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IN C L U D IN G
Railway & Industrial Section
Bankers’ Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
NO. 2851
SATURDAY, FEBRUARY 14 , 1920
VOL. 110 .
W e e k en d in g F e b r u a r y
2 V
© Ix r o u ic tc
7.
C lea r in g s a t —
PUBLISHED WEEKLY.
T e r m s o f S u b s c r i p t i o n — P a y a b l e in A d v a n c e
For Ono Year............................................................................................... $*9
For Six Mouths................... ................. - — -............................................. .9
European Subscription (including postage)............................................
European Subscription six months (including postage)......................... *
Canadian Subscription (Including postage)............................................
NOTICE.—On account o f the fluctuations In the rates o f exchange,
remittances for European subscriptions and advertisements must bo made
In New York funds.
S u b s cr ip tio n in c lu d e s f o ll o w i n g S u p p le m e n ts —
B ank AND QUOTATION (m onthly) I RAILWAY and I ndustrial (semi-annually)
r a il w a y E arnings (m onthly)
E lectric R ailw a y (semi-annually)
and c it y (semi-annually) |B an ke rs ’ convention (yearly)
St a t e
T e r m s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch spaco (14 agato linos)....................................... $4 -0
Discount on contract matter—
,
12 consecutive Insertions 10% discount; 26 consecutive insertions
15o/o discount; 52 con secu tlvo insertions 20% discount.
Business Cards, tw elvo months (52 tunes) per Inch................................. 176 no
C hicago O ffice —39 South La Sallo Street, Tolepliono M a jestic7396L ondon O ffice —E dwards <& Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M I* . D A N A C O M P A N Y , P u b l i s h e r s ,
F r o n t. P in e and D c p c y stc r S ts ., N ew Y o r k .
Published overy Saturday morning by W IL L IA M B . D A N A C O M P A N Y i
Jacob Solbort Jr., President and Treasuror; Arnold G . D ana, Vice-President and
Secretary. Addrcssos of both, O fflco of the C om pany.____________________________
CLEARING HOUSE RETURNS.
T h e follow ing tablo, mndo up by telegraph, A c., Indicates that the total bank
clearings o f all the clearing houses o f tho United States for the week ending to-day
havo boon $7,530,450,930, against $9,145,077,588 last week and $5,884,879,291
tho corresponding week last year.
C h ic a g o ------------Cincinnati---------Cleveland_______
D etroit__________
M ilwaukee______
Indlanapolla-----Columbus_______
T o le d o __________
Peoria___________
Grand R apids—
D ayton __________
E vansville---------Springfield, 111—
Fort W ayne-------Y o u n gsto w n -----A kron_______ . . .
Lexington_______
R o c k fo r d _______
Q u in cy __________
B loom ington-----Canton---------D e ca tu r-------South B e n d ..
Springfield, O hio.
L a n sin g ------------M ansfield____
Jacksonville, I II..
D anville____ _
Lim a________
O wensboro______
Ann Arbor___
A d ria n ______
T o t. M id . W est
San F ran cisco..
Los Angeles____
Seattle . . . _____
Portland_______
Salt Lake C it y ..
Spokane_______
T a c o m a _______
O akland________
Sacramento____
San D ie g o _____
F r e s n o ________
Pasadena______
Stockton----------San Jose----------Y a k im a -----------R e n o ___________
Long B each____
1920.
1919.
P er
C e n t.
Now O rlean s..
$3,238,779,821
442,004.743
297,004,159
294.092.080
198.105.009
140.430.080
107,193,307
105.082.009
*78,000,000
03,502,429
73,431,000
$2,507,135,928
380,018,255
207,018,983
231,404,349
153,883,947
125.553,288
87,079,809
87.818,897
00.000.000
60,050,097
50,135,892
+ 29.2
+ 10.3
+ 11.5
+ 2 7 .1
+ 28.7
+ 11.9
+ 23.1
+ 2 0 .3
+ 30.0
+ 4.7
+ 30.8
Eleven cities, 5 d ays.
Other cites, 5 d ays--------
$5,038,951,909
1,040,297,408
$4,010,705,445
855,078,492
+ 2 5 .4
+ 22.3
Total P a c ific ..
372,445.280
+ 24.9
+ 43.3
Kansas C ity _____
M in n e a p o lis .....
O m aha__________
St. Paul................
D enver__________
St. Joseph---------Dcs M oines_____
Sioux C ity______
D u lu th __________
W ic h it a _________
Lincoln__________
T op ek a__________
Colorado Springs
Cedar Rapids___
P u e b lo ________ _
Fargo ----------------Frem ont________
W aterloo . . . ____
H elen a__________
Billings__________
Hastings------------A berdeen_______
Total oth . West
234.048,940
44,030,523
50,408,922
19.590.148
22,737,4011
18,404,035
12,903,010
11,034,057
0,129,198
14,589,354
5,333,477
3,499,974
1,224,883
2,922,680
951,307
2,044,834
853,444
2,077,665
St. Louis_______
New Orleans____
L o u i s v i l l e . .. .. . .
H ouston________
Galveston_______
R ic h m o n d ______
Atlanta_____- —
Memphis . . . ____
Fort W o r t h . . . . .
N ashville-----------Savannah----------N orfolk______
B irm in gham ____
M o b ile ...........
K noxville____
Charleston______
A u gusta-------Chattanooga .
Little R o c k _____
J a c k s o n v ille ...—
O k la h om a______
M a c o n ________ Austin----------------Vicksburg-----------Jackson ------------T u ls a ----------------M uskogee----------D allas___________
169 ,891,049
78 ,748,230
15,,500,0 )0
28 ,583,069
7,,614,907
65,,592,574
60,,481,904'
30,,241,1571
20,,040,045'
24 ,734,335
11 ,477,094
12 ,101,475]
17 ,315,281'
2 ,365,7271
3 ,714,018'
4 ,700,000
4 ,855,974'
8,698,609'
12.991,118'
11 ,589,480
12 ,556,228
7■,963,845
2 ,300,0 10
634,011
779,820
c l e a r i n g s — R e tu r n s b y T e le g r a p h .
W e e k e n d in g F e b . 14.
Now Y o r k ____
C h icago______
P h iladelphia..
Boston_______
Kansas C i t y ..
St. Louis_____
San Francisco.
P ittsb u rgh ___
D e tr o it ______
Baltimore___
$0,085,249,317
1,451,207,019
Total all cities, 5 d ays.........
A ll c itie s ,.! d a y ............- ..........
$4,872,383,937
1,012,405,354
+ 2 8 .1
$5,884,879,291
$7,530,450,930
T otal all cities for week.
* Partly estimated.
... .
. _ . .
The full details for tho week covered by the abovo will be given next Saturday.
W o cannot furnish them to-d ay, clearings being made up by tho clearing houses
at noon on Saturday, and hcnco In tho abovo tho last day o f tho week has to be In
all eases estimated, as we go to press Friday night.
________________________
Detailed figures lor the week ending Feb. 7 show;
W e e k e n d in g F eb ru a ry
Clearings at —
1920.
1919.
I n c . or
D ec.
$
$
%
7.
1918.
$
$
Now Y ork --------- 5,313 002.811 3,890 ,795,044 + 30.0 3,059.303, 083 3,972 055,572
48(1 157,422 380 ,739.191 + 28.3 298,811, 075 335 439,330
P h iladelphia----912,130
68,045, 479
122 ,828,504 + 21.0
149 742,435
Pittsburgh--------994,802
38,050, 509
73 ,719,135 + 22.3
90 130,243
Baltimore______
334,005
20,291, 703
20 .077,000 + 9 8 .4
39 839.000
B u ffalo_________
922.203
4,827,
155
+
4
.8
,723,219
000,000
5
0
A lb a n y -------------032,040
11,829, 577
15,140,057 + 8.8
10 478,971
W ashington------858,180
0,184, 424
0 ,183,200 + 22.1
11 214,700
Roohcstcr.............
007,908
3,602,
211
+
8.9
,400,001
4
4
702,901
Scranton-----------911,222
3,503, 425
3 ,500,000 + 10.0
3 850.000
S y ra cu s e..--------200,880
2,052, 549
2 ,392,491 + 20.0
2 884,950
Reading -----------405,239
2,093,
229
+
44.7
,929,081
2
4
239,598
W ilm ington------843,312
1,889, 235
2 ,203.109 + 25.1
2 755,113
W ilkes-Barre----,077,241
049
3,110,
+
17.2
3
,853,020
200.000
4
W h eelin g_______
950,201
2,734,
093
+
24.4
2 ,300,520
2 943,224
T r o n to n ________
979,870
909, 800
1,190,303 + 10.9
1 ,399,298
Y o r k .................... .
487,283
1,037, 227
2 ,228,004 + 2.7
2 ,287.747
Erlo...................... .
047,070
704,
,073
—
10.1
892,479
748,018
G rcen sbu rg ------035,800
794, 400
029,700 + 53.0
1,422,200
Binghamton____
,174,930
1,059 ,070
—
4.9
,443,690
,372,047
I
Chester_________
557,095
001 ,554
— 5.0
798,758
753,892
A lt o o n a ________
,110,980
2,018 ,508
,850,000 + 2 9 .7
,100,000
Lancaster----------510,937
,223
433
+
20.1
359,517
453.540
M ontclair.............
Total M iddle. 0,149,309,382 4,549,270,527 + 35.2 3,525,778,371 4,490,555,700
Idcnco---------Ila v cn ____
g field______
lester_______
River........
Bedford--->ko______ . New E ng.
357,871,017
13,053,300
10,738,123
0,278,393
4,801,013
4,791,109
2,970,000
3,100,571
2,104,579
1,108,211
760,000
819,712
298,429,075
0,544,100
7,507,400
5,000,000
3,015,479
3,500,259
2.700.000
1.784.131
2.130.132
1.025.000
023,980
031,587
+ 10.9
+ 43.1
+ 43.0
+ 2 5 .0
+ 34.5
+ 30.9
219,900.800
8,705,000
0,499,023
4,014,204
2,089,071
3,031,702
+ 73.8
— 1.5
+ 14.0
+ 29.8
2,091,847
1,380,053
1,144,418
003,818
007,205
201,325,017
9,148,700
7,823,739
4,710,014
3.408,117
3,391,844
2,047,900
1,528,375
1,037,292
1,091,301
725,593
585,033
100,100,028
330,497,749
+ 21.0
253,093,027
298.030,545
+ 10.0
+20.2
2,000,000
3,000,000
1,383,509
774,802
1.528,136
405,530,435
11,0 '0,000
4,037,559
39,000,000
380,736,449
145,940, 117
55,099,,807
20,674,,385
15,580,,934
4,408,,790
63,677,,836
52,573 ,381
17,564 ,046
14,934 ,345
14,734 .940
6,358 ,539
8,581 .128
11,147 ,997
1,798 ,072
3,149 ,879
3,100 ,000
2,701 470
4,993 ,399
5,405,,741
8,319 178
8,901 ,450
2,800 ,000
8,070 ,134
443 ,705
708 ,421!
8,501 ,180
2,433 ,683
25,199 ,488
,420
Total Soutncrn o a i .u o /. o /i
o h ,oou, i m
T otal a ll______ 9.145.077.588 0,84M 21,880
Outside N . Y - . 3.832,074,777 2,953,820,236
,005,155'
,884,4971
,850,725
,864,801
,547,157|
,388,032
,754,907|
,240,237
,082,455
,385,560
,331,428
,005,772
735,191
,871,237
633,734
,762,590
727,224
,287,000
,148,532
943,/09
485,294
859,275
+ 2 2 .3 0350,407,112
+ 10.4
+ 42.9
— 25.0
+ 83.5
+ 7 2 .7
+ 22.2
+ 20.5
+ 72.2
+ 34.2
+ 67.9
+ 80.5
+ 41.7
+ 55.3
+ 3 1 .5
+ 17.9
+ 51.0
+ 79.7
+ 7 4 .2
+ 1 4 0 .3
+ 3 9 .3
+ 4 1 .1
+ 1 8 4 .4
— 73.5
+ 2 0 .4
+ 1.5
+ 29.4
+ 9 0 .0
+ 54.4
+ 73.8
123,953,954
48,835,775
19,891,310
14,000,000
5,500,000
32,602,510
37,50-4,857,
13,011,872
14,746,089
11,927,190
6,298,909
7,820,505
3,407,499
1,578,859
2.700.222
3,094,278
2,597,773
3.835,803
4,387,289
4,497,200
8,722,198
2,000,000
6,000,000
444,011
697,471
0,841,340
1,944,777
18,198,902
2,245,797
250,234,170
121,779,713
37,004,688
21,3/1,477
12,500,000
6,577,234
22,522,725
21,345,933
10,441,978
11,844,614
8.783,407
4.372,060
6,178,190
2,805,713
1,279,005
1,947,516
2,499,108
1,944,400
3,257,105
3,154,387
4.001.000
6,755,620
1,337,410
3.200.000
316,338
002,354
5,688,917
1,380,389
11,401,039
+ 3 3 .0 5,406,021,210 0,223.131,357
+ 29.7 2,340,658,127 2,251,076,785
588
THE CHRONICLE
[Vol. 110.
of much the same nature, the Federal Reserve officials
THE FINANCIAL SITUATION.
the latter part of January had recourse to more
It is time for some plain speaking with reference drastic measures, and at one bound jumped the rate
to the operations of the Federal Reserve banking for rediscounts of commercial paper from 4 % % to
system. If we were to judge solely from the utter 6 % , but again restored the differentials previously
ances that emanate, from the Federal Reserve au granted in favor of rediscounts of war paper— even
thorities at Washington or from the officials at the increasing such differentails. Only 4 % % is charged
various Reserve centres, there would be no occasion for bills supported by United States certificates of
for criticism of any kind. There is evidently a per indebtedness, putting a premium therefore of V/i%
fect comprehension on the part of the Federal Reserve per annum on such bills, as against rediscounts of
authorities everywhere of the essentials of a safe and commercial paper, while in the case of bills with
sound banking system, and of what is needful to be Victory Loans or Liberty Loans as collateral, the
done at the present juncture in the administration charge us 53^%, or
less than when ordinary
of such a system.
commercial paper is used to secure loans from the
It is merely giving proper credit to those charged central institutions. But this step has proved no
with responsibility for the conduct of the system, at more efficacious than the first.
the rather difficult period with which the nation is
What might have been expected, has followed.
confronted under the necessity of getting back to a War paper being cheaper to use, the borrowing banks
normal basis after the prodigious expansion and in withdrew mercantile bills and substituted war obliga
flation incident to war affairs, to say this. Nothing tions. The significant thing about this change of
but good advice has come from those in authority, collateral was that it proves the member banks were
and the advice has been oft repeated, as the occasion doing a certain amount of borrowing at the central
seemed to require it, to give emphasis to it. The institutions, that they were unwilling or unable to
member banks have been told that the resources of reduce the volume of such borrowing, and that as
the Federal Reserve banks, though of great magni borrowing on commercial paper was now more
tude, are, after all, finite and not infinite— that they costly, they proceeded to reduce the cost to them
are, in a word, limited and must not be strained to selves by replacing the mercantile bills with a certain
the breaking point.
amount of war obligations which they had ready to
Stress has been laid over and over again on the need hand for the purpose, or, if that was not the case
of curtailing the use of the credit facilities of the had no difficulty in securing.
ordinary banks and of restraining the too ready dispo
The situation, therefore, is that notwithstanding
sition of the latter to have recourse to the resources the good intentions of the Federal Reserve officials—
of the Federal Reserve banks in order to supplement notwithstanding their good and sound advice so
their own overtaxed resources. It is recognized liberally bestowed, and notwithstanding the punitive
everywhere in Federal Reserve banking circles, measures applied in the shape of higher rates for re
though not so generally among the officials of the discounting— they have accomplished practically
ordinary banking institutions, that under the almost nothing in the way of reducing the drafts upon the
irresistible influence of price and labor inflation the resources of the central institutions.
The ratio of
demands upon our banks for credit accommodation their holdings of cash to deposit and Federal Reserve
have enormously risen and are still rising. It is also note liability, after improving in a single week at
recognized that there is serious menace involved in the beginning of the year, has since been declining
permitting the draft upon the resources of the indi again week by week, and last Saturday was down
vidual banks, and, through them, upon the several very close to the lowest figure on record. The gold
Federal Reserve institutions, to be extended much holdings of the Reserve banks are steadily diminish
farther. All recent efforts of the Federal Reserve ing, and, worst of all, their note liabilities are again
authorities have been directed towards preventing increasing.
such further extension of credit demands, though with
It is to this latter feature we wish especially to
decidedly indifferent success— which furnishes the direct attention— we mean the renewed increase in
occasion for the present comment.
Federal Reserve note circulation. Brave words
The banks have been told that they must hence about restricting the use of the facilities of the Re
forth restrict accommodation to their customers on serve banks can have no meaning unless an undeviat
the one hand, and, on the other hand, must reduce ing policy is pursued to give effect to them. What
their demand for accommodation upon the central significance is to be attached to statements of the
institutions. Warnings have been issued, too, as to Reserve authorities saying the credit facilities of the
the consequences that will follow, should these cau Reserve banks must be relieved of the burden now
tionary admonitions be disregarded. Such advice imposed upon them and, with that end in view, that the
and warning having been rather barren of results, the member banks must diminish their borrowings at the
Federal Reserve authorities have gone a step further central institutions when at the same time the Re
and undertaken to reduce borrowing by making it serve Board is permitting the creation and manufac
more costly. They have raised the rates charged the ture by the Reserve banks of new credit facilities and
member banks for rediscounts, making it necessary placing them (as far as can be judged from the
for the latter to advance the rates charged their cus returns of these institutions) freely and unstintedly
tomers. In making rate advances the Reserve banks at the disposal of the very member banks who are
proceeded at first rather timidly and apparently with told they must be sparing in the use of such facilities.
considerable hesitancy. The early advances made
What excuse can be offered at the present moment
last November were merely fractional and directed for putting out new batches of Federal Reserve notes?
mainly towards removing the differentials previously We have got well past the season of the year when
enjoyed in borrowing on war obligations.
fresh supplies of currency are needed in order to
Practically nothing having been accomplished by conduct the work of mciving the crops. In fact we
these initiatory measures and by subsequent changes are now experiencing the usual return flow of funds
F
eb
.
14 1920.]
THE CHRONICLE
from the interior sections of the country, these funds
having fulfilled their part in financing this crop
movement. In the cotton districts, the crop demand
often arises as early as the close of August, while
in the grain districts it begins somewhat later; and in
both sections of the country the demand usually
continues until towards the end of the calendar year.
After the first of January these funds flow back to
the financial centres and it was one of the strongest
arguments urged in support of the note-issuing func
tion of the Federal Reserve system that with the
return flow of currency the notes would automati
cally be canceled instead of moving to the financial
centres, there to foster and promote speculation.
Now that the test is being applied, what do we find?
As already stated, after a brief interval of note con
traction, new Federal Reserve notes are again being
put out galore. We would again ask, what excuse or
extenuation can be offered for this? And further
more, what heed are the member banks likely’' to give
to admonition that they must reduce their borrowings
when the Federal Reserve banks continue to add to
the volume of their outstanding Federal Reserve fiotes
and proceed to find employment, too, for the addi
tional notes.
By their sane and sensible utterances, the Reserve
authorities are warning the member banks against
further borrowing. By their action in the counten
ancing new note issues for which active employment
is sought, they arc in effect telling the banks that
here are some further credit facilities of which they
will be pennited to avail. Is there not rank incon
sistency as well as flat contradiction in such a course ?
We say that the time has arrived for plain speaking
on this matter because last week, according to the re
turns issued on Saturday, the twelve Reserve banks
ncreased the aggregate of their Federal Reserve
note circulation by no less than $40,831,000. I he
Federal Reserve Bank of New York alone put out
$18,951,000 of new notes and the remaining eleven
Federal Reserve banks put out $21,880,000. In
face of the prudent cautionary words of the Federal
Reserve officials, does not this look like trifling with
a serious situation? The fact that the notes are in
actual circulation is of course proof that they are
being employed. And what is more, they are being
employed in precisely the way we have been taught
by our Federal Reserve monitors that they should
not be employed, namely in extending additional
accommodation to the member banks. Headlines
in the daily papers Sunday and M onday morning
featured the fact that there had been an increase in
the ‘ ‘ earning assets” of the Reserve banks during the
week of $22,001,000, as if this were a bright and
encouraging circumstance in the affairs of these
institutions. This increase in the earning assets of
course means nothing more than that the Reserve
banks have taken under discount a practically cor
responding additional amount of the bill holdings of
the member banks to enable the latter to extend
further accommodations to their customers. As a
matter of fact, the figures show that the bill holdings
were increased in the precise sum of $22,619,000.
Thus two processes are going on, neither of which
should be tolerated at this period when every con
sideration of public interest requires that instead of
further expansion and inflation there should be
contraction and deflation.
It is folly to talk of a return to normal banking
conditions so long as the Federal Reserve banks are
589
permitted to pursue a policy which leads in exactly
the opposite direction. In this period of high prices
and large profits stiff discount rates alone cannot be
counted upon as a deterrent upon borrowing.- So
long as profits remain what they are, borrowers will
be found ready to pay the extra cost involved in high
money rates. If the member banks are sincere and
wish to reduce borrowing on the part of their cus
tomers, they must cut down the loans they are grant
ing to these customers. The Reserve banks them
selves, if they on their part are sincere in wanting
the member banks to curtail their borrowing at the
central institution, will be proceeding in the surest
way to attain that end by reducing the aggregate of
the sum that is to be placed at disposal for such pur
pose. And the best means for limiting and reduc
ing the aggregate to be available for rediscounts
is to take an inflexible stand against new note
issues.
Nay, we would go further and urge that the volume
of outstanding notes should by degrees, but with
unabated persistency, be permanently reduced.
This would operate in a triple way to improve the
position of the Federal Reserve banks, which is the
great desideratum of the moment. In the first
place, it would diminish the bill holdings, since with
less notes out the Federal Reserve banks would have
less to invest in that way. In the second place, with
less notes out, the gold reserve required against the
notes would diminish and the cash position of the
banks be improved. In the third place, with the
loans of the member banks to their customers cue
down as a result of the enforced diminution of their
borrowing at the central institutions, the deposit
liability would correspondingly diminish and the
reserve required to be kept with the Federal Reserve
banks fall, in turn diminishing their deposit liability.
Contrariwise, to increase the volume of outstanding
notes instead of decreasing it, is to reverse this
operation and by the triple process indicated to drift
rapidly away from safe moorings.
The only certain way, therefore, to insure rectifi
cation of the country’s banking situation and afford
clear guaranty against near peril is to take at once
an uncompromising stand, not only against further
note issues, but in favor of a reduction of existing
issues.
The need of such a course is urgent, extremely
urgent, and there should be no delay or hesitation
about putting it into effect. There are now no
less than $2,891,775,000 of Federal Reserve notes
in actual circulation— that is, if the amotint has not
been still further increased during the current week.
The advantage which was gained through the reduc
tion in outstanding issues during the early weeks of
January is rapidly being lost. From $3,057,646,000
Dec. 26 1919 there was a reduction to $2,844,227,000
Jan. 23, but in the two succeeding weeks there was
an increase again of $47,548,000. The renewed
expansion, too, is proceeding at an accelerating pace.
The last week of January the increase was only
$6,717,000, but the first week of February it was,
as already pointed out, $40,831,000. Hence, if the
process of expansion is not speedily arrested we will
soon be up again to the full maximum reached Dec. 26,
and which furnished occasion for such solicitude.
Indeed, if the Federal Reserve Board does not at
once actively intervene and lay down an inflexible
rule that there shall be no further new note issues,
the maximum will speedily be passed.
590
THE CHRONICLE
(V o l . 1 1 0 .
faults may be expected, as it is the most important
period of settlements and adjustments. But this
year, as last, the number of insolvencies and the
sum of the indebtedness represented showed a decline
from the preceding month. In fact, the number
of disasters in the month this year was not only less
than in December, but considerably smaller than for
the same time in 1919, and actually the lowest for
the period as far back as authentic monthly records
go. And what is also of much importance, the lia
bilities involved in the failures are well below that of
the corresponding period of any year for which reliable
data are readily available. The explanation of this
highly satisfactory showing is, of course, not far to
seek; it is to be found in the great and very general
activity in our mercantile and industrial affairs at
prices that seemingly afford a much larger margin of
profit than usual— a condition that has served to
save from disaster many whose capitalization is so
light as to be but the slightest barrier to adverse
developments. We note that the large failures—
those for $100,000 or over— were fewer than in Janu
ary of any year in over a quarter of a century, and
the resultant indebtedness was the smallest since
1890.
According to Messrs. R. G. Dunn & C o’s, com
pilation, which furnishes the basis for our remarks,
the aggregate of defaults in January was only 569.
against 673, 1,178 and 1,540, one, two and three
years earlier, with the liabilities but $7,240,032,
against $10,736,368, $19,278,787 and $18,283,120.
The total, moreover, is only about one-seventh that
of the month in 1915 when the Rumcly Co. insolvency
contributed so greatly to swell the volume of debt.
The showing in the manufacturing group was decided
ly better than that of a year ago, liabilities of only
$2,586,859 contrasting with $5,125,067, and to a
greater or lesser extent most lines shared in the re
duction, with machinery, lumber and chemicals most
conspicuous in that regard. In the trading division,
defaults were much fewer in number than in the
preceding year, and the aggregate of debts they cov
ered, at $2,993,219 was the smallest for January in
over a third of a century. Among agents, brokers,
&c., also a drop in the number of insolvents is to be
noted, but due to three failures of unusual amount,
the debts were moderately in excess of last year.
For the Dominion of Canada, too, the January
failures statement is a very satisfactory one. The
number of defaults and the volume of liabilities as
well fell below the corresponding period for many
years back ,and in none of the various divisions into
which the returns are segregated does the total of
debts furnish any evidence of stress as compared with
1919. In all, the commercial insolvencies in Janu
ary totaled 70, involving $643,188, against 80 for
$1,8S7,991 a year earlier, 105 for $2,287,510 in 1918
and progressively heavier aggregates in the three
preceding years, the showing in 1915 having been
374 for $3,523,710. The manufacturing exhibit is
conspicuously favorable, the total of debts*at $133,
896 having been not much in excess) of one-seventh
of that of 1919, which in turn was little more than
half that of 1918. Among traders, whilejjthe number
of defaults was slightly greater than a year ago, the
indebtedness was more than halved. Brokers, agents
The mercantile failures exhibit for Jan. 1920 is &c. liabilities were heavier than in 1919 but small
simply one more in an extended series of very favor withal and much below the average of recent earlier
able insolvency statements. Ordinarily January years.
is a month in which some increase in business de
It should be noted that the rediscounts, or bill
holdings, the promotion of which is facilitated and
made possible by the note issues, are already very
much closer to the maximum than the note issues
themselves. The truth is, in these rediscounts there
was a decrease only in one single week. In the week
ending Jan. 9 the bill holdings fell from $2,805,818,
000 to $2,654,477,000, but in each and every week
since then there has been an increase, the total rising
Jan. 16 to $2,675,740,000, Jan. 23 to $2,729,247,
000, Jan. 30 to $2,735,670,000 and Feb. 6 to $2,758,
289,000. If the process of further note issues were
arrested, the ability to take under discount additional
bills would quickly come to an end. Therefore, the
adoption of the policy with that end in view is im
perative. The cash reserve of the twelve Reserve
banks in relation to liabilities is down to a low basis,
and therefore the banks cannot take on new liabili
ties without incurring grave menace. This cash
reserve at the end of last week was down to 44.1%
(in which is included legal tender notes as well as
gold), or the lowest figure in the entire.history of the
Federal Reserve system with only a single ex
ception, when it was the merest trifle lower.
The position of the Federal Reserve Bank of New
York is even less enviable than that of the Reserve
banks as a whole. This does not signify that the
operation of the New York bank is any less restrained
than that of the other Federal Reserve banks, but
that New York is the financial centre of the country,
and by reason of that fact the strain here is always
greater than elsewhere and correspondingly more
difficult to cope with. The fact itself, however—
the fact that in every respect the position of the New
York institution is so unfavorable— cannot be ignored.
According to its return of last Saturday, the New
York Federal Reserve Bank is still drawing upon the
resources of the other Reserve banks to the extent of
nearly $50,000,000, as is evident from the circum
stance that it still reports $49,800,000 as “ contingent
liability as endorser on bills rediscounted with other
Federal Reserve banks.” Yet, in face of that fact,
it had outstanding at the end of last week $788,121,
435 of Federal Reserve notes in actual circulation,
as against $757,906,000 three weeks before on Jan. 16,
and its cash reserve to deposit and Federal Reserve
notes liability combined was less than 40% . Well
may we ask under such circumstances whither are
we drifting and what is to be the final outcome if the
bank is to be allowed to incur further liability by
putting out new note issues (last week, as already
stated, it added $18,951,000 to the volume of such
notes in circulation in the New York Federal Reserve
district) at a time when there is an export demand for
gold and the gold holdings are dwindling and there
appears no way of replenishing the loss.
Surely, then, there is urgent need for restricting new
note issues, thereby bringing about compulsory re
duction in the borrowings of the member banks at the
central institution. The situation has passed beyond
the point where mere kindly advice to the member
banks to curtail their drafts on the Federal Reserve
Bank will suffice. It must be replaced by a sterner
policy, which will have as its cardinal feature, en
forced contraction without fear or favor.
F
eb
.
14 1920.]
THE CHRONICLE
The determination of the Council of Ambassadors
to compel the German Government to surrender the
men accused of war crimes, has attracted further
attention. Upon the refusal of Baron Kurt von
Lersner to transmit the list to his Government, Paris
advices stated that the Council “ decided to send the
list itself and also to send a note to the German
Government setting forth that the principle of
Article 228 of the Peace Treaty must be admitted
by Germany through formal acceptance of the list,
but intimating that the way was open for modifi
cations when it came to the practical enforcement
of the Article.” The advices added that “ a courier
was sent with the list, but the note was held up until
it could be sent to the Allied Powers for approval.”
The cablegrams from London rather definitely stated
that “ instead of approving it, Premier Lloyd George
sent the Lord Chancellor and the Attorney-General
to Paris to discuss the matter.” One correspondent
at the latter centre stated that “ it is generally re
ported that the British Premier does not approve of
any note which might be construed by Berlin as a
weakening on the part of the Allies.”
The publication in Germany of the Allied list was
said to have “ created the greatest excitement, not
only in official circles, but among the public gener
ally.” Berlin advices stated that “ the newspapers
here, without one dissenting voice, declared that
no German Government can comply with the Allied
demands.”
Baron von Lersner, who last week
resigned as head of the German peace delegation
and refused to transmit the list to Berlin, was quoted
in the “ Lokal Anzeiger” as expressing the opinion
that “ if the German Government and nation are
firmly determined not to yield and express their
determination unequivocally, the Allies will realize
the impossibility of their demands and accept the
German proposals.” The list, according to a Berlin
cablegram, was handed to Chancellor Gustave Bauer
a week ago tonight by M . de Marcelly, the French
Charge d’ Affaires. With the list there were presented
also a covering letter and a note from Premier Millerand, “ explaining the new procedure of the Allies
as the outcome of the refusal of Baron Kurt von
Lersner to transmit the list to the German Govern
ment.” The German Chancellor was reported to
have expressed to the French Charge “ the Govern
ment’s disapproval of von Lersner’s action.” The
German Cabinet met the following day and considered
the list and the accompanying note. At that time
it was stated that a decision had not been reached
as to whether “ the German National Assembly will
be called to consider Germany’s answer to the Allied
demand 'for the extradition of Germans accused of
violations of the laws of war,” but such a decision was
expected soon.
Later advices from London indicated that Premier
Lloyd George and the British Government were
somewhat uncertain as to what course to pursue
about the list agreed upon by the Council of Am
bassadors. The London press appeared to be strong
ly against the list as it was made public. The
“ Chronicle,” for instance, declared that “ it is an
utterly preposterous list,” while the “ Daily News”
said that “ the Allies have not merely heaped folly,
but provocation upon provocation.”
The list did not contain the names of either the
former Kaiser or the former Crown Prince. Some
what of a sensation was caused by the latter cabling
President Wilson that “ as the former successor to
591
the throne of Germany I am willing at this fateful
hour to stand up for my compatriots.” He added
that “ if the Allied and Associated Governments want
a victim, let them take me instead of the 900 Germans
who have committed no other offense than that of
serving their country during the war.” In a cable
gram from Amsterdam Thursday morning Major
von Mulnheim, the former Crown Prince’s Adjutant,
was quoted in an interview published in the “ Telegraaf” as asserting that the Crown Prince sent his
telegram offering to give himself up “ almost on the
impulse of the moment.” Some of the Dutch
newspapers were said to have spoken of his action
as “ a beautiful gesture.”
In an interview with a special correspondent of
the New York “ Times” in Berlin Chancellor Bauer
was quoted as saying that “ the Government must
stand or fall with the contention that the extradition
of those blacklisted for trial by an Entente Court
is a physical or moral impossibility.” He hastened
to add, however, that “ the Government has no
intention of disavowing the obligations accepted by
the signing of the Peace Treaty.” The Chancellor,
furthermore, announced that Germany was sending
a diplomat to Paris, “ hoping that some understand
ing may be reached, based upon our note of Jan. 25.”
According to a London cablegram yesterday morning
the Supreme Council had discussed this whole
matter the day before and had “ agreed on the ques
tion of insisting upon its demands.”
Financial authorities both in this country and
Europe have expressed the opinion recently that it
would not be practical to compel Germany to pay
the entire amount of the indemnity stipulated in the
Peace Treaty. Former Premier Asquith of England,
who is now a candidate for membership in the House
of Commons from the Paisley district, was quoted
in a public address about a week ago as having said:
“ Speaking with a full sense of my responsibility, I
am disposed to believe, after making proper allow
ance for what is needed to start Germany’s industrial
life again, that £2,000,000,000 is the outside in
demnity obtainable from Germany. If I were the
Chancellor of the Exchequer I would write off
anything beyond this as a bad and doubtful
asset.”
In a special cablegram to the “ Sun and New York
Herald” its London correspondent declared that he
was “ able to state without qualifications, that the
economic clauses of the Peace Treaty must undergo
a drastic revision that will mean practically scrap
ping.” The first of four reasons that he gave why
modifications must be made was “ because there is
no longer the slightest possibility that Germany will
fulfill the obligations fastened upon her by the Peace
Treaty as regards indemnities.” He said also that
the indemnities were estimated at $40,000,000,000,
on which the annual interest would be about $2,
000,000,000, and added that “ even if her trade were
prosperous the highest estimate places her ability
to pay at not more than $500,000,000 a year.” “ At
present,” he asserted, “ she is able to pay nothing
because she has an unfavorable trade balance.”
That Italian authorities are disposed to think that
the terms of the Versailles Treaty should be modified
somewhat was indicated by a recent statement
credited to Deputy Flammingo, Ministerialist, in
the Chamber of Deputies, in which he declared that
“ Italy must not join the Anglo-French alliance until
593
THE CHRONICLE
[Vo
l
. 110
the Versailles Treaty is revised and all odious, unjust of the neutral nations, on being satisfied that the
and harassing clauses are abolished.”
conference would assume a really representative
character.”
The Ministries of Europe still appear to be on
unstable ground. Votes of confidence are sought
More than a week ago non-resident voters eligible
at frequent intervals. A few days ago Premier to participate in the plebiscite to determine whether
Millerand of France received a decisive vote in his a certain zone of Schleswig shall be returned to Den
favor on his foreign policy, without asking for it mark or remain under German control, began to
directly. The vote stood 518 to 68. It was be arrive in Tondern. The German leaders were
lieved that its size was due largely to the positive quoted as saying that they expected to bring in
statement of the Premier that “ the Government is some 35,000 voters, while the Danes estimated that
determined to execute vigorously and fully the Peace they would send 19,000 of their countrymen to vote.
Treaty, and it has served notice upon Germany that Subsequent dispatches from Copenhagen and various
all that she owes she will exact.” The attitude of other centres indicated a steadily growing interest
the French Premier is somewhat different from that in the event. Services were held in all the churches
of several of the leaders in the British Government of Denmark, while householders were said to have
who appear to be inclined to be more lenient, as decorated their houses profusely. From Hamburg
was indicated in the statement made by former alone it was stated that 20 trains left with 5,000
Premier Asquith.
voters. The first reports showed that 72,733 votes
were cast in favor of Danish sovereignty against
A few days ago Premier Nitti of Italy was reported 24,793 for German rule.
to have “ obtained a notable victory in the Chamber
of Deputies.” He made a speech in reply to the
The opening of the British Parliament last Tuesday,
Socialists, Nationalists, Catholics, Liberals and Re after an interval of some weeks, was awaited in
publicans, who had attacked his foreign policy for British political circles with special interest. In
three days, which, it was said, was considered as “ the addition to the King’s speech, which it was expected
greatest speech of his career, and which- so impressed would contain several important recommendations,
the Deputies that the Chamber decided that no it was known that Premier Lloyd George would make
vote of confidence was necessary.” Just before a statement of the Government’s policy, particularly
leaving for Paris, the Premier was quoted as having with respect to the coal mines. Among the subjects
announced that “ he was certain that Europe could dealt with by the King was “ serious consideration of
not expect any more financial assistance from Ameri economic conditions throughout, the country.” He
ca,” and urged the people to work and save. He “ counseled patience, however, in the passage of farcalled special attention to the coal situation in Italy, reaching measures.” The King directed attention
pointing out that that commodity there now costs also to the necessity of adjusting coal mining con
more than 600 lire per ton, against only 30 lire before ditions on an enduring basis, to the regulation of the
the war. In other words the Premier declared that liquor traffic, the passage of measures stimulating
“ a pound of coal is now worth more than the pre-war the growth of more foodstuffs at home, insurance
price for a pound of rice.” Referring to Italy’s against unemployment, regulation of working hours,
general financial condition just now he said: “ We miners’ wages, and anti-dumping. The King de
must economize as much as possible. The loan will clared that “ I believe our country and Empire are
give us about 20,000,000,000 lire, which will enable making rapid strides towards stability and pros
us to reduce the paper currency, thus making the perity.” He announced that he intended soon to
people abroad understand that we are determined ratify peace with Bulgaria and Austria and that
to pay our debts.”
negotiations for peace with Turkey “ were being
pressed forward with all possible speed” .
Premier Lloyd George devoted a considerable part
of his first address in the House of Commons to Great
Britain’s policy with respect to Russia. In * his
opinion Bolshevism cannot be put down by force and
he advocated the opening of trade with Russia as
“ a sobering influence.” In support of this suggestion
the Premier said: “ I believe that trading will bring
to an end the ferocity, rapine and cruelty of the
Bolshevists more surely than any other method, and
Europe badly needs what Russia is able to supply,
but cannot supply with contending armies moving
across the borders.” Turning from Russia to con
ditions in Great Britain the Premier said: “ The dan
gers are not all in Russia; they are here at home.
I speak with knowledge, with apprehension and
responsibility, and I warn the House that in the face
of things which may happen we must use every
legitimate weapon. We must fight anarchy with
abundance.”
At Wednesday’s session of the House of Commons
On Wednesday also, J.$fAusten Chamberlain, William Brace, President of the South Wales Miners’
Chancellor of the British Exchequer, announced that Federation, made a speech in behalf of labor, and
“ the Government was willing to participate in an moved an amendment to the reply to the speech from
international financial conference if invited by one the Throne, which subsequently was defeated by a
The first meeting of the Council of the League of
Nations was held in London on Wednesday, with
Arthur J. Balfour, British Government representa
tive, in the chair, at the suggestion of Leon Bour
geois of France. Both gentlemen in their intro
ductory speeches expressed regret that the United
States was not represented. The following are the
nations that were represented: Great Britain, France,
Italy, Spain, Belgium, Greece, Japan and Brazil.
John W . Davis, American Ambassador to the Court
of St. James, will not be instructed to attend sub
sequent meetings of the Council, according to~aii
announcement made by the State Department at
Washington on Wednesday. Announcement was
made in a cablegram from London last evening that
Elihu R oot had been invited to become a member of
“ a committee to prepare plans for the constitution of
a permanent Court of International Justice,” under
the Council of the League of Nations.
I
F eb . 14 1920.]
593
THE CHRONICLE
vote of 329 to 64. The proposal really meant the
nationalization of the mines. This question was
brought up in subsequent sessions of the House by
other labor leaders, but on each occasion that body
took a strong stand against the proposals. Lloyd
George in reply to Mr. Brace declared that the
latter’s scheme “ would discourage the development
of the mining industry,” and added that “ it was
impossible to eliminate speculative incentive except
by confiscation, and that was a dangerous game to
begin.”
Additional evidence is coming to hand every few
days of a better realization on the part of,the British
and French Governments and of the people of the
two countries, of the necessity of greater economy
and of increased production. Premier Lloyd George
made this plain, so far as his country is concerned,
in his speech at the opening of the House of Com
mons. His assertion that the estimated budget
for the coming year would show no deficit is said
to have attracted special attention and caused much
comment, and moreover, to have helped thoughtful
students of the situation to realize the extent to
which expenses must be reduced in all departments
of the Government and production increased. The
January trade statement was even better than ex
pected, according to London advices. It showed
that imports into the United Kingdom during that
month increased £49,000,000, while exports increased
£58,000,000, and re-exports £ 2 1 ,000,000, in com
parison with January 1919. London advices stated
that the export figures constituted a record, and,
moreover, that the shipments of manufactured
articles increased 100%. While the imports were
heavier than might have been desired, the statistics
showed that they were matlc up chiefly of essential
products.- A~~suimnary of the trade of the United
Kingdom for January, compared with that of the
corresponding month of 1919, follows:____________
ed an increase of £1,387,000. Threadneedle Street’s
stock of gold on hand, which has now passed consid
erably beyond the £ 100 ,000,000 mark, stands at
£106,027,343. A year ago the total held was £81,
619,117 and in 1918, £58,943,000. The total of
reserves is £34,500,000, which compares with £30,
236,000 in 1919 and £31,332,000 the year before.
Loans amount to £83,838,000. This compares with
£83,297,000 last year and in 1918 £95,666,000.
Circulation is now £89,976,000. In the correspond
ing week of 1919 it was £69,832,835, and only
£39,450,535 in 1917. Clearings through the London
banks for the week were £824,970,000, which com
pares with £858,160,000 a week ago and £463,920,000
last year. We append a tabular statement of comparisons:J|
__ _______ ________________
BA N K
O F E N G L A N D ’S
19 2 0 .
Feb. 11.
£
C O M P A R A T IV E
19 19 .
F eb . 12 .
£
19 18 .
F eb . 13 .
£
STA TEM EN T.
19 17 .
F e b . 14 .
£■
6 9 ,8 3 2 .8 3 5
4 6 ,0 6 0 ,8 0 0
3 9 ,4 5 0 ,5 3 5
C i r c u l a t i o n ..................... 8 9 . 9 7 6 , 0 0 0
P u b l i c d e p o s i t s ............ 2 2 , 0 1 2 , 0 0 0
2 8 ,15 8 ,2 9 4
3 9 ,0 12 ,9 11
5 1,9 2 3 ,3 5 9
O t h e r d e p o s i t s ............ 1 3 2 , 2 7 6 , 0 0 0 1 2 0 . 0 4 5 , 5 3 6 1 2 6 , 2 6 6 , 1 5 7 1 4 5 , 1 5 7 , 0 7 0
5 2 ,6 7 9 ,7 4 4
5 6 ,3 4 9 ,9 6 1 1 3 4 ,9 5 9 ,2 0 8
G o v t , s e c u r i t i e s _____ 5 3 , 9 4 7 ,0 0 0
8 3 ,2 9 7 ,9 9 4
9 5 ,6 6 6 ,6 7 3
4 4 ,0 3 4 ,19 4
O t h e r s e c u r i t i e s _____ 8 3 , 8 3 8 , 0 0 0
3 0 ,2 3 6 ,2 8 2
3 1,3 3 2 ,3 0 8
3 6 ,1 4 0 ,5 0 2
R e s e r v e n o t e s & c o i n 3 4 ,5 0 0 ,0 0 0
8 1 ,6 1 9 ,1 1 7
5 8 ,9 4 3 ,10 8
3 7 ,14 1,0 3 7
C o in a n d b u l l i o n . . .10 6 ,0 2 7 ,3 4 3
P ro p o rtio n o f re s e rv e
18 .3 3 %
18 .9 6 %
2 0 .4 0 %
t o l i a b i l i t i e s ............
2 2 .4 0 %
5H %
5%
5%
B a n k r a t e . . . ----------6%
19 16 .
F e b . 16 .
!£
3 2 ,5 6 5 ,7 3 0
5 1,5 14 ,3 6 9
9 9 ,16 6 ,0 5 8
3 2 ,8 3 9 ,3 0 0
9 5 ,15 2 ,5 9 6
4 0 , 7 0 4 ,0 0 2
5 4 ,8 19 ,7 3 2
27%
5%
The Bank of France in its weekly statement shows
a further small gain in its gold item, the increase this
week being 424,000 francs. The Bank’s total gold
holdings, therefore, now aggregate 5,581,018,950
francs, comparing with 5,510,746,288 francs last
year and with 5,365,355,868 francs the year before;
of these amounts 1,978,278,416 francs were held
abroad in 1920 and 2,037,108,484 francs in both 1919
and 1918. During the week advances increased
29,234,963 francs, while Treasury deposits were aug
mented to the extent of 24,427,055 francs. On the
other hand, silver decreased 154,454 francs, bills dis
counted fell off 310,649,526 francs, and general de
posits were reduced 37,558,334 francs. A contrac
tion of 55,123,160 francs was registered in note cir
culation, bringing the amount outstanding down to
19 2 0 .
19 19 .
37,986,766,326 francs, contrasting with 32,506,654,
I m p o r t s ........................................................................................................ £ 1 8 3 , 4 9 8 . 0 0 0
£ 1 3 4 ,5 1 8 ,0 5 4
715 francs last year and with 23,821,175,830 francs in
E x p o r t s ...............................................................- ....................................... 1 0 5 ,8 7 9 , 0 0 0
4 7 ,3 4 2 ,9 4 3
R e - e x p o r t s ______ __________
2 5 ,4 6 1,0 0 0
4 ,5 6 0 ,3 5 7
1918. On July 30 1914, just prior to the outbreak
T o t a l , e x p o r t s ...................................................................
£ 1 3 1 ,3 4 3 ,0 0 0
| f£ 5 1,9 0 3 ,3 0 0
of war, the amount outstanding was only 6,683,184,
E x c e s s o f l m p o r t s ...................................................................
£ 5 2 ,15 5 ,0 0 0
( £ 8 2 ,6 14 ,7 5 4
785 francs. Comparisons of the various items in this
---------m
.
week’s return with the statement of last week and
There has been no change in official discount rates corresponding dates in 1919 and 1918 are as follows:
at leading European centres from 5 % in Paris, Berlin,
B A N K O F F R A N C E ’S C O M P A R A T IV E S T A T E M E N T .
Vienna and Switzerland; 5^2% in Norway, 6% in
Changes
---------------------- Status as o f ---------------------fo r W eek
F e b . 12 19 2 0 .
F eb . 13 19 19 .
F e b . 14 19 18 .
London,- Sweden, Copenhagen and Pctrograd, and
F ra n cs.
F ra n cs.
F ra n cs.
F ra n cs.
Gold H oldings —
4 2 4 ,0 0 0
3 ,6 0 2 ,7 4 0 ,5 3 4
3 ,4 7 3 ,6 3 7 ,8 0 4
3 ,3 2 8 ,2 4 7 ,3 8 3
I n F r a n c e .................... I n c .
43^ % in Holland. The Bank of Bombay, which on A b r o a d ............... ..........
N o ch an ge
1,9 7 8 ,2 7 8 ,4 1 6
2 ,0 3 7 ,1 0 8 ,4 8 4
2 ,0 3 7 ,1 0 8 ,4 8 4
Jan. 29 raised its rate from 5 % to 6 % , has this week,
In c
4 2 4 ,0 0 0 5 , 5 8 1 , 0 1 8 , 9 5 0
5 ,5 10 ,7 4 6 ,2 8 8
5 ,3 6 5 ,3 5 5 ,8 6 8
T o t a l _____
15 4 ,4 5 4
2 5 3 ,9 8 5 ,9 4 2
3 14 ,8 0 4 ,4 6 6
2 5 2 ,16 7 ,5 0 9
S i l v e r ............................. D e c
according to a dispatch from London, again ad Bills
1 ,8 0 8 ,2 0 8 ,7 2 3
1,16 3 ,7 4 5 ,3 6 1
1,3 3 4 ,8 5 4 ,4 3 9
d is c o u n t e d ... D e c 3 10 ,6 4 9 ,5 2 0
2 9 ,2 3 4 ,9 6 3 1,5 5 8 ,9 7 6 ,6 0 4
1,2 2 6 ,6 3 7 ,8 4 6
1 ,2 2 9 ,9 7 8 ,0 3 7
A d v a n c e s ..................... I n c
vanced the rate of discount from 6% to 7 % . I 11 N o t e c i r c u l a t i o n . . ' D e c 5 5 , 1 2 3 , 1 6 0 3 7 , 9 8 6 , 7 6 6 , 3 2 6 3 2 , 5 0 6 , 6 5 4 , 7 1 5 2 3 , 8 2 1 , 1 7 5 , 8 3 0
2 4 ,4 2 7 ,0 5 5
0 6 ,2 7 9 ,7 8 4
8 7 ,6 3 0 ,4 5 4
4 1,9 18 ,0 12
T r e a s u r y d e p o s it s . l in e .
London the private bank rate has been advanced to G e n e r a l d e p o s i t s . . D e c . 3 7 , 5 5 8 , 3 3 4 3 , 1 2 9 , 2 7 8 , 0 7 4 2 , 6 6 4 , 3 0 2 , 5 9 6 2 , 6 3 4 , 4 2 5 , 2 1 5
5 % % lor sixty days and 5 13-16% for ninety days,
Iii its statement, as of Jan. 31, the Imperial Bank
as against 5 % % and 5 11-16% a week ago. Money
on call is also firmer, at 4 )^ % , in comparison with of Germany shows the following changes: An in
crease of 3,273,000 marks in total coin and bullion
2 / 4 % the previous quotation.
and an expansion in Treasury notes of 498,606,000
marks.
Bills discounted registered the huge in
While the Bank of England continues to increase
its gold holdings and the total reserve this week crease of 5,440,038,000 marks, while deposits were
showed a gain of £2,265,000, there was a reduction expanded 4,944,334,000 marks. Notes of other
in the proportion of reserve to liabilities from 22.50% banks declined 904,000 marks, advances were re
last week to 22.40% , which compares with 20.40% duced 2,501,000 marks and investments gained
in the same week of 1919. The gain in gold amounted 13,931,000 marks. In other securities there was an
to £2,919,204. Note circulation was augmented increase of 17,229,000 marks. Note circulation,
£653,000, while public deposits expanded £3,323,000, which has of late been expanding, showed another
other deposits £7,716,000 and Government securi increase of no less than 1,458,764,000 marks. Other
ties £7,399,000. Loans (other securities) register liabilities fell off 433,426,000 marks. The Bank’s
594
THE CHRONICLE
[V o l . 1 1 0 .
stock of gold on hand is now reported at 1,090,143,000 some of the best judges here believe that the worst
marks.
of the strain is over.
Last week’s statement of New York Clearing House
banks and trust companies, issued on Saturday,
showed that the banks are adhering to their policy
ot loan curtailment, there having been another con
traction in the loans of $63,019,000. Other changes
were not especially significant, except that Govern
ment deposits were further reduced from $141,054,000
to $87,846,000. Net demand deposits increased $£
707,000, to $4,175,275,000 (Government deposits of
$87,846,000 deducted). Net time deposits were
expanded to $3,009,000, to $252,958,000. Increases
were reported of $2,579,000 in cash in own vaults by
members of the Federal Reserve Bank, to $97,075,
000 (not counted as reserve), $5,191,000 in reserves
of member banks with the Federal Reserve Bank,
to $558,901,000, and $709,000 in the reserve of
State banks and trust companies in own vaults, to
$12,227,000. Reserves in other depositories of
State banks and trust companies declined $677,000,
to $10,555,000. Aggregate reserves were further
expanded $5,223,000, to $581,683,000. Surplus
gained $4,006,120, bringing the total of excess re
serves on hand to $26,931,380. The figures here
given are on the basis of 13% legal reserves for mem
ber banks of the Federal Reserve system, but not
inluding cash in vault amounting to $97,075,000
held by these banks last Saturday. The bank state
ment will be found in greater detail on a subsequent
page of the “ Chronicle.”
Call money at this centre was quotably easier all
week. There was little or no relaxation in time
money. The financial institutions were as little dis
posed as they have been at any time in recent months
to make loans for the longer periods. In view of the
severe liquidation in stocks last week and again this
week the easier call money rates were not surprising.
It was reported that broker’s loans had dropped to
about $1,000,000,000. These are not accurate, but
only estimated figures at the best, but are in compari
son with estimates of $1,750,000,000 last summer.
The advices received here have not indicated that
substantial liquidation has taken place in loans other
than those on securities. It is to be regretted that
the liquidation in stocks has been so precipitate.
Apparently it has been no less orderly during the last
few weeks than it was before the establishment of
the Federal Reserve banking system. When that
system was in process of formation it was claimed
that, once it was in full working order, the rates for
call money would never reach the high levels that they
were accustomed to do previously. The fallacy of
this assertion was established several months ago
when call money rates soared as of old. As already
intimated, the liquidation in stocks recently has not
been different in any degree from what it was before
the Federal Reserve system was even suggested.
Some banking authorities are asserting that liquida
tion of loans on commodities and substantial price
reductions are certain to come in the near future.
Naturally such a development would further ease
the money market. The opinion appears to be
growing in Europe that there is little probability of
the United States making further big foreign loans,
and the authorities over there are urging the neces
sity of severe economy and increased production.
The whole monetary situation is still unsettled, but
_R eferrin gTto money rates in detail,' loans on call
this week covered a range of 6 @ 1 4 % , against 10 @
25% a week ago, for mixed collateral and all-indus
trial loans without differentiation. On Monday
14% was the high and ruling quotation, with 8%
low. Tuesday there was a recession to 10% . The
low was 6% , while renewals were made at 10 % .
Wednesday’s range was 6@ 8 % , and 8 % the renewal
basis. Thursday was a holiday (Lincoln’s Birthday).
On Friday a maximum figure of 7% was quoted,
which was also the renewal basis, and the minimum
6% . In time money the situation remains about
the same. Very little business is passing and the
supply of loanable funds continues small. Quotably,
the tone appears somewhat easier and borrowers are
now bidding 8 % for regular mixed collateral and
9@ 9j/£% for all-industrial money, for all maturities
from sixty days to six months, as compared with
8)/2% and 9 @ 1 0 % the preceding week, but rates are
nominal, since for the time being fixed-date money
is practically unavailable. A feature of the week
was the lessening in the demand owing to the belief
on the part of borrowers that easier monetary condi
tions may develop at any time. Bankers, on the
other hand, were not willing to make any predictions
as to when there would be a material increase in the
supply of offerings.
Mercantile paper was quiet, but firm, and there
was a further advance to 6j ^ @ 63^ % for sixty and
ninety days’ endorsed bills receivable and six months’
names of choice character, in comparison with
b @ b )4 %
week. Names not so well known now
require 6)^ % , against 6 x
/ i% the week previous.
Trading was dull and devoid of special feature.
Out-of-town banks figured principally in the week’s
transactions.
Banks’ and bankers’ acceptances ruled firm and
fractionally higher for the eligible bills. A mode
rate degree of activity was noted, though transactions
in the aggregate were light. Until there is a percep
tible easing in the call loan market, no real improve
ment is looked for in acceptances. Demand loans for
bankers’ acceptances continue to be quoted at 5 % .
Quotations in detail are as’ follows:
-S p o t
N in e ty
D ays.
E l i g i b l e b i l l s o f m e m b e r b a n k s ...................... B X @ 5 X
E l i g i b l e I lls o f n o n - m e m b e r b a n k s _____ B X ® B H
I n e l i g i b l e b i l l s ..................................._ ........................O X h ’ O
D e liv e r y -
S ix t y
D ays.
B H C» B H
B X ® B X
O X Q 'O
D e liv e r y
T h ir t y
D ays.
w it h in
6X ® B H
r»5-6C" Sx
OHfeO
30 D ays'
( H i b id
O H b id
O H b id
No changes have been made the current week in
the discount rates of the Federal Reserve banks;
the rates for the various classes of paper at the differ
ent Reserve banks are now practically uniform, and
are as follows:
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT FEBRUARY 1( lu20.
F ederal
H eserve
B a n k o f—
B o s t o n ______
N ew Y o r k ..
P h ila d e lp h ia .
C l e v e l a n d ___
R ic h m o n d . .
A t l a n t a ______
C h i c a g o _____
8 t . L o u i s ___
M in n e a p o lis .
K a n sa s C it y .
D a l l a s ________
S a n F r a n c is c o
D is c o u n te d b ills m a t u r in g w it h in 00
d a y s ( in c lu d in g m e m b e r b a n k s 16 H an kers' \
T rad e
d a y c o lla te r a l n o te s ) s e c u r e d b y — A c c e p ta n c e s A c c e p ta n c e s
m a t u r in g
d is c o u n te d
T reasu ry
L ib e r ty
O t h e r w is e
to r m e m b e r
w it h in
c e r t ific a t e s
bonds an d
secu red
ban ks.
00 d a y s.
o f in d e b t
V ic t o r y
and
edn ess.
n o tes.
u n secu red .
4H
iH
4H
4H
4H
4H
4H
4H
4H
4H
4H
45*
B
B
B
B
X
X
X
X
bx
R X
r> x
r> x
O X
r> x
B X
B X
A g r ic u lt u r
a l a n d liv e
sto ck p a p e r
m a t u r in g
0 1 to 18 0
d ays.
0
6
0
(1
0
<i
0
0
a
0
n
a
1
R a K J o n p ip e r s e c u r e d b y W a r F in a n c e C o r p o r a t io n b o n d s 1 %
t h e r a t e o n c o m m e r c i a l p a p e r s h o w n In c o lu m n 3 o f f i g u r e s a b o v e .
h ig h e r th a n
F eb . 14 1920.]
THE CHRONICLE
595
While considerable irregularity was noted in sterling the institution of superficial or temporary relief
measures, calculated to do more harm than good in the
exchange, there has been a complete absence of the
panicky conditions which prevailed a week ago and long run. In Paris the Supreme Economic Council,
the market appeared to be experiencing a more or organized to consider the exchange question and
general European situation, has decided to call for an
less natural reaction from the recent sensational
international
financial conference immediately, in
movements. The undertone was distinctly fiimcr
which
it
is
expected
the United States will eventually
and the quotation for demand bills, which did not
participate. American bankers, it is alleged, have
at any time go below 3.31 Lt, hovered alternately
above and below 3.37, or far above last weeks low long since recognized the urgency of doing their share
record figure, with the final quotation at 3.43% , the in the financing of Europe’s wants, but the charge is
made that an unfortunate lack of co-operation has
highest for the week. Transactions, especially dm ing
been shown on the part of the Administration, making
the earlier part of the week, wTore light, but latci with
the receipt of higher cable rates from London, several such concentrated action utterly impossible. Special
dispatches from London announce that the British
large local banking institutions came into the market
Government is taking steps to reduce tke paper
as buyers of exchange, and this exercised a steadying
money in circulation by £20,000,000. Chancellor of
influence. Much of the improvement was attri
the Exchequer Chamberlain, speaking before an
buted to the better feeling produced by reports from
assemblage
of bankers, is declared to have made it
Washington that prospects for a settlement of the
plain
that
the
national debt had reached its maximum
treaty wrangle had brightened perceptibly and that
and that further foreign loans were out of the
there was now a fair chance of its being actually
,
ratified before very long. Other factors at work question.
Referring to quotations in detail, sterling exchange
were the somewhat easier position of the money mar
on Saturday of a week ago was irregular, though for
ket, the sharp curtailment in exports and the fact
the
most part firmer; demand ranged between
that last ^week’s abnormal selling had for the time
3
31%
and 3 34% , cable transfers at 3 32@ 3 35 and
bcing’ appreciably lessened the supply of bills pressing
sixty
days
3 2 8 % @ 3 31% . On M onday distinct
on the market. With the resumption of business
on Friday after the observance of the holiday (Lin- firmness developed as a result of improved buying
coln’sIBirthday) on Thursday, trading was active, and there was an advance to 3 3 5 % @ 3 3734
demand, 3 3 6 % @ 3 38 for cable transfeis and
and, as noted above, the close was strong.
Sentiment among bankers regarding the immediate 3 3 2 % @ 3 3434 for sixty days. Irregularity was
future of the market is apparently still much mixed. still in evidence on Tuesday and there was a bieak of
Should the long-drawn-out treaty fight really be about 3 c. in the initial transactions, though this was
brought to a satisfactory conclusion and some con quickly recovered and the day’s range for demand was
crete and comprehensive plan of credit financing 3 3 3 % @ 3 37 % , cable transfers 3 3 4 % @ 3 3834 and
subsequently adopted, material improvement in ex sixty days 3 3 0 % @ 3 3434 5 speculative opeiations
change levels would be likely to follow . In the event, were held to be partly responsible for the fluctuations.
however, that the present policy of inactivity is On Wednesday trading was less active, being largely
maintained, it is thought possible that rates might of a pre-holiday character; the undertone, however,
again recede. Some predictions have been hcaid this was firm and there was a further rise to 3 3 4 % @
week in the financial district of S3 00 sterling, al 3 3734 for demand, 3 3 5 % @ 3 3834 for cable trans
though this hardly represents the concensus of fers and 3 3 1 % @ 3 34% for sixty days. Thursday
opinion. Reports of the degree of apprehension was a holiday (Lincoln’s Birthday). Friday’s market
which is being caused on the other side by the alarm was strong and active, with demand advanced to
ing depreciation of currency values, lends color to 3 3834@3 4334, cable transfers 3 39@ 3 44, and
the view that Great Britain and France may ulti sixty days 3 3534@3 4034- Closing quotations were
mately decide to relinquish some of their gold reserves 3 4034 for sixty days, 3 4334 f ° r demand and 3 44
and thus materially relieve the existing situation. for cable transfers. Commercial sight bills finished
Advices received from both London and Paris during at 3 4234) sixty days at 3 3734 , ninety days at
the past few days would indicate that remedial meas 3 34 % , documents for payment (sixty days) at
ures arc being seriously considered and may be 3 37% , and seven-day grain bills at 3 4134- Cotton
announced in the course of the next few weeks. Be and grain for payment closed at 3 42% . Gold en
this as it may, it is learned on good'authority that gagements for the week included $200,000 gold coin
the plan most widely favored at the recent confer transferred from the local Sub-treasury to San
ences between British bankers and Treasury, officials Francisco for shipment to China, $295,000 for South
was for the Government banks of the world to form America, and gold bars to the amount of $08,953 for
a central committee sitting permanently in London, Switzerland. It is understood that another $10,000,
with representatives of each bank as members and 000 has been engaged and is shortly to go forward to
the formation of an international currency committee Buenos Aires. Approximately $17,000,000 of the
backed >by the credit of the above banks for the precious metal was shipped to Argentina a little over
settlement of international commitments. Needless a week ago.
to say, this plan would meet with strong opposition
• Continental exchange followed the lead of sterling
for the reason that banks have been deriving sub
stantial profits through the speculative operations of and quite substantial recoveries were recorded, not
exchange dealers and could hardly be expected to ably in Rome remittances which rallied to 17.72,
endorse a plan abruptly cutting off this source of or 220 points up from the previous low, and French
income. However, there would seem to be little francs from 15.12 to 14.12. Belgian francs moved
choice between either some method of the sort or the irregularly, but closed strong while Austrian kronen
still more drastic one of allowing exchange markets were maintained at last week s levels. Beilin marks,
to find their natural levels, since Governmental however, ruled heavy and a new low of .99 was estab
authorities here and abroad arc resolutely opposed to lished, which is 2 points under the low point of 1.0 1
596
THE CHRONICLE
[V o l . 1 1 0 .
recorded two weeks ago, although before the close week ago. Swiss francs finished at 6 03 for bankers’
there was a rally to 1.03. One explanation of the sight bills and 6 01 for cable transfers. This com
strength in lire was the action of the Italian Minister pares with 5 99 and 5 97 last week. Copenhagen
of the Treasury who, it is stated, because of the checks closed at 14.50, and cable transfers at 14.60,
demoralization of exchange, has issued an order against 15.00 and 15.10 a week ago. Checks on
forbidding stock exchange dealings in foreign ex Sweden finished at 18.60 and cable transfers at
change. A dispatch from Berlin this week stated 18.70, against 18.40 and 18.55, while checks on Nor
that Germany has notified Belgium that the Ger- way closed at 17.10 and cable remittances 17.25,
mano-Belgian financial agreement must be annulled against 17.35 and 17.50 the week previous. The
because of Belgium's participation in the extradition close for Spanish pesetas was 17.50 for checks and
demands. Subsequently it was officially denied by cable transfers 17.60, which compares with 17.35 and
Belgian authorities that Germany had made any 17.50 last week.
such announcement. According to latest advices,
As to South American quotations a slightly easier
it is learned that the proposed resumption of trade tone was recorded, and quotations have relapsed to
relations with Russia is not meeting with the degree 43.00 for Argentine checks and 43.15 for cables,
of success anticipated. Before commercial opera against 43.15 and 43.30, respectively. For Brazil
tions can be commenced on anything like an import the check rate is still at 26 and cable transfers 26% .
ant scale, the Russian railroads will have to be re Chilian exchange was again firmer, being now quoted
stored, a task in itself of colossal difficulty and mag at 23, in comparison with 22% , although Peru re
nitude. In South Russia the proposal to lift the mains at 4 70@ 4 75, unchanged.
Russian blockade is causing great uneasiness and dis
Far Eastern rates are as follows: Hong Kong,
satisfaction, the argument being that this is likely 102@ 102% , against 99% @ 101; Shanghai, 160@
to strengthen the Bolshevik morale and still further 163, against 160% @ 161% ; Yokohama, 50@ 51,
complicate economic conditions in that unhappy (unchanged); Manila, 4 8 % @ 4 9 , (unchanged); Singa
country. Trading during the early part df the week pore, 4 3 % @ 4 4 % , against 4 3 % @ 4 4 % ; Bombay
was quiet, but although some irregularity was noted, 49@ 50, against 4 6 % @ 4 7 % , and Calcutta, 49@ 50,
offerings were lighter and this with the improvement against 46% @ 4 7 % .
in the demand, lent a more cheerful tone to market
operations as a whole. On Friday a material in
The New York Clearing House banks, in their
crease in activity was noted, probably incidental to operations with interior banking institutions, have
the sailing of a good mail boat to-day. Announce gained $222,000 net in cash as a result of the cur
ment that some of the chief obstacles to agreement rency movements for] the week ending Feb. 13.
by Congress on the peace treaty had been removed, Their receipts from the interior have aggregated
had a potent influence in shaping market sentiment. $7,346,000, while the shipments have reached
The official London check rate in Paris closed at $7,124,000. Adding the Sub-Treasury and Federal
48.55, which compares with 48.50 a week ago. In Reserve operations and the gold exports, which to
New York sight bills on the French centre closed at gether occasioned a loss of $127,108,000, the combined
14.12, against 14.47; cable transfers at 14.10, against resu t of the flow of money into and out of the New
14.45; commercial sight at 14.15, against 14.50, and York banks for the week appears to have been a loss
commercial sixty days at 14.23, against 14.58 last of $126,886,000, as follows:
week. Belgian francs finished at 13.55 for checks and
W e e k e n d in g F e b . 1 3 .
In to
O ut o f
N e t C h a n ge in
13.53 for cable remittances. This compares with
H a n k s.
H a n ks.
B a n k H o ld in g s .
14.32 and 14.30 the week preceding. Final quota B a n k s ’ I n t e r i o r m o v e m e n t .......................... 5 7 , 3 1 6 , 0 0 0 5 7 , 1 2 4 , 0 0 0 G a i n 5 2 2 2 , 0 0 0
S u b -T reasu ry an d F ed eral R eserve
tions for Reichsmarks were 1.02 for checks and 1.04
o p e r a t i o n s a n d g o ld e x p o r t s ...............
11 ,5 2 1,0 0 0
1 3 8 ,6 2 9 , 0 0 0 B o s s 1 2 7 , 1 0 8 . 0 0 0
T n to l.
s i 8 . 8 fv 7 .n o n * 1 4 5 * 7 5 3 , 0 0 0 r ,o s s 8 1 2 6 . « » 6 , 0 0 0
for cable transfers, as contrasted with 1.07 and 1.09
the previous week. Austrian kronen closed at
The following table indicates the amount of bullion
00.32 for checks and 00.34 for cable transfers, against in the principal European banks:
00.35 and 00.37 the week before. Exchange on
F eb . 1 2 19 2 0 .
F eb . 1 3 1 9 1 9 .
Czecho-Slovakia, which was again conspicuously
G old .
G o ld .
T o ta l.
S tlr e r .
S ilv er.
T o ta l.
weak, closed at 1.15, against 1.30; for Bucharest at
£
£
£
£
£
£
1.70, against 1.85; on Poland at 81, against 90, and FE rnagnlca en da .. .. 11 40 64 ,. 01 02 97 ,, 63 42 31 1 0 , 1 2 0 . 0 0 0 11 50 *64, ,022279,,304231 1 38 81 ,, 69 41 95 ,, 151171 1 3 , 5 0 0 , 6 6 6 1 58 11 ,,56 01 05 ,, 51 1171
Finland at 4.50, against 4.20 on Friday of last week. RG ue rs ms i aa n y . 1 259* ,16,45901,,20 00 00 1 2 . 387658. 0, 1 00 00 ( 1 45 25 ,, 03 52 95 ,, 03 00 00 11 21 29,.60 05 07 ,. 05 00 00 1 2 . 397959. 0, 501 00 11 41 32 ,.60 02 57 .,0001 00
n . i 1 0 . 9 4 4 .0 0 0
2 .3 0 9 .0 0 0 1 3 . 3 1 3 . 0 0 0 1 1 ,0 0 8 ,0 0 0
2 . 2 8 9 .0 0 0 1 3 . 2 0 7 . 0 0 0
The close for lire was 17.72 for bankers’ sight bills AS pu as -i InI u_____
9 8 .13 9 .0 0 0 2 5 .5 1 6 .0 0 0 12 3 ,0 5 5 ,0 0 0 8 9 .14 3 .0 0 0 2 5 .8 6 8 .0 0 0 1 1 5 . 0 1 1 . 0 0 0
I t a l y .............
and 17.70 for cable remittances. A week ago final N e t h e r l ’ d s . 35 22 .. 61 95 84 ..00 00 00 3 .0608 40 .,00 00 00 53 35 ..32 40 02 .. 00 00 00 35 77 .0. 0 37 01 ..00 00 00 3 ,07 04 04 .0,0 00 00 45 70 .7. 07741 .. 00 00 00
N a t . B e l. h
figures were 19.47 and 19.45. Greek exchange has S w i t z 'l a n d . 21 01 ..167587..00 00 00 31 .,21 08 15.,00 00 00 21 14..47 5683..00 00 00 11 56 .3. 5 80 05 .. 00 00 00 2 . 56 1040..00 00 00 11 95 .0. 0 81 90 ..00 00 00
S w e d e n ___
10 .5 8 7 .0 0 0
16 .5 8 7 .0 0 0 1 5 .5 7 7 .0 0 0
15 .5 7 7 .0 0 0
not been changed from 7.61 for checks and 7.62 for D e n m a r k _ 1 2 .6 0 2 .0 0 0
1 8 8 ,0 0 0 1 2 . 7 9 0 . 0 0 0 1 0 . 8 1 2 . 0 0 0
13 5 ,6 6 6 10 .9 4 7 .0 0 0
N o rw ay . .
8 ,1 3 0 , 0 0 0 |
8 ,1 3 6 ,0 0 0
6 .7 16 ,0 0 0
0 ,7 16 ,0 0 0
cable transfers.
T o t a l w e e k 6 9 7 , 3 7 3 , 1 0 4 5 9 , 5 1 2 , 1 0 0 7 5 0 ,8 8 5 , 2 0 4 j 7 2 2 ,0 6 4 ,1 2 S f l l . 0 8 4 , 5 1 0 7 8 3 , 1 4 8 , 0 3 8
P
r
e
v
.
w
e
e
k
6 9 2 , 7 9 2 , 1 0 0 ' 5 9 , 2 8 1 , 8 0 0 7 5 2 , 0 7 3 ,9 0 0 ,7 2 1 . 8 6 0 .0 * 2 2 0 0 .8 0 0 .0 1 0 7 8 2 . 7 3 0 . 5 3 2
In the neutral exchanges weakness was still in
evidence, though rate variations were not so frequent h e lda Gaoblrdo ahdo. l d i n g s o l t h e H a n k o f F r a n c e t i l l s y e a r a r e e x c l u s i v e o f £ 7 9 . 1 3 1 . 1 3 7
* N o fig u r e s re p o r te d s in c e O c to b e r 2 9 1 9 1 7 .
or widespread as those of a week ago. Transactions
c F ig u r e s fo r 1 9 1 8 a r e t l u s e g iv e n b y “ B r it is h B o a r d o f T r a d e J o u r n a l " fo r D e c . 7
19 17 .
in the aggregate were light in volume, with trading
h F i g u r e s f o r 1918 a r c t h o s e o f A u g u s t r> mil.
for the most part dull and featureless. Some re
covery was shown in Spanish exchange, but the
PLANS OF THE BRITISH GOVERNMENT. '}
Scandinavian rates continued at or near the low levels
The speeches of the King and the Premier, at the
prevailing during the last week or ten days. Guild opening of the session of the British Parliament last
ers and Swiss francs were irregular.
Tuesday, were of particular interest as indicating
Bankers’ sigh on Amsterdam closed at 37% , the British Government’s attitude on the large
against 37% ; ca e transfers at 37% , against 37% ; political and economic questions of the hour. Neither
commercial sigh a 37 3-16, against 37 7-16, and the King nor Mr. Lloyd George stated definitely,Tas
commercial sixty days at 36 13-16, against 37 1-16 a is sometimes done on such occasions, the specific
F eb . 14 1920.]
THE CHRONICLE
597
measures which would be urged on Parliament’s con market, is that the increase has been mostly in ship
sideration. This is apparently to come later. The ment of goods to other European countries, and not
King’s speech, which was as usual the formal state to the United States, with whom the balance of
ment of the Government, declared, after referring accumulated indebtedness against England is heavi
to the economic problems of the hour, that “ legis est. In point of fact, this adverse balance has of
lation providing for large and far-reaching measures late been actually increased through England’s large
of reform must be passed into law.” But, so far as purchases of American raw materials to provide
the cable dispatches show, the details of the proposed for her increased export of manufactured goods to
other countries.
legislation were postponed.
The one positive intimation of policy made to
Lloyd George announced that at an early date a
Parliament
was the Premier’s statement regarding
bill would be introduced “ to amend the provisions
Russia.
After
Lloyd George’s habit, this was
for the government of Ireland.” This was a matter
of course; matters cannot possibly go on as they have bluntly made, and with the disregard of all past
been going without making some concrete Home policies which that statesman always displays when
Rule Bill a political necessity. Otherwise the a new and altered policy has been adopted. He
Premier’s speech was in the main a defense of the strongly favors the reopening of trade with Russia.
Government’s general position. He discussed the That England imperatively needs the raw material
labor situation with great courage, denouncing the which Russia is able to produce, he takes for granted.
Union theory that the present high prices are due That the British Government will recognize for that
to “ profiteering.” The man who asserts this to be purpose the Bolshevik dictatorship, lie does not
the cause, Mr. Lloyd George continued, “ cither admit. “ There is,” he declared, “ no established
does not know what he is talking about or else is Government possessing the right to speak for the
trying to deceive.” There is only one way to bring whole of Russia,” and until the Bolsheviki “ have
dropped the methods of barbarism no civilized com
down prices; “ that way is by increased production.
But he admitted also that “ the real inflation of munity in the world is prepared to make peace with
prices is due to the fact that money has not got the them.” Nevertheless:
“ Commerce has a sobering influence. I believe
value that it had before the war.”
Nothing appears to have been said of measures to that trading will bring to an end the ferocity, rapine
be taken, either to stimulate labor’s productiveness and cruelties of Bolshevism more surely than any
or to regulate the British paper currency issues of other method.”
Thus flatly stated, the matter has already be
war time, or to stimulate the iorcign trade of England
come
a subject of discussion that is by no means one
in such way as to reduce the accruing balance of
sided.
In some ways the proposal is anomalous;
obligations on merchandise account. On the other
for,
as
defined and limited by Lloyd George, it
hand, the King’s speech suggested the probability
amounts
to announcing the reopening of trade with
of introducing laws to regulate working hours and
fix a minimum wage; proposals which, taken by a country while continuing the technical state of
themselves, would hardly seem to point towards war with that country’s de facto Government.
increasing production and increasing the effectivc- Nevertheless, the Russian situation is itself so clearly
ness of English competition in the world s export trade. abnormal that it may admit of abnormal relations
Yet even in this regard the King’s speech struck with the outside world.
No Russian Government, under existing circum
a note of hopefulness, declaring positively that “ the
condition of trade with the outside world, especially stances, would undertake to prohibit the sale , of
of export trade, serves to show that my people are foreign merchandise in the country] if the virtual
proving no less successful in dealing with the troubles blockade were lifted, and there would be no way of
war has left behind it than they were in enduring paying for such importations except through sale
war itself.” Uttered as these words were in the of Russia’s own products to the foreigners. How
face of the overwhelming movement of depreciation large the supply of such products, available for sale,
in sterling exchange on the American market, they actually is at the moment, with the political, indus
may seem on their face to be out ot touch with cir trial and economic chaos in Russia at its present
cumstances. But the publication,- almost on the pitch, is one of the real questions of doubt. Another
day of the speech, of the Board of Trade’s returns is how far such commercial relations could be carried
of foreign trade for January, gave an interesting without at least virtual recognition of the Bolshevik
Government’s authority. It is not unlikely that
confirmation of them.
some
light will be thrown on both these questions
Exports of British products, which were £47,342,
by
the
incidents of the near future.
000 in that month of 1919, reached the remarkable
sum of £105,879,000; this being the first occasion
la b o r a n n o u n c e s i t s e l e c t io n p l a n s .
on record in which such exports have passed the
The Federation of Labor, which calls itself but
hundred-million-sterling mark. It has been pointed
is
not, American, issues a manifesto of its intentions
out that even in January of 1914, the export of
and
its expectations. A number of years ago, in an
British products was only £47,800,000. It is quite
election
campaign the unions in one of the large
true that the rise of more than 180% in average
cities
of
Ohio summoned each candidate to appear
English commodity prices, between that date and
the present year, accounts for more than all of the and submit to examination as to what he would do
increase in value of the exports last month, as com for labor, and although a few tried to frame excuses
pared with those of the same month before the war. for non-compliance there was a painful lack of
But nevertheless a remarkably rapid increase during independence enough to resent the demand. Having
the twelve past months, even-in the quantity ot goods swiftly grown in boldness since, labor now announces
a nation-wide inquisition on a non-partisan basis,
exported, is shown by the comparison.
Perhaps the most seriously qualifying consideration |and says it intends to use its balance of voting power
from the viewpoint of the international exchange to secure a Congress to do its will
598
THE CHRONICLE
[Vol . 110.
Its manifesto is crammed! with the usual falsehoods, voting age. Many of them are not legal voters,
yet contains some things that are true when given and among the 4 millions claimed in Federation
correct interpretation. It is true that Congress membership many of these non-voters must be
has largely “ failed to do its duty and has given included; in any event, the vote of organized labor,
encouragement and support to autocratic and re even if compacted under a positive central control,
actionary policies,” to-wit, the selfish aims of the is only a small fraction of the whole electorate. As
Federation. It is a falsehood to say that “ the halls for the solidity (the most terrifying part of the bogie)
of Congress have been used by labor’s enemies we must point out again that strikes, which are
against the efforts of the toilers to exercise their made to appeal most sharply to individual selfish
normal and lawful activities ” This— after the ness, are never unanimous in obedience and are
Adamson Law of 1916— refers (if to anything specific) much less so in feeling, although each man’s conduct
to the possibility that in returning the railroads there is necessarily known and he exposes himself to
may be some-attempt to limit the “ God-given” right pursuit and attempted punishment if he disobeys the
to control one’s own labor and that of others too. order; but in the voting booth a man is unseen and
To say of CongressThat “ its dominating thought has independent.
been the repression of labor” can hardly be taken
Moreover, the unions include many men of in
seriously by the dullest vassal of the Federation; telligence and of some reading, men who must
the dominating thought in Washington, at both ends secretly abhor their own surrender of personal
of Pennsylvania Avenue, has been how to keep on freedom. For the sake of what they may think a
friendly terms with the labor vote.
present gain and in dread of having difficulties put
Now the Federation says it proposes to join no in their way if they stand out, they may yield to the
party, but to defeat candidates unfriendly to labor coercion and obey the boss as to demands and
and to secure nomination and election of “ true and striking; but when they come to voting at elections
tried trade unionists or of assured friends.” It is it conceivable that many will not try to rise to
intends to begin with the primaries, and thus to their feet and in one matter be their own masters?
elect a Labor Congress. The rubbish about funds The one claim for the Australian, or secret, ballot
mental rights, glorious liberties, American ideals, is its secrecy; threats and money could not control
principles of democracy, &c., can be dismissed; the voter, it was said, because there would be no
organized labor says it has not hitherto had ics means of knowing whether the bought or coerced
own way and now intends to have a Congress that votes were delivered. M r. Gompers may bargain
will move asjthe strings arc pulled from the centre. with candidates for the solid labor vote which he
It continues to object most to the courts and to claims to hold in his hand; but where is his guaranty
judicial reviews of the point of constitutionality. of delivery? To put the thing on its lowest plane,
Its Bill of Bights calls for an end to this alleged what degree of fear should be felt towards something
“ usurpation” by the courts. Each legislative body very indefinite in size and still more indefinite as to
should be itsjow n judge of the legality of its own ability of control?
action, and, at the very least, if it re-enacts a law
At this point we might remember that when an
once declared unconstitutional such law should not autocrat is once beaten he loses some of his prestige,
be again subject[to judicial review.
though he may strive to screen himself by increased
As related to the object sought, this scheme is boasting. In the stubbornly-fought Danbury H at
shrewd and wise. Rather than again set up as a ters case M r. Gompers was publicly shown to be less
Labor party, repeating attempts which heretofore than the highest judicial authority of the country,
have accomplished little except to sound warnings and his inability to protect from the liability brought
that unhappily'passed unheeded, it is a skillful play personally home to themselves the individual union
to offer support to the candidates, regardless of ists of the Danbury district who had relied upon
what party names they bear, who have heretofore him may have left behind some bitter memories,
shown most subserviency or will now bid highest brooded over though unspoken, and also a doubt
for that support. The reward of surrendering intruding more or less generally through the member
courage, manliness, and the obligations of public ship as to the strength of unionism when the final
duty is the'labor vote, and in holding that vote up for clinch is reached.
bids the Federation does at once its best and its
The Federation and the railway brotherhoods
worst. It claims to hold the balance of power in have paid court to the farmers, but the courtship
elections, and this is precisely the thing over which has not sped smoothly. Engagement has been
politiciansjire'most anxious; as a passing illustration, claimed, but has been as stoutly denied. Within
had about 2,500 votes in California been thrown the a few days past, a representative of the National
other way'in 1916 (and various influences might have Grange was quoted as saying that a conference
conceivably done that) M r. Hughes would have of a half-dozen agricultural interests has decided
become President and much history would have been that the labor unions and the farmers have no
made differently.
selfish ends in common and cannot be brought to act
An angry bull and a mad dog are not on the side together.
of righteousness, yet it is necessary to take note _JWhat part, assisting or decisive, the women bore
of the danger they threaten. How much fear should in 1916 can never be known, and they are even more
there be of thisf brutal, reasonless, and quite un an uncertain factor now. They are not yet largely
defined rage in a “ solid” vote? As the “ Chronicle” unionized; they are greatly subject to influence by
very lately pointed out, both the size and the solidity their emotions, to which the rising “ Americanization”
are greatly exaggerated; to magnify both is part movement may greatly appeal, and it would be
of the stock-in-trade of the pretended holders of it; insulting to them and a foolish weakness of judgment
their cue is always to hold it up as if it could be to assume that they will not be a counter-force
cast, as a single ballot, by a single man. Suppose against any such sheer and naked selfishness as the
there are in thejwholejcountry 20 million males of Federation- announces.
THE CHRONICLE
F eb . 14 1920.]
The separateness and narrowness of a “ class”
organization for avowedly selfish ends involves a
natural tendency to drift towards increasing violence,
even to what we now call Bolshevism. M r. Gompers
may or may not realize it, but he has been losing
control over his organization instead of increasing
it. He has always talked peace and orderly pro
cedures, only rebelling against both now and then
when his alternative was a public submission to them,
as when he has found it necessary to rise above the
courts; but of late he has been swept along instead
of leading, and now his control is like that a man
has of a maddened horse which runs away with him.
Organized labor is headed and on the rush down hill
to the destruction which is the natural end erf un
bridled passions. Because of its sheer disregard of
everything but its own covetousness, it must now
either accept or openly refuse the company of every
stripe of piracy and social disruption from Plumbism
to the overthrow proclaimed by the Reds.
And just now a strike of the Brotherhood of
Maintenance of Way Employees on the railroads is
set for next Tuesday, and Chief Lee of the Trainmen
is seemingly letting “ I dare not” wait upon “ I
would.” Were there no other difficulty or question
involved, it is obvious to every person outside of
Bedlam that in the present circumstances M r. Hines
is without power to make a binding contract or give
real assurances; but this does not count with men
whose reason and whose consciences have been
debauched by a long course of what may properly
be called highway robbery. The black flag and the
red flag (they arc equivalent) are run up in full view
and run up early in the season, and so much as this
is fortunate; the course announced is less dangerous
for the country than a secret corruption, for now
we have notice and warning. The shameful and
destructive past cannot be recalled, but we can see
now (if we will only face unpleasant truths without
wincing) to what we have been brought by dreading
nothing so much as a present inconvenience. We
can sec now some of the fruits of surrender. Is it not
time to discover that courage is far safer than
cowardice? Let us act now as men, seeking men as
candidates, for the Presidency and all other repre
sentative positions, and see if we cannot elect them,
in defiance of bribery and threats.
TO M AK E
AMERICA AMERICAN
A NATION.
AND
599
for their own financial burdens they have undertaken
to push on the campaign for reducing the annual
waste by fire and now they take up this loyalty move
ment, showing that they arc genuinely stirred.
They sum up the present situation tersely. There
is, they say, “ an unprecedented activity of political
and economic propaganda,” including with regular
periodicals innumerable leaflets and a great activity
of speakers and agitators. This is all “ characterized
by its preponderating foreign character;” while in
cluding a certain class of so-called “ intellectuals of
American birth, “ it is essentially a foreign movement
within the United States.” It is vehemently anti
American in proposing overthrow of American gov
ernment and abandonment of American principles
of liberty and political equality; it is subversive of
moral principles and preaches discord and violence;
it has already been characterized by assassinations,
explosions, and destructive plots.
So say these insurance men in the role of good
citizenship alone, and they say correctly. But they
note also that the overwhelming majority of the
people are devotedly loyal, and unselfish idealism
was clearly shown in the war; that this destructive
propaganda has made headway because “ not yet
sensed in its true proportions and danger;” and that
the need is now urgent for understandingand counter
acting it.
We Americans have so much for which we should
repent and resolve upon improvement that we should
not condemn ourselves unduly, and for this fault
of slowness to recognize this particular danger we
have much of excuse. We had a broad land of
almost unmeasurable natural resources, we needed
population, we needed labor, and we naturally offered
asylum to the oppressed and crowded masses of the
world. They could have homes almost in return
for settling and cultivating, and they came by the
myriad. Then, because our politicians wanted votes
and the delusive theory got about that the ballot
carried with it an educatory sense of responsibility,
we allowed suffrage to be degraded by giving it to
practically any biped who could make a mark with
a blunt pencil. We believed in the uplifting effects
of free air and free speech, and in the power of truth
over error, both being left open to move. Oppor
tunity was here so overwhelming, so plain, and so
unlimited, that we imagined the freed foreigner would
find himself as soon as lie stood on his own ground
and had his own house as his castle. We thought
self-interest would develop of itself into orderly lives
and good citizenship in the majority. We over
believed in the uplifting powers of liberty, and thought
the evils of society would work their own cure. How
could a spirit of antagonism to all government and
all order arise (we asked ourselves) when law and
order were protecting every man and every man had
the ballot in his hands, the humblest laborer equal
politically to the millionaire? So we let matters
take their course, and even the murder of McKinley
in 1901 did not startle us out of our assumption of
general safety. Our Cassandras uttered the truth,
but our optimism would not listen. Our most
intelligent voters shrank from the commonness and
dirt of political campaigns, had not time for politics,
and neglected to vote; the trees left the governing
to the brambles and the brambles cheerfully attended
There is both significance and encouragement in
the very quiet though determined movement now
in progress among insurance men for Americanization.
At a recent meeting of the Executive Committee of
the National Board of Fire Underwriters, a resolu
tion was adopted inviting participation by all other
organizations of whatever nature (labor unions being
specifically mentioned) “ in a joint attempt to eradicat&disloyalty and promote development of the nation
along sound and constructive lines.” This resolu
tion followed a declaration that “ in the face of an
active propaganda of disloyalty and the subversion
of American ideals and of our form of government”
the time has come for an unmistakable expression
by all good citizens.
This Board is a voluntary
association of companies for improving the conditions
under which underwriting is done; but the men in it
have in late years shown an increasing concern in to it in their own way.
Our misplaced confidence and our inappreciation
good citizenship, and it is a testimony of their earn
of
the personal duties of citizenship resting on ourestness that while they have ample labor in caring
600
THE CHRONICLE
[V o l . 1 1 0 .
selves do not entirely excuse us, but they are inn ately, we didn’ t blaze the trail when we went in—
mitigation. If we had done our utmost against allI and in consequence are now somewhat confused,
the destructive forces we might now despair; butt It follows that when a thinking class, if we have such
the encouraging as well as the stimulating and thee a thing, feels the moving of the spirit to break silence,
commanding fact is that we have not yet awakenedi we may very well heed what is said. Representa
and tried.
tives of leading farmers’ organizations have recently
The National Board’s movement is only one partt sent a typewritten memorial to members of Congress,
of an unmistakable general interest in Americanism.• and in it they have been bold enough to announce
And what is that? It does not involve or considerr a firm conviction that ours is “ the best government
any specific public policy. It has nothing to do withi under the sun.”
any political party as such. It has no particularr
For ourselves, we like the sound of this. It is
candidates in view. It stands for order, and forr music in the midst of discord; it is the shadow of
good and efficient government as an instrument and1 the rock in a weary land. And it means so much
a condition of order; it stands for keeping this countryT more that mere opposition to Bolshevism and ana nation. N ot for national isolation, not for selfish1 archy. We have had occasion to speak oi the indiprogress, not for indifference to the welfare of other• vidualism and common sense of the farmer. These
nations or any backwardness to aid them, and not• representatives claim to have four millions of men
for any hostility to foreigners; but in order that Amer- behmd them. There has never been a strike among
ica may be able to live herself and be able to help the5 these workers. They are not wholly happy, they
world she must be sound, great, and an entity at once5 havG troubles, grievances— but ours is the “ best
human and firm. We must really be something’ &Qvcl'nment under the s u n Here is prescience, also
nationally before we can accomplish anything. We‘ peace. Here is loyalty, also liberty. Let the
have been a heterogeneous collection of materialt “ whangdoodle mourn,” they say in effect, “ this
from everywhere. We have been parts but not a1 nation is good enough for us.” N ot the new, trans
whole. We have been more mob than nation. Now" formed, idealized, sublimated government of the
we must nationalize ourselves, with the determination modern reformer, just this (our) government as it
to do so and stay so.
stands in form and principle to-day, the government
These insurance men, properly approaching men of Washington and Jefferson, which, even now, we
of thir own line more directly first, are enrolling; nave no need to define. What a victory over war’s
signers to the simplest of pledges, namely, to exercise1 confusion and the wrack of a falling world it would
influence as opportunity may offer “ for the suppres be if from our hearts we should all in unison repeat
sion ol disloyalty and the promotion of American• the words: “ Ours is the best government under the
ism,” and to support the widest possible dissemination sun.”
of American ideals through every channel of reaching
It seems that Mr. Gompers, in protesting mood
others. This is all. The week beginning on the 22nd against bills and parts of bills which he believes ad
has been designated as “ Loyalty Week” and all versely aftect “ labor,” recently visited the White
State and municipal heads are urged to ask observance House. Backed by union ohieis, he was accom
of it by schools, churches, civic bodies, and the general panied by several representatives of farmers’ or
public. More than a century ago, Washington said, ganizations. The latter, this larger body of farmers
“ Let us raise a standard to which the wise and the memorializing Congress, expressly repudiated. And
honest can repair; the event is in the hands of G od.” if the public questions they discuss, public ownership
Weeds grow of themselves; useful vegetation must of railroads is perhaps the most important. This
be cultivated. . Disease spreads without aids; health they distinctly and vigorously oppose. They are
needs to recognize itself and to accept and fulfil against all public ownership in and on principle.
the obligations imposed by its own existence. The It appears that they do not find any general good
destructive forces which threaten us have spread and llowing out of labor unions. They find large and
strengthened because we have put forth no counter inordinate wages induced by labor union activities
effort, and we have failed to do that because we have reacting directly and severely upon themselves.
not recognized the situation. It will not suffice for Farm labor is scarce, insufficient for the desired in
each genuine citizen and American to think and to feel creased production. Shorter hours they cannot
aright; he must do somewhat towards putting right tolerate
The time of planting a ad of reaping has
thought and feeling into others. The need and the its own requirements that cannot be disregarded.
emergency are evident. The call is sounded.
N ot only should a man under our constitution and
THE VOICE OF THE FARMER—
UNFALTERINGLY TRUE.
Some one has said: “ The fate of empires hangs on
conversations held over the backyard fence.” We
are continually reminded of the power ol “ public
opinion.” Sometimes the people are referred to as
the great silent majority. And it is certainly true
that an empty wagon makes the most noise. “ Lay
3rour ear to the ground” is as often said as “ hitch
your wagon to a star,” and is quite as important
advice. In the labyrinths of some of our subway
stations we are admonished to follow the green or
black or red line on the wall— to light and liberty.
And just now everyone is looking for the path that
will lead us out of the wilderness of war. Unfortun-
laws have the government’s protection over private
ownership, but his time is his own also. Factory
life and farm life are not made upon, the same pattern.
Well— many, of course, are now reading politics
into everything. A writer speculates as to whether
or not this stand on public ownership will swing the
farmers into the Republican camp and the “ laborers”
into the Democratic, in the next Presidential and
Congressional election. He feels, and rightly we
think, that this memorial (accepted as the real voice
of the farmers) announces the impossibility of any
political union between these two “ classes” of citi
zens. But at this point we recall the pregnant
words endorsing our present form of government.
There is no camouflage about this. It dismisses
countless proposals and discussions. True, these
F eb . 14 1920.]
THE CHRONICLE
same larmcrs would like to “ reach the consumer”
by a more direct route, and believe the middle
man’s profits a deprivation to thgm, a tax upon
production, that this “ laborer” does not earn his
pay. But that taken at its worst is but an item of
economic administration, a detail ol domestic com
merce. The farmer would not subvert our founda
tions as to property, initiative, control and opera
tion, to remove a mere obstruction.
Evidently, “ the farmer” is not kotowing to any
mushroom Non-partisan League. Whatever he may
do he is not announcing at this time a new political
party. He is putting his loyalty to the Constitu
tion above his interest as a class. If he feels that
his occupation separates him from others, because
lie is primary producer, he is not asking for class
legislation on this ground. Mistakenly or other
wise he desires to form co-operative organizations,
for the purpose oj marketing his produce, not for the
purpose of governmental price-fixing and govern
mentally operated means of transportation— he con
demns both. He seems willing to “ take his chances,”
if let alone. He is not seeking to use the government
(“ the best under the sun” ) to feather Ins own nest.
Pie is a democrat of democrats who is not obsessed
with over-seas and universal “ democracy.” And
when this vaunted revolution breaks, if it ever docs,
he can “ hold the fort,” for he holds the land— the
Valley of the Mississippi, the heart of the Republic,
an empire in extent, a democracy in fact. And
this is a political fact all parties may well heed.
In the midst of confused and threatening finances,
toppling exchanges, and indescribable debts, when
public interest shifts with every commercial wind
that blows, it is well to consider that agriculture,
however much it may be helped and sustained by
manufacture, is our basic industry. Congress may
appropriate fresh millions to procure bread for
starving Austrians. In the las.'/ analysis the Ameri
can farmer feeds them. Essentially our government
is erected over an agricultural country. It is an
added glory and strength that we have mines and
machinery— but when our decks are stripped for
action in a commercial sense, our future rests on the
soil, and on that peculiar mentality of citizenship,
if we may use the expression, which, living in the
midst of natural laws, finds in them not only peace
and plenty, but the “ power that makes for right
eousness.” “ Supply and demand” say these farmers,
may be depended upon to equalize and reward.
By the education of his daily work, the American
farmer is taught to discount these artificial schemes
for plenty and prosperity advanced by the hectic
imaginations of t h e , discontented. Sun and soil
work for him, he knows, but only when he is appre
ciative and amenable to the powers that dwell in .he
“ nature of things.” We may well be’ ieve that when
he advocates a form of co-operation, lie knows that
the forces of nature around him, never-ceasing,
never-failing, constitute in their opulent equili
brium of production, a divine co-operation greater
than man and his governments. So that he realizes
the instruments we have constructed in a century
and a half of history, as instruments, not rulers, our
institutions, our industries, and our political gov
ernments. Shall we say it?— He brushes away all
these devices, theories, movements, and missions,
and comes down to the bedrock conditions of natural
men in a natural environment. Farmers will never
destroy this Republic. They crusade at home.
601
UNIVERSAL M ILITARY TRAINING.
President Wilson in his letter to Secretary of War
Baker, suggested that “ in the national interest,
quite apart from purely military considerations, a
moderate and carefully conducted course of universal
training may have the highest possible advantages.”
The caucus of the House Democrats, however,
Monday night, though told by the President to wait
until the assembling of the Democratic National
Convention, before taking action on the question,
adopted resolutions, by a vote of 106 to 17, opposing
the passage of legislation for universal compulsory
military service or training. But obviously this is
not conclusive, as to the probable course of Congress,
since the Democrats do not hold control of the
national legislature.
Still though this question must inevitably run its
course in Congress, it is doubtful whether the people
will becom e’seriously stirred over the issue. If the
theatrical world may be taken as an index of senti
ment, there is a marked disposition to turn away
from war and war’s problems. The matter as it
now stands is modified by present conditions, and
does not hinge, as of old, on militarism versus pacif
ism. Many a pronounced pacifist has but recently
relinquished his personal desire in the face of devotion
to his country. And many a militarist has had, at
the same time and for the same reason, to modify
his fear of “ unpreparedness.” The marvelous ach
ievement of the nation under the stress of necessity,
is an object lesson teaching a great truth, if it can
be rightly interpreted. That there will be division
here is already apparent.
It may be said, on reflection, that the fear of a
future world-war, has in it that element in all fear—
a nameless dread of something that cannot be speci
fically defined. How will it come, where will it
centre, what will be its primal cause? Are there still
two opposing “ civilizations” that can come together
in another gigantic death-grapple? Granting the
great exponent of autocracy is now reduced to impotency, so it cannot precipitate and carry on another
conflict, is democracy, such as now imperfectly
exists, in danger from this cause (the cause of poliical
dominance by means of military power)? It does
not seem so. And yet autocracy may emerge from
below as well as descend from above, if the tyranny
of what is known as “ Bolshevism” be taken into
account. Can this so poison democracy everywhere
as to threaten all “ liberal” forms of government with
destruction, and, with its rapid descent into anarchy,
can it be deemed possible of carrying on a gigantic
war in time and extent and equipment comparable
to the world-war just concluded? It would seem
that such a war by destroying all law-and: order
governments would soon destroy itself; nor can it bo
conceived that these forces of disunion could ever
muster such organized strength as was let loose after
forty years of militarism by the former embodiment
of autocracy. And though “ preparedness” to com
bat such an evil is therefore not wholly answered—
apprehension must still answer the question of the
immediate possibility as well as probability of this
malignant growth overrunning civilization now ex
istent and functioning.
That disorder tends to bring forth a dictatorship
may be admitted— but the present situation, if the
last war has really succeeded in its supreme object,
must balance the treedom of democracy to grow
603
THE CHRONICLE
[Vo l . 110.
against communism to overthrow it, in processes of done over again, under like conditions, could none
peace as well as by the instrumentality of armed force. of the costly mistakes be avoided?
One of the large truths demonstrated is the effi
The tact that fragmentary wars continue does not
of itself argue that the world is on the verge of ciency of patriotism to function in emergency. With
‘revolution.” And the awtul conditions that exist our short perspective of the over-seas accomplish
n conjunction with soviets and syndicalism must ment we now see a capability of military endeavor
serve to show the inevitable downward course of these in the actual no one believed possible ten years ago.
forms and principles of government. There yet True, money was poured out like water, money we
remains the fact of physical exhaustion. Where is could ill afford to employ again. But the signifi
the country capable of leading in a world-revolution ? cant demonstration is the possibility, fired by the
And if we look at commerce, race, and religion, what zeal of love of country, of quick mobilization and
impends? The old commercial lines are broken up, training of a gigantic military force, and in the doing
and must be resumed by new means and on new of this, it must be borne in mind, behind the field
routes. There may be in the Near East certain in operations, the fighting units, there sprang into
fluences, conditions, questions, aggravating relations spontaneous life and action a business acumen and
between white and yellow races, bat these must organizing power never witnessed in the world, and
meet political governments before they attain general wholly apart from military training. Will this be
war-powers. And it must be doubted whether re less powerful in the future or less patriotic?
ligions will ever again clash as in ages past.
The inconsiderate statement is sometimes made CANADA’ S ATTITUDE REGARDING EXPORTS
OF WOOD PULP.
that the United States has not a friend among the
Ottawa, Canada, Feb. 13 1920.
nations of the earth. But has the United States an
The Government of Canada and the Provincial
avowed, or even a latent, enemy in the whole world ?
What policy of aggression do we now have that might Government of Quebec have taken cognizance of the
bring us into conflict with any nation? What could unofficial demand from certain pulp and paper com
any power gain, save tribute, by overcoming a panies and newspapers of the United States for an
unobstructed export of pulp logs from the Crown
nation physically, if not otherwise, isolated?
What justification, to the extent of preparedness lands of eastern Canada. Just how unyielding is
for another world-war, is there for suspicion in the the attitude of Quebec to any such proposal may be
face of protestations of good will? If trade be gauged by the statement of Premier Gouin last week
considered-—what more is asked than a fair field and that not only would the embargo on export of raw
a freh-for-all? Is it to be supposed (granting trade material from Crown forests remain as it is, but that
the basic cause of the war just ended) that commerce the Province is considering a means of decreasing
will, in a few years, when new relations are in the the pulp log exports from freehold lands to United
making, suddenly develop the deadly antagonism States mills. It seems highly doubtful that the
that resorts to armed force? And by no means latter drastic measure will be seriously entertained,
least, who will keep alive the spirit of peace while inasmuch as the Canadian settler would be the first
to protest and the invitation to United States retali
nations continue to increase their armaments?
We need not ask the existence or the efficacy of a ation in shipments of coal, for example, would be
League of Nations to promote perpetual peace? It too obvious.
As the law now stands, no unmanufactured wood
now appears the Allies will accept entrance thereto
with reservations preserving independence, consti from Provincial Crown lands can cross the American
tutionalism, and sole sovereignty. But whether border. However, each year more than one and a
they do or not, whether or not the League be joined, half million cords of raw pulpwood are sent over to
does it not appear that democracy is to have its United States mills from privately owned lands,
chalice everywhere, no matter how it may be defined, and semi-manufactured wood, in the form of pulp
unless, as we have mentioned, it is to succumb to mats, valued at $35,000,000, also is supplied by
Socialism, Communism, or anarchy? That would Canada to newsprint factories in the Northern
seem more a domestic danger, if it be one, than a States.
The aim of all the Provincial Governments, of
foreign. For can any one imagine disorder and
disintegration crusading over oceans to destroy the course, is to encourage the further manufacture of
last stronghold of law and order? Whatever prin pulp into paper, thus concentrating industries and
ciples may engage the mind of the thinker, of the population on this side of the border. Canada is
legislator, must not the danger (laying other ques now realizing more than $100,000,000 a year from
tions aside for the moment) be discounted in ad export trade in pulpwood, pulp and paper, nearly
80% of which goes to the United States.
vance in determining extent of “ preparedness” ?
The cause of most persistent complaint by some
The urgency of economy, while it does not go to
the root of the matter, cannot be ignored. Here the American newsprint mills is connected with the pur
weight of military expense might play directly into chase of very large tracts in Quebec Province prior
a condition it is designed to avoid, a condition of to 1910, when the embargo on export came into
unrest provocative of disruption and revolution. effect. With a legal wall built between the Quebec
Some advocate of universal training has called at limits and the New England mills, demands and
tention to the waste and inordinate expense of sudden suggested compromises have been passing under the
preparedness, that this should be avoided in the eyes of the Quebec Government ever since. Since
future. This has two sides. Any future expense the lands in question were all public-owned and the
may be avoided by incurring it now. M ore, it may United States purchases were of cutting rights only,
be so incurred now, and dissipate itself without re the Canadian Government always contended that
lieving the future. A billion a year (estimated) now the embargo was legal and justified as sound public
mounts very fast. But the real question is— shall a policy. Further, the rights purchased by American
nation learn nothing by experience. If all was to be companies have always been marketable and at a
F eb . 14 1920.]
THE CHRONICLE
603
with the greatest rise in flooring— 100 to 131%;
glass, a reduction in the discounts from the March
1913 jobbers list, and a moderate marking up of quo
tations for lime, linseed oil, stone and grit. Against
these, rather unimportant declines are to be noted
in the price of structural steel as a whole, plaster and
sand.
Following the decided contraction in construction
work month by month from M ay on to the close of
1918 the contracts entered into in Jan. 1919 covered
a total of estimated outlay moderately less (14.3% )
than the small total of the month in the preceding
year, but thereafter each recurring monthly compila
tion gave evidence of expansion in operations, and
in almost all cases of very heavy proportions. The
statement for February, it is true, showed a gain of
BUILDINGJJPERA TIONS IN 1919.
The year 1919 witnessed transition from extreme only 15.1% but March disclosed an increase of 54.6%
dulness to phenomenal acticity in building oper and, consequently, the result for the first quarter
ations in the United States. It is hardly necessary of the year was an augmentation of 23.1% . In April,
to recall to mind that in 1918 construction work M ay and June, very important and steadily widening
had been reduced to an extraordinary extent, mainly increases were shown— 61.5% , 113.9% and 167.8%
as a result of the almost universal determination of respectively— the total for the three months register
the people of the country to do everything possible ing an excess of more than 100% o v c t 1918. Further
to assist the Government in bringing the war in more, the six months’ aggregate for 171 cities, at
Europe to a speedy and successful close. On ma 4 5 5 ^ million dollars, ran ahead of the preceding year
terial, labor, &c., the Government, therefore, had by 80.9% and came within 12.3% of the 1916 total.
first call. Consequently the outlay for building An augmentation of only a trifle under 200% over
operations for the twelve months at 283 cities was 1918 was indicated by the July statement which
by a very wide margin the smallest in very many covered a total the heaviest on record for a single
years, and this despite the considerable inflation in month up to that time, but it was quickly superseded
cost of material and labor, as a result of which the by a good margin by the August result, which in
erection of a building of any class entailed a much addition proved to be 262.8% in excess of that for
greater expenditure in 1918 than would have been a year earlier, September followed with a gain of
288.8% and the result for the third quarter was by
required for the same structure in earlier years.
With the war brought to a close in November 1918, 250% better than in 1918. For the nine months to
the situation changed and a marked revival in the September 30, moreover, the aggregate for 160
building industry seemed foreshadowed for the cities was not only 137.5% better than for 1918 but
following spring. It came, and ever since activity covered contemplated outlay 12.2% greater than the
has been the rule. In fact, fostered by a demand high record made in 1916. The exhibit for the final
for structures for both business and dwelling purposes quarter of the year, comparison being with extremely
far beyond anything experienced in a long cycle of meagre results in 1918, was, of course, extraordinarily
years, building operations were limited merely by favorable. The October gain was 446% , that for
ability to secure the necessary material and labor. November 667% , and for December about 680% with
High and ascending costs were unconsidered trifles the outcome for the three months combined an excess
in the situation. Suffice it to say that, making the of close to 600% . This is a record of rapid recovery
estimated cost of the buildings for which contracts in an important industry highly significant if not
were arranged in 1919 the basis of comparison, our unparalleled in the history of the country.
Furthermore, the expectations are that the activity
compilation indicates that for the yeai a new high
record in construction work in the United States Avas of 1919 will be equaled if not exceeded in 1920.
established. Furthermore, had it not been for the Certainly the operations of 1919 did not to an appre
hindrance caused by strikes and other troubles with ciable extent decrease the urgent need for structures
labor and inability to secure adequate supplies of for business and dwelling purposes. Everywhere
materials promptly, it is fair to assume that the one turns the cry is for housing accommodations,
total would have been even further expanded. and, locally, to relieve the situation many private
As stated, comparison is made upon the cost basis dwellings have been, or are being, altered into apart
(any reliable comprehensive data as to quantities ments. It is opined, too, that in New York and
being unavailable) but the gain 1919 shows over any vicinity it will be possible to carry on operations for
earlier year is so great that we believe, were it possible some time to come without material hindrance from
to make proper allowance for differences in prices strikes or other labor troubles. At least that is the
for labor and material, the year lately closed would inference conveyed by developments of last fall.
Specifically, after a five weeks’ conference between
still stand as an exceptional one.
A comparison of the prices for various materials the Building Trades Employees Association and the
at the beginning of January this year with those New York Building Trades Council, an agreement
prevailing twelve months earlier leaves no doubt as was reached on Tuesday, Dec. 2, that seemed to
to the considerable advances that had to be paid in assure two years of peace in the industry. The
1919. Common brick, quoted at 815 per thousand agreement, which was ratified by the officers of the
Jan. 1919 stood at $23 at the corresponding time this 41 trades unions interested, fixes in detail the wages
year; on face brick the .advance was from $34@$75 of building mechanics and absolutely prohibits
to $48@$100; wood lath from $6 50 to $20 per 1,000; strikes or lockouts during the two years in which
lumber and trim from $74 50@-$130 to $120 to $295, it is in effect. A board of arbitration was created
heavy4*profit, so that ^thej purchasers have always
been free to cither sell out or^to secure the wood by
establishing a mill within the boundaries of Canada.
The controversy has latclyLhecome more than
commonly v e h e m e n tly reason of the scarcity of
pulpwood supplies in5partsIof£the Eastern States.
Under the circumstances there would seem to be no
advantage gained by appeals^to^the Dominion Gov
ernment which bears to Q u eb ecpretty much the
same constitutional relation as Washington does to
Texas. At the same time, thereTappears to be no
provision for direct representations between the
United States national Government and the autono
mous Canadian provinces.
604
THE CHRONICLE
[Vol . 110
W 1
Cn
00
Oi
to listen to disputes, and any individual union calling Slope in 1919, all of the larger cities reporting aug
a strike subjects itself to disciplinary action. mentation in expenditures for construction work.
Rates of pay fixed range from $4 50 to $10 per day, The 25 cities in the group give an aggregate of $107,
averaging about $8, with a 44-hour week.. Over 066,854 or $50,662,136 (89.8% ) more than in 1918.
time employment is forbidden, except in extra In the States west of the Mississippi River to the
ordinary cases, and the board of arbitration is Pacific Slope, (not including Louisiana, Texas, Okla
empowered to settle any dispute arising out of this homa and Arkansas, which, being large producers
clause of the agreement.
of cotton are included by us in the Southern group),
At the time the agreement was entered into con likewise, evidence of notable activity in building oper
tractors were quoted as saying that the removal of ations was not lacking. The 38 cities that go to
the menace of strikes in the building industry here make up the division furnish a total of $140,887,057,
would do much to stabilize wage conditions through against $60,497,324 for the preceding year.
out the city and nation. Labor leaders commenting
The South, moreover, was not behind other sections
on the clause prohibiting sympathetic strikes de of the country, and the excellent return received for
clared it served notice on the radical element that its staple crop— cotton— was a favorable feature
the building mechanics of New York are satisfied of the situation. Consequently, it is not surprising
with their wage conditions and have no idea of su- that the 45 cities in that group should have laid plans
porting or encouraging any movement designed to for an outlay of $145,716,521 in building construction
supplant the existing order of things.
in 1919, against only $44,709,912 in 1918. For the
Our compilations for 1919 cover 285 cities, in United States outside of Greater New York the total
cluding returns from every State. As heretofore, the for 1919 of $1,236,023,466, compared with $439,
reports have been obtained from official sources 410,444 for 1918. Our compilation covering the
where possible, but in a number of cases we have been building statistics for the last four years for the
forced to rely upon private individuals for the data, leading cities in each section of the country,’ together
the absence of city ordinance providing for its col with the aggregate for the remaining municipalities
lection making that course necessary. At a vast in each State, is now appended:
preponderance of the cities (275 out of 285) there was
U N IT E D ST A T E S B U IL D IN G O P E R A T IO N S .
19 19 .
19 18 .
In c. or D e c .
19 17 .
19 10 .
more activity in building operations in 1919 than in N e w Y o r k —
S
S
S
%
$
M a n h a t t a n __________ 1 0 0 , 7 7 3 . 3 7 3
17 ,0 9 7 ,0 5 0 + 6 0 3 ,3
4
2
,
7
3
8
,
1
0
9
1
3
4
0
7 8 ,0 4 4
1918. For the whole 285 cities the contemplated
O t h e r b o r o u g n s _______ 1 5 4 , 7 2 0 , 8 1 0
3 8 , 8 0 2 ,8 4 6 + 2 9 0 . 2
6 0 ,3 3 0 ,0 2 9
8 7 ,2 15 ,0 3 0
outlay under the permits issued in 1919 was no less
T o t a l N . Y . C i t y . . 2 0 1 .5 0 0 ,1 8 0
5 0 ,5 0 0 .4 9 5 + 3 0 2 .8 1 0 3 ,0 0 8 .7 9 8 2 2 1 .2 0 3 ,0 7 4
7 5 1,5 0 2 + 2 1 9 .3
than $1,497,523,055 (the heaviest total on record), M a i n e — 2 c i t i e s . . ............ 2 , 3 9 9 , 3 0 0
0 5 8 ,5 4 3
1,9 3 8 ,7 4 2
N . H . — M a n c h e s t e r ____
1,7 8 4 ,8 15
• 3 17 ,4 0 2 + 4 0 2 .1
1.2 7 3 ,9 4 5
1,4 4 8 ,1 2 0
against $495,910,939 in 1918, and compared with V e r m o n t — B u r l i n g t o n .
3 9 3 ,2 0 0
18 7 ,0 5 0 + 1 1 0 . 2
3 4 1,2 7 5
3 4 4 ,2 0 0
sto n
2 3 ,5 2 0 .8 5 5
7 ,7 0 2 ,1 9 0 + 2 0 5 .4
2 3 ,2 9 4 ,10 1
2 7 2 0 8 ,5 2 1
1917 the gain is 82.9% . In 1910, the former banner M aOs tsha ec rh 3u 1s ect it ts i—e sB. o. ............
0 1,7 13 ,4 4 8
2 1 ,3 4 3 ,2 0 1 + 1 8 9 .1
3 5 ,9 2 0 .5 1 2
6 5 ,s 2 0 ,2 5 1
year, as regards intended disbursements the identical C o n n e c t i c u t — H a r t f o r d 8 , 3 5 1 , 5 2 1 2 , 2 5 4 , 9 8 3 + 2 2 0 . 1 7 , 8 0 3 , 0 1 0 7 , 3 8 3 . 1 0 3
N e w H a v e n __________
8 ,9 10 ,9 1 7
3 ,2 19 ,5 5 8 + 17 0 .8
5 .0 4 5 ,0 0 9
5 ,0 2 2 .5 6 6
cities furnished a total of $1,140,033,420; the current
O t h e r 1 8 c i t i e s .................. 2 1 , 2 0 8 . 8 0 7
1 2 ,2 9 5 .2 7 0 + 7 3 .0
19 .8 5 0 ,6 2 5
2 2 .0 3 8 ,4 8 4
year, therefore, records an expansion of 31.5% over R h o d e I s l a n d ( 4 c i t i e s ) 1 1 , 0 8 4 , 0 2 0 0 , 1 1 4 , 0 0 7 + 8 1 . 3 6 , 2 7 2 , 8 1 0 1 1 , 4 5 5 , 4 3 5
T o t a l N e w E n g . ( 6 3 ) . 1 3 9 ,4 2 7 ,8 4 3
+ 1 5 7 . 3 10 0 ,12 0 ,4 0 5 1 3 3 ,3 1 9 ,4 8 1
the best previous result.
N e w Y o r k — B u f f a l o ____ 1 3 , 0 3 3 , 0 0 0
7 ,0 1 4 ,0 3 0 + 8 5 .8
10 .5 8 1,0 0 0
13 .13 7 ,0 0 0
R o c h e s t e r .............................
In compiling our tables the plan of former years has
9 ,0 11 ,5 7 9
1 ,9 4 9 . 5 5 1 + 3 9 4 .0
0 ,7 6 4 , 8 2 0
9 ,3 7 0 ,4 4 7
O t h e r 1 4 c i t i e s _________ 2 8 , 9 1 3 , 7 5 3
10 ,( 7 9 ,3 0 1 + 1 7 8 . 0
1 9 ,0 0 7 ,3 3 8
2
been followed of giving the leading cities in each N e w J e r s e y — N e w a r k . . 2 0 , 8 9 0 , 1 8 7 5 , 3 2 0 . 8 3 3 + 2 0 2 . 0 9 , 4 3 7 , 1 0 4 7 . 9 4 3 , 0 9 6
0 .4 8 0 ,7 7 5
O t h e r 2 0 c i t i e s _________ 4 0 , 5 0 4 . 6 8 1
2 1 ,5 ( 5 ,8 2 8 + 5 8 .3
2 0 ,10 0 ,3 9 4
State or section separately in segregating the returns
2 ( ,8 8 4 ,0 1 0
P e n n s y lv a n ia — I ’ h t l a . . . 0 5 ,0 8 8 ,7 5 0
15 ,4 5 2 ,0 7 0 + 3 2 1 . 2
3 4 ,0 10 ,4 8 0
4 0 .8 0 0 ,6 7 0
into groups, and Greater New York heads the list.
P i t t s b u r g h ....................... 1 4 . 7 3 1 , 0 1 0
7 ,7 8 1 ,7 2 9 + 8 9 ,2
1 1 ,4 0 4 ,2 0 4
13 ,7 0 4 ,8 1 0
19 ,( 9 8 ,5 2 0
7 ,0 3 3 ,3 4 9 + 1 7 7 . 2
13 ,15 2 ,7 3 5
17 ,1 15 .7 8 2
For the five borroughs of this city the operations D eOl atwh ea rr o1 —3 cWi t ii lems _________
in g t o n .
5 .9 11,8 5 0
3 .0 1 8 . 1 4 9 + 9 5 .9
2 ,3 8 4 .8 13
2 ,7 8 8 ,0 2 8
for which contracts were arranged in 1919 showed M a r y l a n d — B a l t i m o r e . 2 0 , 7 0 8 ,8 8 4 4 , 0 4 4 , 3 7 3 + 4 7 6 .4 1 0 , 1 4 5 , 0 2 0 1 2 . 0 3 4 , 7 2 8
O t h e r 2 c i t i e s _________ _ 4 , 2 2 1 , 9 0 0
0 7 ,2 5 0 + 0 18 4 .9
5 0 8 ,3 8 6
decided augmentation, the anticipated expenditures D . C . — W a s h i n g t o n _____ 2 0 , 4 0 2 , 2 0 2 7 , 1 3 0 , 8 1 8 + 1 8 5 . 9 1 2 , 9 1 0 , 8 8 0 1 5 , 0342 98 ., 80 02 84
more than quadrupling that of 1918, though falling W e s t V i r g i n i a — 3 c i t i e s . 4 , 5 1 4 , 5 9 4 2 , 3 2 1 . 4 0 8 + 9 4 .5 2 . 8 2 8 , 5 7 1 3 , 0 5 2 , 8 8 4
0 ) _____ 2 7 4 , 1 8 1 , 5 1 5
9 3 ,0 0 5 ,2 8 9 + 1 0 2 .7 1 5 3 ,3 9 4 , 3 5 7 2 0 4 ,4 6 2 ,4 0 1
short of the high mark of 1909.
All the boroughs O hTioo—t a Cl Ml e vi de ldalne d( 0_________
4 0 ,2 14 .17 5
10 ,3 8 0 ,3 0 0 + 18 2 .0
3 0 ,4 8 3 ,0 0 5
3 3 ,10 8 ,2 6 0
C i n c i n n a t i ............ ............. 1 0 , 0 2 3 . 7 5 0
4 ,5 7 8 ,8 3 3 + 13 8 .0
shared in the 1919 gain to a noteworthy extent, and
10 ,4 5 1 ,3 15
10 ,8 4 2 ,8 0 5
C o l u m b u s ___ ______ _
6 ,3 4 5 ,7 0 0
3 .3 0 0 ,2 2 0 + 9 2 .3
3 ,9 14 ,0 3 0
7 ,19 4 ,2 4 0
in Brooklyn, Queens and Richmond new high record
O t h e r 1 4 c i t i e s _________ 8 1 , 7 3 0 . 3 1 1
2 3 ,0 15 ,5 4 0 + 2 5 5 .1
3 9 ,7 4 4 ,16 0
4 1,4 14 ,4 2 1
n a p o l i s . . 1 2 ,7 9 - 1 ,6 6 0
4 ,6 6 7 ,0 0 7 + 1 8 0 .7
7 .10 3 ,1 3 8
8 ,0 3 4 , 0 0 4
totals were established by appreciable amounts. For I n dOi at hn ea —r s cI ni tdi ei as __________
18 ,2 4 7 ,3 2 9
0 .8 0 3 ,2 5 4 + 1 0 8 .2
1 - 1 ,8 0 3 , 8 8 3
12 ,3 0 8 ,5 5 3
1919 the estimated outlay for the city as a whole I l l i n o i s — C h i c a g o ________ 1 0 4 . 1 9 8 , 8 5 0 3 5 , 1 3 1 , 1 5 0 + 1 0 0 . 0 0 4 , 1 8 8 , 7 5 0 1 1 2 , 8 3 5 . 1 5 0
O th e r 10 c i t i e s . . . . . . . 17 ,9 8 5 ,3 1 0
3 ,9 0 0 ,5 5 1 + 3 5 3 .5
foots up $261,500,189 against only $56,500,495 in M i c h i g a n — D e t r o i t ............ 8 2 , 9 0 5 . 7 0 1 1 8 2 0 1 . 7 0 7 + 3 6 0 .0 3 90 ,, 03 1072.,03 00 35 1 4 , 0 1 6 , 4 8 7
5 1 .0 0 7 .5 0 0
O t h e r 6 c i t i e s __________ 1 4 0 9 8 , 9 7 7
4 ,1 8 3 ,7 1 2 + 2 5 8 .5
1918.
0 .9 7 7 ,8 7 5
1 2 ,0 8 3 ,7 0 2
W is c o n s i n — M l l w a u k e o . 2 0 . 0 0 2 . 1 9 3
4 ,7 9 0 .7 5 0 + 3 1 8 .7
11 ,5 3 5 ,8 6 9
10 .0 13 .10 4
For the Middle States outside of Greater New York,
O th e r 4 c i t i e s . . . . . . . .
6 ,12 0 ,7 0 9
2 ,0 8 3 ,9 2 7 + 1 4 0 .1
5 ,0 18 .7 ( 4
4 .17 7 ,4 7 6
K e n t u c k y — L o u is v ille . .
4 ,14 0 ,7 16
1,9 9 0 ,3 0 8 + 1 0 8 .0
1
,
7
4
2
,
2
4
5
4 ,0 0 7 .2 10
60 cities have sent in reports; combined, their opera
O t h e r 3 c i t i e s _________
2 ,9 7 9 .2 2 0
0 5 7 , /8 9 + 2 1 1 . 2
9 5 2 ,0 10
2 ,0 10 ,7 6 0
tions called for an approximate expenditure of
T o t a l M i d . W e s t ( 5 3 ) . 4 2 8 . 7 I 3 . 6 7 0 1 2 9 . 0 4 7 , 7 0 8 + 2 2 9 .9 2 4 5 . 0 2 7 . 3 7 2 3 3 0 . 1 1 4 . 7 3 0
$274,181,515, against $93,665,289 in the preceding M i s s o u r i — S t . L o u i s . . . . 2 0 , 6 3 8 , 4 0 0 0 , 3 5 2 , 5 8 2 + 2 2 3 . 3 1 1 , 3 0 8 . 5 3 7 1 2 , 7 6 3 , 3 8 0
K a n s a s C i t y ............... ........ 1 3 , 1 0 4 , 0 0 0
6 .0 0 0 ,0 0 5 + 1 3 2 . 3
10 ,16 8 4 50
1 1 ,5 0 3 ,4 4 4
year. There were noticeably heavy gains at such
O t n e r 2 c i t i e s __________
1,4 5 0 ,2 4 0
0 5 2 ,0 4 7 + 1 2 3 . 8
1.0 0 9 .5 7 1
1,2 0 4 ,4 3 2
M In n e s o t a - M I n n e a p o lls 1 7 .3 0 9 , 1 0 0
6 ,4 0 5 ,7 4 0 + 2 1 0 .7
0 ,2 0 2 .9 0 5
2 2 ,0 1 7 ,2 0 0
leading centres as Philadelphia, Baltimore, Buffalo,
S t . P a u l ________________ 1 9 , 2 5 8 . 7 3 4
1 0 . 1 5 2 , 7 0 5 + 8 9 .7
7 .0 8 0 .0 3 8
11 ,12 8 ,0 3 2
O t h e r 2 c i t i e s __________
5 .0 2 2 .9 4 7
2 ,7 8 3 ,8 0 1 + 1 1 2 . 5
Newark, Washington, Rochester and Syracuse, and
4 ,7 5 7 .1 0 9
1 0 ,0 0 1 ,4 2 3
N e b r a s k a — O m a h a ______
9 ,0 2 2 ,0 4 7
3 ,6 0 8 ,0 5 4 + 1 5 0 . 1
7 .7 3 7 ,0 4 7
7 ,2 2 6 ,0 6 7
losses were confined to Newburgh and Camden.
L i n c o l n __________________
2 ,0 5 2 ,4 5 2
7 5 8 ,6 7 2 + 1 5 7 . 4
1,3 7 4 ,0 9 3
1,0 3 0 ,0 16
4 ,8 4 0 .8 3 1
K a n s a s — W i c n l t a ________
3 , 0 0 5 , 5 2 1 + 6 8 .2
3
.
7
7
1
,
5
1
9
1
.0 0 2 ,0 3 6
New England presents an exhibit of like character,
O t h e r 4 c i t i e s .....................
3 ,2 7 0 .0 0 0
1.4 7 7 ,0 9 0 + 1 2 1 . 3
2 ,4 8 5 ,8 2 9
2 .0 2 0 ,3 3 3
the building permits at 63 cities covering an esti I o w a — D o s M o i n e s . . ___ 6 . 2 2 1 . 8 8 5 4 , 1 0 0 . 5 0 3 + 2 7 . 1 3 , 1 4 5 . 8 0 9 3 , 3 8 7 , 8 0 7
O t h e r 6 c l t l e t ___________ 1 4 . 1 0 1 . 7 7 0
mated outlay of $139,427,843, against $54,185,403 C o l o r e d o — D e n v e r . . . . 0 ,7 7 9 .8 8 0 02 ,, 51 00 25 ,,08 00 00 ++ 11 30 01 .. 23 47 ,, 21 80 21 ,,0001 00 47 ,, 00 53 84 ,. 82 04 80
O t h e r 2 c i t i e s ___________
1,0 0 1 .4 4 5
6 3 7 , 0 0 7 + 8 0 ,4
1 2 0 0 .7 3 3
8 5 1 .17 6
in 1918. At only one or two points was there evi
S o u th D a k o ta — 2 c it ie s .
3 ,0 3 2 ,0 0 4
1.0 3 0 - .2 13 + 1 0 2 .2
1,4 5 3 ,7 0 8
1,3 0 5 ,2 2 7
dence of lack of activity.
N o rth D a k o ta — 2 c it ie s .
1.0 6 7 ,0 3 4
8 2 3 ,0 8 0 + 1 0 1 . 4
1,0 7 1,4 0 0
2 ,8 7 8 ,4 5 6
2 .8 1 0 ,0 1 5 + 10 0 .0
5 ,6 2 1.8 8 0
3 ,2 3 2 ,1 5 5
3 ,6 0 6 ,8 5 7
In the Middle West, too, the showing was very UM toanht—a n2a —o l t3l c ac____________
it ie s — . .
8 5 2 ,7 2 3
2 ,0 18 ,4 9 7
1- 13 0 .8
3 .0 7 1 ,2 0 8
3 .7 8 0 .5 0 7
18 2 ,9 0 4 + 0 0 8 .2
17 2 ,0 4 8
much better for 1919 than^for^the previous year, the I d a h o — B o l s o _________ _ 1 , 3 0 0 , 0 0 0
19 3 .4 9 7
W y o m in g — C h e y e n n e . .
3 2 0 ,0 0 0 - 3 5 .0
2 1 0 ,0 0 0
8 5 ,8 8 6
4 2 0 .7 0 0
expenditure for the whole group of 53 cities totaling A r i z o n a — P h o e n i x ............ 2 . 2 0 3 , 8 0 5
7 2 7 ,2 9 0 + 2 0 3 .0
7 13 ,4 2 .8
2 4 4 ,0 5 1
N e v a d a — R e n o ------------2 0 0 ,0 0 0 f 1 5 0 , 0
5 0 0 ,0 0 0
5 0 0 ,0 0 0
3
0
2
.
1
4
5
$428,743,676, against $129,947,798. Increased activ N . M . — A l b u q u e r q u e . . . 3 0 0 , 0 0 0
1 5 0 .0 5 0
1- 0 1 . 5
2 3 5 .9 0 4
3 0 3 .6 0 5
ity also was the foature of operations on the Pacific
T o ta lo th . W e s U 3 3 ).. 140,887,057 00,407.324 + 1 3 1 .2 86.228.601 111.073.606
THE CHRONICLE
F eb . 14 1920.]
1919.
S
1918.
S
I n c . or. D ec.
1917.
S
1916.
S
1 5 , 1 6 3 ,2 4 2
9 .1 3 5 ,4 7 7
+
%
6 6 .0
1 5 .0 3 5 .3 1 9
L o s Angeles.................. 2 8 , 2 5 3 , 0 1 9
Oakland ____________ 7 ,1 3 4 , 5 7 2
8 ,0 7 8 ,8 6 2
+ 2 2 5 .6
1 0 ,9 3 2 ,0 8 2
5 ,3 8 2 .1 5 8
+
O t h e r 1 2 c i t i e s ................
2 4 ,1 9 3 ,5 2 6
1 1 , 6 9 5 , '5 5
O r e g o n — P o r t l a n d ...........
9 ,8 4 0 .7 2 5
0 ,1 7 4 .1 5 7
O t h e r 1 c i t y . . ................
1 4 0 .0 5 0
4 5 ,7 0 0
1 5 ,6 5 1 0 1 0
1 0 ,8 9 9 ,7 7 5
C a lifo r n ia — S a n F r a n . . .
W a s h in g to n — S e a ttle
..
1 8 ,4 8 4 .4 0 1
1 5 .0 3 6 .0 4 5
4 ,4 4 2 .5 3 3
5 ,3 6 8 ,2 9 0
1 1 .5 1 8 ,4 5 2
1 2 ,5 0 7 .7 7 5
5 9 .4
3 .7 1 7 ,9 4 5
6 ,3 0 1 ,3 6 0
+ 2 0 0 .4
9 5 ,2 5 0
7 9 ,9 9 2
6 .7 0 8 ,3 1 5
8 ,3 0 4 ,6 8 9
3 4 .4
+ 1 0 6 .9
+
+
4 3 .0
1 ,6 8 9 , 9 2 8
5 .0 0 0 .1 8 2
+ 2 9 8 .9
2 ,1 4 0 .7 6 0
1 .5 8 0 .7 8 7
3 .9 7 0 .0 6 8
+
2 5 .9
2 ,2 1 9 ,4 1 6
2 .6 9 3 .6 6 8
T o t a l P a c i f i c (2 :> )_____1 0 7 ,0 6 6 .8 5 4
7 .8 5 2 ,9 4 4
5 3 ,4 0 1 ,7 1 8
2 ,7 2 3 ,5 9 2
+
8 9 .8
6 3 .4 1 1,072
7 0 ,3 6 3 , 0 0 7
+ 1 8 8 .3
1 ,4 8 8 .6 1 6
2 ,7 1 2 .9 8 8
R i c h m o n d ..................... ..
8 ,7 7 0 . 4 5 2
1 ,8 3 8 ,6 1 4
+ 3 7 7 .7
4 .1 1 8 ,6 8 8
4 ,9 2 7 ,3 9 6
R c a n o k e ...........................-
1 ,1 0 6 . 0 3 5
1 9 1 .0 2 9
+ 4 7 9 .1
0 1 5 .1 7 0
8 4 5 ,9 4 2
6 .2 4 2 ,4 1 3
3 ,0 7 9 ,3 1 7
4 ,4 1 5 .3 6 2
4 ,8 1 8 . 1 9 9
S p o k a n e ...........................
O t h e r 6 c i t i e s ----- ----------
V ir g in ia — N o r f o l k ..............
4 2 2 .7 6 6
...........
1 0 ,4 4 2 ,7 3 9
3 c i t i e s ...................
4 c i t i e s ------------A l a b a m a — 3 c i t i e s ______
M i s s i s s ip p i — 2 c i t i e s -------
3 ,9 7 0 0 4 5
+
9 2 4 ,3 8 0 +
3 ,5 7 2 .0 8 6 +
1 .3 5 0 ,8 7 6 +
6 ,7 1 9 .0 1 6
3 ,0 0 6 ,5 6 5
5 ,1 8 0 ,8 9 3
1 ,9 0 9 ,6 3 1
+ 1 7 1 .3
5 6 3 ,9 3 3
5 ,2 4 9 , 0 9 2
2 4 0 .8 9 8
N o r t h C a r o l in a — 7 c l d c s
S o u t h C a r o l in a — 2 c it ie s
G e o r g ia — A t l a n t a
O th e r
F lo r id a —
L o u is ia n a — N e w O r le a n s
1 ,5 0 0 , 0 0 0
1 ,7 6 1 ,5 5 9
2 c i t i e s __________
4 .0 3 4 ,6 8 8
T e x a s — D a l l a s ------------------
1 3 ,1 0 4 ,0 0 0
1 ,6 0 7 ,7 3 0
O t h e r 7 c i t i e s ................... 3 3 , 7 2 8 . 8 5 2
3 ,3 8 5 , 9 9 1
A r k a n s a s — 2 c i t i e s ...........
1 9 ,1 7 4 .3 7 2
O th e r
O k la h o m a —
3 c i t i e s -------
T e n n e sse e — M e m p h is . .
O th er
3
c i t i e s __________
1 9 , 2 9 7 ,9 9 9
7 5 2 ,2 6 7
9 8 2 ,4 5 3
7 ,5 7 9 ,6 2 9
1 0 2 .7
6 2 .3
9 4 6 ,5 9 0
8 2 8 .2 4 5
1 9 2 .3
4 ,9 7 7 ,8 1 5
3 ,6 8 0 ,1 7 8
1 9 3 .9
2 ,4 2 2 ,9 2 7
5 ,0 8 5 ,1 4 4
+ 1 2 3 .5
4 ,6 1 4 ,2 5 !
2 ,2 9 6 ,0 6 2
4 .9 7 1 ,0 3 8
1 3 4 .1
9 7 2 ,9 4 0
1 9 8 .0
2 ,8 6 2 ,9 5 8
5 5 0 ,0 0 0
3 ,1 1 7 ,6 0 4
+
+
+
+
+
+
+
4 3 6 .3
1 ,2 6 5 .1 1 2
2 ,9 2 9 ,8 1 8
1 ,3 7 4 ,3 7 8
6 8 9 .4
3 .5 7 3 .2 5 9
4 ,2 6 5 ,3 5 4
2 3 1 .5
1 3 ,0 6 7 ,1 1 1
1 3 ,3 5 3 ,5 4 4
8 4 0 ,2 8 8
2 4 4 .0
1 .5 3 4 ,8 7 2
1 5 4 .6
1 1 ,2 2 2 ,2 6 8
0 ,4 5 7 ,2 2 7
7 ,5 1 8 ,9 5 0
1 ,5 9 1 ,0 7 8
+ 3 7 2 .6
2 ,0 2 5 ,8 6 5
3 ,0 9 1 ,9 7 0
0 ,9 8 6 , 0 7 9
1 .3 6 3 .S 2 6
+ 4 1 2 .3
3 ,1 3 0 ,9 7 4
5 ,5 2 6 ,8 4 9
4 1 ,7 0 9 ,9 1 2
T o t a l S o u t h e r n ( 4 5 ) . . 1 4 5 ,7 1 0 ,5 2 1
T o t a l (2 5 c i t i e s ) - . 1 , 4 9 7 , 5 2 3 , 6 5 5 4 9 5 ,9 1 0 ,9 3 9
O u t s i d e N e w Y o r k . . . . 1 . 2 3 6 ,0 2 3 .4 6 3 4 3 9 ,1 1 0 ,4 4 4
6 9 ,4 0 6 ,1 6 2
+ 2 2 -..9
6 6 ,1 5 0 .8 5 0
+ 2 0 2 .0 8 1 8 ,6 0 ),5 2 4 1 1 4 0 6 3 3 ,4 2 0
+ 1 8 1 .3 7 1 5 , - 3 1 , 7 2 6 9 1 9 .3 1 9 ,4 1 0
The foregoing is very instructive in showing at
once the marked recession in activity from the banner
year 191G to 1918 and the phenomenal revival of 1919.
But it is also interesting to have the changes in the
grand totals for a longer term of years, and to make
that analysis possible we subjoin a statement afford
ing comparison back to and including 1906:
N o.
C U lc s .
1 9 1 9 ..................
1 9 1 8 ................
1 9 1 7 ................
1 9 1 0 ................
1 9 1 5 ................
1 9 1 4 ................
191.3................
1 9 1 2 ................
1 9 1 1 ................
1 9 1 0 ................
1909 ................
1908 ................
1907 ................
1906 ................
..................285
..................2 5
.................. 285
.................. 285
..................284
..................284
..................273
.................. 235
.................. 235
.................. 223
..................209
.................. 206
.................. 200
.................. 163
Total, 14 years...........
T o ta l A l l .
N ew Y ork.
O u tsid e C it ie s .
$261 500,189
76.500 495
103,008,798
221,293,974
172,945,720
138,115,266
102,942,285
228.001,308
2C0.325.288
213,848,017
273 108,030
174,757,619
197,018,716
241,00 4,458
SI. 2 3 ; ,023,406
439,410,144
715,531.726
919,3 19,446
758,991,5,80
753,730,258
818,029,278
798,913,875
702,174,380
703.308,183
740,077.942
555,324,252
004,671,730
504,480,823
$1,497,523,055
495,910,939
,818/00,524
1,140,63!, 120
931,937,300
891,845,524
980,971,503
1,027,515 183
962,499,008
977,210.800
1,013,785,972
730,081.871
802,290,451
805,551,281
52.645,690.702 $1 0 ,4 3 0 ,0 7 3 ,3 8 9
$13,076,364,151
It is worth noting that New Y ork’s preponderance
in the totals is somewhat diminishing. This appears
from the fact that whereas in the last 14 years the
total of contemplated outlay for building operations
in Greater New York was 2,645 million dollars, or
20.2% of the aggregate of intended expenditures for
the whole country as represented by the cities from
which returns have been obtainable, latterly its
percentage has been declining, the proportion for the
latest year having been 17.5% . The 1919 total
for the outside cities is by a large amount the heaviest
on record, but if it were possible to readily make
allowance for the greatly increased cost of operations
latterly it might be found that the increase, if any,
over 1916 would be moderate in amount.
There was not the same snap to building operations
in the Dominion of Canada in 1919 as in the United
States, but at the same time much more construc
tion work was done and in some localities unexamplec.
activity was witnessed. This was particularly true
of some of the smaller places in the Eastern Provinces
such as Halifax, London, Windsor, Kitchener,
Sydney, Moncton and Guelph.
Quite generally,
however— in fact, with the exception of Welland anc
Peterborough— the Eastern cities record gains in
the volume of contemplated outlay as compared
with 1918 and noticeably so at leading centres like
Montreal, Toronto, Hamilton, Quebec and Port
Arthur. In the West, too, contrast with the previous
year reveals a much more considerable outlay at
practically all points, although at Calgary, Edmon
ton, Regina, Saskatoon, Vancouver, Moose Jaw—
in truth, at all leading points— the intended outlay
605
under the permits issued in 1919 was rather meagre
as compared with the boom period of 1910 to 1913,
inclusive. Our compilation for 49 cities, of which
31 in the East and 18 in the West, indicates that the
contracts of the year involved an estimated expendi
ture of $83,335,768, against $38,838,625 in 1918, or
an increase of 114.6%. Compared with 1917, more
over, the 1919 total was heavier by 132%, but the
losses from 1913 and 1912 are approxinately 50%
and 60% respectively. Reviewing the returns by
sections, we find that the 31 cities in the Eastern
Provinces show an increase of 126.2% over the pre
ceding year, and 132% over 1917, while contrasted
with the heaviest total of which we have record (that
of 1913) the loss is 25% . The 1919 total of expendi
ture was $68,726,474, and that of 1918 was $30,382,
695. In the West the aggregate contemplated outlay
of the year was $14,609,294 and this shows an aug
mentation of 72.8% over 1918 and 137%, compared
with 1917. On the other hand, the loss from 1913
is 82% and from 1912 close to 90% . Our compilation
for the Dominion is as follows:
CANADIAN BUILDING OPERATIONS.
1919.
1918. I n c . or D e c . 1917.
5
$
%
5
Quebec—Montreal.......... 12,743,480 4,882,873 +161.0 4,387,638
Other 5 cities............. 4 867,340 2,170,336 +124.3 3,798,161
Ontario—Toronto.......... 19,797,026
8,535,331 +132.0 7,163,556
Hamilton..................... 5,029,135 2,472,254 +103.5 2,733,865
Ottawa........................ 3,179,437 2,635,612 +20.6 1 011,017
Other 18 cities............. 14,490,986 5,947,726 +143.6 7,578,570
Nova Scotia—Halifax... 5,194,805 2,816.852 +84.4 1,628,556
Sydney........................
703,741
412,073 +70.6
416,900
New Brunswick—2 cities. 2,720,516
509,638 +433.7
872,048
1916.
S
5,334,184
4,923,444
9,882,467
2,405,781
1,530,400
8,478,325
1,323,377
128,105
704,350
Total East, 31 cities... 68,726,474 30,382,695+126.2 29,620,311 34,770,433
Manitoba—Wlnlpct; . . .
2,942,000 2,050.650 +43.5 2,212,450 2.507,300
Other 3 cities...............
505,631
372,887 +35.7
355,663
410,365
Alberta—Calgary............ 2,211,100
1,197,100 +84.7
548,300
663,500
Edmonton...................
926,346
351,510 +163.5
306,300
228,640
Lethbridge...................
162,110
135,553 +19.6
99,688
84,122
Saskatchewan—Regina. .
1,699,020 1,006,000 +68.9
416,460
219,875
Saskatoon................... 1,404,590
604,675 +132.2
582,739
146,150
Moose Ja w .................
590,885
667,615
+4.1
295,460
318,945
Other 4 cities...............
754,697
225,195 +235.1
245,745
196,657
Brit. Col.—Vancouver...
2,271,361 1.440,384 +57.7
768,255 2,412,893
Victoria......................
466,141
289,760 +57.5
147,875
115,334
Other 2 cities...................
675,413
214,601 +215.0
180,515
113,607
Total West, 18 cities.. 14,609,294 8,455,930 +72.8 6,159,450 7,407,388
Total all. 49 cities___ 83,335,768 38,838,625 +114.6 35,779,761 42,177,821
RAILROAD GROSS AND NET EARNINGS FOR
DECEMBER.
There is no improvement in the character of the
exhibits of the earnings of United States railroads
for the closing month of the calendar year as revealed
by our tabulations presented to-day. As a matter of
fact, none was expected. In both November and
December, as explained by Walker D . Hines, the
Director-General of Railroads, in his analysis of
railroad operations during the period of Government
control (covering the last two calendar years), there was
“ extraordinary interference with business and in
crease of operating burdens growing out of the un
precedented coal strike which so seriously interrupted
and dislocated railroad traffic throughout the coun
try.”
It is rather noteworthy that in face of this dis
turbing influence, total gross earnings in Dec. 1919
exceeded those for Dec. 1918, though the increase
was slight, being only $11,510,209 or 2.01% , and cer
tain sections of the country and certain groups of
roads do not share in it, but have instead a decrease.
As might be expected from the circumstance referred
to, this slight improvement in the gross revenues,
however, was attended by an augmentation in ex
penses of far larger amount, namely $17,893,529, pro
ducing therefore a loss in net of $6,383,320 or 14.21%.
The following is the comparison of the totals:
606
THE CHRONICLE
D ecem ber —
I n c . (+ ) or D ec .
200 Roads—
1919.
1918.
A m ou n t.
Miles of road____ _____________
233,899
233,814
+85
Gross earnings...................
$451,991,330 $440,481,121 +811,510,209
Operating expenses....................... 413,454,898 395,561,369 +17,893,529
(—)
[Vo l . 110.
increases and also other considerable bodies with
decreases and the remark applying to both the com
parisons of gross and the comparisons of net. The
coal miners’ strike which was terminated the mid
Net earnings............................... $38,536,432 $44,919,752 —$6,383,320 14.21
While the changes from the previous year, as here dle of the month (though even then the after effects
given, are not very striking, they derive significance remained) exercised a varying influence on roads in
from the circumstance that the showing in this pre different sections of the country and sometimes on
vious year was itself a decidedly poor one— at least the different roads in the same section. Besides this,
as far as the net earnings were concerned. The show rising expenses were still a controlling feature in de
ing as to the gross earnings then was good enough termining the results in many instances. In the
following the large advances in both freight and pas eastern half of the country where the coal traffic
senger rates made the previous June. Indeed the plays an important part in the affairs of the roads
addition to the gross revenues then reached no less losses in gross and also in net are rather numerous,
than $102,757,756 or 30.62% . Unfortunately, how while on the other hand in the western half of the
ever, expenses were at that time rising by leaps and country with comparatively few exceptions, gains in
bounds because of the great increase in wages that, gross are the rule and largely so also in the net.
The Pennsylvania Railroad on the lines directly
the Director-General had just made, and as a con
operated
east and west of Pittsburgh reports $1,091,
sequence the augmentation in expenses considerably
094
decrease
in gross and $3,722,021 decrease in the
outran the improvement in receipts— amounting in
net.
The
New
York Central falls $633,113 behind
fact for this month to no less than $143,786,626 or
57.55% . Accordingly net earnings fell off in the in the gross and $463,182 in the net; this is for the
large sum of $41,028,870, the decrease being 47.84% . New York Central proper without the inclusion of the
In the two years preceding— 1917 and 1916— the auxiliary and controlled roads, like the Michigan Cen
showing had been of similar character, an improve tral, the Big Four, &c. Taking these into account
ment in the gross receipts being accompanied in both there is a small gain ($92,581) in the gross, but a
cases by a diminution in the net. Stated in brief, loss of $2,350,190 in the net. The Baltimore &
in D ec. 1917 our tabulation showed $26,038,666 Ohio, which is, of course, a large coal carrier, is able
gain in gross attended by an augmentation of $43, to report $387,000 increase in gross and $431,503 in
842,967 in expenses, leaving therefore $17,804,301 crease in net. The anthracite coal carriers, like the
loss in net, while in D ec. 1916 a gain of $20,106,934 Central of New Jersey, the Delaware & Hudson and
in gross was converted into a loss of $3,064,713 in the Lackawanna, are distinguished in the same way,
net through the augmentation in expenses. It is but on the other hand the Philadelphia & Reading
true that these losses followed important gains in and the Lehigh Valley, which are large carriers of both
gross and net alike in 1915, but these gains in turn soft and hard coal, are obliged to report heavy de
came after poor results as to both gross and net in creases in gross and net alike. The Eric lost $56,076
the two years immediately preceding. In other in gross, but gains $515,950 in net. In the New
words, for D ec. 1915 we had $62,438,948 gain in gross England States the Boston & Maine has added
and $44,692,200 gain in net, while in 1914 there was $706,435 to gross and $1,372,549 to net, and the New
$25,686,901 loss in gross and $7,139,472 loss in net, Haven $1,334,577 to gross and $1,490,446 to net.
and in 1913 $12,005,787 loss in gross and $13,822, In fact, all the New England roads with one minor
945 loss in net. Prior to 1913 there were substantial exception are able to show improvement in both
additions to the gross earnings in some of the years, gross and net.
