Full text of Commercial and Financial Chronicle : February 21, 1920, Vol. 110, No. 2852

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Bank & Quotation Section

Railway & Industrial Section

Electric Railway Section

Rnilwnv Earninpr Section
s

Rankers’ Convention Section

State and City Section

V O L . 1 10 .

S A T U R D A Y , F E B R U A R Y 2 1 , 1920

'ght OPxrmiixle

Week ending February 14.

PUBLISHED WEEKLY.

1920.

Terms of Subscription— Payable in Advance
For Ono Y ea r......................................................................................................... $10 00
For Six M onths...................................................................................................... 6 00
Enropoan Subscription (Including postage!.................................................. 13 50
European Subscription six months (Including postage)............................
7 75
Canadian Subscription (Including p o s ta g e ).................................................. $11 60
NOTICE.— On account of tho fluctuations In the rates of exchange,
remittances for European subscriptions and advertisements must bo made
In Now York funds.

Subscription includes following Supplements—
B ank and Q uotation (monthly) I B a il w a y and I ndustrial (semi-annually)
R a il w a y E arnings (m onthly)
E lectric R a ilw a y (semi-annually)
Sta te and C ity (semi-annually) |B an kers ’ C onvention (yearly)

Terms of Advertising— Per Inch Space
Transient m attoi per inch spaco (14 agato lines).............................. ....... $4 20
D iscoun t on con tract m a t t e r 12 consecutive insertions 10% discount; 26 consecutive insertions
16% discount; 52 con secu tive insertions 20% discount.
Business Cards, tw olvo m onths (62 tim es) per inch................................. 176 00
C hicago O ffice —39 South La Sallo Street, Telephone M ajestic 7396.
L ondon O ffice —E dwards & Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M II. D A N A C O M P A N Y , P u b lis h e r * ,
F ro n t, P in o and D ep eysto r S ts ., Now Y o r k .
Published overy Saturday morning by WILLIAM B. DANA COMPANY.
Jacob 8olbort Jr., President and Treasurer; Arnold Q. Dana, Vice-President and
Soeretary. Addrossos of both, Offlco of the Company.

CLEARING HOUSE RETURNS.

The following table, made up by telegraph, Ac., Indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $8,672,438,280, against $7,040,925,585 last week and $5,047,292,005 the
corresponding week last year. Washington’s Birthday holiday In week last year.
1920.

1919.

Per
Cent.

$3,852,589,535
5(11,070,505
421,172,682
320,630,884
211,274,401
155,852,304
144,386,026
152,076,617
*115,000,000
72,179,581
02,809,129

$3,000,848,992
439,290,201
330,074.018
231,307,987
153,229,475
130,128,377
102,744,599
103,211,034
90,752,432
64,014,008
56,704,844

+ 25.9
+ 27.7
+ 27.4
+ 38.6
+ 37.9
+ 19.8
+ 40.5
+ 47.3
+ 26.7
+ 12.8
+ 10.8

$6,009,041,665
1,005,408,943

$4,762,972,567
884,319,498

+ 27.4
+ 23.9

$7,104,510,608
1,407,927,072

$5,647,292,065

+ 26.9

Ctcarlnos— Returns by Telegraph.
Week ending February 21.
New York___________________________
Philadelphia..................

Elevon cities, 5 days............................
Other cities, 5 days________________

Total all cities for week______ . . .. $8,572,438,280 *5.647.292.065
+ .51.8
•Partly estimated.
T ag full details for the week covered by the above will be given next Saturday.
Wo cannot furnish them to day, clearings being made up by the clearing houses
at noon on Saturday, and hence In the above the last day of tho week has to be In
all cases estimated, as wo go to press Friday night.
D etailed fig u res fo r th e w eek pn dln v F e b . 14 sh ow :

IVeek ending February 14.

Clearings at—
1920.
New York..........
Philadelphia___
Pittsburgh_____
Baltimore_______
Buffalo.................
Washington.........
Albany.................
Rochester............
Scranton..............
Syractiso..............
Reading..............
Wilmington........
Wilkes-Barre___
Wheeling.............
T renton..............
York.....................
<Ihcster................
Binghamton.........
Greonsburg........
A ltoona________
1-ancaster............
Montclair............
Total M iddle..
B oston...............
Provldonco_____
Hartford________
Ncwltaven______
Springfield..........
Portland..............
Worcester........ . _
Fall Ittver..........
New Bedford___
Uolyoko...............
Lowell____ _____
Bangor_________
Tot. New Eng.

1919.

S
$
1,177,390,727 3,128,964,120
387,819,228 338,503,536
137,455,898 110,496,126
76,054,131
73,681,892
29,464,683
10,766,995
16,000,000
13,740,040
3,820,973
5,060,000
7,393,208
10,318,514
3,687,402
3,242,600
3,600,000
3,400,000
2,143,272
2,083,634
2,999,391
3,850,242
1,819,809
2,400,000
4,589,799
4,036,514
2,635,749
2,305,774
1,134,553
1,209,237
2,380,590
1,851,240
1,378,028
1,349,826
992,000
674,700
1,080,144
739,210
730,711
760,045
2,484,007
1,932,949
484.097
287.170
4.874,080,300 3,722,104,078

Inc. or
Dec.

1918.

1917.

$
$
%
+ 33.5 2,725,787,757 2,809,842,030
+ 14.5 300,384,031 281,833,320
61,431,645
05,668,270
+ 24.4
36,903,153
36,849,194
+ 3.2
18,385,426
15,328,265
+ 75.7
+ 16.4
9,634,444
11,234,358
+ 30.9
5,791,514
4,594,520
6,561,649
+39.6
6,631,350
+ 13.7
3,249,844
3,230,042
+ 6.9
3,428,370
3,747,461
+ 39.2
2,376,455
2,024,557
+ 28 4
2,404,093
3,000,821
+ 31.9
1,622,516
1,728,998
+ 13.7
3,300,577
3,108,509
+ 14.3
2,409,381
4,205,450
+ 14.5
1,017,309
1,067,037
+ 29.1
1,796,881
1,058,464
1.176,146
+ 2.1
1,253,032
730,200
+ 47.1
754,800
+ 40.1
851,184
858,008
579,745
593,198
— 3.9
+ 28.0
2,540,243
2,207,831
336,617
408.898
+ 68.7
+ 30.9 3,191,305,924 3,260,788,875

349,064,426
14,110,800
9,166,779
5,002,700
4,428,284
2,813,827
4,103,723
2,454,851
2,000,000
650,000
1,138,406
904,429

281,084,976
9,570,500
6,004,769
4,900.000
3,655,822
2,500,000
2,969,336
2,002,618
1,940,099
580,963
1.014,020
602,941

+ 24.2
+ 47.4
+ 51.1
+ 20.4
+ 21.1
+ 12.6
+ 40.2
+ 22.6
+ 3.1
+ 10.7
+ 10.1
+ 36.4

260,667,182
10,890,800
7,035,837
4,199,632
3,607,198
2,100.000
3,205,995
0,050,374
1,802,769
656,894
1,162,886
600,848

231,906,304
9,797,000
6,771,134
4,496,101
3,775,180
2,509,581
3,772,372
1,481,038
1,601,109
894,015
1,180,152
031,480

306.807,321

316.978 514 4- 25.2

298 2«0 415

268.821.472




N O . 2 85 2

1919.

Inc. or
Dec. |

1918.

1917.

•
S
C hicago........ .....
664,837,339
Cincinnati______
58,889,215
Cleveland_______
95,512,742
Detroit_________
98,382,358
Milwaukee______
33,000,00(3
Indianapolis____
17,806,001]
Columbus............
14,114.300
T o le d o_________
12,594,618
5,121,613
Peoria..................
Grand Rapids__
6,399,889
Dayton_________
4,166,432
Evansville______
5,415,924
2,288,921
Springfield, III__
Lexington............
4,000,000
1,961,611
F
’ort Wayne____
Youngstown___
4,891,708
R ockford........ ._
2,300,000
1.659,028
Bloomington___
Quincy_________
1,958,130
Akron...................
9,023,000
Canton................
5,600,995
1,057,184
Springfield, O __
1,497.395
Decatur________
South Bond........
1,400,000
1,350,000
Mansfield........ _.
Danville..........._.
643,509
Jacksonville, 111-431,580
1,200,000
Lima____ ______
445,208
Lansing1,593,827
________
1,084,568
Owensboro..........
325.019
A drian...... .........
Tot. Mid West 962,162,113

$
460,268,453
54,357,474
80,186,964
58,280,466
29,998,581
12,383,000
11,707,300
10,033,369
4,945,430
4,158,535
3,694,507
3,653,177
2,395,356
3,000,000
1,131,924
3,716,099
1,852,541
1,344,586
1,408,149
7,221,000
2,229,374
1,179,057
981,483
1,097,079
1,043,554
616,805
440,194
882,193
262,083
841,940
1,508,936
74.568
766,884,177

%
+ 22.7
+ 8.3
+ 19.1
+ 66
+ 10.(3
+ 43.8
+ 20.7
+ 25.5
+ 3.6
+ 53.S
+ 12.8
+ 48.5
— 4.5
+ 33.3
+ 73.3
+ 31.6
+ 24.2
+ 23.4
+ 39.1
+ 33.3
+ 151.2
+ 40.6
+ 52.6
+ 27.6
+ 29.4
+ 4.3
— 2.0
+ 36.1
+ 69.9
+ 89.3
— 28.1
+ 335.9
+ 25.6

$
$
428,171,747 436,196,925
42,382,76)35,901,041
65,775,172 & 56,937,136
41,765,438
52,874,839
27,471,544
25,621,641
13,903,00(3
12,514,000
9,412,S0C
9,720,800
9,225,039
9,781,296
4,400,685
4,800,000
4,587,969
4,781,447
2,829,522
3,204,442
3,296,961
2,511,963
1,983,442
1,665,273
1,726,378
898,864
1,041,704
1,741,268
5,377,627
3,368,109
1,650,322
1,366,416
1,453,018
1,034,832
1,287,701
974,766
4,809,000
4,557,000
2,741,585
3,055,625
1,031,559
1,042,258
1,002,351
866,075
1,007,565
750,000
773,806
741,047
525,000
575,000
451,244
378,218
060,017
636,325
327,695
385,664
799,779
1,067,711
1,383,919
837,295
73.719
99 553
683,390,146 080,892,829

San Francisco__
Los Angeles____
Seattle................
Portland..............
Salt Lake Cit y _
_
Spokane________
T acom a..............
Oakland _ _____
Sacramento........
San Deigo______
F resno................
Stockton________
San Jose________
Pasadena_______
Y akim a________
Reno.... ......... .....
Long Beach____
Total Pacific..

134,541,979
65,729,000
36,989,521
30,000,000
13,780,000
11,604,479
4,800,088
9,665,578
4,462,612
3,224,313
3,813,027
4,860,100
2,077,067
2,087,268
1,307,042
777,490
2,867.584
332,587,148

107,346,458
33,679,000
28,412,244
26,243,977
13,000,000
7,220,353
4,210,142
7,139,548
3,373,293
2,463,400
2,131,653
1,449,969
866,560
1,160,974
826,839
612,477
1.164.648
241,301,535

+ 25.3
+ 95.2
+ 30.2
+ 14.3
+ 6.0
+ 60.7
+ 14.0
+ 35.4
+ 32.3
+ 30.9
+ 78.9
+ 23.5
+ 139.6
+79.9
+ 58.2
+ 26.9
+ 146.2
+ 33.7

94,629,677
28,893,000
24,398,496
19,878,165
11,196,063
7,002,430
3,775,481
5,480,458
3,193,783
2,231,385
3,175,679
1,922,510
917,813
1.201,280
711,726
543,584
1.030.936
210,182,466

77,402,622
31,130,000
16,752,890
13,373,363
12,063,094
5,192,112
2,397,857
5,207,205
2,178,135
2,469,317
1,576,366
1,481,665
873,294
1,418,191
526,374
437,179
723.275
175,203,539

Kansas City____
Minneapolis........
Omaha................
St. Paul..............
Denver . ______
St. Joseph..........
Des Moines____
Sioux City..........
Duluth_________
W ichita..............
Lincoln................
Topeka_________
Cedar Rapids__
Colorado Springs
P ueblo................
Fargo - .......... - - Fremont________
W aterloo_______
Helena__ ____
Billings............ .
Hastings............ .
Aberdeen_______
Tot. Oth. West

232,041,931
39,120,668
51,200,159
18,027,248
20,733,452
17,247,746
10,817,521
9,725,000
6,303,402
14,763,271
5,247,616
3,128,529
2,472,730
1,193,952
839,940
2,000,000
559,224
1,801,743
1.700,000
1,256,320
735,925
1 .078,428
412,060,806

177,713,877
27,805,821
46,781,107
13,623,622
15,364,504
17,198,079
8,125,362
9,234,905
4,939,936
10,460,232
3,573,592
3,007,505
1,793,868
752,186
734,533
2,169,818
501,658
1,360,222
1,811,840
1,012,404
400,637
1.084.433
349,468,964

+ 30.6
+ 40.7
+ 9.6
+ 32.3
+ 34.9
+ 0.3
+ 33.1
+ 5.3
+ 27.6
+ 38.3
+ 46.8
+ 4.0
— 37.8
+ 58.6
+ 14.4
— 7.8
+11.5
+ 32.4
— 6.2
+ 24.1
+ 83.7
— 0.0
+ 20.5

186,599,558
27,794,783
44,618,799
12,946,131
19,202,880
17,385,811
7,118,499
7,079,489
.3,583,246
7,643,188
4,032,149
2,917,610
1,740,842
756,493
099,818
1,414,438
895,649
1,950,767
1,592,319
8,963,386
423,532
830,312
352,712,699

115,017,011
23,031,540
32,911,011
13,062,565
12,544,133
13,348,960
6,913,530
5,947,491
4,109,721
6,879,932
3,314,830
2,172,834
1,768,959
940,461
581,518
1,141,040
500,000
1,985,618
1,567,000
760,877
380,305
630,738
249,420,074

St. L o u is ..____
New Orleans___
Louisville............
Houston..............
Galveston_______
Richm ond_____
Atlanta............ ..
Memphis_______
Savannah............
Nashville .......... .
Fort Worth........
Norfolk................
Rlrmlngham___
Augusta............ .
Knoxville ..........
Little Rock........
Jacksonville........
Mobile . ..............
Chattanooga___
Charleston______
Oklahoma..........
Austin..................
Vicksburg............
Jackson ________
Muskogee_______
T u ls a ...... ...........
Dallas..................
Shreveport_____
Total Southern
Total all...........
Outside N. Y . .

161,524,608 144,816,155 +11.5 143,572,405 116,270,366
46,055,011
54,526,099 + 25.5
32,364,348
68,440,990
22,738,503
15,000,000
21,804,949 — 31.2
22,784,213
12,500,000
11,000,000
28,471,191
12,710,073 + 124.0
4,500,000
3,870,108
6.000,000
4,087,327 + 46.8
39,327,222
21,719,461
62,594,623
46,832,301 + 37.7
46,381,675
22,762,577
63,157,511
50,037,227 + 26.0
13,955,537
10,317,258
29,644,402
16,275,799 + 82.1
7,173,753
5,227,924 + 87.6
4,822,547
9,805,115
12,764,884
14,929,946 + 38.0
9,183,097
20,600,242
12,811,821
13,187,603 + 22.0
9,499,815
16,091,167
7,911,774 + 41.7
7,113,032
4,332,839
11,109,082
3,003,294
2,859,223
15,000.000
10,824,573 + 38.6
2,917,300
2,462,536 + 62.8
1,832,297
4,008,951
2,558,772 + 36.8
3,500,753
2,504,501
2,017,450
2,7S2,781
5,461,634 + 128.6
5,384,748
12,483,846
4,625,963
3,964,896
12,398,098
8,453,229 + 46.7
1,378,077
1,569,474 + 35.8
1,200,000
2,131,789
4,150,205
3,347,032
8,295,136
4,884,109 + 65.7
3,279,263
2,211,984
4,300,000
3,200,000 + 34 4
5,109,278
8,737,671
12,969,009
8,875,053 + 46.1
2,200,000
1,220,722
2,000,000 + 263.2
7,264,617
4,000,000
3,500,000
2,800,000
9,174,880 — 69.5
345,914
505,629
403,208
388,994 + 26.8
488,773
723,698
734,208
650,653 + 12.8
1,685,099
1,403,058
5,045,084
3,336,139 + 51.2
8,033,942
5,430,578
9,205,656 + 54.5
14,224,372
16,609,810
11,090,295
36,640,126
22,582,360 + 62.2
2,569,168
1,500,000
4,500.000
2,828,786 + 59.1
639,228,728 490,804,025 + 30.2 441.802,861 317,180.910
7.640,925,585 5.887,522,560 + 29.9 5.180.744.521 4,952,307,683
3,469.528,778 2,758.558,431 + 25.812,454.956,764 2,142,465,053

684

THE CHRONICLE

T H E N E W R A IL R O A D B IL L .
Since th e passage of th e In ter-S ta te
Com m erce A c t in 1887 there h as been
no more im p o rtan t legisla tio n a ffe c tin g
th e w elfare of U n ited S ta te s railroads
th a n th a t now bein g perfected in c o n 
n ection w ith th e retu rn o f th e roads
to private con trol. T h erefore we give
on pages 720 to 732 th e fu ll text of th e
bill agreed upon th is week b etw een the
conferees of th e tw o H ou ses. O n pages
716 to 719 we also p rin t com plete the
report su b m itted by C h airm an Esch in
p rese n tin g th e bill to th e H ou se. T h is
report in d icates th e exten t to w hich
each H ou se yielded to th e o th er.
An
o u tlin e of th e m ain featu res o f th e bill
is fu rn ish ed in th e rem arks on page 715,
w hile ed itorial com m ent on th e bill ap
pears in an article on page 695. T h e
trem en dou s im p o rtan ce of th e m atter
w arran ts the>large a m o u n t of space we
are giving to it.

THE FIN A N C IA L SITUATION.
It is becoming more and more evident that the
Federal Reserve authorities are unable to enforce the
banking policy deemed so needful in the adminis
tration of the Federal Reserve banking system at the
moment or else they are not proceeding to enforce
that policy with due vigor and determination.
Among competent judges there is no difference of
opinion as to the requirements of the hour. There
has been over-speculation and price and credit in
flation as well as currency inflation. The country
must now get back to the normal from the abnormal—
and this means that there must now be liquidation
and loan contraction as well as a diminution in the
outstanding currency issues, which latter have done
so much to foster speculation and encourage and
promote credit inflation which lies at the bottom
of everything else.
It may be laid down as a sine
qua non that there can be no return to the normal
until we stop injecting further note issues into our
already much inflated volume of Federal Reserve note
issues.
With liquidation and loan contraction and cur
rency contraction the imperative requirement, what
progress is being made in that direction? Study of
the weekly returns of the Federal Reserve banks
would appear to justify the conclusion that outside
of liquidation on the New York Stock Exchange
no progress whatever is being made towards the de
sired end, and even the liquidation on the Stock
Exchange, which has been thorough and drastic and
was attended by a very violent collapse in prices,
seems to have been wholly without influence else
where in even the New York Reserve District
— in other words, the liquidation has been limited
to the confines of that institution, leaving inflationary
tendencies in other kinds of activities as pronounced'
as before.
The last two weekly returns of the Federal Reserve
banks have been particularly significant in that
respect. We referred to the return for Feb. 6 in our
issue of last Saturday and set out at length its disap
pointing nature. As it happens, the return for
Feb. 13 proved even worse. And the two together




[Vol I 10.

present a picture which should make all thoughtful
men pause and consider. In face of all the warnings
from Washington and from the various Reserve cen
tres, no loan contraction whatever is taking place
outside the portals of the Stock Exchange. On the
contrary, loans are steadily rising. Really the situa
tion has reached a point where one is inclined to ask
whether the action of the Federal Reserve officials is
going to end in mere talk. The Federal Reserve
Bank of New York last week took under discount
$52,900,000 additional bills, following only $14,
847,000 decrease in the preceding two weeks. Just
think of such a heavy addition to the loan account
at a time of great liquidation on the Stock
Exchange and a consequent curtailment
of
Stock Exchange loans. For the twelve Federal Re
serve banks combined the result was still more
striking. Here rediscounting has proceeded at such
a pace that no less than $77,746,000 addition to the
bill holdings took place last week. This followed
successive increases in each and every week back to
Jan. 9. Consequently the bill holdings are now the
largest in the entire history of the Federal Reserve
banking system— larger even than on Jan. 2, just
be ore the week in which a very substantial re
duction in the volume of such bills occurred.
The total of such bills is now $2,836,035,000, against
$2,758,289,000 Feb. 6, $2,735,670,000 Jan. 30, $2,
729,247,000 Jan. 23, $2,675,740,000 Jan. 16 and
$2,805,818,000 Jan. 2, the previous maximum and
which at the time occasioned much solicitude. Thus
we have had much preaching as to what should be
done in the way of liquidation and loan contraction
with the results in exactly the contrary direction.
With the facilities of the Federal Reserve banks
previously taxed almost to the limit, how have these
banks found the means for extending additional
accommodation to the member banks? Their course
in that regard has been especially open to challenge.
They have simply proceeded to put out further
amounts of Federal Reserve notes. For the four
weeks ending Jan. 23 the total of notes in circulation
was decreased in substantial amounts, and it began
to look as if the Reserve banks were moving in the
right direction and that note contraction, which must
precede loan contraction, was to continue until the
position of the Federal Reserve banking system was
sufficiently improved to remove all occasion for
anxiety. The last week of January, Reserve note
circulation again began to expand and the expansion
has been proceeding at a progressive rate in each
and every week since then. Last week the Federal
Reserve Bank of New York alone added $21,132,000
to its total of notes in circulation which was in addi
tion to $18,951,000 the previous week; and in the
four weeks ending Feb. 13 this Reserve Bank has
enlarged its note circulation by no less than $51',
348,000. The twelve Reserve banks combined last
week added $67,312,000 to their volume of Reserve
notes in circulation, in addition to $47,548,000 the
preceding two weeks.
.
Every increase in Reserve note circulation adds of
course to the amount of cash required for reserve, and,
as it is impossible to find new supplies of gold, the
reserve position of these banks is being steadily
weakened. Every week since Jan. 1 the ratio of
cash reserve to deposit and note liabilities has been
reduced andit is now down to 4 3 .2 % ,or the very lowest
figure on record. In this percentage, too, the hold
ings of legal tenders, &c., are included as well as the

Feb. 21 1920.]

THE CHRONICLE

685

gold on hand. In the case of the New York Federal and banking conditions is not to eventuate in a farce.
Reserve Bank the cash reserve to liabilities last Satur In brief, the credit facilities released from Stock
day was down to only 38.9% . This Reserve Bank Exchange speculation must not be used to promote
is evidently laboring under great strain and its cash speculation and excessive credit demands elsewhere.
reserve has dropped to the figure mentioned, not And ^credit facilities themselves must be reduced by
withstanding it is drawing upon the resources of the curtailing new note issues.
other eleven Reserve banks to the extent of almost
Liquidation on the Stock Exchange having released
$50,000,000, as evidenced by the fact that it reports the credit facilities tied up in the speculation there,
a “ contingent liability as endorser on bills rediscount the note issues created in extending credits in support
ed with other Federal Reserve banks” in amount of of such speculation should be canceled and perman
$49,735,000.
ently eliminated, thereby rendering them unavailable
It is evident that a stop must at once be put to elsewhere. It will be a sorry day for the country if
further issues of Reserve notes. More than that, the manufacture of new credit facilities through addi
the outstanding volume of these notes must be tions to the volume of outstanding notes is allowed
gradually but none the less steadily reduced. Anc. to continue indefinitely.
after having once been reduced, must be permanently
held down. Mere pronouncements against credit
Gold mining operations in the Transvaal in the
expansion will count for nothing so long as the opening month of 1920, while showing a slight expan
Reserve authorities countenance the manufacture of sion by contrast with the closing period of 1919, do
new credit facilities by further note issues. It is not disclose any tangible improvement in the sit
becoming plainly obvious that even the raising by the uation in the world’s leading gold field as compared
Reserve banks of their discount rates is not proving with the condition noted for some time past. On
an obstacle to further borrowing on the part of the the contrary, the current return— that for January
member banks, since, as we see, the bill holdings of 1920— not only exhibits a decrease from almost
the central institutions are increasing as a result of every month of 1919, but is smaller than for the same
such borrowing.
time in all years back to and including 1915, with the
The truth is, the member banks will continue to declines from 1917 and 1916 especially heavy. From
borrow until they are flatly told they can borrow no this it is evident ‘that even the premium being secured
longer. They have no end of bills ready at hand that for the product is not acting as a spur to increase the
they can present to the central institutions as col yield. But this failure, doubtless, is to be ascribed
lateral for further borrowing. The Reserve banks to inability to measurably increase the labor force.
must do what an ordinary banking institution would The yield for January, 1920, as cabled, was only
do if its resources were all loaned out and it were 670,503 fine ounces, or a per diem average of 21,629
confronted by new demands on the part of its cus fine ounces, this comparing with 676,059 fine ounces,
tomers and did not have the Reserve banking system or a daily average of 21,808 fine ounces last year,
to fall back on. Such a banking institution would 714,182 fine ounces and 23,038 fine ounces two years
in such a contingency tell its customers that it was ago, 782,634 fine ounces and 25,246 fine ounces in
out of the question for it to extend further accomo 1917, and 787,467 fine ounces and 25,402 fine ounces
dation to them. In like manner, the Federal Reserve in 1916. In 1913 and 1912, too, the January out
banks must tell the member banks that they cannot put was in excess of that of the current year. In
be accomodated any further.
fact, as compared with 1913 the falling off is over 15%.
New Reserve note issues must cease both because
they add to the cash liability of the Reserve banks
Building construction returns for the United States
and because they encourage and invite additional for the initial month of 1920 furnish most convincing
borrowing by the member banks. As we have so evidence of the extreme activity in this important
often urged, a firm and uncompromising stand industry as a result of developments in 1919. In
against further note issues must at once be taken if every section of the country it would seem that
a whole train of evils is to be avoided which must building projects for the month ran far ahead of
inevitably follow pursuit of the opposite course.
anything that might have been expected at a time
The New York Clearing House banks have been of year when outdoor work being, as a rule, greatly
leading the way by cutting down the loans to their hampered by meteorological conditions, the total of
customers and now the Reserve banks must do their operations is usually of comparatively limited volume.
part. Last week there was a contraction in the loan But this year, with the need of additional structures
item of the New York institutions in amount of for all purposes, and for dwelling occupancy in par
$58,074,000 and this followed a reduction of $63,019, ticular, very urgent, an unprecedented winter aggre
000 in the week ending Feb. 7, $29,324,000 in the gate of plans was put under permit— a total so large,
week ending Jan. 31, $44,067,000 in the week ending in fact, as to contrast favorably with the many months
Jan. 24, $31,111,000 in the week ending Jan. 17 when weather conditions present no hindrance to
and $22,579,000 in the week ending Jan. 10. The the steady and rapid carrying on of construction
result is that the loans of the New York Clearing work. It is also to be noted that the current total
House institutions last Saturday stood at only $5, is so decidedly above the best aggregate previously
125,602,000, against $5,373,776,000 on Jan. 3, being reached in any January as to remove all doubt as to
a reduction for the six weeks of almost a quarter of a its being a high record even with allowance for the
billion dollars.
great increase in cost of materials, labor, &c. In
The cost of this loan reduction to those affected other words, were it possible to give a close approxi
by it has been heavy, as those suffering from the mation of the quantitative construction put under
liquidation on the Stock Exchange with complete contract during the month it would be found to be
collapse in prices have reason to know. Liquidation, much the largest in our history for the period.
however, with the resulting loan contraction, cannot
For 114 cities from which we have returns for
end there, if the movement to restore normal credit January 1920 the permits cover a contemplated




r 686

THE CHRONICLE

expenditure of no less than $122,634,784, or nearly
101 million dollars above the diminutive aggregate of
afyear earlier, over 96 millions above 1918 and more
than double that of 1917. Greater New York ex
hibits a very striking gain over a year ago tvnd as
compared with January of many years prior thereto
the increase is also very noteworthy. For the five
boroughs of the city, in fact, the aggregate is $28,
653,174 (a record for January), against but $5,020,
033 last year, $5,245,740 in 1918 and $9,924,065 in
1917. Outside of New York the outlay arranged for
in the month reached the extraordinary amount of
$93,981,610, against $16,784,282 last year and $20,
560,440 two years ago; and of the 113 cities included
only 4 exhibit decreases, and these all small places.
On the other hand, there are many exceptionally
heavy percentages of gain. These are to be found
at such leading centres of trade and industry as
Chicago, Philadelphia, Boston, Pittsburgh, Balti
more, Cleveland, Kansas City, Detroit, San Fran
cisco, Los Angeles, Portland, Ore., Seattle, Cin
cinnati, Denver, Omaha, Minneapolis, Milwaukee,
Indianapolis, Washington, Toledo, St. Paul, Colum
bus, Jersey City, Houston, Salt Lake City, New
Haven, Hartford, Springfield, Mass., Bridgeport,
Akron, Dayton, Dallas, Louisville, Worcester, Ta
coma, Memphis, Atlanta, Richmond, Norfolk, Bir
mingham, Newark, Oklahoma City and Jacksonville.
Analyzing the returns by groups, we find that
13 New England cities report an increase of nearly
7*4 million dollars (479% ) over 1919, while the
Middle section (31 cities outside of Greater New
York) exhibits an augmentation of over 11% millions
(385% ). The Middle West (24 cities) shows an
expansion of 2 6 millions (442% ) and the result at
the South (21 cities) is about 14 millions (736%)
better than in 1919. For the Pacific Slope 8 cities
give an aggregate over 734 million dollars (316%)
greater than for 1919 and the remainder of the West
(16 cities) registers an increase of 924 millions
(519% ). This comparison is with a lean period
in construction work, but the current totals in each
instance establish a new high mark for January.

[Vol. 110.

sequently first hands are not in a position to *ake
care of any new calls for nearby deliveries. Further
more, prices generally are much higher than ever
before in the history of the trade, having advanced
in greater ratio than the raw material, hence affording
a much wider margin of profit than usual. It is
perhaps unnecessary to note that for some consider
able time the mills of Fall River have not been work
ing up to capacity, even taking into account over
time at night, this being, of course, due to inability
to secure the requisite labor force. The situation
now is in decided contrast with this time a year ago,
when, as a result of the cessation of the war demand
for goods, not only were the mills working much
below capacity and finding difficulty in disposing
of their output, but prices showed a considerable
reduction. Printing cloths, 28-inch, 64x64s, for ex
ample, which had been up to 14 cents per yard in
M ay 1918, dropped to 734 cents in the following
January, and other classes of goods showed important
declines. Now printing cloths rule around 16 cents
and close to the top, and other goods show propor
tionate advances. There is a disposition in some
quarters to share with the employees the unusual
prosperity resulting from the year. One mill, the
King Philip, has announced its intention to follow
such a course, the amount to be paid to be based
upon average weekly wages and length of service
with the corporation.
Our compilation of dividends declared by the
Fall River mills for distribution in the opening quar
ter of 1920 indicates that of the 38 corporations in
cluded 36 increased the rate of distribution as com
pared with a year ago. In all, the amount to be paid
out in the period this year is no less than $2,325,338,
or an average of 7 % on the capital involved, against
$1,131,184, or 3.42% in 1919, and $955,059, or
2.90% on 1918. For all earlier years back as far as
our record goes, the return to shareholders in the
first quarter was much below the current average.
In fact, in 1916 the dividends for the whole year
aggregated only 7.75% and up to but not including
1918 the heaviest distribution ever made at Fall
River for a twelve months’ period was the 11.09%
That the Fall River cotton manufacturing corpo of 1907.
rations are continuing in the enjoyment of an era
In addition to the numerous problems with which
of unprecedented and well-sustained prosperity finds
further confirmation in the most recent dividend the Allied Powers have had to contend since the sign
declarations— those for distribution in the first quar ing of the armistice, and even much more recently,
ter of 1920. The amounts scheduled to be paid out this week they were called upon to give their atten
to the shareholders in the various establishments tion to two big developments in this country, both
during the period are with one or two exceptions having a distinct international aspect. The first, of
greater, and in most cases largely so, than at the course, was the virtual dismissal by President Wilson
same time in 1919, with the aggregate of all much of Secretary of State Lansing from his Cabinet.
the heaviest on record for a three months’ period. This became known in the United States and Europe
It is, in fact, nearly $300,000 in excess of the hitherto a week ago this morning through the publication of
record sum paid out in the third quarter of 1918, and the correspondence between the President and the
more than double the return made to stockholders Secretary of.State, which led up to and resulted in the
in the same quarter of 1919, which itself was a high- resignation of Mr. Lansing, which the President
water mark for the opening three months of any year. accepted, to take effect at once. Naturally the
This is the outcome, moreover, in face of an increase news caused a sensation in Europe as well as in this
in the wage scale of 1 2 )4 % , which was granted to country, not so much because the resignation was
unlooked for, as the grounds upon which the President
the operatives on Dec. 1 last after a one-day strike.
It is hardly necessary to say that these profitable demanded it. As might have been expected, Euro
results merely reflect conditions in the cotton goods pean political leaders have refrained to a great extent
manufacturing industry not only in this country but from commenting upon the incident. In this coun
elsewhere, due to the famine in the manufactured try the President has been very generally condemned
products. Just at the moment it happens that de for his action. The newspapers in Great Britain and
mand is less active than it had been. But production -France indulged in some comment, but it was not as
in most lines has been sold very well ahead and con general as might easily have been expected.




F eb . 21 1920.]

THE CHRONICLE

Those who played an active part in the Peace
Conference in behalf of the Allied Powers must have
known months ago that the American Secretary of
State did not enjoy the confidence of the President
to the extent that is ordinarily supposed to exist
between the two men holding those important posi
tions. For this reason they could not have been
particularly surprised to hear that Secretary Lansing
had given up his portfolio, but they must have felt
very much as the people in America did with respect
to the charge made by the Chief Executive against
his Secretary of State. Apparently the feelings of
French people were pretty well expressed by “ Le
Journal” of Paris, which said: “ President Wilson
returns after his mysterious illness and comes to the
conclusion that Secretary Lansing, during his ab
sence, has been ruling as Lansing wished, and dis
misses him. National representation and popular
sentiment are not even consulted in reaching a de
cision in which Louis X IV would have used more
formality.”
Sensational as the announcement of the dismissal
of Secretary Lansing at first seemed, it was largely
overshadowed in European opinion, according to
cablegrams from London and Paris, by the announce
ment on M onday morning of the reported stand that
President Wilson had taken toward the agreement
recently reached by Premier Lloyd George for Great
Britain, Premier Millerand for France and Premier
Nitti for Italy, regarding the troublesome Adriatic
problem. As at first reported, both in this country
and in Europe, President Wilson had sent a note to
the British and French Premiers warning them that
if they insisted on putting this agreement into effect
the United States might feel called upon to withdraw
from all negotiations and participation in European
affairs. Needless to say that such a report could not
fail to cause a sensation on both sides of the Atlantic.
Unfortunately the week passed without the note
being made public. In the meantime there was a
vast amount of speculation as to what the President
actually had said. Apparently there was consid
erable uneasiness at the White House during the
day, M onday, inasmuch as the Associated Press
sent out a statement during the forenoon, which it
said was based upon “ official” information obtained
at the White House, to the effect that the President
had not threatened to withdraw from all negotiations
regarding European affairs, but only from further
negotiations over the Adriatic situation. The ad
vices from Paris and London, particularly the former
centre, indicated that the understanding there was
also that the President had informed the British and
French authorities that “ unless they yield to him
in the effort to settle this problem, the United States
will find it impossible to continue to concern itself
with European affairs.” Of course Premiers Lloyd
George and Millerand, to whom the note is addressed,
knew its contents, but for several days no official
statement was made in Paris or London regarding
the contents and the people there generally were
guessing the same as they were here.
The whole situation was further disturbed on
Wednesday morning by dispatches from Washington
in which it was claimed that the President had de
clared in his note that he might feel called upon to
withdraw the Versailles Treaty from the American
Senate, if the proposed agreement of the three
Premiers was persisted in. The incident, from the




687

beginning to the present time, has had a distinctly
disturbing effect, both in this country and in Europe.
It could not be otherwise. Paris and London cable
grams made it clear soon after the first reports re
garding the note became current, that the Allied
leaders were not disposed to close the door to America
relative to further participation by this country in
the settlement of European affairs. From Wash
ington came the definite statement that President
Wilson had taken the stand referred to relative to the
proposed Adriatic agreement “ because the United
States was not consulted in the matter until after the
Premiers had agreed upon the plan of settlement and
submitted it to the Government of Jugo-Slavia.”
It has been known for a long time that President
Wilson was firmly of the opinion that Italy should
not be shown preference in the final decision with
respect to Fiume, but that Jugo-Slavia should have
an equal chance.
European cablegrams indicated also that the Allied
Premiers would hasten their reply to the Wilson note
and in Tuesday’s dispatches from Paris it was
claimed that “ the Allied reply to President Wilson’s
memorandum regarding the Adriatic settlement will
assure the President that the Allied proposal of
Jan. 21 was not as unfavorable to the Jugo-Slavs
as he believed.” A special correspondent in Paris
of the New York “ Times” declared in a cablegram
that “ the whole game of peace-making has come to a
show-down, according to opinion here. Either the
Allies, with the support of America, may remake
Europe in accordance with the principles for which
America entered the war, and join the Peace Con
ference, or the Allies, without the support of America,
may remake Europe in violation of those principles.”
He added that “ the way appears open for a diplo
matic victory for President W ilson.”
As the days passed the cablegrams from London
and Paris showed conclusively that the British and
French political leaders were not at all pleased with
President Wilson’s first note relative to the Adriatic
matter. For instance, the “ Pall Mall Gazette”
editorially said: “ Europe is having its own experience
with the Presidential temperament in the new Ameri
can note on the Adriatic difficulty. This document
roundly rejects the compromise just framed by the
Entente and threatens that if it is persisted in the
President will take no further part in the Peace Con
ference. But this outcome, regrettable as it may be,
seems inevitable in any case. If America declines
to bear any of the practical responsibilities of the
settlement, she can scarcely claim any part in the
shaping of its terms.” Reference has already been
made to an expression of French opinion through the
columns of one of the daily newspapers of Paris.
Premier Nitti of Italy was quoted by a London
correspondent of “ Messagero” as saying that “ we
must not forget that America has the handle of the
knife. Her temporary absence from the conferences
does not mean she has disinterested herself. She is
watching our decisions and can intervene at the
psychological moment to annul every decision.”
On the other hand, the advices from the principal
Allied capitals clearly indicated that the Premiers and
their advisers were extremely reluctant to do any
thing that would tend to close the door to American
assistance, at least during the period of most active
reconstruction. A Paris correspondent of the New
York “ Times” in commenting on this point said:
“ The situation between America^and the Allies, as it

688

THE CHRONICLE

resolves, itself to-day, is this: First, recognizing the
political, economic and financial importance of Amer
ica, the Allies wish to have America aid them in re
making Europe and in shaping their world policies.”
He added that the other side of the story was that
“ the Allies are unwilling to accept a position in which
Washington shall have the power of a court of review
over their deliberations.” Apparently this is an
accurate portrayal of the situation, which is about as
susceptible of a complete deadlock as Washington
dispatches claimed on Wednesday evening that the
Versailles Treaty is, as between the American Senate
and President Wilson.
The London “ Times,” commenting editorially upon
President Wilson’s Adriatic note,-said emphatically:
“ It raises in direct form a question which the Allied
democracies will not suffer the Supreme Council to
settle unrestrained. They are not prepared to com
mit to the uncontrolled discretion of their Prime
Ministers or of anybody else their relations with the
people of the United States. That and nothing else
is the subject which the Paris note appears to put
before them .” Continuing, the “ Times” said that
“ the American people do not want to withdraw their
influence in world affairs, not do they intend that
their part in the League of Nations, if they enter it,
shall be small; but in their present mood a very little
thing might suffice to make them withdraw their
countenance from the peace settlement and turn
their backs for reason upon the affairs of the Old
World. That would be a calamity to the Allied
people and to them; for if they averted their thoughts
from Europe, her problems and her sorrows, it would
not be as unconcerned observers, but as discarded
and alienated friends.”
It became known here Wednesday morning
through an Associated Press cablegram from London
that the night before the American Embassy at that
centre was engaged in coding and forwarding to
Washington the reply of the Supreme Council to
President Wilson’s Adriatic note. It had been
handed to Ambassador Davis late on Tuesday. It
was added in the London cablegram that the reply
would be in the hands of the Washington Govern
ment some time Wednesday, and so it was. Ad
vices from that centre received during the afternoon
stated that the communication was being decoded.
Thursday morning there were definite statements
that the reply had been placed before President Wilson
and by midday dispatches were received from the
national capital stating that President Wilson had
completed his reply to the Allied communication
and had placed it before Acting Secretary of State
Polk for careful consideration from a technical
diplomatic point of view. The dispatches from
Washington throughout the day stated also that it
was probable that all the correspondence would be
made public in due time. Communications with
that object in view were said to have passed already.
While, according to a cablegram from London Thurs
day morning, there was a general clamor at that
centre for the publication of the correspondence, or
at least of President Wilson’s first note, it was stated
that the Supreme Council decided at its session on
Wednesday that “ for the present it would be im
possible to make public the correspondence with
President Wilson.” Naturally there was not a little
interest in the report from Paris that the Paris news
papers had published a paragraph which they claimed
was the exact text of a postscript to President W il




[Vol. 110

son’s first note. It is said to have read as follows:
“ The President would take into serious consideration
the withdrawal of America from the Treaty of Ver
sailles and from the Treaty between the United
States and France.”
Yesterday morning a cablegram was received from
Buenos Aires containing what purported to be a sum
mary of the reply of the Allies to President Wilson’s
first note on the Adriatic question, as cabled by the
Rome correspondent of “ La Nacion” of the South
American city. In the six points presented by the
correspondent the Allies were represented to have
taken a.strong position in favor of Italy in the dis
position of Fiume and to have maintained that Presi
dent Wilson’s project for a buffer state had been
rejected by the Jugo-Slavs and that, moreover, for
other reasons, the project did not appear practical
to the Allies. With regard to the reported threat of
the President to withdraw his signature from the
Treaty of Versailles the Allies were represented by the
correspondent to have said that “ he not only destroys
the value of his first and most important act, but
annihilates it absolutely, since he shows that engage
ments contracted in accord with his policy can be
destroyed lightly.”
In Washington advices yesterday morning the
statement was made that “ according to the best in
formation obtainable here President Wilson is stand
ing firm in his opposition to the modified Adriatic
settlement, which was submitted recently by the
Allies to the Government of Jugo-Slavia, with an
ultimatum offering a choice between their January
plan and the secret treaty of London.” It was
added that “ his reply to the powers will uphold the
December plan and seek to justify his opposition to
the January program of the Powers.” The Wash
ington dispatches differed somewhat, but it was
believed that President Wilson’s second note would go
forward yesterday or to-day. Last night’s advices
from the same centre stated that two or three days
might elapse before it was dispatched. According to
London cablegrams yesterday morning there appeared
to be greater probability that the Supreme Council
would “ agree to the publication of President Wilson’s
Adriatic note and the Allied reply.” It was stated
that “ whether this would be done here or in Wash
ington had not yet been decided.” The Council was
reported to have discussed at its session on Thursday
the “ newspaper pressure in England, France and the
United States for publication of the documents, in
order to suppress erroneous reports and rumors.”
In comparison with the dismissal of Secretary
Lansing and the Adriatic incident, purely European
developments seemed relatively insignificant. It is
quite likely that more of importance, of special
interest to the United States, has occurred in Europe
this week than has been outlined in the cablegrams
received. Undoubtedly much important matter was
crowded out because of the space given to the Adri
atic incident. It is not improbable either, as was
indicated recently by a prominent authority, that
reconstruction is going forward, at least in some parts
of Europe, even to a greater extent than is being
realized by the people who are on the ground.
Something was said about the extradjtion of the
former Kaiser by Holland. In fact, the latest note
from the Allies to the Government of that country
on this very question was made public. And so
was a note to the German Government dealing with

Feb. 21 1920.]

THE CHRONICLE

the proposed trial of war criminals at the Court of
Leipsic. In the latter note it was set forth that
“ the Allies will abstain from intervention in any way
in the procedure of the prosecution and the verdict,
in order to leave to the German Government com
plete and entire responsibility.” According to a
cablegram from Berlin Thursday morning the
“ Entente’s note transferring jurisdiction over the
blacklisted persons to the German Federal Supreme
Court at Leipsic has created much satisfaction.”
London received a dispatch from Berlin yesterday in
which it was asserted that the trial would be expe
dited as much as possible. Examination of witnesses
and arguments are to be begun next week, according
to the dispatch.

689

restored. We want a plebiscite and will not accept
territorial dispositions provided for in the treaty with
out it. The Government now wants the country
put under a temporary regent and asks the House
to choose one whose personality may save the nation
from complete ruin.”
Apparently Great Britain and France are giving
special attention just now to the Turkish situation.
A cablegram from London yesterday morning said
that “ the reservations which France and Great Brit
ain are said to have made with regard to the Turkish
peace terms, including the retention of the Turks in
Constantinople, have aroused strong feeling in Par
liament, where the opposition vigorously objects to a
settlement of the Turkish question without its re
ference to the Commons.” The advices stated that
Premier Lloyd George “ gave assurances that there
would be no commitment beyond that which the
Goverment already had made until the House had
an opportunity to discuss the subject.” Paris re
ported that “ Premier Millerand outlined to the
Foreign Affairs Commission of the Senate the various
questions discussed by the Supreme Council of Lon
don, especially with regard to maintenance of the
Sultan in Constantinople.” According to other
advices from the French capital “ Great Britain has
been understood to have taken the attitude that the
Turkish Government must be ousted from Constanti
nople, but the French have opposed the step.”

An 'incident of special interest was the formal
retirement of Raymond Poincare as President of the
French Republic and the induction into office of
Paul Dcschancl as his successor. The latter in his
formal address said that “ France and America should
remain united to establish a lasting peace. Justice
and strength must go together. France should be
strong not only morally, but also materially. We
must see that the Peace Treaty is completely ful
filled. The League of Nations is the supreme guar
antee of free peoples which will prevent or chastise
crimes against the tranquility of the world. The
watchword for France shall be ‘All for the country,
for liberty and justice.’ ”
It became known yesterday morning that on Thurs
day France opened “ her big peace loan, which is to
British revenue returns for the week ended Feb. 7
be unlimited in amount.” It is said that “ the loan (delayed in transmission) showed an increase in in
is at 5 % , with the additional attraction of a 50% come over outgo of £317,000, the total having been
premium to be given with every bond at maturity.” £120,526,000, as against £194,313,000 for the week
of Jan 24. Of this sum revenues brought in £44,087,
A Berlin cablegram received yesterday morning 000, savings certificates £1,400,000, advances £13,
stated that “ German industrial leaders are planning 000,000 and the funding loan and victory bonds
to send a commission to Soviet Russia. It is even nominal sums. The total ourflow amounted to
reported that this commission will proceed under the £120,209,000, comparing with £194,138,000 the week
auspices of the German Government and that its previous. This included repayments of £25,000,000
chairman will be a prominent Socialist formerly in for advances and £65,708,000 on Treasury bills, while
the Gabinct, but there is information from a good expenses totaled £25,886,000. New issues of Treas
source that the latter is not true.” It was added ury bills reached a total of £61,908,000.
For the week of Feb. 14, expenditures were £25,
that “ the commission will not have a political char
acter, but will be composed entirely of industrial 129,000, against £25,886,000 the week before, with
representatives.” It was even claimed that “ a the total outflow including Treasury bills, advances,
triple trade relationship, embracing Russia, Germany other debt repaid, and other items, £125,224,000,
and the United States, is proposed, in which America against £120,209,000. Receipts from all sources
will furnish tractors and railroad material and Ger equaled £125,264,000, in comparison with £120,
many the machinery, while Russia opens her resources 526,000 a week ago. Of this total, revenues con
tributed £52,565,000, against £44,087,000, savings
of raw material to both countries.”
certificates £1,150,000, against £1,400,000, and
According to a Berlin cablegram yesterday morn advances £9,000,000, against £13,000,000 the pre
ing “ the national debt is expected to reach 204, ceding week. Nothing was received from either the
000,000,000 marks by the end of March, 100,000, Funding loan or Victory bonds. New issues of
000,000 marks of which comprises non-interest bear Treasury bills amounted to £62,549,000. This com
pares with £61,908,000. Treasury bills outstanding
ing treasury notes.”
have again been reduced and now stand at £1,101,
The new National Assembly of Hungary, which 168,000, as contrasted with £1,106,680,000 the week
was elected on Jan. 25, convened in Budapest last before. Temporary advances are £185,330,000,
M onday, the 16th. According to a dispatch from against £196,230,000 the previous week. The Ex
that centre “ it will be called upon to consider very chequer balance has increased to £4,943,000. Last
important matters, among them being the accept week it stood at £4,903,000. There has been a furth
ance or rejection pf the Peace Treaty, determination er reduction in the floating debt to £1,286,498,000.
of the future form of Government for Hungary, and It is reported that since Jan. 1 the floating debt of
economic laws.” Premier Huzzar in the course Great Britain has decreased £46,000,000, while the
of his opening address said that “ we solemnly declare currency note issue has fallen from £356,000,000
that it is impossible to dissect Hungary into five to £327,000,000.
countries. There can be no peace until unity is



690

THE CHRONICLE

Official discount rates at leading European centres
continue to be quoted at 5 % in Paris, Berlin, Vienna
and Switzerland; 53^% in Norway; 6 % in London,
Sweden, Copenhagen and Petrograd, and 4)/2% in
Holland. According to a dispatch from Calcutta,
dated Feb. 20, the Bank of Bengal has again ad
vanced its rate of discount 1% to 7 % . The 6%
rate was established in the week of Jan. 24. Previous
to that time the Bank had maintained a rate of 5%
since June 5 1919. In London the private bank
rate has not been changed from 5 % % for sixty days
and 5 13-16% for ninety days. Call money, how
ever, was easier the greater part of the week, having
been reduced to 3 % % , against 43^% last week.
Yesterday, however, it was back to 4 ^ % . So far
as can be learned, no reports have been received by
cable of open market rates at other centres.
Another large gain in gold was shown by the Bank
of England statement, namely £2,474,201. Total
reserves, however, sustained a loss of £1,195,000,
there having been an expansion in note circulation of
£3,670,000. Deposits were heavily increased; hence
the proportion of reserve to liabilities was lowered to
17.42% , which compares with 22.40% a week ago
and 20.60% last year. Loans (other securities) were
expanded £4,752,586, while public deposits showed a
gain of £4,325,000 and other deposits the substantial
increase of £32,536,000. Government securities con
tinue to expand, and there was a further increase of
£33,171,000 in this item. The Bank’s gold holdings
have reached the huge total of £108,501,544, which
compares with £81,769,384 in 1919 and £58,471,467
the year before. Reserves now stand at £33,305,000,
as against £30,652,149 last year and £30,714,127 in
1918. Loans total £87,118,000. Last year they
were £84,147,414 and in 1918 £101,441,055. Circu
lation has reached a total of £93,646,000, which com
pares with £69,567,235 the preceding year and
£46,207,340 in 1918. Clearings through the London
banks for the week totaled £806,310,000. Last
week they were £824,970,000 and £453,140,000 in the
corresponding week of last year. We append a
tabular statement of comparisons for the items in the
Bank of England return:
BANK OP ENGLAND’S COMPARATIVE STATEM ENT.
1916.
1919.
1918.
1917.
1920.
Feb. 21.
Feb. 23.
Feb. 20.
Feb. 18.
Feb. 19.
£
£
£
£
£
Circulation............... 93,646,000 69,507,235 46,207,340 38,575,685 32,507,860
Public deposits____ 26,337,000 30,680,323 38,561,994 48,836,080 52,619,707
Other deposits____ 164,811,000 118,333,046 131,879,319 146,828,413 90,393,965
Governin’ t securities 87,118,000 52,234,744 50,350,582 84,931,640 32,839,300
Other securities___ 88,900,000 84,147,414 101,441,055 93,215,121 93,330,312
Reserve notes & coin 33,305,000 30,652,149 30,714,127 35,602,158 40,929,633
Coin and bullion_ 108,501,544 81,769,384 58,471,407 55,727,843 54,987,493
_
Proportion of reserve
18.02%
18.19%
27.46%
17.42%
20.60%
to liabilities..........
5M%
5%
5%
Bank rate................
6%
5%

The Bank of France continues to report small
gains in its gold item, the increase this week being
251,325 francs. The Bank’s gold holdings now total
5,581,270,275 francs, including 1,978,278,416 francs
held abroad. This compares with 5,524,656,921
francs (including 1,978,308,484 francs held abroad)
in 1919 and with 5,366,726,618 francs (including
2,037,108,484 francs held abroad) in 1918. During
the week bills discounted were augmented to the
extent of 91,319,381 francs. Decreases were regis
tered in all the other items, viz.: silver, 1,130,033
francs; advances, 16,700,055 francs; Treasury de- posits, 9,034,924 francs, and general deposits, 32,
367,230 francs. A contraction of 28,255,305 francs
occurred in note circulation, bringing the amount




[Vol . 110.

outstanding down to 37,958,511,021 francs, which
contrasts with 32,492,414,650 francs last year and
with 23,986,287,440 francs the year previous. Just
prior to the outbreak of war the total outstanding was
only 6,683,184,785 francs. Comparisons of the .
various items in this week’s return with the statement
of last week and corresponding dates in 1919 and 1918
are as follows:
BANK OF FRANCE’S COMPARATIVE STATEMENT.
Changes
-------------------------Status as of-----------------------for Wee/c.
Feb. 19 1920. Feb. 20 1919. Feb. 21 1918.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
251,325 3,602,991,859 3,540,348.436 3,329,618,133
In France................ Inc.
Abroad..................
No change 1.978,278,416 1,978,308,484 2,037,108,484
Total................... Inc.
Silver..................... Dec.
Bills discounted___ Inc.
Advances................ Dec.
Note circulation...D ec.
Treasury deposits..Dec.
General deposits...D ec.

251,325 5,581,270,275 5,524,650,921
1,130,033
252,854,909
314,381,844
91,319,381 1,899,528,104 1,101,102,080
16,700,055 1,542,270,549 1,205,059,140
28,255,305 37,958,511,021 32,492,414,650
9,034,924
57,244,860
37,582,193
32,367,230 3,090,910,844 2,048,232,542

5,360,726,618
253,415,445
1,252,873,295
1,225,450,549
23,986,287,440
19,294,332
2,608,007,835

Saturday’s bank statement of New York associ
ated members, which is given in more complete form
on a later page of this issue, was on the whole a
favorable one, and loans were again substantially
reduced, in round numbers $58,074,000. There was
also a decrease in net demand deposits of $55,211,000,
to $4,120,064,000, excluding $64,857,000 in Govern
ment deposits. It will be noted that this is a reduction
of nearly $23,000,000 in the latter item. Net time
deposits declined $3,551,000. A falling off in reserve
credits of member banks at the Federal Reserve
Bank operated to bring about a small loss in the
surplus above legal requirements, but this was in
part offset by the improvement in the loan situation.
Cash in own vaults (members of the Federal Reserve
Bank) gained $3,044,000, to $100,119,000 (not
counted as reserve), but, as just noted, the reserves
of member banks in the Federal Reserve Bank were
reduced $12,419,000, to $546,482,000. Reserves
of State banks and trust companies in own vaults
increased $94,000, to $12,321,000, and reserves held
in other depositories by State banks and trust com
panies were expanded $1,226,000, to $11,781,000.
As to aggregate reserves, there was a falling off of
$11,099,000, bringing that total down to $570,584,
000, but as reserve requirements were reduced more
than $7,000,000, the loss in surplus was cut to $3,769,
220, and excess reserves now stand at $23,162,160.
These figures are based on legal reserves of 13% for
member banks of the Federal Reserve system, but do
not include cash in vault to the amount of $100,
119,000 held by these banks last Saturday. Circu
lation declined $1,814,000, to $36,901,000. In the
Federal Reserve Bank statement it was shown that
there had been an increase in rediscounts secured by
Government paper of $9,500,000, while commercial
paper rediscounts expanded more than $35,000,000,
and open market purchases were nearly $8,000,000
in excess of those of the preceding week. A feature
of the statement was the fact that for the second
time in its history the bank reported holdings of more
than $1,000,000,000 bills on hand.
The local money market was without striking
features this week. There was no relaxation in time
money, but call money loaned at 6 % the greater
part of the week. Brokers reported that the supply
at that figure was abundant. In view of the high
rates that had prevailed and the difficulty of arrang
ing accommodations, even at those quotations,
borrowers were surprised that the supply suddenly
should become so large. Their information still is

F eb . 21 1920.]

to the effect that outside of securities important
liquidation has not taken place. A substantial
increase in the commercial demand was reported.
With the probability that the conference report
on railroad legislation would soon be adopted and
with the impression prevailing that in the main
its provisions were more favorable than railway
executives had expected, there was a sudden out
burst of activity and a substantial rise in railroad
stocks during the last half of the week. If the
monetary position of the country in general has
not changed greatly from what it was when the
rates for call money were three times as high as
they have been the greater part of this week, it
would not seem reasonable to look for a big specu
lative movement in railroad stocks at this time.
The natural question is how could such a movement
be financed. It easily may be true, however, that
substantial sums of money have been held by in
vestors with which to buy railroad securities as
soon as they could get a definite idea about the
ultimate character of the railroad bill. If, under it,
the future of the railroads can be worked out as
railway executives hope will b e possible, most rail
road bonds and stocks would appear to be selling
much below their intrinsic value. Whatever may
be the truth regarding these matters it is still diffi
cult to see how there will be money enough in the
next few months for a big speculative movement in
securities. As a matter of fact, some authorities
have expressed the opinion in the last few days
that we might as well look for comparatively tight
money for some time to come. A new source of
demand will be the railroads, and it looks as though
some of their imperative financing would have to be
done through the medium of short term notes—
unless, indeed, their credit should be quickly re
stored as a result of the new legislation, which, of
course, is not likely.
With regard to specific rates for money, call loans
have ranged during the week between 6 and 7 % , in
comparison with 6 @ 1 4 % last week. M onday and
Tuesday the range was 6 @ 7 % and 7 % for renewals
on both days, while on Wednesday, Thursday and
Friday there was only one rate quoted, namely 6% ,
with renewals negotiated at this basis. These figures
apply to both mixed collateral and all-industrials alike.
Call funds were more plentiful than for quite some
time, the supply on several days of the week far
exceeding the demand. For fixed maturities, the
situation remains without essential change.
Dulness remains the outstanding feature and practically
no transactions of importance were reported. 8 %
is still the nominal rate for ail periods from sixty days
to six months, on regular mixed collateral, but fixeddate money is so scarce that business is almost at a
standstill. All-industrial money is quoted at 8 ^ % ,
against 83 ^ @ 9 % last week, with no trades made.
Commercial paper rate? have again been advanced,
and the range is now 6 ^ @ 6 % % for sixty and ninety
days’ endorsed bills receivable and six months’ names
of choice character, against 6 ^ @ 6 ^ % a week ago,
while names less well known require 6 % % , against
Qi/2% last week. It was reported that some trades
were made as high as 7 % , but this could not be con
firmed. A noticeable increase in the volume of
commercial borrowing has been noted, with out-of
town institutions the principal buyers. Local banks
appear indisposed to take on new commitments at




691

THE CHRONICLE

this time. Offerings, which have been freer during
the past few days, included notes of a widely mis
cellaneous character.
Banks’ and bankers’ acceptances have been dealt in
to a moderate extent, though the market was by no
means active, notwithstanding the apparent easing in
the call market. Brokers, however, are now looking
for a perceptible broadening in operations early next
month. The undertone remained firm with quota
tions at last week’s levels. Loans on demand for
bankers’ acceptances are still quoted at 5 % . Detailed rates follow:
Ninety
Days.
Eligible bills of member banks.......... .. . . 5 X @ 5 X
Eligible ' Ills of non-member banks.... . . 6 X @ 5 H
Ineligible bills...................................... .. . . 0 X @ ®

Spot Delivery------------Sixty
Thirty
Days.
Days.
6H @ 5X 6 X @ 5 X
5X@5X
0X@0
6X@6

Delivery
within
30 Days'
6 X bid
fl H bid
OH bid

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 TH E FEDERAL RESERVE BANKS
IN EFFECT FEBRUARY 19 1920.

Discounted bills maturing within 90
Trade
days (including member banks' 15- Bankers’
da!/ collateral notes) secured by— Acceptances Acceptances
discounted maturing
Federal
Otherwise for member within
Liberty
Treasury
Reserve
banks.
00 days.
Bank of— certificates bonds and secured
and
Victory
of indebt
unsecured.
notes.
edness.
B oston____
New Y ork ..
Philadelphia.
C leveland...
Richmond . .
Atlanta.........
C hicago____
_
St. Louis_
Minneapolis.
Kansas Clty.
Dallas______
San Francisco

4H
4H
4H
4H
4H
4H
4H
4H
4H
4H
4H
4H

5X
5X
5X
5X
5X
5X
5X
5X
6X
5X
5X
sx

6
0
0
0
6
6
6
0
0
0
0
0

5
5
a
5
5
5
5
5
5
5
5
6

0
0
0
0
6
0
0
0.
5X
0
0
0

Agricultur
al and live
stock paper
maturing
9 1 lo 180

days.
6
6
6
6
6
6
6
6
6
6
6
6

Note.— Rate on paper secured by War Flnanco Corporation bonds 1% higher than
the rate on commercial paper shown In column 3 ot figures above.

Developments in the sterling exchange market this
week were quite favorable, though early in the week
bankers found their calculations upset by the inter
jection of a new element of uncertainty and un
easiness, namely the apparent re-opening of the
Adriatic question w ith' its many disconcerting
possibilities. Announcement on M onday of Presi
dent Wilson’s note to the Allied Premiers, protesting
against the terms of the Fiume settlement, was
received at first with something akin to conster
nation in foreign exchange circles, and was immedi
ately followed by a sensational break in quoted
rates to 3 34*^ for demand, a loss of ll^ .c e n t s from
the high point touched on the Saturday previous.
London cable quotations reacted sympathetically
and a heavy selling movement ensued. Very little
buying support was tendered and for a time con
siderable irregularity was displayed. Later, how
ever, speculative interests came into the market as
buyers and there were recoveries of more than
12 cents in the pound, carrying the quotation on
Friday up to 3.47J4, though the close was somewhat
under this figure.
In many quarters the opinion was expressed that
the President’s action would be likely to cause a
further prolongation of the already harrassing delay
in arriving at an agreement over the signing of the
Peace Treaty. As a matter of fact, report had it
that the Administration had threatened to with
draw the treaty from the Senate’s consideration
unless its demands were complied with. Later
exchange levels responded to more reassuring utter
ances in that respect by the substantial upward

G92

THE CHRONICLE

reaction above noted, although it is still felt that the
present international political situation has enterec.
upon a new phase which contains a number of un
settling, not to say alarming, factors, and many
market observers attributed the quick recovery i n
sterling rates more to the fundamental betterment
of the exchange situation, which has followed re
striction in our export movement, partial cessation
of semi-speculative shipments of commodities abroac
and the steady increase in imports which is slowly
but surely beginning to make itself felt. The ap
parently easier monetary position was also an
influence in strengthening exchange. Undoubtedly
exchange levels will be affected adversely or the
reverse, sentimentally at least, by political develop
ments here and in Europe for a good while to come,
though some bankers are venturing to predict that
the “ corner has been turned” and from now on a
gradual restoration toward more normal levels
should be witnessed, provided, of course, that the
present policy of curtailment is adhered to.
Among the news features of the week which
attracted attention was the announcement of the
public offering of the French Internal Loan. Con
siderable diversity of opinion appears to exist over
the probable result of this undertaking, it being
argued that the loan would be likely to be more
popular if of lesser proportions and upon terms more
closely approximating those of the recent Belgian
loan, though on the other hand it is thought probable
that a portion of the loan is likely to be successfully
placed here and that this will do much to steady
exchange rates. It is learned that the arrangements
made by the United States Government some time
ago for the funding of the interest on the $10,000,
000,000 loaned to its former allies in the war, will
be adopted as far as possible by Great Britain on
loans made by that country to her allies. The
period of funding interest on Allied loans most
favored by the British Treasury authorities is, it is
asserted, two years, although if necessary three
years would be assented to. Foreign financing on
an important scale is not considered likely at this
time, but it is understood that British, French,
American and Japanese bankers are considering a
loan to China of approximately $20,000,000, while
permission is being sought from the United States
Government for the flotation of a $5,000,000 Lithu
anian loan among Lithuanians residing in this
country
With regard to the day-to-day rates, sterling ex
change on Saturday of last week was strong and higher
with demand up to 3 3 9 % @ 3 4634, cable transfers
3 40@ 3 47 and sixty days 3 3 6 % @ 3 4334- Mon
day the opening was weak following announce
ment of the President's Adriatic message, and rates
broke heavily, demand losing nearly 5 cents, to
3 3 4 % @ 3 37, cable transfers to 3 3 5 % @ 3 37% and
sixty days to 3 3 1 % @ 3 34; offerings increased in
volume and buyers withdrew from the market.
Increased weakness developed on Tuesday and not
withstanding the fact that trading fell off perceptibly,
rates did not get above 3 35 for demand and 3 35%
for cable transfers; the range was 3 3 4 % @ 3 35 for
demand, 3 3 5 % @ 3 35% for cable transfers and
3 3 1 % @ 3 32 for sixty days. On Wednesday irregu
larity was still apparent but the trend was upward
and demand recovered materially, with an advance




[Vol. 110.

to 3 3 5 % @ 3 38, cable transfers to 3 3G % @ 3 42 and
sixty days 3 3 2 % @ 3 38; speculative activities were
held responsible for the improvement. Dealings on
Thursday were featured by a further sharp upward
movement, and under good buying and lighter offer
ings, quotations moved up to 3 4 0 % @ 3 44 for de
mand bills, 3 4 l@ 3 44% for cable transfers and
3 3 7 % @ 3 41 for sixty days; trading, however, was not
particularly active. Friday’s market was quiet but
strong and demand went up to 3 43@ 3 47% , cable
transfers 3 4 4 % @ 3 48, and sixty days 3 4 0 % @
3 43% . Closing quotations were 3 42% for sixty
days, 3 45% for demand and 3 46 for cable transfers.
Commercial sight bills finished at 3 44% , sixty days
at 3 39% , ninety days at 3 36% , documents for pay
ment (sixty days), 3 39% , and seven-day grain bills
3 43% . Cotton and grain for payment closed at
3 44% . The week’s gold movement has comprised
engagements of $2,295,000 gold coin for South
America, $315,000 for Mexico, $39,000 for Canada
and $26,250 for the East Indies, a total of $2,675,
250. The $10,000,000 gold engaged for shipment
to Argentina at the close of last week will probably
go forward at the close of this week. This will make
an aggregate total of approximately $84,000,000 of
the precious metal already shiped to that centre,
due, it is asserted, to the continued exports of Ar
gentine products to the United States. The gold is
forwarded by a group of New York bankers and the
exports are on account of the difference in exchange
in favor of Argentina.
Dealings in the Continental exchanges were
marked by nervousness and hesitancy early in the
week, and here, too, currency values at first depre
ciated sharply, with losses of 60 points in lire, 32
centimes in French francs and 40 centimes in Ant
werp francs. In no case, however, were new low
records established, and later in the week, with the
apparent lessening in the diplomatic tension, the
market steadied, then turned strong, and substantial
recoveries were noted at nearly all leading Continen
tal centres, which carried quotations several points
above the close of last week. German and Austrian
exchange was less affected either one way or the
other, having ruled all week within a few points of
the levels previously current. Trading throughout
was comparatively quiet and speculative operations
were largely responsible for the fluctuations above
recorded.
Probably one of the most noteworthy incidents of
the week from a market viewpoint was the phenom
enal weakness in Greek exchange, which, after ruling
for a very long period somewhere around 5.50, has
recently sustained in quick succession losses carrying
the quotation down to 6.00, then 7.61, and culmin
ating this week in a new low point of 8.40. The
market, however, is a nominal affair, with very little
business being put through. In explanation of the
break, a dispatch from Washington states that Greek
exchange is in a disturbed condition because of a
recent change of policy on the part of the Greek
Government. A cablegram received by the depart
ment from the American Consul at Athens, says in
effect that exchange is fluctuating between 7.20 and
9.50 drachmas for the purchase of dollar drafts, and
i)etween 7.25 and 10.25 drachmas on the sales of these
drafts, and that these unusual fluctuations are the
result of a decision on the part of the Greek authori
ties to sanction transactions in foreign exchange by

Feb. 21 1920.]

THE CHRONICLE

all banks alike, subject only to the requirement of a
20% deposit.
Announcement comes also by way of Washington
that Commercial Attache Dennis at Rome has
cabled the Bureau of Foreign and Domestic Com
merce that the Italian Government is taking steps to
deal energetically and immediately with the foreign
exchange situation. Exportable capital is to be
placed under rigid control. The purchase of milk,
butter, sugar, canned meats, and other foodstuffs in
the United States is to be forbidden and American
imports reduced about 20% , while the admission of
luxuries will be rendered well-nigh impossible.
Along much the same lines is the news from Berlin
that for the past tw’o months a Government commis
sion has been busily considering all possible means
for the preventing of exports at unprofitably low
prices. Two measures, it is stated, have been de
cided upon, the first of which is to create foreign
trade bureaus in each industrial branch that will be
authorized to prevent exports at prices below the
world’s market prices, and the second to impose
heavy export duties, which will be abolished when
ever German prices regain normal levels. German
manufacturers are declared to have reached the con
clusion that reichsmark exchange is not likely to rise
to any considerable extent for a long time to come,
and that, consequently, suitable measures of readjust
ment are imperatively necessary. Some idea of the
severity of the national emergency may be derived
from the statements recently made public by the
“ Tacgliche Rundschau” of the latest levies on Ger
man incomes. According to this authority, the tax
on a fortune of 400,000 marks is 65,000 marks; on
800,000 marks 174,500 marks; on 1,000,000 marks,
209,250 marks; on 5,000,000 marks, 2,258,250, or
nearly one-half, and so on.
The official London check rate in Paris finished at
45.60, as against 48.55 last week. In New York
sight bills on the French centre finished at 13.37,
against 14.12; cable transfers at 13.35, against 14.10;
commercial sight at 13.40, against 14.15; and com
mercial sixty days at 13.48, against 14.23 a week
ago. Belgian francs, after receding to 13.97, rallied to
12.97 and closed at 13.05 for checks and 13.03 for cable
transfers, in contrast with 13.55 and 13.53 the pre
ceding week. Reichsmarks finished at 1.05 for
checks and 1.06 for cable remittances, against 1.02
and 1.07 last week. For Austrian kronen the close
was 00.42 for checks and 00.44 for cable transfers,
which compares with 00.32 and 00.34 last week.
Exchange on Czechoslovakia finished at 1.20,
against 1.15; on Bucharest at 1.80, against 1.70; on
Poland at 85, against 81, and on Finland at 4.50,
(unchanged). Lire exchange closed at 17.62 for
bankers’ sight bills and 17.60 for cable remittances.
This compares with 17.72 and 17.70 a week ago.
Greek exchange, which broke sharply during the
week, finished at 8.40 for checks and 8.42 for cable
transfers, against the previous quotations of 7.61
and 7.62.
Neutral exchange followed the course of the other
exchanges to a measurable extent, and Swiss francs,
Dutch guilders and Spanish pesetas, after early
weakness, recovered somewhat, though in the case
of Swiss exchange, closing rates were still below the
figures of a week ago. Scandinavian rates, though
irregular, showed some improvement and finished at
fractional advances. A dispatch from the American
Minister at Stockholm declares that the exchange




693

situation in Sweden has become critical in the ex
treme. He is quoted as saying that the dollar is
selling at 50% above its normal value, that the
English pound is about normal, but that French,
Italian, German, Finnish and Baltic moneys are far
below their normal party.
Articles purchased in
America under the present rates for the dollar are
becoming so expensive as to render them practically
prohibitive.
Bankers’ sight on Amsterdam finished at 37% ,
against 37% ; cable transfers at 37% , against 37% ;
commercial sight at 37 7-16, against 37 3-16, and
commercial sixty days 37 1-16, against 36 13-16 on
Friday of the week preceding. Swiss francs closed
at 6 12 for bankers’ sight bills and 6.10 for cable
transfers. Last week the close was 6.03 and 6.01.
Copenhagen checks, after a recession to 14.50, rallied
and finished at 15.00 for checks and 15.15, against
14.50 and 14.60. Checks on Sweden closed at 18.80
for checks and 18.95 for cable remittances, against
18.60 and 18.70, while checks on Norway finished at
17.40 and cable transfers 17.55, against 17.10 and
17.25 a week ago. Final quotations for Spanish
pesetas were 17.55 for checks and 17.65 for cable
transfers. A week ago the close was 17.50 and 17.60.
South American rates ruled a shade firmer and the
check rate on Argentina closed at 43.07 and cable
transfers 43.22, against 43.00 and 43.15 last week.
Brazilian exchange, however, remains unchanged at
26 for checks and 26% for cable remittances. For
Chile the rate is lower, having declined to 21% ,
against 23 last week, though Peruvian exchange is
still at 4.70@ 4.75.
Far Eastern rates are as follows: Hong Kong,
96@ 97, against 102@ 102% ; Shanghai, 149@150,
against 160@163; Yokohama, 4 8 @ 4 8 % , against 50
@ 51; Manila, 49% , against 4 8 % @ 4 9 ; Singapore,
45@ 46, against 43% @ 4 4 % ; Bombay, 4 7 % @ 4 8 ,
against 49@ 50, and Calcutta, 4 7 % @ 4 8 , against
49 @ 50.
The New York Clearing blouse banks, in their
operations with interior banking institutions, have
gained $3,080,000 net in cash as a result of the cur
rency movements for the week ending Feb. 20.
Their receipts from the interior have aggregated
$9,921,000, while the shipments have reached
$6,841,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which to
gether occasioned a loss of $68,865,000, the combined
result of the flow of money into and out of the New
York banks for the week appears to have been a loss
of $65,785,000, as follows:
IFcct ending Fib. 20.
Banks' Interior movement..................
Sub-Treasury and Federal Reserve
operations and gold ex p o rts........
Total.................. ..............................

Out of
Banks.

Into
Hanks.

Net Change in
Bank Holdings.

$9,921,000

*6,841,000 Gain $3,080,000

34,857,000

103,722,000 I.O hs 68,805,000

*44,778.000 *110,863,000 Toss *65,785,000

The following table indicates the amount of bullion
in the principal European banks:
Feb. 20 1919.

Feb. 19 1920.
UohK of
s

Kngland - .
France a . .
Germany .
Russia
Aus-Hun.c
S pain___
I ta ly .____
Netherl'ds
Nat. Bel.h
Swllz'land.
Sweden__
Denmark .
Norway . .

Cold.

Silver.

Total.

Cold.

Silver.

Total.

£
£
£
£
£
£
108,501,544 81,769,384
81,769,384
108,501,544
144,119,666 10,080*666 154,199,660 141,853,937 12*.560,666 154,413,937
)
54,507,150 1,015,8(H 55,522,950 112,477,450 1,019,910 113,497,360
129,050,000 12.375.000 142.025.000 129,650,000 12.375.000 142.025.000
, 10,944,000 2.369.000 13.313.000 11,008,000 2.289.000 13.297.000
98.140.000 25.259.000 123.399.000 89.144.000 25.165.000 114.309.000
32.198.000 3.004.000 35.202.000 37.071.000 3,000,000 40.071.000
746.000 57.775.000
707,000 53,395,0(H) 67.020.000
52.688.000
600.000 15.980.000
10.657.000 1.064.000 11.721.000 15.380.000
)
21.176.000 3.309.000 24,485,0(H 16.465.000 2.518.000 18.983.000
15.543.000
15.081.000 15.543.000
15.081.000
' *13*5*666 10.540.000
’ 18*8*666 12.790.000 10.405.000
12.602.000
6,715.000
8,132,000 6,715,000
8,132,000

Total week 698,390,360 59,370,800 757,767,160 724,510,771 60,407,910 784,918,683
Prev. week 697,373,164 59,512,100 750,885,264 722,064,128 61,084,510 783,148,681
a Gold holdlm;s of the Hunk of Franco this year arc exclusive of 179,131,137
held abroad.
* No figures reported since October 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journal” for lice. 7
1917.
h Figures for 1918 arc those of August 6 1914.

694

THE CHRONICLE

[VOL. 110.

“ While we were still in Paris I felt, and have felt
increasingly ever since, that you accepted my guid
ance and direction on questions with regard to which
I had to instruct you only with increasing reluctance,
and since my return to Washington I have been
struck by the number of matters in which you have
apparently tried to forestall my judgment by for
mulating action and merely asking my approval when
it was impossible for me to form an independent
judgment because I had not had an opportunity to
examine the circumstances with any degree of inde
pendence."

n

THE PRESIDENT A N D SECRETARY LANSING.
The correspondence between President Wilson
and Secretary Lansing, under date Feb. 9, 11 and 12,
and its culmination in the resignation of the Secretary
of State, make up an incident which is both unusual
and painful. It is unusual for a President to call
one of his Cabinet officers publicly to account and
force him out of the Cabinet. For that, however,
there is at least something like precedent. The clash
between President Harrison and Secretary of State
James G. Blaine in June of 1892 was pretty much of
that character. Harrison was candidate for re
nomination by the Republican party, and Blaine had
been persuaded to allow his own name also to be used.
This was an impossible situation, so long as Blaine
remained in the Cabinet; it resulted in an exchange
of curt and unfriendly notes, which virtually con
tained nothing but the offer and acceptance of his
resignation.
The effort of President Andrew Johnson, in 1868,
to force M r. Stanton out of the Secretaryship of
War, was of particular interest because of the cir
cumstances. In that case Stanton had refused to
resign. Johnson, having endeavored to put the
man of his choice into physical possession of the War
Department, and thereby to test the constitutionality
of the Tenure of Office Act (passed shortly before
by Congress in order to prevent such action), was
made subject of the famous impeachment trial on
that very count. Of all such incidents in our history
perhaps the most remarkable up to the present time
was the action taken by President Washington in 1795
regarding his Secretary of State, Edmund Randolph.
The Secretary of State, whose sympathies were
strongly with the French Revolutionary government
and against the treaty with England which Washing
t o n had pressed for negotiation, had made to the
French Ambassador personal communications pre
judicial to the President's policy. Written proof
of this had come into the President's hands. He con
fronted Randolph with it at a Cabinet meeting, and
the Secretary's resignation was the inevitable result.
Of these earlier instances there is this to be said,
that in each case the personal or political issue be
tween the President and the Secretary was clear to all
minds, and the correspondence framed accordingly.
Unhappily, this has not been true of the correspond
ence between President Wilson and Secretary Lans
ing. On Feb. 7, the President writes to M r. Lansing
asking: “ Is it true, as I have been told, that'during
my illness you have frequently called the heads of
the executive departments of the government into
conference?"
Anticipating the response, he further observes that
“ under our constitutional law and practice, as de
veloped hitherto, no one but the President has the
right to summon the heads of the executive depart
ments into conference, and no one but the President
and the Congress has the right to ask their views or
the views of any one of them on any public question."
The Secretary admits having called the Cabinet for
conference during President Wilson's illness, to confer
informally togethor on inter-departmental matters on
which action could not be postponed. He assures the
President that no idea of acting unconstitutionally or
contrary to the President’s wishes had ever existed,
and expresses h s readiness to resign. The President
responds, first, that the answer regarding the Cabinet
meetings is unsatisfactory, but, second:




To this the Secretary of State answers by disclaim
ing any such purpose, but by formally resigning.
The unhappy aspect of this episode, as the whole
country has recognized, is the basing of his complaint
by the President on so utterly unconvincing a ground
as the calling of an informal Cabinet conference.
The feeling quite unanimously expressed has been
that under the circumstances, Mr. Lansing’s actions
were not only defensible but praiseworthy— always
assuming that no attempt was made or contemplated
at overriding or forestalling the President’s own
judgment, which is nowhere alleged. Secretary Lane
has subsequently declared that he himself had sug
gested to Secretary Lansing the desirability of such
Cabinet conference.
That there is no exact precedent for Cabinet meet
ings under such circumstances is due to the fact that
previous illnesses of our Presidents have occurred
under different conditions from that of President
Wilson. But if, for instance, it were to be supposed
that Booth's attack on Lincoln had not succeeded in
its purpose, but that the President had been isolated
in his sick room during many subsequent months,
it is scarcely to be doubted that the Cabinet would
have been forced to meet informally for conference
on the urgent problems created by the sudden ter
mination of the Civil War.
It is probable enough that, in the present case,
differences of an irreconcilable character had pre
viously arisen between President Wilson and Secre
tary Lansing. The Secretary had certainly diverged
in opinion from the President at the Paris Confer
ence. He may not have been entirely discreet in his
personal conversation on such matters, and he made
at least one grave blunder of judgment in his dealings
with Bullitt in the Russian matter. But even for
these incidents it is not unfair to lay the blame on the
President himself, to the extent that, by asking for a
competent statesman to conduct the foreign affairs
department and yet by allowing him no individual
prestige or responsibility, Mr. Wilson had himself
created an impossible situation. Such things as
have happened in the present case do not happen
when a President and a Secretary of State, working
together in full confidence and sharing full responsi
bility, co-operate under the leadership of the Presi
dent.
This same unhappy lack of a State Councillor with
such individual powers as the great Secretaries of
State have exercised in the past, has been powerfully
illustrated in the past week’s incident regarding
Fiume. Precisely what has been the nature of the
President’s notes to the Council of the Allies, regard
ing their concessions to Italy in this matter; is not
yet known. It is known, however, that the arrange
ment concerning which Italy and the other Powers
had been disputing acrimoniously had beon modified,
partly in line with the war-time Treaty of London,
and that the President has protested against such

Feb. 21 1920.]

THE CHRONICLE

modification. In European circles it is insisted
Mr. Wilson has intimated, in the event of such policy
being adhered *to, that he may find it necessary to
withdraw the United States from consideration of the
Treaty of Versailles and of the defensive Treaty with
France.
This appears to us— even if the language of the
President has not been rightly quoted— to create a
deplorable situation; a situation, moreover, which
never ought to have arisen. There has been criti
cism in abundance of the “ old diplom acy,” whereby
international compacts were arrived at by statesmen
conferring secretly and applying secret individual
pressure in behalf of their several Governments.
But one aspect of this old diplomacy— namely, the
system under which the responsible diplomatic chief
of each nation kept closely in touch with what was
going on, learned early of any altered trend of pur
pose on the part of the other Governments, and
allowed them clearly to learn of the approval or dis
approval of such purpose by his own Government
seems to us more indispensable now than ever
before. Yet there was certainly no opportunity for
such forestalling of a difficult situation, when the
Chief Executive was on his sick-bed and the head of
his State Department circumscribed in authority as
Mr. Lansing is shown to have been.
In short, this whole aspect of the question brings
us back to the consideration which has affected Mr.
Wilson’s administration from the first, namely, that
government cannot be effectively carried on, in the
complicated conditions of our day, through Cabinet
Ministers who arc to be mere clerks or mouthpieces
of the Chief Executive. If the thing could be done
successfully, it would, in our judgment, be none the
less undesirable. But it cannot be done.
Nothing is more conclusively proved by the politi
cal history of our time than the fact that an efficient
government, in this or in any other country, is a
government in which the head of the government
surrounds himself with statesmen of high ability,
grants to them in their several spheres of activity
the responsibility and dignity which their office
requires, and still, through his personal influence and
authority, sees to it that their management of their
part of the public business is conformed to the
Administration’s general policy. A very great part
of the political mishaps of the present administration
must be ascribed to the President’s failure to observe
this indispensable principle of government.
T1IE BILL FOR THE RETURN OF THE RAIL
ROADS TO PRIVATE CONTROL.
On Wednesday the draft of the Esch-Cummins
Railroad Bill, which has been in conference some two
months, was presented in the two branches of Con
gress and is expected to be taken up for definite
action to-day. It is spoken of as a “ final” draft,
and in view of the antagonistic forces, the long labor
over disputed provisions, and the compellingly few
number of days now remaining before the 1st (the
date set in the President’s proclamation for the return
of the roads to private ownership) it seems likely
that this will go through substantially as now sub
mitted.
All powers given the President by the Control Act
are to cease on the 1st, and he shall proceed, as
soon as practicable, to settle and wind up all matters,
including compensation. Return to the owners is
thus once more and finally affirmed and directed.




695

The roads are to have a maximum of ten years for
settlement of indebtedness to the United States;
per contra, they are promised for two years a return
of 5l % on aggregate railroad property value, and
A
rates shall stay as they are until Sept. 1, after which
date the Inter-State Commerce Commission (which
is to be enlarged to eleven members) is to have power
to fix them; further, a revolving fund of 300 millions
is provided for, wherewith to carry the roads across
the transition period.
The existing wage scales shall stand until Sept. 1;
the employees, who had hurriedly prepared for a con
ference with M r. Gompers and were ready to plant
themselves in the path of the entire proceeding, on
the first report that the present wage scale was to be
taken as “ fixed” for an indefinite time, are therefore
placated a little by the promise of no reduction for
six months at least.
The provisions for an attempted disposition of the
wage problem are elaborate. It is declared the duty
of “ all carriers and their officers, employees, and
agents” (that is, of everybody) to exert every rea
sonable effort and adopt every available means to
avoid any interruption of traffic because of any dis
pute. Such dispute shall be decided, if possible, in
conference between the parties; if not, they shall be
referred. In a sort of imitation of the “ regional”
scheme of boards to hear disputes and then to carry
those to a central board, as proposed by the later
session in Washington of an Industrial conference,
Section 302 provides that “ railroad boards of labor
adjustment may be established by agreement’ 1
among any carriers or group of carriers, and among
any employees of carriers or any organization thereof.
Then comes Section 304, establishing a “ Railroad
Labor Board” of nine, to be appointed by the Presi
dent, one-third to represent the employees and to be
chosen from at least six to be named by them, onethird to represent the roads and to be similarly pro
posed by them, and one-third “ representing the pub
lic,” to be appointed by the President and confirmed
by the Senate in the usual manner of making Govern
mental appointments. To this body shall be taken
all disputes not previously smoothed out. On ap
plication by the head of any organization of interested
employees, or on petition of 100 un-organized em*
ployees, or on the Board’s own motion, “ if it is of
opinion that the dispute is likely substantially to
interrupt commerce” it shall hear and dispose of as
soon as possible all wage disputes not otherwise de
cided. The Board is to “ investigate and study the
relations between carriers and employees” and a lot
of other questions; it is to “ gather, compile, classify,
digest, and publish, from time to time, data and in
formation,” including, naturally, its own decisions
and recommendations, but no method is provided for
enforcing its decisions when reached.
This is the old attempt to dispose of serious prac
tical problems by what is sometimes contemptously
termed “ palaver.” Human nature is selfish as one
part of its imperfections, and the surest way to pro
duce and aggravate and embitter complaints is to
invite them; they are invited when such complicated
talk-fest machinery is provided for hearing them,
and any hundred employees can start a complaint
according to this scheme.
This matter of wages is the most serious in the sit
uation, as it has become the most difficult; it might
be called even more serious and difficult than the
tremendous problem of the financial future of the

696

THE CHRONICLE

[Vol. 110.

roads, since that problem has been created, very mination “ to annul existing agreements and destroy
largely, by the long course of mingled shiftiness and the organizations which negotiated them.” This is
cowardice in continually siding with the men against rubbish, as’ usual. ItsJmeaning is ‘that organized
the roads in every successive demand for more and railway and allied labor has rallied its forces for a
more and still more. It is hardly worth while just supreme effort to defeat the return of the roads to
now to discuss the financial problem; no one can their owners.
surely measure it, and no one can speak confidently
This bill is a compromise; it had to be. The part
of its working out— we know only that it must be relating to wages is unsatisfactory and not much
met and worked out. There have been differences encouragement is to be derived from the provisions
of view concerning the guaranteed net return, and giving increased powers to the Inter-State Commerce
there are still and will be differences; they cannot be Commission. Will the Commission, enlarged, be a
wholly reconciled, and we may as well agree that the body judicial in character and seriously bound by the
provision proposed is probably as likely to succeed whole public welfare, instead of a body mentally
as any. Only one thing is clear: we, the people, blinder as more light poured in upon it? Will it
allowed the subject of transportation to be handled still deem it its duty to act as prosecutor of the roads
in a manner so unwise as to be unworthy of sane men, and charged with defending the people against them?
and now we must bend our backs and set our teeth We must wait to see. But, at least in the rate
to bear the consequences, howsoever they hurt. It making provisions the Commission is now required
is manifestly impossible that rates will not be in to fix rates so that the yield shall be 5 ^ % per
creased, for the implacable arithmetic will compel annum on the railroad property investment as a
that. We must stand it, for the alternative to this whole for each group of roads (there being a positive
form of increased tax is the other and worse form.
requirement to that effect for the two years beginning
The employees are thinking of nothing beyond March 1 1920) and that is obviously a great point
their wages. They are not placated by the assurance gained.
that no reduction shall be made for the next six
Whatever its merits and whatever its defects we
months, and they are as energetically as ever con are forced to recognize that this bill is the best we
spiring to get more advance soon, having failed to can get, because time does not permit more delay.
extort some assurance of advance prior to the time The alternative of an unsatisfactory proposition for
of returning the properties. It ought to be clear to returning the roads or none at all is exactly what the
the country that only a sterner treatment (as provided whole drifting course these many years has been
in the Sherman Act thirty years ago, for instance) bringing upon us. We are unprepared, circum
will ever accomplish a real settlement of the problem; stances have shaped themselves badly for us, we have
a retreating army never fights, and a retreating public now to choose between evils and choose very quickly.
must go on retreating until it either makes complete T h elon ly course for us is to remember that. it is
surrender and offers its hands for binding, or else impossible I that the return from such an evil and
rallies its remaining courage for resistance. Let downward path as we have been traveling can be
nobody persuade himself that this old scheme re accomplished, fully and satisfactorily, in one single
vamped will bring industrial peace. The men effort. We let ourselves slide into the pit, the last
brought out the Plumb plan, and when that was seen but one conceivable pit; and now we must make a
to be impossible tried for two years more of control, mighty struggle to climb out. The first step will not
whereby the experiment might have “ a full and fair be as wise as calmer conditions and more grant of
trial.” They are as avid, as indifferent about others, time might probably arrange for us; but it is in the
and as militant, as ever. But suppose the pay-rolls right direction at least, and we can somewhat remove
of the roads have on them many needless names and its errors later. We shall gain strength— intellectu
the decrease in net earnings has been considerably ally, morally and therefore financially— by making a
caused by paying not merely excess wages but wages determination and bracing ourselves for the effort.
without service? The course of handling in many Better any suffering for ultimate recovery than
past years suggests that this is possible, and re prolonged cowardly sloth. Certain that this is the
membrance of the “ Full Crew” laws in a number of truth, we must face what the near future has for us.
States sustains the suggestion. Suppose that a It is effort, it is self-denial, it is a somewhat painful
weeding out of the slackers and non-serviceable is opening of our dimmed inner and outer vision; but
feasible, and that the employees know it? This it is unavoidable, for we have ourselves arranged for
would not only go to explain their hostility to return it to come. A belief that we shall go through it,
ing the roads but would suggest the possibility of coupled with the resolution that we will, can help us
some relief to the finances. If the wage scale can bear the cost and also bring that cost to its irreducible
not be reduced in six months, the number drawing minimum.
wages perhaps can be, and certainly there is work
THE OPPOSITION OF W OM AN SUFFRAGISTS TO
elsewhere awaiting all whom the roads can spare.
SENATOR WADSWORTH.
Seeming to have modified their first attitude, the
Determined opposition by some of the women in
unions have alleged that the bill is for the benefit
of capital and would prostitute the Government this State to Senator Wadsworth has more than once
E establish the private interests of holders of railway found its way into the newspapers, and was again
‘to
securities as a class;” that the central Labor Board expressed in a meeting in Chicago, on Tuesday, of
could be so composed as not to include any represen the newly-named League of Woman Voters. Every
tative of the employees; that the power given the organization nowadays makes most liberal claims
Board to suspend and to modify arrangements of the number it represents, and the women who met
reached through the minor boards would allow it to in Chicago are not backward in claiming, for one
prevent any wage increases, regardless of circum press correspondent calls their demonstration against
stances; that ‘failure to designate and treat with the the Senator a “ gigantic step in political affairs” and
standard recognized organizations means a deter- says he can reckon his declared opponents are nearly




Feb. 21 1920.]
23^

THE CHRONICLE

million women, “ for that is the number repre
sented by the delegates and alternates attending the
51st annual gathering of the National American
Woman Suffrage Association,” now changing its
title as above. A resolution was adopted, without
discussion, declaring that inasmuch as all women
citizens of this country would now be fully enfran
chised but for M r. Wadsworth’s opposition to the
still pending amendment, “ we, representing the en
franchised women of the country,” extend to the
women of New York “ our appreciation and our help”
in trying to beat him as candidate for another term.
The statement in the preamble is unfounded and
incorrect; to assert that the suffrage cause would
now be in full victory but for him is to credit him
with an influence in several States which he would
not claim for himself and his friends would hardly
claim for him. But even if the statement were
correct, it might occur to these good women that
their offer of aid to New York women is gratuitous
and irregular, and even approaches impertinence.
The office of Senator is filled by and for a State. Its
incumbent should have regard for the entire country,
but he acts for his State, he represents his State, he is
responsible only to his State. The women who are
among M r. Wadsworth’s present constituents may
deem themselves competent to vote and to electioneer
without advice and aid from the outside.
This objection, however, is of minor account com
pared with deeper and far more serious ones against
the attempt to ostracise M r. Wadsworth because of
his course on a single question. M any men, and
men not behind any sane judgment in their apprecia
tion of woman, felt on the whole compelled to oppose
female suffrage to the last. They were overcome at
the polls. The suffrage gate is open to women, and
cannot be closed. We do not know, and we shall
never know, the net results of this irreparable step,
for good or for ill. Opinions will be formed (largely
obeying previous views on the subject) and will be
positively declared to be established; but real proofs
could not be obtained even if the women voted and
were counted separately in every election. The
only course open is to accept the situation, hope and
believe it will be for the best, and cheerfully and
unitedly try to make it so. It is therefore most
unhappy (and not encouraging) to find some women
retaining their former bitterness against the “ antis,’ ’
and keeping alive the acerbities of a struggle now
over.
Let us have this point entirely clear. M r. Wads
worth’s record in Congress is subject to examination
and criticism, and whether he is on the whole the
fittest available man to represent the State in the
Senate is fairly open to discussion and to opinion.
The “ Chronicle” docs not pass judgment on him, or
ask another term for him; that lies with the electorate
of this State. But nobody denies that he has been
industrious, faithful to his convictions, and con
scientious in seeking to perceive and do his sworn
duty, in a time when that has been especially diffi
cult. The women who are dead set against him un
consciously confess, by the reason they assign, that
they are not judging him by his record or on the
question of comparative fitness; he was an “ anti,”
and they were so wrought up in their fervor that the
very word became anathema to them. They must
permit 11 s to say, most seriously, that in letting spite
fulness seize the place of sober judgment they do
considerable, even at this day, to justify the doubts




697

which many men held concerning the expediency and
safety of putting the ballot into their inexperienced
hands, in this time of world-wide upheaval. Cannot
they see that if they use their newly-won ballot for
the vengeful purpose of “ getting even” they are
abusing and degrading it, and are showing themselves
not yet quite entitled to rank even with men in re
spect to participating in public affairs? Their con
stant argument during their long campaign was that
they were entitled to the ballot in justice to them
selves, and that they are shoulder to shoulder with
the male in respect to intelligence, conscientiousness
and fitness to govern. Their claim has been sub
stantially admitted, for they have won by it; cannot
they see the inexpediency of basing an open opposition
upon nothing higher than the desire to deal a return
blow ?
Everybody knows that independence, courage, and
fidelity to convictions are far more rare than common
in American official life. Which is the wiser and
more profitable course— to recognize and encourage
those rare virtues., or to recognize and rebuke them
at the polls?
Yet the subject goes deeper, for it touches the
foundations of democratic or representative govern
ment. A people cannot enact, interpret, and execute
laws in their own persons directly, for manifest and
immovable reasons; a mob sometimes gathers and
attempts these several functions, but we do not class
that as government. When the legislator has been
chosen, is he representative, or merely clerical? Is
he a marionette to move as the spring is pulled, or
is lie to judge and act for the people who sent him?
The question is old. Formerly, legislatures assumed
to “ instruct” Senators and request Representatives
on some pending matter, and there has never been a
unanimous judgment on the binding character of
such interventions. But if a Senator is to keep his
ear to the ground for word from home, what is he
to do while awaiting it? Suppose he misunderstands
it? Shall he take the loudest noise as the voice of
the majority? He represents them, and he has an
inducement to satisfy them; but is he their mere
clerk, or something higher?
Is not the sound and the only practicable rule
this: that the legislator is to follow his own best, most
serious and his always lmnest judgment when he
comes to speak and to vote on behalf of his electorate,
those who were against as well as those who were for
him at the polls? lie acts for them, because they
cannot act directly for themselves. They cannot be
prevented from disapproving him and from denying
him another term, either on right and high or wrong
and low grounds; but if he is a real man, bound by his
convictions and alive to his trusteeship, he will follow
what he sees to be wise and right, regardless of his
own political future.
TIIE UNCOUNTED PROFITS— THE BENEFITS
OF PRIVATE 0 TVERSIIIP.
While we are discussing a proper, that is to say an
equitable, division of the rewards of labor, we lose
sight, almost entirely, of what we all have for the
asking— namely, the uses of things. Socialists
would put ownership in the State, communists would
put it in the classes or crafts, and anarchists would
seemingly abolish it if that can be possible. But
nothing real that exists has the value of helpfulness
unless its use is known. That, after all, is the highest

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value— and it is not concerned with ownership or
inheritance, it inheres in the article, object or mach
ine, and is free to everyone, according to knowledge.
You may say, of what benefit is it to know how to
run an automobile if you cannot own one— but what
would be the benefit of owning one if no one knew
how to operate it? This knowledge of the uses of
things now in the possession of mankind, is the great
free and full heritage of every child born into civiliza
tion. Here we need not dispute, simply learn.
As it has been in the past so it will be in the future.
Looked at from one side it is true that absence of
ownership may prevent use even where knowledge
is sufficient— but how many of the inventions that
minister to the comforts of daily life do we know how
to use, though we could not construct one if we had
all the wealth of a Croesus or a Rockefeller? And
not a day passes but unnoted, an idea is given to the
world in which we all share and share alike. And
this is the spiritual advance that flowers from trade—
and with uses come benefits. Herein every man
owns all. Steam, electricity, in their manifold
manifestations, are owned in full (without the feesimple title of possession) by each of us. Only it is
better for all, as we contend, that the realities be
under the control, operation and ownership of indi
viduals, that any other way, because the operation
is cheaper and better, and because the continuous
increase is larger and longer, and therefore returns
more of the benefits of use to the masses.
This growth in industry in the uses of things one
generation bequeaths to another in perpetuity. It
is the residuary estate, no matter how the immediate
legatees may be selected. A glorious heritage! An
inestimable fortune! And while it is true that own
ing a railroad ticket the traveler owns the highest
and best use of the road, the vast net work in opera
tion with all the wonderful inventions and interlock
ing benefits, passes down from one generation to
another. Every safety device, every saving per
ton per mile, every electric appliance, every “ im
provement” from a better steel rail to a reclining
chair or a window screen, in the end, is a profit which
all share and share alike. And we augment these
common profits to all by private ownership, because
having individual control we must operate them for
all under the law of increase, and that constitutes
every individual trustee a guardian of the public
welfare by his personal endeavor.
When we talk of public ownership for the future
we need only recall the simple truth “ what is every
body’s business is nobody’s business” to answer
all our questions and resolve all our doubts. And it
is in the field of uses our future fortune lies. Look
ing ahead, M r. Balfour, in a recent article, compares
English and German industry in this way: “ They
(the Germans) marshalled, they mobilized— to use
a modern phrase— all the forces of science in helping
them to develop their great industrial efforts.”
“ We British must not imitate them; but we must
follow their example.”
“ They saw what, from the nature of the case, we
could hardly be expected to see so soon— how close
was this co-operation, how absolutely necessary it
was, not merely in the competition of people, of
industry with industry, and of one community with
another community, but from a broader point of view
— the point of view we ought to adopt if all nations
were united in one great industrial community, the
point of view which really depends upon the con



[Vol.

no.

sideration that it is only upon our increasing knowl
edge of the powers of nature that we can expect to
improve the material lot of man.”
“ The powers of nature!” Who can corner these?
Who can own them in the sense of personal posses
sion? How can they be given effect in human
welfare save by use? To discover one, to utilize and
apply it to need and want, what more inviting field
for thought and energy— what greater legacy to
leave mankind? N ot only do we now commandeer
science in industry but we apply science to science
and our industrial (chemical, electrical, mechanical)
laboratories are working overtime for everybody
everybody in the sense that he who is earliest in
the fie’d with a device that will bring the greatest
good to the greatest number reaps the immediate
profit in dollars while the collateral profit, or residu
ary, inures to every man for all time to come. We
might object to patents and copyrights— but in
the larger sense they are only a temporary interrup
tion to the universal law.
Here, then, is a natural system (natural because
private ownership fulfils the highe'st law of man’s
being) that has brought the American people especi
ally (the Yankee inventors of the world) to a mar
vellous plane of civilization in less than two centuries.
And every laborer (worker) of to-day inherits a full
share of this benefaction regardless of wages, protits,
prices, control, and ownership. “ Knowledge of the
powers of nature,” capital cannot possess or inherit,
in the true sense. Knowledge belongs to the indi
vidual. Inventions “ locked up” may come to mind,
but profit depends upon their release for use. Once
released they can never be imprisoned. The steel
worker and coal digger not only uses some of them
every day in his tools and equipment (where they
enable him to earn more dollars per day through
increased output) but in his home and .social, even
economic, life he is “ touching a button” constantly
that gives him personal dominion over these “ powers
of nature.” W hy then quarrel over these countless
new plans for ownership and distribution? In the
benefits of the common uses of things no capitalist
has more, or can inherit more, than the laborer.
If we have here a vast fund of uncounted profits
(and does anyone dispute that we have) why should
we not plunge into industry under the old system,
the present system, each laborer striving to add
something to the intangible mass of undivided and
indivisible profits, relying upon a “ fair day’s wage for
a full day’s work” for his own immediate compensa
tion, and conscious of an opportunity to add, per
chance, some new idea or device to his task, and by
skill and the perfectness of his production, adding
to the momentum of the whole, together with a
personal contribution to the knowledge of the uses
of the powers of nature? No capitalist can do more,
none should do less. And is not this a fulfilment of
the divine law of man’s being here on earth?

“ LABOR” MASQUERADING IN THE N A M E OF
“ THE PEOPLE.”
In the recent pronunciamento of the American
Federation of Labor, occurs this passage:
“ It is intolerable that a people who spared no”cost
to make the world safe for democracy should be
forced to submit to any restrictions of the glorious
liberties inherited from the founders of our nation.
The perpetuation of our fundamental rights and [the

F eb . 21 1920.]

THE CHRONICLE

enactment of essential constructive legislation de
mand the election of men, regardless of their political
affiliations, who are truly representative of American
ideals of liberty.”
Now, in all reason, what does this mean? Just
what are the onerous conditions, in the meaning of
this guiding mind, that are “ intolerable” to “ a
people” ? Is the war debt one of them? If so,
nothing but work will ever remove this burden. Is
“ high prices” one of them? If so, even “ labor” will
acknowledge that high wages form a part thereof.
Are “ low wages and long hours” one of them? Then
it must be admitted that the average wage scale is
higher than ever, and the hours are growing shorter.
Is there depression, due to the uncertainty of indus
try and trade? If so, what cause is more potent
than the “ strike,” that adds confusion and dread to
a certain natural indecision ? Is it that other nations
are suffering? We are in better condition than any
of them.
These words have a stirring sound. They seem to
presage a great movement, a new crusade. But
when they are subjected to cold analysis they are only
sound and fury, signifying nothing. Are overt acts
like the steel and coal strikes, sanctioned by the
American Federation of Labor, in the sole interest
of “ a people,” our people, the whole American people?
In a “ democracy” where the voice of the people is
free to be heard by all men, where law is the corner
stone of liberty, has this self-constituted (now “ non
partisan” ) organization been authorized to represent
any people on the face of this earth and especially
“ the people” of the United States? If not author
ized, in whose name does it speak, save its own?
There are no mass meetings being held over the land
to protest against lost liberties! The liberty to do
business in the old way, by the laws of business
developed through growth and experience, arc being
obstructed, but the people are bearing the interfer
ence with remarkable calm. Is it not clear to any
sane mind that this organization of workers (four
million strong, if it be that) is not authorized to
speak for the people, has no right to do so, is not even
representative of the people either in thought or
character? Why then this assumption?
The casual mind is prone to believe what it reads
to be true. It is an insiduous form of propaganda
to speak in the name of the people. One would
imagine from this flaming pronouncement that men
cannot work, cannot conduct our industries, and are
living under an autocracy of oppressive law. When
the fact is that even in the ranks of this order there
are men who cannot work because they have fore
sworn their liberty to do so to its dictation. The chief
element of wrong in industrial conditions as far as the
personal liberty of the worker is concerned is because
of the policies and practices of this organization.
Employers would, generally speaking, forge ahead,
increase production, and employ more men if they
were free to do so according to the needs and de
mands of trade. Why then this flamboyant call to
“ constructive legislation” ? Why then this con
demnation of Congress, when the chief fault of that
body is that it has done almost nothing in raveling out
the tangles of the war and restoring former condi
tions? The answer is, and must be, that the organi
zation hopes to accomplish its own selfish ends by
subtly representing itself as the people, or a duly
authorized representative of the people. It is
neither. If it does not formally demand public




699

ownership of the railroads (for one instance) it leans
thereto, and some of its members are violent advo
cates of that policy in their public speech. Yet there
is not the shadow of , doubt that the great mass oi
the people want the roads returned to private owner
ship.
The plain truth is that this small minority, now,
selfishly, in partisan manner, while proclaiming a
non-partisan attitude, is seeking to control legislation
in the future by electing a Congress “ friendly” to
so-called “ labor,” and in the doing of that ringing in
the name of the people for whom they are not auth
orized to speak. Is not this merely masquerading in
the nam e'of liberty? Is it to be believed that the
women of the country now coming into political
liberty for the first time will submit to the dictation
of this body of working men (and a few working
women members) without themselves having an
original voice in affairs— women who work in the
home as well as out of it?
The farmers have already expressed themselves,
on wages of mechanics, on public ownership of utili
ties, on shorter hours for labor. Professional men
and salaried men are not helped by the activities to
increase wages by this minority speaking in the name
of the people. No honest man can deny that the
people as a whole are 'paying the wages of this four
million now raised to the highest level ever attained
in this country. Yet, the casual mind of the excited
worker inside the order is likely to be led away by
this fulminating about lost liberties.
Do the men, officers and leaders who write these
pronouncements, actually feel this terrible condition
of affairs (knowing the condition of these member
workers, while not evenly benefited by the efforts
to increase wages, is on the whole better than it
ever was before)? Or are they subjects of a sort
of self-hypnosis, intoxicated by their own words,
their judgments warped by unperceived selfishness?
Has not the war, for “ democracy” if you wish to
put it that way, inured to their benefit, whether they
willed it so or not? And is there any reason in
the cry over “ high cost of living,” which they by their
class selfishness have done so much to bring about?
The words we have quoted speak of the “ glorious
liberties inherited from the founders of our nation.”
Yet the organization is opposed to “ reactionaries” —
men now in office who would stand firm on these
principles of the fathers. This is a contradiction.
The trouble is we are being swung away from these
old moorings in the rights of private ownership and
the personal possession of business initiative, control
and operation. And this labor organization by its
announcement converts itself into an autocracy to
control legislation in its own interest. At its best
it is representative of a class. At its worst it must
be regarded as wholly selfish. Too much stress
cannot be laid upon the fact that it has in it a radical
element that would drag it away from its modicum
of conservatism and into wild economic excesses it
seems now to abhor. If so, it is doing itself a great
injustice in entering the field of “ non-partisan
politics,” for until it purges itself of this element of
malcontents even its friends must view its political
success with alarm. It would be a sad day for the
country, if by the time the order controls Congress
it should itself have become the prey of syndicalism.
A warning might well be given to the conservative
element to get out of the American Federation of
Labor while it is yet protesting against Socialism. ^ It

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is always true that those who centre their minds on
troubles, soon come to imagine others where none
exist. This hullabaloo about downtrodden and
oppressed labor only excites minds that have not
vision to look over the whole field of life. And it is
a positive detriment to the country to issue these
flamboyant appeals to rise up at the polls and smite
men merely because they are not “ friends.”
Congress represents one hundred and ten millions,
not four. It is perhaps procrastinating— talking,
investigating, too much; maybe playing politics to
some extent; certainly fencing too much for parlia
mentary advantages. But it is not stealing away the
liberties of the people (by new after-the-war Govern
mental centralization) with intent to enslave them,
and it is not groping around striving to restore
liberties that have not been lost, though they may be
obscured. If it verges on anti-strike legislation, the
whole people are not asking the permission to strike
in a body or a restoration of that right. N o—
looked at calmly— this whole movement is the excited
effort of selfish men, of a small minority of the people,
to perpetuate unduly augmented power.

THE ENGROSSING PROBLEM OF ECONOMY.
Almost, in this Republic of ours, the patriot is
to be pitied. In the toils of “ the times,” in the
“ midst of alarms,” what can he do? The ballot is
potential, but he does not vote every year. Zeal
without objective is as impotent as objective without
zeal. But one fact grows into a powerful certainty—
a people slow to wrath are resistless when aroused.
Government by representatives cannot receive in
structions every day. The citizenry of the nation
depend, in the interim of specific instructions, upon
a Congress not only capable of reasonable interpre
tation of national need but prompt and efficient
action. Yet if ever there was a time when “ masterly
inactivity” is the rule it is now. Months slip by and
nothing vital is done. As we write, there is intelli
gence of growing harmony in the Conference Com
mittee on the railroad bills following insufferable
delay. After interminable debate, and apparent
defeat, Lord Grey of Falloden (think of it) seems to
open the way for treaty recall and ratification.
The Allies indicate acceptance of reservations we
are unable ourselves to adopt or finally reject. But
a Rivers and Harbors pork barrel bill has been re
duced to “ spare rib” proportions.
Secretary Carter Glass on the eve of retirement
into the Senate, admonishes Europe that disarma
ment, increased production, and retirement of do
mestic floating indebtedness (monetary inflation) is
imperative— over against the vain hope of more na
tional loans by the United States. Good advice and
timely. But he warns against too great reduction
in taxes here at home lest there be another bond issue
necessary. But of what avail are economies urged
in our national expenditures if we are to take the
same volume of tribute annually from the tax
payers? Secretary Daniels seems to cherish a vision
of a second-to-none navy. Prohibition must have its
millions for enforcement. There impends an increase
in salaries in the civil service. Soldier relief bills
are many and some of them of huge magnitude.
But why go on? There is no balance sheet of income
and outgo— no budget to itemize, classify, or com
pute, necessary Government expenditures. And pro
crastination is the thief of time. The charge is




[Vol. 110.

openly made that both the old parties are playing
politics— seeking advantage in a campaign year.
There is no objection to considerate debate'—it may
save serious error. But putting off till to-morrow
what should be done to-day— that cannot be con
doned— and will not be.
To be “ penny wise and pound foolish” is a fault
of nations as it is of men. It may not be possible in
the current year to reduce the volume, sum total, of
taxes, with the dragging ends of war still about us,
but who knows? It is our belief that were a syste
matic effort to be made— based on careful computa
tions and estimate— it would be shown that taxes
(volume) can be reduced. If not, they can cer
tainly be readjusted. Not all methods of raising
revenue have been exhausted. The whole subject of
taxation is open and invites intensive consideration.
The evils of uncertainty to business endeavor are
not to be ignored. But whe the set purpose is
relief, when conditions are already onerous, when the
pack-horse must be prodded to move because of its
burden, wisdom requires lightening if possible and re
arrangement at the least. Apparently, to the citizen
looking on, nothing is being done. It is a campaign
year. Quite a respectable number of Senators are
candidates for the Presidency. Headquarters are
being opened, speaking tours arranged, fences re
paired, winning issues sought. And the voter will
have a chance in November to “ save the country.”
Meantime we must produce more, save more, work
m ore.
In this vein we might continue to write all day, and
never “ get anywhere.” But what does it all mean?
The very apathy on the one hand, the do-nothing
when everything is crying to be done; and on the other
hand an ominous silence, a wondering restiveness, a
gathering storm of wrath; these suggest a coming
judgment. Playing politics in “ times like these” is
like playing football with dynamite. The hasty man
is already saying: look out for a third party. The
fuddled fanatic is seeing red revolution. The pro
fessional politician is searching for a split or a slip.
And the voter, the patriot, waits— and mayhap
nurses his wrath. What does it all mean? It
means that there will be more independent voting
in this country at the next election than ever before,
and that not only must prominent parties write
platforms that say something and mean what they
say— but politicians in Congress (if there are any?)
of whatever party persuasion must do something and
do it now or they may be swept into the dust-heap
of “ has-beens.”
And this policy of pushing everything over till
after the election may lose many an incumbent his
nomination, and if not, his election. There is due a
general “ turnover.” What else can voters do? No
new party can suddenly sweep the country with
principles born of discontent, with dreams of “ equal
ity ,” with obsessions of a labor class, with a union of
all the mad-hatters protesting together. The an
nounced determination of labor unions to control the
next Congress must inevitably stir the citizens out
side of them to look after their own protection. N o—
the country is safe. The patriot voter will make
short shift of the incipient revolutionist. B ug there
are two or three months before nominating conven
tions are due— and men long honored with political
preference might find this a convenient time in
which to “ get busy.” Never was occasion more
urgent, or issues graver, or time more pressing.

Feb. 21 1920.]

THE CHRONICLE

THE LARGER VIEW OF BUSINESS EDUCATION
— THE AMOS TU CK SCHOOL.
The business man who finds himself confronted
by international elements in the larger problems
with which he has to deal to-day realizes his need of
an education that will supply him with some inter
national knowledge. In any case he appreciates the
Value of whatever knowledge of this sort he chances
to possess. It givefs him a direct approach and a
sense of competency in dealing with wide-reaching
interests which is very different from that which
comes with knowledge that is bought in the street,
or through the medium of an interpreter of foreign
speech.
We have long been pressing that need of an educa
tion for business men that would be broad enough
and at the same time technical enough to meet the
requirements of the business world of to-day, and
which should at the same time secure for men of
affairs an educational and cultural standing akin
to that of men in the professions.
Ex-President Tucker of Dartmouth College, in his
new book “ M y Generations,” gives us a detailed
account of the origin and aim of the Amos Tuck
School of Administration and Finance in connection
with Dartmouth College to which, since its opening
in 1902, we have frequently called attention as a
move in a much needed direction. We now have the
means of appraising it in relation to the great change
the war has made in the business world.
The value of a collegiate education for some people
has always been appreciated. The prime reason for
the founding of the Tuck School lay in the fact that
the higher education with the growing sense of its
importance and the great increase in the number of
both classical and post-graduate technical schools,
was working very unequally in the unclassified region
of the business world.
A study of the statistics of Dartmouth College
showed that in the fifty years, 1771-1820, graduates
entering the professions of law, ministry, teaching
and medicine numbered 90% of the whole enrollment;
from 1821 to 1870 they were 86% ; and from 1871
to 1900 64% . In the first decade of the present
century the number fell to 51% . This seemed to
show pretty conclusively, for Dartmouth is fairly
representative, 'that the breach between the world
of affairs and the liberal education furnished by the
colleges was broad and rapidly widening through the
lack of definite and adequate intermediate educa
tion.
The interests in the newer world of banking, cor
porate administration, &c., were quite comparable
with those of professional life, involving as they do
more or less directly every form of economic develop
ment, and it was, as D r. Tucker admits, a con
fession of the inutility or narrowness of a liberal
education, for the colleges to leave their graduates in
a helpless attitude before their new responsibilities,
or to commit them altogether to the fortune of
their personal initiative.
The introduction of socalled “ business courses’ ’ into the under-graduate
curriculum (of which there were various illustrations
in the country) was evidently a superficial and con
fusing treatment of the difficulty.
Happily a broad-minded financier long a partner
in the banking house of Munroo & Co. in Paris,
M r. Amos Tuck, was alive to the situation and pre
pared to meet the need. He furnished the money




701

for the beautiful building to house the school, and
also liberally endowed it. The school was to be
established “ in the interest of college graduates who
desire to engage in affairs rather than to enter the
professions.” It was to furnish them “ with a prepara
tion equivalent in its purpose to that obtained in the
professional or technical schools.” This training
was not to take the place of an apprenticeship in any
given business, but is in recognition of the fact that
the same amount of academic training is called for
under the enlarging demands of business as for the
professions or for the productive industries.
The school was to be open to those who could pre
sent a bachelor’s degree and those who in special
cases could pass an equivalent examination. The
course was to cover two years of graduate study, now
combined with the senior year of the college, and in
all cases to represent advanced courses in the various
departments which cover a wide range, both theo
retical and applied.
Mr. Tuck laid special emphasis on certain prin
ciples which are often lost sight of in the variety of
technical subjects. These are “ absolute devotion
to the career which one selects, and to the interests of
one’s superiors or employers; the desire to do more
rather than less than one’s required duties; perfect
accuracy and promptness in all undertakings, and
absence from one’s vocabulary of the word ‘forget’ ;
never to vary a hair’s breadth from the truth nor
from the path of strictest honesty and honor, with
perfect confidence in the wisdom of doing right as
the surest means of achieving success.”
The organizers of the school recognized that, while
occupations of high technical grade require the rigidly
scientific habit, there are other occupations which
require the habit of analysis, comparison and co
ordination. This is the habit requisite to large suc
cess in the economic field and desirable as the aim
of a liberal education. Besides this, as modern
science has created the industrial world, it is a
matter of economic concern to humanize it, and to
carry consideration of the human element every
where into the business world. The tendency of the
colleges to foster in their graduates the idea of sepa
ration from the troublesome problems of daily life
is to be met by opening to them intelligent appre
hension of the sweep of affairs, and showing the
possibilities in the business world of the vital and farreaching influence of a liberal education.
Nearly twenty years have passed, the school
has gone on its successful way, and been largely
influential in promoting the present movement in
a similar direction in the universities, East and West.
But we are not writing in the interest of any one
school, but in the hope of awakening in the minds
of our successful business men a sense of the import
ance of securing for their sons the kind of education
which the business world of to-morrow is going to
find indispensable, and which is now within their
reach, as it was not for their fathers. The fact that
a banker of wealth, himself a cultured man and doing
business in a position to give him a wide outlook
and exceptional opportunity of observation, should
be willing to start such a school with a gift of some
$350,000, to which he has made important additions,
is sufficient proof of the importance of the training
it is fitted to render.
Lord Haldane in a recent article in the Yale Re
view, discussing the new ideals in education, points
out that leaders among the servants of the State

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must inspire confidence and admiration in the men
they have to direct. For this is required special
technical training based on the foundation of a good
general education, and in both these directions moral
and intellectual training is indispensable. D oubt
less there are individuals endowed by nature with
the desired qualities, but they are rare. The only
hope of securing them in any number is by an ade
quate system of liberal education. The universities
and colleges must be depended on to produce them.
It is in their atmosphere that they can be grown.
The war has brought a great awakening. What is
now necessary is that this should embrace all men
and extend to every department of human activity,
and that we should remain awake until, whatever
our preconceptions or prejudices, we should appre
ciate the new conditions. There is nothing that
Lord Haldane has said of public servants that does
not apply with equal force to the men who are to be
leaders in the business world. The old day is gone
and the new one has come, and is not to be gainsaid.
T h e broadest and best education that can be had is
none too good for the youths who are to be the
American business men of to-morrow.
POLITICAL PARTIES IN CAN A D A — BROKEN
HEALTH OF PREMIER.
Ottawa, Canada, Feb. 20 1920.
It is a peculiar coincidence that the close of the
war found both the President of the United States
and the Premier of Canada in broken health and
political conditions on both sides of the border in
anytning but a state of rest. Sir Robert Borden,
who carried the coalition Government of Canada to
high success during the war, is quite unfit to resume
office and is seeking recuperation in the Southern
States. In his absence, Canada has been forced to
accept government by a Cabinet Committee which
will continue through the session of the House of
Commons which opens on Feb. 26. Under these
conditions, the order paper of Parliament will contain
no legislation capable of provoking serious contro
versy and the Government, it is understood, will seek
under an acting Prime Minister to carry on along
lines already established. It may be significant of
the popular feeling throughout Canada that the
Unionist Government is avoiding the appointment of
Cabinet ministers to fill vacancies, for this would
necessitate an election. Recent Federal bye-elections
have not been complimentary to the present Ad
ministration, but the Unionist Party strength in the
House of Commons is ample to carry Government
measures through another two sessions.
Gradually, Canadian public interest is centring
upon the single problem of cost of living. Already
the Liberal Party, submerged during the war by its
conscription attitude, has found strong backing East
and West by playing up policies of heavier taxation
of wealthy individuals, lower tariffs on foods, clothing,
and the machinery essential to production, and a
broader preference to the British manufacturer.
This is also the bid of the new Farmers’ Party which
isjcoming along increasingly strong under the leader
ship of Hon. T . A. Crerar, former Federal Minister
of Agriculture. With the old Liberal Party practic
ally reconstituted and the Unionist Government
gradually assuming Its Conservative coloring, the
Farmers meanwhile aiming at a labor amalgamation,
Canada will have henceforth a trio of strong parties,




[Vol. 110.

not vitally distinct except for a section of the Farmer
organization which pushes free trade doctrines with
unceasing energy. As plans now stand, the Unionist
or, as it may choose to designate itself soon, the
Liberal-Conservative Party, will wage its electoral
fight on a promise to lower the tariff “ scientifically”
by commission and meanwhile to protect Canadian
industries from United States competition. Off
setting this, the Farmer-Labor group will bid for
the favor of the masses of Canadians who in the
present struggle for a livelihood are inclined to suspect
the protective tariff of complicity.
N E W LIFE FOR THE RAILROAD CARRIERS—
A D M IN IS T R A T IV E CHANGES.
Corporate officers and directors of railroads, who
were side-tracked by the Federal Administration when
the Government took control of the carriers at the
end of 1917, have not been idle during the 26 months
of Federal operation of the lines. Many minor
corporate affairs required their attention during the
interregnum, but being relieved of operating respon
sibility they were free to give attention to the future
of the great properties when they would in due time
be returned to their owners.
The Pennsylvania Railroad management has al
ready announced one very important innovation
and the Er e has taken a like step. President Rea,
of the Pennsylvania, announces that the big system
of 12,000 miles will be divided into four regions.
Owing to charter restrictions the Pennsylvania Rail
road is only allowed to own railroad property within
the State of Pennsylvania. As a corporation it may
own securities of other railroads and it may lease
other lines, but in its own name it is not permitted
to construct a line of road outside of the Keystone
State. The New York Central has much greater
corporate powers than the Pennsylvania and con
sequently the corporate management of the great New
York Central System is much more simplified than is
that of its chief competitor.
Since the early seventies there have been two
grand subdivisions of the Pennsylvania Railroad
System, known as the Lines East, and the Lines
West, all of the company’s lines east of Pittsburgh
and Erie being embraced in the Lines East. Nearly
a half century ago Pittsburgh was but a small city
and being located at the extreme westward end of
the State of Pennsylvania it was a natural geographi
cal terminus for the Eastern lines. But in fifty
years Pittsburgh, and more especially what is now
known as the Pittsburgh District, has become the
greatest traffic producing district in the world. On
this account many perplexing traffic problems arose
because the dividing line between the East and the
West was in the very heart of this big traffic centre.
Pittsburgh is a hub from which radiate the spokes of
many busy lines of the Pennsylvania Railroad running
east towards the Atlantic coast, north towards
Buffalo and Erie, south along the wonderful indus
trial section of the Monongahela and to Wheeling,
Columbus and Cincinnati, and west towards Cleve
land, Toledo, Detroit and Chicago.
Therefore to overcome the handicaps which have
arisen, in dividing the Pennsylvania Railroad into
new regions the management has made the dividing
line between the Eastern or Philadelphia region and
the Central or Pittsburgh region at Altoona which is
not a traffic centre and is famous chiefly because of

Feb. 21 1920.]

THE CHRONICLE

the location there of the Pennsylvania Railroad
shops where cars, locomotives and many accessories
are manufactured.
In the half century, too, Chicago has grown to
be the second city in size in the country and is a great
traffic centre. Very properly therefore Chicago is
made the operating centre of the Northwestern
region. St. Louis has likewise developed to an im
portance that was not conceived of in the seventies
and is the centre of a traffic peculiarly its own.
making it the natural operating centre of the South
western region.
A Vice-President located at each of the four tratfic
centres will be held personally responsible for the
business of the railroad in his respective region which
will include its relations with the public. Over a
great many subjects of strictly local importance
the Vice-President of a region will be given absolute
authority so that they may be settled quickly, with
out red tape, and without the delay incident to the
forwarding of a mass of correspondence to the general
offices of the railroad at Philadelphia for approval.
It is confidently expected by the Pennsylvania Rail
road management that this arrangement will keep
the railroad in close touch with the public and its par
ticular needs in the various localities and will also form
a closer tie between the representatives of the railroad
and the large corps of employees. It will be a part
of the duty of each regional Vice-President to keep
posted as to the commercial and financial conditions
in his particular region. In all of this readjustment
the management has in mind not only the welfare
of the public and the employees, but it is expected that
the closer and more direct responsibility which is
created will operate to the advantage of the stockhold
ers by increasing earnings so as to give every assur
ance possible of a fair return upon the capital stock
of the corporation.
This general readjustment by the Pennsylvania
management will be followed by other announce
ments of especial interest at the traffic centres and
all of the changes which will be made will be in line
with the general policy of placing responsibility upon
individuals who will be held strictly responsible for
definite results. This is one of the fruits of the period
of enforced rest which the corporate officers have ex
perienced. Others are likely to follow in time so
that the return of the control of the carriers to their
owners will make a step forward in the history of the
transportation companies of the United States.

<&nxxcnt %umts mul discussions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & C o. on a dis
count basis of 6 % , the same as in other recent weeks. The
bills in this wcok’s offoring are dated Feb. 16.

CONTINUED OFFERING OF FRENCH TREASURY
BILLS.
Anothor block of French Treasury bills was dis
posed of by J. P . Morgan & C o. this week. They were
again disposod of on a discount basis of 6 % , the figure to
which the rato was advanced some time ago. The bills in
this week’s offoring aro datod Feb. 20.

