000
17,490,000 222,586,000 110,077,000!l 18,978,000 17,389,000 9,949.000
12,715,000 337,002,000104,673,000129,064,000 20,503,000 21.015,000
9,336,000347,718,000128,725,000191,047,000 45,965,00028,278,000
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 5 1921 follow:
""635",666i
1.044,000 40,584,000 110,030,000 1,001,006 81,940,000 78,909,000
Argentina..
Australia ..
1,896,000 22,054,000 66,255,060i
India
5.120.000,
496,000
1,911,000
Oth. countr's
230.000^
!
,
seaboard ports Feb. 5 1921 was as follows:
GRAIN STOCKS.
14.759!
3.067,
4,808!
1,715'
2,9211
n9'.666i
1 13.000
270.000
$531,963,200
1,009
36.500
102.5.50
2,000
$404,775.2001
Bond Sales.
83.000
'50.666
31,045,500
125,004,500
3,636
3,540
1,433
1.239
20«.00fl
392.000
visible supply of grain,
granary at principal points of
71,100
78,200
11,000
.S28.150
48.000
340.000
55.000
590,000
27,0001
$120,373,700
88,502,500
73,087,000
$17,000
34.500
15.600
11,200
11.000
19.000
4.892
10.243
10,361
9.971
13,482
10,244
28.0001
65.000
.$248,725,200
w»«* endino
Saturday
ii6.lm
1.221.000
150.000
Receipts do not Include grain passing through
on through
llu.ihilh.
149.000'
144,0001
31,083,703
$2,770,796,400
PhOadelvhia.
Ryt.
-U-
I
5.632.fKX)
281.000
2,248,000 3 1,2,59, fX)0
150,000;
1,214,000;
1,750,000
Total.
Il3,150,00o!354,295,000^383,367,000 2.814,000^ 94.654,006 82,004,000
The
comprising the stocks in
accumulation at lake and
Wheat,
United States
New York
3.523.000
1.000
1,189.000
1,998,000
Corn,
bush
427,000
4,000
785.000
1,359.000
3,019,000
3,768,000
4,766,000
689,000
51,000
750,000
94,000
1,701,000
6,845,000
306.000
2.585.000
9.000
114.000
1.147.000
1,225,000
52,000
630,000 2,081,000
712,000
207,000
167,000
40,000
9,146,000 11,906,000
709,000
1,047,000
80,000 3,260,000
8,505,000
664,000
963.000 1,118,000
1,546.000 1,270,000
260,000
433,000
381,000
592,000
1,151,000 1,276,000
bv.^h.
Boston
Feb. 11 1931
BcrUv.
hu.sltih
20.364.929
$1,680,599,950
DAn-Y TRANaACTlONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Beaon.
I
Danube
BoTids.
Government bonds...
Ottti.
HuJih'li
04,000
"
I97.fK)0
Week 1920...' 425.000
Since Jan. r20 2.505.000
*
.
456.000
1.425.000
1 .540.000
15,606
14,000
27,000
John
Ht.
Huxhf.s
I
812.000
734.000
326.000
112.000
9.000
40.000
28.000
30.000
.
Portland, Mc.
Phlladflphlu..
Ualtlmorc
New Orleans •
GulvfSlon
.
Russia
Feb. 11.
to
Com.
I
United Kingdom.
Continent
So. & Cent. Amer.
©jcrmmerctal nndWiisczlln,ntons'^i^m%
[Vol. 112.
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis.Kansas City
Peoria
Indianapolis
Omaha
Oats,
bjish.
962,000
14,000
320,000
555,000
4,000
286,000
Rye.
bush.
Barley
Intsh.
202.000
2,000
29,000
873,000
254.000
22,666
179,000
123,000
1,000
7.000
216.000
365.000
"3V,666
1.000
51,000
29,000
49,000
186,000
67,000
6.000
76,000
1,000
126.000
67.000
1,234.000
13.000
56,000
55,000
.345.000
5 1921
32.555.000 20.351.000 33.786.000 1.859.000 2 ,807.000
34,212.000 14.297.000 33.632.000 2.083.000 2 ,728.000
Jan. 29 1921
58.234,000 3,664,000 11,283,000 19,574,000 3, 559.000
Feb. 7 1920
Feb. 8 1919. ..129,302.000 4.954.000 30.577.000 21.682.000 10, 136.000
Note.
Bonded grain not included above: Oats. 113.000 bushels New York. 464.000
Buffalo. 2,000 Duluth; total. 579.000. against 263.000 bushels in 1920; barley,
New Y"ork 25.000. Buffalo 129.000. Duluth 1.000; total. 155.000 bushels. against
37.000 bushels in 1920.
Total
Total
Total
Total
Feb.
—
Canadian
2,000
50,000
,378.000
9.588.000
9.130.000
5,483.000
5,325,000
2,000
2.000
6,000
1.731.000
1.859,000
1,449,000
.-32,555,000 20,351,000 33,786,000
..18,695,000
215.000 9.588.000
1,859,000
2.000
2,807,000
1.731.000
234.000
Montreal
Ft. William & Pt. Arthur. 15.590.000
2,871.000
Other Canadian..
Total
Total
Total
Total
Feb. 5 1921.
Jan. 29 1921.
Feb. 7 1920Feb. 8 1919.
.18.695.000
.19,373,000
.10,855.000
.43.405.000
215.000
215.000
215.000
22.000
139,000
705.000
6.772.000
2,111.000
303,000
Summary'
-American
Canadian
Total
Total
Total
Total
-..
Feb. 5 1921. ..51.250.000 20.566.000 43,374.000 1.861.000 4..538,000
Jan. 29 1921. ..53,585,000 14.512.000 42.762.000 2.085.000 4.587.000
Feb. 7 1920. ..69.0S9.000 3.686.000 16.766.000 19.580.000 5.008,000
Feb. 8 1919- -172,707,000 5,093,000 35,902,000 21,682,000 10,136,000
BANK NOTES— CH.\NGES
IN TOTALS OF. .\ND IN
DEPOSITED BONDS, &c.—We
give below tables which
the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
show
all
THE CHRONICLE
Feb. 12 1921.]
and Legal Tenders
on Deposit for
—
CUeulallon Afloat
Leoal
Tenders.
Legal
Tenders.
Botuls
APi'LICATIONS FOR CHARTER.
Original organizations:
Under—
%
714.973.190
715.325.440
714,888.040
31 1921..
Doc. 31 1920..
VOV.3C 1920 .
Oct. 30 1920 .
Sept. 30 1920 .
Aus. 31 1920..
Juiy 31 1920..
Juno 30 192C'
May 31 1920 .
Apr. 30 1920
Mar. 31 1920..
Feb. 28 1920..
J:U3. 31 1920
J.1U.
Bonds.
30,001.044
%
089, ,592, 883
27,370.4,52
095,900,770
%
Total.
%
30.001.044
27,370,452
27,410.317
27. 81?, 444
27,015,047
27,103,924
711,839.000
711,000.900
709,430,400
.
Thu Kunka
.
Tho
following shows the amount of oat'h class of U. S.
bonds and certificates on deposit to secure Federal Reser\c
bank notes and national bank notes on Jan. 31:
Bonds on Deposit
Bonds Held Jan. 31
S.
Secure-
to
Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank SatloiuU Bank
.Votes.
Notes.
\()n
Jan. 31 1021.
\
U.
U.
U.
U.
U.
S. Consols of 1930
S. I^oanof 1025
S. Panamit of 1936
S. Panama of 1938
S. One- Year Certlfs. of Imlobt'ss.
Totals
.
.
11.468.400
2.593.000
383.500
285,300
259.375.000
571,520.450
70, 502.,500
47,780.080
25.169,500
274.105.000
714.973,190
Total
Held.
582.988.850
73,095.500
48.164.180
25,454.860
259„375,000
989.078.390
I
25.000
50,000
Corro.spoiidctit. John K. (iin-.ss. ILiniiiiond.
Nicholvillc National Hank. Ni(|,..| vlll.
N. Y....
Corrnspondiint. Koyal H. <'hainl>
Tho First National Bank of Frcdom
n^i,.., ,.,.
Corrosix>ndont, it. G. .Strieglur, li.^^i.
Total
Tho
,
The
following shows the amount of national bank notes
and the amount of legal-tender deposits Jan. 1 and
Feb. 1 and tlieir increa.se or decrease during the montli of
—
National Bank Notes Total Afloat
Amount afloat Jan. 1 1921
-Vet amount, retlrixl during January
of
bank
note.s ls.sued in
S719.653,927
^
1921
1
January..
.\mouut on deposit to redeem national bank notes Feb.
cona, Tox
Kir.st National
The
The
Bank of Los Banos, Calif
Exchange National Bank of Greensboro, No. Caro
The First National Hank of Avon Park. Pla
Tho First .National Hank of Sidnev, N<'b_
Tho First National Hank of Pri^slon, Idaho.
The Fanners National Hank of Garner. Iowa
The (Mtizcns National Hank of Wayiuwboro, Pa
ThoFirst National Hank of Mantua. Ohio
Tho First National Hank of Millburn. N. J
The First National Hank of Garden Grove. Calif...
Tho National Exchange National Bank of Lockport,
Total
1
1921
&
—New
Sons,
Canada —
;
!
1
Hood Rubber,
&
pref
Barre
Power, pref
By
Messrs. R. L.
&
51
94
70
363
10
&
&
East.i
&
20
10
5
6
16
4
10
5
200
Stocks.
$ per
new
.!/)
70
135
132
Co., Boston
Lofland, Philadelphia:
Percent.
395
$2,000 Zeta Psl 4s, 1965
23
$1,000 Wash. Ale.x. & Mt. V. Ry.
1st 5s. 1955
40
$1,000 Camden & Sub. Ry. Ist oS,
1946
67H
-Vmerlcan Bank & Trust, $50
S4.000 Crew Levlck 1st s. f 6s. 1931 86
each
60M Sl.OOO Philadelphia, City, 5s, 1971.103"-';
United Security L. I. & T
129
$4,000 Cin. N. O. & T. P. Ry.
Amer. .\cad. of Music
350
equip, trust 6s. ser. E. 1928
95U
Reliance Insurance, $.50 each.. 77
$4,000 Federal Farm Loan of Omaha
H. K. Mulford, $50 each
OS, 1923-1938..
49?^
89
Phila. Bourse, com., §50 each.
5}^ $1,000 Chestertown Gas Co. note
aivola Cigar, pref
$80 lot
and 80 shares Woolwich Water
Rivola Cigar, common
$15 lot
Co
$1,011
.
Paw Paw Grape
Juice
.$45 lot
55 rights to sub.scribe to Glrard
F. &
Insurance
M
—
CHARTERS ISSUED.
The Morris National Bank, Morris. Okla..
_
Succeeds The First National Bank of Morris, Olda.
President, John E. Mullins; Cashier, L. S. Bagley.
Total
%
$
94,743,387
70,412.545
34,589,252
11,128,919
5,273,024
7,731,207
3.233,123
4,959.236
2.114.(KX)
5,455,.S.35
3,030.157
5,052,444
1,738,217
3,275,758
2,496,342
1,309,853
771,784
862,333
503,109
501 ,863
693,608
330.945
638.278
1,011,921
921.093
212,124
343,941
72,815.914
53,560,128
39,677,076
8,826,365
6,617,822
5,615,195
2.918.667
4,195,951
1,871,148
4,660,822
2,831,298
3,928,212
1,490,488
2,373,643
2,232,737
1,1.37,615
700,000
845,785
400,193
547,665
667,788
558,681
686,588
696,714
475,000
tal.
Capital.
$25 000
.
—6.3 264.334.898'220,237,495
Method
in
50 000
''5
000
25 000
Same
of
Company
Per
When
Cent.
Payable.
Books Closed.
Days
Inclusive.
Railroads (Steam).
Chestnut
Hill
RR.
*75c. Mar.
*3
Mar.
(quar.)
Northern (annual)
Cripple Creek Central, pref. (quar.)..
Ciucinn;i,ti
Plttsb. Vouiigs.
Reading
&
2nd
C'o..
to
April
April
1
2
1
Mar. 13
Mar. 13
.
n-i
Ma;.
1
Holders of
.
nji Mar.
*iH Apr.
"Vi Mar.
Southern Pacific Co. (quar.j
ITnion Paclilc, common (quar.)
Preferred
Mar. 3
Holders
of rec. Feb. 21
Holders ot rec. Feb. 13
*£
Feb. 21 Feb. 21
to
Feb. 20
*ni Mar. 4 Holders of rec. Feb. 19
*V'4 Mar. 1 Holders of rec. Feb. 21
*50c. Apr. 14 Holders of rec. Mar. 28
April 1 Holders of rec. Feb. 28
•IJ-i
1
1
Ash., pref. (quar.)
pref. (quar.)
2
Street and Electric Railways.
Cent. .\rk Ry. & L. Corp.. pf. (quar.)
4 *Feb. 20
Mar.
1
Delaware & Bound iirook (quar.)
PMIa. Germantown <fc Morristown (qu.).
'/,
to
to
rec.
April 12
April I
Feb. 15a
Miscellaneous.
.^cme Tea. 1st pref. (quar.)
Amer. Su^r.r Refer., com & pref.
Amer. Window Glass Co., prof
...
(qu.)
.
.
common
1 Holders of rec. Feb. 16
2 •Holders of rec. Mar. 1
1
Holders of rec. Fob. 18
.\tlantic Refining,
(quar.)
.Vtkis Powder, com. (quar.)
pref. (qu.).
Boott Mills, com
5
3
Mar. 15 Holders ot rec. Fob. 21
Mar 9
to
Mar. 10 Mar. 1
l;''4'
.Mar.
3
Brooklyn Edison (quar.)
Manufacturing (qu:ir.)
2
Mar.
1
2H
Feb. 15
m
Carter (William) Co.. pref. (quar.)
Cerro de Pasco Copper Corp. (quar.)
Cleveland Elec. 111., pref. (quar.)
Continental Mills
Cosden & Co., pref. (quar.)
Crescent Pipe Line (quar .)
Profei red
Fay
(J.
A.)
Preferred
Egan. com. (quar.)
(quar.)
Pref. (acct.
accum. dividends)
General Electric (quar.)
Extra
.
.
15
2
3
Feb. 10
Hi Mar.
(quar.)
&
Mai
Mar.
Mai.
.50c.
Decker (.Mfred) & Cohn, Inc., pf. (qu.).
Dominion Iron & Steel, pref. (quar.)
Dominion .Steel Corp.. com. & pfd. (qu.)
l^aslmau Kodak, common (quar.)
Cfreat Northern Paper
$125,000
Reporting Same.
of
have changed the method of presenting our dividend
We now group the dividends in two separate tables.
record.
we
bring together all' the di\idends announced the
First
current week. Then we follow with a second table, in which
we show the dividends pre^^ously announced, but which
have not yet been paid.
The dividends announced this week are:
fi-.bot
National Banks. The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Original organizations:
The Clifton National Bank, Clifton, Tex
President. C. M. Moore; Cashier, R. S. Clement.
The Farmers National Bank of Arlington, Tex .
Presicient, C. C. Vinson; Cashier. J. E. Voss.
The Farmers National Bank of Agra, Kan
President, E. C. Trull; Cashier, S. T. Piirlong.
1915.
We
&
H
.
3.
1919.
358,773.654 378.864.326'
DIVIDENDS — Change
18 Lansdowne & Darby S. F.
T.180
18 Germantown Trust
200
31 Burlington County Trust
254!-;
25 Phlla. Nat. Bank
320M-321Ji
&
Moncton
Total Canada..
J
S per sh.\ Bonds.
2Girard Nat. Bank
300.000
|
East.i
\
Messrs. Barnes
Westminister
Prince .\lbert
—
By
Brant.ford
1
i per sit. Shares. Stocks.
$ per sh.
98Jf 361 Brockton Heel. Inc.. com
10
Eastern Mass. St. Ry., com.2ii-2H
1 Flake Rubber, 1st pref
85 & dlv.
Eastern Mass. St. Ry., adj.... 4
8 Sullivan Machinery
48
Eastern Mass. St. Ry.. pf. B.. 7
1 Boston Library Society, $10 par
3
Eastern Mass. St. Ry., 1st pref. 12
13 Merrlmac Chem., $50 each 80 J^ -82 ,4
H. H. Franklin Co.. pref
90
Brockton Heel. Inc., pref
Bonds
50
Quincy Mkt. C. S. & W., com.,
$4,000 A. L. Stone Mfg.. 1st 6s,
new
145
1923. Oct. 1915 coupons on. .$10 lot
Shares. Slocks.
Fort William
Lethbridge
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Bonds.
Percent$2,000 Cent. Vermont Ry. os. 1930 67
$1,000 West End St. Ry. 4s, 1932.. 70H
Shares. Stocks.
3 Arlington MiUs.
24
30
100
160,000
i
10 Scltuate Water, pref
9 Lowell Electric Light,
4 Lowell Bleaching
109
Day &
25.0(X>
Dec.
—
London _
St. John
Moose Jaw
Brandou
95)-|
Lt.
Halifax
I
Arnold, Boston:
251 'i
14J^
8514
Nashua Mfg., common
12 Montpeller
tr. ctfs
426 shares Colo. Wyo.
Ry., pref. V. t. c
295 shares Colo. Wyo.
Ry.. common V. t. c
%peTSh. Shares.
13 American Mfg., pref
15
&
stk.
Hamilton
Regina
I
—
I
Victoria
New
1920.
$
$
123,055.980 143,027,188 —14.3
4-0.9
103,110.490 102,156.934
-^9.0
52.907.246 48..544, 050
15,176,091 —10.7
13, .545, 577
—9.4
7,973,625
7,223,040
9,426,704 11,026,574 —14.5
4,578,986 4-29.3
5,921,214
6,667,438 —12.2
5,856,748
2,876,335 —23.0
2,214,193
4-2.1
6,282,538
6.417.170
3.770.516 + 11.0
4.185.268
4,694.810 —23.4
3.597,7.59
—3.4
1,844,749
1,782,865
3,697,396
17.5
3,051,640
3,433,769 —15.5
2.900,284
—9.6
1,448.164
1,.308,302
844.364
1.064,051 —20.7
1,379,302 —12.0
1,213,116
648,279 -^27.2
826,509
-1-5.2
653,840
687,772
-^2.8
764,289
785,113
—8.4
473,051
432.454
924.055
855,608
+ 8.1
1.061.614
1,030,694
+ 3.0
891.439
1,078,959 —17.3
4.182.436
2,694,293 + 55.2
—2.0
422,794
414,302
1,108,766 Not inciud ed in to
Quebec
I
!
2-5 Ipswich Mills
.50,000
.50,000
50,00(i
200.00(1
50.000
100.000
50.000
Week ending February
—
Saskatoon
York:
190 Toledo Scale, common
Lawrence Pulp &.]
315 City Investing, common
66
Lumber 1st s. f. 1925-1933. ..
50 City Investing, preferred... 90
$4,000 La Salle Co. EI. RR. Istl
1 ChJc Burl & Quincy RR
226
58. 1941
12.500 Nemours Trad Corp. pref.S125 lot $1,200 Gary Street Ry. 1st 5s,
50O Stewart Mining
.$26 lot
1937
300 Nev. -Utah Mines Smelters. $4 lot S2, 800 Gary Street Ry. deben.
1 ,700 Manhattan Transit
$200 lot
5s. 1937
.1
Bonds
•513.000 Col. Wyo. & East. Ry.
$10,000 Second Ave. RR. 5s. 1948.
gen. Inc. 6s. 1944
1S17,000
certificates deposit
$50 lot $8,100 Col. Wyo. & East. Ry.|
Ist&ref. 68, 1934
28 shares Gary St. Ry., com.i
lltMerchanta Nat Bank
600,000
100,000
$3,2.35,000
1921.
Ottawa
$persh.\
Bonds
75
'28.000 St.
Shares. Stocks.
200,000
50,000
25,000
25,000
25,000
100.000
10.000
50.000
/o-
$30,061,044
New
Hobbs
125,000
50,000
—
$27,376,452
2.684,592
—
Messrs. Wise,
25,000
25,000
Canadian Bank Clearings. The clearings for the week
ending Feb. 3 at (Canadian cities, in comparison with the
same week in 1920 show a decrease in the aggregate of
Montreal
Toronto
Winnipeg
Vancouver
Calgary
Auction Sales. Among other securities, the following,
not usually dealt in at the Slock Exchange were recently sold
at auction in
York, Boston and Philadel})hia:
By
Increased.
.\ni<Tican
Edmonton
Shares. Stocks.
Cap. when
Arnount
Inc. or
5723,277.222
3,623,295
Messrs. Adrian H. Muller
»1. 176.000
Increased.
Clearings at
—
amount
50,000
,.
Tho National Park Bank of Now York. N. V
$2,600,000 $10,000,000
The First National Bank of Wilson. I'a
25,000
.50.000
Tho Farniors & Murchants National Bank of No-
—
Amount of bank notes afloat Feb. 1 1921...
Legal-Ttnder .\otis
.\mount on deposit to redeem nattooal bani notes Jan.
N'et
25.000
CAPITAL STOCK INCREASED.
afloat
January':
«
Hank. Kurcka. So. Oak.
N'aliotial
NY
2s.
4s.
2s,
28,
2b,
Mf
25.000
Corn'S|)(>iidi'iit. A. F. Isauk. Kuroka.
Tho ("itlzciis National Bank of ilaininoiid. Iji
.
U.
tl,000,f»00
Merchants-
.
i
719,053,927
•**>»
^.»l^ *77
7C0,O()f ,180
27.410.317
701,732,185
27.817.444
()99. 40 1,435
27.015,047
(598,592,128
27,403.924
(i98,099,990 2S,3()3.714
28.303.714
,i'.i.(i:),
.10
70; ,903.400 29.710.095
089, 32; ,035 29,; 10,095
700,307.750 31.039.8S7
080,225.000 31,039.887
717,204,887
092.101.195 31,288.577
701,88 1,000 31.288,577
723,392.772
703,000,000 32,439,832
091.498.920 32,439,832
723.938,752
701,4(i9,450 32.892.077
089,748..578 32,892,077
722,04 1,255
099,930,2.50 33.241.792
099.800.398 33.241.792
733.108,190
$225 938 400 Kerteral Uc-iorvo bank notes outslamlInK Jan. 31 ($1 210 000 suc-iircd
by lawful nionoy and $224 098.400 by (J. S. boad.s). aKulast $258,182,800 In 1920.
712,0()i;,.'.00
Mo
.Viitional City Bank of St. I»uls.
Oorn<si)ondent. B. P. Edwards, .Suite 200.
l.u.lcdo BIdg., St. Louis.
The Fii-si .\'atj(i(ial Hank of Lisbon. N. V..
("iirTi'S|)i>iidi'm
Frod O. Long. IJsbon.
Tho
1920-21.
Bonii.
B2'
1
1
1
75C. Mar. 15
15i .Mar. 1
*l*i April 1
*IH April 1
April 1
Apt 11 1
IMS
»1U Feb. 21
n*lii Feb. 21
*Hi Feb. 21
»2
April 15
2H
•IH Mar.
1
•3
1
Mai.
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Holders of
Feb. 22
Holders ot
Holders of
Holders of
Holders of
Holders of
Feb.
Feb.
Feb.
10
10
10
Holders
Holders
Uoldars
roc.
rec.
rec.
roo.
rec.
reo.
rec.
roc.
Feb. 19
Fob. 18
Fob. 3a
Mar. 10
Feb.
Feb.
Feb.
Feb.
Mar.
to
toc. Feb.
rec. Mar.
rec. Mar.
rec.
lec.
to
to
vo
Fib.
Feb.
Fob.
Feb.
Fob.
17
15
17
15a
15
19a
15
5
28
2S
22
22
22
of roc. Mai
of roc. Feb.
7
of rec. Feb. 27
<.'
—
..
.
.
chronicle
thp:
6:^8
Name
of
Company.
Mlsccllaneoufi (Conrlu'ed)
SI.M Mar.
2^
Apr.
Feb.
2H M ar
I
'A
Vj
(quar.)
Mar.
Ftl).
Xyaiiza Mills (quar.)
Packiird Motor Car, prof, (quar.)
&
Mar.
Mar.
2
2!< Mar.
•10c. Mar.
National Sugar RofR. (quar.)
Newniarkol Maniiraoturlnc (quar.)
Now River Co., pref
com.
Fob.
2
•IM Mar.
Motor, com. (quar.)..
*r,oc.
Mar.
(quar.)
C 'ommou (quar.)
Common (quar.)
Poiimans, Ltd.. com (bonus)
Plilladolphia Kloctilc, com. (quar.)
-.
I'ie'(,rr<>d
(quar.)
I'ral I .t Whltnov prof, (quar.)
St. I... Hocky Mt.&Pac. Ca)., com. (qu.)
San .loiiquln I.lKht & Power, pref. (qu.).
Prior prof, (quar.)
-Scovlll Mauufactu InK
•IOC.
.luiic
•."iOc.
Sept
•."iOc.
Dct;.
Truck
Common
,
Kxlia (In Liberty Uran bonds)
ataudardOlI (Inrt ) (quar.)
Taronia Gas A Kuel, pref. (quar.)
United CIga. Stores, prof, (quar.)
O. a. Playing Card (quar.)
Viclor-Monaihan Mills
Woolworlh (F. W.) Co., pref., (quar.).,
Writ'ley (Wm.) .Ir.. Co., com. (monthly)
Common
Common
Common
Pi-eferred
Name
Inclusive.
IToldcrH of roc. Fob.
IIoldcrH of rec. Feb.
•IIoldcrH o frpi\ Fob.
Holders of rec. Fob.
Holders of rec. Feb.
•Holders of roo. Feb.
Holders of rec. Mar.
•Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec. Mar.
Flolders of rec. Feb.
Holders of rec. F'cb.
•Holders of rec. Feb.
•Holders of rec. Mar.
•Holders of rec. June
•Holders of rec. Sept.
•Holders of rec. Dec.
Holders of rec. Feb.
•Holders of rec. Fob.
•Holders of rtc. Feb.
Holilerfc of IOC. Fob.
Holders of rec. Fob.
Holders of rec. Feb.
Holders of rec. Feb.
*Holdo(s of roe. Mar
•Holders of rec. Feb.
•Holders of roc. Feb.
Holders of roc. Jan.
Iloldeis of rec. I'cb.
Holders of rec. Mar
Feb.
•4.3 ?i c
(monthly)
(monthly)
(monthly)
(quar.)
Feb.
2
•43Kc Mai
•00c Mai
li4
I
VA
IJi
•5
(m)
».•$!
Feb.
Feb.
Mar.
Mar.
Apr.
M,".r.
15a
Feb.
Mar.
Apr.
3
n'A
Apr.
1
500
Mar.
1
.50c
Apr.
1
May
1
.50c
.50c
.June
1
-H
Apr.
1
1
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
Holdrr.s of
rec.
rec.
rec.
rec.
rec.
rec.
10a
21
l.'i
8
8
l.'i
12
10
If.
of Company.
Per
When
Cera.
Payable
la
&
Ohio, preferred
Billefont c Central
Buffalo Rochester <% Pitts., com. & pref.
Chic. St. Paul Mlna. & Omaha, com
Preferred
Cleveland
PIttsb., reg.guar. (quar.)..
.Spocuil oiiaranteed fquar.)
Delaware & Hudson Co. (quar.)
Huntingdon A Bd. Top Mt. RR. Coal pf
nUnols Central (quar.)
<fe
Orleans Textis & Mexico (quar.)...
Norfolk & Western, common (quar.)
New
Preferred
(quar.)
Feb. 18
Mar.
Maf.
2
1
1
oOo. Feb. 15
Feb. 1.^
3
2H Feb. 21
3H Feb. 21
IH
1
2«
Mar.
Mar.
Mar.
1
1
21
75c. Feb. 15
IM Mar.
n, Mar.
1
1
I'A
Mar. 19
1
I'eb. 1!'
Fell. 2^
Pennsylvania (quar.)
Pittsburgh & West Va., pref. (quar.)...
Reading Co., 1st pref. (quar.)
1^
Feb. 28
1
.Mar.
1(1
Street and Electric Railivays.
iJetroit United Ry. (quar.)
Moutreal L., H. & Pow. Cons. (quar.)..
2
^ra^,
1
IK
Feb. 15
Philadelphia Co., preferred
Tampa
AW.
Mar.
1
Amer.
Amer.
(guar.)
Bank Note, com. (quar.)
lirako Shoe A Fdy com (quar.)
l}i
(gu.)
Preferred (quar.)
Amer. Smeltln,? A Refining, com. (quar.)
Preferred (quar.)
Amer Soda Fountain
(quar.)
American Sumatra Tobacco, preferred.,
-imerican Tobacco, loui. (in iliv. certif.)
Common B
dividend certificates)
Amer. Water Works A Elec., pref. (qu )
Constnictlon
(extra)
Metal
Art
Associated Dry Goods, first pret. (quar.)
(in
Second prelerreil (ciuar.)
Bethlehem Steel Corp., com. quar.)
Common
Class
B
Seven per cent non cum.
pref. (quar.)
(quar.)..
HordcQ Co., coniujon
Border City Mfg. (quar.)
Bosion M.'iniifacturlns, pref. (quar.)
British Colum. Fish. A Pack, (quar.)
Brompton Pulp & Paper (qu.ir.)
Rnmswick-Balke-Collender, com. .\ (qu.)
Buckeye Pipe Line (quar.)
Burns Bros, com (quar.)
Mar.
Feb.
SI
l?i
Mar.
Feb.
1
.Mar.
IK
Mar.
i;,.;
Feb.
SVi
Mar.
13
13
1«
lOc.
IK
I'A
2
IM
4
Mar.
Feb
Mar.
Mar.
Mar.
Butler Mill (quar.)
Uy-Product.s Coke (quar.)
Canada Cement, Ltd., pref. (quar.)
Feb.
*3
Feb.
Feb.
l?i
Feb.
I'i
SI. 75 Feb.
IM Feb.
Mar.
S2
2H Feb.
Feb.
2
*1K Feb.
1>A Fel).
Canadian Converters (quar)
Casein Co. (qu.ar.)
.
*l
.•
Cedar Rapids Mfg.
& Power
4
IH
Feb
(quar.)
and preferred (monthly)
In common stock).
Preferred U (monthly)
(
ii.ies Service, Bankers' shares (monlhly)
Clinchfield Coal Corp., com. (quar.)
Colorado Fuel & Iron, com. (quar.)
Preferred (quar.)
Columbia Gas & Electric (quar.)
Consolidated Cigar Corp., pref. (quar.).
f'ommon (payable
Consolidated Gas (New York) (quar).
<'onsumers Co., preferred
Continental Paper Bag, com. (quar.)..
Preferred (quar.)
CrvBtal Chemical Co
Davol Mills (quar.)
Deere Co., preferred (quar.)
Diamond Match
Dominion Bridge
Dow
Chemical,
...
IH
i'4
\H
3H
IM
U4
Wi
2
2
(quar.)
ommon
(extra)
Preferred (quar.)
<"
H
H
2
4
*2
(quar.)
(quar.)
comnum
Mar.
fill Mar.
Mar.
36J^c Mar.
Eastern Potash Corp., preferred (quar.)
Preferred (quar.)
Eastern Steel, 1st A 2d pref. (quar.)
Elaenlobr (Otto) & Bros., com. (quar.).
Ftre-sione 'ilrn^ Rubber, 7% pref. (qu.)
IM
134
lU
1%
\'A
\H
1«
1
••
Feb.
Feb.
Feb.
Feb.
1
1
1
1
15
20
20
15
Mar. 1
Mar. 15
Feb. 20
Feb. 15
Feb. 1.5
Feb. 15
Apr.
1
Mar. 1
Mar. 15
Feb.
Feb.
Feb.
Feb.
Feb.
15
15
15
15
HoHers
r-e'.
T-To'rlor<s
1
Apr.
lloldern of
Holders of
Holflers of
Holders of
Hol'ferg of
Holders of
Holders of
•TT/)Pinrfl Of
Holders of
•Holders of
"oi< iTM Of
Holders of
I'oUleri- of
Holders of
Holders of
Mar.
Feb.
Feb.
Feb.
154
•1
Feb
*2
Feb.
•25c.
15.
Mar.
2
Feb.
rec.
rec.
roc.
rec.
rec.
rec.
roc.
rec.
rec.
rec.
rec.
rec
rec.
rec.
Feb. 1
Jan 31c
Feb. J')n
.Apr.
'Jti
Feb. Ida
I'eb. 19
Feb. 5
Jan. 31
31
.inn.
Jan.
Feb.
J eb.
Feb.
Feb.
rec Jan.
rec. Feb.
24
10
10«
la
Mur.
ifolf'er.H (t1 rex;.
Lanston Monf)typc M.achlne (quar.)
Lee Rubber & Tire Corporation (quar.).
Lehlt'h Coal A Navigation (quar.)
LICKott A Myers Tobacco, com. (quar.).
2H
IK-
Feb.
50e
Mar.
2
3
3
!'eb.
Holders of rec. Feb. 18a
Holders of rec. Feb. 15
Hol'irrs of r<c. Jan. 31a
Holders of rec. Feb. 1.5n
Holdenj of rec. Feb. I.5«
Jan. 28
to
Fob. :.ij
Feb 20
Ian 28
lo
Holders of rec. Mar. L5a
Holders o( rec. f>-l>.
I
31a
28a
21
Fob.
2.5
Mai.
2.5
i>ref.
common
(quar.)
Ludlow Mfg.
6
Fe').
ISa
4a
Feb. 28a
.Ian
31a
Feb.
la
Feb. la
Feb. ISa
Manln-I'arry Coriioratlon (ouar.)
May Department
Stores, com. (quar.)..
Preferred (quar.)
Merrlti Oil (q'jar.)
Mlaral Copper (quar.)
Montreal Light. Heat A Power (quar.)
Motor WTifcl Corp., pref. (quar.)
National Biscuit, com. (quar.)
Preferred (quar.). .
.
National Lead pref. (quar.).
Nat. Refining, com. (In com. stock)..
of rec. Jan.
of rec. Feb
.
'1
I
ru
'»
Feb
i'>b
Mar
3
Manati Sugar, common (quar.)
'irt-
Mar
SI .50 Mar.
M.ar.
SI
A8.soclates (quar.)..
Extra
>
Mar.
25c.
.
Special
N "W
l:ir.
50c
25c
Madison Safe Deposit
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
A Iron.
Loft, Inc. (quar.)
rec. Jan. 25
rec. Feb. 10a
rec. Feb.
la
rec. Feb.
la
rec Feb. lOa
Feh.
rec.
ina
rec. Feb. 2B7
I
.Mills,
oid
(
Extra
2.5
I
learfleld
(
Lit Brothers Corporation
Apr. 25
May 25
Mir.
A-
Common B
Mar. 10
Holder.s of rec. Feb dlla
Holders of rec. Jan. 31
Holders of rec. Feb. 10a
Holders
Holders
Holders
Holders
U-i
1*4
Holders of
Lancaster
to
of rec.
of rec
of rec.
of rec
of rec.
of rec.
of rec.
24
May 24
Mar. 15
Feb. 15
IH
Mar.
14
Inclusive.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
reo.
rec.
rec.
rec.
rec.
reo.
rec.
rec.
Feb.
Icb.
I(>
Feb. 2
Holders
HOllcTS
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
4
Feb.
of reo. Jan. 20
of reo. Jan. 2b (I
of rec. .Ian. 1.5"
Holders
Haiders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
Holders
Holders
Holders
Holders
Holders
Miir.
Feb.
Feb.
Cities Service
Common
to
10
I cb.
15
Hol''er» of rec. F"b 21
2
.
Feb.
Feb.
re<'.
Feb
2!',
.
Apr.
Apr.
Apr.
Apr.
Feb.
rpf;.
•Holdern of
I'eb.
2
bliersoii
.
.Vliir.
l?-4
(quar.)
Feb.
2H
IK
Eight per cent cura. conv. pref. (quar.)
Bond A Mortgage Guarantee
.5(1
IIoldcrH of
Mar.
2
SI
.'Ha
"'i
4a
Mar. 22
Juno 21
Fe i. If,
i
Kelly-Sprlngflcld Tire, preferred (quar.)
{1
S)
July
'IH
.I.io.
Kamlnlstlqula Power, Ltd. (quar.)
240
la
of rec. Mar. 18a
of rec. Mar. 18a
of rec. .Tan
31a
of rec. Jan. 31a
of rec. Feb. 14
of rec. Feb.
10
HolchT.s of rec. Mar. 1 5a
Holders oi rec. Feb
la
Feb. 19
to
I'^ib. 27
Feb. 12
to
Feb. 20
Holders of rec. Jan. 3If7
Holders of rec. Feb. 15a
Holders of rec. Feb. 10a
Holders of rec. Feb. 10a
Hol'ier.s of rec. Feb.
1
Holders of rec. Jan. 14
Holders of rec. Feb. Ha
Holders of rec. Feb
Holders of rec. Mar. 157
Holders of rec. Mar. 15i
Holders of rec. Mar. 15a
Holders of rec. Mar. 157
Holders of rec. Feb. 8a
Holders of rec. Feb
1
Holders of rec. Feb. 2
Holders of rec. Feb. 5
Holders of rec. Feb. 10
Holders of rec. Jan. 31
Feb. 5
to
Feb. 15
Holder.s of rec. Feb. 21
Holders of rec Feb. la
Holders of lec. Feb. d-ya
* Holders of rec. Jan. 24
Holders of rec. Jan. 31a
Holders of rec Jan 31
•Holders of rec. Feb. 7
Holders of rec. Jan. 31a
I'eb.
i'A
re<,-
24
Holders
Holders
Holders
Holders
Hoidera
Holders
Holders
Holders
Mar.
vpr.
28
28
Feb.
Feb.
IW
Preferred
American Brass (quar.)
Kxtra
American Felt, preferred (quar.)
Am. La France Fire Eag. Inc., com.
Amer. Radiator, com (quar.)
IH
2
.
!lo di"-^ of rec.
rec.
Hoi le;n of
Holiers of
Via
Holders of rec. Feb. r,a
Holders of rec. Jan. 17
-Mar.
Feb.
«ll
pref. (qu.)
,
Feb. \F.
Feb. 15
SI
Power Sccur.,
»1.5C
Irnein ii (Lirvesler. pref (<|imr.)
Iron Products Corp., preferred (quar.),.
<.)a
2H
IH
com
A
Imperial Oil (monthly)
Indiana Pipe Line
Inland Steel Co. (quar.)
Miscellaneous.
Allls-Chalmers Mfg..
(quar.)..
HoMcrt of rec. Feb. 14a
Holders of rec. Jan. 31
-li.
I
lo.
(qu.)
Illumin.'iting
10
IS
18
2
Ptg..
1
r-ornn>oti
.
1
Feb.
Feb.
2J-<i
Mar.
'
Gamble, common (quar.)..
Conipiinv r^piar.)
Pure oil com (quar .)
Com. (payable In com. stock)
Quaker Oats, pref. (qu.ar.)
Feb.
Feb.
A
&
,
(iuis-s'itt
Mill,
loramon
Aue.
Apr.
Apr.
Feb
Feb
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Feb.
lyi
i(|Uar.)
RIorrion Pulp A Paper, com. (quar.)
Preferred (tpiar.) ,
RItz-Carlton Hotel, preferred
RockhlU Coal A Iron. pref. (quar.)
Ro.\al Dutch Co
St. Joseph Lead (quar.)
Sears, Roebuck & Co., com. (quar.)
Sb.irp Maiiufaciuring. common (quar.).
Shaw (W. W.) Corp. (guar.)
Sliiw Stocking ( 'o. (quar.)
Sinclair Cons. Oil. preferred (quar.)
Sm th (.\. O.) Corp., preferred (quar.) ..
.Soutliern Califo-nia Edison, com. (qu.).
"Southern Pip" Line 'quar.)
Spalding (A. G.) & Bro., Ist pref. (quar.)
Standard Milling, common (quar.)
FYeferted (quar.)
Standard Oil (Calif.) (quar.)
Extra
Feb.
Feb.
S2
2H
Mar.
Mar.
Mar.
l'<f
3«
2
SI. 6.5 l-eb
25c Mar.
Feb.
20
4
SI
t-Vb.
Feb.
Feb.
Peb.
Feb.
Feb.
IH
*2
I'A
n
Mar.
Mar.
•3
Feb.
Feb.
2
IH
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
•2H
•1
Stand.-u-d Oil (Kansas) (quar.)
Extra
St'inda;<l
May
/2
'
'il
of
X Y
3
3
(quar.i
4
Standard Oil (Ohio) (quar.)
Steel Products Co., pref. (quar.)
*1'A
Stern Brothers, preferred (quar.)
Preferred (account accum. divider.ds)-
IH
1%
h
I
common (quar.)
SI
Stcw;irt-\Varner Speedometer (quar.)
SI
First and second pref. (quar.)
2
Studebake.' Corp.. com. A pref. (quar.)..
IM
Suncook Mills, Cfiii. (quar.)
2
Preferred (quar )
l'<
Swift International
$1.20
Texas CoiTip.Tin stock dividend..
flO
•4
Thompson-St.arrett Co.. pref
Tlmken-Detroit Axle, pref. (quar.)
I'A
Tobacco Products Corp., com. (qu.)
gi'A
T.ank
Car,
pref.
(qviar.)
Union
•i;i
United Cigar Stores of Amer. com (ra'ly)
iM
United Drug, second preferred (quar.)..
14
87^c
Unlt«d Gas Impt., pref.) quar.)
Board,
pref.
(quar.)
United Paper
I'A
Preferred (qunr).
.
IH
IH
U. S. Cast Iron Pipe&Fdy., pref. (qu.).
U. S. Steel Corp., com. (quar.)
IK
Preferred (quar .)
I'A
Van Raatle Co., 1st pref. (quar.)
I'A
Second preferred (quar.)
Si .75
Wayagamack Pulp A Paper (qu.)
I'A
WelvorA- Heilliriir.ner, pict (quar)
1*4
WestIndlaSugarFlnanceCorp.,com.(qu.)
I'A
2
Preferred (quar.)
I'i
White (J. G.) Co., pref. (quar.)
White (J. G.) Engineering, com. (quar.).
IH
(quar.)
>.
Preferred
IH
White (J. G.) Managem't pref (qu.) ..
IH
.50c.
Will A Bauiiier C'andle. com. (guar.).,
fl'4
Wilson & Co.. com. (in common stock).
(quar.)
com.
2
Woolworth F. W.).
Stewart Mfg.,
_
15
15
15
15
10a
5a
.5a
31
14a
9a
10a
8
8
1
Mar. 25
Feb. 15a
Feb. 2Sa
Jan. 31a
Feb. 5a
Feb. 5a
Feb
50
Jan. 31
Apr. 30
.
Mar.
1
Feb.
la
Mir.
Feb.
Feb.
Feb.
M:ir
Apr.
Mar,
Feb.
2
Feb. 24
Mar. 1
Mar. 15
Apr. 15
.iiily
1.'
Mar. 15
Mar. 30
Feb. 26
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Feb. 15
Mar.
Mar.
Jan
Feb
Jan
31o
la
31
of rec. Feb. 19
31 a
of rec. Ja.i
"Ho'den
fif
Holders
Holders
Holders
•Holders
•Holders
Holders
Holders
of rec. Feb. 15
of rec. Feb. I8a
of reo. Feb. 180
of rec. Feb. 15
of rec. Feb. 15
T
Feb.
Feb.
Feb.
Mar.
Mar. I Si
Holders
Holders
Mar 10
Holders
Holders
Holders
Holders
'Holders
Holders
Holders
to
of
of
of
of
of
of
of
"oldcrs of
of
of
of
of
rec.
of rt>c.
of
of
of
of
of
of
of
of
of
Feb. 25
28
rec. Jan.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Jan.
rec. Jan.
reo. Feb.
rec. Feb.
rec. Feb.
rec. Feb.
rec. Jan.
rec. Dec.
rec. Mar.
of
of
of
of
of
TTolders of
Holders of
HoMoie of
•Holders of
Jan. 21
to
Holders of rec.
•Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of reo.
i- old ere of rec.
Holders of rec.
to
Mar. 1
to
Jan. 30
Holders of rec.
Holders of rec.
Holders of rec.
HolHers
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Mar. 21
31a
rec. Jan
1«
tec. Feb.
1
rec. Feb.
rec. Jan. 260
Feb.
lo
rec.
1
rec. Feb.
rec. Jan. 31
rec. Feb. 14
of rec. Feb. 28a
of rec, Feb. 28a
•Holders
Holders
Holders
Ucdders
Holders
Holders
Holders
Holders
Holders
.Mur.
M.ar.
'...;
l-"<»b,
Feb. 16a
•
Feb.
50c.
.
15a
rec.
rec.
rec.
Jan. 31a
Mar. 31a
Feb. I4o
Feb. 18a
Feb. la
F'-r,
5a
•Holders of rec. Feb. 9
'31
Holders of rec. Jan 31
Holders of rec. Apr 30 31
Holders of roc. Jan 31 '21
HoIdcr80frec.Apr.30'21
Holdersof rec. July 30'21
Holders of rec. Mar. 16a
Holders of rec. Mar. 16a
Holders of rec. Jan. 3Ia
Holders of rec. Jan. 22
6^
Hotd<>r8 of rec. Feb.
Holders of rec. Feb. 1.5a
Holdors of rec. Feb. 15a
Holders of rec. Feb. 16a
Holders of rec. Feb. 8a
•Holders of rec. Jan. 25
Holders of rec. Jan. :;i
Holders of rec. Feb. 15a
Holders of rec. Feb. 15a
Holders of rec. Feb. lo
Holders of lei;. Feb. 5
Holders of rec. Feb. 'J
Holders of rec. Mar. 22
Feb.
•5
2
t'ullnio.n
of
of
of
of
of
of
of
of
of
of
of
rec.
rec,
roc.
'lolders
rec.
Holders
rec.
Holders
rec.
Holders
rec.
Holders
rec.
'di
r'* of rec
May
A
A
ffiii.'erfi
Holders
Holders
Hoi lers
Holders
Holders
fi
Mar.
1
I
Feb.
•$1
(quar.)
intarlo Steel I'roducts, com. (quar.).
2
Common (quar.)
3
Preferred (quar.)
IH
Preferred (quar.)
IH
Preferred (guar.)
IW
Owens Bottle, common (quar.)
75c.
Referred (quar.)
I'A
Pacific Gas
Elec 1st pf.
orlg.pf.fqu.)
I'/i
Pacific Power
Light, iiroferred (quar.)
IJi
Penmans, Ltd., common (quar.)
2
F'iitsi)u;-«h Steel, pref. (quar.)
I'A
Pono Rico. \me"- To'i. (fiinr.)
a
Pressed Steel Car com (quar.)
1..
2
Preferred (quar.)
I'A
la
|h
Itolf'ers of rec. pel).
Mar.
I'A
/4
21^,
.
I*'**',.
Hla
31
Holders of rec. Feb. lOa
Holders of rec. Feb. Da
Holders of rec. Feb. l.^a
5Uc Mar.
Mar.
2
IH Apr.
25c Feb.
50c Feb.
Peb
2
Feb.
2
I'A Apr.
I'A Feb.
N. Y. Shipbuilding
Proctor
•SI. 2:
Electric Co. (quar.)
P., prrf. (quar.)...
West Penn Tr.
75c
A
common
1
1
fioot* Cloud.
Inrlutive.
Dayt
Mar.
Mar.
t3
Maniifiiclurlnx (quar.)
i'referrcd
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
of
of
of
of
of
Holflers nf
Holders of
Hamilton Biuik Note Eneravlng
Hartmaii Corixiral ion fqu.ar. ).....
Hart, Schaffner A Marx (quar.)..
Hoosac Cotton Mills, prof, (quar.)
I
vnen
PayahU
IJi
Ulllette SalolT Razor (quar.)
(;illliand Oil. preferred (cjiiar.)
Goodrich (II. F.) Co., com. (quur.)
Goodrich (U. V.) Co., pref. (quar.)
I'rcforreil (quur.)
Great Atlantic A Pac.Tea, pref. (quar.)
Great Lak<-rt Drcrlce A Dock (quar.)
Griffith (I) W.). Inc. ClaHH A (N'o 1)..
ll.iiiillioti
28
Pa
Cent
(Conrtudrtf)
General Asphalt, preferred (quar.)
Harbison- Walk. Refract.,
honks Closed.
Days
Compnnv.
3
Railroads (Steam).
Alabama Great Southern, preferred
Atch. Topeka & Santa Fe, com. (quar.).
Baltimore
of
Oa
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Name
[Vol. 112.
Hooks Ctottd.
Days
MItcellaneou*
M'Triiii:irk Mfi!. com. ((|unr.)
Pn fcrrud
MIchlKiin HuKiir com. (quur.)
H(mi'ml-ri)n(l,
I'n'rcrrcd (quar .)
When
Pavablc.
2
Manhiitt:in Shirt, com. (nuar.)
.N'llcs
Per
Cent.
—
I.inip (Artliur) I). Inr,, pret. (quar.)
MaJi'inliiu' iMvnstnuiiil
Pooiless
.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
Mar.
Jan.
Feb.
Feb.
Feb.
Feb.
Apr.
July
IM
16a
15a
31a
31a
la
lOo
2
2
18a
lOo
19
1
31a
6
lOa
15a
28a
1»
Ix
Mar. 1
Mar. 2
Feb.
Feb.
Feb.
Feb.
}eb.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
1
IJ
15
15
23a
31a
31a
15
15
15
IS
la
27a
lOa
unofficial sources,
t The New York Stock Exchange has ruled that stock
not be quoted ex -dividend on this cate and not until further notice, a Transfer
Less British Income lax. d Correction
books not closed for this dividend.
1 On account
g Parable In scrip
/ Payable In common stock
e Payable in stook
f Payable In Liberty or Victory Loan bonds.
of accumulated dividends,
{Payable In S"i, dividend certificates.
TO Stockholders to receive iXi'r Fouith Li'ienv Loan bonds ii aixount equal to
S50 for every five shares held; less than five shares to receive cash at rate of S9 a share.
•
From
will
t>
.
.
.
i
THE CHRONICLE
Fmb. 12 1921.]
New York City Non-Member Banks and Trust Companies. Following? is Iho report made to the Clearing lluiise
by (iioaring nou-member institutions wbii h are not included
in the "Clearing House Returns" in the next column:
RETURN OF NON-MEMBER INSTmiTIONS OF NEW VORK CLKAUING
—
UOUrtK.
(.stated
in thousands of dollars
CLEARING
Net
— that
endlnft
Feb. 5 1921.
Rttertt
nis-
N^ilbkaDcfSO/nrts/menu.
-'takbks.Nov.lSl
Tr.cos. Nov. 15
S
Wash
Bank
HU
Total
S
1,3-14
200
500
2,400
4.461 43,208
1.042
State Banks
Moi Mitnbers of thi
Federal Kescrrc Ban*
(iank of
S
1.732
.500
Total
A f erase A vrrni/i
205
200
1.096i 11,669
73s
1,16.>
450
Net
Nafl
Net
Demand rime
posUs.
De-
Ctrcii-
posits.
I'Uion.
.\verage
A teraot
Averfftie
i
S
$
23
213
433
1,347
7,980
4,859
32,185
8,629
too
600
S.i.'iO
4G2
214
3,50.'-.
1.5681 15.925
2,020
1.214
17,053
700
2.019i 19,381
2.482
1
.428
20,558
53
NftH'hanlcsTr.
<
Or'd aggr. Jan. 29
Gfd aggr. Jan. i!2
Gr'd asgr. Jan. 15
Or'd aKpr. Jan. 8
<iold
«
Currency and bank notes
DcposU.s with F. R. Bank of
In
banks and trust cog
Total.
53
NEW YORK WEEKLY
184
3,672
5,676
(Slated in thousands uf dollars
3.300
6 996 70,651
3,912
Wl-.'k
;-ll.S64
—1.000
SOOSi 82.515
S.OUS 79.02;}
8,012 76.614
10 110 78.450
6.471 856,415 14,358
190
—511 —7,322 —649
190
15,007
7.107 863.599 14.951
7.863 864.350 14.844
7.989 864,383 14.648
6.982' 863,737
4,912
4.803
5.065
5.442
IS!)
194
195
CLEARING
HOUSE
MEMBERS.
(.000 omilleil.)
W eek endlnii
Week ending Feb. 5 1921.
Jan. 22
1921.
Jon. 29
1921.
Trust
Corn Exchange.
Imp 4 Trad Nat
2.274.0
2. .3.36.0
51.251.0
14.294.0
67,881.0
Garfield Nat'l..
.52.498.0
Seaboard Nat'I
15.383.0
Liberty Nat'I.
Coal & Iron Nat
24. .579.0
97.704.0
12,^.505.0
N Y CountyNal
Continental Bk.
Chase National.
14.905.0
Fifth Avenue.
Commerc'l Exch
13.640.0
66.499.0
52.056.0
14.443,0
counted aa reeervefor Federal Reserve rueiulers
—We give below a sum-
Changes from
Feb. ;
1921.
precious neck.
S
2,425 .000 Dec.
Loans, rtlsc'ts & Investments 584 ..363 ,000 Dec
Individual deposits. Incl. U. S 407.310 OOOfDec.
Due to banks
98,990 ,030 Inc.
Time (Jonoslls
25.984 000 Dec.
United .States Deposits
11.373 000 Dec.
E,\changes for Clearing House 17,926 ,000, Inc.
Due from other banks
51,769 .009 Inc.
Cash in bank & F U Hank
49,150 ,000, Dec.
Reserve excess in bank and
Federal Resen'e Kan)?
4.910,000 Dw.
Circulation
J
Clearing House
Jan. 29
1921.
Jan. 22
1921.
S
S
23 000
,548,000
5.512.000
Bank Statement.
5.903.000
—To-day
being a hohday the Clearing Tl(;use issued the usual weekly
bank statement after the close of business on Friday afternoon. We give below the summary of weekly total.s for the
week ending Feb. 11:
CLEARFNG HOUSE MEMBERS. DAILY AVERAGE.
decrease
Increase
decrease
Increase
decrease
decrease
increase
decrease
D.\Y.
Loans, discounts. Investments. &c..
$5,021,366,000 .$72,945,000 decrea.se
Cash In own vaults, members Fed. Res. Bank..
88,131.000
S..30G,000 Increase
Reserve In F. R. Bank of member banks
504,858,000
1.283.000 decrease
•Reserve In own vaults. State banks & trust cos.
9.127,000
270.000 decrease
•Reserve In depositaries. State banks&trust cos.
8,901.000
287 000 decrease
a Net demand deposlta
3,799.032.000 47.442.000 decrciise
TUue deposits..
242.666.000
2.978.000 Increase
Circulation
34.175,000
16a.000 decrease
E.xcessi^eserve...
OepoeHs deiJuoted
Flfth
National.
Time
in
Net
Demattd
Vault.
Deposi
Deposits.
posUs.
Ue-
.V<U'I
Bank
I
Vircu'lotion.
lories
$
10,000
5,500
165|
7,4161
33,519!
1 ,ooo;
1,710
8,424'
7,000
3.000 20.464:
2.000:
o.oooi
3,379,
505,237
129.512
17,0221
4.729|
123.444;
386,659
21,000
122,637
118. -2781
42.2151
9,471
8,883
1,53.608;
1,500
7, .500
23, .368,
l.OOQ
800
193,084
10,769
4,698l
1 .000
10 .000, 37,770
12,500: 10,6951
1,000
366;
798'
1,COO'
15.000: 24,990!
SCO:
2.319
200*
1,054
4001
804
1 ,000
1,622;
1.000'
816
4,79l!
1 .000,
5.0001
8.0541
1,500
1
,5641
1 .OOO:
I.6I2I
Union Exch Nat
2,741,
1 ,500.
Brooklyn Tr Co
20.000
19,612
Bankers Tr Co
US MtgeA Tr.
'
uith
Legal
<fec.
5,143
2,000
Guaranty Tr C( 25.000' 36,114
1,593
1 ,500
Fldel-Int Tr Co,
Columbia Tr C<. 5.000 8,010
,.500'
.958
1
PeoplesTrustCc
New York Tr Cc 3 ,000: 11,719
2.OOO1
1,121
Lincoln Tr Co
2.000'
3,435
Metropolitan Tr
.000'
1 ,423
Nassau N,Bklyn
Farm Loan * Tr 5,000! 11,056
2,000i
1,618,
Columbia ftank.
Equitable Tr Ci) 12,000 17,8881
1
1
42,2651
24.117;
303.297
183,020
13,297
7. 4-29
343.239!
19,973]
771
2,66
8,57
1.774
0,053
1,333
400
692
122
5,484
830
515
584
483
313
8,865
15,273
13,1791
47,635'
90,3111
18.129;
18,434|
36,181;
272, 900:
59,001
515.305
17.853
79.932
33.896
87,693
23,405
30,270
16.403
.4
ceragi
5
4,171
13.514
20.301
6,901
51,151
13,786
1,98
10
680
1,278 12,184
2,447 33,92'
1,248
3,27
4,59i 14,909
9.52 15,252
2,791
6.944
5,977 21,379
746
3,746
1,148 18,384
361
1 ,635
932
2,881
i».50 21,432
6,636 24,700
8,789;
1
,768
880
33,74'.!
2.872
1,249
1
1
,230
,673
1,782
889
5,938
491
8.298
714
1,968
370
2.55S
696 4,C49
850 28.979
72
7,687
2,415 44,655
454 2,76
1,134
9,807
1 ceragi Aige.
i
$
29,010
2,059
772
100.322 12,265
2,'.t85 V,666
150.624
52.216
1,179
•195.878 35,863 "1,464
103,201
1,675
350
14,542
555
226
4,402
72
287
88,376
4.016 4.762
4.083
252.765
236,
23,738
106,089 14.489 4,365
100
108.462
506
45.786
147,912 13.542
25
51
28,625i
1,798 5,318
141 .209
50
lO.OJOl
1,053
604
90
20,1351
4,066, 7X»78
103.814,
2.096
2.421
186.694;
193
896
13.206;
100
5.780!
251.6931 9,956 1,075
20,405
8,725
9.088
29 "384
14,265
545
243
13,496
893
68
45,052
1,995 2,558
63.207
398
288
13.024
323
385
19,118
3,811
29,369
.4
oerage
1,189
3.46.'!
219,071* 8,8.56
1.013
57.946
*449.220 28.964
645
18.136
3.875
75,038
1.242
33,012
583
477
636
436
8,462
3.470
3.527
1,383
13,313
3,084
18,649
1,615
63,911
514
23,609
1,151
24,526
441
13.560
•116.698 15,075
227
23,636
•160,166 10,964
119.399'
1,518
23.465
171,575
1,741
Avge, Feb
5.. 262,900'472.279l4,953,8.56
790
__
,
. _
50
$622,886,000
19,347,550
4.2.50,480
31.489 000
79,887 510.400 c3,778,.360 196,07l!34,142
Totals. actual CO udition Feb. 5|4.926,022 79.765 ,506,141 c3,743.790 195.762 34,338
Totals, actual co U'dltlon '.Ian. 2914.920,575: 80,445 5110.427 •3,742.,'8:il9S,tl(i:j :}4,2ii0
Totals, actual co nditionlJan. 2214,983,187 81,372 514.038 3,821.848211,154 34,407
State Banks. Xut Mc mbersol'
1.000'
1,919|
Greenwich Bank
I
2,615
18,964
5,704
72,972
5,383
Totals, actual CO nditlon IFeb. 5
Totals, actual CO ndltlon ,Jan. 29
Totah, actual CO nditlon [Jan. 22
50'
19,200
5.645
31,181 42',483;
2,612
1,635
694
326
3,549
2.155
97,640
6.855
4.116
56,026] 42,533
96,694
98,158
98,220
7,148
6,905
6,941
4.197
4,33J
4,814
55,563 12,584
56,944 42.553
57.490 42.632
.\ ot Afemibers 7/
Trust Compari V
45.933
Guar A Tr 6,000, 12.459!
25,478
Lawyers R 4 Tr 4,000 6.333;
1.216
3,226
1,801
29.304
17.600
1,006
938
10,000 18,793
71,411
2,154
5,027
46,904
1,342!
Totals, ar-ual condition 'Feb. 5'
Totals, actual co'ualilon ;.lan 29
Totals, actual CO nditlon :Jan. 22'
71,593:
2,255
2,113
2,152
4,99
5.007
5.224
47,115
47,515
48,122
1,342;
Bowery Bank.
Slate Bank...
250,
848'
2,500
Avge. Feb. 5.
3.750
Title
Loans, discount. Investments, &c
$5,0.54.535.000 $68,372,000
Cash In own vaults, members Fed. Res. Bank. .
82.323.000
2.430.000
•Reserve In F. R. Bank of member banks
498,802.000 11,598.000
•Resen-e In own vaults. State banks &tnist COS.
9,123.000
114,000
•Re.serve In depositaries. State banks&trust cos.
8.989.000
154.000
a Net demand deposits...
3,806.047.000 75.243.000
Time deposits
242.694.000
2,748.000
Choulatlon
34,122,000
20.000
•Aggregate reserve
..$516,914,000
E.\ce.ss reserve
._
12,401,630
Decrease
1,901.100
a U. 8. deposits deducted..
_
47,292,000
CLEARING HOX;SE MEMBERS, ACTUAL CONDITION THIS
Commonwealth
omitted.)
2 .479.000
3,330 ,000 '587 ,(i3:!.000 fiOl ,488.000
104 000 407 ,414.000 417 .230.000
95 ,544.000 101 ,085,000
1 .446 000
86i .000 20 846.000' 20 ,407.000
4,944 ,000 16 ,317,0001 22 ,34.5.000
4,132 ,000 13 ,794,000l 16 .700.000
71 000 51 ,698.000
.925.000
914 000 50,064.0001 51 .064.000
602,090
Irving National.
10,7,50.0
645.1.34.0
10.2.59.0
831.0
3,038.0
2.772,0
266.0
National Park..
East River Nat.
Second Nat'I
First National..
508.873
mary- showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLKARINf? HOUPK MF-MKERS.
S.
Chath & Phenl.
Hanover Nat'i.
50..585,0
Boston Clearing House Banks.
aV.
Bank...
.51,632.0
Increase
$71,501,300 20 56%
$3,273,100 Increase
Reset cd
Cash
Average Avcragi
$
300,
Nat Hutch * Dr
Amer Exch Nat s.oool
Nat IJk of Comm 25.000
37.725,0
103,891,0
716,549,0
21.669.0
90.465.0
124.355.0
495.849.0
11,258.0
631.462.0
•Aggregate resenre.
13.90%
06.60%
Tr. Cos. Nov. 15
1!)2.163
59, .590
Amerlcn
Metropolitan...
37.725.0
103. 89 1.0
719.491.0
Jnrcstrnenis,
16,568
6,118
National City.. 10.000! 66,116
Chemical Nat'l.I 4..500 15,460'
1 ,0001,163|
Atlantic Nat'I..
of
$33,225.0
90.894.0
680.606,0
28.726.0
91.048,0
123.825.0
479.766.0
11.172.0
614,763.0
12.C11.0
63.643.0
48.716.0
14.927,0
Loans,
l/lscount,
42,225
127,154
Pacific
F.R.Svslem Companies
New York
2191%
that is, three ciphers ((K)0
Net
Nov. 15
IState,
—
2.000|
7.179
5,000| 16,672
Bank
.')
In vaults not
Trust Companies
CLI:AU(NG HOUSE RETUU.VS.
frcfits
Nufl. Dec. 29
F«b. 6 1921
Bk of N Y.NHA
Manhattan Co.
—
Memhersof
Capital
IMembcrs of
Fed. Res. Bank'
Philadelphia Banks. The Philadelphia Clearing House
statement for the week ending Feb.
with comparative
figures for the two weeks preceding is as follows.
deposits
Individual deposits
deposits
TotsI deposits
O. 9. deposlta (not Incl.)..
Ree've with legal deposit's.
Reserve with F. R. Bank..
Cash In vault*
Total reserve and cash held
Reserve required
Excess rec. & cash In vault
uecrease
this statement since Sept. 25.
388
Bank
.
—
(IR'i
Time
^
shows the condition of" the New York City Clearing House
luenibors for the week ending Feb. 5.
The figures for the
s*))aiate banks are the averages of the daily results,
in the
(%-ise of totals, actual figures at end of the week are also given:
The return of the Equitublc Trust Co. has been inclutled in
5161
BsohaoRes for Clear. House
Due from banks
_
Statement of New York City Clearing House Banks
and Trust Companies. The following detailed statement
200
Capital
Surplus and profits
Loana. disc'ts 4 Invostm'ts
.
$48,351,100
23,150,200
$100,856,500
5.676
Tioo ciphers (00) omitted.
.
407.900 increase
570,185,700
$35,355,200
3,672
3.800
.
Stiue Hanks
$20,190,000 18.23%
9,165,200 05.68%
Casli in vault...
184
a.filKI
(,
RESERVE.
388
4..S00
icreose
icreaae
i
9,052
3,800
300
'
516,
lis
1.W4
)
$4,922,200 increase
5!6 900 decrease
New York
Total deposits
Total deposits -I.'Umlnatlns amounts due froiti
Reserve depositaries and from other banks
and trust coiupanles in New York City uad
U. S. deposits
Mecb & Metals
Cash
S58l.9O4.70O
190
a U. S. ileposlis deducled. $481,000.
mils payable. re'l.'^poiiritB, acci'pt:inccs and other llabllllles, .S609,000.
Ei^cess reserve. S310.960 derrposp.
'
Furnished bg Slate Bankli.g Department
200
Total
firand aegregate..
'oniparlson prevlo
(.figures
Loans, dlaoounls, Inveatmontd, &<s
190
•
Bay
GREATER
IN
YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Aggregate reserve on deposlta
I'er cent of legal reserve, 20.9%.
Trust Companiek
Vol Hembirs of thi
"•dtral Reserve BanI:
.M;\V
Deposits
9,428
12.13S
2,4,W
8,169
436
SUMMARY OF STATE BANKS AND TRUST COMPANIES
Bank
lories.
301
36
Mutual Hauk
YorkvlUo Bank...
Legal
DciJtsl-
ttc.
Areraui
S
S
in
Vault.
11.302
3.935
863 15,302
1„')00
W.R.dracoiCo.
Colonial
wUh
Cash
Members of
Fedl Res. Hank
Mattery Park -Nat
omitted.)
[()00)
Loans,
CapUat. Profits,
NON-Mi:MBEUti
Week
ctplnrs
Is, three
029
Avge. Feb. 5..
72.491
72,657'
336|
1,342
1,201,
Gr'd aggr, avge;276,650'496,4555,122,907| 88,896 519,543 f3,8Sl,290i239.946;34.142
+ 17,18l}-13,440|— 147
Comparison, previous week
-f 1,254 -2,580 + 5,130
!
(;r'diiggr.,acfl jcond'n Feb. 5 5,094.309 89,168 515,32'9 63 816 ,474 239 ,688'34 ,338
86Sl— 2.S70 +78
295 + 5.560
Comparison pro vious week
+3,085;
—
Gr'd ai-'gr.. acfl cond'n
Gr'd aggr.. aet'l cond'n
Gr'd aggr.. act'l cond'n
Gr'd iiggr.. act'l cond'n
—
Jiin 29 5.091.224! 89,463 509. 70!l|a3.S47.342 242.558 34.260
J:in. 22 5,154, 0li4! 90,4'!.5 524,07(' 113,927.460 254.987 34,407
.Ian. 1.-: 5.132.605' 98. 177521. 5H (84.017.445(274.771 34.535
5.220.107.1 07.13.5l53S.ti4ri( •14.064. 749(2ti7. 249 34.707
J.ui.
I-
Includes deposits In foreign branches not Included in totjii footing as follows:
National CItv Bank, Sill. 480,000: Hankers Trust Co.. $10,898,000; Guarivnty Trust
Co.. 5115.749,000: Farmers' Loan & Trust Co., S20.093.000: Equitable Trust Co.,
$22,852,000. Balances carried in banks in foreign countries as reserve for su?b
deposits were: X:;tlonal CItv Bank. $55,515,000: Bankers' Trust Co.. $309,000:
Guaranty Trust Co., $9,705,000: F.irmers' Loan i Trust Co., $2,091,000: Equitable Trust Co.. S4.732.000.
c Deposits in foreign branches not Included, c V S.
Hills
fU. .". deposits deducted. S5O.S7.S.000
deposits de<Iucted. $62.-595.000.
payable, redlscoimfs, accept-iniTiK and or.tier liabilities. SI .'202.230.000.
•
.
.
.
..
.
THE CHRONICLE
630
STATEMENTS OF RESERVE POSITION OF CLEARING HOI
AND TRUST COMPANIKS.
KS
OOI.
Week ended
Rmerve
Cash
Federal
Vault.
$
RoBorvo t)ank8
StiUo baiiliH*
Trust coinpanlcs
Total
He.ierre
ftc::r.rif.
Haiuireil.
Total Feb. .5
Total .Ian. 2'J
Total Jan. 22.
Total .Ian. 15
$
.510,400,000 ,510,400,000
.
0,000,000
o.oir.ooo
9,103.000
9.273.000
-
10,971,000
7.181.000
4,110,000
e.ss's.ooo
2.1.54,000
."..OJ'.OOO
S
.068,930
10,08 t,OSO
4 »7
7.03.5,000
.'||9„"i43,000 ,528,6,52.000
514.189,210
..14.413.000 .523.430,000 512,398,400
.>20.01H.000 .53.5.721.000 512,942.800
.549.010.000 .5.58,913,000 530.509.9.50
Surplus
Rescrvt
S
13.331,070
8S0.320
145.400
14, .362 .790
11, 031, .540
13,778.140
22,343,050
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan
Cash
Members
Federal
7,148.000
2.255,000
Total Feb. 5
Total .lau. 29
Total Jan. 22
Total Jan. 15
9.403,000
0,018.000
9,093,000
9.404,000
Not members
Total
Reserve.
'Total Cash
in Vault.
Aei«rve in
DeposUarlta,
4.001 .9??. UK)
134 874.400
021.490.100
.r^
DeposUorles
Surplus
Rei/uired.
Resertf
11,345,000
7.246.000
10.001,340
7,067.250
515,329,000 .524,732.000
.509,709,000 518.787.000
524,076,000 ,533,109,000
.521,516,000 530,920,000
.509,634.9.30
.509,911,8.50
4,197,000
4,991.000
18
24
31
8
fi.S.S.'l ,'•,33,
15
5
• This Item Includce gold,
Reserve notes.
,
.
'I
1
800
4
6,800 ,670, 000
5.800 .012, HI 10
5.770 ,0.53, 100
5,7.52, ,205, 800
5.70'* ,133, 700
5.699 ,889, 500
22
29
.Ian.
.-
4
.
,
:
.
.
.
,
4,666,662,900
4.703.111.^00
lO
4.63H.r,»2,')OI)
o
1,521,194,000
t,447,40f..300
4.4.51 .007 .800
I
'
i:>.i.i
I
silver. legal tenders, national
i.iOO
bant notes
Condition of the Federal Reserve Bank of
Reserve
ai.
New York.
Bank of New York at the clo.se of liusiness Feb. 4 1921, in
and the corresponding
(•ompari.son with the previous
date last year:
wwk
13.574.660
1,343,660
178,7.50
15,097,070
8.875,1.50
520.741.300 12,427,040
53 .992.390 —2,072.390
Reserve B.ink.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case ol members of the Federal Reserve banks
Includes .also amount of reserve required on net time deposits, which was as follows:
Feb. 5 85.882,130: Jan. 29. SO. 28.5 120; Jan. 22. S6,5S8.900; Jan. 15, s:0.02S.i',S(i.
b This is the reserve reciulreTT'on net demand deposits in tlie case o( state hanks
and trust companies, but in the case of members of the Federal Reserve Rank
Includes also amount of reserve required on net time deposits, which was as follows:
Feb. 5. S5,872.860; .Ian. 29, $5,959,890; .Tan. 22, S6,:5.34,620; Jan. 15, SO.926.0i0.
•
Demand
Deposits.
— The following show.s the coiHlition of the Ffderal Reserve
b
Reserve
tn
S
S
.500,141,000 506,141,000 492, .566,340
Reserve I).'ink8
State banks*..
Trust compivntos
Loans and
'ni eslmenlt
*
.5813 .900 ,300
5,Vh7 ,31)4 <l()(l
5,K.",7 ,829, 100
4
11
Jan.
Feb.
Actual Figures.
liescrn
in Vault.
—
a
in
pe/wsUartes
nesr.Tvc
in
[Vol. 112.
RESULTS OF BANKS AND TBU8T COMPANIES IN I
GREATER NEW YORK.
i.s.
Avcraftes.
Members
C(«
.
oJ Federal
Rt'.ourccs
1921. Jan. 28 I92I. Feb. 6 1920.
S
\
96.3-53,402
115,488,0
09,063,144
70,049,a
45.024.898
47,611,413
41,956,«
1.211,100
1,211,100
Ffb.
—
4
$
Gold and gold certificates
Gold settlement fund— F. R. Board
Gold with foreign agencies..
Total gold held by bank
Gold with Feder.al Reserve Agent
Gold redemption fund
147,885,657
206,969,031
41.00O,0C0
M2..589, 400
208,045.931
41,000.490
227,493, (>••
290,7.?2,00«
Total gold reser\'e8
Legal tender notes, silver,
.396,864.688
391.635,821
154,497,527
1,53.303.345
543.416,0
46,387.<
550.3S2.21S
544,939,166
589,80J.«««
434,726.920
414,012,677
581,479,1
424.725.920
414,012,077
581.479.00*
520,290,143
494,912,760
220, 673,
49.8OO.0
520,290,143
9,881,340
494,912,760
28,436.399
954,897,403
1,25C,800
937,361.837
1,256,800
949,228,(
59,276,696
'59,"42V.596
68,203,<
Ac
25,I9I.0««
,
.
Total reserves.
Bills discounted:
Secured by Government war obllg'ns:
For members
All Other:
State Banks and Trust Companies Not in Clearing
House. The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House, as follows:
—
SUMMARY OF STATK BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
For members
Differences from
previous week.
Loans and Investments
Gold
$570.982. .500
7,401.200
Ctirrency and bank notes
16,743,600
Deposits with Federal Reserve Bank of New York..
48.594,900
Total deposits
609,047,100
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies In N. Y. City, exchanges and U. S. deposits 569,777.800
Reserve on deposits
103,.583,400
Percentage of reserve, 20.3%.
RESERVE.
Cashin
vaults
Deposits In banks
&
State Banks
825,325.000 15.85%
trust companies 8,667,100
5.42%
Tota l-
S33,992,100
21.27%
'
Dec. S9.498,200
Dec.
220,100
Dec. 1.185,300
Dec.
301.100
Dec. 13.019.300
Bills
— Trust
Companies
—
13 55';
6.33';
S69,59I,300
lO.SS'^'r
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Feb. 5 were 548,594.900;^
k The Equitable Trust Co. Is no longer Included In these totals. It having become
a member of the Clearing House and being now Included In the statement of the
Clearing House member banks. The change began with the return for Sept. 25.
New York
City.
—The
City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
The Federal Reserve Banks.
open market.
In
•Total bills on
hand
S. Government bonds
S. victory notes
S. certificates of Indebtedness
U.
U.
U.
Total earning assets
5'^,
170,873
C
196,876,(
1,4.S7,«
50,
1,016,430,799
4,237,995
Bank premises
998,040,233 1,0!8.938,«
4,237,2.50
.^.094.<
2,665,610
2,707,960
2.668.1
1.32,762,676
134,244,776
2.141,521
204. 014,
921,«
redemption fund against F. R. Bank
notes
Uncoliecled items and other deductions
from gross deposits
.AH other resources
Liabilities
2,185,309
1,707,634,606 1,686.310,908 1,819,438,0
—
26.345.250
Capital paid In
Surplus
Government deposits
Due to members reserve account
Deferred availability items
Other deposits, Incl. foreign govt, credits
26^149,000
56|414,456
22,519,896
o70,954,094
74,414,582
14,040,710
Total gro.ss deposits
notes in actual circulation
F. R. Bank notes In circulation
781,929,283
796 .491 ,830
769,675.326
35,810 ,20C
36,630.200
9,499,961
—
F R
.
averages of the
bought
Total resources.
Dec. 13.519,.500
Dec.
686.100
*47 ,414,700
22,176,600
Banks and Trust Companies in New York
.
.
(Fiaures Furnished by State Banking Department.)
Fcb.b.
—
Less rediscounts for other Fed Res Bks .
— net
.
19.931.862
602.083.047
75.630,965
12.029,451
787,745,n5
23,453,0
45,082,0
4,602,0
734,709,0
120.666.0
40.045,0
900,022.0«1
788,121,0#«
lia-
bility
All other liabilities
Total
.56.414.4.56
10,6.39,837
51 ,090,0
11,670,0
1,707,634,606 1,686,310,908 1,819.438,1
liabilities
Ratio of total reserves to deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
circulation after deducting 35% against
38.1%
39.7?i
3S.35
43.9?!
deposit liabilities
Ratio of reserves to net deposits after deducting 40% gold reserves against F.R
notes in elrculatlon
Contingent
liability on bills
for foreign correspondents
35.7%
36.2%
.098,684
.100.074
purchased
>
—
Following is the weekly statement issued by the Federal Reserve Board on Feb. 5
system as a whole are given in the following table, and in addition we present the results for seven preceding weeks, together with those of corresponding weeks of last year. The second table shows the resources and liabiUties separately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federa;
Reserve banks. The comment of the Federal Reserve Board this time consists entirely of a review of the operation^ of thf
Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board says:
The
figures for the
Moderate gains in gold and cash reserves, accompanied bv further liquidation ot earning assets and by continued return to the Reserve banks of
Federal Reserve currency, are indicated in the Federal Reserve Boards
consolidated weekly bank statement, issued as at close of business on
February 4 1921. The banks' deposit liabilities show a .slight increase,
wlule their reserve ratio shows a further rise from 49 to 49.3%
°^ ^'"^ secured by Trea.^ury certificates show a reduction of
1. o°milliqn.s,
-,V-^^
14.8
while bills secured by other Government obligations declined
"y l.o-o millions. Other discounted paper on hand shows an increase of 8.2
millions, acceptances purchased in open market went up 2.8 millions
while Treasury certificate holdings fell off 1 .5 millions. The result of these
changes is seen in a further reduction of earning assets by 22.1 millions,
the total on Feb. 4 standing at 2.886.7 millions, compared with a peak
figure of 3,422 millions reached on Oct. 15 of last year.
Of the total holdings of 1,017.2 millions of paper secured by United
States Government obligations, .595. .5 millions, or 58.6%, were secured
by Liberty and other United Slates bonds; 278.7 millions, or 27.4%,
by Victory notes, and 143 millions, or 14%, by Treasury certificates,
compared with 607.1, 284 and 157.7 millions reported the" week before.
Discounted bills held by the Boston. Philadelphia and Cleveland Reserve
banks are given inclusive of about 33 millions discounted for the Atlanta,
Minneapolis and Dallas banks, compared with slightly over 41 millions the-
before.
In addition the above- three discounting banks and th
Reserve Bank of San Francisco report among their acceptance holdings 69.'
millions of bank acceptances purchased from the New York Bank, compare*
with 51.8 millions of such paper held by the Boston, Cleveland and Sai
Franci.sco banks on the previous Friday.
Government deposits are shown 1.8 millions less than the week before
members' reserve deposits show an increase of 10.9 millions, other deposits
composed largely of cashiers' checks and non-members' clearing accounts
increased by 2.2 millions, while the "float" carried by the Reserve banlc
and treated as a deduction from immediately available deposits is shown 9.\
millions larger than the week before.
In consequence, calculated net de
posits show an increase for the week of 1.8 millions.
A further reduction for the week of about 15 millions is shown in Federa
Reserve note circulation, as against an increase of 40.8 millions during
the corresponding week in 1920. There wa;; also a reduction during tilt
week of about 5 millions in Federal Reserve Bank note circulation, tu
against a reduction of 1.8 millions during the corTe.sponfling period a yeai
week
ago.
for the wc?ek of 5.8 millions, and total
— a gain of 6.2 millions.
Since Dec. 3 1920 when the most
reseires started, the Reserve banks have gainet
Gold reserves show a gain
upward course of cash
89.3 millions of gold, besides 3S.7 millions of other lawful money.
Combined Resources and Liabilities of the Feder.\l Reserve Banks at
Feb.
4
1921, Jan. 28 1921. Jan. 21 1921. Jan. 14 1921
RESOURCES.
Gold and gold certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
Total gold held by banks
old with Federal Reserve agents.
Gold redemption fund
'
Total gold reserve
199,750,000
4Si, 192,000
3,300,000
199.809,000
461. .523 .000
3. .300,000
$
220.230.000
421.325.000
3,300.000
cast
repen'
reserves
247,365,000
393,173,000
3,300,000
TfiE
Close of Business Feb. 4 1921.
Jan. 7 1921. 'Dec. 30 1920. Dec. 23 1920. Dec. 17 1920 Feb. 6 1920
S
250.r3c.000i
40c .644 .000'
3.300.000
$
S
203.952.000
356.244.000
3.300,000
273.749,000 •200.494.000
363.723.000
353.866,000
67,745,000
3.300,000
205,393.1
434.160,1
114,321,1
753.874.1
685,242,000
623.496.000
65S.079.000
640,772.000: »622, 105.000
664,692,000
643.838,000
644.864.000
1,274,747,000 1,288,450,000 1,286,304,000 1.265.558.000 1,264,762,000 1.276.214.000 1.253.492,000 1.269.725.000 1,116,427,0»<
121,259,»«
151.535,000
151,958,000
101,538.000
159,623,000
156,441,000
152,995,000
164.601,000
176,058,000
2,111,947,000 2.106.137.000 2,095,769.000 2.085.454.000 2,080.282,000 2,059,333.000 2.055.802,000
2042
368 000 1,991,560.001
THE CHRONICLE
Fob. 12 1921.]
Feb.
L«al tender
notes,
elJ ver.
&c
i:i4,
Total rcjervea
diHCOuntud.
Secured by Govt. obligatlonB
203,084,000
205,482,000
213,837,000
180.000
Jan. 7 1921
Jan. 21 1921. Jan. 14 1921
1.017.152,000 1.048.7'i8,0<)0 1.0.56. 117, 000
1,415,921,000 1,407,707.000 1.42(i,ill2.()00
105,058,000
167.9.50,000
107,818,000
other
BUla bought la open market
Dec. 30 1920
Dee. 23 1920
180,932,000
189.830.000
196,566,000
Oec. 17 1920 Feb. 6 19ii.
180. KX). 000
<>3,»9b,tM
I
.024,607,000 l,104,636,(KX' 1.141.0.36.000
1,502.813.(0(1 I.578,0'.IS.IH)0
255,702.000
234,759.(JOO
203.412,000
1, 424 .(CIS .00(1
i,i77,:ir,:i.(M)()
1
1.1,,-
,554.4L"S.i|l)0
.4
I
241.I67,()(J0
(iO«
.
2:i;.^.
..J
,..
•
(>U«
•i./:>u.itOO
2,600,891,000 2.621,533,000 2,650.979,000 2,652,952,(M)0 2.842,108,000 2.974,836,000 2,972,858,000 2,831. 'fix .(KX) 2,7S8,2K9,M«
26.859,000
26,859,(H)0
25,888,000
26,102,0(K)
25..S49.(H)0
25,899.000
26,840,000
ib,77<>,0M
69,000
69,000
li),0(IO
19,0(11)
19,000
19.000
19.000
bJ.OM
261.263,0(K)
281,253,000
3'.j.
289,685.000
261,785,000
261.452.000 204,031,000
259,970,000
276,0b4.0M
Total bills ou band
U.S. Governuienl bonds
U. S. Vlot4)ry uoles
C. 8. oertUlciitcti of ludebtednew
Total eurnlUB
1021. Jan. 28 1921
3.326.127.000 2,319,974.000 2,301,251,000 2.288.538.000 2.276,848.000 2.249.163.000 2,230.754,000 •2222408,000 2,»54,«St,M«
B11J9
AU
4
631
2,886.729,000 2,908.853.000 2,941,528.000 2,9(i8,,544,O0(( 3,130,014,000 3,263,027,000 3,281, 039 ,(MN) 3,223,841,000 3,061,192,000
18,450,000
18,168,000
17,359 ,tH)0
17,952,000
18,228,000
17,955,000
18,215,000
18,244,000
lO.SHb.OOO
risseta
Bank premises.
Uucollected Items aud other deductions
from cross deposlta
redomp. fund a^st. F. R. bank notes
..All other reeourcea
12.74<i,OO0
667.141.000
12,6SO,000
6,830,000
6.I.S4.000
595.096.000
597.980,000
12.868,000
7,105,000
i%
7()(1,765,(HK1
744.111,0(MI
717,227,000
761,005,000
•902,042.000
«'*6,97l.0()0
12.799,000
6.112,000
12,389.000
4,998.000
12,7fi2,(K)0
12,652,0(M)
8.4I7,0(K)
12.5:«),00()
8,4.«),()00
12,232,000
8,898,(MX)
5.849.053.000 5,801.727.000 5,946,999.000 6,000,713,000 6,185,719,000 0,289.617.000 6,318,035.000 6,387,263,000
Total reaouroee
5,04tl.0OO
6, 040,685,
OM
LlAltlLlTlBS.
.tal
Due
paid In
100,147,000
202,03(>.000
99,962.000
202,036,000
32.603.000
52.138.000
.50 .373.000
1.742.762.000 1,731,S23,(K)0 1.765.22.5.0(10
430.
.302 .000
472,616,000
423.633.000
24,054,000
25,204,000
26,243,000
ernment deposits
to members, reserve account
Deferred availability ItemB
dei>oslts, Incl. tor'u gov't credits.
Other
,
99.770.000
99,458.000
99,815,000
99,808,000
99,275.000
89,ll<).000
164.745,000
202,036.000
164,745.(H)0
l(i4.745.()00
202,036,000
120,12U,0UU
27,639,000
26,049.000
8,970,000
25.592,000
5.(.I73.()(K)
42,446,000
7.56. ;i25. 000 1,795,343.000 1,748,979,(M)0 1,721.391.000 1.738,826,(100 l,869.4.)H,0O0
522,638,000
639.26I.rK)0
532.556.000
)iI4.166,(Xi()
509,452,000
654.735,000
22,161,000
23.652,000
27,464,000
25.158.000
38,471,000
95,876,000
3.243,011,000 2,238,317,000 2,205,648,000 2.302.211,000 2.378,649.000 2.321,417,000 2,310,353.000 2,444.6."?6.00(i 2,662,495,000
,344.332,000 2,891,775.000
3,075,7.50.000 3,090,748,000 3,115,310,000 (.ISO, 49 1,000 3,270,023,000 3,344,686,000 3,4(M.931.000
216.960,000
2l8,8r)2.0(HI
213,552,000
213,177,000
202,169.000
207,3r,5,0n0
;il7.434,()0(
197,210.001)
248,780.000
121.939.000
II9.716,fK)()
21,651,000
23.983,000
116,841,00(1
28,310,000
26.67,S.000
30,818,000
28,396,000
Total t;ro8s deposits
F. R. notes In actual circulation
not Ilab
F. R. b:ink notes In circulation
—
All
100.22R.OOO
•J02.o;if>.o(m
:
other liabilities
Total llablUUes
5.849.053,000 5,861,727,000 5.946.990,000 6,0<»,713,000 6,185,719,000 6,269.517.000 6,318.035,000 6,387,263,00(1 6,040,685.000
Ratio of gold reserves to net deposit and
44.9%
44.7'-;
42.4%
45.4%
43.8%
F. R. note liabilities <H)niblned
44.5%
46.4%
44. 2 ^„
Ratio of total re-serves to net deposit and
3
48.4%
46.4%
45.1%
48.1%
•45.5%
49. 'v
49.0%
F. R. note llabilttles combined
48.5%
44.1%,
Ratio of gold reserves to F. R. notes In
circulation after scttlug aside 35%
60.6%
62.1%
49.8%
54.8%
56.5%
50.5%
against net deposit liabilities
56.9%
55.6%
49.7%
—
DistrUiiuion by MaturUies
1-15 days bills bought in open market.
1-15 days bill discounted
1-15 days U. S. certlf of Indebtedness.
16-30 days bills bought In open market.
16-30 daj-s bills discounted
16-30 dj.ys U. S. certlf. of Indebtedness.
11-60 days bills boURht In open market.
91-60 daj'S bills di.scounted
31-60 days U. S. certlf. of Indebtedness.
61-90 days bills bought in open market.
81-90 days bills discounted
(il-QO da.vs U. S. certlf. of Indebtedness.
1.4,56.476.000 1,453 ,331 .000
4 ,468,000
5.823.000
41 ,4,56.000
38,249,000
.
Over 90 days
Over 90 days
235 ,41;5,000
238,301,000
2,000,000
56,233,000
407,392,000
9.955.000
16,777,000
47.049,000
230.6S1.000
S
58 ,954.000
1
,443 .330.000
4 .802.000
47 ,008,000
251 ,587,000
,999,000
2 ,500,000
48 ,117,000
419 ,912.000
53 .030.(101)
434 .4,32,000
10 ,682.000
9 ,061,000
293 ,538,000
8 .020,000
54 ,279.000
236 ,283,000
12 ,296,000
8 ,958.000
1
283,.S55,000
11,511.000
bills discounted
certlf. of Indebtedness
Federal fttserte
$
66 ,424,000
5
56,559,000
297 ,735.000
8 .138.000
55 ,945,000
236 ,895,000
$
$
79 109,000
68.742.000
.409.471.000 1,532 ,488,000
30.3()5.()00
6 ,219.000
46,619,000
232,971,000
54 .075.000
238 822.000
4 000,000
76 509,000
449 929,000
l,5O0.0(J0
72,230,000
458.93'>,000
S.S:!9.000
15.785.000
288.159.000
8.020.000
60.003.000
240,121,000
7 ,013,000
25 .066,006
320 ,198,000
30 177,000
65 ,012,000
214 ,376,000
1
,632 .885,000
10 924 ,000
64 745.000
2S0 406.000
3 446,000
76 ,805,000
430 ,676,000
4 499,000
27 122.000
311 619,000
9 ,492,000
63 ,548,000
232 ,902 ,000
1
80 304,000
,608 042,000
30 910,000
63 995,000
320 421.000
3 120.000
75 119,000
405 606,000
41 950,000
21 749,000
328 ,397.000
8 ,953.000
69 ,225,000
196 .320,000
S
70,370 ,000
1
172 ()()0
117,908 ,000
,.540,
123,716,000
!
61,770 ,00(1
291,140 ,000
3,1.33 ,000
85,226 000
461,966 ,000
4. .500 ,00(1
17,243 000
278, .583 ,oo(;
8,886 ,000
60,882 OOfi
231,128 ,000
,432.9.54,000
14,472.000
136.1SS.000
172,123,000
4.500.000
222,7X6.000
320.861.000
11,179.000
72,090.000
261,197,000
6,000,000
16,404,000
2.39.913.000
Notes—
3.400,093,000 3,511.301,000 3,563,197,000
324,343,000
420,553,000 447,887,000
Outstanding
Held by banks
599,708.000 3.67S.024.000 3,738,880,000 3,755,246,000 3,682,755,000 3.139,652,000
394,194,000
408,001,000
440,217,000
350,315,000
338,423,000
247,877,000
3,075,750,000 3,090,748,000 3,115.310,000 3,159,491,000 3,270,023,000 3,344,686,000 3,404,931,000 3,344,332,000 2,891,775,000
In actual circulation
Fed. Res. Notes (Agents Accounts)
—
8,360,200,000 8,295,941,000 8,220,880,000 6,222,280,000
3,982,941.000 3,950,790.000 3.927,571,000 2,732,255,000
Received from the Comptroller..
Returned to the Comptroller
In
S
87 ,030,000
.\mount chargeable to Fed. Res. agent 4,215,527,000 4.255,835.000 4.297,880,000 4..324,642,000 4,364.698,000 4,377,259,000 4,345,151,000 4 ,293 ,.309 ,000 3,490,025.000
24,934.000 686,674,000 638,379.000 589,905,000
610,554,000
bands of Federal Reserve Agent
815,434,000
744.534,000
350.373.000
734.683.000
Issued to Federal Reserve
banks
3,400,093,000 3,511,301.000 3,568,197,000 3.599,708,000 3,678,024,000 3,738,880,000 3,765,246,000 3,682,755,000 3.139,652,000
—
How
Secured
3y gold and gold certificates
9y eligible paper
5old
iVIth
264,926,000
266 .926 .000
266,426,000
206,485,000
266,426.00(1
240,148.000
227,386.000
227.387,000 266,386.000
,125,346,000 2,222,851,000 2,276,893,000 2.3.34,150,000 2.413,262,000 2,462,666,000 2,501,754,000 2,413,030,000 2,023.225,000
118,596,000
100,477,000
109,356,000
112,396,000
118,075,0(Ml
103.412,000
109.247.000
102,742.000
114.182,000
892.692,000
891.359.000
886.677,000
877,710,000
943,949,000
885,224,000
737,537,000
946,881,000 910,671.000
redemption fund
Federal Reserve Board
3,400,093,000 3,511,301,000 3,563,197,000 3.599,708,000 3,678.024,000 3.738,880,000 3,755,246,000 3,682,755,00r 3,139,652,000
Total
aiglble paper delivered to F.
R. Agent. 2,554,001,000
2. .547, 440.000
2,598,204,000 2.566.566,000 2,773,450,000 2,893,005,000 2,892,608,000 2,746,666,000 2.690,261,000
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND
TVio eiphert (00) omittea.
Federal Heterte Bank of
—
Boston.
RESOVRCE&.
New
LIABILITIES
York.
Phtla.
OF EACH OF THE
Cleveland.
6,404,0
30,038,0
36,783,0
4,660,0
11.577,0 61,886,0
685,242,0
18,294,0 130,475,0 1,274,747,0
9,736,0
8,797,0
151,958,0
91,518,0
6.541,0
85,910,0 357,342,0
4,515,0 14,869,0
93,527,0
6,071,0
48,445,0
967,0
71,481,0
2,804,0
39,607.0 201,1.58,0 2,111,947,0
5,486,0
1,839,0
214,180,0
550,352,0 198,539,0 296,426,0
98,059,0
90,431,0 372,211,0
99,598,0
49,412,0
74,285,0
45,093,0 202,997,0 2,326,127,0
424,726,0 108,042,0
520,290,0 37,977,0
9,881,0 21,6.50,0
48,839,0
59,387,0
4,874,0
.56,224,0 126,280,0
70.831,0 243.955.0
2,760,0 12,020,0
38,347,0
58,723,0
334,0
17,923,0
60,970.0
21,0
38,351,0
72,211,0
1,148,0
.53,890,0 103.924.0 1,415,921,0
954,897,0 167,669,0 174,757,0 113,100,0 129,815,0 382.2.55,0
114,0
4,490,0
1,233,0
1,2.57,0
1,434,0
834,0
97,404,0
1,153,0
78,914,0 111,710,0
116,0
8,867,0
70,305,0 178,166,0 2,600,891,0
3,979,0
25,849,0
1,822,0
237,297,0
11,427,0
293,699,0
2,727,0
348,724.0
bought
in
open market
on band
Government bonds
Total
S
99,063,0
47,611,0
1,211,0
%
4,818,0
44,562,0
264,0
57,144,0
,55,728,0
.•5
S
6,121,0
5,370.0
86,0
*
18,255,0
43,479,0
152.0
199.750,0
482,192,0
3.300,0
Gov(b) ..
bills
J. a.
3. 9. Government Victory notes
3. 9. certificates of Indebtedness
52,806,0
69,342,0
19,752,0
141.900,0
550,0
.59,277.0
:
d.sVs.o
23,800,0
12,262,0
16,665,0
455,966,0 1,707,634,0 451,389,0 565,710,0 275,381,0
26.'
16.318,0
97,0
36,799,0 1,017.152,0
37,442.0
1.0
3,0
10,0
5,0
21,439,0
52,497,0
64,421,0
57,839,0
29,627.0
15,893,0
Total earning assets
163.894,0 1,015,431,0 199,618,0 199,401,0 126,.595,0 146,597,0 426,382.0 114,450,0
Bank premises
542,0
1,397,0
541,0
2,535,0
2,969,0
4,237,0
500,0
1.542,0
JncoUected Items and other deductions from gross deposits.. 28,814,0
132,763,0 51,134,0 66,896,0 48,213,0 25,446,0 72,439,0 29,770,0
>% redemption fund against
Federal Reserve bank notes..
699,0
523,0
2,667,0
601,0
2,075,0
1,072,0
1,239.0
other resources
482,0
516,0
233,0
938,0
492,0
2,184,0
206,0
Total resources
Total.