We have stated that the roads west of the Miss
but hardly more than moderate additions to the net,
except in 1908, following the shrinkage in the panic issippi River as a rule give a very good account of
year, 1907. In the following we furnish the Dec themselves. The remark, however, does not apply
ember summaries for each year back to 1906. For to the northern transcontinental systems like the
1910, 1909 and 1908 we use the Inter-State Com Northern Pacific and the Great Northern, which must
merce totals, but for preceding years (when the Com have suffered a tremendous diminution in their wheat
mission had not yet begun to require monthly earn tonnage owing to the practical failure of last season’s
ings) we give the results just as registered by our spring wheat crop. The Northern Pacific has lost
own tables each year— a portion of the railroad mile $1,983,790 in gross and $1,633,687 in net. The
age of the country being always unrepresented in the Great Northern, on the other hand, though having
totals, owing to the refusal of some of the roads at fallen behind $1,758,731 in gross, has $672,516 in
that time to give out monthly figures for publication: crease in net. The Soo road reports a contraction of
$253,578 in gross and of $808,882 in the net. The
Gross Earn ings.
N et E arnings.
Burlington & Quincy with a trifling increase in gross
Y ea r.
Year
Y ear
In crea se or
Y ear
Y ear
In crea se or
($89,984) has $490,866 decrease in net. The M il
P receding.
G iven.
D ec.
D ecrease.
G iven.
Preceding.
D ecrease.
3
S
S
3
3
3
waukee & St. Paul is $136,484 ahead of the previous
1 9 0 6 . . . 1 3 5 ,7 3 5 ,2 2 6 1 2 4 ,7 3 3 .4 3 5 + 1 1 ,0 0 1 ,7 9 1 4 3 ,8 3 1 ,1 8 2 4 2 ,9 4 3 ,9 0 0
+ 8 8 7 ,2 8 2
year in the gross, but loses $222,256 in the net.
1 9 0 7 . . . 1 3 2 ,1 9 9 ,7 6 2 1 4 1 ,3 1 2 ,4 2 9 — 9 ,1 1 2 ,6 6 7 3 4 ,3 5 4 ,1 5 8 4 5 ,9 9 8 ,2 0 6 — 1 1 ,6 4 4 ,0 4 8
1 9 0 8 . . . 2 0 5 ,7 7 7 ,4 5 1 1 9 4 , 2 2 2 , 3 1 1 + 1 1 ,5 5 5 ,1 4 0 6 8 ,4 9 5 ,7 4 0 5 1 ,5 3 3 ,0 8 6 + 1 0 ,9 6 2 ,6 5 4
Southwestern roads make an excellent showing
1 9 0 9 . . . 2 2 2 ,6 9 2 ,0 9 2 2 0 5 ,9 7 1 ,8 9 8 + 1 6 ,7 2 0 ,1 9 4 6 8 ,4 6 7 ,3 0 5 6 8 ,6 5 3 ,3 0 1
— 1 8 5 ,9 9 0
1 9 1 0 . . . 2 3 6 ,8 3 5 ,3 0 4 2 2 0 .8 7 0 ,1 5 1 + 1 5 ,9 6 5 ,1 5 3 7 0 ,3 5 7 ,0 0 4 6 7 ,8 5 8 ,5 5 0 + 2 , 4 9 8 , + 5 4
as
a rule. The Atchison and the St. Louis-San Fran
2
3
2
,2
7
5
.1
7
7
+
1
,3
3
9
,7
3
5
2
3
3
,6
1
4
,9
1
2
1911 . . .
6 1 ,2 2 5 ,3 7 7 5 6 ,7 6 6 ,9 7 0 + 4 , 4 5 8 , 4 0 7
1 9 1 2 . . . 2 6 3 ,7 6 8 ,6 0 3 2 3 4 ,0 8 7 ,3 6 1 + 2 9 ,6 8 1 ,2 4 2 8 1 ,7 0 1 ,9 7 4 7 2 ,9 3 2 ,3 6 0 + 8 , 7 6 9 , 6 1 4
cisco may be taken as types. The former has en
1 9 1 3 . . . 2 5 4 ,2 1 8 ,8 9 1 2 6 6 ,2 2 4 ,6 7 8 — 1 2 ,0 0 5 ,7 8 7 6 8 ,8 0 0 ,0 2 6 8 2 ,6 2 2 ,2 7 1 — 1 3 ,8 2 2 ,2 4 5
1 9 1 4 . . . 2 3 2 ,5 9 8 ,3 6 9 2 5 8 ,2 8 5 ,2 7 0 — 2 5 ,6 8 6 ,9 0 1 6 1 ,1 3 4 ,9 5 0 6 8 ,2 7 4 ,2 2 2 — 7 ,1 3 9 ,2 7 2
larged its gross by no less than $5,000,140 and
1 9 1 5 . . . 2 9 5 ,2 0 2 ,0 1 8 2 3 2 ,7 6 3 ,0 7 0 + 6 2 ,4 3 8 ,9 4 8 1 0 5 ,8 7 8 ,7 5 8 6 1 ,1 8 6 ,5 5 8 + 4 4 , 6 9 2 , 2 0 0
1 9 1 6 . . . 2 6 2 ,1 7 1 ,1 6 9 2 4 2 ,0 6 4 ,2 3 5 + 2 0 , 1 0 6 , 9 3 4 8 3 ,2 3 7 ,3 9 5 8 6 ,3 0 2 ,1 0 8 — 3 ,0 6 4 ,7 1 3
1 9 1 7 . . . 3 4 3 ,8 7 5 ,0 5 2 3 1 7 ,8 3 6 ,3 8 6 + 2 6 , 0 3 8 , 6 6 6 8 5 ,7 1 5 ,7 2 7 1 0 3 ,5 2 0 ,0 2 8 — 1 7 ,8 0 4 ,3 0 1
its net by $5,266,144, while the St. Louis-San
1 9 1 8 . . . 4 3 8 ,3 6 5 ,3 2 7 3 3 5 .6 0 7 ,5 7 1 + 1 0 2 7 5 7 7 5 6 4 4 ,7 3 8 ,1 4 9 8 5 ,7 6 7 ,0 1 9 . — 4 1 .0 2 S .S 7 0
1 9 1 9 . . . 4 5 1 .9 9 1 .3 3 0 4 4 0 ,4 8 1 ,1 2 1 + 1 1 ,5 1 0 ,2 0 9 3 8 ,5 3 6 ,4 3 2 4 4 ,9 1 9 ,7 5 2 | — 6 ,3 8 3 ,3 2 0
Francisco has improved gross by $1,271,802 and net
N o te .—In 1906 the number of roads Included for the month of December was
The Rock Island belongs to the same
96; In 1907, 89: In 1908 the returns were based on 232,007 miles of road; In 1909, by $357,115.
239,481; In 1910, 241,364; In 1911. 238,561; In 1912, 238,072; In 1913, 243,322; In class, having added $1,882,286 to gross and $537,
1914, 246.807; In 1915, 248,437; In 1916, 216,811; In 1917, 247,988; In 1918, 232,774;
n 1919, 233,899.
323 to net. Contrariwise the Missouri Pacific with
For the separate roads the results are decidedly $542,708 increase in gross has $219,646 decrease in
irregular, there being some large bodies of roads with net, and the Missouri Kansas & Texas has a small
%
0.04
2.61
4.53
F eb . 14 1920.]
THE CHRONICLE
decrease in both gross and net. The Southern Pacific
reports $1,832,522 gain in gross and $1,087,511
gain in net.
In the case of the Southern roads the great increase
in the expense accounts is the conspicuous feature.
Thus, the Southern Pailway though having bettered
its gross by $2,131,407 falls $128,418 behind in the
net; the Atlantic Coast Line with $780,352 gain in
gross has $270,036 loss in net. Chesapeake & Ohio
and the Norfolk & Western are both distinctively
coal-carriers and have lost heavily, the former $1,
413,939 in gross and $2,472,049 in net and the Nor
folk & Western $257,791 in gross and $1,010,998 in
net. The Louisville & Nashville has added $1,227
to gross and $309,449 to net. In the following we
show all changes for the separate roads for amounts
in excess of $100,000, whether increases or decreases,
and in both gross and net.
607
When the roads are arranged in groups or geo
graphical divisions, according to their location, it is
found that the Eastern and Middle division, because
of the coal traffic and the Northwestern because of
the diminished spring wheat crop,show reducedtotals
of gross, while all the other groups are able to show
enlarged gross. In the net, however, all the divisions
fall behind, with the exception of the New England
group, the Southwestern and the Pacific. Our
summary by groups is as follows:
SUM M ARY
BY
GROUPS.
------------------ — -G ro s s E a r n in g s ---------- -------—
1919.
1918.
I n c .(+ )o r D e c .(— f .
S
S
*S
^
S e c t io n o r G r o u p .
D er em
—
G r o u p 1 (8 r o a d s ) , N e w E n g l a n d ............ 2 0 , 2 8 3 ,8 1 7
1 7 ,8 8 5 ,5 9 8
+ 2 ,3 0 8 ,2 1 9 1 3 + 1
G r o u p 2 (3 7 r o a d s ) . E a s t * M i d d l e . . . 1 1 8 , 3 1 0 ;8 7 4 1 2 3 , 7 8 6 , 9 3 8 — 5 ,4 7 6 ,0 6 4
4 .4 2
G r o u p 3 (2 9 r o a d s ) , M i d d l e W e s t ........... 5 5 ,8 5 7 ,3 7 4
5 4 ,5 7 1 ,7 2 8
+ 1 ,2 8 5 ,6 4 6
2 .3 6
G r o u p s 4 & 5 (3 5 r o a d s ) , S o u t h e r n _____ 6 3 ,8 1 7 ,4 3 9
6 2 , 2 1 3 ,5 9 7
+ 1 ,6 0 3 ,8 4 2
2 .5 8
G r o u p s 6 & 7 (3 1 r o a d s ) , N o r t h w e s t 'n . 8 9 , 9 6 2 ,4 4 8
9 2 ,0 5 1 ,4 9 4
— 2 ,0 8 9 , 0 4 6
2 .2 6
G r o u p s 8 & 9 (4 9 r o a d s ) , S o u t h w e s t e r n 7 8 ,1 4 2 ,7 8 5
6 5 , 2 0 1 ,8 3 3 + 1 2 , 9 4 0 , 9 5 2 1 9 .8 5 '
G r o u p 1 0 (1 1 r o a d s ) . P a c i f i c C o a s t _____ 2 5 , 6 1 6 ,5 9 3
2 4 ,7 6 9 ,9 3 3
+ 8 4 6 ,6 6 0
3 .4 2
T o t a l ( : 0 0 r o a d s ) ........................................4 5 1 ,9 9 1 ,3 3 0 4 4 0 ,4 8 1 ,1
1 + 1 1 ,5 1 0 ,2 0 9
2 .6 1
------- M i le a g e ------------------------------ N e t E a r n in g s ----------------------D ecem ber—
1919.
1918.
5
$
$
%
PR INCIPAL CHANGES IN GROSS EARN INGS IN DEC E M B E R . G r o u p N o . 1 ........................ 7 ,3 0 2 7 ,3 2 9 1 ,0 1 8 ,8 2 4 d f 2 ,0 3 3 ,3 1 7 + 3 , 6 5 2 , 1 4 1 _______
G r o u p N o . 2 ........................ 2 8 ,8 7 1
2 8 ,9 0 4
5 ,7 9 2 ,8 2 2
8 ,7 2 0 ,8 3 1 — 2 ,9 2 8 ,0 0 9 3 3 .5 7
I n c r e a s e s .I
In crea ses
G r o u p N o . 3 ........................ 2 1 ,7 6 1
2 1 ,7 5 1
4 3 8 ,8 7 5
7 ,9 9 2 ,6 0 1 — 7 ,5 5 3 ,7 2 6 9 4 .5 1
Atchison Top. & S. Fo (3) $5,000,140 Tol. St. L Sc W estern..
SI 05,012 G
r
o
u
p
s
N
o
s
.
4
&
5
____
3
8
,4
7
1
3
8
,3
4
0
8
,4
6
6
,5
4
1
1
4 0 ,7 3 4 — 4 ,5 7 4 , 1 9 3 3 5 .0 8
Southern Railway
2,131,407 Wlch Falls & Northwest.
105,414 G r o u p s N o s . 6 & 7 ____ 6 6 ,7 6 7 6 6 ,7 5 5 4 ,7 2 3 ,2 0 2 63 ,0
,6 3 1 ,0 9 9 — 1 ,9 0 7 ,8 9 7 2 8 . 7 7
Chicago It. I. & Pac. (2) 1,882,280 Grand Rapids & Ind____
101,532 G
r o u p s N o s . 8 & 9 ____ 5 4 ,3 8 9
5 4 ,4 2 3 1 3 ,2 4 6 ,6 7 9
6 ,7 3 4 ,0 8 9 + 6 , 5 1 2 , 5 9 0 9 6 .6 7
--------Southern Pacific (8 ) ____ 1,832,522!
G r o u p N o . 1 0 ...................... 1 6 ,3 3 5
1 6 ,3 1 2
4 ,8 4 9 ,4 8 9
4 ,4 3 3 ,7 1 5
+ 4 1 5 ,7 7 4
9 .3 8
Now York N. If. & II. _ 1,334,577 Representing 59 roads
St. Louis—San Fran. (3) 1,271,802 In our com pilations..$25,06 ,174
T
o
t
a
l
.....................................
2
3
3
,8
9
9
2
3
3
,8
1
4
3
8
,5
3
6
,4
3
2
4
4
,9
1
9
,7
5
2
—
6
,3
8
3
,3
2
0
1
4
.2 1
923,862
Clove. Cin. Chi. & St. L.
Atlantic Coast Lino____
780,352
D ecrea ses.
N O T E . — G r o u p I . in c lu d e s a ll o f t h e N e w E n g l a n d S t a te s .
Boston Sc Maino__ ____
700,435 Northern Pacific_______ 31,983,790
G r o u p I I . in c lu d e s a ll o f N e w Y o r k a n d P e n n s y lv a n ia e x c e p t t h a t p o r t i o n o f w e s t
Illinois Central_________
022,332 Great Northern_________
1,758,731
Texas & Pacific________
560,651 Philadelphia & Reading. 1,525,003 P it t s b u r g h a n d B u f f a lo ; a ls o a ll o f N e w J e r s e y , D e la w a r e a n d M a r y l a n d , a n d t h e
e
x
t
r e m e n o r t h e r n p o r t io n o f W e s t V i r g in i a .
Missouri Pacific________
542,708 Chosapeako & Ohio____ 1,413,939
Michigan Central______
537,207 Pennsylvania (3 )...........a
).
G r o u p 1 1 1 . I n c lu d e s a ll o f O h i o a n d I n d i a n a : a ll o f M i c h i g a n e x c e p t t h e n o r t h e r n
l ,091,094
St. Louis Southwest. (2)
422,598 Western Maryland
'
'
633,984 p e n in s u la , a n d t h a t p o r t io n o f N e w Y o r k a n d P e n n s y lv a n ia w e s t o f B u f f a l o a n d
Chi. A: North W estern..
417,914 Now York Contral______
6033,113 P it t s b u r g h .
Western Pacific________
399,374 Buffalo Iloch. Sc P it t s ...
600,914
G r o u p s I V . a n d V . c o m b i n e d I n c lu d e t h e S o u t h e r n S t a t e s s o u t h o f t h e O h io a n d
Baltimore & Ohio______
387,000 Toledo & Ohio C entral.. 402,206 e a s t o f t h e M i s s i s s ip p i R i v e r .
Pore Marquette________
383,097 1Lehigh Valley_________
450,812
G r o u p s V I . a n d V I I . c o m b in e d I n c lu d e t h e n o r t h e r n p e n in s u la o f M i c h i g a n , a ll o f
Central RR. of N. .1____
350,870 Now York Clii. Sc St. L.
379,728
i s c o n s in , I o w a a n d I llin o is ; a ll o f S o u t h D a k o t a a n d N o r t h D a k o t a
Del. Lack. St W ostorn..
297,423 Bessemer & Lako Erio__
363,239 aMnidn nMe si sost oa u, rW
a n d K a n s a s C i t y ; a ls o a ll o f M o n t a n a , W y o m i n g
Denver Sc Rio G ran de..
290,104 lMttsburgh Sc Lako Erio.
302,096 a n d N e b r a s ki a n, otrot ghe tohf e Sr t .w itL ho u is
C o l o r a d o n o r t h o f a lin o p a r a lle l t o t h e S t a t e lin e
N. O. Tex. Sc Mex. ( 3 ) ..
295,045 Erie (2 ).............................
296,883 p a s s in g t h r o u g h D e n v e r .
Dolawaro & Hudson____
279,139 Grand Trunk W estern..
277,453
G r o u p s V I I I . a n d I X . c o m b in e d i n c lu d e a ll o f K a n s a s , O k l a h o m a .A r k a n s a s a n d
Los Angeles Sc Salt Lake
236,840 Norfolk & Western_____
257,791
M o. Kan. Sc Tex. o f Tex.
235,035 Minn. St. P. Sc S. S. M .
253,578 I n d ia n T e r r i t o r y , M i s s o u r i s o u t h o f S t . L o u is a n d K a n s a s C i t y , C o l o r a d o s o u t h
Chicago Sc Alton_______
225,591 Port Reading__________
232,200 o f D e n v e r , t h e w h o le o f T e x a s a n d t h e b u lk o f L o u is ia n a ; a n d t h a t p o r t i o n o f N e w
Control o f Georgia_____
202,834,Spokane International..
195,800 M e x i c o n o r t h o f a lin e r u n n in g fr o m t h e n o r t h w e s t c o r n e r o f t h e S t a t e t h r o u g h
V irgin ian ______________
195,1211Union Pacific (3 )...........
190,743 S a n t a F e a n d e a s t o f a lin e r u n n in g fr o m S a n t a F e t o E l P a s o .
Denver Sc Salt Lake____
190,970 Cin. N. O. & Tox. P a c ..
171,365
G r o u p X . in c lu d e s a ll o f W a s h i n g t o n , O r e g o n , I d a h o , C a li f o r n ia , N e v a d a , U t a h
M obile Sc Ohio________
177,379 El Paso Sc Southwestern.
171,223 a n d A r iz o n a a n d t h e w e s t e r n p a r t o f N e w M e x i c o .
Florida East Coast_____
174,835 Lehigh Sc Hudson River.
159,153
Chicago Great Western.
174,034 Cumberland Valloy_____
154,937
Apart from the contraction in the spring wheat
Chi. St. Paul Minn. & O.
100,137 N. Y . Phila. & N orf____
146,378
Northwestern Pac______
101,741 Wash. Southern_______
144,722 movement in the Northwestern sections, nearly all
Hocking Valley________
157,400 Cin. Lob. & North_____
142,740
Maino Control_________
153,898 Georgia _______________
115,890 Western roads had to contend with a smaller grain
Norfolk Southern______
147,450 Rich. Fred. Sc P ot______
106,687
With the exception of corn the receipts of all
Louis Sc Arkansas______
136,500 Bingham & Garfield___
104,939 traffic.
Chi. Mllw. Sc St. P aul..
136,484
the different cereals at the Western primary markets
Ann Arbor_____________
113,530 Representing 35 roads
St. L. Morcli. Bdgo Sc T .
113,237 In our compilation____$14,722,203
were smaller than in the previous year. Of wheat
N o t e .— All the figures in tlio abovo aro on tho basis o f tho returns filed
with tho Inter-State Commorco Commission. Whore, however, theso the receipts for the four weeks ending Dec. 27 at
returns do not show tho total for any systom, wo have combined tho separate
roads so as to mako tho results conform as nearly as possiblo to thoso given the Western primary points were only 24,770,000
in tho statements furnished by tho companies themselves.
rtThls is the result, for tho Pennsylvania R R ., together with the Pennsyl bushels against 49,382,000 bushels in the correspond
vania C o m p a n y , and the Pittsburgh Cincinnati Chicago Sc St. Louis, tho ing four weeks in 1918; of oats the receipts were 11,
Pennsylvania RR. reporting $2,013,266 dccreaso, tho Pennsylvania C o m
p a n y $246,895 docreaso and tho P. O. O. Sc St. L. .$1,109,007 increase.
336,000 bushels against 28,020,000; of corn, 18,984,
6 Those figures cover moroly tho operations of tho Now York Contral
itself. Including tho Various auxiliary and controlled roads, liko tlio 000 bushels against 10,198,000; of barley, 2,702,000
Michigan Central, tho “ Big Four." &c., tho whole going to form tho
against 8,523,000, and of rye 1,880,000 against
Now York Contral S y s te m , tho rosult Is a gain o f $92,581.
PR IN C IPA L CHANGES IN NET EARNINGS IN DEC E M B E R .
5,509,000. This made the total receipts for the five
In crea ses.
D ecreases.
Atch Top Sc S Fo ( 3 ) . . . $5,200,144 Mo Kan Sc Tex of Texas $858,185 cereals combined for the four weeks of 1919 only
N Y N II Sc H a rtford ... 1,490,440 Minn St P & S S M . . .
808,882
Boston Sc Maino________
1,372,549 Wostorn Maryland_____
752,526 59,684,000 bushels against 107,632,000 bushels in
Southern Pacific (8 ) ____ 1,087,511 Clevo Cin Chic & St L__
676,737 the corresponding four weeks of 1918.
The details
Groat Northern________
072,510 Philadelphia Sc Reading.
675,245
Chicago Sc North W est..
037,030 Michigan Contral__ :__
527,086 of the Western grain movement in our usual foim are
Western Pacific________
547,437 Chic Burl Sc Quincy____
490,866
Chic R I Sc Pacific ( 2 ) . . .
537,323 Wabash...............
490,135 shown in the table we now present:
Central RR of New Jor__
524,453 Now York Contral______
6463,182
Chicago & Eastern III__
484,390 Toledo Sc Ohio Central..
W E S T E R N F L O U R A N D G R A IN R E C E IP T S .
444,260
Erio (2 ).............................
483,070 N Y Chicago Sc St Louis.
433,863 F o u r wks.
F lo u r .
P a r le y .
R ye.
W h ea t.
C orn.
O a ts.
Denver Sc Rio G rande..
451,908 Cin Now Orl Sc Tex Pac.
381,864 e n d .D e c .27. (b b ls .)
( b u s h .)
(b u s h .)
(b u s h .)
(b u s h .)
(b u s h .)
Baltimore Sc Ohio______
431,503 Minneapolis Sc St Louis.
364,149 C h ica g o —
Illinois Contral_________
378,373 Buffalo Roch Sc Pittsb..
339,768
1919 . . .
6,171,000
979,000
1,761,000
4,537,000
897,000
254,000
Maino Contral_________
369,681 Pero Marquetto________
296,001
1918 . . .
970,000
6,654,000
552,000
5,307,000 11,831,000 2,072,000
St Louis-San Fran (3 ) ..
357,115 Yazoo Sc Miss Valley__
291,609 M llic a u k c e —
Kansas City Southern..
339,408 Union RIt of Ponna____
280,070
1919 . . .
513,000
47,000
1,051,000
809,000
347,000
1,576,000
Virginian_______________
313,407 El Paso Sc Southwost__
273,559
1918 . . .
1,672,000
58,000
644,000
494,000
5,452,000 1,161,000
Louisville Sc Naslivlllo..
309,449 Lehigh Valley__________
271,288 S t. L o u is —
Dclawaro Sc Hudson____
293,730 Atlantic Coast Lino_____
270,636
1919 . . .
432,000
58,000
8,000
1,589,000
2,262,000
2,132,000
Contral Vermont_______
222,256
205,137 Chic Mllw Sc St P au l...
24,000
1918 . . .
230,000
1,758,000
1,428,000
1,448,000
62,000
Los Angeles Sc Salt Lake
210,733 N Y Phila Sc Norfolk__
221,999 T o led o —
Norfolk Southern______
219,640
187,309 Missouri Pacific________
1919 . . .
274,000
109,000
156,000
Florida East Coast_____
178,014 Contral of Georgia_____
205,945
1918 . . .
215,000
136,000
703,000
Texas Sc Pacific________
196,213 D e t r o it —
100,707 Pittsburgh Sc Lako Erio.
Chicago Sc Alton_______
137,999 Nashv Chatt & St Louis
181,811
119,000
1919 . . .
227,000
93,000
West Jersey Sc Sea Shoro
129,002 Colorado & Southern (2)
170,037
1,000
83,000
154,000
300,000
1918 . . .
Alabama Groat Southern
112,877 Port Reading__________
109,814 C lev ela n d —
Wheeling Sc Lake Erio__
109,330 Intornat & Great North.
108,651
1 9 1 9 ___
Balt Sc Ohio Chic Term .
104,004 Rich Fred Sc Potomac..
159,888
12,0(10
25,000
67,000
183,000
1,000
90,000
1918 . . .
Washington Southern__
148,69V P e o r ia —
Representing 43 roads
Cin Leb Sc Northern____
139,005
20,000
257.000
1,944,000
613,000
6,000
1919 . . .
99,000
in our com pilation...$17,932,807 Georgia.............................
129,938
23,000
292,000
41,000
2,236,000
488,000
30,000
1918 . . .
Southern Railway______
128,418 D u lu th —
1'ipcTPn rpr Spokano International..
119,533
6,000
35,000
615,000
782,000
1919 . . .
Pennsylvania (3 ).............a$3,722,021 Central Now England__
115,655
15,814,000
350,000 1,007,000 1,057,000
1918 . . .
Chesapeake Sc Ohio_____ 2,472,019 Cumberland Valloy_____
113,808 M in n ea p olis —
Northern Pacific_______ 1,033,087 Chic Ind Sc Louisvillo..
104,961
761,000
883,000
489,000
11,611,000
1,843,000
1919 . . .
Union Pacific (3 )_______
1.373,838 Mobile Sc Ohio.................
103,530
4,746,000 4,197,000 3,260,000
17,151,000
843,000
1918 . . .
Grand Trunk W estern.. 1,070,719
K a n s a s Citu —
Norfolk & Wostorn___
1,010,998
Representing 51 roads
409,000
1,181,000
6,731,000
1919 . . .
Bessemer & Lako E rie..
950,405
In our com pilation..$24,755,993
17,000
305,000
2 ,0 0 0
2,635,000
1,599,000
1918 - . .
a This is the result for tho Pennsylvania R R ., together with tho Pennsyl
O m a h a a n d I n d ia n a p o lis —
vania C o m p a n y and tlio Pittsburgh Cincinnati Chicago Sc St. Louis, tlio
1,565,000
897,000
4,161,000
1919 . . .
Pennsylvania RR. reporting $1,531,827 docreaso, the Pennsylvania C o m
3,784,000
3,334,000
2,208,000
1918 . . .
p a n y $1,074,277 decrease and the P. C. C. Sc St. L. S1.1J5.917 decrease.
6
Theso figures merely cover the operations o f the New York CentralT o ta l o f A l l—
Itself. Including tlio various auxiliary and controlled roads, like tho
1919 . . . 1,715,000 24,776,000 18,984,000 11,336,000 2,702,000 1,886,000
Michigan Central, tlio "B ig Four,” & c.t the result is a loss of $2,350,190.
1918 . . . 1,580,000 49,382,000 16,198,000 28,020,000 8,523,000 5.5C9.000
The Western live stock movement varied some
what. At Chicago the receipts for the even month
comprised 33,199 carloads as against 32,152 cars in
December, 1918, while at Omaha the receipts were
11,125 cars against 12,129; at Kansas City the re
ceipts were 12,507 cars against 15,467.
In the South the roads had the advantage of a
larger cotton movement. The shipments overland
were 294,803 bales for December, 1919, against
222,039 bales in December, 1918, 431,246 bales in
December, 1917, and 758,104 bales in December,
191!:’ . At the Southern outports the receipts were
994 167 bales against 644,588 bales in December,
1918, and 612,115 bales in December, 1917, but
comparing with 1,717,102 bales back in 1914, as will
be seen by the following:
R E C E IP T S OF C O T T O N A T S O U T H E R N P O R T S IN D E C E M B E R F O R
S I X Y E A R S , 1014 T O 1919, IN C L U S IV E .
D ecem ber.
P o rts.
1919.
1918.
1917.
1910.
1915.
1914
G a lv e s t o n ......... bales.
Texes C ity, A c ______
N ew Oi leans................
M o b i le ....... ...............
Pensacola, A c _______
Savannah......................
B ru n sw ick ....................
G h arleston _______ . . .
327, tv77
92,582
220,903
34,021
2,909
178,885
9,000
45,983
188.863
15,492
190,102
28,041
8,939
121,023
5,150
45,983
105,802
10,509
230,243
0.201
1 1,270
95,353
10,000
27,030
300,470
58.820
100,004
13,997
10,004
93,108
10,500
19,578
031,815
88,944
303,729
31,007
9,480
350,159
39,000
87,211
W ilm in gton __________
N o r f o l k .........................
N ew port News, A c __
27,325
54,320
502
11,812
42,378
205
7,119
41,595
873
5,855
09,850
358,571
72,373
229.255
19,217
10,728
103.041
14,500
28,708
582
14,091
87,100
23,717
T o t a l .........................
994,407
044,588
012,115
700,258
<&\xvvmt gu eu ts mid
C O N T IN U E D
O FFER IN G
OF
39,152
93,954
30,591
902,000 1,717.102
gisatssim xs
B R IT ISH
TREASURY
B IL LS .
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a dis
count basis of 6 % , the same as in other recent weeks. The
bills in this week’s offering aro dated Feb. 9.
C O N T IN U E D
O FFER IN G
OF
FRENCH
TREASURY
B IL LS .
Another block of Fronch Treasury bills was dis
posed of by J. P . Morgan & C o. this week. They wore
again disposed of on a discount basis of 6 % , the figure to
which the rate was advanced some time ago. The bills in
this week’s offering aro dated Feb. 13.
SEN ATE
fVoL. 110.
THE CHRONICLE
<>08
R E S O L U T IO N
C A L L IN G
C O N C E R N IN G
FOR
IN F O R M A T IO N
R esolved ., That tho Secretary o f tho Treasury bo, and ho is heroby, re
quested to furnish to tho Sonato tho information hereinafter named, con
cerning cash advances to foreign Governments under tho acts of April
24 1917; Sopt. 24 1917; April 8 1918 and'July 9 1918.
First. An itemized statement showing tho interest paid by each.
Second. An itemized statement showing tho interest duo by each.
Third. An itemized statement showing tho interest which will be due for
the fiscal year 1920, by each.
Fourth. The rate o f interest agreed to bo paid by each.
Fifth. A description of tho obligations, and copies o f samo, given by
each for such cash advances.
IN G
BY
HOUSE
OF L O A N S
C O M M IT T E E
OF F U N D
TO E U R O P E .
While approval of the plan to fund tho $10,000,000,000
of American loans to foreign countries and to defer collec
tions of interest for not more than three years is said to liavo
been indicated at an executive session of tho W ays and
M oans Committee of the House, final decision was deferred
until a later dato. Tho Washington press dispatches of the
6 th inst. also said:
Committee discussion was devoted almost entirely to tho question of tho
Treasury Department’s authority to concludo arrangements for funding tho
debt without additional legislation.
Tho Now York “ Commercial” of Fob. 7 in stating that tho
suspension for not moro than three years of tho intorest
payments on loans to tho Allied Governments and conversion
of the demand obligations held by this Government into
long-term securities havo boon approvod, in offoct, by the
Committeo, also said:
Tho period over which tho interest will bo deferred will vary, according to
tho ability of tho respective countries to pay, Secretary Glass has stated.
Tho committeo will recommend that tho doferred paymonts bo spread ovor
fifteon years after the threo-yoar suspension.
In its issue of Fob. 9 tho Now York “ Tim es” in special
Washington advices said in part:
Whilo officials of Great Britain havo not proposed any plan for an adjust
ment o f the terms of tho notes and tho interest, tho American Government
has learned unofficially that tho British fiscal authorities aro suggesting
that no interest at all should bo paid and that tho United States should
assume tho interest charges at its part of tho war debt. Assistant Sccrotary
of tho Troasury Albert Rathbono, who has boon In England for soveral
months, has suspended his negotiation.- with tho British Government,
ponding a plan of adjustment by Congress, or until England submits a
proposal that can bo laid beforo Congress.
Opinion in tho Ways and Means Committee is divided as to whether tho
Troasury has authority of law to defer tho Intorest payments or refund tho
notes into long-tlmo bonds. At tho mooting last wook tho committeo was
ovonly divided on this question, and a sub-commltteo, composed of Repre
sentatives Fordney, Kitchln and Greon, was named to continuo tho con
ferences with tho Treasury and report to tho full committeo tomorrow.
There is no disposition by members of tho committeo to crtticiso tho
Treasury for such deferring of tho interest paymonts as was necessary.
Tho real question Involved is whothcr this Government shall defer tho
interest paymonts for, say, a period o f threo years or moro, and make no
provision for securing interest on tho deferred interost. Ono suggestion
has been mado that if tho interest is doferred for three years, this and
tho interest on tho doferred interest shall bo added to the principal, and
bonds representing tho principal and deferred Interest, with interest thereon,
bo issued for a period of twonty-flvo years.
F O R E IG N L O A N S .
On Feb. 4 the U . S. Senato adopted a resolution calling
upon the Secretary of tho Treasury for information regarding
loans made by the United States to foreign Governments,
what interest had been paid on those loans and what interest
is now duo. In a table submitted to tho W ays and Moans
Committeo of tho House by the Treasury Department
accrued interest on loans to European countries totaled
approximately $325,000,000. The following is the resolu
tion (S. Res. 291) adopted by tho Senate on tho 4th:
C O N S ID E R A T IO N
Committeemen said that while no objection to tho plan was voiced, there
was a difference of opinion as to tho need of legislative authority for tho
Treasury to fund tho debts.
There was little discussion of tho exchanging of tho demand obligations
of tho foreign Governments for time obligations, committeo members
generally holding that such action was contemplated by Congress when it
authorized the loans.
Discussion was said to have developed practically unanimous agreement
that tho foreign countries wero unable at present to pay their interest in
dollars and it was also agreed that cash payment of tho interest was not
needed by tho United States at tills time.
Later Chairman Fordney, Representative Green, Republican, Iowa, and
Representative Kitchln, North Carolina, ranking Democratic committee
man, acting as a sub-committee, conferred with Treasury officials and
agreed to defer committee action until Assistant Secretary Norman Davis,
in charge of foreign loans, who is ill, may discuss legislative measures with
them.
•
Objection to any plan which does not provide for any interest being paid
on the accruing deferred interest payments was voiced by somo members.
Although tho committeo has not decided tho oxact legislation to bo rec
ommended, commltteomen virtually aro agreed that at least somo resolu
tion expressing tho sense of Congress is advisablo. Treasury officials,
however, havo not asked for any legislation, but contending that the De
partment has ample authority, liavo asked that a letter bo sent by tho
committee approving the Treasury interpretation of existing law such as
would justify tho Department in concluding tho funding arrangements.
Under tho Treasury interpretation tho Department’s existing authority
would permit it to exchange the demand obligations for long time securities,
bearing not less than 5% interest annually, with the requirement that the
time securities provide for annual installment paymonts sufficient to liqui
date tho indebtedness of maturity of tho securities not later than tho ma
turity of Liberty bond issues, and that tho Dopartmont can dofor interest
payments for not more than threo years.
O FFER IN G
BY
G U A R A N T Y
GOVERNM ENT
TRUST
IN T E R N A L
CO.
OF
B E LG IAN
LOAN.
Tho Guaranty Trust Company of this city is soliciting sub
scriptions, subject to confirmation and allottmont, on behalf
of Its Brussels office, for the account of tho Belgian Govern
ment, to the Belgian Government 5 % Intornal Promium
Loan of 2,500,000,000 francs. Reference to this loan was
mado in our issuo of Jan. 17, pago 204. Tho subscription
books wero opened at tho offices of tho Guaranty Trust Com
pany yesterday (Fob. 13), tho books will closo in Bolgium
on March G. Tho bonds aro in denominations of 500 francs,
intorest, from M a y 15 1920, is payablo M a y 15 and N o v . 15;
the bonds aro redeemable within 75 yoars by annual drawings
at 1 5 0 % (750 francs for each 500 frano bond); tho Govern
ment has tho option of retiring tho ontiro issuo aftor M a y 15
1940 at a reduced promium. The drawings will take place
March 1 1921, and annually thereafter; premium and interost
aro payable without deduction, it is announced, for any
Belgian taxes, presont or futuro. Tho bonds aro offered at
499 francs per 500 franc bond; subscribers may make pay
ment in full at time of subscription or in two installments,
viz.: 100 francs at time of subscription; 399 francs on M a y 15
1920. Payments aro to bo in Belgian francs. Tho bonds aro
payablo by tho Belgian Government in francs. Tho Guar
anty Trust Company in its announcement this week says:
Under provision of tho I’ oaeo Treaty and related agreements, tho Belgian
Government is to be roliovod of practically its entire war debt incurred prior
to tho Armistice. In addition, It is to rocelvo tho first 2,500,000,000 francs
of paymonts from |ho Gorman reparation, to bo appliod In part toward
liquidation of adt knees mado to Belgium by Allied Governments slnco tho
Armistlco. Tho Boaco Treaty indicates tho purposo, through reparation
payments, to restore Belgium to hor pro-war financial, industrial, and ocon-
F eb . 14 1920.]
609
THE CHRONICLE
omic position. Tho diversified Belgian Industry is rapidly regaining its
normal production, which should enable Belgium to resume her prominent
placo in world trade.
Without attempting to prodict tho future course o f tho market in Belgian
exchange, it is logical to expect that tho restoration of industry in Belgium
and the increase in its oxports will tend to improve its trado balance, and
therefore Its exchange position.
At tho present rato of Belgian exchange (Feb. 11. 13.50 to tho d ollar), a
500-franc bond would cost about $37, and with francs at tho mint par of
exchange, 5.18V6 francs to the dollar, a 500-franc bond at par would be
worth about $96 50.
Under dato of Jan. 20 “ Financial America” published the
following Brussels advices:
It is announced that a group of Belgian bankers has decided to subscribe
50% of tho national loan o f 2,500,000,000 francs. The Government in
tends, It is stated, to talco over all loans launched by tho largo cities of
Belgium in view of tho opening o f the great national loan, through which tho
Government would bo able to assist In financing tho various communities.
PROPOSED C A N A D I A N CREDIT ACCOUNT OP
R AI L WA Y EQUIPMENT FOR BELGIUM.
Announcement was made on Jan. 21 that Belgium had
placed orders in Canada for $10,000,000 worth of railway
equipment, the business, it was stated, being subject to
arrangement of credit under the new plan of accommodation
to bo granted by the Canadian Government where needed.
The equipment order called for 15 engines and 3,0 00 cars.
GREECE SEEKING LOAN IN UNITED STATES.
Tho following is taken from the New York “ 'rimes’
of
Fob. 12:
Grecco is seeking a loan of $20,000,000 to $25,000,000 in this country, but
bankers aro inclined to be more or less skeptical as to tho success of the
movement, unless somo arrangement can bo made similar to that adopted
by tho Italian Government, which is making a direct appeal to Italians and
Americans of Italian parentage and sympathies, or unless a change In tho
Greek fiscal and exchange systems can bo arranged to benefit American
exporters of goods iho Greeks want to purchase.
Greek banks, acting for themselves rather than for tho Greek Government.
also are conducting negotiations with local bankers for commercial credits.
In this field, bankers bollovo, tho applicants aro likely to bo more successful
than the Government. Those commercial credits, it is expected, shortly
will be arranged and, it is anticipated, will bo for fairly largo amounts.
One largo Greek bank at Athens is expected to obtain upward of $10,000,000
and others aro endeavoring to raise sums ranging from $2,000,000 to $ 5
000.000.
„ ,
, ,
,,
Tho establishment of a large Greek Government credit here, it is said,
would be decidedly to the advantage or American firms selling in tho Greek
market. Under oxtsting conditions, Greece maintains her exchanges by
drafts on London. T o facilitate this, the Greek Government keeps balances
on deposit with London banks, and many Grook banks do likewise. It is
out or those funds that most American goods sold In Greece are paid. Tho
system is said to be cumbersome and slow, the completion of a transaction
consuming at best two months and, bankers say, frequently a longer time.
If tho Greek exchange system could bo revised so as to allow the keeping
of balances in Now York banks a great deal. if not all, of this delay could bo
eliminated.
TRIP OF THOMAS W. LAMONT TO FAR EAST IN
INTEREST OF CHINESE LOAN.
A statement announcing that Thomas W . Lamont of
J. P . Morgan & Co. would start on Fob. 12 for the Far East
as tho reprosontativo of tho American group of bankers which
is part of tho so-called Chinese Consortium, made up of
banking groups in America, Great Britain, France and
Japan, was issued on Fob. 9 at tho offices of J. P . Morgan
& C o. This announcement also stated that M r. Lamont,
in behalf of tho American group, will first visit Japan,
conferring there with the Japanese group, and will then pro
ceed to China, returning to this country on or about June 1.
M r. Lamont is accompanied by Jeremiah Smith of Boston,
who, it is understood, will act as legal adviser, and Martin
Egan, who is also connected with tho Morgan firm.
In
connection with M r . Lamont’s trip tho following outline of
tho developments from the inception of the original negotia
tions looking to tho placing of this loan, will bo of interest:
partnership for tho purposo of assisting tho Chinese Republic in her public
enterprises. The Governments namod fell in with tho views of tho Stato
Department and in accordance with tho preliminary aiTangeinents thus
made a meeting of tho representatives of tho four groups was called in
Paris on M ay 12 last with Mr. Lamont representing tho American group in
tho chair. At that time general plans wore made for the working of tho
consortium, tho principles involved being
(a) that no country should attempt to cultivate special spheres of influ(b) that all existing options held by a member of any of the national
groups should, so far as practicable, be turned into tho consortium as a
wholo;
(c) that the four banking groups of tho countries in question should act
together in concert and in an effective partnership for tho interests of
China, and
(d) that tho consortium’s operations should deal primarily with loans to
the Chineso Republic or to provinces of the Republic, or with loans guar
anteed or officially having to do with tho Ropublic or its provinces; and in
each Instance of character sufficient to warrant a public issue.
It was distinctly understood that tho operations of the
consortium should not interfere in any respect with private
operations in China for the development of individual indus
trial, commercial and banking projects, but that where
the general interests of the Republic, or of its provinces, were
concerned tho consortium would attempt to act as a unit
and lend its financial aid to China. Tho general constitu
tion and principles thus adoptod at tho meeting in Paris
were presented to the Governments of the respective groups
for their approval.
It is known that all four of the Governments involved have
given their approval to the plan of the consortium, but, as
has already been stated, the Japanese Government has ex
pressed some reservation in regard to certain portions of
China in which she feels that she has particular interests.
It is altogether probable M r. Lamont on his forthcoming
trip will discuss with the Japanese group, which embraces
all the leading institutions in Japan, the particular points
in question, with the idea of ascertaining definitely whether
Japanese group desires to enter into tho working partnership
with the other three groups.
In the meantime the so-called
emergency loan of £5 ,009 ,00 0 to China is now in process of
negotiation.
The American group for Chinese business consists ol the
following:
.1 1\ Morgan & C o.. New York City.Illlinols Trust & Savings Bank. Clil.
Kuhn, Loeb A C o.. Now York City. Tho Northern Trust C o.. Chicago.
National City Bank of New York. Commercial Trust C o., Philadelphia.
Guaranty Trust Co. of Now \ork. Girard Trust C o., Philadelphia.
Chase Nat. Bank of New York City. The Union Trust Co. of Pittsburgh.
Nat. Bank of Commerce in Now York The. Mellon Nat. Bank, Pittsburgh.
Bankers Trust C o., Now York City. St. Louis Union Trust C o., St. Louis.
Central-Union Trust C o., New York. Mercantile Trust C o., St. Louis.
The Equitable Trust C o., New York. Mississippi Valley Trust C o., St.
Louis.
Harris. F orbes* C o.. New York City
Brown Brothers & C o., Now York. The Anglo & London Paris National
Bank, San Francisco.
Halsey. Stuart & C o., New York.
The Bank of California, N. A ., San
Leo, iligginson
C o., Boston.
Francisco.
.
. . . .
Kidder, I’ oabody & C o., Boston.
Tho First National Bank of Boston. Wells Fargo Nevada National Bank
of San Francisco.
,
.
National Shawmut Bank ot Boston.
Whitney
Central
National
Bank
Continental and Commercial Trust
New Orleans.
and Savings Bank. Chicago.
First Trust & Savings Bank. Chicago
POSSIBILITIES OF
TRADE
WITH
CHINA.
In a commercial handbook on China issued Feb. 13 by tho
Bureau of Foreign and Domestic Commerce, Department of
Commerce, Julean Arnold, the American commercial attache
at Peking, and the other contributors to the handbook, ex
press the conviction that American producers need to appre
ciate more justly tho tremendous possibilities in the Orient,
where democracy, industrialism, and modem education aro
bringing about far-reaching changes. They direct attention
to the fact that, among the 400,000,000 inhabitants of China,
even a slight modification in the prevailing mode of life is
capable of creating an enormous market for specific classes
of imported goods, and, with the entiro social structure in a
state of flux and progress, tho trade opportunities may bo
Tho so-called Four Group Consortium, that is to say, banking groups characterized as limitless.
made up from tho United States, Groat Britain, Franco and Germany,
China’s foreign trade, the new book shows, is five times as
was first formed In 1909 and, under the auspices of this International group,
ono Ghinose loan, namely tho "Imperial Chinese Government 591 Huku- great to-day as it was 30 years ago. When the per capita
ang Hallways Sinking Fund Gold Loan of 1911" was issued. This loan foreign trade is equivalent to that of Australasia, tho total
was for £6,000,000, one-quarter of tho issue being placed in each of the
will bo $65,000,000,000 instead of the present $1,200,000,000,
four centres, New York, London, l ’aris and Berlin.
In 1912 tho so-called Four I’ower Group was enlarged to a Six Power and Commercial Attache Arnold bolioves that this figure m ay
Group so as to Incltido Russia and Japan. Theso groups were formed with eventually be attained, basing his opinion on the country’s
tho approval o f the respective Foreign Offices or Stato Departments of the
countries in question. At the beginning of Mr. Wilson’s first administra vast wealth in coal and basic metals, in vegetable and animal
tion in 1913, Secretary of Stato llryan announced that the Stato Depart products, and the industrious, adaptable character of its
ment was unwilling to continue further to give its support to an American population.
Taking the single item of coal,, it appoars that
group participating in International consortium, whereupon the American
China has enough to supply the world with a billion tons a
group withdrew.
In 1918 tho Stato Department re-opened tho question of tho formation year for a period of a thousand years.
Hundreds of millions
of an American group of bankers to deal with Chinese affairs, with tho Idea of tons of iron ore are available. All tho prerequisites of
that such a group when formed should bocomo a part of an international
consortium. Tho members of tho former American group, in response to industrial development are present, and even now cotton
tills suggestion, organized a now group, inviting as members of it the lead mills in Shanghai, Hankow and Tientsin arc paying dividends
ing banks and bankers of the country who had shown a particular interest
in Far Eastern affairs. Tho American group Is thus now composed of over as high as 2 5 % .
Volumo 1 of the Commercial Handbook of China, M is
thirty members, a list of which is attached herewith. Simultaneous with
tho formation of tho American group tho Stato Department proposed to cellaneous Series N o. 84, may bo obtained for 60 cents from
tho Governments of Great Britain, Franco and Japan that a new inter
national consortium should be formed along the lines of a free and effective the district or co-operative offices of tho Bureau of Foreign
010
THE CHRONICLE
and Domestic Commerce or from the Superintendent of
Documents, Government Printing Office, Washington,
D . C . Volume 2 containing discussions of a more general
character than those in the first volume, will, it is stated, ap
pear in the near future.
REPORT THA T JAPANESE BANKERS PLAN SPECIAL
LOAN TO CHINA.
“ Financial America” on Feb. 4 published the following
Washington advices:
Information has been received at the State Department that the Tokio
“ Nichi Nicld" has announced that the Japanese Cabinet plans to permit a
separate emergency loan to China by Japanese bankers, unless there is
some early action by American and English bankrs In the matter o f a joint
loan.
[V o
l
. 110.
PROTECTIVE COMMITTEE N A M E D I N INTEREST OF
HOLDERS OF IMPERIAL GOVERNMENT BONDS.
A protective committee, it was announced this week, has
been formed at the request of holders of a large amount of
the holders of the Imperial Russian Government 5-year
bonds, dated D ec. 1 1916, and duo Doc. 1 1921.
The formation of the committee grows out of the default
in payment of the coupons which matured on D ec. 1 1919.
The notice with regard to the newly formed committeo was
issued as follows:
IM PE R IA L RUSSIAN GOVERNM ENT
Five-Year 5 ) 4 % Bonds.
Dated Dec. 1 1916.
Due Doc. 1 1921.
T o H o ld e r s o f th e A b o v e B o n d s :
In view o f the default In the payment of the coupons which maturod on
Dec. 1 1919, of the Imperial Russian Government 5-year 5 1 4 % bonds,
dated Dec. 1 1916, due Dec. 1 1921, it is desirable that holders of the said
bonds should unite for the purpose of taking concerted action for tho pro
tection of their interests. With this In viow, tho undersigned, at tho re
In reporting that the main object of the participation of quest of tho holders of a large amount of bonds, have consented to act as
Argentina in the recent Pan American Financial Conference a committee, under a protective agreement, copies of which may bo obtained
at Washington, was generally supposed to be in the interest upon application from the depositories thereunder, Tho National City Bank
of New York, 55 Wall Street, New York City, and the Old Colony Trust
of that country’s requirements for the sum of $300,000,000. C o., 17 Court Street, Boston, Mass. Holders of tho bonds may become
Buenos Aires correspondence to the N ew York “ Evening parties to the said protective agreement by depositing their bonds with
Post” Dec. 20, published in the Feb. 7 issue of that paper, either of the said depositories.
Deposits may bo made at any time prior to Fob. 28 1920, but it Is to the
had the following to say in part as to the prospective trip Interest of bondholders that tho bonds should bo deposited promptly.
of the Argentine delegation, headed by D r. Domingo Sala- Tho depositories will issue, in exchange for bonds so deposited, certificates
of deposit transferable on their books.
berry, the then Minister of Finance:
The members of the committee will act without compensation.
There is every reason to believe that the main object of Dr. Salaberry’s
The committee Is substantially the same as that appointed to represent
trip Is not so much to gather the fruits of a Joint discussion on finance and
the 6 y 2 % Russian credit. This was deemod desirable to secure greater
transport as to complete arrangements for the consolidation o f the repub
unanimity and more effective co-operation In the enforcement of the claims
lic's floating debt by the aid o f American financiers. It has been stated
represented by these obligations of the former Imperial Russian Govern
in the press o f Buenos Aires, and even in the Chamber o f Deputies, that ment.
the Minister of Finance is empowered to make an a d r e fe r e n d u m agreement
Communications intended for the Committee should be addressed to Its
for the sum of $300,000,000 gold, the equivalent o f which in Argentine secretary at 55 Wall Street, New York.
paper, namely, some $680,000,005, is to be applied to the liquidation of
Charles E. Mitchell, President, Tho National City Co., Chairman;
the short-date loans which have been referred to so frequently in cor
Thomas Cochran of J. I*. Morgan & Co.; Harold Stanley, Vice-President,
respondence from Buenos Aires. It must be cletrt-ly understood that the Guaranty Trust Co. of Now York; Lloyd W. Smith of Harris, Forbes & Co.;
operation is both feasible and attractive. There is no doubt whatsoever Charles S. Sargent, Jr., of Kidder, Peabody & Co.; Frederic W. Allen, of
regarding the soundness of Argentina’s position. Her wealth is increasing Lee, Higginson & Co.; Albert II. Wiggin, e x - o f f i c i o , Vice-Chairman of
day by day faster than her people are able the handle it, and without going Foreign Securities Committee of Investment Bankers Association of Am
into statistics (which, unless made lengthy and comparative over a pro erica, committee. Rodney Dean, Secretary.
longed period, mean nothing) one may roundly assert that 1919, when
New York Jan. 26 1920.
closed, will show a trade balance such as she has never known in all her
The names of those forming the committeo designated to
history. Want of ability to tackle the administrative questions connected
with the equitable increase o f the fiscal revenues is the chief reason why protect the interests of the holders of the $50,000,000 6 ^ %
this short-date debt has been allowed to mount as it has done since 1918. three-year Russian credit were given in our issue of July 12,
M oreover, the recent discussions in Congress, with their categorical re
______ _____________
fusal to give the present Government any hope of obtaining roliet by moans page 124.
o f increased issue of currency, are healthy signs. Taxation will have to
be extended and the Argentine owner o f cattle and camp will have to pay
a more proportionate sum, proportionate to his gains as well as this actual
possessions, before many years are out, however unpopular the idea of an
income tax may bo with that class at the present moment. Immense
private wealth and a national administration that despite economy cannot
The question of adverse exchange has been the subject
make ends meet, form a paradox which common sense suggests cannot be
of conferences in Canada between the Canadian Minister
maintained very long.
EFFORTS TOWARD REFUNDING OF ARGENTINE
LOANS.
REDUCTION I N PURCHASES OF LUXURIES I N U. S.
ADVOCATED I N CANADA TO STABILIZE
EXCHANGE.
W e also take the following on the same subject from the
New York “ Sun” of Jan. 31:
The Minister o f Finance of the Argctine Republic, who was in Washing
ton yesterday and will be in this city to-day, will endeavor personally during
the coming week to arrange for refunding or reneawl of about $45,000,000 of
securities which mature in M ay, according to Dr. Ricardo Aldao o f Buenos
Aires, who, following the recent sessions o f the second Pan-American
financial conference, addressed the members o f the Bond Club at the
monthly luncheon, held yesterday at the Bankers Club. Dr. Aldao In
private conversation spoke o f a scries o f conferences to be held in New
York during the coming week and at which the question o f providing funds
to meet the $25,000,000 American loan and the £5,000,000 loan, which has
been transferred to New York, will be decided.
The Argentinians hope frankly that the loan will be refunded rather than
renewed and it was learned yesterday that there are two South American
groups of bankers with whom the matter will be discussed. One group is the
so-called Morgan aggregation, composed, it Is said, o f the National Bank of
Commerce, J. P. Morgan & Co., the Chase National Bank, the Liberty
National Bank and the Bankers Trust Company. The other group is
headed by the Mercantile Bank o f the Americas and includos Brown Bros
& C o., the Guaranty Trust Company and J. & W . Seligman & Co.
OFFERING OF CITY OF FRANKFORT (GERMANY )
BONDS.
M a x Hesslein & Co. are offering 3,000,000 Marks City of
Frankfort on the M ain , Germany, 4 % bonds at $17 50 per
1,000 marks. The bonds are in denominations of marks
200, 500, 1,000 and 5,000, with interest April and October of
each year. The bonds have no fixed maturity, but it is stated,
are to be repaid b y annual sinking fund drawings beginning
three years after declaration of peace at par and interest,
amounting annually to at least
of the whole loan. It
is also announced that the interest saved accrues to the sink
ing fund, and that “ the city has the right at any time to in
crease the percentage of amortization and also to redeem
all outstanding bonds.”
^ Foreign holders of bonds are not liable for taxes according
to the German laws now existing. The total bonded debt
of-the city is marks 370,000,000 and the city’s financial assets*
are 565,000,000 marks. Interim certificates of tho New
York Trust C o ., New York, will be delivered, ponding
arrival of definitive bonds from Europe.
1V2%
of Finance, Sir Henry Drayton, and bankers, but so far as
is known, there have been no developments as to what, if
any action is contemplated. On tho 5th inst. in reporting
that neither the bankers nor tho Finance Minister woro in
clined to make any statement, the Toronto “ Globe” Ottawa
correspondent gave the following information, which had
been elecited:
•
“ Have tho bankers any suggestions to make to tho Government as to how
the exchange situation may bo remodiod?" ono member of tho banking
group was asked.
“ There is no magic by which that can bo suddonly rightod,” was the
roply. “ So long as tho whole situation doponds on Europe, tho remedy
must bo applied thero. I f England and Europe would pay us in cash for
what tho .have bought and are buying from us tho oxcliango situation,
would clear up. Wo havo a favorablo balance of trado."
“ Is it truo that a credit corporation is bolng formed to facilitate Canadian
trado with Europe?”
“ There has boon talk o f It.” was tho answer, “ but that would only make
tho oxchango situation worse. Selling on credit has alroady affected our
exchango.”
“ Some say it is a fine thing for Canada to havo an advorso exchango. Is
It good or b a d ?”
“ Wo bankors must not bo politicians, but I may say that If I woro a
protoctionist I would like It. If I woro a froo trader it would bo dlfforont.”
“ Will the oxchango go lowor?”
“ How can wo toll? Wo havo no magic to mako it go up or down.”
W e also take from the Montreal “ Gazette” of Feb. 6, the
following Ottawa advices:
Inquiries now reaching Ottawa indicate that exporters In tho United
States aro approhonslvo o f tho offoct of tho prosont oxchango situation upon
their trado In Canada. Tho Inquirers aro asking If thoro is any notlcoablo
decline in Imports Into Canada from the Unltod Statos. That thero may bo
a falling off in Imports from tho Unltod Statos is to bo oxpoctod. At prosont
tho advorso oxchango rato of about 17% making tho Canadian dollar worth
in tho United Statos only 83 conts naturally sorvos to dlscourago Canadian
buying south o f the International boundary lino. Reports indood are reach
ing tho Govornmont to tho offoct that many businoss firms aro limiting thoir
purchases in tho Unltod Statos oxcopt in cases whoro tho vondors aro willing
to accopt paymont in Canadian curroncy. On tho othor hand it is reported
that somo Unltod Statos firms are actually dividing tho burdon of exchange
with thoir Canadian customers.
The oxcliange situation has boon the subjoct of conforoncos botwoon the
Financo Minister and roprosontatives o f tho chartered banks. It will be
furthor dlscussod by tho Minlstor with bond brokors and othor financial
men. All authorities horo agroo that the most potont factor In stabilizing
oxchango botwon Canada and tho Unltod States undor existing clrcumstancos would be roductlon of purchases of luxuries from tho United Statos.
Undor normal circumstances resumption of casli payments by Great Britain
and other European countries would raiso the valuo o f tlio Canadian dollar
In tlio United Statos. Just now tlioso countries aro not In a position to
rosumo cash paymonts. During tlio war tlio Canadian Government could
and did rostrlct importations from the United States by order-in-council
under tho authority of the War Mcasuros Act. It cannot do so now.
C u t D o w n L u x u r ie s .
“ If the pooplc cut down purchases of luxuries from the United States,
however," said ono official hero to-day, "thoy will bo doing everything
that the Government could have done under tho War Measures A ct.”
Investments o f United States capital in Canada would also help to bring
down oxcliango ratos, as Sir Ilonry Drayton intimated in a recont speech m
New York.
.
There have boon a number of plans for mooting tho oxcliango situation
suggested. Canada could not undertake to "peg” the rate o f oxcliango
by gold shipments becauso the root of tho present difficulty is to be found
i n the situation in which Great Britain and other European countries are
placed. It has boon proposed that Canada should obtain a loan in the
United Statos. This, it is believed in official circles here, might help condi
tions temporarily. It would liowover. It is contended, provo to bo mcroly a
palliative and not a remedy. Payments o f half yearly interest would soon
sorvo to swell tho balance against Canada In tho United States. It has also
boon suggested that tho banks and other financial institutions dealing in
oxcliango might help tho situation by taking measures to eliminate speculat
ing in Now York funds, and confining transactions to the meeting of actual
obligations in tho United States. Co-operation between the financia1
Institutions may help tlio oxcliango difficulty. Tho Canadian importer and
tho Canadian consumer, liowover, can do much to ameliorate present condi
tions by confining thoir buying in the Unitod Statos to purchases of necossarlos.
•
PROPOSED REDUCTION I N C A N A D I A N NOTES TO
IMPROVE FI NANCIAL SITUATION.
As a means of improving the financial situation, it is said,
a gradual reduction in tho amount of Dominion notes in
circulation is understood to be planned by the Canadian
Government. Tho Montreal “ Gazette” of Fob. G in Cana
dian press advices from Ottawa in reporting this said:
Tho last return issued by tho Flnanco Department shows that, on Jan.
19 there were Dominion notes in circulation amounting to S318.690.089.
These were secured in gold to tho extent o f SI 14,821,062, and in approved
securities under tho terms o f tho Flnanco Act o f 1914 to the amount of
$1.54,237,000. Tho gold is thereforo about 35.9 of tho total Issue. At
tho end o f tlio last financial year, total Dominion notes outstanding were
$289,058,697. Gold amounted to $116,014,654, or 38.9% of tho total
Issue; and o f tho Dominion notes outstanding $144,428,000 were secured
by tlio deposit of approved securities.
Tho ratio o f gold rcservo to noto circulation, it is suggested, might bo
improved In two ways. On tho ono hand, gold might bo bought; on tho
other, outstanding notes might bo retired from time to time from tho
proceeds o f loans or from rovenuo.
According to reports from London, tho British Government is planning
to reduce its noto circulation by a hundred million dollars.
Tho situation widcli has arisen as a result o f tho breakdown in exchange
continues to monopolize attention in official financial circles. Difficult
as the situation is, however, it is pointed out, it is to a certain extent a
replica of conditions which liavo followed other wars. During the Civil
War, the gold values o f American greenback dropped to 38.7 cents. Tho
Civil War began in April, 1861, and closed in 1865. Tho greenback again
declined in valuo a few months after war broko out, and fluctuations, tho
decline continued until tho minimum of 38.7 was reached in July, 1864.
In 1,877, twelve years after the close of tho Civil War, there was still a small
depreciation in United States currency, as there was a reduction made from
United States Invoices. The depreciation disappeared, however, during
that year or very shortly afterward.
A copyright cable dispatch to the “ Sun and New \ ork
Herald” from London Fob. 8 said:
A new nickel coinage is to bo Introduced hero in tho immediate future.
Tho M ond Nickel C o., tho largest metal combination in this country, has
contracted with tho Government to supply tho Royal Mint with tho neces
sary nickel.
This step has been rendered necessary chiefly by the constantly rising
price of silver, making silver coins worth more than their face value, and at
the same time by a desire to sweep away the present cumbersome copper
coins.
______
TO
REDUCE 'SILVER
IN
BRITISH
COINS.
Under tho abovo head, “ Financial America” of yesterday
(Fob. 13) said:
Chancellor o f tho Exchequer Chamberlain is preparing to introduce a
bill in tho Ilouso of Commons reducing the standard of fineness o f tho silve r
coins of tho United Kingdom. It Is expected this will provent tho melting
down of silver coins to obtain silver, tho present high price o f which Is
responsible for a great disappearance of coins.
REPORTED
REMOVAL OF SILVER
GREAT BRITAIN.
EMBARGO
BY
The “ Wall Street Journal” of last night, Feb. 13, re
ported that, according to advices in local banking quarters,
Great Britain has lifted tho embargo on silver shipments to
India. This, it is stated, is expected to relieve the silver
export movement from hero.
SIR A UCKL AND GEDDES ON MEASURES TO RESTORE
EXCHANGE— VIEWS OF BRITISH PRESS.
In an interview on tho subject of foreign exchange, in the
London “ Daily Telegraph,” Sir Auckland Geddes, President
of the Board of Trade states that tho following throe things
will have to bo dono to restore Anglo-American exchange.
(1) To produce and export moro; (2) to develop alterntive
sources of supply (for instance getting wheat out of Russia
might relieve Anglo-American exchange); (3) to facilitate
the economic rehabilitation of Europe which would enable
tho other European countries to pay their own way. An
account of what Sir Auckland had to say is contained in a
special cablegram from London to the N ew York “ Tim es’
Feb. 7 from which wo reprint the following:
Geddes, who suggested that his statement might havo the effect of "allay
ing tho fears of possimists," first referred to the strain recently imposed on
American exchange, saying:
"In late Autumn and early in the year American exports to thin country
always aro above -he average. This is caused by our purchases of cotton,
tobacco and wheat. In December last wo imported £23,000,000 worth o
raw cotton or one-fifth of our whole imports for tho year. This cotton
has to be paid for and tho result is a temporary stringency.
“ Further. London exchange on New York undoubtedly has been used to
a substantial extent by the continent of Europe. A quantity of dollars
on which we had a claim has been acquired from us by other countries by
tho sales of securities in this country and in other ways in order to furnish
them with tho means of purchasing the necessary supplies from America.
“ Tho disadvantages of having American exchange unduly depressed is
that our imports from America cost more than they ought to, and it happens
that a very largo proportion of tho goods which we obtain from America
are vitally necessary, so that there is no escape from this burden.^
“ But it should not bo forgotten that tho present exchange position is far
from boing all bad. It has hastened our recovery by powerfully stimulating
our export trade, and has thereby helped to make the present high scale
of wages possible.
“ These three things will havo to bo done to rcstoro Anglo-American ex
change: (1) To produco and export moro; (2) to develop alternative sources
of supply (for instance, getting wheat out of Russia might relievo AngloAmerican exchange; (3) to facilitate the economic rehabilitation of Europe,
which would enable the other European powers to pay their own way.
"It must be evident to all that with things as they aro we aro not in a po
sition to carry tho financial burdens of Europe. Those of our neighbors who
are now in a precarious position must realise that tho final solution of t e i
difficulties must in the main rest with themselves alone oxcept in so far as we
can co-operate on commercial lines.
"M any of the difficulties with which wo aro faced ariso from tho fact that
wo aro closo neighbors to a bankrupt and war-racked continent. Until
Europe is herself again our own conditions cannot bo normal, and the prob
lem of restoring Europe is largely bound up with tho fate of Germany,
Austria and Russia. Much as wo may dislike the idea of resuming trade
relations with our former onemios, it is a matter of mero solf-intercst to do
so. Unless wo aro to drive Germany to militant counter-revolution or
Bolshevism commercial relations must bo rostored.
T r a d e W ith R u s s ia to H e l p .
"The opening up of trado with Russia should havo an appreciable effect
on the oxohango position with America. Tho release of grain supplies will
diminish our dependence upon tho United Statos and thus produco an m •
provemenl in tho rato.
"Finally let me emphasize tho importance of expanding to tho utmost oi
our power our exports to America. The American demand for our gooos Is
very large and the depreciated exchange giver us a great advantage of wide,
every manufacturer should avail himself. Firms without connections in
America may share in this trado as well as those with long established con
nections, for the Government is ready and eager through its representatives
of the Department of Overseas Trado to help manufacturers and oxportei s
by giving information as to conditions in tho American market and by put
ting them in touch witn suitable traders there.” •
GERMANY’ S PAPER MONEY POLAND’ S NEW MONEY
From the New York “ Evening Post” of Feb. 7 we take the
following special correspondence to it from Geneva, Jan. 1 /.
PROPOSED NEW NICKEL COINAGE I N GREAT
BRITAIN.
.
PLAN
611
THE CHRONICLE
F eb . 14 1920.]
The quantity of banknotes circulating in Germany increased during 191 f.
by 1,900,000,000 marks, during 1916 by 1,200,000,000, during 1917 by
3 400 000,000, during 1918 by 10,700,000,000 and, finally, in tho first
year of "peaco” by 13,500,000,000. As in tho war the German mark was
not only circulating in Germany, but also in Alsac-Lorraine, all parts of
Poland and Western Russia, Belgium and Rumania; the increase in German
banknotes in 1919 concerned a territory two-thirds as largo as In tho previous
years. In view of this inflation, it Is no wonder that no stability in the
value of labor and commodities can bo achieved in Germany.
During the war the circulation of “ darlchenskassenscheino,” an emer
gency money chiefly covered by war-loan scrip given as collateral for indi
vidual loans, amounted to 9,800,000,000 marks. During 1919 a further
3,400,000,000 darlchenskassenscheino were issued, thus bringing the total
circulation of paper money in Germany to moro than fifty billions. More
then one-third of it, namely, 17,100.000,000, was issued in 1919, making
the monetary situation worse than at tho end of hostilities. The whole
scheme of feeding tho townfolk with home-grown money falls to pieces
when, owning to the sinking valuo of tho currency, tho German agricul
turist refuses to sell his goods at prices sinking daily deeper below tho world
market price of his commodities.
F o r e ig n L o a n s a n d
T a xes.
All serious Swiss observers of the German money market dcclaro that it is
impossible to grant to Germany any efficient credit help so long as the trus
tees of foreign creditors do not sit on tho board of the Relchsbank and stop
all new issues of paper money. Neither Germany nor any other State can
redeem its foreign debts in any other kind of money than that which tho
taxpayer gives to it. Without good currency or guarantee against further
depreciation of money no foreign credits can bo granted to Germany.
The German currency, however, Is not without standing in the melan
choly assemblage of countries which tho war has left in as poor condition as
Germany itself. On tho Cracow Bourse tho Polish mark is quoted as
equivalent to only 1.1 non-stamped Austrian crown; on the Bourse of Posen
the Polish mark is quoted as worth 0.4 German mark. Both quotations
givo to tho Polish mark thus a valuo of 0.8 American cent. According to
the decrees of tho Warsaw Ministry of Financo, the Polish mark ought to
bo equal in value to tho German mark circulating in tho former Prussian
parts of Poland and 50% higher In valuo than tho non-stamped Austrian
crown circulating in Galicia.
P o la n d 's N e w M o n e y .
Now, as a matter of fact Polish marks, German marks and non-stamped
Austrian crowns havo no intrinsic value at all except the liability of the
Polish Government settled in tho treaties of Versailles and St. Germain
613
THE CHRONICLE
backed eventually by a war Indemnity o f Germany. Therefore the fluc
tuations In the comparative valuo of three more or less worthless sorts of
money has not other meaning than that of a barometer o f the corresponding
economic conditions.
The very fact o f Warsaw quoting Cracow and Posen currencies higher
than the parity settled by the Polish Government proves that the economic
crisis is by far stronger in former Russian than in former German and
Austrian Poland, both parts slowly recovering chiefly owing to an extraor
dinary good crop. The crisis in Russian Poland is tho reason why even
conservative Polish statesmen ask either for finishing tho war against tho
Bolshevists or for an adequate indemnity from the Allies for the sacrifice
caused by its continuation.
tho United States, and said the movemont in foroign oxchango since No
vember emphasized that difficulty. Tlicroforo to avoid possible miscon
ception it was desired to point out that if tho conforonco rocommonded a
grant of credits in any form tho Government would be unable to support
any scheme involving an addition to its liabilities or expenditure in the
______
United States.
IS
PLANS UNDER CON SI DERATION I N GREAT BRITAIN
WI TH REFERENCE TO REMEDYING E X
CHANGE SITUATION.
The London cablegrams to the daily papers Feb. 6 in
referring to “ the growing bolief that combined action” to
right the foreign exchange movement would be taken shortly,
said:
Several plans for such action have boon suggested in financial circles.
Tho one most favored, tho plan believed to have been discussed at the rocont
Governmental conference, is for tho Government banks o f tho world to form
a contral committee, sitting permanently in London, with ropresontativos
of oach bank as mombors and tho formation of an international curroncy
committee backed by the credit of tho Government banks to sottlo inter
national commitments.
It is pointed out that this plan would be likoly to moet with a great deal
of opposition, becauso tho banks hero are deriving profits from the specu
lative operations o f oxchango dealers, which have been on an onormous
scalo rocontly and are said to bo largely responsible for the present wild
fluctuations. As such dealings are not possible without financial aid it ir
considered somo action will have to be takon to check speculation similar
to tho restrictions imposed during tho war.
The motliods thus suggested, or the drastic plan o f allowing the oxchango
markets to find their natural level, are believed in financial quarters as
likoly in tho long run to do moro pormanent good than temporary rolief
measures which would havo serious after effects.
BRITISH MANUFACTURERS RECOMMEND INTER
NATIONAL ACTION ON EXCHANGE.
London advices Feb.
“ T im es,” said:
10, published in the New York
In connection with the foroign exchango question much attention is being
given the approaching meeting of the Council o f tho League of Nations at
which it is bolieved tho international monotary situation will bo considorod.
To-day a conforonco o f British manufacturers passed a resolution support
ing international action on oxchango in order to avert economic chaos in
Europe. In seconding tho resolution Arthur M . Samuel, member of
Parliament from Surrey, said that Great Britain should put its own houso
in ordor and, instead o f giving other countries assistance by long credits,
should supply them with essential raw materials, taking finished articlos
in payment.
___ ___________
BRITISH CHANCELLOR OF EXCHEQUER ON GREAT
BRITAIN’ S PARTICIPATION I N INTERNA
TIONAL FINANCIAL CONFERENCE.
The willingness of Great Britain to participate in an inter
national financial conference was indicated by tho Chancellor
of the Exchequer, J. Austen Chamberlain, on Feb. 11, such
willingness, however, being conditioned upon an invitation
by one of tho neutral nations or by the League of Nations,
and on Great Britain being* satisfied that the conference
would assume a really representative character.
Tn noting
that this announcement of the Chancellor was in reply to
the recent memorial (to which we referred in these columns
Jan. 24, page 310), the press accounts (cabled) from London
to the daily paper added:
The Chancellor said that the Government wished to mako it absolutely
clear that in tho event o f Great Britain’s participation the Government
could not support or take a sharo in any scheme Involving an addition to
tho liabilities o f Great Britain for expenditure in America.
M r. Cnamborlain declared tho attltudo o f tho American Government was
a matter of first importance, as it seemed doubtful whether America's
participation could be obtained, and this must gravely affect tho influence
and utility o f such a conference.
Tho Government, Mr. Chamberlain
continued, was impressed with tho futility of attempting to solvo the prob
lem by new borrowing, either by internal or external loans, the cessation of
which had been laid down as tho cardinal featitre of Its policy, nor could
the Government grant further advances to other countries.
“ The Government feels tho need of contributing to tho reconstruction of
Europe,” Mr. Chamberlain added, "and is inclined to mako certain excep
tions to tho general principle that loans from Government to Government
should cease. Tho Government at tho present moment is engaged in dis
cussions with the Governments o f Canada, tho United States and Franco
and certain other countries, including some which did not share in tho war,
with regard to tho provision o f Government credits to Austria and Poland
lor the supply of foodstuffs and raw materials sufficient to onbale these
countries to avert famino and restart their industrial life.”
Mr. Chamberlain recalled the notification in November o f the impossi
bility of sharing in measures o f relief unloss assured o f tho co-operation of
DEPRECIATED
DOLLAR?
K a n s a s C ity , M o . ,
„ ...
I h e E d it o r ,
The calling of an international financial conference “ to
study the present international financial crisis and seek
means to remedy or mitigage its dangerous consequences”
was decided upon by the Council of the League of Nations
at London yesterday (Feb. 13). The conference, it was
announced, will be called at the earliest possible date.
THERE A
COLUMRIA NATIONAL RANK.
,p.
COUNClL OF LEAGUE OF NA TIONS DECIDES TO CALL
INTERNATIONAL FINANCIAL CONFERENCE.
[Vol . n o .
.
Jan.
C o m m e r c ia l a n d F i n a n c i a l C h r o n ic l e ,” N e w Y o r k .
20 1920.
1 comment for a moment on your editorial of Jan. 10th,
entitled, Is There a Depreciated Dollar.”
It is, o f course, a physical fact that the gold dollar is unchanged, but it
seems to me that there has nevertheless been a change, in Its relation to
other commodities, of tho same nature as if the gold content had been de
creased. The chief demand for gold is for use as money, and tills demand,
relatively at least, has been diminished all over the world by the withdrawal
of gold from banks in this country and from hand to hand circulation In
Europe, for concentration In central reservoirs.
Both in this country and in Europe tho central banks have proceeded to
expand credit, as was probably Inevitable, In v.lew of tho fact that gold in
centralized holdings will support moro dollars of credit than it would support
when it was scattered. In Europe, of course, tho expansion has far out
run the possibilities o f gold centralization, and in this country the expansion
has had the inevitable, effect o f raising tho prico level. In view of tho
relatively diminished demand for gold, expressed by the increased credit
t Is now possible to base upon gold. Is there not a sense in which tho gold
dollar m ay bo said to have changed?
Very truly yours,
THORNTON COOKE.
FEDERAL FARM LOANS TEMPORARILY SUSPENDED
PENDING DECISION OF U. S. SUPREME COURT.
Future applications for loans from Federal Farm Land
Banks are to bo held in aboyanco ponding the deoision of tho
United States Supreme Court on tho constitutionality of the
Federal Farm Land Bank A ct, according to an announce
ment made by Goorgo W . Norris, Farm Land C om m is'
sioner, on Fob. 4. Proceedings to tost tho legality of tho
tax exemption features of farm loan bonds wero dismissed
on Oct. 31 1919 by Judge A . S. Van Valkonburgh, in tho
U . S. District Court of Kansas City, M o ., as was stated in
our issue of N ov. 22, page 1937, and argumont on tho validity
of tho act was heard by the U . S. Supremo Court on Jan. 5.
Judge Van Valkonburgh who dismissed tho bill for want of
equity stated that ho did not want to decide a question which
he believed should bo passed upon by tho Supremo Court,
and in disposing of the proceedings was reported to havo
virtually said that the law was constitutional. The ordor
of Commissioner Norris temporarily suspending tho making
of loans, does not, it is said, affect loans for which applica
tions are already in tho hands of farm loan representatives,
M r . i\orris, it is said, having stated that such transactions
would bo completed under regulations in effect since tho
system was created. Commissioner Norris announced the
plans of tho board’s decision in tho following statomont:
In view of tho recess of tho Supremo Court of tho United States, which
precludes any announcement before March I of a decision in the suit in
volving tho constitutionality of tho Farm Loan Act, with tho possibility
that the decision may not bo announced until a later date, tho Farm Loan
Board has instructed tho Federal Land Banks to accept future applications
for loans subject to delay in closing.
These banks secure funds for loaning purposes by the salo of Farm Loan
bonds, and tho board deems it unwise to offer these bonds at a time when
investors may hesitate to purchase them because of tho pendency of legal
proceedings. Tho decision of the United States District Court sustained
tho constitutionality of the act. An appeal was takon to the Supreme Court
where the caso was argued Jan. 5.
GEORGE W. NORRIS ON GROWTH OF FEDERAL FARM
LOAN SYSTEM.
The growth of the Fedenil Farm Loan system is shown in
a statement by George W . Norris, Farm Loan Commissioner,
which appeared in tho New York “ Evening Post” of Fob. 4 ,
and which we give herewith:
'Ihere are somo persons whose self-interest still prompts thorn to try to
persuade themselves and others that the Federal Farm Loan system Is not
a success. Newspapers frequently recelvo. and occasionally publish,
inspired “ bulletins” in which Isolated facts and figures are distorted into
attempted proof of this claim. The real facts arc obvious and unanswerable.
Tho practical operation of the system began March 27 1917, when tho
first loan was closed. It Is, therefore, less than three years old. Tho fiscal
year for which its operations aro officially reported ends Nov. 30. In tho
first eight months to Nov. 30 1917 there wero twelvo Federal Land banks
operating under tho Act, and In that period they made loans to the amount
of $29,552,922. In tho following year some Joint Stock Land banksjwere
incorporated under tho provisions of tho Act. During tho year ending
Nov. 30 1918 the Federal Land banks loaned $117,899,939 and tho Joint
Stock banks $7,289,000— a total of $125,189,539. During tho year ending
Nov. 30 1919 the Federal Land banks loaned $134,554,920 and the Joint
Stock banks, which had increased in number, $40,830,758— a total of $181,
.391,078. Tho Federal Land banks loaned $10,054,981 moro than in the
previous year, and tho Joint Stock banks $39,547,158 more. The total
loans by botli classes of banks on that date aggregated $330,134,139. This
represented two years and eight months works of the Federal Land banks
and an average of probably a year for tho Joint Stock banks.
In somo few sections of tho country tho farm loan business is fairly co n
stant the year around, but In almost all sections It is much heavier in the
winter, when farmers havo time to attend to tholr financial affairs than in
F
eb
.
14 1920.]
THE CHRONICLE
the summer, when they are busy in the fields, and In some sections It Is
distinctly “ seasonal,” notably In the northern part of the Middle West.
It Is, therefore, only posslblo to make fair comparisons by taking a full year
and Including the whole country.
When the system was put in operation the twelve Federal Land banks,
whoso capital, amounting to $9,000,000, was subscribed almost wholly by
the Government, wero the only banks operating under tho Act. They have
Increased their capital to $21,858,502, paid off $1,198,890 o f the Govern
ment subscription, distributed $412,518 in dividends and accumulated a
surplus and reserve of $1,048,922.
Tho number of local “ Farm Loan Associations” operating under them
Increased from 1,839 at N ov. 30 1917 to 3,365 at N ov. 30 1918, and to
3,890 at N ov. 30 1919. Tho first Joint Stock bank organized by private
capital was chartered April 24 1917. There were nine of those banks In
operation N ov. 30 1918 and thirty N ov. 30 1919.
Proof of tho conservatism with which loans have been made is afforded
by tho fact that in about 2,200 cases on which it has been possible to secure
reliable figures, where sales have occurred of farms on which loans had been
made, tho loans represented almost exactly one-third of the value as evi
denced by the sales, and those sales represented an advance of nearly 25%
over tho original appraisements upon which the loans wore based. Further
proof is to be had in tho fact that total delinquencies amount to only 1.4%
of the amount duo by borrowers to tho banks, and that tho amount ninety
days or more delinquent Is only four-tenths of 1% o f tho total.
PROPOSAL TO GIVE SAVINGS BANKS TRUST POWERS.
OBJECTION BY GROUP V.
Legislation proposed by the Savings Bank Association of
New York which would confer on savings banks fiduciary
powers similar to thoso of trust companies when the estates
or trust do not exceed $3,000, is opposed by Group V of
the Savings Bank Association of New York, comprising
Brooklyn and Long Island banks, according to tho Brooklyn
“ Eagle” of Jan. 31. The proposal was disapproved by the
members of Group V at a luncheon at the Hotel Bossert on
Jan. 30, on tho ground, the “ Eagle” states, that such powers
are not within tho province of tho savings banks, and that
tho functions can bo better performed by the institutions
now possessing such powers. Altogether seven amendments
to tho law affecting savings banks aro proposed by tho New
York Savings'BankAssociation,andall but the one indicated
aro, it is stated, indorsed by Group V . Tho amendments
and tho discussions thereon aro noted as follows in the
613
Included in the list o f national banks already struck off are 566 banks
which had accounts o f only $1,000 and which were designated as Govern
ment depositories during tho administration o f Franklin McVeagh as Secre
tary of tho Treasury for President Taft.
Practically half of the banks to bo deprived of Government balances
already havo been eliminated from the rolls and outstanding balances thus
havo been reduced from $52,000,000 to $27,000,000. Other banks will be
taken off tho official list of depositories and other accounts will be reduced
until by tho end of tho calendar year It Is expected tho new policy will be
fully completed. Officials were reticent to-day as to the geographical
location of the depositories canceled.
The now policy o f tho Treasury does not contemplate disturbance of the
present system of special depositories, which was created as an emergency
measure during tho war. There was a total of 9,550 of theso Institutions
at tho first of tho year. Such depositories automatically will cease to func
tion when the period o f their usefulness terminates, but so long as it is
necessary to employ extraneous fiscal policies and so long as tho war pro
gram of financing “ hangs over” It Is understood the Government accounts
will be retained in tho specially chosen banks.
Tho monetary operations of tho Government were conducted entirely
through the Sub-Treasuries and national bank depositories prior to the
creation of the Federal Reservo system. With tho establishment of the
Federal Reserve banks and branches. Government payments havo been
mado more and more through them and thus abolition of the national bank
depositories therefore represents a further leaning of Treasury on the
Reserve banks in carrying on the nation’s business.
Deposits in the national banks pay the Government only 2% . But
whilo thcro was a surplus of money in the Treasury a wide distribution of
Government funds proved an Investment. With the war camo tho groat
bond and indebtedness certificate Issues, on which the Government is
paying 3)4 to 4)4% interest. In withdrawing the deposits from inactive
accounts, and In reducing the balances in all banks, in order to moot actual
requirements, tho Government, officials pointed out, is saving the differ
ence In Interest.
Since the Treasury began analyzing the question of depositories and since
Government accounts have been withdrawn one by one, officials have
begun to receive many inquiries and naturally some protests concerning the
now policy. There are still in Congress many Senators and Representa
tives upon whoso recommendations the depositories were designated and
theso aro very sollcitious about the banks “ back homo,” Treasury officials
said. Thcro also have come from scores of State officials inquiries as to tho
significance of tho withdrawal of accounts from banks in various sections
of tho country.
______________________________
ATTITU D E OF CHAMBER OF COMMERCE OF UNITED
STATES TOWARD PROPOSED INTERNATIONAL
FIN A N C IA L CONFERENCE.
The Chamber of Commerce of the United States issued a
statement on Feb. 4 in which it announced that it was pre
1. l’ owor to opon branches In home cities and in communities pared under certain conditions to designate representatives
to attend the suggested International Financial Conference
within 25 miles which are unsorved by local institutions.
2. Incrcaso o f maximum of deposits from $3,000 to $5,000.
along lines proposed in memorials presented by representa
3. Power to operate as safe deposit Institution with liability limit to
tive citizens of soveral foreign countries and of the United
$3,000.
4. Incroaso from $250 to $500 of amount which may, at discretion, be States and to which we referred in theso columns Jan. 24,
paid to noxt o f kin of deceased depositor or to proved creditor.
page 310. The Chamber makes it clear that the letter of
5 . An adjustment of tho law in relation of school savings bank deposits.
0. Power to make contracts for repayment o f deposits of fixed sums, Secretary of tho Treasury Glass, dated Jan. 28, is accepted
together with tho dividend accumulations, at a given time, or when theso as distinctly limiting tho subjects which in the opinion of
deposits, together with dividends, shall equal a specified sum. Under the Treasury should be discussed at least by American dele
tills provision certificates may bo issued and repayment mado by check.
7. Granting of fiduciary powers similar to thoso of a trust company out gates at such a conference. The Chamber feels that if for
limited to amounts not exceeding $3,000, and including tho functions of eign governments still desire the presence of American rep
oxccutor, guardian, receiver, commlttoo of estate, trustee, administra resentatives at such a conference, in spite of limitations under
tor, &c.
Tho proposod amendments wero discussed yesterday. There has been which those delegates would act, it should not refuse to par
considerable sentiment for tho increase in tho deposit limit for somo time, ticipate in the conference. Tho Chamber, in its statement,
Inasmuch as It was long felt that tho conditions which originally fixed tho
amount at $3,000 havo boon long outgrown. It was pointed out that tho says:
“ Eaglo:”
additional convenience to residents would bo very great. Tho amendment
for branch banks is of more importance on Long Island, upstate and in
sparsely settled districts than in cities that are well supplied with savings
banks.
Providing safo deposit facilities was also considered very important as
filling an urgent need and as an encouragement o f a habit that would
annually save tho community many thousands of dollars now consumed by
flro or lost by theft or otherwise. The other changes recommended are
more or loss administrative.
The warmest discussion centred about Amendment 7. Tho local bankers
took the view that there was no real need for tho extension of fiduciary pow
ers of the savings banks because of their essentially different character.
Many flatly declared that they had no desire to engage in the trust company
business. It Is understood that Samuel II. Beach, President of tho Savings
Bank Association of Now York State, Is also opposed to this feature, and it
is considered unlikely that It will obtain tho support of a sufficient number
of bankers to secure the consideration of the law-making bod y .
CUTTING DOWN OF GOVERNMENT DEPOSITORIES.
A material reduotion in the number of national banks
designated as Government depositories is being made by
tho Treasury Dopartmont, according to roports from W ash
ington Fob. 1, which state that less than 400 of tho total
aggregating 1,331 on Juno 30 1919 are expected to be con
tinued as holders of Fodoral funds. The Associated Press
accounts from Washington had the following to say on Feb.
1 regarding tho cutting down of tho Government deposi
tories:
Changes in tho Government’s financial situation, brought about by war’s
fiscal operations, it was said officially to-day, havo mado it necessary to
abolish hundreds o f tho depositories and roviso tho plan for distribution
o f Government moneys among banks employed slnco prior to 1912.
While tho Treasury Is cutting off the Inactive accounts, it Is also reducing
tho balances carried by many other banks— In nil, In fact, whero Govern
ment transactions do not require tho use of largo sums.
(K> "Scientific apportionment,” It Is said, will bo tho basis In tho future for
disposition o f surplus funds. Officials explained that the now policy as to
depositories would opernto so that each bank will be able to realize equal
roturns on a basis o f I h l s Iness done for tho Government.
The publication o f the memorials signed by bankers and business men of
soveral countries and the statement of the Secretary o f tho Treasury, have
aroused much discussion among business men and bankers in Europe and in
tho United States. Tho consensus o f opinion, as reflected in the views ex
pressed by American business interests to tho National Chamber is that such
a conference would not bo harmful in its effects if kept within practical limi
tations, and if it wore so conducted as to avoid arousing hopes as to possible
American action which could not in fact bo fulfilled.
At tho same time, it is the view o f many that such a conference might
servo to bring about a clearer mutual understanding of tho conditions and
problems which exist in tho various countries. Meanwhilo, authorities on
finance In all countries are reaching tho definite conclusion that tho present
difficulties in international exchango will be overcome little by little as a
result of patient effort along the regular lines of business.
Tho Chamber of Commerce makes it clear that tho letter of tho Secrotary
of tho Treasury, dated Jan. 28, Is accepted as distinctly limiting the subjects
which in tho opinion of tho Treasury should bo discussed at least by Ameri
can delegates at such a conference. The National Chamber feels, however,
that if the foreign Governments still desire the presence of American repre
sentatives at such a conference, in spite of tho limitations under which those
delegates would act, it should not refuse to participate in the conference.
The Chamber states further that in many quarters the suggestion has been
made that any such conference, if hold, should Include all tho countries
vitally interested in tho questions to bo discussed.
Beforo announcing its decision to-day tho Chamber of Commorco of the
United States referred this question to the Committee of Plan and Scope, a
sub-committee or tho National Committee on European Finance, appointed
by tho National Chamber as a result of the recent International Trade Con
ference at Atlantic City.
This sub-committee expresses the belief that beforo American delegates are
appointed to an international conference the letter of the Secretary of tho
Treasury should bo brought to tho attention of the European Governments
and of tho signatories of tho memories which havo been submitted, and that if
tho European Governments decide to continue their plans for a conference,
and if they desiro tho attendance of American delegates subject to tho con
ditions referred to, tho Chamber should then appoint representatives.
The report of the Committee on Plan and Scope is signed
by James S. Alexander, President of the National Bank of
Commerce, in New York , as Chairman and by James Brown,
of Brown Brothers & C o ., New York city; George C . Lee, of
Lee, Iligginson & C o.,lB o ston ; John M cH ugh, Vice-Prosi-
614
THE CHRONICLE
[Vol . n o .
dent of the Mechanics & M etals National Bank, New York, resentatives, and known as tho International Monetary Exchange Com
and Chairman of the Committee on Commerce and Marine mission, shall bo appointed by the President o f the United States.
This commission shall bo authorized and instructed to inquire into and
of the American Bankers Association; Thomas W . Lamont,
ascertain what methods o f legislation aro essential to tho establishment and
J. P. Morgan & C o., New York; Charles H . Sabin, President continuance o f a fixed ratio of currency exchange between and among
of the Guaranty Trust C o ., New York; James A . Stillman, tho nations, to confer and co-operate with commissions which may bo
created by Great Britain, Italy, Japan, and other countries and charged
President of the National City Bank, New York; Frederick with tho same or similar duties and to report tho results o f their inquiries
Strauss, J. & W . Seligman & C o., New York, and Guy and investigations to tho President and Congress.
For tho purposo of defraying tho expenses of tho said commission neces
Emerson, Vice-President of the National Bank of Commerce
sarily incurred in tho dischargo of its duties the sum of $50,000 hereby is
in New York, New York city, Secretary of the Committee. appropriated out of any moneys in tho Treasury not otherwise appropriated,
It is dated Jan. 30 and is addressed to Homer L. Ferguson, tho samo to bo paid out on vouchers approved by tho Chairman of tho com
President of the Chamber of Commerce of the United States. mission.
In addressing tho Senato on thoMOtli inst. Senator Thomas
It reads:
urged the rc-establishmont of tho old ratio between gold and
D e a r M r . F e r g u s o n : — I acknowledge your letter of Jan. 22, In which you
refer to the receipt by tho Chamber of Commerce of the United States of a silver and tho creation of international bimetallism.
“ The
memorial requesting it to designate representatives o f American commerce
time has com e,” ho said, “ when America should take tho
and finance to meet with those of other countries.
You ask that I bring this matter to tho attention of tho Committee on initiative and renew its proposal of 1897 for tho establish
Plan and Scope, a sub-committee of tho National Committee on European ment of a parity between tho ancient monetary metals,
Finance, appointed by the Chamber of Commerce of the United State's and
to givo the benefit of their views with reference to tho proposed conference. whoso relativo values now oscillato between 15 Y i and 15
Tho slow but steady riso in tho valuo of silver during
In accordance with your request I have called a meeting of tho Com to 1 .”
mittee on Plan and Scope. The committee had before it your letter and the war in spito of efforts to prevent it moro than restored
also tho communication of the Secretary o f the Treasury to you, dated Jan.
28 1920, in reference to tho same subject. This communication clearly the old equilibrium between gold and silver, he said, until
to-day gold is tho cheaper motal and it, rather than silver,
sets forth the present economic situation and tho causes leading thereto.
Your committee desires to call attention to tho fact that tho form of needs tho steadying influence of an international agreement.
memorial as presented abroad differs from tho American form in two im
Tho United States cannot coin silver dollars to-day except at
portant respects.
1. In that tho foreign memorial looks for action to tho Governments of a loss, Senator Thomas urged, and tho condition will soon
all tho countries concerned, “ which should include tho United States” : apply as well to fractional currency.
On such a basis, ho
whereas the American memorial requests not that tho Government, but
tho Chamber of Commcrco of the United States, should initiate an action declared, the coins will go to the melting pot as fast as they
required: and,
aro made and inovitably precipitate throughout tho world a
2. In that the foreign memorial contains tho following paragraph not set famine in fractional currency unless tho ratio be adjusted
forth in tho American memorial: “ Tho world’s balance of indebtedness has
Europe, boreft of gold and
been upset, and has become topheavy and onesided. Is it not necessary by international agreement.
to free tho world’s balance sheet from some of tho fictitious items which now burdened with an enormous debt, Senator Thomas declared,
inflate it, and lead to fear or despair on the part of somo, and to recklessness faces tho problem of re-establishing her foreign trade and
on the part of others? Would not a deflation of tho world’s balance sheet
would welcomo any system of international stabilization of
bo the first step toward a cure?”
Tho European memorial apparently contemplates possiblo action by tho silver and gold values that could bo accomplished without
United States Government of a character that tho Secretary of tho Treasury
endangering tho financial structure of international com
distinctly declares to bo disadvantageous to tho interests of the United
Ilo is also said to havo stated that the
States as well as of foreign countries. The committee of tho Chamber merce or credit.
of Commerce of tho United States agrees with these views, as expressed by volume of paper money in tho world is out of all proportion
tho Secretary of tho Treasury. Unless, therefore, such divergence of view
to the valuo of specio, and that in this condition lies tho seat
(between tho European and the American memorials), bo mado perfectly
clear, any conference such as that proposed, might lead to misunderstand of tho international exchange crisis.
ings, resulting ultimately in disappointment and recriminations. This,
in tho opinion of your committee, it is important to avoid.
Having in mind all of tho foregoing, tho Committee on Plan and Scopo is
nevertheless prepared to recommend to tho Chamber of Commerce of tho
United States the appointment of delegates to such a conference as that
mentioned in tho memorial, provided, however,
1. That there be brought to tho notice of the European Governments and*
of tho signatories of the European memorial tho letter of the Secretary of tho
Treasury, dated Jan. 20 1920.
2. That if, thereafter, the European Governments should still decido it to
bo wise that such a conference bo held, tho activities and discussions at
such conference be kept within tho limitations mentioned in the lotter of
the Secretary of tho Treasury above referred to.
3. That the American representatives, if any bo appointed, bo informed
that they are to act in an entirely informal capacity and that their continued
presence at tho proposed conference is to depend upon such activities and dis
cussions being kept within the limitations heretofore mentioned.
In making public the letter from tho Committee on Plan
and Scope, Homer L . Ferguson, President of theChambor
of Commerce of the United States, said:
If on further consideration European opinion favors tho holding of a con
ference with full understanding of tho limitations affecting our participation
which are so clearly pointed out by our sub-committee, I am suro the Cham
ber will be prepared to act promptly.
The question of further action by tho Chamber of Com
merce with reference to tho proposed conference has been
placed in tho hands of a committee consisting of President
Ferguson, A . C . Bedford of Now York, Vice-President, and
Harry S. Wheeler of Chicago, and John II. Fahey of Boston,
former Presidents.
SENATOR THOMAS URGES INTERNATIONAL MONE
TARY EXCHANGE COMMISSION.
Notice that he would address the Senate on Feb. 10 on a
resolution introduced by him some months ago calling for
the appointment of a commission of seven, to bo known as
tho International M onetary Exchange Commission, was
served on the Senate by Senator Thomas of Colorado on
Feb. 4. Tho resolution in question (Senato joint resolution
19) was introduced by Senator Thomas on M a y 23 last, and
in his announcement to tho Senato of tho 4th inst. he said:
That resolution is a reproduction o f what was known in 1897 as tho
Wolcott resolution, which was then adopted and under the terms o f which
an international monetary conference was appointed for tho purposo of
establishing an international parity between tho two metals, gold and silver.
The commission failed because o f tho objection o f tho Government of India
to tho proposition at tho time. Tho question o f oxchango has bccomo tho
acute financial question o f tho hour, and tho present conditions o f oxchango
the world over aro so extremely sinister as to threaten tho supremacy or
possibly tho existence of our present export trado. I thoreforo give notice
that on next Tuesday, at tho closo o f tho regular routino business of tho
Senato, I shall address m ysolf to tho resolution to which I have referred.
The following is the resolution:
R es o lv e d , That a commission, consisting o f seven members, not less than
wo o f whom shall be members o f tho Senate and two o f the IIouso o f Rep
ONE VIEW OF THE POLICY OF THE FEDERAL RE
.
SERVE BOARD.
[From tho “ Wall Stroot Journal” of Fob, 9.|
A short-sighted financial policy at Washington Is claimed by many brokers
to bo tho main reason for stringent monoy.
Tho Federal Reservo system, it is hold, was created to finance tho com
mercial needs of tho country, and was carefully drawn with that object in
viow.
Instead, its funds havo been diverted to financo the Government at
figures lower than tho current values of money, thus depriving commercial
interests of tho uso of funds that aro theirs by right.
Tho Government policy of soiling short-term certificates Is tying up funds,
not only of tho banks and Federal Reserve, but also of corporations that
invest money in them, that would ordinarily bo doposited in banks and bo
available through loans to business interests o f tho country. Otherwise tho
corporations would pay tho funds out In a way that would permit thorn to
dr.ft into legitimate business channels. Tho amount of money tied up in
this manner Is very largo.
United States Stool, tho independent steel companies, tho Standard Oil
companies, equipment companies, and other concerns that have accumu
lated enormous assets over tho past five years, have Invested hundreds of
millions in theso certificates.
According to one banker, normal conditions cannot bo re-established until
Washington awakes to tho fact that its policy is unreasonable and unjust,
and until methods aro adopted for correcting tho situation.
Tho taxation policy Is another reason for present strained conditions.
Peoplo cannot afford to sell property to pay their loans, because taxes tako
too largo a percentage of their profits, lienee, loans are increased when
ordinarily they would bo reduced.
With all the rest of tho world on a different basis, it Is held that tho
United States is trying to maintain a gold basis based upon old conditions.
Values aro always relative. With tho rest of tho world working on one basis,
tho United States cannot maintain another.
It is argued that world conditions must bo mot as this country finds
them.
Supplementing tho foregoing business reasons, tho psychology of tho
situation Is sot forth as follows:
It is a well-known fact that if you tell a prospective borrower ho can havo
all tho money he legitimately needs, although tho rato may bo high, ho bor
rows less than ho thought no would require.
If, however, you toll him you doubt whether ho can have tho money
oven at tho high rate, his needs in ids own mind immediately increase, and
he borrows moro money than ho actuallj requires In order to protect him
self against any possible future contingency.
The policy of tho Federal Reserve system in advancing rates, is not con
demned; but the policy of telling tho public it cannot have tho monoy it
needs only increases tho demand for loans rather than decreases It.
In
other words, the psychology tho Federal Reserve system is applying to tho
situation is wrong, and its correction will bo a step toward normal financial
___
conditions.
DECLIN E IN WALL STREET LOANS.
In its issue of Feb. G tlio “ Wall Streot Journal” said:
While bankers will not go so far as to predict any material ease In money
rates, especially tho call monoy rato, they do say that tho situation is
fundamentally improving, and that local credit conditions havo been bonofltcd by the recent liquidation in tho stock market.
Tho decline in tho prices of securities during tho past few days was
brought about a marked contraction in brokers’ loans, and tills situation.
F eb . 14 1920.]
THE CHRONICLE
according to well-informed bankers, has placed the stock market In a strong"
cr technical position.
Thoso in close touch with stock market credit operations do not believe
that the aggregate o f so-called Wall Street loans are now much above
$1,000,000,000. When it is considered that these borrowings at one time
last Summer totaled $1,750,000,000, it does not take an expert to figure
that this contraction In borrowings has greatly Improved the securities
market.
_
Bankers admit that the Wall Street stock market has been subjected to
rather sovero treatment during the past several months, but they emphasize
that the Wall Street loan account must bear Its sympathetic burden when
tho general situation demands a reduction In all loans to Improve the bank
ing situation.
Brokers, on tho other hand, are wondering what progress is being made
in "shaking out" tho commodity speculator. They feel that Wall Street
has boon unjustly discriminated against and aro hoping that remedial action
is being takon to reduce loans where foodstuffs and other necessities are
carried for speculative purposes. Tho advance in tho market rate on com
mercial papor to CM % during the past few days Indicates that steps are
being takon to bring about unnecessary Industrial borrowing. Already
reports aro coming in from tho West that the commercial paper rate has
been advanced to G y i % . This will tend to reduce non-essential industrial
loans.
INTERIOR BA N KS AND CALL MONEY.
Tlio following comment is from the “ Wall Street Journal”
of Fob. G:
Tlio spectacle o f excessively high call money rates just beforo tho closo
when a larger supply o f funds often makes its appearance from banking
quartors, has been tho subject o f some criticism by the Street. Tho banks
aro accused o f withholding money from tho Street until the last minuto, to
take advantago o f tho high rates. Tho instance Is cited this week o f one
of tho largo banks putting out a block o f $1,800,000 o f call money just
beforo tho closo of business when the rate was quoted at 25% . There was
much adverse criticism o f such a course at this timo.
Bankers say that this criticism Ls wholly unjustified and Is made without
proper appreciation o f tho way call money is offered In the Street. In the
first place It must bo repeated that tho local banks have been having very
llttlo money at their disposal for Wall Street purposes. Their first con
sideration is, and always has been, to meet their commercial requirements.
Whon their Clearing IIouso balanco In tho morning tells them how they
stand as regards funds thoy arrange their Wall Street offerings accordingly.
With tho tremendous commercial demands lately, there has been very llttlo
left over for Wall Street purposes and tho situation has called for special
measures to allocato funds for the Street. This is tho secret of the continued
high call money rates.
But tho local banks do not always lend for themselves. A largo portion
of tho money put out on call, as is well known, comes from interior banks.
These funds aro loaned by tho New York correspondents.
For tho very reason that the Now York banks do not known how much
monoy they will bo ablo to loan on Wall Street until later in tho day tho
interior banks aro unable to tell how much spare funds tney will have for
that purpose.
Location o f tho Interior lenders and distance from New York havo a
bearing on whon tlicir funds bccomo available hero during tne day. C h i
cago, for lastanco, is ono hour behind New York and tho time of tho day
when banks in that city aro in a position to toll how much money they can
lond In Wall Street corresponds to 12 or 1 o ’clock here. Banks in Denver,
for instanco, which is 2 hours later than New York, are generally not ablo
to wire funds to New York beforo 2 In tho afternoon. If a banker on tho
Pacific Const finds that his clearings on a certain day permit loaning of
monoy in Wall Street ho can barely get hts offer here beforo tho market
closes at 3 o ’clock. In certain interior cities the daily clearings arc put
through even later in the day than is the case in New York, which adds to
tho tardiness of tho offerings at this centre.
This ls very often the solution o f largo offerings of call money towards
tho closo of tho Stock Exchange session. A local bank may be notified late
In tho day by tho Federal Reserve Bank that a certain amount has been
placed to its crodlt by an interior Institution to loan in Wall Street and it
hastens to comply with the request. Tho offering may find tho market
destitute o f funds and a high rato prevailing.
This procedure happens to benefit tho interior banks at this timo. A
short whilo ago it was maintained that interior banks which had authorized
their Eastern correspondents to lend money for them on Wall Street were
obtaining tho lower renewal rato while local banks were reserving for tliem8 0 lvcs tho higher rates later in tho day.
Probably, botween tho two methods, the Interior banks fare no better
or no worso than tho local Institutions as regards call money rates.
SUGGESTING RENEWAL CALL RATE DAY AHEAD.
In its issuo of Fob. 10 the “ W all Street Journal” said:
Now steps aro bolng contemplated to improvo tho present Wall Street
crodlt system. As It has been suggested that tho existing arrangement
can bo materially remedied, a plan Is now said to bo under consideration
whoroby tho ronowal rato on Stock Exchange call loans will bo made a day
ahead.
This, It ls felt, will cllmlnato the uncertainty that ordinarily prevails
In tho stock market for an hour and a half after tho opening and before the
renewal call monoy rato ls established.
At tho prosont timo the call monoy renewal rato is established at 11:30
In tho monring. It Is planned under tho now arrangement to announco the
renewal rato on call loans at about 3 o'clock in the afternoon for the fol
lowing day.
Another foaturo in tho call money market is tho Inauguration of a new
class of "call” loans. Many banks nro now extending “ call” loans for two
and threo days at a rate of a fraction o f 1 r ; higher than tho existing call
monoy rati), with tho guarantee that the loan will not be called within two
or threo days, as tho case may bo.
SENATE INQUIRY INTO GRAIN LOAN
W ITH
DRAWALS BY FEDERAL RESERVE BANKS.
A t tho instanco of Chairman Gronna of tho Senate Com
mittee on Agriculture, tho Senate on Feb. 9 adopted a
resolution calling for an inquiry by the Committeo on
Banking and Curronoy into tho amount of loans made on
grain by tho Federal Reserve and other banks; an investi
gation as to the oxtont to which Fedoral Reserve banks
havo withdrawn loans on grain hold in storago is also asked
for in the resolution. Senator Gronna in proposing the in
615
quiry is quoted in the “ Journal of Commerce” of Feb. 10
as saying:
It seems that there has boon an understanding that as much grain as
possible should be moved to tho grain centres all at once before June 1,
when the Government price guaranty expires. I havo Information that
goes to show that there has been an understanding that cars shall not be
furnished. I do not bollovo there is more than 50,000,000 bushels on farms
in addition to what is needed for seed and feed. There is a lot of grain
In tho smaller elovators of the country. Thoso men havo paid a high price,
a much higher price than tho price guaranteed by theGovornment, and If
they want It all to flow into centres at one time, naturally this will dopress
the price.
As to what officials of the Federal Reserve Bank had t</
say in the matter, the press dispatches from Washington
Feb. 9 said:
Federal Reserve Board officials would not discuss tho situation further
than to say there had been no order to withdraw credits on grain or other
necessities, fn other quartors it was said tho recent raising o f the re
discount rates at Federal Roservo centres would havo tho effect of curtail
ing credits generally.
It was explained that the increased rates would result in a readjustment
by tho banks of tho amounts o f credits to their customers, and that such a
readjustment necessarily would affect customers who had borrowed on
necessities held in storage. Tho increased total of interest on their loans
also was expected to curtail tho amount of loans customers would be able
to carry, it was said.
With those gonoral reductions in credits, it was expected that large quan
tities of goods now in storage on which funds havo boon borrowed would
havo to bo placed on the market. Some officials said a reduction in costs
of commodities thus forced up on tho market was to bo expected.
B ILL APPROPRIATING $2,000,000 FOR LOANS TO
FARMERS IN DROUGHT-STRICKEN SECTIONS.
The bill of Congressman Riddick, which was originally
introduced to appropriate $4,000,000 for loans to farmers in
drought-stricken sections of the United States for the pur
chase of seed for 1920 spring planting, has, it was announced
Feb. 7, been reportod by tho Committee on Agriculture of
the House after having been reduced to $2,000,000; $1 ,500 ,
000 of this monoy is proposed for tho State of M ontana;
$100,000 for use in that portion of the State of Texas swept
by a hurricano in 1919, and $400,000 for use in other sections
of the United States affected by drought, all of which will
be available immediately upon the passage and approval of
tho b
i l l . ____________________________
NEW TERRITORY ASSIGNED TO DETROIT BRANCH
OF FEDERAL RESERVE BA N K OF CHICAGO.
Additional territory has been assigned to the Detroit
branch of the Federal Reserve Bank of Chicago, the follow
ing counties of lower Michigan, according to the Detorit
“ Free Press” of Jan. 30 having been included within its
scope beginning Feb. 1: B ay, Genesee, Hillsdale, Huron,
Ingham, Jackson, Lapeer, Lenawee, Livingston, M acom b,
Monroe, Oakland, Saginaw, Sanilac, Shaiwasseo, St. Clair,
Tuscola, Washtenaw and W ayne. Announcement of the
extension of the territory of the Detroit Branch was made
by R . B . Locke, manager of the branch, who, the “ Free
Press” points out, states that tho branch had previously
served only the Detroit banks, while the territory now given
over to it contains about 100 other banks having member
ship in the Federal Reserve system. The “ Free Press” also
quotes J. B . M cD ougal, governor of the Chicago Federal
Reserve Bank as making an announcement, saying:
Tho reserve accounts of all member banks located in tho branch terri
tory will bo transferred to tho books of the Detroit branch at the close of
business, Jan. 31.
All business pertaining to the accounts of member banks located in the
branch territory will bo transacted at tho Detroit office.
Checks and drafts drawn by member banks located in tho branch terri
tory should be drawn on the Detroit branch. Federal Reservo bank of
Chicago.
Reports of deposits are to bo made by tho member banks to the Detroit
branch.
<
G ov. McDougal also announces that the Detroit branoh
will:
Receive from member banks within its territory applications for dis
count of eligible notes, drafts, bills of oxchango, acceptances and promissory
notes secured by eligiblo collateral.
Receive deposits of currency from and mako shipments of currency to
member banks within its territory. All costs of shipments will be borne
by the Detroit branch, Foderal Roservo Bank o f Chicago.
Member banks may also send collect all nocossary telegrams to tho De
troit branch in connection with currency shipments. Telegrams sent by
the Detroit branch In connection with such transactions will bo sent prepaid.
Mako telegraphic transfers without charge for accounts of member banks
and Federal Reserve banks.
Collect maturing notes, drafts, bills of exchange and coupons for member
banks within its territory, and for other Federal Rcservo banks.
Pay Government chocks, Liberty bond coupons, maturing United States
certificates of Indebtedness and other obligations.
Roceivo and hold United States securities for safo kooping for account of
member banks In Its territory.
Receive from member banks In its territory checks on all banks listed
on the Federal Roservo par list, or member banks may, if they prefer,
send Items on banks outside the Detroit territory to tho Federal Reserve
bank of Chicago, credit to bo given In accordance with the time schedule
herein shown.
.
Perform such other duties and services as may from time to tlm e.be
authorized by tho Federal Reserve Bank of Chicago.
616
STATE
THE CHRONICLE
IN S T IT U T IO N S
RESERVE S Y S T E M
A D M IT T E D
IN
W E E K
TO
E N D IN G
FEDERAL
FEB.
6.
The Federal Reserve Board made public on Feb. 6 the
following list of institutions which had been admitted to
the Federal Reserve System during last week. Special
reference to the admission of tho Marine Trust to the system
was made in our issue of Saturday last.
A o 'J?—
C a p ita l.
The Marine Trust Co. o f Buffalo.N .Y.$7,500,000
ATo . 4 —
Atwater Savings Bank Co.,Atwater,O.
25,000
D is t r ic t N o . 6 —
Farmers Merchants Bk.,Chlpley,Ga.
25,000
D is t r ic t N o . 7—
Leon Savings Bank, Leon, Iowa
25,000
Oakland C. Sav. Bank, Pontiac, Mich.
250,000
D is t r ic t N o . 10—
Guaranty State Bank, Ardmore, Okla.
2 0 0 ,0 0 0
D is t r ic t N o . 1 1 —
First State Bank o f George West, Tex.
50,000
D is t r ic t N o . 12—
Union Bk. & T . C o., Las Angeles, Cal.
750.000
D . W . Stanord & Co., Blackfoot, Idaho
1 0 0 .0 0 0
Citizens State Bank. Puyallup. Wash.
50.000
z t StT: C
J
S u r p lu s .
T o ta l R e s o u r c e s .
$7,500,000 $92,791 454
D is t r ic t
TH E
COMPTROLLER
OF
T IIE
5,000
311,538
12,500
228,647
70,000
102,189
3,415.134
60,000
3,450.228
13,000
255,386
114,500
70.000
5,559,555
2,545,246
1.069,651
1 0 .0 0 0
C U R R E N C Y 'S
R E P O R T— I M P O R T A N T
A N N U A L
FA CTS.
Submitting tho fifty-seventh yearly roport of tho Com p
troller of the Currency to the Speaker of the House, Comp
troller Williams says the banks of the country have proved
themselves fully equal to the enormous strain and burden
put on them by tho task of financing the world in time of
stress and demands unprecedented in history. W hile doing
this, they have won for themselves growth and prosperity
heretofore unknown.
Immunity from failure breaks all records for this country,
or any other. In the fiscal year ending Oct. 31 1919, among
/ ,900 national banks there was not one failure involving
loss to depositors. From 1874 to 1914 tho average failures
of national banks involving such losses wero 17 a year. In
1914 there were 8; in 1915 there were 5; in 191G and 1917,
there were 3 each year; in 1918 thero was one failure; in
1919, n o n e .
Other facts in the report aro summarized as
follows:
RESOURCES AND EARNINGS.
The resources of all national banks on Nov. 17 1919 were $22,444,992,000
an increase of $2,023,588,000 over the corresponding call o f tho preceding
year. The increaso in resources of the national banks o f tho United States
in the six years sineo 1913 is $11,585,000,000. or 107%.
In tho 12 months ending June 30 1919 tho gross earnings o f tho national
banks, which aro under supervision o f the Comptroller, wero $910 700 000
and their net earnings $240,366,000, as compared with $797,890,000 and
$212,332,000 respectively the previous year. The net earnings for tho
year ending July 1 1914 were $149,270,171. Therefore tho increase for
1919 over 1914 is $91,025,829: the increase in these five years exceeding by
$4,491,7:3 tho increase which took place in the 40 years preceding 1914.
[ V o l . 110.
Belgium aro being restored: that Great Britain, Italy and Germany are
intact: and that history proves that it is impossible to destroy tho ability
of a civilized peoplo to recover, or their qualities of ambition, hope and
energy. Ho is com inced that the capitalists, investors, and banking forcos
of this country aro ready and willing to glvo all tho help toward restoration
that prudence will permit. Germany, ho thinks, can hasten tho process by
making iter foreign creditors her preferred creditors. Her national debt of
2 0 0 ,0 0 0 ,0 0 0 , 0 0 0 marks is duo chiefly to her own peoplo, largely of tho
wealthy classes. By postponing and subordinating to outside obligations
her internal debt, she could settlo more easily and quickly her foreign
obligations, and incidentally force many of her leisure or capitalistic class
to become activo producers.
Tho Comptroller says tho bankers generally of this country havo not
only refrained from oxtortion, but discouraged it in others. They havo not,
as yet, however, been ablo to restrain “ the individual extravagance and
indulgence, luxury and display which constitute tho most serious peril
to us,” nor “ to limit the crazy rapacity developed in some or our loading
industries among men who should know better.” Ho expresses tho hopo,
however, that tho steady conservative influence of the banking power will
bring about a policy with manufacturers and other business mon of accepting
foi tile present smaller profits with a view to building up general and sul>stantial prosperity for the future, and tho habit of thrift and economy
among the masses of tho pooplo. Ho concludes that if those could bo
brought about, the financial and commercial problems of tho world would
approach solution, and the country bo enabled to aid moro surely and
swiftly in the ro-establishmont of business and confidence at homo and
abroad on a basis moro solid and enduring than over boforo.
COM PARATIVE GROWTH OF NATIONAL A N D STATE BANKS.
Statistics as to all banks and trust companies under State supervision
throughout the country aro obtained by tho Comptroller’s office through tho
courtesy of the banking departments of the several States onco each year as
of the call noarest to Juno 30. Tho figures thus obtained show that, for
the six years from Juno 1913 to Juno 1919 the resources or Stato banks
and trust companies Increased from $14,675,000,000 to $26,380,000,000,
an increaso of $11,705,000,000, or 79.7%. Betwoon tho same dates tho
national banks Increased their resources from $11,036,000,000 to $2 0 ,
799,000,000, an increase of $9,763,000,000, or 88.4% . Tho resources of the
national banks, however, from Juno 1913 to November 1919, show a very
much greater percentage of growth, the increase in this period being $ 1 1 ,
408,000,000, or 103%.
For the twelve months from June 29 1918 to June 30 1919 tho resources
of tho national banks Increased from $18,354,942,000 to $21,234,918,000,
an increase of $2,879,976,000, or 15.69%. In the same period Stato banks
and trust companies and privato banks Increased from $22,371,497,000 in
June 1918 to $26,380,529,000, an increase of $4,009,032,000, or 17.92%.
In the five years from Juno 1914 to June 1919 tho national banks Increased
84.94%, while the Stato banks for tho same period increased 70.71%.
LARGE INCREASE IN NATIO NAL BANK CAPITAL.
More new national banks were organized in tne fiscal year ending Juno 30
1919, and also with a greater capital than for any previous year since 1910.
245 new national banks wero chartered during tho year with $21,780,000
capital and 311 increased their capital in the sum of $45,145,000. Tho
total additions to capital arising from new banks and increases in the
capital of existing banks amounted to $66,925,000.
The movement for tho nationalization of existing Stato banks and trust
companies continues. Since 1900, 2,711 irust companies and privato
banks havo been converted into, or reorganized as, national banks.
ELIGIBLE PAPER HELD BY NATIONAL BANKS.
The Comptroller’s report shows that, on June 30 1919, tho amount of
paper hold by all national banks eligiblo for rediscount with tho Federal
Reserve banks amounted to $3,551,186,000, being an increase of $333,
666,000, as compared with Juno 29 1918.
CLASSIFICATION OF LOANS BY ALL NATIONAL BANKS.
Of the $11,010,206,000 loans hold by all national banks Juno 30 1919,
the amount secured by bonds and stocks was roported at $3,438,385,000.
The acceptances of other banks discounted amounted to $150,849,000.
Acceptances by tho accepting bank purchased or discounted aggrogated
$56,747,000. Loans secured by real estate mortgages or other liens on
real ostato wero reported at $183,982,000. Demand paper with one or
moro names not secured by collateral totaled $597,560,000. Time paper
with one or moro individual names not secured by collateral aggregated
$5,251,324,000. Paper secured by other personal securities, including
merchandise, warehouse receipts, Ac., was $1,331,359,000.
t h e b a n k in g b o w e r o f t h e u n it e d s t a t e s .
The banking power o f the country, as represented by capital, surplus#
deposits and circulation of all banks, as o f June 30 1919, was $45,756,000 000.
an increase over tho year boforo of $6,673,000,000. This makes tho present
banking power of the United States nine times what it was in 1890, thirty
years ago, as estimated by Mulhall, and tlirco times the total banking
power o f the world for that year, as estimated by the same authority.
’
The Comptroller says, however, that it is his duty to note chat tho
prosperity and activity indicated by these figures may bocomo artificial and
FOREIGN A N D DOMESTIC SECURITIES HELD BY NATIONAL
deceptive. A largo volume o f money, lie declares, cannot mean increase
BANKS.
of real wealth while there is decrease o f production, and tho accumulation
The amount of railroad bonds held by national banks Juno 30 1919, was
and movement o f securities and currency represent abnormally inflated
values put on diminished supplies o f essentials, ire points out that tho reported at $412,371,000: State, county, municipal bonds, $322,984,0001
outputs of basic materials show the following changes for 1919, as compared public service corporation bonds other than railroad bonds, $275,849,000:
all other domestic bonds, $306,775,000. Total domestic bonds, $1,317,
with previous years:
979,000: foreign Government bonds and other foreign Rocurltlcs, $248,
Bituminous coal---------- 131,000,000 tons
reduction from 1918
2 0 2 ,0 0 0 . The total amount of German or Austrian Government bonds as
Anthracite c o a l............... 12,000.000
“
“
•• ip jg
reported being held by tho national banks on June 30 1919, was $391,000:
Steel ingots-------------9.000,000
“
“
•• ip ig
Russian Government bonds, $13,692,000.
Cotton............................... 5,106,000 bales
"
“ 1914
NEW LEGISLATION RECOM M ENDED.
Wheat....... ........................ 76,000,000 bushels
“
•• 1 9 1 5
C o r n ...... ....................— 142,000,000
“
“
•• 1 9 1 7
The Comptroller reports that the experiences of tho past year emphasize
C o p p e r.......................--.900,000,256 pounds
••
iq 1 8
tho importance of enacting Into law the recommendations mado in previous
G o ld --------------------------- 10,157,900 dollars
"
“ lo ig
reports relating to tho administration and supervision of national banks.
Silver................................ 4,789.919
“
“
•• i o 1 8
Twenty-nine such recommendations are included in the roport for this yoar.
Among other recommendations tho Comptroller asks that nat'onal banks
“ It is clear,” the report says, “ that no country can bo enriched by merely
Increasing prices of products produced and consumed by its own people.” be authorized, under proper restrictions, to establish branches; that officers
and
employees of national banks bo required to givo surety bonds; that a
“ We might prosper for the moment.” it continues, “ if wo could sell our
products abroad at tho higher prices and take payment In gold or in goods penalty be prescribed for making false financial statements as a basis for
at' normal prices, but wo gain nothing when wo sell and buy at corresponding loans. Another recommendation would limit tho Investment which a
abnormal prices.”
national bank may mako in bank building. Excessive investments of this
All the gold in the world, aside from the $3,135,000,000 we hold, tho kind, the Comptroller says, have proved tho cause of many bank failures
Comptroller estimates at six billion dollars; and if all o f it was sent to us, in the past.
it would not pay mere than 1 0 % o f our credit balance made for tho past
THE T A X COLLECTED ON NATIONAL BANK CIRCULATION.
six years. Therefore, ho thinks it obvious that wo must adopt the policy
During tho fiscal year ending Juno 30 1919 tho tax collected on national
of tho wise business man who gives reasonable help and encouragement to
an embarrassed debtor having fair prospects o f being able to pay out in tho bank circulation amounted to $3,627,060 80. Tho expenses for the bureau
during tho past year, not including examiners’ expenses which aro re
end but no assets immediately available.
Ho gives tho figures o f our continuing enormous excess of exports over imbursed by tho banks, wero $545,821. From the Inauguration of tho
imports and consequent increase o f tho world's debt to us; and urges that Bureau in 1863, to June 30 1919, tho Government has received on account
the best hope for us is to increase production, sell our raw material to other of tax on circulation $147,600,000, and, as the expenses of the offico of tho
peoples at prices and on terms they can meet, and thus enablo and en Comptroller o f tho Currency for wh'ch appropriations wore mado by
courage them to pay us with the results o f their industry and skill as repro- Congress amounted to $18,770,000, the net profits to tho Government from
tho operation of tho Bureau for this period will approximate $129,000,000.
s tnted by tho finished products from such material.
The Comptroller's view o f tho results o f suen a policy is optimistic.
CASH fN|ALL REPO RTING BANKS.
He says Europe's surplus investiblo incomo before tho war was from four
June 30 1919, 7,785 national banks reported cash In vault, Including
V» five billions perjannum; that tho devastated sections of France and gold, silver and currency, $424,455,000. 21,338 Stato banks'and trust
F eb . 14 1920.]
companies reported on hand $572,898,000, and the Federal Reserve banks
reported on hand June 27 1919, $2,216,256,000. o f which $2,147,784,000
was gold and gold certificates.
SAVINGS B A N K DEPOSITS SHOW A LARGE INCREASE.
From Juno 29 1918 to Juno 30 1919 the mutual savings banks o f the
country, locatod principally In the north and east, Increased their deposits
from $4,422,096,000 to $4,751,113,000. In 1918 there wero 625 mutual
savings banks against 622 In 1919, and the average amount due each de
positor increased from $490 72 in 1918, to $530 92 in 1919. The number
of depositors In mutual savings banks in June 1919 was reported at 8,
948,808.
______________________________
CLOSE OF TREASURY DEPARTMENT'S PROGRAM OF
FINANCING POST-WAR DEM A N D S— TREASURY
CERTIFICATES OUTSTANDING.
W ith tho closing of subscriptions on Feb. 6 to the last
series of Treasury Certificates of Indebtedness (Series
T . M .-4 , 1920), Secretary of the Treasury Houston an
nounced tho conclusion of the Treasury Department’s pro
gram of financing immediate post-war demands. While
tho reports as to the subscriptions to the latest issue were
not completo on the 6th, Secretary Houston stated that tho
subscriptions exceeded $300,000,000. The aggregate of the
tax certificates outstanding Secretary Houston reported in
his announcement of the 6th is approximately $2,930,704,500,
of which over $842,000,000 mature and will bo paid on March
15 1920. H e also notes that tho amount of tax certificates
maturing on any one date does not in any case exceed the
estimated amount of tho income and profits tax installments
payable on such date. In stating that theoretically the
Government now stands with accounts balanced, with the
exception of the bonded indebtedness, the press advices from
Washington Feb. 6 added that the approximately $2 5,000,
000,000 in Liborty bonds and Victory notes now outstand
ing will be retired under the sinking fund provisions of the
W ar Loan A ct, operations of which already have been
started. Secretary Houston’s statement of the 6th an
nouncing the closing of subscriptions for the latest offering
of certificates said:
This brings to a successful conclusion tho very interesting and important
oporation initiated last Soptombor, looking to financing tho balance of the
war debt in such a way as to avoid tho necessity o f groat funding operations,
by spreading maturities and mooting thorn, so far as may bo, out o f tax
receipts and Balvago. Excluding tho Pittman Act and special certificates
hold by Fodoral Itosorvo banks and tho War Finance Corporation, and
about $105,000,000 in certificates maturing this month (payment o f which
has alroady boon provldod for), tho unfunded debt o f tho Government now
consists wholly of tax certificates. Tho amount o f theso tax certificates
maturing on any one dato does not in any case exccod tho ostlmatod amount
of tho incomo and profits tax installment payablo on such dato. Such in
come and profits taxes aro based upon last year's business. Tho aggregate
amount o f tax certificates now outstanding is approximately $2,930,704,500,
of which ovor $842,000,000 maturo and will bo paid on March 15 1920 out
of tho incomo and profits tax installment payablo to ihe Government on
that dato.
Tho current doflclt (oxcoss o f disbursements ovor receipts, exclusive of
principal o f public dobt) for tho month o f January 1920 amounts to only
$92,955,669 77, tho lowost flguro sinco March 1917 (excluding months in
which incomo and profits tax installments wero paid), while the current
surplus (oxcoss o f rocoipts ovor disbursements, exclusive o f principal of
public dobo) for tho procoding month of December amounts to $600,280,
932 61, which is tho hlghost figuro in tho history o f tho Government, with
tho oxcoptlon o f Juno 1918, in which month a whole year’s incomo and
profits taxes woro payablo: and thoro Is ovory reason to oxpoct that tho cur
rent surplus o f March, Juno, Soptombor and Docembor 1920 will largely
oxcood tho curront doficit o f tho other oight months, If Congress adheres
to a rigid policy o f oconomy In governmental expenditures.
Tho amount of tho various issues of tax certificates now
outstanding and aggregate amounts falling due on tax install
ment dates are set forth as follows:
'
Scries T-8, Int. 4H % , dated July 15 1919, due March 15 1920.$315,844,500
Scries T-9, int. 4>* % , dated Sept. 15 1919, duo March 15 1920- 74,295,500
Series TM -3 '20, int. 4 % , dated Dec. 11919, duo Mar. 15 '20 152.307.500
Scries TM -4 1920, i n t . %, dated Fob. 2 '20. duo Mar. 16 ’20 304,877.000
Total duo March 15.....................................................................$847,324,500
Sorios TJ 1920, int. 4>S % , dated Dec. 15 1919, duo June 15 '20. 728,130.000
SeriesT-10, int. 4 ^ % , dated Sept. 15 1919, duo Sept. 15 1920. 657,469.000
Sorios TD 1920, in t . \ H % . dated Jan. 2 1920, due Dec. 151920 703,026,000
Total tax certificates outstanding_____________________ $2,935,949,000
REDEMPTION OF TREASURY CERTIFICATES D 1920
MATURING FEB. 16.
Secretary of tho Troasury Houston on Fob. 7 authorized
tho Fodoral Rosorvo Banks on and after Feb. 7, and until
further notice, to redeem in cash boforo Fob. 16, at the hold
er’s option, at par and accrued interest to the date of such
optonal rodomption, Troasury certificates of indebtedness
of Sorios D 1920, maturing Feb. 16 1920. These certificates
aro dated Deo. 1 1919.
EXCHANGE OF TEMPORARY COUPON LIBERTY
BONDS FOR PERMANENT BONDS.
In a cicular to tho banking institutions in tho New York
Fodoral Rosorvo Distriot on Fob. 6, J . H . Case, Acting
Qovornor of tho Federal Rosorvo Bank of New York said:
617
THE CHRONICLE
M any inquiries are being received from banks and trust comapnies re
garding the provisions of Treasury Department Circular 164, dated D ec.
15 1919, which outlines the procedure for exchanging temporary 4% and
4 % coupon Liberty Bonds for permanent bonds.
Tho final details in connection with the exchange are now being arranged
and we expect to lurnish all banks and trust companies with the necessary
forms and instructions in about a week or ton days.
We, therefore, suggest that, pending the receipt of such forms, all tem
porary bonds tendered by your customers for exchange into definitive bonds
be recoived and held by you in safo-keeping for their account.
SUBSCRIPTIONS TO TREASURY CERTIFICATES OF
INDEBTEDNESS SERIES TM-4 1920.
Subscriptions to Treasury Certificates of Indebtedness
Series T M -4 1920, were closed by Secretary of the Treasury
Houston on Fob. 6. The offering was announced on Jan.
24 and details were given in our issue of Jan. 31, page 42 5.
The certificates, acceptable in payment of taxes, arc dated
and bear interest from Feb. 2 1920, and are payable March
15 1920. They bear interest at 4 }4 % . Tho subscriptions
to the issue totaled $304,877,000, and were allotted as follows
among the Federal Reserve districts:
Boston_____
Now Y o r k ..
l’ hiladclphia
Clevoland__
Richm ond. .
Atlanta____
Chicago___
SHIPMENT
$17,695,500
107,732.500
10,416,000
28.043.500
7,093,500
9,276,000
50.110.500
St. Louis_____
Minneapolis- .
Kansas C ity ..
D allas.............
San Francisco.
$9,421,500
8,969,500
16,000,000
14,868,500
25,250,000
$304,877,000
OF REGISTERED LIBERTY
A N D NOTES.
BONDS_
J. H . Case, Acting Governor of the Federal Reserve Bank
of New York, in a circular issued on Feb. 6 to the banking
institutions of the city calling attention to the Treasury
Department’s Circular 142, regarding the shipment of
registered bonds and notes assigned for exchange for coupon
bonds and notes, says:
We are constantly receiving from banks and trust companies, by ordin
ary mall uninsured, registered bonds and notes assigned as follows:
Assigned to “ The Secretary of tho Treasury for exchango for coupon,
bonds |notes.”
Assigned to “ The Secretary of tho Treasury for exchange.”
Assigned to “ The Secretary o f tho Treasury."
Bonds or notes assigned as above or if asslgnod in blank makes them it*
effect bearer obligations and we, therefore, rospecfully direct your attention
to the provisions contained in this circular from which you will observe that
bonds or notes should be assigned in such a manner as to restrict delivery,
otherwise they should bo forwarded under registered mail insured.
The following is tho circular which was issued byjthe Treas
ury Department in the matter:
Assignm ents of United States Registered Bonds and Notes for
Exchange for C oupon B onds and Notes.
1919.
T r e a s u r y D e p a r tm e n t ,
Department Circular No. 142.
O ffic e o f th e S e c r e ta ry ,
Loans and Currency.
W a s h in g t o n , N o v e m b e r 15 1919.
The following additional rules and regulations will govern assignments
of United States registered bonds and notes to the Secretary of the Treas
ury for exchange for coupon bonds and notes:
1. Registered bonds or notes which are assigned to "The Secretary of
tho Treasury for exchange for coupon bonds |notes” or to “ Tho Secretary
o f tho Treasury for exchange” or in any form which clearly indicates tho
intent o f the assignor to exchange for coupon bonds or notes, will bo regarded
as in effect assigned in blank, unless accompanied by written instructions
restricting delivery of tho coupon bonds or notes to be Issued upon exchange.
The coupon bonds or notes, in the absence of writton instructions to the
contrary, will be issued and delivered to the person by whom tho registered
bonds or notes are presented for such exchange, but tho delivery of the cou
pon bonds or notes issued upon such exchange may bo restricted by adding
to tho assignment express instructions as to delivery, as, for example, by
inserting tho words “ to bo delivered to _______________________________
(Name oifpcrsonrto£whomjdeliverylisltolbe!made.
2.
Registered bonds or notes assigned for exchange in tho manner above
described, without instructions restricting delivery, lack the protection:
which registration affords and therefore may not safely bo shipped without
insurance. Accordingly, arrangements may bo made as between Federal
Rcservo Banks and incorporated banks and trust companies for the trans
portation of registered bonds and notes so assigned to and from Federal
Reserve Banks by registered mail insured, the charges in oach caso to be
paid by the respective holders and to be remitted by tho incorporated bank
or trust company to tho Federal Reserve Bank, in tho samo manner as if the
bonds or notes wero in coupon form. Full information as to such arrange
ments for the shipment of coupon bonds and notes by registered mail
insured will bo found in paragraph 27 of Treasury Department Circular
No. 141, dated Sept. 15 1919.
3. Under existing law, no relief can be given in case of the loss or theft of
registered bonds or notes which have been assigned for oxchange in the man
ner above described, without instructions restricting delivery.
4. The Secretary of the Treasury may withdraw or amend at any time
or from time to time all or any of tho provisions of this circular.
CA R TE R GLASS,
S e c r e ta ry o f th e T r e a s u r y .
PRESIDENT WILSON'S ATTITUDE ON TREATY.
A communication addressed by President Wilson to
Senator Hitchcock, announcing that his views on the Peace
Treaty are still unchanged, but that certain reservations will
be accepted by him, was made public on Fob. 7, on which
date the communication was read to tho Democratic con
ference. The President declares himself as bound to the
substance of Article X , and ho states that “ any reservation
618
THE CHRONICLE
or resolution stating that ‘the United States assumes no
obligation under such and such an article unless or except,’
would, I am sure, chill our relationship with the nations with
which we expect to be associated in the great enterprise of
maintaining the world’s peace.” The following is the Presi
dent’s letter to Senator Hitchcock:
T h e W h ite H o u s e.
.,
„
_
J
M y D e a r S e n a to r H itc h c o c k :
Jan.
26 1920.
I have greatly appreciated your thoughtful kindness In keeping me
informed concerning the conferences you and some o f your colleaguas have
had with spokesmen o f the Republican Party concerning the possibility
o f ratification o f the Treaty o f Peace, and send this line in special appre
ciative acknowledgement o f your letter of the 22d. I return the clipping
you were kind enough to enclose.
T o the substance o f it I, o f course, adhere. I am bound to, like yourself.
I am solemnly sworn to obey and maintain the Constitution of the United
States. But I think the form o f It very unfortunate. Any reservation
or resolution stating that ‘ ‘the United States assumes no obligation under
such and such an Article unless or except" would, I am sure, chill our
relationship with the nations with which we expect to bo associated in the
great enterprise o f maintaining the world’s peace.
That association must in any case, my dear Senator, involve very serious
and far-reaching implications o f honor and duty which I am sure we shall
never in fact be desirous o f ignoring. It is the more important not to
create the impression that we are trying to escape obligations.
But I realise that negative criticism is not all that is called for In so
serious a matter. I am happy to be able to add, therefore, that I have
once more gone over the reservations proposed by yourself, the copy of
which I return herewith, and am glad to say that I can accept them as they
stand.
I have never seen the slightest reason to doubt the good faith o f our
associates In the war, nor ever had the slightest reason to fear that any
nation would seek to enlarge our obligations under the covenant of the
League o f Nations, or seek to commit us to lines o f action which,under
our Constitution, only the Congress o f the United States can in the last
.analysis decide.
M ay I suggest that with regard to the possible withdrawal o f the United
States it would be wise to give to the President the right to act upon a
Resolution o f Congress in the matter o f withdrawal ? In other words, it
would seem to be permissible and advisable that any resolution giving
notice o f withdrawal should be a joint rather than a concurrent resolution.
1 doubt whether the President can be deprived of his veto power under
the Constitution, even with his own consent. The use of a joint resolution
would permit the President, who is, o f course, charged by the Constitution
with the conduct o f foreign policy, to merely exercise a voice in saying
whether so important a step as withdrawal from tho League of Nations
should be accomplished by a majority or by a two-thirds vote.
The Constitution itself providing that the legislative body was to be
consulted in treaty-making and having prescribed a two-thirds vote in
such cases, it seems to mo that there should be no unnecessary departure
from the method there indicated.
I see no objection to a frank statement that the United States can accept
a mandate with regard to any territory under Article X III, Part 1, or any
other provision o f the Treaty o f Peace, only by tho direct authority and
action o f the Congress o f the United States.
I hope, my dear Senator, that you will never hesitate to call upon me for
any assistance that 1 can render in this or any other public matter.
Cordially and sincerely yours,
WOODROW WILSON.
In an explanatory letter Senator Hitchcock said:
Tno President’s letter dated Jan. 26 was called forth by a letter which I
wrote him on the evening o f the day in which the bipartisan conference in
Senator Lodge’s office came so near to agreeing to a reservation on Article X .
M y letter to him was as follows:
" M y D e a r M r . P r e s id e n t :— The conference between Lodge and his three
associates and m yself and four Democratic Senators have now reached tho
sixth day.
‘ ‘On Article X the effort to reach a compromise has now reached a stage
where both sides are seriously considering a proposition as indicated by tho
inclosed clipping.
"W e resume consideration o f it to-morrow afternoon.
“ Yours truly,
“ J a n . 22 1920.”
G. M . HITCHCOCK.
The clipping referred to in the letters was the following proposed com
promise reservation on Article X :
“ The United States assumes no obligation to employ its military or naval
forces or the economic boycott to preservo the territorial integrity or p o
litical independence o f any other country under tho provisions o f Artlclo X
or to employ its military or naval forces o f the United States under any
article o f the treaty for any purpose, unless in any particular easo the Con
gress, which, under the constitution, has the solo power to declare war or
authorize the employment o f the military or nvaal forces of tho United
States, shall by act or joint resolution so provide. Nothing heroin shall bo
deemed to impair the obligation in Article X V I concerning tho economic
boycott.”
The reservations which the President refers to as mine were the five
reservations which I presented to the Senate Nov. 19, after they had been
approved by the Democratic caucus. In the Senate they received 41 votes.
PEACE TREATY BEFORE THE SENATE.
[V o l . 1 1 0 .
with the treaty formally before the Senate, Vico-Prosident
Marshall ruled that it had brought back with it tho cloture
imposed before the November vote. T o get rid of the
cloture restriction, Senator Lodge moved to recommit the
treaty to the Foreign Relations Committee, but incorporated
instructions that it be reported back with the Republican
reservations adopted last session. Senator Hitchcock of
Nebraska, the Democratic leader, sought modification of
the motion, requesting that it bo referred to the Committee
without recommendation. Senator Lodge replied that his
sole purpose was to bring the treaty back before tho Senate
in the quickest possible way. He declared that the reserva
tions had been adopted in the Senate, the ratification resolu
tion only having been defeated. After some discussion,
Senator Hitchcock withdrew his proposal to amond the
motion, which then was carried by a viva voce vote.
M on day’s action had been preceded by a conference of
Demo.cratic Senators on the 7th to discuss the proposal of
Senator Lodge to move for consideration of the treaty in
the Senate on the 9th, and in a statement as to this confer
ence, Senator Hitchcock, according to the Now York “ Tri
bune,” said:
The truth is that tho conference did little except to receive tho letter
from President Wilson that Senator Hitchcock presented. It was agreed
that wo would stand by M r. Lodge in his efforts to got tho treaty before the
Senate. That means that when ho makes his motion to suspond tho rules
and later to re-refer tho treaty with instructions for an immediate report wo
will vote with him to do it. But that is as far as wo got, oxcopt to talk, and
I am not at liberty to say what was involved in tho talk.
It is quito impossible to arrange a Democratic program until wo know
what Senator Lodge will propose when tho measuro comos back from Oommittee. We are not informed whether ho will bring it back with tne
original Lodgo reservations or with some modifications of tho reservations;
and until we know that we cannot decide our courso.
The treaty was formally reported from tho Foreign Rela
tions Committee to the Senate on tho 10th inst. by Senator
Lodge who gave notice that ho would call it up for considera
tion on M onday next, the 16th inst.
POLITICAL CAMPAIGN BEGUN BY AMERICAN
FEDERATION OF LABOR— “ TO ACCOMPLISH
THE DEFEAT OF LABORS' ENEMIES . ”
Tho American Federation of Labor on Fob. 8 issued a
proclamation to its 40,000 local and affiliated trades unions,
claiming to represent 4,0 00,0 00 workers, announcing its
intention to wage a “ non-partisan” campaign for the oloction
of a Congress next fall that will represent union labor. Tho
campaign was formally opened two days lator (Feb. 10) by
Samuel Gompers, President, and J. A . O ’Connoll, Vice
President, of the Federation, in addresses bofore a ship
builders’ trades convention at Washington, D . C . Both
speakers assailed the present Congress as the “ most reaction
ary in the history of this country” and declared that from its
labor need expect not the slightest assistance in the shape of
“ remedial legislation.” Inviting tho representatives of
500,000 shipyard workers to join the Federation in its fight
to “ reward our friends and defeat our enemies,” M r . Gompors
promised them every assistance of his organization in forcing
the Government to continue the war-time ship construction
program to its logical conclusion, giving the United States
the "greatest merchant marine in the world.” “ W e propose
to move ahead, no matter what obstacle is placed in our way,
said M r. Gompers, referring to tho campaign. “ The labor
movement cannot stand still; it m ust, of necessity, progress.”
In denouncing Congress, which, it is claimed, “ has failed
to do its d u ty,” the Federation of Labor in its proclamation
of Feb. 8 , called upon its adherents and “ all lovers of free
dom” to defeat candidates indifferent or hostile to labor and
elect “ truo and tried” friends of the trade union movement.
“ It is the duty of trado unionists, their friends and sym
pathizers, and all lovers of freedom, justico and democratic
ideals and institutions to unite in defeating those seeking
public office who are indifferent or hostilo to tho pooplo’s
interests and the rights of labor,” the proclamation declared.
It should be observed that the appeal is made not only in
behalf of “ the rights of labor” but nominally also “ the pooplo
interests” which up to this time have generally— as in the
case of tho coal miners’ strike— been a mattor of small con
cern to the labor unions.
The proclamation then proceeds:
The Peace Treaty was revived in the Senate on Feb. 9,
when it was voted to recommit the treaty to the Foreign
Relations Committee with instructions to report it back to
the Senate immediately with the Lodge reservations pro
posed at the last session, but which failed of ratification.
The treaty was brought before the Senate on the 9th with
the adoption, by a vote of G3 to 9, of the motion of Senator
Lodge for the suspension of the rules for tho purpose of
Wherever candidates for re-election liavo boon friendly to labor’s inter
reconsidering the action on the treaty at the last session.
A motion by Senator Lodge to reconsider the vote whereby ests they should be loyally supported. Wherever candidates are hostile
or indifferent to labor's Interests, thoy should bo dofeated, and tho nomina
the treaty was tabled on N o v , 19 brought a point of order by tion and election o f true and tried trade unionists or of assured friends
Senator Norris of Pennsylvania, but the objection was over should be secured.
ruled by Vice-President Marshall, the Senate upholding the
The proclamation was put out by tho General Committeo
latter by a vote of 62 to 10. The Senate by acclamation in charge of the campaign, which inluded Samuol Gompers,
then adopted Senator Lodge’s motion of reconsideration and the members of the Federation’s Executive Council and
F eb . 14 1920.1
THE CHRONICLE
fourteen other labor leaders, among them three women.
President Gompers, Frank Morrison, Secretary of the
Federation, and Jamos O ’Connell have been selected as an
Executive Committee to direct tho campaign. The cam
paign is to bo pursued without relaxation through the pri
maries in which, it is stated, all aspirants for office will have
thoir records “ analyzed, stated in unmistakable language
and given widest possiblo publicity.” This program applies
to all candidates, from Presidential nominees down.
Tho proclamation in part follows:
In compliance with tho directions of tho last convention o f tho American
1 Federation o f Labor and o f tho Dec. 13 1919 conference of representatives
of labor and tho farmers’ organizations, a three days' conference was held
at tho Federation headquarters in this city (Washington) to consider tho
part which labor should take in the coming campaign, primaries and election.
Tho following declaration was unanimously adopted:
Tho inheront rights and principles o f Our people are threatened.
Tho free institutions o f our country are menaced.
Tho ideals of democracy are in danger.
Tho Congress o f tho United States has failed to do its duty. It has failed
to moot the emergency. It has given encouragement and support to auto
crats and reactionary policies. Its dominating thought has been the re
pression of labor.
Every effort to secure romcdial and constructive legislation has been
strangled. Every appeal for redress has met with subtle and open hostility.
Tho halls o f Congress have been used by labor’s enemies to foster and spread
a vicious propaganda against the efforts of tho toilers to excrcixo their nor
mal and lawful activities for the protection and promotion of thoir inter
ests and welfaro. Labor has appoalod for relief in vain.
Tho hour has arrived when those who believe in tho maintenance of
democratic institutions must marshal thoir forces in defense of their rights
and ideals.
It is intolerable that a people who spared no cost to make tho world sato
for democracy should bo forced to submit to any restriction o f the glorious
liberties inherited from the founders o f our nation. The perpetuation of
our fundamental rights and tho enactment o f essential constructive legisla
tion demand tho election of men, regardless o f their political affiliations,
who aro truly representative of American ideals o f liberty.
Conscious of its responsibilities, impressed by tho grave problems resulting
from tho great war, tho American Federation o f Labor at its annual conven
tion in Juno 1919 adopted a reconstruction program. This program defined
the essential industrial policies and legislative enactments required to
establish a full measure o f justico and opportunity for labor.
I localise o f grave emergencies which arose since that convention, it became
imperative that tho representatives o f organized labor and o f farmets .should
assemble and confer for tho purpose of guarding their rights and liberties as
free mon and citizens. On Doc. 13 1919 a conference of representatives or
labor and o f farmers met In Washington, D. O.
This conference expressed labor’s grievances, protests and demands.
No favorablo legislative action upon tho recommendations contained in
the American Federation o f Labor reconstruction program, or those ex
pressed at tho December conference, has been taken by Congress. In
stead, many Congressmen have endeavored to enact legislation providing
for compulsory labor. Despite tho patriotism and sacrifice o f the masses
of labor of America during tho world war, under tho guise of anti-sedition
laws tho effort lins been made to repress free association, free speech and
freo pross.
.
,
.
Scorned by Congress, ridiculed and misrepresented by many members or
both Houses, tho American labor movement finds it necessary to vigorously
apply its long and well-established non-partisan political policy.
Confronted by a succession of hostile Congresses, tho American Federa
tion of Labor, in 1906, announced its historic “ Bill o f Grievances,
was followed by a vigorous and successful non-partisan political campaign.
In 1908, 1910 and 1012 the same program was energetically applied. As
a result many o f labor’s enemies in Congress were defeated and all of tho
essential legislation in "Labor’s Bill o f Grievances” o f 1906 was enacted.
Constructive legislation has never been so necessary as at present.
Nover has it been so essential to secure the defeat o f labor’s enemies and
tho election of its friends and supporters.
Sinister forces are already actively engaged in efforts to confuso and nul
lify labor’s political power. Their object Is to divide the labor vote so that
tho oloctlon o f reactionaries and enemies of labor will bo assured. Unless
labor holds steadfastly to its non-partisan political policy, tho enemies of
labor will bo successful in their efforts. Labor cannot, labor must not
permit its political strength to bo divided in tho present crisis. Organized
latior owes allegiance to no political party. It is not partisan to any politi
cal party. It is partisan to principles— the principles o f freedom, o f justice
and of democracy.
,
. „
It Is tho duty of trade unionists, thoir friends and sympathizers and all
lovers of froodom, justico and democratic ideals and institutions, to unlto
In dofoating thoso seeking public office who are indifferent or hostile to the
pcoplo’s interests and tho aspirations of labor.
. . .
Wherever candidates for re-election have been friendly to labor s inter
ests they should bo loyally supported. Wherever candidates arc hostile
or indifferent to labor’s Interests, thoy should be defeated and tho nomi
nation and olcctlon of true and tried trade unionists or o f assured friends
should bo secured.
.
,
, ______ .
Complying with tho Instructions o f the last convention and the labor and
farmer conference o f Doc. 13 1919, tho American Federation of Labor
announces Its determination to apply every legitimate means and all of the
power at Its command to accomplish the defeat o f labor’s enemies who as
pire for public offico. whether they bo candidates for President, for Con
gress, for State Legislatures or any other office.
Tho American Federation of Labor calls upon all affiliated and recognized
national, international and brotherhood organizations, Stato federations
o f labor, central labor bodies, local unions and labor’s friends and sym
pathizers to unlto and give loyal support to tho non-partisan political cam
paign now sot in motion.