DECREE AUTHORIZING NEW FRENCH LOAN.
The translation of the text of the decree authorizing the
now Fronch loan, as published in the “ Journal Official,”
Jan. 10 1920, was given in the Fob. 13 number of “ C om 




703

mercial Reports,” issued by the Bureau of Foreign and D om 
estic Commerce, Department of Commerce at Washington.
As indicated in these columns Feb. 7, page 508, a part of the
loan is to be floated in the United States, and details of
offering in this country are given in these columns to-day
under another heading. Subscriptions to the loan were
opened in France on Feb. 19 and will close March 20. The
following is the translation of the decree authorizing the
loan:
A r tic le 1. T h e M in is te r o f F in a n ce s Is a u th o r iz e d , b y m oan s o f p u b lic
s u b s c r ip t io n , t o issue 5 % re d e e m a ble b o n d s p r o v id e d fo r b y th e la w o f
D e c . 30 1919.
A r t . 2 . T h e n o m in a l a m o u n t o f th e s e b o n d s s h a ll b e d iv id e d m t o series
o f 2 5 ,0 0 0 ,0 0 0 e a c h , a n d shall b e re d e e m a b le a t t h e r a te o f 150 fra n cs fo r
100 fr a n c s , in 60 y e a rs .
A n a m o r tiz a tio n s ch e d u le shall b e p re p a re d b y t h e D e p a r t m e n t o f F m a n ce
a n d p u b lish e d in t h o J o u rn al O fficia l. T h e series t o b e r e tire d e a ch six
m o n th s sh all b e d e c id e d b y d ra w in g s t o b e h e ld M a r c h 16 a n d S e p i. 16 o f
e a ch y e a r , t h o fir s t d ra w in g t o ta k e p la c e S e p t. 16 1920. T h e r e d e m p tio n
p r ic e sh all b o d u e u p o n m a t u r it y o f t h e c o u p o n fo llo w in g e a ch d ra w in g .
In te re s t o n b o n d s b e lo n g in g t o t h o scries s p e c ifie d b y dra w in g s f o r re d e m p 
tio n o f p rin cip le shall cea se t o ru n fr o m th o d a to o f m a tu r ity o f th is re d e m p 
tio n , an d th o p rin cip a l sh all b e h e ld a t th e d isp o s itio n o f th e o w n e r , a d e 
d u c tio n b e in g m a d e fo r s u b se q u e n t c o u p o n s n o t p re se n te d .
T h e series n o t d ra w n fo r r e d e m p tio n m a y a t a n y tim e b e re tire d a t th e
s am e p rice o f 150 fra n c s fo r 100 fr a n c s o f n o m in a l a m o u n t.
A r t . 3. T h o a ccr u e d in te re st o f t h e 5 % re d e e m a b le b o n d s shall b e p a y a b le
se m i-a n n u ally o n M a y 1 a n d N o v . 1 o f e a ch y e a r.
A r t. 4. T h e b o n d s t o b o issued w ill b o ar in te re s t b e g in n in g M a y 1 1920.
T h o p r ic e o f issue is fix e d a t p a r , o r 100 fra n c s fo r a b o n d y ie ld in g a re v e n u e
o f 5 fra n c s.
A s a re c o m p e n s e t o t h e su b scrib ers f o r t h o d e la y b e tw e e n th e d a te o f
s u b scr ip tio n a n d t h e tim e w h en th e b o n d s b e g in t o b e a r in to r o s t, an in te r
ca la ry in terest o f 1 fr a n e fo r lO O fra n cs o f th e n o m in a l a m o u n t w i’ l b e a llo w e d .
T h is in te re s t w ill b e p a id a t t h o s am e t im e as t h e in te re s t fa llin g d u e N o v . 1
1920. T h e a c c r u e d in te re st fo r this p a y m e n t w ill th u s a m o u n t t o 3-50
fra n c s f o r e a ch b o n d y ie ld in g a re v e n u e o f 5 fra n c s.
A r t . 5. T h e m in im u m y ie ld fo r t h o 5 % r e d e e m a b le , r c g iste ra b le b o n d s is
fix e d a t 5 fra n c s. T h e d e fln itlv c .c e r ttfic a te s o f th e 5 % re d e e m a b le b o n d s
w ill b e p a y a b le t o b e a re r o r t o o r d e r o f a p e rso n n a m e d . A ll tra n saction s
bearing o n th o tran sfer o r c o n v e rs io n o f th e se b o n d s shall b e e ffe c te d a c c o r d 
ing to law s g o v e rn in g th e 3 % re d e e m a b le b o n d s In scribed In th e G ra n d
L iv r e o f th e p u b lic d e b t.
O f c e r tific a te s p a y a b lo t o b e a re r o n ly th o s e b e lo n g in g t o th e s am e series
m a y b o c o n s o lid a te d . B o n d s b e lo n g in g e ith er t o t h e s a m e series o r t o
d iffe r e n t series b u t b e lo n g in g t o th e s a m e re g istra tio n p e r io d m a y b e c o n 
s o lid a te d in t o a s in gle reg istered ce r tifica te .
A r t . 6. A ll h o ld e rs o f in scrib e d b o n d s e n title d t o in te re s t fa llin g d u o o n or
b e fo r e M a r c h 31 1921, w ill b o g iv e n th e p riv ile g e o f s u b scr ib in g a c c o r d in g
t o th e p r o v is io n s o f p a ra gra p h 3 o f a rtic le 3 o f th o la w D e c . 3 0 1919.
A r t . 7 . T h o M in ts to r o f F in a n ce is ch a r g e d t o f ix b y d e cre e th e o t h e r c o n 
d itio n s o f Issues a n d t o assure t h e e x e c u tio n o f t h o p r e s e n t d e cre e .

OFFERING IN U. S. OF FRENCH INTERNAL LOAN.
Simultaneous with the opening of subscriptions in France
on Feb. 19 to tho new Fronch internal 5 % loan, a portion of
the bonds are being offered in tho United States. In the
preceding item we give the text of the French decree author
izing the loan. The plans to offer a part of the bonds in this
country were referred to in our issue of Feb. 7. Following
a meeting held in this city on the Gtli between loading bank
ers and Baron de Neuflize, American agent for the Bank of
France, and a representative of the French Ministry of
Finance, it was announced that no syndicate was likely to
be formed by the bankers hero, but that the various banking
houses would place at tho disposal of the French Govern
ment their facilities for tho distribution of whatever might
be offered of tho bonds here. The bonds are being offered
in the principal Reserve and Central Reserve cities of the
United States, in this city the offering is made under the
auspices of the National City Com pany, Brown Brothers
& C o ., Bonbright & C o ., Adrian Iselin & C o. and Lazard
Freres; other local financial institutions aro also receiving
subscriptions to the bonds. In its issue of Feb. 17 regarding
the offering the “ Journal of Commerce” said:
T h e b a n k s w ill a c t In d e p e n d e n tly in o ffe r in g t h e lo a n , 1. e ., n o s y n d ic a te
o r o t h e r o rg a n iz a tio n h as b e e n fo r m e d t o h a n d le t h o issu e. T h o b o n d s , fo r
t h o m o s t p a r t , w ill m e r e ly b o p la c e d o n salo o v e r th e c o u n t e r w it h o u t in 
te n s iv e e ffo r t t o d isp o s e o f t h e m , t h o b a n k s a c tin g a t th o r e q u e s t o f th e
F r e n c h G o v e r n m e n t ra th e r th a n b e ca u s e o f t h o p r o fit t o th e m in th o tra n s
a c t io n T h o co m m is s io n w h ich th e b a n k e rs w ill re c e iv o is fix e d b y la w , it
w as lea rn ed y e s te rd a y a t o n e -h a lf o f 1 % . I n a d d itio n t o th is, th e F ren ch
G o v e r n m e n t th ro u g h its fin a n cia l m ission h e ro w ill a tt e m p t t o stim u la te
sales b y an a d v e r tis in g ca m p a ig n .
N e ith e r t h o fin a n cia l r e p re s e n ta tiv e o f th o F re n ch G o v e r n m e n t n o r th e
ban k ers a re w illin g t o m ak e a n y e s tim a te as t o th e a m o u n t o f th e issue
w h ich w ill b e p la c e d h e r e . T h o lo a n is f o r an u n lim ite d a m o u n t a n d th ere
w ill b o n o lim it t o w h a t is s o u g h t h e r o . T h o p rin c ip a l a p p e a l w h ic h it is
b e lie v e d t h o b o n d s w ill ca rr y exists in t h e t w o s p e c u la tiv e fe a tu re s: (1) th e
s p e c u la tio n in e x c h a n g e , a n d (2) t h o s p e c u la tio n p r o v id e d b y t h o a m o r 
tiz a b le fo a tu r o o f t h e lo a n , w h ic h w ill b o re d e e m e d a t 150 w ith in s ix ty yea rs
w ith sem i-a n n u al d ra w in g fo r r e d e m p tio n also a t t h a t fig u re .

Tho price of the bonds is to be determined in the United
States by the closing quotation of Paris exchange the day
previous to the sale, as fixed by the French Finance Agency
in New York C ity. Tho bonds will be dated M a y 1 1920,
and will be issued in denominations of 1,000, 2,0 00, 10,000
and 20,000 francs; it is pointed out in the offering made by
Lazard Freres that the face of the bonds, in accordance with

704

THE CHRONICLE

the French custom, will indicate the annual income and not
the principal. The bonds will be a direct obligation of the
French Republic. They are redeemable on interest dates
(M ay 1 and N o v . 1) by semi-annual drawings at 1,500
francs per 1,000-franc bond, the whole issue being redeemed
within sixty years. Bonds not thus drawn are subject to
redemption at the option of the Government at 1,500 francs
per 1,000-franc bond at any time. Interest and principal
are payable in francs. The first coupon will be paid N o v .
1 1920, and will be for 35 francs, which includes the regular
semi-annual coupon of 25 francs and 10 francs to cover tho
interest accrued to M a y 1. Principal, interest and pre
mium of the loan are payable free of French taxes. A c 
cording to tho “ Journal of Commerce” the purposes for
which the proceeds of the loan will be used are principally
three, as follows:
(1) T o p r o v id e fu n d s f o r th o re c o n s tr u c tio n o f t h e d e v a s ta te d re g io n s,
w h ich w ill req u ire this y e a r , it is e s tim a te d , fr o m 1 5 ,0 0 0 ,0 0 0 ,0 0 0 to 1 9 ,
0 0 0 ,0 0 0 ,0 00 fra n c s.
(2) T o re im bu rse a d v a n c e s m a d e b y t h o D a n k o f F ra n c o
a n d t o retire th o c u rre n c y based th e r e o n , t o th e e x te n t o f a t le a st 3 ,0 0 0 ,
0 0 0 ,0 0 0 fr a n c s .
(3) T o r e d u c e t h o flo a t in g d e b t o f F ra n c e , T re a s u ry bills
b e in g a c c e p t a b le in p a y m e n t fo r th e lo a n u n d e r ce r ta in c o n d it io n s .

The French Financial Mission yesterday made public a
cable showing that the amount received by France from the
collection of indirect taxes during January was 88 5,449,000
francs, representing an increase of 6 1 % over January, 1919,
and 1 5 0 % over January, 1914.

OFFERING OF FRENCH LOAN IN LONDON.
The following London advices appeared in the “ W all
Street Journal” of Feb. 19:
A u s te n C h a m b e rla in , C h a n ce llo r o f t h e E x c h e q u e r , s ta te s th a t tho
G o v e r n m e n t has a ss en ted t o o ffe rin g o p p o rtu n ity , t o s u b scr ib e t o th e n ew
F ren ch G o v e r n m e n t 5 % p re m iu m lo a n in L o n d o n , o n c o n d it io n t h a t th e
loa n p r o c e e d s a re e n tire ly s p e n t in G r e a t B r ita in . T h e r e is n o q u e s tio n o f
a B r itis h lo a n t o t h e F r e n c h G o v e r n m e n t .

DENIAL THAT II. P. DAVISON’S EUROPEAN TRIP IS
FOR PURPOSE OF ESTABLISHING MONEY COMBINE.
A statement in the “ Pall M all Gazette” relative to the
object of H . P . Davison’s trip to Europe, which gained
currency in the United States through a Central News
cablegram, has been repudiated both here and in Europe by
those whom it concerns. The cablegram as published in
“ Financial America” of Feb. 19 said:
T h o " P a l l M a ll G a z e t t e ” sa y s t h a t t h e p u r p o s e o f I I . P . D a v is o n 's v is it t o
E n g la n d is t h e e s ta b lis h m e n t o f a gre a t m o n e y c o m b in a tio n t o fin a n ce
n a tio n a l a n d p r iv a t e en terp rises in E u r o p e a n d an in te rn a tio n a l tra d in g
c o m p a n y b a c k e d b y J . P . M o r g a n & C o . a n d th e G u a r a n ty T r u s t C o .

A denial of the report was promptly made in London by
M r . Davison, and a member of J. P . Morgan & C o ., it was
announced, stated on the 19th that there was no truth
whatever in the London cable. The London advices to tho
daily papers Feb. 19, in furnishing M r . Davison’s de
nial, said:
T h e n e w s p a p e r ’s s t o r y h as n o t b e e n c o n fir m e d fr o m a n y s o u r c e , a n d w h en
th e a tt e n t io n o f M r . D a v is o n ’s s e c r e ta r y w as c a lle d t o it this a fte r n o o n h o
ch a r a c te r iz e d it as " w h o lly u n a u th o rize d a n d in m a n y re s p e cts a b s u r d .”
M r . D a v is o n h im self sa id th is e v e n in g : " O r d in a r ily I s h o u ld p a y n o a t
te n tio n t o th is a n d lik e a rtic le s, b u t u n d e r th o c o n d itio n s existin g to -d a y
it seem s t o m e t h a t t h e p u b lic w o u ld b e b e tte r s e rv e d w ith fa c t s th a n w ith
f ic t io n .
H a p p y as I s h o u ld b o t o d e v o t e m y s e lf t o a n y co m p re h e n siv e
p la n s w h ic h w o u ld b e In t h e c o m m o n in te re s t o f E u r o p o a n d A m e r ic a , I
a m c o n s tr a in e d t o s a y t h a t s ta te m e n t N o . 1 is e n tirely w it h o u t fo u n d a tio n .
I h a v e seen n o o n o o n a n y fin a n cia l p la n a n d d o n o t c o n te m p la t e d o in g so
w h ilo in E u r o p e , fo r I h a v e n o s u c h p la n in m in d .”
M r . D a v is o n a d d e d t h a t s ta t e m e n t N o . 2 p r o b a b ly w a s b a s e d o n th e fa c t
o f t h o o rg a n iz a tio n o f t h o F o re ig n C o m m e r c e C o r p o r a t io n o f A m e r ic a ,
o w n e d b y t h e M o r g a n fir m . L ie u t e n a n t -C o lo n e l G r a y s o n M . P . M u r p h y ,
w h o is C h a ir m a n o f th e c o r p o r a t io n , w ill rem ain in E u r o p o fo r d e v e lo p in g
t h o c o m p a n y ’s b u sin ess, M r . D a v is o n s a id , b u t h o h im s le f w ill o n ly a c t
f o r t h e R e d C ro s s .
O n S u n d a y M r . D a v is o n w ill g o t o P a ris a n d t h e n p r o c e e d t o G e n o v a .

M r . Davison sailed for Europe on tho Mauretania on
F eb . 5, as a delegate to tho Red Cross Convention in Ge
neva, and arrived in London on Feb. 13. W hile it is under
stood that he will incidentally discuss important matters
with interests in Great Britain and Franco, the positive
statement is made that no such plans as tho reports claim
are in view.

CHINESE LOAN AND TRIP OF T. W. LA MONT TO
FAR EAST.
Thomas W . Lamont of J. P . M organ & C o ., whose de
parture on Feb. 12 for the Far E ast, as the representative
o f the American group of bankers which is part of the soaalled Chinese consortum, was referred to in our issue of
Saturday last (page 609), is reported in Chicago dispatches
C Ithe 14th, while enroute to the Orient, to have stated, that
picsin t negotiations were concluded, China would bo
Bled a loan of $20,000,000, half of the bonds to be sold




[Vol. 110.

in tho United States and half in Japan. From Poking, under
date of Feb. 13, tho Associated Press furnished the following
information, which appeared in the daily papers Feb. 17:
T h e fo re ig n le g a tio n s h a v e n o t ifie d t h e F o re ig n O ffic e t h a t G r e a t B rita in ,
F r a n c e , th o U n it e d S ta te s a n d J ap a n a re p re p a re d t o ca u s e a loa n o f £5,
0 0 0 ,0 0 0 t o b e issu ed b y a g r o u p o f b a n k s , a n d s e cu re d b y th e s a lt a n d o t h e r
re v e n u e s , it w a s a n n o u n c e d t o -d a y .
T h e lo a n w ill b o c o n d it io n a l o n n e g o tia tio n s b e tw e e n N o r t h a n d S ou th
C h in a b e in g r e s u m e d a n d t h e d isb a n d in g o f u n n e ce s sa ry t r o o p s . T h o fou r
g o v e r n m e n ts n a m e d w ill su p e rv is e t h o fu n d s a n d th o d isb a n d in g o f th e
so ld ie rs.

On Feb. 16, Washington dispatches regarding tho loan
said:
B a n k e rs o f t h o U n ite d S ta te s , G r e a t B r ita in , F r a n c o a n d Japan w h o a ro
r e p o rte d fr o m P e k in g t o bo r e a d y t o m a k e a lo a n o f a p p ro x im a te ly $ 2 0 ,0 0 0 ,
000 t o C h in a a re in clu d e d in th o s e w h o w ill b o in a c o n s o r t iu m w h ic h Is
b e in g p la n n e d t o fin a n c e C h in a o n an e x te n s iv e s c a le . T h is lo a n , h o w o v o r,
is n o t a p a r t o f t h o co n s o r tiu m p r o j e c t b u t a t e m p o r a r y a d v a n c e t o m e o t
u r g e n t n eed s o f th e C h in e s e G o v e r n m e n t fo r a d m in is tr a tiv e pu rp oses.
T h o m a s W . L a m o n t, o f N e w Y o r k , is n o w o n h is w a y t o C h in a t o re p re 
s e n t t h o A m e r ic a n b an k ers in th o fin a l n e g o tia tio n s , w h ic h w e r o in itia te d b y
t h e A m e r ic a n S ta t e D e p a r tm e n t.
G r e a t B rita in a n d F ra n c e are u n a b le t o ta k e Im m e d ia te ly th eir p a rts o f tho
co n s o r tiu m o r th o p re s e n t t e m p o r a r y l o a n , it .was e x p la in ed t o -d a y , a n d untU
th e y h a v e s ta b iliz e d c o n d it io n s a t h o m o t h e U n it e d S tates a n d Jap a n aro t o
" c a r r y ” t h o b a n k s o f th o s e c o u n tr ie s .
T h e p r o p o s e d co n s o r tiu m is a resu lt o f e ffo r ts b y th o S ta te D e p a r tm e n t
t o s o lv e th e d a n ge ro u s s itu a tio n in t h o F a r E a s t b y g r o u p in g all loa n s fo r
C h in a a n d e x te n d in g p a r t ic ip a t io n in t h e lo a n s.
I t w as s ta t e d a t th e S ta te D e p a r t m e n t t o -d a y t h a t t h o c o n so rtiu m loa n
is b e in g d e la y e d b e ca u s e o f ce r ta in d e ta ils in re g ard t o J a p a n ’s p a r tic ip a tio n .
J a p a n has in sisted t h a t M o n g o lia a n d M a n c h u r ia b e e xc lu d e d fr o m t h o
te rrito ry t o w h ich th o c o n s o r tiu m lo a n Is t o b o a p p lie d . T h e o th e r p o w e r s
h a v e n o t a gre e d t o th is, a n d th e m a t t e r is n o w th e s u b je c t o f d ip lo m a tic
c o n fe r e n c e in t h e v a r io u s c a p ita ls .

CZECHOSLOVAK GOVERNMENT AND SYNDICATE OF
BANKERS TO PURCHASE U. S. COTTON.
Prague advices to the daily papers, Fob. 19, said:
A g re e m e n t h a s b e e n re a ch e d b e tw e e n t h o C z e c h o s lo v a k G o v e rn m e n t a n d
a s y n d ic a t e o f b an k e rs f o r t h e a d v a n c e o f fu n d s n ecessary fo r th e pu rch aso
o f 2 0 ,0 0 0 b ales o f A m e r ic a n c o t t o n e a c h m o n t h , it Is r e p o r te d hero. > H a lf
o f the m a n u fa ctu re d p r o d u c t w ill b e fo r e x p o r t s o t h a t cre d its fo r^ fu tu re
p u rch a ses m a y b o re -e s ta b lis h e d .

INDIA AND SOUTH AFRICA ACTIVE IN GOLD
MARKET— INDIA’S NEW CURRENCY PLAN.
The activity of India and South Africa in the London gold
market has been marked during tho past few wooks. On
the 6th inst. tho N ew York “ Evening Post” printod tho fol
lowing cable dispatch from London regarding the outbidding
of Now York by India for London gold:
W h ile t h o p r ic e o f g o ld b u llio n h a s b e e n risin g fr o m la st w e e k ’s 117
shillings 6 p e n c e p e r o u n c e t o 127 shillings 4 p e n c e this w e e k , In d ia has been
th e h ig h est b id d e r . T h o f a c t t h a t B o m b a y h as th u s fa r b o o n a b lo to o v e r 
b id N o w Y o r k fo r t h o g o ld o ffe r e d h e r o is m o s t ly e xp la in ed b y th o fu r th er
f a c t t h a t t h o d e p r e c ia t io n o f s te r lin g e xch a n g o in th e In d ia n m ark e ts has
be e n gr e a te r th a n its d e p r e c ia tio n in A m e r ic a .
T h is w e e k , h o w o v e r , ste rlin g has been a lm o s t e q u a lly d e p re cia te d In the
t w o m a r k e ts. B u t u n d e r th o n ow cu r r e n c y a rra n g e m e n ts o f In d ia th o situ a 
t io n is h ig h ly p e c u lia r , b e ca u s e a p p a r e n t ly In d ia g e ts a d o u b le p r o fit on
t h o g o ld fir s t th ro u g h e x c h a n g o , b u t s e c o n d b e ca u s e g o ld is fic t itio u s ly
h ig h in In d ia its e lf. T h e r e fo r e a p r o fit is o b ta in e d th r o u g h s oilin g t o th e
n a tiv e s .
I t is co n sid e re d hero t h a t t h o n e w In d ia n c u r r e n c y a rra n g e m e n ts w ill
n e ce ssarily in crease t ra d o b e tw e e n In d ia a n d A m e r ic a , b u t th e y m a y c o n 
c e iv a b ly g iv e In d ia a te m p o r a r ily g r e a te r p u ll u p o n y o u r g o ld .

Commenting on this tho “ Post” of tho 6th inst. said:
N e w Y o r k b a n k s w ith In d ia n a n d L o n d o n c o n n e c t io n s h a v e n o d e fin ite
k n o w le d g e o f t h o r e p o r t o f the In d ia n E x c h a n g o a n d C u r r e n c y C o m m itto e ,
o n w h ose re c o m m e n d a tio n th o B ritish G o v e r n m e n t has established a now
r a t io o f In d ia n o x c h a n g e o n t h o L o n d o n m a r k e t. I t is k n o w n , h o w o v or
t h a t o n t h o n ew basis ten In d ia n ru p e e s w illb o e x c h a n g e d fo r o n o p o u n d
s te r lin g . W it h s te rlin g a t p a r in N e w Y o r k , this w o u ld g iv o a va lu e o f
4 8 .6 0 c e n ts in o u r m o n e y t o t h e I n d .a n ru p e e . O u r o w n M in t valu es th o
r u p e o a t 3 2 .4 ce n ts .
T h o B ritish G o v e r n m e n t ’s a c tio n w a s ta k e n w ith re fe re n ce t o th o h igh
p r ic e o f s ilv e r, w h ich is th o m e ta l fr o m w h ic h th o ru p e e is c o in e d . B a n k 
ers fa m ilia r w ith th o In d ia n c u ir e n c y ca lc u la te d this m o rn in g t h a t a t th o
n e w r a t e o f o x c h a n g e th o B ritis h G o v e r n m e n t h a d p la c e d a v a lu e o f a b o u t
$ 1 .4 0 an o u n c e o n th o s ilv e r c o n ta in e d in t h o In d ia n ru p e o c u r r e n c y , w h ich
is a fig u re c o n s id e r a b ly a b o v e t h o m a r k e t p r ic e . T h o N o w Y o r k p r ic o o f
s ilv e r is a b o u t $1.3 2 p e r o u n c e . T h o e ffe c t w ill b o , it Ls e x p e c te d , t o p ro v o n t
th e m e ltin g d o w n o f ru p e e s , w h ic h aro n o w m o ro v a lu a b le as co in th a n as
b u llio n . A n o t h e r re s u lt, it w a s sa id t o - d a y , s h o u ld b o t o o n c o u ra g o im p o r ts
in t o In d ia , sin ce th e r u p e e w a s g iv e n a n in creased p u rch a sin g p o w e r a b r o a d .
In s o m e q u a rters it w as h e ld th a t th o stim u lu s t o im p o r ts w o u ld a p p ly t o
Im p o r ts o f g o ld as w ell as o f g o o d s . I n Its p re v io u s e ffo r ts t o s ta b lllz o
th e v a lu o o f th e ru pe e t h o B ritish G o v e r n m e n t has in v a r ia b ly fix e d a p rico
w h ich p la c e d a v a lu o u p o n t h o In d ia n s ilv e r co in b e lo w th e ru lin g m ark et
p r ic e .

South Africa’s buyings woro roforred to as follows in spocial
advices to the “ Post” from London Fob. 11:
A t t h o m o m e n t, S o u t h A fr ic a is t h o s tr o n g e s t b u y e r o f th e g o ld bu llion
o ffe r e d in th is m a r k e t. T h is illu stra te s th o t o p s y - t u r v y c o n d tlo n s o f th o
tim e : fo r th o g o ld Is b e in g b o u g h t fo r c o in a g e , n o tw ith s ta n d in g tho fa c t th a t
S o u th A fr ic a is t h o m ain s h ip p e r o f g o ld b u llio n t o L o n d o n a n d th a t th o p r e 
v io u s g o ld c u rre n c y o f S o u th A fr ic a has b e e n m e lte d u p o w in g t o th o g o ld
p re m iu m .
T h e p r o p o s a l o f t h e “ D a ily E x p re s s ” t h a t o u r p e o p lo m e lt u p their g o ld
Jow elry fo r e x p o r t as b u llio n Is a p a lt r y p e r fo r m a n c e .. I f this w ero d o n o ,
th o a m o u n t w o u ld b o r e la tiv e ly In s ig n ifica n t a n d .w o u ld result in d iv e rtin g
a tt e n t io k fr o m th o m ain p o in t .
.

The above was followed by tho annexed cabled advices
(London) to tho samo paper Fob. 17:

A t th o s lig h tly lo w e r p r ic e o f 121 shillings 3 p o n c o p e r o u n c e , In d ia a n d
S o u th A m e r ic a h a v e this w e e k b e e n t h e b u y e r s o f g o ld h e r e . S upplies
h a v e b o o n sm a ll. T h e r e c o v e r y In s ilv e r w a s d u e t o s o m e b u y ln g jfo r special
p u rp o s e s.
^

W o likewise quote a still later dispatch (Feb. 18) from
London to the “ Post:”
T h e p re m iu m o n g o ld h e r e c o n tin u e s t o m o v e u p a n d d o w n w ith th e flu c 
tu a tio n s o f N e w Y o r k e x c h a n g e , b u t In d ia a n d S o u th A m e r ic a a re s till th e
su ccessfu l b id d er s.

A. E. AMES ON “ AMERICAN INVESTMENT AND
CANADIAN EXCHANGE . ”
A n indication of the extent to which the future course of
Canadian Exchange affects American financial and industrial
interests is supplied in a statement under date of Feb. 20,
by A . E . Ames of A . E . Ames & C o ., of Toronto. M r.
Ames says:
T h e flo w o f A m e r ic a n c a p ita l In to C a n a d a is re a ch in g u n p re ce d e n te d
p r o p o r t io n s . L a rg e ly as th o resu lt o f th o e x c h a n g e s itu a tio n , a n d d o u b tle s s
in r e c o g n itio n o f t h o u n d e rly in g s tre n gth o f C a n a d ia n e c o n o m ic c o n d itio n s ,
in v e s tm e n t in n ow issues o f C a n a d ia n securities d u rin g th o last e igh t w eeks
a ion o a p p r o x im a te d $ 4 0 ,0 0 0 ,0 0 0 . T h e sam e ele m e n ts , c o u p le d w ith th o
ex is te n ce o f th o p referen tia l t a r iff w ith in t h o B ritish E m p ir e , fin d expression
In th o fa c t t h a t s o m o $ 1 2 5 ,0 0 0 ,0 0 0 h a v e b e e n in v e ste d d u rin g th o p a s t
y ea r b y A m e r ic a n c o m p a n ie s in th e esta b lis h m e n t o f n e w in du stries a n d
b ra n ch p la n ts in th o D o m in io n .
H o w e v e r , c o n c o m it a n t w ith th is s itu a tio n ,
w h ic h h a s g r o w n o u t o f co n d itio n s th a t h a v e n o w p la c e d C a n a d ia n e xch a n g e
in t h o U n ite d S ta tes a t a d is c o u n t o f a b o u t 1 7 % . is th e e x p e c ta tio n o f th o
retu rn o f ox c h a n g o t o n orm a l le v e ls , a n d th ese fig u re s th u s s u gg e st g r a p h ic
a lly t h o v ita l interest o f U n ite d S tates busin ess m en a n d in v e sto rs In th o
a d e q u a te s o lu tio n o f th o p r o b le m o f t h e re -e s ta b lish m e n t o f th o norm al
e x c h a n g e s itu a tio n b e tw e e n th e t w o c o u n tr ie s . T h a t t h e p r o b le m w ill b o
s a tis fa c to r ily s e ttle d Is a ssu red w h a te v e r m a y b o th e v a r ie t y o f so lu tio n s
th e o r e tic a lly p r o p o s e d .

SILVER QUOTATIONS AND CANADIAN MINERS'
WAGES.
In its issuo of Feb. 16, the “ W all Street Journal” said:
W it h s ilv e r a t $1 35 a n d A m e r ic a n m o n e y c o m m a n d in g a, p re m iu m o f
1 5 % . C a n a d ia n m in ers are re c e iv in g $1 5 5 a n o u n c e C a n a d ia n cu r r e n c y

NEW BRITISH EXCHEQUER BONDS—INVESTMENT
THROUGH WAR SAVINGS ASSOCIATIONS.
Tho prospectus of the new issue of Exchequer bonds, put
out by Groat Britain, for which applications were opened
on Jan. 19, is given below, as published in the London Stock
Exchange Woekly Official Intelligence of Jan. 24. Tho new
issuo will run for five years and bear 5 % % , and is intended to
meot the 6 % Exchequer bonds maturing Feb. 16 1920, the
3 % Exchequer bonds maturing M a r. 24 and the 5 % Ex
chequer bonds duo D ec. 1. The list for conversion applica
tions closed on Feb. 14; the list for cash applications, it was
announced, would close on or beforo Feb. 28. Chancellor
of tho Exchequer, Austin Chamberlain, made known on
Jan. 8 , the intention of the Government to offer the proposed
new issue, his romarks with regard thereto, having been a
feature of a dinner given by Sir Robert Kindersley, Chairman
of the National W ar Savings Committee; tho London “ Finanancial Nows” of Jan. 9 reports the Chancellor’s remarks as
follows:
Policy of the New Issue.
I t b a d b o o n su g g ested t o h im th a t th e W a r S avin gs C e rtifica te s n o longer
fu lly m o t th o n eed s o f th o c a s e , a n d t h a t m a n y W a r S av in gs A ss o cia tio n s
w o u ld lik e t o h a ve, s o m o o th e r fo r m o f G o v e r n m e n t s e c u r ity w h ich w o u ld
o ffe r an a tt r a c t iv e in v e stm e n t t o their m e m b e rs , n o p r o p o s e d t o m ak e a
n ew issue o f b o n d s fo r a lim ite d p e r io d t o m e e t th e m a tu r itie s w h ich w ere
Im m ed ia tely b e c o m in g d u o . H o h a d d e c id e d t o m ak o this issuo su ch an
Issue as w as n ecessary in o rd e r t o re n d e r e ffe c t iv e th o p o lic y o f p r e v e n tin g
fu r th e r ln croaso o f c u r r e n c y n o te s a n d c r e d it in fla tio n , as a d v ise d b y L o r d
O u n llffo 's C o m m it te e . l i e p r o p o s e d t o m a k e a n e a rly issu e , o p e n o n ly fo r
a lim ite d p e r io d , o f E x ch e q u e r B o n d s . I t w as n o t a fu n d in g o p e r a tio n .
I t w as n o t in o r d e r t o o b ta in n e w m o n e y .
I t w as t o c a rr y o v e r a s h o rt
p e r io d o f years th o m a tu rin g o b lig a tio n s w h ic h foil d u o in th e co u rso o f th e
n ex t t w o m o n th s .

Holders Option of Repayment.

I t w o u ld b e an issuo o f flv o -y o a r E x ch e q u e r B o n d s a t p a r , ca r r y in g 5 % %
In terest. T h o h o ld e r w o u ld h a v e th e o p t io n o n ea ch J a n u a ry d u rin g their
c u r r e n c y t o g iv e n o tic o re q u irin g r e p a y m e n t o n e y e a r fr o m d a to ; th a t was
t o s a y , t h o firs t d a to o f r e p a y m e n t p o ss lb lo t o h im w o u ld b o F e b . 1 1922.
H o w o u ld h a v o th o s a m e o p t io n a t F e b . 1 In th o fo llo w in g ye a rs .

Conversion Facilities.
F a cilities w ill b e o ffe r e d t o h o ld e rs o f th e 6 % E x c h e q u e r b o n d s m atu rin g
In F e b r u a r y , 3 % E x c h e q u e r b o n d s m a tu r in g In M a r c h , a n d 5 % E xch e qu e r
b o n d s m a tu r in g in D e c e m b e r t o c o n v e r t o n fa v o r a b lo term s in to th o new
Issue.
S u b scr ip tion s w o u ld o p e n T u e s d a y , J a n . 2 0 , a n d w o u ld b o clo s e d
o n o r b e fo r o F o b . 2 8 . T h e r o w o u ld b e b o t h B a n k o f E n g la n d a n d P o s t
O ffic o Issues.
, , ___,
T h o to a s t w h ic h w as p r o p o s e d b y M r . C h a m b e rla in , w as a ck n o w le d g e d
b y th o C h a ir m a n .

W e give the prospectus herewith:
Exchequer Bonds. Five-and-Three-Quarters Per Cent.
T h e B a n k o f E n g la n d are a u th o riz e d b y t h o L o rd s C o m m iss io n e rs o f H is
M a je s t y ’s T re a s u ry t o re c e iv e a p p lic a tio n s fo r th e a b o v e b o n d s , a t p a r , th e
fu ll a m o u n t b e in g p a a b le o n a p p lic a t io n .
T h o p rin cip a l a n d Interest o f th o b o n d s are ch arge a ble o n th e C o n s o lid a te d
F u n d o f th o U n ited K in g d o m .
.
T h o b o n d s w ill b o r e p a y a b le a t p a r o n 1st F e b r u a r y , 1925, b u t a h old er
o f b o n d s o f this Issuo m a y g iv e n o tic e d u rin g th e m o n t h o f J a n u a ry In eith er
o f th e y ea rs 1921, 1922 o r 1923 re q u irin g r e p a y m e n t o f t h e b o n d s a t par




705

THE CHRONICLE

Feb. 21 1920.]

o n 1st F e b ru a ry in t h e y e a r n e x t s u c c e e d in g ’ th a t In w h ic h s u ch n o t i c e Is
g iv e n . U n d e r n o c ir c u m sta n ce s m a y n o t ic e o n c e g iv e n b e su boe ,a e n tly
w ith d ra w n .
B o n d s o f th is issue, a n d t h o in terest p a y a b le fr o m tim e to tim e in respe
th e r e o f, will b o e x e m p t fr o m all B ritis h t a x a tio n , p re s e n t o r fu tu r e , i f It
sh o w n In th e m an n er d ir e c te d b y th e T re a s u ry th a t th e y are in th o b e n e fic ia
o w n e rsh ip o f a p e rs o n w h o is n eith er d o m ic ile d n o r o rd in a rily re sid en t in
th o U n ite d K in g d o m o f G r e a t B rita in a n d Ire la n d .
F u rth e r, th o Interest p a y a b le fr o m tim e t o tim e in re s p e ct o f b o n d s o f t h is
issuo w ill b o e x e m p t fr o m B ritish I n c o m e T a x , p re s e n t o r fu tu r e , i f it is s h ow n
In th o m an n er d ire cte d b y th e T re a s u ry t h a t th e b o n d s are in th e b e n e ficia
ow n ersh ip o f a p erson w h o Is n o t o rd in a rily re sid e n t In th o U n ite d K in g d o m
o f G r e a t B rita in a n d Ire la n d , w ith o u t re g a r d t o th e q u e s tio n o f d o m ic ile .
W h e re su ch b o n d is in th e b e n e ficia l ow n e rsh ip o f a p erson e n title d t o ex
e m p tio n u n d er these p r o v is io n s , th e re la tiv e C o u p o n s will b o p a id w lth o u
d e d u c tio n fo r in c o m o ta x o r o th e r ta x e s, i f a c c o m p a n ie d b y a d e cla ra tio
o f ow n ersh ip in s u ch fo r m as m a y b e re q u ire d b y t h e T r e a s u r y .
T h e b o n d s w ill b e Issued in d e n o m in a tio n s o f £ 50 , £100, £ 20 0 , £500
£1,0 00 a n d £ 5 ,0 0 0 . a n d m a y b e registered fre e o f c o s t in th o b o o k s o f th
B an k o f E n g la n d , o r o f t h o B a n k o f Irela n d , as
1. T r a n s fe r a b le in th e b a n k transfer b o o k s , or
2 . T ra n s fe ra b le b y d e e d .
A llo tm e n ts m a y b e o b ta in e d in registered fo r m o r in b o n d s t o b earer
th e o p t io n o f th e a p p lica n t.
H o ld in g s o f registered b o n d s , w h ic h w ill b e tra n sfe ra ble in a n y sum s
w h ic h a re m u ltip le s o f a p e n n y , m a y b e re -c o n v e r te d a t a n y tim e in w h ole
o r in p a r t (in m u ltip les o f £50) in t o b o n d s t o bearer w ith co u p o n s a tt a c h e d .
In te re s t o n th o b o n d s w ill b e p a y a b lo o n 1st F e b ru a ry a n d 1st A u g u s t,
th e fir s t d iv id e n d , p a y a b le 1st A u g u s t, 1 92 0 , rep resen tin g in terest fr o m th e
d a to o n w h ich a p p lica tio n s is lo d g e d a n d p a y m e n t m a d e fo r th e b o n d a t a n y
o ffic e o f o n e o f th e b an k s h ereafter m e n tio n e d .
(T h u s th e first d iv id e n d
in re s p e ct o f a b o n d a p p lie d fo r d u rin g J a n u a ry w ill rep resen t in te re st fo r a
p e rio d e xce e d in g a fu ll h a lf-y e a r .)
D iv id e n d w arran ts in re s p e ct o f re g istered h o ld in g s will b e fo rw a r d e d b y
p ost.
In th e case o f a llo tm e n ts o f re g iste re d h o ld in g s w arran ts fo r th e
firs t d iv id e n d , p a y a b le 1st A u g u s t, 1920, will b e fo rw a r d e d In ail eases t o th e
origin al allotees o r their n o m in e e s . D iv id e n d s o n B earer b o n d s w ill b e
p a y a b le b y c o u p o n .
A p p lica tio n s fo r b o n d s , w h ic h m u s t in e v e r y ca se b o a c c o m p a n ie d b y
p a y m e n t o f th e fu ll a m o u n t p a y a b le In re s p e ct o f th e b o n d s a p p lie d fo r , m a y
b e lo d g e d a t a n y o ffic e o f th o fo llo w in g b a n k s a t a n y tim e a t w h ich su ch
o ffic e s are o p e n fo r b u sin ess, v iz .

Bank of England.
.
Bank of Ireland.
Bank of Liverpool & Martin’s, Ltd.
Bank of Scotlmd.
Barclays Bank, Ltd
Beckett & Co.
Belfast Banking Co., Ltd.
i British Linen Bank.
Child & Co.
Clydesdale Bank, Ltd.
Commercial Bank of Scotland, Ltd.
Coutts & Co.
Cox & Co.
Dingley & Co.
Dlnglcy Pcarse & Co.
Drummonds.
Equitable Bank, Ltd.
Fox. Fowler & Co.
Glyn, Mills. Currie & Co.
Grlndlay & Co.
Guernsey Banking Co., Ltd.
Guernsey Commercial Banking Co., Ltd.
Guinness, Mahon & Co.
Gunner < Co.
fe
Hibernian Bank, Ltd.
Hoares.
Holt & Co.
Isle of Man Banking Co.. Ltd.
Lancashire & Yorkshire Bank, Ltd.

Lloyds Bank, Ltd.
London County Westminster & Parrs
Bank, Ltd.
London Joint City & Midland Bank, Ltd.
McGrlgor, SlrC. H., Bt., & Co. ’
Manchester & County Bank, Ltd.
Manchester & Liverpool District Banking
Co., Ltd.
Mercantile Bank of Scot land, Ltd.
Munster & Leinster Bank, Ltd.
National Bank, Ltd.
National Bank of Scotland, Ltd.
National Provincial & Union Bank of
England, Ltd.
North of Scotland & Town & County
Bank, Ltd.
Northamptonshire Union Bank, Ltd J
Northern Banking Co., Ltd.
Provincial Bank of Ireland. Ltd.
Royal Bank of Ireland, Ltd.
Royal Bank of Scotland.
Shilson Coode & Co.
Stllwcll & Sons.
Tubb & Co.
Ulster Bank, Ltd.
Union Bank of Manchester, Ltd.
Union Bank of Scotland, Ltd.
Willinms Deacon's Bank, Ltd.
Yorkshire Penny Bank. Ltd.

o r th e y m a y b o fo rw a r d e d b y p o s t t o th e B a n k o f E n g la n d L o a n s O ffic e !
5 & 6 , L o m b a r d S tre e t, E .O .3 .

Conversion of:
S ix p e r c e n t. E x ch e q u e r b o n d s d u e 16th F e b r u a r y , 1920.
T h r e e p e r c e n t. E x ch e q u e r b o n d s d u e 2 4 th M a r c h , 1920.
(T h e r e a re n o
registered h o ld in g s o f b o n d s o f this issu e.)
•
F iv e p e r c e n t. E xch e q u e r b o n d s d u o 1st D e c e m b e r , 1920.
H olders o f the a b o v e Issues m a y su rren der th eir h o ld in g s a n d r e c e iv e in e x 
ch a n g e th e re fo r sim ilar h o ld in g s « f like a m o u n ts o f b o n d s o f th e p resent Issue.
R e g iste re d h o ld in g s m a y b e su rren d ered in w h o le o r in p art in sum s w h ich
a re m u ltip le s o f £5; a B earer b o n d w ill o n ly b e c o n v e r t ib le as t o th e w h ole
a m o u n t rep resen ted b y s u c h b o n d .
H o ld e rs o f registered h o ld in g s o f 6 % E x c h e q u e r b o n d s , 1920. a n d 5 %
E x ch e q u e r b o n d s , 1920, w h o d esire t o c o n v e r t th eir h o ld in g s m u st g iv e
n o tic e t o th e B a n k o f E n g la n d in th e p re s crib e d fo r m n o t later th a n 14th
F e b ru a ry 1920. H o ld e rs o f B earer b o n d s o f all th ree issues m u st lo d g e
their b o n d s a t th o B a n k o f E n g la n d L o a n s O ffic e o n o r b e fo r e th o sam e d a te .
A p p lic a tio n fo rm s fo r th o co n v e r s io n o f re g iste re d h o ld in g s h a v e been fo r 
w a rd e d t o ail h o ld e rs (in ca s e o f Joint a cco u n ts t o t.ie fir s t h o ld e r s ).
1. C o n v e r sio n o f Six p e r c e n t . E x ch e q u e r b o n d s , 1920.
T h o F lv e -a n d -T h r e e -Q u a rte rs p e r c e n t. E x c h e q u e r b o n d s , 1925, issue
in e x c h a n g e fo r Six p e r c e n t. E x ch e q u e r b o n d s , 1920, w ill ca r r y a fu ll h a lf
y e a r's d iv id e n d p a y a b le 1st A u g u s t, 1920: a n d th e fu ll h a lf-y e a r s d iv id e n d
d u o th e 16th F e b ru a ry . 1920, will b o p a id in re s p e c t o f th e Six p e r c e n t.
E x ch e q u e r b o n d s su rren d ered .
2 . C o n v e r sio n o f T h r e e p e r c e n t. E x c h e q u e r b o n d s , 1920.
T h o F iv e -a n d -T h r e e -Q u e a rte rs p e r c e n t. E x ch e q u e r b o n d s , 1 925, Issued
in e xch a n g e fo r T h r e e p e r c e n t . E x ch e q u e r b o n d s , 1920, w ill ca r r y a d iv i
d e n d p a y a b lo 1st A u g u st. 1 92 0 , re p re se n tin g Interest t o th a t d a te fr o m
9 th M a r c h 1920: a n d t h o fu ll h a lf-y e a r 's d iv id e n d d u e 2 4 th M a r c h , 1920.
w ill b e p a id in re s p e ct o f t h o T h r e e p e r c e n t. E x ch e q u e r b o n d s s u rre n d ered .
3 . C o n v e r s io n o f F iv e p e r c e n t. E x ch e q u e r b o n d s , 1920.
T h e F iv e -a n d -T h r e e -Q u a rte rs p e r c e n t. E x ch e q u e r b o n d s , 1925.
in e x c h a n g e fo r F iv o p er c e n t. E x ch e q u e r b o n d s , 1 92 0 , will c a r r y a d iv id e n d
p a y a b lo 1st A u g u s t. 1920. rep resen tin g in terest t o t h a t d a to frorn 17th
M a y , 1920; a n d th e fu ll h a lf-y e a r ’s d iv id e n d d u e 1st J u n e , 1 920, w ill b e
p a id in re s p e ct o f th o F iv o p e r c e n t. E x ch e q u e r b o n d s su rren d ered .
I n th o case o f registered h o ld in g s , th e d iv id e n d s d u e o n h o ld in g s c o n v e r t e d
____ __ ..
w ill in all cases b o p a id as fo llo w s :
Six p e r c e n t. E x ch e q u e r b o n d s , 1920, t o th o p e rso n s in w h o so n a m es th e
h o ld in g s w ere registered o n th e e v e n in g o f 16th J a n u a r y , 1 92 0 , w h en th e
b a la n c e fo r th e d iv id e n d w a s s tr u c k .
F iv e p e r c e n t. E x ch e q u e r b o n d s , 1920, t o th e p e rs o n s in w h o se n a m es th e
h o ld in g s s to o d a t th o tim e o f c o n v e rs io n .
T h e d iv id e n d s p a y a b lo 1st A u g u s t. 1 92 0 , in rospect o f registered h old in g s
issu ed In o xch a n g o fo r h o ld in g s c o n v e r t e d , w ill In all ca ses b o p a id t o th e
p erson s in w h oso nam es th e h o ld in g s s to o d a t t h e tim e o f c o n v e r s io n .

706

THE CHRONICLE

C o u p o n s fo r t h e d iv id e n d s d u e r e s p e c tiv e ly o n 16th F e b r u a r y , 1 9 2 0 , 2 4th
M a r c h , 1 92 0 , a n d 1st J u n e , 1 920, m u st b e d e ta c h e d fr o m B e are r bond.-- p rio r
t o s u ch b o n d s b e in g lo d g e d fo r c o n v e r s io n .
N . B . — A p p lic a t io n s fo r co n v e r s io n o f b o n d s reg istered in th e b o o k s o f
th e B a n k o f Irela n d s h o u ld b e fo rw a r d e d t o th e B a n k o f I re la n d , D u b lin .
B o n d s issued b y t h e G en eral P o s t O ffic e w ill n o t b e c o n v e r t ib le a t the
B a n k o f E n g la n d ; t h e y w ill b e c o n v e r t ib le a t t h e G en eral P o s t O ffic e u n d er
th e a rra n g em en ts s e t fo r t h In th e se p a ra te P r o s p e c tu s issued b y H .M .
P o s tm a s te r -G e n e r a l.
T h e list fo r c o n v e r s io n a p p lica tio n s w ill c lo s e o n 14th F e b r u a r y , a n d th e
list fo r ca sh a p p lic a tio n s on o r b e fo r e 2 8 th F e b r u a r y .
A P o s t O ffic o issue o f th e b o n d s is a lso o ffe r e d a t p a r in b o n d s o f £ 5 , £20
a n d £ 50 . H o ld e rs o f S ix p e r c e n t. E x c h e q u e r b o n d s , 1 92 0 , o r F iv e p e r c e n t .
E x c h e q u e r b o n d s , 192 0 , o n th e P o s t O ffic e register m a y e x c h a n g o th e ir
h o ld in g s in to th is n e w issu e. T h e term s a re th e sam e as th o s e g iv e n a b o v e
w ith th e u n d e rm e n tio n e d e x c e p tio n s :
H o ld e rs o f b o n d s p u rc h a se d th r o u g h t h e P o s t O ffic e w h o are re sid e n t
a b r o a d w ill h a v e t h e sam e p riv ile g e as re g ard s e x e m p tio n fr o m B ritish
ta x a tio n as h old ers o f b o n d s p u rc h a se d th r o u g h th e B a n k o f E n g la n d .
A p p lic a tio n s fo r b o n d s , to g e th e r w ith th e fu ll a m o u n t p a y a b le , m a y b e
lo d g e d o n o r a fte r 2 0 th J a n u a ry , a t a n y M o n e y O rd er O ffic e in th e U n ite d
K in g d o m a n d a t th o s e B a n k s w h ic h a c t as a ge n ts fo r th e P o s tm a s te r -G e n e r a l.
P ers on s w h o d esire t o a p p ly W a r S av in gs ce r tific a te s o r sa v in gs b a n k
d e p o s its in p a y m e n t o f a p p lic a tio n s fo r th e b o n d s c a n d o s o a t t h e tim e o f
a p p lic a tio n .
E v e r y a p p lic a n t w ill b e s u p p lie d a t th e tim e o f p a y m e n t w ith a b o n d b o o k
In w h ic h th e a m o u n t o f th e p u rc h a se w ill b e r e c o r d e d . I f B e are r b o n d s are
a p p lie d f o r , t h e y w ill, w h e n p re p a r e d , b e issued in e x c h a n g e fo r th e b o o k .
I f reg istered b o n d s a re a p p lie d fo r , a p p lica n ts w ill re ta in t h e b o n d b o o k
a n d will n o t b e re q u ire d t o ta k e d e liv e r y o f th e a ctu a l b o n d s . A n y fu rth e r
p u rch a ses w h ic h t h e y m a y m a k e fr o m tim e t o tim e w ill b e r e c o r d e d In th e
b o o k . A c o n fir m a t io n o f e a ch tra n s a c tio n w ill b e s e n t b y t h e C o n tro lle r
o f th e P o s t O ffic e S av in gs B a n k .
D iv id e n d s o n reg istered b o n d s w ill b e p a id e ith er b y w a rr a n t o r cr e d it t o a
S av in gs B a n k A c c o u n t w ith o u t d e d u c t io n o f in c o m e t a x . P e rs o n s liab le
t o in c o m e ta x m u s t in c lu d e s u ch d iv id e n d s in th e ir o w n retu rn s o f in c o m e .
I n c o m e t a x w ill b e d e d u c t e d fr o m all c o u p o n s o n B e are r b o n d s h e ld b y
p ers on s or d in a r ily re s id e n t in th e U n ite d K in g d o m o f G r e a t B rita in a n d
Ir e la n d .
I f th e h o ld e r o f R e g iste re d o r B earer b o n d s o f th e P o s t O ffic e Issu e so
d esires, th e b o n d s w ill b o s o ld o n his b e h a lf b y th e P o s t O ffic e a n d th e p r o 
c eed s (less c o m m is s io n ) will b e p a id t o h im in ca s h . R e g iste re d b o n d s m a y
b e c o n v e r t e d a t a n y tim e in to B earer b o n d s w ith c o u p o n s a tta c h e d .
C o n v e r s io n o f h o ld in g s o n t h e P o s t O ffic e R e g iste r o f :
£6 p e r c e n t. E x c h e q u e r b o n d s , d u o 16th F e b r u a r y , 1920.
£5 p e r c e n t. E x c h e q u e r b o n d s , d u e 1st D e c e m b e r , 1920.
H o ld e rs o f th e a b o v e issues m a y su rren d er th e ir h o ld in g s , in w h o le o r in
p a r t , a n d r e c e iv e in e x c h a n g e th e re fo r sim ilar h o ld in g s o f lik e a m o u n ts o f
b o n d s o f t h e p r e s e n t issue.
H o ld e rs o f reg iste re d h o ld in g s o f th e P o s t O ffic e Issues o f £6 p e r c e n t /
E x c h e q u e r b o n d s , 1 9 2 0 , a n d £5 p r c e n t. E x ch e q u e r b o n d s , 1920, w h o desire
t o c o n v e r t th eir h o ld in g s m u s t g iv e n o t ic e t o t h e C o n tro lle r o f th e P o s t
O ffic e S a v in gs B a n k in th e p re s crib e d fo r m n o t la te r th a n 14th F e b ru a ry .
H o ld e rs o f P o s t O ffic e B ea r e r b o n d s o f th ese Issues m u s t lo d g e th eir b o n d s
a t t h e P o s t O ffic e S a v in gs B a n k , L o n d o n , W .1 4 , o n o r b e fo r e th e sam e
d a t e . A p p lic a t io n fo r m s fo r th e co n v e r s io n o f re g iste re d h o ld in g s w ill b o
fo r w a r d e d t o all h o ld e rs (in th e ca se o f Joint a c c o u n ts t o th e firs t h o ld e r s ).
N .B .— B o n d s issu ed b y t h e B a n k o f E n g la n d o r th e B a n k o f Ire la n d w ill
n o t b e c o n v e r t ib le a t t h e P o s t O ffic o .
A p p lic a t io n fo r c o n v e r s io n o f b o n d s issued b y th e B a n k o f E n g la n d
s h o u ld b o fo r w a r d e d t o th e B a n k o f E n g la n d , a n d o f b o n d s issued b y th e
B a n k o f Ire la n d t o t h e B a n k o f I r e la n d , D u b lin .

MORE TON F RE WEN ON EFFECT OF RISE IN SILVER
ON TRADE WITH FAR EAST.
M ore ton Frewen, the British economist and authority on
silver, makes the following commentary, according to the
“ W a ll Street Journal” of Feb. 14, regarding the present
status of silver and its relation to far eastern trade:
T h e “ W a ll S treet J o u rn a l’.* o f F e b . 9 c o n ta in e d a d ig e s t o f o u r B o a r d o f
T r a d e fig u re s fr o m t h e M a n c h e s te r G u ard ia n w h ic h I v e n tu r e t o s a y p re 
sen ts th e m o s t In terestin g e x c h a n g o p o s itio n in all m o d e rn e c o n o m ic s . T h e
w r ite r has s p e n t m u c h tim e in th e F a r E a s t , a n d th e press o f th is co n tin e n t
has n e v e r p erh a p s ta k e n s e rio u s ly m y c o n v ic t io n t h a t th e g r e a t a n d n o w
In du strialism o f A s ia , s h o w in g its e lf in th e c o t t o n m ills o f B o m b a y , th e Jute
m ills o f C a lc u t t a , th e g r e a t iro n in du stries o f n a n k a u — a h u n d re d m o r e ,
w ere cr e a te d a n d th e ir b a n e fu l c o m p e t it io n fo s te r e d b y lo w e x c h a n g o , a n d
e q u a lly th a t th e lo w e x c h a n g e v a lu e o f s ilv e r w as d e s tr o y in g y o u r e x p o r ts
t o A s ia o f c o t t o n a n d w h e a t a n d lu m b e r a n d s te e l ra ils.
B e fo r e g iv in g th e fig u r e s o f th e c o t t o n tra d e a risin g fr o m th e re c e n t g r e a t
Jum p in s ilv e r , le t m e refer f o r a m o m e n t to th e th en q u ite u n p re ce d e n te d
fa ll in s ilv e r in 1907— t h e g r e a te s t fa ll in a n y eigh te e n m o n t h p e r io d , a
fa ll p a r tic u la r ly m a r k e te d d u rin g th e la st n in e m o n th s o f 1907. M r . E lih u
R o o t , th en S e cre ta ry o f S ta te , a t th e re q u e s t o f S e n a to r L o d g e se n t a c irc u la r
t o a ll y o u r con su ls in A sia a sk in g fo r in fo r m a tio n . T h e cir c u la r , I m a y s a y ,
w as s e n t o u t s o m e m o n th s t o o s o o n t o se cu re th e m a x im u m results in th e case
o f r e m o te p r o v in c e s in C h in a . B u t f o r a ll th a t th e replies w ere m o s t e d u ca 
tio n a l, a n d w ere a ll t h e sam e w a y . I m u s t c o n fin e m y s e lf t o a sin gle s m a ll
ta b le fr o m y o u r co n s u l M r . R o g e r G re e n e a t D a ln y In M a n c h u r ia .

Dalny Value o f Imports.
Cotton Goods.

Flour.

Exchange.

M a r c h q u a rte r. 1 90 7 ...............................................$ 7 0 9 ,9 6 9
$ 3 0 1 ,1 2 3
.5 7
7 3 ,9 6 9
.47
D e c e m b e r q u a rte r, 1 9 0 7 ............... ........................ 2 0 4 ,9 0 4
S till o n ly h a lf a w a k en ed , a n d re ly in g c h ie fly on w h a t P ro fe sso r F ra n cis A .
W a lk e r h a d w r itte n t o m e in 1894 t h a t th e w or ld -w id e fin a n cia l crisis had
resu lted fr o m th e g r e a t b rea k in s ilv e r e xch a n g e in 1 89 3 , y o u m a y perh a p s
r e c a ll th a t in th e e a rly m o n th s o f 1907 I a n ticip a te d a grea t fin a n cia l crisis
a t h a n d , p u b lish in g th is fo r e c a s t In m a n y o f th e n ew sp a p ers a n d review s
h ere a n d in E n g la n d .
N o w le t us lo o k a t th e figu res fr o m th e " M a n c h e s t e r G u a r d ia n . “ T h e
ster lin g rise in s ilv e r la st y e a r w as fr o m 4 8 p e nc e in J a n u a ry t o 76 \i p en co
in D e c e m b e r .
I n 'J a n u a r y E n g la n d ’s e x p o r ts o f p ie c e g o o d s t o C h in a w as
s ix m illio n y a r d s , in O c to b e r It h a d risen t o 45 m illion y a r d s a n d in N o v 
e m b e r , w as o v e r 40 m illio n s . I e x p e c t w h en w e ge t th e retu rn s f o r D e c e m b e r
a n d J a n u a ry th e fig u re s w ill b e m o r e sen sa tion a l s till.
T h u s m u c h C h in a ; b u t in th e ca se o f In d ia e v e r y e ffo r t w a s m a d e b y h er
g o v e r n m e n t t o tie th e ru pee d o w n t o 16 p o n c e . Y o u recall th e fla g itio u s
a tt e m p t m a d e b y L o r d R e a d in g t o p u rc h a se in a d v a n c e all th e s ilv e r p r o d 
u c t o f th is c o n tin e n t a t 8 6 ce n ts an o u n ce — an a tt e m p t h a p p ily fru stra te d
b y M r . E m m e t t B o y le a n d t h e o t h e r w estern g o v e r n o r s . S o th a t th e In d ia n
fig u r e s u n lik e th e C h in a figu res p resen t a ta m p e re d s ilv e r e x c h a n g e , a n d n o t




[Vol.

no.

a fre e e xch a n g e— t h e y rep resen t a fin a l a n d d esp a irin g e ffo r t b y th e g o v 
ern m en t o f I n d ia t o tie s ilv e r d o w n a n d f o r t h a t v e r y reason a c o m p a riso n
o f B o m b a y a n d C a lc u tt a c o t t o n im p o r ts w ith t h e C h in ese " f r o o s ilv e r ”
e xch a n g e is a ll t h e m o r e in terestin g . W h erea s th e n , as s h ow n a b o v e ,
E n g la n d ’s p ie c e g o o d s e x p o r ts roso w ith in th e t w e lv e m o n th 6 0 0 % , th eso
e x p o r ts t o B o m b a y a n d C a lc u tta b a r e ly d o u b le d (5 0 ,0 0 0 ,0 0 0 y a rd s t o

100, 000 , 000) .
I
n eed h a r d ly p o in t o u t t o y o u t h a t th e presen t p rem iu m o n y o u r d o lla r
a n d th e p resen t d isc o u n t o n o u r p o u n d ste r lin g . If th ese s h o u ld c o n tin u e ,
w ill b u ild u p y o u r c o t t o n e x p o r ts t o C h in a a n d In d ia a t th e oxp on se o f E n g 
la n d . T h c r o is t o -d a y a n ex c h a n g e p rem iu m b eh in d y o u r c o t t o n e x p o r t t o ,
s a y S h a n gh ai, rep resen ted b y th o fu ll fa ll in sterlin g ox c h a n g o. M a s sa 
ch u setts f o r 3 S h an gh ai taels g e ts f iv e g o ld d olla rs, M a n c h e ste r fo r th o sam e
3 taels g e ts n o t a so v e re ig n , b u t o n ly eloven -slxteen th s o f a so v e re ig n .
A lt h o u g h it is fa r fr o m cle a r a t this m o m e n t w h a t th o G o v e r n m e n t o f In d ia
is a im in g a t, o n e p o in t is c e r ta in , t h e y h a v e fix e d th eir ru pee ex c h a n g o a t
su ch a p r ic e t h a t s ilv e r ca n n e v e r a ga in fa ll b e lo w 129 ce n ts an o u n c o . A s
th is b e co m e s g e n e r a lly re c o g n ize d n ew s ilv e r m in es sh o u ld b o o p o n o d a n d
th e silv e r u r g e n tly n eed ed t o p r o t e c t o u r W e ste rn g o ld reserves a g a in st th o
A sia tic d ra in s h o u ld b o fo r th c o m in g . B u t th e ex p a n sion w ill req u ire tim e .
W h ic h is t o w in in th is terrib le ra ce fo r M o s e s — th e m an in th e s ilv e r m in e,
o r th e m a n in th e p u lp m ill?
L e t m e a p p e a l c o n fid e n t ly t o p u b lic op in io n here t o exp ress its e lf as th e
a c c u m u la tin g e v id e n c e presen ts this m ig h t y e xch a n g o p r o b le m m o r o fu lly .
I t is a p r o b le m o n w h ic h all o th e r exch a n g e p ro b le m s tu r n . F r o m th e
B a b y lo n ia n era , as P ro fe sso r M a x M u lle r p o in te d o u t , a t w h a t tim o th o
r a t io w as 1 t o 14, u n til 1873, b eca u se o f “ free c o ln a g o ” a t lea d in g m in ts ,
th o r a t io o f v a lu e o f th e t w o m ota ls in th o w o r ld ’s m a rk et v a rie d n o v e r m o ro
w id e ly th a n b etw een 1 t o 14 a n d 1 t o 16. C a lo n n o ’s F ren ch M in t la w , th e
la w o f 1 903, is s im p lic ity its e lf a n d is in v in c ib le In its s im p lic ity .
L ot m e
le a v e in o n y o u r p ages fo r a n ow g en era tion t o a d m iro .
T o e v e r y p erson b rin g in g t o th e M in t 1 k ilo o f g o ld , n in e-ten th s fin e ,
th e sam e shall b e g iv e n b a c k t o h im tra n sform ed in to 155 d isk s o f 20 fr a n c s,
o f w h ic h th o t o ta l shall b o re c k o n e d a t 3 ,1 0 0 fr a n c s. A n d t o all p ersons
b r in g in g 1 k ilo o f silv er n in e-ten th s fin e , th o s a m o k ilo shall b o retu rn ed t o
h im c o in e d in t o 40 fiv e -fr a n c p ieces, o f w h ic h th e t o ta l sh a ll b e e q u a l t o
2 00 fr a n c s. T h e d e b to r m a y ten d er theso g o ld a n d s ilv e r d isk s a t his
o p t io n a n d ca n o b ta in fo r th em a fu ll r e c e ip t f o r h is d e b t .

DISCONTINUANCE OF U. S. PURCHASES URGED IN
CANADA UNLESS PAYMENT IS MADE
IN CANADIAN MONEY.
Toronto Press advices F eb . 7 said:
A s t h e resu lt o f teleg ra m s s e n t b r o a d c a s t t o m om b ors o f th o 'a ssoc ia tion
t h e se cro ta ry o f th e C a n a d ia n W h o le sa le G r o c e r s ’ A ss o c ia tio n h a s ro c o iv o d
m o r o th a n o n o h u n d red rop lios u n a n im o u s ly in fa v o r o f d isc o n tin u in g th e
p u rch a so o f U n ite d S ta tos m a n u fa ctu re r s ’ g o o d s unless p a y m e n t f o r sam e
is a c c o p t e d in C a n a d ia n m o n e y .
B e ca u se o f th o s o a r in g e x c h a n g o ra tos lo c a l th ea tres aro fa c o d w ith th e
n e c e ssity o f ca n c e lin g th eir c o n tr a c ts fo r a ttra ctio n s fr o m th o U n ite d S ta tes,
as th e A m e r ic a n p rod u c ers o b je c t t o a c c e p t in g C a n a d ia n m o n e y a t a h e a v y
d isc o u n t.

On Feb. 6 special advices from Winnipeg to the New York
“ Tim es,” said:
U n ite d a c t io n b y e v e r y a v a ila b le resou rce t o s t o p th o b u y in g o f A m er ic a n
g o o d s t o stem th o d isa strou s d r o p in e xch a n g o w as ta k on t o -d a y b y th o B o a r d
o f T r a d e , b a n k e rs , w h olesa lers, a n d w o m o n 's org a n iza tion s.
G rea ter p erson a l e c o n o m y , ca refu l selec tion o f C a n a d ia n o r B ritish g o o d s
in p referen ce t o A m e r ic a n p r o d u c ts , in creased p r o d u c tio n , a n d elim in a tion
o f lu x u ries w ore th o m a in p o in ts a d v o c a t e d .
A g r e a t r e d u c tio n in tra d e w ith th e U n ite d S ta tes b y lo c a l firm s w a s d e 
cla re d t o h a v e tak on p la c o a n d firm s w oro sa id t o b o b u s y a rra n g in g fo r
tra d e w ith G r e a t B rita in in lines h e r e to fo re im p o r to d fr o m th o U n ited
S ta tos. W o m e n are p rep a rin g t o p a tr o n izo , as fa r as p o ss ib le , o n ly B ritish
a n d C a n a d ia n g o o d s . It w as lea rn ed .

CANADIAN GOVERNMENT AGAIN PAYING
PREMIUM ON GOLD MINED IN CANADA.
The Toronto “ Globe” of Fob. 3 said:
A p rem iu m is o n c e m o r o b e in g p a id b y t h o D o m in io n G o v e rn m e n t on
g o ld m in ed In C a n a d a . A sh o rt tim o a g o th o G o v e r n m e n t p ra ctica lly
w ith d rew fr o m th e m a r k e t th ro u g h ca n c e lin g th o p rom lu m In th o sh a p e o f
N e w Y o r k fu n d s . Y e s t e r d a y T o r o n t o m en in terested in th o N o r th e r n g o ld
m in es h a d w o r d fr o m th e m in es t h a t th o O tta w a M in t w o u ld o n c e m oro
p a y N o w Y o r k fu n d s . W h e n th e G o v e r n m e n t su sp on d od th o p a y m e n t o f a p rom iu m , th o m in ers
w er e e n a b le d t o eith er s e ll t o th o G o v e r n m e n t a t $ 2 0 .6 7 p er o u n co o r t o
h a v e th e refin ed g o ld s h ip p e d b a c k t o thorn fo r d isp osa l a t w ill a fto r p a y in g
th e r efin ed ch a rges. T h o resu lt o f this w as t h a t a g o o d deal o f th o g o ld
re c e iv e d in T o r o n t o fr o m O tta w a w as s o ld t o Jow ollors, w h ilo m o ro w as
s h lp p o d t o th e U n ite d S ta tes. J ow ollors fo r s o m e tim o h a v o h a d t o b u y
th eir g o ld in t h e U n ite d S ta tos, a n d , in s o d o in g , h a d t o p a y th o oxpross
r a te , in a d d itio n t o th o p rom lu m in N o w Y o r k fu n d s . In E n g la n d th e G o v 
ern m en t is p a y in g co n sid e r a b ly m o r o fo r g o ld th a n C an ad ia n p rod u c ers are
r e c e iv in g .
____________________________________

EXCHANGE RATE STOPS EXPORTS TO EUROPE
FROM CANADA.
A Canadian press dispatch from Montreal, appearing in tho
Toronto “ Globe” Feb. 7 said:
O w in g t o th e h ig h ra te o f ex c h a n g o , n o g o o d s are b o in g s h ip p e d t o E u ro p e
a n d exp orters h ero fin d th em solves lo a d o d u p w ith fo o d p r o d u c ts , o r ig in a lly
m e a n t fo r sh ip m en t t o o th e r co u n trie s, b u t w h ic h n o w w ill b o d istrib u ted
h or o. T h is w ill p o ss ib ly ca u so a d ocroaso In th o h ig h c o s t o f liv in g , m e r 
c h a n ts th in k .
_______________________
________

PROPOSED MEETING OF FINANCIAL EXPERTS TO
CONSIDER MEASURES TO REMEDY
EXCHANGE DECLINE.
The decision to call a meeting of financial exports of their
country for the purpose of studying methods of remedying
the decline in Scandinavian exchange, was roached by tho
Premiers and Foreign Ministers of Sweden, Denmark and
Norway at a conference at Christiania, which adjourned on

Feb. 21 1920.]

THE CHRONICLE

Feb. 4, aooording to advices received by the State Depart
ment at Washington on Feb. 6. The Scandinavian officials
also, it is announced, approved the proposal for an Inter
national Financial Congress at Amsterdam.

DANISH BANKERS TO SELL FOREIGN EXCHANGE
ONLY TO PRICE REGULATION COMMITTEE.
The Copenhagen cablegrams of Jan. 30 said:
D a n is h b a n k e rs h a v o a gre e d , u n o ffic ia lly , n o t t o sell fo r e ig n o xclia n g os
unloss this s to p is r o c o m m o n d o d b y th e D a n is h p rico re g u la tio n c o m m it t o o ,
It is u n d e r s t o o d . I t is h o p e d b y th is m ean s t o re d u c e Im p o r ta tio n s o f lu x u r
ies a n d th u s a m eliora te th e a d v e rs e o x c h a n g e s itu a tio n . I t is s ta to d th a t
s to c k s o f f lo u r a n d c o ffc o a lre a d y in h a n d are co n sid e re d a m p le fo r th e n e x t
tw o lv o m o n th s a n d th a t It is u n n ecessa ry t o p u rch a se g o o d s in A m e r ic a .
R a tio n in g w as again p u t in to fo r c e t o -d a y , e s p e c ia lly w ith r e fe re n ce t o s u g a r,
f o r th o p u rp o s e o f p ilin g u p a su rp lu s fo r e x p o r t t o E n g la n d .

II. A. MOEIILENPAH URGES FURNISHING OF CRED
ITS TO EUROPE. DEPLETION OF CATTLE HERDS.
Honry A . Moehlenpah of the Federal Reserve Board, in
addressing the Dallas group of tho Texas State Bankers’
Association on Feb. 11 referred to the European need of
food, raw material and credit, and declared that this is our
first task— “ America alone must lead the way to succor
Europe.” M r . Moehlenpah reminded the bankers that
“ the kind of men to whom we shall extend credit is the peas
antry of France and Belgium, tho kind of men who havo
mado those countries great and who stood with the spirit
expressed in the words ‘they shall not pass,’ who kept back
tho hordes of Germany and stood between us and despotism.
These people,” he said “ will pay their debts for we know
of what stuff they are m ado.” M r . Moehlenpah also di
rected the attention of tho bankers to the depletion of the
cattle herds, introducing the subject with the statement:
“ wo do well to take inventory at this time on the question
of first importance, namely the beef supply.”
Continuing,
he said in part:
T h o to ta l e x p o r ts fo r t h o y e a r 1914 w ore 3 3 ,0 0 0 ,0 0 0 p o u n d s .
F ou r
yea rs la ter. In 1918, d u rin g th o w a r t h e y w ore Increased t o 7 00 ,0 0 0 ,0 0 0
p o u n d s , a n d th en In 1919, a p p r o x im a te ly 2 8 0 ,0 0 0 ,0 0 0 p o u n d s , o r nearly
n in e tim es t h a t o f th e la st n orm a l p re -w a r y e a r. T h is Increase In f i v e yea rs
m ean s th a t ou r b e e f s u p p lies h a v o b e e n c u t t o th e b o n o . In fo r m a t io n fr o m
th o d a ir y d istricts w o u ld in d ic a te m a r k e d e n c ro a ch m e n t u p o n d a ir y h erds
fo r b e e f s la u g h ter.
Serious co n s id e r a tio n s h o u ld b e g iv e n as t o le g isla tive a c t io n p ro h ib itin g
fo r a p e r io d o f yea rs th o sla u g h te r o f all fe m a lo ca lv e s f i t fo r b r e e d in g p u r
p o se s . W o p r o t e c t o u r w ild g a m e , b u t w o s h o u ld g iv e m o r e th o u g h t t o th o
p r o t e c t io n a n d p e rp e tu a tio n o f o u r d o m e s tic liv e s to c k , p a r tic u la r ly o f th e
b e e f strain s.
T h o r e c o r d a t th o liv e s to c k m ark e ts d u rin g th o p a st fo u r ye a rs sh ow s
th o v o lu m e o f vea l c a lv e s b e in g sla u g h te re d , w h ich is a p p a llin g . T h e
fo llo w in g ta b le sh ow s th o s la u g h ter o f ca lv e s fo r 1910, 1 9 1 7 ,1 9 1 8 a n d 1919.
1916.
1917.
1 918.
1919 (est.)
H ea d s .............................................. 5 .7 7 3 ,9 0 0 7 ,0 3 0 ,7 0 0 7 ,7 6 7 ,1 7 5 8 ,9 1 9 ,0 0 0
L a st y e a r y o u h a d a n un usu al p r e cip ita tio n w h ich has h a d Its in flu e n c e
o n y o u r pa stu res a n d y o u r c o n d itio n s aro a ga in n o rm a l. T h o h e rd s fr o m
th o N o r th w e s t a n d W e s t h a v o b e e n re tu r n e d In a m a r k e d w a y t o y o u r
S ta to.
D u rin g t h e th ree yea rs p ro ce e d in g 1919 w h e n y o u h a d a d r o u t h o v e r th e
T e x a s c o u n t r y th o n u m b er o f sh eep d e clin e d g r e a tly . I t w as e s tim a te d
th a t th oro w as a d ecrease o f a b o u t 3 0 0 ,0 0 0 h e a d s u p t o J a n u a r y , 1919.
S in co th a t tim e th o rain s h a v o c o m e a n d y o u h a v e h a d a b o u t 3 0 0 ,0 0 0 hea d s
o f la m b c o m o Into T e x a s fr o m th o d r o u th s trick e n areas o f M o n t a n a , W y o m 
in g , U ta h a n d p a rts o f N o w M e x ic o , a n d It Is sa id th a t all o f W e ste rn T e x a s
t o d a to h as b een la rg ely r e s to ck e d in its Ia m b s t o th o p r e -d r o u th n u m b e r.
Y o u r sh eep n o w tota l n ea rly 3 m illio n h e a d .
W h o n t h o c o m p a c t o r L ea gu e o r N a tio n s o r T r e a t y h as b e e n c o m p le te d
a n d th o c r e d it p rog ra m re c o n s tru cte d a n d w h en th e n a tio n s o f E u ro p e
c o m o t o b u y In this c o u n t r y t o rep len ish th eir h e rd s , fo r th is is th e o n ly
c o u n t r y t h e y ca n c o m e t o , y o u will r e a d ily u n d e rsta n d w h a t this m ean s.
O u r oxportN c o n s ta n tly Increasing w ill m ak e h e a v y d r a ft u p o n th e p r o d u c 
t io n , w h ic h Is th erefore r ela te d d ir e c t ly t o th e h o m e s u p p ly a n d th o p rice
levels .
A n o th o r Im p o r ta n t p h a se o f this q u e s tio n Is re la te d t o th e la b o r p r o b le m .
L a b o r w as n o v o r s o w ell p a id a n d w as n ever In s u ch d e m a n d as n o w . T h is
m u st c o n tin u e fo r m a n y years in th is c o u n tr y b e ca u so o f th o gro at need
fo r b u ild in g op e ra tio n s o f all k in d s , co n s tr u c tio n o f h ig h w a y s , th o re h a b ili
ta tio n o f th o ra ilroa d s , th o increase o f th o p la n ts n e ce ssary fo r Increased
p r o d u c tio n a n d m a n u fa ctu rin g o f all k in d s a n d It ca n b e s a fe ly said w ith o u t
c o n tr a d ic t io n In v ie w o f p a st h is to r y th a t w h e n la b o r Is w ell e m p lo y e d , m eat
c o n s u m p tio n Increases In p r o p o r tio n .
T h o ra tio o f s la u g h ter h as e x c e e d th a t o f p r o d u c tio n d u rin g th o la st fiv e
y e a rs . T h o excessive m a rk e tin g d u rin g th o w ar p e r io d Is n o In d ica tio n o f
o v e r -p r o d u c t io n , b u t ra th er o f d e p le tio n . A c a t tle in crease d u rin g th e past
fo u r y e a rs a t th o s even p rin c ip a l m ark e ts o f 6 ,0 0 0 ,0 0 0 h e a d s o r o v e r 8 3 % ,
m oan s ra p id d e s tru ctio n . I t Is p r e d ic te d th a t th o c o m in g ce n su s will
d e m o n stra te th a t th o a n n u al c a t tlo es tim ates w ill s h o w a g r o ss ly e xa g ge ra te d
c o n d it io n in th o n u m b er o f c a t tle In this c o u n t r y a n d p a r tic u la r ly th e
b r o d d ln g s t o c k .
I t is cla im e d b y th e b e s t in fo rm o d sta tistician s o f o u r c o u n t r y t h a t tho
n a tio n s s u p p ly o f fem a le c a ttlo is w a y b e lo w n o rm a l; th a t it w ill ta k e tw o
w h o lo gen era tion s o f liv e s to c k b e fo re it w ill b o p o ss ib lo t o s u p p ly th e c o u n 
t r y w ith a n orm a l s u p p ly o f b e e f fo r th e b lo c k .
T h is Is t h o tim e t o ta k e s to c k a n d m a k e o u r p la n s fo r t h o fu t u r e . T h is
is a m essage o f p rim e Im p o rta n ce t o th o ban k e rs a n d lea ders o f liv e s to c k
Interests o f T e x a s .
M a y I s u g g e st th erefore t w o o u ts ta n d in g n eeds t o w h ic h e v e r y ban k e r
m u st r ela te h im se lf d u rin g th o n e x t fe w y e a rs :
F irs t, a d e q u a te fin a n c in g o f th o fa rm e r fo r p u rch a so o f tra cto rs a n d all
m a c h in e r y , soeds a n d la b o r necessary fo r Increased a cre a ge t o ta k e u p th e
sla ck o f a v a ila b le la b o r .
S e c o n d , t o p r o v id e a m p le fu n d s w h erever ch a r a c te r a n d a b ilit y are In
o v ld e n c o t o c a r r y o v e r fo r th o n ecessary p e r io d all fe m a lo s t o c k fo r b re d d ln g
p u rp os es. A n d rig h t h oro lo t m e s ta te , g e n tle m e n , th o F e d era l R e se rv e




707

S y s te m w a s e s ta b lis h e d fo r th e p u r p o s e o f sta b iliz in g a gricu ltu ra l as w ell as
th o in d u strial a n d c o m m e r c ia l a c tiv itie s o f o u r c o u n t r y . N o p a p e r w ill
c o m e t o th o F ed era l R e s e r v e S y s te m t h a t w ill b e m o re a c c e p t a b le a n d m o re
e lig ib le fo r r e d is co u n t th a n t h a t o f y o u r fa m e rs a n d liv e s to c k p r o d u c e r s .

II. A. MOEIILENPAH ON FINANCING OF COTTON
UNDER FEDERAL RESERVE ACT.
In dilating upon the financing of cotton, in his speech
before the Dallas group of the Texas Bankers’ Association
on Feb. 11, H . A . Moehlenpah of the Federal Reserve Board
said:
T h e o r d e r ly m a r k e tin g o f c o t t o n , b o t h In d o m e s t ic a n d fo re ig n c o m m e r c e ,
Is h ig h ly essential t o th o n a tio n , a n d e s p e c ia lly t o y o u o f t h o S o u th . Y o u r
w h o le c iv iliz a tio n Is b a s e d u p o n th o p ro fita b le n e s s o f c o t t o n p r o d u c tio n .
H e re to fo re , th e m a r k e tin g o f c o t t o n h as b e e n a n y th in g b u t o r d e r ly , in fa c t
It has b o o n p o s it iv e ly d is o r d e r ly . T h is h as b e e n d u e t o tw o th in g s— th e
la ck o f a d e q u a te cr e d it fa cilitie s a n d o f s u ffic ie n t w a re h o u sin g fa cilitie s.
T h o firs t d iffic u lt y , th a t o f in a d e q u a te cr e d it fa cilitie s, h as b o o n a lm o s t.
If n o t e n tire ly , o v e r c o m e b y th e pa ssage o f t h e F ed era l R e s e rv e A c t , u n d er
w h oso p ro v is io n s e v e r y m e m b e r b a n k is a u th o riz e d t o “ a c c e p t d r a fts o r
bills o f e xch a n g e d ra w n u p o n i t
. . . w h ic h a re s e cu re d a t th e tim e o f
a c c e p ta n c e b y a w a re h o u se r e c e ip t o r o th e r s u ch d o c u m e n t c o n v e y in g or
se cu rin g title co v e r in g r e a d ily m a r k e ta b le sta p les.
H ere Is a u th o r ity fo r th e o p e n d is c o u n t m a rk e t a n d fo r th o u se o f b a n k ers ’
a c c e p ta n c e s . H ith e rto t h e fin a n c in g o f c o t t o n w as la rg e ly lo c a liz e d . Its
b u rd e n re s te d u p o n th e s o u th e rn b a n k s , w ith o n ly sm all a ssista n ce fr o m
o u ts id e s o u rce s . C re d its o n c o t t o n w ere e x te n d e d b y th e o rd in a ry p r o m is 
s o r y n o te , w h ic h h a d n o e n tr y in t o th e o p e n m a r k e t. T h e F ederal R e se rv e
A c t th ro w s w id e o p e n th e d o o r t o th e m o n e y m ark e ts o f th e w o r ld , a n d th e
o n ly r e q u ire m e n t fo r en tra n c e th e re in is t h a t t h e seeker a fte r c r e d it shall
c o m e p r o p e r ly c lo th e d .
U n d e r th o A c t a n d th e re g u la tio n s o f th e F ed era l R e se rv e B o a r d this
dress co n sists o f a w a reh ou se r e c e ip t , c o n v e r in g c o t t o n o r o th e r sta p le a n d
n o n -p e rish a b le a gricu ltu ra l p r o d u c ts , issu ed u n d e r s u ch safeg u a rd s as to
gu aran tee a t all tim es th o a b s o lu te in te g r ity o f its s ta te m e n t o f fa c t .
A d e q u a t o w areh ou sin g fa cilitie s fo r c o t t o n w o u ld , th e re fo re , seem t o b e
th o m o s t p ressin g n e ce ssity in th e san e a n d e c o n o m ic d is trib u tio n o f y o u r
great c r o p . T h o w are h o u se re c e ip t t o b o o f th e h ig h e st cr e d it v a lu e s h o u ld
b o u n ifo r m in its ch a r a c te r , ju s t as a re b ills o f la d in g a n d o th e r in stru 
m entalities u p o n w h ic h cr e d it is e x te n d e d . C o t t o n , w h e n safe g u a rd ed
a ga in st w ea th er, fir e a n d t h e ft , is p r a c tic a lly in d e s tr u ctib le , a n d s h o u ld
fu rn ish th e basis o f th e v e r y b e st colla te ral u p o n w h ic h t o b o r r o w m o n e y .
C r e d it o n ly desires t o b o a ssu red th a t this c o m m o d it y is th u s p r o t e c t e d .
T h is assu ra n ce c a n b e m a d e a b s o lu te o n ly th r o u g h a s y s te m o f sta n d a rd iz e d
w a reh ou sin g Issuing a u n ifo r m r e c e ip t.
I f , as e v e r y o n e agrees Is th e ca s e , th e la c k o f c r e d it Is t h e c h ie f re a s on
fo r th o p resen t u n so u n d a n d u n e c o n o m ic s y s te m o f m a r k e tin g c o t t o n , a n d
If th e u n ifo r m w a re h o u se r e c e ip t, as e v e r y o n e a grees. Is th e k e y w h ic h u n 
lo ck s cr e d it, th en It m u st fo llo w t h a t t h o p r o v id in g o f a d e q u a te , s ta n d a rd
w areh ou ses Is b y nil o d d s t h o u p p e r m o s t th in g t o b o d o n e b y c o t t o n p ro d u c e r
a n d busin ess m an t o b rin g a b o u t th e s o lu tio n o f t h o d iffic u ltie s u n d e r w h ic h
y o u o f th o S o u th h a v e b e e n h a n d ica p p e d fo r s o m a n y y e a r s . A p r o p o s i
t io n o f s e ttin g u p a p re fe re n tia l ra te o n p a p e r se cu re d b y w a reh ou se receip t*
issued u n d e r p ro p e r S ta te o r F e d e ra l r e g u la tio n a n d in s p e ctio n sh ou ld h a v e
th e fu lle s t c o n s id e r a tio n .

II. A. MOEHLENPAH ON NEED FOR GREATER PRO
DUCTION. BENEFITS OF MEMBERSHIP IN
FEDERAL RESERVE SYSTEM.
“ A larger campaign of education to stop the people in their
debauch, their spree, their extravagant living and spend
ing” was counselled by H . A . Moehlenpah of the Federal
Reserve Board in a speech before tho Dallas group of the
Texas Bankers’ Association on March 11. “ A great reac
tion,” he said, “ has come over our people since the war.
Economy and even sacrifice when the boys were at the front
was universal. Every unit of our country was organized
under tho county councils of defense to oncourage thrift,
production and saving. After the signing of the armistice
a reaction sot in. Signs are appearing that the people are
now becoming more serious. In some industrial centers
they are beginning to realize that in this hour of need for
greater production is their opportunity to save from their
earnings for the rainy d a y .” lie continued:
W e s h o u ld e n c o u ra g e o u r cu sto m e rs a n d o u r p e o p le b y e x a m p le a n d p re
c e p t th a t w o m ean w h a t w o s a y . W e s h o u ld ta k e th o m e ssa ge t o th e m e m 
p h a tic a lly th a t n o b a n k ca n e n c o u ra g e s p e c u la tio n w h e th e r u p o n th e s to c k
m a r k e ts, in th o h a n d lin g o f c o m m o d itie s , o r In la n d . T h e tim e has c o m e
w h e n w o m u s t s h ift all o f o u r re se rv e s to th e p o in t o f a tt a c k . Y o u a ro th e
o u ts ta n d in g o ffic e r s o f th o lin e . T h o w a r, fin a n c ia lly , has Just b e g u n .
T h is le sso n m u s t b o ca rrie d w ith em p h a sis a n d m u s t b o p u t in to p r a c t ic e
b e h in d th e co u n te rs o f e v e r y b a n k . E v e r y lo a n s h o u ld b o a n a ly z e d a n d
cr itic iz e d t o th o en d t h a t e v e r y d o lla r sh o u ld c o u n t fo r p r o d u c tio n a n d n o t
a c e n t fo r s p e c u la tio n . T o w ith h o ld p r o d u c ts fr o m th e m a r k e t fo r p u r e
s p e c u la tio n is u n w ise a n d h u r tfu l. A re g u la r, o r d e r ly m a r k e tin g is p a r t o f
y o u r p r o b le m .
W e hear m u c h th ese d a y s a b o u t th o n e ce ss ity o f d e fla tio n o f c r e d it . S om e
e co n o m is ts la y it t o th o e xp a n sio n o f c u r r e n c y , o th e rs t o p r e v a ilin g p r ic e
le ve ls , oth ers t o co n d itio n o f fo re ign e x c h a n g e , a n d s o o n . W h a te v e r
m a y b o th e cau so fo r a b n o rm a l co n d itio n s in o u r c r e d it s tru ctu re w e are
c o n fid e n t o f tw o essential n ecessities fo r a p p r o a c h t o s o lu tio n . F irs t, w o
m u st increase o u r p r o d u c tio n a n d fr o m o u r p r o d u c tio n s a v e m o re a n d sp en d
less. W e all feel su re th a t th ese a re th e fo u n d a tio n s to n e s in th ese d a y s o f
re c o n s tr u c tio n . So Instead o f ta lk in g o f th e in fla tio n o r exp a n sion o f c u r 
r e n cy o r o f c r e d it, o r Its d e fla tio n o r c o n tr a c tio n , let u s , as I h a v o in d ic a te d ,
b o s te a d y in o u r th in k in g a n d d o in g . L e t u s c o n s e r v a tiv e ly re g u la te o u r
cr e d its a n d a p p ly ou rselves t o this n ow g r e a t task w ith ail o u r e n e r g y a n d
p o w e r , b u t w ith th a t p o w e r u n d e r a b s o lu te a n d c o m p lo te c o n tr o l.
T h e E d g e A c t , n o w a la w u p o n th e s ta tu te b o o k s , w ill fu rn ish th e m a c h in 
e r y , w ith p r iv a te c a p ita l a n d c o n t r o l, b u t w ith G o v e r n m e n t s u p e rv is io n ,
w h ich will p r o v id o In largo m easu re m ean s fo r fin a n cin g th e o p e ra tio n s
g o v e rn in g th e e xp o rts a n d im p o r ts o f o u r c o u n t r y s o t h a t cr e d it m a y b o
e x te n d e d a n d ra tio n e d In o r d e r ly fa sh io n . I t is a n o th e r g r o a t p ie c e o f c o n -

708

THE CHRONICLE

s tr u c t iv e legislation Intended t o p r o v id e cr e d it u p o n lo n g t im e , a n d o ffe r in g
a g o o d in v e stm e n t for th e s a v in g s o f o u r p e o p le .
T h e F ed era l R e se rv e S y s te m is n o w th e r e s e rv o ir o f s tr e n g th t o t h e
fin a n c ia l, in d u s tria l, c o m m e r c ia l a n d a gricu ltu ra l in terests o f o u r c o u n t r y .
A s b a n k ers w e a re b eg in n in g t o u n d e rsta n d th a t th is la w w as p u t u p o n th e
s ta tu te b o o k s n o t fo r b an k e rs o n ly , th a t t h e y m ig h t p r o f i t m o r e , o r fo r a n y
o n e cla ss, b u t fo r th e in terests o f all o u r p e o p le ; i f y o u p le a s e th e fin a n c ia l
t r a ffic re g u la to r . T h e r e is n e t a m an in th is r o o m t o -d a y b u t w h o w ill
a d m it th a t th e F od ora l R e s e rv o S y ste m s a v e d , n o t o n ly o u r c o u n t r y , b u t th e
w o r ld fr o m fin a n c ia l ch a o s a n d distress. W e c o u ld n o t h a v e w o n th e w a r
w it h o u t A m e r ic a n m en a n d m o n e y . E v e r y c itiz e n h as p a r t ic ip a t e d in its
b e n e fits . E v e r y s to c k h o ld e r in a b a n k h a d h as h is h o ld in g s m a d e m o re
s e cu re a n d v a lu a b le . D o e s it m ean a n y th in g t o y o u , m y fe llo w ban kers,
as a tru s te e fo r y o u r d e p o s ito rs t o b o a p a r tic ip a n t in a S y s te m th e ca p ita l
o f w h ic h is $ 87 ,5 8 9 ,0 0 0 a n d th e su rp lu s o f w h ic h is $ 1 2 0 ,1 2 0 ,0 0 0 , a n d th e
resou rces $ 6 ,1 7 1 ,7 4 7 ,0 0 0 , a n d in c o n tr o l o f o v e r t w o b illio n d o lla rs o f g o ld .
L e t us t a k e fo r ex a m p le th e ca se o f a s tr o n g S ta te b a n k in o n e o r o u r
la rges t S ta te s. T h e P re s id e n t s ta te d th a t h is b a n k en te re d th e s y s te m d u r
in g th e w a r as a p a tr io t ic d u t y b u t as it h as n e v e r b o r r o w e d o r r e -d isc o u n te d
th e d ir e c to r s w ere d isc u ss in g , n o w th a t th o w a r is o v e r , tlio a d v is a b ilit y o f
w ith d ra w in g fr o m th o s y s te m .
T h is b a n k h a d p a id in $ 9 ,0 0 0 o n ca p ita l s u b s cr ip tio n a n d ca rr ie d a n
a v era g e reserv o o f $ 1 6 2 ,0 0 0 — o r a t o ta l o f $ 17 1 ,0 0 0 — w h ic h u n d e r th o term s
o f th e F e d e ra l R e se rv e A c t w as p a id in g o ld . T h e w ith d ra w a l o f this b a n k
w o u ld ta k e t h a t m u c h g o ld fr o m th e s y s te m .
A s th e g o ld h eld b y th o F e d e ra l R e s e r v e B an k s fo rm s a 4 0 % basis fo r
lo a n in g p o w e r th e w ith d ra w a l o f th is b a n k ’s $ 1 7 1 ,0 0 0 o f g o ld w o u ld re d u c e
th e lo a n in g c a p a c ity o f th e F e d e ra l R e s e r v e B a n k b y $ 4 2 7 ,5 0 0 . T h e r e fo re
a n y w ith d ra w a l o f c a p ita l o r re se rv e re d u ce s th e a b ilit y o f th o F ed era l R o s e rv o B a n k t o p r o t e c t th o c r e d it s itu a tio n o f th e c o u n t r y b y tw o an d o n e h a lf tim es t h o a m o u n t o f s u ch w ith d ra w a l. E v e r y S ta te m e m b e r b a n k has
th e p r iv ile g e o f w ith d ra w in g fr o m th e s y s te m a n d as a p p r o x im a te ly 3 0 %
o f th e ca p ita l a n d reserve d e p o s its o f th o F e d e ra l R e s e rv e B an k s o f th o co u n 
t r y b e lo n g s t o S ta te m em b e r b an k s y o u ca n see w h a t th e e ffe c t t o o u r c r e d it
s tr u ctu re w o u ld b o i f t h e p r iv ile g e w ero tak e n a d v a n ta g e o f , espe cially
d u rin g th ese d a y s o f r e c o n s tr u c tio n . T h e a gg re ga te resou rces o f th o S ta te
m e m b e r b an k s a p p rox im a te s n in o a n d o n e -h a lf b illio n s . T h o e lig ib le n o n 
m e m b e r ban k s h a v o resou rces o f a b o u t 8 b illio n s . T h e e ffe c tiv e n e s s o f th o
F ed era l R e s o r v e S y s tem w o u ld b e in cre ase d fr o m 20 t o 2 5 % i f th oso e lig ib lo
n o n -m e m b e r b a n k s en tered th e s y s te m . A n d w h en y o u s t o p t o co n sid e r
th a t th e F ed era l R e s e rv e S y s te m ’s ta s k is t o m ain ta in c o n fid e n c e a n d insuro
c o m m e rcia l s o lv e n c y d o n ’t y o u th in k m e m b e rs h ip w o r th w h ile ?
I t Is h ig h ly im p o r ta n t th a t th e e lig ib le n o n -m o m b e r S ta te b a n k s in T e x a s ,
t o th e n u m b e r o f 3 4 1 , w ith a ca p ita l o f t w e n t y -o n e a n d a h a lf m illio n s an d a
su rp lu s o f n in e m illion s a n d resou rces o f 135 m illio n s , a d d th e ir s tr e n g th to
the great s tr u c tu r e .
Is it fa ir fo r y o u as b an k e rs t o s ta n d o n th e s id e lines a n d p a r t ic ip a t e In
th e b e n e fits o f th is g r e a t fin a n cia l s y s te m a n d n o t m a k e a n y c o n tr ib u t io n 7
Is it s a fe f o r y o u t o assu m e t h a t in th e d a y o f stress o r s tr a in t h a t y o u r
c o r r e s p o n d e n t in th e c it y w ill b e a b le t o ca re f o r y o u regardless o f his o w n
n e e d s ? H a v e y o u th o rig h t t o p u t this b u rd e n u p o n h im ? I t is m y sin cere
ju d g m e n t t h a t y o u r e ld er b r o th e r , y o u r real re s e rv e , w ill b o y o u r fu ll p ro 
t e c t io n , k eep in g y o u in fu ll co n tr o l o f y o u r In d e p e n d e n t re la tio n s a s a b an k er
in t h e in d ep en d en t b a n k in g s y s te m o f o u r c o u n t r y . Y o u o w o it t o y o u r
c o m m u n it y . Y o u o w e it t o this larger p ro g ra m as a b a n k e r a n d as a p r o 
d u c e r t o m a k e su re o f y o u r a b ilit y to s e r v o . W h y s h o u ld y o u b e d e p e n d 
e n t ? W e h ea r a g o o d d e a l th ese d a y s a b o u t th e p o s s ib ilit y o f b ra n ch
b an k s b e in g esta b lish ed in this c o u n t r y . T h is is h o s tile to m y sense as an
In d ep e n d en t b a n k e r a n d c itiz e n , a n d y e t I a m c o n v in c e d a n e e d fo r this
ca n o n ly c o m e w h en th e lo ca l b a n k e r c a n n o t o r w ill n o t s e rv e h is c o m 
m u n ity a n d it b e co m e s n e ce ssary fo r o u tstd o ca p ita l t o c o m e in . Y o u
d o w e ll, m y fr ie n d s , t o co n s id e r th is In d ep en d en t r e la tio n sh ip a n d y o u
s h ou ld m a k e s a fe y o u r p o s itio n as a fin a n cia l le a d e r o f y o u r c o m m u n it y .
M a y I assu re y o u I a m n o t m a k in g this s ta te m e n t w it h a v ie w t o s o lic it
in g m e m b e rs h ip . B u t as I s ta te d a t th e b e g in n in g , t o b e o f s e r v ic e a n d to
m ak e th o s o su gg estion s th a t I w o u ld lik e t o h a v e m a d e t o m e i f I w e re in
y o u r p la c e .
M a y I b r ie fly re c a p itu la te w h a t I co n s id e r th e o u ts ta n d in g b e n e fits o f
m e m b e rs h ip in th e F ed era l R e s e rv e S y s te m :
1. I t is a n in su ra n ce p o lic y , a ssu rin g t o y o u c o m p le te c o n fid e n c e in y o u r
a b ilit y t o s e r v e y o u r c o m m u n itie s a n d t o c a r e fo r y o u r d e p o s ito r s u n d er
e v e r y stress a n d s tr a in .
2 . I t is a g u a ra n tee t o y o u r c o m m u n it y t h a t a n y p ro g ra m fo r d e v e lo p 
m e n t o r p r o d u c tio n ca n b o s a fe ly a n d co n tin u o u s ly ca rrie d o u t .
3 . I t Is a g u a r a n tee t o y o u as a c o n s e r v a tiv e b a n k e r In th e d is t r ic t o f y o u r
busin ess th a t y o u ca n ta k e these d e p o s its w ith th e a ssu ra n ce o f s e c u r ity
a n d co n tin u o u s s e rv ice .
4 . I t Insures t h e in d e p e n d e n t re la tio n sh ip o f y o u r b a n k as t o Its d e p e n d 
en ce u pon a n y o th er b an k .
5 . I t is n o t a fic t itio u s re se rv e b u t a real re se rv o . F o r th o fir s t tim e in
th e h is to r y o f o u r c o u n t r y w e a re a b le t o a ss e m b le th e w e a lth o f o u r p e o p le
Into th e c r e d it s tr u c tu r e .
6 . Y o u a re a b le t o tra n sfe r fu n d s w ith o u t c o s t . Y o u a re a b le t o c o lle c t
ch eck s a t p a r eith er g o in g o r c o m in g . Y o u are a b le t o s h ip c u r r e n c y e ith e r
w a y . insured a n d a ll ch arges p a id , w ith o u t a n y e xp en se t o y o u r ban k .
7 . Y o u h a v e th o b e n e fit o f th e a d v ic e o f busin ess e xp e rts o f th e c o u n t r y
n o t o n ly on fin a n cia l m a tters b u t u p o n th o c o n d u c t o f y o u r bu sin ess in p a r
tic u la r. Y o u h a v e th o p riv ile g e s o f re -d isc o u n tin g e lig ib le p a p e r . T h is
is p a rtic u la r ly im p o r ta n t a t thts tim e b e ca u s e o f th e n e e d o f in creased p ro 
d u c tio n o f t h e a rtic les y o u p r o d u c e in this s e c tio n .
.
8 . T h o s y s te m h as in th e s h o rt p e r io d o f its e x is te n ce b r o u g h t a b o u t
b e tt e r b a n k in g m e th o d s . Y o u h a v e h e a rd cr iticism as t o t h e n e c e ss ity
fo r m a k in g r e p o r ts , & c ., b u t le t m e re m in d y o u , g e n tle m e n , th a t it w as w ell
fo r y o u r c o u n t r y t h a t u n d e r th e N a tio n a l B a n k in g L a w a c a r e fu l exa m in a 
tio n o f b a n k s w a s a d h ered t o ; t h a t w h en th e stress o f w ar w a s u p o n us
w e h ad litt le t o cle a n u p o r r e m o v e b u t w e c o u ld g o Im m e d ia te ly a t o u r Job.
B an k ers n o w a re b e c o m in g real ban k e rs an d tru sted gu ard ia n s o f th e p e o 
p le ’s m o n e y .
9 . I t h as g iv e n t o e v e r y b a n k , a m e m b e r o f th e s y s te m , t h e p re s tig e
b e ca u s e o f th o th in g s I h a v e en u m erated a n d it is r e fle c t e d In t h e c o n fid e n c e
o f th o d e p o s it o r , w h ic h is a b o v e a ll a b s o lu te ly n e ce ss a ry.
H a v e y o u u n d erta k en t o se cu re th o v ie w p o in t o f y o u r d e p o s it o r , v e r y
s e ld o m ex p ress ed , as t o h o w h e fe e ls ? I f th e ro is a n y d o u b t In y o u r m in d
a s t o this r e fle c t u p o n th e fo u r y e a rs o r m o re s in ce th o W o r ld W a r b e g a n .
In stea d o f ap p reh en sion o r fr ig h t o u r p e o p le fo r th e fir s t tim e in th o h is to r y
o f o u r c o u n t r y u n d e rs to o d th a t th o G o v e r n m e n t w as b e h in d th e ban k s;
t h a t s o m e h o w , s o m e w a y , th e ir Interests w ere fu h y p r o t e c t e d .
B a n k fa il
ures w ero th e low es t in th o h is to r y o f th e c o u n tr y d u rin g this p e r io d .
B an k
d e p o s its In creased , b a n k s t o c k p a id large d iv id e n d s , la rger th an o v e r b e fo r e ,
a n d In s p ite o f a ll w o w ero a b le t o fin a n c e th e G o v e r n m e n t in a ll its o p e ra 
tio n s as I h a v e in d ica ted b e fo r e in th e s u m o f a p p r o x im a te ly 3 5 b illio n
d o lla rs . W h e n I s a y “ w e ” I d o n o t m ean ban k e rs b u t I m ean th e p e o p le ,
o u r d e p o s ito r s , u n d er y o u r le a d e r sh ip .
B u t this c o u ld n o t h a v e be e n d o n e as y o u w ill fr e e ly a d m it w it h o u t th e
Fedo."al R e s e r v e S y stem in o p e r a tio n . M a y I em p h a siz e th is a g a in b e ca u s e




[Vol. 110.

it is m y th o u g h t t o g e t in to y o u r m in d s f ir s t th in g s s o t h a t th e p e t t y , sm aller
th in g w ill ta k e its rig h t p la c e , a n d t h a t y o u w ill h a v o p r o p e r re s p e ct b eca u s e
o f th o a cco m p lis h m e n ts o f t h e s y s te m d u r in g th is g r e a t p o r io d .
I
a m co n scio u s o f th e f a c t t h a t th e re a re cr itic s o ve r y w lio ro . N o d o u b t
th e re a re s o m e here t o -d a y w h o fa il t o a p p r e c ia te th o fa c t th a t th o F ed era l
R e s e rv e S ystem s ta n d s as th e great in su ra n ce p o l ic y , p a s t , p re s e n t, a n d
fu tu r e , w h o s till c lin g t o th e ir id ea a n d ch ir p a n d w h istlo b e ca u se o f th eir
p e t t y losses o n e x c h a n g e a n d th e ir losses u p o n reserves a y e a r a ft e r th o w a r
is o v e r , a n d w ith th o m e m o r y o f p a s t p a n ics fresh In th e ir m in d s , a n d w ith
th e ir d e p o sits d o u b le d an d th e ir p r o fit s g r e a tly in c r e a s e d , h a v in g th o c o m 
p le te c o n fid e n c e o f th e p e o p le .
In s p ite o f a ll this w o n d e r fu l re c o rd th ere
a re s till s o m e m en le ft w h o w o u ld ta k o u s b a c k t o th o d a rk a llo y o f n arrow
th in k in g an d s m a ll d o in g .
D o y o u re a llzo , m y frie n d s , w h a t it m oan s t o b o a citiz e n o f a c o u n t r y ,
a n d th o o n ly c o u n tr y o n th e fa c e o f th e ea rth w ith a s ta b iliz e d m o n e y s ta n d 
a r d . H o w w o u ld y o u lik e t o liv e In a c o u n t r y w h oro th e m a r k , in term s o f
g o ld , is t o -d a y o n ly e q u a l t o o n e tw o n ty -s e c o n d o f w h a t It w as b e fo r e th e
w a r, o r w h ore th e fra n c in e x c h a n g e fo r g o ld is e q u a l t o loss than h a lf its
fo rm e r v a lu e , an d th e lire o n e -th ir d o f its fo rm e r v a lu e ? A n d w h a t s h a ll
w e s a y o f th e p re v io u s sta n d a rd o f th o w o r ld , th o p o u n d s te r lin g ? O h , I
k n o w th ere are m en h e re w h o w ill b e g in t o ta lk a b o u t th o p u rc h a sin g p o w o r
o f th e d o lla r , b u t le t m e rem in d y o u th a t in s p ito o f th o p resen t p r ic o Ievols
o u r d o lla r s till heads th e lis t. W o a re th o u n d isp u to d c r e d it o r n a tio n o f
th o w o r ld . N o t a n a tio n a l b a n k fa ilu re o f a n y c o n se q u e n c e d u r in g all
th ese yea rs o f stress.
L o t m e rofrosh y o u r m in d as t o h o w y o u p e o p le in T o x a s h a v o p a r t ic i
p a te d in th e F e d e ra l R e s e r v e S y s te m .
1917.
1918,
1919.
$ 52 ,0 5 2 ,6 0 0 $ 5 8 7 ,6 7 7 ,7 6 6 $ 1 ,2 2 4 ,9 4 8 ,3 4 5
R e d is c o u n t s ........................... ....
Is t h a t a n y co n tr ib u tio n t o th e S ta to o f T o x a s ? A re y o u as a b a n k e r
a d e b t o r ? W h a t w ill b e th o re c o r d fo r 1 9 2 0 ?
In th e o ld d a y s w h en th e s t o c k ga m b le rs w o u ld p lan th o lr llttlo p a r tio s
a n d s e t t h e w h ools o f s p e c u la tio n g o in g , w h en th o ga m e g o t b e y o n d th olr
c o n tr o l, y o u w ill r e m e m b e r , t h e y w e r e p la y in g w ith tho fu n d s th o p r o d u c in g
p e o p le h a d o n d o p o s lt , a n d w h en w o d esirod th oso fu n d s fo r th o lr u s o, a n d
fo r le g itim a te p u rp o s e s t o in croaso p r o d u c tio n a n d ca ro fo r o u r c o m m u n itie s ,
w o w e r e to ld t h a t w e c o u ld n o t h a v o thorn a n d w o w ero co m p e lle d to resort
t o o n e d o v ic o a n d a n o th e r t o ca re fo r o u r n e e d . O n o c e n tr a liz e d p o w o r
c o n tr o lle d . H o w d iffe r e n t t o -d a y . A d e m o c r a tiz e d s y s te m re s p o n d in g t o
n eeds o f e v e r y s e ctio n o f o u r c o u n t r y .
L e t us g e t it Into o u r m in ds i f w o h a v o fo r g o tt e n It, th a t th o F oderal
R e se rv e S ystem is a gre a t G o v e r n m e n t In s titu tio n , an d is, as I h a v o s ta te d
fo r th e b e n e fit o f al tho p e o p le . T h e r e a re s o m e ban k ers w h o la b o r u n d er
th o h a llu cin a tio n th a t th o d e p o sits in th olr in s titu tio n aro th e ir p r o p e r t y .
W e d o w e ll o c c a s io n a lly t o ro m in d ou r so lv o s th a t th o fu n d s b e lo n g to th o
p e o p le , a n d t h a t th e s y s te m is fu n c t io n in g n o t p r im a r ily fo r th o b a n k or
b u t fo r th o p e o p le . T h a t is w h a t w o h a v o th e G o v o r n m o n t fo r , a n d a fte r
a ll y o u a n d I aro th o G o v e r n m e n t. H as th o s a fe t y a n d s o c u r lty th a t the
F od ora l R e se rv e S y ste m has b r o u g h t t o y o u as a ban k o r m o a n t a n y t h in g t o
y o u r cu stom er?
H a v o y o u o v e r tried to g o t h is v ie w p o in t ?
H avo you
r e fle c te d o n h o w h e fe lt d u r in g th o w a r ? T h is s y s te m has been th o g r o a t
in su ra n ce p o lic y fo r a ll o f us w h o th o r w o w ero m o m b o rs o r n o n -m o m b o rs .
Y o u r w h o le d is tr ic t is n o w o n th o p a r b a s is, an d b y tho w a y . Is th a t n o t In
m a n y w a y s a g o o d t h in g ? W o u ld y o u n o t s u ffe r m a n y in co n v o n lo n co s an d
p o s s ib le loss i f y o u w ore t o g o b a c k t o th o o ld d a y s o f ta r d y s o r v ic o . In a
s h o rt tim e n o w . th o w h o le c o u n t r y w ill b e u p o n a p a r basis.

MONEY

ORDER EXCHANGE BETWEEN
STATES AND CANADA.

UNITED

The Montreal “ Gazette” of Feb. 14 printed the following
Ottawa advices:
A s a resu lt o f n e g o tia tio n s w h ic h h a v o been g o in g o n b o tw c o n th o C a n a d ia n
P o s t O ffic e D e p a r tm e n t a n d th o U n ite d S ta tes a u th o ritle f fo r s o m o w eeks
p a st o n th e q u e s tio n o f th e p r o p e r r a to o f e x c h a n g e o n m o n e y o rd o rs b e 
tw e e n th o t w o co u n trie s, a n a rra n g e m e n t h as a t lo n g th been a rriv e d a t
a n d w ill g o Into fo r c e im m e d ia te ly .
O n M o n d a y n e x t, o r as s o o n th e re a fter
as n o tic e ca n b o c o n v e y e d t o all t h e P o s t O ffice s th r o u g h o u t C a n a d a ,
p a y e e s o f m o n e y o rd e rs issued in t h e U n ite d S ta tes a n d p a y a b le in C a n a d a
w ill r e c e iv e th e fa c e v a lu e o f t h e o rile r p lu s a fu r th e r s u m s u ffic ie n t t o b rin g
t h e to ta l u p t o p a r, less a re a s o n a b le m argin w h ich th e D e p a rtm e n t w ill fix
t o p r o t e c t its e lf a ga in st flu c tu a tio n s . T h e r o w ill b o no a llo w an ce s m a d o
fo r a p re m iu m o n m o n e y o rd e rs u n d e r fiv e d o lla rs , b u t fo r th o s e o v e r th a t
a m o u n t th e ro w ill b e an a llo w a n ce o f 1 0 % t o t h e p a y e o . T h u s o n an o rd e r
o f th e fa c e v a lu e o f o n e h u n d re d d o lla rs th e p a y e e w o u ld re c e iv e $ 1 1 0 .
I f t h e e xch a n g e ra te d r o p s lo w e r a n d th e m argin o f flu c tu a tio n is d e crea sed
a still la rger p re m iu m in p r o p o r t io n w ill b o a llo w e d . T h o a m o u n t o f o rd ers
Issued t o a n y o n e p e rs o n o n a n y d a y is still lim ite d t o $ 50 0 . In reg ard t o
o rd e rs sen t fr o m C a n a d a t o t h e U n ite d S ta tes th e ro is n o ch a n g e . T h o
P o s t O ffic e D e p a r tm e n t w ill still c o lle c t th e cu rre n t ra to o f e xch a n g e fr o m
th o se n d e r in a d d itio n t o th o fa c o v a lu e o f th e o r d e r .

BANKS

TAKING FOREIGN EXCHANGE FOR COL
LECTION.

[F ro m t h o “ W a ll S treet J o u r n a l ,’ ’ F o b . 3].
A s a re s u lt o f th o re c e n t s e n sa tio n a l c o lla p s o in fo re ig n o xch a n g o rates
m a n y o f t h e b a n k s h a v o n o w d is c o n tin u e d d is c o u n tin g d o lla r d r a fts a gain st
e x p o r ts o f g o o d s a n d a re ta k in g th o b ills s u b je c t t o c o lle c t io n , cr e d itin g th e
o x p o r te r o n ly o n r e c e ip t o f p a y m o n t fr o m th o o t h e r s id o .
T h is s itu a tio n has arisen b o ca u s o o f th o d iffic u lt y o x p o r lo n ccd b y th o
fo re ig n im p o r te r in o b ta in in g d o lla r s In his m a r k o t. T h o w a y s te r lin g and
o t h o r oxchangos h a v o b e e n d e clin in g la to ly has b r o u g h t th o fo re ig n im p o r t
ers fa c e t o fa c o w it h a h e a v y lo ss w h en it c a m e t o m o o tin g th o d r a ft a ga in st
g o o d s p r e v io u s ly c o n tr a c te d f o r a n d s h ip p e d . In s o m o ca s e s. N e w Y o r k
b an k s h a v o h ad t o h a v o re c o u rs e t o t h o o rig in a l d ra w ers o f th o bills b oca u se
o f fa ilu ro o f th o d ra fts t o b e m o t o n th e o t h o r sid o . T o p r o t e c t th em selves
a g a in s t this c o n tin g e n c y , t h e re fo re , th e b an k s h e r o aro re fu sin g to c o m m it
th em selves an d w ill o n ly c r o d it th o o x p o r te r w h on th o y aro a d vise d b y th olr
c o r r e s p o n d e n t b a n k s t h a t d o lla rs h a v o b e e n s e cu re d .
B an k e rs regard th is as th e in e v it a b le o u t c o m o o f th o d e p re cia tio n in
oxch a n g o ratos a n d a d e v e lo p m e n t t h a t w ill h a v o a fa r ro a ch ln g e ffe c t u p o n
th e e x p o r t s itu a tio n . I t m ean s t h a t e xp o rte rs w ill b o re s tricte d in th o m a t
te r o f s h ip p in g g o o d s a b r o a d , c o n fin in g th o lr o p e r a tio n s p ra c tic a lly t o a
cash basis. B an kers s a y It m ean s a lso p ilin g u p o f g o o d s hero a n d co n se 
q u e n t d e c lin e in p rices.
> I t is u n d e rsto o d this r e lu c ta n c e o n t h o p a r t o f b an k s t o d is c o u n t fo r o lg n
■
d o lla r d ra fts is n o t co n fin e d t o a n y p a r tic u la r c o u n t r y b u t a p p lie s t o E u ro 
p e a n c o u n t r ie s in gen era l.
In r e c e n t y e a rs a c o n s id e r a b le p o r t io n o f o u r o x p o r t t r a d o has b een
fin a n c e d b y d o lla r d r a fts d ra w n o n E u r o p e a n im p o r te r s . H e r e to fo r e , su ch
d r a fts w ero r e a d ily d isc o u n te d in th is m a r k e t. T h o b a n k s fo rw a r d th e

Feb. 21 1920.]

THE CHRONICLE

d r a ft s t o t h o o t h e r s id o a n d w h en t h e b ills fa ll d u o r e c e iv e c h e ck s o n N o w
Y o r k b a n k s In p a y m e n t w h ich t h o Im p o r te r s p u rc h a s e in t h o d o lla r exch an go
m a r k e t. S uch d o lla r b ills a re d ra w n c it h e r a t s ig h t o r a ce r ta in n u m b e r o f
d a y s a fte r s ig h t. T h o sig h t b ills h a v e b e e n d is c o u n te d f o r th e t im e re
q u ir e d t o son d th o d r a ft a cro ss a n d re c e iv e t h o d o lla r c h e c k h e re .

II. N. LAWRIE OF AMERICAN MINING CONGRESS
ON OUR VANISHING GOLD RESERVE.
A roport on “ Our Vanishing Gold Reserve” was made this
week to Congress by H . N . Lawrio, Chief of the Precious
and Rare M etals Division of tho American M ining Congress.
A n important feature of the report is a review of Federal
Reservo banking and tho showing that our gold reserve has
becomo absorbed in our banking and currency system.
M r . Lawrio asserts that we consumed in the arts and trades
S21,848,000 more gold during 1919 than we produced from
our mines, and points to this as additional evidence of the
indifference wo have shown to protecting our gold reserve
from unnecessary depletion. Ho further says:
In o rd e r t o m ain ta in o u r in tern a tion a l t r a d e , w e shall b e fo r c e d t o release
m o r e g o ld d u rin g th o cu rre n t y e a r , a n d t o a cco m p lis h th is resu lt a n d still
m a in ta in th e legal g o ld reserv e ra tio o f th o F ederal R e se rv e b an k s It w ill b e
n ecessary t o c o n tin u e w ith p ro g re ss iv e d e fla tio n o f th e c u r r e n c y . I t w ill
a lso b o n ecess a ry t o p r o t e c t th e g o ld re se rv e fr o m d e p le tio n b y ex ce ss iv e
In d u strial use, a n d t o a cco m p lis h th is resu lt w e are p r o p o s in g a bill fo r th e
co n s id e r a tio n o f C on g r ess , t o Im pose a n excise u p o n all a rticle s co n ta in in g
g o ld s o ld o n a n d a fte r M a y 1 1920 t o cr e a te a fu n d fr o m w h ic h m a y b e p a id
$ 10 t o t h o p r o d u c e r o f th e n ew g o ld o u n c e , .h e r e b y c o n p e n s a tin g fo r th e
in crea s ed c o s t o f p r o d u c tio n . T h is is th e o n ly m easu re w h ic h , w ith o u t
a lte rin g t h o m o n e ta r y u n it, will m ain ta in a fre e g o ld m a r k e t in t h e U n ite d
S ta tes, b o t h o f w h ich co n d itio n s are Im p e ra tive t o th o m a in te n a n ce o f o u r
fin a n cia l p o s it io n . T h e bill h as b e e n t h o r o u g h ly a n a ly z e d b y ban k e rs an d
e c o n o m is ts , a n d n o o b je c tio n s h a v e s o fa r b een ra ised . I t m e re ly creates
th o m a c h in e r y b y w h ic h th e co n s u m e r s o f g o ld In th e a rts m a y p r o p e r ly
p a y fo r th eir raw m aterial a n d th u s o b v ia te an u n n e ce ssa ry d ra in u p o n th e
m o n e ta r y g o ld res erv e. .

The recommendation of the American M ining Congress
for the enactment of legislation providing for tho payment
of a premium of $10 per fine ounce to gold producers, the
premium to bo derived through an excise tax of $10 on manu
factures of gold, was referred to in our issue of Deo. 6,
pago 2117, while in our issue of D ec. 20, page 2310, wo printed
the observations of George E . Roberts on the importance of
protecting the monetary gold reserve from depletion; this
presentation of M r . Roberts forms part of tho roport sub
mitted by M r . Lawrie. In his own views on the subject,
undor tho head “ Gold and Currency Economics” M r . Lawrio
states that “ the expansion of our credit structure, involving
as it has an expansion in tho volume of currency in circu
lation, has contributed largely to tho depreciation of tho
purchasing power of the dollar.”

REDUCTION IN WALL STREET LOANS.
W ith regard to the recent contraction in W all Street loans
the “ W all Street Journal” of Feb. 11 said:
W a ll S treet b ro k e rs ’ loa n s h a v o b een re d u c e d to a p p r o x im a t e ly $ 1 ,0 0 0 ,
0 0 0 0 ,0 0 0 , a c c o r d in g to le a d in g ban k e rs. T h o s a y th a t th ere has boon
m a r k e d c o n tr a c tio n in this ite m d u rin g th o p a st fe w w eek s.
S om o largo
b a n k s r o p o r t a r e d u c tio n In th o W a ll S treet lo a n a c c o u n t o f fr o m 12 t o 1 8 %
d u rin g th e la st w eek o r te n d a y s .
R an k ers a ro u n a n im ou s th a t th e en tire cr e d it stru ctu re h as b oon m ate ria lly
s tr e n g th e n e d d u r in g th o p a st s evera l m o n th s . T h o lo c a l cr e d it po sitio n
th o y s a y sh ow s m o r e Im p r o v e m e n t th a n Is visible in o th e r se ctio n s o f th e
cou n try .
T h es e ban kers o m p h a sizo th a t a h a s ty r e d u c tio n c a n n o t b ' lo o k e d
fo r in s p e c u la tiv e c o m m o d it y loa n s. C o m m o d ity o r co m m e rcia l o b lig a tio n s
are m a d o fo r fix e d p e rio d s a n d are re a lly tim e o b lig a tio n s a n d th e re d u c tio n
in this cla ss o f pa p er is m o ro gra d u a l. A s W a ll S treet b r o k e r s ’ lo a n s aro
la rg e ly c a ll tr a n s a c tio n s , th o liq u id a tio n is ra p id a t tim e s a n d th o resu lt
r e a d ily n o tic e a b lo .
W ith W a ll S treet loa n s n o w s ta n d in g at a p p ro x im a te ly $ 1 ,0 0 0 ,0 0 0 ,0 0 0
this itom sh ow s a c o n tr a c tio n o f a b o u t $ 7 5 0 ,0 0 0 .OuO •'irw.e J u ly 28, a t w h ich
tim e loa n s s to o d a t a b o u t $ 1 ,7 5 0 ,0 0 0 ,0 0 0 .
In th e su m m er o f 1919 s o cu rity
p rices w ere a t m u ch h igh er lo v c ls a n d m illio n an d m illio n a n d a h a lf share
d a y s w ero c o m m o n . T h o lo a n a c c o u n t as a resu lt w as n a tu ra lly e x p a n d e d
m a te r ia lly . S in ce J u ly 28 th o a gg re ga te b o rro w in g s flu c tu a te d .
O n A u g.
8 1919, t h o y d r o p p e d t o a b o u t $ 1 ,5 0 0 ,0 0 0 ,0 0 0 a n d fu rth er t o a b o u t $ 1 ,3 0 0 ,
0 0 0 ,0 0 0 a b o u t th o la tto r p a r t o f th a t m o n th . In t h o e a rly w in ter o r a b o u t
N o v e m b e r , t o b e e x a c t, loa n s e xp a n d e d t o .b o u t $ 1 ,5 0 0 ,0 0 0 ,0 0 0 . Since
th a t tlm o , th cr o has b o o n grad u al liq u id a tio n un til loa n s n o w to ta l a b o u t
$

1, 000 , 000 ,000 .

It further said on Fob. 19:
I to c e n t estim ates b y loa d in g ban k ers p la c e d W a ll S treet b ro k e rs ' loa n s at
$ 1 ,0 0 0 ,0 0 0 ,0 0 0 . T h o figu res giv e n fo r s o -c a lle d "S t r e e t lo a n s ’ ’ c o v e r o n ly
th o lo a n s m a d o b y th e larger N o w Y o r k C it y b a n k s t o b ro k e rs .
It m ay bo
a ssu m ed th a t t h e y aro n o w b e lo w th o re c e n t estim a te o f $ 1 ,0 0 0 ,0 0 0 0 ,0 0 0 .
M o m b o r ban k s In N ow Y o r k C it y th a t e x te n d s to c k m a rk o t loans aro still
ron d orin g d a lly rep orts t o th e F ed era l lto so rv o R an k as t o b ro k o rs b o r r o w 
in gs. S to c k E x c h a n g e m e m b e rs aro also re p o rtin g their d a ily lo a n s t o th e
ox c h a n g o a u th o ritie s. T h is s y s te m g iv e s th o R e se rv e R a n k a d o u b lo ch e ck
o n th o a c c o u n t . T h o s o ro p o rts aro k e p t s tr ic tly c o n fid e n tia l a n d R e se rv e
R a n k o ffic ia ls decline t o c o m m e n t o n th e tro n d o f b o rro w in g s . In ga u g in g
th o W a ll S treet loa n a c c o u n t , th e re fo re , It is n ocossary t o a la n y z e t h o figu re s
tak en fr o m th e R eserv o H o a r d ’s statem en t;., a n d co m p a r e th o lo a n s w ith
th o estim a tes o f loa d in g b an k ers w h o a ro In clo s e to u c h w ith th e s t o c k m a rk o t
cr e d it c o n d itio n s .

The samo papor likewise printed tho following on Feb. 18:
So d r a s tic lias b een th o liq u id a tio n o f loa n s o n S to c k E x ch a n g e co lla teral
d u rin g t h o pnst m o n th th a t o n e large h o u se ro p o rts its b o rro w in g s are d o w n
t o 2 5 % o f n o r m a l. W h ile this Is perh a p s an un usu al c a s e , d eclin es o f 3 0 %
t o 6 0 % In th e v o lu m e o f loans In th e last th re e o r fo u r w eeks are gen eral.