19.804,0
24,781,0
3,860,0
TotaJ gold reserves
^ai tender notes, silver,
3llto
San Fran.
35,024,0
53,088,0
5,415,0
29,386,0
Total reserves
discounted: Secured by
ernment obligations (a)
AU other
Dallas.
17,022,0 123,818,0
61,713,0 210,829,0
7,181,0 22,695,0
102,014,0
182,043,0
9,642,0
ailta
Mlnncap. Kan.CUv
3,357,0
26,523,0
158,0
3old with Federal Reserve agents 155,769,0
3old redemption fund
24,384,0
*c
Louis
8.865,0
10,850,0
89,0
24,110.0
162,0
Total gold held by banks
St.
S
4,527,0
30,342,0
155,0
93,551,0
270,0
B'd
Chicago.
4 1921
t
6,644,0
10,259,0
11S,0
S
5,114,0
iold and gold certldcates
Jold Settlement Fund, F. R.
ioia witb foreign agencies
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB.
Richmond Atlanta.
S
8,193,0
S
10.793,0
46,110,0
241,0
12
8,480,0
12,820,0
87,510.0 133,398,0
1,282,0
590,0
8,300,0
10,882,0
167,818,0
19,0
259,970,0
82,584,0 190,869,0 2,886,729,0
18.244.0
389,0
1,720,0
14,814,0
43,259,0
34,903,0
39,529,0
597,980,0
525,0
111,0
916,0
298,0
586,0
892,0
665,0
455.0
12,868,0
7,105,0
,947,0 876,580,0 245,365,0 152,962,0 253,438,0 165,778,0 434,904,0 5,849,053.0
LIABILITIES.
Capital paid In
7,838,0
3un>lus
15,711,0
jovemment deposits
2,654.0
Que to members, reserve account 112,120,0
3eferred availability Items
32,676,0
3th deposits, IncI for Govt, cred
550,0
26,349,0
8,494,0 10,759,0
56,414,0 17,010.0 20,305,0
22.520.0
3,191,0
5,133.0
670,954,0 105.366,0 1,50,544.0
74,415,0 38,746,0 43,090,0
14,040,0
1,123,0
480,0
Total gross deposits.
148,000,0
R. notes In actual circulation. 264,731,0
?, R. bank notes In circulation
Net JlablUtv
18,168,0
ill other llabliltles
1,517,0
781,929,0 148,426,0 199,847,0
796,492,0 254,979,0 312,111,0
.
?•
TotalUaMlltles
.
.
35,810,0
10,640,0
20,738,0
1,742,0
20,874,0
1,814.0
5,282,0
10,561,0
1,199.0
.59,075.0
37,233,0
307,0
4,417,0
8,346,0
2,570,0
67,059,0
28,366,0
769,0
3,998,0
8,343,0
1,300,0
45,626,0
18,450.0
242,0
65,618,0 293,074,0 98,764,0
170,366,0 501,877,0 124,601,0
10,257.0
1.013,0
14,222.0
1,400,0
33,758,0
4,858,0
8,029,0
1,208,0
4,456,0
9,159.0
3.566.0
80,070,0
38,793,0
337,0
100,228,0
6.986,0
202,036,0
14,194,0
50, .373,0
2,189,0
1,701,01
.50, .501,0,112.403,0 1.742.762.0
423,633,0
29,272,0
23,776,0
26,243,0
318,0
5,524.0
61,089,0 122,766,0
72,984.0 102,254,0
76,296.0 149.388,0 2.243.011,0
71.369,0,253.532,0 3,075,750,0
3,485,0
6,9.80,0
3,740,0
43.500,0
13,412,0
437,0
7,260,0
1.164,0
12,742,0
2,061.0
4,131,0
6,033,0
6,624,0
1,326,0
8,728,0
2,076,0
197,210,0
30.818,0
455,965,0 1,707,634,0 451.389.0 565.710.0 275,381,0 363,947,0 876.580.0 245,365,0152,962.0 253.438,0 166,778.0 434,904,0 5.849,053,0
.
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.
K
liiiiiks.
13,412,0
1.280,0
1,312.0
20.810,0
bouL'lil fr
2,182,0
oin ollior K. R.b^inkM:
7..1''8,0
0,K2.'J.O
40,0't3,0
C)
Iri'liKlr.t banters' iKWi)' (»<"'•<
U"lllu>iii ihf'l'- /•n''n''M(>-- r..it
ST\TEMF,\T
762.0
1,^)4,0
432,0
768,0
410,0
736.0
18,237.0
32,982,0
New
Boston
(/n Thoiisandf of Dollars
YoTt
Phtin
%
Fedeiul Rcviorve note.H on hand
Fedeiiil RcH'>rve notes outHtiindlnij
CoIlHter!il3ocurlty for Fcdor.il Reserve notes outstandlnc;
Gold !in<I Hold eertlflcuR-s
Gold rodeni pt Ion fund
I'ederal Reserve Board
(Jold settlcnient fund
Eligible pilI)c^|.^mount rwiulred
amount held..
Total...
OF
Allanii
lil'SIS'E-JS
25,029
156.753
i.5,io;»
ll..ril
13.'>,00(l
20.0'l'»
124,,y>7
7l'>.4.'i4
17.393
208.208
F "B
Chicago
St. L.
%
«
%
101
02.^.
10,024
I'l?)
K.
^a» Ft
Oalltw
Ci'i
t
S
5,900
2.728
53 .0')')
4
Minn
145,240 25,680
554,824 143.143
109 .no 8
5,']00
—
CI,f)SE
ntchm'i
Cleiie.
s
218.000 22.210
923.423 270,122
119,48'»
280,270
Total
%
t
t
10.825 48.3m
815.434
75,308 .500.799 3.400,09d
13,440
5,310
74,072 109,65f)
6,891
13,052
227,386
11)3. 41U
13.686
197,144
2..'»97
1 ..52'<
44.731
10,2011
34.3
343.995
38,170
90,055
7,302
49.891
27,630
72.8'
7 '23.'. 115.890
943 .949
.57,014 170..324 2,125,34«
38,661
12.780
2.423
5.1'
'I
14. .586
697,425 3.323,054 J88.698 742. .376 349,169 441.318 1.292,058 319,2f8 190,314 263.171 180,230
—
69.03S.0
l.''..854.0
FEDERAL RESERVE .^GENTS' ACCOUNTS \T
Ol'
Federal Reafire Aoeni at-
IKxcesa
..70,0
784,0
tor
3,!)!10,0
—
17,&40,0
09.938.0
8,000.0
1,108,0
via
Hesourcf.i
2,000,0
60,038,0
6.30(>
<
428,66«
66 .204 8.044,V7e
Llnhllltles
Not amount
Federal Re8e^^'o notes received
of the Ctinvncj"
/ f lold
Collateral rrcel vod from
Fp/lcr,il Reserve Bank I Eligible paper
t>f
froii:
Compi roller
1.101.421 202,302 380.181
20').9'.0 13S;27.'> 182.043
141,90'!
924 ,002 158,001 174,152
Total
700,0^4 lfi8,823
210.829 53.0^8
382,165 97 357
J.50.832
399.7.'>'i
01.713
128.773
92.133 349.099 4,216,527
18,294 1.30.475 1,274,747
69,803 176.630 2,.564.001
88,112 114.0''O
24.781 36,7'3
77.421 1 1 1 ,42>>
097,425 >.323,054 '.88,698 742 .376 349.159 441,318 1,293,058 319.268 19C,314 263.171 180,230 156,204 8,044,276
Federal Reserve note.s outstaudinK
Federal Reserve notes held by banks.
Federal Reserve nnte« In netinl elr'"ilition_
280. 27«
15.54f
9'?3,42'?
2'!4.731
7')''
270,12? 330.341
15,143 24,23')
174,782
4,416
554.824 143,143
62,947 18,542
109.6.50
.492 2.51. 979 312,lll'l.'>0.4.'->4 170.306
.501.877 124.f!01
72.984 102,254
128,931
15fl.7.';3
6,290
75,398
3.939
7.39f
3,400.093
324,343
71.309 253 532 3.076,750
—
Member Banks of the Federal R93erve System. K'ollDwini^ is the ^vBoklv st;item(3nt. issuH'l by .-^e Pederal Reserve
Board giving the principal items of tho rosouroes and liabilities of the Member Banks. Definitions of the different items
\n the statement were ?iven in the st.atoment of Deo. 14 1917, published in tho "Ohroniele" Dec. 24 1917. page 2.523.
STATEMENT SHOWINO PRINCIPAL RRSOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKSIN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPOR TINQ BANKS AS AT CLOSE OF BUSINESS JANU\RY 28 1921
Aggregate reduction of 142 millions in loans .and investnienl>:, accom- mainly because of the large withdrawals of bank balances by country corre"
spondents. borrowings from the local Federal Hes'^rve Bank show an
panied by commensurate decreases in. combined indivudual and bank deposincrease from 794 to 826 millions, or from 14.6 to 1,5.3% of the total loan?
its, are indicated in the Toderal Reserve Board's consolidated statement of
and investments of these i>anks. Since Oct. IF,, when a maximum total of
condition on Jan. 28 of 821) metnber banks in leading cities.
17.284 milli(jns was reached, loans and investments of reporting banks
All classes of loans and discounts .show substantial reductions for the
declined by 987 millitms. while their accommodatii n at the Federal Reserve
week: I.oan.s secured by U.S. Oovornnient obligations by about 17 milbanks was reduced by 341 millions. For the same period member banks
lions, loans secured by corpor.atc ob'iKations
by 2'.) millions, and other in New York City show a rettuction of 4.53 millions in loans and discounts.
Tlie total reduc(largely commercial) loans a'ld discounts by 4!) millions.
as against a decline of only 22 millions In the.r accommodation at the local
tion for all classes of loans and discounts was 9."> millions, of which .'32 millions
Reserve Hank.
represents the reduction at the New York City banks.
Holdings of United
Government deposits of all reporting banks show a decrease for the week
.States bonds and Victory notes show a decline of
millions and those of
64, millions, not demand deposits declined by about 112 millions, while time
Treasury certificates, because of s.iles to ulti;nate investors and purchases deposits show a nominal increase. For the New York City banks, an
by the Government a decrease of 31 millions. For the New 'S'ork City aggregate decrease of 98 milli<ms in net demand deposits is shown, caused
banlcs corresponding decreases of 2 millions in United .States bonds .and
largely by the reduction of baLances due to outside banks, while GovernInvestmefits
Victory notes and of 13 millions in certificates are noted.
ment deposits at tho New York banks were 34 millions less and time deposits
securities
show
a
reduction
corporate
of
all
in
reporting
8 millions for
about 1,5 millions less than on the previous Friday.
banks and of .5 millions for the member banks in New York City. The
In keeping with the large decreases in their demand deposits, the reporting
latter report a decline of 72 millions in total loans and investments- or
banks show agerogate reductions of 23 millions in their reserve balances,
over one-half of the reduction sho'vn under this head for all reporting banks.
the corresponding reduction for the New York City banks being about 13
Accommodation of all reporting b.anks at the Re.serve banks shows a millions. Ca.sh in vault show.s a further decline of over 8 millions, largely
reduction for the week from 1.934 to 1,908 millions, or from 1 1 .8 to 11.7%
outside of New York City, the total of 337 millions being only slightly in
of the banks' total loans and inve.stments.
For the New York City banks. excess of 3 % of the net demand deposits of the reporting banks.
Data for all rep'irrina member banks In each Po leral tJc-serve District at rlo'^e of business January 2S l<<31. Thro.- iinbt>r« ni'in, ..mirred.
1.
—
—
.">
—
Federal Ktservt DUtria
Number
of reporting
Boston..
banks
Sew
York Philadel
40
114
Richm'd.
59
Atlaila.
Chicago
St.
84
44
S
28.546
112,497
334.721
S
26,031
S
90.141
5' .512
443,999
340,992 1,398,667
^75,764
59,998
7,645
6.132
47,369
426.535
20,182
16,086
277.423
907,3891,537,813
66.950; 101.187
16.889
35.011
652,317 897,769,
38,621 431,080
13,233
9,8.36
596,908
34,282
15.732
331,243
115,889
2,432
509.1652,376.872
27.170, 183.650
11,830;
58,423
Louts Mini eav Kan. fill
115
37
35
26.047
120.938
357 166
$
14,349
3f .711
239 237
24.644
78 073
409,373
9.625
38.079
230,954
504,751
27.fl3
3.800
3.389
64,611
293,2fi7
51i.090
16,171
1,329
1,364
19,401
;-5.i5ll
4 ,099
278.058
37.804
2.725
6.390
54,538
1.981
10.722
604,470
42.303
331,562
Loans and
')isco>inis. inclurling bills re
dlscounte.l with F.
bank:
R
Loans sec. by U. R Govt, o'llit^alions.
Loans securert by stoclis and bonis.
All other loans and ciisoouuts
Total loans and discounts
S
s
S
46,9.30
371,514
lSrj,0.T7 1,2S5..3!)4
67.'i,058 3,20£.806
_
900.051
1.
V. S, bonds
U. S. Victory iioiea
U. S. certificates of Indelite Inoss
Other bonds, stocks and securities
4, Sr)l\7t4
32.21'j|
204 .2S5
C07I
92.7c,7
ILfi-llj
1.S4.2S6
125,730,
729.955
fi
Total loans, rtlsc'ts <t Invcstraeiits. Incl.
bills rellscounted with F. R. Rank
1.084,6556.114.037
Reserve balance with F. R. Bank
76.945, 615,7.i8
Ca.sh In vault.
22,550 107.057
Net demand depo.sils
768,866 4 704.020
Time deposits
171,821 443.250
Governm ent dciwsits
13,933
73,409
Bills payable with F. R. Bank:
Secured by U. S. Govt, obligations...
24 ,536 287,693
All other.
Bills redlscounted with F. R. Bank:
99.515
Secured by TT. S. Govt, oblleatlons
1.S.752
5f.947 486 270
All other
7.'^.
S
.660
193,';56
409,243
078..n59 1.124. 726
45.89<i
99 396
11.177
14,908
156,849
43,499
New
ciphers
(000)
York City.
of reporting banks
72
72
Loans and discounts. Incl. bills redlscounted with F. R Bank:
$
Loans SRC. by U. S. Govt, oblig'n.s ,344,489 354.463
Loans secured by stocks & bonds 1,122.554 1.146.545
All other loans and discounts
2,892,420 2,910.890
Total loans and discounts
.
U. S. certificates of Indebtedness..
Other bonds, stocks & secii'ltlea
Reserve balance with F R. Bank..
Cash In vault
Net di^mand deoo.slts
denn.slta
Government
79..577
33.941
31.861
36,o:;8
2r8,686
237.302,1,323,597
144,603 660,152
1,403
13,678
28,536
120
72,576
8,259|
19,050
188,523
46,859
9,260
329,282
141,394
3,875
Bank
Cities F. R.
Branch
184.405
70,026
3,292
19,033
5,642
45,339
Reserve Bank and branch cities and
All F. R.
19,179
8.064
5,193
1,055
17,105
965
4,121
45,126
31,805
all
612,434
41,353
15.t77
398,423
99.784
2,762
S
Total.
829
69|
S
S
31,445
811.930
152.049 3.053.254
807,965 9,125,251
I
f.91.45912,9ii0.441
P7.229
17.189
12,378
171,875
866.335
204,682
242,640
1,993,227
3,'1,89C 1,290, 1.'016.297.326
23,891
11.489
210.912
59,305
1,046
78.103 1.310.861
26.651
337.133
604.45710,642,599
542.824 2,918,849
7,0C6
145,906
9,760
110
16,948
150
1,595
21,936
6.329
65,907
582,440
1.471
209.816
1, 114.26*
other reoTrtin<; banks.
52
Jan. 21.
52
Jan. 28.
28(
Jan. 21.
286
Jan. 28.
Cities. AllOlher Report .Bks
211
Jan. 21.
!
211|
yan. 28.
Total.
332
Jan. 21. Jan. 28'2l Jan. 21 '21 Jan. 30 '20
332.
829
254.010
81.204
125.011
557.024
804
829
S
S
S
$
S
$
$
$
$
S
91,356'
612,058 124,046 124,950'
91,640
811,936
828,364 1.226.679
67.080
596,250
318.081 2,135,123 2,160,324 490,152 492.0891 427,979 430.307 3,053,254 3,082,720 3.325,222
(a)
879.004 6,024,665 6,045,5431,639,017 1.650,9051,461,569 1,478,200 9,125,251 9,174.648
I
62,892
321,298
874.777
8081,258.907 1.264.225 8,7.56,038 8.817,925i2,253.215 2,267,9441,981,188 1,999.863 12,990,441 13,085.732
431.152'
4il,2 3
866,335
871,104
23,262 222,023 211.810 217,929
17.700
254.914
17,429
118,7.;ll
117.37'
49,651
204,682
49.;j99
37,909
36,021
204.433
13.001
82.088
12.088
l';8.0'i7
46,920
49.872:
27,603
31.219
242,640
277,091
190.000j
10.774
137.5131
9.907
1.115,311. 540,504
542,969j 343,497 342,734 1,993,227 2,001,014
133,643 1,109.22
562,324 133.121
(a)
869,426
216,731
748.493
(a)
*
'Msc'ts .t Invest's
Incl. bills rp llsc'tpd with F R.Rk
Time
3,347
37,5f.2
,632.807
3.815
2.218
52
82
S
,3.59.472 4,411
U.S. bonds
Total loans
In Feleral
City of Chicago.
Jan. 2S.
Jan. 21.
Number
notes
11,546
53.892
;-ll.l6f
25,313
1
40.,53C
S
San Fran
omUted.
Jan. 28.
U.S. Victory
32,248
36
36,694
Oata of remrtina member hanks
Three
66,368
340.289
718,009
Dallas.
rlenoslts
..370.817
.148.737
.570.313
581.935
1
10,679, 1493, 113..30C 3,132,4.59 2,602,007 2,627,76616,297 325 16,430.374 16,6'>1,578
977,ir.8
196,9.50
202.(03 150.179 154,1.55 1,310 8(51 1.333.921' 1,406,496
43?. 112 1,4.39,490
94.834
05.070!
133,180
33.149
,200.71%
277. "^O?
70.920
..307.429
202 105,
105.139
308.077
5,557
131.701
34.310
911.070
307.730
7,303
i62,180
252,1271
16,089
15,143
930.01'-
195,615
66,709
08,3
8'
357,509
81,310
337 133
345,203
1,547,05010,642 599 10 754.180 11,481,050
649,351 645,378 2,918 849 2.918,182 2,571,569
308,823
145, 905,
210,319
8,430
12,105
78.3.">5
7,504,6':3 1,696,607 1.701,8 ~>7L,531,8
9 i), 4.53
1,345,351
92;. 587
171,2,15
17,684
26,949;
378,983
138, llf
130,949
115
63,243
68.562
582 ,440
1,091
1.200
1 ,471;
31,622
137,012
10,290
130,353
Bills payable with F. R. r>ank-
Sec bv U S Govt, ohllcatlons..
All Other
Bills redlsco'intc' with F R. Bank
See. bv n S Govt o'lllEatlnns.
.\11 other
Railo of bills navnhlp <% re 'Isrnunts
with F R. Bit to 'r>tni lo.sMS an-'
.
lnvpstTTJ,^ntQ
-i-"*-
381,081
380
97, .502
103,244
11. .579
125.057
170,221
858,273
99.304
438,627,
12,512
145,340
180,1.52
465,922
859,599
125,640i
15 3
14,01
10 7
12.0
13 3
13 3
9.41
ppn»
(a) CoiiiDarai.l.- 'Uiirtiti noi available.
9
7 9
578,494
1,375
911,297
5,525
209 ,8151
221,173
9,399
136,058 l,tl4 ,206| 1,132,669
286,069
631,289
lis
ILO
8.2
11
Fkb. 12
THE CHRONICLE
11)21,]
TFa// S^reci, Friday Night, Feb. 11 1921.
and Miscellaneous Stocks.
Railroad
ment.s of tho
the security
— No
dovt^lop-
wopk have tended to iuoroase Kinierai interest iu
markets and tho voUiine of hu.siuess at the
Stock Exchauffo has bcnui 8malJi.«r than the smallest of the
year thus far. On the other hand, there haa been little or
no evidence of (Useouracfom(>nt as to the future and early
iu tho week a Ust of 25 representative stocks fully recoxcred
Praotically all the factors
the decline recorded last week.
operaliou
have recently been menres
to
trie
I
which have
The general Iwnd market has not boon ncgleoted. The
volume of business has been about up to the reo<mt avei-agBH
and fiiuil quotations are al>out evenly divided as to higher
and lower. Reading 4s are more than a point higher, uumindful apjiarently of a drop in the shares, and Bait. 6c
Ohio, Friscos and steel 5s have been strong features.
United States Bonds.—^Sales of Qovemraent bondti at
Board are limited to SIO.OOO 23 rog. at 100, and the
various Jvibertv Loan issues.
th(i
1
DaUu Record
commodity
ratt^s.
Tho
bouda of l«32-*7.-.
(First
3H8)
Converted
prices, foreign ex-
stantially to last week's closing price, and it is interesting
to note that nralstreet's list of commodity priiuis shows
Total
weolc at 7 to
8%.
latter
above those of 1914. Many steel
plants are reported to be producing at about 80% of capacity
uotwithst^nding which prices have shown a tond(>ncy to
decline and orders booked by tho "Corporation" reported
for Januarj' were about 575,000 tons smaller than last y(>ar.
To-day's mai'ket was tho dullest of the week. Kails
were generally soft, led by Reading which lost nearly 4
points on rumors of an unfavorable segregation plan.
As
of the active list
result of the week's operation more than
has moved to a higher level.
an average
of only
40%
^
occun-ed this week of shares not
represented in our detailed list on tho jsages which follow:
The
following- s lies
]i:\,ve
STOCKS.
Week
Range far Wee!:.
endtTig Feb.
U.
1
fur SUiris S per share
Am naiili. Xoto. pref. . ,'J 209 U Feb
Feb
300
8
Am UTiiKe S i F. .no P'l
10:i
100 90
Feb
I'TCfcrreii
300 2!i4 Feb
AiuorliMn ClU-le-.»M> l>a
10') "OH Feb
American U -.diator. . .2
_10'>
200 ll;i Feb
Ann Arbor
Alianti.- Refinin-;
I.'ob
Feb
27 H Feb
72
Fob
12 '4 Feb
20)^ Feb
2U Feb
>7J
Feb
100 lOS'i Feb
I8^i Fob
108'
l^eb
IS '.2 Fob
lOn
U)0
20'-';
10
000
H
)-.>
...r>
2
•
Atlantie Refz, pref . 100
Atl.as T.irk C:orp .no pu
1
."><'
pref
Uarnet l.onther.. -n« pa
2
B.vnstlall.ri .ssB
S;.les,
300
100
.
M
13
13
30!,'
28
1
38%'
.
4<,i
. .
9j
S|
.
M
.
9
5
.
fiO'-i;
52 M
8 85
I
8
10
9
1
1
(-.4
20
I8'i
'"""
1090
39
8
10 30
8| 89 J^
lOl
9'
25
73
11
.50
9
10
15!-^
00V.{
11
.5
1st pr.
100
7|
62
10
8i
8
1
St prf ferrecl
.^0
Weber & Hellbr..»o po
Wilson * Co r>rnf
100
7|116^
05 K
125
42
'4
85 M
H'A
10
85
22)^
101
6
20
90
78
00
-12
207
20
105
'<f
9t.^
9',ii
rl.50
101 Vj
40
10
1
For transac'ions on
173<
17
5l 10
10 31^4
12
Feb
rl.5e
Feb
98
900
'< Feb
Feb
00 40
600 9V^ Feb
-^o
K
7il06'4
100 90
1-eb
300 41J.i Feb
100
100
K'
89
New
Feb
8
90 H
2ui-i
Feb 29
.fan
J'ln
GSVj
Jan 72
Feb
lOSVi
17
13
Feb
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
Feb
Feb
Fob
Fob
Feb
Feb
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
Feb
50
.Ian
20 hi
2>J
975
29
31
3i^
Fel> 1050
Feb
Jan
Jan
Jan
Jan
Jan
UOH
18l.f
650
39
8
35
Jan
Jan
Jiin
Feb
Jan
Jan
Jan
1
Feb
62!-!;
80
05 H
Fe
Feb
Feb
Feb
590
J Ml
40
Jan
Jj'.n
Feb
Jr.ii
Feb
Jan
19 Mi
15
51
80
03 <4
25
Fei>
30 K
35
60 H
31K
31
21
.Ian
Feb
Jan
Jan
Jan
Jan
Jan
Jan
J.an
9^
Feb
Jan
Jan
Jan 40
89 ^<
Fob
Fel:
SV'i
Fe»
J-,n
II 'A
Fob 13H
Jan
25
70
49 Jl
Fn'^
25
73
Feb 50 !i
Fob
Feb
Jau
15
Jan 15 H
Jan &\'A
19;-^
Jan
Jan
Feb
Jan
Feb
Jan
21
J an
20
Jan
Jan
Jan
Jan
Jan
Jan
Jan
«0 H
101
10
J->,n
Feb 101
n%
102
100
7
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
30
Feb
lOT^
Jan 12H
Fob 07 }<
Jan 125
Jan 42'/$
Feb 85 ^i
Jan 14M
40'-^
8
12 >i
20',^
Jan 50
Jan 85 H
Jan 44
Feb 63
77
11
Feb
Fo
Feb
Jan
Fe
42
Feb
Feb 73
70
I'cb
5H
IH
8H
28 H
Texas Co warrants
Tox Pao Land Trust. 100
.">0 207
Feb
Third Avenue Rv.. 100 3.6OO 18*4 Feb
Tidewater Oil
100
100 16.5'.( Feb
Tol St I. & West tr rncrs
United Clear Stores.. 100
United Drug
100
101
16
111
.
Superior Sled.
12^
.1
11
1
.
73
49
85i2
10
Jan
10
14'4
15
K
2H
H
21
05!-i
115
38 <
85 }4
12
10
H
02'^
7H
'iVi
12
28'^
108
120
10
31
H
75)-i
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Jan
90
Feb 97 H
80
22 H
100
4K
17 'H
iO
41K Feb
13
101
9K
94 H
l-*.8
8-.
25J^
102
26 H
103
78
43:'.f
Jan 211
Jan 20
Jan 170
210
44
8
12
85
Feb
Ji-.n
1215
rl50
>i
Jan 100
Jan 10
'4
Jr,n
13
89'.<
Feb
Fob
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
.Ian
Feb
Jan
Feb
York, Boston, Philadelphia, and
Baltimore excliangcs. see pa.!je 626.
State and Railroad Bonds.—No sales of State bonds
nave been reported at the Board this|week.
jjv
».\Fcb.
.80
91.86
91 .80
91.80
91.00
91.00
SI
356
296
1
High
of
Low
$1,000 units.
4'4''/o
(l-lrst
bonds of Yligh
S7".38
Hi'.hh
srso
Low
87.04
87.30
80.80
87.20
77
80.92
87.20
4Ms)
."tales
20
In SI .000 units
High
1927-42 (Second 43^8)
Low
80.40
80.48
52 S
90 0',
89.80
89.91
Close
High
lx)w
(TlUrd 4i4s)
Close
$1,000 units
Tot.al sales in
Fourth Liberty Loan
414% bonds
S.^0
High
87.08
86 9)
87.00
817
97.2
97.20
97.24
Low
of 1933-38
(Fourth 4'4s)
Clo.se
Tota! sales In $1,000 units
Victory Liberty Loan
"nigh
ow
4% "0 notes of 1922-23
(Victory 4Ks)
CI033
Total sales In $1,000 units
High
3Ji% notes r,f 1922-23
i
7.S?
97.20
97.20
97.20
Low
3Hb)
Close
Total sales
Note.
—
bonds.
1
10
in
.SI.
000
4>i3
4KS
141
7
87 .30
8« 70
!i7.2ti
68
91.4-i^
91..'0
4.12
80.90
80.90
86.911
1
87.26
80.92
87.C0
19
6
imlt.=i
7
87.14
80 94
87.10
47
88'.30
80.30
86.50
80.3 ^
88 .39
88.30
38
80.50
80.40
80.52
86. IS
80.4^
7<»7
951
90.11
90.00
90 08
350
87.00
476
90 14
89.90
89 90,
S72
87 00
80. 00;
80.02
86.70
1.382
97.20
97 11
97.10
1.042
97 24
97.16
97.18
80 3)
86.3)
86. .55
80.3>»
1!>
1
80.50
80. "0
SO..50
1,')64
90 3)
90 0)
90.10
89.90
90.02
90.o:»
80.00
521
«2
87. 2(,
87.12
80.70
80.70
1
80.92
80.06
2,610
9?.3>
97.20
97.2 >
2,24 >
97.28
97.20
97..'
71"
2,3.^1
97.21
97.20
97.21
1..^08
97.26
97.22
97 22
\n
80.78
2.034
97.20
97.16,
97.181
1.097
97 20
97.18
97.1s
2M
I
ll'l
table includes only sales of
Transactions in registered bonds were:
170 4th 4!4s
..91.00
86.20 to 80.40 27 Victory 4Ji3
89.80 to 90.001
Foreign Exchange.
91. «U
91.24
91.24
-IM
87 30
80.94
87.30
80'4<i
80.39
so'od
86 34
80.34
9
86.80
80'..50
The above
Ut3^s
2(i
7 3d
217
87.lt
91.02
Feh.W
99. .50
11
86".5^
i
91 80
91 Ot
91 70
\(i
99..50
99.5't
Converted 4'4% bon<ls of
Tota sales In $1,000 units
Third Liberty Loan
4'4 % bonds of 1928
9 Feb.
88 99
87 It
(Second 4s)
Close
Total sales In $1,000 units
H
52
bonds
4'';,
Close
Highest
83 «
«
7 Ffb.
92.00
91.72
Second Convo'-ied 4!'j'% nigh
bonds of 1932-17 (First
Low
Second 4(-4S)
Close
Total sales hi $1,000 units
Second Liberty Loan
nigh
4% bonds of 1927-42
$ per share. i per share.
43
Jan 44
Jan
90
Feb
Feb
Feb
I0'> 30;f Feb
1.700 26
Feb
20
800
Balo|)iI.is Mining
>8 Feb
lOi
34
Feb
SIO
Broin .=;hoc, Inc
200 4,>.i Feb
Bnmswl.-k Terminal. 100
73
4
Feb
Buff -loRoch&eittS- 100
10
Feb
Calumor. & Arizona.
100 49
8''!^.
100
100
Feb
pref.
C:iso Thresh
200 39 ii Feb
Cert.-Teed Prod.. no pa
C St P & Omaha 100 200 60 'i Feb
300 •'>2!i Feb
Cluett .Peahody & Co Oo
100
600 83
Feb
Preferred
2
f 00 03Jii Feb
Continental Insur
Feb
no pa
fiOO 2.">
Davison Chem
100 18
Fob
De Beers Cons M.na pa
•>.-8
100
Eastman Koda';
53
Feb
Feb
Elk Horn Co^I, pref..."iO
100 39
Emersf)n Brintinc'm.lO''
200
Feb
8
100
.500 3S!^ Feb
Preferred
Feb
Gilllland Oil, pref... 100
."sO 89
Hablrshaw KC.tio pa
300 ll!-5 Feb
lOO 2.5
Fob
Hafkcn*;iPk Water, p'.?
100
Hartman Corpn
Feb
800 72
Homestake Mining. _ 100
Feb
800
l'>
Indian Refining
,>00 ir,
Fob
KCFtS& M. pref..lOO
00 >4 Feb
I'i'i
Krp's (SH), Tiref
l ini
Fob
M:\lllnson (li R).. no pa
100 10
Fob
100
Preferred
200 02 H Feb
Murlln Rock v t c.no p^^
109 10 'i Feb
M.-.rtln Parrv
no pa
200 17
Feb
Mathleson Alkali
.M)
100 17
Feb
Maxwell Motor
100
fOO
.O
Feb
Certifs dep stpd ase'A
1 'A Feb
800
100
1st. preferred
200
SM Feb
Mulllns Body
no par
90O 24''^ Feb
National Biscuit
100
100 tOO'i Feb
Preferred
2.'>0 110
100
Feb
Nat Rys Mex, iBt pf . 100
200 9^ Feb
N Y Shipbuilding. w/) pa
.<00 30
Feb
Norfolk Southern .. .100
Feb
100 12
Norfolk & West, pref .100
100 0,5 K Feb
Otia Elevator
Feb
200 125
Pacific Tel & Tel
100
200 '.2
Fob
Penney (J t"^, pref... 100'
100 85% Feb
Parish & Bingham. no par
w
14
100
Feb
Peoria * Eastern
100
100 10
Feb
Plttsburi-'h Steel pref 00
Feb
600 80
Rand Mines, Ltd.no pa
100 22!^-; Feb
Sears, Roebuck, pref. 100
100 101
Feb
Shattuck Arizona
10
6
Fob
100
Southern Paflflc rlThts 78.021 17'^ Feb
So Porto nico Sucij-.IOO
COO 82 'i Feb
Standard Mill. pref. 100
2
Feb
78
Auto
Lowest
Hlohest.
S ptr sUart.
44
Feb
49 ^f Feb
.
'.tion
1932-47
'or
Lowcm.
Ixiw
Close
$1,000 units.
In
.sales In
Converted
(v'Ictory
Wtek.
Preferred
Assets Keallz
llanje Since Jan. 1.
91.00
Fel).
Close
Toul
all
HiKll
1932-47 (First 4«)
have bcH'ii
Foreign exchange added sub-
steady
Loan
3H%
Total 8ulu6
terms of reparation, tho railway labor situation, the steel
industry, the aljustniont of
chauKo and monej' inarket
0/ Liberty Loan Prices. yeb. a.
First Liberty
AUiod
tiouotl in this coluiau, incluiliujj ihu po.ssible effect of
633
—Sterling
80.3<t
1
88.54
80. '0
80.54
947
90.02
89.82
90.02
468
87.00
80.64
87.00
95S
97 20
97.10
97.18
2.589
97.24
97.18
97.24
1463
coupon
to 87.10
97.00 to 07. 10
86..50
exchange ruled quiet but
steady with only a light volume of business recorded. In
the Continental e.xchanges duln(3ss was even more pronounced and price changes were relatively unimportant.
Today's (Friday's) actual rates for sterling exchange were 3 83 5^@
3 83 J^ for sixty days, 3 88J^(aj3 885^ for checks aid 3 89J^(S3 S.9% for
Commercial on banks sight :i H'h C<i'.i 8HH. sixty days 3 83^
cables.
3 83 M ninety days 3 80?ii (® 3 81 and documents for payment (sixty days)
Cotton for payment 3 87Mfe»3 88J^ and grain payment
3 83@3 83K.
3
88 Mi.
Today's (Friday's) actual rates for Paris bankers' francs were 7.13)4(g.
German
7.15 cents (per franc) for long and 7.19Mft'w -21 cents for short.
bankers' marks are not yet quoted for long and short bills. Amsterdam
banltors' guilders were 3.3 13-10 for long aid '.'4 3-H) for short.
E.xchange at Paris on London, 53.75 francs; week's range, 53.75 francs
high and 54.7.5 francs low.
Tho range for foreign exchange for the week follows:
Sterling, Actual
Sixty Days.
Cheques.
Cables.
High for the week.
3 84
3 88M
3 89'A
Low for the week
3 77 J4
3 82^
3 83?*
Paris Bankers' Francs (in cents per franc)
High for tho week.
7 23
7 15?i
7 24
.
.
H7H&3
—
Low
for the week
6 99
(5 91
7 00
Germany Bankers' Marks
High for the week
1 71
1 72
Low for the week
1 58
1 59
Amsterdam Bankers' Guilders
High for tho week
34 7-16
35.00
Low for tho week
33.43
33.85
33.96
Domestic Exchange. Chicago, par, St, Louis, 15@2.5c. per $1,000
discount. Boston, par.
San Francisco, par. Montreal, $135 per $1,000
premium. Cincinnati, par.
—
—
—
—
Outside Market. Prices moved listlesrily in a decidedly
market on the "curb" tliis week. An easier tone 'was in
dull
evidence in the early part of the week, but later despite
ir-
was an inclination to steadiness. Intercontinental Rubber continued a centre of interest advancing
from 123^ to 14, easing off to 12^ and closing to-day at 13.
Goodyear Tire & Rubber com. was conspicuous for a break
from 20 to 12 H, though it recovered to 15 and sold finally at
Automatic Fuel S. after a gain of 2 points to 66 dropped
14.
William Farrell & Co. com. was off a point to
to 623^.
Hercules
14, sold up to 15}^ and fell back again to 14.
Paper receded from 7 3^ to 5. Oil stocks were also quiet.
Maracaibo Oil was active and ad\anc(>d from 18^^ to 22^8,
ri'gularity
there
the close to-day being at 22 34.
Carib Syndicate declined
from 9 J-^ to 9 and ends the week at 93^. Internat. Petroleum
weakened from 16 to 15^, but sold back to 16 finally.
Merritt Oil after early improvement from 123^ to 13 ^s. f^H
back to 1234 and .sold finally at 123^. Ryan Consolidated
sold down from 11 to 814Mining shares were again active.
Magma Copper rose from 23 to 25 3^ and clo.^ed to-day at 25.
Dealings in bonds were somewhat smaller and for the most
part without material change. Allied Packers 6s lost over
Gulf Oil Corp.
four points to 5014 and closed to-day at 51.
7s were heavily traded in up from 98 to 983^ and down finally
to 9754.
A
complete record of "curb" market transactions for the
will be found on page 643.
week
634
"
11
1
New York Stock Exchange
I
!
Stock Record, Daily, Weekly and Yearly
()<;(;i
I'YI.NG TJIKI
I'ACVKS
Iv
For *alc* durlnft the week of atocks usually Inactive, see precedlnit
man and
low sale puce~pbk share, not per cent.
Satwdau
Monday
Fed. 6
Feb. 7
Tucndati
Feb. 8
Thursday
Wedtiesday
\
Feb.
<J
I
Feb.
Friday
1
10
Feb.
I
U
Sales
/or
I
Ranoe since Jan.
On
EXCHANGE
tfie
I
Week
PER SHARE
STOCKS
VKW YORK STOCK
I
pafte.
PER SHARE
I
1.
;
Rau'jt f»r Prcrrtnw-
Year 1920
basts 0/ lOO-share tots
I
Highest
Loteett
I
Lowest
I
t per share $ v*r share
81>4 81<«
82
82
78i2 7812
78
78
•6
•51.)
6
Ml
•84
85
I
33'((
.iih
5OI4
I3I2
SOU
9U
Oh
49I2
MI4
1378
Oi«
58
58^4
7
I
«»»
r>h'
81.)
8I4
6I4
•5
•8
•I7I4
2612
27
I7I2
2618
•41
•67l2
42
41
68
67
108
100
•106
2578
*71l2
•6H2
85
33l2
49I2
I4I41
18
2612
73I2
6212
25^8
72
•61
I
578
•6I4
84
33 '4
84
35
40I2
491;
14
•84
34
•49
I3I2
82I2
78
,
6
85
I
3478
51
I
•84
34
•49
13iig
13^8
9i«
9"s
II6I4 11634
60
fi97g
.
1358
1334
9
9
6
•5
6
6
8
OU
6l->
8I4
8I4
Sh
Hh
•8I4
I8I2
27Ir
4II2
I8I2
1858
1734
29
433.1
1858
2818
427g
287g
44I4
68
69
68"2
68'>g
{
I
18
27
I
4118
6712
lOB
84
33l2
50
'*':,'
"h'<
13"8
•8
117
IIOI2 117
59I2 60
6I4'
8I2
85
3468
51
I
1157, U7I4'
S8t2 6012
58
8234
•5I4
•9
9-l8
S per share
83I4
787g
6
81*4
78!i4
II5I4 II5J4
11518 11512
58^4
•2
•82
33
S per share
S per share $ per share
8218
813g 8II2
82
•78
7878 79
79
•5
•6
6
6
59lg
•5
•5
6
8
I
8I2
I7I2
2678
417,
28
4234
O8I2
I
2634
72
,
I
6234
|
.1
307g
30
307g
30
30
Sllg
307g
50
50
44
'lOO
.100»4 100»4
2
4
4I4'
2
•3I2
434
•4
7
178
1318
I9I2
•I3I2
7612
14
7612
29
29
•9
IOI2
•24
89
5I4
15
19lg
5138
100
768
I9I2
52
100
"934
234
412;
ISig]
39
65,'
7OI2
70^8
61
56I2
*35
1658
17
82
55
5II2
53I2
2OI2
5534
2034
38
I
2358
!
i
*10l2
96
21I4
5712
2238
•3918
2334
3934
II9I2
67
•36
*6l4
658
12
9612
221«
•28
118
I
734
I9I2
You
32
•31
•49
51
SO
35
50
35
36lR
1
55
76
80
43
43
838
57I4
•81
106
83
10
*
58
10
55
2II2
17I4
17I4
99I2
8512
4012
17
53
35
2934
70
18
2078
734
1958
2II4
934
25
6778
9I2
1658
37
I8I2
75
84
82i2
5138
527g
2II2
I
63g
2II4
8
14
IOI2
1814
677g
9I2
165g
57%
23I4
38
8
83s
2II4
1512
IOI2
*14
10
I
1834'
I
I
978,
1734
25
67
978
1634
^30
I8I2
leio
SO
5OI2
35
35
37I4
34I2
I
93I4
487g
9314
49I4
93I4
5034
9338
34
35I4
35
35
55I4
8O34
5412
35141
8034'
.5478
76
4278
43I2
I
80
"22"
es
934
54 12
76
42
^74
80
2958
3078
86
86
113
113
2258
63
65
63,
634
137
10
43
44I2
43I2
441s
45
8I4
834
S6I4
5614
|^125
I
¥3%
80
90
82
106
778
934
978
125
133
8l8
2034
1512
10I4
18
25
69
78
5012
52
21
31
37
57=8
6I4
9
7812
2158
5714
23
3934
11878
66I2
8
20
"io"
18
25
67
10
1634
31
1812
52
37
37
II4
30
18
5018
35
3658
II4
138
II2
134
49I2
497g
49I2
64I4
75
35
158
3434
5434
76
5418
76
74
5634
2934
5684
30
I22I4
l"24"l2
lis
114
22 12
22
9I8
9I4
4334
45I8
"59"
44
59
44
59
45I4
45I8
4618
858
5734
8I4
85s
5734
57
'
I
8378
8334
*106
8I4I
10
634
125
I32I4
9I4
10
29
23
i
634
634
44I4
8I4
4018
1678
45I2
2218
2218
83
5634
2958
8638
I2312
113
2178
65
90
8178 83
82 "8
•106
108
108
8l8
I
115
878
44I4
•8I4
56I4
2412
3934
4434
43 14
"59"
'
3078
30
8618 86lg
12318 I23I2
12134 12334
'2"3"i8
55
76
75
43
74
76
43I2
3678
II2I
1341
2OI2
17
983g
3234
31
48
76
32
34I2!
30
*16io
49
45
56
55
37
2934
7412
8312
5II4
531s
2138
8
2034
5I2
72
56U
11934 120
66I2 66I2
*9i,
IOI2
21
934
31
18
52
36
22
IOI2
26
69
61
2118
634
11
79I4
22I4
5738
11
7858
234
4l'>
I8I4
39I8
7018
6I4
I
67
25
67
26
72
48
68
2518
5812
2312
I714
4038
6
7314
25
58
*20l2
2034
434
1878
I
6512
9I2
•14
10
"'2"7s
\
638
11
8018
2278
5812
23 14 243g
391s 39I8
I2OI4 12078
11
7834
2214
5812
82ls
Ills
70
90
72
28
257g
39
70
51
53
54I4
2134
32
53
29I2
.53I2
29
*17
*35
I
III2
84I4
40I4
I7I2
4858
sYlo
12l2
25
5134
8338
1'8
3612
§4534
100
"9"9"34
I
3OI4
34I2
30
•lei.
49
35
52
"9934
40ls
,
5812
I
I
45
56
55
1'8
4312
'
7II2
61
99I4
6
73
3612
125
8I4
1
1
634
106
8I4
22
14
2934 3078
8512 86I2
12134 123
91
I
7218
2538
35
I
•88
1834
3934
ll8
*74
44I4
8lj
4I2
48
68
*56
3712
634
22
30
""25g
!
3678
I
1
70
I
1>8
54I2
I
684
4212
74
74
72
III2
3678
'34'
II""!
6412
133
10
40I2
6
II2
42I2
44I2
44
I
I
36I4
48
•113
95g
3134
138
48I4
9318
3412
5234 5234
2934 3OI4
•8512 87
I22I2 12258
•125
54I4I
12
i78i4 797g'
2II2 2212
5734 58
2258 2378
*39l8 3934
II8I2 121
6634 6634
*9lo
lOlo
I712
9I2
151.
31
1
53
I
25
68
I8I2
'
8378
32
5178
412
19I2
40I4
I
I9I2
I412
lO's
I8I4
31
3612
•6I4
IOI2
•I6I2
9934 101
84
*10
II934I
3OI4
1634
5278
9934
I
634
12
9718
2158
57I2
2358
3934
31
30
21
I
39
35
I
I
55
253i
•30
25
25
I3I2
*44l,"
j
2II4
I7I2
99I4
85I4
4038
1734
38
23
8
9I8
634
I
72
2334
5
1334
I9I4
46
578
74
2434
67
I5I2
*28
5
121')
19
38
21
6612
5334
2034
5
I3I2
25g
4I2
1
2OI2
*61l2
*9l2
734
I9I2
52
8834
1334
I9I4
*12l2
40
73
8834
53I4
6I4
73
84
55
56
25
27
45I2
4034
73
8834
9
9
2018
4612
93
3
73
I
5I4
93
3018
HI.
14
I9I2
4658
278
4I4
I9I2
61
25
I412
94
48
68
2OI2
9
90
5l8
I4I4
195g
71
38
8338
25
89
12
7118
2934
*69l2
8134
I
25
1314
197g
IOI2
1134
71ls
35
68
6412
17
*52l4
"1534
74
•45
*56
*55
48
68
8258
4018
17
*52i4
'1534
5478
71
7034
8438
4038
•67
42 ig
57g
2034
25
74I2
18
39
99
26
9318
3412
258
4I4
99"
9S4
1712
13s
71
•89
2134
1712
48
55I2
12
2OI4
40
9
29I2
52I4
9934
55I2
12
'9812
8234
*13l2
17
•25
12
100
295,
32
•6II2
51
;
37
2434
2318
5134
101
29l8
237g
•3512
•39
118
51
•99
56
i
19I4
2834
•28
2134
30
17
i
6I4
•25
7018
2II4
17
•9
30
•45
•56
•55
61
17
96
•25
6
70I2
71
40
2OI2
46I4
I3I2
57
i
5I4
15
4618
•I212
I
I
89
19
•43l2
*12l2
18
39
47
68
5
191s
4Ri8
13I2
I
71
8834
15
7078!
9918
8434
4038
54
I
5I2'
94
614
5378
89
I
27
1534
258
412
76
29I2
101?
5I4
I3I2
178
378
30
30
•9
*25
3I2
6
334
5I4
.
7538
7634
IOI2
2518
438
412
1334
I4I4
75I4
•9
25ig
2
4l8
2912
14
755g
29
2
30
20
I
1
6I2
1334
2OI2
215
14
7658
1912
1312
2014
13S4
7618
I
5
215
I3I8
1934
I3I2
75I4
1358'
30
2l8
458
334
514
13
29
87
6
99I2
IOOI4 IOOI2
101
2l8
414
1338
I9I2
I4I2
*90
3878
•70
82 14
*3l2
94
538
2884
4I0I
434
4I4
71
18
1934
2I4'
•Ills
707s
3858
17
•98l2
8334
1^8
4
r'l
5
15
19
6II2
278
434
I8I4
7OI2
I
100
•70
•90
•45
•56
•65
I
5<g
153g
19l«
5434
12
•69
I
27
89
5434
•11
234
•4I4
,
101
997g
438
•5
13
I9I2
•I3I2
75I4
I
2
4l8
•312
I
13ig
19l2
9978
102
45
108
8I2
10
Bid and asked prices; no sales on this day.
684
43I2
125
131
9I4
9'8
4434
43I2
44I2
9
44U
I
I
59
59
4458
858
4538
858
06U
5812
90
90
8334
106
8I2
8l8
lO's
934
Railroads.
Par; % per sharei
4,100 Atch Topckii ft Santa Fe. .100,
Feb 4
81
Do prcf.
75'2 Jan 3
722,
100,
Atlanta Blrm A Atlanta. .. 100
512 Feb 2
"260 Atlantic Coaat Line RR...100
84
84 Jan 20
34
9.500 Baltimore & Ohio
325g Feb 4
lOO!
600
Do nrpf
50
100
491; Feb 7
13^8
5,800 Urooklyn Rapid Transit.. 100
lOU Jan 3
,000
Certificates
9
1
of deposit..
67, Jan 14
117
5..500 Canadian I'.iclflc
100 I14i2Jan 25
59lg
67->g Fob
2.100 Chesapeake A <Jhlo
100
4
8
300 Chic A TCast Illinois trust recta
6 Feb
Do
prof
8
600
trust rectfl
5 Jan
81;
600 Chicago Great Western
100
8 Feb
I7I2
Do pref700
17 '4 Feb
100
27I4
0,300 C;hlcaKo Mllw A St Paul. - . 100
26 Feb
4212
6.400
Do pre'
100
41
Feb
68I2
65I2 Jan
Chicago A North western.. 100
1 ,600
108
100
Do pre!
100 lOO Feb
2658
9.900 Chic Rock Isl A Pac100
2 "jig Feb
74
400
7 preferred
100
72 Jan 5
63
61l2.Tan 5
300
100
6% preferred..
Clev Cin Chic A St Louis.. 100
45 Jan 25
Do pre'
100
60 Feb 3
27I4 Jan
32
800 Colorado A Southern
100
8
100
Do 1st pre'
49 Jan 3
100
Do 2 pref
300
100
42 Jan 26
lOO's
1.000 Delaware A Hudson
99i2Feb 11
100
100 Delaware Lacl A Western. 50 208 Jan 20
178
5,950 Denver A Rio Grande
100
34 Jan
7
4I4
Do pref..
li2Jan 3
18.500
100
4I2
Duluth S 8 A AtlanUc
4 Feb 1
100
OI2
Do pref
100
6 Feb 1
I3I4
5.600 Erie...
100
13 Jan 22
2OI4
Do 1st pref
2,100
100
1918 Feb 4
1334
1.600
Do 2d pre:
100
13i2Feb
7534
Great
4.900
Northern pro'
100
75 Jan
29I2
Iron Ore properties. ATo par, 28% Jan
2,900
8I2 Jan
IOI2
100 Gul Mob A Nor tret 8... 100
27
200
Do pre'
21
100
Jan
8834
700 nilnois Central
100
87 Jan
5i8
5.200 Interboro Cona Corp..iVo par
378 Jan
I4I4
Do pre
IOI2 Jan
4.000
100
I9I4
I8I2 Feb
2,000 Kansas City Southern
100
.
4534
650
Do pre'
100
45i2Jan 25
I312
Lake Erie A Western
12i2Jan 31
100
Do pre'
25
266
100
25 Feb 2
5134
3,500 Lehigh Valley
51 Feb 7
50
101
Louisville
300
9734 Jan 20
A Nashville
100
53I4
45I2 Jan 6
1,000 Manhattan Ry guar.
100
III4
800 Minneap A St L {new)
100
11
Feb 3
72
7018 Jan 22
300. Minn St P A S S Marie
100
Do pre
100
100
100
93 Jan 11
234
3.400, Missouri Kansas A Texas. 100
2% Jan 3
4I4 Jan 25
43,
Do pref
500:
100
1818
4.800 Missouri Pacific trust ct a -100
18 Jan 27
3958
Do prei tru.st cti's
100
3818 Feb 4
3,700i
4I4 Jan
9,600 Nat Rys of Mex 2d pref... 100
5
72
3.100 New OrlTex A Mex v t c.lOO
60 Jan 10
7II2
100
6.200, New York Central
7018 Feb 7
48
Y' Chicago A St Louis. -.100
46 Jan 8
68
First preferred
100
61
Second preferred
100
2034 15.200
Y"
A Hartford
100
1858 Jan
17
Y' Ontario A Western... 100
I6I2 Feb
800
99
100
2.50O1 Norfolk A Western
98 Jan
8358 45.200 Northern Pacific
100
Jan
81
4OI4
7.233 Pennsylvania
50
3978 Feb
1678
100
1658 Feb
2.100 Pere Marquette v t c
Do prior pref V t c
100
53 Jan
Do prel V t c
100
35 Jan 19
29I4
28I2 Feb 4
2.700 Pittsburgh A West Va
100
100
Do pref
100 17134 Feb l!
8138 88,400 Reading
50
78 Feb lit
51
9,600
Do 1st pref
50
4834 Jan 24
5338
Do 2d pref
6.800
50
52 Feb ill
2OI2 Feb 5
3,200 St Louis-San Fran tr ctfs-.lOO
211s
29I2 Feb 4
31
100
Preferred A trust ctfs
100
37
1,900 St Louis Southwestern
100
23% Feb 7
58l2
3,100
Do pref
100
3612 Feb 1
6S4
- 100
400 Seaboard Air Line
3
61s Jan
11
Do pref
100
200
11
Feb 9,
Southern
Pacific
41.300
Co.
100
t78i4Feb
8
787s
22 14
21i4Feb 7|
100
8.000 Southern Railway
57I4
Do pref
100
700
57 Feb 41
23I4 27,400, Texas A Pacific
100
161s Jan
4OI4
3612 Jan 10
300; Twin City Rapid Transit. .100
100 117i2Jan 5
120
10,900 Union Pacific
66I2
Do pref
-100
400
64% Jan 3
United Railways Invest
100
gUJan 18
Do pref
100
19i2Jan 14
200,
8I4
100
75g Feb
3.900, Wabash
5
2OI2
Do pref A
100
1.800
19% Feb 4
Do pref B
100
100
1334 Jan 25
934 Feb 5
9.300, Weste n Maryland («e»).-100
'\6h
I8I2
Do 2d pref
100
3,500
17 Jan 27
100
25
400 Western Paci.ic
25 Jan 28
Do pref
69
200;
100
67 Feb 4
Erie
WTieeling
&
Lake
Ry.lOO
918 Feb 7
1,000
Do pref.
100
15 Feb 3
600
3234
100
200: Wisconsin Central
32 Feb 1
Miscellaneous
Industrial
Adams
100
30
Express
261; Jan 3
100:
I8I2
300 Advance Rumely
100
16 Jan 3
50ls
Do pref
45 Jan 3
300
100
32I2
no par
200 .Air Reduction, Inc
Jan 6
38
3OI4 Jan
3634
50
4
3,400 Ajax Rubber Ine
138
10
13,200 Alaska Gold Mines
"s Jan 14
134
1
Jan 3
8,800 Alaska Juneau Gold Mln'g- 10
44I2 Jan 5
no par
4978
8,400 -\llied Chem A Dye
Do pref
100
1,200
88 Jan 3
100
2934 Jan 3
3434
2,000 AUis-Chalmers
Do pref
100
100
7
751s Jan
5334 Jan 24
2,400 .\mer .-Vgricultural Chem.. 100
547s
7418 Jan 26
76
Do pref
100
300
46
100
41% Feb 4
2.400 American Beet Sugar
Do pref
747g Jan
100
80
5
"3.760 .4^mer Bosch Magneto ..A'^o par
49i2Jan 14
5834
100,
25 Jan 3
30
12,900 American Can
77 14 Jan 3
Do pref
100!
8638
450
I23I2
2,700 .American Car A Foundry. 100 120 Jan 3
II3I4
100 110 Jan 6
200
Do pref
1934 Jan
100
2178
3
2,700 American Cotton Oil
Do pref
100
5334 Jan 6
100
Gi2>Ian 24
634
3,200 Amer Druggists Syndicate. 10
100 120 Jan 4
130
American Express
8I4 Jan
9l8
3
2I9OO American Hide A Leather. 100
4012 Feb 2
45
Do
pref
100
4,800
.American Ice
100
42
Jan
25
600
"59"
100
Do pref
57 Jan 8
600
3812 Jan 5
8,600 .\mer International Corp. .100
45%
8I2
8i4Feb 11
.\m
France
E
.10
La
F
2,600
49 Jan 3
100
5612 10.300 American Linseed
Do pref
100
86 Jan 12
200
8II4 Feb 4
100
1.300 American Locomotive
IO5I2
Do
100
Jan 4
pref
100
200
8I2
734 Jan
25
3
2.300 American Safety Razor
r^o pi'
878 Jan
lOis
3
2.700 .•^m Ship & Comm
|
8I2
1734
2838
43I4
O8I2 •67I2
•106
•100
•106
108
10512 107
108
26i2
27lo 2778
2634 2734
2734
26
74I4
•73
•72
•7II2 73
74
73
63I2 6134
•62
•61
6278 03
6212
I
Shares
8378
108
J Ex-rights.
8I2
978
{
"59"
45
8I4
55I8
"§334
IO6I2
8I4
97s
•
N
N
N
NH
&
Mg
!
Less than 100 shares,
a Ex-dlv. and rights,
z Es-dividend.
_
t per share
t per share ( per share
76
Feb
90% Nov
72 May
82
Jao
4 "4 Dec
12U Sept
843||Jan II
795, Jan 24
7I2 Jan
4
8018 Jan
3
Jan
12
375s
9
.fan
.Ian
11
Jan 13,
Jan 20,
Feb 1
26
Jan 13
45 Jan 24,
102 Jan 13,
220 Jan 10
2% Jan 29,
434 Jan 31;
4i2Jan 3;
7% Jan 17|
61
33
.Ian
51
26
91
578
16
21
4734
141;
28
5612
103%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sept
Aug
I6I4
12
0534
247g
7
3
8I2
13%
40
8i8
16
3934
25
5
11
Jan
534 Jan
2078 Jan
4134 Jan
eSgFeb
76 Jan
74i2Jan
50 Jan
31
10
12
12
7
Feb
55
5734 Jan
24% Jan
33i4Jan
30 Jan
41 Jan
7 Jan
12 Jan
101 Jan
2478 Jan
60 Jaa
2ti2Feb
Feb
Jan
67% Jan
Jan
11
22 Jan
8% Jan
2338 Jan
15 Jan
11% Jan
19% Jan
29 Jan
70i2Jan
Jan
11
19 Jan
36 Jan
40'4
122
Jan
Aug
Dec
May
May
Feb
Feb
May
Dec
Feb
June
6414 Feb
2334 Feb
May
16
Feb
June
June
14
50
37
6
10
17
15
7
15
10
11
13
13
Apr
4114
I5I2
8414
6684
3778
8
20
120
41
8434
Nov
Oct
Mar
Jan
Mar
Oct
71% Oct
Sept
Oct
69
3612 Oct
54
Oct
46
Dec
108
Oct
62
.Sept
Jan
9
16% Feb
8
Oct
1234
Oct
91% Nov
Dec
31
12
3112
June
Dec
Dec
33% Dec
31; Dec
28
44I2
65
21% Sept
334
III2
12
3
4
17I4
Sept
Sept
I4I2 Oct
33% Oct
3012 Oct
2234 Sept
417g
1712
3534
97I4
6%
Dec
May
40
Mar
Mar
I5I4
Feb
23I2
11
Jan
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Nov
Jan
Oct
Oct
9034 Oct
95 Nov
21
Feb
Feb
31% Feb
11
18
5512
884
657g
8414
Oct
Oct
Oct
Nov
Oct
Oct
Oct
37I4 Sept
65
7314
70
27% Oct
IO512
9578
44
Dec 32
Dec
68
57I2
Dec
39I4
Feb
Aug 8434
Feb 103
2112
667g
6434
3278
33I4
Mar
17% Nov
Oct
27I4
521"
24*4
6.534
50
23i2Jan
19I4 Jan
IO212 Jan
88 Jan
4134 Jan
I9I2 Jan
57 Jan
45 Jan
32 Jan
75 Jan
89I4 Jan
15
Feb
Dec
Dec
SOUJune
2I4 Dec
4
Jan
70% Nov
5612
II2I2
63
12
Mar
Mar
13I4
Aug
81;
29
17
134
38I4 July
94
11
5812
25
13 .Ian 11
.Ian
May
18% Dec
80% Feb
13
7
13
Jan 11
Nov
Nov
5% Dec
26
25
25
Oct
June
Feb 2601;
3
I
54
83I4
9I2
1
73
Dec
Oct
49% Oct
July
ij
'2
93
3
Au«
IO412
46
35
I2
79i8Jan 29
30 Jan
Feb
Feb
Jan
Jan
Jan
914
512
165
1478 .Ian
3
2178 Jan 12
1578 Jan 12,
9I4
June
Dec
Dec
21
Dec
3634 Dec
00
Dec
98 June
2112 Dec
04
Feb
.54
Feb
31% Dec
GO
Dec
20
Feb
287g.lan 12,
48
Kei)
40ij
334
65s
1514
8
13
Jan 241
75
64
275)1
109% Dec
47
Feb
4
Feb
31
Jan I2I
4612 Jan 121
71
Jan 11
110
Dec
z82
Jan 111
147, Jan 25|
10 Jan 25,
119l4Jan 11
6214 Jan 10
634 Jan 29i
6i2Jan 31
.54
20% Jan
Highest
61
6512
3378
48I4
Nov
Nov
Oct
Feb
Feb
Oct
Oct
Sept
Nov
Oct
Oct
Oct
Oct
Feb
40 Sept
4984 Oct
20% May
5% Dec 1178 Oct
8'4 Dec
20% Oct
88% Feb 118% Nov
Feb
18
3314 Oct
66I2 Oct
50
Feb
14
Dec 47 Mar
11
8
3
13
13
10
27 14 June
11
no
10
Feb
6II4
20
8
4
Jan
15% Oct
32% Oct
Dec
Dec
8% Feb
34% Oct
23% Oct
12
12
11
I2I2
13
14
11
May
July
2012
5412
8I4
15
25
20
Oct
Nov
7% Aug
Aug
14
7
17
3
10
13
13
May
43
I29I2
69I4
Feb
Feb
13
Oct
15% Sept
27I2
Oct
40
78
Sept
Dec
16
May
May
28
48
Oct
Oct
Oct
Nov
I
35 Jan
1934 Jan
52 Jan
40 Jan
39i2Jan
II2 Feb
134 Feb
55l2Jan
9378 Jaa
37i2Jan
81i2Jan
651; Jan
90 Jan
49% Jan
7478 Jan
5734 Jan
28
22
8
10
12
14
3214 .Ian
88
29
20
I27I4
10
Jan
Jan
113i4Feb
23i2Jan
64i2Jan
•
11
Jan
8884
Jan
13
4314 Dec
847g Dec'
26I2 Dec
6714 Dec'
51
Dec
%
84
26
19
20
6
20
20
5
8
'
1
,
11
28
10
Jan 21
Jan 8
11
Jan 8
Jan
Jan
Jan
621; Jan
93 Jan
86I4 Jan
lOSijFeb
10 Jan
14 Jan
72
Dec,
Dec!
11
9
9
,
5934
4934
27
IOI4
7
31
;
i
1
i
7
20
'
3
Mar
62% Sept
92I2
5378
Nov
Jan
Jan
Jan
9612 Jan
92
95
Dec
Dec
10334
Apr
75
Oct
93
Jan
Jan
Jan
Jan
79
4518 Dec
2134 Dec
7284 Dec
111
Dec
10534 July
12884
6 134
101
147%
-Apr
II6I2
5434
Feb
Jan
Dec
6% Dec
86
Mar
Feb
Dec
Dec
175
15% Dec
95
5
35
37
53
80
74
29
2% Mar
3284
Aug
Feb
30% Dec
834 Dec
42
Dec
11
11
11
Dec
5912
|
SSUJan
45
4284 Apr
46% Mar
24
834 .Ian 11
133
40
Dec
Dec
Dec
-Aug
Dec
96l2Jiiie
6% Dec
7% n-."
15% Jan
Mar
30% Jan
122
53I2
68
12012
14I2
Jan
Mar
Jan
Jan
Jan
Apr
99% Jan
Apr
95
IO9I4
107
Mar
June
301" Jan
1778
New York Stock Record
w
For sales during the
Continued— Page
ut stocks usually loactlve, see
*e>i
n
635
2
luad precoUlotf pa^e.
:iilAUE
/-£.«
HWa AND
LOW SALE PRICB—PER SHARE. NOT PER CENT.
Saturday
Feb. 5
Moiidau
Tueisdaif
Feb. 7
Feb. 8
W'edtesday
Feb. 9
$ per ihare
•6«
70
$ per share
$ per share
S per share
2934
85
SO
881.1
88I4
92I2
•105
•65U
42U
42
•82I'>
41
",
93
108
•«J»4
29I2
()7
995g 9934
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93
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1151:
6512
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43
42
825s
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84
827(j
8278
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88
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35
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19
His
5284
1434
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20
20
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150
107
1358
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and asked
I6I2
7
7
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1438
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4
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6738
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86
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161.
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59
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128
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210
2.500
200
3.100
6818 110,300
600
400
2334
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200
66
1.400
100
7,200
1,200
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35
58
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6OI2
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2438
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13
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36
1034
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•74
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6l8
361.
35
75
62
1512
1534
68
69
'23I2
24"
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4
36
65g
I
I7I1
7284
133s
23I2
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5212
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I
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2378
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1418
64
54
20
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143
IO5I2 1051. •lOS
165s
191.
I4I2
5434
1658
1684
no sales on this day.
24I2
46
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I9I2
1378
}
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14
55
2038
2*34
1061. * 103
I7I4
•23
46
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20
5438
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145
24I2
1684
145
106
171s
4584
I
400
900
500
100
1,700
2,400,
""266
200
7.400
8,700
200
10.800
700
11.400
67g
5. .300
4578
90
191.
1934
137s
14
5458
21
1*138
65
2218
145
|^103l. 106
1684
Less than 100 shares,
1738
$ per share
\\
3,200
4,200
200
14.600
9.300
2,200
1,500
I
5,300
t E.\-rlghts.
2
.
4 ii»
83
Fo<
•
3M2 Jan
Jan
86
88
100
I'e
Jan
733g J an
8312 Jan
9534 Jan
114 Jan
87
110
69
95
32
8
a
Ex
dlv.
and
rights,
IOOI4 ••>. 11
12I3h Jun 28
9218
1041s
85I4
lOOig
55I2
II8I4
717g
Fo;j
97
94
39it
984
33
4018
n Par value $100.
2838
OOI4
r
51
10288
9
76
44I2
13I4
70
94 14
10214
22
H
3
434
59'4
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25
8
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20
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41
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8'.
4314
96
3
32 12
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3
3
3
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301'
3
5
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1284
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22
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20
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82
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13
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2178
1
00
9
10
5
5
98
3
3
2
6
7312
1041.
3284
IO712
91
2538
Jan
Jan
Jan
Jan
Jan
Jao
Jan
Jan
Jan
Fob
Feb
Jau
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Fc)
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feu
Feb
Jan
Jau
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feo
31
ii
3
3
3
3
5
10
7
10
•t|
5
3
3
14
4
3
22
3
3
4
3
3
1
7
22
3
..
12
3
3
5
3
14
22
3
3
Jan
Feb
Jan
878 Jan
29l2Jan
90 Jan
1538 Jan
201 2 Jan
534 Jan
7184Jan
11212 Jan
6212 Jan
84 Jan
129 Jan
leiiJan
70 Jan
70% Jan
82 Jan
44i8Jau
85 Jan
25 Jan
95
64
82
,
14
20
13
9
11^
29
3
7
12
21
11
25
Jan
Jan
Feb
Jan
57 Jan
97 Jan
110 Jan
17i4Jan
6334 Jan
38 Jan
70 Jan
637s Jan
lOi.i Jan
0438 Jan
75 Jan
20 Jan
40 Jan
484 Jan
9I4 Jan
23 Jan
251. Jan
4934 Jun
94 Jan
Jan
21
14^8 Jan
5812 Jan
4014 Jan
2218 Feb
140 Jan
1051. Feb
18'4 Jan
42
8
Apr
1
97^4
Mar
Jao
Jao
Dec,
487g
11
90
15
99I4
284
8
19
6
20
20
10
31'
8
13
19
12
20
82
76
10214
129
Dec
Dec
Dec
Dec
Dec
7I4
18
22
60
9
621.
34
11
51I2
20
70
19
7184
16
52
33g
7,
Dec
Dec
May
67
897s
937s
40I4
I7|
8II2 Deci
I6I2 Dec
11
11
17
13
26
26
20
24
19
11
3
13
24
9I4
1338
1284
Nov
5S5s
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
15
11
718
8
10
11
7
7
29
II
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15
III4
25
6II3
I2I2
65I4
9I4
6*8
28
938
4OI4
88
100
100
Jan
Jan
Apr
Apr
Jan
95
Jan
Jan
Jan
Jan
Jan
9158
161.
4434
13478
May
Mar
28
48
301.
191.
43
79I2
753s
943;
Apr
Mar
Jan
Jan
Jan
Dec
Dec
Jan
Jan
Jao
172
Mar
42
8934 Jan
S514
Jan
94
Apr
Jan
Jan
Jan
49 '4 Jao
3Sis Jao
8578
10234
5512
201. Aug
8478 Jan
78ii July
46I4 Apr
II6I2 Sept
23I4 Apr
Apr
Apr
Apr
27
8S3g Apr
142H Apr
Aug
Dec
984
617s
Dec
Dec
Nov
Nov
115
lOU Dec
44
Apr
Apr
147
104
Dec-
64I2
26,
Apr
Apr
13
Dec
Dec
Dec
Dec
Dec
7
11
May
32 12 Dec'
71I2 Dec!
Dec
51
69
27
70
98
5988 Apr
Dec
8578 Jan
Apr
Dec n005
Dec
Dec
Dec
211g Dec
Dec
78
10
Dec
12 's Dec
ll2 Dec
7884
1161.
Aug
Mar
10284
141.
IO5I4
Dec
Dec
Dec 107
433$
Dec
Dec 27812
70
47
84
40
66
5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
651.
u!
2II2
Apr
92 8j
50
Aug
80
61
64
1
Dec
Dec
Dec
Dec
Dec
Dec
Dec
97
241.
4 5s
4O84
44 14
Mar
Dec'
17
10
28
111.
1043i
Ill's
21I4
20
11
11
11
Jao
Jan
Apr
Apr
26
9734 June
29
Jao
Feb
291)
28(4
8512
1638 Dec!
10
19
20
20
20
May
I
Nov
Nov
7
9084
May
June
Apr
Jao
Apr
Jao
Jao
Jao
9l8
Jao
65I4
Jan
1588 Nov
40
Jao
63 Nov, 7.11. Jan
4
DocI 20-'% Jan
5I8 Dec*
1934 June
301. Dec 10434 Jan
8OI4 Dec IO8I2 Jan
24I4 Dec
6138 Jan
10
8
5988
29
114
1 5
3»4 Dec;
60
1
Jan
Jao
ug
1
29
8
Jan
Jan
Jao
Jao
Aug
Doc
Dec
31
10
10
7
Apr
2014
14812
10212
32I2
9638
1021.
Dec
Dec
Dec
Dec
Jan
Jao
Jao
17612
76
24
82
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2
47
21I
125
Deo
Dec
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Dec
8
27
8
Ol^g
211.
5912
661.
6714
7458
7534
78
92
6778
1
1378
oOldslock.
Jao
Mar
105
10084
Dec 283
May
584
1
13i2Jan II
24 Feb 10
1658 Jan
8
36I4 Jan 29
6OI4 Jau
6
19i2Jan 10
8OI4 Jan 20
37I4
1334
884
10084
1
May
Jan
Dec
25i2 Dec
Dec
30
Dec
18
4978 Deo
Dec
38
Dec
84
61g Dec
7II3 Dec
9
191. Fob 9
Jan
6338
31
3,
3;
Apr
Dec
Dec
Dec
Dec
281. De<!
3234
5
Mar
93>2
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8
3,
I2
60
Dm'
17
II
3'
1
65
79
Nivj
20
67
5
Uigheu
|
Dec 210 June
Dec 10,012 Jan
881. Dec 1051. Jan
28
5
25
26
791.
821,
977s
.'
.
Jan
Jan
Jun
20
6
11
Fe »
Jun 19
IO7I4 Jan 27
82 Jun 11
90 Jan 27
88
96
)
Loaai
( per share % per share
Feb
Dec
Mar
61
83
29I4 Dec
Fell 10
Jan
72
Jan 20
641. Dec IOOI4 Jan
U
11
1
.500
""260
Jun
Jaa
75 14 Jan
I
6.100
2.900
1.300
5,500
4l8
25
Htgheu
M S&P
121.
24
71
6238
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4
1418
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62
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82.900
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72I2
1434
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7478
6638
78i2
60
1281.
Year 1920
Lowetl
63
36
.itt .11
Maitte for Prei-lous
$ per share
I
2.900
100
21.100
3,300
1
45
*88
prices;
39
4l8
92
145
110
[•104
5712
IS
5784
2434
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52I4
1538
4
23I4
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5838
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15
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712
62
81
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12
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36
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62
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23
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13
151
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19
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36
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1884
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1975
89
2,200
1,100
3,100
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23
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1934
5734
100
200
62 12
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38
64
80
79
1.360
5.100
15.200
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4.700
14.100
297s
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50
3.400
10.700
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23
4978
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l.liOO
2878
24
18
72
9,300
6.100
200
I4I4
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800
29I4
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2234
700
35,800
600
1.800
100
29
6834
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of lOOshare lot
1
200
lOoij
66
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141;
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66
1.900
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3%
6534
20,200
400
131.
171.
6438
65I2
400
2912
6534
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100
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6.600
102 104 '102 IO312 •102 1031.
100
2934 SO'is
30
2934
3.500
30
30
93 14 9678
9338 95
9334 9538 49.900
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89
89
89
89
89
300
138
334
1378
1
,300
.300
500
6018
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80
V8,io6
28
6084
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23 14
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358
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23
67
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121.
111.
378
24
29
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71
7
40
89
29
11
358
39I8
7
39I8
88I2
221s
•27
1,700
1,000
2,900
22
28
200
300
200
200
8
40
is
Jan
Feb
Do pref
2684 Jan
25
Aiiiiconda Copper Mining. 60
337s Jan
A.s.so;-lated Dry Cooda
24 Jan
100
Do 1st preferred
5584 Jan
100
Do 2(1 preferred
45 Jan
100
AHsoclated Oil
94 Jan
100
Ailanlic Fruit
71; Jan
No pari
OII4 Feb
At Gulf & \V I .ss Uae
100
Do pref.
100!
3812 Jan
Aasiln. Nichols & Co.. No par]
10 Jan
Do pref
61
Jan
100
Baldwin Locomotive Wks 100
84 Jan
Do pref
100
997s Jan
neliilehi-ra Motors
No pari
21s Jan
Helhlehem Steel Corp
501. Jan
100
Do Class H common
5334 Jan
100
1 )o
pref
90 Fc)
100
Do cum conv 8% prof. lOO' 9934 Jan
41. Jan
Booth KIsherlea
No pari
Br oklyn Edison. Inc
88 Jan
100;
Burns B .s
8 14 Jan
100
438 Jan
Butte Copper & Zlno V tc. 6
Butterick
141; Jan
100
1038 Jan
Butte & Superior Mlnln-,'.. 10
Caddo Central Oil & Ref..lOO
135s Jan
California Packing
No par 591 2 Jan
California Petroleum
25 Jan
100
O8I2 Jan
Do pref
100
Callah.an Zluc-Lead
10
5 Fe
Caso (J I) Plow Wks
No par
Jan
3658 Jan
Central Leather
.100
Do pref
88 Feb
100
Cerro dc Pasco Cop
No par 27 Jan
Ch.iiullcr Motor Cir..^A'o par
64 Jan
Chicano Pneumatic Tool-. 100
60 Jan
Chile Copper
934 Jan
25
Cliino Copper
6
195s Jan
Coca Cola
No par 1984 Jan
Coloi-ado Fuel & Iron
27 Jan
100
5078 Jan
Columbia Gas & Electric. 100
Columbia Oraphophoue^Vo par
7^8 Jan
Do p-ef
50 Jan
-.-100
35I4
Jan
Computing-Tab-RecordinilOO
Conaolidaied Cigar
No par 52 Jan
Do pref
74 Jan
100
Consolidated Gas (NY) --.100
77"2Jan
Consolidated Textile. -iVo par
19 Jan
Continental Can. Inc
100
57 1 Feb
9ll4 Feb
Do pref
100
Contlnt'l Candy Corp.A'o par
1
Feb
Corn Products Refining.. -100
65 Jan
Do pref
100 100 Jan
Cosden & Co
2812 Fe-)
..No par
Crucible Steel of America. 100
73 Jan
831. Jan
Do pref
100
Cuba Cane Sugar
No par 21 Feb
6178 Jan
Do pref
100
Cuban-American Sugar
27
Feb
10
lOis Jan
Dome Mines, Ltd
10
Elk Horn Coal Corp
17 Jan
50
Endicott-Johnson
52 Jan
50
Do pref
87 Jan
100
Famous Playe's Lasky No par
48 Jan
76I4 Jan
Do prefor.-ed (8%)
100
Federal Mining & SmeltlnglOO
8 Feb
Do pref
23 Jan
100
Fisher Body Corp
No par 79 Jan
III2 Jan
Fi.sk Rubber
25
Frci'port Te.xas Co
No par 1384 Jan
284 Jan
Gaston \V & W, Inc.A'^o par
40I4 Jan
G neral Asphalt
ICO
Do pref
80 Jan
100
.54
General Cigar. Inc
Jan
100
8OI4 Jan
Debenture pref
100
General Electric
100 1201. Jan
General Motois Corp-.A'o par
13 ^ Feb
Do pief
100 10612 Jan
Do Deb stock (6%). ..100 64 Jan
Do Deb stock (7%)... 100 73 Jan
3558 Jan
Goodrich Co (B F)
100
Dj pref
72 Jan
100
Grauby Cons
20 Jan
ICO
91. Jan
Gray & Da\1s. Inc
.25
Greene Cananea Copper-. ICO
20 Jan
Guantanamo Sugar
No par 1284 Jan
Gulf States Steel tr ctrs..-100
2812 Jan
55I2 Jan
Haske <t Barke Car- .No par
Hendee Manufacturing
15 Jan
100
Houston Oil of Texas
66 Jan
100
Motor
Ills Jan
Hupp
Car Corp
10
Indiahoraa Refining
5
61s Jan
Inspiration Cons Copper.. 20
Jan
31
luteriuit Agrlcul Corp
10^4 Feb
100
49
Do pref
100
14 Feb
931. Jan
Inter Harvester (new)
100
Do pref (new)
100 103 Jan
I2I4 Jan
Int Mercantile Marine
100
Do pref
4934 Feb
100
Intornat Motor Truck. A'o par
33 Jan
Do 1st pref
72 Jan
100
Do 2d pref-5712 Jan
.100
13I2 Jan
International Nickel (The) 25
International Paper.
46 Jan
100
Do stampe<l pref
Jan
7
100
Invincible Oil Corp
2184 Jan
50
32I2
Iron Products Corp
Jan
No par
Island Oil & Transp v t c. . lOi
4 Feb
Jewel Tea. Inc
4 Jan
lOo!
8I2 Jan
Do pref
100,
I4I2 Jan
Jones Bros Tea, Inc
100;
Kelly-Springileld Tire
40'4 Jan
25
Temporary 8% pref
8478 Jan
100
Kcnnccott Copper
1778 Jan
A'o pari
8I4 Jan
Keystone Tire & Rubber. . 10
Lackawanna Steel
52 Jan
100,
Laclede Gas (St Loula)---100
40 Jan
17i2Jan
Lee Rubber & Tire
A'o par
LIgeett & Myers Tobacco- 100 138'4 Jan
9758
Jan
Do pref
100
l.n
Locw's Incorporated. -A'o par
15
.
14.400
1.800
3,200
22
17
1378
500
800
100
5ig
2II4
17
00
831.
22
143s
82l2
2234
6I4
100
B... 100
Amer Wooleu o Mittia
100
Do pref
100
.Amor WrltlUfe' I'ape' pre
100
Amer Zinc Lead &, Smell
25
11.100
100
5
2312
1434
39I2
821.
83
6
837s
100
Kellilliu;
.
98
231s
82
39I2
82I2
•2258
5
•91
"95"
I2I4
23I4
I4I2
141.
10114 105
1071s
701.
6712
12
2318
7OI4
82
*83i4 84i2
127"8 I27I2
9012
658
1458
I4I4
uoh
558
1438
60
'50^ 'rWh
395s
•751.
I4I4
5812 59
*83l4 8412
1271s I27I4
55
57
90
558
8434
60
"384 "4"
334
417,
7534
141$
8412
9012
512
8434
•5934
•83I4
IOI2
68
8858
I5I8
1458
64I2
891s
102
lOls
68
i
Do prcf l.new)
Do common Clitaa
000
2.500
1
411.
761.
I4I2
104
42
62
27
•80
67
631.
1518
81.
358
65I4
62
62
27"
27
86
8
6312
601.
7934
8I2
!
8
62
27
•27
•83
•6
I
00
prcf
...100
1
3.900 Am Steel Kilry tern cirii.33 1-3
IVef U'lu flfs
lUU
100
15.900 Amerlciiii SUHur ReflnlUK 100
1,300
Do pref .
100
3.400 Amer Sumatra Tubacoo
100
I)o pref
KHJ
"s.ioo Allien 1\lei>huue & Teleg. 100
4.400 Aiiie;- Toll leco
100
64
371.
741.
29
88
81."
•71.
62
6
•6
1011.
191.
1334
1578
3978
885s
88
3938
I912
131.
1638
•65
22I4
20is
271.
|
29
•52
100
8'.
8
•79
•28
Aiuer .Sineluut;
.000
81;
55
1001.1!
•71.
401.
•5314
81.
8»«
01
•6
55
0784
•571.
15
6078
•6II2
0634
Shares Indus.
Mlscell. (Coo.) Par
100 .'i.m .Smell Seour prcf «er A 100
8,00(1
i
61
»52
100
j
119
915s 92
11684'
116
•5958
40
88
2018
118
«0l4
3878
3958
8
I2I4
22I4
91
997g IOOI4
tiOU
151.
281s
71I2
80
uiie
bat
KXCHANUli
I
&
I
80
•88
Ra
On
I
9II2 9278
10258 10258
90
S-'s'
89
69l2
82
STOCK.S
NEW YOKK STOCK
Week
29's
3978
2614
I312
I512
74S4
51.
29I4
•25
131.
33
'SO
82"s
3OI4
29
40
20 14
13
51.
43I4
•25
•478
1978
131.
151.
33
76
()7
421.
2fil4
47g
6112
(i7
381.
•24
2814
2818
60
53
t
44I2
I
I
397s
80
2278
858
8'2
30
89
28
793g
I9I2
22
661.
9538
351.
97
35
3968
•6
40
90
391.
•88
28
70
11658
478
6l»
I
5I4
4
543g
&5I4
•91
87
•484
96
92
10458 10534
1045, 10458
•4I2
5
•91
100
478
991.
11934
1167,
65I4 6634
(ifll4
82'8
29^4
08
I
9934
1191^
116
381. '38^
2«i.
•24
•59
60
•50
64
39
27
60
54
387,
•24
•59
•49
90
43
I
lor
Ihe
n
$ per share
9238
1027g 1037s
80I4
79
^89
91
90
9934
997s lOOis
1201. i^ll7l2 USSj,
•911. 93
92
1171. J11478" 116
6734
67 14 6878
953g
8912 92*8
103
103
791. SOH
118
3-l'4
•()«
I
427g
9034
103
1051
78I4 791.
9958 997g
II8I0 1181.
•95
9Ki2
t>7
()8
FrUtau
Feb.
10
S Per share
"
82I4
91«g
Feb.
•()5i»
42
41^4
92
*1051. 108
78lj
79
80
•88
91
90
78
•88
115
'
Thursday
I
Sales
5184
11178
Nov
Jan
Jan
Jan
7
18
2812
Dec
Nov
170
84
Apr
68
15'
5478
Ills
Dec
71
Apr
Dec
2684 Jao
9184 Mar
797s Jan
4714 July
511. Jan
7i
20,
20
20
11
3812 Dec,
69I4 Dec
Dec]
19
27I2 Dec
8
29
4
Dec!
3
Dec
31
778
Sept
111
13
261.
25
75
Dec
Dec
Dec
27
7|
31
11
29
U
28
8
111
714
July
2184
4514
Jan
Jan
Jan
J
1458 Dec!
6»4 Dec
Jan
30
1521.
105
331.
481.
9184
5712
3878
Jan
Jan
Apr
Jao
Jan
Oct
Aug!
35
Jao
r,!f Dec
Nov
207
Jan
12714
Dec, 1097s Jan
95
141. Dec
Apr
30
45
Dec
I
/ Ex-dlvldend.
M
1
1
1
(>36
AND tMW HALK
durlnft thi- wcii\
»alcii
Feb
6
,
1 1.1a
38
•MU
•136
•I or.
Tutsdai/
Feb. 7
Feb. 8
\
12
41
•«6
T,7
•70
68
•71
72
•136
•105
•64
•57
•70
58
so
142
114
«8
58
80
7l\
71
57
80
•70
71
73
\r^\ 1561?
I541-.
I59U
•90
•90
100
•9.1
i:j
181.
1338
13
13%
I311
183g
I312
:}(K>8
306n
30%
31
30%
30%
53
53
521-
98M
•96
ir>3i
J3
•30
•70
M
98I4
•!)3
16%
1638
2314
23 14
•30
•70
32
77
•60
•93
•69
•60
•93
62
95
72
71
104
•10212 106
11 •'8
•I9I2
•44I4
•34
n
3!i8
•4^4
27
23»4
451?
5434
35
•34
35
11
•lOl.
11
358
4534
3I2
•4*4
36r
5I4
I47«
•4678
3478
73«2
347,
47%
74
67l«
121.
32I2
•26I2
24^8
321"
lO's
101?
27
14ln
I4M
501?
•
25M
tl»4
58^8
•86
•I2I2
"62"
106
45I1
3438
•84
587s
861.
14
I3I2
•32
32
645s
•94I2
2114
NEW YORK
60
*4
•17
•4
24
67I4
•4712
6884
103
99
48
691?
103
3334
3334
"8178
8218
no
5514
•9
36I4
•3612
99
110
56
101
.
6l2
6118
—
15
15
"714
•42
671.
r.8
68
12
69I4
121?
39
40
12,800
29,900
2,800
8,000
10,200
2,500
2,600
7,325
500
247,
IOI2
IOI2
76
76
•r5I-.
59
58
58U
861.
14
59
'S6
107
46 U
341?
841?
•104
105
84
131;.
135,
Do
131.
521.
New
New
Do
87
108
IJJ34
311?
31
65
Ml.
(i6l2
941?
94 14
2II4
2II4
9334
21l<
5612
5938
57
12I2
121.
Do
Penn-Seaboard
2II4
6OI4
•17
412
G
People's
L & C (Chic).. 100
Philadelphia Co (Piltsb) ... 50
25I4
1,500 Pierce Oil Corporation
757s
7578
*75l2
101.
761?
59
1,200 Pittsburgh Coal of
861.
14
*36
59
86
Petroleum
Piorce-Arrow
Car
Phillips
Do
Do
300
414
19
4I2
131.
1318
1334
100
Do pref
400 Pond Creek Coal
93-I4
9378
1,100 Pre.ssed Steel Car
861.
Do
237s
25
1087r
56
834
9%
42
8I2
8»«
8l2
4234
32I4
1038
103r
'
9
10%
81.
9
*8l.
91.
10
878
4218
101
95
6I4
634
611?
.33 14
4278
3134
812
4234
3034
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10%
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10%
1014
10%
531.
•871.
5438
53 14
53 12
531-
531.
*88
91
9
91.
22
1671. 1081.
551s 56I4
13
•4
23I4
68I4
24I4
68I4
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9I4
9
4258
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22
22I4
•321. :j:i
1071. IO8I4
55
55-14
1278
1278
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24
23I4
6I2
23I4
69%
68%
6878
61.
691;
IIOI2
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5.5-14
56 14
9
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1
1
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45
-
- -
I4I4
•16
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•33
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112
•111
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'
"§2-% ¥234
IIOI4 11014
56 Is 5738
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36
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37
37 14
7l8
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34I2
45
112
49%
4912
878
41
73
91
9I4
42 14
73
22I4
2134
*32l2 33
IO8I4 IO8I4
5534
55
37%
678
37
38
95
7
66
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61.
2312
68I4
23%
68%
46
69
103
34
69%
103
34
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llOls 11014
56
57
9
9
36
•37I4
100
.
684
*61
85I4
95
95
45
4478
4478
-1478
3834
39
39
1434
1478
1434
.
49
82 14
85I4
86-I4
9418
•4434
371s
37%
100%
._
7
66
87
941s
45
39
15
17
7%
77s
34% 34%
•42
112
•112
*36
•61
851.
I4I4
-W
103
33% 34%
T
•61
678
66
38
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6934
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xsii.
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6918
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45
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82 1*4
46 14
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44%
81
"
46 14
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45
38
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48
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6%
87
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48
48
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9
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•99
101
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91-
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9
37
6112
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103
103
3312 3334
3384 3334
no
82
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44
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55 12 56I4
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95
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52
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45
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24%
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40% 40%
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95
9
42
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2212
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55%
19
381:'
317i
5412
13
17
38
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22 14
33
IO6I4 108
19
5
8-84
38
42%
63 12
91
86
434
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42
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34
5718
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45
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35
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87
108
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734
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36
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45
45
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49I2
50
81
•79
81
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pref
941.
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.3.578
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36
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36
45
nil. nil.
•112
49I2
81
6412
49I4
81
641.
6412
81
Pa
pref...
Public .Serv Corp of
N
Pullman Company
Punta Alegre Sugar
Pure Oil (Tlie) k
Railway Steel Spring
Do
...100
25
100
100
100
10
100
...100
J. . . 100
100
-50
25
100
100
pref
Ray
Consolidated Copper.. 10
Remington lYpewriter vtc 100
1,700 Replogle Sieel
10,300 Republic Iron <t Steel
A'o par
100
100
Republic Motor Truck. A'o par
Do
400
800
45,200
740
200
200
2,300
pref
Royal Dutch Co (N
Y shares)
Si Jo.seph Lead
San Cecilia Sugar v
l
10
c.A'o par
Savage Arms Corp
1 00
Saxon Motor Car Corp..Vo par
13,60 )< Sears. Roebuck
1,600 .Seneca Copper
& Co
100
A'o par
Feb
Jan
8|
5'
I
3
K'-b
1.30
Jan 5
Jan 3
Jan 10
Jan 3
651: Jan
4|
100
100
14278 Jan 13
107
Fo'i
3
.591-
68
57
68
571. Pet,
1501. Jan 25
94 .fan 11
1534 Jan
3
•12% Jan 18
3OI2 Keb 3
53 Jan 3
8«
78
1201.
97
56
Jan 24
2
167i4J8n 13
94 Jan 11
V>h Jan 28
i5i2Jan 8
-3312 Jan
4
65
95
148
86
14i(>
1
V
M
\V.-|is
Fari;'>
49I2
100
ExP'-'-.^
Western Union Telegraph. 100
Westinghouse Air Brake
50
Wcstinghouse Elec & Mfg. .50
White Motor
50
3,300 AVhite Oil Corporal ion..Vo par
Wick wire Spencer Steel
5
10,400 Willys-Overland (The)
Do
700
25
xiret (.new)
ICTO
Wilson & Co, Inc, v t c.A'o par
1.700, Wooiworll; (F W)
100
Do pref
100
1,500 Worthington P
100
Do pref A
Do
100
J E.x-rlghts.
a
pref
E.-v-div.
&
Mv
B
and
rights,
t
c.-lOO
100
100
r
E<
Jan
Jan
<)3
Jan
4234 Jan
3512 Jan
1414 Feb
17 Jan
5I4 Jan
30 Jan
38% Jan
10934 Jan
108 Jan
43 Jan
71 Jan
61 Jan
div.
c
ReJ
7
28
3
3
14
24
18
3
7
8
i
Oct
26'
5:»%
22
10
Dec,
Dec
Dec,
20
2
46
Nov
3
88
Nov'
20
6312 Dec!
100
8
66
11
10
12
Dec
Nov
Dec
Dec
1
16'i
4
35I2 Dec!
Jan
Jan
Jan
Jan
Jan
Apr
Apr
l.'17l.
107
106
26
6912
100»4
251.
Juii
Mar
7I»'
12% Dec!
Dec
12
4
18
hart
MU
Aug 222
.Mar
Dec,
.
I5II2
Dec
Dec
52%
40
40
80
1021;
13
8di:
IO2I4
Jan
Jao
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jail
Jan
Apr
Jan
Jan
93 14 Apr
no
Jan
Jan
117% Jau
481: Jan
171.
61
Jail
11
11
48
26
May
Det-
77I4
8
9
274
3l2
Dec
Dec
22% Apr
7
31
13
23
11
II
12
74278
8
10*4
61% Oct
534
Jan
Mar
Nov,
9% Apr
Nov
2884 Sept
4178 Jau
12
17
Dec
Dec 65
Jan
Jan
Dec
78
4Ii4May, 61U Jail
35
Dec 41/8 D«x6914 Dec ll6% Apr
6412 Dec lll% Apr
6I4 Dec;
36I4 Apr
11
27
II
3018 Dec,
2684 Dec;
15
Dec
10
4
II
8
11
20
59
9
72
.
Aug
Dec
Dec
Dec
19
83
24
24
12
Feb
Dec
Dec
72
Dec,
24
9OI4
2
951.
1
40
Dec
Dec
Dec
Dec
Dec
Dec
26
511;
52
_
2978
94
73
12
-
921.
10
24ig
20
7
26
11
12
49I2
8
21.
10
9
11
98
Jan
72I4 Sept
9114 Jan
27% Jan
lI3% Apr
,041. Feb
Jan
68
l24
l20
Nov
Dec
94
May
Oct
4212 Jan
44I2 Julv
8278 Jau
IO8I. .Ian
23I4 Jan
5078
1O6I2
,07
2284
Dec
Dec
Dec
Dec
Dec
Dec
8
2l8
3
17
85I4
14I4
Oct
20
.3318
II
11
20
43
75
Dec
Dec
Dec
Dec
Dec
I67i2Jau 13 CI4212
Jan 20
lOOis June
82 Feb 7
77
Dec
37 Jau 24
241. Dec
42% Jan
45
.Mar
Apr
.Ian
Apr
Nov
Jan
Jan
93'2 Jul\
30
Dec,
55 14 Dec! 1 24.14 Jan
84
Dec l05% Jau
I6I4 Dec
553t Jan
12
13
no
123% Ma>
1778 Apr
25I4 June
S3% Apr
21% Jan
?« Apr
23I2
9OI4
Nov
Jan
48% Jau
82I4 J.in
94I4 Apr
e2l2i2 .Mar
113% .Mar
9II2 June
5II2 Mar
71
8I4
13i4jan II
48 Jau 13[
9iiJan 20,
45 Jan 10;
3678 Jan 211
III2
Dec 11814 Apr
Dec 126% Apr
Dec 1OII2 Jan
Oct
14
Dec
Dec 20% Sept
41
Feb
2218
3734
7,
.59% Jan 31
9478 Jau 25|
10% Jan
76
Dec
40
Dec
Dec
22
678 Dec
46
Dec
Dec
80
5% Dec
347g Dec
61% Dec
191. Dec
2718 Dec
6I4
12 Jan 10:
5734 Jan 20
91
Jan I3i
Jan 10
43 Feb 9!
75 Jan 13
2434 Jan
6
34 Jan 4i
12-%
207
176
7
.Ian
58% Jan
HisJan
27UJau
Jan
Jau
5184 Jan
72% Jan
10378 Jau
351- Jan
441. Jan
8434 Jan
112 Jan
59i2Jan
10 Jan
41 Jau
421. Jan
10284 Jan
95 Jan
71-%
97
45I4
101-
20,
19
13
20
4
27
3
II
27
19
11
11
H
18
25
13
20
7
14
4684 Nov
8018 July
8914 Nov
20
40
Dec
301; Dec
13% Dec
7
8
11
19
I13i2Jan
8
7
7
4
in
2
Feb
81
5% Dec
Dec
3478 Dec
100
102
Feb 11
Jau 26
-jJ ij bi;i- of
Nov
26
52i2Jau 19
65
Apr
Mar
e57% Jan
53% July
34I4 July
951- Jan
106
Jan
38% Jan
66I2
Jan
127
Apr
38
Jan
Jau
Oct
Jan
Jan
53
22478
9612
25I2
584
U
Jan
8888 Jan
9078 Jan
45% Jan
40i2Jan
17% Jan
18i2Jan
9 Jau
40 Jau
47 Jau
Nov
I3I4
38
19
II
SUJan
Feb
Dec
60
55I4 Apr
Dec
Dec
37*8 Apr
15
Dec
78% Jan
561. Dec 116% Jan
Aug 103% Jan
90
3578 Nov
6934 Apr
Dec 1433j Jau
53
951. Dec 1161. Jau
Jan
2912 Dec
76
3912 Dec
47% Mar
76I4 Dec 109
Jau
104% Dec 115% Jan
Dec
44%
8O84 Jan
Oct
Aug
14
7
Apr
281. Dec
97
8OI4 Apr
2434 Dec
8884 Dec II2I2 Jan
Feb 12012 Sept
76
5'4 Dec
21 June
46i3Jan 28
7 Jau 13
72
84
Dec
Deo
ll.M.