____ ,
This political campaign must begin in tho primaries. Tho record or
every aspirant for public offico must bo thoroughly analyzed, stated in
umuistakablo languago and givon the widest possiblo publicity. Labors
enemies and friends must bo definitely known. T o this end the American
Federation o f Labor has created tho national non-partisan political cam
paign committee, and It now calls upon all affiliated and recognized labor
organizations to croato district and local committees and to co-operate with
tho national commlttco and co-ordlnato thoir efforts.
Tho future welfaro, tho very ability of tho trade union movement to carry
on Its work for humanity, doponds upon tho success o f the campaign here
with inaugurated.
Thoro can bo no hosltancy.
Tltoro must be no turning aside.
Tho time for vigorous and determined action is here.
619
VIEWS OF POLITICAL LEADERS ON LABOR’ S
CAMPAIGN— GOMPERS’ REPLY TO
SPEAKER GILLETT
The announcement made by the American Federation of
Labor that it intends to wage a nation-wide “ non-partisan”
political campaign, for election of candidates “ friendly to
labor’s interests,” called forth much comment and discussion
among members of the Republican and Democratic parties
at Washington, according to advices of Feb. 9 to the N . Y .
“ Tim es.” “ The declaration of organized labor,” the advices
said, “ brought to the attention of practical politicians of
both parties the power the unions will seek to exercise over
the nominating conventions of the major parties this sum
m er.” The advices continued:
While these politicians expressed the opinion that labor could not bo held
by any party, but would vote according to tho political leanings of the indi
viduals, yet tho feeling is widespread that labor will dominate one of the
conventions, or form a third party.
According to one of the labor leaders, the platform declaration enunciated
by the unions will be submitted to the Republican convention for inclusion
in its platform. Failing to obtain consideration there, tho leaders will turn
to the Democratic convention. I f their ideas are not accepted by the
Democrats, some of the plan to rejuvenate tho Labor Party. Samuel
Gompers, however, is opposed to a third party. Ho says that they will
work with the party which grants most consideration to labor.
Republican leaders in tne House commented that thoy did not intend to
make any play for labor, but would adopt a platfrom which would promise
to deal justly with both labor and capital. Some of tho conservative Demo
crats remarked that they feared the radical element in tho party would pre
dominate at San Francisco, and that labor would succeed in embodying
some of the radical labor planks in the platform.
As a further ovidence of the attitude of the American Federation of Labor.
Samuel Gompers tonight, in replying to Speaker Gillett’s speech at Spring
field, launched another attack on Congress.
“ Mr. Gillott says that tho Congress made a fight upon tho trusts,’ say
M r. Gompers. "That kind of a fight seems to tho people of the United
States to be moro of a burlesque. Ask any citizen of our country, ask any
housewife, what they feel as the result o f the ‘fight on the trusts.’ And the
answer will bo readily forthcoming. Congress has utterly failed in any kind
of a fight to protect tho people of tho United States from tho trusts and the
profiteers. As for the charge that labor is a menace to the business of the
country, it is absolutely unfounded and an unwarranted attack upon the
workers of our republic, who are trying to obtain a reasonable wage that will
afford them and thoir dependents the opportunity to subsist despite the
piracy of the trusts and the profiteers."
Asido from discussion In tho cloak rooms of the Capitol of tho political
aspects of organized labor's move, it was the incentive for a sharp attack
upon tho floor of the House to-day by Representative Blanton against
,
,
President Gompers.
..........
Representative Blanton attacked Representative Nolan of California, who
is a labor leader, because he objected to giving unanimous consent to M r.
Blanton to extend his remarks. Representative Blanton said that organ
ized labor always attempted to "bulldoze Congress” when an effort was
made to cut down the number of civil employees.
That is why you see in the papers this morning tho pronunciamento of
this organization, that they aro going to elect every Congressman to do
their bidding," said M r. Blanton. This is the greatest menace ever
sounded. It is a great danger to this republic.
I am glad that wo have seen M r. Gompcr’s hand, because it is going to
awaken tho people o f this country from the Atlantic to tho Pacific, and
whenever Samuel Gompers puts his hand on a representative and says
“ elect him” tho people aro going to keep him at home. That will bo the
result of this pronunciamento from the man who wants freo speech.
I objected to Mr. Blanton’s request, explained Representative Nolan,
bccauso I am opposed to anybody getting upon the floor of tho House and
talking about matters that are not pertinent to the subject, especially
when It is hypocrisy and demagogy. I am an advocate o f freo speech, but
I want it to bo free speech. I want a man, when ho attacks anybody to
attack him to his face and not steal into the Congressional Record like a
thief in the night, behind his back.
,
Representative Crisp of Georgia moved that Representative N olans
remarks in reference to “ a thief in tho night” bo stricken from the Record.
This was lost by a vote of 70 to 186, with 24 voting present.
Opinions o f members o f the House follow:
Chairman Smith, Republican, Michigan, of tho House Labor Committee:
“ I did not see any specific point the labor leaders made. They have not
presented to the Labor Committee any legislation that has not been acted
upon. There Is no disposition that would keep them from going into
politics if they wished. If they refer to legislation relativo to capital and
labor there has been a commission sitting In this city ever since Oct. 6 to
recommend legislation on this question.”
Representative Nolan, Republican, California: “ Labor has just as much
right to have a control organization hero, highly organized for tho purpose
of keeping themselves informed as to their enemies in Congress, as tho Anti
Saloon Leaguo, the "wets,” tho manufacturers or tho farmers.”
Representative Baer. Non-Partisan League: " I am very glad to see labor
waking up."
FARMERS WILL NOT SUPPORT LABORS’ POLITICAL
CAMPAIGN, SAYS T. C. ATICESON OF N A
TIONAL GRANGE.
There is apparently no likelihood of the big farmers’
organizations joining the American Federation of Labor in
its non-partisan campaign to elect this year only friends of
the trades union movement, according to T . C . Atkfcson,
Washington, representative of the National Grange, which
has, it is said, 700,000 members. M r . Atkenson’s state
ment was made Feb. 9 , the day after issuance by the Fede
ration of Labor of its proclamation to affiliated unions
urging their members to unite and defeat candidates running
for public office who have been “ indifferent or hostile” to
tho workers’ interests. The attitude of the National Grange
toward this movement was made known in Washington press
620
THE CHRONICLE
dispatches of Feb. 9 which summarized
statement as follows:
M r.
M r. Atkeson.said to-day that his organization had decided not to support
organized labor’s political activities and pointed out that representatives
of tho Grango, National Farmers’ Union, International Farm Congress,
American Farm Bureau Federation, Farmers’ National Congress” and
National Milk Producers’ Federation recontly met here and formulated
a platform of principle, but decided that individual members should bo
allowed to exercise their right of personal preference in voting.
The program has been sent to every member of Congress, M r. Atkeson
said, and it may bo expected that farmers will observo the attitude of legis
lators on bills affecting their interests.
“ Wo decided,” M r. Atkeson said "that tho interests o f tho farmers and
of organized labor were not identical; in fact, were diametrically opposed
on some questions. Tho union man wants shorter hours and higher pay,
which means higher prices to tho consumer. A similar attitude on tho part
of the farmers would mean curtailment of production o f food until the peo
ple were so hungry they would pay exorbitant prices rather than starve.
Instead, it is our policy to encourage as much work as possible to stimulate
production, so that normal conditions may be restored.”
Mr. Atkeson said tho opposing interests of farmers and organized labor
had illustration at tho time Congress fixed a price for wheat, the unions
urging a low price.
CENTRAL LABOR UNIONS OF NEW
TO MERGER PLAN.
fVou
no
Atkeson’s
YOR K AGREE
Amalgamate on of the five central labor bodies of New York
with the object of strengthening the ranks of organized
labor was agreed upon at a conference in this city Feb. 2.
The meeting was attended by Samuel Gompers, President
of the American Federation of Labor,, who is said to have
been sponsor of the plan representatives of tho central labor
bodies of tho boroughs of Manhattan Brooklyn and Queens
and members of the Executive Council of the Federation of
Labor.
The merger was proposed in a resolution adopted
at the conference in which it is planned to bring together
the N ew York Central Federated Union, tho Brooklyn
and Queens Central Labor Union and the Bronx and Staten
Island bodies which latter have long remained inactive.
The proposition wil be thrashed out, it was said, at a meet
ing of committees of tho central bodies and tho Executive
Council of the American Federation of Labor within the next
few weeks, and then placed before the workers for a referen
dum vote.
Tho resolutions adopted at tho conference read as follows:
That it is tho sonso o f this conference o f the New York Central Federated
Union and the Brooklyn and Queens Central Labor Union is desirable and
should be consummated, and
That the central bodies o f Tho Bronx and o f Staten Island should be
revived and become parts o f the amalgamated central body, and
That a committeo from theso central bodies should meet with a committee
from the executive council o f tho American Federation o f Labor within
60 days from date for the purpose o f endeavoring to accomplish tho above
expressed desire and result, and
That a copy o f these resolutions bo sent to tho abovo mentioned central
bodies and to the Executive Council o f tho American Federation o f Labor.
STATIONARY ENGINEERS A N D FIREMEN OBTAIN
NEW WAGE INCREASES— GRANTED OTHER
____
DEMANDS.
A|strikejof^engineers, firemen and coal passers operating
the heating plants in hotels, apartinont houses and office
buildings in New York, which was scheduled for Fob. 4 ,
was avortod by tho action of tho Hotel M e n ’s Association
and other employers’ organizations in granting practically
all of tho men’s demands with respect to wages and working
conditions. Am ong theso wero recognition of tho union,
the eight-hour day and forty-eight hour week; tho firemen
wore given $31 50 a weok instead of tho $33 for which thoy
asked; engineers obtained their demand for $39 and tho
coal passers $30.
D r. Royal S. Copeland, City Health Commissioner, acted
as arbitrator in tho negotiations botweon tho unions and tho
employers. After a meeting hold subsequent to a conforonco
with tho Health Commissioner on Fob. 3 , tho Hotel M en ’s
Association issued this statement:
In view of Health Commissioner Copeland's presentations to avoid a
public calamity at this time wo havo acceded to tho rato asked of $31 50
for firemen and $39 for engineers. This increaso as to tho domands of tho
engineers and firemen is in excess of tho rato now paid by tho Citv of
New York.
W ith reference to tho settlement of tho dispute tho Now
York “ Sun” of Feb. 4 had tho following to say:
Tlio “ heat” striko, which threatened to destroy all efforts of tho Health
Department to control tho influenza epidemic, was called off lato last night
when 3,000 stationary engineers and firemen voted unanimously to accept
the terms which Health Commissioner Copeland, as arbitrator, had ob
tained from their employers. Tho action was taken at a mooting in tho
Central Opera House, Sixty-seventh Street and Third Avonue.
Dr. Copeland after a five-hour session with tho real estate owners and
hotel managers succeeded in winning for tho workmen every demand except
a $33 a week wage for hotel firemen, who will get $31 50. Engineers will
receive $39. The union has been recognized and a 48-hour week granted.
The firemen at first opposed conceding anything less than they had asked
for, but wero finally brought around by an appeal from Dr. Copeland,
who promised to continue Ills efforts in their behalf until their pay Is in
creased to .$33. Incidentally Commissioner Copeland had his hat tipped
into tho political ring when the men roso and cheered him for several minutes
as “ tho next Mayor o f New Y ork."
Dr. Copeland did not arrive at the opera houso until 9.30. Ho explained he
had been arguing with tho hotel men.
"I fought as never I fought before,” Dr. Copeland said.
Timothy Healy, President of tho International Brotherhood of Firemen
and Oilers, told how the Commissioner had worked. "They (tho hotel
owners) asked him to como here to-night and make a camouflaged report,"
Mr. Healy said. “ I wasn’t in tho room, but I could hear them, and I heard
the Commissioner say: ‘ What aro you trying to do? Make a monkey
out o f m o?’ ”
Tim othy, H ealy, President of the International Brothorhood of Firemon and Oilors, sont a lottor on Fob. 0 to tho
editor of tho Now York “ Times” intondod to show that tho
demands of tho engineers, tho firomon and oilors wero justi
fied. Tho letter, appoax-ing in tho “ Timos” of Fob. 11,
follows:
The resolutions wero signed on behalf of tho executive
council of the American Federation of Labor by Samuel
Gompers, President; James Duncan, 1st Vice-President; T o the E d ito r o f T h e N e w Y o r k T im e s :
Matthew W a ll, Vice-President, and Frank Morrison, Sec
You create the impression that tho demands of tho steam plant operatives
retary. Those who signed for tho Central Federated Union (engineers, firemen, &c.) wero first launched while the influenza and pneu
monia cpldomic was at its height. As a matter of fact, tlicso men have
were Edward I. Hannah, President Edward Gould, Morris boon agitating for increased pay and for bettor working conditions for many
Brown, E . C . Rybecki William Kolin and Ernest Bohm. years. On Dec. 11 last, as tho culmination of tho domands of many years,
Those who signed for tho Brooklyn organization were J. P . a great mass meeting, which was addrossod by tho national officers of tho
Engineers’ and Firemen’s Unions, was hold at Cooper Union, Now York. A
Coughl n President; Fred Kelioo, Ralph Behling, Joseph report of that meeting appeared in tho Now York “ Times” and other Now
Costello and Fred Rauschor.
York newspapers tho next d a y , and It was generally agreed that tho demands
In commenting on the announcement of the merger scheme of tho men as presented by tho resolutions at that meeting wero extremely
moderate.
referred to above, the N . Y . ‘Tribune" of Fob. 3 had tho
For many years engineers and firomon havo worked two and three stories
following to say:
boncath tho street level, 365 days a year, from 80 to 90 hours a week, and
While the action was apparently taken to bring about a closer co-opcration between tho various labor bodies o f tho city, there were intimations
that politics played no small part in bringing about tho movo. It was
stated one o f tho objects in the reorganization was to “ throw cold water”
on the American Labor party movement, to which tho A. F. o f L. has been
opposed from its inception.
In this connection William Kolin, President o f the party, who was pres
ent at yesterday’s conference as a delegato from tho Central Federated
Union, issued a statement In which ho declared that " if any attempt should
be made to disrupt the American Labor party or to hamper It in any way
tho movers in a scheme o f that sort know they would strike a snag. I
havo not been informed officially that that is tho idea in mind at this con
ference, but the American Labor party is too well intrenched to bo hamp
ered by anyone.”
Tho plans for tho amalgamation o f the four borough unions are said to
have grown out o f a series o f acts o f tho Central Federated Union declared
to be in direct violation o f the orders and policies o f tho A . F. o f L. Tho
union’s indorsement o f the American Labor party, its attempt to foment a
general striko last August during tho Brooklyn Rapid Transit walk-out and
its tardiness in dropping two outlawed unions from its rolls on tho orders
o f tho A . F. o f L. were pointed to as some of the instances o f “ Insurgency.”
As a result o f tho last mentioned incident, which grew out o f the printers’
striko three months ago, representatives o f tho union wero yesterday
brought up on charges o f disobedience before tho Executive Council Com
mittee. Tho charges were preferred by George L. Berry, President o f tho
International Printing Pressmen’s and Assistants’ Union. No decision on
these charges was reached yesterday, and it was said that in view o f tho
union’s agreement to tho consolidation it is probable they will bo dropped.
I f pressed, tho union is in danger of losing its charter.
Before leaving for Washington last night, M r. Gompers said: “ The
decision to amalgamate was arrived at harmoniously and unanimously and
there is every prospect that it will bo accomplished.”
at a temperature that would drivo tho ordinary man mad, for wages which
would bo scorned by an ordinary day laborer. Becauso thoy carry on thoir
work out of sight of tho general public thoso steam plant operatives havo
long beon tho most neglected of all wago workers, although thoy must bo
citizens of tho United States, must spend many years of labor and study
learning thoir business, and must pass examinations as to thoir fitness boforo
recoiving licenses. Even if engineers and firomon received thoir maximum
demands thoy would not bo paid nearly as well as tho avorago mechanic.
As a matter of fact, they aro not as well paid as window washers, milk
wagon drivers and other unskilled laborers.
The members of tho Engineers’ and Flrcmon’s Unions join with tho Now
York "Tim es” in giving pralso to Dr. Copeland Tor his efforts to bring about
an agreement between tho men and their employers. Wo cannot speak too
highly of his earnestness and his ability, and wo aro willing to leave it to
him to say which of tho two groups— employers or employees— havo shown
tho most concern for tho health and comfort of tho community. For weoks
tho strike was postponed timo after time by tho men becauso thoy woro
unwilling to bring about any unnecessary suffering, but thoy actually faced
a lockout by their employers, who wero hiring men to tako tho places of
tho union engineers and firemon when Dr. Copolaml was brought into tho
matter. It was tho owners of tho hotels and apartinont houses that called
in Dr. Copeland and tried to got him to uso tho great power of tho Health
Department to club tho men into submission bocauso of tho prevalence o f
an epidemic which did not exist and which was not dreamed of when tho
engineers and firomon formulated their demands at Cooper Union on
Dec. 12 last.
Dr. Copeland, who wont thoroughly into tho matter, will bear out tho
statement that tho demands of tho engineers and firomon wero reasonable
and moderato, and that thoir leaders showed far moro concern for tho health
and comfort of tho pcoplo than did tho employers’ committeo.
T IM O TH Y HEALY, I n t e r n a ti o n a l P r e s id e n t.
New York, Feb. 6 1920.
F eb . 14 1920.]
THE CHRONICLE
ELECTION OF ALBERT THOMAS AS DIRECTORGENERAL OF INTERNATIONAL LABOR
ORGANIZATION.
A t a meeting of tho governing body of the International
Labor Organization on Jan. 27, Albert Thomas, French
labor leader and former member of tho French W ar Council,
was elected unanimously Director-General of the organiza
tion. Tho meeting, which was held at Paris, opened on Jan.
20, tho dato sot by the International Labor Conference in
session at Washington during last Novembor.
In electing
M r . Thomas to tho office of Director-General tho governing
body, it was said, ratified the provisional nomination made
at tho conference in Washington. On Jan. 27 tho organiza
tion also adopted tho six labor conventions and six recom
mendations voted by tho Washington conference. They
wero referred to tho Secretary of tho League of Nations to be
transmitted to tho various Governments for ratification.
The delegates in attendance at tho Paris meeting included
representatives of Germany.
Tho absonco of American delegates, according to the Asso
ciated Press, caused much comment and discussion among
tho delegates, as well as speculation as to the date tho United
States would be represented. Albert Thomas, explaining
the reason for this situation to the Associated Press, was
quoted as having said:
It is ovidont that America, because of her failuro to ratify tho treaty,
cannot bo represented in this organization any more than in any other com
mission growing out of tho Versailles treaty. Wo feel so certain, however,
that America eventually ■will be represented that somo of the States actually
have delegates In the council of administration only temporarily, places
being reserved for tho American delegates when tho treaty is ratified.
For instance, Dr. Gobol, sitting for Denmark, will retire to make room
for an American dolcgato. Tho same condition obtains with respect to the
employers’ representation. It is our earnest desire to soo American dele
gates among us at tho oarliost possible moment.
_____
Germany had a spokesman at the session of tho governing
body on Jan. 27, when Carl Rudolph Legion, President of the
Gorman Federation of Trades Unions and delegate of Ger
man workers, addressed tho meeting. Herr Legien declared
the economic situation of tho world had convinced him that
a six-hour day for miners should not be declared at that
time if it would doorcase production. lie also said:
It would bo premature to givo my impressions of tho work done by the
l’caco Oonroronco at tills time, but I fool confident a groat step
lias boon made in dealing with tho wclfaro o f workers. I have como hero
with tho firm intention to collaborate with my colleagues on the Interna
tional Bureau. No matter to what nationalities tlioy belong, l wish to
givo them my hearty support. I am not hero as a German delegate, but as
a delogato o f the International Workers’ Unions, and am looking at questions
not from a Gorman but an international point of view.
I had Intended to make reservations relativo to tho eight-hour day con
cerning miners In Germany, who are demanding a six-hour work period,
but I liavo refrained. Coal is a vital question to tho world at present,
and If a six-hour day cannot bo granted without decreasing production, I
am against it.
Concerning tho standing of tho German delegates, M .
Thomas, on Jan. 20, said: “ Their standing is liko that of
other nations. Having ratified tho treaty they have rights
to representation.”
Tho first mooting of tho governing body on Jan. 2G was
prosidod ovor by Arthur Fontaino, roprosonting France.
Tho Government representatives prosont were Sir Malcolm
Dolovingno of Groat Britain, Baron Edmondo M ayor des
Planohos of Italy, Vicounut d’Eza of Spain, II. Nagaoka
of Japan, Ilorr Rufonacht of Switzerland, M . Sokal of Po
land, D r. Ernest Mahaim of Bolgium, Senor Dealrear of
Argentina, Hermann Loymann of Germany and M . Vedel
of Denmark. Tho representatives of tho employers wero M .
Guioriu of Franco, M r. Marjoribanks of Great Britain,
M . Kodacz of Czecho-Slovakia, M . Schindler of Switzer
land, Jules Cartior of Bolgium, and M . Pirelli, Jr. of Italy.
Tho representatives of tho unions of workors wore Leon
Jouhaux of Franco, Y an Oudegeest of tho Netherlands,
G . II. Stuart Bunning of Great Britain, M . Tliorberg of
Swedon, and Carl Legion of Germany.
WORKERS IN LATIN-AMERICA CALLED UPON BY
SAMUEL GOMPERS TO FORM NATIONAL LABOR
ORGAN 1ZA TIONS— ALL-AMERICA UNION.
Samuol Gompers, chief spokesman for organized labor in
tho Unitod Statos, as Chairman of tho Pan-American Federa
tion of Labor, issued on Jan. 31, with other officials of that
body, a “ manifesto” to workors in tho Latin-Amorican
republics urging them to organizo national labor associations
for affiliation with tho Pan-Amorican organization. This
action is necessary, tho document said, “ to tho end that the
workers of all tho Amorican countries may bo bettor prepared
to act concortedly for their protection and advancement and
to imposo a check upon those forces who would subordinate
631
them to their own material aggrandizement.”
The paper
referred to was further quoted in Washington dispatches of
Jan. 31 to tho Associated Press, which said:
Calling attention to tho third Pan-American Labor Congress to bo held in
Mexico City, beginning next July 12, tho manifesto says the workers in the
Americas should begin now to make preparations for sending their repre
sentatives to this gathering.
“ Collective action by tho national labor movement of all the American
countries through tho Pan-American Federation of Labor," says the mani
festo, “ will bo a potent factor in protecting tho American continent from
being overrun by military domination from any quarter, and, above all, it
will contribute greatly to tho realization of that great and noble desire’ that
is being manifested so strongly since the European war came to a conclusion
— the preservation of peace in the Wostorn hemisphere and the establish
ment of the most friendly relations between the American countries.
“ But in ordor to render this influence more effective the masses of the
peoplo must bo impressed with the necessity of demanding of their Govern
ments the application of the modern principles of true democracy, and the
recognition of rights of humanity as of paramount importance in their inter
national relations.
“ Until a short time ago there had been no means of communication
between the masses of tho peoples of the American countries. The only
relations existing were those established by the financial, commercial and
industrial interests, and, as overyone knows, those interests aro not always
accentuated by a desiro to promote the welfare of the people, nor do they
represent the higher and nobler ideals of the peoples of the American
countries. These interests are accentuated by three motives: Namely,
profits, profits, and moroprofits. In their mad rush for material aggrand
izement they completely lose sight of the rights and interests o f humanity.
“ Since the financial, commercial and industrial interests o f Pan-America
are so closely allied and are every day extending their activities over a
wider field opened up by the conditions created by the late war, it is all tho
more evident that the wage-earners o f Pan-America must unite for their
own protection, for in our present day the organization of the wage-earner
on a purely national scale will not bo adequate for tho protection and
promotion of their interests and for the attainment and realization o f their
hopes and aspirations.
“ In tho Councils o f the Pan-American Federation o f Labor all of these
problems will bo rendered easier o f solution if all tho Pan-American labor
movements contribute with their moral and material support.
"Therefore, to tho end that tho workers o f all the American countries
may be better prepared to act concortedly for their mutual protection and
advancement, wo again urge them to organize in their respective countries
in unions o f their respective trades or callings, theso to affiliate under the
banner o f one national federation, which will in turn affiliate with the
Pan-American Federation o f Labor so that the collective action o f the
wage-earners of tho American Continent bo better served to promoto the
interests of humanity and to imposo a check upon those forces who would
subordinate them to their own material aggrandizement.”
WAGE ADVANCE OF 1 5 % AWARDED TO GARMENT
WORKERS BY GOVERNOR SMITH'S SPECIAL
LABOR BOARD.
A wage increaso of approximately 1 5 % , retroactive to
Jan. 5 , was awarded to workers in the cloak, suit and skirt
industry in Now York C ity on Jan. 20 by Governor Smith’s
Special Labor. Board, appointed to settle the controversy
between tho workers and manufacturers. B y the torms of
the award tho increase in wages is to be absorbed by tho
industry and is not to bo passed on to the public. On this
point tho report of tho Special Labor Board says:
The increased wage provided for is with the understanding that manu
facturers and workers will co-operato to cnablo tho industry itself to absorb
tho increasas granted and thus avoid passing tho burden to tho purchasing
public. Tho Board understands that this will be done by increased pro
duction per capita, on the part of tho workers, and tho application of the
most careful methods on the part of tho employers, to effect the reduction
of costs entering into tho manufactured article, and that both sidas, in
connection with this purpose, will co-oporato loyally, utilizing the resources
of publicity at the command of both organizations.
Tho workers demanded an increase of 3 0 % above the
minimum wago scale put into effect last M a y for threo years.
Both tho manufacturers and workers agreed in advance to
abide by tho findings of tho board, on which thoro wero
representatives of tho workers and employers and tho public,
tho latter being represented by State officials.
Governor Smith received tho report at a meeting of the
Special Labor Board at tho rooms of the State Industrial
Commission in this city, Jan. 26. There were present also
representatives of tho manufacturers and of tho workors.
William Kloin, counsel for tho Cloak, Suit and Skirt
Manufacturers’ Protective Association, assurod Governor
Smith, after tho latter had finished reading the report, that
tho employers would abido by tho decision. T o reporters,
liowovor, M r . Klein was said to have characterized that
portion of it which referred to tho absorption by tho cloak
and suit industry of tho increased oxpenso caused by the
higher wagos as “ persiflage.” Ho indicated that it was his
belief that, notwithstanding tho torms of tho Labor Board’s
agreement, tho industry would bo unablo to absorb tho wago
increases granted. Of tho agreomont M r . Klein said:
It moans nothing to us. Since tho last contract wont into effect in Juno
production has decreased 50% , with wagos correspondingly increased, and
tho workers have been soldiering on tho job. Wo opened all our books to
tho commission to show that wo wero producing at an absoluto minimum.
There is but one way in which tho added cost can be met and that is by
passing It on to the iiublic, and that is what will bo done.
Tho main, features of tho report made public by the Special
Labor Board on Jan. 20 were brought out in tho N ew York
“ Tim es” of the following day, which said:
633
THE CHRONICLE
The question o f whether there was an implied understanding that the
wage scale fixed after the adoption o f the agreement dealing with wages
above the minimum last M ay should be continued for a three-year operiod
of the contract, as contended by the manufacturers, must remain un
answered, the Board said, as the agreement itself fails to set up, and appar
ent y neither side provided machinery or standards whereby to rate pro
ductivity for wage making purposes.
The Board found that the contract fixed only a minimum scale of wages,
the practical result o f which was that wages above this minimum wore
fixed generally by Individual bargaining; that it was expected by the manu
facturers but not borne out in practice; that wages above the minimum
were to be fixed on a basis o f individual productivity, and also that tho
difficulty in establishing wage schedules on a basis of individual produc
tivity lies in the change o f system from piece work to week work, the re
duction o f hours from 49 to 44, and the competition for labor among the
manufacturers themselves.
Disapproval o f all shop strikes, or general or partial stoppages o f work,
was voiced by tho Board, as constituting a violation of the essence of tho
agreement. The Board also opposed any form o f lockout. “ We beliovo,”
the report read, “ that both sides have in this instance in their appoal to tho
public found a resource which may establish a useful precedent."
“ The Board has unanimously agreed upon a wage increase to be given to
the workers based upon the belief that it is called for by certain conditions
inherent in the industry,” the report continued, “ and that it will make for
harmony throughout tho season. It is the opinion o f the Board that it w ill
stabilize the industry if neither side will take advantage o f seasonal pressure,
at any time, to force changes in the established schedule.”
“ All workers except buttonhole makers shall work by the week.”
The weekly increases granted shall be as follows:
Cloak and dress cutters.............$5 00 Jacket, coat, reefer, and dress
Skirt cutters__________________ 5 00
under pressers______________5 50
Sample makers. . . . _______ 4 00 Skirt under pressers__________ 3 00
Jacket, coat, reefer, and dross
Skirt bastors............................... 3 00
operators_____________ ____ 6 00 Skirt finishers________________ 2 50
Skirt operators..........................6 00 D rapers............................... ........3 50
4 OO
Piece tailors_______________
5 00 Begradors on skirts
Reefer, jacket, and coat fin
Girl begraders............................. 3 50
3 OO
ishers___________________
5 50 Cloak bushelors
Reefer, jacket, and coat fin
Bushelmen, who also do pinning,
ishers’ helpers_____________ 4 00
marking, and general work on
Jacket, coat, reefer, and dress
garm ents............. ....................4 00
upper pressers______________5 50 Buttonhole makers (per 100
Skirt upper pressers__________ 5 50
buttonholes).................................20
Governor Smith thanked the Special Labor Board for its work and also
thanked the representatives o f both tho workers and manufacturers for their
patience and expressed intention to abide by the result.
After the meeting had adjourned, Hugh Frayne, of the American Federa
tion of Labor and a member o f the Board, said that the result was a long
stop in the right direction. He said he believed it gave a precedent for tho
handling of similar disturbances in tho future which will go far to prevent
unnecessary strikes.
The members o f the Board are Edward F. Boyle, Chairman, Industrial
Commission: Charles W . Berry, Adjutant-General New York State; Hugh
Frayne, General Organizer American Federation o f Labor; I. Felnberg,
Chairman Joint Board of the Cloak Makers’ Union; William D . Baldwin,
Chairman Otis Elevator Co.; Saul Singer, Executive Board Cloak, Suit
and Skirt Manufacturers’ Association; Frahcos Perkins, Industrial Com
mission, and Belle L. Moskowitz, Secretary.
W hen the report was read for the first time*at the o?ice
of the State Industrial Commission, Jan. 26, G ov. Smith
who was present on the occasion, made the following com
ment, when that part referring to strikes and lockouts was
reached:
There must be no putting the burden o f these increases on the publicIt must be understood that in all cases o f this kind there are three parties,
ones interested in a decision, but the general public, those who buy the
goods manufactured, are as much interested as either laborerer or employer
of laborer. The men must not "soldier” on their job and it is expected that
the manufacturers, by their own economies, will absorb the increased costs.
The public will not be the sufferer.
In concluding the session the Governor sa id :
If in the future any new questions come up, I invite you both to come
before the State. It is not a part of my ordinary duty to look into such
matters, but I will take the time. If wo are suffering any ill effects from
the long period o f war, they are due to underproduction, because so many
men wore taken out o f industry and the burden o f their work had to be
carried by those at home.
If we are to find a cure for present conditions, then we must go to work.
Everybody must get to work and everybody must do all his part— such
things cannot be cured by legislation or by decisions o f courts. It is up to
the people themselves to see that all needs are provided and at the least
possible cost. I again extend to you and all others an invitation to come to
me in case troubles arise.
W e have established to-day a precedent which I believe will be o f great
value. The time to stop a strike is before it begins, and I firmly believe
that if the parties to such differences will consider the third party— the
public— and submit their grievances, any impending strike will be stopped
before it begins.
The Special Labor Board which awarded the wage in
crease of 1 5 % to the garment workers was named by the
Governor, according to the N . Y . “ Su n ,” after newspaper
advertisements of the Cloak, Suit and Skirt Manufacturers
Protective Association appeared in the newspapers here Jan.
2, asserting that a critical situation growing out of relations
between the workers and employers had arisen in the in
dustry. The “ Sun” added:
As a consequence o f the refusal of tho manufacturers to grant a 30%
increase in wages, demanded, it was asserted, in violation of the three
year contract entered into last June, strikes were in effect in forty-six shops.
The Governor invited both sides to confer at Albany Jan. 5. As a result
of that conference, the commission which reported yesterday was named,
hearings given and employees and workers agreed to accept whatevor re
commendations were made. In the meantime the strikers returned to
work.
NEW
YORK
[V o l . 110.
PRINTERS RECEIVE WEEKLY
INCREASE OF $9.
WAGE
Negotiations between the so-called “ Big Six” Typographi
cal Union and the employing printers of N ew York, covering
a period of several weeks resulted in the granting of a wage
increase of $9 a week to union book and job compositors.
The men were unsuccessful in their efforts to obtain a 44-hour
week for the present year.
This is the settlement of the controversy which precipitated
the strike last fall, closing a majority of the printing shops
in this city for over two months with the consequence that
numerous periodicals and trade papers were forced to suspend
publication during that period.
A noteworthy feature of the settlement agreement, which
was announced Jan. 30 , is tho fact that while the typographi
cal union had persistently refused to arbitrate the question
of the 44-hour week last fall, it now accepts the offer which
tho employing printers made before the strike started, that
is the deferral of the shorter week until M a y 1 1921. Whilo
the union asked a $14 wago increase it obtained (as already
stated) only $9, this boing retroactive to Jan. 1 1920. The
employers originally offered a $6 increase.
The new agreement gives tho men an average of $45 for a
48-hour week, time and a half for ovortime, and double time
for Sunday and holidays. The scalo is to run for three years,
and contains a provision that a revision of wages, but not of
hours or other conditions, m ay be made on Oct. 1 next and
every six months thereafter if the cost of living and condi
tions in the industry are found to warrant a change.
The agreement also contains a provision for the appoint
ment of a joint committee on apprentices which shall make
rules for the selection of journeymen and shall have power to
enforce its rulings. Employers are bound to train appren
tices in all branches of the trade, and will have the right to
transfer apprentices from shop to shop to supply any defi
ciency of opportunity to learn tho trado.
GEORGE NICHOLL BARNES, LABORITE, QUITS LLOYD
GEORGE CABINET— TOM MYERS, TEXTILE
WORKER, ELECTED TO COMMONS.
George Nicholl Barnos, Minister without portfolio, re
signed from the Cabinet of Premier Lloyd George tho latter
part of January. The significance of his resignation, it was
said, lies in the fact that it is the final withdrawal of Labor
from the coalition Government.
W hen the.Labor Party, after the armistice, called upon
the Labor Ministers to quit the Government, M r . Barnes,
according to the Associated Press, elected to remain, on the
ground that it was his duty to romain until peace was rati
fied.
Tho Food M inistry, it was stated, will come to an end
within a few months, and it is expected that George H .
Roberts, the only important Laborite now in tho British
Government, will follow M r . Barnes.
Quito different was the enterpretation placed upon the
recent election to the House of Commons of Tom M yers,
a textile worker and candidate of the Labor Party. This
event was described as labor’s “ greatest political triumph
in England since the return of Arthur Henderson to Parlia
m en t.”
Sir John Simon, former Secretary for Homo Affairs,
Liberal candidate for tho IIouso of Commons in tho Spon
Valley W est Riding of York) by-election, was defeated
by the Laborite.
•
The returns of the election, which was hold Doc. 20,
were made public Jan. 3 and showed the following results:
Tom Myers, Laborite, 11,962.
Sir John Simon. Liberal. 10,244.
Col. Bryan Fairfax, Coalitionist Liberal, 8,134.
Regarding tho significance of tho election, copyright
London advices of Jan. 3 to the N . Y . “ Tribune” had tho
following to say:
Simon is ono of the best known legal authorities in England, and tho
man who had boon oxpoctod to assumo the loadorshlp of tho Liberal partiin Parliament in ovont of his election.
Col. Bryan C. Fairfax, tho Coalition Liberal candidate, who had tho sup
port of tho Conservatives, of Prom lor Lloyd Goorgo, who has opposod tne
candidacy of Simon, and o f Lady Astor, who wont to Spon Valioy to cam
paign for him, was a poor third in tho raco. Ho ran moro than 3,000 votes
behind Simon.
Fairfax took part In the oloctlon solely to provont Simon, obviously tho
winner otherwise, from gaining tho soat. Myors profited by tho split
but his victory was none tho loss brilliant for labor, as he pollod botwcon
three and four thousand moro votes than when ho was a candldato in tho
general election.
Myers is a member of tho union of toxtllo workors and Is still omployod
at hist rado.
F eb . 14 1920.]
JULIUS H. BARNES OPPOSED TO GRONNA BILL FOR
TERMINATION OF WHEAT PRICE CONTROL.
Julius H . Barnes, United States W heat Director, sent a
letter on Fob. 5 to Senator Gronna, Chairman of the Senate
Agricultural Committee, in which he termed the latter’s
bill for the repeal of tho W heat Guarantee A ct and the
abolition of tho Grain Corporation a direct repudiation of
the pledge made by Congress to tho wheat producer for tho
crop of 1919. Sonator Gronna’s bill would repeal all G ov
ernment control over the price of wheat and requiro tho
Grain Corporation to wind up its affairs without delay.
The measure was introduced in the Senate on Feb. 3 and
favorably reported back by the Agricultural Committee on
Feb. 5 by unanimous vote. Under a Committee amendment
tho U . S. Grain Corporation would bo required to pay into
tho U . S. Treasury its profits, estimated, it was said, at
approximately $50,000,000, and submit to Congress a com
plete report of its operations.
The Committee amendment woidd therefore prevent tho
use of the Corporation’s profits for food for tho relief of Cen
tral Europe as planned in a bill pending in the House.
In his lottor to Senator Gronna on Fob. 5, M r. Barnes
pointed out that at a time when no one can accurately predict
the trend of prices, the Senator apparently felt such confi
dence in his own judgment that tho farmer will benefit by
the withdrawal of Government stabilization that he Avould
immediately take from tho wheat producer the protection of
the billion-dollar guarantee, which Congress has pledged itself
to give until June 1. Tho W heat Director gavo warning
that by abolishing Government support Congress may
precipitate a still further declino in the price of wheat, even
below that of tho guarantee price, lie declared that “ only
the most colossal egotism would presume to forecast the
course of prices in the faco of world-wide unsottlomont, which
within tho past few days has wrecked the United States
export trado by tho total collapso of overseas finance.”
If Congress should ropudiato its own pledge to tho farmer,
M r. Barnes added, tho possibilities of depreciation in valuo
after the withdrawal of tho Government guarantee are such
that six million farmers will ask Congress “ by what right it
repudiated tho pledged national guarantee, on tho underlying
foundation of which tho influence of supply and demand
had built an averago premium of 30 cents per bushel.”
Tho W heat Director’s letter to Senator Gronna was made
public Feb. 7 and read as follows:
1
F eb. 5
1920.
/ [o n . A . J - G r o n n a , U n ite d S ta tes S e n a te , W a s h in g t o n , D . C .:
M g d ea r S en a to r :—-I notlco that the Senate Agricultural Committee,
of
which you are Chairman, lias favorably reported to the Senato your own
hill 3844, providing for tho termination of the Wheat Guarantee Act of
March 4 1919.
Of courso, this bill terminates the effective price guarantee to the wheat
producer for the crop of 1919. You personally realize that this would bo
the result, because in tho Senato on February 2d you expressed your own
opinion that, even without the guarantee, wheat would not decline.
Have you such confidence in your own judgment of futuro prices that
you propose to take from the wheat producer tho protection o f the billiondollar guarantee pledged now to June 1st?
200,000,000 bushels of wheat still remain on tho-farms, and 200,000,000
bushels additional in tho channels between farm and consumer, all of it
relying on tho pledged faith of this Government that, if necessary, tho
national Treasury stands behind its purchase at the guarantee lovel. That
security your bill proposes to terminate, and that termination will cause
apprehension with every farmer, with every'dealer, with every miller, with
every flour handler, with every baker, and with every banker. Tho with
drawal o f that underlying security will destroy the trado methods which
liavo furnished a ready dally market to tho producer at a farm prico for
wheat 200% higher than tho pre-war level, yet protected tho consumer by
a bread advance of only 75% . Suspended buying, wide fluctuations, in
creased trado margins reflecting increased trado hazards, will then effect
the producers’ farm price and unfavorably affect tho consumers' bread
price. Within the past week, tho price of wheat in Minneapolis has fallen
50 to 60 cents per bushel, and on the very day your bill is introduced, some
kinds of wheat are down to only a few cents above tho guarantee price.
Pass this bill, withdrawing tho underlying support which the knowledge
that that Government buying is potentially present, and you may precipi
tate a further declino, below the guarantee prico.
Only tho most colossal egotism, my dear Senator, would presume to
forecast the course of prices in the faco o f world-wido unscttlemcnt, that
within the past few days has wrecked tho United States export trade by tho
total collapso o f overseas finance.
Are you so sure of tho stability of values in tho midst o f world wreck,
that you would rest tho national honor on your opinion of market prob
abilities?
J
x
1 warn you, and Congress, that in tho four months yet to go under that
guarantee, there yet lies tho possibility or such a depreciation o f value,
following the withdrawal of that Government guarantee, that six million
wheat farmers will ask you by what right you repudiate the pledged national
guarantee, on the underlying foundation of which the influence of supply
and demand had built an average premium o f 30 cents per bushel.
At least you shall not then plead that you did it in ignorance, and without
warning of its possible results.
I shall be glad to retire from the burdons of this office, assumed at the
express request or the President, but not until tho national pledge has been
fully redeemed, without dishonor.
I have still confidence that tho national Congress, which last February
pledged $1,000,000,000 to make good tho national pledge will not hesitate
to condemn this present attempt at repudiation of that pledge.
633
THE CHRONICLE
Senator Gronna had served notice on Fob. 2 of his inten
tion to introduce the measuro referred to above. On that
date he made a speech in the Senate criticizing the policy of
the Grain Corporation, declaring that “ the wheat farmers of
the United States have lost more than $2,000,000,000 be
cause of Governmental interference with wheat.” In the
course of his remarks M r. Gronna said:
Mr. President, I have a great many petitions and telegrams from people
in my State with reference to a very important matter which concerns not
only tho people of North Dakota but of tho entire Northwest. I ask
unanimous consent that I may proceed to explain it for not to exceed
ten minutes.
M r. President, on tho 4th day of March 1919 an amendment to the food
law was enacted which will expire by limitation on the 1st day of Juno 1920,
if not sooner repealed. It is a law which provided for a sum of $1,000,000,
000 for the Government of tho United States to purchase wheat. It was
believed by a great many people that tho guaranteed price of wheat should
be maintained, and a great many pcoplo feared that tho prico would go
below the price which the Government had fixed for tho year 1919. This,
of course, proved not to bo true.
It is a fact that there is a short crop of wheat throughout the entire
world with tho exception of the United States. Here we produce about
918,000,000 bushels, which gives us a surplus for exportation of a little
more than 300.000,000 bushels.
Tho law was passed, the appropriation was made, but up to October of
last year only 77,000,000 bushels had been purchased by tho Grain Director,
Mr. Barnes, which shows conclusively that the grain was being purchased
by individuals or by corporations; that there was absolutely no need of this
fund; that there was absolutely no need to appoint the Grain Director,
because if the law of supply and demand had been permitted to operate, the
price of wheat would have been much higher than it was up to the time when
thoso hearings were held.
M r. President, I do not wish unduly to criticize M r. Barnes. Ho is a
public official, and ho has undoubtedly felt that it was his duty to keep
down the price of wheat, because wheat is an article of food which nearly
overyono must have.
Let mo say at the outset, M r. President, that if tho farmers of tho United
States would give tho wheat to tho miller for nothing, if the farmers would
haul their grain to the mill and not charge a single penny per bushel, there
could not bo a difference of more than 2 cents on a pound loaf of bread,
based upon existing prices. I am making this statement in order to inform
tho public that it is not tho prico of tho unmanufactured wheat which is
the cause of the high prico of bread.
I wish to read one telegram, although I liavo a great many of them, and
I assumo that my colleague has received a great many also:
Addressed to me—
„
, ,
,
„ . , , nnn
■
B r o c k e t, N . D a k ., F e b . 1 1920.
Pleaso uso all influonco you liavo with Railroad Administration, and
soo if they will not furnish cars for grain loading. Elovator is full of grain,
and wo can not got ca*gjjU ITY ELEVATOR & TR AD IN G CO.,
‘
D „
A
T
A M T I D D O A XT
.1 />a h
t
In this connection I wish to read a bulletin sent out by tho grain cor
porations:
OFFICE OF THE "G R A IN BULLETIN.
M i n n e a p o l i s , M i n n . , J a n . 28 1920.
Gonoral Letter No. 8.
T o S u b s c r ib e r s •
— Tho scarcity of cars in tho Northwest demands tho
attention of the individual shipper. The largo quantities of high-priced
wheat at country points, tlio doclining markets, and tho short timo loft of
Government control all tend to lioavy financial loss to individual owners.
Every effort lias boon put forth to got cars into tho Northwest without
result Tho only source of relief now is to wiro your Sonator and Repre
sentative at Washington, impressing on them this need of cars to prevent
further loss to you, and asking thorn to tako it up with tho Railroad Ad
ministration immediately.
Yours very truly,
"TH E GRAIN B U L LE T IN .”
Mr. President, it is evident that there is a propaganda going on for the
purposo of getting whatover grain may be left, at a much-reduced price,
and it will bo absolutely of no benefit to tho consumers of bread because
the prico of flour will bo based upon the high prico paid for wheat.
I have hero a map Icxhibitingl which was prepared by the Secretary of
Agriculture to which I wish to call tho attention bf Senators. I do not
know that it is large enough for Senators to see it from their seats, but it
shows that on tho 1st day of November, or about tho time when Mr. Barnes
announced tho embargo was to bo withdrawn, wheat was worth $2 90 a
bushel.
It shows that on tho 15tli day of November, when the embargo was
withdrawn, wheat was §3 a bushel, and on tho 15th of December it had
advanced to $3 40 a bushel, and leter on to $3 55 a bushel, showing that
the embargo did affect tho price of wheat. As Mr. Barnes stated before
our Committee, it was his purpose to keep it down. As I said, 1 am not
criticizing him for it, because ho was following the instructions of the
President of tho United States to keep down the price of wheat if possible;
but I do object to a propaganda being conducted by officials of the Govern
ment and by the grain speculators to make combinations which will make it
possible for the gamblers in grain to move all this grain or to ask that the
grain shall bo moved. Lot me tell you that millions of bushels of this grain
lias been sold that can not bo delivered on account of tho shortage of cars.
What I desire to call to tho attention of the Senato and of the country
is that it is not true that wheat will declino after M ay 31. It is not truo
that wheat w ill declino on Juno 1 when tho law expires by limitation. I am
proving by this chart that tho statement, which I made to Mr. Barnes, who
represents the Government, that wheat would advanco when the embargo
was removed was true. The map to which I have called your attention
was prepared by tho Department of Agriculture and not by myself.
The Grain Director has, according to his own admission, done everything
in his power to keep down the price of wheat.
I liavo letters hero on my desk charging that tho same combination is
going on with their manipulations; that cars are not furnished to the farmers
of the country because It is desired that this wheat shall all flow to tho big
milling centres before June 1. Thoy are trying to make tho people believe
that just as soon as the existing law expires wheat is bound to go down.
I dissent from that statement. Wo know that all of Europo needs grain;
that is needs more than wo can supply.
Mr. President, my purposo is in tho near future to introduce a bill to
repeal this law. Let us get through with Government interferehco; let
us do away with Mr. Barnes and let him go back to Ills own business. I
received tho other day from tho Senator from Texas— I sco him in his seat
now__a letter calling attention to the fact that tho grain business of Texas
was being interfered with now by tho Food Administration. That is a
function which does not belong to tho Food Administration any longer,
and I thought we were about through with that; but thoy are still interfering,
in connection with tho propaganda carried on now to elect Mr. Hoover
624
THE CHRONICLE
[Vol . n o .
President of the United States, there is a movement for the purpose, I
Tho spreads for lower grades than those above shall bo tho same as the
assume, o f showing the women o f the country what great efforts M r. Hoover
spreads in tho orders of tho board relating to cash paymonts to bo paid to
is making to cheapen the cost of bread.
the producer.
M r. President, let me tell you what will happen and let me tell you what
The maximum wholesale prices ordered in regulation No. 89 are as
has already happened. The reduction in the acreage sown to grain last follows:
fall was 40% . What will happen to the spring-wheat crop under existing
1. That tho standard of flour manufactured in Canada for sale in Canada
conditions? Wo are discouraging the wheat farmers from producing. We
bo the standard set by tho Canadian Wheat Board and designated asall know how difficult it is for them to get labor. Labor is costing them
(a) Government standard spring whoat flour.
three or four times as muen as it did before the war, and yet we are deliber
(b) Government standard winter wheat flour.
ately using a great Government agency to hamper and hamstring the grain
F lo u r P r ic e s .
industry o f the country.
2. That maximum wholesale prices of flour from midnight Jan. 31 1 9 2 0
For one, M r. President, I resent it. Let me say to you that in 1019 M r.
nclusive, until further notice shall be:
Barnes admitted before the Committee o f which I am Chairman that he
Government standard spring wheat flour $13 15 per barrol, basis
mado for the United States more than $27,000,000 out o f the grain business 98 (a)
pounds net, juto bags.
from the grain which he sold to the neutral countries o f Europe, not a penny
(b)
Government
standard winter whoat flour $11 25 per barrol, basis 0
o f profit being charged to our allies. I asked him whether they had charged pounds net, Juto bags.
the Allies any profit, and he said that was unthinkable.
These prices are basis f.o.b. caro Montreal.
Let mo say to you— and I am talking now to the country as well as to the
3. That effective from midnignt Jan. 31 1920, inclusive, tho abovo maxi
Senate— the wheat farmers o f the United States have lost more than
mum wholesale pr(ccs havo legal authority and any sales or purchases made
$2,000,000,000 because o f Governmental interference with wheat. I am
in excess of them will bo regarded and treated as violations of tho regula
having prepared, and some day this week I shall introduce, a bill to repeal tions of tho Canadian Wheat Board.
this entire law.
Tlio Montreal “ Gazette” of Fob. 9 in stating in advices
M r. McCumber— M r. President, before my colleague takes his seat I
desire to ask him if the trouble has not been rather in the administration from 'loronto that thero had been numerous inquiries from
of the law than in tho law Itself? The law itself provided that tho $1,000,
f armors who aro still holding their whoat, as to whothor thoy
000,000 should be expended only in case, as a result o f peace, the price of
wheat should fall below $2 26 a bushel, or whatever price was agreed upon, aro going to be paid tho 25 conts higher prico which tho
leaving entirely to tho law o f supply and demand tho receipt of any greater Canadian W heat Board is charging millers for wheat since
price; but, on tho contrary, is it not true that the machinery o f tho Govern
ment, instead o f being used to prevent the price from falling below that Jan. 31, reported a member of tho W hoat Board as giving
fixed by Congress, was used to prevent tho price going any higher than the tho following answer thereto:
minimum price; and that, instead o f giving ustho benefit of the law of
The cash advanced payment to tho Ontario and Quebec producers re
supply and demand, the whole billion dollars and all the efforts and all tho mains unchanged to Juno 30 by order No. 7 of tho Board, so tho producer
machinery o f tho Government have been directed to hold the price down that sold his wheat last September and October gets tho samo advanced*
through a licenso system that would forbid any person dealing in grain if payment as tho producer who holds his whoat unsold till next M ay or Juno,
ho paid tho higher price fixed by tho law o f supply and demand?
tho only difference being that tho latter Is out of pocket his interest in
M r. Gronna— I agreo entirely with my colleague. I understand tho surance, &c., during tho time ho carried his wheat.
law to be exactly as he has explained it. Let mo say, however, in further
Tho 15 cents which tho millers formerly paid on both Ontario and Mani
reply to my colleague, that when Hoover appeared before the Agricultural toba wheat to tho Canadian Wheat Board and tho 40 conts on Ontario and
Committee some o f the members o f our Committee argued that wo ought 65 cents on Manitoba which they now pay to tho Board, loss an estimated
to fix a maximum price for grain, for wheat might go too high; but Mr. allowance of 5 cents per bushel on tho wheat for carrying charges, goes into
Hoover mado a most bitter protest against that. He said ho desired a a pool from which ovory producer holding a participation certificate gets
minimum price fixed; he did not desire a maximum price; but the facts are his pro rata share, according to tho number of bushels called for by his par
as my colleague has stated. The minimum prlco has been mado tho ticipation certificate. Thus every farmer receives tho samo prico for Ills
maximum price and an injustice has been done to tho peoplo of tho country. wheat, no matter when it is sold, but of course tho advanced payment to the
Not only that, but there has been a betrayal o f the confidence o f the Mem producer differs according to tho quality of Ills whoat, No. 1 wheat being
bers of tho Senate, for we took M r. Hoover’s word; wo at no time suspected worth three conts more than No. 2, and seven cents moro than N o. 3, &c.
that he would go back on his word and mako tho minimum prlco the maxi Tho whole object in creating tho Canadian Whoat Board was to onablo tho
mum prico.
producer to market his wheat to tho very best advantage possiblo under tho
adverso conditions which existed, and to put on an cquitablo basis tho pro
ducer who, owing to lack of transportation facilities, & c., was possibly not
MID DLE WEST RAILROADS ORDERED TO GIVE
able to market his crop to as good advantage as tho producer moro favorably
situated.
PRIORITY TO GRAIN SHIPMENTS.
There is therefore no increase in tho advanced payment to tho farmer
Walker D . Hines, Director-General of Railroads, issued or in tho prico tho doalers receivo. Tho increased payment from the
millors
goes into tho coffers of tho Canadian Wheat Bbard, for tho benorit
general orders on Feb. 4 to railroads sorving the grain produc
of tho farmers. Tho millers havo to pay tho advanco on all stocks of
ing areas to turn all available box car equipment into tho whoat thoy havo unsold, in tho shape of flour, so that tho producer receives
grain transportation service to tho exclusion of practically tho benefit or tho advanco, oven on wheat In tho mills’ bins unsold In tho
all other traffic, “ after providing for the loading of less-than- shapo of flour.
carload merchandise print paper, wood pulp and sugar.”
The orders provided for the special movemont of grain
during tho ten-day period beginning Feb. 8. Railroads
affected serve the States of Illinois, Minnesota, M ontana,
Missouri, Iowa, North D akota, South D akota, Nebraska
Oklahoma, Colorado, Wisconsin, Kansas, Arkansas, Texas
and New Mexico.
In a statement on Feb. 4 explaining the scope and purposo
of the orders, M r . Hines said:
Because o f tho imperative necessity o f providing greater movement of
bulk grain, tho grain-loading railroads serving tho grain-producing States
havo been given instructions to givo preference and priority to tho furnish
ing of box cars for bulk grain loading from Feb. 8 to Feb. 18, inclusive,
after providing for the loading o f less-than-carload merchandise, print
paper, wood pulp and sugar. This means that to the extent necessary to
fill requirements all available box-car equipment suitablo for use in tho
handling o f these commodities will be confined to this one class o f traffic.
Tho railroads also have been Instructed to securo tho full co-operation of
grain dealers, distributors, farmers, commercial organizations and other
commercial Interests in order that this special movemont may bo as suc
cessful as possiblo.
C A N A D IA N
WHEAT
BOARD INCREASES
PRICES.
WHEAT
A n advance by the Canadian Whoat Board of 25 conts per
bushel in tho price of W inter wheat, making tho prico now
$2 58, and an increase of SI 15 as per barrol for Winter
wheat flour, raising the wliolesalo price from $10 10 to $11 25,
was made effective on Jan. 31. The now price regulations
were published in tho Toronto “ Globe” of Fob. 2 as follows:
ATTORNEY-GENERAL PALMER I N REPLY TO HOUSE
RESOLUTION SAYS GOVERNMENT DID NOT
F IX THE PRICE OF LOUISIANA SUGAR.
Attornoy-Gonoral Palmor sent a lottor to tho House of
Representatives under dato oF Fob. 3 sotting forth tho posi
tion of the Dopartmont of Justice in rogard to tho fixing of
tho maximum prices on Louisiana sugar. Ho declared (in
answer to a resolution of inquiry) that ho had neithor made,
assented to nor approved tho prico for Louisiana sugar, on
tho plantation, of 17 cents per pound for yellow clarifiod
and 18 cents per pound for plantation granulated sugar.
Further explaining tho activities of his Dopartmont in
sugar prico control, the Attornoy-Gonoral mado known that
tho United Statos District Attornoy at Now Orleans was in
structed by tho Dopartmont of Justico that, “ in tho absonco
of particular circumstances a salo of sugar abovo a rasonablo, fair, maximum prico for this year’s Louisiana crop of
sugar was an excessive prico, and theroforo a violation of
tho Lovor law .” Ho admittod, howovor, that tho Dopart
mont “ was willing to concedo that prosecutions would bo
ineffectual and unsuccessful if based upon a contention that
any prico less than 17 cents por pound for yellow clarifiod
and 18 cents for plantation granulatod was an “ excossivo
price” under tho Lovor law .”
Tho Attornoy-Gonoral’s letter, which was transmitted to
tho IIouso on Fob. G and roforrod to tho Judiciary Committoo,
was in response to a resolution of which Roprosontative
Tinkham (Massachusetts) was tho author. Tho text of tho
resolution as passed by tho IIouso Doc. 18 was published
in the “ Chronicle” Jan. 3, page 30 . This is M r . Palmor’s
reply:
Tho now regulation N o. 85 says tho following prices now obtain:
$2 80 per bushel, Including 5 cents a bushel carrying charges, basis No.
1 Manitoba Northern and N o. 1 Alberta red winter in store public terminal
elevators, Fort William or Port Arthur.
$2 70 per bushel, including 5 cents per bushel carrying charges, basis
N o. 1 Duram in store public terminal elevators, Fort William or Port
Arthur.
O ffic e o f the A t t o r n e y G en er a l,
$2 58 per bushel, including 5 cents per bushel carrying charges, basis
W a s h in g to n , I ) . C . , F e b . 3 1920.
N o. 1 spring, N o. 1 white winter and No. 1 red winter wheat in storo T o th e H o u s e o f R e p re s e n ta tiv e s o f th e U n ite d StatesMontreal.
In answer to tho resolution of tho Houso of Koprosontativos, dated Dec.
$2 56 per bushel, including 5 cents per bushol carrying charges, basis 18 1919, I bog to transmit tho following:
N o. 1 mixed Ontario and Quebec wheat in storo Montreal.
1. As to paragraph 1, I bog to state that I nolthor mado, assontod to,
$2 49 per bushel, including 5 conts per bushol carrying charges, basis nor approvod tho prico for Louisiana sugar on tho plantation of 17 conts
No. 1 commercial grado wheat In storo Montreal.
por pound for yollow clarified and 18 conts por pound for plantation granu$2 50>3 per bushol, including 5 cents per bushel carrying charges, basis atod.
No. 1 Britisn Columbia wheat in storo Canadian Government elovator,
2. As to paragraph 2, In view of my answor to paragraph 1, I doom no
Vancouver
furthor answer necessary.
F
eb
.
THE CHRONICLE
14 1920.]
625
;j. As to tho first request in paragraph 3, I beg to stato that it has not President were: B . M . Jewell, Acting President of the
boon unusual for tho offico o f tho Attornoy-Genoral in advanco o f legal Railway Employees’ Department, American Federation of
action to render an official opinion in rolation to tho United Statos criminal Labor; E . J. M anion, President of the Order of Railroad
statues and notify possible violators of his interpretation of them, nor has
Telegraphers, and Tim othy Shea, Acting President of the
it over been done to my knowledge.
In answer to tho socond requost in paragraph 3, I never notified tho Brotherhood of Locomotive Firemen and Enginemen.
Louisiana sugar producers that under laws against profiteering thoy would The conference was held on the south portico of the W hite
not bo prosocu cd if they sold yellow clarified at 17 cents per pound and
House.
It was said that more than 2,000,000 railroad work
plantation granulated at 18 cents per pound.
4.
In answer to paragraph 4, I bog to stato that in tho fall of 1019 thisers are involved in the matter.
Putting the demands of the
department was called upon to give some guido to tho United States District railroad unions up to the President came as a result of the
Attorney In Now Orleans as to tho facts and circumstances which should
failure of the union officials and Walker D . Hines, Director
bo taken into consideration by him in beginning criminal prosecutions.
This implied a determination that, as a practical proposition, ho might General of tho Railroads, to como to an agreement and settle
successfully contond in court, in tho absonco of particular circumstances the problems involved. Tho appeal to the President was
that a salo of sugar abovo a reasonable, fair, maximum prico for this year s
Louisiana crop of sugar was an excessive prico and therefore a violation of taken at the request of the union leaders after they had con
tho Lever law. IIo had beforo him tho fact that Louisiana sugar was ferred with M r . Hines for several days and after tho Directorselling In tho open market at from 20 to 27 conts, that tho crop was but
General had turned down the demands of the unions.
40% of tho normal, and that tho prico was rapidly mounting.
It was tho opinion of tho department that all thoso factors would bo taken Before submitting the controversy to tho President, howover,
into consideration by tho court in considering any prosecutions, and that M r. Hines discussed the situation at length with Josoph P.
prosecutions begun in disregard of such considerations would offer no
Tum ulty, Executive Secretary, and with A . Mitchell Palmer,
prospect o f ovontual success.
Negotiations between the unions and
On Nov. 7 1919 tho United States District Attorney in Now Orleans Attorney-General.
wired tho Attornoy-Gonoral as follows:
tho Railroad Administration began Feb. 3 and ended Feb. 11.
N e w O r le a n s , L a . , N o v . 7 1919.
A t t o r n e y G e n e r a l, W a s h i n g t o n , D . C .:
After a protracted moetlng with tho sugar planters their committco agreed
to a fair prico of 17 conts per pound for primo yellow clarified sugar, net on
plantation with 1 cent additional per pound for cholco plantation granulated
intermediate grades in proportion. Tho committco further rocommonded
that all sales where delivery has begun by ovidonco of bills o f lading shall
stand, but recommended that all contracts for a higher figure bo abrogated
in fairness to all producers and manufacturers whoso action in making con
tracts has beon dolayed by doffronco to authorities. Primo yellow clarified
sold on tho open marlcot in New Orleans yesterday at 20 H cents, market
virtually bare, with ready buyers for all sugar o f that grado at that prico.
M y session with tho planters was a protracted one and was bold after I had
talked to many of the leading consumers and obtained their views. The
committco itself was composed largely o f tho most conservative olemont of
planters, yet there was only one member o f tho committee originally con
senting to tho 17 conts suggestion, all other mombers holding for a higher
prico becauso o f the admitted short crop and low sugar yield. Stating in
this connection that such cano as had passed through the mill showed an
unusually poor yield o f sugar, making estimates of production mako a
wook ago high, and Indicates losses to many even at prices agreed. T
have sought the very best sources of advico In this matter and havo reached
conclusion that the 17 conts agreed upon is roasonablo and recommend
that tho department accept it. I have reached this conclusion becauso 17
conts as a maximum prico does not carry with it any guarantee that tho
entire crop can bo disposed of at that figuro .and it is probablo that tho aver
age for the crop would bo considerably less. I havo beforo mo your tologram 0th referring to willingness of conference committee to accept 14 or
15 conts as prico for ontiro crop. I had this fact in mind when I wired you
N ov. 3, but as Government is not in a position to guarantoo tho producer
any fixed price for his crop and is necessarily limited to establishing a fair
prico, which virtually means maximum prico, it would bo impossible to
socuro consont of planters to fix tho fair average prico as a maximum price
bocauso of tho vast difference existing botwoon maximum prico and averago
prico for crop. I boliovo tho action o f tho planters yesterday represents
tho oxtroino limit of tholr concessions although thoy mot mo in a concilatory
spirit. Sincerely hope that maximum prico suggested may bo acceptable
to tho department. Ploaso instruct mo by wiro.
M OON EY, U n it e d S ta tes A t t o r n e y .
On Nov. 8 1919 tho following tologram was sont:
On the latter date M r . Hines issued a statement saying that,
while the conferences had not solved the problems, the real
issues involved were more clearly developed than at any time
since tho wage demands were first presented last July.
In a statement issued on tho same day, W . G . Lee, Presi
dent of tho Brotherhood of Railroad Trainmen, said the
Government had not succeeded in reducing the cost of living
by the campaign begun last summer and he, thoreforo, felt
he could no longer hold the demands in abeyance. M r .
Hines’s statement of Feb. 11 was as follows:
Since Feb. 3, the Director General had frequent conferences with the
chief executives of tho railroad organizations for tho purposo of devising
means for disposing of tho ponding claims for wage increases. During
thoso conferences tho executives of tho labor organizations have expressed
their views with great ability and frankness.
Tho Director General has not been able to agree with them as to how
tho problem should be disposed of in view of tho early termination of Federal
control, and is now laying beforo tho President tho representations of the
executives of the organizations and also his report, for tho purposo of ob
taining the President’s decision in tho premises.
In any event, the conferences havo been decidedly helpful in bringing
out a clearer development as to tho real issues involved and as to the char
acter of evidence pertinent to thoso issues, and tho discussion throughout
has been characterized by courtosy as well as candor and with a sincere
purposo on tho part of all to try to find a solution.
Further details regarding tho conference botweon tho
unions and the Railroad Administration woro given in W ash
ington press advices of Fob. 11, as follows:
Events loading up to tho disagreement between tho conforcos came
rapidly. During tho courso of tho day Mr. Hines conferred with Attorney
General Palmer, acquainting him with details of the controversy. Tho
meeting was not to bo construed as indicating action by tho Department of
Justice, howover, Mr. Palmor said. Tho Attorney Genoral declined to say
whether any action was contemplated under the Lover Act In event of a
strike, saying that tho Department did not know “ whore, whon or how”
L o o n e y , U n it e d S ta tes A t t o r n e y , N e w O r le a n s , L a .:
action would bo needed if any were necessary at all.
Your wiro o f tho 8th, detailing results o f conference. Consider agreed
Following his conference with Air. Palmor, tho Director General met all
price rather high, but hereby concur in maximum fixed prico o f 17 conts members of tho union delegation with the exception of representatives of the
for Louisiana plantation clarificds, 18 conts for Louisiana clear granulated. Rrotherhood of Maintonanco-of-Way Employees, who havo called a strike
Understanding that all contracts for a higher figuro to bo abrogated. Fur for Feb. 17. This meeting lasted two hours, at the end of which M r. Hinos
ther suggest, if posslblo, you secure an agreement in writing by authorized met with the members of his staff relative to tho Railroad Administration’s
committoe of Louisiana producers and refiners to be used ns prlma facie next move. The union loadors, who, at ysterday’s session had presented
evldenco whore prices are charged in excess of agreement. You arc hereby a second epitomo of their views, also held a separate conference at which It
Instructed to immediately prosccuto any violator of this agreed price.
was definitely determined to close their case.
.
PA LM ER.
Heretofore, tho President generally has passed upon wage decisions before
Those telegrams do not at all mean that we fixed tho price, but do mean tho Railroad Administration’s answer was given to tho union representatives.
that, under all the special circumstances existing as to the Louisiana crops, No reason was assigned for the doparturo from tho usual custom in this case.
this department was willing to concede that prosecutions would bo inef
B.
M . Jewell, Acting President of tho railway employees department of tho
fectual and unsuccessful if based upon a contention that any price less than American Federation of Labor, carried to M r. Ilincs notico that the union of
17 cents per pound for yellow clarified and 18 cents per pound for plantation ficials had no further proposals to mako and could offer nothing in amplifica
granulated was an "exccsslvo prico” under the Lever law.
tion of the arguments already presented.
Itespoctfully submitted.
Jov ell also told tho Director General tho employees’ representatives
A. M ITC H ELL PA LM ER, A tt o r n e y -G e n e r a l.
believed tho controversy should go to tho President again, inasmuch as it
was at tho request of Mr. Wilson that tho original demands had beon held
in abeyance. Intimation also was given that since it was tho sentiment of
STEEL PRODUCTION IN J A N U A R Y .
tho union men to employ all methods possible for an amicable settlement,
■ The American Tron and Steel Institute has issuod a state thoy boliovo a roviow of tho case by tho President might provido moans for
further negotiations should thoy bo necessary.
ment showing the production of steel in January by tho lead
During the conference with tho other union loadors, M r. Hines was unablo
ing companies in tho United States. From this it appears to meet to-day tho committco representing tho maintonance-of-way em
that the production of steel ingots in Jan. 1920, by thirty ployees, headed by J. 11. Malloy, Vico-Prcsidont of tho organization. The
companies which made about 8 4 .0 3 % of tho total steel ingot committeo reached Washington to-day from Detroit after attending the
convention there of committee chairmen who Issued a call for a strike on
production in 1918, amounted to 2,966,062 gross tons, as Fob. 17.
compared with 3 ,1 07,7 78 tons in Jan. 1919, a decreaso of
141,116 tons. B y processes the output in tho two months
___
was as follows:
J a n . 1920.
J a n . 1919.
G ro s s T o n s . G ro s s T o n s .
Opon-hoarth....................................................................
k7
Bossoinor________________________________________ 2’2'?1’«
714,657
10,687
All other_______________________________________
T ota l........................................................................... 2,966,662
PRESIDENT
OF
W ILSON
TIIE
REPLIES
RAILROAD
TO
THE
2,7
i o 4 ir
749,346
7,279
3,107,778
D E M A N D S
BROTHERHOODS.
President Wilson met representatives of the organized
railroad workers at tho White IIouso on Fob. 13 and pre
sented to them a written statement dealing with their de
mands for increased wages. Tho delegates calling on the
Iii his statement of Feb. 11, referred to fnrthor abovo,
W . G . Lee, President of the Trainmen’s Brotherhood, had
tho following to say:
Tho trainmen tako tho position that moro than a roasonablo timo has
since elapsed and that tho cost of living has not boon reduced, but instead
has been increased sinco that timo and that it is now up to the Foderal
Government to mako good tho pledge made by tho Prosidont in his letter
of last August as understood by labor.
I expect to get the written answer of tho Director-Goneral to tho train
men’s request at tho next conference with him, after which tho special
committoe of 20 officers and gonera chairman, authorized by tho inter
national convention of the Brotherhood to handlo tho subject, will take
final action relativo to its disposition.
.
M r. Leo was also quoted as saying:
Wo know wo have been discriminated against. Rolief was promised to
us in August, and wo havo had no rolief. The cost of living has not boon
626
THE CHRONICLE
2
“ gh 7 ® 'waited Patently. Wo feel that the President
S hi l H ? k g° ° d aDd he rcsponsibiUty is on the President. DirectorS it out
w S Statem0nt is accurat0 and complete. Strike talk should bo
country.
ar° Am°rlCans and Patrlotic- and have always supported the
A lt h o u g h th e tr a in m e n ’ s u n io n s e r v e d n o t ic e o n J a n . 2 3
o f th e a b r o g a t io n o f its a g r e e m e n t w it h th e R a i l r o a d A d
m in is t r a tio n , o ffic ia ls o f th a t o r g a n iz a t io n lia v o d e n ie d r e p o r t s
to th e e ff e c t t h a t t h e y in t e n d e d t o c a ll a s t r ik e .
T h e a g r e e m e n t r e fe r re d t o , k n o w n a s g o n e r a l o r d e r 1 3 ,
v a s e n te r e d in t o b y th e fo u r r a ilr o a d b r o t h e r h o o d s d u r in g
th e w a r a n d p r o v id e d t h a t a t h ir t y -d a y n o t ic e m u s t b e
s e r v e d b e fo r e c a n c e lla t io n .
U n d e r d a to o f J a n . 2 3 M r . L e e
te le g r a p h e d D ir e c t o r -G e n e r a l H in e s as fo llo w s :
General order No. 13, executed during the war as a war moasuro has now
, oem in T r mU0CV nOr° than a year a f t e r th0 c,oso o f t b e ~ war and the pressure
™
*°
from traln and yard men throughout the country to p r e s s the
Z l i f,erna,nds P r a t e d last July to a favorable conclusion, compells me to
hlnri0r>r,n ^ l K10' CC ^ y0U a so f Jan- 23 t b a t on and after Feb. 23 the brothcrhood must bo considered as having withdrawn from or severed its connec
tion with any and all of tho provisions of general order No. 13, and the
brotheruood s representative o f Railway Board o f Adjustment No. 1 will
i
dra'vn as of that dato. Tho officers and committeomcn of tho
ofUu y nnderstand the provisions of paragraph 19 o f gonoral
order No. 13, but find justification for their action in tho fact that the
Railroad Administration has not given favorable consideration to our
wago demands o f July, which wore based for the most part on the high
c°st of llvmg and which sinco that time has not decreased.
3 ho organization behoves it has waited a reasonable timo for a docreaso
n tho cost o f living and now finds no reason for further delay. Tho under
signed and special committee authorized to handlo the wago question will
meet in the National Hotel, Washington, Tuesday morning, Jan. 27, ready
o mee you Feb. 2, if early dato, as requested, cannot bo arranged for.
W . G. LEE.
P a ia g i a p h N o . 19, r e fe r re d t o in th e te le g r a m q u o t e d
a b o v e , re a d s as fo llo w s :
[Vol . 110
m e n t c o n t r o l h a s b e e n a p p r o x im a t e ly $ 9 0 0 ,0 0 0 ,0 0 0 a n n u a lly ,
a ll b a se d o n th e t h r e e -y e a r p e r io d ju s t p r io r to th e tim e th o
o \ e m in e n t t o o k c h a r g e , in d iv id u a l r o a d s r e c e iv in g v a r y in g
r e tu rn s .
U n d e r th e b ill a g r e e d u p o n d is t r ib u t io n o f e a r n in g s in
e x c e s s o f th e g u a r a n t e e d r e tu r n is a lso p r o v id e d fo r .
O n eh a lf o f 1 % w o u ld b e a v a ila b le f o r u n p r o d u c t iv e im p r o v e
m en ts.
5 0 % o f th e e x c e s s o v e r 6 % w o u ld g o to th e r o a d s
e a r n in g s u c h e x c e s s , w h ile th o r e m a in in g h a lf w o u ld bo p u t
in t o a c o n t in g e n t fu n d a d m in is t e r e d b y th o I n t e r -S t a t e
C o m m e r c e C o m m is s io n a n d u s e d to p u r c h a s e e q u ip m e n t f o r
r e n ta l to th e w e a k e r r o a d s , w h ic h a lso c o u ld o b t a in lo a n s
fr o m th o fu n d .
W o i k o n th e fin a l d r a ft o f th e b ill h a s b o o n in p ro g r e ss
< u n n g th e w e e k w it h a v io w to its p r e s e n t a tio n to th e H o u s e
t o -d a y o r e a r ly n e x t w e e k .
D EATH
OF
E D W AR D
P.
RIPLEY.
E d w a r d P a y s o n R ip le y , C h a ir m a n o f th o B o a r d o f D ir e c t
o r s o f th o A t c h is o n T o p e k a S a n te F o R a ilw a y C o . d ie d
o n F e b . 4 a t S a n ta B a r b a r a , C a l.
M r . R ip le y , w h o w a s fr e q u e n t ly r e fe r re d to as “ th e g r a n d
o ld m a n ” a m o n g A m e r ic a n r a ilr o a d m e n , r e s ig n e d as P re s i
d e n t o f th e S a n to F e la s t F a ll, a n d th o fir s t o f th is y e a r
t o o k th e a d v is o r y p o s t o f C h a ir m a n o f th o B o a r d .
T h is
c h a n g e b r o u g h t to a n e n d 2 4 y e a r s o f a c t iv o le a d e r s h ip , in
th e c o u r s e o f w h ic h h e d e v e lo p e d a b a n k r u p t a n d r e o rg a n iz e d
s y s t e m in t o o n e o f th o fin e s t t r a n s p o r ta t io n p r o p e r tie s in
th e w o r ld .
M r . R ip le y w a s b o r n in D o r c h e s t e r , M a s s ., in 1 8 4 5 , th o
This understanding shall becomo effective upon its approval by tho
Director-General of Railroads and shall remain in full forco and effect s o n o f a m e r c h a n t
H o b e g a n h is c a r e e r in th o r a ilr o a d b u si
during tho period of tho present war, and thereafter unless a majority of tho
icgiona, directors on tho one hand as representing tho railroads, or a majority n ess in 1 8 7 0 w h e n h o b e c a m e a c le r k in th o o f f ic e o f th o
> tho chief executive officers of the organizations on the other hand as E a s te r n a g e n t o f th o C h ic a g o B u r lin g t o n & Q u in c y , a n d
•’presenting tho employes, shall desire to terminato tho same, which can, in th e e m p lo y o f t h a t r a ilr o a d h o r o s e s t e a d ily .
F rom N ow
in theso circumstances, bo dono on thirty days' formal notice, or shall bo
terminated by the Director-General himself, at his discretion, on thirty E n g la n d a g e n t h o b e c a m e g o n e r a l E a s te r n a g e n t, g e n e r a l
days formal notico.
fr e ig h t a g e n t, t r a ffic m a n a g e r , a n d g o n o r a l m a n a g e r .
Ho
T h a t th e r o h as b e e n a s tr o n g s e n tim e n t a m o n g s o m o le ft th e C . B . & Q . in 1 8 9 0 , g o in g t o th e C h ic a g o M ilw a u k e e
S ix y e a r s la to r h o b e c a m e
D e m o c r a t ic v o te r s a g a in s t fu r t h e r w a g o in cre a se s w a s in d i & S t . P a u l as th ir d v ic e -p r o s id e n t .
c a t e d o n F e b . 12 w h e n R e p r e s e n ta tiv e B la n t o n , D e m o c r a t , P r e s id e n t o f th o S a n ta F e .
T e x a s , m a d e p u b lic a le t to r t o P r e s id e n t W ils o n e x p r e ss in g
th e h o p e t h a t h e w o u ld n o t “ p e r m it M r . H in e s t o a c c e d e
t o p r e s e n t r a ilr o a d d e m a n d s .”
M i . B la n t o n t o ld th e P r e s id e n t th a t in th o la s t fe w m o n t h s
he h a d r e c e iv e d m o r e t h a n 5 ,0 0 0 le tte r s fr o m D e m o c r a t ic
o te rs a ss e rtin g t h a t if th o A d m in is t r a t io n t r u c k le s t o a n
o t h e r d e m a n d fr o m o r g a n iz e d la b o r t h e y w ill n o lo n g e r v o t e
th e D e m o c r a t i c t i c k e t .”
•
“ A s h o w -d o w n m u s t c o m e s o o n e r o r la t e r ,” M r . B la n t o n
s a id , a n d n o w is th e o p p o r t u n e t im e .
T h o A m e r ic a n p e o
p le a re r e a d y f o r i t . ”
AG REEM EN T
BY
CONFEREES
ON
RAILROAD
BILL.
A r e tu r n o f 5 A %
o n th e a g g r e g a te v a lu e o f th e r a il
r o a d s is g u a r a n t e e d b y th e G o v e r n m e n t f o r a t w o -y e a r
p e r io d u n d e r a n a g r e e m e n t r e a c h e d F e b . 7 b e t w e e n th e c o n
fe r e e s o n th o r a ilr o a d b ill.
I n o u r r e fe r e n c e t o th o b ill la st
w e e k , p a g e s 5 1 9 -5 2 0 , w o in d ic a t e d t h a t a r e tu r n o f 5 ) 4 %
v a s to b e g u a r a n t e e d f o r a p e r io d fr o m 18 m o n t h s t o tw o
y e a r s a ft e r th e b ill b e c o m e s a la w — th o e x a c t p e r io d , it w a s
n o t e d , b e in g le ft f o r la t e r d e te r m in a t io n b y th e c o n fe r e e s .
T h e r e w r it t e n s e c t io n w ill p r o v id e t h a t a f t e r th e t w o -y e a r
p e r io d th e p e r c e n t a g e o f r e tu r n w ill b e fix e d b y th o I n t e r
s t a t e C o m m e r c e C o m m is s io n w h ic h w ill b o a u t h o r iz e d to
fix r a te s so as to y ie ld th a t r e tu r n .
W it h th e a g r e e m e n t o n
th is s e c t io n th e c o n fe r e e s h a v e c o m p le t e d th e ir w o r k a n d
e x p e c t th o b ill to b e e n a c t e d b y M a r c h 1.
T h o a g g r e g a te v a lu e o f th e p r o p e r tie s u s e d in t r a n s p o r ta
tio n w o u ld b e d e te r m in e d b y th e I n t e r -S ta te C o m m e r c o
C o m m is s io n a c c o r d in g to th e p r o v is io n s o f th o b ill n o w a g r e e d
u p o n , th e d e te r m in a t io n b e in g b y t r a ffic d is tr ic ts .
T h ese
d is tr ic ts w ill b e u s e d as g r o u p s fo r ra te m a k in g , a n d in te rr i
to rie s w h e re th o r o a d s e a r n e d a n e q u iv a le n t o f th e g u a r a n t e e d
r e tu r n n o in c r e a s e in r a te s w o u ld b o n e c e s s a r y .
S im ila r ly ,
th e ra te s w o u ld b e r a ise d to s u p p ly a d e fic it in s u c h d is tr ic ts
w h e ro th e r o a d s fa ile d t o e a r n th e 5 lA % .
N o fig u r e s a re y o t
a v a ila b le o n th o p r o b a b le a g g r e g a te v a lu o o f th o r o a d s .
T h e I n t e r -S t a t e C o m m e r c e C o m m is s io n h a s o n ly c o m p le t e d
th e fis c a l v a lu a t io n o f th r e e r o a d s , a n d th e t e n t a t iv e v a lu a
tio n s o f o n ly fi f t y -s i x , th e la r g e s t o n e b e in g th o K a n s a s C it y
S ou th ern .
T h o o u t s t a n d in g c a p ita liz a t io n a n d b o n d e d in
d e b t e d n e s s o f all th e r o a d s a m o u n ts to a p p r o x im a t e ly
$ 1 9 ,0 0 0 ,0 0 0 ,0 0 0 , o f w h ic h a 5 j ^ % r e tu r n w o u ld b e $ 1 ,0 4 5 ,
0 0 0 ,0 0 0 . T h e g u a r a n t e e d r e tu rn to th e r o a d s u n d e r G o v e r n
W A L K E R D. IIIN E S A D V O C A T E S D IV IS IO N OF E X C E S S
EARN IN G S
OF
RAILROADS.
I he b e lie f t h a t n o p r o m p t , c o n fid e n t a n d lib o r a l r e g u la tio n
o f th o r a ilr o a d s w ill b o p r a c t ic a l u n loss p r o v is io n is in a d o
fo r th o a p p r o p r ia t in g f o r th o b o n o fit o f th o p u b lic in to ro st
a n im p o r t a n t p a r t o f th o o x c e ss w h ic h a n y r a ilr o a d c o m p a n y
m a y e a rn o v e r a r e a s o n a b ly c lo a r r e t u r n ” , w a s o x p r o s s o d b y
W a lk e r D . H in e s , D ir e c t o r G o n o ra l o f R a ilr o a d s in a n a d d ro ss
b e fo r e th o T r a n s p o r t a t io n C lu b in L o u is v ille o n J a n . 2 9 .
“ T h o s e w h o o p p o s o th is p la n ,” M r . H in e s s a id , “ se o m to
a s s u m o th a t it w ill o p e r a t o a s a d is c o u r a g o m o n t u p o n p r iv a t o
c a p it a l.
T h e y se o m t o a ss u m o th a t if th is p la n is n o t a d o p t e d
th o r o w ill b e n o d is c o u r a g o m o n t o n p r iv a t e c a p it a l, b u t t h e y
s h o u ld r e m e m b o r th o d is c o u r a g o in o n ts w h ic h h a v e e x is te d
h e r e t o fo r e .
T h e rea l q u e s tio n is w h e th e r a p la n sh a ll b e
a d o p t e d w h ic h w ill b o t h p r o t e c t tho p u b lic in to r o s t a n d rea
s o n a b ly p r o t e c t p r iv a t o c a p it a l, o r w h e th e r , o n th o o t h e r h a n d
a p la n sh all b o a d o p t e d w h ic h w ill fa il to d o o it h o r w ith a n y
d e g r e e o f s a t is fa c t io n . ” M r . H in es a ls o u r g e d th o c o m p u ls o r y
c o n s o lid a t io n o f th o r a ilr o a d s y s to in s o f th o c o u n t r y in t o a
fo w la r g e s y s t e m s , a n d s u g g e s te d th e p a r t ic ip a t io n o f th e
p u b lic a n d la b o r in th o m a n a g e m e n t o f th o r a ilr o a d s .
M r.
H in e s ’ r e m a rk s in p a r t w e r e as fo llo w s :
Intelligent consideration will bo greatly aided by recalling tho condi
tions of railroad regulation as they existed In 1917. and as they will again
exist under private control unless fundamentally changed by new legislation.
In 1917 railroad executives were profoundly discouraged as to tho con
ditions of railroad regulation. They found extreme difficulty in proving to
the public satisfaction what they regarded as their absoluto necessities in
tho way of increased rates, and they had no satisfactory method <>r dealing
with the labor problems which were constantly more pressing. Both
rates and services were being regulated by Federal and State legislative
bodies and commissions. Common action was much easier for the labor
organizations than it was for the railroads. Tho result was that so-called
privato management of tho railroads was regarded by tho executives them
selves as largely figurative, because they felt that to a great extent tho
management was virtually taken out of their hands.
llic question now is shall the railroads bo returned to substantially tho
same regulation which had proved so discouraging in 1917, or shall changes
be made sufficiently fundamental to romovo tho difficulties upon this ques
tion. 1 wish to offer tho result.-, of my own study of tho problem.
Broadly I bellovo that unless theso matters bo dealt with in a bold an
effective way the return to private management will be wholly disappoint
ing. I believe that no prompt, confident, and liberal regulation of tho
railroads will be practical unless provision Is made for tho appropriating
for tho benefit of tho public Interest an important part of tho oxcess which
any railroad company may earn over a clearly reasonable return. If this Is
not dono thero will be two continuing obstacles satisfactory general treat
ment o f tho rate problem.
-*• ■* One will be that rates sufficiently high to protect tho'gencral"Situation
will inure to an unreasonable extent to tho benefit of particularly prosper-
F eb . 14 1920.1
627
THE CHRONICLE
ous roads and this will operate to prevent the establishment of such rates. order to avoid accumulations; has appointed special terminal committees
The other will be that rates which might be sufficient to protect the situ to speed up tho movement of freight through terminals where a great deal
ation on the average would operate to produce unduly high roturns in ex of delay has occurred in tho past; during the prevalence of difficult situations
ceptionally prosperous years, and this fear likewise will have a restraining in the wheat-growing territory has given preference to the leading of wheat
on tho ground; has place tho refrigerator car supply of tho country under
influence upon satisfactory action upon the rate question.
On tlio other hand, if it is clearly understood that an important part of ono agency to get the maximum utility out of all such cars available, has
tlio return of any company In excess of a reasonable return will inure in carried on a constant campaign to bring about heavier loading of equipment
some proper way to the public benefit, these obstacles to satisfactory treats during tho prevalence of tho greatest need for the movement of coal and
ment of the rate problem will disappear. The excess earnings thus ap at the present time has given coal preference for loading in open-top equip
propriated for the public benefit ought to be used largely for the creation of ment; has eliminated circuitous routes as far as practicable; has transferred
reserves to protect the railroad situation in unfavorable years and thus an locomotives at different times to tho portions of tho country where they
wero needed tho most; and has given special attention through centralized
additional element o f stability will bo given to the situation.
The readjustment of rates at tho present time to establish the credit of agencies to take care of seasonal requirements and meet peculiar conditions
all tho railroad companies operating independently and on their separate which have resulted from bad weather and certain drought conditions, and
responsibilities will bo an exceedingly difficult matter, becauso the abnormal in every v'ay has tried to tho very utmost to make tho equipment and
conditions of tho last two years make it exceedingly difficult to draw any locomotives available do tho greatest possible amount of sendee.
By reason of theso expedients of unification the railroads were enabled
satisfactory conslusions as to the actual earning capacity of tho railroads at
tho moment. Tho public is also likely to como to realize that under a con in tho fall of 1919 to handle an exceptionally large business under excep
tionally difficult conditions. Tho postponement of buying in the spring
tinued unified control a largo increase in rates would not be necessary.
Therefore, tho proposal for tho largo Increases in rates which probably concentrated an extraordinary demand for commodities in the fall. For
example, there was an exceptionally small output of coal in the first six
will lie necessary to establish and sustain tho credit o f tho railroads sepa
months of the year and a consequent intense demand for coal in the fall.
rately under private management, Is likely to be met by strenuous and
plausible objections In such a situation tho prospect o f obtaining tho Beginning with a movement of 11,000,000 tons of coal per week early in
September, the railroads built up this movement to over 13,000,000 tons
necessary Increases will bo greatly improved by the plan which I recom
mended,'becauso all will appreciate that if for any reason on any railroad or in the week ending October 25, making an averago weekly movement
generally, it should turn out that rate increases produce rnoro than is suffi largely in excess of any pro-war movement. At tho very time when the
demands of business of all sorts wero becoming most pressing, the necessity
cient the excess will go largely to protect the public interest rather than to
aroso for moving tho wheat crop. From July 6 to Doc. 26, 76% of tho
givo the private owners an unnecessary additional benefit.
wheat crop was moved from tho farms; tho volumo moved was 645,318,000
I regard It as a very import part of this plan to leavo to the railroad
bushels— 7,940,000 bushels more than had been moved during the same
companies a sufficient proportion of the excess earnings to stimulate their
of 1918.
efficiency in the public interest. Beyond this point I believe the plan of period
The problem has been intensified by the failing off in loading per car
divisions of earnings which I propose is essential to the due protection both
from 1918, when under pressure of tho war very heavy loading was secured.
of tile public intfrest and o f all legitimate elements of private interest.
Tho loading per loaded freight car fell from an average of 29.2 tons in the
I have heard it seriously urged that the old system ought to be kept be
first 11 months of 1918 to 27.8 tons for tho same period of 1919, or a decrease
causo wo are familiar with it. This would bo a good argument if the old of 4.89% , this representing a loss of more than 105,000 cars available for
system had been satisfactory and had obtained a proper result in tho puolic loading. This falling off has occurred in spito of continued efforts of the
interest, but since T believe tho old system was wholly unsatisfactory and Railroad Administration, assisted by tho co-operation of many shippers.
was rapidly becoming progressively more unsatisfactory I am unable to
Nevertheless tho Railroad Administration proposes to continue to utilize
appreciate tho argument. I find no potency in the suggestion that we to tho end of Federal operation all the advantages given by unified control;
ought to adhere to a failure because we are familiar with it.
it wishes to givo shippers this assurance and to ask their continued co
operation.
_____________________________ _
W A L K E R D . II I N K S O F R A I L R O A D A D M I N I S T R A T I O N
O N T IIE D E M A N D S FOR T R A N S P O R T A T I O N .
CO N TIN U AN CE
OF
R.
R.
RECOM M ENDED
BOARDS
BY
W .
S.
OF
A D JU STM E N T
CARTER.
In n circular issued under date of Jan. 20 to tlio shippers
The continuance, even after the end of Government ope
of tlio United States, Walker D . Ilines, Director-General of
Railroads, referred to tlio fact that indications were that the ration, of tho Boards of Adjustm ent sot up by tho Railroad
demand for transportation during tho remainder of January Administration to render decisions on controversies arising
and February would bo extraordinarily heavy for this season out of tho application of wage orders and on other disputes
of tho year, and ho gavo assuranco “ that tho Railroad Ad between railroad officials and employees is recommended in
ministration proposes until tho last day of Foderal Contro- the annual report for the year 1919 of W . S. Carter, Director
to make overy effort to moot this extraordinary demand as of the Division of Labor of the Railroad Administration.
fully as possible;” ho likowiso took occasion to point out some In his report M r. Carter said:
It will bo noted that Railway Boards of Adjustment have no jurisdiction
of the limitations which are operative now, and which will over tho recommendation, issuance, and interpretation of wage orders,
continue to bo for somo time to como upon the performance their duties being confined to decisions on controversies arising out of the
application of wago orders and to decisions on all other disputes between
of tho full transportation servico. M r . Ilines says:
For the week ended Jan 3 1920 tho number of cars of revenue freight
loaded show an increase o f 102,228 cars over tho samo week of 1919 and
an increase of 210,209 cars over tlio samo week of 1918. Thcro is promise
of oven greater increase as tho winter progresses.
This Increased demand is doubtless duo largely to tho fact that as a
result of tho cessation of industrial activity following the signing of tho
armistice business was in aboyanco in tho spring of 1919, as was indicated
by tho fact that thcro wero largo surpluses of cars in all parts of the United
States lying idle during those months
Business was again Interfered
witli by tlio abnormal difficulties duo to tlio coal strike in November and
December, but sitico then tho accumulated business has been demanding
transportation with a rush.
The equipment available, despite the great use to which It has been put,
is in practically normal condition at the present time and has been con
stantly Improved slnco tho shopmen’s strike In August, 1919, which ma
terially interfered with repairs.
In tlio three years preceding Federal control tho average number of
freight cars acquired per year (Including equipment rebuilt at company
shops) was 97,158, and after allowing for retirements tho net average
addition was only 9,627 cars per year. During tho two years of Federal
control tho averago number of freight cars acquired per year will be ap
proximately 84,500, and after allowing for retirements tho net average
addition will bo not greatly in excess of tho averago net additions during
tho preceding three years. During these two years no freight cars could
be acquired in addition to cars ordered prior thereto but delivered during
Federal control, except a total of 100,000 freight cars, all of which are
included in tlio average per year above stated for tho two years of Foderal
control. Tho 100,000 cars were ordered in 1918 and represented tho
maximum for which material and labor could be obtained, in view of tho
demands Tor other war necessities. It was impracticable in this order
to provide for any additional refrigerator, stock, or flat cars, and there Is
an especially serious shortage in theso classes of equipment. No freight
cars could bo ordered in 1919. This was duo to tho clearly understood
policy of Congress in favor of tho early return o f tho railroads to private
ownership and becauso of the resulting lack of appropriations to bo used
for now capital expenditures.
In February 1919 I recommended a definite extension of Federal control,
and gavo as ono of tlio Important reasons tho fact that it would admit of
entering at onco upon an extensive program or increasing tho equipment
and improving tlio terminal and other facilities of tho railroads to take
caro or tho growing business of tho country. This view was not acted upon,
and no program for acquiring important amounts of additional equipment
has yet been entered upon. In October 1919 I pointed out tho pressing
needs of tho situation to the chairmen of the Congressional committees, and
tho matter has been specifically brought to tho attention of the railroad
companies.
But tho Bailroad Administration has not at any time been, and of course
is not now, in position to obtain tlio additional new equipment which Is
needed. Such equipment is chargeable to capital account and of courso
therefore must bo paid for by tho railroad companies.
T o make tills inadequate amount of equipment go as far as possible
tlio Railroad Administration has pooled equipment in order to equalize
tlio supply as fnr as possible and givo all shippers as equal treatment as
possible under tho circumstances; has made uso of tho permit system in
the officials and employees working under agreement.
Tho work of theso boards demonstrates not only tlio advisability of the
creation of such boards, but the necessity of their continuance cither under
Foderal control of railroads or thereafter. The fact that tho boards are
“ bipartisan,” without “ umpire” or “ neutral member,” and all of which
members aro experts on railroad agreement matters, lias led both officials
and employees to have confidence not only in tho fairness of decisions
reached, but as to tho technical ability of the members of tho boards to pass
intelligently upon all controversies submitted for decision.
Where controversies, sometimes of tho simplest character, formerly
resulted in negotiations extending over months or years, resulting in strained
relations between tho officials and the employees, sucii controversies when
not promptly disposed of by tho officials and employees aro referred to
Boards of Adjustment for final decision without any personal feeling in
tho matter.
.
..
M r . Carter’s report reviewed the comparatively small
number of cases on all the railroads in the country in which
difficulties have resulted in unauthorized strikes during 1919,
and pictured tho work of the Division of Labor of the R ail
road Administration in adjusting such controversies in co
operation with other branches of tho Railroad Administra
tion
Outlining labor conditions as ho saw them on railroads
prior to Government control and the railroad labor situation
when Government control of railroads began, M r. Carter
said :
...
T ,
Ono of tho principal purposes of the creation of tho Division of Labor
was to provide means whereby tho controversies that constantly arise botween railroad officials and employees would bo promptly and equitably
adjusted. An inability to adjust these controversies under past practices
resulted in strikes, threatened strikes, or a constant unrest among employees
to the extent that tho efficiency of the service had greatly diminished at
the timo that the roads wero taken over under Federal control.
During tho two or threo years antedating Fcdoral control of the railroads
an alarming situaticn was created in that tho employees’ organizations, as
a whole and through federations, found themselves confronted with similar
federations on the part of the railroads, the roads being represented by con
ference committees and tho conference committees being subordinate to
"advisory committees.” It was alleged by employees that these conference
committees of all of tho principal railroads in a district were not permitted
to grant the demands of employees, or even to make favorable compro
mises without tho consent of tho advisory committee. Tho advisory
commltteo, it is alleged, was tho agent of tho great banking institutions
that controlled tho financial policy of all tho railroads.
Arbitrations have been resorted to in tho later years in these district
movements, with tho result that employees reached tho conclusion that an
arbitration award depended entirely upon the frame of mind of the neutral
arbitrator
Persons selected to perform tnls function wero liberal in their
awards, in accordance with the liberality of their minds when appointed
upon such arbitration boards.
628
THE CHRONICLE
[Vol . 110.
i There seems to have been apublic opinion that any man, even indirectly
connected with labor, would be unqualified to act as a neutral arbitrator,
witn the result that most estimable gentlemen who had never had any con
nection with, and who had little knowledge of, labor conditions were called
upon to act as umpires in these great contests. It was alleged by tho em
ployees that usually these arbitrators, having no technical knowledge of
wage schedules, often made awards that were difficult o f interpretation,
if they did not, in fact, bring about conditions the very opposite to that in
tended by the neutral arbitrator. It also becamo apparent that in tho ap
plication of tho arbitration award the officials of a railroad wero the solo
administrations theroof, with tho result that after employees had been led
to believe that an arbitration award brought them mucii relief it was applied
in a manner that “ took away from them more than had been given them .”
hater, provisions were made for submitting controversies over the appli
cation of an arbitration award back to the arbitration board or to somo other
umpire, but this resulted in the continuation o f controversies over a period
of two or three yoars.
it may bo truthfully said that at the time the railroads passed under
way employees had sunk to a low degree. In many instances there was an
entire absence o f esprit de corps, so necessary for efficient operation,
r It was with tho knowledge o f this alarming situation and with a deter
mination to restore harmonious relations between employees and tho rail
roads and thereby increase the efficiency c f tho railroads, that the Division
of Labor o f tho Railroad Administration was created.
Is thero a practicable means now at hand for arriving at tho valuation of
tho railroads for tho purpose of building up such a rate system as Section 0
contemplates?
I havo no doubt that tho Inter-State Commorco Commission would bo
able to dovise some plan by which they could apply tho principles of Section
" as an interim arrangement until a moro dofinlto basis of valuation could
bo arrived at. In that connection, tho property investment accounts? of
the railroads as a wholo would bo found helpful if not conclusive. Per
sonally , I believe tho property investment accounts of tho railroads as a
whole aro not in excess of the fair valuo of tho railroad propert ies for rate
making purposes. I say this, having in mind that thero aro numerous
instances where it is claimed that cortain railroads aro over-capitalized,
liiere are other cases, however, whero it is equally clear that individual
companies aro under-capitalized, and in my opinion tho over-capitalization
ot somo carriers would be fully if not moro than offset by tho undor-capitallzation of others, and I repeat that tho aggregate property investment of all
the carriers could, in my opinion, bo used understanding^ and helpfully
as an interim measure.
What would bo tho practical benefit of Section 0 to such a railroad as tho
Baltimore Sc Ohio?
I ho application of Section 0 to tho TCastern group of railroads, of which
tho Baltimore & Ohio is ono, would result in establishing a fairer basis of
rates than has been in existence for a number of years past, and upon a basis
of rates so established I believe that the Baltimore Sc Ohio Company, with
Discussing tho unauthorized strikes which have occurred the return of normal business movements, could look forward with confi
during 1919 on railroads, M r . Carter said:
dence to tho future. No other solution of tho railroad problem now under
During tno year 1919 a considerable number o f minor strikes occurred, consideration by Congress, in my opinion, holds out such promise.
Tho question which Congress is really in tho act of determining at the
practically all of which were not authorized by the organization of which
the employees wore members. A major proportion o f these strikes was present timo is whether we are to have as a permanent policy in this country
adjusted through tho initiative o f the Division of Labor.
In somo instances privato ownership and operation of tho railroads or Government ownership
the representatives of this division used their good offices to bring about a and operation, which is tho only possible alternative. In my opinion, tho
adjustment, but in other instances activities o f the representatives of tho railroads under privato ownership and operation will furnish this country
division ceased when the strikers returned to work and tho original contro witn adequato transportation by rail at a lower cost to tho public than would
versy was referred by mutual consent back to tho officials and employees be the case tinder Government ownership and operation. I am assuming,
of the railroads to adjust.
of course, that it will bo understood that tho total cost of operation must
bo paid by the public, whether it bo paid through rates and charges applied
to each individual service performed or partly through rates and charges
and partly through funds taken from the public treasury and raised through
DANIEL WILLARD CONSIDERS SECTION 0 OF
the means of general taxation.
CUMMINS BILL PROVIDING FIXED RETURN,
BEST SOLUTION FOR RR. PLAN.
Tho belief that “ Section 0 of the Cummins railroad bill,
as it now stands, while not liberal with tho carriers either
in tho fixod percentage of return, or in the matter of division
o f excess earnings, is still by far the best solution yot pro
posed or considered by Congress,” was expressed by Daniel
Willard, President of the Baltimore & Ohio IIR ., on Jan. 27,
in answer to a series of questions put to him by tho W ash
ington correspondent of tho Baltimore “ Sun.” M r . Willlard
further said that “ if that section should become the law, I
believo it would enable the railroads to continue undor privato
ownership and operation with reasonable assuranco of suc
cess.” Tho alternative, he said, would bo Government
ownership. Among tho questions put to him and the answers
made by M r . Willard we quote tho following from the “ Sun.”
D i s p o s i t i o n o f E x c e s s E a r n in g s .
Docs tho excoss earnings feature of this legislation provide that the excess
profits o f the stronger roads are to bo applied toward the upkeep of tho
weaker ones?
Notning that Is said in Section 6 justifies the statement frequently made
that it is proposed to take from tho fortunate lines a portion o f their earn
ings, tho same to be given to tho weaker lines. It is recognized, however,
that from a basis of rates established for tho purpose of yielding a fair return
upon the combined value of all the roads in any competitive region, certain
of tho more fortunately located lines in that region would bo able to earn
from rates so fixed a larger net Income than is considered necessary in tho
public interest in the case of public utilities, and it is proposed in Section 0
that if from a basis of rates so fixed any individual road earns more than 6%
upon tho value of its property, a portion of such excess shall be paid over
to a fund under governmental supervision. All that tho weaker road gets
out of tho arrangement is tho opportunity to make and save what it can,
by its own efforts, from a fair basis of rates so fixed.
Wherein may tho Government expend tho excess earnings to be collected
from tho railroads under Section (3 to the best advantage?
It remains, o f course, w<th the Congress to determine how tho Government
shall dispose of any money which it may receive through the limitation of
excess earnings as provided in Section 6. As tho bill now reads, such
money shall be spent in such way as to promote tho transportation interests
of tho country. It is not the intention to give the money to the weaker
lines. Such funds might be used— as an illustration— to buy cars, possibly
of the refrigerator typo, and which could be used on all or any o f’the lines
in tiie United States where most needed to meet tho seasonable require
ments for service of that character. Of course, the roads using such cars
would pay the established rental, which would yield a profit to tho Govern
ment upon the transaction; at least such is my understanding of tho meaning
of tho law. I have mentioned the above instance as one way in which such
funds might be used so as to promote tho transportation Interests of tho
country as a whole. Other ways might be suggested.
D is c o u n t s D a n g e r o f W a s te .
Is it reasonable to support, as has been asserted, that tho management of
highly profitable railroads would waste their earnings in order to avoid tho
payment o f an excess to the Government ?
1 do not think it is reasonable to suppose that tho managements of highly
profitable railroads purposoly would waste their earnings in order to avoid
tho payment o f an excess to the Government, because, as tho Cummins
bill now reads, it Is provided that in any event suen railroads shall bo per
mitted to retain one-third of all earnings in excess of 6% upon the valuo of
then- property, the remaining two-thirds to be paid to the Government.
It has been urged that tho amount so taken by tho Government is so large
that it would entirely destroy incentive to effort and economy on the part
o f the carriers. I do not wholly share that view. although I think it might
bo better in tho public Interest to divide tho excess above 6 % equally
between tho individual company and the Government, and certainly in that
event it could not be urged that railroads, when permitted to keep one-half
of all earnings in excess o f 6% , voluntarily would relax their efforts and
lose the onoh alf simply becasuo they were not permitted to retain tho
whole.
TRANSPORTATION IN EASTERN STATES HAMPERED
BY HEAVIEST SNOW STORM IN 25 YEARS.
Among tho notable events during the month of February
1920, the series of snow storms which swept over the North
ern Atlantic States on February 4-5-0-7, will probably stand
out as the most important. N ot only was it characterized
as the “ costliest storm on record,” but it was also the
heaviest fall of snow sineo 1894. Tho snow fall was 17 }4
nchos for the four-day period tho storms lasted, namely
Fob. 4-7, inclusive.
A fall of 21 inches of snow was recorded in 1894 during the
period of Fob. 12-15 in that year, according to figures fur
nished by tho Unitod States Weather Bureau (New Y o rk .).
From Feb. 25-27 the same year another storm brought down
a fall of 15 2-10 inches: while in the blizzard of 1899 there was
a fall of 15 by inches from Feb. 12-14. It may bo observed
from theso figures that the most severe storms have regularly
come during the month of February.
Tho effects of this year’s storm in New York City were
accentuated by a serious coal shortage and a lack of men to
clean tho snow from the streets, both of which facts con
tributed to the prolonging of the abnormal conditions of
traffic and transit which wore directly attributable to the
storm.
Incidentally the northeast wind of Fob. 5 (tho second day
of tho storm) produced a new high tide record of 8.23 feet
at the Battery, New York. This great rise swept through
Coney Island, Roekaway and other beach places, causing
small hotels and homes to be swept away. Incoming railroad
trains were delayed greatly and the mail sorvioe was almost
abandoned for it was with great difficulty that any delivery
automobiles could operate at all.
A week after the snow storm started many of the car lines
on the main streets in the Borough of Manhattan were not
running. So serious was tho coal shortage, especially among
public utility and transportation companies, that Lewis
N ixon, Public Service Commissioner, on Fob. 5. following a
conference with officials of gas and electric companies, sent
identic telegrams to President Wilson and Senators W ads
worth and Cal dor urging that the United States Railroad
Administration stop its practice of seizing coal consigned to
the public utilities. The telegram said:
Coal shortage among public utilities o f Now York City is alarming. The
two great transportation companies of tho city, namely the Interborough
Rapid Transit and the Brooklyn Rapid Transit companies, are down to a
two days supply. They notified mo to-day that they must curtail sorvlce
unless they get moro coal. A shutdown in the present sovero wcatho
would l)o a public calamity, and tills Commission Is doing everything
possible to avert it. The utilities claim that large amounts of coal con
signed to them and jilalnly marked for public utility use havo been re
quisitioned by tho Railroad Administration and kept from coming to New
York City, causing the present sliortago. The situation Is desperate, and I
strongly urge that the seizure of public utility coal by the Railroad Adminis
tration be suspended and that every effort be exerted to rush coal supplies
to this city.
Commissioner Nixon on tho same clay also wroto to M ayor
Ilylan, sotting forth substantially tho samo facts as in his
telegram to President Wilson, andfadding that it would bo
F
well for tho M ayor to call upon the people to exercise the
utmost frugality in their use of electricity and gas.
On Fob. 6 announcement was made that the DirectorGeneral of Iiailroads had takon steps to relieve tho coal
shortage a t tho request of Senator Calder. Coal exports
wore further curtailed. The Director-General, it was said,
explained that thoro was plenty of coal in tho vicinity of
New York and that the difficulty was all due to the inability
to lighter it across Now York Harbor, lie said there was
plenty of coal at Perth Am boy, N . J ., and other New Jersoy
terminals. Tho same day (Fob. G) M ayor Hylan issued a
proclamation calling upon all those engaged in the transpor
tation business, with the exception of those delivering coal,
foodstuffs, milk and daily newspapers, to cease work from
Friday night, Feb. 6, until Tuesday morning, Feb. 10, and
turn their trucks, wagons and laborers over to the city for
use in carrying away snow in tho emergency. The proclama
tion was as follows:
T o th e P e o p le o f th e d t p
of N ew
T h e S tr o e t C le a n in g
629
THE CHRONICLE
14 1920.]
eb,
Y o rk :
C o m m is s io n e r r e p o r ts to m e th a t d u e to a la c k o f
S o m u c h ic o h a d f o r m e d in t h e s t r e e t s d u r i n g t h o t h a w s a n d f r e o z o s t h a t
in t e r m it t e d w i t h th o s n o w a n d s le o t s t o r m s l a s t w e e k t h a t u n le s s th o w e a t h e r
c o m e s t o t h e r e s c u e it p r o b a b ly w ill b o w e e k s b e fo re th o la s t o f t h e ic e a n d
d r ift s a ro g o n e .
O n h u n d r e d s o f s t r e o t s i t h a s b e e n f o u n d t h a t t h o ic o u n d e r
l y i n g t h e s n o w w h i c h w a s t u r n i n g t o s l u s h i n y e s t e r d a y ’s m i l d a t m o s p h e r e
w a s s o t h ic k t h a t s h o v e ls w o u ld n o t p e n e t r a t e it .
c ro w b a r s , a x e s a n d sle d g e s.
Ir w a s a jo b fo r p ic k s a n d
T o m a k e m a t t e r s w o r s e , th e c h u n k s th u s d is
lo d g e d a r o s o t h i c k a n d s o lid t h e y d a r o n o t b o th r o w n in to t h e s e w e r s fo r
fe a r o f c lo g g in g th e m
a n d m e n a c in g t h e h e a lt h o f t h e w h o le c i t y , s o e a c h
c a r t lo a d m u s t b o h a u le d t o o n o o f th o r iv e r s .
N o t o n ly h a s a g e n e r a l in s p e c tio n o f th o s t r e e t s ro v e a le d t h a t o n e o f th e
h a rd e st sn o w
r e m o v a l j o b s in y e a r s c o n f r o n t s t h o S t r e e t C l e a n i n g D e p a r t
m e n t, b u t th e
su p p o sed .
M a n h a tta n
tr o lle y
F o r se v e ra l d a y s
lin e s a r o
in
it w a s b e lie v e d
fa r
w o rse s t r a it s
tita n
t h e c h ie f tr o u b le l a y
w as
in t h e
c lo g g in g o f th o t h ir d - r a il s lo t s , b u t m o r e t h o r o u g h e x a m in a tio n h a s r e v e a le d
t h a t th o fe e d - w ir o c o n d u it s h a v e b o o n fr o z e d f u ll o f ic o , a n d t h a t u n le s s th o
w e a th e r m o d e r a te s d e c id e d ly th e s e w ill h a v e t o b e th a w e d a lm o s t fo o t b y
fo o t.
T h o u s a n d s o f m o to rm o n a n d c o n d u c to rs w h o
o th e r w is e a g a in
a id e d
p ro g re ss w a s m a d e .
t h e lin e s o f t h e N e w
th e re g u la r re p a ir a n d
T h e r e r e m a in s m u c h
w ith
and
c lo g g e d
S tre e t
o p erates
c h a n n e ls
s w itc h e s lie
chopped a w a y .
Though M ayor
b o d o n e , p a r t ic u la r ly
a lo n g
Y o r k R a i l w a y s C o m p a n y , n o w in t h e h a n d s o f J o b E .
H o d g e s a s r e c e iv e r , w h ic h
fro n te d
cu rv es
w o u ld h a v e b e e n id le
e m e rg e n c y fo rc e s, a n d so m e
to
th o
and
H y la n
of
h a s d ir e c t e d
C le a n in g C o m m is s io n e r ,
to
g re e n
fro z e n
u n d e r sh e e ts
cars.
N o t o n ly
is
c o n d u it s ,
but
in
t h ic k , s o lid
ic e ,
w h ic h
it co n
m any
p la c e s
m u st be
C o m m is s io n e r A r n o ld B . M c S t a y ,
u n d e rta k e so m o
o f th o
w o r k o f c le a n
c o n fr o n tin g
in g t h e c o m p a n y 's r i g h t o f w a y w it h t h o id e a o f m a k in g t h o c o r p o r a t io n r e
th o c it y b y re a s o n o f th e g r e a t s t o r m , a n d t h a t th o h e a lth a n d b u s in e s s o f
p a y th o e x p e n se u n d o r it s fr a n c h is e , it w ill p r o b a b ly b o d a y s b e fo re th o s t r e e t
th o p e o p le
c le a n e r s c a n t u r n t h e ir a t t e n t io n in t h a t d ir e c t io n .
N o p r - .- d i c t i o n a s t o r e s u m p t i o n o f s e r v i c e c o u l d
m en
ho
is
u n a b le
to
o f th o
copo
c it y
w ith
th o e x t r a o r d in a r y
a ro b e in g
s e r io u s ly
c o n d it io n s
je o p a r d iz e d
by
re aso n
th e re o f,
a n d im m e d ia t e p r o v is io n m u s t b o m a d e t o r e m e d y e x is t in g c o n d it io n s .
T h e s it u a t i o n , t h e r e fo r e , is o n e o f g r e a t e m e r g e n c y a n d c a lls fo r im m e d ia te
a c tio n .
It
can
b o m e t s u c c e s s fu lly o n ly th r o u g h a c t iv e c o - o p e r a t io n a n d
a id o f a ll e n g a g e d
sh ip
lin e s a n d
in t h o t r a n s p o r t a t i o n b u s in e s s s u c h a s r a i l r o a d s , s t e a m
o th e r c a r r ie r s , n o t in c lu d in g th o s e e n g a g e d
in
th o d e liv e r y
I , t h e r e f o r e , c a ll u p o n a ll t h o s e e n g a g e d in s u c h t r a n s p o r t a t i o n
b u s in e s s
F r id a y n ig h t , F e b . 6 , u n til T u e s d a y m o rn in g , F e b . 10
10 2 0 , a n d m a s t e a r n e s tly r e q u e s t t h a t t h e ir tr u c k s a n d o th e r p a r a p h e r n a lia
Y o rk
a r e re q u e s te d t o v o lu n te e r
th a t d a y
and
b o g o t fro m
th e
O u t o f th e e n tiro N o w Y o r k
S o v o n th
A venuo,
th o
S ix t h
6 9 th to 9 9 th S tro e t.
A venue,
A v o n u o n o r t h a n d s o u t h lin e s w e r e id le .
s e r v ic o h a d
b eon re sto re d .
F o u rte e n th ,
Tho
T h ird
th o
o f th o
L e x in g to n
N o t a s in g le b lo c k o f c ro ssto w n
T h irty -fo u r th
R a ilw a y
and
announ ced
116 th
S tre e t
t h a t s e r v ic o
F o rt L e o F e r r y to 15 2 d S tre e t a n d A m ste rd a m
had
lin o s .
bo
n resu m ed
A v o n u o v ia M a n h a tta n
S t r e e t a n d A m s t e r d a m A v e n u ?; f r o m T e n t h A v o n u o a n d F i f t y - f o u r t h S t r o e l
to B r o a d w a y o n T e n t h A v e n u o : fro m
t r a n s m i t t e d t o t h o D e p a r t m e n t o f S t r e e t C l e a n i n g , s n o w o f f i c e s , in t h e f o l
R o c h e lle ,
lo w in g b o ro u g h s:
M a n h a tta n ,
te le p h o n o
H a r l e m R i v e r w e r e in f u l l o p e r a t io n .
T h o m a n a g e m e n t s a id it h o p e d to re s to ro s c rv ic o t o -d a y fro m
W o rth
.'5 2 1 0 :
B r o o k ly n ,
A la in
2 2 9 1:
B ro n x ,
fro m
to su ch
v o lu n te e r s n e a r e s t t o
th e m
and
B r o a d w a y w e s t o n F ifty - n in t h S tro e t;
th e E a s t R iv e r to B r o a d w a y o n G r a n d S tr o e t, a n d th a t Y o n k e r s . N e w
M ount
V e rn o n
F e r r y to E ig h th A v e n u o
a s s ig n e d
That
T h o B ro a d w a y ,
ro st
T h e c r o s s to w n r o u te s a ro th o S p r in g , E ig h th ,
T w e n ty -th ird ,
A venuo
and
th e u s e o f t h e ir p ie r s f o r d u m p in g t h e s n o w .
In fo r m a t io n a s to t r u c k s a n d m e n a v a ila b le fo r s n o w r e m o v a l s h o u ld b e
M e l r o s e 0 9 7 (5 .
A d u m p w i ll lie p r o m p t l y
com
n ig h t fo r c e s w o ro d o in g tn o ir
R a i l w a y s s y s t e m , o n l y f o r t y b lo c k s o n a s i n g le lin o w o r o o p e r a t in g .
fr o m
N ew
I t w a s sa id
u tm o s t , b u t t h a t th o jo b w a s a s t a g g o r in g o n o .
in c id e n t t o th e ir b u s in e s s , in c lu d in g t h e ir la b o r in g fo r c e s , b o o ffe r e d t o th o
c i t y in t i l l s o x t r e m o e m e r g e n c y .
A l l t r a n s p o r t a t io n lin e s e n te r in g
la s t n ig h t.
w a s t h o L e x in g t o n A v e n u e lin o f r o m
th o
o f fo o d s t u ffs , c o a l, m ilk a n d d a ily n e w s p a p e rs .
to co a so w o r k fro m
pany
F ift y - n in t h
and
and
o th e r
12 5 th
S tre e t cro ssto w n
lin o s
of
th o
com pany
n o rth
of
F o rt Leo
S tr e e t a n d “ p r o b a b ly ” th o 12 5 t h
lin o s a n d
tiro T h i r d
A vonuo
th o
S tro e t
ro u to
fro m
fo e s h o r t h a u ls .
A m e e t in g o f r e p r e s e n t a t iv e b u s in e s s m e n w ill b e c a lle d fo r t h w it h to c o
S ix t y -fifth S tro e t n o rth .
A s u r v e y la t e la s t n ig h t b y
o p e r a t e in c a r r y i n g o u t t h i s p l a n f o r t h o r o l ’ e f o f t h e p e o p l e o f t h e c i t y .
JO H N F . H Y L A N . M a y o r.
h im s e lf w a s fo llo w e d b v a m o o tin g o f s o m o in e m b o r s o f t h o S n o w C o m m i t t e o
N o t satisfied with the volunteers who responded to his
proclamation urging that the trucking facilities of the whole
city bo placed at tho disposal of the Street Cleaning Depart
ment in an effort to freo the streets from the snow, M ayor
H ylan issued another proclamtion on Fob. 7, demanding
that all oboy the law requiring that sidewalks and gutters be
kept clear and asking for tho co-operation of every citizen
in mooting an emergency without precedent. Ilis second
proclamation read as follows:
C IT Y
O F
N EW
Y O R K .
O ffic e o f th e M a y o r ,
Feb. 7
19 2 0 .
P R O C L A M A T IO N .
T o th e P e o p le o f th e C it y o f N e w
m i s s i o n e r o f S t r e e t C l e a n i n g in c a r r y i n g o u t t h o c i t y ’s p l a n s f o r t h e p r o m p t
in
o rd e r
t h a t th o lio a lt h
and
b u s in e s s o f th o
bo p ro te c te d .
.
*
E v e r y c it iz e n c a n h e lp in t i l l s e x t r o m o e m e r g e n c y .
d u ty ,
b u t re q u ire d
"e v e ry
any
by
th o
la w .
Tho
b u ild in g
or
lo t
of
g ro u n d
in
A l l r e s id e n ts o f t h is
and
th o la w
and
g u tte rs.
c it y
p ro ceed
th o
c it y
m ay
I t is n o t o n ly a c iv ic
o f O r d in a n c e s p r o v id e s t h a t
o w n e r , le s s e e , t e n a n t , o c c u p a n t o r o th e r p e rs o n
a n d ic e , d ir t o r o th e r m a t e r ia l fr o m
w ith
Codo
c it y
.
.
. s h a ll.
h a v in g c h a rg e o f
.
. rem o ve
sn o w
th o s id e w a lk a n d g u t t e r .”
a re , th e re fo re , u rg e n tly
fo r t h w ith
w ith
re q u e ste d
t h e c le a n in g
to
c o m p ly
o f th o ir s id e w a lk s
th e
S tre e t
m o m b o rs o f t h o M a y o r 's
C le a n in g
C o m m is s io n e r
E m o rg o n cy
and
b y
th e
Snow
M ayor
H e a d q u a r t e r s w a s d ir e c t e d t o s e n d t h i s o r d e r t o e v e r y p r e c in c t in t h o c i t y :
" N o t i f y a ll s t a b le s a n d g a ra g e s n o tr u c k in g w ill b o a llo w e d to -m o rro w —
M o n d ay— except
p a p e r s .”
Thus M ayor
fo r
ca rta g e
of
m ilk ,
fo o d s tu ffs ,
c o a l,
sn o w
and
n ew s
H y l a n 's r o q u o s t t h a t o t h e r f o r m s o f t r u c k i n g c o a s o a n d a n
t r u c k s a n d la b o r o r s b o t u r n e d o v e r to th o c i t y , b o c o m o s a p o s i t iv e o r d e r to
th e e x te n t o f fo r c in g
th e s t o p p a g e o f o th e r s o r t s o f h a u la g e .
The storm, according to a special report of Jamos H . Scarr,
Government meteorologist, consisted of a combination of
rain, sleet and snow such as had not beon experienced in
Now York in tho history of the Weather Buroau. A s de
scribed in tho report referred to, its various phases were:
R a in
began ab ou t 3
a . m . o f th e 4 th a n d e n d e d 3 :2 5
a . m .; s le e t b e g a n
a b o u t 3 :2 5 a . m ., e n d e d 7 :2 0 a . m .; s n o w b e g a n 7 :2 0 a . m ., e n d e d 1 0 :5 0 p . m .;
th o
10 :5 0
5 th ; ra in
p.
and
5 :3 0 p . m ., e n d e d
m ., c o n t in u e d
sn o w
began
1:4 5
at
m id n ig h t a n d
p.
m .,
onded
onded
5 :3 0
10 :3 0 p . m .; s le e t a n d s n o w b e g a n
6 a . m . o f th e 6 th ; r a in b e g a n 6 a . m ., e n d e d 7 :2 0
p.
p.
m . of
m .; s le e t
1:4 5
began
10 :3 0 P - m ., o n d e d a t
a . m .; r a in
bogan
a . m .. e n d e d 2 : 2 5 p . in .; s n o w a n d s l e e t b e g a n 2 : 2 5 p . m ., e n d e d 5 :2 0
10 :4 5
p. m .
r a in b e g a n 5 :2 0 p . m ., e n d e d 6 p . m .; s n o w a n d s l e e t b o g a n 6 p . m .. e n d e d
9 p . m .; sn o w b e g a n 9 p . m . , c o n t in u e d a t m id n ig h t a n d e n d o d a t 7 : 1 5 a . m ;
o f th e 7 th .
T h o to ta l
5 th ,
6
_
s n o w fa ll
in c h e s;
6 th ,
m id n ig h t
5 .5
in c h e s ,
to
and
m id n ig h t
7th ,
w a t e r e q u iv a le n t o f th e s n o w , s le e t a n d
0 .5
ra in
of
th o
In c h .
4 th
,
w as
Tho
p r e c ip ita t io n fo f
w a s o n th e 4 th ,
5 ..>
1.5 8
in c h e s ;
in c h e s ;
5 t l i , 1 . 3 8 in c h e s ; 6 t h , 1 . 4 7 in c h e s , a n d th o 7 t li, 0 .0 2 in c h .
O c c u p a n ts o f c o r n e r h o u s e s w ill re n d e r m a te r ia l a s s is ta n c e
t o t h o s e e n g a g e d in s n o w r e m o v a l I f t h e y w ill r e a li z e t h a t t h e r e is a m o r a l
o b lig a t io n t o c le a n a d ja c e n t c r o s s w a lk s .
I f r e s id e n ts w ill g iv e th e ir h o a r t y a n d
th o p o lic e a n d
by
a n d c it y o ffic ia ls a t C it y H a ll, a ft e r w h ic h th o T e le g r a p h B u r o a u a t P o lic e
s le e t b e g a n
Y o rk :
T h o b u s in e s s m e n o f t h is c it y h a v e a lr e a d y p le d g e d t h o ir h e lp t o th o C o m
re m o v a l o f sn o w
C o m m itte o ,
th o sn o w
a c t iv o c o - o p e r a t io n , th o w o r k o f
re m o v a l c ro w s w ill b o fa c ilit a t e d
and
o u r c i t y ’s
th o r o u g h fa r e s re s to r e d t o th o ir n o r m a l c o n d it io n .
I k n o w it is o n ly n e c e s s a r y t o c a ll th o s e r io u s n e s s o f th o s i t u a t i o n t o th o
a t t e n t io n o f th o p e o p le t o e n lis t t h e ir im m e d ia t o a i d .
JO H N F .
H Y L A N ,
M a y o r.
Tho M ayor also on Fob. 7 appointed a committeo of citizens,
“ to co-oporato with tho Street Cleaning Department to deviso ways and means to reliovo the conditions now oxisting
in tho city duo to the storm ,” designating it the Emergency
Committeo on Snow Removal.
On tho same day tho W ar Dopartmont at Washington
issued ordors for ono officer and a detachment of men trom
tho Chemical Warfare Scrvico at Edgewood, N . J ., to proceed
to Now York and roport to tho recruiting officer of this city
for recruiting duty and to assist in helping adjust traffic
conditions and clear tho streots of snow.
The details were equipped with flame throwers, which
proved to be of less value, however, in the work of removing
tho snow than had been anticipated.
A fair idea of the congestion which resulted from the storm
was given in the New York “ Tim es” of Feb. 9. This paper
said in part:
I
r o c e d u r e
1920, E x c e s s P r o f i t s T a x P r o
by II. H . M ontgom ery, C .P .A ., Attornoy-at^
Law, ex-Presiclent American Association of Public
Accountants. 2 volumes, 1,000 pages, floxiblo binding.
n c o m e
T ax
c e d u r e
P
.
$9 complete.
.
This 1,600-page manual is designed to givo definite,
specific advice and dotailed illustrations in plain English
that any ono can understand regarding tho incomo tax re
turn of individuals as well as corporations, partnerships and
fiduciaries. Previous editions of this work wero propared
in 1917, 1918 and 1919, and lawyers and professional ac
countants have como to rely upon it because they find the
work so practically helpful. M r. Montgomery, the author,
is both a Certified Public Accountant and an Attorney-atLaw, which enables him to correlate the law and tho account
ing procedure.
These volumes cover the New York Stato tax (January
regulations) as well as the Federal tax, explaining all the
legal and accounting phases. Tho fact that they follow
closely the arrangement of tho official return makes their
consultation convenient. A tabular arrangement compares
tho Federal and State income taxes in such a way as to make
possible the preparation of the two returns atJlio saino time.
630
THE CHRONICLE
The work undertakes to cover all phases of the subject, in
cluding exemptions, deductions, credits, dividends, stocks
and bonds, depreciation, obsolescence, interest, &c.
W hat adds to the utility of these manuals is the fact that
M r . Montgomery gives definite legal advice concerning
decisions on mooted questions so that the reader is not thrown
upon his own resources. The manuals, it may bo noted,
aro adapted for the average business man as well as for
lawyers, accountants and corporation officials.
ITE M S A B O U T B A N K S , T R U S T C O M PAN IES , &C.
N o sales of bank or trust company stocks were made this
week at the Stock Exchange or at auction.
Three New York Stock Exchange memberships were
reported posted for, transfer this week, the consideration
being stated as $101,000, $95,000 and $92,000, respectively.
The Guaranty Trust Co. of Now York has acquired the
land and buildings on the northeast corner of Broadway and
Liberty St. known as 150, 152, 156 and 158 Broadway and
69 Liberty S t., and in due courso of time will remove the
present structures and erect an office building on the site.
Plans for the new structure have not been completed.
A t a regular meeting of the directors of the Chemical
National Bank of New York on Feb. 11, Frank K . Houston,
now Vice-President of the First National Bank of St. Louis,
M o ., was appointed a Vice-President of the Chemical.
The proposal to increase the capital of the American
Foreign Banking Corporation from $3 ,500,000 to $5,000,000
will be acted upon at a special meeting of the stockholders to
be held at the company’s offices at 53 Broadway this city
on Feb. 25.
The National City Bank of New York announces that its
branch at Ponce, Porto Rico, opened for business on Feb. 10.
The branch is the second established by the bank in Porto
Rico. Throughout the entire Caribbean region the City
Bank and the International Banking Corp. togothor now have
a total of 39 branches.
W ith more than 135 pages of detailed explanation, tho full
text of the law itself, ancl a 10-pago index, the new booklet
on “ Federal Taxes on Income and Profits” just issued by the
Guaranty I rust Company of Now York discusses tho most
important questions which may bo raised by an individual,
a partnership, or a corporation, in connection with Federal
income taxation. Rulings of tho Treasury Department
form the basis of the greater part of the explanatory text,
with particular attention to the problems connected with the
taxable year of 1919. Part I of this booklet takes up tho
question of the imposition of tho tax, and its rates; Part II
deals with the determination of “ net incomo;” Part III with
returns, payments and claims; Part IV solely with the excess
profits tax; Part V gives tho text of tho law itself. Of par
ticular value to corporations aro the sections devoted to the
computation of the excess profits tax and tho determination
of invested capital. A chart shows how tho normal incomo
tax and the surtax apply to not incomes ranging from $3,000
to $1,000,000, also the total tax payable.
R . E . Saunders, New York agent of the National Bank of
South Africa, L td ., N o . 10 W all Street, announces that a
branch of the bank has been opened at Wynborg, in the
Cape Province. More .than 400 branches of this bank,
whose main office is at Pretoria, Transvaal, aro now located
throughout South Africa.
A t a regular meeting of the directors of tho Hudson Trust
Co. all the old officers wero re-elected and John J. Broderick,
the Treasurer, was also elected a Vice-Presidont.
The Mechanics & M etals National Bank of the City of
Now York has issued a book, “ Seventy Points on the In
come T a x .” The book considers 70 typical cases arising
with individuals or corporations under tho tax, common
errors made by them in calculating tho return, and a state
ment of what the correct return would bo.
The American Trust C o., 135 Broadway, this city, after a
meeting of the Board of Directors, announced on Feb. 7
through President Harry A . ICahler, that the books of the
bank showed that January had been a record month, and
[Vol. 110.
that now tho total of deposits had risen to slightly above
$11,500,000.
Tho election of II. G . Humphrey as Director of the Old
Colony Trust Company of Boston, M a ss., is announced.
M r. Humphrey is Secretary and Treasurer of tho Union
Land and Cattle Co. of Rono, N o v ., and Secretary and
Treasurer of the Union W ool Co. of Boston.
Robert P . Cregar, who was a mombor of tho banking
house of Edward B . Smith & Co. of Philadelphia and Now
\ ork, died on the 8th inst. as a l’esult of scalds suffoi’ed in a
shower-bath at tho hotol in this city at which ho was stopping.
M r. Cregar’s homo was in Philadelphia, and ho was well
known in financial and social circlos in that city and in Now
York as well. M r. Cregar wont with Edward B . Smith &
Co. as Cashier when tho firm was formod in 1892, and had
been a member of tho firm sinco 1911.
A t a meeting of tho directors of tho Franklin Trust Co. of
Philadelphia, P a., on Fob. 3 , C . Addison Harris, Jr., was
elected President, succeeding Henry E . Woodman, whose
death occurred on Jan. 26. Prior to his promotion, M r.
Harris was Vice-Presidont and Treasurer. As a result of
tho election of M r. Harris to tho Presidency, tho following
changes aro announced: A . B . Dauphinoo, formorly Secro
tary and Assistant Treasurer, has been olocted Treasurer;
Anson L. Crispon, previously Assistant Troasuror, bocomos
Secretary and Assistant Troasuror, and Albert L. Tabor
has been mado Assistant Secretary. A . C . Woodm an, Vice
President of tho Union Potroloum C o., was olectod a director
filling the vacancy duo to tho death of M r. H . E . Woodm an.
A charter for the County National Bank of Lock Havon,
at Lock Haven, Pa. (capital $250,000) has boon applied for.
Van Lear Black, whose election as Prosidont of tho Fidel
ity Trust Co. of Baltimore was notod in thoso columns Jan.
17, was elected to tho nowly created offico of Chairman of
tho Board of tho Fidelity and Deposit Co. of Baltimore at
the annual meeting of tho stockholders on Jan. 20. Formor
Formor Governor Edwin Warfiold, who resigned from the
presidency of tho Fidolity Trust (and is now Chairman of the
Board of that institution) has also resigned as President of
tho Fidelity and Doposit Co. Thomas A . Whelan was
elected President of the lattor on Jan. 20. M r. Whelan
was 1st Vice-President of tho Fidelity and Doposit C o., and
with his advancement tho following changes have occurred
in the official staff: Charles R . Miller, 2d Vice-President,
elected 1st Vice-Presidont; William Hugh Harris, 4th Vice
President, elected 2d Vice-Presidont; Guy Leroy Stovick,
manager of tho company’s Pacific Coast business, and Robert
S. H art, Secrotary of tho company, wero also olectod Vice
Presidents, M r. Hart retaining also tho post of Secretary.
Soymour Mandelbaum, who for many years has beon an
executive vice-president of the company, doclinod to accept
a re-election as Vice-President, but continues as a mombor
of tho executive committee and Chairman of tho financo
committee.
Vice-Presidents re-olected wero Ilonry B . Platt, of Now
York; Joseph A . Flynn, of New York; Frank A . Bach,
George L. Radcliffo, Fred S. Axtell, Frederick A . Prico, of
Chicago, and Millard Leonard. Other officers olectod or
re-elected wero Roland Banjamin, Troasuror; Thomas L.
Berry, Assistant Secrotary-Treasuror; Charles V . R . Marsh,
Assistant Secretary-Troasuror; Harry A . Schultz, Assistant
Treasurer; William R . Bishop, Richard W . Worthington,
William B . Atlioy, Frank P. Wolch, John G . Y ost, Hugh
M . Allwood and William A . Lauten, Assistant Secretaries.
W . Bladen Lowndes and John S. Gibbs, Jr., woro olectod to
tho executive committee to fill v.acancios caused by tho
deaths of Thomas O ’Noill and Charles A . W obb. Harry C.
Black was elected to tho financo committee to fill the vacancy
caused by M r. W obb’s doath. Six now directors woro olocted
to the board of tho Fidolity and Doposit C o ., namely:
II. II. Robinson, of tho banking firm of Harriman •& Co.
of New York; Donald Symington, President of tho Sym
ington Corporation of Delaware; Gcorgo S. Jackson, former
member of the grain firm of Gill and Fisher and 2d Vice
President of tho United States Food Administration Grain
Corporation; John S. Gibbs, Jr., President of tho Gibbs
Preserving C o.; E . Evorott Gibbs, Prosidont of tho Southern
Can C o., and John M . Roquardt, formor Assistant AttorneyGeneral undor G ov. Ritchio.
631
THE CHRONICLE
F eb . 14 1920.]
The proposal to increase tho capital of the National Bank
of Commerce of Baltimore from $750,000 to $1,200,000 was
approved by tho stockholders on Fob. 4 1920.
Iho new
stock, par $15, is to bo sold at $38 per sharo. Payment for
the new stock is to be made on or before Juno 30 1920, and
the enlarged capital will become effective July 1 1920, or as
soon thereafter as the certificate of tho Comptroller of the
Currency is rccoived.
Edward F . Romcr, late President of the Cosmopolitan
Bank and Trust Co. of Cincinnati, was elected a Vice-Presi
dent of the Union Savings Bank and Trust Co. of Cincin
nati on Jan. 27. M r. Romer’s vice-presidency is an addi
tional ono with tho union staff. M r. Romer it is announced,,
will devote his attention to the commercial business of tho
Union. Tho severance of M r. Romer’s association with the
Cosmopolitan Bank and Trust Co. occurred at the recent
annual meeting. M r . Romer had been with the Cosmo
politan for eight years, starting as Cashier and then succeed
ing to the Presidency. Prior to that he had been Deputy
State Banking Superintendent of Ohio.
J. R . Edwards, who had heretofore been Manager of the
bond department of tho Fifth-Third National Bank of
Cincinnati, has been made Vice-President, in addtiion to
continuing as Manager of tho department.
The City National Bank of Johnson City, at Johnson
City, Ten n ., has, it is learned from the weekly bulletin of
the Comptroller of the Currency, issued on Feb. 7 , increased
its capital from $50,000 to $200,000.
An increase of $150,000 in the capital of the La Giange
National Bank of La Grango, G a ., is announced by the
Comptroller of the Currency, making the capital now
$3 00 ,0 00 , against $150,000 previously.
L. M . Pool, President of the Marine Bank and Trust C o.
of Now Orleans, has announced several changes in the
official staff of the institution. W . T . Marfield, who had
been Cashier sinco the organization of the com pany, has
been made a Vice-President. John Dane, who has been in
charge of the bond department, becomes Vice-President in
charge of bond operations; Fred Brenchley of the foreign
department, has become Vice-President, in charge of the
foreign department; W . J. Pillow has been advancod from
the office of Assistant Cashier to that of Cashier, and George
Delery has been chosen Assistant Cashier. J. A . Bandi
remains as 1st Vice-President; G . Huber Johnson and A . J.
Crozat continue respectively as Assistant Cashier and Trust
Officer. Commenting on these promotions, President Pool
said:
.
T h o g ro w th o f th e M a r in e h a s b e e n so v e r y
phenom enal and
. .
.
c o n s is te n t
t h a t w e h a v e b e e n c o n t in u a lly fo r c e d t o e n la r g e b o th o u r o p e r a t in g o r g a n iz a
tio n a n d b a n k in g s p a c e .
D e s p ite th e fa c t th a t w e h a v e m o v e d In to o u r n ew
b u ild in g , w e h a v e a lr e a d y o u tg ro w n th e s o q u a r te r s a n d a r e r u s h in g to c o m
The namo of the National Bank of Elyria, Ohio, has been
changed to tho First National Bank of Elyria.
p le tio n t h e M a r in e B a n k A n n e x w h ic h w ill g iv e u s e x a c t l y d o u b le o u r p r e s e n t
ro o m .
T h o o ffic e r s p ro m o te d
b u s in e s s
so m e
d e p o s it s t o
Tho First National Bank of Portsmouth, Ohio, has in
creased its capital from $300,000 to $400,000.
Application lias been mado to the Comptroller of tho
Currency for a charter for tho Albany Park National Bank
ofj,Chicago witli a capital of $200,000.
u su al
tw e n ty
m o re th a n
s e r v ic e s
m o n tlis
h a v o b e e n w ith
ago.
T hey
$ 2 0 ,0 0 0 ,0 0 0 , a n d
s u b s ta n tia lly
th o M a r in o s in c e it s t a r t e d
have
I am
h e lp e d
d c llg h to d
in
to
Its
g ro w th
In
h a v e t h e ir u n
re c o g n iz e d .
The Marino Bank & Trust Co. was organized on March 18
1918; on Dec. 31 1919 it had grown to an institution with
resources of $26,089,074. Its deposits at the end of the late
year wero $21,395,629. The company has a capital of
$1 ,000,000, surplus fund of $217,400, and undivided profits
of $69,508.
_
Tho Continental National Bank of Sioux City, Iowa, has
increased its capital from $100,000 to $250,000.
The First National Bank of El Paso, T ex ., has increased
its capital from $800,000 to $1,000,000.
Thomas Pago, President of tho Shawnee State Bank of
'Topeka and a director of tho Bank of Topeka, died on Jan. 19.
IIo was also President and foundor of tho Thomas Page
Milling Co. and was interested in many other enterprises.
IIo was born in Scotland, coming to tho States when a young
man when ho camo W est and entered tho milling business,
climbing from tho bottom to tho top. IIo gave liberally to
charity and helped very substantially in overy war drive.
Tho Central Texas Exchange National Bank of W aco,
T e x ., has changed its name to tho Central National Bank
Nine mombors of tho board of directors of the Mississippi
Valley Trust C o ., whoso terms expired, were re-elected for a
tenn of tliroo years at tho annual stockholders’ meeting of tho
Mississippi Valley Trust Co. of .St. Louis on Feb. 2. They
aro: Herbert D . Condio, President Condie-Bray Glass &
Paint C o .; J. D . Perry Francis of Francis Bro. & C o.;
S. E . H offm an, Georgo A . M ah an , of Smith & M ahan,
Hannibal, M o .; W m . D . Ortliwein; Samuel Plant, Vice
President, Geo. P. Plant Milling C o .; Charles E . Scliaff,
Receiver, M . Iv. & T . Ily .; Bradford Shinkle, Treasurer,
Johnson, Stephens & Shinkle Shoo C o ., and Charles Wiggins,
Co-Trustee of tho Liggott Estate. The other members of
tho company’s board whose terms aro still running are:
W illia m
B a g n c ll,
P r e s id e n t
Ila g n o ll
T im b e r
F r a n k W . E d lln , S e c re ta ry & M a n a g e r Jo h n
Jo n e s ,
P r e s id e n t ; W illia m
M .D .;
F red
C .
O r tliw e in ,
C o .;
Eugene
D e e r e P lo w
II.
O . L a c k e y , V ic e - P r e s id e n t ; R o b e r t J .
V ic e - P r e s id e n t W m .
D .
B e n o ls t ;
C o .; B r e c k in r id g e
O r th w e in
O ’ R e illy .
G ra in
C o .;
H e n r y W . P e t e r s , V ic e - P r e s id e n t In te r n a tio n a l S h o e C o .; H e n r y S . P r ie s t ,
H o y le
&
P r e s id e n t
IT lc s t;
J.
M a je s t ic
S h e p p a rd
M fg .
C o .;
S m ith ,
V ic e -P r e s id e n t ;
F r e d e r ic k
V ie r lln g ,
It.
II.
S to ck to n ,
V ic e -P r e s id e n t
and
T r u s t O ffic e r; Ju liu s W a ls h , C h a ir m a n o f th o b o a r d o f d ir e c t o r s , a n d L o u is
W e rn e r , P r e s id e n t L o u is W e rn e r S t a v e C o .
&
Tho Union
Planters Bank & Trust Co. of M em phis,
Tonn., liavo issued a pamphlot on tho Federal Incomo Tax
Law of 1918 as applicable to incomes for 1919 and subse
quent years. In tho foroword of the .booklet wo read “ It
is a correct guide for tho averago individual or corporation...
accounting for incomo tax— It Tolls W hat to do— W hen to
do It— How to do It .”
An addition of $200,000 to tho capital of tho Farmers &
Merchants National Bank of Winchester, V a ., is announced
by the Comptroller of the Currency, the amount having
boon increased from $100,000 to $300,000.
of W a co.
E . T . Pettigrew and W . J. Doran, Vice-Presidents of the
Citizens National Bank of Los Angeles, C al., were elected
directors of the institution at tho recent annual meeting.
A t tho annual mooting of tho Commercial National Bank
of Los Angeles, C al., on Jan. 13, Malcom Crowe, heretofore
Cashier, was appointed Vice-President and W . A . Bonynge,
Jr., Assistant Cashier, was made Chasier.
A t the annual meeting of tho Northwest Trust & Savings
Bank of Seattle on Jan. 13 tho stockholders voted to increase
the capital of the institution from $100,000 to $200,000.
It was also decided to add to tho number of directors. The
present officials of tho bank are: E . Shorrock, President,
Thomas S. Lippy, Vice-Presidont; Alexander M yers, Secre
tary & Treasurer; J. V . A . Smith, Cashier; R . W . Sprague
and E . E . Grotli, Assistant Cashiers, and J. E . Patrick,
Manager of the bond department.
A t the annual meeting of tho Metropolitan Bank of Seattle
on Jan. 13, A . T . L. Williamson, formerly Manager of the
Bank of Ottawa at Vancouver, B . C ., was elected a Vice
President and G . C . Morril, formerly an Assistant Cashier
of the Metropolitan Bank, was promoted to Cashier. The
roster of tho bank is now as follows: II. C . Henry, Presi
dent; J. T . M cV a y and A . T . L. Williamson, Vice-Presidents;
G . C . Morril, Cashier, and F . W . Martin, Assistant Cashier.
The directors of tho Seattle National Bank of Seattle on
Jan. 13 elected J. W . Spangler, President: J. II. Nowberger,
Vice-President, and Charles W . More and William Kahlke,
Assistant Cashiers. M r . Kahlke was also made Manager
of the bond department of tho bank. R . V . Anknoy was
given tho title of First Vice-President. A t tho stockholders’
meeting on tho samo day, Homer C .'M acD on ald , the Cashier
of the institution, was elected a director, as were Daniel
Kollehor, J. W . Spangler, R . V . Ankney, P . B . Truax,
W . S. Peachy and E . G . Am es.
633
THE CHRONICLE
A t the annual meeting of the Seandinavian-American Bank
of Seattle held on Jan. 13, Ralph S. Stacy, heretofore Presi
dent of the National Bank of Tacom a, was elected President
to succeed J. E . Chilborg. A t the same meeting, W . E
Hanson, formerly Assistant to the President and a director
of the institution, resigned and the position of Secretary to
the President was obolished. Perry Poison and J. P . Woter
were elected to the vacancies on the board caused by the
resignations of M r . Chilberg and M r . Hanson.
R e s e r v e b a n k s , in v a r i o u s d e n o m in a t i o n s d o w n t o o n o a n d t w o d o l l a r s , t h e
n o t e s t o b o le g a l t e n d e r f o r a m o u n t s n o t e x c e e d in g to n
d o lla r s .
a ls o p r o v id e s f o r r e d u c in g th o q u a l i t y o f s i l v e r c o in t o .8 0 0 .
been
announ ced
s im ila r
th a t
q u a lity .
th o
W o
s ilv e r
in
u n d e rsta n d
C a n a d ia n
th a t
th o
now
bo
In d ia n
T h o b ill
I t h a s r e c e n t ly
c o in s Is to
4
red u ced
and
4
to
a llo y
o f n ic k e l a n d
T he
in tr in s ic
co p p e r, w o rth
w o rth
of
a b o u t h a lf th o
s u b s id ia r y
c o in s
is
v a lu e o f th e p u re
not
m a te r ia l.
Tho
d e s i d e r a t a a r e t h a t t h e y s h o u l d b o d i f f i c u l t o f f o r g e r y a n d l a s t i n g in w e a r .
S t r a n g e ly e n o u g h , th e In d ia n O u r ro n c y A c t a u th o r iz e d n ic k e l c o in s , w h o r e a s
a c t u a lly n ic k e l a llo y h a s b o o n e m p lo y e d .
la n d t h a t th o c o m p a r a t iv e a b r a s io n
I t is r e p o r t e d o f f i c i a l l y In S w it z e r
o f v a r io u s c o in s w a s te s te d b y p la c in g
10 - r a p p o n p ie c e o f a lu m in u m
w h ic h
w a s r e v o lv e d
fo r 4 0
a l l o y ______________________________________________ 1 1 . 2 7 %
1-
f r a n c p i e c e o f . 8 3 5 s i l v e r , . 1 6 5 c o p p e r ________________
24 -
f r a n c p i e c e o f . 8 3 5 s i l v e r , . 1 6 5 c o p p e r ______________________________________ 6 . 6 2 %
f r a n c p i o c o o f . 8 3 5 s i l v e r , . 1 6 5 c o p p e r _______ |__________________________ 5 . 7 7 %
4
r a p p o n p io c o o f b r a s s ( 1 0 0 r a p p o n
5-
7 .7 9 %
1 f r a n c ) ......4 ^0 1 %
1 0 - r a p p e n p i o c o o f b r a s s ( c o n t a i n i n g 6 0 % c o p p e r , 4 0 % z i n c ) ................. 3 . 6 9 %
5 - r a p p e n p i o c o o f c o p p e r - n i c k e l _________________________________________________ 3 . 2 9 %
The forty-fifth annual report of the Banque d ’Hocholaga
(head office Montreal) for the fiscal year onding N ov . 29
1919, was presented to the shareholders at their annual
meeting on Jan. 15. N et profits for the period covered,
after providing for expenses of management, interest accrued
on deposits, rebate of interest on discounts and bad and
doubtful debts, were $611,105. A balance of $62,959 to tho
credit of the previous year’s profit and loss account added to
this sum made $674,065 available for distribution. From
this amount the following appropriations were made: $3 60,
000 to cover four quarterly dividends at tho rato of 9 % per
annum; $20,000 for officers’ pension fund; $60,000 reserve
for Dominion Government tax; $50,000 reserve for bank
premises; $8,000 subscriptions to patriotic and charitable
funds and $100,000 added to reservo fund, leaving a balance
of $76,065 to be carried to 1920 profit and loss account.
During the year 31 new branches were opened in Canada.
Announcement was made at the meeting that the dividend
rate of the bank had been raised from 9 % per annum to 1 0 % .
J. A . Vaillancourt is President of the Banque d ’Hochelaga
H on. F . L. Beique, Vice-President and Beaudry Leman,
General Manager.
1 0 - r a p p e n p i e c e o f c o p p e r - n i c k e l _________________________________________________ 2 . 4 5 %
1.2 3 %
1r a p p c n p i e c e o f b r o n z e _________________ _____ _____________________ _ _
2r a p p c n p i e c o o f b r o n z e .............................. ........................................" ! ! ! . ! . ! ! !