709

A n u m b e r o f h o u se s h a v e p u t th e m se lv e s Into s u ch a liq u id p o s itio n th a t
t h e y are a b le t o o ffe r m o n e y o n t h o m a r k e t. A t p re s e n t, h o w e v e r , th ere
Is little d e m a n d .
W a ll S treet liq u id a tio n b e g a n earlier a n d w as c o m p le te d fir s t. W h e n th e
d e clin e in s e c u r ity p rices b e g a n t h o W e s t , s o m e h o u se s r e p o r t , p u rc h a sed
q u ite fr e e ly , b u t re c e n tly e v e n W e ste rn h o ld e rs h a v e re d u c e d th e ir c o m 
m itm e n ts s u b sta n tia lly a n d b o r r o w in g s o f W e ste rn a c c o u n t a re n o w fr o m
3 3 % t o 5 0 % lo w e r th a n t h e y w ero a fo r tn ig h t t o th re e w eek s a g o . O n e
h o u se re p o rts its W e ste rn a c c o u n t b o rro w in g s h a v e b e e n c o m p le te ly liq u i
d a te d .
T h o e x tre m e liq u id a tio n lo c a lly a n d In t h o E a s t is in d ica te d b y t h e figu res
giv e n b y o n e fir m . T h is h o u se has b o r r o w e d o n its R o s to n a c c o u n t as
m u ch as $ 3 ,0 0 0 ,0 0 0 a t a t im e a n d its b o rro w in g s a m o n t h a g o s t o o d at
$ 2 ,0 0 0 ,0 0 0 . T o - d a y th e y a re o n ly o n e -fo u r th o f th e la tte r a m o u n t , o r
$ 5 0 0 ,0 0 0 .
M o s t o f t h e lo a n s n e g o tia te d in re c e n t m o n th s h a v e b e e n p a y a b le on
d e m a n d . O f to ta l b o r r o w in g , it is e s tim a te d , b e tw e e n 8 0 % a n d 8 5 %
are o n c a ll.
.
.
C la s sifica tio n o f c o lla te r a l va ries w ith d iffe re n t h o u se s . O n e re p o rts
3 5 % o f its b o rro w in g s are b a s e d o n b o n d s , in clu d in g L ib e rtie s , w ith 6 5 %
o n s t o c k , w h ile a n o th e r h o u s e s ay s t h e gre ate r p a r t o f its b o r r o w in g s are
backed b y b on d s.
_____

AMENDMENT TO CONSTITUTION OF N. Y. STOCK
EXCHANGE AFFECTING DEPOSITS ON
CONTRACTS.
An amendment to the Constitution of the New York Stock
Exchange, relative to cash deposits on contracts, changing
the deposit requirements from 1 0 % to “ $1Q per share in the
case of stocks or 1 0 % of the par value of bonds” and amending
the language with reference to the minimum margin, has been
approved by the Governing Committee of the Exchange.
Announcement with regard to the proposed change was made
as follows on Feb. 3 by Secretary E . V . D . Cox:
To the Governing Committee:
Gentlemen:— In th o m a tte r re fe rre d , t h o C o m m it te e o n C o n s titu tio n re
p o r ts b a c k th e fo llo w in g p r o p o s e d a m e n d m e n t t o th e C o n s tit u t io n fo r c o n 
sid e ratio n b y t h o G o v e r n in g C o m m it te e o n F e b . 11 1920:
A m e n d S e ctio n 1 o f A r tic le X X X I b y s tr ik in g o u t a fte r th e w o r d “ ex
c e e d in g " th o w o r d s “ to n p e r c e n t .” a n d in sertin g in p la c e t h e r e o f t h e w ord s
•'10 p e r share in th o case o f s to c k s o r 1 0 % o f th e p a r v a lu e o f b o n d s ,” and
b y strik in g o u t a fte r t h o w o r d s " r e d u c e d t o " th e w o r d s " f i v e p e r c e n t .” and
Inserting in p la c e th e r e o f t h o w o r d s “ $ 5 p e r share in t h o ca se o f s to c k s o r
5 % o f th e p a r v a lu e o f b o n d s ." Said s e c tio n as a m e n d e d t o re a d as fo llo w s :
A R T IC L E X X X I .
D e p o s its o n C o n tr a c ts .
S e c. 1. M u tu a l ca sh d e p o s its o f not e x c e e d in g $10 p e r sh aro in t h e case
o f st o ck s o r 1 0 % o f th e p a r v a lu e o f b o n d s m a y b e re q u ire d a t a n y t im e b y
e ith e r p a r t y t o a c o n tr a c t. W h e n e v e r th o m argin o f cith e r p a r t y b e c o m e s
re d u c e d t o $5 p er share in th o ca so o f s to c k s o r 5 % o f th e p a r v a lu e o f b o n d s ,
b y rea son o f ch an ge s in t h e m a r k e t v a lu e o f th o se cu ritie s, fu r th e r d e p osits
m a y b e ca lle d , fr o m tim e t o t im e , s u fficie n t t o r e s to re th e im p a ire d m a r g in .

PLANS RESPECTING ADDITION TO N. Y. STOCK
EXCHANGE BUILDING.
A booklet descriptive of the proposed addition to the New
York Stock Exchange, has been issued, the cover being
adorned with an ongraving showing the building as it will
appear in its improved and enlarged form. Besides the
the Mortimer Building at 11 W all Street, which was acquired
in Decembor, 1918, tho Exchange last month effected a long
term lease of the W ilks Building on the Southwest comer of
W all and Broad Streets, and it is on these sites that the
Exchange will erect the addition to its present structure.
Regarding the plans the booklet says:
T h e N o w Y o r k S to c k E x ch a n g o w a s e s ta b lish ed u p o n its p resen t site in
th o y e a r 1865. T h o m a g n ifice n t h o m o o f t o -d a y is th o resu lt o f b u ild in g
o p e r a tio n s d u rin g 1871, 1 88 1 , a n d 1901.
O n N o v . 26 1918 th o G o v e r n in g C o m m itte e a p p o in te d a s pe cial c o m m it t e e
c o n s is t in g o f M e ssrs. R lo ir S . W illia m s , S am uel F . S treit, D o n a ld G . G e d d e s . II. T . II. J a c q u e lin a n d J am es R . M a b o n , w ith p o w e r t o p u rch a se th o
p r o p e r t y a t 11 W a ll S tre e t, k n o w n as th e M o r tim e r B u ild in g , in o rd e r t o
p r o v id o fa cilitie s t o ta k e ca re o f th o r a p id ly in creasin g business o f th o S to c k
E x c h a n g o . T h is co m m itte e co n su m m a te d th o pu rch a se o f th e p r o p e r t y
a b o u t th e 1st o f D e c e m b e r , 1918.
O n M a r c h 12 1919 th o G o v e r n in g C o m m it te e a p p o in te d a c o n s tr u c tio n
c o m m itte e , an d not lo n g a fte r th o org a n iza tio n o f tho c o m m itte e its m e m b ers
fo r m e d th e o p in io n th a t o v e n w ith th o p r o p o s e d a d d itio n o n th o M o r tim e r
s ite , th o increased fa cilitie s w o u ld n o t m e e t th o d e m a n d s o f th o E x c h a n g e .
N e g o tia tio n s w ero en tered in to w ith th o W ilk s e s ta te , th o E x ch a n g e lea sin g
fro m J an . 1 1920 the prem ises k n o w n as th o W ilk s B u ild in g fo r a te r m o f
20 yea rs and 4 m o n th s w ith ren ew a l p riv ile g e o f 20 yea rs e a ch , m a k in g a
t o ta l leaseh old o f 80 years a n d 1 m o n th s .
B y a cq u irin g th o p r o p e r ty e x te n d in g a lo n g W a ll S treet fro m B ro a d t o N e w
S treets t h o S to ck E x ch a n g e is e n a b le d t o in crease its B o a r d R o o m t o m eet
tho req u irem en ts o f yea rs t o c o m e . T h o a u th orities o f th o E x c h a n g e are
o f th o o p in io n th a t su ch a v a lu a b le p lo t o f la n d s h o u ld p ro d u c o a d d itio n a l
rev e n u e as w ell as a d d e d fl o o r s p a ce , an d h a v e d e cid e d t o e re ct th e reon a
2 2 -s to ry b u ild in g , ren tin g su ch flo o r s as are n o t re q u ire d fo r t h o p u rposes
o f th e E xch a n go .
M e ssrs. T r o w b r id g e & L iv in g s to n w ero s elected b y th e c o m m it t e e as
a rch ite cts t o d ra w u p plan s a n d s p e c ific a tio n s , an d M e s sr s. M a r c E ld litz
& S o n , I n c ., as b uilders o f th e p r o p o s e d now s tru ctu re .
T h o design re p ro d u ce d o n th o c o v e r h a s b e e n a c c e p te d b y th e c o n s tr u c 
tio n co m m itte e . In s ty lo , it fo llo w s a c c u r a te ly th o great C o rin th ia n ord er
o f t h e p resent E xch a n go w h ich is re calle d b y th e p ilaster tre a tm e n t o f th e
W a ll S treet fr o n t, in d ica tin g th e e x ten sion o f th o B o a r d R o o m fl o o r . T h e
h o riz o n ta l lines aro arran ged t o b rin g to g e th e r th e d iffe re n t le v e ls o f th o
B ro a d and N e w S treet fr o n ts o f th e o ld b u ild in g , w h ile the su p e r-stru ctu re
Is e re cte d as a t o w e r, w h ic h , to g e th e r w ith th e s im p lic ity o f th e B ro a d
S treet fr o n t, e n h an cos a n d em ph asizes th o gre a t b e a u ty o f th e c o lo n n a d e
a n d p e d im e n t o f th o m ain str u ctu re .
A s ta ff or fo u n d a tio n , s tr u ctu ra l, m e ch a n ica l, h e a tin g a n d v e n tila tin g ,
I an d olo ctrica l en gineers has b e e n o rg a n ize d t o g iv e t o this b u ild in g th e m o s t
m o d e rn and c o m p le te m cch an lp al e q u ip m e n t p o ssib le . T h e a p p a r

710
t —

THE CHRONICLE
•

1

"•

.....

■ ■

h e p re s e n t E x ch a n g e w ill b o c o m p le te ly o v e r h a u le d t o b r in g it u p t o m o d e rn
s ta n d a r d s . T h o fresh a ir s u p p lie d t o th o B o a r d R o o m a n d th e b a s e m e n ts
w ill b e h e a te d in -winter a n d c o o le d In s u m m e r .
P r o v is io n h a s b een m a d e fo r th e c o n s t r u c tio n o f a la rgo sa fe d e p o s it v a u lt
e q u a l in s ize t o . If n o t la rg e r , th a n th e p re s e n t o n e ; a ls o , fo r an e x te n s io n o f
th o S to c k C le a rin g C o r p o r a t io n .
T h o flo o r s In th o n e w b u ild in g u p t o a n d in c lu d in g th e 7 th w ill b e u sed fo r
th e p u rp o s e s o f th e E x c h a n g e .

A part of the present building embraces a wing jutting
out from the main building to an extrance on W all Street;
this wing under the plans proposed is to bo torn down;
as to the construction scheme a statement issued by tho
building committee says:
A u n iq u e fe a tu re o f th e a ctu a l c o n s t r u c tio n Is th e s ch e m e t o e r e c t the
b u ild in g s in h a lv e s — p a r t ly d ic t a t e d b y n e c e ss ity a n d p a r t ly b y c o n v e n ie n c e .
I n a s m u c h as it w o u ld b e im p o s sib le t o c a r r y o n t l e w o r k o f th o e x c h a n g e in
less s p a c e than its p resen t q u a rte rs a ffo r d it is im p o s sib le t o tear d o w n p a rt
o f th o p resen t b u ild in g a n d p ro c o e d w ith th e e n tire s tr u c tu r e . H a lf o f the
b u ild in g w ill th e re fo re b e e r e c te d o n th o M o r tim e r s ite , w h ile o ffic e a c c o m 
m o d a tio n s aro fo u n d in th o W ilk s B u ild in g . O n th o c o m p le tio n o f t h e firs t
h a lf tho d e p a rtm e n ts o f th e e x c h a n g e w ill b e tra n sfe rre d t o th e n e w b u ild n g a n d th o s e co n d h a lf e r e c te d o n th e site o f th o W ilk s B u ild in g .

BOSTON CLEARING HOUSE ASSOCIATION LIMITS
RATE ON BALANCES TO 2%%.
Following the action of the Now York Clearing House
Association, and likewise the Chicago and St. Louis Associ
ations, tho Boston Clearing House Association on Feb. 5
adopted a resolution fixing
£ % as the maximum rate of
interest to be paid on bank and trust company balances.
The action of the N ew York Clearing House Association was
referred to in our issue of Jan. 17, page 209. The following
is the resolution by tho Boston Clearing House Association:

23

Whereas a t th o m e e tin g o f re p re s e n ta tiv e s o f th o F edoral R e se rv e D is tr ic ts
t o c o n s id e r th o Interest rates p a id o n b a n k a n d tru st c o m p a n y b a la n c e s,
h e ld a t C h ic a g o o n J a n . 23 1920, a re s o lu tio n w as u n a n im o u s ly a d o p te d
r e c o m m e n d in g t h a t n o ra te in excess o f 214 % b o p a id o n n e t a n d a v a ila b le
d a ily b a la n ces o f b a n k s a n d tru s t co m p a n ie s , and
Whereas th o s e n tim e n t o f th is m e o tin g w a s cle a r ly a n d u n a n im o u s ly In
f a v o r o f th e a d o p tio n o f th is p o lic y t h r o u g h o u t th o c o u n t r y , as a m e th o d
te n d in g t o a v o id th o p a y m e n t o f h ig h rates o f in te re st o n a c o m p e t it iv e
basis o n s u c h b a la n c e s, w h ic h w a s u n a n im o u s ly b e h o v e d t o b o a h a rm fu l
p r a c t ic e , a n d
Whereas th e C le a rin g H o u s o A s s o c ia tio n s o f N e w Y o r k , C h ic a g o , an d
S t, L o u is h a v e a ll a d o p te d a m e n d m e n ts t o th o ir C le a rin g H o u s e ru le s, p r o 
v id in g th a t 2'A % b e th e m a x im u m p a id o n s u ch b a la n c e s in th e ir re s p e ctiv e
cities,* a n d
Whereas It is th o d esire o f t h e C le a rin g H o u s e A s s o cia tio n o f B o s t o n t o
c o -o p e r a t e in s u ch a m o v e m e n t .
Therefore, b o it re s o lv e d th a t A r t ic lo 13 o f th e ru le s o f t h e B o s t o n C le a rin g
H o u s o A s s o c ia tio n b e h e r e b y a m o n d e d b y (1) Inserting a fte r th o w o rd s
“ in d ir e c t ly o n a n y ” in th o 4 th lin e o f S e ctio n 1, A r t ic lo 13 th e w o r d s “ net
a n d a v a ila b le ,” a n d (2 ) b y str ik in g o u t th e w o r d “ t h r e e " a fte r th o w o rd s
“ h ig h e r th a n ” in th o 2 0 th lin o o f s a id s e c tio n , an d in sertin g in its p la c e th o
w or d s " t w o a n d o n e -q u a r t e r ,” s o th a t th is s o ctio n will rea d as fo llo w s :
Section 1. (a) N o m e m b e r o f this A s s o c ia tio n a n d n o b a n k o r tru st c o m 
p a n y c le a rin g th ro u g h a n y m e m b e r sh all a g re e t o p a y , o r sh all p a y , d ir e c t ly
o r In d ire ctly o n a n y n e t a n d a v a ila b le c r e d it b a la n c o p a y a b le o n d e m a n d o r
w ith in t h ir t y d a y s , o r o n a n y c e r tific a te o f d e p o s it s o p a y a b le , b y Its term s,
issu ed t o o r fo r th o a c c o u n t o f a n y b a n k (o th e r th an a m u tu a l sav in g s b a n k
lo c a te d in t h o F irs t F ed e ra l R e s e r v e D is t r ic t ), tru st c o m p a n y o r o th o r
in s titu tio n c o n d u c t in g a b a n k in g bu sin ess, o r p riv a te b a n k e r o r b an k e rs,
lo c a te d in th e U n ite d S ta tes o r D o m in io n o f C a n a d a , in te re st a t a ra te in
• iz e s s o f o n e p e r c e n t, p e r a n n u m w h e n th e th e n n in e ty d a y d is c o u n t rate
fo r co m m e r c ia l p a p e r a t th e F ed ora l R e se rv e B a n k o f B o s to n is t w o per
■wit. o r less, a n d an a d d itio n a l o n e fo u r th o f o n e p er c e n t, fo r e v e r y o n o J a lf o f o n e p er c e n t, th a t s u ch d is c o u n t ra te o f th o F ed era l R e s e r v e B a n k
J ail e x c eed t w o p o r c e n t ., o x c e p t th a t th o m a x im u m ra to p a id o r a greed
i * i o p a id o n a n y s u ch c r e d it b a la n c e o r c e r tific a te o f d e p o s it sh all n o t in
, n y c a s o be h ig h or th a n two and one quarter p er c e n t . p er a n n u m , (b ) n o r shall
'B y m e m b e r o r n o n -m e m b e r c le a rin g th ro u g h a m e m b e r, p a y o r a gree t o
a y o n a n y lik e c r e d it b a la n c e o f , o r lik e c e r tific a te o f d e p o s it issued t o ,
n y m u tu a l sa v in gs b a n k lo c a te d In th o F irs t F ed era l R e se rv e D is tr ic t,
jerost a t a h ig h er ra to th a n th roe p o r c e n t, p e r an n u m .

Boston Clearing House also makes public the following
•thedule showing tho maximum rates which may be paid
'accordance with Article 13 as amonded Fob. 5 1920;
'/fectivo Feb. 16 1920:
When the 90-day Rate for
rom nercial Paver at the Federal
B «serve Dank of Boston is—
2 % o r o v e r , b u t less than 2 1 4 % - - 2 )4 %
“
"
3
% ...
3
%
“
“
3>4% —
3 )4 %
“
“
4
% —
4
%
"
“
414% - - 414% or above

The Maximum Interest Rate
that May be Paid
Will be
------------------------------------ 1 %
...................... ..................... U 4 %
............................................ 1 14 %
............... ............................ 1 5 4 %
....................- ..................... 2
%
............................................2 1 4 %

WNEWED SUGGESTION OF AMERICAN ACCEPTANCE
COUNCIL AS TO FEDERAL RESERVE
DISCOUNT RATES.
The American Acceptance Council in commenting editori
ally in its February issue of its Acceptance Bulletin on the
fxstion of the Federal Resorvo banks in raising thoir rates for
90-day commercial paper from 5 % to 6 % , in accordance
vvith|the recommendation of tho Council a month ago (tho
suggestion was recorded in these columns Jan. 24, page 315),
reiterates its earlier suggestion that there bo but one rate
for bankers’ acceptances and paper secured by Treasury
certificates, instead of, as at present, a special rato of 4 % %
the latter, as compared with 5 % for bankers’ acceptances.




[Vol. n o .

■
—

W o reprint from the Acceptance Bullotin tho editorial in tho
current number, made public on the 19th inst.:
In its J a n u a ry issu e, th o A c c e p t a n c e B u lle tin u rged th o F e d o ra l R eserv e
b a n k s t o raise th ofr rates f o r 9 0 -d a y c o m m e rcia l p a p e r fr o m 5 % t o 6 % . I t
is a g r e a t s a tisfa ctio n t o re c o rd th a t this incroaso h a s sin ce bo o n m a d o in
all d is tricts . M o r e a n d m o ro it Is g e n e ra lly re c o g n iz e d th a t " t h o w a y t o
re d u c e , is t o r e d u c e .”
T h o rise o f prices c a n n o t b o a rre ste d w h ilo th o
p rocess o f in fla tio n o f d e p o sits a n d cir c u la tio n co n tin u e s . In crea s in g
in v e stm e n ts o n th o p a rt o f F ed era l R e so rv o b an k s in d ica to a fu r th e r cr e a tio n
o f c ir c u la tio n o r o f reserv es, o n w h ich a fu r th e r p y r a m id in g o f d e p o sits
a n d loans has been o r m a y b o e re c te d .
R e se rv e b a n k ratos a t th is tim e
o u g h t, th e re fo re , n o t t o o ffe r th o in d u c e m e n t o f p r o fit t o r e d is co u n tin g
b a n k s, b u t ra th e r t o im p o s e a p e n a lty o n re d is co u n ts a n d th e re b y o n fu r th er
in fla tio n .
I t is t o b e re g ro tte d t h a t this p rin c ip le w a s n o t ca rried o u t c o n s is te n tly
b y th o s e in ch a r g e o f d e te rm in in g th o d is c o u n t rates o f tho F ederal R eserv e
S y s te m . T h o e sta b lish m e n t o f a sp e cia l ra to o f 454 % fo r p a p e r se cu red b y
T r e a s u r y C e rtifica te s o f In d e b te d n e ss d o e s n o t a p p e a r in k ee p in g w ith th e
p o l ic y t h a t w is o ly d ic ta te d th o increase t o 6 % o f th o ra to fo r c o m m e rcia l
p a p e r. T a k in g in to co n sid e ra tio n th e ga in t h a t a ccru es to b an k s s u b s c r ib 
in g t o th e s e C e r tific a te s as a co n se q u e n c e o f th o G o v e r n m e n t d e p o s it
g o in g w ith these a llo tm e n ts , th o re d is co u n t ra te o f 4 5 4 % s till o ffe r s a m argin
o f p r o fit aga in st th o p u rc h a se p rice .
T h e B u lle tin m ak es fre e t o reitera te its earlier su gg e stio n t o th o e ffe c t
th a t th ere b e o n e F ed era l R e so rv o b an k ra to fo r b o t h ban k ers a cce p ta n ce s
a n d p a p e r secu red b y T re a s u ry C e r t ific a t e s .
I t is a p leasu re t o n o te th a t th o F ederal R e s e r v e b a n k ra to fo r th o red is
c o u n t o f ban k ers a c ce p ta n ce s w as fix e d a t 5 % , thus re -e s ta b lish in g th o
sp re a d o f 1 % b e tw e e n th e ra to fo r c o m m e rcia l p a p e r a n d a c c e p t a n c e s , a
r e la tio n fo r w h ic h th o B u lle tin had been p le a d in g . O n th o o th e r h a n d , it
is to b e r e g re tte d th a t th o F ed era l R e se rv e b a n k o f N o w Y o r k th o u g h t it
a d v isa b le t o a d v a n ce its o p e n m a rk e t rates t o w ell a b o v o 5 % , th tu im p a irin g
th o h e a lth y m argin ju s t cre a te d a n d a ga in p a v in g th o w a y fo r th o r o -o s ta b lislim en t o f a n o m a lo u s c o n d itio n s fr o m w h ic h it ju s t had o m o rge d .
A s s ta te d in o u r la st issue, th o d a n ge r o f b o ln g sw a m p e d w ith a cce p ta n ce s
m a y , a t this tim e , b o d isre ga rd e d b y th o F ed ora l R e s o r v o b a n k s. A c c e p t 
a n ce s , fin a n c in g im p o r ta tio n s an d e x p o r ta tio n s , s e if-liq u id a tin g tra n sac
tio n s , a ro th o class o f in v e stm e n ts o f b an k s a n d F edoral R e se rv e ban ks loast
t o b e d istu r b e d o r c o n tr a c te d . C o n tr a c tio n o f th o F edoral R e so rv o b a n k s ’
ite m o f to ta l e a rn in g assets, a m o u n tin g t o $ 3 ,0 9 1 ,1 9 2 ,0 0 0 , o u g h t t o b e
s o u g h t b y r e d u c in g th o $ 1 ,4 5 1 ,0 0 0 ,0 0 0 o f w a r p a p e r o r $ 7 5 2 ,0 0 0 ,0 0 0 o f
“ o th e r p a p e r ” b u t n o t b y a n a tte m p t t o cu rta il th o p urchases o f a c c e p t 
a n ce s w h ich fig u re w ith $ 5 5 5 ,0 0 0 ,0 0 0 in th o F ederal R e so rv o b a n k s ta te 
m e n t o f F e b . 6.
A n o p e n m a r k e t rate o f a p p r o x im a te ly 5 % , if fa ir ly fir m ly m a in ta in e d ,
s h o u ld o ffe r a s u ffic ie n t a ttr a c tio n fo r c o u n t r y a n d re s o rv o c i t y b a n k s w h en
o w in g t o th e re c e n t h ig h ly c o m m e n d a b le arra n g e m e n t p e rfe cte d u n d e r th o
a u s p ice s o f th e F e d o ra l R e se rv o B o a r d , th e y d o n o t p a y m o ro th a n 2 1 4 %
f o r th e ir d e m a n d d e p o s its . W h a t b e tto r in v e stm e n t c o u ld th e y m ak o
a g a in s t a p o r tio n o f these o n d e m a n d o b lig a tio n s than a c ce p ta n ce s a n d T r e a 
s u r y C e r tific a te s o f In d e b te d n e s s ? S h o u ld n o t th o F ederal R e so rv o B oa r d
a n d th o p u b lic b e gin t o s cru tin iz e th o liq u id it y o f b an k s fr o m th o p o in t
o f v ie w o f w h e th e r o r n o t t h o y c a r r y an a d e q u a te a m o u n t o f theso m o s t
liq u id in v e s tm e n ts ?
A n d , if th o o p e n m a r k e t ra to fo r b an k o rs a c c e p ta n c e s o f a p p ro x im a te ly
5 % p r e v a ile d , w o u ld th e ro n o t b o ro o m t o h o p e t h a t a ra to o f 5 ) 4 % m ig h t
b o m a in ta in e d fo r tra d o a c c e p ta n c e s ?
T h o o ffic ia l s ta te m e n t giv e n o u t in
W a s h in g to n o n F e b . 2, co n ta in s this p a th e tic in fo r m a tio n : " T h o M in n e a 
p o lis F ederal R e se rv e B a n k ask ed th a t th o d is c o u n t ra to o n tra d e a c c e p t
a n ce s m atu r in g w ith in 90 d a y s b o fix e d a t 5 )4 % fo r th a t d is tr ic t Instead o f
th e 6 % q u o t e d fo r o th e r d is tricts , a n d this w a s g r a n to d .”
T h o B u llo tin w a rm ly c o n g ra tu la te s th o F ed ora l R e so rv o B a n k o f M in n e a 
p o lis a n d s in ce re ly h o p e s it s o o n m a y fin d c o m p a n y in b r a v o ly s u sta in in g
th o s e s tru gg lin g t o o n c o u ra g e th o h e a lth y uso o f tra d o a c ce p ta n ce s in tho
U n ite d S ta te s.
__________________________________

FLUCTUATIONS IN FEDERAL RESERVE NOTE
CIRCULATION.
Dealing with tho Fedoral Resorvo notes in circulation and
tho causes which havo brought about the groat increase
during the past few years, the Fedoral Reserve Agont of
New York in the M onthly Bullotin for January, just issued,
says:
T h e h ig h p o in t in th o cir c u la tio n o f F e d e ra l R e se rv o notes fo r this b an k
w a s o n D e c . 2 4 , w h en th o to ta l s t o o d a t $ 8 2 7 ,6 7 9 ,0 0 0 . Im m e d ia te ly a fter
C h ristm a s b e ga n th o fir s t c o n sid e ra b le d e clin e s ln co a y e a r a g o . In the
th re o w eok s e n d e d J an 16 th e re w as a c o n tr a c tio n in th o circ u la tio n a m o u n t
in g t o $ 6 7 ,0 0 0 ,0 0 0 , w h ic h v e r y clo s e ly a p p ro x im a te s th o e x p erien ce o f a yea r
a g o fo r th o s am e p o s t -h o lid a y p e r io d . T h o rise in F ed era l R e so rv o n o te
cir c u la tio n th ro u g h a te rm o f yea rs has co in c id e d in a gen eral w a y w ith th o
e x p a n s io n o f b a n k c r e d it, b u t th e ro h a v o be e n n u m e ro u s fu n ctu a tio n s w h ich
h a v e b e e n re la te d o n ly r e m o te ly t o th e gen eral cr e d it s itu a tio n . T h u s th e
d e cre a s e o b s e r v e d sin ce th o h o lid a y s o c c u rre d a t a tim e w h en th o loan s o f
th o F ederal R e se rv o B an k o f N o w Y o r k w ero risin g t o th oir m a x im u m .
In th o fo llo w in g ta b le th o c irc u la tio n Is g iv e n as o f th o fir s t F rid a y o f
e a ch q u a rte r in th e la st th re e yea rs:

Federal Reserve Note Circulation, New York Bank.
(000 o m itte d )
1917.
1918.
1919.
1920.
J a n u a ry ...................................................$93 ,15 3 $ 4 0 2 ,9 0 0 $724,931
$ 811,119
A p r i l ...........................................................1 66,596
4 8 5 ,22 2
7 3 6 ,4 3 3
.............
J u l y ............................................................. 213,801
591,791
7 5 2 ,9 1 5
.............
O c to b e r ................................................... 2 6 5 ,67 7 7 1 9 ,31 7
7 6 1 ,7 0 5
.............
In b o th 1918 a n d 1919 F ederal R e se rv e n o te c ir c u la t io n w as a t its low est
p o in t w ith in a m o n th a fte r t h e C h ristm a s h o lid a y s .
It is a t this tlm o th a t
t h o g r e a t v o lu m e o f cu r r e n c y w h ich has b e e n re q u ire d d u rin g th o C h ris t
m as season retu rn s t o th o b a n k s a n d th ro u gh th e m t o th o F ederal R eserv e
B ank.
F ro m its lo w p o in t e a rly in th o y e a r th o cir c u la tio n In 1018 ros e
a b r u p t ly a n d w ith v e r y fe w b reak s in th o u p w a rd m o v e m e n t t o th o tim e o f
s ig n in g th e a rm is tice , a riso o f a b o u t $ 3 2 5 ,0 0 0 ,0 0 0 . T h a t th o rise p a u sed
a t t h a t tlm o su gg ests t h o In stan t re d u c tio n o f p a y r o ll re q u irem en ts a t th o
m o m e n t w h en w ar p r o d u c tio n a b a te d . I n 1919 th o low est p o in t fo r th o
y e a r w as re a ch e d o n J a n . 2 9 , w h en th o cir c u la tio n s to o d a t $ 6 4 6 ,0 6 2 ,0 0 0 .
T h e r o w as a grad u al riso fr o m th a t lim e t o t h o s e c o n d w eek in A p r il, and
th e n a p e rio d o f a p p r o x im a te ly s ta tio n a ry cir c u la tio n t o th o last o f J u n e ,
w h en th ro u g h a p e r io d o f tw o w eek s th e ro w a s a s u d d e n rise fo llo w e d b y a
gradu al fa ll. T h o e n d o f th o y e a r s h o w e d th o cu s to m a r y r a p id rise a n d in
th e fir s t th ree w eeks o f 1920 th o c irc u la tio n r e c e d e d t o a p o in t n e a r w h ere
it s io o d in J u ly .
T h o a c tio n o f th o F edoral R e so rv o n o to cir c u la tio n in theso t w o yo a rs has
co in c id e d w ith th o gre a t e xp a n s io n o f cr e d it. B u t th o p r e c ip ita tin g cau ses

F eb . 21 1920.]

THE CHRONICLE

h a v e b een o f m u c h m o ro Im m e d ia te s o r t. H ig h e r w ages a n d general e m 
p lo y m e n t ; h ig h er p rices w h ic h fo llo w e d t h o d isr u p tio n o f th o fo rm e r rela 
tio n s b etw een s u p p ly a n d d e m a n d ; p e r io d ic d e m an d s fo r c u r r e n c y , p a r tic u 
la rly a t th o h o lid a y season w h en reta il tra d e in v o lv in g ca s h tra n sactio n s Is
a t its h e ig h t— all th eso req u ire m o ro cir c u la tio n w ith v a r y in g degrees o f
p erm a n on co a n d aro d ire ct causes o f its e x p a n s io n . A fu r th e r ca u se fo r
th o g r o w th in F ed era l R e s c r v o n o t o issues lies in th e f a c t t h a t e specially in
1917, t h e y rep la ced a la rgo a m o u n t o f g o ld c e r tifica te s a n d g o ld co in w h ich
w ere m o b iliz e d in th e F e d e ra l R e s c r v o b a n k s as a p a rt o f th o g o ld reserves
o f th o c o u n t r y . T h o re d u c tio n in g o ld a n d g o ld c e r tific a te circ u la tio n for
th e w h o le c o u n t r y in th e th re e y e a rs e n d e d J a n . 1 1920 a m o u n te d t o a b o u t
$ 1 ,3 0 0 ,0 0 0 ,0 0 0 .
,
, _
I t sh ou ld b o u n d e rs to o d t h a t th o co n v e r s io n o f c r e d it a t th o F ederal R e 
s e rv e B a n k In to F cd ora l R e se rv e c u r r e n c y , o r th o c o n tr a r y p r o c e s s o f c o n 
v e r tin g F ederal R e se rv e c u rre n c y b a c k in to a c r e d it o n th e b o o k s o f th e
F od cra l R e se rv e B a n k — th o fre o in te rch a n g e a b ility o f n o te s a n d d ep osits
is In p r a c tic e en tirely » m a tte r fo r th o o w n e rs o f th e c r e d it t o de te rm in e .
I n o th e r w ord s th o b a n k s , w h ic h aro t h o o w n e rs o f t h o c r e d it, d e c id e o n th o
basis o f their c u s to m e rs ’ n e e d s , w h e th e r t h e y shall w ith d ra w c u rre n c y or
shall d lsp os o o f th o c r e d it in o th e r w a y s — b y d ra w in g ch e ck s against it , b y
transferring it , o r b y le ttin g fu n d s re m a in o n d e p o s it. T h u s it is th a t the
g r o w th o r co n tr a c tio n o f F ed era l R e se rv o n o to cir c u la tio n w ith in sh ort
p e r io d s d ep en d s a lm o s t en tire ly o n seasonal o r s pecial d e m a n d s fo r t h e cir
____________________ ______________ .
c u la tin g m e d iu m .

NEW YORK FEDERAL RESERVE AGENT ON EDGE BILL
AND FALL IN EXCHANGE.
Tho romarkablo fall in all foreign exchanges has, it is
pointed out by tho Federal Reservo Agent of New York,
in tho monthly review of business conditions in tho New York
Federal Resorve District, given a new interest to the pro
posals for foreign financing which resulted ;n the passago
of tho Edgo Bill. Tho Reservo Agent adds:
W ith B ritish oxch a n g o a t n e a rly 3 0 % d is c o u n t , a n d F re n ch a n d Italian
ex c h a n g o a t m o r o th a n tw lc o th is, a n d G erm a n o xch a n g o m u c h lo w e r, there
is an a lm os t u n p rocod on to d o p p o r t u n it y fo r th o p u rch a so o f foreign issues,
es p ec ia lly o f Industrial a n d o t h e r co r p o r a tio n s . In G e r m a n y th o d eclin e
in exch a n g o h as resulted in s u ch e n o rm o u s pu rch a ses o f sto c k s and securities
b y o u ts id e co u n trie s , p a rtic u la r ly th o se n ea r b y , as t o lo a d th o G erm an
G o v e rn m e n t t o a p p ly so m o m easures o f re stra in t. In th o G erm an p u b lic
press this h e a v y outwldo p u rch a sin g h as b e e n p la c a r d e d as " T h o a u ctio n
sale o f G e r m a n y .”
T h o result has boon m o n th s o f th o w ild e s t sp e cu la tio n
ov e r k n o w n , in w h ic h shares h a v e s o m e tim e s risen h u n d re d s p e r ce n t in a
d a y . S im ilar o p p o rtu n itie s in a loss d egree n o w exist in a lm o s t all o f th e
cou n tries o f E u r o p e .
T h o p rov is ion s o f th o E d g o B ill m a y c o n sid e ra b ly fa c ilita te this m o v e 
m e n t. F oreig n secu rities o u ts id e o f G o v e rn m e n t loan s aro a lm o s t un k n ow n
in this c o u n t r y , a n d th o a vo ra g o in v e sto r is a lm o s t w ith o u t m oan s o r fa cilities
o f m ak in g in d ivid u a l Investm en ts in those co u n trie s. T h o fin a n cia l co r 
p o ra tio n s au th oriz ed tinder th o E d g o b ill p e rm it th o b a n k s t o su b scr ib e u p
t o 1 0 % o f th oir ca p ita l a n d su rplu s t o s u ch co m p a n ie s, and th o la tte r in
turn m a y in v ost in a lm o s t a n y k in d o f foreign e n terp rise. T h e e xte n t o f
this in v estm en t fo r a n y o n e c o r p o r a tio n is lim ite d t o 1 0 % o f its ca p ita l and
s u rp lu s , o r 1 5 % In th o ca so o f b an k in g co r p o r a tio n s ; a n d s u ch in vestm en ts
m u st b o m ad e w ith th o co n se n t o f th e F od cra l R e se rv e B o a r d . In a d d itio n ,
th o c o r p o r a tio n s org a n ize d u n d e r this A c t a ro s u b je c t t o th o sam e s u p e r
v is ion b y th o F ederal R e so rv e B o a rd as th a t oxorcisod o v e r n a tion a l b an k s
b y th o C o m p tr o lle r o f th o C u r r e n c y . F u r th e rm o re , th eso c o r p o r a tio n s
m u s t h a v e a t lea st $ 2 ,0 0 0 ,0 0 0 c a p ita l, w h ich is co n sid e re d an e ffe c t iv e b a r
to th o fin a n c ia lly irresp on sib le o r in e x p e r ie n ce d .
T h e s o p rov is ion s a ro ln to n d o d t o o ffe r a co n sid e ra b le p r o te c tio n t o th o
Intending in v e sto r In th o s to c k s o r th e d e b e n tu re s o f those co m p a n ie s.
It
w as lik ow iso th o e x p e c ta tio n th a t th eso co m p a n ie s m ig h t p r o v o a co n sid e r
a b le a id to th o o x p o r t a ss o cia tio n s legalized u n d e r th o W e b b A c t fo r th o
p r o m o tio n o f o u r foroign tr a d o , an d t o an a p p re cia b le e x te n t c o n tr ib u te a
s ta b iliz in g in flu e n c e on th o fin a n c in g o f o u r e x p o r ts .

REVIEW OF BUSINESS CONDITIONS IN NORTHERN
OHIO BY CLEVELAND TRUST COMPANY.
Tho Cloveland Trust Company, of Cleveland, Ohio, in its
mid-month Business Bulletin for February, finds in its survey
of Cloveland industries that while tho markets continue to bo
besiogod by buyers whoso only thought is to obtain goods, a
few distributors report that evidence of growing discrimina
tion on tho part of buyers is not lacking. Tn somo cases it is
suspected that orders are being placed by buyers in excess
of actual needs which tends to produce an over-estimate of
the real requirements for goods. Tho bank assorts, however,
that thoro is an undoubted tremendous shortage in many lines
and particularly in the basic industries. Discussing tho
collapse of tho European exchange tho bank expresses the
opinion that Europe cannot cut off at one stroke the buying
of food and raw materials in America, and that even if this
were possible the enormous demand for goods in the domestic
markets would provide a buffer against immediate hard fall
in either prices or business activities. Declaring that the
country’s present phenomenal industrial activity is not as
dependent upon foreign trade as is commonly thought, the
bank points out that the ratio of exports to total productions
in 1919 was less than 7 % , which is not higher than the pre-war
average. In addition it is shown that while exports last
year increased 2 2 1 % over 1913 in money value, the total
vessel tonnage cleared from American ports was 6 % less
than 1913. While the tendency of foreign trade in the
country is toward reduction of the huge oxcess of exports
tho readjustment in its effects on domestic business and
prices will be gradual rather than overnight.
A canvass, by
tho company of Cleveland industries-reveals no important
unit dependent in an appreciable measure upon European




711

buying.
“ Practical difficulties limiting production in this
district since tho first of tho year have been shortages of cars,
of labor and somo important lines of raw materials and coal,”
says the Bullotin. While many Cleveland plants record a
dearth of labor a largo majority describe the attitude of em
ployees as better than that in 1919 with tho promise of
decided increased efficiency this year. “ In tho financial
field,” it says “ there aro unmistakable evidences of a closer
approach to saturation of the investment market, and the
restriction of credits for speculative and nonessontial pur
poses is indicated not merely by economic consideration, but
in many cases reflect serious depletion of available credits.”

EXEMPTION OF U. S. LIBERTY BONDS AND VICTORY
NOTES, AND OTHER FACTS.
Tho Treasury Department issued, under date of Fob.
7 , a circular presenting the following comprehensive infor
mation relative to the various Liberty bond and Victory
note issues:
LIBERTY BONDS AND VICTORY NOTES.
Amount
Outstanding on
Date of
Til!e__
Short Title. Dec. 31 1919.
Issue.
First Liberty Loan (redeemable on or after
Juno 15 1932; payable June 15 1947; Intcrest payable June 15, Dec. 15)—
3 ^ % bonds of 1932-1947.................. First 3 Ms Sl.410,074,400 June 15 1917
Converted 4% bonds of 1932-1947...First 4s
139,981,000 Nov. 15 1917
Converted 4M% bonds of 1932-1947.First 4Ms
410,772,250 May 9 1918
Second Conv. 4J4% bondsof 1932-47.FlrstSecond4Ms 3,492,150 Oct. 24 1918
Second Liberty Loan (redeemable on or after
Nov. 15 1927; payable Nov. 15 1942; Int
erest payable May 15, Nov. 15)
4% bonds of 1927-1942.......................... Second 4s
573,290,050 Nov. lo 1917
Converted 4 M% bonds of 1927-1942.Second 4 « s 2,853,134,150 May 9 1918
Third Liberty Loan (payable Sept. 15 1928;
Interest payable March 15, Sept. 15)
4M% bonds of 1928................ - ............. Third 4Ms

3,780,831,050 May

9 1918

Fourth Liberty Loan (redeemable on or after
Oct. 15 1933; payable Oct. 15 1938; lnt.
ercst payable April 15, Oct. 15)
bonds of 1933-1938.................. Fourth 4 Ms 0.573,880,150 Oct. 24 1918
Victory Liberty Loan (redcmable June 15 or
Dec. 15 1922; payable May 20 1923; Int
erest payable June 15, Dec. 15; and
notes of 1922-1923....................Victory 4Ms 3,551,023,850 May 20 1919
3 « % notes of 1922-1923....................Victory 3Ms
940,405,100 May 20 1919
L ib e r ty b o n d s a n d V ic to r y n o te s aro Issued in b o t h c o u p o n a n d reg istered
fo rm in th o fo llo w in g d e n o m in a tio n s : C o u p o n , $ 5 0 , $ 10 0 , $ 5 0 0 , $ 1 ,0 0 0 ,
$5 000 $10 0 00; re g iste re d , $ 50 . $ 10 0 , $ 500, $ 1 ,0 0 0 , $ 5 ,0 0 0 , $ 1 0 ,0 0 0 ,
$50 0 00 $100 0 0 0 : e x c e p t t h a t th e F irst 3 M s a re n o t Issued In c o u p o n fo r m
in d e n o m in a tio n s o f $ 5,0 00 a n d $ 1 0 ,0 0 0 , n or in re g iste re d fo r m in the
d e n o m in a tio n o f $ 50 .
,
.
3 M % L ib e r ty b o n d s a n d 3 M % V ic to r y n o te s e x e m p t f r o m F e d e ra l, S ta te,
a n d lo ca l ta x a tio n : S u ch b o n d s a n d n o te s aro e x e m p t, b o t h as t o p rin cip a l
a n d in terest fr o m all ta x a tio n (e x c e p t cs ta to o r in h e rita n ce taxes) n o w or
h e re afte r im p o s e d b y th o U n ite d S ta te s, a n y S ta te , o r a n y o f th e p ossession s
o f th e U n ite d S ta tes, o r b y a n y lo ca l ta x in g a u th o r ity .
4 % a n d 4 M % L ib e r ty b o n d s a n d 4 M % V ic to r y n o te s e x e m p t fr o m S ta te
a n d lo ca l ta x a tio n a n d fr o m n orm a l F ederal in c o m o t a x : S u ch b o n d s a n d
n otes aro e x e m p t, b o t h as t o p rin cip a l a n d in terest, fr o m all ta x a tio n n o w
o r h e re a fte r im p o s e d b y th o U n ite d S ta te s, a n y S ta te , o r a n y o f th e p o s 
sessions o f th e U n ite d S ta te s, o r b y a n y lo ca l ta x in g a u th o r ity , e x c e p t (a)
e s ta te o r in h e rita n ce tax e s, a n d (b) gra d u a te d a d d itio n a l in co m b ta x e s,
c o m m o n ly k n o w n as su rtaxes, a n d e x c e ss -p ro fits a n d w a r-p ro fits ta x e s, n ow
o r h e re afte r im p o s e d b y th e U n ite d S ta te s, u p o n th e in c o m o o r p r o fit s or
in d iv id u a ls, p a rtn ersh ip s, a sso cia tio n s o r c o r p o r a tio n s .
4 % a n d 4 J % L ib e rty b o n d s e n title d t o lim ite d e x e m p tio n s fr o m F ederal
4
in c o m e surtaxes a n d p r o fits tax e s: S u ch b o n d s a re e n title d t o ce rta in lim ite d
e x e m p tio n s fr o m g r a d u a te d a d d itio n a l Incom o tax e s, c o m m o n ly k n o w n as
siirta xes, a n d e x c e ss -p ro fits a n d w a r-p ro fits ta x e s, n o w or h ereafter Im posed
b y th o U n ite d S ta te s, u p o n th o in c o m o o r p r o fits o f in d iv id u a ls, p a rtn e r
s h ip s. a ss o cia tio n s , o r co r p o r a tio n s . In resp ect t o th o in terest o n p rin cip a l
a m o u n ts t h e r e o f a s fo llo w s :
a
,
$5 0 00 in th o a gg re ga te o f F irst 4 s, F irst 4 M s. F irst S e co n d 4 M s, S econ d
4s a n d 4 M s, T h ir d 4 M s. F o u r th 4 M s. T re a s u ry ce r tific a te s ,
a n d U n ite d S tates W a r S av in gs c e r tifica te s .
30 000 o f F irst S e co n d 4 M » , un til th o e x p ira tio n o f tw o ye a rs a fte r th e
te rm in a tio n o f th o w a r, as fix e d b y p r o c la m a tio n o f th e P resi
d en t.
.
3 0 .0 0 0 o f F o u r th 4 M s, un til th o e x p ira tio n o f t w o y e a rs a fte r th o te rm i
n a tio n o f th o w a r.
30 0 00 in th o a gg re ga te o f F irst 4 s, F irst 4 M s, F irst S e co n d 4 M s. S econ d
4s a n d 4 M s, T h ir d 4 M s, a n d F o u r th 4 M s, as t o t h o in tcrost
r e c e iv e d o n a n d a fte r J an . 1 1919. u n til th e e x p ira tio n o f fiv e
yea rs a fte r th o te rm in a tio n o f th o w a r.
4 5 .0 0 0 in th o a g g re g a te o f F irs t 4 s, F irst 4 M s, S e co n d 4s a n d 4 M s. a n d
T h ir d 4 M®, as t o th o in terest re c e iv e d a fte r J a n . 1 1918, u n til
th o e x p ira tio n o f tw o y e a rs a fte r th e te rm in a tio n o f th o w a r; this
e x e m p tio n c o n d itio n a l o n original s u b scr ip tio n t o , a n d c o n 
tin u e d h o ld in g a t th o d a te o f th o ta x re tu rn o f , tw o -th ird s as
m a n y b o n d s o f th o F o u r th L ib e rty L o a n .
20 0 00 in th e a gg re ga te o f F irst 4 s, F irst 4 M s, F irst S e co n d 4 M s, S econ d
4s a n d 4 M s, T h ir d 4 M s, a n d F o u r th 4 M s , as t o th o Interest
re c e iv e d o n a n d a fte r J a n . 1 1919; th is e x e m p tio n c o n d itio n a l
u p o n origin al s u b scr ip tio n t o , a n d co n tin u e d h o ld in g a t th o
d a te o f th o t a x re tu rn o f , on e -tliird a s m a n y n o te s o f th e V ic to r y
L ib e r t y L o a n , a n d ex te n d in g th ro u g h th o life o f s u ch n otes o f
th o V ic t o r y L ib e r ty L o a n .
1160,000

to ta l p o ss ib le e x e m p tio n s fr o m F ederal In com e surtaxos
p r o fits tax e s, s u b je c t t o c o n d itio n s a b o v o su m m a riz e d .

a n d«

A ll L ib e r ty b o n d s a n d V ic to r y n o te s e x e m p t fr o m taxes in h a n d s o f
‘ore lg n h o ld e rs : B o n d s , n o te s , a n d c e r tifica te s o f in d e b te d n e ss o f th e
U nited S tates a n d b o n d s o f th e W a r F in a n ce C o r p o r a tio n are, w h ile b e n e -

712

THE CHRONICLE

fic ia lly o w n e d b y a n o n -re sid e n t alien in d iv id u a l, o r a fo re ig n c o r p o r a t io n ,
p a rtn e rs h ip , o r a s s o c ia tio n , n o t en g a g e d in busin ess in th e U n ite d S ta te s,
e x e m p t , b o t h as t o p rin c ip a l a n d in te re st, fr o m a n y a n d all ta x a tio n n o w
o r h e r e a fte r im p o s e d b y t h e U n ite d S ta tes, a n y S ta te , o r a n y o f th e p o sse s
s ion s o f th e U n ite d S ta tes, o r b y a n y lo ca l ta x in g a u t h o r it y .
434 % L ib e r ty b o n d s a n d 4 % % V ic t o r y n o te s re c e iv a b le a t p a r in p a y 
m e n t o f F ed era l e s ta te a n d in h e rita n ce ta x e s. A ll su ch b o n d s a n d n o te s
w h ic h h a v e b een o w n e d b y a n y p e rso n co n tin u o u s ly fo r a t least six m o n th s
p r io r t o t h e d a te o f h is d e a th a n d w h ic h u p o n s u ch d a te c o n s titu te p a r t o f
h is es ta te a re re c e iv a b le b y th e U n ite d S ta tes a t p a r a n d a c c r u e d in terest
in p a y m e n t o f F ed era l esta te o r in h e rita n ce ta x e s.
5 % B o n d N o t e P u r ch a se F u n d .— T h e S e cre ta ry o f th e T re a s u ry is a u 
th o r iz e d fr o m tim e t o tim e u n til th o e x p ira tio n o f o n e y e a r a fte r th e te rm in a 
t io n o f th e w ar (as fix e d b y p r o c la m a tio n o f th o P re sid e n t) t o p u rc h a se 4 %
a n d 4 3 4 % L ib e r ty b o n d s , a n d 3 3 4 % a n d 4 3 4 % V ic to r y n o te s; th o p a r
a m o u n t o f th e b o n d s o r n o te s o f a n y issue w h ic h m a y b e p u rc h a se d in a n y
tw e lv e m o n t h s ’ p e r io d n o t t o e x c e e d o n e -tw e n tie th o f th e p a r a m o u n t t h e r e o f
o u ts ta n d in g a t th e b e g in n in g o f s u ch p e rio d .
234 % C u m u la tiv e S in k in g F u n d .— F o r th o fis c a l y e a r b e g in n in g J u ly 1
1920, a n d fo r e a ch fisc a l y e a r th e re a fte r u n til all L ib e r ty b o n d s a n d V ic to r y
n o te s aro r e tire d , th o V ic t o r y L ib e r ty L o a n A c t a p p ro p ria te s , o u t o f a n y
m o n e y in th e T r e a s u r y n o t o th e rw is e a p p r o p r ia te d , fo r th o p u rp o s o o f a
s in k in g fu n d , an a m o u n t e q u a l t o th o su m o f (1) 2 3 4 % o f th o a gg re ga te
a m o u n t o f su ch b o n d s a n d n o te s o u ts ta n d in g o n J u ly 1 1920, less an a m o u n t
e q u a l t o th e par a m o u n t o f a n y o b lig a tio n s o f fo rie g n G o v e rn m e n ts h e ld b y
th e U n ite d S tates on J u ly 1 1920, a n d (2) th o in terest w h ic h w o u ld h a v e
b een p a y a b le d u rin g th o fisc a l y e a r fo r w h ic h th e a p p r o p r ia tio n is m a d o on
th o b o n d s a n d n otes p u rc h a se d , re d e e m e d , o r p a id o u t o f th e sin k in g fu n d
d u rin g s u ch y e a r o r in p re v io u s y e a rs .
C o n v e r s io n P r iv ile g e s.— 434 % a n d 3 3 4 % V ic t o r y n o te s are in te r c o n 
v e r tib le .
L ib e r t y Firs’t 4s are c o n v e r t ib le in t o L ib e r t y F irst 434 s. L ib e r ty
S e c o n d 4s are c o n v e r t ib le in to L ib e r t y S e co n d 4 3 4 s. N o o th e r c o n v e rs io n
p riv ileg es aro e x ta n t.
T h o p rin c ip a l a n d in terest o f all L ib e r t y b o n d s a n d V ic to r y n o te s aro
p a y a b le in U n ite d S ta tes g o ld c o in o f th e p re se n t s ta n d a rd o f v a lu e .
L ib e r t y b o n d s a n d V ic t o r y n o te s aro issued u n d er a u th o r ity o f th o A c t s
o f C on g r ess a p p r o v e d A p r il 24 1917, S e p t. 24 1917, A p r il 4 1 918, J u ly 9
1918, S e p t. 24 1918, a n d M a r c h 3 1 919, a n d p u rsu a n t t o o ffic ia l T re a s u ry
D e p a r t m e n t c irc u la r s, fr o m w h ic h th o s ta te m e n ts in t h is lfo r m aro s u m 
m a r iz e d , a n d t o w h ic h th o y a ro s u b je c t .

$1 4,881,950 L I B E R T Y B O N D S R E T I R E D I N J A N U A R Y .
Announcement was mado at the Treasury Department in
Washington on Feb. 19 that Liberty bonds of a par vaiuo
of $14,881,950 were purchased or retired in January aside
from tho operations of the bond sinking fund. This in
cludes, it was stated, $4 ,172,250 from tho war risk insurance
reserve, which only recently was mado available for invest
ment in Liberty bonds, and surplus earnings of the Fedoral
Reserve banks to tho amount of $2 ,922,450. The remainder,
it is announced, is made up of $395,000 worth of bonds de
livered in payment of estate and inheritance taxes and
$7 ,391,750, which was returned to tho Treasury by foreign
Governments out of unused credits established for them in
the United States by the Treasury.
NEW

ISSU E

OF

TREASURY

C E R T IF IC A T E S

IN D EB TED N ESS N E X T

OF

MONTH.

Secretary of tho Treasury Houston announced yestorday
(Feb. 20) that another issue of about $300,000,000 of Trea
sury Certificates of Indebtedness (presumably in antici
pation of tax payments) may be expected about M a r. 15.
H e stated however that he saw nothing “ in the present situa
tion to indicate that it will bo either necessary or desirablo to
increase tho interest rate on the certificates.” It had been
reported earlier in the week that the Treasury would shortly
issue certificates of indebtedness bearing interest at 5 % , as
compared with tho 4 % % rate borne by the last issue. About
$850,000,000 of certificates aro to be retired M a r. 15 through
the receipts from income and excess profits.
S E C R E T A R Y OF T R E A S U R Y H O U S T O N O N C O U N T R Y 'S
F IN A N C IA L

C O N D IT IO N .

[Vol. 110

following is the statement in full, issued by Secretary Houston
on the 12th:
T h e la st issue o f th o T r e a s u r y ’s " lo a n ” c e r tifica te s o f In debtedn ess m a 
tures o n M o n d a y .
S in ce th o T re a s u ry a n n o u n ce d its readiness t o red eem
th ese c e r tifica te s b e fo r e m a t u r it y , a b o u t 8 3 8 .0 0 0 ,0 0 0 h a v o be e n re d e em ed
a n d t h o a m o u n t re m a in in g o u ts ta n d in g last n ig h t w as o n ly a b o u t $ 6 0 ,0 0 0 .
000.
T h o s ig n ifica n ce o f th is v e r y in terestin g a n d im p o r ta n t fa c t is n o t
p e rh a p s fu lly r e a lize d . W h e n these ce r tific a te s h a v o be e n p a id , th o T r e a 
s u r y w ill h a v o ' o u ts ta n d in g in th e h a n d s o f th o p u b lic n o flo a t in g d o b t
w lia to v e r in th e senso o f s h o rt te rm c e r tific a te s re q u irin g t o b o re fu n d e d a t
m a tu r ity .
T h e s e c e r tifica te s m a tu r o o n In coin o an d p r o fit s ta x Installm en t d a tes
a n d th o a m o u n ts o f th o va rio u s m atu ritie s in n o Instance e xce e d th o esti
m a te d a m o u n t o f th o taxes p a y a b lo a t th o m a tu r ity d a to . T h o ta x p a y 
m e n ts w h ic h h a v o thus been a n ticip a te d a n d w h ic h aro p a y a b lo d u rin g
th o ca le n d a r y e a r 1920 a ro p a y a b lo in re s p e ct t o th o in c o m o an d p r o fit s
o f th o ca le n d a r y e a r 1919, a n d c o n s e q u e n tly w o u ld n o t b o a d v e rs e ly a ffe c t e d
i f a n y recession o f busin ess a n d p r o fit s sh o u ld ta k o p la c e in 1920. T h o
T re a s u ry is n a tu ra lly p le ase d w ith th o su ccess o f th o o p e ra tio n s in itia ted
la st S e p te m b e r an d n o w b ro u g h t t o a s u cce ssfu l co n c lu s io n w h ic h h a v e m ad e
this sple n did a ch ie v e m e n t p o s s ib le . I t is v e r y g r a te fu l fo r th o p a tr io t ic
s u p p o r t and a ssista n ce o f th o F ederal R e s e rv o ban k s a n d th o T re a s u ry
c e r tific a te o rg an iza tio n an d o f th o b an k in g in stitu tio n s o f th o c o u n t r y w n tch
h a v o su b scr ib e d fo r th o c e r tifica te s in th o fir s t in sta n co a n d d istrib u te d
th e m v e r y w id e ly a m o n g in v e sto rs .
T h o r a p id re d u c tio n o f G o v e r n m e n t ex p e n d itu r e a n d re a liza tio n o f th o
su rp lu s s to c k s a c c u m u la te d fo r w ar p u rp oses h a v o boon Im porta n t fa cto rs In
m a k in g p o ss ib lo th o re d u c tio n o f th o flo a t in g d o b t a n d th o gross d e b t o f th o
G o v e rn m e n t in th o p a st fiv o m o n th s . T h o r e s u lt o f th o elim in a tio n o f loa n
c e r tific a te s an d th o gr e a t re d u c tio n in th o flo a t in g d o b t a n d gross debt; b o th
h a v o b e e n co n tr ib u te d t o b y th o a p p lic a tio n t o th e p a y m o n t o f lo a n ce r tifi
ca te s o f an im p o r ta n t p a rt o f th e b a la n c o in th o gon cra l fu n d , w h ich it h a d
b e e n necessary t o re ta in a t a h igh figu re as lo n g as th o lo a n ce r tific a te s w ero
o u ts ta n d in g in o r d e r t o p r o v id e fo r theso fre q u e n t m atu rities a n d w h ic h it
w as p o ssib le t o re d u ce g r e a tly in c o n n e c tio n w ith th eir re tirem en t.
A lth o u g h th o T r e a s u r y w ill, o f co u rso , b o o b lig e d t o b o r r o w fr o m tim e
t o tim e t o m eet th o cu rren t d e fic it (.which in J a n u a ry a m o u n te d t o less th an
8 9 3 ,0 0 0 ,0 0 0 ) in th o in terv als b e tw e e n in c o m o a n d p ro fits ta x in sta llm en t
p a y m e n ts , and th o cu rre n t re q u ire m e n ts o f th o W a r F in a n co C o r p o r a t io n ,
th o fa c t th a t th o T re a s u ry has n o u n c o v e r e d m atu rities Is o f lm m on so im 
p o r t a n c e . S o lo n g as th o T re a s u ry h a d c e r tifica te s m atu rin g in v e r y largo
a m o u n ts an d o n d a te s w h en it c o u ld o n ly p r o v id o th o fu n d s t o m o o t th em
b y fresh b o rro w in g s , its p o sitio n m ig h t, u n d e r ce rta in circ u m sta n ce s , h a v o
b e c o m o e m barrassin g (a lth o u g h it n e v e r d id ) , a n d It w as c o n se q u e n tly
im p o s s ib le fo r th o F e d e ra l R e s e r v o B o a r d t o o xe rt a n y e ffe c tiv e c o n tr o l
o v e r cr e d it.
T h e p o in t is illu stra ted b y th o fo llo w in g fr o m “ T h o L o n d o n E c o n o m is t ’
o f J a n . 24:
P le n t y o f m o n e y a n d a c o n s e q u e n t d e m a n d fo r bills h a v e be e n th o ch ie f
fe a tu re s o f th e Internal h is to r y o f th e m o n e y m a r k e t. T h o p le n ty m a y b e
a ttr ib u te d to th e fre s h cr e a tio n o f w a y s and m ean s a d v a n c e s , n e c e ss ita ted
b y th o m atu r in g o f m o re T re a s u ry b ills th a n w e re a p p lie d fo r .
B y this
p r o c e s s , as w o h a v o fr e q u e n tly p o in t e d o u t , d ea lers in a n d users o f c r e d it
ca n n o w a t a n y tim e o b lig e th o G o v e r n m e n t t o c r e a to m o r e " c a s h a t th o
b a n k " b y th e w e a p o n th a t th e y h o ld in th o s h a p o o f 1,000 m illio n s o d d
T re a s u ry bills o u ts ta n d in g . T h u s th o p o w e r s th a t b e ca n m ak e m o n e y d ea r
b y p a y in g m o re fo r it , b u t th e y c a n n o t m a k o it re a lly sca rce u n til, b y ta x a 
tio n o r o th e rw is e , th e y h a v o re d u c e d th o e ffe ctiv e n e s s o f th is w e a p o n .
T h o fa c t th a t th o T re a s u ry o f th e U n ite d S ta tes is n o lo n g e r in th o p o si
tio n s o m o w h a t sim ilar t o th a t d e sc rib e d b y " T h o E c o n o m is t ” Is o f im m en se
im p o r ta n c e fo r th o general w elfaro o f th o c o u n tr y a n d In cid e n ta lly t o tho
h o ld e rs o f L ib e r ty b o n d s a n d V ic t o r y n o te s , sin ce th o d a n ge r o f th o T r e a 
s u r y 's b e in g o b lig e d t o b o r r o w la rgo sum s t o m e e t m atu r in g ce r tific a te s
u p o n d isa d va n ta ge o u s term s has b e e n e lim in a te d . T h o p o s itio n o f th e
T re a s u ry to -d a y a n d th o fu tu r o m ark o t fo r o u ts ta n d in g issues o f L ib e r ty
b o n d s a n d V ic to r y n o te s is v e r y b rig h t. T h e w h o io c o lo r o f tho p ictu re
w o u ld , o f c o u r s o , b o ch an ge d i f C on gress s h o u ld o m b a rk u p o n n ow ex 
p e n d itu re s on a la r g o ,s c a le . T h o w h o io p ro b le m t o -d a y Is th a t o f g iv in g
th o p e o p lo tim e a n d w ill t o s a v o ca p ita l s u ffic ie n t t o o n a b lo th e m t o a b s o r b
th a t p a rt o f th o w a r Issues w h ich is still o w n e d o r lo a n e d u p o n b y b a n k s, a n d
as w ell th o flo o d o f secu rities w h ic h a ro b e in g pressed u p o n o u r m ark ets
fr o m fore ign so u rce s in co n se q u e n c e o f th o oxtrorno d ep ression In E u rop ea n
e x c h a n g e s.
,
In th a t co n n e c tio n it is in terestin g t o o b s o r v o th a t th o d o p ro s sio n in
h ig h -g r a d o in v o stm o n t securities in th is c o u n t r y a t tn o p re se n t tim e is, t o
a v o r y Im p o rta n t o x te n t, th o rasult o f h e a v y so ilin g o f s u ch securities in
o u r m ark e ts fr o m fo re ig n so u rce s. T h is , as S ecreta ry G lass said in his
a n n u al r e p o r t, is o n e o f th o p ro ce s s e s w h ic h is s tim u la te d b y tho v e r y p osi
t io n o f th o exch an ges w h ic h it to n d s t o c o r r e c t . B y a b s o rb in g these highg r a d o In v estm en t s ecu rities th o A m e r ic a n i>eoplo aro furn ish in g ca p ita l t o
E u ro p e a t a tlm o o f E u r o p o ’s n e e d , a n d aro g iv in g th is h e lp In Just th o w a y
t h a t E u r o p e h e lp e d A m e r ic a in th o p e rio d o f A m e r ic a ’s gr o w th a n d o f her
o w n m o n e ta r y tro u b le s.
In th o d a y s o f th o in fa n c y o f th o r e p u b lic , in th o d a y s o f o u r C iv il W a r
a n d o f th o p e rio d o f r e c o n s tru ctio n a fte r th o C iv il W a r , o f th o m o n e ta r y
p a n ics w h ich w o s u ffe re d a t fre q u e n t in terv als un til th o e s ta b lis h m e n t o f o u r
F e d e ra l re se rv o s y s te m , A m e r ic a s u ffe re d g r e a tly fo r la ck o f ca p ita l a n d
c r e d it , a n d b eca u so o f h er d e p re cia te d c u r r e n c y , a n d , la ter, her in e la stic
cu rren cy.
In th ose d a y s E u ro p e ca m o t o A m e r ic a ’s a id , n o t b y G o v e r n 
m e n t lo a n s, n o t w ith a n y co m p re h e n siv e p la n , b u t b y th e in v e stm e n t o f
p r iv a to ca p ita l u p o n a ttr a c t iv e term s in A m e rican enterprises a n d in th o
p u rch a so o f A m e rican secu rities at b argain p ricos. E u ro p e p r o fite d e n o r 
m o u s ly b y theso in v e stm e n ts a n d A m e r ic a p r o fite d t o o b o ca u s o s h o o b 
ta in e d th o ca p ita l sho n e e d e d a t th e p rice t h a t th o ca p ita l w as w o r th t o her.
H o n e s t a n d o n ergotlc business m en in b o th co u n trie s w en t t o w o r k in their
o w n w a y an d s o lv e d th e p r o b le m o n busin ess term s. Y o t , in th o s o d a y s ,
E u r o p o w as fa r h otter a b lo t o m oot th e re la tiv e ly sm all d e m a n d s o f A m e rica
th a n is A m e rica n o w , b u rd e n e d as sh o is b y G o v e rn m e n t exp e n d itu re s sin co
th o b e gin n in g o f th o w ar to th e a gg re ga te a m o u n t o f a b o u t $ 3 6 ,7 0 0 ,0 0 0 ,0 0 0
'
t o m eet th o stu p e n d o u s d e m a n d s ot E u ro p e t o -d a y .
I
a m c o n fid e n t th a t th e so lu tio n o f E u ro p e ’s p ro b le m s will b e fo u n d b y
th o w is d o m an d co u ra g o o f E u ro p e a n sta te sm e n in fa c in g th o m o n e tary
d iffic u ltie s im p o se d u p o n th e m b y th e gre a t w a r a n d b y th e en lig h te n ed ,
p a th e tic a n d fr o ld n ly c o -o p e r a tio n o f tho busin ess m e n a n d w o rk m e n o f
A m o r ic a a n d E u ro p e w h en p e a ce is restored a n d lth o jh o p c la n d ’ fear o f G o v e rn m e n tjln tcrfo re n ce s a r o 7 r e m o v e d .f r_

Last week, page 617, we referred to a statement mado by
Secretary of tho Treasury Houston on Feb. 6 in which he
announced tho conclusion of the Treasury Department’s
post-war financial program and in which he gave figures as
to outstanding tax certificates. In a later statement, issued
on Feb. 12, Secretary Houston dwelt further upon the
country’s financial condition and said that “ tho position of
the Treasury to-day and the futurelof/thejm arket for the
outstanding issues of Liberty bonds and Victory notes is
very bright.” “ Tho whole problem to-day,” ho added, “ is
that of giving tho people time and will[to save capital suffi
cient to enable them to absorb that part of tho war issues
which is still owned or loaned upon|by banks, and as well
the flood of securities which aro being pressed upon our
market from foreign sources in consequence of the extreme
depression in European exchanges.” H e noted that the last
issue of Treasury “ loan” certificates would mature on M on  T E R M I N A T I O N £ 0 F T R U S T E E S H I P O F N E W
YORK
day (Feb. 16) and stated that when these certificates were
“ E V E N I N G P O S T .”
paid “ the Treasury will have outstanding in tho hands of
Tho arrangement whereby tho stock of the Now York
the public no floating debt whatever in tho sense of short “ Evening Post,” acquired in August, 1918, by Thomas W .
term certificates requiring to bo funded at m aturity.” Tho Lamont of J. P .[Morgan & C o ., was lodged in tho hands of a




board of trustees consisting of Theodoro N . Vail, President
of tho American Telephone & Telegraph C o ., Henry S. Prit
chett, President of tho Carnegie Foundation for the Advance
ment of Teaching, and Ellery Sedgwick, editor of the “ A t
lantic M o n th ly,” has been terminated. The “ Post” in its
M onday (Fob. 16) issue made an announcement to that
effect in its editorial columns. Tho announcement reads:
E d w in F . G a y h a v in g u n d e rta k e n th o p re s id e n cy o f th o “ E v e n in g P o s t .”
w ith in d e p e n d e n t c o n tr o l o f its m a n a g e m e n t, th o tru s te e sh ip arra n g ed at
th o tim o th a t T h o m a s W . L a m o n t a cq u ire d th o s to c k o f t h o “ E v e n in g P o s t ”
has b een te rm in a te d . W e ta k e th is o c c a s io n t o express o u r h e a r ty th a n k s
t o th o retirin g tru stees, I ir . H e n r y S. P r itc h e tt, T h e o d o r o N . V a il an d
E lle r y S ed g w ick , fo r th o e m in e n t scrv tco w h ich th e y h a v e b e e n g o o d e n o u gh
t o ren d er t o th is p u b lic a tio n d u rin g th e p e rio d o f th e ir tru steesh ip .

M IL L IN G

COMPANY

L IC E N SE S

W HEAT

REVOKED

BY

U.

S.

DIRE CTO R.

Julius H . Barnes, United States W heat Director, an
nounced on Feb. 15 that the license of the Universal Flour
M ill Company of Boston, M a ss., had been revoked offectivo
a t noon, Feb. 13, until further notice. His announcement
said:
T h is c o m p a n y w as g lv o n a h e a rin g in W a s h in g to n o n S e p t. 5 1919, w hen
cer ta in rep resen ta tiv es o f th o c o m p a n y w ero fo u n d t o h a v e b e e n g u ilt y o f
u n fa ir a n d d e c e p t iv e p ra c tic e s . T h o cfcm p an y w as g iv e n perm ission to
clo s e out) its tw o rem a in in g , o u ts ta n d in g c o n tr a c ts , b u t w as d ire cte d n o t
t o en g a g e In fu r th e r licen sed bu sin ess un less th o p e rso n n e l o f th o c o m p a n y
s h ou ld b o reorga n ized t o th o s a tisfa ctio n o f A lfr e d B ra u d e ls, C h ie f o f th o
E n fo r c e m e n t D iv is io n o f th o U n ite d S ta tes W h e a t D ir e c to r .
A t a s e co n d h oa rin g In W a s h in g to n o n F o b . 13, it a p p e a re d th a t th o c o m 
p a n y h a d d isp o s e d o f a ll o u ts ta n d in g c o n tr a c ts , b u t h a d n o t rearran ged its
p e rs on n el. T h o licen se o f th o c o m p a n y th e re fo re w as re v o k o d u n til fu r th e r
n o t ic e .

On Fob. 1 in announcing that the licenses granted to the
Saginaw Milling Com pany, of Saginaw, Michigan, with a
branch at Richmond, Virginia, had been revoked, effective
at noon Jan. 29 until further notice. M r . Barnes stated that
the W heat Director licenso had been revoked in its entirety
and the Food Administration license in so far as tho dealings
of tho above company in wheat and wheat products are
concerned. Ho also said:
T h o F o o d A d m in is tr a tio n licenses o f th is c o m p a n y w o r e re v o k e d fo r v io t io n o f t h o F o o d C o n t r o l A c t a n d th o ru le s, re g u la tio n s , a n d req u irem en ts
o f th o F o o d A d m in is tr a tio n , p a r tic u la r ly in c lu d in g fa ilu re t o k e e p a c c o u n ts
a n d ren d er rep orts as re q u ire d , a n d ta k in g u n ju s t a n d u n roason ablo p r o fits
In oxcoss o f p o r m itto d m argin s a b o v e p r o v e n c o s t o f p r o d u c tio n d u rin g
t h o ton m o n th s ’ p e r io d e n d in g J u n o 30 1918. D u e t o th o r e v o c a tio n o f
th o F o o d A d m in is tr a tio n llco n so and b e ca u s e o f m is c o n d u c t lo a d in g u p t o
s u ch r e v o c a tio n th o c o m p a n y 's W h e a t D ir e c to r liccn s o a lso w as r e v o k e d

NEW

YORK

M A K IN G

STATE

713

THE CHRONICLE

Feb. 21 1920.]

GRANGE

OPPOSED

M I L K B U SIN E SS A

TO

B IL L

FO R

PU BLIC U T IL IT Y .

That the resumption of open trading in futures was looked
forward to among the sugar trade with considerable interest
will be observed from the following, which is taken from a
review sent out by Lamborn & C o .,o f 7 W all Street, and re
printed in tho “ Journal of Commerce,” Feb. 11:
W e re a lize th a t t h o su ga r fu tu r e s m a r k e t is a lm o s t In d isp en sa b le t o th e
e n tire su g a r tra d e , in a sm u ch as it a ffo r d s p ro d u c e rs , m a n u fa ctu rer s a n d
d is trib u to rs a re a d y o p p o r t u n it y t o p r o t e c t th e m se lv e s th ro u g h h e d g e p u r
ch ase s o r sales. C o n d itio n s p re v a ilin g In t h o m a rk e t a re w ith o u t p r e c e d e n t,
a n d It Is a d v is a b le th a t e v e r y p r e ca u tio n a n d s a fe g u a rd b e a d o p te d s h o u ld
tra d in g In su ga r fu tu re s b o re su m e d o n F o b . 16, as c o n te m p la t e d .
I t m u s t b e b o r n e In m in d t h a t tra d in g in fu tu re s w o u ld b e c o m m e n c e d
w ith o u t su rp lu s s to c k s , a n d w ith s c a r c ity still in e v id e n c e .
T h o m a x im u m flu c t u a t io n p e rm itte d fo r a n y o n e d a y Is o n e c e n t p er p o u n d
o r 100 p o in ts .
I n m o n e y v a lu e th is is 8 1 .1 2 0 fo r th o sm a lle st c o n tr a c t —
f i f t y t o n s . T h o d a n gers o f s u ch la rg o flu c t u a t io n s are re a d ily seen . E x 
c e e d in g ly la rge m argin s m u s t b o d e m a n d e d a n d an e n o r m o u s a m o u n t o f
m o n e y t ie d u p b y th o h ou ses c a r r y in g c o n tr a c ts . A n a d v a n c e o f o n e c e n t
p e r p o u n d o n a n y o n e d a y o n th o e x c h a n g o w o u ld u n d o u b te d ly Im m e d ia te ly
o x p o s o It t o p u b lic a tta c k s , w h e th e r d e se r v e d o r n o t . T h e e ffe c t w o u ld b e
t o b rin g d isc re d it u p o n th e e x c h a n g e , h e n ce t h o tru e frie n d 9f tra d in g in
su g a r fu tu re s s h o u ld a d v o c a t e t h e u tm o st re s trictio n s a t t h e o u ts e t.
T h o p rim e d a n ge r o f w ld o flu c tu a tio n s w ill th re a te n p r o d u c e r s , fo r ex 
a m p le , o n e w h o e x p e c ts t o p r o d u c e 5 ,0 0 0 to n s d u rin g M a y , J u n o a n d J u ly ,
a n d h as s o ld a sim ilar a m o u n t in co n tr a c ts o n th e e x c h a n g e .
I n th e e v e n t
o f t h e m a r k e t a d v a n c in g se ve ra l ce n ts b e fo re th e su ga r is p r o d u c e d , th e re is
a lik e lih o o d o f s u ch p r o d u c e r b e in g ru in e d , th ro u g h in a b ilit y t o fin a n c e th e
p r o d u c tio n o f h is c r o p a n d a t t h e sam e tim o c o v e r t h o e n o r m o u s m a r g in s
th a t w o u ld b o re q u ire d t o p r o t e c t his co n tr a c ts , e v e n th o u g h h o h a d e v e r y
In ten tion o f m ak in g d e liv e r y o f t h o raw s u ga r. T h e r e is a lw a y s th e p o ss i
b ilit y o f m a x im u m flu c tu a tio n s b e in g rea ch ed se ve ra l d a y s In s u cce s sio n a n d
th o lik e lih o o d o f cith e r b u y in g o r se llin g o rd e rs a ccu m u la tin g o n a n y o n o d a y ,
a fte r th o m a x im u m ch an ge s h a v e b e e n re a ch e d , b rin g in g a b o u t m a x im u m o r
m in im u m p rice s o n th e fo llo w in g d a y . b e fo r e th o o rd e rs are e n tire ly e x e c u te d
th u s c r e a tin g e ith er a b u ll o r b o a r p a n ic .

R E D U C T IO N

IN

PR ICE

OF

DEPARTMENT

SUGAR
OF

FORECASTED

BY

JU ST IC E .

That tho price of sugar will bo three or four cents less per
pound by tho end of March than a t ’ tho present time was
predicted on Feb. 11 by Howard PL Figg, food expert of the
Department of Justice. Cuban sugar M r . Figg says m il
bo available on tho domestic market at from 14
to 15 cents
a pound at that time. This reduction is anticipated as one
of tho first results of tho recent unprecedented depreciation
of sterling. Commenting on M r. Figg’s statement, W ash 
ington advices of Feb. 11, to tho Philadelphia “ Record” had
tho following to say:
T h is (th e p rice re d u c tio n ) is t o b o b ro u g h t a b o u t b y th o c u tt in g o f f o f th e
E u ro p e a n m a r k e t, w h ic h is b a n k in g u p th e su ga r in C u b a a n d th re a te n in g t o
b re a k th e C u b a n m a r k e t.
I t is e stim ate d t h a t A m e r ic a n refin ers w ill s o o n
b o a ble t o b u y C u b a n ra w su ga rs a ro u n d 8 K ce n ts . A d d in g 2 M ce n ts as the
r e fin e r 's to ll a n d 3 o r 4 ce n ts as tho re ta ile r’s p r o fit w ill b rin g t h e p rico t o th e
le v e l in d ic a te d . T h o fir s t co m m itm e n ts m a d e fo r C u b a n ra w s o f t h e n ew
c r o p e a rly in D e c e m b e r w e ro o n a 1 2 H ce n ts b as is. T h e C u b a n su ga r c r o p
this y o a r w ill b o a n o r m a l y ie ld , ru n n in g o v e r 4 ,0 0 0 ,0 0 0 to n s , o f w h ic h t h e
U n ite d S ta tes w ill g o t p r o b a b ly tw o -th ird s .
T h o d r o p in fo re ig n e x c h a n g e w ill s o o n b o fe lt In t h e p rice s o f p r a c tic a lly
all fo o d s t u ffs o n th e d o m e s tic m a r k e t, it is asserted b y o ffic ia ls in W a s h in g 
t o n w h o are In to u c h w ith th o situ a tio n . P o r k p r o d u c ts , c o r n a n d w h ea t are
a lre a d y fe e lin g th e e ffe c ts o f th o ch an ge d s itu a tio n . M e r c a n tile firm s in
m a n y in stances are ca n c e lin g th eir co m m itm e n ts b e y o n d A p r il 1, s o as n o t
t o h a v o la rgo s to c k s o f h ig h -p rice d g o o d s o n th eir sh e lve s in v ie w o f th e
lo w e r s ca le o f p rice s lik e ly t o p re v a il. M e a t s h a v o d r o p p e d a b o u t 3 0 %
w ith in a fe w m o n th s . E g g s an d b u tte r are a lso d r o p p in g , as a resu lt o f
th o season al in crca so in p r o d u c tio n .____________________

Tho Now York State Grango at its annual meeting in
Rochester Feb. 4 adopted a resolution expiessing its oppo
sition to tho bill providing for public control of the milk
business. That tho members of tho Grange were incensed
at tho introduction of the measuro in tho State Sonate is
said to havo been indicated by tho fact that they abandoned
tho rogular courso of procedure in such matters and put
through from tho floor a resolution pronouncing against it;
ordinarily such a resolution would have been referred first A D V A N C E I N P R I C E O F P E N N S Y L V A N I A C R U D E O I L .
to tho Legislative Committee of tho Grango beforo a vote
This week (Fob. 17) tho price of Pennsylvania crude oil
on it.
reached $5.65 a barrel. In 1915 Pennsylvania crude oil
Part of the resolution provided for tho sending of a copy sold as low as $1.35 a barrel. An advance of 25 cents a bar
to Sonator A . P . Brown, Chairman of tho Agriculture Com  rel on Jan. 26 last, bringing the prico of Pennsylvania grade
mittee of tho Sonate, who has tho measuro in charge.
crude oil up to $5.25 a barrel, brought forth tho following
comment in the Investment Bulletin of Feb. 9, issued by the
R E S U M P T IO N OF T R A D IN G I N SUG AR F U T U R E S ON
bond department of Ilonry L . Dohorty & Co.
NEW

YORK

COFFEE

AND

SUGAR

EXCHANGE.

After a poriod of two and a half years trading in sugar
futures was resumed on tho New York Coffee and Sugar
Exchange Fob. 16, in accordance with tho decision of the
Board of Managers made tho lattor part of January. About
100 brokors wore on tho floor of tho Exchange when trading
began, it was said. Trading was stopped on Aug. 16 1917
as a war measuro. Regarding tho dealings on tho Exchange
floor on Feb. 16 tho Now York “ Journal of Commerce” on
tho following day made this comment:
A t tlio o p e n in g p rices ru led co n sid e ra b ly h ig h e r than th o s e w h ic h o b ta in o d
In 1917. A s in d ic a tiv e o f t h is . M a y w a s tra d e d in y e s te r d a y a t 10 ce n ts p er
p o u n d . O n th o la st d a y o f tra d in g in 1917 th e p r ic e fo r M a y w as 4 .8 4
fo n t s .
S op tom b or y o s to rd a y was q u o t e d a t 9 .7 5 c e n ts , a g a in s t a clo s in g
p r ic e o f 0 .1 8 ce n ts tw o years a g o . T h e s e w e re th o o n ly tw o m o n th s tra d e d
In y o s to r d a y , so th a t gon oral co m p a riso n s w ore ren dered im p o s s ib le .
In 
terests s ta te d th a t in gen eral p rices w o u ld ru le fr o m 5 t o 7 ce n ts p e r p o u n d
a b o v o th e 1917 lovols.
T h o q u ie t o p o n ln g w as in lin e w ith th e w ishes o f b ro k e rs , w h o a re c o n 
v in c e d th a t ru n a w a y c o n d itio n s m u st b o p re v e n te d a t th o s ta r t . I t is c o n 
fid e n t ly e x p e c te d th a t c o n d itio n s w ill c o n s ta n tly b e c o m e m o re a c t iv e a n d
largo busin ess is a n tic ip a te d . T h o o p e n in g o f s p e c u la tiv e a c t iv it y is r e 
g a rd ed b y s o m e as lik e ly t o lo w e r th o p rice o f raw su ga r. I t w as p o in te d o u t
t h a t a t th o en d o f last w eek raw su gar w as b e in g o ffe r e d a t 11 ce n ts p er
p o u n d . R u m o rs a flo a t h a d It th a t raw s s o ld y e s te r d a y a t 10 ce n ts p er
p o u n d . E x p orts in th o su ga r tra d o a re co n v in c e d t h a t th o p rice o f raw s
w ill c o m o d o w n s till m o re as th o tra d in g e xp a n d s.




P ro v io u s t o th is a d v a n c o [Jan . 26) p r a c tic a lly all re fin in g c om p a n ies
h a d b e e n p a y in g 2 5 c . a barrel pre m iu m o n th o fo rm e r $5 a barrel p rico a n d
w ith in t w o d a y s a fte r th o 5 5 .2 5 p rico w a s p o s t e d , an a d d itio n a l prem iu m
o f 2 5 c . a barrel w as b e in g b id fo r P e n n sy lv a n ia gr a d e cr u d o .
T h o incr< MM
in p rice o f P e n n sy lv a n ia cr u d o oil is d u o t o th e g r o w in g d e m a n d fo r th e
p ro d u c ts o f th is grad o o f o il to g e th e r w ith de cre a sin g p r o d u c tio n In th e
A p p a la ch a in fie lds o f th o h ig h g r a d e oils.
I t w as p r a c tic a lly 51 y e a rs a g o sin ce th o p ro d u ce rs h a d an o p p o r t u n it y
t o sell th eir o il a t $ 5 ,2 5 . A ll th ro u g h 1869, fo llo w in g lo w e r p rices in th o
three p ro v io u s y e a rs , th e m a r k e t ra n g e d fr o m h ig h at $7 a b arre l t o lo w a t
$ 4 .2 5 a barrel. T h o la tte r p rico ca m e in D e c e m b e r w h on th o h ig h p o in t
w as $6 a barrel. T h o fo llo w in g y o a r . 1870, th o h ig h est q u o t a t io n w as
$ 4 .9 0 a barrel in J a n u a ry , a n d th o low est $ 2 .7 5 a barrel in A u g u s t, th e
m ark e t clo s in g a t $ 3 .3 0 a barrel a t th o on d o f th e y o a r .
In 1871, th ere w as
a s h a rp re a ctio n d u rin g th o fir s t six m o n th s w h ic h ca rrie d th o p rico t o $ 5 .2 5
a barrel in J u n o , b u t o n ly fo r a fe w h o u rs, a n d It d id n o t rem a in th ere lo n g
e n o u g h fo r m a n y t o grasp th o o p p o r t u n it y t o se ll, o v e n If th e y h a d b een so
in clin e d o n an a d v a n cin g m a r k e t. In tw o years m o re It h a d d r o p p e d t o
82MJc. a barrel.
In 1869 th e P h ila d e lp h ia B o a r d o f T ra d o e s tim a te d th o e x p o r ts o f p e t r o 
leu m a n d its p ro d u c ts a t 1 0 0 ,00 0 ,0 0 0 g a llon s, w ith a v a lu e a t th e sh ip p in g
p o r t o f $ 2 7 ,0 0 0 ,0 0 0 . I t is es tim a te d th a t th o o x p o r ts o f p o tro lo u m ln<1919
w ill b o n e a rly 2 ,7 5 0 ,0 0 0 .0 0 0 ga llo n s, w ith a va lu o o f $ 3 5 0 ,0 0 0 ,0 0 0 . A
c o m p a riso n o f thoso figu re s g ra p h cla lly Illustrates th o g r o w th o f th o great
In d u stry sin ce cr u d o p o tro lcu m s o ld a t th o p resen t p rice 51 y e a r s fa g o .

O P E N M A R K E T I N C R U D E O I L B E G I N N I N G M A R C H 165

In its issue of yesterday (Feb. 20) “ Financial America”
printed the following Pittsburgh advioes:

714

[Vol. 110.

THE CHRONICLE

A n o p e n m a rk et in cr u d e oil w ill p re v a il a fte r M a r c h 16. T h is is a re tu rn
t o th e o ld m e th o d s a n d m ean s t h a t e a ch re fin e r will h a v e t o g o in t o th e
o p e n m a r k et fo r h is o il. T h e J o se p h Seep a g e n c y w h ic h h e r e to fo re has
“ s e t ” th e p r ic e fo r P e n n sy lv a n ia cr u d o o il a n n o u n c e d in a le tte r t o th e in 
d e p e n d e n t refin ers th a t a fte r th a t d a te it will cease t o d e liv e r oil t o th e m .
T h e m o v e b y th e b ig in terests in t h e oil in d u s tr y has ca u s e d c o n stern a tio n
a m o n g th e in d e p e n d e n t refin e r s in th is d is tr ic t, w h o d o n o t like th e s itu a 
t io n . T h e o ld -tim e refin ers s a y t h e y s h o u ld n o t b e m a d e t o su ffe r fo r th o
a c tio n s o f a few sm all refin e rs in t h e Oil C it y a n d F ra n k lin d istricts , w h o
h a v e b een b id d in g p re m in u m s fo r P e n n sy lv a n ia c r u d e . H o w e v e r , th e
a n n o u n ce m e n t sta n d s a n d th e re fin e r will h a v e n o a lte rn a tiv e b u t g o in to
th e o p e n m ark et a n d p a y w h a te v e r h e has t o fo r h is o il.

I re tu r n th is d e p a r tm e n t in t o y o u r h ands w ith v e r y real g r a titu d o th a t
y o u h a v o g iv e n m o th o o p p o r t u n it y to k n o w w ell a w o r k in g fo r c e h o ld in g so
m a n y m o n a n d w o m o n o f sin gu la r a b ility a n d raro s p ir it.
I t r u s t t h a t y o u m a y s o o n b o so c o m p le te ly re s to re d t o h e a lth t h a t th o
c o u n t r y an d th o w o r ld m a y h a v o th o b e n e fit o f th o fu ll m easure o f y o u r
s tr e n g th in th o le a d e rsh ip o f th e ir affairs. T h e d isco u ra ge m e n ts o f th e
p re s e n t a ro , I b e lie v e , o n ly te m p o r a r y . T h o c o u n t r y k n o w s th a t fo r A m or ic a
t o s ta n d o u ts id e t h o L e a g u e o f N a tio n s w ill b rin g n e ith e r p r id e t o us n or
c o n fid e n c e t o t h o w o r ld .
Ile lie v o m o , d e a r M r . P re s id e n t, a lw a ys c o r d ia lly a n d fa it h fu lly y o u rs ,
F K A N K L IN K . L A N E .

In accepting M r . Lane’s resignation, the President wrote:
Feb. 7 1920.
M y Dear Mr. Secretary:

AGENTS

OF S T A N D A R D

OIL

CO.

{C A L IF .)

TO

TAKE

I n e e d n o t te ll y o u w ith w h a t re g re t I a c c e p t y o u r resign ation as S ecreta ry
o f th o In to rio r, fo r o u r a ss o cia tio n h as b e e n v o r y d e lig h tfu l.
I havo ad 
NO
CONTRACTS
FOR S A L E O F F U E L
OIL
m ired th o s p ir it in w h ich y o u d o v o t e d y o u r s e lf t o th o d u tie s o f y o u r d e p a rt
UNLESS
S A N C T IO N E D
BY
HOME
m e n t, as I a m su re t h a t a ll a tt e n t iv e o b se rve rs h a v o , b u t th o reasons y o u
O FFIC E.
g iv e fo r y o u r re tire m e n t le a v e m o n o ch o ic e b u t to a cq u ie sc e , a n d I , o f
co u rse , a c c e p t y o u r su gg e stio n t h a t th o resign ation ta k o e ffe c t o n th o firs t
K,
R . Kingsbury, President of Standard Oil Co. (Califorf M a r c h , s in co t h a t w ill s e rv o y o u r co n v e n ie n c e .
o
n ia), issued a statement on Feb, 9 in which he said that
M a y I n o t a d d h o w sin ce ro ly I h o p o th a t y o u r fu t u r o ca ro o r will b o as
fu ll o f h o n o r a b le s u d cco ss as y o u r p a s t ? M y b e st w ishes w ill fo llo w y o u
instructions had been issued to all agents of the Standard
th r o u g h o u t all th o ye a rs th a t a p p a r e n tly m u s t n ow se p a ra to u s, a n d I b eg
Oil C o. (California) to take no contracts for the sale of fuel to s u b scr ib e m y s e lf,
oil without referring to the home office in San Francisco.
C o r d ia lly a n d sin ce ro ly y o u r frie n d ,
W O O D I tO W W I L S O N .
A t the same time, he said, it had been decided that exporta

tions of refined products, already materially curtailed, should
be kept at a minimum and be only such as to meet the
company’s contractual obligations. M r . Kingsbury’s state
ment also had the flolowing to say
T h o c o n d itio n o f th o p o tr o le u m in d u s tr y , w h ich has n e ce ssita te d theso
a c t io n s , is o n o w h ich s o c lo s e ly a n d im p o r ta n t ly to u ch e s th e in terests o f
th o p u b lic , in d u s tria lly a n d o th e rw is e , t h a t a d e s c rip tio n o f it w ill b e
u sefu l in g iv in g a th o ro u g h u n d e rsta n d in g o f th o s itu a tio n w h ich oxists.
In its sim p lest term s, it is t h a t th o cr u d o o il p r o d u c tio n o f C alifo rn ia is
n o t s u ffic ie n t t o m e e t th o d e m an d s.
C a lifo rn ia w as ca lled u p o n in 1919 t o s u p p ly a p p r o x im a te ly 4 75 ,00 0 ,0 0 0
g a llon s o f n a p h th a p r o d u c ts . T h is q u a n tity co u ld n o t b o o b ta in e d fro m
th e p r o d u c tio n o f cr u d o o il in C a lifo rn ia a n d th e sh o rta g e o f o v e r 2 0,0 00 ,0 0 0
ga llon s w a s im p o r te d fr o m th o E a s t. W it h th o d e m a n d fo r gasolin o and
h e a v ie r fu els in d ir e c t p r o p o r t io n t o th o n u m b e r o f in tern a l c o m b u s tio n
en gin es, em b ra cin g a u to m o b ile s , t r u c k s , t r a c to r s , m arin o m o to r s a n d
p u m p in g p la n ts a n d t h e p r o d u c tio n o f th is cla ss o f e q u ip m e n t co n s ta n tly
in cr e a s in g , t h e 1920 d em a n d f o r n a p h th a p r o d u c t s , i t Is e s tim a t e d , w il
exceed th o 1919 d em a n d b y a t le a s t 2 5 % , in d ic a t in g a t o ta l re q u ire m e n t
o f 6 0 0 ,00 0 ,0 0 0 ga llon s. F r o m t h o p re s e n t s u p p ly o f c r u d o o il, t h o to ta l
p o ss ib le p r o d u c tio n o f n a p h th a p r o d u c ts is b u t 4 50 ,0 0 0 ,0 0 0 g a llo n s , in d i
c a tin g a sh orta ge In th e p r o d u c ts n a m ed o f 150,000,000 ga llon s.
W h ile h e r o to fo r o g a s olin e h a s been p u rc h a se d in th o M id -C o n tin e n t
fie ld , s u ch p urchases m u s t n ecessarily b o m a d o o n a c o m p e t it iv e basis w ith
E a s tern b u y e r s . T h o w h ole sa le p r ic e s o f g a s o lin e in th o M id -C o n t in e n t
fio ld t o -d a y , a t p o in t s o f m a n u fa c tu r e , a re 18c. t o 19c. p e r g a llo n . A d d
t o th is p rice 7c. p e r g a llo n , th o c o s t o f b rin g in g th o p r o d u c t t o th o c o a s t in
ta n k ca rs, and th is g a s olin o w o u ld sell a t San F ra n c is co a t b e tw e e n 2 5c. and
3 0 c . p e r g a llo n , as a g a in s t th o p re s e n t p r ic e o f 21 H e .
T h e r e are t w o sim p lo fa c t o r s , p r o d u c tio n a n d c o n s u m p t io n . T o - d a y th e
cr u d o oil p r o d u c tio n o f C a lifo rn ia is 2 5 ,0 0 0 barrels d a ily less th a n th e
re q u irem en ts , a n d th e d e fic ie n c y fo r 1920 a t th o p reset ra te o f p r o d u c tio n
will exc e e d 1 0,0 00 ,0 0 0 b arrels. S in ce 1916 s to c k s h a v e d e cre a s e d 14,0 00 ,0 0 0
b arrels, w h ich m ean s th a t th e p u b lic co n su m e d th a t q u a n t ity o v e r th o
a m o u n t p r o d u c e d . S to c k s o f c r u d o oil o n h a n d t o - d a y o f 3 0 ,0 0 0 .0 0 0
barrels are low er th a n a t a n y tim e sin ce 1910, a n d o f th is q u a n t ity , it is
es tim a te d , o n ly 1 4 ,0 00 ,0 0 0 barrels a re a v a ila b le fo r th o m a r k e t. A t least
1 0 ,0 0 0 ,0 0 0 b arrels are req u ire d as a w o r k in g ca p ita l, o r , so to s p e a k , “ as
m erch a n d is e o n th o s h e lf,” a n d th o re m a in in g 6 ,0 0 0 ,0 0 0 barrels are in
p ip e lines a n d ta n k b o tt o n s a n d e n tire ly u n a v a ila b le .
T h is c o m p a n y has b een s u cce ssfu l in in creasin g its p r o d u c tio n o f cr u d o
o il.
In 1918 th e in crease w a s fo u r a n d o n e -h a lf m illio n barrels o v e r 1917,
a n d in 1919 th ree m illion b arrels o v e r 1918, b u t even th e se co n sid e ra b le
in creases on th e p a rt o f o n e c o m p a n y d o n o t s a v o th e w h o le s itu a tio n .
In
v ie w o f th e s h orta g e ex is tin g , th e c o m p a n y has in creased th e p rice s it
o ffe r s fo r re fin a b le cr u d e o il.
O th er pu rch a sers o f re fin a b le c r u d e o il h a v e
been p a y in g la rgo p rem iu m s o v e r t h e p rice s o ffe r e d b y th o S ta n d a rd Oil C o .
T h e rem ed ies are in creased p r o d u c tio n a n d im p o r ta tio n s , a n d t o a lesser
e x te n t b u t q u ite as im p o r ta n t, co n s e r v a tio n a n d th o e lim in a tio n o f w a ste
b y ca refu l an d s c ie n tific h a n d lin g o f p e tro le u m a n d Its p r o d u c ts b y th e oil
In d u s try o n th e o n e h a n d , a n d its s c ie n tific a n d ca refu l use b y th o p u b lic ,
on th o o th e r h a n d .

F R A N K L I N K . L A N E ’S R E S IG N A T IO N AS S E C R E T A R Y
OF T H E IN T E R IO R .

Franklin K . Lane, whose resignation as Secretary of the
Interior was announced on Feb. 7, is, it was made known
on Feb. 17, to become Vice-President and special counsel
to the President and General Manager of th e ’Mexican Pe
troleum Company and the Pan.American Potroleum and
Transport Company. Announcement of M r . Lane’s now
affiliations was mado by E . L. Doheny, President of tho two
companies. M r . Lane was Secretary of tho Interior for
nearly seven years; in his letter of resignation he stated that
ho had served the public for twenty-one years but that ho
“ must now think of other duties.”
Ilis letter of resignation
to President Wilson follows:
M y Dear Mr. President:
I t is w ith d eep re g re t t h a t I feel co m p e lle d t o resign th o co m m issio n w ith
w h ich y o u saw f i t t o h o n o r m e b y a p p o in tin g m e t o a p la c e in y o u r C a b in e t,
n o w a lm os t seven y ea rs a g o .
I f it w ill m e e t y o u r c o n v e n ie n c e I w o u ld
s u g g est t h a t I b o p e r m itte d t o re tire o n M a r c h 1.
t W it h th e co n d itio n s w h ich m a k e this s te p n ecessary y o u a re fa m ilia r. I
h
s erv ed th o p u b lic fo r tw e n ty -o n e y e a rs , a n d t h a t se rv ice a p p e als to
,
as n o n e o t h e r c a n . B u t I m u s t n o w th in k o f o t h e r d u tie s.
T h o p ro g ra m o f a d m in is tr a tio n a n d le g is la tio n lo o k in g t o th o d e v e lo p 
m e n t o f o u r resou rces, w h ich I h a v e su gg ested fr o m tim o t o tim e , is n o w
in la rg o p a r t in e ffe c t o r s o o n w ill c o m e in t o e ffe c t th ro u g h th o a ctio n o f
C on gress.




JOHN BARTON P A Y N E
OF

TO B E T H E N E W

SECRETARY

IN TE R IO R .

John Barton Payne, Chairman of tho U . S. Shipping
Board, has been chosen by President Wilson to succoed
Franklin K . Lane, resigned, as Secrotary of tho Interior.
W ith regard to his appointment M r . Payno on Fob. 12 said:
I will a c c e p t this C a b in e t p o s itio n — sh o u ld I b e c o n fir m e d — s im p ly
b e ca u s e th o P re sid e n t has n a m e d m e , b u t I a m a fra id m y h e a rt is in tho
S h ip p in g B o a r d . T h e r e shall b e n o ch an ge in t h a t.
I h a v e a sk e d th o
P re sid e n t t o co n tin u e m e here un til th e presen t p ro g ra m Is so far a lo n g th a t
m y su cce s so r will fin d a fa ir ly cle a n s la te . T h is will ta k e p e rh a p s a c o u p lo
o f w e ek s. I t will in clu d e th o salo o f th e G e rm a n s h ip s, ro -o rg a n lza tlon
p la n s , a n d o n o o r t w o o t h e r th in g s.

Judge Payne was born in Virginia in 1855, and practiced
law in that State and W est Virginia until 1883, when ho
removed to Chicago, Ho was admitted to tho bar wlion
21 years old, and a year later was oloctod Chairman of tho
Democratic County Committeo. Ho sorvod as a Spocial
Judge of tho Circuit Court of Tucker County, Wost Virginia,
three years later, and in 1880 was elected M ayor of King wood, W . V a. Following his romoval to Chicago ho was, in
1893, elected on the Democratic ticket a Judge of the Su
perior Court of Cook county. Ho is now senior member of
tho Chicago law firm of W inston, Payno, Strawn & Strawn.
Ho became general counsel of tho Shipping Board in Octobor,
1917, and went to the Railroad Administration as gonoral
counsel in January, 1918. After Edward N . Ilurloy left
the Shipping Board Judgo Payno was appointed to succood
him.
____________________________
REAR

A D M IR A L

BARTON

W.

S.

PAYNE

BENSON

AS

TO S U C C E E D

C H A IR M A N

SH IP P IN G

OF

U.

JOHN
S.

BOARD.

It was reported on tho 17th inst. that Rear Admiral W . S.
Benson, Chief of the Buroau of N aval Operations, during
tho war, and now on tho retired list, will succeod John Barton
Payne as Chairman of tho U. S. Shipping Board. Admiral
Benson’s nomination, it is statod, will not bo sent to tho
Senato until Chairman Payno concludes certain important
matters now beforo tho Board before taking over tho office
of Secretary of tho Intorior in succession to Franklin K .
Lane.
PR ESID E N T

W IL S O N

ACCEPTS

^R E SIG N A T IO N

OF

H E N R Y P . F L E T C H E R A S U . S. A M B A S S A D O R
TO M E X I C O .

Tho resignation of Honry P. Fletcher as Amorican A m 
bassador to Mexico was accepted by President Wilson Fob.
11. M r. Fletcher’s resignation became effective Fob. 15.
There has as yet been no announcement concerning tho
President’s choico of his successor. M r. Fletcher had boon
stationed in Washington for nearly a year and during that
time tho affairs of tho Embassy at Mexico City wore con
ducted by George Summerlin as Charge d’Affaires.
Announcement was mado Jan. 27 that M r. Flotchor had
tendered his resignation to tho President. Commenting
thereon Washington advices of Jan. 27 to tho Associated
Press said:
T h o s o w h o k n o w th o rea son fo r M r . F le tch e r’s d e cis io n s a y th a t lie’ was
c o n v in c e d th a t a co n tin u a tio n o f th o e ffo rts he has m ad o d u rin g th e fo u r
ye a rs in w h ich h o has h e ld this im p o r ta n t p ost t o b rin g th o Carransca G o v e r n 
m e n t in to a c c o r d w ith th o U n ite d States G o v e rn m e n t o n th o m a n y irrita tin g
issues w h ich h a v o arison , in v o lv in g th o p ro te ctio n o f A m o rican lives a n d
p r o p e rty rig h ts, w ou ld b o fu tile .
H e term in ates e igh teen years o f se rv lco in
the d ip lo m a tic b ra n ch o f th o G o v e rn m e n t w ith great rogrot a n d w ith o u t
a n y p a rticu la r plans fo r his o w n fu tu ro, b u t fools certa in he ca n n o lon ger be
h e lp fu l in cu ltiv a tin g p ro p e r relation s w ith M o x lc o as lo n g as P re sid en t
C arra n za rem ain s in co n tr o l there. T h o A m b a ss a d o r's a c t iv ity in th o

THE CHRONICLE

F eb . 21 1920.]

p r e s e n ta tio n o f th o A m e r ic a n d o m an d s h a v e m a d e it certa in th a t h o c o u ld
n o t retu rn t o his p o s t w ith b o n o fit t o e ith er G o v e r n m e n t.
M r . F le tch e r's res ig n a tio n w as n o t h a s tily d o to rm in o d u p o n a n d , in fa c t ,
last su m m er h o s ou g h t t o te rm in a te his rela tion s w ith th o S ta te D e p a r t 
m e n t. B u t ow in g t o th e s ta to o f p u b lic busln oss a n d th o illn ess o f s o m o o f
th o h igher offic ia ls o f th o D e p a r tm e n t, h o w as in d u c e d t o re m a in in W a s h 
in g t o n t o a c t as a d viser t o th o S e cre ta ry in m atte rs re la tin g n o t o n ly t o
M e x i c o , b u t t o all L a tin A m e r ic a , fo r w h ic h w o r k h o w as p e c u lia r ly f it t e d
b y rea son o f h is lon g ex p erien ce in th a t p a r t o f t n e w o r ld .
M r . F lo tch o r w as a p p o in te d A m b a ss a d o r to M e x ic o in F e b . 1 916, b u t d id
n o t g o t o M e x ic o C it y un til th o F e b ru a ry o f th o fo llo w in g y o a r. h a v in g c o m e
t o th e U n ite d States fr o m C h ilo , w h ere h o w as th o A m e r ic a n A m b a s s a d o r ,
fo r a lo n g series. o f co n fere n ce s .
T h o rela tion s b etw eon th o U n ite d S tates a n d M e x ic o w ore q u ite c r itica l at
th o tim o M r . F letch er rea ch e d M o x ic o C it y , o w in g t o t h e b o r d e r ra id s a n d t o
G or m a n in trigu e in t h o S ou th ern R e p u b lic . A s a resu lt ilie A m b a s s a d o r
w as fr o m th o first c o n fr o n te d b y a n u m b e r o f seriou s p ro b le m s . L it tle
m oro th an tw o m on th s afte r his a rriv a l h o w as hissed in th o M o x ic a n C h a m b e r
o f D e p u tie s w h en h o a tt e n d e d th o o p e n in g session .
A m b a ss a d o r F letch er re tu r n e d fr o m M o x ic o a y e a r a g o a n d th o a ffairs o f
th e E m b a ss y th ere sln co th a t tim o h a v o b o o n c o n d u c t e d b y G e o r g e T .
S u m m erlin as C h a rg o d 'A ffa ir e s .
P r io r t o h is a p p o in tm e n t as A m b a s s a d o r o f C h ilo M r F le tch e r was
M in is te r t o C h ile a n d s e rv e d as S e cre ta ry o f th o A m e r ic a n L e g a tio n s at
H a v a n a , P e k in g a n d L is b o n , a n d la te r C h a rgo d ’A ffa ire s a t P e k in g o n
t w o o cc a s io n s.

On Jan. 29, Georgo Agnew Chamberlain, former U . S.
Consul Gonoral in Moxico City and associated there with
Ambassador Flotchor, said that ho thought “ tho lack of any
definite policy” on tho part of this Government toward
Moxico was tho reason for tho Ambassador’s resignation.
Speaking to newspaper reporters at his homo in Now York
C ity, M r . Chamberlain said:
W h y w a s A m b a ss a d o r F lo tch e r’s lo tte r o f resign a tio n n o t m a d e p u b lic ?
It c o n ta in e d th o rea son s th a t im p e lle d h im t o resign , a n d th e p e o p lo are
en tltlo d t o k n o w w h a t th o s o reasons w ere.
H oro w as th o d e a n o f ou r
d ip lo m a t ic s e rv lco , a tra in e d , v a lu a b lo o x p e r t in fo ro ig n a ffa irs , fo r c o d fo r
v e r y sh a m e t o a b a n d o n his lifo w o rk a fte r e igh teen y e a rs o f h o n o r a b lo , d is
tin gu ish ed d u t y . S u rely th o p o o p lo h a v o a r ig h t t o k n o w w h y .
I know
th a t w h at A m b a ss a d o r F lo tch o r w as c o m p e lle d t o s a y o r t o o m it t o s a y w h en
ho a p p ea r ed last J u ly b e fo re a C o m m itto o o f C on gress d id n o t a c c o r d w ith
w h at h o h a d fa ith fu lly r e p o rte d t o th o S ta to D e p a rtm e n t re g a rd in g th o tru e
s itu a tion in M e x ic o . W h y d oes th o G o v e r n m e n t w ith h o ld th o fa cts fr o m
th o p o o p lo ? T h ere sh ou ld b o a d e m a n d fo r th o tru th .

R A ILR O A D

RETURN
IN

B IL L

COMPLETED

CONFERENCE.

Tho bill for tho return of tho railroads to private control
was completed in conference this week and on Wednesday,
tho 18th inst., tho legislation proposod by the conferees
for tho regulation of tho carriers after relinquishment of
control by tho Government on March 1, was reported to the
Senato and tho House. Becauso of tho importance of tho
legislation which is carried in the moasuro dovisod by the
conferees, wo aro giving undor soparato headings tho text of
the bill as agreed on in conference, and likewise the report
of tho conferees. Wages established by tho Railroad A d 
ministration during the war may bo reduced boforo Sept. 1
under tho reorganization bill. Under tho wage provisions
tho redrafting of which created more surprise in Congress
than any other change made in compromising the Esch Bid
of tho Ifouso and tho Cummins Bill of tho Senato, pay of
railroad workers can not be lowered below present lovels for
six months after tho rail properties aro roturned to privato
control and operation. Tho bill, as reported, also seeks to
stabilize rates for tho satno timo, providing that prior to
Sept. 1 no rates may bo reduced unless approval of the Inter
State Commerce Commission is obtained. The restriction
against wage reductions was looked upon with especial
interest by members of Congress, railroad officials and union
leaders, in view of tho recent demands of tho moro than
2,0 00,0 00 railroad workers for an advance in pay. President
Wilson, in supporting tho contention that no increases, could
bo granted on tho ovo of return of tho railroads, told tho
union leaders that their demands would bo considered by a
commission to be created by law, if such a provision was
included in tho Railroad Bill, or to bo appointed on his own
initiative if no legal provision wore made.
A permanent system of arbitration was agreed upon by the
conferees as a finishing touch to tho bill. The labor pro
visions wore changed at the last minute because of recom
mendations made by Director-General Hines, which aro
understood to represent tho viows of President Wilson. Tho
plan adoptod is similar to that proposed by tho President
as tho means of settling tho present railroad wage dispute.
Tho anti-strike, or compulsory arbitration features, wero
previously eliminated from tho conference report and tho
now systom relics entirely upon public opinion for its en
forcement. The conference report creates a railway board
of labor appeals and allows tho formation of railway adjust
ment boards whenever satisfactory to both carriers and
employees. Tho adjustment boards aro of a temporary
nature, and may handlo disputes ovor hours, grievances and




715

working condition, but not wages. On failure of the adjust
ment boards to agree, an appoal can be taken to the appeals
board, which has the exclusive jurisdiction of ali disputes
concerning wages, this provision being added to insure
uniform wages throughout tho country. To guard the rights
of unorganized labor, the bill allows the board to take up
any dispute upon tho petition of 100 unorganized workers.
Awards of the appeals board aro final, but no penalties are
provided for violations. All alleged violations will be
investigated by the board, and if found to bo contrary to the
award will be so declarod publicly.
Chairman Esch of the House managers announced on the
18th inst. that the conference report would be taken up in
the House to-day (Saturday), and Chairman Cummins of
the Senate managers expects to call it up in the Senate at a
later date. Despite tho expected opposition to the new
wage action, Republican leaders of both the House and
Senate expressed bolief that tho conference report would be
adoptod and tho bill sent to the President with little change.
The outstanding points of tho moasure as finally agreed
upon are:
C o m p u ls o r y su b m is sio n o f la b o r d isp u te s t o a p e rm a n e n t F ed era l b o a r d
a p p p in te d b y th o P re sid e n t a n d c o m p o s e d o f n in e m e m b e rs e q u a lly d iv id e d
b e tw e e n th o e m p lo y e e s, e m p lo y e r s a n d th o p u b lic . N o p r o v is io n is m a d e ,
h o w e v e r, fo r e n fo r c in g th e b o a r d ’s d e cis io n .
A d ju s tm e n t o f rates b y th o I n te r -S ta te C o m m e r c e C o m m s is io n so as t o
y ie ld t o carriers fo r th o t w o years fr o m M a r c h 1 1920 a re tu rn o f 5 > 4 %
u p o n t h o a g g re g a te v a lu e o f th e ir p r o p e r t y , w ith p e rm iss io n t o t h o I n t e r 
S tate C o m m e r c e C o m m iss io n a t its d isc re tio n t o a d d a n o th e r h a lf o f 1 %
fo r im p r o v e m e n ts.
D is tr ib u tio n o f h a lf o f th o n e t ra ilw a y o p e ra tin g in c o m e in excess o f 6 %
o f th e p r o p e r t y v a lu e , e q u a lly b e tw e e n th o ca rr ie r s ’ re se rv o fu n d a n d t h e
F ederal ra ilro a d co n tin g e n t fu n d , w h ic h will b e a d m in is te re d b y t h o c o m ’
m ission fo r th o a ssistan ce o f w ea k er r o a d s .
G o v e rn m e n t gu a ra n te e t o ra ilro a d s a g a in s t a d e fic it d u rin g t h o fir s t s ix
m o n th s a fte r th o r o a d s aro tu rn e d b a c k .
P erm issive co n s o lid a tio n o f ra ilro a d s in a c c o r d a n c e w ith a gen eral c o n 
s o lid a tio n p lan t o b o p re p a re d b y t h o I n te r -S ta te C o m m e r c e C o m m is s io n .
A p p r o p r ia tio n o f $ 3 0 0 ,0 0 0 ,0 0 0 t o b o u sed as a r e v o lv in g fu n d fr o m w h ich
t o m ak e lo a n s t o carriers a n d p a y cla im s g r o w in g o u t o f F ed era l c o n t r o l.
U n e x p e n d e d fu n d s n o w in th e R a ilro a d A d m in is tr a tio n ’s h an ds a re a ls o
re -a p p ro p ria te d fo r th a t p u rp o s e , u n d e r s e c tio n 2 02 o f th o b ill, a n d t h o s a m e
se ctio n also a p p ro p ria te s $ 2 0 0 ,0 0 0 ,0 0 0 w h ich M r . E sch in h is r e p o r t t o t h e
H o u s e says is fo r th o p u rp o s e o f —
A s fin a lly a greed u p o n , th o la b o r s e ctio n p r o v id e s th a t " i t shall be th e
d u t y o f all carriers a n d th eir o ffic e r s , e m p lo y e e s a n d a g e n ts , t o e xe rt e v e r y
re a so n a ble e ffo r t a n d a d o p t e v e r y a v a ila b le m ean s t o a v o id a n y In terru p 
tio n t o th e o p e r a tio n o f a n y ca rrier g r o w in g o u t o f a n y d isp u te b e tw e en t h e
carrier a n d th e e m p lo y e e s o r s u b o r d in a te o f f ic ia ls ."
S u ch d ls p u to , th e b ill
p ro v id e s , s h o u ld , i f p o ss ib le , b e d e c id e d b y ra ilw a y b o a r d s o f la b o r a d ju s t 
m en t e sta b lish ed b y a gre e m e n t b e tw e e n th o carriers c o n ce rn e d a n d th o e m 
p lo y e e s . N o p ro v is io n is p r o v id e d , h o w e v e r , fo r th e ir o rg a n iz a tio n .
T h o bill d ire cts th e ra ilw a y b o a r d o f la b o r a p p e a ls w h ic h w o u ld b o a p 
p o in te d b y th e President w ith th e S e n a te ’s a p p r o v a l, a n d w h ic h w o u ld
h a v o ce n tral o ffic e s in C h ic a g o , t o c o n sid e r a n d d e c id e ca ses o ith o r ce r tifie d
t o it b y th o lo w e r b o a r d s o r cases w h ic n t h o la tte r fa ile d t o h o a r. I n a d d i
t io n th e F ederal B o a r d c a n , “ u p o n th e a p p e al b o a r d ’s o w n m o tio n , If it is
o f th e o p in io n t h a t th o d is p u to is lik e ly s u b sta n tia lly t o in te rru p t c o m m e r c e ,”
in v e stig a te co n d itio n s s u rro u n d in g th o d isp u te a n d m ak e a d e cis io n . S u ch
d e cis io n , h o w e v e r , u n d e r th e b ill m u st b o c o n cu rr e d in b y a t least f iv e m e m 
b e rs . o n o o f w h o m m u st b o o f th o p u b lic g r o u p .
T h e ra te -m a k in g s e ctio n o f th o b ill s tip u la te s th a t t h o In te r-S ta te C o m 
m e rce C o m m iss io n in esta b lis h in g ra te s w h ic h s h a ll y ie ld a retu rn eq u a l
t o 5'A% o f t h o a gg re ga te v a lu e o f th o carriers' p r o p e r t y " s h a ll g iv e d u e
c o n sid e ra tio n , a m o n g o th e r th in g s, t o t h o tra n s p o r ta tio n n eed s o f th*
c o u n t r y a n d th e n e ce ssity (u n d e r h o n e s t, e ffic ie n t a n d e c o n o m ic a l m an ag e
m en t o f existin g tra n s p o r ta tio n fa cilitie s) o f en largin g su ch fa cilitie s In ord e r
t o p r o v id e th e p e o p le o f t h e U n ite d S tates w ith a d e q u a te tr a n s p o r ta t io n ."
T h e s e ctio n fu r th e r p r o v id e s " t h a t d u rin g th o t w o y e a rs be gin n in g
M a r c h 1 1920 th o C o m m iss io n s h a ll ta k e as s u ch fa ir retu rn a s u m eq u a l
t o 5 H % o f s u ch a g g re g a te v a lu e , b u t m a y , in its d isc re tio n , a d d th ereto
a su m n o t e xc e e d in g o n o -h a lf o f 1 % o f s u ch a gg re ga te v a lu o t o m ak e p r o 
visio n in w h o le o r in p a rt fo r Im p r o v e m e n ts, b e tte rm e n ts o r e q u ip m e n t,
w h ic h , a c c o r d in g t o th e a c c o u n tin g sys te m p re s crib e d b y t h e co m m is s io n ,
aro ch a rge a b le t o ca p ita l a c c o u n t ."
D e te rm in a tio n o f the a g g re g a te v a lu e o f th o p r o p e r ty o f th e carrier fo r
race m a k in g p u rp o s e s is le ft t o t h o C o m m iss io n w ith t h o p ro v is io n th a t it
shall g iv e t o th o p r o p e r ty in v e s tm e n t a c c o u n t o f t h o carriers o n ly th a t c o n 
sid e ratio n w h ic h it is e n title d t o u n d e r th o law in e sta b lish in g va lu es fo r
ra te m a k in g p u rp o s e s. W h e n a n y carrier re ce iv e s fo r a n y y o a r a n e t ra il
w a y o p e ra tin g in c o m o in excess o f 6 % o f th o v a lu o o f its p r o p e r t y , o n e -h a lf
o f s u ch excess go e s t o t h o carriers reserv e fu n d w h ile t h o rest go e s t o th e
F ederal ra ilro a d co n tin g e n t fu n d , w h ic h is t o b e u sed b y th o C o m m ission
in m ak in g lo a n s t o ra ilro a ds o r fo r th o p u rch a se o f tr a n s p o r ta tio n , eq u ip 
m en t o r fa cilitie s a n d leasin g th o s am e t o carriers.
In o rd e r t o e n a b le th e C o m m iss io n t o a d m in ister m o re e ffic ie n tly F ed ora l
reg u la tio n , th o b ill, as agreed u p o n , g r e a tly w id e n s t h o C o m m iss io n ’ s
p o w e rs a n d increases th e m e m b e rsh ip fr o m n in e t o ele ve n co m m is s ion ers,
w ith an increase fr o m $10 ,00 0 t o $ 1 2 ,00 0 in a n n u al s a la ry o f t h o m e m b ers.

The Inter-Stato Commerce Commission’s increased powers
include the following:
S u p erv ision o v e r t h e issu a n co o f ra ilro a d secu rities, t h e co m m is s ion '*
a p p r o v a l b e in g re q u ire d b e fo re ra ilro a ds ca n issuo s to c k o r b o n d s .
E sta blish m en t o f m in im u m rail ra tes, th o C o m m iss io n u p t o this tim e
h a v in g h a d o n ly p o w e r t o e stablish m a x im u m ra te s. T h is p o w e r w ill
e n a b le it t o p re v e n t a carrier fr o m c o n d u c t in g “ c u t t h r o a t ” c o m p e t it io n .
A u th o r ity t o m a k e s u ch ju s t an d re a s o n a ble d ire ctio n w ith re s p ect t o
c a r service hi tim es o f e m e rge n cy as w ill best p r o m o te th o s o rv ico in th e p u b 
li c ’s in terest.
A u th o r ity t o c o m p e l th e jo in t o r c o m m o n use o f term in als; t o g iv e d ir e c 
tio n s fo r p referen ce o r p r io r ity in tr a n s p o r ta tio n , e m b a rg o e s , o r m o v e m e n t
o f tra ffic u n d er p e n n its .
A p p r o v a l o f n ow co n s tru c tio n a n d o f a b a n d o n m e n t o f ra ilroa ds.
C o m p le te c o n tr o l o v e r ra ilroa d o p e ra tio n s tlir o u g h o u t th e U n ite d States
in “ ease o f w ar o r th re a te n e d w a r ," th o b ill p r o v id e s , w o u ld b e ce n te r ed 1 >
th o c o m m is s io n , w h ic h w o u ld h a v e p o w e r s sim ilar t o th o s o n o w exorcise
b y th o R a ilro a d A d m in is tr a tio n .

[Vol.

THE CHRONICLE

716

no.

Causes of Action Arising Out of Federal Control.
STATEMENT

OF

THE

HOUSE

CONFEREES.

The managers on the part of the House'at the conference on
the disagreeing votes of the two Houses on the amendments
ofjthe Senate to the bill (H . R . 10453) to provide for the
termination of Federal control of railroads, and systems of
transportation, to provide for the settlement of disputes be
tween carriers and their employees, to further amend an act
entitled “ An act to regulate commerce,” approved Feb. 4
1887, as amended, and for other purposes, submit the follow
ing written statement in explanation of the effect of the
action agreed upon by the conferees and recommended in
the accompanying conference report:
Termination of Federal Control.
[S ec. 2 00 o f th e co n fe re n ce b ill.]
T h e H o u s o b ill in s e c tio n 2 0 0 , in c o n n e c t io n w ith th o te rm in a tio n o f
F ed era l c o n tr o l, d id n o t rep ea l th e F e d e ra l c o n tr o l a c t , b u t s p e c ifie d th e
pow e rs co n fe rre d u p o n th e P resid en t b y s u c h a c t w h ic h h o s h o u ld n o lo n g e r
exercise a fter th o te rm in a tio n o f F e d e ra l c o n tr o l. T h e S enate b ill re p e a le d
th e F ed era l c o n tr o l a ct a n d s o u g h t b y g en era l la n g u a g o t o “ co n tin u o a n d
e x t e n d ” th e p ow ers g r a n te d b y t h a t a c t in so fa r as n ecessary fo r th o se ttle 
m en t o f m atters arising o u t o f F e d e ra l c o n t r o l. T h e co n fe re e s, b is e ctio n
200 o f th e c o n fe r e n c e b ill, a d o p te d th e H o u s e m e th o d o f d e a lin g w ith ith is
q u e s tio n .

Government-Owned Boats and Inland Waterways.
[S ec. 201 o f t h e co n fe re n ce b ill.)
S ection 201 o f th e H o u s o -b ill tra n sfe rre d t o th e S e cre ta ry o f W a r o n tho
term in a tion o f F ed era l c o n tr o l th o tr a n s p o r ta tio n fa cilitie s a cq u ire d b y th e
U n ite d S tates in p u rsu a n ce o f th o F e d e ra l c o n tr o l a c t , w h ic h are n o w b e in g
op o ra te d o n th e M ississip p i a n d W a r rio r R iv e r s a n d th o E rie C a n a l .S& The
S en ate a m en d m en t tran sferred th ese tra n s p o r ta tio n fa cilitie s t o th o S h ip pin g
B o a r d . T h o con ferees in s e ctio n 201 o f th e co n fe r e n c e b ill re c o m m e n d e d
th e p ro ce d u re c o n ta in e d in th o H o u se b ill, w ith th e in s e rtio n o f la n gu ag o
m ak in g it clea r th a t th e S e cre ta ry o f W a r is t o o p e r a te s u ch tr a n s p o r ta tio n
fa cilities s o th a t tlio lines o f in la n d w a ter tra n s p o r ta tio n es ta b lis h e d b y th o
P resid en t d u rin g F ed era l c o n tr o l shall b o c o n tin u e d , a n d a u th o riz in g tho
S e cre ta ry o f W a r t o c o n s tr u c t o r c o n tr a c t fo r th e c o n s tr u c tio n o f term in al
fa cilities fo r th o in te rch a n g e o f t r a ffic b e tw e e n th o lines s o o p e ra te d b y him
a n d o th e r rail o r w a ter ca rriers. T h e S on a to a m e n d m e n t also co n ta in e d
p rov ision s transferring t o th o S h ip pin g B o a r d b o a ts co n s tr u c te d b y o r a u th 
o riz e d t o b e c o n s tr u c te d f o r th o U n ite d S tates f o r th o n a v ig a tio n o f th o u pper
M ississip p i. T h o H ou se b ill m a d e n o p ro v is io n s fo r these tra n s p o r ta tio n
fa cilities in a sm u ch as t h e y aro a lre a d y u n d e r th o c o n tr o l o f th o S e cre ta ry o f
W a r . b u t th o con ferees r e c o m m e n d the in s e rtio n o f a p r o v is io n th a t w h en
th e p ossession o f th ose tra n s p o r ta tio n fa cilitie s ro v o rts t o th o U n ite d S ta tes
a t o r b o fo r o th o e x p ira tio n o f th o c o n tr a c t u n d e r w h ic h t h e y aro n o w jb e in g
o p e ra te d th e y shall c o n tin u o t o b o o p e ra te d b y th o S e cre ta ry o f W a r s o ,a s
to p r o v id e fa cilities fo r w a te r ca rria g e o n th o u p p e r M is siss ip p i.
w:

Settlement of Matters Arising Out of Federal Control.
[S ec. 202 o f th e c o n fe re n ce bill.]
S e ctio n 202 o f th e H o u s o bill d ire cte d th o P re sid e n t t o s o ttlo a n d w in d
u p all m a tte rs , in clu d in g c o m p e n s a tio n , arising o u t o f a n d in cid e n t to
F ed e ra l c o n tr o l, a n d fo r these p u rp oses m a d o a v a ila b le all u n o x p e n d e d b a l
a n ces o f th o r e v o lv in g fu n d cr e a te d b y th e F e d e ra l c o n tr o l a c t a n d o f tho
$ 7 5 0 ,0 0 0 ,0 0 0 d e fic ie n c y a p p ro p ria tio n o f J u n o 30 1 919, a n d also all m o n e y s
d e riv e d fr o m th e o p e ra tio n o f carriers o r oth erw ise arising o u t o f F ederal
c o n tr o l. T h o S en a te a m e n d m e n t co n ta in e d n o su ch re fe re n ce t o a p p ro p ria 
tion s a n d co n ta in e d n o ex p licit d ire ctio n t o th o P re sid e n t t o s o ttlo F ederal
c o n tr o l m a tte rs . T h e co n fe re e s r o c o m m e n d e d in s e ctio n 202 o f th o c o n 
fe re n ce b ill t h e r e te n tio n o f th o H o u s o p r o v is io n s , a d d in g a n a p p ro p ria tio n
o f $ 2 0 0 ,0 0 0 ,0 0 0 . in o r d e r t o e n a b le t h e P resid en t t o c o m p ly w ith th o p r o 
v is io n , in s e ctio n 207 o f th e c o n fe r e n c e b ill, t h a t th o carriors w h en re s to re d
t o th eir o w n o p e r a tio n shall h a v e o n h a n d a t loast o n e -h a lf a m o n t h ’s w o r k in g
c a p ita l, w h ich p rov is ion w as co n ta in e d in s e c tio n 2 o f th o S enato a m e n d m e n t.