1S3»4
llO'z
69»j
10
Aug
28% Dec
471.
1
200
500
200
200
900
1
93
1978 Jan
Feb 3
Jan 18
30 Jan
25I: Jan
5
35% Jan
.551
Jan 4
76 Jan
314 Jan
3
5 Jau
6484 Jan
4978 Jao
6
92 Jan 7
94 Fell
74 Jan
69% Jan 3
1001 Jan
8 106 Jan
978 Jan
1178 l-eb
3
84i4Jan
7814 Feb i\
26I4
20% Feb 9i
Feb
44 Jan 26
45 Jan
54I2 Feb 7
5514 Jan
301. Feb
Jan 5
31
IOI2 Jau 24
12'8 Jan
3
4
3 Is Jau
Jan
4I4 Jan
3
5l2Jan
29 Jau
20 Jan U
16 Jan
13 Jan 3
47 Jan 7
54% Jan
1934 Jan
13% Jan 3
46I4 Jan 19
481. Jan
4112
1
32 Feb
Jan
7II2 Jan 6
7812 Jan
7184 Jan
66 Feb 4
17 Jan
9 Jan 3
33% Jan 3 40 Fob
351. Jan
32 Jau 15
31i2Jau
26 Feb 9
19% Jan 3
27% Jan
68 Jan 3
80U Jau
IOI4 Jan
1 1 "s Jan
3
4
7478 Jan
78 Jan
Ii278 Jau
57 Jan 13
8278 Jan 8
88i2Jau
His Jan
12% Jan 18
8II4 Jan
96 Jaa
5
104 Jan
97 Feb
54 Jan 15
62 Feb
105 Feb 4 nO-%Jan
43% Feb 8 511. Jan
36I4 Jau
34I4 Feb 4
82 Jon
871- Jan
106 Jau
100 Jan
1158 Jan
3
14% Jan
26 Jau
37i2Jan
31 Feb
39i2Jan
73i4jan
6038 Jau 3
891. Jan 6
9412 Feb
24i2Jan
18 Jan 5
56I2 Feb 7
69i4jau
1184 Feb 10
13 Jan
334 Feb 3
5 Jan
1178 Jan
3
23% Jan
278 Jan
3
5% Jan
8.3% Feb 2
98% Jan
17 Jan 3
20% Jan
38% Feb 7 46i4jEn
221- Feb 4
25% Jan
56 Jan
50 Feb 4
Dec
Dpc
Dec
Dcf
6318
-56i4Jan II
1434
1
Htffhett
.56
Jan 27
Jan 12
22
4,600 Shell Transp & Trading... £2
75,200 Sinclair Cons Oil Corp. A'o par
300 Sloss-Sheffield Steel & Iron 100
Do preferred
100
400 Standard Oil of N .1
.25 152I4 I'eh 3
2,600
Do pref non voting
100 IO518 Jan 3
400 Steel & Tube of Am prel . . . 100
80 .fan II
1,500 Stewart Warn Sp Corp. A'o par
27 Jan 3
311. Jan 3
2,100 Stromberg-Carburet
.Vo par
52,800 Sf.udebaker Corp (The)... 100
43% Jan 3
Do pref
83 Jan 5
100
81. Feb 5
700 Submarine Boat
No par
14,900 Superior Oil
87g Feb Hi
A^o par
500 Superior Steel Corp'n
42 Feb 7
100
7I8 Jan
1,300 Tenn Copp & C tr ctfs.Vo par
3
17,620 Texas Company (The)
42 Feb 4'
25
2684 Jan 3'
51,400 Texa.s Pacific Coal & Oil ...10
400 Time.s Sq Auto Supply..Vo par
9% Jan 3
511. Jan 3
2,300 Tobacco Products Corp
100
8II4
Jan 61
Do pref
100
7I4 Jan
7,500 Transcontinental Oil..A^o par
3
1,900 Transue & Williams St.,Vo par
39 Jan 6l
100 Union Bag & Paper Corp . 100
68 Jau 3
201. Jan
3
2,900 Union Oil.
Vo par
31 Jan 3
A'o par
United .Alloy Steel
5,800 Unted Fruit
100 JIOII2 Jan 171
3'
511. Jan
9,700 TTnited R!>tail Stores
A'o par
111. Jan
3
200
S Cast 1 Pipe & Fdy ... 100
39I4 Jan
3'
400
Do pref
100
61. Feb 11'
100 U £ Express
100
2018 Jan
6,200 U S Food Products Corp. 100
3!
3,300 U S Industrial Alcohol
64% Jan
100
92I2 Jan
Do pref
100
4II4 Jau
466 U S Realty & Improveme 1. 100
621. Jan
14,900 United .Stales Rubber
100
1,100
Do 1st pref
100 101 Jan
33 Jan 10
1,400, U S Smelting Ref &
50
42 Jan 20
Do pref
50
8OI2 Jan 3
43,810 United Siates Steel Corp. .100
1,400
Do pref
100 107 Jan 3
Jan 3
48%
18,500 Utah Copper
10
700 Utah Securities vtc
Jan 4
9
1 00
3218 Jau
6
15,900 Vanadium Corp
A'o par
3412 Jan 18
2,100 Virginia-Carolina Chem
100
95I2
Jan
Do pref
8
300,
100
84 Jan
Virginia Iron C & C
100
6I4 Fob
10,700 V Vi vaudou
A'^o par
1
49I4
Les.sihiin 100 shares.
500
2,100
4,800
5,400
300
100
5,700
A'o par
A'o par
pref.
941-
S7I4
18l8
H.'i.ii
88
9I4
59%
St'l
50
50
vtc A'o par
IOI2
47
31
65'%
Trans
B
25
107
93
Cias-s
&.
10%
60
1114
31
Lmeeu
Hiohet
% pfT tharr
$ per thare S per
123iJuii 10
9% Nov 28
42 Jau 31
26
Dec
70
>.
Pet
24%
*,58
100
Electric.
Oil
10%
48
133i
Gas &
Pacific
Pacific
Pan-Am
524%
_
62
32
00
.100
1
IOI2
761"
59
5
100
100
preferred
25%
IO8I4
512
4I4
5
8%
*84:i
104
Copper
York Air Brake
York Dock
331.
261s
_
62
108
47
35
...100
1 00
100
pref
National I.ead
Do pref
Nevada Con.sol
26
94
36
31
•32
;{4
«!I0
•48
Bid aaU
761.^
78
45
*
1,300
33
751.
lOii
H2
641?
48
32%
7534
;{9]3
112
48
78
48
34
75
3813234
45
48
47
327«
381;
11134 112
*76l2
•63I2
•50
I2I2
St4iiup'g._.100
1
27
I5I4
48
Nat Enam'K &
300 North AmerlcaD Co..
1.500 Nova .Scotia .Steel & Coal -100
200 Nimnally Co (The)
Vo par
6.000 Oklahoma Prod & Ref of .\iri.5
Ontario Sliver Mining. .
100
500 Orphoum Circuit. Inc
.1
5.500 Oti.s Steel
A'o par
400 Owens liottle
.25
2.200 Pacific Development .
.5018
12.%
•42
•111
lO's
31.
1
I4.I4
78
81%
38
758
300
50
101?
751.
•85
4434
200
100
6,500
100
ISU
1278
13!,
1
.>2
I2I2
•3078
3618
5678
634
611,
4434
377g
361.
3'»
Q....
27
1,900,
13
I2I2
15512 1551?
10812 10878
iOl?
37I4
38
3(>
*10%
.
1
4534
55
\
1
2.400 Mont \VdA{;oUls Corp.-V'o par
4,600 National Acme
.50
100 National Cloak & Suit
100
Do pref
100
10,400 Nat Conduit A Cable. A'o par
I3.I4
11%
47-14
74I4
21
\
5 per fhare
Year I»20
2<l
900' Miami Copper
_
5
23,700! Middle .States Oil Corp
10
6.100, Mid vale Hi<m!| & Ordnance. .50
lOOi Montana Power
100
l>o prcr.
100
131-
79
•50
•76
61?
671«
5
71
PER SHARE
Range for f'niou:
I.
baslt ol lOO-lluire U>U
Unre*t
par
.
96
--
21
»441.
•52I2
98,500
27
-
•.50
^ 434
63V«
IO2I2 105
111. II's
36
3I2
5%
-
27
2434
17
4*8
45I4
23
•95
27
IOI4
--
45I4
5
•434
3%
121^
41
IO6I2 IO6IR
54ij 5434
34I2
11
31.
3%
79
914
22
33
•101.
38
42
22
•32
55
35
67%
2318
51
•40!8
55
34
67%
39 14
91
821.
221.
453,
6«is
3884
2268
9I4
4414
67
18
5214
821;
•21
45.14
4734
341.
761.
68l£
17I2
•»Hl2
2034
34%
85
II
205s
•44I4
4738
34I4
7478
*4
181?
405s
81?
4234
321?
11
5214
117«
33I8
261.
13%
10
SI->
72
106
71
33%
72%
18I2
421"
3134
•93
11%
3234
•32
3II2
641.
•HI2
5:.
81?
111?
•103
95
1134
38
105
21
601?
81.
IOI2
77
412
63i8
, ,
"
86
10884 10878
•8H2 821.
3158 313.,
3734 3734
56I4 57
32
•71
HI;
26
3412
841^
\M
'.30
4738
17
478
8734
•49
•76
154
72
M021; 106
95
•71
261.
247a
341?
23
50
88
9812
77
73
eiio 0U2
:06l2 107
4;?% 47
3412 35
55
3178
351«
4^
87^ 88U
2278
71
'93
•69
•93
14
6T"
15-1. 161
•91
100
I8I2 18'4
I3I4
13l2
3OI2 311.
•53
•93
300
200
1,70.
,
32
77
147s
61"
.
•30
47
93%
84
73
1734
1418
•13
84
73
•94
231?
27
*81i
.57 14
171.
5
8fil8
-
68
23I2
31.
14
92l2
*
No
.
preferred
100
I^rlllard (P)
100
IJo prof
100
M.'K-kay (^ompanleH ... 1(K)
IJo pri.f
liX)
ManutI .SuKur
lOO
May UcpiirlmcDt fltorw. .100
Do pref
100
Mcxir-aii Petroleum .
... 100
IJo prcf
100
266
140
106
17I2
32% 33
8618
•105
•63
Do
23%
HI;;
9238
140
MUcell. (C>>n.) Par
l,«fl Iiic'iriKjr.'ilf'l
•96I4 115
171-
•71
1.000
8c
Loo8(,-\VII(« HlHL-iilt ir ctfH. 100
2234
317s
63.%
Ki
11%
41
I7I4
38
•13
•4I2
405x
9812
Indus.
.Shares
23I4
Ifi-'l
621;
n
III4
38
55
62%
:14
$ per share
Range niict Jan.
On
."STOCK
EXCHANUE
the
Week
11
•23
26I2
241.
45
96
981.
•93
39
4,'>1?
6534
.-.3
27lfl
1063, 1-105
13^
37
32
1834
I3I2
3II4
62%
34
Friday
Feb.
159
100
62I2
55
•50
•14
I57I1
I8I2
13
3034
.521.
27ls
2418
*58
"62"
•10418 110
•91
.'JS^
7512
.
1471. I60i£
•01
100
5I1
•52
1378
1478
72S4
66I2
731
-
r>oi2
*14
47
34
73 12
•95
72.1,
414
4.531
•4.I1
73
•95
4I4
22
3l2
SO
I'l
•20
1012
80
4l8
•44I1
s
f-.-.
14
521?
14.li
1214
lUs
•2012
•44
5412
23
14
•5OI2
0612
71
104
SO
•93
•93
'15
*69
72
•1021. 106
im nh
in.
27
60
57
»8lj
163,
41h
r,7
r,r,
23 li
32
77
63
95
.571.
311.
16.li
4l8
lOfl
305i
•52I2
23
30
'105
•63
1334
16.18
•71
•136
•105
I314
24
32
TT
•4
11%
4
68
70
165<8 IS6I3
•53
•93
OUU
•11
•38
08
107
18.18
41
.ihare
•63
•57
•105
*63
57
•70
•95
I8I2
•38
8 per
•9«l4 115
•137
142
•94
100
per .iltare
•111,
M34
i
115
142
107
•96I4 ur)
13714 1371
•9OI4 115
115
139
114
Thursday
Feb. 10
ll'ednetdat/
Feb. «
$ per »hare $ per r.harc
1138
n7„
l\U II.^
•38
4
44iv •38
S per Shan:
•
Mondav
3
PER SHARE
HTOCK.S
Sale*
for
Saturdav
J2
1
ittocks utuiilly InactlTC, see ttalrd prececdiait pa4c.
<if
NOT PER CENT.
PRICE -PBR SHARE.
1
1
1
New York Stock Record -Concluded— Page
For
fllOH
2
525
June
Dec
35% Dec
Dec
73
53I2 Dec
p.ir.
76
Mar
92% Oct
119
Jan
55% Jan
6912
25I2
Mar
Oct
32 14 Sept
Jan
32
Jan
93
82% Jau
Apr
145
116
95
J-n
Jan
93% Jan
Jan
76
n Par .SIOO.
Erchinje -wlfwd 0/ guollng bond^ wns clianjM
1901) the
i
^1
BONUS
STOCK KXCHANOE
N. Y.
Govarnmont.
I
J
J
J
J
—
•eecond Liberty Loan
4%
of 1927 l!»r>
Couv 4^4% of 1927
19W
or
I'jaii
1
M
Sli.VO
99 00
..A O' s7 00
0:1s
86.60
86. SO 80.*'>0 «{).30
Sb 51 Sale 88.34
85.34 88.80
86.80;5(i()8i 85.30 88.1(1
90.30 +07 6 88 00 91
89.82
Sale
liit
14
85.34 88 Ml
80.62
87 20
97
97.30 9321 95.56 97 10
97 .'28,3279 0.'..80 97.38
10 100
100
100
ll)0')9
!
17. IS Sale
97 .24 Sale
J
4 U 'i Notes of 1922 1923
J
3H% NoM« of 1922 1923
dl930 "s
i'g ixjosol roa:lsterp<l
.tfl930 U
.28 cOQSol coupon
'.)9i-
.
1926|Q
*1936 U
. 1938 Q
.
.
Panama Canal 3h e
Q
1961.
IBeijQ
lleutetered
11
97.16
100
lOOiji
OOi" 100
1001; Junt^'20'--.
July20 -U)3»i 1041; 105
i06h 104 I03>| lel)'2ll-.9Sii Mar'19!.-00
July'18 -.81
.Apr'20 --.
70'
.1925]Q
4s reijliStered
4a ooupou
_
Pan Canal 10 30-yr '28
Pan Canal 10 30-yr 28 reg
.
S7.10i?ale
9S 00
S dO 02 Sale
Loan—
victory Liberty
N
M
M
81
ioii' 1031
Mar'20
S7ii>
.s
fVI
of 1999 .
7"^
J :>
!i (j.rj4C
f
.fan 1926
year 6'', iioU'W
•20 year 3 f K«
1941 F
1945|N'Berne (City of) i t 88
Uordeau.\ (City of) 15 yr Os.l93';M
Cliino
(HukuaiiK Ry) f.H of 1911 J
194,'>1a
tlirlstiama (CMiy) m I Ka
Copenhagen 25 iT » f O'-ja. 1944'.'
Cuba— Kxlernal debt !'>8 of l<.'04jl»l
KNter dt of ."is 1014 ser A 194i)|F
lAternal loan 4S»
!949|1i>em ark external b f 8.S ..194f>.\
Uauwh Cousol MunJcilMil 8s. 1045 F
.S
-D
:
do
.1931JJI
4.s
Brit
%
\-i
&
Irel.'uid—
>
gold lioud .•;M8..I937F
10-.vear conv 5 Siw
192?) '
3-year conv 5 )^8
^1922 I'
Zurich (City of) s f 88
1945 A
t These are prices on >he basix of,'^'>
State and Cii> ^scurities.
<J5'8
64 1-.
75
OO^vs
801"
S7ii
os;,
OOij
J
82 14 Sale
SO's
63'i Sale
70 Sale
76
62
70
78
83
81
;
o
A
A
A
O
.
W
M
.
M
M
M
M
.
Railroad.
-Ann Harbor Lst g 4s .
Atchiaon Topeka & 8anta
Gen g
Stamped
Kast Okla
of 1910
OIv Ist g 4s
Rocky Mtu Dlv Ist
Trans Con Short L
Q
M
N
D
-
.
.
CI Lor & \V con Ist g 58..1933
Ohio River
Ist g .53... 1936
General gold Ss. _
1937
Pits Clev & Tol 1st K 63. .1922
Tol & Cin div iHt re' 4.S A . . 1959
Buffalo R & P gen « .53
1937
Consol 4,U3
1957
All & West l8t g 4s gu
1998
Clear & Mah 1st gu g 5s
. 1943
Roch & Pitts 1st gold (is .1921
Consol Ist g 6s
.1922
Canada Sou cons gu A Ss. 1962
price Frdriy.li'
OS'.
321
751s
8212
701:
631
843i
84
733
4.*
40
35
29
49 093' 1001
84 94
063
57 102
1041
44 43
54
1
89
063i
11
86
94
94
80'ii
96'
11
80
S4'/t
86
06
08
86I2
88
S7ii
871.1
SSI-
.S4"i,
S6I;
88
88
88
901.:
92
921:;
92
031,,
01
00";
02
Oil,
20
9II4
921-
911;
91
91
Sale
Hi
83
8
9
10
94
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S3
SO
•-•012
•.IO»i
74
841.
H3184ii
83
01
01
8134
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83I2
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91
9034
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10
74
74
ll
00
80
841,
84'
8319312
.
O
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5,S
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71
70:-.
6S
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50
83
J
103 Sale
7712 Sale
92
75I2
j
79
1
8712
1
I
1
78
D
A O
A O
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71
84
83
65
85
65
73I4
761.
10,
7712
841s
11'
763.1
81
91
79
'
18'
82I3 Sale
683» Sale
69 14 Sale
68i" Sale
003 Sale
81
6712
6OI4
68i»
!03l-.
78
91
Oi
73:2
79
68I2
73
661- Sale
701- 77
761
80
87
S4
92
94
8II2
641
76l2
7312
73I4
J
81
99I2
88
9938
991"
881-
A
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84
.sinking fund 6s
'7"d38
6738
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68
72
8934
931
33,
38
733..
79
90
88
9I"i
83
82-S
9T-» June' 17
88
711
83
82
80'4
9734
8O34
.
1987
pl9S7
1987
1 987
1987
1879-1929
1879-1929
.1879-1920
..1879-1929
D
J
J
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"
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Sale
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33
M
N
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MN
MH
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\
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93
93
85
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99t2
84
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1901 A O
1929 F A
/Due May. :;DueJune. /iDue July. tDue
.\ug.
023,
-
Nov'20
-
84I4
981,
8834
Jan'21
-
Feb 21
.
87
85
66
08
74
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74
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.
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...
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onu
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o
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68
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Nov'20
.
Jan'21
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Nov 16
.
May- 18
-
72
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73
681"
6434
101
811s
9 8312
I
102N
8Hs
;
84
I
.
.
-----
70
85
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78
88
Sale
89
89',
78
74
66
Nov'20
.
Fpb21
.
Fel>'2l
.
6.5I"
'
101
14
Jan'20
68
78
Oct'20
84
80
991-
--
May' 17
74"
98'>8
26 1613- {6412
Sepri9
Mar'17
97
-
.
Jan'2I
Jan'21
60 S4
96
.
-
Jan'21
84
77»4
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991"
-
81
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88
7038
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91
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69
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Dec'20
30
21
26
Jan' 19
-
Nov'16
Nov'20
-
71
.
.
.
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59I2
6II4
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,
. . . r,
83
73 m Sale
9938
8138
70
-
Jan"'2i
Jan'21
Feb' 19
89
85
69
68
78
.
Apr'20
Jan'2i
841,
98'4
85
66
Nov'20
7134
83
118
95
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67
6434
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.
Feb 21
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98
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-
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---
981^8
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8412 '88""| 88
Nov'20
98>4
98
Dec'2a
6712 7314 74
Nov'20
22
83
-
Dec'20
Feb'20
71
fill-
75I4
65
60
-
I
67I4
6712
82
72
78
72
783;
6834
75
76
8510
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68
67
74
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90
86
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84
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75
94
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Sale
Sale
65
-
66
I
7<|3^
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80
7.iu
'28,, 6OI2
---,; 9734
.
Jan'21
60
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Oct '16
98
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93
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8834
Mar' 19
891"
90
78
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80'8
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1
62
8178
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7534
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4;
98
10214 .s,;e
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747s
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89I4
94I2
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j
1935 IVI s*
Ft
A Den C 1st g 6s
1921 J D
Conn A Pas Rivs Ist g 4s. ..1943 A O
Cuba RR lat 50-year 58 g.. 1952 J J
W
1
...'
A
76
80
Sale
3.178
317«
'.'id'
23
102
8534
82
33
96I2
--: 8II2
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0312
69'^
697g
.
971]
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lOOO \p-
.
.
66
SO'i
.
681g
Sept" 19
8SI2
82''K
88
--
(>9
Fcb'16
Jan'21
Jan'21
87
7934
.
Feb'20
93
.1
Dec'20
67»4
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Q
.
O3I4
09
397»
.
Jan'21
98
98I4
1
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931;
M
Income 48...
CleveShort L lstgu4Hs
Colorado A Sou 1st g 4s
Refund A Ext 4Hs
75'4
601-
40
3638
Jan'2r- --, Vi
78
'esis Sale
951,
8314
8114 83
(
1st pref 48
1940
1st pref 5s...(fl938
1st cons 4s.. 1940
OS
69
45
-- 941.
8478
5, 82
Feb'2l'- --;| 78
Jan'21, ---11
.
77
727*
73
*, 77
Mar'20
M
East
Ocfl»'
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May' 19
68
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11
68
63
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701.
76'
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00
65
72
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10178 102
F
F
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81
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...
-
7Il6
73I2
681,
85
05
73
Nov'20
8II2
6718
98
90
,
ii'
14,
51
991"
M
771;
34 '73 't
85 8II4
Jan'21
Mar'!7,52
Jajr21
J
O
73I4
Juiie'IO
98
Sale
Sale
76
601" Sale
981- 991,
F A
9314
25
Jan'2I
Jan'21
97
7534
i>
91
32
Feu'2ll
SOij
..
69'i8
i
ft4
to
Jan'21'
50
7718 77I2
61
Sale
68^8 Sale
i
99U
79
3OI2
9516
921^8
J
99
1
'
33
8OI2
61
J
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I
1
Jan'2I
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J
98
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8OI2
84
731-
m
W
A
A
A
95
85
85
9212
8212
8OI2
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ISt
C 1st g4s
.A1936 Q
Rciistered
tl936 (i
Cin S A CI cons 1st g 5s.
1928 J
C C C A I gen cons g 6s. . . 1934 j
Ind B
Ind
90
79
J
7258
71
82
lie
"sf'g .HI"
33Ts
M
O
S
89I4
4,
W M
C
45
37
Sile
1
82f'8
51
F
89
87
9
1
7
881; Sept' 16
113
Feb" 1
45
Feb 21
371
371s
08
KCShL
.
W
73
09
96I«
721;
W
HA
65
72
70
•'
K4
80»i 84
94
100
97190
HO34
99i«
811;
82«4
03»4 Julj'20
84
N'
6
9&it
!)(ic'20
I
•68
65
7
J
947«
May'ln
86
Mar'17,
75 12
76
76
J
J
J
13
"21
76
I
Doc' 20
IOOI2 Jau'18
83I4 831;
81
S31j
9134 S-.li91«4
921.
June'20
783s
"77
75»4
75
76
44
36 '2
X
99
96
99
S.i.f
J
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.1024
i N W Ist gu
A N W 1st gu
P—Ry gen 4s
M
99
3
861F«jb
Hteh
iOI<4
fl97«
74
95
1
81
7634
48.1047 u
90
5s. 1948 ,
71 '
-1988
681"
Registered
.1988 1
Refunding gold 4s...
68
.1934
R I .\rk & Louis Ist 4'.jS .1034 A5^
67
Bur! C R & N 1st 5s
81 5g
.1934 A
C R I F&N
1st gu 5s .1921^
Ch Okla & G cons 5s.
82
.1952 Dfi M,
Keok & Des Moines Ist .5s. 1923 . o
S- Paul A
64
lst4Hs.'4I p
Chic St P
A O cons 6s
1930 j j^! 100
Cons 6s reduced to 3^8.. 1930 j dJ 811?
Debent'ore 5s.
82
1930 ivi s
North Wisconsin Ist 6s
100
1930 j
Superior Short L 1st 5s g .fl930
s'
Chic T H A So Easl 1st .is. 1960 j qI 6234
Chic A West Ind gen g 6s. .el932 q m|
Consol 50- year 4s
60"4
1 952 j
j
Cin
D 2d gold 4 Hs
7212
1937 j j
C Find A Ft
Ist g;i Is g.l923
N
Day A Mich Lst cons 4K3.1931 j j "72"
Clev Cin Ch A St L gen 4s. 1903 j b
6878
20-ye:ir deb 4Hs
1931 j
76
Gencr.'il .">8 Series B
1 993 j
o
Ref A Impt 6s Series A
89
1929
Cairo Div 1st gold 4s..
74
.1939 j"
Cin
A
Dlv 1st g 4s. .1991 j j
6512
St L Dlv 1st coll tr g 4s. .
1990
N 67
Spr A Co! Dlv 1st g 4s
6534
1940
S
V.' Val Dlv lst g 4s.
6412
.1940 J J
Peoria
85
b;d.tn;laj<*a. (iDueJan. (/Due
83i«
851-
65
O9I2
'ii\
74
6II4
72I2
J
1934 J
.1
1921
1921
Registered
1921
Sinking fund deb 5s
1933
Registered
1933
10-year secured 7sg
1930
Des Plalnes Val Ist gu 4^';8- .'47
Frem Elk &.
V 1st 63.. 1933
Mil Spar
St L Pco
Chic R I &
162
•>
-!
M
No. Low
101
Sale
817g Sale
IVI
.A
lltOli
Fcb'21
A
O
Since
74 1«
05
86
89
66
90
00
99
Saute
Jan.
A^k Law
lOOU
100', Sale
7418 75
S7ii 95
8513 86
.1
0838 '8II2
6212 661.
55
93
85
72U"
Aj
67"
85
90
88
88
A O
r
60
43
47
54
893i
93
S
7934
99's
Sale
J
N
35,
112
76i->
S
Bid
1
68
9II2
81
.:
73
81
8 101
3 72I2
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771-"
I
J
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79'
7711
I
129^8
7134 Sale
7134
101
'lOO'g
J
O
M
M
70
69
52 6034
531 B/lo
1
81
83
65
76'-s'
88
4'!
70
67 12
Sale
Sale
137i! 7558
10,
76
71
82
f'*
IVI
76
Sale
Sale
Sale
-N'
.J
7734
86
N'
Man G B A N W Ist 3Hs. 194117
.Mlhv & S L 1st gu 3'. Is
1941
.Mil L S & West 1st g 6s
.1921
Ext & imp s f gold 5s .1929
91
;
J
gold 3Hs
Registered
(;eneral4s
Stamped 48
C;eneral 5s stamped
Crf^neral
Debenture 53
711.1
92
Sale
'
Mo
72
.
'
J
S
J 1)
Wl8& Minn Div g 58
1921
Chic & N'west E.\ 4s...l886-'26 J J
A
Registered
1886-1926 F
74
I
1932
1926
1049
Fiirgo & Sou aasum g 63
1924
M11W& Nor lstext4M;s...l934
Cons extended 4i^s
1931
9:51.>
93
77
Q
"-0I4,
0201411^
M & I>iiget Sd Isl gu 4s.
C
ResLslered
Sinking fund 53
Registered.
I
91
•!
flOSO
4Ks
B 58
95-18
1"
•
U
.cl98ri|V
ref Ser .A
fJen ref conv Ser
95
110
M
MN
J
Gen &
88:%
.S5
•'
M V
West*
Ka-iue tr
Lorl HaJe
n
Price
FrUiau
Feb.
.el989|j
Registered
(Jen'lgoldSHsSer B„.
Ge'icral 4Hs Series C.
05
Sale
Sale
J
—
145l
96I4
J
»
dep
Chic & lud C Ry
Chicago Great
Chic Ind & Louisv Ret 6s. .1947
Refunding gold 5s
.1947
Refunding 4s Series C
.1946
lud & Louisv l8t gu 4s
.1950
Chic Tud <& Sou .50-yr 43.. . .1956
Chic L S & Ktist 1st 4^s-. .1960
Ch .M & St P gen g 4s ser A-el989
25-year debenture 4s
Chic * L Sup Div g 5s
Chic & .Mo Rlv Div .53
J
.<
*No
S2J8
871.1
83
.
.
75%
lo:3i
'
ctfs of dep
l8t 5s. . .1936 --West Ist 48. .1950 »
83i,s
J
10-:.T canv 4Hs
1933
Refund & gen 5s Ssries A 1995 j ' "6
Temporary 10-jt Os
1929
J
Pitt.- Juno 1st. gold 63
1022 J J!
P June &
Div let g 3 J-is. l'J25
N
PLE&
Va Sys ref 43 . 1941
Southw Div ].< gold 3!<;S. 1025
J
Cent Ohio Is: c g 4H.s ..1930
S
.
85
499
100
J
Stamped
Guar 'lY Co
115
113
128
7«l2 Sale
MN
W
.
81
S2"8
8212
1937
ctfs of
mhi
1
MN
W
RR
87=4 03'e
97^8 101' I
1931?
1st 5s.
857,
S
W
99I2
gold 68
U S Mtg & Tr Co
Permanent 4s.
5 Fe Pres & Ph Ist g 5s.
Atl Coast L Isc gold 4s
7.1952
10-year secured 7s
.1930 IH
Ge:i unified 4Ms
.1964 J
.Ma Mid Lst gu gold 5«.
.1928
Bruns &
Ist gu gold 4s. . 1938 J
Charles & Sav 1st gold 7s. . 1936 J
L&
coll gold 48(21952
Sav F &
l3t gold 63
1934 A
ISt gold 59
1934 A
Bait & Ohio prior 3)^8
1025 J
Registered
/il92.'', '.;
1st 50-year goid 4b
41948 A
IReglstered
4:1948 Q
M
98
Ist consol
General consol
Convertible 4)^8.
1962
1942
.
90:ii
99I->
TJ
.
92 U
83I2
7i>i:
958
Chic & K III ref <t Imp 4s g..l955
U S Mtg & Tr Co cts of dcp
97%
6634
to
N
o;»:i--
85li'
330
5
D
M
. . 1
1
393
J
.
7Si->3
os^.s
'•iiil
J
1921 J
lx)nK Br gen g 48.
9912
>
.
981
99
85
16
<J[
99 U
fA
'
100
05
A O
A O
Nov
4jj
87
y(19S7
Dock & Imp gu 5b
CJeneral 49
102
195.") J D
1900 J D;
iy2S IM S\
i065 J Jl
Isf. 4.<
60
t)5
I
A1995
& ref 4Ks A'
99 12
V
O
D
F A
MN
94 L
Cheea & o fund &. Impt 5s... 1929 J
Ist consol gold 88
1939 Wl
Rck-LMlerod
1030 «*
General gold 4><i8
.1902
1902
RegljilertHl
20^ypiu- convertible 4H8..I930,F
30 yeiu- conv Hecurcd Ss
1946 A
1944'-'
Big .Sandy Ist 48..
Coal River Ry Ist gu 43... 19451 »
Craig Vallcv 1st g 58
1940 '
Potts Creek Br Ist 48
1946 J
R & A Dlv Ist con g 4S...1980 »
2d consol gold la
1980, J
Greenbrier Ry Ist gu g 49. 1940! ^'
Warm Springs V Ist g 58.1941 •*•
1940"^
ChlcA Alton KRref g3a
1950!J
Hailwau 1st lien 3H8
Chic B in &. Q ilM—
IlliuQls Dlv 3J^s
1940 J
1949;J
Illinois Dlv 4s
Joint iKmds.
See Great North
Nebraska Exteiusion 48
1927 1*1
in
Registered
1 927
.V
99 1» Sale
seii Sale
ssa^ Sale
.;
1st,
11
70!>8
.
Registered
Am
51
lO.IK
Cal-.Ariz
'.)0H
63
98
08
.5b.
Ashliind Div 1st g 6s
Mich Div Ist gold 6s
No I
.
98
90
J
kl99r.
Conv gold 4j
Conv 4i liiue
05
73
451,,
101
.
1995
1995
4.1
29!
f.3ii
102
i
Fe—
43
Registered
AdJvLstment gold
741,
80
78
48
35
45ii
1964 J J
.We.O -I
1963 f' S
.1965 iV
.1991 J
<:1990
.
97
i
84ij
Jan'20
32->s
991::
95-ij
.
.
5
's
9'
<"
M
Canal Imprownent 4Hs
Highway Improv't 4Ks
Highway Improv't 4J^s .
'Virginia funded debt 2-33.
5s deferred »r')wn Bros <tf»
92'8
761:
40l»
.pl945
Ckjniol gold 5a
1045
10 )T leiiip secur 6b June.. 1020
Chatl Dlv pur money g 48.1951
.Mac A Nor Dlv l8t g 5s. .1946
1947
Mid Ga & Atl Dlv 5s
Mobile Dlv Ist g 58
1946
Cent RK A H of Ga coll g 5b. 1937
I ent of N J gen gold 58
1987
gold
Ist
511:;
'j6!2
M
("anal Improv.'ment 4!<;s
32,
Ga
Central of
Sale
54
stock. 1960;IVI S
-•
4,'4S Cor:)oratc stock .... 1904
1966|A O
4'4a Co.-poratp stock
4Hs Corporate slock .July 19G7i
.1965 J U
4H3 Corporate siucit
S
4>;8 Corporate stock ..... 1963
N
19.')9
4'u Corporate stock
N
-M
Corporate
stock
1958
4"l
N
4"; Corporate stock
1957
4"^ Corporate stock reg
195() ?'£ N
1967.
Nl
Xew 4W8.
N
4 i-i
Corporate stock . . 1957
N
3,'-•:'"< Corporate stock .. 1954
S
Y S'ure—ts
1961
Canai improvement 4>s. ..1961 J J
Canal Improvement 4s ...1962 J J
Canal Imp.-ovcmant 43
I960 J J
%
Sale
47
Sale
:>l
:i)0
Sale
06 Sale
Sale
102»;
3761
06
9134
OS'^i
.Sale
100
09
93
87
09 1* 100
4
Dec'20 ....
6412
99% 104
9818 253
19
76S.I
99I2
30
Olftj
3
98
991.
95^4
36
1
V City-4HH Corp
.
N
81
98
7.S
M N|
1021
not<>s
•JO-.ve«r
:V
77I2
7«a, S.iie
167
79
:
;
o
I.s
Oil; Sale
03^ Sale
SU-. S3I:
^2^ Sale
of)
971,
91
05
74
70
Sale
Sale
99 's
•)
Gt
Sale
Sale
Sale
Sale
Oil- Sale
OO's Sale
J
Switzerland (Ckjn of) s f 8s 1940
Tok.\o City .S.j loan of 1912
l^' 5
of
90
00
95
'.•91-.
—
5-year 5
42
67
96.',s
stamp"
"0<>rm;in
1934 '^t
15-vr 6.s
MaiN'.nlUt, (C;'.y of) 15-vr r).s.l934 ^t
Me-xico Kxtcr loan £ Ss of 1S99J<J
Coia debt 4j of 1904 .. 1954 J
N'om-ay e.xiornaJ s f Ks
1940 •
Parii (City of) 5-yca: (i.s
1921! A
U K
•10':;
08
I'renoh Republic 26-yi- txt 8s 194,";
Italy (KlusUom of) Ser A 6,HH.'2ft F
Japanese CK)vt— £ loan 4)^8 1925 F
1925'J
Second seriKj 4Ks
(to
411;
401-1
'•53
64
M
Si er ling lo;wi
S4I3
74
.
Lyons (City
70
•79
.si
'
71i|
•
Con Adin 5'5H F
Dominion of Canada iz Tts
1921 A
...1926'
do
do
do
do
..1931 A
2-yr S^-j.^ KOld notes AuR-192l|F
lO-year 5 'is.
..1929 F
U
Dt)mlnii'ati
Sale
07 Sale
901- Sale
Sale
•.»9!>s
95 Sale
781- S0>'
7i:<,
.Sk
Canadian N'orth deb s f 7s.. 1 940 J
(;ar Clinch & Ohio Ist 30-yr 5b. 3S J
M
W
Foreign Gover.nment.
Artteutlne Internal
Ueliilum 2.'"> yr e\l s
r
11
6:57
income ana aeJauuM OoiuLs.
BOND.S
Week eadlns Feb.
92.00 16511 90.80 93..M)
I4| 85.24 HS.W
87.30
87.4i» 372 is.>.4U .SS.i.O
>,»9.50'
11 97.26 00 ,V)
21 Sale 91.21
87.30 Sale 8U.90
•Jl
MN
MH
Third Liberty l>o»n
4 H % of 1»2«
Fourth Liberty loan
414%
D
D
U
D
— nccpi jw
.Uk Loir
Btd
3U%
iruerefi"
STOCK K.YCIIANGE
V.
1
{
•Hret Libertj- Ix)au
of 1932 194'^
Conv 4'-:, of l!);i2 1947
Conv 4^-% of V.ri> H>47
•id conv 4Vi% of 1832 1947...
-aiut
art >wic
N
Slnci'
Jan.
Record, Friday, Weekly and Yearly
aiuS prut.
Range
PrU-e
yridau
Feb. 11
Weeii ending Feb. 11
U. S.
BOND
York Stock Exchange
[\!ew
Ian
Sale
;
,
22
81
sm
73
8II4
73I4
92
Dec'20
67'r
70
I
.
'
8
18
I
I
7934 "84
75172
.
58
oDue Oct. pDue Nov. qDnt Dec. sOptlon
597g
sale.
70
—
2
....
638
BONDS
W<M)k
N Y
&
&
ea
as
"^^
WpHtern
&
\V
11
fell.
RU 3Hs: :000
I
J23 K
r.s
lirovc 48
lat rcr ku k 3H«
!»2:i
I III
D
A
MN
000 !
*
/jfifil
A .u
70^8 S.iiu
05i«
92
A
lUiilBon
Jsl lien equip t; 4>is
iBt & ret 4b
922 J J
943 M .V
30-ycar conv 5s
1 0-yoar soeurcil 78
»30 J
103Ti
1041.1
A
72-1,
"
'J35
A
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Reiiss
SuxiilJJKU let 7s
All)
&
« 16
'J21
—
Den &
11 Or
lai cons g 48.. i)36
Cousol Bold 4^8..
936
Iniprovcuient Kold 5a
928
.955
iBl & rcfuuUlnK Ss
Trust Co ctTilIa of depoal
Rio Gr June Isl gu 58
939
940
Rio Gr Sou iBt gold 48
Guiiritm<,.etl
940
Rio C;r West 1st i;old 4s-.. 930
Mlj;e. ii coll irasl 4s A.. 949
Del & Mack Isl Hen B 48.. 995
995
Gold 48
—
A O
m
N
3rd ext gold 4H8
4th ext gold 58
5th ext gold 48
N YLE& W
l8t g fd 7b. .
Erie Ist cons g 4b prior
Registered
let consol gen Hen g 4s.
Registered
Penn coll trust gold 4s..
50-ye;ir oouv 4s Ser A
J
J
J
r
J
J
A
,^
mN
M S
mN
M
923
920 A
928 J
920
63
50
55
48
1
J
951 F
A
RR
:937j J
:937 F A
NJ
Wilk &
Ev & Ind
940 a
942 J
926 J
ist ext Ss
East 1st gu g 5s
gu g 6s
IsiconsCs
Isl cons
Evans&TH
1st general gold 5s
Mt Vernon 1st gold 6s
Sull
Co Branch
1st
g 5s
E Coast 1st 4H3
U D Co 1st g 4KB...
Ft Worth & Rio Gr Ist g 4s.
Galv Hous & Hend 1st 5s
Florida
Fort St
Grand Trunk of Can deb 7s.
Great Nor C B & Q toll 4s. .
A
N
O
D
.959 J
941 J
.928 J
.933 a
D
M
961 J
961 J
.933 J
1933 J
.933 J
933 J
.933 J
1937 J
937 J
940 J
948 a
922 J
937 J
937 J
.937 J
J
J
J
J
938 J D
^
Green Bay &
Deb ctfs "A" -- Feb
Debenture ctfs "B"
Feb
Gul & S I 1st ref & t g 5s..6 952 J J
Hocking Val 1st cons g 4Ks.. 999 J J
W
999 J
Registered
& H V 1st ext g 4s
Col&ToI 1st ext 4s
Houston Bell & Term 1st
Col
.948
3Hs
Registered
Extended
1st gold
3Ks
Registered
1st gold 38 sterling
Collateral trust gold 4s
,..
Purchased lines 3Hs
L N O & Texas gold 4s
Gold 3KS
Springf Div 1st g 3'As
Wester Lines lstg4s
Registered
Bellev & Car 1st 6s
Carb & Shaw 1st gold 48
Chic St L &
O gold 5S--Registered
Gold S'As
Joint 1st ref 5s Series A.
Memph Div 1st g 4s
Registered
St Louis Sou 1st gu g 4s
Ind 111 & Iowa 1st g 4s
Int & Great Nor 1st g ext 7s..
James Frank & Clear 1st 4s-.
Kansas City Sou 1st gold 3s.
Registered
N
&
Impt 5s
1
A
951
951
A
Apr
No
10
7634
"84"" I0r)7g
Jan'17
77
Sale
J
1950 J
:951 J
953 J
-
76I4
Fell 21
92
Aug' 10
Dec'20
6 51
62I4
101 ij
9712
Sale
90
95
I
90
69I4 70
Feb'2l
738 Sale
734
71 >
---I 6934 Jan'21
74I2 75
7412
7434
73I2 June' 18
6768
73I2 Oct' 18
80
Sale
69
84
Nov'20
83I2
Dec'20
Sept' 17
71
Jan'21
84
7034
Nov'15
Dec'20
80
July'09
72
721
76
70
7458
68
9OI2 Sale
7314
68
7II2
8058
7II2
D
D
MS
J
l922 M N
D
A O
959 J
1950
price Friday; latest bid
.
70
89
85
71
71 14
"
'75"
'
"sii'i
"75'"
----
90
90
65
8
71s
--'I
3
:
..
Nov' 10
May'lO
73
Mar'19
.
Sale
8934
74
92
76
5434 Sale
7412 Sale
7214 Sale
80
82
65
50
82
651s
and asked
...
86
80
65
65
84I4
78
this
week,
a
7134
723;
10
94I4
PO
70
8
fi034
69
76
70
84
71
71
74 12
6934
68I2
74
77I2
603,1
72I2
8958
73I4
92I2
6412
68
7II2
70
89
80
99
91I4
84I4
6618
&
&
73I4
711"
77
87
791s
67I4
87
'70'l2
88^8
Cent &
Mortgage 3Hs
New York
54
23
11
I
73
751s
7OI2
74
82
79
65
65
8414
8414
Sept' 19
6
Due Feb.
Due
June,
h
Due
July,
I
65
O6I2
60
63lt
69*4
91
''of
MSg
"91"
22
80»4
8418
10
78
90
78
- - -
92
15 102I2 IO4I2
...
88
87
... 99
1011.
,
'86'l2
67
8
99I4
7
52
55
2
6912
7312
--|
"'
8OI4
Jan'2I
--
70
95
90
Feb'05
94I4
8212
663
lOOU
2
1
99
'99"
71*4
JaD'21
May' 16
99
Jan'21
Jan'21
67
91
71
Sept'20
"72"'
'ii'
87
87I4
8OI4
71'4
3
SOI4
66ig
--
'90'
90
'99'
-91
99
i
94U
- -
S'.l'
82I2
6
6534
68
401"
1
6718
72I2
45
42
45
40
90
Mar'20
71
Fc!)'21
45
4012
Fel)'21
40I2
4012
7OI4
7978
90
82
Jan'21
85
Dec'20
88^4
88'4
Dec' 16
95
58
37
36
30
31
2612
2612 Dec'20
47
40
59 14
48
66
50
*
S
68
'32'
50
7918
80
Sale
9178
Sale
'69I2
6518
91
617g
58
36
36
25
15
---
42
40
5012
54
305s
33
—
Jan'21
Jan'21
SO
90
5II2
86
Feb'21
90%,
86
55
30
55
54
31
33
"
'4'o"
Dec'20
42
Dec'20
'55"
69
Feb'2
6278 Oct'20
Jan'2I
30
"id'
37
Oct'20 nil'
-— "
79
12
7
8'>3s
'i6'
57
—
09
30
80
92I2
87
56l2
'7"2"ls
"72"l8
78I4
78I4
S3l2
9OI2
July'l4 "'"6
7338 102
71I2 70'4
711?!
"7"o"u
8078 Oct' 17,
f8
1
6834
6858
07
7II2
53 12
I
I
58
Oct' 18
Jan'21
June' 19
78I4 Jan'2I
721s
68
79I2
Sale
Aug'20
88
87
61
—
—
i|
,
15
'
90
92
64
87
9
90
62
71
281?
92l9
99I4
Sale
3512
24I2
7034
6558
78
7478
94I2
99
24
17
34I2
27
70
6534
Sept'20
99
I
2
94
g9u
De-- '20
Feb'21
58
Dec'20
Jan'21
78
2 731"'
76
Feb'21'
94
Jan'21 .-— 98
25
7 23
Dec'20
Dec'20
27
27
Feb'21
70
66
6 134
Feb'21
90
73 57I2
64
190 S9!»
91
10 14' 77 101
72I2
9 67
I
62
85
76
94I2
li
'
I
i
I
99
25
33
70
6718"
I
95
6038
89I4
3984 90
101 14 Sale lOI
7012 7212 701;
78l2
7812 Sale
—
1997;J
84i2
90
7112
851$
53I0
94
63
781-.
42
44
6 '8834 9018
I
X'
A.
48
---
Jan'21
54
Jan'21
Jan'21
Jan'21
33
51 12
51
44
40
70
40
88
50
II
44
3
14
37
59
37
41
54
54
--40
--2
Fe'i'21
39
36I4
D
Mar' 10
Nov' 10
July'20
52
1 1
A
77
75
99
95
40I2
5478
J
20131-^
n Due
I
22
54
20
1930iM
1998 F
River
83
78
Jan'21
104
Jan'21
87I4
9934
Sale
Sale
3618 3812
Safe"
7934
10
68
26
,
95
64
9258
IO3I2
7212
761s
81
67
|
67
Sept.
Sale
6738
1997'
Registered
1934 IW
Debenture gold 4s
1934 WI
Registered
1942 J
30-year deb 4s
199S'F
Lake Shore coll g 3Ms
1998 F
Registered
F
gold
3Ms..l998
Mich Cent coll
1998 F
Registered
Battle Cr & Stur 1st gu 3S-I989 J
Beech Creek 1st gu g 4s... 1936 J
1936 J
Registered
1936 J
2d guar gold 5s
1 936 J
Registered
Beech Cr Ext Ist g 3H3.6195I A
1981 J
Cart & Ad Ist gu g 4s
Goub & Oswe 1st gu g 5s.. 1942 J
Ka A & G R 1st gu g 5s. .1938 J
Aug' 19
Jan'21
Hud
'.'.'.
Jan'21
9778
59
37
N
Consol 4s Series A
Ref & Impt 4}4s "A"
76
6. O312
«
I
84
94
NO& N'Elst ref & impt 4><isA '52!-1953 J
New Orleans Term Ist 4s
1925 J
N OTexA Mexico 1st 6s
1935 A
Non-cum income 5s A
Rl
6s-..I935
conv
deb
Y
Cent
RR
N
86
73
76I4
9018
75I2
5612
73I2
8818
75I2
59
87
64
Jan'21
Aug'20
104
72
75
90
6910
40'8 4I14
7978 Sale
9038
refunding 5s Ser B-Q1923
Al
refunding 5s Ser C..1926
S| "5l'78
1975
General 4s
N
Missouri Pac 40 year 4s
1945
72U
S
1938
3d 7s extended at 4%
N
60
Cent Br
1948
1st g 4s
D 79
Pac R of Mo Ist ext g 4s- . . 1938
A 7812
1938
2d extended gold 5s
J
87
St L Ir
& S gen con g 5s. 1931
O *72
Gen con stamp gu g 5S--I93I
O 701'
1929
Unified & ref gold 4s
J
1929
Registered
6734
J
Riv& G Div 1st g 4s
1933
801?
Verdi V I &
1926
1st g 5s
S
9812
1927
Mob & Ohio new gold 63
D 87
hl927
1st ext gold 6s
J
58
1938
General gold 43
S
1947
Montgomery Div Ist g 5s.
A 7612
1927
St Louis Div 58
D 7534
1931
St L & Cairo guar g 4s
92 14
Nashv Chatt & St List 5s.--1928'J J
fi
1923
O
99
Jasper Branch 1st g 6s
Nat Rys of Mex pr lien 4}4s-1957 J J
I977|J J S27
Guaranteed general 4s
25I2
Nat of Mex prior lien 4>^s-..1926 J J
1951|A o
Ist consol 4s
coll tr 7s
74
91
Nov'20
Fe ." I
Feb'20
71U Dec'20
f9l2
40
41
40
69
Mo K & E Ist gu g5s... .1942 A O
M K & Okla 1st guar 58.. .1942 M N
M K & T of T 1st gu g 58__1942 S
1st
Ist
91
100
95
90
M
M
71li
1
101
30
93
..
Sher Sh & So Ist gu g 5s.., 1942 J
Texas & Okla 1st cu g 5S-.1943
Missouri Pacific (reori Co)
1st & refunding 5s Ser A.. 1965
ivl
31
MN
10-year
Jan'21
Jan.
87I4
8II4
93>»
91
0634
:
97
70
99U
1
100
lOO's IOOI4 100 8
52I2 53S8 5278
5312
69l2 Sale
6912
70
95I2 Nov' 19
885g
1951 IW
.
88
lOOij
92l8
M
M
103"
6934
71
36,
Feb'21
Due
103»4
Mo
Oct'09
74I2
72I4
92
105
W
Jan'21
Oct'20
65I2 July' 18
85
85
Jan'21
73
Nov' 17
65
78
90
M
87
88
77I2 Aug' 19
75I4
75U
8934 Feb' 21
75I2 Jan'21
5438
55
8 h
7S
90
UP
71I2
92
84
Til
'9'o'l2
Dec'20
Nov' 16
II712
73I4 -.
75I4 77I4
950 A
950 J
.960 J
.937 J
'81
Dec'20,
90'4
91
73I4 Jan'21
Dec'20,
58
Feb 21
68
102 June'16
5812 Dec'20
5812 Sept'20
69
951 J
951 J
931
950 J
"8'7"l2
'9"2"
68
68
D
S'^i..
Dec'
•
8178
M St P &S S M con g 48 int gu'38 J
M
Nov'20
7812
Des M & Ft D Ist gu 4s.. .1935 J
Iowa Central 1st gold 5s.. 1938 J
62ii
87
86
J
4 _
1941
S S
Ist g 4s Int gu'26 J
Mississippi Central 1st 5S-.-1949 I,
Kan & Tex— 1st gold 4s. -1990 J
2d gold 4s
ffl990 F
Trust Co ctfs of deposit.
1st ext gold 58..
1944
iBt & refunding 43
...2004
Trust Co certfs of deposit
1936 J
Gen sinking fund 4^8
Trust Co certfs of deposit
St Louis Div 1st ref 4s
2001 A
5% secured notes "ext" 1916
1940
Dall & Waco Ist gu g 58.
Kan City & Pac Ist g 4s. .1990
--I
I
Feb'21
Jan' II
J
M
s
Jan'21
68
95
J
72
9512
9312
1
•62
J
87'.s
...
Dec'20
99l2
91
m
M
M
1938
82
64
M
T -rm
M&A
62 12
6838
65
M
M
<
70
92
s
9
7
.
s
103
:^
91
90>g June' 19
N
MN
MN
76
78U 83
Oct '06
J
>•!
1
llith
C8»4
JaD'21 ....
8 '«
8OI2
75I2
s
M
Refunding gold 4s.
May'20
o
Q
"76"i4
79
76
v
u
MN
1931
Jaii'2l
9914
66I2
721,
J
1931
91
IVI
M
M
Since
Jan'2i
68
St Louis 1st 78
1927 J
Pacific Ext Jet g 6s
1921 A
1934
1st consol gold 5s
1949 IVI
1st & refunding gold 4s
Ref& ext 50-JT 5s Ser A... 1962
94
IOII2 102
76
Jan'21
7514
6934
70I2
71I4 Sale
6118
7l"l'2
S
S
IH
Rante
Jan.
Low
Jltgh
71
71
78I4
82
«2is Nov'20
Mar' 1
113
9812
9812
93*
935a
Oct' 13
105
91
67
M
9538 Sept'12
J
J
53
8'3-
Jan'2I
92
.951J
D
D
D
52
May'06
21
Jan'21
73
91ig
67i2
6618
—
Minn
Feb'20
J
J
IW
Stamped guaranteed
1977 M
Midland Term Ist s f g 5s. .1925 J
75
60
64
75
82
50
8II2
62I4
10
Mar'20
I36I4
94I4
911a
91I2
6OI4
40 101
10?3s
460 9578 PO
3 CIrilj 07
48 80
8212
2
Fe'>'21
9958
102
D
H
D
M 8
J D
MN
1930
1st cons 5s
81'4
103
1
'7"6"
50
8'll2
May' 16 '"2
Sppt'19
7312
J
1st
Bd'.'e Ist s f
1« Ch
I
J
«5
1^
...
'.'.'.'.
9012
Atl 1st gu g6s...l921 F
1936 V
S &
Ala cons Bu g 5s
A
1 963
Con cons gu 50->t 5s
La & Jef Bdge Co eii 2 4s
1945
Mitnlla
1936 «
Sou lines 4s
Mex Internal 1st cons g 4s
1977
1
'
80
83
75
97
1
J
Pensac&
8112
'75"
81-Ji'
120'2
8II4
8II2 ...
Q
Q
"76'
N& CBdKegcngu4Hs...I945 J
88
'
i
89Ss Feb
5434
59I8
J
J
i
—
96 June'16
83I4 Jan-21
Jan'21
102
Sept'20
n9
84
64
w
2
97->8
8OI2
5812
F
62I4
lOL X
S
s
Knox & vor
L& N& M
3978
457s
8II2
1
97.
.921 F
.951 F
1951 J
1951
.951
1951
1923
.932
1951
1951
.951
.963
4
52
Jan'17
8912 Jan'21
Sept'20
67
Nov" 11
108
95 June' 12
76I4
5812
1,
Nov'19
98i2 99
9359 Bale
N
Jan'21
8II2
72
52
°i
M
M
RR—
r,0
50
A
M
,
MN
M
N
1934
8412
"76"
Dec'06
50
IOOI4
Sale"
8
89
72
40
--I
Fe>'21
Jan'18
85
60
.
i''
Jan' 18
103
76
8338
IOII2
M
m
42
727s
1
"70"i4
.953
.953
5
8419 Jan'21 ----!
821 > Dec'20
IO8I2 Sept' 19
97
1941 J
2d gold 5s
North Ohio 1st guar g 58.. .945 A
Leh Va! N Y 1st gu g 4Ks. . ,940 J
Registered
1940 J
*
H
73
952 J
Registered
15-year secured 5 Ms
Cairo Bridge gold 4s
Litch ield Dlv 1st gold 3s..
Loulsv Div & Term g 3Ks
Middle Div reg 5s
Omaha Dlv 1st gold 3s
St Lotus Div & Term g 3s..
Ref
.951
1952
1952
1955
Registered
1st refimding 4s
Kansas City Term 1st 4s
Lake Erie & West Ist g 5s
A
951 J
951 J
.951 J
1951 J
Central 1st gold 4s
Registered
Illinois
1st gold
J
A O
955 F
5s. 937 J
June'16
7.->
A
J 'jl
J J
J J
g 58. ..1946 I
Hender
g 68. .1931
Kentucky Central gold 4s .!9S7
Lex & East 1st 50-jT 5s gu .1965
&
Ist g 4^8. 1945 .M
L & N South
Joint 48... 1952 I
A 1 952 Q
Registered
N Fla& S !8tgug5s
1937
.\tl
'4"l""
791'>
•
75
99
'45'"
'92
Si's
St Louis Dlv 1st gold 63. ...1921
1980
2d gold 3b
All Knox V A Cln Dlv 48... 1955
5512
I
11
9712 "
Sale
J
53
A 01
70»4
/8l4 Sale
1930 J
1930 J
Dlv 4s... 1946 F
& Mem
;
Aik Loin
0914
1
Paducah
7Sn
80
7618
O
8758
87''8
5
53
53
7134
7734
Wedc-t
Range or
Loii Sate
M X|
MN
M
NY
76
39
42
J
D
D
66
64
NO& M
2
38
lOiisSale
J
J
J
J
J
8
Collateral trust gold 58
10 year secured 78
L Cln & l^\ gold 4Hi8
Ist gold 68
2d gold 6b
23l'>
81
47^8
28
6118
62I4 Sale
J
«2
2
72
4
40
Sale
Sale
Sjle
65
940 A
73
72I2
363;
371s
521s
7058
40
73
Oct'20
73I2
37I2
7OI4
O
O
O
71
46=4
24
41
,)
1921 J
^
h 1921 Q-J
Registered
lst& ref 4 ^4 s Series A
Registered
& Man 4s
St Paul
1st consol g 6s
Registered
Reduced to gold 4}^8
Registered
Mont ext 1st gold 4s
Registered
Pacific ext guar 48 £
E Minn Nor Div 1st g 4s..
Minn Union 1st g 68
Mont C 1st gu g 6s
Registered
1st guar gold 58
Will & S F 1st gold 5s. .
Oct'20
Der'20
Jan'20
75
70I2
942 a
923 A
930 a
4258
30
53
76
94
'•.7I4
1
92
99
80
Sale
80
J
6
Jan'21
73
921 J
14
78,
FrUlav
Feb. 11
Hid
LehiKh Val (Pa) cons e 48... 2003
General coriB 4 Hs
2003
I,cli V Term Ry Ist KU K68... 1941
HeglHiercd
r. .1941
I-oh Val RR lO-yr coll 0H..nl928
Leh Val Coal (Ut Ist gu g 58. .1933
Reglatcred
1 933
Ist Int reduced U> 4s
1933
IX!h & N Y iHt guar g 48
1945
R(!gl«tcr<«l
1945
lyong Isld lat cons gold 58../il931
lat consol gold 4s
A1931
General gold 48
1938
Ferry gold 4}i8
1922
Gold 48
1932
Unified gold 4b
1949
Debenture gold Ss
...1934
20-year p ni deb 5b
1 937
Gu!u- refunding gold 4b
1949
1 949
Registered
N Y B & B l8t rxm g 58. 1935
927
& R B Ist Kiild 58
Nor Sh B Isi con g gu 5B.al932
Louisiana & Ark lat g 58
1927
Louisville & Nashv gen 6s... 1 930
Gold 58
1937
1940
Unified gold 43
1 940
Registered
9II2 Sept'20
93 Jiine'20
9434 Nov' 15
98'2 Aug' 19
72I2
60
36
50
78
66
Dec'20
5812
MN
J
MN
General gold 5s
1940 F
Terminal 1st gold 56.. 943 IV!
63I2
511^
Dc'-'
81
6318
6612
58
Foir21
73
Apr' II
Dec'20
'1
96I2
I
68'«
41
De(^'20
95
95
12 SO'-s 84
12 10218 )0I'2
2 71
73
Dec'20
64
69
Ma'08
417s Sale
O
8
7678
6918
63%
79I4
D3I2
87Sr
IO5I2
87
7734
8634
707g
9i
9612
77
Nf>v'20
7734 Jan'21
'77'34
83 >8
953s
Midof
82
63
1
82
513s
M
.996 J
996 J
996 J
996 J
consol g 6s
.935 A
Coal &
let cur gu 63... 922
Dock & Impt 1st ext 5s
943 J
& Green LgugSs
1946
1st ref 5s...
62
63
.6
92I2
Long Dock
4Hs
Sale
5112
9612
73
OII4
2978
40
iWt
PrUe
let). II
Hloh
LO'n
20'..
IOII2
73
8
10
J
N"
Feb'08
811"
101
73
12
.')
J
J
Nov
9612
78l2
79
81
39
39
41
79
74
82
2d gold
9078
81
953 A O
do Series B
953 A O
—. - ^
Gen conv 4s Series D
953
A O
Chic & Erie Ist gold 6s
982 ivi N
Cleve & Mahon Vail r 5s.. 938 J J
Erie & Jersey 1st s f 6s
.955 J
J
.957 J
Genessee River 1st s f 63
J
NY
N Y SusQ & W
95
9934 164"
100
03ij Sale
6314
67I2
6712 69
73I2 6H
68
4378 Sale
43
42I2
44
42
Det RIv Tun Ter Tun 4H8.. 961 M N
941 J J
Dul MlBsabc & Nor nen 58
937 A O
Dul & Iron Il:inKe 1st Ss
937 A C
RcKisteriMl
937 J J
Dul Sou Shore & All g 5s
Elgin Jollet & li:a£l Ist g 5s.. .941
Erie 1st consol Kold 7b
1920
'947
Y & Krie 1st ext g 48
J/ioh
70'8
95
5|
EXCHANGE
Wo'k ending
1
2
91
Page 2
BONDS
N. Y. STfK'K
Since
Jan.
J
J.
.
Ranee
1^
sale
L<r70^8
91
10218
961]
7Sl2
'^5
Wcek'i
Kanuc or
Price
FrUlau
Bid
iHt
l-'Mtcx
&
Warren
Delawiire
:
i;xcuANGE
oiiUliiK Kel>. 11
l-ucli
'I'orin
—
"
New York BOND Record- Continued-
y. sTfx;K
Del Lack
Murrls
621
9
7818 Sale
67
67I2
32
7412
695s
6712
8OI2
51
72I2
59I2
76l8
6412
11
59
68
11 60
62
Jan'21
78
'
7912
671''
66I2 June'20
75
75
63I2 Sale
6II2 64
6212 6312
62io
52I2
6338
62
46
7558
76I4
Due
63i«
May'20
6338
62
Feb'20
Dec'20
81
8884
9534 Nov' 16
104 May'16
..-
62
49
56
76
76
*80
4
Feb'21
73
Oct.
s
I
Jtine'20
Option
alae.
New York BOND Record—Continued— Page
N. V.
BONDS
STOCK KXCIIANCJE
Week
Fob.
ondiiii;
H
1997 J D
1997 J D
1928 \I S
3H8
Mob & Mai
Mabou
C'l
l8t fOl g 48
l8t 6fl
RR
Michigan Ontral 58.
Ask
6713
68
70
66 14
66 14
84
Sale
83
8414
8".
1
S
721s
09
J
88U
HSH
93>4
9912
M
M
gu g 48-1949 J J
8t I.awT <& Adlr Ist g 63...1996 J J
2d gold 6s
1996.^ O
Utlca A Blk Rlv gu g 43 . . 1922 J J
85
79I2
Nov' 17
7212 Hale
721"
8912
OOlo
73
Feb" 10
Doc"20
I
94
69
Nov"20
May"I5,
00
50
55
101
.103
98
130i,s
J
J
91
73
74
NYC
J
•'
70'4
72";
72
1934
Ist 4g8aiar
2361
Registered
2301
LlUL>6 eq tr 58. . . 1920-22
Equip trust 4 Ha... 1920-1925
Y Connect Ist gu 4Hs A.. 1953
N
NYNH&
Hartford—
Non-conv deben 48
Non-conv del)Cn 3H3
Non<!onv dcbon 3^3
Non-conv deben 48
Non-conv deben 48
Conv debenture 3^8
Conv debenture 68..
Cons Ry non-c-onv 4s
Non-conv deben 43
Non-conv deben 4b
Harlem R-Pl C'h.?s Ist 49
B& N Y Air
>t
N
J
J
F A
M
M
1947
S
1947
1954 A O
1955 J •
19.'V4
F
A
J
J
J
J
M
M
Registered S5.000 onIy...!;I9i2
.1955 J
* ref A 53. .1961 F
Norfolk & Sou 1st gold 53
1941 IVI
Norf & West gen gold Os
1931 1^
Improvement & ext g 68. ..1934 F
New River 1st gold 63. .. .1932 A
Ry Ist cons g 4s... 1996 A
Registered
1996 ^
DlvM Ist lien & gen g 43.1944 J
1932,
10-25-year conv 48
1932|"*I
IO-20-year conv 4s
N& W
conv
lO-year conv 6s
43.<is.
..1938 M
192& M
Pocah C <t C joint 4s.. .1941
C C * T 1st gUiU- gold 5s.. 1922
V & N E Ist gu g 48.. 1989
Sclo
Northern Pacific prior Hen railway & land grant g 4s
1997
Registered
1997
General lien gold 33
a2047
Registered
a2047
Ref & imp4H3Ser A
2047
St Paul-Duluth Div g 4s 1906
St P & N P gen gold 6s
1923
Registered certificates 1923
St Paul A; Duhith 1st 5S...193I
1st consol gold 48..
1968
Wash Cent Ist gold 4s
194S
Nor Pac Term Co let g 6a... 1933
Oregon- Wash Ist* ref 4s
1961
Pacific Coast Co 1st g 5a
1946
Paducahct Ills Istsf 4H3.--1955
Pennsylvania RR 1st g 48.. .1923
Consol gold 43
1943
Consol gold 4s
1948
Consol 4)-48
I960
General 4H3
Il965
General
J
J
'52""
J
70
50
.V
O
S
6312 Sale
S,
D^
50
53
a!
102
101
101
A
O
o|
C
43.
S
U
'
'
77
Sale
55
Sale
93
69I2
74I2
68
73
K
K
K
LS
44
46
11
Oct'19
Fe'>2l|
7834
'93"l2
67
63
106
10
53
4912
45
6SI2
7278
52'
35lg
"53"
43
Nov"20
10- ?
78•.
Oct"20
7578
Jan"21
10'
78I4
9812
77
94
82
82I2
88I2
103
S
88"-
MN
I
99.
9812
64
64
Ot
67
55^8
5411
46
541"
54I4
77I2
5634
54I4
9858
99I2
75" Der'20
Oct'20
Jan'21
96 June"20
97
Feb' 191
761s Oct'19
3712 Dec' 10
IO6I2 Jan'21
99
"88
82
811.1
8II4
2
89!4
79^4
8838
10214
Fet)21
81
8914
103^8
90.%
99
781"
Dec'20
83
99
Feb'20.
Ma
8II2
7OI4
IOOI2
74I2
70 12
9358
81
81
7612
9358
88I4
78I4
8618
9212
825a
6158
J
J
J
A
o
73
80 '4
04 Ig
74
J
74
Sile
86 ii Hale
65I4 Sale
47»4 Hale
4712
481-/
134
184
971z
8818 '»d'
97 12
»7'2|
1
88
Jan"21l ...
65
67
77
96
Oct"2«
Jan'21
JaB'21
Oct
J
J
J
A
77I2
M N
90
A O
O5I2 Sale
M
O
N
J
J
J
D
J
D
J
J
A
I
J
M
85I4
10.51
100>4
13
9838
949 J
O
7234 Sale
68
Feb'20
8412 Dec'20
J
8834
o
A O
88
68
67 14
104
67I4
0818
6818
8OI4
67
75
80
J
J
07
85
82
Sept'20
93
Mar' 10
8OI2 Oct'20
80
82
S
09
881s Sept'17
84
96I4
90I4
9OI3
851, 87
85I4 S.iie
85
7'il"
Apr'20
85 14
Jau'21
85I4
8412
8-I4
80
72I1
82I4
81 14
80
80
82
7618 June'20
May'20
Apr'20
Jan"21
84
9518
90og
80
78
Jan.
85
8558
85I4
Dec'20
Oct'20
79
84
Oct'20
11
80
80
81%
87'
Due
Feb.
Due
June,
ft
Due
85
70
W
71
89
76
97
90
9.''i
W
July,
it
Due
.\ug.
o
Due
34I2
39
47
65
64
90
86>i
70
35I2
81*4
42
8»«4
67
78I4
'ii'
183
61
73
845,
64 14
6634
48
95 '2
87
5II4
97I2
88*4
77
95
63
77
96
>
•
J
-•
83
'87
O
>
N
81
7212
Jan'21
9534 Sept'28
9012 Feb 1
6878
8112
67I2
8912
8912
D
A O
J
i
J
J
J
J
90
89
80
Sale"
05
8518
A
S
76 12
100
J
D
7734
9834
.\
89
-I
»
-I
-I
a
15l8
151$
15
1
1
5934
86
82I4
7II4
82I4
88
9218
64
70
67
89
67I2
8912
8912
8OI2
9014
9612
99
98I4
98I4
90
89
90
6OI2
66
9612
89
85
85
«
831s
681-
72
5
77
8134
1
Jan'21
69
Dec'2«
Feb' 19
1
8518
3
90%
80
901"
53
75
761.
15l8
j
1
j
47
88
23
45
<-.
79
4612
15
1
Jan'21
Sept'28
Sale
81
83
83
Jan'21
78
S2I4
,'^a
83
7714
7714 70
Silo 100
101
77I4
s Jo
7734
9834
9834
104
9058
9012
651.
6912
j
41'
Nov'20
Dec'2G
9OI2
88
65I2
69
3
46
90
68
-i
90
"6l'l2
.
Jan'21
(;ct'20
63
75
95
76
De(:'20
8II2
451.
16
1
30
2
'*,
1
7978
8412
78
78
811.
76I4
8414
99
801.
IOII4
7612
9734
78
98»4
87% 92
7734
811.
89
91
7218
72I2
721.
89
73I2
73-2
Feb' 18
JaD'2I
72>2 Jan'21
23
23
34
83
72 ig
J
21
23
X
83
S Je
p
1
Ocl'20
Jan'21
Jan'21
72
Dec'20
85
1
7812
(
6-.
7934 Sale'
'
75
69
85
!•
52
8II2
90>2
9II2
Dec'29
Nov'04
84
30
8278
3
Jan'21
Jan'21 ::::'
88
70
09
81
88
8412
87I4
2
Jan'21
6514
IOOI2
89
J
»
J
...
De<'2a
8'
Dec'2C
35
71
O
D
84
88I2
,
.
98
July'2t
805s
65
77
44
99U
84
67
1
1
S9t2
7934
0iil2
801.
Sale
99I4
Nov'20
81
65'"
15is
D
70
85
75
46
I
SOU June'30
70
85
26
A O
.
Aug'19
8778 Nov'20
60
Feb'20
98
'90'
77
05
98I4
8858
65
88
76
65
J
85
27
Feb'21
Feb'21
Feb'21
May'20
V A
84
78
Mar"16
Jan'21
81
'"6
087s
8OI2
O
90
84
Dec'20
90
96 12
7178
90
78
90
98
85
67
7314
...
...
99
8334
76
75I4
6858
Jan"21
Jan"21
75I8
J
72 12
82I4
94
O
A
73
Feb 21
83
69
98I4
941;
70
80
'68 '58%
2 59
... 80
59
59
J
•
65
8II2
Apr'20
8058 Aug"20
85
July" 19
J
-I
10
9914
88
53
A
75
80
Mar'19
57'
65
85
43
55
66
Aug'20
Dec'2«
O
O
1
Jan'21
87
Oct"20
60
59
90
88
3912
39
79I8
9058 IOOI2
Jan'21
80
6II4
34
Nov' 1
71%
.
69
57
75 12
7
71
Oct' 18
7712
50
32
101
6
88
701;
70
5978
I
78
7OI2
58
66<4
"es'li
Oct'20
88"34
-S
67l«
8234
69
58
65
Oct "21
88
80
50
s
76
90
601"
52I2
47
65
Jan"21
71i8
6312
8934
111
40
260
63'"
May"20
Nov"20
77
69
62
69
'58'
I
4934
8912
'
"6
1
40
89
96
89"i2,
gi's
8312 '86
77I2
6234
627g
I
9Ii2
91
72I2
73
87I2 Sept' 16
87
31
I
54I2
3512
Nov'25
94
84
'47"
J
63
68
92
99I4
5912 Sale
57-4 5812
81
8378
69
7OI4
8212 86
8OI4 84
87I2 91
D
I
Jan'21
86
99I2
60
58
64
80
89
707g
7OI2
8234
05I4I
Dec" 16
85
85
9538
(16«4
101
81
841"
A O
Oct.
54
9914
50
72
Ham A
62 18
82I4
90
89
i
Jan' 13
100
90
95
84
8II4
8312
8734
65
58
7OI4
71
78
Sale
71
J
81
66
"i
23
29
63I2
6412
9812
7618
J
J
86
Jmi'21!
«73»
Jan'21
77
Sale
1931 •
Uttc"20
7734 Sale
91
Sale
7278 Sale
48
'
(7
-•
MN
May'20
ft
(?2000
8684
80
M
84l2
'so""
85l2
D
Buff 1st .g 4s. . .41946 '
Ulster A Del 1st cons g 5s
1028 i
l.sl refunding g 4s
1952 A
Union Pacific lst g 48
1947 J
Registered
1947 J
20-year conv 4s_
1927 J
1st A refunding 48
((2008
lO-ye.'ir perm secured 68.. 1928-'
Ore RR A Nav con g 4s... 1946 ••
Ore Short Line lst g 6s
1922 F
1st con.sol g 5s
1946 '
Guar refund 4s
1929'
Utah A Nor gold 5s
1926 J
1st extended 4s
1933 J
Vandalla cons g 4s Ser A... 1955 F
Consols 4s Scries B.
1957
Verz Cruz A P 1st gu 4lis..-1934
Virginian lst 5s series A
1926 M
Dcc'20
747s
Due
Tor
78
Mar
Coll trust 4s g Ser A
1917, F
Trust CO ctfs of deposit
07
Apr"20
May" 19
79
8412
67
i"2I
791.1
W
PAW
Feb' 12
Dec" 12
I
W
M
May' 18
D" '15
88
J
Min
AN
1st gu 5S- 1930
Tol A Ohio Cent Ist gu 5s. . . 1935
Western Div 1st g 58
1935
General gold 5s
1935
Kan A
1st gug4a
1990
2d 20-year 5s
1927
Tol
Lst gold 4s
1917
Tol St L A
pr lien g 3V.8_1925
50-year gold 4s
1950
80
'o'S'V
Sale
72
86I2 Sale
••
O
M
M
MN
IVI
M
Nov'20
77
95
80
811"
W
837g
47I2 Sale
5978 05
6O34
J
4-53... 1921
1926
1926
1936
77
68
70
5412 Sa
3tl8 Sale
30-8
987g
8958
D
s"lV
07
S9I4
W
8OI4
0234
81
1950 A
1994 J
1
60
J
J
J
i
1951 J
53.. 1943 J
Mid Ser
E 5s
F 5s
63"
64 12 Sale
J
J
81
De<"17
83
6512
824«
607g
59
6212
J
J
19.55-1
2nd gold income 5s
Lm Div B L 1st g 5s
Jan'21
Sa'e"
J
J
2003-1
1958 A
1924 F
Spokane Internat 1st g 5s
1955 J
Term Assn of St L 1st g 4 !^3. 1939 A
1st cons gold 58
1894-1944 F
Gen refund 8 f g 4s
1953 J
St L
Bridge Ter gu g 53. 1930 -V
Texas A Pac Ist gold 53
2000 •
99
76
67
55
J
J
General 58
Va A So'w'n 1st gu .5s
1st cons 50-year 5s...
OA
Ist cy gu 48
92
131 10234
08
S
S
S
Series
Series
'20
8378
-.
Dec'20
61
A Dan deb 58 slmpd.1927 A O
A Meek Ist g r,a
1948 M N
Virginia
84
867
99
Rich
Rich
Dec'20
07
73% Jan'20
77
Nov'19
81
71
a
51
05I
99
Oct'20
X
a-skcd.
12
1
9734
0918
"73"38
100
72
J
M
2
Jan'21
IW
\
64
M
Ala Gt Sou
5434
54I4
81
8t
8OI4
99
66
61lj Sale
St Louis div 1st g 4s
1st cons A
Atl ACharl A L 1st A4)^s.l944 J
1944'J
1st 30-year 5s Ser B
1948'J
Atl A Danv 1st g 4s
2d 43
.1948 J
Atl A Yad Ist g guar 4s.. .1949 A
E T Va A Ga Div g5s
1930 J
Cons 1st gold 5s
195HJM
E Tenn reorg Hen g 58
1938 VI
1946' A
Ga Midland 1st 3s..
Ga Pac Ry 1st g 6s
1922'-'
Knoxv A Ohio 1st g 63
19251'
Mob A Blr prior lien g 5s.. 1945! J
Mortgage gold 4s
1945 J
77
77
79
82
Sale
Sale
99'
63
_.1994J J
Registered .__
Develop A gen 4s Ser A... 1956 A O
Mob A Ohio coll tr g 4s_..1938 M S
Mem Div Ist g 4HS-5S
1996 J J
80
7534
S2I4
81
Sale
SB's Sale
A
D
O
O
S
7612
14
10
...
--.
J
.r
High
J
M
—
S\H
S.'U
6678
Feto'21
Jaii'2l
J
|
So Pac RR Ist ref 4s.
San Fran Terml Ist 4s
Southern 1st cons g 5s.
IO5I2
27
Jan'21
Feb'21
79
77
96
7734
Dec'20
J
J
7712
761"
7012
9358
;i
1
Jan"20
77
68
A
747g
75
96
29 102
1031"
78'i
71
A
10158 lOK's
7618 80
81
83
J
W
5478
NovM",
lor-s
7618
74
75^8
7Gl2
A
45I2
Oct'2«
85
HATC
05
10178 1045g
lOl's
67
D
D
O
16
"s
J
-'^'
60
l>.-.'2»
66
40
4«
J
1959 A O
1945 M S
coll). ..*1
8«k
»l>4
86I2
J
1
J an '93
84
J
4s.fl9.33
HUh
No. Low
97 >4
W
Feb" 18
74I2 Doc" 19
031"
O3I2
59
":ov"20
711"
N
J
J
tl949,l O
S
^1929
1934 J D
I'
A
Cent P.ac Ist ref gu g 4s. . . 1949
Registered
1949 F A
Mort, guar gold 3^s.._tl929 J O
Through St L 1st gu 48- . 1954 A O
P 1st 5s.. .1931 M N
2d etten 5s guar
.1931 J J
Gila V G & N Ist gu g 56. . 1924 M N
Hous E A
T 1st g 5s
1933 M N
Ist guar 5s red
1933 M N
1937J J
iRlgSsintgu
Gen gold 4s int guar ...1921'A O
>f
Waco A N Wdiv Ist g 63.. 1930
AA N
J
l.st gu g5s
1941 J
Louisiana West 1st 6s-._
1921 •! J
A
O
No of Cal gusir g 5s
1938
Ore A Cal Ist guar g 5s
1927iJ J
1937|-M '*
So Pac of Cal— Gu g 5s
So Pac Coast 1st gu 4s g... 1937 J J
Tex A N O con gold 5s
1943' J
Sept' 17
Til"
-•
J
Slrtce
Jan.
...
8.'
...
821" Sale
A ()
A O
01949 F A
Registered
20-year conv 4s
20-year conv 5s
Aug'13
4212
3714
19,50
Southern Pacific Co
Gold 4s (Cent Pac
69
81
66
O
J
Ist con g 48
1949
Fla Cent A Pen Ist ext 68. .1923
Ist land grant ext g 5s. .1930
Consol gold ,5s
1943
Ga A Ala Ry 1st con 5s... 01945
Ga Car A No Ist gu g 5s. . . 1929
Seaboard A Roan Ist 5s... 1926
July"14
7OI2
N'
M
Sa'e
6«i2
J
J
A
J
J
Caro Cent
45
50
4018
68I2
9S5s
98
91
W
loe
Range
SOU Sepl'2«
J
A O
M
M
Gold 4.i stamped
Adjustment 5s
Refunding 4s
83
9914 102
!•'
and
1011;
83
M
price l^lday; latest bid
93
42I2
Jan "21
9034 Dec" 19
8OI4
I
Xo
50
4«. 1937 J
1940
1943
1997
1997
A cons 68 Series A
All A BU-m 30-jT 1st g
G4U Nov"20
J
J 1^
M
50
Oct" 17
July'18
76
96
77*
M
W
70
77
t
1st
Feb "21
OS
C6"n
122
IO212 Sale
D 78i2 80
J'
9512
•
J
9734
77
QOig
\ O
1942 A O
Serii'.s C guar
1942 \I N
Series
43 guar
1945
N
Series K 3!^s guar gold.. 1949 F Al
Series F gusir 4s gold
1953
D
Series C 4s guiir
1957
N
Series I eons guar 4H8..1903
A
Crf;uera! 5s Serli!S
1970 J D
est
P 1st cons g 53.. .1932 A O
Phila Bait A
Ist g 4s
.1943
N
Li
80
S
J
F"
97 14
7812
42
|.
i03
Sale
75
B guar
D
S
75^8 Sa e
J
Q M
W V A O gu A'As A... 1931 J
Series
Sept"20
Jan"2I
Jan"21
Feb'21
87
83
41
1956
a
.
t"20,
103'
77
o
M
PCC AStLgu4HsA...1940
46
44
59
7m
-\'|
^-'j
C
1933
1942
Jan'21l
OS'-
B 4sHy Ist SO-yr
Sh A I, K 1st g 58
Ask Lita
.N'
GH ASA M&
s|
J;
M
B 4^3
40
70
45
45
&
Series
Series
Sale
45
J
D
F A
Q A
Q F
M
69
67i8
J|
J,
•
VI
'7412
I
N(
J
V
72'
O!
Int reduced to 3VJ3...1942
Series
N
3)^3
1948
Series
S'Aa
1950 F A
Erie
Pitts ,gu g Zy^a B...1940 J
J
Series
1940 ; J
Gr
I ex Ist gu g 4^3.. 1941 ;
J
Ohio Connect Ist gu 43
S
1943
Pitts
Ash Ist cons 58 1927 .M IM
Tol
99I;
O7I2 June"20
783i Jan"21i
48
47
79
82
1011" Mav'15l
G2
41
J,
<i
Guar 3 K>s trust ctfs C
1942
Guar 3M8 trast ctfs D
1944 J
Guar 15-25-ypar gold 4s ..1931 \
40-year guar 43 ctfs Ser E..1952 •A
CIn Leb & Nor gu 4s g... 1042
R&
Y&
I
53
N
F
DRRR4
D
70
66
67
A
Q J
Q J
Q F
1968
10-year seciu-ed 7s
1930
15-year secured OXs..
1036
Allec Val gen guar g 48
li»42
B'ge l3t gu 4sg.l936
Pennsylv Co gii l3t g 4^3... 1921
Registered
..1921
Guar 3'As coll truat reg A. 1937
Guar Si-Js ooll trust Ser B.I941
C
s S.ile
10
Jan"2ll
Feb" 19
50
00
49
MN
Ss
CIA Mar 1st gug4Ks
103
C1& Pgen gu4MsSer A..1942
Series B
1942
66
MX
M
M
47
47
47
42
s
441.
J
General43..
Norfolk Sou 1st
I0-25-ye:u-
43
45
NY
(;1992
SO
40
RR
W
N YO& Wref lstg4e
46
'
J
J
Line I8t43...1fi55 1"
Cent New Kng l3t gu 48...1961 J
Housatonic Ry oonfl g 58.. 1937 >t
Naucatuck
Ist 4s
1954 M
Y Prov & »o.ston 43
1942 A
WchesAH IstSerI4Ms'46 J
Boston TeJ-ralnal Ist 43
1939 A
New England cons 5s
1945 J
Consol 4s
1945 J
Pro\1dence Secur deb 48... 1957
Pro\idence Term Ist 43... 1956
& Con East l8t4H3
1943 J
N
79"
X
19,50 'W
1956
1948
1930
1955
1956
i->
94«4
77I2
11
9734I
Nov" 10
Jan'2r
93
82
7634
79I8
U
Feb
!•
M
gold 5s
Reading c;o gen gold 48
Registered
Jersey CcntriU coll g 4s
1951
Atlantic City gu:u- 48 g
1951
St Jos A (;ran(l Isl 1st g 4k... 1947
St Louis A San I'^an (reorg Co)
Prior lien Si-r A 48
1950
Prior lien S<"r B 58
1950
Prior lien Ser C 6s
1928
Cum ad)u.st Ser A Os
/iI955
Income S<'rle« A Os
./jl960
St Louis A San Fran gen 6s. . 1931
General gold 58
1931
St L A S F URcon8g48..-1996
Southw Div 1st g 5s
1947
C Ft S A
cons g 08. . .1928
C Ft S A
Ry ref g 48. .1936
C A R A B l8t gu 5s. . 1929
St
Istg 4s bond ctfs... 1989
2d g 48 Income bond ctfs.pI989
Coasol gold 4b
1932
Ist terminal A unifying 53.1952
Gray's PI Ter 1st gu g 58.. 1947
S A A A Pass Ist gu g 4s
1943
Seaboard Air Line g 48
19.50
Nov"20
De<"20
1V> 211
Nov" 16
95
82
71
09
Jun'21|
97-ii
7Il->
66
Q
Peoria A I'eklu Uu iBt 6« g. - .1921
61921
2d gold 4Mis
Pore Maniuette Ist Ser A 58.1936
I
113
J
2d guaranteed 63
80
85
Ist consol
7034I
<v<-4
J
83
8012
Pitts
7'
79'2
J
Istgu 6s.. 1932 J
9
19
1st Series
7'i»i
West Shore
McK & Y
7II4
OOI4
Weet*
Hiin^e or
La-it Sale
—
Philippine
71
Oct "20
Jan"09
9514 June'20
71
74
Pitta
6712
ROI4
FTiee
FrtiUtv
Peunsylvanlu Co {Concl.)
Bid
Sodus Bay A Sou l8t gS8-.1924 J J
88
86I4
Sunbury A U-wis Ul g 48.. 1936 ( J
U N J RR A C:an gen 4«. . . 1944 M S 3e>2
/Huh
27
10
II
fa.
Woi»k ending Feb. 11
1
nec"20
7414 Sept'20
6618 Mar'20
'66
N. Y.
May"20
Sale
76
78
7912 Sale
55
50
7i
l.st
8312
84)2 Nov" 19
65
7Iis
08is
9734 Sale
69I2
.
83
76ig ..
70
70
92 '8
R W & O eon 1st e.xt Sa. .A1922 A O
Rutland l8t eon g 4 Hs
J
1941 J
Og* LChiinj lstgu48g.l94S J J
Low
AU8'17
»8l2 Nov" 18
82
Nov" 19
71
Debenture 48
1931|M N
N J June RR guar 1st 48... 1936 F A
N YiSc Harlem g 3 Hs. .2000 IWX
N Y A Northern Ist g 53. . 1923 A O
N ^ A- Pi iHi "oni gn g 48-1993 A O
Pine Cre«ik reg kuar 6s
1932 J D
Jan.
S-.1-!
BONDS
STOCK E.XC^HANGE
Range
SiiKe
67'
663«
M
M
I-
llloh
Lo'i'
J
M
Hut-Canada
hiul Sate
82l2
Registered
Q
43
1940 J J
Registered
1940 J
J
S IstgoWaXs
1951
S
l8t gold 3^8
\
...1952
20-yejir debeatora 4a
1929. .\ O
Y ClUe <k St LIM g 48. .1937 A O
Registered
1937| \ O
Li
N
11
MN
« N
1931
1931
1991
1934
1931
1931
Reinsured
Kunge or
Btl
R«gtslered
Debenture ^old 4s
25-year Kold 4s
Friday
AVii.
N Y Cent & H R RR (0»n)—
Luke Shore gold
Price
if
639
3
Due Nov.
f
Due Dso.
t
5
23
24'
83
Option
72%
23
84
sale.
—
640
EXCHANGE
ondliiK
^s
11
h'at).
Price
Week-t
^3
Ranee
Range or
/Mil Sate
P|
Since
Jan. 1
Feb. 11
m N
1939
gold 5a
181
_
.)»
F A
19S!)
OolK-nturt! 8orl88 B Us
1 9.10 j
18(. Men ccjulpH fd K 58
1"2I
iHt.llen 50 )T(! term4e _ .1964 j
Dot.
Ch Kxt. 1st. g 5h
194 1 Ij
J)cs Moines niv l8t K'l8...in;{9 J
M
&
Om
Dlv
n3H8
1st
1941
1941
Tol 4 Ch Dlv K 48
WaahT<>rrnl si ku 3Ms
let 40 yr KUiir 4h.
West Miiryliind Isl R 4a
West N Y & I*a 1st B 58
Hen KOld 4b
&
Impl. Kold 5s
4 J^-.s scries
iBt ooiiBOl 4s
i
O
N„v
1916 m s
1926 A O
1 928 j
j
1930 f A
19G6 \i s
1st ser A 68,.
Wheclliu;
L K l8t K ."is
Wheel Dl V Ist frold 58
RR
S
1937|j
Western Pac
RefundlnK
C)
ivi
1943 a
pl943
Inrorno Ss
&
A
A
M
1900
19-19
s
Winston Salem 8 B Isl 48...
j j
Wis Cent 50 \T 1st Ken 4s
19-lP j
j
Sup .fe Uul div & term 1st 4b '30 m X
8S34
7714
88«4 Sale
771.1 Sale
00
'97"
I
J
,1
1945 p \
1945 f A
1952|a {)
I
i:.\ten
J
S
Htoh
Ask
Bid
KOld
1
;
Fridmi
BONOS
We«k
2<I
11
88'8
Ma
68
80
AugM2
63
79I4
53 12 53 '8
887|
88
63 Is 65
20
HI Sale
90'
S>
75
48
5S
68
09
62
02
Hloh
00
80
58'!
"69^
691s Sale
tl2
«6l4
79I4
6«ii
Fob-21
Jftn'21
Fol>'21
.>3V,
.>6>
88
.Iin21
85'8
.S9 u
6OI4
.Tan'2ll
00
00
30
82
82
84
OcflT
OcflO
12
.Vdams Ex coll ir k 4(i
Maska Gold .VI deb 6« A
fJonv del) 6» Horlc»i B.
1948 IW
1925 M
..1920 W
Vrraour A Co Ist real est 4 lis 1939 J
.Vtlanllc Fruit conv deb 7b ,\. 193 4 J
Atlaiitl'; R<-fg Mi'b H^^n
I'lHl
Booth Fisheries deb s f fl«
1920 A
Hra<l«n Cop
coll tr s f 6s
1931 F
BiiBh Terminal Ist 4s
195:^ A
Consol 58
. .1955 J
Building .58 guar tax ex.. .1960 A
f "hlc C & Conn Rys b f 5s
.1927 A
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1950
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1950
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Stamped guar 48
1949
Nassau Klec giuir gold 4s.. 1951
Chicago Rys 1st 5s
1927
Conn Ry & List <fe ref g 4>i;s 1951
1951
Stamped guar 4Ws
Det Unitx5d Ist cons g 4^8.. 1932
Ft Smith Lt & Tr Ist g 5s. ..1036
Hud & Manhat 5s ser A
1957
Adjust Income 58
1957
& Jersey 1st 58
1932
Interboro Metrop coll 4!4s..l956
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Interboro Rap Tran 1st 5s.. 1966
Manhat Ry (N Y) cons g 48. .1990
Stamped tax exempt
19n0
Manila Elec Ry & Lt s f 5s--]953
Metropolitan Street Ry
Bway & 7th Av Ist c g 5s. .1943
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Lex Av & P F Ist gu g ,58.. 1993
Met
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1931
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1930
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1947
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1943
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1925
Elk Horn Coal conv 6s
1940
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1952
Indiana Steel 1st 5s
1926
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Lackawanna Steel 1st g 5s. .1923
A
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Pleasant Val Co.al Lst 8 f 5s. .1928
Pooah Con Colliers 1st s f 5S-1957
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1949
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1947,
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ConGCoolCh lstgug58.1936 J
Ind Nat Gas & Oil 30 yr 5s. 1936
Fuel Gas Ist gu g 5s..l947|M
Philadelphia Co conv g 5s_..1922,M
Stand Gas & El conv 8 16s... 1926 J
Syracuse Lighting 1st g 5s... 1951 J
Syracuse Light & Power 58.. 1954 J
Trenton G & El 1st g 5a
1*49 Nl
Union Elec Lt & P 1st g 5s. .1932
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United Fuel Gas 1st s f 6s... 1936 J
Utah Power & Lt Ist 58
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Utica Elec L & P 1st g 5s
1950 J
Utica Gas & Elec ref .5s
1957 J
Westchester Ltd gold 5s
1950 J
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1942
1952
Debenture 5s
20-year deb 6s
Feb 1940
SugiU'
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Feb'21
A
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Jan'21
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Sale
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5s
Ava Cot Oil del)enture .58
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30's
301s
79
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Pacific G & E Co
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s
1952 F A
1949 m N
Kan City (Mo) Gas 1st g 58.. 1922 A O
Kings Co El L & P g 58
1937 A O
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1997 a O
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1925 m S
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Lac Gas L of St L Ret & ext 5s "34 A O
Milwaukee Gas L 1st 4s
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1948 j D
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ref 6a
1939
1960
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July'19
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Columbia G & E 1st 5s
1927 j
1927 j
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Consol Gas 5 5t conv 7s
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Oct' 19
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Income 6s
1948
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United Rys St L 1st g 43
1934 j J
St Louii? Transit gu 5s
1924 A O
United RRs San Fr s f 4s
1927 A O
Union Tr fN Y) ctfs dep
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Va Ry Pow l,st & ref 5s
1934 ) j
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1951 I
Niagara Falls Power 1st 5.s .1932 i
Ref & gen 0^
..a 1932
Nlag Lock & O Pow l8f .58 . .1954
Nor States Power 25 .vr .5s A. 1941 A
Ontario Power N F 1st .5s ..1943 f
1945""
Ontario Tr.'insiil.s.slon .5s
Pub Scrv Corp of X J gen 5s. . 1959
St-inl.d 01 '.: '.il 7s
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60
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"ortland Gen Elec 1st 5s. .1935 j
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1960 i
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50
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47
42
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j
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Certificates of deposit
State Rys 1st cons 4^8.1962
Portland Ry 1st & ref 58
1930
04
80
24
j
j
j
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•.5%
41I2
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N Y Rys 1st R E &rel4s...l942
Certificates of deposit.
52
j
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30 year adj Inc 5s
60 's
Jan'21
45',s
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Sale
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411, Sale
mM
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28
30
291
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1941
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.
.
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.
Tab
.1941
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Oct '20
Mar- 17
69 Is
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1945 a
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Certificates of deposit
Certificates of deposit stmixl..;
A
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#
Street Railway
Brooklyn Rapid Tran c 58
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C
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Jan'21
68
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83I2'
Jan'21
Since
Jan.
M
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58
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EXCIIANGK
Week ending
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;
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BONOS
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52
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,
New York BOND Record -Concluded— Page
N. V. STXHJK
Wabash
11
41
69
78
93
Sale
96
79
i
86
82
89
80
95
87
88
Nov'20
July'19
Oct'20
8O34
Mar'20
Nov'19
11
70
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Telegrap'i
.\m Telep A Tel
& Telephone
I
1920
1936
Convertible 4s
.1933
20-year conv 4 Ms.
1946
30-year temp coll tr 5s
1925
7-vear convertible 6s
1945
Bell Teleph of Pa s f 7s A
C«nt Di.3t Tel 1st 30-year 5S- . 1943
2397
CJommercial Cable 1st g 4s
2397
Registered
Cnimb T A T 1st A gen .5s... 1937
1935
Telephone
1st
5s..