2 0 - r a p p e n p i e c e o f p u r e n i c k e l .............................. .....................................................................
It se e m s a p it y ,
th e re fo re , th a t th o
In d ia n
G o v e r n m e n t d id
1.0 0 %
0 .5 9 %
n o t d e c id e
u p o n p u r e n ic k e l, w h ic h h a s a ls o th o f a c u l t y o f r e t a in in g it s p r is t in e c o n d i
tio n to a r e m a r k a b le d e g r e e .
m an y ad va n ta g e s.
T h o h a rd n e s s o f p u re n ic k e l g iv e s th is m e ta l
O w in g to t h o c le a r c u t e f f e c t p r o d u c e d
t h is m e t a l, it is a lm o s t im p o s s ib le to
b y a d ie u p o n
m a n u fa c t u r e s p u r io u s c o in s .
e x p e n s e m u s t b e in c u r r e d in s o t t in g u p s u it a b lo p la n t , a n d
re q u ir e d to m e lt a n d c a s t th o b la n k s .
W o a r o in fo r m e d
G reat
in te n s e h e a t is
th a t th e m e th o d s
o f d e a lin g w it h it a r e s o p e r fe c t e d t h a t o r d in a r y sto o l d ie s c a n n o w b e u s e d .
Tho
19 14
re p o r t o f th e D o p u ty M a s t e r o f th o
R o y a l M in t re fe rr e d
to th e
r e s is t a n c e o f p u r e n ic k e l t o c li iin ic a l a t t a c k a n d th o d is c o v o r y r e c e n t ly h a s
been
m ade
co m p o sed
th a t
of
p u re
o th e r
n ic k e l
m e ta ls .
c o in s
h a frb o r f a r
L ik o
c o b a lt
and
fe w e r
b a c te ria
Iro n ,
n ic k e l
m a g n e tic a t t r a c t io n , b u t a n a d m ix t u r e o f o n ly 5 %
it o f th is q u a lit y .
is
th a n
th o se
s u b je c t
to
o f o th e r m e ta ls d e p r iv e s
T h u s t h e d e te c tio n o f n ic k e l- a llo y c o in s is r e n d e r e d e a s y .
T h e S w is s G o v e r n m e n t w a s c o m p e lle d
to re lin q u is h
c o in in g n ic k e l d u r in g
t h e w a r , a n d r e s o r te d to b r a s s s j r a p , o u t o f w h ic h e x c e lle n t g o ld e n - c o lo r e d
p ie c e s w o r e m in te d .
Ir o n , z in c a n d a lu m in u m lia v o b e e n u t iliz e d fo r c o in a g e
o n th e C o n t in e n t o f la t e a n d
it h a s e v e n b e e n s t a t e d t h a t d is c s c u t o u t o f
t i n j a m p o t s h a v e c i r c u l a t e d a s m o n e y in r e g i m e n t a l d i s t r i c t s in
w h e re tr o o p s h a v e b e e n s t a tio n e d .
IN D IA N
In
C U R R E N C Y
L a cs o f R u pees—
Ja n .
N o t e s I n c i r c u l a t i o n _______________ ____ ______________
. . .1188 22991 1
S i l v e r c o i n a n d b u l l i o n in I n d i a . .
_____________
... 430
67
S ilv e r c o in a n d b u llio n o u t o f I n d ia .
_____
...
G o l d c o i n a n d b u l l i o n o u t o f I n d i a _______
___
..
S e c u r itie s ( In d ia n G o v e r n m e n t)
....... ...............
..
S e c u r it ie s ( U r it is h G o v o r im o n t)
______________
-.
th e E a s t
R E T U R N S .
D ec. 3 1.
G o l d c o i n a n d b u l l i o n in I n d i a . . .
7.
■ Ja n .
18 6 2 1
22 9
9 66 11
i1 o0 i1 (( )1
17 0 3
8
8 22 55 0
0
15 .
18 6 9 1
4257
4 16 3
3421
3500
9 13
10 2 8
J hat the Montreal Trust Co. has enjoyed a very prosperous
17 5 0
17 5 0
year is evidenced in the annual report of the company for
8250
8250
T h e c o in a g e fo r th o w o jk e n d in g 1 5 t h in s t. a m o u n te d t o 44 la c s o f r u p e e s .
tho 12 months ending D ec. 31 1919 submitted to the share
T h e s t o c k in S h a n g h a i o n t h e 1 7 t h i n s t . c o n s is t e d o f a b o u t 2 1 ,8 0 0 ,0 0 0
holders at their annual meeting on Jan. 16. N ot profits, o u n c e s i n s y c e o a n d 1 0 , 5 0 0 , 0 0 0 d o l l a r s , a l s o 1 3 0 l a c s o f b a r s a n d U . S .
the report shows, after providing for expenses of manage d o l l a r s , a s c o m p a r e d w i t h a b o u t 2 0 , 1 5 0 , 0 0 0 o u n c e s i n s y c e o , 9 . 0 0 0 , 0 0 0
ment, accrued interest and all other charges, amounted to d o l l a r s , a n d 3 , 3 3 0 b a r s o n t h o 1 0 t h i n s t . T h o S h a n g h a i e x c h a n g e I s q u o t e d
a t 8 s . I d . th o ta e l.
Q u o t a t i o n s f o r b a r s l K 'o r p e r o u n c o s t a n d a r d :
$175,722, the largest in the history of the institution. This
_
, „
C ash .
2 A fo s . I
C ash .
2 M os
amount added to $78,331, representing balance brought J a .n - } 5 ........................ 7 7 d .
7 5 4 d .
| J a n . 2 2 . . .......................7 9 4 d .
7 8 4 d .‘
.
.............................. 7 7 4 d .
7«U d .
. A v e r a g e ................... . . 7 8 . 6 0 4 ( 1 .
7 7 .4 7 9 ( 1 .
forward from the preceding year’s profit and loss account,
..
------------------- 7 9 ( 1 .
7 7 K < 1.
i H a n k r a t o _________
____________
...6 %
.
2 0 .......................... 7 9 4 ( 1 .
7 7 4 (1.
| B a r g o l d p e r o z . f i n e ................. I l l s . O d .
made a total available for distribution of $254,053. From
.......................... 7 9 % d .
V S ^ 'j d .
|
this sum the following appropriations were made: $80,000
T h e q u o t a tio n s t o - d a y fo r c a s h a n d fo r w a r d d e liv e r y a ro r e s p e c t iv e ly
for quarterly dividends at 8 % per annum; $12,318 for special H d . a n d 3 4 ( 1 . a b o v o t h o s e f i x e d a w e e k a g o .
war taxes; $1,800 contributed to Red Cross and other funds,
and $100,000 transferred to reserve account (making tho
E N G L IS H F IN A N C IA L M A R K E T S — PER CARLE.
same $1,000,000 and equal in amount to the capital of the
The daily closing quotations for securities, & e., at London,
company) leaving a balance of $59,935 to be carried forward
as reported by cable, have been as follows the past week:
to this year’s profit and loss account. A t a meeting of the
London,
Feb. 7 .
F e b . 9 . F e b . 10 . F e b . 1 1 . F e b . 12 . F e b . 1 3 .
directors, which was held immediately after the stockholders’
W e ek e n d in g F e b . 1 3 .
S a l.
M on.
T u es.
W ed.
T h u rs.
F r i.
884
88 4
meeting, the following officers wero elected: Sir Herbert S. S i l v e r , p e r o z ................................-dd .. 8809
894
844
884 •
G o l d , p e r f i n e o z ____
. . . 1 2 3 s . 6 d . 12 3 s . C d . 12 3 s .
12 3 s .
12 0 s.
1
2
1
s . O d.
H olt, President; A . J. Brown, K .C ., Vice-President; Execu C o n s o l s , 2 4 p e r c e n
___ H o l i d a y 4 9
49
40
49 4
404
tive Committee: Sir Herbert S. H olt, A . J. Brown, K .C ., B r i t i s h , 5 p e r c e n t s .
. . . H o lid a y 9 0 4
904
904
904
904
. H o lid a y 83
83
83
83
E . L . Peace, C . E . Neill, George Caverhill and F . G . B r i t i s h , 4 4 p e r c e n t
83
F r e n c h R e n t e s ( i n P a r i s ) . ..ff rr . 5 8 . 7 0
5 8 .5 5
5 8 .10
5 7 .7 5
5 7 .6 0
5 7 .5 0
Donaldson.
. f r . ....... ...............................
French War Loan(lnParis).fr.
8 7 .0 0
.............
8 7 .6 0
8 7 .0 5
The price of silvor in Now York on tho same day has been:
TH E E N G LISH
GOLD A N D
S i l v e r in N . Y . , p e r o z —
S IL V E R M A R K E T S .
W o roprint the following from tho weekly circular of
Samuel Montagu
C o . of London, written under date of
Jan. 22 1920:
&
G O LD .
A n o th e r
la r g e
In crease
has
ta k e n
r e s e r v e a g a in s t it s n o t e is s u e .
m o ro th a n
r is in g
p ric o s.
S tr a its
fro m
Tho
a v a ila b le
S o tt lo m e n t s ,
N ow
Y o rk
S o u th
fo r D e c .
19 19
fo r N o v . 19 1 9 a n d
O c t.
19 19
and
s u p p lie s
A m e ric a
th a t $ 1,5 0 0 ,0 0 0
fo r sh ip m e n t to In d ia a n d
P u
p la c e
in
th o
T h e t o t a l is n o w
t h a t in l a s t w e e k ’s r e t u r n .
to
£2 556
g o ld
525
been
th e
bought
a m o u n te d t o £ 9 8 ,3 2 2 ,
£ 10 8 .7 9 6 fo r N o v . 1 9 1 8 .
It
In d ia ,
is
w ith
£2 879 834
T h e W e s t A fr ic a n g o ld o u t-
a s co m p ared
w ith
£ 9 1 352
C U R R EN T
•
th a t
q u a rte r.
D u rin g
th o
w eek
tw o
s ig n ific a n t in d ic a tio n s h a v e b e e n g iv e n t h a t th e d o o m o f s ilv e r a s th e m a te r ia l
f o r s u b s id ia r y c o in in m a n y c o u n t r ie s is im m in e n t .
T h o G e r m a n R e lc h s -
duced
v a lu e , a n d
a
b ill, s ty le d
“ M c F a d d e n ,”
is b e in g
in to th o U . S . C o n g r e s s t o a u th o r iz e th e Js s u e o f n o t e s b y
13 4
H o lid a y 13 2
CU RREN CY L IA B IL IT IE S .
A SSETS
G o l d c o i n ....................
G o l d b u l l i o n ______
5 1 3 , 5 0 3 , 0 2 3 ID
- 1,7 2 6 ,4 7 9 ,9 0 7 0 7
S IL V E R
A SSETS.
L IA B IL IT IE S .
L IA B IL IT IE S .
$
G o l d c e r t l f s . o u t s t a n d i n g 0 3 9 , 3 5 8 ,0 9 0
G o ld
se t tle m e n t fu n d ,
F e d 'l R e s e r v e B o a r d . . 1 , 2 3 4 , 8 4 6 , 3 6 8
G o l d r e s e r v e . . . .................
15 2 ,9 7 9 ,0 2 5
A v a i l , g o ld In g e n ’ l f u n d 2 1 2 , 8 0 0 , 4 4 6
00
10
63
53
D O LLA RS.
L IA B IL IT IE S .
S i l v e r d o l l a r s ..........................
19 6 ,5 5 1,4 3 8 00
T o t a l ........................................
1 0 6 , 5 5 1 , 4 3 . 8 00
in tr o
F ed eral
AN D
T o t a l . .................................... 2 , 2 3 9 ,9 8 2 . 9 . 3 0 20
T o t a l ............................... - . 2 , 2 3 9 , 9 8 2 , 9 3 0 2 0
f ° ' e ; 7 ? n T r v .e<1 a *? ., n s t 5 3 4 6 , 6 8 1 ,.0 1 6 o f U. . S .-------------n o t e s a n d * 1 , 6 9 3 , 5 2 5 of
of T reasu ry
-------------------.--.-93,525
' . . t r e a s u r y Treasury
n o te s o f 18 9 0 o u ts ta n d in g .
T n »m .n
t r e a s u r y n o t e s a r o a l s o s e c u r e d b y s l i v e r d o l l a r s In t h o
T reasu ry.
b a n k is p r e p a r e d t o p a y In p a p e r c u r r e n c y fo r G e r m a n s ilv e r c o in s ix a n d a
h a lf tim e s it s fa c o
13 3 4
GO LD .
C h in a h a s s h o w n s o m e in t e r e s t , b u t th o r is in g
b u s in e s s w it h
A N D
fo r
o w in g t o th e w e a k n e s s o f th o e x c h a n g e , h a s b e e n so m u c h h ig h e r t h a t th o
h in d e r e d
CASH
13 3
T h o T r a n s v a a l g o ld o u t-
S IL V E R .
m a rk e t h a s b een b u o y a n t.
13 2 4
The cash holdings of tho Government as tho items stood
Jan. 31 are sot out in the following. Tho figuros are taken
entirely from tho daily statement of tho Unitod Statos
Treasury for Jan. 31:
re p o rte d
T h e s a le o f a c o n s id e r a b le a m o u n t o f m e lte d c o in fr o m a b r o a d c a u s e d a
s h a r p f a l l in t h e p r i c o o n t h e 1 6 t h i n s t . , b u t t h o p a r i t y w i t h N e w Y o r k
p ric e s h a v e
TREASURY
c ts.
th o
in g o ld h a v e b e e n e n g a g e d
£ 2 ,7 6 1,8 3 6 , a s c o m p a re d
19 18 .
fo r
C o n t in e n t .
$ 10 0 ,0 0 0
£ 2 ,7 2 3 ,8 3 6 fo r D e c .
E n g la n d
have
M e x ic o , r e s p e c tiv e ly .
a m o u n te d
of
h a s b e e n in g o o d d e m a n d a t
and
and
B ank
£ 9 5 ,8 9 6 ,7 7 0
G o ld
a
ru p e e
p ie c e s , t o w h ic h w e a llu d e d la s t w e e k , a r e n o t c o m p o s e d o f p u r o n lc k e l b u t
o f an
m e ta l.
e q u a l w e ig h t s o f m a n y v a r ie t ie s in s id e a d r u m
c o n t in u o u s h o u r s .
T h o r e s u lt w a s a s fo llo w s :
R . R . Appleby, New Y ork agent of the Bank of British
W est Africa, announced on Feb. 10 the opening of a branch
of their institution in Bradford, Yorkshire, England, one
of the world’s most important wool contres.
no.
[V o l .
S ilv e r c e r t lfs . o g t s t a n d ’g
T r e s s , n o te s o f 18 9 0 o u t .
A v a ila b le s l iv e r d o lla r s
In g e n e r a l f u n d . ____
T o t a l .......................................
5
13 7 ,3 4 3 ,8 2 7 00
1, 6 9 3 , 5 2 5 0 0
5 7 , 5 1 4 ,086 0 0
1 9 6 , 5 5 1 , 4 3 8 00
F
eb
.
G EN ER AL FUND.
LIABILITIES.
ASSETS.
Avail, sold (see a b ov e). 212,800,440 S3
Treasurer’s
checks
out
Available silver dollars
3,503.170 70
standing........................
,514,080 00
(see a b o v e )......... - —
,1)53,088 00 Depos. of G ov’ t officers:
United States notes-----21,047,435
26
Post
Office
D
e
p
t.........
,041,194 50
Federal Reserve notes—
Board of trustees. Pos
,959,135 00
Fed. Itcs've bank notes.
tal
Savings
System
,031,370
40
National bank notes —
7,544,204 95
(5% reserve)--------128,392 14
Certlf'd checks on banks
Com ptroller of the
,263,707 14
Subsidiary sliver c o in .. .
Currency,
agent
for
,152,044 81
Minor coin ........................
creditors of Insolv
,305,830 02
Sliver bullion....................
1,307,900 02
ent banks ------------Unclassified
(unsorted
Postmasters,
clerks of
31 ,521,003 75
currency, e t c .) ...........
31,073,003 01
courts, e tc ________
Deposits In F cd'l Land
3.,500,000 00 Deposits for:
b a n k s .............................
Redemption o f Fed'l
Deposits In Federal Re
Reserve notes (5%
serve banks.................. 102,117,850 30
97,327,044 55
fu n d )........................D eposits In special de
Redemption of Fed’ l
positories account of
Reserve
bank
notes
sales of certificates of
7,526,510 00
(5% fund)................
Indebtedness................ 352,078,000 00
Redem ption o f na
Deposits In foreign de
tional
bank
notes
positaries:
33,141,706 54
(5% fu n d )................
25,291,451 90
T o credit Trcas., U . S.
Retirement of addi
D ep. In national banks:
tional
cir
c
u
la
tin
g
28,109,805
50
T o credit T rcas., U. S.
notes, A ct M ay 30
T o credit of other
191,360 00
1908...........................
11,992,712 50
Government officers. .
Exchanges
of
cur
Deposits In Philippine
19,790,655 05
rency, coin, e t c -----Treasury:
T o credit Trcas., U .S .
323 ,113,650 68
anil other Govern
......... 725 ,770,078 06
3,801,585 13 Net balance-----ment
officers---------Total
____ 1,048,883,728 74
T o ta l............................... 1,048,883,728 74
H n te — T h e amount to the credit o f disbursing officers and agencies to-day was
11 400 730 258 50. Book credits for which obligations o f foreign Governments are
held by tho United States am ount to §130,736,629 05.
.
Under the Acts of July 14 1890 and D ec. 23 1913, deposits of lawful m oney for
the retirement of outstanding national bank and Federal Reserve tank n e t w a r e
paid Into the Treasury as miscellaneous receipts and these obligations are made
under the acts mentioned a part of the public d ebt. Th e amount o f such obligations
o-day was $33,122,477.
GOVERNMENT REVENUE A ND EXPENDITURES.
Through tho courtesy of the Secretary of the Treasury,
we siro enabled to place before our readers to-day tho details
of Government receipts and disbursements for January 1920
and 1919 and for tho seven months of tho fiscal years 1919-20
and 1918-19.
Rccoipts.
Ordinary —
1920.
5
J an .
C u stom s?— I ..................
Internal revenuo:
Incom e A profits tax.
M iscellaneous.......... ..
Miscellaneous rovenuo.
T o ta l...............
Jan . 1919.
$
S
12,732,515
170,397,365
40,720,771
130,095,230
43,548,008
254,998,959
43,141,373
112,287,075
27.0.54,789
195,210,352
2,050,050,000
879,735,253
382,120,912
3,482,304,130
339,008
626,489
3,096,990
255,338,027
195,842,841
3,485,401,121
P u b l ic D e b t—
First Liberty bonds—
40
Second Liberty b o n d s.7,395
50,000
Third Liberty bonds —
505,907,924
10,985
Fourth Liberty b o n d s..
Victory notes
C crtlf/. oUndobtedneaa 1,332,857,255 3,020,794,800
70.996,041
8,987,463
W ar Savings securities.
91,080
80,260
Postal Savings b o n d s..
Deposits for retirement
of national bank notes
and Fed. Res. bank
notes (Acts of July 14
4,305,000
lOUU A
O&IV
CO. 23 A1913)
i/AW/____ *1,051,498
^, --- '----'
1890
D ec.
•JQ1
400.498
5,009,426
1,020,834,814
9,100,731,268
50,938.033
189,400
S
89,184,097
728,615,030
710,706,932
1,804,322,815
4,0
1,808,333,951
2,664,300
605
‘ 933,381,791
6
................ ........
12,090,610,800
735,817,522
10,472,501
18,023,642
-------------------------——-
Total.......................... 1,344,211,224 3,062,102,880 10,194,030,874 20,400,274,540
Grand total receipts.1,599,549,240 3,858,005,721 13,080,037,994 22,214,608,492
Chftos8|nlWrcSidd8 &c ) 240,328,027 1,027,495.548
ln t “ n public1d ebt pal'd 8 5 ® » 4
32:084:972
T ota l............................. 331,823,021 1,059,580,520
3.280,334,852 9,980,033.685
552,447.160
239,300.865
3,832,782,012 10,219,334,550
Special —
TOs^cclaL.l™
. . a.n.<i
T on e.
9.285,441
1920
8,265,360
1919___________
191 9.. 7,128,330
191 9.. 6,472,608
1 9 1 9 .. 0,284,638
1 9 1 9 .. 6,109,103
1 9 1 9 .. 5,578,661
1 9 1 9 .. 4,892,855
191 9 .. 4,282,310
191 9 .. 4,800,085
1 9 1 9 .. 5,430,572
1 9 1 9 .. 0,010,787
1 9 1 9 .. 6.684,268
1 9 1 8 .. 7,379,152
1918-- 8,124,003
1 9 1 8 .. 8,353,298
1 9 1 8 .. 8,297,905
1 9 1 8 .. 8,759.042
1 9 1 8 .. 8,883,801
1 9 1 8 .. 8,918.866
1 9 1 8 .. 8,337.623
1 9 1 8 .. 8,741,882
1 9 1 8 .. 9,056,404
1 9 1 8 .. 9,288,453
1 9 1 8 .. 9,477,853
1 9 1 7 .. 9,381,718
1 9 1 7 .. 3,897,100
1 9 1 7 .. 9.009,675
1 9 1 7 .. 9,833,477
1 9 1 7 ..10.407 ,049
1 9 1 7 .. 1 0 ,844,104
1917..11.383,287
1917..11.880.591
1917.-12,183,083
1 9 1 7 ..11.711.644
1917..11.576,697
1 9 1 7 .. 1 1 ,474,054
1910..11.547.280
Jan. 31
D ec. 31
N ov. 30
O ct. 31
Sept. 30
Aug. 31
July 31
June 30
M ay 31
Apr. 30
M ar. 31
Feb. 28
Jan. 31
Dec. 31
N ov. 30
Oot. 31
Sopt. 30
Aug. 31
July 31
June 30
M ay 31
April 30
M ar. 31
Feb. 28
Jan. 31
D eo. 31
N ov. 30
Oot. 31
Sept. 30
Aug. 31
July 31
June 30
M ay 31
April 30
M ar. 31
Feb. 28
Jan. 31
D eo. 31
T o n s.
T ons.
N o v . 30
O ot. 31
Sept. 30
Aug. 31
July 31
June 30
M ay 31
April 30
M ar. 31
Feb. 29
Jan. 31
D eo. 31
N o v . 30
O ot. 31
Sept. 30
A ug. 31
July 31
June 30
M ay 31
April 30
M ar. 31
Feb. 28
Jan. 31
D eo. 31
N o v . 30
O ot. 31
Sept. 30
A ug. 31
July 31
June 30
M ay 31
April 30
M ar. 31
Feb. 28
Jan. 31
D eo. 31
NOV. 30
O ot. 31
Sept. 30
6.223.408
1913. . 6.399.350
1913. 6.807,317
1913. 6,324,322
1913. . 6,978,702
1913 . 7.468.950
1913. _ 7,656,714
1913... 7,827,308
1912 . 7.932,104
1912 ,. 7,852,883
1912- 7,594,381
1912. . 0,551,507
1912. . 0,163,375
5,957,073
1912
1912. . 6,807,349
1912. . 5,750,986
1912 . 5,604,885
1912. _ 5,304,841
1912 . 5,454.201
1912. . 5.379,721
1911. _ 6,084.705
1911. 4,141,958
1911. . 3,094,327
1911. . 3,011,315
1911. . 3,695,985
1911. . 3.584,088
1911. _ 3,301,087
1911 _ 3,113,154
1911. 3.218,700
1911. 3,447,301
1911. _ 3,400.543
1911. _ 3,110,919
1910 . 2,674,750
1910 . 2,760,413
1910 . 2,871.949
1910 _ 3.148,100
1910 _ 3,537,128
1910 ,. 3,070,931
1 9 1 6 ..11.058 ,542 Aug. 31 1913.
1916.-10,015,260 July 31
1 9 1 0 .. 9,522,584 June 30
1 9 1 0 .. 9,660,357 M ay 31
1 9 1 0 .. 9,593,592 April 30
1 9 1 0 .. 9.040.458 M ar. 31
1916— 9,937,798 Feb. 28
1 9 1 0 .. 9,829,551 Jan. 31
1 9 1 0 .. 9,331.001 Deo. 31
1910-- 8,568,900 N o v . 30
1 9 1 6 .. 7,922,767 O ot. 31
1 9 1 5 .. 7,806,220 Sept. 30
1915— 7,189.489 Aug. 31
1915— 6,105,452 July 31
1915— 5,317,618 June 30
1 9 1 5 .. 4,908,455 M ay 31
1915 — 4,928,540 April 30
1915— 4,678,196 M ar. 31
1915— 4,264,698 Feb. 29
1915— 4.162,244 Jan. 31
1915— 4,255,749 D eo. 31
1915— 4,345,371 N o v . 30
1915— 4,248,571 O ct. 31
1914— 3,836,643 Sept. 30
1 9 1 4 .. 3,324,592 Aug. 31
1914— 3,401,097 July 31
1914— 3.787.607 June 30
1914— 4,213,331 M ay 31
1 9 1 4 .. 4,158,589 April 30
1 9 1 4 .. 4,032,857 M ar. 31
1914— 3,998,160 Feb. 28
1914— 4,277,068 Jan. 31
1914— 4,053,825 Deo. 31
1 9 1 4 .. 5,026,440 N o v . 30
1 9 1 4 .. 4,013,680 O ot. 31
1 9 1 3 .. 4,282,108 Sept. 30
1 9 1 3 .. 4,390.347 Aug. 31
1913— 4,513,707 July 31
191 3.. 6.003.786
C om m ercial atxd
ccllatxcmts JJcmc
T R E A S U R Y C U R R E N C Y H O L D IN G S .— Tho following
compilation made up from the daily Government state
ments, shows the currency holdings of the Treasury at the
beginning of business on tho first of November and Decem-
N ov.
H o ld in g s in
S u b -T r e a s u r ie s .
1 1919.
S
D ec.
1 1919.
S
Jan.
1 1920.
$
F eb .
1 1920.
$
N et gold coin and bullion.
Net sliver coin and bullion
Net United States notes. .
Net national bank n o te s ..
Net Fed. Reserve n o te s ..
Net Fed. Res. bank notes
Net subsidiary silver.........
M inor coin, & c-----------------
356,903,434
83,220,541
18,067,032
53,883,553
41,580,473
58,937.430
0,105,304
43,027,847
380,383,890
80,069,279
19,192,220
44,327,374
39,340,740
57,552,250
4,589,321
45,052,585
382,042,539
09,420,780
19,792,932
39,774,944
45,550,983
59,808,709
2,455,945
20,014,424
305,779,472
72,819,910
25,953,088
78,031,370
35,641,195
50,959.135
5,203,797
33,802,701
T otal'cash in Sub-Trc&s
Less gold reserve fund—
602,391,041
152,979,020
670,513,005 *044,807.250
152,979,020
152,979,020
074,251,280
152,979,020
Cash balanco In Sub-Treas
D ep. In special depos’rles:
Account certs, of indebt
Cash In Fed. LandBanks.
Cash In Fed. Res. b a n k s..
Cash in nations! banks:
T o credlt.Trcas. U . S —
T o eredit.dlsb. officers.
509,412,588
523,534,039
491,888,230
521,272,254
422,770,000
242,651,000
050,209,000
167,915,308
101,235,258
110,399,850
352,078,000
3,500,000
102,117,859
34,944,694
10,764,133
32,987,821
10,159,005
28,377,385
11,065,441
28,109,865
11,992,713
T o ta l.............................
Cash In Philippine Islands
D cp ’s. In Foreign D epts—
45,708,827
4,218,255
27,277,943
43,147,420
3,405,257
19,805,778
40,042,820
2,087,550
18,942,839
40,162,578
3,801,585
25,291,452
N et cash In banks, Sub
Treasuries___________ 1,177,308,981
289,270,400
D educt current liabilities.
993,779,358 1,314,230,307 1,048,883,728
327,071,087 320,814,847 323,113,050
987.415,400 725,770,078
000,107,071
888.032.521
Available cash balance.
* Includes Jan. 1, §15,305,830 02 silver bullion and $33,803,700 VO minor coin
& c., not Included In statement "S tock of M on ey.” ____________________________
Disbursements.
Ordinary —
Panama Canal: Checks
paid (less balances
repaid, e t c .)________
Purchnso of obligations
of foreign G ovcrnm ’ ts
Purch. of Federal Farm
Loan bonds:
Principal-----------------Accrued Interest.......
In the following we give comparisons with previous m onths:
*7 A /os.’ 19-’20 7 M o s . 18-’ 19
28,028,890
Panam a Canal—
Tolls, etc_____ ________
Total Ordinary and
Panama Canal------
633
THE CHRONICLE
14 1920.]
1,470,075
1,435,024
0,675,880
8,304,555
15,000,000
290,250,800
355,720,914
2,352,237.498
—
—
11,000,000
U° n o t e s A c tfs ‘ roUred gl , 512,377,990 1,039,379.295
One-year Treas'y notes
redeemed (See. 18,
Federal Reserve A ct.
approved D eo. 23 ’ 13) .....................
9,301,000
National bank notes A
Fed. Res. bank notes
1919-20.
9,997.019.494
9.848.054.470
.........................
1Q —0 m n
19,150,000
14*1890& D e o l2 3 '13)
522,940
1,989,055
13,134,444
T ota l.............................1,512,900,930 1,050,009,950 10,010,753,938
12,871,207
9,880,075,677
L eg a l
T en d ers.
L eg a l
T en d ers.
4,195,178,800 12,594,498,538
Public D ebt —
C ir c u la tio n A f l o a t
U n d er —
B o n d s a n d L eg a l T en d e r s
o n D e p o s it fo r —
14,500,000
121,935
84,606
348,293,090 1,902,350,950
B A N K N O T E S — C H A N G E S IN T O T A L S O F, A N D IN
D E P O S IT E D B O N D S , & c.— W e give below tables which
show all tho monthly changes in national bank notos and in
bonds and legal tenders on deposit thorefor:_______________ _
S
Jan. 31
D ec. 31
N ov. 29
O ct. 31
Sept. 30
Aug. 30
July 31
Juno 30
M ay 31
Apr. 30
M ar. 31
Feb. 28
Jan. 31
1920.
1919.
1919.
1919.
1919.
1919.
1919.
1919.
1919.
1919.
1919.
1919.
1919.
699.930.250
099,357,5511
098.190.300
095.822,000
090,288,160
094,021,710
093,343.210
092,252,950
091.052.300
089.878.300
088.183.250
083.342.450
683.004.450
f.
33,241,792
32,049,434
33,146,580
34,727,572
34,024,987
35,328,005
34,029,207
30,19,0333
37,152,077
38,973,047
40,194,752
42,080,347
41,903,027
099,800,398 33,241,792
091,089,258 32,649,434
088,995,580 33,140,580
087,000,753 34,727,572
087,400,223 34,024,987
089,235,005 35,328,005
080,278,555 34,620,207
083,086 600 30 190 333
085,012,243 37,152,077
080,157,475 38.973,047
084,292,440 40,194,752
079,799,125 42,080,347
680,025,471 41.903,027
733,108,190
724,338,092
722,142,160
722,394,325
721,485,210
724,503,070
720,907,762
719,270,933
722,704,920
725,131,122
724,487,192
721,879,472
721.928,498
Grand total dlsburso’ t s .l ,801,194,632 3,013,020,900 14,205,932,744 22.474,574,215
$258,182,800 Federal Reserve bank notes outstanding Jan. 31 ($257,921,200 se
cured by U . S. bonds and $261,000 by lawful m on ey), against $138,250,180 In 1919.
* Receipts and disbursements for Juno reaching tho Treasury In July are Included.
The following shows tho amount of each class of U . S. bonds
held against national bank circulation and to secure public
moneys held in national bank depositaries on Jan, 31:
TRADE AND TRAFFIC MOVEMENT.
U N F IL L E D O R D E R S OE S T E E L C O R P O R A T IO N .
Tho United States Steol Corporation, on Tuesday, Fob. 10
1920, issued its regular monthly statement showing unfilled
ordors on tho books of tho subsidiary corporations as of
Jan. 31 1920, to tho amount of 9,285,441 tons. This is an
increaso of 1,020,075 tons over the amount on hand as of
Deo. 31 last and compares with 0,684,268 tons on hand a
year ago at this timo. Tho unfilled tonnage at tho begin
ning of tho current month was tho largest amount on hand
sinco Fob. 28 1918.
U . S. Bonds H eld Jan . 31 to Secure —
Bonds on D ep osit
Jan . 31 1920.
2s,
4s,
2s,
2s.
2s,
U.
U.
U.
U.
U.
S.
S.
S.
S.
S.
Consols o f 1930 ------------Loan o f 1925 ---------------Panama o f 1936------------Panama o f 1938...............
1-year Certfs. o f Indebtedness.
T ota ls-------------------------------------- -
On D ep osit to On D ep osit to
Secure
Secure Federal
Reserve Bank N ation a l Bank
N otes.
N otes.
Total
H eld .
S
13,888,400
2,593,000
383,500
285,300
259,375,000
$
600,891,250
00,232,200
47,671,140
25,141,600
$
580,779,050
62,825,200
48,054,040
25,420,960
259,375,000
270,525.200
099,930,250
976,401,450
634
THE CHRONICLE
Tlio following shows tho amount of national bank notes
afloat and tho amount of legal-tender doposits Jan. 1 and
Feb. 1 and their increase or decrease during tho month of
January:
National Bank Notes— Total Afloat—
S 72 4 3 3 8 0 0 2
A m o u n t s f lo n t J&n. 1 1 0 2 0 ____________________ __ _ ___ _ _ _ _ _ _
N e t a m o u n t Issued d u rin g J a n u a r y ____________________________I I I ” ” ” ! "
8 760 408
A m o u n t o f b ank n otes a flo a t F e b . 1 1 0 2 0 .
Legal-Tender Notes—
-
«7 n
mo mo
...................... » / JJ, xos, l JO
A m o u n t o n d ep o sit to red ee m n a tio n a l b ank n ote s J a n . 1 1 0 2 0
N e t a m o u n t o f b ank n o te s Issued In J a n u a r y ..................................... I . I l l I I
$3 2 6 4 0 4 3 4
’502 358
[V o l . 1 1 0 .
C o n v e r s io n o f S ta t e b a n k s :
F i r s t N a t i o n a l B a n k in E a s t S t . L o u i s , I I I .............
C o n v e r s io n o f T h e Illin o is S t a t e b a n k o f E a s t 'S t ! 'L o u i s '
m u P r e s e n t . R E - G i l l e s p i e : C a s h i e r , W . IC . C a n n a d y .
T lio I u r s t N a t i o n a l B a n k o f O g d o n , I o w a
C o n v e r s i o n o f t h o O g d o n S t a t o B a n k , O g d o n ” l o w a . ” .............
P r e s id e n t, A lv in T r e lo a r ; C a s h ie r , W m . J o n s .
1 110 h i r s t N a t i o n a l B a n k o f M o o r o t o n , N . D .
C o n v e r s io n o f t h o M o o r o t o n S ta t o B a n k , M o o r o t o n ','N . 'd .'
I re s id e n t, W . D . H e n r y ; C a s h ie r , J . J . L a w r o n c e .
I h _e h ir s t N a t i o n a l B a----------n k o fTThhoommppsio n , N " . “ I )~__________ ___
C o n v e r s io n o f th o F a rm e rs S ta t o B a n k o f T h o m p s o n . N . ' b
P r e s id e n t, O . S . H a n s o n ; C a s h ie r , S . L o m m ic h
A m o u n t on d ep o sit to red eem n ation al b ank n ote s F e b . 1 1 0 2 0 ________S 3 3 .2 4 1 .7 0 2
IN C R E A S E
FOR
C H A R TE R .
50,000
25,000
25,000
T o t a I ...................................................................................................................................... S I , 0 3 0 , 0 0 0 -
N a tio n a l B a n k s.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S
CnnUni
4 0 0 n nn .
OF
C A P IT A L .
Thf° Am n National Bank of Portsmouth, Ohio, from $300,000
A m o u n t.
$100,000
T k® n ? n L Natio,lal Bank of Cartcrsviife,"Ga.',"f"rom~$56,66"o" to
vlUU»UUu—————————————————- ——
_
r.n
Tkc
National Bank of Boston, Mass!,"from $500",666
’
to v i 01 )|U0 U-qkq nnn
T k® ®ta*o National Bank of M attoon, 111!, "from '$'1*2*6',6 6 6 ’ to
’
’
5150,000---------------------------------------------------------------ok noo.
1
nnnank
Eag*° Gounty at Eagle, Colo., from
’
9 r non
_ •®ZO,UUU to .>50,000— ------------ -----------------------T l°inoeoEoS Natlonal Bank of Abingdon, V a.,'from '$56,000’ to
’
F o r o r g a n iz a tio n o f n a tio n a l b a n k s :
C apital.
T h e A lb a n y P a rk N a t io n a l H a n k o f C h ic a g o (A lb a n y P a rk )
’ « 2 0 0 n on
C h i c a g o , 111---------------- . --------------------------------------------------------- -C o r r e s p o n d e n t , T h o m a s C . J o h n s o n , C h i c a g o , I I I ......................
T h e F a rm e rs an d M e rc h a n ts N a tio n a l H an k o f C h a tfie ld . M in n
2 5 n nn
C o r r e sp o n d e n t, K n u te O lso n , C h a tfie ld , M in n .
’
’
Tho First National Bank of Lyons, Nebr.'.'from* $25,666' to
’ ’
T h e F ir s t N a tio n a l B a n k o f B e lt , M o n t a n a ...
_ .
i n n nn
®jo , 0 0 0 ------——
_________
____
o ft nnn
C o r r e s p o n d e n t, G e o . I I . S ta n to n , G r e a t F a lls . M o n t
’
T h e F ir st N a tio n a l B a n k o f P a rk C it y , M o n t
2 5 nnn
? h eonnyr£fotional
Bank of Johnson City, Term .'.from $66*,665 1 r.n’nnn
co
>
2
:
0
0
,
0
0
0
----------------------------------------C o r r e s p o n d e n t , F r e d G . S t o l t z . P a r k C i t y , M o n t . .....................
T h e H ills id e N a t io n a l B a n k , H ills id e ( P . O . E l i z a b e t h ) . N J
5n nnn
T 1S 10 0 'nnnNational Bank of E 1 Bas° . I B .,'fr o m '$5(f,6 6 6 ' to
C o r r e s p o n d e n t, J . N . S . B r e w s t e r , J r .. 3 8 K i n g S t . . E liz a
b e th , N . J.
T ,‘ ° L£ G r a n g i National Bank, La G'r’a’n’ge.’ G’a” from $160",666
o 0 ,0 < ) 0
to >5 0 0 ,0 0 0 ——————
1 ftn nnn
o k n nn
T h e F i r s t N a t i o n a l B a n k o f A s h e r , O k l a .............
Tho First National Bank of El Paso, Texas, from !$800,666" to
’
C o r r e s p o n d e n t, G . W . W a t s o n , A s h e r , O k la .
.........................
’
> 1 ,0 0 0 , 0 0 0
_
2 0 0 nnn
T h o S e c u r ity N a tio n a l B a n k o f L a w t o n , O k la .
i n n n nn
The Exchange National Bank o f Muskogee, Okla. 'from s’l'5 6 ',6 6 6
C o r r e s p o n d e n t, C . W . C r a b tr e e , L a w to n , O k la .
................
to >300,000------------------------------------------------’
1 ^ 0 nnn
T h e C o u n ty N a tio n a l B a n k o f L o c k H a v e n , P a
o n n nnn
Tlio Continental National Bank of Sioux City, la ., from $’l66’ 656
C o r r e s p o n d e n t , S i d n e y D . F u r s t , L o c k H a v e n , ' P a ................
’
to $250,000--------------------------------------------------’
1 fin nnn
T h e F ir st N a tio n a l B a n k o f E d in b u r g , T e x a s
2 5 nnn
The First National Bank of Blooming Prairie, Minn” "from lou,uuu
C o r r e s p o n d e n t , W . I I . G o s s a g o , E d i n b u r g , T e x a s .’ ...................
’
k nnn
$25,000 to $30,000.............................
T h e F ir s t N a t io n a l B a n k o f F lin t H i ll, V a .
o k n nn
Tho Philadelphia National Bank, Philadelphia, Pa!,’ "from
C o r r e s p o n d e n t , J . B . W i l l i a m s , F l i n t H i l l , V a .” ........................
a ,u u u
$3,000,000 to $5,000,000.................................
.....
2 nnn nnn
T h e F ir s t N a tio n a l B a n k o f G r u n d y , V a .
Kn n nn
The Peoples’ National bank of Jackson, M id i., from $ 1 6 6 6 6 6 ’
’
C o rre sp o n d e n t, G . R . H u rle y , G r u n d y , V a .
...................
’
to $150,000--------------------------------------------------’
r.n nnn
T h e C ity N a tio n a l B a n k o f L in to n , N . D a k .
2 5 nnn
T he First Nat|onal Bank of Hamilton, M o., from "$75,666'"to
T o su ccee d th e F a r m e r s S ta t e B a n k o f L in to n : c o rre sp o n d
V1 U(j ,0 0 0 - OR 0 f)0 ’
e n t , F r e d H e in r ic h , L in t o n , N . D a k .
T h e F ir s t N a t io n a l B a n k o f R u s s e llv ille , A l a
2 5 nnn
The Northern National Bank of Philadelphia, Pa!,*from $2 6 6 ’ , 6 6 6
’
9 nn n n n
to >400,000__________ _________ ____________________
C o r r e s p o n d e n t , H . C . U n d o r w o o d , R u s s e l f v i l l o ' A i a ................
l’h e C itiz e n s N a t io n a l B a n k o f O r a n g o , C a l
j n nnn
The Walters National Bank, Walters, Okla!! "from "$"3'o,6 6 6 " to
’
vO'J,0(J02 0 OOO
C o rre sp o n d e n t, J . D . S p e n n o tta , O ran go, C a l.
...........................
’
T h e G ro w e rs N a tio n a l B a n k o f S an J o se , C a l
Knn nnn
T 1s%Kim n Natlonal Bank of Ambler, P a .,’ from* SlOO’.OOO'to “ ’
olzo.UUU------------------------------------------------ofr 0 0 0
C o r r e s p o n d e n t , E . A . M o e l l e r i n g , S a n J o s e , C a l’ .........................
E l m w o o d P a r k N a t i o n a l B a n k , E l m w o o d P a r k , 111
2 5 nnn
The American National Bank of Knoxville, Tenri!,'fr 6 m $'l6 6 ’ , 6 6 6
to >150,000_______________________________ _
C o r r e s p o n d e n t , A . L . E l d r e d , E l m w o o d P a r k . Til’ .’ ................
'
50.000
I h e F i r s t N a t i o n a l B a n k o f A v a , 1 1 1 ..
o k nnn
The Farmers and Merchants National Bank'of Winchester! Va.
C o rre sp o n d e n t, W illia m B o w e r , A v a , Ilf.
...................
’
from $100,000 to $300,000.._________ .
_
2 0 0 nnn
T h e F a r m e r s F ir s t N a t io n a l B a n k o f R a k o , Io w a
The Firat National Bank of Fort Kent, Mo. From $25",666'to'
>65,000----------,in nnn
C o rresp o n d e n t, T . A . R a k e , R a k o , Io w a .
T h e A m e ric a n N a tio n a l B a n k o f M a n s fie ld , L a
k o nnn
Tho Citizens National Bank of Knoxville, la. Fr"om'$566"o'o"to
5100.000 ----------------------------------------------------------------r.n (wm
C o r r e s p o n d e n t , J . J . M c F a t t e r , M a n s f i e l d , L a . ...........................
'
National Bank; of Glasgow, Ky. From $75,'o"o"o'to
' ’
T h e F a rm e rs & M e r c h a n ts N a tio n a l B a n k o f E u r e k a , N o v
2 5 n nn
> 1 0 0 , 0 0 0 ----------------------------------or. min
C o r r e sp o n d e n t, E d n a C o v e r t P lu m m e r , E u r e k a , N o v
T h o M a d is o n N a tio n a l B a n k , M a d is o n , N . Y
2 5 nnn
Tho Union National Bank of Bartlesville, Okla. From" "$"l6 6 " ,6 6 6
'
to $2 0 0 ,0 0 0 — . . . . __________________________
’
inn nnn
C o r r e s p o n d e n t , J . N . B u r t o n , M a d i s o n , N . Y . ...........................
Tho First National Bank of Hartsello, Ala. From $50,666'to
T h o P o r t L o y d o n N a tio n a l B a n k , P o r t L o y d o n , N . Y
2 5 nnn
'
r.n non
$ 1 0 0 , 0 0 0 ------------------ ------- . . . . . . ______________
C o rre sp o n d e n t, G u y W ilc o x , P o rt L e y d e n , N . Y .
...................
Tho Bristol National Bank, Bristol, Conn. From $lo"o".6 6 6 " to
'
T h e R o m u lu s N a tio n a l B a n k , R o m u lu s , N . Y
2 5 n nn
$ 2 0 0 , 0 0 0 ___
inn nn()
C o r r e s p o n d e n t , W i l b u r D . C h a s o , R o m u l u s , N . Y . ...................
Tho First National Bank of Cherryvillo, N. C. From $5 6 ’ 6 6 6
’
T h o F ir s t N a t io n a l B a n k o f C a to o s a , O k la
2 5 n nn
to $ 1 0 0 , 0 0 0 -------------- . . . _____ ______________ _____
’
50 0 0 0
C o r r e s p o n d e n t, W . E . W ils o n , C a to o s a , O k la .
......................
~
T h e F ir s t N a t io n a l B a n k o f C h a t t a n o o g a , O k la
Tho Palmer National Bank of Danvillo, 111. From $ 2 6 6 , 6 6 6 to
'
$300,000------— ____ _________ . . . . . ____ _________________
1 0 0 non
C o r r e s p o n d e n t , T . G . S h a f f e r , C h a t t a n o o g a , O k l'a .
Tho First National Bank of Shinnston, W. Va. From"$45'666
’
I h e A m e r ic a n N a t io n a l B a n k o f O k m u lg e e , O k la
1 5 0 nnn
to
$90,000-----------.
.
.
.
.
______
____________________
'
,
1
K
nnn
C o r r e s p o n d e n t , I I . C . D e t r i c k , O k m u l g e e , O k l a . ........................
T h e F a rm e rs & M in e r s N a t io n a l B a n k o f C o a lp o r t P a
Tho First National Bank o f Wonatclico, Wash I ’ From $561666
' '
3 0 ,0 0 0
to $ 1 0 0 , 0 0 0 ----------------------------------------------------’
5 0 nni)
C o rre sp o n d e n t, J . W . L a in g , C o a lp o r t, P a .
T h e C itiz e n s N a tio n a l B a n k o f E a s t la n d , T e x a s
10 0 000
The Fhst National Bank of Greenfield, Iowa. Fr"o"m'.$25,’o'o"0to
’
550.000
----- ------. . . . ______ _______ _____________
9 5 OOO
C o r r e s p o n d e n t . J . J . S t r i c k l a n d , E a s t l a n d , T e x a s 7.................
T h e F i r s t N a t i o n a l B a n k o f F a b e n s , T e x a s ................................................
25,000 T1^ n n n£nNational Bank of Oskosh, Wis. "From $200,656"to
’
C o r r e s p o n d e n t , C h a r le s L . B e t t e r t o n , F a b e n s , T e x a s .
SJUU. 0 0 0 __________________________________
inn 0 0 0
T h e S e c u r it y N a t io n a l B a n k o f E v e r e t t , W a s h
150 0 0 0
ThAnnirnnnNatlonal
Bank of Lawton, Okla".'" From '$ 1 0 6 ,6 6 6 ' to
>JUU,UU()----------------------------------------------------------------------1 Q Q 0()()
C o rresp o n d e n t, T . I I . B o w d e n , E v e r e tt, W a s h .
" ' ”
’
T h e F ir s t N a tio n a l B a n k o f C r o z e t, V a
’
25.000 The Old Town National Bank of Baltimore! M d .'' From'$'2 5 6 '.:
C o r r e s p o n d e n t , W . F . C a r t e r . J r ., C r o z e t , V a .
0 0 U to >350,000________ ____________________________________
100,000
T h o P e o p le s N a t io n a l B a n k o f M a r i o n , V a
70.000
C o r r e s p o n d e n t, B . L . D ic k in s o n , M a r io n , V a .
Tota| ............................................................................................. $4,895,000
T h e H u r r ic a n e N a t io n a l B a n k , H u r r ic a n e , W . V a
25 000
CH ARTERS E X T E N D E D .
C o r r e s p o n d e n t , B e n I t i f f , H u r r ic a n e , W . V a .
.............
’
1 ho First National Bank of Carrollton, Ga., charter oxtended until closd
T h e F i r s t N a t i o n a l B a n k o f W o o d l a w n , 111
25,000 of business Jan. 31 1940.
C o r r e s p o n d e n t , E a r l A . H i l l , W o o d l a w n Y l l . ' .................................
The First National Bank of New Martinsville, W . Va., charter extended
T o s u c c e e d t h e W o o d l a w n B a n k , W o o d l a w n , 111.
until closo of business Jan. 31 1940.
F o r c o n v e r s io n o f S ta t e b a n k s :
Tho
Citizens National Bank of McConnolsvillo, Ohio, charter extended
T h e F a rm e rs an d M e rc h a n ts N a tio n a l B a n k o f E a s t R a d
until close of business Feb. 2 1940.
f o r d , V a _________________________________________________ _
60,000
Tho
Rahway National Bank, Rahway, N . J., charter extended until
C o n v e r s io n o f T h o F a r m e r s a n d M e r c h a n t s 'B a n k 'o f 'E a s t
close of business Feb. 2 1940.
R a d fo r d ; co r r e sp o n d e n t. F a r m e r s a n d M e r c h a n ts B a n k ,
Tho Farmers National Bank of Princeton, K y ., charter extended until
E a s t R a d fo r d , V a .
close of business Feb. 4 1940.
T h o F ir s t N a tio n a l B a n k o f F o r e st L a k e , M i n n .
25 000
The Firet Nation®1 Stink: of Mount Vernon, N. Y . Charter oxtended
C o n v e r s i o n o f T h e P e o p l e s S t a t o B a n k o f F o r e s t L a k e ';
'
until close of business Fob. 7 1940.
„„
c o r r e s p o n d e n t, J . F . L e u z ln g e r , F o r e s t L a k e , M i n n .
Tho
City National Bank of Taylor, Toxas. Charter extended until closo
I h o F ir s t N a t io n a l B a n k o f F a r m in g t o n , M i n n .
25 000
of business Fob. 9 1940.
C o n v e r s i o n o f t h e E x c h a n g e B a n k o f F a r m i n g t o n ....................
’
Tho City National Bank of Evanston, 111. Charter extended until closo
C o r r e s p o n d e n t, C . E . C a d w o ll, F a r m in g to n .
of business Fob. 13 1940.
T h e F i r s t N a t i o n a l B a n k o f K e n n e d y , M i n n _____
25 000
C o n v e r s io n o f th o C itiz e n s S t a t e B a n k o f K o n n e d y .
CH ARTERS R E -E X T E N D E D .
C o rresp o n d en t. J . E . S u n d b erg , K e n n e d y .
Tho National Deposit Bank of Brownvillo, Pa., charter re-extended until
T h e F ir st N a t io n a l B a n k o f B a m b e r g , S . C
30,000 closo of business Fob. 2 1940.
C o n v e r s i o n o f t h e E n t e r p r i s e B a n k o f B a m b e r g .”
Tho National Marine Bank of Baltimore, M d., charter ro-extended until
closo of business Feb. 3 1940.
C o r r e s p o n d e n t , E n te r p r is e B a n k , B a m b e r g .
T o t a l ........................................................................................... .
^
,
,
,
C H A R T E R S IS S U E D .
O r ig in a l o r g a n iz a t io n s :
T h e F ir s t N a t io n a l B a n k o f R io G r a n d e , T e x a s
25 000
P r e s id e n t, L a w r e n c e R . B r o o k s ; C a s h ie r , C . T ije r in a .'
’
T h e F i r s t N a t i o n a l B a n k o f P a r i s , A r k ____________
an 0 0 0
P r e s id e n t, L . B . C r e n s h a w ; C a s h ie r , L e w is C . S a d le r .
T h e A l l e n w o o d N a t i o n a l B a n k , A l l e n w o o d , P a __________
2.5 0 0 0
P r e s id e n t, A . V . P e r s in g .
T h e H u r l e y N a t i o n a l B a n k , H u r l e y , W i s c o n s i n _____________
50 000
P r e s id e n t , C h a r le s B o n in o .
T h e P e r r y t o n N a t i o n a l B a n k , P e r r y t o n , T e x a s _______
25 000
P r e s id e n t, G e o . M . P e r r y ; C a s h ie r , H . S . W ilb u r .
’
T h o F ir s t N a t io n a l B a n k o f S a lid a , C a l
25 000
P r e s id e n t, T . I I . K e w in .
.......................................
u
T h o S e c o n d N a t i o n a l B a n k o f G r i f f i n , G a ...............
10 0 000
P r e s id e n t, b . S la d e ; C a s h ie r , M . J . J a n e s .
’
T h e F i r s t N a t i o n a l B a n k o f R o b e r t s , I d a h o _______________
25 000
P r e s id e n t, C . D . G a te s ; C a s h ie r , J . L . P e lto n .
*" ’
T h o F i r s t N a t i o n a l B a n k o f H a m p s h i r e , 111.
25 000
P r e s id e n t, F r a n k C h a n n in g ; C a s h ie r , A lb e r t G . E lc h le r .
’
T h e F ir s t N a t io n a l B a n k o f G r a n a d a , M i n n .
.
25 000
P r e s id e n t, C . A . P o r te r ; C a s h ie r , A r th u r A . H ill.
I h o M e m o r i a l N a t i o n a l B a n k o f C o l l i n g s w o o d , N . J _____
50 000
, * ’ re s i d e n t , J . A . B o t t o m l e y ( P . O . W e s t C o l l i n g s w o o d , N . ' j . ) .
’
T h e P e o p l e s N a t i o n a l B a n k o f L y n b r o o k , N . Y __________
,50 0 0 0
P r e s id e n t, S a m u e l J . B r a d b u r y .
T h e F i r s t N a t i o n a l B a n k o f K a n s a s , O h i o ____________________________
25 000
P r e s i d e n t , D . F . D o o k s o n ; C a s h i e r , I . C . M c D a n i e l '.
"
S u c ce ed s F a rm e rs B a n k in g C o ., o f K a n s a s C i t y , O h io .
Tho Second National Bank of Morgantown, W. Va.Cliartor ro-oxtended
until close of business Fob. 10 1940.
VOLUNTARY LIQU IDATION .
Tho First National Bank of York, S. C _____
•
Liquidating agent not named. Assets taken'"over"by" tlio"
Peoples Bank and Trust Company.
Tho First National Bank of Vionna, S. D ______
Liquidating Agent, J. BonJ. Graslio, Vionna.
Succeeded by a Stato bank.
Tho First National Bank of San Juan, Toxas.................................
Liquidating Agent, O. Williams.
Succeeded by tho San Juan Stato Bank.
C a p ita l.
$50,000
25 000
25 000
CHANGE OF T ITLE .
The Central Toxas Exchango Natidnal Bank of Waco, Texas, to “ Tlio
Central National Bank of W aco.”
The National Bank of Elyria, Ohio, to "First National Bank of Elyria.
A u c tio n Salea.— Among other securities, tlio following,
were recontly sold
at auction in Now York, Boston and Philadelphia:
By Messrs. Adrian II. Muller & Sons, New York:
not usually dealt in at the Stock Exchange,
Shares.
Stocks.
Per cent. Shares.
Stocks.
per ce/.t-
2 7 1 U . S . I'iro I n s .. $ 2 0 e a . . $ 1 2 per sli
3 0 N a t . N a ssa u B a n k (In lli| .)$ 1 6 0 lot
2.5 W e s t M o t o r , In c ., c o m ______ $ 5 lot Bonds.
pgr cent.
,0 0 0 L a ck a w a n n a C o . C o a l, $ 1 0 ea.
$ 1 0 ,0 0 0 G e n e ral G a s & E le c . 1st scr.
$ 5 0 lo t
A 6 s , 1 0 3 2 .................................................. co
By M essrs. W ise, Hobbs & Arnold, Boston:
S per sh .
S p e r sh . S h a r es. S to ck s.
10 Rights 4th-A tlan.N at.B an k.26 34 -26 29 Puget Sound T ra c., L . A P ..corn .11
5 Union Tw ist D rill, com ., $5 ea- 263*
1 N aum keag Steam C otton ......... 240
5 Sullivan M a c h in e r y .................. 155
18 N . II. E lec. Railways, com ------ 50c.
1 M crrlm ac Chemical, $50 e a c h .. 89
50 Puget Sound T rac., L. & P .,
prof., unstam ped......... ...........53
S h a res.
S to c k s .
B y Messrs. R . L . Day & C o ., Boston:
Shares.
.
0
20
20
5
25
$
Stocks.
S lo c k s .
$ per sh .
3 Y o r k M anufacturing..................19133
0 Quincy Elec. Light A P ow — 210-211
3 Ilo o d R ubber, preferred.......... 101
100 Puget Sd. T rac., L. & P ., pref. 5433
per sh. S h a r es.
M erchants N ational D ank----- 290
Cordis M ills---- -------------------------140
Clifton M anufacturing.............270
Colum bus M anufacturing------- 2103*
Cornell M ills ............................... 265
B y Mossrs. Barnes & Lofland, Philadelphia:
S to ck s.
S p er sh .
S to c k s .
S p e r s h . S h a r es.
30 Victory Insur., $50 each-.13033-132
Philadelphia National Bank— 370
0 Phlla. Life Insur., $10 each— 10
Corn Exchange N ational B a n k .390
First National Bank of Phlla. .250)3 20 Phlla. Bourse, pref., $25 ea 2033-203*
4 phlla. Bourse, com ., $50 e a c h .. 631
Rights to subscribe N inth N at.
13 Girard A ve. Farmers M arket,
Bank at $200............................140
$50 each____________ _______34
50 Guarantee Trust & Safe D c p ..l2 7 ) *
5 Ridge A v e. Passenger R y ..........1873*
13 Logan T ru st......... ...........
145
B onds.
17 Aldlne T ru st..........................
ICO
$4,400 Avalon D ev. C o. 1st lssuel
37 A rights to subscribe R lttcn beach front Im provem ent. }$300
houso Trust at $120-------------- 1 A
$2,200 Avalon D ev. C o . 2d lssuel lot
5 D a rb y Bank, $50 each-----------------65
beach front Im provem ent.)
3 Flro Assn, of Phlla., $50 e a c h ..335
S h a res.
3
18
5
37
C an a d ia n B a n k C learings— Tlio clearings for tho week
ending Fob. 5 at Canadian cities, in comparison with the
samo weok in 1919, show an increase in tho aggregate of
4 3 .3 % .
W eek
en d in g F c b r y a r u
5.
C l e a r in g s a t 1920.
1019.
S
$
1 4 3 ,6 2 7 ,1 8 8
1 0 2 ,1 5 6 ,9 3 4
4 8 ,5 4 4 ,0 5 0
1 5 ,1 7 6 ,0 9 1
7 ,9 7 3 ,6 2 5
1 ,0 2 0 ,5 7 4
9 4 ,7 4 3 ,3 8 7
7 0 ,4 1 2 ,5 4 5
3 4 ,5 8 9 ,2 5 2
1 1 ,1 2 8 ,9 1 9
5 ,2 7 3 ,0 2 4
7 ,7 3 1 ,2 0 7
Canada—
T o r o n t o ............................ W innipeg________ _______
Vancouver...........................
C a lg a ry ...............................
Ottawa .............. - - .........
E d m on ton ...........................
Q uebec.................................
1
H am ilton...... ......................
H a lifa x ...............................
Saskatoon ..........................
St. John...............................
Fort W illia m ....................
Brantford......................
New W estm inster......... -
Brandon........................
L lth b rld g c..........................
M odlclno Hat _________
P eterborou gh ....................
Sherbrooke ........................
K ltc h n e r .............................
Total Canada - ______
635
THE CHRONICLE
F eb . 14 1920.]
I n c . or
D ec .
1918.
%
S
S
7 2 ,8 1 5 ,9 1 4
5 3 ,5 6 6 ,1 2 8
3 9 ,6 7 7 ,0 7 0
8 ,8 2 6 ,3 6 5
6 ,5 1 7 ,8 2 2
5 .6 1 5 ,1 9 5
8 1 ,7 1 5 .2 5 5
5 7 ,0 3 4 ,1 1 8
3 8 ,7 2 3 ,9 6 8
5 ,8 2 4 ,2 8 1
3 ,8 6 1 ,5 4 5
4 ,9 3 9 .4 2 4
+ 5 1 .6
+ 4 5 .1
4 0 .3
+ 3 6 .4
+ 5 1 .2
4 2 .6
+
4,578,980
3,233,123
0 ,6 0 7 .4 3 8
2 ,8 7 6 ,3 3 5
0 ,2 8 2 ,5 3 8
3 ,7 7 0 ,6 1 6
4 ,0 9 4 ,8 1 0
1 ,8 4 4 ,7 4 9
3 ,0 9 7 ,3 9 6
3 .4 3 3 ,7 6 9
1 ,4 4 8 ,1 6 4
1 ,0 6 4 ,0 5 4
1 ,3 7 9 ,3 0 2
6 4 8 ,2 7 9
6 5 3 ,8 4 0
7 6 4 ,2 8 9
4 7 3 ,0 5 1
8 5 5 ,6 0 8
1 ,0 3 0 ,0 9 4
1 ,0 7 8 ,9 5 9
2 ,6 9 4 ,2 9 3
422^794
4 ,9 5 9 ,2 3 6
2 ,1 1 4 ,6 0 0
5 ,4 5 5 ,8 3 5
3 ,0 3 0 ,1 5 7
5 ,0 5 2 ,4 4 4
1 ,7 3 8 ,2 1 7
3 ,2 7 5 ,7 5 8
2 ,4 9 6 ,3 4 2
1 ,3 0 9 ,8 5 3
7 7 1 ,7 8 4
8 6 2 ,3 3 3
5 0 3 ,1 0 9
5 0 1 ,8 6 3
6 9 3 ,6 0 8
3 3 0 ,9 4 5
6 3 8 ,2 7 8
1 , 0 1 1 ,9 2 1
9 2 1 .0 9 3
1 ,2 1 2 ,1 2 4
3 4 3 ,9 4 1
3 7 8 , 8 6 4 , 3 2 0 2 6 4 , 3 3 4 .> 9 3
+
+ 41.3
+ 3 4 .0
+ 3 6 .0
+ 1 5 .2
+ 2 4 .4
— 7 .1
+ 0 .1
+ 1 2 .9
+ 3 7 .5
+ 10.6
+
+
+
+
+
+
+
+
+
+
+
3 8 .0
5 9 .9
2 8 .8
3 0 .3
10.2
4 2 .9
3 4 .0
1 .8
1 7 .2
1917.
2,918,667
1,967,143
4 ,1 9 5 ,9 5 1
1 ,8 7 1 ,1 4 8
4 ,6 6 0 ,8 2 2
2 ,8 3 1 ,2 9 8
3 ,9 2 8 ,2 1 2
1 ,4 9 0 ,4 8 8
2 ,3 7 3 ,6 4 3
2 ,2 3 2 ,7 3 7
1 ,1 3 7 ,6 1 5
7 0 0 ,0 0 0
8 4 5 ,7 8 5
4 0 0 ,1 9 3
5 4 7 ,6 6 5
6 6 7 ,7 8 8
5 5 8 ,6 8 1
6 8 6 ,5 8 8
6 9 6 ,7 1 4
4 7 5 ,0 0 0
3 ,9 6 8 ,0 4 2
1 ,3 2 4 ,1 4 6
3 ,8 3 5 ,5 4 4
2 ,1 8 5 ,4 4 8
2 ,5 9 5 ,6 6 0
1 ,2 0 2 ,8 7 3
2 .3 1 4 ,1 3 3
2 ,0 3 0 ,2 9 1
8 2 1 ,1 0 8
5 3 6 ,3 2 0
7 3 2 ,5 7 9
2 3 5 ,0 4 4
3 6 7 ,4 3 8
5 9 2 ,5 8 7
3 5 5 ,3 4 6
5 2 2 ,0 3 7
5 7 4 ,6 7 4
4 9 9 ,7 4 6
12.2
2 3 .0
4 - 4 3 .3 2 2 0 .2 3 7 .4 9 5 2 1 8 ,7 5 9 ,3 5 0
D IV ID E N D S .
The following shows all tho dividends announced for tho
future by large or important corporations:
Dividends announced this week are printed in italics.
N am e o f C om pany.
P er
C e n t.
W h en
P a y a b le .
B o o k s C lo s e d .
D a y s I n c lu s U e .
Railroads (Steam).
Miscellaneous
Ajax Oil, Class A (m on th ly)___________
American Bank N oto, com m on (quar.)
American
Brass
(qu ar.)______
E x tr a ................................................
A m e r i c a n C h i c le , p r e fe r r e d ( q u a r .) .
American Druggist syn dicate__
A m e r i c a n E x p r e s s ( q u a r . ) ................
Amer. Foreign T ra d oC orp ., pref. (quar.)
*153
Mar.
1
♦IOC Feb. 1. ♦Holders of r«c. Feb.
75c. Feb. 10 Holders of rec.
1A Apr. 1 Holders o f reo.
Feb. 14 ♦Holders o f reo.
'I A
Feb. 14 ♦Holders of reo.
*IA
1 A Apr. 1 Holders o free.
1
M ar. 1 Holders of rec.
4qc
Feb. 28 Holders of rec.
S I.50
1 ♦Holders of rec.
*1 H Feb. 15 ♦Holders o f rec.
133 Apr. 1 Holders o f rec
Feb.
M ar.
Jan.
Jan.
M ar.
M iscella n eou s (C o n tin u e d )
Amer. La France Fire E ng., com . (quar.)
American Radiator, com m on (quar.) —
Com m on (extra)_____________________
Preferred (qu ar.)____________________
American Smelting A R efg., com . (quar.)
Preferred (qu ar.).....................................
American Soda Fountain C o. (quar.) —
A m e r ic a n S u g a r, c o m m o n ( q u a r ) -----------C o m m o n ( e x t r a ) _______________________
P r e fe r r e d ( q u a r .) ______________________
Amer. Sumatra T ob acco, p r e f . _________
American Telegraph A Cable (quar.) —
American T ob acco, com m on (qu ar.)-----Preferred (qu ar.)....... .................
Am er. W ater-W orks A E lec.,pref.(quar.)
Am er. W indow Glass M achine, pref-----Ananconda Copper M ining (quar.)
Arizona Silver M ines (m on th ly)___
Associated D ry G oods, first pref. (quar.)
Second preferred (qu ar.)_______
A t l a n t i c R e fin in g , c o m m o n ( q u a r ) .
A t l a s P o w d e r , c o m m o n ( q u a r .) .........
B e ld ln g -P a u l-C o r ltc e llt, L t d ., p r e f . .
Bethlehem Steel, com . A A B (q u a r .)..
Eight per cent preferred (qu ar.)-----Seven per cent preferred (q u a r .)..
Blackstone Val. Gas A Elec., com . (q u .)
Bond A M ortgage Guarantee (quar.)
British Colum bia Fish. A Pack. (q u a r.).
Brooklyn Edison C o. (qu ar.)__________
Brown Shoe, In c., com m on (qu ar.)____
Brunswlck-Balke-Collendcr, com . (qu.)
Buckeye Pipe Lino (qu ar.)____________
Burns Bros., com m on (qu ar.)__________
B y-P roducts Coke Corporation (q u a r.).
Canada Cement, preferred (quar.)
Canada Foundries A F org., com . (quar.)
Preferred (qu ar.)______________
Canadian Converters (qu ar.)_____
Carbon Steel, first preferred_____
Secon'" preferred_____ __________
Cedar Rapids M fg . A Power (qu ar.)____
C e rro d e P a s c o C o p p e r ( q u a r . ) . . ..............
Cities Service com . A pref. (m o n th ly )..
Com m on (payable In com mon sto ck ).
Preferred B (m onthly)_______________
Cities Service, Bankers’ shares (montlhy)
Cleveland Autom atic M ach.,com .(qua r.)
Cllnohfleld Coal Corporation, co m m o n ..
C olorado Fuel A Iron, com . (q u a r.)____
Preferred (qu ar.)____________________
Colum bia Gas A Electric (quar.)______
Consolidated Cigar, pref. (q u a r.)_______
Consolidated Gas (Now Y ork) (q u a r .)..
Consumers C o. (Chicago), pref_________
Continental M otors C orp., com . (quar.)
Continental Paper Bag, com . (q u a r .)..
Preferred (qu ar.)_____ ______ ________
C o s d en & C o ., p r e fe r r e d ( q u a r .) __________
Crescent Pipe Line (qu ar.).........................
D a v ie s ( W i l l i a m ) C o ., I n c . , C la ss A (q u a r.)
Deere A C o ., preferred (qu ar.)_________
D elatour Beverage (N o. 1)_____________
D iam ond M atch (qu ar.)________________
D ominion Bridge (quar.)_______________
D ow Chemical, com mon (qu ar.)_______
Com m on (extra)______________________
Preferred (q u a r .) .................. ...................
Durham Hosiery Mills, tom A A B (qu.)
Common A A B (extra)______ _______
E a sternS teol.com . (qu.) (In L . L. bonds)
First and second preferred (q u a r.)___
E a s tm a n K o d a k , c o m m o n ( q u a r .) _______
C o m m o n ( e x t r a ) _______________________
P r e fe r r e d ( q u a r ) ______________________
Elsenlohr (O tto) A Bros., com . (q u a r .)..
Electric Investment, preferred (q u a r .)..
Federal Oil. com . (quar.) (N o. 1)______
Common fextra )____________________
Federal Utilities, preferred (qu ar.).........
F’lrestone Tire A Rubber—
Seven per cent pref (quar.)__________
General Asphalt, preferred (q u a r.)_____
General Chemical, com m on (q u a r.)____
General Cigar, pref. ( q u a r . ) ....... ............
Alabama Great Southern, preferred___
$1.75 Feb. 20 Holders of rec. Jan. 22
Atchison Topeka A Santa Fe, com . (qu.)
1 1* M ar. 1 Holders of rec. Jan. 3oa
Baltimore A Ohio, preferred............
2
Mar. 1 Holders of rec. Jan. 17a
Buffalo Rochester A Pittsburgh, c o m ..
Feb. 10 Holders of rec. Feb. 7a
2
P referred ______________________
3
F eb. 10 Holders o f reo. Feb. 7a
C a n a d ia n P a c ific , co m m o n (g u a r. ) .
1 Holders of rec. M ar. 1
2'A Apr.
23* Feb. 20 Holders of rec. Feb. J2a
Preferred _____ . . .
33* ■ Feb. 20 Holders of rec. Feb. J2a
♦3
C i n c in n a t i N o r t h e r n .
M ar. 1 ♦Holders of rec. Feb. 20
% M ar. 1 Holders o f rec. Feb. 10;
Special guaranteed (qu ar.)....................
'A M a t. 1 Holders of rec. l e b . 10a
1
Feb. 15 Holders of rec. M ar. la
C r i p p l e C r eek C e n tr a l, p r e fe r r e d ( q u a r . ) . .
tD claw aro A Hudson C o. (qu ar.)______
2)3 M ar. 20 Holders o f rec. Feb.126a
5
Feb. 24 Holders of rec. Feb. 20a
Green Bay W estern____________________
Illinois Contral (qu ar.)____ _____ _______
M ar. 1 Holders ol rec. Feb. 6a
in
N orfolk A W estern, com m on (qu ar.)__
M ar. 19 Holders o f rec. Feb. 28a
m
i
Feb. 19 Holders of rec. Jan. 31a
N orfolk A W estern, ad I pref. (quar.) . .
Feb. 25 Feb. 11
to
Feb. 19
N o r t h P e n n s y lv a n i a ( q u a r . ) _____________
$i
Pennsylvania M l . (q u a r.)..... ...................
•75c. Feb. 2'- ♦Holders of rec. Feb. 2
P h lla . G e r m a n to w n <fc N o r r i s to w n ( q u . ) ___ ♦$1.50 M ar. 4 ♦Feb. 21
to
M ar. 3
Pittsburgh A West Virginia, pref. (quar.)
13* Feb. 28 Holders of rec. Feb. 2 a
Reading Com pany, first pref. (q u a r .)___ 500. M ar. 11 Holders of rec. Feb. 20a
S o u th er n P a c i f i c C o . ( q u a r . ) _____________
1 A April I Holders of rec. Feb. 28
U n i o n P a c i f i c , c o m m o n ( q u a r . ) ..................
April 1 M ar. 14
to . April 13
2A
P r e f e r r e d ......................................................
April 1 M ar. 14
to
April 13
2
S treet an d E le c tr ic K nllw nys.
American Railways, preferred (q u a r .)..
1 H Feb. 14 Holders of rec. Feb. 6a
Arkansas Vnl. Ity ., L. A P ., pref. (quar.) * m
Feb. 14 ♦Holders of rec. Jan. 31
C e n tr a l A r k a n s a s B y . <6 L ig h t, p r e f . (q u a r.)
M ar. 1 Holders o f reo. Feb. 14a
in
ns Feb. 14 Feb. 1 to Feb. 15
M ar. 1 H olders o f reo. Feb .dl l
Detroit United R y . (qu ar.)_____ ________
2
Feb. 10 Holders o f reo. Jan. 31
Montreal Light.. Heat A Pow. C on s.(qu.)
m
1 A Feb. 16 Holders o f rec. Jan. 31
Philadelphia C o. 5 % preferred.
$1.25 Mar. 1 Holders o l rec. Feb. 10a
Tam pa Kloctrln C o. (qu ar.)___
2 A Feb. 16 Holders o f rec. Feb. 6a
Fob. 20 Holders of rec. Feb. 9a
2A
Wost Penn Railways, pref. (qu ar.)___
1 A M ar. 15 Holders o f rec. M ar. 1
West Penn T rac. A Water P ow .. pf.(qu .
Feb. 16 Holders of rec. Jan. 19
1A
A c m e T e a , p r e f . ( q u a r . ) . _____ ___________
N a m e o f C om pany.
6
2a
13a
31
31
20
Feb. 14a
Jan. 7a
Feb. 28
Feb. 1
M ar 13a
General D evelopm ent__________________
Gillette Safety Razor (qu ar.)___________
Gilliland OH, preferred (No. 1) .............
G oodrich (B. F) C o ., com . (q u a r.)___
Com m on (extra )_______ ______ ______
Com m on (q u a r.)_________ ___________
Preferred (quar.)......... ...... .....................
Preferred (qu ar.)....... ..............................
G o o d y ea r T ir e A- R u b b er, c o m m o n ( q u a r . ) .
Great Lakes Dredge A D ock (q u a r.)____
P er
C e n t.
W h en
P a y a b le .
B ook s C lo s e d .
D a y s In c lu s U e .
25c. Feb. 16 Holders o f rec. Feb. 10
M ar. 31 ♦Holders of rec. M ar. 22
♦3
♦4
M ar. 31 ♦Holders o f rec. M a r. 22
133 Feb. 16 Holders of rec. Feb. 7
1
M ar. If Feb. 28
to M ar. 7
to Feb. 23
1 33 Mar. 1 Feb. 14
13* Feb. 16 H olders o f rec. Feb. 2
*133 Apr. 2 ♦Holders o f rec. M ar. 1
*33 Apr. 2 ♦Holders o f rec. M ar. 1
*133 Apr. 2 ♦Holders o f rec. M ar. 1
33* M ar. i Holders o f rec. Feb. 14a
*133 M ar. 1
M ar. 1 Feb. 15
5
to M ar. 15
to M ar. 15
13* Apr. 1 Feb. 15
133 Feb. 16 Holders o f rec. Jan. 31
*33* M ar. 1 ♦Holders o f rec. F eb . 20
$1
Feb. 24 Holders o f rec. Jan. 17a
3c. Feb. 15 Holders o f rec. F eb . 1
13* M ar. 1 Holders o f rec. Feb. 9a
133 M ar. 1 Holders o f reo. Feb. 9a
M ar. 15 ♦Holders o f rec. Feb. 21
*5
Mar. 10 Feb. 29
3
to M ar. 9
33* M ar. 15 Holders o f rec. M ar. 1
133 Apr. 1 H olders of rec. M ar. 16a
Apr. 1 Holders of rec. M ar. 16a
2
133 Apr. 1 Holders of rec. M ar. 16a
M ar. 1 Holders o f rec. Feb. 16a
$1
Feb. 14 Holders o f rec. F eb . 7
4
13* Feb. 21 Holders o f rec. Feb. 9
M ar. 1 Holders o f rec. F eb . 6a
2
133 M ar. 1 Holders o f rec. F'eb. 20a
*133 Feb. 15 ♦Holders o f rec. Feb. 5
M ar. 15 Holders o f rec. F eb . 21
$2
2 3* Feb. 16 Holders o f rec. Feb. 2a
*13* Feb. 20 ♦Holders o f rec. Jan. 24
133 F eb. 16 Holders of rec. Jan. 31
Feb. 15 Holders o f rec. Jan. 31
3
153 Feb. 15 Holders o f rec. Jan. 31
13* F eb. 16 Holders o f rec. Jan. 31
Mar. 30 Holders o f rec. M ar. 26a
04
July 30 Holders of rec. July 26a
6
53 Feb. 16 Holders o f rec. Jan. 31
M ar. 1 Holders o f rec. Feb. 20
Si
♦3* M ar. 1 ♦Holders o f rec. F eb . 16a
* SI 33 M ar. 1 ♦Holders o f reo. Feb. 15a
*3* M ar. 1 ♦Holders o f rec. F eb . 15a
54 33c M ar. 1 Holders o f rec. Feb. 15
13* Feb. 15 Holders of rec. Feb. 5a
*34 Feb. 14 ♦Holders of rec. Feb. 9
33 Feb. 20 Holders o f rec. F eb . 5a
Feb. 20 Holders o f rec. Feb. 5a
2
133 Feb. 15 Holders o f rec. Jan. 31a
1 «/i M ar. 1 Holders o f rec. Feb 14a
133 M ar. 15 Holders o f roc. Feb. 10o
*33* Feb. 20 ♦Holders o f rec. F eb . io
to
Fel). 15
20c. Feb. 15 Feb. 8
13* Feb. 16 Holders o f rec. Feb. 9
13* Feb. 10 Holders o f rec. Feb. 9
833c. M ar. 1 Holders o f rec. Feb. 14a
to
M ar. 15
75c. M ar. 15 Feb. 22
M ar. 15 Holders o f rec. M ar. 1
$1
133 M ar. 1 Holders o f rec. Feb. 14a
50c. F eb. 20 Holders of rec. Feb. 10
M ar. 15 Holders o f reo. F eb . 28a
2
Feb. 16 Holders o f reo. Jan. 3 1
2
133 Feb. 16 Holders of rec. Feb. 5a
133 Feb. 10 Holders of rec. Feb. 5a
Feb. 16 Holders of rec. Feb. 5a
in
April 1 Holders of rec. M ar. 20a
m
April 1 Holders of rec. M ar. 20a
A
12X Apr. 15 Holders o f rec. A p r. l
M ar. 15 Holders o f rec. M ar. 1
m
23* April 1 Holders of rec. Feb. 28
7 'A April 1 Illoders o f rec. Feb. 28
l 'A April 1 Holders of rec. Feb. 28
Feb. 15 Holders o f rec. Feb. la1
*153 Feb. 21 ♦Holders o f rec. Feb. 11
Feb. 15 Holders of reo. Jan. 15
2
Feb. 15 Holders of rec. Jan. 15
3
M ar. 1 Holders o f rec. F eb . 14
I 'A
in
Feb. 15 Holders o f roc. Feb.
M ar.
M ar.
2
133 M ar.
Ui
50c.
$2.50
2
1
A
1A
153
IV*.
3
*2
1A
Feb. 20
M ar. 1
Feb. 16
Feb. 16
Feb. 16
M ay 15
April 1
July 1
Mar. l
Holders of rec.
Holders of rec.
Holders of reo.
Holders of reo.
Holders of rec.
Holders o f rec.
Holders o f rec.
Holders o f rec.
Holders o f rec.
♦Holders o f rec.
Holders o f rec.
Holders of rec.
Holders o f rec.
♦Holders o f rec.
♦Holders o f rec.
♦Holdcts o f rec.
Feb. 6
to
Holders of reo.
Holders of rec.
Feb. 15
M ar. 2
i A Apr. 20
Feb. 28
I
I l a r t , S h a ffn er & M a r x , I n c . , c o m . (q u a r .)
*133 M ar. 1
Apr. 1
H a s k e ll A B a rk er C a r ( q u a r .) ......................
$1
Hercules Petroleum, Class A (m on th ly). »10c. Feb. 10
Hercules Powder, preferred (q u a r.).........
133 Fob. 14
Feb. 14
Indiana Pipe Line (q u a r.)_____________ *2
Feb. 14
$2
M ar. 2
*2
April 1 ♦Holders of rec.
Interlake Steamship (qu ar.)...................... ♦2
♦2
April 1 ♦Holders of rec.
E x t r a _______________ ________________
M ar. 1 Holders o f rec.
I n t e r n a t io n a l C o tt o n M i l l s , c o m . ( q u a r . ) . .
$1
P r e fe r r e d ( q u a r .) .................. .....................
133 M ar. 1 Holders o f rec.
International Harvester, pref. (q u a r .)..
133 M ar. 1 Holders of rec.
Intcrnat. M otor T ruck, 1st A 2d p r e f..
3 A M ar. 15 Holders o f rec.
Jefferson A Clearfield Coal A Iron, pref.
2 A Feb. 16 Holders o f rec.
2
Feb. 16 Holders o f rec.
Kamlnlstlqula Power (qu ar.)___________
2
Feb. 16 Holders of rec.
Kelly Springfield Tire, pref (q u a r.)____
M ar. 1 Holders o l rec.
3
Lake of the W oods M illing, com . (quar.)
Preferred (qu ar.)....... ........................... ..
153 M ar. 1 Holders o f rec.
Lanston M onotype M achine (qu ar.)____
1 A Feb. 28 Holders o f rec.
Feb. 28 Holders o f rec.
I.ehlgb Coal A Navigation (q u a r.)......... SI
M ar. 1 Holders o f rec.
3
Liggett A M yers T ob acco, com . (qu ar.).
50c. Feb. 20 Holders of rec.
25c. Feb. 20 Holders o f rec.
23* M ar. 1 Holders of rec.
M anatl Sugar, common (qu ar.)................
M anhattan Shirt, c o m m o n ( q u a r . ) _______
43 33c Mar. l Holders of rec.
M arlin-Parry C orp. (quar.) (N o. 1)____ 50c. M ar. 1 Holders o f rec.
Feb. 2C Holders of rec.
Mason Tire A Rubber, com mon A A B__
2
M ay Department Stores, com . (q u a r .).. ♦133 Mar. 1 ♦Holders of rec.
2 5 c . Feb. 14
Feb. 16
M iddle States Oil (m on th ly)____________
10c M ar. 1 Holders of rec.
M on tn ly________ _____ _______________
10c Apr. 1 Holders o f rcc.
M iddle Suites Oil C orp. (stock dividend) <20 dM ar 1 Holders of rec.
Feb. ie Holders of rec
2
Montreal Light, Heat A Power (quar.) . .
873* e M ar. l Holders of rec.
133 April 15 Holders of rec.
National Biscuit, com mon (qu ar.)............
Preferred (q u a r.)______ _____ ________
153 Feb. 2$ Holders of rec.
♦4
I la r b i s o n - W a l k e r l l e f r a c ., c o m . ( q u a r . ) ___
F ir s t a n d s e co n d p r e fe r r e d _____________
5a
1 Holders o f rec. F eb . 14a
1 Holders o f rec. Feb. 20a
1 Holders of rec. Feb. 24a
♦5
*33* M ar. 10
Feb. 5a
Jan. 30
Feb.
2
Feb.
Feb.
M ay
M ar.
June
Feb.
Feb.
Feb.
Apr.
Feb.
Feb.
M ar.
Feb.
Feb.
Jan.
Jan.
5a
6a
5a
22a
21a
14
10
21a
10
19
18
15
5
13
24
24
M ar.
M ar.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
Feb.
Feb.
Feb.
Jan.
Feb.
20
20
16
16
10a
28a
7a
31
2a
21
21
Feb.
M ar.
Feb.
Jan.
Feb.
20a
20a
20
31
14a
Feb
14a
18a
31a
10a
26
26
16a
21
18a
31
16
Mar 31a
636
THE CHRONICLE
P et
Cent
N a m e o f C om pa ny.
Miscellaneous (C oncluded).
National Casket (quar.)................
Extra ............. ............ .......... .
W hen
Payable •
Books Closed.
D ays In clu sive.
[V o l . 1 1 0
Statement of New York City Clearing House Banks
and Trust Companies. - T h e following detailed statoment
shows the condition of the New York City Clearing House
Mar. 39 *Feb. 10 to Feb. 10
members for the week ending Fob. 7. The figures for the
Mar. 3 ) *Feb. 6 to Feb. 10
. . *e5
Mar. 3 I *Feb. 6 to Feb. 10
soparato banks are the averages of tho daily results. In the
Mar.
Holders of rec. Fob. 20a case of totals, actual figures at end of tho week are also given:
N a tion a l O rocer, com m on (e x t r a ) ..
..
3
Feb. 2 Feb. 10 to Feb. 20
National Lead, preierred (quar.).
Mar. 1 Holders of rec. Feb. 20a
IX
National Leather (No. 1)--------Feb. 1 Holders of rec. Jan. 24
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Feb. 1 Holders of rcc. Feb. 1
). /4
N ationa l Sugar (q v a r .)___
(Stated in thousands o f dollars— that is, three ciphers (,000] om itted.)
•
April
IX
Holders of rec. Mar. 8
New York Dock, common.
Feb. If Holders of rec. Feb. 6a
New York Shipbuilding..
Mar.
‘ Holders of rec. Feb. 9
S et
CLEARING
L oans,
..
2
R eserv e
Mar. 2< Holders of rec. Mar. la
N a t’ l
Capital Profits D iscount
HOUSE
Preferred (quar.)__________
Cash
with
N et
Feb. 2f Holders of rec. Feb. 5a
Tim e
Bank
MEMBERS
Incest
Ogilvie F lour M ills , p r e f. (g u a r.).
in
Legal
D em ai d
-IX
Mar.
De
C ircu
Holders of rcc. Feb. 23
(,000
om
itted.)
Nat’I,
Dec.31
merits,
Ohio Cities Gas, com. (quar.)..
Vault,
D
ep
osi
D ep osits. posits. lation.
Mar.
Holders of rec. Feb. 1 la Week ending State, Nov. 12 etc.
lories.
Feb. li Holders of rec. Jan. 31
..
IX
Feb. 7 1920. Vr.Co8.,Nov,12
3) h l X Feb. li Holders of rec. Jan. 31
Pacific Development Corp. (quar.). . .
2
Feb. li Holders of rec. Jan. 15a
Members
of
A verage, Ateraut Average Average. Average A v g e ,
Penmans Ltd., common (quar.).. Feb. If Holders of rec. Feb. 5
IX
Fed. Res. Bank
$ i s
s
#
P enm an s, L td ., com m on (q u a r.) ____
s
S
May 1.' Holders of rec. May 5
Ilk of NY. NBA 2 ,0 0 0 ; 6,660 54,050
012 5,415
Com m on (b o n u s ) ..........................
37,229 3,996 701
Feb. 2f Holders of rec. Feb. 16
Manhattan Co
2,500 8,260 00,336 2,536 13,150
Preferred (q u a r .) ...... .................
91,708 7,936
IX
May : Holders of rec. Apr. 21
3,000
Merchants’
Nat
3,323
32,871
609
3,057
25,504
. . 43.75C Mar. U Holders of rec. Feb. 19
1,283 1,773
Mech & Metals
6,0001 12,100 166,320 9,021 19,208 139,890 4,487 1,000
•) *2
Feb. 15 ♦Holders of rec. Feb. 1
Bank of America 1,600 7,304 33,206 1,010 4,369
P referred (q u a r.).
28,779
Feb.
National
City..
25,000,
55,815
562,273
13,730
ittsburgh Brew ing,
71,731 *598,344 41*110 1,445
- *50( Mar. 15 ♦Holders of rec. Mar. 1
Chemical Nat.
3,0001 9,869
97,074 1,514 9,724
P referred (q v a r .).
71.001 2,772
447
.. *87)+ Feb. 28 ♦Holders of rec. Feb. 19
Atlantic Nat..
1,000 1,000 21,815
475 2,388
17,710
..
6
147
528
Mar. ] Holders of reo. Feb. 12a Nat
300
Butch
*
ni
143
6,441
123
516
Preferred (annual! _
4,488
299
-- 12
Mar. 1 Holders of reo. Feb. 12a Araer Exch Nai 5,000| 6,668 129,456
1,954 12,473
91,517 5,638 5,000
Mar. ;
-IX
of reo. Fob 14« NatBkof Comtr 25,00i 29,085
34,971
205.475 5,350
.. g3
Mar. < Holders of rec. Feb. 14
Pacific Bank..
10 1,1511 26,4155 1,592 3,600
25,109
50
)- I X Feb. 2i Holders of rec. Feb. 5a Chath
& Phenb
10 6,87() 119.825i 4,860 13,645
101,711 12,013 4,883
..
2
Mar. If Holders of rec. Feb. 18a Hanover
Nat
..
1
0
19,05(i
140,88!!
5,602
20,122
Preferred (quar.).
130,091
100
- I X Mar. 2 Holders of rec. Feb. 10a Citizens’ Nat .
10 3,69£) 52,147’
975 5,001
37.002
.
5
I gI 1,000
Feb. U Jnn. 25 to Feb. 22
10 2,6811 37,8461 2,081 6,153
.
Pullman Company (quar.)____
41,919
o
- 2
Feb. 16 Holders of rec. Jan. 31a Metropolitan
Corn
Exchange
0
8,92£i
154,935i
8,207 21,758
Quaker Oats, preferred (quar.).
159.238 7,166
- I X Feb. 28 Holders of rcc. Feb. 2a Imp & Trad Nai
0 8,2611 39,157’
673 3,690
28,208
167
51
.) 2 X Feb. 16 Holders of rec. Feb. 6
0 20.274i 214,356i 1,215 22,171
National Park.
Preferred (quar.).
109,858 3,383 5,000
IX
Mar. 31 Holders of rec. Mar. 22
0
60S1 10,365I
East River. Nat
308 1,592
9,971
619
60
Mar. 1 Holders of rec. Feb. 16
IX
Second Natlona
0 4,2981 23,693!
824 2,923
20,08.
1a Mar. 1 Kohlers of rec. Feb. 16
650
First National.
0 33,631 300,321
916 22,378
171.531 3,479 8,6.38
. $1.9085 Feb. 27 Holders of rec. Feb. 16a
0 8,281 137,063 3,144 10,840
Savage Arms Corporation, com. (quar ■) I X Mar. 15 Holders of rec. Mar. la Irving Nat Bk
121,317 4,048 2,326
14,124
0
385
810 1,619
Common (extra)...... ..............
13,349
847 2C0
Apr. 30 Holders of rec. Mar. la N Y CountyNa
0
740
8,268
155 1,091
First preferred (quar.)______
0,841
IX
Mar. 15 Holders of rec. Mar. la
0
f20,439
379,873
5,984
43,043
Second preferred (quar.)____
300,950
14,107 1,100
Mar. 15 Holders of rec. Mar. la Fifth Avenue .
IX
0
2,401
20,974
879
3,368
20,508
)
2
Feb 15 Holder* of reo. .Inn. 31a
0
968
8,821
308 1,174
Silversmiths C o., preferred ( u a r .) _____ 8,797
Feb. 16 Holders of rec. Feb. 9
IX
0
740
9,408
463 1,289
Smith (A. O.) Corp., pref. (quar.).” 9,418
Feb. 16 Holders of rec. Jan. 31
IX
0
2,144
19,101
985
3,992
20,124
South Porto R ico Sugar, com m on t,q
7 210
.
5
April 1 Holders of rec. Mar. 10
0 1,367
15.355
440 2,341
r* P referred In v a r.) _____
14,927
198 400
2
April 1 Holders of rec. Mar. 10
0
514
16,867
320 1,624
12,201
631
250
) I X Feb. 15 Holders of rec. Jan. 31
Q
4,194
50,030
1,013 7,888
40,854
Southern Pipe Line (quar.)’.
69
500
Mar. 1 Holders of rec. Frb 16
1) 6,830 91,915
412 8,835
Spencer Petroleum (m on th ly).
66,113 3,781 2,000
20c. Feb. 25 Holders of rec. Feb. 16a
24,354
9
1,448
738
1,713
14,314
488 415
- 2
Feb. 28 Holders of rec. Feb. 18a
1
1,387
19,730
479 2,431
19,021
Preferred (quar.)____________
424 400
- I X Feb. 28 Holders of rec. Feb. 18a
3 2,650 44,327
749 4,199
30,824 5,586
Standard OH (California) (quar.).
- 2 X Mar. 15 Holders of rec. Feb. 14
•)gl8,tM) 299,482
888 32,558 244.239 14,834
.
1
Mar. 15 Holders of rec. Feb. 14
688 7,202
) 4,867 65,188
55,397 2,945
. *3
Mar. 15 ♦Holders of rcc. Feb. 2
) 29,965 572,224 2,025 53,384 *493,789 40,886
Extra
. *3
Mar. 15 ♦Holders of rec. Feb. 2
12,607
305 1,472
) 1,365
11,241
348
. *3
Mar. 15 ♦Holders of rec. Feb. 28a
968 10,128
) 7,267 88,209
78,129 5,927
3
Mar. 15 Holders of rec. Feb. 28a
976 3,248
) 1,635 32,5,S3
30,932 2,158
*4
Mar. 15 ♦Holders of rec. Feb. 20
481 8,079
) 11,206 83,918
01,208 2,15! I
Stern Bros., pref (q u a r)._____
.
Mar. 1 Holders of rec. Feb. 20
IX
624 2,990
) 1,326 30,509
21,797 1,637
Stewart-Wamer Speed., new com.fNo.i $1
Feb. 14 Jan. 31 to Feb. 5
422 3,363
)
831 23,687
2.3.978
994
Studebaker Corp., com. and pref. (quar.
IK Vfar. 1 Holders of rec. Feb. 20a j
578 4,094
) 154,487 44,050
30,040
1,280
Superior Oil Corporation (quar.)____
50c. Mar. 1 Holders of reo. Feb. 17
j
18,196
559 1,344
) 1,300
12,870 1,027
Superior Steel Corporation
60
62,580
1,878
1,080
8,877
05,537 1,224
First and second preferred (quar.)...
2
Feb. 16 Holders of rec. Feb. 2a {
125,281 4,118 14,901 *130,840 12,042
11,711
Swift International........... .................
*$1 .20 Feb. 20 •Holders of rec. Jan. 20
r
517 2,660
896 22,704
20,428
’ 107
Symington <T ll ) Co pref. (quar)
2
Feb. 14 Holders of ree. Feb. 6
Texas Chief Oil (monthly)________ _I
\x Feb. 20 Holders of rcc. Feb. 5 Average......... 220,800 400,204 5,036,776 94,4615556,701 c4,040,536 210,500 38,694
Thompson-Starrett Co., preferred___
4
Apr. 1 Holders of rec. Mar. 20
Tob
Products Corp., com. (quar.).
Feb. 16 Holders of ree. Feb. 2a q
IX
ndltlon Feb. 7'1,996,394 97,0755
c4,038,572 220,453 38,715
Union Tank Car (quar.)____________
1X Mar. 1 Holders of rec. Feb. 5
-t
edition Jan. 31 5,058,150 94,496 5
4,029,015 217,031 38,604
no
Vpr. 1 Holders of rec. Mar. 15a q
Jan. 24f5,089,830 99,113 5
4,032,157 232.675 38,347
Mar. 15 Holders of rec. Feb. 27a Totals, actual co ndltlon
IX
United Dyewood, common (quar.).
Apr. 1 Holders of rec. Mar. 15a
IX
mbers n i ,F ederal lie terre Bn n
State Banks.
Preferred (quar.)........................
l X Vpr. 1 Holders of rec. Mar. 15a r
19,638
2,457
079
1,737
20,286
3
Vpr. 15 Holders of rcc. Mar. 20
i
5,610
075
322
839
5,547
1X Vltr 12 Holders of rec. Mar. la tv
25,955 3,041 1,996
1,000 1,351
28,398
128
I f. S. G ypsum , com . (q u a r .)..' ___ .’
' *1
Vlar. 30 Holders of rec. Mar. 15
s
2,000 1,415 63,987 3,578 1,794
32,516
Preferred ( q u a r . ) . . . ............... ............ *1M Mar. 30 Holders of rcc. Mar. 15
31,070
"
Feb. 19 Holders of reo. Feb. 6a
I1 2 X
115,090
Average.
9,751
3,750 5,344
5,091
86,747 31,198
IK Vlar. 30 Feb. 28 to Mar. 1
Preferred (quar.)________
Feb. 28 Feb. 1 to Feb. 3
x
ndltlon Feb.
5,421
U. S. Worsted, 2d pref. (No. 1)_______ * II X
Vlar. 15 Holders of ree. Mar. 6
X
t
ndltlon Jan. 31
5,601
Valoollne Oil. com m on (guar.)
Mar. 16 Holders of rec. Mar. 11
2X
t
ndltlon Jan. 24
6,704
Van Raalte Co., Inc., 1st prof. (No. 1).
IK Mar. 1 Holders of rec. Feb. 14
Second preferred (No. 1)__________
$1.75 vlar 1 TTolfler* of rpr\ Fob. 14
x
erte fh.
ol M
W abasso Cotton (q u a r.) ___ . . H i l l ”
2
Vprll 3 Holders of rec. Mar. 15
t
5.000 13,020
3,208
Waltham Watch, common__
"
l
*2K Mar. 1 Holders or rec. Feb. 20
2,050
4.000 5,711
Wayagamack Pulp & Paper (quar*)” "
1
vlar. 1 Holders of ree. Feb. 16
W ayland O il & Gas, com m on (quar.)
15c.:Vlar. 10 Holders of rec. Mar. 1
Average.
72,318 1,977 5,348
9,000 18,731
48,454 1,212
West India Sugar Finance, com. (quar )
lx vlar. 1 Holders of rec. Feb. 15a
Preferred (quar.)______ ____ ___ ’
2
1vlar. 1 Holders of rec. Feb. 15a T
72,363 2,028 5,134
Feb.
7
1,121
White (J.G.) & Co., Inc., pref. (quar )
IK ]Mar. 1 Holders of rec. Feb. 14
T
Jan. 31 73,535 2,019 5,031
1,232
White (J. G.) Engineering, pref. (quar ) I X 1Mar. 1 Holders of reo. Feb. 14
q>
Jan. 24 73,032 1,897 6,074
1.210
Whlto (J. G. Managem’t, pref. )quar )
Mar.
1
Holders of rec. Feb. 14
IX
I
White Motor (quar.)_____
$1
far. 31 Holders of reo. Mar. 17a G
233,550 421.2S0 6,224,190 106,189 507,140
5+910
Woolworth (F. W.), common (quar'.)” '
2
TMar. 1 Holders of rec. Feb 10a C
v. week.......... —21,966 —2,301 + 8,128
—6,020
Voolworth (F . IV.) C o., preferred
’ * 1 X Vprll 1 Holders of rec. Mar. 10
—
100,302
509,450 e4,176,275 252,058 38,716
cond’n Feb.
f\t Poiirnn T + T
x
x / ^wttjcuouujwHo me approval oi uirector-uenerai Comparison, pre v. week
+ 3,288 + 4,514
+8,707 + 3,009 + 111
Tihe
^ York Stock Exchange has ruled that stock will not be
M°ni hIs date and not until further notice, a Transfer books not Gr’d aggr. aot’l
100,014 504,942 4,106,508 249,049 38,6o4
s dividend. b Less British income tax. d Correction, e Payable In Gr’d aggr, act’l
110.729 655,821 4,167.034 263,694 38,347
fated dividends 6
tC
. k’ 0 PayabIe ln scrip. A ° n account of accurau- Gr’d aggr, aot’l cond’n Jan. 17 5,320.086 111,026 686,629 4,240,904 263,428 37,550
; ‘ Payable In Liberty Loan bonds.
Gr’d aggr, aot’l cond’n Jan. 10,5,351,197 122,501 636,497 4,145,682 250,410 30,970
k Payable to holders of record Jan. 31.
--
*1X
s
* Payabfe M^rch ^1920 % “ above a“ d 4 % Sept’ 30 t0 hoIder8 of reo- Sept. 25.
* At rate of 8% per annum from date of Issue. Oct. 6 1919.
Boston Clearing House Banks.— W e give below a sum
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
7
1920.
Feb.
Circulation.................
Loans, disc’ts <fe Investments.
Individual deposits, lncl. U. 8
Due to banks_____________
Time deposits..................
United States deposits..
»
Exchanges for Clearing House
Due from other banks...........
Cash In bank & in F. It. Bank
Reserve excess In bank and
Federal Reserve Bank___
Changes fro m
previous week.
$
3,240.000 Dec.
584.200.000 Ino.
423.579.000 Dec.
112.008.000 Inc.
16.965.000 Dec.
13.161.000 Dec.
20.445.000 Inc.
53.284.000 Dec.
60.450.000 Dec.
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
31
1920.
Jan.
24
1920.
Jan.
S
$
53,000 3.293,000 3,294.000
3,747,000 580.453.000 686.471.000
2,587,000 426.166.000 440.501.000
2,635,000 109.373.000 117.083.000
647,000 17.612.000 17.451.000
9,791,000 22.952.000 25.538.000
2,174,000 18.271.000 20.988.000
4,186,000 57.470.000 64.342.000
1,789,000 68.239.000 71.149.000
Averages.
$
19.755.000 Dec. 1.976.000 21.731.000 23.400.000
* Formerly Included under the head of “ Indlvldua! Deposits.”
* Includes deposits In foreign branches not Included In total footings, as follows:
Natlona1City Dank, 8130,690,000: Guaranty Trust Co., $80,777,000: Farmors’ Loan
& trust Co., $21,843,000. Balances carried In banks In foreign countries ne reserve
^ ,°h dep08,t8 W(;ro: National City Bank, $10,036,000’ Guaranty Trust Co..
$6,603,000: Farmers Loan & Trust Co.. $4,141,000. c Deposits In foreign branches
not included, d U. 8. deposits deducted, $120,690,000. a U. S. doposlts deducted,
1,11,8 Payablo. rediscounts, acceptances and other liabilities, $1,069,
400,000. f As of Jan. 21 1920. g As of Jan. 1 1020.
Cash
Reserve
la Vault.
Members Federal
Reserve banks___
State banks*---------Trust companies*__
Total Feb.
Total Jan.
Tota1Jan.
Total Jan.
7___
31___
24___
17___
S
Reserve
irrD ep osilaries
a
Total
Reserve.
Reserve
Required
Surplus
Reserve.
S
S
S
$
550,701,000 556,701,000 531,854,680 24,846,320
5.091.000 14,842,000 15,614,400 def772,400
5.348.000 7,325,000 7,208,100
66,900
11.728.000 567.140.000 578.868.000 554,737,240 24,130,760
11.641.000 559.012.000 570.653.000 551,282.940 19,370,060
11.840.000 578.492.000 590.332.000 556,938,280 33,393,720
11.652.000 566.642.000 578.194.000 551,152,250 27,041,750
9,751*600
1,977,000
STA TE
Actual Figures.
C ash
R ese rv e
in V am t.
M em b ers F ed eral
R e s e r v e b a n k s _____
S t a t e b a n k s * ------------T r u s t c o m p a n i e s * ___
T o tal
T o tal
T o tal
T o tal
Feb.
7 _____
J a n . 3 1 _____
J a n . 2 4 _____
J a n . 1 7 _____
637
THE CHRONICLE
F eb . 14 1920.]
AND
TR U ST
S u r p lu s
R ese rv e.
R ese rv e
R e q u ir e d .
T o ta l
R ese rv e.
tre e * e n d e d F e b . 7
19 2 0 .
Feb. 7
19 2 0 .
S
2 7 ,2 7 3 ,0 5 0
d e f 8 9 ,3 2 0
d e f2 5 2 ,3 5 0
5 5 4 ,7 5 1,6 2 0
5 5 3 ,5 3 4 ,7 4 0
5 5 4 ,0 7 3 ,2 5 0
5 6 3 .5 7 2 ,19 0
2 6 ,9 3 1 ,3 8 0
2 2 ,9 2 5 ,2 0 0
1 3 ,3 0 3 ,7 5 0
3 4 ,2 2 7 ,8 10
5 6 9 . 4 5 6 .0 0 0
5 6 4 .9 4 2 . 0 0 0
5 5 5 .8 2 1 .0 0 0
5 8 0 .5 2 9 .0 0 0
5 8 1 .6 8 3 .0 0 0
5 7 0 .4 0 0 . 0 0 0
5 6 7 . 4 3 7 .0 0 0
5 9 7 .8 0 0 .0 0 0
C O M P A N IE S
IN
NEW
* N o t m e m b e rs o f F e d e ra l R e s e rv e H an k .
.
a T h i s Is t h e r e s e r v e r e q u i r e d o n n e t d e m a n d d e p o s i t s in t h e c a s e o f S t a t e b a n K S
a n d t r u s t c o m p a n i e s , b u t In t h e c a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e b a n k s i n
c l u d e s a l s o a m o u n t o f r e s e r v e r e q u i r e d o n n e t t i m e d e p o s i t s , w h i c h w a s a s f o llo w s .
F e b . 7 , * 0 , 5 8 5 , 0 0 0 ; J a n . 2 4 , § 0 ,0 8 0 ,8 5 0 ; J a n . 1 7 , $ 0 , 9 4 0 , 7 7 0 .
.
b T h i s is t h e r e s e r v e r e q u i r e d o n n e t d e m a n d d e p o s i t s in t h e c a s e o f s t a t e b a n k s
a n d t r u s t c o m p a n i e s , b u t in t h e e a s e o f m e m b e r s o f t h e F e d e r a l R e s e r v e H a n k I n
c lu d e s a ls o a m o u n t o f r e s e r v e r e q u ir e d o n n e t t im e d e p o s it s , w h ic h w a s a s fo llo w s .
F e b . 7 , $ 0 , 0 1 3 , 5 0 0 ; J a n . 2 4 , $ 0 , 0 8 0 , 2 5 0 ; J a n . 1 7 , $ 0 ,0 0 0 , 0 0 0 .
C a p ita l a s o I N o v . 1 2 .
S u r p lu s a s o I N o v . 1 2 .
L o a n s & In v e stm e n ts.
S p e c i e ...................................
C u rre n c y & b k . n o tes
D e p o s its w ith th e F .
R . B an k of N . Y _ _
D e p o s i t s _______________
R e s e r v e o n d e p o s it s ..
P . C . r e s e r v e to d e p . .
1
YO RK
C IT Y .
T r u s t C o m p a n ie s .
S ta te B a n k s .
b
R ese rv e
in
D e p o s it a r ie s
$
S
$
$
5 5 8 ,9 0 1,0 0 0 5 5 8 ,9 0 1,0 0 0 5 3 1 ,6 2 7 ,9 5 0
1 5 ,7 0 9 ,3 2 0
15 ,6 2 0 ,0 0 0
5 .4 2 1.0 0 0
10 ,19 9 * ,0 0 0
7 .4 14 ,3 5 0
7 ,10 2 ,0 0 0
5 .13 4 .0 0 0
2 ,0 2 8 ,0 0 0
1 2 .2 2 7 .0 0 0
11 .5 18 .0 0 0
11 .6 1 0 .0 0 0
1 1 ,2 7 1,0 0 0
BA N K S
Feb. 7
D iffe r e n c e s fr o m
p r e v io u s w e e k .
D iffe r e n c e s fr o m
p r e v io u s w e e k .
19 2 0 .
$
S
$
S
1 0 4 . 7 0 0 .0 0 0
2 7 .4 0 0 . 0 0 0
17 9 .3 3 0 .0 0 0
5 0 . 5 2 0 .0 0 0
7 1 1 .7 2 9 .0 0 0 I n c . 10 ,4 3 4 ,0 0 0 2 ,1 2 5 .3 2 3 ,2 0 0 D e c . 10 ,3 3 7 ,7 0 0
3 2 2 ,6 0 0
1 1 ,1 1 5 ,2 0 0 In c .
3 7 2 ,8 0 0
8 ,2 9 9 , 8 0 0 I n c .
4 7 4 ,10 0
19 ,0 4 7 ,3 0 0 D e c .
9 9 0 ,6 0 0
3 0 ,5 3 2 ,9 0 0 D e c .
7 2 ,7 2 1,4 0 0 I n c .
8 7 8 .4 7 8 . 0 0 0 I n c .
12 7 ,12 0 ,7 0 0 In c .
19 .7 %
D ec.
In c .
In c .
D ec.
2 2 0 ,1 3 7 ,2 0 0
1,8 3 2 ,0 0 0
3 4 ,4 8 5 ,8 0 0 2 , 1 9 4 , 3 8 8 , 0 0 0
2 9 8 ,3 7 1 .3 0 0
1,14 5 ,0 0 0
Sam e
16 .9 %
2 ,3 5 4 ,0 0 0
4 ,9 2 8 ,7 0 0
7 1 ,4 0 0
0 .2 %
N on -M em ber B an k s and T r u st C om p an ies.— Follow
ing is the report made to the Clearing House by clearing
non-member institutions which aro not included in the
“ Clearing House Return” on the following page:
OF NEW YORK CLEARING
State Banks and Trust Companies Not in Clearing RETURN OF NON-MEMBER INSTITUTIONS
HOUSE.
House.— Tho Stato Banking Department reports weokly
figures showing tho condition of Stato banks and trust
companies in New York City not in the Clearing House, as
follows:
S U M M A R Y O F S T A T E B A N K S A N D T R U S T C O M P A N IE S IN G R E A T E R
N E W Y O R K . N O T IN C L U D E D IN C L E A R I N G H O U S E S T A T E M E N T .
(F igures F urnished hg State Banking D ep a rtm en t.)
D e fe r en c es from
F eb. 7.
p r e v io u s w eek .
L o a n s a n d I n v e s t m e n t s ..................................................................... S 7 8 5 , 1 2 6 , 4 0 0
I n c . $ : i ,9 5 2 , 6 C 0
. S p e c i e ..........................................................................................
8 ,2 1 0 .3 0 0
In c.
4 10 ,4 0 0
C u r r e n c y a n d b a n k n o t e s __________________________________
10 ,8 17 .8 0 0
In c .
14 9 ,2 0 0
D e p o sits w ith F e d e r a l R e s e r v e B a n k o f N e w Y o r k . .
7 2 ,9 7 0 , 9 0 0
D ec.
4 0 ,1 ,0 0 0
T o t a l d e p o s i t s ___________________ - ------------------------------------ 8 4 1 , 8 0 0 , 1 0 0
In c.
1 ,4 12 ,0 0 0
D e p o s i t s , e lim in a t in g a m o u n t s d u e fro m r e s e r v e d e
p o s it a r ie s , a n d fr o m o th e r b a n k s a n d t r u s t c o m p a n i c s In N. Y . City, e x c h a n g e s a n d U . S . d e p o s i t s
7 8 3 ,5 10 ,2 0 0
In c .
4 9 9 , .10 0
13 7 ,7 5 7 ,4 0 0
In c .
2 ,5 0 9 ,3 0 0
R e s e r v e o n d e p o s i t s ------------------------------P e rc en ta g e o f re s e rv e , 19 .8 % .
R E SE R V E .
---------- S t a t e B a n k s ---------- ----------T r u s t C o m p a n i e s -----C a s h In v a u l t s ____________________ - ____ $ 2 3 , 8 7 3 , 3 0 0
1 4 . 8 0 ' ,,
$ 7 4 ,13 1,7 0 0
13 .8 8 %
D e p o s i t s In b a n k s a n d t r u s t c o s ____
9 ,5 4 8 ,8 0 0
5 .9 2 %
3 0 ,2 0 3 ,0 0 0
5 .6 0 %
T o t a l ................................................................... $ 3 3 , 4 2 2 , 1 0 0
2 0 .7 2 %
$ 1 0 4 ,3 3 5 ,3 0 0
R ESU LTS OF BA N K8 AND TR U ST
G R E A T E R N EW YO R K .
W eek lin d e d —
O c t.
4
| |
1 8 ................................
2 5 ................................
8 ...............................
1 5 ...............................
N o v . 2 2 ................................
2 9 ................................
D oc.
1 3 ................................
2 0 ................................
D e o . 2 7 ................................
1 0 .................................
2 4 ................................
Jan.
Fob.
7 ................................
C O M P A N IE S
Roans and
In v e s tm e n ts .
D em and
D e p o s it s .
* T o ta l C ash
$
0 ,1 4 8 ,6 3 7 ,0 0 0
0 .2 2 2 ,0 4 0 ,8 0 0
0 ,2 2 5 ,3 0 4 ,7 0 0
0 ,1 5 7 .8 5 0 .0 0 0
0 ,1 5 2 .3 5 4 .0 0 0
6 ,19 0 ,3 3 4 .10 0
0 ,1 0 0 ,2 9 1,8 0 0
0 , 0 3 3 , 2 8 7 ,0 0 0
5 ,9 0 5 .2 5 4 .4 0 0
5 ,9 0 5 .2 5 4 .4 0 0
5 ,9 1 1 ,5 2 3 ,1 0 0
5 ,9 7 7 ,5 4 7 ,4 0 0
6 ,0 0 2 ,4 7 7 ,8 0 0
0 ,0 8 5 .3 0 7 ,9 0 0
0 .1 9 0 ,3 9 4 ,5 0 0
0 ,1 4 8 ,0 0 8 .10 0
6 ,0 9 1 ,1 3 0 ,8 0 0
0 ,0 2 7 ,3 2 9 ,8 0 0
0 ,0 0 9 ,3 10 ,4 0 0
$
4 .9 5 9 ,0 3 0 ,0 0 0
4 ,9 5 3 ,3 8 8 .9 0 0
4 ,9 9 5 ,0 2 0 ,9 0 0
6 ,0 11,3 3 0 .8 0 0
6 ,9 9 7 .7 0 1,6 0 0
5 ,0 5 0 ,0 2 9 ,2 0 0
5 ,0 3 2 , 6 2 9 ,9 0 0
4 , 9 9 8 ,9 1 2 .4 0 0
4 ,9 5 7 ,9 0 3 ,0 0 0
4 .9 5 7 .9 0 3 .0 0 0
4 ,8 9 3 ,7 18 ,7 0 0
4 ,9 7 7 ,0 3 3 ,4 0 0
4 .8 7 4 .3 9 7 ,0 0 0
4 ,9 7 8 ,2 2 5 ,0 0 0
4 ,9 9 7 ,4 7 5 ,1 0 0
4 , 9 4 0 . 7 4 8 .5 0 0
4 ,9 7 0 ,3 3 9 ,10 0
4 ,9 3 0 ,8 3 2 .9 0 0
4 ,9 5 9 ,2 5 3 ,2 0 0
S
13 3 .18 3 ,6 0 0
1 3 0 ,3 0 2 ,2 0 0
1 3 5 ,2 0 0 ,2 0 0
1 3 0 .7 5 1 .7 0 0
13 0 ,4 2 1,7 0 0
13 4 .3 8 5 ,2 0 0
14 1 ,4 5 0 .7 0 0
1 3 9 ,2 8 0 . 4 0 0
13 9 .4 7 1.3 0 0
14 2 ,6 10 ,3 0 0
14 0 ,12 0 ,2 0 0
1 4 4 ,3 2 8 ,5 0 0
15 2 ,8 6 7 .9 0 0
14 7 ,1 13 .10 0
15 0 ,5 19 .1 0 0
13 0 ,6 9 2 .8 0 0
13 5 ,7 3 4 ,5 0 0
13 0 .4 8 2 ,5 0 0
13 4 ,3 3 6 ,10 0
in
V a u lt.
M em bers o f
F e d ’l R e s . Hank.
$
6 7 0 .7 6 1 .0 0 0
6 8 9 , 5 9 8 ,4 0 0
6 9 9 .0 9 3 ,8 0 0
6 9 8 ,8 12 ,6 0 0
6 8 7 . 7 2 6 ,6 0 0
7 19 ,9 0 8 ,10 0
7 0 8 ,1 0 2 ,10 0
0 9 0 . 7 3 8 ,0 0 0
6 9 8 , 9 3 2 ,4 0 0
6 9 8 , 2 8 8 ,4 0 0
6 7 3 , 8 7 0 .7 0 0
7 0 0 ,8 4 4 .2 0 0
6 5 0 .6 4 1 ,8 0 0
7 2 9 ,9 9 9 ,10 0
0 6 4 , 7 3 6 ,8 0 0
7 0 3 ,7 7 7 .8 0 0
6 7 1 ,1 13 ,2 0 0
6 7 5 ,7 2 1 .6 0 0
6 8 2 ,17 9 ,3 0 0
• ’1 'his
Item Includes sold, silver, legal tenders, national bank notes and Federal
Reserve notes.
C ash
in
V a u lt.
T o t a l ...........................
not in the Clearing H ouse”
all
A vera g e
N a f’l
N et
T im e
D e
p o s its .
Bank
C ir c u
la t io n .
A vera g e A vera g e
$
1,5 1 6
630
663
1,0 3 8
723
1,3 3 2
17 ,6 4 7
12 ,7 3 1
10 ,9 4 9
8 ,0 4 8
12 ,9 0 0
8 ,9 0 2
$ ___
18 1
231
19 2
25
353
5 10
$
1,6 5 2
1,7 5 4
1,3 12
795
1,2 0 4
878
*
1 1 ,8 0 7
1 2 ,3 4 5
8 ,9 6 8
4 ,4 6 7
7 ,3 9 8
7 ,4 0 9
83
424
14 9
2 ,9 0 2
6 ,0 2 8
—
S
200
_____
_____
_____
_____
400
3 ,4 0 0
$
5 ,9 0 5
7 1 ,1 8 3
1,4 9 2
7 ,5 9 5
6 2 ,3 9 4
9 ,5 8 6
600
___ _
_____
_____
—
N o t M e m b e r s o f th e
F e d 'l R e s e rv e B a n k
B a n k o f W ash llt s .
C o l o n i a l B a n k _____
In te r n a tio n a l B a n k
N o r t h S id e , B k ly n
10 0
60C
50C
200
440
1,2 17
28S
267
3 ,2 3 8
14 ,2 2 6
6 ,9 3 c
0 ,9 5 6
4 11
1,4 9 5
743
700
207
1,4 3 0
468
390
3 ,3 3 7
1 5 ,2 3 0
6 ,3 3 5
6 ,2 5 9
_____
4 19
1,16 9
T o t a l ..........................
1,4 0 0
, ,n
2 ,2 14
3 1,3 5 9
3 ,3 4 9
2 ,4 9 5 ;
3 1,16 7
1,5 8 8
500
200
1,0 4 8
465
9 ,6 0 1
8 ,4 3 6
596
306
7 ,3 8 8
3 ,6 8 9
1,0 6 8
4 ,7 3 2
—
M ech T r , B ayo n n e
T o t a l ..........................
700
1,5 13
•
T ru st
C om pa n ies
N o t M e m b e r s o f th e
F e d 'l R e s e rv e R a n k
5 ,5 0 0
G ra n d a g g r e g a t e ..
C o m p a r is o n p r e v io u s w e e k
G r ’d a g g r , J a n .
10
11 ,0 7 7 |
-
18 ,0 3 7
902
627
5 ,8 0 0
_____
9 ,6 3 3 1 2 0 , 5 7 9
+ 2 ,112
5 ,7 4 3
— 51
10 ,7 17
+ 18 0
a 9 4 ,6 3 8
+42
16 ,9 7 4
+ 406
600
—
118 ,4 6 7
118 ,0 4 2
1 2 0 ,15 1
12 0 .4 S 6
6 ,7 9 4
5 ,6 8 6
5 ,7 3 3
0 ,2 3 6
10 ,5 3 7
11 ,3 14
10 ,9 9 4
12 ,0 6 8
9 4 ,5 9 6
9 6 ,4 5 8
9 7 ,4 7 4
9 8 ,9 2 9
16 ,5 6 8
1 5 ,4 7 6
1 5 ,3 7 1
16 ,15 4
600
599
585
589
9 ,6 3 3
9 .8 3 f
9 ,8 3 1
9 ,8 3 6
5 ,5 0 0
5 ,6 0 0
5 ,5 0 0
5 ,5 0 0
369
25S
* U . S. deposits deducted, $963,000.
Bills payablo, rediscounts, acceptances and other liabilities, $8,089,000.
Excess reserve, $249,750 Increase.
____________________________
P h ila d elp h ia B a n k s.— Tho Philadelphia Clearing House
statement for tho week ending Fob. 7 with comparative
figures for tho two weeks preceding, is as follows. Reserve
requirements for members of tho Federal Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with tho Fedoral Reserve Bank.
“ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system tho reserve
required is 1 5 % on demand deposits and includes “ Reserve
with lcpal donositaries” and “ Cash in vaults.”
IV*. er d in g F eb 7 1920.
N ew Y o rk C ity S tate B an ks an d T r u st C om p an ies.—
In addition to the returns of “ Stato banks and trust com
panies in Now York City
furnished
by tho Stato Banking Department, tho Department also
presents a statement covoring
tho institutions of this
class in tho City of Now York.
For definitions and rules under which the various itoms
aro Wado up, sco “ Chronielo,” V . 98, p. 1661.
Tho provisions of tho law governing tho resorve require
ments of Stato banking institutions as amended M ay 22
1917 wore purlishod in tho “ Chronielo” M a y 19 1917 (V.
104, p. 1975). Tho regulations rolating to calculating tho
amount of deposits and what deductions are permitted in tho
computation of tho reserves wero given in the “ Chronicle”
April 4 1914 (V . 98, p. 1045).
o m i t t e d .)
$
1,5 0 0
200
COO
500
200
400
^
S ta te B anks
1000
N et
R ese rv e
w it h
D em and
D e
Legal
D e p o s i p o s its .
to rie s .
A vera g e A vera g e A vera g e
B a tte ry P ark N a t.
M u t u a l B a n k ............
N e w N e th e r la n d s
W R G race A C o ’s
Y o r k v ille B a n k —
F ir s t N a t , J e r C it y
IN
R ese rv e in
D e p o s it a r ie s .
th o u s a n d s o f d o lla r s — th a t is , th re e c ip h e r s
L o a n s ,
N et
D is
C a p ita l. P r o fit s .
C L E A R IN G
co u n ts.
N O N -M E M B E R S
N a t.b k s D e c . 3 1 I n v e s t
W eek e n d in g
S ta te b k s N o v l2 m en ts,
A te.
T r .c o s .N o v . 12
Feb. 7 1920.
19 .5 4 %
Banks and Trust Companies in New York City.— The
averagos of tho New York City Clearing House banks and
trust companies combined with thoso for the State banks
and trust companies in Greater Now York City outside of
tho Clearing Ilouso, aro as follows:
C O M B IN E D
( S ta ted in
31
1920.
Jan.
T w o c ip h e r s
(00) o m itt e d .
M em bers of
F .R . S ystem
T ru st
C os
24
1920.
Jan.
T o t a l.
$4,000,0 $34,675,0 $34,675,0 $34,675.0
$30,675,0
94,914,0
97,042,0
94,679,0
11,094,0
85,948,0
34,825,0 800,150,0 790,348.0 792,083,0
765.325,0
Loans. dUc’ ts A lnvestm’ ts
24,635,0
28,563,0
30,241,0
637,0
29,004,0
Exchanges for cle a r. House
13,0 114,319,0 118,010,0 126,005,0
114,300,0
252,0 138,910,0 138,973,0 145,095,0
138,658.0
20,618,0 521,350,0 519,379,0 533,241,0
Individual deposhs----------- 600.732,0
8,177,0
8,254,0
8,177,0
1,799,0
6,378,0
22,009,0 668,437,0 666,529,0 686,590.0
Total deposits — ................ 015,768,0
21,892,0
____ ________
8,173,0
23,000,0
U. S . deposits (not Included)
49,755,0
51,590,0
64,007,0
61,590.0
2,812,0
2,072,0
2,850,0
2,812,0
Res’ ve with legal d eposit's.
12,497,0
12,940,0
13,635,0
902,0
11,595,0
Cash In vault*......................
60,899,0
15,612,0
70,492,0
03,185,0
3,714,0
Total roservo A cash h o ld ..
52,861,0
52,767,0
53,623,0
49,739,0
3,122,0
12,600,0
14,038,0
592,0
16,869,0
13,446,0
Exceas res. A cash In vault.
* Cash In vault la not counted as reserve for Federal Reserve bank members.
Member Banks of the Federal Reserve System.— Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
In tho statement wore given in the statement of Deo. 14, 1917, published in the “ Chronicle” Deo. 29 1917, page 2523.
STA TEM EN T
S H O W IN G
P R IN C IP A L
RESO U RCES
AND
SELEC TED
L IA B IL IT Y
C IT IE S
AS
AT
IT E M S O F
CLO SE
Further liquidation of United Statas war securities, also o f loans supported
by such securities and by corporate stocks and bonds, also substantial
reductions In Government and prlvato deposits aro Indicated by tho Federal
Reserve Hoard's weekly statement of condition on Jan. 30 of 804 mombor
banks In loading cities.
....
Total Government socurlty holdings wore 31.1 millions loss than tho
wook boforo, United States bonds showing a docreaso of 12.7 millions,
Victory notos— a docreaso o f 5.4 millions, and Treasury certificates—a
docroaso of about 13 millions. Loans socured by Government war obllgatlns (so-called war paper), exclusive of rediscounts, fell o ff 33.0 millions,
of which 18.8 millions marks tho decrease for tho Now York City mombor
banks. Loans socurcd by stocks and bonds decllnod 26.9 millions, tho
Now York banks reporting noarly tho ontlro decrease. As against tlieso
O F
M EM BER
BA N KS
B U S IN E S S
JA N
LO CATED
30
IN
CEN TR A L R ESER V E AND O TH ER
19 2 0
substantial decreases, other loans and Investments (less rediscounts), show
an increaso for tho wook of 69.5 millions, of which 54.9 millions roprosent
tho share o f tho Now York member banks. Tho result is a docreaso in total
loans and investments (loss rediscounts) of 2 2 . 1 millions.
Rediscounts with tho Federal Rosorvo banks docreasod during tho week
by 57.3 millions, while bills payablo, largely war paper, wont up 67.4
millions. Apparently as tho result of rate revision and tho restoration of
tho differential in favor of war paper secured by Liberty bonds and Victory
notos as against ordinary commercial paper, tho total volumo of war paper
hold under discount for tho roporting members by tho Fodoral Roservo
banks shows an increaso from 1,139.6 to 1,196.1 millions, while tho amount
of ordinary commercial paper shows a doclino from 684.5 to 638.1 millions.
Of the total Jan. 30 war paper holdings of tho Federal Reserve banks tae
638
THE CHRONICLE
aimmnts held for the reporting banks constituted about 82% . whilo o f tho
T Un K h?Id by tl}° federal Roservo banks tho amount hold for
tho<roporting banks was about 89%.
, ^ ov?rnmoiV deposits show a reduction for tho wook o f 31.9 millions
othor demand deposits (net) foil o ff 58.2 millions (all outsido o f Now Vork
1.
T hree cip h ers
(000)
om itted.
timo doposits— about 6 millions. Rosorvo balancos with the
f
oVlm 5 .ksshowa*‘ St ? 1 decline o f 18.3 millions, notwithstanding
a gain of 5.2 millions reported for the Now York City banks. Cash In
vault foil o ff about lo millions, this docroaso affecting more or loss uniformly
ail classes of reporting lastitutlons.
Data for all reporting banks In each district.
Boston.
N ew York Phtladel.
R lchm 'd.
Number of reporting banks_______
0 . S. bonds to secure circulation__
Other U. S., Inch Liberty bonds__
0 . 8 . Victory notes_____________
U. 3 . certificates of Indebtedness!”
40
S13.001
14,377
7,604
40.232
92
$41,841
61,407
23,979
57,780
Total U. 8 . securities_________
Loans and Investments, exclusive of
bills rediscounted with F . r .
and other banks:
Loans sec. by 0 . 8 . war obligat’n.
Loans sec. by stocks and bonds.
All other loans and Investments.
Reserve balances with F. R. Hank.
Cash In vault_________________ _
Net demand deposits_________ ! ”
Time deposits____________
Government deposits_______ I
Bills payable with F. R. Bank':"'"
Sec. by U. S. war obligations___
All other___________________
Bills rediscounted with F. it."Bank":
Sec. by 0 . S . war obligations___
Allother_________________
50
$11,097
27,817
11,936
52,974
1 12
[V o l . 110
A tlanta.
Three ciphers (000) omitted.
C hicago.
M in n ea p . K a n . City
D allas.
San Fran .
Total.
$20,290
35,003
10,379
25,748
47
$14,015
25,734
9,334
33,789
107
$20,926
01.009
41,294
118,710
35
$17,178
14,729
4,488
21,928
35
$7,120
10,549
2,407
15,752
83
$14,504
22.350
0,398
15,912
44
$19,573
18,004
3,505
29,981
$75,330 $009,114 $103,824 $185,067
$97,486
$82,872 $241,939
$58,323
$35,888
$59,230
$71,723 $104,848 $1,845,030
$30,753 $498,252
198.040 1,403,538
009,094 3,400,837
79,000 073,982
19,262 120.505
780,060 5,118,000
132.505 392,078
27,757 155,787
$22,771 $96,310
59,334 499,134
327,940 1,413,407
35,399 199,124
13,083
00,703
311.024 1,440,750
120.382 578,577
7,090
37,095
$31,480
159,921
331,525
43,198
10.087
308,850
117,708
9,300
$15,382
29,921
252,112
23,338
8,859
235,710
01,354
4,255
$19,709
75,217
471,878
47,440
15.480
404,821
88.481
2,709
$7,508
33,972
223,099
35,043
11,423
250,088
41,925
2,239
$31,039
141,220
828,487
70,850
28,900
022,810
409,390
10,073
$907,007
3,313,238
9,717,860
1,400,490
357,509
11,477,353
2,471,609
308,823
30,282
13,240
150
20,455
3,950
25,088
300
34,910
911,297
100
5 ,6 2 5
2 ,0 1 0
2,917
41,331
73
0,154
1,825
32,313
284,707
032,591
$48,887
247,721
81,077
290,829
$84,5S0
202,115
518,787
$85,388
343,101
818,520
93,475
31,148
855,135
337,095
0 2 .0 0 2
15.044
654,280
20,034
25,550
34,372
433,238
70,678
49,740
42,983
115,584
209,898
77,921
32,623
2 1 ,1 2 0
$34,769
107,005
350,510
30,919
10,349
302,001
99,974
5,770
69,424
150
42,370
750
44,991
125
102,234
8,934
37,17ll
8,925
10,701
3,137
21,504
0,791
110,004
0,304
38,705
37,081,
05
$34,005
02,104
13,223
54,850
804
$209,103
001,590
210,404
768,493
D ata fo r B a n ks In F ed era l R eserve B a n k an d B r a n ch C itie s an d All O th e r R e p o r t in g B a n k s.
T hree cip hers
(000)
N ew Y ork .
om itted.
J a n . 30.
C h icago.
J a n . 23.
J a n . 30.
A ll Other
R ep orting Banks.
A ll F .R .B a n k CUles. F . R . Branch Cities.
J a n . 23.
J a n . 30.
J a n . 23.
J a n . 30.
J a n . 23.
Jan .
30.
T otal.
J a n . 23.
J an .
30.
J an .
23.
J an .
31 T9
N u m b e r o f r e p o r t i n g b a n k s ______
0 . 8 . b o n d s to se c u r e c ir c u la tio n
O th e r U . 8 . b o n d s, In ch L ib . b d s .
0 . 8 . V i c t o r y n o t e s ________________
0 . 8 . c e r t ific a t e s o f In d e b te d n e s s !
71
$39,190
217,023
71,011
273,503
71
$39,190
224,100
75,298
280,142
50
$1,438
26,450
10,352
48,204
50
270
270
$1,439 $101,008 $101,609
20,286 340,284 351,930
18.311 114,255 120,701
49,055 493,201 504,620
193
$70,804
138.03.8
50.077
171.008
193
$70,804
139,943
55,327
174,071
335
$90,751
123,208
45,472
93,024
335
$90,551
122,070
45,812
02,790
T o t a l 0 . 8 . s e c u r i t i e s ____
o a n s a n d I n v e s t m e n t s . o * u i . Ui
b ills r e d is c o u n te d w ith F . R .
an d o th e r b a n k s:
L o a n s s e c . b y 0 . 8 . w a r o b llg .
L o a n s sec. b y sto ck s an d b o n d s.
A ll o th e r lo a n s a n d In v e s tm e n ts
R e s e r v o b a la n c e s w ith F . R . b a n k
C a s h In v a u l t ______________________
N e t d e m a n d d e p o s i t s ______! ! ! ! ! !
T l m o d e p o s i t s __________________
"*
G o v e r n m e n t d e p o s i t s ___ ! . ! ! ! ! " "
B ills p a y a b le w it h F . R . B a n k " :" "
S e c u r e d b y 0 . S . w a r o b l l g a t 'n s
A l l o t h e r ____________________________
B i l l s r e d i s c o u n t e d w i t h f ! " r ! B ’ k":
S e c u re d b y 0 . 8 . w a r o b llg a t ’ ns
A l l o t h e r ___ ___________________ ____
R a t i o o f 0 . 8 . w a r s e c u r itie s a n d
w a r p a p e r t o t o t a l lo a n s a n d
9 i n v e s t m e n t s , p e r c e n t ____________
001,327
618,730
92,510
95,091 1,049,408 1,087,800
437,127
440,145
359,115
357,829 1,845,050 1,870,834 2,547,550
470,308 489,099
1,309,500 1,335,550
3,097,089 3,042,841
033,935 028,730
107,881 113,007
4,005,304 4,000,903
301,900 319,187
150,180 100,825
06,728
386,005
823,200
138,949
37,828
987,670
264.453
19,989
07,830
380,849
817,430
143,932
37,899
984,910
202,372
2 2 ,2 1 0
741,400
2,422,104
0,100,707
1,025,400
205,085
8,024,722
1,140,453
243,822
394,164
329,243
40,617
40,293
633,914
285
1 1 2 .1 0 2
198,247
111,229
258,925
3,191
04,788
2,500
91,803
252.021
495,832
18.8
19.5
11.5
11.9
10.4
804
$209,103
001,590
210,40-1
758,493
804
772
$208,904 $203,047
614,543
709,727
221,840
771,487 1,514", 770
700,930 124,802 128,531 101,345 105,090
907,007 1.001,103
2,453,751 471,219 408,023 419,855 418,331 3,313,238 3,340,105 J1,183,245
6,052,389 1,932,150 1,911.020 1,078,933 1,084,394 9,717,850 0,048,403 10100720
1,051,592 203,047 203,981 177,449 109,217 1,400,490 1,424,790 1,307,454
215,837
72,037
74,707
79,787
81,890
357,509
372,500
353,050
8,002,737 1,743,278 1,748,341 1,709,355 1,724,571 11,477,353 11,535,049
1,102,283 779,184 774,731 542,932 540,540 2,471,509 2,477,554 0,952,408
1,011,721
270,652
38,795
42,959
2 0 ,2 0 0
30,099
308,823
343,710
093,681
652,910 179,845 190,508
07,538
05,005
011,297
845,092 1 838,230
285
3,803
876
160
5,525
4,328 /
250,684
10,373
17,773
10,373
17,003
284,707
294,400 j 352,628
547,303
80,795
79,295
55,904
63,531
032,691
080,189
1 0 .8
10.9
1 0 .0
14.2
14.3
1 0.1
10.4
25.1
The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Rosorvo Board on Fob. 6:
donosk^hi h:
°P°ratIoiw and note t.ssuos and some reduction of
aeposit liabilities are indicated by tho Federal Roservo Board's weoklv
ssuod a 9 at close o f business on Fob. 6 1920. Export wltti^
S8 >miiThfna°iffSe?v.t 0 SOmo oxtont by Treasury doposits o f gold and
ofgoi i ° L ™ 11,1io n 3 *a other rosorvo cash. Tho result is soon In decreases
alsoYn
-wlec?lrin
os9fX03rosorvo
arul o fratio
l?-3 from
millions
in total cash resorvos,
also
in a
decline or the/ banks
4 4 . 5 to 4 4 . 1 %.
.paP0r. foldings o f tho Rosorvo banks doclinod 6 . 3 millions «v*lle
week ■ofa0bW
o u t l 2 ml}}Foar L t ‘ ®
earnhfg S t . beIng a" incroaso for tho
O f tho tota 1 o f 1.451.6 millions o f war paper hold, 618.3 millions, or
notef 0 and 5 7 3 Co r^ 1ini5r UbortY b o ^ 19: 2 2 9 5 millions, or 15.8%. by Victory
4 ? ow a?A
92?'
39-5%, by Treasury certificates, as against
tile8 w
a total o f 1,457.9 millions o f war paper shown
the wiok boforo. Discounted paper hold Jby tho Clovoland. Atlanta,
C
ombi ned
R bsoobcbs
and
L ia bi lit ie s
F eb.
RESOXJRCES.
Gold coin and certificates
Gold settlement fund, F. R. Board_____
Oold with foreign agenoloa.
Total gold held by banka
Gold with Federal Reserve agents.
Gold redemption fund____________
6
1920
$
205.393.000
434.160.000
114.321.000
of t ub
Jan.
Chicago and Dallas banks includes 96.2 millions o f bills discounted for the
Now Vork, Philadelphia and Richmond banks, as against 87.8 millions the
wook boforo, whilo acceptance holdings o f tho Boston, Clovoland, Chicago
St. Louis and San hrancisco banks are inclusive of 21.8 millions of bank
30/fm niirn.s The wook b X e
BMton and N° W York banks’ as aKainst
, °r® £ .nm,e?$ ci op<VJifs sll<I’" r a f'irthor reduction or 30.5 millions, as against
2
s® °.f J8.7 millions in roservo deposits, and 0.3 million In othor do
posits, including foreign government credits. Tho “ float” carried by the
Foderal Reserve hanks shows an Increase for tho week of 29.5 millions
with tho result that not doposits work out about 11 millions loss than last
■ubstantlal reduction In doposlt liabilities Federal
Rosorvo note circulation shows an lncreaso of 40.8 millions largely for tho
Eastern and tho Chicago districts, whilo tho banks’ liabilities o /F e d e r a l
Rosorvo bank notes in circulation show a further doclino of 1 . 8 minions.
An lncreaso o f SI,227,000 In paid-in capital Is duo largoly toliicrea'sVwIn
capital and surplus of oxlsting member banks In Now York City.
F ede ra l R b 3 brvb B anks
30 1920
S
225.156.000
430.524.000
114.321.000
Jan .
23 1920
$
220.347.000
441.499.000
117.322.000
Jan .
10 1920
$
212.119.000
450.200.000
120.323.000
Jan.
at t r b
9 1920
$
220.301.000
380.203.000
123.322.000
J an .
C lose
2 1920
$
239.009.000
303.723.000
131.320.000
of
D ec.
B osinbss F e b . 7 1920
20 1919
$
229.1-15,000
352.785,000
13-1,320,000
D ec.
19 1919 Feb. 7 1919.
$
241,.’125,000
390.935.000
137.717.000
$
348,605,009
419,050,000
5,829,000
753.874.000 779.001.000 770.108.000 788.702.000 723.880.000 734.052.000
710.550.000 778.977.000 773.584.000
1.116,427,000 1,119,426,000 1 , 1 2 0 ,2 0 1 ,0 0 0 1,130,320,000 1,209,508,000
1,205,590,000
121.259.000 114.229.000 1 2 1 .2 2 1 .0 0 0 118.850.000 107.977.000 122.307.000 1.240,032,000 1.201,654,000 1,231,166,000
121.850.000 115.182.000 103.533.000
Total gold reserves..
1,991,500,000 2,012,050,000 2,026,650,000 2,043,878,000 2,041,371,000 2,002,015,000
Legal tender notes, silver. An
2,078,432,000 2,095,813,000 2,108,183,000
63,090,000
61,277,000
01,240,000
60,403,000
58,057,000
00,728,000
67,104.000
67,431,000
69.098,000
Total reserves...._________
2.054.656.000 2.073.933.000 2.087.896.000 2.104.281.000 2.102.099.000 2.121.272.000
Bills discounted:
2.135.530.000 2.154.911.000 2.175.614.000
Secured by Govt, war obligations
1.451.557.000 1.457.892.000 1.380.348.000 1.351.454.000 1.352.085.000 1.484.202.000
All othor_____________________
1.610.304.000 1.414.950.000 1.451.147.000
751.982.000
707.110.000 748.011.000 727.070.000 740.925.000
Bills bought In open m a r k e t !!!!!!!!!!!! 554.750.000 716.405.000
680.102.000 243.254.000
501.313.000 576.789.000 575.075.000 574.722.000 574.031.000 084.514.000
685.212.000 500,200,000 282.702.000
2,758,289,000 2,735,670,000 2,729,247,000 2,675,740,000 2,654,477.000 2,805,818,000
0 . 8 . Government bonds______ I!
2,001,378,000 1,977,103,000
20,770,000
27,030,000
27,030,000
27,036,000
20,830,000 2,780,090,000
20,830,000
0 , 8 . Victory N otes..
20,834,000
28,250,000
20,840,000
63,000
64,000
04,000
04,000
04,000
204,000
64,000
0 . 8 . certificates of Indebtedness______
54,000
276,004,000 270,421,000 276,705,000 319,084,000 302,400.000
349,090,000
All other earning assets..
273,507,000 303,558,000 139,501,000
4,000
3,001,192,000 3,039,191,000 3.033.112.000 3.022.524.000 2.983.983.000 3.181.803.000
Bank premises______ ___ IIIIIIII
2,144,858,000
3.080.495.000
2.891.830.000
10.586.000
10.559.000
10.493.000
10.401.000
10.309.000
10.410.000
8.672.000
Uncollected items and other “de’ductIons
13.002.000
12.980.000
from gross deposits____
890,971,000 933,123,000 1.022.033.000 1.110.852.000 1.021.096.000 1.171.778.000
1.140.224.000
1.075.100.000
624,861,000
•% redemp. fund agst. F. R. bank notes
12.232.000
1 2 .2 0 0 .0 0 0
12.130.000
12.805.000
13.254.000
13.130.000
All other resources___
13.237.000
6.822.000
13.333.000
5,048,000
5,341,000
5,483,000
5,463,000
5,241,000
6,733,000
8 ,0 0 2 ,0 0 0
11.314.000
9,788,000
Total resources________
6.040.685.000 6.074.412.000 0,171,747,000 0,272,446,000 0,130,083,000 0,504,090,000
0,325,432.000 0,224,004,000 4.970.615.000
L I A B I L I T I E S . ..........
Capital paid In ............. .
89.110.000
87.892.000
87.589.000
87.529.000
87.451.000
87.433.000
Surplus.................... ...
87.339.000
87.049.000
81,061,000
1 2 0 , 1 2 0 ,0 0 0
1 2 0 , 1 2 0 ,0 0 0
1 2 0 , 1 2 0 ,0 0 0
1 2 0 , 1 2 0 ,0 0 0
1
2
0
,
1
2
0
,0
0
0
1
2
0
,
1
2
0
,0
0
0
Government deposits________________
81.087.000
81.087.000
22.738.000
42.446.000
72.974.000
90.448.000
34.698.000
27.708.000
38.920.000
72.357.000
Due to members, reserve account
04.459.000
96.809.000
1.869.438.000 1.850.712.000 1,859,149,000 1,943,501,000 1,850,219,000 1,922,800,000
Deferred availability Items........... ! ! ! ! ! !
054,735,000 720,520,000 795,782,000 849.854.000 703,140,000 944.884.000 1,780,874,000 1,733.013,000 1.590.441.000
822,080,000 848.007.000 439.221.000
Other deposits, lncl. for. Govt, credits..
95.876.000
95.418.000
95.097.000 107.800.000
90.425.000 110.307.000
97.059.000 105.069.000 112.551.000
Total gross deposits________________ 2.602.495.000 2.739.024.000
2.840.476.000
2.935.913.000
2.737.588.000
3.022.911.000 2.770.670.000 2.751.148.000 2.239.022.000
F. R. notes in actual circulation____ ! ! ! 2.891.775.000 2.850.944.000 2.844.227.000 2.849.879.000
F. R. bank notes In circulation—net flab" 248,780,000 250,530,000 254,843,000 258,482,000 2.914.308.000 2.998.992.000 3.057.040.000 2.988.894.000 2.454.165.000
259,090,000 268,601,000 201,039.000 250.975,000 131,315,000
All other liabilities..
28,396,000
25,302,000
24,492,000
20,523,000
18,057,000
10,073,000
68,761,000
42,314,000
60,451,000
Total liabilities..................................... 0,040,685,000 0,074,412,000
0,171,747,000 6,272,410.00010,130.083,000 0,504,090,000 0,326,432,000 0.224,004.000 1,970,615,000
639
THE CHRONICLE
F eb . 14 1920.]
Feb. 0
R a t i o o f g o ld r e s o r v e s t o n e t d o p o s l t a n t i
K . 1 1 . n o t o l i a b i l i t i e s c o m b i n e d ------------R a t i o o f to t a l ro so rv o s to n o t d e p o s it a n d
F . U . n o t o l i a b i l i t i e s c o m b i n e d ------------R a t i o o f t o t a l r c s o r v o s t o F . R . n o t e s In
c ir c u la t io n a f t e r s o ttin g a s id e 3 5 %
a g a i n s t n u t d e p o s i t l i a b i l i t i e s ---------------
D istribu tion bv M atu rities —
1-15 days bills bought In open market.1-15 days bills discounted----------------1 -1 5 days U. 8 . cortlf. of 1ml obtodness..
1-15 days municipal warrants-----------10-30 days bills bought In open market..
10-30 days bills discounted----------------10-30 (lays U. 3. cortlf. of Indebtedness..
10-30 days municipal warrants-----------31-00 days bills bought In open markoc..
31-00 days bills discounted----------------81-00 days U. 8 . certlf. of Indebtedness.
81-00 days municipal warrants----------01-90 days bills bought In open market..
01-90 days bills discounted----------------01-90 days U. 8 . cortlf. of Indebtedness..
01-90 days municipal warrants-----------Over 90 days bills bought In opon market
Over 90 days bills discounted-----------Ovor 90 days oortlf. of Indebtedness—
Ovor 00 days municipal warrants-----Federal Reserve N otes —
O utstanding.......________________
Held by banks------------ -------------------
1 9 2 0 . Jan . 3 0 1 9 1 9 . Jan . 2 3 1 9 2 0 . Jan. 1 0 1 9 2 0 . Jan . 9
4 2 .8 %
2
19 2 0 . D e c . 2 0 1 9 1 9 . D e c . 19 19 1 9
Feb.
7
19 19 .
4 3 .5 %
4 3 .8 %
4 5 .4 %
4 2 .6 %
4 3 .0 %
4 5 .6 %
5 3 .4 %
4 3 .2 %
4 4 .5 %
44 8 %
4 5 .1 %
4 5 .4 %
4 3 .7 %
4 4 .8 %
4 6 .8 %
5 3 .5 %
5 1.0 %
5 1.5 %
5 1.5 %
49.5%
J> 0 .3 %
5 3 .2 %
6 5 .6 %
5 0 .5 %
4 9 .7 %
19 2 0 . J a n .
s
12 3 .2 4 8 .0 0 0
12 3 .7 2 7 .0 0 0
11 6 .9 2 5 .0 0 0
10 3 .5 5 5 .0 0 0
115 .4 4 6 .0 0 0
11 5 .2 6 7 .0 0 0
12 2 .4 11.0 0 0
1 2 3 .7 1 6 .0 0 0
1 , 4 7 7 , 6 0 7 , 0 0 0 1 , 4 8 4 .7 9 0 . 0 0 0 1 , 3 2 8 , 0 5 9 , 0 0 0
1 ,4 3 2 ,9 5 4 ,0 0 0 1 , 3 8 5 , 1 1 7 . 0 0 0 1,3 2 8 ,9 1 7 ,0 0 0 1,3 8 6 ,6 9 1.0 0 0 1,4 3 3 ,9 7 9 .0 0 0
4 8 ,5 7 8 ,0 0 0
16 .7 4 5 .0 0 0
8 5 ,6 0 0 ,0 0 0
3 9 , 8 8 9 ,0 0 0
5
2
.