Compensation of Carriers with Which No Contract was Made.
[S ec. 203 o f t h o co n fe re n ce b ill.)
S e ctio n 2 o f th e F e d e ra l-co n tro l a ct a u th orizes th e P resid en t, in th e case
o f a n y ca rrior w ith wlxtch n o c o n tr a c t fo r c o m p e n s a tio n h ad b e e n m a d o , to
p a y t o su ch ca rrier n o t ex c e e d in g 9 0 % o f th o e s tim a te d a m o u n t o f c o m p e n 
s a tio n . T h o S on a te a m e n d m e n t in s e ctio n 2 re q u ire d th e P re sid e n t to
p a y t o th o carrier in s u ch cases th o to ta l a m o u n t o f ju s t co m p e n s a tio n or
s ta n d a rd retu rn p r o v id e d fo r u n d er th o F e d e r a l-c o n tr o l a c t , in all cases
w here n ecessary t o p a y interest u p o n in d e b te d n e ss . T h o H o u s o b ill c o n 
tain ed n o s u ch p r o v is io n . T h o c o n fe r e n c e bill r e c o m m e n d s th o in se rtio n o f
s e ctio n 203 o f th o co n fe re n ce b ill, w h ich requ ires th e P re s id e n t, w h ero n o
c o n tr a c t fo r c o m p e n s a tio n h as b e o n m a d e , t o p a y to th o carrier s o m u ch
o f th o a m o u n t h o estim ates as ju s t c o m p e n s a tio n as m a y b e n ecessary to
en a b lo th o ca rrier t o p a y in te ro t, ta x e s, a n d o th e r c o r p o r a te expen ses
a ccru in g d u rin g th e p erio d fo r w h ich co m p e n s a tio n is r e c k o n e d a n d d iv i
d e n d s fo r th o sam e p e rio d . T h e s e c tio n a lso a u th o rize s th o P re sid e n t to
p a y t o s u ch ca rrier u p t o 1 0 0 % o f tn o estim a te d a m o u n t o f s u ch c o m p e n s a 
tio n in ord e r to p erm it o f p ro m p t s e ttle m e n t o f m a tte rs arising o u t o f F ederal
c o n tr o l. T h o s e c tio n a lso co n ta in s i>ro vision s th a t t h e a c c o p ta n c o o f a n y
p a y m e n ts th ereu n d or shall o b lig a te th o carrier t o re p a y t o th o U n ite d S ta te s,
w ith 6 % in teres t, th o a m o u n t b y w h ic h th e su m s a d v a n c e d oxcecdT the s u m
fo u n d d u o w hen co m p e n s a tio n is fin a lly d e te rm in e d .

Reimbursement of Deficits During Federal Control.
[S ec. 204 o f th e co n fe re n ce bill.]
T h e S en a to a m e n d m e n t in s e ctio n 5 co n ta in e d a p ro v is io n th a t railroads
n o t o p e ra te d b y th o G o v e r n m e n t d u rin g th o p e rio d o f F ederal co n tr o l
s h o u ld b o p a id th o en tire a m o u n t o f th e ir d e fic it d u rin g th o F ed era l co n tr o l
p e r io d . N o s u ch p ro v is io n was co n ta in e d in th e H o u so b ill. T h o co n fe re e s
r e c o m m e n d e d , in s e c tio n 204 o f th e co n fe re n ce b ill, th a t carriers w h ich
su sta in ed a d e fic it in ra ilw a y o p e ra tin g in c o m e u n d er th eir o w n o p e ra tio n
d u rin g th e p e rio d o f F ederal c o n tr o l shall b e p a id th e a m o u n t b y w h ic h sucii
d e fic it exceed s th o c o r re sp o n d in g d e fic it d u rin g th o test p e r io d . T h o c o m 
p u t a tio n o f th e a m o u n t p a y a b le is m a d e b y d e te rm in in g th o d e fic it o r in 
c o m e fo r oa ch m o n th o f th e F ederal co n tr o l p e rio d d u rin g w h ic h th o carrier
o p e r a te d Its o w n lino a n d fo r th e th re e co r re sp o n d in g m o n th s o f th o test
p e r io d a v o ra g e d to g e th e r .
In th o ca se o f a carrier w h ich w as in o p e ra tio n
fo r less th a n a yea r d u rin g th e test p e rio d th e a m o u n t p a y a b le is th e on tlro
a m o u n t o f th e d e fic it d u rin g th e p e rio d o f Federal c o n tr o l.
aPJm IC51




[S ec. 2 06 o f th o co n fe r e n c e bill.]
T h e H o u so b ill in s e c tio n 204 p r o v id e d fo r th o b rin g in g o f s u its against
th e U n ite d S tates b a s e d o n causes o f a c t io n arising o u t o f th o possession ,
u s e , o r o p e ra tio n b y th o P re s id e n t o f ra ilro a ds d u rin g F e d e ra l c o n tr o l.
S u ch a c tio n s w e ro t o b e b r o u g h t against an a ge n t d e sig n a te d b y th o Presi
d e n t a n d p ro ce ss w as t o b o s e rv e d u p o n th o lo c a l a gen ts o f th o railroad in
re s p e ct t o w h o so o p e r a tio n th e ca u se o f a c tio n arose, if a c o n tr a c t w as m a d e
w ith th o carrier f o r th o c o n d u c t o f litig a tio n arising o u t o f o p e ra tio n d u rin g
F e d e ra l c o n tr o l.
P r o v is io n w as also m a d e , w h ero n o su ch c o n tr a c t has
be o n m a d e , fo r s e rv ico o f p rocess u p o n agen ts o r o ffic e r s d e sig n a te d b y th o
P re s id e n t. T h o H o u s o b ill also p r o v id e d th a t suits o f th o ch a r a c te r a b o v e
d e scrib e d p e n d in g a t th e te rm in a tio n o f F ed era l c o n tr o l s h o u ld n o t a ba te
b u t m ig h t b o p ro s e cu te d t o fin a l ju d g m e n t , s u b stitu tin g th o a gon t d esig
n a te d b y th o P resid en t as d e fe n d a n t. T h o S en ato a m e n d m e n t in se ctio n 1
p r o v id e d th a t all a ctio n s o n causes o f a c tio n g r o w in g o u t o f th o p ossession ,
u s e , c o n tr o l, o r o p e ra tio n b y th o P re sid e n t m ig h t bo b r o u g h t against th o
U n ite d States a n d p ro ce ss s e rv e d u p o n th o U n ite d S ta tes d istrict a tto r n o y .
T h o S en ate a m e n d m e n t a lso p ro v id e d fo r filin g w ith th o In te rs ta te C o m 
m e rce C o m m iss io n re p a ra tio n cla im s b ase d o n th o u n la w fu l co lle c tio n o f
rates d u rin g F ed era l c o n tr o l. T h o co n fe re e s r e c o m m e n d e d in s ection
2 06 o f th e co n fe re n ce bill s u b sta n tia lly th e m o th o d o f th o H o u s o b ill, a d d in g
a p a ra gra p h c o v e r in g re p a ra tio n cla im s a n d p r o v id in g fo r th o p a y m e n t o f
fin a l ju d g m e n ts o u t o f th e r e v o lv in g fu n d , cr e a te d b y s e ctio n 210 fo r th o
p u rp o s e o f m a k in g lo a n s d u rin g th e tra n sition p e rio d .

Refunding of Carriers’ Indebtedness to the United States.
[S e c. 207 o f th o co n fe r e n c e bill.]
S e ctio n 205 o f th o H o u s o b ill p r o v id e d th a t th o P resid en t s h o u ld ascertain
th o a m o u n t o f in d e b te d n e ss o f e a ch ca rrier t o th o U n ite d S tates incu rred
fo r a d d itio n s a n d b e tte rm e n ts m a d o d u rin g F od ora l c o n tr o l a n d p r o p e r ly
ch argo a blo t o ca p ita l a c c o u n t , a n d also th o a m o u n t o f th o in d e b te d n ess o f
th o U n ite d S tates t o o a ch carrier arisin g o u t o f F od ora l c o n tr o l. T h ose
a m o u n ts w ore roq u irod t o b o sot o f f a ga in st o a ch o th e r t o th o o x to n t p e r
m itte d u n d e r th e term s o f th o " s ta n d a r d c o n tr a c t ” w itli th o carriors rela tiv e
t o d e d u c tio n s and c o m p e n s a tio n . S u ch “ s ta n d a rd c o n tr a c t ” p r o v id e s th a t
th e s e t -o ff shall n o t b o m a d o In s u ch m a n n e r as t o d e p r iv o th e ca rrier o f
sum s n ecessary t o p a y fix e d ch arge s, ta x e s, a n d o th e r c o r p o r a te ch arges
a n d o xp on ses, b u t g iv e s th o P re sid e n t p o w e r , i f lie ch o o se s , t o m ak o a
s e t -o ff, e v e n th o u g h this m ig h t le a v e th o ca rrior w ith n o fu n d s w itli w h ich t o
p a y d iv id e n d s . T h o rem a in in g a m o u n t o f th o in d o b to d n o ss o f th o carrior
o n a c c o u n t o f s u ch a d d itio n s a n d b o tto rm o n ts w as t o b o p a y a b lo in 10 equ al
p a r ts , o n o o f su ch p a rts t o b o p a y a b lo a n n u a lly , b eg in n in g a t th o e x p ira tion
o f fiv e years a fto r th o te rm in a tio n o f F odoral c o n tr o l. A n y o th e r in d e b te d 
ness o f th o carrier w as t o b o e v id e n c e d b y n o te s p a a b lo o n d e m a n d .
T h o S on ato a m e n d m e n t p r o v id e d fo r fu n d in g , w ith o u t a n y rig h t o f s o t-o f
fo r a p e rio d o f 10 y e a r s , o r a s h o rto r p e r io d , a t th o o p t io n o f th o ca rrior,
o f all th o in d eb ted n ess to th o U n ite d S tatos in cu rre d fo r a d d itio n s a n d b o tto r
m o n ts , o r fo r a d v a n ce s m a d o b y th o U n ite d S tatos o r in cu rre d t o p a y o f f
a n y ca rrie r’s In debtedn ess p r o p e r ly ch a rgo a b lo t o ca p ita l a c c o u n t . A n y
re m a in in g in d eb ted n ess o f th e ca rrier t o th o U n ite d S tatos w a s t o b o e v i
d e n ce d b y notes p a y a b lo o n d e m a n d , w ith th o rig h t in th o P re sid e n t to sot
o f f a ga in st su ch a m o u n t a n y in d e b te d n e ss o f th o U n ited S tatos t o th o ca rrior,
t o th e o x to n t p e rm itte d b y th o term s o f th o “ s ta n d a rd c o n t r a c t ," b u t n o
s u ch s ot^ off w a s t o b o m ad o unless th o carrier h a d r o c o lv o d s u ch sum s as
w ero n ecessary t o en a b lo it t o p a y d iv id e n d s a t th o regular rato o f d iv id en d s
p a id d u rin g F odoral c o n t r o l, a n d , In a d d itio n , sum s n ecessary t o p r o v id o
th o ca rrier w ith w o r k in g ca p ita l in a m o u n t n o t less th a n o n o m o n t h ’s op e ra t
ing o xp on ses, o r d u o o n a c c o u n t o f m aterials a n d su p p lios n o t retain ed in
k in d .
T h o co n fe re n ce b ill in s e c tio n 207 p r o v id o s th a t th o rig h t o f sot o f f (Instead
o f b e in g m a d o aga in st th o in d eb ted n ess o n o p o n a c c o u n t , as p r o v ld o d in
th o S on ato a m e n d m e n t, o r a ga in st th o in d eb ted n ess fo r a d d itio n s a n d b o tto r 
m o n ts, as p r o v id e d in th o H ou se b ill) m a y b o m ad e a ga in st o lth o r o r b o th
o f these classes o f in d eb ted n ess as th o P resid en t m a y d o to rm in o , a n d to th o
o x to n t d e te rm in e d b y h im , s u b je c t t o th o lim ita tio n th a t s u ch rig h t o f s ot
o f f can n o t b e exercised b e y o n d th o o x to n t p e rm itte d u n d er th o term s o f th o
" s ta n d a r d c o n t r a c t ,” n o r so as t o p ro v o n t th o ca rrio r fr o m h a v in g sum s
re q u ire d fo r d iv id e n d s a n d p a id d u rin g F odoral c o n tr o l, a n d w ork in g ca p ita l
o f n o t less th an o n e -h a lf a m o n t h ’s o p e ra tin g oxp on sos. T h o co n foron co
b ill also p ro v id e s th a t th o fu n d in g o f th o re m a in in g In debtedn ess fo r a d d i
tio n s a n d b e tte rm e n ts , shall b o fo r a p e rio d o f 10 yea rs fr o m th o te rm in ation
o f F ed era l c o n tr o l, o r a sh o rto r p e rio d a t th o o p t io n o f th o carrier, w ith
in terest a t 6 % p e r a n n u m , s u b je c t to th e rig h t o f th o carrier t o p a y b e foro It
is d u e , th o w h o lo o r a n y p a r t o f s u ch in d e b te d n e ss . U n d e r th o co n foron co
b ill a n y o th e r in d e b te d n e ss Is t o b o e v id e n c e d b y n o to s p a y a b lo In o n o y e a r ,
o r a sh o rte r p e rio d a t th o o p t io n o f th o ca rr ie r .

Existing Rates to Continue in Effect.
[S e c. 2 08 o f th o co n fe re n ce bill.]
S e ctio n 206 o f th o H o u s o b ill p r o v id e d th a t all rates an d d ivision s o f
jo in t rates in e ffe ct o n th o te rm in a tio n o f F ederal c o n tr o l s h o u ld co n tin u e
in fo r c o a n d e ffe c t u n til ch a n g e d b y S ta to o r F e d e ra l a u th o r ity , re s p e ctiv e ly ,
o r p u rsu a n t t o a u th o r ity o f la w . T h o S on ato a m o n d m o n t p r o v id e d th a t
s u ch rates a n d d ivisio n s o f rates s h o u ld rem ain in fo r c e u n til ch a n g ed b y
c o m p e te n t a u th o r ity . T h o c o n fo r o n c o b ill, in se ctio n 2 08, a d o p ts th o H ouse
m o th o d o f s ta te m e n t, an d p r o v id e s th a t p rio r t o th o o x p lra tlo n o f th o gu a r
a n t y p e rio d n o ra te shall b o re d u c e d w ith o u t th o a p p r o v a l o f th o co m m is s io n .

Guaranty to Carriers After Termination of Federal Control.
[S e c. 209 o f th o co n fo ro n ce bill.]
(1) Carriers included.— T h e gu a r a n ty p r o v ld o d b y so ctlo n 207 o f th o H ouse
b ill a p p lie d o n ly t o a carrier b y ra ilro a d u n d er F odoral c o n tr o l at th o tim e
F ederal c o n tr o l term in ates, o r w h ic h en g ag e d as a c o n u n o n carrier in gonoral
tra n s p o rta tio n a n d c o m p e te d fo r tra ffic w ith a ra ilroa d u n d o r F ederal co n tr o l.
It also e xc lu d e d fr o m th o g u a r a n ty a carrior w h ich w ith in 60 d a y s aftor
F ederal c o n tr o l te rm in a te d d id n o t tile w ith th o co m m is s io n sch ed u les em 
b o d y in g gon oral increases in its ra tes. T h o S on ato a m o n d m o n t in s ection
5 d id n o t c o n ta in th is la tte r re q u ire m e n t, b u t in clu d e d w ithin th o g u aran ty
th o ro a d s w h ich h a d c o m p e te d fo r tr a ffic , o r c o n n e c t e d , w ith a ra ilro a d under
F e d e ra l c o n tr o l. T h o co n fe re n ce b ill In se ctio n 209 In su b sta n ce a d o p ts th o
S enate d e fin itio n o f carriers t o w h o m th o g u a r a n ty is t o a p p ly .
(2) Period o f guaranty.— T h o Sonato a m e n d m e n t p r o v ld o d th a t sch ed u les
o f rates file d w ith th o co m m is s io n w ith in 60 d a y s a ftor F ederal co n tr o l
te rm in a te d sh o u ld b e c o m e e ffe c tiv e fo u r m o n th s a fte r b e in g file d w ith such
ch an ge s as m ig h t b o ord e re d b y th o co m m is s io n , p r o v id e d th a t until th o
co m m is s io n ren dored Its d e cis io n , o r un til th e e x p ira tio n o f th o fo u r m o n th s ’
p e r io d , th e g u a r a n ty s h o u ld bo a p p lic a b le , thus m ak in g it p o sslb lo fo r th o
g u a r a n ty t o expire b e fo r o th o now rates b e ca m e o ffo c t lv o . T h e H ou se
b ill, in s e ctio n 2 07, fix e d as a d e fln lto g u a r a n ty p orlo d th e firs t six m on th s
a fte r th o te rm in a tio n o f F e d e ra l c o n tr o l. T h o co n fo ro n co bill in soctlon
2 09 a d o p ts th o H o u s o p o rio d o f gu a r a n ty .
(3) Amount of guaranty.— T h o H ou so b ill, so ctlo n 2 0 7 , g u aran teed to
e a ch carrier e n title d t o a g u a r a n ty lth a t Its ra ilw a y o p e ra tin g in c o m e fo r

th e g u a r a n ty p e r io d as a w h o le s h o u ld n o t b e less th a n th e a verage o f su ch
In co m e fo r th e tlireo co r r e s p o n d in g p e rio d s o f six m o n th s d u rin g th e test
p e rio d , a n d in ca so d u rin g th e te st p e rio d th o carrier h ad a d e fic it in ra ilw a y
o p e ra tin g in c o m e , th o g u a r a n ty s h o u ld b e th e a m o u n t b y w h ich a n y d e fic it
in ra ilw a y o p e ra tin g in c o m o fo r th o g u a r a n ty p e r io d as a w h o le e xce e d s th e
d e fic it fo r th o th ree co r re sp o n d in g p e rio d s dim ing th o te st p e rio d , a ve ra g e d
t o g e th e r . T h o S enate a m e n d m e n t p r o v id e d t h a t in ca se o f a carrier w h ich
h a d m a d o w ith th o P resid e n t a c o n tr a c t fo r co m p e n s a tio n u n d e r th e F ed era l
c o n tr o l a c t , th o g u a r a n ty s h o u ld b o o f an o p e ra tin g in c o m o fo r th o g u a r a n ty
p e rio d p ro p o r tio n a te t o th e co m p e n s a tio n s o agreed u p o n , b u t t h a t in
r e s p e ct t o th os e carriers w ith w h ic h n o c o n tr a c t h a d bo o n m a d e , a n d w ith
ra spect t o carriers n o t u n d e r F ed era l c o n tr o l, th o g u a r a n ty sh o u ld b o based
u p o n th o ra ilw a y o p e ra tin g in c o m o d u r in g th o tost p e r io d , a n d i f th e carrier
h a d a d e fic it In th o test p e r io d , th e g u a r a n ty sh o u ld b o against th e e n tire
d e fic it in o p e ra tin g expen ses a n d taxes d u rin g tho gu a r a n ty p e r io d .
T h o c o n fe re n ce b ill in s e c t io n 209 p r o v id e s w ith re s p e ct to carriers w ith
w h ic h a c o n tr a c t fix in g c o m p e n s a tio n has been m a d e th at th e ra ilw a j
o p e ra tin g in c o m e fo r th o g u a r a n ty p e r io d as a w h o le shall n o t b e 1ms th an
o n o -h a lf th o a m o u n t n a m ed in s u ch c o n tr a c t as annu al c o m p e n s a tio n .
In clu din g increases in s u c h c o m p e n s a tio n p r o v id e d fo r in s e ctio n 4 o f th o
F od ora l c o n tr o l a c t , rola tln g t o a d d itio n s a n d b e tte rm e n ts m a d o b y o rd e r
o f , o r w ith th o a p p r o v a l o f , th o P re s id e n t d u rin g th o p e r io d o f f e d e r a l
c o n t r o l.
T h o c o n fo r e n c o b ill p r o v id e s w ith ro s p o ct t o carriers e n title d t o co m p e n s a 
t io n u n d e r th o F od ora l co n tr o l a c t , w ith w h ic h s u ch c o n tr a c t has n o t boen
m a d o , t h a t th o ra ilw a y o p e ra tin g in c o m o fo r th o g u a r a n ty p e rio d as a w h o le
sh all n o t b o loss th an o n o -h a lf o f th o an n u al a m o u n t e stim ate d b y th o P resi
d e n t u n d or th o F odoral c o n tr o l a c t , in clu d in g th o increases in su ch c o m 
p en s a tion p r o v id e d in s e c tio n 4 o f th o F ederal c o n tr o l a c t.
P ro v isio n
m a d o th a t i f th o ca rrier d o c s n o t a c c e p t th o P re s id e n t's e s tim a te , a n d tries
its r o m o d y in th o C o u r t o f C la im s a n d it is th e re d e te rm in e d th a t a la rger o r
sm aller a m o u n t is d u o a s co m p a n sa tio n , th o g u a r a n ty s h a ll b o in creased or
decrea sed a c c o r d in g ly .
W it h ro s p e ct t o a n y ca rr ie r , w h o th o r o r n o t e n title d t o ju st c o m p e n s a tio n
u n d or th o F od ora l c o n tr o l a c t , w ith w h ic h s u ch a c o n tr a c t has n o t been m a d o ,
a n d as t o w h ic h th o P res id e n t a a s n o t m a d o a n y es tim a te o f c o m p e n s a tio n ,
an d w h ic h in th o to s t p e rio d su stain ed a d e fic it in ra ilw a y o p e ra tin g in co m e ,
th o co n fo re n co b ill p r o v id o s th a t th o g u a r a n ty shall b o th o a m o u n t b y w h ic h
th o d o r ic it fo r th o g u a r a n ty p e r io d as a w h o le excoed s o n o -h a lf its a ve ra g e
a n n u al d o flc it fo r th e te s t p e r io d , p lu s an a m o u n t eq u a l t o o n o -h a lf th o
a n n u al s u m fix e d b y th o P re s id e n t u n d o r s o ctio n 4 o f th o lo d c r a l co n tr a l a c t
as Intorost o n a d d itio n s a n d b o tte rm o n ts m a d e b y his o rd e r o r w ith h is
a p p r o v a l d u rin g th o p erio d o f F odoral c o n tr o l.
W ith r o s p o ct t o a ca rrier n o t e n title d t o Just co m p e n s a tio n u n d e r th e
F odoral c o n tr o l a c t , w h ic h fo r th o te st p e rio d as a w h o le had a n a vora g o
a n n u al ra ilw a y o p e ra tin g in c o m o , th o co n fe re n ce b ill p r o v id e s th a t th e gu a r
a n t y shall b o n o t less th a n o n o -h a lf th o a v e ra g e annu al ra ilw a y o p e ra tin g
in c o m o o f su ch ca rrier d u rin g th o te s t p e r io d .
(4) Return o f excess over guaranty.— T h e S en a te a m e n d m e n t, in s e c t io n 5,
p r o v id e d t h a t th o g u a r a n ty sh o u ld n o t b o p a y a b le un less th o ca rrie r a cco p ts
In w r itin g th o p r o v is io n s o f th o gu a r a n ty s e c t io n . I t fu rth er p r o v id e d th a t
If a n y carrior d u rin g th e g u a r a n ty p e r io d re c e iv e d an In co m o in oxcess o f
th o g u a r a n ty it sh ou ld p a y s u ch oxcess in to th o T re a s u ry . T h e H o u se b ill
c on ta in od n o s u ch p r o v is io n . T h o c o n fo re n co b ill, in se ctio n 2 09 , a d o p ts th o
S on a to p r o v is io n , w ith th e lim ita tio n th a t th e carrior m a y re ta in o u t o f th o
a m o u n t o f a n y s u ch oxcess s u ch a m o u n ts as are necessary t o en a b le it to
p a y its fix e d ch arges a ccr u in g d u rin g th o g u a r a n ty p e r io d .
(5) Computation of railway operating income.— T h o H o u se b ill co n ta in o d
d eta iled p ro v is io n s as t o th o c o m p u t lo n o f ra ilw a y op e ra tin g in co m o an d
p r o v id e d fo r n occssa ry a d ju s tm e n ts m a d o n ocossary t o m ak o th e in co m e
o r fo r th o gu a r a n ty p e rio d p ro p e rly c o m p a ra b le w ith th e test p e rio d in co m e
as d e fin e d in th o F ederal c o n tr o l a c t . T h e Sonato a m e n d m e n t co n ta in e d
n o s u ch p ro v is io n . T h o co n fo re n co b ill, in se ctio n 2 0 9 , a cce p ts th o IIo u s o
p ro v is io n s .
(G) Advances.— T h o H o u s o b ill m a d o p ro v is io n fo r a d v a n ce s t o th o carrier
d u rin g th o gu a r a n ty p e r io d , n o t in excess o f th o e stim ated a m o u n t o f gu ar
a n t y , t o cn a b lo it t o m oot its fix e d ch arges an d o p e ra tin g expen ses, u p on
ex e c u tio n o f p ro p e rly secu red co n tr a c ts fo r re p a y m e n t o f a n y o v e r p a y m e n ts.
T h o S onato b ill c on ta in od n o su ch p r o v is io n , w h ic h th o co n fe re n ce b ill retains
(7) American Railway Express guaranty.— T h o H o u s o bill a lso co n ta in o d
a p ro v is io n gu aran teein g th o A m e rica n R a ilw a y E xpress C o . against a
d e fic it d u rin g th o gu a r a n ty p e r io d . T h o S enato b ill co n ta in o d n o s u ch
p r o v is io n . T h o co n fo re n co b ill, in s o ctio n 2 0 9 . retains th o H o u s o p r o v is io n ,
w ith th o lim ita tio n th a t th e ro shall n o t b o in clu d ed in o p e ra tin g expenses
s o m u ch o f th o ch a r g e fo r p a y m e n t fo r express p rivileges t o carriers o n w h o so
lines th o oxpross tr a ffic Is ca rried as in excess o f 5 0 .2 5 % o f gross express
ro v o n u o . T h o c o n fe r e n c e b i ll a lso inserts a p ro v is io n th a t a n y o p e ra tin g
in c o m o earned b y th o A m e r ic a n R a ilw a y E xp ress C o . in excess o f th o
g u a r a n ty s h a ll b o p a id in to th o T r e a s u r y , th o a cce p ta n ce o f th is p r o v is io n
in w ritin g b e in g a c o n d it io n o f o b ta in in g th o g u a r a n ty .

Neio Loans to Railroads.
(S ec. 210 o f th o co n fe re n ce b ill.)
T h e IIo u s o b ill in s o ctio n 208 cr e a te d a r e v o lv in g fu n d o f $25 0 ,0 0 0 ,0 00
fo r th o p u rp o s o o f m a k in g loa n s t o carriers du rin g th o tra n sition p erio d
fo llo w in g th e term in a tion o f F ederal c o n tr o l.
D e ta ile d p ro v is io n w a s m ad o
fo r th o r e c o m m e n d a tio n o f th e loa n s b y th o In te rs ta te C o m m e rc e C o m 
m ission and th o m ak in g o f s u ch loan s b y th o S e cre ta ry o r th o T re a su ry
T h o S onato a m e n d m e n t a p p ro p ria te d $ 50 0 ,0 0 0 ,0 00 fo r loans t o ra ilroa ds,
w ith o u t a n y p r o v is io n as t o h o w theso loa n s s h o u ld b o m a d o , o r a n y lim ita 
tio n as t o th o tim o d u rin g w h ic h tlio y m ig h t b o m a d o . T h e co n fe re n ce b ill,
in s o ctio n 2 10, a d o p ts th o p ro v is io n s o f th o H o u s o b ill, b u t increases tho
a m o u n t o f th o r e v o lv in g fu n d t o $ 3 0 0 ,0 0 0 ,0 0 0 .

Disputes Between Carriers and Their Employees and Subordinate Officials.
[T ltlo I I I o f co n fo re n co b ill.]
T h o H ou so b ill lim ite d th o d isp u te s w h ich w ero t o b o con sid ered u n d er
its la b o r p rov is ion s t o tlio so in v o lv in g e m p lo y e e s w h o are m om b ors o f certain
s p e c ifie d ra ilroa d b ro th e r h o o d s a n d s h o p m e n ’s u n ion s. T h o S onato a m o n d m o n t p r o v id e d fo r th o co n sid e ra tio n o f d isp u tes o f all e m p lo y e e s a n d s u b o r d i
n a te o ffic ia ls o f carriers, o rg a n ize d o r u n o rga n iz e d . T h o b ill a greed t o b y
t h o con foroos p ro v id o s fo r th o a d ju s tm e n t o f d isp u te s o f a ll ra ilroa d e m 
p lo y e e s , n o t o n ly m om b o rs o f th o fo u r b r o th e r h o o d s or th o s h o p m e n s
u n ion s, 'b u t a lso o f o th e r ra ilro a d la b o r org a n iza tio n s. U n org a n ized e m 
p lo y e e s a n d em p lo y e e s o f s le e p in g ca r o r oxpross co m p a n ie s a n d su b o rd in a te
o ffic ia ls are also In clu ded . T h o o fficia ls in clu d e d w ithin tills last term are
t o b o d eterm in ed b y th o co m m is s io n u n d e r th o a u th o riz a tio n o f pa ra gra p h
(5) o f s o ctio n 3 00 .
,
.
, . .
T h e H o u s o b ill e sta b lish e d th re e a d ju s tm e n t b o a r d s , c o m p ris e d o f an
e q u a l n u m b e r o f th o rep re se n ta tiv e s o f th e s p e c ifie d ra ilw a y b ro th e rh o o d s
a n d s h o p m e n 's u n ion s a n d th e ra ilro a ds, a p p o in te d d ir e c tly b y t h e e m p lo y e e s
a n d ca rriors. S u ch a d ju s tm e n t b o a r d s w ore a u th o riz e d t o r e c e iv e d is p u te
o f a n y kin d fo r co n s id e ra tio n i f b o t h th o ra ilro a d a n d th o e m p lo y e e s jo in t ly
a greed t o s u b m it th o d isp u to t o th o co n sid e ra tio n o f th o p ro p e r a d ju s tm e n t




717

THE CHRONICLE

F eb . 21 1920.]

b o a r d . I f th o a d ju s tm e n t b o a r d fa ile d o r refu sed t o d e c id e th e d is p u to ,
e ith e r h a lf o f th o m e m b e rs o f th o b o a r d m ig h t refer it t o a c o r re sp o n d in g
a p p e a l co m m is s io n , c o m p o s e d in th o s am e m an n e r as th o a d ju s tm e n t b o a r d .
T h o S on a to a m e n d m e n t p la c e d d isp u te s in t w o cla ss e s, th o se re la tin g
w ages a n d w o r k in g co n d itio n s a n d th o s o ro la tln g t o g r ie v a n ce s a n d m atters
o f d isc ip lin e . T h o la tte r class o f d isp u te s w e ro t o b o co n sid e re d b y lo c a l
regional b o a r d s o f a d ju s tm e n t, co m p rise d o f an e q u a l n u m b e r o f rep resen ta 
tiv e s o f la b o r a n d th e c a rrie rs, a p p o in te d b y th e tr a n s p o r ta tio n b o a r d from
n om in ees p re se n te d b y th o carriers a n d th eir e m p lo y e e s . T h e r e w as fu r th er
cr e a te d a n d e sta b lish e d a c o m m it t e e o n w ages a n d w o r k in g co n d itio n s
fo rm e d in th o sam e m a n n e r. T h is c o m m itte e h a d orig in al ju r is d ic tio n o v e r all
d isp u te s in v o lv in g w a g es a n d w o r k in g co n d itio n s a n d th o p o w e r t o a m e n d or
d is a p p r o v e th o d e cis io n s o f th o re g io n a l b o a r d s fo r th o p u r p o s o o f s e cu rin g
u n ifo r m ity o f p r a c t ic e . T h o S o n a to a m e n d m e n t p r o v id e d sp e cial te m p o r a r y
tribu n a ls fo r th o c o n sid e ra tio n o f d isp u te s o f su b o rd in a te o ffic ia ls . F in a lly ,
d isp u te s as t o g r ie v a n ce s a n d m atte rs o f d isc ip lin e w h ic h th o re g io n a l b oa r d s
fa ile d t o d o c id o m ig h t b o referred t o th o co m m itte e o n w agas an d w o r k in g
c o n d itio n s , and all d e cis io n s o f th e c o m m it t e e o n w ages a n d w o r k in g c o n 
d itio n s w ore de n ie d e ffe c t u n til a p p r o v e d b y th o tr a n s p o r ta tio n b o a r d .
T h o co n fe re n ce b ill (seo s e c . 3 02) p o rm lts th o fo r m a tio n b y a greem en t
b e tw e e n th o carriors and th eir e m p lo y e e s o f v o lu n t a r y a d ju s tm e n t b o a r d s
w ith ju r is d ic tio n o v e r d isp u te s in v o lv in g g r ie v a n c e s , ru las, o r w o r k in g
c o n d itio n s . T h e r e is fu r th e r esta b lis h e d a r a ilro a d la b o r b o a r d c o m p o s e d
o f n in o m em b ers a p p o in te d b y th o P re s id e n t, b y an w ith th o a d v ic e a n d c o n 
se n t o f th e S e n a to , th ro o fr o m n o m in ees o ffe r e d b y th o ca rrie rs, th re e from
nom in ees o ffe r e d b y th o e m p lo y e e s o f th e ca rriors, a n d th ro o t o b o d ir e c t ly
a p p o in te d and to b o re p re se n ta tiv e s o f th o p u b lic (seo s e c . 3 0 4 ). T h o ra il
ro a d la b o r b o a r d has e x c lu siv e ju ris d ictio n o v e r d isp u te s in v o lv in g w a g es,
a n d also o f d isp u te s in v o lv in g g r ie v a n ce s , d is p u te s , a n d w o r k in g co n d itio n s
in caso n o a d ju s tm e n t b o a r d h as b o e n fo r m e d b y th e carriers a n d e m p loy ees
w h o a re p a rtie s t o s u ch d is p u to . T h o ra ilroa d la b o r b o a r d has a p p e la te
ju r is d ic tio n u p o n its o w n m o tio n o r u p o n th o re q u e s t o f an a d ju s tm e n t b oa r d
in caso s u ch a d ju s tm e n t b o a r d is fo r m e d b u t fails t o d e c id e s u ch d isp u te s .
T h e H o u s o b ill p r o v id e d fo r n o re p re s e n ta tio n o f th o p u b lic u p o n a n y o f
Its b o a r d s o r co m m is s io n s. T h o S enate a m e n d m e n t s u b je c t e d all d e cis ion s
o f its tribu n a ls t o re v ie w b y a p u b lic b o a r d , th o tra n s p o r ta tio n b o a r d . T h e
co n fe re n ce b ill (seo s e c . 3 07 (c ) ) p r o v id e d fo r a p p o in tm e n t o f m e m b ers to
re p re se n t th o p u b lic a lo n g w ith th o s o re p re s e n tin g th o carriers a n d e m p lo y e e s
u p o n its su p re m o trib u n a l, a n d , m o r e o v e r , re q u ire s t h a t , th o u g h a d e cis ion
m a y b o r e a ch e d b y a m a jo r it y v o t e , n e v erth eless a d e cis io n in r e s p e ct to
w ages is n o t e ffe c t iv e unless a t loast o n e o f t h o p u b lic re p re s e n ta tiv e s co n c u r
th e re in .
'
T h o H o u s o b ill m a d e it th o d u t y o f carriers a n d th eir e m p lo y e e s t o ta k e
all p o s s ib le m e a n s t o a d ju s t th e ir d iffe re n ce s in t h o firs t in sta n ce b e fo re
re fe rrin g th e d is p u te t o a n y a d ju s tm e n t b o a r d . T h o S en ato am e n d m en t
h a d n o p r o v is io n u p o n th is s u b je c t . T h e co n fe re n ce b ill c o n ta in s a d e cla ra 
t io n , sim ilar to th a t in th o H o u s o b ill, d ire ctin g th o .o ffic ia ls o f a ca rrier and
th e ir e m p lo y e e s t o a p p o in t re p re se n ta tiv e s t o c o n fo r o v e r all m atters o f
d is p u te .
In ca s o o f th e fa ilu re o f su ch co n fe r e n c e t h e H o u s e bill p r o v id e d
th a t n o d is p u to s h o u ld c o m e w ith in th o ju r is d ic tio n o f an a d ju s tm e n t l>oard
un less b o th t h e carriers a n d t h o e m p lo y e e s Jointly a g re e d t o s u b m it it t o
th e a d ju s tm e n t b o a r d . T h o S en ato a m e n d m e n t p e rm itte d d isp u tes t o
ro a ch a reg io n a l b o a r d o r th o c o m m it t e e o n w ages a n d w o r k in g c o n d itio n s
u p o n th o a p p lic a tio n o f eith er p a r t y t o th e d is p u te b u t m a d o n o p ro v is io n
fo r a n y a ctio n b y a n y tr ib u n a l u p o n its o w n in itia tiv e . T h e p r o v is io n s o
th e co n fe re n ce b ill (see se c. 307 (a) a n d (b ) ) p e rm it a ctio n s b y th e ra ilroa d
la b o r b o a r d n o t o n ly u p o n a p p lic a tio n o f cith e r p a r t y o r b y p e titio n o
u n o rg a n iz e d e m p lo y e e s b u t a lso u p o n th o a d ju s tm e n t b o a r d s o r th o ra roai
la b o r b o a r d ’s o w n m o tio n .
.
T h o H o u s o b ill m a d e tform an ent all d e cis io n s issued b y th o R ailroa d
A d m in is tr a tio n , o r th o a d ju s tm e n t b o a r d s in c o n n e c tio n th e re w ith , in
re sp o ct t o w a g es a n d w o r k in g c o n d it io n s . T h e S enato a m e n d m e n t h a d
n o p ro v is io n u p o n this s u b je c t . T h e b ill o f th e co n fe re e s, h o w e v e r (see
»e c. 3 1 2 ), fo r b id s th o carriers t o re d u c e w ages agreed t o u n d e r s u ch d ecision s
d u rin g t h e g u a r a n ty p e r io d o n ly .
•
T h e n o u s o bill c o n ta in o d n o e n fo r ce m e n t p ro v is io n s b u t relied o n tn e
v o lu n t a r y o b s e r v a n c e b y t h o p a rties o f all d ecision s m a d o b y th e m ,
b la n k e t p e n a lty w a s co n ta in e d in th e H o u s e b ill, b u t th e re w e re n o co r re s 
p o n d in g d u tie s , s a v e t h a t re p re se n ta tiv e s u p o n th e b o a r d s a n d c o n u n ss ons
“ s h a ll" reach a d e cis io n , t o w h ic h th e p e n a lty a p p lie s . T h e S en a te a m e n d 
m e n t m a d e e xten sive nso o f crim in a l pen alties t o e n fo r c e all d e cis io n s o i s
trib u n a ls a n d p r o v id e d fo r a fin e o f $500 o r im p r is o n m e n t n o t exceed in g
six m o n th s fo r a n y carrier o r o ffic ia l th e r e o f w h o fa ils t o o b e y a n y d e c sion
o f its trib u n a ls a n d fo r a n y p e rs o n w h o en ters in t o a c o n s p ir a c y t o restrain
th e o p e r a tio n o f tra in s in in te rs ta te c o m m e r c e . T h o con re re n co b ill c o n 
ta in s n o p e n a lty p ro v is io n s fo r a v io la tio n o f a d e cis io n o f th e railroad
la b o r b o a r d , b u t p ro v id e s th a t a ll d e cis io n s sh all b o giv e n e x te n s iv e p u b lic ity .
T h e r e l.-> a fu r th e r p r o v is io n (see s e c . 3 13 ) t h a t th e ra ilro a d la b o r b o a r d m a y
a fte c n o tic e a n d h e a rin g d e te rm in e w h e th e r a n y d e cis io n b y an a d ju s tm e n t
b o a r d has b e e n v io la te d b y e ith er p a r t y , t o w h ic h th o d e cis io n a p p lies.
I n ca se th o ra ilroa d la b o r b o a r d d e term in es t h a t such v io la tio n o c c u r s it
m a y m ak e p u b lic s u ch fin d in g in s u ch m an n er as it m a y d e te rm in e .
T h e n o u s e b ill p r o v id e d fo r t h o tra n sfer t o t h e a d ju s tm e n t b o a r d s an a
a p p e a l c o m m is s io n s o f ce r ta in r e c o rd s o f t h o B o a r d o f M e d ia tio n an
onc ilia tio n , e sta b lish ed u n d er th o N e w la n d s a c t. b u t b o t h th o n o u s e b ill a n a
S enate a m e n d m e n t p e rm it th e gen eral Jurisdiction o f th a t b o n id o v e r a
ra ilro a d la b o r d isp u te s t o re m a in . T h e c o n fe r e n c e b ill, h o w e v e r , i en as
ju ris d ictio n o f th o B o a r d o f M e d ia tio n a n d C o n c ilia tio n o v e r a n y d isp u to
w h ic h m a y b o a d ju s te d b y th e a d ju s tm e n t b o a r d s o r th o ra ilro a d la b o r b o a r d .

Natural Gas.
ISec. 402 o f th e c o n fe r e n c e bllll
T h e n o u s e b ill In so ctio n 4 00 a m e n d e d s e ctio n 1 o f th e in tcr-S ta to C om *
m e rco A c t s o t h a t th o tra n s p o r ta tio n o f na tu ra l gas b y p lp o lin o w a s in clu d e!
w ith in th e Jurisdiction o f th o C o m m is s io n . T h e S enate a m e n d m en t
co n ta in e d n o s u ch p r o v is io n . T h e c o n fe r e n c e b ill, in s e ctio n 4 0 0 , co n tin u es
t h o p r o v is io n s o f e xistin g la w u n d e r w h ic h s u ch tra n s p o r ta tio n o f natu ral
gas Is n o t s u b je c t t o th e ju r is d ic tio n o f t h e C o m m iss io n .

Free Passes by (farriers.
T h e n o u s e b ill in s e ctio n 400 a m e n d e d th o existin g p ro v is io n s o f th e
I n te r -S ta te C o m m e r c e A c t s o as t o p u t fu r th e r re strictio n s o n th e rig h t
o f carriers t o issuo free passes. T h o S enate a m e n d m e n t co n ta in e d n o such
a m e n d m e n t o f existin g la w . T h o c o n fe r e n c e b ill strikes o u t th e a m e n d 
m e n t co n ta in e d in th e n o u s e b ill.

Car Service— Refrigerator Cars.
(S ec. 4 02 o f th e c o n fe r e n c e b ill.)
S ection 34 o f th e S en a te a m e n d m e n t e m p o w e re d th e tra n s p o r ta tion
b o a r d t o require carriers t o fu rn ish re frig e ra to r ca rs fo r th o tra n s p o r ta tion
o f p erish able c o m m o d it ie s . T h e H o u s e b ill co n ta in e d n o s p e c ific p ro v is io n
re s p e ctin g refrig era tor ca rs . S e ctio n 402 o f th e c o n fe r e n c e bill d e f i n e
" c a r s e rv ice ’ so as t o in clu d e “ special t y p e s o f e q u ip m e n t, w h ic h term
w ill e m b r a c e re frig e ra to r ca rs , a n d m ak e s it th e d u t y o f e v e r y ca rrier b y
ra ilro a d t o fu rn ish a d e q u a te c a r s e rv ice .

718

THE CHRONICLE
Car Service— Coal Cars.
(S ec. 4 0 2 o f th e co n fe re n ce bill.)

S e c tio n 4 02 o f th e H o u s o b ill re q u ire d carriers b y raii t o m ak e Just a n d
r e a s o n a b le d is trib u tio n o f ca rs fo r t h e t r a n s p o r ta tio n o f c o a l a m o n g c o a l
m in es s e r v e d b y th e m , a n d , in tim e o f ca r s h o r ta g e , t o m ain ta in a n d a p p ly
Just a n d r e a s o n a b le r a tin g s o f 6uch m in es a n d t o c o u n t against e a ch m in e
e v e r y c a r fu rn ish ed t o it . S e ctio n 34 o f t h e S e n a te a m e n d m e n t req u ired
carriers b y ra il, d u rin g a n y p e r io d o f c a r s h o r ta g e , t o m a k e Just, re a s o n a b le ,
a n d n o n -d is c r im ln a to r y d is trib u tio n o f ca rs t o c o a l m in e s, t o e sta b lish
re g u la tio n s p r o v id in g fo r r a tin g s u ch m in e s a n d th e d istrib u tio n o f cars
a m o n g th e m , t o c o u n t aga in st e a ch m in e e v e r y ca r fu rn ish e d t o it, a n d n o t
t o fu r n ish ca rs in excess o f s u ch ra tin g s , an e x c e p tio n b e in g m a d e in th e ca s e
o f c a rs u sed f o r c o a l n ec ess a r y fo r t h e m o v e m e n t o f tra in s. T h e p ro v is io n s
o f t h e H o u s e b ill w ere a g re e d t o , a n d a re c o n ta in e d in s e ctio n 4 0 2 o f th e
c o n fe r e n c e b ill.

Car Service— Power o f States.
[S ec. 402 o f th e co n fe r e n c e bill.J
S e c tio n 402 o f th e n o u s e b ill p r o v id e d :
T h a t n o t h in g c o n ta in e d in th is A c t sh all im p a ir th e r ig h t o f th e S ta te , in
t h e exerciso o f its p o lic e p o w e r , t o re q u ire ju s t a n d re a s o n a b le fre ig h t a n d
assenger s e r v ic o a n d th e fa ir o x c h a n g e a n d d is tr ib u tio n o f e q u ip m e n t o f
itr a -S ta te bu sin ess.

P

T h e S en a te a m en d m en t c o n ta in e d n o sim ilar p r o v is io n .
bill p r o v id e s in s e ctio n 4 02:

T h e co n fe re n ce

T h a t n o t h in g In th is A c t shall im p a ir o r a ffe c t th e rig h t o f a S ta te , in th e
ex er cise o f its p o lic e p o w e r , t o re q u ire Just a n d re a s o n a b le fre ig h t a n d
p a ssen ger s e r v ic e fo r In tra -S ta te b u s in e ss , e x c e p t in s o far as s u ch re q u ire 
m e n t is In con sisten t w ith a n y la w fu l o r d e r o f th e c o m m is s io n m a d e u n d er
t h e p r o v is io n s o f this A c t .

Construction and Abandonment of Lines of Railroads.
[S ec. 4 02 o f th e c o n fe r e n c e bill.]
T h e n o u s e b ill, in s e c tio n 4 0 2 , p r o v id e d th a t th e a u t h o r it y o f th e c o m 
m ission o v e r th e c o n s tr u c tio n a n d a b a n d o n m e n t o f lines o f ra ilro a d s sh o u ld
n o t ex te n d t o a n y lin o lo c a te d o r t o b e lo c a te d w h o lly w ith in o n e S ta te ,
o r t o a n y str eet c a r o r e le ctric in te ru r b a n lin e . T h e S en a te a m e n d m e n t
s p e c ifie d th a t th e a u t h o r it y o f th e tra n s p o r ta tio n b o a r d in th is c o n n e c t io n —
s h o u ld n o t e x te n d to th e c o n s tr u c tio n o r a b a n d o n m e n t o f s id e tr a c k s , s p u rs .
In d u strial, te a m , o r s w itc h in g tra ck s , lo c a te d o r t o be lo c a te d w h o lly w ith in
o n e S ta te , o r s tr e e t, s u b u r b a n , a n d in te ru r b a n e le ctric r a ilw a y s w h ic h are
n o t o p e r a te d as a p a rt o r p a rts o f a gen eral s te a m ra ilro a d s y s te m o f tra n s
p o r t a t io n .
S e c tio n 4 02 o f th e c o n fe r e n c e bill a d o p ts t h e S en a te p r o v is io n , s u b s ti
tu t in g th e c o m m is s io n fo r th e tra n s p o r ta tio n b o a r d , h o w e v e r .

Joint Use o f Terminals.
[S ec. 4 05 o f t h e c o n fe r e n c e b ill.]
S e ctio n 4 05 o f th e H o u s e b ill p r o v id e d t h a t th e c o m m is s io n m ig h t re q u ire
t h e term in al o f a n y ca rrier to b o o p e n t o th e t r a ffic o f o th e r carriers u p o n
s u c h term s a n d fo r s u ch c o m p e n s a tio n as th e c o m m is s io n m ig h t p r e s c r ib e .
T h e S en a te a m e n d m e n t, in s e c tio n 11, p r o v id e d th a t th e tra n s p o r ta tio n
b o a r d m ig h t req u ire o n e ca rrier t o p e rm it a n o th e r ca rrier t o use its " t e r 
m in a l o r o t h e r fa cilitie s, in clu d in g m a in lin e tra ck o r tr a c k s , fo r a re a s o n 
a b le d is ta n c o o u ts id e o f s u ch te r m in a ls ,” o n s u ch te rm s as th e carriers m ig h t
a gree o n o r as th e b o a r d m ig h t f ix . S e ctio n 4 05 o f th e c o n fe r e n c e b ill c o n 
ta in s p r o v is io n s o n th is s u b je c t sim ilar t o th o s e in th e S en a te a m e n d m e n t.
I t is p r o v id e d th a t th e co m m is s io n , i f It is fo u n d t o b o in th e p u b lic In terest,
a n d p r a c t ic a b le , m a y req u ire o n o ca rrie r t o a llo w a n o th e r t o use Its term in al
fa c ilit ie s , " I n c lu d in g m a in lin o t r a c k o r tr a c k s , fo r a re a s o n a b le d ista n ce
o u ts id e o f s u ch t e r m in a l,” o n s u ch te rm s as th e carriers m a y a g ree u p o n ,
o r as th e c o m m is s io n m a y f i x , s u b je c t t o t h e r ig h t , h o w e v e r , o f th e ca rrier
w h ose term in al fa cilitie s are th u s th r o w n o p e n t o su e fo r a n y d a m a g e s sus
ta in e d o r a n y c o m p e n s a tio n o w e d .

Nondiscrimination— Extension of Credit.
[S ec. 4 05 o f th e O o n fo ro n co B ill.)
S e ctio n 4 04 o f th e H o u s o b ill a n d s e ctio n 3 5 o f th e S en a te am e n d m e n t
b o t h a m e n d e d s e ctio n 2 o f th e In te r-S ta te C o m m e r c e A c t , exte n d in g th e
p r o v is io n s o f s u ch s e c tio n p r o h ib itin g d isc rim in a tio n s b y carriers. S ection
40-1 o f th e c o n fe re n ce b ill a d o p ts th e exte n sio n o f th o p ro h ib itio n o f d iscrim 
in a tion t o th e tran sm ission o f in te llig e n ce , w h ile s e c tio n 4 05 p ro v id e s
t h a t, a fte r J u ly 1 1920 n o ra ilro a d shall re lin q u ish possession o f fre igh t at
d e stin a tio n u n til all rates a n d ch arges th e re o n h a v e b e e n p a id , exce p t
u n d er s u ch rules as th o c o m m is s io n m a y p re s crib e t o assuro p r o m p t p a y 
m e n t a n d p re v e n t u n ju s t d is c rim in a tio n . T h e la tte r p r o v is io n vir tu a lly
c o n tin u e s th e o p e ra tio n o f G en eral O rder N o . 25 o f th e R a ilro a d A d m in is 
tr a tio n , as su p p le m e n te d , re la tin g t o th e exte n sio n o f cr e d its b y ra ilro a ds.

Long and Short Haul.
[S ec. 4 0 6 o f th o C o n fe re n c e B ill.]

th e p o lic y o f th e U n ite d S tates t o .requ ire c o n s o lid a tio n o f all th e ra ilroa ds
o f th e c o u n t r y in t o n o t less t h a n 20 n o r m o r e th a n 35 se pa ra te sy s te m s, an d
p r o v id e d (s e c. 10) t h a t t h e tra n s p o r ta tio n b o a r d sh o u ld p re p a re a p lan fo r
s u ch co n s o lid a tio n . V o lu n t a r y c o n so lid a tio n s w ero p r o v id e d fo r w ith in
th e p e rio d o f s e v e n y e a r s a fte r th e p assage o f th o a c t, b u t a t th e en d o f t h a t
p e r io d th e tr a n s p o r ta tio n b o a r d w a s g iv e n p o w e r t o c o m p e l Buch c o n s o li
d a tio n s . T h e S e n a te r e c e d e d fr o m th o p ro v is io n s fo r c o m p u ls o r y c o n so lid a 
tio n a n d a greed t o t h e I lo u ^ e p ro v is io n s w ith resp ect t o p o o lin g , a3 rev ised
b y th e c o n fe re e s . T h e H o u s e a g re e d to th e S en ate p ro v is io n s fo r v o lu n 
t a r y co n s o lid a tio n s as r e v ise d b y th o co n fe re e s in s e ctio n 407 o f t h e c o n 
fe re n ce r e p o r t. U n d e r th e s e p ro v is io n s t h e co m m is s io n is a u th o riz ed t o
p e r m it t h e a c q u isitio n b y o n e ca rrier o f th o c o n tr o l o f a n o th e r b y lease oi
p u rc h a s e o f s to c k . T h e co m m is s io n is d ire cte d t o p re p a re a p lan o f c o n 
s o lid a tio n , p re s e rv in g e x is tin g ro u te s a n d c o m p e titio n s o fa r as p o ss ib le.
B e fo r e a d o p tin g s u ch p la n th e c o m m is s io n is req u ired t o g iv e a hearin g
a n d n o t ify th e G o v e r n o r o f e a ch S ta te a ffe c te d . C o n s o lid a tio n s or m ergers
in h a r m o n y w ith th o co m m is s io n 's p lan are p e rm itte d s u b je c t t o th e a p p ro v a l
o f th e co m m is s io n a n d s u b je c t t o th e req u irem en t th a t th e ca p ita l o f the
co n s o lid a te d c o r p o r a tio n shall n o t e x c e e d th e v a lu e o f th e co n so lid a te d
p r o p e rtie s as d e te rm in e d b y th e co m m is s io n . A n o r d e r o f th o co m m ission
a p p r o v in g a s p e c ifie d c o n so lid a tio n m a y b e ca rrie d o u t n o tw ith s ta n d in g
a n y S ta te o r F e d e ra l restrain in g o r p r o h ib ito r y la w t o t h o c o n tr a r y .

Railroad-Owned Water Lines.
T h e H o u s e b ill in s e ctio n 4 08 a m e n d e d th o p ro v is io n s o f th e P a n a m a
C a n a l A c t re la tin g t o t h e ow n e rsh ip o f w a te r lin es b y ra ilro a ds, s o as to
a llo w t h o co m m is s io n , w h en satisfie d t h a t th o p u b lic in terests w o u ld n o t be
in ju r e d , t o c o n tin u e existin g s e rv ice o f w a te r lines o w n e d b y a ra ilroa d ,
o r t o p e rm it th e esta b lis h m e n t o f a p ro p o s e d n ow s e rv ice , e x c e p t o n in lan d
w a te rs . T h e S e n a te a m e n d m e n t co n ta in e d n o s u ch p r o v is io n , a n d the
c o n fe r e n c e b ill strik es o u t th is p ro v is io n in th e n o u s o b ill.

Power of Commission Over Inter-State Rales.
[S ec. 4 16 o f th o C o n fe re n c e Bill.J
S e ctio n 4 15 o f th e H o u s o b ill p r o v id e d th a t th o co m m is s io n sh o u ld h a v e
a u t h o r it y t o m a k e s u ch fin d in g s a n d ord ers as m ig h t In its ju d g m e n t ten d
t o r e m o v e a n y u n d u e a d v a n ta g e , p re fe re n ce , o r p re ju d ic e as b etw een p e r
sons o r lo ca litie s in In te r -S ta te c o m m e r c e o n t h e o n e h a n d , a n d intrastate
o f fo re ig n c o m m e r c e o n th e o th e r h a n d , o r a n y u n d u e b u rd e n o r In te r-S ta te
o r fo re ig n co m m e r c o ; a n d th a t s u ch fin d in g s o r ord ers s h o u ld b o o b se r v ed
b y th e ca rriers, th e la w o f a n y S ta te o r th e d e cis io n o r o rd e r o f a n y S tate
a u th o rity t o th e c o n tr a r y n o tw ith s ta n d in g . T h e S en ate am e n d m en t
p r o v id e d th a t th e c o m m is s io n shall m ak e su ch fin d in g s a n d ord ers as will
in its ju d g m e n t r e m o v e a n y u n d u e o r u n re a so n a b le a d v a n ta g e , p re fe ren ce,
o r p r e ju d ic e as b e tw e e n p erson s o r lo ca litie s in In ter-S ta te o r In tra-S tate and
fo re ig n c o m m e r c e , o r a n y u n d u e , u n re a so n a b le , o r u n ju s t d iscrim in a tion
a ga in st in te r-S ta te o r fo re ig n co m m e r c e , a n d shall m a k e th o ratos w h ic h ,
in its ju d g m e n t , w ill r e m o v e s u ch a d v a n ta g e , p re fe re n ce , o r p re ju d ic e . T h e
S enate a m e n d m e n t fu r th e r d e cla re d th a t n o th in g in th is a c t sh all b e c o n 
stru ed t o a m e n d , re p e a l. Im pa ir, o r a ffe ct th e existin g la w s o r pow ers o f th e
S tates o r o th e r lo c a l au th o ritie s in re la tio n t o ta x a tio n o r th o la w fu l p o lic e
po w e rs o f th e severa l S ta tes, In clu din g th o p o w e r t o m a k e in tra -S ta te
rates, e x c e p t as p r o v id e d o th erw ise in th o In ter-S ta te C o m m e r c e A c t .
T h o c o n fe r e n c e b ill in s e ctio n s e ctio n 4 16 p r o v id e s th a t w h e n o v e r th e
co m m is s io n fin d s th a t a n y ra te , fa ro , ch a r g e , cla s s ific a tio n , re g u la tio n , or
p ra ctice causes a n y u n d u e o r u n rea son a b le a d v a n ta g e , p re fe re n ce , or p r e ju 
d ice as b e tw e e n p erson s o r lo ca litie s in in tra sta to c o m m e r c e , o n th o on e
h a n d , a n d in te rsta te a n d fo re ig n c o m m e r c o o n th o o th e r h a n d , o r a n y u n d u o,
u n re a so n a b le , o r u n ju s t d isc rim in a tio n against ln to r-S ta to o r fore ign c o m 
m e rce , it shall p re scrib e th o ra te , fa ro , o r ch argo o r th e cla s s ific a tio n , reg u 
la tio n , o r p r a c tic e in s u c h m a n n e r as in Its ju d g m e n t w ill r o m o v o su ch ad 
v a n ta g e , p re fe re n ce , p re ju d ic e , o r d isc rim in a tio n . T h o carrlors are c o m 
p e lle d t o o b s e r v o th o o rd e rs o f th o co m m is s io n , th o la w o f a n y S ta te , o r the
d e cis io n o r o rd e r o f a n y S ta te a u th o r ity t o th e c o n tr a r y n o tw it h s ta n d in g .

Joint Rail-and-Water Rates.
[S e c. 4 18 o f th o C o n fe re n c e Bill.J
S e c t io n 15 o f th e In ter-S ta te C o m m e r c o A c t , as a m e n d e d b y se ctio n 417
o f th o H o u s e b ill a n d se ctio n 44 o f th e S onate a m e n d m e n t, au th o riz e d the
c o m m is s io n t o p re s crib e jo in t ra to s, fa res, a n d ch a r g e s , a n d th o m a x lu m m ,
o r m in im u m , o r m a x im u m a n d m in im u m , t o b o ch arge d in co n n e c tio n w ith
th ro u g h ro u te s .
S e ctio n 44 o f th e S on a to b ill, h o w e v e r , p r o v id e d th a t the
c o m m is s io n sh o u ld n o t p rescrib e th e m in im u m ra to t o b e ch arge d b y a
w a te r carrier. T h e co n fe re n ce b ill, in s e ctio n 4 1 8 . lim its th o co m m ission
t o p re s crib in g m a x im u m rates fo r th ro u gh ro u te s in a n y ca se w h e ro o n o o f
th o carriers Is a w a te r lin e.

Divisions of Rates.
,

T h o H o u s e b ill co n ta in e d n o a m e n d m e n t t o th e s o -ca lle d lo n g -a n d -s h o r th a u l p ro v is io n s o f se ctio n 4 o f th e In te r-S ta te C o m m e r c e A c t . T h e S en ate
a m e n d m e n t, in s e ctio n 3 7 . p r o v id e d t h a t, in e xercisin g its a u th o rity to
g r a n t d ep a rtu res fr o m th o s tr ic t lo n g -a n d -s h o r t.r u le , co n ta in e d in se ctio n 4
o f th e In te r -S ta te C o m m e r c e A c t , th o co m m is s io n m ig h t n o t p e rm it rates
t o th o m o ro d ista n t p o in t w h ic h w ero n o t “ fa ir ly c o m p e n s a t o r y ,” n o r a llo w
a c irc u ito u s r o u te t o m ain ta in h ig h e r rates t o In term ed iate p o in ts . T h e
S en a te a m en d m en t a lso s tip u la te d th a t d e p a rtu re s h o u ld n o t b e p e rm itte d
o n a c c o u n t o f m erely p o te n tia l w a te r c o m p e t it io n . T h o co n fe re n ce b ill,
in s e ctio n 4 0 6 , a d o p ts th o p ro v is io n s o f th o S enate b ill o n th is s u b je c t,
e x c e p t th a t rates t o th o m o re d is ta n t p o in t m u st b e “ re a s o n a b ly co m p e n 
s a t o r y ," in stea d o f " f a ir ly c o m p e n s a t o r y ," in o rd e r t o b o w ith in th o class
o f p e rm itte d d ep a rtu res, a n d an e x c e p tio n is m a d o in fa v o r o f rates in co n 
f l i c t w ith t h e lo n g -a n d -s h or t-h a u l ru le w h ic h h a v o a lre a d y b e e n file d w ith
h e co m m is s io n .

Federal Incorporation.
T h e H o u s o b ill co n ta in e d n o p ro v is io n fo r F ed era l in co r p o ra tio n o f rail
w a y ca rrlors. T h o S en a te a m e n d m e n t, in se ctio n s 1 5-2 0 , in clu s ive , p roid e d fo r th e c o n v e rs io n o f S ta to ra ilro a d co r p o r a tio n s in to F ederal corporat
io n s , a n d in section s 2 1 -2 3 , in c lu s iv e , p r o v id e d fo r ^ho in co r p o ra tio n o f now
ed era l ra ilroa d co r p o r a tio n s , a n d in s e ctio n 32 p r o v id e d fo r th o d issolu tion
f s u ch F ed era l co r p o r a tio n s . T h e s e p r o v is io n s , in co n n e c tio n w ith th e
o m p u ls o r y c o n so lid a tio n p ro v is io n s in th o S on a te a m e n d m e n t, w ere
n te n d e d t o b rin g a b o u t e v e n tu a l F e d e ra l in co r p o ra tio n o f all railroad
arriers. T h e con feren ce b ill strik es o u t a ll o f these se ctio n s p r o v id in g fo r
n c o r p o r a tio n , ro in c o r p o r a tio n , a n d d iss o lu tio n o f F e d e ra l ra ilroa d co ro ra tlo n s.

Consolidations, Mergers, and Pooling.
[S ec. 4 0 7 o f th e C o n fe re n c e B ill.)
T h e H o u s e b ill p erm itte d co n s o lid a tio n s , m ergers, a n d p o o lin g o f ca lli
n gs o r fa cilities s u b je c t t o th e a p p r o v a l o f th o co m m is s io n , a n d fo r th e p u ros o o f c a rr y in g o u t a n y ord e r o f t h o c o m m is s io n a p p r o v in g a co n s o lid a tio n ,
m erger, o r p o o lin g d ecla red t h a t th e carriers a ffe c t e d b y s u ch o r d e r s h o u ld
(r e lie v e d fr o m th e o p e ra tio n o f th e a n ti trust a n d o th e r re s trictiv e o r
r o h lb it o r y la w s . T h e S en a te a m e n d m e n t n s e c tio n 9 d e cla re d th a t It is




[Vol. 110

[S ec. 4 18 o f th e C o n fe re n c e Bill.J
S e ctio n 4 17 o f th e n o u s e b ill, a n d s e ctio n 44 o f th o S on ato a m e n d m en t,
p r o v id e d t h a t th e co m m is s io n m ig h t, in case it fo u n d th o d iv isio n o f a n y
Joint r a te a m o n g th e carriers t o b e " u n ju s t , u n re a so n a b le , o r u n d u ly pre
fe re n tia l o r p r e ju d ic ia l," e sta b lish a ju s t a n d re a s o n a b le d iv isio n o f such
ra te , a n d re q u ire a d ju s tm e n ts t o b e m a d e a c c o r d in g ly . T h o S onate bill
a ls o m e n t io n e d ce r ta in fa c t o r s t o b e ta k e n in to co n sid e ra tio n by
. om m lsslon In d e te rm in in g p ro p e r d iv isio n s o f ra to s. S e ctio n 418 o f th o c o n fe r 
e n c e b ill a u th o riz e s th o c o m m is s io n t o e stablish “ ju s t , re a s o n a b le , and eq u it
a b le ” d iv is io n s o f rates w h ero if fin d s s u ch d iv isio n s t o bo " u n ju s t, un rea
s o n a b le , In e q u ita b le , o r u n d u ly p re fe re n tia l o r p r e ju d ic ia l,” a n d a d o p ts
s u b s ta n tia lly th o la n gu a g e o f th o S o n a to b ill w ith ro s p o ct t o th o clom on ts
t o b o c o n sid e re d b y th e co m m is s io n in re a ch in g its d e cis io n .

Suspension of Rates.
[S ec. 4 1 8 o f th e C o n fe re n c e Bill.J
T h o n o u s e b ill in s e c tio n 417 a u th o riz e d th o co m m is s io n t o suspen d rates
f o r 120 d a y s a fte r th eir filin g , a t th o end o f w h ich tim o th o y w ero t o g o in to
e ffe c t w h e th e r o r n o t th e c o m m is s io n h a d c o n c lu d e d its h e a rin g , b u t th a t as
t o fr e ig h t ratos th o ca rrie r s h o u ld k e e p a re c o r d in all cases w h ere th o c o m 
m is s io n h a d n o t c o n c lu d e d su ch h e a rin g , a n d , i f th o c o m m is s io n fin a lly
fo u n d th e rates t o o h ig h , th o ca rrier w a s req u ired t o m a k o refu nds t o tho
s h ip p e rs a ffe c t e d . T h o S en a te a m e n d m e n t p r o v id e d fo r a su sp en sion for
120 d a y s , a n d . If th o h e a rin g w as n o t th e n c o n c lu d e d , fo r a 3 0 d a y s ’ fu rth er
e x te n s io n , a fte r w h ich tim e t h e ra te s w e ro t o g o Into o ffe c t w h eth er o r n o t
th o h e a rin g w a s c o n c lu d e d , a n d w ith o u t a n y d u t y o n th o ca rrier t o m ak o
re fu n d s If th e ra to w a s la te r fo u n d t o b o o x c cs siv o . T h o co n fe re n ce bill
reta in s th e H o u s e p r o v is io n , b u t inserts th o 30 d a y s ’ fu rth o r suspen sion
p r o v id e d fo r in t h o S en a te a m e n d m e n t.

Water Carriers— Embracing Entire Length of Line in Through Route.
[S o c. 4 18 o f th o C o n fe r e n c e B ill.)
T h e H o u s e b ill a n d th e S e n a te a m e n d m e n t b o th c o n tin u e d th o p r o v is 
io n s in s e c tio n 15 o f th o ln te r -S ta to C o m m e r c o A c t , fo r b id d in g th o c o m 
m is s io n t o re q u ire a n y ra ilro a d t o e m b r a c e in a th ro u gh ro u te “ su b sta n tia lly
less th an th e entlro le n g th o f its r a ilr o a d ,” b u t th o S o n a te a m e n d m e n t c o n -

tain ed th e p r o v is io n th a t this res trictio n s h o u ld n o t h in d o r th e e s ta b lish m en t
o f a th rou gh rou te w h ere o n e o f th e carriers is a w a te r lin e. T lio co n fe re n ce
b ill p r a c t ic a lly a d o p ts th e S en a te p ro v is io n o n this s u b je c t , s p e c ific a lly
re lie v in g th o c o m m is s io n fr o m this re s trictio n w h ere o n e o f th e carriers is a
w a ter lino.

719

THE CHRONICLE

F eb. 21 1920.]

Transportation of Lite Slock.

[S ec. 4 18 o f th o C o n fe r e n c e B ill.[
S e ctio n 44 o f th o S onato a m e n d m e n t p r o v id e d th a t th ro u gh rates o n liv e
s to c k s h ou ld in clu d e u n lo a d in g a n d o th e r in cid e n ta l ch arges in th o case o f
sh ip m en ts c o n sig n e d t o p u b lic s to c k y a r d s . T h o H o u s e bill c o n ta in e d n o
referen ce t o this m a tte r . T h o co n fe re n ce b ill a m p lifie s th o p ro v is io n o f th o
S onato a m e n d m e n t, a n d p r o v id e s th a t " tr a n s p o r t a t io n w h o lly b y ra ilroa d
o f o rd in a ry liv e s to c k in ca rlo a d lo ts d e stin e d t o o r re ce iv e d a t p u b lic s t o c k 
y a r d s shall in clu d e all n ecessary s e rv ice o f u n lo a d in g and re lo a d in g en ro u te ,
d o llv o r y a t p u b lic s to c k y a r d s o f In b ou n d sh ip m en ts in to su ita b lo p e n s , an d
r ec eip t a n d lo a d in g a t s u ch y a rd s o f o u t b o u n d sh ip m en ts, w ith o u t e x tra
ch a r g e t o th o s h ip p e r ." w ith ce rta in e x c e p tio n s c o n ce rn in g w h ich th e c o m 
m ission m a y p roscrib e ru les.

r e g a r d t o th o s am e s e r v ic e , In w h ic h ca se s u ch p e r io d o f tw o y e a rs shall b e
exte n d e d t o 90 d a y s fr o m th o t im e th o c a r r ie r ’s a c tio n is b e g u n . I n eith er
ca so, th o cause o f a c t io n shall b o d e e m e d t o a ccr u e u p o n d e liv e r y , o r ten d er
o f d e liv e r y , o f th e s h ip m e n t b y th e c a r r ie r . T h is p r o v is io n w a s n o t c o n 
ta in e d in th e S en a te a m e n d m e n t. T h e co n fe r e n c e b ill r e ta in s th e H o u s e
p r o v is io n a s i t a p p e a r e d In th o n o u ^ e b ill.

Divisions of Inter-State Commerce Commission.
[Sec. 431 o f th o C o n fe r e n c e B ill.]
T h o I n te r -S ta te C o m m e r c e A c t n o w p r o v id e s th a t in p ro ce e d in g s b e fo r e
th o co m m is s io n in v o lv in g v a lu a tio n o f r a ilr o a d p r o p e r t y , u n d e r s e ctio n 19a
o f t h e In te r -S ta te C o m m e r c e A c t , n o t less th a n f i v e m e m b e rs o f th o c o m 
m is s io n sh all p a r tic ip a te . T h o H o u s e b ill in s e c tio n 429 a m e n d e d th is so
as t o re q u ire th o p a r t ic ip a t io n o f n o t less th an th ro e m e m b e rs . T h o S en ate
a m e n d m e n t c o n ta in e d n o s u ch p r o v is io n . T h o co n fe re n ce b i ll in s e ctio n
431 a m e n d s th o p r o v is io n o f th o In te r-S ta te C o m m e r c e A c t a u th oriz in g
d iv is io n s o f th o co m is s io n s o as t o p r o v id e th a t e a ch d iv is io n shall co n sist
o f n o t loss th a n th ro e m e m b e rs .

Depreciation Accounting.

Division of Traffic.

[S ec. 4 35 o f th o C o n fe r e n c e B ill.]

[S e c. 420 o r th e C o n fe r e n c e B ill.)

S o ctio n 433 o f th e H o u s e b ill r e q u ire d th o co m m is s io n t o es ta b lis h , a n d the
c a rr ie r s t o c o m p ly w ith , s ch ed u les o f d e p r e c ia tio n f o r all classes o f e q u ip 
m e n t a n d fix e d im p r o v e m e n ts . T h o Senate a m e n d m e n t co n ta in e d n o su ch
p r o v is io n .
S e ctio n 4 35 o f th o co n fe re n ce b ill req u ires th o co m m is s io n t o
p re s crib e th o classes o f p r o p e r t y fo r w h ic h d e p re cia tio n ch arges m a y b e
in c lu d e d u n d e r o p e ra tin g exp en ses, a n d th o p e rce n ta g e o f d e p re cia tio n w h ich
s h a ll b o ch a r g e d w ith resp ect t o each cla ss o f p r o p e r t y . T h o co m m is s ion
m a y m o d ify theso classes a n d p e rce n ta g e s w h e n it d e e m s n e c e ss a r y . C a r
riers aro fo r b id d e n t o ch arge t o o p e r a tin g exp en ses d e p re cia tio n ch arges
o n o t h e r cla sses o f p r o p e r t y , o r t o e m p lo y a p e rce n ta g e o f d e p re cia tio n o th e r
th a n th a t p roscrib ed b y th e co m m is s io n . P r o v is io n is a lso m ad e fo r a v o id 
in g d u p lic a tio n o f d e p re cia tio n ch arge s.

S o ctio n 4 19 o f th o H o u s e b ill a d d e d t o th e In te r-S ta to C o m m e r c e A c t
a p ro v is io n th a t w h on ov o r p r o p e r t y is d iv e rto d o r d e liv e re d b y o n o ca rrier
t o a n o th e r ca rrier c o n tr a r y t o r o u tin g in s tr u ctio n s in th e b ill o f la d in g , th e
ca rrier th u s d e p r iv e d o f its rig h t t o p a rtic ip a te in th o haul o f th o p r o p e r ty
s h o u ld h a v e a rig h t o f a c tio n a ga in st th o carrier b y w h ich o r t o w h ic h s u ch
tr a ffic w as u n la w fu lly d iv e r te d , fo r th e t o ta l a m o u n t o f th e ra te o r ch a r g e
it w o u ld h a v e r oc eiv od h a d it p a r tic ip a te d in th o h a u l. I t w a s p r o v id e d
th a t this p ro v is o o n s h o u ld n o t a p p ly w h ere th e d iv e rs io n o r d e liv e r y w as in
c o m p lia n c e w ith a la w fu l o rd e r o f th e co m m is s io n , and th a t th e carrier
t o w h ic h th o p r o p e r t y w as d iv e r te d s h o u ld n o t b e lia b le if it c o u ld . h ow
t h a t, w h en it carried th o p r o p e r t y , it h a d n o n o tic e o f tho ro u tin g Instruc
t io n s . T h o S on a to a m e n d m e n t co n ta in e d a sim ilar p ro v is io n , b u t a ffo rd e d
n o r elief i f th e d iv e rs io n o r d e liv e r y w a s in c o m p lia n c e w ith an o rd e r o f the
co m m is s io n , a n d d id n o t c le a rly g iv e a rig h t or a ctio n against th o initial
ca rrier g u ilty o f th e d iv e rs io n .
It a lso b ase d th o a m o u n t o f d a m a g e s u p o n
th e rev en u es a ccru in g fr o m th o d iv e r te d t r a ffic . T h e co n fe r e n c e b
in
s o ctio n 420 a cce p ts th o IIo u s o p ro v is io n as a p p e arin g in th e H o u s e b ill.

Traffic Not Routed by Shipper.
(S e c. 4 20 o f th o C o n fe re n c e B ill.]
T h o S en a te a m e n d m e n t co n ta in e d a p ro v is io n n o t c o n ta in e d in th o n o u s o
b ill th a t w ith re s p e ct t o tr a ffic n o t ro u te d b y th e s h ip per th o tra n s p o r ta tio n
b o a r d m ig h t d ir e c t th e ro u te w h ich s u ch tr a ffic sh o u ld ta k e a fte r it arrives
a t t h o term in u s o f o n e carrier an d is t o b o d e liv e re d t o a n oth er carrier,
r to
c o n fe r e n c e bill in s o c tio n 4 20 co n ta in s th is p ro v is io n o f th e S en ate a m e n d 
m e n t g iv in g th o p o w o r t o th e co m m is s io n , w h e n e v e r th o p u b lic Interest
an d fa ir d is trib u tio n o f th o t r a ffic re q u iro . t o d ir e c t th e ro u to w h ic h such
tr a ffic sh all ta k e arter it arrives a t th e term in u s o f o n e carrier o r at a Junctlo n p o in t w ith a n oth e r carrier a n d is t o b e th e re d e liv e re d t o a n o th e r
ca rrier.

, , .,

Rule of Rate Making.
[S ec. 422 o f th o C o n fe re n c e B ill.]

T h o IIo u s o b ill co n tin u e d th o e xistin g la w au th o riz in g th o In te r-S ta te
C o m m c r c o C o m m iss io n t o p rescrib e Just an d re a so n a ble ra tes. S e ctio n 6
o f th o S en a te a m en d m e n t a d d e d t o th o Just a n d re a s o n a ble ru le a re q u ire 
m e n t th a t th o rates m u st b o a d e q u a te t o e n a b le th o carriers as a w h o le t o
ea rn a fa ir return o n th e a gg re ga te va lu e o f th eir p c o p e r t y , a n d P ro v id e d
th a t i f fro m s u ch ra te s a n y ca rrie r's ra ilw a y o p e ra tin g in c o m e exce e d e d
r,«7„ o r th o v a lu o or its ra ilw a y p r o p e r t y , a p o r tio n o f th o excess s h o u ld b e
tu rn ed o v e r t o th o G o v e r n m e n t a n d p la c e d in a ra ilroa d co n tin g e n t fu n d ,
t o b o used fo r t h o p u rp o s o o f m ak in g lo a n s t o o r p ro v id in g e q u ip m e n t ror
ra ilroa d carriers g e n e ra lly . T h e I Io u s o re c e d e d fr o m its d isa greem en t t o
th eso p ro v is io n s o f S ectio n 6 . a n d a grood t o th e m as rev ised b y th o con ferees
in s ection 422 o f th o co n fe re n ce r o p o r t. T h is so ctio n d ire cts th e c o m m is s io n
t o m a k e rates a d e q u a te t o p r o v id o th o carriers as a w h o le (eith er in th e en tire
c o u n t r y o r in ra to g r o u p s o r te rritories t o b o e sta b lish ed b y th o co m m is s io n )
w ith an a gg rega te an n u al n e t ra ilw a y o p e ra tin g in co m e eq u a l as n ea rly as
m a v b o t o a fa ir retu rn o n th o a gg re ga te v a lu e o f th e ra ilw a y p r o p e rty
h eld fo r a n d u sed in th o s e rv lco o f tra n s p o r ta tio n . T h e S enate b ill requ ired
th e esta b lish m en t o f r a to d istricts , b u t th o c o n fe r e n c e bill le a v e s their es
ta b lish m e n t t o tho d iscre tio n o f th o co m m is s io n . T h o co m m is s io n is a u 
th oriz ed t o d eterm in e th o v a lu o o f ra ilw a y p r o p e r t y , a n d is s p e c ific a lly
d ire cte d In this co n n e c tio n n o t t o g iv e u n d u e co n sid e ra tio n t o th o p r o p e rty
in v e stm e n t a c c o u n ts .
.
. .
________ .
T h o c o m m is s io n Is also au th o riz e d fr o m tim e t o tim e t o d e te rm in e and
p u blish w lia t p ercen ta g e co n stitu te s a fa ir re tu rn o n ra ilw a y p r o p e r t y , e x c e p t
th a t fo r th o t w o yea rs b egin n in g M a r c h 1 1 920, it Is d e cla re d in this se ctio n
th a t 5 HI % o f th o a gg re ga te v a lu e o f th o ra ilw a y p r o p e rty sh all co n s titu te
a fa ir retu rn , unless th o c o m m is s io n In its d iscre tio n a d d s th e re to , In w h ole
o r In p a r t, o n o -lia lf o f 1 % o f s u ch v a lu e t o m ak e p ro v is io n fo r im p ro ve m e n ts
a n d b e tte rm e n ts ch a r g ca b lo t o ca p ita l a c c o u n t . T h e result o f these p r o 
vis ion s is th a t 5 J ^ % Is fix e d as a m in im u m a n d 6 % as a m a x im u m d u rin g
th o n o x t tw o y ea rs , a n d th e re a fte r th o m a tte r Is le ft t o th o d isc re tio n o f th e
co m m is s io n .
. . . .
________
S o ctio n 6 o f th e Henato b ill p r o v id e d th a t o n e -h a lf o f a n y excess in co m e
b e tw e e n 6 a n d 7 % sh o u ld b o p a id in t o th o ca rrie r's reserve fu n d a n d the
o th e r o n e -h a lf in to th o c o n tin g e n t fu n d , a n d t h a t th o excess o f s u ch In com e
a b o v o 7 % s h o u ld b o p a y a b le o n o -fo u r th t o th o ca rrie r’s reserv e fu n d an d
th re e -fo u r th s t o th o co n tin g e n t fu n d .
T h o c o n fe r e n c e b ill p ro v id e s th a t if a n y ca rrier earns in a n y ye a r a n ot
ra ilw a y o p e ra tin g In com e in excess o f 6 % o f th e v a lu e o f its ra ilw a y P ro p e rty ,
o n e -h a lf o f s u ch excess m u s t b o p la c e d In a reserv e Bind un til su ch fu n d
eq u a ls 11% o f th o v a lu o o f th o ca rrie r's p r o p e r t y , a n d th erea fter m a y b o u sed
fo r a n y la w fu l p u rp o s o b y th o carrier. T h o o th e r o n e -h a lf o f s u ch excess
ln c o m o m u s t b o p a id Into a gen eral ra ilro a d co n tin g e n t fu n d t o b o a d m in 
istered b y tlio co m m is s io n . T h o c o n fe re n ce b ill a d d s a p ro v is io n th a t tho
v a lu o a n d th o ln c o m o o f a g r o u p o f carriers w h ic h are u n d e r c o m m o n c o n 
trol and m a n a g em en t a n d a rc o p e ra te d as a sin gle s y s te m s h a ll b e c o m p u te d
fo r th o s y s te m as a w h o le .
**
T h e gcnorftl ra ilroa d c o n tin g e n t fu n d is t o b e u sed t o m ak e loa n s t o ca r
riers t o m eet exp en d itu re s fo r ca p ita l a c c o u n t o r t o pu rch ase e q u ip m e n t to
b o loasod t o th o carriers. T h o m a k in g o f s u ch lo a n s a n d th o o b ta in in g and
lea sin g o f s u ch e q u ip m e n t a ro le ft t o th e co m m is s io n .

Limitation of Actions.
[S e c. 4 24 o f th e C o n fe re n c e BUI.]
S e ctio n 424 o f th e n o u s o b ill p r o v id e d th a t all a ctio n s a t la w b y carriers
fo r r e c o v e r y o f ch arge s shall b e b r o u g h t w ith in t w o years fr o m th o tim e th o
ca u se o f a c tio n a ccru e s; a n d t h a t all co m p la in ts fo r th e r e c o v e r y o f da m a g es
sh all b o file d w ith th o co m m is s io n w ith in t w o ye a rs a fte r th e ca u se o f a ctio n
a ccr u e s, un less th o ca rrier a fte r th o e xp ira tio n o f s u ch tw o ye a rs, o r w ith in
90 d a y s b o fo r o s u ch o x p lm t io n , b e gin s an a ctio n fo r r e c o v e r y o f ch arges in




Securities Issues.
[S ec. 439 o f th o C o n fe re n c e B ill.]
B o t h th o H o u s e b i ll a n d th e S en ate a m e n d m e n t c o n ta in e d s u b sta n tia lly
s im ila r p ro v is io n s g iv in g th o co m m is s io n p o w o r t o re g u la te Issues o f secu ri
tie s b y ra ilro a d carriers. T h o IIo u s o b i ll p r o v id e d in s o ctio n 437 th a t th e
p ro v is io n s o f th o so ctio n s h o u ld n o t a p p ly t o n o te s m atu r in g in n o t m ore
th a n t w o yea rs a fte r th o d a te t h o r e o f a n d agg rega tin g (.together w ith a ll oth er
tlio n o u ts ta n d in g n o te s o f a m a tu r ity o f tw o yea rs o r loss) n o t m o r e th an
1 0 % p o r a n n u m o f th o p a r v a lu e o f th o securities o f th o ca rrie r th en o u t
s ta n d in g . T h o S en a te a m e n d m e n t h a d a sim ilar p r o v is io n , b u t s p e c ifie d ,
5 % p e r a n n u m i n p l a c o o f th e 1 0 % p e r a n n u m fix e d in t h e H o u s e b ill,
a n d d id n o t c o n ta in t h o p ro v is io n o f th o IIo u s o b ill t h a t, in co n sid e rin g th e
a gg re ga te a m o u n t o f th o n o te s , th e re s h o u ld b o a d d e d th o a m o u n t o f sim ilar
n o to s th en o u ts ta n d in g . T h o co n fe re n ce b ill, se ctio n 4 3 9 , retain s this
la tte r p ro v is io n , b u t a d o p ts th o 5 % o f th e S en ate a m e n d m e n t.

Increase of Inter-State Commerce Commission.
[Sec. 440 o f th e C o n fe re n c e B ill.]
T h o IIo u s o b ill in so ctio n 438 in creased th o m e m b e rsh ip o r th o In ter-S ta te
C o m m e r c e C o m m iss io n fr o m 9 t o 11 m e m b e rs , increased th eir c o m p e n s a 
tio n fr o m $ 1 0 ,00 0 t o $ 1 2 ,00 0 a n n u a lly , a n d increased th o a lary o f th e s e c 
re ta ry o f th o co m iss io n fr o m $ 5,0 00 t o $ 7,5 00 per a n n u m .
T h o S en a te
a m e n d m e n t d id n o t increase th o m e m b e rsh ip o f th e co m m is s io n o r th o sa l
a r y o f th o s e cre ta ry , b u t d id increase th e sa la ry o f th o com m ission ers as in
th o H o u s e b ill. T h e S enate a m e n d m e n t fu rth e r cre a te d a tra n s p orta tion
b o a r d , t o b o c o m p o s e d o f fiv e m em b ors a p p o in te d b y th e P resid en t, w ith the
a d v ic e a n d co n se n t o f th o S enate, t o w h ich b o a r d w as transferee! p ra ctica lly
all th o po w e rs o f th o In te r-S ta to C o m m e rc o C o m m iss io n e x c e p t th o p ow or
w ith re sp e ct t o rates. T h o co n fe re n ce b ill in s e ctio n 440 a d o p ts th o H ou se
se ctio n e x a c tly as a p p e arin g in tlio H o u s e b ill, a n d co n ta in s n o p r o v is io n for
a tra n s p o r ta tio n b o a r d .

Through Foreign Shipments by Rail and Water.
[Sec. 441 o f th e C o n fe re n c e B ill.]
T h o H o u se re ce de d fr o m its d isa greem en t t o th o p ro v is io n s o f s e c tio n 45
o f th o S enate a m e n d m e n t, a n d a greed th e re to w ith v e r b a l ch an ges b y th e
co n fe re n ce in s e c tio n 441 o f th o co n fe re n ce b ill. T ills p r o v is io n requires
w a ter carriers in foreign c o m m e rce w h o so vessels aro registered u n d er o u r law
t o filo w ith th o c o m m is s io n a sch e d u le o f sa ilin g d a te s , ro u te s, a n d d estin a 
t io n s , w h ic h sch edu les shall b o p u b lish ed b y th o co m m is s io n an d d istrib u te d
t o ra ilw a y agen ts fo r th e in fo rm a tio n o f sh ip pers. Oil a p p lic a tio n b y an
s h ip p e r a carrier b y rail is re q u ire d t o s ecu re fr o m th o carrier b y w a ter,
w h ic h is re q u ire d t o fu rn ish , rates fo r a n y s p e c ifie d sh ip m e n t, a n d th e c a r
rie r b y w a ter o n a d v ic o fro m th o ca rrier b y rail th a t s u ch rates aro a c c e p t e d ,
is re q u ire d t o m ak e fir m re s e rv a tio n fo r th e tra n s p o r ta tio n o f s u ch s h ip 
m e n t, an d t o a d v is e th o ca rrier b y ra il o f s u ch re se rv atio n a n d o f th e p ros
p e c t iv e s a ilin g d a te . P ro v isio n is m a d e fo r th o Issuanco b y th o ra il carrier
o f th ro u g h b ills o f la din g u n d e r rules t o b e m a d o b y th o co m m is s io n , b u t it
is exp ressly d e cla re d th a t th o issu a n co o f s u ch th ro u g h b ill sh all n o t c o n 
s titu te " a n a rra n g em en t fo r c o n tin u o u s ca rria g e o r s h ip m e n t” w ith in th e
m e an in g o f th e In te r-S ta to C o m m e r c e A c t .”
•
Safety Devices.
[Sec. 441 o f th o C o n fe re n c e B ill.]
S e c tio n 439 o f th o IIo u s o b ill a d d e d t o th o I n te r -S ta te C o m m e r c e A c t
a p r o v is io n a u th o riz in g th o co m m is s io n t o o rd e r a ra ilro a d t o install a u to 
m a t ic tra in -sto p o r tra in -co n tro l d e v ice s , c o m p ly in g w ith th o s p e c ific a tio n s
p ro s crib e d b y th e co m m is s io n , s u ch o rd e r t o b o issu ed a t le a st o n e y ea r
b e fo r e th o d a te s p e c ifie d fo r its fu lfillm e n t. T h o S en a te a m e n d m e t
c o n ta in e d n o s u ch p r o v is io n . T h o co n fe re n ce b ill in s e ctio n 441 con ta in s
th e IIu s e p ro v is io n , a d d in g t o th o p o w e r o f th o c o m m is s io n a s im ila r
p o w e r as t o o th e r s a fe ty d e v ice s , b u t re q u irin g th o o rd e r, in case o f all
d e v ic e s , t o b e m a d o a t least t w o yea rs b o fo ro th o d a te s p e c ifie d fo r its f u l 
fillm e n t.

Section 10 of the Clayton Act. ^
[Sec. 501 o f th o C o n fe re n c e B ill.]

T h o S enate a m e n d m e n t in s o c tio n 50 e x te n d e d t o J u ly 1 1920 t h o e ffe ctiv e
d a to o f s e c tio n 10 o f th e C la y to n a n ti-tru st A c t p r o h ib itin g c o m m o n d ire c
to r s o f ca r r ie r s a n d o f co r p o r a tio n s fr o m w h ic h th e y pu rch ase s u p p llos.
T h e H o u s e b ill co n ta in e d n o s u ch p r o v is io n . T h e co n fe re n ce b ill in s e ctio n
501 a c c e p ts th o Senate p r o v is io n , m a k in g th o e ffe c tiv e d a te Jan . 1 1921.

Unlimited Tickets.
T h e S en a te a m e n d m e n t in s e ctio n 51 p r o v id e d th a t passenger tic k o ts,
tc e p t t ic k e ts a t s p e c ia l rates fo r excu rsio n s, co n v e n tio n s , a n d o th e r sp ecial
ccn slon s, shall n o t b o lim it e d an d shall b o h o n o re d w h on p resen ted b y a n y
iw ful o w n e r . T h e H o u s e b ill co n ta in e d n o s u ch p r o v is io n , an d th e c o n irenco b ill elim inates it.
J O H N J. E SO H ,
E . L . H A M IL T O N ,
S A M U E L E . W IN S L O W .

Managers on the part of the House.

720

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[VOL. 110

RAILROAD BILL FOR RETURN OF THE ROADS TO PRIVATE CONTROL.
The conferees of the two Houses of Congress reached a complete agreement this week
on the legislation to be enacted in connection with the return of the steam railroads to
private control on March 1, and the bill embodying the compromise reached was submitted
on Wednesday. How the differences between the Esch bill as passed by the House and
the Cummins bill as passed by the Senate were reconciled is indicated in the report made
by Chairman Esch in presenting the compromise bill, which report we print in full on pages
716 to 720 of this issue. The Senate yielded as to some points, the House as to others.
An outline of the principal features of the new bill is furnished in our remarks on page
715
The full, and complete text of the bill in the shape it now stands is as follows:
AN ACT

To provide for the termination of Federal control of railroads
and systems of transportation; to provide for the settlement
of disputes between carriers and their employees; to further
amend an Act entitled “ An Act to regulate commerce,”
approved February 4, 1887, as amended, and for other
purposes.
Be it enacted by the Senate and House of Representatives
of the United States of America in Congress assembled,
T ITLE

I — D E FIN ITIO N S.

Section 1. This Act may be cited as the “ Transportation
Act, 1920.”
Sec. 2. When used in this Act—
The term “ Interstate Commerce Act” means the Act entitled
“ An Act to regulate commerce,” approved February 4, 1887,
as amended;
The term "Commerce Court A ct” means the A ct entitled
"An Act to create a commerce court, and to amend an Act
entitled ‘An Act to regulate commerce,’ approved February 4,
1887, as heretofore amended, and for other purposes,” approved
June 18, 1910;
The term “ Federal Control A ct” means the Act entitled
“ An Act to provide for the operation of transportation systems
while under Federal control, for the just compensation of
their owners, and for other purposes,” approved March 21, 1918,
as amended;
The term “ Federal control” means the possession, use,
control, and operation of railroads and systems of transporta
tion, taken over or assumed by the President under section 1
of the Act entitled “An Act making appropriations for the
support of the Army for the fiscal year ending June 30, 1917,
and for other purposes,” approved August 29, 1916, or under
the Federal Control A ct; and
The term “ Commission” means the Interstate Commerce
Commission.
TITLE

II.— T E R M I N A T I O N

OF

FEDERAL

CON I ROL.

Sec. 200. (a) Federal control shall terminate at 12.01 a. m.,
March 1, 1920; and the President shall then relinquish posses
sion and control of all railroads and systems of transportation
then under Federal control and cease the use and operation
thereof.
(b) Thereafter the President shall not have or exercise any
of the powers conferred upon him by the Federal Control Act
relating—
(1) To the use or operation of railroads or systems of trans
portation ;
(2) To the control or supervision of the carriers owning or
operating them, or of the business or affairs of such carriers;
(3) To their rates, fares, charges, classifications, regulations,
or practices;
(4) To the purchase, construction, or other acquisition of
boats, barges, tugs, and other transportation facilities on the
inland, canal, or coastwise waterways; or (except in pursuance
of contracts or agreements entered into before the termination
of Federal control) of terminals, motive power, cars, or equip
ment on or in connection with finy railroad or system of trans
portation;
(5) To the utilization or operation of canals;
(6) To the purchase of securities of carriers, except in pur
suance of contracts or agreements entered into before the
termination of Federal control, or as a necessary or proper
incident to the adjustment, settlement, liquidation and winding
up of matters arising out of Federal control; or
(7) To the use for any of the purposes above stated (except
in pursuance of contracts or agreements entered Into before
the termination of Federal control, and except as a necessary
or proper incident to the winding up or settling of matters
°^ t of Federal control, and except as provided in section
202) of the revolving fund created by such Act, or of any of
the additions thereto made under such Act, or by the Act
entitled “ An Act to supply a deficiency in the appropriation
for carrying out the Act entitled ‘An Act to provide for the
operation of transportation systems while under Federal con
trol, for the just compensation of their owners, and for other
purposes,’ approved March 21, 1918,”. approved June 30, 1919.
(c) Nothing in this Act shall be construed as affecting or
limiting’ the power of the President in time <r war (under
section 1 of the Act entitled “ An Act making appropriations
onr
suPP°rt of the Army for the fiscal year ending June
30, 1917, and for other purposes,” approved August 29, 1916)
to take possession and assume control of any system of trans
portation and utilize the same.

ways (hereinafter in this section called “ transportation facil
ities” ) acquired by the United States in pursuance of the fourth
paragraph of section 6 of the Federal Control Act (except the
transportation facilities constituting parts of railroads or trans
portation systems over which Federal control was assumed)
are transferred to the Secretary of War, who shall operate
or cause to be operated such transportation facilities so that
the lines of inland water transportation established by or
through the President during Federal control shall be continued;
and assume and carry out all contracts and agreements in
relation thereto entered into by or through the President in
pursuance of such paragraph prior to the time above fixed
for such transfer. All payments under the terms of such con
tracts, and for claims arising out of the operation of such
transportation facilities by or through the President prior to
the termination of Federal control, shall be made out of moneys
available under the provisions of this Act for adjusting, settling,
liquidating, and winding up matters arising out of or incident
to Federal control. Moneys required for such payments shall,
from time to time, be transferred to the Secretary of War as
required for payment under the terms of such contracts.
(b) All other payments after such transfer in connection
with the construction, utilization, and operation of any such
transportation facilities, whether completed or under construc
tion, shall be made by the Secretary of War out of funds
now or hereafter made available for that purpose.
(c) The Secretary of War is hereby authorized, out of any
moneys hereafter made available therefor, to construct ' or
contract for the construction of terminal facilities for the
interchange of traffic between the transportation facilities oper
ated by him under this section and other carriers whether by
rail or water, and to make loans for such purposes under such
terms and conditions as he may determine to any State whose
constitution prohibits the ownership of such terminal facilities
by other than the State or a political subdivision thereof.
(d) Any transportation facilities owned by the United States
and included within any contract made by the United States
for operation on the Mississippi River above Saint Louis, the
possession of which reverts to the United States at or before
the expiration of such contract, shall be operated by tho Secre
tary of War so as to provide facilities for water carriage on the
Mississippi River above Saint Louis.
(e) The operation of the transportation facilities referred to
in this section shall be subject to the provisions of the Inter
state Commerce Act as amended by this Act or by subsequent
legislation, and to the provisions of the “ Shipping Act, 1916,”
as now or hereafter amended, in the same manner and to the
same extent as if such transportation facilities were privately
owned and operated; and all such vessels while operated and
employed solely as merchant vessels shall be subject to all
other laws, regulations, and liabilities governing merchant ves
sels, whether the United States is Interested therein as owner,
in whole or In part, or holds any mortgage, lien, or Interest
therein. For the performance of the duties imposed by this
section the Secretary of War is authorized to appoint or employ
such number of experts, clerks, and other employees as may bo
necessary for service in the District of Columbia or elsewhere,
and as may be provided for by Congress.

SETTLEMENT OF MATTERS ARISING OUT OF FEDERAL
CONTROL.
Sec 202. The President shall, as soon as practicable, after
the termination of Federal control, adjust, settle, liquidate, and
wind up all matters, including compensation, and all questions
and disputes of whatsoever nature, arising out of or Incident
to Federal control. For these purposes and for tho purpose of
making the payments specified in sub-division (a) of section
201, all unexpended balances in the revolving fund created by
the Federal Control Act or of the moneys appropriated by the
Act entitled “ An Act to supply a deficiency in the appropriation
for carrying out the Ac^ entitled ‘An Act to provide for the
operation of transportation systems while under Federal con
trol, for the just compensation of their owners, and for other
purposes,’ approved March 21, 1918,” approved June 30, 1919,
are hereby reappropriated and made available until expended;
and all moneys derived from the operation of tho carriers or
otherwise arising out of Federal control, and all moneys that
have been or may be received in payment of tho Indebtedness
of any carrier to the United States arising out of Federal con
trol, shall be and remain available until expended for the
aforesaid purposes; and there is hereby appropriated for the
aforesaid purposes, out of any money in the Treasury not other
wise appropriated, $200,000,000 in addition to tho above, to be
available until expended.
COMPENSATION OF CARRIERS WITJrl WHICH NO CON
GOVERNMENT-OWNED BOATS ON INLAND WATERWAYS.
TRACT MADE.
Sec 201. (a) On the termination of Federal control, as pro
Sec. 203 (a) Upon the request of any carrier entitled to Just
vided in section 200, all boats, barges, tugs, and other trans compensation under the Federal Control Act, but with whlah no
portation facilities, on the Inland, canal, and coastwise water- contract fixing or waiving compensation has been made and




Feb. 21 1920.]

THE CHRONICLE

721

INSPECTION OF CARRIERS' RECORDS.
which has made no waiver of compensation, the President: (1)
Sec. 205. The President shall have the right, at all reason
shall pay to it so much of the amount he may determine to be
able times until the affairs of Federal control - are concluded,
just compensation as may be necessary to enable such carrier
to have the sums required for interest, taxes, and other cor to inspect the property and records of all carriers whose rail
porate charges and expenses referred to in paragraph (b) of roads or systems of transportation were at any time under
section 7 of the standard contract between the United States Federal control, whenever such inspection is necessary or
and the carriers, accruing during the period for which such appropriate (1) to protect the interests of the United States,
carrier is entitled to Just compensation under the Federal Con or (2) to supervise matters being handled for the United
trol Act, and also the sums required for dividends declared and States by agents of the carriers, or (3) to secure informar
paid during the same period, including, also, in addition, a tion concerning matters arising during Federal control, and
sum equal to that proportion of such last dividend which the such carriers shall provide all reasonable facilities therefor,
of free
agents of
period between its payment and the termination of the period including the issuancetraveling transportation to all for these
on official business
for which the carrier is entitled to Just compensation under the the President while
Federal Control Act bears to the last dividend period; and (2) purposes. carriers ' .
Such
shall, at their expense, upon the request
may, in his discretion, pay to such carrier the whole or any of the President, or those duly authorized by him, furnish
part of the remainder of such estimated amount of just com all necessary and proper information and reports compiled
pensation.
from 'the records made or kept during the period of Federal
(b)
The acceptance of any benefits by a carrier under this
control affecting their respective lines, and shall keep and
section—
continue such records and furnish like information and reports
(1) shall not deprive it of the right to claim additional com compiled therefrom.
pensation, which, unless agreed upon, shall be ascertained in
Any carrier which refuses or obstructs such inspection, or
the manner provided in section 3 of the Federal Control A c t; but which wilfully fails to provide reasonable facilities therefor,
(2) shall constitute an acceptance by the carrier of all the or to furnish such information or reports shall be liable to a
provisions of the Federal Control Act as modified by this Act, penalty of $500 for each day of the continuance of such offense,
and obligate the carrier to pay to the United States, with inter which shall accrue to the United States and may be recovered
est at the rate of 6 per centum per annum from a date or dates in a civil action to be brought by the United States.
fixed in proceedings under section 3 of the Federal Control Act,
CAUSES OF ACTION ARISING OUT OF FEDERAL
the amount by which the sums received on account of such
CONTROL.
compensation, under this section or otherwise, exceed the sum
Sec. 206. (a) Actions at law, suits in equity and proceed
found due in such proceedings.
ings in admiralty, based on causes of action arising out of
the possession, use, or operation by the President of the
REIMBURSEMENT OF DEFICITS DURING FEDERAL
railroad or system of transportation of any carrier (under
CONTROL.
the provisions of the Federal Control Act, or of the Act of
Sec. 204. (a) When used in this section—
August 29, 1916) of such character as prior to Federal
The term "carrier” means a carrier by railroad which, dur control could have been brought against such carrier, may,
ing any part of the period of Federal control, engaged as a after the termination of Federal control, be brought against
common carrier in general transportation, and competed for an agent designated by the President for such purpose, which
trafllc, or connected, with a railroad under Federal control, and agent shall be designated by the President within thirty days
which sustained a deficit in its railway operating income for after the passage of this Act. Such actions, suits, or pro
that portion (as a whole) of the period of Federal control dur ceedings may, within the periods of limitation now prescribed
ing which it operated its own railroad or system of transporta by State or Federal statutes but not later than two years
tion; but does not include any street or interurban electric from the date of the passage of this Act, be brought in any
railway which has as its principal source of operating revenue court which but for Federal control would have had jurisdic
urban, suburban, or interurban passenger traffic or sale of tion of the cause of action had it arisen against such carrier.
(b) Process may be served upon any agent or officer of
power, heat, and light, or both; and
The term "test period” means the three years ending June the carrier operating such railroad or system of transportation,
if such agent or officer is authorized by law to be served
30, 1917.
with process in proceedings brought against such carrier and if
(b) For the purposes of this section—
Railway operating income or any deficit therein for the a contract has been made with such carrier by or through
for the
litigation arising out of
period of Federal control shall be computed in a manner similar the President Federal conduct ofIf no such contract hasopera
tion
control.
been
to that provided in section 209 with respect to such income or made during
process may be served upon such agents or officers as
deficit for the guaranty period; and
may be designated by or through the President. The agent
Railway operating income or any deficit therein for the test designated by the President under subdivision (a) shall cause
period shall be computed in the manner provided in section 1 to be filed, upon the termination of Federal control, in the
of the Federal Control Act.
office of the Clerk of each District Court of the United States, a
(c)
As soon as practicable after March 1, 1920, the Commis
statement naming all carriers with whom he has contracted
sion shall ascertain for every carrier, for every month of the for the conduct of litigation arising out of operation during
period of Federal control during which its railroad or system of Federal control, and a like statement designating the agents
transportation was not under Federal operation, its deficit in or officers upon whom process may be served in actions,
railway operating income, if any, and its railway operating in suits, and proceedings arising in respect to railroads or systems
come, if any, (hereinafter called "Federal control return” ), and of transportation with the owner of which no such contract
the average of its deficit in railway operating income, if any, has been m ade; and such statements shall be supplemented
and of its railway operating income, if any, for the three cor from time to time, if additional contracts are made or other
responding months of the test period taken together, (herein agents or officers appointed.
after called “ test period return” ) : Provided, That “ test period
(c) Complaints praying for reparation on account of dam
return,” in the case of a carrier which operated its railroad or age claimed to have been caused by reason of the collection
system of transportation for at least one year during, but not or enforcement by or through the President during the period
for the whole of, the test period, means its railway operating of Federal control Of rates, fares, charges, classifications,
income, or the deficit therein, for the corresponding month regulations, or practices (including those applicable to inter
during the test period, or the average thereof for the corre state, foreign, or intrastate traffic) which were unjust, un
sponding months during the test period taken together, during reasonable, unjustly discriminatory, or unduly or unreasonably
which the carrier operated its railroad or system of transpor prejudicial, or otherwise in violation of the Interstate Com
merce Act, may be filed with the Commission, within one
tation.
(d) For every month of .the period of Federal control during year after the termination of Federal control, against the
which the railroad or system of transportation of the carrier agent designated by the President under subdivision (a ), nam
was not under Federal operation, the Commission shall then ing in the petition the railroad or system of transportation
ascertain (1) the difference between its Federal control return, against which such complaint would have been brought if
if a deficit, and its test period return, if a smaller deficit, or such railroad or system had not been under Federal control
(2) the difference between its test period return, if an income, at the time the matter complained of took place. The Com
and Its Federal control return, if a smaller income, or (3) the mission is hereby given jurisdiction to hear and decide such
sum of its Federal control return, if a deficit, plus its test complaints in the manner provided in the Interstate Commerce
period return, if an income. The sum of such amounts shall Act, and all notices and orders in such proceedings shall be
served upon the agent designated by the President under
be credited to the carrier.
(e) For every such month the Commission shall then ascer subdivision (a).
(d) Actions, suits, proceedings, and reparation claims, of
tain (1) the difference uetween the carrier’s Federal control
return, if an income, and its test period return, if a smaller the character above described pending at the termination of
Federal control shall not abate by reason of such termination,
income, or (2) the difference between its test period return, if but may be prosecuted to final judgment, substituting the
a deficit, and its Federal control return, if a smaller deficit, or agent designated by the President under subdivision (a ).
(3) tho sum of its Federal control return, if an income, plus
(e) Final judgments, decrees, and awards in actions, suits,
its test period return, if a deficit. The sum of such amounts proceedings, or reparation claims, of the character above de
shall be credited to the United States.
scribed, rendered against the agent designated by the Presi
(f) If the sum of the amounts so credited to the carrier dent under subdivision (a ), shall be promptly paid out of
under subdivision (d) exceeds the sum of the amounts so cred the revolving fund created by section 210.
ited to the United States under subdivision (e), the difference
(f) The period of Federal control shall not be computed
shall be payable to the carrier. In the case of a carrier which as a part of! the periods of limitation in actions against car
operated Its railroad or system of transportation for less than a riers or in claims for reparation to the Commission for causes
year during, or for none of, the test period, the foregoing com of action arising prior to Federal control.
(g ) No execution or process, other than on a judgment
putations shall not be used, but there shall be payable to such
carrier its deficit in railway operating income for that portion recovered by the United States against a carrier, shall be
(as a whole) of the period of Federal control during which it levied upon the property of any carrier where the cause of
action on account of which the judgment was obtained grew
operated its own railroad or system of transportation.
(g) Tho Commission shall promptly certify to the Secretary out of the possession, use, control, or operation of any rail
road or system of transportation by the President under Fed
of the Treasury the several amounts payable to carriers under eral control.
paragraph (f). The Secretary of the Treasury is hereby author
ized and directed thereupon to draw warrants in favor of each REFUNDING OF CARRIERS’ INDEBTEDNESS TO UNITED
such carrier upon the Treasury of the United States for the
STATES.
amount shown in such certificate as payable thereto. An
Sec. 207. (a ) As soon as practicable after the termina
amount sufficient to pay such warrants is hereby appropriated tion of Federal control the President shall ascertain (1) the
out of any money in the Treasury not otherwise appropriated.
amount of the indebtedness of each carrier to the United




722

THE CHRONICLE

States, which may exist at the termination of Federal control,
incurred for additions artd betterments made during Federal
control and properly chargeable to capital account; (2) the
amount of indebtedness of such carrier 'to the United States
otherwise incurred; and (3) the amount of the indebtedness
of the United States to such carrier arising out of Federal
control. The amount under clause (3) may be set off against
either or both of the amounts under clauses (1) and (2),
so far as deemed wise by the President, but only to the
extent permitted under any contract now or hereafter made
between such carrier and the United States in respect to
matters of Federal control, or, where no such contract exists,
to the extent permitted under paragraph (b) of section 7 of
the standard contract between the United States and the
carriers relative to deductions from compensation: Provided,
That such right of set-off shall not be so exercised as to
prevent such carrier from having the sums required for in
terest, taxes, and other corporate charges and expenses referred
to in paragraph (b ) of section 7 of such standard contract,
accruing during Federal control, and also the sums required
for dividends declared and paid during Federal control, in
cluding, also in addition, a sum equal to that proportion of
such last dividend which the period between its payment and
the termination of Federal control bears to the last regular
dividend period: And provided further, That such right of
set-off shall not be exercised unless there shall have first been
paid such sums in addition as may be necessary to provide
the carrier with working capital in amount not less than
one twenty-fourth of its operating expenses for the calendar
year 1919.
(b ) Any remaining indebtedness of the carrier to the
United States in respect to such additions and betterments
shall, at the request of the carrier, be funded for a period
of ten years from the termination of Federal control, or a
shorter period at the option of the carrier, with interest at
the rate of 6 per centum per annum, payable semiannually,
subject to the right of such carrier to pay, on any interestpayment day, the whole or any part of such indebtedness.
Any carrier obtaining the funding of such indebtedness as
aforesaid shall give, in the discretion of the President, such
security, in such form and upon such terms, as he may
prescribe.
(c ) If the President and the various carriers, or any
of them, shall enter into an agreement for funding, through
the medium of car trust certificates, or otherwise, the indebted
ness of any such carrier to the United States incurred for
equipment ordered for the benefit of such carrier, such in
debtedness so funded shall not be refundable under the fore
going provisions.
(d) Any other indebtedness of any such carrier to the
United States which may exist after the settlement of accounts
between the United States and the carrier and is then due
shall be evidenced by notes payable in one year from the
termination of Federal control, or a shorter period at the
option of the carrier, with interest at the rate of 6 per
centum, and secured by such collateral security as the Presi
dent may deem it advisable to require.
(e) With respect to any bonds, notes, or other securities,
acquired under the provisions of this section or of the Federal
Control Act or of the Act entitled “An Act to provide for the
reimbursement of the United States for motive power, cars
and other equipment ordered for railroads and systems of
transportation under Federal control, and for other purposes,”
approved November 19, 1919, the President shall have the
right to make such arrangements for extension of the time
of payment or for the exchange of any of them for other
securities, or partly for cash and partly for securities, as
may be provided for in any agreement entered into by him
or as may in his judgment seem desirable.
(f) Carriers may, by agreement with the President, issue
notes or other evidences of indebtedness, secured by equip
ment trust agreements, for equipment purchased during Fed
eral control by or through the President under section 6 of
the Federal Control Act, and allocated to such carriers re
spectively ; and the filing of such equipment trust agreements
with the Commission shall constitute notice thereof to all
the world.
(g ) A carrier may issue evidences of indebtedness pur
suant to this section without the authorization or approval
of any authority, State or Federal, and without compliance
with any requirement, State or Federal, as to notification.
EXISTING KATES TO CONTINUE IN EFFECT.
Sec. 208. (a) All rates, fares, and charges, and all classi
fications, regulations, and practises, in any wise changing,
affecting, or determining, any part or the aggregate of rates,
fares, or charges, or the value of the service rendered, which
on February 29, 1920, are in effect on the lines of carriers
subject to the Interstate Commerce Act, shall continue in
force and effect until thereafter changed by State or Federal
authority, respectively, or pursuant to authority of law; but
prior to September 1, 1920, no such rat6, fare, or charge shall
be reduced, and no such classification, regulation, or practice
shall bo changed in such manner as to reduce any such rate,
fare, or charge, unless such reduction or change is approved
by the Commission.
(b) All divisions of joint rates, fares, or charges, which
on February 20, 1920, are in effect between the lines of
carriers subject to the Interstate Commerce Act, shall con
tinue in force and effect until thereafter changed by mutual
agreement between the interested carriers or by State or
Federal authorities, respectively.
(c ) Any land grant railroad organized under the Act of
July 28, 1866 (chapter 300), shall receive the same com
pensation for transportation of property and troops of the
United States as is paid to land grant railroads organized
under the Land Grant Act of March 3, 1863, and the Act of
July 27, 1866 (chapter 278).
GUARANTY TO CARRIERS AFTER TERMINATION OF
FEDERAL CONTROL.
Sec. 209. (a ) When used in this section—
The term “ carrier” means (1) a carrier by railroad or
partly by railroad and partly by water, whose railroad or




[Vol. 110

system of transportation is under Federal control at the time
Federal control terminates, or which has heretofore engaged
as a common carrier in general transportation and competed
for traffic, or connected, with a railroad at any time under
Federal control; and (2) a sleeping car company whose sys
tem of transportation is under Federal control at the time
Federal control terminates; but does not include a street or
interurban electric railway not under Federal control at the
time Federal control terminates, which has as its principal
source of operating revenue urban, suburban, or interurban
passenger traffic, or sale of power, heat and light, or both ;
The term “ guaranty period” means the six months be
ginning March 1, 1920.
The term “ test period” means the three years ending June
30, 1917 ; and
The term "railway operating income" and other references
to accounts of carriers by railroad shall, in the case of a
sleeping car company, be construed as indicating the appro
priate corresponding accounts in the accounting system pre
scribed by the Commission.
(b) This section shall not be applicable to any carrier
which does not on or before March 15, 1920, file with the
Commission a written statement that it accepts all the pro
visions of this section.
(c) The United States hereby guarantees—
(1) With respect to any carrier with which a contract (ex
clusive of so-called cooperative contracts or waivers) has been
made fixing thd amount of just compensation under the Fed
eral Control Act, that the railway operating income of such
carrier for the guaranty period as-a whole shall not be less
than one-half the amount named in such contract as annual
compensation, or, where the contract fixed a lump sum as com
pensation for the whole period of Federal operation, that the
railway operating income of such carrier for the guaranty
period as a whole shall not be less than an amount which shall
bear the same proportion to the lump sum so fixed as six months
bears to the number of months during which such carrier was
under Federal operation, including in both cases the increases
in such compensation provided for in section 4 of the Federal
Control A c t;
(2) With respect to any carrier entitled to just compensa
tion under the Federal Control Act, with which such a contract
has not been made, that the railway operating income of such
carrier for the guaranty period as a whole shall not be less
than one-half of the annual amount estimated by the Presi
dent as just compensation for such carrier under the Federal
Control Act, including the increases in such compensation pro
vided'for in section 4 of the Federal Control A c t I t any such
carrier does not accept the President’s estimate respecting its
just compensation, and if in proceedings under section 3 of the
Federal Control Act it is determined that a larger or smaller
annual amount is due as just compensation, the guaranty under
this paragraph shall be increased or decreased accordingly;
(3) With respect to any carrier, whether or not entitled to
just compensation under the Federal Control Act, with which
such a contract has not been made, and for which no estimate
of just compensation is made by the President, and which for
the test period as a whole sustained a deficit in railway operat
ing incomes, the guaranty shall be a sum equal to (a ) the
amount by which any deficit in its railway operating income for
the guaranty period as a whole exceeds one-half of its average
annual deficit in railway operating Income for the test period,
plus (b) an amount equal to one-half the annual sum fixed by
the President under section 4 of the Federal Control A c t ;
(4) With respect to any carrier not entitled to just com
pensation under the Federal Control Act, which for the test
period as a whole had an average annual railway operating in
come, that the railway operating income of such carrier for
the guaranty period as a whole shall not be less than one-half
the average annual railway operating income of such carrier
during the test period.
(d) If for the guaranty period as a whole the railway
operating income of any carrier entitled to a guaranty under
paragraph (1), ( 2 ) ( or (4) of the subdivision (c ) is in excess of
the minimum railway operating income guaranteed in such
paragraph, such carrier shall forthwith pay the amount of such
excess into the Treasury of the United States. If for the
guaranty period as a whole the railway operating income of
any carrier entitled to a guaranty under paragraph (3) of
subdivision (c) is in excess of one-half of the annual sum fixed
by the President with respect to such carrier under section 4
of the Federal Control Act, such carrier shall fprthwith pay
the amount of such excess into the Treasury of the United
States. The amounts so paid into the Treasury of the United
States shall be added to the funds made available under sec
tion 202 for the purposes indicated in such section. N otw ith 
standing the provisions of this subdivision, any carrier may
retain out of any such excess any amount necessary to enable
it to pay its fixed charges accruing during the guaranty period.
(e) For the purposes of this section railway operating in
come, or any deficit therein, for the test period shall bo com
puted in the manner provided for in section 1 of the Federal
Control Act.
(f) In computing railway operating Income, or any deficit
therein, for the guaranty period for the purposes of this sec
tion—
(1) Debits and credits arising from the accounts, called In
the monthly reports to the Commission equipment rents and
joint facility rents, shall be included, but debits and credits
arising from the operation of such street electric passenger
railways, including railways commonly called interurbans, as
are not under Federal control at the time of termination thereof,
shall be excluded;
(2) Proper adjustments shall be made (a ) in case any
lines which were, during any portion of the period of Federal
control, a part of the railroad or system o f transportation of
the carrier, and whose railway operating income was Included
in such income of the carrier for the test period, do not con
tinue to be a part of such railroad or system of transportation
during the entire guaranty period, and (b) in case of any lines
acquired by, leased to, or consolidated with, the railroad or

Feb. 21 1920.]