Kev.stone
1924
Mich State Teleph lst 5s
Y Telep 1st A gens 14 48.1939
30-year deben s f 6s. .Feb 1949
Northwest'n Bell T 1st 7s A. 1941
1937;
Pacific Tel A Tel lst .5s
South Bell Tel A T 1st s f 5S-1941
1938
^'est Union coll tr cur .5s
1 950
F^ind A real est g 4 )^s
1941
Mut Un Tel gu e.xt 5s
Northwest Tel gu 4Ms g..l934
coll tr
4s
8218
83
82
Sale
82
81
95 , Sale
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Apr'16
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Sale
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82
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89
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Feb'26
80
99 10112 Sept' 17
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Oct' 19
and asked. aDueJan. iiCue
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Due May. aDueJune. ftDueJuly. tDueAug. &DaeO'-;.
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Die Nov.
</
Due Dec.
iOpiionsale.
BOSTON STOCK EXCHANGE
SHARE PRICES— .VOT PER CE.VTUM PRICES
Wednesdav
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for
the
Feb. 9
Feb. 10
Feb. 11
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Feb. 7
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21
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25
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Last Sale 10
Jiin'21
2718 27is
_ _ -
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165
164
165
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1384 V4"
Last Sale 17
Jan'21
•0
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7
7
Lasl .SrzZe 27
Dec'20
1011; 103
1021; 1031;
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Jan'21
231.
25
Last .^ale 271.
Last Sale 17
25
A
!i66
-10
ni par
(;
no var
Swift
100
Torrlnston.
.25
Union Twist Drill
- -5
United Shoe Mach Corp .25
Do pro!
.25
Ventura Consol Oil Fields ..5
Waldorf System Inc
.-10
Waltham Watch
100
W.-ilworth Manufacturing -.20
Warren Bros
.50
Do 1st prpf
-50
Do 2d pref
-50
Wick wire Spencer Steel.. -_ 5
475
100
50
1778
.
no var
pref
Mfg Corp
A Co
210
_
139
65
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Jon 21
Jan 7
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42
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Feb'21
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.
-
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7
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18
75
J^n28
Jan 3
Jan 3
Jan 36
Jan 3
Jan 8
75
Jan 19
Feb 10
1
Jan 21
81. Jan 3
90i8 Jan 3
74
Jan 3
76
Jan 5
.07 Jan •'
2
12
16
.Ian 21
Jan
''
3I4 Fell
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Jan
11
5
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.50 Jan 18
1278 Jan 4
4
Jan 27
201. Feb 9
16
Jan 10
70
152
1514
61.
34
Jan 17
Jan 3
Jan 4
Feb
11
5
.Ian
201; Jan 29
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
27
7
4
Feb
81
591; .Ian
7
40
81
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24
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1158
11
90
3
22
3
3
17
6
119
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8is Jan 18
33i Jan 31
951; Jan 3
Jan 14
10
26
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146
Jan 3
82
Jan 19
1314
17
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Jan 24
Jan 29
Jan 3
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161
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Feb 8
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36^ Jan 18
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Jan 16
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Jan 13
Jan 8
Jan 3
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Jan 10
Jan !•
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Jan 8
Jan 31
Feb '1
Jan 26
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17
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164
Jan 20
411.
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Feb 7
Feb 5
13
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8
Jan 7
8
48.1 Jan
13
Jan 11
12
Jan 17
9158 Feb 11
85
Jan 8
62I2 Jan 22
32
122
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21
Jan 7
Jan 13
9I4
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101;
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9
Last Sale .04
Feb'21
255
254
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178
184
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168
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se
Bid and asked prices,
•.65
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13
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13
12-3s
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12
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3
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121;
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Jan'21
1
I'-r.
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21;
2
21
29
40
35
32
34I2
Last Sale
•08
.10
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412
8I4
1238
2084
40
4I2
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412
188
1'^
3
284
•.50
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284
2I2
•4I2
214
•I84
.65
12
.48
10
150
43
5
2
5ii
.75
13
Jan'21
Assessment paid,
-.25
Aleomah Minlncr
-.25
AUouez
.
.25
Aeca'llan ConsolWated.. .25
Arizona Commercial
5
Bingham Minis..
_
.10
Butt<'-Balakl-iV'i Copper. .10
C!aluraet A Hecia
.25
1,360 Carson Hill Gold
50 Centennial
1,1.50 Coppe-- Rin?e Co
150 Daly-West
1,055 Davis .D-iIy Copper
410 East Bntte Copper Mln.
410, Franklin
Hancock Consolidated . .
450 Helvetia
1.30 Indiana Mlnlns;..
114 Island Creek Coal
1
Do
25
pref
.
1
.25
-25
.20
-10
-10
.25
.25
.25
.25
Feb 2
Jan 4
Jan 7
3914
19.3,,
"
17
425
1.210
10
440
755
87|
60 Feb 4
Jan 3
161.
23I2
3
3
.334
178
.47
1
48
75
.Ian
3
<
3
3
5
3
28
Feb 11
Jan 3
Jan 6
Jan 3
-25
^
.25
.25
.25
Mason Vallev Mine
..5
Mass Consol
.25
Mayflower-Old Colony ... .25
MiohiKan
.25
Mohawk.
. .25
New Cornelia Copi)er
. 5
.Tan
4
Jan
Hi Jan
2'; Feb
4
Jan
21. Jan
431; Jan
141, Jan
25
22
.5
.95 .Tan
Lsle
New I'lria Q'lifksllvcr
New River Company
Do pref
-
100
100
- 6
.15
.25
433 Nlplsslng Mines
1,055 North Butte..
100 North Lake
40 Ollbway Mlnlnu
.25
40 Old Dominion Co
.25
45 0.scer)la
.25
34 Qulncy
.25
.50 .^t Mary's Mineral Land.. .25
320 Shannon
-10
South Lake
.26
100 South Utah
&S
. 5
100 Superior
.25
1,090 Superior A Bo.ston Copper. .10
5,348 Trinity Copper Corpn
.
5
500 Tuolumne Copper
.
5
515 Utah.Apex Minln?
. 5
10 Utah Consolidated
. 1
M
.-
Utah Metal
280 Victoria
5 ,530
& Tunnel
261 Winona
20 Wolverine
Wyandotte
h Ex-rights,
x Ex-divldend.
1014
Jan
Hj Jan
21.
2
II4
40
SO
5
11
138
24
35-."
28
.75
1
.05
31.
l>i,
21s
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21.
3
95
.25
.25
.25
.25
11;
.35
11
.48
Feb
259
9
D^
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1
—
n
Deo
Feb
6
80
70
7«
Feb
Apr
jOOiT Sept
Nov
Nov
167
83
Dec
19
le
Nov
10
14
3^8
Dec
Dec
Dec
5
OOc .Mov
M
Jan 7,
Jan 6
Feb
1;
Jan 18
71; Jan 6'
lOis Jan 8
314 Jan 6
31. Jan 6
212 Jan 7
TOO
Fob 8
51 12 Feb 2
7684 Jan 24
221. Jan 8
3i8 Jan 13
II2 Jan 6
3i8 Feb 9
4I4
214
Feb
158
Jan 14
Jan 8
11
Jam
8
Jwa* e
Jan 6
161. Jan 10
95 Jan 7
Jan
-May
161.
02
140
Dec
Dec
Deo
Aug
May
24
4
Dec
Deo
Dec
Apr
Dec
Deo
Dec
Dec
Doc
1018
Nov
151;
8
32«»
16
40
80
6i8
Apr
Dec
68% Feb
91.
8912
57
June
118
15
Nov
768
4^8
Dec
Dec
Nov
82 >s May
9
Deo
41
J.an
A',
Feb
l%i
7|
8l
Jail28
Jan 18
2
12 Jan
8
41;
Feb
11
2
Jan 6
3
Jan2«
Apr
-Nov
361. Jan
26 "June
60 May
29I4 Oct
741. Jan
96 ' Jau
Jan
45
Feb
Apr
3rs Apr
801.
8ii
121. Sept
1011. Jan
53
Jan
12
July
8i8 f>ept
101
Nov
36.%
3418
1761s
Mar
16
1778
Deo
55
5
Nov
1412
14
191.
27
25
16
Feb
Dec
Dec
Deo
Dec
Dee
Deo
Deo
Aug
Dec
20c Doc
15
Dec
2
Aug
51.1 Deo
40c;
4014
6ia
2c
Mar
Oct
Deo
200
I6I4
6I2
Nov
Deo
Dee
Doe
Deo
7I4 Dec
50o Aug
2
Deo
1
Aug
25
31.
478
2.50
Nov
Nov
138.. Jan
Nov
15
"
86
6334
13
99
251.
493I
133
76
J!in
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Mar
28
49
Apr
26
Feb
Jan
Mar
19
l>3i4
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441.
Jan
"
Feb
391.
June
Jan
Jan
26
33
35
32
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Sept
134
77
!.
"
42
41.
1534
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Feb
Jan
Jan
Jan
Apr
Jan
Apr
40c Jan
Jan
409
401s Jan
I6I2 Jan
4S5x Jan
47s
14I4
16
Mar
Jan
Jan
5I4
Apr
61s
Mar
4
Nov
34
Jan
Jau
Feb
60
Sept
Nov
82
Dec
2i8 Deo
lis Dec
II2 Dec
II4 Dec
90c Deo
38
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75
15
184
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Jan 18
2
76 Jan 28
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88
85
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Doc
30
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164
Dec
Dec
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Mar
178
Jan
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21
79
7
8
21
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338
Sept
21
Jan 7
Jan 6
Jan 7
Jan 6
10
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81. .Ian 20
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Feb 4
1238
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Dec
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Jan
Jan
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Apr
Apr
Nov
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12
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714
31.
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8
27
6
1
Mar
Nov
13U Nov
1
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89»4 Nov
4584 Jan
551; Jan
j
321. Dec
3278 Sept
10
48
Jan a
Jan 5
Jan 3
Jan 3
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Jan 22
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Jan 12
Jan 28
Jan 3
Jan 3
Jan 3
Jan 4
Jan 5
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368
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86
89 July
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86
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60 Feb 4
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4
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56
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03 Jan
240 Jan
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7
Jan
27
Jan
3-34 Jan
51. Jan
7-5s Jan
2I4 Jan
2
Jan
f'
75
168;
76
77
1
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Jan 1
1818 Jan 11
17
20
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30
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171-. Jan
21.
678
81 1
11
132
se
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22
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Oct
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Mar
Mar
97I2
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Dec
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27
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.
Royale Copper
Kerr Like
26 Keweenaw Copper
45| Lake C-ipner Co..
100 La Sallc Copper.
78
81
I2I4
11;
•39
875|
Jan'21
8%
8I4
47
103s
80-3.1
81
2034
281.
138
•I84
•.65
•111.
•40
138
20
11.
13s
12
284
414
3
414
•2I2
4634
40
sT'
Ahmeek
49
143
25c
7
2334
14014
5
Adventure Consolidated. -.25
Jan'21
2I4
40
Mo"
1
284
.55
2^8
•4I2
234
284
4I4
*ll4
11;
2I4
31.
2I4
2I2
1'4
234
H;
3
3
•2-38
II4
L'lst Sale II4
11;
•1%
11;
184
I>4
_
•20
Last Sale .95
•46"
•35
•75
•20
H;
•35
22
.35
"126
•II4
•212
2i'>
.S'lle
Fcb'21
52
Jan'21
*3
31.
•41.
Last
684
91.
214
31.
.75
51
52
II4
•3
•II4
Last Sale .60
51
81;
14-38
2h
51
77
21
*8
21
3
1334
9«s
2I4
.75
284
1358
98s
2I4
2
21
.85
511.
.50
3%
1'2
•2I2
•4lg
21.
4
5OI2
51
51
41 14
Last .SV(i(- 75
Feb'21
21
21
21
Last .s'ak 3
Jan'21
33g
•25
•39
•33
•1
834
81;
e>H
93s
234
31.
•3
llSg
»8
*.03
•334
638
91.
2'4
•234
•II4
40
3
10
9%
I6I4
•284
337s
•2Ss
•284
•IS4
•46
21
3I4
81.
10
4
20
•8
•.30
21
•8I2
331;
337«
•75
278
•65
14
6I0
-
20
.95
521"
.45
2OI4
13%
S's
*.47
•30
14
14
•8I2
33I2
•5OI4
•.65
'50
Jan
281s Jan 11
105
I'eb 1
85 p-eb 1
14
Jan 10
17
Jan 31
81. Jan 7
1714 Jan
1078 Jar.
15I4 Jan
17
'22
25
25
20
20
25
Jan
17
.Ian 8
8
Jan 3
351; Jan 17
4
Jan Jan 26
Jan 12
Jan 20
Jan 31
Jan 5
Jan 1
Mining
•49
1
9
Jan 24
Feb It
231; Jan
141.
40
IK^-
S?«
Dec
82
1
Oct
891. .N'OV
D«v
..5
ISO
'
Nov
34
08
131.
10<;
.
J
26
76<;
51;
mt/ien.
124
Jau2»
J3I4 .I-inl2
74I; .Ian 14
76
bin 27
74
74
Feb
May
99Jan 28
2.'.
IWk Jan 3
ti:4
19
60
741. LHx
S
73" Fob 4
43I2 Feb 3
Jan 14
1
Jan 4
J an 21
30
1.1a
3
3
Jail
.Ian
Stew-irt
1712
16
-ioo
40 Pacific Mills
5 Plant (Thos G) pref
45 Reece Button Hole
Root A \" Deivoort CI
25 Simm.s Maerneto
241.
2434
-
100
Island on A Trans Corp. .10
I.lbby. McNeill A Llbby. ..10
Loew's Theatres
.10
McEIwain (W H) Ist pref 100
Massachusetts Gas Cos.. 100
Do p-ef
100
Mereenth^iler Linotype.. 100
Mexican Investment Inc. .10
National Leather
-10
National nil
-.10
New England Telephone. 100
Olilo Body A Blower
no var
Orpheum Circuit Inc
.1
520
317
3734
241.
38
5
-25
100
100
p-ef
325 Internat Products
19I4
7
11
. .
67
37
4!i
par
.10
-10
par
.10
.10
.10
-
p-ef
Do
170
41
210
191
l>b
Jan
VowtM.
Uifhta.
22
2fl
Feb 2
125
Jan 11
25 (an 26
75 .Fun 2ft
3I4 JAI1I9
50
no par
pref
Do
'""ieo
290
78
40
Edison Electric Ilium
120 Elder Corporation
no par
70 Oorton-Pew Fisheries
-6')
33 Oreenflcld Tap A Die
.25
66 Intf'rnat Cement Corp.no par
50 Inf^mat otton Mills
..50
.59
61~8
.50
10
400 K:ist Boston Land
445 Fa-^tprn Manufacturing.
20 Eastern SS LInea Inc
I"
8I2
Oil Rnt'liieorlnc
Do
10
172
123
/m PrerUnu
Yaar 1920.
Jt«iw«
3.
1
5 Atlas Tack Corporation no
Bei'.con Chocolate.
235 BlRheart Prod A Refff
1.290 Boston Mex Pet Trustees no
1.380 Century Steel of Amer Inc
185 Omnor (John T)
120
14
ttnu Jan
MUc<;llaneous
10
83
8-34
Street
pref
000 Anijlo-Am Comml Corp.m par
3 Art Metal Construe Inc.. .10
611.
I2OI2
19
Am
2
83
81.
.
1
61
•19
.
Amer Pneumatic Senloe. .25
.075
Do pref
.50
2.174 Amer Telep A Telog
100
304 Amoskeai; Mfs
no par
82
I9I4
8I2
pfef
IJo
50
3.820
61
61
1221. •11934 120
82
61
.
West Knd
29(5
Jan'21
4l8
111.
9II2
82
834
61
3738
241;
1858
'151.
20
35
•1334
•17
20';
3734
8
12
7
33
55
I6I4
911.
181;
54
171;
12
•1114
27
164
84
164
185s
I2I2
•91
81
61
*9
27I4
-24
.16
2184
19I4
81;
*37g
991.
IOII4 10184
55
.16
4
878
4I4
7
1
.10
211;
611;
1221. •120
I9I4
838
•3I2
27
164
761.
21
•22
•4
4I4
I2I4
82
4
761.
701; 701;
1021. 104
in.
1221; •120
79
•16
25
12
•7OI2
•.15
21
84
IOOI4
79
I3I4
•4I4
•40
100
88
31;
5I4
.65
.50
I3I2
4I4
I6I4
HI.
HI;
12I» 121;
997g lOOls
•3
•7
•34I4
21
3I4
31s
8S
171;
201;
411.
841.
9
3I4
3
88
75
35
.
•18
•65
•50
8
1
31;
51;
.70
.00
1388
41.
.70
.55
1338
4I2
211.
4I4
1288
100
1
.
85
935
2084
Maine
.no pnr
Bo8t A Wore Eleo pref.wu par
CbleJun.nyAUS Y... 100
Do pref
100
Maine (VntriU
100
N Y N Tl * Hartford
100
Northern Now HaiiiiMblre KM)
Norwirli * Worcester pref KM)
Old Colony.
100
Uutland pref
100
Vermont A Massacbuaetts 100
Juii'21
iMSl .•i'!lf
l-eb21
71
72
72
72
iMSl S(i e 20
Jun'21
•75
•75
....
411; 42
41lt 42
50I2 52
52
52
"19I2
.70
.50
133k
•4I4
9
•23
10
76
411.
501;
100
100
100
100
.100
100
pref
Do
.">.'*
.
74
74
Railroads
Albany
Boston 4 Providence
Boston Htibiirban Kleciw par
1
.
Si
Do
115
120 Nov'20
2084
.svi/r
•3
•5l8
841.
Huston
1.011
12
•18
514
•17
•2a
14
19
3I2
5i8
181;
61.
.')5
871;
•7612
.15
•1238
1
9114
8II4
21
23
79
in.
38
*
•76i2
•.25
•I2I4
9114
81I4
•50
•20
55
SS
201;
991;
2H4
1238
•40
191;
8^8
75
UVl
•7
9168
7ft
3>1
•34I4
4I4
I2I4
111.
21
l.asl
2
16234 1()234
•16
161;
25
21
3l8
I2I4
21
•16
•701;
75
162
10234
•16
161;
•7
8
34 14 34I4
•201; 21
9
12
111.
•160
138s
41.
2112
•1
87
.'Hile
73
43
3I4
!»034
l.ast
73
43
4
HoHlon
147! HoNtoii ICIuvaled
10
Do pref
.
73
43
2
•3
21
9
916^
4
fiO
135'
3
•18
•701;
841;
12
111»
•9
•27
•50
411;
841.
•9OI2
99
•.70
51.
.75
411;
501;
993, 100
3I4
41I2
841.
•4l8
•120
•19
•1
nig
•16
75
411.;
2
41
•72
•73
•72
•18
76
-
.
iso'
•72
•40
2II2
218g
•60
10
•I318
•4I4
2OI2
43
•
....
411;
50';
318
•5
•41
21
•76
3
314
135
76
411;
501;
99»4 100
87'.
87
•761. 79
•.25
1
•1214
14
181. 181;
87
79
21
.1412
.
•130
•72
24
29
130
Sale .25
Jan'21
....
..-.
24
•27
130
29
135
. , . _
214
.
24l2
•27
•125
Rarift
Loieett.
400
2034
__
21»4
•40
•7
"•3I4
76
42
2II4
1621.
161.
S
341.
21
162
•16
"I.
"4"
134
•18
19
•3
31.
•5 v. 6I2
•.70
'.50
25
29
135
120
64
C3»4
82
82
24
Lou
'"3»2
•72
41
•1
11.
•2»4
3
•9110
9934 100
861•761;
•.25
•1214
29
•126
•130
"7"6"
•7i"
•16
•75
41
a
".75
"
•41
•80
25
2644
29
29
136 •125
126
I25I4 I25I4
64
6484
....
"."75
•130'
72
29
136
"6"5""
6412
63'4
6312
•801.
"24I2
•125
126
123
•80
•80
•25
•126
136
•631.
641
S«e next pagr
nORTO.V STOCK
E.XCHANC.E
Sharet
•124
BONDS
Stock Record
2l2
bee
Aug
Doc
42c
Nov
1
Deo
260 Sept
8
Dec
16c
Ooc
I84
4
Jan
Oct
9m Feb
"
Jan
Jan
Jan
Jan
11.
.Mar
388
31.
2
23
—
'
.
M
Mi
Stock Exchanfifo Knh.
.'i
to F<>b. 11,
Lust
I-oan 3'>j». 1932-47
Mb
GA
W
I
KS L
£s
_
lO-VJ
CblO June & U S Y Is. 1940
Oumberlanrl Tel 5s.. 1937
Mas3 0a94Us
Ml88 Rlv Power
N
1931
.-19.>1
5s-
K
T( Ipphono 5s
New Ri vor 58
Seneca Cr i>i>er 8s
Swift & Co l3t 5a
Woatrrn Tel k Tel 5s
78
i;-32
.
1P34
1925
1944
1932
85 H
at Boston
Ranot ^ince Jan.
lor
Low
Stock*
1.
92.00
80.04
87.30
80. 8U
8t .."O 90.3S
80.24 87.30
f 0.84 37. 3S
78 r8 78;-ii
.',9 4
58
81
81
79
7S
79
77
77 'A 78
84 'j S4,4
81
SO'-;;
B9
99
85
85 H
81
81
SI. 000
100
5.400
14.900
20.100
.'"3.0.')0
01.100
1
.000
i:;.ooo
3.000
1.000
8.000
27„^>00
l.COO
6,000
1,000
wo
7,.
1.000
an
8S.10 Jan
85.34 Jan
95.78 Jan
88.72 Jan
91.26 Jan
of PltlHburgh
llarnrdall Corp clans
u
55
77 H
ir.
79
77
74 H
7C>i
80 H
64
80 K,
78Ji
Jan
88. .54
.Ian
97.81 Jan
79
Jan
Jan
02
Jan
82
Jan
Jan
Jan
Jan
Vet
Jan
Jan
Jan
Jan
79
79
78
!• p,t)
!• < 1;
l>b
Jan
84 H
81
Feb
Feb
Jan
101
85 K
Feb
Jan
81
Stocks-
Sale.
Price.
Par.
Alabama Co
Atlantic Petroleum
CelestlneOll.
10
10
Preferred
Commferclal Credit
6
40
23
25
25
Preferred
Preferred
B
25
Gas E L & Pow.lOO
Consol
Consolidation Coal
100
Cosden & Co. pref
5
Davison Chemical.. no par
I Benesch
no par
1st preferred
25
Mt V-Wood Mills V t r.lOO
Preferred v t r
100
Northern Central
.50
Penna Wat & Power.. .100
United Ry & Elec
60
65
.72
2H
6M
40
23
21M
86M 87%
21,4
86
fO
65
H
Low.
110
100
11,943
100
125
39
20
220
181
Si 'A
25 J^
390
50
415
23H
23)^
10
23
23
10
17
98
93
60
65
!.
60^
'<
SIH
11%
^2
5
1
66 H
82
20
58
54
12
6%
7%
',
97
97M
62 >A
70
70
70
75%
notes
notes
W
m%
79 H
62 M
76
76
97
79H
r,2
74 K
82M
77 Ji
74
96 Vs
92 'A
91'A
77 Ji
82 H
82 M
64H
65
45
64H
45
04 H
SI, 000
High.
64: 'A
Feb
3M
.55
2%
5%
Jan
Feb
65
3K
Feb
.95
39
22
Jan
Jan
Jan
Jan
40
23
20M
Feb
85 «
83 A
2U^
3%
Jan
Jan
Jan
92
88 J^
25
23
23
Feb
16
52 H
64 J^
77 M
10
4
7
4
31
23 A
23
Jan
Jan
Feb
Jan
Jan
Jan
Jan
18
62%
67
82
12J^
60
Jan
l.(/)
75
73
J
'
82 H
77 H
74K
92M
91K
77%
82 ->4
.'.0011
65
45 H
7,000
5,000
M
I.OOl
o
700
99 K
Exchange.
Philadelphia Stock
18,000
99 J
04 .,
99 K
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
from
Last
Stocks—
Par.
Alliance Insurance
10
American Gas
100
American Rys pref
100
American Stores
no par
1st preferred
&
..
Susq Corp v
t
30 'A
53
..
c.lOO
Preferred v t c
100
Cambria Iron
50
Elec Storage Battery.. 100
Hunt & Broad Top pref...
Insurance Co of
A
10
Keystone Telephone
Preferred
Lake Superior Corp
Philadelphia Co (Pitts)
Pref (cumulative 6%). 50
Phlla Insul Wlre.-.n» par
Phila Electric of Peana..25
Preferred
Phila Rapid Transit
50
Philadelphia Triiction-..50
Tonopah Mining
Union Traction
United Cos of N J
United Gas Impt
U S Steel Corporation. .100
Lou.
«
30 'A
49 ki
30"^
22
53
90
80
90
80
20%
8K
40
70
40
323'<
hi
A
22ya
27%
515^
22 'A
27 Ya
O'.'i
.]x
00
Jan
Jan
99M
Feb
97A
78
82)4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8i%
I'-f^b
79 H
74 'A
92 A
92
65 A
47}4
64
04
,.
Jan
Jan
Feb
.fan
-.
'
99% Feb
of transactions
to Feb. 11, both
190
53
22
3,325
5
8
3
22
50
1,035
31
125
21
29
1
9
67
52
40
155
20
158
10
31
2.256
71
40^
18
30
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
17
44
87
80
43
36
92
8%
27 A
7%
29
7%
66
51)^
40
64A
40
Jan
Feb
33 A
346
204
31H
Jan
51
J.an
22 -H
3,134
502
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
fim
30
30H
170
170
34
35
49 >^ 49 K
162
32
1,154
82
29 A
104
30
495^
80 J^
28%
\7A
83%
734
HVa.
225
100
37 >i
15
91.70 01.70
87.30 87.30
.80.42 80.78
8e.98 90.26
86.70 87.20
&7.14 97.30
102 A 103!;
54'.^
54
S200
37 K.
Jan
..
High.
Feb
IVs
8%
.iln.ce
Lou
7
S,2-A
Warwick Iron & Steel. -.10
West Jersey & Sea Shore .50
Jan
Jan
Jan
Jan
97
97M
.)a
4434
440
1%
34%
80%
61^
54
19-16
17
49 J^
82 V^
21%
26%
15%
51A
54
30%
9QH
77%
Range
for
High. Shares.
18
66H
51A
71
90 H
Feb
Week.
18
29
1
50
100
50
Range
0/ Prices.
7H
50
50
100
50
50
Lehigh Navigation
Lehigh Valley
Pa Cent Lt & Power pref.
Pennsyl S.-ilt Mfg.
.50
Pennsylvania
50
n-eck':;
,'1;
102
72
96!^
Jan
62 J^
70
76 K
Saks
45
45
36 H 36
100 j^ 102;^
20
20
28% 29
N
93K
77%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
80
official sales lists:
Fi idaij
Sale.
Price.
94 M
IIP.
— Record
at Philadelphia Stock Exchange, Feb. 5
inclusive, compiled
79% Feb
2,000
8,000
6.000
2,000
6.000
11.000
1,000
10.000
4.000
2.000
1,000
96 K
8
35
40
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
71
Feb
42
Jan
34
52 H
22 -H
Jan
Jan
Feb
Feb
Jan
Feb
19
32
25
53
92
80
48
37
106)^
22 H
29%
8%
30
10
68%
56 )i
28%
18 3<
55
9-16 Jan
Jan
31
1
170
365^
50
Feb
Feb
8%
Jan
Jan
37)ii
Feb
Jan
Jan
Jan
84
Jan
Feb
92.44 Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jan
88.30
91.04
88.58
f7.40
103 Is Feb
Jan
fO
Feb
00
Bonds
US
Lib Loan 3 i^s. 1932-47
1st I>ib L'n 43'4'3_U-32-47
2d Lib I/n4>4S-- 1927-42
3d Lib Loan 4'4s.-- 1928
4th Lib L'n43<£ 3. 1933-38
1922-23
Victorv 4% 8
Bell Teleph of Pa 79.-1930
Elec & Peoples tr ctfs 43 •4.'"
Keystone Toleph Isl as '35
Lehigh V.-illey annuity 415s
2003
Gen consol is
Lehigh Val Coal 1st 5s 1933
RR
Ws when issicd
P
& BctfK4s
1921
Phila Electric 1st 5s--1966
do small
LOG
Reading s;en 4s
I'j97
United Rys Invest .58-1926
Penna
W
102)-:^
.51
G4
83%
fOO
5.'. 5.50
40.000
55.000
02. .^"0
IC ,000
99M 92 K
9syi 9»A
83% 84)4
13.000
1,000
1,000
10,000
2.000
SO.OOf
3.000
22,0C0
85
82
69
SOO
15,000
1,000
65
S3
65
S3
70."^
70'^
rs
94
85
82
69
of Prices.
Week.
50
A.. 25
H
C;iaBS
101
'27"
25
Carbo Hydrogen Co com.
Pi oferrcd
5
C;arnogle Lead A Zinc. .5
Colunii.ila Clas & Elec. 100
C;onfoIldat':d Ice com
.50
Preferrul
.50
Guficy-GlllespleOll (no par)
Ilarb. Walk Ref. com.. 100
Preferred
100
Indep Brewing pref
50
Kay County Oaa
2K
3%
25
50
Mai land Refining ..
Nat Flreprooflng com
91.06
Se.fO
85.40
88.20
85.60
r)4.50
101
53
fP
S3
GPJ^
94
9C)i
Feb
•8H
Jan
Jan
Jan
Jan
82
81
79 A
69
87..50
83
Jan
Jan
Feb
Jan
Jan
Feb
Jan
.Ian
71A
Jan
95
100 A
98 H
Fel)
84';.
Jan
Jan
Fe;>
Feb
85 A
82
70
Feb
Feb
Feb
Jan
n%
140
27
140
27
27
1
1
2%
4%
2%
60 H
3A
92
99
3A
VA
25
52
2r
51
2%
6%
13H
16
29H
5
60 H
3%
28
16
'360'
1034
115
21
92
99
Wcsfhouse El & Mf cotn50
West(m Rys pref
100
115
an
85
447
99
Feb
101
an
Jan
14C
310
405
735
02«
240
20
400
200
3,2.T^
185
130
2.118
10
13H
16 H
3
30c
lOM
115
118K 118%
.
Feb
25H
3c
30c
lOM
106
84
3»
48 M
28
114
12
2.810
48
24 A
82
44
95
44)^
70
24 A
82
44
95
45
70
41
6E
41M
365
7%
140
27
35
35
%
2A
4yi
Jan
Jan
3
5
60 y,
3
20 H
23Ki
Feb
60-%
Jan
Jan
3%
59
3«
Jan
Jan
IK Feb
24 H Feb
50 K
Jan
Feb
6
Jan
Jan
Jan
Jan
Feb
Jan
2%
12
16
100
46%
27%
4.2.50
2c
3,000
40
50
20
50
10
20
105
30c
5t
10
Feb
91H Jan
560
95
1.31
lOA
Feb
Feb
Jan
2«
I
1%
3'/<
7y,
14
19
4XIA
30%
4c
36c
41
F'eb
41
Jan
69
44
94%
42%
12
116
118%
24 A
83)4
44
97)^
45 A
72
Feb
Feb
Jan
Feb
Jan
Jan
Jan
K
Feb
Bonds —
Indep Brewing 6s
Plttsb Browing 6».
.
.
.
.
1955
1943
69
S2.000
6.000
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
26
53
69
24%
81%
Fob
Feb
27
92
99
6
70
10%
116V5
Jan
Jan
Jan
Feb
Jan
Jaa
Jan
Jan
Jan
Jan
Jan
21
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
I13H
1
HUlh.
an
2.50
6%
Low.
U
3K
IH
52
3
Range since Jan.
100
105
110
2C
27%
48
25
.
101
23K 23%
2J<
& Gas- c
Pitts Pl.ate Glass com. . 100
Union Natural Gas
100
Union Storage Co
25
U S Steel Corp com .100
Western Inaur.ance
.50
Westinghouse All Brake .50
107
84
21
50
50
1
106
84
100
23A
.
Preferred
Ohio Fuel Oil
Ohio Fuel S'lpply..
II
21
I
Lone Star CJas
Mfrs Light A Heat
High. Hharet
11
SH
10
Jan
—
Chicago Stock Exchange. Record of transactions at
Chicago Stock Exchange Feb. 5 to Feb. 11, both inclusive,
compiled from official sales lists:
Fridaii
Stocks-
Consol Coal ref 4H3..1934
Refunding 53
1950
Convertible 68
1923
Cosden & Co conv s f
Davison Sulphur 63. . . 1927
Fair & Clarks Trac 53.1938
Ga Sou & Florida 53.. 1945
Penusv
& P.^s
1940
trnited Ry & E 4s
1949
Income 4s
1949
Funriins os
1936
Small.
1936
7V:i% notes
Buff
Co pflOC
Hank
Plltab Oil
Bonds
Bait Elec stamped 5s. 1947
ChicaRo Ry 1st 5e
1927
ConSDl Gp.s Ken 1 Us. _ 19.'>4
Consol Gas E L & P 4Ms'35
Sale.
1
84
4
25
4
1.
Week.
nigh. Shares.
3M
.55
2%
.70
1
Cent Teresa Sugar
Low.
64M
100
10
Range since Jan.
for
Glaa°
Arkansas NTat Oaf!
Oklahoma Nat Gas
25
Plltsb Jerome Copper
1
Plttsb A Mt Shasta Cop. .
.I'lf-S
Wcek'.i Range
of Prices.
HiUei
for
.100
Amcr Wind
.'-.2
—
Frlilau
Pr ferred
C2 90 Jan
87.04 Jan
88.
Jan
J
Week's Ranne
Par. PrUt. Lou.
90.94 Jan
86.04 VpU
8.".. 02
Jan
S.)..^!
.'
La.1t
Amer vitrified Prod cf,m.50
Amcr Wind Olana MachlOO
Htth.
Baltimore Stock Exchange. Record of transactions at
Baltimore Stock Exchange, Feb. 5 to Feb. 11, both inclusive, compiled from official sales lists:
Last
Pittsburgh Slock F'Jxchangc Feb.
compilf'd from official sales lists:
of transactions at
to Feb. 11, both inclusive
Friday
Wttk.
l/li/h.
91.04
85.04
86.04
80.24
I.oan48 .l»32-47
L'n 4Ms.l«.T2-47
2<1U1> Loan 4^8 1927-42
3(1 Ml. Loan 4)49... 1928
41 h Lib L-ii 4^8.1933-38
Vlotriy 4Ss
11)22-23
Am Tol & Tol coll 48. . 192!!
l8t Lll>
iHt
Atl
Range
0/ Prices
IMW
I
Pittsburgh Stock Exchange. -Record
SciU.1
It'cct's
Sale.
I'rUe.
—
Bond!
1,11)
.
[Vol. 112.
inclusive:
l)olli
t'liilny
S
5
•
THE CHRONICLE
Outside Stock Exchanges^
Boston Bond Record. — Transactions in Imnds
IT
—
.
Last
Weik's Range
Sale.
of Prices.
Par. Price. Low.
-American Radiator
100
American Shipbuilding. 100
Preferred
...100
Armour & Co pref
100
Armour Leather
15
Preferred
100
71
(*)
Case (J I)
Chicago Pneumat Tool- 100
Commonwealth Edison 100
10
(Continental Motors
Cudahy Pack Co. com. 100
Great Lakes D & D
100
Hartman Corporation.. 100
Hart.Schaff&Marx.com 100
Holland-American Sugar 10
7
Hupp Motor
10
Inland Steel
Libby, McNeill
Lindsay Light
Middle West
Mitchell
100
& Libby.lO
70
92%
12%
106%
75
13
40)f
12
10
6
30
Nafl Carbon,
(*)
7
pref (new) 100
105
National Leather
10
People's Gas Lt;& Coke. 100
(*)
Pick (Albert) & Co
PigglyWiggly Stores, Inc(*)
Pub Serv of
111, com. 100
Preferred
100
Quaker Oats Co
100
Preferred
100
Sears-Roebuck com
100
83
86
Scrip
Rights
Standard Gas
(*)
19A
& Electric. 50
Preferred
50
Stewart- Warner Sp com 100
Swift & Co
100
Swift International
15
Temtor Prod C&F "A".(*)
25
Thompson (J R) com
Union Carbide & Carbon 10
Union Iron Works v t c.50
(*)
Wahl Co
Ward, Montg. & Co w 1.20
Western Knitting Mills. (*)
Western Stone
100
Wrigley Jr com
25
34
103
27
7
67%
6%
7
60
78
73
75
7
13
13%
40%
11%
40)4
5%
6%
30
105
12%
6
30
105
40
24
14%
147
88%
88
94% 94%
60
63%
19
19%
12% 12%
36 A 36%
31% 34%
101
103
27
27%
20%
21
33%
57%
49 A
30'^
56
12
47
17A
16
17
10
10
10%
32)^
57%
9%
70
1.
50%
A
10
70
High.
Jan
67
320
720
390
34
64
380
69% Feb
59% Jan
50
675
280
190
125
50
50
100
475
300
3.300
1.430
100
4.310
1.505
50
730
150
360
403
84
Jan
12% Feb
70
65
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
7
Feb
86
6%
66
102
6
55
61
11%
40
11%
5%
24%
6%
103
8%
34%
23)4
14
68
82
119
2.070
12,486
83
84
94
872
58
16%
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
101
12,975
75
3,875
3,633
1,120
8
68
106%
7%
63
80
73
75
8%
13%
48)4
13
7%
30
8
810
1,.500
94
105
Jan
Jan
Jan
Jan
2,145
94%
13%
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
34
27
9%
72
74
67
•Tan
25
12,530
280
30
275
12
Low.
3.50
155
76
82% 82%
119
83
86
Shares.
380
25
7
8%
36%
14
76
82%
67
58
77)4
73
75
7
24
121
71
70
106% 106A
8%
39
N
Shaw (W W) com
6%
Range since Jan.
Week.
High
92% 92%
12% 12%
90 A 90%
67)4
Util. pref. 100
Motor Co
70 A
69)4
61
Sales
for
9%
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
40
Feb
26%
Jan
Jan
19
76
83
149
91
99
95
66
20
13 )<
36)4
36%
Feb
105%
26% Jan
20% Feb
27% Jan
31%
49 H
62
10%
37%
Jan
Jan
Jan
16
Feb
26
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
33% Feb
Jan
13% Jan
50% Feb
19% Jan
22% Jan
8%
Jan
3
Feb
10
Feb
70
Jan
70%
Jan
1.000
1.000
7.000
11.000
68
39
1.000
11.000
1,000
5.000
44
76
335
220
Bonds
Chicago City Rys 53. . 1927
Chic Rys 5s Ser. ".A"1927-
"B"
1927
Commonw Edison 5s- . 1943
Metrop
side Elev
1938
extension gold 4s
Morris & Co. 4)^3
1939
South Side Elev 4)^8.-1924
Swift & Co Ist s f g 53. 1944
4s. Series
W
*
No
63%
39 A
85
63% 63%
39% 39%
29% 30
85
85%
44
44
76% 76%
62
85%
par value.
New York "Curb"
62
85
62
85%
Jan
Jan
64
42
29% Feb
78% Jan
33
88
Jan
Jam
Jaq
Jan
Jan
Jan
Jan
Jan
44
Jan
61
80%
76% Feb
62
Feb
85% Feb
—
Market. Below we give a record of
the transactions in the outside security market from Feb. 5
It covers the week ending Friday
to Feb. 1 1 both inclusive.
afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
that
are permitted to deal only in securities regularly hsted
is, securities where the companies responsible for them have
complieci with certain stringent requirements before being
Every precaution, too, is taken to
admittecl to dealings.
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
,
—
THE CHRONICLE
Feb. 12 1921.]
643
PrUiay
On
the "Curb," on the other hand, there are no restriotions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them incsluded in the
lists of those who make it a business to furnish daily records
The possibihty that fictitious transacof the transactions.
tions may creep in, or even that dealings in spurious securities 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 any one to voucih for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Other
.Midwest Texas Oll.r
.Monntain Prod.
-N'obleUll
FrUirj
l.nm
U'tc* s RaiKji
II
t'.ti
Utiit,
Stocks
C'oul-
Oil & Gas
I'anliandlu Prod &
PeniiDi'k Oil _r. -
Omar
Aetna Explos Uaebe cUs-.
Mtrs cuii r (t)
Candy
iiH
r (no par)
Bllfis
W) Co
(E
Bill Aiuoi'
.liMl.r.
i.,'!ii)
-
Brit-Amer Tob ord
Ordinary bearer
BucyrusCocom.r
Cur
lu
£1
£1
02
I3«
100
It!; .t I'uwi-:'
r
:>.>
3
cl
A.r 10
6
252
aom
00
100
10
1
Preferred
Prelerred ii
CHlea Serv liaiikers
sli r
it)
ColoniblaQ Kmerald Synil-r
ColoniDlan SvniUciti' nt)
Com'wealth Fin Corp pflOO
Couley Tin
I'oll
Cuntl;ieiii..il
M'liorsr-
r
(t)
29 H
Cudaby Packing com -.100
(Wm) Co.-(uo
Davles
Uuraiit MoloiJi.r.
Kuipli e
Tube
.
par)
p;ir)
1S%
. (t)
com
rct)
5
(no par)
(no par)
Gardner Motor
Garland SS.r
Goldwyn
Goody eai
(no
Steel
.V:
Farrell(Wiii)&Son
Federal Tel .t Tel
Picture. r
3
13
13Ji
17
234
6
3J4
13 '„
135i
18
3^
eji
255
6
71
6
1»
29H
29
H
9H
14
Hi
3
'
i
k.
1
9^4-
48
44
M
17
17 ?i
7^i
6H
&
Intemat Tra
Mark.r.
Kay Count\- Gas r
le
ct)
64Ji
Lincoln Mot. Cl. .\__r_.50
Maxwell Cbaliucrs B.r
Meteor Motors. r._ (no par)
Nat Leather.r
10
Nor Am Pulp A Pam!r..(t)
"72>i
"23ii
5H
Motor. r. 50
22 }i
10
1 9-16
Platlnum-PalladiumCorplO
Proiii Sh C
K S.r
i
5%
<fe
A-
R
r
c'i.
Preferred .r
Pyrene Mfg.r
Radio Cori) of Ati'Pr^r
Pref prri> I.r
10
15
Todd Shloyards Corp r (t)
Tum-O-Stop Mfg Corp r 10
UnlonCa:bid.!<tCj b>nr(T)
United Profit Sliu.rinu'..2.">(
Un
Retail StoresCandy r(t)
S r.rg & Heat com. r. 10
Preferred, r
10
U
U S Ship Coip.r
U S Steamship
58K
.....
700
600
4,200
100
15.880
10
500
100
100
100
710
200
9.000
100
1,300
22.800
2,000
4U
15Ji
11-16
Jan
Ffcli
:(•>>..,
33
2'»
Feb
Feb
54
Jan
Jan
Jan
3
.Ian
U%
<»r,
4
5
2H
8W
2H
Gold Zone Divide. r
97
Jai
Jan
Jan
Feb
Gro.it
V4
58
.Ian
72'o
13
75
22 3i
2ZH
IH
9H
IH
10>4
58 H
5654
%
1
8H.
n
1.000
1
Vi
6
1
Jan
Jan
Jan
Jan
Jan
66
u
1
2%
2H
15 Ji
ZVh
15 Ji
3)8
90.900
77.500
500
100
100
•28
2!-i
H
27^
27
66
5n
.'an
yy»
9
>A
J
1
\%
2
18
i'i
9K
2
2K
I^
Jan
Jan
Feb
1
83
4
J
tl
23
83
efi
1
Ja
Feb
Jan
Feb
S
61
m
m%
%
1
2%
15
an
Jun
Jan
Jan
.lan
.'an
103-4^
Feb
J;.n
9
13-4'
Jan
Feb
1
^%
IH
Jan
Jan
Feb
Jan
Jan
Jan
2%
Feb
Feb
25 H
Jan
Jan
Jan
Jan
'4
Feb
3
oil
Subsidiaries
Anslo-Amer Oll-r.
£1
18
Ohio Oll.r
25
South Penn OP r
100 235
Standard Oil (CallO.r.lOO
Standard Oil (Ind) r
26
Standard Oil of N Y.r.lOU
Other
AJax oil
ITH
18'A
270
68 H
839
276
235
295
69
343
233
292
67
338
17%
2.100
85
30
70
270
2t3
292
1.775
155
C6?i
332
H
Jan
Fob
288
Jan
F.'
2V.t
Jan
Jan
21
Feb 323
Feb
74
Jai
Oil Stocks
class
A.r
10
1
Boone Oil.r
5
H
13c
1%
_1
""9H
Denny
Oil.r
Elk Basin Petrol. r
Engineers Petrol Co.r
5
T%
1
1
Federal Oil
Glenrock Oil.r
5
IK
...10
Grenada Oil Corp Ol A.r 10
""6H
Guffey-Gillespie OH.r..(t)
Henderson Farm Oll.r
Hudson Oil.r
..]
Inter Petrol. r
(no par)
Livingston Petrol. r
Magna Oil & Ref
1
Manhattan OH _ r. _ (no par)
Maracaibo Oil Explor r (t)
Marland Oil (Del)
Merrltt Oil CX>ro_r
10
Mexican Kaele on r
5
23 Ji
.
r
%
16
3
3
33i
22
H
21H
12 H
.....
10
Oil
Mid-Colombi.i oil
1%
Mi
(+>
1%
IJ
14e
]
9
19
H
K
7K
1
lii
2
6
23
1
5-16
15H.
3
2H
3K
19
21
12
21
3
\H
5U
110.000
36.500
1-16 81.100
8,700
^li
19
5
1
3.500
7% 4.000
16c
2
IH
13-16
200
800
1
IH
1
Boston- Wyoming Oil.r.
Carib Syndicate.r
Carib Tradlng.r...
Mexican Panuco
Mexico Oil -iir')
25(
!
1-16
2
2H
6H
23 3i
IH
7-16
J6
3Ji
3
3%
22 H
26
13J^
21
6
2
6
1 1
700
1.400
100
10.200
3.500
3,900
100
4,700
33.300
800
Feb
.t
ISC
1
11-10
6^i
H
K
I
<'
20c
I'e
Jan
Jan
Jan
Feb
1
an
Feb
17
2H
1
1-16
10 'i
42
.laii
I'f
7M Feb
S*j
Fe^.
IVn
Feb
2H
Jan
Jan
2Vs
8
27
.700
16.500
1.800
1,900
1,500
2.300
14.000
9.700
1
•4
1
IJi
2
5
23
1
5-16
15M
Feb
Feb
Feb
Fob
2K
2«
Fe'i
Jan
Jan
173'i
3H
SVb
17c
9^c
3^c
i
I
13c
lOi
.fan
.
30
He
25c
4K
iy2
ZinC-r
141
%
1
2
S-16
I
R
A r.,,itv ii(l:i'<'d Mln...
Roper Group Mln
6c
20c
19c
25 H
10c
27c
5 He
56c
1.5c
9e
27c
I
141
8'4
H
%
H
H
5-16
5-16
1
1
2H
4H
TonoD.ih Extension
1
1
Tonapah MininT.r
United Eastern Mining
1
1
1
U .S Continental Mlnes.r.
Virtorv Divide.r
10'
West End Con'O'd
5
White Cans E ei
10
White Caps Mining
100
Wilbert Mining
1
9c
Ic
%
7-16
I'A
5-16 1 3-16
IH
13^
3-16
13^
2)4 2 5-16
I'-i
4Kc
1
45
7c
1-16
8c
4c
I
5-lG
I'H
IH
2H
10c
5c
IH
1
Ic
He IHc
9c
3c
8c
2c
51
96 H
97 H
90 3i
965^
95 ^
93 H
50 H
96 H
97
9c
3 He
17c
Jan
Jan
Jan
Jan
24c
Feb
10 H
2
32c
76c
9i-
5)4.
74,.
VA Feb
2'io
2
39c
7-16
22c
1-16
Ic
29
20e
He
14c
3H'
JUil
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
IH Feb
9-16
4
1
5-16
2
4H
4
H
Jan
Jap
19c
Ic
Jati
7 He Jafi
4c
17c
12c
Feb
3U.C Jan
Jan
Jau
18
7c
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
lie
Feb
2 H'C Jan
46
26C
3c
34c
15 He Jan
10c
I5c
Feb
6c
20c
.Tan
J:in
19c
253!
10c
30c
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
50c
Jan
Jan
Jan
158
8 k'
Ja!i
5-10
Jan
Jan
Jan
Jan
3i
Feb
%
130
7,H
y2
H
H
Feb
\y»
Jan
2H
4'-
J.n
8c
1-32
Feb
1-16
Feb
Feb
Fco
Feb
1<^
Jan
Jan
3
He Feb
Feb
45
Feb
Jan
Jan
Jan
lie
63i
3-16
3e
2 He
9-16
13i
Jan
Jan
Jan
Jan
Jan
3Hc
4
3-16
2c
'...
Ic
IH
I
13-1()
Feb
Feb
4H
36
1
%
Feb
Feb
85-
24,600
9,500
15,470
.'"•He
Jan
1
1.050
119,900
11.100
1,900
8'Ac
I
3
62c
8
Feb
Sc
6c
7-10
6e
Feb
Feb
'-<
'l%
3HC
2c
25
4Sc
1,500
17,900
19.600
2.900
3.145
14.440
3.980
2,172
18,160
22.400
19.400
13.350
14.700
17.250
13,600
1
lie
12c
H
.
Jan
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan
Jan
Jan
38,000
4,000
23
4.000
3.100
3.200
2.800
3c
2c
1
37c
1
Jan
1-16
1
2C
2c
5-10
3c
Jao
Feb
.1..'.
H
40
F«b
Jan
Jan
Jan
1
1
V4.
5
2
.ic
3-16
Sllver.r
Feb
.Ian
25c
2c
'O-sa
3-16
lao
1
1,000
3,400
3-16
Ta'".p
Jan
4c
2Hc
IMc
Tonopah B"lni >nt Dev
T(mopah Divider
Feb
1
47.600
30,100
43,900
6,000
58,000
217,000
24.000
4.000
25.800
700
I
*'A
ItiC
1-32
He
10
Jan
Jan
24.7.'>0
6!!;
..I
Jau
29.5.50
5%
Success Mining _
Snlherland Divide.r
Feb
7-16
Im
1.750
3-16
1
•i>4
Jan
22.200
31.200
7.000
28.400
82.000
3.'). 500
23.000
21.900
Standard Silver-Lead
&
Jan
.fun
Feb
Ja>i
22.000
11,800
3
8H
9H
8
% Feb
IH Feb
H Feb
2
Jan
8c
2c
3
Feb
ii-;<i
Ic
5c
IH
im
Feb
6-10
45
Am
Jan
15
85c
9c
F.ib
5
13,150
15.900
7c
3c
T4
21..500
85c
1-16
1
50c
141
8
%
300
St (;roi< Sil.-er
1
Sliver Kin'.' Divide. r
1
Silver Mines of .Amer.r
Silver Picli Cons'd.r
1
South
Gold
Plat r 10
3-32
5-16
IH
2H
.I.an
Jan
Jan
J.'in
Jan
15-8
Jan
Jan
IH
Jan 19-16
Jan
2H
lOHc
Jan
6c
3 He Ja!
I6-1G Jan
He
IH
5c
IH
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
13<c Feb
10c
Jan
4c
Jan
50 H
96 Is
97
Feb
60
97 H
85
94 M
9234
9'H4
95*4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9>1
Fe'
9934'
Feb
Feb
9S
58 ,H
96 »4-
4c
2e
Bondi
Pack conv debOs r'39
Allied
Aluminum Mfrs 7s-r_.1925
Amer Agric Ch'-m 7 'isl941
Amor M'Tlit <t Trac 73 rl92.';
Amor Tel & Tel 0s.r..l922
1924
Anaconda Coo Mln
7s r '2''
r,% notes Ser .\
92P
An'.;lo-Amer Oil 7'-4s.r.'2'i
Armour&Co 7% notes r '30
Beaver Board Cos 8s. r 1933
Bergen (CItv ofj.Vorw 8s Mi
Be'h Steol T", noies.r V.)r.i
Ef|iiiptnent 7s r
1935
1
Cities Serv
861.2
100
97
99 K
93 H
96
Canadian Vat Ris 7s Hn3
Canadian Pac Ry 6s. r. 1924
Cerr'i
(!'•
"is<"i
I
'.HI
Hs
i"
•
i
NW Ry 6M;3-r.l936
&
deb 7s Ser B '66
Conv deb 7s Ser C. . 1906
Conv deb 73 Ser D..1966
Cons Gas of N V 88... 1921
Cons Textile dPb 7s... 1923
Copper Exp Assn Ss.r. 1922
8%
8%
8%
notiS-r.Feb 15 1923
notes. r. Feb 15 I02i
noleS-r.Feb 15 1025
2
Doc
41
Jan
22 V^
21
Feb
31
13 '4
.Inn
Diamond Match 7Ks.r
Feb
Empire
'<
Jan
Jan
Feb
y,
H
Mines
Jan
Jao
JMt
Fab
Jau
Jao
Jan
Jan
Jan
Jan
8H
1.100
m
H
5Hc
55c
1
50c
lOO
300
63.100
19c
12c
4e
15c
H
7c
2c
23
Fob
14
1>4
14 H
16c
6 He
2c
12c
84c I
111-16
9Hc
6
6H
12
'
25
2H
Jan
Jau
Fob
Jau
Jan
Jan
3-16
'A
21
Jan
Feb
6
2
28c
1
I
Opbir Silver Mines
Prince Consol
;Ch
Jan
Jan
Jan
Jan
70c
lO'A
2^i
Jao
Jao
Jao
Jau
5\
20,200
700
37,800
31c
2.000
7-16
3 i
16,900
1-16 424,000
10,500
H 2,600
43,600
lie
36,900
3c
120.000
45
30,2(X)
24c
0.600
3c
73.000
31c
3.604
5,500
3
3.400
5
I
Murrav Mog M Ltd
Nat Tin Corp.r
Feb
Jan
5K
l>s
4 He
12c
I
I
McKinle.v-Darragh-Sav ..1
New jLi'sey
20c
8c
67c
8
"ec"
17c
18c
.Sl:i,r-r
MaeNaniara Cres^.r
MicNaniara Mlning.r
Magma Conner
Mirsh Mining r
Wc
14
4H
5
lOH
&
'.'^5
11
J.'in
21
3
Feb
Feb
26
6M
Jan
'4
Ian
2
Feb
1924
Flel8hmannCo8%.r- 1930
French Govt 4s. r
5'-<
Feb
6
Jan
G''l'-'i-i
I
H
I
Jumbo Extension
Kewanus r
Kno< Divider
La Rose Cons Mlnes.r
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1% Feb
9-16
"SOC
4 516
3
10c
6s. .r
Alien Oil.r
Allied Oil. r
lie
1 7c
6c
2c
1
10-
llernletia .Sllver.r
Iron 131o3.som.r
Jim Butler. r
Mi>llierl()d'!
H
6c
70c
4c
67c
.Ian
Jan
Jan
359
l.r
Ray 'Jerctiles.r
5
Ray Verde f^onper
_
Red Hills Florence. r
Red Mountain Mlnes.r. .1
Feb
9c
3c
31
24c
J
Jan
Jan
Jan
Jan
Jan
60
J.i-i
IH
9-16
10
10c
Harmlll Divider
Hecln Mining
Liuje
1 1-32
1
Nipissiii'.'
69
IH
1
1
Feb
Feb
Feb
Jan
Jan
Jan
Jan
23^
29'
.Ian
27
64
Jan
Jan
Jan
Jan
5M
2
U
19
10
Jan
Feb
Jan
Feb
Feb
4..500
4K
1%
10
6,200
600
9,700
11.300
500
546
25
600
2,600
9.200
900
200
1,250
2,200
5.600
8.700
1.400
83
Ja;i
2ZVi
1
2
2J
'i
Jan
Jan
iv-b
Jan
Jan
19
'4
Jan
1
9M
H
W
8%
Jan
l-(!b
7
12
Ja'.i
Feb
6
14
05
15%
22 k>
4J^
Jan
Jan
Jan
64
nroka Croesus
Eureka IloIIy.r
l''orty-nine Mlning.r
Gold field Consil'd.r
JaTi
.Ian
4c
5c
3
!:
Hon
2c
25
5-16
Emma Sllvpr
Jan
3H
9H
70c
9
!
7-16
><
IHo
13-16
Jan
27.300
1
21
2c
4c
1
15
8
13
70
4K
Silver
l-)'i
.jan
Ja'i
6
8
r
Jan
Jan
Jan
Jan
Jan
Jan
Jan
'4
1
-<.
.
CoiLsnl \'lrglnia Sliver. r..
f'oriez Silver. r
J. Ill
Jaii
Jiin
83
4
.1
Goldfield Devel r
Goldfiold Florenco.r
18
12
19
85i
5^i
18
5>i
Feb
IVA
65
J J
4'.i
GS
9
IS
.lau
12'2
300
500
2,600
300
2,600
300
5,800
12,800
K
3J-i
1
1,200
IK
155^
t>
19>i
16
IK
Wayne Coal
Former Standard
7\\
8
10
Willys Corp Ist p:«f-..100
Second preferred
100
4
14
2H
"27H
I
Cash Boy Consol
Oc
69c
12c
18c
1
-5
,Ian
11 V.
75
)
Sweets Co of .\mer.r
Swift International. r
C'andalarla Silver. r
48
H
.'i
& Montana Dev
Feb
Feb
Jan
22K
% 1%
4H
Caledonia Mining
19
9Ji
15i
2Ji
2\>A
.j
Feb
70
9H
1
2%
Rub.r-_(no pa
Royal Bak Powd pf.r.lOO
Roy de Fiunce ToUeii'rihl
Stanwoo'l Rubb. r. (no par)
Repui.:!.^
liiiston
Jan
IC
5
10
Reo Motor Car.r
Ledge Copper
booth. r
Ti
9
H
Co
Jan
Feb
Jan
3c
5c
10c
10c
Fi>')
Ian
7-16
2c
24
1
iieiclier-Dlvlde.r
I'.elclier Ex tension, r
HI,'
yj
Jan
J:ui
I'ei-
H
1'4
1
1
4->4-
12
1%
Feb
Feb
Feb
Alius Cold .r
•)'<
3U',
72^12
1)4
.Vllania
.Ian
71
113i
1
.\ri/,Mna
.Ian
11-16
5
I '4
Feb
>«
IH
Jan
5Vf
H
ly*
4Hi
3-16
1
Clobe Copper
Mines. r
Feb
1
Divide Extension
1
30c
El Salvador Silver Mln. . . J ......
6H
7H
2K
»%
6H
22 K
IH
5H
. .
.
Darwin
.96H
H
Anieilca .MIniS-r_
Jun
J a;
350
600
500
60
200
1
.(t)
44
I'lb
Crackerjack .r
14»4
14!^
12J^
7
8J^
04 Ji
r,'<
800
1«
1
Lehigb Val (;oiil Sal"S _ r . 50
Llbby, McNeill & LlbbyrlO
Lima Loco not co.n_r-.lUO
Peerless Trk
Perfection T
7K
2S 'A
2^8
MiniiiA .Stocks
Aiaska-Urlt Col Metals.
3-16
Jan
45
2Ji
13
6 '4
7?4
Feb 255
Feb
71
Feb
6H
Jun
Jan
Jan
1
19>4
21
33
3M
252
68 '4
'4
"V Oil A Gits
Jan
Jan
Feb
Jan
Jan
IJi
2M
9
3K
4
13!^
14
18
Feb
H
4«
Jan
H
»H
^4
4!4'
5.000
100
7.300
2,700
5,500
4.100
8.200
I
13
16
14
34
"2M
Feb
Feb
Jan
Jan
Jan
Jan
7''oh
1)
Vulcan Oll.r
5
Wilcox Oil & Gas.r..
W<)odburnOIICorp.r(nopar)
I'i
I
I
800
5
96 >i
6
5
•I
Jan
Fcj
Jan
7
7!.!i
1.500
8.900
20
6>i
16 >i
68
32
I
U
19
15
IVi
18
5
Preferred. r
12!.<i
13
.
I'cb
7 '4
%
11-16 H
2
2H
H 5-16
7H
18K
12
Havana Tobacco pref r 100
Hercules Paper. r. . (no par)
Heyden Che a.r. .(no p.^r)
Imp To!) of C, H A I.r. £1
Indian Pack Corp r (no par)
Iniercoiuiiit'iitol Uiiio. lOu
Internal. Cnlll pref_.r..lO
Int. Products.. r
(t)
12!4
Fi"
1
2H
7H
7%
1
145
11,000
100
4,000
3.600
2.200
11.700
4,000
24.000
3,900
7H
JiiU
600
5..500
2!
.
Hljh.
Law.
137
32.000
900
43,100
4,900
2.500
100
10
1
60 K
36
K
14H
.
* Lund.r
United Royalty. r
United Te-k Poirol.r
280
11
6
Jan
36
UH
6.100
1,100
2.000
386
100
'
.ii
Feb
Feb
Fob
5
10
10
1.725
3.255
S.595
5
1-2?^
02
30
8K
OH
1
r,)V-Ken oil Coro.r
.l.'.:i
Feb
I'i
10
5
19'i
8
36
18?^
18}^
H
2M
600
6.300
500
3.100
4.900
r(no par)
Ja
14
Common B.r
400
1.100
8.450
1.500
l.'s
4
IH
1
Feb
Jan
(t)
25i
2H
9Ji
23
*H
SH
9H
2H
7%
7H
now..
Si)ii(;or|)
Vici,,rlaOll r
Jan
Jan
Feb
Feb
Fob
6
6
4?i
13
13
Gas.r
H
M
H
2M
2H
6
5ii
"ill
Ryan Cons'd.r..
Oil
137
5-16
Jan
Raii'je sltce
HVjh. Sharts.
H
2H
2H
6
60
33 K
60 ^
Rotira.r.lOO
Preferred. r
100
Hall Swlnii .V Sis; co.ii r lUU
Hanes(P.H.)KaUi-i)in.r.lO
TA
4.800
1
n-16
150
100
60
14
6
15 K<
11-16
9.'4
10
400
ViVi
3
46
17Ji
100
100
06
32
68.'i
6'£.
10
.
H
62J-J
252
71
300
Hi
5H
30
31
ChU; Nipple Mf't
Cities Service
ti
9M
225i
4
5
12
.
S r
•om.r..(t)
I'upI
9>i
22>i
4
1
Texon
Jan
Jan
Jan
1
H
10
10
6
Ref.r
Ranger Gulf.r
Stanton Oil r
Sussex Oll.r
High.
Feb
7.100
.\ni«r Hi'(ri;;»'ia!o.' r
Amer Writ Pa;>er cum. 100
.•Vrmoiir l.oatlu.' co:n i . 1 j
Aufoniailo
Low.
1
137
10
I'riKlnciTSiS:
itcd llock Oil
Luw.
137
Ref .r(t)
Simms Petroleum
1.
Week.
2'A
Skeily Oll.r..
High. Shares
.1
r
Aluriilimiii
Amerlciia
Range Since Jan.
& .MisceU.
Industrail
Acme
,v
fur
uf Prices.
.N'orlh .\iiierlcan Oll.r...
("rack I'roducor
.Seiilod I'rod.r
nvt*.
of P/iCiS.
Par. Price. Loir.
Sail
Salt
Pit
8H
(Jas..
A:
Salt!
for
5
lleflnln'i.r
.Salt
jrcf* trullng
Par
Stocks (Cone! uitid)
Mid .vest
Wtek's Range
Oil
Lit SI
G;is
Fuel 6s.
r
105
133
98
99 M
100
99 »f
99
98 Jf
102
—
I'll
'\[<
-!
.
I'l
'
96H
40.000
97
i)5H 95 3i 41,000
93 H 93 M 89,000
86 H 86 H 20,000
100
100 ;i 38,000
84.000
96 K 97
97
99H 66.000
92 H 94 H 27.000
9.000
97
97 H
81.000
95 3f 96
4.000
1015^ 101 Jf
95
95 K 10.000
160.000
103
106
99 H 99 H 140.000
25.000
133
133
20.500
95
98
35.300
84
86
99 3f 99 Ji 78.000
1.000
96
96
9934' 100 ^i
10.000
10.000
99 H 100
99
99 H 10.000
50.000
9834'
99 If
101
H
84
95
'-J-!
Ss.r
«i
90!^
102
85
95
H
101
48
o.TU
48
101
03 '•;
132,000
96 Jf 17,000
9714 120.000
90 3i 22,000
tic,
04
H
16.000
15.000
5.000
4.000
15.000
l>.noo
91
S3
93
97
K
9!>.i
10!)
1-4'
95
9'l "t
99 H
133
95
84
98H
Jan
.la.i
Jai
Jair
Feb
,)
Feb
Feb
Feb
Feb
'i
97
94=;
89^;
101
98 H
102
95)4
Feb
Jan
Feb
Jan
Jan
Feb
I0«'<.
Jan
99,14'
Feb
Feb
Feb
Feb
133
9J
86
lOOH
Jan
Fp!)
FeJai
1021,;
Jan
Feb
Feb
Feb
Feb
Jan
Ft^
9f
98 H'
99 H
Feb
.SJ
Jai
95
Feb
4-2
91
9SH
99H100 H
100
9S J
Jai
Jai
95
f9Jf
93 U
100 If
97 H
Jan
Ja
'
99 '.J
S">
95Ji
102
49
Jan
Feb
Feb
Jan
iHn
K
.
— —
HW
.
1
— —
I
THE CHRONICLE
644
.
[Vol. 112.
FHiav
Last
(
8h
ii?noral Asph-'ilt
Price
1030
r
101
Goodrich (B F)
90 Ji
C-o 7ct1!>2.'i
f;r:inclTnink n.y 6>J9 193fl
.
68"
90H
UT
7s.r...I9'Jl
Konnocotl Chopper 7b r 1930
Ona Lleht 7s. r
Loula 4 Nashv
7s.
MorrlH A C'o 7 ^8 r. . .19,10
Nat Cloak A Hull Ha.. 1030
National lycather Hs.r. 192.''>
N Y N & Uartf .r. . . 1922
I.aclPde
"m"
7rt.r
7s. r
78.r
"96H
94H
wr,^
Ruasian Govt 0>iH.r. .1919
dears, Roebuck & C-o 73 r'21
7s. r
16
Scrip
955-5
05 M
_
Con
Oil 7HS-r.'2.'.
91»/{
1927 lOOH
& Cle Ss.r
Ry 6% notes.*. 1922
Southw HoU Tckp
7a.
Stand Oil (Cullf) 73.r..'3l
Stand on of N' Y 78,r._'2.5
1926
7% ser gold drb
1 92
7% ser cold deb
7% ser sold d b.. _i;)2S
7%
7%
7%
Swedish Govt
^wift
1929
ser fold <!i'b
ser Kold det)
ser 30ld deb
& Co
in3(:
96 H
94^4-
94
95 H
95 '4
H
16
H
95 3i
»8M
(StattO
101
Feb
101
17.000
171.000
607.000
35.000
72.000
83
.lull
91
.OS.
1,000
24.'5,000
.36.000
lOlH
' .,
H
K
H
97^4'
Fob
Feb
94 H
67
97 W
98 H
.lai.
98
Juii
72M
95 W
000
19,000
25,000
33,000
5,000
16,000
13.000
11,000
16,000
37,000
29,000
20.000
107.000
lOO.OOO
17.000
32,000
78,000
103H
"-i
New York
I.
87j.i
84^5
94 H
94
Jun
.Ian
101
Fob
96
92
94
Jail
\>'<H
Jan
Jan
Jau
92 H
96 K
70
99 'i
9.^)
Jail
Jaij
93
93
93
Jan
Jan
Jan
94 Ji
13
Ke'.
Jai)
97Ji;
Jan
Jan
Jar
Jan
Jan
65
973-i
94 U
9514
93
HH'4
99 H
96
92
100
100 "^
100
100 '<
Feb
c;.|
Jan
Jan
Jun
Ian
..
Jan
Jan
Jan
Jan
Jan
.Ian
F(>b
Jan
Jan
Jan
<.n-i
WM
96%
mn
.Ian
Jan
.I-'in
.Ian
102
Jan
Jan
Jan
102K
Jan
102
.Ian
102'<(
Jan
Jan
Jan
Jan
Jan
Jan
Jan
95'-'
Feb
97 Ji
.Tn*^'
80
Feb
H.
I03!-<
103K
84
98
86 K^
99 K
102
96
innu
81
.Ian
Jan
Jan
Jan
Jan
Jan
Marks
15
15
15 H
H
12".
150,000
20,000
13«
Jan
Jan
IfiH
14
Jan
Jan
Listed as a prospect. ( Listed on the Stock
Exchange this wet-It, where adtlitional transactions tvill bo Jound. u New slock.
r Unlisted,
w When t.^iK-d. z Ex dividend v Ex rights, z Ex stock dividend
k Correction.
} Dollars per 1,000 lire, flat,
t
Bi4
80
Lawyers Mtg 115
MtRe Bond.. 80
Preferred
. .
70
220
70
95
60
85
I
par vaiue.
i
bond
N Y
TlUe 4
Mortgage.. 116
120
Atk
96
102
160
USCamiaity. ISO
USTIUeGUiir, 70
West 4 Bronxi
4MG
80
150
"and Interest" except where marked
prIceN arc
Standard Oil Stock.s Pe
RR.
aha e
r
Preferred
10
1(X)
160
Preferred
new
410
85
200
100
100
100, lOS
Continental Oil..
Cretceut Pipe Line Co
50
Cumberland Pipe Line... ICO
Eureka Pipe Line Co. ,..100
Galena Signal OU com... 100
Preferred old
100
Preferred new
100
Illinois Pipe Line
100
Indiana Pipe Line Co
50,
105
113
33
135
100
46
•31
125
9.0
44
93
94
163
•84
97
98
108
—
Fund Convertible gold
—
The Home Life Insurance Oo. shows total assets at Dec. 31 1920 of
$40,465,508. against but $12,342,247 in 1900. "VVUliam A. MarshaU is
President of the company.
—
Sneckner & Heath, members of the Xew York Stock Exchange, announce the opening of an unlisted department under the management of
Charles A. Kahl.
Theodore L. Bronson & Co., members New York Stock Exchange,
announce the removal of their offices to the Equitable Building, 120 Broad
way.
W. H. Churchwell, formerly with A. L. Chambers & Co., is now associated with Hanson & HatLsou in their unlisted securities department.
The Bankers Trust Co. has been appointed Registrar of Common
stock of St. Louis Rocky Mountain & Pacific Co.
The Central Union Trust Co. of N. Y. has been appointed Registrar
of the Pref. .stock of the Swan & Finch Co., Inc.
—
—
—
—
!
'
!
86
Erie
16
Hocking Valley 4^8, 5e
29
Illinois
Ohio Oil Co
Pcnn Mex Fuel Co
Prairie Oil A C-iS
Prairie Pipe Line.
Solar Refining
475
165
98
277
36
486
195
•200
25*27.?
25| '33
IGOl
lOf),
-
375
385
Southern Pipe Line C0..IOOI lO^ 112
South Penn Oil
.-100! 230 235
Southwest Pa Pipe Lines. lOO' 70
72
Standard Oil (Calitornl;i).100l 298 303
St-andard Oil (Indiana) .. 251 *68
6812
Standard Oil (Kansas) . - 100, 580 fiOO
Standard Oil (Kentucky). lOOi 400 420
SUndard Oil {Nebiaska)-100 390 40,
Standard Oil of New Jer. 25J 15! 156
Preferred
IOC IO8I2IO9
Standard Oil of New Y'k. 10n| 336 340
Standard Oil (Ohio)
100, 380 400
100;
Preferred
100,
Swan & Finch.-Union Tank Car Co
Oil
Oil
on
10
45
lOOi 108
97
100
100 315
.325
«28
33
25 *97
100
160
lOi
56
lU
100
Stocks
Magnolia Petroleum
Mexican Eagle Oil
New
10
100
150
5 •21
100
4Hh.
5«
Central 58
ICqulpment 4Hb
Equipment
7s
Kanawha & Michigan 4H8..
&
Nashville 68
Michigan Central s, 68
Minn St P & 8 S
4K9
IvOulMvllle
M
Equipment
68
& 78
4 Texas 68-
Ml.s.sourl Kan<<a8
Mls.sf)url Pacific 58
Mjblle
&
,'
Ohki 4^6, 68
New York Cent 4H8,
Equipment
VY
58
I
7s
;
Ontario & West 4)^8..Norfolk & Western 4H8
N'orthern PaclflJ 78
Pacific Fruit Express 78
Peiuisylvanla RR4H8Equipment 43
Pittsburgh & Lake Erie 6^8.
Reading
Co4H8
Louis Iron Mt & Sou 58-St Louis & San Francisco 58.
Seaboard Air Line 6s
•St
Equipment 4H8
^uthern Pacific Co4Hb
Equipment 73
.Southern Railway
Equipment 5s
4H8
23
Toledo & Ohio Central 4b...
Union Pacific 73
22
Virginian
I
stock
*.!0
Midwest Refining
Tobacco Stocks
I
Ry
6s
800 700
7.20 6.60
700 6.30
7,00 6. '25
7.60 7JX)
6.86 6.26
700 6.30
6.70 e.?o
6.86 6.26
6.86 6.'25
6.70 e.-jo
6.8 > 6.25
8 00 7.00
8.00 7.00
800 7 00
8.00 7.00
6.87 6.26
6.70 6.20
7.37 6.50
7.37 6.50
7.12 6.60
6.62 6.16
7.25 6.50
60 13612 13, I2
Per
Sha
6.76
6.26
6.25
6.25
6.30
7.00
6.62
6.30
6.35
7.40
6.76
6.90
8 25 700
8.26 7.25
7.26 6.50
6.8716.30
6.87 6.25
7.62 6.76
8 00 7.00
7.75 6 75
7.37 6.70
7.00 6.25
7 00 0.25
6.62 6.20
7.00 6.50
7.00 6.25
6.50 6.20
7.25 6.50
7.00 6.60
7.75 7.00
Ixjulpmeot 68
Chicago A Alton 4H8, 58...'
CWcago & Eastern III 5M8..'
Chic Ind & L<ju|gv4H8
Chic St Louis 4 N O 68
Chicago & N
4H8
Chicago R 14 Pac 4H8,5e..,
Colorado & Southern 5a
W
.\
7.60
6.85
6.85
6.62
7.25
8. 00
'
National Transit Co. . . 12.50, •27
New York Transit C.t. . . 100| 160
Northern Pipe Line C0..IOO;
Other
Lisman & Co., 61 Broadwa.v. X. Y.. have prepared and are di.stributin? an interesting circular describing Bush Terminal Buildings Co.
First Mortgag-o Sinking Fund 5% bonds, due April 1 1930.
The Guaranty Tmst O-o. of N. "^'. has been appointed Transfer Agent
|
Canadian Pacific 4H8 * 6fl. .'
Caro Cllnchfleld 4 Ohio 53..
Cenual ol Georgia 4Hs
Cbcnapeake 4 Ohio 6Ha
International Petrol. (no par)| *15l2
Imperial Oil
J.
"f."
BaHa
.
Equipment 6s
110
Borne Scrymscr Co
100 390
Buckeye Pipe Line C J... 60 •83
Chesebrough Mig new
100 185
CURRENT NOTICES
Industries.
Per Ct
|
department of John Burnham & Co. has prepared an
article which appeared In the Chicago ".Journal of Commerce" Feb. 3,
r(w;arding the outJook for the motor industry and its influence on all otlier
statistical
quipment*
Par Bid. Ask Baltimore & Ohio 4H8
Anglo American Oil new. £1 •I8I4 18»4 Buff Roch & Ilttsburgb 4H»'
Atlantic Ileflnlng
100 960 1000
Equipment 4g
Washington
of subscription waii-antK of the $8,000,000 Sir.liing
bonds, series ".\," of the Baj-nsdall Corp.
i'bo"
BUt
A.isoc
(BrooldyD).|
Nat Surety.. ISA
ll
Realty
124
Quotations for Sundry Securities.
All
Prelerred
— F.
AU
Title
Vacuum
—The
,
I
145-,
lots,
A Ik
70
66
210
.
Dresden 4s_r
*
M
Bid
City InveHtlnK
P'ob
l-eb
97 H
96
Jan
Jan
Bond 4
an
H
102
103
Amer Surety.
Tan
99)4
97%
Ja-
100
Alliance nity^
Jail
Jan
Jan
Jan
Jan
Jan
OSK
Jan
Jan
Jan
Feb
Jan
.Ian
T.V'i
96
95 ii
95 H
95 ii
Jan
Jan
lOOK
9r,
9Ti
16
and Surety Companies.
All prlcc« dollar* per share.
Feb
101
Feb
loo'-r
IOO'm
101 H
7H'A
City Realty
IHnh.
$2,000
101
101
101
lOlH 101 H
101 K 101 •';
102 ,'4
101
101 >< 102
1023-.,'
102
96
96
{Municipal Bonds
1,000 Marks)
No
Low
Week.
60,000
16.000
140.000
10.000
20.000
42.000
28.000
20.000
24,000
25.000
(U'lUars per
Bfrlin 4s. r
Odd
Range Since Jan.
for
80 H 1 1 .000
n«
96 H 70.000
82 '4 23,000
81
99 J^ y9H 44,000
100 H 101 H 23,000
95 K 96
107,000
98"^ 08=.{ 43,000
80
80
9.000
loo^r
3M8-.MW
German Covernracnt &
Va
99?.,
Sala
80
80 !4
96 »4
82
99 J*
192.'
Switzerland (;ovt 5 jx;. 1929
Texa.=! Co 7% notes. r. 1923
titilon Tank Oar eq 7s- 1930
^a•C:^rn Chem 7^3. r. 1932
^Vestoru KIpo ronv 7s. r "'^
Weirt
.'-i
103
1931
6s J'ne 16'39
7s. r
98
92 H
96
68
96
98 }^
lii2.
.
90'^
92
98 Ji 98 4
95 H 96 H
95 H 95 K
95
96
90 M 91H
90 H lOOJi
98K
Solvay
South
ij
101
94i!<
7% 8or notes.r.Oct 15'22
7% ser notes. r. Oct 15'23
Sinclair
70
67
99 ^J
95 W
94 >i
93 H
94
192-;
192.1
Ohio Power
67J<i
95H
67
1922
1923
96
98
97
97 H
92 yj
Ohio Cities Gaa 7b. f.. 1921
78. r
97 H
96 Hi
91
101
98
U
90 Ji
90H
91 Ji
RR
101
90
95 W
95 H
97 H
(;uU(MICorp78.r
I»33
liclnz (H J) CV) 7s. r. 1930
Int<?rl)oro
H'eck's Ranffi
of Prices.
Ijow.
Utah.
Sale.
Bonds (Conciudfd) —
I
Public Utilities
e
Amer Gas & Elec, com
100 103
3734
Preferred
50. •37
83
\mer Lt &Trac, 00m
85
95
100 93
Amer Machine & Fdry..lO0 190 200
Preferred
78
.lOffi
80
American Tobacco scrip
102 104
.50
\mer Power & Lt, com.. 100 45
64
Britlsh-Amer Tobac ord-.£I *13i,';' 13.'>8
Preferred
67
--100
Brit- Amer Tobac, bearer. .£1 *13!4 135» Amer Public Utll, com-- -100
6
15
Conley Foil (new)
18
no pai *1«
19
Preferred
24
100
Helme (Geo W) Co, com. 100 148 165
Carolina Pow & Lt, com. 100
28
32
Prelerred
92
9.
100
Cities Service Co, com... 100 254 2.56
Imperial Tob of G B & Ire
9'j
69
Preferred
691?
100
Johnson Tin Foil & Met. 100 90 105
Carolina Power, com
9
12
100
73
MacAndrews & Forbes. -100 105 110
Preferred
100
78
Preferred
100
83
Com'w'th Pow, Ry & Lt.lOO 13
15
8
97
Porto Rican-Amer Tob _. 100
331? 351.
90
PrefftTed
100
Scrip
83
Elec Bond & Share, pref. 100
81
8*
90
•ederal Light & Traction. 100
ROTiolds (R J) Tobacco. 25 *83
88
8
61s
B common stock
25 »34l-> S' I2
40
46
Preferred
100
75
Preferred
100 102 ,10312 Cireat West Pow 5s 1946-J&J
80
12
92
95
131?
Tobacco Prod Corp scrip
Mississippi Riv Pow, com 100
Weyman-Bruton Co, comlOO 150 158
73
76
Prelerred
100
78I4
7714
Preferred
100
92
96
First Mtge 6s, 1961. ..J&J
Young (J S) Co
100
95 110
6
15
Northern Ohio Elec Corp.(t)
90
20
Preferred
100
Preferred
30
98
100
Rubber Stocks ^Cleve<l\and p- ices) Xorth'n States Pow, com. 100 46 49
78
82
Firestone Tire & Rub, com 10 •80
85
Preferred
100.
100
83
North Texas Elec Co,comlOO 70
73
84
6% preferred
7,-lo 79
100
68
711?
Preferred
100
7% preferred79
81
Gen'l Tire & Rub com - - . 100 150 250
Pacific Gas 4 El. 1st pref. 100
82
17
Preferred
100
Puget Soimd Pow & Lt.-lOO
20
89
13l»
60
Goodyear Tire & R, com. 100
14
Preferred
ICO 57
6
Preferred
100
35
3612 Republic Ry & Light
100
8
19
Miller Rubber
100
21
85
Preferred
100
88
90
911?
Prelerred
86
South Calif Edison, com. 100 90
Mohawk Ruboer
100 165 200
Preferred
100 100 102
14
100
16
Portage Rubber, com
.=;tandard Gas & El (Dd). 60 •12
37
Preferred
100
43
Preferred
60 •35
1
Swinehart Tire & R, com. 100
Tennessee Ry,L & P, com. 100
40
2
5I4
6l2
100
Preferred
Preferred
100
Short Term Securities Per cent
22
25
United Lt & R>-s, com---100
66
67
Am Cot Oil 6s 1924.. M&S2 90I2 92
1st preferred
100
Amer Tel & Tel 6s 1924. F&A 95I4 96
Western Power Corp
26
100
96I4
.\&0
97
66
68
Preferred
100
6% notes 1922
Am Tob 7% notes 1921M&N 9934 IOOI2
.M&N 9934 IOOI2
Industrial
7% notes 1922
and Miscellaneous Pe r share
9934 IOOI2
7% notes 1923
AnacondaCop Min 6s'29- J&J, 86
.American Brass
100 190 ,195
87
B
J&J
63
Series
93-^
.American
Chicle, pref
58
78 1929
93
1(X)
Anglo-Amer Oil 7 4s'25 .\&0! 9934 IOOI4 American Hardware
100 138 146
Arurr& Co7s July 15'30 J&J15i 9612 97
Amer Typefounders, com. 100 40 43
Prelerred
82
85
Beth St 7s July 16 22-.I&J15i 9858 99I4
100
'23
97i2
9(i»8
J&J15
31
Bliss (E W) Co, new-. no par •28
7% notes July 15
56
Canadian Pac 6s 1924. M&S2 94I2 96
Preferred
50 •52
94
Borden Company, com. .100
Federal Sug Ref 6s 1924M&N
92
86
88
89
91
Goodrich(B F)Co 7s'25.A&0' 90
91
Preferred
100
Company
Celiul.>id
100 130 135
Hocking VaUey 6s 1924 -M&S 92
94
VO
Interboro R T 7s 1921. .M&S
du Pont (E I) de Nemours
68
100 165 172
KCTerm Ry4Hs 1921 -J&J 98 991? & Co, com
8OI2
Debenture stock
100
79
6s Nov 15 1923..-M&N15, 97lj> 99
II4'
21;
100
92
Havana Tobacco Co
Laclede Gas 7s Jan 1929 F&A, 90
661^ 671?
Preferred
100
Lehigh Pow Sec 6s 1927. F&A
512I
55
Liggett&MyersTob6s'21 J&D! 985« 991,,
1st g 5s June 1 1922-.J&D /46
Penn Co 4^8 1921---J&D15; 99 1 991- Intercont'l Rubb, com. ..100 123. 13
'22
5612 70
-M&S 87 89 International Salt
100
Pub Ser Coip J 7s
.-V&O /67
70
1st g.ild 58 1951
Revn (R J) Tob 6s '22-F&Ai 975s 98 Is
International Silver, pref. 100 •85
90
Sloss Sheff S & I 6s '29- .F&A:
87
92
73
Southern Ry 6s 1922- --M&Si 9514 9534 Lehigh Valley Coal Sales. 50 •71
100 170 |.-Swift&Co6sl921-..F&A15 981" 99I4 Phelps Dodge Corp
15'25
com.
100
110
1120
A&015
971).
Baking
Pow,
notes
Oct
97
Ros'al
7%
84
M&S, 991 9934
100
83
Preferred
Texas Co 73 1923
U S Rubber 7Ks 1930- -F&A; 99 9934 Singer Manufacturing 100 88 90
•2W 3
£1
87
Singer Mfg, Ltd
Utah Sec Corp 6s '22.M&S15, 86
West Elec conv 7s 1925. A&Ol 9S3s 983.1
Par Bid. \Ask
American Cigar common 100 92
9)
60'
.
100
Preferred
I
I
i
I
,
New York
City
An
Banks— A- Y
Ask
America*
195
260
Bid
190
Amer Ii:xch.. 240
215
Atlantic
Battery Park. 175
Bowery*
450
Broadway Gen, 150
Broa.< Boro*. 106
Bronx Nat.-- 145
Bryant ParR* 145
Butch & Drov
Cent Mercan.
Chase
Chat & Phen.
Chelsea Exch*
Chemical
Coal
&
185
160
125
155
155
35
205
325
30
195
315
255
265
.45*
190
15«
170
215
220
Common-
200
207
.335
3'i5
200
300
490
150
320
150
205
308
iNew York Col 120
,New York...] 450
140
Fulton
465
Guaranty Tr.
IPacitic *
325
135
305
110
210
125
Exch*-. 295
Cosmop'tan*.
105
-
-
Fifth -Avenue* 900
Fifth
160
890
220
First
Garfield
Gotham
Greenwich •-Hanover
Harriman
Imp & Trad.-
190
250
790
350
500
New
33 i
330
295
Farm L & Tr
3
200
270
312
Law Tit & Tr.
155
125
155
375
310
580
455
St,ite*
200
'
iTradesmea's
200
23d Ward*... 220
;Unlon Exch.. 161)
lUnited States*! 155
iWash H'ts*-.; 350
Yorkvllle*... 425
605
Lincoln Trust
Mercantile Tr 280
Metropolitan. 265
470
MutuaKWest-
,
Republic*
Seaboard
Second
,
i
210
I
290
350
210
aw
165
135
165
290
280
105
125
535
570
Title Gu & Tr 310
U S Mtg & Tr 400
lUiUted States 810
550
590
320
410
830
Brooklyn
'Brooklyn Tr
475
I
I
170
165
425
338
337
305
145
300
285
365
295
-i
Brooklyn
i
920
iConey Island •! 140
-.| 205
910 Greenpolnt
160
2,30 i^Homestead
80
87
200 Mechanics'
Montauk *
85
Nassau
220
North Side*-- 195
People's
150
Eldgewood-.-l 200
165 iFlrst
Chester)
N Y Life Ins
& Trust.
N Y Trust--.
155
215
180
100
95
95
460
Hamilton
340
Kings County 660
Manufacturer 200
People's
270
290
(*)
stock,
205
160
are State banks, t Sale at auction or at Stock Exchange
r Ex-di'idend
v Ex-rights.
.
M&N
,
'
1
N
I
I
Banks marked with
2
1
!
Fidelity Inter
Hudson
f270
Ask
150
170
East River
week.
160
328
170
i
wealth*
ContlnentaJ .
American
Bankers Trust
Central Union
Columbia
Commercial .
Empire
Equitable Tr.
i
I
Bid
I
York
I
,Park-
.350
New
NY
iPublic
Cuba (Bkof)-
Trust Co's
I
I
ILiberty
145
*
{
.'Manhattan *.|
:Mech & Met.,
,MutuaI*
kNat Amcrlcaa
jNat City
INew Neth*--,
535
240
Comm'I Kx*
•
Bid
125
Colonial
this
Banks
.Industrial*.-- 180
[Irving Nat oi!
I
525
Iron.- 225
Columbia*
CJommerce
Com
Banks and Trust Companies.
prices dollars per share.
I
•Per
share.
/FLat price,
6 Basis,
n Nominal,
d
P rchaser also pays accrued dirtdend.
j/ Ex-rights.
x Ex-dl\-ldend.
e
New
stock
645
^ailr^ad |utjclligmce.
Ittujestmcttt mxtl
RAILROAD GROSS EARNINGS
STKAM
roads from which regular weekly or monthly return*
following table shows the gross earnings of various
for the latest week or month, and the last two
earnings
gross
give
the
figures
oan be obtained. The first two columns of
columns the earnings for tlie period from Jan. 1 to and including the latest week or month. The returns of the electric railwayt
are brought together separately on a subsequent page.
The
ROADS.
Week or
Month.
Current
Year.
Doceniber
3d wk Jan
Ann Arbor
Atch Topoka
& 8 Fe l>«*cember
Gulf Colo & S Fo. l><iceniber
Panhandle S Fo.. December
Atlanta Ulrin & Atl. Deooiubor
We.U
I'l.
Dcioniber
Atlantic City
Atlantic Coast Line.
Docomber
December
Docember
A:
Belt
Uy
Out "il.
-
of Chicago.
& L Erie
Bessemer
BluKhtiiii
.
&
Garfii'ld
Blrnilngliuni South
263.757
102.232
t)89.282
4i>9.842 27.5tH.089 22. 184 ..340
8 1 4.,502
+18.733
822.929
430.413
I'll. 062
3.5-10.404
322..502
9.355.871
5.750.591
6.708.470
4.961.072
2,778..5<);(
521.042
596.1681
l>t*<'onit)or
Docomber
Docomber
December
Dfct'mbor
K.'iis
\:.<'.U>
6.740.098
M a >
-.'e
8ui«((
M
W
;
,
'
J&N
I
OT
.November
N'ovembc'r
(
t
November
November
November
Tol & Ohio Cent. November
Kanawha & Mich November
N Y Chic & St Louis December
N V N II A; H irif l)ecl>:iibcr
N Y Ont & Western December
N Y Susq & Wesp.. December
N.>-lolk .Southern.. Docember
OinclnnatI North
Pitts >t Lake Krie
& Western.
Northern Pacific
Minn & Internal.
Northwestern Pac.
() ihu liv & Land Co
Pacific Coast
Poriiisvlv KR & ("o.
Bait Ches& Atl..
Nor.
("iix- I.eb
Grand Rap & In.!
Long Island
Mary Del & Va..
N V
U \- Norl
Tol Poor & WostW Jersey & .Seas)
Pitts C C & St L
Peoria & Pekin Un.
Norfolk
cVc
I'
1
Pere Marquette
Perklomen
l^hila Beth & N B..
Phila & Reading...
*
Weekly Summaries.
week Nov (20 roads).
18.862.044
4th week Nov (19 roadsi24.998.832
1st week Dec
15.876.0231
de roads).
34 week Dec (20 roads).
18,272.112
3d week Doc (16 roads).
15.590,202
4th week Dec (14 roads).
17,435,318
1st week Jan
8,078,145
(10 roads)
2d week Jan (13 roads).
12.706,388
3d week Jan (20 roads)
13,957.148
Ith week .Ian (19 ro-i-ls)
19.34^324
*iWe no longer include Me.xicin roads in
3d
Previous
Year.
Increase or
Decrease.
163.331
Sis
192, 'A^l 2,<ll,.,h,)
41.101 1,677,3.521
$
+3.942,723 26.43
•f6,791.098 30 15
.'.».>».. 1L'(»
1
|H
157.2841 1.688.fi3» 1.579,440
76.942
1.32h.-/^»9
176,1511 1.920.23
234.420
195.725 2,684.965 2.294.540
20«.960
9H7.N00
475.000 305.800, 1,291,000
137.705 2.361.223 1..364. 168
280.326
5.
.510.631
541.293 7,689.742
607.093
.35103 6.1 i.56-12,31 33/. (19022 283869 373
5.50.014 8.445.945 5.997,296
965.287
«l>3,98l) 10,1)96,679 8,915,210
.()H.i 822
7 732 922 7.000 '.'-^ SO. 121, 140 71,738,232
061.0'2
81..502.950 66,622,179
8.062,170 6
227.737 3.343,719 2.663,227
299.269
4.391.250 1.9, 9. 770 32.022,096 25,574,280
.592.701 12.093.r,"C 8,462,234
1.501.681
275,226 4.051,729 3.957.192
626.61.3
2. ,530, 167 2.126.633 28.225.188 23,475.552
••.11 Olh ,0(>515l:'li
.H4 088 9.•'1.^72
841.992 12.924.W4 10.909,615
1.140.017
351.034 4.450.1 1 3,915.640
288.9-16
1
1)37.0
•,.5oi,:^:^7
1
December 8.451.199 6. .570. 897 86..5,59.174 76 ,925,.599
December] 9,1.59.871 8.082.601 111166286,100739353
102.421 1.303.979 1.073.849
December
125.511
596.045 7,867,940 6.682.469
December!
528.865
«S 7K(i 1.960.696 1.490.099
157,st)fl
November
330.219
Docember
446.
November 58UW81t; 35737000 5H2ri469d 44788.5998
116.823 1.675.099 1.603,332
December
133.628
l)oceml)er
November
December
December
'l-'ceiiiber
1,1.53.^61
;-i9j..<5'.(
74 5'i'»
20'i.,i()
744 37'< 8 027 .50"' 7..578. 496
046,.58 .5
24.381.973
1,934.8.36 1.7.32.058 25.8-13.748
104.368 l.:j.38.996 1.3.56.187
108.018
1
1
4X1
''1^
<:
(i
7
'II
».2(Jh,.<66
:<•'
I
132.800 2.014.007 1,645.768
December
160.073
1.971.021
13.914.44:'
804
878,231
Docember
71'< 08 497.602 85.100.764
7.180
November] 1,386.173
123.993 1.679.044 1.243.748
Docember
182.298
December 3.101.66.3 3.072.670 40.772.308 35.443.137
124.32^1
107.006 1.269.616 1.121.8.37
December
839.122
80.273
76,492 1.295,245
December
December 9,670.579 6,104,'A59 94.321.5,57 72.871,823
83,383 l.S58,:i82 1.118.725
December
223. .565
68,711 1.435.648 1,041,922
November
150.883
H
&. Shawmut..
Shaw & North
141.940 2.577.075 1.4.52.608
284.530
Pittsb & West Va. December.
62.943 1.9-19.198 2.377.412
December
271,299
Port Reading
95.741 1.366.998 1.117.415
125.874
Quincy Om &; KC. December
Rich Fred & Potom. December 1,0.36,047 966.819 11.049.883 12.276.017
414,749 5.966.142 4.838,534
December
534,122
Rutland
233,5,56 3.433.706 2.9.32,822
274,922
St Jos & Grand Isl'd December
December 8,595.744 7.190.725 94.026.012 78. .552. 125
St Louis San Pran
166.292 1.799.392 1.487.846
195.840
Pt W & Rio Gran November
141.124 1.636.940 1,406.477
192.011
St L-8 P of Texas November
St Louis Southwest- December 1.835.675 1,487.071 21.311.705 13.7.50.285
770.321 9.267,392 6.910.877
December
840.165
Tex..
of
St LS
PIttsb
Pitts
W
4th wk Jan
Total sj-stem
St Louis Transfer.. December
San Ant & Aran Pass December
San Ant Uvalde & G December
Seaboard Air Line.- December
Docember
South Buffalo
Co Dcci^nber
Docember
December
Galv Harris & S A December
Hous& Tex Cent. December
Tex. December
Hous E &
Louisiana Western December
Morg La & Texas December
Texas & New Orl. December
i.)iuiiurn I'aoific
.\tlantic S S Lines
A"i'.oia Eastevn
W
S')tit'<e'-n l':if
Oiv-einber
Svst
Southern Railway.
Ala Great South
Oin N O&Tex P.
Georgia Sou & Fla
Mobile & Ohio.
New
Orl
& Nor E
Northern Ala
South Ry in Mis.<
Spokane Internat.
Spok PortI & Seattle
697.312 2.214.218
723.374
119.697 1.395.50.^
132.561
448.305 6.041.297
562.605
100.046 1.462.457
82,594
4.559,244 3.687.564,49,265.029
67.416! 1.590.382
138.186
17I483.3I 14 684 11-; 01894 19;'
7.238.800
1.214.22?