4
5
7
.0
0
0
1
3
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$
1*1*6 ,o'oV.666 ini ,*ioV,6 6 6
1 3 0 .1 5 8 .0 0 0
17 2 .12 3 .0 0 0
4 ,5 0 0 ,0 0 0
1* 2 7 .6 6 9 * 6 0 0
2 0 6 .2 6 7 .0 0 0
4 ,5 8 6 ,0 0 0
2 1 7 .14 2 .0 0 0
5 .13 6 .0 0 0
17 2 .0 7 7 .0 0 0
2 .5 7 4 .0 0 0
2 2 2 .7 8 6 .0 0 0
3 2 0 .8 6 1 .0 0 0
1 1 .1 7 9 .0 0 0
249,208*666
229,157*666
237,305,66
3 0 9 .5 7 6 .0 0 0
2 8 .5 2 4 .0 0 0
2 9 8 .9 0 1.0 0 0
1 0 .8 6 8 .0 0 0
3 2 3 .3 0 7 .0 0 0
11.8 5 0 .0 0 0
12*1,7*61*666
103,6*4*3*,666
1 5 0 ,0 0 0 ,0 0 0
3 .15 1.0 0 0
1*0*0 .6 *06*666
106*,2*19*666
2 3 8 .1 5 3 .0 0 0
3 ,0 0 0 ,0 0 0
2 4 4 .8 9 0 .0 0 0
4 . 8 0 5 .0 0 0
13 4 .6 4 3 .0 0 0
2 . 0 7 2 .0 0 0
2*3*7*,'36*7’,6 6 6
3 12 .2 0 5 .0 0 0
7 .7 9 7 .0 0 0
2'0*6'.'4*0*6*,666
3 4 1.3 9 5 .0 0 0
0 ,6 0 7 ,0 0 0
2 0 9 ,2 7 8 * 0 5 5
2 9 2 .7 1 5 .0 0 0
3 . 9 4 0 .0 0 0
3 6 2 .0 9 1 .0 0 0
6 .2 2 1 .0 0 0
L52,*147*565
147,9*09,666
1*04*.2*1*7*666
566
1*8*8*,8*36*666
7 2 .0 9 0 .0 0 0
2 6 1.1 9 7 .0 0 0
6 ,0 0 0 ,0 0 0
'09.109.666
fos'.ViV.ooo
2 5 5 .0 9 3 .0 0 0
4 0 .1 5 2 .0 0 0
2 8 8 .0 4 3 . 0 0 0
6 . 1 0 0 .0 0 0
19 6 .111 .0 0 0
6 .6 0 0 .0 0 0
l'3 '6 ."l5 7 *,6 6 6
16 0 .9 4 2 .0 0 0
8 .3 2 6 . 0 0 0
14 * 7 ,0 3 3 ",
15 3 .10 3 .0 0 0
7 , 9 8 9 ,0 0 0
16 ,4 0 4 ,0 0 0
2 3 9 ,9 13 ,0 0 0
13 ,3 0 1,0 0 0
18 4 ,0 9 8 ,0 0 0
2 0 ,4 5 5 ,0 0 0
2 4 3 ,3 6 8 ,0 0 0
2 1 ,8 7 9 ,0 0 0
2 4 6 ,2 0 3 , 0 0 0
2 2 ,5 5 4 ,0 0 0
2 4 3 ,2 4 3 ,0 0 0
2 0 , 9 2 9 ,0 0 0
2 4 5 , 8 8 8 ,0 0 0
1 8 , 8 5 4 ,0 0 0
2 3 7 .6 5 8 ,0 0 0
3 ,2 9 1 ,3 4 2 ,0 0 0
3 ,1 3 9 ,6 5 2 ,0 0 0 3 ,1 3 0 .7 8 3 ,0 0 0 3 ,1 4 6 ,1 5 0 ,0 0 0 3 ,1 7 7 ,2 9 0 ,0 0 0 3 ,2 4 4 ,3 1 4 ,0 0 0
2 9 2 .3 6 0 ,0 0 0
3 2 9 ,9 4 6 , 0 0 0
3 2 7 ,4 11 ,0 0 0
3 0 1.9 2 9 ,0 0 0
2 7 9 ,8 3 9 .0 0 0
2 4 7 ,8 7 7 .0 0 0
3 , 2 2 0 , 5 6 0 , 0(X
2 3 1,6 0 6 ,0 0 1
2 ,7 0 3 ,4 2 0 ,0 0 0
2 5 2 ,6 9 1,0 0 0
15 2 .12 5 .0 0 0
10 .7 15 .0 0 0
15 1.4 6 5 .0 0 0
9 ,0 2 9 , 0 0 0
3 ,0 0 0
2 ,8 4 9 ,8 7 9 ,0 0 0 2 , 9 1 4 , 3 6 8 , 0 0 0 2 , 9 9 8 , 9 9 2 , 0 0 0 3 ,0 5 7 , 6 4 0 ,0 0 0 2 , 9 8 8 , 8 9 4 , 0 0 1
2 ,4 5 0 ,7 2 9 ,0 0 0
Received from the Comptroller---------Returned to tho Comptroller..---------
0 ,1 2 4 , 3 4 0 , 0 0 0 0 ,0 0 0 , 2 8 0 ,0 0 0 6 ,0 0 0 , 2 6 0 , 0 0 1
6 , 2 2 2 , 2 8 0 ,0 0 0 0 , 1 8 7 , 1 2 0 . 0 0 0 0 , 1 7 2 , 2 0 0 . 0 0 0 1 . 1 6 . 3 .7 8 0 . 0 0 0 6 . 1 5 2 . 3 0 0 . 0 0 0
2 , 5 0 4 , 5 4 5 , 0 0 0 2 , 4 8 3 , 0 6 9 ,0 0 0 2 , 4 5 4 ,9 7 2 ,0 0 1
2 , 7 3 2 , 2 5 5 , 0 0 0 2 ,6 8 9 , 8 6 9 , 0 0 0 2 , 0 4 5 ,4 9 6 . 0 0 0 2 . 5 9 0 . 2 6 2 .0 0 0 2 . 5 4 9 . 1 4 9 . 0 0 0
3 ,9 6 7 , 0 8 0 , 0 0 0
8 2 4 ,2 8 5 ,0 0 0
Amount chargeable to Fed. Res. agent
In hands of Fodoral Rosorve Agent--------
3 , 6 1 9 , 7 9 5 , 0 0 0 3 , 5 7 7 , 2 1 1 , 0 0 0 3 ,5 4 5 , 2 8 8 ,0 0 1
3 ,4 9 0 ,0 2 5 , 0 0 0 3 . 4 9 7 . 2 5 1 . 0 0 0 3 ,5 2 6 . 7 6 4 , 0 0 0 3 . 5 6 7 . 5 1 8 , 0 0 0 3 . 6 0 3 , 1 5 1 , 0 0 0
3 2 4 .7 2 8 ,0 0 1
2 8 6 ,113 ,0 0 0
3 2 8 ,4 5 3 ,0 0 0
3 5 8 ,8 3 7 .0 0 0
3 9 0 ,2 2 8 ,0 0 0
3 8 0 ,6 0 8 ,0 0 0
3 5 0 ,3 7 3 ,0 0 0
3 6 0 ,4 6 8 , 0 0 0
3 ,1 4 2 ,7 9 5 ,0 0 0
4 3 9 ,3 7 5 ,0 0 0
3 . 2 4 4 , 3 1 4 , 0 0 0 3 , 2 9 1 . 3 4 2 , 0 0 0 3 ,2 9 2 ,0 9 8 , 0 0 0 3 ,2 2 0 , 5 6 0 , 0 0 1
2 ,7 0 3 ,4 2 0 ,0 0 0
In aotual circulation.._____________
Fed. R es. N otes ( A g en ts A ccou n ts )—■
2 , 8 9 1 , 7 7 5 , 0 0 0 2 , 8 5 0 , 9 4 4 , 0 0 0 2 , 8 4 4 ,2 2 7 ,0 0 0
Issued to Fcdoral Reserve banks_____ 3 , 1 3 9 , 6 5 2 , 0 0 0 3 , 1 3 0 . 7 8 3 , 0 0 0 3 , 1 4 6 , 1 5 6 , 0 0 0 3 ,1 7 7 , 2 9 0 , 0 0 0
Flow Secured —■
2 4 8 .14 8 .0 0 0
2 4 2 .14 8 .0 0 0
2 4 6 .1 4 8 .0 0 0
2 4 0 .14 8 .0 0 0
2 4 0 .14 8 .0 0 0
By gold coin and certificates__________
By lawful money..__________ _______
2.0*4*0*.*9*0*4*,666 2,0'3'4*,8'0'0'.666
2,019,895*666
2,011,*357.666
2,623,225*666
By eligible paper____ _______________
10 5 .7 8 6 .0 0 0
9 6 ,1 0 5 ,0 0 0
9 1,9 7 9 ,0 0 0
9 3 ,16 7 ,0 0 0
10 2 .7 4 2 .0 0 0
Cold redemption fund__________
8 5 5 .5 7 4 .0 0 0
With Federal Roeerve Board--------------- 7 3 7 . 5 3 7 . 0 0 0 7 8 0 . 1 1 1 . 0 0 0 7 8 8 . 1 3 4 . 0 0 0 7 9 8 .0 7 3 . 0 0 0
Total...................................................
Eligible paper delivered to F R. Agent..
2 4 4 ,6 4 8 ,0 0 (
2 4 0 .5 2 7 .0 0 0
2,652,0*00*666 2 ,6 i 8,9O0*,66<
1 1 0 ,0 0 0 ,0 0 1
1 0 3 .5 7 5 .0 0 0
1.4 * 5 * 0 ,0 9 0 .6 0 0
8 0 ,14 2 ,0 0 0
9 3 2 .6 6 1.0 0 0
2 4 4 .14 8 .0 0 0
2 4 4 .14 8 .0 0 0
2.0*8*5,'7*4*0*. 6 6 5
1 0 1 . 1 2 0 .0 0 0
8 6 0 ,3 2 8 , 0 0 0
8 9 2 .3 0 9 . 0 0 0
8 4 7 ,0 0 6 ,0 0 (
3 . 2 4 4 . 3 1 4 . 0 0 0 3 . 2 9 1 . 3 4 2 . 0 0 0 3 .2 9 2 .0 9 8 . 0 0 0 3 ,2 2 0 , 5 6 0 . 0 0 1
3 ,1 3 9 ,6 5 2 ,0 0 0 3 ,1 3 0 ,7 8 3 ,0 0 0 3 ,1 4 6 ,1 5 6 .0 0 0 3 .1 7 7 ,2 9 0 .0 0 0
2.590.549.000 2 . 7 8 0 .6 6 2 . 0 0 0 2.711.898.000 2 . 4 0 4 . 0 3 * .0 0 '
2,614.659.000
2
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W E E K L Y ST A T E M E N T O F R E S O U R C E S ANO L IA B IL IT IE S O K EA C H
New
Y o rk.
P h ila .
2 ,7 0 3 ,4 2 0 ,0 0 0
1 ,8 2 3 ,4 8 5 ,0 0 0
OF THF t ? FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FKB
C le v e la n d . R ic h m o n d
A t la n t a .
C h ic a g o .
St.
L o u is .
1l i n n e a v .
Kan.City. Dallas.
San F ra n .
6
1920.
T o t a l.
T w o c i p h e r s (0 0 ) o m it t e d .
B o sto n .
R ESO U R C ES.
O o l d c o i n a n d c e r t i f i c a t e s . . _ ------C o ld S e ttlo m o n t F u n d , F . R . B ’ d
G o l d w i t h F o r e i g n A g e n c i e s ---------
S
9 .5 4 4 .0
2 0 ,4 5 5 ,0
8 .3 4 6 .0
115 ,4 8 8 ,0
7 0 .0 4 9 .0
4 1.9 5 6 .0
1.15 1.0
2 8 ,8 5 0 ,0
9 .1 4 5 .0
S
14 .119 .0
4 0 .12 0 .0
9 ,3 7 4 ,0
2 .3 6 9 .0
3 6 ,3 5 7 ,0
5 .6 0 2 .0
8 ,6 0 1 ,0
2 1,5 7 9 ,0
4 ,116 ,0
s
2 4 .4 1 5 .0
8 8 .9 2 4 .0
13 .6 0 4 .0
$
2 .9 3 7 .0
1 9 ,6 5 2 ,0
5 .3 7 3 .0
7 .3 0 0 .0
2 1 ,7 9 7 .0
3 .0 8 7 .0
*
3 17 ,0
4 6 ,7 3 4 ,0
5 ,4 8 7 ,0
8
0 ,8 1 5 ,0
1 3 ,5 7 4 .0
2 ,9 7 2 ,0
5
12 .3 3 1.0
2 6 .0 6 9 .0
5 ,2 5 9 ,0
T o t a l g o ld h o ld b y b a n k s ...............
G o ld w ith F e d e r a l R e s e r v e a g e n ts
G o l d r e d e m p t i o n f u n d _____________
3 8 .3 4 5 .0
7 1 .8 0 0 .0
2 5 .6 4 7 .0
2 2 7 .4 9 3 .0
2 9 0 .7 3 2 .0
2 5 ,19 1,0
6 3 ,6 1 3 ,0
3 9 .14 6 .0
8 1 . 3 2 1 . 0 12 2 ,3 0 6 ,0
4 3 4 ,0
1 0 .6 6 5 .0
4 4 .3 2 8 .0
3 6 .9 13 .0
7 ,0 11,0
3 4 .2 9 6 .0 1 2 6 .9 4 3 .0
5 7 .9 8 8 . 0 2 0 9 . 2 9 3 . 0
2 0 ,7 8 2 ,0
5 ,5 4 2 ,0
2 7 .9 6 2 .0
5 7 .5 17 .0
5 ,0 2 5 ,0
3 2 .19 0 .0
3 4 .0 7 0 .0
4 16 ,0
5 2 .5 3 8 .0
3 7 .8 13 .0
5 ,2 7 6 ,0
2 3 .3 6 1 .0
3 1.4 4 3 .0
3 .4 8 7 .0
7 5 3 .8 7 4 .0
4 3 .6 5 9 .0
8 5 .2 2 5 .0 1 , 1 1 6 ,4 2 7 , 0
12 1.2 5 9 .0
11 .7 8 3 .0
T o t a l g o ld r c s o r v o s _______________ 1 3 5 , 7 9 8 , 0
6 ,5 6 8 ,0
L e g a l t e n d o r n o t e s , s l l v o r , & o _____
5 4 3 ,4 1 0 ,0 1 3 1 , 1 3 2 , 0 1 8 6 ,3 5 3 ,0
8 0 6 ,0
6 6 ,0
4 6 ,3 8 7 ,0
8 8 ,2 5 2 ,0
2 2 7 ,0
9 7 , 8 2 6 ,0 3 5 7 , 0 1 8 . 0
2 ,2 6 2 ,0
1,17 0 ,0
0 0 ,5 0 4 ,0
3 ,2 8 3 ,0
6 6 ,6 7 6 ,0
5 4 ,0
9 5 ,6 2 7 ,0
5 0 3 ,0
5 8 ,2 9 1 ,0 14 0 ,6 6 7 ,0 1 ,9 9 1 ,6 6 0 ,0
0 3 ,0 9 6 ,0
15 7 ,0
1,6 13 ,0
1 4 2 ,3 6 6 ,0
T o t a l r e s o r v e s ________________
B il l s d lso o u n to d : S e c u r e d b y G o v
e rn m e n t w a r o b lig a tio n s ( a ) . 1 1 6 ,7 0 3 , 0
5 2 .18 0 .0
A l l o t h e r _________ ________________
B ills b o u g h t In o p o n m a r k e t ( b ) . 4 8 .8 7 7 .0
5 8 9 ,8 0 3 ,0 1 3 1 , 1 9 8 , 0
18 7 ,15 9 ,0
8 8 ,4 7 9 ,0
9 8 ,9 9 6 ,0 3 5 9 , 2 8 0 , 0
9 3 ,7 8 7 ,0
6 6 ,7 3 0 ,0
9 6 ,1 3 0 ,0
5 9 ,9 0 4 ,0 14 0 ,8 2 4 ,0 2 ,0 5 4 ,0 5 0 ,0
5 8 1 .4 7 9 .0 15 4 ,6 9 5 ,0
4 2 ,0 6 8 ,0
1 7 0 .8 7 3 .0
7 ,8 6 1,0
1 9 6 . 8 7 6 .0
9 0 .4 0 1.0
4 9 .4 5 9 .0
7 3 .9 5 5 .0
7 3 .0 3 3 .0
2 4 .6 5 5 .0
9 ,9 17 ,0
6 2 .14 3 .0 1 6 7 .1 4 2 .0
3 5 .0 3 4 .0 16 6 .7 3 5 .0
7 0 ,0 8 6 ,0
12 .6 4 8 .0
5 1.0 4 6 .0
4 8 .0 5 6 .0
9 ,4 6 6 ,0
2 4 .8 1 3 .0
4 4 . 9 2 4 .0
4 ,9 3 3 ,0
3 0 .7 4 5 .0
5 7 .1 4 0 .0
7 ,2 4 0 ,0
5 1.4 3 2 .0 1 ,4 5 1,5 5 7 ,0
4 7 .9 2 5 .0
7 5 1.9 8 2 .0
4 4 .5 8 3 .0
10 .2 7 5 .0
5 5 4 .7 5 0 .0
1,0 7 2 ,0 1 1 1 , 8 1 3 , 0
4 0 3 .9 6 3 ,0 1 0 8 , 5 6 8 , 0
9 4 9 , 2 2 8 , 0 2 0 4 , 6 2 4 ,0 2 1 3 , 8 1 5 , 0 1 0 7 , 6 0 5 , 0 1 0 9 , 8 2 5 , 0
1,15 3 ,0
4 ,4 7 7 ,0
11 4 ,0
1,2 3 5 ,0
8 3 3 ,0
1 ,3 8 5 ,0
1 ,4 5 7 ,0
3
,
0
10 ,0
5 0 ,0
17 ,1 6 2 ,0
4 0 ,4 7 4 ,0
15 ,6 6 5 ,0
12 ,2 6 0 ,0
2 4 ,0 12 ,0
6 8 ,2 0 2 ,0 3 1 , 0 1 3 , 0
7 4 ,6 7 0 ,0
1 1 6 ,0
0 5 ,13 1,0
8 ,8 6 8 ,0
8 ,4 8 0 ,0
17 ,2 4 0 ,6
6 5 ,2 7 2 ,0 2 0 7 ,8 2 8 ,0 2 ,7 5 8 ,2 8 9 ,0
2 6 ,7 7 0 ,0
2 ,6 3 3 ,0
3 ,9 6 6 , 0
6 3 ,0
1 1 ,4 1 4 ,0
8 ,3 0 0 ,0
8 3 ,2 6 6 ,0 1 2 1 , 2 3 9 , 0
4 0 2 ,0
5 15 ,0
7 7 ,5 3 8 ,0 2 2 1 ,8 7 5 ,0 3 ,0 6 1 ,1 9 2 ,0
10 ,5 8 6 ,0
2 3 1,0
5 0 6 ,0
2 17 ,7 6 0 ,0
T o t a l b i l l s o n h a n d __________
5 3 9 ,0
U , 8 . G o v e r n m e n t b o n d s ________
U . S . G o v o rn m o n t V ic to r y b o n d s
0 . 8 . c e r t ific a t e s o f In d e b te d n e ss 2 1 ,8 4 2 ,0
T o t a l e a r n i n g n s s o t s _____________
B a n k p r o m i s e s __________________
U n c o lle c te d Ite m s a n d o t h e r d o d u o tlo n s fr o m g r o s s d o p o s t t s ..
8%
r e d e m p t io n
fu n d
a g a in s t
F e d o ra l R o so rv o b a n k n o tes
A l l o t h e r r e s o u r c e s ______________
Total resources________
L IA B IL IT IE S .
Capital paid In_____________
Surplus...................... ...............
Government (loposlts_____
Duo to members, reserve account
Doferrod availability Items____
All other deposits_____________
5 8 ,3 0 3 ,0
1,0 7 2 ,0
4 8 9 ,0
t
2 0 4 ,0 14 ,0
2 ,0 0 8 ,0
9 2 1,0
6 9 ,0 2 6 ,0
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3 5 3 ,0
7 3 ,9 4 7 ,0
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3 0 9 ,0
6 6 ,5 3 3 ,0
7 15 ,0
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$
3 9 , 0 4 4 ,0 1 1 5 , 7 8 2 , 0
6 6 ,6 3 8 ,0
2 0 ,5 3 0 ,0
7 3 ,8 3 1,0
5 5 ,7 9 5 ,0
1,4 8 3 ,0
8 2 0 ,0
2 3 7 .0
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4 8 2 ,0
9 5 ,0
9 7 1.0
3 9 6 .0
5 6 2 .0
19 5 .0
8 4 3 .0
13 1.0
5 2 ,9 2 8 .0
6 6 5 .0
3 6 3 .0 '
S
2 0 5 .3 9 3 .0
4 3 4 .1 6 0 .0
11 4 .3 2 1 .0
8 9 6 ,9 7 1,0
12 ,2 3 2 ,0
5 ,0 4 8 ,0
4 1 6 , 8 8 0 , 0 0 ,0 4 0 , 6 8 5 , 0
9 2 8 , 3 9 5 , 0 2 8 8 , 1 8 4 , 0 1 7 1 , 6 1 8 , 0 2 9 3 ,0 2 9 , 0 1 9 4 , 5 0 0 , 0
4 4 3 ,4 8 1 ,0 1 ,8 1 9 , 4 3 7 , 0 4 4 0 ,1 7 4 ,0 5 0 1 ,7 8 4 ,0 2 7 8 ,0 7 3 ,0 2 6 5 ,1 2 4 ,0
8 9 .119 .0
5 .8 7 4 .0
3 .4 8 4 .0
4 .0 3 1.0
3 .1 2 3 .0
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9 .5 3 7 .0
7 .9 0 0 .0
2 3 .4 5 3 .0
12 0 .12 0 ,0
7 .2 1 0 .0
7 .5 3 9 .0
3 .0 3 0 .0
6 .116 .0
3 .5 6 9 .0
3 .7 2 4 .0
14 .2 9 2 .0
4 .6 9 5 .0
5 .8 2 0 . 0
9 .0 8 9 . 0
8 .8 0 5 . 0
4 5 .0 8 2 .0
4 2 .4 4 6 .0
8 .3 5 9 .0
5
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8
0
7
.
0
2
.
5
1
4
.
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2 .7 19 .0
3 .5 7 5 .0
3 .7 11.0
7 ,7 4 7 ,0
2 .5 2 1.0
1.4 7 9 .0
4 .0 0 9 .0
4 ,6 0 2 ,0
3 .7 6 2 .0
6 5 .0 5 5 .0 1 1 8 , 9 1 9 , 0 1,8 6 9 ,4 3 8 ,0
9 3 .7 2 3 .0
2 7 2 ,7 9 2 ,0 6 9 .5 1 3 .0 5 3 . 1 7 5 . 0
6 5 4 ,7 3 5 ,0
100.053.0 7 3 4 . 7 0 9 . 0 1 0 0 , 9 7 1 , 0 1 3 1 , 9 2 1 , 0 6 2 .0 7 0 . 0 53 46 .. 97 53 77 .. 00 7 9 . 1 8 0 . 0 5 2 . 8 9 4 . 0 1 5 . 4 3 2 . 0 6 2 .2 6 0 .0 3 4 . 1 3 4 . 0 3 6 , 8 6 7 , 0
9 5 .8 7 6 .0
41.304.0 1 2 0 . 6 6 6 . 0 5 5 , 9 8 0 , 0 6 2 , 6 6 3 , 0 5 8 . 5 3 8 . 0
4 .7 3 3 .0
2 .0 7 0 .0
3 .8 9 0 .0
2 .3 14 .0
3 .7 6 7 .0
10 .0 7 2 .0
2 .6 7 4 .0
3 .7 2 0 .0
6 .2 3 6 .0
6 .9 2 8 .0
4 0 .0 4 5 .0
9.437.0
Total liabilities_____________ 4 4 3 , 4 8 1 , 0
Contingent liability n s e n d o r s
Discounted paper rediscounted
with other F. R. banks..__
...............
Bankers' acceptances sold to
1,4 9 5 ,0
other F. R. banks___
M em oranda—
W it h th e ir e n d o r s e m e n t
W i t h o u t t h e i r o n d o r s e m o n t ___
t
12 5 ,6 0 7 ,0 4 4 8 ,9 14 ,0 12 6 ,8 8 3 ,0
2 4 0 , 1 4 1 ,0 1 ,0 1 8 ,9 3 7 ,0 2 3 7 ,0 2 2 ,0 2 3 8 ,6 7 0 ,0 1 2 1 , 1 0 0 , 0
3 5 6 ,0
2 ,11 6 ,0
5 0 3 ,0
5 5 3 ,0
6 4 0 ,0
5 0 0 ,0
3 ,0 9 4 ,0
1,110 ,0
Total gross deposits_________ 1 6 4 . 2 0 6 . 0
F. R. notes In nctual circulation. 2 4 2 . 2 5 6 . 0
F. R. bank notes In circulation
—not liability__ ______ ____ 1 9 , 6 4 9 , 0
1,8 0 1 ,0
All other liabilities____________
o th e r F . R . b a n k s , v iz .
s
%
9 6 ,8 8 9 ,0 3 6 9 . 7 9 1 . 0 1 2 9 . 8 8 5 . 0
9 0 0 . 0 2 2 .0 1 6 7 .8 8 8 . 0 2 0 2 .2 9 9 . 0 1 2 4 . 3 2 8 . 0
1 3 4 .4 5 5 .0
7 8 8 . 1 2 1 . 0 2 2 5 . 8 3 6 . 0 2 5 7 . 9 3 6 . 0 1 3 0 . 9 0 6 . 0 1 4 3 , 9 1 6 , 0 4 8 8 .9 9 9 .0
5 1.0 9 0 .0
1 1 .0 6 9 .0
2 7 ,6 0 7 ,0
2 ,13 8 ,0
2 1 ,1 16 ,0
1 ,8 0 7 ,0
1 1 ,7 8 0 ,0
8 4 1,0
1 5 ,2 2 0 ,0
9 19 ,0
3 9 ,2 10 ,0
3 ,5 6 2 ,0
14 ,9 7 6 ,0
1,0 6 1,0
2 .0 6 2 .4 9 5 .0
7 4 . 4 9 6 .0 1 6 2 . 5 9 2 . 0 1 0 3 , 7 7 3 , 0 1 6 6 . 3 2 6 . 0
8 1.6 4 5 .0 10 0 .2 5 9 .0 7 3 ,8 6 8 ,0 2 2 3 .5 7 8 .0 2 .8 9 1 .7 7 5 .0
7 ,9 9 5 ,0
7 9 0 ,0
18 ,9 0 2 ,0
1,12 9 ,0
9 ,6 2 8 ,0
7 17 ,0
11 ,6 0 7 ,0
1,9 6 2 ,0
2 4 8 ,7 8 0 ,0
2 8 ,3 9 6 ,0
6 ,0 4 0 ,6 8 5 ,0
2 8 8 , 1 8 4 , 0 1 7 1 , 6 1 8 , 0 2 9 3 ,0 2 9 , 0 1 9 4 , 5 0 0 , 0 4 1 0 , 8 8 6 , 0
1 , 8 1 9 , 4 3 7 , 0 4 4 0 , 1 7 4 , 0 5 0 1 , 7 8 4 , 0 2 7 8 , 0 7 3 , 0 2 6 5 , 1 2 4 . 0 9 2 8 ,3 9 5 , 0
er on:
9 0 ,18 1,0
5 ,0 0 0 ,0
4 9 ,8 0 0 ,0 4 1 , 3 8 1 , 0
1,4 9 5 ,0
14 ,0 4 0 ,0
8 ,0 0 0 ,0
b o u g h t fr o m o t h e r F
It. banks
5 4 5 ,0
15 ,6 1* 9 * 0
3.2 *5 0 *0
19 ,3 4 1 ,0
5 4 ,2 0 0 , 0
9 5 0 ,0
_______
...............
................
___ __ _
9 6 ,1 8 1 ,0
3 ,4 0 * 8 .6
1,4 9 5 ,0
2 2 ,2 7 7 ,0
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T w o c ip h e r s (0 0 ) o m it t e d .
B o sto n .
N ew
Y o rk .
P h ila .
C le v e la n d . R ic h m o n d
A t la n ta .
C h ic a g o .
S t. L o u is . M in n e a p . K a n .C it y .
D a lla s .
San F ra n .
T o t a l.
S
$
$
8
8
S
s
$
$
$
8
5
4 2 0 . 4 8 0 .0 6 , 2 2 2 , 2 8 0 , 0
8
F e d o ra l R o so rv o n o tes:
3 0 5 , 0 0 0 . 0 8 6 8 . 5 2 0 .0 2 9 9 .9 0 0 .0 1 5 4 , 0 8 0 , 0 2 0 7 , 3 0 0 , 0 1 4 6 , 9 8 0 , 0
1 8 7 . 6 0 0 .0 2 . 0 2 4 . 4 4 0 . 0 5 1 0 . 7 8 0 . 0 4 9 1 . 3 4 0 . 0 3 0 5 . 8 6 0 . 0
5 3 ,4 3 0 ,0 1 4 2 .5 7 1 .0 2 ,7 3 2 ,2 5 5 ,0
R o c o lv e d fr o m C o m p t r o l le r —
9
5
,
0
1
0
,
0
6
1
,
3
5
4
,
0
1
2
7
.
4
8
8
.
0
3
2
8
.
9
3
2
.
0
1
0
5
,
4
9
2
,
0
2 0 0 .1 7 2 .0 1 9 3 .5 2 6 .0 1 4 2 .8 5 4 .0
R e t u r n e d t o C o m p t r o l l e r --------- 2 0 8 . 0 0 7 .0 1 . 0 1 2 . 8 1 9 . 0
9 3 . 5 5 0 . 0 2 7 7 , 9 0 9 ,0 3 , 4 9 0 , 0 2 5 , 0
11 2 ,2 9 0 ,0
2 9 7 .8 1 4 ,0 16 3 ,0 0 8 ,0 19 9 ,5 0 8 ,0 5 3 9 ,5 8 8 ,0 1 7 2 , 4 1 2 , 0 9 2 ,7 2 6 ,0
3 5 0 ,3 7 3 ,0
9 ,9 5 0 , 0
C h a r g e a b l e t o F . R . A g e n t . . . . 2 7 8 , 9 9 3 , 0 1 , 0 1 1 , 0 2 1 , 0 2 5 0 ,6 0 8 , 0
16 .6 10 .0
5 ,9 7 0 ,0
9 ,3 0 0 ,0
19 ,6 0 0 ,0
18 ,6 5 0 ,0
5 1 ,0 7 0 .0
2 5 , 9 8 0 ,0 2 8 , 5 4 3 , 0
1 2 ,8 8 0 ,0
12 1,0 0 0 ,0
3 0 ,8 2 0 ,0
In h a n d s o f F . R . A g o n t . . . . . .
I s s u e d t o F . R , b a n k , le s s a m t .
r e tu r n e d to F . R . A g o n t fo r
2 4 8 .17 3 .0
r e d e m p t io n :
C o l l a t 'l s e c u r i t y f o r o u t s t ' g n o t e s :
G o ld c o in a n d o tfs . o n h a n d —
14 ,8 0 0 * 0
G o l d r e d e m p t i o n f u n d ------------5 7 ,0 0 0 ,0
G o ld S e t 'm ’ t F u n d , F . R . B ’ d .
E llg lb lo p n p e r, m ln ’ m re q u ire d 1 7 0 .3 0 7 .0
15 2 ,8 12 ,0
8 9 0 . 6 2 1 . 0 2 3 7 . 7 2 8 . 0 2 7 1 . 8 3 4 . 0 1 3 4 , 4 6 3 , 0 1 4 8 , 4 3 8 , 0 5 2 0 .9 3 8 . 0
2 8 .0 2 5 .0
1 8 3 .7 4 0 .0
1 6 ,9 9 2 ,0
10,*9*32*6 1 4 . 2 8 1 . 0
9 0 ,0 0 0 ,0 7 0 , 3 8 9 ,0 8 0 ,0 0 0 ,0
5 9 9 .8 8 9 . 0 1 5 6 . 4 0 7 . 0 1 4 9 . 5 2 8 . 0
3 ,9 * 1 3 ,0
3 3 ,0 0 0 ,0
9 7 ,5 5 0 ,0
2 .5 0 0 .0
9,*14*9*6
3 .4 8 8 .0
5 2 ,0 0 0 ,0 2 0 0 .14 4 .0
9 0 , 4 5 0 ,0 3 1 1 . 6 4 5 . 0
4 ,0 0 0 ,0
3 ,5 8 7 ,0
4 9 .9 3 0 . 0
9 5 .2 9 5 .0
8 3 .4 2 0 .0 1 0 0 ,3 2 0 ,0
7 6 . 9 4 0 .0 2 6 7 .9 5 9 . 0 3 . 1 3 9 . 6 5 2 . 0
13 .0 5 2 .0
1,7 18 ,0
1.9 3 0 0 .0
4 9 .3 5 6 .0
1 ,9 5 3 ,0
3 5 .8 6 0 .0
6 8 .5 0 7 . 0
2 4 0 .14 8 .0
8 .8 3 1 .0
10 2 .7 4 2 .0
17,*29*5*6
4 . 6 2 8 .0
7 7 3 .5 3 7 .0
6 7 ,9 3 0 ,0
1 7 .9 8 4 .0
4 5 .4 9 7 .0 1 8 2 .7 3 4 .0 2 .0 2 3 .2 2 5 .0
15 2 ,8 12 ,0
8 9 0 ,6 2 1 ,0 2 3 7 .7 2 8 ,0 2 7 1 .8 3 4 ,0 13 4 .4 0 3 .0 1 4 8 ,4 3 8 ,0 5 2 0 ,9 3 8 ,0
8 3 ,4 2 0 ,0 10 6 ,3 2 0 ,0
7 0 , 9 4 0 , 0 2 6 7 ,9 5 9 , 0 3 , 1 3 9 , 6 5 2 , 0
o llg lb lo p n p e r d e l i v
R . A g e n t ___ . . . -------- 2 1 7 . 7 6 0 . 0
o u t s t a n d i n g ___ ______ 2 4 8 . 1 7 3 . 0
5 ,9 1 7 ,0
h o ld b y b a n k _________
10 8 .5 6 8 .0
9 4 0 .7 6 3 . 0 1 7 1 . 7 8 9 . 0 2 0 4 . 5 3 3 . 0 1 0 2 . 9 7 2 . 0 1 0 5 . 7 7 3 . 0 4 0 3 .8 6 7 . 0
15 2 .8 12 .0
8 9 0 .6 2 1 .0 2 3 7 .7 2 8 .0 2 7 1 .8 3 4 .0 13 4 .4 6 3 .0 1 4 8 .4 3 8 .0 5 2 0 .9 3 8 .0
18 ,3 5 7 ,0
3
1
,
9
3
9
,
0
4
,
5
2
2
,
0
3
,
5
5
7
,
0
1
3
,
8
9
8
,
0
11 ,8 9 2 ,0
10 2 .5 0 0 .0
6 0 . 5 4 9 .0 9 5 , 1 3 1 , 0
8 3 .4 2 6 .0 1 0 6 ,3 2 0 ,0
6 ,0 6 1,0
1,7 8 1,0
0 5 .2 7 2 .0 2 0 1 .2 8 4 .0 2 .0 0 9 .2 0 1 .0
7 0 . 9 4 0 . 0 2 6 7 .9 5 9 . 0 3 . 1 3 9 . 6 5 2 . 0
2 4 7 ,8 7 7 ,0
4 4 ,3 8 1,0
3 ,0 7 2 ,0
4 8 8 , 9 9 9 ,0 1 3 4 , 4 5 5 , 0
7 8 8 .1 2 1 , 0 2 2 5 .8 3 0 .0 2 5 7 ,9 3 0 ,0 13 0 ,9 0 0 ,0 1 4 3 ,9 1 6 ,0
8 1,6 4 5 .0 10 0 ,2 5 9 ,0
7 3 ,8 6 8 ,0 2 2 3 ,5 7 8 ,0 2 ,8 9 1 ,7 7 5 ,0
F . R . n o t o s In a c t u n l c i r c u l a t i o n . 2 4 2 , 2 5 0 . 0
A m ount of
e re d to F .
p . r . n o tes
F , I t . n o to s
640
__
THE CHRONICLE
Ipmilvjers7
( i& u z z t t n .
(V ol. no.
S tate a n d R ailroad B o n d s.— Salos of State bonds at the
Board are limited to $25,000 Now York 4s, 1900, at 97.
Tho markot for railway and industrial bonds dull and
teatureless, but gonorally woak. Of a list of 23 notably
active issues only 2 are higher and 2 unchanged. Inter.
K . r . 5s aro conspicuous for an advance of 3 % points.
Inter. M o t. 4 % s recovered a fraction of thoir recont decline
and B . R. T . /3 and St. L. S. F. Bs have been steady. On
the other hand Ches. & Ohio 4 % s , Rock Island ref. 4s,
■Mo. Pac. _g. m . 4s and Rubber liavo declined 2 points or
moro within tho wook. In addition to tho above tho active
list includes Balt. & Ohio, Burlington, St. Paul, Consol. Gas,
Now York Contral, N o. Pac., So. Pac., Union Pac. and the
U. S. Steel issues.
Wall Street, Friday Night, Feb.
.
13 1920.
R ailroad and M iscellaneous S to ck s.— A good many peopie have been puzzled this week by the fact that although
tko money market has been relatively easy, securities, until
to-day, continued to decline just as bofore when call loan
rates were ranging from 8 to 2 5 % . N ow evory one is asking
is it tho unfortunate railway situation on the eve of relinquish
ment of Government control, or is it the upset condition of
the world’s commerce and finance which causes stocks to
drop lower and lower day by day.
The stock market, as hinted above, experienced a decided
change in tone about noon to-day and a substantial recovery
took place in all classes of shares.
U n ited S tates B o n d s.— Sales of Government bonds at
This change was based, in part at least, on a decline in
tho premium on gold in London from 127 shillings per ounce,
Feb 7 Feb 9 Feb. 10 Feb. 11 Feb. 12.
at which it sold last week, to 120 yesterday, and an advance
of sterling exchange in this market from 3 to 4 points over First Liberty Loan ’
6 97.02 97.01 90.96 96.9(
;
90.80
3Mh, 15-30 year, 1932-47
- 96.Sf 96.SC 96. S( 96.71
the holiday. During the late hours, the active railway list
90.48
e 97.01 96.98 96.82 96.74
90.02
recovered about 2 points of its previous loss, and tho indus
Total sales In $1,000 units
III!
1.142
32:
504
7g
,
trials from 3 and 4 to 11 % points— tho latter by General Second Liberty Loan
h 91.1< 90.11 90.41 90.51
90.40
4s. 10-25 yearcouv, 1942 (Low
89.92 89.2( 90.1C 90.21
90.00
M otors, which has covered a range of 28 points within tho
e 90.11 90.18 90.-1C 90.4(
90.00
Total sales In $1,000 units.'
week. Mexican Petroleum recovered 5 % , with a range of
Ol
23(
17C
248
181
Second Liberty Loan
|
i 90.91 90.91 91.11 91.01
91.00
1 2 % and Studebaker recovered 5 with a rango of 1 0 % .
4s, convertible, 1932-47 (
- 90.91 90.Sf 90.91 90.8(
90.70
The following sales have occurred this week of shares not
e 90.91 90.90 91.10 90.8f
90.90
Total sales In 31.000 units.1
<
5
22
76
represented in our detailed list on the pages which follow:
50
111
Third Liberty Loan
|
£
i 93.51 93.8-1 93.60 93.72
93.80
4 ) 4 8 of 1928
(
93. If 93.38 93.38 93.-10
93.31
e 93.40 93.48 93.56 93.54
93.32
o
Total sales lu $1,000 units.'
1,302 1,051 1,460 1,703
2,085
Third
Liberty
Loan
[
W eek
L ow est.
i 91.14 91.6C 91.70 91.70
H igh est.
1 L ow est.
H igh est.
91.70
4 )4 sof 1st L Lconv,’32-’47( Low
A
91. If 91.20 91.26 91.50
91.30
Far Share S per share.
$ per share. 1$ per share $ per share
- 91.10 91.50 91.30 91.60
91.32
Total sales lu $1,000 units.
American Express__ 100
60( 95)4 Feb 1 97 Feb
4
95
72
56
Fel ) 101)4
107
88
Third Liberty Loan
Am La France F E__ 10 1 ,2 0 ( 13 Feb 1. 13)4 Feb H 13
o
90.30 90.48 90.86 91.04
Fel 14)4
90.80
Ann Arbor________ 100
10 C 11
Feb 1(i 11
Feb li i| 7
90.12 90.00 90.40 90.66
Jar 13)4 Feb
00.54
Atlantic Refining, preL.
100112 V» Feb V 112)4 Feb 15 112)4 Feb 112)4 Feb
00.28 90.48 90.86 90.84
90.58
Baldwin Locoin, pref. 1 00
700; 98H Feb K1 1 0 0
989 1,388 1,471 1,414
Feb
98)4 Fel 102)4
1,327
Fourth Liberty Loan
Barnet Leather__ no par
10 C 80
Feb li 80 Feb li 80
Fel 93
90.50 90.52 91.10 91.46
91.18
V
4)4b of 1933-38
Brunswick Terminal. 100 1 ,0 0 ( 6
( Low. 00.26 90.28 90.46 90.9?
Feb 1 6)4 Feb ( 6
Feb 8
90.84
Buff Roch & Plttsb.. 100
10 C 50
Feb 1 50 Feb 1 ! 50
Jan 50
90.30 90.52 91.10 91.10
90.90
Burns Bros, pref___ 100
Total sales In $1,000 units.'.IT ' 2,497 3,720 2,380 3,001
100 98
Feb li 98 Feb i: 98
Fob 100
Feb
3,068
o
Fourth Liberty Loan
( High
Central Fdry, pref__ 100
10 C 45
__
Feb
45
Feb > 37)4 Jan 50
y.
97.00
Cent & So Am Teleg.100 2Of 109 Feb If 111)4 Feb If 109
4)4s,1st
LL
2d
conv,’32-47(
Low
Feb 120
97.00
C & E 111 pref trust rects 200 5 Feb 9 5 Feb ! i 4)4 Jan 6
__
.
(Clos
Jan
97.00
Total sales In $1,000 units___
C St P M & Om, pf._100
100 91
Feb 1: 91
Feb 11; 90
Jan 91
5
Victory Liberty Loan
(Hlgl
Continental Insurance.25 200 71)4 Feb l: 75 Feb ! 71)4 Feb 82
97.80 97.96 07.80 97.90
97.90
Deere & Co. pref___ 100
4)4 s conv gold notes,'22-23( Low
2001x99 Feb i: 101
Feb ( x99
97.78 97.78 97.64 97.08
Feb 101
Feb
97.00
Durham Hosiery........50
100 58
Feb ( 58 Feb ( 58
„
lClose 97.86 97.80 97.68 97.90
Feb 67)4
97.70
Total sales In $1,000 units........
Preferred............. 100
100 100
Feb 15 1 00
Feb 13 1 00
Feb 102)4
1,715 1,705 4,036 2,281
2,523
Fairbanks Co (T he)..25
Victory Liberty Loan
|Ifigii 97.88 98.00 97.86
100 72
Feb C 72 Feb £ 72
Feb 83)4
97.04
97.78
Famous P-L, pref... 100 1,600 85 Feb 11 87)4 Feb 7 85
3)4s.couv
gold
notes.
’22-23
(Low.
Feb 90)4
97.74 97.68 97.60 97.70
97.08
Gen Chemical, pref.. 1 00
1 00 98)4 Fob 7 98)4 Feb 7 98
_
(Close 07.80 97.80 97.80 97.8f
Feb 100
. i 97.70
Total sales In $1,000 units
Gen Cigar, deb pref.. 100 0 0 0 85
Feb 11 87 Feb 10 85
400 1.7.V)' 1,604 820
Feb 94)4
1,862
Gen Motor 7% deb.. 100 1 , ( 0 0 81 Feb 13 90 Feb 7 84
Feb 90
Gulf States St’l, 1st pflOO
F oreign E xch an ge.1 00 92)4 Feb 9 92)4 Feb 9 92)4 Feb 92)4 Feb
Hendee Mfg..................
400 35
Feb 10 38)4 Feb 10 35
Feb 38)4 Feb showed somo improvement and rates recovered moro than
Homestako Mining.. 100 300 62)4 Feb 13 65 Feb 9 60
Jan 71
Hupp Motor Car___ 100 5,' 00 13 Feb 15 13)4 Feb 11 13
1J cents in tlio pound. Both Continental and noutral ex
Feb 16
Int Motor Tr’k 1st pf.100 300 75 Feb 11 77 Feb 9 75
Feb 84
change shared in tho upward movement. Trading at all
2 d preferred..........1 00
2 0 0 65
Feb 10 6 6
Feb 10 65
Feb 69)4
Internat Nickel, pref. 1 00
2 0 0 87
Feb 10 8 8
Feb 9 87
Feb 8 8
Feb centres was quieter and fluctuations less orratic.
Kayser(J)&Co,lst pf.100
100 106
Feb 9 106 Feb 9 106
Feb 106
•x
ritfay s) actual nates for sterling exchange were 3 3 5 W ©
Kelsey Wheel, pref.. 100 2 0 0 96)4 Feb 13 96)4 Feb 13 96)4 Feb 98)4
Commerrdal1Xnn
3 3,8 K
} % for checks and 3 30@3 44 or cables.
Liggett & Myers rights.. 3,900 16)4 Feb 11 16)4 Feb 9 14)4 Jan 18
Jan nlneV
vdavl
i f ay 3 37% @ 3 '12^ ’ s'xty days 3 32 M @ 3 37)4.
Loews Incorp___ no par 6 ,1 0 0 26)4 Feb 11 29 Feb 7 25)4 Feb 32
■I
. . 3 3 U 4 • an<* documents for payment (sixty days)
Manatl Sugar............ 100 1,500 108 Feb 11 115 Feb 9 108
Feb 36)4
Marlin-Rock v t c.no par\ 1 00 60 Feb 7 (Ml Feb 7 60
Feb 63
Feb mein 3 373)V@3 42)|t0n for payment 3 37)4@ 3 42)4 and grain for payMaxwell Motor ctfs depJ 3,900 18)4 Feb 13 26)4 Feb 9 18)4 Feb 35)4 Jan i i S°f
iS (Friday's) actual rates for Paris bankers’ francs were 14.23©
lst pref ctfs dep_____
600 47)4 Feb 11 49)4 Feb 7 47)4 Feb; 62)4 Jan
? 1 14.15@14.37 for short. Germany bankers’ marks are
2 d pref ctfs dep_____
400 2 0
Feb 13 25 Feb 9 21)
Feb 30)4
§v i
/ T o f i t f,°J jpnk a,id short bills. Amsterdam bankers' guilders were
M StP&SSM I’s’d 1. _100: 1 00 50)4 Feb 11 40)4 Feb 11 50)4 Feb’ 60
Jan
F
v
'JS
H
3
6
H
'V
; f? r lonk and 37 7-l(i@37 3-10 for short.
Preferred................100; 100 94 Feb 13 94 Feb 13 90
Jan 94
Feb
Montana Power, pref. 100 1 0 0 99 Feb 13 99 Feb 13 99
Feb 10054 Jan 48 751owKl! at * a rs on t'oodon, 48.55; week’s range, 48.45 high and
Norfolk Southern__ 100
600 10
Feb 10 10
Feb 9 10
Feb 12
The range for foreign exchange for ”
' *"
Norfolk & West, pref. 100
1 00 67)4 Feb 9 0")4 Feb 13 66)4 Jan 72
S te r lin g A c t u a l —
Jan
S ix ty D a y s .
C h ec k s .
C a b le s .
Peoria & Eastern___ 100
300 It
Feb 11 11 '4 Feb 13 11
Feb High for tho week___________
Feb 14
li 40 H
3 43 «
3 44
Pettlbone, Mulllken.100
1 00 35
Feb 11 35
Feb 11 35
Feb 35
Feb I.ow for tho week____________ ” ”
15 28)4
3 31 M
3 32
Pittsburgh Steel, pref 100, 1 00 90)4 Feb 10 90)4 Feb 10 90)4 Feb 94)4 Jan
P a r i s B a n k e r s' F r a n c s —
So Ry-M&O stk ctfs. 100| 2 0 0 17)4 Feb 13 18 Feb 13 17)4 Feb 18
Feb 1 High for tho week_________ _______
14.23
14.12
14.10
So Porto Rico Sugar. 100 700 100
Feb 11 230 Feb 10 200
Fob 247
Low for the week___
14.71
14.00
14.58
Texas Co rects 30% pald; 3,200 56)4 Feb 13 70 Feb 9 -51)4 Feb 195)4 Jan 1 G er m a n y B a n k e r s' M a r k s —
Receipts full paid___
500 58 Feb 11 0S)4 Feb 13 .58
Feb 193
High for tho week________________
1.08
1 .1 0
Tex Pac Land Trust. 100( 2 2 2 1 40 Feb 13 40 Feb 13 240
Feb 325
Jan 1 Low for the week_________________ I
. .99
1 .0 1
Underwood, pref___ 100| 1 00 08 Feb 9 08 Feb 9 08
Feb 110
A m s te r d a m B a n k e r s' G u ild e r s -—
Un Cig Stores, pref-.lOO, 400 110 Feb 13 11
Feb 131110
Feb 111)4 Jan 1 High for the week_____________________
37
37
5-10
37)4
38
Low for the w eek ....................................... so
1,3-10
30 13-16
37 X
37 %
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Dom
estic
Exchange.—
Chicago,
par.
L
St.
Louis,
15@25c._ per $ 1 , 0 0 0
DAILY, WEEKLY AND YEARLY.
discount. Boston, par. San Francisco, par. .......... ......
$1,000 premium. Cincinnati, par.
W eek ending
S tocks.
R ailroad,
Stale, A/un.
United
F eb . 13 1920
A c .,
A Foreign
States
STOCKS.
W eek ending F eb.
Sales
13.
Shares.
Mondan_________
Tuesday_________
Wednesday______
Range fo r W eek .
Par Value.
Range s in ce J an .
Bonds.
Bonds.
463,700 $41,526,000
789,650 65.897.000
1,063,925 93.547.000
1,389,200 120,215,000
$861,000
1.562.000
2,070,500
2.268.000
HOLIDAY
1,318,172 121,017,100
2,255,000
1.
Bonds.
$765,000 $7,111,000
1.057.000 11.295.000
1,206,500 1 1 .0 1 2 .0 0 0
1.457.000 10,354,000
993,000 12,137,100
Total................... 5,054,647 $131,202,760 $9,016,500 $5,478,500 $52,509,100
W eek ending Feb. 13.
J an . 1 to Feb. 13.
N ew Y ork Stock
Exchange.
1920.
1919.
1920.
1919.
Stocks—No. shares__ I 5,054,047
1,909,514
31,083,703
15,704,902
Par value...................$t42,202,700 $182,304,700 $2,770,790,400 $1,495 ,023,205
Bank shares, par____ |
.............
$28,400
Bonds.
Government bonds__ | $52,509,100 $30,002,000
$120,373,700
$254 ,854,500
State, mun., &o., bonds
5,178,500
7.315.500
88,502,500
8 8 ,030,500
RR. and mlsc. bonds..
9,010,500
5.501.500
73,087,000
53 ,100,500
Total bonds........... 1 $07,004,100 $49,419,000
$511,903,200
$395,051,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
W eek ending
Feb. 0 1920.
Saturday . .
Monday__
Tuesday_
Wednesday
Thursday. .
Friday____
Total,
Shares
8,940
16,278
21,600
30,907
Philadelphia
Bond Sales
$71,500
57,700
62,000
116,650
30,342
16,000
108,133
$324,450
Shares
Bond Sales
4,549
$47,000
4,328
36,200
4,350
67,700
10,292
40,000
HOLI DAY
13,398
2 0 ,0 0 0
36.917
$210,900
Baltimore
Shares
Bond Sales
2,350
5,707
2,611
4,571 .
$5,000
32,000
34,200
30,000
8,787
21,500
24,026
$122,700
O u tside M arket.— Prices again suffored sovorely in
“ curb” market trading this week. Heavy liquidation in
nearly all tho important issues was responsible for sharp
breaks in values. Thero was howover, a decided change
for tho better in to-day’s trading and many issues made
substantial recoveries. Oil stocks were again tho chief
features.
Simms Petroleum was ono of tho weakest
features, dropping from 4 3 % to 3 3 % and recovering finally
to 3 7 % . Phillips Potroleum com. lost 5 points to 33 and
sold finally at 30. Carib Syndicate, aftor early advance
from 33 to 36, declinod to 25 and onds tho wcok at 2 6 % .
Gilliland Oil com. moved down from 40 to 33 and closed
to-day at 34. Guffey-Gillospio Oil com. lo st over 4 points
to 2 6 % and finishod to-day at 2 7 % . Houston Oil com.
advanced from 98 to 110, then broko to 9 0 % , tho closo to
day boing at 100. Internat. Petrol, advanced 3 points to
60, sank to 5 1 % and recovered to-day to 57. Midwest
Refg. after earjy improvement from 152 to 157 receded to
140, tho final figure to-day boing 150. White Oil was con
spicuous for a drop from 3 1 % to 26 though it recovered to
day to 2 9 % .
In industrials General Asphalt com. was
heavily sold and declined from 9 8 % to 78, recovering to
day to 86. General Motors lost 5 points to 25 and sold
finally at 2 5 % . Lima Locomotivo weakened from 75 to
72. Orphoum Circuit sold down from 3 1 % to 2 8 % , tho
close to-day being at 2 8 % . Submarine Boat was off from
14 to 1 2 % . Tobacco Products Fxports fell from 22 to 17
and closed to-day at 18. Bonds were quiet and easier.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T H R E E PA G E S
F o r r e c o r d o f s a le s d u r i n g t h e w e e k o f s t o c k s u s u a l l y I n a c t iv e , s e e p r e c e d i n g
B IO H A N D LOW a ALU PRICES— PER SHARE, NOT PER CENT
Saturday
Feb. 7
$J per share
79% SO
78
78
*6
7
*87 88
30i.| 3 118
43
43
*11%
11% 11%
12%
8
121
8
*7%
122
51% 51%
8%
120 121%
50% 52
8
8
*21% 23
32% 34
33
31%
49% 51%
50
51
SO
80%
80
81
110
*113
120
110
25
20% 25% 20%
09%
08% *08
08
59
59%
58% 59
8
per share
$ per shore
79% 81
77% 78
*0
7
87
87
30
31%
42% 41
8
*21% 23
80
77
80%
29%
42%
87
30
44
71;
10% 11%
92
170
7
*91
170
10% 11%
11% 12
18% 18%
*12% 13%
74
30%
*7
*28
*83%
3%
11
*14
*44
32
33%
49
51%
79
SO
113
110
24% 25%
05% 00
58% 59%
30% 32%
47% 48%
77
78%
113
113
23% 24%
05
67
51
50
21% 22
18%
I !%
74%
35%
*7
*2 8
85
3%
H i47
14%
45
11
8%
8%
*10
94
173
91
105
19
13
75
30%
8
32
85%
3%
10% 101
10
42
*02
20
10%
17
237*
68
11
28
27
♦ 25
35
68
6!)l.i
1”g
2
44%
*80
87%
♦91
30
38
68
72117*
2
44%
87
88%
95
*8% 11
10%
♦8% 10
48
20%
17%
92
75%
41
28%
22%
37
4%
40
00%
*25
♦54
*43
24%
17
90%
70
40%
20
23%
39%
47g
40
07%
27
70
48
25%
17
91
74%
41
28%
30
4%
39%
05
24
*54
*43
23%
37
4%
40
06
25
70
48
241
90
08%
40
24%
90%
70
40%
25%
50
22%
1____
00%
*34%
33%
10%
*24%
50
23%
77%
70
34%
33%
17
20
24%
03i
*13%
00%
19%
52%
28
34%
0%
15
94%
20
53%
31%
25
7
14%
95
21%
54%
07g
17
237*
*55
10%
14%
45
10
100 101
10% 11%
12% *10% 12%
*2 0
0%
*13%
93%
197*
531-
*10
12
22
•15
•32% 3 5 1
11 7% 11.8
♦ 00% 6 7 % l
9%
10
23
25
7%
7%
21%
21%
14
*40
10V
23
54
14%
45
10% 10%
Of
7%
72
347g
33%
17%
2 4%
21
14%
45
10
09%
*31%
33%
17%
2 Hi
20
181
13
70
35%
8
32
82%
3%
65
7%
*50
24
14
95%
18
13
68%
34%
*7%
*28
81%
3%
72
8
00
25%
77
72
34%
35
17%
27
*13
94%
OVi
10
10% 11%
48
*55
23%
*70
70%
*34%
*33
10%
•24
0%
0%
9
12
19%
13
74%
30
8
32
84%
3%
*05
7%
93
75
41%
29
0%
'102 100
*40
93
74%
40%
28%
23
90%
10 10
40% 41%
98
100
40
41
12% *10
*12% 10
0%
11%
50
89^4
17
417*
24%
40
5
43
07%
27
70
48
20%
02% 02%
92
170
20%
50
*10
41
23%
40
5
*41
07<2
•25
*57
•43
25%
22%
39%
5
*10%
00%
*25
55
*43
25%
10%
91%
74
40%
27%
50%
42
08
117*
13%
12%
71
35%
*7%
*28
82%
3%
10
*11
10%
*0.
10
15
45
18% 18%
17
41% 42
41% 41%
*100
103
*100% A03
*40
48
*40
43
12% 12% 11% 111
*70
72%
*09
71
7%
8
7%
8
10
21% 21%
*42
03
0% 71
11% 11%
12 12%
74%
30%
8
32
87%
3%
10% 11
7%
8
115% 119%
48% 49%
■%
7%
50%
92
170
7
$ per share S per share
70
78
70% 70%
*0
7%
84
85%
28% 29%
42% 43%
7%
7%
118% 120%
49% 51%
7%
8%
*42
*03
42
•03
78
70%
*0%
Thursday
Feb 12
Wednesday
Feb 11
Tuesday
Feb. 10
1 M onday
Feb. 1)
23%
40
5
43%
07%
27
*00
12% 12%
02
8% 10
21 22%
10
10%
02
12% 12%
52
50
22%
21
70
70
0434 00
*33% 34%
34
34
15% 10%
24
241
11
141
21
0%
13
88 %
18
50%
207g
121*
12
1 2 -i
*10
22
*15
37
*30
1 1 6 % 118160% 66%
*10
10%
24%
24%
77*
7%
21%
22%
12
*10
*15
21
37
*30
1 1 3 % 1 1 7%
06%
66
10
10
24
22%
77*
7%
22
21%
07*
♦16
*22%
♦51
10%
17
*27
10
18
24
62
11
18%
32
0%
*15
22
*54
10
16%
*25
10
17
22
02
10%
17
32
♦20
37%
67
71
1%
17S
•13%
*80
88%
♦92
39%
30%
40%
07%
72
1%
17*
44%
86
89%
96
39%
*25
40
♦05
70
1%
1%
41%
*80
88
*92 %
10
25
30 %
38%
40
66
68
08
72%
1%
1%
178
D*
38%
44%
* _____
85
82
88
89
95
40
40
031
13%
90%
18%
52
28
12
*1 0
22
*1 5
30
28%
1 1 0 % 1 1 4%
00%
66
9%
9%
22
22
7%
7 '8
21%
20%
14%
14%
9%
9
17
*1 3
2 U * 211.1
♦54% 5 8 %
1)7* 10%
10
10
32
*2 5
2.8
39
(10
09
1%
1%
407*
85
857*
92%
40
78
82%
92
*91
113
114%
45% 48%
90
96
1 2 8% 13 2%
_____
47
40
79 %
78
5877* 877*
109
113
44
42
95% 95%
1 2 4 % 128
114
114
14
45*2
12%
127*
127*
12%
12%
12%
21%
227*
217* 2 2 %
21
21%
1 101
10 9
1 0 7% 1 1 0 % 1 0 6 % 10-1%
40
40
40
39
39
•39
60
♦ 55
*55
60
60
*50
96
90
05
9 7 % 100%
09 %
80
80
78
81%
8 1 1 - 817*
98
♦90
0.8
07
97
*90
92 %
88%
90
02 %
02
91
106
106
106
*10 5
*105
106
32
32
32%
32%
36
*32 %
197*
19% 20%
19
201
19%
82
*80
80'
80%
HI
*80%
507* 6 3
63%
62%
03% 04 '
97
96
♦ 96
06
901
• 90
12
12%
21
19
100
104
387* 3 9 %
55
50%
91 %
88
777*
70%
96
90
85% 88%
10U * 10U *
31% 31%
19
17%
80%
*80
58
60 %
96%
96
84
83
92
*81
11 01 - 1 1 6%
48%
60
*95
97
13 0 % 132%
115
115
46%
40%
84
82
92
*85
1 1 2 % 11 5
40%
48
951.1
95
1 3 1% 1 3 3%
1 1 1 % 111%
47
47
* Bid and asked prices; no sales on this day.
F rid ay
Feb 13
Sales
fo r
th s
Week
STOCKS
NEW YO R K STOCK
EXCHANGE
641
p a^ c.
PER S H A R E
Range since J a n . 1.
On basis o f 100 -share lots
Lowest
Highest
PER S H A R E
Range fo r Previous
Year 1919
H ig h lit
$ per shan
R a il r o a d s
Par S p er s h a r e | I per share
$ per share
104 M a y
8 5 % Jan 0
73 F e b 11
76% 78% 1 4 ,2 0 0 1 A to ll T o p e k a A San ta F e .-lO O
89
Jan
82 J a n 3
76 F e b 13
2,000,
Do
p r e f................................ 100
76%
76
15% J u ly
7% J a n 3
6%
F
e
b
4
A
tla
n
ta
B
irin
A
A
t
la
n
t
ic
.
.1
0
0
100
6%
6%
107 M a y
93
J
a
n
7
84
F
e
b
11
1,400 A tla n tic C o a st L ino R R . . 1 0 0
85
85
65% M a y
33% J a n 3
F e b 13
12,122 B a ltim o re A O h io --------------- 100 27%
27% 30
59% M a y
49 J a n 12
42 F e b 13
Do
p r e f . . ___________ . . . 1 0 0
43%
1,700
42
33% J u ly
14%
J
a
n
21
10% F e b 10
7,750 B r o o k ly n R a p id T r a n s it - .1 0 0
10% 11%
28% J u ly
10 J a n 24
7 Jan *
C
ertifica
tes
o
f
d
e
p
o
s
it
.............
3 ,115
7%
7%
170% J u ly
115%
F
o
b
11
134
J
a
n
3
15,800 C a n a d ia n P a c ific ----------------- 100
115% 120
68% M a y
47 F e b 13
5 6 % Jan
'
5,3 0 0 C h esa p ea k e A O h io ----------- 100
48%
47
12 J u ly
9 Jan
7 F e b 13
1,900 C h ica g o G rea t W e s t e r n .. .1 0 0
7
7%
30% M a y
23
Jan
21
F
e
b
13
D o p ref__________________ 100
600
21
21
52% J u ly
38% Jan
30% F e b 0
C
h
ica
g
o
M
llw
A
St
P
a
u
l
.
.
100
15,900
30% 33
76
J u ly
54% Jan
45% F e b 13
D o p ref__________________ 100
10,500
45% 50
105 M a y
87% Jan
75 F eb 13
3 ,297 C h ica g o A N o r t h w e s t e r n .. 100
7.8
75
133
Jan
113 F e b 13 120 Jan 0
___
D
o
p
ref___________
100
200
116
*110
32% J u ly
23% F eb 13
28% J a n 3
23% 25% 15,260 C h ic R o c k Isl A P a o ----------100
84 J u n e
72 Jan
6412 F eb 13
3
,8
0
0
7
%
p
r
e
f
e
r
r
e
d
.
.
__________
100
04% 07
73 J u ly
01% Jan
51 F e b 11
2,0 7 5 ! 9 % p r e fe r r e d _____________ 100
51% 56%
82
Jan
58% Jan 2 60i.i Jan
C h ic St P M in n A O m a h a .. 100
54% Jun e
4 5 % Jan 10
42 F e b 0
"
200
C
le
v
C
ln
C
h
lo
A
St
L
o
u
is
.
.1
0
0
*40
43
71
J u ly
65 J a n 12
03
F
e
b
11
100
Do
p r o f---------------------------- 100
*61% 08
31% M a y
24% F e b 2
20 F e b 11
400 C o lo r a d o A S o u th e rn -------- 100
0 20
58% J u ly
50% F e b 10
50 F e b 11
300
Do
1st p r e f ..........................100
51% M a y
43
J
a
n
10
43
J
a
n
16
D o 2 d p r e f_______________100
116 M a y
96 J a n 5
89% F o b 13
D
ela
w
a
re
A
H
u
d
s
o
n
----------100
1,900
89% 90%
217 M a y
F
e
b
10
191
J
a
n
31
165
900 D ela w a re L a ck A W e s t e r n .. 50
100
165
15% J u ly
9 Jan 3
0 F e b 13
800 D e n v e r A R io G ra n d e ------- 100
6 . 0
24
J u ly
13% Jan 5
9 F e b 11!
D o p ref---------- ------------------ 10°
9
10% 10,400
20% M a y
137g J a n 5
9%
Feb
13
9% 11% 10,500 E r ie ................................................ 1«0
33
J u ly
2 U -J a n
5
1 7 '8 F o b 13
D o 1st p r e f--------- ------------ 100
4 ,3 0 0
17% 18%
23% J u ly
15 J a n 3
12% Feb 9
12% 123.J
1,100 D o 2d p r e f___________ . . . 1 0 0 08%
100% M a y
81%
Jan
Feb
11
14,100 G rea t N orth ern p r e f---------- 100
08% 72
5 2 % Ju ly
41 Jan 3
33 F e b 13
Iro n O re p r o p e r t ie s ..N o par
12,550
33
30
12% J u ly
8 J a n 31
241
100 G u lf M o b A N o r tr c t fs _ - -1 0 0 287 Jan
7%
71
4 0 % J u ly
30
J
a
n
22
Jan 24!
P referred -------- ------------------ 100
*28
30
104 M a y
90% J a n 3
80% F eb 13
Illin
ois
C
e
n
tr
a
l.......................
100
1,800
80% 82
9 % June
4% Jan 7
3 s F eb 13
8,000 ln t e r b o r o C on s C o r p - . N o Par
3%
3%
31% June
1 3 % J a n 21
9% F eb 13
D o p r e f______- _____
100
4 ,1 0 0
9%
9%
25% M a y
N ov
16%
Jan
0
13%
F
e
b
13
1.S00 K a n sa s C it y S o u th e rn ------ 100
13% 14
67 M a y
D ec
47% Jan
43% Jail 9
300[
Do
p r e f...............................100
*4 0
44
14 J u ly
F eb
10 J a n 27
8% F eb 13
500 j L a k e E rie A W e s te rn ........... 100
8% 8%
26 M a y
D ec
Jan
9
16
F
e
b
11
19%
600
P referred _______ ______ — 100
*1-131 10%
0
0 % Jun e
Jan
8
40% F e b 13
44%
5 ,9 0 0 l/0b lg h V a lle y -------------------------60
40% 41V
122% M a y
98 F e b 11 11.’ % J a n 5
1.700 L ou isv ille A N a s h v ille ------- 100
99
101
88
Jan
Jan
7
48
39%
F
o
b
6
3 0 0 1 M a n h a tta n R y g u a r ..............100
24% Ju ly
9 F e b 13
14 J a n 5
3,500! M ln n oa p A St L (n ew )-------100
**$>' Y u
9 ,8 % M a y ,
Jan
5
63
F
eb
13
74%
000 M in n St P A S 8 M .............100
03
00
16% Ju ly
0 F eb 13
, 97* Jan 3
0,3 0 0 , M issou ri K ansas A T e x a s . 100
0
7%
25% J u ljc
14 Jan 3
8% F eb 11
1.000
D o p r e f..........................V *M K
9% 10
3 8 7g J u ly
267*
Jan
5
21
F
eb
11
14.200 M issou ri P a cific tru st o t fs .1 0 0
21
23
58% June
43 Jan 5
36 F o b 11
Do
pref trust c t fs --------- 100
2 ,9 0 0
37% 38
14
M ar
(Us Jan 8
4 >1 F eb 13
1,700 N a t R y s o f M e x 2d p r e f . . . 100
4%
4%
50 S ep t
J
a
n
2
46
39%
F
ob
11
1,300 N ew O rl T e x A M e x v t C ..1 0 0
40
40%
83% Jun e
707* Jan 5
04% F e b 13
N
ew
Y
o
rk
C
e
n
tr
a
l--------------100
13.200
041,t 07%
3 3 % J u ly
30 Jan 6
23% F eb 13
S00 N Y C h ica g o A St L o u is . .1 0 0
23% 23»t
70
Apr
9
100 F irst p referred ----------------- 100 55 F e b 9 55 F e b
*53
70
5 3 % J u ly
I
S
econ
d
p
referred
--------.
.
.
1
0
0
*43
48
40% J u ly
F
eb
"2
"‘2S’
%
23%
F
e
b
11
23% 25% 19 0 5 0 N Y N H A H a r tfo r d ------- 100
24% J u ly
16 Feb
17% Jan 30
10 10% i ’ lOO N Y O n ta rio A W e s te rn . ..1 0 0 88
1 12% M a y
99 Jan 3
F e b 13
2 , to o ; N o rfo lk A W e ste rn ................ 100
88
90%
99% M a y
81% Jan 5
68%
F
e
b
11
16,600! N orth ern P a cific ----------------- 100
037g 72
48t* M a y
42% J a n 31
40 F e b 11
40
40% 2 0 ,0 0 0 P e n n s y lv a n ia .............................-6 0
33% D e c
3
1
%
.Tan
3
23%
F
eb
13
3 5 ,3 0 0 P ero.M a rq u ette v t o ----------- JOO
23% 271
70
D ec
66%
Jan
16
62
F
eb
10
500
D o prior pref v t o . . . ..100
02 02
53% D e c
51 J a n
”
49 Jan 6
Do
pref v t c ----------------- 100
72 S ep t
6
0
J
a
n
9
50
F
e
b
1
l
* " 4 0 0 P itts C ln C h ic A St L o u is ..1 0 0
55
55
44% June
29% J a n 19
21% Feb 11
5 .0 0 0 P ittsbu rgh A W est V a ------- 100
21% 23%
84% June
79% J a n 7
7.) F e b 11
100!
D o pref.................................. 100
____
77
9 3 % J un e
7 7 % Jan 3
04
%
F
e
b
11
05
07% 3 6 ,4 0 0 R e a d in g ......................................... 50
38% F eb
36 J a n 13
33% Jan 6
400,
D o 1st p r e f------------ ----------50
34% 34%
391* M a y
35%
J
a
n
13
33%
F
eb
9
400
D o 2d p r e f............................. *32
30
27% J u ly
19%
J
a
n
20
1
5
.i
F
eb
13
15% 10% 11.700 St Lou ls-San F ran tr c t f s . . 100
37 M a y
27 J a n 19
234
,300
Preferred A tru st c t f s . . 100
23% 23%
23% June
2
J
a
n
11
F
e
b
11
14
2 300 St L ou is S ou th w estern ------- 100
3 7 % Jun e
11% 12
20
Jan
l
l
21 F eb
25%
2 ,700
D o p r e f...................................JOO
24% 24%
12 J u ly
Feb 1 1
7% Jan 28
l .s o o ! S eab oard A ir L in e --------------- 100
0%
7%
23% Jply
F eb 13
non
enf
100
15% Jan 5
3
0 0 1 DFo\/» r\
pref.
12% 13%
116
Jun e
Jan
3
F eb 13 105%
88% 92% 9 0 ,8 0 0 Sou th ern P a elllc C o . . ------- 100
33 M a y
F eb 13
23 Jan 3
18% 20% 16,090 Southern R a ilw a y -------------- 100
72% M a y
F eb 13
50% Jan 5
2 ,3 0 9 '
»o
Pref.................................
50
51
70% J u ly
F eb 13
43% Jan 7
25
28% 1 7 .0 0 0 1 T exa s A P a cific ------------------100
25% Ju ly
F eb 9
14% Jan 7
300 T h ird w e n u e . . ..............— 100
13% Ju ly
3
24
J
a
n
Jan
11%
HO
12
I T o l St L A W tru st re c e lp ts .
2 5 % J u ly
Jan 3
24 J a n 3
*15
22
1
1
P referred certifica tes d e p . .
60 June
26
Jan
F
e
b
35
11
*281- 35 I
300 T w in C ity R a pid T r a n s i t .. 100
138% M a y
F eb 13 1247* Jan 3
110
114% 3 8 ,0 0 0 U nion P a cific ............... ........... 100
74% M a r
F eb 10
69% Jan 3
2 400
D o p rof----------------------------100
60
60
167* Ju ly
127*
Jan
10
F
eb
5
’ 700 U nited R a ilw a ys In v e s t . . . 100
10 10
34% Ju ly
Feb 1 ?
29% Jan 27
1,800
D o p ref----------------------------100
20% 23
13% Ju ly
2
Jan
11
F
eb
8
%
5 900 W a b a s h --------------100
38 M a y
7%
7%
Feb 11
24% Jan 5
20% 21% 5 ‘2 00. D o prof A ------------------------100
25% J u ly
F eb l l
15% Jan 6
0
0
D
o
pref
B
.............................
100
I47g Ju ly
14% 14%
F eb 13
11% Jan 19
,85*
9%l
s 300 W estern M a ry la n d (new) . .1 0 0
30t* J u ly
20 Jan 19
F eb 13
14% 16%
700
D o 2d p r e f.........................100
26
Ju ly
Feb 13
25% Jan 5
1
i
s
o
o
W
estern
P
a
cific
------------.
.
.
1
0
0
6 D * Jan
20% 21%
F eb 5
61 Jan 7
D o p ref__________________ 100
*54
58%
18%
S
ep t
14 Jan 5
, F e b 13
6 ,1 0 0 W heelin g A L a ke Erie R y .1 0 0
9% 10%
28% 8 e p t
F eb 11
19% F eb 2
D o p ref__________________ 100
417* M a y
900
16
16
7
6
F
e
b
F
eb
28
isconsin C e n tr a l__________100
200 W
I n d u s t r i a l A M is c e lla n e o u s
64 M a y
F e b 11
33% Jan 3
800 A dam s E x press------------------- 100
27
27%
54
Ju ly
F eb 6
45% Jan 5
70 Juno
37% 38%
5 .2 0 0 A d v a n ce R u m e ly ----------------- 100
Feb 13
72 Jan 12
65
___
D
o
pref____
___________.
..
1
0
0
700
65
65
113 Ju ly
8
8
%
Jan
65%
Fel)
13
„ ,i ) 0 0 ! A jax R u b b e r In c . . . . --------.50
4% Jan
65% 68
2 Jan
1 % F ob 11
3% J u ly
1% 1% 4 400] Alaska G old M in e s --------------- 10
2% J a n 3
Dg F e b 4
51% O ct
1% 1% 3 600 A laska Juneau G o ld M ln ’ g 10 36%
53%
Jan
3
F
e
b
13
12 200l A llls-C h alm ers M l g ------------- 100
36% 40
97
S ep t
92 J a n 3
8 6 % J an 24
~
D o prof___________________ 100
113% M a y
___ .85
9 5 Jan 28
82 F eb II
'3 ,3 0 0 A m er A g ricultu ra l C h e m . . l 0 0
85
85
103
M ar
90%
J
a
n
16
8 9 F e b 11
Do
pref___________ 100
’n o o '
*89
92
66
J u ly
46% Jan 5
39 F e b 13
500 Am erican Bank N o t e . . ----- 50
39
39
49
O ct
45% Jan 28
4 5 Jan 7
P referred________
50
101% O ct
90% Jan 8
74% F e b 13
8 ,9 0 0 A m erican B eet S u g a r--------- 100
78% 791
96 M a y
93 Jan
90 Jan 20
D
o
p
rel___________
100
59
91
91
1437* N o v
F e b 13 128% Jan
6,200 A m er B osch M a g n e t o ..N o p a r 105
105 109
08% S ep t
61% J a n
40% F o b 13
107% Jun e
40% 43% 4 8 .1 0 0 A m erican C a n --------------------- 100
95 F e b 5 101 J a n 3
D
o
p
ref___________
100
700
95
95
148% N o v
1
4
3
%
J
a
n
3
124%
F
e
b
13
124% 129% 19.100 A m erican C a r A F o u n d r y . 100
119 J u ly
114 F e b 11 116% F eb
Do
p r e f___________ 100
300
67% J u ly
*43 F e b 13
54% Jam
44%
1,800 A m erican C o t t o n O il_______ 100
93
Apr
*43
Do
p ref............................100
14% M a r
1 5 % Jan 14
11%
J
a
n
9
Am
er
D
ru
ggists
S
y
n
d
ic
a
te
-1
0
11% 12% 14,000
43% J u ly
30%
J
a
n
*
18%
F
eb
13
8,000 A m erican H id e A L e a th e r. 100 102 F e b 13 122 J a n 3
18% 2 0 %
142% O ct
Do
p ref______
...1 0 0
13.400
102
105
76t* J u n e
47 Jan
Feb 6
2,000 A m erican I c e _______________ 100 38
38% 39%
76% J un e
68
Jan
63
F
e
b
13
Do
p ref___________ 100
1,400
63
57
132%
O ct
87 F e b 13 120% Jan
6 4 ,5 0 0 A m er In tern a tion a l C o r p . , 1 0 0
87
93
89
N ov
8 6 % F eb
74
F
e
b
13
A
m
erican
L
in
seed
__________100
9 ,5 0 0
74
77%
98%
A
pr
M
a
r
85
99% Jan 27
93% Jan 12
Do
pref________. . . . . 1 0 0
400
931- 93%
Jun 1171* O c t
68
82 F eb 13 105% Jan 3
82
8 8 % 3 2 ,3 0 0 A m erica n L o c o m o t iv e ______ 100
Jan 109% J u ly
100
14
106%
Jan
104
F
e
b
13
Do
p ref____________ _100
500
104
104
03
Aug
39% D e c
44 Jan 2
30% F e b 13
800 Am er M i l t A G ra in ----- N o p a r
30% 31%
47% O ct
D ec
26
30% Jan 5 1
16% F eb 13
16% 18% 2 5 ,1 0 0 Am Ship A C o m m C o r p .n o p a r
94%
J
une
D
ec
79%
14
82
Feb 6
100 A m Sm elt S ecu r pref ser A . 100 .80%
*80
81
89% J u ly
72 Jan 3 1 61% D ec
53% F ob 13
56% 60% 2 1 ,9 0 0 A m er S m eltin g A R e fin in g . 100
D e c 109% July
94
13
.
.
1
0
0
*93%
F
e
b
13
100%
Jan
13
p
r
e
f...........................
900
*93% 94
t Ex-rights.
Shares
} Less than 100 shares, a Ex-dlv. and rights. * Ex-dlvldcnd.
r Full paid.
642
New York Stock Record— Continued— Page 2
For record o f sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE
S x tu r d ty
Feb.
7
M on d ay
F eb.
9
i
1
P R IC E S — PE R
T u esday
Feb.
10
SHARE
.W e d n e s d a y
F eb.
11
NO T
PER
T h u rsd a y
F eb.
S p e r sh a r e $ p e r sh a r e $ p e r sA/ifi $ p e r s h a r e $ p e r
997g 100
99
99
95
95
92
94
41*4 421
4U2 423
40 421
40
40*4
92
92
92
92
91
92
128 128
12712 1281 124 1271 123*8 124
*115 11812 118 118
177!2 118
117 118
831j 85
8412 85*
84
851
80'a 8314
*86
91
*85
90
*8712 90*
97*8 98
97*8 977 97l2 97*
96*4 971)
♦237 260 *235 250 210 2401 235 240
♦95 97
9512 951
9512 90
95
95
135 138* 132l2 137
122 134' 12014 126l2
102 *4 10 2 * 102 102
101*8 101*! *101l2 104
40*4 481
4711 471
40
401
15*i 40
15*2 17
1612 16*.
10
101
15!2 16
*50
55
___ ___
53
53
51
51*4
57
57*4 56*4 577s 55
57 I4
5614
3*2 3^4
312 31j
3>8 31,
3's 3'8
5012 52
521s 537s 501? 537j 48*4 50
*71
74
*69
73
♦69
75
72lg 72* *70 80
701? 7012
—
— *110 112 *___ 115
107 107
151 154
145 154
14234 1491? 140L 144*4
05
04
04
*00 05
*63
05
57*4 5912 5012 59*8 55*4 58*8 5518 57
*13
18
*14
18
*14
*14
17
18
*___ 32
*20 29
*25
32
*25
32
10912 112
109 1127g 107*8 U2*« 100*4 109*8
120
ilU*2
118*t 119fg 11812 11912 116 116*4
----- — *100 n o
*100 110
1!8 1*8
1
U8
1'8 l's
l
Us
2 II4 23
2112 23l2 19 2214 17l2 19l2
—
—
86i2 88
8312 85
89^4 91*i 89*8 91U 87*8 9012 85l2 88
12
CENT.
F r id a y
F eb.
13
S a le s
fo r
th e
W eek
STOCKS
NEW YORK STOCK
EXCHANGE
PER SH ARE
R ange sin ce J a n .
O n b a s i s o f 1 0 0 -s h a r e lo t s
1.
L ow est
H ig h e st
PER SH ARE
R a n g e f o r P r e v io u s
Y ear
1919
L ow est
H ig h e s t
$ p e r s h a r e S h a r e s Indus. & Miscell. (Con) P a r $ p e r s h a r e
S p e r sh a re
$ p e r sh a r e $ p e r s h o r t
80 88*4 1,300 American Snuff________..100 86 Feb 13 115*4
Jan 5 1 0 l i 2 D e c 140 Sept
39i2 41i2 13,800 Am Steel Found tern ctU-33'i 39i2 Feb 6 46*8 Jan
3314 M ay
6
47 July400 Pref temp ctfa_____ N o p a r
91 Feb 11 9312 Jan
91
Dec
961? AUR123i’2 125*
4,400 American Sugar Reflnli:u._100 123i2 Feb 13 14U2 Jan
I I H 4 Jan
148*8
Oct
----- 118*2
►
1,200 Do pref__________ ...100 117 Feb 11
Jan 20 1 13ia Jan 119 May
77 82*, 10.300 Ainer Sumatra Tobacco...100 77 Fel) 13 118*4
99 Jan
73
Aug
12012 June
.......... Do preferred............... 100 89 Feb
9212 Jan
90*8 D e c
100 May
96lg 9714 14,010 Araer Telephono A Teleg-.lOO 96'sJan 13 100*8 Jan 30
95
Dec
108*8 Mar
*225 2254,
1,100 American Tobacco______ 100 z225 Feb 13 283 Jan
1 9 1 78 F e b 3 1413 Oct
*95 97
900 Do pref ( n e w ) . . .......... 100 95 Fob 11 97*4 Jon
93*8 D e c
100 Jan
120 128 70.900 Amer Woolen of Mass____ 100 120 Feb 13 165i2
Jan
4 5 1 4 Jan
109i2 Dec
10H2 1024,
600 Do pref......................100 101>* peb i:t
Jan 29
94*8 F e b
110*4 June
43*4 447s 3.300 Amer Writing Paper pref..100 43*i Fel) 13 105i2
0134 Jan
27*8 Jan
69 Oct
15is 164, 4,600 Amer Zinc Lead A Smelt...2
15's Feb 13 2U2 Jan
11
Jan
29 July
50
50<2
800 Do pref_______ ______ 25 50 Feb 13 59i2 Jan
40
Jan
05
July
54
5612 42.900 Anaconda Copper Mining..50 54 Feb 13 6514 Jan
777g July
54*3 N o v
1.300 Assets Realization................10
3i8 Feb 10
0>i Jan
1
Jan
9*8 Nov
48l2 501, 4.000 Associated Dry Goods___ 100 4812 Feb 13 07i
|Jan
1 7 1 4 Jan
6512 Dec
69*8 093s
100 Do 1st preferred_____ 100
09*8 Feb 13 74*8 Jan 17
61
M ar
82 Aug
400 Do 2d preferred_____ 100
7d2 Feb 10 75*4 Jan
8
OI4 May
6
S
i8
F
e
b
109 109
200 Associated Oil____ _____ loo 107 Feb 11
Jan
142 Nov
68
Jan
142 148 20.400 Atl Gulf A W 1 SS Line...100 140't Feb II 125
170i2 Jan
92
F eb
192*8
Oct
6412 65
500 Do pref..............
loo 04 Feb 9
Jan
64
Juu
70i2 May
55 i8 57*4 41.700 A T Securities C orp....no p a r 55'8 Feb 11 75
74*8 Jan
65t| D e c
75*8 Dec
14
14
100 Autosales Corporation____ 60
13'2 Feb 0 1914 Jan
1 4 ia N o v
20*4 Dec
*25
32 -------6% pref temp certifs____ 50 30 Jan 14 30*8 Jan 1
29
Oct
35i2 Dec
10312 109*8 264,700 Baldwin Locomotive Wks.100 lf'312 Feb 13 123i2
Jan 10
6 4 78 Jan
I 56 I4 Oct
115 118*4 3,250 Barrett Co (The)................100 115 Feb 13 1347s Jan
10 3
Jnn
145
July
100 100
100 Do preferred................100 100 Feb 13 11112 Jan
11 0
Feb
119 May
*1
14, 1.500 Batopilas Mining_________ 20
1 Feb 9
l*s Jan
1'4 Jan
2i8 May
18 20*i 17.400 Bethlehem Motors___ N o p a r
17*2 Feb 11 3178 Jan
26
Sept
45 Oot
81
83*,
800 Bethlehem Steel Corp___ 100
81 Feb 1
9511 Jan 30
6 5 i 2 Jan
107*4 July
847g 87*4 86.800 Do Class B common..100 8478 Feb 1 102t2Jan
Oct
55*8 Jan 112
100 Do preferred.... ........... 100 97 Jan 14 101 Feb 10
90
Dec
110*4 1107s 11012 110l2 IIOI4 U 012 109l2 11Obi
108 July
108 109
1.500 Do cum conv 8% pref 100 108 Feb 13 114 Jan 5 101*8 Jnn 116 Sept
11*2 12
HU lll2 1 1
ID4 10l8 10*8
10
10 l2 6.300 Booth Fisheries______ N o p a r
10 Feb 13 15 Jan 9
11
D ee
25 July
*93 95
94
91
300 Brooklyn Edison, Inc........100 91 Jan 1
94 Jan 19
♦50 55
8 5 i 2 D oe
102 Aug
50
50
55
5578
511j 55
*54
57
1.100 Brooklyn Union Gas_____ 400 49'2 Feb
95
6578 Feb 11
95
41
D ec
" May
95
96
94
94
400Brown Shoe, Inc_________ 100 94 Feb 13 105*8 Jan 2
71
F eb
11 2 l2 J u ly
..........Do preferred___________ 100 99 Feb
100 Jan 12
100 100
97
A ug
101
M ay
166 101 §10238 102*8 100 100
98
1001"
1,725
Burns
Bros............
....................loo
93 Feb
8
120 Jan 5 1 1 5 D e e 1 6 0 A p r
SJ2
8
878
8
8
8 I4
8 I4
7*4 8 I4 5.000 Butte Copper A Zinc v t c..5
7*2
Feb
20
111
2
Jan
9
20
518
F
eb
19
19
17
O ct
15
10
18
IS
15
10
1,700 Buttcrlck...... .................... 100 15 Feb 1
2312 23*) 23 I4 24
20 Jan 0
16
Jnn
39*4 J u ly
2 .U4 2312 2212 23 lg
22
24
8.200 Butto A Superior Mining..10 22 Feb
2914
Jan
18
12
197t 18*8 1934 1834 19*2 18
lfi78
F
e
b
3
7
lg
J
u ly
1812
17
184, 5.900 Caddo Central Oil A R ef.. 100 17 Feb
28i |Jan 6
*78
781? 78l2 79
1 9 14 D e c
6 4 Ma y
78U 7812 77*4 77*4
74*4 77
4.200 California Packing___ N o p ar
74*4 Feb 13 85<2 Jan 28
*33 * 33
4 8 '4 Jnn
32
33
8 7 i2 - D e c
31
3212 28
30 14
27*4
30
7.300 California Petroleum____ 100
00
27*4 Feb 12 40 Jan S
00
20*8 Jan
*0012 08
5 0 78 O c t
65 lg
05
07 1 05
05
65
1,910 Do pref.............................100
Feb 10 75i2 Jan 0
COtg OO'f 60
6 4 18 Jnn
80*8 S ep t
60L 60 60
5978 00
5912 5978 1.300 Calumet A Arizona Mining. 10 05
50i2 Feb 1 •68 Jan 2
60*4
Mar
80*4 J u ly
97 971.1
971
2
971
300 Case (J I) Thresh M pf ctf.100 97 Feb 11 101 Jan 24
&2 84-. 8178 83*i 7012 82
9 H 2 Jan 101
Aug
73
76*4
72
70*4 35.400 Central Leather...... .......... 100
72 Feb 13 104*4 Jan 6
1U7 107
S 6 i2 F e b
l l f i l j J uly
100*8 100*8 105U 100
1057g 10578
105 105
1.100 Do pref........................ 100 105 Feb 13 10Sl2 Jan 5 1041* Jan 11 4 J uly
50
49
5 OI4 4812 491*
45l2 48
454, 481, 9.000 Cerro de Pasco Cop__ N o p ar
45U Feb 13 01*8 Jon 3
mmrnrn —
31
Jnn
__
0 7 i 2 J u ly
48
48
50h 51 lg
49*8 49*8
700 Certain-Teed Products.No p a r 47 Feb
'62 Jan 7
30U Apr
0 5 !2 N ov
l*6o‘2 133
127*2 13212 1281s 1327g 124 123*4
II 8S4 128 47.400 Chandler Motor Car__ N o p a r 118*4
Feb
13
1447
g
Jnn
30
90
Nov
141*4 N o v
uo _____
83
84
85
87
83
81
200 Chicago Pneumatic T ool.. 100 03 Feb 11 100l2 Jan 3
68
A p r 1 1 3 i2 N o v
1714 17*1
101 2 171.1
151g 1612
1012 17
17
15>2
12.000
Chile
Copper______
_____
25
15's Feb 11 2114 Jnn 3
35*8 351; 35
2 9 1 4 J u ly
10*4 D e e
351
35
351? 33*8 31*8
33*4 35
11,300 Chino Copper_____________ 5 ? 3 ’8 Feb 11 41*8 Jan 3
•85 90
3 2 lg Feb
6 0 78 J u ly
87
88*8 88*s *87
87
90
*85
90
4.500 Cluett, Peabody A Co___ 100
87 Feb II 100 Jan 8
3712 38
00*8 F e b
10 8
Dec
37
38
37
3712 38
37*4
30*,
38
9.300
Coca
Cola___________
N
o
p
a
r
33*8 Jan 19 40*4 Jan 2
37*i 38
3 7 i2 N ov
43*8 N o v
38
39
37*s 37*/ 3014 37
3012 3812 4,'•00 Colorado Fuel A Iron___ 100
3011 Feb 11 441.? Jan 3
3 4 * j F eb
55*2 561;
60
J u ly
67
57
54
55*s
50l2
55*8
53
50
3.900
Columbia
Gas
A
Elec____
100
03
Feb
13
40
07 Jan 9
42L 391s 41*8 3812 40b 37lg 39*8
3 9 ti Feb
09
O ct
30*4 4II4 38,100 Columbia Graphophono N o p a r 3012 Feb
50*4 Oct
05’2Jan 5
7 5 1 4 O ct
..........
Do
pref...
100 91 Jan 28 92*4 Jan 1 1
0 H 2 D ee
*45
50
9 5 l« O c t
*45
61
46
♦40
51
46*8
300
Computlng-Tab-Rccordlng
100
40 Feb 11 66 Jan 0
*59
37*4 Jnn
63*4 July
60
58
69
*5412 00
5512 50
50
1.200 Consolidated Cigar___ N o p a r
5512 Feb 10 63 12 Jan 31
*79
54
Aug
801; 80 80
7 5 Jun e
79i2 7912
80
80
z76U
000
Do preferred.............100 *70*1 Feb 13 8212 Jan 3 0 z 7 8 A u g 80*8 J u ly
75*4 77
77
7712 z7512 70>g 75
78
lg
75
4.500
Consolidated
Gas
(N
Y)..100
75 Feb 11 18712 Jan 2
17
171;
78*4 D e e
100*8 J u ly
10>78 1712 10*4 171.! 10*4 171?
10*4
0,900 Cons Inter-State Call M g ..10 18*4 Feb 10 20*8 J * n 6
271
6 7g A pr
23
O ct
201.! 27
27
27G 27
2714
2012
2.500 Consolidated Textile__ N o p a r
2014 Feb 9 3 D 4 J an 2J80
30*2 D e e
82
37 12 N o v
80 81
79 80
79U 81
78
5,150 Continental Can, Inc____ 100
78
Feb
13
6 5 i 2 Feb
103*4 June
93*8 J on
3
10 1 10 1
100
Do preferred.............. 100 100*4 Jan 13 1 0 2 * 1 J an 22 10012 Oe 11 0 June
11*8 11*
11*8 11*8 111, 1 1 1 ? 111, 11*8
11 11
5.500 Continental Candy Corp N o p ar
11 Feb 13
Jan
3
1 0 34 Sept
15*8 O c t
S0l8 81
80
81
77*4 S012 77*8 7914
7014 7918 31,000 Corn Products Refining..100 7014 Feb 13 9103 i2” Jan
*102 103
40
Jan
99
O ct
104 104
104 104
104 104
103*8 103*8 1.800 Do preferred................. 100 101 Jan 2(1 10 7 Jan . 93 102
200 211 2OOI4 214*, 208 216 207>» 213*4
Jan
10 978 J uly
197
210
84.400
Crucible
Steel
of
America.
100
197 Jan 17 2 3 3
*97
99
20
62lg F e b 20 1
O ct
99l2 9912
*9712 9912
97
97
300
Do preferred_>.......... 100 97 Feb 1 1 0 0 Jan 7
91
Jan
10 5
July
45'4 45'
44*4 40
4214 43*4
421? 40
404, 44 32,900 Cuba Cane Sugar____ N o p a r
Feb '3 5412 Jnn 7
80*j SO'
65
D ec
20*8 Jan
8012 81
79*8 804,
80ls 80*:
7912 80lg 4.000 Do preferred.................100 4011
79:2 Feb 13 85' ‘
21
0 l)l2 M n r
*350 450
8 7 78 D o c
401 401
400 401 ■300 420
*300
420
500 Cuban-American Sugar__ 100 400 Jan 9 450
150
20
*11 111 *11
Jan 4 1 0
O ct
1112 11
10*4 11
11
1012
10
*
j
1.700
Dome
Mines,
Ltd________
10
10'cFel)
13
2 H4 22
Jan
3
10*8 Jan
IOI4 M a y
2212 23
22
22*4 21
21 21*8 3.000 Elk Horn Coal Corp______ 60 20l2 Feb 0
23% D ee
Jan
2
*3514 42
43
J u ly
35
3514 *35
*30
42
*30 42
400
Do preferred... .............50 35 Jan 20
*20
Jan 10
23
39
49 J u ly
D ee
20
20
*20
20
29
*20 23
900 E m e r s o n -B r a n tln g h a m _____ 10 0 20 Feb 0
2
Jnn
2 4 7g D e e
8312 8312 *8212 SO *8212 80
43 Jun e
*82l2
*S212 8512
100 D o p r e fe r r e d ____________ 100 82i2 Jan 21
Jnn
3
128 1301j 124*8 123
101
88
D ee
Jun e
123 12014 1181s 12312
1 10 118
14.700 K n d lc o tt -J o h n s o n ...................... 5 0 110 Feb 13
8 0 June
0
J an
160 D e c
101 101
101 101 1007g 101
800
D
o
p
r
e
fe
r
r
e
d
.......................100
lC07s Feb 11
3
74
Jnn
101 *0 Aug
75
107 lg D e c
73
75
65>8 09*4
70
75
60
693g 12.900 F a m o u s P laye rs L a s k y N o par 05 lg Feb 11
6
Jnn
8.1
*10
D ee
14
123
July
*10
14
10
13
11
11
*10
13
100 Federal M in in g A S m eltin g 100 10 Jan
2!1
30
tj'tr
30
2312 J u ly
3012 3012 30
287S 287g
301
274, 271
1,200 D o p r e fe r r e d .......................100 26i 1 Jan
28
♦110 120 110 124
25
i-«y )
4 8 U July
111 112 111 111
10012 120
700 Fisher B o d y C o r p .......... N o par 1C012 Feb 13
Jon 6
36*4 381? 30*4 38
O ct
3814 Ai»/l 1 7 3
3514 3712 33*4 36
33
347g 29,300 Fisk R u b b e r ................................... 25 33 Feb 13 130*i
48 Jan J}
22
391s N o v
221 22>8 23*8 2112 2212 214, 227g
65
O ct
2 1 Is 22 7g 9.900 F re ep ort T e x a s C o ........... N o par
361? Jan 6
20lg Feb
12*4 HI4 1378 141, 12 141? 12 13
S l 7s D e e
04*8 J uly
12
131
9.700 G a sto n W A W , I n c ____N o par
12 Feb 10 19i2 Jan 6
15
D ee
05
05
38*4 J uly
0212 04*, 00
03*4 581g 5912
01
02*
9.200 G e n eral C ig a r , I n c ............ . . 1 0 0
5 Pg Feb 11 75*8 Jon 3
47
Jan
15512 159
153 15012 153 1551 152lg 154
152*8 155
7.700 G eneral E le ctr ic ..........................100 15218 Feb 11 172 Jan 2 1441? F e b 179 05 78 JOuclyt
2031« 272* 258 208
235
250*4
24012 2041?
22S12 242 161.700 G e n eral M o t o r s C o r p ............ 100 228l2 Feb 13 345 Jan 6 1 1S12 Jan
S O 's
811
40 012 N o v
7912 80
77 78
7912 791
7312 75
1.500 D o p r e fe r r e d ____________ jf,o 73>2 Feb 13 89*i Jnn 3
82
70
Jnn
70
96
June
701, 707S 74
701? 73*4 75
69l2 73>8 0,900 D o D e b e n tu re s t o c k . . . 10 0 0912 Fob 13 851,
Jan 0
8212 F eb
72
7312 08l 2 73
94*4 A p r
6912
69*s 68
68's
004,
O
S
4
s
32,000
G
o
o
d
rich
C
o
(B
F
)
__________100
6fli|
Feb
13
6(>i 2 Jnn
S57s Jan 6
95
95Vi 941, 951? 94*s 94*3 9 H4 94*8
03*8 O c t
941,
944
2,400
Do
p r e fe r r e d ____________ 100
102*i Jari 3 102 A ug 10912 A p r
94ls Feb
4612 4012 4312 4312 4314 4314 39
40
3S78 39
1.200 G r a n b y C o n s M H A P . . . . 1 0 0 30's Feb 13 55i2Jan 3
4712 D e e
80
Jan
33
33
35
37
900 G r a y A D a v is , I n c ___________ 25 03 Feb 11 49*i Jan 6
33*4 33* '337g 34"
63*4 N o v
40*8 D e c
31
32
32
33
_29*,
30*4 2,800 G re en e C a n a n cn C o p p e r .. 100 29*i Feb 13 38is Jan 3
047g 67
32>2 Det
47>a
July
6512 0512 02l8 031g 5914 03
58*8 63
4,200 G u lf S ta le s S teel tr c t f s .-lO O
58*8 Feb 13 847g Jan 8
4 9 i 2 Feb
90*8 90*
89*8 O c t
90
87
*87
87*4 8S1a
90
8678 87lg
1.300 H a rtm a n C o r p o ra tio n ___ - . . 1 0 0
8fl78 Feb 13 108
19
64b, Jnn 1001? D e c
55
55
55
5512 55
55I2 5214 53l2
50
53
H ask el A Barker C a r ___ N o par
4.100
50
Feb
13
62*4
Jan
4
0
51*4 53
6
F eb
71*8 J uly
5112 527S 51
52*s 504, 51*4
52
50ls
13.800
In
sp
iration
C
o
n
s
C
o
p
p
e
r
..
.
2
0
50
lg
Feb
13
0I*|
Jnn
3
42 12 F e b
17
17
0 8 7g July
iei 2 1012 *1012 1712 14
1312 15
1.500 In ternu t A gricu l C o r p _____100
13'2Feb 13 22l2 Jnn 3
*71
l()l2 Jan
77
3
7 »i J uly
*70
77
*74
75
09
70U
*09
73
800 D o p r e fe r r e d ...................... 100 (9 Feb 11 S3 Jan 3
48
120 121 121 121 U612 12012 11412 11S12
Jan
0 1 7g July
114 llfll 2 0,200 In te r H a r v e ste r (new) _____100 114
Feb 13 135 Jan 6 1 1 0 's Jnn 149*8 July
IIII4 1 1 1 1
300
Do
P referred, new _____ 100 111' 4 Feb 13 115
D ee
120 J u n e
24
111
31*8 33*s 29
27l2 291o
32 *2 27*4 30
28
32*s 88.800 In t M e rc a n tile M a r in o _____100
27>2 Feb 11 517a Jnn 3
86
87
21 1 , Jnn
0 7 * 4 July
80
85V, 79*, 834, 78
79*4
7 ' 2 8312 51,500 D o p r e fe r r e d ......................100 761j Feb 13 11
92*4 Feb
l7s Jan 5
12 S i2 M a y
21*8 221.1 2 Us
2012 2 1 12 20 20*8
19*4
2012
33,200 In te rn ation al N ic k e l ( T h e ) . 25
19*i
Feb
13
D
ee
26*4
Jan
3
3 78 J u n e
7
20*8
7512 78*8 75*4
72U
751
2
74
7778
72i2 77 38,400 In tern ation al P a p e r.............. 100
72i2 Feb 11
82
Nov
2 0 14 Jnn
891a Jan 3
73
73
7212 74
7212 7412
400 D o s ta m p e d p ref..............100 7212 Feb 9 797g Jan 3
02
Jan
44
80
44
J u ly
44
4412 '4 5 ' 45
43
447g
‘ •ioi's 43
2.300 Iron P r o d u c ts C o r p ___ N o par
397
8
Jan
2
2
7
5U2Jan
34
D
e
c
05
1512 1512 15*8 15*8 1412 141? 14
Nov
1512
1512 15*2 1.100 Jew el T e a , I n c _______________ 100
14 Feb 11 21*| Jan 9
15
D ee
48 M a r
39*8 39*8
39*4 39*4
300 D o
p r e fe r r e d ____________ 100
39*8 Feb 11 4514 Jan 1 0
3 S 78 D ee
91 Mnr
*2514 26
24l2 24*8 24*3 24*8 2312 2312
SOO Jones B r o s T e a , I n c ..............100
2312 Feb 11 30 Jan 6
24*4 D e e
44 J uly
K
a
y
s
e
r
(Juliu
s)
A
C
o
...........
100
110
Feb
0
118 Jan 0 1 0 5 A p r 130 A p r
122 123
120 122*4 117 121 112*4 1154,
108 116
8,200 K e lly -S p r ln g fle ld T ir o ______ 2
108 Feb 13 152i» Jan 5
08
Jnn
104 Nov
9912 9912 9912 9912 *99 100
99
99
90
97
000 T e m p o r a r y 8 % preferred 100 90 Feb 13 105
Jan 2 1
72
74
1 0 1 13 D oe
71
ilO '4 O c t
71
7212 09
69
70
07
67
1,100
K
e
lse
y
W
h
e
e
l,
I
n
c
....................
10
0
07 Feb 13 90 Jnn 5
34
Jnn
114*4
281, 2812 2 .8 't 28*, 28
O ct
2 SV, 27*4 28
27*8 28*, 14,400 K e n n e c o tt C o p p e r _____N o par
27*8 Fob 13 33*8 Jan 5
293, 307s 29*i 3012 27 lg 30
27*8 N o v
43 J u ly
25*- 27
247g 2312 20,700 K e y sto n e T ir e A R u b b e r ___ 10
5
247
s
Feb
13
48l2Jan
38*8 Dec
I2 «i 2 July
73
75*8 77
76
73
754, 70
72/g
68
72
18,000 L ack aw an n a S te e l.................... 100 08 Feb 13 91*i Jnn 5
6212 Jan
107*4 Nov
L acle de G a s (S t L o u is )_____100
38 Jan 8 40 Jan 2 0
33
D ee
83 Jan
30*i 32
31
31*4
30l2 31
28
30
2812 28*4
>,400 T.eo R u b b e r A T ir o _____N o par
28 Feb 11 387g Jan 0
21
Jnn
*190 200
40 Oct
190 210 *190 205
150 195
*155 157
L ig g e tt A M ye rs T o b a c c o . .1 0 0
10
195
207
Jan
19014
Feb
6
*105 108
D
e
e
250U
Aug
100 1071
100 107
100 107
Do
p r e fe r r e d ____________ 100
31
107*8 Feb 6
107
Jan
181, 19
15 July
1812 1912
18*g 19
17l2 19<s
17*8 18*4 1 8 , 3 0 0 L o ft In c o rp o r a te d ______ no par
17 Feb 0 28 Jan 3
2518 Dee
5012 51
27*8
Deo
50 51
47
47
45
454,
40
4612 1 , 8 0 0 L o o s e -W ile s B iscu it tr c t f s .1 0 0
45 Fel) 11
Jan
3
4 0 'g Feb
*112 115
HI July
112 115 *112 115
112 112
105 120
100 D o 2d p referred ________100 112 Feb H
19
94
158 158
120 Juno
Fob
152*, 155
15212 155
150 151*,
150
150
1
,
9
0
0
Lorlllard ( P ) __________________ 100
145 Feb 5 183*4 Jan 2 147*1 A pr 245 July
►100 ins
lOfil, 1001 *100 108
100 108
101
108
■>00 D o preferred
.
100
lOOlg Fe>) 9 110 1 - jan S 10 7
Jan
115 July
• mu ami asked prices: no sates on tins day. j Less than 100 shares. 5 E x -r ig h ts , a E x -d lv . an d r ig h ts. 6 8 0 % p a id , c F u ll p a id .
O ld s to c k .
x Ex
For fluctuations in rights see second pago preceding.
sh a re
643
New York Stock Record— Concluded--Page 3
For record of sales during the week of stocks usually Inactlie, see third page preceding.
B IO H
A N D
S a tu r d a y
Feb.
7
$ p er
*62
64
LOW
8A L B
M ond ay
F eb.
9
$ i n r sh a r e
*62
70
*02 64
30 30
26
25*8 25*8 25
26
26*4 2534 26
50 50
sh a re
70
64
P R IC E S — P E R
T u esda y
F eb.
10
SH A R E , N O T PER C E N T .
W ed n esd a y
F eb.
11
T h u rsd a y
F eb.
$ p e r sh a re $ p e r s h a r e S p e r
*62
70
65
65
62 62
61
61
28
28
30 30
25
25 25% 24
20 25
25*4 26
50 50
47*2 49*4
___ 120
*115 120 *112 120
*105*4 10634 *105*4 106*4 •105% 106*4
162% 174
101 166*2
171 178
95 95
22*8 22*2 22 22% 21% 22
2414 27*8 26 28*8 20*2 30*2 28*4 31*4
44
44%
46 46*8 45*4 46*2 45 40
62
62
63*2 63*2 *03 03*2 02*2 03
41
41*4 38
*40 40*2 *42 42*8 41
36*2 36*2 36*4 36% 30% 30*4 35% 37
47
52%
57*2 59
61*4 57*4 53 56
85 85
*82
8578 85 85
115 110
114% 114%
116 116
115 115 115 115
7434 74*4 70*4 71
*70 75 •70 75
*95 102
97
97
*96 100 *95 102
8*2 8%
8 4 8*4
8*2 8%
8*8 8*2
72*2 73*2 70 73
70
71%
727s 74
*99 102 *99 102
99% 99%
*99 102
75%
77*4 77*4 77*2 78l2 *77 78% 74
106% 100%
108 108*2 107 107
*107 109
147g 1478 1434 14% 14*2 14% 14% 14%
95 98%
100*8 103
101 101*8 100 100
30 32
35 35
34 35*2 30 34
45
45
*35 50
50
50
50 50
62
55 55
*51
50
52*2 52*2 52
59*2 01
58*4 58*4 54% 54% 50% 53%
4234 43*4 43
44
43*4 4334 40*4 42%
4634 463,1
*4634 48*2 *40*4 50
*46*4 50
7% 7%
7%' 8%
8
8*4
8
8*s
0% 7
7
7*2
7
7%
7*4 7*4
122 126
128*8 128*8 125 125 *110 127
31
31*4 31*4 32*2 30% 31*2 29*4 30*4
52*2 53%
54 65
54 54
55 55
72
72
___ ___
51U 51*4 51
51*2 50% 52
37% 37% *___ 37
37 37 *___ 37
38% 38% 37*4 3734
80 81*2 79 8*1*4 75 70% 7212 75
76*2 78
7012 78*2 71*2 7012 68I2 71*4
39*2 39% 38*2 40
40 40*2 40 40
20 26
2.% 25
37%
39 40% 36
35*4 40*8 40 42
30*4 37*4 30*2 37*2 30 37*8 35% 36
5612 60*4 50*8 59*2 551* 58% 51% 55%
99
99
98*2 99
100*2 100*2
16*4 173s 16*4 17*2 10*4 17% 16% 16 4
90
9212 9212 9178 92*4 91% 91% 89
58*2 58*2 55*4 56*2 51% 50*2 53% 54%
*89
91% 89% 89%
*89
01
*89
91
1612
17% 16
17*4 18
18*4 1812 17
80% 89
91
0334 89*2 93
91
92
103 103
*65
73
110% 112
110 110*2
112*8 112*2 112 112
81
83*2 79% 82*4 78 80
82
83
92 92*8 9014 91*2 91*8 02*2 89% 90
103*4 103*4 *100 107 •102 107
•103*4 107
19*2 19*4
20% 19% 20
20*8 20*2 20
72
74% 07
75 77
77*8 78*2 74
39
39
41
41
41
11
*41
43
105 10734 102% 106% 100 104
100*8 108
102 102
100*2 10 1 %
101 102
45
45%
45% 47
40
48
99*2 101
09*4 100*4 91% 99*4 93% 96%
15% 15%
15*2 15*4
•72 73
71*2 71*2 71*2 71% *71% 72
10% 1134 15%
15*4 16*2 15*4 10*2 15
*210 220 *208 220 *200 220 *210 219
11
11
11% 11
in
*1114 11*4 II
76% 78%
751* 80*.
80*2 8 U2 79*2 81
35*4 37*2 35% 3612
36 38
35*4 38
68*4 70*2 67 68*2
71
70*8 7112 70
*88 95
*88 95
*88 92
*88 95
*110 115 *110 115 •___ 115
•___ 115
120 120
*___ 130
*80
90
*80 93
64 67*j 00*4 64%
65*4 68
66*4 00
86% 91% 83*4 88
92
95
8912 93
5100% 100%’ 100 101
114*2 117*4 105% 110
114 118
113 116
43
44*(
44% 45
44*2 41*
9*2 9%
10
10*4
978 10
10
10b
166% 171
108 178
175 179* 175*4 180
67
70
71*4 74*
74*1 70
74*2 751
96*2 96* *90 100
♦98 102
90% 907
20
21%
21
226
21*4 22*( 21*2 221
54% 55%
65
55*
5514 55*
171*2 171* ................ 170 176%
90
90 *___ 91
*88
91
27% 28»
28% 297 28% 30
28*4 30
40*2 431
43
45
45*2 46
45*8 46
127 133*
*136 130*4 ♦136 1381 135 136
50*2 50*
*49
51
40
50
*49*4 50*
12
sh a r e
*115 123
*105*4 HO
176 181
<
Q
H
H
pa
CD
fc
O
O
A
1
Q
w
CD
0
A
0
w
0
<
0
0
X
w
m
£
?
*
F r id a y
F eb.
13
SaU i
fo r
th t
W eek
STOCKS
NEW YORK STOCK
EXCHANGE
PERXUAh.l.
1.
100-*ftar« lo ts
R ange sin ce J a n .
O n la sts o f
L ow est
H ig h e st
PER S H A R E
R a n g e f o r P r e c io u s
Year
1910
H ig h e st
S p e r sh a r e $ p e r sh a re
S p er sh a r e S h a re s
63 Dec 79% May
65 Feb 5
Jan 7
*60
70
100
61 Febll
Jan2S *63 June 66 July
*60
64
700 Do prof.
28 Aug 38*2 July
28 Febll
Jan 5
600
28 28%
23 Dec 31% Nov
23% Febl3
Jan 8
1,000
23*4 24
18% Feb t:» 3534 Jan 5
26% Jan 61 July
18% 22% 3,500
60% Jan 84*2 July
Do 1st prof_________ 100 47% Febll 63% Jan 5
49
49% 1,700
19% Jan 46** June
Do 2d prof...................100 20 Feb13 30*4 JanlO
20
20
60 Jan 131*4 Oot
120 Feb 4 131 Jan 2
*112 120
Jan 12 104 Jan 110 Mat
Do preferred________ 100 105U Febl3
100
105% 105%
Jan 3 162*4 Jan 264 Oct
161 Febll
162% 172*2 80,100
99 Dee 118% Sept
.100 95 FeblO 105 Jan 6
Do pref.
*94 100
100
21% Feb 6 26 Jan 6
21 Nov 32% July
21% 22
2,200
32 Oct
71*4 Nov
22»4 Feb 6 71*4 Jan 6
29% 36% 88,500
40% Feb 62% July
43% Feb 13 5234 Jan 6
43% 45 37,600
64 Nov 83 July
62 Febll 69% Jan 7
*61% 64
1,300
40 Nov S3 Oct
3 *>18 Febl3 51 Jan 5
1,600
36*2 38
29*2 Jan 43% July
*35% Feb 1 3 387s Janl9
*35% 35*4 2,500
45 Sept 75 Nov
44 Feb13 72% Jan 3
44
4734 10,900
87 Nov 91% Oct
89%
Jan
6
83
Febl3
Dopreferred v t c_______100
400
83
83
. ___
400 rational Biscuit________ 100 114% Febll 125 Jan 3 107 Aug 139 Oct
Do preferred................100 114 Jan30 116 Jan 9 112 Dec *121 Mar
300
i l 14 114
70 Jan 92 July
Feb 13 80 Jan 3
500 rational Cloak * Suit___ 100
69
70
Do preferred_________100 97 Febll 102<2 Janl3 103 Dec 108% May
*99 102
200
8% Dec 24*4 July
11%
Jan
6
8
Feb
6
8*4 8 % 2,300
70 FeblO 89*2 Jan 2
45% Feb 88%June
70
73
5,200
93 Jan 104 May
9 % Febll 102*4 Jan 7
Do pref.
100
*98 101
64 Jan 94% Oct
7312 Feb 13 86*4 Jan27
73*2 76
4,100 rational Le
.100 10 % Febll 110 Jan 3 102 Sept 112 July
Do pref.
600
107% 107%
13*4 Nov 2 1 78 July
14%
Febll
17*2
Jan
5
14% 14% 3,400
91*4 Feb 146*4 Oct
92
97*2 3,000 New York Air Brake----- 100 92 Feb13 117*4 Jan 5
7034 July
19*2 Fel
30
30
2,000 New York Dock-------- -— 100 30 FeblO 48*2 Jan 3
44U Mar 75 July
Do preferred . . . . . . — 100 45 Febll 61 Jan 3
400
45
45
47 Jan 67 July
*51
53
300 North American Co-------- 100 50 Feb 4 58 Jan28
46 Jan 97 June
51
53% 5,300 Nova Scotia Steel A Coal.. 100 5,% Febll 77*4 Jan 5
g July
*3S% 41*2 26,500 Ohio Cities Gas (The)........25 x3i% Feb 13 50% Jan 3 035*4 Feb 617
43 JaD 65 July
44
44
200 Ohio Fuel Supply................. 25 44 Feb13 51*2 Jan
13*j
May
8
Feb
7>g
Feb
4
107
8
Jan
5
Oklahoma
Prod
A
Refining..5
28,900
7*2 8
6 i2 Feb 13
9l2 Jan26
5*2 Mar 11U Nov
6% 6*4 2,000 Ontario Silver Mining-----100
900 Otis Elevator------------ n o p a r 120 Febll 142 Jan 2 128 Nov 149 Nov
120 120
28U Feb 13 417s Jan 5
34*2 Dec 39*4 Nov
28*4 2934 8,400 Otis Steel...................... n o p a r
40 Mar 74 Oct
51
52
2,800 Owens Bottle____________ 26 61 Feb 13 65 Jan 2
70*4 Dec 80 Oct
200 Pacific Developm ent...------- 7i) Feb 13 78 Jan 2
70
70
6
O
V
1
FeblO
U
4
Jan
5
6
58*3 Dec 75*4 July
700 Paclflo Gas A Electrlo------ 100
51
51
29*2 Feb 42*8 July
___ ___
200 Pacific Mall S3.....................5 35*8 Feb 6 38*8 Jan 9
22 Jan 41 Dec
200 Pacific Teleph A Tele*----- 100 37 Janl3 4234 Jan26
67 Jan 140*4 Oct
71*4 77*4 71,400 Pan-Am Pet A Trans____ 60 71% Feb 13 108*4 Jin 2
92*4 Dec 1047s Dec
Do Class B__________ 50 6734 Feb 1 3 103*8 Jan 3
67*4 72
8,800
42 Dec 4734 Not
3 7 ‘4 Feb 13 47*2 Jan 6
37*4 37*4 2,000
27*2 A pi 68 July
20
2034 1,600 P en n -S ea b oa rd S t 'i \ t o N o par 20 Feb 13 35*4 Jan 6
May
32 Dec
35*2 37*2 8,300 P eop le's G L A C ( C h i c ) . .1 0 0 33 Feb 6 42 Feb 9
34%
Feb
13
30
Jan 43 Apr
42*2
JanlO
11,100 P h ilad elp h ia C o ( P l t t s b ) . . . 6 0
34% 36
38*4 Jan 99 Oct
48*4 54 93,300 P ierce-A rrow M C a r ___ N o par 48*4 Febll 827g Jan 3
9 i2 Febll 108*2 Jan 8 101*3 Jan 111 Oot
D o p ref............................. . 1 0 0
___ ___
600
16 Jan 28*8 May
15 s Feb 13 23*4 Jan 8
15% 16% 13,700 P ierce O il C o r p o r a t io n ...........25
93 Dec 105*2 Oct
>9 Febll 98 Jan 7
Do
p r e f________________ 100
1,300
89% 91
45
Fel 74*8 July
6
U
4
Fcbl3
637
8
Jan
3
P
ittsb
u
rg
h
C
o
a
l
o
f
P
a
---------100
51% 53% 5,800
85*2 Mar 98 May
89is Febll 91*4 Jan24
Do
p ref_________________ 100
___ ___
100
3112 OCt
12*8 Fel
17
18% 5,400 P o n d C reek C o a l------------------- 10 16 Febll 2758 Jan 5
84 Feb 13 103*8 Jan 3 r69 Fel 109 Oot
84
87*2 9,800 Pressed S teel C a r -------------- 10o
100 Mai 106 July
D o p re f.......................
100 100'2 Jan 7 104i2 Feb 2
300
102 102
60 Dec 91*4 Jan
67*2 Jan27 68 Jan2S
P u b llo Serv C o r p o f N J . . 1 0 0
109 10934 2,900 P u llm an C o m p a n y ------------- 100 1(19 Feb 13 117*8 Jan 5 110 Nov 13212 July
51 Apr 98*4 Dec
8,700 P u n ta A leg re S u g a r--------------- 60 7712 Feb 13 90 Jan 7
77% 80
>9 1 Febll 102 JanlO
68*2 Feb 107*2 Nov
2,600 R a ilw a y Steel S p rin g -------- 100
90
92
104 Feb 112 June
D o p r e f.........................— 100 103*4 Feb 5 106*2 Jan29
100
___ ___
27*2 July
19 Mai
19% 19% 9,025 R a y C on solid a ted C o p p e r .. 10 19 s Febl3 22*4 Jan 6
68 Aug 105i2 Oct
62*2 6734 4,100 R e m in g ton T y p e w r ite r v 1 0 100 6212 Feb 13 94 Jan 3
46 Dec 5334 Dec
8i% Feb 13 48*2 Jan 3
500 R cp to g le S te e l.................... no par
36% 36*2
71*2 Jan 145 Nov
9<% Feb 13 124*4 Jan 3
98*4 101*4 194,900 R ep u b lic Iron A S te e l---------100 100%
Feb 13 106*4 Janl3 100 Jan IO6I2 July
D o p re f.................................100
1,000
100% 101
7412 Nov
4413 Sep*
. ___
2,000 R e p u b lic M o| or T r u c k .N o par 4 6 Febll 55*4 Jan 2
84 Aug 121 July
03 8 Febll 110*8 Jan27
95% 99% 56,800 R o y a l D u tch C o (N Y sh a re s).
1412 Jan 2 16*4 JanlO
12*2 Dec 17 July
15% 15% 1,700 St Joseph L e a d ______________ 10
63*g Jan 9412 Oct
70 Febl3 77 Jan28
400 S av age A rm s C o r p ------------ 100
70
70
6*4 Mar 29 Aug
13% Febll 21*8 Janl3
13% 15*8 14,300 Saxon M o t o r C at C o r p — 100 214
Feb13 240 Jan 5 168*2 Feb 230*4 Deo
200 Sears. R o e b u c k A C o . . __100
214 214
10 Feb 19*4 July
10*4 Feb 13 1278 Jan 5
10*4 10*4 1,100 R h attu ck A r il C o p p e r ............. 10
74 Dec 81*4 Deo
76*8 Febll 90*4 Jan28
78% 81% 20,400 Shell T ra n sp A T r a d in g -------£2
41*8 Dec 64*4 Nov
Feb 6 48*4 Jan 5
35% 38 193,700 Sinclair C on s O il C orp N o par 34*4
46*2 Feb 89 Nov
Jan26
3,900 S loss-S heffleld S teel A Ir o n 100 64 Feb 13 82*4
64
70
85 Mar 9713 July
89 Jan23 91 Janl2
D o p r e fe r r e d ___________100
*88
05
Jan28 116 Jan 5 107 Jan 117 Sept
S o P o r t o R ic o Sugar p r e f . . 100 116
*___ 115
124
Jan 160 Oct
1L
0
148
Jan
7
F
e
b
l
l
Stand
ard
M
illin
g
.................
100
100
94is June
D o p r e fe r r e d ___________100
................
36*4 Jan 109i2 Oct
9,500 S trom b erg -C a rb u ret .N o par 69 Febll 86% Jan 2
1 50
58
161
Oct
81%
Feb
13
Jan
5
Jan
45*4
115%
S
tu
d
eb
a
k
er
C
o
r
p
(T
h
e
)
.1
0
0
81% 88 221,380
92 Jan 10412 Nov
Jan 3 1 0 1 % Jan31
100
D o p re f_____________ 1«0
___ ___
550
42% Feb 1447g OCt
Feblo 137% Jan 6
100*4 109*; 4,300 8 t u t * M o t o r C a r o f A m . N o par 100*4 Feb
13 50% Jan 3
32 JaD 647s June
41
2,100 Sup erior Steel C o r p ’ n _____ 100
41
43
9*4 Dee 17*4 May
9% Feb 13 12 % Jan 4
9,000 T e n n C o p p A C tr c t fs .N o par
9% 10
184
Jan 345 Oct
Febll
Jan
2
166%
231
T
ex
a
s
C
o
m
p
a
n
y
(
T
h
e
)
-------100
34,900
168% 178
72%
Jan 115 June
Jan
3
61
Feb
13
95*2
61
66 25,700 T o b a c c o P ro d u cts C o r p . . 100
97% Dec 120 June
92 Feb 13 106 Jan 7
D o p ref_____________ 100
92
92
400
62*8 Nov
Dec
Feb
6
Jan
5
34*4
20
38*4
T
ra
n
scon
tin
en
ta
l
O
i
l
.
.
N
o
par
20
22 35,900
37% Jan 7478 Oot
3,400 T ran su e A W illia m s S t . N o par 54% Feb 13 66% Jan 3
54% 55
2 116 Jan 197*2 Deo
500 U n d erw ood T y p e w r it e r .. . 1 0 0 169 Febll 190 Jan
169 169
75 Jan 100 July
___
200 U nion B ag A P a p er C o r p . 100 90 Feb 6 96 Jan 6
34% Dec 45*8 Oct
27% Febll 38 Jan 6
no par
28
29% 24,400 U nion O H . ................
37%
Jan
5
Jan 68*8 July
Febll
40*2
63
o
par
U
nited
A
llo
y
S
te
e
l______N
4,700
41
42
90% Jan 175*8 July
125% Feb 13 148 Jan 14
1,300 U nited D r u g .......................100
125% 128
60 July 68*8 May
48% Feb 13 53 Janl3
Do
1st p referred ________ 60
1,200
48% 60
91 Jan 165 July
D o 2d p referred ___ 100
176 Febll 204*4 Jan 3 167 Feb 215 Oct
5,300 U nited F r u it...................... 100
177 182
Febll 96*2 Jan 3
8018 Aup 119U Oot
64
69* 64,000 U nited R e ta il S tores . . N o par 64 Feb
14 JaD 38*4 Aug
13 25% Jan 3
15*4
3,100 U 8 C a st I P ip e A F d y ____ 100
15*4 16
42% Jsd 74*4 July
43 Feb 3 55 Jan 5
D o p ref_____________ 100
500
44*4
45
16*4 Fel 32*4 May
100 U 8 E x p ress.............................. 100 28 Feb 6 31*4 Jan 9
29
29
66
Api 913s Oct
13 78% Jan 5
53% 57* 10,900 U 8 F o o d P ro d u cts C o r p . .1 0 0 61% Feb
Feb 13 116% Jan 8 X97% Dec 167 May
77*2 84* 40.S00 U S Industrial A lco h o l — 100 77% Feb
96% JaD 111 May
6 103*4 Jan 6
10 1
D o p re f_______________ __100
17% JaD 607g June
4,400 U S R e a lty A I m p r o v e m e n t 100 40 Feb 13 56*4 Janl5
40
43*
Feb 13 143*4 Jan 5
73 Jan 139*4 Nov
91% 97 108.300 U n ited S tates R u b b er . . . 1 0 0 1 191%
109
Jsd 119*2 July
2
Feb
10
Jan
13
116*2
D
o
1st
p
r
e
f.......................
100
700
*110 112
43% Jan 78*4 Nov
61*2 Feb 13 76 Jan 3
3,600 U 8 S m eltin g R e f A M ...........60
61*2 64*
46 Jan 50 Mar
4434 Feb 13 47*2 Jan 6
D o p re f__________ . . . . . 5 0
44*4 45
1,300
Feb 13 109 Jan 5
88*4 Feb 115*2 July
95
98* 497,100 U n ited 8 ta tes S teel C o r p . .1 0 0 95 Feb
13 115*4 Jan28 1 1 1 % Dec 117*2 July
D o p ref__________________100 109%
9,000
109% 110'
65% Feb 97*2 July
Feb 13 80*4 Jan 3
68% 707 11,200 U ta h C o p p e r ------------------------- 10 68% Feb
6
9%
12 % Jan 2
8*4 Dec 21*8 June
400 U ta h S ecu rities v t 0 _______ 100
10
10
54% Dec 62 Dec
Feb 13 57% Jan 3
42
46* 19,400 V a n a d iu m C o r p --------------------no par 42 Feb
61
Feb 92*2 July
13
Jan
5
59%
72%
V
lrg
ln
la
-C
a
rolln
a
C
h
e
m
.
__100
5,800
59% 61*
JaD 11678 OCt
Do
pref__________________100 104% Feb 13 1 1 2 % Jan 7 1 10
400
108% 10=!*
64 Mar 288 Dec
76 Feb 13 91 Jan30
1,000 V irgin ia Iron C A C _______ 100
76
77
79 May
Jan
5
51U
Nov
Febll
56
49
W
ells,
F
o
r
g
o
E
x
p
re
ss..........
100
300
*47 49
82 Sept 92*2 May
1,000 W estern U nion T e le g r a p h .100 82 Feb 13 88 % Jan 6
82
84
94*2 Jan 126 July
500 W estln g h ou se A ir B ra k e ------ 60 106 Febl3 119 Jan 8
106 107
40*2 Jan 697» Juno
48 Feb 13 55% Jan 3
48
49* 23,900 W e8tln gh ou se E leo A M f g . . 5 0
45 Jan 86 Oct
49
521 17,600 W h ite M o t o r .............................. 50 49 Febl3 66*4 Jan 5
23% Jan 40*4 June
Jan
3
Feb
13
32
24%
W
illy
s-O
v
erla
n
d
(
T
h
e
)
..........
25
72,300
24% 26
93 Jan 5
87*4 Jan 98*4 May
86 % Febll
D o pref (new) __________ 100
600
*86
90
65% Jan 10478 July
3,300 W lls o n A C o .I n c , v t c . . N o par 64 Feb 4 82% Jan 5
66
69
95% Nov 104*2 June
98% Janl3 9812 Jan 13
D o p referred . . . . . . . . . 1 0 0
*95
98
Feb 136*8 May
3,300 W o o l w orth (F W ) __________ 100 120 Febll 130 Jan 5 120 Dec
120*2 1201
117*2 July
Jan22 116% Jan 6 112*4
D o p re f__________________100 113
117 Oct
Feb
60
Jan27
Feb
13
95%
67
W
o
r
th
in
g
to
n
P
A
M
v
t
0
..1
0
0
67
73* 11,920
Jan 98*2 Oct
88
92 Jan 17 93*4 Janl3
Do
pref A _______________ 100
66
Jan 81 Oct
70 Janl6 76 Jan 6
Do
o r e f B . . . ..................... 100
200
70
70
S p er
sn a re
$ p er
6034
64
33>2
30>2
sh a r e
1821 177*2 1'0' 176 179
08
71*
761
71*4 75'
16
16
10
16
16*
*45
48
45
45
48
?01 *29 30*
301 *27
57% ro
55
57*
68.4 59*
88 93
83 88*
90*2 93*
*100 104 *100 103 *100 103
42
44*
43
45*
46
46
40*8 47
98 1037
95
997
102% 105* 102 105
112% 1127 112 112* ♦110 112
113 113
02
63*
02*2 061
60*2 07
66*2 07
45
351
45% 45*
40
46*
90% 98
96% 100
98% 100*
99*8 100*
♦11U2 112* 110% 1117 110% 110V 110% 1101 1
70
72
70
71
71*2 73
71*2 72
9% 91
10
10
9*2 9*
*012 10
43% 45
45
48*
48
50
47*4 49
01
61
03' 1 60
63*8 04
63*8 63*
1087s IO87 108% 1086 *108 IO878 108*2 1081
__
80
80
83
83
82
82
49
49*i
50 50
*45
52* *45
52
83% 84
84% 85
85 851
109 109
*109 111
111 III *109 113
50 5111 50% 50*4 49% 501 l
50*2 511
52*2
52
5538 50
55*2 56*
55*8 50
24% 25*
25% 201
25*4 27
35*4 261
873.| 8731 80% 867
88% 883
88*2 88*
7012 08% 09
*66 69
68 0912 70
98
981 *95
981 *96
*95 08* *95
120 122'
123*4 1233 123*2 125* 1 *123 124
*112*2 113 *112*2 113 *112 114
71*2 70
79*2 81*l 75% 8 I7
80 82*
*
_ 92
*___ 91
—
701* 70*
*71
7*>1
• Bid and asked prices; no sales on this day. S Less than 100 shares, t Ex-rights, o Ex-dlv. and rights. * Ex-dlv. U For fluctuations In rights see p. 518.
183
741*
16
45
*27
58*8
92*4
183*
76*
16
45
30*
59
05*
177
74
16
*45
*27
644
Bond Record. Friday, Weekly ana Yearly
JnnNewthfiYork
TCrrhnnnp.Stock
mpthnri nf nExchange—
imtlnnKnyt/lo
1000
BONDS
W. Y. STOCK EXCHANGE
week ending Feb. 13
<m b
a
b
S.
P r ic e
F r id a y
Feb.
13
B id
A sk
W e e k 'i
H an ot or
L a s t Sale
H ig h
„ I, „
,7
— ,
R ange
S in c e
Jan.
1.
Low
H ig h
U. S. Government.
First Liberty Loan
D 96.62 Salo 93.48 97.02
3Hs 1st 16-30 year_.1932-'47
90.20 100 40
Second Llbei ty Loan
D 90.90 Sale 90 70 91.10 272 90.70 93.48
4a
let L L conv_._1932-’47
4a
2nd L L............ 1927-’42
N 90.00 Sale 89.20 90.50 923 89.20 92.90
Third Liberty Loan
4>ia 1st L L conv__ 1932-'47 J D 91.3 Sale. 91.10 91.70 327 91.10 94.00
44£s 2nd L L conv_.1927-’42 M N 90.58 Sale 90 00 91.0 6589 89.50 92.86
4J4a 3rd L L____ _____ 1928 M S 93.32 Sale 93.18 93.84 7610 92.60 95.00
Fourth Liberty Loan
4 H a lat L L 2nd conv 1932-’47 J D 97.60 Sale
97.60
5 97.00 101.10
4Xa
4thLL________1933-'38 A O 90.90 Sale
91.46 14669. 89.72 93.00
Victory Liberty Loan
97.95 12350 97.66 99.40
4H a
conv g notes__ 1922-’23 ■* D 97.70 Sale
3J4a conv g notea__ 1922-’ 23 J D 97.76 Sale
9 (.00 64*4 97.66 99 40
2s consol registered...___dl930 Q J ___
101
101 101
2a consol coupon............... 41930 Q J _________
*s registered........................ 1925 Q F *105% 100
105% 105%
is toupon
____________ 1926 Q F *105% 106% 105*8 Jan '20
105% 105%
Pan Canal 10-30-yr 2a ___ *1936 Q F ................ 98% Mar’ 19
.
Pan Canal 10-30-yr 2s reg._1938 Q N
99 July’ 18
Panama Canal 3s g ............1961
M 88 *a —
90 Dec ’ 19
Registered .. .............. 1901 Q M 88 % 89
88% Oot ’ 19
100 Feb T6
Philippine Island 4s....... 1914-34 Q F ___
.......................
...
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 13
.
. "
.
P r ic e
F r id a y
F e ').
13
B id
.
•'
W e e k 's
R a n g e or
L ist S ale
A s k L o to
H ig h
R ange
S in c e
Jan.
1.
No
Low
H ig h
Cent of N J gon gold 5g__1987
98 99% 93%
99%
98% 100%
Registered__________ei987
93%___ 98%
9 3%
98% 99%
Am Dock A Imp gu 5s__ 1921
96 93
98 Jan ’20
98
98%
Leh A Hud Hiv gon gu 5s.1920
*90%___ 100 Apr T8
N Y & Long Hr geu g 4s..1941
*30 ____ lOOtj Jan T3
Cant Vermont lat gu g 4s._«1920
56 80
70 Jah ’20
50 70
Ohesa A O fund A Impt 6s.. 1929
82% 83
85% Jan ’20
82% 85%
1st consol gold 6h._ .........1939
90 Sale 90
90%
90 95
Registered____________1939
88% 9 104% Jan ’ 17
Qcnoral gold 444s............ 1992
731.1 Halo 73%
74%
25 72% 77
Registered___________ 1992
*------ 72% 80*4 Mar’ 17
20-year convertible -1 Ha.. 1930 F
70% Sale 70
73
70
77
30-year conv secured 5s.. 1946 A
7<5 Sale 75%
78
75% 81%
Big Sandy 1st 4s________1944 J
70 80
75 Oct T9
Coal River Ry 1st gu 4s..1945 J
------ 82% 82*4 May T9
Craig Valley 1st g 5s........1940 J
78%____ 78% Dec T9
Potts Creek Br 1st 4a___ 1946 J
64% 08
69 June’ 19
R A A Dlv 1st con g 4s__ 1989 J
08 . . .
70%
71
70%
2d consol gold 4s_____ 1989 J
04% 08% 05 Jan ’20'___ 04%
Greenbrier Ry 1st gu g 4s. 1940 M N ------ 70
88% Scpt’ 10
Warm Springs V 1st g 5s.. 1941 M 8 75 ____ 113 Feb T5
Chic A Alton RR ref g 3 s ... 1949
15 46
44%
47%
44*.t 49
R a ilw a y 1st Hen 3 44s.........1950
29% Sale 29t,i
30
29*4 31*4
Chicago Burlington A Quincy—
Denver Dlv 4s..................1922
90%
96 Jan ’20
no
90
Illinois Dlv 3*<8................1949
70
71%
71%
71% 76
Foreign Govarnment.
Illinois Dlv 4s....................1949
79%
79%
797* 84
Anglo-French 6-yr 6s Ester loan. A O 94% Sale 931;
94% 2680 93% 96*4
Joint bonds. See Great North
7218 15 70% 74
Argentine Internal 5s of 1009.. * 8 72 Sale 72
Nebraska Extension 4S...1927
87 90
89% Feb '20
89% 92
N 90 *4 Sale 90l4
Bordeaux (City of) 15-yr 6s.1934
90%
93% 92%
Registered..................... 1927
90% Oot TU
D t 43 Sale 43
Chinese (Hukuang Rv* 6s o fio i 1
44
43
50
General
4s________
1958
76%
70%
78
70% 81*i
J SO Sale .SO
Copenagen 25-yr s f 5*^9...1914
80 80%
80%
Cblc
A
E
III
ref
A
Imp
4s
g.
.1965
24%
20% Jan '20 .
20% 21
91%
Cuba— External debt Qs of 1904. M 8 91*2 Sale 91%
90% 921
IJ S Mtg A Tr Co ctfs of dep__
24
21 Jan '2 0 ___ 21
Exter dt 58 Of 1914 ser A ..1949 F A 84% 90*2 86
86
86 86
1st consol gold 6s.............. 1934 A O
95
08 JulyT9
External loan 4 Hs____ _ 1949 F A 74% 82% 7418
74% 76
75%
General
consol
1st
5s........1937
M
N
67
71% Nov’ 19
Dominion of Canada g 6s. .. 1921 A O 97*2 Sale 97%
97%
95% 98%
U S Mtg A Tr Co ctfs of dep
68 69 Dec T9
93%
On
do
...1926 A O 93% Sale 93%
92
96
Guar Tr Co ctfs of dep____
67
78 Aug T9
9U2
do
do
...1931 A O 91% Sale 91
91
92%
A
Purch money 1st coal 5s.. 1942
97% Feb T3
97%
..
91% Sale 98%
2-yr5%sgold notes Aug 1921
93% 98%
J
Ohio A Ind C Ry 1st 5 s... 1936
32 Mar’ 17
..
93% Sale 93%
94
10-year 5%s..................... 1929
93% 97%
S 53 63% 03%
Chicago Great West 1st 4s..1959
51% 23 53% 57%
A ls70% Sale 70
72%
Japanese Govt—£ loan 4*48.1925
G9 82
J
Chic Ind A Loulsv—Ref 0s. 1947
91 99
07 Jan ’20
97
97
J
t
7
1
71
Second series 4*4s............ 1926
Sale 69 >8
67% 82
J 80 ____ 85*4 Nov’ 19
Refunding gold 6s............1947
Jan '20
do do "German stamp” .
76
77
J
Refunding Is Series C___ 1947
60% 72
84% Apr T7
J t 53 Sale 57
59%
Sterling loan 4s................1931
55% 71
J ____ 71
Ind A Loulsv lat gu 4s__ 1950
63 May T9
N 90% 90% 90t4 9j%
Lyons (City of) 15-yr 6s___ 1934
90% 92%
Ohio Ind A Sou 50-yr 4s___ 1966
J 70 73% 767* Dec T9
N 90% Sale 90% 90%
Marseilles (City of) 15-yr 6sl934
90 93%
D 80 86
Ohio L S A East 1st 4 Ms___ 1969
82 Jan ’20
82
J t 30
30
• Mexico— Exter loan £ 5a of 1899
35 30
30 43
Ch M A StP gon g 4s ser A_el989
J 65% Sale 65%
06% 25 65*8
D ___ 32 35 Jan '20
Gold debt 4s of 1904........ 1954
32
37
Registered__________ el9S9
J
92% Feb ’ In
Paris (City oO 5-ycar 6a___ 1921 A O 89% Sale 89%
90%
89% 37
Gen’l gold 3*4s Ser B___ el989
J ------ 55% 59 Feb ’20
58*s 00%
Tokyo City 5s loan of 1912.___ M S 50
5714
65 %
53
57 61
General 4 *4s Series C___ el989
J ------ 74
74
7 74
75
78
V K of Gt Brit * Ireland—
Gen A ref Ser A 4*4s___ o2014
O 50% Sale 5:1
5 % 11.8 50
01
N 93% Sale 93
5-year 5*4 % notes............1921
93%
92% 97%
Gen
ref
conv
Ser
B
6s...u2014
A
65%
Halo
65%
31
67%
70*2
65%
A
86
20-year gold bond 5*4s._1937
Sale 85%
861,1
85% 90%
Convertible 4*4s.............. 1932
D 67% Halo 06*4
08
101 00% 70
O 91 Salo 90%
10-year conv 5*4s............ 1929
92%
90% 95%
Permanent 4s___________1925
D 71
73
71
71% 17| 70
72%
A 91 Sale 90%
92%
3-year conv 5*4s ............p1922
90% 92%
26-year
debenture
4s........1934
J
60
Hale
55
53
20, 65
63
It
I T k t t t o r * v r i c e i o n l i e b a s is o f
Chic A L Sup Dlv g 69___ 1921
J ____ 96% 91% Fob ’20
9(1 97%
Chic A Mo Rlv Dlv 68...1926
J
93 Oct T9
99
Mat* and City Securities.
Chic A P W 1st g 5s..........1921
J 96% 98
9 i% Feb ’20
90% 0.8%
923]
W Y City—4*48 Corp stock.1960 ** 8 91 Sale 93%
90% 951
C M A Puget Sd 1st gu 48.1949
J
00%
60%
01
60% 05
92% 92
92
4*£s Corporate stock___ 1964 M 8 91
92 95%
J
Dubuque
Dlv
1st
a
f
0
s
...1920
-----99%
99%
Dec
T9
O ------ 92% 93 Feh ’20
4*48 Corporate stock___ 1966
93 93
J 98% 100% 102 8opt’ 19
Fargo A Sou assum g 6s..l924
9 > 97% 9j% Feb ’20
4*4s Corporate stock July 1967
98% 100%
n
Mllw
A
Nor
1st
ext
4*4s..1934
78 80% 78 Jan ’20
78
78
0
97% Sale 97%
4*4 s Corporate stock........1965
97%
97% 100%
D ------ 81% 77% Jan ’ 20
Cons extended 4*4s___ 1934
77% 77%
93% Feb '20
4*4s Corporate stock___ 1963 ** 8 ------ 100
98% 100%
j ------ 95% 90% Jan ’20
Wls A Mlun Dlv g 5s____ 1921
96%
95%
89 88
88
4% Corporate stock........1959 M V 88
88 903g
WIs Valley Dlv 1st 6s___ 1920
j
82 100 99% Oot T9
ri 88
4% Corporate stock____ 1958
89 88% Jan ’ 20
88% !) 1
Chic A N’west Ex 4s__ 1886-’20 V A 88 89% 90 Jan '20
90 02
4 88
89
4% Corporate stock........1957
88
88 <)0
Registered---------1886-1926 F A 84%____ 92 Get T9
4 86
88 %
Jan ’20
4%Corporate stock reg..l96fl
89 89
General gold 3*4s_______ 1987 M N 02% Halo 62%
04
02%
08*8
4 ____ 99 %
New 4*4s................... ...1957
9<
97 100%
Registered_____ ____ pi 987 Q F 62 ____ 70*i Apr T9
N ____ 97%
97
4*4% Corporate stock.. .1957
96% 100%
General 4s_____________ 1987 M N 75% 77 77 Fob ’20
70
80
N ___
Jan ’20
3*4% Corporate stock...1954
79% 81
Stamped 4s.................. 1987 M N 75 81
77% Duo T9
8 95 ____
W Y State—4s...... .........
1961
Aug ’ 19
General 5s stamped_____ 1987 M
95% 'Salo 95%
95*s
J 9', ___ l
Canal Improvement 4 s ...1961
Nov 19
Sinking fund 0s........1879-1929 A O 98 102 100 Oct ’IU
J 95
__
Canal Improvement 4s. . . 1962
Aug ’ 19
Registered...........1879-1929 A O
1**9**
Apr
T0
J
95
____
Canal Improvement 4s...I960
97
97 57
Sinking fund 6a....... 1879 1929
"9l'% 101* 95%
95%
0.r)*2 96*4
J ____ 1091s H
Canal Improvement 4*4s.l964
107% 103
Registered...........1879 1929
92%____ 9 1 % Fob "20
94*2 94*2
J ____ „
1(
Canal Improvement 4*4s.l066
Debenture 6s......... .........1921
95 97% 91%
90%
96*8 97%
5 ____ 10638 u
Highway Improv’t 4*4s._1963
107% 107%
Registered___________
1921
____
90%
98
Mar’
ll)
S ___
Highway Improv t 4*4s..l965
Sinking
fund
deb
5s..........1933
87% 9H 90% Fob ’20
00% 90%
J ___
Virginia funded debt 2-3S..1991
Registered.................... 193:1
85% 90
97 N«.v’ l8
55
6s deferred Brown Bros ctfs...
59
58 53
Des Plaines Val 1st gu 4 *43 ’47
80%___ 101% Oct T6
Frem Elk A Mo V 1st 6s .. 1933
___ 110 105*2 Nov’ 19
Railroad.
ManG BA N W 1st 3*4s. 1941
88 Jan ’ 17
Ann Arbor 1st g 4a. _____»1996
J 5!)
51%
54 % 51%
49% 53%
Mllw 4 8 1, 1st gu 3*4s... 1941
*63* ZZZZ
Atchison Topeka * Santa Fe—
Mil L S A West lat g 6s. ..1921
99%____
100%
Nov’19
9 74% Sale
' Gen g 4 s.......................1996
!
73%
74% 8234
Ext A Imp s f gold 5a. ..1929
95% Jan '20
95% 95%
9 ____ . .
Registered....................1995
Jan ''20
79 79
98 101 100 Sept’ 19
Ashland Dlv 1st g 0 s... 1925 M
60 6912
adjustment gold 4s___ 41996 Nc
i
67
66% 71%
Mlob Dlv 1st gold 6s..1924
99%
100*4 Jan ’20
100% 100*4
____ _
Registered.................. *1995 N<
fJuno 1
Mil
Spar
A
N
W
1st
gu
48.1947
M
70%
74
Dec
T9
71%
Stamped___________ *1995 M 4 6S% Sale ( 1
68% 71%
68%
St L Peo A N W 1st gu 5e 1948
87
91
87 Jan ’20
87 87
Conv gold 4s.................. 1956 *
J 65 Salo (
68
65 69%
Chicago Rock Isl A Pac—
Conv 4s Issue of 1910........1960 J 3 SO 84 S Feb '20
84 89%
K a i l u a y general gold 4s...1988 J
70%
Sale
70%
71%
70*2 70*2
East Okla Dlv 1st g 48...1928 M 8 ____ 87% ( 1 Nov’ lK
Registered.............
1988 J
____
76% May’ 19
Bocky Mtn Dlv 1st 4 s ... 1966 J J 05*8 68 1
Jan '20
65 66%
Refunding gold 4s___ . 1934 A
61 Sale 01
64 j
01 07%
Trans Con Short L 1st 48.1958 J J 72% 74% 7 1
72% 76%
72%
M
R I Ark A Louis 1st 4 *4s..l934
60*2 Salo 53%
61%l
68*8 64
Gal-Aria 1st A ref 4*4s"A"1962 M 3 74% 7.3 2
Jan '20
8L 81
Burl C R A N 1st, g 5s___ 1934 A
85*4 89
90% Jan ’20
90% 90%
B Fe Pres A Ph 1st g 5s...1942 M 5 . . . . 95 *
June'19
O R I F A N W 1st gu 6s.. 1921 A
02%
07% Feb T9
Atl Coast L 1st gold is ___ *1952 M 3 75 Sale 7 !
75
74%
SO 89 89 Oct T9
Ch Okla A G cons g 5s___ 1952 M N
Qen unified 4*43 ........ ...1964 *
J 71% 73% 7
73%
Keok A Des Moines 1st 6s 1923 A
08
70
08
0.8
08
70
Ala Mid lat gu gold 6a__ 1928 M
*
92% 96
St Paul A K C8b L 1st 4*4s’41 F
61
01%
01%
61% 66*2
Bruns A W 1st pu gold 4s. 1938 J
78 80*2 7 Jan ’20
____
78 78
Chic St P M A O cons 6s . . . 1930 J
104% 104
101
103 104
_____ .
Charles A Sav 1st gold 7s.1936 J
12 1 Aug '15
Cons 6s reduced to 3*4s..l930 J
83*j, Nov 19
L A N coll gold 4s______01952 M
68 Sale 6
08%
68 72%
Debenture 5 s ................. 1930 M S
78 84
86 Jan 20 ___ 85 87*2
Bav F A W lat gold 6s____1934 A
____ .
10
Aug T9
North
Wisconsin
1st
6s...
1930
J
118
Nov’ 10
1st gold 5s......................1934 A
90
...4 0
July'15
Superior Short L 1st 6sg.el930 M
100%
96 May’18
Balt A Ohio prior 3*4s_____ 1925 J
79% Sale 7
65 79 84%
80
Ohio T H A So East 1st 5s.. 1960 J
80 07% June’19
Registered................. *1925 Q r ____ . . - 8 Feb ’ 19
101 102 102% Doc T9
Chic A West Ind gen g 6a..#1932 Q
1st 60-year gold is ...........*1948 A
61% Sale 6
64
60 70
50 Salo 56
Consol 50-yoar 4s............. 1952 J
53%
54*8 « t
Registered................... *1948 Q
*57
. . . 0 1 Mar'l
Oln H A D 2d gold 4*4s___ 1937 J
—
75 00 May’ 17
10-yr conv 4*4s................ 1933 — .
59% Sale 5 1
59%
60%
C
Find
A
Ft
W
1st
gu
4s
g
1923
M
88 Mar’11
Refund A gen 5s Series A. 1996 J
61 Salo 0 I
62
60%
Day
A
Mich
1st
cons
4*4s
1931
J
.
.
.
.
87% 81 Jan ’20
81
81
Temporary 10-yr 6s......... 1929 J
81% Sale 8 !
81%
83%
04 Halo 64
Clev Cln Ch A St L gen 4s.. 1993 J
04
63 04%
..