733

THE CHRONICLE

e x p e n s e s , t h e C o m m is s io n m a y c e r t if y t o th e S e c r e t a r y o f th e
T r e a s u r y t h e a m o u n t o f, a n d t im e s a t w h ic h , s u c h a d v a n c e s ,
i f a n y , s h a ll b e m a d e .
T h e S ecre ta ry o f th e T rea su ry , on
r e c e i p t o f s u c h c e r t i f i c a t e , is a u t h o r i z e d a n d d i r e c t e d t o m a k e
t h e a d v a n c e s in t h e a m o u n t s a n d a t t h e t i m e s s p e c i f i e d i n t h e
p e r io d ;
.
c e r tific a te , u p o n th e e x e c u tio n b y su ch c o m p a n y o f a c o n tr a c t,
(3 )
T h e r e s h a l l n o t b e i n c l u d e d in o p e r a t i n g e x p e n s e s , f o r
s e c u r e d In s u c h m a n n e r a s t h e S e c r e t a r y m a y d e t e r m i n e , t h a t
m a in te n a n ce o f w a y a n d s tr u ctu re s , o r fo r m a in te n a n c e o f
u p o n fin a l d e t e r m i n a t i o n o f t h e a m o u n t o f t h e g u a r a n t y p r o 
e q u ip m e n t, m o r e th a n a n a m o u n t fix e d b y th e C o m m is s io n .
In
v id e d f o r b y th is s u b d iv is io n s u c h c o m p a n y w ifi r e p a y t o t h e
fix in g s u c h a m o u n t t h e C o m m is s io n s h a ll s o f a r a s p r a c t ic a b le
U n it e d S t a t e s a n y a m o u n t s w h ic h it h a s r e c e iv e d fr o m s u c h
a p p l y t h e r u l e s e t f o r t h in t h e p r o v i s o in p a r a g r a p h ( a ) o f
a d v a n c e s in e x c e s s o f t h e g u a r a n t y , w i t h i n t e r e s t a t t h o r a t e o f
s e c t io n 5 o f th e “ s t a n d a r d c o n t r a c t ’ ’ b e tw e e n th e U n it e d S ta t e s
6 p e r c e n t u m p e r a n n u m f r o m t h e t im e s u c h e x c e s s w a s p a id
a n d th e c a r r ie r s (w h e th e r o r n o t su ch c o n tr a c t h a s b e e n e n te re d
T h e r e is h e r e b y a p p r o p r i a t e d o u t o f a n y m o n e y i n t h e T r e a s u r y
i n t o w i t h t h e c a r r i e r w h o s e r a i l w a y o p e r a t i n g i n c o m e is b e i n g
n o t o th e r w is e a p p r o p r ia te d a s u m
s u ffic ie n t t o e n a b le th e
com p u ted ) ;
_
T
S e c r e t a r y o f t h e T r e a s u r y t o m a k e t h e a d v a n c e s r e f e r r e d t o in
( 4 ) T h e r e s h a ll n o t b e in c lu d e d a n y t a x e s p a id u n d e r T it le I
th is s u b d iv is io n .
o r I I o f th e R e v e n u e A c t o f 1917, o r s u ch p o r tio n o f th e ta x e s
N E W L O A N S T O R A IL R O A D S .
p a id u n d e r T it le I I o r I I I o f th e R e v e n u e A c t o f 1 9 1 8 a s b y th e
t o r m s o f s u c h A c t a r e t o b e t r e a t e d a s l e v i e d b y a n A c t in
S e c . 210. ( a ) F o r t h e p u r p o s e o f e n a b l i n g c a r r i e r s b y r a i l r o a d
a m e n d m e n t o f T it le I o r I I o f th e R e v e n u e A c t o f 1917 ; a n d
s u b je c t t o th e In te rs ta te C o m m e r c e A c t p r o p e r ly to s e r v e th e
( 5 ) T h e C o m m is s io n s h a ll r e q u ir e t h e e lim in a t io n a n d r e  p u b lic d u r in g t h e t r a n s it io n p e r io d im m e d ia t e ly f o l l o w i n g t h e
s ta te m e n t o f th e o p e r a t in g e x p e n s e s a n d re v e n u e s (o t h e r th a n
t e r m in a t io n o f F e d e r a l c o n t r o l, a n y s u c h c a r r ie r m a y , a t a n y
f o r m a in te n a n ce o f w a y s a n d s tr u c tu r e s , o r m a in te n a n c e o f
t im e a f t e r th e p a s s a g e o f t h is A c t a n d b e f o r e t h e e x p ir a t io n
e q u ip m e n t) f o r th e g u a r a n t y p e r io d , to th e e a te n t n e c e s s a r y to
o f t w o y e a r s a f t e r th e t e r m in a t io n o f F e d e r a l c o n t r o l, m a k e
c o r r e c t a n d e x c lu d e a n y d is p r o p o r tio n a te o r u n r e a s o n a b le c h a r g e
a p p lic a t io n t o t h e C o m m is s io n f o r a lo a n f r o m
t h e U n ite d
to s u c h e x p e n s e s o r r e v e n u e s f o r s u c h p e r io d , o r a n y c h a r g e to S ta te s , s e t t in g f o r t h th e a m o u n t o f th e lo a n a n d t h e t e r m f o r
s u c h e x p e n s e s o r r e v e n u e s f o r s u c h p e r io d w h ic h u n d e r a p r o p e r
w h i c h i t is d e s i r e d , t h e p u r p o s e o f t h e l o a n a n d t h e u s e s t o
s y s t e m o f a c c o u n t i n g is a t t r i b u t a b l e t o a n o t h e r p e r i o d .
w h ic h it w ill b e a p p lie d , t h e p r e s e n t a n d p r o s p e c t iv e a b i l i t y o f
( g ) T h e C o m m is s io n s h a ll, a s s o o n a s p r a c t ic a b le a f t e r th e
th e a p p lic a n t t o r e p a y t h e lo a n a n d m e e t t h e r e q u ir e m e n t s o f
e x p i r a t i o n o f t h e g u a r a n t y p e r i o d , a s c e r t a i n a n d c e r t i f y t o t h e i t s o b l i g a t i o n s in t h a t r e g a r d , t h e c h a r a c t e r a n d v a l u e o f t h e
S e c r e ta r y o f th e T r e a s u r y th e se v e ra l a m o u n ts n e c e s s a r y to
s e c u r it y o ffe r e d , a n d th e e x t e n t to w h ic h th e p u b lic c o n v e n ie n c e
m a k e g o o d th e f o r e g o in g g u a r a n t y to e a c h c a r r ie r .
T h e S e c r e  a n d n e c e s s it y w ill b e s e r v e d .
T h e a p p l i c a t i o n s h a ll b e a c c o m 
t a r y o f t h e T r e a s u r y is h e r e b y a u t h o r i z e d a n d d i r e c t e d t h e r e  p a n i e d b y s t a t e m e n t s s h o w i n g s u c h f a c t s a n d d e t a i l s a s t h e
u p o n t o d r a w w a r r a n t s in f a v o r o f e a c h s u c h c a r r i e r u p o n t h e
C o m m is s io n m a y r e q u ir e w it h r e s p e c t to t h e p h y s ic a l s it u a t io n ,
T r e a s u r y o f t h e U n i t e d S t a t e s , f o r t h e a m o u n t s h o w n in s u c h
o w n e r s h ip ,
c a p ita liz a tio n ,
in d e b te d n e s s , c o n t r a c t o b lig a t io n s ,
c e r tific a te a s n e c e s s a r y to m a k e g o o d su ch g u a r a n ty .
An
o p e r a t io n , a n d e a r n in g p o w e r o f th e a p p lic a n t , t o g e t h e r w it h
a m o u n t s u f f i c i e n t t o p a y s u c h w a r r a n t s is h e r e b y a p p r o p r i a t e d
s u c h o th e r fa c t s r e la tin g to th e p r o p r ie ty a n d e x p e d ie n c y o f
o u t o f a n y m o n e y in t h e T r e a s u r y n o t o t h e r w i s e a p p r o p r i a t e d . g r a n t i n g t h e l o a n a p p l i e d f o r a n d t h e a b i l i t y o f t h e a p p l i c a n t
( h ) U p o n a p p lic a t io n o f a n y c a r r ie r to th e C o m m is s io n , a s k  to m a k e g o o d th e o b lig a t io n , a s t h e C o m m is s io n m a y d e e m p e r 
in g th a t d u r in g th e g u a r a n t y p e r io d th e r e m a y b e a d v a n c e d to
t in e n t to t h e in q u ir y .
it f r o m t im o t o t i m e s u c h s u m s , n o t in e x c e s s o f t h e e s t i m a t e d
( b ) I f th e C o m m is s io n , a f t e r s u c h h e a r in g a n d in v e s t ig a t io n ,
a m o u n t n e c e s s a r y to m a k o g o o d th e g u a r a n ty , a s a r e n e c e s s a r y
w i t h o r w i t h o u t n o t i c e , a s It m a y d i r e c t , f i n d s t h a t t h e m a k i n g ,
t o e n a b l e i t t o m e e t it s f i x e d c h a r g e s a n d o p e r a t i n g e x p e n s e s ,
in w h o l e o r in p a r t , o f t h e p r o p o s e d l o a n b y t h e U n i t e d S t a t e s
th e C o m m is s io n m a y c e r t if y to th e S e c r e t a r y o f th e T r e a s u r y
is n e c e s s a r y t o e n a b l e t h e a p p l i c a n t p r o p e r l y t o m e e t t h e
t h e a m o u n t o f , a n d t i m e s a t w h i c h s u c h a d v a n c e s , i f a n y , s h a ll
t r a n s p o r t a t io n n e e d s o f t h e p u b lic , a n d t h a t t h e p r o s p e c t iv e
bo m ade.
T h e S e c r e t a r y o f th e T r e a s u r y , o n r e c e ip t o f s u c h
e a r n in g p o w e r o f th e a p p lic a n t a n d th e c h a r a c t e r a n d v a lu e
c e r t i f i c a t e , is a u t h o r i z e d a n d d i r e c t e d t o m a k e t h e a d v a n c e s in
o f th e s e c u r it y o ffe r e d a r e s u c h a s to fu r n is h r e a s o n a b le a s s u r 
t h e a m o u n t s a n d a t t h e t i m e s s p e c i f i e d in t h e c e r t i f i c a t e u p o n
a n c e o f t h e a p p lic a n t ’ s a b ilit y t o r e p a y t h e lo a n w it h in th e
t h e e x e c u t i o n b y t h e c a r r i e r o f a c o n t r a c t s e c u r e d in s u c h m a n  t i m e f i x e d t h e r e f o r , a n d t o m e e t i t s o t h e r o b l i g a t i o n s i n c o n 
n e r a s th e S e c r e t a r y m a y d e t e r m in e , t h a t u p o n fin a l d e t e r m in a 
n e c t io n w it h s u c h lo a n , th e C o m m is s io n m a y c e r t i f y t o th e
t io n o f th o a m o u n t o f th e g u a r a n t y p r o v id e d f o r b y th is s e c t io n
S e c r e t a r y o f t h e T r e a s u r y its fin d in g s o f f a c t a n d it s r e c o m 
s u c h c a r r ie r w ill r e p a y to th e U n ite d S ta t e s a n y a m o u n ts
m e n d a t i o n s a s t o : t h e a m o u n t o f t h e l o a n w h i c h is t o b e m a d e ;
w h i c h i t h a s r e c e i v e d f r o m s u c h a d v a n c e s in e x c e s s o f t h e
t h e t im e , n o t e x c e e d in g fiv e y e a r s f r o m t h e m a k in g t h e r e o f,
g u a r a n ty , w ith in t e r e s t a t th e r a t e o f 6 p e r c e n tu m p e r a n n u m
w i t h i n w h i c h it is t o b e r e p a i d ; t h e c h a r a c t e r o f t h e s e c u r i t y
f r o m t h o t i m e s u c h e x c e s s w a s p a id .
T h e r e is h e r e b y a p p r o p r i  w h i c h is t o b e o f f e r e d t h e r e f o r ; a n d t h e t e r m s a n d c o n d i t i o n s
a t e d , o u t o f a n y m o n e y in t h e T r e a s u r y n o t o t h e r w i s e a p  o f t h e l o a n .
p r o p r ia t e d , a s u m s u ffic ie n t to e n a b le th e S e c r e t a r y o f th e
( c ) U p o n r e c e ip t o f s u c h c e r tific a te fr o m th e C o m m is s io n ,
T r e a s u r y t o m a k e t h o a d v a n c e s r e f e r r e d t o in t h i s s u b d i v i s i o n .
th e S e c r e t a r y o f th e T r e a s u r y , a t a n y tim e b e fo r e t h e e x p ir a 
s y s te m o f t r a n s p o r t a t io n o f th e c a r r ie r a t a n y t im e s in c e th e e n d
o f th e t e s t p e r io d a n d p r io r to th e e x p ir a t io n o f th e g u a r a n t y
p e r io d , f o r w h ic h s e p a r a t e o p e r a t in g r e t u r n s to th e C o m m is s io n
a r e n o t m a d o in r e s p e c t t o t h e e n t i r e p o r t i o n o f t h e g u a r a n t y

( i ) I f t h e A m e r i c a n R a i l w a y E x p r e s s C o m p a n y s h a ll , o n
o r b e f o r e M a r c h 1 5 , 1 9 2 0 , f ile w i t h t h e C o m m i s s i o n a w r i t t e n
s ta t e m e n t th a t it a c c e p t s a ll th e p r o v is io n s o f th is s u b d iv is io n ,
th e c o n t r a c t o f J u n e 26, 1 918, b e tw e e n s u c h c o m p a n y a n d th e
D ir e c to r G e n e ra l o f R a ilr o a d s , a s a m e n d e d a n d co n tin u e d b y
a g r e e m e n t d a t e d N o v e m b e r 2 1 , 1 9 1 8 , s h a l l r e m a i n in f u l l f o r c e
a n d e f f e c t d u r i n g t h e g u a r a n t y p e r i o d in s o f a r a s t h e s a m e
c o n s t itu te s a g u a r a n t y o n th o p a r t o f t h e U n ite d S ta t e s to
s u c h c o m p a n y a g a i n s t a d e f i c i t in o p e r a t i n g i n c o m e .
In c o m p u t in g o p e r a t in g in c o m e , a n d a n y d e fic it th e r e in , f o r
t h o g u a r a n t y p e r io d f o r t h o p u r p o s e s o f th is s u b d iv is io n , th e
C o m m is s io n s h a ll r e q u ir e th e e lim in a t io n a n d r e s t a t e m e n t o f
th o o p e r a t in g e x p e n s e s a n d r e v e n u e s f o r th e g u a r a n t y p e r io d ,
to th o e x t e n t n e c e s s a r y to c o r r e c t a n d e x c lu d e a n y d is p r o 
p o r tio n a te o r u n r e a s o n a b le c h a r g e to s u ch e x p e n s e s o f re v e n u e s
f o r su ch p e rio d , o r a n y c h a r g e to s u ch e x p e n s e s o r re v e n u e s
f o r s u c h p e r io d w h ic h u n d e r a p r o p e r s y s te m o f a c c o u n t in g
is a t t r ib u t a b le to a n o t h e r p e r io d , a n d to e x c lu d e f r o m o p e r a t in g
e x p e n s e s s o m u c h o f th e c h a r g e f o r p a y m e n t f o r e x p r e s s
p r i v i l e g e s t o c a r r i e r s o n w h o s e l i n e s t h e e x p r e s s t r a f f i c is c a r 
r i e d a s is in e x c e s s o f 5 0 .2 5 p e r c e n t u m o f g r o s s e x p r e s s r e v e n u e .
F o r th e g u a r a n t y p e r io d th e A m e r ic a n R a ilw a y E x p r e s s
C o m p a n y s h a ll p a y t o e v e r y c a r r ie r w h ic h a c c e p t s th e p r o 
v i s i o n s o f t h i s s e c t i o n , a s p r o v i d e d in s u b d i v i s i o n ( b ) h e r e o f ,
5 0 .2 5 p o r c e n t u m o f t h o g r o s s r e v e n u e e a r n e d o n t h e t r a n s 
p o r t a t io n o f a ll its e x p r e s s t r a f f ic o n th e c a r r ie r ’s lin e s , a n d
e v e r y s u c h c a r r ie r s h a ll a c c e p t f r o m t h e A m e r ic a n R a i l w a y
E x p r e s s C o m p a n y s u c h p e r c e n t a g e o f t h e g r o s s r e v e n u e a s it s
co m p e n s a tio n .
In a r r iv in g a t th e g r o s s r e v e n u e o n th r o u g h o r
jo in t e x p r e s s t r a ffic , th e m e th o d o f d iv id in g t h e r e v e n u e b e tw e e n
th e c a r r ie r s s h a ll b e t h a t a g r e e d u p o n b e tw e e n th o c a r r ie r s a n d
s u c h e x p r e s s c o m p a n y a n d a p p r o v e d b y th e C o m m is s io n .
I f f o r th e g u a r a n t y p e r io d a s a w h o le th e A m e r ic a n R a i l 
w a y E x p r e s s C o m p a n y d o e s n o t h a v e a d e f i c i t in o p e r a t i n g i n 
c o m e , it s h a ll f o r t h w it h p a y th e a m o u n t o f its o p e r a t in g in 
c o m e f o r s u c h p e r io d in to th o T r e a s u r y o f th e U n ite d S ta te s.
T h o a m o u n t s o p a id s h a ll b e a d d e d t o t h e fu n d s m a d e a v a ila b le
u n d e r s e c t i o n 2 0 2 f o r t h e p u r p o s e i n d i c a t e d in s u c h s e c t i o n .
T h o C o m m is s io n s h a ll, a s s o o n a s p r a c t ic a b le a f t e r t h e e x 
p ir a tio n o f th e g u a r a n t y p e r io d , c e r t i f y to th e S e c r e t a r y o f th e
T r e a s u r y th e a m o u n t n e c e s s a r y to m a k e g o o d th e fo r e g o in g
g u a r a n ty to th e A m e r ic a n R a ilw a y E x p r e s s C o m p a n y .
The
S e c r e t a r y o f t h o T r e a s u r y is h e r e b y a u t h o r i z e d a n d d i r e c t e d
t h e r e u p o n t o d r a w w a r r a n t s in f a v o r o f s u c h c o m p a n y u p o n
t h o T r e a s u r y o f t h o U n i t e d S t a t e s f o r t h e a m o u n t s h o w n in
su ch ce r tific a te a s n e c e s s a r y to m a k e g o o d su ch g u a r a n ty .
An
a m o u n t s u f f i c i e n t t o p a y s u c h w a r r a n t s is h e r e b y a p p r o p r i a t e d ,
o u t o f a n y m o n e y in th o T r e a s u r y n o t o t h e r w is e a p p r o p r ia t e d .
U p o n a p p lic a t io n o f th o A m e r ic a n R a ilw a y E x p r e s s C o m p a n y
to th o C o m m is s io n , a s k in g t h a t d u r in g th e g u a r a n t y p e r io d
t h c r o m a y b o a d v a n c e d t o it fr o m t im e t o tim e s u c h s u m s , n o t
in e x c e s s o f t h o e s t im a t e d a m o u n t n e c e s s a r y t o m a k e g o o d th e
g u a r a n ty , a s a r o n e c e s s a r y to e n a b le it to m e e t its o p e r a t in g




t io n o f t w e n t y - s i x m o n t h s a f t e r th e t e r m in a t io n o f F e d e r a l
c o n t r o l, is a u t h o r iz e d t o m a k e a lo a n , n o t e x c e e d in g t h e m a x i 
m um
a m o u n t r e c o m m e n d e d in s u c h c e r t if ic a t e , o u t o f a n y
m o n e y s i n t h e r e v o l v i n g f u n d p r o v i d e d f o r in t h i s s e c t i o n .
A ll
s u c h l o a n s s h a ll b e a r i n t e r e s t a t t h e r a t e o f 6 p e r c e n t u m p e r
a n n u m , p a y a b le s e m ia n n u a lly to th e S e c r e t a r y o f th e T r e a s u r y
a n d t o b e p la c e d to th e c r e d it o f t h e r e v o lv in g fu n d p r o v id e d
f o r in t h i s s e c t i o n .
T h e t im e , n o t e x c e e d in g fiv e y e a r s fr o m
t h e m a k in g t h e r e o f, w it h in w h ic h s u c h lo a n is t o b e r e p a id , t h e
s e c u r i t y w h i c h is t o b e t a k e n t h e r e f o r , w h i c h s h a ll b e a d e q u a t e
t o s e c u r e t h e lo a n , t h e t e r m s a n d c o n d it io n s o f t h e lo a n , a n d
t h e f o r m o f t h e o b l i g a t i o n t o b e e n t e r e d i n t o , s h a ll b e p r e 
s c r ib e d b y th q S e c r e ta r y o f th e T r e a s u r y .
(d ) T h e C o m m is s io n o r th e S e c r e t a r y o f th e T r e a s u r y m a y
ca ll u p o n th e F e d e r a l R e s e r v e B o a r d f o r a d v ic e a n d a s s is ta n c e
w it h r e s p e c t t o a n y s u c h a p p lic a t io n o r lo a n .
( e ) T h e r e is h e r e b y a p p r o p r i a t e d o u t o f a n y m o n e y s i n t h e
T r e a s u r y n o t o t h e r w i s e a p p r o p r i a t e d t h e s u m o f $30 0 ,0 0 0 ,0 00 ,
w h i c h s h a ll b e u s e d a s a r e v o l v i n g f u n d f o r t h e p u r p o s e o f
m a k i n g t h e l o a n s p r o v i d e d f o r in t h i s s e c t i o n , a n d f o r p a y i n g
t h e ju d g m e n t s , d e c r e e s , a n d a w a r d s r e f e r r e d t o in s u b d iv is io n
( e ) o f s e c t i o n 206.
( f ) A c a r r ie r m a y is s u e e v id e n c e s o f In d e b t e d n e s s t o th e
U n ite d S ta t e s p u r s u a n t to t h is s e c t io n w it h o u t t h e a u t h o r iz a 
t io n o r a p p r o v a l o f a n y a u t h o r it y , S ta t e o r F e d e r a l, a n d w it h o u t
c o m p lia n c e w it h a n y re q u ir e m e n t, S ta te o r F e d e r a l, a s to n o t i
fic a tio n .
E X E C U T IO N

OF

POW ERS

OF

P R E S ID E N T .

S e c . 211. A l l p o w e r s a n d d u t i e s c o n f e r r e d o r i m p o s e d u p o n
th e P r e s id e n t b y th e p r e c e d in g s e c t io n s o f th is A c t , e x c e p t th e
d e s i g n a t i o n o f t h e a g e n t u n d e r r e c t i o n 206, m a y b e e x e c u t e d
b y h im t h r o u g h s u c h a g e n c y o r a g e n c ie s a s h e m a y d e t e r m in e .

TITLE

III.— D I S P U T E S B E T W E E N C A R R I E R S A N D T H E I R
E M P L O Y EE S A N D S U B O R D IN A T E OFFICIALS.

S e c . 300. W h e n u s e d in t h i s t i t l e —
(1 ) T h e te r m " c a r r i e r ’ ’ in c lu d e s a n y e x p r e s s c o m p a n y , s le e p 
in g c a r c o m p a n y , a n d a n y c a r r ie r b y r a ilr o a d , s u b je c t to th e
I n te r s ta te C o m m e r c e A c t , e x c e p t a s tr e e t, in te r u r b a n , o r s u b 
u r b a n e le c t r ic r a ilw a y n o t o p e r a t in g a s a p a r t o f a g e n e r a l
s te a m r a ilr o a d s y s te m o f t r a n s p o r ta t io n ;
(2 ) T h e
te rm
“ A d ju s t m e n t B o a r d ”
m e a n s a n y R a ilr o a d
B o a r d o f L a b o r A d j u s t m e n t e s t a b l i s h e d u n d e r s e c t i o n 3 02 ;
(3 ) T h e t e r m
" L a b o r B o a r d ” m e a n s th e R a ilr o a d L a b o r
B oard;
(4 ) T h e te rm “ c o m m e r c e ” m e a n s c o m m e r c e a m o n g th e s e v 
e ra l S ta te s o r b e tw e e n a n y S ta te , T e r r it o r y , o r th e D is tr ic t o f
C o lu m b ia a n d a n y f o r e ig n n a t io n , o r b e t w e e n a n y T e r r it o r y o r
t h e D is t r ic t o f C o lu m b ia a n d a n y S ta t e , o r b e t w e e n a n y T e r 
r it o r y a n d a n y o th e r T e r r it o r y , o r b e tw e e n a n y T e r r it o r y a n d
th e D i s t r ic t o f C o lu m b ia , o r w it h in a n y T e r r it o r y o r t h e D i s 
t r i c t o f C o l u m b i a , o r b e t w e e n p o i n t s in t h e s a m e S t a t e b u t

_

734

THE CHRONICLE

[Vol.110.

. t h r o u g h a n y o t h e r S t a t e o r a n y T e r r i t o r y o r t h e D i s t r i c t o f d i l i g e n c e d e c i d e , a n y d i s p u t e i n v o l v i n g g r i e v a n c e s , r u le s , o r
C o lu m b ia o r a n y f o r e ig n n a t io n ; a n d
w o r k i n g c o n d i t i o n s w h i c h i s n o t d e c i d e d a s p r o v i d e d in s e c t i o n
(5 )
T h e t e r m “ s u b o r d in a t e o ffic ia l” in c lu d e s o ffic ia ls o f c a 301 a n d w h ic h s u c h A d ju s t m e n t B o a r d w o u ld b e r e q u ir e d t o
r
r ie r s o f s u c h c la s s o r r a n k a s t h e C o m m is s io n s h a ll d e s ig n a t e r e c e iv e f o r h e a r in g a n d d e c is io n u n d e r th e p r o v is io n s o f s e c 
b y r e g u l a t i o n f o r m u l a t e d a n d i s s u e d a f t e r s u c h n o t i c e a n d h e a r  t io n 3 0 3 .
i n g a s t h e C o m m is s io n m a y p r e s c r ib e , t o t h e c a r r ie r s , a n d e m 
( b ) T h e L a b o r B o a r d , ( 1 ) u p o n th e a p p lic a t io n o f th e c h ie f
p lo y e e s a n d s u b o r d in a t e o ffic ia ls o f c a r r ie r s , a n d o r g a n iz a t io n s e x e c u t iv e o f a n y c a r r ie r o r o r g a n iz a t io n o f e m p lo y e e s o r s u b o r d i
t h e r e o f, d ir e c t ly to b e a ffe c t e d b y s u c h r e g u la tio n s .
n a t e o f f i c i a l s w h o s e m e m b e r s a r e d i r e c t l y i n t e r e s t e d in t h e
S e c . 3 01. I t s h a ll b e t h e d u t y o f a l l c a r r i e r s a n d t h e i r o f f i c e r s ,
d is p u te , ( 2 ) u p o n a w r it t e n p e t it io n s ig n e d b y n o t le s s th a n
e m p lo y e e s , a n d a g e n t s t o e x e r t e v e r y r e a s o n a b le e ffo r t a n d
100 u n o r g a n iz e d e m p lo y e e s o r s u b o r d in a te o ffic ia ls d ir e c t ly in 
a d o p t e v e r y a v a i l a b l e m e a n s t o a v o i d a n y i n t e r r u p t i o n t o t h e t e r e s t e d in t h e d i s p u t e , o r ( 3 ) u p o n t h e L a b o r B o a r d ’ s o w n m o 
o p e r a t io n o f a n y c a r r ie r g r o w in g o u t o f a n y d is p u te b e tw e e n
t io n i f i t is o f t h e o p i n i o n t h a t t h e d i s p u t e is l i k e l y s u b s t a n t i a l l y
t h e c a r r ie r a n d th e e m p lo y e e s o r s u b o r d in a t e o ffic ia ls t h e r e o f. to in t e r r u p t c o m m e r c e , s h a ll r e c e iv e f o r h e a r in g , a n d a s s o o n
A ll s u c h d is p u t e s s h a ll b e c o n s id e r e d a n d , i f p o s s ib le , d e c id e d in a s p r a c t ic a b le a n d w it h d u e d ilig e n c e d e c id e , a ll d is p u t e s w it h
c o n fe r e n c e b e tw e e n r e p r e s e n t a tiv e s d e s ig n a te d a n d a u th o r iz e d
r e s p e c t to th e w a g e s o r s a la r ie s o f e m p lo y e e s o r s u b o r d in a te
s o t o c o n f e r b y t h e c a r r i e r s , o r t h e e m p l o y e e s o r s u b o r d i n a t e o f f i c i a l s o f c a r r i e r s , n o t d e c i d e d a s p r o v i d e d in s e c t i o n 3 0 1 .
The
o ffic ia ls t h e r e o f , d ir e c t l y in t e r e s t e d in t h e d is p u t e .
I f a n y d i s  L a b o r B o a r d m a y u p o n it s o w n m o t i o n w i t h i n t e n d a y s a f t e r
p u t e is n o t d e c id e d in s u c h c o n f e r e n c e , it s h a ll b e r e f e r r e d b y th e d e c is io n , in a c c o r d a n c e w it h th e p r o v is io n s o f s e c t io n 3 0 1 ,
t h e p a r t ie s t h e r e t o t o t h e b o a r d w h ic h u n d e r t h e p r o v is io n s o f o f a n y d is p u t e w it h r e s p e c t to w a g e s o r s a la r ie s o f e m p lo y e e s
t h is t it le is a u t h o r iz e d t o h e a r a n d d e c id e s u c h d is p u t e .
o r s u b o r d in a te o ffic ia ls o f c a r r ie r s , s u s p e n d th e o p e r a t io n o f
S e c . 302. R a i l r o a d B o a r d s o f L a b o r A d j u s t m e n t m a y b e e s t a b  s u c h d e c i s i o n i f t h e L a b o r B o a r d is o f t h e o p i n i o n t h a t t h e
l i s h e d b y a g r e e m e n t b e t w e e n a n y c a r r i e r , g r o u p o f c a r r i e r s , o r d e c i s i o n i n v o l v e s s u c h a n i n c r e a s e in w a g e s o r s a l a r i e s a s w i l l
t h e c a r r ie r s a s a w h o le , a n d a n y e m p lo y e e s o r s u b o r d in a t e
lik e ly to n e c e s s it a t e a s u b s t a n t ia l r e a d ju s t m e n t o f th e r a t e s o f
o ffic ia ls o f c a r r ie r s , o r o r g a n iz a t io n o r g r o u p o f o r g a n iz a t io n s b e lik e ly to n e c e s s it a t e a s u b s t a n t ia l r e a d ju s t m e n t o f th e r a t e s o f
th e r e o f.
a n y c a r r ie r .
T h e L a b o r B o a r d s h a ll h e a r a n y d e c is io n s o s u s S e c . 303. E a c h s u c h A d j u s t m e n t B o a r d s h a ll ( 1 ) u p o n t h e t o a f f ir m o r m o d i f y s u c h s u s p e n d e d d e c i s i o n .
a p p lic a t io n o f th e c h ie f e x e c u t iv e o f a n y c a r r ie r o r o r g a n iz a tio n
( c ) A d e c is io n b y th e L a b o r B o a r d u n d e r th e p r o v is io n s o f
of
e m p lo y e e s
o r s u b o r d in a te
o ffic ia ls
w h ose
m em bers
a r e p a r a g r a p h s ( a ) o r ( b ) o f th is s e c t io n s h a ll r e q u ir e t h e c o n 
d ir e c t ly in t e r e s t e d in t h e d is p u t e , (2 ) u p o n t h e w r it t e n p e t it io n c u r r e n c e t h e r e in o f a t le a s t 5 o f th e 9 m e m b e r s o f t h e L a b o r
s i g n e d b y n o t l e s s t h a n 100 u n o r g a n i z e d e m p l o y e e s o r s u b o r d i  B o a r d : Provided, T h a t i n c a s e o f a n y d e c i s i o n u n d e r p a r a g r a p h
n a t e o ffic ia ls d i r e c t l y in t e r e s t e d in t h e d is p u t e , (3 ) u p o n t h e
( b ) , a t l e a s t o n e o f t h e r e p r e s e n t a t i v e s o f t h e p u b l i c s h a ll c o n 
A d ju s t m e n t B o a r d ’ s o w n m o t io n , o r (4 ) u p o n t h e r e q u e s t o f c u r in s u c h d e c is io n .
A l l d e c i s i o n s o f t h e L a b o r B o a r d s h a ll
t h e L a b o r B o a r d w h e n e v e r s u c h b o a r d is o f t h e o p in io n t h a t b e e n t e r e d u p o n th e r e c o r d s o f th e b o a r d a n d c o p ie s t h e r e o f,
t h e d i s p u t e is l i k e l y s u b s t a n t i a l l y t o i n t e r r u p t c o m m e r c e , r e c e i v e t o g e t h e r w i t h s u c h s t a t e m e n t o f f a c t s b e a r i n g t h e r e o n a s t h e
f o r h e a r in g , a n d a s s o o n a s p r a c t i c a b l e a n d w i t h d u e d ilig e n c e b o a r d m a y d e e m p r o p e r , s h a ll b e im m e d ia t e ly c o m m u n ic a t e d t o
d e c id e , a n y d is p u t e i n v o lv i n g o n ly g r ie v a n c e s , r u le s , o r w o r k in g th e p a r t ie s t o th e d is p u t e , t h e P r e s id e n t , e a c h A d ju s t m e n t
c o n d i t i o n s , n o t d e c i d e d a s p r o v i d e d i n s e c t i o n 301, b e t w e e n t h e B o a r d , a n d t h e C o m m i s s i o n , a n d s h a l l b e g i v e n f u r t h e r p u b l i c i t y
c a r r i e r a n d i t s e m p l o y e e s o r s u b o r d i n a t e o f f i c i a l s w h o a r e , o r in s u c h m a n n e r a s t h e L a b o r B o a r d m a y d e t e r m i n e .
a n y o r g a n i z a t i o n t h e r e o f w h i c h is , i n a c c o r d a n c e w i t h t h e p r o 
( d ) A l l t h e d e c i s i o n s o f t h e L a b o r B o a r d in r e s p e c t t o w a g e s
v i s i o n s o f s e c t i o n 302, r e p r e s e n t e d u p o n a n y s u c h A d j u s t m e n t o r s a l a r i e s a n d o f t h e L a b o r B o a r d o r a n A d j u s t m e n t B o a r d in
B oard.
1
r e s p e c t to w o r k in g c o n d it io n s o f e m p lo y e e s o r s u b o r d in a te
S e c . 304. T h e r e i s h e r e b y e s t a b l i s h e d a b o a r d t o b e k n o w n
o ffic ia ls o f c a r r ie r s s h a ll e s t a b lis h r a t e s o f w a g e s a n d s a la r ie s
a s t h e “ R a i l r o a d L a b o r B o a r d ” a n d t o b e c o m p o s e d o f n i n e a n d s t a n d a r d s o f w o r k i n g c o n d i t i o n s w h i c h in t h e o p i n i o n o f
m e m b e r s a s fo llo w s ;
th e b o a r d a r e ju s t a n d r e a s o n a b le .
In d e t e r m in in g th e j u s t 
(1 ) T h r e e m e m b e r s c o n s t it u t in g t h e la b o r g r o u p , r e p r e s e n t  n e s s a n d r e a s o n a b le n e s s o f s u c h w a g e s a n d s a la r ie s o r w o r k in g
in g t h e e m p lo y e e s a n d s u b o r d in a t e o ffic ia ls o f t h e c a r r ie r s , t o c o n d it io n s t h e b o a r d s h a ll, s o f a r a s a p p lic a b le , t a k e In to c o n 
b e a p p o in t e d b y th e P r e s id e n t , b y a n d w it h t h e a d v ic e a n d c o n  s id e r a t io n a m o n g o t h e r r e le v a n t c ir c u m s t a n c e s ;
s e n t o f th e S e n a te , fr o m n o t le s s th a n s ix n o m in e e s w h o s e
( 1 ) T h e s c a l e o f w a g e s p a i d f o r s i m i l a r k i n d s o f w o r k in
n o m in a t io n s s h a ll b e m a d e a n d o f f e r e d b y s u c h e m p lo y e e s in o t h e r i n d u s t r i e s ;
s u c h m a n n e r a s t h e C o m m is s io n s h a ll b y r e g u la t io n p r e s c r ib e ;
( 2 ) T h e re la tio n b e tw e e n w a g e s a n d th e c o s t o f liv in g ;
(2 ) T h r e e m e m b e r s , c o n s t it u t in g t h e m a n a g e m e n t g r o u p ,
( 3 ) T h e h a z a r d s o f th e e m p lo y m e n t ;
r e p r e s e n t in g t h e c a r r ie r s , t o b e a p p o in t e d b y t h e P r e s id e n t , b y
( 4 ) T h e t r a in in g a n d s k ill r e q u i r e d ;
a n d w it h t h e a d v ic e a n d c o n s e n t o f t h e S e n a te , fr o m n o t le s s
( 5 ) T h e d e g r e e o f r e s p o n s ib ilit y ;
t h a n s i x n o m in e e s w h o s e n o m in a t io n s s h a ll b e m a d e
and
( 6 ) T h e c h a r a c te r a n d r e g u la r ity o f th e e m p lo y m e n t ; a n d
o f f e r e d b y t h e c a r r i e r s i n s u c h m a n n e r a s t h e C o m m i s s i o n s h a ll
( 7 ) I n e q u a l i t i e s o f i n c r e a s e s in w a g e s o r o f t r e a t m e n t , t h e
b y r e g u la tio n p r e s c r ib e ; a n d
r e s u lt o f p r e v io u s w a g e o r d e r s o r a d ju s t m e n t s .
(3 ) T h r e e m e m b e r s , c o n s t i t u t i n g t h e p u b lic g r o u p , r e p r e 
S ec. 308.
The L abor B oard—
s e n t in g th e p u b lic , to b e a p p o in t e d d ir e c t ly b y t h e P r e s id e n t ,
( 1 ) S h a ll e le c t a c h a ir m a n b y m a j o r i t y v o t e o f it s m e m b e r s ;
b y a n d w ith th e a d v ic e a n d c o n s e n t o f th e S e n a te .
( 2 ) S h a l l m a i n t a i n c e n t r a l o f f i c e s in C h i c a g o , I l l i n o i s , b u t
A n y v a c a n c y o n t h e L a b o r B o a r d s h a l l b e f i l le d i n t h e s a m e t h e L a b o r B o a r d m a y , w h e n e v e r i t d e e m s i t n e c e s s a r y , m e e t a t
m a n n e r a s th e o r ig in a l a p p o in tm e n t .
s u c h o t h e r p la c e a s it m a y d e t e r m in e ;
S e c . 305. I f e i t h e r t h e e m p l o y e e s o r t h e c a r r i e r s f a i l t o m a k e
( 3 ) S h a ll in v e s t ig a t e a n d s t u d y t h e r e la t io n s b e tw e e n c a r 
n o m in a t io n s a n d o f f e r n o m in e e s in a c c o r d a n c e w it h t h e r e g u  r ie r s a n d t h e ir e m p lo y e e s , p a r t ic u l a r l y q u e s t io n s r e la t in g t o
la t io n s o f t h e C o m m is s io n , a s p r o v id e d in p a r a g r a p h s (1 ) a n d w a g e s , h o u r s o f la b o r , a n d o t h e r c o n d it io n s o f e m p lo y m e n t a n d
( 2 ) o f s e c t i o n 304, w i t h i n t h i r t y d a y s a f t e r t h e p a s s a g e o f t h i s t h e r e s p e c t i v e p r i v i l e g e s , r i g h t s , a n d d u t i e s o f c a r r i e r s a n d e m 
A c t in c a s e o f a n y o r ig in a l a p p o in t m e n t t o t h e o ffic e o f m e m b e r p lo y e e s , a n d s h a ll g a t h e r , c o m p ile , c l a s s i f y , d ig e s t, a n d p u b 
o f t h e L a b o r B o a r d , o r in c a s e o f a v a c a n c y in s u c h o ffic e lis h , f r o m t im e t o tim e , d a t a a n d i n fo r m a t io n r e la t in g t o s u c h
w ith in fifte e n d a y s a f t e r s u c h v a c a n c y o c c u r s , th e P r e s id e n t q u e s tio n s to th e en d th a t th e L a b o r B o a r d m a y b o p r o p e r ly
s h a ll t h e r e u p o n d i r e c t l y m a k e t h e a p p o in t m e n t , b y a n d w it h e q u ip p e d t o p e r f o r m its d u t ie s u n d e r t h is t it le a n d t h a t t h e
m e m b e r s o f th e A d ju s t m e n t B o a r d s a n d th e p u b lic m a y b e
th e a d v ic e a n d c o n s e n t o f th e S e n a te .
In m a k in g a n y s u c h
a p p o in t m e n t t h e P r e s id e n t s h a ll, a s f a r a s h e d e e m s it p r a c  p r o p e r ly i n f o r m e d ;
( 4 ) M a y m a k e r e g u la tio n s n e c e s s a r y f o r t h e e ffic ie n t e x e c u 
t ic a b le , s e le c t a n in d iv id u a l a s s o c ia t e d in in t e r e s t w it h th e c a r 
r ie r s o r e m p lo y e e s t h e r e o f, w h ic h e v e r h e Is t o r e p r e s e n t .
t io n o f t h e fu n c t io n s v e s t e d in it b y th is t i t l e ; a n d
( 5 ) S h a ll a t l e a s t a n n u a l l y c o l l e c t a n d p u b l i s h t h e d e 
S ec. 306 ( a ) A n y m e m b e r o f th e L a b o r B o a r d w h o d u r in g
h i s t e r m o f o f f i c e is a n a c t i v e m e m b e r o r i n t h e e m p l o y o f o r c i s i o n s a n d r e g u l a t i o n s o f t h e L a b o r B o a r d a n d t h e A d j u s t 
h o ld s a n y o ffic e in a n y o r g a n iz a t io n o f e m p lo y e e s o r s u b o r d in a t e m e n t B o a r d s a n d a ll c o u r t a n d a d m in is t r a t iv e d e c is io n s a n d
o f f i c i a l s , o r a n y c a r r i e r , o r o w n s a n y s t o c k o r b o n d t h e r e o f , o r r e g u l a t i o n s o f t h e C o m m i s s i o n in r e s p e c t t o t h i s t i t l e , t o g e t h e r
is p e c u n ia r ily in t e r e s te d t h e r e in , s h a ll a t o n c e b e c o m e in e lig ib le w it h a c u m u la t iv e in d e x - d ig e s t t h e r e o f.
f o r fu r th e r m e m b e r s h ip u p o n th e L a b o r B o a r d ; b u t n o s u c h
S ec. 309.
A n y p a r t y to a n y d is p u te to b o c o n s id e r e d b y a n
m e m b e r is r e q u i r e d t o r e l i n q u i s h h o n o r a r y m e m b e r s h i p in , o r A d j u s t m e n t B o a r d o r b y t h e L a b o r B o a r d s h a l l b o e n t i t l e d t o
h i s r i g h t s i n a n y i n s u r a n c e o r p e n s i o n o r o t h e r b e n e f i t f u n d a h e a r i n g e i t h e r in p e r s o n o r b y c o u n s e l .
m a in ta in e d b y , a n y o r g a n iz a t io n o f e m p lo y e e s o r s u b o r d in a te
S e c. 310. ( a ) F o r th e e ffic ie n t a d m in is tr a t io n o f th e f u n c 
o ffic ia ls o r b y a c a r r ie r .
t i o n s v e s t e d in t h e L a b o r B o a r c b y t h i s t i t l e , a n y m e m b e r
( b ) O f th e o r ig in a l m e m b e r s o f th e L a b o r B o a r d , o n e fr o m
t h e r e o f m a y r e q u ir e , b y s u b p o e n a is s u e d a n d s ig n e d b y h im 
e a c h g r o u p s h a ll b e a p p o in t e d f o r a te r m o f t h r e e y e a r s , o n e s e lf, t h e a tt e n d a n c e o f a n y w it n e s s a n d th o p r o d u c tio n o f a n y
fo r tw o yea rs, and on e fo r on e y ea r.
T h e i r s u c c e s s o r s s h a ll b o o k , p a p e r , d o c u m e n t , o r o t h r e v i d e n c e f r o m a n y p l a c e i n t h e
h o ld o ffic e f o r te r m s o f fiv e y e a r s , e x c e p t t h a t a n y m e m b e r a p  U n it e d S t a t e s a t a n y d e s ig n a t e d p la c e o f h e a r in g , a n d t h e t a k 
p o i n t e d t o f ill a v a c a n c y s h a l l b e a p p o i n t e d o n l y f o r t h e u n  i n g o f a d e p o s i t i o n b e f o r e a n y d e s i g n a t e d p e r s o n h a v i n g p o w e r
e x p ir e d t e r m o f th e m e m b e r w h o m h e s u c c e e d s .
E a c h m e m b e r to a d m in is te r o a th s.
In th e c a s e o f a d e p o s itio n th o te s tim o n y
s h a l l r e c e i v e f r o m t h e U n i t e d S t a t e s a n a n n u a l s a l a r y o f $ 1 0 ,0 0 0 . s h a ll b e r e d u c e d t o w r i t i n g b y t h e p e r s o n t a k i n g t h e d e p o s i t i o n
A m m e b e r m a y b e r e m o v e d b y th e P r e s id e n t f o r n e g le c t o f o r u n d e r h is d ir e c t io n , a n d s h a ll th e n b e s u b s c r ib e d t o b y t h e
d u t y o r m a l f e a s a n c e in o f f i c e , b u t f o r n o o t h e r c a u s e .
d ep on en t.
A n y m e m b e r o f th e L a b o r B o a r d m a y a d m in is te r
S e c . 3 07 . ( a ) T h e L a b o r B o a r d s h a ll h e a r , a n d a s s o o n a s o a th s a n d e x a m in e a n y w it n e s s .
A n y w itn e s s s u m m o n e d b e fo r e
p r a c t ic a b le a n d w it h d u e d ilig e n c e d e c id e , a n y d is p u t e in v o lv in g th e b o a r d a n d a n y w it n e s s w h o s e d e p o s it io n is t a k e n s h a ll b e
g r ie v a n c e s , r u le s , o r w o r k i n g c o n d it io n s , in r e s p e c t t o w h ic h
p a id t h e s a m e fe e s a n d m ile a g e a s a r e p a id w it n e s s e s in th e
a n y A d j u s t m e n t B o a r d c e r t i f i e s t o t h e L a b o r B o a r d t h a t i n it s c o u r t s o f t h e U n i t e d S t a t e s .
o p in io n th e A d ju s t m e n t B o a r d h a s fa ile d o r w ill f a il t o r e a c h
( b ) I n c a s e o f f a i l u r e t o c o m p l y w i t h a n y s u b p o e n a o r in
a d e c i s i o n w i t h i n a r e a s o n a b l e t im e , o r in r e s p e c t t o w h i c h t h e c a s e o f t h e c o n t u m a c y o f a n y w i t n e s s a p p e a r i n g b e f o r e t h e
L a b o r B o a r d d e t e r m in e s t h a t a n y A d ju s t m e n t B o a r d h a s s o L a b o r B o a r d , th e b o a r d m a y in v o k e th e a id o f a n y U n it e d
f a i l e d o r is n o t u s i n g d u e d i l i g e n c e in i t s c o n s i d e r a t i o n t h e r e o f .
S ta te s d is tr ic t co u rt.
S u ch c o u r t m a y th e re u p o n o r d e r th e
I n c a s e th e a p p r o p r ia t e A d ju s t m e n t B o a r d is n o t o r g a n iz e d
w itn e s s to c o m p ly w ith th e r e q u ire m e n ts o f s u c h s u b p o e n a , o r t o
u n d e r t h e p r o v i s i o n s o f s e c t i o n 3 0 2 , t h e L a b o r B o a r d , ( 1 ) u p o n g i v e e v i d e n c e t o u c h i n g t h o m a t t e r in q u e s t i o n , a s t h e c a s e m a y
th e a p p lic a t io n o f th e c h ie f e x e c u t iv e o f a n y c a r r ie r o r o r  be.
A n y f a ilu r e t o o b e y s u c h o r d e r m a y b o p u n is h e d b y s u c h
g a n iz a t io n o f e m p lo y e e s o r s u b o r d in a t e o ffic ia ls w h o s e m e m b e r s c o u r t a s a c o n t e m p t t h e r e o f.
a r e d i r e c t l y i n t e r e s t e d in t h e d i s p u t e , ( 2 ) u p o n a w r i t t e n p e t i 
( c ) N o p e r s o n s h a ll b e e x c u s e d f r o m
s o a tte n d in g a n d
t io n s ig n e d b y n o t le s s th a n 100 u n o r g a n iz e d e m p lo y e e s o r
t e s t ify in g o r d e p o s in g , n o r fr o m s o p r o d u c in g a n y b o o k , p a p e r ,
s u b o r d in a t e o ffic ia ls d i r e c t l y in t e r e s t e d in t h e d is p u t e , o r (3 ) d o c u m e n t , o r o t h e r e v id e n c e o n th e g r o u n d t h a t th e t e s t im o n y
u p o n t h e L a b o r B o a r d ’ s o w n m o t i o n i f i t is o f t h e o p i n i o n t h a t o r e v i d e n c e , d o c u m e n t a r y o r o t h e r w i s e , r e q u i r e d o f h i m m a y
t h e d i s p u t e is l i k e l y s u b s t a n t i a l l y t o i n t e r r u p t c o m m e r c e , s h a l l t e n d t o i n c r i m i n a t e h i m o r s u b j e c t h i m t o a p e n a l t y o r f o r 
r e c e iv e f o r h e a r in g , a n d a s s o o n a s p r a c t ic a b le a n d w it h d u e fe it u r e ; b u t n o n a t u r a l p e r s o n s h a ll b e p r o s e c u t e d o r s u b -




Feb. 21 1920.]

725

THE CHRONICLE

je c te d to a n y p e n a lty o r fo r fe it u r e f o r o r o n a c c o u n t o f a n y
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t io n o f th e f u n c t io n s v e s t e d in th e L a b o r B o a r d b y th is t itle ,
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S e c. 313.
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S e c. 314.
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l a w s , a p p o i n t a n d r e m o v e s u c h o f f i c e r s , e m p l o y e e s , a n d a g e n t s ; s h a ll b e c o n s t r u e d t o p r e v e n t t e l e p h o n e , t e l e g r a p h , a n d c a b l e
c o m p a n ie s fr o m e n te r in g in to c o n tr a c ts w ith co m m o n c a r r ie r s
a n d m a k e s u c h e x p e n d it u r e s f o r re n t, p r in t in g , t e le g r a m s , t e le 
p h o n e , la w b o o k s , b o o k s o f r e fe r e n c e , p e r io d ic a ls , fu r n itu r e ,
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t io n s , o r p r a c t ic e s a r e o r m a y b e m a d e o r p r e s c r ib e d , a n d
s a r y f o r t h e e f f i c i e n t e x e c u t i o n o f t h e f u n c t i o n s v e s t e d in t h e
ju s t a n d re a s o n a b le r e g u la tio n s a n d p r a c tic e s a ffe c tin g c la s s ifi
b o a r d b y t h i s t it l e a n d a s m a y b e p r o v i d e d f o r b y C o n g r e s s f r o m
c a t io n s . ra te s , o r t a r iffs th e is s u a n c e , fo r m , a n d s u b s t a n c e o f
t im e t o t im e .
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o f p r e s e n t in g , m a r k in g , p a c k in g , a n d d e liv e r in g P r o p e r t y f o r
b o a llo w e d a n d p a id u p o n th e p r e s e n t a t io n o f ite m iz e d v o u c h e r s
tr a n s p o r ta tio n , th e fa c ilit ie s f o r tr a n s p o r ta tio n , th e c a r r y in g
t h e r e fo r e a p p r o v e d b y th e c h a ir m a n o f th e L a b o r B o a r d .
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r e la t in g to o r c o n n e c t e d w it h th e r e c e iv in g , h a n d lin g , t r a n s 
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s e c u r e th e s a f e a n d p r o m p t r e c e ip t , h a n d lin g , t r a n s p o r t a t io n ,
a s m a y be n e ce ssa ry , to b e e x p e n d e d b y th o L a b o r B o a r d , fo r
d e f r a y i n g t h e e x p e n s e s o f th e m a in t e n a n c e a n d e s t a b lis h m e n t a n d d e liv e r y o f p r o p e r t y s u b je c t t o t h e p r o v is io n s o f t h is
A c t u p o n ju s t a n d r e a s o n a b le te r m s , a n d e v e r y u n ju s t a n d
o f t h o b o a r d , i n c l u d i n g t h e p a y m e n t o f s a l a r i e s a s p r o v i d e d in
u n r e a s o n a b le c la s s ific a t io n , r e g u la tio n , a n d p r a c t ic e
is p r o 
t h i s t it l e .
h ib ite d a n d d e c la r e d to b e u n la w fu l.”
.
S ec. 316.
T h e p o w e r s a n d d u tie s o f th e B o a r d o f M e d ia tio n
S e c. 401.
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seven th p a ra g ra p h s
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a n d C o n c i l i a t i o n c r e a t e d b y t h e A c t a p p r o v e d J u l y 15, 1 9 1 3 , s e c t io n ' 1 o f t h e I n t e r s t a t e C o m m e r c e A c t , a s s u c h p a r a g r a p h s
s h a l l n o t e x t e n d t o a n y d i s p u t e w h i c h m a y b e r e c e i v e d f o r h e a r  a p p e a r in s e c t io n 7 o f t h e C o m m e r c e C o u r t A c t , a r e h e r e b y
in g a n d d e c is io n b y a n y A d ju s t m e n t B o a r d o r th e L a b o r B o a r d . a m e n d e d b y in s e r t in g ‘‘ ( 7 ) ” a t th e b e g in n in g o f s u c h fifth
p a r a g r a p h , “ ( 8 ) ” a t th e b e g in n in g o f s u c h s ix th p a r a g r a p h ,
T I T L E IV .— A M E N D M E N T S T O I N T E R S T A T E C O M M E R C E a n d ‘ ‘ ( 9 ) ” a t t h e b e g i n n i n g o f s u c h s e v e n t h p a r a g r a p h
S ec. 402.
T h e p a r a g r a p h s a d d e d t o s e c t io n 1 o f th e I n t e r 
LAW.
S e c . 4 00 .
T h e fir s t f o u r p a r a g r a p h s o f s e c t io n 1 o f th e s ta te C o m m e r c e A c t b y th e A c t e n title d ‘ ‘A n A c t t o a m e n d
a n A c t e n t itle d ‘ A n A c t t o r e g u la t e c o m m e r c e ,’ a s a m e n d e d ,
I n t e r s t a t e C o m m e r c e A c t , a s s u c h p a r a g r a p h s a p p e a r in s e c 
a p p roved
t io n 7 o f t h o C o m m e r c e C o u r t A c t , a r e h e r e b y a m e n d e d t o in r e s p e c t o f c a r s e r v i c e , a n d f o r o t h e r p u r p o s e s
M a v 29. 1 9 1 7 , a r e h e r e b y a m e n d e d t o r e a d a s f o l l o w s ;
rea d a s fo llo w s ;
„
,
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T h e t e r m ‘c a r s e r v i c e ’ in t h i s A c t s h a l l i n c l u d e t h e
“ (1 )
T h a t th e p r o v is io n s o f th is A c t s h a ll a p p ly to c o m 
use
c o n t r o l, s u p p ly , m o v e m e n t , d is t r ib u t io n , e x c h a n g e , i n t e r 
m o n c a r r ie r s e n g a g e d in —
“ (a )
T h o t r a n s p o r ta tio n o f p a s s e n g e r s o r p r o p e r ty w h o lly c h a n g e , a n d re tu rn o f lo c o m o tiv e s , ca rs , a n d o th e r v e h ic le s
u s e d in t h e t r a n s p o r t a t i o n o f p r o p e r t y , i n c l u d i n g s p e c i a l t y p e s
b y ra ilr o a d , o r p a r t ly b y r a ilr o a d a n d p a r t ly o y w a t e r w h e n
b o t h a r e u s e d u n d e r a c o m m o n c o n t r o l, m a n a g e m e n t , o r a r  o f e q u ip m e n t, a n d th e s u p p ly o f t r a in s , b y a n y c a r r ie r b y
r a ilr o a d s u b je c t to th is A c t .
,
.
.
r a n g e m e n t f o r a c o n tin u o u s c a r r ia g e o r s h ip m e n t ; o r
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Tt s h a ll b e t h e d u t y o f e v e r y c a r r i e r b y r a i l r o a d
“ (b )
T h o t r a n s p o r ta t io n o f o il o r o t h e r c o m m o d it y , e x c e p t
s u b je c t to th is A c t t o fu r n is h s a f e a n d a d e q u a t e c a r s e r v ic e
w a t e r a n d e x c e p t n a t u r a l o r a r t i f i c i a l g a s , b y p i p e l in e , o r
p a r t l y b y p i p e l i n e a n d p a r t l y b y r a i l r o a d o r b y w a t e r ; o r a n d t o e s t a b l is h , o b s e r v e , a n d e n f o r c e j u s t a n d r e a s o n a b l e
"(c )
T h o t r a n s m i s s i o n o f i n t e l l i g e n c e b y w i r e o r w i r e - r u le s , r e g u l a t i o n s , a n d p r a c t i c e s w i t h r e s p e c t t o c a r s e r v i c e ;
a n d e v e r y u n j u s t a n d u n r e a s o n a b l e r u le , r e g u l a t i o n , a n d p r a c 
t ic e w i t h r e s p e c t t o c a r s e r v i c e is p r o h i b i t e d a n d d e c l a r e d t o
fro m
o n e S ta te o r T e r r it o r y o f t h e U n ite d S ta te s , o r th e
.
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.
.
„
D is t r ic t o f C o lu m b ia , to a n y o t h e r S ta t e o r T e r r it o r y o f th o b e u n la w fu l.
“ (1 2 )
I t s h a ll a l s o b e t h e d u t y o f e v e r y c a r r i e r b y r a i l 
U n ite d S ta te s , o r t h e D is t r ic t o f C o lu m b ia , o r f r o m o n e p la c e
in a T e r r i t o r y t o a n o t h e r p l a c e in t h e s a m e T e r r i t o r y , o r r o a d t o m a k e j u s t a n d r e a s o n a b l e d i s t r i b u t i o n o f c a r s f o r t r a n s 
p o r t a t i o n o f c o a l a m o n g t h e c o a l m i n e s s e r v e d b y it , w h e t h e r
f r o m a n y p l a c e in t h o U n i t e d S t a t e s t h r o u g h a f o r e i g n c o u n t r y
l o c a t e d u p o n it s l i n e s o r l i n e s c u s t o m a r i l y d e p e n d e n t u p o n
t o a n y o t h e r p l a c e in t h o U n i t e d S t a t e s , o r f r o m o r t o a n y
It f o r c a r s u p p lv .
D u r in g a n y p e r io d w h e n t h e s u p p ly o f
p l a c e in t h o U n i t e d S t a t e s t o o r f r o m
a fo r e ig n co u n tr y ,
c a r s a v a ila b le f o r su ch s e r v ic e d o e s n o t e q u a l th e r e q u ir e 
b u t o n l y in s o f a r a s s u c h t r a n s p o r t a t i o n o r t r a n s m i s s i o n
m e n t s o f s u c h m in e s it s h a ll b e t h e d u t y o f th e c a r r ie r to
t a k e s p la c e w ith in th e U n ite d S ta te s .
m a in ta in a n d a p p ly J u st a n d r e a s o n a b le r a t in g s o f s u c h m in e s
“ (2 )
T h e p r o v is io n s o f th is A c t s h a ll a ls o a p p ly t o s u c h
a n d to co u n t e a ch a n d e v e r y c a r fu r n is h e d to o r u s e d b y a n y
t r a n s p o r t a t io n o f p a s s e n g e r s a n d p r o p e r t y a n d t r a n s m is s io n
__ _____ t ____* _____ A f o n o l o ern 1 a f flirt m \ rt
n
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o f i n t e l l i g e n c e , b u t o n l y in s o f a r a s s u c h t r a n s p o r t a t i o n o r




aid

726

THE CHRONICLE

[Vol. 110.

o r r e f u s a l s o t o d o s h a l l b e u n l a w f u l , a n d in r e s p e c t o f e a c h
th e c o n s t r u c t io n , o p e r a t io n , o r a b a n d o n m e n t c o v e r e d th e r e b y .
c a r n o t s o c o u n t e d s h a ll b e d e e m e d a s e p a r a t e o ffe n s e , a n d
A n y c o n s t r u c t io n , o p e r a t io n , o r a b a n d o n m e n t c o n t r a r y to th e
th e c a r r ie r , r e c e iv e r , o r o p e r a t in g t r u s t e e s o f a il i n g o r r e fu s in g
p r o v i s i o n s o f t h i s p a r a g r a p h o r o f p a r a g r a p h ( 1 8 ) o r (1 9 ) o f
s h a ll f o r f e i t t o th e U n it e d S ta t e s th e s u m o f $10 0 f o r e a c h
fb is s e c t io n m a y b e e n jo in e d b y a n y c o u r t o f c o m p e t e n t ju r i s 
o f f e n s e , w h i c h m a y b e r e c o v e r e d in a c i v i l a c t i o n b r o u g h t
d ic t io n a t th e s u it o f th e U n ite d S ta t e s , th e C o m m is s io n , a n y
b y th e U n it e d S ta te s .
c o m m is s io n o r r e g u la t in g b o d y o f th e S ta t e o r S ta t e s a ffe c t e d ,
“ (1 3 )
T h e C o m m is s io n is h e r e b y a u t h o r iz e d b y g e n e r a l
o r a n y p a r t y in i n t e r e s t ; a n d a n y c a r r i e r w h i c h , o r a n y d i r e c t o r ,
o r s p e c ia l o r d e r s to r e q u ir e a ll c a r r ie r s b y r a ilr o a d s u b je c t
o ffic e r , r e c e iv e r , o p e r a t in g t r u s t e e , le s s e e , a g e n t , o r p e r s o n ,
t o t h i s A c t , o r a n y o f t h e m , t o f ile w i t h i t f r o m t i m e t o t i m e
a c t in g fo r o r e m p lo y e d b y s u c h c a r r ie r , w h o k n o w in g ly a u t h o r 
t h e ir r u le s a n d r e g u la t io n s w it h r e s p e c t t o c a r s e r v ic e , a n d
iz e s , c o n s e n t s to , o r p e r m it s a n y v io la t io n o f th e p r o v is io n s o f
t h e C o m m i s s i o n m a y , in i t s d i s c r e t i o n , d i r e c t t h a t s u c h r u l e s
t h i s p a r a g r a p h o r o f p a r a g r a p h (1 8 ) o f t h i s s e c t i o n , s h a ll u p o n
a n d r e g u l a t i o n s s h a l l b e i n c o r p o r a t e d in t h e i r s c h e d u l e s s h o w 
c o n v i c t i o n t h e r e o f b e p u n i s h e d b y a fin e o f n o t m o r e t h a n $5,0 00
in g r a te s , fa r e s , a n d c h a r g e s f o r t r a n s p o r t a t io n , a n d b e s u b je c t
o r b y im p r is o n m e n t fo r n o t m o r e th a n t h r e e y e a r s , o r b o th .
t o a n y o r a ll o f t h e p r o v is io n s o f th is A c t r e la t in g th e r e to .
“ ( 2 1 ) T h e C o m m i s s i o n m a y , a f t e r h e a r i n g , in a p r o c e e d i n g
“ (1 4 )
T h e C o m m is s io n m a y , a f t e r h e a r in g , o n a c o m 
u p o n c o m p la in t o r u p o n its o w n in it ia t iv e w it h o u t c o m p la in t ,
p l a i n t o r u p o n it s o w n i n i t i a t i v e w i t h o u t c o m p l a i n t , e s t a b l i s h
a u t h o r iz e o r r e q u ir e b y o r d e r a n y c a r r ie r b y r a ilr o a d s u b je c t
r e a s o n a b l e r u le s , r e g u l a t i o n s , a n d p r a c t i c e s w i t h r e s p e c t t o
to th is A c t , p a r t y to s u c h p r o c e e d in g , to p r o v id e It s e lf w it h
c a r s e r v ic e b y c a r r ie r s b y r a ilr o a d s u b je c t to th is A c t , in c lu d 
s a fe a n d a d e q u a te fa c ilit ie s fo r p e r fo r m in g a s a c o m m o n c a r 
in g t h e c o m p e n s a t io n to b e p a id f o r th e u s e o f a n y lo c o m o t iv e ,
r i e r it s c a r s e r v i c e a s t h a t t e r m is u s e d in t h i s A c t , a n d t o
c a r , o r o t h e r v e h i c l e n o t o w n e d b y t h e c a r r i e r u s i n g it, a n d
e x t e n d i t s l i n e o r l i n e s : P rov id ed , T h a t n o s u c h a u t h o r i z a t i o n o r
th e p e n a ltie s o r o t h e r s a n c t io n s f o r n o n o b s e r v a n c e o f s u c h
o r d e r s h a ll b e m a d e u n l e s s t h e C o m m i s s i o n fin d s , a s t o s u c h
r u le s , r e g u l a t i o n s o r p r a c t i c e s .
e x t e n s i o n , t h a t i t is r e a s o n a b l y r e q u i r e d in t h e I n t e r e s t o f
“ (1 5 )
W henever
th e
C o m m is s io n
is
of
o p in io n
th a t
p u b h c c o n v e n ie n c e a n d n e c e s s it y , o r a s to s u c h e x t e n s io n o r
s h o r t a g e o f e q u i p m e n t , c o n g e s t i o n o f t r a f f lc , o r o t h e r e m e r 
v l i i *e s t h a t t h e e x p e n s e i n v o l v e d t h e r e i n w i l l n o t i m p a i r t h e
g e n c y r e q u i r i n g i m m e d i a t e a c t i o n e x i s t s in a n y s e c t i o n o f t h e
a b ilit y o f th e c a r r ie r to p e r fo r m its d u t y to th e p u b lic .
Any
c o u n t r y , t h e C o m m i s s i o n s h a l l h a v e a n d i t is h e r e b y g i v e n
c a r r ie r s u b je c t to th is A c t w h ic h r e fu s e s o r n e g le c t s t o c o m p ly
a u t h o r it y , e ith e r u p o n c o m p la in t o r u p o n its o w n in it ia t iv e
w i t h a n y o r d e r o f t h e C o m m i s s i o n m a d e in p u r s u a n c e o f t h i s
w i t h o u t c o m p l a i n t , a t o n c e , i f it s o o r d e r s , w i t h o u t a n s w e r o r
p a r a g r a p h s h a ll b e l i a b l e t o a p e n a l t y o f $100 f o r e a c l i d a y d u r 
o t h e r f o r m a l p le a d in g b y th e in t e r e s te d c a r r ie r o r c a r r ie r s
i n g w h i c h s u c h r e f u s a l o r n e g l e c t c o n t i n u e s , w h i c h s h a ll a c c r u e
a n d w it h o r w it h o u t n o t ic e , h e a r in g , o r th e m a k in g o r filin g
t o t h e U n i t e d S t a t e s a n d m a y b e r e c o v e r e d in a c i v i l a c t i o n
b r o u g h t b y th e U n ite d S ta t e s .
o f a r e p o r t, a c c o r d in g a s th e C o m m is s io n m a y d e t e r m in e :
“ (2 2 ) T h e a u t h o r it y o f th e C o m m is s io n c o n f e r r e d b y p a r a 
( a ) t o s u s p e n d t h e o p e r a t i o n o f a n y o r a l l r u le s , r e g u l a t i o n s ,
g r a p h s (1 8 ) t o ( 2 1 ) , b o t h i n c l u s i v e , s h a ll n o t e x t e n d t o t h e
o r p r a c t ic e s th en e s ta b lis h e d w ith r e s p e c t to c a r s e r v ic e f o r
c o n s t r u c t io n o r a b a n d o n m e n t o f s p u r , I n d u s t r ia l, te a m , s w i t c h 
s u c h t im e a s m a y b e d e t e r m i n e d b y t h e C o m m i s s i o n : ( b ) t o
in g o r s id e t r a c k s , lo c a t e d o r t o b o lo c a t e d w h o lly w it h in o n e
m a k e s u c h ju s t a n d r e a s o n a b le d ir e c t io n s w it h r e s p e c t to c a r
S ta te , o r o f s tr e e t, s u b u r b a n , o r in te r u r b a n e le c t r ic ra ilw a y s ,
s e r v ic e
w ith o u t
reg ard
to
th e
o w n e r s h ip
as
b e tw e e n
w h ic h a r e n o t o p e r a t e d a s a p a r t o r p a r t s o f a g e n e r a l s t e a m
c a r r ie r s o f lo c o m o tiv e s , ca r s , a n d o th e r v e h ic le s , d u r in g su ch
r a ilr o a d s y s te m o f t r a n s p o r t a t io n .”
e m e r g e n c y a s in it s o p i n i o n w i l l b e s t p r o m o t e t h e s e r v i c e in
th e in t e r e s t o f th e p u b lic a n d t h e c o m m e r c e o f th e p e o p le
S e c . 403. T h e f i f t e e n t h a n d s i x t e e n t h p a r a g r a p h s o f s e c t i o n
u p o n s u c h t e r m s o f c o m p e n s a t io n a s b e tw e e n th e c a r r ie r s a s
1 o f th e I n te r s ta te C o m m e r c e A c t , a d d e d to s u c h s e c t io n b y th e
t h e y m a y a g r e e u p o n , o r , in t h e e v e n t o f t h e i r d i s a g r e e m e n t ,
A c t e n title d " A n A c t to a m e n d th e A c t to r e g u la te c o m m e r c e ,
a s t h e C o m m i s s i o n m a y a f t e r s u b s e q u e n t h e a r i n g f in d t o b e
a s a m e n d e d , a n d f o r o t h e r p u r p o s e s , ” a p p r o v e d A u g u s t 10,
ju s t a n d r e a s o n a b le ; ( c )
to r e q u ir e su ch jo in t o r c o m m o n
1917, a r e h e r e b y a m e n d e d b y i n s e r t i n g " ( 2 3 ) ” a t t h e b e g i n n i n g
u s e o f t e r m in a ls , in c lu d in g m a in -lin e t r a c k o r t r a c k s f o r a
r e a s o n a b l e d i s t a n c e o u t s i d e o f s u c h t e r m i n a l s , a s in i t s o p i n i o n
o f s u c h fifte e n th p a r a g r a p h a n d " ( 2 4 ) ” a t t h e b e g in n in g o f s u c h
w ill b e s t m e e t th e e m e r g e n c y a n d s e r v e th e p u b lic in t e r e s t
s ix t e e n t h p a r a g r a p h .
a n d u p o n s u ch te r m s a s b e tw e e n th e c a r r ie r s a s th e y m a v
S e c . 404. S e c t i o n 2 o f t h e I n t e r s t a t e C o m m e r c e A c t is h e r e b y
a g r e e u p o n , o r , in t h e e v e n t o f t h e i r d i s a g r e e m e n t , a s t h e
a m e n d e d to re a d a s fo llo w s :
C o m m is s io n m a y a f t e r s u b s e q u e n t h e a r in g fin d to b e ju s t a n d
r e a s o n a b le : a n d ( d ) to g iv e d ir e c t io n s f o r p r e fe r e n c e o r p r io r it y
“ S e c t io n i 2. T h a t i f a n y c o m m o n c a r r i e r s u b j e c t t o t h e p r o 
v i s i o n s o f t h i s A c t s h a ll , d i r e c t l y o r i n d l r o c t l y , b y a n y s p e c i a l
in t r a n s p o r t a t i o n , e m b a r g o e s , o r m o v e m e n t o f t r a f f i c u n d e r
p e r m i t s , a t s u c h t im e a n d f o r s u c h p e r i o d s a s it m a y d e t e r m i n e
ra te , r e b a te , d r a w b a c k , o r o th e r d e v ic e , c h a r g e , d e m a n d , c o l
a n d to m o d ify , ch a n g e , s u sp e n d , o r a n n u l th em .
In t im e o f
le c t , o r r e c e iv e fr o m a n y p e r s o n o r p e r s o n s a g r e a t e r o r le s s
w a r o r t h r e a te n e d w a r th e P r e s id e n t m a y c e r t i f y to th e C o m 
c o m p e n s a t i o n f o r a n y s e r v i c e r e n d e r e d , o r t o b e r e n d e r e d , in
th e t r a n s p o r ta tio n o f p a s s e n g e r s o r p r o p e r ty o r th e tr a n s m is 
m is s i o n t h a t i t is e s s e n t i a l t o t h e n a t i o n a l d e f e n s e a n d s e c u r i t y
s io n o f in t e llig e n c e , s u b je c t to th e p r o v is io n s o f th is A c t , t h a n
t h a t c e r t a i n t r a f f ic s h a l l h a v e p r e f e r e n c e o r p r i o r i t y in t r a n s 
it c h a r g e s , d e m a n d s , c o l l e c t s , o r r e o o i v e s f r o m a n y o t h e r p e r 
p o r t a t i o n , a n d t h e C o m m i s s i o n s h a l l , u n d e r t h e p o w e r h e r e in
s o n o r p e r s o n s f o r d o i n g f o r h im o r t h e m a l i k e a n d c o n t e m p o 
c o n fe r r e d , d ir e c t th a t s u ch p r e fe r e n c e o r p r io r it y b e a ffo rd e d .
r a n e o u s s e r v i c e in t h e t r a n s p o r t a t i o n o r t r a n s m i s s i o n o f a l i k e
(1 6 )
W h e n e v e r t h e C o m m i s s i o n is o f o p i n i o n t h a t a n v
k i n d o f t r a f f ic o r m e s s a g e u n d e r s u b s t a n t i a l l y s i m i l a r c i r c u m 
c a r r ie r b y r a ilr o a d
s u b j e c t t o t h i s A c t is f o r a n y r e a s o n
s t a n c e s a n d c o n d i t i o n s , s u c h c o m m o n c a r r i e r s h a ll b e d e e m e d
u n a b le to t r a n s p o r t th e t r a ffic o ffe r e d it s o a s p r o p e r ly to
g u i l t y o f u n j u s t d i s c r i m i n a t i o n , w h i c h is h e r e b y p r o h i b i t e d a n d
s e r v e t h e p u b l i c , it m a y , u p o n t h e s a m e p r o c e d u r e a s p r o 
d e c la r e d to b e u n la w fu l."
v id e d
in p a r a g r a p h
(1 5 ),
m a k e su ch ju s t a n d
re a s o n a b le
d ir e c t io n s w it h r e s p e c t t o th e h a n d lin g , r o u tin g , a n d m o v e 
S e c . 405. T h e f i r s t p a r a g r a p h o f s e c t i o n 3 o f t h e I n t e r s t a t e
m e n t o f t h e t r a f f i c o f s u c h c a r r i e r a n d it s d i s t r i b u t i o n o v e r
C o m m e r c e A c t is h e r e b y a m e n d e d b y i n s e r t i n g “ ( 1 ) ” a f t e r t h e
0 f r* a d A
o
a s ln. t h e o p i n i o n o f t h e C o m m i s s i o n
s e c t io n n u m b e r a t th e b e g in n in g t h e r e o f.
w i l l b e s t p r o m o t e t h e s e r v i c e in t h e i n t e r e s t o f t h e p u b l i c
S e c t i o n 3 o f t h e I n t e r s t a t e C o m m e r c e A c t is h e r o b y a m e n d e d
a n d th e c o m m e r c e o f th e p e o p le , a n d u p o n s u c h te r m s a s
b y a d d in g a f t e r th e fir s t p a r a g r a p h a n e w p a r a g r a p h t o r e a d
* 5 ? . c a r r i e r s a s t h e y m a y a g r e e u p o n , o r , in t h e
a s fo llo w s :
e v e n t o f t h e ir d is a g r e e m e n t, a s th e C o m m is s io n m a y a ft e r
s u b s e q u e n t h e a r i n g fin d t o b e j u s t a n d r e a s o n a b l e .
“ ( 2 ) F r o m a n d a f t e r J u l y 1, 1920, n o c a r r i e r b y r a i l r o a d s u b 
i
d «r e c t io n s o f th e C o m m is s io n a s t o c a r s e r v i c e
j e c t t o t h e p r o v i s i o n s o f t h i s A c t s h a ll d e l i v e r o r r e l i n q u i s h p o s 
a n d t o t h e m a t t e r s r e f e r r e d t o in p a r a g r a p h s ( 1 5 ) a n d ( 1 6 ) m a y
s e s s i o n a t d e s t i n a t i o n o f a n y f r e i g h t t r a n s p o r t e d b y it u n t il a ll
n ? i« ^ in n e oVioIiPUi ? h i a n d t b y s Vc h a ®e n t a o r a g e n c i e s a s t h e C o m t a r i f f r a t e s a n d c h a r g e s t h e r e o n h a v e b e e n p a id , e x c e p t u n d e r
w Sfil^ n iSlJa
d e s ig n a t e a n d a p p o in t fo r t h a t p u r p o s e .
I t s h a ll
s u c h r u le s a n d r e g u la t io n s a s th e C o m m is is o n m a y fr o m t im e t o
b a 5De , d u t J£ o f a l c a r r i e r s b y r a i l r o a d s u b j e c t t o t h i s A c t a n d
t im e p r e s c r i b e t o a s s u r e p r o m p t p a y m e n t o f a ll s u c h r a t e s a n d
o f t h e ir o ffic e r s , a g e n t s , a n d e m p lo y e r s , to o b e y s t r ic t ly a n d
c h a r g e s a n d to p r e v e n t u n ju s t d is c r im in a t io n :
P rovid ed , T h a t
c o n fo r m p r o m p tly to su ch o rd e rs o r d ir e c tio n s o f th e C o m m is 
i I ) r o v l s i ° n s o f t h i s p a r a g r a p h s h a ll n o t b e c o n s t r u e d t o p r o 
s i o n , a n d i n c a s e o f f a i l u r e o r r e f u s a l o n t h e p a r t o f a n y c a r  h i b i t a n y c a r r i e r f r o m e x t e n d i n g c r e d i t ln c o n n e c t i o n w i t h r a t e s
r ie r , r e c e iv e r , o r o p e r a t in g t r u s t e e to c o m p ly w ith a n y s u c h
a n d c h a r g e s o n fr e ig h t t r a n s p o r t e d fo r t h e U n ite d S ta t e s , fo r
o r d e r o r d i r e c t i o n s u c h c a r r i e r , r e c e i v e r , o r t r u s t e e s h a ll b e
a n y d e p a rtm e n t, b u re a u , o r a g e n c y th e re o f, o r fo r a n y S ta te o r
l i a b l e t o a p e n a l t y o f n o t l e s s t h a n $100 n o r m o r e t h a n $500
t e r r i t o r y o r p o lit ic a l s u b d iv is io n t h e r e o f, o r f o r th e D is t r ic t o f
f o r e a c h s u c h o f f e n s e a n d $50 f o r e a c h a n d e v e r y d a y o f t h e C o l u m b i a . ”
c o n t i n u a n c e o f s u c h o f f e n s e , w h i c h s h a ll a c c r u e t o t h e U n i t e d
T h e s e c o n d p a r a g r a p h o f s e c t io n 3 o f th e I n t e r s t a t e C o m 
TTnltftH a«5t o t ^ . a y n e r ^ ° J e r ®d ln a c i v i l a c t i o n b r o u g h t b y t h e
U n ite d S t a t e s .
P rovid ed , h o io ev er, T h a t n o t h i n g in t h i s A c t m e r c e A c t is h e r e b y a m e n d e d t o r e a d a s f o l l o w s :
nnHn i m p a i r ° r a f f e c t t h e r i g h t o f a S t a t e , in t h e e x e r c i s e o f it s
“ ( 3 ) A ll c a r r i e r s , e n g a g e d in t h e t r a n s p o r t a t i o n o f p a s s e n 
a P i ^ L Po W ef ’
r e Q u ir e j u s t a n d r e a s o n a b l e f r e i g h t a n d p a s g e r s o r p r o p e r t y , s u b j e c t t o t h e p r o v i s i o n s o f t h i s A c t , s h a ll ,
s e r v i c e f o r i n t r a s t a t e b u s i n e s s , e x c e p t in s o f a r a s s u c h
a c c o r d i n g t o t h e i r r e s p e c t i v e p o w e r s , a f f o r d a ll r e a s o n a b l e ,’
re q u r e m e n t is in c o n s is t e n t w it h a n y la w fu l o r d e r o f th e C o m 
p r o p e r , a n d e q u a l f a c i l i t i e s f o r t h e i n t e r c h a n g e o f t r a f f ic b e 
m is s i o n m a d e u n d e r t h e p r o v i s i o n s o f t h i s A c t .
tw e e n t h e ir r e s p e c t iv e lin e s , a n d f o r th e r e c e iv in g , fo r w a r d in g ,
“ (1 8 ) A f t e r n in e t y d a y s a f t e r t h is p a r a g r a p h t a k e s e ffe c t
a n i . . v e r i n g o f p a s s e n g e r s o r p r o p e r t y to a n d fr o m th e ir s e v 
n o c a r r i e r b y r a i l r o a d s u b j e c t t o t h i s A c t s h a ll u n d e r t a k e t h e
e r a l l i n e s a n d t h o s e c o n n e c t i n g t h e r e w i t h , a n d s h a ll n o t d i s 
e x t e n s io n o f its lin e o f r a ilr o a d , o r t h e c o n s t r u c t io n o f a n e w
c r i m i n a t e in t h e i r r a t e s , f a r e s , a n d c h a r g e s b e t w e e n s u c h c o n 
lin e o f r a i l r o a d , o r s h a ll a c q u i r e o r o p e r a t e a n y l in e o f r a i l r o a d
n e c t in g lin e s , o r u n d u ly p r e ju d i c e a n y s u c h c o n n e c t in g lin o in
?/■. e x b '.ns' io n t h e r e o f , o r s h a ll e n g a g e in t r a n s p o r t a t i o n u n d e r
t h e d i s t r i b u t i o n o f t r a f f ic t h a t Is n o t s p e c i f i c a l l y r o u t e d b v t h o
t h is A c t o v e r o r b y m e a n s o f s u c h a d d i t i o n a l o r e x t e n d e d lin e
s h ip p e r .
J
r ^ d o Un es.s ? n d unt11 t b e r e sh al1 n r s t h a v e b e o n o b t a i n e d
“ ( 1 ) I f t h e C o m m i s s i o n fi n d s it t o b e in t h e p u b l i c i n t e r e s t
^r0iTPi *b e C o n i m i s s l o n a c e r t i f i c a t e t h a t t h e p r e s e n t o r f u t u r e
a n d to b e p r a c t ic a b le , w it h o u t s u b s t a n t ia lly im p a ir in g th e
p u b lic c o n v e n ie n c e a n d n e c e s s it y r e q u ir e o r w ill r e q u ir e th e c o n a b ilit y o f a c a r r ie r o w n in g o r e n t itle d to th o e n jo y m e n t o f t e r 
„
° n ’, o r o p e r a t i o n , o r c o n s t r u c t i o n a n d o p e r a t i o n , o f s u c h
m in a l f a c i l i t i e s t o h a n d l e it s o w n b u s i n e s s , it s h a ll h a v e p o w e r
a d d it io n a l o r e x t e n d e d lin e o f r a ilr o a d , a n d n o c a r r ie r b y r a il
to r e q u ir e t h e u s e o f a n y s u c h t e r m in a l fa c ilit ie s , in c lu d in g
r o a d s u b j e c t t o t h i s A c t s h a ll a b a n d o n a ll o r a n y p o r t i o n o f a
m a in -lin o t r a c k o r t r a c k s fo r a r e a s o n a b le d is t a n c e o u t s id e o f
“ j?® ° £ ral| r ° a d , o r t h e o p e r a t i o n t h e r e o f , u n l e s s a n d u n t il t h e r e
s u c h te r m in a l, o f a n y c a r r ie r , b y a n o t h e r c a r r ie r o r o t h e r
s h fill f i r s t h a v e b e e n o b t a i n e d f r o m t h e C o m m i s s i o n a c e r t i f i c a t e
c a r r ie r s , o n s u c h te r m s a n d f o r s u c h c o m p e n s a t io n a s th e c a r 
# p r e f?on t. o r , f u t u r e p u b l i c c o n v e n i e n c e a n d n e c e s s i t y
r i e r s a f f e c t e d m a y a g r e e u p o n , o r , ln t h e e v e n t o f a f a l l u r o t o
p e r m it o f s u c h a b a n d o n m e n t.
*
a g r e e , a s t h e C o m m i s s i o n m a y f ix a s j u s t a n d r e a s o n a b l e f o r
" ( 1 9 ) T h e a p p lic a t io n f o r a n d is s u a n c e o f a n y s u c h c e r t if i
t h e u s e s o r e q u ir e d , t o b e a s c e r t a in e d o n th e p r in c ip le c o n 
c a t e s h a ll b e u n d e r s u c h r u l e s a n d r e g u l a t i o n s a s t o h e a r i n g s
t r o l l i n g c o m p e n s a t i o n in c o n d e m n a t i o n p r o c e e d i n g s
H u cli c o m 
a n d o t h e r m a t t e r s a s t h e C o m m i s s i o n m a y f r o m t i m e t o t im e
p e n s a t i o n s h a ll b e p a id o r a d e q u a t e l y s e c u r e d b e f o r o t h e e n j o y 
p r e s c r i b e , a n d t h e p r o v i s i o n s o f t h i s A c t s h a ll a p p l y t o a ll s u c h
m e n t o f th e u se m a y b e c o m m e n c e d .
I f u n d e r t h is p a r a g r a p h
p r o c e e d in g s .
U p o n r e c e i p t o f a n y a p p l i c a t i o n f o r s u c h c e r t i f i  t h e u s e o f s u c h t e r m i n a l f a c i l i t i e s o f a n y c a r r i e r is r e q u i r e d t o
c a t e t h e C o m m i s s i o n s h a ll c a u s e n o t i c e t h e r e o f t o b o g i v e n t o
b e g iv e n to a n o t h e r c a r r ie r o r o t h e r c a r r ie r s , a n d th e c a r r ie r
fin d a c o p y file d w i t h t h e g o v e r n o r o f e a c h S t a t e in w h i c h s u c h
w h o s e t e r m i n a l f a c i l i t i e s a r e r e q u i r e d t o b e s o u s e d is n o t
a d d i t i o n a l o r e x t e n d e d l in e o f r a i l r o a d is p r o p o s e d t o b o c o n  s a t i s f i e d w i t h t h e t e r m s f i x e d f o r s u c h u s e , o r i f t h o a m o u n t
s t r u c t e d 1 o r o p e r a t e d , o r a ll o r a n y p o r t i o n o f a lin e o f r a i l r o a d ,
o t c o m p e n s a t i o n s o f i x e d is n o t d u l y a n d p r o m p t l y p a id , t h e
o r t h e o p e r a t i o n t h e r e o f , is p r o p o s e d t o b e a b a n d o n e d , w i t h t h e
c a r r ie r w h o s e t e r m in a l f a c ilit ie s h a v e th u s b e e n r e q u ir e d t o b o
r ig h t t o b e h e a r d a s h e r e in a f t e r p r o v id e d w it h r e s p e c t t o th e
g i v e n t o a n o t h e r c a r r i e r o r o t h e r c a r r i e r s s h a ll b e e n t i t l e d t o
h e a r i n g o f c o m p l a i n t s o r t h e i s s u a n c e o f s e c u r i t i e s ; a n d s a id
r e c o v e r , b y s u it o r a c t io n a g a in s t s u c h o t h e r c a r r io r o r c a r r ie r s
n o t i c e s h a ll a l s o b e p u b l i s h e d f o r t h r e e c o n s e c u t i v e w e e k s in
P r o p e r d a m a g e s f o r a n y i n j u r i e s s u s t a i n e d b y it a s t h e r e s u l t o f
s o m e n e w s p a p e r o f g e n e r a l c i r c u l a t i o n in e a c h c o u n t y in o r
c o m p lia n c e w ith s u c h r e q u ir e m e n t , o r ju s t c o m p e n s a t io n fo r
i c h s a i d l i n e o f r a i l r o a d is c o n s t r u c t e d o r o p e r a t e s .
s u c h u se , o r b o th , a s th e c a s e m a y b e .”
(JO) T h e C o m m i s s i o n s h a ll h a v e p o w e r t o i s s u e s u c h c e r t i f i 
c a t e a s p r a y e d f o r , o r t o r e f u s e t o i s s u e i t , o r t o i s s u e it f o r
S e c . 406. S e c t i o n 4 o f t h e I n t e r s t a t e C o m m e r c e A c t is h e r e b y
' n P^,riV0 ^ ? r p p r t l o n s ° f a l i n e o f r a i l r o a d , o r e x t e n s i o n t h e r e o f , a m e n d e d t o r e a d a s f o l l o w s :
d e s c r i b e d in t h e a p p l i c a t i o n , o r f o r t h e p a r t i a l e x e r c i s e o n l y o f
• *®ec., . ‘b ( 1 ) T h a t it s h a ll b e u n l a w f u l f o r a n y c o m m o n c a r 
« R h t o r p r iv ile g e , a n d m a y a t t a c h to th e is s u a n c e o f th e
r ie r s u b je c t to th o p r o v is io n s o f th is A c t to c h a r g e o r r e c e iv e
c e r t i f i c a t e s u c h t e r m s a n d c o n d i t i o n s a s in it s j u d g m e n t t h e
a n y g r e a t e r c o m p e n s a t i o n in t h o a g g r e g a t e f o r t h e t r a n s p o r t a 
p u b lic c o n v e n ie n c e a n d n e c e s s it y m a y r e q u ir e .
F ro m a n d a fte r
t io n o f p a s s e n g e r s , o r o f l i k e k i n d o f p r o p e r t y , f o r a s h o r t e r
is s u a n c e o f s u c h c e r tific a te , a n d n o t b e fo r e , th e c a r r ie r b v r a il
t h a n f o r a l o n g e r d i s t a n c e o v e r t h o s a m e lin e o r r o u t e in t h e
r o a d m a y , w ith o u t s e c u r in g a p p ro v a l o th e r th a n su ch c e r tifis a m e d ir e c t io n , t h e s h o r t e r b e in g in c lu d e d w it h in th e lo n g e r
2 ^ ’ KCO ? l y . w lt .h t b e te r r r ls fin d c o n d i t i o n s c o n t a i n e d in o r
,m
d is ta n c e , o r to c h a r g e a n y g r e a t e r c o m p e n s a tio n a s a th ro u g h
a t t a c h e d to th e is s u a n c e o f s u c h c e r t i f i c a t e a n d p r o c e e d w ith
r a te th a n th e a g g r e g a t e o f th o in t e r m e d ia t e r a te s s u b je c t to




Feb. 21 1920.]

737

THE CHRONICLE

th e p r o v is io n s o f th is A c t . b u t ^ ‘ f . ^ ' l n ^ b e c o n s t r u e d a s
a u t h o r i z i n g a n y c o m m o n c a r r i e r w i t h i n t h e te r m s i o r t n i s a u
nr r e c e iv e a s g r e a t c o m p e n s a tio n fo r a s h o r te r a s
f o r a l o n g e r d i s t a n c e : P rovid ed , T h a t u p o n a p p l i c a t i o n t o t h e

h e a r in g .
I f a r t e r s u c h h e a r in g th e C o m m is s io n fin d s „
t m h li c i n t e r e s t s w ill b e p r o m o t e d b y t h e c o n s o l i d a t i o n a n d t h a t
th e c o n d iU o n s o f th is s e c t io n h a v e b e e n o r w ill b e fu lfille d , it
n n v e n t e r a n o r d e r a p p r o v i n g a n d a u t h o r i z i n g s u c h c ° n£*°J A ^
t i o n w i t h such m o d i f i c a t i o n s a n d u p o n s u c h t e r m s a n d c o n d l -

M M
Of n a s s e n g e r s o r p r o p e r t y ; a n d t h e C o m m i s s i o n m a y f r o m
t i m e t o t l m e p r e s c V ib e t h e e x t e n t t o w h i c h s u c h d e s i g n a t e d
tom tn on c a r r ie r m a y b e r e lie v e d fr o m th e o p e r a t io n o
s e c t i o n ; b u t* in e x e r c i s i n g t h e a u t h o r i t y c o n f e r r e d u p o n ^ It in
t h i s p r o v i s o t iie C o m m i s s i o n s h a ll n o t p e r m i t
e s ta -D iis n
m e r it o f a n v c h a r g e t o o r f r o m t h e m o r e d i s t a n t p o i n t t h a t is
n o t re a s o n a b ly c o m p e n s a to r y fo r th e s e r v ic e
n c i r c u i t o u s r a il l i n e o r r o u t e is , b e c a u s e o i s u e n c i r e u i t y ,
g r a n te d a u th o r ity to m e e t th e ch a r g e s o f a 'n o r e d . r e c
in e
o r r o u te to o r fr o m c o m p e t it iv e p o n ts a n d
*£1 „ „ }h o r c h a r g e s to o r fr o m in t e r m e d ia t e p o in t s o n its lin e , t h e a u t h o r
i t y s h a ll n o t i n c l u d e i n t e r m d i a t e p o i n t s a s t o w h i c h t h e h a u l
o r t h e p e t i t i o n i n g l i n e o r r o u t e is n o t l o n g e r t h a n t h a t o f t h e
d i r e c t lin e o r r o u te b e t w e e n t h e c o m p e t it iv e p o i n t s , a n a n o
s u c h 1 a u t h o r i z a t i o n s h a ll b e g r a n t e d o n ^ c 0 e » t te 0 e m T m i
u s nfc
p o t e n t ia l w a t e r c o m p e t it io n n o t a c t u a lly
in e x l s i e n c e . a n
p rovid ed fu rth er , T h a t r a t e s , f a r e s , o r c h a r g e s e x i s t i n g a t t h e
t im e o f t h e p a s s a g e o f t h i s a m e n d a t o r y A c t b y v i r t u e o r o r a e r s
o f th e C o tn m is ls o n o r a s to w h ic h a p p lic a t io n h a s t b c r e t o f o r e
b e e n file d w i t h t h e C o m m i s s i o n a n d n o t y e t a c t e d u p o n , s n a .
n o t bo r e q u ir e d to b e c h a n g e d b y r e a s o n o f th e
th is s e c t io n u n til t h e f u r t h e r o r d e r o f o r a d e t e r m in a t io n b y t h e

P^TSTh^culty!

‘ ‘ (21 W h e r e v e r a c a r r i e r b y r a i l r o a d s h a ll in c o m p e t i t i o n
w ith a w a t e r r o u t e o r r o u te s r e d u c e th e r a t e s o n t h e c a r r ia g e
n f .m v s p e c i e s o f f r e i g h t t o o r f r o m c o m p e t i t i v e p o i n t s i t s h a ll
n o t b e p e r m it t e d t o in c r e a s e s u c h r a t e s u n le s s a f t e r h e a r in g
b y t h e C o m m i s s i o n it s h a ll b e f o u n d t h a t^ s u c lii P j o p o ^ . d ‘ ^ e a s e
re s ts u p o n c h a n g e d c o n d it io n s o t h e r th a n th e e lim in a tio n
' ' ^ S e ^ ^ o T . 'T h e " f i r s t p a r a g r a p h o f s e c t i o n 5 o f t h e I n t e r s t a t e
C o m m e r c e A c t is h e r e b y a m e n d e d t o r e a d a s f o l l o w s :
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5 (1 ) T h a t , e x c e p t u p o n s p e c ific a p p r o v a l b y o r d e r
o f th e C o m m is s io n a s in th is s e c t io n
Aa 't d «♦ Y h a l l b e
l
p r o v i d e d in p a r a g r a p h (1 6 ) o f s e c t i o n l o f t h i s A c t . l t s h a ll b e
u n la w fu l fo r a n y c o m m o n c a r r ie r s u b je c t t o t h is A c t t o e n te
in to a n y c o n tr a c t, a g r e e m e n t,
c o m b in a tio n w it h a n y .o t h e r
c o m m o n c a r r i e r o r c a r r i e r s f o r t h e p o o l i n g o f f r e i g h t s o t u ii
c o m p e t in g ra ilr o a d s , o r to d iv id e b e tw e e n th e m th e
a g g r e g a t e o r n e t p r o c e e d s o f th e e a r n in g s o f s u c h r a ilr o a d s ,
o ? i n y p o r t i o n t h e r e o f ; a n d in a n y c a s e o f a n a g r e e m e n t f o r
th e p o o lin g o f fr e ig h t s a s a fo r e s a id e a c h d a y o f its c o n t in u a n c e
s h a l l b e d e e m e d a s e p a r a t e o f f e n s e : P rovid ed , T h a t w h e n e v e r
t h e C o m m i s s i o n is o f o p i n i o n , a f t e r h e a r i n g u p o n a p p l i c a t i o n
o f a n y c a r r i e r o r c a r r i e r s e n g a g e d in t h e t r a n s p o r t a t i o n o f p a s 
s e n g e r s o r p r o p e r t y s u b je c t to th is A c t , o r u p o n its o w n in it ia 
tiv e ' t h a t t h e d i v i s i o n o f t h e i r t r a l i l c o r e a r n i n g s , t0
i n d i c a t e d b y t h e C o m m i s s i o n , w i l l b e in t h e i n t e r e s t o f b e t t e r
s e r v i c e t o t h e p u b l i c , o r e c o n o m y in o p e r a t i o n , a n d w i l l n o t
u n d u l y r e s t r a i n c o m p e t i t i o n , t h e C o m m i s s i o n s h a ll
it y b y o r d e r t o a p p r o v e a n d a u t h o r i z e , i f a s s e n t e d t o b y a ll t h e
c a r r ie r s in v o lv e d , s u c h d iv is io n o f t r a lilc o r e a r n in g s , u n d e r
s u c h r u le s a n d r e g u l a t i o n s , a n d f o r s u c h c o n s i d e r a t i o n a s b e 
tw e e n s u c h c a r r ie r s a n d u p o n s u c h te rm s a n d c o n d itio n s , a s
s h a ll b e f o u n d b y t h e C o m m i s s i o n t o b e j u s t a n d r e a s o n a b l e in

“

Ld

" U " (*2 W h e n o v e r t h e C o m m i s s i o n i s o f o p i n i o n , a f t e r h e a r i n g ,
u p o n a p p l i c a t i o n o f a n y c a r r i e r o r c a r r i e r s e n g a g e d in t a ® t r a n s n o r ta t io n o f p a s s e n g e r s o r p r o p e r t y s u b je c t to th is A c t , tn a t
th e a c q u is it io n , to th e e x t e n t I n d ic a t e d b y t h e C o m m is s io n , b y
o n e o f s u c h c a r r i e r s o f t h e c o n t r o l o f a n y o t h e r s u c h c a r T]®^
o r
c a r r ie r s e it h e r u n d e r a le a s e o r b y th e p u r c h a s e o f s t o c k
o r In a n y o t h e r m a n n e r n o t i n v o l v i n g t h e c o n s o l i d a t i o n o f s u c h
c a r r i e r s i n t o a s i n g l e s y s t e m f o r o w n e r s h i p a n d o p e r a t i o n , \\dll
b e in t h e p u b l i c i n t e r e s t , t h e C o m m i s s i o n s h a ll h a v e a u t h o r i t y
b y o r d e r to a p p r o v e a n d a u t h o r iz e s u c h a c q u is it io n , u n d e r s u c h
r u le s a n d r e g u l a t i o n s a n d f o r s u c h c o n s i d e r a t i o n a n d o n s u c h
t e r m s a n d c o n d i t i o n s a s s h a ll b e f o u n d b y t h e C o m m i s s i o n t o
b e j u s t a n d r e a s o n a b l e in t h e p r e m i s e s .
" C O T h e C o m m i s s i o n m a y f r o m t i m e t o t im e , f o r g o o d c a u s e
s h o w n , m a k e s u c h o r d e r s , s u p p le m e n t a l to a n y o r d e r m a d e
u n d e r
paragraph
(1)
o r ( 2 ) , a s it m a y d e e m
n ecessary or

aP,..(, ) The Commission shall as soon as practicable prepare
,r 4
and 'adopt a plan for the consolidation of the railway Prop
erties of the continental United States into a limited number of
systems. In The division of such railways into such systems
under such plan, competition shall be preserved as fully as
possible and wherever practicable the existing routes and
channels of trade and commerce shall be maintained, kub• Ject to the foregoing requirements, the several systems shall
be so arranged that the cost of transportation as between
competitive systems and as related to the values ?.[ J sam
}?® e"
erties through which the service is rendered shall bo the same,
so. far as practicable, so that these systems can employ uniform
rates in the movement of competitive tralilc and under efficient
management earn substantially the same rate of teturn upon
the value of their respective railway properties.
• ( 5 ) W h e n t h e C o m m i s s i o n h a s a g r e e d u p o n a t e n t a t i v e p la n ,
•
It s h a ll g i v e t h e s a m e d u e p u b l i c i t y a n d u p o n r e a s o n a b l e n o t i c e ,
i n c l u d i n g n o t i c e t o t h e G o v e r n o r o f e a c h S t a t e , s h a ll h e a r a ll
p e r s o n s w h o m a y flic o r p r e s e n t o b je c t i o n s t h e r e t o ,
T he C om 
m i s s i o n is a u t h o r i z e d t o p r e s c r i b e a p r o c e d u r e f o r s u c h h e a r i n g s
a n d t o llx a t i m e f o r b r i n g i n g t h e m t o a c l o s e . A f t e r t h e h e a r 
i n g s a r e a t a n e n d , t h e C o m m i s s i o n s h a ll a d o p t a p l a n f o r s u c h
c o n s o l i d a t i o n a n d p u b l i s h t h e s a m e ; b u t it r n a y a t a n y *
t h e r e a f t e r , u p o n i t s o w n m o t i o n o r _ a P 01} a P P l l c a t f o n « r e ° P e n
t h e s u b j e c t f o r s u c h c h a n g e s o r m o d i f i c a t i o n s a s in U s J u d g 
m e n t w ill p r o m o t e t h e p u b l i c i n t e r e s t ,
l h e c o n s o l i d a t i o n s h e r e in
p r o v i d e d f o r s h a ll b e in h a r m o n y w i t h s u c h p la n .
" ( 6 ) It s h a ll b e l a w f u l f o r t w o o r m o r e c a r r i e r s b y r a i l r o a d
s u b ie c t to th is A c t , t o c o n s o lid a t e t h e ir p r o p e r t ie s o r a n y p a r t
t h e r e o f. In to o n e c o r p o r a t io n fo r th e o w n e r s h ip , m a n a g e m e n t ,
a n d o p e r a t i o n o f t h e p r o p e r t i e s t h e r e t o f o r e in s e p a r a t e
s h ip , m a n a g e m e n t , a n d o p e r a t i o n , u n d e r t h e f o l l o w i n g c o n d i -

l * ° " ( a ) T h e p r o p o s e d c o n s o l i d a t i o n m u s t b e in h a r m o n y w i t h
a n d in f u r t h e r a n c e o f t h e c o m p l e t e p l a n o f c o n s o l i d a t i o n m e n t lo n e d In p a r a g r a p h ( 5 ) a n d m u s t b e a p p r o v e d b y t h e C o m 
m is s io n ,
M onels a t p a r o f t h e c o r p o r a t i o n w h i c h is t o b e c o m e
th e o w n e r o f th e c o n s o lid a t e d p r o p e r t ie s , t o g e t h e r w ith th e
o u t s t a n d i n g c a p i t a l s t o c k a t p a r o f s u c h c o r p o r a t i o n , s h a ll n o t
e x c e e d th e v a lu e o f th e c o n s o lid a t e d p r o p e r t ie s a s d e t e r m in e d
b y th e C o m m is s io n .
T h e v a lu e o f th e p r o p e r t ie s s o u g h t to be
c o n s o l i d a t e d s h a ll b e a s c e r t a i n e d b y t h e C o n n T ils is o .i u n .k T s e c 
t io n 19a o f t ills A c t , a n d it s h a ll b e t h e d u t y o f t h e C o m m i s s i o n
to p r o c e e d im m e d ia te ly to th e a s c e r t a in m e n t o f s u c h v a lu e fo r
t h e p r o p e r t i e s i n v o l v e d in o, p r o p o s e d c o n s o l i d a t i o n u p o n t h e
t ilin g o f t h e a p p l i c a t i o n f o r s u c h c o n s o l i d a t i o n .
" ( c ) W h e n e v e r t w o o r m o r e c a r r ie r s p r o p o s e a c o n s o lid a t io n
u n d e r t ills s e c t i o n , t h e y s h a ll p r e s e n t t h e i r a p p l i c a t i o n t h e r e f o r
t o t ile C o m m i s s i o n , a n d t h e r e u p o n t h e C o m m i s s i o n s h a ll n o t i f y
t h e G o v e r n o r o f e a c h S t a t e in w h i c h a n y p a r t o f t h e p r o p e r t i e s
s o u g h t t o b e c o n s o l i d a t e d is s i t u a t e d a n d t h e c a r r i e r s i n v o l v e d
in t h e p r o p o s e d c o n s o l i d a t i o n , o f t h e t i m e a n d p l a c e f o r a p u b l i c




S v S ‘r a e d “
r

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n o tw lth s ta n d -

i n S ;‘ ( 7 ) T h e p o w e r a n d a u t h o r i t y o f t h e C o m m i s s i o n t o a p p r o v e
a u t h o r i z e U ie c o n s o l i d a t i o n o f t w o o r m o r e c a r r i e r s s h a ll
e x t e n d a n d a p p ly to th e c o n s o lid a t io n s o f fo u r e x p r e s s c o m 
p a n ie s in to th e A m e r ic a n R a ilw a y E x p r e s s C o m p a n y , a D e la 
w a r e c o r p o r a tio n
if a p p lic a t io n f o r s u c h a p p r o v a l a n d a u t h o r it y
Is m a d e t o t h e C o m m i s s i o n w i t h i n t h i r t y d a y s a f t e r t h e Passage
of This a m e n d a t o r y A c t ; a n d p e n d i n g t h e d e c i s i o n o f t h e C o m 
m i s s i o n s u c h c o n s o l i d a t i o n s h a ll n o t b e d i s s o l v e d .
m " m
T h e c a r r i e r s a ffe c t e d b y a n y o r d e r m a d e u n d e r th e
f o r e g o in g p r o v is io n s o f th is s e c t io n a n d a n y c o r p o r a t io n o r g a n i /r s i ^ t o e f f e c t a c o n s o l i d a t i o n a p p r o v e d a n d a u t h o r i z e d i n s u c h
'o r t V s t a K b e .
t h e * a ™ h w e b y re lie v e d fr o m th e

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u n d e r a n d p u r s u a n t to th e fo r e g o in g p r o v is io n s o f t h is s e c t io n .
S e c . 408. T h e p a r a g r a p h o f s e c t i o n 5 o f t h e I n t e r s t a t e C o m 
m e r c e A c t , a d d e d t o s u c h s e c t i o n b y s e c t i o n 11 o f t h o A c t
e n t itle d “ A n a c t to p r o v id e fo r th e o p e n in g , m a in t e n a n c e , p r o 
t e c t io n ,' a n d o p e r a t io n o f th e P a n a m a C a n a l a n d t h e s a n it a t io n
a n d g o v e r n m e n t o f t h e C a n a l Z o n e , " a p p r o v e d A u g u s t 24, x 9 i2 ,
fs h e r e b y a m e n d e d b y i n s e r t i n g " ( 9 ) " a t t h e b e g i n n i n g t h e r e o f
T h e t w o p a r a g r a p h s o f s e c t i o n 11 o f s u c h A c t o f A u g u s t
24 1912
w h ic h fo llo w t h e p a r a g r a p h a d d e d b y s u c h s e c t io n
t o ’ s e c t io n 5 o f th e I n te r s ta te C o m m e r c e A c t , a re h e r e b y m a d e
a p a r t o f s e c t i o n 5 o f t h e I n t e r s t a t e C om m erce A c t .
T h e fir s t
p a r a g r a p h so m a d e a p a r t o f s e c t io n 5 o f th e I n t e r s ta t e C o m 
m e r c e A c t is h e r e b y a m e n d e d b y i n s e r t i n g
(1 0 )
a t th e ^ b e g in n in g t h e r e o f, a n d th e s e c o n d s u c h p a r a g r a p h is h e r e b y a m e n d e d
h v in s e r t in g “ (1 1 )’ ’ a t t h e b e g in n in g t h e r e o f.
S e c 409 S e c t i o n 6 o f t h e I n t e r s t a t e C o m m e r c e A c t is h e r e b y
a m e n d e d b y in s e r t in g " ( 1 ) ” a ft e r t h e s e c t io n n u m b e r a t th e
b e g in n in g o f th e fir s t p a r a g r a p h , ‘ (2 )
a t th e b e g in n in g o f
th e s e c o n d p a r a g r a p h , " ( 3 ) ” a t th e b e g in n in g o f t h e t h ir d p a r a 
graph
" ( 4 ) ” a t th e b e g in n in g o f th e fo u r t h p a r a g r a p h ,
(6 )
a t th e b e g in n in g o f th e fifth p a r a g r a p h , " ( 6 ) ’ ’ a t t h e b e g in n in g
th e
p a r a g r a p h . ••(7)” a t t h e b e g i n n i n g o f t h e s e v e n t h
p a ra gra p h
“ ( 8 ) ” a t th e b e g in n in g o f th e e ig h t h p a r a g r a p h ,
“ ( 9 ) ” a t th e b e g in n in g o f th e n in th p a r a g r a p h
" (1 0 )’’ a t th e
b e g in n in g o f th e te n th p a r a g r a p h , “ (1 1 )” a t t h e b e g in n in g o f
th e e le v e n th p a ra g ra p h , “ (1 2 )’ ’ a t th e b e g in n in g o f th e t w e lfth
p a r a g r a p h , a n d “ ( 1 3 ) ” a t G ie b e g i n n i n g o f t h o t h i r t e e n t h p a r a -

3

35,

^ ' ^Sec. 410. T h e t h i r d p a r a g r a p h o f s e c t i o n 6 o f t h e I n t e r 
s t a t e C o m m e r c e A c t is h e r e b y a m e n d e d b y s t r i k i n g o u t t h e
p e r i o d a t t h e e n d t h e r e o f a n d i n s e r t i n g In l i e u t h e r e o f a
c o lo n a n d th e fo llo w in g :
“ P rov id ed fu r th e r , T h a t t l i e C o m
m is s io n
is h e r e b y
a u th o r iz e d
to
m ake
s u ita b le
r u le s a n d
r e g u la t io n s fo r th e s im p lific a t io n o f s c h e d u le s o f r a t e s , fa r e s ,
c h a r g e s , a n d c l a s s i f i c a t i o n s a n d t o p e r m i t in s u c h r u l e s a n d
r e g u l a t i o n s t h e f i l in g o f a n a m e n d m e n t o f o r c h a n g e i n a n y
ra te
fa r e
c h a r g e , o r c la s s ific a t io n
w it h o u t filin g c o m p le te
s cre d u le s c o v e r in g ra te s, fa r e s , c h a r g e s o r c la s s ific a tio n s n o t
c h a n g e d if, in its j u d g m e n t ; n o t i n c o n s i s t e n t w i t h t h e p u b l i c
in te re s t.
S ec. 411.
T h e s e v e n th p a r a g r a p h o f s e c t io n 6 o f t h e I n t e r 
s t a t e C o m m e r c e A c t is h e r e b y a m e n d e d b y s t r i k i n g o u t t h e
p r o v is o a t th e e n d .
.. . .
..
S ec. 412.
T h e t w o p a r a g r a p h s u n d e r ( a ) o f th e th ir te e n th
p a r a g r a p h o f s e c t io n 6 o f th e I n t e r s t a t e C o m m e r c e A c t a r e
h e r e b y a m e n d e d so a s to b e c o m b in e d in to o n e p a r a g r a p h to
read as fo llo w s :
_
..
.
“ ( a ) T o e s ta b lis h p h y s ic a l c o n n e c t io n b e tw e e n th e lin e s o r
th e r a il c a r r ie r a n d t h e d o c k a t w h ic h in t e r c h a n g e o f p a s 
s e n g e r s o r p r o p e r t y is t o be, m a d e b y d i r e c t i n g t h e r a i l c a r r i e r t o
m a k e s u it a b le c o n n e c t io n b e t w e e n Its lin e a n d a t r a c k o r t r a c k s
w h ic h h a v e b e e n c o n s t r u c t e d f r o m th e d o c k to t h e lim it s o f
th e r a ilr o a d r ig h t o f w a y , o r b y d ir e c t in g e it h e r o r b o t h t h e
r a i l a n d w a t e r c a r r i e r , i n d i v i d u a l l y o r in c o n n e c t i o n w i t h o n e
a n o t h e r , t o c o n s t r u c t a n d c o n n e c t w it h t h e l i n e s o f t h e r a i l
c a r r ie r a t r a c k o r t r a c k s to th e d o c k .
1 lie C o m m i s s i o n s h a l l
h a v e fu ll a u t h o r i t y t o d e t e r m i n e a n d p r e s c r i b e t h e t e r m s a n d
c o n d i t i o n s u p o n w h i c h t h e s e c o n n e c t i n g t r a c k s s h a ll b e o p e r a t e d ,
a n d it m a y , e i t h e r in t h e c o n s t r u c t i o n o r t h e o p e r a t i o n o f s u c l i
t r a c k s d e t e r m i n e w h a t s u m s h a ll b e p a i d t o o r b y e i t h e r c a r 
r i e r ■ P rovid ed . T h a t c o n s t r u c t i o n r e q u i r e d b y t h e C o m m i s s i o n
u n d e r t h e p r o v i s i o n s o f t h is p a r a g r a p h s h a l l b e s u b j e c t t o t h e
s a m e r e s t r ic t io n s a s t o fin d in g s o f p u b lic c o n v e n ie n c e a n d
n e c e s s i t y a n d o t h e r m a t t e r s a s is c o n s t r u c t i o n r e q u i r e d u n d e r
s e c t io n 1 o f th is A c t .”
S e c . 4 1 3 . P a r a g r a p h ( c ‘) o f t h e t h i r t e e n t h p a r a g r a p h o f s e c 
t io n 6 o f t h e I n t e r s t a t e C o m m e r c e A c t is h e r e b y a m e n d e d t o
read as fo llo w s :
“ (c)
To
e s ta b lis h
p r o p o r tio n a l
ra tes,
or
m a x im u m ,
or
m in i m u m , o r m a x i m u m a n d m i n i m u m p r o p o r t i o n a l r a t e s , b y
r a il t o a n d f r o m t h e p o r t s t o w h i c h t h e t r a f f i c is b r o u g h t , o r
f r o m w h i c h it is t a k e n b y t h e w a t e r c a r r i e r , a n d t o d e t e r m i n e
t o w h a t t r a f f i c a n d in c o n n e c t i o n w i t h w h a t v e s s e l s a n d u p o n
w h a t t e r m s a n d c o n d i t i o n s s u c h r a t e s s h a ll a p p l y .
B y p ro
p o r t io n a l r a t e s a r e m e a n t t h o s e w h ic h d iffe r f r o m t h e c o r r e 
s p o n d in g lo c a l r a t e s to a n d f r o m th e p o r t a n d w h ic h a p p ly
o n l y t o t r a f f i c w h i c h h a s b e e n b r o u g h t t o t h e p o r t o r is c a r r i e d
f r o m t h e p o r t b y a c o m m o n c a r r i e r b y w a t e r . '1
S e c. 414.
S e c t i o n 10 o f t h e I n t e r s t a t e C o m m e r c e A c t is
h e r e b y a m e n d e d b y in s e r t in g “ ( 1 ) ’ a ft e r th e s e c t io n n u m b e r a t
th o b e g in n in g o f th e fir s t p a r a g r a p h ,
(2 )
a t th e b e g in n in g
o f th e s e c o n d p a r a g r a p h , “ ( 3 ) ” a t th e b e g in n in g o f th e t h ir d
p a r a g r a p h , a n d “ ( 4 ) ” a t th o b e g in n in g o f th e fo u r th p a r a g r a p h ,
a n d b y in s e r t in g a f t e r th e w o r d s “ t r a n s p o r t a t io n o f p a s s e n g e r s
o r p r o p e r t y , ” in t h e p r o v i s o in t h e f i r s t p a r a g r a p h t h e r e o f , t h o
w o r d s “ o r th e t r a n s m is s io n o f in t e llig e n c e .”
S e c . 4 1 5 . S e c t i o n 12 o f t h e I n t e r s t a t e C o m m e r c e A c t is
h e r e b y a m e n d e d b y in s e r t in g “ ( 1 ) ” a ft e r th e s e c t io n n u m 
b e r a t th e b e g in n in g o f th e fir s t p a r a g r a p h , " ( 2 ) ” a t th e
b e g in n in g o f th e s e c o n d p a r a g r a p h , “ ( 3 ) ” a t th e b e g in n in g
o f th e th ir d p a r a g r a p h , " ( 4 ) ” a t th e b e g in n in g Of th e fo u r th

728

THE CHRONICLE

[Vol. 110.

paragraph , “ ( 5 ) ”
a t th e b e g in n in g o f th e fifth
pa ra gra p h ,
“ ( 6 ) ” a t th e b e g in n in g o f th e s ix th p a r a g r a p h , a n d “ ( 7 ) ” a t
th e b e g in n in g o f th e s e v e n th p a r a g r a p h .
S e c . 4 1 6 . S e c t i o n 13 o f t h e I n t e r s t a t e C o m m e r c e A c t is
h e r e b y a m e n d e d b y in s e r t in g “ ( 1 ) ” a f t e r th e s e c t io n n u m b e r
a t th e b e g in n in g o f th e fir s t p a r a g r a p h a n d “ ( 2 ) ” a t th e
b e g in n in g o f th e s e c o n d p a r a g r a p h , a n d b y a d d in g a t th e en d
th e r e o f tw o n e w p a ra g ra p h s to re a d a s f o llo w s :

a n d o f a n y i n t e r m e d i a t e r a i l r o a d o p e r a t e d in c o n j u n c t i o n a n d
u n d e r a c o m m o n m a n a g e m e n t o r c o n t r o l t h e r e w it h , w h ic h lie s
b e tw e e n t h e t e r m in i o f s u c h p r o p o s e d t h r o u g h r o u te , u n le s s
s u c h in c lu s io n o f lin e s w o u ld m a k e th e t h r o u g h r o u te u n 
r e a s o n a b ly lo n g a s c o m p a r e d w ith a n o t h e r p r a c t ic a b le t h r o u g h
r o u t e w h i c h c o u l d o t h e r w i s e b e e s t a b l i s h e d : P rov id ed , T h a t in
t im e o f s h o r t a g e o f e q u i p m e n t , c o n g e s t i o n o f t r a f f ic , o r o t h e r
e m e r g e n c y d e c l a r e d b y t h e C o m m i s s i o n it m a y
(e ith e r u p o n
c o m p la in t o r u p o n its o w n in it ia t iv e w it h o u t c o m p la in t , a t
o n c e , i f it s o o r d e r s w i t h o u t a n s w e r o r o t h e r f o r m a l p l e a d i n g s
“ ( 3 ) W h e n e v e r in a n y i n v e s t i g a t i o n u n d e r t h e p r o v i s i o n s
b y th e in t e r e s te d c a r r ie r o r c a r r ie r s , a n d w it h o r w it h o u t
o f t h i s A c t , o r in a n y i n v e s t i g a t i o n i n s t i t u t e d u p o n p e t i t i o n o f n o t i c e , h e a r i n g , o r t h e m a k i n g o r f i l i n g o f a r e p o r t , a c c o r d i n g
t h e c a r r i e r c o n c e r n e d , w h i c h p e t i t i o n is h e r e b y a u t h o r i z e d t o a s t h e C o m m i s s i o n m a y d e t e r m i n e ) e s t a b l i s h t e m p o r a r i l y s u c h
b e f ile d , t h e r e s h a l l b e b r o u g h t in i s s u e a n y r a t e , f a r e , c h a r g e , t h r o u g h r o u t e s a s in i t s o p i n i o n a r e n e c e s s a r y o r d e s i r a b l e in
c la s s ific a t io n ,
r e g u la tio n ,
o r p r a c tic e ,
m ade or
im p o s e d
by
th e p u b lic in te r e s t.
a u t h o r it y o f a n y S ta te , o r in it ia t e d b y th e P r e s id e n t d u r in g th e
“ (5 )
T r a n s p o r t a t io n w h o lly b y r a ilr o a d o f o r d in a r y liv e 
p e r io d o f F e d e r a l c o n tr o l, th e C o m m is s io n , b e fo r e p r o c e e d in g
s t o c k in c a r - l o a d l o t s d e s t i n e d t o o r r e c e i v e d a t p u b l i c s t o c k 
t o h e a r a n d d i s p o s e o f s u c h is s u e , s h a l l c a u s e t h e S t a t e o r
y a r d s s h a ll in c lu d e a ll n e c e s s a r y s e r v ic e o f u n lo a d in g a n d
S ta t e s in t e r e s te d to b e n o t ifie d o f th e p r o c e e d in g .
The C om 
r e lo a d in g e n r o u te , d e liv e r y a t p u b lic s t o c k y a r d s o f in b o u n d
m is s io n m a y c o n f e r w it h t h e a u t h o r it ie s o f a n v S ta t e h a v in g s h ip m e n ts in t o s u it a b le p e n s , a n d r e c e ip t a n d lo a d in g a t s u c h
r e g u la t o r y ju r is d ic t io n o v e r th e c la s s o f p e r s o n s a n d c o r p o r a  y a r d s o f o u t b o u n d s h ip m e n ts , w it h o u t e x t r a c h a r g e t h e r e fo r
t io n s s u b je c t to th is A c t w it h r e s p e c t to th e r e la tio n s h ip b e tw e e n
t o t h e s h i p p e r , c o n s i g n e e o r o w n e r , e x c e p t in c a s e s w h e r e
r a t e s t r u c t u r e s a n d p r a c t i c e s o f c a r r i e r s s u b j e c t t o t h e j u r i s  t h e u n l o a d i n g o r r e l o a d i n g e n r o u t e is a t t h e r e q u e s t o f t h e
d ic t io n o f s u c h S ta t e b o d ie s a n d o f th e C o m m i s s i o n ; a n d to
s h ip p e r , c o n s ig n e e o r o w n e r , o r to t r y a n in t e r m e d ia t e m a r k e t,
t h a t e n d is a u t h o r i z e d a n d e m p o w e r e d , u n d e r r u l e s t o b e p r e  o r t o c o m p l y w i t h q u a r a n t i n e r e g u l a t i o n s .
T h e C o m m is s io n
s c r i b e d b y it. a n d w h i c h m a y b e m o d i f i e d f r o m t im e t o t im e , m a y p r e s c r i b e o r a p p r o v e j u s t a n d r e a s o n a b l e r u l e s g o v e r n 
in g e a c h o f s u c h e x c e p te d s e r v ic e s .
N o t h i n g in t h i s p a r a g r a p h
t o h o ld jo in t h e a r in g s w it h a n y s u c h S ta te r e g u la t in g b o d ie s
s h a ll b e c o n s t r u e d t o a ffe c t th e d u t ie s a n d lia b ilit ie s o f th e
o n a n y m a t t e r s w h e r e i n t h e C o m m i s s i o n is e m p o w e r e d t o a c t
a n d w h e r e t h e r a t e m a k i n g a u t h o r i t y o f a S t a t e is o r m a y b e c a r r i e r s n o w e x i s t i n g b y v i r t u e o f l a w r e s p e c t i n g t h e t r a n s 
a ffe c t e d b y th e a c t io n ta k e n b y th e C o m m is s io n .
T h e C o m m is  p o r t a tio n o f o t h e r th a n o r d in a r y liv e s to c k , o r th e d u t y o f
s io n is a l s o a u t h o r i z e d t o a v a i l i t s e l f o f t h e c o o p e r a t i o n , s e r  p e r f o r m i n g s e r v i c e a s t o s h i p m e n t s o t h e r t h a n t h o s e t o o r
v i c e s , r e c o r d s , a n d f a c i l i t i e s o f s u c h S t a t e a u t h o r i t i e s in t h e f r o m p u b l i c s t o c k y a r d s .
“ (6 )
W h en ever,
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upon
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e n fo r c e m e n t o f a n y p r o v is io n o f th is A c t .
u p o n it s o w n i n i t i a t i v e , t h e C o m m i s s i o n is o f o p i n i o n
th a t
“ (4 )
W h e n e v e r in a n y s u c h i n v e s t i g a t i o n t h e C o m m i s s i o n ,
a f t e r fu ll h e a r in g , fin d s t h a t a n y s u c h r a t e , fa r e , c h a r g e , c l a s s i  t h e d iv is io n s o f jo in t r a te s , fa r e s , o r c h a r g e s , a p p lic a b le t o
fic a tio n ,
re g u la tio n ,
or
p r a c tic e
causes
any
undue
o r u n  t h e t r a n s p o r t a t io n o f p a s s e n g e r s o r p r o p e r t y , a r e o r w ill b e
r e a s o n a b le a d v a n t a g e , p r e fe r e n c e , o r p r e ju d i c e a s b e t w e e n p e r  u n ju s t , u n r e a s o n a b le , in e q u it a b le , o r u n d u ly p r e fe r e n t ia l o r
p r e ju d ic ia l a s b e tw e e n th e c a r r ie r p a r t ie s th e r e t o
(w h e th e r
s o n s o r l o c a l i t i e s in i n t r a s t a t e c o m m e r c e o n t h e o n e h a n d a n d
a g r e e d u p o n b y s u c h c a r r ie r s , o r a n y o f th e m , o r o th e r w is e
in te r s ta te o r fo r e ig n c o m m e r c e o n th e o th e r h a n d , o r a n y u n d u e
e s ta b lis h e d ), th e
C o m m is s io n
s h a ll b y
o r d e r p r e s c r ib e
th e
u n r e a s o n a b le , o r u n ju s t d is c r im in a t io n
a g a in s t in t e r s ta t e o r
fo r e ig n c o m m e r c e , w h ic h is h e r e b y fo r b id d e n a n d d e c la r e d to ju s t , r e a s o n a b le , a n d e q u it a b le d iv is io n s t h e r e o f to b e r e c e iv e d
b y t h e s e v e r a l c a r r i e r s , a n d in c a s e s w h o r e t h e j o i n t r a t e ,
b e u n la w fu l, it s h a ll p r e s c r ib e t h e r a t e , fa r e , o r c h a r g e , o r th e
fa r e , o r c h a r g e w a s e s t a b lis h e d p u r s u a n t to a fin d in g o r o r d e r
m a x im u m o r m in im u m , o r m a x im u m a n d m in im u m , t h e r e a ft e r
o f t h e C o m m i s s i o n a n d t h e d i v i s i o n s t h e r e o f a r e f o u n d b y it
b e c h a r g e d , a n d t h e c l a s s i f i c a t i o n , r e g u l a t i o n , o r p r a c t i c e t o h a v e b e e n u n ju s t , u n r e a s o n a b l e , o r i n e q u i t a b l e , o r u n d u l y
t h e r e a f t e r t o b e o b s e r v e d , in s u c h m a n n e r a s , in i t s j u d g m e n t
p r e fe r e n t ia l o r p r e ju d ic ia l, th e C o m m is s io n m a y a ls o b v o r d e r
w ill r e m o v e s u ch
a d v a n ta g e , p r e fe r e n c e , p r e ju d ic e ,
o r d is  d e t e r m in e w h a t
( f o r th e p e r io d s u b s e q u e n t to th e filin g o f
c r im in a t io n .
S u c h r a t e s , fa r e s , c h a r g e s , c la s s ific a t io n s , r e g u l a  th e c o m p la in t o r p e t it io n
o r th e m a k in g o f th e o r d e r o f
t i o n s , a n d p r a c t i c e s s h a l l b e o b s e r v e d w h i l e in e f f e c t b y t h e i n v e s t i g a t i o n ) w o u l d h a v e b e e n t h e j u s t , r e a s o n a b l e , a n d e q u i t 
c a r r ie r s p a r t ie s to s u c h p r o c e e d in g a ffe c t e d th e r e b y , th e la w
a b le d iv is io n s t h e r e o f to b e r e c e iv e d b y th e s e v e r a l c a r r ie r s ,
o f a n y S t a t e o r t h e d e c i s i o n o r o r d e r o f a n y S t a t e a u t h o r i t y a n d r e q u i r e a d j u s t m e n t t o b e m a d e in a c c o r d a n c e t h e r e w it h .
t o t h e c o n t r a r y n o t w it h s t a n d in g .”
In s o p r e s c r ib in g a n d d e t e r m in in g th e d iv is io n s o f jo in t r a te s ,
S e c. 417.
S e c t i o n 14 o f t h e I n t e r s t a t e C o m m e r c e A c t is f a r e s a n d c h a r g e s , t h e C o m m i s s i o n s h a l l g i v e d u e c o n s i d e r a 
tio n ^ a m o n g o t h e r t h i n g s , t o t h e e f f i c i e n c y w i t h w h i c h t h e
h e r e b y a m e n d e d b y in s e r t in g “ ( 1 ) ” a f t e r th e s e c t io n n u m b e r
c a r r ie r s c o n c e r n e d a r e o p e r a t e d , th e a m o u n t o f r e v e n u e r e 
a t th e b e g in n in g o f th e fir s t p a r a g r a p h . " ( 2 ) ” a t th e b e g in n in g
q u ir e d to p a y t h e ir r e s p e c t iv e o p e r a t in g e x p e n s e s , t a x e s , a n d
o f t h e s e c o n d p a r a g r a p h , a n d " ( 3 ) ” a t t h e b e g i n n i n g o f t h e a f a i r r e t u r n o n t h e i r r a i l w a y p r o p e r t y h e l d f o r a n d u s e d in
th ir d p a r a g r a p h .
<
th e
s e r v ic e
o f tr a n s p o r ta tio n ,
and
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im p o r ta n c e
to
th e
S e c. 418.
T h e fir s t f o u r p a r a g r a p h s o f s e c t io n 15 o f th e
p u b lic o f th e tr a n s p o r ta tio n
s e r v ic e s o f s u ch c a r r i e r s : a n d
I n t e r s t a t e C o m m e r c e A c t a r e h e r e b y a m e n d e d t o r e a d a s f o l  a l s o w h e t h e r a n y p a r t i c u l a r p a r t i c i p a t i n g c a r r i e r in a n o r i g i n a t 
i n g , i n t e r m e d i a t e , o r d e l i v e r i n g li n e , a n d a n v ' O t h e r f a c t o r
lo w s :
c ir c u m s t a n c e w h ic h w o u ld o r d in a r ily , w it h o u t r e g a r d to th e
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T h a t w h e n e v e r , a f t e r f u ll h e a r in g , u p o n a m ile a g e h a u l, e n t itle o n e c a r r ie r to a g r e a t e r o r le s s p r o p o r 
c o m p l a i n t m a d e a s p r o v i d e d in s e c t i o n 13 o f t h i s A c t , o r a f t e r t io n t h a n a n o t h e r c a r r i e r o f t h e j o i n t r a t e , f a r e o r c h a r g e .
fu ll h e a r in g u n d e r a n o r d e r f o r in v e s tig a tio n a n d h e a r in g m a d e
“ (7 )
W h e n e v e r t h e r e s h a ll b e f i l e d w i t h t h e C o m m i s s i o n
b y t h e C o m m i s s i o n o n i t s o w n i n i t i a t i v e , e i t h e r in e x t e n s i o n o f a n y s c h e d u l e s t a t i n g a n e w i n d i v i d u a l o r j o i n t r a t e , f a r e , o r
r-n ™J2aTld n g
o r w it h o u t a n y c o m p la in t w h a t e v e r , th e c h a r g e , o r a n y n e w in d iv id u a l o r jo in t c la s s ific a t io n , o r a n y
C o m m i s s i o n s h a l l b e o f o p i n i o n t h a t a n y i n d i v i d u a l o r J o in t r a t e , n e w i n d i v i d u a l o r j o i n t r e g u l a t i o n o r p r a c t i c e a f f e c t i n g a n y
fa r e , o r c h a r g e w h a ts o e v e r d e m a n d e d , c h a r g e d , o r c o lle c te d b y
r a t e , f a r e , o r c h a r g e , t h e C o m m i s s i o n s h a ll h a v e , a n d it is
a n y c o m m o n c a r r ie r o r c a r r ie r s s u b je c t t o t h is A c t f o r th e h e r e b y g iv e n , a u t h o r it y , e ith e r u p o n c o m p la in t o r u p o n
it s
t r a n s p o r t a t i o n o f p e r s o n s o r p r o p e r t y o r f o r t h e t r a n s m i s s i o n o f o w n i n i t i a t i v e w i t h o u t c o m p l a i n t , a t o n c e , a n d i f it s o o r d e r s
^ ? f , f n eSi a s d.e ? n e d , in t h e f i r s t s e c t i o n o f t h i s A c t , o r t h a t a n y w i t h o u t a n s w e r o r o t h e r f o r m a l p l e a d i n g b y t h e i n t e r e s t e d
in d iv id u a l o r jo in t c la s s ific a t io n , r e g u la tio n , o r p r a c t ic e w h a t s o  c a r r ie r o r c a r r ie r s , h u t u p o n r e a s o n a b le n o t ic e , to e n t e r u p o n
e v e r o f s u c h c a r r i e r o r c a r r i e r s s u b j e c t t o t h e p r o v i s i o n s o f t h is a. h e a r i n g c o n c e r n i n g t h e l a w f u l n e s s o f s u c h r a t e , f a r e , c h a r g e ,
A c t , is o r w i l l b e u n j u s t o r u n r e a s o n a b l e o r u n j u s t l y d i s - c l a s s i f i c a t i o n , r e g u l a t i o n , o r p r a c t i c e ; a n d p e n d i n g s u c h h e a r i n g
S
u n d u ly p r e fe r e n t ia l o r p r e ju d ic a l. o r o th e r w is e
a n d th e d e c is io n t h e r e o n th e C o m m is s io n , u p o n filin g w it h s u c h
s c h e d u le a n d
d e liv e r in g to th e c a r r ie r o r c a r r ie r s a ffe c t e d
a Vy J?f t h ,e P r o v i s i o n s o f t h i s A c t , t h e C o m m i s s i o n
ui a u t h o r iz e d a n d e m p o w e r e d to d e t e r m in e a n d p r e s c r ib e
t h e r e b y a s t a t e m e n t in w r i t i n g o f it s r e a s o n s f o r s u c h s u s 
w h a t w ill b e th e ju s t a n d r e a s o n a b le in d iv id u a l o r jo in t r a t e
p e n s io n . m a y s u s p e n d
th e o p e r a t io n
o f su ch
s c h e d u le a n d
o r r a t e ?< f a r e s * , o r c h a r g e s , t o b e t h e r e a f t e r o b - d e f e r t h e u s e o f s u c h r a t e , f a r e , c h a r g e , c l a s s i f i c a t i o n , r e g u l a 
! i ^ e d ,m s u c h c a s e , o r t h e m a x im u m o r m in im u m , o r m a x im u m
t io n , o r p r a c t ic e , b u t n o t f o r a lo n g e r p e r io d th a n o n e h u n d r e d
a n d _ t w e n t y d a y s b e y o n d t h e t im e w h e n It w o u l d o t h e r w i s e
b e c h a r g e d f o r . in t h e c a s e o f a t h r o u g h r o u t e
in to e f f e c t ; a n d
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w h e th e r c o m p le te d
° £ t b e c a r r i e r s i s a w a t e r li n e , t h e m a x i m u m r a t e s , g o
! a , ® ; a a d .£ h aT F 53 a p p l i c a b l e t h e r e t o ) , a n d w h a t I n d i v i d u a l o r b e f o r e o r a f t e r t h e r a t e , f a r e , c h a r g e , c l a s s i f i c a t i o n , r e g u l a t i o n ,
r
o r p r a c t ic e g o e s in t o e ffe c t, th e C o m m is s io n m n v m a k e su ch
j o i n t c l a s s i f i c a t i o n , r e g u l a t i o n , o r p r a c t i c e is o r w i l l b e l u s t
s o m i b l e , t o b e t h e r e a f t e r f o l l o w e d , a n d t o m a k e o r d e r w i t h r e f e r e n c e t h e r e t o a s w o u l d h e p r o p e r in a p r o c e e d I f su ch h e a r in g
c a r r i e r o r c a r r i e r s s h a ll - e a s e a n d d e s i s t f r o m . i n g i n i t i a t e d a f t e r it h a d b e c o m e e f f e c t i v e .
t o t h e £ ? t e n t t o w h ic h th e C o m m is s io n fin d s t h a t c a n n o t b e c o n c lu d e d w it h in th e p e r io d o f s u s p e n s io n , a s a b o v e
s t a t e d , t h e C o m m i s s i o n m a y e x t e n d t h e t im e o f s u s p e n s i o n
dem and
” e X i? t> 2 n d sha11 nQ t t h e r e f o r e p u b l i s h .
or collect any rate, fare, or charge for such trans- f o r a f u r t h e r p e r i o d n o t e x c e e d i n g t h i r t y d a y s , a n d i f t h e
p r o c e e d in g h a s n o t b e e n c o n c lu d e d a n d a n o r d e r m a d e a t th e
S r e s e H h 2 r i° rp p T n S m SSi0n ,otJ to r t h a n t h e r a t e f a r o , o r c h a r g e s o e x p i r a t i o n o f s u c h t h i r t y d a y s , t h e p r o p o s e d c h a n g e o f r a t e !
r a r e , c h a r g e , c la s s ific a t io n , r e g u la tio n , o r p r a c t ic e
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i n t o e f f e c t a t t h e e n d o f s u c h p e r i o d , b u t , in c a s e o f a
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th e t r a n s p o r ta t io n o f p r o p e r t y , t h e C o m m is s io n m a y b v o r d e r
c t ™ Ce,n t , a s o t h e r w i s e p r o v i d e d in t h i s A c t , a l l o r d e r s
r e q u ir e th e in te re s te d
c a r r ie r o r c a r r ie r s to k e e p a c c u r a t e
o f th e C o m m is s io n , o th e r th a n o r d e r s f o r th e n a v m e n t o f
a c c o u n t in d e t a i l o f a l l a m o u n t s r e c e i v e d b y r e a s o n o f s u c h
t han6
i t a, <e e f f c c t w i t h i n s u c h r e a s o n a b l e t im e , n o t l e s s
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a m o u n t s a r e p a id , a n d u p o n c o m p l e t i o n o f t h e h e a r i n g a n d
o r d e r , o r f o r a s p e c i f i e d p e r i o d o f t im e , a c c o r d i n g a s s h a ll
d e c is io n m a y b y fu r t h e r o r d e r r e q u ir e th e in t e r e s te d c a r r ie r
b e P r e s c r i b e d in t h e o r d e r , u n l e s s t h e s a m e s h T li b e ^ s u s n e n d e d
o r c a r r i e r s t o r e f u n d , w i t h i n t e r e s t , t o t h e p e r s o n s In w h o s e
"
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r a t e s o r c h a r g e s a s b y it s d e c i s i o n s h a ll b e f o u n d n o t j u s t i f i e d .
tt+ i
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A t a n v h e a r in g in v o lv in g a ra te , fa r e , o r c h a r g e in c r e a s e d
,b e n e c e s s a r y o r d e s i r a b l e in t h e p u b l i c i n t e r e s t a f t e r
a f t e r .T a n u a r y 1. 1 9 1 0 , o r o f a r a t e , fa ,r e , o r c h a r g e s o u g h t t o
u p o n c o m p la in t o r u p o n its o w n in it ia t iv e w ith o u t
b e in c r e a s e d a f t e r th e p a s s a g e o f th is A c t , th e b u r d e n o f
a c o m p l a i n t , e s t a b l i s h t h r o u g h r o u t e s . 1 o in t c l a s s i f i c a t i o n s a n d
p r o o f t o s h o w th a t th e in c r e a s e d r a te , fa r e
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J °fm L r a t e S fa r e s > o r c h a r g e s , a p p l i c a b l e t o the^ t r a n s p o r t a t i o n
n
p r o p o s e d i n c r e a s e r a t e , f a r e o r c h a r g e , is l u s t a n d r e a s o n a b l e
P a s ^ n * e r s .? r P r o p e r t y , o r t h e m a x i m a
o r m in im a
o r s h a ll b e u p o n t h e c a r r i e r , a n d t h e C o m m i s s i o n s h a l l g i v e t o
t h e m a x i m a a n d m i n i m a , t o b e c h a r g e d ( o r in t h e c a s e o f a
t h r o u g h r o u t e w h e r e o n e o f t h e c a r r i e r s i s a w a t e r l i n e t h e t h e h e a r i n g a n d d e c i s i o n o f s u c h q u e s t i o n s p r e f e r e n c e o v e r a ll
o t h e r q u e s t i o n s p e n d i n g b e f o r e it a n d d e c i d e t h e s a m e a s s p e e d 
r a *esL ^a r e s » a n d c h a r g e s a p p l i c a b l e t h e r e t o )
’
nnd
ily a s p o s s ib le .”
v is lo n s o f s u c h r a te s , fa r e s , o r c h a r g e s a s h e r e in a ft e r
p r o v id e d , a n d
th e te rm s a n d
c o n d it io n s u n d e r w h ic h
su ch
S ec. 419.
T h e f i f t h p a r a g r a p h o f s e c t i o n 15 o f t h e I n t e r 
I o r0>,,5 i l I_r a t *2. s h aH b e o p e r a t e d ; a n d t h i s p r o v i s i o n
e x c e p t s t a t e C o m m e r c e A c t is h e r e b y a m e n d e d b y i n s e r t i n g “ ( 8 ) ”
a s h e r e i n o t h e r w i s e p r o v i d e d , s h a ll a p p l y w h e n o n e o f t h e a t t h e b e g i n n i n g o f s u c h p a r a g r a p h .
e o t T v p r fh o a T £ t e r V n °™ e C o m m is s io n s h !a l f n o t h o w e v e r
S e c . 420.
S e c t i o n 15 o f t h e I n t e r s t a t e C o m m e r c e A c t is
a n y ^|l r o u g h r o u t e , c l a s s i f i c a t i o n , o r p r a c t i c e o r a n v
£a t ® - ^ a r e , o r c h a r g e , b e t w e e n s t r e e t e l e c t r i c p a s s e n g e r 'r a i l w a y s h e r e b y a m e n d e d b y i n s e r t i n g a f t e r t h e f i f t h p a r a g r a p h t w o
n e w p a ra g ra p h s , to re a d a s fo llo w s :
oH rU M cSa ? e d M ,ni t b e g e n e r a l b u s i n e s s o f t r a n s p o r t i n g f r e i g h t in
^ di t,0^ °
' h e ,r . P a s S 2 n s e r a n d c x n r e s s b u s i n e s s , a n d r a i l r o a d s
t
a f a. d i f f e r e n t c h a r a c t e r : n o r s h a ll t h e C o m m i s s i o n h a v e t h e
e s ta b lis h a n y r o u te , c la s s ific a t io n , o r p r a c t ic e , o r a n v
£a t 2 ’ f a i ^ \ o r c h a r g e w h e n t h e t r a n s p o r t a t i o n is w h o l l y b v
Tv t u r ’ v a n d a n y t r a n s p o r t a t i o n b y w a t e r a f f e c t e d b v t h is A c t
,a

water?
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o n e o f t h e c n ,r r fe r 9 fq n r m fo p i i _ . \
di
c a r r i e r b y r a i l r o a d , w i t h o u t i t s c o n s e n t , to^ e m b r a c e " S s u c h
r o u te s u b s t a n t ia lly le s s th a n t h e e n tir e le n g th o f its r a ilr o a d