872.859
^no 1 001 .001
T1
295.73''
2. .560.922 2.333.202 26.643.746
1.2.57.899 1.060.420 12.134.259
230.842 3.022.714
286.797
492.079 467.796 5. .380. 826
980,104 10,429.501
1.004.693
931,660 806.901 10.001.849
>50n5,'i
)
»
>
-,
10,
s
1
X-.O
^O
<
wk
Jan 4,723,306 5.104,291 14.374.216
Docember 1,045.012 970.249 11.588.804
December 1,741.7271 1,383. .521 20.858.559
440.668 5.330.810
December
463,1.59
4th wk Jan 827.932 426.3.38 1.677.897
December
661.428 549.2.56 7,728,115
4th
December
Oftober
December
December
T.. December
Staten Island R
Tenn Ala & Georgia 4th wk Jan
Tennessee Central. December
TermRR.\ssnofStL December
St L Mer Bdge T. Docember
2.332.118
1.144 253
4.516.590
1.101.712
41.183.532
949.683
169728931
10.374.089
3.1181 ,306
IS
119.217
190 79
1.53.457
757.149
203.128
3.549
226.086
395.007
104.374
201 75
175.409
532.701
162.861
4.762
199.761
412.744
1,501.881
21.957.495
9.720.533
2.396.164
4.234,597
8.065.807
8.140.177
>39(,57273
15.562.110
10.529.739
16.313.686
4.374.501
1.411.633
6.446.802
1.183.932
1518 W.>
1.566.775
9.1.54,845
2.415.149
8.954
2.928.925
4.7,58,4.33
1.458.681
1.248.090
7.275.263
2.234.671
14.489
2.489.538
4.002.717
3.217.134
3.559.922
8.267,877
1,215,809
4.361.016
Jan 1.115.135 1.090.9158 3.161.037
11.3.56,93.5
December 1.006.063 8i4.063
90.237 1.480.096
December
103.713
December 10379 154 8.603.326 13109 304 110819514
November 19.5471,5' 157 'OO-.o I'.»'<)5il0n 163516422
December 3. ,534.720 3.160.987 44,906 043 38.260.580
December 2.491.5.32 2.166.961 33.060.169 28.367.603
Ore-Wash
Union RR (Penn).. Docember 1.0-19.065 593.706 10.977.141 7.710.27O
405.4.5.3
wk
Texas & Pacific
Toledo St L & West.
Ulster & Delaware..
Union Pacific
Total svsrom
Oregon Short Line
4th
Utah
December
363. .521
RR&N
191.164
430.141
1.720.093
December 5.705.328
Wabash RR
481.879
Wftstorn Maryland. 4th wk Jan
Docember 1.167,223
Western Pacific
234 3»>t
W.y..t.«rn liv of All. . Di'cemhor
Wheel & Lake Erle. December 1..538.320
December
189.414
Wlchlta Falls &
Yazoo & Miss V^al.. December 2.0821524
Vicks Shrev & Pac. December
Virginian Railroad. December
NW
169.187 2.009.519 1.309.865
274.403 4.522.271 3.323.329
1.082.169 1S.1R0.051 12 075.305
4.622.171 59.982.282 4><.^47.085
330.610 1.6.85.280 1,031.965
1,291.017 16.981.502 13.657,296
?»3.n- > 7><t> XOs 2, .546. 170
9.57.643 17.916.679 12.600,839
202.370 2.6(19.813 2.308.744
2.315.908 28.124.175 24.952.130
Monthly.
^Monthly Summaries.
Current
Year.
Precious
Year.
Curr.Yr. Prep .Yr.
.231.304 231 on 421 ,180.876'348 .749.787
March
.213.434 212 770 408 .582.467 1347 .090.277
.221.725 220 .918 387 680.982372 .828.115
12..573 300
+ 3. .302. 6.33 2t).27 April
May
.213.206 211 .040 387 330.487 348 .701.414
14,456, 009 +3.817.103 26.40
June
.213.625 208 598 430 931.483 369 .225.761
+2 436. .530 18 .52
13.1.53, 672
July
.220.459 218 918 467 351 544 401 376.485
14.360 096 +3.075.222 21.41
August
199 .418|441 .423.168 367 865.628
.199.957
+ 807.6.59 11.11
7.270, 486
September
381.880.
3.09
.
.226.9.55
224 .922 594 192.321 480 408.646
12.324 .508
+
October
-231.439 229 .935 633 852. .568 ,503 281.630
12.898 166 + 1,058,982, 8.21
4-1 5 5') >''.ol H '\
November , -235.213 233 .8391.592 277.620 438 038.048
17.7,86 055
any of our totals, t Comparison with 1917 figures, not 1919.
$
14.919, 321
19,207, 734
1
7,9H'.
.Ian
November
AGGREGATE OF GROSS EARNINGS— Weekly and
Current
Year.
.s
.November
.
0&
W
-,
^'ork C^mitral
Ind Harbor Bolt.
Lake Erie & West
MIc-hiK.in Central
St L..
Olev
.
1
nil «
.
I..
Now
8.781.839 7.267.662
Caiiaiii:iii I'.i l.ir
1-t wk Fe J 3. 370. (100, 3. 2SS. 000 18. 02s. 000 17.407.000
369.738 2.890.171 2.7.54.9.53
390..3.30
Oan Pac Lines In Me December
579.416 7.634.328 6.277.826
8aro Clinch & Ohlo. December
734.992
entralRRof N J_. Docember 4.961,089 3.910.766 51.989.303 44.837.302
<»07.98ii
i ,.") K)l
5^8 H,') 11 ;. K il
Cent New EiiiiliUil l>i'i-eiiibi'r
639,740
511 083 6 5.53.212 5 338 4'>1
Central Vermont
November
323.620' 3.471.7.36 3.121.6.36
Charleston &
Oar December
301.610
Ohes & Ohio Lines. . December 8,645.801 5.675.677 90,190,745 71.475.016
OhIcaKo & Alton
Docember 2,733.143 2.382. lOS 30.374.933 25.272.334
Ohlc Burl & Quincy. Decembr
1.5271910 12729 301 184610986 154011438
Chicago & East 111.. November 2.909.410 1.680,566,27,803.307 22.623.0.57
Chicago Great West Docomber 2 .087..567 1.8.59.494 23,889.976 22.128.189
Chic liid A: Louis V- Vovemlior 1.464.4.5'; 1.003.316 14.61 1.603 11.277.925
Chicago Junction.. December
395.725 321,062 3.600.429 3.712,478
Chic Milw & 9t Paul Docember 13199 828 12586 422 167771947 1.50370 394
Ohlc & North West. December 13101607 11094113 16.5029 625 1.39.589 915
161. .302 2.801.193 1.7.36,078
Ohlc Peoria A: St L. December
2.37,915
December 11177108 10151 118 1352.58 495 111578 655
Ohlc R I & Pac
5.016.028
702. .383
,509, .594 6.767.6.56
Ohlc R I & Gulf. December
Ohlc St P
i Om. December 2.665.317 2.412.131 31.911.606 27.7.32.018
OhlcTerreH&SE. Docember
701.675 3.58.494 6.245.409 4.094.195
388.283 343,338 4.481.147 3. 204. .570
Ohlc Ind k Western Docember
3d wk Jan
613.069 1.804,861 1.696.871
Oolo & SiHithorn
630.3.55
& DonOItV- l>ecember 1,293.164 1.0.52.636 13.143.676 11.162.302
Pt
187.660 2.260.169 1.464.328
Trin & Brazos Val Docember
296.814
159.479 1.825,913 1.227 ..501
Wichita Valley... December
181.884
915.6.50
Oolo & Wyoming
December
25.311 1.084.795
128.710
Columbus & Oroeuv Docember
213.801 1.881 ..559 1.864.983
198.812
992.413 1.002.911
December
82.494
74.004
Oopper Range
Cuba Railroad
November 1.087.45' 1,022.351 11.338.382 10.480.771
87.8.59 2.581.839 2.318.963
Camaguey & Nuev November
1.56.946
Delaware & Hudson December 4.761,775 2.876.042 44.648.193 34,687,023
Del Lack & Western December 8,461.2.54 6.307.146 81.907.747 71.824,047
Denv & Rio Grande Novemher 4.080.803 .829.991 ?6.171 133 ?9 850 (IM
2,52.835 2.938.479 2.911.041
Denver & Salt Lake December
265,680
1.687.341
Detroit & Mackinac December
149.0.56 2.078.601
146..54 3
Detroit Tol & Iront December
293.959 5.220.604 3.765,755
508. 665
2.08r,
2,255.35
837
294.237
210.934
Det &T0I Sliore L-. Novenilier
Dul & Iron Range.. December
128,418 11.0.52.316 7.961.606
157.725
Dul Mlssabe & Nor. December
259,312
260.051 19.614.069 19.994,713
:-!Q8 9
lO^i H-,8
Dul Siu S ire \: Vtl 4t'i \v c (m 1'9 80
Duluth Winn & Pac December
160,936 2.498.223 1,913.689
213.624
1.229.439
1.512.770
Louis
Oonn.
December
130,393
Bast St
156.098
240.419
Bast'n Steamsh Lines November
262,406 4.479.323 4.281,769
Elgin Joliet & East December 2,651,501 1,995.302 25.630.441 19.310.380
El Paso & Sou West Docember 1.269.896 1.051 019 14.490.557 12.761.3'n
December 10118194 8.120,383 109056 950 91. 797 ..507
Erie Railroad
Chicago & Erie.. December 1.116.512 896..546 12.837.811 10.401.398
Y RR.. December
106.747 1.348.221 1.141,688
N
121.615
Florida East Ooast December 1,512.5.59
996.519 13.546.205 10.121,222
Fonda Johns & Glov December
123.0.56
112.064 1.431.362 1.251.651
1,55.821 2.045.501 1.646.460
Ft Smith & Western December
213.008
988.814
Galveston Wharf.. December
133.933 1.980.560
247.098
to 6.3H'I 987
488,9'^0
(i 5 '9
Georgia Kaiload._ December
.521.63
907 978
398
8W
Florifia.
443
November
89
1
Georgia &
145. .803
Grand Trunk Syst- 4th wk Jan 2.923.098 ? 317.840 8.877.703 7.136.557
397.191
272.280 2.882.771 2.810.408
Atl 8c St Lawrence November
Jet. November
Oh Det Can
238.955 181.561 1.773.994 1.942.7.39
362.744 4.586.640 4.039,790
Det G H & Milw. November
582.390
292,351 1.175.080 I5.6.",0 5 '.5 9 R^;« «3
Grand Trk West Vovemh(!r
Great North System December 9.827.633 8.089.469 124192373 106533739
123.079 1 167.303 1.130,510
117.309
Green Bav & West. November
2.5-1,164 4.180,491 2,823..50f>
Gulf Mobile & Nor. December
446.986
Gulf & Ship Island. December
249.189
3.053,924 2.496.260
247.363
Novemher 1 849 724 79ti 147 15 551 7-7 10 707 ^07
Hocking Vallev
December 13117.546 9,7.52,374 145154271 107886835
Illinois Central
938.439
Illinois Terminal... December
115.012
75.101 1.119,931
Grt
Nor.
December 2.087.976 1,216.735 19.998.851 14.410.300
Internal &
163.459
149.3.58 1.714.314 1. 511. 840
Kan City Mex & Or December
247.028
166.143 1,991.519 1.322.209
K C Mex & O of Tex December
Kansas City South. December 1.810.488 1,468.744 19,762.433 15.111.997
December
Texark& Pt Sm..
237.267
81.0.36 2.251.813 1.495.013
Kansas City Term.. December
131,269
119.712 1,598,277 1.388.293
Kan Okla& Gulf... December
314.846
170.977 2,803.0.56 1.517.855
Lake Sup & Ishpem. December
11.459
5.992 1,658.244 1,003.152
December
84.993 1.449.021 1.105.285
Lake Term Ry
168.911
Lehigh & Hud River December
315.335
213.099 3.116.401 2.687.256
Lehigh & New Eng December
516.992 367.375 4.808.055 3.981,318
Lehigh Valley
December 7.312.152 5.443.231 75.097.761 64.528.891
Los Ang & Salt Lake December 2.1.50,264 1..505.384 20,898.120 17,209.932
Louisiana & Arkan December
404,951
282.578 4.305,421 2.220.760
Louisiana Ry & Nav December
3.57.702
321.837 4.275.8.34 3.542.034
Louisville & Nashv December 11254141 9.645.628 126371693 107514965
Louisv Hend & 3t L December
282.428
253.218 3.163.618 2.911.103
Docember 1.925.9.33 1..583 .3 13 21,366,537 17. .525. 178
Maine Central
Midland Valley..
December
500,186 349.341 5.086.397 3.952.821
-;
13
so
IP 70X
4tti wv fai!
M.I HI
Mineral Raiiye
MInneap & St Louis 4th wk Jan 382.828 398.078 1.551.244 1..502 .7.50
MinnStP&SSM. December 3.8.53,422 3.651.601 48.157.646 42.661,591
Mississippi Central -' December
74.987
77.374 1.069.815 1,011.409
>
f-oiii
1
'
.
1
•
I
.1(1 >-<
|:i9,93,>
Decxtmber
Nevada Northern
Nowburgb & .Sou Sh DecenibiT
Now Orl Great Nor. Dm-omber
N O Texas & Mex.. 4th wk Jan
Bo;»ura 8 L& W.. Docember
Brownsv & M Docember
St
'.
Previous
Year.
Current
Year.
1.199,497
2.001.849 1.808.581 24.481.590 20.044.134
.
December
Oanadiau Nat Kys. 4th wk Dec 2.802.112 2.161.491
Buffalo
SIS
LaUtl Date.
l)ireiiil><-r
M.>u<)iit;an( la Conn
D«<-ember
Montour .
Nashv Chatt & St L December
Monongahela
5.287.299
Previous
Year.
I to
North Arkan. December
December
December
Mis.sourl I'aclfic
I
Jan.
3.439.47613.011.374 39, 926. 4;J6;J4.272.092
2.886.064 2.160.764 29.«2».«48 2.5.244.514
148.5.58 2,115,2101 1.687.836
206,070
10694 687 8.656..302 118132 429 93.577.0M
303.689 4.674.8621 ^.002,667
694.799
Mo
Mo &
id; '>!)
485.6861 3^16.346 4.730.8.54 3.780.322
499.572 15. 790. .560 12. .508.700
1.261.516
155. aiO 1.399.492 1.314.960
32.420
44.557I
.567.3,50
61)0.336
72.649
7.2.56..5.50 6.441,185 86.7 15. .564 72. .583. 880
106,087
91.4371 1.193,519 1.030.620
K
7
3.")2 10
:-li() 23S
304.497
145.2,54 3.114.960 2.157.831
1
Eamirmt.
Current
Year.
or
Kan & Tex Dec-ember
K&T Ryof Tex Docember
18550941117517187 215444414 179904498
3.011) 10(1
Week
Month
Ml8.sourl
2,794,556
321.815
340.683
95.793
2.52.714 4.667.231 4,4.52.164
213.814
7.938.361''6.400.234173.633.762 63.5.58.452
21074825 15745813 231 a-14142 182620016
191,7231 2,3,'^i().795 2.0.58,917
2.54. 263i
'December
Boston & Maine
Bklyn K DTorm... December
Buir Koch Sl "ittsb. •^t w.s l''(>b
&
ROADS.
Previous
Year.
Current
Year.
Precious
Year.
2.>8.;{5li
& Ohio. .
B & O Ch Term.. Duceniber
Bangor & ^Vroostouk December
B<lmore
BelloloiiU'
|
S
Alabama & Vicksb
Atlanta
I
Latest Or OSS
Dale.
1 to Latest
Jan.
Latest Gross Earnini/s.
Mileage.
February
..
Increase or
Decrease.
+72.431.039 20.77
+61.492,190117.72
4-12.852,8671 3. It
+38,629.073 11.08
+ 61.705.7221 16.99
+66.925.069 16 43
+ 73.6.57
530' 19.98
113783775 23.68
+ 130670938 25.94
-t-
+ 154'2;i9.572
35.21
—
—
THE CHRONICLE
646
Latest Gross Earnings by Weeks.
Tii
Fourth week of January.
1021.
S
UfH-hoster
&,
C'anadlan National
KyH
Canada
S
487.310
2,S()2.H2
2,161.401
4.4:<:i.()(io
4. .330. 000
129.805
106.168
640.621
103.000
23.637
2.923,098
2,317,840
60.5.258
14.1S1
19,798
398,078
a9
:<.S2,82K
Jan
,5.280
30.5,800
4.72.3..S0f.
.5,104,291
C27.932
2bY.594
3..54 9
426,338
4.762
1.11,5.13.5
1,090.968
24.167
481.879
3.30,610
1.51,269
697,312
.-
Dec
'20
•19,
.Tan
1
Dec 31
Pt
to
RyCo
Jan
1
to
Jan
1 to
'20
•19
31 '20
•19
"20
^19
31 ^20
•19
Dec
Doc
Bingham & Garf
'20
'19
Dec
Dec
Bellefonte Central
Dec
E D Term
Jan
Caro Clinch
1
&
Jan
403,065
Dec
Ohio Dec '20
Dec
Central
1
to
Dec
RR of N J
Jan
Chic Terre
1
to
H&SE
Jan
1
to
'19
'20
19
'20
'19
31 '20
'19
Dec
Dec
'20
'19
31 '20
'10
Doc
Dec
'20
19
31 '20
'19
Colorado & Southern
Trin & Braz Val Dec '20
Jan
1
to
Dec 31
Copper Range
Jan
1
1
Dul So Shore
Jan
Dul Winn
Dec
&
Dec
Dec 31
&
1
1
Georgia
Gulf
&
1
268,3,54
244,062
3,040,500
2,778,563
11,291
8,948
124.028
102,280
talile
to
to
361,188
4,758,601
Dec
'20
213,624
'19
160,936
31 '20 2,498,223
'19 1,913,689
Dec
Dec
Dec
Ry Co
'20 1,512,559
'19
996,519
31 '20 13,546,205
'19 10,121,222
'20
'19
31 '20
'19
Dec
'20
•19
Jan 1 to Dec 31 '20
•19
Ship Island Dec ^20
•19
Jan 1 to Dec 31 "20
'19
123,056
112,664
1,431,562
1,251,651
488,920
.521,631
6,579,140
6,389.987
217.3,53
249,180
3,053,024
2,496,260
Dec '20 13,117,546
Illinois Central
'19 9,752,374
Jan 1 to Dec 31 '20 145154271
KCMex& Orient
'19 107886835
Dec
Dec
Jan
'20
'19
'20
31
'19
163,459
149,3.58
1,714,314
1 to
1,511,840
Orient
Dec '20
247,028
'19
166,143
iBi. of Texas
Jan 1 to Dec 31 '20 1,991,519
'19 1,322,209
Dec '20
314.846
Kan Okla & Gulf
'19
120,977
Jan 1 to Dec 31 '20 2,803.056
'19 1,517,855
KCMex&
Lake Sup
& Ishpem Dec
Jan
1
to
Dec 30
5,477
35,613
164,174
281,745
dcf43,023
34,494
445,531
621,138
defl,456
190
10.905
9.422
def52.954
31,144
19„596
171,718
293,362
def74.814 def 176.3.54
def9.4.56
Net
after
Equip.Iienls
$
8,362
37,011
189,962
260, .522
dcf40,623
17,741
380,054
'20
'19
"20
'19
11,4.59
5,992
1,658,244
1,003,152
74,583
d<f21..3:'.3
def?,! .460
(I'-fl0.683
d<r26..305
20
49,148
3,008,2,56
1,860,606
40,905
-12,685
510,682
448,251
6,816
41,836
145,749
def37.951
29,683
320.817
def85,355
28,428
1,325.981
def6,769
16.737
def73,634
31,551
1,861,518
141,662
11,366,710
8,975,755
def36,735
Qef49,099
def640,3t2
def493,9Sl
47,436
def2S,92S
40,513
7,902
139,447
142,993
249,157
1,947,753
4.56,786
429,714
379,401
def 15, 060
dcfl 1,063
1
to
Dec 31
N Y Chicago &
1
Dec
to
Dec
•10
'20
•19
1,430, .535
45,568
35,937
31.041
4,716
62,349 def22,014
1,248.674
1,314.328
dcf27,454 def26,344
def7,483
def7,754
def341,239 def250,903
def 124,621 def86,427
886.237
943,485
def410,302 def60,6.53
3,328.619 6,014,198
3,737,239 4,191,796
def47,624 def43,341
d8f74,425 def72,706
def735,995 def727,701
def588,289 def553,137
,50,032
.50,061
def.34,220 def54,350 def.55,832
def.566,370 dof633,695 def629,036
def604,480 def679.628 def693,441
.36,089
21,375
1,293
def94,223 den02,824 defll7,774
def85,9S9 def210,451 def323,237
def878,436 def981,693df 1,041, 948
def42,.300 def234,160 def231,269
def44,971 def48,843 def44,162
735„502
489,893
510,969
311,373
268,803
280,699
1
Ry Co
,Jan
Dec
to
1
Norfolk Southern
Ry Co
Jan
1
to
do f 089
.50.089
40.18:j
.53,667
5/-8.760
.53.104
51.196
IW.lS.i
2H.322
399,215
1.57.284
..588.638
1.579.440
•20
2„530.].57
•19
2,125,633
263,516 defl74,S3G df;r515,714
'20 10,784,088
;8f;,300
347,781
1,240,610
•lO 0,942,728
679.958def4006,319cief9964,046
31 ^20 125,447,048
'10 10o..545,120 14,071,7;i»'> 10.273.2C.5
6.^20.329
Dec
Dec
'20
'19
31 ^20
19
637.040 def41 ,684
160 ,015
714,151
7,816,473 d;-r237:,.590
.393,.681
6. .591, 227
1 13 .019
def'! 8'^ .877
def68 607
139, 653
def .570 725
180 .765
1.56 6.56
78 .."^82
738
78 .801
dof67 .802
1,-392,3,59
•19
1,153,261
dcr27. 135
Dec
to
Jan
1
to
Dec
^20
19
&
Dec
Seashore
Jan
1
to
&
Dec
200,301
74,-569
94 172
dcf61 ,197
dcfl 33 ,920
dnf8S ;8-5 def57 ,222
MA
] ,934.835 def21S,276 def325,294 def339,501
1,732,058 defl09,.327 defl.56,926 def213,608
631,911 def604..371 def998,855
3.795.124 2.726.532 2.421.699
484.566 def234.829 dej'224.198 def247.912
618,798 dor67,10o defS5.S34 dfjflOO.612
7,911,-391 def516,795 defK^; ,91 9defl 006,-576
640,628
8,208.366 1,019,391
796,041
878,236 defl82,410 def227,658 def246,071
804,142 def 181, 068 def229,756 def248, 484
13,914,442 def85,177 def 648, 766-ef 1030,462
def5,395
826,001
245,967
11,971,021
31 ^20 25,843,748
•19 24,381.073
^20
'19
31 ^20
•19
Dec
West Jersey
d:!f;.l«l
Dec
def.52, 305
d'ffiO
def 58, .533 def 144
1
49.671
17.036
7.7.59
10.282
14.287
31.341
16.305
.385.370
.367.7.59
506. 6S8
260.232
244.101
483.883
def45,840 defl80,844 def243.297
230,129
201,3.33
324 ,,525
5,634,909 4,488,269 4,219.407
4,409,809
5,157,7.50 4. .526,352
Pennsylvania System
Cine Lebanon & Dec ^20
•lO
Northern
Jan 1 to Dec 31 ^20
Long Island
diri2.031
192,98.3
•19 23,475,552
NYNH&Hartf
di:n0.ri22
dcM.5x.l38
def91.305 dnri39.4.5f5 dfn09.4H4
def37.272 (lur379 625 dff190.043
.537.467
327.476
271,977
4,644.613
1.181, .529
1.112.8.31
82.51.810 5./H0.0'H
5.003,454
.377.479
362.872
6,093
def701,801 def800.0S.5'lefI 146.926
dcfl 15.208 def721 .6S0dr-f43)O.H96
82,473 def6,56,468def2423,636
dcflOl.l.'^.O di^f215,017
130.935
31 •20 28.225,188
N Y Phila & Norf Dec
def24,100
defl8.226
defl3,347
54,760
193.677
274,497
2,406,726
1.417,652
42,481
37,001
383,667
'20
'19
2,044.585
1.951.320
*76.942
Dec '20
Nevada Northern
Jan
def,55,904 defl02,186 defl05,679
443,694
151,999 def93,.345
3.53,033
83,493 def31.765
defl2,001
defl0,232
120,737
156.990
277,094
296,029
Dec
,536,041
39,-596
296,814
61.410
60,705
3,127
187,660
14,389
130
2,260,169 def370,587 def457,401 def.531,446
1,454,328 def447,941 def531,464 def614,644
rtef8,712 defl8,536
82,494
9,970
74.004 def.30.272 def.37,122 def,38,241
992,413
24,000 dofei..537 def43,823
1,002.911 def46.023 dell24,740 defl31.481
.5.35,844
Dec
20,134
48,643
333,878
418,900
44,198
45,396
625,686
710,651
don,.345
284
12,237
10.752
after
17,189
105,087
23,478
17.129
91,437 dof27,959 def.33.946 def31,975
1,193,519 def82,4.53 defl.57,319 den68,571
1,030,620 def284,336 def349,614 def364,480
1,50,519
140,.393
2.52,517
734,992
185.3.50
.579,416
121,928
86,751
7,634,328 *1,7.56,563 *1, 383, 223 *2,663,718
6.277,826 1,.575,255 1,348,497 1,487.937
323,048
305,345
185,210
907,986
578,854 def87,043 (lefl24,721 denS'?,743
7,787,075 def420,389 def638.045den892.243
6.757,409
613,237
398,429 den69,687
4.961. 689dfl,072.978df 1.434, 581 dfl, 405, 170
93,131 def.388,122 def382„566
3,910,766
51,989.303df2,949.848df6.291,279df5,852,417
44,837,302 4.563,351 1.799,271 1,384,553
701,675 def43,931 def63,786 def45,148
358,494
3,836 defl7,4G4
82,264
r>.245.400
270,660
39,304
620,499
4.094.195 dofl71,027 def351,848 dcf283,838
5,900,9.58
to
338.937
39.493
48.703
663.975
773,226
•19
Jan
'20
508,665 defl75,070 defl84,458 def226, 245
'293,959 deflll,621 defl20,662 defl31,404
'19
^20 5,220,604dfl .096,583dfl ,206,749dfl ..529,306
•19 *3, 765, 755 def490,796 def600,546 defn9,588
Fonda Johns & GIov Dec
Jan
263,7.57
3,.540,404
2,794,5.50
'19
'20
'19
Doc 31
Florida East Coast
Ja»
.$
Atl Dec '20
1 to
Pac
Jan
'20
'19
31 '20
'19
t«
Detroit Toledo
Ironton
Jan
'19
'20
'19
Dec
to
5i
1.399.402
1,314,960
New Eng
Jan
$
31 ^20
'20
•19
31 '20
•19
Net
Taxes.
32,420
Doc
Ry Co
795.182
4.50. a58
31 ^20
at Louis
—The
liaihrmi.
.340, .583
Oec
lo
1
Jan
.'1..5.56.260
Ncl from
1,55,840
Dec 31
1
896,876
.5.39.175
^20 3.853,422
•19 3,651,601
31 ^20 48,1.57,646
19 42,661. .591
Connoclini;
"r,2l3
Hoilu'ny.
•.'9
to
Jan
Central
to
85.687
d<;f31.440
7.50.886
2,886.064
2,160,764
29.029.048
to Dec 31
"19 25.244,514
380.985
Gross from
^20
Dec
•19
Bklyn
95.489
'21
1
after
Equip.Rents.
d<.r29.8.50
Dec^21
Monongahola
2,706
169.200
26.062
7.086
Jan
Net
after
Taxes.
117.68*1
Dec
Dec
to
1
MoK&TRofT
STEAM
& West
31
N't
def 17. 804
19
Doc
to
1
Railway.
.500.186
Dec 20
MlnnStP&8.SM
5.617
15.250
Net Earnings Monthly to Latest Dates.
Atlanta
Mineral UanKo
Net from
349. .341
5. 086 .397
3,952.821
•19
following shows the gross and net earnings with charges and
railroad and industrial companies
surplus of
reported this week:
1 to
Dec
to
1
•20
'19
31 '20
'19
Doc
.820
19,342.324 17.786.055 1.9,59.334
road-s)
Jan
.Ian
$
1 1
'17.5.000
72.3 .:<74
Increase (S.75%).
Alabama & VIcks
Midland Valley
'19
Western Maryland
Total
Decrease.
Atlantic
Mineral liange
Minneapolis & St Liouls
Iowa Central
Nevada-C^allfomla-OreKon
New Orleans Texas &. Mexico.
.St Louis Southwestern
Southern Railway
Mobile & Ohio
Tonnosseo Alabama & GeorRla
Texas & l»nelfic
Net
Gross from
Railway.
Jan
190.1 .SO
Pittsburgh.
Canadian I'aiMf Ic.
Duluth South Shore & Atlantic.
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Ilavon & Mil
Increase
1920.
[Vol. 112.
which
ihc! t:il)lo
follows wo Hum up Koparaloly (he o;iniiiiy:s for (ho foiirtli week
Tlio tablo covers 19 roads and shows 8.75%
of January.
increase in the aggregate over the same week last year.
lliiffalo
2
^20
'19
31 '20
'19
Dec
'20
284 ,.530
'19
141 ,940
'20
Dec 31
2,577,,075
'19 1,452 608
'20
LouisDec
8,595 744
St
'19 7.190 ,725
San Francisco
Jan 1 to Dec 31 20 94,026 ,012
19 78.-552 ,125
840 .165
St Louis Southwest Dec 20
770 321
of Texas
19
'20
Jan 1 to Dec 31
9.267..393
17 .5.56 def 12 ,255 def25,135
def4 8 .041 def69, 215 def 63. 076
def 116 .219 def300 .244 def257.0.50
def542 .609 def691 817 def655..364
1,278,920
1.355 563
1,725 ,180
952,942
1.363 464 1,1-33 546
14,257 616 11,123 ,915 9,721,129
18,124 022 15,40" .832 14.610.382
def89 ,804 defl30 .499 def 104 .906
def 199 740 der235 ,986 def 181 ,727
def 142 .820def2431 51 Idef 19,57 ,904
'19 6,910 ,877defl277 ,949 def.546 ,596defl508,308
82 594 def42 ,085 def42 .517 def57,096
Dec '20
San Antonio
'19
100 ,046 def39 ,517 def48 501 def .55, 002
Uvalde &
Jan 1 to Dec 31 '20 IJC01 ,712 den.59 ,001 defl90 ,822 def324.2o9
'19
62 ,457 def 21 .159 def 245 .700 def279.020
*989 777 1,862 .014
*737,009
Seaboard Air Line Dec '20 *4.559 ,244
'19 3,687 ,.554
55 182 defSO ,665 def 1 80. 422
'20
*781
,982*df2616,927
,1.53*def913
*49.265
Dec
.029
Jan 1 to
31
'19 41,183 ,532
1,852,298
3,717, 15 2.091 ,409
12,629
26 ,659
IS ,865
Dec '20
138 .186
South Buffalo
'19
def27, 636 def 15 709 def 27, 077
67, 416
143 676 def 2 2, 530
Jan 1 to Dec 31 20 1.-590,,382
194, 720
•19
def 13, 609
49, 138
78, 144
949, 683
Dec •20 17,148 .336 4,000 ,336 3,097 ,927 3, 120, .594
Southern Pacific
'19 14.684 ,114
2.117,756
2.406,,219 2,015 207
Ry Co
Jan 1 to Dec 31 ^20 201 .894 ,192 39,304,,600 28.114 ,128 27,107,233
•10 169,728 ,931 40.280 .446 33.434 .940 32.560.709
Atlantic SS Lines Dec '20
872 ,8.59 defl46 ,914 def 158 661 defl57,217
'19 1,214 ,222
107 417 der4 1,631
117 .417
Jan 1 to Dec 31 '20 7,238 800def4882 ,980def5019 ,5S7def4982,372
19 10,374 089 def710 488 def834 147 defl.35,077
2.931
21 ,5.59
42 .845
Arizona Eastern Dec 20
295,733
59,383
97 490
69 •Oil
Co
19
315,208
',423
'20
513
,881
369.013
858
Jan 1 to Dec 31
4.091.004
•19 3.681.306
583,494
879 ,518
628 .680
'20
Dec
2,560,922 1,067 ,676 1,267 900 1,085,685
Galveston Har'19 2,-333,202
502,448
612 SS3
768 ,964
rLsburg & S A
853,400
Jan 1 to Dec 31 '20 26,543,746 2,984 ,.547 2.329 795
'19 21,957,495
5,093 ,739 4,350 .508 4,018,183
42,019
79 677
Dec '20 1,257,899
67 ,516
Houston &
'19 1,060.420
178,732
262 ,254
185 746
Texas Central
'20
def
579
142,
,434
163,
686
,839
Jan 1 to Dec 31
12,134.259
'19 9,720,533
1,516,654
1,483,,807
1,943 ,212
Dec "20
286 ,797 defl92.674 def203 ,.529 def 224, 661
Houston E &
'19
32 ,764
24,981
230 .842
54.954
Texas
Jan 1 to Dec 31 '20 3,022 714 def314.248 def422 .677 def577,921
'19 2,396, 164
349,044
406 507
499 302
Dec '20
931 ,660 def 128 .580 def no 977 defl48,270
Texas &
'19
d€f5 ,786 def 27 ,007
14 .051
New Orleans
80S ,901
Jan 1 to Dec 31 '20 10,001 ,849 def? 12 ,327den007 ,468def 1376,996
'19 8,140 ,177
612 ,669
331,383
Union Pacific
871 ,820
Dec '20 16.395 ,401 2.112 ,926 1 ,522 224 1,193,409
Total system
19 13.931,,274 2,382, 203 1,597 800 1,562,470
Jan 1 to Dec 31 '20 209,049 ,510 .52,109 ,.575 40.014 ,199 39,261,267
'19 177.447 ,698 54.765 649 45.840 583 43,937,232
def523 .820 def612,725
,3
Oregon- WashDec '20 2.491,532 def339 ,381
74 602 def234 .116 def 253. 294
& Nav '19 2.166 .961
ington
20
628 725 def 49,978
33.060 .169 2,777 033
Jan 1 to Dec 31
3,208,389
19 28.367 ,603 5,629 940 4,065 841
16,181
62 ,222
40 ,270
Dec 20
430 ,141
Vicksburg Shreve27,880
36 ,029
42 ,613
19
274 ,403
port & Pacific
256,986
,573 ,546
389 589
Jan 1 to Dec 31 20 4,522 ,271
'19 3,323 ,329
447,387
480 317
629 ,945
277,572
176 ,702
231 ,745
Western Maryland Doc '20 1,923 71
Pittsburgh
West
Virginia
Jan 1 to
G
RR
W
RR
'19 l.-lll 645 def465,766 def513 925 def438.942
'
'20 20,050 ,841
675.975
244 def426 ,199
180
'19 14,610 ,409
18 642 def504 ,718 def 161 ,534
def2 668 def21 135 def36,355
234 ,363
Western Ry of Ala Dec 20
67,573
69 ,811
223 ,417
19
68 ,748
298,885
307 78
403 ,022
Jan 1 to Dec 31 '20 2,786 ,.398
'19 2,546 ,170
558,809
558 ,140
630 .502
21.845
29 262
Dec '20 2,082 .524
274 ,593
MissisYazoo
'19
11,284
160 440
260 ,464
2.315 ,908
sippi Valley
def378,630
,625
1.254
,176
1.457
Jan 1 to Dec 31 20 28.124 ,175
4.864 408 4,447,483
i,667 ,007
19 24,952 130
Jan
1
to
Dec 31
&
* Corrected figures.
THE CHRONICLE
Feb. 12 1921.]
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Jan.
Latest Cross Earnings.
Name
Road
or Company.
of
Adirondack Kl Pow Co December
Alabama Power Co.. Docembor
Atlantic <My lile:
Atlantic Shore Ry
Bangor Ky A EU^o
Co Jocoiiibor
Co December
Co Deceinlmr
i
*H;ircel<>n:i'l'rac. LA-
1'
>e<-enibi-r
Black^tone Vail
E
(J Jk
Year
Previous
Year.
Year.
$
S
714 526
190 495
.865.264
12 1.1.v.)
<.)1.!0()
189 19N
18.148
15.748
112,769
220 703
262 779
933,931
181,683
12S.',t3
,9.S(i
1
77.31.'-)
37.141
60.878
51,607
290. 909
262,280
47.<i.''>0
61.75:)
Uo<'«inil>er
27.0.55
6.52
•Columbia Gas
&
Elec December
December
Com'wtb P. Ry & Lt December
Connecticut I'ower.. December
Columbus Elec
('o.
.
Aiich)-
Consur.i I'ow
,
iicciiiber
68.74S
44 .9 If)
l8Jt)
1(11,
E
I
St Louis
A:
"
lis
'
& power
,923
1
I
;")7,ir.'L-
.'4,o98
'is.
134.371
i:.oi.
;i.
1
i.vr
2';'/.65S
3
November 1418.061
Sub Co. December
443.373
46.77*1
11
109,(i,')4
112.6,58
Elec Lt & Pr of .Ab&RIUecembcr
December
El Paso Klec Co
Pall River Gas Works December
30,125
190.319
84.647
29.172
3.50,978
1.55.400
1.931,029
69.398
909.699
N;)\eiiil)er
424, .V'l
Vnxeniber
•"<l
l.iglii iV 'I'n.c.
.V
I
'
Galveston-Hous El Co December
i
& E Co. December
s-
I'u'v
.-ys
Harrlsburg
Ry Co
Havana
I\'y, 1. ik
Kl
Haverhill
vovi
P No\eiiber
Gas & Lt-
-
d Illinois Traction
Indiana Cjcn service
iD'evboro H:^t>Trar.—
Total system
Keokuk Elec Co
Keystone Telep ('o..
Key West Elec Co
!
Lal.e Slirire E'ec Ky..
Mwell Elec Lt Corp.
342,134
1081.393
161.048
10.17. 351'
39.704
76,380
68,0,58
1,34 5
Decenilicr
.T
111.3.">8
December
November 1914.274
December
December
December
187.957
09
144
Northw OhloRy&PCo
Ohio Power Co
Pacific Gas & Elec Co
Pacific Power Hi Light
Paducah Electric Co.
PennCentLt&P&Sub
Pennsylv Utll System
Philaoelpbia Co ;iniJ
August
August
December
Phiia & Western
Phila Rap Transit Co
Portland Gas A. Coke.
Porto Rico Railways.
Port (Ore) Ry,L&PCo
Puget Sd Tr, Lt & P.
.<•.':.
1,829.449
879.741 l.),300.708
450.642
39. ,571
840.021
67.157
572.1.50
48.385
320.421
29,001
1.4<'0.87.-.
1 OS, 808
,390.3,56
1.096,981
294.396
1,574,076
760.712
3.500.571
mos 20
62.021
'20
797,306
12
Commonwealth
Power, Ry &
Lt
12
C;onsumers
mos
.(.3'
1023. -1.52
142.933
1.800,00,-
051
14.-1
2'S, 79i
107.377
258.709
It.tr >\\
249.131
102 907
2l5 746
3,039
1.235 878
2.9;9 806
in:-! 27'
206 384
205.052
499.050
48.133
301 562
.mO 10>
181 203
395 994
32 7.56
2:-i0.i.-.i
-.'(i.'i
518.971
478 328
,55.238
113. .568
53 781
108 335
.335,080
.'71
,711
12
2'i-!
r
i.'.-'
2.321.9.54
2.848; 493
2,3"6"l,2n
496 3.720.026
484 222
f.MO'VP'
5.836 931 5.211 053
348 950
377. "8
780 176
730,778
5,483 374
650 381 9.449.497
242 129
1.025, 705
856,756
11.014, 845
298„549
•-'..=,:(
807.303,
93.993 1106.834
37.733
84 253
95.804
8.53.662 922, 441
988.0-14
,-K9,(>17
944.230
8,895.083
8.935.596
510.625
402.303
4.342.395
4,243.149
1,285, 981
19 25,9()4,899
20 1,301,317
November 122 221
December
913 9,58
December
939 ,901
ReadingTrans&Lt .Sys December
264 336
Republic Ry & Lt Co. November
743 762
Rockford Electric Co. December
120 0.58
Kutland Lt & Power. December
52 013
St L Rocky Mt & Pac October
490 ,071
Sandusky Gas & Elec December
80 ,360
Schenectady Ry Co.. November
165 ,481
Scranlon Electric Co. December
342 836
17th St Incl Plane Co November
4 ,049
Sierra Pacific Electric December
68 ,579
Southern Cal Edison. November 1285 458
94, 888
l,"2Y3'.4fil
l".030".,365
749, 303 9, .504, 015
890, 474 10.000,430
249, 682 3.040.725
577. 313
99. 593 1.191-,218
46, 987
589.641
392, 888 4 ''75 5"'''
'745;743
65, 449
1.727. 780
l'(2, 79.;
308, .522 3.374,480
8.591,001
3, 350
70, 342
920. 789
41.319
779.244
13,439,237
1,473.630
2.458.830
6.441.011
12,445.452
11.732,212
12.144.107
_
week:
2, 133, .53s
2,208.8.57
1.709,931
2..5:i3.218
9,'74,666
672.2.52
282,414
132.123
55.090
.52.164
East SI Louis &
Suburlian <"'o
mos
Dec
mos
Dev
Dec
12
Dec
Indiana General
Service
mos
Co
12
mos
Keystone Telep Co Jan
Nov
Lake Shrre Electrie Ry System
12
Nashville
Co
Ry &
Lt
12
Ohio Power Co
Ry
Power Co
,
Co
12
mos
mos
Dec
Scranton Elec-
Co
12
mos
Nov
Southern Callfornia Edi.son
mos
Dec
Kockford Elec-
trie
mos
& Dec
Lt
12
trie
Dec
Dec
12
Portland
mos
Co
'21
•20
'20
'19
•20
•19
•20
•19
•20
•19
•20
•19
•20
•19
•20
•19
•20
'19
•20
19
•20
'19
•20
'19
•20
'19
'20
19
12
Pow Co
Dec
mos
Dec
Tennes.see Ry, Lt
& Power
mos
'20
'20
tric
Dec
Co
'20
'19
mos 20
71,805
79.9,59
52,036
3,0,54
398,951
6.125
4.368,922
1,0.50.726
651 .775
3.213.1,52
667.523
16..526
108.868
673.048
37,909
36,057
10.724
19.333
1, 40(5. 875
(>86.4.59
194.613
491.846
1,033.092
428..587
198,1'28
187,9.57
51.202
47,937
471.375
477.000
40,094
54.062
49.935
18.621
230,4.59
32. .581
1 1
r.3,58
142.933
1.806.605
1,441.327
144,639
145.651
232,.563
218,796
3,039,263
2,381.308
3,075.209
3.224.381
612,479
380.016
-.'^S.OSS
4.450.872
280.816
200.672
2.278.734
1,822.723
913,9.58
314,9.59
5.749.4.52
16,176
208,948
190.554
37.838
35.613
35.067
35. .525
,55,515,
743,752
655,821
75,468
52,901
005.877
,335,080
301 ,502
202.901
749.303
MO
9. ,564, 615
3. 055.
8,591.001
126.6,58
3,099„508
3.426
90..593
1.194,218
997,434
301,232
354,367
,342,836
101. .537
.308,.522
3,374.480
2,789,382
116.066
1.029.673
975.309
37, .589
1.285,4,58
7,50.137
920.789
455.943
8.249.687
6.135.996
19 10,481,694
206,881
186,.534
19
20 2,458,830
19 2,160,888
19
Wheeling Elec-
.;?9.404
'20
19
12
3.114.008
2.708,000
413,373
mos 20 14,338,986
19
582,420
522.252
6,441,011
5,587.849
119.232
89,130
1,166.744
903.751
29..836
77. .572
921.742
860.259
100.876
173.160
2.118.8.52
2,0.54.300
21 ,383
31,761
262,427
280,446
2,856
18.449
14.868
19.990
386.796
392.903
3.56.9.56
,39.105
.'iO.363
39.757
479.326
475,146
93,332
89.385
1,112.182
889.574
186.472
190.703
2.208,207
2,269.972
9,054
11.001
112,639
112,175
35.125
34.962
403.710
415.976
269,770
249. 8S0
3,145,661
3.103,430
51.243
.54.094
636.602
649.581
128.213
127.745
262,918
13.234
216.551
312,942
187,484
111,287
1.166.5,52
933,149
128.487
12.198
786.843
829.-536
12.480
26,.588
188..593
242.192
66,412
81,104
625.963
559,333
486,361
206,063
5.104,026
3,032,566
def2 1.407
23.478
285.140
210.678
32.663
45.415
1.999
.576,8.53
1..538.846
515.460
5.656
l..">4
14,146
28,0,54
179.812
266.193
8,490
8,204
94,685
97. -263
19.8.50
85,127
168,930
3.4bo"342
l"5f)5',099
2.789.382
37,008
681,891
9,009,818
1.269.248
2,160,888
5,587,849
11.407.976
10,236.620
10.276.247
Electric Railway and Other Public Utility Net Earnings.—Tiie following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
this
1,1."5.S?9
14.1,57,4.53
997.434
,
and surplus reported
19
mos 20
.378,168
404,354
1,874,918
2,419.128
310,176
324 ,.561
303,691
12
12
Co.. December
144 ,934 125, 656
Tennessee Power Co. Dectitnber
200 ,881 186, 534
Tenn Ry, Lt & Pow. December
582 .420 522, 252
Third Avenue System. December 1108 .225 994. 990
Twin City Rap Tran. November 1182 .517 1005, 154
United Gas & El Corp December U65 .429 1041, 470
Utah Power & Light. November 690 992 519, .577
UtahSecCorp&Subs- November 843 ,500 00] 621
Virginia Ry & Power. December 1045 536 862, 549
Wash Bait & Annap.. December 186 569 135, 870 2.092,334 2.168.119
West Pow Co of Can. October
47 462
42, 301
Wheeling Electric Co- December
119 232
89, 1.30 1,166,744
903.751
Winnipeg Elec Ry
November 483 .099 401 ,450 4,768,916 3,839.757
Youngst & Ohio River November
57 .898
576.016
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continuepayment of the rental; therefore.
since Oct. 18 1919, the Brooklyn City RR. has been operated by its owners.
6 The Eighth Avenue and Ninth Avenue RR. companies were formerly
leased to the New York Railways Co.. but these leases were terminated on
July 11 1919. respectively, since which dates these roads have been operated
separately, c Includes Milwaukee Light. Heat & Traction Co.
d Includes
all sources,
e Includes constituent or subsidiary companies.
/Earnings
given in milreis. o Subsidiary companies only, h Includes Tennessee
Railway. Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga Railway & Light Co. i Includes
both subway and elevated lines, j Of Abington & Rockland (Mass.).
k Given in pesetas.
Electric
;
16. .509
15.832
165.274
171.182
009,870
539,870
7,020,765
6,516,468
194,449
137,802
38,.566
12
I
'
254.511
55.603
607.483
Tennessee
1347 409 1055, 390 13,395,985 10,895.158
178 .9.s;-( 100 IS
1.049,030 1,185,727
20,365
2.53,9.52
127,528
971,174
,387,854
December
67 .959
.58, 865
801,162
732.301
December 3889 911 3141, 534 38,807,354 35.358.471
November 247 .180 190 140
.•18,513
461,802
367,831
def5,229
20,479
692,8,58
mos 20:
25,3,111
21,,520
2(i2.0.58
1
450.872
466.448
263,707
2,982,951
Llt'ht
A;
3,224,384
5,4.38
•22,440
402.002
438.077
.50,,500
19
•.!
22,909
4 6..564
•19
•20
•19
•20
•19
•20
•19
'20
•19
•20
•10
•20
•19
'20
•19
Power
995,9,53
!.'i'.3'"r{r.<'i->,^.
29.125
96,786
184„549
27,136
24,124
198,295
184.966
28,986
18.148
207.910
113.320
der2 1.738
4.647
20,200
63,741
.50.001
,,327
2.735 371
3.675 209
137,0(J1
94 ,627
1,628.207
8.470.209
"227,26"
2.3S1.30R
321..5,50
286,088
& Gas Co
1.441
23.751
11.360
147,616
t
Cuml)erlandC"otmty Dec •20
Ilungintgou
.386.632
7,54,620
4.53.162
12. .571
Dei- 20
19
19 11,4:9.094
|i,(.
(
,59.797
Halance.
.Surplus.
%
36.322
40.4H5
244.402
191,474
234 .923
Pow Co Doc
9.134.919
i..<
l.Oii
19
h'ized
Cluiiyoi.
.50. 0-1
8,'-,5
(Mevoland Palnesv
Doc 20
& East Ry System
19
3.09.5.151
297,151
1,033,092
18.823.42'! 15.718.920
December
December
343.770 329 540 3.951 6,50
December
467, 713
35.070
27, 038
December
012.479 386, 016 5,749, 4,52
November 3048,941 2291 ,106 31,242 705
N'o\ ember
256.111, 205 ,810
December
40, 098
483,570
48,791
November 215.000 168, 413
December
254.202 173, 133 2,296.102
Subsid Nat Gas Cos November
Co.. Noi«embcr
Philadeli)hia Oil
1
2<2.,'.r.3
.
Eighth .\venue-Ninth .\ venue
Caro
Pub Serv Co
No
Northern Ohio Elec.
Nor Texas Elec Co
.s
20 648
I.,t
(;
:i
26.008
December
New Jersev Pow &
NewpN&H Ky.G&K. Ncvemi er
New York Dock Co. November
N Y & Lon;.; Island.. August
N Y' & Queens County .\ugust
August
6 N Y' Railways
s
1,53.169
,
260" 003
.
L'harges
19
12
277.168 3.808.9.53
885.622 11.303.760
I
1
4980.072 4668 268 54.247 ,579 47,4.54,472
350 842
30 097
317,237
31.803
January
December
Noven be r
December
December
Voxeniir
December
December
4.150,931
348. .0.
V(i i:
5.S
December
December
December
Melropol n Edison Co
eMilw El Ry & Lt Co
Miss River Power Co.
Nashville Ky & Lt C;o
Nebraska 1'ov.er Co. N()\eniber
Nevada-Calif El Corp November
New England Power. November
ft
5:'f
i.
December
Honolulu R T & Land
Houijbton Co El Lt..
Houjjhton Co TracHuntington DovoiGas
Tampa
Co
12
Mi
1.619.242
1..302. 700
V\
19
after
Tales.
1.1H9.198
933.931
128,937
112,709
1,202,779
1 .004 .675
115.841
109.109
1.327,910
19
Light
.V<"(
91.4()0
Co Dec 20
1033.6.50 13.618. .588 10.718,404
329.4!'4 4.308.922 3,213,152
120.821
e Cirea'
Kl
692",S,'58
1
145.204
General Gas
.V
'
cos..
Fori Wiirlh Pov-
Ky
Dec 20
11.13'!
I'.-
liaiiifor
i
East Sh Ci &• IC Snlisid Nnveniber
Eastern Texas EIim:-. December
Edison Elec 111 of Uroc December
Feaer;;l
•19
12 inos •20
K;ectrlc
Chattanooga Ky &
14.008 :'.708.onn
400.660 332.820 3.734.487 2.932.868
M.r lO. 117
101.. .1.1. I'l coil nj
154.760 163.031 1.7.53,745 1.761.802
2S(i,0SS
Doc
.\tlantlc City
,034,855
31.285.981 25.961,899
1,473.151 1,260,022
1
Gross
Earnings.
%
•20
121.159
mos 20
',977.551
03',
797,366
'
x (ilven In mllrcis
12
i2
117.938
1155 ^
poKetas,
III
HIdO
583.023
424,475
78,747
2982,9.^.1 2,5,S9.017
I
s;it
iL''
1
0.52,
10.1.1 Oil
Given
3(17
M.IS.H.") 1313.119 14.614.362 12, 122. ,596
122.085 105.264 1..547, 353 1,309,281
i>\( 11 l»
d l/eirciii Kil Mill
Duluth-Superlor Trac November
llRht
I'l:
90.730
62,021
Oumb Co Pow & Lt-- December
Dayton Pow & Light- December
Dmi'it
4
U.1.841
:."6~4y,059
007
490 984
1,327 910
54,327
L&
19
702 336
3.260 907
.59.797
i.
-A'«r Barnini/»Gross Bamingt
Prrvioua
Current
Prerious
Curretit
Ye^lr.
Year.
Year.
Year.
Companies
*
%
t
*
Barcelona Trac.
P.. Dec»3. 147.789 •2.134.986 •2.042.640 1.221.536
Mar 1 to Dec 31 20.. .•27 ,6,55, 193*20, 034, 049'1H.1 17. 501»11. 808.913
Decxl2.000.OitO x9,739.(M)() x5,(iH3,000 x4,8SS(K>0
lirazlllHM Trac, ,& P
Jau 1 to Due 31 20. .-xI34,900,(X>0xll 3074000x«9,9«l ,W0x.5S, 423,000
547,293
II
Clevo I'aiiiesv A; East iJinember
Colonido P'.wer C.i. ^..Aenli.T
,
,094,07.1
1,034.019
.371.269
471 187
y I' Di- ember
Oape Breton El, Ltd Uceeinber
Gent Miis Va'.l Elet;. December
Ohaltar.ooKa Ky & Lt December
Cities .-^erN ice Co.... December
Citizens Traction Co. November
'I'ra.
.9.55.582
19".
IJtiOll KM) !»,:(!I.IM)" 1319111; (Mil
/Brazilian
Date.
$
$
446.699 401.597
394.37a 302.370
314T.TS<I 2 1 3
Baton Rouse Eloc Co Doc"embur
Beaver Valley Tr Co. November
Blngbamlon Lt. II & P December
to Latest
Current
Previous
Current
Year.
Month.
1
647
FINANCIAL REPORTS.
Financial Reports.
—An index
railroads, street railway
to annual reports of steam
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 issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Jan. 29. The next will appear in that of Feb. 26.
Brooklyn Rapid Transit System.
{Report of Receiver for 1614 Months Ended Nov. 30 1920.)
In view of the exigencies of the situation and the need
for instruction as to the proposed abandonment of unprofitable lines, &e. (see a subsequent page). Receiver
Lindloy M. Garrison has submitted to the court a pamphlet
report "of 119 p.iges covering the operations of the lines of
the system other than the Brooklyn City RR., which was
formerly held under lease to Brooklyn Heights RR. Co.,
but is now operated bv its own officers (V. 112, p. 161, 371,
The report will be cited fully another week.
561).
The receivership earnings, without allowance for bond
interest other than the regularly paid interest on the S22.967,000 Elevated RR. issues of the N. Y. Consol. RR.,
are shown inibrief as follows:
—
.
•
11
.
.
.
•
THE CHRONICLE
648
RFA'RIVERR' FIUCAL KKSULTS^NOV. AND A/O.S. END. NOV.30 1920
No bold Int. docluct^xl aHld<! from Kiev, hoiuls of N. Y. Corisol. RIl.
—~ Sulnirban Co.
Xassau Co.
[Vol.
BA LANCE
r>
—
•
Streot Ry. opor. rev... $1,992,369
TolJil mil, ln<r)irM3
Inc(iuu) (loductlonH
,\fsrls —
•
5 Monlhu.
Mov. 1920.
MimlliH.
i>
d«jf .42fi,602
86,47
\ov. 1020.
$,'{70,0.3tt
46i:j.(>'1.5
$132.)'.)')
dof.7(i.3n
13.170
dof.ril.'IH
22.098
def.20..-.13
2,721
Roftl
doficit.
$512,073
Coney Isl.
.
-
5
Htdiithf;.
rov-
$9M),211
Total not income
Income deductions..
.dof.l0.').744
,Sl,r«H"t
ily
oiHii'-
.
A
$S9,'187
$1.'54,012
likln.—
Consolidated
Months.
Nor. 1920.
N
1920.
.\'i)V.
,')
Y
.
«23,2fi4
-
.
dof.;i3,3H9defl
.12.'').173
18.337
3,562
X583.750
51,707.098
def. 8 1,7,00
xl 15.550
8124,081
.S,3(i.051
$1,708,923
.5.33,800
.$l'.t0.2S9
SH.100,().-)1
doflcJt-
on SI,"",, 907, 000 Hklyn. Union Klcvatod RU.
and S7, 000,000 Kings Co. Kl. RR. 4% 1st M. bonds.
X Iuc:ludu,s
5%
RESULTS
MONTHS ENDING
NOV. 30 1920, EXCEPT FOR
R\'S., WtllCII COVER 23 MOS. END. NOV. 30 1920.
Nassau Co. Suburban Co C. I.
Bkn. N. Y.Consol.
10><, Mos.
23 Mos.
16><; Mos.
\(i>A Ajos.
Transi>ort;u.lon revenue. $7.80,'i.847
.$2,316,034
$.3, 159.1.'55 .'534 .4 TO, .306
Advorti.sin{<, rents. &c.16V'.641
42.318
59.240
1.210,783
1-OR 10k.
N. Y. CONSOL.
&
Total street raihray
oporatinK rovenuo. $7,961 ,488
MainUmaneoof w.-ky. &c.
925.010
Maintonanco of ociuip't. 1,462,206
Oporation of power plant 1,119.246
Operation of cars
4,059,803
Injuries to persons, &c.
229,71
General &. miscellaneous
268,491
Total opor. expenses.. .S8,064, 468
(street ry. oper.)271.077
300.363
452.955
2.59.286
1,248,293
52.092
97,694
.50
1
.
,056 d«/.$105.485
141,6.58
100.614
Total net income
rf<;/..$232,398
a Income Deductions (see note):
Interest deductions
.$39. .321
cRentals road & oQuip't.
81.870
Other rent deductions..
86.402
Other deductions
9,009
.:«i5,007
1
,:«)9,793
I'rc
lea-iod
Total .
30, (KJ.)
.'^urplu.')
Total
X The par value
common itrrli/ wiw
cr. $1 15, 291cr..$4,654,477
.$4,021
$3,806
28,403
21.921
$2,071,025
221,2,50
129.589
916
7.34
2 7, .351
$216,604
$.33 ,.341
.$26,403
.$449,002
$98,213
$88,755
$2,449,215
$2,205,262
a Does not include any interest on any bonded debt other than aforesaid
underlying Elevated RR. bonds. See footnote above.
c Does not include rent to N. Y. Municipal Ry. under operating contract.
14,3()1,36« 25,144.435
..
...99.293,971 94.104,49ft
wao S2.424,.300; that of
$20.otKI.
prof. Ktock at a ir.ir value of $10.') a Mharo uniouiiH fj $15,003,000;
there are 30,000 shares retired and (xinoeled, thus leavln'.? 120,030 outMtaiidtng
There are 1,090,000 auihori/.ed Hhanw of common stjck at p^ir of $100 each; of these
3.50.000 Bharca are unls,')iie<l, leaving 6.50 ,OOT slmn^ outstanding.
V. 112. p. 271
—
Cluett,
Peabody &
{Annual Report for
Co., Inc. (and Sub. Co.'s)
Year Ending December 31 1920.)
ACCOUNT FOR YEARS ENDING DEC. 31.
Fi'ical
CON SOLI D.-XTED INCOME
—
1017.
1920.
1.119.
1918.
5,32.817,628 $.32, 421, 816 $21,490,554 819,2,50,603
Oper.,&c..e.'cpon.ses..
do Incl. tax reserve. .30.018,701
.
24.607.277
17.837.412
16.344.878
.$2,708,927
.547,831
7.7.5-1.5.30
$3.6.53,142
$2,905,725
189.877
282.804
293. .592
2.117,941
279.663
327.315
1.175,000
222.419
.
mat
574.070
Common dividends.. (8%) 1,440,000
i4SS,9o0
490.000
400.000
(6)1,080,000 (6)1,080.000 (6; 1,080,000
Total deductions
.$5,838,523
$4,170,360
Balance
def.3.0'i ).,596 sar3.)84,179
Balance carried forward. 8,840.368
4,236,484
$5,770,772
$7,820,663
1,019,705
.\dd special .surplus..
Deduct IVef. stock div.
paid Jan. 1 1918
Total sur Dec 3 1
a .\fter deductinK -SI
.
$3,351,978
sur30l,164
3,935,321
51,945,480
sur900.245
3,097,576
$4,236,485
1,019.705
$4.0.57,821
.(1
,0.50 for
$8,840,368 55,250,190 $4,955,026
dividends on Preferred stock held in treasury.
CONSOLIDA TED BALANCE SHEET DEC.
Nciv York Stock Exchange Dated Dec. 31 1920.)
Extracts from the offieitil sta,teineut to the New York
Stock Exchange in connection, witli the listing of .$31,718,500
6% First Mtgo. & Coll. Trust 30-Year bonds, Series "A,"
due July 1 1949, will be found on a subsequent page. V. 112,
to the
—
p. 474, 66.
Gillette Safety Razor Co.
Year ending Dec. 31 1920.)
The_ report of J. E. Aldred, Chairman of the Board, is
given in full on a subsequent page.
NET EARNINGS WITHOUT RESERVE FOR TAXES— SALES.
[The sale.s include the s.ales of subsidiaries in England. Prance and Canada!
1920.
S
Assets—
1919.
31.
1919.
1920.
I
Real e-)tate
4,411,598
patent
Goodwill,
$
4.031.978
LinbllUUs—
I
S
$
.stook... 18,000, 000 18.0'JO.OOC
Preferred stock.. x 8,482,000
7. 0^)0 .000
Bills payable
10,775,000 4,955,00f)
Common
!
j
trade
rights,
1,019,705
Ji)122,500
8 5,770,772
.
Duquesne Light Company, Pittsburgh, Pa.
1.5:1,061
2.3.-.0,060
037,7.->8
.
Res for com of raw
Pref. divs. (7%)
112. p. 371. 256.
{Statement
2,150,000
of the prof, stock acquired for retlrcinent
With op.oxp
307.871
2,482,020
oontlUK.&c
y Tlio aui.liorlzed
Depreciation
Federal taxes
Dep. in inventories
16.987
351,791
218,760
2,300,000
KHf,,939 Krnploy ben fund
loO.OOO
Net income
Bond, &c., interest
1.830.548
831.988
,
.09,293,971 94,104,49£.
.
.
12.fl(H
-
ir,3,a»5
82,00?)
1
Ac.
.
fcrrwl dividends
p.iyal)lpJiin.2
210.090
Ri»«--v«-, depr furMliureA fixtures 2,956,117
Rfs'vc I-Vd. taxes,
3,791,031
Mixes, receivable.
•^ioi-V
Ir.t.. tiixcfl.
prem. 4 21 1 .,527
Total
Total income deduc'ns
Net corporate deficit
—V.
1
21.030
310,903
M)f),(KX)
$2.982.2.39 $29.51'' .934
Cr. .|98.232cr..$4 .346,600
rfp/.$64,871
,'>!»0.8;>0
('UMh
.
4 21.7,345 4,S45,.5,'.«
AcctH. riTflviibl''. •142, .'.75
468,308
Invun. (mdiic..<tc.)18 6:>0.068 17.24S,'»73
MlwcllaneouH _ . .
ih3..v;h
32„V»<)
Imp.
1919.
%
.$
y
.WH) 12..VK),(KX)
CominKn .hoc!', y .fJ5,0fK),(XK) Wl, 000,000
Mo.-tBuKP-i payable 1,.524 ,600
1,257,500
Airf'tM. :i.iy tc v/XT.
•
-
owncl
Securlllcf)
1020.
lA'i'MUlet--
Calendar Years
Total income
137.923
d€/..S.374
Non-operatiug Licome.-
s
$3,218,395 $35,690,089
3,110,370
328.599
,857
4.438.605
!>i)
7.352.78"
374,098
1.511,218 12.547.285
711.809
84,818
1..346 .077
125,618
1
$2,410,684
113.155
Taxes
Not earnings
$2.3.58.363
$
ll:i.
31.
I
At... .16 424.127 14.0Vi.ll2
chlws.
flood- will
CrpoKiiry .stock x
(paid)
lntei-o.st
1919
PrpfprrfMl
fit'jresuppllei, <kc-
Nut
SHEET DECEMBER
1920.
fran-
i-.tlate.
('omnion Kcrtp.
Not
.
names, &C
18 ,27 5.000 18.000.009 Ace:)unts payable.
473,176
Cash
1,771,794
680.015 Ros. for taxes
251,793
3.399 Pref. dividend payBill.^ receivalile
1^7.735
Accts. reo3iv..ible- - 4,086,184 4,271,2,54
able Jan. 1
Res. forcomm'tB-.
637,758
I-ib.bd3.& Canada
64,959
852,016 Surplus.Victory bonds..
5.770.773
Merchandise
15.885.633 13.405.446
Pref.stk.intreas..
43,01)7
43,067
15.007
2,415,000
I
1
121,800
8.84b~.368
{Reptyrt for Fiscal
Tot .Salesiincl. Sub .Cos .) -Sales to U. S. Govt.- Company's
No. Razors. Doz.Blades. No. Razors. Doz Blades. Net Earn'as.
2,090,616 19.051,208
•SO, 803, 407
2,315,892 17,320,517
447,457 2,214, .566 6,025,3.50
.'580,987
4,
12,895.618 3.479,442 3,002,3,55 5.2.52.136
1920
1919
1918
1917
1916
1914
1912
1.094.182
4.603.782
9.019.030
782,028
7.153.406
3,192.832
350,765
4.414,153
1,673,430
405,292
2,869,576
1,155,009
During the year the company paid dividends on its capital stock as follows
March 1 1920, &;2.50 per share; June 1 $2.50 and an extra dividend of $1;
Sept. 1. 82 5i) Oo;. 1. S2 .3J .i vi ai octiM div'sdiMd o:' .SI, inikins; a total
Of $12 porsha.ro (no par valuoi '-ontrasM-iK '•'itli .SIO in 1919.
BAJLAJNCE
Asset*
1920.
S
—
&
Real
SHEET DEC.
1919.
S
Liahllittes
31.
—
S
2,650.744
Machinery & tools.. 3,037,812 3,211,494
Patents
4,225,000 9,000,000
Cash
635,470
310,070
Accts. receivable... 6, 922 ,553 1,782372
Inventories
3,022.039 3,240,888
Investments^.
8,480,888 7,982,065
Deferred charges. ._
22,747
39,080 Total (each side). 28,088,942 28,217,214
262.
112. p.
—V.
W. Woolworth
—
and 10-Cent
Stores), N. Y.
{Report for Fiscal Year Ending Dec. 31 1920.)
GROSS SALES AND PROFITS FOR CALENDAR YEARS.
Year
1920
1SI9
1918
1917
1910
1915
Go.
—
Soles.
-8140.918,981
.
.
.
.
.
(5
Il0,4,')n,107
107,179,411
98.102,858
87.089,270
75,995,774
Profits.
Year
89,775,252 1914
10.351, .5.57 1913
7,088,710 1912
9,2.52. 349 1011
8,713,445 1910
7,548,210 1909
Sales.
.S69,619,6fi9
66.228,072
60,557,767
.J,616,124
50,841,547
44,438,193
INCOME ACOOUNT FOR YEARS ENDING DECEMBER
1920.
1,111
1918.
1,039
.5140.918,981 $119,496,107 $107,179,411
9,775,252
x7,088,716
10,361,557
No. of stores Dec. 31.
Net sales
Net income
Deduct
—
Preferred di\idond (7%).
Common dividends (8%)...
5857,500
4,600,000
1919.
1,081
5875,000
4,000,000
Total deductions.
.?5,457,500
Balance, surplus
4,317.752
Federal taxes for prev. year. Not shown
•$4,875,000
Surplus
Previous surplus
34,554.436
20,590,000
$4,317,752
25,144,435
Total
Premium on
pret. stock,
Stock div. June
1
&c.
$29,462,187
100.821
5,486,557
932,121
S875,000
4,000,000
Prafit:;.
SS, 4.29, 896
6,451,118
5,414,798
4,995,2.55
5,065,031
4,702,802
31.
1917.
1,00D
$98,102,858
x9, 252, 349
SS92,500
4,000,000
$4,892,501
$4,875,000
2,213,716
4,359,848
"1918")
(see
1.232,209
.$981,507
19,608,493
34,359,848
15,368,660
.$25,144,436 x.S20,590,000 x$19,728,508
120,016
1920 (30%)ia,000,000
Total surplus
X Note. — "Net Income"
$14,361,366
$25,144,4.36
$20,590,000
is
—
Total
44.538,236 41.347.176
X The authorized preferred .-iCock amounts to S9 ,000.000 of this. $518,000
unissued and leaves f.8.482.000 outstanding.
V. 112, p. 105.
Brooklyn Edison Company, Brooklyn, N. Y.
The
{Report for Fiscal Year Ending Dec. 31 1920,)
report will be cited fully at a later date.
1919.
1918.
1917.
Total revenue
$13,308,868 $10,850,114
Expenses, incl. taxes and
reserve for renewals
10.225.919
7.499,102
and replacements
$8,854,302
88.381,055
6.162,445
5,511,982
Gross income
-53,082.949
Interest and discount
1 ,420,3.S3
Dividends, etc
1.387, .S66
Employees profit sharing
121 ,897
Contingencies
$3,351,012
1,088,448
1,381.650
106,750
450,149
$2,691,856
898,677
1,374,216
121,534
199,62»
$2,869,073
802,711
S318,007
x53,o51
$97,809
$44,1,36
1920.
1,3,34,716
90.806
596,703
1919-
1920.
Capital (representing
sh of no par val) .21.200,000 21.200,000
Noofshs. issued-.
250,000
Accounts payable 11,923,027 3,595,284
Notes. &c., pay'lej
Surplus.
4,905,315 3,421,930
est.
bldgs.
(after dcprec'n).. 2,742,432
44.538,235 41,317.175
Total
_
$19,608,492
In 1917 and again In 1918 is shown subject to deduction
tor Federal taxes payable on account of earnings of each year respectively. Tax for
1917 paid in 1918, it will be observed, is here charged against the bal., sur., for 1918.
1912. 1913. 1914. 1915. 1916. 1917. l')18. 1919. 1920.
Net earnings on 3.T.les (%). 8.94 9.76 9.23 9.93 10.01 9.43 5.46 7. 89 7.01
Net earnings on com. stk. 8.73 10.82 10.87 13.19 15.57 16.72 9.96 17.11 13.87
Surplus for the year..
Adjust prev. years
.
$153,353
x240,478
$44,136
Credit to profit & loss x$87,125
$97,809
$264,656
Stock outstand Dec. 31$17,355,000 $17,.300,300 $17,237,000 $17,156,500
x Deduction. V. Ill, p. 2524.
—
American Can
Co.,
New
York.
{Report for Fiscal Year ending Dec. 31 1920.)
President F. S. Wheeler saj-s in substance:
The earnings amounted to .§9,581.870, as comparod with $11.Results.
728.758 for 1919. There was carried to surplus, after deductions for
depreciation, fixed charges, reserve for taxes, and dividends on the Pref.
stock, SI. 944, 587, as compared with $2,293,894.
The volume of business was approximitoly 5% less than m 1919. During
the first 9 months a larger business cjuli have boon done but for inability
In the last quarter supplies became
to secure sufficient raw materials.
abundant but demand fell off, as in most trades.
.Some improvement has been noticeable since Jan. 1 1921.
Outlook.
There is a better tone to tlie canned i^oods market, aiin the prospects in this
Outside of seasonable packs otu- products
line are for a fair volume for 1921
are not stored empty, and. therefore, business currently represents consumptive demand. Careful attention is being given to economy in all
—
—
.
departments.
Munition Claims. .The claims again.^t the U. S. Govt, arismg from
munition contracts during the war are still pending, and no earnings have
been included fi-om this soiu-ce.
Additions. .There was expended for new construction and new equipment $6,165,594, chiefly at Portland, Me.; Cincinnati. O.; Brooklyn,
N. Y.; Portland. Ore.; Sau Francisco and Los Angeles. Calif. No new
work is contemplated for 1921.
These have been coaservatively taken. Tin plate, the prinInventories
cipal item, was included in the report for 1917 at a pre-war price, and the
No losses, therefore,
present inventory has been taken on the same basis.
can be incurred upon a return to normal prices. The inventories as a
been charged off.
have
whole are In normal quantities. .\11 doubtful accounts
lAstosalein Feb. 1921 of $12,000,000 Discount Notes see V. 112. p. 565.)
—
—
—
INCOME ACCOUNT FOB YEARS ENDING DECEMBER
31.
1918.
1920.
1919.
Calendar Year.i—
191"a,o
$9,851,876 $11,728,758 $17,076,335 $21,995,042
Net earnings
Deduct
3,500,000
3,500,000
2.000,000
1.500,000
Depreciation
602.183
575.508
548,533
520,9.58
Int on debenture bonds..
6,000,000
7,000,000
4,000.000
3.000,000
Res. for Federal taxes
x6,583,18o
7)2,886,332
(7)2,836,331
2.
880,
331
dividends..
(
(7
Preferred
7c)
—
Balance, surplus
x Includes in 1917
all
accumulations
15.9657%.
$1,944,587
$2,293,894
$3,114,495
$5,309,674
and 8.9657% back dividends extinguishing
— % regularPreferred
dividends paid during the year
make
7
total
-^
THE CHRONICLE
Feb. 12 1921.]
BALANCE SHEET DECEMBER
1920.
—
Aaatia
Ptants. real est.,
$
conii.
M. 156 .020
Sfl.imfi,470
Other luv. Items
3..373.002
7.033.86!»
Cusli
4,003.098
3.537.112
new
Inrl.
&
Acx^ounts
10,953.3ei
9,765,232
27.823,229
24.763.432
and
Materlub
productH
Total
V. 112, p
.140.311.310 135,076,125
—
41.233.300
Comiuoii Hlock. 41.233.300
1U19.
t
41.233.3(10
4I.233.3(MI
10.233.000
213.187
10. 791.,100
pay. 10,747,019
721.583
l)lv<l(iidJun.3.
.'..272.314
l)(«l>eIitiir..|)onilH
Accrued bond
Acits.Ai
bill!)
r«}C'<;lvatJli!
1920.
%
LtabllUUs—
Proftirrtxl «o;k
<
—
31.
I'Jl'J.
lilt
224,823
bill."
9.155,038
Coutlua'l tumls.
3.000,000
Ros. for Fed. tax.
23,774,883
KurpluH...
Total
721,'.83
9.769,010
4,0fl<i.nO0
21.830,295
The histori- of Montgrmtrj- Wsp''
Business Oroirlh
u liisioi) of the uiuil ordtr buKinnv,.
in 18,2 wc eiui
'"
'
-
"
.'fj'
.<!
first edilii.ii of our caialigut
uii l>< n d alj<,i:t 2,
>ir
eiuiilo.vees ha\ e nun, bin d as high as 12.000 at one tioiu uitd vtvljitvett luial
of over six luilliou cuctoiners on our lii>t«.
h'i{jures at 10-l<«r IntiriulH Shuuiny Wonderful (houUi of Cv.'t Busiiifts.
1880
1890.
1900
1910.
1920.
Annua! sales
S4 10,000 $2,411,000 ?8,8l>(i,H (i ,*-J«>.y<(7.0fjO $102.0Wl.000
I'liml Prriliifiiirtit
Oi;r < "hlcago jilant, ••n-i\ii^ In 19<)7, i« an H-«tory
oiurete linj.n.of bi.tldiiig coiitali ii g 45 un-x-r. of fl<.< tIn 1905 we
ojiened In Kani^-as City a house to K.irve tin- SuulliMi
Our
'orj-.
pivs<nt Kai sas City plait was erected in 1013.
It
nu"8-«tory
•one rele building font all liig 20 a< res of floor Bpot*. l! .ii we opened a
wareliouse at I'ort Worth. Texas.
warehouse wti.s r<'placrd by a beautiful
In 1920 our Poniard, Ore
iiK der
9 story concrete bulldiig eontaii iiip 1.3 a<ifs of floor space and
capable uf supi'lyliig the Far Wcvit and .Mai^kuii trade. BusiueKs in this
plant has Just b(«gun.
At Si. I'aul. .Minn., we have Just comiilmwi a lO-story eoncr«>t4" huiWii g cDD'aii iiig 10 acres of floor space, wlili-h f r ,-irchit««'tural beauty and
conve itM.< e is tue last w<ird in im n an' il. builiiirgs
Tl l^ plai t will open
lliii
i
-
1
'
..
i
<
i.-
.140,311.310 135,070,125
..
619
.it)5.
,
1
Continental Can Company, Inc. (of New York).
(Eighth Annual Report
Year ended Dec. 31 1920.)
l*resi(l('iit T. G. Oanwoll says in substance:
—
Restilis.
— -Vfur
sidorably
nsluciiiK thu viiliio of tho iuvoiitory luircha.scd ai cniito the i)rl< t'.s prevailirg at Uw. 31 lifJO, Ihn twl
1920 at'Wr doduclliiK di priH'iaiioii and taxt.s, uiiicunted to
IiikIki' prlcoH,
t'arnliiKS for
$1,.518. (.->().
Up
KTvat
to Or!.
1<)20
1
tbc voluUK-
(.f busiiu'.s.s
sliiiiip in bUKliR's.-! KeiUMiilly
lor
wa.s wull alirad 111" Mint, hut llic
guarttT aflVytt'd all liin-s of
tln' la.sl
that btlore the i-iid <if l'.)21 tho
inventory >vill bi« ri<diic«d to ncrn al. What U'W contracts wc havcu.i
luattriaLs for futiuv dt-livery art-, us a win li on tho basis of prices cxisiinK
at Dec.
1920.
Aitrrrsc Condllions.
In iidditloi) t-o the less on Inventory tho profits were
roduced by, first, the preatly iiUTiaK<<l cc st and inefficiency of labor a;;d
iiicrta.'ie. in
the hiifluT co.st of uiii or law niiiteriul \sitli(Ul cciTcspondii
our sellinj? pri<i's. and, Mxxird. t)io iiab'lity to .seciire cur rtqt.ireiEei.l.s of
tin plate at tJie height of the can mar iifacmrinif .season, due to the railroad
strike.
Tin. ste>>l strike also liii d<Tt>d (peiations.
AVir I'liint.
We are iio>- con.i.le; ii «, and s lall have in operation in
March 1921 ovr new general line can niakipg plant in Jersey City per)iaps
the most niodiTii factory cf its li? d
Tiiis will tal.<' the place of our cltl
plant in N'ew ^ork <''ity, a li<:iK(d bulldlig wli< lly uiisuited ard inadequate^
our
to
growing ne<<lK. The now factory .sIk i:!d jjiovi a splended addition
to otir service and earning r<)\\tT.
OutliH'k.
Caumxl for<ls are more extensively bought and con.suired in
hard tiint^s than in p'rirds of W'~at prc.srerity. belrK clieaprr than other
foods of equal food value, and we an; confident of retaining our full sh.Tre
of the can business resulting thorefpom.
Irado. iiicludi'iK ovir ow.i.
M
It
i.s
<.xi)iM-ti*l
,
—
(lt
—
—
,
—
RESULTS FOR YEARS ENDING DEC.
1920.
Net earnings
S2.U;f>,;-iH
Res. for taxes Aconting.
210.00(J
31.
1918.
1919.
prof, stock.
month aid
Northwestern IHtates to which it is conveniently locat<d.
|As to proposed change in capitullzatlon w* iie'Rb Iteui below.
for business next
81,139,779
83,728,269
.1;4,o:il,370
8.50,000
9U(i,(IOO
HM.OOO
165,000
165,000
165.000
165.000
SISK.SSS
S131..583
3,748,.377
.<1,264,053
.?897.017
$2, 321, 402
2,623,258
5,226,241
2.904,838
Total
$3,879,960
Ixss Fed'l tax to Dec. 31
1918 over estimate
Stock dividend of 35% . .
53,887,311
$6,123,258
$5,226,240
— Ed.)
EARNING.^ yon CALEND.XR YLARS.
1920.
..-$101,745,271
.'^ales.
n.def, $7, 855, 278
Ki'serve for war taxes
.Net, after di precis
Pref. dividends (7%)-..
divs. (c)_..
x"oninioii dividends ($5i
(Uass
1919.
.»99..3.J6,0.53
1918.
1917.
|7«, 106,848 $73. .512,645
$5,094,1/0
$6,419,688
"
1,289„594
90(1, (HMI
2,0(KJ.O<iO
,541.794
527,615
3.50,fX)0
1..5(X).000
1,500.000
1.,575,000
.'>.J6,345
A"
1,066,035
surp. or def. def ..S9,467, 6.58 sr$2, 1,52 .3'e.srS2,.'',62..566 sr$2. 205.066
... 12,342,932
6,600,994
13,008,404
10,095,6.54
Hill.,
Previous surplus
.
Total surplus
.?2. 875.274
..
Deduct — Taxis paid
Fideral tax. 1917
.
Federal taxes. 1919
Tart's paid i ae<TUed,
..
$8,806,060
.S4-S
$2,277 .84»
1917 Tav<s paid- ...
Vdjustmei t of taxas
1917-18 (cr.)
Total
$15,220,780 $12,4,58,220
860,326
.
SI .314.816
415.302
-.
«8.806,0€0
$2,429,772 ?12. 942.931
BALANCE SHEET DEC. 31
.4
1917.
Depreciation...
437,721
661,815
629.226
100..S92
l>reforred dividends (7%)
:*0-,037
318,5,52
327, 2.50
314. .57.5
Oonunon dividerds . ..(7<^r 19-15.000(0 k.)877,3,''8(6%)809, 776 (5%)4.50,000
Redemption
i
will afford <|Uteker service for those great
—
xsets
est,,
1920.
1919.
s
$
—
LlatitllHtJi
1920.
1919.
$
S
Preferred 7 cim
plant, &c
14,842,051 10,035.510
stock . >
8,000,000 8,000,000
Sli.k. fund. pf. atk.
20.'),(K)0
Class "A" & "B"
CiLSh...
stock, e
3,415,829 12.192.510
8,186,396 8.186,396
.Marketable sec.'' 398.393
Common stock. a. 25.(587, .530 25.500,000
Liberty bon'Ks..
.... .
1,72S'!63^ Account.') p.iy.ible. 5,942,932 9,425,380
Acc'ts receivable . 7,318,190 4,431,562 Notos payable
10,4')3,969 3,773,400
Notes receivable.
573,752
153,262 Accrued taxes
223.122
195,948
Investments
1,141,925
335,520 Com. div. (N.
Notpf; & aoc'ts rec.
Corp.)
1,.500.000
sub. cos
Reserve
380.535
1,761,908 1,761,907
Inventory
30,282.673 28,136,168 .Surplus
2,429,773 12,342.933
"Due on com. stk
10,200,000
I*rcr. Stack purch. 3,780.400
3,468,794
Real
bldgs.,
-
Balance, surplus
P.&L.surp.prev.year.
&
L. surplus. $3,879,960
Surplus used to date to
redeem pref. .stock
1,155 000
Bal., P.
&
Tot. sur.
pf. stk. red.
$5,034,960
138,934
3,.500, 000
$3,748,377
.?2, 623. 258
—
Pref. stk.
.%5, 226. 240
990 000
825,000
660.000
738,378
$3,448,258
$5,886,240
1919.
31.
1920.
$
1910.
Asstts
Liabilities—
S
$
S
Real estate, buildCommon stock. ..13, .500, 000 13,500,000
ings, plant, &c.il3,907.114 11.911,139 Pref. stock 7%-y. 4,345,000
4.510.000
Patents and goodNotes, accounts
will..
8.035,000 8.035.OO0
payftblc, &c
8.404,431
2,646,114
Investments
47.049
107,392 Dl vs. payable Jan.
312,287
315.175
Inventories
8,960,366 5.610.603 Surplus lor redeiiip.
Aocounts and bills
of prof, elock... 1,155.000
990,000
receivable
2.392,697 2.085,287 Ko-''ve for dcprec. 2,694,081 2,256,359
Cash
1,027,259
973.793 Re5've for taxes &
Prepaid insurance.
262,051
92,813
conllnspncies...
340,776
850,000
Profit and loss
3 ,879 ,960 3,748,378
Total
34,631.536 28,810,026
Total
.34.631, .535 28,816,026
X Real twiaie, buildirfre. machinery, &c., ii eludes .SI, 995, 976 net expnndituris on additions a: d lxitti;nncnts during year to date, again.st
•>1. 030. 820 \>i 1919.
y AfUT dcducti"B $105,000 relirtd during the year
under prov:.sion of cJiarter. maldr.g the total mirtd to date .?1 .155.000 out
of an origiij;il .?5.,500, 000.
V. 110. p. 657.
—
Montgomery Ward &
Co., Incorporated, Chicago.
(Report for Fiscal Year ending Dec. 31 1920.
Chairman
Silas
H.Strawn, Chicago, Feb.
The past year
—Sales
for tho
1,
wrote
in sub^t.:
was tho most difficult the company has exiierienced.
first seven months showed an increa.se of approximately 34% over 1919. Starting in Augu.st orders fell off rapidly, DecemSiiles.
—
—
361,882
62,695,630 70,085,964
62,696,630 70,685,964
Total
expense aiid premium on Prererrod strode purchased irreorganizalion amounted to S764.o05; in 1920 S402,423 wa,s charged off, leaving a
balance of .?361, 88? to be charged off inort lily in 1921.
y ,Vi.t.;iori;:cd, $10,000,000. z Cla.ss "A" stock, ?7 per share, cumulative. 205, 000 shares of no par value; Class B stock, 95.000 shares of no par
\aliu'. a I! re'>''esented bv S8.1R0,,396 as above.
3 No par value; authorized.
1. 000. 000 shares, i.ssued 8.50,251 shares.- \. ll'i, p. .567.
'I'lio
The
J.
G. Brill Company.
Ending Dec. 31 1920.)
Philadelphia, Feb. 9 wrote
(Report for Fiscal Year
Pres. Samuel ]M. CurM^cn,
in substanoo:
—
Results.
The combined ouijmt of your company's four
in sales value to .$17,537,293. comparing as follows:
plants amounted
1910.
1920.
1916.
1917.
1918.
$6,180,896 .$7,706,099 $16,761,155 $14,210,62'i SIT, .537, 293
The combined result for theyearof all the plants shows a profit of $1,4 15,321, after charging against earnings the sum of $964,090 for depreciation
and the cost of .ill maintenance and repairs for the year.
From this profit there have been deducted a rwerve in the amount of
$240,000 to cover una.ssessed Federal income and excess profits taxes, and
a re.sf rve of S150.000 against any po.ssible furtlier decre^iso in assets, leaving
the net profit for the year .^l, 025. 321.
Ivvcniories.
.\11 inventories of raw material were priced at cost or at the
inarkei, price at the end of the vear. whichever was the lower.
Orders.
Tlie sales value of the orders on hand as of Feb. 1 1921 amounted
to .$3,070,310.
In view of (ho present gi-eat necessity for street railway equipment,
<,bvious!y existing as the result of the curtailment in its purcha.se during the
nast few years, your management is confident that, in the return of general
business o anything like a condition of prosperity, your company wiU share
to its full measure in the improvement.
1915.
.$4,403,117
—
—
<
THE
,
ber sales being 33% below 1919, leaving a net increase of less tlian 3% in
the sales for the year, which were the largest in our history
Immediately upon realizing that tho turn in the tide had come, we proceeded to reduce our prices, The^e price reductions caused heavy losses
on sales during the last four months of the vear.
Inventory.
f)ur inventories, taken Dec. 31 1920, have been carefully
analyzed and all merchandi.so valued at replacement or cost, whichever was
lower. The depreciation taken was .$5,174,435 below cost to us, rcsultirg
in an inventory at Dec. 31 1920 of $30,282,672 as compared with $28,136,166 on Dix:. 31 1919.
Total Loss.
These inventory depreciatiors and los.ses aforesaid, together
with Ios.ses of our factories dtie to the general depression, resulted in a total
loss for the year of $7,855,278, which has been charged to surpli:s.
Following good business methrds aid in the intci-ests of our customers
and stockholders, we have taken our losses iti the figures of the year 1920,
and arc now doing business on the readjusted basis of values. Otir commitments for merchandise are smaller than they have been at any time for the
expense*
Total
x
CONSOLIDATED BALANCE SHEET DEC.
1920.
Y
BRILL CO.'S AND SVTsSIDIARY COMPANIES SALES AND
EXPENDITURES FOR THE YEARS ENDING DEC. 31.
J. C.
1918.
1919.
1920.
-$1V,.537,293 $14,210,622 $16,761,155
Oper., gen. & adm. exp.''
Depreciation reserve..
16,121,972 13,293,752 15,419,646
Total sales...
Net orofits...
x$916,870 x$l,341,510
$1,415,321
Le.s.s—Div. on pref. stk. (7%)320, 600(15^)721, 350 (8)366,400
Reserve for Federal taxes
240,000
-.
do
do
contingencies
Balance, surplus..
Previous surplus
..
..
1917.
$7,706,099
6.711,910
$994,189
(4)183.200
90,000
150,000
.$704,721
2,585,761
$975,110
$720,989
1,744.546
1,146,193
$2,719,656
$1,867,182
Z)6.60,124
i)6.22,636
$195,520
2,659,532
.
la.st
five years.
Diridends.
—The company has paid the dividends on
Total
.. $3,290,482
-Adjustments
Cr.60,710
Res'vo for special deprec.
Fed taxes paid in year.
.
its
Preferred stock
for the year 1920.
It also paid the tiuaiterlv dividerds on its Class -'A'
stock for the first throe quarters of the year. The dividend on the " .V
stock for the last quarter was passed when it becami^ apparent there would
be no profits, and consequently the charter requirements respecting the
amounts to be set aside out of profits for the protection of the IVeferred
—
Condensed Extracts from the Company's Periodical "The Store News'*
of January 17 1921.
Mr. Merselos as President .succeeded Mr. Silas H. Strawn who was
elected Chairman of our board.
At the same time Mr. J. Chas
now Vice-President, was also elected Secretary and Treasurer bkladdisoii
Cash
Cloak
&
Suit C^o.
Mr. Merseles was elected a director of the company, as also were John A
Spoor and Bernard A. Eckhart, both successful business men of Chicago.
Ihis completes the reorganization of the company.
27"8"644
AND
Assets
Value of properties.
'
100.000
"
Total .surplus
$3,351,192 x$2, 585.761 x$2,6.59,.532 $1,744,546
X Federal taxes for 1919, now est. at $85,000. must also be deducted.
./. G. BRILL CO.
SUB. COS. COMBINED BAL. SHEET DEC. 31.
could not be complied with. Xo dividend has been declared or paid
on the B or Common .stock.
New Officers.— On Jan. 4 1921 Mr. Theodore F. Mer.seles was elected
President.
He brings to the problems and business of Montgomery Ward
& Co. matured mail-order oxjierience gain<d through his many years of
succes-sful activity as Vice-President and General Manager of the National
.stock
$2,855,052
Cr. 8. 753
less
1920.
1919.
$
S
In
Investments
Bills and accounts
receivable
Liberty bonds
4,775,810
129.130
3,714,879
1,907,868
—
»
1919.
S
4,680.000 4,580,000
4.810.200 4,810,200
5,192,474 3,896,792
240,000
4,668,941 Resen-e for taxes.
195,549
187.355 Res. for conting.
y303,714
272,228
Special accts. pay.
payments
2,541,876 Advance
118,707
on contracts
390.025
3,351,192 12,585.761
124,834 Surplus
Preferred stock
dfprec. &c.x8,232.663
Material, raw.
process
1920.
DtabilUies—
8,263,436
Common stock
Bills A aootfi. pay.
18,760,350 16,176.467
Total
Total
18,760,350 16,176,467
X Depreclat'on deduction amounts to $2,322,129; see above foot-note,
y This item renrcsen's electric equipt .. incl. motors ard air brakes put on
bv Brill Co. for which settlement is due bv Brill only out of .settlement as and when received from purchasing R.v. Cos. V. 111. p. 1854.
cars, sold
—
.
THE CHRONICLE
650
Atlas
Powder
—
Penn.
Co., Philadelphia,
{Report for Fiscal Year Kridinr/ Dec. :M 1920.)
Pn^s. W. J. W»'hstor, Pliila., Fob. S 1021, wroto in .suhst.
/Jf.ti/M.t.— (iross sales amounl(i<l to %2\
Ncit oporatInK incomn
SAW
.'.V.Y,\
.
aftor all charKes incidunt to maiiura<-tur() aiul soiling, ropairs, a<M:icl(!nl.s,
doprociat ion of proportlos. ordinary Kodfiral taxes and I'rcf. dividend. t)ut
boforo inventory adjustment. r()pn>senls a n^liirn of .'j-I.O,')':^ for ('ommon
Hto<'k.
After inalvInK tho Inventory adjustnii-iil helow mentioned the net
income represents a n-turn of 1(1. 22"; for Common stocl<.
Business transa<rted in our entire lield of explosives, explosives supplies.
chemicals. lac(iuers and leather clotli duriiiK the l.xst quarter of the year was
comparison with
nine months.
Inventory Wrilleti Doiin.
Our inventory of raw materials was lar!?er than
u.s»ial .as a result of th(< lower volume of sales toward the dose of the year.
Du<< to deflation K'''i»>rally pr<:vailinK. there was a derided shrmkaKS in
Inventory values. We have written our Dec. .'Jl 1<)20 raw materials in
ventory down to market values. This represents an amount of ;?1 ,0:^2.-102.
Wo have also, as usual, set aside from earniiiKs ample reserves to provide
against lo.ss from bad debts, accidents at plants, depreciation of plant
values, &c.
Rixrnrch.
We continue to operate research, development and experimental laboratories, and diirinp: the year succeeded in develgpinR and marketlnK improved explosives and invest! seated many affiliateu lines, with a
view of developing advantaeeous fields for tlie use of our orRanization.
Dividend^-.
(Jomnion stock dividends, payable? in t'ommon stock, were
declared payable in Sept I'.IJO aiul Dec. 1920. consistin:? of .5% each. These
distrilnilions wore considered proper in view of the surplus accumulated
since organization of the company in 101.3.
Total Dividends Paid liac'i Year on Common Stock {Regular and Extra).
191(j.
1917.
1919.
1920.
1913.
1914.
lOl.").
1918.
21'>,'
12 & 10%. stock
2()%
12%
6% IIK.% 2.'-.%
The outstanding Common stock was increased $,')12.22.5
Capital Stock.
in 1020 and the undistribui,ed profits com-spondinRly reduced tlirough the
payment of dividends in Common stock previously rc^fcrred to.
linder plan inaupurated in lOlo 098 employees of the
Slockholdrr.':
grand total oi' 2,179 on Dec. 31 1920 are stockholders. The company has
a total of 3.034 stockholdors.
Stock bonus, service wage and pension plans inaugurated in 1913 re.small In
thi
—
fii'st
—
—
.
1M%
main
—
—
in effect.
1920.
31
UNCL. SUB.
1918.
1919.
COS.)
1917.
Gross sales
$21.393, .568 .$19,107,341 .S3.5.766,620 $27,487,631
Cost of fcoods ciold, delivery. &c., expenses
21.848.786 17,429.043 33. .583, 625 24.449,261
Net profit
Other income (net)
S2..544. 782
loss77.687
S1.67S.298
losslS,209
.$2,182,995
.?3.038,.369
79,299
12.112
Net income
.S2,467,095 $1,660,089 $2,262,294 .$3,050,481
Adj. of inc. to market
value (net)
1.032.402
Pref. dividends (6%)-_.540,000
.540.200
.540,000
486.513
Common dividend.s._-(12%)007, 479 (12)600.288(21) 1,0.50.504(26)1, .300.6 17
do (in stock)
512.225
Total
Balance
Total surplus
$2,692,106 $1,140,288 SI. .500, 704 $1,787,130
..def.225,011 sur.519.801 sur .661..500 surl .263,352
.- S5.063,9S0
$5,288,991 .$4,769,100 $1,007,600
.-
BALANCE SHEET DEC.
1920.
—
31
(INCLUDING SUBSIDIARY
1919.
1920.
—
Assets
Llabiluies
S
S
$
Preferred stock... 9,000,000
Plant, prop.. equip.
good-will, &c.-_ 14,851.581 13,3RS.4S8 Common stock
x5, 514, 625
Cash
1,288,168 1,361,227 Notes&fxccts. pay.,]
Notes & accts. rec. 3.317.650 3,511.468
incl. accr. int. &
Finished product.. 2,112.398 1,751.676
6% div. on pref. ^5,561. 122
Materials & supp. 6.418,569 3,729,693
stock
Outside real estate
Accr.Fed.tax(e3t.) J
3.545,018
& Invest. Becurs. 642,641 1.008,266 Reserves
53,738
Def'd Items (net).
65,865 Undistrib. profits. 5,063.980
COS.)
1919.
S
9.000,000
5.002.400
|
2.529,687
I
Total
—
Oil Welh.