Pitts Juno 1st gold 6a___ 1922 J
_
11
Jan '12
20-year deb 4*4s..............1931 J
75 Halo 73
75
73 77
63 80*2 6 1 Jan ’2
P Juno AM Dlv 1st g3*4s 1925 M
00
75
General
6s
Series
B..........1993
J
80
84
82 Nov’ 19
P L E A W Va Sya ref 4s. .1941 M
51 Sal? 5
51
53 61
___ 75
Cairo Dlv 1st. gold 4s........1939 J
69% Den T9
Bouthw Dlv 1st gold 3*48.1926 J
70% Sale 6 I
70%
69% 77%
Cln W A M Dlv 1st g 4s..1991 J
60% 00
01%
61%
00 62
Cent Ohio R 1st c g 4*4s..l930 M
____
, Deo ' ly
St L Dlv 1st coll tr g 4s... 1990 M N 61% 07 63% Feb ’20
03% 65%
Ol Lor A W con 1st g 5s..1933 A
91
91% 9
91%
91 91%
Spr
A
Col
Dlv
1st
g
4a___
1940
M
70
74%
Jan
TU
Ohio River RR 1st g 5 s ...1936 J
90
92 9 , Dec ’ iu
W W Val Dlv 1st g 4s___ 1940 J
70%
84 Nov’ 10
General gold 5s_______ 1937 A
79
90 8
Aug '19
O I St L A C consol 6s . . 1020 M N 91 100 01 Oct T9
Pitts Clev A Tol 1st g 6s..1922 A
90
93
9
Mar’ l
1st
gold
4s...................*1936
Q
F
78%
84 Oct T9
—
Tol A Cln dlv 1st ref 4s A .1959 J
4.3 48% 4
48
47% 53
Registered...............
*1930
Q
F
82*4 Sopt’ 19
Buffalo R A P gen g 6s____ 1937 M
90*8 95 9 Jan '20
91
9234
Oln
8
A
Cl
cons
1st
g
6s..1928
J
J
8.8%
93% May’ 19
Consol4*4s...... .........
1957 M I
___8
Jan ’20
82
83%
C C C A 1 gen cons g 6a.. 1934 J J 101%
All A West 1st g 4s gu___ 1998 A 1 _ i
74
7
Jan '20
73% 73%
Ind
B
A
W
1st
pref
4s___
1940
A
O
70*2
70% Nov’ l9
Clear A Mah 1st gu g 5a..1943 J
Fob ’16
O Ind A W 1st pref 6 s ...<11038 Q J 76
Booh A Pitts 1st gold 6s..1921 P A 9 334101
99%
99%
99% 100 %
Peoria A East 1st cons 4s. 1940 A O 51% 52*4 51*2
52%
51*2 54%
Consol 1st g 6s..............1922 J D 99% 103 99% Fob ’20
99% 100
Income 4s___________ 1990 Apr
12% 1.3 1.8 Jan ’2 0 ___ IS 20
Canada Sou cons gu A 5 s... 1962 A O 81 83
82
82
82 87
CleveShortL
1st
gu
4
M
is__
1961
A
O
82
83%
86%
Feb
’2 0 ___ 85% 88*2
Car Clinch A Ohio 1st 30-yr 6s ’38 J D 71% 75
75 Nov’ 19
Colorado
A
Sou
1st
g
4s___
1929
F
82*2
85
82%
85% 31 82% 85%
Central of Ga 1st gold 6s...pl945 F A 93% 95
9734 Aug '19
Refund A Ext 4 44s.......... 1935 M
70% Salo
70%
75
Consol gold 6s................. 1945 M N 80% 82% 83%
69
83%
83%
Ft W A Den C 1st g 6 s ...1921 J
95% 96
97
98
10-yr temp secur 6s June 1929
07
88 88% 89%
89%
88%
Conn
A
Pas
Rlvs
1st
g
4
s
...1943
A
Chatt Dlv pur money g 4s 1951 J D
76
74% May'lu
Cuba RR 1st 60-year 5s g. ..1962 J
75
—
85% Sept’19
Mao A Nor Dlv 1st g 6s..1946 J J 80% 92% 90 May’18
Del Lack A Western—
Mid Ga A Atl Dlv 5s........1947 J J 88
97% June'17
Morris A Ess lat gu 3 448..2000 J
09
72% 70 Fob ’20
70%
Mobile Dlv 1st g 5s_____ 1946 J J 83% '92% 91*4 Jan T9
N V Lack A W 1st 6s........1921 J
99% 100 1] 00
100
100*8
CentRR A B of Ga coll g 68.1937 «l N *82 ____I 81%
81%
81% 81%
Construction 6s______ 1923 K
93% 03
94*8 Nov’ 10
Term A Improv 4s . ..t023
90(8 92%'
Jan ’20 ..
92*4 91
• No price Friday; latest this week. a Due Jan d u e April, e Due May. g Due Juno h Duo July. * Due Aug. q Due Oct. p Duo Nov.94o Duo
Dec. s option Hat“
F eb . 14 1 9 2 0 .]
BONDS
H. Y . STOC K E X C H A N G E
Week ending Feb 13
Price
Frida j
13
F eb.
W eek 's
R a n ge or
L a st Sale
R ange
S in ce
J a n . 1.
fi
N
BONDS
Y STOC K E X C H A N G E
Week endlug Fob. 13
fjotr
H lo h
Delaware Lack A West — C o n cl
102>* Feb -os
Warren 1st ref gu g 3 H a. 2000
Delaware A Hudson—
9V
90*8 971* 933.1
1st Hen equip g 4 M * lw2‘2
77
77
77
76
1st A rel 4 s -------------------- 1943
82 la
81
20-year conv 5a______ - - 1936
0
G9>8 741.1 72*2 Jan "20
Alb A Suaq conv 3 H « -------1940
104
102*4
Apr
’ 19
100
N
Ilonas A Saratoga 1st 7 a .. 1021
Denver A R io Grande—
60
Sale 60
61*4
J
1st cona g 4a______________1936
69
70*s Jan ’ 20
67
J
Consol gold 4 H a--------------1936
701»Jan '20 . . . .
67
60
D
Im provement gold 5a------ 1928
18
41
40
Sale
A
40
U
lat A refunding 5a------------1955
421*
Jan ’20
15
Trust C o cortfs of deposit—
75 Jan ‘20
R io Or Juno 1st gu g 5 a . . -1939
39'2 61*4 Apr ’ ll
—
Rio Gr Sou 1st gold 4a------ 1940 J
31 July'17
Guaranteed-------------------1940 J
02
02
58
60
R io Gr W est lat gold 48--1939 J
62 Fob ’20
52
A
48
M tge A coll trust 4a A ..1 9 4 9
82 Deo’ 10
78
—
Del A M ack— 1st lien g 4s. .1995 J
75*2 July’ 10
G old 4 s . . ________________ 1995 J
7434
76*4
74*i 77
D ot lllv Tun Ter Tun 4 H a. .1061 M
90i2 . . . . 9434 June’ is
D ul Mlaaabe A Nor gen 5 s . . 1941 J
89
h Feb '20
—
A
90
D ul A Iron Range lat 5 a ....1 9 3 7
10512 Mar OS
Registered--------------------- 1937 A
83 June’ 19
83
D ul'Sou Shore A Atl g 6 a . . .1937 J
89's Sept’ 19
8 6 '8 92
Elgin Joliet A East lat g 5 a ..1941 M
93
97*4 95
97
Erlo lat consol gold 7a...........1920 M
50 Jan ’20
82
M
N Y A Erie lat ext g 4 s . . . 1947
92 Jan '20
88
3rd ext gold 4 H a .. . . . . . . 1 9 2 3 M
97*2 Deo ’ 19
Do
4th ext gold 5 s . . . ------------ 1920 A
*
97*2 9134 Nov'15
5tb ext gold 4a________ ...1 9 2 8 J
98’s Aug’ 19
96
N Y L E A W lat g fd 7 a .. 1920 M
5112
491* 5078 51
Eric lat cona g 4 b prior— 1996 J
84 Deo '16
Registered.................
1996 J
40
39 U Sale 39
1st conaol gen lien g 4a. 1996 J
*
73 June’ 16
65
Registered.................... 1996 J
79'4 79 Feb ’20
70
Penn coll trust gold 4 a .-1951 F
33 31*2 35*2 Jan ’20
50-year conv 4a Ser A... 1953 A
34
3412 30
31)
do Serlca B _________ 1953 A
34
38 U 36
35
Gen conv 4s Scrlca D . .1953 A
80>4 81 Jan *20
Ohio A Erie lat gold 5a— 1982 M
1067a Jan ’ 17
Clev A M ahon Vail g 5 a ..l9 3 8 J
9 Da Oct ’ 19
92
Erie A Jeraoy lat a f 6 a . 1955 J
91*4
95 D ec’ 19
—
J
Gencaeo River la ta f 6 S ...1 9 6 7
IO
8I2 Sept’ 19
Long D ock consol g 6a____ 1935 A
103 Jan ’ 18
100
93
Coal A R R lat cur gu 6B..1922 M
91
Feb ’20
91
J
Dock A Im pt lat ext 5 8 ...1 9 4 3
85 Jan *18
80*8 82
PI Y A Green L gu g 5a— 1946 M
65 Nov’ 19
60
47
N Y Suaq A W 1st ref 5 s . . 1937 J
IOOU Deo ’06 : : : :
2d gold 4 44b___________ 1037 F
60 June* 18
40
—
General gold 6s_________ 1940 P
97 Deo ’ 18
M
Terminal lat gold 6a— 1943
72 Nov’ 19 . . . .
72
M1<1 o f N J lat ext 6s____1940 A
54 Feb ’20
54
—
Wllk A East lat gu g 5 s .. 1942 J
23*2 Jan '17 . . . .
J
Ev A Ind lat cona gu g 6 a .. 1926
95U Aug’ 19 - - - ____ _ 96
Evan3v A T II lat cona 6 a .. 1921 J
68 Dec *19
. . . .
—
lat general gold 6s________1912 A
108 Nov’ 11 : : : :
Mt. Vernon lBt gold 6 s . . . 1023 A
95 June'12
Bull C o Branch lat g 6 a ..1930 A
80 Jan '20 —
76
72
Florida E Coast lat 4 H * _ — 1959 J
92 Aug ’ 10
.
.
.
.
.
.
.
.
Fort St U D Co lat r . ?»a ..l9 1 1 J
56'g ____ _ 50*8 Jan ’20
Ft W orth A R io Or lat g 4a. 1928 J
76 Deo ’ 19
■SO
Galv Hous A lie n lat 5 s____1933 A
91
93*2 Ifl^ale 93
Great Nor O B A Q coll 4s. .1921 J
9 D4 Jan ’20
Registered..............
41921 Q
817
3
Feb
’20
84
817*
J
1st A ref 4 448 Series A ____1961
93 June'16
1961 J
Registered-----------88 >g Jan ’20
83 ig 90
St Paul M A Man 4 s......... 1033 J
* ____
10512 Jan ’ 20 . . . .
108
lat consol g 6 a . . _____ ..1 9 3 3 J
118 A p r’ 17
Registered..................... 1933 J
88 *s
88*g 89*2 88 *g
Reduced to gold 444s. 1933 J
10212 May’ l'i
Registered_________ 1933 J
79'g
79i8
70'* —
M ont ext lat gold 4S---1937 J
80 Sept’ 19
Registered........... ......... 1937 J
86
77 Nov’ 19 . . . .
Paciflo ext guar 4a £ -------1940 J
74
74
78
E Minn N or D lv lat g 4 a _ . 1948 A
99 Aug’ 19
PS
Minn Union lat g 0 e - ...- 1 9 2 2 J
lOO1* Jan '20
103
—
M ont O 1st gu g 6a----------1937 J
130U May’06
Registered______________1937 J
90'g 9212 91 Jan '20 . . . .
lat guar gold 5a............ 1937 J
9 1 'a 98*4 98 Dec ’ 19
Will A S F lat gold 6 a .. 1938 J
7 9 l2 52'2 Doc ’ 19
53
Green Ray A W deb otfa “ A ” ------ Feb
73i Feb ’23
712
7*4
Feb
D ebenture otfa ’ *B "----J *65 . . . . 73 Oct *1!) : : : :
G ulf A S 1 lat ref A t g 5a. .61952 J
68*4
Feb '20 . . . . |
03
—
Hooking Val lat cona g 4 44b 1999
73U June'18 . . . .
Registered.....................
1999
73>2 Oct *18!70*4
Col A II V lat ext g 4s------ 1948
09*4 . . . .
Col A T ol lat ext 4a______ 1955
N o v ’ 19
78
Houston Belt A Term 1st 5a. 1937
N ov’ 19 . . . .
* 7 9 78 ______
Illinois Central lat gold 4a__1951
flept’
17
.
.
.
.
—
R e g is t e r e d ....___________ 1961
Dec ’ 19
lat gold 3 44a..........................1961
N o v ’ 15 . .
Registered_____ ________ 1951
73U N ov'19
______
Extended lat gold 3 44s___ 1951
—
Registered_____________ 1951
’8
0 * July 09 _____
lat gold 3a sterling________1951
Registered............. ........ 1951
Fob ’20
68
7.)Ij 71
Collateral trust gold 4 n ...l9 6 2
9->38 Sept’ 12
Registered______________1952
5
70i2;
‘ 0 8 ~ Sale 63
lat refunding 4 a _________ 1956
6 2 's 04*8 69 Doe '1
Purchased lines 3 4 a . . ...1 9 5 2
Sale
61
>
2
66
65
L N O A Texas gold 4 s . . . 1953
66 A u g ’ 19
Registered.. _________ .1953
4
91
90*4 Sale 9 U4
16-yoar secured 5 ija _____ 1934
70 Feb ’ 20
7 0 14 76
Cairo Bridge gold 4 s ------- 1960
—
60 Deo
60
Litchfield Dlv let gold 3 a .1051
67*8 69 Jan '20
Loulav Dlv A Term g 3 44a 1953
102 Jun e'16
95 's
M iddle D lv reg 6a------------ 1921
5SU Sept’ 18
60
Omaha D lv lat gold 3 a .-.1951
53 Jan ’ 20 . . . .
0
2
7g
Ht Louie Dlv A Term g 3a. 1951
67*g Deo '19
0 1 1« 07
G old 3448.........................
80 June’ 16
Registered.....................1951
80*8 N o v ’ lrt
74
aprlngf i>lv lat g 34 4 a .. .1951
79*2 M ay’ 19
7 lv , —
Woatern Lines lat g 4a------ 1951
92 N ov’ 10 . _ . _
Registered..............
1951
117*2 M ay'10
100
—
Bollev A Car lat 6a........... 1923
73 M a r'19
Garb A Shaw lat gold 4 s . .1932
93 Jan ’ 20 I I —
~ 90~
Chin St T . A N O gold 6a . 1951
95’ 8 Ken ’ 19
Registered-----------1951
681S 65*2 July’ IS . . . .
60
G old 3 44a......................... 1951
Registered................. ..1951
1
81
7 0 ', 81
Joint lat ref 5a Series A 1963
64 ig 73
69*2 Fob "JO
Memph D lv lat g 4 a .. . 1951
05
N
o
v
’
17
---Registered___________ 1961
77*2 Aug’ 19
7 0 's
St Louis Sou lat gu g 4s .1931
75*4 Deo *19
72 ig
Ind III A Iowa 1st g 4a______ I960
93
N
o
v
’
19
93
95
--lat A Great N or lat g 6a____1919 M N
78 Jan ">n
80
D
James Frrank A Clear 1st 4s 1959
fa v 2i
55Va Sale 55*g
Kansas City Sou lat gold 3a I960
78 O c t ! 0 )
Registered........... .............. I960
21
70
0 9 ’ g 68*2
Ref A Im pt 5 a .. .
...A pr 1950
18
70*2
6912 S ilo 09*g
Kansas C ity Term lat 4a. „19fl0
14
Sale 75
79
79
Lake Erie A Weat lat g 5s 1937
80*8 Feb ’ 17
78
2d gold 5 a .................... .1941
65 A u g ’ 19
90
North Ohio lat guar g 6a . 1946
86 " " ’ I
Sale 86
80
Leh Val N Y lat gu g 444a 1940
80U 78 Sopt'19 . . . .
—
Registered-------------------------194<
9634
76*8
8l7g
72i2
9f>78
81
85-8
7212
60
677g
6'J78
727g
70l2
40
42>2
75
70l2
46
43*2
75
67
52
’ 434 80
8978 9018
95
80
92
98
80
92
39
43
79
33*g
30
36
81
7934
37
38
39U
83
91
91
54
55
...................
79
80’
5018 56'8
93
90
94*4 951-1
817s 8512
'8S«8 88 '2
105*2 105*8
. . . .
SS'g
0
. . . .
92
7918 83U
78
78
id i's 10012
"94
..—1
94”
734
812
6SI4 73
m i 1.1.
1.11
—
70^8 7412
______ . . . .
OS
701-
64i2 72 i8
90*8 9312
74*2 80
69
69
53
53
.......................
*93*' *93”
SI
83'g
69*2 69i2
*78
78
55*s 59
68!f 75U
69*8 76*8
75
80
*8*2’ ’
. . . .
86 ’
. . . .
L cilg h V »1 (Pa» eons 8 4 a 2003
General 0 >ue 4H** --------.20 03
L*b v Term Ry lat gu 9 5 a .-1941
Registered------ ------------------1941
Leh Val R R 10-yr ooll 6s..r»1928
Leh Val Coal C o lat gu g 5a. 1933
Registered...................
1933
lat lnt reduced to 4a--------1933
Leh A N Y lat guar g 4a------ 1945
Registered________________ 1945
Long laid lat cona gold 5a..M 93 1
1st conaol gold 4 8 - . - . . . . A1931
General gold 4 a . . - - ----------1938
Ferry gold 4 H a--------------- 1922
G old 4a................................. 1932
Unified gold 4 a _ .-------------- 1949
Debenture gold 5a..............1934
20^year p m deb 6a-------- ..1 9 3 7
Guar refunding gold 4a— 1949
Registered______________1949
N Y l l A M B l s t con g 68-1936
N Y A It B 1st gold 58------ 1927
N or Sta B lat con g gu 5a_ol932
Louisiana A Ark lat g 5a— -1927
Louisville A Naahv gen 68.-1930
G old 6s .................................. 1937
Unified gold 4a..................... 1940
Registered______________1940
Collateral trust gold 5a— 1931
L Cln A Lex gold 4 H 8— .1931
N O A M lat gold 6a......... 1930
2d gold 6s ......................... 1930
Paducah A M em D lv 4 a .-1946
St Loula D lv lat gold 68— 1921
2d gold 3a..........................1980
Atl K nox A Cln D lv 4 a . . .1955
Atl K nox A Nor lat g 5 a ..1946
Hender Bdge 1st a f g 6a . . 1931
K entucky Central gold 4a. 1987
Lex A East lat 60-yr 6a « u 1965
L A N A M A M 1st g 4 Ha 1945
L A N-South M Joint 4 a .. 1962
R e g iste re d .._____ ....5 1 9 5 2
N Fla A S lat gu g 5s------ 1937
N A C Bdge gen gu g 4 H 8-1945
Pensac A Atl lat gu g 6 a ..1921
S A N Ala cona gu K 6 a ...1 9 3 6
Gen cona gu 50 year 58.1963
L A Jeff Bdge C o gu g 4 a . . -1945
M anila R R — Sou lines 4a— .1936
M ox Intcrnat 1st ccna g 4a. .1977
Stamped guaranteed......... 1977
M idland T erm — lat s f £ 58.1925
Minn St Loula lat 7fl____ — 1927
Pacific E xt let gold 6a------1921
1st consol gold 6s -------------- 1934
lat A refunding gold 4a . _ . 1949
R ef A ext 50-yr 6a Ser A . . 1962
D cb M A Ft D 1st RU 48..1935
Iowa Central 1st gold 6a . .1938
Refunding gold 4a......... 1951
M 8 tP A S S M c o n g 4 a ln tg u -1 9 3 8
lat oona 5a________________ 1938
lat Chic Term a f 4a............ 1941
M S S M A A lat g 4a lnt g u .’26
Mississippi Central lat 5fl— 1949
M o Kan A Tex— lat gold 4 b 1090
2d gold 43. .
.01990
Trust C o ccrtfs o f deposit
lat ext gold 6a . . . . -------- 1944
lat A refunding 4 a ---------- 2004
Trust Co certfs of dep
Gen sinking fund 4 H a .. 1936
Trust C o ccrtfs of deposit
8 t Louis D lv 1st ref g 4a. .2001
5 % secured notes ” ext’ ’ '16
Dali A W aco lat gu g 5 a .. 1940
Kan City A Pac lat g 48— 1990
M o K A E lat gu g 5s------ 1942
M K A Okla 1st guar 5 a ._ 1942
M K A T o f T 1st gu g 5a 1942
Sher Sh A 80 lat gu g 5 a .. 1942
Texas A Okla lat gu g 58— 1043
Missouri Pacific (reorg C o )—
lat A refunding 6a Sor A . . 1965
lat A refunding 6a Ser Bn 1923
1st A refunding 5a Ser C . . 1926
General 4 a -------- ----------- -.19 75
Missouri Pac lat cona « 6 e ._ 1920
40-year gold loan 4s— ...1 9 4 5
3d 7a extended at 4 % ------ 1938
Cent Br U P 1st g 4 a ----- 1048
Pac R of M o let ex tg 4 a ..l9 3 8
2d extended gold 5a----- 1938
, 8 t L Ir M A S gen con g 6a 1931
Gen con stamp gu g 5 s . . 1031
Unified A ref gold 4a ..1 9 2 9
Registered------------------1929
Rlv A G D lv lat g 43 — .1933
Verdi V 1 A W 1st g 6 a ...1 9 2 6
M ob A Ohio new gold 6a____ 1927
lat ext gold 6a________ ...5 1 9 2 7
General gold 4s..................... 1938
M ontgom ery D lv lat g 5 a. 1947
St Louis D lv 5a_____ . .. .1 9 2 7
St L A Cairo guar g 4 s----- 1931
Nashv Chatt A St L lat 5a . . 1928
Jasper Brauch 1st g 6s — 1023
Nat Rya of Mex pr lien 4 H®-1957
Guaranteed general 4s. .
1977
Nat o f Mex prior lien 4H »-192fl
1st conaol 4a_____ ______..1951
New Orleans Terra lat 4s— 1953
N O Tex A M exico lat 6s— 1925
Non cum Income 5a A . . . .1935
New York Central R R —
Conv deb 6* __________ ...1 9 3 5
Conaol 4a Series A ------------1998
R ef A Imp 4 H » " A " ..........2013
New York Cent A Hud R lv—
M ortgage 3 H a..................... 1997
Registered_____________ 1997
Debenture gold 4a . . . . . . . 1934
Registered...............
1934
Lake Shore coll g 3 H 8 - . . . 1998
Registered_______
1998
Mleh Cent ooll gold 3 Ha . 1998
Registered________
1998
Battle Cr A Stur lat gu 38-1989
Beech Creek 1st gu g 4a 1936
Registered............- -------- 1936
2d guar gold 5a--------------1936
Registered......... ........... 1936
Beech Cr Ext lat g 3HB-61951
Cart A Ad lat gu g 4 s------1981 J
G ouv A Oswe lat gu g 5a_ 1942 J
M oh A M ai lat gu g 4 a ... 1991 M
N J June R guar 1 st 4n ._!986|F
N Y A Harlem g 3 H 3---20 0 0 *
*No price Friday; latest bidanda-uuti thisweek, aDueJan. 5Due Feb. gDueJune, hDueJuly, nDueSept.
645
New York Bond R e co rd — Continued - Page 2
High
70*1
70*4
80*2
S0*s
N o . ILow
H ig h
5 | 70*2 71
5 80i2 83
97U D ec '19
113
M a r ’ 17
9934
100
9 S i8 J an ’ 20
105
O c t '1 3
____
87*4
40
...
9934 103
9Si8 98>8
73 Jan '20
86
86
Aug'19
*79*8
Jan '20
*72
O
ct ’ 19
85
9312
85
99U O ct ’06
65
Jan '20
6318 78
Jan ’ 2()
____ 68
Jan ’20
60
G5i2
69
08
Jan ' l l
Aug’ 19
D ec ’ 19
00>8 Juno'19
92
8U 2 Oot ’ 19
7212 77
91i2 F eb ’ 20
9718 F eb *20
97
80
Salo 78i2
80
81*2 Sept,’ 19
90i2
8918 90*4 89is
90 Jan '20
88
93
1
100U 100U
IOOU
2
100
9 l'x 100 100
79l2 Jan 19 ___ j
74
3
97 >8
97>8 99i2 97>S
50
50's 50>4 Feb ’ 20
68 I 6
60*8 69*4 68
95*2 N ov ’ 19
95*2 100
100*8 in Us 1 0 l J2 Jan '20
73
73 I
77
82*4 84<i 841* Feb ’20
82*2 Jan ’20
82*4
63 >8
Sale 63
63
95 Feb ’ 05
94 12 Sept’ 19
88
977s M a y ’ 10
77U
98*4 D ec ’ 19
97 14 100
93t2 Jan ’20 . . .
90*8
8 U 4 8U2 85U N o v ’ 19
70 Oct ’ 19
09
—
—
—
97
36
69
37
77
93
"86*8
*75
56
28*8
2S*8
9514
7434
Sale
43
44
7 l 34
41
Salo
—
90
Sale
Sale
30
32
35*4 38
37
26
24
24
26*2
23
30
46l2
36
30
18
15
8U 2
85
85
53
__
55
24
39
Sale
91*8
86
Sale
97 7s
857«
60
34*4
78*8 ____ _
87 >8 97*8
85 14 88
"72"
Sale
66
6612
100l2 ______
91*4 95
53's 59 7s
76*4 80
82
09*4
93*8 93*i
104*4
4978
30
—
71
60*4 62
9 ll2 95
52*2
51
"69*8
53 —
Due O ct.
7378
67
68
69i2
89i8
89
IOOI4
ICO
91
90
103
100
97!8 l"6o’ '
49*8 5178
68
76
101l2 10U2
73
84
S2U
63
75
SG78
82l2
65
931* 93i2
94
94
7378 75
3478 40
69
71
37 »a 41
77
82*4
56
607g
28 *« 31
29
31
81
89
81*2
SO
86
86
52
55
6
5
5
169
36
25
24
25
397g
25
2512
25
81
89
86
52
83*2
9U8
89*8
59
9714 D ec ’ 19
58 O ct ’ 18
82 Apr *17 . . .
68 June’ 19
78i8 Feb ’ 20
89 M ay’ 19
15
85*4
87's
102 July’ 14
72
72
0
8()78 O ct *17
67 Fob '20
86 Jan ’ 20 . . . .
1 0 li8 Jan ’ 20
95*8 Jan ’ 20,
57*8 Jan ’ 20
77 Fob ’ 20,
82
Apr* 19
2'
GO's
60i2
96i2 Jan *20
llOU M ar l 7
22 Jan '20
2378 Jan '20
937g Feb ’ 13 - - j
15 Jan '20
3j
62
62'4
95 Feb ’ 20
51
52t2
196
....
6
,
063.i
33
Sale 6478
2
65
031?
6312
76 Feb '20
73
+
88
79
N 0V I 8 : : : :
4
58
59
59
*
60 Jan ’20
GO
Sale 59
59
1
59
75
M ar’ 17
52
49
*82i2 Jan *20
83 —
0584 N o v ’ 16 : : : :
101 May* 16
”79*4
—
68
67
67
65
69!2 Apr ’ 17
0212 Dec ’ 19
36 Jan ’20
69 O ct *19
55ig Aug’ 19
51 Dec ’ 16
3834 D ec ’ 19
65
55
72*8
89*2
9112 91*2
97 100
7S1* 8412
77 M ar’ 10
75 N o v ’ 10
85 Jan ’20
01 July’ 19|
91 Jan ’2t)|
7378 Jan ’ 20
30
37*8
44 Sept’ 19
45
N o v ’ 19
70*2 Jan ’20
39
397s
77
78i2
93U D ec ’ ll)
88
N ov’ 19
88*8 Jan *20
95 D ec *16
56
57l2
28*8
29
29 Jan ’ 20
22>8 Dec ’ 19
36 Jan ’ 20
25 Jan ’ 20
24
24
25 Jan ’ 20
27 July* 19
S9*4 Salo 89is
92*4
6 H4 06*8 69*8 Feb ’ 20
76*2 77
77*2
76
•
S6
49
—
—
78*8 78*8
85*4 94*8
72
76
67
83
101*8
95*8
56
76*2
72
86
1027g
95*8
59
77
’ 69*8 74*2
94*i 96*2
"20
20
15
6295
49
22
237g
15
65
96
55*2
89*8 93 m
72
67
76*8 79
G47s 70
63i2 63*2
76
82*2
58
60
59
62
60
6178
82*8 82*2
N o v ’ 16
ffd* Jan '20
891* Feb *16
80 M ay’ 17
75*2 75*2
BO N DS
N . Y. ST O C K E X C H A N G E
Week ending I*’c b . 13
[Vol . no.
New York Bond Record—Continued—Page 3
646
£
~
-5
P ric e
F rid a g
F e b . 13.
W eek ’)
R a n g e or
L a st S ale
•35 1
05
R ange
S in c e
J a n . 1.
N o . L ow
H ig h
H ig
B id
As L o w
N Y Cent * H R S B (Co*) —
91% . . .
92'>g Jan '2 - - - I 92% 92%
If Y * N orthern 1st g 6 s .1923 A
70% . . .
7s% Apr '1
N Y ot Pu lac cona gu g 4a. 1993 A
103*8 . . .
113 M ay’ l
Pine Creek reg guar 6a____ 1932 J
97% 991
R VV & O eon lat ext 6 a ..*1922 A
73 . . .
77 Oet '1 1 __
Rutland lat con g 4H a___1941 J
60 Aug T
____ 78
Og A L C h a m lat gu 4a g . 1948 ■*
53
53
60
53 Fob '2 - - - j 53
Rut-Canada lat gu g 4 a .1949 J
82>.i 85 101 N o v 'l
St Lawr * Adlr lat g 68. . .1990 J
103 N o v 'l ___
_____84
2d gold 6a______ _______1996 *
93 ig 93%
9 3 's ____ 93>g Jan ’ 2( - - U tica A Blk R lv gu g 4 a ..1922 J
6 5 # 69* 69
69i
68% 70
Labe Shore gold 3 >4a..........1997 J
1 ------ 69
69
Regia tered_____________ 1997 1
8 i 83
87%
83
Sait 83
85
Debenture gold 4a_____ 1928 M
2
i
807f
' 79
84%
79is Salt 79
26-year gold 4a_________1931 M N
84t2 N o v 'l!
Reglatered___________ 1931 M N
Ka A A Q R lat gu o 6a___1938 J
■*
93 '8 ____ 10H 2 Deo 'IS
M ahon C 'l R R lat 6a____ 1934 J
'
103 M ay’ 17
Pitta A L Erie 2d g 5a___ al928 *
10 2 V*____ 130'g Jan 'Of
Pitta M cK A Y lat gu 6 a ..1932 J
10 1 ____ 123% M ar'Li
2d guaranteed 6a______ 1931 J
89h
99i 2 Aug '17
M ichigan Central 5a_____ 1931 M
92 34 ____ 98i2 N o v ’ IS
Reglatered______ _______1931 Q
75
82
N o v 'U
4 a . . . ..................................1940 J
74% 77
87 Feb '14
Reglatered___________ 1910 J
7 0 ig ____ 90 June'O.'"
J L A S lat gold 3)48— .1951 M
68
63
63
65 >g 6 S*< 63
let gold 3 M s.................... 1952 M N
' 73
81
73
80
73
73
20-year debenture 4 s . .1929 A O
75'g 771. 7 6 'g Feb ’2C — ' 76% 81-1,
N Y Chi A St L lat g 4 a . .1937 A
85
N
o
v
’
U
Reglatered_____________ 1937 A
67
67
67
75
66
67
Debenture 4s__________1931 M
23 70% 71%
71
70% Silf 7)%
Weat Shore lat 4a g u a r ...2361 J
70
71%
68
69% 70 ig Jan '20 —
Reglatered_____________ 2361 J
N Y C Lines eq tr 6 a ..1919-22 M N 9 7 'g ____ 99i 2 Feb ’ ll)
94% 91%
93U 9834 94i 2 Jan '26 —
Equip trust 4)48— 1919-1925 J
77 Jan '20 —
77
79
77
78
N Y Connect lat gu 4)4a A . .1953 F
N Y N H A H artford—
50 N ov'19
____ 53
N on-cony deben 4a______ 1947 M
49 N o v ‘ 19
N on-oonv deben 3)4a____ 1947 M
1 41% 45
41%
44% Sale 44l 2
N on-conv deben 3 )4 s ____ 1954 A
2 17% 47%
47 i2
4712
____ 46%
N on-oonv deben 4a______ 1955 J
1 1 46% 43
47
47
Salt 47
N on-conv deben 4a______ 1956 M N
447j 447s
J ------- 44% 41% Feb '2C —
Conv debenture 3 H a_____ 1956 J
10 66% 72
70
68
Sale 6 U*2
J
Conv debenture 6a_______ 1948
50 Oot 17
A
Cona R y non-conv 4a____ 1930
91>2 Jan '12
J ____ 60
N on-conv deben 4a____ 1954
60 July’ 18
J
N on-conv deben 4a____ 1955
O
N on-conv deben 4a____ 1955
40 Oot '19
J
N on-conv deben 4a____ 1956 J
633.1 ____ 68 N ov'19
Harlem R -Pt Chea lat 4 a .1954 M N
B & N Y Air Line lat 4 a ..1955 F A 65 ____ 79i 2 Dee ' 17
53 Jan '20 . . . .
58
53
J ____ 57%
Cent New Eng lat gu 4 a ..1901 J
Hartford St R y lat 4a____1930 M S
80 ____ 10012 M a y '15
Houaatonlc R cona g 5 a ..1937 M N
60 ____ 87 July'14
Naugatuck R R lat 41____ 1954 Srt N
N Y Frov A Boston 4a___ 1942 A O 8OI2 ____ 81 A u g '13
27 34% 33
33
Sale 3534
31
N Y W 'ch ea A B lat aer 1 4H s'40 J
Boston Terminal lat 4 a ...1 9 3 9 A
76 _
Now England cona 5a____ 1945 J
57 ____ 70 Sopt'17 ____
Consol 4a_____________ 1945 J
29 lg 32
34% Jan "20 —
34% 34%
Providence Secur deb 4 s ..1957 M N
75 ____ 99% Deo T3
Prov A Springfield lat 6 * .1922 J J
38
'g Fab ' 14
673g____
A
r
t
8
Providence Term lat 4 a ...1 9 5 6
J
VV A c o n Eaat lat 4 H « — 1943 J
60 Fob '20 —
59
60
59% 60%
N Y O A VV ref 1 st g 4a____<71992 M 8
9212 lim e'lJ
Registered $5,000 o n ly ..<71992 M 8
OUT N o v ‘ 19
60
68
General 4a________________ 1955 J D
4 49
5012
49
Sale 49
55
N orfolk Sou lat A ref A 6 a . . 1981 f
81
N ov'lv)
77 % 81
N orf A Sou lat gold 5a............1941 « N
101 ____ 104 Feb '20 . . . . 104 104
N orf A Weat gen gold 8 s____ 1931 IV!
122 N o v 'in
____ 109
im provement A ext g 6 a . . 1934
1 103 1J3
10) ____ 103
103
Now River lat gold 6s ____1932
17 74% 80
743-t Sale 74-1,
75%
N A W R y l i t cons g 4 a .. 1998
79
O
ct
'Ll
Reglatered_____________ 1996
10 75% 78%
75ig 76% 7 i
75
D lv'l lat lien A gen g 4 a .1944
74 ____ 77i2 Jan '20 ---- - 77% 77%
10-25-year oonv 4s_____ 1932
1 17>4 M a y '10
10-20-year conv 4s_____ 1932
96-14 Dec '19 —
10-25-year conv 4H a ___1938
23 9 )
10Ug
100
Sale 99
101%
10 -year conv 6 s________ 1929
4 73
77
79
73
71
SO
Pooah C A C Joint 4 s . . .1941
9 7 % ____ 9 d j Jan '20
91% 91%
O O A T lat guar gold 5a. 1922 J
75 '1 77
7514 Fob '20
75% 77
Solo V A N E lat gu g 4 a ..1989 M
Northern Paclflo prior lien rail
105! 73
7314 Silo 73
75
80%
way A land grant g 4a____ 1997 Q
723, 7ol2 76% N ov'19 . . . .
Registered_____________ 1997 Q
501*
50 ’ 1 53U
501.,
5212
General Hen gold 3s_____ o2047 q
55 N o v ’ lu
Reglatered____________ a2047 q
2 78
7 ;% 7 -i
7.3
73
81%
Ref A Imp 4H s ser A ......... 2047 j
78 M a y '19
70 4 75
8 t Paul-Duluth D lv g 4 a ..1996 j
9 )ig 1 Jli4 l<)0% Jan '20 . . . 100% 100%
St P A N P gen gold 6 a ...1 9 2 3 r
100% 100%
9 3 U ____ 100% Jan '20
Registered certlfIoatea..l923 q
97 Feb T9
St Paul A Duluth lat 5 a . . 1931 F
os _
78'g Oct T 9
lat conaol gold 4a______ 1988 1
3 7 '2 Deo '16
Wash Cent 1st gold 4a____ 19 48 q
..I 107% 107%
1 0 ) % ____ 107'g Jan '20
Nor Pac Term C o lat g 6 a ..1933 j
20 68
66 lg Sale 66
72%
071,
Oregon Wash 1st A ref 4 a ...196 1 i
75
SO
S4'2 8ept'19
Paciflo Coast C o lat g 5 s ...1 9 1 6 1 D
____ 9.21.1 lOOig Feb '17
Paducah A Ills lat a f 4 H S ..19 55 j
Pennsylvania R R 1st g 4 a ..1923 * N ____ 9U* 95 ig Apr T9
83 'g Jan '20
83% 83%
Consol gold 4a___________ 1943 1* N ____ 81
2 ! 82
8 U , 82% 82
82
86%
Conaol gold 4a___________ 1948 art n
7 89% 92%
9 )l2
A 89 % Sale 89%
Consol 4 H s — .................... 1960
9 1 79
80
80
Sale 79
81%
D
General 4 Ha______________1965
65 83% 93%
891,
D 83% Sale 837g
General 5a......... ....................1968
8 81 lg 82
Alleg Val gen guar g 4 a ...1 9 4 2
D R R R A B’ ge 1st gu 43 g 1936
A 83 g ____ 8 9 '2 Soot'16
N 8 0 i , ____ 82'g Jan '20 . . . . 82% 82%
Phlla Balt A W lat g 4 a ..1943
102 Jan '93
J
0odua Bay A Sou lat g 5 s .1924
Hunbury A Lewis 1st g 4a. 1936
i
U N J R R A Can gen 4 a ..1944
8 813g____ 92 Deo '17
Pennsylvania C o—
9 97% 97%
971, 9734 971,1
971.1
Guar 1st gold 4 H s ______ 1921 J
J
Reglatered_____________ 1921 J
J
9 513____ 95% Oct T 9
87 Fob *17
72
Guar 3 Hs coll trust reg A . 1937 M S
6!)12 71% 71i2 Jan '20 ____ 71% 71%
Guar 3 Ha coll trust ser B . 1941 F A
73% J 111 '20 ____ 73% 73%
Guar 3 Hs trust ctfs O . . . 19 42 J D 69 4 73
Guar 3 Ha trust otfa D . . . 1944 J D ____ 7>l4 77 N o v ’ l*)
82% 83%
Guar 16-25-year gold 4 s ..1931 A O ____ «3 ' 83 i, Jan '20
40-year guar 4s otfa Ser E . 1952 M N
8 0 ig Jan '20 ___ 80% 81
77% 79
80 Fob '20
Oln Leb A N or gu 4a g ___1942 M N
SO
80
7 9 ', 87
Cl A M ar lat gu g 4 H S ...1 9 3 5 M N
85 Dec T9 . . .
851* 92
Cl A P gen gu 4H a aer A . 1942 i
J
9 i% M a y '18
Serlea B ________________ 1942 A O
85*2 . . . . 01 D ec *15
Int reduced to 3 H 8 ..1 9 4 2 A O
U0>4 Fob '12
00's Oot '12
Series C 3 H8..................... 1948 M N
Series D 3 H a..................1950 F A
8314 Feb ' 17
701*
79ig Oct T9
Erse A Pitts g u g 3 H s B . . 1940 J
J
70i2 ____ 79% M ay' 19
Series C ______ ______...1 9 4 0 J
J
80 % ____
G r k a I ex lat gu g 4H S.1941 J
J
8 5 % ____ 85*4 N o v ‘ 19
Ohio Connect lat gu 4 s . . .1943 M S
Pitts Y A Aah lat cona 5s. 1927 M N
9 7 % ____ 93 M ay'10
92
T ol W V A O gu 4H a A . .1931 J
J ..
9,1*4 A or '17 . __
Berlea B 4 H s ...................1933 J
J ____ 9U j 87'g N ov'19
Serlea C 4s......................... 1942 M S
80 ____ 88 ig Snnt'17
Of)
90
P C C A St L gu 4H a A ..1 9 4 0 A O
90 Fob '20
Serlea B guar...................1942 A O ____ 91% 90 Feb ’20 . . .
90
90
aeries O guar__________ 1942 M N
series O 4a guar________1945 M N
. . . 9012 90l2 Oct 'JO
Aeries E 3 Hs guar g o ld . 1949 F A
84
82
8 3 ', 81 Fob '20 — “ J 81
BON DS
N . Y . ST O C K E X C H A N G E
Week ending Fob. 13.
II
P r ic e
F rid a u
F e b . 13.
W eek'll
R ange or
L a st Rale
S3
§=2 I
cq
R ange
rslncet
Jan.
....
* No price Friday; latest bidan1asked, a Duo Ian. 6Due Feb. gDueJuno, hDueJuly. * Due Aug. 0Due Oot. v DueNov. gDuo Dec. sOptionsale.
1
Bid
A e k Lore
H igh N o . Low H ig h
P . C . C . A 8 t. L (Con.)
Sept'18
Serlea F guar 4a gold___1953 J D ____ 8412 91
Serlea G 4a guar_______ 1957 M N ____ 00 11 905s Aug '19 : : : :
88 % 88 % Jan '20
88 % 88 %
Serlea I cona gu 4 H s — 1963 F A
lOO'b 101 Jnnn* 1(1
------- , -------C 8t L A P lat cons g 5 s ..1932 A O
100 June’ 17
Peoria A Pekin Un lat 6a g — 1921 q f
1 87 M iir'lA
2d gold 4 H s ....................... 01921 M N
82% Sale! 82%
37 82% 87%
81%
Pero M arquette lat 8er A 58.1956
10 66% 71%
66% Sale 66*4
69
1st Serlea B 4a..................... 1956
15
40
Philippine R y lat 30-yr a f 4a 1937
95 %
99 Jau T8
Pitta 8h A L E lat g 6a.......... 1940
971, D ec T7
93 %
lat conaol gold 6a_________1943
79%
45 77% 81%
78
Salo 77%
Reading Co gen gold 4a_____ 1997
80
7,8
78% Jan '20 ____ 78% 78%
Reglatered______________1997
79% 80
80 Jun '20 —
79% 80%
Jersey Central coll g 4S-.-1951
Atlantic C ity guar 4a g ___1951
01 Dec TO
57% 67
St Jos A Grand Ial 1st g 4a ..1 9 4 7
8t Loula A San Fran (rcorg Co)
204 53% 59%
56
51% Salo 53%
Prior lien 9er A 4a________1950
37 65% 71%
06%
66% Sale 05%
Prior lion Ser B 5a________I960
6 82% 85
83%
82% Sale 82%
I’ rlor lion Sor C Gs_______ 1928
199 56% 62
59
56% Sale 5 !•%
Cum adjust Ser A 6a____ A1056 A O
11% 1.35 30% 451.1
40% Sale 40%
Income Serlea A 6a______ A1960 Oot
10 17g Jan '20 - - -! 101% 102
J 100
St Louis A San Fran gen 6 s .1931
92% Feb '20 ___«i 91
92%
91% 93
General gold 5a_________ 1931 I J
7.1 M ay’ Ll ____j
St L A S F R R cons g 48_1996 I J
1
00 M av' 1 7
8outhw Dlv lat g 5a____ 1947 A O
10 98% 100
9)%
93% Salo 9,8%
K O Ft S A M cona g 6 s . 1928 M N
70
63% 65% 63 Feb '20 — . _ 63
K C Ft S A M Ry ref g 4a. 1936 A O
92
86
Jan
'20
86
87%
A
O
K C A M R A B lat gu 63.1929
16 60% 04%
Salo 60%
01%
St L S W lat g 4s bond c t fa ..l9 8 9 M N 61
____ |
(10
3)
J
2d g 4a Income bond ctfs .p l9 8 9
23 49
51%
52
49 % Salo 49
D
Conaol gold 4 a . . ......... ...1 9 3 2
51%
17 56
56% Hale 5 5
59
J
lat terminal A unifying 5 s .1952
____ 981* Jan *14|
D
Gray's Pt Ter lat gu g 6a. 1947
20 56
57%
58% 5 1 '
60*4
J 55
8 A A A Pass lat gu g 4s____ 1943
61% 00 Jan '20 ___J 60
60%
O 55
Seaboard Air Line g 4s_____ 1950
4 55*2 61
55%
511,1
56
O 55
G old 4a stam ped_________ 1950
45
3 !%l
30% 38*4
A 30% S ilo 30%
Adjustment 5s__________ 01949
Sale 13
15 | 31 38
4!)
O 43
Refunding 4a...................... 1959
62% 61% Jan '20 —
61% 63%
H
Atl Blrm 30-yr lat g 4 a ..<1933
J
Caro Cent lat con g 4a___1949
101 I 997s N o v 'io j
J
Fla Cent A Pen lat ext 6a. 1923
" " Int 110 1 Doc #ir>| : : :
J
lat land grant oxt g 5 a ..1930
- 80
81% 80 Feb '20
80
80
J
Conaol gold 5s................1943
____ 1
80 1
J
Ga A Ala Ry lat con 6 a ..o l9 4 5
88% 88%
J 86% 89% 88% Jan '20 —
G a Car A No lat gu g 5 s ..1929
Seaboard A Roau lat 58—1926
Southern Paclflo C o
Sale 67
07
73
G9%
18 07
G old 4s (Cent Pac c o ll ) ..*19499 J E
Reglatered____________ *1949
77 % Sale 7 )*4
7 H 15) 76*4 81%
20-year conv 4a........... ...01929 9 M
9)
Sale 97
100% 626 97
100
20 year conv 6 a . . . ...............19344 J L
70% Sale 7 )
78
73 | 44 70
Cent Pac lat ref gu g 4 s ..19499 F ;
Roglatored_____________ 1949
81
80
80
80 1 10 80
82%
M ort guar gold 3 H a . . *19299 J C
69% Fob '2 0 ------ 69% 70
Through St L lat gu 4s. 19544 A C ____ 70
87 l o l
100 ' *.u. ' 1 |-----G H A 3 A M A P 1st 5al9311 VI >
99
9 1*4 Jan T
2d eitou 5a guar________ 19311 J
92% 102
95 ' N ov IH|-----Gila V G A N lat gu g 5 s ..19244 M N
84% ____
85% Jan '2( —
Hous E A VV T lat g 5 a ...1 9 3 3i m r.
85% 85%
8 1%
1 10 Oct. ' L l ___
lat guar 5a red ________ 19333 (VI I\
89% 93 !| 92 Feb '2 0 ____ 91*4 93*4
H A T C lat g 5a Int gu___19377 j
j
94
91
93 Jan '2 0 ------ 93
93
Gen gold 4a Int guar____ 19211 A C
90 ____
91
M ar'll |____
vvnon A N W dlv lat g Ga '30n "rt f
_ ___ 87% Hoc T! - - - A A N W lat gu g 5a______ 19411 J
J
99% 100% Oct. ' 1
Louisiana Woat 1st 6a____ 19211 J
j
9 3% 99% !'3% Jan "20
94*4 98*4
M organ’s La A T lat 6 a .. 1920i J
J
92% 97
92%
99%
92% 92%
N o of Cal guar g 5a______ 19388 A C
1)1% 93
9 1%
93 j
Ore A Cal lat guar g 6a___19277 J
J
1 93% 93%
____
95
So Pac of C a l—Gu g 5 a ...1 9 3 77 M 5
,1
9 t ____ 9 1% June' 19
So Pac Coast lat gu 4a g ..l 9 3 77 j
j
10 71% 73%
71%
San Fran Terml lat 4a___19500 A O 71% 72% 71%
83
x
’>
July’
li
J
Tex A N O con gold 6 a ...1 9 4 3t J
70 74% 79*4
7 5 % Salo 71%
75%
So Pac R R lat ref 4a_____ 19565 ■» J
Sale 82
83
81 | 32 82
87%
Southern— lat cona g 5s____ 19941 J
J
92
.351,1 S e p t'll
—!
Registered__________...1 9 9 4
02 55
51
61 %
Develop A gen 4a Sor A ___19561 A O 55% Salo 55
4 56
Halo 5 1
51
56
58
M ob A Ohio coll tr g 4s___1938 M 5
81
7,8
80% Fob '2C
Mem Dlv 1st g 4 H a -5 s ...l9 9 61 J
J
63% 69
67% 67%
07% Jan '2C
J
St Loula dlv lat g 4a......... 1951 J
80
87
9!7g 1illy’ 11; . . .1
Ala G t Sou lat cona A 58 — 1943{ J D
77% 79 1 30 Jan '2C ____ 80
J
80%
Atl A Chari A L lat A 4 Ha 1941 J
Sale 85
J
85
85
88%
1 85
lat 30-year 6a Ser B ____1044 J
67
70 Oct ’ Ll
Atl A Danv lat g 4a______ 1948 J
J
J
2d 4s................................. 1918 J
08 ~ Oet *10
Ati A Yad lat g guar 4 a ..1940) A O
89
93
9 !% Doe TO
J
E T Va A Ga Dlv g 5 8 ...1 9 3 0) J
86% 9 )
89% Jan '20 ___
89%
90*%
Cona lat gold 6a________1958 M M
92
July'Ll
E Term reorg lien g 5s____193S M H 80% 9 1
Ga Midland lat 3a...............1946 A O 44% 59
95% 99
J
90% Jan "20 - - - J 99% 100
G a Pan Ry lat g 6a______ 1922 J
!
Knoxv A Ohio lat g 8 a ...1 9 2 5 )
97
J
91% Oot '18
M ob A Blr prior lion g 58.1945 J
J ____ 00
65 Aug T9
M ortgage gold 4a______ 1946 J
92% 102
9 % Nav'lO
Rich A Dan dob 5aatm pd.l927 A O
.____1
..
Rich A Meek lat g 6a ___ 1948 M N
Virginia M id Ser D 4-68— 1921 IV! H 95%
100
91%
95 Jan "20 . . . .
Series R 5a______________1926 IV1 8
95
95
90%
1 > % l)i*o 'L l
Series K 5a______________1920 rrt s
91% 93
9 1 J u ly '19
General 5a______ _______ 1930 M N
81% 80
J
81% A oot'm
Va A So'w 'n lat gu 5 a ..2003 J
00
64
60 Jan '20 ____ 60
lat cona 60-year 5 s _ .1958 A O
60
80
95
93% Mar' 17
W O A VV lat cy gu 4a____1924 F A
75
J
75% Apr TO
Spokane Internal lat g 6a — 1955 J
71)1, ____ 82 Jar, "20
Term Aaan of St L lHt g 4 H a.1930 A O
81% 82
86
9.3 Out TO
lat cona gold 5a......... 1894-1944 F A 82
J
9 68% 73%
08*4 72
70%
70%
Gen refund a f g 4a...............1953 J
91
81
9 ; Jun c'lu
--I
St L M Bridge Tor gu g 68-1930 A O
82
3 83% 85
83 g 83%
81
Texas A Pao lat gold 5a____2000 J D
25 52% 52%
62% Salo 52%
52%
2nd gold Income 5s______ <2000 Mar
70
85 %
J
La Dlv B L lat g 5a............1931 J
106% N ov'l) 1
W Min W A N VV lat gu 6sl930 F A
J ____
82
83% tin "20
ol A Ohio Cent lat gu 5 a ..1935 J
8312 84%
77% 9 )
80% 80%
80% Feb "20
Western Dlv lat g 6a......... 1935 A O
80
82 Fob ’ 2 ) . . . . j 70
82
General gold 5a___________ 1935 J I)
OS
70
Kan A M lat gu g 4a_____ 1090 A ()
J 87>2 96%
2d 20-year 6a__________ 1927 J
J
J 25
j
j
70*8
2 42% 46%
42% Salo 42%
44%
50-year gold 4a___________1950 A O
3 1*2 1 h ~'8 vfar’ lo
Coll trust 4a g Ser A ......... 1917 K A
1!)
18
Vug
'18
Trust co ctfs of deposit
J D
63% 71% 08 Jan "20 ____ 66
66
|
i D
80% N 'tv'L) ____
77*2
85
64 Sept'17
lat refunding g 4s________ 1952 A O
82
J
J
67 791,1 85%
80% Sale 79%
h'5
J
85%. Oot 'IS ____
Reglatered..................
1947 J
9 84
81%
84% 81
J
83
20-year conv 4s__________ 1927 J
88%
73%
13 72*g 81
72% S ilei 72%
lat A refunding 4s______ <72003 M 8
101 I 54 00 103
J 100% Salo 100
10-year perm aecurod Os. 1928 J
75% 7 1*41 75%
75%' 23 75% 8!
Ore R R A Nav con g 48 — 1946 J D
99%
<)!|U
99% 190
1 99% 101
Oro Short Lino 1st g 6a__ 1922 F A
lat conaol g 5 s .................. 1946 J
J 92% 91% 92% Fob "20
92% 93
80 >, Sale 80%
81%
25 80% 85
Guar refund 4a ________1929 J O
91% 91
J
91 'g Jan "20
Utah A Nor gold 6s____ 1920 J
91% 92%
86
J 79%
89 Feb ' 1HI
lat extended 4a..........1933 J
80% Dec •)<)
indalla cons g 4a Sor A ____ 1965 1 A
81*4 80% June'18
Conaola 4a Series B .......... .1957 M N
T
1
are Grux 4 *n iat »n sign inrta
- .1 35 M av'19
—
—
F eb . 14 1920.1
BO N DS
If Y ST O C K E X C H A N G E
Week ondlng Feb. 13
647
New York Bond Record—Concluded— Page 4
P r ic e
F r id a y
F e b . 13
W e e k 's
R ange or
L a s t S a te
Pi
H ig h
A skL ow
Bit
825ft
Ylrglnian 1st 5s series A ____ 1962 M N 825$ Sale! 82'»s
88 I 2t
W abash 1st gold 6a---------------- 1939
MN 87 U Sale 87*4
80 F e b '20 . . .
2d gold 6a................................1939,
FA 78U 81
90
AUg’ 18 . . . .
Debenture scries B _______ 1939 J
J- - - - r - - * !
1st lion equip a fd g 5a____1921 M
S 99 100*2 971ft July’ 1 9 ----lat lien 50-yr g term 4 s . ..1 9 5 4 J
J - - - - 70*4 70*4 Nov* 19 . . . .
88*4 Jau '2 0 ----D et A Ch Ext lat 8 5a____ 1941 J
J
887a - - - Aug’ 1 2 ----Dea M oines D lv lBt g 4a._1939 J
J ------- 75*8 80
07 Feb'19!---Oin D lv 1st g 3M a..............1941 A O --------05
74lft Oct'19 . . .
T ol A Ch D lv g 4a............. 1941 M S - - - - - - 70 Jan '20 —
Wash Term l lat gu 3>^a___ 1945 F
A 07 8 75
Aug* 18
lat 40-yr guar 4a............... 1945 F A 7a 8 - - - - 82
35
60 >4
W est M aryland lat g 4 s .--.1 9 5 2 A O
49U Sslo 49U
92 Jan '20
W est N Y A Pa 1st g 5a____ 1937 J
J - - - - 93
63
Jan
"20
Gon gold 4a............................. 1943
AO 03 65*1
36
O ct'17
Incom e 6s______________ p i 943 N o v
8 U 2 16
81
Sale 81
W estern Pao lat sor A 6s ..1 9 4 0 M 8
911ft Jan "20
U0
92
Wheeling A L E lat g 6a____ 1920 A o
Feb* 17
92
95 100
j
Wheel D lv 1st gold 6a------ 1928 J
81*8------- UO^ft M a r '17
Exten A Im pt gold 6s____ 1930 F A
60
Sale 50
50
Refuudlng 4 Ha series A . -I960 M S
53
r»2>s 53*2 53
H R lat consol 4s_________ 1949 M s
00*4 7678 675ft N o v '19
J
W inston-Salem 8 IJ lat 4a._1960 J
63
68
68
65
J
______________________________
Wla
Cent 50-yr lat gon 4s— 1949; J
70 Jan '20
f,3*s 70
Sup A D ul d lv A term lat 4a ’30 M N
R ange
S in ce
J a n . 1.
L ow
BO N DS
N Y STOCK EX CH AN G E
Week ending Feb. 13
P r ic e
F r id a y
F e b . 13
L ow
Illg b
M is ce lla n e o u s
Adams Ex coll tr g 4s----------1948 M
Alaska G old M deb 6a A ____ 1925 M
C on v deb 6a aeries B -------- 1926 M
Am S3 o f W Va 1st 5s............ 1920 M
Armour A C o 1st real est 4H 8 '39 J
Booth Fisheries deb s f Os___1926 A
88*4 88*4
Braden C op M coll tr s 16 s . .1931 F
Bush Term inal 1st 4s_______1952 A
Consol 5s_________________ 1955 J
Buildings 5s guar tax e x . .1960 A
Chlo C 4 Conn Rya a f 5a___1927 A
Chic Un Stat’ n lat gu 4 H s A 1963 J
52
Chile Copper 10-yr co n v 7 s . 1923 M
92
Coll tr 4 conv 6s ser A ___1932 A
63
C om pu tlng-T ab-R ec s f 6 s ..1941 J
G ranby Cons M S 4 P con Os A '28 M
88
Stamped . . . ______________ 1928 M
92ift
Great Falla Pow lat 8 f 5a___1940 M
Int M ercan M arino a f 6s ___1941 A
M ontana Power lat 5a A ___1943 J
51
545ft M orris 4 C o lat a f 4 H a____ 1939 J
M tge Bonds (N Y 4s ser 2 __1966 A
10-20-year 5ai erles 3 _____ 1932 J
N Y D o o . 50-yr 1st g 4 s____1951 F
Niagara Falls Power 1st 5 s ..1932 J
R ef 4 gen Os.....................al932 A
Nlag L o c . 4 O Pow 1st 5 s . . 1954 M
30*2
N or States Power ‘2 5-yr 5s A 1941 A
25
Ontario Power N F 1st 6 s ..1943 F
39
Ontario Transmission 5s------ 1945 M
43
Pan-A m PetATr lat conv 6s ' 19-’ 27 J
31ift
Pub Serv C orp N J gon 5 s . . 1959 A
Tennessee C op 1st conv 6a . . 1925 M
Wash W ater Power 1st 5 s . .1939 J
W ilson 4 C o 1st 25-yr s 1 6s . 1941 A
61*8
10-yr con v s f 6s _________ 1928 J
62
50
825ft 85U
87*4 91
80
83
W e e k 's
R ange or
L a s t S a le
Sale
56
S
15*2 16
s
147ft
14
s
N
9734 .
83
D
O
91*4
A
75*4
O
73 8
J
70*4
o
40lft .
o
78
J
N 1003ft
77*2
o
82
J
93
N
93
N
88 I2
N
88
O
83
J
J
o
J
62
67
A
92lft 94
J
O ____100
76
89
N
80i2 82
O
83*2 85
A
68
79
N
J
64>2 65
O
N
J
95*4
O
91
D
56
20
13
H ig h
66
20
13
82*2
83*8
F e b '18
90
91 *8
91*4
79*4 Jan "20
73
73
78*2
78U
58
M a r '18
6
78 *8
79
99 *s
1021s 114
79
825
7 o*4
1
85
85
93 Jan '20
96 Deo '19
93 D ec ’ 19
91
87U
83
81U
! 82 Jan ’ 20
Apr’ 14
83
94 June’ 16
65 Feb '20
92U Jan "20
101U O ct’ 19
88 .Tan '20
82 Feb "20
85 Jan ’ 20
72 Jan *20
155U M ay’ 19
615,
64
95*4 Jan '20
0078 July’ 19
97
95*4
60
92
91
R ange
S in c e
J a n . 1.
L ow
H igh
557a 58i2
15i2 20
13
13
821ft 84*8
91
70l2
73
78lft
917ft
797ft
82
827ft
78lft 83
9 9 38 1 0 8 3 4
76«l4 86
85
90
88
93
875ft
9514
813ft 851ft
82
83*8
05
0714
92*2 93
S treet R a ilw a y
88 88
30*2 30ift Jan '20
82
85
Brooklyn R apid Tran g 5 a ..1945 A O
29
28 Jau ’20
26
82ift 85
lat refund conv gold 4s___2002 J
J
40
8ale 39
39
72
75
3-yr 7 % secured notes..A1921 J
J
431* Jan '20
33
Certificates of deposit________
33 . Fob "20
32
Certificates of deposit stinp’d
66
5S *8
77
O c t '19
70
69
9 4 7 8 9514
Ilk C ity 1st cons 5 a ._ 1916-1941
70
80 May* 18
—
Bk Q C o A 8 con gu g 5a._1941
Bklyn Q C o A 8 1st 6s____ 1941
Sale 62
62
62*8
Bklyn Un El 1st g 4 -5 8 ...1 9 5 0
96*4
91
61*2 62 Jan "20
Stamped guar 4-5s..........1950
i
6 J*4 Sale 50*4
50*4
Kings C ounty E 1st g 4 a .. 1949
57
62
J
a
n
'19
Stam ped guar 4s______ 1949
M a n u fa c tu r in g & In d u s tria l
28
•25
28 Jan '20
26
7 96 100
Nassau Eleo guar gold la . 1951
93lft 9834 9812
983,1
Am Agrlc Ghem 1st c 5s____ 1928 A O
63
6 SI2
681*
67*4 68*2
19 93
9934
Chicago Rys 1st 5s................ 1927
93
95
93ift
95*2
C on v deben 6s ___________ 1924 F A
6978
60
60
60
Conn R y A L 1st A ref g 4 Ha 1951
89
2 86
88
Sale 83
88*4
M
N
Am
C
o
t
Oil
debenture
5
s
.
..1931
80
77 J u ly '19
62
82U
86*2
Stamped guar 4 H s ______ 1951
83
823ft
Sale
83
Am Sm 4 R 1st 30-yr 5s aer A '47 A 0
10 00
09
06
66 ____ 66
D et United 1st cons « 4 H s - - 1932
5 119 119
116
119
119
o
A
Am
T
o
b
a
cco
40-year
g
6
a
.
.
.
1944
___'
68
68
68
68 Jan '20
Ft Smith Lt A T r 1st g 5 a . . . 1936
____
747
8
Sept’
19
87
A
F
G old 4s.................................. 1951
Sale 51
54
60
•'» >*2 11 * 54
Hud A M anhat 5s acr A ____1957
2 81*2 837*
82
83*8 821*
821ft
Sale 13
167ft Am W rit Paper s f 7-6s____ 1939 J J
13
l 1*1 117 13
Adjust Income 5s_____ ___ 1957
100 '1 D ec 'l o
Baldw Loco W o r .s 1st 5 s ..1940 M N
90
70
90 M ay'19
817ft
N Y 4: Jersey 1st 5s______ 1932
70
82
80
80*8
Jan
20
F
A
159 lUft 1912 Cent Foundry 1st s f Os____1931
157ft Sale 141ft
ir>
Interboro-M etrop coll 4 ^ 8 .1 9 5 6
47 9 4
97*4
91*2 Salel 91
95
A O
Cent Leather 20-year g 5s.
3J 15
Bale 15
19
15
15*4
Certificates of D eposit..............
75
7534
73*2
D
e
o
'18!
F
A
Consol
T
o
b
a
cco
g
4s________
1951
57
5 » i4 333 48
52*4 Sale 48
Interboro Rap Tran lat 6a. .1966 J J
100*4 100*4
100*4 Jan '20
Corn Prod Refg a f g 5s____ 1931 M N 100*4 10 1
1
5
I**
57*2
58*ft
60
561ft
56
14
M anhat Ry (N Y cons g 4a. 1990 A O
5 100*4 100*2
M N 100*4 1021ft 100*4
100*4
5 j*ft 59 Feb "20
55
53ift GO’ 2
8* 83
83
8tarnped tax-exem pt_____ 1990; A O
83
83
A O ____ 84
75
D o t'19
M anila Elec R y A I,t s f 5 s_ .l9 5 3 M 8
94 >8 95*2 9 i 34 Sepf*l9
J D
E I du Pont Powder 4 Ha___
1 91
91
M etropolitan Street R y —
89 ____ 91
91
D
J
53
47
46*2
46*ft
Bway 4 7th Av lat c g 5S.1943 J D
70*2 70*2
F A ____ 687ft 70*2 Jan "20
47
58 Sept' 19
6 87
97
Col 4 9th Av 1st gu g 5 s . . 1993 M S
87
Sale 87
91
M S
57*2
Sept’
19
15
8
Lex A v 4 P F ls tg u g 5 s ._ 1993 M S
96
Nov* 18
J
J
51
D ec’ 19
6 78*, 84U
M et W S El (Chlo lat g 4 s .. 1938 F A
79
Sale
78'ft
79
M
N
911- 96 Dec ' l ‘»
I 99*2 99U
M llw Elec R y 4 Lt cons g 5s 1926 F A
J 100 ____ 99*2 Jan "20
J
761ft 8 l ‘ft 77 Jan "20
I 84
86U
Refunding 4 exten 4 H a .. 1931 J J
____ 85
86
86
Sale 70
70
14
106 111
M ontreal Tram 1st 4 ref 5s. 1941 J
J 70
103
Sale
103
O
106
A
61 J u ly '19
2 K.-.'f SO*,
N ow Orl R y 4 Lt gen 4 H 8 ..1 9 3 5 •* J ___ 68
87*4 89 ft 85*1
•351ft
F
A
5
s
.......................
57 July’ 19
5 107 *t 1091ft
N Y Munich) R y 1st s f 6s A . 1966 J J ___ 50
10 3*1
A O lU7*ft 110 1073-i
Lori Ilard C o (P
23
275* Hale 275ft
275ft 32
19 85*8 88
N Y Rys 1st R E 4 rof 4 S ...1 9 1 2 J
J
8 5 ~ft
86
83
80
F A
31
:7
30 >4 28 *Jan "20
97*2 97U
Certificates of dopoalt______ _
—
97*2
Jan
"20
90*4____
1)
J
~5t*
73.1
61ft Bale 5*2
Gift
30-year adj Inc, 6s..............a l942 A O
«3*ft____ 04
AUff’ IS
J
J
71ft Gift Feb ’ 2 j
6
7*2 Nat Starch 20-year deb 5a__
i o 91
931ft
Certificates of deposit......... ...... ...........
90
92*4 91
9
M N
5J
50
52*4
51
Jan
'20
3 95
N Y State Rys 1st cons 4 H s . 1962 M N
99*4
93*4 Sale 9 3*4
9
M N
72*2 G47s Jan "20
6478 6 l 7ft
Portland Ry 1st 4 ref 5s____ 1930 M N
100*8
N
ov
D
Pierce Oil 5-year conv 6s.
J
65'8
Dco' ii
Portld Ry Lt 4 P lat ref 6a. 1942 F A
1------ 104*4 104*4
J 104*a 105 104*4 Jan
J
10-year conv deb 6a___
94
90lft
Feb*
17
Portland Gen Elec lat 6a. 1936 J
J
Sinclair Oil A Refining—
78
95 July 17
8 t Jos Ry L H 4 P 1st g 5 s .. 1937 M N
1231ft Aug'191 F A
82
80
80
80 Jan "20
8 t Paul C ity Cab conag 6 s ..1937 J J
0178 Julv'19'
F A
do
Sale
513.4
46*8
45
45
46*4
Third Avo lat ref 4s.................1960 J J
____ 91*2 911*
01*2 9312
91*2
)
M
N
Sale 27*4
28
27U 30
23
AdJ Income 5a....................a I 960 A o
95
13 95 105'x
Sale 9 i
100
J J
881*
81
Jan
"20
84
81
83
Third Ave Ry 1st g 5s............1937 J
•*
90
861ft N o v - 19
90
>
4
J
)
J
Union
Bag
A
Paper
1st
t
Sale
90
90
90
90
02
Trl-C Ity R y 4 Lt lat s f 5 s . . 1923 A O
87'ft D ec’ 1.8
J
) J
50
93*8 73 M a y '19
Undorgr of London 4 H a____1933 J J
93 U 95*8 95
O ct'19
J
l J
62
60 Dee
50 75
Incom e 6 s _________
1948
82
Sale 75
73
75
J
1
J
70
70
70's
75*4
United Rys Inv 6a Pitta Isa.. 1926 M N
5 ,101*8 10314
1 0 1 ’ ft
2 J D 1 0 1 * 8 1 0 1 * 4 l O l 'f t
50
51*4
N
o
v
'19
* 817ft go
Unltod Rys St L 1st g 4a____1934 J
J
82
Sale *178
J
85*4
7
J
61/8 50 Ju n e'17
St Louis Transit gu 5s____1921 A O
1021ft 105
1021ft Feb "'0
I V A ____100
29lj 2912
281ft 33
291ft Jan *20
United R R s San Fr s f 4 s . . .1927 A O
93
95i2
93 1 Sale 93
93 *
1J D
25 8 27 Jan *20
2534 29
Union T r (N Y offs d e p __ . . .
100 101
99 8 100 l"0
O
1
A
■2b »
Fob ’ 20]------ I 26
23*4
E qult T r (N Y Inter c tfs .........
1)6
97*4
95
Sale
93
95
J
2 J
71 «
D ec *19 .
—
Va R y 4 Pow lat. 4 ref 5 s . . . 1934
G a t a n d E le ctric L ig h t
I
I
|
931*
Sept* 15 —
Atlanta O L C o 1st g 5a____1047 ■» D
C o a l. Iro n & Steel
73
Bklyn Un Gaa lat cons g 5s. 1945 W N| 73*ft 76 | 73
06'>8 973*
95’ft Sale 95^8
915ft
Beth Steel 1st ext s f 5s_____1926 J J
95*2 93 July 19 . . .
Ctncln Gas 4 Eleo ls t4 ro f6 s 1956 A O
84
89
S3*ft 85 I 84
85
1st A ref 5a guar A _______ 1942 M N
S 2 34 867ft
Colum bia O 4 E 1st 6s......... 1927 J
J* ____ 82*4 85 Fob '20 . . .
82^4 Sale 82*4
S3;
20-yr p m A Imp a f 5s____1930 J J
BS
1
87
.luiie'
19
.
.
.
—
Colum bus Gas 1st gold 5 s . .1932 J
J
87
-------1
93ift
J
u
ly'lb
Buff
A
Suaq
Iron
a
f
5s_____
1932
J
D
99*2 100
100 Jan '20
Consol Gas conv deb 6s____1920 Q F |
92*8____ | 017ft H ov'10
______ a 1920 M 8
Debenture 5s
Sale
277 99's 100*2
103
5-yr convertible 7 * Fob 1 9 '5 . . Q K.\ 09/ft 95 | 993ft
101
D o c '14
Cahaba C M C o lat gu 6 s . . 1922 J D
sS’ ft 8512
C on sG as E L 4 P o f Baltfi-yr 5a’ 2 l M N
86 I 8 11* Feb ">0
83
C
olo
F
A
I
Co
gen
s
f
5s____1943
F
A
you1
727ft 74
D etroit City Gas gold 5a____1923 J
•{
72 7ft Salo 727,
73
Col Indus lat A coll 5a gu_.1934 F A
937*
0
1
95
Jan
'20
9414
D etroit Edison lat coll tr 5s. 1933 J
J
75
78
83** N ov’ lit
Cons
Coal
o
f
M
d
Ist&ref
58.1950
J
D
Sale
873i
87*4
87
h
1
87*4
1st 4 rof 6a sor A ..............61940 M ti
98
F
e
b
'19
Elk
Horn
Coal
conv
6s_____
1925
J
D
94
94
Feb* 1 8 ____
E q O L N Y lat cons g 5 a ...1 9 3 2 M 8 —
80
82U .84
S2lft Jan '20
Illinois Steel deb 4 Ha......... 1940 A O
100
Feb* 1 3 ____
Gas 4 Eleo Berg C o c g 5 s . . 1949 *
90*2 91
91*4
9
91U 93*2
89
853ft Indiana Hteel 1st 5 s________1952 M N
85
85
85***
3 84
Havana Eleo consol g 5s____1952 F A
Jeff A Clear C A 1 2d 5s____ 1926 J D
91 S e p t'1 9 -----92U 9 25S
93
91*4
Hudson C o Gas lat g 5s____1949 M N
Feb *20
Lackawanna
Steel
1st
g
5
a
..
1923
A
O
.
.
.
02>
s
Do©
1
9
____
88
K an C ity (M o Oaa 1st g 6s. 1922 A O
88
99*2
88
90 I
90
1st cons 5s series A ______ 1950 M 8
86
84‘ft Dee '1 9 ____
801ft
85*2
82
Kings C o El L 4 P g 5a......... 1937 A O
S3
Sale
M idvale Steel A O conv a f 5sl930 M S
99 8 991ft H o y '1 0 ____
Purchase money 6a........... 1997 A O,
Pleasant Val Coal lat a f 5a. 192,8 J
J
A p r 'I !)____
99 ‘a 98
82
82
Convertible dob 6 s ______ 1925 M 8
-----82
Feb
'2
0
SOU
83*4
Pocah
Cdn
Collier
1st
a
f
5s.
1957
J
J
80
7534 Jan " 2 0 ____ 7514
Ed El III Bkn lat con g 4a . 1939 J
Jj 77
92 ! 917*
91 's
1 917ft 96
Repub I A S 10 30-yr 5a a (.19-10 A O
82'ft 82 Fob " 2 0 ____ 82
80
72
Lac Oaa L of St L Ref 4 oxt 5s '34 A O
70
7-i's 70 Jan '20
St L R o e . M t A P 5satm pd.l9G 5 J
J
87*2 87 p e c '1 9 -----M ilwaukee Gas L lat 4 a .. ..1 9 2 7 W N
93
90
90
I
«
0*2
Feb
"2J
Tenn
Coal
I
A
R
R
gon
5
s
.
.
1951
J
J
86 101*2 a nr’ 17 ____
Newark Con Oaa g 6 s______ 1948 J D
99*4
195
95
Sale
95*4
0»
97
U S Steel C orp— (c o u p ___ (f 1963
81U 81:>4 F tb "25
80
8U 1
N Y O E L H 4 P g 5s......... 1948 J D
99*4
97
99*4
Jen
"20
s
f
10-60-year
5s\reg_____dl903
Sale
6*25«
03UI 2 1 025ft
62*8
Purchase m onoy g Is_____ 1949 F A
83
86*8
80*4
N
o
v
'19
Utah Fuel 1st a t 5 s............. 1931
90 ____ 92** N ov' 1 9 ___Ed Eleo III lat cohj g 5 s..1 9 9 5 J
J
60
70 M a r '19
Victor
Fuel
1st
s
f
5
s
.
.
.
____
1953
961ft
Aug’
17
80
81
N Y 4 Q El LA P i*,ccnn g 58.1930 F A
8 1 5 ft 8 2 * 8
8l*ft 85*2 8 l h
8l**ft
Va Iron Coal A C o . e la tg 5s 1949
Pacific G 4 E 'J o —-Cal G 4 E— I
83
Sale 83
83
90*4
83
►* C orp u n lM n g A ror 5 s . . .1937 M N
13
83
80*
79*4
80
7on
79*3
Pacific O 4 E gen 4 ref 5 s .. 1042, J
J
T e le g r a p h & T e le p h o n e
31 77*8 80*8
Pao Pow A Lt lat 4 rof 20-yr
I
.
77*!
Am T clep A Tel coll tr 4 s . . . 1929 J
Apr'19 . . .
807. 82
6s International 8 o r lo s ...l9 3 0 J* A —
May* 19
Convertible 4s___________ 1936 [
100
J
illy'
17
.
.
82
85
Pat 4 Passaic G 4 El 5 s____1949 M 8
84U
20-yr convertible 4 Ha____ 1933 '
89
97
A u g'19 - Peop Gas A G 1st cons g 0s . 1943 A O
80
8334
81*4
30-yr temp coll tr 5 s--------1946 *
647*
63
66 /S 64
Rofumllng gold 6 s____. .. 1 9 4 7 M S
95*2 997ft
97*4
7-year
convertible
6s--------1925
1
80 Jan "20 . .
96
90
i" Ch G -L 4 Coke lat gu g 5a 1937 J
-* 71'ft 85
9
>
Cent D ist T el 1st 30-yr 5 s ..1943 J
100 A pr'l7i —
Con G C o of Ch ls tg u g 63 1930 J
J
N o v '17
Commercial Cablo 1st g 4 s ..2397 <
In.l N at Gas 4 01130-yr 681030 M N
89
Mar'l7| —
Jan’ I8
Registered__________
2397
<
\A
atr*
IB
75 M ay'19
M u Fuel Gas 1st gu g 5 s . .1947 M N
85
84*8 85*4
Cum b T A T 1st A gen 5 s .__ 1937 .
Sale 87
87
88
87
Philadelphia C o conv g 6 s ..1922 M N
Apr'IO
Keystone Telephone 1st 5 s ..1935 .
86*2
87
86
Stand Gas 4 El conv s f 6 s . . 1926 J ** 80*2 Sale 86lft
85
86
M ich State Tcleph 1st 5 s . ..1 9 2 4 I
U7»* M ay’ 17
Syracuse Lighting 1st g 6 s . .1961 -J *}
99*8 99*8
99’ s Jan '20
N Y A N J Telephone 5s g_.1920 t
60 ~
73 Dec '19!
Syracuse Light 4 Power 5 s ..1 9 5 4 'J
*
78*2 81*2
7 -.ift
SO
N
Y
T
clep
lat
A
gen
s
f
4
H
a.
1939
1
98*8 Oct'17
Trenton G 4 El lat g 6ft____1949 M 8
92
96*4
92lft
9|7g
30-yr deben s f 6s — Feb 1949 .
72*2 87*4 88*4 Oct'19
Union Eleo Lt 4 P 1st g 5 s . . 1932 M 5
85*2
88*4
85*2
86
Pacific Tel A Tel 1st 5s......... 1937 J
077* 82 J u ly '10
Refunding A extension 5a. 1933 M N
83*2 Feb " 2 0 ------ 83ift 85*2
South
Bell
T
el
A
T
1st
a
f
5a.
1941
.
9734 N o v '19 .
97
United Fuel Gas 1st s f 0s_.1930 J J
84
86*2
861* Jan "2 0 -----W est Union coll tr cur 5 s . ..1 9 3 8 .
79'ft
S5*
19
79^
Salo
79*8
82*2
U tah'Power 4 L t lat 5s___.1944 F A
81*2
| 79 «
797,4
1 79
Fund A real eat g 4 H s — 1950 f
101 June'17'l____
95*4
Utica Elec L A P lat g 5a___1950 J J
10U*
Sept’
1
7
-----M u t Un T el gu ext 5s------ 1941 r
87
Nov'19|____
Utica Gas 4 Eleo ref 5s..........1057 J
t
N o v '1 6 ___
Northwest Tel gu 1
a .1 9 3 4 .'
8
O
o
f
19
78
00
I
Westchester Ltd gold 5s____ I960 J D
VNo pr l"''nFrhiay;l;Ur,st'hl"l uikI u ak cl. . a D ue Jan. f,I> u cA Drll. c Due M a y . » D ue
„ Due July. * D uo a u k , o n u o O c .. „ D ue N o v . , D ue D e o . . o p t i o n .ale.
<>48
BOSTON STOCK EXCHANGE
S H A R E P R IC E S — N O T PER C E N T U M
S a tu r d a y
F e b . 7.
T u esd a y
F e b . 10.
W ed n esd a y
F e b . 11.
P R IC E S .
S aies/ o'
the
T hu rsd ay
F eb . 12.
F r id a y
F e b . 13.
W eek .
S h a res
-Stock Record
STOCKS
BOSTON ST O C K
EXCHANGE
” ...
Range f o r Year 1919
[V o l .
no.
Range fo r Previous
Y ear 1918.
L ow est.
H ig h e s t.
L o w est.
H ig h e s t
R a ilroads
93 Boston A Albany_________ 100 116
DeclO 145 Apr 3
1221* Apr 146 Nov
6 U2 62
753 Boston Elevated__________ 100
-.
62 Dec
OI Apr
84
84
37 Janl
80 Nov
D o o r e .............................. 100
85 Dec3
97
Jan28
9U* Dec
30
30
08 Nov
Boston & M aine__________ 100
28
Jnn30
E a st Sale 40
381*
July29
19 Jan
F eb’20
40 Sept
D o oref......................._ .I l 0 0
40
OctlO
60 Jan27
L a s t S a le 134 Jan’20
27 Fob
60 N ov
Boston A Providence_____ 100
130 8ept22 108 Jan 6
L a s t S a le 10c. D ec'19
150 Apr 170 Aug
*5
Boston Suburban Flee_no par
10c Doc29
*5
...
70o N ov 5
L a s t S a le 6 '2
60 Deo
Jan’20
3 Jung
*8
10
Do
Dref------------------- no par
*6
3I2
N
ov24
*6
.
.
.
11
Janl4
L a s t S ale 8
IOI4 M ar
Jan’20
16 June
------ 130
Bost A W ore Eleo pre no par
*------ 130
- - 130 * ------ 130
2lg N ov24
30 Feb 7
L a s t S ale 130 Jan'20
25 July
301* N ov
------ 85
Ohio Juno R y A U S Y__ 100 132 O ct 1 135 Jan 4
*------ 85
- - 85 * ------ 85
L a s t S ale 85
138
July
Jan’20
147 Apr
D o pref..............................100
84 Fob 13
90 JunolO
L a s t S ale 49i 2 D ec’ 19
821* Apr
851* Dee
Fitchburg pref____________ 100
47 N ov 7
58
Jan 2
L a s t S a le 10334 O ct’ 19
53 Jan
65
JaD
Georgia R y A Eleo stampd.100
99*g
M
a
rls
110
Juno24
L a s t S ale 68
106 Sept 116U Jan
Jan’20
D
o
pref..............................
100
*64
65
*64
70 M a r ls
64
64
781* Juiy29
70 Oct
65
65
81 Feb
25-5,i 26
M
aine
Contral_____________
100
253g 261S 25
26
597g Dec30
23l2 2414
83
Jan 0
771*June
23l2 251,
88 N ov
N Y N H A H a r tfo r d .. ..1 0 0
*84
2514 D ecl2
40*4 July29
L a s t S a le 85
27 Fob
Jan’20
46 M ay
Northern New Ham pshire. 100
86 Dee 19
991* Aug 6
L a s t S a le 95
84
Oct
D
c
c
’
19
96 N ov
*77
...
N orwich A W orcester pref. 100
77
781
78
94
78
78
Oct27
78
115
Oct29
95
Jan
100i8 N o v
*15
...
Old C olony________________ 100 271
*15
Deo 15 105 Jan 3
L a s t S ale
i 88 i*June 1121* Dee
F eb’20
*85
86
Rutland pref......................... 100
*85
86
*85
15 D ecl8
86
*85
86
L a s t S a le
23 M ay27
20 Jan
25
Jan
Jan'20
*421* 4312 *42
Vermont A Massachusetts 100
4312 42
82
44
42
Oct30 100 Janl8
42
80 Aug
90
Ool
42
*5214 53
147
50
West
End
Street___________
*5214 5212 *52
521*
38l*Sept24
52
52
60 Apr 3
37 Feb
60 July
53
20 Do pref......... ..................... 60
47 Sopt24
58 Juno13
47
62 Apr
*43,
5
M iscella n eou s
5
5%
57
51,
5*4
4 '2
2.873
512
*U,
H2 * ll 4
Am OH Engineering_________ 10
6 Dec22
*H4
H
*114
7U N ov 8
H2
1*8
200 Amer Pneurnatlo S e r v lco .. 25
*5
6I4
6 I4 6 I4
55c Jan 2
5
51
*5
6
2 Aug 14
40 July
*5
r>
2i* Mar
115
9734 9812 9734 98li
D o pref............................... 50
21* Apr 8
975s 98
97
975s
0'4
Augl4
4 Sept
96
15s* M ar
97
143 143
2,227
Amer Telep A Teleg............100
141 143
142 1421
95 Deo30 108i*May27
lit
142
ST O C K
90*4 Aug 109ig Ooo
*81
...
1,080 Amoskeag M anufacturing____
*8112 ____ *SH 2 ____ *8H2 . . .
79
T
e
b
l
5
152 Nov21
.E X
801* Jan
82
02 N ov
82
*13l2 15
8
D o p ref___________________
14
14l2
14
14
781* Jan 9
14
14
841* Deo 1
CH ANGE
76 Jun
14
82 June
14
467 Anglo-Ara Comml C orp .n o par
30
27
27
------ 30
16 Dec30
2H* N ov 5
30 C L O S E D —
‘ -----27
7
2
7's
110
7
Art
M
etal
Construo
Inc___10
7
7H
171* Jan21
7
74,
6
7
261* Dec 17
LIN
11 Feb 1 19 Dee
6
67g 2,168 Rlgheart Prod A R efg____ 10
2
2
*2
21 »
2l2 2l2
7 Dec 5
13i*M nyl9
2
214 C O L N ’S
2
2
*512
1,515 Boston M e* Pet Trustees____
6
51*
512
212 Dec30
47g N ov 10
5
B IR T H
5
200
512
Century
Steel
of
Amer
In
o.
10
5
5
*41.
ll 2
54,
6 Deo 3
161* M arl 7
54
DAY ■
lOHMay
1478 Deo
4
4
104 East Boston Land________ 10
301* 31
3078 31H
304, 3134 29
41* Jan I
6 7gJunol9
30
4 Jan
273., 30
6*4May
*18l2 21
3,430 Eastern M anufacturing_____ 5
20
20
*20
22
3H g Deo22
19
34 N ov25
20
405
*65
75
Eastern
SS
Lines
I
n
o
.
.
.
.
.
25
*68
75 *68
6 Jan22
75
63
24 Dec 17
63
6 N ov
13 Mar
271
153 153
Do p r e f .. ......................... 100
153 153
150 153
39
A
p
r
il
150
79 D cc l7
150
39
Oct
68 Mar
150 15012
2934 301S 2914 29 I0 29
178 Edison Electric Ilium _____100
138 Oct,24 172 Jan 2
29l2 29
2912
134 June 188 Nov
28
29
*75
76
3,46 Elder C orporation ____ no par
*72
75
73
73
23l2Oct
70
383, N ov 7
70
*271* 28l2 *2712 28
45 Fairbanks C om pany______ 25
*27l3 28
621*
Jnn21
931* N ov 6
*2712 28
27i*June
641* N ov
28
Feb’20
38
383,
Gorton-Pew Fisheries_____ 50
36*4 38
344, 36>34 32
28 Aprl
38 M ay 17
3312
27 Aug
35 Aug
301. 3212 6,000 Gray A Davis la c __________ 25
*20
20
20
19
20
537 Septl
183s 20
541* NovlO
17
19
32
872
International
Cement
C
orp
___
304i 32
31
31
25
263.,
2412
26
690
80l2 8012
no
par
Internet
Products_____
74
19 " M ar20
--74
681* Oct22
1------ 74
...
74
*5i4
5
512
D o pref......... ...................100
75 July 8
5U
5
54,
90 Sept 6
5
54,
1,750 Island Oil A Trans C o r p .. 10
26
26
25
25ss
6*4 Dec 17
25U 254,
2412 247„
93g Fob20
3ig Aug
6*n Dec
23
*10
510
10 I2 1012 10 l 2 1012 10 l2 10 t2 1012
Libby, M cNeill A L ib b y ...1 0
283gNovl3
35 Oct 20
25 Loow’s Theatres__________ 10
98
981*
98
9Si 2 98
83g Feb 10
984,
11
Junl5
98
98
73,June
10 M ay
98
93
476
*69
MoElwain
(W
II)
1st
prof.
100
72
70
70
90 Jan 17
70
99 Mar20
70
70
88 Sept
03 Nov
6912 70
*601, 62
265 Massachusetts Gas C o s . . . 100
60
604i
61
07U N o v l9
86
Jan 9
60
60
z77U Jan
91 14 Nov
60
604
_____
67
Do pref............................. 100
137 ♦
137
60 Dec 13
137
134
71
Jan13
134
62
June
71 Nov
1343,
1314,
40
40
41
Mergenthaler Llnotypo___100
41
41
130 Feb 10 149 JunelS
40
38
39
107 June 147 Nov
351. 3912
*40
1,030 Moxlcan Investment I n o .. 10
41
41
41
471* N ov29
101 * 41*2 40
41
72 Julyl7
3
3
'
38
86
35
Mullins
Body
C
o
rp
_
_
no
par
86
87
87
863., 863.,
3218Hcpt30
864, 8612
54 Oct20
86
864,
30*4 31
105 Now England Toleohono.-lO O
30*8 311
83 8ept20
30
31
29
30
98 M ario
821* July 1001* O cl
271. 29
—
1,490 Ohio Body A Blow er_____
170 170
169 169
168
169
*40
Pnelflo
M
ills..........................
80
41
*4014
*38
145 Feb24 199 Nov 1
39
39
39
130
Feb 160 N or
36
38
130 Parish A Bingham C orp.n o par
34 Aug21
95
95
651, Oct24
94
91
*15
100 Plant (Thos G ) prof______ 100
15?8 *15
1578 *15
93
Jan 6
IS*.,
991* Deo.3
Aug 100 Feb
1 .%'a is i 8
49
100
Reece
B
utton-H
olo_______
10
494t
14 Jan 3
48*4 49
4812 48 <2 4612 48
10 M a y l5
Jan
13** M ai
’ 4<T 46
26
1,675 R o o t A Van D ervoort Class A
26
25l2 26
35 July I
26
2 C,U
591* O ct20
2412 26
24
25
14
1.170 Shawmut S 3 _____ __________ 25
16
H I 4 15
30 Dec31
14
(4 4
361, D ec
13l2 14
13
133,
*42
638
Simms
M
agnuto____________
5
44
*42
44
15ij I)cc24
*13
131*
41
41
2714 N ovlO
41
41
120 121
198 Stewart M fg Corporation____
1204, 122
32<g Jan23
120*2 1224 1187s 1201
69G O ct 2 1
41t* Nov
27 Oct
117 119
*66
2,623 Swift A C o ________________ 100 115 Jan30 150
69
68*4 68*4 *65
683, *65
M ny
102 Aug I46>4 Aug
68*4
*65
683,
44
T
orrlngton_____
______
25
50
45
44
45
62<2
Janl.’l
44
44l 2 43l 2 4414
741*
Nov
45
Jan
66 Dee
434, 444,
3,501 United Shoe M ach C orp___25
*2512 26
2512 26
44
Jan13
*253, 26
65 M ay
381* July
2512 26
48i*May
2512 2512
240
Do
pref.....................25
H I 4 1412
14
144,
25'g Oct28
134, 14
31
Jnn26
24*4
Aug
124,
14
20i*May
121.
1312
3,805 Ventura Consol Oil Fields. 5
1778 1778
1778 18
7»4 Jan21
1778 18
20s* N ov
6 Jan
177S 18
9 Nov
1712 17*4
1,465 W aldorf System In o______ 10
40
41
404, 4 i l 2 41
10
M
aylO
2D* July 10
4112 3912 401*
’ 3912 40
1.170 Waltham W atoh................... 100
*24l2 25
243, 25
28 Aug20
2312 25
43
Oct23
23l2 2358
231.
24
3,995 Walworth M anufacturing. 20
60
17 Mar24
60
26 July24
17 N ov
-----60
26 Sept
-----60
L a s t S a le 60
Jan’20
Warren Bros_______________ lo o
60
15 Fob 14
60
83 Julyl4
9 Feb
-----64
121* Feb
-----64
,
.
60
60
20 D o
1st pref__________ lo o
37 Jan 2
72i*M ay
35 Deo
42
Apr
-----70
-----70
L a s t S a le 60
Feb’20
Do
2d prof__________ lo o
38 Jan23
80 Ju lylo
124 124
124
*62l2 631*
63
*83
85 | *84
301
*38
44
*40
*132
*135
124 12412 1233, 123*4
62
6212 61*4 62
*84
85
*84
303, 31
30
30i2
‘ ------ 40
■135
...
1
*.95
*.85
70
*70
73
70
70
.75
*.40
.60 *.40
.65
36
35
35
34
35
12J2
1214 124,
12
12
7
*63.,
7i8
*6*4 7's
.35
*.25
.35
*.25
30
370
360 365
360 360
2412
234, 24*8 23
24
14
-----13 *-----13
44
424, 4312 42!*s 43
378
378
378t
378
378
114,
104, 11
10
11
131
13
13W
12*2 1312
33s
*34,
312
34,
34,
5
*43,
5
*43,
5
34,
278 278
*27„
3
1
* 12
1
*.70
1
43
4012 43
40i2 41
8012 *8018 8012 8012 8012
33 | *321‘> 33
*32
321
4'*
*4i8
4i 2
44,
41,
*13,
1*8
1*4
2
*1*4
*33,
33,
312
3*4
4
*3
3 '2
*3
3' 2
*3
*24,
27S *212 3
*21,
*43,
5
*4*4
*43,
e8 *s
8 l2
8 I4 812
8
*6i2 7
*612
7
*012
62
62
62
63
624, 621,
3*4
33,
33,
33.,
*312
4
19*2 193,
19l2 19120
20
*5l 2
7
*512
7
5l 2
51*
23
* -----'____
23
22
* -----701. ____ 80 * "
791*
104, 10*., I 10 % 1012 ‘ 1 6 '
10*8
164, lO V
10
16*4
15*4 10>8
3.
*1*
1
*h
.60
.60
*H->
2
2
2
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*n2
*321. 35
32l2 321*
31
32!2
50
49*, 49*4
♦59
60 I
60
60
*48
55
48
48
481.
1412 1412
15
15
141* 15
1*4
l*.
*13,
178
1*,
Ml
*11.
*MS 2
l's
1*8
.15
*.15
.25 *.15
.25
*41.
5
43,
5 ’s
47g
5
51 ,
*4*|
5
*9
*2
21 ,
21 ,
2
i'A> 1 'A,
.95
1
.87
.95
278
278 . 2*4
2*4 23,
2*4
8*4 83,
83,
9
87„
9
21 * 212
2 /fe 2 %
2*8
2*s
♦21 *
3
2*4
2 *,
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3
2
* 1 s8
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11*
Ms
181* 19
18l2 *181* 20
|12!
**,
1'j
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**,
*.99
70
*.40
*34
124,
*63.,
*25
370
24
*13
43 >2
37s
1078
13
3U
*4*4
*27g
*I2
*40*4
*80
*32
*41,
*.95
70
.42
31
11
6*4
*.25
360
1978
13
424,
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10
11*,
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3
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4
1*4
31.
*23.1
*21.
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7*4
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60
314
191.
*51.
____
------
10
.60
*11.
30
*47
56
*47
14
*M8
*1
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4lo
4*4
Ml
.85
2*8
81*
2*8
2*4
*n2
181*
*3,
120
84
1
.99 Jan’20
6812 68l2
*.40
.65
32
•32
11
1H2
*6
61.
.25 Feb’20
351 360
1712 203,
13
42
4212
*312
3?g
934 10
70
.42
34
113.,
63,
.35
360
2U 2
13
421.
4
10'a
1212
31,
47g
3
1
40
8012
32
4
13,
4
34,
3
43,
8
7
61
312
191.
7
23
79
10
16
•Of
2
31 '4
50
58
48
111*
l 7f>
1*8
.20
412
5
2
1
2*4
S3,
2 *s
23,|
3
181*
11*1
121
12
1212
*3
412
L a s t S a le
L a st S a le
3,
Jan’20
39
393,
*794, 801
3012 31
*34,
41
13,
*3i2
Feb'20
2i2 2i2
41|
7*g
612
*60
3
191, 19l2
5*4
6
L a s t S a le 2312 D ec’ 19
L a st S a le 79i2 Feb’20
9*4 10
15
15*4
*.50
1
♦li.,
2
30
32
441* 111*
57
57
45
471,
141, 141,
1*8
Ms
♦11*
.14
.14
412 4i»
4 % 43,
1*4
1*1
.80
.90
2*8
27S
8*4 83,
2
21 ,
*212
23,
2
+ U2
*181* 20
L a s t S a le .. 51
D cc’ 19
M in ing
Ailventure C on solidated.. 25
25
115 Ahmeek..... ...............
100 Algomah M ining___________ 25
25
345 A llou ea .........................
5
1,065 Arizona Com m ercial______
100 Bingham M ines___________ 10
Bulte-Balaklava C o p p e r ., lo
45 Calumet A H ecla_____ ______25
3,960 Carson Hill G old __________ 1
25
16 C en tennial_________
1,237 Copper Range C o __________ 25
325 D a ly -W e s t_________________ 20
4,453 D avls-D aly Copper_______ 10
4,989 East Butte Coppor M in ___10
25
255 Franklin________
52 Hancock Consolidated____25
25
120 H e lv e tia ________
Indiana M ining____________ 26
480 Island Creek C oal_________ 1
D o pref________________ 1
3
345 Isle Royale C op p er_________25
5
190 Kerr Lake.................
335 Keweenaw C opper_________ 26
220 Lake Copper C o ___________ 25
La Salle C oppor____________ 25
5
300 Mason Valloy M ln o_______
370 Mass Consol__________y ___ 25
1,923 M ayflower-Old C olony____26
100 M ic h ig a n _______________ * 25
186 M ohaw k____________________ 25
335 Now Aradlan C opper______ 25
875 New Cornelia C oppor_____ 5
420 New Idrla Quicksilver____
New Rlvor C om pany_____ 100
D o p r e f ........................... 100
1,289 Nlplsslng M ines___________ 6
2,492 North B utte______ ________ 15
200 North Lako _______________25
50 OJIbway M ining___________ 25
440 Old Dominion C o . . .............. 25
25
75 O sce o la _____ ______
83 Q u in c y ................................... 25
10S St M ary’s Mineral L a n d .. 25
735 Seneca Coppor C o r p ...n o p a r
202t3h a n u o u __________________ 10
750 South Lake............................... 25
100 South Utah M A S _______
5
280 S u p erior_________
25
3,260 Superior A Boston Copper 10
ISO iTrinIty_____________________25
1,450 Tuolum ne C o p p e r . . . . ____ 5
1,795 Utah-Apox M ining_______
5
1,0 75 Utah Consolidated_______
1
1,220 Utah Metal A Tunnel.........
i
100 Victoria____ ______________ 25
100 W inona_____ ______
25
45 W olverine__________________ 25
W yandotte_________________ 25
.60 Apr22
0 2 ij Mar22
10c Apr30
32i2 D ecl3
103, Fob28
6 Nov24
20o Ji 11130
350 M arl4
12i4May 6
12 Mnr21
39 M ar 5
2 M a r ll
434 F obl3
8 Fob28
l*gMay
4 Mny
20o Fob20
60c M ar 8
42 A p rl6
78 A p rl2
24
Jan 2
31* OctlO
09o M ar 4
3 Jan25
2 AprlO
2lg Apr23
4 Fob 7
2 Janl3
21* Feb24
491* Fob 7
1 M ar 8
1434 Mar 5
8i*M ay 2
878 Fob 11
67*4 M ar 1
8<4 Janl5
9 Fob20
25c Apr22
75c M a rls
301* M ar 6
45 M arl7
62 Mar22
40 M ar 4
13 Jan22
I'* M a rls
40c Jnnl3
8c J a n ll
4 Mar 8
1 Mar28
1'4 DeclO
710 DeclO
M ,M ny 9
71* Jan 18
H4 Jan'28
1*4 Mar 13
50c Jan 0
16 Mar 5
40c M nrl3
21* July25
91 July29
l 't July30
62 July28
18 July30
10i*M ayl2
90c M ayl4
480 Julyl7
36s* Dec3
20 July2
62 July28
33,M ayl4
14 i* Oct 20
21 Aug
0»4 July 20
91* July28
7*4 M ay 21
2 July20
65*4 July28
881* JulySO
41 July29
8i*M ay 9
2*8 July31
7»gJuly28
61* July28
4*8 Oct31
10 July 28
ISUJuno 2
10 July26
83 July28
fll* July28
29U July.31
121* July31
28
O ct 4
87 N ovlO
13i*May 12
20*8 July23
1J4 July30
4U July29
621* July28
73 July28
83 July28
75 July29
261* July29
4>4 July30
31 *Juno 0
50c A ugl4
Ilf,J u n o 5
6 % Nov24
SUJune 2
2 % 8 o p t l7
3sgJune 2
12*4 July 29
6 Ju!y30
4*4 July28
3 July28
31 July31
l% M a y 2 7
* Bidandasked prices. 6Ex-stock dividend, dEx-dlvldend andrights, eAssessment paid. /, Ex-rlghts. „ Ex-dlvIdend „ Half-paid.
1*4 Jan
86 Nov
i*Juno
69 Deo
15o July
40i* Deo
11 Jan
9 N ov
20o Oot
426 Deo
45o May
64
Feb
I 6 I4 Aug
10*4 M ay
48o N ov
470 Dee
10 *4Juno
40 Deo
li* Apr
43, Deo
81* Mar
3 June
4*, Deo
15o M ar
40 July
447* Deo
791* Oot
191* j an
5 Jan
8O0 Sopt
3*4 Deo
2 Jan
2*4 Deo
3*4 Sept
05o Mar
40c June
501* Deo
1>4 Aug
'lVi**Feb
6 H* N ov
3 Sept
67* M ar
12 N ov
6 Feb
10tg Jan
30c Sept
1 Jan
70 M ay
84 Feb
29 July
61* Ool.
1*4 May
8 *4M ay
3U Mar
6 F eb
7
Jan
41* Nov
4 >4 Oot,
66l*M ay
21* July
9*4 Deo
12 'A ug
03>* Dec
8 ‘A t Jai)
101* Doo
25c Fob
<*June
32 Doo
46l*Juue
69 Doo
38 Deo
7 Jan
2»4 Dec
i*8opt
10c Deo
4 Feb
1'4 Aug
2**Sopt
73o Deo
1'gMay
7 Deo
1 Deo
l*g Deo
1* N ov
18 Deo
40c M ay
17U Mar
20 Jan80
JaD
97* Apr
17«gMay
95o Mar
l*s Dee
461* Jan.
06
Jan
78 M ay
67
Jan
15*4 Dee
Jan
2 Jan
20c Jan
87* Nov
4*4 Sept
41* Feb
1 % Aug
41* N ov
12 Jan
'S'At Apr
3
Jan
2 JaD
36
Jan
I 'At May
6*4
O u ts id e
S to ck
E xch an ges
S to ck s (C< n c lu d ed )
Boston Bond Record.— Transactions in bonds at B os
ton Stock Exchange Feb. 7 to Feb. 13, both inclusive.
R ales
[o r
W eek .
F rid a y
W e e k 's R a n g e
L ast
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o w .
lio n d s —
U 8 Lib Loan K s . 1932-47
1st Lib Loan 4s. .1932-47
2d Lib Loan 4 s . . 1927-42
1st Lib Loan 4 54s.’ 32-'47
2d Lib Loan 4548.’ 27-’ 42
3d Lib Loan 4 M s ...1 9 2 8
4th Lib Loan 454s '33-’ 38
V ictory 454s____1922-23
Victory 354s____1922-23
A tl G A W I SS L 5s. . 1959
Carson IllllG o ld 7 s . . . 1923
C h ic June A U 8 Y 5s. 1940
G t N or-C I U Q I s . ..1921
Miss Klvor Power 5 s . .1051
N E Telephone 5s____1932
Pond Creek Coal 0 s .. 1923
Swift A C o 1st 5 s_____1914
W estern T el A T el 6s. 1932
100
73
83
90
90.44
90.04
89.84
91.04
'9 0.0 4
93.04
90.04
97.00
97.74
93 K
75
100
83 K
93 K
73
83
92 K
90
79
90.80
90.04
00.04
91.70
91.44
93.70
91.40
98.00
97.74
94
70
105
83 M
93 K
73
83
92 M
90
79
R a n g e S in c e J a n .
L ow .
$14,400
5,450
10,450
7,300
18,000
29,800
111,050
40,050
1,000
6,000
3,000
33,200
5,000
11,000
1,000
1,000
1,000
8,000
1,000
96.44
90.64
89.44
91.04
89.74
92.44
89.54
97.00
97.74
93 Mi
75
100
83 K
93 K
73
81K
92
90
79
1.
H ig h .
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
100.00
93.04
92.34
9380
92.98
94.96
92.98
99.30
97.74
94
81
150
84K
95 n
70
84 54
93
93K
84
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Chicago Feb. 7 to Feb. 13, both inclusive, compiled from
official salos lists:
F r id a y
P eek 's R a n ge
L a st
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L ow .
Albert Pick A C o ............ .1
American Radiator......100
Am cr Shipbuilding____100
Armour A C o pref......... 100
Armour Leather.............. 15
P r e fe r r e d ..............— 100
Heavcrboarit com m o n -. (*)
Briscoe M otor C orp ------ (*)
Booth Fisheries com ncw(*)
Preferred____________ 100
Bunto Bros com m on____10
Case (J I) Plow W o r k s ..(*)
Chic CA C Ity pt sh com .(* )
Preferred............. ........ (*)
Chicago F.lev lty pref- - 10 i
Chic Itys part elf " 2 " -------Com m onwoalth-Edlson 100
C on t M otors co m m o n --. 10
C u dahy Pack C o c o m . .100
Decker (All) Cohn, ln c .(* )
42K
98
17
94 K
53 K
02
1054
09 K
14 54
10
7
5
100K
12
98 54
D iam ond M atch ______ 100 119
28 K
E l d e r ......... ..................... -(*)
Great Lakes D A D ------100
87
Hartman C orp ................100
lla rt, SchaffAM arx comlOO
16
IIollnnd-Am crlcau Sugar 10
13 H
Hupp M otor— ----------- 10
102
80
Illinois B r i c k ............... 100
25
L ibby, M cN eill A L ib b y . 10
7
Lindsay Light---------------10
36
M iddle W est Util p r e f.. 100
M itchell M otor C o -------- (*) . . . . . .
14
29
Orphcum Circuit Inc--------1
Peoples Gas L t A Coke-100
Pub Hcrv of N o 111 c o m .100
88
Pref err ed____________ 100
R co M o to r_____________ 10
flcars-Roebuck com mon 100
95
23 54
210
04
Shaw (W W ) w 1----------100
20
Standard Gas A E lec— 5C
40
Stewart M fg ..................-(*)
Stowart-W arncr Sp com 100
39 M
Sw ift A C o ____________ IOC 119
42 K
Swift International......... If
42
T em tor Prod (C A F )"A ” - 2 f
44
T hom pson com m on--------26
Union C arbide A CarUnion Carbide A Carbonf*;
0554
United Paper Bd c o m .. 1 0 0 ............
41
W ahl C o .............................<*:
W ard, M ontg, A C o, w 1.20
3454
Preferred...................... 1 0 0 ----------19 K
Western K nitting M ills. (*)
W rlgloy Jr com m on_____ 25
B on d s—
77
Sw ift A C o 1st g 5 s .-.1 9 4 4 ...........
W ilson A C o 1st Os— 1947 ...........
S a les
fo r
W eek.
S hares
R ange
L ow .
3 3 541
42 K 43 K
130
330
50 330
[00
100
95 100
97 K 104
97 K
7,850
10 H
16M 17
9,021
94 54
94 K 94 K
1,850
53
51
63 K
40
04
02
02
595
1054
1054 1154
935
COM 70
09 K
125
14 K 15
14K
275
10
10
18K
240
97
97
97
98 K 98 Vs
98 K
54
54
54
100
7
7
6
300
5
•6
5
100
80
80
89 K
5
5
4K
80
100K 107
031 100 M
11 K
U K 12 K
4,493
98 54
9854 100
460
39 K 40
150
39 K
95
95
95
75
102
101
202 101
120
118
355 118
500
28K
28 K 30
87 54
8754 87 54
22
87
87
91
935
90
90
90
20
15
15
15K
75
13
14
13
3,425
102
102
32 102
78
80
78
85
22*4
22 54 20
8,685
7
OK
285
OK
40
30
30
85
38
39K 41
175
15
13
13
10,580
29
29
31K
1,948
41
40
40
195
79
78
79
141
88
88
88
100
250
240
250
94 K 95K
518
94 K
23 K 24 54
1,305
22 K
210
218 54
503 210
110
0 116
118K
04
01
00
2,240
20
20
15 . 20
40
41
40
180
37
37
40
12,950
122
110
8,500 110
40 M
4054 45 K 12,800
41
43
41
75
43 K
2,015
43K 4754
0354
20
38
32 54
107K
19K
09
97
75
80 K
90
97 K
s in ce
2,001
8,000
2,000
1
.
H ig h .
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Ja
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
50 H Jan
Jan
350
Jan
120
11054 Jan
Feb
17
94K Feb
53 K Feb
75
Jan
13*4 Jan
Jan
74
15K Jan
20 >4 Jan
9754 Jan
9SK Feb
Aug
2
Jan
9
7 K Jan
97 K
Feb
5
Jan
108
13K Feb
Feb
101
Jan
41
Jan
90
Feb
102
124K Jan
33 J4 Jan
Jan
92
Jan
105
Jan
90
Jan
17
Jan
10
Jan
10-1
Jan
81
2754 Feb
754 Jan
4554 Jan
4354 Jan
15K Jan
Jan
34
Feb
41
79 54 Feb
Jan
88
July
300
9854 Jan
2754 Jan
Jan
230
n 11 fi Vs Feb
Jan
79
2054 Jan
Jan
48
4554 Feb
Jan
128
Jan
65
Jan
47
Jan
51
0654 25,475 ' OIK Jan
23
20
Feb
35
Feb
38
42 K
1,310
34 54 15,715
3054 Feb
230 107 M Feb
108
21
1,140
19M Feb
Feh
70
09
20(
98
2S
97
Feb
78
Feb
720
75
80 y
90 H
97M
Ja- .
86 K
90
91
Feb
Fet
Feb
7454
24
45
39
110
2354
70
98 54
80 54
Jan
Jan
Jnn
Jan
Jan
Jan
Feb
Jan
Jan
8654 Fet
92 54 Jan
9754 Jan
(*) N o par value.
Pittsburgh Stock Exchange.— Record of transactions
atlPittsburgh Feb. 7 to Fob. 13, both inclusive, compiled
fromfofficialfsales lists:
S tock s-
F rid a y
L a st
W e e k 's R a n ge
o f P r ic e s .
S a le .
P a r . P r ic e . Low.
High.
Amor Vitrified Trod com 50
1454
115
Am W lndowG lassM nch 100 115
94
Preferred____________ 100
104
Am W indow Glass C o pf 100
23
18
Arkansas N at Gas n e w .. 10
50 54
5054
Marnsdall C o rp o ra tio n ..25
154
154
C arbo-IIydrogcn c o m .. . . 5
4
4
Preferred........................... 6
8
8
Carnegie Lead A /.Inc____5
2054
G uffoy-OlllesploO ll (nopar)
2754
100
llarb-W nlkcr Rcfrnc p f. 100
3
354
Indop Drcwlng com ......... 50
154
K ay County G as.................1
154
I.a Dello Iron W ks c om . 100 10254 102 54
2954
Lono Star Gas now--------25
3154
55
55
554
554
28
3054
754
14
14
S a les
fo r
W eek .
S h a res.
40
1454
305
118
50
94
16
104
2354 24,400
2,125
53
1,950
254
290
4
265
8
8,775
30
05
100
120
354
2
1,320
125
107 54
3,395
3154
430
50 K
0,019
654
55
3054
8
305
020
1454
R ange
sin ce
1454
115
94
10354
18
45
1*4
4
8
2054
100
254
154
10254
29*4
55
554
28
754
14
Jan
H ig h
L ow .
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
1.
F r id a y
W e e k 's R a n g e
L ast
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L o w .
Ohio Fuel O il................ . . . 1
Ohio Fuel Supply_____ 25
Oklahoma Natural Gas ..2 5
Pittsb Brewing co m ___ ..5 0
Preferred.................... 50
Pittsburgh C6nl c o m .. .100
Preferred___________ .100
Pltts-Jcrom e C o p p e r.. . . . 1
Pittsb A M t Shasta C o p .. l
Pittsburgh Oil A G a s .. .100
Pittsb Plate Glass------ .100
Pittsburgh Trust C o . . .100
Riverside East Oil com ___5
San T o y M in in g ........... . . . i
Union Natural G as— .100
U S Steel Corp co m — .100
W cstlnghouse Air B rak e.50
W est’house Elec A M f g .60
44K
38
5
1454
5154
8854
40c
13K
166
6c
121*4
90
10754
4854
B o n d s—
1025
Pittsb Brewing Os____
28
44
37 K
5
14K
5154
8854
16c
40c
1354
166
190
IK
6c
12154
96
107
4854
28
48
3854
5
15
58 K
90
17c
41c
14 K
170
190
2
Oc
124K
98
112
5154
54
75
54
75
S ales
fo r
W eek .
S h a r es.
R ange s in ce J a n .
195
2754
1,287
44
1,591
37K
290
454
270
13 54
150
5154
60
8854
10c
6,000
40c
1,500
1,565
13
200 160
30 190
025
IK
6c
2,000
90 123
98
20
329 107
940
4854
$2,OOC
7,000
1.
High.
L ow .
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
34
61K
43
7K
16K
03
92
25c
53c
15
171
190
4
13c
130
10754
118K
55
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
M ay
Jan
Jan
Jan
Jan
Jan
Jan
05
75 54
Oct
Jan
36
75
Baltimore Stock Exchange.— Record of transactions at
Baltimore Fob. 7 to Feb. 13, both inclusive, compiled from
official sales lists:
Chicago Stock Exchange.— Record of transactions at
S to c k s —
649
THE CHRONICLE
F eb . 14 1920.]
S to ck s —
F rid a y
L a st
W e e k ’ s R a n ge
S a le.
o f P r ic e s .
P a r . P r ic e . L o w .
H ig h .
70
09
78
9354
99
97 K
92
02
9454
98 K
92
85 K
Of.
45 54
63
91
S I,000
8,000
0,000
6,000
5,000
11,000
20,000
20,000
2,000
3,000
9,000
0.000
20,000
5,000
700
2,000
70
0054
77 54
9354
99
90
89K
91
94
98 K
92
84
65
4554
02 K
90
Feb
Feb
70
Jan
Jan
70
81
Jan
Jan
Feb
95
Jan
Feb 100K M ar
Jan
97 K Jan
Feb
98
Jan
Feb
98
Jan
Feb
9554 Jan
Feb
9954 Feb
Jan
92
Jan
Feb
80 K Jan
Jnn
Feb
09
Feb
4SK Jan
Jnn
63
Jan
Feb
Jnn
91
1.99
8K
90 54
79
754
4
34
1.99
8K
9554
77
7K
4
32 K
23
35
80
70
354
50
6054
07
08
75
11
15K
3K
70
08
78
9354
00
97K
89K
01
94
9854
92
84
65
45 54
02 K
90
Elkhorn Coal Corp Os. 1925
Fla C ent A Pa extended Os.
Jamison C<tC— G C 5s 1030
United R y A Elec 4 s .. 1949
Incom e 4 s __
_.104P
Funding 5s, sm a ll-.1936
9354
97 K
84
05
45 54
02 K
1.
H ig h .
2.50
9K
97
79
854
454
35
23
35
80
83
3*4
50
5054
08
08
70
13K
15K
4
Celcstlne Oil voting tr u s t..
Cent Teresa Sugar, pref. 10
Cons Gas, E L A P o w ..l0 0
Consolidation C oal------100
Cosden A C o ____________ 5
Preferred______________ 5
D avison C h em lcal-.n o par
Elkhorn C oal C orpn------50
Consol'n Coal, conv Os 1923
Cosden A C o Ser A Os.1932
Jan.
Feb
SO
Feb
40
Feb
4
Feb
40
Feb
3.40
Feb
11
Feb 10354
Feb
83
Feb
1054
Feb
454
Feb
39
Feb
2654
Feb
39
Feb 132
Feb
93 54
Feb
354
Feb
50
Feb
70
Jan
70
Feb
89
Feb
82
Feb
15
Feb
20]4
Feb
4K
80
80
37
37 K
2 54
2K
75
11
1554
3K
s in ce
I jOW.
80
36 K
254
38 54
1.99
8K
9554
77
7K
4
32K
21
35
80
70
3 ?4
50
50 54
67
98
75
11
15
3K
80
37
2 54
M t V -W oodb M ills v t r 100
Northern C e n tr a l............50
O ’N eill, prof......... .................
Pennsyiv W ater A Pow .100
United R y A E lectric___50
Wash Balt A A nnan____50
W ayland Oil A G as........... 5
B o n d s—
Carolina Central 4s— 1919
Chicago R y 1st 5s. ..1 9 2 7
Cons G , E L A P 4 K S .1 9 3 5
5 % notes.................. ..........
R ange
845
194
1,075
25
3,523
565
841
774
9,428
1,050
1,682
10
50
100
405
100
100
43
126
4
312
136
150
1,011
Alabama Iron ......... ..............
Arundel C orp oration .. .50
Atlantic Petroleum ......... 10
80
Houston Oil trust etfs.-lO O
70
Preferred trust etfs.-lOO
K entucky Cos O il, pref— 6 ______
S a les
fo r
W eek.
S h a res.
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jnn
Jan
Jan
Jan
Philadelphia Stock Exchange.— Record of transactions
at Philadelphia Fob. 7 to Feb. 13, both inclusive, compiled
from official sales lists:
S to c k s —
F r ta a y
W eek ’s R ange
L a st
o f P r ic e s .
S a le.
H ig h .
P a r . P r ic e . L o w .
Alliance Insurance......... .10
Am erican Stores------ n o p a r
E lcc Storage Battery— 100
General Asphalt......... .... 100
Insurance C o of N A ------ 10
J G B rill C o ___________ 100
K eystone Telephone------50
Lake Superior C orp ____100
Lehigh N avigation......... 50
Lehigh Valley................ 50
M id value Steel A Ord — 50
Pennsyl Salt M fg _______ 50
Pennsylvania......................Philadelphia C o (Pitts) pref
(cumulative 0 % ) _____50
Phlla Electric of P a ------- 25
Phlla Rapid Transit v t c50
Philadelphia T ra ctlo n ---5 0
Tono-B ejm ont D e v e lo p .-1
Tonopoh M ining............... 1
U S Steel Corporation ..1 0 0
W est Jersey A Sea Shore. 5C
Westmoreland C oal------- 60
W m Cramp A Sons------1OC
B on ds.
U S4thl.ib L n 454S10.33-38
Victory 4 54s____1922-2J
1554 Jan
Jan
135
Jan
95
104
Jan
Jan
45
55 54 Jan
Baldwin Locom 1st 5 s .1910
354 Jan
Elec A Peoples t r ctfs 4 s _ ’ 45
5
Jan
1154 Jan
Lehigh Valley coll O s.. 1928
39
Jan
102
Jan
Penna R R Gen 4 K 8 ..1 9 0 5
4
Jan
254 Jan
112
Jan
P W A B ctfs 4s____1921
45 54 Jnn
Pa A M d Steel cons Os. 1925
01*4 Jan
Philadelphia Co cons <fe col!
OK Jan
30K Feb
Phlla Electric 1st 5s___1906
9
Jan
1554 Jan • do do sm all______ 1966
22
0
50
3754
395-4
99
82
125
36
45
10
10 54
15 K
01
OIK
4 1 54 41
27
27
41
44
43K
07 54
00
43
75
75
4054
4054
50
3754
30 54
109
82
32
25
22K
(0 54
2%
2 54
34
53
98
30 K
74
135
91K
01
100
90
90
22
OK
51
39 K
40
118
100
12854
30K
45
10 K
18
03
42 54
27
41
44 K
0754
00
43
75 K
4154
3154 33
24 54 2554
22 54 23 54
01
non
05
7154
35
35
254
2K
254
254
34
34 K
53
52
9054 10054
30
30 K
74
74
135
135
90.38
97.40
80
80
90K
61
65
99 K
71K
80
S9K
90
90
100
78K
90
92
S a les
R ange
w ° ri
S h a r es.
Jan.
1.
H ig h
3 * 22
413
554
193
47
1.178
3754
25
39 K
5,102
99
44
82
11 125
147
33K
100
45
10
560
9,452
15K
505
01
428
41
5
27
9
40
140
43K
20
67 54
25
00
5
42
29
75
2,811
40 54
Feb
Jan
Jan
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Jan
23
6 K Jan
52
Jan
42 K Jan
Feb
40
Jan
141
Jan
130
193
Jan
37 K Jan
Jan
51
13
Jan
2154 Jan
64K Jnn
4454 Jan
Feb
27
41
Jan
51K Jan
09 K Jnn
Feb
00
4354 Jan
76
Jan
4254 Jan
820
2,683
1,080
215
635
50
450
1.385
027
2,326
2,845
41
48
25
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jnn
Feb
Feb
Feb
Jan
Feb
Feb
30 K
25K
28
63
77K
30
3K .
2K
37
57
108K
36 K
75
135
Jan
Jnn
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jnn
Feb
Jan
Feb
89.40 Feb
97.40 Feb
Jan
80
Feb
80
96K Feb
Feb
01
63
Jan
99 K Feb
7054 Jan
Feb
80
89 K Feb
Feb
90
90
a Feb
100
Feb
92.88
99.30
82-K
S2
99K
05
60
10254
7154
83
92 K
92
97
100
Jan
Jan
Jan
Jan
Jnn
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
81
93
93
Jan
Jan
Jnn
91.00 $55,650
97.40
50
3,000
SO
82
1,100
97
11,000
0154 15,000
1,000
05
8,000
100
1,000
71K
80
3,000
S9K 10,000
91
3,000
90 K 11,000
100
5,000
78K
90 K
92
sin ce
L ow .
2,000
11,000
100
3154
2454
2154
59 K
05
35
2K
254
33K
52
96)4
35
74
135
78
90
90 K
Jan
Jan
Jnn
650
B o n d s — ( C o n c lu d e d ]
Reading gen 4s________1997
J-C collateral 4s____1951
Spanish Am rron 0 8 ...1 9 2 7
United Rys Invest 58.1920
Welsbach C o 5s............1930
THE CHRONICLE
L asi
S a le.
P r ic e .
W e e k 's R a n ge
o f P r ic e s .
L ow .
H ig h .
S a les
fo r
W eek.
78
79
$31,000
80
80
7,000
100
100
1,000
12,000
074$ 71
98K 98 K
6,000
R a n ge s in ce J a n .
L ow .
78
80
100
67 K
98 K
1
H ig h .
Feb
814$
80
Jan
Jan
Jan
Jan
Jan
O th e r OH
S to c k s ( C o n c lu d e d ) P a r
Arkansas Nat Gas new wl 10
Associated o il o f Texas
Bell P etroleu m .r______
_
Boone O ll .r __________ __ 5
B oston-W yom ing O l l .r . . 1
Brazos Oil Corn r . (no nar)
[Vol . 110.
F rid a y
L a st
W e e k 's R a n g)
S a le.
o f P r ic e s
P r ic e . L o w .
H ig h
S a les
fo r
W eek .
S h a res.
R a n ge s in ce J o n .
Low .
1
H ig h .
21
21
900
21
45
Jar.'
14$
14$
1,500
2
1K
Jan1
1
2.700
1
Feb
Jan
2K
4
3
42.800
3
Feb
75$ Jan
14$ 1 1-16 1 3
61,000
1
Jan
I K Jan
18
18
18
200
18
V
24
Jn n
14$
14$
7.000
I K Feb
Jan
3
New Y o rk “ C u rb ” M arket.— Below we give a record of I Car,b syndicate r^new'w r
25
8,400
25
Feb
53
Jan
34$
2 ,2 0 0
the transactions in the outside security market from Feb. 7 Eona^Lriior^ ....... io
3 K Feb
5 K Jan
4
4
1 .0 0 0
34$ Jan
to keb. Id, both inclusive. It covers the week ending c°sden * co.. com.7 . " 5
4 K Jam
74$
84$ 15.000
74$
7K Fe
10K Jan
o
2
2
24$
3.600
Friday afternoon. On the “ Curb” there are no restrictions Sominfo^oiiC,°rp com'T^
Feb
Jan
3
134$ 154$ 35.000
144$
12K Fel
whatever. A n y security may be dealt in and any one can Duquesne o n ___
304$ Jan
u
5
44$
3.600
44$ Fi
Jan
10
8
84$
meet there and make prices and have them included in the I M S ? S 2 K 1
84$ 11,200
8
Feb
9 K Jan
1
14$
14$
21,700
IK J
lists of those who make it a business to furnish daily records *“ 1 0 " ,
" 1
Jan
I
K
1
15$
14$
2.900
14$
2K Jan
of the transactions. The possibility that fictitious transac- Esmeralda oil AGaV/rl
4$
2.300
4$
K Jan
3
2.500
3
Feb
tions may creep in, or even that dealings in spurious securi- I oinwando^'i'comVrVcnFpar) 3434$ 333
4 K Jan
40
4.700
Feb
32 K
60 K Jan
ties may be included, should, hence, always be kept in mind
Preferred.r............... 100
86
844$ 91
700
844$ Feb 1 2 0
Jan
3
8 .0 0 0
34$
Feb
particularly as regards mining shares.
In the circumstances! ^ n e y -G iS e 'b if V'Vt)
3
35$ Jan
264$ 304$
5 900
26 K
395 $ Jan
it is out of the question for anyone to vouch for the absolute oum cove oii.r....'..'new 274$
24$
2
24$
300
IK
3
F’eb
3
25$
34$
1.800
24$ Feb
9
Jan
- d |K
J
s k - j : 100
904$ 110
7.900
Jan
90K F’eb 151
l
Hudson O ll.r .........
5$
11-16 1
8 ,1 0 0
H ,in>
IK Jan
Indiahom a Refining” ” ^
7K
75$
75$
14,500
F r ia a y
Feb
7K
S a les
Internat P e t r o l .r ..
£1
95$ Jan
57
60
■
r
>lK
21,800
W e e k e n d in g F e b . 13.
L a st
77
W e e k 's R a n g e
Jan
fo r
51K Feb
Invincible O ll.r _________ 50
R a n g e s i n c e J a n . 1.
28
32
6.900
Feb
S a le .
27
45
o f P r ic e s ,
i W eek .
Jan
Island Oil A Tran sp____10
5
5 5$
5K
S to ck s —
7.300
P a r . P r ic e . L o w .
Feb
5
H ig h
05$ Jan
S h a r es.
King Petroleum C o r p . r .. 1
L ow .
H ig h .
25$
2 K ■ 24$
5.900
Feb
2
25$ Jan
Livingston Oil C o r p .r ___ 1
IK
IK
I K 2 0 ,0 0 0
Acm e C oa l.r______________ 1
1
Lone Star G as.
I K Fob
24$ Jan
7.900
14$
IK
14$ Jan
14$ Jan
32
31
32
900
Aetna E xplosives.r(no par)
Feh
31
7 4$
F’eb
32
M agna Oil A Refining
1
8
3.900
7 4$
Feb
74$
Jan
94$
6
6
7,000
5K
Air Reduction____(no par)
44
Feb
Jan
5
9
44
46
500
Manhattan O ll.r .(n o par)
44
Feb
49
Jan
25
304$
2.300
Allied Packers. . . ( n o par)
Feb
27
25
41
Jan
20 4$ 27
3.900
M aracaibo Oil E x p lor.r <T)
Feb
204$
36
Jan
16
164$
185
2 ,2 0 0
Aluminum M ir s .r .(n o par)
Fob
16
30 K
Jan
29
27
32
M
erritt
Oil
C
o
r
p
............io
3,700
Feb
20
40
Jan
174$ 20
184$
4.600
Am Candy C o,com (n o pai).
174$
10K
8
22 K Jan
2 ,1 0 0
M etropolitan Petroleum .25
Feb
10K
8
114$ Jan
3
34$
24$
5.500
Amer Hawaiian S S .r ___10
25$
75
4 K Jan
75
M exican I’anuco Oil . 10
200
75
Feb
75
Feb
9
12
800
* Amer Safety R a zor_____ 25
Feb
2K
4 4$ Jan
1 2 ,2 0 0
M
exico
OH
C
o
r
p
..
.
10
U K 12
11
Jan
174$ Jan
5.700
24$
14$
Am W rit Paper, co m ___100
IK Feb
10
11
400
M idwest Refining . r ____10
10
4K Jan
Feb
124$
Jan
141
157
13,440
Armour Leather, r ______ 15
Feb 180
141
Jan
15,400
M idwest-Texas O il. r ____ 1
16K 18
164$ Feb
18
F’ cb
4$
4$
3,800
Austin .N icholsA C o co m (t)
4$ Jail
22
22 k
234$
K Jan
3,500
M orton Petrol o f M e . r . . . l
19
Fob
27
Jan
24$
34$
P referred____________ 100
1 ,1 0 0
2K Feb
North American o n ,
g
F’ cb
88 K 90
3
K
400
88
Feb
93
Jan
4
4.700
4 4$
34$
Barnsdall C o r p . r ______ 25
34$ Feb
5K Jan
4.400
Northern Texas O l l . r . . . i s
51K 53 K
494$ Jan
56
Feb
34$
1.300
24$
Brit Amer Chem C o r p .r 10
44$
2
Jan
9
Omar Oil A Gua new ____ lo
9
8
2 ,1 0 0
4K F eb
Jan
9 4$ Jan
54$
600
54$
54$
Brlt-A m T o b ord bea ..£ 1
5K Feb
184$
Jan
75$
17 K 1844
4.200 *yl74$ Jan
Pan’ lo Prod A Ref c o m .r(* )
284$
Jan
19
19
19
100
Ordinary......... ................£1
18
Feb
26
Jnu
18
18K
Preferred....... ........... ioo
Jan
2 0 0 x g 18
1844
28
Jan
80
83
800
Car Ltg A P o w e r .r ___..2 5
Fel
80
90
J 1111
Phillips Petrol. c o m _ r".(t)
1,300
2K
Feb
244
2
4$
34$
Jan
36
33
38
6.500
Cent Teresa Sug, com ___10
Fob
z32
Jan
89
K
5
Producers
A
Ref
r
.........
10
500
5
Feb
54$
94$ Jan
8
84$
84$
8 ,2 0 0
Cities Service, p r c f . r .. l 0 0
Fob
8
Red Hock Oil A G as______
10K Jan
68
68
1 00
68
Feb
74
Jan
1
1
Cities Serv Bankers shsr(t)
2.600
I
K
Feb
1
IK Jan
Rickard Texas C o . r ___Z is
7.900
38K 404$
384$ Fob
444$ Jan
14$
14$
Cleveland Auto C o n e w .(t)
IK
300
14$ Feb
3
Jan
64
Ryan P etroleu m .r_____ i l
65
58
300
Jan
72
Jan
34$
C olom olan E m 'ld Synd new
35$
35$ 14,900
3 K Feb
45 $ Jan
12K
Salt Creek P r o d .r ___; " 25
2 2 ,2 0 0
8 K 13
84$ Feb
25
Jan
44
504$
C onley Tin Foil, w l._ (t )
504$
10.700
F’ eb
44
56
23
Fob
22
Sapulpa R efining. I . I l l 5
254$
22
2 ,0 0 0
Fob
29
Jan
6
54$
D afoe-Eustlce C o . r ____ (t)
3.500
5 K Feb
7 K Jan
Seaboard Oil A G a s .r .
6
500
3 Vs
644
34$ Feb
11
Jan
4
44$
D avies (W m ) C o, I n c .r .( t )
1 ,2 0 0
Feb
4
5K Jan
Sequoyah Oil A R e f............1
2.400
40K 45
404$ Feb
60
Jan
7-16
4$ 7-16
Farrell ( W m )A S o n co m .r(t)
4.500
5-10 J 111
40
K Jan
Simms Petroleum r(no par)
40
35
100
Feb
48
Jan
37 4$
334$ 43 4$ 1 0 1 ,0 0 0
General Asphalt c o m .r . 100
86
33
K
Feb
73
K Jan
Skelly
Oil
C
o
.
r
.................
10
77
984$ 37,000
77
Feb 130
Jan
94$
94$ 105$ 13.000
Gen M o t com w l(no par)
9
Feb
25 5$
13K Jan
Southern Oil A T r a n s .r . 10
24 K 30
55.500
Fob
244$
36
Jan
5
G oldw yn P ictu re.r.(n o par)
5K
900
5
Feb
26
Jan
7K
25
South
States
Cons
Corp
r
1
284$ 19,400
25
Feb
34
Jan
1
14$
Grape Ola Prod C orp com
IK
2 ,1 0 0
1
Jan
Jan
1K
Spencer Petrol C orp ____10
1
4.000
IK
14
Jan 1 7 16 Jan
184$
184$ 184$
P referred______________
4.000
17 5$ Jan
l 15-16
Stanton O l l .r . .
2 0 K Jan
144 1 15-16
4.200
Jan I 15-10 Jan
14$
7-16 Yi 10,600
4$
Ilavana T obac, p r e f.r .1 0 0 .........
7-16
Jan
Jan
5$
Steiner
Oil
C
o
r
p
.r
.(n
o
par)
9t$
9K
50
Feb
94$
134$ Jan
14
144$
Heyden Chem . . . ( n o par)
14 4$
2.500
14
Feb
15K Jan
Texana o il A R e f. r______ 1
5
500
4K
45$ Feb
04$ Jan
4$
4$
H ocking Val P r o d u cts .. 100 _____
1.000
K
K F’eb
13
7-16 Jaa
Texas Chief O ll.r ______ 10
13
13
Feb
1 00
14
Jan
30
30
H ydraulic Steel, c o m .r . ( t )
100
30
Fob
33
47 K Jan
Texas
Com
pany
new
33
____25
33
800
354$
Feb
43
Jan
46
435$
46K
3.800
Preferred _ r__________100
435$
F
’
eb
595$ Jan
98K
Texas Pac Coal A O l l . r . .10
98 K 995$
400
984$ F'cb 101
Jan
96
92
99
Imn T ob of G R A I ____£1
1,400
92
Fob 113K Jan
11
Texas-Ranger Prod A R . . 1
105$ 11
Feb
200
10
134$ Jan
14$
14$
Indian Packing C o r p .r . ft)
3,300
IK
1
F’ eb
14
IK Jan
Tex-K en Oil C o r p .r _____ 5
7.000
13K 15 K
20
134$ Feb
•Jan
2
2K
1.700
Intercontinental R u b b .1 0 0
F’eb
2
12
T exon OH A L a n d .r _____ 1
3 K Jan
12
12
300
Feb
17
Jan
1
4
$
K a y County G a s .r ______ 1
134,000
Jan
K
I
K Jan
IK
Thraman
O
ll.r
.......
..............
1
Feb
13,100
IK
2K
14$
24$ Jan
1
1.500
IK
K eystone Solether.r____10
1
F’eb
34$ Jan
T rinity OH C o r p .r ______ 1
14K
13
13
4,700
Feb
14 K
144$ Feb
4$
Lima Locom , c o m .r ___100
1,600
1
K Feb
Jan
72
T ropical O ll .r ......... ........ 25
72
75
72
Feb I 85
700
Jan
16
19
Lincoln M ot C o ol A .r . .5 0
4.700
Fob
15
23 K Jan
50 K
United Tex P e tr o l.r _____ 1
50
49
5.100
Jan
63
Jan
1
Locom obile C o new w l.r .(t )
IK 1 0 .0 0 0
1
Jun
I K Jan
23
Victoria O ll.r ___________ 10
21
5.200
21K 24
Feb
25
Jan
14
$
14$
M arconi Wlrel .Tel ofAm er5
3.000
I
K
I K Jail
•24$ Jan
Vulcan O ll.r _____ ________ 5
444
44$
44$
8.500
44$ Feb
64$ Jan
6
64$
M ercer M o r o r s .r ..( n o par)
4,100
74
64$ Jan
9K Jan
25
W ayland Oil A Gas Com 5
204$ 26
1.900
204$ Feb
39
Jan
4
M ontg Ward & C o, com (t)
F’eb
6.500
4
44
4 5$ Jan
33
Whelan OH r .........
32
35
32
Feb
3.000
41
Jan
l
1
N or Am Pulp & P a p e r .(t)
1.800
1
Jan
4$ Jan
5
55$
6
W hite Eagle O llAR ef r . ( t )
F’ eb
15.000
45$
Jan
64$
194$ 204$
Nunnally C o, c o m .r ___(t)
19
Fob
1 .0 0 0
24
Jan
W hite Oil C o r p .r .( n o par)
300
18 K 19
185$ Feb
224$ Jan
26
294$
Orpheum Circuit c o m .r . . 1
315
26,500
26
F’eb *50
Jan
'2844
W oodburn Oil C o r p . r ___1
285$ 314$
Feb
8.300
284$
Jan
37
6
6
Patehogue-Plym M ills, (t)
64
,0 0 0
6
F’eb
8 K Jan
39
41
39
400
Feb
414$ Jan
Penn Coal & C o k e .r ___.5 0
M in in g S t o c k s —
28
28
30
Feb
500
34
Jan
Perfection T & R new r?10
44$
4
Alatka-Brlt Col M e t a ls ..1 11-16
Feb
11,500
4K
24$
Jan
55$
Pressman T i r e * Rub r . . l 0
K 13-16 18,100
I K Jan
K Fob
Am er H ond M in C o r p .r .l
600
2K
25$
14$ Jan
34$ Jan
2
R a d io Corp o f Am w l . r ( f )
15$
1 ,0 0 0
24$
1J$ Jan
2 K F’eb
2
2
Am erica M in e s .r .
1
4.500
Jan
3
2K
Jan
1
1
Preferred, r ____________ 5
1
400
Jan
1-16
Jan
2
Amer
Tin
A
T
u
n
g
s
t
e
n
lr
lll
Fob
5.300
3
2K
Jan
44$
7-16 9-16
R ep ublic Rubber r (no par)
8 ,0 0 0
7-16 Jan
3
34$
4$ Jan
Arizona S liv e r.r _________ 1
4
Feb
4K 28,900
6
Jan
1
14$
R o o t & Van D ervoort r 100
2K
8.900
1
Fob
Jan
47
47
49
64$
Atlanta M in e s .r _________ 1
Feb
47
600
Jan
544$
3c
2c
3c
Sou Phosphate C o r p .r . (*)
2.700
14$c Jan
25
26
34$ F ob
25
B elcbcr-D lvlde. r .............10c
Feb
700
26
Jan
17c
15c
20c
Spicer M fg , n e w .r _________
49.200
150
Jan
Jan
380
2844
Belcher Extension_____ 10c
28K 29
1 .1 0 0
284$ Feb
29
Feb
17c
15c
Spicer M ig , c o m .r _____ 100
20C
1.500
15c
Feb
Jan
49c
110
111
Big Ledge Copper C o ____ 5
2 0 0 1014$ Jan 114
Jan
7-16
4$
Stand Gas A Elec, co m .r.50
,300
K
7-16 Jan
9-10Jnn
B o o t h . r _________________ 1
18
20
18
700
Feb
204$ Jan
6c
5c
6c
Preferred, r ..................... 50
6,650
44$c Jan
7c
Jan
38
39
40
700
Boston
A
M
ontana
D
e
v
.
.
5
Feb
Jan
415$
67c
67c
70c
Submarine Boat v t c . . ( t )
2 ,2 0 0
65c
Fob
74o
Jan
124!
Caledonia M ining________ 1
12K 14
124$ Feb
7.900
174$ Jan
31c
35c
37c
T em tor Corn & Fr pf A (t)
1.900
31c
Jun
41
42c
Jun
40
45
35
6 ,1 0 0
Canada Copper C o, L t d ..5 ' 1 V . u x
Fob
48 4$ Jan
5-10
T ob a cco Prod E x p . ___(*)
IK
3.900
14$ Jan
18
I K J*.n
17
22
Candalai la S ilv e r.r______ 1
17
9.000
Feb
32
Jan
1.500
T od d Shipyards C o r p .r (*) 159
1-io Jan
K Jan
151
159
Carson Hill G o ld .r _______1
Feb 2 0 0
450 151
Jan
23 * 25 *
Triangle Film Corp v t c . . 5
450
22
Fob
40
Jan
Cash B oy Consol.........
5$ 11-10
1.500
4$ Jan
4$ Jan
8c
7c 84$ 0
19.000
6C
U n td P lctu reP rod C orp .r(t)
Jan
40
9 K o F’ ob
11
11
Feb
3.900
13K
Consol
Virginia
S
i
l
v
e
r
.r
..6
Jan
184$
5
U nited l’ rollt S h a rin g..25c
64$
1 ,2 0 0
4
4$
Jan
10
Jan
IK
Feb
Cresson
Con
Gold
M
A
M
.l
10,300
2K
14$
34$ Jan
2
IK
IK
Un Retail St’s C a n d y .r .(t )
5.700
IK Fob
2 K Jan
13
14,700
13K 15
Feb
D e Beers Cons Mines, L td .
19
Jan
39
37K 39 K
U S Distributing, co m ___50
1,600
374$ F’eb
48
Jan
48
47
1 ,1 0 0
D lvlde Extension.........
505$
Jan
y
51
Jan
13-16 38,350
13-10
U S High SpeedSteel&Tool t
11-16
Jai
1
15-10
Jan
33
32
27
5,645
Jan
37 K
El Salvador Sliver M i n .r . l
404$ Fob
25$
3
U S Light A H eat, com .rlO
34$ 1 0 .0 0 0
2 5$ F’eb
35$ Jan
3
3
Feb
2K
1.500
Eureka
Croesus
M
ln
.r
___1
24$
Jan
34$
3-16
1
5-16
Preferred, r ___________ io
IK
12,900
1 % Jan
I K Feb
3K
3K
500
3K
34$ Feb
Forty-nine M in in g .r ______i
Jan
1
U S Steam ship__________ io
14
14$
1
5.400
Jun
2 K Jan
24$
25$
3K 30,000
Golden Gate Explor’n . r . . 5
24$ Feb
45$ Jan
U S T ra n sp ort.r ...............10
IK
1
8,600
Feb
11
2 K Jan
1 1 K 12
104$ Jan
Goldfield C on sol'd_______10
2,600
Jan
124$
10c
15c
‘
13c
V Vlvadou, I n c .r .( n o par)
19.200
F’ob
lo o
15c
Jan
17
164$ 20
4.500
Goldfield D evel _r____10c
164$ Feb
244$ Jan
lie
lie
15c
Warren B r o s .r ...............100
45,450
9o
Jan
12c
Jan
67
67
67
Feb
G oldfield M e r g e r .r _______1
100
70
Jan
4c
35$c 4c
W lllys Corp 1st p r e f.r .1 0 0
2c
Jan
11,950
4o
Jan
974$
97
97
G old Zone D i v i d e . r _____ 1 30c
Feb 1 0 0
1 ,1 0 0
99 K
Jan
28c
34c
Jan
28c
49.200
40c
Jan
Great
B
e
n
d
.r
____________
1
2c
3c
R ig h ts .
3c
Jan
8.700
2c
3o
Jan
Hasbrouck D iv id e .r ______1
4c
4c
Brlt-A m T ob ord b e a r .r .
4o
F’eb
800
0o
Fob
6
Feb
65$ 13,400
Uecla M in ing__________ 25c
84$ Jan
4 H 4 7-16
O rd in a ry .r_____________
4K
3
15-16
Jail
0,410
4
7-16
Feb
6
Fob
6,300
6>K
Iron B lo sso m .r________10c
1/ 5-10
74$ Jan
General E lectric_______ r.
4$ Fob
1.500
K Jan
3
9
Feb
2,700
Jim B u tle r .r ____________ 1
9
Feb
22c
24c
24c
21c
Jan
13.200
27c
Jan
Jum bo Extension_________ 1
6c
7c
Form er S ta n d a rd O il
7c
6
c
Jan
1
2
.2
0
0
8c
Jan
K e w a n u s.r_______________ 1
2c
3c
S u b sid iaries
3C
l K c Jan
14.700
4c
Jan
K
nox
D
iv
id
e
.r
_________
10c
94$ e
Anglo-Am er O ll .r ______ £1
8 K c 10c
8
K
0
Feb
17,300
15c
Jan
245$ 25K
3,900
244$ Feb
31
Louisiana C on sol_________ 1
Jan
9-16
Crescent Pine L i n e .r .. 50
9-16 0-16
K Jan
4.000
5$ Jan
150
150
1C 150
F'eb 150
M aoN am ara M in in g .r ___1
Feb
Northern Pipe L i n e .r ..100
K
K
F’cb
K
5$ 53.400
97 c
98
Jan
98
98
10
F’eb 105
Marsh M ining r _________ 1
Jan
Ohio O ll.r ........................... 25
22c
19c
22c
19c
F’eb
13,600
32c
Jan
318
330
318
Feb
40
388
M ason V a lle y ..__________ 5
Jan
Prairie Pipe L in e .r ____ 100
2K
2
K
F’cb
2,250
2
K
25$
235
Jan
240
34$
235
20
F’eb
278
M
other
Lode,
n
e
w
.r
_____
1
Jan
South Penn O ll.r ............100
54$c 55$c
55$c F’cb
600
00
300
Jan
305
Feb 34 5
30 297
M urray-M og M . L td ____ 1
Jan
75c
Southern Pipe L i n e . r .. 100
74o
Jan
75c
70c
7.400
78c
168
Jun
170
20 168
F’eb 170
Feb
N ational T in C o r p .r ___60c
Standard Oil (C a lll).r . lo o 312
Jan
2 0 0 , 10K
11K 114
305
317
13 K Jan
305
Feb 338
301
Jan
Nlplsslng
M
in
es__________
5
10
Standard Oil of N J .r 100 670
9K 105$ 9.300
94$ Feb
655
1 2 ?$ Jan
677
275 655
Feb 795
Jan Ophlr Silver M in e s .r____ 1
Standard Oil o f N Y .r .1 0 0 385
1
2 ,2 0 0
Jan
IK
15$
377
410
Feb 460
I K Feb
252 377
Jan
Prince C on s______________2
Union Tank C ar............
13-16
5.300
5$ Feb
101
1 3-10Jan
106
101
140
Feb
128
Rand
M
ines,
Ltd
w
1______
Jan
Vacuum O ll.r ............. .1 0 0
39 K
1 ,1 0 0
38 K 39K
38 K F’ob
42
Jan
390
398
F'eb 435
15 390
Rex Consolidated M in ___ 1
Jan
7c
8c
7c
8 .0 0 0
Jan
12c
Jan
R oper Group M in in g____ 1
O th er O il S to c k s
3-10 5-16 28.400
K
3-10 Jan
K
Jan
Silver
K
ing
of
Arizona___
1
Allen OH. r _____ % ________l
y% 11-16 18,000
9-10 F’cb
14$
15-10 Jan
IK
I K 10,500
Jan
14$ Feb Silver K ing D ivide, . r ___ 1
Alliance Oil & R e f . r . . ” "5
6c
6c
5c
5c
F’ob
1 1 .200
104$
14o
Jan
16K 16K
2,700
16
Jan
164$ Jan
Sliver Pick C o n s 'd .r ____ 1
AJIled O ll.r .......................... l 11-16
14c
8c
14c
49,900
2c
Jan
F'eb
14o
5$ 11-16 51,500
Jan
K
15-16
Jan
So A m er G old A P l a t . r . . 10
A lto Gasoline & O il ...........5
7K
7K
6K
3.200
2
65$ Feb
1
3
85$ Jan
1
1,000
Feb
3
Jan
Standard Silver-Lead____ 1
Amalgamated R o y a lt y .r .l
5-16
6,0110
K
4$
3-10 Jan
14
Feb
5$
6,000
5$ Jan
Success M in in g __________ 1
14$ Jan
Anna Bell_________
l
54$c
5 K c O K c 13.700
74c"
3c
Jun
7c
Jan
68c
75c
68c
26.700
F’ ob
75c
Jan
Sutherland D iv id e .r ______1
4c
l K c 4c
15$c F'cb
16.050
7c
Jan
67 K
98!$
Jan
Feb
Jan
io ik
76
98 5$
tTtdau
M in in g ( C o n c lu d e d ) P a r .
L ast
S o le.
P r ic e .
T on op a h B elm on tD cvel.r 1
Tonopan D iv id e .r .......... *
T onopah Extension-----Tonopan M ining .r ---------- 1
United K as.ern................... 1
U 8 Continental M in e s .r .l
Utah R eserve, r --------------- Vlotory D iv id e .r .................1
W ashington Gold Quartz. 1
W est End C o n s o lid a te d ..5
W hite Caps Extension 10c
W hite Caps M in ing------ lOo
W ilbert M in in g................... 1
2M
2
2K
9c
18c
1
2
2KC
11 c
6H c
R on ds—
775
Allied Pack oonv deb Osr’29
9\ y »
Amor Tel & T el 6 s . r . . 1922
9-154
0 % n o te s .r .................1924
98H
Belgian G ovt Ext 6 s .r l0 2 5
99
External 8s-------------- 1921
O C C A St L lty O s.r. 1929
C uba Cano Sugar 7 s .. 1910
9554
General Electric fiS .r .E d )
07
Interboro It T 7 8 --r--1 9 2 1
98
K cn nccott Copper 7s r 1930
phlla Elec (is................1922'------Russian G ovt 0548.r ._ 1 9 1 9 -----6 K s . r ______ ______ 1 9 2 1 ------Swedish G ovt O s.J’ne 1 .V 3 9 .........
Sw ltzerl'd, G ovt of, 5K s"29
W e e k 's R a n ge
o f P r ic e s .
L ow .
H ig h .