“ (9 )
W h e n e v e r p r o p e r t y is d i v e r t e d o r d e l i v e r e d b v o n e
c a r r i e r t o a n o t h e r c a r r i e r c o n t r a r y t o r o u t i n e i n s t r u c t i o n s in
t h e b i l l o f l a d i n g , u n l e s s s u c h d i v e r s i o n o r d e l i v e r y is in c o m 
p l i a n c e w i t h a l a w f u l o r d e r , r u le , o r r e g u l a t i o n o f t h e C o m 
m i s s i o n . s u c h c a r r i e r s s h a ll , in a s u i t o r a c t i o n in a n v c o u r t
o f c o m p e te n t ju r is d ic tio n
b e jo in t ly a n d s e v e r a lly lia b le to
t h e c a r r i e r t h u s d e p r i v e d o f Its r i g h t t o p a r t i c i p a t e in t h e
h a u l o f th e p r o p e r t y , f o r th e to ta l a m o u n t o f th e r a t e o r
c h a r g e it w o u l d h a v e - e c e i v » d )l n d it p a r t i c i p a t e d in t h e h a u l
o f th e p r o p e r ty .
T h e c a r r i e r t o w h i c h t h e p r o p e r t y Is t h u s
d i v e r t e d s h a ll n o t b e l i a b l e in s u c h s u i t o r a c t i o n i f It c a n
s h o w , t h e b u r d e n o f p r o o f b e i n g u p o n it, t h a t b e f o r e c a r r y i n g

Feb. 21 1920.;

THE CHRONICLE

729

c o m m o n c o n tr o l a n d m a n a g e m e n t a n d a r e o p e r a te d a s a s in g le
s y s t e m , s h a ll b e c o m p u t e d f o r t h e s y s t e m a s a w h o le ir r e s p e c 
tiv e o f th e s e p a r a te o w n e r s h ip a n d a c c o u n t in g re tu r n s o f th e
v a r io u s p a r ts o f s u c h s y s te m . . In th e c a s e o f a n y c a r r ie r w h ic h
h a s a c c e p t e d t h e p r o v i s i o n s o f s e c t i o n 209 o f t h i s a m e n d a t o r y
In “h(1 0 C S e w i t h r e s p e c t t o t r a f f i c n o t r o u t e d b y t h e s h i p p e r ,
)a
A c t t h e p r o v i s i o n s o f t h i s p a r a g r a p h s h a ll n o t b e a p p l i c a b l e t o
t h e C o m m is s io n m a y , w h e n e v e r th e p u b lic in t e r e s t a n d a f a ir
t h e i n c o m e f o r a n y p e r i o d p r i o r t o S e p t e m b e r 1, 1920.
The
d is t r ib u t io n o f th e t r a ffic r e q u ir e , d ir e c t th e r o u te w h ic h s u c h
v a lu e o f s u c h r a ilw a y p r o p e r t y s h a ll b e d e t e r m in e d b y t h e C o m 
t r a ffic s h a ll ta k e a f t e r it a r r iv e s a t t h e t e r m in u s o f o n e
c a r r ie s o r a t a ju n c t io n p o in t w it h a n o t h e r c a r r ie r , a n d is to
m is s io n in t h e m a n n e r p r o v id e d in p a r a g r a p h (4 ).
b e th e r e d e liv e r e d to a n o t h e r c a r r ie r .”
" ( 7 ) F o r th e p u r p o s e o f p a y in g d iv id e h d s o r in te r e s t o n its
S ec. 421.
S e c t i o n 15 o f t h e I n t e r s t a t e C o m m e r c e A c t is s t o c k s , b o n d s o r o t h e r s e c u r i t i e s , o r r e n t f o r l e a s e d r o a d s , a
h e r e b y fu r t h e r a m e n d e d b y in s e r t in g “ ( 1 1 ) ” a t th e b e g in n in g
c a r r ie r m a y d r a w fr o m th e r e s e r v e fu n d e s ta b lis h e d a n d m a in 
o f th e s ix t h p a r a g r a p h “ ( 1 2 ) ” a t t h e b e g in n in g o f th e s e v e n t h
ta in e d b y it u n d e r th e p r o v is io n s o f t h is s e c t io n t o t h e e x t e n t
p a r a g r a p h , “ ( 1 3 ) ” a t th e b e g in n in g o f th e e ig h th p a r a g r a p h ,
t h a t i t s n e t r a i l w a y o p e r a t i n g i n c o m e f o r a n y y e a r i s le s s a n d " ( 1 4 ) ” a t th e b e g in n in g o f th e n in t h p a r a g r a p h .
th a n a s u m e q u a l to 6 p e r c e n tu m o f th e v a lu e o f th e r a ilw a y
S e c . 422.
T h e I n t e r s t a t e C o m m e r c e A c t is f u r t h e r a m e n d e d
p r o p e r t y h e ld f o r a n d u s e d b y it in t h e s e r v ic e o f t r a n s p o r t a 
b y i n s e r t i n g a f t e r s e c t i o n 15 a n e w s e c t i o n t o b e k n o w n a s
t i o n , d e t e r m i n e d a s p r o v i d e d in p a r a g r a p h ( 6 ) ; b u t s u c h f u n d
s e c t io n 1 5 a a n d to r e a d a s f o l l o w s :
s h a ll n o t b e d r a w n u p o n f o r a n y o t h e r p u r p o s e .
“ S e c . 15a. ( 1 ) W h e n u s e d in t h i s s e c t i o n t h e t e r m " r a t e s ”
“ (8 ) S u c h r e s e r v e fu n d n e e d n o t b e a c c u m u la t e d a n d m a i n 
m e a n s r a t e s , f a r e s , a n d c h a r g e s , a n d a ll c l a s s i f i c a t i o n s , r e g u 
ta in e d b y a n y c a r r ie r b e y o n d a s u m e q u a l t o 5 p e r c e n t u m
la tio n s , a n d p r a c t ic e s , r e la t in g t h e r e t o ; t h e te r m
“ c a r r ie r ”
o f th e v a lu e o f its r a ilw a y p r o p e r t y d e t e r m in e d a s h e r e in p r o 
m e a n s a c a r ic r b y r a ilr o a d o r p a r t ly b y r a ilr o a d a n d p a r t ly b y
v i d e d , a n d w h e n s u c h f u n d is s o a c c u m u l a t e d a n d m a i n t a i n e d
w a t e r , w it h in t h e c o n t in e n t a l U n it e d S ta t e s , s u b je c t t o th is
th e p o r t io n o f it s e x c e s s s in c o m e w h ic h t h e c a r r ie r is p e r 
A c t , e x c lu d in g (a ) s le e p in g -c a r c o m p a n ie s a n d e x p r e s s c o m 
m it t e d t o r e t a in u n d e r p a r a g r a p h (6 ) m a y b e u s e d b y it f o r
p a n ie s , ( b ) s t r e e t o r s u b u r b a n e l e c t r i c r a ilw a y s u n le s s o p e r a t e d
a n y la w fu l p u rp o s e .
a s a p a rt o f a g e n e ra l s te a m r a ilr o a d s y s te m o f t r a n s p o r ta tio n ,
“ ( 9 ) T h e C o m m i s s i o n s h a ll p r e s c r i b e r u l e s a n d r e g u l a t i o n s
( c ) in t e r u r b a n e le c t r i c r a ilw a y s u n le s s o p e r a t e d a s a p a r t o f a
fo r th e d e t e r m in a t io n a n d r e c o v e r y o f t h e e x c e s s in c o m e p a y a b le
g e n e r a l s t e a m r a i l r o a d s y s t e m o f t r a n s p o r t a t i o n o r e n g a g e d in
to it u n d e r t h is s e c t io n , a n d m a y r e q u ir e s u c h s e c u r i t y a n d
th e g e n e ra l tr a n s p o r ta tio n o f fr e ig h t, a n d (d ) a n y b e lt-lin e
p r e s c r ib e s u c h r e a s o n a b le t e r m s a n d c o n d it io n s in c o n n e c t io n '
r a ilr o a d , t e r m in a l s w i t c h i n g r a ilr o a d , o r o t h e r t e r m in a l f a c ilit y ,
t h e r e w it h a s it m a y fin d n e c e s s a r y .
T h e C o m m i s s i o n s h a ll
o w n e d e x c lu s iv e ly a n d m a in ta in e d , o p e r a t e d , a n d c o n t r o lle d b y
m a k e p r o p e r a d ju s t m e n t s to p r o v id e f o r th e c o m p u t a t io n o f
a n y S ta t e o r p o lit ic a l s u b d iv is io n t h e r e o f ; a n d th e te r m “ n e t
e x c e s s in c o m e f o r a p o r t io n o f a y e a r , a n d f o r a y e a r in w h ic h
r a ilw a y o p e r a t in g in c o m e ” m e a n s r a ilw a y o p e r a t in g in c o m e ,
a c h a n g e in t h e p e r c e n t a g e c o n s t i t u t i n g a f a i r r e t u r n o r i n t h e
I n c l u d i n g in t h e c o m p u t a t i o n t h e r e o f d e b i t s a n d c r e d i t s a r i s i n g
v a lu e o f a c a r r ie r ’s r a ilw a y p r o p e r t y b e c o m e s e ffe c t iv e .
fr o m e q u ip m e n t re n ts a n d jo in t fa c ilit y re n ts ,
“ (1 0 ) T h e g e n e r a l r a i l r o a d c o n t i n g e n t f u n d s o t o b e r e c o v 
c r e d i t s a r i s i n g f r o m e q u i p m e n t r e n t s a n d J o in t f a c i l i t y r e n t s .
e r a b le b y a n d p a id t o t h e C o m m is s io n a n d a ll a c c r e t i o n s t h e r e o f
“ (2 ) In th e e x e r c is e o f its p o w e r t o p r e s c r ib e J u st a n d r e a 
s h a ll b e a r e v o l v i n g f u n d a n d s h a l l b e a d m i n i s t e r e d b y t h e
s o n a b l e r a t e s t h e C o m m i s s i o n s h a ll I n i t i a t e , m o d i f y , e s t a b l i s h
C o m m is s io n .
I t s h a ll b e u s e d b y t h e C o m m i s s i o n in f u r t h e r 
o r a d ju s t s u c h r a t e s s o t h a t c a r r ie r s a s a w h o le ( o r a s a w h o le
a n c e o f th e p u b lic in t e r e s t in r a ilw a y t r a n s p o r t a t io n e it h e r b y
in e a c h o f s u c h r a t e g r o u p s o r t e r r i t o r i e s a s t h e C o m m i s s i o n
m a k in g lo a n s to c a r r ie r s t o m e e t e x p e n d it u r e s fo r c a p it a l
m a y fr o m t im e t o t im e d e s ig n a t e ) w ill, u n d e r h o n e s t , e ffic ie n t
a c c o u n t o r to r e fu n d m a t u r in g s e c u r it ie s o r ig in a lly is s u e d fo r
a n d e c o n o m ic a l m a n a g e m e n t a n d r e a s o n a b le e x p e n d it u r e s fo r
c a p ita l a c c o u n t , o r b y p u r c h a s in g t r a n s p o r ta tio n e q u ip m e n t a n d
m a in te n a n c e o f w a y , s tr u c tu r e s a n d e q u ip m e n t, e a rn a n a g g r e 
fa c ilit ie s a n d le a s in g th e s a m e to c a r r ie r s , a s h e r e in a ft e r p r o 
g a t e a n n u a l n e t r a ilw a y o p e r a t in g in c o m e e q u a l, a s n e a r ly a s
v id e d .
A n y m o n e y s in t h e f u n d n o t s o e m p l o y e d s h a ll b e i n 
m a y b o, to a fa ir re tu r n u p o n th e a g g r e g a t e v a l u e .o f th e r a il
v e s t e d in o b l i g a t i o n s o f t h e U n i t e d S t a t e s o r d e p o s i t e d in.
w a y p r o p e r t y o f s u c h c a r r ie r s h e ld f o r a n d u s e d in t h e s e r v ic e
a u t h o r iz e d d e p o s it a r ie s o f t h e U n it e d S t a t e s s u b je c t t o th e
o f tr a n s p o r ta tio n :
P rov id ed , T h a t t h e C o m m i s s i o n s h a ll h a v e
r u le s p r o m u l g a t e d f r o m t i m e t o t i m e b y t h e S e c r e t a r y o f t h e
r e a s o n a b le la tit u d e t o m o d if y o r a d ju s t a n y p a r t ic u la r r a t e
T r e a s u r y r e la tin g to G o v e r n m e n t d e p o s its .
w h ic h it m a y fin d t o b e u n ju s t o r u n r e a s o n a b le , a n d t o p r e 
“ (1 1 ) A c a r r i e r m a y a t a n y t i m e m a k e a p p l i c a t i o n t o t h e
s c r ib e d iffe r e n t r a t e s fo r d iffe r e n t s e c t io n s o f th e c o u n t r y .
C o m m is s io n fo r a lo a n fr o m th e g e n e r a l r a ilr o a d c o n tin g e n t
“ ( 3 ) T h e C o m m i s s i o n s h a ll f r o m
t im e t o t im e d e t e r m in e
f u n d , s e t t i n g f o r t h t h e a m o u n t o f t h e l o a n a n d t h e t e r m f o r w h ic h ,
a n d m a k e p u b lic w h a t p e r c e n ta g e o f s u ch a g g r e g a te p r o p e r ty
it is d e s i r e d , t h e p u r p o s e o f t h e l o a n a n d t h e u s e s t o w h i c h i t
v a lu e c o n s t itu te s a fa ir re tu r n th e re o n , a n d s u c h p e r c e n ta g e
w ill b e a p p lie d , th e p r e s e n t a n d p r o s p e c t iv e a b ilit y o f t h e a p p li 
s h a ll b e u n i f o r m f o r a ll r a t e g r o u p s o r t e r r i t o r i e s w h i c h m a y
c a n t to r e p a y t h e lo a n a n d m e e t th e r e q u ir e m e n t s o f its o b lig a 
b o d e s ig n a te d b y th e C o m m is s io n .
In m a k in g s u c h d e t e r m in a 
t i o n s in t h a t r e g a r d , t h e c h a r a c t e r a n d v a l u e o f t h e s e c u r i t y
t i o n it s h a ll g i v e d u e c o n s i d e r a t i o n , a m o n g o t h e r t h i n g s , t o t h e
o ffe r e d , a n d th e e x t e n t to w h ic h th e p u b lic c o n v e n ie n c e a n d
t r a n s p o r ta tio n n e e d s o f th e c o u n t r y a n d th e n e c e s s it y (u n d e r
n e c e s s it y w ill b e s e r v e d .
T h e a p p lic a t io n s h a ll b e a c c o m p a n i e d
h o n e st, e fficie n t a n d e c o n o m ic a l m a n a g e m e n t o f e x is tin g tr a n s 
b y s ta te m e n ts s h o w in g s u c h fa c t s a n d d e ta ils a s th e C o m m is 
p o r t a t i o n f a c i l i t i e s ) o f e n l a r g i n g s u c h f a c i l i t i e s In o r d e r t o p r o 
s io n m a y r e q u i r e w i t h r e s p e c t t o t h e p h y s i c a l s i t u a t i o n , o w n e r 
v id e th e p e o p le o f th e U n it e d s t a t e s w it h a d e q u a t e t r a n s p o r t a  s h ip , c a p it a liz a t io n , in d e b t e d n e s s , c o n t r a c t o b lig a t io n s , o p e r 
t io n :
P ro v id ed , T h a t d u r i n g t h e t w o y e a r s b e g i n n i n g M a r c h a t i o n , a n d e a r n i n g p o w e r o f t h e a p p l i c a n t , t o g e t h e r w i t h s u c h
1, 1920, t h e C o m m i s s i o n s h a l l t a k e a s s u c h f a i r r e t u r n a s u m
o th e r fa c t s r e la tin g to th e p r o p r ie t y a n d e x p e d ie n c y o f g r a n t 
e q u a l t o 5*,* p e r c e n t u m o f s u c h a g g r e g a t e v a l u e , b u t m a y , in
in g th e lo a n a p p lie d f o r a n d th e a b i l i t y o f th e a p p lic a n t t o
its d is c r e t io n , a d d t h e r e t o a s u m n o t e x c e e d in g o n e - h a l f o f o n e
m a k e g o o d t h e o b lig a t io n , a s th e C o m m is s io n m a y d e e m p e r t i 
p e r c e n t u m o f s u c h a g g r e g a t e v a l u o t o m a k e p r o v i s i o n in w h o l e
n e n t to th e in q u iry .
o r in p a r t f o r i m p r o v e m e n t s , b e t t e r m e n t s o r e q u i p m e n t , w h i c h ,
“ (1 2 ) I f t h e C o m m i s s i o n , a f t e r s u c h h e a r i n g a n d i n v e s t i g a 
a c c o r d in g to th e a c c o u n t in g s y s te m p r e s c r ib e d b y th e C o m m is 
tio n , w it h o r w it h o u t n o t ic e , a s it m a y d ir e c t , fin d s t h a t th e
s io n , a r e c h a r g e a b le t o c a p it a l a c c o u n t .
m a k in g , in w h o le o r in p a r t , o f t h e p r o p o s e d lo a n f r o m t h e
“ (4 ) F o r t h e p u r p o s e s o f t h is s e c t io n , s u c h a g g r e g a t e v a lu e
g e n e r a l r a i l r o a d c o n t i n g e n t f u n d is n e c e s s a r y t o e n a b l e t h e
o f t h e p r o p e r t y o f t h e c a r r i e r s s h a ll b e d e t e r m i n e d b y t h e C o m 
a p p lic a n t p r o p e r ly to m e e t th e t r a n s p o r t a t io n n e e d s o f th e
m is s io n fr o m t im e to t im e a n d a s o f t e n a s m a y b e n e c e s s a r y .
p u b lic , a n d t h a t th e p r o s p e c t iv e e a r n in g p o w e r o f th e a p p li
T h e C o m m is s io n m a y u t iliz e t h e r e s u lt s o f its in v e s t ig a t io n
c a n t a n d th e c h a r a c te r a n d v a lu e o f th e s e c u r it y o ffe r e d a re
u n d e r s e c t i o n ID a o f t h i s A c t , in s o f a r a s d e e m d b y ' i t a v a i l 
s u c h a s to fu r n is h r e a s o n a b le a s s u r a n c e o f th e a p p lic a n t ’ s
a b l e , a n d s h a ll g i v e d u e c o n s i d e r a t i o n t o a ll t h e e l e m e n t s o f
a b ilit y t o r e p a y th e lo a n w it h in th e tim e fix e d t h e r e fo r , a n d
v a lu e r e c o g n iz e d b y t h o la w o f t h e la n d f o r r a t e - m a k i n g p u r 
t o m e e t i t s o t h e r o b l i g a t i o n s in c o n n e c t i o n w i t h s u c h l o a n ,
p o s e s , a n d s h a ll g i v e t o t h e p r o p e r t y i n v e s t m e n t a c c o u n t o f
th e C o m m is s io n m a y m a k e a lo a n t o t h e a p p lic a n t f r o m s u c b
t h o c a r r i e r s o n l y t h a t c o n s i d e r a t i o n w h i c h u n d e r s u c h l a w i t is
r a i l r o a d c o n t i n g e n t f u n d , in s u c h a m o u n t , f o r s u c h l e n g t h o f
e n t i t l e d t o in e s t a b l i s h i n g v a l u e s f o r r a t e - m a k i n g p u r p o s e s .
t im e , a n d u n d e r s u c h t e r m s a n d c o n d i t i o n s a s i t m a y d e e m
W h e n e v e r p u r s u a n t to s e c t io n 19a o f t h is A c t t h e v a lu e o f th e
p rop er.
T h e C o m m i s s i o n s h a ll a l s o p r e s c r i b e t h e s e c u r i t y tor a i l w a y p r o p e r t y o f a n y c a r r i e r h e l d f o r a n d u s e d in t h e s e r v i c e
b e fu r n is h e d , w h ic h s h a ll b e a d e q u a t e t o s e c u r e t h e lo a n .
A ll
o f t r a n s p o r t a t io n h a s b e e n fin a lly a s c e r t a in e d , th e v a lu e s o
s u c h l o a n s s h a ll b e a r i n t e r e s t a t t h e r a t e o f G p e r c e n t u m p e r
a s c e r t a i n e d s h a ll b e d e e m e d b y t h e C o m m i s s i o n t o b e t h e
a n n u m , p a y a b le s e m ia n n u a lly to t h e C o m m is s io n .
S u c h lo a n s v a lu o t h e r e o f f o r t h e p u r p o s e o f d e t e r m in in g s u c h a g g r e g a t e
w h e n r e p a i d , a n d a l l i n t e r e s t p a i d t h e r e o n , s h a ll b e p l a c e d in
v a lu e .
th e g e n e r a l r a ilr o a d c o n t in g e n t fu n d .
" ( 5 ) I n a s m u c h a s i t is i m p o s s i b l e ( w i t h o u t r e g u l a t i o n a n d
“ (1 3 ) A c a r r ie r m a y a t a n y t im e m a k e a p p lic a t io n t o th e
c o n t r o l in t n o i n t e r e s t o f t h e c o m m e r c e o f t h e U n i t e d S t a g e s
C o m m is s io n fo r th e le a s e to it o f t r a n s p o r ta t io n e q u ip m e n t o r
c o n s id e r e d a s a w h o le ) to e s t a b lis h u n ifo r m r a t e s u p o n c o m 
fa c ilit ie s , p u r c h a s e d fr o m t h e g e n e r a l r a ilr o a d c o n t in g e n t fu n d ,
p e t i t i v e t r a f f i c w h i c h w i l l a d e q u a t e l y s u s t a i n a ll t h o c a r r i e r s
s e t t in g f o r th e k in d a n d a m o u n t o f s u c h e q u ip m e n t o r f a c i l 
w h i c h a r e e n g a g e d in s u c h t r a f f i c a n d w h i c h a r e i n d i s p e n s a b l e
i t i e s a n d t h e t e r m f o r w h i c h i t is d e s i r e d t o b e l e a s e d , t h e u s e s t o t h e c o m m u n i t i e s in w h i c h t h e y r e n d e r t h e s e r v i c e o f t r a n s 
t o w h i c h i t is p r o p o s e d t o p u t s u c h e q u i p m e n t o r f a c i l i t i e s , t h e
p o r t a tio n , w it h o u t e n a b lin g s o m e o f s u c h c a r r ie r s to r e c e iv e
a n e t r a ilw a y o p e r a t in g in c o m e s u b s t a n t ia lly a n d u n r e a s o n a b ly p r e s e n t a n d p r o s p e c t iv e a b ilit y o f t h e a p p lic a n t t o p a y th e
re n ta l c h a r g e s th e r e o n a n d to m e e t th e r e q u ir e m e n ts o f its
in e x c e s s o f a f a i r r e t u r n u p o n t h e v a l u e o f t h e i r r a i l w a y p r o p 
o b lig a t io n s u n d e r th e le a s e , a n d th e e x t e n t to w h ic h t h e p u b 
e r t y h e l d f o r a n d u s e d in t h e s e r v i c e o f t r a n s p o r t a t i o n , it is
lic c o n v e n ie n c e a n d n e c e s s it y w ill b e s e r v e d .
T h e a p p lic a t io n
h e r o b y d e c la r e d t h a t a n y c a r r ie r w h ic h r e c e iv e s s u c h a n in c o m e
s h a ll b e a c c o m p a n i e d b y s t a t e m e n t s s h o w i n g s u c h f a c t s a n d
s o in e x c e s s o f a f a i r r e t u r n , s h a ll h o l d s u c h p a r t o f t h e e x c e s s ,
d e t a ils a s th e C o m m is s io n m a y r e q u ir e w it h r e s p e c t t o t h e
a s h e r e i n a f t e r p r e s c r i b e d , a s t r u s t e e f o r , a n d s h a ll p a y i t t o , t h e
p h y s ic a l s it u a t io n , o w n e r s h ip , c a p it a liz a t io n , in d e b te d n e s s , c o n 
U n ite d S ta te s .
t r a c t o b lig a t io n s , o p e r a t io n , a n d e a r n in g p o w e r o f th e a p p li
" ( 6 ) If, u n d e r th e p r o v is io n s o f t h is s e c t io n , a n y c a r r ie r
c a n t, t o g e th e r w ith s u c h o th e r fa c t s r e la tin g to th e p r o p r ie t y
r e c e i v e s f o r a n y y e a r a n e t r a i l w a y o p e r a t i n g i n c o m e in e x c e s s
a n d e x p e d ie n c y o f le a s in g s u c h e q u ip m e n t o r fa c ilit ie s to t h e
o f 0 p e r c e n t u m o f t h e v a l u o o f t h e r a i l w a y p r o p e r t y h e ld f o r
a p p lic a n t a s th e C o m m is s io n m a y d e e m p e r t in e n t t o t h e in q u ir y .
a n d u s e d b y it in th e s e r v ic e o f t r a n s p o r ta t io n , o n e - h a lf o f s u c h
“ (1 4 ) I f t h e C o m m i s s i o n , a f t e r s u c h h e a r i n g a n d i n v e s t i g a 
e x c e s s s h a ll b o p l a c e d i n a r e s e r v e f u n d e s t a b l i s h e d a n d m a i n 
ta in e d b y s u c h c a r r ie r , a n d th e r e m a in in g o n e - h a l f t h e r e o f tio n , w it h o r w it h o u t n o t ic e , a s it m a y d ir e c t , fin d s t h a t t h e
le a s in g t o t h e a p p lic a n t o f s u c h e q u ip m e n t o r fa c ilit ie s , in
s h a ll , w i t h i n t h e f i r s t f o u r m o n t h s f o l l o w i n g t h e c l o s e o f t h e
w h o l e o r in p a r t , is n e c e s s a r y t o e n a b l e t h e a p p l i c a n t p r o p e r l y
p e r io d f o r w h ic h s u c h c o m p u t a t io n is m a d e , b e r e c o v e r a b le b y
to m e e t th e tr a n s p o r ta tio n n e e d s o f th e p u b lic , a n d th a t t h e
a n d p a id to th e C o m m is s io n f o r t h e p u r p o s e o f e s t a b lis h in g a n d
p r o s p e c t i v e e a r n i n g p o w ^ i o f t h e a p p l i c a n t is s u c h a s t o f u r 
m a in t a in in g a g e n e r a l r a ilr o a d c o n t in g e n t fu n d a s h e r e in a ft e r
n is h r e a s o n a b le a s s u r a n c e o f th e a p p lic a n t ’ s a b ilit y to p a y
d e s c r ib e d .
F o r th e p u r p o s e s o f t h is p a r a g r a p h th e v a lu e o f
th o r a ilw a y p r o p e r t y a n d th e n e t r a ilw a y o p e r a t in g in c o m e o f p r o m p t ly th e r e n ta l c h a r g e s a n d m e e t it s o t h e r o b lig a t io n s
a g r o u p o f c a r r i e r s , w h i c h t h e C o m m i s s i o n f in d s a r e u n d e r u n d e r s u c h l e a s e , t h e C o m m i s s i o n m a y l e a s e s u c h e q u i p m e n t

t h e p r o p e r t y it h a d n o n o t i c e , b y b i l l o f l a d i n g , w a y b i l l o r
o t h e r w is e , o f th e r o u tin e in s tr u c t io n s .
I n a n y ju d g m e n t w h ic h
m a y b e r e n d e r e d th e p la in t iff s h a ll b e a llo w e d t o r e c o v e r
a g a in s t th e d e fe n d a n t a r e a s o n a b le a t t o r n e y s fe e to b e t a x e d




730

THE CHRONICLE

s io n t w o , a n d s o f o r t h .
A n y C o m m is s io n e r m a y b e a s s ig n e d to
a n d m a y s e r v e u p o n s u c h d iv is io n o r d iv is io n s a s th e C o m 
m is s i o n m a y d i r e c t , a n d t h e s e n i o r in s e r v i c e o f t h e C o m m i s 
s io n e r s c o n s t it u t in g a n y o f s a id d iv is io n s s h a ll a c t a s c h a i r 
m a n th e r e o f.
I n c a s e o f v a c a n c y in a n y d i v i s i o n , o r o f a b s e n c e
o r in a b ilit y to s e r v e th e r e o n o f a n y C o m m is s io n e r th e r e to
a s s ig n e d , th e c h a ir m a n o f th e C o m m is s io n o r a n y C o m m is s io n e r
d e s ig n a t e d b y h im f o r t h a t p u r p o s e , m a y t e m p o r a r ily s e r v o
o n s a i d d i v i s i o n u n t i l t h e C o m m i s s i o n s h a l l o t h e r w i s e O r d e r .”
S e c. 432.
T h e t h i r d a n d f o u r t h p a r a g r a p h s o f s e c t i o n 17
o f th e I n t e r s ta t e C o m m e r c e A c t a r e h e r e b y a m e n d e d b y in s e r t 
in g “ ( 3 ) ” a t th e b e g in n in g o f th e t h ir d p a r a g r a p h , a n d " ( 4 ) ”
a t th e b e g in n in g o f th e fo u r t h p a r a g r a p h .
T h e fifth a n d s ix th p a r a g r a p h s o f s u c h s e c t io n a r e h e r e b y
re p e a le d .
T h e s e v e n t h p a r a g r a p h o f s u c h s e c t i o n is h e r e b y a m e n d e d
b y in s e r t in g “ ( 5 ) ” a t th e b e g in n in g o f s u c h p a r a g r a p h .
S ec. 433.
S e c t i o n 18 o f t h e I n t e r s t a t e C o m m e r c e A c t is
h e r e b y a m e n d e d b y in s e r t in g " ( 1 ) ” a f t e r th e s e c t io n n u m b e r
a t th e b e g in n in g o f th e fir s t p a r a g r a p h , a n d “ ( 2 ) " a t th e
b e g in n in g o f th e s e c o n d p a r a g r a p h .
S e c t io n
1 9a o f th e I n te rs ta te
C o m m e r c e A c t is h e r e b y
a m e n d e d b y in s e r t in g “ ( a ) ” a f t e r th e s e c t io n n u m b e r a t th e
b e g in n in g o f th e fir s t p a r a g r a p h , " ( b ) ” a t th e b e g in n in g o f
th e s e c o n d p a r a g r a p h , “ ( c ) ” a t th e b e g in n in g o f th e s e v e n t h
p a r a g r a p h , “ ( d ) ” a t th e b e g in n in g o f th e e ig h th p a r a g r a p h ,
“ ( e ) ” a t th e b e g in n in g o f th e n in th p a r a g r a p h , “ ( f ) ” a t th e
b e g in n in g o f th e t e n th p a r a g r a p h , “ ( g ) ” a t th e b e g in n in g o f
th e e le v e n th p a r a g r a p h , “ ( h ) ” a t th e b e g in n in g o f th e t w e lfth
p a r a g r a p h , " ( i ) ” a t th e b e g in n in g o f th e th ir te e n th p a r a g r a p h ,
“ ( j ) ” a t th e b e g in n in g o f th e fo u r t e e n t h p a r a g r a p h , " ( k ) ” a t
th e b e g in n in g o f th e fifte e n th p a r a g r a p h , a n d " ( 1 ) ” a t th e
b e g in n in g o f th e s ix te e n th p a r a g r a p h .
S e c . 4 34 .
S e c t i o n 20 o f t h e I n t e r s t a t e C o m m e r c e A c t is
h e r e b y a m e n d e d b y in s e r t in g “ ( 1 ) ” a f t e r th e s e c t io n n u m b e r
a t th e b e g in n in g o f th e fir s t p a r a g r a p h , “ ( 2 ) ” a t th e b e g in n in g
o f th e s e c o n d p a r a g r a p h , “ ( 3 ) ” a t th e b e g in n in g o f th o t h ir d
p a r a g r a p h , a n d “ ( 4 ) ” a t th e b e g in n in g o f th e fo u r t h p a r a g r a p h .
S e c. 435.
T h e f i f t h p a r a g r a p h o f s e c t i o n 20 o f t h e I n t e r 
s t a t e C o m m e r c e A c t is h e r e b y a m e n d e d t o r e a d a s f o l l o w s :
“ (5 )
T h e C o m m i s s i o n m a y , in i t s d i s c r e t i o n , p r e s c r i b e
th e fo r m s o f a n y a n d a ll a c c o u n t s , r e c o r d s , a n d m e m o r a n d a
t o b e k e p t b y c a r r i e r s s u b j e c t t o t h e p r o v i s i o n s o f t h is A c t ,
in c lu d in g th e a c c o u n ts , re c o rd s, a n d m e m o r a n d a o f th e m o v e 
m e n t o f t r a f f ic , a s w e l l a s o f t h e r e c e i p t s a n d e x p e n d i t u r e s
o f m oneys.
T h e C o m m i s s i o n s h a ll , a s s o o n a s p r a c t i c a b l e , p r e 
s c r i b e , f o r c a r r i e r s s u b j e c t t o t h is A c t , t h e c l a s s e s o f p r o p e r t y
f o r w h ic h d e p r e c ia t io n c h a r g e s m a y p r o p e r ly b e in c lu d e d u n d e r
o p e r a t in g e x p e n s e s , a n d th e p e r c e n t a g e s o f d e p r e c ia t io n w h ic h
s h a ll b e c h a r g e d w it h r e s p e c t to e a c h o f s u c h c la s s e s o f
p r o p e r t y , C l a s s i f y i n g t h e c a r r i e r s a s it m a y d e e m p r o p e r f o r
t h is p u r p o s e .
T h e C o m m i s s i o n m a y , w h e n it d e e m s n e c e s s a r y ,
m o d ify th e c la s s e s a n d p e r c e n ta g e s s o p r e s c r ib e d .
The ca r
r i e r s s u b j e c t t o t h is A c t s h a l l n o t c h a r g e t o o p e r a t i n g e x p e n s e s
a n y d e p r e c ia t io n c h a r g e s o n c la s s e s o f p r o p e r t y o t h e r th a n
th o s e p r e s c r ib e d b y th e C o m m is s io n , o r c h a r g e w ith r e s p e c t
to a n y c la s s o f p r o p e r t y a p e r c e n ta g e o f d e p r e c ia t io n o t h o r
th a n th a t p r e s c r ib e d t h e r e fo r b y th e C o m m is s io n .
N o su ch
c a r r i e r s h a l l in a n y c a s e i n c l u d e in a n y f o r m u n d e r i t s o p e r a t 
in g o r o t h e r e x p e n s e s a n y d e p r e c ia t io n o r o t h e r c h a r g e o f
e x p e n d it u r e in c lu d e d e ls e w h e r e a s a d e p r e c ia t io n c h a r g e o r
o t h e r w i s e u n d e r it s o p e r a t i n g o r o t h e r e x p e n s e s .
T he C om 
m is s i o n s h a l l a t a l l t i m e s h a v e a c c e s s t o a l l a c c o u n t s , r e c o r d s ,
a n d m e m o r a n d a , in c lu d in g a ll d o c u m e n t s , p a p o r s , a n d c o r r e 
spon d en ce n ow
o r h e r e a fte r e x is tin g , a n d
k e p t o r r e q u ir e d
t o b e k e p t b y c a r r i e r s s u b j e c t t o t h i s A c t , a n d th o p r o v i s i o n s
o f th is s e c t io n r e s p e c t in g th e p r e s e r v a t io n a n d d e s t r u c t io n o f
b o o k s , p a p e r s , a n d d o c u m e n t s s h a ll .a p p ly t h e r e t o , a n d it s h a l l
b e u n la w fu l f o r s u c h c a r r ie r s to k e e p a n y o t h e r a c c o u n t s ,
r e c o rd s , o r m e m o r a n d a th a n th o se p r e s c r ib e d o r a p p r o v e d b y
th e C o m m is s io n , a n d it m a y e m p lo y s p e c ia l a g e n t s o r e x a m 
in e r s , w h o s h a ll h a v e a u t h o r it y u n d e r th e o r d e r o f th e C o m 
m is s i o n t o i n s p e c t a n d e x a m i n e a n y a n d a l l a c c o u n t s , r e c o r d s ,
a n d m e m o r a n d a , in c lu d in g a ll d o c u m e n ts , p a p e r s , a n d c o r r e 
spon d en ce n ow
o r h e r e a ft e r e x is tin g , a n d
k ep t o r r e q u ir e d
to b e k e p t b y s u c h c a r r ie r s .
T h is p r o v is io n s h a ll a p p ly to
r e c e iv e r s o f c a r r ie r s a n d o p e r a t in g tr u s te e s .
T h e p r o v is io n s
o f th is s e c t io n s h a ll a ls o a p p ly to a ll a c c o u n t s , r e c o r d s , a n d
m em orapda,
in c lu d in g
a ll
d ocu m en ts,
p a p ers,
and
corre
s p o n d e n c e n o w o r h e r e a ft e r e x is tin g , k e p t d u r in g th o p e r io d
o f F e d e r a l c o n t r o l , a n d p l a c e d b y t h e P r e s i d e n t in t h o c u s t o d y
o f c a r r ie r s s u b je c t to th is A c t .”
S ec. 436.
T h e s i x t h p a r a g r a p h o f s e c t i o n 20 o f t h e I n t e r 
:
s t a t e C o m m e r c e A c t is h e r e b y a m e n d e d b y i n s e r t i n g “ ( 6 ) ” a t
th e b e g in n in g o f s u c h p a r a g r a p h .
T h e sev en th
p a r a g r a p l i o f s e c t i o n 20 o f t h o I n t e r s t a t e
C o m m e r c e A c t Is h e r e b y a m e n d e d b y s t r i k i n g o u t “ P a r . 7 ,” a t
t h e b e g i n n i n g o f s u c h p a r a g r a p h a n d i n s e r t i n g “ ( 7 ) ” in lie u
th e re o f.
T h e e i g h t h t o t w e l f t h p a r a g r a p h s , i n c l u s i v e , o f s e c t i o n 20
o f th e I n t e r s t a t e C o m m e r c e A c t a r e h e r e b y a m e n d e d b y in s e r t 
in g “ ( 8 ) ” a t th e b e g in n in g o f th e e ig h th p a r a g r a p h , " ( 9 ) ” a t
t h e b e g i n n i n g o f t h e n in t h p a r a g r a p h , “ ( 1 0 ) ” a t t h e b e g i n n i n g
o f th e te n th p a r a g r a p h , “ ( 1 1 ) ” a t th e b e g in n in g o f th o e le v e n th
p a ra gra p h ,
and
“ (1 2 )”
at
th e
b e g in n in g
of
th e
tw e lfth
pa ra gra p h .
S ec. 437.
T h e e le v e n th p a r a g r a p h o f s e c t io n
20 o f t h e
I n t e r s t a t e C o m m e r c e A c t is h e r e b y a m e n d e d b y i n s e r t i n g i m 
m e d i a t e l y b e f o r e t h e fir s t p r o v i s o t h e r e o f t h o f o l l o w i n g :
“ P rovid ed , T h a t i f t h e l o s s , d a m a g o o r i n j u r y o c c u r s w h il e
t h e p r o p e r t y is in t h e c u s t o d y o f a c a r r i e r b y w a t e r t h e l i a 
b i l i t y o f s u c h c a r r i e r s h a ll b e d e t e r m i n e d b y a n d u n d e r t h e
la w s a n d r e g u la t io n s a p p lic a b le to t r a n s p o r t a t io n b y w a t e r ,
a n d t h e l i a b i l i t y o f t h e i n i t ia l c a r r i e r s h a l l b e t h e s a m e a s
th a t o f s u c h c a r r ie r b y w a t e r .”
S e c. 438.
T h e t h ir d p r o v is o o f th e e le v e n tli p a r a g r a p h o f
s e c t i o n 20 o f t h e I n t e r s t a t e C o m m e r c e A c t ( n o t c o u n t i n g t h e
p r o v i s o a d d e d b y s e c t i o n 4 37 o f t h is A c t ) is h e r e b y a m e n d e d
to re a d a s f o l l o w s :
“ P rovid ed , fu rth er , T h a t it s h a ll b e u n l a w f u l f o r a n y s u c h
c o m m o n c a r r i e r t o p r o v i d e b y r u le , c o n t r a c t , r e g u l a t i o n , o r
o th e r w is e a s h o r t e r p e r io d f o r g iv in g n o t ic e o f c la im s th a n
n in e t y d a y s , f o r th e filin g o f c la im s th a n f o u r m o n th s , a n d
f o r th e in s tit u t io n o f s u its th a n t w o y e a r s , s u c h p e r io d f o r
in s tit u t io n o f s u its t o b e c o m p u t e d fr o m th e d a y w h e n n o t ic e
in w r i t i n g is g i v e n b y t h e c a r r i e r t o t h o c l a i m a n t t h a t t h e
c a r r ie r h a s d is a llo w e d th o c la im o r a n y p a r t o r p a r ts t h e r e o f
s p e c i f i e d in t h e n o t i c e . "
S e c . 43 9.
T h e I n t e r s t a t e C o m m e r c e A c t is f u r t h e r a m e n d e d
b y i n s e r t i n g t h e r e i n a n e w s e c t i o n b e t w e e n s e c t i o n 20 a n d s e c 
t io n 21, t o b e d e s i g n a t e d s e c t i o n 2 0 a , a n d Co r e a d a s f o l l o w s :

o r fa c ilit ie s p u r c h a s e d b y it fr o m th e g e n e r a l r a ilr o a d c o n t in 
g e n t fu n d , t o t h e a p p lic a n t f o r s u c h le n g t h o f t im e , a n d u n u e r
s u c h te r m s a n d c o n d it io n s a s it m a y d e e m p r o p e r .
T h e re n ta l
c h a r g e s p r o v i d e d in e v e r y s u c h l e a s e s h a ll b e a t l e a s t s u f f i 
c ie n t t o p a y a r e t u r n o f 6 p e r c e n t u m p e r a n n u m , p lu s a l lo w 
a n c e f o r d e p r e c i a t i o n d e t e r m i n e d a s p r o v i d e d in p a r a g r a p h
( 5 ) o f s e c t i o n 20 o f t h i s A c t , u p o n t h e v a l u e o f t h e e q u i p 
m e n t o r fa c ilit ie s le a s e d t h e r e u n d e r .
A ll re n ta l c h a r g e s a n d
o t h e r p a y m e n ts r e c e iv e d b y th e C o m m is s io n
in c o n n e c t i o n
w ith
su ch
e q u ip m e n t a n d
fa c ilit ie s , in c lu d in g a m o u n ts r e 
c e i v e d u n d e r a n y s a l e t h e r e o f , s h a ll b e p l a c e d i n t h e g e n e r a l
r a ilr o a d c o n tin g e n t fu n d .
“ (1 5 ) T h e C o m m is s io n m a y f r o m
tim e to t im e p u r c h a s e ,
c o n t r a c t fo r th e c o n s t r u c tio n , r e p a ir a n d r e p la c e m e n t o f, a n d
s e ll , e q u i p m e n t a n d f a c i l i t i e s , a n d e n t e r i n t o a n d c a r r y o u t
c o n t r a c t s a n d o t h e r o b l i g a t i o n s in c o n n e c t i o n t h e r e w i t h , t o
t h e e x t e n t t h a t m o n e y s in c lu d e d in t h e g e n e r a l r a ilr o a d c o n 
t i n g e n t f u n d a r e a v a i l a b l e t h e r e f o r , a n d in s o f a r a s n e c e s s a r y
to e n a b le it to s e c u r e a n d s u p p ly e q u ip m e n t a n d fa c ilit ie s to
c a r r ie r s w h o s e a p p lic a t io n s t h e r e fo r a r e a p p r o v e d u n d e r th e
p r o v is io n s o f th is s e c t io n , a n d to m a in ta in a n d d is p o s e o f s u c h
e q u ip m e n t a n d fa c ilit ie s .
" ( 1 6 ) T h e C o m m is s io n m a y fr o m
t im e t o t im e p r e s c r ib e
s u c h r u le s a n d r e g u la t io n s a s it d e e m s n e c e s s a r y t o c a r r y o u t
th e p r o v is io n s o f th is s e c t io n r e s p e c t in g t h e m a k in g o f lo a n s
a n d t h e le a s e o f e q u ip m e n t a n d fa c ilit ie s .
" ( 1 7 ) T h e p r o v i s i o n s o f t h i s s e c t i o n s h a ll n o t b e c o n s t r u e d
a s d e p r i v i n g s h i p p e r s o f t h e i r r i g h t t o r e p a r a t i o n in c a s e o f
o v e r c h a r g e s , u n la w fu lly e x c e s s iv e o r d is c r im in a t o r y r a te s , o r
r a t e s e x c e s s i v e in t h e i r r e l a t i o n t o o t h e r r a t e s , b u t n d s h i p p e r
s h a ll b e e n t it le d t o r e c o v e r u p o n t h e s o le g r o u n d t h a t a n y p a r 
t ic u la r r a t e m a y r e fle c t a p r o p o r t io n o f e x c e s s in c o m e to b e
p a i d b y t h e c a r r i e r t o t h e C o m m i s s i o n in t h e p u b l i c i n t e r e s t
u n d e r t h e p r o v is io n s o f th is s e c t io n .
“ (1 8 ) A n y c a r r ie r , o r a n y c o r p o r a t io n o r g a n iz e d t o c o n s t r u c t
a n d o p e r a te a ra ilr o a d , p r o p o s in g to u n d e r ta k e th e c o n s t r u c 
tio n a n d o p e r a t io n o f a n e w lin e o f r a ilr o a d m a y a p p ly to th e
C o m m is s io n f o r p e r m is s io n t o r e t a in f o r a p e r io d n o t to e x c e e d
t e n y e a r s a ll o r a n y p a r t o f i t s e a r n i n g s d e r i v e d f r o m s u c h n e w
c o n s t r u c t i o n in e x c e s s o f t h e a m o u n t h e r e t o f o r e in t h i s s e c t i o n
p r o v id e d , fo r s u c h d is p o s it io n a s it m a y la w fu lly m a k e o f th e
s a m e , a n d t h e C o m m i s s i o n m a y , in i t s d i s c r e t i o n , g r a n t s u c h
p e r m is s io n , c o n d itio n e d , h o w e v e r , u p o n th e c o m p le tio n o f th e
w o r k o f c o n s t r u c tio n w ith in a p e r io d to b e d e s ig n a te d b y th e
C o m m i s s i o n in it s o r d e r g r a n t i n g s u c h p e r m i s s i o n . ”
S ec. 423.
T h e f i r s t p a r a g r a p h o f s e c t i o n 16 o f t h e I n t e r 
s t a t e C o m m e r c e A c t is h e r e b y
a m e n d e d b y in s e r t in g
“ ( 1 ) ’’
a f t e r th e s e c t io n n u m b e r a t th e
b e g in n in g o f e a c h p a r a g r a p h .
S ec. 424.
T h e s e c o n d p a r a g r a p h o f s e c t i o n 16 o f t h e I n t e r 
s ta te
C o m m e r c e A c t is h e r e b y
a m e n d e d b y in s e r t in g
"(2 )”
a t th e b e g in n in g o f s u c h
paragraph , and b y
s tr ik in g o u t !
t h e l a s t s e n t e n c e t h e r e o f a n d i n s e r t i n g in lie u t h e r e o f t h e
fo llo w in g a s a n e w p a r a g r a p h :
“ (3 )
A l l a c t i o n s a t l a w b y c a r r i e r s s u b j e c t t o t h is A c t
f o r r e c o v e r y o f t h e ir c h a r g e s , o r a n y p a r t t h e r e o f, s h a ll b e
b e g u n w i t h i n t h r e e y e a r s f r o m t h e t im e t h e c a u s e o f a c t i o n
a c c r u e s , a n d n o t a fte r .
A ll c o m p la in t s f o r th e r e c o v e r y o f
d a m a g e s s h a ll b e file d w i t h t h e C o m m i s s i o n w i t h i n t w o y e a r s
fr o m
t h e t im e t h e c a u s e o f a c t i o n a c c r u e s , a n d n o t
a fte r ,
u n le s s th e c a r r ie r , a f t e r th e e x p ir a t io n o f s u c h t w o y e a r s o r
w ith in n in e t y d a y s b e fo r e s u c h e x p ir a t io n , b e g in s a n a c t io n
f o r t h e r e c o v e r y o f c h a r g e s in r e s p e c t o f t h e s a m e s e r v i c e ,
in w h i c h c a s e s u c h p e r i o d o f t w o y e a r s s h a l l b e e x t e n d e d
to a n d in c lu d in g n in e t y d a y s f r o m th e t im e s u c h a c t io n b y
t h e c a r r i e r is b e g u n .
I n e i t h e r c a s e t h e c a u s e o f a c t i o n in
r e s p e c t o f a s h ip m e n t o f p r o p e r t y s h a ll, f o r t h e p u r p o s e s o f
th is s e c t io n , b e d e e m e d to a c c r u e u p o n d e liv e r y o r te n d e r o f
d e liv e r y t h e r e o f b y th e c a r r ie r , a n d n o t a fte r .
A p e t it i o n f o r
t h e e n f o r c e m e n t o f a n o r d e r f o r t h e p a y m e n t o f m o n e y s h a ll
b e f i l e d in t h e d i s t r i c t c o u r t o r S t a t e c o u r t w i t h i n o n e y e a r
fr o m th e d a te o f th e o r d e r , a n d n o t a ft e r .”
S e c. 425.
T h e th ir d , fo u r t h , fifth , a n d s ix t h p a r a g r a p h s
o f s e c t io n
16 o f t h e I n t e r s t a t e
C om m erce A ct are h ereby
a m e n d e d b y in s e r t in g “ ( 4 ) ” a t th e b e g in n in g o f th e th ir d
p a r a g r a p h , “ ( 5 ) ” a t th e b e g in n in g o f th e fo u r t h p a r a g r a p h ,
“ ( 6 ) ” a t th e b e g i n n i n g o f t h e f i f t h p a r a g r a p h , a n d “ ( 7 ) ” a t
th e b e g in n in g o f th e s ix t h p a r a g r a p h .
S e c. 426.
T h e s e v e n t li p a r a g r a p h o f s e c t io n
16 o f t h e
I n t e r s t a t e C o m m e r c e A c t is h e r e b y a m e n d e d t o r e a d a s f o l l o w s :
“ (8 )
A n y c a r r ie r , a n y o ffic e r , r e p r e s e n t a t iv e , o r a g e n t o f
a c a r r i e r , o r a n y r e c e i v e r , t r u s t e e , le s s e e , o r a g e n t o f e i t h e r
o f th em , w h o k n o w in g ly fa ils o r n e g le c ts to o b e y a n y o r d e r
m a d e u n d e r t h e p r o v i s i o n s o f s e c t i o n s 3, 13, o r 15 o f t h i s
A c t s h a l l f o r f e i t t o t h e U n i t e d S t a t e s t h e s u m o f $ 5 ,0 0 0 f o r
e a c h o ffe n s e .
E v e r y d is tin c t v io la tio n
s h a ll b e a s e p a r a t e
o f f e n s e , a n d in c a s e o f a c o n t i n u i n g v i o l a t i o n e a c h d a y s h a ll
b e d e e m e d a s e p a r a t e o ffe n s e .”
S e c. 427.
T h e e i g h t h a n d n i n t h p a r a g r a p h s o f s e c t i o n 16
o f th e I n te r s ta te C o m m e r c e A c t a r e h e r e b y a m e n d e d b y in s e r t
in g “ ( 9 ) ” a t th e b e g in n in g o f th e e ig h th p a r a g r a p h a n d " ( 1 0 ) ”
a t th e b e g in n in g o f th e n in th p a r a g r a p h .
S e c t io n 428.
T h e t e n t h p a r a g r a p h o f s e c t i o n 16 o f t h e I n 
t e r s t a t e C o m m e r c e A c t is h e r e b y a m e n d e d t o r e a d a s f o l l o w s :
“ (1 1 )
T h e C o m m i s s i o n m a y e m p l o y s u c h a t t o r n e y s a s it
fin d s n e c e s s a r y f o r p r o p e r le g a l a id a n d s e r v ic e o f th e C o m 
m is s i o n o r it s m e m b e r s in t h e c o n d u c t o f t h e i r w o r k , o r f o r
p r o p e r r e p r e s e n t a t i o n o f t h e p u b l i c i n t e r e s t s in i n v e s t i g a t i o n s
m a d e b y it o r c a s e s o r p r o c e e d i n g s p e n d i n g b e f o r e it, w h e t h e r
a t t h e C o m m is s io n ’s o w n in s ta n c e o r u p o n c o m p la in t , o r to
a p p e a r f o r o r r e p r e s e n t t h e C o m m i s s i o n in a n y c a s e in c o u r t ;
a n d t h e e x p e n s e s o f s u c h e m p l o y m e n t s h a ll b e p a id o u t o f
th e a p p r o p r ia t io n f o r th e C o m m is s io n .”
S e c . 4 29.
T h e e le v e n t h a n d t w e lft h p a r a g r a p h s o f s e c t io n
16 o f t h e I n t e r s t a t e C o m m e r c e A c t a r e h e r e b y a m e n d e d b y
in s e r t in g " ( 1 2 ) ” a t th e b e g in n in g o f th e e le v e n th p a r a g r a p h
a n d “ ( 1 3 ) ” a t th e b e g in n in g o f th e t w e lfth p a r a g r a p h .
S e c. 430.
S e c t i o n 17 o f t h e I n t e r s t a t e C o m m e r c e A c t is
h e r e b y a m e n d e d b y in s e r t in g " ( 1 ) ” a f t e r th e s e c t io n n u m b e r
a t th e b e g in n in g o f th e fir s t p a r a g r a p h .
S e c . 4 31.
T h e s e c o n d p a r a g r a p h o f s e c t i o n 17 o f t h e I n t e r 
s t a t e C o m m e r c e A c t is h e r e b y a m e n d e d t o r e a d a s f o l l o w s :
“ (2 )
T h e C o m m i s s i o n is h e r e b y a u t h o r i z e d b y it s o r d e r
to d iv id e th e m e m b e r s t h e r e o f in to a s m a n y d iv is io n s ( e a c h
t o c o n s i s t o f n o t l e s s t h a n t h r e e m e m b e r s ) a s it m a y d e e m
n e c e s s a r y , w h i c h m a y b e c h a n g e d f r o m t im e t o t im e .
S u ch
d i v i s i o n s s h a ll b e d e n o m i n a t e d , r e s p e c t i v e l y , d i v i s i o n o n e , d i v i 




[VOL. 11U

Feb. 21 1920

THE CHRONICLE

"S e c . 20a. ( 1 )
T h a t a s u s e d i n t h i s s e c t i o n t h e t e r m 'c a r 
r ie r ’ m e a n s a c o m m o n c a r r ie r b y ra ilr o a d
( e x c e p t a s t r 6e ^
>
s u b u r b a n , o r in t e r u r b a n e le c t r ic r a ilw a y w h ic h is n o t o p e r a t e d
a s a p a r t o f a g e n e ra l s te a m r a ilr o a d s y s te m o f tr a n s p o r ta tio n )
w h i c h is s u b j e c t t o t h i s A c t , o r a n y c o r p o r a t i o n o r g a n i z e d f o r
t h e p u r p o s e o f e n g a g i n g in t r a n s p o r t a t i o n b y r a i l r o a d s u b j e c t
to th is A c t .
"(2 )
F r o m a n d a fte r o n e h u n d re d a n d tw e n ty d a y s a fte r
th is s e c t io n t a k e s e ffe c t it s h a ll b e u n la w fu l f o r a n y c a r r ie r to
is s u e a n y s h a r e o f c a p it a l s t o c k o r a n y b o n d o r o t h e r e v id e n c e
o f i n t e r e s t in o r i n d e b t e d n e s s o f t h e c a r r i e r ( h e r e i n a f t e r in t h i s
s e c t i o n c o l l e c t i v e l y t e r m e d ‘s e c u r i t i e s ’ ) o r t o a s s u m e a n y o b l i g a 
t io n o r lia b ilit y a s le s s o r , le s s e e , g u a r a n t o r , in d o r s e r , s u r e t y , o r
o t h e r w i s e , in r e s p e c t o f t h e s e c u r i t i e s
o f a n y oth er p erson ,
n a t u r a l o r a r t ific ia l, e v e n t h o u g h p e r m it t e d b y th e a u t h o r it y
c r e a t i n g t h e c a r r ie r c o r p o r a t io n , u n le s s a n d u n til, a n d th e n
« n l y t o th a t e x t e n t th a t, u p o n a p p lic a t io n b y t h e c a r r ie r , a n d
a ft e r in v e s t ig a tio n b y th e C o m m is s io n
o f th e p u rp oses
and
u s e s o f th e p r o p o s e d is s u e a n d th e p r o c e e d s t h e r e o f, o r o f th e
p r o p o s e d a s s u m p t i o n o f o b l i g a t i o n o r l i a b i l i t y in r e s p e c t o f t h e
s e c u r it ie s o f a n y o t h e r p e r s o n , n a t u r a l o r a r t ific ia l, th e C o m 
m is s io n b y o r d e r a u t h o r iz e s
s u c h is s u e o r a s s u m p tio n .
The
C o m m is s io n s h a ll m a k e s u c h o r d e r o n ly i f it fin d s t h a t s u c h
i s s u e o r a s s u m p t i o n : ( a ) is f o r s o m e l a w f u l o b j e c t w i t h i n i t s
c o r p o r a t e p u r p o s e s , a n d c o m p a t ib le w it h t h e p u b lic in t e r e s t,
w h i c h is n e c e s s a r y o r a p p r o p r i a t e f o r o r c o n s i s t e n t w i t h t h e
p r o p e r p e r fo r m a n c e b y th e c a r r ie r o f s e r v ic e to th e p u b lic a s a
c o m m o n c a r r ie r , a n d w h ic h w ill n o t im p a ir its a b ilit y t o p e r 
f o r m t h a t s e r v i c e , a n d ( b ) is r e a s o n a b l y n e c e s s a r y a n d a p 
p r o p r i a t e f o r su O h p u r p o s e .
“ (3 )
T h e C o m m is s io n s h a ll h a v e p o w e r b y its o r d e r to
g r a n t o r d e n y t h e a p p l i c a t i o n a s m a d e , o r t o g r a n t it in p a r t
a n d d e n y it in p a r t , o r t o g r a n t i t w i t h s u c h m o d i f i c a t i o n s a n d
u p o n s u ch te rm s a n d c o n d itio n s a s th e C o m m is s io n m a y d e e m
n e c e s s a r y o r a p p r o p r i a t e in t h e p r e m i s e s , a n d m a y f r o m t im e
t o t im e , f o r g o o d c a u s e s h o w n , m a k e s u c h s u p p l e m e n t a l o r d e r s
i n t h e p r e m i s e s a s it m a y d e e m n e c e s s a r y o r a p p r o p r i a t e , a n d
m a y b y a n y s u c h s u p p le m e n t a l o r d e r m o d if y t h e p r o v is io n s o f
a n y p r e v io u s o r d e r a s to th e p a r t ic u la r p u r p o s e s , u s e s, a n d e x 
t e n t t o w h ic h , o r th e c o n d it io n s u n d e r w h ic h , a n y s e c u r it ie s s o
t h e r e fo r e a u t h o r iz e d o r th e p r o c e e d s t h e r e o f m a y b e a p p lie d ,
s u b je c t a lw a y s to th e r e q u ir e m e n t s o f th e f o r e g o in g p a r a g r a p h
( 2 ).
“ (4 )
E v e r y a p p l i c a t i o n f o r a u t h o r i t y s h a l l b e m a d e in s u c h
f o r m a n d c o n ta in s u c h m a t t e r s a s th e C o m m is s io n m a y p r e s c r ib e .
E v e r y s u c h a p p lic a t io n , a s a ls o e v e r y c e r t ific a t e o f n o t ific a tio n
h e r e in a ft e r p r o v id e d f o r , s h a ll b e m a d e u n d e r o a t h , s ig n e d a n d
file d o n b e h a lf o f th e c a r r ie r b y its p r e s id e n t, a v ic e p r e s id e n t,
a u d ito r , c o m p t r o lle r , o r o t h e r e x e c u t iv e o ffic e r h a v in g k n o w l
e d g e o f th e m a t t e r s th e r e in s e t fo r t h a n d d u ly d e s ig n a te d f o r
th a t p u r p o s e b y th e c a r r ie r .
"(5 )
W h e n e v e r a n y s e c u r i t i e s s e t f o r t h a n d d e s c r i b e d in
a n y a p p lic a t io n fo r a u t h o r it y o r c e r tific a te o f n o t ific a tio n a s
p le d g e d o r h e ld u n e n c u m b e r e d in th e t r e a s u r y o f th e c a r r ie r
s h a ll, s u b s e q u e n t t o t h e filin g o f s u c h a p p lic a t io n o r c e r t ific a t e ,
b e s o ld , p le d g e d , r e p le d g e d , o r o t h e r w is e d is p o s e d o f b y th e
c a r r ie r , s u c h c a r r ie r s h a ll, w it h in te n d a y s a f t e r s u c h s a le ,
p l e d g e , r e p l e d g e , o r o t h e r d i s p o s i t i o n , f ile w i t h t h e C o m m i s s i o n
a c e r t ific a t e o f n o t ific a tio n to t h a t e ffe c t, s e t t in g f o r t h th e r e in
a ll s u c h f a c t s a s m a y b e r e q u ir e d b y th e C o m m is s io n .
“ (6 )
U p o n r e c e ip t o f a n y s u c h a p p lic a t io n f o r a u t h o r it y
t h e C o m m i s s i o n s h a ll c a u s e n o t i c e t h e r e o f t o b e g i v e n t o a n d a
c o p y f i l e d w i t h t h e g o v e r n o r o f e a c h S t a t e in w h i c h t h e a p p l i c a n t
c a r r ie r o p e ra te s.
T h e r a ilr o a d c o m m is s io n s , p u b lic s e r v ic e o r
u t ilit ie s c o m m is s io n s , o r o t h e r a p p r o p r ia t e a u t h o r it ie s o f th e
S ta t e s h a ll h a v e th e r ig h t t o m a k e b e f o r e th e C o m m is s io n s u c h
r e p r e s e n ta tio n s a s th e y m a y d e e m ju s t a n d p r o p e r f o r p r e 
s e r v in g a n d c o n s e r v in g th e r ig h t s a n d in t e r e s t s o f t h e ir p e o p le
a n d t h o S t a t e s , r e s p e c t i v e l y , i n v o l v e d in s u c h p r o c e e d i n g .
The
C o m m i s s i o n m a y h o l d h e a r i n g s , i f it s e e s fit , t o e n a b l e i t t o
d e t e r m i n e it s d e c i s i o n u p o n t h e a p p l i c a t i o n f o r a u t h o r i t y .
“ (7 )
T h e ju r is d ic t io n c o n fe r r e d u p o n th e C o m m is s io n b y
th is s e c t io n s h a ll b e e x c lu s iv e a n d p le n a r y , a n d a c a r r ie r m a y
is s u e s e c u r it ie s a n d a s s u m e o b lig a t io n s o r lia b ilit ie s in a c c o r d 
a n c e w it h th o p r o v is io n s o f th is s e c t io n w it h o u t s e c u r in g a p 
p r o v a l o t h e r t h a n a s s p e c i f i e d h e r e in .
"(8 )
N o t h i n g h e r e in s h a l l b e c o n s t r u e d t o i m p l y a n y
g u a r a n t y o r o b lig a t io n a s to s u c h s e c u r it ie s o n th e p a r t o f th e
U n ite d S ta te s .
"(9 )
T h e f o r e g o in g p r o v is io n s o f th is s e c t io n s h a ll n o t a p p ly
t o n o t e s t o b e is s u e d b y t h e c a r r i e r m a t u r i n g n o t m o r e t h a n
tw o y e a r s a ft e r th e d a te t h e r e o f a n d a g g r e g a t in g (t o g e t h e r w ith
a ll o t h o r t h e n o u t s t a n d i n g n o t e s o f a m a t u r i t y o f t w o y e a r s o r
le s s ) n o t m o r e th a n 5 p e r ce n tu m o f th e p a r v a lu e o f th e s e c u r i
t ie s o f th e c a r r ie r th e n o u t s t a n d in g .
In th e c a s e o f s e c u r itie s
h a v in g n o p a r v a lu e , th e p a r v a lu e f o r th o p u r p o s e s o f th is
p a r a g r a p h s h a ll b e th e f a ir m a r k e t v a lu e a s o f th e d a t e o f
is s u e .
W it h in te n d a y s a f t e r th e m a k in g o f s u c h n o t e s th e
c a r r i e r i s s u i n g t h e s a m e s h a ll file w i t h t h e C o m m i s s i o n a c e r 
t i f i c a t e o f n o t i f i c a t i o n , in s u c h f o r m a s m a y f r o m t i m e t o t im e
b e d e t e r m in e d a n d p r e s c r ib e d b y th e C o m m is s io n , s e t t in g fo r t h
a s n e a r l y a s m a y b e t h o s a m e m a t t e r s a s t h o s e r e q u i r e d In
r e s p e c t o f a p p lic a t io n s f o r a u t h o r it y to is s u e o t h e r s e c u r i t i e s :
P rov id ed , T h a t in a n y s u b s e q u e n t f u n d i n g o f s u c h n o t e s t h e
p r o v is io n s
o f th is
s e c t io n
r e s p e c t in g o t h e r
s e c u r it ie s s h a ll
a p p ly .
“ (1 0 )
T h e C o m m is s io n s h a ll r e q u ir e p e r io d ic a l o r s p e c ia l
r e p o r t s fr o m e a c h c a r r ie r h e r e a ft e r I s s u in g a n y s e c u r it ie s , in 
c l u d i n g s u c h n o t e s , w h i c h s h a l l s h o w , in s u c h d e t a i l a s t h e
C o m m is s io n m a y r e q u ir e , th e d is p o s it io n m a d e o f s u c h s e c u r i
t ie s a n d t h e a p p l i c a t i o n o f t h e p r o c e e d s t h e r e o f .
"(1 1 )
A n y s e c u r it y is s u e d o r a n y o b lig a t io n o r lia b ilit y
a s s u m e d b y a c a r r ie r , f o r w h ic h u n d e r th e p r o v is io n s o f th is
s e c t i o n t h o a u t h o r i z a t i o n o f t h e C o m m i s s i o n is r e q u i r e d , s h a l l
b e v o id , if Issu ed o r a ss u m e d w it h o u t s u c h a u t h o r iz a tio n th e r e 
f o r h a v in g fir s t b e e n o b t a in e d , o r If is s u e d o r a s s u m e d c o n 
t r a r y to a n y te rm o r c o n d itio n o f s u ch o r d e r o f a u th o r iz a tio n
a s m o d ifie d b y a n y o r d e r s u p p le m e n t a l t h e r e t o e n t e r e d p r io r to




731

s u ch is s u a n c e o r a s s u m p tio n ; b u t n o s e c u r it y is s u e d o b l i g a 
t io n o r l i a b i l i t y a s s u m e d in a c c o r d a n c e w i t h a l l t h e t e r m s a n d
c o n d it io n s o f s u c h a n o r d e r o f a u t h o r iz a t io n t h e r e fo r e a s m o d ifie d
b y a n y o r d e r s u p p le m e n t a l t h e r e t o e n t e r e d p r io r t o s u c h is s u 
a n c e o r a s s u m p tio n , s h a ll b e r e n d e r e d v o id b e c a u s e o f fa ilu r e
to c o m p ly w it h a n y p r o v is io n o f th is s e c t io n r e la t in g t o p r o c e d u r e
a n d o th e r m a tte rs p r e c e d in g th e e n tr y o f s u ch o r d e r o f a u th o r i
z a tio n .
I f a n y s e c u r it y s o m a d e v o id o r a n y s e c u r it y in r e s p e c t
to w h ic h th e a s s u m p tio n o f o b lig a t io n o r lia b ilit y is s o ^ a d ®
v o i d , i s a c q u i r e d b y a n y p e r s o n f o r v a l u e a n d in g o o d f a i t h
a n d w it h o u t n o t ic e t h a t th e is s u e o r a s s u m p t io n is v o id , s u c h
p e r s o n m a y i n a s u i t o r a c t i o n in a n y c o u r t o f c o m p e t e n t j u r i s d i c 
t io n h o ld j o in t l y a n d s e v e r a lly lia b le f o r t h e fu ll a m o u n t o f
t h e d a m a g e s u s t a i n e d b y h i m in r e s p e c t t h e r e o f , t h e c a r r i e r
w h ic h is s u e d th e s e c u r it y s o m a d e v o id , o r a s s u m e d t h e o b l ig a 
t io n o r l i a b i l i t y s o m a d e v o i d , a n d i t s d i r e c t o r s , o f f i c e r s , a t 
t o r n e y s a n d o t h e r a g e n t s , w h o p a r t ic ip a t e d in a n y w a y in th e
a u t h o r iz in g , is s u in g , h y p o t h e c a t in g , o r s e llin g o f th e s e c u r it y
s o m a d e v o i d o r in t h e a u t h o r i z i n g o f t h e a s s u m p t i o n o f t h e
o b lig a t io n o r lia b ilit y s o m a d e v o id .
In ca s e a n y s e c u r ity so
m a d e v o i d w a s d i r e c t l y a c q u i r e d f r o m t h e c a r r i e r i s s u i n g it
th e h o ld e r m a y a t h is o p t io n r e s c in d t h e t r a n s a c t io n a n d u p o n
th e s u r r e n d e r o f th e s e c u r it y r e c o v e r th e c o n s id e r a tio n g iv e n
th e r e fo r .
A n y d ir e c t o r , o ffic e r , a t t o r n e y , o r a g e n t o f th e c a r r ie r
w h o k n o w i n g l y a s s e n t s t o o r c o n c u r s in a n y is s u e o f s e c u r i t i e s
o r a s s u m p tio n s o f o b lig a t io n o r lia b ilit y fo r b id d e n b y th is s e c 
t io n , o r a n y s a l e o r o t h e r d i s p o s i t i o n o f s e c u r i t i e s c o n t r a r y t o
t h e p r o v i s i o n s o f t h e C o m m i s s i o n ’ s o r d e r s o r o r d e r s In t h e
p re m is e s , o r a n y a p p lic a t io n n o t a u t h o r iz e d b y th e C o m m is s io n
o f th e fu n d s d e r iv e d b y t h e c a r r ie r t h r o u g h s u c h s a le o r o t h e r
d is p o s it io n o f s u c h s e c u r it ie s , s h a ll b e g u i lt y o f a m is d e m e a n o r
a n d u p o n c o n v ic t io n s h a ll b e p u n is h e d b y a fin e o f n o t le s s th a n
$ 1 ,0 0 0 n o r m o r e t h a n $ 1 0 ,0 0 0 , o r b y i m p r i s o n m e n t f o r n o t l e s s
th a n o n e y e a r n o r m o r e t h a n t h r e e y e a r s , o r b o t h s u c h fin e a n d
I m p r i s o n m e n t , in t h e d i s c r e t i o n o f t h e c o u r t
“ (1 2
A f t e r D e c e m b e r 31, 1 9 2 1 , it s h a ll b e u n la w fu l f o r
a n y p e rs o n to h o ld th e p o s itio n o f o ffice r o r d ir e c t o r o f m o re
th a n o n e c a r r ie r , u n le s s s u c h h o ld in g s h a ll h a v e b e e n a u 
t h o r i z e d b y o r d e r o f t h e C o m m i s s i o n , u p o n d u e s h o w i n g , in
fo r m a n d m a n n e r p r e s c r ib e d b y th e C o m m is s io n , t h a t n e it h e r
p u b lic n o r p r iv a t e in t e r e s ts w ill b e a d v e r s e ly a ffe c t e d t h e r e b y .
A f t e r th is s e c t io n t a k e s e ffe c t it s h a ll b e u n la w fu l f o r a n y
o ffic e r o r d ir e c t o r o f a n y c a r r ie r t o r e c e iv e f o r h is o w n b e n e fit,
d i r e c t l y o r i n d i r e c t l y , a n y m o n e y o r t h i n g o f v a l u e in r e s p e c t
o f th e n e g o tia t io n , h y p o t h e c a t io n , o r s a le o f a n y s e c u r it ie s
i s s u e d o r t o b e i s s u e d b y s u c h c a r r i e r , o r t o s h a r e in a n y
o f t h e p r o c e e d s t h e r e o f , o r t o p a r t i c i p a t e in t h e m a k i n g o r
p a y in g o f a n y d iv id e n d s o f a n o p e r a t in g c a r r ie r fr o m
any
f u n d s p r o p e r l y i n c l u d e d in c a p i t a l a c c o u n t .
A n y v io la tio n o f
t h e s e p r o v is io n s s h a ll b e a m is d e m e a n o r , a n d o n c o n v ic t io n
in a n y U n i t e d S t a t e s c o u r t h a v i n g j u r i s d i c t i o n s h a l l b e p u n 
is h e d b y a fin e o f n o t l e s s t h a n $ 1 ,0 0 0 n o r m o r e t h a n $ 1 0 ,0 0 0 ,
o r b y im p r is o n m e n t f o r n o t le s s th a n o n e y e a r n o r m o r e th a n
t h r e e y e a r s , o r b y b o t h s u c h f in e a n d i m p r i s o n m e n t , lit t h e
d is c r e tio n o f th e c o u r t .”
S e c. 440.
S e c t i o n 2 4 o f t h e I n t e r s t a t e C o m m e r c e A c t is
" S e c t io n 24.
T h a t t h e C o m m is s io n is h e r e b y e n la r g e d s o
a s to c o n s is t o f e le v e n m e m b e r s , w it h te r m s o f s e v e n y e a r s ,
a n d e a c h s h a l l r e c e i v e $ 1 2 ,0 0 0 c o m p e n s a t i o n a n n u a l l y .
The
q u a lific a t io n s o f th e m e m b e r s a n d th e m a n n e r o f p a y m e n t
o f t h e ir s a la r ie s s h a ll b e a s a lr e a d y p r o v id e d b y la w .
S u ch
e n la r g e m e n t o f th e C o m m is s io n s h a ll b e a c c o m p lis h e d t h r o u g h
a p p o in t m e n t b y th e P r e s id e n t , b y a n d w it h th e a d v ic e a n d
c o n s e n t o f th e S e n a te , o f t w o a d d it io n a l I n t e r s ta t e C o m m e r c e
C o m m is s io n e r s , o n e f o r a te r m e x p ir in g D e c e m b e r 31, 1 9 2 3 ,
a n d o n e f o r a te rm e x p ir in g D e c e m b e r 31, 1924.
T h e term s
o f th e p r e s e n t c o m m is s io n e r s , o r o f a n y s u c c e s s o r a p p o in te d
t o fill a v a c a n c y c a u s e d b y t h e d e a t h o r r e s i g n a t i o n o f a n y
o f th e p r e s e n t c o m m is s io n e r s , s h a ll e x p ir e a s h e r e t o f o r e p r o 
v id e d b y la w .
T h e ir s u c c e s s o r s a n d th e s u c c e s s o r s o f th e
a d d it io n a l c o m m is s io n e r s h e r e in p r o v id e d f o r s h a ll b e a p p o in t e d
f o r th e fu ll te rm o f s e v e n y e a r s , e x c e p t th a t a n y p e rs o n
a p p o i n t e d t o f ill a v a c a n c y s h a l l b e a p p o i n t e d o n l y f o r t h e
u n e x p ir e d te r m o f th e c o m m is s io n e r w h o m h e s h a ll s u c c e e d .
N o t m o r e th a n s ix c o m m is s io n e r s s h a ll b e a p p o in te d fr o m
th e s a m e p o lit ic a l p a r t y .
H e r e a fte r th e s a la r y o f th e s e c r e 
t a r y o f t h e C o m m i s s i o n s h a l l b e $ 7 ,5 0 0 a y e a r . "
S e c. 441.
T h e I n t e r s t a t e C o m m e r c e A c t is h e r e b y f u r t h e r
a m e n d e d b y a d d in g a t th e e n d t h e r e o f t h r e e n e w s e c t io n s , to
read a s fo llo w s :
"S ec.
25
(1 )
T h at every com m on
c a r r ie r b y
w a t e r in
fo r e ig n c o m m e r c e , w h o s e v e s s e ls a r e r e g is t e r e d u n d e r t h e la w s
o f t h e U n i t e d S t a t e s , s h a l l file w i t h t h e C o m m i s s i o n , w i t h i n
t h ir t y d a y s a ft e r th is s e c t io n b e c o m e s e ffe c t iv e a n d r e g u la r ly
t h e r e a ft e r a s c h a n g e s a r e m a d e , a s c h e d u le o r s c h e d u le s s h o w 
i n g f o r e a c h o f it s s t e a m v e s s e l s i n t e n d e d t o l o a d g e n e r a l
c a r g o a t p o r t s in t h e U n i t e d S t a t e s f o r f o r e i g n d e s t i n a t i o n s
( a ) th e p o r t s o f lo a d in g , ( b ) th e d a t e s u p o n w h ic h th e v e s s e ls
w ill c o m m e n c e to r e c e iv e fr e ig h t a n d d a te s o f s a ilin g , ( c )
th e r o u te a n d it in e r a r y s u c h v e s s e l w ill f o llo w a n d th e p o r t s
o f c a ll f o r w h ic h c a r g o w ill b e c a r r ie d .
"(2 )
U p o n a p p lic a t io n o f a n y s h ip p e r a c a r r ie r b y r a il
r o a d s h a ll m a k e r e q u e s t fo r , a n d th e c a r r ie r b y w a t e r s h a ll
u p o n r e c e ip t o f s u c h r e q u e s t , n a m e a s p e c ifl* r a t e a p p ly in g
fo r
su ch
s a ilin g , a n d
upon
su ch
c o m m o d it y
as
s h a ll b e
e m b r a c e d in t h e i n q u i r y , a n d s h a ll n a m e in c o n n e c t i o n w i t h
s u c h r a t e , p o r t c h a r g e s , i f a n y , w h i c h a c c r u e in a d d i t i o n t o
th e v e s s e l’s r a t e s a n d a r e n o t o t h e r w is e p u b lis h e d b y th e
r a i l w a y a s in a d d i t i o n t o o r a b s o r b e d in t h e r a i l w a y r a t e .
V e s s e l r a te s , i f c o n d it io n e d u p o n q u a n t it y o f s h ip m e n t, m u s t
b e s o s ta te d a n d s e p a r a t e r a t e s m a y b e p r o v id e d f o r c a r lo a d
a n d le s s th a n c a r lo a d s h ip m e n ts .
T h e c a r r ie r b y w a te r, u p o n
a d v ic e s fr o m a c a r r ie r b y r a ilr o a d , s ta tin g th a t th e q u o te d
r a t e is f i r m l y a c c e p t e d a s a p p l y i n g u p o n a s p e c i f i c a l l y n a m e d
q u a n t it y o f a n y c o m m o d it y , s h a ll, s u b je c t t o s u c h c o n d it io n s
a s t h e C o m m i s s i o n b y r e g u l a t i o n m a y p r e s c r i b e , m a k e fir m
r e s e r v a t i o n f r o m u n s o l d s p a c e in s u c h s t e a m v e s s e l s a s s h a l l
be r e q u ir e d f o r its t r a n s p o r t a t io n
a n d s h a ll s o a d v is e th e
c a r r i e r b y r a i l r o a d , in w h i c h a d v i c e s s h a l l b e i n c l u d e d t h e
la te s t a v a ila b le in fo r m a t io n a s to p r o s p e c t iv e s a ilin g d a te o f
s u c h v e s s e l.
.
.
.
.
.
“ (3 )
A s t h e m a t t e r s s o r e q u i r e d t o b e s t a t e d in s u c h
s c h e d u le o r s c h e d u le s a r e c h a n g e d o r m o d ifie d fr o fn tim e to
t im e , t h e c a r r i e r s h a l l f i l e w i t h t h e C o m m i s s i o n s u c h c h a n g e s
o r m o d ific a t io n s a s e a r ly a s p r a c t ic a b le a f t e r s u c h m o d ific a 
t io n is a s c e r t a i n e d .
T h e C o m m is s io n is a u t h o r iz e d to m a k e

733

THE CHRONICLE

[Vol. 110

a n d p u b lis h r e g u la tio n s n o t in c o n s is te n t h e r e w ith g o v e r n in g
t h e m a n n e r a n d f o r m in w h ic h s u c h c a r r ie r s a r e t o c o m p ly
w it h th e f o r e g o in g p r o v is io n s .
T h e C o m m is s io n s h a ll c a u s e
t o b e p u b l i s h e d in c o m p a c t f o r m , f o r t h e i n f o r m a t i o n o f s h i p 
p e r s o f c o m m o d it ie s t h r o u g h o u t th e c o u n t r y , th e s u b s t a n c e o f
The conference report on the Railroad Bill, which we give
s u c h s c h e d u le s , a n d f u r n is h s u c h p u b lic a t io n s t o a ll r a ilw a y
elsewhere in to-day’s issue of our paper, was signed by all
c a r r i e r s s u b j e c t t o t h i s A c t , in s u c h q u a n t i t i e s t h a t r a i l w a y
c a r r ie r s m a y a p p ly t o e a c h o f t h e ir a g e n t s w h o r e c e iv e c o m 
but two of the conferees, those whose signatures were with
m o d it ie s f o r s h ip m e n t in s u c h c it ie s a n d t o w n s a s m a y b e
held being Representative Sims of Tennessee and Barkley
s p e c ifie d b y th e C o m m is s io n , a c o p y o f s a id p u b l i c a t i o n ; th e
in t e n t b e in g t h a t e a c h s h ip p in g c o m m u n it y s u ffic ie n t ly im 
of Kentucky (Democrats). On the 19th inst. Representative
p o rta n t, fr o m
th e s ta n d p o in t o f th e e x p o r t t r a d e , to b e so
Barkley presented a minority report on the bill, in which in
s p e c ifie d b y t h e C o m m is s io n , s h a ll h a v e o p p o r t u n it y t o k n o w
th e s a ilin g r o u te s , a n d to a s c e r t a in th e t r a n s p o r ta t io n c h a r g e s
indicating his objections thereto he said:
o f s u c h v e s s e ls e n g a g e d in f o r e i g n c o m m e r c e .
B a c h r a ilw a y
c a r r ie r t o w h ic h s u c h p u b lic a t io n is fu r n is h e d b y th e C o m 
I
o b je c t t o th e ra ilro a d b ill r e p o rte d t o th e t w o H o u s e s y e s te r d a y b e c a u s e
m i s s i o n is h e r e b y r e q u i r e d t o d i s t r i b u t e t h e s a m e a s a f o r e s a i d
n o w h e re in it is th ere a n y s u ffic ie n t o r a d e q u a te p r o te c tio n o r s afe g u a rd fo r
a n d t o m a i n t a i n s u c h p u b l i c a t i o n a s i t is i s s u e d f r o m t i m e t o
th e fu n d a m e n ta l rig h ts a n d Interests o f th e gre a t m ass o f th e p e o p lo o f th e
t im e , i n t h e h a n d s o f i t s a g e n t s .
T h e C o m m i s s i o n Is a u t h o r i z e d
U n ite d S ta te s. I d o n o t p ro te n d t o s a y th e ro aro n o t m a n y e x c e lle n t a n d
t o m a k e s u c h r u le s a n d r e g u la t io n s n o t in c o n s is t e n t h e r e w ith
s a lu ta ry p r o v is io n s in th is p r o p o s e d le g is la tio n . B u t in m y ju d g m e n t th ese
r e s p e c t in g th e d is t r ib u t io n a n d m a in t e n a n c e o f s u c h p u b lic a 
t i o n s in t h e s e v e r a l c o m m u n i t i e s s o s p e c i f i e d a s w i l l f u r t h e r
aro o v e r b a la n c e d a n d re n d e r e d in s ig n ifica n t b y t h e u n ju s t, u n n e ce s sa ry , u n 
th e in t e n t o f th is s e c t io n .
A m e r ic a n a n d u n co n s titu tio n a l p r o v is io n s w h ic h seek t o g iv e an u n n atu ral
‘ * (4 )
W h e n a n y c o n s ig n o r d e liv e r s a s h ip m e n t o f p r o p e r t y
a n d u n ju s tifia b le v a lu e t o ra ilw a y secu rities o f a ce r ta in ch a r a c te r .
t o a n y o f th e p la c e s s o s p e c ifie d b y th e C o m m is s io n , to b e
T h o b ill co m p e ls th e In te r -S ta te C o m m e rc e C o m m iss io n t o fix rates th a t
d e liv e r e d b y a r a ilw a y c a r r ie r to o n e o f th e v e s s e ls u p o n
w ill p r o d u c e a n e t ea rn in g o f 6 % u p o n th e v a lu e o f all th o ra ilro a d s in th e
w h ic h s p a c e h a s b e e n r e s e r v e d a t a s p e c ifie d r a t e p r e v io u s ly
c o u n t r y . H e re to fo re th e la w has req u ired th a t all ra te s s h o u ld b e ju s t
a s c e r ta in e d , a s p r o v id e d
h e r e in , f o r
th e tr a n s p o r ta tio n
by
a n d re a s o n a b le . T h is m e a n t t h e y s h o u ld b e Just a n d re a s o n a b le , n o t o n ly
w a t e r f r o m a n d f o r a p o r t n a m e d in t h e a f o r e s a i d s c h e d u l e ,
t h e r a ilw a y c a r r ie r s h a ll is s u e a t h r o u g h a b ill o f la d in g to
f o r th e ca rrie r, b u t a lso f o r t h e ch ip p e r a n d th e p u b lic . H e re a fte r, i f this
t h e p o in t o f d e s t in a t io n .
S u ch
b ill o f l a d in g
s h a ll n a m e
n e w s ch e m e is a d o p te d , *he o n ly q u e s tio n th a t It will b e n e ce ssary t o d e te r
s e p a r a t e ly th e c h a r g e t o b e p a id f o r th e r a ilw a y t r a n s p o r t a 
m in e w ill b e w h e th e r ra te s p r o d u c e th e d iv id e n d desired b y th e s to c k h o ld e rs
t io n , w a t e r t r a n s p o r t a t io n , a n d p o r t c h a r g e s , i f a n y , n o t in 
a n d g u a r a n te e d b y t h e la w .
c l u d e d in t h e r a i l o r w a t e r t r a n s p o r t a t i o n c h a r g e ; b u t t h e
c a r r ie r b y r a ilr o a d s h a ll n o t b e lia b le to th e c o n s ig n o r , c o n 
In o rd e r t o g iv e this p ro p o s a l th e se m b la n ce o f p r o p r ie ty , it is p ro p o s e d
s i g n e e , o r o t h e r p e r s o n i n t e r e s t e d in t h e s h i p m e n t a f t e r i t s
t o tak e h a lf th e earnings o f a n y r o a d th a t b y g o o d m an ag e m e n t, e c o n o m y o r
d e liv e r y t o th e v e s s e l.
T h e C o m m i s s i o n s h a l l , in s u c h m a n n e r
e ffic ie n c y m ak es m o re th an 6 % n e t a n d d o v o t e th o excess t o a fu n d fo r th e
a s w ill p r e s e r v e f o r th e c a r r ie r b y w a t e r th e p r o te c tio h o f
b e n e fit o f o th e r ro a d s. T h is m ean s th a t p e o p lo w h o liv e a lo n g , tra v o l o v e r
lim it e d lia b ilit y p r o v id e d b y la w , m a k e s u c h r u le s a n d r e g u 
o r sh ip o v e r w ell m an ag e d , su ccessfu l a n d h on est railroads m u st p a y an
la tio n s n o t in c o n s is te n t h e r e w ith a s w ill p r e s c r ib e th e fo r m
u n rea son a b le fre igh t o r o th e r ra te in o rd e r t o cre a te a fu n d fo r th o b e n e fit
o f s u c h t h r o u g h b ill o f la d in g .
I n a ll s u c h c a s e s it s h a ll b e
o f m ism an a ge d , u n su ccessfu l o r d ish on est railroads.
th e d u t y o f th e c a r r ie r b y r a ilr o a d t o d e liv e r s u c h s h ip m e n t
to th e v e s s e l a s a p a r t o f its u n d e r ta k in g a s a c o m m o n
P re s u m a b ly , a n d th e la w w ill s till req u ire th a t, all rates shall b o fa ir a n d
c a r r ie r .
re a so n a ble . B u t h o w can a ra te b o fa ir a n d rea son a ble i f it brings t o o n e
‘‘ (5 )
T h e is s u a n c e o f a t h r o u g h b ill o f l a d in g c o v e r in g
ro a d m o re th an it needs o r a s k s ?
H o w ca n a ra te b o rea son a ble i f th o road
s h ip m e n ts p r o v id e d f o r h e r e in s h a ll n o t b e h e ld t o c o n s t it u t e
re ce ves anti th o sh ip per p a y s m o re th a n th e p a rtic u la r se rv lco is w o r t h ?
‘a n a r r a n g e m e n t f o r c o n t i n u o u s c a r r i a g e o r s h i p m e n t ’ w i t h i n
T h is excessive a n d u n rea son a b le p a y m e n t c a n n o t b o ju s tifie d o n th e g r o u n d
th e m e a n in g o f th is A c t .
th a t p a rt o f it is t o b o tak e n a n d used fo r th e b e n e fit o f o th e r ro a d s o r o f
“ S e c. 26.
T h a t t h e C o m m is s io n m a y , a f t e r in v e s t ig a tio n ,
o r d e r a n y c a r r i e r b y r a i l r o a d s u b j e c t t o t h i s A c t , w i t h i n a t im e
road s ge n e ra lly , fo r th en it b e co m e s a ta x u p o n th o p e o p le w ith o u t th e v ir tu e
s p e c i f i e d in t h e o r d e r , t o i n s t a l l a u t o m a t i c t r a i n - s t o p o r t r a i n o f b e in g co lle cte d b y th e G o v e rn m e n t d ir e c tly a n d c o n tr o lle d b y th o G o v e rn 
c o n t r o l d e v ic e s o r o t h e r s a f e t y d e v ic e s , w h ic h c o m p ly w ith
m e n t as o th e r taxes are co lle cte d a n d exp e n d e d .
s p e c ific a t io n s a n d r e q u ir e m e n t s p r e s c r ib e d b y t h e C o m m is s io n ,
W h a t in ce n tiv e w ill th ero b e fo r railroads t o use all their pow ers t o e c o n o 
u p o n th e w h o le o r a n y p a r t o f its r a ilr o a d , s u c h o r d e r to b e
m iz e i f th o C o m m iss io n is c o m p e lle d t o p r o d u c e a certain n o t retu rn a n d i f
is s u e d a n d p u b lis h e d a t le a s t t w o y e a r s b e f o r e t h e d a te s p e c ifie d
th o result o f so m e o th er r o a d ’s e c o n o m y .
f o r i t s f u l f i l l m e n t : P ro v id ed , T h a t a c a r r i e r s h a l l n o t b e h e ld
t o b e n e g l i g e n t b e c a u s e o f it s f a i l u r e t o i n s t a l l s u c h d e v i c e s
T h e result o f this la w w ill b e t o p u t a p rem iu m o n in e fficie n cy a n d ex
u p o n a p o r t i o n o f i t s r a i l r o a d n o t i n c l u d e d in t h e o r d e r ; a n d
tra v a g a n c e a n d penalize b ra in s, h o n e sty a n d e ffic ie n c y . T h o in crca so in
a n y a c t io n
a r is in g b e c a u s e o f a n a c c id e n t h a p p e n in g u p o n
rates w h ic h w ill b o necessary t o ca r r y o u t th o term s o f tills b ill w ill a m o u n t
s u c h p o r t io n o f its r a ilr o a d s h a ll b e d e t e r m in e d w it h o u t c o n 
t o a b o u t $ 1 ,2 5 0 ,0 0 0 ,0 0 0 . T h is is m o re th a n 2 6 % a b o v e presen t rates.
s id e r a t io n o f t h e u s e o f s u c h d e v ic e s u p o n a n o t h e r p o r t io n
R e c e n tly D ire c to r -G e n e ra l Illn e s s ta te d th a t increases in fre igh t rates w ere
o f its r a ilr o a d .
A n y c o m m o n c a r r ie r w h ic h r e fu s e s o r n e g le c t s
again increased in p rices t o th o u ltim a to co n su m e r fo u r o r fiv o tim es b e fo re
t o c o m p ly w it h a n y o r d e r o f th e C o m m is s io n m a d e u n d e r th e
th e a rticles a ffe cte d w ere co n su m e d .
I f M r . H in e s’s sta te m e n t Is o n ly h a lf
a u th o r ity
c o n fe r r e d
by
th is
s e c t io n
s h a ll
be
lia b le
to
a
p e n a lty o f $100 f o r e a c h d a y th a t s u ch r e fu s a l o r n e g le c t
c o r r e c t, it m eans an a d d e d b u rd e n o f be tw e e n t w o a n d th reo b illio n in th e
c o n t in u e s , w h ic h s h a ll a c c r u e t o th e U n ite d S ta t e s , a n d m a y
c o s t o f liv in g t o th o A m e r ic a n p e o p lo i
b e r e c o v e r e d in a c i v i l a c t i o n b r o u g h t b y t h e U n i t e d S t a t e s .
W h ilo th e A m e r ic a n p e o p lo h a v e been in d u striou sly tryin g a m id st c o n 
S e c t io n 27.
T h a t t h i s A c t m a y % e c i t e d a s t h e ‘I n t e r s t a t e
fu sio n a n d u n ce rta in ty t o s o lv e thoir p ressing p ro b le m s an d k e e p in co m e a n d
C om m erce A ct.
expenses w ith in s pea k in g d ista n ce , th e w ell-org an ized an d w e ll-fin a n ce d
ra ilro a d securities holders h a v e g o tte n in thoir w o r k . T h e ir high-salaried
T I T L E V .— M IS C E L L A N E O U S P R O V ISIO N S .
agen ts h a v e c a m p e d o n th e d o o rs te p s o f C on gress fo r m o ro th an a yea r.
D u r in g th o last q u a rte r o f a ce n tu ry th o p ro p o rtio n o f d lv id o n d p a y in g
S e c . 500. I t is h e r e b y d e c l a r e d t o b e t h e p o l i c y o f C o n g r e s s
ro a d s in th o U nited States has d o u b le d . T h o not ra te o f returns h as la rgely
to
p rom ote,
en cou ra ge,
and
d e v e lo p
w a ter
t r a n s p o r ta tio n ,
in creased . T h e ir n e t earnings p e r m ile h a v o increased 7 5 % . T h o surplus
s e r v i c e , a n d f a c i l i t i e s in c o n n e c t i o n w i t h t h e c o m m e r c e o f t h e
has la rg o ly in creased . U n d e r these co n d itio n s , w h ic h aro u n d o n la b lo , as
U n i t e d S t a t e s , a n d t o f o s t e r a n d p r e s e r v e in f u l l v i g o r b o t h
tak e n fro m th o In te r-S ta te C o m m e r c e C o m m iss io n , i f th oir cr e d it has been
r a il a n d w a t e r tr a n s p o r ta tio n .
im p a ire d o r d e s tr o y e d , it has b e e n d u e t o s o m e Inherent s h o rtco m in g o r
I t s h a ll b e t h e d u t y o f t h e S e c r e t a r y o f W a r , w it h t h e
fa ilu ro o f th o roads th em selves a n d n o t t o a n y p o lic y o f repression a d o p te d
o b je c t o f p r o m o t in g , e n c o u r a g in g , a n d d e v e lo p in g in la n d w a t e r 
b y th o C o m m issio n .
w a y t r a n s p o r t a t i o n f a c i l i t i e s in c o n n e c t i o n w i t h t h e c o m m e r c e
A sid o fr o m th o clea r loss o f a b o u t $ 7 0 0 ,0 0 0 ,0 00 w h ich th o G o v e rn m e n t has
o f th e U n ite d S ta te s , to in v e s t ig a t e th e a p p r o p r ia t e t y p e s o f
s u sta in ed in th o op e ra tio n s o f th o ro a d s, thero w ill b o in vested in tho ro a d s
b o a t s s u ita b le f o r d iffe r e n t c la s s e s o f s u c h w a t e r w a y s ; to
o f th o co u n tr y m o ro th an $ 2 ,0 0 0 ,0 0 0 ,0 0 0 o f th e p e o p le 's m o n e y w h ic h th e y
i n v e s t ig a t e t h e s u b je c t o f w a t e r t e r m in a ls , b o t h f o r in la n d
h a v e p a id in taxes in to th e U n ite d S tates T re a s u ry . A lr e a d y th o G o v e rn 
w a t e r w a y t r a ffic a n d f o r t h r o u g h t r a ffic b y w a t e r a n d ra il,
m e n t has a d v a n ce d m o re th a n $ 1 ,2 5 0 ,0 0 0 ,0 0 0 in loans a n d a d va n ce m e n ts
i n c l u d i n g t h e n e c e s s a r y d o c k s , w a r e h o u s e s , a p p a r a t u s , e q u i p  a n d in th o pu rch a se o f e q u ip m e n t fo r th o b e n e fit o f th o railroads.
m e n t , a n d a p p l i a n c e s in c o n n e c t i o n t h e r e w i t h , a n d a l s o r a i l r o a d
T h is b ill carries an a p p ro p ria tio n o f $ 2 0 0 ,0 0 0 ,0 00 fo r tw o w eek s’ w ork in g
s p u r s a n d s w it c h e s c o n n e c t in g w it h s u c h te r m in a ls , w it h a
c a p ita l, an d creates a n o th e r r e v o lv in g fu n d o f $ 3 0 0 ,0 0 0 ,0 00 t o b o loa n ed
v ie w to d e v is in g th e ty p e s m o s t a p p r o p r ia te f o r d iffe r e n t lo c a 
t o th e m , an d I un derstan d a n o th e r d e fic ie n c y a p p ro p ria tio n is s o o n t o be
t i o n s , a n d f o r t h e m o r e e x p e d i t i o u s a n d e c o n o m i c a l t r a n s f e r o r a sk ed a m o u n tin g t o s o m e th in g lik e $ 60 0 ,0 0 0 ,0 0 0 . In a d d itio n t o th is,
th o six m o n th s ’ gu aran tee o f th e p resen t sta n d a rd retu rn m a y In v o lv e
in te r c h a n g e o f p a s s e n g e r s o r p r o p e r t y b e tw e e n c a r r ie r s b y w a te r
a n o th e r $ 1 5 0 ,0 0 0 ,0 00 if th e sam e ra tio o f loss w h ic h has p re v aile d d u rin g
a n d c a r r ie r s b y r a il; to a d v is e w ith c o m m u n itie s , c itie s , a n d
th e last tw o years o f G o v e r n m e n t o p e ra tio n s h o u ld b o sustained.
t o w n s r e g a r d in g th e a p p r o p r ia t e lo c a t io n o f s u c h t e r m in a ls ,
H e re to fo re th e law has re q u ire d th a t all rates sh o u ld b o Just a n d reason
a n d t o c o o p e r a t e w i t h t h e m in t h e p r e p a r a t i o n o f p l a n s f o r
a b le . T h is m ean t th e y s h o u ld b o ju s t a n d rea son a ble n o t o n ly fo r th o car
s u it a b le te r m in a l f a c ilit ie s ; to in v e s t ig a t e t h e e x is t in g s ta t u s
rie r, b u t also fo r th o sh ip pe r a n d th o p u b lic . H o ro a fte r, if this now s ch e m e
o f w a t e r t r a n s p o r t a t io n u p o n th e d iffe r e n t in la n d w a t e r w a y s
Is a d o p te d , th o o n ly q u e s tio n th a t it w ill b o necossary t o d eterm in e w ill b e
o f th e c o u n t r y , w it h a v ie w to d e t e r m in in g w h e t h e r s u c h w a t e r 
w h eth er rates p r o d u c e th o d iv id e n d desired b y th e s to c k h o ld e rs a n d gu aran
w a y s a r e b e in g u t iliz e d t o th e e x t e n t o f t h e ir c a p a c it y , a n d to
te e d b y th e law .
w h a t e x t e n t t h e y a r e m e e t i n g t h e d e m a n d s o f t r a f f ic , a n d
I
p ro te s t against m ak in g t h o A m e r ic a n p e o p lo , w h o are a lre a d y o v e r
w h e t h e r th e w a t e r c a r r ie r s u t iliz in g s u c h w a t e r w a y s a r e in t e r 
b u rd e n e d w ith taxes a n d expen ses, p a y trlbu to t o p a st in e fficie n cy o r d is
c h a n g in g t r a ffic w it h t h e r a ilr o a d s ; a n d t o in v e s t ig a t e a n y o t h e r
h o n e s ty b y legislating h o t-h o u s e values in to ra ilroa d s ecu rities, w a ter a n d
m a t t e r t h a t m a y te n d t o p r o m o t e a n d e n c o u r a g e in la n d w a t e r
a ll.
I p ro te st against co m p e llin g m illion s o f p e o p le to p a y u n rea son a b le
tr a n s p o r ta tio n .
I t s h a ll a ls o b e t h e p r o v in c e a n d d u t y o f th e
an d u n n ecessary ra ilroa d ra te s in o rd e r t o gu aran tee d iv id e n d s an d su ccess
S e c r e t a r y o f W a r t o c o m p ile , p u b lis h , a n d d is t r ib u t e , f r o m t im e
t o e v e r y railroad in v e stm e n t.
t o t im e , s u c h u s e fu l s t a t is t ic s , d a ta , a n d i n f o r m a t io n c o n c e r n 
I p ro te st against these th in gs in th e ra ilroa d b ill, n o t o n ly b eca u se th e y
in g t r a n s p o r t a t io n o n in la n d w a t e r w a y s a s h e m a y d e e m t o b e
are an in ju stice t o th e A m e r ic a n p e o p le as a w h o lo , b u t a lso b e ca u se it is
o f v a lu e to th e c o m m e r c ia l in te r e s ts o f th e c o u n tr y .
n o t th o p r o v in c e o f C on gress t o fix , b y le gisla tio n , th o sta n d a rd o f fixe d
T h e w o r d s “ i n l a n d w a t e r w a y ” a s u s e d in t h i s s e c t i o n s h a ll
n e t returns o n a n y fo rm o f p r iv a te in d u s try . C o n gre ss is n o t q u a lifie d
b e c o n s tr u e d to in c lu d e th e G r e a t L a k e s .
t o d o it.
S e c . 501. T h e e f f e c t i v e d a t e o n a n d a f t e r w h i c h t h e p r o v i s i o n s
B u t this b ill n o t o n ly a tte m p ts t o gu aran tee railroads against failu re in
o f s e c t i o n 10 o f t h e A c t e n t i t l e d " A n A c t t o s u p p l e m e n t e x i s t 
th o fu tu re . I t also d o c s w h a t Is d o n o fo r n o o th e r in d ivid u a l o r gr o u p o f
in g la w s a g a in s t u n la w fu l r e s t r a in t s a n d m o n o p o lie s , a n d fo r
in d iv id u a ls, n o o th e r in d u s try o r gr o u p o f Industries, in th o U n ited S ta tes.
o t h e r p u r p o s e s , ” a p p r o v e d O c t o b e r 15, 1914, s h a ll b e c o m e a n d b e
I t insures th em against loss d u rin g th o ro co n t w ar. T h e r o aro m illion s o f
e f f e c t i v e i s h e r e b y d e f e r r e d a n d e x t e n d e d t o J a n u a r y 1, 1921:
m en a n d w o m e n in th e n a tio n w h o su ffered losses d u rin g th o w ar o n ac
P rovid ed , T h a t s u c h e x t e n s i o n s h a l l n o t a p p l y in t h e c a s e o f a n y c o u n t o f th o w ar. T h o G o v e rn m e n t has n o t p ro p o s e d to assum e thes
losses. W e h a d fo u r m illion y o u n g m e n , w h o le ft a ttr a c tiv e , an d in m anv®
c o r p o r a t io n o r g a n iz e d a f t e r J a n u a r y 12, 1918.
cases lu cr a tiv e , po sitio n s a n d o ffe re d them selves fo r th o se rvice o f •o
S ec. 502.
T h a t i f a n y c la u s e , s e n te n c e , p a r a g r a p h , o r p a r t
o f t h i s A c t s h a ll f o r a n y r e a s o n b e a d j u d g e d b y a n y c o u r t o f c o u n t r y . C on gress has n o t p r o p o s e d t o m ak e g o o d thoir losses.
c o m p e t e n t j u r i s d i c t i o n t o b e i n v a l i d s u c h j u d g m e n t s h a ll n o t
Representative Sims is opposed, it is said, to tho guaran
a f f e c t , i m p a i r , o r i n v a l i d a t e t h e r e m a i n d e r o f t h e A c t , b u t s h a ll
teed return of 5 J ^ % , a division of excess profitsjof ovorJG%
b e c o n f i n e d In i t s o p e r a t i o n t o t h e c l a u s e , s e n t e n c e , p a r a g r a p h ,
and the authority granted the Inter-State Commorco Com
o r p a r t t h e r e o f d i r e c t l y i n v o l v e d in t h e c o n t r o v e r s y i n w h i c h
s u c h ju d g m e n t h a s b e e n r e n d e r e d .
mission to fix minimum rates.




REPRESENTATIVES, BARKLEY AND SIMS DISSENT
FROM CONFEREES REPORT ON RAILROAD BILL.

Feb. 21 1920/

THE CHRONICLE

ORGANIZED LABOR IN MEMORIAL URGES DEFEAT
OF CUMMINS-ESCH BILL.
Representatives of fifteen railroad unions, following a con
ference on Feb. 19 with Samuel Gompers and Frank Morri
son, President and Secretary of the American Federation of
Labor, issued a memorial urging tho defeat by Congress of
the Cummins-Esch bill for return of the railroads to private
ownership. The memorial, which was addressed to the
American people as well as to tho national legislature,
contends that the new railroad bill is destructive to the con
stitutional privileges and liberties of the employees. During
the conference of the unions, which lasted for several hours,
information was given out saying that letters of protest
against the wage provisions of the bill would be sent to Presi
dent Wilson and Director-General Hines. Later it was de
cided to mako tho first fight in Congress, and intimations
wero given that if defeated there, the workers then would
carry the battle to the W hite House, hoping that the Presi
dent might veto tho legislation. Tho memorial is largely
a legal document and contains several quotations from con
stitutional authorities. It is not devoid, however, of the
customary attack upon capital. It declares that “ by this
bill the Government which we have instituted for the com
mon good is prostituted to establish the private interests of
holdors of railway securities as a class.” The document in
part fodows:
A s m en e m p lo y e d u p o n th e ra ilro a d s w e y ie ld t o n o b o d y o f citize n s in o u r
lo y a lty a n d d o v o t io n t o th e p rin c ip le s u p o n w h ic h o u r C o n s titu tio n a n d G o v 
ern m en t w ere fo u n d e d .
In d efen se o f th ese p rin cip le s w o e n tered th o groat
w ar as freo m en to p re se rve fr e e d o m a n d d e m o c r a c y . T h is w as n eith er
m o ro n or less th a n our d u t y as lo y a l A m e r ic a n s, a n d fo r th e fu ll p e rfo rm a n ce
o f th a t d u t y w o e x p e c t n o special cr e d it o r re w ard . W e s im p ly p e r fo r m e d
o u r d u t y in a c c o r d a n c e w ith th e b e st tra d itio n s o f o u r c o u n t r y .
A s freo m en n o w , w e s h o u ld n ev er w illin g ly s u rren d er th o h e r ita g e b e 
s to w e d u p o n us b y th o fo u n d e r s o f th e C o n s titu tio n a n d o u r G o v e r n m e n t.
R a ilr o a d e m p lo y e e s n e v e r h a v e be e n a n d d o n o t n o w seek t o b e tre a te d as
a p riv ile g e d cla ss , b u t w e ask a n d e x p e c t ju s t a n d e q u ita b le tre a tm e n t a n d
t h e co n tin u a tio n o f o u r in a lie n ab le rig h t t o h a v e an e q u a l v o ic e , rep resen ta 
t io n a n d v o t e In a n y tribu n a l cr e a te d b y la w o r m u tu a l agre e m e n t w h ich is
t o e sta b lish b y its d ecis io n s th o c o m p e n s a tio n w e are t o re c e iv e fo r o u r
e ffo r t s a n d th o w o r k in g c o n d it io n s u n d er w h ic h o u r s e rv ice s m u st b e re n 
d ered .
. . . .
„
O n e -te n th o f th e p o p u la tio n o f th e U n ite d S tates is re p re se n te d b y th o ra il
w a y e m p lo y e e s . W e re n de r th e s c r v ic o o n w h ic h th e life o f th o n a tio n
d e p e n d s . W o h a v e a d u a l Interest t o c o n s e r v e , interest as citize n s a n d o u r
in terest as th e g r e a t h u m a n fo r c e th a t m ak es p o ss ib lo this essential se rv ice .
A s citizen s an d ra ilw a y e m p lo y e e s , w e p ro te s t against th e a d o p tio n o f th o
p o n d in g ra ilroa d b ill a n d as g r o u n d fo r o u r p ro te s t w e s h o w :
F ir s t, th a t th o p o n d in g b ill v io la te s in its p r o v is io n s th o fu n d a m e n ta l
p rin c ip le s o f A m e r ic a n g o v e r n m e n t. T h e p e o p le o f th e U n ited S tates h a v e
reta in ed to th em selves ce r ta in e lem en ts o f s o v e r e ig n ty o f w h ich t h e y m a y
n o t b o d e p riv e d b y th o a ct o f a n y legis la tive b o d y . A m o n g th e rig h ts so
reserv ed aro th o fo llo w in g : In w o r d s o f J o h n A d a m s , a n d w ritten in th o Bill
o f R ig h t s o f th e S ta te o f M a s sa ch u se tts a n d o th e rs o f th e v a rio u s S ta tes
o f this U n io n : “ N o m an n o r c o r p o r a tio n o r a ss o cia tio n o f m en h a v e a n y
o t h e r title t o o b ta in a d v a n ta g e s o r p a rtic u la r a n d e x c lu siv e p rivile ge s d is 
t in c t fro m th ose o f th e c o m m u n it y th a n w h a t arises fr o m t h e co n sid e ra tio n
o f s ervices ten d ered to th e p u b l i c .”
“ G o v e r n m e n t Is c o n s tr u c te d fo r th o c o m m o n g o o d fo r th o p r o t e c t io n ,
s a fe t y , p ro s p e r ity a n d ha p p in ess o f th o p e o p le , a n d n o t fo r th o p r iv a te
h o n o r or p r iv a te Interest o f a n y o n e m a n , fa m ily or class o f m e n .”
U n d er su ch r es erv a tio n s n o p o w e r c o u ld b o d e le g a te d t o the legis la tive
b o d ie s o f th e S ta tes o r to th e C o n gre ss o f th o U n ite d S ta tes t o pass a n y law s
t h a t w o u ld Infringo th o re ta in e d s o v e r e ig n ty o f th e p e o p le . T h is is r e c o g 
n ized b y A r tic le X o f th e F ir s t ' A m e n d m e n t t o th e C o n s titu tio n , w h ich
• h o p ow er s n o t d e le g a te d t o th e U n ite d S tates b y th e C o n s titu tio n n or
‘T
p r o h ib ite d b y it t o th o S ta te s, a re re se rv e d t o t h e S tates r e s p e c t iv e ly , o r t o
thT h e s « f p ow ers reserv e d t o t h e p e o p le in th e v a rio u s b ills o f rig h ts w ero b y
t h e fra m ers o f t h o C o n s titu tio n h e ld to b o in v io la te a n d a ga in st F ederal
in v a s io n . T h e p r o p o s e d ra ilro a d b ill, b y g u aran te e in g t o In v estors in rail
w a y s a m in im u m retu rn o f 6 % , th u s co n fe rrin g u p o n ra ilw a y c o r p o r a tio n s
a n d th o h old ers o f r a ilw a y s ecu rities p a rtic u la r an d ex c lu siv e p rivileges
“ d is tin c t fr o m th o s e o f th e c o m m u n it y ” w ero p riv ile g e s n o t b a s e d u p o n the
" c o n s id e r a tio n o f service s ren dored t o th o p u b lic .”
B y this b ill t h e G o v e r n m e n t w h ic h w e h a v e In stitu ted fo r t h o c o m m o n
g o o d is p r o s tit u t e d t o establish th e p r iv a te interests o f h o ld e rs o f ra ilw a y
ecu rlties as a cla ss , g iv in g t o th e m a first lion u p o n th e p r o p e r ty o f th o
c o u n t r y at th e ex p en se o f all o th e r citize n s, in v e sto rs , p ro d u c e rs a n d c o n 
su m ers. T h is is an In tolera ble s u b v e rs io n o f th o p rin c ip le s o f A m e r ic a n
G o v e r n m e n t , an a b a n d o n m e n t o f g o v e rn m e n t fo r th e c o m m o n g o o d , th o
es ta b lis h m en t o f g o v e r n m e n t fo r p r iv a te in te re st, s p e c ia l p riv ile g e s a n d
class b e n e fits .
U n d er th o p ro v is io n s o f p a ra gra p h 1* S e ctio n 3 0 4 , th e la b o r g r o u p , rep re
sen tin g th e e m p lo y e e s , a n d s u b o r d in a te o ffic ia ls are t o n o m in a te n o t lees
th a n six n om in e e s , b u t u n d e r t h e p r o v is io n s o f p a ra gra p h 5, S e ctio n 3 0 0 ,
n o n o m in a tio n s c a n be m a d e u n til a fte r th e co m m is s io n h as h e ld hearings
a n d p ro m u lg a te d th o m e th o d o f p r o ce d u re fo r m a k in g s u ch n o m in a tio n s .
U n d er th e p ro v is io n s o f S e ctio n 3 0 b , n om in ees m u s t b o s e le c te d w ith in
th ir t y d a y s a fter th o pa ssage o f th is A c t . N o p ro v is io n Is m a d e th a t w ill
req u ire th e co m m is s io n t o p r o m u lg a te re g u la tio n s In s u fficie n t tim e t o p er
m it th o e m p lo y e e s t o c o m p ly w ith S e ctio n 3 05 .
P a ra g ra p h 5, S ectio n 3 0 0 , a lso p ro p o s e s th a t th o co m m is s io n sh a ll b e
req u ired t o d e fin o (w ith in th o m o an in g o f th e a ct) th o class o r ra n k o f
“ s u b o rd in a te o ffic ia ls ” w h o shall c o m o u n d er th e p r o v is io n s o f th o A c t .
T h is p r o v is io n , In c o n ju n c t io n w ith P a ra gra p h 1, S e ctio n 3 0 4 . an d S e c tio n
3 0 5 , gran ts special c o n sid e ra tio n a n d re c o g n itio n t o a class o f e m p lo y e e s
n o w e lig ib le t o th o res p e ctiv e org a n iza tio n s o n an e q u a l fo o t in g w ith t h e
rec og n iz ed s ta n d a rd o rg a n iza tio n s, y e t t h e y co m p r is e less th a n 5 % o f th e
t o ta l ra ilroa d e m p lo y e e s .
T h is special c o n sid e ra tio n also p e rm its a s itu a tio n t o ariso t h a t c o u Id
resu lt In th e a p p o in tm e n t o f th ro o “ s u b o rd in a te o ffic ia ls ,” th re e re p re s o n ta tiv os o f th e ca rriers, likew ise " s u b o r d in a t e o ffic ia ls " a n d th re e m em b ers




733

c o n s t itu tin g th e p u b lic g r o u p , as th e co n s titu e n t m e m b e rs o f th o R a ilr o a d
L a b o r B o a r d — a la b o r b o a r d w it h o u t a r e p re s e n ta tiv e o f th e 1 ,9 0 0 ,0 0 0
o rg a n ize d ra ilro a d w ork e rs o n it.
S e ctio n s 301 a n d 3 03 esta b lish a m e th o d o f p ro c e d u r e w h ic h , if fo llo w e d ,
w ill d e s t r o y a ll d iscip lin e a n d le a d t o ch a o s fo r th e fo llo w in g reasons:
(1 )
. I t p e rm its an d e n co u ra ge s th e e m p lo y e e s t o d isre ga rd existin g agree
m e n ts a n d lo n g -e sta b lish e d o r d e r ly m e th o d s o f p r o ce d u re .
(2 )
. It p r o v id e s th a t a n y g r o u p o f e m p lo y e e s in excess o f 100 m a y Ini
tia te a m o v e m e n t w ith in o n e r e c o g n iz e d cla ss in ea ch o f th e r e s p e c t iv e
r e c o g n iz e d classes, o n a n y o n e r a ilro a d , o r o n all o f th e ra ilro a d s , a n d th is
m a y b e d u p lic a te d b y d iv id in g t h e r e s p e c tiv e classes b y 100. m u ltip ly in g
t h e t o ta l n u m b e r o f ra ilro a d s. C a r rie d t o a lo g ica l c o n c lu s io n , it c o u ld b e
p o s s ib le t o h a v e a p p r o x im a te ly 2 0 ,0 0 0 g r o u p s o f n o t less th a n 100 e m p lo y e e s
p r e s e n tin g req u ests o n , s a y , 165 tru n k lin es, n o t w o o f th e re q u e sts b ein g
th e s a m e .
(3 )
. F a ilu re t o d e sig n a te a n d tre a t w ith t h e sta n d a rd r e c o g n iz e d o r g a n 
iz a tio n s re p re se n tin g a p p r o x im a t e ly 9 5 % o f all th e e m p lo y e e s , ca n b e
co n s tr u e d t o m e a n n o th in g less th a n t h a t th e p ro v is io n s o f th is a c t are
p rim a r ily b a s e d u p o n a d e te rm in a tio n t o a n n u l existin g a greem en ts a n d
d e s tr o y t h o org a n iza tio n s w h ic h n e g o tia te d t h e m .
S e ctio n (B ) o f S e ctio n 306 p r o v id e s t h a t th e o rig in al m e m b e rs o f th o
L a b o r B o a r d fo r e a ch g r o u p shall b e a p p o in te d fo r th r e e , t w o a n d o n e -y e a r
te rm s, r e s p e c tiv e ly .
S e ctio n (A ) p ro v id e s th a t an a p p o in te e m u s t g iv e u p h is rig h ts as a m e m 
b e r o f th e o rg a n iz a tio n o f h is c r a ft , e x c e p t in su ra n ce, p e n s io n o r o th e r
b e n e fit fu n d .
M e n in th e o rg a n ize d la b o r m o v e m e n t c o m p e t e n t , b y th eir lo n g yea rs o f
e x p e r ie n ce a n d tra in in g, t o deal w ith th o q u e s tio n s d e v o lv in g u p o n a b oa rd
o f the ch a r a c te r c o n te m p la t e d , c a n n o t b o e x p e c te d t o relin q u ish an a s s o 
cia tio n
re p re se n tin g their life 's w o r k t o a c c e p t a p o s itio n u n d e r th e p r o 
v is io n s a b o v e cite d .
B y a ca re fu l a n a lysis o f P a ra g ra p h B , S e ctio n 3 0 7 , it will b e seen t h a t th e
L a b o r B o a r d m a y , u p o n its o w n in itia tio n , s e t a side a n y a gre e m e n t en tered
in to b e tw e e n carriers a n d its e m p lo y e e s i f in its o p in io n che a g re em en t in 
v o lv e s Increases in w ages o r salaries w h ic h w o u ld n ecessita te in crease in
fre ig h t a n d passen ger ra te s. I t is p o s s ib lo u n d e r s u ch p ro ce e d in g s t o p r e 
v e n t a n y increases in p a y fo r ra ilro a d e m p lo y e e s regardless o f w h a t th e
c ir c u m sta n ce s m ay b e .
■
W h ile ra ilro a d la b o r is g u a r a n te e d a ga in s t a r e d u c tio n o f w ages u n d er this
A c t p rio r t o S e p t. 1 1920, y e t n eith er th e in terests o f th e public, o r la b o r are
s a fe g u a rd e d a fte r th a t d a te . O n th e o th e r h a n d , c a p ita l Is gu a ra n teed a
m in im u m re tu rn o f 5 H % . le a v in g b o t h t h e p u b lic a n d la b o r a t th e m e r c y o f
c a p ita l a fte r S e p t. 1 1920.______________________________

RAILROAD BROTHERHOODS FORM ALLIANCE WITH
RAILROAD UNIONS OF THE AMERICAN
FEDERATION OF LABOR.
The smaller railway unions affiliated with tho American
Federation of Labor have formed a compact with three of
the four large brotherhoods which are independent organiza
tions, representing many railroad workers. The scope and
purposes of this agreement were outlined in Washington
press advices of Fob. 19, which had the following to say on
the subject:
T h e r a ilw a y u n io n s a n d th r e o o f t h e b r o t h e r h o o d s h a v e fo r m e d an a b s o 
lu t e c o m p a c t t o s ta n d to g e t h e r t o p r o t o c t e a ch o t h e r in all q u e s tio n s o f
p o l ic y , e v e n t o th o e x te n t o f a s tr ik o . T h is is re g a rd e d as a ra d ica l d e p a r 
tu re in la b o r s ra n k s , fo r th e b r o t h e r h o o d s a ro n o t a ffilia te d w ith t h e
A m e r ic a n F e d e ra tio n o f L a b o r , in w h ic h t h e ra ilw a y u n io n s a ro in c lu d e d .
T h o cu r r e n t issue o f th e P lu m b P la n L e a g u e ’s o rg a n c o n ta in s a d e fin ite
s ta te m e n t o f this a g re e m e n t. S o It is s a fe t o a ss u m e that, a t lea st th reo o f
th e b r o t h e r h o o d s a ro jo in e d w ith th o ra ilw a y u n io n s in th e fig h t o n t h e
C u m m in s -E s c h b ill.
T h e a g re e m e n t w as s ig n e d th r e e d a y s b e fo r e t h o ra ilw a y e m p lo y e e s
lea ders w o n t t o t h o W h it e H o u s e t o c o n s u lt w ith P re s id e n t W ils o n u p o n th eir
w a g e d e m a n d s . T h o th re o b r o t h e r h o o d ch ie fs w h o sig n ed t h e a g re e m e n t
w ere W . G . L e o o f th e T r a in m e n , L . E . S h e p p a r d o f th e C o n d u c t o r s , a n d
T im o t h y Shea o f t h e F ire m e n . T h o n a m o o f W a r re n S. S to n e o f th o
E n g in e e rs w as n o t a tt a c h e d t o t h e d o c u m e n t . E x c e r p ts fr o m th e c o m p a c t
re a d :
” W e h a v e f o r y e a rs re c o g n iz e d t h a t in o u r e c o n o m ic re la tio n s w it h t h e
ra ilro a d s th e in ju r y t o o n o is th o in te re s t o f a ll, h e n ce w e , th e C h ie f E x e c u 
tiv e s o f th e b o n a fid e ra ilro a d o r g a n iz a tio n s o f N o r t h A m e r ic a , p a rties to
th is a g re e m e n t, h e r e b y d e c la r e it o u r p o lic y t o c o -o p e r a t o in th e a d o p tio n
o f a p la n o f o ffe n s iv e a n d d e fe n s iv e p r o c e d u r e t o c o p e w ith th e u n p re ce 
d e n t e d c o n d it io n s c o n fr o n t in g u s a t th is tim e .
“ A ll m a tte rs o f p o l ic y a n d p r o c e d u r e a ffe c t in g this gen era l an d d e fe n s iv e
p r o g ra m shall b o p re s e n te d t o a n d a c t e d u p o n b y a re g u la rly c a lle d m e e tin g
b e fo r e a n y a c t io n is ta k e n .
“ T h e r e shall b e n o a u th o r iz e d s to p p a g e o f w o r k b y a n y o r g a n iz a tio n p a r t y
t o th is a g re e m e n t, e x c e p t a n d u n til th o re q u ire m e n ts o f th o r e s p e ctiv e
c o n s t itu tio n s h a v e be e n c o m p ile d w ith b y t h e d u ly a u th o r iz e d o ffic e r s as
t o ta k in g th e r e q u ire d v o t e .
W h e n p a rtie s t o th is a g re e m e n t a re w o r k in g in c o -o p e r a t io n th ereu n d er
a n d e x tr e m e a c t io n h as b e e n d e c id e d u p o n , said a c t io n w ill b e ta k en c o n 
c u r r e n t ly b y o r d e r o f t h e C h a ir m a n a n d S e cre ta ry o f th is b o d y . "

ORGANIZED LABOR AGAIN URGES PRESIDENT AND
CONGRESS TO CONTINUE FEDERAL CONTROL OF
RAILROADS—SEEKS TO DEFEAT NEW BILL.
In a letter to the individual members of Congress, organ
ized railroad labor made another effort on Feb. 17 to bring
about the defeat of what is termed “ tho $1 ,000,000,000
subsidy,” which will be paid to tho railroad corporations if
the roads go back to private ownership on March 1 under the
terms of the pending Esch-Cummins bill.
Urging that Federal operation of the railroads bo continued
for at least an additional two years, B . M . Jewell, Acting
President of the Railway Employees’ Department of the
American Federation of Labor expressed the opinion in the
letter that return of tho roads to private ownership at this
time would load inevitably to their bankruptcy, which easily
might result in a national panic and in turn bring “ world
wide bankruptcy.”