There are 817 wells in operation on the land so purrhafied: 26
arc drllltng and 25 are bolnn redrPled.
Avonine d(.-nth: (^mllnivt west Klde
2. .500 ft.; (.'oallnxa e:ist sldr;. 2.800 ft
Sunwjt .Midway west side. 2. .500 ft
liu(!na ViKta. 2.900 ft
KIk HIIIh. 2.900 ft.; McKlttrlck. 1,000 ft
Kern
Klver. 7.50 ft.
I»rf)bib'e life of oldest wells 19 yoart-; wjuk; have
In
"
:
:
28,684,745 24,806,653
Total
:
bwm
operation for over 3S years.
The oil Hands dij) from a minimum of thre*he Kern Klver fle'd to maximum of 45 de-^roes In Ooallnga field.
On top of liiiena Vista and K'k IIIM anticlines the oil san'l« are'almost flat
Gravity ranges from 10 to .50 de-^rees liaume, major part 18 to 30 Ilaume!
next larxcHt portion 14 to IS doKrees
de!<r«;es In
I
.
PUODVcriOX FOR THE LAST FIVE YEARS. WITH ESTIMATE FOR
1920— A'O. OF BARRELS.
1916.
1917.
1918
1919.
1920.
lO.UJO.OOO
9,6.50.000
9.390.000
9.200.000
9,474,000
11.170.000
I'nder Injunction In above-mentloiu^ suit, terminated In 1919. <lrlUtnK
was restricted durint; 1916-19. excr-pt for wells aloni; property lines. ne(«Ksary to f)ffsel nelghbjrluK wells drllli;d by outside Irilercxt--.
Sloraye.
HtoraKe facilities In the field consist of (ai 200.()')0 barrels In
steel tankage and 500.00') b'lrrcls In concrete rt-servolr at f-oallnKa; (b)
barrels
In steel tanka«e In Sunsj^l-.MIdway field; (c) 220.000 bar292.000
njls steel tankage and 2..500.0.)0 b'lrre's In concrete reservoir In Kern River
field: ((/) 330.000 barrels In steel tankage at .McKlttrlck.
Cost of Field
Improvements.
Kxpendltures for field Improvem'-ntB
made on this property for the five years endInK 1919. IncMidlni! well drilling
and development a'.!t'reKated S12.720.000. of which $3. .598. 000 were drilling
expenses charged to operations In 1918 and 1910
The bulk of thes<; expenditures for field Improvements were for drilling we"s.
The estimate*!
total of all expenditures for fli!ld Improvements for 1920 l.s $4,2.50,000, of
which $2,415,000 are drilling expenses.
Capital account Investments; 1915. .$723,000; 1916. $1 .208.000: 1917.
$3, .561, 000; 1918, $2,1.54,000; 1919, $1,177,000: 192r) (estimated). $1,835 000.
Mumb ir of employer's inMged in op irations is irlos.) to 1.600.
Financial Staiemenls. The company being anowly organized corporation
Is not In position to furnish a balance sheet and Income and profit and loss
accoutit.
The balance sheet, however, will reflect the said assets. Including
(<!'
Oil land;; (fti dlstributin!? and storage facilities in fi(!lds: (c) $20. 069.000 of (;;ipita' stick out of $39.7.55.696 of Asswiatcd Oil Co.: (d) Cash
working fund SS. 7.50. 000; («) Material and supplies on hand sufficient to
continue development program without Interruption. No liabilities will
1015.
—
—
.
—
b'j
assumed.
—
The Associated Oil Company is at present paying dividends
per annum.
The net earnings of the Southern Pacific oil properties, together with
dividend.? received from Associated Oil Co. on the 320.069.000 stock owned
therein for calendar year i920. after deduction of all taxes accrued and
proper reserves for depreciation, will exceed $12,000,000. For 1921
the net earnings on the basis of present estimated oil production and prices
should considerably exceed $12.1)00.000. net earnings estimated for current
year.
It is the plan of the company to actively develop the Southern
Pacific oil holdings.
Oil Contract With Southern Pacific Co.
There is a contract by which the
Pacific Oil <\). agrees to sell and the Southern Pacific Co. to buy. 10.980.000
barrels of fuel oil during the. eighteen months ending June 30 1022. and
thereafter 13.320,000 barrels dui-ing each succeeding year, either party to
have the right to decrease said quantity by giving tlie other one year's
notice on the first <iay of any month after June 20 \U2l- with the proviso
that the Southern Pacific Company shall not reduce such quantity below
its estimated requirements for the year.
If the quantity of fuel oil to be
sold under the ag ecment .sliall bj reduced below a million barrels in any
year, either party may cancel the agreement on not less than 11 months"
notice.
If the Pacific Oil Co. has any oil during any year in excess of the
quantity deliverable to the Southern Pacific Company as above, it must
notify the latter and the latter has a 30-day option to purchase same.
All
oil is to be purchased under the agreement at market prices.
Except as
heretofore stated, the agreement will continue in effect for 25 years from
Jan. 1 1021.
While no representative income and surplus account
Operuling Results.
.showing for a period of years can be submitted on account of numerous
transfers in corporate ownership, the following statement r. fleets operating
results of properties taken over for the five years 1915-1919, inclusive, with
allowance for depreciation and taxes;
Outlook.
INCOME ACCOUNT FOR YEARS ENDED DEC.
[Vol. 112.
of
6%
—
.
—
2.985.574
5,288.992
OPERATING RESULTS FOR PACIFIC OIL CO. PROPERTIES FOR CAL.
YEARS 1916-1919 AND 10 MONTHS ENDING 1920.
28,684,745 24,806.653
Common stock.
1919.
1917.
10 Mos. 1920.
1018.
1916.
Oper rev.. .$17,428,030 $15,365,984 $21,601,064 S17.941.118 $10,881,407
Oper.exp-- 5.793,426
6.035.424 14.615.881
7,4.53.890
2.595,045
X Includes $37,925 warrants for fractional shares of
V. Ill, p. 1952.
Pacific Oil Co. of Delaware.
ficial Statement to Neiv York Stock Exchange Jan. 15 1921).
iOffi
The N. Y. Stock Exchange on Jan. 26 authorized the
listing on or after Feb. 1 1921 of 3,500,000 shares (total
authorized issue) of capital stock without nominal or par
value on official notice of issuance and payment in full.
An official statement dated .Jan. 15 says in subst:
—
Organization.
Incorporated in Delaware, Dec. 3 1920. in perpetuity.
Authorized Capital stock 3.500.000 shares of no par value. No Pref.
stock is authorized. Has no funded debt.
Has the charter right to engage in all branches of the oil business, includ-
ing production, refining, transportation, to purchase, sell and exploit land
leases for oil, gas or other minerals; also any other business advantageous in connection with the foregoing.
Shareholders' Liability under Cal. Law.
By virtue solely of the laws of
California (in which State this Delaware corporation is licensed to do
business] each stockholder is liable for such proportion of the debts and
liabilities contracted or Incurred during the time he was a stockholder,
as the amount of stock or shares owned by him bears to the whole of the
subscribed Capital stock.
Dec. 1 1920. the directors of the Southern Pacific
Purchase of Property.
Co. adopted a plan for the separation of its California oil properties owned
by its subsidiary, the Southern Pacific Land Co., and of its .stockholdings
(V. Ill, p. '2230,
in the Associated Oil Co. from Its railroad properties.
2325.) Under this plan the Southern Pacific Co. subscribed for the 3.-500,000
shares of the Pacific Oil Co. at $15 per share, or $52,500,000 and the new
company purchased from the Southern Pacific Land Co. for $43,750,000;
(a) About 2.59,000 acres of land owned by the Southern Pacific Land
Co., In California, of which about 25,000 acres are proven oil lands and the
remainder lands heretofore withdrawn from sale as possible oil lands together with exi.sting field improvements and materials and supplies.
(b) $20,069,000, or 50.48%, of the outstanding Capital stock of the
and
—
—
Associated Oil Co.
By the sale of these properties the Southern Pacific Land Co., the entirs
Capital stock of which is owned by the Southern Pacific Co., receivee
$43,750,000 in cash, and the new company retains $8,7.50,000 as working
capital.
Holders of the Capital stock of the Southern Pacific Co. of record on Jan.
14 1921. were given the right to purchase at S15 per share, payment to be
made in full on or before March 1 1921, one share of stock of the new company for each share of Southern Pacific Co. stock .so held. The stock of
the new company is fixed at 3.500.000 shares, to correspond as nearly as may
be to the total number of shares of the Southern Pacific Company's stock
outstanding, together with shares reserved for the con^•ersion of Southern
Pacific Co. 5% 20-year Convertible bonds, due June 1 1934.
Clarence H. Venner, as the owner of 200 shares of Southern
VeTiner Suit.
Pacific Company's stock, has a suit pendi'ig in the Federal court at N. Y.
a.sking for an injunction to restrain the carrying out of the plan, alleging
that it is illegal and ultra vires.
The lands transferred to the company were origin^Ilislorii of Properties.
ally acquired by the Southern Pacific RR. Co. as part of a land grant
from U. S. Government in aid of the original construction of its railroad.
Suits involving the titles to 161,000 acres of these lands, including all of
the valuable and productive oi! lands, were brought by the U. S. Government, but were decided adverssely to the U. S. No appeal having been
taken v/ithin the months time limit the decrees are now final and conclusive
(V.ftlOO, p. 889).
—
—
CALIFORNIA OIL PROPERTIES THUS ACQUIRED,
ALL OWNED IN FEE (NO LEASES).
1,.592 acres! Kings County, Cal
San'Benito County, Cal
Fresno County, Cal
99,582 acres (Kem Coimty, Cal
258,765
ACRES.
51,139 acres
106.452_acres
Net op. inc$11.634.604
.$9. 330. .560
Deprec
Taxes
$1,529,866
223,706
$1,282,873
1.002.389
.$6,985,183 $10,487,228
$1,304,905 SI. 123. 068
480.230
1.59.083
$8,286,362
$978,042
2.59.896
Totl deduct $2,285,262 $1.7.53. .572 $1,463,988 $1,603,298 $1.237.9.38
Net
$9,349,342 .$7,576,988 $5. ,521. 195 $8,883,930 $7,048,424
Note.
1917 taxes shown above include approximately $320,000 Federal
income and profits taxes. For 1918 and 1019. results of oil operations were
absorbed in Southern Pacific Company's income, and it is impracticable to
apportion Federal income tax applicable to net results of oil operations.
Operating expenses for 1018. 1919 and 1920. comprehend drilling expenditures $1,773,820. $1,823,682 and $1.974.9.57. respectively.
The above statement is representative of past earnings of the oil properties
during such period for the reason that oil was sold to the Southern Paficic
Co. at current market price at all times, either through intercompany or
interdepartment .sales.
The aforesaid statements do not include any earnings of the Associated
Oil Co. either directly or indirectly through inclusion of dividends received.
INCOME ACCOUNT OF ASSOCIATED 010 CO. (AND PROP. CO'S)
—
FOR CALENDAR YEARS AND SIX
Calendar Year—
Total receipts
Net earnings
Interest, taxes,
&c
Depreciation
Dividends
Balance, surplus
MONTHS
ENDING
1920.
Year.
Year.
Year.
6 Mos.
1918.
1917.
1920.
1919.
$23. .594. 696 .$38,521,167 .$31,243,481 .$28,188.-565
7,721.363
6,567,752 10.799.3.54 11.076.993
1, '260. 357
3,863,287
1.743,286
2,327-623
2,672.399
2.619.217
1.189,024
2.401.388
(3^^0)1. 192,681 (5)1,987.811 (5)1.987.832 (5)1.987.835
$2-442,761
JUNE
$4,082,-532
$2,553,475 $1,853,954
Oil Co. in \'. 110, p. 1746; V. 111.
[Compare annual report of Associated
p. 795.1
The production
barrels of
oil,
of the Associated Oil Co. and subsidiary companies in
has been as follows; 1918. 9,407-7.53; 1919- 8-743-604; 1920
(e.stimate), 9.100,000.
The Associatea Oil Co. with its proprietary and affiliated companies
controls through ownership or leaseholds in excess of 80.000 acres of lands
in California having oil i)o.ss;b'.lities. of which 7.800 acres are proved lands
In the States of Texas,
in fields of well known and settled production.
Wyoming and Colorado it controls under leaseholds many thousands of
acres, where, however, work of exploitation has not yet reached point of
determination of oil values. This comnany and its subsidiaries have in
excess of 1 .200 producing wells, having an average daily production in excess
of 20 barrels each
In Jan. 1920 the As.sociatcd Oil Co. itself owned in fee in California about
40.556 acres of oil land and held under lease 20,841 acres (incl. 1,125 in
Colorado and 2,460 in Texas), and under mineral rights 3.363 acres: also
.50% interest in leaseholds approximating 9.918 acres in Texas on a ! s royalty
basis, and HIT,^ inter* st in 15 mining claims in Colorado.
The Avon Refinery of the Associated Oil Co. [opened in Aug. 1920]
covers 625 acres on San Francisco Harbor, and has a daily capacity of
24.000 barrels crude and daily output as follows; gasoline. 5,000 bbls.:
engine distillate. 1.200 bbls.; kerosene, 2.000 bbls.; lubricating oils. 1,000
bbls.; residuum. 13.500 bbls.
Gaviota Refinery near Santa> Barbara. Cal.. has capacity of 3.500 barrels
crude per dav and uormso 1 10; dnilv output. 1 .200 bb's. crude sa.soline tops.
Directors of Pacific Oil Co. (Term expires 1023); Henry Vf. De Forest,
E. P. Swenson and B. D. Caldwell; (term expires 1922): Mortimer L
Schiff. James S. .Alexander and Gordon M. Buck, all of N. Y. City; (term
expires 1921): Samuol Rea, Philadelphia, Pa.; Charles A. Peabody, N. Y.
Citv: and Paul Shoup. San FVancisco. Cal.
Officers; Henrv W. De Forest, Chairman of Executive Committee;
Paul Shoup. President: Gordon M. Buck. Vice-Pres. and Coimsel: Hugh
NeiU, Sec. and Treas.: A. D'Heur. and .\. C. McLaughlin, Vice-Presidents;
P, G. Williams. Auditor: J. P. Edwards, Asst. Sec: and W. A. Sloan.
Local Treas. Offices, 165 B'way, N. Y.. and San Fran. V. 112, p. 476.
—
THE CHRONICLE
Feb. 12 1921.]
The New
Childs Company, New York.
(Annual Report for Y'ear Ending Nor. 30 1920.)
CONSOL. INCOMK ACCOl XT FOR YhAKS E.\J>1.\<! .\0\ hMHEN
(Including Childs Co.. Childs Dining Hall Co. and
1918-19.
191(t-2()
$2.392, 107 $1,6.')8,0U.')
OroKs profits.
---"% 307.091
307 ,090
Dividends pief
conuuon
do
Rati'
319,997
piM' c«iil
Dividends
.sub
_
.
Depreciation riccount
Res. for contiiigenciea
307,090
307.090
139.991
2.59,984
(3'-j)
Cti'a)
299
314
$1,764,3(14 $1.190, .5.59
1,342.853
2.12.5,260
$118,74 1
1,690,209
1,362,318
12
.«1. 808.9.53
$2.1.S4.718
20.178
387.973
80.719
79,478
38.5.381
36.5.030
.'52..5.33.4
400.7.57
.
^w2.IOO
500,000
-
.
W
,.339,79.5
.'il
..-$2,865,755 $2,125,260 $1,342,853 «1, 690.209
ToU'il surplus.
BALAyCE SHEET \OVE\fDEli
—
1920
30.
1"19.
1920
3.S99.(K)0 3.990,800
4,^87,100 4,387.100
100
1.200
1,200
See contia
1,S18.148 1,190,077
409,85S
671,.595
1.505,543 1.342.853
2,865,750 2,125,260
Uablliltei
1919.
C-ommon stock...
lUstaurants. plants
leaseliolds, &c. X 9,033.623 x8,951,143 Prcf (7% cum) stk
Common scrip
Res. (real ostatu
882.431 Other cap. stock..
and caab on dep) 1.005.543
Caab
y 1,825,494 1,659,624 MortKagfS
Slotka owned
157.240 Notes & accts. pay
157,840
Notes rpc. aco. <tc.
543.613
190,877 lies, for taxes
Reaerve account..
Govt., State and
896.481
428.101 Surplus
Ry. bonds
90K
Inventory..
343.999
296,
Mdse.
R«Hl ost. .less mtges
942.749
430,000
.
TotMl
Total
14,749,342 12,P9a,326
X After detluctintt depreciation ainountinir to
—
14.749,342 12,996,326
.'*3, 61.5.
494.
GENERAL INVESTMENT NEWS.
General Railroad and Electric Railway News.
—The
following table summarizes recent raib'oad and electric railway news of a more or less general character, full details
oonccrning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Govt. Guaranty
Partial Payments.
House pas.ses Win.slow bill amending
Trau-sportation Act of 1920 to enable partial payments of amotints due
under Govt, guaranty for half-year ended Sept. 1 1920. "Times" Feb. 9.
Feb. 4. p. 326, 319.
p. 15: "Ry. Age
—
'
Less under 6 months' guaranty is now stated as $631,000,000 (including
$31,000,000 due "Am. Ky. Espras.s Co."), of which I.-S. C. Commission
has decided $340,000,000 will certainly have to bo paid.
RR. Labor Board Decision. The Board on Feb. 10 declined to sanction
either the Imjnediate abrogation of National RR. labor agreements or the
making of wage cuts as proposed by the Erie RR. for track laborers,
pending determination of the justice of the contentions of the RRs. "Times"
Feb. 11. p. 1: Feb. 9. p. 15.
The managers claim the national agreements cause an annual loss of
$600,000,000. "Chronicle" Feb. 5, p. 529.
Plan to Consolidate Eastern RRs.- Prof. W. J. Ripley has presented his
merger plan for those lines privately to I .-S. C. Commission and is expected
within three or four weeks to submit similar plans for Southern and Western
lines.
"Bost. N. B." Feb. 9, p. 12.
Kentucky Coal Rale. l.-S. C. Commission condemns 40% advance to
N. W. territory. "Coal Tr. Journ." Feb. 9. p. 152.
Terminal Snitching Case. I.-S. C. Commission in case of Philip Carey
Mfg. Co. at Cincinnati defines the limitations of "free car spotting service"
covered by RR. lino-haul rates. Idem, p. 14.
Raihcay Valuation. Article XVIII, "Appreciation." "Railway Review" Feb. 5, p. 217.
—
—
—
—
—
Substitute for
Clayton
Law
—
Reported.
—Text
of
"Railway Age"
bill.
—
Intra-Statc Rates.
Illinois
(a) I.-S. C. Commis-sion orders increase in
intra-State freight rates to coform with the increases already effective in
State for inter-State traffic, namely 35% on Western and 40% on Eastern
lines.
The State P. V. Commis.sion had previously permitted an increase
of not over 35% (the RRs. say 33 1-3%).
"Ry. Age" Feb. 4. p. 334.
(b) Illinois roads ask 20% increase on commutation and excursion rates,
now 2.3 cts. a mile, to Inter-State level.
—
—
—
(c) Michigan.
I.-S. C. Commission on Feb. 9 ordered intra-State passenger rates to be raised to inter-State level by March 19.
"Fin. Am." Feb.
10, p. 2.
(d) Minnesota.
Appeal is proposed to U. S. Supreme Court as to right
to fix inter-State rates.
Car Loadings. Week ended Jan. 22, No. 703,115. agst. 709,888 for previous week; 804,866 in 1920: 734,293 in 1919 and 668,941 in 1918. "Ry.
Age" Feb. 4. p. 331.
Idle Freight Cars.— Jan. 22, No. 300,669; Jan. 15, No. 286, .562; Jan. 8.
No. 258.678. Idem.
Interchangeable Tickets Discontinued by Penn. RR. and B.
"Phila.
O.
N. B." Feb.
—
&
2.
— Decision
of U.
Supreme Court as to
delivery without same.
"Ry. Age" Feb.
345.
Surcharge on Canadian Shipments — Rate
Jan. 22. — "Coal Trade
Journal" Feb.
169.
Mexican Railways. —
Statement as to rehabilitation by
Duhart.
Asst. Gen. Agent Nat. Rys.
"Times" Feb. 6
Compare "Wall
Journ." Feb.
Higher
Fares. — Am. Elec. Ry. Assn., reporting
the year
1920, says: "The report just completed shows that 548
the U.
Bills of
Lading.
S.
liability for
4. p.
Effective
9, p.
(a)
I.
p.
St.
3.
7. p. 3.
Trolley
Still
for
cities in
S..
representing more than 90%. of the riding population in cities, are paying
fares ranging from 5 cents with a 1-cent transfer charge to a flat rate of 10
cents.
The largest groups are: Cities paying a 10-cent fare. 112; 8-cent
fare, 6: 7-cent fare. 174: and 6-cent fare. 124."
Matters in "Chronicle" of Feb.
ments and wage reductions,
5.
RR. Labor Controversy.
p. 529.
Alabama Ternessee & Northern RR.
The
pany
C
—National agree-
— U.
S.
Loan.
I.-S.
Commission has approved a loan of $90,000 to aid
In meeting Its maturing indebtedness.
V. 108, p. 2527.
—
Bridge Operating Co., N. Y. City.
—
the com-
— Municipal Oper. —
Grover.\. WJialen, Commissionerof Plantsand Structures, hasannounced
that, beginning March 1. the city will operate tht^ municipal troUev cars
across Williamsburg Bridge at a 2 cent cash fare or tliree tickets for 5 cents.
The B. R. T. has threat<ined to discontirue operation of its cars ever the
bridge if the city attempts to run a bridge local service.
See Brooklyn
Rapid Transit Ca>. below, and V. Ill, p. 2519.
Brooklyn Rapid Transit Co.
Traction Situation
The report
Nov. 30 1920
—
Report—B.R.T.
— To Investigate Receivership,
of Hr^ceivor Lindloy
M.
nf
riict-iver
purmlKtion
t*.
Nassau Elwtrle UK. without exebauKc
iraiisfii-b ttUli couuneting lines.
As.seniblynian W. F. Clayton on Feb. 8 introduced a bill at Albany
authorizing the P. 8. Commission to allow the NasKaU El»<-u-u- KR. to
operate ears without exchanging transfer. vviili connecting Une:,, uolwitbstanding provisions of any cJiarler, franeliisi- nr law.
HeceiviT tiarrison maiutain-^ tliMi under ihe neent deciKion of the courts
in (he case of the Brooklyn City KK. thi' eonipaiiy has the right (/) rbargca double fare on several surface Hues, and h.is aimounced tl»at Iv-ginning
March 12 such Increases will bu iniulu. The linen are: The SuiiUi Htrccl
De Kalh and Franklin AveiiUe.
Following the ducision of the Court of .\ppeal8, the Brooklyn City KU.
has asked perniissiiiu to charge lO-cent fares on Hroadway-<;yprt>sh UilU,
.Smith St. and Fraiilclln Ave. lines to ('oney Island, and Wilivon Ave. limfrom Delancey St. to Canarsle.
Lindley
(iarrLson. rec«iver, has declared that if the city carried oui
its threat' to operate independently the cars running over the WIllianiRburK
llr dge, the H.K.T.'s and the Brooklyn City RK.s through wi-vii'o over
till) bridge would be dist'ontinuud.
The B.R.T. officials have M-ciu^od an
injunction to prevent the city ni.LkIng a cro.ssover on their liuerof
tlio N. Y. !..< gislalure from Kings and
In answer to efforts of members
Queens ('ountics to find means of releasing the H H.T. from n-teivorship.
Judge .Mayer inforniod a eonnnittwi of the legislators that It is ii.ijMissibU
Judge Mayer explained
to stale when such a step may be accomplished.
that there is a lirge nun b-r of creditors actions jieudiug which must b»
disposed of before the reoeivership can be tirminaU'd.
Hepresentative Lester D. Volk of Brt>oklvn on Jan. 31 Introduced a
ri'solutlon in the Mouse of Rciprt^enlatives calling for the appointment of a
Congressional committee to iiiviistlgate the receivership of thi- H.K.T. In
a long preamble Mr. Volk points out, among a number of things, that the
B.R.T. is in(let<t((d to the Ftyjeral (iovernmeni to the sum of ?17.000,000.
which amount was advanwtd it by the War Finance Corp. in 1918. He
also says th.it the Federal (iovt. is interested because of tho fact that the
V S. Court appointed tho receiver.
II
is reported that lawyers reprtwonting clients who have judgments
against the transit companle-s of N. Y. City, especially deiith and injury
claims growing out of the B.K.T. Malbone tunnel disaster. hav« organized
to consider methods of obtaining speedy iiaymenis of all claims.
It i>
as.serted that there are about 10.000 t<jrl claims and litigants, and that
claims of about .$4,000,000 are involved.
It is Ihe object of tho lawyers
to frame legislation that would cause the judgments to take proct'dence in
payment over mortgages and other llab'lititis of the tran.sit companies.
For Governor Miller's recommendations and massage to the Legislature
re.specting traction problems, see "Chronicle" of Jan. 29. p. 432-435.
V. 112, p. 371, 2.->6.
•*
M
.
—
RAILROADS, INCLUDING ELECTRIC ROADS.
Feb. 4. p. 337.
ha« denltxi the
'oiiunlNrtion
.
y The cash on hand and in the bank of Childs ("onipany amounted to
$1,469,785 on Nov. 30.— V. 112, p. 165.
—
(
.\vi<. Niirlm-i- lim-
of
3.58
-$3,889,624
123.112
Total
Rt»s«!rvf iic<'ouiU
Assets
1.59,998
().').">
KalaiK'u surplus
>S,5t)t).rJ.5
Yorlc P. S.
operate Cliurrli
hildsCo. ojprov.)
1917-18.
1916-17.
(H)
companies
I'rovious surplus
(
051
Receiver's
<S:c.
—
Garrison for th" Hi 3^ months ending
will be found on a previous page.
In his report Mr. Garrison
states that the following 15surface lines "arefailingat the present lime to
earn even the direct operating expenses: Wilson Ave., Ralph-Rockaway,
Eighth Ave., Vanderbilt Ave.. West End Ave.. 86th St., Ocean Ave.,
Broadway. Jamaica Ave.. Reld Ave.. Broadway Ferry shuttle. Metropolitan Ave., Utica Ave., Franklin Ave. and Smith St. The three lines on
which it is proposed to charge a double fare are the Smith St., De Kalb
Ave. and Franklin Ave. lines."
Canadian National Railways.
— Bonds
Paid.
—
Vice-President A. J. MitcheU informs us that the S2. 000.000 Dulutb
Rainy Lake & Winnipeg Ry. 1st Mtge. Ext. .5s, duo Jan. 1 1921 were paid
off at maturity.— V. Ill, p. 2519.
.
Chesapeake
The
& Ohio
Ry.
— Guar.
Notes as Collateral.
—
('oinmis.sion lias authorized the company to guarantee
jiayment of tho principal and interest of ?.^4,00() Lculsville & Jeffersfjnville
Bridge & RR. lO-ycar 6%, promis.sory rote, payable to the order of the
Uniifd States. This note ard I'other rote for $108,000. siniilai-ly guaranteed by Clove. Cine. Chic.
St. Louis Ry. (V. 112, p. ,'>61) are to be
given to tho Secrc^tary of the Treasury in rc^trrn for a lean of ?162,000.
Till' proceeds of the loan are to be used for additioi k ard betKrments to
way and structures made and to be made. V. 112, p. 561.
I.-S.
{;.
&
,
—
Chesapeake
& Western
Ry.
— Would End Pass. Service.—
The coiiipai'y has petitioned the Virgiria C< r) raiior Ccnn ies.'on for
permission to abardoii pa.'-strger service, it b-^ing ik intc<l rut that motor
travel on highly improved naralhiliiig lines has seriously affectexi its pas.seiiger traffic.
V. 86, p. 1342.
(
—
& Eastern Illinois RR. I.-S. C. Commission
Approves Reorganization Plan. The l.-S. O. Commission on
Feb. 3 authorized the reorganization plan submitted for
approval on .Jan. 20 1921. A new company, the Chicago &
Eastern Illinois Railway, has been recently organized to
purchase under foreclosure certain of the properties of the
old railroad company.
The new securities authorized must
b(> issued not later than .June 30 next.
Chicago
—
Summary
of Plan Approved by Commission.
— On May
27 1913 receivers were appointed
the properties
of the company.
On May 22 1917 a decree oidering the sale of the proper.Sale.
&c.
for
was entered
the U. S. District Court.
[The
times postponed, has been further postponed to March 1.]
Committees of the Several Securities Approve Plan. Committees representing 90% of the General Consol. and First Mtge. bonds, 80% of the Ref. &
Impt. Mtge. bonds, 89%, of the Evansvllle <fc Terre Haute RR. First Gen.
Mtge. bonds, 62% of the latter company's Ref. Mtge. bonds, and substantially all of the company's stock, which securities have been deposited with
committees under various agreements, and have agreed with substantially
all of the creditors as to the proposed plan.
A^ew Sicurities Authorized to Be Issued Government Loans.
(1) Prior Lien Bonds.
$4,285,000 of prior lien or first mortgage bonds,
of which; (a) $3, .TOO, 000 are to be pledged with the Director-General of
Railroads as security for a loan of the same amount which It Is contemplated he will make to William J. Jackson, receiver; and (b) S785.000 are
to be pledged with the Secretary of the Treasury- as security for a loan of
the same amount for which application has been made.
(2) General Mortgage Bonds.
S32, 156, 000 of gen., or 2nd mortgage. bonds
(a) $24,030,150 of pref. stock, and (6) S25,.500.000
(3) Capital Slock.
ties
In
sale, several
—
—
—
of
common
—
—
stock.
$5,350,000 Underlying Bonds and Equipments to Be Assumed,
$91,000 1st Mtge. Ext. 6s, due Dec. 1 1931.
.$2,736,000 l.st Consol. Mtge. 6s. due Oct. 1 1934.
$142,000 Evansvllle Belt Ry. 1st Mtge. .5s, due Nov. 1 1940.
$1,640,000 of Series H Equip. 5Hs, due March 1921 to Sept. 1925.
$741,000 6% United States Equipments maturing serially to 1935.
Issued by the receiver to Director-General of Railroads.
Further Bonds to Be Issued as Securitii for United States Loans.
In the event that the loans of $3, .500,000 arid $785,000 shall be made (see
under Prior Lien bonds above) to issue and pledge with the Dlrector-CJeneral
of Railroads, and with the Secretary of the Treasury, respectively, as further .security for said loans, additional prior lien or first mortgage bonds to
such amounts as will furnish margin or additional security for each of said
loans In the same ratio to the face amount of each such loan as the ratio
of margin or additional security which the Commission shall require to be
pledged with the Secretary of the Treasuiy for said loan of $785,000.
Summary of Capitalization of Old and Ncu- Company.
Old Co.
Sew Co.
Capital stock
$19,377,269 .$49,.530,150
Bonds
60.408.000 39,410,000
Interest on bonds accruea and unpaid
18,.5.50 681
Receiver's certificates (see below)
6.000.000
Equipment obllgatioas
2,381.000
2,381.000
of
Guaranty
bonds, Evansvllle & Indianapolis RR. 3, .5.50. 000
Loans and bills payable, and Interest thereon
5,338,094
Net reduction
24.283,894
(1)
(2)
(3)
(4)
(5)
$115.605.0445115.605.044
Securities to Be Retired under Reorganization Plan.
plan, (1 ) $6,000,000 of receiver's certflcates, and
of Evansvllle
Terre Haute RR. 1st consol. mtge. bonds
Under the reorganization
&
(2) $3,000 000
maturing July 1 1921. are to be paid and .satisfied, and therefore, together
with $12,293,000, principal amount, of mortgaged indebtedness on certain
properties not to be taken over, and Interest thereon accrued and unpaid,
will not appear in company's liabilities at completion of reorganization.
Interest Charges.
Interest charges will amount to $2,169,628 (compared
with S4.288.,581 as of Dec. 31 1920) as follows;
U nderly ing bonds and oqu Ipment obi igatlons
$304 .728
Prior lien or first mortgage bonds
257,100
Gonei^l mortgage bonds
1,607,800
|On a bill of foreclosure filed by the Farmers' Loan & Trust Co.. N. Y..
trustee under the mortgagas of the Evansvllle &. Indianapolis RR. (formerly
a part of the system). Judge Anderson In tho V. S. District Court at Indi-
—
— —
THE CHRONICLE
.
^52
annpollKon Fob. C 1916 appointed Wm. P. Kappon. rpcelvur. Subso<(Ucntly
the property ol' llio Kvaiisvlllc road whn oporaU'd .scpaniU'ly and Its a<-<-<)iinth
the ChlcaKo k ICaslorii Illlnol.s ItK. Tlii<
whk K<iltl uiid(>r foroclosurc on Juik'
1920
and on June If* 1320 tho KvanHvllU' Indlanaoolls & Tt-rro Hiiutc Hy. took
over operation. Hco roorRunlziitlon plan In V. 110, p. 1186, and "Hallway
and ^Industrial Huctlou.' paKv •M.
Kor plan of ollmlnatlon of coal proporMos boo Indiana & Illinois Coal
Con), m V. 110. p. 470, :ir,r,.] -V. 112, p. .5(ii.
<illnilimuxl I'rom tho rwrclviT of
l»rop«)rly ol' hho EviiiiKVlllo hmuI
&
Chicago
I/«H*b
at
& (3o.
99K
Socurod
'.i
North Western Ry.
— Bonds
Sold.
— Kuha.
and National
('itv iU). \h\s w(>ek offorcd and sold
and int., to yiold «..')8%, •Sl.'i.CXMJ.OOO If)- Year (iy^%
gold bonds, du(> March 1 19:^0.
(Sec adv. pages.)
of VIce-Pres. S. A. Lyndc New York Feb. 8 1921.
,Vci/rj^(/.^8ecure<l by tho duposlt of $18,000,000 (Jon. Mt(?c. 5% gold
bonds, duo Nov. 1 1987. I'ondliit? tho dopo.sit of tlie bond.s, cash oqual to
tho faco valuo of tho LVYi-ar ,Sp<ured Kold bonds may bo doposltod. to be
withd^a^\^l v.hon the Oon. Mmo. bonds are deposited, or pro nita as any
portion of tboui Is d(^poslt<!d.
Purpose. To provide funds toward the payment of (o) $10,000,000
Data from Letter
—
& North WoKtom Ky. Debenture .5s, maturlUK April 15 1921, and
(b) .S,'').000,000 Milwaukee Uiko .Shore & Western Ry. Consol. Mtge. 6%
t>onds, nuiturlnK May
1921.
(Jhloigo
—
1
Cai)ital St(Kk.
The company has outstanding $22,395,000 Pref.
and $145. 152. ,500 C.^)mmon stock, on which dividends hjive been
htock
p<ild
uninterruptedly since 1878.
This Issue.
Donom. $1 .000 and $500 (c*&r*)
U.S. Mortgage & Trust
Co., N. Y., trustee. Int. payable M. & S. Principal and Int. payable
without deduction for any tax or taxe.s which tho company or the trustee
uiay be required to pay or to retain therefrom under any presenter future
law of the U. 8.. or of any State, county, municipality or other taxing
authority therein, excepting any Federal Income tax.
The Issuance and .sale of the bonds are subject to the approval
alt Approval.
thereof by any public authorities that may be necessary.
Listing.
The
N. Y. Stock Kxchange has authorized the listing of the
tt
—
.
—
—
above bonds "when issued."
Reaignation.
James A. Stlllman has resigned as a director. -V.
—
Cleveland Eailway.
— Cuts
Wages.
—
1,
including that of Pres. Stanley, were cut
lO'/c.
tho committee are: George F. Sooor. G. Tracy RoKem and John T. flteole.
All Htoc^kholdera are invited to deposit their htock with Lawyers Title A
Trust (/'<»., dopo«Uary, 160 Broaaway.
Arthur M. Wick wire, counsel for the Htockholderh' proUictlve coramll;t«-.
In a letter to the directors rj!<iuc«ts that they Inftitute legal proax,dlnK>on behalf of the company to secure the removal of the n<«lver frir the conjpany. The letter also charg** formi-r Denver directors with numerou
shortcomlngH In the protection of Kt^xtkholdcrs' InUTests. and KtBt«>: "Tb«^y
have Hupini^ly ullowe^l properties of enormous value, doubtlc».s worth over
$80,000,000. to bo sold at the ahsurti price of S5.(KK).0()0, under a defective
and unintelligible notice of Kale, whereby frt* aswns worth millionK of dollars
were not revealed: and they would have pcrmitKxl the c^mfirmatlon of this
sale month.H .igo. but for the opposition of the cominitU<'."
John Lee Webst»!r of Omaha, counwl for InUTvenlng stockholders who
arc attempting to have vhi: Federal court deny confirmation of the sale of
the road, on Jan. 28 filed affidavltf with Federal Judges Sanl>om and Lewis
at SI. Louis, alleging that fraudulent transactions by interlocking directorates led to the receivership sale of the road on Nov. 21 last.
Mr. Webeter
a.s.serted that tho physical property of the road wa*. valued at $225,000,000
although it was sold for $5,000,000 and the seouitles held by the road »-ere
worth $9,722,000 alone.
The regular semi-annual lnt<'rcst of 'iVi'^f for tho six months ending
Dec. 31 1920 on the $10,000,000 Adjustment Income 7% bondii haa been
declared payable April 1 next.
V. 112, p. 372, 267.
—
Detroit United Ry.
—
—
City Starts Municipal Line.
Railway Journal" states that regular service was started
over 13 miles of track of the municipal railway lines In Detroit on Feb. 1 at
The
"lilectric
a 5-cent fare with free transfers to municipal lines.
The municipal Ilnet.
V. 112. p. 561.
lines do not exchange transfers.
An order directing the CAty of Detroit to discontinue the use of the street
railway crossing It placed across the rails of the D. U. R about 3 weeks ago
was Issued In the Wayne County (Mich.) Circuit CJoiul, Feb. 4. Appeal
to the .State Supreme Court Is planned by the city.
V. 112, p. 589.
—
and the D. U. R.
—
— Bonds Paid. —
Eastern Massachusetts Street Ry. — Bonds. —
Duluth Rainy Lake & Winnipeg Ry.
See Canadian National Rys. above.
— V.
102. p. 152, 65,
$,50,000 serial refunding Mtge. 6% bonds due Jan. 1 1921 were paid
maturity at office of Old Colony Trust Co., Boston, from funds advanced bv tho Commonwealth of Ma.s.sachusetts under terms of Chapter 188
of the Special Acts of 191S.
The com[)any issued .$50,000 of 6% Ref. Mtge.
bonds, series SB, which are held by the Commonwealth as security for this
advance. These SB bonds are secured by the Ref. Mtge. indenture, and
are payable when the company has income otherwise applicable to dividends.— V. 112, p, 561.
The
•_'.56.
t'eb. 1 announced that
when the present coutra<:t expires, the wages of motormi-n
and conductors will be cut 20%, or from 75 cents an hour to 60 cents an
On tliat date tho recommoiidatiorjs of the W;ir Labor Board relahouj-.
tive to time and ontvhalf for overtime, excess time for spread runs, 8-hour
straight runs on .Sunday. 10 hours' pay for 8 hours' work on night care, &c..
which have been effective since July 31 1918, will be discontinued. The
minimum day of G hours will remain as at present.
Effective Feb. 1 the wages and salaries of all other emplovces and officers,
May
[Vol. 112.
off at
112, p. ,561.
George L. Kudcliffe, General Manager, on
effective
—
.
—V, 112,
p. 661, 469.
Erie
RR.
— Listing. —
The .Xew York Stock Exchange has authorized the listing of (a) §16,891 000 (auth. $70,000,000) of Erie Ry. Consol. Mtge. bonds, extended tc
.Sep
1 1930 a
7%; (6) $3,699,500 (auth. $3,718,100) of New York Lak
Erie & Western RR. l.st C:;onsol. Mtge. Coupon bonds, extended to Sept.
1930 at 7%; and (c) $2,920,000 (auth. $6,000,000) N. Y'. & Erie RR. 4th
.
1
Cleveland Cincinnati Chicago
St. Louis Ry.
Samuel Mather of Cleveland has resigned as a director in accordance with
Section 10 of the Clayton Act.— V. 112, p. 661. 161.
Mtge. bonds, extended to Oct. 1 1930 at 5%. All three issues were extended by the Erie RR. and were heretofore listed on the N. Y. Stock Exch.
(See V, 111, p. 588, 1278).— V. Ill, p. 2324.
Cleve., Southwestern & Col. Ry.
Change in Personnel.
F. E. Myers has resigned as President to become Chairman of the Board.
J. O. Wilson haa been elected 2d Vice-President and Treas., and F. T.
Pomeroy 3rd Vico-Pres. and Sec.
Warren Bicknell, who represents the Union Trust Co., Clevel.; E. B.
Greene, Vice-Pres. of the Cleveland Trust Co.; Otto Miller of Hayden,
Miller & Co. and H.'C. Robinson, Vice-President of the Guardian Savings
Florida Ry. Certificates.
of $1,600,000 receiver's certificates has been decided upon In
order to finance the company's requirements. The issue will run for three
Of this amount $800,000 are
years, dating from Jan. 31 1921, at 8% Int.
to be pledged with the Federal Government for a loan of that sum at 8%
and the rest of the issue will be sold at par. The funds thus obtained are
to be employed as follows: Payment of certificates already outstanding
$728,000; revision of line, $400,000; payment in certificated debt. $200,000:
working capital, $272,000, ("Manufacturers' Record" Feb. 10.) V. 112,
p. 257.
&
—
6
Trust Co., have been elected directors succeeding E. W. Moore, Levi E.
S. L. Smith and M. A. Sprague.^ ^V. Ill, p. 389.
—
Meacham.
Community Traction
Co., Toledo.
— Takes Over Opera-
tion of Street Car Lines in City as of Feb. 1 1921.
This company, organizes! to take over the operation of the stret^t car
lines in Toledo of the Toledo Rys. & Light Go. under the Milner servico-atcost 25-year franchise which was approved by the voters on Nov. 2 (V. 111.
p. 2042) began operations on Feb. 1 1921.
—The company
capitalized as follows; Common stock,
mtge. 6% 25-year bonds,
stock, $2,000,000;
Capitalizalion.
is
first
$10,000,000; 8% pref.
$8,000,000.
Under the terms of the franchise the $8,000,000 bonds are to be delivered
to the Toirdo Rys. & Light Co. in exchange for tlie street railway properties
(but see below) and the $2,000,000 of 8% Pref. stock will be issued and
.sold by the company to provide $100,000 working capital, a $400,000
.stabilizing fund [which latter two amounts have been succes-sfully raised),
$1,000,000 to b(i used for re-routing and re-arranging the street railway
system and $.500,000 for renewals and replacement on the property of the co
Additional bonds and Pref. stock may be issued for exten.sions and improvements, and the rate of return to which the company will be entitled
.shall be an amount sufficient to pay 6% upon its bonds and 8% upon its
Pref. stock outsi adding.
The entire issue of Common stock will be held
by the City of Toledo Sinking Fund Trustees.
Under the new franchise tho fare of 6 cents with 1 cent for transfers for
the first six months went into effect Feb. 1
The old fare was 7 cents cash
with 2 cents for transfere. There is no maxinmum rate of fare provided in
the franchise, but a schedule of fares is set forth and the steps contained in
the schedule upon increase or decrease of the fare are to be observed
Underlijing Debt 0/ SI ,900,000 to Be Paid by Dec. 1 1921
Under the terms
of the franchise the properties were to be transferred free and clear to the
Community Trac. Co., but, owing to the pre.sent unfavorable conditions of
the security market, it was not possible to sell securities to provide funds
to pay off a trust deed of $1,900,000.
The Doherty interests by special
agreement with the Toledo City Council, however, must cancel this debt
not later than Dec. 1 1921.
As a guaranty for the paying off of this debt there will be deoositcd wth
the Sinking Fund Trustees: (1) $7,850,000 of the .$8,000,000 of the above
6% bonds: (2) all the interest on the bonds which is to be paid in monthly
installments; (3) the street railway sinking fund or municipal ownership
fund, which will be set aside out of the earnings of the company at the
rate of 2"^% a year on $10,000,000 total capitalization, and payable in
monthly insi ailments.
In ten months, it is figured, there will have accumulated in the hands
of the city's Sinlcing Fund Trustees $406,666 interest on the bonds and
,$250,000 in the municipal ownership fund, making a total of $6,56,000.
Out of this fund, the Rail-Light is to forfeit to the city $500,000 cash if
the encumbrances on the Community Traction Co. jiroperty are not lifted
The Cities Service Co. will guarantee to make
on or before Dec. 1 1921
good any deficiency, if, by any chance, there is default on the part of tho
company and less than $500,000 has accumulated in the possession of the
Sinking Fund Trustees.
Directors.
F. R. Coates, A. A. Schwartz, Jos. M. Enright, Henry
Friede and C. T. Munz. AV. L. Milner is the city's representative.
Fh-es. & Gen. Mgi-., Frank R. Coates; Supt. of Roadway &
Officers.
Equip., Joseph M. Enright; Supt. of Transportation. A. A. Schwartz;Sec.Treas., Pur. Agt. & Aud., A. P. Nicklett; Claim Attorney, Vincent J. Walz.
Wilfred E. Cann, of Detroit.
Street Railway Commissioner.
Sinking Fund Trustees. Johnson Thurston, RoUin H. Scribner, W. Lockwood Lamb and C. Edward Kirschner. See V. Ill, p. 2040.
.
.
—
.
—
—
—
Cripple
Creek
—
Central
Ry.
— Capital
Distribution.
—
capital distribution (No. 8) of 1% has been declared on the Preferred
stock payable March 1 to holders of record Feb. 15 "out of funds heretofore
Seven previous quarterly distributions
realized from sale of capital assets."
each of 1% have been made from capital assets. No. 1 June 1 1919 and No.
7 on Dec. 1. The present distribution, it is understood, will reduce the
face value of the Pref. shares to $92. See advertising pages In last week's
"Chronicle."— V. Ill, p. 1851.
A
— Bonds Paid. —
due
5%
—
Rio Grande RR. — Neio Chairman for Comm.
The $197,000
&
Light Co.
Decatur Traction &
Decatur Ry.
1921, were paid off at maturity.
Denver
&
Electric Co.
V. 106, p. 85.
bonds,
Jan.
1
Benjamin B. Odell, former Governor of New York, has accepted the
Chairmanship of the stockholders' protective committee. Jefferson M.
Levy, former Chainnan of the committee, has been made Vice-Chalrman.
The other members of
a. M. Schatzkiii has also been elected a member.
Georgia
An
—
&
—
i.s.suo
—
Gulf Texas
&
Western Ry.
— Receivership. —
Sec. & Treas., it is reported, has been appointed reThe line is 100 miles long from Seyceiver by the Federal District Court.
mour to Salesville, Tex., via Olney, Jacksboro and other points, and from
Salesville it operates trains to Mineral WelLs and Weatherford. Tex., 30
V. 108.
miles farther, over the Weatherford Mineral Wells & Northern Ry.
p. 378.
W. Frank Knox,
—
Hudson & Manhattan RR. — Interest—Earnings.
—
President Oren Boot Feb. 10 said in substance: "Interest on the $.33,102,000 5% Adjustment Income bonds was declared to-day at the rate of 2%,
payable April 1 1921 out of the surplus income for the 6 months ending
SOec. 31 1920.
No interest was paid foi the 6 months ending June 30 1920.
and as the full 5% on these bonds is cumulative after Jan. 1 1920. a balance
of 3% of cumulative interest remains unpaid.
"This is the first interest to be paid on the Adjustment Income bonds
From the readjustment of the company's funded debt
since Oct. 1 1916.
in 1913 to June 30 1916, interest was paid at the rate of 2% p. a., but
since the latter date the income was insufficient, after setting aside necessary
reserves, to provide for any interest on the income bonds."
Corporate & Federal Combined Income Statement for Calendar Years.
1919.
1920.
Including Hudson Terminal Buildings
$9,218,308 $8,068,610revenue
Gross
5.457,674 4,847,558
Operating expenses and taxes
—
$3,760,634 $3,221,052
income
operating
—Net
V. Ill, p. 1183.
Huntington & Broad Top Mountain RR. & Coal Co.
Net income for the year ended Dec. 31 1920, amounted
compared with $67,879 in 1919.
to $195. .592
Freight Carried (Figures in Tons.)
Ore Land Pig and MiscelLimestone 0th Iron lanemts.
223,776
217,664
127,730
314,455
129.224
23.934
779.895
Samuel Heilner has been elected a director succeeding W. K. Wetherill.
Dec. 31
1920
1919
Years—
V. 112, p. 257.
SFylllinois
Coke.
Coal.
1.2,55,047
Central RR.
105,372
100.137
— Definitive
Certificates Ready.
—
7%
Equipment Trust Certificates. Series "F,"
5P»Definltive certifkates for
are now readv for delivery. In exchange for the temporary certificates, at
Trust
Co.,
PhiJa.,
or at the office of the Illinois Central RR.
the Commercial
in N. Y. City.— V. 111. p. 2520.
—
— Validity
Kansas City Rys. Valuation
A condensed statement of the valuation
of Bonds.
—
of the properties as of Oct. 27
1920 (the date of the receivership) made by Marwick. Mitchell & Co.,
public accountants, and filed in the Federal Cotu-t by the receivers, gives
the inventory values as $37,088,185 09, as follows:
Road and equipment and miscel. items of work in prgress. .$26,447,223 50
7,348,806 56
Intangible values (Sec, 21. par. 4 of franchise)
2, 317,04/ 06
Bond discounts and carrying charges
23.685 60
Additional cost of franchise (as per arbitrators' award)
961,422 47
Inventory of materials and supplies
The "Electric Ry Journal" says; Charges that the First and Second
Mtge. bonds, amounting to $32,903,000, are Invalid and void because they
were issued in violation of a constitutional statute of the State, which prohibits a mortgaged indebtedness in excess of the capital stock, have been
made In an answering petition filed in the U. S. District Clerk's office by
62 personal injury claimants of the railway. The petition was in answer to
the inter^'enlng petition and bill to foreclose two months ago, following the
admission of Insolvency of the railway by the Continental & Conunerce
Trust & Savings Bank and Edward F. Swinney, trustee. V. 112, p. 662.
—
Knoxville Sevierville &
Sam E. Cleage has been appointed
— Receivership. —
—
Fare Increase. —
Eastern Ry.
Col,
receiver on the petition of the
& Trust Co., as trustees of bondholders. V. Ill, p. 2520Island RR. Suit Against
i^Long
" The City of New York has brought suit before Judge Garvin of the U. 8.
in Brooklyn to restrain the Long Island RR. and the Staten
Court
District
Island Rapid Transit Ry. from continuing the 20% increase in passenger
Mechanics Bank
—
and miU rates which were put into
Commission. See V. 112, p. 562.
effect
under an order of the
I.-S.
C.
THE CHRONICLE
Fkb. 12 1»21.]
&
&
Louisville
prTho
RR. bonds.—
Jeffersonville Bridge
hii.s authorized the company to Issue and pledge
1.-8. <J. C/ommlsnioii
ai security for a loan of Sl(>2,000 from the U. S. »162.000 of
lt)»
4%
1st
653
ITalsoy, Stuart
&
New
offeriujr fr«. .->0.00(),000
York, are
Co. Ino., and Hemphill, Noves
by drawings, not
S<ries) red. at i)ar,
See Chasapeuki- & Ohio Ky. above.
MtKc. bonds of 189.5
I^Thc loan approved by the f "onimlsKlon is jo enable the company to
ddltlous .md betterments to way and structureB
provide Itself with
ad v. pages).
Compare V. 112, p. .')62.
Louisville & Nashville
count of the fluctuatioiLS of exchange,
—
r>
RR.
-Equipment TniMti Offered. —
&
Co. aro otfcriiifi at 1(X) and int. for all maJ. 1'. Mortjan
luritiHS
II, 025,000 G^2% Eqnip. Trust Gold Cortilicatcs,
Bankers state:
Herie.s "D," issued under the I'hila. plan.
United Statcw Tnist Co.. New York, trustee. Donom. SI. 000. Dated
March 1 1921. Serial maturities of $735,000 p. a. Mar. 1 1922 to Mar. 1
(;»<rtificates and div. wairants payable In N. Y. C;ity.
1936. both incl.
Security.
Becurtxl on the t'ollowiug e<iulpnient eostliig appn)xlmaU)ly
«14,933.000, of which $3.90.^.0(K) or over 26';i of the cost price, Is to be
switch locopaid in cash by the company: 12 Pacific type. 16 Mikado and
motives: 43 steel passenger, postal, diniiiK and baggage car-s; 2,800 steel
hoppei-bottom
coal cars,
all-«t<jel
train
cars;
2.000
undcrframe freight
capacity 100.000 pounds.
."ft
—
Approval.
— The
issuance and sale of the certificates are subject to the
Govermnental authorities that may be necessary.
approval of any
v; 112. p. 258.
Marion
& Rye
Valley Ry. -Guaranty.
—
O. (\inimLsslon has granted authority to assume obligation to
endorse and guaranty payment of principal and Interest of a $.'18,000
lO-year 6% note by Virginia .Southern KK. to the Secretary of the TreasVirginia Southern KK. ha-s a p;ist-due 1st Mtge. for $75,000 carried
ury.
temporarily by First National Bank, liichmond, but the payment has been
demanded. To meet this demand the Virginia Southern KK. has secured
a loan of $37,000 from private sources and one of $38,000 from the U. 8.
Thi Vii^inia Souiluyn has been authorized by the Coniinission to i^sue
$150,000 6% 1st Mtge. bonds of which $70,000 is to be pledged as security
for the U. 8. Loan of SSS.OOO and S74.000 for security for note to the First
National Bank of Kichmond. Va. V. \)r>. p. 472.
The
I.-S.
—
&
—
Boston Street Ry.
Neir Treasurer.
VYauk Frykstrand has been elected Trca.surer succeeding George M. Cox.
Middlesex
-v. Ill, p. 1370.
Minneapolis
Equip.
St. Paul &, Saulte Ste. Marie Ry.
union, Reivd & Co. announce that the entire Issue of $2,500,000 6i4%
Kqulp. Trust gold notes. .Series '•J." have been sold. See offering In V. 112.
—
p. 562.
Missouri
&
Kansas Interurban Ry.
{•resident William B. Strang died at
109, p. 477.
Obituary.
Excelsior Springs, Kansas, on Jan.
13.
-V.
Montreal Tramways Co.—Owes
The
debt, of the
City $2,140,723.—
coinpauv lo the city of Montreal is given as folIoWB:
ia) Balance due on siiow rcmioval (season 1910 to 1920). $321,875; (/>) to
percentage on oaniliigs to Fob. 9 191S (old contract), S227,152: to Feb .9
1919 (new contract). .S.WO.OO'J: to Feb. 9 1920 (new contract), $.500,000; to
(c) To 5% on
Feb. 9 1921 (new contract), $500,000; total, $1.727, 1.52.
$1,:175.000 percentage on earnings to Nov. 9 1920. $85,937; to sundry
i.ccoums. Sr,.7r.^: grand total, $2,1 10.723.— V. 112. p. 470.
Nev7 Orleans Texas & Mexico Ry. Government Loan,
The I.-S. C. Commission has approved a loan of $234,000 to aid the carrier in i)roviding itself A\'ith additions and
(fee.
—
betterments.
The company
itself
required to finance
is
$234,246 to meet the loan.
The Commission has authorized the company to issue the
following securities:
(1) To Issue eight 7% promissory notes of $25,000 each, payable to the
order of American Car & Foundry Co., maturing 6 to 48 months after date
and secured on ten steel passenger coaches and five steel baggage cars, now
being constructed.
(2) To execute an agreement of $125,000. dated June 1 1920, between the
company and the War Department of the U. 8. for the purchase of 5 locomotives which were built to be used in Russia. The agreement provides
for the payment of $12,500 cash upon deUvery of locomotive-s of 9 annual
payments of $12,500 each May 1 1921 to 1929.
(3) To Issue $800,000 1st Mtge 6% gold bonds, series A, 1916, and $530,000 5% non-cumulative income bonds, series A, 1916, and to deposit and
pledge said bonds with the Secretary of the Treasury as coUateral security
for a loan of $1 ,759,219 from the U.S., should the same be granted.
(4) To Issue -5280,000 non-cumul. income bonds, seiies A, and $175,000
capital stock to comply with the reorganization plan of 1915, under which
the company was organized
Listing.
—
The Now York Stock Exchange has authorized the listing on and after
Marcii 1 of S14„500,900 capital stock, par $100, upon official notice ofis.su-
ance in exchange for outstanding v. t. c. therefor, with authority to add
$499,100 on official notice of issuance in exchange for 1st Mtge. 4M % and
5% bonds of St. Louis & San Francisco RR., New Orleans Texas & Mexico
Division, deposited under the Reorganization Plan of Aug. 25 1915. making the to'al amount applied for $15,000,000. The voting trust agreement
exi>ircs March 1 and certificates for stock will be deliverable on and after
V. 112. p.372.
that (late at Columbia Trust Co. N Y., dopo.sitary.
—
.
New York
The
Central RR.
Application Approved.
—
C. Commis<;ion has granted authority to issue $7,000,000 of
Ref. & Improvement Mt.ge. bonds, series B; and to pledge said bonds as
security for the payment of a like amount of 6% demand promissory notes,
This note is to be given to the Director-General
to be dated Oct. 25 1920.
of RRs. In payaaent of the compajiy's indebtedness to the U. S. for additions and betterments costing $7,000,000. made to the company's property
I.-S.
dunng Federal control.
Samuel Mather of Cleveland has resigned as a director in accordance with
V. 112. p. 470. 258j
Section 10 of the Clayton Act.
or its leased lines
—
New York & North Shore Trac. Co.
FranchiseForfeited.
The Naw York City Board of E.stimate and Apportionment on Jan. 28
The franchises were forfeited
declared forfeited the company's franchises.
on the ground that the company ceased operation of the lines in May 1920.
and also owes the city a large sum of money for franchise taxes. Commis.sioner Grover A. Whalen was Instructed to look into the matter and report whether the city could operate the lines. The company is now In the
hands of receivers, appointed by Judge Chatfleld of the Federal Court in
Brooklyn. An injunction prevents the city from taking any of the plant
of the company. See V. 112, p. 372.
New York
Rys.
Sale
—
Interest,
Ac.
The
sale of the real estate, under foreclosure proceedings, to satisfy the
provisions of the 1st Real Estate & Ref. Mtge. 5s, has been postponed by
<X)nsent until March 2.
Federal Judge Mayer on Feb. 8. on petition of the bondholders' committee, set March 5 as the date for argument on the question of Issuing a
foreclosiu-e decree for the major part of the properties of the system.
Receiver Job Hedges has been ordered by the Court not to pay the semi.annual interest, due March 1, on the Lexington Avenue & Pavonia Ferry
Ry. 5% bonds. This will maike the third semi-annual installment of int.
on this line in default.
Application for an order to disaffirm the leases of the Broadway & Seventh
Ave. line, the Sixth Ave. line, the 23rd St. line and the Christopher & 10th
St. line, all operated by the New York Railways, was put over for argtiment
untU March 9.— V. 112. p. 563.
Ohio Electric Ry.
Collateral Sold.
—
Price.
The hankers
G%
later
&
Co.,
Iwuiix (Foreign
than 1950
(set-
stat-e:
— BondK are offered at $65.50
p<jr .shiire fr. 1 ,000 lx>iid but on itt>
jirice L^ subject to cbaiigu without
thi.->
notice.
Inleivst fr«jm Dec.
1 1920 payable J. i D. at office of A. Im-IIu 4 Co
36 Wall St.. N. Y. City, without dt>duc(lon for any French taxe.s. prtwent
Detioni fr
or fulurt*. If held by non-residents i)f Kranee.
.(MK)
History - OrgunlZMl In 1H3S to op< rate a railroad Mile bolw<x»u I'ails and
Orleans.
As a rt«ult of subsiMiuenl mergers, i>urcliat>ei> of other conii)anlej>
and coiuit ruction, now ownsandoi)erate.s the^ei-ond largenlsysiem In Kmnoe
Mill-age.
.Syntoni covitm about 7.8(XJ kllonietePh. or 4.848 miles.
The
llne.s.stirvi! (o) the c<'ntral part of Franct). providing a dlre<-t route betuoeu
I'arls and the Iniportiint .vea-portK f)f Bordeaux, Nantes and ,Si. .N'ai^alro juid
torniing part of the through Hues between Paris and HoutluTii France
.•md Spain,
(b) rich agricultural dlstriels; (f) the industrial centres of
Moiillucon (iron), Albl (coal), and Llinogeji (porcelain i: (jli Through the
wivstern extension the south ci>aMi of Bfltt.<iny; («) the \'alley of the Loire
and the Auvergne Mountains, carrying a very lieavy and pn>f liable tourl8t«'
.
1
—
traffic.
—
Gorrrnment (liiaranty.
A law ena<"ted on Nov. 20 18K3 provlduM that
the French Government shall advance ea<'h year any aniuunt uixxtsnitry
in addition to the net Income to cover tht; Interest on and amortization of
Ihe bonded debt and to make an annual distrlbulton on the <-apltal Ht4X-k of
frs. ,56 per share of frs. .500.
Any amounts so advaiured are to be repaid
with InttTUHt at 4% p. a. out of any future surplus remaining aft<?r ijaylng
the dividend on the sto<-k.
This agreement continues in effect until Doc. 31 1956 (the end of tUe
concetislon of the company) and contains similar provisions to protect the
bondholders and stockJiolders In case the Govormnent should talce over the
company's property prior to that date.
I<Ys. 300.000.000 divided Into 000.000 shares of frs. .500
Capital Stock.
each, of whUh 214.8.59 sharas have been retired at par. Those shares have
replaced
been
by beneficiiirj' shares. The stock Is quoted at about frs
900 per share, bringing the actual market value of the outstanding capital
stock to about frs. 346.626.900.
Bonded Debt. On Dec. 31 1920, the bonded debt was as follows (In francs'
bonds of 1895-.. 294.250,000
8.536,2.50
4% bonds of 1848
3% bonds old Issue. ..1.306 ,438, 000 4% Urnds of 1913
449,.373..500
bonds
of 1919_
3% bonds Or. Central. 106,.5-1H„500 5%
28,172.000
1.529.154,000 x6% l>ondsof 1920.
3% bonds of 1884
7,893.000
X Not Including this Issue.
Tax Exemption. Under a re<-ont French law these bonds are payable,
principal and Interest, without any deduction of French t.azes, present or
future, provided they are hold by a non-re,sldent of France.
Converlibilitu
The company agreiw to exchange any bond of this Issue
at its Paris office at any time prior to the drawing of such bond for redemption without expense for an equal face amount of 6% bonds (French series;
These French Series bonds are listed on the Paris Stock Exchange, but
holders thereof are subject to French taxes.
Redemption.
The concessions of the French railroad companies stipulate
that at the exp ration of their concessions, their propein,y, except rolling
stock and certain other working assets, shall revert to the Government
free of charge.
The companies have, therefore, with the approval of the
French Government, adopted a plan of amortization which provides for the
total rt!demptlon of their funded debt, and for the repayment of their cpaltal
stock, by the time of the termination of their conc&ssion.s.
The amortization plan provides for yearly drawings at par of a gradually
Increasing number of bonds, sufficient to retire the entire issue by Dec. 1
19.56.
Drawings under this amortization plan are made annually and the
bonds drawn will be payable on Dec. 1 each year, beginning Dec. 1 1921.
SeeV. 112, p. 563.
—
—
2H%
—
—
—
—
—
Pensacola Electric Co. Notes Not Paid.
The company was placed in the hands of a receiver Jan. 26 1920 (V. 110,
No provision has yet been made for the payment of the $281,900
p. 465).
7%
notes due Jan.
1
1921.— V. 112,
p. 373.
Philadelphia Rapid Transit Co.
Frankford "L" Equip.
Mayor Moore on
Feb. 3 .signed a contract with the J. G. Brill Co. for
building 50 passenger cars for use on the Frankford Elevated Ry.
The
cars, which will eventually cost between $20,000 and $25,000 each, will be
completed by July next.
It is announced that the company and the city officials have made much
progress on the terms of the proposed contract under which the company
will take over the operation of the Frankford "L." (now nearing completion)
It is stated that the contract may provide that the company opeiv
ate the "L" at a rental of 5% on the total capital Inyested.
V. 112, p.
373. 258.
—
.
Portsmouth Street Ry.
Vico-l»res.
& Light
Raymond D. York, has
filed
Would Cut
Co.
viil- tic Chio
of city street car ser^'ice in
Commission asking for the abandonment
Portsmouth and adjacent towns of New Boston and
P. U.
p. 26.58.
Reading Co.
From
Segregation.
Service.
an applicatiu
— Phila.
Scioloville.
— V.llO.
"News Bureau" feays:
unofficial sources the Reading plan is outlined as follows:
it will provde for the sale of the property of the Philadelphia
"That
&
Reading Coal & Iron Co. pro rata to the stockholders of the Heading Co.
without regard to the different classes of stock. That is, all classes of stock
will share alike in subscription privileges.
"That it will not provide for the conversion of the Second Preferred into
First Preferred and Common, nor will it provide for the retirement of either
class of Preferred
"That the
existing status of stockholders as regards the distinction be-
tween Preferred and Common stock will be maintained."
It is understood that the segregation plan will be filed with the
Commission probably during the coming week. V. 112. p. 63.
—
Rhode Island Compsinj.— Reorganization
Plan.
I.-S.
C
—
— V. 112, p. 258.
Rhode Island Suburban Co. Reorganization Plan. —
See United Traction System page 564
week's
— V. 110. 1291.
St. Louis Southwestern Ry.
New Director. —
Franklin Q. Brown has been elected a director. — V. Ill,
2141.
See United Traction System page 564 of last week's issue.
last
issue.
p.
p.
San Joaquin Light & Power Corp. To Increase
and Bonds. The stockholders will vote Feb. 24:
—
Stock
(o) On increasing the authorized bonded debt from $34,500 000 to
$150,000,000. (b) On increasing the authorized capital stock as follows:
Present
Proposed Iivcrease to
Auth. Amount.
Prior Preferred stock (7%)
$7, .500. 000 $75,000,000
stock
I'rcfen-ed
25,000.000
(6%)
6. .500. 000
Common stock
11,000,000
50,000,000
—V
112, p
67.
South Carolina
&
Georgia RR.
Listing.
—
See Southern Ry. below and compare V. 108, p. 2023, 1512. 1166.
Southern Pacific Co.
Oil Offshoot.
See
3oe Pacific Oil Co. under "Industrials
—
b( low.
Remarkable Reduction in Accidents
to
Individuals, <kc.
Last year the deaths of employees by accident were reduced by seven or
13.2% from 1019 and 17 or 27% compared with 1918. withstanding largely
increased traffic and the new men taken into the service, owing to yardmen's'
The number of persons killed in grade crossing accidents per million
strike.
locomotive miles was .95 in 1920 compared with 1.40 in 1919. a decrease of
,
32%.
Securities consisting of stock bonds and notes of the company and its
subsidiaries was sold at public action on Jan. 12 for $25,000 in order to raise
funds to pay off the indebtedness of the Ohio Syndicate managers. (See
V. 112, p. 358).— V. 112, p. 563,470.
Paris-Orleans RR. fCompagnie du Chemin de Fer de
Paris a Orleans), Fr&nce.— Bonds Offered. A. Iselin & Co.,
—
There were 760 grade crossing accidents in 1920. of which 393 were caused
in front of train; while 163 motors ran into train; 116 stalled
on the track; 19 skidded into train or car: 53 ran into and broke down
by running
crossing gates.
— V.
ill. p. 2424.
Southern Railway.
Listing.
—
The New York Stock Kxchange has authorized the listing of $5,250,000
South Carolina & Georgia RR. Isi Mtge. 5% bonds, due May 1 P19.
—
——
THE CHRONICLE
651
boiKis WITH ixU'i.dtd to May 1 IMJH ui
2023.).— V. 112. p. 470.
ulii(-Ji
ii<.'j
,
.
(Compare
p. 110«i. ir>rj.
Staten Island Rapid Transit Ry.LonK Island UK.
So<!
Tavares
&
abovfi.
— V.
112, p.
Gulf RR. -Bonds.
I'rrsidciit. Hi' u'V 11.
lacksoi.
I'l
&
Toledo Rys.
HIS
iiifj
ilry
1
1
—
as to what provision
1921 states: "Bonds
.
of Street Cars in
New Officers, &c.
—
CioininiMiity Traction Co. above.
The serviet>-at-eo8t Kraut will have no Inin'idiatc efff*! en the operaTheir contr:iels for use of Kail-Dpht's track
tloTi of inten-iiban lines.
and power will continue until data's of exi»liali<n with the ('omnuii ily
company, .\fter that now contracts benvetin the interoirbai s aid the
local company ninst be arrr< ved by lie cily < f T< lid*-.
The stockholders have oloct<'d the foUowint? directors: Henry I.,. Doherty
F. W. Fnieauff. Frank K. Coates. Thomas H. Tracy. Kathbun Fuller,
8. U. Oarr, A. O. Van Orie-stin, K. VV. UerRe, E. H. Close.
The officers are: Chairman, Henry L. Doherty; Prcs., Frank R. Coatcs;
Aud., Henry
Vic^vl'residents, F. W. PYueauff, Kathbun Fuller; Sec.
I^dbettw; Asst. S<h:.. W. P. Lehrer; Treas.. .S. D. Carr; A.sst. Treas., A. ('.
&
New York.— V.
1'.
A. Wallace; Gen. Couusol, Frueauff, Wallace
Ill, p. 2042.
United Electric Rys., Providence.
&
Stone,
— Reorganization.
—
Kleclric Kys. (^o. croatid by .Act of the Khcdc Jslai d GcrtTal
nearly two years ago for the purpcse of takii K over the traction
properties operat<>d by the Rhode Islar d Co. paid its inccrpcratioi fee
to the Secretary of State on .Ian. 20 1921. Temporary directcrs elected
are: Zenas W. Blips. I'res., Geo. H. Newhall. Sec. & Treas., I'restep H.
(iardner, ,1. Curliffe BviUock, Francis F. Bates. IJrder the Charter
two directors are to be appointed by the Governor, ore by the Mayer of
I'rovidenc*. one by the trustee under the prepo.seU gt-ntral niortBajre and
five bv the Htockholders.
See reorganization plan under United Traction System in V. 112, p.,561.
V. 110, p. 972.
I!nlt4-<1
.\.s.senibly
— Reorganization Plan. —
—
System
Central RR. — Notes. —
United Traction
&
Electric Co.
See United Traction
Utah-Idaho
p.
V. 112, p. 564.
564 last week's issue.
directors of this company, operating the electric line between Ogden,
Utah, and Preston, Idaho, has authorized the is-suance of $300,000 notes
for the purpose of purcha.sing equipment and rolling stock and making improvements. It is said the greater part of the money will be used in the
V. 108, p. 975.
purcha.se of freight cars.
The
—
Virginia Ry.
—
& Power
—
Co.
— Discontinues
Profit-Sharing
Plan.
Notes Paid.
The company effective Feb.
1 discontiniipd the profit sbarirg plan with
employcics.
Duriiifr the .six monlhs the plan had been in operation the
company distributed about .f 100.000 in bornsfs to its emplcyees.
Vice-Pres. E. R. Williams in a speech bcfrre Americap Asscciaticr of
Engineers (RIchmoid Chapter) stated that tlievaluaticn of the company's
holdings in Vlrgiria totals about 949.000,000.
The S100,000 67o serial notes due Jan. 5 1921 were paid off at maturity.
—V. 112, p. 259.
its
—
—
U. S. Loan, &c.
Virginia Southern RR.
& Rye Valley Ry. above and V. 112. p. 564.
See Marion
Washington Baltimore & Annapolis
stockholders, it is stated, will vote Feb. 18 on acquiring all properThe company, it is stated,
ties and assets of the Annapolis Short Line.
will also guarantee the payment of the principal and interest of the $1 ,000,Baltimore
&
Annapolis Short Line RR.,
bonds
of
the
40-year
gold
000 6%
the 15-year 7% Sinking Fund bonds of the Annapolis Short Line RR., and
("Baltimore Sun.")
the issue of car trust bonds of the same company.
V. Ill, p. 2425.
—
—
—
West Virginia Northern RR. Suspends Operations.Company has .suspended opcratiors becau-se. followirg announcement
Wisconsin Gas
&
Electric Co.
— Notes and
The com-
Stock.
—
months of 1920
company .sold $1,000,000 of the 5-ycar and 10-year 7% notes and $.570,000
of 7% Pref. stock at par for cash to small investors at an over-all-selling
"Electrical
cost of
World" Feb. 5
434%— V.
states that during the last 9J^
Ill, p. 2042.
—
Department"), either concurrently or as early as practicable
after the matter becomes public.
—
Muscle Shoals (Ala.) Nitrogen Plant. Civil Appropriation Bill passed
S. Senate Feb. 9 carries $10,000,000 allowance for this water-power
by U.
Cuban Sugar.
1.
Conflicting reports as
—
"Times" Feb.
20.
to
Cuban Commission
to handle
1920-21 crop.
9, p.
Marine Xlen Reject Wage Cut.- Representatives of three marine and seanren's imions at N. Y. on Feb. 9 rejected the proposed 25% wage cut and
elimination of overtime. "Times" Feb. 10, p. 11; "Sim" Feb. 8, p. 3.
—
—
Garment Unions Strike. Some 30.000 needle workers employed by about
1,6()0 shops at or near N. Y., went out on Feb. 9 to force the closed shop on
some 600 or 700 open-shop establishments. "Sun" Feb. 9, p. 3.
Ne^v Stoclcyards Plans. See Morris & Co., Swift & Co. and Wil.son «&
Co. below.
BrindeU Sentenced. Robert P. Brindell, head of Building Trades Council
at N. Y., convicted of extortion, was .sentenced Feb. 8 to not less than
5 years nor more than 10 years at hard labor at Sing Sing. "Times" Feb. 9,p.l.
Reductions In crude oil have continued a feature. Prairie Oil &
Oil.
Gas Co. and Sinclair Co. on Feb. 9 reduced Midcontinental and North Texas
crude from .12 to $1 75 a barrel, contrasting with $3 on Jan. 27 and .S3 .50
on Jan. 1 1921. Texas Co. also has reduced North La. crude 50c., while
Pennsylvania crude has been reduced to $4 25 as against .$6 10 on Jan. 1
1921. Other grades also lower. Compare comparative prices, &c., in V.
112, p. 471, and tables showing accumulation of oil on hand in V. 112, p. 564.
The Standard Oil Co. of N. J. on Feb. 2 announced the discontinuance of
10% or one-half, of the cost-of-living bonus put into effect some time ago
by the company, and aJso reduced the price of gasoline 1 cent a gallon.
Iron and Steel. On Feb. 8 the Midvale Steel & Ordnance Co. offered
plates, shapes and bars at prices averaging about $5 a ton below the standard prices. This Is supposed to mark the beginning of efforts by the independents to replenish depleted order books, though little business is reported at the lower basis. Chairman Gaiy of U. S. Steel Corp. on Feb. 9
said; "We have no present intention of changing our selling prices, and as
to reducing wage rates the matter has not come up for consideration."
See "Current Events" above or "Times" Feb. 10. p. 17.
"Iron Age" Feb. 10 says In brief; "The crux of the new situation is the
extent to which the wage reductions already made by some Independent
producers will allow them to go below steel Corporation prices. These reductions have been from 15 to 25%.
"One Independent company has made a second reduction of 15%. In
the Youngstown district wage reductions are expected by the middle of
February. At present high freights on raw materials there are mills whose
range of action under free competition will not be great. (See "Transportation
Rules Iron Costs" in "Iron Trade Review" of Jan. 27, p. 275.]
"The Steel Corporation's operations are still at an 80 to 90% rate. Leading independent mills have run at 20 to 35% in the last week."
—
—
—
,
—
—
Jan. 31, p.
—
—A
Mallirs in "Chronicle" of
h'l-b. .5.
fa) h'oreiqn Trade Finance Corp.
(b) Ciial
Meat Puckinn V(rr,lrol liUls. p. ,507
in 1920, l). 509.
(A) Ciihnn Finanre.
Moratorium endtxl
513.
l.,iiih(
list retumnd by British
(e) Dollar Securities.
Further data, p.
(C) Foreign Trade
.503, .514.
rrejisury, p. 614.
p. 515. 516.
War Finance
(f)
Acme Packing
Pr«w. C. K.
Martin
Corp. dated lM!b.
—
Corp.
— Applications
Co., Chicago, -//i.s/orv
for loanR, &c..
Status, &c.-
letUr to the Kto»;k holders of the Indian Pack7. says In substance:
History and Capital Increases.
The Acme company was organized in
Illmois in 1909 with a capital of $10,000, increased In 1911 to $20,000. in
1917 to $3,50.000 and In 1918 to $700,000.
Acquisition of Indian Packing Stock liondt.
In Dec. 1920 acquired the
bUKiness of the Indian company (V. 112, p. 2.59). and increased the capital
to 1 .200,000 shares par $10), (V. II 1. p. 2.522), ofwhlch767.000shareshave
been issued and are now outstanding, 185,000 shares are reserved to provide
for the conversion of $1 ,8.50.000 First Mtgo. 8% bonds, due serially 1926-30
(V. 112, p. 259). and the balance, 248,000 shares. Is available to be issued
as required for general corporate purposes.
Purpose of Bond Issue. The bonds, which are convertible into stock par
for par, were issued
$1 .325.000 to fund a like amount of Indian Pacldng
Corp. obligations and $525,000 to provide a like amount of cash working
mg
in a
—
—
—
—
:
capital.
—
—
Business Plants.
Basincss con.sists In the production and !«ile of canned
meats of all varieties, canned v«!getables, jam,s and jellies. Principal brand
"Red Crown." The Indian's "Covmcil Brand" will also be employed.
The entire packing busine*>s will be consolidated at the Green Bay, Wis..
plant, formerly owned by the Indian, and as opportunity offers the other
plants at Chicago and Providence will be sold or Iea.sed.
Earnings. Prom figures available average net (sirnings of the two companies for 1917, 1918 and 1919, after allowing for taxes, were in excess of
—
Gross sales for 1921,
S.500.000 p. a.
estimated, should exceed $10.-
it is
000.000, and under normal conditions the profits on sales of this amount
would be at least $1,000,000. See also Indian Packing Corp. below.
—V. 112, p. 259.
American Linen Co., Fall River, Mass. Dividends.
On Feb. a dividend of 2% was paid to holders of record Jan. 25. Di-\ndends paid in 1920 were as follows, viz.: Feb. 1, 5%; May 1, 7%; Aug. 2.
—
—
1
10%; Nov.
1,
2K%— V.
Ill, p. 390.
American Lithographic
Co., N. Y.
All of the outstanding bonds due Jan. 1 1921
1920 by payment in cash. V. 110, p. 1750.
—
— Bonds
Paid.
—
were redeemed on Dec. 31
—
—
American Safety Razor Corp. Real Estate Mortgage.
The stockholders will vote Feb. 21 on authorizing the company to borrow
$550,000 at 6% from the Title Guaranty & Trust Co.. to be secured by a
mortgage on factory buildings owned and located on Johnson, Jay,
and Lawrence Sts.. Brooklyn, N. Y. The loan will mature $50,000 annually until the end of the 5th year, when the sum remaining unpaid is to
become due.
President Joseph Kaufman Feb. 5 1921 says: The corporation has just
completed the erection of an additional 9-story concrete fipeprxjof factory
building, immediately adjacent to the company's other factories in Brooklyn, giving 110.000 additional sq. feet of factory space, thus enabling the
company to a.ssemble its products and operate its mechanical equipment in
one consolidated group of buildings. Company invested over $1,000,000
during the j'ear 1920 in the purchase of ground and the erection of the ncrw
buildings and equipment. -V. Ill, p. 2522.
—
—
& Commerce
American Ship
Corp. Definitive Notes.
N. Y.. 140 Broad .vay, N. Y. City, is now
prepared to exchange the outstanding temperate 10-yoar sinking fund
fund 10% convertib'e notes due Aug. 15 1930. for definitive notes having
coupons No. 1 due Feb. 15 1921, aud subsequent attached. V. 112. p. 374.
The Guaranty Trust Co.
of
—
American Smelting
See Barnhart Br'os.
General Industrial and Public Utility News. The
table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Evens and Discussions" (if not in the "Editorial
10, p.
The Nat. Coal A.s.soi-latlon placM the average profit of the bituminous
operators of the U. .S. from Jan. 1 to Oct. 1 1920 at 15.33%. "Wall ritnet
Journal" K<-b. 7. p. 2.
Wholesale Prices.
Flour on Feb. 5 was a',<ain down to $9 as on Dec. I
1920, contrasting with S)6 2.5 Jan. 7 1920 and with $10 .50 J.in. 13 1921.
Lard, butter and egtfs on Feb. 8 and 9 were ()uot(!<J at SI 2 2.5 43ctK. and 35
cts. as against S23 .50 77 cts. and 89 ctH. the maximum prices, rfspectlveJy
&
Refining Co.
— V.
— Guaranty. —
112, p. 535.
— Sub. Co. Note
—
Co. — Production
American Type Founders Co.
following
"Times" Feb.
.
See Copper Export A.ssociation, Inc. below.
INDUSTRIAL AND MISCELLANEOUS.
project.
W
first
RR.
Electric
The
of a reduction in wages, a large number of employtes resigned.
pany operates about 10 miles of road.
•|-<i:i Tnidc Hc\ lew' s;.y«:
suiitl birs Xvivc br-er. sold :il $.5 to $7
anil pl:iti", .vs lowiir.
Some »h<iil iuIIIk have roduiiyl S3 to «.5 per ton "
on /fund. -Sm: "(;urrnnt Kvuuts" and iMtckawanna .Sti«l bi'low.
('(Mil.
The French Govt, tuui fixed a new niar.lmurii prlcw of $9 a ton for
all Amerlcjin coal, fret) on l>f>ard. at l-'rencli Atlantic ports, the lowo-t lovel
for American co;il since It Ix^an divlliihig last Octul>er when the figure
was $32 per ton. "Times" Ki-b, 3. |>. 2(1.
Profits of
Va. companies as alli-xe<l bi-forc .Senate CJommlttci;. Idem
Feb. 4. p. 8.
—
.S(><!
Van Drieseu, and
The
(/riU-rn
— Operations
Toledo under new Ordinance Begin Feb.
[Vol. 112.
dow n
-
risplyto mir
Light Co.
-Suit.
\'
.^ti:}.
had been made lor the $299,000 1st. mtKe. .5s due Jan.
and Hlocks will ren)uin sanio until ft;itli<r iioli<e."
Th(>
—
,
•
&
Spindler below.
Anaconda Copper Mining
—
—
Issue.
V. Ill, p. 2039.
(lbs.)
Month of January
1920.
1921.
1919.
1918.
Copper output (lbs.)
9,700,000 18.100.000 15,900,000 24,984,000
See Copper Export Association, Inc. below. V. 112, p. 473.
Arizona Copper Co.
— Production
(in lbs.)
Armour & Co.
—
& Co. and
Atlantic Gulf
See Swift
Files
Morris
—
(in lbs.)
1920.
1919.
1918.
1921.
2,-300,000 3,000,000 3,600,000 2,500.000
January—
Copper output
—
V. 112, p. 260.
—
New
&
Plan.
Co. below.
& West
—
— V.
112, p. 367. 374.
Indies SS. Lines.
—
—
Contract.
Through its .subsidiary, the Atlantic Gulf Oil Co., the company is holding
up .shipments on the 15,000 tons of pipe for the oil line, 132 miles in length,
This order was j)laced 1st fall
it planned to build from Havre to Paris.
S. Steel Corp.
The contract for the constmction of this line
called for the expenditure of approximately $12,500.000.
V. 112, p. 374.
with the U.
Atlantic Refining Co.
—
— Bond^
—
Listed.
The N. Y. Stock Exchange has admitted to list $15,000,000 lO-Y'ear
6!^% Gold Debentures, due Mar. 1 1931, "when Issued." Sec offering
in V. 112, p. 565.
—
—
Atlas Powder Co., Phila. Regular Dividend.
The regular quarterly dividend of 3% has been declared on
stock, par $100, payable
Mar. 10 to holders of record Feb.
5%
and Dec.
last stock dividends of
lar quarterly cash dividend of 3%.
the
28.
Common
In Sept.
were paid, together with the regu—each
V. Ill, p. 1952.
—
—
—
Baldwin Locomotive Works. New Director Sales.
John M. Hansen. I^esident of the Standard Steel Car Co. of Pittsburgh,
has been elected a director succeeding Alba B. Johnson. Mr. Hansen
was also elected a member of the Executive Committee.
Pres. Samuel M. Vauclain, in commenting on current conditions, said in
substance; "We have been shipping at the rate of $9,000,000 gross bu.siness
We hope
per month and eventually we expect to reduce this to S6.0()0,000.
so to adjust our affairs as to keep rimning throughout the year on about a
two-thirds basis."
Gross sales in 1920, it is stated, were approximately $73,000,000, as
against $84,307,776 in 1919.
V.. 112, p. 565, 65.
—
Barnhart Bros.
&
Spindler.
— Plans Note Issu^. —
vote shortly on authorizing a S600,(XK) note issue
Notes will run from 2 to 10 years
for the purpose of reducing bank loans.
and will bear interest at the rate of 7H%.
The American Type Founders Co. owns $1,000,000 of the Common stock
and guarantees $1,250,000 7% 1st Pref. (par $100; divs. Q.-F.); also
.$750,000 7% 2d Pref. stock, prin. and dIvs., according to terms of an agreement with Guaranty Trust Co. of N. Y'. dated May 19 1911. V. 106,p.926.
The stockholders
will
Barnsdall Corporation.
Lee, Higginson & Co. amiounce
Convertible gold bonds due Jan.
V. 112, p. 374, 565.
1
— Bonds
Sold.
— —
that the $8,0(X),000 8% Sinking Fund
1931 have all been sold. See offering in
THE CHKONICLE
Fkb. 12 1921.]
Bethlehem City
—
Water Co.
(Pa.)
finnds Colled.
bonds <if 1914 have bwii
Wilbur Trust Co.. Itli
All ol' the outstaiidiiiK First MtKC. r>'1 Kold
for D.-iyintnt March I at 105 and int at E. I'.
HroadWay, Bcithlehem. I'a.- \ SS. p. 377.
.-ailed
.-^1
.
and
.
Border City Mfg. Co., Fall River. -Dividend.
3% has been declared on the outslandliiK *1 .JOO.OOO
In
to holders of record I'Vb. 2.
capital stock, par $100. pajable Feb.
and
Feh.
in May hist. S'
N'ov. last, >i% was paid; in Aus- last, 10
A <lisiaend of
1.")
ill
6%.— V. 111. p. 1K54.
Braden Copper Mines Co
1920.
.•<.•
—
(luaninli/.
Copper Kxport Association. Inc below.— V.
—
112. p.
Brunswick-Balke-Collender Co.
$100,000
()';
serial k<iU1
—
—
roniaininR not^s mature $400,000 annually each Jan.
p. :J)>3, 483).— V. 111. p. 18-,-!.
.Ian.
1
to 1020
1
—
I'.l'JI
I'he
lOs
fset-
CiTXss iucfmie..
Balance after charges.
.
Olvldonds
»
Cabot Manufacturing
5159.630
$424,183
— Smaller
Dividend.
$229,180
$2S0.2.'>.'i
Co., Boston.
\
(luarierlv divi<lend of 2'-': lias hii n (leclaretl on 'he outstanding
^2. 000, 000 ca-Mtal «:tocJ{. par $100. tenable Feb. l."> to holders of record
Feb. 3.
In Mav. Aue. and Nov lasi <niarierlv dividends (>f 5' each were
paid.— V. 112. p. .lot). 260.
.
— &
Calumet
Calumet
.''CO
&
.
.
Arizona Mining Co.
Januari,
<::opper outptit fpoundsl
-\'. 112. p. 16.=->.
— Production.--
1920
192!.
2!3S.0()(i
Copper Export Association.
Canada Steamship
Inc. l>olow.
Lines, Ltd.
'918.
1919.
— V.
!.74S.O0O
2.284.000
.!.210.(»0O
Hecla Mining Company.
— Guaninly.
112. p. 375.
— Dividend Outlook.
Charles A. Barnard. K. C.. fornu'rl\ Vice-President and still the company's solicitor, is rtuoted in substance: "There has been no talk of i)assine
or reducing the dividend.
I do not think there is any basi.s for the sudden
break in the st<x'k (from about 47 to 37
on Feb. 41 beyond the depression
common to shipping concerns the world over. I plac-e no crtxience in
stories that the company is involvi<d in serious lo.s,ses incurred b.v the Davie
Shipbuilding Co. of Quebec, whose finances the.v had pruaranteed.
Such
a guarantee wus given, but the men behind the Quebec Co. were well nble
to honor their endorsements.
V. Ill p. 695.
."-i
—
.
Cardiff Collieries, Ltd. -To Ponipone 1921 Int.—
The
bondho'd(^rs will vote Mar. 10 on pos'uonint? the interest due .April
and Oct. 1 1921 on the bonds to Auril 1 and Oct. 1 1931. V. 95. p. tiSI
—
1
.
Carter's Ink Co., Boston.
The company reports to the Ma-s-sachasetts Commissioner
of Corpora-
tions, an tncroa.se in capital stock from $6.^0.000 to .S2, 500. 000. through
'ho issue of 5.000 additional shaies of preferred stock. 10,000 share.s of
coirunon clas.s A. and 3.500 shares of common, class B. The new cajjital
will consist of $1,000,000 Preferred stock. $1,1.50.000 cla.ss
common
van $3.50,000 class B common stock.
A
Cerro de Pasco Copper Corp.
-Diridend Decreased.
\ quarterlv dividend of
.50 cells per siiire has been def'ared oti the
outstanding S9S 229 shurcs of capital s.oi k, no par va'Uf payable March
lo holders of record Feb. 17.
IJivide-ds of $1 per shnre have been paid
<iuarterly from March 1916 to r)<«- 192'). incl.
Extras ae'ounUng to SI .75
and SI wjere paid in 1917 and 1918. respectively
V. 112. p. 375, 65.
I
.
—
Chesebrough Manufacturing Co.
Common
— .Additional
Pre./.
—
stockholders of record Feb. 15 (.SI .500.000 now outstanding)
be given the right to subscrilx; and pay for in fiiil at Equitable Trust
Co.. N. Y.. in N. Y. funds, on or before March 31 at par ($100 a share) for
$.500,000 of Pref. stock now held in the treasury, in amounts etjual to
33 1-3% of their respective holdings. The first quarterlv dividend on the
l*ref. stock now offered will be navable on or about June 30 next.
In Nov.
1919 the stockholders created $1,000,000 7% Cum. Non-voting Pref. stock
and Issued $500,000 at that time. (V. 109. p. 1989.) The balance is now
l>elng offered.
The offering has been underwritten.
President Oswald N. Cammann. in a letter to the Common stockholders
dated Jan. 27. saj-s: "The purposes of the issuance of this 8500.000 Pref.
.stock are s-ubstantially similar to those of Dec. 1919.
The company has
l)een making, and has now in progress and in view expenditures of considerable scope and amount for the oui-pose of iticreasing plant and manufacturing capacity, improving marketing facilities, and insuring in part its supply
of raw matxirials. besides which, tinder the conditions now prevailing, an
Increasod amount of working capital has had to be maintained and will
have to be maintained." V. 112. p. 560.
will
Chino Copper
— Guaranty. —
Co. — Guamntu— Output. —
,
Inc. belo'.v.
Month
of
—
January
1920.
1<121.
"."8':
2.999.751
—
Choate
I"!'*.
000
l''ll<:00
—
Oil Corp.
\ca- Director.'^, d-c.
Ryan of Oklahoma City and Dr. J. H. Laisrence of Sioux
Iowa, have been elected directors, succeeding N. H. Vaughan and
W.
J.
Patterson.
—V. HI,
Secretary P.
M. Pope was
Citv.
.\1
C;.
also elected First Vic.^ President
p. 1664.
Citizens Ga.? Co. (of Indianapolis).
—
Tender.^.
—
The Bankers Tnist
Co.. primary trustee. 14 Wall St.. N. Y. City, will
until Feb. 14. rec-eivo bids for the sale to it of First & Refunding Mtge. 5S
Sinking Fimd gold bonds of 191'/? at not succeeding 108 and int., to an
amount sufficient to absorb 821.735. -V. 11(1. p. 662.
Cleveland Electric Illuminating: Co.
— New
Director.
—
A. H. Scoville, Vice-President of the Union Tru.st Co.. has been elected a
director STiccetxlIng C. W. Mills.
F. "M Dame of N. Y. has been elected
a Vice-President, succeeding William McCIellan.
V. Ill, p. 1475.
.
Coca Cola Co.
— Amntai
— —
Report.
said to show gross
The report (not yet received) is
receipts, $31 .955.565operating and gpuerr expenses, incl. $278,677 for depreciation and ?2.201.990 for loss on Inventory, .'s29..504..503; balance net income. S2.t51 .Or,2.
There are outstanding $10,000,000 7% Cum. Pref. stock and .500.000
shares of no par value Common.
lYef. dividends have been T'ald semiannually to and incl. Jan. 1 1921 and in April and Jiilv 1920 dividends of
$1 each were paid on Common shares.
Total dividend pavments. Common
and Pre«'erred. •'or 1920. -SI .700,000. V. 112, p. 165.
1
—
Consolidated Cigar Corp.
— Purchase. —
Report for Cal. Year 1920.
The annual
—
—
Bank, ("hicago.
May
1919 and pur<-ha.s<'d the two factorlt*
subsldiar.v of the <)orn Pr<Klu<ts Kefining <;o.
'l''or full statement to N. Y. Stock Exchange see V. 109. p. 687; see also
Railway & Industrial Section." page 169.)
Benjamin Sclineewind is (|Uot<tI as saying: "The claims of the First
Natitmal Bank. Chicago, aggregates $450,000 and tho.se of the (ireat Lakes
in
Trust Co. $155,000.
I »1<) not know how much the company owi« .\(r«
Oiu- assetti. including le;ises valuud at $500,000
^ ork banking institutions.
on buildings in <'hicago. are about $4,400,000. Our liabilities approxi-
maUi .$.'{.000,000.
"Our lo.s.ses have come during the last four months. Up to Sept. 1 our
earnings wtTO more than StiOO.OOO. Then the slump In sugar jirices hit us.
We had contracted for 2.800.000 lbs. of Java sugar wilh the California &
Hawaii Sugar Refining Co. at about SOJiJc. a lb. early in June. After litigation, in which we lo.st out (V. 112. p. 261). we took a loss of about $400.000 on this transaction. Addwl to this was the big loss entailed by the
cancellation of contracts by many of our customers.
"Our biggest single loss has been in connection with the new plant we artbuilding at Jersey City.
It ha<l Ixicn estimated this would cost $1 .000.000.
Wo already have put $2,000,000 hito it and it will cost $.500,000 more to
complete it. It will be the largt«t. most modern candy plant in the world.
There will be no sttspension of busUiess at any of our plants." V. 11 2. p. 261
—
Inc. — Nolea Offered. — The
Copper Export Association,
hankors naincd below are ofl'cTinK', bv advci-ti.sfmont on
anotlicr Datrc $40,000,000 S'^,' Secured Gold \ot<'s. secured
bv 400.000,000 lbs. of refined copper (at 10 cents per lb.).
The sums required for payment of princii)al and interest
iir(>
guaranteed by copper-producing corn))anies in the
approximate proportions stated below.
—
National City Co., Guaranty Co. of N. Y..
Bankers Making Offering.
Kidder. Peabody & Co.. Lee, Higginson & Co.. Dillon. R«*a<l & ('o.. N. Y.:
Union Trust Co. and Mellon Nat. Bank, Pittsburgh: Continental & Commercial Trust & Savings Bank, First Trust & Savings Bank, Illinois Trust
& Savings Bank and Halsey, Stuart & Co., Inc.. Chicago.
Prices.
One-year notes, 100 and int., to yield 8<^ 2-year notes, 99V«
and int., to yield 8.15';;: 3-year notes. 99M and int., to jield 8.30%;
4-vear notes, 99 and int., to yield 8.30',r.
Ma<uri<t>.<t.— $6,000,000 1-year notes, Feb. 15 1922: $10,000,000 2-year
notes, Feb. 15 1923: $12,000,000 3-year notes, Feb. 15 1924: $12,000,000
Dated Feb. 15 1921. Int. payable F. & A.
4-year notes. Feb. 15 1925.
Denom. $1 ,000 (c*). Red., all or part, on any int. date on 30 days' notice
at par plus a premium of 1% for each year or portion of year between the
date of redemption and respective maturity dates. Guaranty Trust Co.,
—
New York,
— Tucker, Anthony &(\).