2%
2X
2K
2H
2H
2K
2X
2M
3 13-16 4
9X c
8c
IK
IK
18c
14c
98c 1 1-16
2
IK
2K c
2c
9X c H K c
7c
6c
77
94
94X
95
98 %
84 K
99
94
62
97
98
28
29
91
86 X
79 X
95 X
95
90 K
9!)
85 K
99
95 H
67
0SK
98
29
29
91K
87 H
Ha les
fo r
W eek .
S h a res.
3.915
7,475
3,070
4,690
2,470
12,000
2.800
12,800
3,300
15,900
4,500
12,200
6,450
R a n g e S in c e J a n .
N ew
1.
All p rice s d o lla rs per sh a r e .
354
Jan
254
Jan
4 54 Jan
2 54 Feb
2 3-16 Feb 2 15-16 Jan
354 Jan
2 54 Jan
454 Jan
354 Jan
Jan
10c
8c
Jan
Jan
1 9-16 Jan
Jan
29c
14c
Feb
970
Jun 1 1-16 Feb
Jan
1 7-10 Jan 2 7-16
Jan
3c
154c Jan
Jan
12c
7540 Jan
Jan
8c
6c
Jan
77
94
9454
95
9854
8454
99
94
62
97
97 54
2354
23
9054
8654
128,000
110,000
36,000
105,000
80,000
6,000
5,000
320,000
92,000
110,000
1,000
15,000
10.000
15,000
22.200
C U R R E NT
Feb
8954
Feb
97 54
Feb
9654
Feb
9654
9954’
Jan
89
Feb
Feb 101
Feb
9554
70
Feb
Feb
98J4
9S
Jan
34
Jan
35
Jan
97
Feb
93
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
NOTIC ES
- T h e Fidelity Mutual Life Insurance Company PMadelphia. reports
an Increase In now business last year which approximated 81% . Mgures
show the Increase In lilo insurance business enjoyed by
^FM elit^s
— on the average— was 00% during 1919. Nearly 50%
, .. „ ,
now business, it is stated, originated under Its mcorne for
This feature combines an income for retirement; an income If totally and
permanently disabled and protection for dependents at death, lh o
Fidelity originated this plan as it did also the disability provision, no
Important factor in lifo insurance. It originated also the feature Providing
double bonelits in event of death or disability from accidental cause. The
Fidelity’s annual statement— just issued—showed tnsuranco in force at
the end of 1919 amounting to S173.092.356. Its now business last year
totaled $34,125,474. The Fidelity has paid to policholdcrs sinco organzatlon, $55,298,926 48. It has paid to and held In trust for policyholders
$94,340,092 98.
’
,
— Edmund 11. Bartlett, formerly with Taylor, Ewart & Company of
Chicago, and Augustus Knight heretofore associated with H. T . Iloltz &
Company, also of Chicago, have entered tho bond business under the name
of Bartlett, Knight & Co. The new firm will deal in Government, M unid
pal and high-grade Corporation bonds. Its offices are located at 29 South
La Salle Street, Chicago. M r. Knight Is a son of Nowell C. Knight, Presi
dent of The Knight Company, Chicago.
— Spencer Trask & Co. have issued a circular showing at a glanco how
the earnings of tho more important railroads under Federal control compare
with the compensation recolved by tlio roads from tho Government; and how
the per share earnings, maintenance expenses, dividend payments and prices
during the period of Federal control comparo with tlioso of the 554 year
period prior to Government operation.
__Bond & Goodwin, members New York, Boston and San Francisco
Stock Exchanges have moved'their Now York office to 65 Broadway. 1he
firm are dealers in Commercial Paper. Trado. Bank and Bankers ^Accept
ances and other investment securities and have offices In Boston, Chicago
Philadelphia, Minneapolis, San Francisco, Seattle and Portland, Ore.
__Parson Son & C o., 115 Broadway, Now York City, have issued an
attractive pamphlet giving details and quotations on Foreign Government
Securities.
__p aine Webber & Company of New York, Chicago and Boston, announco that A . W . Scabrease, Jr. is now connected with tho investment
department of its Chicago offlco.
Y o rk
C ity
B an k s an d
b id
80
Alliance R 'lty
73
Amer Surety.
Bond A M G 225
75
ty Investln
86
Preferred. .
A sk
397
420
290
255
455
240
210
135
480
705
400
T ru s t C o ’s
N e w Y ork
Bankers Trust
Central Union
Colum bia____
C om m ercial..
Em pire______
Equitable T r .
Farm L A T r .
F id e lity .........
F u lto n ______
Guaranty T r .
Hudson______
Irving T ru st.
Law T it A Tr
Lincoln Trust
Mercantile Tr
425 M etropolitan.
225 M utual (WestChester)____
135
195 N Y Life Ins
1 A T ru st___
600 IN Y T r u s t ...
240 Title Gu A Tr
U H M tg A Tr
United States
W estchester..
155
B r o o k ly n
215
165 Brooklyn T r .
120 Franklin_____
H am ilton____
95 Kings County
95 Manufacturers
215 People's-------130
205
160
B id
A ll
105
125
760
____
385
420
SSO
140
495
2 )5
202
650
200
310
510
Lawyers M tge
92
M tge B o n d ..
N at S u r e ty .. 205
N Y T itle A
M o r tg a g e .. 135
fo r
A ik
125
97
210
___________________ _
Aid
(Realty Assoo
(B rook lyn ).
110
(U 9 Casualty. 186
120
200
]U S T itle Guar 80
145 W est A Bronx
T itle A M G1 150
S u n d ry
S ta n d a rd O il S to ck *
P e r Skat
A tk .
Par B id
Anglo-American Oil
£l| 241- 25U
13/5
, i v i . 113>2
Atlantic Refining..............
p referred..........- ............ 100
2
Borne-Scrymser C o ..........100 430 150
95
Buckeye Pipe Line C o - - - 60 ” 2
250
CbceebrouRb M fff now — J00|
110
Prelerred new------------- 100 lo o
Continental O il.................. 100 4 9 ) 500
3>
Crescent Pipe Line C o . . . 60 •33
Cumberland Pipe L ine— 100 13) 140
Eureka Pipe Line C o ------100 110 148
78
Galena-Signal Oil oom — 100 74
Preferred o ld ----------------jo o 1 0 0 105
9 1 98
Preferred new— --------100
Illinois Pipe Line..............100 1 ( 0 105
98
Indiana Pipe Line C o -------- 50 *«>3
International Petroleum - *1 *5,1 51
30
National Transit C o . . .12.50 *28
New York Transit C o . ..1 0 0 185 190
Northern Pipe Line C o . 100 98 100
Ohio Oil C o .................. - - - 26 •320 325
51
Penn-M ex Fuel C o ------------25 •53
Prairie OH A G as------------ 100 575 5(5
2 2 0 226
Prairie Pipe Line------------ 100
Solar Refining....... ............. 100 359 370
Southern Pipe Line C o — 100-Zi >•> 1 0
__,300
South Penn O il...................100
97
Southwest Pa Pipe Lines.100 , 94
94
Standard Oil (California). 100zH O 3 6
Standard OH (Indiana).-1 0 0 61.0 |ii90
Standard Oil (K an sas).—100 5 0 610
Standard Oil (Kentucky) 100 3 0 3 0
Standard Oil (Nebraska) .100 490 510
Standard Oil of New Jer.100 670 675
Preferred______________100 114 115
Standard Oil of Now Y ’ k.100 3 3 335
Standard Oil (O hio)--------100 6 1 0 525
9
*7
R ig h t s ........................
107 109
Preferred__________
1 00
95
Swan A F in ch .. . . . . . . -.1 0 0
Union Tank Car C o ------ 100 101 107
2
*1
R ig h t s -------------------1 02
101
P r e fe rre d -.------------Vacuum O il______________100 350 3 /5
40
Washington O il___________ 10 *30
3S0
370
420
430
350
340
ICO
160
300
____
290
2S0
440
430
240
230
265
265
3S0
370
150
140
(See Irving
(N at Bank
134
128
____
175
____
235
300
290
735
620
375
410
840
130
78
236
80
06
B ia
1 20
Q u o ta tio n s
T r u s t C o m p a n ie s
010
A sk
____
S e c u r itie s
All b o n d price* a re " a n d I n t e r a i f e x c e p t w h e re m arked " t "
A ll p rice s d o lla rs per s h a re .
B ill
B anks
A sk
B id
B anks — N Y
690
mp A T rad .
015
A m erica*____ 0 0 0
316 1Irving (trust
Amer E x ch __ 300
certificates) 390
A tlan tlo_____ 215
L ib erty._____ 400
Battery Park. 2 1 0
Lincoln---------- 285
425
Bowery*
166 M anhattan * . 250
Broadway Ceil 115
125 M cch A M e t. 445
Bronx B oro*. 106
M erchants___ 230
1 00
150
Bronx N a t—
•190
165 Mutual*
Bryant Park* 145
40
45 Now N oth*— 2 0 0
Butch A Drov
New York Co 125
Cent M oro— 2 2 0
405 New Y ork — 405
Chaao — ------- 455
135
320 Pacific •____
Chat A Then. 310
745
135 P a rk _______
Chelsea Exch* 125
350
Prod
E
x
c
h
*
..
690
680
C hem ical____
330
205 P u b lic ..
200
Oltlsena
385 Seaboard ____ 090
376
City . . .
400
S
e
co
n
d
______
Coal A I r o n .. 250
State*_____ 1/210
Colonial *____ 350
23d W a r d * ... 125
Colum bia*___ l 175
Union E x c h .. 185
220
C om m orco_
United States* 2 0 0
Gomin’ l E x *. 425
Wash H ’t s * .. 400
C om m on
Weatch A v o * . 230
w e a lt h * ... 215
Y o rk v llle *___ 375
Continental*. 120
480
Corn E x c h * .. V 105
B ro o k ly n
100
95
Goamop’ta n *.
175 Coney Island* 140
Cuba (Ilk o l ) . 105
205
F ir s t ...
East Itlver___ ICO
Green p o in t ... 150
ICuropo............ 1 1 0
110
lllllsldo*
Filth Avonue* 900
80
108 H om estead*..
100
F ifth .—
990 M echanics’*— 90
975
First. . .
85
M
ontauk
*—
240
( larfleld
205
[Nassau
215
Gotham
National City 115
Iroenwleh * . . 380
835 North S id e * .. 195
825
Hanover
145
390 People’s
Harrlmnn------ 3d)
185
Industrial
* Banka marked with a (•) are State hanks,
shango this week, t Includes one-half share
z Ex-dlvldend. v Ex-rlghts.
Y o r k C ity R e a lt y a n d S u r e t y C o m p a n ie s .
H ig h .
L ow .
I l.l.stcd on the Stock
ound. o New stock.
stock
Odd lots, t N o ^“ ^ro'^'d^ltlonar^ransactlonTw 'ujlbe lou"nd.
Exchange this week
z Ex-stock dividend
g Ex-rlghts.
i
Ex-dlvldend.
r Unlisted. « ’ When Issued,
t Dollars per 1.000 lire. flat. k Correction.
N ew
651
THE CHRONICLE
F eb . 14 1920.]
255
272
700
210
310
t Sale at auction or at Stock Exl New s to ck .
Irving Trust C o
new122
O rd n a n c e S to ck * — P e r S h a r e .
Aetna Explosives pref— 100 65
Atlas Powder com m on— 100 168
Preferred______________ 100 87
Babcock A W ilcox----------100 118
Bliss (E W ) C o com m on . 60
Preferred_______________ 60 * 60
Canada Fdys A F orgings.100 205
Carbon Steel c o m m o n ... 100 95
1st preferred------ -------- 100 93
2d preferred___________ 100 70
C olt's Patent Fire Arms
•50
M fg .................................. 2 £
duPont (E I) de Nemours
A C o com m on_________ 100 310
87
Debenture stock----------100
Eastern Steel------------------- 100 80
25
Enirlre Steel A Iron com .10c
Pi ef erred______________ 100 63
Hercules Powder c o m ...1 0 0 2 1 0
Preferred______________ 100 100
Nllcs-Bement-Pond oom . 10C 106
Preferred______________ 100 95
Phelps-Dodge C orp-------- 100 232
Scovlll M an u factu rin g...100 390
Thomas Iron---------------------60 *30
Winchester C o c o m . . — 100 350
1st preferred__________ 100 94
67
2nd preferred-----------------W oodward I r o n . . . . . . — 100 38
80
Preferred---------------
165
90
121
120
80
220
105
108
70
59
355
91
85
30
07
220
109
109
100
231
410
3f
450
99
72
42
90
P u b lic U tilitie s (C o n c l.)
United Lt A K yscorn --------10<
1st preferred___________10<
Western Power eom m on.lO )
Preferred______________ 10<
P er
sh .
23
58
20<2
70
22
28
61
71lj
R R . E q u ip m e n t ! — P ir C t !B a s is
6 40 6.00
Baltimore A Ohio 4 H * - - - 6.12 6.80
Buff R och A Pittsburgh 4 H r
0.12 6.80
Equipment 4s____________
6.12 6.80
Equipment 6 s ___________
6.50 6.00
Canadian Paclflo 4 H s --------6.75 6.00
Caro Cllncbfleld A Ohio 8 a ..
6.50 6.00
Central of Georgia 4 H s .........
6.50 6.15
Chesapeake A O h i o . . --------6.50 6.15
Equipment 5s-----------------7.50 6.50
Chicago A Alton 4 H * --------7.50 6.50
Equipment 5s-----------------7.50 6.50
Chicago A Eastern 111 5 H * -6 75| 6 .on
Chlo Ind A Loulsv 4 H » ------6 37 1 5 90
Chlo St Louis A N O 6 s . . . . .
6.00 5.50
Chicago A N W 4HB---------6.87 6.25
Chicago R I A Pao 4 H * ------6.87 6.25
Equipment 6s-----------------0.75 6.00
Colorado A Southern 51— .
7.00 6.37
Erie 6s________________ ____
7.00 6.37
Equipment 4 H s ------------6 75. 6.00
Hocking Valley 4>*s ---------0.75 6.00
Equipment 6s___________
6 25 5.75
Illinois Central 6s------------6.25 5.76
Equipment 4 X s ------------Kanawha A M ichigan 4 H i — 6.75 6.00
6.10 5.50
Louisville A Nashville 6 l —
6 3 ) 6.00
Michigan Central 6 s . .
0 3 ) 6.00
Equipment 6s______
6.37 5 87
M inn St P A S S M 4K B -----7.00 6.25
Missouri Kansas A Texas 8a
7.00 6 25
M issouri Pacific 6s-------------6.75 6.12
M obile A Ohio 6s..................
6.75 6.12
Equipment 4 X 8 -------------6.40 5 95
New York Central Lines 616.40 6.95
Equipment 4 X b------------6.50 6.00
N Y Central R R 4 i* a -------N Y Ontario A W est 4 X 8 — - 6.50 6.00
6.00 ,5 .5 0
Norfolk A Western 4H *
0.00 5.50
Pennsylvania R R 4 X s .
6.00 5.50
Equlpment 4s_______
7.10 6.00
St Louis Iron M t A Sou 6 s ..
St Louis A San Franclsoo 6 1 - 7.10 6.00
7.00 0.25
Seaboard Air Line 6 s ..
7.00 6.25
Equipment 4 H e-----6.25 6 75
Southern Paclflo C o 4 X 8 - - 6.5C 6 12
Southern Railway 4 X 8 ------0.5C 0 12
Equipment 6a--------------- 6.75 0.00
Toledo A Ohio Central 4 s . .
T o b a c c o S to c k e — P e r Sh a r e .
Par
American Cigar c o m m o n .100
Preferred______________ 100
Amor M achine A F d ry _ . 100
Brltlsh-Amer T obao ord— £1
Brit-Am T ob ao. b e a r e r ..£1
Brlt-Am T ob ao, rights
Conley F oil______________100
Johnson Tin Foil A M t '
M acAndrews A Forbes
Preferred______________ 100
.eynolds (R J) Tobaci
B com m on stock___
B id .
A sk.
120 128
120
82
90
110 120
*17
17fj
*171.1 17ia
*0
6«a
315 325
110 120
145 155
90
95
510 560
430 455
106 ins
125 130
96 106
S h o r t T erm N o te * — P er C e n t .
953 9734
91
9 lia
94t2
94
95
91
94
95
P u b lic U tilities
9S3 1 99i2
Amer Gas A Eleo com — 60 * 1 2 2 125
O ilj
95
40
Preferred----------------------- 60 •39
991 903.1
Amer Lt A Trao oom ------ 100 17.3 182
973 981s
90
8
8
Preferred______________ 100
9(31*
94
6.p
Amer Power A Lt com — 100 60
96)2 93
75
Preferred______________ 100 71
9U2 93
10
Amer Publlo Utilities comlOO
9S1) 99
LlggettAM yer8Toh6s'21JAD
20
Preferred______________ 100
991j
30
N Y Cent 6s 1 9 2 0 ..M A S 16 99
Carolina Pow ALight com 100 34
963,4 9712
301
Penn
C
o
4
X
8
1921—
J
A
D
15
Cities Service C o co m ___lOOZJoi)
8
6
88
Pub
Ser
C
orp
NJ
78
"22.MAS
Preferred______________ 100 ziiOia 7912
90
93
20
Sloss-Shef S A X 6s *29. FA A
17
Colorado Power com ____ 100
9334 94>2
100
Southern
R
y
6s
1922—
MAS
95
Preferred______________ 100
20
Sw lftACo 6s 1921 — . F A A 15 9812’ 99U
C om ’w 'th Pow R y A L t— 100 18
42
Utah See C o m 6s ’ 22 .M A S 15
Preferred______________ 100 40
91
dS8
Elec Bond A Share p r e f .. 100
9
6
Federal Light A T raction.100
I n d u s tria l
48
43
Preferred__________— 100
a n d M isce lla n e o u s
88
84
Great West Pow 6s 1946-JAJ
0
220
912 12 American B r a s s--------------100 2 173
Mississippi Rlv Pow co m . 100
77
American Chicle com ------ 100
Preferred______________ 100 50
79
83
Preferred________
100
74
71
First M tge 6s 1951— -JAJ
150
20
American Hardware-------- 100
Northern Ohio Eleo C o r p .(t) *16
47
Amer Typefounders c o m .100 "43
51
Preferred______________100
02
62
Preferred______________ 100 8 8
N orth'n States Pow o o m .100 *5 8
109 111
Borden's
Cond
M
ilk
c
o
m
.100
89
8
7
Preferred______________ 100
9.3
95
75
Preferred______________
100
North TexaB Eleo Co oom 100 70
74
Celluloid Com pany..........100 147 155
Preferred______________ 100 08
1
3
Havana
Tobacoo
C
o
-----100
86
84
Pacific Gas A E leolst pref 100
12
8
Preferred______________ 100
10l2 13
Puget Sd T r L A P co m — 100
56
1st g 6s June 1 1 9 2 2 .-J -D 143
53 I 57
Preferred__________— 100
11
14
Intercontlnen R ubb o o m .100
13 | 17
Republic Ry A Light------ 100
6712 70
International S a l t . . . ------ 100
48
Preferred--------------------- 100 45
70
721*
1st
gold
5s
1961............A-O
8412
8
6
)2
South Calif Edison c o m ..100
96
International Silver pref. 100 *93
Preferred______________ 100 99 101
87
22
Lehigh Valley Coal Sales. 60 *8 3
Standard Gas A El (D e l). 60 * 2 0
14(1 145
Royal
Baking
Pow
c
o
m
..
100
39l2
•3M
2
Preferred_______________ 60
92
89
3
Preferred______________ 100
1
Tennessee R y L A P c o m .100
Singer M anufacturing— 100 150 155
9
6
Preferred--------------------- 100
(1212 3'4
Singer
M
fg
Ltd
.
.
.
---------£1
United Gas A Eleo Corp.100
99
Texas Pao Coal A O il-------- 10 *96
1st preferred__________ 100
57
50
W ’ houseChurchKerrACo 100
2d preferred__________ 100
83
Preferred..................... — 1001 77
* i>Ar share
ft Basis
/n a ^ r r l c s
n NomTnai
d Purchaser also pays accrued dividend, e New stook,
% Ex-dlvldend. % Ex-rlghts.
(t) W ithout par valu e.
653
THE CHRONICLE
K m l
^ a ilr x r a d
[VOL.
110
% n U ll% Q m u .
R A IL R O A D G R O SS EARN IN GS
The following table shows the gross earnings of various S T E A M roads from whioh regular weekly or monthly returns
oan be obtained. The first two oolumns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. T h e r e tu r n s o f th e elec tric r a i l w a y »
a re b r o u g h t tog eth e r s e p a r a t e l y o n a s u b s e q u e n t p a g e .
______________________
L a te s t G r o s s E a r n in g s .
ROADS.
W eek or
M o n th .
C u rren
Y ear.
P r e v io u s
Y ear.
Jan. 1
to L a te s t D a t e
C u rren t
Y ear.
L a te s t G r o s s E a r n in g s .
ROADS.
P rev io u s
Y ear.
W eek or
M o n th .
C u rren t
Y ear.
P r e v io u s
Y ear.
Jan. 1
to L a te s t D a t e .
C u rren t
Y ear.
P r e v io u s
Y ear.
$
S
S
$
$
S
S
Monongaheia......... . December
Alabama Sc Vlcksb _ December
263,7.' 6 262.66 8 2,794.5.' 6 2,470,85,'
303,6? 9 295,61 4 3,652,60 6 3,211,550
Ann Arbor_______ . 4th wk Ja n 170,01 1 132,72 1
376,20S Monontfahela Conn . December
413.8C 6
192,9> 8 228,3C2 1,054,32 0 2,473,763
M
ontour_________
1751718
7
139970(
j
Atch Topeka & S Fe December
. Decembor
8 17990449 8 16236913C
94,8 C5 1,199,49 8 1.307,414
42,1C 0
Gulf Colo & S Fe . December 2,499,84 2 1,430,49 7 22,184,34 0 18,885,098 Nashv Ohatt &.St L December 1,808.58 1 1,893,37 7 20,044.13 4 21,757,402
822,92 9 412,25 4 6,708,46 9 5,809,657 Nevada-Cal-OregQi 4th wk Ja n
Panhandle & S Fe December
17,13 8
4,87 9
9,03 2
22,047
Atlanta Birm Sc Atl . December
430,41 3 469,17 6 4,961.07 2 4,703,381 Nevada Northern. _ December
157.28 4 218,30 4 1,579,44 0 2,706.331
Atlanta & West Pt . December
244,06 2 265,32 3 2,778,56 3 2,548,440 Newburgh & Sou Sh December
176,15 0 134,83 7 1,328,29 9 1.453,756
Atlantic C i t y ___ . December
252.71 4 308,66 0 4,452,16 4 4,252,769 New Orl Great Nor . December
195,72 5 156,96 6 2,294,54 9 2,197,315
Atlantic Coast Line . December 6,400,23 4 5,619,88 4 63,558,45 1 56,992,329 New Orl Sc Nor Eas t December
549,25 6 592,05 3 6,446,80 2 6,474,717
Baltimore St Ohio. . December 1574531 3 1535881 2 18262001 6 174191448 N O Texas Sc M ex. . December
220.67 1
97,73 4 2,063,68 9 1.885.623
Beaum S L & W . _ December
B & O Ch Term. . December
194.72 3 116,06 ) 2,058.94 7 1,761.486
137,70 5
98,86 5 1.364,16 8 1,417,973
St L Browns Sc IVI December
521,04 2 437,61 6 5,287,29 9 4,863,222
Bangor Sc Aroostoo k December
541.29 1 407,42 3 5,540.63 1 1,448,927
Bellefonte Central- . December
8,94 8
102,28 0
8,23 9
88,752 New York Central. . December 2685620 2 2748931 531071557 -) 294823035
Ind Harbor Belt . December
Belt R y o f Chicago December
346,34 5 304,79 9 3,780.32 1 3,899,764
565.61 6 529,77 8 6,562,91 2 5,591,235
Lake Erie Sc Wes t December
869.61 5 773,02 0 9.784,82 5 9,343,904
Bessemer & L Erie. December
499,57 2 862,81 2 12,508,69 9 13,417,564
Bingham & Garfiel 1 December
155,84 0 260,77 9 1,314,96 0 3,450,747
Michigan Central . December 7,106,15 1 6,568,88 6 78,844,38 5 68,520,087
Clov C C & St L_ December 7.234,27 6 6,310,41 5 73,856,45 i 71,403,970
Birmingham South December
567,34 9 1.397,254
83,31
44,55 7
Boston Sr. M aino.. December 6,441,18 5 5,734,75 9 72,583,87 9 69.911,392
Cincinnati North December
219,04 2 266,79 5 2,872,26 8 2,812,979
Pitts Sc Lake Eri a Decomber 2,459,90 7 2,762,00 1 28,034,18 8 32,992,272
B uff Roch & Pittsb 4th wk Jar 561,97
463,97 2 1,445,45 3 1,438,313
Tol & Ohio Cent December
Buffalo & S u sq __ December
616.67 5 1,078,88 2 9,078,90 ) 10,129,659
145,25 3 189,86 4 2,157,83 f) 2,249.666
Kanawha Sc Mici December
367,56 1 423,36 7 4,324,75
5,896,134
Canadian Nat Rys 1st wk Fet 1,545,47 3 1,503,13 7 8,813,03 5 8.290,654
Can Pac Lines in M< December
369.73 3 318,42 5 2,7 5i,95 3 2,409,260 N Y Chic & St Loui December 2.125.63 1 1,293,79<) 23.475,55. 16,901,206
Canadian P acific.. 1st wk Fet 3,288,00( 2,579,00( 16,957,00( 15,376,000 N Y N II St ifartf. December 9,942,72 8,608,15 10654511' 102294211
5,970,13/ 4,811,538 N Y Ont Sc Westeri December
Caro Clinch & Ohio. December
552,13,
841,991
823,99' 10,909,51. 10,895,005
495,07
Central o f Georgia- December 2,104,87. 1,902,04( 21.696.5K 20.692.888 N Y Susq Sc W est. Decembor
351,03/
337,621 3,915,64( 4,353,419
Central R R of N J_. December 3,910,76( 3.559,881 44.837.301 44,790,670 Norfolk & Western. December 6,570,89' 6,828,08? 76,925,59(>82,004,034
714.15
Cent New England. December
578,85:
66,691 6,591,227 5,753,643
507,83/ 6,757,40> 6,063,155 Norfolk Southern.. December
118,761
126,261 1.079,55? 1.285.494
Central Vermont__ December
513,881 453,071 5,852,305 5,188,812 Northern Alabama. November
Charleston & W Cat Docember
323,62C 319,811 3,121,631 3,015,886 Northern P a cific... December 8,082,60 10066391 10073935: 102908259
Ches & Ohio Lines. December 5,675,67C 7,089,616 71,475,01.' 73,720,796
Minn St Internat. December
102,424
68,697 1,073,849
992.093
Chicago St Alton__ December 2,382.108 2,156.516 25,272,33' 24.358.661 NorthwosternPacific Decembor
596,04f 434,304 6,082,459 6,702,398
Chic Burl & Quincy. December 12729301 12639318 154011437 144172769 Pacific C o a s t . ___ Docember
330,219 459.484 4,824,243 5.620,594
Chicago & East 111. . December 2,172,123 2,225.996 24,795,181 26,753,092 Pennsylvania R R .. December 32278827 34292094 378091498 368481761
Balt Ches Sc A t l.. December
Chicago Great West December 1,859,495 1,685,459 22,128,189 19,116,924
116,823 135,133 1,603,332 1,436,439
Cine Lcb & North December
Chic Ind & L ouisv.. December 1,077,901 1,045,275 12,355,826 11,017,274
74,569 217,308 1,153,261 1,168,339
Cumberland Vail. December
Chicago Junction.. December
321,062 339,178 3,712,479 3,435,784
441.091 596,027 5,633,360 5,917,543
Long Island__
Decembor 1.732,058 1,688,243 24,381,973 22,241,156
Chic Mihv & St Paul December 12586422 12449937 150370394 134772945
M ary’d Del Sc Va. Decembor
Chic & North West. December 11094113 It) 676199 139589915 127295678
104,367 117,702 1,356,187 1,101,323
N Y Phila & Norf December
Chic Peoria & St L . December
161,302 159,282 1,736,078 2.147,466
618,798 765,177 8,208,366 7.632.494
Tol Peor Sc West. December
Chic R I & P acific.. December 10151118 8,423,884 111578655 99,869,556
132,800 164,582 1,645,768 1,645,592
W Jers & Seashore December
Chic R I & Gulf. . December
509,594 354.541 5,046,028 4,420,008
804,141 „ 791,111 11,971,020 10.599,543
Chic St P M & Om. December 2,412,131 2,245,994 27,732,018 24,829,981 Pennsylvania C o . . . December 8,707,716 8,954,611 106342509 95,530,322
Grand Rqp & ind December
Chic Terre I I & S E . December
358,495 386,494 4.094,195 5,000.956
660,139 558,607 8,238,636 7,207,726
Pitts C C St St L Docember 8,505,539 7,336,471 93,606,303 87,224,887
Cine Ind & Western December
343,338 268,712 3,204,570 3,137,152
Cin N O St Tex Pac. December 1,383,521 1,554,886 16,313,685 15,478,641 Peoria & Pekin Un. December
123,993 122,602 1,243,748 1.306,394
Colo & Southern__ 4th wk Jan 729,296 678,783 2,245,233 1,937,599 Pcre Marquette____ December 3,072,670 2,689,573 35.443.130 28,955.011
Ft W St Den C ity. December 1.052.636 800.144 11.162.302 7,950,342 Perklomen _
December
107,005 107,655 1,121,830 1,117,383
835,464 1,472,853
December
Trin Sc Brazos Val December
76.015 120,128
182,660 122,125 1,454,328 1.162,730 Phila Beth & N E
Colo & Wyoming__ December
25,311
915,650 1,123,240 Phila & ltoadin g... iDecember 6,104,259 7,629.262 72,871,823 80,769.503
90,737
Cuba Railroad_____ November 1,022,351 472,392 12,433,778 11.287,834 Pittsb St Shawmut. . December
83,383 116,225 1,115,124 1,343,007
91,139 1.125,756 1,216,347
83,834
Delaware Sc Hudson December 2,880,843 2,601,704 34.749,709 34,789,864 Pitts Shaw & North December
141,910
Del Lack Sc Western December 6.307,146 6,009,722 71,824,047 68,740,076 Pittsb & West Va__ December
77,342 1,452,608 1,800,146
Denv & Rio Grande. December 3.165.636 2,869,532 33,016,256 31,352,213 Port Reading______ December
62,943 295,202 2,377,412 2,637,218
98,596 1,117,414 1,057,825
95,741
Denver & Salt Lake December
253.835
61.859 2,911,040 2,055,509 Quincy Om Sc K C ._ December
149,057 159,841 1,687,341 1,557,033 Rlch Fred & Potom . December
Detroit Sc Mackinac December
635,187 741,874 7,74.3,234 7,164,371
Wash Southern.. December
Detroit Tol & Irout. December
293,958 322,593 3.765.755 3,413,340
321,632 406,354 4,532.783 4,027,034
Det St Tol Shore L . . December
203,038 204,228 2,458,394 1,999,025 R utland................. December
414,748 340,659 4.838.533 4,540,589
Dul & Iron R an ge.. December
128,418 119,151 7,961,606 8,978.929 St Jos & Grand Isl’d December „ 233,556 183,523 2,932,822 2,588,577
Dul Missabo Sc Nor. December
260,051 242.144 19,994,713 21,545,271 St Louls-San F ran.. December 7,190,725 6,033,729 78,552,125 69,812,604
Ft W Sc Rio Gran. December
Dul Sou Shore Sc Atl 4th wk Jan 106,168
177,637 100,059 1,665.481 1,151,032
302,296
325,515
99,994
St L-S F of Texas. December
Duluth Winn & Pac December
160,936 147,986 1,913,689 1.712,066
93,936 1,537,640 1,366,344
131,163
East St Louis Conn. December
130,393
80,346 1,229,438 1,118,382 St Louis Southwest. December 1.487,071 1,318,751 13,750,284 13,035,152
St L S W of Texas December
Elgin Joliet Sc East. December 1,995,302 2.037,562 19,310.380 20 685 048
770,321 616,043 6,910,877 6,553,608
El Paso Sc So West. December 1,051,049 1,222,272 12,761,390 14,790,467 St Louis Transfer
December
64,360 1,144,253 1,080,329
119,697
Erie Railroad_____ December i 120 383 8 176,460 91,797,507 87,855,460 San Ant & Aran Pass December
448,305 369,984 4,510,590 4,370,335
Chicago Sc E rie.. December
896,545 1.137,352 10,401,398 11,039,823 Seaboard Air Lino. Decembor 3.687.553 3,609,185 41,183,532 38,923.106
049.688 l >968,095
Florida East Coast. December
996,519 821,685 1 0 , 1 2 1 , 2 2 2 8,841,222 South Buffalo........ December
67,416 125,584
Fonda Johns & Glov Docember
112,064
99,156 1,251,651 1,123,137 Southern Pacific__ December 14684114 13961659 109728931 153948641
Ft Smith & Western December
155,821 121,659 1,646,460 1,296,857
Arizona Eastern. December
315,208 393,432 3,681,300 4,478.691
Galveston Wharf__ December
Galv Harris St S A December 3,333,202 1,850,416 21,957,495 21.273,847
133,932 111,714
988,814 1,049,837
Hous & Tex Cent. December 1,060,420 801,053 9.720.533 9,041.980
Georgia Railroad__ December
621.631 637,528 6.389,987 6.716,502
Georgia & F lorida.. December
998,345 1,021,743 • Hous E Sc W Tex. December
90,367
320,842 196,528 2,396,164 2.087,716
90,170
Grd Trk L in New E December
Louisiana Western Docember
497,176 563,511 3,634,153 2,667,606
467.795 374,370 4,234,596 4,348,161
M org La Sc Texas December
Grand Trunk S y st.. st wk Feb ’ ,178.184 905,449 6.302,880 5.304,047
980,104 840,632 8,065,807 8,351,731
Sou Pac SS Lines. December
Gr’d Trunk W est. December ! ,933,576 2.211,029.22.342,065 19,376,032
,214,222 914.978 10,374,089 9,297.456
Texas & New Orl. December
Great North Svstem December
,089.469 D,848,200 106533738 100661066
805,902 626,972 8,140,177 7,445,599
Green Bay & W est. D e c e m b e r
83,094
78,755 1,213,613 1,019,055 Southern Railw ay.. Decembor 12858780 10727373 129787811 126574296
Ala Great South. December
Gulf M obile & N or. December
254,163 219,352 2,823,506 2.418.292
970,249 915,858 10,529.739 9,296,634
Mobile Sc Ohio__ December
Gulf & Ship Island. December
249,189 182,479 2,496,260 2,548,059
,518,453 1,341,076 5,636,714 4,840,901
Hocking Valley____ December
Georgia Sou & Fla December
856,710 699,244 1.654,516 3.155,861
440,668 421,572 4,374,501 3,694,800
South R y in Miss December
Illinois Central___ December G,752,374 ).130,043 107886835 107320261
213,801 195,544 1,864,983 1.519,495
73.542 1.072.680
Internal & Grt N or. •December 1,216,735 ,178.349 4,410,300 3.476.888 Spokane Intornat
912,903
124,379
November
Kan C ityM ex & Or ]December
149,358
532,701 728,507 7,275,263 8,406,944
69,824 1,511,840 1,259,674 Spok Portl Sc Seattle :Decomber
162,860 179.163 2,234,071 1,934,751
K O Mex & O of Tex December
166,143
77,131 1,322,209 1,188,656 Staten Island R T . 1December
8,506
3,246
4,505
Kansas C ity South. 1December 1,468,744 ,387,027 5,111,997 5,250,406 Tenn Ala Sc Georgia ' th wk Jan
13,983
199,761 245.094 2,489,537 3,011,812
Texark Sc Ft Sm. . 1December
81,036 127,060 1.495,013 1,281,121 Tennosseo Central. 1December
119,712 108,877 1,388,293 1,247,829 Term RIt Assn of StL December
412.744 215,142 4.002,712 3,882,409
Kansas City T e rm .. 1December
St L Mor Bridge T December
363,521 250,284 3,217,134 3,620,589
Lehigh & Hud River 1December
213,098 372,251 2,687,526 2,476,850
367.374 334,727 3,981,318 3,989.895 Texas & Pacific.
Lehigh & New E ng. 1December
th wk Jan 952,995 903,041 3,061,113 2,731,258
844.063 738,050 8,267,877 8,306,127
Lehigh V a lle y _____1 December 5 ,443,231 5 ,894,043 6 4,529,898 fi 5,586,769 T o l e d o St L Sc WestI IDocember
90,237
Los Ang & Salt Lake 1Decomber 1,505,384 1,269,544 17,209,931 14,517,377 Ulster & Delaware. . IDecember
65,862 1,215,809 1.006.444
TDecember ? ,603,326 .732,532 10819514 98,443,364
282,578 146,071 2,220,760 1,671,651 Union P acific..
Louisiana Sc Arkan. 1December
Oregon Short Lino IDecember 3 ,1 6 0 ,9 8 7 ,046,861 38,260,580 34,136,853
Louisiana R y Sc Nav I December
321,837 274,390 3,542,033 3,078,058
Ore-Wash RR St N IDecember 2 ,1 6 6 ,9 6 1 ,342,623 8,367,603 0,264,056
Louisville & Nashv. IDecember 9 ,645,628 ,644,401 107514965 101392792
5 9 3 .7 9 6
6 1 6 .1 6 4 7 , 7 1 0 , 2 7 5 7,078,313
262,761 2,914,103 2,858,463 Union RR (P en n ).. IDecember
Louisv II end & St L I December
2 5 3 ,2 1 8
Utah.............
r December
Maine Central.........I December I 583,312 1,429,413 l 7,525,178 16,415,178
169,187 120.095 1,309.865 1,409,235
349,341 323,539 3,952,821 3,504,779 Vicks Shrove Sc Pac I •ecember
29 1,41)3 323,798 3,323,329 2,689,104
Midland Valley___ I •ecember
Mineral Range_____4 th wk Jan
94,719 Virginian R l{...........I •ecember 1 ,082,469 887,349 12,075,305 11.903.444
57,564
19,798
31,213
MInneap & St Louis EDecember 1 101,724 1,067,624 13,384,871 12,028,300 Wabash R R _______I •ecember 4 ,622,171 4 .556,981 48,847,085 8,240.411
Yes tern Maryland 1 •ecember I 111.643 1,745,627 11 ,6 1 0 ,4 0 9 5,402,351
Minn St P Sc S S M . E>ecember 3 651,601 3 ,905,178 42,661,595 35.995.292
I December 1 291.017 891,043 13 , 6 5 7 , 2 9 6 1.065,962
Mississippi Central. E ecember
77,374
80,464 1.011,409 1,246,990 Western Pacific
Missouri Kan & Tex r ecember 3 011.374 3 ,036,614 3 1,272,091 33,230,334 Western Ry of A la .. I •ecember
223,417 245.164 2 , 5 4 6 , 1 7 0 2,558,202
957,613 951,455 12,600,839 1 5,592.172
M o K & T R y o f Tex T ecember 2 160,764 1,925,129 25,244,514 19,840,330 Wheel & Lake Erie. T ecember
Wichita Falls Sc N W E ecember
94,914 1.587,826 1,404,131
M o Sc North Arkan. E ecember
148,558
96,957 2,308,744 1,068,157
202,370
fazoo Sc Miss Valley E•ecomber 2 315,908 2 .398.801 2 1.952.130 22,477.008
170,977 124,485 1,517,855 1,783,303
M o Okla & Gulf___ E ecember
Missouri Pacific___ E ecember 8 656,301 8 113,593 9 3.577,081 8 9,612,397
A G G R E G A T E OF G R O S S E A R N IN G S — W eek ly an d M o n th ly .
* W e e k ly S u m m a r ie s .
2d
3d
4th
1st
2d
3d
4 th
st
d
*±d
th
week N ov (14 r o a d s)...
week N ov ( 8 roads) —
week N ov (11 roads) —
week Dee ( 9 roads) —
week Dec (13 roads)__
week Dec ( 9 roads)__
week Dec (11 roads) —
week Jan ( 6 roads) —
week Jan (13 roads)__
week Jan (13 roads)__
week Jan (14 roads)__
* We no longer Include
C u rren t
Y ear.
P rev io u s
Y ear.
$
S
9,193,612 8,065,344
7,838,940 7,038,555
11,286,692 10,578,492
7.005,482 6,424,278
8,342,697 8,262,309
8,671,764
7,426,581
11,528,338 10,498,450
5,894,615 5,151,529
8,048,690 6,827,044
7,184,286 7,029,507
9,638,583 8,861.350
In crea se or
D ecrea se.
%
S
+ 1.128,268 13.99
+800,385 11.37
+ 708,200 6.69
+581,204 9.05
+80,388 0.97
— 245,183 2 . 8 8
+ 1,029,888 9.83
+743,086 14.42
+1,221.646 17.89
+ 154,716 2 . 2 0
+777,233 8.77
* M o n l h ly S u m m a r ie s .
M ile a g e .
C u r r .Y r .
February . -.232,957
March____ ..226,086
A pril......... -.232,708
M a y _____ ..233,931
J u n o_____ . .232,169
July........... -.226,654
A ugust__ -.233,423
September -.232,772
October__ -.233,192
November -.233,032
December. -.233.899
C u rren t
Y ear.
P rev io u s
Y ear.
In crea se or
D ecrea se.
$
$
233,266 351,048,747 289,392,150 +61,656,597
225,631 375,772,750 365,096,335 + 10,676,415
233,251 388,697,891 370,710,999 + 17,986,895
234,330 413,190,468 378,058,163 +35,132,305
232.682 424,035,872 393,205,898 + 30,769,974
226,934 454,588,513 469,240,733 — 14,658,220
233.203 469,868,678 502,505,334 — 32,036,656
232,349 495,123,397 485,870,475 + 9,252,922
233,136 508,023,854 489,081,358 + 18,942,400
232,911 436,430,551 439,029,989 — 2,593,438
233.814 451,991,330 440,481,121 + 11,510.209
P r e v .Y r .
$
%
21.31
2.90
4.85
9.29
7.83
3.13
0.40
1.97
3.87
0.59
2.61
L a te s t G ro s s E a r n in g s .
Latest Gross Earnings by Weeks.— In the table which
follows wo sum up separately the earnings for the fourth week
of January. The tablo covers 14 roads and shows ti.U /o
increaso in tho aggregate over the same week last y e.u .
In crea se. D ecrea se
1919.
1920.
F o u r th W e e k o f J a n u a r y .
$
$
37,290
97,999
$
132,721
170,011
Ann Arbor___________ ,— ,-------403,972
501,971
Buffalo Rochostor & Pittsburgh
Canadian National Hallways— 2,101,491 2,531,053
Canadian Pacific--------------------- 3,288,000 2,579,000
078,783
729,290
Colorado & Southern-----------99,994
100,108
Duluth South Shore & Atlantic.
Grand Trunk o f Canada-------
1,039,409 1,428,095
Grand Trunk Western------- Dotroit Grand Haven & M il.
Canada Atlantic___________
31,213
Mineral Rango-----------------------9,032
Nevada-Californla-Oregon. _ —
3,240
Tonnosseo Alabama & G eorgia..
903,641
Texas & Pacific___________
370462
709,000
50,513
6,174
211,374
11.415
4,153
' 1,259
49,354
Total (14 roads)....................... 9,038,583 8,801,350 1,102,903
Not Increase (8 .77% ).......................................................... — T T J N M
385.730
Net Earnings Monthly to Latest Dates.— In our Rail
way Earnings” Section or Supplement, which accompanies
to-day’s issue of the” C h ron iclew e give the December figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supple
ment for full details regarding the December results for all the
separate companies.
,
In tho following wo give all statements that liavo come
in tho prosont weok. W o also add tho roturns of tho in
dustrial companies rocoived this week.
------ G ro s s
C u rren t
Y ear.
R oad s.
s
E a r n in g s -------- —— N e t E a r n in g s
P r e v io
C u rren t
P r e v io u s
' us
Y ear.
Y ear.
Y ear.
s
s
61,859 def 148,966
252,83.
Donvor & Salt Lake.b .Doc
2,055,509 dof797,564
Jan 1 to Doc 31 ___ 2,911,040
147,986 def10,232
Duluth Win & P a c-b --------Dec 160,936
1,712,066
156,990
Jan 1 to Dec 31--------- 1,913,689
563,511
184,472
Gr Trie I. in Now E n g-b -D ec
497,176
Jan 1 to Doc 31______ 3,634,153 2,667,600 dof675,24l
78,755 def 13,123
Green Bay & W estern.b. Doc
83,094
104,022
Jan 1 to Doc 31______ 1,213,613 1,019.055
119,964
372,251
Lohlgh & Ilud R iv e r.b .-D e c
213,098
644,932
2,476,850
Jan 1 to Dec 31______ 2,087,526
71,400
274,390
Louis By & N a v O o .b — Dec 321,837
249,857
Jan 1 to Dec 31______ 3,542,033 3,078,058
def28,269
91,805
Montour, b --------------------- Dee
42,100
Jan 1 to Doc 31--------- 1,199,498 1,307,414 def240,319
31,341
218,304
Novada Northern, b -------Dec 157,284
483,882
Jan 1 to Dec 31______ 1,579,440 2,706,331
378,814
Pero M arquette.b-----------Dec 3,072,670 2,689,573
Jan 1 to Doc 31______35,143,136 28,955,011 8,719,311
Southern Pacific System—
__
07,421
393,432
Arizona E astern .b.___ Dec 315,208
879,518
Jan 1 to iiee 31______ 3,081,300 4,478,691
117.416
914,978
So Pac SS Lines.I)____ Dec 1,214,222
Jan 1 to Doe 31______ 10,374,089 9,297,456 def710,488
120,095
94,508
U t a h .b ......................
Dec
169,187
589,329
Jan 1 to Dec 31______ 1,309,865 1.409,235
b Not earnings horo given aro boforo deducting taxes.
G>oss
E a r n in g s .
Bellefontc Central
■ R lt
12
Dec '19
18
mos 19
'18
d ross
E a rn in g s .
N e t a fte r
T axes.
S
$
8,948
8,239
102,280
86,752
Cuba Railroad—
„
Deo '19
1,158,179 284,880
’ 18
772,173 122,509
0 mos ’ 19
0,322,137 1,521,073
•18 4,900,425 1,019,081
N et a fter
T a xes.
O ther
In com e.
$
_____
21,785
12,580
08,395
70,405
$
1,330
2,520
F ix e d
C ha rges.
B a la n c e
S u r p lu s -
S
S
S
103,031
107,243
602,815
641,262
306,065
135,089
1,590,068
1,095,546
L a test G ro ss E a r n in g s .
N a m e o f R oa d
or C om pa n y.
M o n th .
C u rr e n t
Y ear.
P r e v io u s
Y ea r.
Jan.
1
to L a te s t D a t e .
P r e v io u s
Y ear.
C u rren t
Y ear.
a Includes Milwaukee Light, Heat & Traction Oo.
h Includes all sources.
Earnings givon In milrels. g Includes constituent or subsidiary companies.
Subsidiary companies only, j Lewiston Augusta & Watorvillc Street IIy
earnings expenses?
. not included in 1919. k Includes Tennessee R y ..
lig h t & Power Go., the Nashville R y. & Light C o., tho Tennessee Power
Oo. and the Chattanooga Ry. & Light C o. I Includes both elovated and
subway lines, i Of Abington and Rockland (Mass.).
h
Electric Railway and Other Public Utility Net Earn
ings.— Tho following table gives tho roturns of E L E C 1 ltlO
railway and other public utility gross and not earnings with
charges and surplus roported this week:
■Gross E a r n in g s P r e v io u s
C u rren t
Y ear.
Y ear.
203,634
27,856
987,253
454,284
$
52,188
56,800
Beaver Val Trac C o .a -D e c
520,380
608,331
Jan 1 to Dec 31______
66,659
45,378
Equitable Coke C o. a
Dec
891,433 1,246,863
Jan 1 to Dec 31--------Philadelphia Co and Subsidiary
Natural Gas O os-a— Doc 1,417,27- 1,391,367
Jan 1 to Dec 3 1 - - - - - - 12,397,690 13,051,661
Philadelphia OilC o -a --D o c
197,356
116,160
Jan 1 to Doc 31. 1,383,082
914,203
P r e v io u s
Y ear.
$
S
a
170,703 183,538 1,565.276 1,660 ,341
Adirondack El PowCo November
302,370 291,772 3.105,582 3,019 ,730
Alabama Power C o .. December
184,106
171 ,773
13,371
15.951
Atlantic Shoro R y __ December
840. .188
981,900
Bangor Ry & Eloctrlc Novoinbor 102.292 80.930
267 ,809
371,209
27,596
37,141
Baton Rouge Elec Co December
262,280 234,979 2,647,059 2,444 ,733
Blackstono V G & El. December
0 Brazilian Trac, L & P November /9796000 f7581000 /103335000 /93303 ,000
3260,157 2774.333 17,514.662 15.240 ,907
oBklyn Rap Tran Sys June
513 ,005
583,023
54,327 51,174
Capo Breton Elec C o. December
339 ,076
424,475
41,923 30,700
Cent Miss V El Prop. December
179,331 167.118 1,726,951 1.660 .737
Chattanooga Ry & Lt Novoinbor
251
20.219
929
20.474
1821,533
1613.081
C ities S ervice C o _____ November
511 ,030
633,061
55,068 51,442
Clove Palnesv & East November
908,280 1.063 .971
91,485 109,350
Colorado Power C o .. i )ctobor
oColumbla Gas & Elec December 1313,118 1123.844 12,129,787 11,538 ,772
105,261 102,325 1,309,281 1,181 ,413
Columbus (Gu) El Co December
Com’ w'th I', lty & Lt I)eceinber 2589,017 2179,221 25,904,900 21,918 ,001
117,938 110,435 1,260,022 1,028 ,252
Connecticut, l ’ow C o. December
Oonsum Pow (Mich) November 8 0 1,655 054.64(1 7.363,235 5.910 .499
276,504 2,505.941 2,940 ,500
November
238,794
iOumb Co (Mo) P & L
Dayton Pow & Light. November 297,592 260,472 2.600,048 2,102 ,929
(/Detroit Edison------- November 1615,615 1322,436 14.746.417 12,380 .394
(/Detroit United Lines November 2203,587 1606.530 22,422.740 17,278 .782
16.3,032 123.967 1.701.803 1,519 .812
Duluth-Superior Trac November
,031
East St Louis Sc S u b .. November 359,158 300.551 3.8.85,973 3.809
126,821 111,506 1,390,350 1,131 .753
Eastern Texas Elec . . December
831 ,538
112,658 95,828 1,096,981
Edison El of Brockton December
230 ,864
294,396
29,172 ,23,173
j Elec Light & Pow Co December
155,460 122,307 1,574,676 1,257 ,633
g El Paso Electric C o. December
718 ,210
700,712
69,398 62,800
Fall River Gas Works December
Eederal Light & Trac November 348,559 306,291 3,500,571 3.159 ,071
160,130 120,677 1,325,474 1,188 ,901
Fort Worth Pow f t Lt November
277,167 250,283 3.095,151 2,691 ,332
Galv-IIons Elec C o .. December
420,451 401.070 4,291.378 3.769 ,346
a Great West Pow Sys October
134,848 94,875 1,316.081 1,071 ,095
Harrisburg Railways. October
Havana El Ry, L St P November 879,741 090,704 8,476,209 7.466 ,054
330 ,294
386.632
31,007
39.571
Haverhill Gas Lt C o. December
706 .070
754,620
67,159 01,915
Honolulu li T A Land Decomber
423 ,703
453,162
45,136
48,38
Houghton Co El L Co Dpcomber
320 ,007
297,151
29,252
29,001
Houghton Co Trac Co Decomber
470.293 385.024 3.484.836 2.844 .732
H u dson A M a n h a tta n Julv
------ N e t
C u rren t
Y ear.
E a r n in g s -----P r e v io u s
Y ear.
10.108
106,211
2,558
217,809
8,975
60,679
3,891
272,584
675.410
639,836
5,385,404 6,135,679
102,973
182,753
727,753
1,196,097
X n t e __ Tho abovo not earnings doos not Include income f r o m investments
and is boforo providing for interest on dobt and other income deductions,
a Net earnings horo given aro boforo tho deduction of taxes -
G ro ss
E a r n in g s .
to L a te s t D a te
C u rren t
Y ear.
1
Jan.
P r e v io u s
Y ear.
$
$
November 1343.655 1243,066 13.446.064 12.275.726
November 4286,850 3435,086 42,786,007 36.999,648
682.791
756.078
97.820
81,609
Jacksonville Trac Co. September
Kansas Gas & Elec Co November 266,849 202.974 2,374,261 1,868.836
264,236
317,237
22,985
30,097
Keokuk Electric C o .. December
202.873
227,260
20,648 21,109
Key West Electric Co December
1,988.688
2.381.308
178,819
218,796
N
ovember
Lake Shoro Elec R y ..
129,487
141,140
26,602
27,960
Long Island Electric. July
264,074 288.175 2.897.580 3,052.532
Louisville Railway— October
892,846
995,953
97,366
102,906
December
Lowell Electric Corp.
81,942
90,091
12,301
12.843
Manhat Bdge 3c Line July
10,833,107
aMilw El Ry & Lt Co November 1413,277 1129,394 13.350.925
2,213,392
2,321,954
186,906
206.384
December
Mississippi Itiv P C o2,588,987
Nashville Ry & Light November 287.241 271,939 2,922,812
3,180.540
New England Power November 395.994 338,121 3.720.020
1,996.921
2,510,793
230,308
Newp N«&II R y, G& E November 205.670
476,522 447,026 5,203,332 5,353,949
New York Dock C o .. December
264,870
324.217
54.255
65.066
July
N Y & Long Island..
84.186
88.619
14.431
15,838
M Y & North Shore. . July
535,282
622.443
101.787 91,641
M Y & Queens County July
0,519.757
8,342,663
905.830
1077.896
New York Railways. July
Northern Ohio E lec.. December 922,441 716,210 9,298,550 7,293,811
329.540 249,511 3.387,854 2,929,759
North Texas Electric. December
85,347
112,196
39.429 30,336
Ocean Electric (L I ) — July
1,688,558
Pacific Power & Light November 205.810 163,128 1,978,080
506,050
543,592
50,756
41,828
December
Pensacola Electric Co
400,642
476,825
69,130 59,268
Ptilla & Western......... August
28.253.423
Phlla Rapid Trans Co November 3055,953 2717,881 32.216,937
1,624,225
1.961.128
164,245
190.140
Portland Gas & Coke. November
6,925.386
Port (Ore) Ry.I.&PCo November 739,971 636,539 7,841.700
8,880.192
Puget Sd Tr, Lt. & P November 818.260
5.027.196
Republic Ry * Lt Co November 675.153 436,978 5.593.128
257,114
310.487
47,903
63,951
Richmond Lt & R R -. July
4,306,541
3,406,343
449,085
October
392,828
St L Rocky M t & Pac
557.494
627,100
66,508 57,100
Santiago El Lt & T r .. October
964,594
159,363
128,19' 106,444 I ,
Savannah Electric Co October
472,471
502.317
80,718
88,661
Second Avenue (Rec) July
117.898
99.400
16.390
22.900
Southern Boulevard.. June
899,745 811,874 10,569,565 8.735.458
Southern Cal Edison. December
163,839
200,023
31,539
42,028
Staten Island M idl'd- July
125,656 103.666 1,269,247 1,062,546
Tampa Electric C o .. December
1,990,620
Tennessee Power____ November 192,825 209.787 1.980.353 5,539,328
*Tenn Ry, Lt & P Co November 572.141 664.667 5.787.146
2,902,367
Toxas Power & Lt Co November 353,755 291,603 II3,110,261
9,865,806
,
398,515
994,996 829,963
Third Avenue S y s t e m . December
240.805
280,313
51.366
50,426
D D E B & B R R -. June
799.125
879,231
160,503 140,202
42dStM&StN AvRy June
1,302,869
1.407,661
255.823
274,226
UnionRyOo(NYO) June
395,598
479,795
72.552
97.567
Yonkers Railroad.. June
338.042
367 300
58.271
68,220
N Y City Inter Ry June
298,470
292.776
48,053
48,577
Belt Line Railway. June
348.060 310.629 1.999.917 1.909.852
Third Avenue____ June
8.799,504
10,230,620
748,352
1005,155
November
Twin City Rap Tran
802,549 722,956 9,184,568 7,909,966
Virginia Ry & Power December
147.060 220,080 1,820,554 2,325,230
Wash Balt & Annap. October
272.214
306.435
54,888
01,089
Westchester Electric June
420,968
486,748
37.468
41,492
Youngstown & Ohio December
316,228
1,742,184
34,745
567,113
52,582
704,704
190
051
9,422
9,288
210
C u rren t
Y ear.
t> Illinois Traction —
I Interboro Rap Tran
C o m p a n ie s .
94
284
861
10,752
11,808
M o n th .
lla la n c e
S u rp lu s
F ix e d
C h a r g e s.
G ross
In com e.
s
defl64,641
def834,049
20,160
226,663
109,821
dof489.775
5,743
134,950
177,928
523,735
8,216
492,08
def 76,52
def6,503
106,843
1,362,575
674,814
5,639,460
N a m e o f R oa d
or C om pany.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS
653
THE CHRONICLE
F eb . 14 1920
Keystone Telep
Co
Jan '20
'19
$
145,651
131.966
N e t a ft e r
T a xes.
$
F ix e d
C h a rg es.
54,062
46,312
$
35,613
29,421
lla la n c e .
S u r p lu s .
S
18,449
16.891
FINANCIAL REPORTS
The Canadian Northern Railway System.
[Form ing Part o f C anadian N ational Railways.]
th Annual Report— Period ended Dec.
(4
31 1918.)
President D . B . Hanna, Sopt. 15 1919, wrote in substance:
F o u r th A n n u a l R e p o r t .— Tho fiscal year having been changed to end
Doc. 31. this report covers tho period ended Dec. 31 1918D o m i n i o n C o n tr o l .— 'T ho Government of Canada has become tho beneficial
ownor of the entire capital stock of tho company excepting f ivo shares which
wero issued In exchange for 5% Income chargo convertible debenture stock.
Tho purchase of 600,000 shares (400,000 shares having boon previously
acquired) was made as of Sopt. 30 1917, tho price being subsequently settled
by arbitration. Tho actual control of your company passed to the dom in
ion Government in Sopt. 1918 (V. 108, p. 1822; V. 107, p. 1191, V. 100, p.
2 iM il e a g e — X’t Vice! 3 I n fill? tho mlloago in operation
a n in c r e a s e o f 1 3 3 .1 m i l e s o v e r t h o p r e v i o u s y e a r .
1 O p e r a tin g R e v e n u e s . — Gross earnings for tho year
was 9,566.5 miles,
1918 increased by
$5 839 090 over tho provious 12 months, or 14.08%, due to tho Increased
rates which took effect during tho year under review.____
T r a f f ic M o v e m e n t. — Passenger traffic increased Si 69,017, although
388 993 passengers less wero carried. T h . passengers . arrted averaged a
larger mileage, which indicates your company is securing an increasing share
of Western and Pacific business. Tho number of revonuo tons carried
decreased by 545.035 tons, due largely to the shrinkage In grain tonnage
caused by the poor crop of 1917.
. . .
, ,
,, , ,
,
There was a decroaso of 18.986,113 bushels of grain handled; also less
lumber, building material, &c. Tlioro was a substantial increase in flour
traffic of 1 765,571 sacks of 100 lbs. and in coal traffic of 247,651 tons.
O v c r a tin a E x p e n s e s .— From January to March 1918 tho intenso cold and
heavy snowfall throughout Canada and all tho Northern States made
operations so burdonsoino that not earnings for all linos thus affected were
ontirely wiped out, and many roads showed large deficits.
Wages on Canadian lines liavo in rocent years boon on a par with those
on U. S. linos. Concurrently with tho promulgation of Goneral Order
No. 27, raising wages, tho U. S. Railroad Administration found it necessary
654
THE CHRONICLE
[Vol. 110.
t ° raise tariffs on freight and passonger business. Similar action was taken
Doc. 3 1 1 9 1 8 D ec. 31 1917 J u n e 30 1917
J? *bls country, but only in respect o f freight tariffs. Subsequent condi n Z ea^ J nrd i ? 0^ c o n c f- ,
13,289,641
13,834,676
13,984,475
tions have shown that tho wago increases granted havo enormously excoeded Rev. tons freight carried- - - - - - ^be increased revenue obtained from tho higher scale of tariffs
do
perm ileofroad^’021’^
" " ’^ " 4,328,241,987 4, 6 8 8 ,734,595
425,442
463,707
489,418
rat?,s f° r employees In the shops and mechanical plants Average distance haul of 1 ton.
302.59
312.86
328.124
SonnrHr '/rnm
effect from M ay 1 1918, and for othor classes Total freight rovonuo_________
$35,674,817
$31,134,035
$31,360,486
generally from Au^. 1 1918. Supplements havo boon issued from time to Averago
rev. per ton per m ile..
-00887 cts.
.00719 cts.
.00683 cts.
JLml augm 1 ntlng, tho allowance to various classes o f employees, shortening Total freight train earnings____
$36,719,137
$31,937,927
$31,876,052
the hours o f service, and generally adopting the oight-hour day. with many
do
por train milo.
$3.24220
$2.69118
$2.64344
other specific improvements in working conditions, all having tho immediate
effect of largely increasing tho compensation o f omployeos.
IN C O M E A C C O U N T .
I he result o f this was that at the end of tho calendar year tho payroll
Y
e
a
r
s
E
n
d
in
g
—
D e c . 31 1918. D e c . 31 1917. J u n e 30 1917o f tho company, which had previously averaged $1,890,000 per month,
O p e r a tin g R ev en u esoSiSmSS, ^b «no^°nnn0US total o f $2,815,000 per month, equivalent to an
$7,824,444
additional $925,000 per month, representing an increaso o f almost 50% Passongor_____________
$7,055,428
$7,611,808
.........................: : : : : : : :
36,’ 7 3 5 ,869
32,012,791
over tho wages paid up to the date tho M cA doo award took effect.
32,188,800
245,187
249,983
Besides wago increases, other items of operating exponsos continued to M ail__________________
238,979
Express___________ I I I I I I I "
964,618
856,403
show largo advances. Under these exceptional circumstances, tho cost of Miscellaneous___________
1,096,264
”’
1,539,893
operation for tho year advanced by $10,036,297, or 29.49%.
1,295,417
2,359,226
1,752,701
Band D e p a r t m e n t . — Land sales for the period sinco tho last annual report Sub. miscellaneous earnings. I
81,661 acres for $1,588,264, an averago o f $19-45 per aero, compared
Total operating rovonuos------ $49,062,713
$41,470,022 $43,495,077
oo r?..*.11 a v e r a g 0 °? $17-82 for tho preceding year. Tho net sales aggregated
O p e r a tin g E x p e n s e s —22,741 acres, leaving a total of 818.958.532 acres unsold.
[afntenanc of way & street’s .
Maintenance
$9,060,265
$7,059,884
$7,160,338
C a r T r u s t s . — Sinco the last annual roport (for year onded June 30 1917)
8,498,673
6,086,902
4,867,209
^bditional car trusts obligations have been created to tho extent o f $5,000, Maintenance o f oquipmont____
797,182
777,121
712,809
000 for the purchase o f equipment o f different kinds, and $4,705,500 has Traffic oxponses_______________
23,907 348
oxponses______
18,247,440
16,100,827
beeiLFepald
° f previous obligations, thus making a not increase Transportation
Taxes, rentals, joint facil’s, &c.
1,5991325 Not stated
509,174
on this account of $294,500 (V. 107, p. 81; V. 108, p. 377, 2021).
Gonoral
oxponses______________
1,223,411
1,308,928
F r e w h t a n d P a s s e n g e r H a le s . — Certain rate increases which took effect on
1,489,198
'576i071
546,37*
March lo and June 1 1918 (V. 107, p. 2183). A further increase in freight Miscellaneous oxponses________
509,854
rates was arranged for in connection with tho adoption o f tho M cAdoo scale
Total oper. oxp., incl. taxes.. $45,662,275
$34,026,652
$31,349,409
or wage increases. This latter increase has been popularly known as a 25%
$3,400,437
$7,443,369
increase, but, in actual application (being coupled with tho previous increaso Netoarninfss-----------------$12,145,668
D
e d u c ti o n s —
and being utilized m the direction o f equalization o f rates as between
Fixed
chargos
of
Can.
Nor.
R
y
.
$6,875,466
$7,690,942
Eastern and Western Canada) has only produced an increaso in freight
chargos of affiliated c o s ..
4,301,208 (Not reported
5,139,690
° f about 15Jj % , so that, putting the two increases together, freight Fixed
Int. on domand & sh.-torm l’ns:
tariffs are increased by less than 30%.
for this poriod;
Government
3,926,280lSco V. 107,
C o n d it io n s a n d P r o s p e c t s .— Shortly after the signing o f tho armistice,
2,795,294/ p. 2183.)'
other....... - ------ ------------trait ic began to fall off, and from January to date of this report, tho tonnage
1,777,173
earned shows a largo decrease compared with the samo period of tho previous
Balanco transferred to doblt
year. The present situation is, therefore, a very serious one.
Wages,
of profit and lo s s ............... $14,497,810
materials and supplies still stand at the highest point and so long as these
$2,462,137
conditions continue no improvement can be expected in net revenue.
B A L A N C E S H E E T D E C . 31 1918 A N D S E P T E M B E R 30 1917.
C o n s tr u c tio n a n d B e tte r m e n ts . — Since the signing o f the armistice, urgent
A
s
s
e
t
s
—
^
requests from settlers along the projected lines were renewed, and a program
D e c . 31 ’ 18. S e p t . 30 ’ 17.
of construction was adopted by your directors providing for the completion Proporty investment— Railway & oquip’ t at cost
(incl. discount on securities, &c.....................---488,528,4091510,637,573
o f certain partly constructed and projected lines which would servo new
46,372 892/
Acquired
securities
(cost).........................................
districts where the settlers were suffering most through lack o f transporta
2,979 059
tlon facilities. I rovision for this construction program and for the better Othor investments______________________________
2.753,780
National
Trust
Co.
ctfs.
ro
Land
Grant
bonds
of
ment and equipment requirements o f the company have been made Jn tho
1899, hold as collateral to lo a n s ........................... 1,657,500
Government estimates for the current year and the work is under way.
1,657,500
6,254,156
6,257,366
In the year under review, only a comparatively small amount o f better Terminal and other proportios___________________
ment work could bo undertaien. Your directors have, therefore, tho pres Deferred payments and accrued intorost on sales,
$6,607,962; cash with National Trust Co. acct.
ent year, approved tho expenditure of a substantial sum to be devoted to
o f land sales, $2,180,067; lands unsold, $19,
Providing improvements to the physical property o f your system.
602 525 .........- - - - - - ................................................ 28,390,554 29,044,791
N e w E q u ip m e n t .— To provide for additional train service and to take care
o f new mileage, equipment was ordered and delivered during the year as Cash hold on acct. of Dom. Govt., $1,443,817; Provincosof; Manitoba, $47,977; Saskatchewan, $ 1 ,
lollows: 00 Consolidation type locomotives; 10 six-wheel switching locomo202,825; Alberta, $2,333,065; Ontario, $216,605;
r rSX
passenger refrigerator cars; 140 40-ton freight refrigerator cars;
and Brit. Columbia, $2,451,090, and Nat. Trust
5,000 40-ton steel underframe and side frame box cars; 300 30-ton wooden
C °., $3,331,378; sinking funds, $299,065; British
stock cars; 500 40-ton steel frame flat cars; 250 50-ton steel underframe
Empire Trust C o., trustees acct., $19,948; Penn
?2nS?La cars; ? 5 0 50~ton wooden dump cars; 25 50-ton steel tank cars; and
sylvania Co. ro oquip’t series A 1918, $2,984,064 14,330,334 12,514,915
15 40-ton steel tank cars (V. 109, p. 172).
Cash on hand, $2,885,163; miscellaneous accts.
L i n e s A c q u ir e d . — The Toronto Suburban R y. (operated by electricity),
receivable, $8,464,744............................................. 11,349,907
9,443,558
with 4b miles o f suburban line from Toronto to Guelph and 19 miles of urban
6,083,879
lines mostly witlim the city o f Toronto, and the Toronto Eastern Ry. Value of materials and supplies on hand................... 6,996,270
3.001.620
2,052,592
(electric) with 19 miles o f partly constructed line between Bowmanville, Duo from agonts, station balances, &c___________
281 461
664,071
Ushawa and Whitby, have been acquired by your company. Tho opera- British Admiralty_____________________________ _
Insurance
paid
in
advance____________
_.
476
261
823,709
tmns of these lines will be included with those of the Niagara St. Catharines
9,379.682
• , °r°nto R y . in a separate statistical statement, the net return alone being Advances by Can. Nor. Ry. Co. to affiliated cos” 10,494 459
Deferred chargos, unadjustod debits, balanco____ 1,580 648
included in the system accounts.
860,114
L e a s i d e T e r m in a ls a t T o r o n t o .— Tho first units o f the Leasido Terminals,
Total assets................................................................622,753,529 592,173,429
which were about completed Dec. 31 1918, were put into operation in the
L i a b i l it i e s —
early summer ot 1919, providing repair facilities for Ontario lines.
Common stock, $100,000,500; capital stock affili
O p e n in g o f M o n t r e a l T u n n e l. — On Oct. 21 1918 service through the
ated cos., $75,429,500; loss $69,514,300 held in
Montreal tunnel was inaugurated, and since then regular servlco between
Montreal, Ottawa and Toronto has been given, using tho new short line
trqiisury, balanco, $5.915,200--------------------------105.915,700 105,947,100
between Hawkesbury and Montreal.
5% Incomo Chargo Convertible Dobonturo stock. . 24,999,500 25,000,000
“ C a n a d ia n G o v er n m e n t M e r c h a n t M a r i n e , L t d . ” — Early in 1918 tho Funded debt (incl. short-term notos)— Canadian
Dominion Government, in order to develop Canadian export trado, placed
N or., $128,543,062; affiliated cos., $125,186,538 253,729,601 285,795,421
orders with Canadian shipbuilding firms for a large number o f ocean-going Equipment trust obligations..................................... 15,141,000 13.526,000
steamships, and arranged for their operation under the charter namo of tho Domand and short-term loans secured by collateral 166,355,148 58,056,961
Duo to other cos. on construction acct. (socurod)..
C a n a d ia n G o v er n m e n t M e r c h a n t M a r i n e , L t d . , the directors of which company
. . . 30,502,392
are members o f your board.
Pay-rolls, $2,971,076; audited vouchers and other
floating liabilities, $13,173,091............
16,144,167 19,408,496
Up to date 12 boats have been delivered, and tho following services havo
been established; Between Montreal and St. Johns, Newfoundland, Cuba, Interest matured (since paid), $2,305,133; accrued
int. on bonds, loans and equipment securities,
the West Indies, South America and various United Kingdom ports, which
operating, $2,964,616; construction, $171,356-. 5,441,106
services will continue from Halifax or St. John during the winter months.
4,730,070
Cargoes havo also been carried to French ports and from Vancouver to Reservos— Equip, replacement reserve, $1,674,024;
insur. acct., $701,345; accr. taxes, $909,658;
United Kingdom ports via tho Panama Canal, and a service from Vancouver
to Australia is just about to be established.
. , ^ ° ams,hiP replacement fund, $3,315,796........... 6,600,623
4,985,333
Additional services have been arranged for as soon as further vessels are Affiliated companies, advancos account................... 10,494,459
9,379,582
delivered by the builders, and tho operation o f the boats is confidently SurPl u s ......................................... - .............................. 17,932,225 34,842,074
expected to reflect most satisfactory results in the building up of Canadian
trade, and from which the Canadian National Radways should receivo sub
Total liabilities....................................
622,753,529 592,173,429
— V. 110, p. 166.
stantial benefits in traffic returns.
V a n c o u v e r -V ic t o r ia C a r F e r r y . — During the year the car ferry Canora
was completed at Quebec, and made the trip from there to Vancouver via
the Panama Canal. Tho ferry is now in rogular operation between Van O klah om a P rod u cin g & R e fin in g Corp. of Am erica.
couver Island and the mainland.
“ C a n a d ia n N a t io n a l R a il w a y s .” — Tho use o f this collective title, as repre
senting both the Canadian Northern System and the Canadian Government
The official statement mado to tho Now York Stock
Lines, was authorized by Order-in-Council passed Dec. 20 1918. and by
special Act of the Dominion of Canada, tho Canadian National Railway Co. E x c h a n g e ill c o n n e c t io n w ith th o listim r op th o n n m m n v ’ u
has been incorporated in order that tho various railways under Federal
; 11 i
r
i
.
^ 0 1 , 0 C om pany S
control may bo operated by the now company for the Government (V. 106. c o m m o n S to c k , Will 0 0 fo u n d Oil SUDSOquont p a g e s o f tills
p. 2344; v . 107, p . 2096).
issu e .
T h is s t a t e m e n t d e s c r ib e s q u it e fu lly th o c o m p a n y ’ s
f r e i g h t c a r r i e d c a l . y e a r s 191 8 & 1 9 1 7 , J u n e 3 0 y r s . ’ 17 & ’ 1 6 .
e x te n s iv e p r o p e r tie s , & o M a n d s h o w s its p r o d u c t io n , in c o m e
------ C a le n d a r Y e a r s --------------- J u n e 30 Y e a r s ------- account and balance sheet as of Doc.31 1918 and N o v . 30 1919
~ ,
1918.
1917.
1916-17.
1915-16.
O m n n a rn V 110 n 17 9 4 7 9
Grain, bushols................. 93,985,078 112,971,191 130,720,761 131,978,809 I u u m t,lU a v *
Flour (100 lb s.)------------ 8,904,498
7,138,927
8,333,769 7,574,500
Live stock, head----------654,583
609,409
518,735
488,809
The Peoples Gas Light & Coke Co.f Chicago.
Logs& lum bor, 1,000 ft1,614,829 1,970,656
2,080,002 1,809,565
Firewood, cords...............
362,118
334,489
346,107
286,745
( R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1919.)
Coal, tons--------------------- 2,373,985
2,126,334
1,940,023 1,741,031
Immigrants’ effects, cars
5,279
3,958
4,696
2,968
President Samuel Insull says in substanco:
Building material, c a r s..
29,794
33,340
42,340
41,887
R e s u lts . — Grass incomo from operations was $24,543,798, and operating
Miscellaneous, tons------ 4,048,065
4,269,115
4,237,921 3,722,085
oxponses $20,253,355, leaving net earnings of $-1,290,443. Depreciation,
E A R N IN G S , E X P E N S E S A N D N E T E A R N IN G S .
reserves and various charges amortized aggregated $1,859,085, and bond
$2,366,150, tho surplus for tho year being $65,207.
J u n e 30 A v . M i l e s
T o ta l
O p e r a tin g
N et
-----P e r M i l e O p e r . ----- interest
Tho item $1,859,085, being ‘ ‘depreciation, reservos and various chargos
Y e a r s — O p e r . E a r n in g s .
E xp en ses.
E a r n in g s . E a r n s . O p . E x p . N e t .
— .i-~ i
ia made up as follows; Depreciation and amounts affecting
ponses, $1,397,476; roservo for uneolloctlblo bills rendered In
-72; amortization of valuation oxponses, $90,000; amortization
of capitalized rents of Ogdon and Universal companies, $204,637.
C a le n d a r Y e a r s —
is s io n o f C o n tin g e n c y R es e r v e . — It has been tho practico of tho company
1917 ................ 41,470,022 34,026,652 7,443,369 4,396 3,607
789 forOam number
to cliargo an amount equal to 1 cent por 1 ,0 0 0 ft. of
1918 ------9,567 47,310,012 44,062,950 3,247,062 5,005 4,661
344 the gas sold toofayears
contingent reservo account, for tho purposo of creating a
F ix ed C h a rges p e r M il e o f L in e —
1918.
1917.
fund to bo used to take care of extraordinary expenditures. Tho balanco
Amount required per mile o f road to pay fixed charges,
accumulated in this fund was used to roduco tho deficit In 1918 operations,
including leasod lines___________________________________ $1,894 $1,695 as shown In tho last annual roport. Tho amount charged to contingent
reservo
during tho year 1919 was $265,297. In view of tho continued un
P A S S E N G E R , F R E IG H T A N D M IS C E L L A N E O U S S T A T IS T IC S .
precedented increase In tho cost of labor and material used In tho manufac
Y e a r s E n d in g —
D e c . 31 1918. D e c . 31 1917. J u n e 30 1917.
ture and distribution of gas, it was deemed deslrablo to cancel this chargo
Averago mileago operated------9,567
Not stated
9,334 to operating cost for tho year 1919.
Passengers carried (rovonuo)__
4,114,965
4,503,958
4,443,465
P r o f it a n d L o s s I t e m s . — Tho difficulties in connection with our relations
do
one milo------ 288,067,800
293,322,255 294,515,612 with our customers, which started in tho fall of 1918 and continued until the
do
p. m. of road
30,477
31,425
31,351 summer of 1919 (but now practically eliminated), necessitated tho writing
Averago distance carried______
70.01
65.13
66.280 o ff of a number of accounts as uneolloctlblo and tlio making of a number of
Total passonger rovenuo----------$7,128,142
$6,437,305
$6,273,153 allowances to customers. Tho total sum written off. Including somo charges
Amt. received per pass, per milo
2.474 cts.
2.194 cts.
2.129 cts. from previous years, amounted to $330,465.
Total pass, train earnings_____
$8,783,085
$7,970,490
$8,428,992
There was an additional chargo with relation, to tho various material
do
por train milo
$1.28903
$1.14649
$1.20761
accounts of $56,610, and a credit ou account of reservo sot up for taxes.
(Official Statement to New fork Stock Exchange.)
F
eb
.
The principal and Intorost of tho following mortgago bonds are guaran
teed by tho Peoplo’s Gas Light & Coko C o.: Ogdon Gas C o., $6,000,000
5 % bonds due M ay 1 1945; Indiana Natural Gas & Oil Co
$6,000 000 5%
bonds due M ay 1 1936. These bond issues are not listed as a liability on
tho ba’lanco sheet, and tho intorost Is carried as an operating expense and
not chargod to bond intorost.
»
,
. . .
x l n 1918 consists of Green Street property, $ 1 5 9 ,5 2 7 , and spocial de
posits and securities in hands of trustees, $1,450,974.— V. 109, p. 483.
which was not required, amounting to 586,528; also sundry other adjust
ments amounting to a reduction of $21,376. The not amount involved in
tlieso various charges and credits ($321,923) having reference to prior years,
have been dealt with in tho surplus account which had accumulated prior to
Ja\Vo\iave sot up in 1919 accounts a reservo of $166,972, which is expected
to bo sufficient to tako caro of similar charges in connection with the out
standing customers’ accounts for 1919.
A d d it i o n s . — Tho company has recently completed tho erection of a 10,
000,000 foot gas holder which is ono o f tho largest in this country and which
increases its gas storago capacity about 20%. The capital expenditures in
building tho holder, connecting it by a 36-inch main to the company s dis
tributing system, and other additions to the company s permanent plant,
havo amounted (luring the year to upwards o f $1,700,000.
Tho impossibility o f providing additional capital has compelled your
directors to further suspend tho building of a coal gas plant. Negotiations
havo boon carried on for somo time past with tho ultimato object of arrang
ing, through the medium o f a separate corporation, for tho erection of a coal
gas plant and increased water gas plant capacity. It is hoped it will be
possible at an early date to announce tho successful consummation ot these
negotiations.
H a tes. — As stated in tho last annual report, tho P. U. Commission on
Julv 30 1918 granted to the company an increase in its rates amounting to
27.5% , effective Sopt. 1 1918. In spito of this Increase tlio company was
not able to function properly and accordingly on Juno 11 1919 tho company
filed a supplemental application for a further increase in its rates of approxi
mately 6% . Tue Commission, however, which therotoforo had reopened
tho case, not only refused our application but notwithstanding that
throughout tho year tho average cost of material and labor showed a
con^Tnt advanced actually reduced the rates which it had previously
grantod by an amount equivalent to botween 3% and 4% (V. 109, p. 483).
V a lu a tio n .— On Sopt. 24 1919 tho P. U. Commission began a hearing to
determine tho valuation o f tho company’s property as a basis for gas rates.
It is oxpocted that tho hoaring will bo concluded and a permanent rato tor
gas determined this summer.
R e fu n d S u it. — With a viow to obtaining from tho Supremo Court of
Illinois an adjudication of tho legal questions involved in the so-called
"Refund Suit,’ ’ which lias been tho subject o f litigation since 1911. represen
tatives of tlio city and tho company aro arranging to smbmit the questions
involved to tho Supremo Court without waiting for haarings in tho lower
courts.
,
,
__ .
N e w P r e s id e n t. — During tho past year K. G. Cowdery rosigned as Presi
dent and Samuol Instill was elected to fill tho vacancy.
S to ck h o ld ers. — Tho company has 6,798 stockholders; 3,814 aro residents
of Illinois, and of thoso, 3,088 reside in Chicago.
RESULTS
FOR
CALENDAR
YEARS.
1917.
1918.
1919.
S ta tistics —
3,068
3.J80
3,102
Milos of stroot mains—
704,669
669,350
701,211
M otors-----------------------492,113
511.109
Gas stoves------------------7,658
6,865
6,066
Public lamps---------------106,421
103,379
96,985
Arc lamps
Gas madeTl'.OOOcu. f t .) 24,310,206 22,636,485 19,660,810
5,875,139
5,273,758
Gas bought
“
1
4,270,180
Gas sold
“
26,,>29,678 25,955,900 23,867,927
Income from gas.............$19,630,979 $17,659,008 $16.701,851
Income other sources__
1,548,403
2,242,237
l,J7o,121
1916.
3,035
686,905
458.112
7,862
99,031
16,210,234
6,689,523
21,621,783
American Can Co., New York.
(Report for Fiscal Year ending Dec.
R e s u lts . — Tho earnings for 1919 amounted to $11,728,758.
After deduc
tions for depreciation, fixed charges, reservo for taxes, and dividend on the
prof, stock, there was carried to surplus $2,293,894.
Tho volumo of business was slightly loss than in tho previous year, duo
to tho absence of demand for containers, &c., for war purposes. Ihere
was also somo slirinkage in tho last quarter o f the year caused by shortage
of raw materials duo to the steel strike.
.
O u tlo o k . — Present indications justify tho expectation o f a demand during
tho coming year for your products as large or larger than 1919.
F e d e r a l C o n tr a c ts . — The contracts with tho U. S. Government for muni
tions (V. 108, p. 680) aro still unsettled, owing to unforeseen delays, and no
earnings from that source can bo included in tho 1919 statement.
These
claims and accounts aro now ready for final adjustment, and should bo
settled
settlod in
ln the
the near
near future.
rut
. When this occurs, there should be a reasonable
1920.
.
^*s T—t ncluded
e r o w was
a In
s expel
A d d it ?
io n
There
expended
construction and new equip
1 ment
A aau
io n s .
mere
> a work
i whichforis now
$3,159,498.
Only
urgent and necessary to properly
caro for customers* needs is being undertaken, but somo building must be
dono in 1920. Tho conditions of tho plants is being fully maintained.
[In 1918-19 now plants wero completed at Oakland, Cal., and Newark,
N. J. and in July 1919 a $300,000 building was about to be erected at
Portland, M o. See V. 109, P- 372.— Ed.l
.
F i n a n c e s . — Tho financial statement has been made up conservatively as
to inventories and assets, and all liabilities are fully shown. All obligations
for borrowed monoy wore paid off in 1919 (V . 109, p. 2358), and the payable
accounts compriso noly current business itoms. There is shown on hand
$3,537,il2 cash and investments of $7,053,869, including $6,000,000 U. S.
Government 3 % % Victory Notes.
, .
.
. . ..
.
Because of tho steel strike. Inventories wero unduly reduced by the end
o f 1919, and it will bo necessary to replenish stocks for normal, as well as
tho usual, seasonable requirements. To caro for the company s require
ments, it will bo necossary to borrow some money for the 1920 season.
There has been no decline in commodity prices affecting the company s
business but rather tho roverso, and it must be borno in mind that under
these conditions working capital requirements aro abnormally large.
G o v er n m e n t S u it.— In tho last annual report it was stated that the hearing
o f tho Government appeal from the decree of the U. S. District Court
denying its petition for the dissolution of your company under the Sherman
Act had been continued until tho next term of tho Supreme Court. No
date has yet been fixed for the argument of this caso.
l ,o o /,/o «
$7,115,289
Cost of gas.................. $13,886,489 $13,428,033 $10,582,013
do
cts. per M — (48.59 cts.) (48.11.cts.) (41.43 cts.} (31.05 cts.)
$858,743
$1,190,686 $1,006,065
Distribution___________ $1,246,150
478,609
585,602
429,312
Utilization.......................
501,324
861,238
931,019
1,055,249
Commercial oxponso------ 1,637,460
345,076
376,107
249,667
Now businoss oxponso—
280,344
1,194,291
1,260,431
1,167,921
General Sc misc. oxponso 1,452,385
753,809
903,265
1,034,107
Depreciation__________
1,112,975
193,905
223,719
259,559
Contingent------------------1,189.696
955,826
858,980
T axes_________________
68,499
67,562
76,679
Uncolloctiblo bills------- Rout for leased plant and
396,850
412,492
422,975
equipment---------------345,989
Int. on Ind. N . G. & O.
95,000
300,000
300,000
Co. guaranty-----------44,309
32.454
City bonus------------------"204:637
204,637
Amortized ronts----------44,704
42,070
MLscollanoous deductions
f£M
COconsumorad0llVOr°d -$21,995,007 $20,722,509 $17,521,555 $13,500,3.13
de
bt's: pcr M - (82.90 cts.) (79.84 cts ) (73.38 cts ) (62.44 cts.)'
2,387,062
Intorost on fundod debt. 2,366,150
2,366,150
2,375,lo0
Int. on unfunded d e b t..
117,434
68,8ol
-----------T °eredCto C0Mt?mers0llV‘ $24,478,591 $23,157,510 $19,896,706 $15,887,376
do
cts per M I . (92.26 cts.) (89.22 cts.) (83.33 cts.) (73.48 cts.)
Not i n c o m e - ,.............sur.$65.207df$l.284.294 def$264.578sr $2.182.257
rlprlllPlIntlSl
__ _
82 .335
100,()2o
Provfous surplus _" " — 11,047,599 12,137,025 13,789,105 13,800,294
Total ........................... $11,112,806 $10,770,396 $13,423,904 $15,877,552
Add sundry credits_____
169,503
10,762
60,/23
...............
1.092.814
...............
424.889
Total............................. $11,282,309 $11.873 972 $13484 627 $16,302,442
D ividen d s................. ..
None
None
1,347477
2,502,147
Rate per c e n t.. — - .
- v491.426
„v 5 o «
V*826,374
ooVSvi
(
i^£
114^0
Deduct sundry char
B alance.......................$10,790,883 $11,047,599 $12,137,025 $13,789,105
B A L A N C E S H E E T D E C E M B E R 31.
1919.
1
Assets—
Real est., fran
chises,tunnels,
mains, A c . . . . 90,771,042
2,092,324
M aterials______
Securities______
"oVo'.Boi
Aco’ts receivable
350,045
Bond coup, d c p .
Dcforred oxpen. 0,382,145
Gas bills receiv
1,804,127
able—
410,343
Cash----------------50,000
Reacquired secs.
117,746
Sinking funds. .
1,295,331
Itcscrvo funds. .
Sundry deposits
710,968
and advances.
1918.
*
04,985,710
3,794,151
x l , 010,601
1,392,601
354,740
0,707,536
2,218,233
219,658
111,540,001 111,283,191
L ia b ilit ie s —
1919.
S
Cap. stk. (auth.
*50,000,000),
issued___. . . . 38,500,000
Underlying prior
lien b o n d s ... 24,077,000
R e f. m tg. bonds 20 , 554,000
Ren. A R ef. bds. 1,712,000
602,921
Gas bill deposits
A oc’ts p a ya b le.. 2,113,967
982,888
Taxes accru ed-.
482,558
Bond int. accr’d
D epr., A c ., res. 9,449,699
LoansAnotes pay 1,185,664
do (controlled
650,000
cos.) -.1 -----350.045
M atured int-----Sundries----------54.0M
Deferred credits.
.54.374
Surplus________ 10,790,883
31 1919.)
President F . S. Wheeler says in substance:
Total Incomo.............. $24,543,798 $21,873,216 $19,632,128 $18,069,633
D ed u ct E x p en ses—
$211,466
$393,103
$789,978
Steam material------- - - $914,681
(1.30 cts.)
(2.00 cts.)
(3.49 cts.)
do
cts. per M ._ (3.77 cts./
1,260.640
2,456,611
3,864,000
Fuel (gas m a k in g )..---- 4,694,626
(7.78 cts.)
do
cts. per M - - (19.30 cts.) (17.07 cts./ (12.50 cts.)
3,295,751
5,131.508
5,817,350
Oil
4,931,972
do
cts. per M - . (20.29 cts.) (25.70 cts.) (26.10 cts.) (20.33 cts.)
7,139
37,629
85.620
Purifying material.........
46,380
106,089
190,258
Station supplios
.........
218,069
468,026
783,877
1,386,044
Manufacturing labor---- 1,496,989
(2.89 cts.)
(3.99 cts.)
(6.12 cts.)
do
cts. per M - . (6.16 cts.)
117,939
231,405
379,973
Malntonanco and repairs
519.227
Superintendence............95,592
"86',765
"
8
7
,
2
1
6
"
8T.353
Engineering department.
92,188
1,621,242
1,354.581
833,455
Gas bought----------------813,235
Wgohntr f r d f.r.0“ . - nt- :
655
THE CHRONICLE
14 1920.]
R E S U L T S FOR C A L E N D A R
YEARS.
•
1919.
1918.
1917.
1916.
Not earnings_______ ---$11,728,758 $17,076,335 $21,995,042 $11,091,048
Depreciation___________ $2,000,000 $3,500,000
Int. on debenture bonds.
548,533
_ 575,508
Reserve for Federal taxes 4,000,000
7,000.000
Preferred dividends..(7%)2,886,331 (7)2,886,332
Balance, surplus_____$2,293,894
$3,114,495
$3,500,000 $2,500,000
602.183
628,067
6,000,000
.............
x6,583,185 (7)2,886,331
$5,309,6/4
$5,0/6,651
x Includos In 1917— 7% regular and 8.9657% back dividends, extinguish
ing all accumulations, making tho total preferred dividends paid during
the year 15.9657%.
B A L A N C E S H E E T D E C E M B E R 31.
1918.
1919.
S
$
A s s e ts —
Plants, real est.,
_____
Inch new cons. 89,966,479 91,657,430
Other inv. items 7,053,869
106,330
Cash..................... 3,537,112
4,298,907
Accounts A bills
_
receivable____ 9,765,232
13,317,882
M aterials a n d
.
products......... 24,753,432 35,484,402
Total
............135,076,125 144,864,951
-V . 109. p. 2358.
1919.
L ia b il it ie s —
$
Preferred stock .
Com m on sto.'k.
D ebenture b d s ..
Acer, bond I n t ..
A ccts.& blllspay.
Dividend Jan. 2
Contlng't funds.
R e s.fo rF e d .ta x .
Surplus_________
41.233.300
41.233.300
10,791,500
224,823
6,272,314
721,583
9,769,010
4,000,000
21,830,295
1918.
$
41.233.300
41.233.300
11,329,000
236,020
16,633,240
721,583
6,942,107
7,000,000
19,530,401
T o t a l .............. 135,076,125 144,864,951
Montgomery Ward & Co., Inc., Chicago.
(,Report for Fiscal Year ending Dec .
E A R N IN G S FOR C A L E N D A R
31 1919.)
YEARS.
1919.
1918.
1917.
1916.
Sales________________ .$99,336,053 $76,166,848 $73,512,645 $62,044,336
Net, after depreciation.. $5,094,170 $6490,181 $5,419,688 $4,550,791
Reserve for war t a x e s ...
900,000
2,000,000
l,289,o94
'35b:666
Preferred dividends (7%)
541,794
o M ,816
Iv’ r ’nno
1,575,000
1,500,000
l,5/.>,000
x Common divs. ($5)__ 1,500,000
Balance, surplus_____$2,152,376
$2,362,566 $2,205,094 $2,625,/91
Tlio sales for January 1920, it is stated have increased 38% , compared
with Dec. 1919, and showing average monthly gain for tho year 1919 of 30% .
x Paid on common stock of old company.
BALANCE
SHEET DECEM BER
31.
1919.
$
L ia b ilitie s —
S
S
Assets—
Accounts payable- 9,425,380
Ucai est., bldgs.,
plant, A c ______ 10,035,510 9,718,944 N otes payable____ 3,773,400
450,000 Accrued taxes-----195,948
Sink. fund. pf. stk.
---------C a sh..........................12,192,510 2,618,050 Com . dlv. (N . Y .
C o r p . ) ................ 1,500,000
Liberty bonds____ 1,728,638
A ccountsrecclv’ ie. 4,431,561 3,405,218 R e s e r v e ................... 1,761,907
910,697 Preferred stock___b 8 ,000,000
N otes receiva ble..
153,262
In vestm en ts____
339,520 1,033,072 Class “ A ” & “ B ”
stock......................c 8 ,186,396
Inventory . . . ____ 28,136,166 27,101,516
Com m on s to ck ._ d 2 5 ,500,000
•Due on com . stk. 10,200,000
Surplus................... e l 2 ,342,932
Pref. stock purch’da3,468,793
1919.
1918.
T o t a l ..................70,685.964 45,237.497
1918.
$
6,558,481
7,492,000
141,514
................
1,790,720
8,000,000
8,186,396
------------13,068,422
T o t a l ....................70,685,964 45,237,497
1918.
*
♦ This amount was received by tho company in cash on I<eb. 2 1920.
In process of oxchango into preferred of Illinois corporation, 30,717 shares,
s Authorized $10 000 000. c Class A and B stock was given in exchange
b>r\ho old common stock. Class A stock, $7 per share cumulative, 205.000
38.500.000 shares of no par value; Class B stock, 95,000 shares o f no par value, all
represented by
as above, d No par value; authorized, 1.600,000
24.077.000 I represented
by $8,186,396
$8
Surplus as of Dec. 31 1918 is made up of
20 654 000 shares; issued, 856:000 shares. ee Surplu
li712,000 $900,000 reserved for 1919 1<ederal taxes and $11,442,932 surplus.— V. 110,
p. 566
461,358
4,895,571
1,061,482
837,298
8,136,883
United Fruit Co
(Report for
Boston.
Months ended Dec.
15
President Proston says in part:
31 1919.)
. . . . . . . . I rpiin mitnut of tho company’s sugar mills in Cuba for tho crop season of
............. I ~ ^
2*52 645,000 lbs. of sugar and 6,496,921 gals, of molasses, as com.............
pared with 280;532,500 lbs. of sugar arid 6,806,392 gals, of molasses for the
I previous season. Tho outlook for the current year is promising. A large
11,047,599
amount of additional acreage has been planted to cane, and tho output of
the mills should show a substantial increase over last year.
T otal........... 111.540,061 111,283,191
656
THE CHRONICLE
C O N S O L ID A T E D
S T A T E M E N T OF P R O F IT A N D LOSS.
15 M o s . to ----------- Y e a r s e n d in g S e p t. 30------D e c . 31 19.
1918.
1917.
1916.
..... ..
,
Net income from oper.,
U. F. Co & subsld's._$37,351,730 $24,046,050 $16,787,449l$14,032 133
Other inc., int., divs.,&c. 1,034,578
783,956
804!943|
Total not income.........$38,386,308 $24,830,006 $17,592,391 $14,032,133
Less: Interest ch arg es...
$206,685
$839,509
$867,567 $1,399 836
Estimated taxes------- 18,016,106
9,896,450
3,686,869
689,146
Dividends declared. (1 2 i2% ) 6 ,289,562 (8)4,025,320 (8)3,903 392 (8 ) 3 , 4 1 5 4 6 8
A c o S m '^ r o T O 'K S i * '3 ’873-958
forward......................... 35.040.154
25,198,060
S9.134.5M
21,567,370
58.527.683
14,039,687
Total profit--------$48,914,109 $35,266,787 $30,701,933 $22,567,370
Less direct chgs. to p. &1 -----------5,000,000
5,503,873
3 ,1 4 9 , 9 0 0
Plus direct cred. to p. & 1
195,614
4,773,367
.
2 149 900
rnan' a L TIV :
& '-$49,109,723 $35 040.154 $25,198,060 $21,567,370
[On April 15 1919 an extra dividend o f ]A of 1% was paid on the capital
stock along with a quarterly dividend of 2 ' A % ; July, 2 K % was paid
O ct., 2 A % : Jan. 1920, 2 A % '. April 1920, 3% . See a subsequent pago.— Ed.
C O N S O L . B A L A N C E S H E E T O F D E C . 31 1919 A N D
D ec . 31 T9. Sept. 30 T8.
D ec.
A ssets —
$
L iabilities —
$
Property acc’t.„ 91,213,,343 80,023,079 Capital stock...
Investments__ 24,373,,944 11,296,260 Funded d ebt...
Curront assets. _ 27,894,,507 30,259,211 C rrent llablTs.
Ros.lfor (lebont. 1,1S6,,563
Deferred liabll's.
Deferred assets. 1,245 ,912 4,175,389 Deferred credits.
Deferred debit,
Total surplus...
adv. payment 1,391 070
1,228,698
Transit Items__
379 ,060
642,217
^ T otal----------147,684,401 127,624,856
S E P T . 30 1918.
31 ’19. Sept. 30 '18
.
$
50,316,500 50,316,000
*1,045,000
5,061,687
6,503,547 5,304,526
1,501,365
1,495,530
660,082
487,944
87,657,905 64,956,158
T o ta l______ 147,684,401 127,624,856
* Cash set aside for payment.— V. 109, p. 1615.
(F. W .) W o o lw o rth Co. (5 a n d 10-C en t S to res), N. Y
(Report for Fiscal Year ending Dec.
G ROSS S A L E S
Y ear—
S a le s .
31 1919.)
A N D P R O F IT S FO R C A L E N D A R
P r o f it s .
Y ear—
S a le s .
1919......... $119,496,107
1918______ 107,179,411
1917______ 98.102,858
1916--------- 87,089,270
1915--------- 75,995,774
1914--------- 69,619,669
$10,361,557
7,088,716
9,252,349
8,713,445
7,548,210
6,429,896
YEARS.
1913........... $66,228,072
1912--------- 60,557.767
1911----------- 52,616,124
1910--------- 50,841,547
1909--------- 44.438.193
P r o f it s .
$6,461,118
5,414,798
4,995,25.'
5,065,031
4,702,802
I N C O M E A C C O U N T F O R Y E A R S E N D I N G D E C E M B E R 31.
xr
.
1919.
1918.
1917.
1916.
No of stores Dec. 31. . .
1,081
1,039
1,000
920
$98,102,858$87,089,271
Net sa le s ...................-$119,496,107$107,179,411
Net in co m e................. ..*10,361,557 x$7,088,716 x$9,252,349 $8,713 445
D ed u ct—
Preferred dividend (7%)
$875,000
$875,000
$892,500
$927,500
Common dividends_____ 4,000,000
4,000,000
4,000,000
3,875,000
Per cent____ _______
(8% )
(8%)
(8%)
(7)4% )
Prem. on pref. stock, Ac.
120,016
118,626
Total deductions__
$4,875,000 $4,875,000 $5,012,517 $4,921,126
Balance, surplus____
5,486,557
2,213,716
4,239.832
3,792,319
Pedoral taxes paid___
932,121
1,232,209 (soo "1918” )
$4,554,436
20,590,000
$981,507
19,608,493
$4,239,832
15,368,660
$3,792,319
11,576,342
T otal s u rp lu s ............$25,144,436x$20,590,000x$19,608,492 $15,368,660
x N o t e . — -“ N e t Income” in 1917 and again in 1918 is shown subject to
deduction for the Federal taxes payablo on account o f the earnings of each
year respectively. The tax for 1917 paid in 1918, it will bo observed is
hero charged against the balanco surplus for 1918.
x
,
1^12. 1913.
1914.1915. 1916. 1917. 1918. 1919.
Net oarns. on sales (% ). 8.94 9.76
9.23 9.93 10.01 9.43 5.46 7.89
Not earns, on com. stk. 8.73 10.82
10.8713.19 15.57 16.72 9.96 17.11
B A L A N C E S H E E T D E C E M B E R 31.
1919.
1918.
1919.
1918.
Assets —
$
$
Llab little —
§
§
Heal estate, fran
Preferred stock... 12,500,000 12,500,000
chises, &o..........14,086,112 11,929,401 Common stock ...50,000,000 50,000,000
Good-will............. 50,000,000 50,000,000 Mortgages payable 1,257,500 940,000
Treasury stock-.. 1,365,007
867,457 Accts. pay. A accr.
Securities owned.. 1,369,793 1,196,744
lnt., taxes, A c.. 351,791 2,202,907
C a sh ..,............... 4,845,556 1,259,722 Preferred dividends
Accts. receivable.. 442,575
503,871
payable Jan. 2 .. 218,750
218,750
Inven. (mdse.,Ac.)17,248,973 18,431,813 Net advances___ _______
62,190
Miscellaneous___
32,509
26,066 Reserve, depr., fur
Imp. leased prem. 3,791,031 3,501,702
niture A fixtures 2,482,020 2,043,761
Store supplies, Ac. 886,939
840,832 Res’vo Fed. taxes.
Mtges. receivable36,000 .............
contlng., Ac___ 2,150,000 ..............
Surplus................ 25,144,435 20,589,999
Total — ..........94,10*1,495 88,557,607
— V. 110, p. 175.
T otal............... 94,10*1,495 88,557,607
N a tio n a l C loak & S u it C o., New Y o rk .
(
31 1919.)
President S. O . Rosenbaum, Now York, Feb. 7 1920,
wrote in substance:
Report For the Fiscal Year Ending Dec.
R e s u lts . — Though this com pany has had its sharo o f difficulties, it is
gratifying to roport that wo have had a prosperous year.
It has always been our p olicy not to speculate In merchandise and,
therefore, during tho steadily rising market o f the past few years wo liavo
bought in advance only about our usual percentage o f each com ing season’s
requirements. W hilo this policy did not onablo us to make tho large profits
that could have been m ade in a rising m arkot, it has helped us to avoid
som e o f tho risks inherent in tho present merchandise situation.
S p e c ia l R e s e r v e . — W e set asido D ee. 31 1918 a special reserve o f $700,000,
to which wo havo added $300,000 from tho profits o f 1919, so that wo now
havo a special reserve o f $1,000,000 as a partial provision against a doclino
in merchandise values.
S a le s , & c . — In 1915 our not business am ounted to $17,371,650.
In tho
four years since 1915 tho volume o f business has m oro than doubled, amount
ing in 1919 to $39,449,985. W ith an end to the rising market and a return
to m ore normal conditions, it is believed that this largo volum e o f business
will yield very satisfactory roturns.
N e w B u ild in g o f N a t io n a l I m p r o v e m e n t C o ., in K a n s a s C i t y . — In ordor to
caro for our steadily increasing business, wo have had erected on a plot o f
abou t 2 1 A acres in Kansas C ity . M o ., a 12-story roinforced eonrroto build
ing, containing a floor space o f approxim ately 600,000 sq. ft ., which is
am plo to caro for a business o f $25,000,000. T ho building is planned so that
it m ay readily be extended, as it is believed that tho location o f this branch
house in Kansas C ity , in tho noart o f tho best mail order territory, will givo
us a greatly increased business in that section.
F or tho purpose o f constructing this Kansas C ity plant, wo havo caused to
bo organized a subsidiary corporation, undor tho titlo o f N ational Im prove
ment C o ., tho Capital stock o f which is entirely controlled b y National Cloak
& Suit C o. W e expect that this plant will bo in full operation b y M a r. 1
o f this year. [See offering o f $1,200,000 guaranteed bonds in V . 109,
p. 1897— Ed.]
C u s to m e r s . — This com pany is now serving over 2.700,000 custom ers,
and with the opening o f tho Kansas C ity branch it is believed that this
clientolo will be largely increased.
E m ployees.— Tho com pany now has about 3,800 em ployees. W o aro
giving constant thought to their selection, training and prom otion and, as
[Vol . 110.
aroward for loyal work and a stimulus to incroasod efficiency, a bonus plan
^ f % ,^ tl^ ^ £ ? 11CaT?le ib0t^ t0 e*°™tivos and to th^rank and fife
sharfw'of thn i w ! 2 ^ T During .w 0. past y,°?r wo hav0 Purchased 2,500
Chas^l tn
?n f°r cancellation, making tho total amount so purfjat® *820,000. This takes caro of all amortization requirements
15^ 1921°r ^ ° Ur cbarter
®c t* 15 1920, and $70,000 for year ending Oct.
Status.— Tho company has no bonded debt and thoro aro no mortgages
SOTvatlwJy^^ahicdPl'Tho0 raocuttvo^taff nwhic\I°roma^s^uncharu?odC*te
boing bs tan1 1Li's toc khold era b a11^ ec* tho businoss *>r years, all o f thorn
IN C O M E A C C O U N T FOR C A L E N D A R Y E A R S .
tvt *
.
1919.
1918.
1917.
1916.
g e t s a k » .........................$39,449,986 $33,485,015 $27,6*19,538 $21,554,231
51.568.071 $2,570,640 V o ^ d S ?
Preferred d ividends____ (7 % j 304,675
329.000
326,375
336,700
Common dividends____ (5%)600,000
600.000
600,000
Spocial reserve for future
contingencies...............
300,000
200,000
500,000
Premium on prof, stock
canceled_____________
1 1 ,706
763
3,287
14,688
Federal taxes (ost.)_______________ 363,487
341,710
524,157
41,000
Bonus payments_______
314,351
Adjustment prior yoars.
23,432
Balance, surplus.........
$409,320
$197,198
B A LA N C E SH EET DEC.
$616,821
$1,689,665
31.
1919.
1918.
1919.
1918.
A s s e ts —
•S
S
L ia b ilitie s —
S
«
Land,
buildings,
Preferred stock__ e l ,180,000 4.430.000
plant, A c ............ *4,223,356 4,249,126 Common s t o c k ... 12 ,000,000 12,000,000
G oo d -w ill________ 12,000,000 12,000,000 Notes payable to
Invest. In A adv.
b a n k e rs......... .. 2 ,750,000 5.100.000
to N at. Im p.C o.
928,227
Accounts payable. 2 ,731,500
922,557
M arketable secur. C436.389
120,900 Unfilled orders,Ac.
C ash........................ 1.599,314 1,570,209
(due customers) 1 395,803
709,006
b M erchandise___ 9,054,651 9,139,359 Trade accep.recelv
Accounts
receiv
(see contra)____
118,372
able, A c _______
349,350
408,638 Com . div. payable
150,000
150,000
I’ rep’dcatalogs.Ae. a l t 1,510
659,039 Res’ve for Federal
Prepaid exp., A c . .
120,959
236,371
taxes (e s t.).........
381,421
341,710
Com . stock, purch.
Special reserve . . 1 000,000
700,000
for resale to. em
Mlseell. reserves..
89,772
ployees ...............
102,250
102,250 Profit and loss____d*l 577,510 4,168,340
Sundry debtors. _
84,245
Trade acceptances
re c e iv a b le .........
119,849
T o t a l ......... ....... 29.256,012 28,089.992
Total .................. 29.250,012 2,8.089,902
* Includes in 1919 real estate, $3,948,509: and plant equipment, $274,847.
S -rS -uc*os *n 1919 postage Inventory, $54,464, and prepaid catalogs, Ac.,
$387,052.
ay ok .
b including goods in transit, c Including in 1919 marlcotable
securities at markot value and equity in employees’ Liberty Loan subscrip
tion: Liberty Loan bonds, $369,666; employees’ Liberty Loan subscription
balances, $51,053; and other securities, $15,670. d Embraces unappro
priated curront surplus, $3,757,516, and appropriated surplus (par value
o f prof, stock conceled or acquired for cancellation), $820,000. o Authoczed and issued 7% cumulative pref. stock, 50,000 shares of $100 each,
$5,000,000; less rotired and canceled 820,000 shares; outstanding 41,800
shares or $4,180,000 as abovo.— V. 109, p. 1897.
T h e N ash M otors C om pan y.
30 1919.)
Pres. Charles W . N ash, Jan. 14, wrote in substance:
(Report for Fiscal Year ending Nov.
R e s u lts .— It took us until Fob. 1 1919 to clean up our war work.
It was
then necessary to take a physical inventory and readjust our factory for
tho production of passonger cars on a largo scalo and tho continuation of
trucks for domestic use. Tho steel striko In September and tho coal strike
in Novomber also handicapped production.
•
During the late year your company produced 25,114 passenger cars and
4,727 trucks. Tho sales for tho year wero $41,754,093. The parts businoss,
mcluding parts shipped to tho Government, amounted approximately to
$3,750,000.
E m p l o y e e s .— Tho employees now number nearly 5,000 pooplo omployod
at tho Kenosha plant. Tho pay-roll during tho year amounted to $7,204,
499.
A d d it i o n s .— During tho year there has been added to capital account at
tue Kenosha plant for real cstato, buildings and equipment $704,712.
Your directors decided that it was nocessary to add a four-cylinder passon
ger car to our line. Accordingly wo purchased at Milwaukee a tract of
41 acres. Buildings aro now undor construction witii tho ultlmato aim of
haying a thoroughly well equipped plant for tho production of a fourcyliner car. Thero had been put Into tho Milwaukee account up to Nov. 3 0
1919 $130,511 (V. 109, p. 2077).
On account of tho rapidly growing domand for closed bodies and in ordo r
to safeguard our supply, it was decided to purchase an interest in tho Sea
man Body Corporation of Milwaukee.
This company had boon furnishing
us our closed work for tho past two years. Wo, therefore, bought a h a lf
interest in tho company for $255,031 and this sum was added to tho Soaman
company’s assets to enablo it further to increaso its production.
C a p ita l S to ck .— The company has rotired $200,000 at par value o f Its
Prof, stock and sold at $100 per sharo 2,000 shares of Common stock to
employees whom wo wero anxious to Interest as partners In tho businoss.
The company, provlous* to Jan. 1 1920, had purchased for temporary
investment account an additional $609,000 of Its Prof, stock so that tho
amount of our Pref. stock actually outstanding in tho hands of investors
was reduced from tho original $5,000,000 to $4,191,000.
P r o s p e c ts — E x p o r t s .— Tho outlook for business for tho coming yoar soems
bright. Your company’s passonger cars and trucks continue to gain
frionds rapidly. Wo now possess a strong soiling organization throughout
tho United States. Tho export businoss is also growing. Your company
now is doing a business of about 20 automobiles per day for export trado.
Tho company expects during tho coming yoar to encounter shortage In
many kinds of matorlal and it is probablo that this will hamper our produc
tion. [Dividends paid on each sharo of Common stock: Fob. 1918, $0;
M ay 1918, $15; Feu. 1919, $10; Aug. 1919. $6; Fob. 1920, $10.]
P R O F I T A N D L O S S A C C O U N T F O R Y E A R E N D I N G N O V . 30 1919.
„ ,
1918-19.
1917-18.
Salas................................................................................ $41,754,093
-.(? )...
Not incomo after mfg., soiling and admin, oxponsos
and Stato and Federal taxes....................................... 5,089,036 $1,473,638
roferred dividends............................................
330,000
350,000
Co union dividends_______ _______ ($16 por sharo)
832,000 Not stated
Soo abovo
Balanco, surplus_____1________________________ $3,921,030
B ALAN C E SHEET NOV.
1919.
A ss els —
$
Real estate, plant
equipment, A c . 3 ,173,727
Mlseell. lnvestm’ t . 1,026,890
Liberty bonds___ l ,305,150
1918.
$
2,911,662
103,940
800,000
4,889,101
30.
1919.
L ia b ilitie s —
S
Preferred s t o c k ... 4,800,000
Com . stock, 52,000
(no par v a lu e ).. x250,000
Accts. payable__ 3,013,133
Taxes, pay-roll, A c.
...........
State A Fed. tax res.7,488,634
Other reserves____ 2,429,477
M at’ls A supplies. 5 ,015,049
130,510
Milwaukee plants.
Accts. receiva ble.. 2 .666,041
C ash............. .......... 11 ,369,327 '3,226,303 Surplus................. 6,711,367
5,931
5,310
Prepaid expenses.
T otals..................24,692,011 11,930.385
1918.
s
i,0(10,000
50,000
,788,674
764,141
829,739
2,503,830
T otal....................24,692,611 11,936,385
♦Includes accounts rocoivablo, loss rosorvo for taxes, x Includes tho
original 50,000 shares of no par valuo stock, which has always boon shown
in tho balanco shoot at tho nominal sum o f $1 a sharo, or $50,000 plus
$200,000, to roprosont tho 2,000 shares sold at $100 a sharo to omployoos
during tho yoar 1918-19.— V. 110, p. 267.
F
eb
.
657
THE CHRONICLE
14 1920.]
Continental Can Co., Inc. (of New York).
(Seventh Annual Report— Year ended Dec. 31 1919.)
BALANCE
SH EET, DEC.
1919.
$
31
(IN C L U D IN G
ta Tho fnvenUtries wfo*valu^2as2usaal on n reasonable
sMb^antKUy^in
In tho report of last year the Inventories havo boon reduced substantially, In
consoqmnmo of which and because of the profits realized in 1919 only » part
o f which having been used for betterments, tho financial affairs or tho com
S
A sse ts—
P la n t, p r o p .,e q u ip ,
g o o d w il l, A c ___ 1 3 ,3 8 8 ,4 5 8 1 3 ,0 5 0 ,8 6 1
C a s h ............................. 1 ,3 6 1 ,2 2 7
1 ,7 9 2 ,3 6 7
B ills A a c c t s . r c c . . 3 ,5 1 1 .4 0 8
4 ,9 5 6 ,0 3 7
F in is h e d p r o d u c t . . 1 ,7 5 1 ,6 7 6
2 ,0 2 9 ,2 2 2
M a t e r i a l s & s u p p . 3 ,7 2 9 ,6 9 3
4 ,3 5 1 ,6 7 4
O u tsid e rea l e sta te
A i n v e s t , s c c u r s . 1 ,0 0 8 ,2 6 6
1 ,2 2 6 ,5 9 0
D e f ’d ite m s ( n e t ) .
5 5 ,8 6 5
3 0 ,8 0 4
PaT L a dom andfo?noVr°products continues to crow
Short crops in some
sections curtailed tho output slightly in 1919, out indications point to the
preparation for larger acreages in 1920 and consequently larger consumptio
— V. 109, p. 1528.
Prosidont T . G . Cranwell reports as follows: ,
Tho8condition of tho canned foods business is hoalthy.. ^ho natlon-wido
inspection and advertising campaign now being conducted by tho Rational
CJannors' Association is expected to increase to a very largo degree the use
o f ? S d f d o ^ . and this In turn means an increase in tho demand for our
T ota l
S U B S I D I A R Y C O S .) .
-------1919.
S
9,000,000
5,002,400
9 ,0 0 0 , 0 0 0
5 ,0 0 2 , 4 0 0
6% div. on pref. >2,529,687
5,737,353
s t o c k _____________ I
A c c r . F e d .t a x (e s t .)J
C o n tra ct a d v a n ces
-----------R e s e r v e s ___________ 2 ,9 8 5 ,5 7 4
U n d ls t r i l) . p r o f i t s . 5 ,2 8 8 ,9 9 2
2 5 0 ,0 0 0
2 ,6 7 8 ,6 1 1
4 ,7 6 9 , 1 9 0
1 91 8
L ia b ilitie s —
P r e fe r r e d s t o c k —
C om m on sto ck —
H ills A a c c t s . p a y .,1
i n c l . a c c r . in t . A|
.................. 2 4 ,8 0 6 ,6 5 3 2 7 , 4 3 7 , 5 5 5 !
1918.
S
T o t a l ......................2 4 ,8 0 6 ,6 5 3 2 7 ,4 3 7 ,5 5 5
Hartman Corporation, Chicago.
(.Report for the Fiscal Year ending Dec. 31 1919.)
Prosidont M ax Straus says in substance:
PrDosoft'o tho difficulty of obtaining supplies o f raw material, such as steel,
tin plate and coal and tho scarcity of labor, the company has been ablo to
It was only natural, with tho war ended and normal conditions restored,
operate its plants’ to full capacity except the latter part
that a new ora of prosperity would come in our business. S 0ndi d £
J®
the steel strike and coal striko to soino extent interfered with production, wore achieved
The year 1920 is starting out with a very substantial gain
especially that of tin plkto. In consequence of this the net earnings wore in sales over 1919 and wo feel confident that the net earnings will increase
not quite as good as woro forecast in tho early months of the fall.
in proportion. The directors have taken action in the matter of increasing
As usual, liberal amounts for depreciation havo been writton off and all tho dividend from a 5% to a 7% basis. The excellent prospects ahead as
o f tho plants havo boon maintained at a high point of efficiency, thus insur 2 3 l ^ ‘ prwoStRenditions justify the Increased dividend rate which is,
ing tho minimum of cost and tho maximum of production.
in all respects, conservative and In keeping with our fixed
i] i
W ho directors in Sept. 1919 increased the dnart^ly divldond on tho quarterly dividend of 1U % . the first at the higher rate, will be paid March 1
« iq f>00 ()()() Common stock, payable Oct. 1, to 1 H % w % per annum,; to holders of record Feb. 18— V. 110, p. 56.> ltd.]
comparing with 6% per annum since April 1918, and previous to that
C O N S O L ID A T E D P R O F IT A N D LOSS A C C O U N T FOR C A L . Y E A R S .
6% per annum.|
1916.
1917.
1918.
R E S U L T S F O R Y E A R S E N D I N G D E C E M B E R 31.
1919.
1916.
1917.
Total profits A inc. after I
1918.
1919.
$2,510,665
$4,531,370
deducting
all
expen.
of
I
$3,728,269
Not earnings.....................
$2,ON,406
Not
44,000
$816,989
850.000
mdse. & admin., and>$2,328,293
900,000
Res. for taxes A conting.„ . 850,000
separated.
323,111
400,392
losses on cus'rs’ accts. |
629,226
188,000
Depreciation___________
353,237 Conting. res. A decree _J
344,575
327,250
Preforrod dividends (7%)
M t .v o v
318,552
24,374
21,656
(5)450,000 (5)400,000 D e d u c t — Interest charges
41.068
Common dividends.-(G & % )877,358
165.000
165.000
Redemption prof, sto ck ..
165,000
lho,000
$509,316 $1,802,033
$795,333
$2,287,224
Is et profit A income
$897,017 $2,321,402 31-225,317 Dividends p a id --------- . (5%)600,000 (5) 600,000 (3 %) 450.000
Balance, surplus...........$1,264,053
5,226,241
2,904,838
1,679,522
P. & L., surp. prov. year. 2,623,258
$59,316 $1,802,033
$195,333
Balance, surplus — . . $1,687,224
1,802,033
1,861.349
...........
Total................... ..........$3,887,311 $6,123,258 $5,226,240 $2,904,839 Previous surplus......... . . 2,056,682
Loss Fodoral tax to Doc.31
Total surplus Dec. 31. $3,743,906 $2,056,682 $1,861,349 $1,802,033
1918 over estimate-----138,934
-------...............
Stock dividend of 35 % ---- -----------3,500,000
-----------\ N C E S H E E T D E C . 31
C O N S O L ID A T E
1918.
1919.
1918.
1919.
Bal.. I*. A L. surplus..$3,748.377 $2,623,258 $5,226,240 $2,904,839
S
$
L ia b ilitie s S
A sse ts—
S
........12,000,000
12,000,000
Capital
stock
1,010,544
900.000
825.000
000.000
«M ,000 P r o p ., fix t u r e s , A c . 9 9 6 ,8 8 2
T ot. BUT. .b Ilf. stk. red—SI.738,878 S3,M S . 258 85.880 210 » . 3 9 9 « »
N o t e ,— In Jan. 1919 increased tho auth. common stock to Sl^Oi'Sl-tre ’
and tho outstanding issue to $13,500,0001 through a stock dividend of 3.) 'o ■
V. 105, p. 2275, 2458; V. 101, p. 2455, 2555; V. 105, p. 392.
C O N S O L I D A T E D B A L A N C E S H E E T D E C E M B E R 31.
1019.
A co/’/?—
$
1918.
$
R o a i e sta te , b u ild
In g s , p l a n t , A c . * 1 1 ,9 1 1 ,1 3 9 1 0 ,8 7 4 ,3 1 9
__
P a ton ts a n d g o o d
w i l l ........................... 8 ,0 3 5 , 0 0 0
8 ,0 3 5 ,0 0 0
I n v e s t m e n t s ______
1 0 7 .3 9 2
1 2 5 ,4 5 3
I n v e n t o r i e s ________ 5 , 6 1 0 , 6 0 3
9 ,4 6 0 ,7 3 7
A c c o u n t s a n d b ills
r e c e i v a b l e ______ _ 2 ,0 8 6 , 2 8 7
1 ,5 0 6 .5 0 3
C a s h ..............................
9 7 3 ,7 9 3
2 ,3 2 9 ,7 9 1
P r e p a i d in s u r a n c e .
9 2 ,8 1 3
2 3 0 .4 2 1
T o t a l ......................2 8 , 8 1 6 , 0 2 6 3 2 ,0 2 8 ,2 2 4
1919.
1918.
L ia b ilit ie s —
S
S
C o m m o n s t o c k ____ 1 3 ,5 0 0 ,0 0 0 1 3 ,6 0 0 ,0 0 0
P r o f, s to c k , 7 % - .y 4 ,5 1 0 ,0 0 0
4 ,6 7 5 ,0 0 0
N o te s,
a cco u n ts
8 ,2 2 2 ,0 2 4
p .y a b i e , A c _____ 2 ,6 4 6 ,1 1 4
2 8 4 ,3 1 2
D lv .s. p a y a b le J a n
3 1 5 ,1 7 5
S u ro lu s fo r red em p .
o f p r e f . s t o c k ___
9 9 3 ,0 0 0
R e s ’ v o f o r d e p r e c 'n 2 ,2 5 6 .3 5 9
U c s 'v e f o r t a x e s A
c o n t i n g e n c i e s ___
8 5 0 ,0 0 0
P r o f i t a n d l o s s _____ 3 ,7 4 8 ,3 7 8
T o ta l
8 2 5 ,0 0 0
1 .5 9 S .6 2 9
9 ) 0 ,0 0 0
2 ,6 2 3 .2 5 9
. . . 2 8 , 8 1 6 , 0 2 0 3 2 ,6 2 8 ,2 2 4
x Real estate, buildings, plant, machinery. A c., includes $}-036,82G
expenditures on additions and betterments during year to date, against
$2 503 310 in 1018. y After deducting $165,000 retired during the year
under provision of charter, making tho total retired to dato $825,000 out
o f an original $5,500,000.— V. 109, p. 1082.
Atlas Powder Co., Philadelphia, Pa.
{Report for Fiscal Year ending Dec. 31 1919.)
Pros. W . J. Wobstor, Philadelphia, Feb. 9, wroto in subst.:
M d s e . A s u p p l i e s . 2 ,6 6 9 ,8 6 2
D u e fro m cu s to m
e r s ( n e t ) , e t c ------- 8 ,3 7 8 ,8 9 7
C a s h ________________
5 4 5 ,4 0 8
I n v e s t m e n t s ...........7 5 ,0 0 0
U . S . L ib . b o n d s ..
5 2 6 ,3 4 6
D e fe r r e d c h a r g e s . .
7 0 ,1 2 3
G o o d - w i l l , A c -------- 4 ,9 9 2 ,9 9 2
1 ,9 6 8 ,9 5 2
T o t a l ........................ 1 8 ,2 5 5 ,5 1 1
1 5 ,1 0 5 ,7 3 9
6 ,6 4 6 ,1 7 3
1 0 9 ,8 7 0
7 5 ,0 0 0
2 8 2 ,0 4 3
2 0 ,1 6 4
4 ,9 9 2 ,9 9 2
1 6 5 .0 0 0
2 2 5 .0 0 0
3 8 9 ,6 9 0
(s u b . c o s . ) ______
1 4 0 ,0 0 0
N o t e s p a y a b l e _____
8 5 0 ,0 0 0
M d se, a ccts. p a y . .
5 7 0 ,1 2 8
O th er a ccts . p a y . .
3 8 7 ,0 0 0
T axes and
oth er
a c c r u a l s -------------5 0 4 ,4 7 7
S u r p lu s ......................... 3 ,7 4 3 ,9 0 6
2 ,0 5 6 ,6 8 2
T o t a l ......................1 8 ,2 5 5 .5 1 1
1 5 ,1 6 5 ,7 3 9
329,366
— V. 110, p. 565, 365.
Commonwealth Power, Railway & Light Company.
{Report for Fiscal Year ending Dec. 31 1919.).
Pres. George E . Hardy, N . Y . , Feb. 2 , wrote in .substance:
[Compare offering of bonds of the Consumers Bower Oo . whoso entire
Common stock is owned, in Chronicle of Fob- 7 1020, P* ^b4 -l
io iq
R e s u lts .—-The gross receipts of all tho subsidiaries lor cal. year 1919
coinparo with 1918 as follows:
In crea se. % I n c .
1918.
G ro s s R e c e ip ts —
*o12ot'en«
.i.o-,,.,™
S537.851 18-89
$2,847,745
Gas
—- —————$3,385,596
1,552,680 dec.381,247dc24.55
Gas r&sfduals A mtscollan’s . - 1,171,433
8,753,543
1,935,220 22.11
Electric* — ..............
10,re§n’oo'.>
23.48
591,372
Heating and water...............-.
730,223
1,177',111 27.32
4,308,524
Railway—C ity ....................... o’Ann'r.'ia
12.69
372,475
2,934,069
Intorurbjvn _____
o,o()(),o44
266,577 28.66
930,128
Freight and miscellaneous. 1,196,705
T o ta l.................................I$25,964,899
$21,918,061
$4,046,838
18.46
* Electric sales to subsidiary companies aro eliminated.
Tim (iecrm.se of $381 247, or 24.55%, in tho oarnings from gas residuals
and miscellaneous''is due to lower coke prices and to
I>. U. Commission that gas companiesi In that State,d^ u c t from them
operating expenses tho receipts from residuals instead of including them in
irross receipts. The amount so deducted in 1919 amounted to $.71,963.
USTheftrerlyl mon"lw0of lti’ o’ wOTohintoiy dovotod
g Tim service rendered in 1919 compares with 1918 as follows:
1919
1918.
In crea se.
V o ln c.
last Annual Roport), with tho added difficulty o f voluino ol business being Sale of gas in cubic foot___ 3,372,341,600 3,147,560.800 224,780,800 7.14
at tlio lowest point in our sovon years’ existence. Business becamo more Average price received per
$0 0992 10.96
$0.9047
active during tlio last six months o f the yoar in all o f our Mies 5 w ^ ? n th —
1,000 cu. ft. of gas sold. .
$1.0039
6,114 6.55
__explosives oxplosivo supplies, chemicals, lacquers and leather cloth
93,299
meters in uso end of yr.
99,413
21.83 2.30
and wo wero nbla to realize the full effect o f previous efforts to conduct tho Gas
950.70
Miles of gas mains . . . .
982 53
48,505,537
11.64
416,827.211
of olectricity, k.w. hrs. 465,332,748
bUT h K n M l f f l “ c o . , Inc.. Zapon Leather Cloth C o., and Cel Salos
Average price per k.w. hour
$0.0021
8.54
$0.0246
luloid Zapon C o., manufacturers of tho highest grade o f
of electricity sold*..........
16,833 12.71
inrnuprs enamels bronze liquids, varnish, amyl acetate and nitro cellulose. F lic,
132,456
meters in uso end of yr.
149,289
hM X a d f i r ^ c r o ^ M in v X m o ami a satisfactory profit obtained there- Rov. pass,
carried (transfers
87,844,206 11,687,838 13.31
excluded)—C i t y ----------? o ’? o l ’ c ia
240,911 2.03
Wo aro now successfully manufacturing our own brands o f blasting caps
11,887.941
Intcrurban____________
12,1 2 8 , 8 0 2
and electric detonators in completely equipped modern Plants.
R es e r v e s .— Wo havo as usual sot asido from earnings, amplo riiservo.
* Electric, salos to subsidiary companies aro eliminated.
against loss from bad debts, accidents at plants, depreciation of plant
Tho combined results from the operation of all tho l,roPertiM ohminating
inter-company transactions, show increases as follows as compared with 1918.
VasiaJus&— The financial position of your company Is the strongest in its Gross receipts.^ $4,046,838. or 18.46%; operating expenses, $1,918,503, or
hUtorv
All bank loans and contract advances made necessary for tlio 14 'i(j%- fixed charges, including taxis and dividend on outstanding 1 ri f.
voluino'of business transacted prior to 1919 have boon entirely liquidated. A ie ck /e f sMihsldWrics $660 110, or 8.74% , and not incomo available for
Current accounts payablo represent obligations not duo.
, dividends of Commonwealth Power, Ry. A Light C o., replacements and
D iv i d e n d s !—Common stock dividends were placed upon a 1 2 % annual
basis In March 1919. Tho surplus account, reserved from earnings, from
The‘^ncreaso ’?n^net^oarnhlj^^during tho year, notwithstanding tho invoar to year, has boon invostod in extensions to plants and hi financing creLswl cost of°operation chioto high prices and wages, reflects tho increases
new acquisitions. Your directors fool that tho incroased invested capital
now employed and future business prospects warrant a continuance of at
least 12% annual basis for Common stock dividends.
.
S to c k h o ld e r s .— Stock has boon offerod to tho omnloyoos annually since
1913 under a monthly payment subscription plan; 979 employees o f the total !lS /(a( — Tho'gas1ratos'have boon increased in nearly all of the cities servod
o f 2,571 employed as o f f)oc. 31 1919. aro stockholders. The company has and further increases aro being asked
«I>on liivosMKatioii will ^ f o u ^
reasonable and proper and we hopo will bo granted. V 10ii nt*STufi,of with
<V ^tmek bon us, se^vlco wage and ponslon plans inaugurated In 1913. remain have been substantially increased and tho company believes that 'With
prment rMas it can slmw Increased interurban net Mjroln^. The street
in effect.
railwav rate increases iiavo como slowly and the efforts or tno company
I N C O M E A C C O U N T F O R Y E A R S E N D E D D E C . 31 ( I N C L . S U B . C O S . ) .
to decrease the cost of operation by tho uso of one man safety cars have not
1919.
1918.
1917.
been ^eadUy accepted with general favor; but the people are gradually
Gross sales.... ........................................$19,107,341 $35,766,620 $27,487,631
realizing the necessity for both increasing fares and the exercise of every
Cost of goods sold, dollvory. Ac., exp. 17,429,043 33,583,62.) 24,449,261 reasonable effort to avoid unnecessary increases in cost of operation. 1 he
while it knows that tlio return to .i* “ 'A®[' mn ebtei^to the people
$2,182,995 $3,038,369 company,
Not profit...........................................$1,678,298
properties is totally inadequate feels that it is indebted1to tno people
12,112 railwav
79,299
Otnor Income (not)--------------------------loss 18,.0.)
of the communities served for tho consideration it has rocoivod.
F i n a n c e s .—-Tho demands of tho subsidiary operating companies for ox$2,262,294 $3,050,481 tmmions of servico and tho moans of financing tno costs of such extensions
Not incomo.........................................$1 >660-089
486,513
540,200
Preferred dividends ( 6 % ) ........................... >40,000
being carefully considered and wo aro hopeful that both £a n b ?
Connnon dividends ( i 2%) 600’,288 (21)1050,504 (26) 13003117 are
ably met. USeo Consumers Power Co. In Chronicle V. 110, p. o64. and
$1,590,704 $1,787,130 Pa5-he'^ompiby1t o ? d ^ ^ ‘ u s 7 l o S ° d e l J t during 1919 and expects to
Total
.............................................$1,140,288
661,590
1,263,352
Balance surplus____. . . . . . . . _____ 519,801
$4,769,190 $4,097,600 further materially docreaso It during tho yoar 1920.
Total surT.ui)
...................................*5.288.991
R e s u lts .— Gross
salos for tho year amounted to $19.107.311. Not Income
after all charges Incident to manufacture and selling, repairs, accidents
658
THE CHRONICLE
R E S U L T S FOR C A L .
Y E A R S — C O M M O N W E A L T H P O W ., R Y .
Earnings on stocks owned by ^ $ ^ ’
this company in sub. c o s .. 2,345,010
Interest and other earnings.. 1,606,535
Gross earnings..................... 3,951,544
Expenses and taxes...............
221 785
Amortization o f debt discount
42.300
. 1.268.3.31
Interest charges_________
*Divs. on Pref. stock (6% )_. 1,077,180
Divs. on Common stock (4%)
1,176,818
823,665
2 , 000,483
218 134
2 0 ’ 2110
81118R
1,0 77,ll o
’ w
&
LT.
1917.
$
2,250,775
790,355
2,866.668
592,061
3,041,130
189,924
28,932
672,650
1,077,010
743,334
3,458,729
151,080
28,932
626,974
1,019,170
728,811
1916.
Bal. for replace. & deprec. 1,341,948def.126,277
Vol . 110
r .e 9 f ^ rf Ing»thu^ ^
C0,m Pany has abated it rights by failing to liavo portions
Its lln,°,s operate paved, the Board o f <the City <£mmis!
®£ners has passed an ordinance on first roading declaring the franchise of
company forfeited. At the same time the City Attornov Garden has
ShouldSthnC^rdi'nnfnpna,H111ln Federal court to make tho ordinance effective.
Should tho ordinance bo carried to finality, tho company would not ha
$25 000 a°veareis
° n sovoral streets unless .an annual rental of
s^eo^pa^hfg carried^out.—
09 ^p^ 1 2 7 2 ° rm S ° f th° franCh‘S° r0gardlng
Chicago Railways Co .— New Officers.—
President Union Trust C o., Chicago, has succeeded
Cimrlos c ^ d s i t resigned, as mombor on tho board of operation.
E T
w°Tifresident, has been inado a director, succeeding
h . r. Walker. Mr. Walker continues as Sec. and Treas.— V. 109, p. 172*
Chicago Rock Island & Pacific Ry — Obituary.—
U M ^
President o f tho company and o f tho Donve
& Rio Grande Ry. Co., dlod at Donvor Jan. 30.— V. 110, p. 359.
B
e a r n in o s
C a le n d a r Y e a r s —
1919.
Gas and miscellaneous.. $4,557,029
Electric______________~~ 10,688,763
Railway, heating & water 10,719,’l07
1918.
$4,400,425
8.753,543
8,764,093
19i7
$3 691 564
7,5941242
8.437.930
Total gross re ce ip ts...$25,964,899 $21,918,061 $19 7 2 3 7 3 6
Operating expenses------- 15,336,653 13,418.028 11,078.632
Net earnings-------------$10,628,368 $8,500,033 $8,645,105
Fixed chgs., taxes, divs.
on pref. shares o f un
derlying companies______________ 8.209.240
7,549,130
6,495,479
Pref. divs. (C. P. R. &
L. stock) (6 % )--------- 1,077,180
1,077,180
1,077,010
Com. divs. (do) ( 4 % )..
________
743,334
Balance, surplus------- $1,341,948def.$126,277
1916.
$2,865,782
6,762,258
7,334,567
$329,281
B A L A N C E S H E E T D E C E M B E R 31.
1919.
1918.
1919.
A sse ts—
$
Liabilities —
$
Securities & prop
Pref.
capital
stock.17,953,000
erty owned------ 49,130,451 44,915,797 Com. capital stock 18,585,900
5-year 7% secured
Com. stk. dellv’le. 2,414.100
135,150 5-yr.
convert’le bonds .............
6% conv. bds ...........
Mich. Ry. guar.
5-yr.
7% conb.bds. 7,828,250
6% notes...................
1-yr. 7% gold notes 5,950,000
Guar, of Usher ObScrip due Feb. 1924 1,047.750
lig’ns on W. Va.
Scrip due Feb. 1925 1,101,643
coal property__
1
1 Sec. Ser. 7% notes 884,500
Cash----------------492,699 1.114,777 Sec.
Ser. 6% notes
Advan. (sub. cos.) 9,180,113 9,860,911 Guar, of $269,000 620,000
Accts. rec. (do)..
110.672
282,934
Usher obllg’ns on
Int. recelv. (do)..
61,086
23,261
W. Va. coal prop
Divs. rec. (do)..
149,594
109,750 Accrued accounts. 297,259
Debt discount (be
Surplus.................*1,625,215
ing amortized).. 177,025
135,321
T otal............... 59,307,618 56,577,904
8,374,621
$8,587,986
1,019,170
728,811
$903,761
1918.
„$
17,953,000
18,585,900
2,414,100
113,200
8,047,000
7,000,000
1,074 696
........
T otal............... 59,307.618 56,577,904
American Wholesale Corp. (Baltimore Bargain House).
This company, incorporated June 27 1919 under the laws
of M aryland, reports:
•
1919.
1919 gross sales (contrasting with $25,577,846 in 1918). .
$35 345 712
T °«fV/i‘iroc;,igS f° r 919, $4,270,566: Federal taxes, 1919 (est.), '
’
$1,341,954: n e t e a r n in g s f o r p e r i o d .............
g o Q28 6 1 2
Less dividends on preferred sto ck ..
' .........................* 297 500
R E S U L T S FOR C A L E N D A R
YEAR
$2,631,112
WD eceTieS19180titS and Federal income taxes for year ended
953,079
Carried to surplus Dec. 31 1919................................... ................ $678,033
B A L A N C E S H E E T D E C . 31 1919 (.C o m p a re V . 109, p . 272.)
A sse ts—
Real est., Ac., less (leprec'n.. $3,024,428
Current assets ($16,382,759)—
Merchandise Inventories.. 6,723,251
Accounts receivable_____ 8,186,347
Notes receivable________
185,769
Liberty bonds---------------23,900
Sundry Investments__
81 84 .
Cash---------------------------- 1,181,64s
Other assets—Ox ford Real .Co
188,630
Sundry loans A advances..
227,441
Prepaid items, Ac_________
lo i 851
L ia b ilit ie s —
7% cum. pref. sto ck .......... x$8,500,000
Common (no par value): out
standing, 90,000 shares... x3,928,392
Current liabil. ($5,518,183)—
Notes payable................... 2,300,000
Deposit accounts...............
510,111
Accounts payable............. 1,316,493
Foreign acceptances_____
16,736
Accrued Interest_______
32 888
Federal taxes, 1919 (est.).. 1.34L954
Purchase money mortgages.. 1,300,500
Surplus.................................
678,034
Total................................. $19,925,103
Total......... - ..................... $19,925,108
June 30 lOiho°Utni?m?nnf,?H<fd wUJv. w£ich appeared on initial statement
rarrledonThobooky!
* d f
h° ab° V° ba'anco sheot and is 110 longer
— W lu T p
504
£ap‘ ‘ a lstock: (a) Pref., $9,000,000 ($500,000 unissued)
k ’ ,5 0 ’000 scares o f no par value (60,000 shares unissued).
u
s
b
y
^
and
°l0Ct0d Prosl^cnfc:
andhHl?ist£>r!r.t y ’ knov™ as the Swing line, which operatos botwoon Norwood
a ioint hid tn T ^ S»f0Td OI\,J«aiV> 3 i , for tho account of the bondholders on
M ich ael Cn
^ * Bro£h°r. N?w York, City, and tho Hyman
?hP r n ,i °m i;P iiiCago.- „ Th0 purchasers, it is said, will dismantle and junk
1
Tho sale price was not) disclosod. Efforts w a s made hv resirlonfs
- Y g lTo pn.e56°iralSe fUndS t0 refinanco tlie S
and “ oeTit in operation!
Columbus Ry., Light & Power Co .— Ordinance.—
t o tta yr i ) l hS n , F„ ° L 4 returned the Weinland street car faro ordinance
in 30 dfvs
n
r 11 ^T*11 « ° into effect without his signature
to its movisinn«,h
dt i? stated that roforondum
Vor rof,usal of
tho company
to for
agree
'°,r?s* T
petitions,
calling
a
vote^on the ordinance at tho April primaries are being circulated.—-V. 110,
Delaware & Hudson C o . — Federal Contract.—
tra^ r wh0h '?m «0^ l , ^ ^ - , ? ,n.eS has ®fcnod tlie Federal operating conSeeCannuahl S o r U n ^ T o 8 . pM928? 2 0 ^ . T K s e n 0
$7>48° ’204Detroit United Ry.— Earnings All Lines, Cal. Years.—
Cross mrnlnno
305,143
1,084,863
mmSfniL6 amounts outstanding to credit o f surplus accounts o f subsidiary
to Dpf- - c ’io !o a‘i? ? c;?ru.ln? to tho Commonwealth Power, Ry. & Lt. Co.
to Dec. 31 1919 undistributed earmngs, $1,107,354.— V. 110, p. 561.
fucreedfrgL™ ™ B
Cincinnati & Columbus Traction Co.—
$16 962 607
5,936,243
Chicago Surface Lines .— Officials Elected.—
h a v n ^ L f F ‘ H - K.a'y,son' John M . Roach and Wallace Ilockman
R?n<H
elected representatives on tho board o f operation. Henry A
_______ 1916.
.i n 1# ? * * . -
Net earnings............... $4,890,510
Other income__________
546,406
Total income__
$5,436,916
Interest, Ac
Depreciation reservo__
600,000
Reserve for Fed. taxesll
200,000
do for contingencies.
150,000
D ividen ds......................
1,200,000
$4,255,679
449,735
$4,168,149
411,737
$4,820,867
351,335
$4,705,414
2,610 830
600.000
150,000
$4,579,886
2 404 356
’sooiooo
150,000
$5,172,202
•> 9 0 1 ,1 1n
800,000
1,200,000 7 H ) 1118750 (6 H )843,760
D u r i n i ? t i i T qT q' t h ff & S .66
$106,780 $1,237,042
915 4 6 m il^ tn oefaM1 mills traAHi1??! eag0 wf, tho company Increased from
reach ed^hefsum9of '$ 1,799^302.— V i ° l 0! p. 464 f l O ^ 08
th ° ^
^H^orborough R apid T ra n sit C o.— F u t u r e O u t lo o k .—
President Frank Hedloy recently said in snbstanco:
™ *h? oplnlon that tho present heavy Incroaso in travol
o cortai n d^ ‘>° during tills period and ostlmato that tho
passengers for tho first six months of tho year will bo $2,264,000
^eater than for the samo six months last yoar. Tills passenger rovonuo
added to its other sources of rovonuo. would give the company a tot^i
estimated rovonuo in that period of $26,800,000.
P y
total
tonance tnioJbor'°wiIt'SVsi mof aU of ,t.s oxponsos for operation and main-
i& w f e jM
s a * " 1 '"torc““ °" '•* ,",6“ ■‘,,d
Taxes” 8 (est,mated) .....................- - - ............................................... $ 13,450,000
March lVtatOTest on‘ 7 % notes’ r r r r r r r r r r r r r r r r r r r .................
April 1, Manhattan intcreist and rentals_______________
J.UV° ? 0, l n t - on bonds issued by city for construction of original subway.................. ......................
_ _
Coal bills and other essential operating supplies & oxpenses___
1 h w 'n o n
i 880 900
’
’
950 000
5,450,000
Leaving a balance o f.........................................................................$2,940,100
cw °Si!lino 30 tRe company must moot tho Interest and sinking fund on its
re9 Uiring $5,010,000, together with tho rental for the use of tho
Manhattan property of $1,050,000, with interest on the Manhattan ComR ,^ L ^ S0C?.nd “ ortgago, requiring $90,500. or a total disbursement for
= ^ L an5l,;onta
4uno 30 of $6,150,500, which payment ir not made
would result in a dofault and tho company will bo short $3,210 400 assummotthat * curront obligations already Incurred, recited abovo, havo been
nf ^beJ 3 9 eqnntne°nCOn\pa.n y ,s also obligated to pay tho principal and intorost
of the $2,900,000 noto issuo mado on Dec. 31, last, which represents tho
amount of money borrowed to woathor tho crisis of Jan. l 1 0 2 0
it is
expected that the contemplated auction sale of real estate will tako care
of a substantial proportion of this particular debt.— V. I K), p 261.167?
Mid la n d R ailw ay (of G eorgia).
-N e w
O ffic e r . -
Allan W. Jones, of Midville, has been elected Vice-President and director
of the company.— V. 108, p. 79.
uirector
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Great Southern RR .— Federal Contract.—
wl?nir^L0r: Gcneral ° f KR s-Hines has signed the Federal operating contract
rnnualhropo?rt7na vy l % . % H l 7 0 . W W t h *n &t ^ 703’ 179- See
Boston Elevated Street Ry.— Application
for Bonds .—
Trusteos havo petitioned tho Mass. Department o f P. Utilities for
authority to issue $1,500,000 o f notes, or coupon bonds, payable in n o t
a^of,«fngr3i )</^?rShand hearing interest not exceeding 7% , to rofund a like
amount of 6% bonds maturing Mar. 1 1920.— V. HOTp. 166.
Buffalo & Williamsville Electric Ry .— Fare Increase.—
fllc.d .)yith the N. Y . P. S. Commission and effective Jan.
29 the company put through a 7 cent faro from Buffalo to Williamsville
This was accomplished by establishing zones.— V. 99, p. 269.
Central of Georgia RR.— New Officers.—
Y a A i Winburn has boen elected President, L. A. Downs, Vice-Pros,
and Gen. M g r., and Charles II. Markham, Chairman o f Bd.— V. 109, p.2439!
Central Vermont Ry.— New Bond Issue — Guaranteed .—
n n ? nnn
WilrVOJe Feb\ 19 on creating and issuing a now $15,M0.000 5% RefundingMortgago. dated M ay 1 1920, due M ay 1 1930. Int.
M . & N. Guaranteed principal and int. by Grand Trunk R y. Co. o f Can
Red. on and after M ay 1 1925.— V. 108, p. 1936.
Chattanooga (Tenn.) Ry. & Lt. Co .— Fares, dec.
, T “ e Tennessee P. U. Commission has granted the company permission
to charge a 7-cent faro and has ordered the company to make improvements
necessary to furnish safo and adequate car service.
M ilw aukee Electric R y. & L t. Co . —
Fa res
&c
—
By ordor o f tho Wisconsin RR. Commission tho coinpanv orrectlvo Fob
3, put Into operation tho salo o f 9 tickets for 50 c o X
W is rulIng Is a
?nriore0n Tf>^ r k?rporsedll;g and modifying tho provisional ordor of Oct.
r S “„ S i oi ! S ,i 8 ? * ♦ r s t e v T ' "■ ror“ b“ t
» ' » » r >“ ■*“
T - Fairchild has granted a stay or execution for a poriod
days o f tho recent injunction which prohibited tho running of lntorurban cars on the city streots after Fob. 5.— V. 110, p. 465, 261.
M obile
&
O hio
R R.
F e d e r a l C o n t r a c t .—
-Gonernl of IiRs. Ilinos has signed the Federal operating coni S s s " " ” 1 componi“ ' l» » “
N arra g an sett Pier R R .—
L e a s e .—
Soo Rhodo Island Co. bolow.— V. 107, p. 603.
P en nsylvan ia R R .
S y s t e m to B e O p e r a te d a s a U n i t .—
Pres. Samuel Rea announces changes in tho organization
effective on March 1 (when the railroads are turned back to
their private owners), as a result of which “ tho Pennsylvania
Railroad System will, henceforth, become a unit in all that
concerns its service to the public,” instead of being sub
divided as formerly between the lines east and west of
Pittsburgh. M r. Rea says in brief:
♦i,IniPreparblg.f? rpsume, after tho lapse of over two years, tho operation of
the linos constituting tho Pennsylvania Railroad systom, wo appreciate
fully tho responsibility resting upon us. Tlioso linos, which aggrogato ap-n0™ ™ nerw ™ '^00 m‘ los.of railway and servo 13 States and a population of
50,000,000 people, como back to their owners suffering from tlio'stress and
strain o f four years of war, and tho period o f excessive costs and abnormal
conditions through which wo have been passing.
F
eb
.
659
THE CHRONICLE
14 1920.
Tho separation in organization that has existed since 1870 between the
Pensylvanla Linos East and West o f Pittsburgh Is to bo abandoned. The
Pennsylvania Hit. System will, henceforth, become a unit in all that con-
Treasurer, succeeding S. J. Fortune and C. W . Hillard in those offices,
respectively; all with offices at St. Louis.— V. 110, p. 465.
CGT o accomplish*theso°results,’ the system will be divided into four regions,
each in charge of a Vlco-President, tho headquarters of tho respective regions
to bo at Philadelphia, Pittsburgh Chicago and St. Louis.
The Vlco-President in each region will have a complete staff, representing
the financial, accounting, engineering, legal, real estate and purchasing
departments. The four regions will bo known respectively as tho Eastern,
Central, Northwestern and Southwestern regions, in charge o f the fol
lowing o m c e ^ j c e _ p r e si(le n ts <fcc., in C h a r g e o f th e F o u r R e g io n s .
(1) Eastern Region— Now York on the east, Altoona on the west and
Washington on the south, aggregating 4,250 miles o f linos, with head
quarters at Philadelphia: Elisha Leo. Tieretofore Federal Manager o f the
Pennsylvania HR., Eastern lines; C. S. Rrick, General Manager, Julien L.
Eysmans, Traffic Manager.
(2)^CentraU iogion ^ A ltoona on the east, Buffalo on the north, Columbus
10 west, aggregating
3,050 miles; with headquarters at Pittsburgh, It. L.
on the
__
mnel. heretofore General Manager of the Pensylvania R R ., Eastern
lines; Ii °K . M c°Cart y° General* Manager; George^ D.Og'den, Traffic Manager
(3) Northwestern Region— Columbus and Crestlino, O., on the east, to
Chicago aggregating 1,750 miles; with headquarters at Chicago, J. G.