734

THE CHRONICLE

[Vol. 110.

M r . Jewell, according to the press advices from Washing continuance of Federal control of tho railroads for at least
ton, said he sent the letter in behalf of organizations which two years.
“ represent directly 2 ,0 0 0 ,0 0 0 workers,” but which believed
A large delegation which, it was said, was composed of
they might “ claim to reflect the wishes of the great majority many of the same persons who called at tho White IIouso
of the people of the country.” The letter was also signed last Dec. 17 for the same purpose went to tho Executive
by the heads of the fourteen railroad unions, including tho offices with a letter for tho President. Sentiment in favor
four big brotherhoods, who have been acting as a unit in of Government operation, tho letter said, had increased
urging, first, Government ownership of the rail systems, and, during the six weeks since the first requost was made, “ until
second, continuation of Government control as an alterna wo can accurately state that this is the preponderant desire
tive. The letter denounced in no uncertain terms the of tho farmers and of organized labor forces of most of the
guarantee clauses of the Cummins-Esch bill as “ the roturn States of tho U nion.”
of tho railroads to W all Street.” Congressmen were urged
Tho return of the roads, tho letter declared, would involve
to vote against the pending legislation “ to save the country an increase in freight rates of 25 to 4 0 % , “ sinco an additional
from the burden of higher freight rates, or worse, railway railroad revenue of close to a billion dollars would bo neodod,”
bankruptcy, which m ay bring on a panic.”
which woidd mean, it was added, “ an increaso in tho cost of
The unions which have made demands upon the Govern living, as estimated by your Director-General of Railroads,
ment for wage increases amounting, it is said, to almost of at least four billion dollars a year. This would be noth
$ 1 ,0 0 0 ,0 0 0 ,0 0 0 a year, take the position that the roads should ing short of a national calam ity.”
be “ agencies of service and not profit.” America, the
It was further urged that tho conference committee of the
members of Congress are told, is the only nation that “ even House and Senate was in such a “ hopeless tanglo” over tho
contemplates” the private operation of its transportation Cummins and Esch bills that it would bo impossible to roach
a practical solution of the railway problem bofore March 1,
systems.
Tho letter urged the continuance of Federal control for tho day which the Presdient has set for tho roads to return
the following reasons [tho wording being taken from the text]: to private ownership— a prediction howovor which this
week's events have falsified. Tho statement presented at
A retu rn o f th e ra ilroa ds m ean s an in crease in th e rates o f fr o m 25 t o 50 % .
T h a t m ean s an a d d itio n a l freigh t ra te o f a t least $ 1 ,0 0 0 ,0 0 0 ,0 0 0 a y e a r .
tho W hite House by tho delegation in part was as follows:

S u ch an in crease in ra ilw a y co s ts w ill b e s h ifte d t o th e c o n su m e r, a lre a d y
s tr u g g lin g u n d er an u n b ea ra b le liv in g c o s t . I t w ill b o s h ifte d t o f o o d ,
t o fu e l, t o b u ild in g m ateria ls, t o e v e r y th in g th e p e o p le u se. I t c a n n o t b e
oth erw ise. M u c h o f th e ra ilw a y increases m u s t b e b o r n e b y th e p r o d u c in g
classes, a n d e s p e c ia lly b y th o w o r k e rs a n d t h e fa rm e rs.
T h e ra ilroa d ow n ers a n d ex e c u tiv e s are u rgin g th o v a lid a tio n o f w a tered
secu rities o f m a n y b illion s o f d o lla rs. T h a t Is o n e o f th e m a in o b je c ts
d esired b y th e ra ilro a d s . T h e y desire, fir s t, a g u aran te e d s u b sid y ; a n d ,
s e c o n d , t h e u n d erw ritin g o f f i f t y ye a rs o f ra ilw a y e x p lo ita tio n .
W e p ro te st a ga in st th e su b sid izin g o f a n y in d u s try o r th e gu a ra n te e in g o f
a re tu r n t o s to c k h o ld e rs. T h e r e is n o m o re reason fo r th e su b sid izin g o f the
r a ilro a d s th a n th ere is fo r th o u s a n d s o f o th e r c o r p o r a tio n s th a t h a v e s u f
fe re d as a resu lt o f th e w a r.
T h e C u m m in s -E s c h B ill, w ith its gu a ra n te e o f earn in gs, is an in v ita tio n
t o w a s te a n d e x tr a v a g a n c e . W a s te is in e v ita b le u n d e r a n y k in d o f a g u a r
a n te e o f earnings.
B a n k r u p t c y is in e v ita b le i f th o r a ilro a d s are re tu r n e d . F o r t w o y e a rs
tr a ffic h a s been s h o r t-r o u te d . I t h a s b e e n sent o v e r s e le c te d lin es. A gre a t
p a r t o f th e m ilea g e o f th o c o u n t r y is n o t ea rn in g o p e ra tin g expen ses a n d
fix e d ch a r g e s . R e ce iv e rs h ip s are in e v ita b le if th e ra ilro a d s are u n scr a m b le d
a n d e a ch o n e le ft t o sh ift fo r itself.
R e tu r n o f th e r a ilro a d s t o th eir o w n ers m ean s th eir retu rn t o W a ll S treet.
I t m ean s a return t o J . P . M o r g a n & C o ., th o N a tio n a l C it y B a n k , th o
F irs t N a tio n a l B a n k a n d K u h n , L o e b & C o . F o r p r o o f o f th a t fa c t w e re fe r
y o u t o th e r e p o r t o f th e P u jo In v e s tig a tin g C o m m itte e m a d e t o C o n g r e ss
in 1913.T h e b a n k in g g r o u p s w h ic h c o n tr o l th e ra ilro a d s a lso c o n tr o l all o f th e
m a jo r tru s ts. T h e y c o n tr o l a n th ra cite a n d b itu m in o u s c o a l; iron a n d steel;
a ll k in d s o f f o o d s u p p lies; th e fiv e p a c k in g p la n ts ; th e y are In terla ced w ith
all o f th e m a jo r tru sts.
F ed era l a d m in is tr a tio n h as m a d e c o lo s sa l s a v in gs , e co n o m ie s , e fficie n cie s ,
I t h as c o n s o lid a te d term in als. I t h as m e rg e d ca r, m o tiv e a n d o th e r e q u ip 
m e n t . I t h as in creased th e ca r e q u ip m e n t o f th e c o u n t r y a lo n e b y 3 0 0 ,0 3 0
ca rs . A fre ig h t ca r is a t h o m e to - d a y a n y p la c e in th e U n ite d S ta te s. T h a t
is e q u iv a le n t t o a d d in g $ 9 0 0 ,0 0 0 ,0 0 0 t o th e assets o f th e ra ilr o a d s . N e e d 
less p assen ger train s h a v e b e e p ta k e n o f f , m a n y o ffic ia ls h a v e b e e n relea sed ;
h ig h salaries h a v e b een c u t d o w n . T h e e co n o m ie s s o in t r o d u c e d ,as r e 
p o r t e d b y th e reg ion a l d irectors o f t h o ra ilro a d s , a m o u n t t o a t lea st $ 2 0 0 ,
0 0 0 ,0 0 0 a y ea r.
T h o ra ilroa d s o f th e c o u n t r y h a v e d e s tr o y e d w a te r c o m p e t it io n , o n w h ich
th e G o v e r n m e n t h as e x p e n d e d h u n d re d s o f m illio n s o f d o lla r s . W a te r
c o m p e t it io n is c h e a p . I t m en a ce s r a ilro a d ea rn in g s. W o c a n n e v e r use
th e g r e a t la k e s, o u r r iv e rs, o r d e v e lo p co a s ta l tra d e s o lo n g as th o ra ilroa ds
a re In p r iv a t e h a n d s .

Tlie letter was further quoted in Washington advices of
F eb . 17, which said:
A m o n g th o sco re o f s p e c ific re a so n s c ite d b y th e e m p lo y e e s ’ re p re se n ta 
tiv e s a g a in s t re tu r n o f th e ra ilro a d s w ere:
A c c o r d in g t o t h e r e p o r ts o f t h e D ir e c to r G e n e ra l, th e ra ilro a d s o p o r a to d as a u n ifie d s y s te m a re o n a p a y in g b a s is, " o r are in a fa ir w a y t o earn
all ch arges a ga in st th e m a n d p o s s ib ly t o a ccu m u la te a s u r p lu s .”
V a lid a tio n o f w a tered s ecu ritie s, a lle g e d t o b o t h e m a in o b je c t o f th o s e
se e k in g re tu r n , w o u ld m ea n th e s u b sid izin g o f t h o r a ilro a d I n d u s try .
R e tu r n o f t h o ra ilroa d s a t this tim e is a n in v it a tio n t o still fu r th e r in 
d u strial d is tu r b a n c e s , w h ic h are “ b o r n o f la b o r s h o rta g e o n o n e h a n d a n d
th e h ig h c o s t o f liv in g o n t h o o t h e r .”
U n d e r F ed era l o p e r a tio n th o S o u th e rn r o u te s h a v e h a d a s q u a r e d e a l.
P o r t s , h a r b o r s , term in als a n d s h ip p in g lines h a v e be e n s tim u la te d fr o m
t h e R io G r a n d o t o B a ltim o r e , b u t a re tu rn t o th o p re fe re n tia l tr e a tm e n t o f
N e w Y o r k “ w ill kill S ou th ern p o r t s , S o u th e rn s h ip p in g , S o u th e rn in d u s t r y .”
“ A m a tte r o f v ita l in t e r e s t,” t h o le tte r c o n c lu d e s , “ is th e en listin g o f th o
e m p lo y e e s , s o t h e y w ill w o r k h a r m o n io u s ly , w illin g ly a n d e ffic ie n t ly . I t
is a colos sa l w a ste t o e x c lu d e fr o m ra ilw a y o p e r a tio n t h e co n tr ib u tio n s o f
t w o m illion m en w ith life lo n g e xp e rie n ce in th o ra ilw a y in d u s tr y .
“ B e lie v in g t h a t th o p r o v is io n s fo r a s u b s id y a n d fo r t h e u tiliz a tio n o f p u b 
lic fu n d s b y p r iv a te in d iv id u a ls a rc a b e tr a y a l o f th o p u b lic in terest a n d is
s u b v e r s iv e o f th e tr a d itio n s o f th e c o u n t r y ; b e lie v in g th a t th o p o n d in g
b ills are in v it a tio n t o w a ste; b e lie v in g th a t t h e w o r k e r a n d th o fa rm e r w ill be
m a d e t o p a y t r ib u te t o fin a n cia l e x p lo ita tio n a n d t h a t th e p e o p lo will b o
ca lle d u p o n t o b e a r an u n n eces sa ry lo a n , m e asu re d b y b illio n s o f d o lla rs
t h a t w ill b o s a v e d b y g o v e rn m e n ta l c o n tr o l; b e lie v in g t h a t th e ro tu rn o f
th o ra ilroa d s a t th is tim e is as c a la m ito u s a p ro p o s a l as c o u ld b o c o n c e iv e d
— b e lie v in g all th ese th in g s , w o feel ju s t ifie d in p r o te s tin g w ith all th o
e m p h a sis a t o u r c o m m a n d a g a in s t th o p a ssag e o f th o p e n d in g r a ilro a d b i ll .”

Representatives of organized labor and a few farmors’
organizations, for the second time within two months, callod
upon President Wilson on Jan. 27 for the purpose of urging




On D e c . 17 last re p re s e n ta tiv e s o f le a d in g o rg a n iz a tio n s o f fa rm e rs, o f
th e A m e r ic a n F e d e ra tio n o f L a b o r , a n d S ta to F e d e ra tio n s o f L a b o r , o f th o
ra ilw a y b r o th e r h o o d s a n d s h o p c r a fts , p re s e n te d t o y o u a le tte r s tr o n g ly
u rgin g t h a t y o u a d v o c a t e th a t th e p e r io d o f G o v e r n m e n t o p e r a tio n o f th o
ra ilro a ds b o co n tin u e d fo r a t least t w o y e a rs , s o t h a t u n d e r p e a ce c o n d itio n s
th e ro w ill b o a m o re t h o r o u g h a n d m o re c o n siste n t trial o f G o v e r n m e n t
o p e r a tio n , a n d th a t a c a r e fu lly co n sid e re d p la n fo r th o u ltim a to d isp o s a l o f
th o ra ilro a d s m a y b o w o r k e d o u t a n d a d o p te d .
In t h e six w e e k s s in co w o p re s e n te d this le t t e r t o y o u t h e s e n tim e n t
t h r o u g h o u t t h o c o u n t r y has b e e n c o n tin u o u s ly in cre a s in g in fa v o r o f this
t w o -y e a r e x te n s io n o f G o v e r n m e n t o p e r a t io n o f th o r o a d s , u n til w o ca n
a cc u r a te ly s t a t e th a t this is t h e p r e p o n d e r a n t d o siro o f th e fa rm e rs a n d o f
org a n ize d la b o r fo r c e s o f m o s t o f th o S ta te s o f th o U n io n .
ThLs is. t o o , th e
s e n tim e n t o f th e u n o rg a n iz e d fa rm e rs a n d w o rk e rs o f A m e r ic a .
Y o u a re a w a re t h a t t h o re tu rn o f t h o ra ilroa ds w ill in v o lv o an in cre aso in
fr e ig h t ra te s o f 25 t o 4 0 % , s in ce an a d d itio n a l r a ilro a d re v e n u e o f c lo s e t o
$ 1 ,0 0 0 ,0 0 0 ,0 0 0 w o u ld b e n e e d e d . S u ch an in crease in fr e ig h t ra te s m oan s
an In crease in t h e c a s t o f liv in g , as e s tim a te d b y y o u r D ir e c to r -G e n e r a l o f
R a ilr o a d s , o f a t le a s t $ 4 ,0 0 0 ,0 0 0 ,0 0 0 a y e a r . ThLs w o u ld b o n o th in g s h o rt
o f a n a tio n a l c a la m it y .
D u rin g t h e la st fe w w eek s co n fe r e n c e s o f r e p re s e n ta tiv e s o f le a d in g S ta te
o r g a n iza tio n s o f fa rm e rs, o f org a n ize d la b o r , o f lo c a l o r g a n iza tio n s o f ra ilw a y
b r o th e r h o o d s a n d o f s h o p c r a fts h a v o b e e n h e ld in k e y S ta te s o f o u r c o u n t r y
— M ic h ig a n , I o w a , N e b ra s k a , M in n e s o t a a n d W isco n sin . A t th e s e c o n 
fe re n ce s, c o m p o s e d o f r e p re s e n ta tiv e s o f o rg a n iz a tio n s w h o so m e m b e rsh ip
in clu d es fr o m 60 t o 7 0 % o f th e v o t e r s o f t h o S ta t o , r e s o lu tio n s w ero p r a c 
t ic a lly u n a n im o u s ly a d o p t e d , n o t o n ly u rgin g t h e t w o y e a r s ' e xte n s io n o f
G o v e r n m e n t o p e r a t io n o f t h e r a ilro a d s , b u t in s is tin g t h a t th eir re p re s e n 
ta tiv e s In b o th b ra n ch e s o f th e C o n g r e ss in t r o d u c e le g is la tio n m a k in g such
exte n sio n m a n d a t o r y .
Y o u h a v e b y p r o c la m a tio n fix e d M a r c h 1 as t h e d a te fo r t h o re tu r n o f
th e ro a d s. T h e h o p e le s s ta n g le o f th o C o n fe r e n c e C o m m it te e o f t h e H o u s e
a n d t h o S e n a te o n th e C u m m in s a n d E s c h b ills m ak es it e v id e n t t h a t a n y
p ra c tic a l s o lu tio n o f th e ra ilro a d q u e s tio n c a n n o t b e re a ch e d b e fo r e M a r c h 1.
T h o retu rn o f th e ro a d s, t h e co n fe re e s a d m it, w ill n e c e s s ita te an in cre ase
in fr e ig h t rates w h ile t h e o w n e rs o f t h e r o a d d e m a n d a gu a r a n te e d c o m ’ p e n s a tio n w h ic h , if g r a n te d , w o u ld c r e a to a m o s t d a n g e r o u s p e a ce -tim e
p re ce d e n t an d e sta b lish a p r in c ip le w h ic h is gr o ss ly u n ju s t t o th o fa rm e rs,
th e la b o r fo r c e s a n d th e gen eral p u b lic .
In b e h a lf o f a cle a r m a jo r it y o f th o v o te r s o f Wie U n ite d S tates w e r e 
s p e c t fu lly a p p e a l t o y o u a ga in , M r . P re s id e n t, t o co n sid e r th e seriousnoss
o f th is s itu a tio n . T h e A m e r ic a n p e o p lo c a n n o t s ta n d a n y fu r th e r increase
in liv in g c o s ts .
W e b e lie v e a n y th in g s h o rt o f su ch e xte n sio n is fra u g h t w ith c a la m it y , n o t
o n ly t o fa rm ers a n d la b o r fo rce s o f th e c o u n t r y , b u t th a t it w ill resu lt in
disa ster t o th o le g itim a te busin ess Interests o f th e c o u n t r y as w ell.
T h e in e ffic ie n c y o f p r iv a te o p e ra tio n o f th e ro a d s is a d m itto d b y th o o w n e rs
in th eir d e m a n d fo r h ig h er fre igh t rates if th e ro a d s b o re tu r n e d a n d a g u a r 
a n te e d co m p e n s a tio n , w h ile , u n d e r G o v e r n m e n t o p e r a tio n , presen t rates
are y ie ld in g a net p r o fit . W e k n o w th a t th e p u b lic w elfa re is y o u r h ig h est
co n c e r n , a n d o n th o g ro u n d s o f p u b lic w e lfa re a lo n e w e e a rn e s tly ask y o u
t o m o d ify y o u r p r o c la m a tio n fo r th e rotu rn o f th o ro a d s a n d again ask y o u
t o a d v o c a t e th o tw o -y e a r e xten sion o f G o v e r n m e n t o p e r a tio n .
_* t

Frank Morrison, Secretary of tho Amorioan Federation of
Labor, representing President Gompores, was said to have
presented the views of tho Federation and to havo givon
data on tho cost of living. Sevoral short epooohos wero
made.
A t the conclusion of tho conference floorotary Tumulty
said ho would present tho matter to tho Prosidont.
The signers of tho letter wore:
Sam uol G o m p o rs , P resid en t o f the A m e rica n F e d e ra tio n o f L a b o r ; G oorgo
P . H a m p t o n , M a n a g in g D ir e c to r o f th o F arm ers N a tio n a l C o u n c il; M . P .
A lifa s, L e g is la tiv e R o p ro so n ta tlv o o f the in te rn a tio n a l A ss o cia tio n o f
M a ch in is ts; T . M . P ie rs o n , V ic e -P re s id e n t o f the O rd er o f R a ilro a d T e le gra 
ph ers; P a u l S . S ch w e lb u rgh , rep resen tin g th o W isco n sin S o c lo ty o f E q u ity ;
W illia m C o le m a n , m o m b o r o f th o E x e c u tiv e C o m m itto o o f th o W isco n sin
S tato F e d e ra tio n o f L a b o r ; E d w a r d M u r r a y , B r o th e r h o o d o f L o c o m o t iv e
F irem en a n d E n gin eers; I I . O . R ich a rd so D , B r o th e r h o o d o f R allw a y lO le rk s;
E . G . H a ll. P resid en t o f th o M in n e s o ta S ta to F e d e ra tio n o f L a b o r ; L . d .
G lp p lo , re p re se n tin g th o R a ilr o a d S h o p C ra fts o f th e N o rth w e s t; A . O .
W e lc h , P re s id e n t o f th o M in n e s o ta S ta to S o c ie ty o f E q u it y , G o o r g e lH .
G r iffith , M in n e s o ta S ta te M a n a g e r N a tio n a l N o n -P a rtisa n L e a gu e , and
B o r t M . Jow e ll, A c t in g P re s id e n t o f th o R a ilw a y E m p lo y e e s D e p a rtm e n t.

Tho preceding day (Jan. 26) representatives of farmors'
associations and of railroad omployoos protested to Senate

Feb. 21 1920.]

and House conferees on tho railroad bills against the return
of the roads to privato operation March 1, tho date desig
nated by President Wilson. This delegation likewise urged
that Government operation of tho roads bo continued at
loast two years.
Tho attitude of this delegation on tho railroad question
was indicated in tho Washington press advices, which had tho
following to say:
G oor g o P . H a m p t o n , re p re se n tin g th o F a rm ers’ N a tio n a l C o u n c il, said
th o o xton sion w as n ocossary " s o th o c o u n t r y ca n g o t o th o b o t t o m o f tho
ra ilroa d p r o b le m .”
_
IX. E . W ills, o f th o B r o th e r h o o d o f L o c o m o t iv e E n gin e e rs, said ra ilro a d
em p lo y e e s oxi>octod a “ tw o -y e a r o xton sion w o u ld load t o still fu rth or
fx t o n s lo n s .”
W illia m C o lo m a n , o f tho W isco n sin S tato F e d e ra tio n o f L a b o r , a n d D a v id
K u g lo r, o f th o M ilw a u k e e T ra d e s C o u n c il, t o ld th o co n fo ro o s th a t la b o r
w ou ld t r y t o d o fo a t m om b ors o f C on gress w h o d id n o t express its viow s o n
ra ilroa d legisla tion .
M r . C o lo m a n a lso urgod th a t in o x te n d in g G o v e rn m e n t c o n tr o l C on gress
ord e r a th orou g h in v estig a tio n o f th o m a n a g e m e n t o f th o r o a d s u n d e r th o
R ailroa d A d m in is tr a tio n , d e cla rin g th a t e ffo rts h a d b o o n m ad o t o d isc re d it
G o v e r n m e n t ow n ersh ip. I I o d o cla re d th a t u n n ecessa ry o v o r tim o h a d b o o n
ord ered b y loca l o ffic ia ls , a n d th a t so m o ra ilro a d w ork ers h a d t o ld h im o f
r e c e iv in g w ages o f $14 a d a y , s a y in g t h o y fe lt " a s h a m e d t o ta k o th o m o n e y .

Tho toxt of tho potition submitted to President Wilson on
Doc. 17 in behalf of organized labor and somo farmers’
associations was given in the “ Chronicle,” Dec. 20, pages
2322-23.

NATIONAL ASSOCIATION OF OWNERS OF RAILROAD
SECURITIES ENDORSES RAILROAD BILL.
Railroad investors regard tho financial provisions of the
raijroad bill reported to Congress this week by the Senate
and House Conferees tho most satisfactory program of busi
ness legislation over dovisod by a law-making body, accord
ing to officors of the National Association of Owners of Rail
road Securities. This is indicated in a catechism issued by
tho investors briofly stating tho features of the bill regarded
as vital to railroad crodit and tho future financial, position
of the carriors. Representatives of the investors will make
every effort, through a campaign of public education, to
win the support for the measuro. Thoy will endeavor to
influence otlior investors directly or indirectly interested in
transportation securities, to tho end that business men may
bo informed concerning tho importance of sound railroad
legislation. It is pointed out that tho bill as agreed upon
by tho conforoes embodies tho main financial features of tho
plan proposod to Congross by tho National Association of
Owners of Railroad Securities during tho early consideration
of railroad legislation. Tho viows of investors, which bocamo known as tho Warfield plan, was introduced by S.
Davios Warfiold, President of tho Association. The fol
lowing pertinent questions and answers aro contained in the
catechism:
" D o c s S e ctio n 0 o f th o C u m m in s b ill gu aran tee a n y retu rn o f th o ra ilro a d s ?
" I t d oes n o t . I t neith er gu aran tees t o a n y ra ilro a d a s p e c ific return
n or o b lig a to s th o G o v e r n m e n t t o m a k o g o o d a n y d e fic it. S e ctio n 6 d irects
th o In to r -S ta to C o m m c r c o C o m m iss io n t o e sta b lish rates o r a ra te level
w h ic h will y ie ld a retu rn o f 'a s n e a rly as m a y b e ’ 5 > S % o n t h o a gg re ga te
fa ir v a lu o o f th o ra ilroa ds g r o u p e d in e a ch o f s u ch n u m b e r o f ra te d istricts
as th o C o m m iss io n m a y d e te rm in e . I f th o rates p r o v id e d b y th o In to rS ta to C o m m e r c e C o m m iss io n d o n o t y ie ld as m u ch as 5 H % o n a gg re ga te
v a lu o th o loss is th o ra ilro a ds.
" C a n a ra to level b o e sta b lish ed th a t will ca re fo r t h o necessities o f th o
m a jo r it y o f th o ra ilroa ds a n d essential t o su stain th e tra n s p o r ta tio n sys te m
as a w h o lo w ith o u t g iv in g t o a fe w fa v o r a b ly s itu a te d ro a d s m o re earnings
th a n th o p u b lic will sta n d f o r ?
" N o , it is n o t p o ss ib le . In o rd e r t o p e rm it rates t o b o e sta b lish ed t o
su sta in tra n s p o r ta tio n as a w h o lo , S e ctio n 6 p r o v id e s th a t a fte r 6 % has been
ea rn ed b y a n y ra ilroa d u p o n its fair v a lu e , th e excess b e y o n d th is shall b o
d iv id e d b etw oen t h o ro a d earn in g it a n d a p u b lic fu n d .
" D o c s th is m ean th a t S e ctio n 6 ta k e s th o earn in gs o f o n e ra ilro a d t o
g iv e t o a n o th e r ra ilr o a d ?
" I t d o e s n o t . I f a ra ilro a d earns m o re th a n 6 % . t h e s e ctio n p ro v id o s
fo r a d iv is io n o f th e excess b e tw e e n th a t ro a d a n d th o G o v e r n m e n t fo r e x 
p e n d itu re in th o s h ip p ers ’ in te re s t. T h is d iv isio n is h a lf a n d h a lf. T h is
fu n d is t o b o ex p en d ed u n d e r G o v e rn m e n ta l a u th o r ity fo r tra n s p o r ta tio n
fa cilities t o b o leased t o all ra ilro a d s .
" W h y is th o reg u la tion o f excess earnings n e c e ss a r y ?
" C e r ta in in d iv id u a l r o a d s aro e a rn in g a n d will a lw a y s earn e x c cs s iv o
retu rn s on a n y ra to str u ctu re w h ich is essential t o th o lifo o f th o m a jo r ity
o f th o ra ilroa d s . A v e r y la rgo n u m b e r o f ra ilroa ds c a n n o t p o s s ib ly s u rv iv e
u n d e r presen t c o n d it io n s . M a n y a rc n o t p a y in g o p e ra tin g exp e n se s. A s a
w h o lo t h e y aro earn in g a b o u t h a lf th eir s ta n d a rd re n ta l. T o e n a b le th o
C o m m iss io n t o a d ju s t ra te s s o th a t th e y ca n liv e a fte r t h o su rren der or
F ed era l c o n t r o l, th is excess m u st b e d e a lt w ith . T h e r e is n o o th e r w a y A 1 0 % in creaso in th e W estern d istrict w h ere th o r o a d s as a w h o lo aro e a rn 
in g o n ly 0 0 % o f th eir s ta n d a rd ren ta l w o u ld g iv e o n e ro a d 1 8 0 % o f its
s ta n d a rd re n ta l, w h ereas o th e rs w o u ld n o t re c e iv e th e h a lf o f it; 2 0 % increaso
w o u ld g iv o It 216 % .
H e n co rates c a n n o t b o a d ju s te d t o th e se circu m sta n ce s
w ith o u t th o reg u la tion o f excess earn in gs.
" W h y is S e ctio n 0 a b s o lu te ly n ecessary fo r th o ra ilro a ds a n d n o t fo r o th e r
b u sin ess?
" T h o ra ilroa d s aro like n o o th e r b u sin ess. T h o y aro re g u la te d In e v e r y
p a rtic u la r . T h o lr secu rities, u p o n th o salo o f w h ic h their busin ess d e p e n d s ,
a ro n o w t o b o re g u la te d . A s th e y aro tie d h a n d a n d f o o t , th eir ‘fo o d s u p p ly ’
m u st t lic r c fo r o b o re a s o n a b ly assured (b u t n o t gu a r a n te e d ) o n so m e m in i
m u m basis b y th e a g o n c y t h a t tics th e m — C o n g r e ss . T h o y aro p ro h ib ite d
fr o m a p p ly in g , a c c o r d in g t o th eir o w n J u d gm en t, t h e firs t la w o f business
s u rv iv a l— th a t th eir p r o d u c t m u st b o s o ld fo r a re a s o n a b le m argin a b o v e
c o s t . T h o G o v e r n m e n t nam es th e p rice a t w h ich th o r a ilr o a d s shall sell




735

THE CHRONICLE

th eir p r o d u c t a n d has d e clin e d t o p e rm it s u ch p rice t o b o ra ised fr o m tim e
t o t im e , a lth o u g h C on gress has a c t u a lly a d d e d , b y la w , t o th o c o s t o f p r o 
d u c in g t r a n s p o r ta tio n , w h ic h is w h a t th o ra ilro a ds s ell. P r iv a to busin ess
is n o t a p u b lic s e rv ice , a n d d o e s n o t o p e r a te u n d e r a p u b lic fra n c h is e . T h e r e
is n o sim ila r ity in a n y re s p e ct.
“ H o w w ill s e ctio n 6 te n d t,o e sta b lish cr o d it fo r th o ra ilro a d s ?
“ W h ile s e c t io n 6 w ill n o t p ro d u c e m o ro th a n th e m in im u m retu rn n eces
s a r y f o r th o essen tial ro a d s as a w h o lo t o s u rv lv o , it- w ill in tr o d u c e an c lo m e n t
o f c e r ta in t y h e r e to fo re la c k in g . H e r e to fo r e a r o a d has in v it e d loa n s o r
in v e s tm e n t w ith o u t k n o w in g w h at ra to le v e l w o u ld p re v a il (w h e th er th o
d e stru ctiv e 4 % le v e l o f 1914 o r th e m o ro lib e ra l o f 1 9 1 6 ). U n d e r s e c tio n 6
an in d iv id u a l r a ilro a d w h ich w o u ld earn 2 % o r 3 % o r 4 % o r 5 % o n th o fair
v a lu o o f its p r o p e r ty w o u ld h a v e s o m o re a s o n a b le a ssu ra n ce t h a t it w ill h a v o
a ch a n c e t o earn its re a so n a ble share o f th o t o ta l earn in gs o f th o g r o u p , if it
exorcises d illg e n co a n d e ffic ie n c y . W h a t a ra ilro a d w o u ld earn u n d or a rate
lo v o l e s ta b lis h e d fo r a g r o u p o f r o a d s d e p e n d s e n tire ly u p o n its e ffic ie n c y in
m an ag e m e n t a n d o p e ra tio n . E a c h r a ilro a d w ill b e a b le t o esuabllsh a s ta n d 
ard o f earn in g p o w e r fo r lusclf, s u b je c t t o increase w ith in creasin g e ffic ie n c y ,
this sta n d a rd th o in v e sto r a n d th o p u b lic w ill v e r y s o o n u n d e rsta n d .
U n d er
p ro so n t law s th o m a jo r it y o f th o ra ilro a d s w o u ld h a v e n o th in g o n w h ic h t o
fin a n ce th e m se lv e s .
" I n p r o v id in g fo r th o m a k in g o r a d ju s tm e n t o f ra te s, d o e s S o ctio n 6
d ir o c t ly p r o v id e a n y retu rn o n o r g iv e a n y co n sid e ra tio n w h a te v e r t o secu rit i c s , w h e th e r s to c k s or b o n d s , o r g iv o v a lu o t o w a te re d se cu ritie s?
“ I t d o e s n o t . S o ctio n 6 is b a s e d e x c lu siv e ly o n v a lu o a n d n o t o n th o
a m o u n t o f secu rities o u ts ta n d in g . T h e a c c o u n ts o f th o ra ilro a ds aro n o w
k e p t u n d e r th o C o m m iss io n ’s ju r is d ic tio n , a n d th o C o m m iss io n is a b le t o
d e te r m in e w ith re a so n a ble c e r ta in ty th o va lu e s o f these p ro p e rtie s fo r rate
m a k in g p u rp o s e s. S inco secu rities a ro n o t co n sid e re d in th o va lu a tion s
m a d o , n o w a te re d secu rities, if th ere aro s u c h , ca n en ter in to th e fix in g o f
ra te s.
“ H a v o t h e p rin cip le s o f S e ctio n 6 b o o n a p p r o v e d b y disin terested stu d en ts
o f th o r a ilro a d p r o b le m ?
“ Y o s . th o p rin cip les o f S e ctio n 6 aro sa id t o b o in d isp en sa b lo b y In ters ta te
C o m m e r c e C o m m iss io n e r E d g a r E . C la rk , J u d g e O . A . I’r o u t y , D ir e c to r o f
V a lu a tio n o f R a ilro a d s, a n d M r . W a lk e r D . H in e s, D ire c to r -G e n e ra l o f
R a ilr o a d s .
,
" W o u l d a gen era , ru le f o r ra to m a k in g m e e t th o s itu a tio n — s u c h , fo r in 
s ta n c e , as a m ere re q u ire m e n t th a t th o C o m m iss io n ta k e in to co n sid era tion
th o c o s t o f la b o r , m ateria ls, & c. ?
“ I t w o u ld n o t .
T h o lifo in su ra n ce co m p a n ie s , sav in g s b a n k s a n d oth er
fid u c ia r y in stitu tio n s w h ich h a v o b o o n tho p e rm a n e n t in v e sto rs in ra ilw a y
se cu ritie s, a n d th o co n so rv a tiv o b a n k in g in s titu tio n s, w h ic h m u s t b e relied
o n to fin a n c o a n d g iv e cr e d it t o t h o r a ilr o a d s , k n o w t h a t m oro gen eral phrases
o f th a t ch a r a c te r a d d n o elo m o n t o f assu ra n ce. C o m m iss io n e r C la rk a sserted
t h a t s u c h phrases w ill n o t ch a n g e th o m e th o d o f th o p a st. T h o m e th o d o f
t h o p a s t h a s b e e n th a t re lie f c o u ld o n ly b o h a d th ro u g h a la w s u it. I n 
ve s to rs w ill n o t fln a n co a r a ilro a d o n a law s u it. I n o th e r w o r d s , th e fix e d
p e rce n ta g e re tu r n , fr o m ra te s, a p p lie d t o a gg re ga te v a lu o , s u p p lie s a b asis
fo r cr e d it w ith o u t w h ich th o ra ilro a ds c a n n o t b o fin a n c o d .
" I s s e ctio n 6 o f th o S enato b ill th o o n ly p ro v is io n a ffo r d in g th o m in im u m
assu ra n ce n ecessary t o th o s u rv iv a l o f th o ra ilro a d s w ith o u t G o v e r n m e n t
o w n ersh ip ?
“ It is ."
________________________ __________

EQUIPMENT TRUST AGREEMENT.
Following a series of conferences of railway executives,
bankers and representatives of the Railroad Administration
final drafts of tho equipment trust agreement between the
Government and tho railroad corporations wero sent out
on tho 16th inst., tho N ow York “ Times” of the 17th inst.
announced. It also said:
U n d e r th o so a gro e m o n ts, w h ic h to ta l c ig h t y -t w o , $ 3 8 0 ,0 0 0 ,0 0 0 w o r th o f
e q u ip m e n t o r d e r e d a n d a llo c a te d b y th o R a ilr o a d A d m in is tr a tio n in 1918
w ill b e a c c e p te d b y th o co r p o r a tio n s a n d p a id fo r in fifte e n y e a rs .
N o t all ro a d s w h ich h a v e r e c e iv e d e q u ip m e n t h a v e b e e n h e a rd re g a r d in g
w illingn ess t o p a r tic ip a te , b u t a la rge m a jo r it y h a v e a p p r o v e d th e p la n a n d
it w ill g o th ro u g h w ith th e G u a r a n ty T r u s t C o . as tru s te e .
T h e o n ly p a rtic u la r d iffe re n ce b e tw e e n th is a g re e m e n t a n d th e regular
e q u ip m e n t tru st a greem en ts b e tw e e n carriers a n d th eir b an k e rs is t h a t it
ru n s fo r fifte e n ye a rs in s te a d o f fo r th e c u s t o m a r y fiv e o r te n y e a rs .

THE

PEACE

TREAT IN

SENATE.

In accordance with tho program announced last week by
Sonator Lodge, and indicated in these columns a week ago
(page 618), the Peace Treaty was called up for considertaion
in tho Senate on M onday of this week, Feb. 16. Nothing
however, has been accomplished. The absence of Senator
Lodge from Wednesday’s session (the 18th) of the Senate,
owing to his indisposition, served to cause its laying aside, in
favor of tho deficiency appropriation bill and although the
Senato returned on Thursday there seemed no inclination
to drop consideration of tho appropriation measure and
renew deliberations on the Treaty. Yesterday (Fob. 20) an
unexpected speech on tho Treaty was made by Senator
Hitchcock, tho Democratic leador, and according to the Now
York “ Evening Sun” of last night, the Senator in his remarks
took issue with the statement of President W ilson, in the
latter’s Jackson D ay dinner, that tho Treaty should bo sub
mitted to a “ solomn referendum” of tho people, if the Re
publicans aro not willing to yield in their determination ,to
Ainericamzo the Troaty. Senator Hitchcock, it is stated,
declared that the Democrats wanted tho Treaty question
settled now, and that certain of thorn wero willing to go to
almost any length to obtain a compromise.
While the Senate debate on tho Treaty was not reopened
until the 16th, there had been since the 13th, and up to the
17th numerous conferences among tho members of the Senate
in an effort to reach somo compromise. On the 17th Senator
Hitchcock Avent privately to Sonator Lodge and stated to

736

THE CHRONICLE

him that the present efforts to ratify the Treaty were hopeless
unless the Republicans would accept one of the Democratic
proposals foi compromise on Article X , or offer some com
promise of their own which the Democrats could accept.
Senator Lodge stated that he saw no way of reaching any
middle ground, and it was generally admitted in Washing
ton that the situation was not the brightest by any means.
Preparations were under way on the 17th for the introduction
of a resolution declaring the state of war with Germany at an
end, and this it was understood would be offered tho moment
it becomes certain that the present ratification move will
end in failure. During yesterday’s debate Senator France of
Maryland introduced a resolution declaring a peace between
the United States and Germany, and providing for an inter
national conference to settle world reconstruction problems.
W hile there are a few Democrats and Republicans who say
that Senator Lodge will permit of certain modifications
which will allow the treaty to be ratified, this is doubted
by a great majority. The two modified drafts of Article X
reservation of the Peace Treaty submitted by Senator Hitch
cock are said to have tho indorsement of some forty Dem o
crats who are willing to support whichever of the proposals
the Republicans found preferablo; but both of the proposals
have heretofore been rejected by the Republican leaders in
the bi-partisan compromise negotiations. One of the pro
posals offered by Senator Hitchcock was the ono worked out
by the bi-partisan conference and not agreed to which Presi
dent Wilson characterized as very unfortunate in form.
The other was a draft formulated by former President Taft
and rejected by Senator Lodge. Tho two proposed reserva
tions are as follows:
1. T h e U n ited S ta tes assum es n o o b lig a tio n t o e m p lo y its m ilita r y o r
n a v a l forces o r th o e c o n o m ic b o y c o t t t o p re s e rve th o te rrito ria l in te grity
o r p o litic a l in d e p e n d e n c e o f a n y o t h e r c o u n t r y u n d e r th o p ro v is io n s o f
A r t ic le X , o r t o e m p lo y th o m ilita r y o r n a va l fo rce s o f th o U n ited S ta tes
u n d e r a n y o t h e r a r tic lo o f th o t r e a ty fo r a n y p u rp o s o , unless in a n y p a r
tic u la r ca se t h o C on g r ess , w h ic h , u n d e r th o C o n s tit u t io n , has th e sole
p o w e r t o d ecla re w a r, sh all, b y a c t o r jo in t r e s o lu tio n , so p r o v id o . N o th in g
h erein shall b o d eem ed t o im p a ir t h e o b lig a tio n in A r t ic lo X V I c o n ce rn in g
t h o e c o n o m ic b o y c o t t .

M r . T a ft’s suggested reservation is:
T h o U n ite d S ta tes d eclin e s t o assum e a n y lega l o r b in d in g o b lig a tio n to
p res orv o t h o territoria l in te g r ity o r p o litica l in d e p o n d o n c o o f a n y o th e r
c o u n t r y u n d er th o p ro v is io n s o f A rtic lo X , o r to e m p lo y th o m ilita ry o r
n a va l fo r c e s o f th e U n ited S ta te s u n d e r a n y a rticle s o f th o tr e a ty fo r a n y
p u rp o s e ; b u t t h o C on g r ess , w h ic h , u n d e r th o C o n s tit u t io n , has th o solo
p o w e r in th o p rem ises, w ill c o n sid e r a n d d e c id e w h a t m o ra l o b lig a tio n , if
a n y , u n d e r th e circ u m sta n ce s o f a n y p a rtic u la r ca se , w h en it arises, sh o u ld
m o v e th o U n ited S ta tes in th o in te re st o f w o r ld p e a co a n d ju s t ic e t o ta k o
a c t io n th erein , a n d w ill p r o v id o a c c o r d in g ly .

After endeavoring on the 17th to obtain Republican aid
in modifying the reservation to Article X .
Sonator Hitch
cock, tho Democratic leader was reported as saying “ it looks
as though wo might come out at tho same hole we went
in .”

RESIGNATION OF ROBERT LANSING AS SECRETARY
OF ST A TE— THE BULLITT TESTIMONY.
R N o resignation [from President W ilson’s Cabinet has
created more comment than that of Secrotary of State Robert
Lansing, whose withdrawal was made known in a statement
given out by the State Department at Washington on
Friday night, Feb. 13. The statement was accompanied
by correspondence which had passed between the President
and Secretary Lansing, incident to M r . Lansing’s resig
nation. While President Wilson makes it appear that
Secretary Lansing incurred his displeasure through liis action
in calling Cabinet meetings during tho President’s illness,
it is the generally accepted opinion that a divergence of
views on State matters of greater import has brought about
tho rupture. Secretary Lansing was ono of the delegates
who accompanied President Wilson to tho Peaco Conference,
and the break in his official relations with tho President
this week served to recall tho testimony boforo the Senate
Committee on Foreign Relations last September of William
C . Bullitt, who had been attached to the American Peace
Commission in Paris, that Secretary Lansing, Goneral Tasker
H . Bliss and Henry W hite had objected to certain parts of
the Peace Treaty and that M r . Lansing had expressed tho
opinion that the Leaguo of Nations was “ entiroly useless” at
present. Secretary Lansing never admitted nor donied tho
statements attributed to him by M r . Bullitt, having merely
stated when they received publicity “ I have no comment to
m ake.” As a matter of record we tako occasion to give hero
the statements ascribed to Secrotary Lansing by M r . Bullitt,
as published by the “ Journal of Commerce,” Feb. 14:
M r . B u llitt— T h is is a n o to w h ich I im m e d ia te ly d ic t a t e d , a fte r th o
co n v e r s a tio n ,
(rea d in g .)
M r . L a n sin g th en s a id th a t h o , t o o , c o n sid e re d m a n y p a rts o f th o tr e a ty
t h o r o u g h ly b a d , p a r tic u la r ly th o s o d e a lin g w ith S h a n tu n g a n d th o L ea gu e




[VOL 110

o f N a tio n s . H e sa id : “ I co n sid e r th a t th o L ea gu o o f N a tio n s a t p resen t is
e n tiro ly useless. T h o gre a t P o w e rs h a v e s im p ly g o n o ahead a n d a rran ged
th e w o r ld t o s u it th e m se lve s. E n g la n d a n d F ra n co in p a rtic u la r h a v o
g o tte n o u t o f th e tre a ty e v e r y th in g th a t th e y w a n te d a n d th o L e a gu e o f
N a tio n s ca n d o n o th in g t o a lte r a n y o f th o u n ju s t clau ses o f th o tr o a ty
e x c o p t b y u n an im o u s co n s e n t o f th o m e m b e rs o f th o L ea gu e, a n d th o grea t
P o w e rs w ill n o v e r g lv o th e ir co n se n t t o ch an ge s in th o Interests o f w oa k cr
p e o p le s .”
W o th e n talk e d a b o u t th o p o s s ib ility o f ra tific a tio n b y th e S on a to. M r .
L a n sin g sa id : " I b o lio v o th a t if th o S onato c o u ld o n ly u n d ersta n d w h at this
tr e a ty m ean s an d if th o A m e rica n p e o p lo c o u ld re a lly u n d e rsta n d , It w o u ld
u n q u e s tio n a b ly b e d e fe a te d , b u t I w o n d e r i f t h o y w ill o v e r u n d e rsta n d w h a t
it lo ts th em in f o r .”
l i e expressed th e o p in io n th a t M r . K n o x w o u ld
p r o b a b ly re a lly u n d ersta n d th e tr e a ty a n d th a t M r . L o d g e w o u ld ; b u t th a t
M r . L o d g o ’s p o sitio n w o u ld b e c o m o p u re ly p o litica l a n d th o ro fo ro In
e ffe c t iv e .
H e th o u g h , h o w e v e r, th a t M r . K n o x m ig h t in s tr u ct A m e r ic a
in th o real m ean in g o f it.

Differences botween the President and Secretary Lansing
are also believed to have existed as to tho handling of tho
Mexican situation. In his letter submitting his resignation
to tho President, Secrotary Lansing states that “ ovor since
January 1919 I have been conscious of tho fact that you no
longer were disposed to welcome m y advice in matters per
taining to tho negotiations in Paris, to our foroign service
or to international affairs in general,” and he indicates that
the presentation of his resignation, which had long since
beon contemplated, had been deferred simply bccauso of
his sense of duty and loyalty to tho President. In acknowl
edging that ho had frequently during tho President’s illness
called tho heads of the Executive Departments of the
Government together, Secretary Lansing states that “ I
believed thon and I behove now that tho conferences which
were held wero for tho best interests of your Administration
and of tho Republic and that belief was shared by others
whom I consulted.” M r . Lansing succoodod William J.
Bryan as Secretary of State; M r. Bryan resigned on June 23
1915, and M r. Lansing was named as Secretary during tho
Congressional recess; with tho convening of Congress his
nomination was sont to tho Senate by President Wilson on
D ec. 7 1915 and the nomination was confirmed on tho 13th
of that month. Tho following is tho announcement of the
State Department making known tho resignation of Secrotary
Lansing and tho correspondence between tho Secretary and
the President:
S e cre ta ry L an sin g has resign ed , a n d ills resign a tion has beon a c c o p t c d ,
ta k in g e ffe c t t o -d a y .
F o llo w in g is th o c o r ro s p o n d o n co b o tw co n th o P res i
d e n t a n d S e cre ta ry L an sin g:
T H E W H IT E HOUSE

Washington, Feb. 7 1920.
M y Dear M r. Secretary:
Is it tru e, as I h a v o beon t o ld , th a t d u rin g m y Illness y o u h a v o fr o q u o n tly
ca lle d th e heads o f th o e x c c u t lv o d o p a rtm o n ts o f th o G o v e r n m e n t in to
c o n fe r e n c e ?
I f it is, I fool it m y d u t y t o c a ll y o u r a tte n tio n t o co n s id e r 
a tio n s w h ich I d o n o t ca re t o d w e ll u p o n u n til I learn fr o m y o u y o u r s e lf
th a t this is th o fa c t .
U n d e r o u r c o n s titu tio n a l la w a n d p ra ctico , as d e v e lo p e d h ith e r to , n o o n o •
b u t th e President has th o rig h t t o s u m m o n th o h eads o f th o e x e c u tiv e
d e p a rtm e n ts in to co n fe re n ce , a n d n o o n o b u t th o P re sid e n t a n d th o C o n 
gress has th e righ t t o ask th e ir vlow s o r th o v ie w s o f a n y o n o o f th em o n
a n y p u b lic q u e s tio n .
I ta k o this m a tte r u p w ith y o u b oca u so in th o d e v e lo p m e n t o f o v e r y
c o n s titu tio n a l s y s te m , cu s to m a n d p rcc o d o n t are o f th o m o st serious c o n 
s e q u e n ce , a n d I th in k w o w ill all agreo in d e sirin g n o t to load in a n y w ron g
d ir e c t io n .. I h a v e th e re fo re ta k e n th o lib e r ty o f w ritin g y o u to ask th is
q u e s tio n , a n d I am su re y o u w ill b e g la d t o an sw e r.
I a m h a p p y t o learn fr o m y o u r re c e n t n o t o t o M r s . W ils o n th a t y o u r
s tr e n g th Is retu rn in g.
C o r d ia lly a n d s in c e r e ly y o u rs ,
W O O D R O W W IL S O N .

Hon. Robert Lansing, Secretary of State.
L a n s i n g ’ s R e p l y o n C a b i n e t C a lls .
TnE

SEC R ETA R Y OF STATE.

Washington, Feb. 9 1920.
M y Dear M r. President:
I t Is tru o th a t fr o q u o n tly d u rin g y o u r Illness I req u ested th o h eads o f
th e o x o c u tlv o d o p a rtm o n ts o f th o G o v e rn m e n t t o m oot fo r in form a l c o n fo r once.
S h o r tly a fte r y o u w ore ta k o n ill in O c to b e r , certa in m e m b e rs o f th o
C a b in e t, o f w h ich I was o n o , fo lt th a t, in v io w o f th o fa c t th a t w o w ore
d o n ie d co m m u n ica tio n w ith y o u , it w as w iso fo r us t o c o n fo r In fo rm a lly
to g e th e r o n in to r-d o p a rtm e n ta l m attors a n d o n m atte rs as t o w h ich a c tio n
c o u ld n o t b o p o stp o n e d u n til y o u r m e d ical a d visors p e rm itte d y o u t o pass
u p o n th e m . A c c o r d in g ly , I , as th o ra n k in g m o m b e r, re q u e ste d th o m o m b ors
o f th e C a b in e t t o assom blo fo r s u ch in fo rm a l c o n fo ro n co , a n d In viow o f th o
m u tu a l b e n e fit d e riv e d th o p r a c tic o w as co n tin u e d .
I ca n assure y o u th a t
it n o v e r fo r a m o m e n t e n tered m y m in d th a t I w as a c tin g u n c o n s titu tio n a lly
o r c o n tr a r y to y o u r w ishes, a n d th ere ce r ta in ly w as n o in to n tio n o n m y p a rt
t o assum e pow ers an d excrclso fu n ctio n s w h ich u n d e r th o C o n s titu tio n are
e x c lu s iv e ly co n fid e d t o th o P rc sid o n t.
D u rin g th eso tro u b lo u s tim os, w hen m a n y d iffic u lt and v e x a tio u s q u es
tio n s h a v e arisen a n d w h en in th o circu m sta n ce s I h a v o boon d e p r iv e d o f
y o u r g u id a n c o a n d d ir e c t io n , it has beon m y c o n s ta n t o n d o a v o r t o c a r r y
o u t y o u r po licie s as I u n d e rsta n d thorn a n d t o a c t in all m attors as I b o lio v o
y o u w o u ld w ish m o t o a c t . I f , h o w o v o r , y o u th in k th a t I h a v o fa ile d In
m y lo y a lt y t o y o u a n d i f y o u n o lo n g e r h a v o c o n fld o n c o in m o a n d re fer
t o h a v o a n o th e r c o n d u c t o u r fo re ig n a ffa irs , I a m o f co u rse , r e a d y , M r .
P re s id e n t, t o re lievo y o u o f a n y om ba rrassm on t b y p la c in g m y re s ign a tion
In y o u r h a n d s .
.
I a m , as a lw a y s , fa it h fu lly y o u rs ,
R O B E R T L A N S IN G .

T H E W H IT E H O U SE .

Washington, Feb. 11 1920.
Mg Dear M r. Secretary:
I a m v e r y m u ch d isa p p o in te d b y y o u r le tte r o f F e b . 9 in r e p ly t o m in e
ask in g a b o u t th e s o -c a lle d C a b in e t m e e tin g s. Y o u k in d ly exp la in th e
m o tiv e s o f th ese m eetin g s, a n d 1 fin d n o th in g In y o u r le tto r w h ic h ju stifie s
y o u r a ss u m p tion o f P resid en tia l a u th o r ity in s u ch a m a tte r. Y o u s a y y o u
‘ ‘fe lt t h a t, in v io w o f th e fa c t t h a t y o u w ere d e n ie d c o m m u n ic a tio n w ith m e ,
it w as w ise t o c o n fe r In form a lly to g e th e r o n in te r-d e p a rtm e n ta l m a tte rs an d
m a tters as t o w h ic h a c tio n c o u ld n o t b o p o s tp o n e d u n til m y m e d ic a l ad visers
p e rm itte d m o ” t o b o seen a n d c o n s u lte d , b u t I h a v e t o re m in d y o u , M r .
S e cre ta ry , th a t n o a c tio n c o u ld b o tak e n w ith o u t m e b y t h o C a b in e t, a n d
th e re fo re th e re c o u ld h a v e been n o d isa d v a n ta g e in a w a itin g a c tio n w ith
reg ard t o m a tte rs co n ce rn in g w h ic h a ctlp n c o u ld n o t h a v e b e e n tak e n w ith 
o u t m e.
T h is a ffa ir , M r . S ecreta ry , o n ly d e e p e n d s a fe e lin g t h a t w a s g r o w in g u p o n
m o . W h ile w o w ere still in P aris, I fo lt, a n d h a v e fe lt in cr e a s in g ly e v e r s in ce ,
th a t y o u a c c e p te d m y g u id a n c e a n d d ire ctio n o n q u e s tio n s w it h reg ard to
w h ic h I h a d t o in s tr u ct y o u o n ly w ith in cre asin g re lu c ta n c e , a n d s in ce m y
retu rn t o W a s h in g to n I h a v o been str u ck b y th e n u m b e r o f m a tte rs in w h ic h
y o u h a v o a p p a r e n tly tried t o fore s ta ll m y ju d g m e n t b y fo r m u la tin g a ctio n
a n d m e r e ly a sk in g m y a p p r o v a l w h en it w as im p o s sib le fo r m e t o fo r m an
in d e p e n d e n t Judgm ent b e ca u se I h a d n o t h a d a n o p p o r t u n it y t o exa m in e
t h o circu m sta n ces w ith a n y d e gre e o f In depen den ce.
I th erefore feel th a t I m u st fr a n k ly ta k e a d v a n ta g e o f y o u r k in d s u gg estion
t h a t i f I s h o u ld p refer t o h a v o a n o th e r t o c o n d u c t o u r fo re ig n a ffa ir s , y o u are
r o a d y t o r eliev o m o o f a n y em ba rrassm en t b y p la c in g y o u r re sign a tio n In m y
h a n d s , f o r I m u s t s a y th a t it w o u ld r e lie v o m e o f em b a rr a s s m e n t, M r .
S e cre ta ry , th o em ba rrassm en t o f fe e lin g y o u r re lu c ta n c e a n d d iv e r g e n c e o f
J u d gm en t, i f y o u w o u ld g iv e y o u r present o f f ic e u p a n d a ffo r d m e an o p p o r 
t u n it y t o s e le c t s o m c o n o w h o se m in d w o u ld m o re w illin g ly g o a lo n g w ith
m ln o .
I n eed n o t tell y o u w ith w h a t r e lu c ta n c e I ta k e a d v a n ta g e o f y o u r s u g
g e s tio n , o r th a t I d o s o w ith th e k in d lie st fe e lin g . In m atte rs o f tra n s ccn d a n t
Im p or ta n c e lik e this th e o n ly w iso co u rso Is a co u rso o f p e r fe c t c a n d o r , w h ere
p orson al fo o lin g is as m u c h as p o ss ib le le ft o u t o f th e re c k o n in g .
V o r y sin ce re ly y o u rs ,
W O O D R O W W IL S O N .

Hon. Robert Lansing, Secretary o f State.
THE SEC R ETA R Y OF STATE.

Washington, Feb. 12 1920.
M y Dear M r. President:
I w ish t o th a n k y o u s in co ro ly fo r y o u r ca n d id le tte r o f th e 11th in w h ich
y o u s ta to t h a t m y resign a tion w o u ld b o a c c e p ta b le to y o u , s in c e It relieves m e
o f th o re s p o n s ib ility fo r a c tio n w h ich I h a v e be e n co n te m p la tin g a n d w h ic h
I ca n n o w ta k o w ith o u t h e s ita tio n as it m eots y o u r w ish es.
I h a v o th o h o n o r , th e re fo re , t o te n d e r y o u m y re s ig n a tio n as S e cre ta ry o f
S ta to , th o sam e t o tak e e ffe c t a t y o u r co n v e n ie n c e .
•
In thus s o v e rln g o u r o ffic ia l a ss o cia tio n I f e e l , M r . P r e s id e n t, t h a t I sh o u ld
m ak o th o fo llo w in g s ta te m e n t w h ic h I h ad p re p a re d r e c e n tly a n d w h ich w ill
s h o w y o u th a t I h a v o n o t be e n u n m in d fu l t h a t th o c o n tin u a n c e o f o u r presen t
rela tion s w as im p os sib le an d th a t I rea lized th a t it w as cle a r ly m y d u t y t o
b rin g th e m t o an en d a t th o earliest m o m e n t c o m p a tib le w it h th e p u b lic
in teres t.
E v e r s in ce Jan u a ry 1919 I h a v e b e e n c o n scio u s o f th o f a c t t h a t y o u no
lo n g e r w or e d isp os ed t o w e lco m e m y a d v ic e in m atte rs p e rta in in g t o th o
n e g o tia tio n s in P a ris, t o o u r fo re ig n s o r v ic o , o r t o in te rn a tio n a l a ffairs in
g en era l. H o ld in g those v io w s , I w o u ld , i f 1 h a d co n s u lte d m y personal
In clin a tion a lo n o , h a v e resigned as S e cre ta ry o f S ta to and as a co m m issio n e r
t o n e g o tia te p o a c o . I fe lt, h o w e v e r , th a t s u ch a s to p m ig h t h a v o b o o n m is
in terp reted b o th a t h o m o a n d a b r o a d , a n d th a t it w a s m y d u t y t o cau so
y o u n o om ba rrassm on t In ca rr y in g fo rw a r d th o great task in w h ic h y o u w ero
thon e n g a g e d . P o s s ib ly I erred in th is , b u t i f I d id it w a s w it h th o b e st o f
m o ttv o s.
W h o n I retu rn ed t o W a s h in g to n in th o la tte r p a r t o f J u ly 1919 m y p er
son a l w ish t o resign h a d n o t ch a n g e d b u t a ga in I fe lt th a t lo y a lt y t o y o u and
m y d u t y t o th o A d m in is tr a tio n co m p e lle d m o t o d o fo r a c t io n , as m y resig
n a tio n m ig h t h a v o boon m is co n stru e d In to h o s tility t o th o ra tific a tio n o f
th o T r e a t y o f P o a co , o r a t lea st In to d is a p p r o v a l o f y o u r v ie w s as t o th o
fo r m o f r a t ific a t io n . I th e re fo re rem ain ed s ile n t, a v o id in g a n y co m m e n t
o n th o fre q u e n t r e p o rts th a t w o w ere n o t in fu ll a g re e m e n t. S u b se q u e n tly
y o u r s eriou s Illness, d u rin g w h ich I h a v o n e v e r seen y o u , im p o s e d u p o n m e
th o d u t y — a t loa st I co n stru e d it t o b o m y d u t y — t o re m a in in ch a r g o o f
th o D e p a r tm e n t o f S ta to u n til y o u r h e a lth p e rm itte d y o u t o assu m e a gain
fu ll d ir e c tio n o f foreign a ffa irs .
B o lio v in g th a t th a t tim e h a d a r r iv e d , I h ad p re p a re d m y re s ig n a tio n ,
w h on m y o n ly d o u b t as t o th o p r o p r ie t y o f p la c in g it in y o u r ha n d s w as
r e m o v e d b y y o u r le tte r In d ica tin g th a t it w o u ld b o en tire ly a c c e p t a b le t o y o u .
I th in k , M r . P r e s id e n t, in a c c o r d a n c e w ith th e fra n k n ess w h ic h has
m ark od th is c or resp on d en ce a n d fo r w h ic h I a m gr a te fu l t o y o u , th a t I c a n 
n o t p e r m it to p ass u n ch a llen ged th e im p u ta tio n th a t in ca llin g in to Inform al
co n fo r o n c o th o heads o f th e o x o c u tlv o d e p a rtm e n ts I s o u g h t t o usurp y o u r
P res id en tia l a u t h o r it y . I had n o s u ch in te n tio n , n o s u c h t h o u g h t. I
b o llo v e d th on an d I b o lio v o n o w th a t th e c o n fe re n ce s w h ic h w ero h eld w ore
fo r th o b e s t Interests o f y o u r A d m in is tr a tio n an d o f th e R o p u b lic , a n d th a t
b o llo f w a s shared b y o th e rs w h o m I co n s u lte d . I fu r th e r b e lie v e th a t
th o co n fe re n ce s w ero p r o p o r a n d necessary in th o circ u m sta n ce s a n d th a t I
w o u ld h a v e been d erelict in m y d u t y i f I h a d fa ile d t o a c t as I d id .
I a lso fo o l, M r . P resid en t, th a t ca n d o r co m p e ls m e t o s a y t h a t I c a n n o t
a greo w it h y o u r s ta te m e n t th a t I h a v o trie d t o fo re ta ll y o u r Judgm ent In
cor ta ln ca ses b y fo rm u la tin g a c tio n a n d m c r o ly a sk in g y o u r a p p r o v a l w h en
it w as im p os sib le fo r y o u t o fo rm an in d e p e n d e n t u d g m e n t b e ca u s e y o u h ad
n o t h a d an o p p o r tu n ity t o e xa m in e th o circu m sta n ce s w ith a n y d egreo o f
in d e p o n d o n c o . I h a v o , it is tru e , w h en I th o u g h t a ca so d e m a n d e d Im m o d la to a c t io n , a d v ise d y o u w h a t, in m y o p in io n , t h a t a c t io n s h o u ld b e ,
s ta tin g a t th o sam o tim e th e reasons o n w h ic h m y o p in io n w as based .
T h is , I c o n c o iv e d t o b o a fu n c tio n o f th e S e cre ta ry o f S ta to a n d I h a v e
fo llo w e d th o p ra ctico fo r th o p a st fo u r y e a rs a n d a h a lf. I co n fe ss th a t I
h a v o been su rprised a n d d isa p p o in te d a t th o fre q u e n t d isa p p ro v a l o f m y
s u gg e stion s , b u t I h a v o n e v e r fa ile d t o fo llo w y o u r d e cis io n s , h o w e v e r
d iffic u lt it m a d o th o c o n d u c t o f o u r fo re ig n a ffairs.
I n eed h a r d ly a d d th a t I le a v e th e o ffic o o f S e cre ta ry o f S ta to w ith o n ly
g o o d w ill to w a rd y o u , M r . P re s id e n t, a n d w ith a sense o f p r o fo u n d r e lie f.
F o r g o ttln g o u r d iffe re n ce s a n d re m e m be rin g o n ly y o u r m a n y kindnesses
In th o p a st, I h a v o th o h o n o r t o b e , M r . P re s id e n t,
S in co ro ly y o u rs ,
R O B E R T L A N S IN G .

The President, the While House.
T H E W H IT E H OU SE.

Washington, Feb. 13 1920.
M y Dear M r. Secretary:
A llo w m o t o a c k n o w le d g e w ith a p p re cia tio n y o u r le tte r o f F e b . 1 2th . I t
n o w b ein g o v id o n t , M r . S ecre ta ry , th a t w e h a v e b o t h o f us fe lt t h o em ba rrass




737

THE CHRONICLE

F eb . 21 1920.]

m e n t o f o u r re c e n t re la tio n s w ith e a ch o th e r , I fe e l it m y d u t y t o a c c e p t y o u r
re s ign a tio n , t o ta k e e ffe c t a t o n c e , a t th e sam e tim e a d d in g th a t I h o p e t h a t
th o fu tu r o h o ld s fo r y o u m a n y su ccesses o f th o m o s t g r a t ify in g s o r t. M y
b e st w ishes w ill a lw a y s fo llo w y o u , a n d it w ill b e a m a tte r o f g r a tifica tio n
t o m e a lw a y s t o re m e m b e r o u r d e lig h tfu l pe rso n a l re la tio n s.
S in ce re ly y o u r s ,
.
W O O D R O W W IL S O N .

Hon. Robert Lansing, Secretary o f State.

SECRETARY RE DFI ELD ON SECRETARY LANSING'S
_________ RESIGNATION AND REASONS THEREFOR.
William’ C . Redfield, Secretary of Commerce in President
Wilson’s Cabinet up to Oct. 15 last, and who participated
in some of tho Cabinet meetings. during President W ilson’s
illness, makes the following comment, in the N ew York
“ Tribune” of Fob. 15 regarding the resignation of Secretary
Lansing and the President’s declarations as to his dis
approval of the latter’s action in calling such meetings:
T h o re q u e s t fo r S e cre ta ry L a n s in g ’s re sign a tio n w a s a g r e a t su rp rise a n d
s h o c k t o m e . I w as p resen t a t t h e fir s t m e e tin g o f th o C a b in e t u n d e r M r .
L a n sin g. T h e m e m b e rs p re se n t se n t w o r d t o M r . W ils o n th r o u g h D r .
G r a y so n t h a t t h e y w ere m e e tin g , a n d exp ressed h o p e t h a t th e P re s id en t
w o u ld h a v o a s p e e d y r e c o v e r y . A d m ira l G r a y so n b r o u g h t b a c k an in q u ir y
fr o m M r . W ils o n as t o w h a t busin ess w as in h a n d , a n d th e C a b in e t m e m b e rs
rep lie d t h a t t h e y h a d m e t in c o n fe r e n c e t o d e te rm in e th e ir d u t y in v ie w o f
his d isa b ility .
N o w o r d o f d is a p p r o v a l o f o u r m e e tin g s e v e r ca m e fr o m th e W h it e H o u s e ,
t o th e b e s t o f m y k n o w le d g e . I t is a sto n ish in g t o lea rn n o w o f th e P resi
d e n t ’s d is a p p r o v a l. T h e C a b in e t g a th e rin gs w ero v o lu n t a r y , in fo rm a l a n d ,
t o m y m in d , n e c e ss a r y , i f th o n a t io n ’s b usin ess w as t o p r o c e e d re g u la rly
a n d w ith in te llig e n t k n o w le d g e o f p rog ress m a d o .
I b o llo v e d t h o n , an d s till d o , t h a t it w as o u r d u t y n o th in g m o r e o r less , t o
m e e t as w o d id . I a c c e p t m y sh are o f re s p o n s ib ility f o r w h a t w as d o n e . T o
m y k n o w le d g e th e ro w as n e v e r th o fa in te s t s u gg e stio n In w o r d o r s p ir it
th a t th o C a b in e t m e m b e rs w ere tr y in g t o d o a n y th in g e x c e p t h e lp P re s id en t
W ils o n d u rin g h is illn ess as fa r as w o w ore a b le .
•m
O f c o u r s e , I ca n spe a k o n ly o f w h a t h a p p e n e d u p t o th o t im e o f m y w ith 
d ra w a l fr o m th o C abinO t. A s th o p u b lish e d co r r e s p o n d e n c e b rin g s o u t , I
a m fo r c e d t o b e lie v e t h a t o th e r ca u se s th a n th e re q u e sts b y S e cre ta ry L a n s in g
t o his co llo a gu e s t o m e e t fo r co n s u lta tio n la y b e h in d th o P re s id e n t’s req u est
fo r h is r e s ig n a tio n .
____________________________________

R. L. LINCOLN DECLARES THERE WERE NO CABINET
CONFERENCES DURING PRESIDENT GARFIELD'S
ILLNESS.

8

In referring to tho statement current that a precedent for
tho action of Secretary of State Lansing in calling Cabinet
conferences during President W ilson’s illness had been
established during the illness of former President Garfield,
following his attempted assassination in 1881, the Now York
“ Times” of Fob. 1G printed a statement by Robert L .
Lincoln, showing that no Cabinet conferences were held at
that time. M r . Lincoln, who is tho oldest son of President
Lincoln, and who was Secretary of W ar from 1881 to 1885,
is quoted to the following effect in tho “ Tim es:”
W h e n M r . L in co ln w a s ask ed th is a fte r n o o n [F e b . 151 w h e th e r th ero w as
a n y p re ce d e n t establish ed d u rin g P resid en t G a r fie ld ’s illn ess fo r ca llin g
m ootin g s o f th o C a b in e t , h e ro p lie d : “ N o th in g w as d o n e in t h a t d ire ctio n
w h a t e v e r ."
In r e p ly t o a q u estion as t o ju s t w h a t w a s d o n e , M r . L in c o ln sa id :
P resid en t G a rfie ld w as s h o t o n J u ly 2 1881. C on g ress w a s n o t th en in
session . I t w as m id su m m er a n d v e r y w a rm in W a s h in g t o n , as w ell as
v a ca tio n tim e . A fte r P resid en t G a rfie ld w as ta k en t o his h o m e in th e W h it e
H o u se th e u p p e rm o s t co n sid e ra tio n in th e m in d s o f h is C a b in e t m em b ers w a s
o n o o f th e d e e p e st person a l co n ce rn o v e r his p h y sica l c o n d it io n . I r em em b er
v e r y w ell w h a t h a p p on ed d u rin g t h a t p e rio d .
T h e m em b ers o f P resid en t G a r fie ld ’s C a b in e t , a cco m p a n ie d b y th e ir
w iv e s , w e n t t o th e W h it e H o u se e v e r y n ig h t t o b o in clo s e to u ch w ith th e
fa m ily a n d t o loarn h o w th e P re s id e n t h a d s p e n t th o d a y . W o gen era lly
assem bled in th e C a b in e t ro o m d u rin g theso ev e n in g ca lls, b u t th e y w ere
so cia l v isits in n o w a y o ffic ia l. N o o ffic ia l busin ess w as con sid ered o r
tra n sa cted . T h e m em b ers o f t h o C a b in e t w o u ld , d u r in g th ose m e e tin g s,
ta lk w ith th o a tte n d in g p h y sicia n s , an d w iv es o f m om b ers o f th e C a b in e t
som etim es w en t Into a n o th e r ro o m t o see M r s . G a r fie ld . T h e m em b ers o f
th o C a b in e t ea ch p re sid e d o v e r h is o w n d e p a rtm e n t a n d sa w th a t its a ffa irs
w ero p ro p e rly c o n d u c t e d , b u t th e re w as a t n o tim e a ca lled C a b in e t m e e tin g ,
an d th e C a b in e t d id n o t u n d e rta k e in a n y w a y t o fu n c t io n fo r th e P re s id e n t.
In rosp on so t o a q u e s tio n , M r . L in co ln said th a t d u rin g th e p e rio d th a t
P resid en t G a rfie ld w as ill, n o s u b je c t a rose o n w h ich th e P resid en t a lo n e
co u ld a c t , an d th a t th e re fo re th e q u e s tio n o f h o w t o d e a l w ith s u ch m atters
d id n o t p re se n t Itself.
O n e o f th e m e s t in te re stin g q u e stio n s t h a t a ro se in th e m in d s o f m em b ers
o f P resid en t G a rfie ld ’s C a b i n e t ," sa id M r . L in c o ln , “ w as w h eth er h is Illness
co n stitu te d a d isa b ility In th o sen so o f th e C o n s tit u t io n , a n d as t o w h a t
w ou ld ha p p en In th e ca so o f h is c o m p le te in a b ilit y t o a c t In s o m e crisis.
T h e ro w as n o fo rm a l co n sid e ra tio n o f this q u e s tio n , b u t it w as q u it e n a tu ra l
th a t th ey d e v o t e d s o m e th o u g h t t o th is p h a se o f t h e m a t t e r .”
M r . L in co ln said th a t th o tren d o f o p in io n in th e C a b in e t w as t h a t i f
th o V ice-P resid en t o n c e w a s ca lle d u p o n t o a c t th ere w as g r a v e d o u b t
w h eth er th e V ice -P re s id e n t w o u ld n o t h a v e t o b e reta in ed In o f f i c e

I T E M S 'A B O U T

BANKS,

TRUST

C O M P A N IE S,

&c.

The publio sales of bank stocks this week aggregate 785
shares and were all mado at auction. The sales of trust
company stock reach a total of 290 shares. All of these
stocks were sold by the executors of the will of Margaret
O. Sage (M rs. Russell Sago).
Shares. B A N K S — New York.
Low.
625 C o m m e rc e , N a t . B a n k o f _____ 2 30
130 F ifth A v e n u o B a n k ......................940
30 Im p o r te r s & T r a d . N a t. B a n k .651
T R U S T C O M P A N Y — Neto York.
290 N o w Y o r k T r u s t C o .....................605
♦ O ld 6 to c k .

High. Close. Last precious sale.
2 30
9 40
6 80

2 30
9 40
6 80

D ec.
M a r.
J u ly

1919—
250
1912— 4 7 0 0 *
1914—
505

605

605

A p r il

1918—

595

C a p ita l h as s in co b o o n Increased fr o m $ 1 0 0 ,0 0 0 t o $ 5 0 0 ,0 0 0 ,

738

THE CHRONICLE

Four New York Stock Exchange memberships were re
ported posted for transfer this week, the consideration being
given as §90,000, §85,000, §90 ,000 and §9 3 ,000 , respectively.
A special meeting of the stockholders of The Mechanics
& M etals National Bank of the City of N ew York has been
called for March 23 to vote on an increase of the capital stock
from §6,0 00,0 00 to §9,0 00,0 00 , the new shares to be offered
to stockholders at par. W ith the completion of plans for
increasing the stock, it is the intention of The Mechanics
& M etals National Bank to bring about a merger with the
N ew York Produce Exchange Bank, with the ultimate object
in view, when the merger has been completed, of having
The Mechanics & M etals National Bank with §10,000,000
capita], §10,000,000 surplus and §5,0 00,0 00 undivided
profits. Acquisition of the business of the New York Pro
duce Exchange Bank will involve the taking over of its nine
branches in the metropolitan district. The present head
quarters of this bank, at 10 Broadway, will also be main
tained as a branch. The consolidation of these two banks
under the charter and management of The Mechanics &
M etals National Bank, it is announced, has been contem
plated for a long time, and it is confidently expected that it
will round out the organization in a satisfactory manner.
Gates W . M cGarrah, President of The Mechanics & Metals
National Bank, has also been President of the New York
Produce Exchange Bank for the past five years. N o official
changes in the personnel of the two banks are contemplated.
The combined deposits of the two istitutions aro in excess
of §300,000,000.
Consul-General Julius G . Lay, Acting Foreign Trade
Adviser of the Department of State, has tendered his regispation to the Acting Secretary of State, and after March 1
will be connected with the international banking firm of
Speyer & C o. at their New York office. M r . L ay’s career
as a counselar officer has been one of exceptional distinction
and efficiency. Entering the Consular Service nearly 30
years ago, M r . Lay rose through successive promotions
virtually to tho summit of his consular profession. He served
as Counsel-General at Barcelonia, Spain; Canton, China;
Cape Town, South Africa; Rio do Janeiro, Brazil, and Berlin
Germany. His work at Berlin, in collaboration with A m 
bassador Gerard, during tho years prior to our entrance into
the war, was especially notable. W hen tho Department
determined three years ago to reorganize and expand its
facilities for handling commercial, financial and econmoic
questions, Consul-General Lay was called upon to undertake
the task; and as Acting Foreign Trade Adviser ho built up
and developed an extensive office, with a systematic organiza
tion co-ordinated with work of tho Department and other
services of tho Government, for procuring information and
formulating practical trade policies on behalf of the Depart
ment.
A t the last meeting of the board of directors of the Pacific
Bank of this citv, John S . Ham ilton, Assistant Cashier,
was elected Vice-President.
A t the meeting of tho board of directors of tho Columbia
Trust Company of this city, on Jan. 19, Joseph P . Cotton
and Elisha Walker were elected directors of the company.
A t a meeting of the trustees of The Equitable Trust Com
pany of New York this week, Arthur W . Loasby, recently
appointed a Vice-President of Tho Equitable Trust Company
of New York, was elected a trustee of the company.

Henry Allan Smith, formerly a Vice-President of the
National Bank of Commerce in N ew York, died on Feb. 11
at his home in this city. H e was in his seventieth year.
M r . Smith was born at Hudson, N ew York, and at the age
of fourteen entered the employ of the Farmer’s Bank there.
Later he came to N ew York City to the old Third National
Bank. Afterwards he went to the Western National Bank
of this city as Cashier, later becoming a Vice-President.
Th at institution was merged with the National Bank of
Commerce in New York in 1903 and M r . Smith remained
as a Vice-President of the consolidated institution until
July 1 1913, when he retired. He was for many years
actively interested in the American Bankers Association
and was well known both to local and out of town bankers.




[Vol. 110.

Tho directors of tho International Banking Corporation
at a meeting held on Feb. 17 votod to transfor §1 ,5 0 0 ,0 0 0
from undivided profits to surplus account, making tho sur
plus §5 ,0 0 0 ,0 0 0 . Tho total capital and surplus of tho bank
is now §10 ,000 ,00 0.
Edwin B . D ay , formerly Vice-President of the Battery
Park National Bank of this city, has been elected Treasurer
and a member of the executive committee of Fowler, Boyd,
Leighton & D u Bois, Inc., 120 Broadway, Now York, an
American corporation offering foreign trade sorvico in tho
Far East. The other officers of the company aro: President,
Harry B . Fowler, formerly Vice-Prosidont of A . L . Tuska,
Son & C o.; Vice-Presidents, Ralph Sharpless' Boyd, of Kobe,
Japan, President of tho Sharpless Boyd C o ., commission
merchants and ship charterers, the business of which was
absorbed by tho now company on Jan. 1; Henry P. Du Bois,
formerly Assistant to tho President of J. G . W hite & C o .,
Inc.; Hugh C . Loighton, of Now York, Chairman of tho board
of the Van N oy Inter-State C o., and Assistant Secretary
and Treasurer, W alter S. Mallory Jr.
The Union Liborty Stato Bank, formod with a capital of
§12 5,00 0 (par §1 0 0 per share) and surplus of §25 ,000 , oponed
for businoss on Fob. 12 in tho formor officos of tho Fifth
National Bank at Twenty-third Street and Third Avonue.
Tho new institution is the first Polish-Amorican Stato bank
to bo established in this city. Its officers are: Roman L.
M odra, President; Valentino J. Perlowski, Martin T . Bonk
and Edward S. Witkowski, Vice-Presidents; John J. Bonk,
Cashier, and Congressman John C. Kleczka, Chairman of
tho board of directors^ A t a banquet hold at Hotel M cAlpin
following tho opening of the bank tho guests included Prince
Casiinir Lubomirski, Minister to tho United States from
Poland; D r. Francis Pulaski, Ministor of tho Polish Legation;
Senator Henry Pollock and Edward E . W a tts, President
of the Fifth National Bank.
A t the special meeting of tho stockholders of tho Peoples
Trust Co. of Brooklyn on Fob. 11 tho proposal to increase
the capital from §1 ,2 0 0 ,0 0 0 to §1,5 00,0 00 was ratified. The
plans to increase the capital wero roforred to in our issuo of
Feb. 7. Tho stock (par §100) is to bo sold at §20 0 per share
to present stockholders at the rate of ono sharo of now stock
to evory four shares now hold. This increaso becomes ef
fective April 1.
Several changes in tho official staff of the Fidelity Trust
Co. of Newark, N . J ., wore recently announced by President
Uzal II. McCarter. Following tho death of Frederick W .
Egner, Senior Vice-Prosidont of tho company, Paul C .
Downing, Treasurer, was made a Vice-Prosidont and a
director, and Honry Schnoidor, Assistant Socrotary and
Treasurer, was advanced to the position of Treasurer. To
fill tho vacancy caused by tho resignation of Clarence G .
Appleton, as Secretary of tho institution, Robert G . Peace
was advanced from tho position of Assistant Socrotary and
Treasurer. M r . Appleton has severed his connection with
the Fidelity to becomo Vice-President and oxooutivo head
of tho Montclair Trust C o. of Montclair, N . J. Tho va
cancies created by tho advancement of M r . Schnoidor and
M r . Peaco have not yet been filled.
A t tho special mooting of tho stockholders of tho National
Bank of Baltimore at Baltimore on Fob. 9 tho proposal to
increase tho capital from §1,2 10,7 00 to §1 ,5 0 0 ,0 0 0 was
ratified. Reforonce thereto appeared in our columns of
Feb. 7. The stock (par §100) is to bo sold at §18 0 por share
to stockholders of record Fob. 11 at tho rato of ono sharo
of new stock to every four shares now hold. W ith its en
larged capital of §1 ,5 0 0 ,0 0 0 tho bank will havo a surplus
of §800,00 0 and undivided profits of about §13 0,00 0.
The Rhode Island Hospital Trust Company of Providence
has disposed of its holdings (amounting to 6,802 sharos) in
the Merchants National Bank of Providonco. Tho stock has
beon sold to interests identified with tho bank. Tho shares
aro of a par value of §50 each, while tho markot valuo is in
the neighborhood of §9 0 . Tho prico at which tho Trust
company has disposed of its interest in tho bank is understood
to bo about §635,000. Tho stock of tho Merchants National
consists of 20,000 shares of §50 oach.
Tho Merchants
National celebrated its ono hundredth anniversary in 1918.
The sale of the Merchants stock is tho second of its kind by

Feb. 21 1920.]

THE CHRONICLE

739

tary to tho President and later as credit manager and head
of the new business department. He is nationally known as
the author of “ Essentials in the Granting of Bank Credits.’
Oliver G . Hanson, who has been assistant safe deposit officer
for the last year, has been elected safe deposit officer. H e
Edward D . Gilmoro was elected Assistant Treasurer of has been with tho company since 1911. Charles G . Cobb
the Pittsburgh Trust Co. of Pittsburgh, P a ., and Gwilyn leaves the post of assistant farm loan officer to become
manager of tho savings department
His connection with
A . Price has been olected Assistant Trust Officer.
the company dates from 1917. O. A . Rowland, formerly
assistant credit manager of tho company, was elected credit
Ohio Columbus Barber, founder and formor President of
manager to fill the vacancy created by T . J. Kavanaugh’s
tho Diamond M atch Co. and identified with various finan
promotion to a Vice-Presidency. M r . Rowland has been
cial institutions, died at his homo, the Anna Dean Farm,
with the company since 1903. A new officer was added to
outside of Barberton, Ohio, on Feb. 4 . M r . Barber was
the company’s staff by tho selection of Oliver B . Henry to the
born in Middlebury, Ohio, in 1841. IIo was formerly Presi
post of assistant bond officer
M r . Henry has been with
dent of tho First-Second National Bank of Akron, and Vicethe company since 1909. For the last two years he has
Presidont of tho Barberton Savings Bank (tho latter is not
been office manager of tho bond department.
now in existence). Ho was also President of the Great
Western Coroal C o. of Chicago and General Fire Extin
The directors of W . B . Wortlion C o ., bankers, of Little
guisher Co. of New York. He was the son of George Barber,
Rock, A rk ., announce tho appointment of Beverly Thruston,
a match manufacturer, and went to work for his father as a
for many years Cashier, as Second Vice-President of the
boy, becoming a partner in 1861. In 1881 ho combined the
bank, also tho promotion of J. T . Ham m ond, Jr., from
Barber Co. with thirty-six others into tho Diamond M atch
Assistant Cashier to Cashier, and Jno. W . Ramsey, Assistant
C o ., which later bought out tho English firm of Bryant &
M a y . In 1891 he founded the town of Barberton, Ohio, Cashier.

tho Rhode Island Hospital Trust Company it having re
cently divested itself of 5,039 shares of Blackstone Canal
National Bank; tho latter were taken over by interests friendly
to the Blackstone Bank.

locating largo factories there.
A t a meeting of tho Merchants National Bank of Indian
apolis, In d., on Fob. 3 Charles F . Riddell, former Sorgeantat-Arms of tho House of Roprosontativos, was elected VicePresidont of tho bank and Henry C . Feld and Carl H . Bals
wore appointed Assistant Cashiers. M r . Feld will have
charge of tho Transit Department and M r. Bals will manago tho foreign business department.
Gaylord S. Morso has been appointed Assistant Cashier
o f tho Stato Bank of Chicago. - Ho was connected with the
First National Bank of Vincennes, Ind., for 14 years, and
during tho last 3 years has beon representing tho National
C ity Bank of Now York in Indiana, Illinois and Iowa.
Tho Albany Park National Bank of Chicago has beon
organized with capital of $200,000 and surplus of $20,000
by Murray M acLeod, Vice-President of the Irving Park
National Bank, and associates. Application for a charter has
boon mado to tho Controller of tho Currency. M r. MacLeod
is slated to bo President and Edwin L . Wagner, President of
tho National Produce Bank, to be Chairman of the board of
directors.
Tho directors of tho Standard Trust & Savings Bank,
Chicago, announce tho election of Ralph L . Lapliam as
manager of tho bond department. This department is
located on tho ground floor in the new quarters recently
.acruired by tho bank at 110 South Clark Street. M r. Lapham was connected with the Chicago office of William Salo
mon & Co. for 6 years, and since then has beon with the
Chicago Trust Co. for 6 years, leaving them as assistant
manager to bccomo tho manager of the bond department of
tho Standard Trust and Savings Bank.
Frederick A . Yard, Vice-President, and in charge of tho
bond department of the Union Trust C o., Chicago, has an
nounced his resignation, effective at an early date. He will
loavo, according to Harry A . Wheeler, Vice-President of the
bank, to ongago in business in Now Y ork. M r . Yard for
merly was a mombor of tho investment firm of Yard, Otis &
Taylor, Chicago.
Tho Fort Dearborn banks, National and Trust, of Chicago,
announce tho installing of a medical department for the
bonofit of their 400 employees. Two of tho faculty of the
Rush Modical School are in charge of this work, one physi
cian to act as consultant, tho othor to spend one or two hours
daily at the bank in addition to a graduate nurse. Any
omployoo takon ill or suffering an injury while at work will
recoive immediate modical attention.
G uy C Philips, who is in charge of relations with out-of
town banks for tho Mississippi Valley Trust C o. of St. Louis,
was olootod a Vico-Prosidont at a regular meeting of the board
on Fob. 11. T . J. Kavanaugh, formor credit manager of
tho company, was also elected a Vice-President. Ho has
boon connoctod with tho company since 1906, first as Secre




Advices from Newport Nows, V a ., state that the Colonial
State Bank of that city on Feb. 12 closed its doors and later
as placed in the hands of a receiver by the State Corporation
Commission in Richmond. The failure is said to have been
due to loans which were insufficiently secured. Tho institu
tion was established in 1911 and reported a capital of $ 1 00 ,
000; its deposits, it is stated, amounted to $1,500,000 at the
time of the failure. A . L . Powell is President and Frank W .
Bartlett, Cashier.
A t tho recent annual meeting of the stockholders of the
American Trust C o. of Charlotte, N . C ., favorable aotion
was taken on a proposed increase of $200,000 in the capital
of the institution, half tho amount to bo obtained by the
absorption of the People’s Bank & Trust C o. of Charlotte
and half by the issuance of now stock. This increase of
$200,000 will mako the capital of tho enlarged institution
$1,250,000 and tho bank not only tho largest in Charlotte,
but one of the two largest in tho Carolinas. It was also
decided at tho meeting to operate the Peoples’ Bank & Trust
Co. as a branch of the American Trust C o ., which will be
an innovation for tho banking institutions of Charlotte.
Tho stockholders also added five now members to the board
of directors. Thoy are B . B . Gossett of Anderson, S. C .;
John G . Anderson of Rock Hill, S. C .; W . C . M oAuloy of
Huntersville, N . C ., and Torronce E . Ilem by, active Vice
President of tho American Trust C o ., and II. C . Sherrill
of Charlotte N . C . The official roster of the institution is
as follows: President, W . H . W ood; Vice-Presidonts, T . E .
H em by, George Stopliens, W . S. Lee, John G . Nichols and
M . A . Turner; Secrotary and Treasurer, J. E . D avis; Assist
ant Secretary and Treasurer, II. L . Davenport; Trust Officer,
P. C . W hitlock, and John Fox, Assistant Trust Officer.
The Citizens National Bank of Los Angelos announces
that John I I . Dinkins has becomo associated with its bond
department and will devote special attention to municipal
bonds.
A t the annual meeting of the directors and stockholders
of the Security Trust & Savings Bank of Los Angeles on
Jan. 22 tho following changes wero mado in tho bank’s
personnel: Ralph B . Ilardacro, who had been Cashier of
the institution; G . G . Greenwood, heretofore Manager of
the Hollywood Branch of tho bank and L . II. Rosoborry,
formerly Trust A ttom oy, woro promoted to Vice-Presidents;
George M . Wallaco, who had been an Assistant Cashier was
elected Cashier to succeed M r . Ilardacro and James E .
Shelton, formerly trust counsel for tho Title Insurance &
Trust Co. of Los Angolos was appointed Secretary to succeed
W . M . Caswell, who has resigned on account of continued
ill health. Tho stockholders increased tho number of di
rectors from 24 to 33. J. F . Sartori is President of the
Security Trust & Savings Bank.
Plans to increase tho capital of tho Anglo and LondonParis National Bank of San Francisco by $1,000,000 and
surplus by $500,000, making tho former $5,000,000 and tho
latter $3,150,000, wore ratified by tho stockholders on Jan.
13. The new stock consists of 10,000 shares of tho par value

740

THE CHRONICLE

of S I00 per share and is offered to present stockholders at
$150 per share. Subscriptions to tho new stock will close
M arch 15 1920. In announcing the increase, Herbert
Fleishhacker, the President of the bank, said that it was
rendered absolutely necessary by tho rapid growth of the
bank, both in its domestic business and its foreign connec
tions. The present dividend rate of 1 0 % , he said, would
be maintained. Deposits of tho Anglo and London-Paris
National Bank now approximate $87,000,000 as compared
with about $16,000,000 ten years ago. In order to meet the
present and future needs of its constantly increasing busi
ness, the bank, wo understand, plans to erect a now building
during tho coming year.

THE ENGLISH GOLD AND SILVER MARKETS.
W e reprint the following from tho weekly circular of
Samuel Montagu & C o . of London, written under date of
Jan. 29 1920:
GOLD
T h o B a n k o f E n g la n d g o ld reserv e a g a in s t its n o t e issu o s h o w s a ga in a
v e r y la rge in crea s e. T h e t o ta l s ta n d s a t £ 9 9 .0 6 3 ,4 6 0 , £ 3 ,1 6 6 ,6 9 0 m o r e th an
t h a t in la st w e e k ’s r e tu r n . F o llo w in g th e co u rse o f th e A m e r ic a n e x c h a n g o
t h e p r ic e o f g o ld es ta b lis h ed y e s t e r d a y a t 117s. 6d . a fre sh r e c o r d . W o
u n d e rsta n d t h a t a c o n s id e r a b le p o r t io n o f th e S o u th A fr ic a n g o ld d e a lt w ith
th is w eek w ill re tu r n t o t h a t c o u n t r y in th e fo r m o f s o v e r e ig n s . T h o
b a la n c e h as b een a b s o rb e d f o r t h e S tra its S e ttle m e n ts , S o u th A m e r ic a th o
U n ite d S ta te s a n d t h e C o n t in e n t .
S IL V E R .
O w in g t o th o s c a n t y s u p p ly d u rin g th e w e e k , t h o s tr e n g th o f th e C h in a
e x c h a n g e , a n d th e s y m p a t h e t ic s u p p o r t re n d e re d b y th e w e a k n e ss o f th o
A m e r ic a n e x c h a n g e , th e p r ic e h as a d v a n c e d c o n s id e r a b ly , a n d e sta b lish e d
fres h r e c o r d s fo r ca sh a n d f o r fo rw a r d d e liv e r y . T h e re c o r d p r ic e t o -d a y
fo r s p o t 8 5 d . is an a d v a n c e o f 2 9 2 % fr o m th e lo w e s t p r ic o re c o r d e d — 2 1 .1 1 1 6 d . in 1 902. T h e q u a lit y o f th e S traits S e ttle m e n ts s ilv e r d o lla r has be e n
re d u c e d fro m .600 t o .550. T h e a v e ra g e a ssa y o f b a rs a rriv in g in th is c o u n 
ty
th o p r o d u c t o f m e lte d s ilv e r G erm a n m ark s— Is o n ly a b o u t .897 Instead
o f t h e n o m in a l .9 0 0 fin e n e s s .
IN D IA N C U R R E N C Y R E T U R N S .

j ........
Jan. 7.
Jan. 15.
Jan. 22.N o te s in c i r c u l a t i o n ________________________ 18621
18691
18495
S ilv e r co in and b u llio n in I n d i a ___________ 4 25 7
. - 4 257
4 163
4 09 9
S ilv o , c o in a n d b u llio n o u t o f In d ia _______ ______
G o ld c o in a n d b u llio n in I n d i a __________„ 3421
3 50 0
3 38 6
G o ld co in a n d b u llio n o u t o f I n d i a _______
943
943
1028
1200
S ecu rities (In d ia n G o v e r n m e n t )_____________1750
- 1750
1750
1560
S ecu rities (B ritis h G o v e r n m e n t ____________ 88 35 0
__ _
350
8250
8250
T h o co in a g e d u rin g t h o w ee k e n d in g 2 2n d in s t. a m o u n t e d t o 48 T a c s 'o f
ru p e e s .
I h e s t o c k in S h a n gh ai o n th e 2 4 th in s t. co n s is te d o f a b o u t 24 6 5 0 ,0 0 0 o u n ce s in s y c e e , 8 1 1 ,0 0 0 ,0 0 0 , a n d 80 la cs o f s ilv e r b ars a n d U . S .
d o lla r s , as co m p a r e d w ith a b o u t 2 1 ,8 0 0 ,0 0 0 o u n ce s In s y c e e , $ 1 0 ,5 0 0 000
a n d 130 la c s o f silv er b a r s a n d U . S. d o lla rs o n th e 17th in s t. T h e S h a n gh ai
e x c h a n g e is q u o t e d a t 8s. 7 d . t h o ta e l. Q u o ta tio n s f o r b a r s ilv e r p e r o u n c e
s ta n d a r d :
,
Cash. Two Mos T
Cash. Two M os.
J a n . 23 .................. 79%d.
78^d.
84d.
J a n . 29 ..................8 5 d .
J a n . 2 4 _______ -.8 0 H d 7 9 > fd .
A v e r a g e ..................8 2 .2 0 8 d .
8 1 .0 8 3 d .
J a n . 26 ................. 81 H d .
7 9 % d . IB a n k r a t e ____________________
.g j
J a n . 27 .................. 82> S d.
81d.
[B a r g o ld , p e r o u n c e . f i n e . I n 7 s . '6 d .
J a n . 2 8 .................. 84> $ d .
83 J£d. )
T h e q u o t a t io n s t o -d a y f o r ca s h a n d fo r w a r d d e liv e r y a re r e s p e c t iv e ly
5 J i d . a n d 5}4d. a b o v e th o s e fix e d a w e e k a g o .
In Lacs of Rupees—

[Vol. 110.

©ommcrciai andIHiscclUroeous
N a t i o n a l B a n k s .— T h e fo llo w in g in fo r m a tio n r e g a r d in g
n a t i o n a l b a n k s is f r o m t h o o f f i c e o f t h o C o m p t r o l l e r o f t h e
C u rren cy , T rea su ry D ep a rtm en t:
A P P L IC A T IO N S F O R C H A R T E R .
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 :
Caoital
T h o S o u th w e s t N a tio n a l B a n k o f C a n a d ia n , T e x a s
8100 000
C o r r e s p o n d e n ts : J . F . J o h n s o n a n d A . V . M cQ u Id d y".* C a n a d ia n , T e x a s .
25 000
T h o F arm ers N a tio n a l B a n k o f K e lle r to n , I o w a ___
C o r r e s p o n d e n t: T . J . M ille r , K e lle r t o n , Io w a .
....................
'
Tho C a r n e g io N a tio n a l B a n k o f C a d d o . O k la ___________
05 0 0 0
C o r r e s p o n d e n t: J . It. T h o m a s , C a d d o . O k la .
T h e S e cu rity N a tio n a l B a n k o f E m e r y , S o . D a k ____ . . . .
25 0 0 0
C o r r e s p o n d e n t: A . A . M e t t ie r , E m e r y , S o . D a k .
"
’
T he C o m m e rc ia l N a tio n a l B a n k o f A n n is to n , A la _______________ 3 0 0 .0 ’0 0
^ .C o r r e s p o n d e n t : A r th u r W e llb o r n , A n n is to n , A la .
T h e I'irs t N a tio n a l B a n k o f L a n ca s te r, C a lif____________________
5 0 .0 0 0
r™Porresi)on t*e n t: G . I I . F u lle r, L a n c a s te r , C a lif.
T h e R o s e v ille N a tio n a l B a n k , R o s e v ille , C a lif________________
26 0 00
™lC o br,espoJld e n t: T . I I. K e ls e y . R o s e v ille , C a lif.
I h e F irst N a tio n a l B a n k o f L o v in g , N . M e x
25 0 00
C o r r e s p o n d e n t: O . P . P a rd e o , L o v in g . N . M e x .
I h e F irs t N a tio n a l B a n k o f M c L a u g h lin , S o. D a k ....................... 2 5 ,0 0 0
C o r r e s p o n d e n t: C h a s . I I . H a rtu n g , M c L a u g h lin , S o . D a k .
TO s u cce e d T h e M c L a u g h lin S ta te B a n k , M c L a u g h lin ,
S o. D a k .
T h e F irst N a tio n a l B a n k o f S o u th S h o re , S o . D a k .
25 0 0 0
C o r r e s p o n d e n t: C h a s . I I . R e d lin , S o u th S h o ro , S o . D a k ? ”
F o r c o n v e rs io n o f S ta te b a n k s:
25 0 0 0
1’h e F irst N a tio n a l B a n k o f W a t e r t o w n , M i n n _____________
C o n v e r s io n o f T h e C itiz e n s S ta te B a n k o f W a te r to w n ?
~ ’
C o r r e s p o n d e n t: G e o . V . M o lin e , W a te r to w n , M in n . *
T h e C itiz e n s N a tio n a l B a n k o f B la c k s to n e , V a ________
'
100 0 00
C o n v e r s io n o f T h o C itiz e n s B a n k , B la ck sto n e , V a .
’
C o r r e s p o n d e n t: C itiz e n s B a n k , B la c k s to n e , V
a
. __________
T o t a l ................................................................................................................$ 7 5 0 ,0 0 0
_ . . ,
,
C H A R T E R S IS S U E D .
O riginal o r g a n iza tio n s:
T h e S to c k m e n ’s N a tio n a l B a n k o f N a m p a , I d a h o ______
$ 70 0 00
- f t * ” W m . H . C ra v e n ; V .-P r e s . a n d C ash ie r, G . A . H o r a l.
'
25 0 00
T h e h ir s t N a tio n a l B a n k o f C a n o y , O k la _____________ _
_ I T e s ., D . D . H e n d e rs o n ; C ash ie r, V . N . B a r n e tt.
’
T h e F irst N a tio n a l B a n k o f I la le y v illo , A la .____
_
25 0 0 0
H . D r a k e ; C a s h ie r, B . I I . S m ith .
' '
T h e M u tu a l N a tio n a l B a n k o f M id d le p o r t , O h io ______
50 0 0 0
Pres A W . M c K a y ; C a s h lfe r .J . E . b a i l e y .
...........
T h e R ic h fo r d N a tio n a l B a n k , R ic h fo r d . V c ____________
50 0 00
m F *™ ’. • H . S . H e rrick ; C a s h ie r, A . N . C la p p .
'
T h e h ir s t N a tio n a l B a n k o f O ran go C o v e , C a lif__________________ 2 5 .0 0 0
P r e s ., E . M . S h erid an ; C a s h ie r, E . S. B en d er.
T h e H a ry e y s b u r g N a tio n a l B a n k , H a r v e y s b u r g , O h i o . . . . . ___
2 5 .0 0 0
I r e a ., O . D . C o o k ; C ash ie r, I I . S . T u c k e r .
C o n v e r s io n o f S tate b an k s:
.
25 0 0 0
T h e F irst N a tio n a l B a n k o f M a r b lo , M in n ____ . . . . . . .
C o n v e r s io n o f T h e F irs t S ta te B a n k o f M a r b lo .
. I r e s . , D . M . G u n n ; C ash ie r. L o u is S ieard.
T h e W o o d s t o c k N a tio n a l B a n k , W o o d s t o c k , III............................ 5 0 ,0 0 0
C o n v e r s io n o f 'I h o M c H e n r y C o u n t y S ta te B a n k , W o o d 
s t o c k , III.
P r e s ., J . D . D o n o v a n ; C a s h ie r, W . F . C o n w a y .
T h o F irs t N a tio n a l B an k o f B ig L a k e , M in n _______________ _
2 5 ,0 0 0
C o n v e r s io n o f T h e S h erbu rn e C o u n t y S ta te B an k o f B ig L a k o .
P r e s ., J o h n M . H a v e n ; C ash ie r, C h a s . F . K n a p p .
---------------T o t a l ................... ............................................................................................$ 3 7 0 ,0 0 0
IN C R E A S E S O F C A P IT A L .
The
Tho
to
Tho
to
The
to
T ,‘ °
to
T ,'°
to

N a tio n a l B a n k o f D e c a t u r , 111. fr o m $ 2 5 0 ,0 0 0 t o $ 3 0 0 ,0 0 0 .. i^O.OOO
F arm ers N a tio n a l B a n k o f L u d lo w , M o . F r o m $ 4 0 ,00 0
$ 6 0 ,0 0 0 ----------------------------------------------------------------------------------------------20 0
00
F irst N a tio n a l B a n k o f R o c k a w a y , N . J.~ F r o m '$ 2 5 ? 6 0 0
’
$ 5 0 ,0 0 0 ----------------------------------------------------------------------------------------------250 0 0
F irst N a tio n a l B a n k o f K a n a w h a , Io w a . F r o m $ 2 5 ,6 6 5
’
$ 5 0 ,0 0 0 ___________________________________________
M e r c h a n ts N a tio n a l B a n k o f B u t le r ,'P a .* * F ro m " $100?666
’
$ 200,000____________________________________________
f i r s t N a tio n a l B a n k o f G r a n d fle ld , O k la .'" F r o m ' $25",6 56
’
$ 5 0 ,0 0 0 _________________________________________________ _______ ____ 2 5 ,0 0 0
T o t a l ................................................................................................................... .$ 2 4 5 ,0 0 0

ENGLISH FINANCIAL MARKETS—PER CABLE.
The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows tho past week:
London,
Feb. 14. Feb. 16 .
Week ending Feb. 20—
Sat.
Mond.
Silver, per oz...................... d. 82
83 H
Gold, fine oz.......................... 121s.6d. 121s.3d .
Consols, 214 per cents...........Holiday 4 9
British, 5 per cents................Holiday 90M
British, 414 percents........... Holiday 83
French Rentes (In Paris), fr. 57.65
58.40
French War Loan(InParls),fr.___
87.70
Silver in N. Y ., per oz__ cts.131

130

Feb. 17.
Tues.
84 M
122s.
49
90K
83
58.40
87.70

Feb. 18.
Wed.
84
122s.Od.
49
90
82 45
57.80
87.75

Feb. 19.
Thurs.
83 H
121s.
49
89JS
82
57.90
87.75

Feb. 20
Fri.
82 %
119s.0d
49
89 M
82
57.50
87.75

on tho same day has been:
130

130

130

130

TRADE AND TRAFFIC MOVEMENTS.

Sffi

?seS237°m tht COal y0ar (bCginnin? A PriI $ to date now
0
58,823,700 tons, comparing with 63,856,917 tons for tho
corresponding period in 1918-19. The Bureau says this
difference was due almost entirely to tho largo washory
production of steam sizes in the earlier year.
Below we give the shipments by the various carriers for
the month of January 1920 and 1919 and for tho respect vo
coal years since April 1:
^
Road—

W‘ JanmT<iIn7n—
m
l i f
’49?
934
717

e
990
369
ru -

10 Mos.Coal Year Jan.31
' S ?’ ™
9 644 400

H ’HaS’817
".635,924

J ffig S

108 447
2 64%47 7
7
0

156 328

1 7 6 4 '2 7 5

H i 7,303

T ° t a l.................................................5,713,319

5,934,241

48,823,700

63,850,917

N ew Y ork Ontario & *W esternIIII”
Lehigh & New England.......................




C H A N G E OF T IT L E .
o f TVVRt0 ’I,and N a t,o n a l B a n k o f W i t t , 111., t o “ T h o F irs t N a tio n a l B a n k

C a n a d i a n B a n k C l e a r i n g s .— T h e c lo a r in g s f o r th o w e e k
e n d i n g F e b . 12 a t C a n a d i a n c i t i o s , i n c o m p a r i s o n w i t h t h o
sam e w eek
in 1 9 1 9 ,s h o w
a n in cr o a s o
in
t h o a m r r o ir a to
Of 4 0 .1 % .
a b rog a te

Week ending February 12.

Clearings at—

A N T H R A C IT E C O A L S H IP M E N T S .— The shipments
to a
thnhrACH0 C°-f f r th°
1
of January 1920, as reported
to tho Anthracite Buroau of Information, at Philadelphia
P a ., aggregated 5,713,319 tons. This is a decrease of 220,922
tons from tho amount moved in January 1919
The shir.

2 S S H & ^ eadln‘ ..............tOD8i ’M
2
6
Central Railroad o f N ew J e r s e y !:”
5 13'-134
Delaware Lackawanna & W es tern .. 935,242
Delaware & H udson.......................
614 375
P e n n s y l v a ^ . . . .............................." I S m J I S

V O L U N T A R Y L IQ U ID A T IO N S .
T h o T h ir d N a tio n a l B an k o f C u m b e r la n d , M d „ c a p ita l, $ 1 0 0 ,0 0 0 . L iq u id iitln g a g e n t: H a r v e y E . W e b e r . S u cce e d e d b y a S ta to b a n k .
T h o P e o p le s N a tio n a l B a n k o f M a lo n e , N . Y . . c a p ita l $ 1 6 0 ,0 0 0 . L iq u i
d a tin g a ge n ts: N . M o n r o e M a rsh a ll a n d M ic h a e l F . M c G a r r a h a n .
A sse ts tak en o v e r b y th e P e o p le s T r u s t C o . o f M a lo n e .
T h e F irst N a tio n a l B a n k o f D iv e r n o n , 111
.; c a p ita l $ 5 6 ,0 0 0 .
L iq u id a tin g
a g e n ts : P . M . W ells a n d F . A . S tu ts m a n . A ssets a ssu m ed b y th e F irs t
S ta to B a n k o f D iv e r n o n .

Inc. or
Dec.
Canada—
M ontreal___
T oron to_____
Winnipeg____
Vancouver_
_
Ottawa______
Quebec______
Halifax...........
Hamilton____
St. John_____
London______
C algary_____
V ictoria.........
Edmonton_
_
R egina______
Brandon_____
Lethbridge_
_
Saskatoon_
_
Brantford___
Moose Jaw_
_
Fort William___
New Westminster
Mcdlcino Hat_
_
Peterborough___
Sherbrooke______
Kitchener_______
Windsor________
Prince Albert___
Total Canada.

137,920,302
101,590,571
43,076,009
15,050,292
8,174,153
0,169,591
3,825,410
6,283,670
2,782,554
3,195,638
7,163,813
2 , 200,000

4,810,493
3,635,280
672,784
664,481
1,879,136
1,162,222
1,391,332
950,151
610,028
417,563
871,153
1,100,511
979,055
2,431.965
441,330
359.451,487

1918.

%

90,309,209 + 52.7
77,954,404 + 30.3
31,048,941 + 38.7
10,045,752 + 49.8
0,111,349 + 33.8
4,402,873 + 39.9
4,300,224 — 12.4
4,504,067 + 37.7
2,722,240
+ 2.2
2,548,978 + 25.4
4,817,373 + 48.7
2,069,458
+ 0.3
3,473,095 + 38.8
2,679,164 + 35.7
472,721 + 42.3
508,898 + 10.9
1,352,025 + 39.0
872,989 +33.2
1,307,148
+ 1.8
588,735 + 02.5
+ 3.9
693,007
308,920 + 34.8
037,860 + 30.7
798,133 + 37.8
635,079 + 54.2
1,021,215 + 138.1
313,857 + 40.0
250,644,445

+40.1

01,000,430
43,124,838
30,382,301
8,717,059
3,091,966
2,410,962
3,129.090
3,334,451
1,832,912
1,545,670
0,118,017
1,072,201
2,871,103
2,535,911
494,492
557,941
1,378,287
684,891
1,000,291
510,129
401,444
507,870
403,232
419,623
337,729

185,195,390

02,336,857
47,809,381
30,148,170
0,009,750
4,077,174
3,400,671
2,407,075
3,872,023
1,751,837
1,787,111
3,700,114
1,381,415
2,249,733
2,144,007
401,348
491,609
1,235,895
034,959
918,886
440,392
243,039
371,034
453,304
513,100
470,742

179,377,298

25000
10O000

Auction Sales.— Am ong other securities, the following,
n ot u su ally dealt in at the Stock E x c h a n g e , were recently sold

at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, Now York:
Shares. Stocks.
Per cent.
025 National Hank of Commerce,230
30 Import. & Trad. N. Hk — 551-580
130 Fifth Avenue Hank................ 940
290 Now York Trust Go________005
50 U. S. Guarantee Co.............. 251
300 N. Y. Hack. * West. R y., gu- 83 X
500 Rensselaer*Sara. RR., gtiar.lOOX
6423-15000 Trustee eertlf. of Inter
est In Hastings & Dakota
R y . Trust Estate of 1889.$5,423
05 Twin City Rap. Tran., p ref.. 74
59 U. H. Fire Ins., S20 ea.-S50 per sh.
,40 RcclalmlnR* Ref., Inc., pref. 1$25
00 RcclalmlnR* Ref., Inc..corn./ lot
1,000 Ilrltlsh Guiana Gold, $1 each
5c. per sh.

Shares. Stocks.
Per cent000 Crude OH Prod., SI ea.-lO c. persh.
5,000 So. Am. Gold, $1 each.lOc. per sh.
2.000 Surinam Hydraulic, com., S10
each............................ 2c. per sh.
15 Trade RacinR Association__ S7 lot
1.000 Pena Nevada Exploitation.
3. A .................................. $75 lot
Bonds.
$200 N. Y. * Halt. Land & Im pt.l
deb. 7s, 1920.................................. 1
1.000 Athletic Mg. of Joplin, Mo.,|$14
1st Os, 1920.................................... ) lot
3,500 Lackawanna Real Est. 10-yr.l
conv. Os, 1919------------------------- (
150 shs. Slcgfr.ed Mg., $10 e a ch ...)

B y Messrs. R . L . D ay & C o ., Boston:
S per shShares. Slocks.
S per sh. Shares. Slocks.
2 I Icy wood Bros. * Wakefield, pf. 90
10 rights 4th-Atlan. Nat. B ank.. 2 5 ',
5 Plymouth Cordage------------------230
6 Lyman M ills............................. 17 5 1,
37 Butte W ater........... ....................50
2 Dwight. M fg., 8500 each------- 1405'
32 rights Nyanza Mills---------------- 14X 10 Essex Co., $50 each........ .......... 195
7 rights Quincy Mkt. C. S. & W..,
45 Naumkeag Steam C otton ..235-235X
common___________________ 13X
4 Regal Shoe, pref...... ................. 80
13 National Union Bank...............223
40 Geo. E. Keith, pref................... 100
1 Boston Insurance.......................476X

B y Mossrs. W ise, Hobbs & Arnold, Boston:
$ per shShares. Stocks.
$ per sh. Shares. Stocks.
5 Haverhill Gas Light, $50 ea. 53
8 rights4th-Atlan. Nat. Bank. 27X
3 Union Twist Drill, com., $5
3 Lancaster Mills....................133)4
each___■
________________ 27
25 Continental Mills................. 150
20 Hlrschcll Spillman, pref___ 45
5 Gosnold Mllls.com., v. t. C.127X
18,000 Companla Agricola y Colonl25 Great Falls M fg............215-215)1
zadora del ICstado de Ta
50 rights Nyanza Mills............ 14X
basco y Chicapas________ 10c.
7 Lynn G a s * Electric............. 317

B y Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Slocks.
•
$ per sh. Shares. Slocks.
100 II. G. Fetterolf, pref...................... 89X 17 Fire Assoc, of Phila., $50 each.335
3 Victory Insurance, $50 each.-.129
70 So. Bethlehem Brew., pref., $10
200 Camden F. Ins. Assn., S5 each. 13
each.......................... e______ 2
300 II. K. Mulford, $50 each........ .. 50
1 Central National Bank............ 535
23 American DredRlng.................. 95-90
72 Corn Exchange Nat. Bank___ 390X
50 Am. Pipe * Constr. Sec., p ref.. 55
1 Philadelphia Nat. Bank---------309
415 Pioneer Oil * Gas, $1 each__ $4 lot
49 Quaker City Nat. Bank...........125
82 Meridian OH * Gas, $1 ca ch ..$ l lot
5 rights to subscribe Ninth Nat.
Bank at $200........................... 150X 20 I'rankf. * So’wark Pass, lty.,
$50 each_________ ______ ..28 0
10 Drovers * Mcch. Nat. Bank,
3 Continental Passenger R y___ 70
$50 each ............................... 00
5 Philadelphia City Pass. R y
105
3 Provident Life * T r u s t........... 420
Bonds.
Per cent.
10 Philadelphia Trust................... 000
2 Northern Cent. Trust, $50 each 52)3 $10,000 Allentown Bridge 1st 5s, '42 80
$8,000 West Penn. Rys. 1st 5s. 1931 80
25 Contlnental-Eqult. T. * T ., $50
$5,000 Chic. Rys. cons. 5s, Scr A ,'27 40
e a ch .............................
110

DIVIDENDS.
Tho following shows all tho dividends announced for tho
future by largo or important corporations:
D ivid en d s an n ou n ced this week are prin ted in italics
Name of Company.
Railroad* (Stc*nm).
Atchison Topeka * Santa F'o. com. (qu.)
Baltimore * Ohio, preferred..................
Canadian Pacific, common (quar.)------Cln. N. O. <t Texas Pac., prif. (quar.)..
Cincinnati Northern (annual)............ —
Cleveland * Plttsb., reg., guar. (quar)..
Spooial guaranteed (quar.)— ...........
Delaware it Bound Brook (quar.) ..........
tDelawarc * Hudson Co. (quar.)...........
Grcon Bay Western........................ ..........
Illinois Central (quar.)............ - ......... ..
Keokuk it Des Moines, preferred . ........
Norfolk & Western, common (quar.) —

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Mar. 1 Holders of rec. Jan. 30a
Mar. 1 Holders of rcc. Jan. 17a
Apr.1 1 Holders of rcc. Mar. la
Mar. 1 •Holders of rec. F'eb. 24
Mar. 1 Holders of rec. F'eb. 20a
Mar. 1 Holders of reo. F eb. 10a
’
Mar. 1 Holders of rec. Feb. 10a
Feb. 20 F
’eb. 14 to
F
’eb. 19
Mar. 20 Holders of rec. Feb. 126a
Feb. 21 Holders of rec. F'eb. 20a
Mar. 1 Holders of rcc. F'eb. 6a
Mar. 10 •Holders of rec. F'eb. 25
’
Mar. 19 Holders of rec. F eb. 28a
F'eb. 25 Feb. 11 to Feb. 19
75c. F'eb. 28 Holders of rec. Feb. 2
Pennsylvania R R . (quar.)......................
Phila. Germantown A Norristown (qu.) $1.50 Mar. 4 F'eb. 21 to Mar. 3
’eb. 28 Holders of rec. F'eb. 2a
Pittsburgh * West Virginia, pref. (quar.)
IX F
’eb. 20a
Plttsb. Youngst. ,t Ashtabula, pref. (qu.)
1X Mar. 1 Hollers of rec. F
Reading Compnny, first pref. ( quar.) — 50o. M ar. 11 Holders of reo. Feb. 20a
♦50c April 8 ♦Holders of rcc. Mar. 23a
Reading Company, 2d pref. (quar.)-------’eb. 2w
a
Southern Pacific Co. (q u a r.)................
I X April 1 Holders of rcc. F
Union Pacific, common (quar.)..............
2X April 1 Mar. 14 to April 13
April 1 Mar. 14 to April 13
2
Preferred................................................
Street a n d E le c tr ic R ailw a ys.
Central Arkansas Ry. A 1,1., pref. (qu.)
Citizens Traction (Pittsburgh)..................
Detroit United R y . (quar.)____________
Northern Texas Elec. Co., com. (quar.)..
Philadelphia Co. 5% preferred________
Wost Ponn Railways, prof, (quar.)___
Miscellaneous
Acme Tea, preferred (quar.).-.................
American Meet Sugar, pref. (quar.)___
Amer. Bosch Magneto (quar.) . ..................
American Chldo, preferred (quar.) . .
American Cotton Oil, common (quar.)..
American Druggist Syndicate................
American Express (quar.)-------------------American Gas.............................................
American Hide * Leather, prof, (quar.)
Amer. Internationa Corp. com.,A pf.(qu.)
Amer. Laundry Machinery, com. (quar.).
Amer. Manufacturing, common (quar.) —
Preferred (quar.) ........................... —
Amer. Maltigraph, com. (quar.)............
Extra........................... ................... —
Amer. Power it Light, common (quar.) —
American Itudlutor, common (quar.) ..
Common (extra)
...... ...............
American Smelting & Itcfg., com. (quar.)
Preferred (quar.)............................ —
Amer. Slor< s, \st ,t 2<f pref. (quar.).. —
American Sugar, common (quar.)..........
Common (extra) ................................
Preferred (quar.) .
Amer. Sumatra Tobacco, pref.................
American Telegraph * Cable (q u a r.)...
Amer. Til'inhone it Telegraph (quar.)__
American Tobacco, common (quar.)___
Preferred (qunr.)..................................
Amer. Window Glass Machine, pref___
Ananeondn Conner Mining (quar.)___




741

THE CHRONICLE

F eb . 21 1920.]

IX
2
2X
*1)4
3
X
X
2
2X
5
IX
*2
1X
$1

Mar.
Feb.
Mar.
Mar.
Mar.
$1.25 Mar.
I X Mar.
ix
$1 60
2
2

1
19
1
1
1
1
15

Holders of rec.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rec.
Holders of rec.