:
trustee.
Data from Information Furnished by John D. Ryan, Pres. of Assoc'n.
Proportional Cuarantii of Companivs.
Payment to the trustee for the
lien( fit of the noteholders of the sums required for due and punctual payment of principal and interest of these notes -will be guaranteed by the fol-
—
lowing copper-producing companies in their several proportions under a
contract between such companies and Copper Export Assn. Inc. & trustee:
Percentage Propor .Prirv- aCapitai
,
Phelps Dodge Corporation
American Smelt. & Refining
Calumet & Hecla Mining Co
Co
,
Stock.
Proportion, cipal .Si/rij.t.
$4..360.000
10.90'r(
2.000.000
2,400.000
3.280.000
3.032.000
2.024.000
2.380.000
1.600.000
1,464,000
1.780.000
2.0O0.0OO
4,904.000
3.380.000
1.852,000
5.00
.6.00
Utah Copper Co
8.20
Chile Exploration Co
7.58
Kennecott Copper Corporation
5.06
Braden Conner Mines Co
5.95
Ray Consolidated Copper Co
4.00
Chino Copper Co
3.66
Nevada Consolidated Copper Co
4.45
United Verdo Copper Co
5.00
Anaconda Copper Mining ('o
12.26
lnsi)iration Consolidated Copper Co... 8.45
Greene-Cananea Copper Co
4.63
New Cornelia Copper Co
4.07
North Butt 1! Mining Co
1.75
Utah Consolidated Copper Co
.34
To be allotted
2.70
Total...
$74,250,000
67.460,000
25,400,000
90,1.50,000
x46. 550.000
.52.950,000
y
21,290,000
19,3,50,000
22.490.000
z
89.7.50.000
44.860.000
1.6'28.000
10.7.30.000
29.2.50,000
700.000
5.100.000
1.36.0fK)
1.3.50,000
1.080.000
lOO.OO^r. $40,000,000
X Valuation of stock of Chile Copper Co., which owns all outstanding
stock of Chile Exploration Co. y 99% of stock owned by Kennecott Copa Value at
per Corp.
z Stock all closely held: no market nnotation.
pre.sent market pilce of producing companies' capital stock.
Company. Organi-^cd as a Delaware corporation in Doc. 1918. and
qualified under the Webb Export Trade .Vet to engage in the copper export
trade.
Is the exclusive medium for export sales of copper by companies
which in the aggregate represent about 75^ of the total copptT production of the United States.
Security.
Company has purchased to resell in foreign markets 400.000.000 lbs. of refined coi>per from the iiroducing copper companies named
above and will pledge with the trustee as security for these .'s40.000.000
nctes receipts of refining companies for all of the said copper with the exception of not exceeding :>;-i Of for which the C^alumet & Hecla Mining Co. will
issue its own receipts.
The refined copper pledged will have at present
market prices (13c. per lb.) an indicated value of $52 .000 .000 or a margin
of 30% in excess of the principal amount of the rote is,sue.
The average
market price of refined copper for the last 20 years has been in excess of 16c.
tier lb. and the lowest price reached during this ptn-iod was lie. per lb.
Safeguards.
The trust agreement provides that the A.s.sociatio!i will not
cttate or issue any other notes, debentures, bonds or other funded obligations, and will not make or issue any note or obligation of any other character except ill the ordinary course of business and payable in not more than
It will withdraw copper pletiged under the trust agreement to
12 months.
the extent of at least l-3d of all deliveries made against its export sales of
cojiper from and after the date of the trust agre»'nient.
Copper may be withdrawn under the trust agreement only upon payment
to the trustee of \2'^^^. (in cash or notes) per lb. <'f copper withdrawn: all
cash so received by the trastce shall be held by it as .security for the not^es
until applied to the payment, purchase (at tiot exce(>d!T<g par) or redemption
of notes and coupons. Any premiums paid upon redemption of note are
to be provided b.v the As.sociation from other fimds.
Exports of Copper.
l>uring the pre-war yeais. 1910-1913. incl.. a period
equal to thi^ life of this is.sue. exports of copjier from the U. S. oxcl. of .shipments to Canada and ^Mexico, amounted to over 3.000 000.000 lbs. In
1920 total exports from this country exceeded 500.000.000 lbs.
—
.
—
—
.
The stockbo'dirs will vote Feb. 21 on approving the purcha.se and acnuirenient of all the Issued and outstanding Comjtnon stock of "4 1" ('igar
Co., Inc. (V. Ill, p. 1373); the purchase of factories In Delroit. Mich.,
and the purchase of a warehouse on East Slst St N. Y. City
.
'ile
—
See Copper Expotn; Association. Inc. below.
<^lnp(^ output Hbs.)
V. 112. p. 165.
-'.i3.
i
.\. Potter. Ir.. N<-w York, and Ilenjamin Kchneewind (Pn^sideut of the company). Chicago, receiverh. This action followp<l the filing of an Involuntarjpetition in bankruptcy by Hosenberg. Ball & Marvin, attorneys for Ciuaranty Trust ('o.. Cha.se National Bank. N'ow York, and First National
—
Chile Exploration Company.
See Copi)er Export As,sociation
'
i
;
The company was formed
Candy <'o., a
191S.
1917
1920.
1919.
$6.202.0t>0 !?.^..S:«).0O,S .«.5.373,702
S4. 209.7 19
.42,'").
901
S1.3(i.').049
$1 .294. SKI
$1 .692.670
$1
1.41,-)„5,54
l,479.7r>7
1.820. 15C.
1 ..')i;j.,St>S
798,.-lis
72«.239
.'i.^9,421
911 ,944
(8%)631.688(8'-r-)497,059(7'i)429.701(():''4')374.335
Rulance, .surpltis
-V. 110. p. 1750.
'
and $763,884;
of the Novelty
Buffalo General Electric Co. —.Annua/ Report
Calendar Years^—
Total reveiiue-s
N'et. after exp. & taxes.
<•
(iovt. obligations. SI 72. 1.'/i, u
Ac. as against current liahilitiit. of $5.<)07,49H. hi.
V. Ill, p. 2232.
(bankers), $1 ,849,276— Ed.)
ca-sh
.
Notei< Paid.
when duo
notes were paid
The corporation'.-* year wa.s therefore a \ery succttssful one. Its earnings
were substantially in excess of Its dividend rwiuiremento. and it ac<|uired
without increasing its capitalization a imjuljer of Ia<-lorios. including the
eight of which control was securi'<l when the <-onipaMy purcliased the 44
Cigar <"o. The corporation now has a nriMluctlon capacity of .500.000.000
cigars a year.
The officials look forward to coutinui^l hiii-c<**s in the pr<«ent
ling
V<i;ir.
|The balance sheet shows current a,s.sets of
Consumers Gas Co. of Toronto. LiMinq.
The Toronto Stock Exchange on .Ian. 28 1ist«»(l 1 2, 7S() additional sharuk of
Compare \' 112. p. 474. 261.
capital sti.iU. par $50.
Receivership.
Continent.«-l Candy Corporation.
Judge John V. Knox in the U. S. District Court Feb. 9 appointed Edwin
.5t).5.
Dinciinx
.1 // /) ?<«/ Rcpor!
(J. G.) Brill Co. of Phila.
See annuaJ roi>ort under "Kiiiiinclal Keports'" above.
.Stephen J. Siinon and Edward V. Rawie have been elected dlrectoi-s
V. 111. p. 1854.
'I'bc
655
,
ri'jHjri:
report shows net earnings l)efore taxes of $2,173,720.
After
deductions of S688.273 for estimated K(xieral and State income and profits
taxes, there remained $1,485,447 for dividend-s and additions to surphts,
equivalent to !J11 64 a share on the 103.500 shares of (\imnioii. after iiavment of dividend.s on $4,000,000 IVof. stock.
Corn Products Refining Co.
— To
Retire
Preferred.—
the annual meet in--' on March 22. the stockholders will vote on rotiriiyr
$5,000,000 p"ef. stock now held in the treasury. The company recently
had out, landing $29. >n26. :):{:! of it- $.-iO,OOt),000 of authorized I*r.>f. stock.
\'. 112. p. 261. (JO.
.Vt
Crane Company, Chicago.
—
T. P. Kelly, fornierlv
V. 112. p. .58.
.\s-i-tanl
New
'rr«!i.-.uror.
Treasurer.
—
has been elected Treasurer.
.
THE CHRONICLE
656
Davison Chemical Co.
— Dchrntures
Offered.
— Blair
&
Kamlngs of the company
York, an) offering at 98 >2 Jmfl int., yuilding nearly
by advortisemoiit on anothor page, S2,(XX),00()
8.20%,
8%
15-Yoar
Dated Feb.
Fund
Sink.
The assembling
and the
sold dolxinlurcs.
19:^1. duo Feb. 1 lO.'ifi.
Itcd. all op part on any Int date
oil 30 days' not la> atr lOfi and Int.
Int. i)ayabl(! K.
A. at offlco of Hlalr
<lo.. N. v.. or at offlcd of Safe DopoNit
Trust Co., nalllinorc>, trustoo,
without dodurtlou for any Kodoml lncx)rnf< tax not oxrccdinit
I'l-nn.
4 mills ta.x and Maryland Mtato fax of 4 '< ralMs rcfundud.
I)«Mioni. .«;HK).
&
$rM) and $1
Baltimore
Feb.
C'om/j«n(/.- -rui.slncss orlKlnally uMtabllsliu<l at JJaltlmoro In 18;{2.
company
Owns and
Inroii). in 1902.
ol)oI•af<^s
.
Armour
Works, Swift
(^o., /ic.
Plants have an annual eapacltv of over 300.000 tons of sulphuric arid,
400,000 tons of acid phosi)hate. 20(),0()l) tons of Iron sinter an<l 1,.500.000
pounds of maKiieslum fluosllleate.
The mlnliiK rights owne<i by Davl.son Sulphur & Phosphate Co. Include
about 3.280 acres In Province of Santa C.Uira.. Cuba, whore over 2,300,000
tons of pyrltros have boon blocked out. The phosphate rock deposit In
Polk <;ounty, Fla., consists of 2.000 ai-rcs, and the undorlylns deposit Is
calculated at some .'i.SOO.OOO tons.
Purposi'.
To retim existing debt Inctirred for new plant facilities and
additional marine equipment and to provide additional working capital.
Capilalkalion (tftcr This Financing
Authorized. Oxttstnnd'o.
\b-y&\T H% debentures (this Issue)
$2,000,000 .S2.000,000
Purchase Money Seria (Marine) .0% notes 1921-22
230,000
OaplUiI stock, no par value (v. t. c.)
23.'). 000 sh. 200,000 sh.
The comiiany guai'aulecs principal, int. and sinking fund on $2,0.')9.000
navl.s<m Sulphur & Phosph.ito Co. 1st Mtge. G% bonds, duo 1927, which
ar« convertible imtll M;>i<-h 1 1922 in Davison C'hemlcal Co. capital stock
(V. t. c.) at %m per share.
Restrictiiins.
(a) No mortpcage by compan.v or .subsidiaries without Inirluding these debenture* eiiually and ratably therewith, except Inter-company nnd purchase mon> y inortBaKcs. and ;ilso, except the extension or
refunding of Davison Su phur & Phosphi^o Co. bonds for not more than
3 years; (ft) no div. to be declared whldi ivlil reduce consolidated net nuicJi
assets below 100% of the face amount of debentures outstanding.
Net EarnirKjx Available for Fed. Tuxes A UH After Allowing for Maint. ADep.
Calendar Years
1917.
1918.
1919.
1920 (Dec. e-tt.)
•xNot earnings
S84G,384 $637,317 $729,704
$l,o02,430
X Includes results of Davison Sulphur & Phosphate Co. since Jan. 1 1920,
when placed on operating basis.'
Sinkinri Fund.
Commcncins 1922. siiiking fund is sufficient to retire
practically the wohle issue by maturity: during first 5 years debentures may
be purchased in tho open market up to 106 and int. and thereafter by lot
at lOfi.
V. 112 p. r>m.iivsimii>
;^
•:
i
BS
..
.
The stockholders on
—
—
— Capital. —
Jan. 26 voted to increase the authorized capital stock
.stock and 19.5.000
additional shares of industrial partnership stock.
The entire authorizod
capital stock now consists of .?6. 500, 000 1st Pref. stock (par $100) $1 .800.000 2d Pref. stock (par .SlOO) and $4,000,000 Industrial Partnership stock
(par SIO).
This increase was in connection with the company's
lirofitr-sharlng plan and is intended to take care of the distributions for a
nnmber of years to come. V. 110. p. 2491.
,
&
Denver Gas
Electric Co.
—
— Bonds Called. —
5% gold bonds of 1903, one $250 bond and
seven $100 bonds, have been called for payment May 1 at 105 and int. at
t*ie Equitable Trust Co., 37 WaU St., N. Y. City. — V. Ill, p. 2329.
East Bay Water Co., Oakland, Calif. Earnings.
Sixty $1,000 General Mtge.
—
Calendar
Years—
1920.
Gross oper. revenues.. _ $2,406,145
Op. exp., taxes, deprec. 1,268,631
Net oper. revenue
$1,137,514
Non-oper re v
Netrevenue
.
. ,
net
1918.
1917.
$1,792,509
1,074.384
9.59.143
.$954,762
28. .388
$833,366
44,047
$877,413
$1,763,074
967.743
$795,331
20.82 1
.
$983,150
582.710
$1,1,58,335
Int. chargeable to
ope r.
738.985
Balance, surplus
.$419,350
.$400,439
—V. 112, p. 165.
East Butte Copper Mining Co.
Month
of
Production
—V.
January—
(in
$342,131
.$279,816
('o. and the Waddlll Cathings's comm. $18,825,000
Other obUgatioii.s for most part .secured or partially secured
by rubber which w-ill bo used in cos current operations.. 13,95-i.()0w
12 ,202 ..".OO
Unsecured notes and commercial paper
467,830
Other secured notes payable
1.970.000
Bills receivable discounted by the company
Merchandise Debt: Trade acceptances, $4,028,981; notes pay11,305, MM
able. .$238,033: accounts payable, $7.0:i8.090
4,387,026
Bank Taxes (partially in dispute)
318,701
Pref. stock subscriptions of employees- to be refunded
413,573
Other miscellaneous indebtedness
2,120,5.56
Other (contingent) obligations (estimated)
(2) Present Commitments $54, 959. .503 for Future Deliveries of Merchandise
on which Snecificatinns and Prices hare been Fixed (Co's finvres)
For (ni Rubber. $7,200,740: (6) cotton, $5,664,000: (c) fabric,
( I.
— Copper Output. —
Ill, p. 2329.
Eastman Kodak Co.
—No Extra Dividend. —
of 2 }^ % has been declared on the ComExtra dividends
1 to holders of record Feb. 28.
each were paid in June, Sept. and Nov. last, compared with extras
each paid in July Oct. and Jan. last. In Jan. and April 1920
of 7^2% each were paid.
V. 112, p. 566, 474.
The regular quarterly dividend
mon
of
of
$54.959. .503
(d) other materials. S215, 000: total
Depreciation of $18,247,000 on such Commitments not written off.
Company's estimate of depreciation of materials covered by com$18,247,000
mitments, not heretofore written off
(4) Approximate Present Capitalization $126,000,000 as Reported by Co.
565,000,000
7% I'ref. stock
61,000,000
(^ommon stock
estimated
the
value,
Treating the capital stock as a liability at its par
commitupon
exclusive
of
less
deficit
Dec.
31
1920,
on
(jjrofit and loss)
ments for mercliandise not yet delivered, was approximately $24,400,000.
(3) Plan of Readjustment Dated Feb. 1 1921.
The existing deficit wll be written off and 25% of the company 'sliabilitif s
u pon merehandi.se commitments on which specifications and j riccfi have, been
fixed will be funded by changing the existing Common stock into an equal
number of shares of Conmicu stock, either without par valuo or with an
appropriate lower par value, and by the is.sue of Prior Preferr.nce .stock as
hereinafter stated: and the company will be recapitalized by the issue of
the following securities in approximately the following nmountp:
Description of Proposed Kctr Securities.
x?25,000,COO
First Mortgage 20-jt. 8% Sinking Fund bonds
(1)
To be seciiretl by a direct lien upon such real estat« and plants of the
company and such of its .stocks and other interests in other companies and
other propertv as the four coimiiittees may determine.
Sink, fund to retire the bonds at the rate of substantially 2J-j% inereof
semi-annually, by purcha.se or redemption at such prices as may be pre-
stock, payable April
5%
2H%
esrtras
—
(Thomas
—
(3)
—
increa-sing
the authorized Capital stock from $2,000,000 to $3,000,000, par
V. 112, p. 60.
—
$100—
—
Empire Transportation & Oil Corp. Receivership
li. Scott, Cm. Mgr. of the Doherty Operating; Co.. in charge
Bolton
of
the operation of all Cities Service Ca. .sub.sidiaries, has boon appointed
receivtr by the Federal C^oiu't at Richmond, Va., with E. L. Benuss, I»res.
of Richmond Trust Co.. as .ioint receiver.
In connection witli tlie receivership for the company, which operates
in Mexico, Henry L. Doherty & Co. state: The application for receiver was
made b.v the Cities Fuel & Power Co., a .subsidiary of Cities Service Co., in
order to protect moneys advanced to the Empire Transsportation & Oil
Corp., which is not a subsidiary of Cities Service Co. Cities Fuel & Power
Co: is the only creditor and it may be necessary to reorganize the Empire
Transportation & Oil Corp. to supply new funds for the protection and
development of tho properties.
(J.
A.)
Fay
& Egan
Co., Cincinnati.
— 1M%
Com." Div.
dividend of 1 ^2 % has been declared on the Common stock in addition
on tho Pref. and an extra div.
to the regular quarterly dividend of 1 H
of
on thn Pref. stock, therebv clearing up all back dividcnd.s on that
issue, aU payable Feb. 21 to holders of record Feb. 9.
V. Ill, p. 2143.
A
%
1M%
Ford Motor Co.
— Financinq
•scribed in
—
Rumors, &c.
—
i
Morgan interests were broken off and approached Mr. Ford with their offer.
'"They were advised to return to N. Y. and draw up a definite proposition setting forth what representation they would want on the Ford board
Eight tentative schemes, all calling for a bond issue of
of directors.
8%
$100,000,000, were proposed and the men returned to Detroit Feb. 1 The
to the underwriting syndicate.
Issue of bonds was to cost Ford 8% plus 1
"The negotiations were terminated on Feb. 3 by Mr. Ford, who informed
the New York men that he could do without outside financial aid."
Notwithstanding denials that the company is not In need of financial aid.
Wall Street rumors still persist In stating that the company will do some
new financing In the near future anfl that the amount will range from
$50,000,000 to .$75,000,000.
Edward R. Stettlnius, of J. P. Morgan & Co., has issued a statement
denying remarks attributed to htm regarding Ford Co.'s financial needs
and scouts the rumors that General Motors Coi-p. is seeking to acquire
.
—
Such fund mav be made cumulative.
Ford Motor Co.
Walter A. Campbell,
stated, has been
vacat-od through
V.-Pre.s. & Treas. of the Canadian company, it is
offered the Vici^Pi-e-sldency and Treasurership recently
the rcsigiwtioii of Fi-diik L. Kllngeusmith.
mortgage.
xS25,000,000
lO-vearS'/i Sinking Fund Debentures
To be issued under a trast agreement, under which will also'be deposited
issued, the
Debentures
ten shares of ne\y Common stock, for each $1 .000 of
Debenture holders to be eiititl<Ml to receive said stock ?.t said rate ujion
redemption of the Debentures, and in the meantime to receive an amount
equal to any dividends paid thereon. Sinking furd fcr pi^rchase or redempwith or without stock rights) at such prices and in such
t ion of debentures
amount as may be expres.sed therein, payable only out of earnings after
providing for interest and sinlring fund on the 1st Mtge. bonds, interest on
the Debenturas and all other fixed charges and dividends on the Prior
Said sinlcing fund may be made cumulative.
Pref. stock.
Prior Preference Stock Cumulative from Jan. 1 1921x$35.000,000
(3)
Redeemable all or part at company's option on any dividend dat* or in
case of liquidation at 110% and accrued dividends.
Sinking Fund.- Before any dividends shall be paid or dtwlared on the
Preferred or Common stock and before any Pref. stock shidl be purch.Tsed
or redeemed, there -shall be set aside as a fund for the purcha.sc or redemption
of Prior Pref. stock, at such prices as may be prescribed therota In amoimt
which shall not be less than 8% of the amoimt of all 1st M. bonds ajid all
debeutiu-es retired on or before the next preceding Dec. 31 through sinking
funds and v/hich shall al.so be not less than the amourt expended or proposed to be expended in the purchase or redemption of Prr-fcrred strck.
(2)
International News Service says: " 'Ford Motor Co. is not in need of
outside financial assistance.' That was the ans^ver of Henry Ford to the
proposal of a banking syndicate headed by Blair & Co. that they float a
bond Issue of $100,000,000 for the company. Five representatives of the
New York syndicate arrived in Detroit shortly after negotiations with
%
—
•$41,879,763;
—
A.) Edison, Inc.
Capital Increased.
The company on Feb. 2 filed a certificate In Trenton, N. J.
;
—
1921.
1920.
1919.
1918.
1,664.880 1,738,840 2,291,950 2.574.140
pounds)
—
—
1920 between the
(b)
$826,286
.546.471
Present debt $65,964,290 (exclusire of interest) as slated by Company
(a) Secured loan pursuant to agreement of Nov. 3
(1)
Bank debt
.30.9.55
-535.283
—
The official plan as condensed for the "Chronicle" shows:
Companj's Financial Position as stated in Plan of Feb. 1 1921.
—
1919.
.$2,029,145
C
—
by the creation of 10,500 additional shares of 2d Pref.
—
-Rcorgauizalion Flan.—
;,'<)!
—
—
Framingham, Mass.
n<
—
.
Co.,
.
.
—
.
wcoks of
MC)
plan <;ont«mplates the issue of api)roxlmately (ai J25.000.000 First
8% Sinking l-^ind bonds, (In $25,000,000 10- Year 8% Sinking
Fund Debentures, (ci S35,000,(K)0 8% I'rlor Preference suick.
Tho bonds and debentures, or their proceeds, v.lll be used to pay off the
iHink debt, which Is largely secured, and for other c/>ri)orale purpowcs.
General creditors win receive Prior Pri'ference stwk fo.' existing deot and In
part payment for future deliveries of materials.
Holders of existing I'ref. stock (about $05.0f»0.000] will rocaWo Pref. stock
of the reorganized corporation having substantially the same rlghlb and
preferences as the present Pref. stock, share for share.
Holders of existing Common .stock (about ?61 .000.000 ] win receive Common
stock of tho rcorg.-inlzed corjioration which will jirobably be without
par value, share for share.
The $25,000,000 of Debentures, together with 2.50,000 sliams of Common
stock, and also the $3.5,000.000 I'rior Preference stock are to be offered for
subscription to existing stoclihoiders.
The plan will be carried out under th«
Superinsion by Four Committees.
supervision of the following:
Robert
Schaffner, Chicago- John Sher(1) lUink Creditors' Committee.
wln, Cleveland, and Ralph Van Vechten, Chicago, with G. H. Savage aj.
Broadway.
Secretary, Room 1455, 120
W. K. Bruyn.
(2) Merchandise and Contingent Creditors' Committee.
New York; F. I... Jonckes, Providence: Myron C. Taylor, New York, with
H. M. Young as Secretary, Room 3336, 120 Broadway. N. Y.
George W. Grouse, A^on; Reamy
(3) Preferred Stockholders' Committee.
E. Field, Cincinnati; Charles A. Morris and A. H. Scovllle, Cleveland, and
J. Hemdon Smith, St. Louis, with Loring R. Hoover as Secretary, Room
14.55, 120 Broadway, N. Y.
(4) Common Stockholders' Commitlee.— Fred S. Borton, Oletveland; C. K.
Erwin, Chicago; E. E. Mack, Canton; Russel L. Robln-son and P. A. Selberllng, Akron, with M. E. Morris as Secretary, Akron, O.
The negotiations leading up
Co-operation Promises Financial .'soundness
to the plan have developed a spirit of co-operation by ail parties in IntereM;
to preserve the valuable good-will which the company has built up through
the excellence of its product and the efficiency of its .sales organization.
It is believed that if assented to by the creditors with substantial unanimity and by the requisite proportion of the .stockholders, the plan will not
only .save the company from its present embarras.smeut, to the advantage
of its creditors as well as itself, but will also put It upon a sound financial
basis for future operations.
Favorable Outlook for Underwriting Deposits. The company has assurances from strong banking interests which It believes justify the expectation
that if the necessary assents of creditors and stockholders are forthcoming
the bonds and debentures can be underwritten and the plan consiuamatcd.
Holders of a majority of the Common stock and the largest creditors
have already indicated their assent to the plan.
I
—
for 1921.-
The
—
Dennison Mfg.
— Preferred Diva,
Mtge. 20-Ycar
—
—
,
iation b<jtwoen the cfMnpany and
ropresontativos of various classes of its creditors and its
stoc'kholders, a plan for the ri.'adjustraent of the debt Jind
eapitalization of tlu; company has been aj^roed upon.
In
making tiiis announcement Feb. 9, Cravath, Henderson, Leffingwell «& De Gerdsdorff further said in substance:
I'resont
&
—
-\{{cr s(3V(:ral
plants In JSaltlmoro Harbor
Fertilizer
mportod unofficially, were not
and approximately $70,000,000
plant of the <»mpany at [iuffalo roHumijd work on Feb. >*
(;ambrldK< Mass., on Feb. 9. Holb plants hart
V. 112. p. 474, 262.
Goodyear Tire & Rubber Co.
7.
the numufarturc of siilphurlr ,".<-ld. add phosphate and other liivivy
Als<i owns all the stork of Drivlson Sulphur A- l»hosph:ile f '<>..
chomlailK.
whir.h operaUis pyrites mines In Cuba, In addition to ownliiK phosphate
rock property In Florida. Customers Imrlude Amerlran SnioltliiK Ac HeflnlnK Co., Hethlehern .Steel Co., I'nidentlal OH f^o., Hlanflard Oil Co.,
Co
l.s
%
for
VlrKlnla-<;''aroIlna Chenileal
It
111!.
Tlie <ltroctorh liaM <!,clar«d th<: 7% annual lYeferro'l divlderd for
payiiblo (y.-J. 1) l;i lis'alln.«ntK of 1 h
each.— V. llO, p. 1970.
2%.
Wilbur Miller
C.
Pres.
of
yoar.
General Fireproofing Co.
&
,0(K) ((»).
Data from Letter
la.st
aH-jiiiibjIng plant at
••loswl since Dec. 21.
been
1
&
[Vol.
far from .$1 lO.OOO.fKK) before Federal taxes
after all charKes anrl taxes.
Now
(x)..
:
(4)
$6.5,000.000
7% Pref. stock (total auth. may be $100.000,000)
possess subject to the prior rights of the l*rior Preference stock and
the Management stock provid<-(i for. if i-i-ued. and --ubsl.ar.t Kt lly the
To
'
I~(,
THE CHRONICLE
Feb. 12 1921.]
rlglits and proferoiict's as tfii' prf^ent Prof, stock exct-pt in so fiii- .iv
bu uoctwsary to carry out tho plan.
t'omiiion stock (may bo cither witJiout par value cr ol such par
(5)
value as tliot"ODunitt*H's may determine. A total of .."(O.C dO
90(1 f)(Ml ^ll
bliaj-esmay b.' authori/.c<l).
Thu (;oiumltt«o In their discretion may rotidjiisi the aniounis
X Note.
of First MorlKaKC bonds, Debentures and lYior I'ril'ereiice slock to bn
authorizo<l and issue<l and may increase tho aKKTOKate amount thereof by
not exceeding $15,000,000 but in any sucli case the an.ounts of Uebenturcs
and Common Steele and of Prior Pref. slock to be offiTed for subscription
to present stockholders will be changed accordlnk'ly
.So lonK as any of tho Prior IVfoionce stock shall be outVoliny Powx/-.
BtandlnK tlie holders thoi-eof, voting st^parately an a class, niav If the
Merchandl.se Oreditors ("ommiltee so deU'rnilnes, bo entitled (subject to
the prior rights of the Management Stock hereinafter provided for, if i.ssuedl
to elect a majority of the board of directors, and the conii)any sliall not
without the affirmative vote or written consent of the holders of at least
two-thirds in amount thereof (u) dispose of its property and business (6)
create or iissume any mortgage or other Hen. except In refunding or as
purchase money mortgages, (c) create any stock having priority over or on
a parity with the authoriziKl Prior I'refereuce stock, or increase tlie authorized
Prior I'roferenco stock, or (c/) create or assume or guarantee any bonds,
notes or other evidences of indebtedness maturing later than thrive years
from tho date of issue thereof, except to refund debt created under the plan.
Greene-Cananea Copper Company.
same
may
—
—
I'rorixioii for Kzisling Debt and Stork.
liank Creditors. The llank Creditors Committee will indeavor
subject to the offering to the priwent stockholders to effect the sale of Si!.'i.000,000 Debentures and 250.000 shares of Common stock to the bank
creditors or otherwise as the Pank Cnxlitors Committee may determine
and upon .such lirms as niav be api)roved by the other Committees, :ind
The Bank
will also co-oi)erate to effect" the sale of the 1st Mtgo. bonds.
Creditors" Committee may In Its discretion allot said debentures and stock
so to be sold among the bank creditors or otherwise.
The cash realized will be appii(<d toward tlie payment of the bank debt
and lor sucli other corijorale purpo.ses as tho Committees may approve.
Including new working capital.
(2) Merchandise Creditors will receive (n) For Indebtedness existing Jan 1
1921. 1257o In Prior l*ref. stock (Se« •Ke.servation").
(b) For commitments for merchandi.se not delivertxl prior to Jan. 1 1921
but for which specifications and prices had been fixed on that date; i«h)
75% in cash, payable not later than tlie lOlh of the month following shipment, and (hb) 28% in l»rlor Pref. stock (See "Kesorvation").
(3) Contingent Croditoi-s.— -Upon tho release of tho liability to such
creditors, there will be depositixl vinder a trust agreement as security for
the payment of the contingent obligations on or before April 1 1922, if sucii
obligations mature prior to that date, or at maturity, if due later. 125% in
Prior l*ref. stock; and holders of such obligations will have the option at
any time on or before April 1 1922, or at any time prior to maturity, if
they mature later than that dat<\ to exchange such obMsations, in such
manner as the Committees may proscribe, for such Prior I'ref. slock.
All Piior Preference stock delivered in respect of claims of Merchandise
Creditors or deposited for tho benefit of Contingent Creditors may. If the
Merchandise (Creditors Committee shall so determine, be syndicated for
•oe year, with power to extend such syndicate for not exceeding two further
years in the aggregate and to sell all but not a part of said stock at any time
for not less than 80% of the par value thereof.
But no .such sale .shall
be made without first giving the company ten days' opportunity to purchase at a pricv not greater than tiiat at which said Committee proposes
to make such sale.
If said stock shall be so syndicated participation
certificates will be delivered, &c., in lieu of st^ock or voting trust certificates.
Reservation.
The Prior Pref. stock is to be offered for subscription to
present .stockholders and the amoixnts thereof re<iuired for delivery against
sabscriptions shall be taken, first from that deliverable to Merchandise
Oeditors for indebtedness existing ,lan. 1 1921. next from that to be deposited for Contingent Creditors, cash in either case being substituted at
80% of par value, flat, and finally from that deliverable for commitments,
cash being substituted at 90% of par value, flat.
Stockholders.
(4)
Holders of existing stock will receive (a) for Pref stock
(about $65,000,000 parSlOO) new Pref. stock, share for share; (6) for existing
Oonunon stock (about $61,000,000 par $100) new Common stock, share for
—
(1)
.
.
—
—
.
rfiare.
—
Offering of Securities to Present Stockholders.
There will be offered for
subscription (either together or separately) (1) to holders of the existing
Common stock, at such price or prices as may be fixed, (2) subject to such
pro rata offering, for general .subscription to holders of existing Common
and Pref. stock. tJhe following new seciuities, \nz.: (a) $25,000,000 principal
amount of Debentures, together with 250.000 shares of Common stock
deposited therewith and (6) .$35,000,000 Prior Preference stock (but see
note "x" above.)
Management and "Management
Stock."
— Provision
In case a voting ti-ust shall be ci-eated of any class of stock the voting
tiustees shall be designated, by the Merchandise Creditors Committee.
Material Contracts. Arrangements will be made to the end that the
company shall not be reciuired to take materials on the aforesaid contracts
faster than they are needed for production, and also to the end that deliveries shall be equitaoly pro-rated, the particular kind of material considered,
to such existing contracts and, in the case of rubber, to existing contracts
and rubber now pledged to secure bank debt. The banks holding debt so
secured will be asked to extend the debt ixjuding such use of the pledged
rubber.
—
if Required.
—
Thi.s
readjustment
may be
accomplished by
use of the existing corporation, or iDy the sale of its assets to a new corporation, organized in such State as the Committees may determine.
Participation.
Merchandise Creditors, Contingent Creditors and holders
of exi.sting Pref. and Common stock desiring to participate in the Plan
may become parties thereto by executing the required proxies, &c. and
depositing the same at the office of the company, Akron, or with the
Securities of their respective committees in N. Y. City (see addros,ses
above) within such period as may be fixed.
(The .stockholders' meeting to act on re«idjtistment matters has been
adjourned till Feb. 25.1
—
Official
Statement.
-Officials
on Feb.
11
gave out the
following:
".Stockholders apparently luive felt that the refinancing plan plac<?s addiahead of their stock, and as a result both preferre<l and
stcx-Jts have dropped to new low levels.
Tho fact Is that the company's liKli'btedness alreiuiy was a prior claim ahead of all capital stocK.
"Under tli(! plan wo win write down out inventories and commitments,
and conN ort the difference between the cost and market value of materials
into prior proference stock so as to bring nearer the thno when dividends
may again be paid on both common and preferred. It Is proposed to
authorize S3.'i,0(X),OflO of prler preference stock, but only such portion of
this as Is neetled « ill bo issu<?d.
"The company's losses are by no means as great as the present Indebtedniis-s.
.\ large portion of the Indebtedness represents material and Inventor>' on hand which have cash ^alueand which will be converted into cash
as soon as sales are made,
-\ssumlng the plan will bo approved bv credit ors
and stockholders on Feb. 25, we will soon be able to ln'-re«se production to
take care of Increusod busln&sjs." V. 112, p. .566.
tional oblleatlons
i»mmon
—
(H. W.)
Gossard Co.
Calendar Years
—
— Annual Report. —
1920.
1919.
1918.
Net sales
$6,214,898 .?4,8a3,820 $3,418,639
Net after pref. dividends a$575,748
S.548,009
$304,048
Common dividenOs
($3)226.000 ($2)150.000 ($2)150,000
Bahince, surplus
$350,748
Gulf Oil Corp.
WL'fk
thi.s
offt
—
Boiitl.1
nd and
,
Inc. above.
Sold.
\
.
-Guarantg.
112, p.
—
'Jfa'l.
— TJu- haukors namt^ l*elow
sold at 98
and
int.,
to vinld
about
7}47i< $:ir»,(X)0.l)00 12-Yoar 7% Sinking Fund" Dtht-uturo
gold bonds.
(Sec advirtising pages.)
Bankers Making Offering. The Union Triuit <;o., Pitttshurgb, <iuajanly
Company. Uanken. Trust Co. and National City Co., New York, and
—
Mellon National Hunk, Pittsburgh.
DatiHl I'eb I 1921. duo K.I). 1 I93.'l.
Douom. $1,000. Inf
F. & A. at office of Union Tiiist <;o.. I'itt>l)ur>.'l), tni^tii-, or al
Trust Co., N. Y
j
without deduction for normal Ke<lor;il imi:«»i!i
j.
to 2%.
Red. as a whole on any Int. date upon 4 weeks' iiotic»; at iit.ih aod
Thi- co nInt. on or before Feb. 1 1927 and at 102H and int. thore.af»«r.
pany agrce-s to pay or refund Ponusylvanla 4-niill tax.
Sirikiii'i Fund.
A sniking fund of '*2, 000, 000 p. a. eoiiiiuenixsi on Dec. 1
!i
'litn.hrr .it
1923 to l)e u-M-d to i>urchase bonds ui)on temlers <lurinK
not exeet'ding lO.ii^-- to Doc. 31 1926. and thereafter at n
exh
to Dec. 31 1932.
To the extent that this fund is not
bonds shall bo called by lot for nayment oii tho succocUi.if, ^ ..<
>»..,.
,
—
.
..
.
the current ri'<liini)tlon prli^o.
Data from Letter of Pros. W. L. Mellon. Pittsburgh. Feb. 6 1921.
Business.
Huslnel^s of company and subsidiarloH, all of whoss stock it
owns, includes the producnig, refining, transporting and di>-tributln,^ oj
petroleum and Its products. It is one of tho largest oil producors in U. S.
Priiduidim
<;onij)any's pro<)i'ctloii from its own wolls in the V. K.
oxciH'ds 60.000 bbls. per day.
A largo portion of this Ls thoronglily settled.
Average daily production during each of the past 5 years has not been lei^s
than 50.000 bbls. per day.
Pipe l.i'iis. Ritineriis. Ac .-<'ompany obtains its production from OkUhoma, Kansas. Texas and Louisiana, and is now operating over 3,000 wells
in this territory.
jVll of tho company's fields are served by its own pipe
line system, which extends from all of the Important fitUdis to its (jrincipal
refinery located at Port Arthur. Tex., and also connects with Its nifinery
at Fort Worth, Tex,
The total pipe Imo imliiage, excliLsive of field gathering
lini>s. excewls 2,000 miles, and through these pipe lines the. 'oiniiany lias a
capacity for delivery to its Port Arthur and l''ort Worth refineries of at lea-t
70.000 bbls. per day. The Port Arthur refinery is one of the largo.st and
most mo<iern in tho world. In the year 1920 it refined over 22.000.000
bbls. of crude.
Fleet.
Tho fleet of 16 ocean-going steamers, 9 ocean-going b.-irgcs. \
ocean-going tugs, together with a miscellaneous fleet of harbor bargi«>. &c..
Is u.sed to transport the refnied oil to the company's own distributing stations on the Uulf of Mexico and the Atlantic s«at>oard, including such stations at (iaiveston. Mobile. Jacksonville, Savannah, Philadelphia. Bayonne. N. J.. Providence. K. I., and Heverly. Mass. From thetse i>oints
the oil is marketed through ."ome 600 sales .'-tations of the coini)any.
- interest, taxes, depletion, doprociation
Earnings. Net earnings
&c., have not been less tL .i J6ll,000,000 in any one yoiir durui,t; the past
5 years, and the average net earnings for this period have been in excef*;
of $17,000,000 p. a. The maximum annual interest requirement on thu
remaining [$6,000,000] Serial 6% notes due 1923 (V. 108. p. 2633; and the
present issue of bonds aggregates S2, 810, 000.
Surplus Invested in Business.
During the past 6 years over $84,000,000
surplus earnings, after dividends, have been retained in tho business.
Purpose.
To provide funds for the retirement of $12,000,000 of the
.$18,000,000 Serial 6% notes, of which $6,000,000 mature respectively
July 1 1921 and July 1 1922. and to retire current indobtclaess heretofore
incurred for its capital expenditures.
This Issue.
The trust indenture provides (o) that while any of the boo<ls
are outstanding no mortgage can be created upon the properties, iucludinf;
properties of subsidiary companies (except the remaining $100,000 unmatured debt on the steam-ship Gulfoil and except purcha.se-money obligations on hereafter acquired property); (b) that quick assets vhall at all tunes
be equal to the aggregate amount of indebtedness outstanding.
Equity.
The .$36,093,100 capital stock at its present quoted price indicates a value approximating $130,000,000.
Consol. Bal. Sheet (incl. Sub. Cos.) Before This Financing [1919 Insert, by Ed.\
Not. 30 '20. Dec. 31 -19.
.Vor..30 20. Dec. 31 19
.\sscls
LiabtlUies
S
$
$
$
In 1933) at
—
—
—
—
—
—
—
—
—
—
Plant
&
Capital stock--. 38.093.100 y3e.393.2ti3
U. S. Govt, obi- 3.918,992 x3.964.446 Bonds
100.000
160,000
Inventories— Oil 37.373.4081 28,210,367 6% notes
18,000.000
Supplies
Bills payable... 21,'205,908l 30,903,395
15.774.672
Cash--.
Aocts. payable-. 12.1(10,709/
2,384,063
Accts. receivable 12,584.840^ 16,-567,745 Deprec. reserve. 92.7fi7.283 75,509.899
Bills receivable.
Insur. reserve.826,842
955. ."iSS
481,930
Employees loans 8.839.6.57
Bad aocts. res ve
100,000
lOO.OtW
Deferred charges 4.472,689
7.000,000
1,190,550 Fed tax reserve
Def cre<lit3. &C- 8,596.083
Due stoekhold rs
Total (each
of sub. COS.
95.719
side)
299,689,300 218,476.442 Surplus
-.109,614,935 87.693,043
See annual report for calendar year 1919 in V. 110, p. 907.
e<iulpt.213.8.'59.048 1G8,543,.327
.
Hamilton Watch
The stockholders
—
—
To Increase Capital.
March 8 on incresising the capital
Co.^
will vote
stock from
$2,000,000 to $3.000,000.— V. 86. p. 724.
—
Hargraves
—
Mills, Fall River.
Dividend Omitted.
January last omitted the declaration of tho regular quarterly dividend usually paid Feb. 1.
In Nov. last a quartorly dividend o'
13^% was paid on the outstanding $1,600,000 capitaJ Rtock, par $100.
The company
— V.
in
Ill, p. 1954.
Hartman Corporation, Chicago.
—
-Earnings.
—
Calendar Years
1920.
X Total profits & Income $1,975,209
Interest charges
116,006
y Dividends paid
(7%)840,000
$2,328,293
41,068
(5)600.000
21.656/
(5)000 .000(3 M )450 .000
Balance, surplus
$1,019,203
Total surplus Dec. 31.. $4,763,109
$1,687,224
$3,743,906
$195,333
$2,056,682
1919.
191T.
$.509,316
1918.
S 816.9891
$59,316
$1,861,349
X .\fter deducting all expenses of merchandise and administration, incl
provisions for losses on customers' accts., deprec., accrued comjnl.ssions
Federal and other taxes, &c. y Dividends were paid quart^-Iy In 1920 a.
tho rate of 7% p. a. Compare with dividends paid at the rate of 5% p. a
from Sept. 1917 to Dec. 1919 incl. V. 111. p. 1954.
—
Hayes Mfg. Co. of Detroit.
The
— Dividend Omitted. —
have omitted the declaration of the quarterly dividend of
2%, usually paid Feb. 1 on the outstanding $800,000 Ctmiulative Pref. stock,
par $100. Quarterly dividends of 2% each have been paid to and incl.
Nov. 1920.— V. 109, p. 76.
directors
Hoster-Columbus (Ohio) Co.
— Dissolution. —
The stockholders on Jan. 27 ratified the recommendations of the directors
that the company be liquidated.
The Cleveland Stock Exchange Feb. 4 reports that the comipany has out-
standing 91 ,320 shares of no par Common stock and $913,200 of 6% Pref.
The bonded debt, it is understood, was all retired last year. T. 112. p. 67.
Houston
Oil Co. of Texas.
Quarter ending
on
—
—Earnings. —
Net earnings
Depletion and depreciation..
Miscellaneous earnings
$805.,S20
$275,0-22
Balance, surplus
V 111, p. 2330.
$2,743,719
$219,012
$020,797
Huebner-Toledo Breweries Co.
—
The
directors have
V. 97. p. 1359.
recommended
Idaho Power Co.
and Coffin
&
Butr,
—
Dec. 31 '20. Sept. 30 '20.
$71,<l,281
$1,191,477
158.178
295.657
sales
Kxpen.ses
1917.
$398,009
$154,048
$219,012
a Net profits befoi-e provision for 1920 Income ancl exc^s prol'its taxes,
but after Preferred dividends. V. 112, p. .377.
—
A.ssoclatlou
I
satisfactory to the
Merchandise Creditors Committee Is to be made for the future election of
directors either by (1^ a voting trust of all or any class of stock, or (2) by
the creation of a class of Management Sto<'k or by the combination of said
methods or otherwise as said committee may detromlne.
The Management Stock, If issued, shall be entitled, so long as any of
the 1st M. bonds or debentures are outstanding, to dividends at a rate not
exceeding an aggregate for the entire class of .S30.000 p. a., in priority to the
Pref. stock and the Common stock, and to exclusive voting power for the
election of at least a majority of the Directors; and, if issued, it shall be
vested In 5 persons designated bv the Merchandise Committee, dividends
thereon to be applied toward their compensation and expenses.
New Company
Copper Kxport
HtMi
1
.
M7
— Bonds
Now
$161 ,.-.,58
Cr.28.281
$428.8
— Dis^oltUion. —
the oompajty be Iiquidat«<
that
Offered.
York, are
$,562.10;?
— Harris, Forbris & Co.
offerio}? at
94^^ andfint.
(>
—
—
—
—
.
THE CHRONICLE
658
yielding
7>^%, S ,000,000
& Gen.
First Lion
Bunkers
bonds. Series U.
Mtge.
—
7% pold
state:
Dated Jan. 1 1921, due Jan. 1 1917. int. payable J.& J. Callable on
first day of any month on 4 weeks' notice in blocks of not Ics.s than
and Int. to and incl. .Tan.
1924, at I0,''> and Int. to and
incl. .I.in. 1 1929, and at Vli of 1 % Usss «yich two years thoreaftcT to maturity.
Dt-noin. .?) ,000 (c*)
Bankt-rs Trust ('o. un<l F. N. IJ. Close, N Y. trustees.
Cinnjmnu. OperatlnK without competition Rorvos electric light and power
to the .Snake liivor Plains, oxlcMdin*; acro.s,s southern Idaho and Into east<,Tn
Orepton and embracing a population estimated at 150.000. Territory includew cities of BoLse, I'ocatollo and Twin Fnll.s.
Present plants owned
have a RoneratlnK capacity of 39..'>40 k.w. With plenty of hydro-electric
power which can be cheaply developed as neod(!d the company is In position
to meet future demands for power at a relatively low development cost.
Security.
Secured by deposit of an equal amount of the First MtKe. 5%
lx>n(Ls due 1947.
li^irthor secured by a Keneral mtge. on entire property.
Earnings Years Ended Nov. 30—
1920.
1919.
the
$2.';0.000 at 107}^
1
—
.
.
—
&
Capital'n {After
stock
Oommon
$2.282,1,53
$1,777,832
1,179,865
H6o,072
maintenance
Balance after deductlnj? $.530,000
int.
This Financing) —
on bds. out.
Authorized. Oulstandina
Lackawanna
— V.
Steel Co.
Ill, p. 1956.
—Earnings — Orders. —
Company and
Subsidiary Companies.
1917.
1916.
$
$
Sales
Not stated ,34,967,802 83,438,135 77,446,241 53,970,836
Net earnings.. «10,674,345 3,060,663 12,468.904 19,793,917 16,090,8,58
flesuUs for Calendar Years of
Bond,
1920.
1919.
1918.
s
s
s
&(•., int.
Lack. Steel Co.
Subsld. cos...
Rentals. Ac
Extlng.mines,&c.
965,153
157,067
896,170
164,367
923,559
173,600
.300,008
2.127.421
212,.568
1,4.30,696
256,549
2.767.843
Balance!, profit 7,124.696
356.863
8.348.355 16.106.976 12.218.235
356.863
8,.348,355 16.106.976 12.218.235
Deproc.&c
.
$15,000.000x$15.000,000
7%
the expiration of said period.
1,445.194
303,317
1.285,3.57
191,379
8.543
412.603
1.789.059
101,6.36
368.730
1.663.847
Inventory adjust. 2.830.321
$649,865
Pref. stock.
cum. (Incl. $16,700 in treasury).. 2.000,000
PTrst Mortgage .5s, due Jan. I 1947.
100,000,000
First Lien and General ISeries
Mortgage bonds
issue)
/Scries
(this
Ralpf.
Since the printing of the- report for 1920 notice has been rocoivod
from the P. S. (;oroml<iHion that the iirexent temporary rates of 85c., 60c.
and .50c. per 1 ,000 cu. ft. gas sold have been extended for a further period
of 00 days, the (Commission dt^slring some further time for lt« investigation.
This does not necessarily mean that a decision will not ixj rendered before
,
,
Oros.s earnings
Net after opor. oxpon-ses, taxes
[Vol. 112.
1,310.000
Not profits... 4,294.375
UnflUea
orders
2,000.000
1,000.000
(gross tons)...
152.3.38
248,405
314,948
811,126
731,526
a Note. The net earnings here include "the total net earnings of all
f)roperties after providing for all taxes including Federal excess profits and
ncome taxes anci deducting al other expenses, including ordinary repairs and
(except directors' shares) owned by Power Securities Corp., which
.ilso holds $3,299,000 notes payable,
a $3,000,000 additional pledged under
the $3,000,000 1st Lien & General Mortgage bonds.
V. Ill, p. 498.
maintenance but not renewal expenditures and other appropriations for the
current year which are separately deducted £ts shown. "The it*m "bond
interest. &c.," includes interest on bonds and other obligations, deducting
discount on bonds retired.
V. 111. p. 1570.
A 8%
B 7%
a6, 000.000
—
I
X
AH
—
Telephone Co.
Illinois Bell
— Earning.^,
&c.
—
The annual report for the year ending Dec. 31 1920 shows operating rovnnues of $33,201,708, against $11,793,239 in 1919- net Income, $1,426,461,
compared with $3,032,180, and a deficit after dividends of $1,773,539, contrasted with a deficit in 1919 of $167,820. The total surplus Dec. 31 last,
it is stated, totaled $629,980.
V. 112, p. .378, 166.
—
Imperial Oil Corp.
The company
— New
—
Well.
subsidiary, Olipbant Pelroleum. it is reported, has completed its No. 2 well in Section 9-23-11, Osage County, Okla., estimated
bo
»o
good for 300 to 500 bbls. V. 112, p. 263.
'if
—
Indian Packing Corp.
— Liquidating. —
$637, 5(K) against which is pledged 127,500 shares of Acme Packing Co.
stock, leaving 297.500 shares as a free treasury asset.
The 127.500 shares
of Acme stock, deposited as collateral for the loan of $637,500, are pledged
under an arrangement whereby such stock can be withdrawn by paying
therefor $5 per share.
The stockholders of Indian Corporation are given the choice of either
taking their prorata share of the 297,500 Acme shares which are available
for distribution (being 7 shares of Acme stock for each 10 shares of Indian
stock held) or of taking their share of this stock and at the same time exercising their privilege of purchasing at the rate of $5 per share their pro rata
of the 127,500 Acme shares pledged as collateral (1. e., 3 shares of Acme
stock for each 10 shares of Indian stock held). Such of the 127,500 shares
of Acme stock as are not subscribed for have been underwritten at $5 per
share without cost to the corporation. The right to subscribe expires
March 1. See also Acme Packing Co. above. V. 112, p. 263. m-'b •«.'
—
—Guaranty— Production.
See Copper Export Association, Inc. above.
1921.
1920.
of January
Copper output (lbs.)... 5,000,000
7,200,000
—
Month
1919.
6,500,000
—
— V. 112,
p. 378.
International Nickel Co., New York..—Earnings. —
Nine Mos.
to
Dec.
31—
Earnings
Other income
1919.
1920.
$4,415,774
1918.
Ujibk
1917.
920,165
$4,326,898 $10,988,140 $11,797,235
79,562
109,465
324,228
$5,335,939
495,218
Res. for TJ. S. & for'n tax.
534,840
Depr. & mineral exhaust. 1,685,007
Pref. dividends (4 »^%).
401,067
Common dividends
$4,406,460 $11,097,605 $12,121,463
400,751
598,952
452,755
654,341
3,829,680
3,680,741
1,551,410
1,596,515
1,398,337
401,067
401,067
401,067
(10)4,183,46005)4,618,540
Total income
Admin.
&
general exp..
Balance, surplus
$2,219,807
Compare V. 111. p. 566, 166.
$1,398,891
International Products Co.
$487,931
—Notes Authorized. —
8%
—
Invincible Oil Corp. New Notes Stock.
The stockholders will vote Feb. 21 on authorizing the
—
and
sale
—
Kaministiquia Power Co., Ltd. Listing.
The London Stock Exchange on Jan. 17 granted an official quolatiou
l.'.970
shares of capital stock, par 3100, fnlly paid.
Kennecott Copper Corp.
—Guaranty— Production
1
&
—
Co.,
New
York. — Earnings-
Sales
a Net profit
2.58.330
)480,000
(4)480.000
Common dividends
(4 7<
Balance, surplus
.$499,743
$1,.337.496
Month
of
January
—
Sales
— V.
280,000
.?653.889
$1,185,461
—
.
Calendar Years
1920.
Gross earnings
$6,533,607
Operating expenses, incl.
maintenance and taxes 4,021.875
Replacements & conting.
569,366
and discounts..
Preferred dividends (5
%
)
1,680,339
1 25 ,000
1919.
$5,531,710
3,346,881
309,732
1,608,373
125,000
x(]IM)187,250
1919.
$883,125
$686,493
1921.
4.389,993
1918.
1919.
5,273,260
1920.
4,461,247
112, p. 167.
4,709,4K.3
— Report. —
Co., Inc.
Stock
.stockholders will vote Feb. 21 on increasing the Common stock from
1,000.000 shares, no par value, to 1,285,000 shares, no par value. The
purpose of such increase is to permit the holders of the 95.000 shares of
Class B stock now outstanding to exchange their shares on the basis of one
share of Class B stock for 3 shares of common stock. The charter provides
that the Class B stock participates with the Com. In dividends and assets
on the basis of $3 per share on the Class B stock for each $1 per share on the
common stock.
See Annual Report on a preceding page. V. 112, p. 567. 379.
—
—
—
Rates.
—
Morris & Co. Amended Plan Filed. The company on
Feb. 8 submitted to Justice Stafford in the District of Columbia Supreme Court its plans to conform with the decree of
Jan. 3 1921, allo'wing it an additional 30 days to present
plans for the disposal of stock yards, stock yard terminals, &c
The company's plans merely call for the appointment of a respon-sible
company to be selected by the Court from the ranks of the
trust companies throughout the coimtry, said holding company to act as
holding trust
and irrevocable powers and under the control solely of the
Courts. Compare original plan in V. Ill, p. 2144, 2234. See also Swift
& Co. below.— V. 112. p. 567. 559.
trustee with large
Mullins Body Corp., Salem, Ohio.
—Earnings. —
Year 1920. 7 mos. 1919.
Periods ending Dec. 31
Net sales
Net income from operations
Other income
$3,711,420
$895,497
70,793
$1,667,837
$966,290
$452,727
21,347
148,500
Total net income
Income charges
Common
—
1918.
$4,946,411
$4,800,264
1917.
2,884,152
207,760
1,244„381
125,000
(7)749,000
2,187,742
364,808
1,204,533
125,000
(7)749,000
Balance, sur. or def..sur.$137,027 def..S45,526def.$263,882sur.$169,181
X The regular quarterly dividend paid in Mar. 1919 was paid out of sm-plus
earnings of previous years. Later dividends were deferred.
.$416,442
36,285
265.000
.10.000
Federal taxes (estimated)
Reserve for bad debts
Preferred dividends.
(8%'80.000 (2%)20,0O0
($4)400.000 (75c.)52,600
di-i-idends
$210,380
$211,290
surplus.
—Balance,
V. Ill,
1956.
p.
Narragansett Elec. Lighting Co., Providence.
An Act
permitting the company to increase
to $20,000,000 has been introduced in the
111. p. 1376.
National
Acme
Co.
&c.
Sales,
—
Stock.
from $15,000,000
Rhode Island Senate.—V.
its capital
—
11 Months ending Nor. 30.
Decrease.] 1920
1919.
11 Mo.s.
—
1920
$766,275
—
Month and
—
—
Increase.
$1,441,064
$b74,789i$16,461,929 $11,715,043 .54.746.886
Net profits after charges for the 11 months erding Nov. 30 1920 were
.$4,239,611, compared with .S3. 121. 057 in 1919.— V. Ill, p. 2235.
&
Suit Co., N. Y.
Engraved notes of the 10-year
8%
—Engraved Notes Ready.
Conv. Sinking Fimd gold
Issue dated
Sept. 1 1920 will be ready for delivery Feb. 15 in exchange for temporary
notes at the Columbia Trust Co. 60 Broadway, N. Y. City.
V.112, p. 379.
—
,
Nevada Consol. Copper Co.
—Guaranty—Output. —
See Copper Export Association, Inc. above.
Month of .January
1921.
Copper production (lbs.)
3,000,000
V. 112, p. 168.
—
New
Cornelia Copper Co.
—
New
River Co.
1919.
4,400,000
1920.
4.181,938
— Guaranty—Output.
See Copper Export Association, Inc. above.
January—
1920.
1921.
Copper output (pounds)
2,170,000 3,354,000
V. 112, p. 168.
1919.
4.318,000
1918.
4,136,000
—Accumulated Dividends. —
The
directors have declared Pref. div. No. 37 of $1 50 per share (due
Nov. 1 1915), payable March 1 to holders f f record Feb. 16. This distriwill
reduce back dividends to $30 per share. On Feb. 1 last a div. of
bution
V. 112, p. 568, 264.
$1 50 per share was paid on acct. of accumulations.
—
— Only Buildings Constructed for
Y.)
Offered fw Sale— Waiertown
New York Air Brake Co.
Making Ammunition
Plant Not Affected.
&
112, p. 378.
Common dividends
-Sales.1917.
264,828
(2)240,000
Laclede Gas Light Co., St Louis.—-Report
Interest
Incease.
35,262,820
pr ofits tax & for coming's
1921.
1920.
1919.
$1,772,775 $1,632,749 $1,349,495
a After making- provision for Fed'l income
—
— Copper Production. —
Montgomery Ward &
(lbs.)
1920.
1919.
1918.
145
$1 5.059,683 §17,6,33.100 $21,160,111 $17,633,100
960,8,55
.
2,075,826
1,158,716
1,465,461
Cr.258 .353
Contingency reserve
Prefei-red dividends (7%)
239,465
—
Month of January
Copper output (lbs.)...
Sales.
1920.
—
to
See V. Ill, p. 2429.
See Copper Export Association, Inc. above.
1920—Dec— 1919.
Increase. 1920— 12 Mos.— 1919.
10..559,480
7,879,640
2.679,8401117,177.340 81,914,520
—V. Ill, p. 2527.
(S. H.) Kress
calendar Years
.Storesoperated Dec. 31.
112, p. 263.
Miami Copper Co.
— V.
— January
1921.
.$903,358
National Cloak
i.ssiiance
of 30.000 shares of stock and $3,000,000 8% Secured Convertible notes,
proceeds to be used for maturing obligations, made up of $1,869,000 7%
notes and interest due on Feb. 20 and March 2. and -SI ,000,000 6% CoUatiTal notes and interest due on Jvuie 1 1921.
V. 112, p. 106.
—
—
January
Sales for the
Nor.
1919.
srtockholders on Feb. 1 approved the creation of $5,000,000
Mtge. notea, of which about $2,272,249 will be presently issued. See ful
details In V. 112. p. 378.
—
— V.
$1,570,023
The
—
of
Sales
1918.
5.000,000
—V. 112. p. 166.
International Mercantile Marine Co.— Comptroller.
C. M. Douglass. Assistant Controller, has been elected Controller tosuc<«ed M. W. Tingley, who will retire in April after 48 years of continuous
service.
Month
The
The lifiuidating trustees in a letter dated Feb. 8, say in brief;
The stockholders having voted in favor of dissolution, a certificate of
<Iissolution has been duly filed.
The assets consist of 425,000 shares of
.stock (par $10) in Acme Packing Co., while the only liability is a note of
Inspiration Con. Copper Co.
—
McCrory Stores Corp., N. Y.
—
(A''.
The item in la.st week's L-iSue. .stating that the company had placed its
plant at Watertown. N. Y. on the market is not quite correct. "The buildings offered were constructed for the purpose of making ammunition during the war. and had no relation to the Air Brake plant proper .-^V. 112,
p. 568.
,
.
New York & Richmond Gas
The committee
for the First
Mtge.
Co.
— Time Extended. —
which Frank K. Shrader is
of the outstanding bonds have
5s. of
Chairman, annotmces that practically J-i
been deposited under agreement dated Nov. 18 1920. In order to afford
those holders who have not deposited their bonds opportunity of so depositing, the time for deposit has been extended up to and including Feb. 28
1921.— V.
112, p. 379. 168.
New York
Shipbuilding Corp.
— Listing—Earnings. —
The New York Stock Exchange has authorized the
listing of 200,000
shares of no par value capital stock (total auth. issue).
Earnings for the calerdar year 1920: Net profit from operatiops. less inventory adjustments. $4,321,417: other income. $77,342: gro.ss income.
.'*4. 398. 759.
Deduct provision for amortization of plant rrrpei ly. ?2^;0.881
THE CHRONICLE
Feb. 12 1921.]
Federal taxes for 1919. $535,297; loss on invesiments, $:509.382; lulsctJlaneous, $4S6,501: dividends ($} per share ?800.000, Kurplus for the year,
$2 026.698. Previous surplus, $.S,l.')7.97li; total surplus. $.'.,181,671.
Federal taxe.s for 1920 (est. at $1 ,790,000) ar« not included in alKJve statement,— V. HI, p. 1956.
i
New York Telephone
Co.
.
— Tenders. —
trust<}«. 110 Broadway. N. V. (Mly, was to
the sale to it of 30-year sinking fund Cj gold
debenture bonds duo Feb. 1 1910. at a price not oxeeedinf? 110 and int. to
an amount sufficient to exhaust $206.095. V. 111. p. 2131.
The Guaranty Trust Co.,
up to Fob. 4 for
—
Transit Co.
Calendar Years—
Net income
— Earnings. —
1920.
1917.
1918.
1919.
$914,294 $1,461,619
$1,028,848
(16%)800.000(20)1.000.000(20)1.000.000(20)1.000.000
Bal.. sur. or deficit. -def. $156,800 sur. $28,848 def.$85.706sur.$461.619
—V. 112. p. 67.
—
—
—
Niles-Bement-Pond Co. Dividend Reduced Re-port.
quarterly dividend of l'^:,'"^ has bc<<n declared on the outstandlnK
$8,500,000 Common stock, par $100. payable March 21 to holders of record
March 1. This comparosj with 2% paid quarterly from June 1919 to Dec.
A
1920. incl.. 2yt% paid in
1917 and 1918.
3%
March 1919 and
Calendar Ytars—-
paid In each quarter of
1918.
ManufaclurinK profits-- 53,007.812
Miscellaneous income...
716,855
$4,897,601
652.285
$8,220,777
1.079.944
Total income
Expenses, taxes.
$5,549,946
3.269.322
$9,300,721
6.118.788
$3,724,667
2.693,145
Ac
1917.
$5,113,611
771.174
$5,884,785
2,751.152
Net profits...
$1,031,522 $2,280,624 $3,181,933 $3,133,633
245,914
Preferred dividends (6%)
238.664
233.351
238,584
Common dividends
(8%)680.000(8H)727, 500(12)1,020.000(12)1 .019.876
Balance, surplus.
-V. 110. p. 567.
$112,858
North American Pulp
&
$1,319,773
$1,867,843
$1,923,2.59
—
—
Paper
Co.
Vote to Dissolve.
shareiiolders on Feb 8 vol<<d to dissolve.
This action was taken to
avoid taxes in the United States as well as in Canada, the trust beinf? incorporated as a holding company in 1915 in Maine. The original offer of
$6 cash in American funds for the old shares, it is stated, will undergo some
change. The par value of shans of the Saguenay Pulp & Paper Co., Ltd.,
has been reduced from $100 to $5. instead of SIO. as proposed, so that instead of one I'reJ'errod and four Common beini? exchanged for ten North
American shares, the number of Saguenay shares will be doubled.
112. p. 379.
The
—
North Butte Mining Company.—Guaranty.
See Copper Export As.sociat ion Inc. above.
.
Northern Pipe Line Co.
Calendar Years
—
1920.
$.i99.881
Net income
112. p. 264.
Report.
—
1918.
1919.
1917.
-^16,778
$503,235
$629,963
(10%)400.000 (10)400.000 (10)400.000 (14)560.000
Dividends
Balance,
— V.
— Aniuial
stir,
def. SI 19 sur.$16,778sur.$103.235
Balance Sheet Dec. 31.
or def.
—
Property.
Owns electric genenitliig stations, present installed capacity
of 71,1.50 k.w., and also owns 12,.'>00 k.w. of the 40.812 k w (Sipa.lty of
the AllenU)wn plant of another company, whii-h is eoinimUid with its transmission system. The two principal stations are io<ated at Harwood, Pa.,
and at Ilauto. Pa., having 33.000 k.w. aiul ,30,000 k w. <aipa<-ity. re«pectively.
Electric distribution system consists of 3t'>9 miles of high-voltage
transmission lliuvs (1 1 ,000 volts or over) and ,162 miles of dlstrlbiitlng lines,
(ias properties consist of 1.50 miles of mains and H plants .iggnigate generating
capaeltv of 4,075.000 cu. ft. dally and an aggregate holder capacity of
1.271.000 cu. ft., with 1,000,000 cu. ft. additional capacity nearlng comI
Balance after $1,228,484 annual Interest charges on mortgage
$1,380,248
debt outstanding (including this issue)
Purpose.
Proceeds will be u.swl In p;irt for the retirement of current debt
heretofore Incurred for capital expenditures, and will provide funds available for additional cx>nstructlon.
.S'ecurjfi/.—Secured by a first mtge. up<m a portion of the property and
by a direct mortgage upon the remainder subject t.o an aggregate of $12,329,600 (closed) divisional bonds out.staudlng. Further secured by the
deposit of .'8927,200 bonds of certain of the same Issues of divisional bonds
—
above mentioned.
.\ullu>rized Issue— Provisions.
(a) The mortgage securing the 1st 8c Ref
Mtge. bonds will not directly limit the aggregate amount of bonds which
may bo Issued thereunder, (b) Additional bonds not to exceed 75% of
the cost or fair valuo, whichever Is less, of the construction or acquisition
subs<(quPnt to Sept. 25 1920 of electric light and power and gas propeiay
may bo l.ssuod. (c) No bonds may be issued thereunder for other than
refunding purposes unless annual net earnings are equal to twice the annual
Interest requirements of outstanding underlying bonds (not deposited) and
of all 1st & Ref. M. bonds outstanding and proposed.
Capitalization Outstanding upon Completion of Present Financing.
TTndorlylng bonds in hands of public (closed)
-.S12..329.600
8.000,000
First & Refunding Mtge. bonds, .series .\, 7% (this issue)
Unsecured notes (to mature after Feb. 1 1961)
2,000,000
Pref. stock (no par), divs. cum. $7 per sh. p. a., red. at $110.- 28,817 sh.
Pref. stock (no par), divs. non-cum. $7 p. sh. p. a., red. at $100 65,000 sh.
—
Common
310,000 sh.
stock (no par value)
Matiagement. Electric Bond & Share Co. supervises the management
See V. 110, p. 2493.
—
Total
Total
-6,638,517 6,506,4211
-..6.538.517 6,506,421
X Including resei^e for taxes, fire insurance. &c.
V. 112, p. 67.
—
—
&
—
Oklahoma Gas
Electric Co.
Notes Offered. Federal
Securities Corp., H. M. Byllesby
Co., Inc., Bonbright
Co., E. H. Rollins
Sons and Spencer Trask
Co. are
offering at
and int., yielding over 83^%, by advertise-
&
&
&
96^
ment on another page,
.S2, 500,
000 Bond-Secured
8%
&
Con-
vertible gold notes, dat<3d Feb. 1 1921 and due Feb. 1 1931.
(See full description in last week's "Chronicle", page 568.)
Further Data from Letter of V. Pres. J. J. O'Brien, Jan. 25 1921
Proverties.
Properties include modern and efficient electric power houses
In Oklahoma City, Drumrifjht. El Reno, Enid. Kiefer. Muskogee and Sa-
—
pulpa, total installed capacity 26.000 h.p. Transmission lines connecting
Emd. Norman and El Reno with Oklaohma City enable the company to
furnish current to other towns accessible, to these lines.
High tension
transmi.s.sion lines from Muskogee to Kiefer connect with the SapulpaDrumright lines, furnishing electric service to Boynton. Haskell. Beggs.
Mounds, Bixby. Bristow and Jenks and the intervening territory, including
the Glenpool and Cushing oil fields. Natural gas is distributed under
long term contracts with producing companies in Oklahoma City. Britton,
Ytikon, El Reno, Muskogee and Enid.
Territoni Served.
Company serves two of the richest and most populous
.section-s of the State, comprising Oklahoma City. El Reno. Enid. Garber
and Covington and surrounding territories in the central part, and Muskogee. Sapulpa and Drumright and surrounding territories In the eastern part
of the State.
In the cities and towns .served the banks have deposits of
approxlomately $120,000,000.
—
Operating Statistics for Calendar Years 1917 to 1920.
1917.
1918.
1919.
1920.
Electric customers
25.132
27,730
31,611
36.325
Incan. lamps (50 watt equiv.)
385,817
418,529
461,278
512,7.53
Stat'y motors served (h.p.)._
20,833
23,398
29,298
35,308
Connected load (k.w.)
41.996
46,014
53,082
61, .563
Miles of pole lino.
469
623
716
826
Annual k.w. h. output
33,549,477 41,208,911 46,851,313 58.154,5.54
Gas cu.stomers
25,246
26,549
28,882
29.954
Miles of gas mains
394
400
411
411
Franchises.
In opinion of counsel. aU franchises are satisfactory and
expire at various dates, some of wliich are prior to the maturity date of this
Issue.
See further data in V. 112, p. 568.
—
Oliver Typewriter Co.
— New
President.
—
HeniT Kidder Gilbert has been
LawTcnce Williams.
—
elected President, to succeed the lato
V. 82, p. 513.
—
—
Peerless Truck & Motor Corp.
Dividend Decreased.
An annual dividend o*" 4% has been declared on the Sl(,, 000.000 Capital
%
stock, par $50, payable in ^our quart^jrly Installments of 1
each, as follows;
Mar. 31, June 30. Sept. 30 and Dec. 31 to holders of record Mar. 1. June 1,
Sept. 1 and Dec. 1, respectively.
In January last a quarteily dividend
of
was paid. Dividend record for 1920; Jan. and April, quarterly
dividends of 1
together with extras of y, of 1
each; in July and Oct
regular quarterly dividends of 234% each
total, 9%.
V. Ill, p. 2145.
H%
.
—
%
—
—
—
Penman's, Ltd., Montreal. Extra Dividends.
An extra dividend of 2% has been declared on the Common stock, in addition to the regular quarterly dividend of 2% both payable Feb. 28 to holders
,
of record Feb. 16.
V. 110, p. 975.
In Feb. 1920 a
like
amount was paid extra.—
—
—
of the property.
1920
1919.
1920.
1919.
Liabilities
$
$
$
$
plant.. 2.942. 784 2.957.505 Capital stock... 4, 000 ,000 4,000.000
Mafl & supplies 43.878
14,684 Accts. payable.. x383.788
471.708
Cash, other inDepreciation revestments and
serve
1,273,188 1,143,052
accts. receiv. .3,551 ,855 3.534,232 Profit and loss-. 881,541
891,660
Assets-
—
Franchises.
All Important franchises arc, in the oplnk>n of cotlnsel.
without time limit and free from burden.some restrictions.
Consolidated Earninys Calendar Years (Ezcl. IlageTstxnrn lA. A Ht. Co.
1920.
1919
1918
Cross eai-nlngs
$5,420,488 $6.6.50,108 $8,344,932
2,063,942 2,608,732
Net after oper. exp. and taxos...
1,736,.587
sur.$69,963
Pll)e line
1H%
'
pletion.
1919.
1920.
—
'
$643,200
Dividends
Dated Feb. 1 1921. due Feb. I 1951. Hed., all or part, on any Int. date
on 30 days' notice at 107 H If called during iho firt.l year, less !<i of 1 % for
each full year of expired life. Deuoni $1 ,000 and irAH) (c»&r*). of $1,000
and $5,000. Int, payable F. & A. In N. Y. City without deduction of the
pn'sent Penna. 4-mill tax and without deduction for any normal Fedentl
(iuaniiity Trust <,'o,. N. V.. trustee.
income tax up to 2"/t
Data from Letter of V.-Pres. P. B. Sawyer Allentown Pa. Feb. 8.
Incorp. June 4 1920 throtigli conisolldatlon and merger of
Cnmiiany.
Owns and op* "
'ftrlc
8 public utility compaiili!s (see V. 110, p. 219:i;.
wnnpower and light and gas propertle.s in an exterisUe i<;rrit<jry Iij
Eli«-tri<power
li;
and
o Is
sylvanla.
Population (est.) 6.50,000.
supplied to more than 62,700 consumers in 100 <-<inwiiuniti<3h, o! winch' l,'!
are served at wholesale, and g;is service to mnni ilian 15,900 customers
During 19l'0 dlstributt^l 41 1 .639.501 k.w.h.
living In 12 cities and towns.
of electric energy and the output of Us gas pianls was IH3,318,900 cu. ft.
.
receive bids
New York
«S»
—
Pennsylvania Power & Light Co. Offering of Bond.^.
Guaranty Co. of N. Y., Harris, Forbes & Co., Halsey,
Stuart & Co. and Brown Bros. & Co., New York, are offering
at 92 and int., yielding about 7.68%, .18,000,000 First &
Refunding Mortgage bonds, series A, 7%.
—
—
Penn Seaboard Steel Co. Stock Issue Approved.
The stockholders on Feb. 10 authorized the sale of the unissued 78,689
Intimations are that the stock will be
shares (no par value) capital stock.
used for the acquisition of the Rockaway Rolling Mills. V. 112, p. 476, 568.
—
Peoples Gas Light
& Coke
Co., Chicago.
—Earnings.—
Calendar Years—
1919.
1918.
1917.
1920.
Gross income
$31,2.36.335 $24,543,798 $21,873,216 $19,632,128
Net earnings
$4,290,442 $2,654,081 $3,471,900
$5,1.54,952
1.461,951
Depreciation. &c
1,654,5.59
2.409,879
1,859,085
2,375,150
Interest on funded debt2,366.150
2,364,321
2,366,150
Dividends
(3 >^%) 1,347,477
sur. ordef..sur.$380,7.52 ,sur.$65,207df$l,366,629df$l .712.678
—Balance,
V. 110, p. 654.
Pettibone-Milliken Co. Annual Report. —
1917.
Calendar Years —
1918.
1920.
1919.
Mfg.
profits, less malnt.,
local taxes, seeling, &c.
expenses
Other income
First Pref. divs. (7%).-.Second Pref. divs. (7%)-.
Depreciation
Res. for excess prof, taxes
Pref. stork sinking fund- Balance, surplus-V. no, p. 1087.
.$879, 1 82
.S2.54.199
$933,741
Cr. 10.912
.55.830
Cr.28,878
65.126
26..586
91.643
25,814
Deft. 5. 348
24.885
102,645
159,776
214.292
$332,666
Phelps-Dodge Corporation.
.S73.908
&
$1,669,202
Cr.13.151
112,072
,50.890
338,202
100,709
440,000
350,225
$139,866
$628,458
2.56,688
—Guaranty— Prod
See Copper Export Association, Inc. above.
Month of January—
1921.
Copper production (in lbs.)
8.701,000
V. 112, p. 168.
—
70,000
33.127
90.510
1920.
7.962,000
{in lbs.)
1919.
11,878,733
—
—
Portland (Ore.) Gas
Coke Co. Bonds Offered.
Harris, Forbes & Co., New York, are offering at 95 and int.,
yielding about 7.50% .$800,000 1st Lien & Gen. Mtge. gold
bonds, series of "7s due 1940"
The bankers
state:
Dated Jan. 1 1921. due Jan. 1 1940. Int. payable J. & J. Callable on
the first day of any month on 4 weeks' notice in blocks of not less than
$250,000 at 107H and Int. to and incl. Jan. 1 1924; at 105 and int. to and
incl. Jan. 1 1931. and at H of 1% less each year thereafter to maturity.
Denom. 81.000 (c*). Bankers Trast Co., N. Y., and B. W. Jones, trustees.
Company agrees to pay interest without deduction for any normal Federal
income tax to an amount not exceeding 2 %
Company. Operating without competition, does the entii-e gas businesis
in Portland. Oregon City. Ore., and in 15 other communitie-; within a radiu,s
—
of about 25 miles of Portland.
Also supplies gas at wholesale to Pacific
Power& Light Co. for its Vancouver, Wash., service. Population served
Gas manufacturing plant has a present daily generating
(est.). 330.000.
capacity of 12.000,000 cu. ft.; idtim.ate capacity. 20,000.000 cu. ft. To
take care of available new business additional generating capacity of 4.000.
000 cu. ft. per day Ls now under construction. Serves approximately
73,375 meters through about 1.110 miles of mains.
Secvrity.
Secured by deposit of an equal amount of First & Ref. Mt«e'
Further secured by a general mortgage on the
5s of 1940 and(or) of cash.
entire property.
Earnings Year Ended Nov. 30 1920.
$2. 576. 509
Gross earnings
1.031,499
Net after oper. expon.ses. taxes and maiuteaance
—
$636,499
Balance after $395,000 bond int. (incl. this issue)
The Oregon P. S. Conmusslon has authorized the company to
wiU,
it is
increase its rates, beginning Jan. 15 1921, to an amount which
calculated, offset the increa-sed cost of oil.
Authorized. Outstandino
Capitain (After This Financing)
$3. .500. 000 $3,000,000
Common stock
2.734.000
-- 3.000.000
Preferred stock (7% cumulative)
6.409.000
First & Kef. Mtge. ,5s (not incl. •JSOO. 000 deposited) 15,000,000
371.000
750,000
Portland Gas (Jo. First (closed) Mortgage 5s
800.000
x
First Lien & Gen. Mtge. 7% bonds (this issue)
Rates.
—
—
X Additional bonds may ho Lssued in different seri<!s (as pro^^ded In indenRef.
ture) upon the pledge with the trasteo of an equal amount of First
Mtge. 5s. provided annual net earnings .ire equal to 1 'i times annual interest charges on aU bonds out-standing, incl. those proposed.— V. 109. p. 780.
&
.
.
THE CHRONICLE
<>60
Ray Consolidated Copper
:opiKw Kxport.
Monlli of ./anvarv
.Set) <
<
Oppw
V.
-
A.^.s(><;i.^t
—
Co.
I(i<!.
Royal Dutch Co.
r«)Kardlng
1020.
2.l)8rj.000
191H.
-1.170,000
3.8<J«.07.{
— No Bond Issue. —
ft
Royal
r.f
Dutch
bonds unfounded." |It was rumored
an Issue of 7% bonds at 98.1 V.
n.
Refining Co. Dividend Action.
dividend li.i^ been postponed on the lYeferred
that the compiuiy planned to
112. p. 370.
Savannah Sugar
slfK'k for
—
Sons. Now York, rpcolved the foUowitiK riibh^Kram from
Oirortor of llwt companv in I^ondon rc.idlnK: "Kunior
Walker
Aclion on
Out-put.
l.bo
|.'.biii:ir.\
.'to dii.vK.- \'. lOi;. ji.
Scovill Mfg. Co.,
—
float
—
—
i;',li>.
W&teThury.— Report— Extra
Dividend.
4K%
TIiH dlrwtorn h-ive deelartKl an extra dividend of 10'-;,, payable In
lilborty bonds (at the rale of one $.)() par value bond lor each
shares of
SlOi) Capital .SN)ck held), payable April l.'i.
.Stockholders holding less than
r, shares will recfiivo a
ea.sh dividend of $9 on eac;h share held.
The rcKuHw qunn.erly dividend of r)% was also de<;lared payable .\i)rll 15.
Knrnivo» for Calendar Years.
.")
1020
Nei ..arnlngR
1919
1918
S98:?.9ri7
52. ir.(i.024
$2.1:50,003
Pniv. .surpiuK »<liusted.. 17,822,299
1«. 227,006
15,096,104
Total
("Moody
204. 883
8,316.219
8%
;
1020.
1919.
$
S
8,472,031
1,509,886
6,637,596
4,402.636
75,058
2,125,734
7,037,956
Property aeet
x8,R,58.018
& eal ItMna. 1,643,626
U. R. Govt, secur. 5.7fl4.223
Other Ms. A toTest 3.276,143
Cash
StkB. to oth. 0O8.. 1,074,306
Accffl.
bills pe«. 1,831,920
&
Merchandise
8,244,423
Total.
.30,722.659 .30,260,896
/>?r.
Rate \(>% Per
Ann.
1920.
Uabauies—
1919.
$
S
5,000,000
6,503,163
Capital stock
Reserves
Accounts and
payable -.
5.000,000
6,000,000
bills
413,229
877.864
.18.806.266 18,383,031
Surplus..
Total...
-..30,722.659 30.260.896
X Tho 1920 property accoiuit includes $1,394,937 exponditiires on belternients against S8.55,746 for 1019.
This is offset in part by depreciation
:tmoiintlng to $1 f)ns.0.")0 as iKainsl $1 .2.53.794 in 1910
V. 112. p 477
—
.
t
Cuts Wngr~-~
of Stork of Sinrlair Pipe Line
See Sinclair C(jiiN<,ljdate<l Oil Corp. abfive.
Colonel K. S. Hiew.irt. Chnlrnian. has announced a rut In wa^es of 10%
effective Feb. Hi and arrecllrii; about
.(H)0 employes of the manufacturing
department only. Il will apply to employes of reflnerUs at Whiting.
Ind.; Wood Klver. Ill,; Hufcar Cre«-k. Mo.: Cfasper, Laramie and fJrevbull.
r^)',',
1
1
Wyo.. and Florence, f'o'o.
The announcement points out that this reduces wages to Ju«l ab<ive the
rales of March 1 1920. when an Increase of 11.11^; ba.'^id upon Increased
cost of living wenl Into effect, with the understanding that reductlonn
would be made as living costs came down. \'. 1 12. p. 380.
,
—
Standard
W.
<;.
Kentucky. -A'cw
Oil Co. of
Violette lias been elerte<l 2d V.-l'rtv.
Superior Oil Corp.
— Dividend
Vice-President.
— V. 111. p.
Omitted.
—
—
196.
The
directors have oi'iitted the declaration of the quarterly dividend
Usually j>ai(l in -March on th" capita! slock, no par value.
Di\n(len»ls wer«paid quarterly in 1920 at the rate of .52 per annum, the la^t dlbbursuineni
nj;i(le bi'ini; n Dec. |;isl amounting to ."0 cents per share.
V. 11 1 ji. 2529
i
—
.
.
'„
—
l
.
ArqnirPK
1917
-. $18,806,260 $18,383,031 $17,227,006 S17.521.103
H Industrial Manual" reports: "Dividends at the rate of
.
sseU
Indiana.-
Oil Co. of
(inarnrly dlvldenrl of A"/, h;is In-en flerlarod on the oiithtandlng capital
stock, par $25. payable Man li 1,', to holders of n-cord Feb. 16. Thi.K Is at
the rate of $40 ikt share on the- old $100 stock.
A stock dividend of 1.00%
w;i.s paid on Dec. 18 1920 'M-e V. 110. p. I8.'i9. 17.';«). after whirh the par
value wa.s redue^-d from $100 to $25 per share, each sliarehoUler ren-lvlne
four sharr-s of new stock for each old SlOO share (M?e V. 110. p. 2332, 19.57)
Dividends were paid In 1920 on the old stock, as follows: Regul.-ir fpiarKrly
dividends of 3% each <\2':'<.): extras of 3%, each In .March and .lune and of
't'/o each In .Sept
and Dec: tota 28^;; .% _ ^A T^
"^ -Jfc^ te<
li* '.;_
.?9.
per ,innum pnid quarterly, Jan
April. July and Oct. 1 in recent years to
and ind 10!9: in 1920, 20% (5":^; <iuarterly). Extra dividends have been
paid asfoJIowK: 1905, 2'",: 1015. lO*-; 1016. 103%; 1017. 146"-; (of whirh
in AnKlo-FVoncJi bonds): 1018. 40 J^ %; 1919, 12%; 1920, no extra.] ^•^
24
Balance Sheet December 31
Hi
.4
Standard
.\
1921.
IC,«.
MannKliiK
Lsrw
— Guaranty—
iibove.
i>rmlu(!t.l»n (In lbs.)
112. p.
.Inscph
lilt!
ion.
UJ
[Vol.
Superior Steel Corp.
— To
.
—
Retire Preferred Stock.
The Columbia Trust Co.. 60 Broa<lway. N. Y. City. will, until Feb. 14
receive bids for the sale to it of First Pref. and Second Pref. stock to amotintfi
sufficient to absorb $91.6.53 and S2.58.360. respectively, at a price not
exceeding 115 and inl«rest. V. Ill, p. 1378.
—
Swift & Co.— Ft7es Nev Plan.—avrilt & Co. and Armour
Co. on Feb. 8 submitted to .Justice Stafford in the Distriet
of Columbia Supreme Court a new plan to conform with the
decree of Jan. li last allowing them 30 days to preeent new
schemes for the disposal of their stock yard interest in obedience to the Govt, decree (V. 109, p. 2.31.5, 23.58, 2.363, 2403).
The proposals rejected by the Court were put forth by Swift & Co. and
Armour & Co. (V. Ill, p. 1759), and by Morris & Co. (V. 111. p. 2144.
&
2234), were objected to bv the Department of Justice (see under Swift A
Co. in V. 111. p. 2236) and refected by Justice Stafford (.see undw
Swift & Co. in V. 112, p. 168).
Summary of New Plan from New York "Times" Feb. 8.
Shove Cotton Mills Corip.—New Officer and Director.
Ctntrt to Appoint Agent.1.
UndM' the scheme now presented the stock
i^yrus O. Ronnseville Jr. has been elected Treasurer, succeeding Fenner
yards wll be sold by sales agents appointed subject to the approval of the
BrowneU. Everett L. Slade has been elected a director. V. 1 12, p. 379.
Court. The .sales agents are to be strong trust companies and bank.s
in the cities having the stock yard and market companies already
iSinclair Consolidated Oil Corp.
Standard Oil of located
named. Sale arrangements have been completed with these agents.
»
Indiana Acqrdres y> Interest in Pipe Line Co. Neiv Snb. Co.
Price and Stock Yards to be Disposed of.
It is proposed that these agents
President H. P. Sinclair, has announced that the Standard Oil Co. of Ind.
sell the foUowing holdings at the price per .share named: (1) St. Paul tfnlon
has purchased 50% of the capital stock of the Sinclair Pipe Line Co. The Stock Yards Co.. $100; (2) Union Stock Yards Co. of Omaha. Ltd.. SI 10:
stock heretofore was owned entirely by the Sinclair Consolidated Oil Corp.
(3) St. Louis National Stock Yards. $120; (4) Denver Union Stock Yanls
ThI.s transactkm does not in^oUe in anv way the producing, manufacturing
Co., $90; (5) Fort Worth Stock Yards Co.. $100; (6) Sioux City Stock Yard.or distributing departments of the business nor does it Involve the granting
Co., preferred, $00, Common $60, and (7) Bourbon Stock Yards Co., $80.
to the Standard of Indiana of any interest or representation whatsoever
Proposed Methods of Sale. The methods of sale include the selling of the
in the Sinclair Consolidated Oil Corp.
Pres. Sinclair fuither states;
stock in the properties involved, either for cash or on the installment plan
'The Sinclair Pipe Line Co. owns and operates about 2,800 miles of main for 1-3 cash, or
ca.sh, the certificates representing such stock sold on the
trunk ad tributary pipe lines extending from the oil fields of north Texas, installment plan to be held as collateral secvu-ity for the jjayment of the
Oklahoma and Kansas through Missouri and Illinois to East Chiciigo, balance of the purchase price and until the same shaU have been paid in
Indiana. This line, representing an investment of more than $30,000,000.
full in such manner under such arrangements as approved by the Conrt.
has been supplying the Sinclair Refineries
the Mid Continent field and at
Trustees to Supervise Sales.
The sales agents are to be under the superKan.sas Otty aaid Ea-st Chicago. Almost from the beginning of operation
vision of three trustees who are to have control of the stock involved with
of the Sinclair Pipe Line as a common carrier, we have been transportin,?
power to vote it. The trustees are to be appointed by the Distrir* of
crude oil for an deliverylng It to the Standard of Indiana at Whiting. Ind.
Columbia Supreme Court and have full power of attorney during the time
In the meantime, the capacity of otu- East Cnlcago Re*'inery has been the sales plan remains in effect. These trustees shall frequently report »o
on the Increase and it was apparent that in order to continue making deliver- the Court for instructions. They are to receive $5,000 each armually and
ies to the Standard of Indiana it would be necessary to increase the capacity
reasonable and proper expenses, and are to be discharged by the Court
of the pipe line.
The Indiana company's proposal that the capacity- when their duties have been completed.
be Increa-sed and that they buy a half interest was attractive as it will result
Court to Terminate Plan at Any Time.
The Court is to have the power at
to our mutual advantage, because the cost of making the increase will be
any time to terminate the plans, or any part thereof, upon being convinced,
relatively .small, and comparatively little will be added to operating exafter hearing, that the sales agents are not proceeding with promptness
penses.
A change in operating per.sonnel is contemplated."
and vigor in disposing of the stocks involved.
[The Sinclair Crue Oil Purchasing Co. was incorporated Feb. 5 1921 in
Preference to Certain Buyers.
Under the plan as submitt-ed the .saJes
Delaware wiUi an authorized capital of .$20,000,000 to deal in crude pe- agents would give precedence to buyers in the following order: Live stock
troleum and its products. The company has been organized it is stated,
producers, stockholders in the yards, other than the defendants: common
to buy CJude oil for the Sinclair Con.solidated.
The Corporation Tru.st Co. carriers serving yards, local citizens and municipalities or local syndicates.
is the company's Delaware representative.]
Court to Fix Time Limit.
V. 112. p. 266
The Court is asked to fix the time in which the
agents shall complete the sale of stock and if they fail to do so within
Sinclair Pipe Line Co. -Standard Oil of Ind. Acquire-'s sales
a time set by the Court, then the Court will be asked to extend the time
One- Half Interest.
•with the provisions of the projwsed plan remaining in effect.
The packers ask that the time
See Sinclair Consolidated Oil Corp. above.
Seek Exception of Some Yards until 1923.
for the disposal of their interests in the Jersey City Stock Yards Co., MilSpanish River Pulp
Paper Mills, Ltd. Bonds waukee yards. Brighton,
Mo., yards; Newark. N. J.. Yards: Kansas City
Offered.
Royal Securities Corp., Ltd., Montreal. New- yards. Portland. Ore., yards, and Cleveland and St. Joseph, Mo., yards, be
extended to Feb. 12 1923, on account of their leases expiring on or about
York, &e., ju-e offering at 99 and int. to yield 8.10% .13,- that
date.
Plan to Dispose of New Jersey Yards. Included in the plans are petitions
000,000
Gen. Mtge. Bonds Ser. "A." The bankers state:
Dated March 1 1921. Due March 1 1941. Int. payable M. & N. at by both Swift and Armour for permission to begm now and dispose of their
stockThe Royal Bank of Can.. Montreal and Toronto.
Denom. $1,000 and holdings in the Jersey City yards, which total 3.875 shares. Other
holders own 1,125 shares.
These yards, it is set forth, were leased from
3500 (c*). Trustee, Montreal Trust Company, Montreal.
have
Pennsylvania
Attempts
the
RR.,
the
lease
expiring
in Feb. 1932.
CapUalieatUm.
Authorized. Outstanding
been made, it is said, to persuade the railroad company to take over the
Common stock (Paying 7%)
$10,000,000 $8,095,500 yards but without avail. Other efforts were made to sell to persons holdCumul. Participating Pref. stock
10,000,000
8.571.493
ing the remaining 1.125 hsares. but also without avail.
6% 1st Mtge. bonds and 6% Serial notes, maturing
The packers intend to dispose of their holdings in these j-ards on or before
1921-41 (incl. bonds of Lake Superior Paper Co.).
Closed
10.655.113 June 1 next, but ask that Feb. 12 1923 be set to allow them ample time to
8% Gen. Mtge. Bonds, Ser. "A" (this issue).
20,000,000
3,000,000
conduct the .sale. If unable to sell before Feb. 12 1923. the Court will be
Company. Incorp. In 1910 to acquire properties and assets of Spanish asked to approve of the plan of the packers to vote their stock in such yards
River Pulp & Paper Co.. Ltd.. and Ontario Pulp & Paper Co., Ltd. In in favor of such corporate action as the stock yard company thinks will be
1913 acquired all the capital stock of Lake Superior Paper Co., Ltd. Is necessary to cancel and terminate their lease, and to liquidate and dissolve
me largest manufacturer of newsprint in Canada. Timber areas
the company within a reasonable time thereafter.
11 .520,000 acres, containing sufficient pulpwood for many years' operation at
Plan to Dispose of Chicago Stock Y'ards. Armour & Co. asks that it be
present capacity. Water Powers 60.000 h. p., of which 50,000 h.p. is allowed to sell its holdings in the Chicago stock yards, representing 19.4%
developed and in operation: of the balance, 7,500 h.p. will be in operation of the total holdings, either to the Chicago Stock Yards Co. or to F. H.
by Aug. 1921. The 3 mills operated by company produce 203,100 tons of Prince of Boston, who is the owner of the majority interests in SEiid comnewsprint paper annually as follows: Sault Sle. Marie mill. 72.300; Es- pany. "The company says it is negotiating for the sale at this time, and asks
panola mill, 90,800; Sturgeon Falls mill, 23,100; Additional. Sturgeon that it be given imtil Feb. 24 to file a completed plan for the disposition of
Falls,
operation June, 1921, 16,900.
this stock, unle-ss the negotiations are completed before that time.
Earnings. Average annual net earnings after depreciation available for
[The Department of .lustice wiU have time to study the new plan and if
mterest charges on these bonds for the 5 years ended June 30 1920, were objections are filed argument will be heard by the Court before a final de$1,229,472. Net earnings after depreciation for year ended June .30 1920
cision is rendered.)
See also Morris & Co. above. V. 112. p. 159. 168.
available for interest charges on Gen. Mtge. bonds amounted to $2,552,069.
over 10 times the amount required to pay int. on that issue. Net earnings for
Iron Co.,
Pa. Earnings.
6 months ended Dec. 31 1020, after deprec. and prior interest charges, were
1020.
1910.
1018.
Calendar Years
1017.
in excess of $2,500.000
nt the rat€ of 20 times annual interest on this Lssue.
.S4..'s71 .4I)H
Gross .sales
$5 063.380 S5.306.421 $3,785,894
—V. 112, p. 569.
cr.N710
cr.$84.810 cr..$21 4. 806
def.*109.182
Net lessor profit
286. 51.145.247
274,123
165..523
Inc. from other sources.
Standard
Electric Co., Chicago.
Earning.^.
Interest and discount
.36,705
.38.174
38.705
60.704
H. M. Byllesby & Co. report thiil the annual report for 1020 (now under Estimated
Federal inaudit) will show;
15,000
come and profits tax.
Earnings for CiUemlar Ytars
1919.
1920
1.50.000
150.000
Dividends paid
150.000
124.997
Gross revenue
$3,040,987 $3 .122,449
Operating exi)en.s»w ;md taxes
80.091
45 837
Bal.. surp.or def_ .-def.$126.765 sur. $99,081 sur..$41.36l snir.$194.6i8
V. 110, p. 772.
—
;
.
—
—
—
—
—
—
—
i
—
H
—
m
—
—
—
—
—
—
—
—
&
—
8%
—
.
'
%
—
—
—
—
m
—
.
—
Thomas
—
Gas
—
&
—
Hokendauqua,
—
—
—
—
Net revenue
Interest, $1,282,539.
Prpfer'x<l dividends
and amortization, $90,000
$2,960,896
$3,076,612
1,.372..539
990,388
Balance, surplus, for 1920
$713,685
This surplus is equal To 5.62% on the $12, 679. .550 Common stock
—V. 110, p. 1847.
Standard Oil Co. of Calif. Listed.
The New York Stock E.xchange has admitted to list Wm. A. Read & Co.
temporary interim receipts, for $25,000,000 10-ye.ar 7% debentui-ps. due
—
.Ian.
1
1931.
—
See V. 111. p. 2431.— V. 112, p. 477. 68.
—
—
—
Tide Water Oil Co. Bonds Listed Discontinues Bonus.