Rodgers’, who is at present asistant to tho President o f the 1 ®unfsf]d\ar” ra
HR. Co.; T. R. Hamilton, General Manager; William Ilodgdon. Traffic Mgr.
(4) Southwestern Region— Columbus and Cincinnati on the north and
oast to St. Louis on the west, aggregating 1,750 miles; with headquarters at
After a trial of about 50 days under the no-transfer system and a frnther
trial o f about 1 0 days with tho zone system, charging an 8 c . fa r e to p a r ts ^
the city beyond the first zone, the company, effective Feb. 8, re-established
straight 7c. fare with universal transfers.— V. 109, p. 2357.
San Antonio Public Service Co.— 7-Cent
Toledo Rys. & Light Co .— Tentative
Fares.—
Plan.—
Proposed recommendations of officials of the Servlce-at-Cost Street
Railway Commission, bankers and others for the solution o f the street rallWaU)PrThat1tho^rato^f interest on tho company’s bonds shall be 6% .
(2) That tho stock dividend shall bo 7% . (3) That the option call rate on
the stock shall be 108 and on the bonds 104. (4) T h a ta sn k in g f u n d ,^ u a l
to 20% o f the valuation of tho physical property shall be acciraulated out
of tho revenues o f the company and nvested in its bonds. These bonds are
to be tho property of the city and held by tho city sinking fund trustec», but
shall be considered Junior securities and Payable only after all other stocks
and bonds have been paid in full in tfae event of liquidation or sale o f the
company’s assets. In the ovont o f purchase of the street ra lroad property
by the city at some future time, the amount the city has in v ite d in the
sinking fund shall bo deducted from the purchase price.— V . 110, p . 563,4bb
Twin State Gas & Electric
Go.— Notes Offered.—
A. II. Bicltmoro Sc C o., Now York, are offering at 9 8 5 4 and int., to yield
$250,000 7% Bond Socured Gold notes dated Dec. 1 1919, duo
Dec. i 1922. Int. payable J. & D . in New Y o r k without d ^u ction of the
normal Federal income tax of 2 % . Donom. $1,000, 5500 and 5100 c .
Red. all or part at 100 and int. at any time upon 30 days notice. M etro
politan Trust C o., trustee. Secured by deposit with trustee of mortgage
xrnds in the aggregate principal amount of 120% of all notes outstanding.
Personnel, with headquarters at Philadelphia, in charge o f a Vice-President.
C a p ita liz a tio n O u ts ta n d in g D e c . 31 1919.
G. L. Pock, who is at present Federal Manager o f the Lines West, will
1st & Ref. 5s, 1953______$2,320,600 3 -yrT 7% notes, Ser. A, 1921 $467,200
assumo this responsibility.
..._„
112,900
Underlyingliens
(closedM
.) 1,362,500 Prior lien 7% Cum. stock.
Tho Vlco-President in charge of the various regions and the Vice-Prosident
108,400 Pref. stock 5% cumulative 1,500,000
in charge o f the Department o f Personnel will report to W . W ^ tte fb u r y . Gen. Mtge. 6s, 1953------.150,000 Common stock---------------- 1,250,000
Vice-President in eliargo of operation, at Philadelphia, who will in turn 6% Debentures_______ - P w p o s e — ’The' proceeds will be used for additions and improvements.
report to tho President of tho company.
. ..
E a r n in g s f o r Y e a r e n d e d D e c . 31 1919 ( D e c e m b e r e s tim a te d ).
G e n e r a l A d m i n i s t r a t i o n — Tho genera administrative P«Hcy o f
system
as a wholo will continue to bo directed from the present Bengal executive Gross income- - - ........ — -5886,1571 Bond interest- . - - - ---------- 5164,463
headquarters in Philadelphia under the jurisdiction o f the President of the Net, after taxes................... 345.093|Bal. for int. on notes--------- $180,630
company and his administrative staff. Tho present Vice-Presldents of tho — V. 110, p. 79.
company In charge o f traffic, finance and accounting, namely George D.
United National Utilities Co
—
Dixon, Henry Tatnal and A. J. County, will continue in their P«*ent
Secretary Walter W . Perkins in a circular to tho holders of the 5 1 .xuu.uuu
positions witli offices in Philadelphia, but with the scope o f their authority
extended to include tho Lines West o f Pittsburgh as well as tho Lines East.. Three-Year 6% gold notes maturing March 1 1920 says in substance.
E. B. Taylor, Vice-President in charge of finance and accounts for the Company under existing financial conditions cannot pay these notes at
Pennsylvania Linas West o f Pittsburgh, and W. II. Myers, director of the maturity and tho directors have authorized their extension for three years
company and Vice-President in charge o f real estate purchases and in to March 1 1923, and to that end have lodged w iththetrusteo “ “ derth e
surance, will rctiro at tho end o f February under tho pension rules. 1no deed of trust securing said notes an agreement prov ding for such extension
position o f Vlco-President in charge of finance and accounts for tho Linos
Under the terms of the agreement tho notes will be extended at rate o f
West will bo abolished. Vice-President M . O. Kennedy will assumo Mr. 7% per ann., and upon the same terms and security as now exist, and the
Myers’ place at Philadelphia [with somowhat different duties— Ed.l and holders thereof may present the same to tho I enna. Co.
on Live
Mr. County has been elected to succeed Mr. Myers as a director. J. J- Granting Annuities, Phila., trustee to be duly endorsed, and to have at
Turner, at present senior Vlco-President o f the I ennsylvanla Lines West tached thereto tho necessary extension interest coupons.— V. 107, p. 2UU0.
will 1)0 continued as Vice-President in charge of corporate affairs, Lines
Washington Water Power
West o f Pittsburgh. This position is necessary to carry W property the
1916.
1917.
corporate work of tho large number o f companies constituting tne portion oi
1918.
C a le n d a r Y e a r s —
the system west of Pittsburgh.
A
QTiri Gross revenue__________ $3,670,092 $2,927,378 $2,856,213 $2,685,024
1,356,355
1,405.321
For similar reasons, tho legal departments both at ™Jadelphla^and Net, after taxes................. 1,742.229
1,472,476
$586,963
$636,041
Pittsburgh, will bo maintained. Judge C. B. Heiserman continuing to act xSurplus after charges
$852,008 , $610,209 (4)619,600
(4^)658,325
as Gonoral Counsel at Pittsburgh, for both corporation and operatlng affairs. Dividends__________ (4M %)658,325
(4)619,600 _______________________
Tho plan of reorganization embodies an effort to bring about K^eater co
ordination and cohesion o f tho system as a wholo, and at the same time
Balance, sur. or def-sur.$193,683 def.$9,391 sur.$16,441 sur.$71,362
docontrallzo to the utmost possible extent tho responsibility for the actual
conduct o f tho railroad; whllo effecting closer contact with the public,
x The charges in 1919 include interest on bonds and notes and $353,000
promoting business and encouraging tho utmost economy in expenditures. for replacement reserve, as against $325,000 yearly on this last account
P a r tly O w n ed C o m p a n ie s .— W liilo tho reconstructs! organization Is based
from 1915 to 1918, inclusive. Tho annual dividend rato was increased
on tho tlioory that tho Pennsylvania R R . is practically a united system, from 4% to 5% in bee. 1919.— V. 110, p. 360.
yet tho various constituent companies not heretofore fully owned or oporatod by tho Pennsylvania RR. Co., will retain their separate corporate
idontitios, so that thoir respective interests will be fully protected ana
INDUSTRIAL AND MISCELLANEOUS.
recorded.— V. 110, p. 465.
.—Extension of Notes.
C o —Earning s . -
Pittsburgh Cincinnati Chicago & St. Louis Ry.—-
Director General o f RRs. Hines has signed thoRi’ederal operating contract
with this company fixing tho annual compensation at $11 ,«3o4,UJ.5.
annual roport in V. 108, p. 967: V. 109, p. 2172.
Pittsburgh (Pa.) Railways.— Interest
Payments.—
Ajax Rubber Co., Inc .— P r o p o sed Stock I n c r e a s e — E a r n s .
Profits” ^ . . Y f - . - T I - ...................— .$2.9591.267
Federal taxes— --------- ------------- Dividends ____________________ (12)1,032,627
$2.?158368
$1,955^93
i;700;000
495,000
(12)852,000 (11.7)830,700
j . L. Foster, Treasurer for tho receivers, announced, by advertisement on
Fob. 10 and 11, that tho following intorost coupons woro to bo paid on
‘Rnlanrfi Kurnlus
____________ SI, 168,040
Total profit and loss surplus--------- *$2,128,848
Pr(T)nAattlIMtt.sburgh Trust C o., Pittsburgh.— (o) Due Sept. 1 1919 on
First M tgo. bonds o f Coraopolls & Noville Island Bridge Co. (6) Due
July 1 1919 and Jan. 1 1920 on First Mtgo. bonds o f Pittsburgh Grafton &
Mansfield Street R y. Co. (c) Duo Feb. 1 1920 on First Mtgo. bonds of
Bloomfield St. Ry. Co. (d) Duo Jan. 1 1920 on First Mtgo. bonds of
Second Avo. Traction Co. (c) Duo Nov. 1 1919 on First Mtgo bonds of
Mlllvalo Etna Sc Sharpsburg St. Ry. Co. (/) Duo Dec. 1 1919 on First
Mtgo. bonds o f Glonwood Highway Bridgo Co. (ff) Due Doc. 2 1919 on
First M tgo. bonds o f Fort Pitt Traction Co.
, 101Q
(2) At tho Fidelity Titlo & Trust C o., Pittsburgh.— (a) Duo July 1 1919
and Jan. 1 1920 on First Mtgo. bonds of Pittsburgh & West End Passenger
R y. Co. (6) Duo Juno 1 1919 and Doc. 1 1919 on First Mtgo. bonds of
Ponn Street Ry. Co. ( c ) Duo Jan. 1 1920 on Consolidated M tgo. bonds or
Fodoral St. Sc Pleasant Valloy Passenger Ry. Co. (d) Due Jan. 1 1920 on
Porry St. Ry. Co. bonds, (e) Duo Jan. 1 1920 on Troy Hill Passonger Ry.
Co. bonds, (f) Duo Jan. 1 1920 on Allegheny A Bollovuo Street R y -C o .
bonds, (p) Duo Jan. 1 1920 on Allegheny Streot Ry. Co. bonds, (h ) Duo
Jan. 1 1920 on First Mtgo. bonds o f Central Traction Co. (<) D.uo Jan. 1
1920 on First Mtgo. bonds of Duquesno Traction Co.
,
(3) A t tho Union Trust Co. o f Pittsburgh.— (n) Duo July 1 1919 and
Jan. 1 1920 on Gonoral Mtgo bonds of West End Traction Co. (6) Duo
Fob. 1 1919, A uk. 1 1919 and Fob. 1 1920 on First Mtgo. bonds of The
Washington Electric St. Ry. Co. (c) Duo April 1 1919 and Oct. 1 1919 on
First Mtgo. bonds o f Central Passenger Ry. Co.
.m o o
(4) A t tho Colonial Trust C o., o f Pittsburgh— (a) Due Jan. 1 1920 on
First Mtgo. bonds of West Liberty Sc Suburban St. R y. Co. (6) Duo
Jan. 1 1920 on First Mtgo. bonds of Washington & Canonsburg Ry. Co.—
V. 110. p. 465, 562.
♦From surp. of *1,132,208 on Jan. 1 1919 5172,000 was paid in comm,
on capital stock sold, leaving previous surplus of $960,203.
The shareholders will vote Feb. 24 on increasing the total authorized
capital stock from $10,000,000 to $20,000,000.— V. 110, p. 168.
Rhode Island Co.— Seeks
to Cancel Lease.— -
Tho rocolvors liavo potition d tho Suprome Court for permission to cancel
tho 999-yoar ioase on tho Narragansott Pior R R ., and tho reversion o f the
properties, valued at approximately $500,000, to the railroad company
stockholders.— V. 110, p. 563.
Rock Island Southern Ry.— Receivership
Sought.—
Alabama Company.— E a r n i n g ? .—
C a le n d a r Y e a r s —
1919.
Gross earnings-------------------------- - - -54.024,111
Opor. and gen. exp., int., taxes, & c._ 3,373,547
Reserves____________________________
320,304
Net profit_________________________ $324,180
— V. 110, p. 79.
Protested .—
of Commerce, business
Tho executive board o f tho El Reno Chamber
men and property owners from tho various towns along tho railroad between
El Reno and Gutlirlo at a recont mooting, formed an association for the
purpose of using all possible legal means from allowing any firm, or cor
poration from junking tho road. Tho association will also investigate
methods o f making tho road a more remunerative proposition. The roe a
was advertised for salo Jan. 23 but tho salo has boon postponed until
lator date.— V. 110, p. 79.
St. Louis-San Francisco Ry.— New
E. N. Brown rosignod as President, remaining, however, as Chairman.
J. M . Kurn, Manager of the system under Federal control, was elected
Prosidont, with office at St. Louis, M o., and also elected a director and
member “ i^ rd ^ e sig n o d 3as Troasurer, retaining tho office of Second Vicen
1 ThJrfbl lowing*^?®cors wer^electod: A. Hilton, Fourth Vice-President in
Charge of Traffic; II. T . Wood, Fifth Vice-President and Chief Purchasing
Officer: W. F.^Evans, General Solicitor; I • H. Hamilton, Secretary and
1918.
$4,993,369
3.720,036
386.398
1917.
$1,405,348
329.664
250,000
$886,935
$825,684
$760,435
916.309
926.945
996,025
Unffiled ordcrs'on hand D oc. 31 1
9
1
9
*
f6r>9,?
’m g ”—
$14 542,704 as of Sopt. 30 1919 and $23,154,000 as of Dec. 31 1918.—
V. 109, p. 2173.
Total 4th quarter.........................................................
Total 3rd quarter......................................................... 7.557.b».i
Total 2nd q u a rter....................................................... a’ finoRqo
Alliance Realty Co.— B a la n ce Sheet D e c . 31.—
A ssets —
.
19 19 .
$
4 9 5 ,5 7 2
2 ,2 9 4 ,17 2
N . Y . C i t yT
r e a l e s t a t e i n v ------’
3 0 3 ,2 5 0
1
B ills & a c c o u n ts r e c .
.
A d van ce ta x e s.
Officers. —The
fol
lowing resignations and elections aro announced, effective
March 1 1920, or at tho end of Federal control:
$629,593
$768,840
Allis-Chalmers Mfg. Co., Inc.— S ales, & c .—
The company has reported tho sales billed and tho not,profits after de
ducting all exponsos including roservo for Foderal taxes, as follows.
S a le s B ille d . N e t Profit.
------- $290,321
..................................................................:$2 ,310,278
236.308
233,804
C.
II. Walsh, Davenport, la., has filod suit in U. S. Court asking tho
appointment of a roceivor for tho road.— V . 109, p. 271.
O th e r
St. Louis El Reno & Western Ry.— Sale
$363,368
$1,132,208
9 8 ,4 17
5 5 ,0 5 8
7 7 ,6 3 9
2 7 ,4 4 0
3 ,0 11
i
19 19 .
19 18 .
19 18 .
L iabilities—
$
*
$
4 0 1 , 0 2 5 C a p i t a l s t o c k .............. 2 , 0 0 0 . 0 0 0 2 , 0 0 0 . 0 0 0
1,8 9 1,8 4 6 A c c ru e d In te re st p a y
8 ,8 2 1
a b l e ______ _______—
2 1 ,0 7 7
3 5 1 ,5 0 1 S u n d ry acco u n ts p a y
2 8 .7 5 1
a b l e . ...................
2 ,6 2 5
2 8 2 ,0 8 6
L o a n s p a y a b l e ________ 1 9 5 , 0 0 0
3 0 ,0 0 0
R e s e r v e fo r d iv id e n d
3 0 ,0 0 0
__
1 2 5 ,2 9 0 R e s e r v e fo r c o n t ln 3 4 9 ,9 9 7
g c n c l e s ______________ 3 4 9 , 9 9 7
2 ,7 0 8
6 9 8 ,9 9 5
7 5 5 ,8 6 1
4 0 , 7 9 9 S u r p l u s ________________
2 1 ,3 0 7
1
3 ,3 5 4 ,5 6 0 3 ,1 1 6 , 5 6 4
T o t a l ..............................3 , 3 5 4 , 5 6 0 3 , 1 1 6 , 5 6 4
— V . 10 8 , p . 3 8 1 .
All-American Truck Co., Chicago, 111.— O ffe r in g o f
B o n d s.— Fort Dearborn Trust & Savings Bank, Chicago, in
Aug offered at 100, to net 6 % , $150,000 First M ortgage
6 % Real Estate gold bonds, dated June 16 1919, due serially
1920 to 1926. A circular shows:
Redeemable on any int. date after one y e a r at 102; and int
Denom.
$500 and $1,000 (c*). Int. payable J . & D . at I ort Dearborn lrust
00,
$10
0
660
THE CHRONICLE
p a tch y t L Bconmpa*^8100’ Chlcag0- Normal Federal Income tax o f 2%
. T h e value o f the company’s assets on June 16 1919 against which these
non y fl*nde(i debt: Ground, $100,000; buildings (when compl^ted) $176,000; net current assets, $400,000; total, $675,000.
1 ho present net assets equal 4 ) 4 times this issue o f bonds.
American Business Corporation.— Organization,
&c.—
K . J. McClelland & C o ., fiscal agents, have submitted the
following official statement:
[VOL. 110.
Ames Holden Felt Co., Ltd.— G u a r. B on ds O ffered —
Manning Bros. & C o., Toronto, are offering at 100 and int. with Com.
stock bonus, 7% 20-year 1st M . s. f. gold bonds, dated Jan. 1 1920, due
Jan. 1 1940, and guaranteed unconditionally as to p. & 1. by Ames IloldonM cCready, Ltd.
. Company will specialize in manufacture of commercial fino folt, heavy
roit footwear and fino folt slippers. A modorn factory now in course of
construction in Kitchener, Ont., is expected to bo in operation within a
few months.
Jtncorp. as a holding company in Delaware In November 1919 with a
Ames-Holden-McCready Co., Ltd.- —G u a ra n tees B o n d s .—
capital o f 250,000 shares o f no par value.
See Ames noldon Folt C o., Ltd.,
above.— V. 109, p. 1081.
________
in s i 06
^corporation tho company has acquired (a) controlling interest
toon a' Ton.® I hPnograph, Ine. The latter has contracts on its books for
Arkansas Natural Gas Co., Pittsburgh, Pa.— S ta tu s .—
1920 amounting to $200,000. (b) Taken over the Salescraft Co. of N. Y.
' S " h.as. an established country-wide automobile accessory busi Vice-President George H . Flinn, in circular dated at Pitts
ness- This subsidiary will bo operated under the name o f the Automotive burgh, P a ., Jan. 26 1920, says in substance:
Division of tho A. B. C ., and while it is an integral part of the holding com
H o m e r P o o l . — During tho summer o f 1919, ono o f tho largest pools of
pany, it will retain a corporate individuality as an organization dealing in high
grade oil over developed in the United States was opened up near
aJ?I£“ ?rbI,le accessory merchandise only, (c) Has taken over the business Homer, Claiborno Parish, La. Tho wells aro o f moderato depths, 1,060
ot tho Union lir e & Chain Co. of Chesiro, Conn., owners and manufacturers ft.
to 2.100 ft., and are larger producers o f oil than any wells heretofore
. pro,ved f2,ri!V o f gr,ip for the Purpose o f holding tiro chains for auto- found in our country. Most of the deep sand wells show a moderate per
mobilo trucks. This product will be marketed by tho automotive division centage
of salt water, but not sufficient to Injure tho wells. Your company
n mf can B usfness Corp. with manufacturers’ and sales offices at was fortunate in securing leases on several hundred acres close into the
flS£^Br£ adwW ’ N ’ Y- 9 lty- W) Taken ovor tho United States Chain pool, and about 1,600 acres, considerable o f which wo bcliovo will shortly
Stores C o ., selling women’s woar direct from factory to consumer. Has at be Included in the nom er pool.
present three main stores and negotiating for additional sites in upper
In drilling wo havo been fortunate in striking good wells, somo of them
e \r<a?nS 1 ennsylvania. (e; Made long term sales contract with
large producers, and tho non-productivo wells but very fow. Twenty1 rank A. Steelo Soap C o., Alexandria, Va., to handle the latter’s soap very
one
oil wells have been completed to Jan. 23 1920; theso by their Initial
aro made under highly efficient improved processes.
flow filled all tho available tankage until tho aggregate potential production
D ir e c to r s . — R. J. McClolland, M ajor H. C. Hequombourg, Brodio G.
Higloy, Hon. Jas. A. Emerson, Thomas A. Sherman, T. H. Ferris, J. E. has reached more than 50,000 barrels per day.
demand tor tho oil is keen, but tho presont pipe lines aro only ablo
Way, James W. Clopton, M . R. Bump, Irving H. Griswold, Henry C . Haz- to The
handle about 25% of tho production. Moro than six lines aro projected
n r ’f / lo h n J - M cCa bo .H enry K. Spalding. Sir Thomas St. J. Bashford.
in
addition
to our own 4 Inch lino o f 12 miles in length from Homer to Min. rrSY<
J ‘ McClelland, Pres.) M ajor II. C . Hequembourg, Vice don, through
which wo havo Just commenced to ship oil to our loading
?
• H- C. Hazzard, Vice-Pres.; C . P. Hall, Treas.; J. R . King, Asst. rack
for filling tank cars, to the amount o f 5,000 barrels per day. Tho
Treas., Thomas A. Sherman. Sec.
Sinclair Oil Oorp. has a 6 Inch pipe line almost completed between the
samo points that will take from 10,000 to 12,000 barrels of our oil per day
Amencan Foreign|Trade Uorp.
for delivery into tank cars.
1he stockholders voted Feb. 5 1920 to (a) eliminate tho division of the
w e are erecting twenty-two 55,000 barrel tanks for storage, which will
Common stock into Manager’s” and ’ ’Ordinary" shares (b ) increase tho be filled when wo aro not ablo to got cars. Tho total capacity o f these
capital stock from $20,000,000 to $63,500,000 by increasing the Common tanks
is 1.210 000 barrels.
stock from $15,000,000 (consisting of 140,000 shares called “ Ordlnarv
Tt Is believed that wo should bo ablo to market an average o f 12,000 to
« '8 r?nn nnn .
f 13? o called ‘‘Manager’s shares,” par $100 each)* to 15.000 barrels o f oil per day from the Homer field alono, for a considerable
$58,500,000 to consist of Common stock all o f one class.
;
period, and by drilling can sustain this amount. This oil is purchased at
The company has an authorized issue o f 5 0 , 0 0 0 share's of 7 % Cum n r e f
present bv tho companies at tho wells and loading station at $2.75 por barrel.
stock’ P n ii10(liiach’ exchangeable at any time share for share for Common
O th er T lo ld in q s . — Tho company also has valuable holdings covoring
stock. Red., all or part, on any div. clato after three years from the date 73.000 acres ln other Parishes in Northern Louisiana which look most favorof issue, at not less than par, but not over 120
ablo for oil. "Wo havo also dovolopcd oil on tho C. U. Connelleo 1,200 acre
snv!f.eM'nenm IIe.,,ry M - %
ln circular to the stockholders dated Jan. 19 ranch in Eastland County. Texas, which, with adjoining territory, com
says.. Iho directors are o f the opinion that it is desirablo to provide further prises ovor 3,000 acres. Three wells practically in the center of tho 1,200
J * ' ! 8 capital for the operation and expansion o f tho business and for acres are producing between 900 and 1,000 barrels of oil por day and from
general corporate purposes, and that the additional capital should be ac 4.000,000 to 5.000,000 cubic foot o f casing-head gas and gasoline plants
quired by the issuance and sale or Common stock. As the uniMued Com- aro now boing erected for tho extraction of tho gasolino. Wo own two-thirds
“
insufficient in amount to realize on tile sale thereto sufficient interest and tho Plymouth Oil & Gas Co. owns ono-thlrd interest in this
capital for the above-mentioned purposes, the board thinks it desirable to property.
tbo Common stock and to offer shares thereof for sale to the stockSeveral additional wells aro drilling which wo believe will bo good produc
rec(?r(i at thA £ '° S0 of'business Feb. 4 1920 on the basis of 3 now ers. We also have 229.000 acres of leases in other counties In Texas, near
wells being drilled by other companies, most o f which aro prospective
expire Feb l t 1920° Se^V .^10? p I T l St° Ck h<'M at $7 Per share’ R,ghts tost
for oil and 18,000 acres in Arkansas and other States.
K a r n l n o s .— Tho earnings for gas for 1919 will show an increaso over 1918
American-Hawaiian SS, Co.—
— ? aaa i "igher rates and a satisfactory supply of gas and tho earnings for
Tho stockholders on Feb. 9 voted to reduce the par value of tho stock 1920 should bo considerably greater on account of still further Increaso in
rates and good supply of gas. A statement filed with the Pittsburgh Stock
fr° n i ^ N
increase the numbor of shares from 50,000 to 500 000
nr£nU
N otT? iBu.ri?au .recontly said: “ The stock has been so high- Exchange shows tho condition o f tho company on Dec. 15 1919.— V. 109,
ti?v,£ o ni n fbo category o f rich men’s stocks, but tho sharo- p. 2441, 2265, 2173.
Rnn o o A ° „ * 9 w JLvote to increase tho numbor o f shares from 50,000 to
Armour & Co.—
.—
reduce the par valuo from $100 to $10. Now quoted at $750
a s,!!, ro’ the stock should then sell around $75.
5 ou
Seo A rm our Leather C o . b olow .— V . 110, p. 358, 361.
V
i
rc
i fleet is iuuubiuzuu
mu world
worn around
_________
-in hn«^mifriAa?"fi^awaiian
recognized tho
as_______
ono of
Armour Leather Co. (of Del.).—
Con
’ “ n?-t th® best, aggregations of cargo ships afloat. With the
•W? i!0 oxf-ePtlo,l
Standard Oil, Hawaiian’s standard of ship specifica tinental and Commercial Trust and Savings Bank, Chicago,
tions hn-s always been highor than any other in tho United States.
In 1915 American-Hawaiian had 28 ships at sea with a deadweight tonnago and Bankers Trust C o ., N ew Y ork, aro receiving subscrip
w£n‘V> Guring 1915 and 1916 7 ships wero sold, and tions for 810,000,000 7 % Cumul Prof. (a. & d.) stock, par
19.1?-17; 1&,th° Gormans destroyed an additional 5. Tho present
8100, and 810,600,000 Com . stock, par 815. Prico in blocks:
t S S S f K V t f l J S i S f f i ’ ° ' 171-330 * ~ lwol» M *»“ ' With ,hrooPo T C
One share Prof, and seven shares Com . at 8200.
dividend
loon tho ?ntiro Geet is time chartered on an averago of over soven months
on Prof, pavablo Q.-.T. First div. April 1 1920, will bo for
iqqR ?al£ lngs aro weI1 a^ prad- u is estimated that if tho rato of taxes for
^ ^ is tlio same as for 1919, net earnings after taxes will bo botween $12 month of March only.
Callablo all or part at 115 and divs.
and $16 per share on tho 500,000 shares. On Jan. 13 tho company had
current assets of $21,252,500 and current liabilities of $5,223,000 leaving Pref. and Com . stocks havo equal voting powor. The vot
net treasury assets of $16,029,500.
'
,uuu' saving ing power of each share of Founders stock is equal to tho
years from 1903 to 1920 American-nawaiian has paid in dividends
on its $100 shares a total of $817 50— the greater part since 1915. At tho voting power of each 10 shares of either tho Com . or Pref.
(See advertising pages).
same time, up to 1916, it put back in tho form of now ships a largo part of stock.
Data from L etter o f Pres. H enry W. B oyd, C h icago, Feb. 10 1920*
wLrnoc
f P - Shipping
am iKlr lnKBoard
n tho.v.alu^
of thoinferior
fleot at
5125 at
a deadweight
whereas tho
is offering
vessols
$225 a ton ton*
and
C
om
p
a
n
t/
. — Organized In Delawaro [on or a bou t Feb. 6 19201 and will
adding tho treasury assets, gives a valuo of $75 64 to each now share.
aenuiro b y purchase from A rm our & C o . all o f Its leather and tanning
it is expected that tho management, starting with tho April distribution
assets
as
follow
(a) ontiro capital stock o f Badger State Tanning C o.
will pay $2 quarterly on tho now stock, reserving, while presont conditions or W Is., ownings:and
operating a tannery at S heboygan, W Is.; C appon A
last, the balance of tho earnings for enlargement of tho fleet,
Bertsch
Leather
C
o
., o f M ich ., owning and operating 3 tanneries at H ol
r nr,?, Gowdray, of oil famo, was formerly tho holder of something liko
M ich .; Em pire Tanning C o ., o f N . Y ., ow ning and operating a tan
5,000 shares of Amencan-Hawaiian stock, which we understand he has land,
nery at Oloan, N . Y ., and ono at B ig R un, P a .; J. K . M osser C o ., o f P enn .,
sold to Amorican interests.— V. 110, p. 467. a
owning and operating a cu t solo fa ctory and tannery at N ew berry, P a., and
-C apital Increase, &c.
Capital Increased, &c.
Leather Business Scqreqated
Stocks Offered.—
American Hominy Co., Indianapolis.— Bonds
Offered.—
tanneries at N oxon, P a ., N orth B ond, P a ., D riftw ood , P a ., and M ahaffoy,
P a .; J. Tv. M osser C o. o f W . V a ., owning and operating a ‘ winery at Par
sons W . V a.: Sylva T anning C o . o f D ol., ow ning and operating an oxtract
plant, also a tannery at S ylva, N . C . (N ono o f theso C os. has any bon d s).
(b) C ut sole fa ctory and sales store at B oston, M ass., also sales stores in
N ow Y ork and C hicago, (c) $1,730,000 (being 6 9 .2 % ) C om . stock o f
K ^ rn, '^ t h e r G o. o f B oston, M ass., which owns all o f the capital stock
o f W inslow B ros. A Smith C o ., operating throo sheep skin tanneries located
een>!tnntl ^V ooa192? '. D li° ®250,000_each Jan. 1 1923 to 1928 and $1,000,- at N orw ood and P eabody, M ass., and all o f tho capital stock o f W inslow
A C o ., In c., a w ool m erchandising corporation at B oston, M ass. T he
n* U ® » . Interest payable J. & J. at Bankers Trust Co., N. Y.
tnistee, without deduction for Foderal income tax now or hereafter deducti Eastern Leather C o. has $150,000 bonds outstanding, $ 3 ,0 0 0 ,0 0 0 o f 7 %
b le ;11 the source not in excess of 2% . Denom. of $1,000c*. Red all or non -voting Pref. stock and $2,500,000 o f C om . stock. Tho C om . stock
a?
wnrany n£’ date up° n 30 days’ notico at 100 and int., plus a premium not owned b y Arm our A C o ., viz: 7,700 shares (3 0 .8 % ) is owned b y the
em ployees o f tho Eastern Leather C o.
p ri^ to be less t C n 101%?*
therC° f ° f unexpired timo’ n° redemption
T ho purchaso prico includos nothing for good will, trade-marks, trade
Data from Letter o f Pres. H. Bates, Indianapolis. Feb. 2 1920. names, trado rights, processes or patents.
T>n. ' - a8, w lth ono tannery, A rm our A C o . tanned 126,000 cattle hides,
C o m p a n y .— Incorp. in Now Jersey in March 1902, a consolidation of
in 1919 operating 13 tanneries, tanned a total o f 1,713,000 cattle hides,
Indianapolis Hominy Mills and Cerealine Manufacturing Co of Indian .ind
o
nAAA
aaa . •’jatotl that during tho yoar 1920 this volum e wll (approxim ate
apolis; Hudnufc C o., Terre Haute, Hudnut Co., Mount Vernon Ind • 2 ,000,000
hides.
Halsey, Stuart & Co. and George H . Burr & C o ., New York
aro offering at prices ranging from 99.34 to 98.37 and int ’
maturity, by advertisement on another page,
$2,o00,000
First M tg e . Serial Gold bonds.
7%
townabInrd ° r W Hi* E*evator. G o - Decatur, 111. and Corona Mills, Greentown, Ind
All tho above plants aro located on lands owned in foe, with
tho exception of a portion of the plant at Groontown, Ind., which is held
o f SuffernS°ir„ n?
’ 19t°A’ ac.9 llirod by purchase tho plant and business
oL i i
’ Hun* * 9 ? ’ at Decatur, 111., and on Juno 30 1919, tho properties
and business of i’ unty Oats C o., Keokuk and Davenport, la. Is tho
gritoSco'rn1m ' / n i ' ]{' tho 9 ’
of’.,'vhito corn food products, hominy,
gri . .corn meal, corn flour and corn oil, and also a very largo manufacturer
o f rolled oats, oat products and mixed feeds.
large manuiacturcr
on i!!jnrnss,7 ? l 0nt,P rodts after depreciation but before taxes for 3 years
.
Bros. A .Smith Co. havo been manufacturing sheep loathor since
1776. and have a total capacity for tanning 500,000 dozen sheep skins p. a.
*
a,so opera to a w ool pullory and wool scouring and carbonizing plant
at N orw ood, M a ss., capacity 15,000,000 pounds o f wool per annum.
C a p it a liz a tio n a f t e r p r e s e n t f i n a n c i n q —
A u th o r i z e d .
I s s u e d & O u ts-
7 % C um ulative Preferred stock (par $100)............$25,000,000 $10,000,000
C om m on stock (par $ 15 )............................. .................15,000,000 *15,000,000
Fourniers stock (no par valuo) ......... ....................... 100,000 sh 1100,000 sh
*$4,500,000 C om . stock is reserved to be offered (o em ployees and cus
tomers o f tho com pany. tT h o Founders’ stock will bo subscribed for and
b y A rm our A C o ., who will pay $5 a share for samo.
•00° p- *• Not I,rofit' <‘,tor
ror acquired
C om m on
F o u n d e r s S to c k . — C om . stock has preferonco over Foundors’
stock as follow s: U ntil $15 per share has been m ade on all C om . stock outno distribution shall be m ade on Founders’ stock, but after such
curront. debt and provide funds for additional standlng
distribution has boon m ado thero shall bo paid on Founders’ stock out
manufacturing facilities now under construction.— V. 106, p.711.jsafl
standing a total am ount equal to the total aggregate o f tho distribution
m
ade on all C om . stock then outstanding.- T hereafter any remaining
American Sugar Refining Co.—
balance shall bo divided, ono-half to holders o f C om . stock and ono-half
o i V.cVi? divid(UKl o f
of 1% has been declared on tho Common stock, to holders o f Founders’ stock outstanding.
««
A f° ^ ^
h° ^eKulal]. quarterly of 134%, both payablo April 2 to holders
T he total Founders’ stock outstanding at tho tim o shall bo entitled to and
July 1 9 1 8 ^ V Chll 6 pVn80Xt361°f M o f 1% has hoon paid quarterly since shall receive a total am ount o f divs. equal to tho aggregate am ount o f
divs. paid upon total C om . stock then outstanding, and said divs. on Found
ers stock shall always bo declared and paid at tho samo time as on tho C om .
American Wholesale Corporation.—
—
stock. But If, in any o f tho throo fiscal years ending D ec. 31 1920. 1921,
1922, earnings available for divs. aro less than $4,000,000, then dividends,
if any, shall bo doclared and paid as follow s:
Month of January________
$4 9FM2>>
to
— V. 110, p. 169, 564..........................................*4,y 1.5,125
$2,642,376
(a) Year D ec. 31 1920, if said earnings are less than $4,000,000 then no
divs. m ay bo paid on F ounders’ stock, (b) Yoar ending D ec. 31 1921,
Extra Dividend.—
Sales.
661
THE CHRONICLE
F eb . 14 1920.]
If said earnings arc loss than $4 ,0 0 0 , 0 0 0 the total dlvs. thatm ay ^bepatd on
tho total Founders’ stock then outstanding shall
t*t i d i n g
of the total amount paid In dlvs. on tho total Oom. stock ^ "o u ts ta n d in g ,
fcl Year ending Doc. 31 1022, If said earnings aro loss than $4 ,0 0 0 , 0 0 0 tno
total dividend*that may bo paid on the total Founders stock then out
standing shall not aggregate over 75% of the total amount paid in dlvs.
on the total Com. stock then outstanding.
C o m b in e d N e t P r o f it s o f p r o p e r t ie s m e n tio n e d f o r y e a r e n d in g o n N o v . 1,
Judge to reimburse customers for tho excess enarges m case
gas la w is eventually declared constitutional . nn^ h„uncoff P ^ L lnjunctlM
C ° b e f o r e m a k in g p r o v i s io n ^ F e d e r a l I n c o m e A P r o fit. T a x e s ^ e t h e r w ith
p r o p o r t i o n o f p r o f i t s o f E a s te r n L e a th e r C o . a tta c h in g to C o m . sto ck
to b e a c q u ir e d b y A r m o u r L e a th e r C o . f o r 4 y e a r s e n d . D e c . 311919.
1915-10. 1916-17.
1917-18.
1918-19.
Profits boforo Federal taxes..$4,902,485 $4,140,871 $4,258,357 *8.407,941
Profits aftor Fodoral taxes— 4.472,702 3.565.188 3.707.145 6.1J5.825
Gross volumo o f buslnoss o f above compankw in flsral year 1919 was
about $90,000,000. and it is estimated that in 1 9 2 0 will exceed $ 1 0 0 ,0 0 ^ 0 0 .
O f f i c e r s __Chairman, Frank G. Allon, Pres. Eastern Leather g o ., ires.,
H c n r y W . Boyd, Chicago; Vice-Presidents, M . C. Weimar, Chicago,
F. O. Von dor Ileido, Boston; M . P .Brennan .C le a n N . Y . Philip L.
Rood, Treasurer Eastern Leather Co.; Treas., James E. Hartwell, onicago,
— The fir’s?boTrd°Will bo composed o f the Chapman, President
and Vice-Presidents, and F. W . Croll, R . J. Dunham and F. Edson White.
Vice-Presidents o f Armour & Co.— V. 110, p. 203.
Atlantic Refining C o — L i s t i n g - E a r n i n g s . Tho Now York Stock Exchange has admitted to list $18,445,000 7%
Cumulative non-voting Preferred stock, par $ 1 0 0 , and $2,028,200 ^ m m o n
sfcork nar SI 0 0 . all of which have been issued and are outstanding in tne
hands ^ t h o public. The Preferred stock is part of an authorized issue of
$20,000,000 and tho Common of an authorized Issue o f $o0.000'>000.
Company reports for tho nine months ende<i Sept. 30 1919. Gross incomo,
$113,483,862; gross profit on sales, $15,139,617; not operating 1nee™6■
$9,371,631; total incomo, $13,429,556; balanco after deductions, $12,966.
986; divs. paid $750,000; surp. after dlvs., $12,216,989.— V.110, p.564,2b.i.
B eD l r ? c t w s
face.” — V. 110, p. 467.
Buckeye Pipe Line Co.— A n n u a l R ep ort D e c . d l -“ gi6
Bal., sur. or def______sur.$64,783 def.$84.639sur.$480,083sur.$482,068
B a la n c e S h eet D e c . 31.
1919.
1918.
1919.
1918.
Capital
stock*.
10.000.000
10,000,000
Pipe linos____16,194,550 15,819,515
1919.
Renewals, &c...........................................
D epreciation___________ ____________
Bond Interest.........................................Dividends.................................- ..............
V. 109, p. 2441.
i778i 7 Q
76.634
197,490
104.396
150.000
190.000
?24,691
190,554
loO.OOO
530,000
186,702
°a c c ts !r oce'lv! 9,892,416
Asbestos Corporation of Canada, L t d . —E a r n i n g s ^
C a le n d a r Y e a r s —
x772,639 *801.311
355.428 Depr. reservo. 5,609,891
§>226,437
9.679,160 P .& L . su rp .. 9,891,138 9,826,355
Total...........26,273.668 25,854,103
T otal...........26.273.668 25,854.103
x Including reservos for taxes and fire Insurance.— V. 108, p. 6 8 b.
lu p in e s .—
Buffalo General Electric C o . — A n n u a l R ep o rt. —
C a le n d a r Y e a r s —
l o l 9™ *
Total revenues-------------- $5,33b,008
Net. after exp. & taxes..$l,425,901
Gross Income--------------------1.5io,3b8
Balance after charges-----726,239
D ividends______ _______
497,059
$563,070
159,280
Balance, surplus--------— V. 108. p. 1277.
1918.
$5,373,702
$1,294,881
1,415,554
589,421
429,791
1917.
$4,209,719
$1,365,049
1,479,757
798.518
374.335
1916.
$3,356,953
$1,102,018
1,226,007
686.723
299,151
$159,630
$424,183
$387,572
$229,180
150.000
160.000
■“
Pref. Stock Offering.
Bear Tractor Corp. of America.—
—
A . Hicks Lawronco, Now York, is offering at $10 per share
with 1 4 0 % bonus in Common stock, by advertisement on
anothor page, $375,000 8 % Cum . Pref. stock, par $10.
Annual sinking fund equal to 40% of tho net earning or 25% of the
amount o f Preferred stock issued, whichever £um is the groater,
to bo applied to the redemption of tho Pref. stock at 110%. Dlvldonos
payablo J. & J. (cumulative from Jan. 1 1920).
Data from Letter o f Pres, d e o rg e S. Murray, N. Y. City, Dec. 1 1919.
C o m p a n y — Incorp. In Dolawaro in 1919. Company is not erecting and
eauInning plant, but has entered Into a 5-year contract with American &
B W s h Manufacturing Co. to build Boar tractors (rated as a tour-PtoW
machine) In Its plant at Bridgeport, Conn. The business will be conducted
on a strictly cash basis, f. ®. b. factory. The output will be dUroosed o ft o
distributors who contract for specific monthly deliveries In this way the
output is contracted for In advanco o f production making I t p o n lb le t o
operato tho business upon a budget system o f receipts and expenditures.
Company will own exclusive rights, licenses and any and all patents,
Unitod Statos and foreign.
. _ , . .. „
C a p it a liz a tio n ( N o B o n d s )—
A u Lh^
Zry[n
000
Preferred stock, 8 % cumulative, par $10-----------$500,000
$375,000
Common stock (v. t. c .), par $10........... ................ 2,000.000
2.000,000
A majority o f tho Common stock is to be deposited under a voting trust
agreement for 5 years. Voting trustcos: George S. Murray, T . C. Leake,
L 'Purpose.— l’n a^ldlU onl-o^otbig administration, selling and distributing
expenses, proceods aro required for paying tho manufacturing cost of ma
chinos at tlmo o f dollvery to company.
machines 235
Prospective Earnings.— Of tho first year’s production o f 500 m achine. 235
havo alroady boon contracted for, with an> Indicated Profit o f $135,360.
Production for socond yoar is scheduled at 1,980 machines. On thisi dmis ,
the two yoars’ production o f 2,480 tractors should return a proftt of $2,099,
1 2 0 aftor deduction o f fixed overhead and before deductlon o f tuxes.
(A four-page Illustrated circular describing tho Bear tractor may be had
from A. Hicks Lawrence, 10 Wall St., N . Y . Clty.j
Notes.—
Boston Consolidated Gas Co.— 6 %
Kidder,
Peabody & Co. and F . S. Moseley & C o., Boston, recently
offorod at 9 9 % and int., to yield 6 % % , $3,500,000 One-Year
6 % coupon notes, dated Fob. 2 1920, due Fob. 2 1921.
Tno bankers stato:
Tho company’s balance shoot shows total assots including quick and
fixed, o f $29,715,000, while total liabilities amount to $5,581,000.
Tho interest on thoslo notes amounts to $210,000. while earnings available
for dlvs., aftor payment of all fixod charges (incl. Int.) amounted to $1,031,
■ fS " f “ k 'Am tne°to?o°<STom
o f p u rcb «slM l3
U JST£
«
on BndM
Fast 14th St Cleveland, appraised at $1,440,000, upon which an 8 -^tory
Commercial ah’d ofTice building, a theatre and an 8 -story garage and storage
building aro being now constructed at a total cost of about $3 ,3 uu,uuu.
Butler Brothers, Chicago.— B a la n ce Sheet J a n . 1.—
1920.
1919.
I
__
W20.
1919.
equip. 7.947,871 7.78M03 C a r t e l ™ ......... 2 0 ,0 0 0 ,0 0 0 20.000.000
Pash
2,849.638 2.831,859 Surplus....................14,065,707 16,270,232
M erchandise I ! ___19,844,375 20,117,692 Serial gold n o t e s - 4.976.563 5,640.104
438,180
1,928,663
2.799,731 Accounts payable- 2,317,364 6,400,000
Bills payable____ 6,700,000
689,468
Dcprec’n reserves. 899,342
636,225 2,295,457 Reservo
for taxes- 1,475,034
279,169
307,436
Dallas mortgage.. 402,000
540,890
567,344
Total ............ 49,836,010 50,366,647 T otal............... 49,836,010 50,366,647
— V. 110. p. 470.
Butte Cormer & Zinc Co.— P r o d u ctio n . —
President A J. Sellgman has announced: “ Operations were resumed the
end of Doc
Glenn Anderson, tho company’s engineer, r°P°!'t®
Bills receivable...
Fund for stock
sales ro employ’s
Pension fund........
Supplies (catalogue
mat’ls, paper, Ac.)
..........
now 'being shipped. Preparations aro almost completed for sinking from
tho tenth level.” — V. 110, P- 468.
Butte & Superior Mining Co.— P r o d u c tio n .—
1918.
14,300,000
Zinc(lnTbs7- — ------------------------ 1 3 >000°000
O.^O.OOO
256,000
Silver (in ounces)-----------------------21o,000
178,000
— V. 110, p. 170.
Calumet & Arizona Mining Co .— P r o d u ctio n .
1917.
5,609,589
P r « r (lbs.)...............3.214902°0b0
2
. A
d l & O
— V. 110. p. 264.
Canada Cement Co., Ltd. - A n n u a l R ep o rt. 1917.
1918.
C a le n d a r Y e a r s —
« , oav oaq
Income after depreciation, &c.............. * 1 ,3 ^ ’9G9 $2,215,708 $2,861,247
432,066
420.064
Bond Interest. . . - - — - .......................
400,/03
735.000
735.000
810.000
810.000
S g S g a a S 5 g l ? 8 i ::::::::::::
M
— V . 108, P- 1167.
2^Tho fprocoods 1 these^notes aro to be used to retire a like amount due
Feb. 1 1920.— V. 110, p. 564.
Boston Woven Hose & Rubber Co .— Bal.
A ssets—
1919.
$
. .
1918.
$-
581.118
420.770
Patents________
Office furniture1 , rro
1
Land & bulld’gs.l .502,091 1.568,982
M achy. & tools. 943,494 087,414
G a s h ...................
Accts. receiv’lo. 1,228,074 1,351,472
Liberty b on ds.. 410,376
250,649
Mdse, invontory.2,075,255 3,038,106
Total...............7,340,410 7,607.395
— V. 108, p. 482.
Sheet Sept. 1 —
1919.
1918.
$
$
Pref. stock......... 750,000 750.000
Common sto ck ..3,100,000 3,039.700
Loam, bills pay. 790,000 1.552,000
Liberty b on ds.. 325,000 309,044
Accts. payable.. 258.057 250,000
55,940
5.Q82
Federal tax_____
Massach. tax__
9.162
19,372
Accrued wages..
21,867___ - - - - -
Surplus________ 2,030,384 1,682,197
L ia b ilitie s —
./ O ' B R I L L
C O .'S A N D S U B S I D I A R Y C O M P A N I E S ' S A L E S A N D
E X P E N D I T U R E S F O R T H E Y E A R S E N D I N G D E C . 31.
1010
1918.
1917.
1916.
_______$14.210.622 $16.761.155 $7,706,099 $6,180,896
sales
Oper., gon."& adm. e x p .\13,293,753 15,419,645
6,711,910
6,087,638
Depredation r e s e r v e ...)
___________ ___________ __________
$93,258
$994,189
Net profit___________
$916,869 $1,341,510
(8)366,400 (4)183.200 (4)183,200
L e s s — Pref. dividends. (16Ji)721,350
90,000
425.000
Federal taxes...............
x85,000
Balance, sur. or def.-BUr81W.819 sur$550,109 sur$720,989 def$89,942
1,236.135
Prev. surplus adjusted.. 2,390,241 1,684,422
1,023,.)o7
TotalBUrplua...............$2,500,750
$2,234,531
$1,744,546
$1,146,193
x No reserve for Federal taxes appears to have been deducted in 1919— E d.
All tho accumulated dividends on the Pref. stock were paid off in Nov.
1919 and on Fob. 1 1920 only the full quarterly dividend of 1 M % was paid
on tho Pref. shares.— V. 110, p. 263.
Brooklyn Union Gas Co.— I n ju n c tio n A g a in s t SOc. Gas.
Judge Ward o f tho Circuit Court o f Appeals and Federal Judges Mayer
and Knox, on Feb. 10 granted the company a temporary injunction, pre-
l9 2 0
. 15% of the" e^rnlng^
A u th o r iz e d
O u ts ta n d in g .
Data from Letter o f President Joseph E. Daley. Dated Sa era. J a n . tom
C o m p a n y — Incorp. in 1919 in Mass.
Business, begun In 1893 consists
tho1manufacture o f medium-priced men s and boys shoos. Present pro-
Total...............7,340,410 7,607,395
(J. G.) Brill Co., Philadelphia . — A n n u a l R eport —
THE
1
D ivk Q^J 2 5 Annua'l‘sinking^fuid begins1 Jan. T
after Preferred dividends.
mente Aftor deducting Pref. dlvs. and sinking fund requirements, Ihera
remahis net^ rn lhgs of about 37% on the Common stock.
Central Union Telephone Co. of Indiana.— Acquisition.
Seo Indiana Bell Telephone Co. below.— V. 108, p. 483.
Chalmers Motor Corporation.— ;Time E x te n d ed .—
Seo Maxwell Motor C o.. Inc., below.— V. 109, p. 2359.
Chandler Motor Car Co. - R e p o r t Dec. 3^ 1919.— ^
1918.
1919.
$2,905,373 $3,248,172
Gross profit from sales---------------------’o’fw ’49?
29,543
147.396
&c------------------------- ___________
z V Z .i o i
Interest earned.
earned, &c
$3,277,715
$3,052,769
Total income----------------- - — - - - $6,853,139
Selling, &c., expenses and other
895.312
858,151
charges, incl. depreciation............. 1,200.884
$2,382,403
Met nrnfit
- - $5,652,255 $2,194,618 *2,382
------1 ,0 0 0
D f f i S S 'S i a : : : : : : : : : : : : : : : : . - t i m m
<13>
9 >°
0 , 5 5 ______—
Federal taxes.................... .................... 1•I 5 7 >3 0 0
$718,715 $1,472,40*
Balance, s u rp lu s ............................$4,164,949
x- Thn Stnekholders voted Oct. 6 1919 to chango tho capitalization from
1 0 0 0 0 0 shares (par $ 1 0 0 ) to 300,000 shares (no par value), 2 1 0 J) 0 0 shares
being Issued to stockholders in exchange for 70,000 sharos of $100 each,
662
THE CHRONICLE
£b° ;?hiUv tan?m n ancI 90'° 00. shares to bo held in the treasury. Dividends
year 1919 aggregated 19% on the old Common stock or SO 3 3 1 '!
nn H,h„ar,° 0f f e V stoc;k - A Quarterly dividend o f $ 2 pe^sharo was paid
on the new stock on Jan. 2 1920.— V. 109. p. 2174.
y
p a
(H .) C h a n n o n C o ., C h ica g o .—
Denial.—
resident H. G. Elfborg, in connection with tho reports that Fairbanks
untrue8 Pf f p l S
fpll l y ,‘ h° eptlre Common. saysP: -T his s ta te m ^ t^
or O n L ™ i ! [ t k °
do no? own S,1 worth o f stock, either Preferred
interest in the H C h n n n o n C o ^ — V ° l0^ . C26?.etIl,g C° mpany has any
r.}
C itizen s G as Co. of In d ia n a p o lis.—
Gas R ate __
Indiana P S . Commission has authorized tho company‘ to continue
indefinitely the 60-cent gas rate and withdrew the order requirin" tho com
pany to set aside at least § 1 0 0 , 0 0 0 a year to amortize excess c o s t & building
404.coko ovens. Excess costs were estimated at S850.000.— V. 109, p. 3 7 .L
.-—Guaranteed Bonds.
S ! a u m -.?1ilear 9 ° \ TX rem o n t' O h io
The I lllotson & W olcott C o. in Juno offered at par
and interest, netting 7 % $220,000 (guaranteed bv the
Henkel-CIauss C o.) First Mortgage 7 % gold bonds, dated
M a y 1 1919, due annually July 1 as follows: 1922 and 1021
$20,000 each; 1924, $50,000; 1925,$130,000 Circularshows’:
Trf?cO
tn r ^ ^ 1,000'^iInti'
Payable at tho Guardian Savings &
«P to 4% P
redeem?bTa\'l62 UStCO' IlUereSt Paid wIthout deductlon
e leJter ° f the officers of tho Honkel-CIauss Co. wo condenser ^ 'j^ n p a n g .
In business about 40 years, manufacturing a complete lino
of shears, razors and scissors and has beon for years tho largest exclusive
re^antPlanU^ali^urCir u11 th° world. Its assets, business and good will were
recently purchased by the, Ilenkel-Clauss Co., giving tho combined com
and1« 9’ne,nnnan 0Utstanding capitalization of 3300,000 7% Preferred stock
^to?°of’iS e ” a ns ; s ? n
OTx
1r ' !' ' to " i“ ut“ u,rc» ^
W
v?S
assets of $1,914,984 and net quick assets of $1 046 257.
-inH**oo>onnr\are Showed by 8300,000 unsecured notes of tho Ilenkei Co
?J)d *220,000 unsecured notes of tho Ilenkel-Clauss Co. The earnings of
tho two companies for several years have been moro than ample to meet
the requirements of tho combined indebtedness.
p 10 meoc
(vice-Pros'
S/:tlaaf <%■■>, Harry Zimmcrmann.
Robinson ’ ’ 1 a ‘ & Sec.), John H. Clauss, Charles L. F. Wieber, II. c !
q ^ nfin ^ C ? m p a n y » H a r tfo rd .—
Sale Not Acted On.—
the assets of^h'oe^m^ Jarl' 22 failod to ratify the plan for the sale of all
o
r
of tbe company to a new company, wnich tho Simonds Mfg. Co
of I itchburg was to organize. The purchase price was to be* Ml *1 non non
cash, plus int. thereon from Dec. 1 1919 .a t the r "te of 12% n a ' tn .Htc
entUkS to
to quarterly dlvs. at
" on-VOti?g
Cpm
stock1at
of%n^v
entitled
rato of 14%
p. Vrof
a., callable
3220 company
p y
[V o
l.
110.
B A L A N C E S H E E T D E C . 31 1 9 1 9 .
A ssets—
1919.
1 91 8
L ia b il it ie s (C o n .)
1919.
1918.
P l a n t ------------------ ------ S 3 ,9 1 1 ,4 3 3 S 3 ,0 2 7 ,0 9 5 D e p r e c l a 'n r e s e r v e
S777.173 S522,i77
A c c t s . r e c e iv a b l e ..
7 9 ,6 5 2
8 4 8 3 9 O il
p u rch a se a n d
C a s h .............................
1 7 6 ,6 0 0
284^561
s a le c o n t l n g e n c ’ s
316,489 316,462
L ia b ilitie s —
P r o f i t a n d l o s s _____ 1,523,878
979,903
C a p i t a ! s t o c k ----------S i ,5 0 0 ,0 0 0 S i ,5 0 0 ,0 0 0
A c c o u n ts p a y a b le .
5 0 ,1 4 5
7 7 ,9 5 3
............................. .....
T o t a l b o th sk ie s,S 4 .1 6 7 .6 8 5 $ .3 ,3 9 6 ,4 9 5
I r e s id e n t F o r r e s t M . T o w l , O il C i t y , P a . , F e b . 3 s t a t e s t h a t t h e d i v i d e n d
p a id in 1 9 1 9 w a s e n t i r e l y e a r n e d d u r i n g t h a t y e a r a n d p r io r t o it s d c e l a r a tio n .
I lie c o m p a n y h a s d u r i n g t h e y e a r in c r e a s e d it s i n v e s t m e n t 8 8 8 1 T iV
s e t t le d ”
' °1 0 9
p1 9 1 7 9 5 .CO ,ne a , ' d GXCeSS p r o f i t t a x h a s n o U . e e n d e f i n i t e l y
*Se ^ in.io1^ c S ^ 6! CorP oration , Ltd.—
New Slock.—
1 h o M o n t r o a l S t o c k E x c h a n g o o n J a n . 2 0 a g r o o d t o li « t $ 5 0 0 ^ a o n n d d l -
3 5 o' ont?
This
nn’n 1°inh t°t<ik ’
totaI amount^^authorifed to bo hsted
oo? ' qoo l^d ng S7 •OOO.OOt) reserved for conversion of I>ref. stock!
.
•S5,9 0 2 , 3 0 0 C o m m o n w a s is s u e d in e x c h a n g o f o r a f u r t h e r 8 4 -’ (in DOO
o f th e C o m m o n s to c k o f th o D o m in io n Ir o n & S te e l O o !
T h e I'a s C n -im e d
f n o r P8 l 1nnti a and^id $ 5 . 0 ° ° , 0 0 0 o f t h o s t o c k s o r c c o iv e d b y It a t $ 7 0 a s h a r e
8 5 0 0 9 0 n ° i l ’c « id d h r>s a g r e c d t o n o t i f y t h o E x c h a n g o w h e n t h e r e m a i n i n g
$ 5 9 0 , 3 0 0 is s o l d .
C o m p a r e V . 1 0 9 . p . 2 1 7 4 .— V . 1 1 0 , p . 2 6 4 , 4 6 9 .
h
*!•) Douglas Shoe Co
.— Common Stock Not Offered.—
A n o f f i c i a l a d v . p u b l i s h e d o n J a n . 31 u l t . o f f e r i n g f u r t h e r
000
P r e f O T ^ i p a r S^ f ° a f l s L ^ s T o o ” 8 S 1 ' 2 0 0 -0 0 0 0 p l p m <>» a n d * 3 , 5 0 0 , -
“sss^ ssssffiT & sK & isr v s:
e r t a s e t l s o t h a t o u r s a le s h a v o m o r e t h a n d o u b l e d in fo u r y e a r s
In 1 9 1 5
t h e s a le s w e r e $ 8 , 0 6 9 , 6 2 8 a n d in 1 9 1 9 8 2 1 , 9 0 6 , 9 0 4
T h e m s t s i x m o n th s *
b u s in e s s w a s a t t h e r a t e o f o v e r $ 2 4 , 0 0 0 , 0 0 0 p e r y e a r .
‘
I n c o m m o n w it h o t h e r g r e a t b u s in e s s e s w e n e e d a d d i t i o n a l e a n lt fll t o
m e e t t h e u r g e n t r e q u i r e m e n t s o f i n c r e a s in g d o n i ^ t l e a i c f relgn^^ t r a .l o
T h e n e w c o n d i t i o n s o f b u s in e s s a ls o d e m a n d m o r e e a t
T h e cost o f
l a b o r a n d m a t e r i a l h a s n e a r l y d o u b l e d , s o t h a t t w i c e t h e a m o u n t o f c a n lt M
p c ? ^ a I 7 u n d e r t h e o ld b u s in e s s c o n d i t i o n s is n o w r e q u i r e d .”
*
‘
I n le t t e r o f J .i n . 2 7 t o ‘ D n i l y F i n a n c i a l A m e r i c a , ”
th e c o m p a n y sa v s.
W e a r e i n fo r m e d t h a t in y o u r is s u e o f J a n . 2 2 y o u p u b li s h e d -i s t a t e m e n t
o ffe r iv l l f T h t h a f J h e n, r
,i s s ,l c o f $ 3 , 5 0 0 , 0 0 0 C o m m t m s t o c l f w a s 't o * b e
o ffc rc x l t o t h e p u b l i c .
W e b e g t o c a ll y o u r a t t e n t i o n t o t h e f a c t t h a f fh n
C o m m o n s t o c k is a ll h e ld b y t h e o f f i c e r s a n d w o r k e r s f r o m t h e P r e s id e n t
d o w n to th e fo r e m a n a n d h e a d s o f d e p a r tm e n ts w h o h a v e d e v e l o p ^ a n d
a r c r e s p o n s ib le fo r th e fu t u r e p r o g r e ss o f th o b u s in e s s .
1
a" “
w n . i n t w L T 6 ? [, C o m ,n o u s i o c k i s n o t t o i)0 p u t o n t h o m a r k e t , b u t
f3
t h e p u r P O se o f p r o v i d i n g a m e a n s w h e r e b y t h e r e m a y lie
m m , =V , i y ' ! t h o t r e a s u r y a s u b s t a n t i a l p a r t o f (lie e a r n in g s o f t l i « C o m m<?.rJ-,s t o c k • w h ic h h e r e t o f o r e h a v e b e e n p a id in d i v i d e n d s
8 1 nn ^ J ^ V7 y .sh / u l ° o f t h i s n e w C o m m o n s t o c k s o ld t o t iio m a n a g e m e n t
8 1 0 0 g o e s b a c k i n t o t h e t r e a s u r y .”
C o m p a re V . 109, p . 12 71 . 6 8 1 .
Eastern Leather Co., Boston.—
New Control.—
ciaf condiUon1 n8whriS.iChent
HiH madf a statement as to the finanS eo A r m o u r L e a th e r C o . a b o v o .— V . 1 0 3 , p . 2 0 8 2 .
practice of wri Hn g f f * i t company had pursued tho conservative
^ e t e which tof^PHf «ate« ^ Snoo^tjears• Ho gave a resume of tho liquid
Emerald Oil Co.
— Douglas Fenwiok A C o.,
™ ? tim ™ o a n
He also stated that tho earnings in 1911
as at nrescnf^.’n^infv> n 9 9* $379,662, that the business was never so large
dro offoring this company’s 7 % Curaul. Prof,
salute ^ n sirn£,Hhe company was far behind in orders, that tho proposed stock at $100 per share togother with 1 0 0 % Common bonus.
y ^ r if the
ea'rn«iTan3( was for «.000.000 in cash and 8140.000 a Bankers state:
rate of the
c ^ n e d it
In answer to an inquiry ho stated that at the
thVt tho m i 6 r? on.ths the business for 1919 would bo 32,600,000 a year
MO
iQ ra.busncss of the company now compared with ten years 1 0 ? ? n eiCQ2 9 ^)1ieo 7r o ^ i 1 a 7° ° f , n e t e a r n in g s a f t e r A p r i l 1 1 9 2 2 . a t 1 0 5 In 1922=
gThTvi?ui9o°f9t M r / ,mad/\ 1’8 k *194 fheces and in 1919, 2,570,996.
i
tho stock is said to be between $360 and $500 ner sharo
rrhrt°U^ 1
market quotations place a value of only $ioo nor sharo* c o m m S f t S £ ? & ) ! “ : ” “ “ <p“ 5 1 0 0 1 .........
‘ 5?'Soo'8oo
* I n c l u d i n g p r e s e n t o f f e r i n g : ....................................................1 . 0 0 0 , 0 0 0
* 3 .0 0 0 .0 0 0
Th^o%cersC^ e aw ^ nsis^ , f I 1*000.000 paying l 2% dlviden^. Shar°'
1 t? ° m ® ?ro William Hill, Pres. & Gen. Mgr.; C. II. Clark V -Pres •
C om pa n y.— t n c o r p . in D e l a w a r e in A p r i l 1 9 1 9 . O w n s o v e r 1 0 3 0 0 0 a c r e s
GoodwinVHv^>PAeSintchc* J rCA
1S'r Directors aro tho foregoing and W. I,'.’ " 7 o ' a m l fja s le a s e s a s f o l l o w s : 1 5 . 6 7 0 a c r e s In K a n s a s 1 3 4 6 2 in i Z i s h a n a
4 8 , 4 5 7 in r o x a s , 1 5 , 7 5 8 in O k l a h o m a , 3 , 2 8 0 in N e w M e x i c o
7 0 0 in K e n
S rfR .'c j.^ C o le .-V tChC0O.C^ .t 6 2 L -264hiPman> P‘ S’ ° 00df" 1n* E ’ « ■ R ° ° >
t u c k y , 2 , 9 0 9 in I l l i n o i s , 2 , 8 3 3 in I n d i a n a , 2 , 8 3 2 in O h i o , a n d 3 2 2 in M i s s o u r i
— Stock Offered.
ConsdidRtied G as Co. o f N .
Y .— Listing, &c.
SJ u r e t f 7 - X v ' b o n t K
I *1*925** ^ hSt $25-000-000 ^ e a r
heard April 12 in tho case brought by tho companv
S fv o ^ l
Thec^v :--t^ Coiamr i on - to have th o s V c e n tg a s ^ td ^
a f f ^ e d the
9f Appeals in Sept. 1919 unanimously
»
^
hee- B r i f 0 . CpOU^ 6 l deC,S,On donylng th0 aPP»cati0n of tho city
Consol. Interstate-Callanan Mining CoT- -Shipments.
A 'f o n t h o f —■
,jnYt i n o n
§ 0 % zinc concentrates_________
q 360 0 0 0 lbs
invor
concontratcs-------------- : : : : : : : : : : : l : o 4 o : o o o i S :
— V. Il6r"p'."363r...............................................
30,400 ozs.
C o n tin e n ta l G u a ra n ty C orp ., N. Y . —
D e c . 1919.
7.600.000 lbs.
2 .2 0 0 . 0 0 0 lbs.
2 2 , 0 0 0 ozs.
Dividends.—
record j ™ n<90 ° f 2 On°riI>% ih<?s bf.ep ,doc!arcd, payable Feb. 2 to holders o
f Jj? 9 tn hAi.i„5,
De<i’J 9 a dividend o f 1 1-3% was declared, payablo
c o n s i s t r e c o r d Doc. 29. Dividends in 1919 amounted to l o U % ,
amo fn wl to
’ ,°xtra !liv’ of
and rights wl.ich
S^OOO^oVto^lob.O OO 0 CS?e V.Si°09k ^ a|3,^ easod on Jan. 1 1920 from
Notes
Converse R u b b e r Shoe C o ., M ald en , M ass.—
Stanloy & Bissell, Cleveland, are offering at par
and m t. to net 7 % , $1,000,000 7 % serial coupon notes.
Ufjered.
eachatn c c D<iC'ii! 9 0 ok9, C}V° ‘S1 0 0 i9 P9 ca,ch Dec. 1 1921-27, and $150,000
n f f i r i . 192%29’ . Detuim. $500. $1,000. Int. payable J. & I), at
part at lO^lnrt fnfSavlngs ^ 7 r},,st ° ° a Cleveland, trustee. Red. all or
federal Incomo t^x to a ^ a m o u n t o ? ^ ^ ° mPany agrCCS t 0 Pay th° normal
Data from Letter o f Pres. AL Al. Converse, Malden, Mass., Dec. 10 *19.
w
■ Knkak«l in manufacture of tho highest grade of rubber footissuw'l $1 ^ 5 WnnniZtpi- nt ’i908, in. Mass Authorized capital 33,000,000;
o ’ -M.Joft,800. I lant located at Malden, Mass., has a floor suaco of
5 a y capacity 18.000 pairs of rubber footwear.
P
o .ia ^
.To J uduco current liabilities and for additional working capital
holdera
‘ recetUly Authorized !110 <>f * 5 0 0 ’ 0 0 0 Pref’ stock “ > ®
........... - $ \ § k 3 S2 l V n ? 6 ^ p z 99354.9238296 $5!56o! oOO
>■ - „i. 1 5 £ ’ 8 0 0
225,301
567,356
216,438
500,000
aboiuf $P 00,000°r th° f SCal yCar ending March 31 1920 are estimated at
R iv a r d 0
i
°
' Pre?v: Hugh nullock, Treas., Malden. Mass.
Chicago.—V . 10S p 2632 nry Endlcott’ Morton H. Paterson. M gr.,
C rescen t Pipe Line C o.—
Earnings.
—
J
C a le n d a r Y e a r s —
1919.
into
1017
Not
income_______----------------------------------------- $187,446
8 1 6 1 ^ 4 1 7 4 1 0 7 t in oie^Ykn
Divldnntls
uiviaoncts (b % )...............
...................................... 180,000 8107,129
180,000 180,000
Previous""s"urnins................................................... S18.583 """$7,446 ‘ $12,871
rrovious surplus................................................... 357,260 349,814 362.685
__Profit & loss su rplus....................................... $338,677 $357,260 $349,814
* Surplus— V. 108, p. 786.
C u m berlan d Pipe L ine C o ., In c .—
8i n n
o n o ^ ' 5 r A t * 5 ® cJ ? so„ ,o f D e c e m b e r 1 9 1 9 , n o t e a r n in g s
$ 1 0 0 ,0 0 0 , re p r e se n tin g th o fir s t 7 m o n t h s ’ o p e r a t io n s .
w ore
about
P r e { • T n ' v , n V c ? ! ’ " '— A l f r e d J . D i e s c h e r , P r o s .; YV. M . M c K n a b , V i c o W i n n e M h K T n c ? I la ! ? 10i i ’ i f 0, & 1 ri,!a ^ : S - C . V i n g i i n g , E v e r e t t C a r p e n t e r ,
v v in r ie ld . K a n s a s , I I . I I . H a m m o n d . F . I I . B l a c k b u r n . C l e v e l a n d , O h i o .
FMrbanks Co., N. Y.— No
seo
H . C h a n n o n C o . a b o v e .— V .
Ford R o ofin g P rod u cts
Interest in II. Channon Co.—
C o., St. L ou is, M o.— Bonds.
110, p . 170.
Whitaker & Co., St. Louis, are offering at prices to v ie k l? 47^ acrorfllntr
to
l ^ r i l S v ; ^ 0 0 0 1°% ferial First ^ tR e.K old b o n ^
lfa tM n l
i ^ ,T(iuer?i50 ,9^P Vac \
1 1921*30.
Denom. SI .000. Int. payable
i t n d V 'vUilol' t deduction for any Federal normal Income taxw up to 2 %
at Boatmen s Ilank of St. Louis. Red. on 30 days’ notice at 1 0 2 and int
Mercantile Trust Co. and E. J. Costlgan of St. Louis,^trustees
Data from Letter o f Pres. J. YV. Ford, J r., St. Louis. Jan. 20 1920.
i f f F f P W U -— Engaged in manufacture and sale of prepared roofing and
building papers, asphalt and coal tar products, asphalt shingles &c Jlusi? T o « ed ln. 1865. In 1898 was incorp. In Illinois as Ford Mfg Co •
Clinton, la "g VaSdSfa!°I?ir?Sand‘ v o rk , Pa" thrC° P'a,US’ located 0 8
i ok0/ ^ i‘n
f i e t saU ? hicreasixl from $205,056 in 1907 to $2 556 12.) m 1919 and should equal about $3,500,000 for 1920. Net earnings
before interest but after depreciation and taxes, were as follows- 1 2 years
ending Dec. 31 1919 (one month est.) .$1,335,304; 3 yenrs ending D<* 3 1
1919 (one month est.), $618,041; annual average for three years $20(^01 I
Ne>t earnings for 1920 should equal about $300,000.
’
’•
worMngSca7 iM? provIdc fll,lds to paJ' for additions and to furnish additional
0 / / K 2 5 » V . Ford, Jr . Fro. ; ... M . Ford.
Vlco-Frc».; I, M . Ford.
Sec., A. L. Paulson, Treas.; S. J. Harbaugh, Vice-Pres ; John M . Jack, V.-IL
Offering
&
r n0Srteo» M errim an & Co. (M eriden, C o n n .).—
A . B . Leach
C o., N oyv York, e'cc.; Frisbio
Co. and Tripp
Androtvs, Hartford, in Sopt. offered at 100
and div., $177,500 7 % Cum . Prof. (a. & d .) stock, par $100.
Pref. Stock.
&
&
Dividends payable Q.-J. Rodoomablo as a wholo or In part on any div
naiwwi
a y , ,notic()’ at 1 1 0 and divs- Beginning July 1 1920, ihocom pany will sot aside oach yoar an amount oqual to 2 « % of tiio Pref. stock for
s e n io r 175P% °of t L ^ r l f e ^ s t o c k ! and d ‘ VS' N’° m o r t g a g 0 'rltllout ®0,“
Extracts from Letter of Pres. R. VV. Millard. Dated Aug. 28 1919
i5 ®^,l” i " - T EstabltS e<i‘ n 1? 3 5 and incorporated in 1 8 6 6 . Manufactures
furnituio casters, cabinet and special hardware, phonograph parts, auto9 J?“ le accessory, piston rings, &c.
Also operates Iron and brass foimdries* and furnishes a largo amount of castings to other largo manufacturers
1 loporty locatod at Meridon, Conn., covors about 1 34 acres, with floor
space ot 121.000 sq. ft. Plant lias a sound depreciated value of $ 4 4 4 648
/ u r p o s e o f I s s u e . —-To provido funds for plant additions, purchase addL
tional equipment and incroase working capital.
aacu
C a p ita liz a tio n u p o n C o m p le tio n o f P r e s e n t F in a n c i n g ( N o B o n d s ) .
Report for Cal. Years.
Profits for the year.........
$723 974
$564 054
758
Dividends-----------------( 1 2 %) 179,999 (12?179,991 (lOHPLS?!)
(5)50!000
Bal., sur. or deficit...sur$543.975 sur$384,063 sur$338.879 sur$129,366
h orn a 2 4 nn
W d r illin k . 2 0 0 b a r r e ls d a i l y p r o d u c t i o n in K a n s a s a n d O k l a
h o m a , 4 0 0 g a l l o n s g a s o li n e d a i l y p r o d u c t i o n , 1 7 ,0 0 0 0 0 0 c u b i c fe e t o n e n
H o w n a tu r a l g a s p r o d u c tio n .
A l s o h a s o il a n d g a s t'lght.s s ,.b j w - t t o t ?
^ y a l t y . o n 1 , 5 0 0 , 0 0 0 a c r e s in C o l o m b i a , S o u t h A m e r i c a , in c i i i d ln g 1-1()
o w n e r s h ip in t h o s t o c k o f t h e C o m p a n y o w n i n g t h o la n d a n d r o y a l t y
C o m p l y is c o m m e n c i n g d r i lli n g o p e r a t i o n s o n t lie ir h o l d i n g s In M e x i c o
a n d Is a c t i v e l y in c r e a s in g i t s h o l d i n g s t h e r o .
o x ,c o
Coimnon
stock Tpar
.S $25.......................................................
? 2l' mulatlv«) •par M 00.....................$250,000
com m on stock,
320,000 $250,000
245,300
J u n e 30 Y e a r s —
1916.
1917.
1918.
1919
A ? w W - - V - r - - 5 -.-------- $725,413
$933,012 $1,120,117 $1 563 729
Net (beforo Federal taxes). 65,905
33.493
72 786
65 419
Compare V lUi, p.
^
1918’ S17>918: 1919i(eht.). $11,400
G a le n a -S ig n a l Oil C o.
— N o te
Issu e
P rop osed .
G illette Sa fety R azor C o .—
—
The stockholders will vote Feb. 24 on authorizing an issue of $10,000,000
notes, payable at such time and bearing such rate of interest and upon
such terms otherwise as the directors may determine. Although not defi
nitely decided on, it is stated that the notes may, at the discretion of tho
board, 1)0 made convertible into Common stock at such times and upon
such terms as tho board may determine. This issue is planned for the
purposo o f funding the floating debt of tho company.— V. 109, p. 1183.
G eneral C igar C o., I n c . —
Annual
R e p o r t .—
C a le n d a r Y e a r s —
1919.
1918.
Gross earnings___ ___________________87,422,414 $5,893,956 $4,520,578
___
„
Soiling, general, admin., Ac., expenses,
including Federal taxes____________ 4,616,436 4,310,871
2,997,416
Other income.........................................- - C r . 222,505 C r . 500,685 Cr.87.198
Interest on loans, A c -------------------------255,551
423,883
268,3390
Preferred dividend (7 % )_____
350,000
350,000
350,000
132,887______- - - - -
Debenture preferred dividend (3 % )__
Common dividend------------------------- (5%)905,200 (4)724,160 (4)724,160
Balanco, surplus__________________ $1,384,846
— V. 109. p. 2075.
$585,727
$267,861
Bonds Sold— Preliminary Earnings,
ami Lee Higginson
to yield about 0 X
A%,
G en eral Electric C o .—
(fee.,
1919.— J. P . Morgan & C o.
& C o. announce the sale at 9 4 ^ and int.
by advertisement on another page, of
6 % Gold Dobonture bonds. Dated
Fob. 1 1910.
for
81 5,000,000 20-yoar
Feb. 1 1920. Duo
Interest payable F. A A. in New York. Dcnom. $100, $500 and $1,000
c* A r*. $1,000, $5,000 and $10,000. Red. on any int. day all or part
at 105% and interest.
Data from L etter o f C. A. C o ffin , Chairm an, Dated Feb. 3 1920.
Purpose.— To pay $15,000,000 6 % notes duo July 1 1920.
Apart from these notes, tho funded debt consists of $2.04/,000 3 H %
debentures, due Aug. 1 1942 and $10,000,000 5% debs., due Sept. 1 1952.
S a les
H illed
663
THE CHRONICLE
F eb . 14 1920.
and
N et
In com e
C a le n d a r
Y ears.
Earnings.—
1919.
1918.
1917.
Net earnings beforo taxes_____________ $6,025,350 $5,252,136 $4,603,782
Sales, incl. sub. cos. (England, France
i0 0
and Canada), (1) number of razors__ 2,315,892 4,580,987 1,094,182
Sales to U. S. Govt. incl. initem N o. 1.
447,457 3,479,472------- - - - - -
(2) Extra blades, dozens, number--------- 17,320,517 12,895,618 9,619,030
Sales to U. S. Govt. incl. in item No. 2 . 2,214,566 3,002,355
. . . ---During 1919 tho company purchased $1,064,000 of its outstanding fiveyear 6 % convertible gold notes In addition to $1,936,000 notes purchased
in 1918 The balance of tho notes were converted into shares, thereby
eliminating the note issue in less than two years from date of issue.
On Jan. 1 1920 the company had on hand unfilled orders for 207,685
razor sets and 1,931,611 dozen extra blades, contrasting with 873,000 and
8,236,000 respectively on June 1 1919.— V. 110, p. 470.
M d.— Pref.
G lobe
S h ip b u ild in g & Dry D ock Co. of
Securities Corp. of M d ., Fidelity
Trust C o ., Robert Garrett & Sons, Alex. Brown & Sons,
Baltimore, and Blodget & C o ., Boston and New Y ork, are
offering (at 99 and div. for each one share of Pref. and onequarter share of Com .) $3,000,000 Convertible 8 % Cumul.
Sinking Fund Pref. (a. & d.) stock. Bankers state:
Stock Offered.— Fidelity
Redeemable all or part at 110 and divs. on 60 days’ notico. Convertible
Into Common stock, share for share, at any timo not within 30 days prior
to date fixed for redemption. Divs. Q.-F. (accruing from I'eb. 1 1920)
After payment of Pref. stock divs. there shall lie set aside out of tho remain
ing net earnings a (cumulative) sinking fund of $ 1 0 0 , 0 0 0 beginning July 1
1921 $150 000 In 1922 and $200,000 in each year thereafter. In addition
beginning July 1 1921. 15% of the remaining net earnings available for
divs. on the Com. stock shall also be annually set aside.
.
C o m p a n y .- —Will erect and operate a modern ship repair plant at Fairfield
(Curtis Bay), Baltimore City, occupying 30 acres of land, witli deep water
frontage of about 1,000 feet. Company will purchase the equipment, in
so far as it may be utilized, formerly belonging to the Globe Shipbui.ding
Co., located on Lake Superior, at Superior, Wis.
.
P u r p o s e . — Proceeds will be sufficient to pay for tlio proposed plant and
to provide ample working capital.
- ocn
E a r n i n g s . — Estimated net earnings for year ending Juno 30 1921, *850,0C0. B. C. Cooke, President. Baltimore.
1910.
1913.
1916.
1918.
1919.
S
S
S
^
Sales billed
71,478.557 106 477.438 134,242.289 216.815.277 230,750,010
(B. F .) G oodrich C o ., A k ro n , O .—
$30,000,000
Not Inc. avail.
„
„
for int. digs 11,573,087 13,634.301 19,160,973 32,982,070 38,685.067
7%
—
$100
Int. charges.
717.395
576,432
571,444
2,377,088
2.305,562
— The
Net income available for interest in 1019 amounted to more than 16 times
company's interest charges in that year (including interest on $15,000,000 stockholders will voto March 10 on:
6 % notes, due July 1), and exceeded its total funded debt, including notes
(a) Issuing $30,000,000 of Five-Year 7% Convertible gold notes, con
to bo redeemed from sale of these debentures, by more than $ 1 0 ,0 0 0 ,0 0 0 .
vertible into Common stock at 80: (6 ) to change tho Common stock from
P r e l im i n a r y H a la n ce S h eet a s o f D e c . 31 1919 S h o ic s :
$100 shares to non-par value shares: (c) to increase the authorized Common
stock so as to provide, among other things, for tho conversion of the pro
Assets, other than cash, in excess o f $236,000,000; cash,
posed
notes.
....
,
$267,000,000
$31,000,000___________________________
The directors in recommending the above to the stockholders have
Current liabilities (including all accrued charges) $35,000,000;
deemed it advisable to have shares of tho new Common stock available for
advance payments on contracts, $13,500,000; U. S. Govt.
loan duo 1928, $1,500,000..........
$50,000,000 purchaso by the employees so that they may participate in the company s
prosperity. If the stockholders take tho necessary action to authorize
B alanco____________________________________________
$217,000,000
Deduct all debentures. Including this issuo------------ ---------------- 27,000.000 the proposed convertible notes, opportunity will be given them, in due
course, to subscribe thereto upon favorable terms.
Tho issuo has been underwritten by a group of N. Y. bankers.
Not assots In excess o f____________________________________ $190,000,000
This financing is to increase working capital made necessary by greatly
D iv id e n d s . -During tho last 18 years company has paid casli dividends
expanded
of business. Sales for 1919 amounted to $142,000,000
at the rato of 8 % p. a. upon its capital stock. During that period tho and at thovolume
present rate will increase to $2 0 0 ,0 0 0 , 0 0 0 for the year 1920.
capital stock lias been Increased from time to time from $24,910,000 to
will be recalled that tho Common stock was recently advanced to a
the present outstanding amount of $122,967,000. In addition to the cast) 6 %It basis.
The company's earnings for the year 1919 showed about 24%
dividends, stock dividends at tho rate of 4% p. a. have been paid regularly
since Jan. 1918. Based on present market price, the valuo o f General earned on tho Common stock before provision for the Federal tax. See
Electric C o .’s capital stock is in excess o f $190,000,000.— V . 110.p. 565. 265. V. 110, D. 364
To Create
Five-Year
Conv. Notes To Reduce Shares of
Par to
No Par Value Shares— To Increase Authorized Common.
.— Earnings, A.:c
G en eral Gas & Electric Co
.— Results for
tho yoar ended N ov. 30 1919, adjusted to show tho effects of
tho now financing (soo offering, V . 110, p. 4G9), compare
with thoso for tho calendar yoar 1918 and 1917 as follows:
C o n so lid a te d S ta tem en t o f S u b s id ia r ie s a n d th e G en era l G as A E le c tr ic C o . f o r
Y e a r s I'lndcd N o v . 30 1919. D e c . 31 1918 a n d 1917.
O p e ra tin g R ev en u es —
1917.
1918.
1919.
Electric department_________________ $3,576,425
Railway department________________ 2,328,552
Gas department____________________
594,499
$4,722,338 $5,274,568
2,528,924 2,997,371
584,442
666,099
Total operating rovonuos__________ $0,499,475
Opor.oxp., inch malnt., taxes & rontals*$4,866,213
O p e ra tin g I n c o m e —
Electric department_________________ $1,013,515
Railway dopartmont________________
511,297
108.450
Gas department____________________
$7,835,704
$5,893,326
_______
$1,231,904
607,994
102,480
$8,938,038
$6,290,638
______
$1,705,839
797,742
143,818
Total operating incoino__________ $1,633,262
$1,942,378 $2,647,400
Total income________________________________________________$2,685,061
Deductions from Income, Including interest on funded debt and
dividends on stocks held by public------------------------------------- 1,616,934
Reservation on Preferred stocks of thr'eo subsidiary companies..
209,361
Expenses and taxes of tho Genoral Gas & Electric C o--------------12,000
B alanco__________________________________________________
$846,766
Annual intorost on funded debt of Gen. Gas A Eloctric Co.
(other than Income bonds)—
$4,250,000 6 % Ton-Year bonds (this issue).............$255,000
$1,077,000 5% First Lion bonds................................ 53,850
$450,000 5% bonds of 1925...................................... 22,500— 331,350
Balanco ______ ____________________________ _____ __________
$515,416
Balanco of $846,766 exceeds 214 times tho annual interest requirement on
tho funded dobt of tho Gonoral Gas A Eloctric Co., exclusive of intorost
on tho income bonds.
C a p ita liz a tio n O u ts ta n d in g in the H a n d s o f th e P u b lic .
7% cum. pref. stock_____ $2,500,000 10-year 5s. 1925 ---------.. $450,000
% conv. prof, stock......... 4,025,900 io-yr. 6 s, 1929 (thisissue).xt,250,000
634,775
Common stock ____ ___ 4,515,400 15-year income 7s, 1934..
First lien conv. 5s. 1932. .*1,077,000
,
,
,
» Authorized, $20,000,000: additional bonds may bo issued under various
restrictions and only for tile acquisition of first mtge. bonds of corporations
engaged In the electric, gas and railway business, x Authorized. $4,700.000;
tho remaining $450,000 are reserved for retirement of an equal amount of
5% bonds o f 1925.
.
.
S e c u r ity .
Tho 6 % Ten-year secured gold bonds are secured by a pledge
of $7,815,700 par value of stocks of subsidiary compan'es, as follows:
$3,000,000 Metropolitan Edison Co. common stock (entire issue).
2 900 000 Heading Transit & Light C o., common stock (entire issue).
'SbO'oOO Reading Transit A Light <’o., cumulative pref. stock. Class B.
550 000 Vermont Ilvdro-Eleetric Corp., common stock (entire issue).
- • lias
■•' A
" Electric Co.,
— common
------------->- '(entire
— »■— -----e
).
500 000 Sandusky
stock
issue).
3451700 The New Jersey Power A Light Co., com. stock (entire issue).
is>
HHH
H J I ' collateral,
_____now
_ ____
_________
. bonds of 1925, wiii
Tim
following
pledged
under___
the. .5%
also 'be' nledged when (lie reserved bonds of this issue are outstanding:
$500,000 Binghamton Light. Heat A Pow. Co. common stock (entire issuo).
150,000 Sayre Electric C o., common stock (entire Issue).
I 100,000 Sayre Electric C o., preferred stock (entire issue).
— V. 1 1 0 . p. 480.
6
G ia n t P o rtla n d C em en t C o .—
C a len d a r Y e a r s
Prof, dividend (3H % ) . .
Balanco, sur. or def..sur.$307,325
— V. 109. I>. 2175.
E a r n i n g s .—
1918.
1916.
___________ ___________
dof.$4,081 sur.$27,291 sur.S60.591
G orham M fg. C o .. P rovidence
.— Neu 7% Pirf. Stork.—
The shareholders voted Fob. 9 to apply to tho General Assembly of
Rhode Island for authority to creato $4,000,000 of 7% Pref. stock, par $100
a sharo. Of this now stock, $2,000,000 will lie offered in oxehango for the
prosent 6 % Prof, stock, share for share, $1,000,000 will bo offered to present
stockholders for cash, as additional fixed capital, loaving $ 1 ,0 0 0 , 0 0 0 of the
issue for futuro requirements. At a meeting of the directors following the
stockholders' meeting, bids were received for tho additional 1 0 , 0 0 0 shares,
and that of Messrs. Brown, Lisle A Marshall was accepted.
President John S. Holbrook, under date of Jan. 31, says in substance:
Tho business has developed to such an extent that this year it will exceed
in volumo, in regular lines, anything in tho company’s history. I(or some
years past tho consideration of additional capital has been in the minds
of your directors. In Feb. 1918 an issue of $3,000,000 1st Mtge. 7% bonds
was made, maturing serially up to Feb. 1 1924. The bonds wero issued to
finance the largo war orders which the company had on hand. 1 his war
business has now ceased and the company is adjusting its finances with the
Government and is receiving awards and payments from timo to time,
which awards aro being used to retiro tho bonds, thus strengthening the
company's financial position. Upon the retirement of th&se bonds the
company will be left with its old capital stock of $2,000,000 Pref. and
$3,000,000 Common, which your directors feel is inadequate for tho needs
of tho business grown to its present proportions.
,
[Joan 8 . Holbrook has been elected President to succeed Edward Hol
brook, deceased.]— V. 110, p. 565, 171.
Graver C orporation , E ast C h icago, 111.—
Note Offering.
Merchants Loan A Trust Co. and Emery. Peck A Rockwood, Chicago,
aro offering at prices ranging from 99-15 to 95 % and int. to net from 6.75%
to 6.60%. according to maturity, $500,000 1st Mtge. 6 % Serial G oldEqtes.
Dated Jan. 1 1920. Due $50,000 annually, Jan. 1 1921 to 1930, incl.
int . payable J. A J. at Chicago without deduction for Federal income taxes
dediu tlble at the source, not to exceed 2% . Dcnom. $1,000 (1924 maturi
ties S500 and S100) c*. Callable on 60 days’ notico on any int. date at
102 and int. Nat. City Bank, Cldc., trustee: David It. Forgan. co-trustee.
Data from Letter from Mr. P. S. Graver, V ice-Pres. & G en. Mgr. of Co*
C o m p a n y . — Estab. in 1857.
Manufactures steel tanks for all purposes.
M a m in a s . — Net earnings before Federal taxes, but after deprec., have
averaged for the past 5 years $373,710. After deprec. and Federal, &c.
taxes, net earnings for the past 5 years have averaged $248,000.
M a n a g e m e n t . — Ownership and management is in hands of J. P. Graver.
P. S. Graver, A. M . Graver, VV. F. Graver and If. S. Graver.
H ack en sack W a te r C o .—
Listing — Earnings .—
The New York Stock Exchange has admitted to list $2,000,000 7% Cum.
Pref. stock (authorized, $4,000,000). par $25. with authority to add $375,
0 0 0 on official notico of issuance in exchange for a liko number of shares,
par for par, of the present outstanding 6 % Pref. stock, making the >,otal
amount applied for $2,375,000.
. . O u ts ta n d ’ g .
P res en t C a p ita liz a tio n —
A u th o r iz e d .
$4,750,000
First mortgage bonds, 4 % , 1952-------------------------2 ,0 0 0 , 0 0 0
7% Preferred stock (par $25).....................- ..............
375,000
6 % Preferred stock (par $25) - - .................................
nno’nnn
5,125,000
Common stock (par $25)-------------------------------------- 6,000,000
P . a n d L . A c c o u n t , 9 M o s e n d e d S e p t. 30 1919. a s R ep o rte d t o N . Y . S lock E x c h .
$11,250
Total incomo, all sources. .$1,170,127 Div. on pref. stock, 3b>% Div. on Com. stock, 3 J4%
181,250
Depreciation_____________
89,714 Surplus Dec. 31 1918___ 2,665,745
Sundry adjustments_____
1,267
Operating expenses...........
425,
Taxes___________________
225,000
Surplus Sept. 30 1919..$2,713,147
Interest, A c______________
188,762
— V. 110, p. 565.
H artje Paper M fg. Co . —
N o t e O f f e r i n g .—
Breed Elliott A Harrison, Minneapolis, A c., are offering at par and int.
S100 000 8 % Serial Notes, dated Feb. 1 1920, due $10,000 monthly I'eb.l
1 9 0 1 to Nov. 1 1921.
Int. payable quarterly. Dcnom. $1,000. First
Nat Bank Cincinnati, trustee. Capital stock, SI .000,000: First M . 6 %
bonds (V. 108. p. 2127), $350,000: 8 % Serial Notes, $100,000.
Company owns a large modern pulp and paper mill at Steubenville. O ,
in successful operation for over 18 years. Manufactures all grades of wrap
ping papers and paper board.— V. 108, p. 2127.
664
THE CHRONICLE
Pref. Stock Offering
H ettriek M fg., C o ., T o led o .—
.—
Field, Richards & Co. and Bonbright-Herrick Co. are offerm g at 9 8 |^ and div., to yield 7 .1 1 % , $1,500,000 7 % Cum .
Pref. (a. & d.) stock; par $100. Circular shows:
[Vol . 110.
Louisville (Ky.) Gas & Electric Co.— Offers
to Customers and Public .— I I . M .
Pref.
Stock
Byllesby & C o ., undor date
or N ov . 15, says in substance:
s^°ck is boing sold at par and dlvs
It was offered
rPii^22lhSi <f1inerS of f he company and tho Louisvlllo public on Nov. 6 and
S 1 0 7 so 2ana
nd aiy.
diJ*edAli,nI,
1,?iP 5 ^ ’ r P0? ? ° days’ notice on any dlv. date at
*iu/«ou
Annual
sink, fund begins Jan. 1 1Q21 o f 1 ^% of not- during tho first week soveral hundred inquiries woro received and a s a t i s
earnings after Pref. dlvs. for the preceding year?
&/o
0t factory amount of stock sold by tho newly created Inv^tment department
SVi'
are putting into effect in Louisville tho plan of selling
H
^ ^ ck W
T!rnthcrQrr''r,in
n e , 8 1 9 1 6 and took over tho assets. &c., of
uectricK
Hrothers
Co. nbi°
OwnsJ uand
operates 4 plants located in Toledo
Iref. stock direct to the public which our companies havo found so successful
m-?^nninif-.!torChases c o t t o n . d u c k o f v a r io u s k in d s a n d se lls it e ith e r in its manygoth2rP2ftl4OUr yeaFS at M lnneapolis. St1 Paul. San D K g l T u S n d
afi ^ c ®a v e r t e d P r o d u c t o r as a m a n u fa c tu r e d a r tic le . B u s i
ness is a c o m b in e d jo b b i n g a n d m a n u fa c tu r in g bu sin ess.
° f I s s ^ e . & c .— The Pref. stock is tho first and only Pref stock
Principal articles manufactured and marketed include: Tents bags cur which this company has outstanding. Nearly all of tho Common stock of
tains. oversuits, shipping covers, tie strips, waterproof covers hood 2 nd p l ° o Pany ^ owned by tho Louisvillo Gas & Electric Co ^ Delaware
.c? ve„rs’ „ha.tck c°vers, cannery aprons, hotting works aprons
to ^
v r Z ° fd,XL authorizing the Kentucky company
weatherstrip for freight cars, tops for auto trucks, oil waterproof duck* is s u in g n r e ° n n iim n ff% Pref. stock. I lie directors havo authorized tho
f ™ s stock, the proceeds to be applied to tho retlroi s s r s s t e s k s i ? «!& .“ " “ •r,”" no'* “ d
toe
coMtmctto^^fHad'dui^n^1
1^!11?improvements.
bonds’ Secured It
Coupon
notes that
and for
^
uu construction
of additions and
is oxpeetoii
bv
7 % ^ m 2 f « t a p / S K S " “” eiw
Common stock (no par value)______ " " I " ..........1( 6 000 *h i no non sh°
fu rn l^ 0 a^ ^ ^onaiew ^Singecapitaie outstandbag '$500,00(? ^ e f^ stocS^and
1920 (JW.).
o f l o b e r 3°l &
~
7 'W 5
$ 7 ’ 9 3 2 ’071
Net earnings before taxes__________
Net earnings aftor all taxes & deprec.
1916
*2;720,'l24
1918.
$558,070
305,755
*5.031 320
S919 766
588,857
In d ia n a B ell T elep h o n e C o.—
1913.
$942,714
1917.
$254,748
211,283
Organized.—
^ins company was incorp. in Indiana Feb. 6 with a capital o f $ 1 5 000 0 0 0
and will take over the properties of Central Union C o., Southern Telephone
H ?i,T°^i?nd ',TT71? te^n
eJ)^lone C°-> Citizens Telephono Co. of Kokomo
and Indiana Union Telephone Sc Telegraph Co.
’
*
w i!if£„ |’lc° rPorators, f Hio r\?w company are Frank Wampler, D. H.
Whitham, Indianapolis; C. II. Brownell, Peru, Ind.; C. A. Brecco BiufftonG ' Hall, Evansville; Theodoro N. Vail, Lynvillo, Vt.; H. B Thayer'
E. BlSom^Chicago . ' 1 Eugene S' Wllson- Highland Park, 111., and Edgar
—Earnings &c.
In te r n a tio n a l M ercan tile M arine C o .
President P. A . S. Pranklin is quoted as saying:
. the earnings for 1919 wero at least 33 1-13% greater than for 1 Q1 S and
the general outlook for 1920 is not discouraging. Our steamers which
ou.t of
regular business for the last four or five ^ a r l are
returned to their respective services. A good deal o f tonnage
froierm- !f1^ I'natlOIIa Mercantile Marine Co. is combined passenger and
^rejFht steamers operating on regular lines. The passenger movement is
vc-y strong,;uu 1 satisfactory. It is true that the freight market is easier
“ “ n r'T llm l'n ' rafflc moving which is largely due to the exchange situation.
Our company expects to dispatch from Now York this week six large
steamers, including the Adriatic, full of passengers, provided bunker sun£ 1H h ,S S «e ia »fan.gedl ofw hi,:h wo are very hopeful. ' The companyis doing
a diversified business, covering many trade routes, and the conditions at
New \ ork therefore are confined principally to that port.— V. 1 1 0 , p . 82.
K a u fm a n D ep a rtm en t Stores,
In c.— To Decrease Pref.—
K eyston e C orI & Coke Go
6
*— To Pciy Bonds.—
% bonds, due March 1 1920, will bo paid o ff at maturity
S k S M S i S g S £ t K % ? » p-. » • “ >■ ™ <».b o » 0S .u S K 3 8 S
K n ick erb o ck er-W y o m in g Oil C o.— No Action on Re
ducing I ar of Common.— Status .— President L . N . Rosonbaum, under date of Jan. 27 1920, said in substance:
The stockholders at an adjourned meeting on Jan. 10 failed to act on
reducing the par value o f the Common stock from $ 1 0 to $1 as m wo tha£
2 r3 /vf tbo Si If 8 isfiU!'d and outstanding, as required, did not vote in favor
—
------*1.371,160 $1,738,715
V. 110, p. 171, 366.
Bal. Sheet Dec. 31
L ia b ilitie s —
Capital stock7% Cum. P r e f..
C o m m o n ______
Accts. payable___
Notes pay. b a n k ..
Ites.for Fed.tax.’ 18
Res.for
...... -Fed.tax.’ t19
v
Surplus....................
1919.
D e c . 31’ 19.
Dec.31'18.
$400,000
600,000
52,508
$400,000
600,000
77,250
14,711
7,500
290,441
483,984
1
1 0 0 ,0 0 0
77,481
. . . . . .
T o t a l .................. $1,371,100 $1,738,715
L ittle Falls (M in n .) W a te r Power C o
.— Bonds Offered.—
Minnesota Loan & Trust Co., Minneapolis, aro offering at 98 and int
to not about 6.30%, $216,000 First Ref. Mtge. 6 % gold bonds of 191(i’
S t °<i t 6 , 1 1928. Int. payablo J. Sc D. at Minneapolis. Callable on any
int. date, in reverse o f their numerical ordor at 1 0 2 and int unon tin dav<P
notice. Donom. ‘$1,000. Minnesota Loan & Trust Co . m Stee
cut-t'dbya.dircct lien (subject onlv to $43,000 1st Mtge. bonds for the rct-r£
ment of which an equal amount or theso bonds aro held in escrow) on hydroale<nmnPF?u ,Fuf tbf r s% ur<;d ^ a direct lien on the distributing system
at Little halls, including the water works there and on tho 120-milo transmlssion lino connecting tho hydro-electric plant with 14 communities
S S i . ^ g ’r & y a S S . W S 'i£ (S S )if e ,< s L s E !,i| g W o 2 8 * V 1,,158S
£ » ^ r . S i l s n T o i ” pD W . 928- 515000
Loew s In c o rp o ra te d .—
Listing .—
” «
i.5";S o02
fnrT.t90 ^ 7 V« ^ ° I c
Hxchango has admitted to list temporary certificates
lor !2,8o7 shares o f stock without nominal or par valuo, making tho total
amount applied for 748,032 shares. The issuance o f tho shares is for part
pavmont to trustees for 100% of the stock of Metro Pictures Cmp
Tho
balance of tho payment to bo made is to bo in cash, but only as such cash is
f?™ gn releasos of films produced by Moto Picture Corp.
Metro 1 icturos Corn, was organized in New York Jan. 27 1915 and has
? % m hn0nrni^ lnC a p l t a l ' Za.t i 0 ! 1 o f $100,000 of 12% Cum. Pref. stock and
8 ? i 9 9 9 49 9 9 ° f Common stock, all outstanding.
Loow’s Incorp. owns 100%
stock and $2,700,000 (90%) of Common stock anil It is expected
will shortly acquire tho balance.— V. 1 1 0 , p. 266, 171. ,
p
bo devoted to tho retirement of tl/o
a y fv iT J ffl “ ; d
i vv.7oSoIn i9 o not,co
«
Madisoii Ave. Office Bldg., N. Y .— Bond
Offering.—
FirsV M tm rai w Jt«C n an offering at par and int., to net (i%, $5,500,000
Jidv A ItiK<v»9 )^ r . « a KC f f i u bonds, dated Jan. 15 1920, duo serially
Straw t- P n 2 r" J V> V?
5;
Payable J. & J. at offices of 8 . W.
Denom&,MO
nnnn<*finna
n!^i)1$100.
«in n 1 02 Secured
o an<1 n,t\by firstFederal
incomo
tax paid.
JLicnom.
.pi ,()()(),
JjoOO <incl
mortifacro
on ln.nrl
'mri
21-story offlco iiuilding located at 43d to 44th Sts. on Madison Ave. N* Y
,^alued at $8,250,000; and first lien on not annual earnings estimated"
I I o o nno5;,, Z !\ l« lS%Ucr f *5.500,000 1 st M^gm 6 % 'b o m ^ & f o w e r f b j
Church°nf f ’ t.r,-ltg y,bi^nH°tndATSO v b^ J ho Hoard of Trustees of tho Fifth
of the Church *’ Sclt'ntist’ N - Y - ( ’ *ty, to tho members and friends
Marconi Wireless Telegraph Co. of Ara.-JVo
Action.—
stockholders’ mooting scheduled Feb. 10 to act on dissolving tho
P^JJ’any has beon postponed to April 5. Practically all tho assets havo
been taken over by tho Radio Corp. of America.— V. 110, p. 1 7 3 .
Mason Tire & Rubber Co.— Sales.—
o r r e p o r t s :
Sales for tho quarter onding Jan. 31 1920
amounted to $1,313,927, against $6.10,930 in 1919.— V. 109, p. 2209.
Massachusetts Gas Companies.— Operating
Co. Notes.—
Maxwell Motor Co., Inc.— Time for Deposits Extended. —
1 ho timo for deposit of stock of tho Maxwell Motor C o., Inc., and of tho
See Boston Consolidated Gas Co. above.— V. 110, p. 172.
M n t w n n M O i r Corp. and o f the 6 % 5-year gold notes of tho Chalmers
C o‘ uud°r tho plan and agreement of adjustment (V. 109, p. 985)
has been extonded to April 30.— V. 110, p. 75.
1
’
Woolen Mfg. Co. of Mass.— Preferred
Miami Copper C o.—
L in dsay L ig h t C o ., C h ica g o .—
w il 1
M em phis G as & Electric C o .—
« s « s s f ”wot,® ‘ ass
7r T,0.t^
procec<ls
Stock.—
Receivership.—
p 267’ Pardor and Frank H..Elgin have boon appointed rocoivcrs.— V . 110,
W in % « 5 b m I M K n t a w X e ™ '“
‘ h° ° “ ,nmo"
I'fobably
t Trbo nf? 1,OVulng mVero elected directors: F. W. Halo. Okmulgee Okla •
J. E. Murphy, Toronto; Out.; H. V Broeser Hohnknn S r * r . r
Karasik Brooklyn N. Y .; and L. N. Rosenbaum! Now York.' J " 1
Of the authorized issue o f $75,000 of 3-yoar 8 %’ Gold Notes, only $39 500
havo been issued, leaving the balance available for future financing- also
and Common s t o c k ^
SUCh purposos 93.294 shares of unissued Preferred
a developments the past year have been mainly o f a constructive character
A preliminary arrangement has been made for tho acquisition of an oil
property in the Tampico. Mexico,-oil fields. A contract was entered Into
between this company and tho Gulf States Development Co. for prospect in.'
2 7 l l -evel0,King {,rosPiCctiv? oil and gas leases in the State of Washington’
ties Uv
n ? ■?, ,ancl g,as loases woro acquired in Fleming and Hart (Icuns
Ky. Oil and gas leases wero acquired also in Terrill, County Texas
The acquisition o f other prospective oil leases aro in negotiation
Tin's
compan,v is stiH in a stage of awaiting adequate developments o f its leases’.
A s s e ts —
D e c . 31 ’ 19. Dec.31’ 18.
Bldg. & real estate S144.016 S143.966
M erchandise.........
353,149
348,773
M ach. & fixtu res..
43,003
32,521
Accts. receivable..
159,140
289,057
G ood-w ill,
trade
marks, A c -----600,000
000,000
U .S.LIb.bds.,4)i %
----------287,500
A c c e p ta n c e s _____
_______
3 450
Cash...................
71,852
324542
10
8 9 nn nn'n'aivS^ ilnb,in *90 ’ J^0m Haven, Conn., are offering at 100 and div.
$200,000 8 % Cumulative S nklng Fund Pref. (a. & d. stock. Redeemable
wmU,!;! i CUm; i's nm " ? fund o f 3% of Prof, stock theretofore out
standing will redeem the I ret. stock at call prico. No mortgage without
thrvfmn««nt , j f , “ 3 of ‘ ho Pref. stock. Total authorized, $400,000.
hnnt^-imi wnnincorp. in Mass, in 1903. Manufactures felt and knitted
br
,a !d ' V?0, 0r b0S0' ^ ho kirgor part of its boot production is takon by
io Beacon I*alls (Conn.) Rubber .Shoe Co. whlcii owns H 2'A % of the stock
usfsufwv.'IJ'fn 10^ 2 ? 0 ’ 0 0 0 d; !r‘ V°d f r o n ,1 th<) -salo of tills Prof, stock will bo
U
to erect a now factory and to increase working capital.
Eammps — The average yearly net earnings for the 15 years ending
jpec. 31 1918 have beon equal to over 40% on the stock outstanding and
5 nV'hnn3 ti^<
;arrS 1 .9 1 7 v 1 ? 1 8 and 1919 (1919 partly est.) were equal to*over
5° % o n the stock outstanding, or almost 3 times tho annual div on this
Pref stock. Gross earnings for 1914 wero $111,223 and fo r 1918 $886,473!
i, 0 { f l<£ r, s: 1 £ilcy S. Lewis, Pres.; J. M . Olbbs, Vlce-Pres. & Gon’l. M gr.;
R. L. Fisher. Treas.; Wm. M . Blatt. Sec.
B •*
ot;^ ° K t t0^ knh0 lders '71 1
1 6 on decreasing tho outstanding Prof
Onnk
harcS (p ori f 100) '> accordance with certificate o f incorporaand $7,50(L000CC^mmon!— vT<109!)p!l2269?^*ng St0Ck at 551’875’000 Pref'
Th° $300,000
oiUsto°ndingte7 %a notes1
Production .—
Jan uary—
1920
Production (in t o s . ) ...............................4,461,247
1919
5,273,260
1918.
4,709,483
M ilw au k ee-B o sto n Store— H erzfeld -P h illip p so n C o .—
Bonds Offered.—
Wisconsin Co. and Marshall & Ilsloy Bank, Milwaukee, aro offering
^ tS 2 rrand, 1?*-'
6 % , $600,000 Gen. Mtge. 6 % Serial gold bonds*
dated Jan. 1 1920, due $60,000 annually July 1 1922 to 1931. int payable
J ;D e n o m s . $500 anil $1,000. Red. all or part on any Int date upon
h0 (la-js notice at 1 01 and int. for 1922 maturity and >$% additional for
*ha" 1,1 n p 's * - S s f t K
Tbe Milwaukee Boston Store and the Horzfeld-Phillippson C o., Wisconsin
aro engaged in conducting a large retail merchandise business
In Milwaukee under tho trade name of Boston Store ”
Tbo purpose of this issue is to pay part of tlio cost of erecting an 8 -storr
building and to add 3 stories to present building. Tho average annual net
earnings of the Milwaukee Boston Store for tho last two years have been in
excess of 1 2 times the interest requirements of tho present Issue of bonds.
M in n eapolis G as L ig h t C o .—
Status as to Receivership —
A statement of the situation respecting this company in which the United
Gil? Improvement iC o., Phila., is Interested as a stockholder, is as fol wsI he company has tor the last few years been tailoring under constantly
•U0 e°'to ' i n . s <’(( aI>or and materials, and at the same time has been uni ' t V e J . S * the price charged consumers beyond the prices fixed by
I” der. tho. rogtilatory powers possessed liy it, under tho pro
visions of the contract between tho city and company
This contract
gives City Council the power to regulate the price of
overv 5 years
,l, HnPv t r n ^ . ^ r e m
under the regulatory rate fixetl by council
dining the year 1919 was 95 cents, tho price to lie charged under tho regula
tory ordinance for the year 1920 being 83 cents.
inti,,, u^un'haHy startl'd an action in the local court asking for a temporary
injunction restraining the putting into effect of the 83-cont rate, pending
n./aluation of its property, with a view of determining the proper rate to
’ .n ! 1,1!'1,1 wm'hi give a roasqnalile return on the investment in tho
..r,?.iV.rtw' ;*bile the court admitted from the testimony presented In the
'a, .on , r
temporary injunction that tho company is undoubtedly
®u,fiV®d to charge a rate liiglier than 83 cents, It refused to grant temporary
a ,.i Sn Hio ground that the case would be tried shortly and the whole matter
snouid await final hearing.
“ While the United Gas Improvement Co. is a stockholder In the com
pany it has not received any dividends on its holdings lor the last 3 years
anil therefore its present Income is not affected by the receivership.”
’
Kurus It. Rand, recently appointed receiver, has stated that lie will
S t e of *83 cents1
^
ora* (‘ourt for a rate larger than the ordinance
President A. T. Rand has Issued a statement which says in part- .Since
abgut the end of 1916, the company’s situation constantly has grown more
difficult, in 1917 and 1918, it was bound by a 77 cent rate which was
fixed in 1914 before the war. In January, 1919, the City Council f i x e d
rates for a period of five years, on tho theory that conditions as respects
labor, supplies and material necessary to manufacturing gas would hocomo
more nearly normal after 1919, and prescribing a sliding scale of rates,
for 1919, 95 cents; for 1920, 83 cents; for 1921, 78 cents; for 1922 74 cents;
and for 1923, 70 conts.
Since tills last action of tlio City Council, operating costs havo shown an
increase instead of an anticipated decrease. In 1919 tho company unable
to earn at tho 95 cent rato sufficient to pay operating expenses t a x e s and
interest, was compelled to borrow money and its officers became personally
liable on its notes for inonoy necessary to keep I'- -ompanv going Iwhlcli
amounted to about $670,000.
*"s |p— -y v — p-
F
eb
.
665
THE CHRONICLE
14 1920.]
Commencing with 1920 the 95 cent rato was reduced to 83 cents. Oper
ating expenses, instead of falling, aro still rising, and It now appears that In
1920 it will cost for operating expenses and taxes alone considerably more
than the rato—83 cents a 1,000 cu. ft., leaving the company entirely
without moans to pay Interest on Its debts.— V. 110, p. 471, 207.
Nash Motors Co.— Annual Report— New Officers.—
For annual report see "Financial Koports” above.
V.-Pros. W . H. Alford has been elected a director and C. B. voorhis,
general sales manager, and J. T . Wilson, assistant manager have been made
Vico-Prcsidonts.— V. 110, p. 207.
Nassau & Suffolk Lighting Co.— Seeks Higher Rates.—
Tho company has filed a now tariff with the P. S. Commission, to become
effective Feb. 20, increasing tho gas rates from $1 50 to $1 75 per 1.000
cu. ft. and raising tho minimum charge for gas from 50 cents to 51.
V. 101. I). 217.
National Breweries Ltd.— Reduces Par Value.—
The stockholders voted Feb. 4 to reduce the par value of the Common
stock from 8100 to 825 and to transfer tho old shares into the new on tho
basis of four to one.— V. 110, p. 471.
National Candy Co.— Increased (fc Extra Dividend.—
Tho company has doclared a semi-annual dividend of 4% on tho Common
stock placing the stock on an 8% basis, and an extra dividend of 55 on tho
Common. The previous rato was 6% per annum. Tho regular semi-annual
dividend o f 3 V , % on the first and second Prof, stocks were also declarod.
All dividends are payablo March 10.— V. 108, p. 779, 788.
National Casket Co.— Additional Stock.—
It Is stated that subscription rights aro being offered to stockholders, by
action of tho Hoard o f Trustees, to absorb an Issuo of 7,439 34-100 shares
of stock, each stockholder being permitted to subscribe up to 15% of his
prosont holdings. Tho offor Is opon to stockholders o f record on Jan. 30
1920, and closes on Mar. 10 1920.— V. 110, p. 566.
Newark (N. J.) Beacon Corp.— Pref. Slock Offering.—
Norton & C o., Baltimore, aro offering $750,000 8% Cum. Sink. Fund
Pref. (a. & d.) stock, par $100, with 3,750 shares Common, no par value.
Prico, $100 for one share o f l ’rcf. stock and M sharo o f Common stock.
Prof, stock red. upon 30 days’ notlco at $105 and div. Sinking fund
begins in 1922. Tho company is organized in Maryland, lh o funds
derived from this financing will be used to build a modern, fireproof motion
picturo theatre, capacity o f 3,500 scats in Newark, N . J. Capitalization,
authorized and issued, 8% Pref. stock, $750,000; Common (no par value),
12,500 shares. President, Travis II. Whitney.
New Cornelia Copper Co.— Production.—
J a n u ary—
1920.
Production (lbs.)___ ________________ 3,354,000
— V. 110, p. 267.
1919.
4,318,000
Balance, surplus__________________
— Y. 108, p. 1272.
1918.
4,136,000
C o m p a n y . — Manufacturers
o f high-grade candies. Is being incorp. In
Delaware, a reorganization o f tho Nunally Co. (of Georgia). Business
founded In 1885 In Atlanta. Operates 9 retail stores in different cities.
P u r p o s e . — T o enable company to increaso the national distribution of
Its products, and to expand its facilities for carrying on business. 1ho in
creased capitalization will result in a number o f additions to tho company s
plant in Atlanta, as well as an increaso in tho number of rotad stores in
operation throughout tho country.
E a r n in g s .— Sales for 1920 are estimated at $4,500,000.
For tho current
fiscal year (2 mos. est.) company will show net earnings, beforo Federal
taxes, equal to $4 per sharo on tho now issuo of stock, while in 1920 it is
estimated that earnings, beforo taxes, will a*mount to at least $4 50 per sharo.
N et
I 1909.
1913.
1916.
1917.
1918.
*1919.
S a le s 15407,548 $722,344 $1,037,954 $1,436,715 $2,115,085 $3,326,000
•Two months estimated.
D i r e c t o r s . — James II. Nunnally, Chairman; Winship Nunnally, E. R
Rogers, J. N. Goddard, W. W. Banks, Clarence llavcrty, Frank Adair
Berry II. Collins, Atlanta, Ga.; E. W. Lane, Jacksonville, Fla.; T. Edward
Hambleton, Baltimore. M d.; Joseph A. Rush ton. Chicago, 111.
Penmans, Ltd.— Dividend Increase and Extra Bonus.—
An extra dividend o f 2% and a quarterly dividend of 2% have been d<v
clared on the Common stock, payablo Feb. 28 to holders of record Feb. 16.
— V. 108, p. 1004.
Penn Seaboard Steel Corp.— Offering of Notes— M on t
gomery & C o ., Now York, and Frazier & C o ., Phila., aro
offoring at 99 and int., to yield
by advertisement on
another pago, $1,500,000 Throo-Year 7 % Sinking Fund
Conv. gold notes, dated Fob. 2 1920, duo Fob. 1 1923.
Repo
i .—
1918.
1917.
$933,741 $1,669,202
D e b . 5,348
Cr.l3,151
oo’9oR
H n ’ eoo
io o ’§no
90,510
100,709
256,688
440,000
338,202
350,225
$73,908
$139,866
$628,458
Port Henry (N. Y.) Light, Heat & Power Co.—
Preferred Stock Offering .—
Geo. A . Fcrnald & C o., Boston, aro offering at 100 and div. 1,500 shares
7% Cumulative Pref. (a. & d.) stock, par $100. Red. all or part at $110.
Divs. Q.-M .
.
,
.
.
C o m p a n y . — Owns and operates a successful hydro-electric property at
Port Henry, N. Y ., on tho shoro of Lake Champlain. Supplies, without
competition, electrical energy for light, heat and power in Port Henry,
Moriah, Moriah Center, Crown Point and West Crow i Point. Operates
under exclusive 99-year franchise.
,
,
, . ,
P u r p o s e . — Proceeds will enable company to tncrea e its output trom
3,250,000 k. w. to 8,750,000 k. w.
_01
....
E a r n i n g s . — Net earnings for calendar year 1918 wsro $31,063.
After
bond interest of $15,000 there wero surplus earnings o f $16,063. By July
1920 surplus earnings should bo about $40,000, or nearly 4 times tho divi
dend requirements on tho Pref. stock.
Porto Rican American Tobacco Co.— Dividend. —
A dividend of 3% has boon doclared, payablo March 4 to stock of record
Fob. 14, in 3-year 6% scrip, redeemable March 11 1923, in cash or stock
at option o f tho company. Dividends wero also paid in stock and scrip
from March 1918 to Juno 1919, both inclusive, but nono smeo owing to
striko which tied up tho plant for soveral months. The plants aro now
operating at capacity, but aro unablo to moot tho demand.— V . 109, p. 7oU.
Price Brothers & Co., Ltd., Quebec.— Listing. —
Tho Montreal Stock Exchange on Jan. 13 authorized tho listing of
$2,000,000 ordinary stock, making tho total o f said stock authorized to be
listed $7,000,000. Tho now stock was turned ovor to tho National Trading
Co. for additional timber limits, &c.— V. 110, p. 367.
Reo Motor Car Co., Lansing.— Bal.
D iv id e n d s o f R eo M o t o r C a r C o . , a s
Nunnally Company (Candies).— Stock Offering.— Bab
cock, Rushtotx & Co. and Hambleton & C o ., N . Y . , in
D oc. offorod at $23 per sharo 100,000 shares (no par valuo)
Common stock. N o bonds, notes or Prof, stock.
7% % ,
Pettibone-Milliken Co.— Annua
C a le n d a r Y e a r s —
1919.
Mfg. profits, less maint., local taxes, ____
selling, &c., expenses--------------------- $254,199
Other incomo________________________C r . 28,878
First preferred "dividends (7 % )----------65,126
Second preferred dividends (7 % )------28,586
Depreciation......... j ................................
91,643
Rcsorvo for excess profits ta x e s.:-----25,814
Preferred stock sinking fund_________
______
Sheet Aug. 31— Divs.
U n o ff i c ia l l y R e p o r te d .
1915 1916
1917 to J a n .
1908 1909 1910 1912 1913 1914
'20
C a sh ..(% ) 80
60 30 20
10 3 7 H 35 x20 10 p. a.(2H Q-J)
Stock -(% ) - 100 - --50
- - 100
................
x Includes extras of 2 f i % and 7 ' A % paid Aug. 1 and N ov. 1.
N o t e . — Also distributed to stockholders Oct. 20 1913, $600,000 stock of
the Reo M otor Truck C o., a cash dividend o f 7% being paid on tho stock
of tho Truck Co. after this distribution.— [Ed.l
A sse ts—
Land,
b u ild in g s ,
m a c a ln o r y , & c . a
I n t . in o t h e r c o s . .
C a s h ________________
R e c e i v a b l e s ______ b
U . S . L i b . b d s _____
I n v e n t o r i e s ________
D e fe rr e d c h a r g o s ..
19 19 .
S
19 18 .
5 ,16 1,4 7 5
8 0 ,7 8 8
1,0 6 3 ,3 7 8
1,5 6 1,0 9 2
2 7 0 ,7 0 0
8 ,2 8 8 , 9 5 5
2 3 ,3 9 2
5 ,2 2 9 ,5 3 8
7 8 ,7 8 7
4 0 5 ,3 5 3
3 ,2 8 3 ,3 2 9
S '
0 ,7 7 1,5 5 0
2 1 ,8 2 5
19 19 .
L ia b ilit ie s —
S
C a p it a l s t o c k . c . . 6 ,9 3 7 ,2 5 0
N o t e s p a y a b l e _____ 1 , 0 0 0 , 0 0 0
A c c o u n ts p a y a b lo . 1,4 0 0 ,6 1 9
A c cru e d p a y - r o ll..
15 9 ,0 2 8
R c s o r v o fo r t a x e s .
5 14 ,9 4 9 1
O t h e r r e s e r v e s ___
4 7 ,6 0 5 /
S u r p l u s _____________ 6 , 3 9 0 , 3 3 4
19 18 .
s
6 ,9 3 7 ,2 5 0
1,2 5 0 ,0 0 0
1,7 0 0 ,9 0 0
12 2 ,8 2 7
2 8 4 ,5 7 8
5 ,4 9 4 , 8 2 8
.................... 1 6 , 4 4 9 , 7 8 5 1 5 , 7 9 0 , 3 8 3
T o t a l ......................... 1 6 , 4 4 9 , 7 8 5 1 5 , 7 9 0 , 3 8 3
T o tal
a I n c lu d e s In 1 9 1 9 la n d , $ 2 5 4 , 1 2 5 ; b u ild in g s , $ 1 , 6 1 5 , 5 9 9 : m a c h in e r y a n d
e q u ip m e n t, $ 3 ,8 2 1 ,6 5 3 ; le s s r e s e r v e fo r d e p r e c ia t io n , $ 5 2 9 ,9 0 3 .
b In c lu d o s
in 1 9 1 9 m is c e lla n e o u s r e c e iv a b le s , $ 1 , 0 2 2 , 1 2 1 ; le s s r e s e r v e s , $ 6 4 ,9 8 2 , d u e o n
G o v t , c o n t r a c t , $ 6 0 3 ,9 5 3 .
c T h e t o t a l a u th o r iz e d s t o c k is $ 10 ,0 0 0 ,0 0 0 :
u n is s u e d . S 3 ,0 6 2 ,7 5 0 , b a la n c o a s a b o v e , $ 6 ,9 3 7 ,2 5 0 .— V . 1 0 7 , p . 2 1 9 4 .
Savage Arms C orp o ration .
—Quarterly Report. —
E n d in g
D ec. 3 1.
19 18 .
19 19 -— 12 M o s ,
1 9 1 9 ------ 3
M o s . ------ 1 9 1 8
$ 2 ,0 3 2 ,12 2
$ 8 ,3 4 7 ,2 0 8
$------10 ,3 17
$. 1 , .2 7 0 , 2 0 7
T o t a l e a r n i n g s ---------2 4 ,3 9 7
I n t e r e s t _______________ : -----------------2 ,5 2 3
. . . . .
6,9 4 8 ,3 2 5
W a r t a x e s , & c .....................
C r .3 4 ,7 5 4
1,0 4 2 ,12 4
5 19 ,6 9 8
17 ,8 5 0
F ir s t p r e f. d iv . ( 7 % p .a .)
-----------17 5
525
2 0 ,3 6 1
S e c . p r e f. d iv . ( 6 % p . a .)
3 ,4 8 4
2 ,114
l.> ,2 15
4 9 8 ,8 4 0
C o m m o n d iv . ( 6 % p . a .)
11 6 ,2 18
12 1,4 6 7
4 6 o ,< 8 0
R e s u lts
fo r
T h re e
an d
T w e lv e
Balanco surplus______dcf.S74,631
— V. 110, p. 472.
M o n th s
$101,804
$1,030,904
Sears, Roebuck & Co., Chicago.— January
$837,435
Sales.—
M o n th o f J a n u a ry—
1920.
1919.
1918.
Interest payablo F. & A. without deduction o f Federal income tax not Sales
_
........................... $29,490,976 $19,609,327 $14,770,922
exceeding 2% at Commercial Trust C o., Phila. Rod., all or part, at 101H — V. i l6 , p". 472, 558.
and int. on 30 days' notlco during which time conversion may bo made.
Donotn. $1,000 (c*). Commercial Trust Co. and John H. Mason, Phila.,
Seneca Copper Corp., N. Y .—
—
trustees. Froo o f Penna. four mills tax. Convertible into Common stock
A circular issued to tho stockholders under dato of Feb. 10 says in subst.:
at rato o f 25 shares for each $1,000 note to and inch Feb. 1 1921 and there
The directors have voted (a) to increase tho capital stock through tho issu
after 22 shares to and Incl. Fob. 1 1922 and thereafter 20 shares until ma ance o f 50,000 additional sharos; (6) that 25,000 shares thereof bo issued and
turity. Annual sinking fund payments equal to 25% o f net earnings after reserved for tho conversion of a proposed issuo of $500,000 8% Five-year
int. doproc. and taxes, with a minimum of $100,000 p. a., will bo called for. Conv. Debenture bonds, convertible after 1922 into capital stock at rato of
Data from Letter o f Pres. John B. W arren, Philadelphia. F:eb. 7 1920. 5 shares of stock for each $100 bond. Red. all or part at 110% at any time
upon 30 days’ notice. The balanco of the Common stock so to bo au
C o m p a n y . — Organized in Now York in Dec. 1915, and upon jicquisition
of ont.ro stock of Tacony Stool C o .. as arranged (see V .110, p. 36<, 472.567) thorized is not to bo issued at present. Donom. $100, $500 and $1,000.
Arrangomonts havo boon made to underwrite tho proposed issue of
will own, directly or through its subsidiaries: (a) Now Castlo (Del.) plant,
(b ) Chester (Pa.) plant, (c) Tacony (Phila.) plant.
Tho three plants have Dobenturo bonds. It is proposed that stockholders of record of Feb. 25
ovor 185 acres or real estate, a melting capacity o f 14,000 tons if ingots per shall havo tho right to subscribe for bonds as follows: (1) For oach 40 shares
month, with adoquato equipment to convert Into blooms, billets, bars, of stock tho right to subscribe to $100 bonds; (2) for oach 200 sharos stock,
strips, castings and forgings. Company specializes in tho manufacture tho right to subscribe to $500 bonds; and (3) for oach 400 sharos stock, the
right to subscribe to $1,000 Dobonturo bonds.
of high-grade stools.
.
. . . . .
O u ts ta n d in g .
Tho highly satisfactory situation shown in tho development of Sonoca
C a p ita liz a tio n A f t e r P r e s e n t F in a n c in g —
A u th o r iz e d .
$1,500.000 property has induced tho directors to recommend tho above issuo of stock
Threo-Year 7% Convertible notes____________ $2,000,000
17 3 ,3 11 shs.* and Debonturo bonds to onablo tho corporation properly to carry out an
Common stock, without par valuo____________ 250,000 shs.
*50,000 additional shares Issued hold by trustees for conversion of notes. enlarged plan of developing and equipping tho mine. Corporation has
Day A Zlmmermann, Inc., engineers, have appraised Penn Seaboard acquired 4-5 stock ownership of Gratiot Mining C o., which has tho outcrop
Stool Corp. plants, and state that thoir prosont day depreciated valuo is of tho ICoarsargo lodo and adjoins proporty.— Y. 110, p. 472.
$5,765,587 and tho cost to reproduce now $7,059,792. Based on Day &
Shane Bros. & Wilson Co., Inc.— Note
—
Zlmmormann's appraisal tho plant and equipment o f Tacony Steel Co. have
King, lloagland & C o., Chicago, are offering at prices ranging from 9 9 ^
a prosont day depreciated valuo of $3,959,882, subject to a 5% mortgago
of $1 200 000 (in favor of U. 8. Govt.) calling for annual amortization pay to 95K and Int., according to maturity, $500,000 6% Serial Gold Notes.
ments and maturing in 1930. Tacony company also has outstanding Dated Jan. 1 1920, duo $50,000 each Jan. 1 1921 to 1931, incl. Denom.
$1,000 and $500 (c* & r). Callable at 101 and int. Company agrees to
$496,000 8% Cum. S. F. Pref. stock.
pay normal Federal incomo tax not in excess of 2% . Int. payablo J. & J.
P u r p o s e . — Proceeds will provide additional working capital and for ex
at National Citv Bank, Chicago, trustee. An annual sinking fund of 25%
tensions and improvements.
. , _,
of net earnings (less tho regular maturity) shall bo deposited with trustee
E a r n in g s . — Earnings, incl. those from plants now owned by Tacony com
, ,
pany applicable to acquisition of 100% o f tho Common stock, but without to retire these notes.
C o m p a n y . — Are well known as flour millers, having boon in successful
provision for depreciation on plants o f either company or any interest on
operation for more than 25 years.
......
,
bank loans, as reported by Day & Zlmmermann, Inc.:
Practically every sale of flour is a cash transaction. With gross sales for
C a le n d a r Y e a r s —
1919.
1918.
1917.
year of over $10,000,000 tho total amount of trade accounts receivable
Sales of Penn Seaboard Steel Corp— $4,041,993 $9,744,205 $10,434,749 tho
Is onlv $22,352; average net earnings for the past 7 years havo boon about
Total oarnlngs appilcablo to doprcc.
$171,600. Average not earnings for past 4 years havo been about$200,000.
on plants o f both cos., interest, &c. 279,116
823,438
916,743
Based on prosont prospects, it is officially estimated that net earnings,
Shattuck Arizona Copper Co.—
.
after depreciation, applicable to lntorcst will amount to at least $1,250,000
Jan uary—
1920.
1919. I J a n u a r y —
1920
1919. .
for the first year of consolidated operation.— V. 110, p. 567, 472, 367.
Copper (lbs.)........ 316,970 622,226 Silver (ozs.)............ 8,269 32,204
Pittsburgh Plate Glass Co.— A n n u a l R e p o r t .—
Load (lb s .).......... 740,595 470,168|GoId (ozs.).............. 84.54
101.19
C a le n d a r Y e a r s —
1919.
1918.
1917.
— V. 110. p. 173.
Earnings for yoar_______ .......- - - - $ 1 1 ,5 6 0 ,6 3 6
$5,536,234 $7,55-,635
Profcrrod dividends (12H )______ ____
18.000
18,000
18,000
(Ernest) Simons Mfg. Co., Port Chester, N. Y .—
Common dlvldond. . . . . . . . . . . (7K % ) 1.792,559(7) 1,730 078(8 H )2.022 716
,— George H . Burr & Co. have sold at 100 and in t., to
Donroclatlon . . . . . . . . . . . __- - - - - - - 1,650,517
1,122,506 1,006,543
l / X a l taxes....................... 1,445.220
1,269,513
........
yield 7 % , $750,000 7 % Convertible Gold N otes.
Dated Jan. 1 1920. Due Jan. 1 1925. Int. payablo J. & J. at Farmers
Balance, surplus
$6,654,340 $1,39 6 ,138 $4,505,375 Loan
& Trust C o., New York, trustee, without deduction for norma
— V. 109, p. 1372.
To Inc. Stock Bond Issue.
Offering.
Production in January
Sold
Notes
666
THE CHRONICLE
Fedora income tax not to exceed 2% . Denom. SI,000 and $500 (c*).
^ rul r
l " 1' da-t0
and Int- lf called during th«
fPn Poi), y A 1920 and decreasing y % for each year thereafter to 100H
fPmi win ° nfYert b £ par f?nEar,ln/ 0 ,8% Cumulative Prof, stock. Sink
ing fund will retire each year 10 % of the largest amount o f notes outstanding.
Preferred Stock Offering—
George H . Burr & Co. are offer
ing at 105 and divs. 1,200 shares 8 % Cumulative Sinking
Fund (a. & d.) Pref. stock, par $100.
w ? ,etLeelJlab1?. a» °,r part at ! 10 and divs. Annual sinking fund of 5% of
r^emVt1o1irpriceOCV lv s St^ <J 18 provides for lts Purchase at not to exceed
[Vol . 110
United States Gypsum Co., Chicago.— Reincorporation.
Under Laws of Illinois— Exchange of Each $100 of Common
Stock for Five Shares of $20 Each, and Possibly Later Shares
of No Par Value— No Increase in Capital at Present.—
President Sewed L Avery, writing Feb. 5. says; "Tho proposed plan of
oti contemplates merely an exchange with tho stockholders
P/G ?°ir °»d st°ck for new stock in tho Illinois corporation, and tho additional
brndorl0 b?i aY/horzod will remain in our troasury and offorod to tho stock
holders and others in accordance with tho futuro financial needs o f the co.
Digest of O fficial C ircular Dated at Chicago Jan. 1 1920.
D a ta fr o m L e tte r o f P res. E d w a rd W . S im o n s , P o rt C h e s te r, F e b . 3 ’20.
nil?™
— ° " ‘LPf the larKcst manufacturers in United States o f sheets!
Pii A^ v!
and night wear. Manufactures into sheets the famous Poppereiii. Anchor. fru it o f the Loom and Wamsutta sheetings. Present company
corporated under tho laws o f that State.
It is proposed to organize an Illinois corporation, to bo called the United
States Gypsum Co., with a capital stock consisting of 100,000share's of 7%
Cumulative Preferred stock, o f the par valuo of $100 each aud lOO 000
shares Common stock o f tho par valuo of $20 each. After all the assets
than * 0 .0 0 0 , 0 0 0 in ifllO.
d,. s/i°ck .? / in? Now Jersoy corporation aro sold to the
v .1
V 'r^ '?f - Pr.(?.ce.eds o f Pr,'f ' stock issue, together with $750,000 of Five- Illinois corporation,
tho Illinois corporation will Issue one share of its
vcar Note's, will bo used to refund current debt and provido additional Preferred
stock for each share o f Preferred stock of tho Now Jorsoy corporaworking capital.
fivoTsharos of ,ts Common stock for each share of
E a r n in g s .— N r t profits applicable to interest charges for the 4 years ana
fiitih0 tNoW Jorsoy corporation delivered to It; and In addi1 1 months ended Dec. 31 1910 have averaged about $314,000 p. a.
Assum Ho^thornt^°YhoOIllinois
company will assume and agree to pay all the debts
ing all the notes to be converted into Pref. stock the maximum annual div
N- J. corporation, whethor matured or contingent.
charge on all the Pref. stock then outstanding (present offering not included) an?r,°»i gafc °in!i o f
« ni^ tVLrl1?, ?9mpany as an Illinois corporation. It may become
will be $70,100. Net profits for the 2 years and 11 months ended Dec. 31 desiramnr?to
authorize the shares of Common stock of tho now company
1919, after Int. and Federal taxes, but before setting aside an average of
about $90,000 annually for special bonuses to employees, havo averaged n?rih n Y ™ ° par valV.?-,ln whi?h ev0,,,t !»< * sharo of the Common stock o f the
over $ 2 ( 0 ,0 0 0 .
S c r a Z y ^ r V i m ? a e„Xy0h“ n|!“ , r° r " Ve *h" “ “ ■>” **'»• < * » " " » »
C q p il a l iz a U ™ .— Issued and outstanding 7% notes, $750,000; Common
When the change above referred to has been comnlotcd tho Illinois
stock, $1,000,000; Pref. stock, $250,000. In addition, $750,000 Pref
andP$TnAo
non'n1rV° <l)Utstandlnk W-000 000 par value or Preferred stock
stock is reserved for conversion o f notes and $250,000 is reserved for future a? S1900.000
par valuo of Common stock, leaving $1 000 000 nar value,
capital needs.
of Preferred stock and $4,000,000 par valuo of Common m«ck ’ authorized
but
unissued,
to
be offered to the stockholders of the company pro rata
Southern California Edison Co.
.— apdi®°,d /com time
to time to provido for tho futuro growth and financial
The company has applied to the Calif. R R . Comm, for authority to issue needs of tho company. I f Common stock without par valuo Is issued the
50,000 shares o f Common stock, proceeds to be used in making extensions unissued and outstanding stock will bo changed according!v
lssiled’ U1°
and improvements.— V. 110, p. 173.
the purpose of carrying out tho foregoing plan, tho directors have
appointed Sewell L. Avery, S. Q. Fulton, Ralph Van Voehten S T MesorSouthern Pipe Line Co
X°^,n!ld, ° - M • Knode. as a committee to handle the matter. The Conti
nental & Commercial Trust & Savings Hank of Chicago. III. has boon
1919.
1918.
1917.
1916
appointed depository for the purposo of receiving tho certificates of stock or
Profits for year------------ $1,685,995 $2,069,038 $2,534,565 $2,354 371
the co. and issuing temporary certificates therefor.— V. 110. p. 269, 473.
Dividends paid------- (20%) 1,999,999(21)2199,999(24)2399,999(24)2399,999
— Stock Application
.— Report for Calendar Years.—
BaL.sur. o r d e f.........def.$314,006dof.$130.961 sur.$134.566 def.$45,627
B a la n c e S h eet D e c e m b e r 31.
U n ited States R u b b er C o .—
„ ? r*’
ho.“
Listing — Earnings.__
Kxchango
fiN„7 .n v~_i.
Vl k2 ocl5 .F
;?t'ha,n?,° rocommonds
recommends tho
the listing
listing on
on an
and after
lltion.il Common stock, making the total
^
applied?for$8 i 0OO O0O —
- “
Ht.°Sk
■r"-ak-"’
* ,b <'total
a™dlviun t.
A sse ts—•
19 19 .
19 18 .
Liabilities —
19 19 .
19 18 .
1 ho additional
stock
is ’to
bo Issued
as a stock
dond (V. 110, p. 174).
P l a n t .....................- $ 5 , 9 4 1 , 0 5 8
$ 5 ,9 4 5 ,2 6 0 C a p it a l s t o c k . . .* 1 0 ,0 0 0 ,0 0 0 * 1 0 ,0 0 0 ,0 0 0
7 ,2 9 0 ,2 0 0
O th e r ln v e s tin ’ts
7 ,4 3 4 ,4 5 5 D e p r e c . r e s e r v e .
1,6 4 6 ,8 7 5
1 ,4 8 .3 .1 19
C o n s o lid a te d I n c o m e A c c o u n t , 9 M o n t h s e n d e d S e p t. 30 1919, a s R e p o r le d
A c c 't s & b ills r e c .
4 9 3 ,7 7 9
2 7 6 ,2 5 4 A c c ’t s p a y a b l e ..
73,957
92,265
N . Y . S tock E x c h a n g e , C o m p a r e s w ith C a le n d a r 1918 a s F o lic
’o w s :
2 7 6 ,4 8 5
C a s h ...........................
5 1 4 ,1 0 9 P r o fit a n d l o s s . .
2 ,2 8 0 ,6 8 9 2 ,5 9 4 ,6 9 4
motaisatn®
9 M o s . 1919. C a l . Y r . 1918.
T o t a l ..................* 1 4 , 0 0 1 , 5 2 1 * 1 4 , 1 7 0 , 0 7 8
—
-*159,388.095
$215,398,426.
T o t a l .................. * 1 4 , 0 0 1 . 5 2 1 * 1 4 , 1 7 0 , 0 7 8
Cost of manufacture, dopr’n, selflng and goncraT
-V. 108. p. 586.
expenses and property taxes............................. 125.984,388 169.594,286
South West Pennsylvania Pipe Lines.
31.
Operating profits.......................................
' $33,403,707 *45,804,139
Cash disc’ts allowod customers for prepay, (net) *
C a le n d a r Y e a r s —
1919.
1918.
1917.
1916
3,629,919
5,443,461
Profits for year...............
$250,312
$295,723
$338,535
$456,358 Deductions for bad debts_____________
880,047
Incomocharges (net), incl. inventory adjustments
Dividends ( 1 2 % )--------419.999
419.999
419,999
419 9 9 9
and prov. for Fed., Canadian and British taxes 10.276,048
19,289.535
Bal.. snr. or deficit..d( f.$169,687def.$124,276 dof.$81,464 sur.$36,359 Interest (net).....................................
2,868,580
4,119,055
Dividends— First Preferred stock (8 % )I ” .
3,768,926
4,937,776
B A L A N C E S H E E T D E C . 31.
'
Socond Preferred Stock (6 % )________
12,108
24,216
Divs. to minority stockholders of subsld. cos
1919.
1918.
13,988 _____ 19.509
1919.
.........
1918.
A ssets—
$
$
L i a b i l it i e s —
$
$
Surplus for tho period__________________
5 1 2 834 138
Plant............. . . .3,987,302 3,961.628 Capital s t o c k ...3,500,000 3,500,000
$11,090,540'
Other investm’ t - 1,236,891 1,236.891 Deprec. reserve. 1,066,719 965,789 Surplus boginning of porlod___________________ 41,’848.052
31,891,207
Accounts receiv
Accts. payable..
162,949 75,506
able................. 225,428 212,635 Oil purchase and
— v lT lO 3 p°P369 ° 1919......................................... $54,682,189
C ash---------------34,597 123,213
sale conting’s .
90,626 149,461
Profit and loss..
673,924 843,611
United States Steel Corp.
.—
Total...............5,484,218 5,534,367
on preceding
Total...............5,484,218 5.534,367 paSeo^mder^Current Events” In this week's "Chronlclo.” 01
Forrest M . T ow l, President, submits a table prepared In accordance with
Subdivision E o f Section 201 o f the Federal Revonue Act o f 1918 which
United
Telephone
Co.
—
.—
shows that o f the dividends distributed in 1919 amounting to $419 9 9 9 (or
See Indiana Boll Telephone Co. abovo.— V. 106, p. 2015.
12%) the sum of $169,687 (4.85%) was taken from profit and loss surplus
and represents earnings accumulated prior to March 1 1913. when the
United Verde Extension Mining Co.
Federal Income Tax Law went into effect. M r. Towl adds- “ The ex
J a n u a ry—
1920.
1919.
penses have increased during the year 1919. The increased gathering
1918.
1917.
charge made during the previous year did not produce sufficient income to — V P108 bp ' l l 7 l .............. 3,676,312
0,460,675
5.170.959
4.045,388
maintain the dividend rate without drawing from the profit and loss ac
coun t."— V. 108, p. 586.
— Report Dec.
— Unfilled Orders
Acquisition
— Production
Spicer Manufacturing Co
(Frank) Waterhouse & Co., Seattle.— Note
— Recapitalization .—
The stockholders will vote March 1 on changing the present authorized
capital consisting o f $1.500,000 8 % Cumul. First Pref., $500,000 8 % Cumul
Socond Pref. and $7 000,000 Com stock (par $100) to $10,000,000 8 %
Cumul. Pref., par $100, and 600,000 shares Com. stock, no par value
If
approved tho present Common shares will be exchanged for the new Com
shares on tile basis o f one old for four new shares, 'i he F.rst Pref. stock
holders may exchange their shares into now shares as follows; (a ) A holder
or 100 shares o f 1st Pref. may exchange them for 117 shares o f new 8 °7<
Preferred, or for 100 shares of new Preferred and 60 shares o f now Common.
(b ) He also has the option of taking 400 si ares of Common for tho 100 shares
of 1st Pref. It is proposed to issuo 280,000 of the 600,000 sharos of Com
mon stock to be authorized.
Company reports for tho year ended Nov. 1 1919 net income after
charges and Federal taxes of $1,526,051, against $1,462,751 in 1918
— V. 109, p. 1467.
Spring Valley Water Co.— Note
Application .—
The company has made application to the Calif. RR. Commission for
authority to issuo $2,500,000 6 % 3-yoar secured notes, of which $2 000 000
will bo used to redeem in part $3,600,000 notes duo March 1 1920 tho
balance, $500,000, to bo used to reimburse tho troasury for capital expendi
tures nrndo prior to Dec. 31 1917.
p
In its application tho company states that its total debt in addition to a
floating debt o f $446,000 is as follows:
General Mortgago bonds, due Dec. 1 1926____________ ____ $ 1 7 859 000
Promissory notes, collaterally socured______________________ 3 600 000
Twin Peaks Ridge tunnel assessment____________________
’416 000
Promissory notes__________________________________ _______
Promissory
450 000
— V. 110, p. 567.
U n derw ood Typew riter C o.—
Earnings.—
C a le n d a r Y e a r s —
1919.
1918.
1917.
Netoarnings.....................
$4,121,914 $4,020,436 $3,162,225
Total net incomo..................
4,502,335 4.230,753 3,271,970
D epreciation...............................................
230,645
200,071
244,405
..................................................
421,738
376,836
327,663
Bonus
Federal taxes
1,250.000 1,250.000
500,000
Preferred dividends (7 % ).......................
273,000
273.000
274,750
Common dividends.................... - - - (18 %) 1,620.000 (11) 973,500 (11) 944,600
Balance, su rplus....................................
■~V• 109, p. 2363*
United Fruit Co.—
$706,952 $1,157,346
$980,682
Div. Increased— Annual Report.—
Soo "Financial Reports” on a preceding page.
A quarterly dividend o f 3% has boon doclared on tho capital stock, pay
able April 15 to holders o f record March 20. This increases the annual rato
from 10 to 12%.
Previous dividends wore: 1899, 2J4%: 1900, 10%; 1901, 8% : 1902. 6%1903, 6% ; 1904, 7% ; Jan. 1905 to 19&7, 7% yearly; 1908, 8% ; 1919 10%
Also on N ov. 1 1913 2% extra, and from accumulated surplus, Aug. 1908
Nov. 1909. Nov. 1910 and Doc. 1911, oach, 10%, applicable to purchase
of now stock at par.— V. 109, p. 1615.
Offering —
Continental & Commercial Trust & Savings Bank, Chicago
are offering at prices ranging from 99.11 to 97.92 and int.!
according to maturity, to yield
$ 1 ,100 ,00 0 Col.
Trust 6 % Serial gold notes.
Dated Jan. 1 1920. maturing Jan. 1 1922 to 1925. Red., all or part, on
30 days’ notice at 102 and Int. Int. J. & J. at Continental & Commercial
Trust & Savings Bank, Chicago, trustee, without deduction for normal
Federal incomo tax not in oxcess of 2% . Denom. S1.000 (c*j.
Data from I.etter of Pres. Frank W aterhouse, Seattle, Feb 5 1 9 2 0
C o m p a n y . — Has steadily operated in tho general trading and steamshln
business, particularly with tho Orient and Alaskan ports. On Jan 1 1017
amalgamated all subsidiaries under abovo nan 10 . On Mav 1 1 9 1 8 -icmiirnH
by purchaso all tho bonds and stock of Vulcan Mfg. Co. of Seattle *
ac uls?tk)ns~TO fund dobt incurrcd ,n P9rcha.se of Liberty bonds and other
S e c u r i ty .— Secured by doposlt of $800,000 U. S. Liberty bonds $300 000 •
Vulcan M fg. Co. 1st (closed) M . 6% bonds, duo Jan. 1 1925-’ $150 000
Frank Waterhouse & Co. 1st (closed) M . 6% bonds, duo Jan “ l '1925 ’
E a r n in g s . — Average earnings (oxel. of Iniorost In Vulcan Mfg. Co.) for
past 5 years, after int. charges and Incomo taxes, wero over $375,000 p. a.
West Boston Gas Co.— $130,000
Bonds Offered.—
Proposals are invited for purchaso of all or part of $130,000 20-yoar 1st M.
6% bonds, dated Oct. 1 1919, tho issuo of which was authorized by an order
of tho Mass. Board of Gas & Eloc. Lt. Com m .. dated Oct. 1 1910, at a price
of not less than par and int. Proposals will be received until Fob. 20 1920 •
at company’s offico, 60 Congross St., Boston., or Metropolitan Trust Co.,
40 Stato St., Boston, trustee.— V. 109, p. 1468.
Western Milling Co., Oakland, Calif.— Pref.
Stk. Offer.
Gross & Miller, Inc., Oakland, Calif., are offering at par and int., with
bonus in Common stock. $1,000,000 7% Cum. Pref. (a. & d.) stock. Par
$100, collectible and red. at $108 on any int. date. Prof, stock has equal
voting power with Common stock. Divs. Q.-J. Capitalization Pref
stock, $1,000,000; Common stock, $1,000,000. No bonds.
The company is building In Oakland a modern flour and Teed milling plant
capablo of producing daily 1,000 barrels of flour and 300 tons of feed
Negotiations have been completed for taking over the plant and business
of the Northwestern Millng Co. of San Francisco, with tho right to manic ■
facturo and sell in northern California the well-known brands o f "Ucsgradn”
products of the Great Western Milling Co. of Los Angeles.
(F. W.) Woolworth Co.— Annual
For annual report see a preceding page.
J an u ary—
Report—Sales.—
1920.
Sal?s 7 m — - V -V ----------------------------- $8,491,203
— V. 110, p. 175.
1919.
$7,128,000
Youngstown Sheet & Tube Co.— Earnings.—
1918.
*5,922,310
At tho annual mooting on Fob. 10, Prosidont James A. Campbell roported
for the year 1919, gross oarnings of $55,364,363, as compared with *84.000,000 in 1918. The company, lt is said, added $2,914,993 to surplus, giving
it a surplus of $46,614,000. Total assets, $94,685,000 Tho stool striko is .
taid to havo cost tho company $2,352,000.— V. 110, p. 309.
667
THE CHRONICLE
F eb . 14 1920.1
f^gpxrxls ;md Jpocmumtls.
OKLAHOMA PRODUCING & REFINING
@FedFRASER