The X Y Stock Exchange has admitted to the list .'«12.0fl0.000 10-year
15 1931. "when issued."
d'-'-'c gold bonds, due Feb
The company on Feb 3 posteda notice at its plant at Bayonne aiuiouncing
that the 10''r bonus granted lo the employees during the war will be disSee offeruiK of bond^ in V 112. p 569
continued on Feb 15
Trenton Water Power Co. Bonds Sold at Auction.
—
&
—
Lofland. auctioneers. 147 South Fourth St.. Philadelphia. Pa.
on Jan. 10 sold at auction $2,000 First Mtge. 5% bonds, due 1935 (Sept. 1
1020 and subsequent coupons attached) for $410 for the lot. V.83. p 1417
Barnes
.
THE CHRONICLE
Fbb. 12 1921.J
Trumbull Steel
Co.,
Youngstown, O.
— Ii:arnings,&c. —
Press r(!T>orl« state that wross sales for the year endlui; Dee. 31 1920 were
$.<5.H5n,Sll. compared witli $2 1 .".(iO.sil in 1019 auJ that not e4lrIliIlK^•
wore .iboul $2.'>U0.(>{)() cotiii>area with $2.3Sn.2.'>S.
It is btatcd thit tlie company has established a reserve of $8'.H ,002 forFederal taxes, written down inventoiv ?1 .412,000 and criHlited $1 ,()t>7 ,000
to property depreciation, while $2,05;i,O00 was spent for repairs and maintenance.
r. 111. p. 2432.
Underwood Typewriter
and Loss
I'rofit
Co., Inc.
— Annual Report. —
Slalmti-iil for Fiscal '^'lars
1919.
1920.
.$4,020,436
$3,102.22:.
330,118
380.422
210.317
109,74.',
Total net; income
S3,471,81«i
Deduct^— )T])riiciation
.«, 502.335
.$4,230,754
$3.271.'.»71
$230,645
$200,071
.$244,405
profit-Hbarlnk' plan
:i33,309
37C.S30
421.738
f,(i5.485
K".-,. for K<Kl. wirlax
1.2.'V0.00O
\l,2.'S0.0n0
Prefi-n-iHl divs. (7%)..
•_'73.000
273.000
273,000
divs.. iBt .\pril.
•July. Oct.
.fan. (13k>U. 215,000(18)1620.000 (11)973. .500
327.(i03
.500.000
«)ther net income, interest received. &c
&c
$226,784
Re.servti for iimi)Iovei>s'
Common
274.7.'iO
&
(6)044, .(H)
Trans, to Korp.iMv't-$980.().V.'
«7.'>8.2.38
$706,9,52 $1.1.57.346
\ This ain->OTTt iniiy be subject to ohani<c when the Kederal tax law sluill
have been HrMiIly c'nact«"d.
'I"h(t only Habilltins shown on th(^ bal.'ince sheet, aside from reserves
and dividotids parable .Tan. 2, are accounts payable. amounliiiK to 8(i2S,72S.
AKainst thfs thoroarpnuick assets of $12,237,076. which includes $1 .203,08
cash
T. 11!. p. 2146.
—
1
Union Tank Car Co. —Tenders— Ear nlnfju.
The EanitnWo Trust Co.
—
N. Y..
trustee, will until Feb. 23 receive bids
for the salf) to it of Kqtiinnieiit Trust "'">. Kold not as. .scries "A." dated AuK. 2
1920. to a* anwiunt sufficient to oxhau.st S451.000 at a price not to o.xceed
par and latonKt. Hoe otTerinR in V. 111. p. 597.
Calendar Yfors—
1917.
1920.
1918.
1919.
Net earnlnp;
$3,709,516
»$3.4;i7.292 $3,618,288 $1.2.53.019
Common
dividends
Preferred drvldends
of
(7%)840.000
(7)840,000
(5)600.000
(5)600.000
$2,778,288
$653,319
$6,116,797
$3,109,516
$5,463,778
503.433
Balance, surplus
.$2,093.8.59
and loBs surplus.. SI 1.492..5.52
Profit
City: Stt^dnian Butlrlck, Estabruoi. .\
<>.,
B. Cannott. Parkinson & Burr, Boston: (I. N. Belhcll I'pjjer
Montclair. N. J.: Laclanche Moen. John Burnham & Co
(Chicago;
lCol)ert K. Hunter, Blaiikenhorn, Hunter. Dulin Co. lyos .\ngeles: Willard
<'. Mason, Se<-r<-tary. 60 Broadway, and Joseph F. Cott<in. (Counsel, 120
llroadwa> New Vork City.
.Siroiid Pref. Stockholders Committee.
Depositary.
Bankers Trust Co..
$9..39S.693
& Heat
— Nerv President. —
Corp.
Wall
14
—
St.,
N. V.
.\rthur O. l^hoate. chairman. Clark Dodge & Co.: Francis M. Weld,
White. W<'ld & (^n.: ICihelbert I. I><>w. l,ow. Miller & I^w; Thomas P.
51 Wall St.; O'Brien, Bo:irdman, I'arkia- &. Fox, Att'ys,
120 Broatlway. New York City.
Depositiiry.
Aferchandtse
Committee.
Bankers
Creditors'
Protectire
Trust (;o.. 14 Wall St., N. Y.
K. C. H. Page. Chairman, E. W. Bli.ss Company. Br<x)klyn. N. \ .:
Theodore Beran. (Jeneral Ele<-trlc Company: P. W. Brothei-hood Defiance
Ma<!hine Works; Joseph P. Terbell. Americ^in Brake Shoe & Foundry Co,:
K. K. Beach, Secretary, 10 Wall St.. and C. W. Whittlesey .Attorney,
White & Case, 14 Wall St.. New York City.
Hankers' Coinmill)c.
(Not announced as yet)
l)ei)osltary.
K. U. Tinker, Chainnan, Chase Nat'l Bank: J. A. Bower, Ubtirty
National Bank; G. E. (Jregory, National City Bank; A. W. Ix>a«ljy,
Equitable Trust CJc; P. II. Johnston Chemical Nat1 Bank: R. 8. Hawes,
First Nat'l Bank. St. Louis: .1. K. Blunt. Jr.. Merchants' Loan & Trust
Co.. ("hicago; Rushinore, ISisl)ee & Stern, Attorneys, and W. J. Callalian.
.Acting H(>cretary. 61 Broadway. N. V. City.
(Compare Willys-Overland
<'(). below).— V. 112, p. 571.
l.rc, StH-retary,
—
,
,
—
Wilson
&
Co.
—
(F.
W.)
Month
of
.See also
Export Association, Inc. above.
Montk. of Jamutrt^—
-V. 112, p. 485. 2')".
V. 108. p. 2336.
1921.
1920.
1919.
1918.
3.219.912 3.676,312 4,045.388 6.460.675
Copper oatptit (pounds)
112, p. 169.
.506.
—
Co. — Guaranty — Output. —
Woolworth Co. — .January
—
January
"Annual
See Copper Brport Association, Inc. above.
Utah Copper
See Copper Bxport Association. Inc. above.
Month of Jannan/
1921.
<
-ooper otitput (fn Ibe.) 7, ,500,000
—V. 112. p. 169.
—
Washington
'rane, Pnrrfe
.5-year
178.
7K%
(D. C.)
1920.
8,693, .589
1919.
10,.5()0,000
Gas Light Co.— Notes Sold.—
C
Co.. Wasliington. D.
;.nnounce that the $1,200,000
ii*H»i« dne 1926 have all been sold.
See offerinpr in V. 112.
fc
P
Western
Oil Fields Corp.
—President. —
— Decision, &c.
Federal Judge Evans, in the U. S. District Court in Kentucky has ordered
the company by Nov. 1 nsjct to remove its poles and wires from the right
of way of the Louisville & Nashvillo RR.
This, apparently, settled the
suits which have been in the courts since 1912. as the present order has been
made in compliance with the order of the Circuit Court of Appeals, which
decided in fnvop of the railro.ad company and directed the lower court to
dissolve the injtinction which had been entered forbidding the railroad
company to interfere with the property of the telegraph company. The
telegraph company made an apneal to the U. S. Supreme Court, but that
court lefused t« interfere with the ruling of the lower tribunal.
A brief was fiJed with the I.-S. C. Commission on by the Postal Telegraph
Co. in which the Commission was asked to deny the request of the Western
Union for reopening the case invohing credits given to the Western Union
on messages transferred to it for transmission by the Postal Co. The
brief declared the Commission's deci.sion in the case was definite and unanimous and that no frouud existed for the reopening asked. V. 112, p. 380,
—
—
White Oil Corp. New Director Resignation.
George O. Mnhlfeld. Managing Director of Stone & Webster, has been
elected a. director to fill a vacancy.-.
.1. W. Cohin, Vice-President, has
resigned, but will continue with the it>rporation for a time in an advisory
capacity.
V. in, p. 2433.
—
Willys- Overland Co., Inc.
—
—
Creditors' Committee.
Along with the formation of i)rotective committees for the stockholders
and creditors of the Willys Corporation (which see above) the following
committee has been organized in behalf of the bank creditors of the WillysOverland Co., Inc.
Rali)h Van Vechton, Chairman. Cont. & Com'l Bank. Chicago: E. .\.
Potter, Guaranty Trust Co.. N. Y.: K. M.Stevens. Natl Bank of Commerce, N. Y.; R. T. Perkins, Chatham & Phenix Naf) Bank, N. Y.:
H. C. Stevens, Nat'l Bank of Clommerce, N. Y.; .John Sherwin. First
Nat'l Bank of Cleveland: Thoma.s Hildt, Bankers Trust Co., N. Y.; H. S.
Nott, Irving National Bank. X. Y.: .Toseph Wayne, Jr.. Girard National
Bank, Phila. Compare V. 112. p. 169.
—
—
Willys Corporation. -Protcctire Committees. In connpotion with the fonuation of the several committees below
named a cirtnilar has been issued by the 2nd Pref. stoelcholders committ<* dated Feb. 2 sa\'ing in brief:
,
The very
—
—
A
D.S.CM.C
Canadian Battalion.
OliTer FI. Shoup. who was the first President of the Midwest
Refining Co., has been elected President. The company, it is reported,
has disposed of ilB leases and toher interests in the Homer district to the
Siinms Petroletun Co. for S250.000 and now is active ohlv in the Pine Island
field.— V. lie. p. 474.
—
— Annual Report.
The formation is announced in Toronto of a new firm of bond deakss.
to be icnown as McLeod. Young. Weir & Co.
The four members of the
newly established firm were until recently a.s,sociated for some years wMh
the bond department of A. E. Ames & Co.
They are D. I. McLeod. W. E.
Young. Licut.-Ool. J. G. Weir and J. H. Ratcliffe. The Toronto •Globe"
of Fob. 1 had the following to .say regarding their connections.
"Mr. McLood, who is a graduate of Queen's University, was for a time
engaged in newspaper work in Ivondon. Ottawa and Toronto, finally becoming financial editor of the "Toronto News."
In 1911 he Joined Brent,
Noxon
Co., becoming a partner in 1914.
your later he ioioed the
Ames Company, .serving at Montreal, Toronto and New York, and later
being sales manager at the head office.
"Mr. Young entered the Metropolitan Bank in 1906, went to the Traders* Bank in 1909, and joined Ames & Co. in 1911, rising to the position of
General Sales Manager.
"Lieut .-Col. Weir,
graduated from the University ef Toronto
in 1908 and the following year secured thedejtreeof M. A.from Harvard.
For a time he was on the staff of the 'Financial Post." In 1911 he joined
Ames & Co.. remaining until 1914, when he went overseas with the 19th
Oovemor
Western Union Telegraph Co.
Sales
1918.
1919.
1921.
1920.
$8..336.208 $8,476,.378 $7,128,000 $.5,922,310
Reports" on a preceding page. V. 112. p. 271. 169.
&
Utah Consol Copper Co.— Guaranty
-
CURRENT NOTICES
of
Stock
See edit or€r\l article in "Chronicle" of Feb. 5 on
See uu<ler "'fVade
Traffic .MoM'inints" above.
Stock Sale Permistiion.-
couii)any api)lied to the District of Columbia Supreme Court on
Feb. 9 for i)ermission to place with trust companies certain stock properties
wliich the company has been unable to dispose of "at a reawjnable price,"
under the dissolution order of the Court. The petition din-lared tlial
financial depression and lack of information on the part of the public as to
the \-alue of the stock precluded the disposal of the holdings. Compears
Morris &. Co. and Swift & Co. above. V. 112. p. 560.
—
— Complete Record
Emploffces*
Subscription — Unfilled Orders. —
page
—
and
United Verde Copper Company. — Guaranty. —
Copper
—
United Verde Extension Mining Co. — Production. —
— Applies for
The
Sales
United States Steel Corporation.
—V.
<
,
C. O. Mmierer. Tlce-l»rosldent of Willys Corp.. has been elected President
succeedInK .T. .A.llan .Smith
Mr. MlnlRer will continue to ser\-e as General
Manager of the.\uto-Ivlte division of the Willys Corp. V. 112, p. 478, 68.
See
-is.
!>'
f'oinin
I'rotectice
'riiDiiias
•Aftej* (leprecfitlon. amortization, vie, $1,286,491 Federal taxes for
1919, and jrfter adjusting Federal Income taxes, $44,239.— V. 112, p. 68.
U. S. Li^ht
Committees and
iKisilary Coluinbla
Trust Co., 60 Broadway, N. Y. Sub-Dep
First Nail Bank
Boston: Central Trust ('o. of HI., Chicago: Girard J'rust Co., I»li
Howard Bayue. Clmirnian, 60 Broadway, Kolwrt I.,. M(-
Stockholders
Pref.
,
I
charge. I off.
Hrotcctlce
First
Montgomery & Co.. New York
$4,121,913
e.iruin«ii
For these reasons and because of the necessity of promptly taking cAr«j
of a consldc^rable amount of past due and licnab!.- ln.l.-bt«<dn<^«ss on Uie new
i-f. sl4H-k have conplant lts<<lf. several of the largest liolders ol
cluded that it Is desirable to co-o|)(iMtc in :iii
:iou of the <-orporatlon's affairs and a study of the best iiu-uus ol hk-i uuw the exlstiug hituatiuo.
In the Interests of both the stockfiolders and the corporation itself."
'
Dec. 31.
191K.
1917.
i-nttiiiti
$3,141,698
.Net
661
large manufacturing plant at Elizabeth, N. .1.. is verv near
completion, and is said to be one of the finest of its kind in the country.
The corporation is in need of a substantial amount of money to meet contrsict obligatioiis and other commitments in connection with the completion of the plant, and for its equipment, and for working capital.
The
general depression in the uutomobilo industry, resulting in a reduction of
.sales, retarded collections, and a corresponding tendency on the part of the
banks to decline new loans and to shorten or deny extensions of the corporaUon's existing loans, together with depreciation in the values both of inventories and securities owned by the corporation, reacted upon the corporation just at the time when the need of more money for the completion
ol the plant began to l>e pres^sing. and has resulted in embamuvsin;? its
fmancial srtUMkm.
in
"IMr. Ratcliffe joined Ames, & Co. in December 1918, following a coiu-se
commerce and finance at the University of Toronto."
—Charles F. Noyes Company have sold to Price, Waterhouse & Oo. the
IG-story office building valued at $1,250,000 at 56-.58 Pine St., through to
26 Cedar St., covering a lot .about 50x135. A large amount of space will
be available in the building on May 1 1921. and the upper floors, which
liavo exceptional light on all sides, will be occupied by Price, Waterhouse &
Co. The .sellers are the U. S. Pood Products Corp., who acquirod the propertj' within the year and who made extensive alterations. Including the addition of foiu- stories and the installation of throe modem electric elevators.
The building adjoins the low Down Town A.s.sociation Building, on the ea-st,
and the 5-story .Sun Insurance Building on the west, and with frontage on
tv.o .streets is one of the most desirable office structures in the financial
district.
In the same block are located Kiihn, Loel) & Co.. Harris, Forbes
& Co.. the New York Life Insurance & Trust Co. and the 2(>-story International Banking Corporation building, which extends from 6;}-67 Pino St.
Alexander & Green were the attorneys for tJie sellers and
to 60 Wall St.
Cravath, Henderson. Leffingwell & Do Ger.sdorff were the attorneys for the
purchasers.
—
A special circular of timely interest has been Ls.s-ued by CMark, Dodge &
Co.. 51 Wall St.. New York, analyzing Northern Pacific-Great Northern
Joint C. B. & Q. Collateral Trust gold 4s. which mature July 1 next. The
circular discusses the value of the collateral and the credit position of ths
Northern Pacific and Great Northern companies, which are Jointly and severally obligated for this issue. The points covered comprise a comprehensive
discu-ssion of the book value of the C^. B. & Q, stock: earnhigs of the C. B. &
Q.; its uncapitalized growth and capitalization per mile; and the equity of
the Joint 4s in the a.ssets and earnings of the combined properties.
—
The firm of William G. Moore & Co., Baltimore, has been discontinued
and William G. Moore, senior partner of that firm, hxis accepted sales managership of the Chelsea Finance * Securities (Corporation, dealers in investment .securities at 110 West 34th St.. New York. Mr. Moore wiU
handle undenvrltiiiKs and a general distribution of railroad, corporation
and municipal issues throughout the United States.
The Will H. Wado Company. Denver, has moved from the Ideal Building to more commodious quarters In the United States National Bank
Building in that city. The Wade firm was organized by Will H. Wade,
who was formerly a Vico- President and director of the FletcJier-American
Company of Indianapolis. The company de;iLs in municii)al and corporation bonds and has a capital of $125,000.
The -MelrotJolitan Mortgage Co investment bankers. 208 So LaSalle
St
<'hi'-ngo. 111
announce the change of tlu'ir name U> the Metropolitan
Company The basinass of tiie conipa'iy «'" •«' conductt-d ilong the same
line as heretofoiv with the same personnel
Blankenhorn-Hunter-Duliu Co. announce that, due to recent ill-health
David Blankcnhorn has retired from the firm. Upon the completion o
the necessary corporate proceedings, the firm will bo known as Hunter
—
—
.
.
,
—
,
Dulin
&
Co.
:
THE CHHfONlCLE
06^
[V«L. 112.
I
DUQUESNE LIGHT COMPANY
(An operating and holding company organized under the laws of Pennsylvania)
ABSTRACT OF STATEMENT TO NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF ITS SIX PER CENT FIRST MORTGAGE AND COLLATERAL TRUST TTIIRTY-YEAR
BONDS, SERIES
A,
December 31, 1920.
The Duquesne J^ijjht CJompuny hereby makes application
for the listing of $31,718,500 (of an authorized issue of
$100,000,000) of its Six Per Cent First Mortgage and Collateral Trust Thirty- Year Bonds, Series A, dated July 1, 1919,
due July 1, 1949, included in Nos. M-1 to M-31,718, both inclusive, of the denomination of $1,000 each, and included in
Pittsburgh, Pa.,
Nos. D-1 to D-63,437, both inclusive, of the denomination of
$500 each. Bonds to said amount of $31.718,r)00 are o«itstanding in the hands of the public.
DESCRIPTION OF BONDS.
These bonds are secured by an Indenture of First Mortgage and (Collateral Trust, dated July 1, 1919, made to
Bankers Trust Company as Trustee, amending and supplemental to an Indenture of Mortgage and Collateral Trust to
the same Trustee, dated July 1, 1918; by a Supplemental
Indenture, dated August 2, 1920, made to Bankers Trust
Company as Trustee, reciting that an increase of the indebtedness of the Company to $100,000,000 has been consented to and authorized by the stockholders; and by a
Supplemental or Adherence Mortgage, dated October 2, 1919,
made by Cheswick Power Company (a Pennsylvania corporation) to Bankers Trust Company as Trustee, covering
the new 60,000 K.W. Cheswick (Colfax) Power Plant, belonging to the Cheswick Power Company.
The bonds of
Series A are dated July 1, 1919, are payable July 1, 1949, and
bear interest at the rate of six per cent per annum, payable
semi-annually on the first days of January and July of each
year at the office of Bankers Trust Company in the Borough
of Manhattan, City of New York.
Both principal and interest are payable at the office of Bankers Trust Company
(hereinafter called Trustee), in the Borough of Manhattan,
City of New York, in gold coin of the United States of America of or equivalent to the standard of weight and fineness
as it existed July 1, 1919, and to the full extent that such
agreement may be permitted by law, without deduction
therefrom for any taxes, assessments or other Governmental
charges which the Company or the Trustee may be required
or permitted to pay thereon or to deduct or retain therefrom under any present or future law or requirement of the
United States of America, or of any State, county, municipality or other taxing authority therein, including in such
taxes (1) any Federal Income Tax not exceeding two per
cent per annum of the interest on the bonds, and (2) any
Pennsylvania tax for State purposes, in either case imposed
upon the bonds or upon the owners thereof or upon the
Company or in respect of income derived from such interest, but not including inheritance and succession taxes or
any portion of any such Federal Income Tax in excess of
two per cent.
The bonds are in coupon form of $1,000, $500 and $100 denominations (but no bonds of the $100 denomination have
yet been issued), and in fully registered form of $1,000,
$5,000 (but no bonds of the $5,000 denomination have yet
been issued) and $10,000. Coupon bonds of the $1,000 denomination are registerable as to principal. Coupon bonds
in the denomination of $100 and $500 are exchangeable for
coupon bonds in the denomination of $1,000. Coupon bonds
aggregating in principal amount $1,000 or multiple thereof
are interchangeable with fully registered bonds. The Company may in its discretion issue coupon bonds of the denomination of $100 or $500 in exchange for $1,000 coupon bonds.
REDEMPTION.
at its option may from time to time redeem
all the bonds of Series A (but not a part thereof unless
funds therefor shall be paid to the Trustee under some
provision of the mortgage requiring such payment) at 105%
of the face value thereof, and accrued interest thereon, on
any interest date, on eight weeks' published notice. All redeemed bonds shall be canceled. There is no sinking fund.
These bonds are part of an authorized issue of $100,000,000, of which there are
The Company
Now outstanding
.S31,718, 500.00
Reserved (in accordance with limitations laid by the First
Refunding amd Collateral Trust Mortgage of Philadelphia
Company to Guaranty Trust Company of New York as
Trustee, dated Feb. 1 1919) to be issued upon delivery to
the Trustee of certain underlying securities of The Allegheny County Light Company, accompanied by evidence
that The Allegheny County Light Company, Southern
Heat, Light and Power Company, and Monongahela
Ldght and Power Company have been consolidated with
thelCompany
DUE
-lULY
1,
1949.
Issuable in exchange for and to retire $5,941,000 preferred
.stock of the Company (which however, by a subsequent
agreement of the Company dated August 5 1919, are not
to bo used for such purpose)
Reserved to be issued for the making of permanent additions
and extensions, as defined In the mortgage, to the
property of the Company subsequent to June 1 1919, and
or to the Cheswick (Colfax) Power Plant or plants .subsequent to the date of the completion and placing In
operation of said Power Plant with an initial Installed
capacity of 60,000 k. w., issuable to a principal amoimt
not exceeding 80% of the cash cost or fair value (whichever may bo the less) of such permanent additions or
extensions
|
Total
54,e88,044.W)
$100,000,000.00
HISTORY OF COMPANY.
MONONGAHELA LIGHT COMPANY.
Monongahela Light Company was incorporated
The said
April 4, 1902, under Act of Assembly of the State of Pennsylvania approved April 29, 1874, for a perpetual term, for
the purpose of supplying light, heat and power to the public
by means of electricity within the district lying east and
west of the Monongahela and Youghiogheny Rivers, in the
County of Allegheny, Pennsylvania. The authorized capital
stock was $1,000, divided into shares of $100 par each, all of
one kind, without preferences, all of which had been issued
and was outstanding when the consolidation hereinafter referred to took place on November 15, 1912.
OAKMONT AND VERONA LIGHT, HEAT AND POWER COMPANY.
The said Oakmont and Verona Light, Heat and Power
Company was incorporated June 18, 1890, under Act of
Assembly of the State of Pennsylvania approved April
29,
1874, for 999 years, for the purpose of supplying light, heat
and power by means of electricity to the Borough of Oak-
mont, Allegheny County, Pennsylvaaia. The authorized
Capital Stock was $40,000, divided into shares of $50 par
each, all of one kind without preferences, all of which had
been issued and was outstanding when the consolidation
hereinafter referred to took place on November 15, 1912.
On November 5, 1910, the said Oakmont and Verona Light.
Heat and Power Company purchased all the property and
franchises of the Verona and Oakmont Light, Heat and
Power Company, which latter company was incorporated
for the purpose of supplying light, heat and power to the
Borough of Verona, Allegheny County, Pennsylvania upon
such sale the Verona and Oakmont Light, Heat and Power
;
Compan.y ceased to
exist.
DUQUESNE LIGHT COMPANY (CONSTITUENT).
The Duquesne Light Company, the constituent corporation, was incorporated August 5, 1903, under Act of Assembly of the State of Pennsylvania approved April 29, 1874, for
a perpetual term, for the purpose of supplying light, heat
and power by means of electricity in the City of Pittsburgh,
Allegheny County, Pennsylvania. The authorized capital
stock was $20,000, increased by certificate filed in the office
of the Secretary of the Commonwealth of Pennsylvania October 2, 1906 to $500,000, divided into shares of $100 par
each, all of one kind without preferences, all of which stock
had been issued and was outstanding when the consolidation hereinafter referred to took place on November 15, 1912.
CONSOLIDATED (DOMPANY.
The capital stock of the consolidated company was $541,000, divided into shares of $100 par each, all of one kind
without preferences.
The authorized (common) capital stock was increased on
December 10, 1912, from $541,000 to $25,000,000, of which
amount $14,685,000 par value, was issue, from time to time,
for the purchase of the capital stocks, bonds and notes of
subsidiary companies; on January 1, 1913, $3,000,000 par
value was sold for cash, making a total of $18,226,000 par
value, issued and outstanding, all of which is owned by the
Philadelphia Company.
In January, 1915, a 7%, Cumulative Preferred Stock was
created and $10,000,000 authorized, of which amount $4.941,000 par value, was issued, from time to time, ujwn exchange for the Company's three-year notes on July 2, 1915.
$1,000,000 par value, was sold for cash, making a total of
$5,941,000, par value, issued and outstanding.
Said consolidation and merger was effected by the PhiladeLl)hia Company (which owns all of the outstanding common stock of the Duquesne Company) in order to develop
and increase the production and sale of electric light and
;
7.352,455.20
S5. 941. 000.00
THE CHRONICLE
Fhb. 12 1921.]
power as well as for the purpose of unifylnK and simplifying the operation of the electric public service conipiinles
whose capital stocks were owned by said rhiladelphia Coiiipany. Tlie ownership of said sto<ks and the oF)erati<)n of
their properties through sales, consolidations and leases,
were thereafter vested in the Duquesne Company. The
electric generating plants then oi)erate<l by the I)U(|uesne
Company had a normal rate<l capacity of 74.()ir) K.W. In
addition to the service to its domestic, industrial and municipal consumers the Duquesne Company entered into a
contract for a long term of years with the riltsl»urgh Kailways Company (a subsidiary of the Philadelphia Company,
operating street railways in the City of Pittsburgh and
suburbs), for an adequate and reliable supply of all the
I)ower requiretl by said Railways Company.
The Duquesne Company controls through ownersldp of
stock of subsidiary comF)anies and leases of their proiH'rties
almost all of the electrical business in the City of Pittsburgh
and suburbs, and a large projiortion of the total electrical
business in Allegheny and Heaver Counties.
The electric generating plants now operated by the Duquesne Company, the principal one of which is located on
Brunot Island in the Ohio River immediatel.v below the
City of Pittsburgh, having a normal rattnl generating capacity of 119,500 K.W., together with the Colfax plant of
the Cheswick Power Company, have an aggregate normal
rated generating capacity of 215,200 K.W. The Duquesne
Company has a long-term contract covering the purchase of
the entire output of the Colfax plant of the Cheswick Power
Company (a subsidiary of the Philadelphia Company),
which plant was designed for an initial installed capacity
of 60,000 K.W. and an ultimate capacity of 300,000 K.W., or
five units of 60,000 K.W. each; the first unit of 60,000 K.W.
is practically completed and the second unit has already
been contracted for and the preliminary work of construction is under way. The Colfax plant is located in the Borough of Sprlngdale, Allegheny County, Pa., on the Allegheny River, adjacent to a large coal field owned and operated by the Equitable Coal & Coke Company (a subsidiary
of the Philadelphia Company). The plant is served direct
from the coal mine by tlie Cheswick and Harmar Railroad
(also a subsidiary of the Philadelphia Company), thus making the plant independent of the coal market and transportation difficulties of the independent railroads. The capacity of the coal mine is ample to serve the present as well as
future requirements of the plant, and ample storage facilities are provided to protect the plant over a long period in
the event of any trouble in the mine or on the railroad.
The splendid geographical location of the plant on the river
adjacent to the coal mine affords an abundant supply of
fresh condensing water and an ample supply of fuel, and
should make the Colfax plant one of the most efficient and
reliable steam generating plants now in existence.
The Doquesne Company has 169 miles of 66,000 volt high
tension lines which form a ring around the Pittsburgh District, serving sub-stations in such a way as to make a most
The distribucomplete and flexible distribution system.
tion system is 80 sectionalized that a complete paralization
or outage of the entire system is practically impossible,
and insures a sufficient and reliable service to consumers.
The smaller stations of the Duquesne Company are being
gradually closed down and disposed of as the larger stations
are developed and increased in size. The Duquesne Company has 150 miles of 22,000 volt overhead lines, 201.4 miles
of 11,000 volt overhead lines, 7,330 miles of secondary ovei"head distributing lines, and 368 miles of underground cables
of varying voltages.
The electrical energy in kilowatt hours generated by the
Company's system for the past six years is as follows
Year
1915
1916
1917
1918
1919
•1920
Alternating
Current.
—
Direct
Current.
--.254,819,608
401.152,874
---528,716,815
588,077,404
567,436,520
-..759,000.000
Figures based on ten months' actuEil output
output.
Common
ended
ended
ended
ended
Dec. 31 1916
Dec. 31 1917
Dec. 31 1918
Dec. 31 1919
months ended Sept..30 1920
.--
Preferred
7%
7%
7%
7%
Name
of
Comvanu—
Period.
Year
Year
Year
Year
Year
Year
Nine
ended Dec.
ended Dec.
ended Dec.
ended Dec.
ended Dec.
ended Dec.
mos. ended
6J4%
5Ji%
1918
1918
1916
1917
1918
1919
Sept. 30 1920
Common
Common
Common
Common
Common
Common
Common
1916.
$2,545,950.00
1917.
$2,139,339.02
EltM-lricity purchai>ed
Traiisiiiisslon
3.56.789.30
Distrihutlon
.567. '288. 14
2 10. 088. 39
Utili^ullon.'omnicrilal
<
New
<
i
135.095.76
124.941.72
_
huslnnis
inicral aduiinistrative
Other general
28<i..'>01.39
1.04«.973.O7
-
Total operating expotmus
Tuxes
$7 ,300, 614. 76
367.3'27.86
-
Total operating expenses and taxes
Not earnings
7.667,942.62
$3,144,192.98
232 ,141.19
_
Not eaming.s from other operatlou8
Other Income:
Ui\ idend.s on .stock: The Allegheny County
LiKhl
Company.
Intort'si
Heat &
Power C;ompany
Beaver County Lt Co.- U. 8. 4th Liberty Loan.U 8 5th V'l ctory Ivoan . .
LiKht.
.
.
.
$150,000.00
-
on bonds:
Poiin.
$6,750.00
4.466.66
4.781.25
2 .849 .99
18.847.90
~ $168,847.90
Total
Interst
from other sources
149.35242
318.200.32
Gross income
$3. 694. 534. 49
Income charges:
Kent for lease of electric properties
Interest on funded debt: First Mortgage
30-Year Gold bonds
Interest on unfunded debt
Amortization of debt, discount and expense
$390,054.44
703.683.92
34.243.28
47.623.05
366.30
Other deductions
Total income charges
Net income
1.176,970.99
for the year
Surplus January
1
1920...
$2,518,563.60
1.607.500.46
-
Additions to surplus:
Consumers'
and
non-operating
accounts
recovered
Profit
Profit
Profit
Profit
3.339.59
on securities sold
on sale of automobile equipment
on sale of stores and supplies
on sale of river fleet
.588.00
45.613.26
4.450.00
44.879.87
Total additions to surplus
98.870.66
Gross surplus
Deductions from surplus:
Appropriations for divs. on pref. stock
Dividends on common stock
Amortization of debt, discoimt & expense..
Premiums on debt retired
Loss on sale of equipment from Diamond
National Bank
Allowances on sales for previous years
$4,224,934.61
$307,779.99
1,139,125.00
433.594.11
34.220.00
2.000.00
44 .826.93
6,259 .90
Miscellaneous
Total deductions from surplus
1.966.805.93
Surplus Sept. 30 1920, per Balance Sheet
$2,258,128.68
GENERAL BLANCE SHEET AS OF SEPTEMBER
30 1920.
ASSETS.
Fixed capital
Duquesne
Liprht
$22 296 .806 .29
.
Co. securities owned: pref. cap. stk in treas.
100.00
Securities held or pledged:
Capital stock shares of other companies
pledged under 1st Mlge. of Duquesne
Light Co.;
AUegheny County Steam Heating Co...
Beaver County Light Company
Diamond Light & Power Company
Midland Electric Light & Power Co
Pennsylvania Light & Power Company.,
Pittsburgh-Beaver Light
Southern Heat, Light
$225,000.00
683,735.54
179.923.88
65.000.00
1,099.866.48
Company
,563.336.68
& Power Co
300,000.00
Pledged under First and Con, Mtges. of Phila. Co.:
The Allegheny County Light Co
Bonds of other companies:
Pledged under First Mtge., Duquesne Light Co.:
Beaver County Light Company
$135,247.50
Penn. Light, Heat & Power Company
150,000.00
The Southern Heat. Light & P^vr. Co..
289,762.50
3,116,862.58
7,500,000.00
Pledgid under First and Con. Mtges., Phila. Co.:
The Allegheny County Light Company $500,000.00
The East End Electric Light Company
600.000.00
Capital stock in trcasur.v (free as.sets) :Bnmot
Bonds in treasury (free as.sets)
U. S. Fourth Liberty Loan
U. S. Fifth Victory Loan
Isl
Bridge
Co
1,000.000.00
600.00
S150.000.00
80.00000
230,000.00
$2,757.73
335,341 .38
3.093.20
341.192.31
Special deposits:
$5,150.00
25.845.00
10.380,108.60
-
7%
Current assets:
Cash.Notes receivable.-
$3.521.1.59.14
1.5;M.959.01
Temporary loans
Active accounts receivable
Materials and supplies (at cost or
1,980.000.00
1,740,606.78
1,412,036.96
less)
10. 188. 761. S8
10%
U%
10%
10%
11%
10%
DUQUES>rE LIGHT COMPANY.
STATEMENT OF NET INCOME FOR THE 4 YEARS ENDED END.
1915.
$2,036,649.12
$4 .486,595. 19
86.341.81
10.111.103.60
Calssof SIk. Rate.
31
31
31
31
31
31
$10,812,135.00
...
Production
Sinking fund-Interest deposits
Other deposits
Underlying companies have paid dividends as follows:
Diamond Light and Power Co
Pennsylvania Light & Power Co
The Allegheny County Light Co
The Allegheny County Light Co
The Allegheny County Light Co
The AUegheny County Light Co
The AUegheny County Light Co
...
Investments:
Property used in other public service
Advances to affiliated cos. for construction.
Other investments
8%
8%
8%
8%
.-.
(irosH earninKs
Operatlnt: t-rpenses:
.575,010.00
349,917,517
475,297,314
597,525.175
641,874,464
620,620,240
813.000.000
and two months' estimated
The Company's system has about 1,900 employees.
The Company has paid the following dividends:
Year
Year
Year
Year
Nine
INCOME AND PROFIT AND LO.S.'i ACCOUNT FOR THE NINE MOS.
ENDED bEPTEMBEH 30 1920.
Total.
95,097,909
74,144,440
68,808.360
53,797.060
53,183.720
54,000.000
•
663
Other assets:
Unmatiu-ed interest and rents receivable..
Prepaid insurance and taxes._.
$44,029.69
131.392.61
175.422.30
Deferred accounts:
T'namortizcd debt discount and expense
$2,872,2.39.63
Preliminary siu-vey and investigation chgs.
3,897.07
Other deferred charges
5.992.087.78
8.868.224.48
31.
1918.
$3,314,433.99
Total
--
$64,703,98.^.44
,
,
THE CHRONICLE
664
UABILITIKS.
CapiUil sUn-k:
(Jomiiion (iiiithorlzeU $25,000,000)
$18,226,000.00
PrftcTTod 7?i cMini. Oiiith. $10,000,000;-..
5,941,000.00
»2-«. If.;. 110(1. fill
I'undid flcM:
First
aud oolluKiral trust 30-ycur
lutgc.
«'>;
bonds,
Sccun d
K<ild
diii^
.July
iioUw
«<;>
I019
1
,
(Uw
—
$31,718,500.00
23.000.00
,.
.Inly 1 I!t21
("urroiil liabilitloij:
Toinporary loans
Peiin.
I.t.
Hi
Diamond
lA
.
lint, at
I'Ji
to of
l'»r. <"o...
I'wr. Co.
<>•;,
31.7ll..V10.r»0
p. a.);
$.500, 000. 00
k
35,000.00
$.W5,000.00
.\ccounts payable.
Wa(?o,s
.189,6'14
1
unpaid
Workmon's coinpi-nsatlon
('onsumors' dui)08itR
.Matured interest on funded debt
.Service billed in
advance
.3'1
122..S2H.30
.'U, 157. 24
183. 316. 67
2.5,845.00
,58,412.42
.
2.445,703 07
.\ccrued liabilities:
Inter&st on funded debt
Taxes.
Rentals
Other accjued liabilities.
Appropriation for dividends on preferred
stock, payable Nov. 1 1920..
-..
$475,777. .50
.507,1.56.70
77,105.44
64 ,398.25
103.967.50
1,228,405.39
Reserves:
For uncoll(x;tiblo customers' accounts
For renewals and replacements:
Light and power oquipt.. _.1;i. 540,632.62
Railway power equipment838,089.82
$42,301.83
2,378,722.44
For amortization of other capital
l)efen-od credits
.
1
2,121.878.97
49.125.80
392,240.63
.
1919
.StutjIus
2.2.58,128.68
Total
$64.703.983.44
The Company has
for several years set aside a percengross earnings to apply to "renewals and replacements" for all departments.
Such percentage has since
April 1, 1918, been 6% of its gross earnings. The unused
balance in reserve for renewals and replacements on September 30, 1920 was $1,540,632.62. In addition to the foregoing, the Company has expended since April 1, 1918 the
.sum of $2,878,528.63, for maintenance of its physical property and of the propert.v of companies it leases.
The Duquesne Light Company agrees with the New York
Stock Exchange as follows:
Not to dispose of its stock interest in any constituent,
subsidiary, owned or controlled company, or allow any of
.said constituent, subsidiary, owned or controlled companies
to dispose of stock interests in other companies unless for
retirement and cancellation, except under existing authority or on direct authorization of stockholders of the Coml^any holding the said companies.
To publish quarterly statements of earnings.
To publish at least once in each year and submit to the
stockholders, at least fifteen days in advance of the annual
meeting of the Corporation, a statement of its physical and
financial condition, an income account covering the previous
fiscal year, and a balance sheet showing assets and liabilities at the end of the year also annually an income account
and balance sheet of all constituent, subsidiary, owned or
controlled companies or a consolidated income account and
a consolidated balance sheet.
To maintain, in accordance with the rules of the Stock
Exchange, a transfer office or agency in the Borough of
Manhattan, City of New York, where all listed securities
shall be directly transferable, and the principal of all listed
tage of
11:2.
scciirifies wiili Infcrest or dividends fh<'re<jn shall bo
payable: also a regi.stry offiee in tlx' I'.orough of Manhattan.
Cir.v of New York, otlier tlian its transft^r officx; or agf-ncy
ill said city,
wliert; all listcnl siH-iirities nhail tut rrjgisti iwi.
.Not to make any ibaiige in listfnl seeurlties, or of a trustee
of its bonds or oilier s<'ciiiities. without the approval of the
Coiimiittee on Stock Li.st. and not to selfn-f as a tniste<- an
officer or (lire<tr)r of tlie (Company.
To notify |)ic st«»(k lAebani-'e in the event of the l.s.Huance
of iiny ri;.'li(s or siil)S(ri|)tions to or allotments of its wv-urjties and affoiil flie holders of listed .s«'CuritieK a proper period within which to record their IntJ-rewtH after anthorization. and that all rights, subseriptions or allotments shall be
traiisfeialile, i>ayalil(' and dcllMTable in ihe Rorough of .>fanliattan. City of .New York.
'J'o notify tlie Stock H.xchange of the issuance of additional
amounts of listed securities, and nial<e imme<llate application for the listing thereof.
To publish promptly to holders of (Kinds any action in
respect to interest on bonds, or allotment of rights for sul>scrii)tiou to securities, notices thereof to be sent to the Stcxk
Exchange, and to give to the Stock Exchange at least ten
days" notice of the closing of the tran.sfer books or extensions, or the taking of a record of bon<lholdprs for any pnrj)Ose.
8.54.70
Surplus invested in fixed capital after Jan.
[Vol.
its
;
;
To
notify the Stock
Exchange
if
dejiosited collateral is
changed or removed.
The fiscal .vear of the Company ends on the 31st day of
December.
The annual meeting of stockholders is held on the fourth
Tuesday in May in each year, at the principal office of the
Company, No. 435 Sixth Avenue, Pittsburgh, Pa.
The Directors (elected annually) are: Arthur W. Thompson, James D. Callery, J. H. Reed, It. H. Boggs and Geo. S.
Davison, all of Pittsburgh: M. B. Starring, Charles Hayden.
B. S. Guinness. Everett B. Sweezy, Eugene V. R. Thayer
aud Moritz Rosenthal, all of New York City.
The Executive Committee are: .\ithur W. Thompson.
James D. Callery, J. II. Rewl, M. B. Starring and R. H.
Boggs.
The Officers are: James D. Callery, Chairman of rhe
Board of Directors; Arthur W. Thompson, President; J. H.
Reed, senior Vice-President W. B. Carson, Secretary C. J.
:
Braun,
;
Treasurer; C. S. Mitchell. Controller;
Washabaugh, Assistant Secretary A. W. Stevenson,
tant Secretary J. W. Murray. Assistant Treasurer
Annett, Assistant Treasurer R. E. Hanna. Assistant
Jr.,
;
;
;
:
E. W.
Assis-
H. W.
Treas-
urer.
New York office for registration and transfer of bonds
and payment of principal aud interest is the office of Bankers Trust Company.
DUQUESNE LIGHT COMPANY,
A.
W. THOMPSON,
President.
recommends that the above-described
$31,718,500 First Mortgage aud Collateral Trust ThirtyYear Bonds, Series A, due July 1, 1949. included in Nos.
M-1 to M-31.718, inclusive, for $1,000 each, and included in
This Committee
Nos. D-1 to D-63.437. inclusive, for .$.500 each, be admitted
GIBSON, Chairman.
to the list.
ROBERT
Adopted
h]i
the
Governmg Committee, January 26, 1921.
E. V. D. COX, Secretary.
THE GILLETTE SAFETY RAZOR COMPANY
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER
Februarys 1921.
To
the Stockholders:
Your directors take pleasure iu submitting herewith the
report of your Company's operations for the year ended
December 31 1920.
The Net Earnings for the year 1920, including subsidiaries, without reserve for taxes, amounted to $6,803,407.
This compares with .$6,025,350 in 1919 and .S5,2.52,136
in 1918, an increase of 13% over 1919 and .30% over 1918.
FINANCIAL.
During the year 1920 the Company paid $12 00 per share
dividends on its capital stock as follows:
March
1
J2 50 per share
June
2 50 "
1
.June
1
1,
1,
1
S.\LES
The Company's
00 "
2.50 "
2 50 "
September 1
December
December
1
00 "
(extra)l
(extra) 1
DEP.\RTMENT.
sales, including the sales of
our subsidiary
companies, were as follows:
19,051,268 Dozens Extra Blades
J1920 2,090,616 Razors,
Compared with
*1919 2,315,892 Razors, 17,320,517 Dozens Extra Blades
tl918 4,580,987 Razors, 12,895,618 Dozens Extra Blades
* Includes 447,457 Razors, 2,214,566 Dozens Extra Blades furnished the
U. S. Government.
t Includes 3,479,472 Razors, 3,002,355 Dozens Extra Blades furnished
I
he
+
IT.
S.
Government.
No Government
business in 1920.
31 1920.
Notwithstanding the general reaction in business through
out the United States, the Company's domestic sales showed
It is worthy of notice
substantial increases during 1920.
that your Company's sales increased during the trying depression of the latter part of the year under review.
The year's sales of extra blades were the largest in the
history of the
Company.
the "'Big Fellow," announced last year made
appearance in April. It met with instant favor throughout the world, and your Company sold almost 200,000 of
this particular stjie during the j-ear.
During 1920 your Company continued its systematic plan
of development in foreign fields and at intervals special
representatives visited its distributing branches throughout the
world for the purpose of making financial and trade surveys.
As a result of this system of supervision by the Management, the branches have made good progress in securing
The new
set,
,
its
distribution of the Gillette line.
Despite the unfavorable exchange situation, the Company's foreign distribution has been satisfactory, and an
especially good business h>as been developed in Mexico, Cuba,
West Indies aud Central and South America, sales in these
countries having increased fivefold during 1920.
With respect to our largest volume of business from
Europe, the Management was able to make very satisfactory
banking arrangements for forward exchange during the year.
This enabled the Company to receive its funds at satisfactory
rates, despite the shrinkage in the value of exchange rates.
In other countries throughout the world your Company
has found it advisable to grant certain extensions of time
THE CHRONICLE
Feb. 12 1921.]
with well-established customers to lielp offset the uufavorabli(jxehaiige rates with which the world is afflicted at this time.
SUHSIDIAKY ('OMl'ANIES.
subsidiaries have jjiveu a jijood aecoiiiit of
themselves thi-oughout the year under review, and thtir
problem of intense distribution has shown satisfactory results.
A branch company has been established in Germany.
This branch has already become a valuable Gilk'tte distributing centre for our German trade, also coverinfjf Poland,
The ("ompaiiy's
Bohemia, Austria, Hungary and Bulgaria.
policy of merchandising through branch
involves a fairly large capital expenditure; it has
("/-(Hiho-Slovakia,
The Company's
offices
accomplished the
goods through to
working hard on
branches up to a
desired residt of controlling the? sale of our
The Management is
the final distributor.
the problem of bringing the distributing
high jmint of efficiency.
in Montreal has had a satisfactory year and continues to l)e n factor of safety in manu-
The Patent an<l Trade-nuirk Department has secured
\'aluable patents for the Company during (Ji»i year, thus
giving added protection to its product.
A \-cry active cami)aign has been oonUnuwi against
attempted infringements of our Company's pat<<nt*< and
trade marks.
Through the customs authorities the U. S. Government
has rendered us valuable assistance in pr< \ iiiting tJhe entranoe
of goods to the country that were imitations or infrin^mentfi
of our Company's patents or trade marks.
Our (^hemical Dejiartment has continu<Kl it« su[xirvision
of the ( 'ompaiiy's products, and exercised the olosost scrutiny
over all materials entering into our manufsoture.
This department is resi)on.sible for the materiaJs, 6u;.,
pur<;hased for the Company's manufa<'ture, and is operated
with "(Quality" as its watchword
<;ONCLUHlON.
The Canadian Company
Tliis is especially
facturing and distribution from tliat i)()int.
true with respect to shipments for countries with which
Canada enjoys a differential in the tariff.
The Canadian Company purchas«Hl an adjoining building
during the ye;ir 1920, gi\ ing it 35,000 mon^ square feet of
space and enabling
it
to
concentrate
its
manufacture to
better advantage.
KXTENsroN TO IIOSTON
I'LANT.
During 1920 your Company purchased valuable land adOur rtial estate holdjoining its Boston factory buildings.
ings in Boston prot<^ct the Company in respect of any possible
extension, as it now owns a comi)lete city block.
The Company's property is maintained at a very high
standard at all times.
No additional building operations are under consideration
at this time.
AD\'ERTISING DEPAUTMENT.
The Company has continued its intensive
campaign.
During the year
this
advertising
Department, besides
fol-
regular poliej-, made use of an entirely new channel
of publicity by caiTying the Gillette copy to the millions of
foreigners in our country and appealing to them through the
columns of newspapers pubhshed in their native tongue.
This has been very helpful, and distribution in these centres
has shown substantial increases.
As in its other departments, the Management has endeavored to broaden the scope and improve the quality of
the Company's advertising and keep it on a level with the
quality of the Company's production at all times.
lowing
its
MANUPACTURINCi DEPARTMENT.
The Manufacturing Department has continued its production upon satisfactory lines and many improvements have
been effected.
The year under review^ has been a trying one from the
standpoint of the manufacturer.
Labor has found it difficult to readjust itself toward prewar conditions, either with respect to compensation or
efficiency.
While your Company has always paid
fair
wages,
it
did
not, during the war period, ad^•ance its wage rates to an
It has, therefore, been in a favorable
inordinate height.
position during the readjustment period of 1920.
MECHANICAL, PATENT AND CHEMICAL DEPARTMENTS.
The Mechanical Department has done effective work
during the year. Many new machines have been developed
tending toward the more efficient handling of the Company's
666
Near under review has bc<'n most mU)rc.«?ting.
A
business readjustnumt has taken place such as few were
Tlic
prepared
The
for.
of general merchandising, exchange,
throughout the world had been very unsatisfactory.
trtiiid
The Management feels, therefore, that the rosults <ibtained during 1920 were gratifying, and it approaches 1921
confident in th(i thought that the Company's position was
never more fundamentally sound.
While we have enjoyed no Government business your
company's razor sales during 1920 were large and the extra
blade sales have shown a satisfactory increase. This indicat(!S a continued use of the Company's producte on an expanding scale.
During the year under review your Company has carried
on more intensive advertising and selling methods than ever
before, and a substantial volume of razor business has been
developed by process of education.
Sensing the reaction in business conditions, the Management in January, 1920, began a systematic canvass of all its
departments. Expense, &c., were reduced to a normal
basis, and the general efficiency of the employees improved.
—
The Company, therefore, was in good condition when, ten
months later, the general depression became so acute in
every line of business.
More than 70% of the Company's employees are holders
of its shares.
Submitted on behaU" of the du'ectors,
J. E. ALDRED, Chairman of
ASSETS
December 31 1920.
Cash
Accounts Receivable
$635,470
5,922,552
3,022,039
8,480,888
2,742,432
3,037,811
22,747
4,225,000
$28,088,942
Inventories
Investments
Real Estate and Buildings
Machinery and Tools
Deferred Charges
Patents
LIABILITIES
1912
1913
1914
1915
1916
1917
*1918
tl919
11920
2,869,576
3,448,021
4,414,153
5,928,117
7,153,466
9,619,030
12,895,618
17,320,517
19,051,268
1912
1913
1914
1915
1916
1917
1918
1919
1920
$1,155,669
1,372,273
1,673,436
2,427,174
3,192,832
4,603,782
5,252,136
6,025,350
6,803,407
*
Capital Stock
Accounts and Notes Payable
$21,200,000
1,923,627
4.965,315
$28,088,942
Surplus
t
NUMBER OP RAZORS
SOLD.
1912-1920.
Regular Business
GoTemiAflDt Business
DOZBNS OF BLADES SOLD
NET EARNINGS FOR YEAR
Includes 3,479,472 Razors and 3,002,355 Dozens Extra Blades sold the UniitU Stat«K (ioveniinent in 1918.
447.457 Razors and 2.214,566 Dozens Extra Blades sold the I'uitud States; Govirninent in 1919.
Indicates no Go\criunent business in 1920.
t Includes
15
72
34
40
90
76
26
00
53
December 31 1920
SALES AND EARNINGS, INCLUDING SUBSIDIARY COMPANIES,
1912
1913
1914
1915
1916
1917
'1918
tl919
tl920
the Board.
THE GILLETTE SAFETY RAZOR COMPANY
manufacture.
405,292
397,504
350,765
451,861
782,028
1,094,182
4,580,987
2,315,892
2,090,616
<fcc..
00
12
41
53
THE CHRONICLE
666
^Ixjc
^ommtxcml Jimts.
COMMERCIAL EPITOME.
New York, Friday Ni{/ht, Feb. 11 1021.
a more cheerful feeling in American trade without much increase in actual huHinesH. That is the sum and
substance of recent developmentH. There is a fair businc^ss
More busiIn some lines, notai)ly in the clothing trades.
ness Ls being done in cottons and silks than in almost anything else. Naturally spring goods come in for more attention than others. Yet it is still very clear that buyers
It is
are cautious. They are not buying heavily ahead.
The future they
present wants that they are supplying.
are leaving to further developments. There is more or less
Iron and steel
distrust of the Btal)ility of present prices.
have been dull and lower. And sales of coal and building
materials are small. The amount of building projected in
January was only about one-lialf that in the same month
last year. Copper has been somewhat firmer on the formation of the $40,000,000 Cotton Export Association by big
institutions for financing the export of 400,000,000 pounds
But actual business does not increasa Crude
of cotton.
petroleum prices are down. Grain is higher, but meats in
some cases are lower, as well as coffee, while sugar has
advanced on talk to the effect that the Cuban Government
will have the assistance of financiers in an attempt to staCotton goods have declined somewhat.
bilize sugar prices.
Southern markets have latterly been making larger sales
of the actual cotton. In the Central West business shows
a slight but unmistakable increase. And there is a notion
that stocks of manufactured goods in many parts of the
country are at a comparatively low stage, after mouths of
very light buying. Cotton mills are more active, both in
New England and at the South. Wool shows more firmness
at home and abroad, with trade approaching the normal
in this country. Lancashire complains of great depression,
partly owing to the fact that the Far East is in poor shape
by reason of the low price of silver and adverse exchange
rates, all of which reacts more or less on the raw cotton
trade of this country.
Meanwhile unemployment is still very large throughout
the United States, only mitigated by the extraordinary
mildness of the winter. Still there are some millions of
men out of employment. And it is regrettable that production is not being speeded up; quite the contrary. It is far
below what it ought to be. Wages have in some cases been
cut, but the fact remains that labor has not yet been fully
liquidated. The great need of the country is a reduction
in cost of production and an increased output of goods,
bringing prices down to something like normal and giving
the needed jog to general business. The cost of living is
being gradually reduced, and as this process progresses it
its believed that wages will gradually decline, not at all
to the detriment of labor, since it is a mere truism that a
dollar is worth only what it will buy.
Retail business is
stiU more or less disappointing, largely because prices remain high. Retailers, it is charged, are not reducing the
price of food, etc., to a degree commensurate with the recent
declines in wholesale prices. Retail dry goods prices are
There
still
Ih
high.
In the South the feeling is a little more cheerful, despite
the recent declines in lumber, oil and cotton and the falling
off in the trade in these articles in some parts of the Southern States. Cigar manufacturers in the East report a somewhat better business as old strikes have been adjusted.
Lumber is duU and the output has been reduced at the
South and on the Pacific Coast. Cement mills in some
cases have closed. There is a lessened sale of builders'
hardware. Coal is dull and the output is only 60% to 75%
of the "high" of last autumn.
Collections are none too
prompt. They do not keep pace with some increase of optimism in parts of the country. And failures are more numerous this week than they were last week, the total being
389 against 313 last week, 104 in the same week of 1920,
106 in 1919, 248 in 1918, and 282 in 1917. Exports of wheat
for the week were liberal, exceeding 7,500,000 bushels, and
are now approaching 300,000,000 bushels, or more than 100,000,000 bushels in excess of the total at this time last year.
Eggs have recently declined 10c. to 19c. per dozen in some
parts of the country, including 18c. here, but retailers, it is
charged, are holding up their customers in and around New
York, making, it is alleged by officials of the State Department of Foods and Markets in many cases a profit of 100%.
Wholesale prices have fallen 31 cents i)er dozen in two
weeks. Yet retailers make no such reduction. Some retail
stores pay 42 cents for California eggs and charge 86c.
Eggs in Toledo declined 12c. in a week and on the 7th instant were quoted at 50c. there. At St. Louis best eggs were
sold at 35c. a dozen wholesale.
Favorable weather and
lower feed prices caused the decline in prices there. In
Kansas City they declined 19c. in two weeks, the price there
being quoted at 36c. a dozen, wholesale.
Roast loin of
pork sells for 18c. retail in Chicago. Milk sells for 12c. in
Minneapolis. Texas crude oil has again dropped 25c. a bbl.
At New York onions and potatoes and some other staples
are down. Potatoes sold at $2.25 to $2.50 a bbl. of 180 lbs.
and onions at 75c. a 100 lbs.
[Vol. 112.
At Nashville, Tenn., on Feb. 8, carpenters agreed to have
wages reduced 20% so as to stimulate building. The
eiiii'loyees of the Standard Oil Co. of l/oulslana, at a confcrcn'-e at I'>aton Ilouge, La., have voted to accept a 10%
Steainfltters and
reduction in wages after February 15.
electricians' wages in Huffalo on the 7th instant were cut
from $1 to 90 cents an hour, and carfienters from $1 to 80
cents.
Bricklayers thc-re are on a strike for an increase to
$1.25 an hour. Their old .«cale was $1. The Eaton, Crane &
I'ike Co. stationery mills, of I'ittsfield, Mass., employing
9O0 workers, reduced wages 10%, effective Feb. 14. The
Cap Makers' Union at New Haven, Conn., have agreed to a
cut in wages and the employees who have been idle for sixteen we<;ks will resume work at once. The International
Tiuje Recorder Co. of p]ndicott, one of the largest concerns
of its kind in the world, has cut wages 10%. The J. & P.
Coats thread mills of Pawtucket, R. I., will hereafter operate night shifts, as will the Weypoyset Co. of Central Falls.
At IMttsburgh the Flacous Glass plant resumed or)eration8
on Feb. 9. At Lynn, Mass., the General Electric Co. cnt
wages of piece workers 13%. Several cotton mills In North
Carolina have resumed full-time operations and others it Is
said are planning to do so next week. At Nashville, Tenn.,
members of the local Cari)enter3' Union voted unanimously
to have their wages cut 20%, i.e. from 75c. to 60c. an hour.
Twenty mills of the McKeesport Tin Plate Co. at Pittsburgh. Pa., resumed operations on Feb. 7 after being closed
since Dec. 23. Twenty-four other mills of the company are
still closed.
At Pittsburgh, on the 9th instant, a big glass
their
plant, after being shut
down
since the first of the year,
resumed operations. One hundred and fifty employees of
the Ilendee Manufacturing Co. of Springfield, Mass., makers of motorcycles, were laid off on the 8th instant.
The
Weir Stove Co. of Taunton, R. I. has shut down operations
it will reopen at a 15% cut in wages.
Mo., plant of the Atlas Portland Cement Co.
has reduced wages because of the conditions in the industry.
The plants of the company at Northampton, Pa., and
Hudson, N. Y.. have been shut down.
Robert P. Brindell, convicted of extortion in connection
with building operations in New Y'ork, was sentenced on
February 8 to five to ten years at hard labor in Sing Sing
prison, but he and some of his alleged confederates will be
tried on other indictments and there is a possibility that
Brindell may receive additional sentences aggregating many
when
until Feb. 15,
The Hannibal,
years more.
A Havana dispatch declares that the Cuban laborer under the moratorium seems to have relaxed and given up
working, causing a jam of merchandise at Havana, where
hundreds of freight vessels lie at anchor, while the
wharves are congested with freight, much of it perishable
and rotting. Chinese labor is being brought in to work
plantations where the native labor has laid down.
LARD lower; prime Western 12.45 @ 12.55c.; refined to the
Continent 14 ^c; South American 15c.; Brazil in kegs 16e.
Futures declined in a dull market. Packers sold. Moreover hogs declined. This counted for a time at least for
more than a rise in gi'ain. The trouble is that cash trade
is so slow and stocks are increasing.
Today prices declined
and May ended 95 points lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
May delivers'
cts.12.75
July delivery-
Mon.
12.42
12.75
Wed.
Tries.
12.35
12.60
12.22
12.55
Thurs.
Fri.
12.22
12.10
12.55
12.40
PORK
lower; mess, S21 50@S23 50; family, $36@,S40;
short clear, $32@$35. May closed at S20 75, a decline for
Beef quiet; mess, $16@$18; packet,
the week of $1 50.
$19@|21; family, $27 (^$28; extra India mess, S45@$46;
No. 1 canned roast beef, $3 15; No. 2, S8 25. Cut meats
steady; pickled hams, 10 to 20 lbs., 203^@21^c.; pickled
bellies, 10 to 12 lbs., 16@20c.
Butter, creamery extras,
433^@44c. Cheese, flats, 12@29e. Eggs, fresh gathered
extras, 41c.
COFFEE on the spot in moderate demand but steady at
6^@6^e. for No. 7 Rio and 9^@10^c. for No. 4 Santos.
Fair to good Cueuta is unchanged at ll^@1234c. Futures
deeUned, hght receipts and steady prices early at BraziUan
markets being offset by dulness of trade. Besides the quantity of Brazil in sight for the United States is 1,850,000 bags,
Longs
or nearly half a miUion bags more than a year ago.
in March have been seUing and going into July-September
To-day prices decUned and they end
at wide differences.
14 to 18 points lower for the week.
Spot(unofficial)cts.6''s-3ilMay
March
-6.22@6.24|July
ctS-6.69@6.70|Sept
7.
cts.7.48@7.49
11@7. 12 December ...7.83 @7.S4
1
SUGAR
more active and higher; centrifugal 96 degrees
Cuban and Porto Rican 5.02c. Futures advanced with
reports that a movement is on foot to control sales of the new
Cuban crop. President Menoeal of Cuba, it is said, is
test
about to sign the bill authorizing the appointment of a
committee to take charge gf the 1920-21 Cuban crop. This
committee it is said will be made up of seven members,
four from Cuba and three from New York. President
Hawley of the Cuban-American Sugar Co. being mentioned
Others it is rumored will be Manuel Rionda,
as one.
President of the Cuba Cane Sugar Co., Miguel Arango,
Porfirio Franca, F. H. Beatty and Vice-President Simonson
There is considerable doubt
of the National City Bank.
among mam'
as to the feasibility of plans to stabihze prices.
THE CHRONICLE
Fkb. 12 1921.]
W
the law of supply
Tlu-y think the ultimat<> arbittr must
The stagnation in the trade in refined sufjar
early in th(* w«»ek was believ(>d to l)e a serious ohstaele.
The East and tin* West may eonie to close {J:rips on tlie
On Fel). SIh .sales were reported of
struggle for business.
Porto Ili(;o afloat at 4.iS9e. e, i. t'. an achanee of 'je. re(( iill.\
Porto Rico was lifted to r).02e. »•. i. f. ('nl)an sold later at
3Ji)e. or 14c. higher and Porto Kico afloat at equal to
4.89o. c. i. f.
Later nearly lOU.OUO bags of Cuban raws sold
This is ^4 to 1 cent abo\(' the low price of
at 4^4 cents.
Also ir),(KK) Itags of Porto Hieos sold at 5. 20c.
last week.
Ther(> were furtlier reports tliat an effort will b«« made to
and demand.
.
Cuban sugar
stabilize
Refined today
])rices.
is
re])orle<l in
(iraimlated was offi nd a! li.Soc. to 7c.
better demand,
Receipts at Cuban ports for the week were.94 o7-j tons
^.gainst l()2.ir>2 in the previous wook, 102,347 last year and
145,0(50 in 1919; exports 34.27S tons against 22,111 last
week, 9cS,()r)3 last year and i)2.212 in 1919; slock 2r>l,l.")S
against 19(),SG1 last week, 2GS,994 hist yeiir and 302.()S() in
Kxports included 2.3.407 tons to U. S.
the ])r(>vious yejir.
Atlantic ports", 2,400 to Xew Orleans, 2,933 tons to Clalveston
and r),.")3S to Australia. Old croj) exports to Atlantic ports
were 11,123 tons; stock 120,137 tons. Havana cabled
"weather unsettled." Today prices advanced with spot
raw stronger and March and i\Iay end 30 to 40 points higher
for the week.
cts-4 89@4.90
Spot (unofficial) cts.4>ii [March. cts.4 52(a4 vWIJuly
4. 70@4. 72 September... 5.03@5.06
February
iMay
@
««7
Latterly sales of leaf Ujbacco are said to have increased bomeAnd somewhat more cheerful reports come from
eastern centres of the cigar manufacturing busine*B, partly
owing to the .settlement (jf long standing strikes. Richmond
wired February 9 that at a iiietting of the dire<'tors of the
Tobacco .Association of the Initefi States and of bankers
from (he tfjbacco grow ing sections of Virginia, North Carolina
and Kentucky resolutions were adopted urging the reduction
of tobacco acreage this year by one-half.
what.
COPPER
early in tlu* week was much firmer than it had
some lime jiast. There were more inquiries fnjm
consumers and a fair amount of business was reported. Bui
l)ecn for
remained unchanged, electrolytic being quoted at
Later, however, the demand fell off and actual
business was light. There was much interest manifested
by th(> tradi' in the plan for the financing of coi)per exports,
but it did not have much effect on liusiness. A copper
financing plan is announced.
It st^ems it removed tlireefourths of the surplus from the market.
Hankers are offering $40,0t)(),(HM) of Ex])ort Association notes se«',ared by the
pledge of 400,000,000 lbs. of refined metal and guaranteed
by the copper producing companies. The bankers' .syndicate
is headed by the Guaranty Trust Co.
The is«tie carries an
8% coupon rate. Tin lower in sympathy with a l)reak in
Lead
the London market. Sjjot was quoted at 3234d.
quiet and lower at 4.75c. spot N(iw York.
Zinc quiet at
prices
13 ]i
(fi
13 ]<•.
4.95(^. for
spot St. Louis.
I
—
OILS. Linsoetl quiet and lower; February-.\pril carloads,
67 to G9c.; less than carloads, 72c.; five bbls. or less. 74c.
Cocoanut, Ceylon bbls., ll^^@12c.; Cochin bbls., I2y2(a
13e.
Olive,
Cod, domestic, 60(fli62c. Newfound.S2.
land, 65(a68e.
Laxd, special prime, 1.20c. Soya bean,
edible, 93/2(a;10<-.
(^ottonseed oil sales to-day, 21,000 bbls.,
March closing at 7.80(!.; May at 8. 38 @ 8. 40c., and July at
Common to good
8.05 @8. 66c. Spirits of turpentine, 00c.
strained rosin, $7 50.
The general trend of
quiet but steady.
Refined in bbls.
prices is lower in the absence of demand.
2:3.r>0@24.50c.; bulk 12.50@13.50c.; cases 25.25^20. 25c.
Gasoline and kerosene declined and still lower prices are predicted.
Gasoline in steel bbls. was quoted at 30c.; motor
gasoline, U. S. Navy^ specifications, 23e.; naphtha, 03 to 00
Some 4,000,000 gallons
deg., 27.50c.; 06 to 08 deg., 28.50c.
of raw casing-head gasoline has, it seems, been sold by one
company, covering most of its output for the next year.
The American Petroleum Institute estimates the daily aver-
PETROLEUM
a.ge
production of crude
oil
during
week ended Feb. 5
tlie
at 1,282,815 bbls., against 1,207,415 bbls. in the previous
week. This includes 325,000 bbls. in California, the same
as in the previous week; 279,000 in Oklahoma, against 273,370 in the previous week; 130,935 in Central Texas, against
130,400 in the pre\ious week; also Eastern, 121,000, against
121,000; Gulf, 119,880, against 110,920; Kansas, 83,900,
against 85,075; and Wyoming and ^Montana, 54,030, against
52,645.
Pennsylvania
$1 75
$4 75 Indiana
S2 63 Strawn
Coming
3 00 Princeton
Cabell
3 46 Illinoi.s
Somerset, 32 deg.
PljTnouth
and above
2 75 Kansas &
2 77 Thr.ill
7 77 Healdton
2 23 Moran
OklaHenrietta
homa
1
75
1
00
175
1
75
75 Caddo. La light. 2 00
1 50 Caddo, crude
1 25
2 05 Corsicsana, light
Lima
75 De Soto
1 90
2 73 ('orsicana, heavy .
Electra
1 75
rise in sterh'ng and a
quiet but firmer.
scarcity of offerings were among the principal factors.
And the satisfactoiy basis proposed for tlie settlement of the*
Goodyear Tu'e Co.'s affairs also had a favorable effe(!t.
the whole, however, there was little disposition to trade.
Ragland.
Woosfer
1
50
1
RUBBER
,
A
On
About the only purchases being made
are to
fill
immediate
requirements. Continued dulness in manufacturing trades
and the uncertain outlook for improvement in the tire industry' have had an adverse effect^ on sentiment.
Sinoked
ribbed sheets on the spot and Februarv delivery were quoted
March, 19e.; April-May, 21>2C.; July-Dec, 25 ^c.
Para and central have been dull at unchanged prices; i. e.,
at 18>^c.;
up-river fine, ll^/ic; Corinto, r2c.
OCEAN FREIGHTS have remained dull and weak.
Early in the week coal was quoted to West Italy and Marseilles at S5 75 per ton and to Rotterdam at $4; to C!hile at
about %b 25 to S5 50; Para and Pernambuco at $5 50; to the
lower Plate, July form, S5 50. Freight rates to the United
Kingdom have been cut, it appears, on an average of 25%.
Ciuirtors incluclid coal from Atlar.lic yhw-c to wost Italy. ?6 prompt:
to Kotterdajn or Ainslerdiini .§;! 85 Welsh form j)rompt; t:j lian^elona or
Valencia, $fi 25; to Fronch -Vtlantic port, $4 25; oi)tion of west coast of
.South .Vnic:i<a. .?5 50: fro)n Virginia to Hio de Jane'ro. $5 75. February:
sut.;ar from north sidn nf Cuba to Ncv.' York or Philadelphia, 22!-ic
one
round trip in trausatlaiMic trade. l,Gr;5 steamer. .§2 50 prompt; coiil
froiii Atlantic ra7nr(' to i^arcoloua or Valencia. $(> .'50;
deals from St
.To'i'n,
T!
(o United Kiiigrdom, n2s fid
griiin from Atlantic ran^e to
United Ivin(.-d<ir,i, 22c per 100 lbs
quarters
prain
25,000
from a Gulf
port to U'lited Kin^cdom, 7s Gd prompt; coal from .\f lantic rsmnc to Rotterdam, S2 S5 prompt; deals from Rt John,
1!
<o west Britain, 140s
Fcl niary; steamer, .5.500 tons from San Lorenzo to United Kingdom,
:
N
:
.
PIG IRON has remained
British pig iron has been
are gradually declining. Buyers are playing a waiting game.
It is supposed that No. 2
plain iron in some qtiarters at least could be had at around
%29, at furnace, although the nominal quotation is $30.
Birmingham says that sales have been made at S29 and less.
Bessemer is quoted at $31 to $32, the latter price more
nominal than otherwise.
reduced
5s.
American
dull.
pri(;es
STEEL has been dull and depressed. Even Pittsburgh
despatches which have been optimistic in the past now say
that it is hard to sustain prices.
Youngstown reports cuts in
Bars are down
plates and bars of 20 to 25 cents on plats.
to $2.25 base or less.
Even as low a-s .$2.15 has been rumIndependent conored; plates .$2.40 to $2.45 Pittsburgh.
cerns are now at the helm and reductions are reported in
British tine
various kinds of steel of $5 to $8 a ton.
plate has dropped to the basis of £23.
WOOL
has been firm and fine wools, like pulled and Aushave been in fair demand. Foreign markets have been for the most part firm; that is, in Auslx'alia
tralian scoured,
and also, it is said, in London and Antwerp. On Feb. 7
Melbourne, Australia, reported pricc^s very firm with a
good selection offered and Americans si ill leading buyers,
mostly of merino warp wool of the spiimers' types. Quotations for Port Phillip wool on the basis clean landed were
at, it is said, about 90c. for super 04s; 99c. for 67-70s, good
worsted wools; $1 12 for super 70s worsted wools, and $1 15
on 80s for good worsted wools. Sydney cable prices were
still firm with the demand for America about last week's
price;-.
Western district Geelong wools were wanted for
America at about $1 07 clean-landed basis for good combing
04- 70s.
Cables from Buenos Aires reported an active
market and prices 1 to 2c. higher on standard and super
wools.
Scarcity of ships may cause canciiUation of some
foreign purchases.
At Najner, New Zealand, on Feb. 9
10,000 bales were offered and 3,200 sold.
Demand was
poor, but the pz-ices paid were up to those paid at Wanganui
last week.
America was not buying. The selection was
disapj)ointing.
At the -\uckland. New Zealand, wool sales
on Feb. 7 8,544 bales were offered and 2,850 sold.
Demand
for low grades was poor.
Kalf-bred sold at 334^d.; crossbred fine 8d. to lOd.; medium, 5Hd.; coarse. S^d. to 4Hd.
At the Liverpool sale on Feb. 10, 20,740 bales were offered,
including 2.235 bales of West Austrahan, 2,805 of South
.Vustralian, 7,091 of Sydney 5,219 of New Zealand and 2,085
of Victoria.
Some 15,000 bales were sold. Prices were
unchanged for the bettor class. Merinos were rather easier
than cros.sbreds on Loudon i)arity. Sydney scoured combings sold at Is 8d., supers 3()d., greasy super combings 3()d.,
Victoria greasy crossl)reds 17d. and extra .super combings
New Zealand greasj' crossbreds are 13,^d., fine 14d.,
bred lambs 203^d. Adelaide greasy combings were 18d.
super 223^d., scoured 24d. At Napier, New Zealand, on
Wednesday the attendance was good but demand light.
America was not buying. The prices paid for 40-44s were
2Hd. to 5d.; 44-40s"., Od. to 7d.; 40-488., 7 d. to 9d.; 50s
none offered. Crossbred ])ieces and bellies; good greasy,
Gd. to 9>2d.; medium 4d. to Od.; inferior 7d.
Crossbred
lambs good greasy 9d. to 12d.; medium Od. to 8d., inferior
33d.,
%
,
N
Continent,
,'i2.s
Gd
,
,
.
February-March
TOBACCO
lias been quiet.
Buyers are still playing a
game. Packers and dealers are supposed to be skimming along on thin ice in the sense that they are carrying but
scanty supplies, but they are evidently not at all ner\ous.
Manufacturers are said to be having a rather larger trade.
But it does not galvanize the tobacco market into new life.
w^aiting
very dull; other grades arc also largely neglected.
Prices are still called "nominal" but some would not be
surprised to see lower bids accepted on actual business.
Fillers are
2d. to 4d.
The British Australian Wool Realization .Association has
issued a statement of stock on Dec. 31.
The total at home
afloat and abroad was 2,550.000 bales consisting of .Vustalian, 1.810.000; Now Zealand, 768,000 and Falkland Island
2,000.
Of the Australian stock 1,013,000 bales are in the
United Kingdom, l.")0,000 afloat bound for the United
Kingdom and 7(),00() in .Australia. Of the New Zealand
stock 370,000 bales are in th(» I'nited Kingdom. 70.000 afloat
for the United Kingdom, 1,000 in .^ntv.erp and 315,000 in
Australia.
Allowing for the quantities sold this year the
stocks thus greatly e.xceed 2,000,000 bales of old wools not
.
.
THE CHRONICLE
668
countiner 100, (XX) bales old wools aooumulatecl in South
.\fri(;i, whicrh will he loft for the British Australian Wool
Realization Association to soil.
[Vol. 112.
In addition to above exports, our telegrams to-nighr, also
us the following amounts of cotton on sliipboard, not
cleared, at the ports named.
add similar figures for
giv(!
New
We
York.
COTTON
FriHny Night, Feb. 11 1021.
OF
CROP, as indicatod by our
telegrams from the South to-night, is given b(;low.
For tho
THE MOVEMENT
THE
week ending
this evening tlio total receipts have reaehed
118,122 bales, against 149,437 bales last week and 141,8.'jS
bales the pre"vious week, makinjj the total receipts .^inco
Aug. 1 1020 4,218,204 bales, ag.ainst 4,007,(52.5 bales for the
same period of 1010-20, showing a decrease since Aug. 1
1920 of 749.331 bales.
Galveston
Texas City
9.723
Wed.
Tues.
Moil.
Sat.
7.344
3.458
6.156
17.181
Houston
9.881
'694
5.173
5.000
2
144
55
340
436
2.59
"19
"19
..
782
964
1.593
A.109
1.096
1.078
6.622
Charleston
"WMlmlnRton
Norfolk
N'port News, &c.
162
353
218
803
265
292
261
140
348
440
85
549
220
'240
41
827
36
1.207
5.197
Brunswick.-
New York
1,358
50
50
680
133
197
117
17.074
18 631
21.3?9
Boston . Baltimore
1.220
5.000
1.236
1.421
36
927
421
972
".50
972
71
Philadelphia
Totals this week
2i.9n 24.144 118.122
9 031
The
following shows the week's total receipts, the cotal
since Aug. 1 1920 and slocks to-night, compared with the
last year:
1920-21.
1919-20.
Stock.
Receipts to
This
Week.
Since Ana
1 1910.
Galveston
52.328 2.024.143
Texas Citj
18.276
1.286
Houston
291.0.54
9.881
Port Arthtir, &c..
694
40.165
60..505
1.648.668
11,486
2.58.361
57 .852
'.378
970.410
5,000
65,967
33.620
22.101
868,843
This
Week.
February 11.
New Orleans
SincpAuci
30.875
5.000
Gulfport
Mobile
1.236
Pensacola
j
"19
Jacksonville
Savannah
Brunswick
6.622
Charleston
"Wilmington
r.42i
1.207
5.197
Norfolk..
N'port News, &c.
'3',
_,
"226
1,50
1
.306
118.122 4.218.294
1921.
1920.
337,050
5.115
309.180
88.125
434".748
4'2'2',425
225"l"63
15 705
12.0.50
17.021 1,002.302
129 300
2 000
2.155
209. «93
2,061
117.800
23.307
19.296
29.934
4.603
Philadelphia
Totals
s'sos
426,250
8.985
51,147
57.084
178.217
36
927
421
972
New York
Boston
Baltimore
1920.
1
6.317
196
125
268.596
3.795
14.703
448
18. ,508
2,115
77.2«0
16 615
297
1
23".926
2b'850
'"2".
'5"8.52
192
150,414
2.194
244.916
20.660
78,281
237.613
7.700
64.304
59.6.55
91.202
l"0"8".8i7
'5'4"..531
11,794
4.210
4.835
5.506
6.865
10.045
42 755 4.967,625 1.429.176 1.383.8.53
In order that ooraparisoa may be made with other years,
give below the totals at leading ports for six seasons:
we
Receipts al
—
1020,
1921.
Galveston
TexasCity.&c.
52.328
Orleans.
30 S75
1 236
6.622
New
ll.Siil
Mobile
Savannah
Brun.-<wick
1919,
60.505
11.864
33 620
3 805
17 021
2 000
1917,
1918.
28.815
9. ,584
37 671
2.751
12,476
""2"647
33.781
3.606
43.675
5.970
11.867
3.000
1.976
43
2.472
Charleston
"Wilmington ..
Norfolk
i:4"2l
2.1.55
2'>7
892
3''i
7.339
2.061
6.317
196
3.211
1 ..588
N'port N.,&c,
5,523
"""572
6.055
274
4,207
118.122
142.7.55
101.4771
115.373
1
5.197
All others
Total this wk.
,.587
19.361
816
1916,
55.101
5.345
22 014
1
.634
3.661
2,000
19.469
,535
1,791
223
3,308
19,229
" '7",644
14,839
83.037
142.403
1
,500
963
488
Since Auk. 1.. 4 218.294 4.967 625 3. .554 .498 4.315.855 5.393.783 5.131.939
exports for the week ending this evenins; reach a total
99.198 bales, of which 9,990 were to Great Britain,
6,989 to France and 82,219 to other destinations. Exports
for the week and since Aug. 1 1920 are as follows:
The
of
Wetk ending
Feb. 11 1921.
Exported to
—
From Aug.
I
1920 to Feb. 11 1921.
Exported to
—
Exports
from —
Oreat
Britain. Franct. Other.
Galveston
.
3.909
Houston
Texas City.
S&D Antonio
Port Arthur
El Paso
New Orleans
Mobile
Total.
5,001 29.03^ 37.945
9,881
9,881
'3'597 ""l',988
l"l",83i
5,000
Gulport
"l'7",4i6
300
New
2'r6".321
"5'8".635
15.797
2.700
6,650
l'0"2",39,3
"4"l",667
5,000
2,000
2.000
Wilmington
York-.
Boston
7,828
9,499
19.701
1,300
19,701
1,600
'3"5',727
400
400
184
7.004
2,931
184
349
Phlladelnhta
"
"7",4R6
119
1,246
2,746
2,325
Seattle. ..
2,746
2,325
Tacoma
mill
Ore
Other.
Total.
800.010 1,609,330
105.724 291.054
6.573
18.262
27.658
27,658
650
""I'.iw
1,5.50
876
336.717
5,768
110
5,000
118,169
876
611.073
28.215
2,810
5.000
262,169
7,828
13.499
66,301
52.802
51.179
8.626
4.493
659
6.422
36.278
34.930
24.710
1,000
4 00"d
66.301
17,075
36.709
5,576
2,898
6.59
2.fi00
""3'822
Los A nseles
San Fran
Portl'd,
237,342
44.111
2,709
'""650
"^
Nortolk
571.978
141.219
8.980
France.
"^
.TackBODvUle
Charleston
Great
Britain.
36.278
34.930
24,710
1,000
6,989 82,219 99.198 1,127,198
399,285 1,640.891 3.167,374
Tot. 'IQ-'aO 79.631 19,827 40.7,57 137.215 2.172.855
Tot. 'IS-'IQ 44.79S 15.241 17,329 97.359 1.335.304
413.032 1,474.288 4.0fiO,176
427.940 933.202 2.696,446
1
Total
9.990
3.000
2.773
Mobile...
Norfolk
Now York*
Other ports*..
Cleared for
Ger-
Other
many.
Confl.
1 1
,000
5.6.53
12.440
19.803
1.000
Charleston
—
Coastwine.
2,000
10,7.50
.500
1.000
5,960
400
all. 179
.loo
300
3.000
6.073
9.936
20,9.53
1,000
694
30 875
8. .391
Savannah
Orlean."*..
*Estlniated.
1.286
9.881
531
Jacksonville
New
Savannah
10.274
5.040
2.000
52.328
3.271
Pensacola
Galveston
Greal
Rrilnin. France
8.466
1.286
7.992
Mobile
at—
Total.
5.517
Port Arthur, &c.
New Orleans
Gulfport
Feb. 11
Total 1921.. 24.674
Total 1920.. 117.001
Total 1919.. .57,818
Fri.
Thxim.
On Shipboard. Act
.58,787
200
43.622
7.089 106,447
35,174
25
200
Lenring
Total.
Slock.
38,714
44.019
3.000
298.336
390.729
146.914
243 916
6.756
7« n»i
107.647
47.000
1
000
17.164
200
1.200
4,000
14.475 109.797 1.319.379
16,060 2.56..533 1,127.32«
5,2.50 1.57.029 1.2,32.784
a 10,500 for Japan and China.
Speculation in cotton for future delivery has l)e<'n on a
scale and fluctuations have for the most part
been within narrow limits. Still jirices have had in the main
an ui)ward turn. For there is i)ut little sellin? by the South
and contracts have often been relatively scarce. And the
stock market has at times been stron?er.
Cotton has to
some extent taken its cue from stocl<s. and it mnr be added
to a certain extent also from a rise in wheat, corn and su^ar.
Of late the Liverpool market has been somewhat .steadier.
Declines have been smaller where they have occurred.
And latterly, too, the spot sales at New Orleans have noticeably increased, as compared with recent very small totals.
A report that 400,000,000 lbs. of copper will be
financed by big financial institutions of this country was
taken to mean greater confidence in the future of American business. IMg thread mills in Rhode Island have resumed work on a 48-hour week, with night .shifts in the
spinning department. More Southern mills have resumed
full time.
The country has been buying .croods sparingly
for many months past, and it is assumed that stocks must
be down to a comparatively low stage. It is believed in fact
that manufactured stocks are low all over the world. At
the same time Continental Europe at least is carrying small
supplies of raw cotton. And although Liverpool's stocks are
larger than in recent years they are noticeably smaller than
the average for several years immediately preceding the
war. Spinners' stocks of raw materials are believed to
Exports it is true have
be small at home and abroad.
been very moderate from American ports of late, but
frei.ehts to the United Kingdom are down on an average
of 25%. This ought to help when the outward movement
of cotton begins to increase, as many think it will, in the
near future. Meantime foreign exchange advanced to some
Mills have been buying October
extent and also silver.
and nearer months to some extent. Liverpool has also
bought more or less; also .lapanese interests. On the 8th
instant Palm Beach, Fla.. shorts bought, it is estimated,
some 40.000 bales. Other shorts raised the total amount
covered on that day, it was estimated, to some 80.000 bales,
causing a rise from the "low" of the morning of some Go to
7.5 points.
The trouble is that contracts have not been so
plentiful as they were a while back. This is partly due to
It was exthe fact that the South is not selling freely.
pected to. But expectations have not been realized. The
South is beginning to stand its ground better. At any rate
it is not hedging here on a lar.£;e scale: quite the contrary.
Meanwhile
Possibly this is due partly to hard times.
traders sell the market in the morning and often find the
supply of contracts dwindled in the afternoon. Some are
looking for a Harding boom. That idea may prove fallaBut it is recalled that there was a boom following
cious.
the inauguration of McKinley in 1806 and some think that
conditions are somewhat similar now to what they were
then. At any rate trade is dull now as it was then. The
country had then just rid itself of the silver heresy. Xow
Stocks of comit is shaking off the evil effects of the war.
modities were low then and they are believed to be low
now. Prices are. of course, far higher now than they were
then, but they have had in many cases quite a sharp deCotton has fallen 70% in six months. The cost of
cline.
living is being gradually reduced; at all events on the two
items of food and clothing, though housing is still high.
In a word there is a feeling of greater hopefulness. Wliether
And there are
it is well or ill founded remains to be seen.
persistent predictions of a sharp decrease in the acreage
this spring. It may not be 33 1-3 to 50%, or anything like
But a notable decrease is expected, aided partly by the
it.
poverty of many farmers, partly by the insistence of not a
few of the banks, and partly by the pressure of public
opinion at the Soutli. where the population is far more
homogeneous than it is at the North and West and thereFinally the Atlantic
fore can more easily act vTs a unit.
States have not been selling freely. It was supposed that
they would by this time be throwing their cotton on the
market. They have certainly done nothing of the kind.
On the other hand, however, spot markets have much of
of
the time been quiet. At one time. too. some weakening
"futures."
And
Southwest.
the basis was reported in the
after advancing somewhat at one time, have latterly deare
clined to some extent. Stocks at the South, of course,
restricted
THE CHRONICLE
Feb. 12 1921.]
particularly it is believed in the Atlantic StateH.
will bo very heavy.
Even with a simri) reduction in the crop the supply for 1021-212 coulil be veiy
Europe is poor. It is not buying much American
larjre.
The Far East still rests under the incubus of low
cotton.
very
FUTUIiES.
larjre,
The oarry-ovor
silver
and
adverse
The German indemnity
exchange.
question is considered iiiore or less of a menace to lluroiicaii
business and somethinfr which may react on American tratlc.
Textile trades in I.ancashire and on the Continent are dull.
Manchester persistently re|torts both yarns and cloths boih
dull and depressed. In this country yarns and <'loths have
It is said that
also been dull and more or less depressed.
shorter time may be introduced by law in South Carolina.
Finally tliere is much said about the possibility of lar>:e tleliveries in New York and Liveriiool on .March contracts.
Considerable cotton is said to be on the way from Xew
Orleans to Xew York for that purpose. The first notice
day on March contracts here is Feb. 28. It is Intimateil
that a considerable percenta^'e of the SS.OOO bales rewved
here on January contracts may be retendered on March, or
even considerably more than that. That of course remains
They end at
to be seen. To-day i>rices advanced slifrhtly.
a rise on March and May for the week of only 1(5 to 17
points. Spot cotton closed at 13.85c. for middling, the same
as a week apo.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 5 lo Frb. 11—
Sat. Mon. Tues. Wed. Thurs.
Fri.
Middling uplands
14.10
65
13
14.05
14.05
NEW YORK QUOTATIONS FOR
1385 1913 .c.
37.75 1912...
25.35 1911.-.
31.50 1910...
15.55 1909...
12.10 1908...
8.65 1907...
12.75 1906...
1921 -c
1920
1919
1918
1917
1916
1915
1914
1905.
10.65 1904
14.35 1903
15.15 1903
9.«5I1901
11.55 1900
11.05 1899
11
2511898
13.85
1897. c.
1896...
1895...
1894...
1893...
1892...
7.19
8.19
5.62
8.06
9.25
7.19
9.25
11.25
1891.
1890
Ftbruani —
13.63
Much —
...
I'.bltlg
-
ll
It iii'.-e
< 'liwlne
.U'ly
—
13.05
13.95
tS.S.I
[•8lUg ...
Run!;o
13.95
K.'UICO
14.30-
14.00
cloHlng
14.50
—
uaust
—
Futures
Market
Market
Closed.
Closed.
Quiet 25 pts. adv
Quiet 45 pts. dec
Quiet 40 pts. adv
Quiet unchangod
On let 20 pt s. dor
Quiet unchanged
Saturday .
Monday
Tuesday .
Wednesday
Thursday .
Friday
—
Sepliiiibsr
—
—
—
V
,14.70-
14.40-. 15 14. 82- .00 14.87-07 14.85-10 14.40-. 18
15 02
15.00
14.91
15.06 —I
1
TOWNS
Helena.
1918.
10. 000
206.000
1,1J4.000 1,302,000
597,000
590,000
556,000
43
Augusta
Columbus
281.000
106,000
2 000
]0V.(")00
48.(I(J0
162,000
42,000
544.000
198,000
795.000
20.000
367.979
60.000
389.000
*710.000
98.000
3.000
56.000
21,000
178.000
768.000
3.i
.000
132 000
88.000
352.000
*560.000
975.000
825.000
1,429.176 1.383.853 1.389,813 1.496,1.50
l,72x,475 1,272,488 1,602.441 1.259.012
21.267
22,749
3.335
Total visible supply...
6.576.767 6,351.5.53 5,227.568 4,688.162
totals of American and ther descriptions are as follows:
Americari
Liverpool stock
bales. 640,000
870.000
299.000
319,000
Manchester stock
93.000
153.000
52.000
33,000
Continental stock
489.000
461,000 *]66,000 *1,50,0(J0
American afloat for Europe
3ki,849
630,463
367.979
132.000
U. S. port stocks
...1,429.176 1.383,853 1,389.813 1.496.150
tJ. S. interior stocks
1,728,475 1,272,488 1,602.441 1,259.012
U. S. exports to'day
21.267
2"2,749
3,335
c
4,782,707 4,793,553 3,780,568 3,389,162
372.000
5.000
14.000
67.000
67,000
71,000
223,000
975.000
London stock
Manchester stock
Continental slock
India afloat for Europe
Egypt. Brazil, &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
216.000
10.000
53.000
83.000
60,000
90,000
221,000
825.000
193.000
15.000
38,000
*32,000
20,000
.50.000
389,000
*71 0,000
168.000
20.000
50.000
*28,000
33,000
88,000
357,000
*560.000
.1,794,000 1,558.000 1,447,000 1.299,000
.4,782,767 4.793.553 3,780,568 3.389,162
"^''3'® ^"PJ''y
6,576,767 6,351
,.553
—
5,227.568 4,688.162
o ..j
-.
«,, .^-.j
,„ „.,j
MiddlinB uplands. Liverpool
8. lid.
29.67d.
16.82d.
23.01d.
Middling uplands. New York
13.85c.
38.45c.
25.80c.
31.3.5c.
Egypt, good sakel, Liverpool
18.50d.
92.00d.
.30..58d.
30.82d.
Peruvian, rough good, Liverpool
IS.OOd.
48.00d.
33,00d.
39.00d.
Broach,
uroach. fine. Liverpool
8.15d
8.15d.
24.85d.
16.92d.
21.(),5d.
'
TInnevelly.
"'Innevelly. go<
good. Liverpool
8.65d.
25.10d.
17.17d.
21.90d.
• Estimated.
Continental imports for past week have been 13.5,000 bales.
The above figures for 1921 show a decrease from last week
of 2,722 bales, a gain of 225,214 bales over 1920. an excess
of 1,349,199 bales over 1919 and a gain of 1,888,605 bales
.
Greenwood
21,272,
"172
627|
18,738
11,714
27,260
33.6«7i
432.104
34.5
1I,3S7|
45
3.242
51,133
41.430
17.700
50.609
41.433
16.249
590.839
M<!rldla,n
Yazoo City..
Mo., SI. I.nuis
N.C.Gr
nsboro
Raleigh . .
Oklii
Altus.
.
Chlcka.sha.
.
274,325;
546|
Shreveport
Clarksrtale
38.8,591
2.020
1,074
Home
I, a.,
2.801
2.296
2', 766'
Oklahoma.
S.C .Greenville 1.976;
Greenwood
3981
Tenn., Memphis 32,524
.
l",46.5
lUenham..
85
ClarksvlUe
Dallas
100,621
10,077
22.750
'698
34.2661
Paris
San Antonio
Fort Worth*
to Feb.
Receivts.
Week
Season
.
6
270
5,217
64.677
74;
17.8X4
l';2
3.5.916
812
27.624
14.987
44.330
9.2S0
18.(107
708
3.087' 61. .500
2. .505
2.328 80,867
30
6.517
2.626 .59.426
2.609 31. 142,
4.144160 078
5,000
76
2.725
5.396
13 1. .301
204. 42S
1.52
31.7081
4.911
18
442.327
33.625
737
352
18,6.52
3.0!!4
21.0. 328
,000
40.0(r2^
7.002
1
878
68.724
30 65.471
3 379
3.652* 80 206
1(13
16.361
3,176
115,406
1.3511 55,208
287
f.473
3,(i00
1112, l;i8
13.505
8 734
230
32.170
24,804
12.962,
103
90
15
1
6.64 3
13 1920.
Ship
Stnel'S
mcnt'.
Feb.
Week.
13.
29
2.760
246 16. .193
266
3.297
9S6
7.409
4,039 5f .067
3y.noo
"24 2.313
4,200 4U.631
5.334 34.705
14,384 164.062
19.518
40.197
900 12.600
1.854 61.930
6:.l
2,053
1.0 <6 44.751
2.300 2X.(I00
1,081
5.826
199
9.^50
72 10.314
240
9.790
18,024
9.299
5',65S
32,35X
53 18.714
30,619 28 R08l 19.106! 637.833
36.797
226
6.25l|
2,052
9. .552
241
155
12
9.184
383
2.923 I6.572!
'147135
4".397
2.435 10,730
6. .534
321
24.308
164
3.601
2'..ioi'
29.451
9.143
1,000
6.247
4'.6.56 37 4 70
4.051
110.332
1.466 15.875
2491
308 13 042
614
15.086|
7.900
35.301380.008 38,916 821.045 38.632 291,1112
1.313
1 332
995
738
2.811
'eoo,
45.1531
'hbn 4 183
5.9S0
7n|
70
2.201
72
4,348
1.198'
308
37,0,50
I2.IOO
6.938
'374 17.872
60.854
1,879
2,136 17.069
9,190
67V
29 308
276
5.194
49,240 356.864 60,6S9 ..521,212 43.744 233,617
106.694
4.401 18 058
1,171 14,284
1,071
450
30.608
688
3.613
550
2.700
4.119 25,583
1,200
37,500
1.6O0 19.100
I
I
Honey Grove
Houston ...
MovemerU
200 5,464
294 32. .540
122
916
Nashville .
Tex.. Abilene
'
I
20.9()0i
42".6i9 2 035,054
2,173
163
2.162!
80.129
36,170
88,484
Total, 41 towns 1.50,41
•
1 4,976,781 160,054 1728475 166,036 5,314.146 157.764 1272488
Last year s figures are for Cincinnati.
The above totals show that the interior stocks have decreased during the week 9,643 bales and are to-night 455,987
bales more than at the same time last j'ear.
The receipts at
all towns have been 15,625 bales less than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG.
1.
—We give below a statement showing the
for the week and since Aug. 1, as made
up from telegraphic reports Fridaj' night. The results for
the week and since .\ug. 1 in the last two
@FedFRASER