Feb. 14a
F'eb. 13
I'cb.dl4
Feb. 20a
F'eb. 20a
Feb. 10a
Mar. 1

Mar. 1 Holders of rec. Feb. 19a
Apr. 1 Holders of rec. Mar. 13a
Apr 1 1 •Holders of rec. Mar. 15
Apr. 1 Holders o free. Mar. 20
Mar. 1 Holders of rec. F'eb. 14a
Feb. 28 Holders of rec. Jnn. 7a
April 1 Holders of rec. Feb. 28
Mar. 1 ♦Holders of roc. Feb. 21
Apr. 1 Holders of rec. Mar. 13a
Mar. 31 Holders of rec. Mar. 10
Mar. 1 F eb. 21 to Mar. 1
Mar. 31 •Holders of rec. Mat. 15
Mar. 31 •Hoi lers of rec. Mar. 15
Mar. 31 •Holders of rec. Mar. 15
Mar. 1 Feb. 21 to
li
Mar. 1
1
Mar. 1 Feb. 21 to Mar. 1
i
Mar. 1 Holders of rec. F
’eb. 19
Mar. 31 Mar. 22 to
3
Mar. 31
Mar. 31 Mar. 22 to
4
Mar. 31
Mar. 15 F'eb. 28
1
to Mar. 7
IX Mar. 1 Feb. 14 to Feb. 23
♦1X April 1 •Holders of rcc. Mar. 20
IX Apr. 2 Holders of reo. Mar. la
X Apr. 2 Holders of reo. Mar. la
IX Apr. 2 Holders of rec. Mar. la
3X Mar. 1 Holders of rec. F'eb. 14a
♦IX Mar 1
April 15 Mar. 20 to Mar. 30
2
Mar. 1 F'eb. 15 to Mar. 15
5
I X Apr. 1 Feb. 15 to Mar. 15
’eb. 20
•3 X Mar. 1 •Holders of rec. F
F
’eb. 24 Holders of rec. Jan. 17o
SI

IX
IX
*2X
IX
1
400
$1.50
•
1
1X
IX
1
•I X
*5
*1 X

Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (.Continued)
I X Mar. 1 Holders of rec. Feb. 9a
Associated Dry Goods, first prof, (quar.)
I X Alar. 1 Holders of reo. Feb. 9a
Second preferred (quar.)------------------■Holders of rec. Feb. 21
Mar. 15 ♦
Atlantic Refining, common (quar.)........ *5
3
Mar. 10 Feb. 29 to Mar. 9
Atlas Powder, common (quar.)-----------3 X Mar. 15 Holders of rec. Mar. 1
Bolding Paul Cortlcelll, Ltd., pref------I X Apr. 1 Holders of rec. Mar. 16a
Bethlehem Steel, com. A & B (quar.)..
2
Apr. 1 Holders of rec. Mar. 16a
Eight per cent preferred (quar.)-----IX Apr. 1 Holders of rec. Mar. 16a
Seven per cent preferred (quar.)-----Mar. 1 Holders of rec. Feb. 16a
Blackstono Val. Gas & Elec., com. (qu.) $1
IX F'eb. 21 Holders of rec. Feb. 9
British Columbia Fish. & Pack. (quar.).
Mar. 1 Holders of rec. Feb. 6a
2
Brooklyn Edison Co. (quar.)-----IX Mar. 1 Holders of rec. Feb. 20a
Brown Shoe, Inc., common (quar.)------Mar. 16 Holders of rec. Feb. 21
$2
Buckeye Pipe Line (quar.)--------Mar. 22 'Holders of rec. Mar. 5
•SI
Calumet & Arizona Mining (quar.)
of rec. Feb. 28
•IX Mar. 15
Cambria Steel (quar.)....................
of rec. Feb. 28
•X Mar. 15
Extra________________________
IX Mar. 15 Holders of rec. Feb. 28
Canada Steamship Lines, com. (quar.)----I X April 1 Holders of rec. Mar. 15
Preferred (quar.)______________
Mar. 30 Holders of reo. Mar. 26a
r4
Carbon Steel, first preferred___
July 30 Holders of rec. July 20a
6
Second preferred_____________
Mar. 1 Holders of rec. Feb. 20a
Cerro de Pasco Copper (quar.)_________ SI
Cities Service—
Mar. 15
*l
A April 1
Common and preferred (monthly) . .
•/IX April 1 ■Holders of rec. Mar. 15
Common (payable in common slock)
Mar. 15
* x April 1
Preferred B (monthly)___________
Feb. 15a
•X Mar. 1
Cities Service com. * pref. (m onthly)..
Feb. 15a
Common (payable In common stock). • /I X Mar. 1
Feb. 15a
•X Mar. 1
Preferred B (monthly)________
Cities Service, Bankers’ shares (montlhy) 54 He Mar. 1 Holders of rec. Feb. 15
April 2 'Holders of rec. Mar. 13
♦Si
Coca-Cola Co. (A o. 1 ) . . ................
Colorado Power, preferred (quar.).
I X Mar. 15 Holders of rec. Feb. 28
IX Mar. 1 Holders of rec. Feb. 14a
Consolidated Cigar, pref. (quar.)----------IX Mar. 15 Holders of rec. Feb. 10a
Consolidated Gas (Now York) (quar.)..
50cf. Mar. 30 Holders of rect Mar. 15
Cons. Interstate Callahan Mining (quar.)
Mar. 16 'Holders of rec. Feb. 24
•3
Continental Oil (quar.)........ ...................
50c. Mar. 15 Hol lers of rec. Feb. 20
Copper Range Co. (quar.)_____________
8 X c. Mar. 1 Holders of rec. Feb. 14a
Cosden * Co., preferred (quar.)............
75c. Mar. 15 Feb. 22 to Mar. 15
Crescent Pipe Lino (quar.)----------------IX Mar. 31 Holders of rec. Mar. 10
Crucible Sic, l, preferred (quar.)-----------2X April 1 Holders of rec. Mar. 15a
Cuban-American Sugar, common (quar.)
IX April 1 Holders of rec. Mar. 15a
Preferred (quar.)__________________
Mar. 15 Holders of rec. Mar. 1
Davies (William) Co., Inc., Class A (qu.) $1
IX Mar. l Holders of rec. Feb. 14q
Deere & Co., preferred (quar.)..
Mar. 15 Holders of reo. Feb. 28a
2
Diamond Match (quar.)________
Dominion Iron ,t Steel, pref. (quar.)___
i x April 1 Holders of rec. Mar. 13
10c. Mar. 1 Holders of rec. Feb. 15
Dominion Oil (monthly)_________
IX April 1 Holders of rec. Mar. 15
Dominion Steel Corp. (quar.)____
IX April 1 Holders of rec. Mar 20a
Durham Hosiery Mills, com A & B (qu.)
X April 1 Holders of rec. Mar. 20a
Common A * B (extra)______
EasternSteel.com. (qu.) (In L. L. bonds) <2X Apr. 15 Holders of rec. Apr. 1
IX Mar. 15 Holders of reo. Mar. 1
First and second preferred (q u a r.)..
2X April 1 Holders of rec. Feb. 28a
Eastman Kodak, common (quar.)____
7 X April 1 Holders of rec. Feb. 28a
Common (extra)__________________
IX April 1 Holders of rec. Feb. 28a
Preferred (quar.)___________ ______
Etsenlohr (Otto) < Bros., pref. (quar.)___
fc
IX April 1 Holders of rec. Mar. 20
IX F'eb 21 Holders of rec. Feb. 11
Electric Investment, preferred (quar.)..
Federal Mirung it ,smilling, pref. (quar.)
X Mar. 15 Holders of rec. F'eb. 24
Feb. 19
♦IX Mar. 1
Fairbanks. Morse ,t Co., pref. (quar.)__
I X Mar. 1 Holders of rec. Feb. 14
Federal Utilities, preferred (quar.).___
General Asphalt, preferred (quar.)_____
I X Mar. 1 Holders of rec. Feb. 14a
Mar. 1 Holders of reo. Feb. 20a
2
General Chemical, common (quar.)___
•IX April 1 Holders of roc. Mar. 18
General Chemical, pref. (quar.)___
I X Mar. 1 Holders of rec. Feb. 24a
General Cigar, pref. (q u a r.)_____
I X Apr. 1 Holders of reo. Mar. 24a
Debenture preferred (quar.)___
Getttral Tire <t Rubber, pref. (quar.)
IX April 1 Holders of rcc. Mar. 20
Gillette Safety Razor ( q u a r .) . ... ..___ $2.50 Mar. 1 Holders of rec. Jan. 30
I X May 15 Holders of rec. May 5a
Goodrich (B. F.) Co., common (q u a r.)..
I X April 1 Holders of rec. Mur. 22a
Preferred (q u a r .) ....________
I X July 1 Holders of rec. June 21a
Preferred (quar.)_________ . . .
3
Mar. 1 Holders of rec. I'eb. 14
Goodyear Tire & Rubber, com . (quar.). .
*50o. Mar. 1 'Holders of rec. F'eb. 24
Gray it Davis, Inc., common________
Mar. 2 Holders of reo. Feb. 21a
IX
Ilarblson-Walker Refrac., com. (quar.).
IX Apr. 20 Holders of rec. Apr. 10
Preferred (q u a r.)....................
’eb. 19
Feb. 28 Holders of rec. F
1
Hart, Sliaffnor * Marx, Inc., com. (qu.)
i x Mar. 1 Holders of rec. Feb. 18a
Hartman Corporation (quar.)___
Apr. 1 Holders of rec. Mar. 15a
$1
Haskell * Barker Car (q u a r.).......... —
’eb. 27
Independent Brewing, Plttsb., com. (qu.). ♦50c. Mar. 16 •Hoi lers of rec. F
’eb. 18
*87Xc F'eb. 28 •Holders of rec. F
Preferred (quar.)_____________
*5c. Mar. 1 Hoi lers of rec. F'eb. 21
Indiahoma Refining (monthly)..................
Mar. 2 •Holders of rec. Feb. 10
•2
Inland Steel (quar.)____________
April 1 Holders of rec. Mar. 20
2
Interlake Steamship (quar.)____
. 2
April 1 Holders of rec. Mar. 20
E xtra __________ ________ ____
Mar. 1 Holders of rec. Feb. 16
$1
International Cotton Mills, com. (quar.)
I X Mar. 1 Holders of rec. Feb. 16
Preferred (quar.)...... ....................... .
I X Mar. 1 Holders of reo. Feb. 10a
International Harvester, pref. (quar.)
3 X Mar. 15 Holders of rec. Feb. 28a
Intcrnat. Motor Truck, 1st & 2d prof
50c. Mar. 31 •Holders of rec. Mar. 1
Kennecott Copper Corp. (quar.)_______
*1
Mar. 1 •Ilol lers of rcc. F'eb. 20
Klrshbaum (A. B.) it Co., com. (quar.)
Mar. 1 Holders of rec. Feb. 21
3
Lake of the Woods Milling, com. (quar.)
I X Mar. 1 Holders of rec. Feb. 21
Preferred (quar.)__________________
’eb. 18a
Lanston Monotype Machlno (quar.)_
_
IX F'eb. 28 Holders of rec. F
Feb. 28 Holders of reo. Jan. 31a
Lehlgb Coal & Navigation (quar.)____ . $1
Mar. 1 Holders of reo. F'eb. 16a
3
Liggett * Myers Tobacco, com. (quar.) .
Lindsay Light, preferred (quar.)_ . . . .
_
•IX Mar. 31 •Ilol lers of rec. F'eb. 28
Mackay Companies, com. (quar.)_______
IX April 1 Holders of rcc. Mar. 6a
April 1 Holders of rec. Mar. 6a
1
Preferred (quar.)___________________
IX Mar. 1 Holders of rec. I'eb. 21
Mahoning Investment (quar.)__________
Manatl Sugar, common (quar.)_______ .
2X Mar. 1 Holders of rec. Feb. 16a
43 X c Mar. 1 Holders of rec. Feb. 21a
Manhattan Shirt, common (q u a r .)_
_
Martin-Parry Corp. (quar.) (No. 1)_ . 50c. Mar. 1 Holders of reo. Feb. 18a
_
.
IX Mar. 1 Holders of rec. Feb. 16a
May Department Stores, com. (quar.)..
2X Mar. 31 Holders of rec. Mar. 3a
Mergcnlhaler Linotype (quar.)___
2
Mar. 1 Holders of rec. F'eb. 3
Merrimack Mjg., common (quar.)
2X Mar. 1 Holders of rcc. l'cb . 3
Preferred_____________________
.
10c Mar. 1 Holders of rec. Feb. 20a
Middle States Oil (monthly)____
.
10c Apr. 1 Holders of rec. Mar. 20a
Montnly_____________________
’
)
Middle States OH Corp. (stock dividend) e20 Mar. 1 Holders of rec. F eb. 20a
IX Mar. 1 Holders of rec. Feb. 16a
Moline Ploic, first preferred (quar.)____
IX Mar. 1 Holders of rcc. I'eb. 16a
Second preferred (quar.)____________
IX Mar. 15 Holders of rec. Feb. 29
Montreal Cottons, common (quar.)______ .
i x Mar. 15 Holders of rec. F'eb. 29
Preferred (quar.)__________________ .
87 X cMar. 1 Holders of reo. Feb. 14a
National Acme (quar.)________________
i x April 1 Holders of rec. Mar. 15
National Aniline ,t Chemical, pref. (qu.) IX April 15 Holders of rcc. Mar. 31a
National Biscuit, common (quar.)--------IX Feb. 28 Holders of rcc. Feb. 14a
Preferred (quar.)____________
. *4
Mar. if) •Feb. 18 to F'eb. 24
National Candy, common---------. *5
Mar. 10 ♦Feb. 18 to Feb. 24
Common (extra)_____________
First and second preferred-----------------. »3X Mar. 10 •Feb. 18 to Feb. 24
- M X Mar. 30 •Feb. 16 to l'cb . 10
National Casket (quar.)-----------0 to F'eb. 10
. *1
Mar. 30 •Feb.
Extra .........................................
0 to Feb. 10
Mar. 30 •Feb.
Extra (payable In stock)-------National Cloak * Stilt, preferred (quar.)
)
I X Mar. 2 Holders of rec . F'eb. 20a
l Is n Mar. 20 Holders of rec . F'eb. 28
Nat. Enameling * Stamping, com. (qu.)
Preferred (quar.).................. ............... . 1X n Mar. 31 Holders of rec . Mar. 11
National Lead, common (quar.)------------ IX Mar. 31 Holders of rec Mar. 12
National Lead, prelerred (quar.)........... IX Mar. 15 Holders of rec. Feb. 20a
8
National Sugar (quar.).......................... IX April 2 Holders of rcc Mar. 19a
April l Holders of rec Mar.
National Surety (quar.)-----------------------’eb. 28
National Transit (extra).......................... . *50c Mar. 15 •Holders of rec F
Nebraska Power, preferred (quar.)........... 1X Mar. 1 Holders of rec . l'cb. 19
New York Air Brake (guar.).................... 2 X Mar. 24 Holders of rec Mar. 2a
Mar. 1 •Holders of rec. F'eb. 9
New York Shipbuilding..............
Mar. 20 Holders of rec, Mar. la
2
Nllcs-Bement-Pond, common (quar.)__.
Ogllvlc F
’lour Mills, preferred (q u a r.)...
.
IX Mar. 1 Holders of rcc, F'eb. 23
Mar. 1 Holders of rec, F'eb. 14a
Ohio Cities Gas, com. (q u a r.)..
- $1
. *St 2 Mar. 31 •Holders of rec F’eb. 28
Ohio Oil (quar.)............................
. *$2 7! Mar. 31 •Holders of rec . Feb. 28
Extra............ ................. - .........
Mar. 31
April 1 •Mar. 23
Parke Davis it Co. (quar.)............
. *S1
Peerless Truck it Motor (quar.)..
IX April 1 Holders of reo . Mar. la
la
V A " ri| i Holders of
s
Extra..........................................

742

THE CHRONICLE
Per
Cent.

Whe n
Books Closed.
Payable
Dags Indus Ice.
Miscellaneous (Conclude1).
Penmans, Ltd., oommon (quar.).......... .
2
May 15 Holders of rec. May
Common (bonus)_________________
Feb. 28 Holders of rec. Feb. 16
Preferred (quar.)............................ May 1 Holders of rec. Apr. 21
IX
Philadelphia Electric (quar.)___ I ____ . 43.75c Mar. 15 Holders of rep. Feb. 19a
Pittsburgh Brewing, common (quar.). _ 50 Mar. 15 Holders of rec. Mar. la
Preferred (quar.)__________________ - 87 X F
’eb. 28 Holders of rec. Feb. 19a
Pitts. Plate Glass, common (extra)__ .
5
Mar. 1 Holders of rec. Feb. 12a
Preferred (annual)_
_
. 12
Mar. 1 Holders of rec. Feb. 12a
Pittsburgh Steel, preferred (quar.)” — Mar. I Holders of rec. Feb. 14a
in
ff3
Mar. 4 Holders of rec. Feb. 14a
.
2
Mar. 10 Holders of rec. Feb. 18a
Preferred (quar.).....................
Mar. 2 Holders of rec. Feb. 10a
Price tiros.. Lid. {payagle In stock)
. e22
Feb. 25 Holders of rec. Feb. 25
Procter A Gamble, prcf. {quar.)__
* 1 X Mar. 15 ♦Holders of rec. Feb. 25
April 1 Holders of rec. Mar. 15
)
IX
Preferred (quar4 ____________ _____ )
April 1 Holders of rec. Mar. 15
IX
Quaker Oats, preferred (quar.)_______
Feb. 28 Holders of rec. Feb. 2a
IX
Quaker Oats, common {quar.)
. *3
April 15 ♦Holders of rec. April 1
Preferred {quar.)_____________ ” 11 - * 1 X May 2P ♦Holders of rec. May 1
Republic Iron A Steel, common {quar.)
May 1 Holders of rec. April 24a
IX
Preferred {quar.)_________________
1X April 1 Holders of rec. Mar. 15
Mar. 31 Holders of rec. Mar. 22
IX
Mar. 1 Holders of rec. Feb. 16
IX
Preferred Series B (quar.)
1X Mar. 1 Holders of rec. Feb. 16
Royal Dutch C o.......... .................
$1.9085 Feb. 27 Holders of rec. Feb. 16a
St. Joseph Lead {quar.)__
'
*25c. Mar. 20 ♦Mar. 10 to Mar. 21
Extra................................. ...................
*25c. Mar. 20 ♦Mar. 10 to Mar. 21
San Joaquin Power A Light, pref. {quar.).
Mar. 15 Holders of rec. Feb. 28
IX
Mar. 15 Holders of rec. Mar. la
IX
Common (extra)________
. 5
Apr. 30 Holders of rec. Mar. la
First preferred (q u a r.)...
Mar. 15 Holders of rec. Mar. la
IX
Second preferred (quar ).
Mar. 15 Holders of rec. Mar. la
IX
5
April 1 Holders of rec. Mar. 10a
Preferred (quar.)__
_
2
April 1 Holders of rec. Mar. 10a
Southern Pipe Line (quar.).........
5
Mar. 1 Holders of rec. Feb. 16
Southwestern Pouter & Light, pref. {quar.)
Mar. 1 Holders of rec. Feb. 19
IX
South Penn Oil {quar.)_________________
*5
Mar. 31 "Holders of rec. Mar. 12
Spencer Petroleum (monthly)_________ _
20c. Feb. 25 Holders of rec. Feb. 16a
Standard Milling, common (quar.)
2
Feb. 28 Holders of rec. Feb. 18a
Preferred (quar.)...............
'
Feb. 28 Holders of rec. Feb. 18a
IX
Standard Oil (California) (quar.)..
2 X Mar. 15 Holders of rec. Feb. 14
E xtra _________________
1
Mar. 15 Holders of rec. Feb. 14
Standard OH (Indiana) (q'uar.jll 111!."
3
Mar. 15 Feb. 3 to Mar. 15
E xtra_____________________
Feb. 3 to
Mar. 15
Standard Oil (Kansas) (q u a r.)...
*3
Mar. 15 ‘Holders of rec. Feb. 28<.
E xtra ___________ .
3
Mar. 15 Holders of rec. Feb. 28a
*5
Mar. 15 ‘Holders of rec. Feb. 20
Preferred {quar.)..
_
Mar. 15 ‘Holders of rec. Feb. 20
*ix
Standard Oil of New York (quar.)I
4
Mar. 15 Holders of rec. F
’eb. 20a
Steel Products Co., pref. {quar.)___
Mar. 1 Holders of rec. Feb. 15
IX
Stern Bros., pref. (quar.)________
Mar. 1 Holders of rec. Feb. 20
IX
Studebaker Corp., com. and pref. (i
Mar. 1 Holders of rec. Feb. 20a
IX
Superior OH Corporation (quar.)..
50c. Mar. 1 Holders of rec. Feb. 17
Thompson-Starrett C o., preferred
4
Apr. 1 Holders of rec. Mar. 20
Union Tank Car (quar.)................
Mar. 1 Holders of rec. Feb. 5
IX
Union ting A Paper {quar.)..........
2
Mar. 15 Holders of rec. Mar. 5
/ 10
Apr. 1 Holders of rec. Mar. 15a
United Cigar Stores, preferred (quar.)..
Mar. 15 Holders of rec. Feb. 27a
IX
United Drug, second preferred {quar.)___
Mar. 1 Holders of rec. Feb. 20
IX
United Dyewood, common (quar.)__
Apr. 1 Holders of rec. Mar. 15a
IX
Preferred (quar.)................................
Apr. 1 Holders of rec. Mar. 15a
IX
United Fruit (quar.)______
3
Apr. 15 Holders of rec. Mar. 2Or
United Paperboard. pref. (quar’. )IIIIIII_ * 1 X April 15 *Holders of rec. April 1
U. 8. Cast Iron Pipe & Fdy., pref. (qu.)
I X Mar. 13 Holders of rec. Mar. la
U. S. Envelope, common___________
Mar. 1 Holders of rec. Feb. 14a
3X
Common {extra)........ ........... ....... ~~
Mar. 1 Holders of rec. Feb. 14a
2X
Preferred_____________
Mar. 1 Holders of rec. Feb. 14a
3X
U. S. Gypsum, com. (quar.)_______
*1
Mar. 30 *
Preferred (quar.)______________
*1X Mar. 30 *
U. S. Industrial Alcohol, com. (quar ') ___
2
Mar. 15 Holders of rec. Mar. 1
United States Steel Corp., com. (quar.)
Mar. 30 Feb. 28 to Mar. 1
IX
Preferred (q u a r.)...........
Feb. 28 Feb. 1 to Feb. 3
IX
U. S. Worsted, 2d pref. (No. 1)11'
Mar. 15 Mar. 7 to Mar. 15
IX
Valvollne OH, common (quar.)
Mar. If Holders of rec. Mar. 11
2X
Van Raaltc Co., Ino., 1st pref. (No 1)
Mar. 1 Holders of rec. Feb. 14
IX
Second preferred (No. 1)...................... *1.75 Mar 1 Holders of rec Feb 14
Wabasso Cotton (quar.)________
2
April 3
Waltham Watch, common. .
* 2 X Mar. 1 •
Wayagamack Pulp & Paper (quar.)” "I
1
Mar l Holders of roe. Feb 16
Wayland Oil A Gas, common (quar.)__
15c. Mar. 10 Holders of rec. Mar. 1
Weber A Ilellbroner, common..................
50c. April 1 Holders of rec. Mar. 15
Preferred {quar.)___________________
Mar. 1 Holders of rec. Feb. 16a
IX
Preferred {quar.)___________________
June 1 *
‘Holders of rec. May If
*IX
West India Sugar Finance, com. (quar.).
Mar. 1 Holders of rec. Feb. 15a
IX
Preferred (quar.)___________________
2
Mar. I Holders of rec Feb. 15a
White (J.G.) S Co., Inc., pref. (quar.).
c
Mar. 1
IX
Whlte (J. G.) Engineering, pref. (quar.)
Mar. 1
IX
White (J. G. Managem’t, pref. )quar.)_
Mar. 1
IX
White Motor (quar.)__________________ $1
Mar. 31
WUlus Corporation, 1st pref. {quar.)~~~~ 2
Mar. 1 Holders of rec. Feb. 20
Wilmington Gas, preferred_____________
3
Mar. 1 Feb. 22 to
Feb. 29
Woods Manufacturing, common {quar.).
Mar. 1
• of rec. Feb. 21
s
IX
Wool worth (F. W .), oommon (quar.)_
_
2
Mar. 1
10a
Woolworih (F. W .) Co., preferred_____
April 1 *
*IX
‘Holders of rec. Mar. 10

Name of Company.

From unofficial sources, t Declared subject to the approval of Director-Genera*
of Railroads. J The New York Stock Exchange has ruled that stock will not be
quoted ex-dlvldend on this date and not until further notice, a Transfer books not
closed for this dividend. 6 Less British Income tax. d Correction, e Payable In
stock. /P ayable In common stock, g Payable In scrip, h On account of accumu
lated dividends. < Payable In Liberty Loan bonds.
* Payable to holders of record Jan. 31.
f Declared $2 payable In quarterly installments on March 30, June 30, Sept. 30
and Dec. 30 to holders of record on March 15, June 15, Sept. 15 and Dec. 15
respectively.
m Declared 6% payable In quarterly Installments on March 20, May 31, Aug. 31
and Nov. 30 to holders of record on Feb. 28, May 11. Aug. 11 and Nov. 10, re
spectively
n Declared 7% payable In quarterly Installments on March 31, June 30, Sept. 30
and Dec. 31 to holders of record on March 11, June 10, Sept. 10 and D o,. 11.
t Declared 8% payable 4% as above and 4% Sept. 30 to holders of reo. Sept. 25.
x Payable March 1 1920.
( At rate of 8% per annum from date of Issue, Oct. 6 1919.

Boston Clearing House Banks.— W o give below a sum
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:

Statement of New York City Clearing House Banks
and Trust Companies.— The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Feb. 14. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given:
NEW YORK W EEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars— that Is, three ciphers [,000] omitted.)
CLEARING
HOUSE
MEMBERS
(,000 omitted.)
Week ending
Feb. 14 1920.

Net
Loans,
Capital Profits Discount
Nat'l, Dec.31
State, Nov.Ik
Tr.CoS.,Nov.Ik

Members o f
Fed. Res. Bank
S
$
Bk of N Y, NBA 2,00(
0,6G(
Manhattan Co. 2,500 8,2G(
Merchants’ Nat .3,00( 3,323
Mech A Metals. 6,000 12,100
Bank of America 1,501 7,30'
National C ity .. 25,000 55,815
Chemical N a t.. 3,000 9,809
Atlantic Nat__
1,001 1,00(
Nat Butch A Dr
301
141
Amer Exch Na
5,001 0,661
NatBkof Comm 25,001 29,085
Pacific Bank__
501 1,15(
Chath A Pheulx 7,000 6,875
Hanover Nat . .
3,000 19,056
Citizens’ Nat . .
3,000 3,599
Metropolitan . .
2,000 2,683
Corn Exchange. 4,200 8,925
Imp A Trad Nat 1,500 8,269
National Park.. 5,000 20,274
East River Nat.
1,000
668
Second National
1,000 4,298
First National.. 10,000 33,631
Irving Nat B k .. 6,000 8,281
N Y CountyNat 1,000
385
1,000
Continental___
740
Chase Nat Bank f 15,000 20,439
500 2,401
Fifth Avenue . .
200
Commercial Ex.
968
Commonwealth.
400
740
1,000 2,144
Lincoln N a t __
Garfield Nat__
1,000 1,367
1,000
Fifth National.
514
1,000 4,194
Seaboard N a t..
Liberty Nat_
_
5,000 6,830
Coal A Iron Nat 1,500 1,448
1,000 1,387
Union Exch___
Brooklyn Trust. 1,500 2,656
Bankers Trust. g20,000 *18,489
U S M tg e A T r . 2,000 4,867
Guaranty Trust 25,000 29,965
1,000 1,365
Fidelity Trust..
Columbia Trust 5,000 7,267
1,200 1,635
Peoples T rust..
New York Trust 3,000 11,206
I’ranklln Trust. 1,000 1,326
1,000
831
Lincoln Trust..
Metropolitan Tr 2,000 g3,493
Nassau N.Bklyn 1,000 1,300
Irving Trust Co. 3,000 1,680
Farm Loan A Tr 5,000 11,711
896
Columbia Bank. 1,ooo|

meats,
Ac.
Average.
$
53,481
100,172
30,511
162,909
33,807
552,751
97,59(
21,86.'
6,401
128,756
301,901
27,366
117,22:
138,513
53,189
37,839
150,101
40,377
211,318
10,848
23.629
291,503
137,314
13,893
8,115
373,158
20,770
8,932
9,349
18,761
15,363
17,171
48,755
8S.389
24,565
19,570
43,852
292,182
64,581
570,455
12,577
84,302
32,328
82,656
26,845
23,612
42,935
18,084
63,244
124,839
23,094

Reserc
Cash
with
Net
Time
in
Legal Demand
De
Vault, Deposi Deposits. posits.
lories.
Aceragi
$
1,01!
2,00<
63'
9,10!
1,000
14,095
1,045
54(
137
1,77:
2,797
1,652
5,006
5,60!
98!
2,084
10,257
668
1,294
383
801
982
3,310
819
162
5,759
889
370
401
871
433
319
1,029
502
718
491
798
950
707
2,822
311
998
1,030
481
670
450
574
475
2,050
4,143
507

Feb. 14
1920.

Changes from
precious week.

Feb. 7
1920.

*
3.210.000
592.983.000
430.402.000
111.807.000
10.782.000
7.367.000
20.129.000
59.375.000
70.127.000

$

$
3,240,000
584.200.000
423.579.000
112.008.000
16.965.000
13.161.000
20.445.000
53.284.000
66.450.000

A verage._____ 220,800 100,204 1,962,119 98,262 550,514 c4,00'!,81l 217,201j30,714

mbers of Federal Re
19,103
1,737
839
5,589
1,351
25,590
1,415
64,561

State Banka.
Greenwich Bank
Bowery Bank.
N Y Prod Exch.
State Bank___
Average.

3,750

19,488
5,548
28,191
130
32,887 31,606

5,344

114,843 10,358

Totals, actual co ndition Feb. 14
Totals, actual co ndition Feb. 7
Totals, actual co ndition Jan. 31

115,446 10,481
114,919 10,199
115,010 9,499

Trust Compan les. N of Mem hers of Fed
Title Guar * Tr
5.000 13,020
44,557
Lawyers T A Tr 4.000 5,711
26,869
Average____

580.453.000
426.166.000
109.373.000
17.612.000
22.952.000
18.271.000
57.470.000
68.239.000

23.353.000 Inc. 3,598,000 19.755.000 21.731.000
Formerly Included under the head of "Individual Deposits."




85,614 31,736
5,861
5,421
5,601
«rc« tia
3,570
1,892

86,090 31,771
87,274 31,381
86,997 30,780
30,073
18,590

933
258

9,000 18,731

71,426

1,893

5,402

49,263

1,191

Totalsi actual co ndition Feb. 14
Totals, actual co ndition Feb. 7
Totals, actual co ndition Jan. 31

71,008
72,363
73,535

1,840
2,028
2,019

5,920
5,134
5,631

49,330
49,429
49,056

1,232

1,222

1,121

Gr’d aggr, avge 233,550 424,2805,148,388 110,513 501,684 d l, 141,691 250,131 30,714
Comparison, pre v. week
75,802 + 4,324— 5,466 — 34,040 1,779 1,980
Gr’s aggr, act’l cond’n 'Feb. 145,125,602 112,440558,263 *4,120,004 249,407 36,901
Comparison, pre v. w e e k ...........— 58,074 + 3 , 138|-11,193
— 65,211— 8.551 1,814
|
Gr’d
Or’d
Gr’d
Gr’d

aggr,
aggr,
aggr,
aggr,

act’l cond’n
___ _ „
act’lcond’n
act’lcond’n
act’lcond’n

Feb.
Jan.
Jan.
Jan.

7 5,183,676 109,302 569,450
315,246,695100,014 564,942
24 5,276,019110,729555,821
17 5,320,086111.026 580,529

4,175,275252,958 38,715
4,106,568 249,949 38.004
4.107.034 203,004 38,347
4,240,904 263,428 37.550

♦ Includes deposits In foreign branches not Included In total footings, as follows
National City Bank, 8128,787,000; Guaranty Trust Co., $79,400,000; Farmers' Loan
A Trust Co., $22,354,000. Balances carried In banks In foreign countries as reserve
or such deposits were: National City Bank, *34,797,000; Guaranty Trust Co.,
$5,958,000' Farmers' Loan A Trust Co., $3,702,000. c Deposits In foreign branches
not Included, d U. S. deposits deducted, $80,200,000. o U. H. deposits deducted,
$64,857,000. Bills payable, rediscounts, acceptances and other liabilities, $1,094,
542,000. f As of Jan. 21 1920. g As of Jan. 1 1920.’

S

30,000
8,783,000
6,823,000
201,000
183,000
5,794,000
316,000
6,091,000
3,677,000

Average Averaoe. Averaoe A vqi ,
$
%
$
5,512
37,415 4 ,11(
762
12,848
91,711 8,026
3,260
23,561
1,284 1,453
18,269
135,965 4,139 1,000
4,583
___
30,208
69,329 *591,532 40,502 1,399
9,206
08,25!
433
2,586
2,341
17,613
140
530
412
4,257
280
12,070
88,523 5,622 4,841
34,398
261,810 5 ’ 4 12
3,768
25,532
60
13,407
97,417 1 1 , 9 7 7 4,540
20,90S
140,985
too
5,759
37,901
102
946
5,585
0
41,943
20,219
150,9971 7 , 2 2 2
3,796
29,016
51
112
21,491
104,257 3,409 4,801
1,437
9,917
613
50
2,933
20,068
017
21,863
106,496 2,911 8,147
15,028
121,039 3,875 2,102
1,019
12,978
845
193
1,366
7,056
47,216
316,214 13,528 m o o
3,045
20,431
1,172
8,803
1,240
9,387
2,586
18,198
7
210
1,821
14,491
200
380
1,454
12,204
533
241
6,826
48,522
520
08
8,794
00,780 3,723 1,904
2,140
15,188
507
401
2,413
19,154
424
400
4,158
30,641. 5,543
31,724
236,187 14,923
7,018
53,438 2,947
55,357 *498,010 40,873
1,444
11,043
348
9,961
70,800 5,998
3,109
31,024 2,122
8,710
00.442 2,483
3,057
22,452 1,645
3,502
23,945 1,013
4,008
29,114 1,272
1,370
13,057 1,034
50
9,051
00,062 1,156
14,700 *131,038 12,779
2,405
20,337
167 —

Totals, actual co ndition Feb. 14 1,939,148 00.119 >40,482 :3,984.044 >10,414|.30,901
Totals, actual co ndition Feb. 7 4,996,394 97,075 558,901 4,038,572 220,463 38,715
Totals, actual co ndition Jan. 31 5,058,150 94,496 553.710 4,029,915 217,931 38.604

Jan. 31
1920.

Dec.
Inc.
Inc.
Dec.
Dec.
Dec.
Dec.
Inc.
Inc.

N a t’ l
Dank
Circu
lation.

STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.

BOSTON CLEARING HOUSE MEMBERS.

Circulation..............................
Loans, dlsc’ts A Investments.
Individual deposits. Inch U. S
Due to banks______________
Time deposits_ _____ ______
_
United States deposits.___ *
Exchanges for Clearing House
Due from other banks.............
Cash In bank A In F . R. Bank
’
Reserve excess In bank and
Federal Reserve Bank___

[Vol. 110

Averages.

Cash
Reserve
In Vault.
Members F
’ederal
Reserve banks..
State banks*____
rust companies*.
Total
Total
Total
Total

F
’eb. 14..
F
’eb. 7 ..
Jan. 3 1 ..
Jan. 2 4 ..

Reserve
in
Depositaries

Total
Reserve.

a
Reserve
Required.

Surplus
Reserve.

$
*
*
$
550,514,000 550,514,000 527,401,940 23,112,060
5.708.000 10,006,000 15,410,520
055,480
1,893,000 5.462.000 7,355,000
7,389,450
34,460
S

10",358",666

12.251.000
11.728.000
11.641.000
11.840.000

561.684.000
567.140.000
559.012.000
578.492.000

573.935.000
578.868.000
570.653.000
590.332.000

550,201,910
554,737,240
551,282,940
556,938,280

23,733,090
24,130,700
19,370,000
33,393,720

743

THE CHRONICLE

Feb. 21 1920.]

STATE BANKS AND TRUST COMPANIES IN NEW YORK C ITY.
Actual Figures.
Cash
Reserve
in vawt.
Members Federal
Reserve bunks___
State banks*---------Trust companies*__
'Petal
Total
Total
Total

Feb. 14----Feb. 7___
Jan. 31-----Jan. 24___

Reserve
in
Depositaries

b
Reserve
Rewired.

Total
Reserve.

10,48V,000
1,840,000

S
§
$
S
546,482,000 546,482,000 524,418,140 22,063,860
737,800
5.861.000 16,342,000 15,604,200
360,500
5.920.000 7.760,000 7,399,500

12.321.000
12.227.000
11.518.000
11.610.000

558.263.000
569.456.000
564.942.000
555.821.000

$

570.584.000
581.683.000
576.460.000
567.437.000

547,421,840
554,751,620
553,534,740
554,073.250

23,162,160
26,931,380
22,925.260
13,363,750

• Not members o( Federal Reserve Bank.
...
, a,
a Tilts Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the FedernlRe^rve banks in
eludes also amount of reserve required on net time deposits, which was as follows.
Feb. 14, $11,510,120; Feb. 7, $0,585,000.
.
„„„ „ .
hinks
I) This Is the reserve required on net demand deposits in the casei of Statei ban .s
and trust companies, but In the case of members of the Federal 1
Reserve Ba“ '
eludes also amount of reserve required on net time deposits, which was as follows.
Feb. 14, $0,492,420; Feb. 7, $0,013,590.
__________

State Banks and Trust Companies Not in Clearing
House.— Tho State Banking Department reports weekly
figures showing tho condition of State banks and trust
companies in New York City not i n the Clearing H o u s e , as
follows:
SUMIfcMlY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEVT YORK, NOT INCLUDED IN CLEARING HOUSE STATEM ENT.
(Figures Furnished by State Banking D epartm ent.)^ ^(
cST"
I nans and Investments
............................ $784,121,000 Dec. $1,005,400
Lawns ana investments-.............. - - - - - - ...................
8,233,900 Inc.
17,000
Currency and bank notes................................... - - - - - - 17,977,300 Inc. * **'?o’5on
Deposits with Federal Reserve Bank of New Y ork ..
70,551,500 !?cc‘ r'nl r'lnl!
Total deposits................................................................ 835.754,700 Dec. 6,045,400
Deposits, eliminating amounts due from reserve de
positaries, and from other banks and trust, companics In N. Y. City, exchanges and U .S . deposits 780.948,900 Dec. 2,667,300
Reserve on deposits...................................................... 135,301,000 Dec. 2,4o6,400
Percentage of reserve, 19.5%.
RESERVE.
-------- State Banks-------- -----Trust Companies----Cash In vaults...................................... $25,049,600 15.26%
$71,313,100 13.49%
Deposits In banks and trust cos------- 9,648,900 5.87';.
20,2,39,400 J
0
Total..................................................$35,698,500 21.13%

$100,602,500 19.03%

Banks and Trust Companies in New York City.— Tho
averages of tho Now York City Clearing House banks and
trust companies com bin ed with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, aro as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Week Ended.
Oct.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.

I I ..............
18________
25________
1 - .______
8..............
15________
22________
29..............

D ec.

6 _________

Dec. 13..............
Doc. 20..............
Dec. 27..............
Jan, 3________
Jan. 10________
Jun.17_________
Jan. 24_ ——
_
Jan. 3 1 . ...........
Feb. 7..............
Feb. 14..............

/
Mans and
Investments.

Demand
D e p o s its .

•Total Cash
in Vault.

6.222.040.800
6.225.364,700
6,157.850.600
6.152.354.000
6.196.334.100
0.106,291,800
6.033.287.000
5.965.254.400
5.965.254.400
5.911.523.100
5.977.547.400
6.002.477.800
6.085,307.900
0,190.394,500
6.148.008.100
6.091.136.800
0,027,329,800
6.009.316.400
5.932.509.000

4.953.388.000
4.995.626.900
6,011,330,800
5.997.701.600
6.050.029.200
5.032.029.900
4.998.912.400
4.957.903.600
4.957.903.600
4,893.718.700
4.977.633.400
4.874.397.000
4.978.225.000
4.997.475.100
4,946.748,500
4.979.339.100
4.930.832.900
4.959.253.200
4.922.639.900

136.302.200
135.260.200
136.751.700
136.421.700
134.385.200
141.456.700
139.286.400
139.471.300
142.616.300
146.126.200
144.328.500
152,867.900
147.113.100
150.519.400
136.692.800
135.734.500
130,482,600
134.336.100
138.651.200

Trust Companies.

State Banks.
Surplus
Reserve.

Reserve in
Depositaries
689.598.400
699.093.800
698.812.600
687.726.600
719.908.100
708.102.100
696,738,000
698.932.400
698,288.460
673,870,700
700.844.200
656.641.800
729,999,100
664.736.800
703.777.800
671.113.200
675.721.600
6.82.179,300
667.361.800

• This Item Includes gold, silver, legal tenders, national bank notes and lederal
Reserve notos.

Week ended Feb. 14
1920.

Capital as Of Nov. 12.
Surplus asof Nov. 12.
Loans & Investments.
Currency A b k. notes
Deposits with the F.
It. Bank of N. Y - Reserve on deposits..
P. C. reserve to d e p ..

Differences from
previous week.

Feb. 14
1920.

Feb. 14
1920.

$
$
$
S
104.700.000
27.400.000
179.330.000
50.520.000
711,231,500 Dec." 487,566 2,102,010,200 Dec .23,313,000
10.100
11.125.300 Inc.
141,100
S, 158,700 Dee.
822,000
20.469.300 Inc.
34,030,700 Inc. 3,497,800
70,816,100 Dee. 1,905,300 216,550,900 Dec. 3,586.300
865,231,000 Dec. 13,247,000 2,155,597,000 Dec. 38,791,300
128,430,300 Inc. 1,315,600 294,579.200 Dec. 3,792.100
Same
16.9%
_ 0.1%
19.8% Inc.

Non-Member Banks and Trust Companies.— fo llo w 
ing is the report made to the Clearing House by oleanng
non-member institutions which are not includod in the
“ Clearing House Return” on the following page:
R E T U R N O F NON-MEMBER INSTITUTIONS OF NEW YO RK CLEARING

HOUSE.
(Stated in thousands of dollars—that 4s, three ciphers |000 omitted.)

Net L o a n s,
Net
N an
Net
Reserve
Capital. Profits. Dis
CLEARING
Bank
Demand Time
counts, Cash
NON-MEM BER8
Circu
De
De
Legal
in
Nnt.bks.Dcc. 31 Invest
ments, Vault. Deposi posits. posits . lation .
Week ending Statebks Nov 12
tories.
Fcl). 14 1920. Tr.cos.N ov. 12 &c.
Average Average Average Average Average Average
Members o f
$
S
S
$
$
%
$
$
Fed’l Res. Bank
192
83
189 2,145 12,519
Battery Park Nat. 1,500 1,516 17.505
402
268 1,732 12,161
630 12.505
200
Mutual Bank------137
8,989
211 1,376
663 11,061
600
New Netherlands
5,062 2,902
818
21
500 1,038 7,928
W R Grace A Co’s
7,313 5,986
318 1,228
723 12,753
200
Yorkvllle Bank—
400
7,079
775
516
1,332 8,917
400
First Nat, Jer City
592
3,400 5,905 70,669 1,523 8,074 53,123 9,510
Total..................
State Banks
Not Members oj the
Fed'l Reserve Bank
Bank of Wash Hts.
Colonial Bank___
International Bank
North Side, Bklyn

100
600
500
200

440 3,316
1,217 14,887
289 7,409
267 6,801

422
1,649
779
733

205
1,285
437
382

3,391
16,112
6,477
6,126

14

__

417
1,161

m i

Total..................

1,400

2,214 32,416

3,583

2,309

32,10f

1,6(X

__

Trust Companies
Not Members of the
Fed’l Reserve BanX
Hamilton Tr.Bktn
Mecli Tr, Bayonne
Total..................

500
200

1,048
465

9,509
8,275

601
339

367
210

7,345
3,497

1,00!
4,741

700

1,513 17,784

940

577

10,842

Grand aggregate.. 5,500
Comparison prevlo us week
Gr’d aggr, Feb.
Gr’d aggr, Jan.
Gr’d aggr, Jan.
Gr’d aggr, Jan.

7
31
24
17

5.500
5.500
5.500
5.500

9,633 120,869
+ 290
9,633
9.836
9.836
9.836

120,579
118,467
118,042
120,157

5,750

__

6,046 10,960 a!>6,071 16,860
+ 303 + 243 + 1,433 — 114

592
—8

94,638 16,974
94,596 16,568
96.4581 15,476
07.474 15,371

600
600
599
585

5,743
5,794
5,686
5.733

10,717
10,537
11,314
10,994

•U. S. doposlts deducted, $161,000.
„ T.> nnn
Bills payable, rediscounts, acceptances and other liabilities, $9,972,000.
_______________ ________________________
Excess reserve, $214.950 Increase.

Philadelphia Banks.— Tho Philadelphia Clearing House
statement for the week onding Feb. 14 with comparative
figures for the two weeks preceding, is as follows, Roserve
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 Federal Reserve Bank.
Cash
in
vaults” is not a part of legal reserve. For trust companies
not members of tho Federal Reserve system the reserve
required is 1 5 % on demand deposits and includes “ Reserve
with legal depositaries" and “ Cash in vaults.”____________
IVk. ending Feb. 14 1920

New York City State Banks and Trust Companies.—
In addition to tho returns of “ State banks and trust com
panies in Now York City not in the Clearing H o u s e ,” furnished
by the State Banking Department, the Department also
presents a statement covering all tho institutions of this
class in tho City of Now York.
For definitions and rules under which the various itoms
are made up, see “ Chronicle,” V . 98, p. 1661.
Tho provisions of tho law governing the reserve require
ments of Stato banking institutions as amended M ay 22
1917 were published in tho “ Chronicle” M a y 19 1917 (V .
104, p. 1975). Tho regulations relating to calculating tho
amount of deposits and what deductions are permitted in the
computation of tho resorves wore given in tho “ Chronicle”
April 4 1914 (V . 98, p. 1045).

Differences from
previous tceek.

Two ciphers (00) omitted.

Trust
Cos

Total.

Feb. 7
1920.

Jan. 31
1920.

$4,000,0 $36,875,0 $34,676,0 $34,675,0
Capital
11,094,0 97.044.0 97.042.0 94.914.0
Surplus and profits----------.34,961,0 804.350.0 800,160,0 796.348.0
Loans, dlao’ts A lnvestm’ is
645.0 28.080.0 30.241.0 24.635.0
Exchanges for c. lear. House
12,0 121.691.0 114.319.0 118.610.0
Due from banks-------219.0 136.762.0 138.910.0 138.973.0
Bank deposits----------------20.652.0 527.931.0 521.350.0 619.379.0
Individual d e p o sl.s ........ 8.177.0
8.177.0
8.238.0
1,779,0
Time doposlts--------------22.650.0 672.931.0 668.437.0 666.629.0
Total deposits..................
8.173.0 21.892.0
3.524.0
U .8. deposits (notIncluded)
50.121.0 51.590.0 49.755.0
50,121,0
Res've with Fed Res. Bank
2.672.0
2.812.0
2.458.0
2.458.0
Ros'vt with legal deposit s.
12.940.0
13.879.0 12.497.0
901.0
12,978
Ca«h tn vault*
15.612.0
66.458.0 66.809.0
3.359.0
63,099
Total reserve A cash held..
.3,120,0 52.783.0 52.861.0 52.767.0
49,663
Reserve required
12.600.0
14.038.0
13.675.0
239.0
13.436
Excess res. A cash In vault
• Cath In vault Is not counted as reserve for Federal Reserve bank members.

M e m b e r B a n k s o f t h e F e d e r a l R ese rve System.— Following is the weekly statement issued by tho Federal Reserve
Board giving the principal items of tho resources and liabilities of the Member Banks. Definitions of the different items
In tho statement were given in the statement of Deo. 14, 1917, published in the “ Chronicle Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCES AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS FEB. 6 1920
e f
re
in o ffs - 
d e cre a s o o r 4 0 .8 m illio n s re p o r te u fo r t h o N e w Y o r k C ity^ ban kjs b e, g - - - - e t
w d tor uiu
i uin.
W ith d r a w a ls In s o m e v o lu m e o f G o v e r n m e n t d e p o s its , a p p a r e n tly in
c o n n e c t io n w ith th e r e d e m p tio n d u rin g th o w eek o f I rea su ry c e r tirica tc»
Issued In S e p te m b e r a n d D e c o m b e r o f last y e a r and fu r th e r re d u c tio n s In
th e h o ld in g s <> U nited S ta to s w a r se cu ritie s a n d w ar p a p e r a ro in d ica te d
r
b y t h o F ed era l H oservo H o a rd ’s w e e k ly s ta te m e n t o f c o n d it io n on F e b ru a ry
0 o f 804 m o m b o r b a n k s In lo a d in g c itie s .
.
G o v e r n m e n t s e c u r ity h o ld in g s fe ll o f f 3 5.1 m illion s d u rin g th o w e e k .
U n ited 8 tnt<w b o n d s s h o w in g a d o c r c a s o o f 3 .6 m illio n s , V ic t o r y n o te s — a
d e cre a s e o f 4.1 m illio n s , a n d T r e a s u r y ce r tific a te s — a d e cre a s e o f 2 7 .4
m illion s fo r a ll r e p o r tin g b a n k s , th o u g h an in crease o f n o u t 17 m illio n s fo r
th e N o w Y o r k C it y m em b e rs .
W a r p a p e r o x c lu s lv o o f r e d is c o u n ts w it h
th e F ed era l R eserv e b a n k s , d o clln e d 2 8 .8 m illio n s , la rg e ly a * th o Now Y o rk
b a n k s . L o a n s secu red b y s to c k s a n d b o n d s fe ll o f f 2 3 .7 m illio n s , th o la rge r




in p a r t b y fu r th e r gain s u n d e r th is h e a d a t b a n k s in o th e r F e d e ra l R e s e rv e
b atik a n d b r a n c h citie s . T h o s e do cro a se s a re in p a r t o ffs e t , ju s t as t h e w eek
b o f o r e b y ail in cre ase o f a b o u t 57 m illio n s in o th e r lo a n s a n d in v e s tm e n ts .
F o r th e N o w Y o r k C it y b a n k s th o la tt e r ite m s h o w s a d e cre a s e o f 4 .2 m il
lio n s. T h o n e t resu lt o f t h o ch a n g o s sh o w n in a r e d u c tio n o f a b o u t 3 0 .6
m illio n s in t o ta l lo a n s a n d in v e s tm e n ts o f all r e p o r t in g b a n k s , a n d o f 5 4 .0
m illio n s in lo a n s a n d in v e s tm e n ts o f t h e N o w Y o r k C ity ^ m e m be rs.
R e d is c o u n ts w ith th e F e d e r a l lio s o r v o b a n k s in cr e a s e d 2 7 .5 m illio n s , a n d
b ills p a y a b le , la r g e ly w a r p a p e r— 2 2 .2 m illio n s . W a r p a p e r h o ld u n d e r
d is c o u n t b y F e d e ra l R e se rv e b a n k s fo r r e p o r t in g b a n k s w e n t u p fr o m 1 ,1 9 7 .4
t o 1, 215.2 m illio n s , a n d o r d in a r y c o m m e r c ia l p a p e r th u s h e ld — fr o m 6 3 6 .8
t o 668 7 m illio n s . F o r th o N e w Y o r k C it y b a n k s a d e cre a s e o f a b o u t 7

744

THE CHRONICLE

m illio n s In w a r p a p e r d is c o u n t e d a n d b u t a n o m in a l c h a n g e in o t h e r d is
c o u n t s w ith t h o F e d e ra l R e s e r v e b a n k s a ro s h o w n .
•
o v e r n m e n t d e p o s it s s h o w a n e t r e d u c tio n f o r t h e w e e k o f 1 03 .6 m illio n s
(5 3 .4 m illio n s f o r N e w Y o r k C i t y ) , o t h e r d e m a n d d e p o s its r e m a in e d p r a c 
t ic a lly u n c h a n g e d , w h ile t im e d e p o s its w e n t u p 2 3 .3 m illio n s . R e s e r v e

1.
T hree ciphers (000) om itted.

b a la n c e s (all w ith th e F e d e ra l R e s e r v e b a n k s) in cre ase d 1 0 .7 m illio n s fo r all
r e p o r tin g b a n k s a n d 1 9.3 m illio n s f o r m e m b e r b a n k s in F e d e ra l R e s o rv o
b a n k citie s . C a s h in v a u lt d e clin e d 10.3 m illio n s , a la rg e r d e c lin e b oin g
s h o w n f o r r e p o r tin g b a n k s lo c a te d o u ts id e F e d e ra l R e s c r v o b a n k a n d b ra n ch
c itie s .

Data for all reporting banks In each district

B oston.

[Vol. 110

N ew York Philadel. Cleveland. Richm 'd.

A tlan ta.

Throe ciphers (000) om itted.
Chicago.

St. L ou is. M in n ea p . K a n . City

D allas.

San F ran.

Total.

Num ber of reporting banks, _
.
U. 8 . bonds to secure circulation___
Other U. 3 ., lncl. Liberty bond s_
_
U . 8 . Victory notes_____ __________
U . 3 . certificates of Indebtedness_
_

46
13,011
14,399
7,700
33,354

112
48,887
242,467
82,147
305,754

56
11,097
27,697
11,895
51,545

02
41,841
60,879
23,697
55,078

82
26,296
35,126
10,052
22,428

47
14,015
30,021
7,582
31,679

107
20,927
58,999
40,391
100,674

35
17,177
14,497
4,287
21,407

35
7,170
10,760
2,454
14,818

83
14,664
22,122
5,647
11,236

44
19,573
18,237
3,924
31,084

65
34,605
62,738
12,535
46,011

804
269,263
597,942
212,317
731,008

Total U. S. s e cu ritie s ..................
Loans and Investments, exclusive of
bills rediscounted with F. R.
and other banks:
Loans sec. by U. 3. war obllgat’ n .
Loans sec. by stocks and bonds.
All other loans and Investments.
Reserve balances with F . R . Bank.
Cash In vault........................................
N et demand deposits....... ...................

68,470

679,255

102,234

181,495

93,902

83,297

226,991

57,368

35,202

53,669

72,818

155,889

1,810,590

39,553 476,307
201,956 1,425,181
685,974 3,463,083
76,002
679,469
20,395
112,188
789,577 5,110,832

84,494
344,347
823,363
89,711
31,824
850,068
343,195
19,756

34,236
107,302
350,308
39,205
16.S73
365,043
98,514
3,464

22,116
97,399
63,172 499,779
362,176 1,440,168
35,475 204,055
12,884
65,905
313,048 1,451,457
129,733 583,957
6,324
25,484

30,023
160,024
329,370
44,400
10,242
365,597
118,458
5,456

14,985
29,334
256,820
23,853
8,092
234,632
62,001
1,165

19,720
76,122
472,891
55,373
14,519
469,811
91,664
3,552

7,953
34,139
227,058
27,023
9,966
254,087
42,086
5,490

G overnm ent deposits____________
Bills payable with F. R. B a n k :'”
Sec. by U . S. war obligations____
All other______
Bills rediscounted with F. R . Bank:
8ec. b y U . 8. war obligations____
All other_____

3.

T hree cip h e r) (000) om itted.

12,099

99,266

80,542
207,048
526,705
65,659
15.358
659,392
<25,7 20
9,485

40,541

428,815

79,615

66,479
150

43,864
730

43,409
125

112,589

31,706

15,487

19,481
4,500

12,880

38,397
85

033,262
5,699

48,473
40,375

115,648

76,028

7,597
40,M 4

7,759
18,639

3,522
22,325

7,373
122,498

8,077
42,149

2,870
30,022

3,003
42,728

47
5,868

1,470
35,038

281,936
003,048

Data for Banks In Federal Reserve Bank and Branch Cities and All Other Reporting Banks.
N e w Y ork .
F eb. 6.

Num ber of reporting banks______
U. 3 . bonds to secure circulation
Other U . S. bonds, lncl. Lib. bds.
U. 3. V ictory n o t e s ......................
U . 8 . certificates of Indebtedness

31,449
938,777
141,100 3,289,510
830,903 9,774,879
.70,934 1,417,159
28,072
347,218
614,291 11,477,836
470,089 2,494,912
205,168
13,637

J a n . 30.

All F .R .B an k Cities F . R. Branch Cities.

C hicago.
F eb. 6.

J a n . 30.

F eb. 6.

J a n . 30.

F eb. 6.

J a n . 30.

AH Other
R eporting Banks.
F eb. 6.

T otal.

J a n . 30. F eb. 6 ’20. Jan .30 ’ 20. F eb. 7 ’ 19.

71
71
39.190
39,190
211,549 217,023
72,075
71,611
290,491 ' 273,503

50
1,438
24,767
15,772
41,475

50
1,438
-6,456
16,352
48,264

276
101,608
340.284
114,255
493,261

193
70,804
141,744
54,714
152,994

193
70,804
138,038
56,677
171,608

135
96,902
123,326
45,304
88,735

335
96,751
123.208
45,472
93,624

804
260,263
597.942
212,317
731.008

804
269,163
601,590
216,101
758,493

1,463,955

T otal U . 3. securities..................
613,308 601,327
oans and Investments, excl. oi
bills rediscounted with F . R
and other banks:
Loans sec. b y U . 3. war obllg.
448,714 470,308
Loans sec. b y stocks and bonds. 1,268,784 1.309,566
All other loans and Investments 3,093,501 3.097.6S9
Reserve balances with F. U. bank
639,901
633,935
Cash In vault_____ _____ _______
110,235
107,881
N et demand d e p o s i t s ! ! ! ! ! ” ” ! ' 4.003,058 4,605,394
Tim e deposits__________! ! ! ! ! ! ! !
304,811
301,906
G overnm ent deposits___
96,830
150,180
Bills payable with F. R . Bank':”
Secured by U. 3. war obligat’ ns 389,302 394,164
All oth er________ ___ . . . . . . .
Bills rediscounted w lt h F L R ! B ’ k':
Secured by U . 3. war obligat’ ns 110,131
112,162
All other_________________ _____
198,313 198,247
R atio of U. S. war securities and
war paper to total loans and
Investments, per c en t......... ........
18.9
18.8

83,452

92,510 1,036,067 1,049,408

420,256

437,127

354,267

359,115

1,810,590

1,845,050

2,400,277

276
101,557
332,872
112,299
489,339

’ 770
263,214
739,108

67,545
386,559
835,785
145,557
37,510
986,529
266,952
12,692

00,728
380,605
823,266
138,949
37,828
987,676
204,453
19,989

713,669
2,391,252
6,149,340
1,044,730
209,476
8,018,570
1,159,684
153,717

53,450

46,017

640,745
500

633,914
285

192,135
4,374

179.845
4,305

100,382
825

97.538
875

933,202
5,699

911.297 1 033,753
6,525 /

3,615
101,563

3,191
94,788

248,267
520,906

252,021
495,832

17,523
84,645

17,675
79,493

16,146
57,497

10,373
55,904

281,936
603,048

286,009 1 372,888
631,289 1

10.9

11.5

16.0

16.4

16.1

16.6

13.9

14.2

15.7

741,460
123,974
124,802
101,134
101,345
938,777
967,607 1,198,353
2,422,164 478,266 471,219 419,992
419,855 3,289,510 3,313,238 110 000 011
6,106,767 1,927,845 1,932,156 1,697,694 1,678,933 9,774,879 9,717,850 /
1,025,400 204,104
203,647
168,325
177,449 1.417,169 1,406,496 1,225,219
205,685
71,344
72,037
66,398
79,787
347,218
367,600
363,177
8,024,722 1,743,351 1,743,276 1,715,914 1,709,355 11,477.835 11,477,353 9,780,907
1,149,453 785,364 779,184 549,864 542,932 2,494,912 3,471,609 1,610,452
243,822
33.465
38,795
17,986
26,206
205,168
308,823
581,979

10.1

24.9

The Federal Reserve Banks.— Following is the weekly statement issued by the Federal Reserve Board on Fob. 13:
issu I
• F u r th e r in creases in d is c o u n t o p e r a tio n s a n d n o t e ■ O Ves, ULLUllipdlllie d
J
.
*
J U -O a c c o m p a n Lv
b y a m o r e m o d e r a te in crease in n e t d e p o s its a re in d ic a te d in th e F ed era
R e s e r v e B o a r d 's w e e k ly b a n k s ta te m e n t Issued as a t c lo s e o f b u sin ess on
h e b . 13 1920. G o ld w ith d ra w a ls f o r e x p o r t a n d sales o f g o ld h e ld w ith
m a g ^ c ics w e r e la r&«1y
b y g o ld d e p o s its o f t h e T r e a s u r y a n d
? e r v n J h v Qhoer ^ e rv e c a s h - . T h e re s u lt is seen in a d e cre a s e o f g o ld rc o ?
„ 2 m illio n s , as a ga in st a r e d u c tio n In t o t a l ca s h reserv es b y o n ly
43 2 y * ' ° nS' aDC* n
^ ec n e ° f t h e b a n k ’s re s c r v o r a t io fr o m 44.1 t o
P a p er h o ld in g s o f th e R e s e rv e b a n k s s h o w an Inereaso fo r th o w eek
^ . a / . ’ o o t 18 m illio n s , o t h e r d is c o u n ts — an in cr e a s e o f 7 1 .9 m illio n s, w h ile
A t.
a c c e p ta n c e s p u rc h a se d in th e o p e n m a r k e t d e c lin e d 12.2 m illion s.
5.“ 'e e r e a s e o f 14.3 m illion s in T r e a s u r y c e r tific a te s re p re se n ts la rg e ly
° f t e m p o r a r y ce r tific a te s tak e n , b y s o v e n R e s e r v e b a n k s to
o
a,
° t n o G o v e r n m e n t p e n d in g c o lic c t io n o f fu n d s fr o m d e ?H p ii?rooinstm Vt;Ions’ /-,pr Pi!a ea rn in g a ssets s h o w an in cre ase fo r t h o w eek o f
^ n U
r
iinm i^ o n s ’,<,<<^L t ^ e t o ta l o f 1 ,4 6 9 .6 m illio n s o f w a r p a p e r h e ld ,
7
n r i f t i w S v w 4 4 . 9 % , w e re se cu re d b y L ib e r t y b o n d s ; 2 3 6 .9 m illio n s ,
o r l o . l % , b y V ic t o r y n o te s ; a n d 5 7 3 .2 m illio n s , o r 3 9 w , b y T r e a s u r y ce r tiI*
’%
— P M B IN B D ----- E3 Q U B C E 8 A N D L I A B I L I T I E S O F T H E

FEDERAL

fic a t e s , as a ga in st 4 4 .7 , 1 5.8 a n d 3 9 .5 % o f a to ta l o f 1 ,4 5 1 .6 m illion s o f w a r
p a p e r s h o w n t h e w e e k b e fo r o .
D is c o u n te d p a p e r h e ld b y th o C le v e la n d , A tla n t a , C h ic a g o , M in n e a p o lis ,
K a n s a s C it y a n d D a lla s bam es In clu de 9 7 .7 m illio n s o f bills d is c o u n te d fo r
th o N e w Y o r k a n d P h ila d e lp h ia b a n k s , w h ile a c c e p t a n c e h o ld in g s o f th o
B o s t o n , C le v e la n d , A t la n t a , C h ic a g o , K a n s a s C it y and Han F ra n c is co
b a n k s are In clu sive o f a b o u t 39 m illio n s o f b a n k a c c e p ta n c e s p u rc h a se d from
t h e B o s t o n a n d N e w Y o r k b a n k s.
G o v e r n m e n t d e p o s its show a r e d u c tio n fo r th e w e e k o f 18.2 m illion s ,
re se rv e d e p o s its d e clin e d 3 1 .6 m illio n s , w h ile o t h e r d e p o s it s , in c lu d in g
iPr c B n g o v e rn m e n t cr e d its w o n t u p 1.2 m illio n s . T h e " f l o a t ” ca rr ie d b y
th e F e d e ra l R e se rv e b a n k s s h o w s a d e cre a s e fo r th o w eek o f 7 0 .4 m illion s ,
rhe com b in er, re su lt o f th e s o cn a n g e s is s co n in an in ereaso o f n o t d e p o sits
b y 2 1 .8 m illio n s. F e d e ra l R e s e rv e n o te c ir c u la tio n s h o w s an e xp a n s io n fo r
th e w eek o f 6 7.3 m illio n s , la r g e ly in th e fo u r E a s te rn and th o C h ic a g o d is 
t r ic ts .
On th e o t h e r h a n d , th o b a n k s ’ a g g re g a te lia b ilitie s on F ed era l
D e s e rv e b a n k n o te s s h o w a re d u c tio n o f a b o u t 3 m illio n s.
A d m is s io n o f n ew m e m b e rs a n d in creases in ca p ita liz a tio n o f existin g
m e m b e rs in th e N o w Y o r k , C h ic a g o a n d Han F ra n c is co d is tr ic ts a c c o u n t
la rg e * fok th e HIH VUbv v f vddi/,V)00 1 1 J/illll*-in l/U p ita l Mil) > 1 ..
” ly v r
7
in cr e a s e o $ 5 5 5 ,0 0 0 1 p a id 1 1 ca vdl s h o w n
/1
in
I
|R
V1

RESERVE

B ANKS

AT TH 0

C l OSB OF

B U S IN E S S

FEB.

14 1920.

13 1920 F eb. 6 1920 . [J a n . 30 1920 Jan. 23 1920 Jan. 10 1920 Jan. 9 1920 Jan. 2 1920
D ec. 20 1910 Feb. 14 1919.
RESO URCES.
S
S
$
*
$
*
S
S
$
G old coin and certificates___________
202.425.000 205.393.000 225.156.000
220.347.000
239.009.000 229.445.000
212.119.000 220.301.000
Gold settlement fund, F. R. B o a rd ..
424.832.000 434.160.000 439.524.000 441.499.000 456.260.000 380.263.000 303.723.000 352.785.000 347.764.000
437.278.000
Gold with foreign agencies__________
112.822.000
114.321.000
114.321.000
117.322.000
123.322.000
131.320.000
120.323.000
134.320.000
5,829,000
Total gold held by banks________
740.079.000 753.874.000 779.001.000 779.168.000 788.702.000 723.886.000
734.052.000 716.650.000 790.871.000
G old with Federal Reserve agents_
_
1,121,757,000 1,110,427,000 1,119,420,000 1,126,261,000
1,136,326,000 1,209,508,000 1,205,600,000 1,240,032,000 1,217,363,000
G old redemption fu n d _______ ______
126.544.000
121.259.000
114.229.000
121.221.000
122.307.000
107.977.000
118.850.000
121.850.000
111.113.000
Total gold reserves_______________
1,988,380,000 1,991,560,000 2,012.050,000 2,020,050,000
2,043,878,000 2,041.371,000 2,002,016.000 2.078.432,000 2.119,347,000
Legal tender notes, silver, A c ___! ! ”
64,133,000
63,096,000
01,277,000
01,246,000
68,057,000
00,728,000
60,403,000
67,104,000
65,971,000
Total reserves____________________
2,052,513,000 2,054.656,000 2,073,933,000 2,087,890,000 2.104,281,000 2,102,099,000 2,121,272,000
Bills discounted:
2,135.530,000 2,185,318,000
Secured by G ov t, war obligations.
1,469,562,000 1,451,557,000 1,457,892,000 1,380,348,000 1,351,454,000 1.352.085,000 1,484,262,000
1,510.304,000 1,603,052.000
All other..............................................
823.873.000 751.982.000 710.405.000 707.110.000
727.070.000 740.026.000
233.849.000
Bills bought in open market_________
542.600.000 554.750.000 501.313.000 575.789.000 748.611.000 574.722.000 674.031.000 084.514.000
575.675.000
585.212.000 275.068.000
Total bills on band________________
2,836,035,000 2,758,289,000 2,735,670.000 2,729,247,000 2.675,740,000 2.654,477,000 2,805,818,000
2,780,090,000 2,111,969,000
U. 8 . Government bonds___________
26,775,000
20,776,000
27,030.000
27,036,000
20,836,000
20.830,000
27.036,000
20,834.000
28,101,000
U . 8 . Victory N o te s _______________
63,000
63,000
64,000
64,000
204,000
04,000
64,000
04,000
CL 8 . certificates of indebtedness_
_
290,317,000 270,064,000 276,421,000 270,705,000 319,684,000 302,400,000 349,000,000
141,204,000
273.507.000
AH other earning a s s e t s ..___________
4,000
Total earning a s s e t s ...______________ _ 3,153,190,000 3,061,192,000 3,039.191,000
3,033,112.000 3.022.524,000 2,983.983.000 3.181.808,000 3.080,405,000 2,281,278,000
Bank premises............................................_
11,103,000
10,580,000
10,559,000
10,493,000
10,410,000
10,461,000
10,309,000
13,002,000
8,967,000
Uncollected Items and other deduction
from gross deposits..... ............................. 1,052,333,000 896.971.000
933.128.000 1,022,633,000 1.116,852,000 1.021,690,000 1,171,778,000 1,075,100.000
701,465,000
* % redernp fund agst. F. R. bank notes
12,114.000
12,232,000
12.260.000
12,130,000
13.254,000
12,865,000
13,130.000
13,237,000
6,842,000
All other resources.........................................
4,122,000
5,048.000
5,341,000
5,483,000
5,241,000
5,463,000
6,733,000
8,062.000
10,658,000
T otal resources........... ...... ............ ....
0,285,375,000 0.040,085,000 6.074,412.000 6,171,747,000 6,272,446.000 0,136,683,000 0,604,090,000 0,325,432,000
5,194,528,000
Feb

L IA B IL IT IE S .

Capital paid In_______ __________________
89.674.000
89.119.000
87.892.000
87.589.000
Surplus_____________________________ ! ! ! !
120,120,000 120,120,000
120.120,000
120,120,000
Government deposits__________________ ”
24.218.000
42.446.000
72.974.000
90.448.000
Due to members, reserve a c c o u n t . ! ! ! ! ! ! 1,837,865,000 1,869.438,000 1.850,712,000
Deferred availability Items_______ _______ 880,451,000 654,735.000 720,520.000 1.859,149,000
795.782,000
Other deposits, lncl. for. G o v t, c re d its..
97.044.000
95.876.000
95.418.000
95.097.000
Total gross deposits___________________ 2.839.578.000 2.662.495.000 2.739.624.000
2.840.476.000
F. R . notes In actual cir c u la tio n .......... 2.959.087.000 2.891.775.000 2.850.944.000
F R . bank notes In circulation— net llab. 245,810,000 248,780,000 250,530,000 2.844.227.000
254,843,000
All other liabilities______________________
31,106,000
28,396,000
25.302,000
24,492,000
Total lia b ilitie s ____
1.285.375.000 1.040.685.000 6.074.412.000 6.171.747 non




87.529.000
87.451.000
87.433.000
87.339.000
81,211,000
120,120,000
120,120.000 120,120,000
81.087.000
22,738,000
34.698.000
27.798.000
38.920.000
72.367.000
192.970.000
1,943,661,000 1,850,219.000 1,922,800,000 1.780,874.000 1,623,158,000
849.854.000 763,146,000 944.884.000 822,080,000 517.726.000
107.800.000
110.307.000
90.425.000
97.059.000
112.273.000
2.935.913.000 2.737.688.000 3.022.911.000 2.779.570.000 2.446.127.000
2.849.879.000 2.914.368.000 2.998.992.000 3.057.046.000 2.468.388.000
258,482,000 259,090,000 268,601,000 201,039.000
132,291,000
20,523,000
10,073,000
18,057,000
43,773,000
68,761.000
0 •>'"> 440 nnn s is o A«a nnn 0.504.000,000 8.326,432.000 5.194,528,000

745

THE CHRONICLE

Feb. 21 1920.]
Feb

B atlo o f gold rosorves to net deposit and
F. It. note liabilities c o m b in e d ...____
Ratio ol total rosorvos to not deposit and
F. R . note liabilities com bined_______
Ratio ol total rosorvos to F. R notes In
olroulatlon after sotting aside 36%
against net deposit liabilities________

13 1920 F eb. 0 1920. J a n . 30 1919. Jan. 23 1920. Jan. 16 1920. J a n . 9 1920. Jan. 2 1920. Dee. 26 1919. F eb . 14 1919
41.9%

42.8%

4 3 .2 %

43.5%

43.8%

45.4%

42.6%

43.6%

53.9%

43.2%

44.1%

44.5%

44 8%

45.1%

45.4%

43.7%

44.8%

51.9%

48.2%

49.7%

50.6%

51.0%

51.5%

51.5%

49.5%

50.3%

63.8%

r

$
Distribution bu Maturities—
1-16 days bills bought In open market.. 137,011,000 123,710,000 115,267,000' 122,411,000 115 446.000 103,555,000
1,457,971,000 1,432,954,000 1,385,117,000 1,328,917,000 1,386 ,691,000 1,433,979,000
1-16 days bills discounted_________
39,889.000
52 457.000
13,061,000
11,293,000
14,472,000
24,053,000
1-15 days U. 8. oortll. of Indebtedness..
1-15 (lays municipal warrants______
16-30 days bills bought In opon market.. 127.339.000 136.158.000 127.669.000 116.004.000 101 103.000 103.643.000
150,000,000
172 ,077,000
223.711.000 172.123.000 206.267.000 217.142.000
16-30 days bills discounted........ .......
3.151.000
574.000
5.136.000
4,586,000
4,500,000
6,000,000
16-30 days U. 8. cortlf. of Indebtedness..
16-30 days municipal warrants_________
222,786",665 249 , 208*666 22O.Y5Y.doO 237, 365.00 237.367.000
2 0 7 ,5 9 2 ",566
51-60 days bills bought In open market..
357.350.000 320.861.000 309.576.000 298.901.000 323, 307.000 312.265.000
81-00 (lays bills discounted____________
7.797.000
10 ,868,000
11 850.000
28.524.000
11,179,000
10,853,000
81-00 days U. 8. cortlf. of Indebtedness..
81-60 days municipal warrants_________
-O-.i
,o
'727090-,565 69"i- *9:666 l 68-.2-r7-.666 121 761.000 i 3 5-7-.666
*70,058",666
61-90 days bills bought In opon market..
196 111.000 160.942.000
239.269.000 201.197.000 255.093.000 288.043.000
61-90 days bills discounted................
8.326.000
6 600,000
6. 100.000
6 ,000,000
46.152.000
5,500,000
61-90 days U. 8. cortlf. of Indebtedness..
61-90 days municipal warrants_________
Over 90 days bills bought In open market
20,929.000
22,554.000
21 879.000
20,455,000
16,404,000
18,304,000
15,074,000
Over 90 days Dills discounted............
184,098,000 243,368,000 246 203.000 243,243,000 245,888,000
243,911,000 239,913,000
Over 90 days certlf. of Indebtedness___
Over 90 days municipal warrants_____
Federal Reserve Notes —
290,O ) 3,244,314,000 1,291.342.000
IK
Outstanding__________________________ 3,187,974,000 3,139,652,000 3,130,783,000 3,146,156,000 3,177, 411,000 329,946,000 292,350,000
228,887,000 247,877,000 279.839.000 301,929,000 327,
Held by banks_______________________

103.872.000
88.873.000
967,000
4,000
37.699.000
204.853.000
7,169,000
24,771,000
125,026,000

20,358,000
238.242,000

2,691,859,000
237,694,000

2,998.992.000 3,057,646,000 2.454.165.000
In actual circulation________________ 2,959,087,000 2,891,775,000 2,850,944,000 2,844,227,000 2,849,879,000 2,914,368,000
-*■"« - - i
Fed. Res. Notes (Averts Accounts)—
6,163 ,780.000 6.152.300.000 ,124,340,000 6,060,280.000 3.985.680.000
Received from tho Comptroller________ 6,300,000,000 6 .222,280,000 ,187,120,000 6,172,260
2,596 262,000 2.549.149.000 ,504,545,000 2,483,069,000 858,001,000
2,766,147,000 2 ,732,255,000 ,689,869,000 2,645,496
Returned to the Comptroller____ _____

Amount ohargeablo to Fed. Res. agent 3,533,853,000
345,879,000
In bands of Federal Reserve Agent—

,490,025,000
350,373,000

,497,251.000 3,526,764
366,468,000 380,608

3,567 ,518,000 3,603.151,000 1,619.795,000 3,577,211,000 3,127,679,000
390 ,228,000 358,837 000 328,453.000 285,113,000 435,820,000

Issued to Federal Reserve banks______ 3,187,974,000 3,139,652,000 3,130.783,000 3,146,156,000 3,177,290,000 3,244,314,000
Uoto Secured—
244.148.000 240.148.000 240,148,000 246,148,000 242,148,000 248,148,000
By gold coin and certificates_______ _—
By lawful m oney____________________ _
2,040, 964.000 2,034,806,000
By ollglble pai>er_______________________ 2,066, 217,666 , 023 , 225,666 !,011,357,000 2,019,895,
105.786.000
96, 105.000
91,979,
102.742.000
93,107,000
97,579,000
Gold redemption fund_________________
798, 073.000 855.574.000
780.030.000 737.537.000 780,111,000 788,134,
With Foderal Reserve B oard___________
3,177,290,000 3,244,314,000
Total . . . . . . . . . . _____ ___________ . . . 3,187,974,000 3,139,652,000 3,130,783,000 3,146,156.000
Eligible paper delivered to F R A g e n t.. 2,761,176.000 2,690,201,000 2.647.947,000 2,667,810.000 2,614.659.000 2.590.549,000

3.291.342,000 3,292,098,000 2,691,859,000
244,148,000

244.148.000

225.147.000

1,085,746,000 2,052,066,000 1,460,m 3,000
84,562,000
101 , 120,000
103.576.000
860,328,000 892.309.000 921.457.000
3,291,342,000 3,292,098,000 2,691,859,000
2,730,662,000 2,711,898,000 1.920,051,000

RESERVE. BANKS AT CLOSE OP BUSINESS FEB 13 IO20.
Tux) ciphers

B oston .

(00) om itted.

New

York.

PM la.

Cleveland

Richm ond

A tlanta.

Chicago.

St. L ou is. M in n ea p . K a n .C U v.

Dallas.

San F ra n .

t
S
t
I
s
S
8
361,0 6,525,0 15.530.0
8.574.0 24.349.0 2.895.0 7.248.0
16,287,0 88.152.0 21,070,0 15,778,0 38,156,0 15,232,0 33.568.0
4.061.0 13.426.0 5.303.0 3.046.0 5,415,0 ' 2,933,0 5,490,0

Total.

S

8
9.556.0
Qold coin and certificates_______
Gold Settlement Fund, F . R. U’d 22,204,0
8.230.0
Gold with Foreign Agoncloa____

%
t
*
S
942,0 10.190.0 2.289.0
113,966,0
74.882.0 29,701,0 40.431.0 29,365,0
41.406.0 9,026,0 9,252,0 5.528.0

_ 39.996.0
Total gold held by banks..._
Gold with Fodoral Reserve agents 73.713.0
Gold redemption fund__________ 27.450.0

740.079.0
230.254.0 39.669.0 59,873,0 37.182.0 28.922.0 125.927.0 29.274.0 26.072.0 43.932.0 24.690.0 54.288.0 1,121,757,0
299.877.0 84.168.0 123,439,0 35.004.0 56.646.0 204.398.0 59.184.0 34.342.0 38.420.0 31.655.0 80.911.0
88,0 4,535,0 3,186,0 9,873,0 126.544.0
1,990,0 8,437,0 5,207,0 23,550,0 5,170,0
24,986,0 12.072.0
555,117,0 135,909,0 185,302,0 80,623,0 90,775,0 353,875,0 93,628,0 60,502,0 86,887,0 59,531,0 145,072,0 1,988,380,
64,133,0
194,0
74,0
540,0 1,504,0
1,743,0 3,343,0
1,332,0
575,0
263,0
184,0
47,851,0

RESO URCES.

’

Total gold reserves--------------- - 141,159,0
6,530,0
Legal tendor notei. sllvor, Ao___
Total reserve..........................
Bills disco mted: Hocurod by Qovornme it war obligations (a).
All otdior____________________
Bills bought. In open markot (b)

147,689,0
100,651,0
81,880,0
22,984,0

202.425.0
424.832.0
112.822.0

602,968,0 136,093,0 185,877,0 80,886,0 92,107,0 355,618,0 90.971-.0 60,576,0 87,427,0 61,035,0 145,266,0 2,052,513,0
591.022.0 154,885,0 100,860,0 75.594.0 61.619.0 165.571.0 50.405.0 29.144.0 32.636.0 49.246.0 52.423.0 1,469,562,0
206.544.0 15,911 ,0 49.120.0 24.914.0 35.645.0 175.464.0 45.607.0 42.470.0 54.328.0 15.750.0 46.177.0 823.873.0
1,818,0 102,323,0 542.600.0
204.561.0 7,194,0 76.182.0 10.117.0 17.599.0 73,636,0 9,798,0 4,537,0 11.851.0

Total bills on hand___________ 211,515,0 1,002,127,0 207,493,0
1,385,0
1,457,0
530,0
U. 8. Government bonds______
50,0
U. a. Government, Victory bonds
66,482,0 36,938,0
U. B. certificates of Indebtedness 23,027,0
Total earning assets_ _______ 235,081,0 1,070,116,0 245,816,0
_
500.0
3.094.0
1.113.0
Bank premises________________
Unoollcotod Items and other de
ductions from gross deposits.. 94,014,0 234,838,0 87,732,0
5% redemption fund agalns'
1,475,0
2.681.0
1.072.0
Federal Reserve oank notes ..
448.0
1,008,0
282,0
All other resources......................

226,168,0 110,625,0 114,863,0 414,671,0 105,870,0 76,151,0 98,815,0 66,814,0 200,923,0 2,836,035,0
26,775,0
116,0 8,868,0 3,966,0 2,632,0
1,153,0
114,0 4,477,0
833,0
1.235,0
63,0
3,0
10,0
41,328,0 17,291,0 8,480,0 19", 16!) ,6 9,300,6 13",356.6 290,317,0
23,421,0 15,260,0 15,665,0
250,432,0 127,120,0 130,645,0 460.476.0 124,314,0 84.747.0 126,852,0 80,080,0 216,911,0 3.153.190.0
11.103.0
506.0
231.0
515.0
462.0
866,0
506.0 2,116,0
553.0
641.0
•» >•" -i
47,032,0 121.409.0 81,341,0 20.328.0 84,601.0 53,915,0 54,136,0 1.052.333.0
85,491.0 87,496,0
**(
12.114.0
665.0
562.0
971.0
290.0
1,799,0
317.0
827.0
1,124,0
331.0
4,122,0
162.0
324.0
336.0
59,0
241.0
568,0
130.0
279.0
255.0

Total rosourcos........................ 470,851,0 1,914,705,0 472,064,0 523.844,0 296,671,0 271,247,0
LIABILITIES.
7.900.0 9.532.0 4.401.0 3.493.0
23.804.0
7.210.0
Capital paid I n . . . . ____________
45.082.0 8.805.0 9.089.0 5.820.0 4.695.0
8.359.0
Hurplus_____ _________ _______
327,0
1.454.0 3.282.0
699,0
7,042,0
851,0
Government deposit*____ . . . . .
Duo to inembors, reserve aocouut 118,907,0 730.617.0 92.940.0 131,754,0 61.687.0 56.625.0
Deforred availability Items______ 07,960,0 191.979.0 84.987.0 68,602,0 77.343.0 43.372.0
42.713.0 7.012.0 6.005.0 3.624.0 2.663.0
5.510.0
All other deposits.........................
Total gross deposits...... ......... . 193.288.0 973.251.0 186.999.0 209.703.0 143.353.0 102.987.0
F. R. notes In actual circulation. 249.453.0 809.254.0 238.871.0 272.544.0 130.529.0 144.173.0
F. R. bank notes In olroulatlon
50.407.0 27,233,0 20,965,0 11,678,0 14,860,0
— net liability............................ 19,400.0
1,039,0
890,0
12.847.0 2,256,0 2,011,0
2,081,0
All othor liabilities.............. .........

941,986,0 304,050,0 166,515,0 300,649,0 196,260,0 417,533,0 6,285,375,0
89.674.0
12.617.0 4.094.0 3.127.0 4.046.0 3.482.0 5.968.0
14.292.0 3.724.0 3.569.0 6.116.0 3.030.0 7.539.0 120,120,0
24.218.0
368,0
1.740.0
1.232.0 3.100.0
1.733.0
1.490.0
253.585.0 72.270.0 50.096.0 88.719.0 62.461.0 118,138,0 1,837,865,0
112.232.0 65.621.0 16.036.0 75.745.0 39.376.0 37,198,0 880,451,0
97.044.0
9.978.0 4.009.0 2.184.0 3.693.0 2.036.0 6.957.0
377.285.0 143.633.0 68.684.0 169.897.0 105,105,0 165.393.0 2.839.578.0
495.197.0 136.668.0 82.386.0 100.539.0 74,499,0 224.974.0 2.959.087.0
38,633,0 14,778,0
1,153,0
3,962,0

7,899,0
850,0

18,847,0
1,204,0

9,398,0 11,592,0
746,0 2,067,0

245,810,0
31,106,0

0,285,375,0
Total llanllltlos............ ............. 479,851,0 1,014,705,0 472,064,0 623,844,0 296,671,0 271,247,0 941,986,0 304,050,0 166,515,0 300,649,0 196,260,0 417,533,0
liability asendors or on:
•es
Discounted papor rediscounted
97.680.0
40,735,0 47,945,0
............
............
............
............
with otuer F R banks____
............
............
............
............
............
Bunkers' acceptances sold to
20.263.0
20,263,0
(a) Includes bills discounted for
97.680.0
5,000.0 5,000,0 21,935,0
8.550.0
............
other F. R. banks, vl*________
............
............ 15,000,0 42,195,0
(#) Includes bankers' acceptances bought fr om other F. R . banks:
20.263.0
5,050,0
5.036.0
5,087,0 5,090,0
18.654,0
3.408.0
11.996.0
3,250,0
Wlfho'it their endorsement_
_
M em oran da — Contingent

____

___

...

...

...

...

Includes G overnm ent overdraft of 8322,000.

STATEMENT OP FPOERAl. RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS FEB. 13 1920.
Two ciphers M0) om itted.

Boston.

N ew

York.

r h lta .

Cleveland. Richmond

A tlanta.

C hicago.

St. L ouis. M in n ea p . K a n . CUv.

D allas.

’

San F ran.

T otal.

8
$
$
8
$
$
S
S
s
$
8
s
$
Federal Reserve notes:
146,980,0 120.480.0 6,300,000,0
Received from C o m p tr o lle r ... 498.520.0 2.040.210.0 528.780.0 505.140.0 305.860.0 306.600.0 878.600.0 300.900.0 154,080,0 207,820,0 54.655.0 146.585.0 2,776,147,0
190.393.0 144.762.0 106.834.0 335.827.0 129.821.0 62,732,0 96,403,0
Returnod to C o m p t r o lle r ..... 210.700.0 1.019.811.0 263.324.0
3,533,853,0
Chargeable to F. It A g e n t .. .. 287,820,0 1,020,429,0 265,456,0 308,747,0 161,098.0 199,766,0 544,773,0 171,079,0 91,348,0 111,417,0 92.325.0 273,595,0 345.879,0
9,850,0
4,770,0 15.055.0
8,000,0
119,000,0 14,380,0 25,300,0 25,944,0 50,950,0 21,410,0 18,300,0
In hands of F. R. A g e n t . . . . . . 32,920,0
Issued to F. II. bank, less amt.
returned to F. R . Agent for
254,000,0
redemption:
Collnt'l security for outst'g notes:
Gold coin and otfs on hand—
13,713,6
Gold Bor'tn’ t Fund, F. R. B 'd . 60,000,0
Eligible paper, tnln'm required 181,187,0

907.429.0 251.076.0 283.447.0 135,154,0 148,816,0 523,363,0 152,779,0 83.348.0 106,647,0
32.025.0
183.740.0
2,004,0
10,137,0 12 ,7-79,0 11.414.0
100,000,0 71,389,0 80.700.0 33,000,0
607.552.0 106.908.0 160.008.0 100,150,0

2.500.0
9,254,0
4.146.0
50,000,0 195.144.0
92,170,0 318.965.0

4,000,0
3,254,0
51.930.0
93.595.0

R notes In actual circulation




240.453.0

2,560,0
35.860.0
68.227.0

77.270.0 263,745,0 3.187.974.0
244.148.0
8.831.0
97,579,0
5.340.0 14.988.0
17.484.0 65.923.0 780.030.0
45.615.0 182,834.0 2.060.217.0

83,348,0 106,647,0

77,270,0 263,745,0 3,187,974,0

65.944.0 98,549,0
83.348.0 106,647,0
6,108,0
962,0

06.814.0 159.614.0 2.761.176.0
77.270.0 203.745.0 3.187.974.0
2,771,0 38,771,0 228,887,0

809.254.0 238,871.0 272.544,0 130,529.0 144,173,0 495,197,0 136,668,0 82.386,0 100,539,0

74,499.0 224.974.0 2.959,087.0

907,429,0 251,076,0 283,417,0 135,154,0 148,816,0 523,363,0 152,779,0
_
T o t a l _ . . . . . ___ . . . . . . . . .
Amount of eligible paper deliv
ered to F. It. A g e n t . . . . . . . . . . . 211,515,0 1.000,085,0 169.852.0 219.989.0 104.072.0 114.335.0 414.584.0 105.823.0
F. R . notos o u t s t a n d i n g . .. .. . .. 254,000,0 907,429.0 251.070.0 283.447.0 135.154.0 148.816.0 523.363.0 152.779.0
4.643,0 28,166,0 16,111,0
4,625,0
98,175,0 12,205,0 10,903,0
5,447,0
F. It. notos held by b a n k . . . . . . .

p

13.052.0
1,990,0
19.300.0
49.006.0

THE CHRONICLE

74 6

^ ( X u k z v s 7 (ii)a ? c tt)C .
W a ll Street, F rid a y N ig h t, F eb. 20 1920.

Railroad and Miscellaneous Stocks.— Anticipating that
the Railroad bill, now before Congress, will soon become law,
practically as it appears elsewhere in this issue of the “ Chron
icle,” the market for railway shares has been decidedly buoy
ant throughout the week. The volume o f business has in
creased day by day, from less than 200,000 shares on Monday
to over 1,000,000 to-day, and the 15 most active issues in
the railway group advanced from 4 to 10 points. Among
the latter are Reading ,l C hes.& Ohio and Texas & P ac.an d a
(
large proportion of those traded in closed at or near the highest.
The industrial stocks, on the other hand have been highly
irregular, have fluctuated over a wider range and a few close
with a substantial net loss. General Motors has been the
erratic feature, with a range of 25 points. Cruc. Steel has
a record of 18H points, M ex. Petroleum 1334, and many
others from 5 to 9.
The money market has been easier than for some time
past, with rates for call loans steady at or near 6 % . The
demand has, however, been very limited. Sterling exchange,
on the other hand, has been more active and the price ad
vanced day by day. It sold at 3.4 734 to-day, against a low
record of 3.18 earlier in the month.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Feb. 20.
Par
American Express__ 10C
Am La France F E ___ 1C
Ann A rb o r............._10C
Preferred............. .10C
Atlantic Refg, pref..l0C
Baldwin Locom, pref.100
Barnet Leather.._«o pat
Brunswick Terminal. 10C
Cent & So Am Teleg. 10C
Chicago & Alton___ 100
Preferred............ .. 10C
Chic & E OH trust rects.
Preferred trust rects..
C St P M & Om, pref. 100
Crex C arp et.............10C
Cuban-Am Sug, pref. 10C
Duluth S S & A tl___ 100
Preferred_________ 100
Fam Play-Lasky, p f_ 10C
Fisher Body, pref__ 10C
Gen Chemical, p ref.. 10C
Gen Cigar, deb p ref.. 100
Preferred................ 10C
C.en Motor 7% d eo..l0 0
Hendce M fg________100
Hupp Motor Car___ 10C
Int Mot Truck 1st pf. 100
2d preferred______100
International S a lt ...100
Iowa Central_______10C
Kelsey Wheel, p ref.. 10C
Liggett & Myers rights. _
Loews Incorp.........no pa■
Manatl Sugar............ 10
Matbleson Alkali____ 5
<
Maxwell Mot ctfs d e p ..
1st pref ctfs of dep__
M S t P & S S M , pref. 10'
Montana Pow, p ref.. 10
Norfolk Southern__ 10'
N orfolk* West, pref. 10C
Okla P & R of America.
Peoria & Eastern___ 10C
Remington. 1st pref. 10C
Royal Dutch Am shares.
Rutland, pref_______100
So Porto Rico Sugar. 100
Stewart * Warner.no par
Superior St’l 1st pf-.100
Texas Co full paid rects.
Receipts 30% p a id ...
Tobac Products rights..
Underwood, pref___ 100
Un Ctg stores, nreL.lon

Range for Week.

Sales
for
Week

Lowest.

Range since Jan 1.

Highest.

Lowest.

Highest.

Share! $ per share. 8 per share. $ per share 5 per share.
Feb 1! 95
1,f>0( 96 l, Feb 1 99
C
Fet tOl 74 Jan
Feb 1! 12% Fet 14% Jan
3C( 12 % Feb If 13
2.50C 11
Feb If 16% Feb 19 7
Jar 16% Fet)
30( 25
Feb 1 26
Feb If 24
Jar 26
Feb
10C 113 m Feb 17 113% Feb 17 112% Fet 113% Feb
80C 98 % Feb If 98% Feb 14 98% Fet 102% Jan
10C 69% Feb 17 69% Feb 17 69% Fet 93
Jan
1,20C 5 % Feb 17 7% Feb 2C 5% Feb 8
Jan
Feb 20 114
3C 114
Feb 2f 109
Feb 120
Jan
Feb If 10% Feb 2C 6
1.10C 6
Feb 10% Feb
Feb If 15
Feb 19 15
10C 15
Feb 15
Feb
Feb 17 7
4
1.60C 4
Feb 20
Feb 7
Feb
Feb 14 9
Feb 20
2,100 5
4% Jan 9
Feb
Feb 2f 91
100 91
Feb 20 90
Jan 91
Jan
Feb If 55
Feb IS 55
300 55
Feb 59
Jan
40d 100
Feb If 100% Feb 19 100
Feb 106
Jan
Feb 17 5% Feb If
70C 4
3 % Feb 5% Feb
60C 9
Feb If 11
Feb 1'
Feb
7.% Jan 11
1,40C 86% Feb 14 87% Feb If 85
Feb 00% Feb
30< 97 % Feb If 99% Feb If 97% Fet 104
Jan
Feb 17 98
Feb 100
10 98
Feb 1 98
7
Jan
20' 85
Feb 14 85% Feb 17 85
Feb 94% Jan
10< 98 % Feb 20 98% Feb 2f 98% Fet) 100
Jan
K0' 86
Feb 16 88
Feb 1 84
7
Feb 90
Feb
70' 35
Feb F 35
Feb 14 38
Feb 38% Feb
2,701 13% Feb 20 14% Feb 20 13
Feb 16,
Jan
10< 75
Feb 1' 75
Feb B 75
Feb 84
Jan
Feb 17 60
30' 60
Feb 1 60
.‘
Feb 69' S Jan
10C 70
Feb 20 70
Feb 2f 70
Jan 71
Jan
20'
Feb 17 6
Feb If
5
5
Feb 6
Feb
10' 06
Feb 14 96
Feb 14 96
Fet) 98% Jan
Feb 16 16% Feb 20 14% Jan 18
8,500 16
Jan
5,700 26% Feb 17 29
Feb 1 25% Feb 32
Jan
Feb 17 116% Feb 1 108
800 110
Feb 136% Jan
100 30 % Feb 14 30% Feb 1 30% Feb 31% Jan
700 22% Feb 1 28
Feb 2f 18% Feb 35% Jan
Feb 1 *0
1,100 48
Feb 20 47% Fe! 62% Jen
400 89% Feb 2' 90% Feb 2 89% Feb 94
<
Feb
100 99% Feb 1 99% Feb 1' 99
Feb 100% Jan
1,000 10 % Feb 1 14% Feb 20 10
Feb 14% Feb
Feb 1' 70
100 70
Feb 1' 66% Jan 72
Jan
9,600 4% Feb 1'
5% Feb 20
4% Feb 5% Feb
300 12 % Feb If 13) ( Feb 20 11
Feb 14
Feb
300 98% Feb 1 98% Feb 17 98% Feb 100% Feb
7
100 101
Feb 1‘ 101
Feb If 101
Feb 101
Feb
200 24 % Feb 19 25
Feb If 24% Feb 25
Feb
200 205
Feb If 207
Feb 20 200
Feb 247
Jan
1,500 30' > Feb If 42
Feb 29 39
Feb 43% Jan
50 100% Feb 10 100% Feb 16 102
Jan 102
Jan
100 172
Feb IS 172
Feb If 158
Feb 193
Jan
400 173% Feb 14 175
Feb 20 156% Feb 195% Jan
4,310
% Feb 16
• Feb 16
4
% Feb
% Feb
100 108% Feb 20 108% Feb 20 108
Feb 110
Jan
Fob
100 100
Fch 16) 100
109
Fcbl 111% Jan

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
D ATT.V

Total............ .......
Sales at
New York Stock
Exchange.

AND Y E A R L Y

Stocks.

Week ending
fr'fih 9ft
my. j \ 109 ft .
sj
Saturday................
M onday..................
Tuesday . .
Wednesday ............
Thursday. ..............
F rid a y ................ .

W EEKLY

Shares.

Railroad.
act/, f
Bonds.

Par Value.

576.900 $51,185,000
787,550 68.070.500
892.900 78.161.500
928,950 82.752.500
911.900 82.680.500
1,084,230 98,347,750

Stale, Mun.
d Foreign
k
Bonds.

$1,082,000
2.197.000
2.462.000
3.515.000
3.171.000
3.554.000

United
S
t/site*
aimcl
Bonds.

$813,000 89,757,000
949.000 7.643.000
1.205.000 8.921.000
803.000 7.296.000
1.731.000 8.272.000
1.988.000 8.721.000

5.182,430 8461.198.250 $15,981,000 $7,489,000 S50,810,000
Week ending Feb. 20.
Jan. 1 to Feb. 20.
1920.

1919.

1920.

Stooks— No. shares__
4,132,972
5,182,430
36,266,133
19,897,936
Par value__________ 3461,198,250 8394,557,150 $3,231,994,650 $1,890,180,355
Bank shares, par____
8300
$28,700
Bonds.
Government bonds_
_ 850.610,000 853,081,500
8470,983,700
$306,936,000
State bonds..................
7.489,000
6.987.000
95.023.500
95,991.500
15,981,000
R R . and misc. bonds..
89,068,000
8.276.000
61.436.500
Total bonds..............

$68,344,500
$463 396 .000
8656.043.200
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston
Philadelphia
Baltimore
Week ending
Feb. 20 1920.
Shares Bond Sales Shares Bond Sales Shares Bond Sales

Saturday ..............
M onday................
Tuesday_________
Wednesday______
Thursday..............
F rid a y............ ......

15,159
19,067
20,041
18,339
14,978
25,604

-825,700
65,000
101,450
86,400
33,300
17,000

6,838
5,686
6,275
5,455
6,160
6,092

$57,100
44,300
16,500
32,500
28,600
10,000

Total...................

113.188

$328,850

36,506

$189,000




2,583
2,129
2,566
3,280
2,401
3,355

$14,000
24,800
30,000
19,500
49,000
17,000

10,31411 $154,300

[Vol. 110

State and Railroad Bonds.— Sales of State bonds at the
Board are limited to $1 ,000 Virginia 6s, deferred tnis
receipts, at 55.
The market for railway and industrial bonds has been
decidedly more active than for some time past and, in sym
pathy with some of the European issues dealt in here and
with the railway shares market, prices havo advanced in all
departments. The local tractions havo been prominent in the
upward movement, with B . R . T . 7s up 4 points, Intor.
M e t.4 3 ^ s over 2 and Hudson & M anhat. 134- Those com 
pare, however, with Ches. & Ohio up from 4 to 4 % , with
St. Pauls and Rock Islands up 3 to 4 and AtohLsons, M o .
Pacific and B alt. & Ohios nearly as much. Tn the latter
class, also, are St. Louis & San Franciscos which havo been
the most active bonds on the list.
United States Bonds.— Sales of Government bonds at
the Board include $1,000 4s, coup., at 1 0 5 % ; and a heavy
movement of tho various Liberty Loan issues.
T o -d a y 's
p rices are given below .
pa ge fo llo w in g .

F or w eekly and yea rly range see fo u rth

Daily Record of Liberty Loan Prices. Feb. 14. | f«5 .1 6 .m . 17.W . 18. Fet. 19. Feb. 20
First Liberty Loan
f High 90.70 96.70
3%s, 15-30 year, 1932-47 ( Low. 90.50 96.54
(Close 06.52 90.66
Total sales In $1,000 units______
135
498
Second Liberty Loan
f High 90.16 90.10
4s, 10-25 year conv, 1942 ( I,ow. 90.00 89.80
,
IClose 90.10 89.92
Total sales in $1,000 units..........
127
253
Second Liberty Loan
( High 90.70 90.50
4s, convertible, .1932-47 ( Low. 90.40 90.40
(Close 90.40 90.40
Total sales In $1,000 units_____
26
97
Third Liberty Loan
f High 90.90 90.70
4%s of 1928
(Low. 90.36 90.50
1Close 90.76 90.70
Total sales in $1,000 units.. . . .
1,624 2,527
Third Liberty Loan
( High 91.50 91.50
4% aof 1st L L oonv,’32-’47'T ow
91.20 91.30
(Close 91.20 91.40
Total sales In $1,000 units______
85
27
Third Liberty Loan
f High 00.56 00.40
4% sof2 d L L eon v.'27 -’42(Low. 90.10 90.20
IClose 90.20 90.34
Total sales In $1,000 units...........
651 1,271
Fourth Liberty Loan
f High 93 30 93.14
4 % s of 1933-38
(Low. 92.90 02.90
IClose 93.00 03.10
Total sales In $1,000 units_____
1,389 1,536
Fourth Liberty Loan
( High
....
4% s,lst LI, 2d conv,'32-47( Low.
—
—
1PIaoa
11^1080
—
—
Total sales In $1,000 units______
V ictory Liberty Loan
( High 97.76 oV".80
4%8 conv gold notes.’22-23( Low. 97.66 07.68
(Close 97.66 07.78
Total sales In $1,000 units..........
1,252 1.429
Victory Liberty Loan
( High 97.76 07.78
3%s,oonv gold notes, '22-23 ( Low. 97.70 07 70
[Close 97.76 97.78
Total sales In *1.000 units..........
6251
267

__

96.701!
96.60,
06.70'I
423
00.30
89.90
90.10 '
264
90.50
90.40
00.40
24
91.02
90.48
91.00
2,105
91.50
91.30
91.30
65
90.70
90.36
90.64
1,399
03.20
93.02
03.10
1,606

__

—
....

9*7*84
07.70
97.84
1,286
07.70
97.60
07.70
1,7561

96.80
96.50
00.60
315
90.10
90.30
90.10
263
90.40
90.30
90.30
19
90.96
00.80
90.88
2,130
01.20
91.00
91.00
123
90.74
90.50
90.66
947
93.16
93.00
93.04
1,158

96.70
96.50
90.60
256
90.30
90.10
90.10
119
90.40
90.30
90.30
42
91.00
00.76
90.78
2,349
91.00
90.80
90.90
95
90.68
90.50
90.58
1,101
93.12
92.90
02.92
1,170

— «

—
....

97.80
97.74
07.76
866
97.76
97.70
97 76
1,415

97*86
97.68
97.70
1,706
97.70
07.04
97.70
1,305

__

—

__

96.70
90.54
96.62
925
90.34
90.10
90.20
373
91.00
90.20
91.00
64
91.00
90.78
90.98
2,098
91.30
90.80
91.30
217
90.96
90.52
90.74
1,677
93.12
92.90
93.08
1,746

__

—
—

9*7*80
97.70
97.74
588
97.74
97.64
97.72
1,086

Foreign E xch an ge.— Sterling again displayed irregu
larity early in tho week but bofore tho closo substantial
rallies were recorded. The same is truo of Continental and
neutral exchange. Trading was comparatively quiet, though
speculators wore again in evidence.
T o - d a y ’s (F r id a y ’s) a ctu a l rates fo r ste rlin g e xch a n g e w ere 3 4 0 % @ 3 4 3 %
fo r s ix ty d a y s , 3 4 3 % ® 3 47% fo r ch e c k s a n d 3 4 4 ) 4 @ 3 4.8 fo r ca b les.
C o m m e rc ia l o n b an k s, s ig h t, 3 4 3 % ® 3 4 6 % ; s ix ty d a y s , 3 3 6 )4 @ 3 4 0 % ;
n in e ty d a y s , 3 3 3 % @ 3 3 8 % , an d d o c u m e n ts fo r p a y m o n t (s ix ty d a y s ),
3 3 6 % @ 3 41 % . C o t t o n fo r p a y m e n t, 3 4 3% @ 3 4 6 % , a n d grain fo r p a y 
m e n t, 3 4 3 K @ 3 4 6 % .
T o - d a y ’s (F r id a y ’s) a ctu a l rates fo r I’ arls b a n k e rs ’ fra n c s w ero 1 3 .3 2 ®
13.53 fo r lo n g an d 1 3 .2 4 ® 13.45 fo r s h o r t. G e r m a n y b a n k o rs ’ m arks are
n o t y e t q u o t e d fo r lo n g a n d sh o rt b ills. A m s te rd a m b a n k e rs ’ gu ild ers w ere
3 7 ® 3 7 1-16 fo r lo n g a n d 3 7 % @ 3 7 7-16 f o r s h o rt.
E x ch a n g e at P aris o n L o n d o n , 4 5 .6 0 f r .; w e e k ’s ra n g e , 4 5 .6 0 fr. h igh and
4 8 .4 0 fr . lo w .
T h o ra n g e fo r fo re ig n e x c h a n g e fo r th o w eek fo llo w s:
Sixty Days.
Sterling Actual—
Sixty Days
Checks.
Cables.
H ig h fo r th o w e e k ____________________________ 3 43 %
-43
3 47%
3 48
3 31%
3 34%
L o w fo r th o w e e k ........ ................ ..........................-. 3 3 1 )4
3 3 5%
Paris Bankers’ Francs—
13.21
H igh fo r th e w e e k .................... ............................ -1 3 .3 2
13.19
. , 14.46
14.35
L o w fo r th e w e e k ___________ _______ __________1 4 .4 6
14.33

Germany Bankers' M a r k s -

1.05
1.07
High fo r th e w e e k ____________________
1.00
1.02
L o w fo r th e w e e k _____________________
Amsterdam Bankers’ Guilders—
37%
37%
H ig h fo r th e w e e k ____________________ ______.-.
37 3 -16
7-16
36%
L o w fo r th o w e e k _____________________________
36 7 -16
37
D o m e s t i c E x c h a n g e .— C h ic a g o , p ar. S t. L o u is , 1 5 @ 2 5 c . per $1,0 00
d is c o u n t. B o s t o n , p a r. San F ra n c is co , p a r. M o n tr e a l, $13 50 per
$ 1 ,0 0 0 p re m iu m . C in cin n a ti, pa r.

O u tside M arket.— T h e “ curb” market displayed a firm
undertone most of the week, with transactions on only a
moderate scalo. Stock Exchange woaknoss affected values
at one time, but changes, on the whole, wore narrow. There
was heavy selling of Simmons Petroleum, and the price
dropped some soven points to 33 but recovered to 3 6 % fin
ally. Guffey-Gillespio Oil com. sold up from 2 7 % to 2 8 % ,
down to 27 and at 28 finally. Carib Syndicate, after early
loss from 32 to 27, ran up to 34 and finished to-day at 3 3 % .
Dominion Oil advanced from 1 4 % to 16, broko to 1 1 % , and
closed to-day at 1 2 % . Gilliland Oil com. in tho opening
trading advanced from 34 to 4 1 % , then fell to 37 and ends
the week at 38. In tho industrials list Goneral Asphalt
com. was heavily sold down from 90 to 7 9 % , up again to
91 and rested at 88. American Safety Razor lost about half
a point to 1 0 % . William Davies Co. woakonod from 4 3 %
to 4 0 % and sold finally at 41.
Indian Packing declined
from 1 4 % to 1 2 % , recovered to 1 4 % and closed to-day at
1 4 % . Libby, M cN eil & Libby advancod from 25 to 26 but
weakened to 24. Swift Internat. from 44 rocedod to 4 3 % ,
recovered to 4 4 % and sold finally back to 44. Goneral
Motors declined from 2 6 % to 23 and recovered finally to
2 5 % . Bonds were quiet with the exception of Goneral
Electric new 6s, which were heavily trado in up from 9 5 %
to 9 8 % , the final transaction to-day being at 98.

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

747

n r r i i p v i v n THREE PAGES
OCCUPYING
For record of sales during the week of stocks usually Inactive, see preceding page.

HIGH A N D LOW 8ALB PK1CB8— PBK SHARB. NOT PBR CENT.

Monday
Feb. 10.

Saturday
Feb.14.

Tuesday
Feb. 17.

1

Thursday
Feb. 19.

Friday

Feb. 20.

Sales
for
Ih*
Week

STOCKS
HEW YORK STOCK
EXCHANGE

PER SHARB
Range since Jan. 1.
On basis of 100-share lots
Lowest

Highest

PER SHARE
Mange for Previous
Year 1919
Lowest

Highest

S per share IS per share S per share
Railroads
Par t per share
S per share $ per share Shares
$ per share $ per share S per share !
801* Dec 104 May
70 Feb 11 85i4 Jan 6
16,901 Atch Topeka &Santa FC—100
8312 84
817g 85
8212 84
83
79
89
Jan
767 Dec
g
78b 78*4 7814 79b
76 Feb 13 82 Jan 3
pref_____________ 100
1,800 Do
78 78
77
77'2 77*2 77i2 777g
77
151* July
0
76i2 70l2 76b 77b
834 Feb
6
41
8i4 8S4 2.500 Atlanta Blrm A AtIantlo—100 84I4 Feb 11 93 Jan 20 871* Mar 107 May
8
8
7b
7«4 8
7
6*4
6*4
7b
Dec
* 6 14
7
Feb
Atlantic Coast Line R R ..100
8734 90i2 2,100
89
89
89
89
88
88b
8 6 *4 8778
65b May
28*4 Dec
861s 87
21.900 Baltimore A Ohio________ 100 27*8 Feb 13 35 Feb 20
3412 3 3 3 4 35
32
32
33
691* May
381* Dec
30*4 30*| 29b 30*8 29b 31b
prel_____________ 100 42 Feb 13 49 Jan 12
467 48
g
6,000 Do
46*8
43b 14b 45
42
42b 44
43U 44
33'8 July
42b
10 Dec
1 4 1 2 Jan 21
10*8 Feb 10
6,600 Brooklyn Rapid Transit.. 100
1312 14
12 <4 141g
13
13b
12
12 b
11*4 1 2 b
28b July
5 Dec
IH 4 1 2 1 4
10 Jan 24
7 Jan 3
934 10
5,400 Certificates of deposit___
10
9
9
9>2
8
9b
*7b
s July
71* 8
81*
124 12534 18,500 Canadian Pacific-------------- 100 1 1 5 1 4 Feb 11 134 Jan 3 12018 Dec 1707 May
1247
g
1 2 0 b I 2 U4 120
119 120
1187 119*4 117b 121
s
681*
511* Dec
47 Feb 13 58b Feb 19
Ohio______100
5 3 58I 56*4 58lg 18,000 Chesapeake A Western.-.100 7 Feb 13 1078 Feb 20
34 4
5 5 14
48
12 July
50U 49*4 55*4 52
7U Jan
49b 51
9l2 1 0 7 11.900 Chicago Great
s
8<4 9U
8
8 I2
9
8
8*8
8
*712
*712
307 May
8
21 Dec
pref_____________ 100 21 Feb 13 2 6 I4 Feb 20
6.500 Do
2 6 I4
s
2 2 14
237
g 237 2512 25
22
23
22
22
22
22
52*4 July
34i8 Dec
39l2 35,250 Chicago Mllw A St P aul.. 100 3 0 14 Feb 6 3934 Feb 19
36tg 3934 38
3512 38
32
3212 33*8 31b 33b
37b
76 July
487 Dec
8
pref_____________ 100 4 5 3 4 Feb 13 501* Feb 20
547 56>2 27.300 Do
g
2
52
533.1 521 56*s
53
49*4 61
48
50*4 50
85 Nov 105 May
8
75 Feb 13 877 Feb 20
8034 877g 6,600
841 87
4
81
84
79
79
78
79
Jan
78b 82b
100 113 Feb 13 120 Jan 6 116 Dec 133
700 Do pref.
116 116 *116 1 2 0
16
116 lift
110
16 * 1 1 0
10
* 110
22>s Jan 32U July
100 2312 Feb 13 33l2 Feb 20
3112 33l2 90.300
2734 2934 283g 33
25*4 2 0 1 2
8 25*4 29
84 June
25*4 267
08 Dec
04 b Feb 13 76i2 Feb 19
100
6,600
76
70*4 7612 75
70
6912 71
07
08
73 July
07lg 67*8 07
65i4 Aug
100 51 Feb 11 66 Feb 20
5,200
63
0514 65
6234 63
58
56
82
Jan
57*4 57*4 57*i 64
57 Dec
100 58b Jan 2 63 Feb 20
200
63
60
60
00
♦90
Feb
547 June
s
46 Feb 19
100 42 Feb 6
700
*42
4212 4212 43
45
45
43b 43b
*40
43'
74 July
Sept
100 63 Feb 11 65 Jan 12
Do pref.
*63
*63
*63
68
*03
08
*611 as
2
*0U2 6 8
Dec
31*4 May
100 20 Feb 11 27 Feb 19
5,800
26
233g 2412 24
22
23
22
*20
....
681* July
Dec
—
100 47b Feb 16 501* Feb 10
400 Do
50
Feb
47U 47b
511* May
100 43 Jan 10 43 Jan 16
Do
91'* Dec 110 May
89*8 Feb 13 90 Jan 5
100
9334 5.500
923g 9334 93
9212 94
90
91
89b 93
.50 165 Feb 10 191 Jan 31 1721* Mar 217 May
17134 17212 2,400
170 172
170 170
170
70
♦160 toV
170 170
151* July
31* Apr
9 Jan 3
6 Feb 13
100
4.700
77
g 8 I4
7lg 8 l2
712 734
7
*6
7
*6
0*4 7*4
24 July
8ig Feb
9 Feb 11
15b Feb 20
100
35,900 Do pref.
14
15 14
15
12 b
12U 14
12 *8
10 12 10 7
s
10
10 b
10 b
20U May
12*8 Dec
15 Feb 20
9l2 Feb 13
100
25,200 E rie..
14
15
1234 13U
12*4 14b
12
12
1 U2
33 July
11* 8
12 b
13b
181* Dec
8
17*8 Feb 13 247 Feb 20
100
g
24i2 23lg 247 14,300 Do 1st pref.
2034 2 U2 21
19
19<4 18b 18b
18b 20613*4 Dec
23*4 July
103.4 Feb 20
100 121* Feb 9
3.700 Do 2d pref.
1634
14lg 1434 1134 15i4 16
13
13
13
12*4 14
13*8
76*8 Dec 100*8 May
100 681* Feb 11 81b Jan 5
g
74
767
g 75*8 78'2 783g 787 23,600
72
75
7112 727
s 71*4 72b
5 2 * 4 July
3 1 * 4 Jan
33 Feb 13 41 Jan l
par
8
35*8 36'4 35b 36
7 Sept
35b 30*8 36U 3734 36*g 3734 367 383g 9.500
127 July
8
8 Jan 31
7 Jan 24
100
100
*8
10
10
8
*714 812 * 8
7 .4 *7
1
7b
30 Dec 40i* July
30 Jan 22
100 28 Jan 24
30b *3012 32
*28
30
*28
30b
857 Dec 104 May
8
807 Fel) 13 90*4 Jan
8
1.300 Illinois Central.................. 100
88
88
88
87
87
84
84
84
*82
87
876i
87b
9b June
3*8 Mar
41.4 Jan
3*8 Feb 13
8.500 lntcrboro Cons Corp..N o Par
4
4l4
3*4 4ig
4
3*8 3*8
3i2 3 b
3b
3*8 3*8
3 1 1 4 June
10 Dec
I 3 I4 Jan 21
91* Feb 13
4.500 Do pref.......................... 100
11
11*8 12
12 b
11
11
11
*10
*9*4 1 0 b
25b May
9*4 1 0
Nov
19 Feb 20
13b Feb 13
10.100 Kansas City Southern----- 100
17
19
18'4
10 b
16
17
14*2 14b
15
16b
67 May
15b 15b
Dec
48 Feb 20
1,900 Do
pref.........................100 43>2 Jan
46*4 48
45b 46
44
45
44b 45
44*4 44V8 *41
45
14 July
Feb
11 Feb 19
8 b Feb 13
1.000 Lake Erie A Western------- 100
11
11
11
10
♦8
10
9b
9b
25 May
Dec
*8 b 1 0
Feb 2 0
20
16 Feb 1 1
10 0
200 Preferred______________ 100
20
20
20
♦17
17
*17b 2 0
17
17
*15
60*8 June
401* Dec
.50 401* Feb 13 45b Feb 2 0
60
4412 4514 6.100 Lehigh Valley------------42b 44
44
*43
10 *4
407 41b
g
lib
41b 44
*
98 Feb 1 1 1 1 2 1 2 Jan 5 1047 Aug 122*4 May
10 0
g 3.400 Louisville A Nashville------100
10412 103*4 1017
907 100* 1 0 0
s
*98 1 0 1
1 0 0 b 102*4 103b 104
88
Jan
37*8 Dec
3 9 * 4 Feb 6
48 Jan 7
10 0
700 Manhattan Ry guar.......... 100
4434 44*4
447 44 b
s
46
47
40b 47
9>g Jan 241* July
9 Feb 13
10 0
15*8 Feb 19
153g 1434 153g 8.300 Mlnneap A St L (new)------100
13
1 1 1 * 13b
_
1 0 l2 1 0 b
11
12 b
98b May
70 Dec
63 Feb 13 74b Jan 5
10 0
1.100 Minn St P A S S M
74
70
71*8 74
70
70b 71
O
H 68
07
70
07
16*8 July
4*8 Feb
Feb 13
6
10*4 Feb 2 C
100
10
10*4 27,900 Missouri Kansas A Texas. 1 0 0
10b
8*8
8b
9
8*4
7
7b
7b
6*8
7b
81* Jan 26'8 July
18 Feb 19
8*4 Feb 11
10 0
13
18
16
1714 8.800 Do pref...........................100
13
13b
10*4 1 0 * 1
10*4 10*4 l i b 13b
22lg Nov
387 July
8
Feb
100
25*4 29i2 27*g 29U 43.200 Missouri Paclflo trust ctfs.100 21 Feb 11 2912 Feb 19
25
27
23
♦2 2 *4 2312 2 2 b 23b
68*4 June
20b
10
3 7 1 * Dec
10 0
5.000 Do pref trust ctfs--------100 30 Feb 11 46
45
46
41b 46
41*i 421j
♦38
40
38b 38b
39b 41
14 Mar
4U Dec
67 Jan
8
4U Feb 13
5*4 ftlg 2,700 Nat Rya of Mex 2d p re f..-100
5
4*4 4*4
♦lb
5
4*8
4b
* l >8 a
28*4 Apr 50 Sept
3.800 Now Orl Tex A Mex v t 0 —100 391* Feb 11 4 7 1 2 Feb 20
4612 4712
43b
41
40b
40
*40
40
40
43b 44
83*4 June
66*4 Dec
Feb
13
72
7314 29,800 New York Central-------------100 04U Feb 13 73i2 Feb 19
70b
67
67
68
70b 72*,
67b 71
08b
23*4 ScPt 33U July
301*
19
1,200 N Y Chicago A St Louis.. 100 23*4 Feb
30*g
3012 30
29
*26
25
29
27
*25b 27
*2412 27
70 Apr
601* Dec
5 9 14 Feb 18
200 First preferred...______ 100 55 Feb
70
70
*60
70
59
70
70
♦53
5914 *57
*53
*53
631* July
40 Nov
100 Second preferred_______ 100 43 Feb 16 43 Feb 16
48
*42
48
*43
*42
48
48
43
43
*42
*43
50
8
2518 Deo 407 July
231* Feb 11 3212 Feb 20
3134 30b 3212 72,300 N Y N H A Hartford----- 100
28
20
27U 29
28b
257 2 0 b
8
25*4 2 0 *
24U July
lfti* Nov
20 Feb 19
16 Feb
3.800 N Y Ontario A Western—.100
19U 20
17U 20
17
10
*10
*101,4 17
17
10 b
17b
95 Dec 1121* May
99 Jan
96
977
g 2.300 Norfolk A Western............. 100 88 Feb 13
93
98'4
9534
95
95
*92
91
93
93 ta 91
997 May
8
77 Dec
24.200 Northern Pacific................. 100 68U Feb 11 H11 2 Jan
78b 79
7612 79
74U 78
72
73
71b 736
71*4 75b
48i* May
397 Dec
8
g
4234 42*8 427 22,250 Pennsylvania--------------------- 60 40 Feb 11 427 Jan 31
42
8
41b 42
40'8 41
407 4U)
g
40*4 41b
12>8 Jan 3 3 1 * Dec
391g 31*1 102.100 Pore Marquette v 1 0 ........... 100 231* Feb 13 32 Feb 19
29b
29
303g 28<2 32
27
27b
2 0 b 27*
20b
56 Mar 79 Dec
8
1.400 Do prior pref v t 0 -------100 62 Feb 10 667 Jan 16
6212 6412
65
65
02
62
62
02
02
03
Apr 53‘8 Dec
51
49’4 50
50*2 50l2 1.300 Do pref v t c --------------- 100 48 Feb 14 02 Jan 20
49
50
48
48
48
48
Apr 72 Sept
Feb
1.600 Pitts Cln Chic A St Louis..100 50 Feb 11
62
62
59lg 59'g
551
53
50
*55
58
52
5712 59
Deo 4 4 *4 June
297 Feb 20
8
2 H 2 Feb 11
18,400 Pittsburgh A West Va----- 100
8
27l2 29*g 27*8 297
263g 28
84>* June
21*4 25
2 2 b 26*8
24b 251
Dec
79i2 Jan
100 Do pref_______________ 100 70 Feb 11
*75
78
*72l2 78
78
78 *
78
70b 70b *72
73 7 Dec 93*8 June
8
64*4 Feb 11 77*4 Jan
70U 73i2 71*4 763g 74*4 767g 60,700 Reading..................................50 33*8 Jan
6712 08'
0 0 1 2 08*
60b 71b
33 Deo 381* Feb
30 Jan 13
700 Do 1st prof------------------ 60
3412 3412
35
35
*34lg 35
34
34
391* May
3414 34b *34b 35
33*4 Doc
331* Feb 9 35b Jan 13
900 Do 2d pref
*33
37
34b 35
*33
35
33*8 34
34
34
*337 37
g
10*4 Jan 27*4 July
g 23*8 25>4 129,200 St Louls-San Fran tr ctfs.. 100 15b Feb 13 251.4 Feb 20
203.1 1934 247
191
17b 19b
37 May
167 17 7
8
17b 18*
20 Dec
34 Feb 20
231* Jail 1
3.200 Preferred A trust ctfs.. 100
3212 34
32
2.884 29
2512 251
26*8 20*4 27
23*8 June
107 Dec
8
11 Feb 1
17*8 Feb 20
1634 17*8
1.200 St Louis Southwestern___ 100
15
15*4
14
14
13
13
*12
14
377 June
s
*12
14
23 Dec
21 Feb 11 29 b Feb 20
Do pref_______- ______ 100
29>2 2,500
22
24
26
22
25
24*4 25
26U 20*8 28>2 29
12 July
6*8 Dec
61* Feb 11
9*8 Feb 19
834 91g 10,200 Seaboard Air Line-------------100
8 i2
9*g
0 *1
9
0*8
7b
V
23*4 July
7' 1
12 Dec
16
173g 6,200 Do pref------- -------------- 100 12*4 Feb 13 i;*8 Feb 20
147 17'4
8
14
1412 14 78
137 I.* *13b 14
s
14b
115 June
8
6
9914 97*8 98*8 100,000 Southern Paclflo Co— ...1 0 0 88b Feb 13 105*8 Jan 19 9 17 Nov 33 May
92*
92
92 b 90*4 95*8 9612 95
911* 931
20U Deo
24<8 51,100 Southern Railway— --------100 18 Feb 13 24b Feb 20
22
24U 23
20 '2
20*
20
22*4 2 U4 23
20
721* May
20b
52 7 Dec
8
50 Feb 13 57*8 Feb
56*4 57*8 3,900 Do pref___________ ...1 0 0
5612
521
5412 5512
62
52
63
52 b 55
27i* Jan 70i* July
13
32
3814 36>2 3814 59,000 Texas A Pacific__________ 100 25 Feb 9 43*8 Jan 7
29?
29* 1
28
28
3U4 34
27*4 32
25*8 July
11
Dec
M34 Jan 7
12 Feb
900 Third Avenue____________ 100
14
14
14
12
1 3 1 * July
5 May
11*4 Jan 3
107 Feb 19
8
10 7
g 1 1 '4
1U2 11*4 1.400 Tol St L A W trust receipts..
*10
12 1
12
12
12
* 10
*10
*10
10 Mar 2 5 1 * July
21 Feb 20 24 Jan 3
200 •Preferred certificates dep__
21
21
22
*15
25
*15
25
*16
2 1 , *15
29*4 Dec 60 June
28b Feb 11 35 Jan 26
200 Twin City Rapid Transit.. 100
40
3 H 2 3 D 2 *30
30
30
*30
31b
1381* May
31b *30
31b *30
s
119 12012 38,600 Union Pacific____________ 100 110 Feb 13 1247 Jan 3 119>8 Aug
114b 20*4 118b 1 2 0 b 11012 121
114b 116b 113b 1 1 0
74*4 Mar
63 Doc
1.600 Do pref_____________ .100 65 Feb 16 69b Jan 3
*66
67
66
66*4
00
00
66
*05
00
00
07
05
157 July
*
7U Jan
8*4 Feb 5
127gJanlO
1.400 United Railways In v est... 100
97 10
8
10
10b
10
9b 1 0
10
9b
9b
15
Jan 34*4 July
Do p re f... . . . . . . . . . . . 1 0 0
2 0 * 4 Feb 13
29*4 Jan 27
24
24*4 2,000
23
23b 23*4 23*g 2312
23
23
23
22b 22b
13% July
7 14 Dec
7's Feb 11
10b Feb 20
8'4 97g
9*4 10'8 18.400 Wabash__ I . I I __________ 100
864
8b
7*8 7*4
8b
38 May
7*8 7*8
7b
20U Dec
24i5 28
2812 29l2 34,900 Do pref A ........ ..............100 201* Feb 11 2 9 1 2 Feb 20
25
24
24
22
2 2 *4
2 5 1 * July
21*4 22*4 2 2
14 Dec
1912 1912 1,000 Do pref B _____________100 14U Feb 11 201* Feb 19
177 20'2
8
I664 10 14
15
15
147 July
g
9*8 Apr
8*8 Feb
12!| Feb
10'2 12
111* 1214 33.400 Western Maryland (new)_100 14*4 Feb 13 201* Feb 20
101.4 1 1
9b 1 0 b
9*8 » b
9b
9b
16 Dec 301* July
Do 2d pref___________ 100
13
19
20
2012 4.200
19
20b
15
*13
17
17 *4
17b 2 0
17
*14
17 Feb 26 July
23.200 Western Paclflo._________ 100 20b Feb 13 271* Feb 19
27
24
27l2 26
24*8 25b
22*4 24b
2 2 b 23
2 2 b 22*4
62*8 Feb 611* Jan
1,000 Do prof........................... 100 541* Feb 5 64 Jan 7
62
61
62
00
00
59
*50
18U Sept
58 b 58b
6 8 b *55
7*4 Mar
9b Feb 13 14is Feb 20
14's 32.400 Wheeling A Lake Erie Ry.100
11*8 14
9*4 1 0 b
10
12 b
lib 12 b
10 *8
10 b
17 Jan 28*4 Sept
3.200 Do pref...........................100 16 Feb 11 22i2 Feb 80
2U 2 221
20*8 22
417 May
g
19b 2 1
19b 19b
18b 18b
25 Dec
6 32*4 Feb 20
2,500 Wisconsin Central.. . . . . . . 1 0 0 26 Feb
32*4
28>2 30>2 30
32
28
29
*25
32
♦25
35
*25
Industrial A Miscellaneous
29*8 Apr 64 May
25 l‘ eb
34bJan
*26
31
31*4 31*4 3134 32*8 343g 1,800 Adams Express__________ 100 34b Feb 116 451* Jan 3
28b
28b
27b 38*4 * 2 0
21
Jan 54 July
40
4012 40*8 411
2 2,200 Advance Rumely_________ 100
38b 39b
38*a 38*8 ♦38
39b
38b 38b
601* Jan 70 June
100 65 Feb 13 72 Jan 12
400 Do prof.................
*65
0912
69
69
68
68
08
091? 65b 05b * 0 0
*05
66
Jan 113 July
73
73
727 73*8 2,600 Ajax Rubber ino . . . . . . . . . 5 0 65b Feb 13 8 8 *4 Jan
g
73
70
09
08*4 70 b
09
4 14 Jan
09b 09b
li* Dec
Alaska GoldMines..................10
H* Feb 11
2 Jan
1*4 1»4
1*8 1*4 2,200 Alaska JuneauGold Mln’g - 10
1*4
lb
1*4
1*4
1*4
1*4
lb
3 14 July
lb
1*4 Jan
1*8 Feb
42 14 Jan
2 ,100
2
2
l7
g 2
lb
2
1*4 lb
1*4
lb
1*4 1*4
30
Jan 61*8 Oct
sJan
40b 41
40b 427
8 6,700 Allls-Chalmers M fg_______ 100 361* Feb 13 537
39b 41*4
38
38*4 38*4 39b
40b 41b
817g Jan 97 Sept
Do pref______________ 100 8412 Feb 18 92 Jan
200
*82
85
84b 84b *8212 85
85
*80
*70b 85
87 Sept 113*4 May
1,100 Amor Agricultural Chem—100 82 Feb 11 95 Jan 28
89U 897
8 89
89
8 8 *4 88*4
85b 87
80 b 87b
*85t2 87
Do p re f... . . . . . . . . . . . 1 0 0 89 Feb 11 9612 Jan 16 *92 Dec 103 Mar
100
93
92
92
90
•90
. . . . . . . . ♦91b 911.4 *91b 94b •91
33
Jan 65 July
American Bank N o te .._..6 0 39 Feb 13 46b Jan
150
40*4 40*4 542's 42's
Oct
42
Jan 49
Preferred.. . . . . . . . . . . . . . 6 0
45 Jan 7 45i*Jan 28
02
Jan 101*4 Oct
7 4 * 4 Feb 13
96isJan 8
5,400 Amerioan Beet Sugar____ 100
84
81
82l2 82
81
80
80*4 81*8 81b 83
81*8 80
84*4 Jan 95 May
Do pref_________
100 90 Jan 20 93 Jan
•88
91
*88
91
91
*8 8
91
*8 8
91
*80
8
841* May 1437 Nov
112 116*8 6.900 Amer Bosch Magneto..N o par 105 Feb 13 128*4 Jan
l l l b 116b n a i* 1 1 4
109 1 1 0 b 100b 109
110
112
4278 Feb 68*8 Sept
8
4 3 14 4 4 >
4 137 4512 26,800 American Can___________ 100 40b Feb 13 0 1 * 4 Jan
42
42*4 43b
42*8 l i b
43b
43*4 1 1 * 1
z98 Dec 107*8 June
200 Do pref_______________ 100 95 Feb
5 101 Jan
*95
10 0
9612 96l2
*95
98
*95
97
95
95
84'g Feb 148*8 Nov
7 600 American Car A Foundry.100 1241* Feb 13 143*4 Jan
128b 130 b 127b 129b 127b 130b 129b 131b 12934 129*4 132 134
113 Jan 119 July
200 Do p re f..
. . . . . . . . - 1 0 0 113*4 Feb 18 116i2Feb
1 13b 113b
1 11
114
39*8 Jan 671* July
_
431* 437
8 2 . 9 0 0 American Cotton Oil_ ...1 0 0 z43 Feb 13 54*gJan
43*4 45b
45
43*4 45b
44b 44b
45b
88 Jan 93 Apr
Do pref______________ 100
14U Mar
10U Nov
15<8 Jan 14
11*4 Jan 9
12*4 12U 12*4 1212 12*4 6.000 Amer Druggists Syndicate. 10
12
12
12 *8
12
12 b
12 b
12 b
13<8 Jan 43ig July
18*4
30*8 Jan
2H 2 22 < 22l2 22*4 4.600 American Hide A Leather.100 102 Feb 13 122 Jan *
8
2 D4 2 2 b
20*4 2 1 1 * 2 16 4 2 1 * 8
20b 2 1b
71>4 Jan 142*8 Oct
Feb 13
8.000 Do pref_______________ 100
1041* 107 >
8
105 106
104
10 2
104*8 100
104b 107b 104 108
371* Aug 76i* June
38 Feb 6 47 Jan
600 American Ice____________ 100
*40'2 44
*39
43
41
40
*39
40
*40
43b
39b 40
54*4 Jan 76b June
500
Do pref_______________ 100 53 Feb 13 6 8 Jan
58
58
58
58
♦58
60
*58
00
*55
60
00
*65
62*8 Feb 132U Oct
87 Feb 13 120i2 Jan
35,900 Amer International C orp .. 100
95
907 92*4 93
8
89*4 921.4 91b 93b
91
92b
89 Nov
92 b 94 b
44ig Mar
827
8 5.600 American Linseed-------------100 74 Feb 13 8 6 *8 Feb
80'4 80l2 81
78
78*4 77*4 79
78
81b
77b 77b
98*8 Apr
85 Mar
300
Do pref............................ 100 93'2 Jan 12 99*8 Jan 27
♦94
96
95
95
*04
90
*94
90
91*4 95
58 Jan 1171* Oet
82 Feb 13 105*8 Jan
8
90
91*4 91U 947 27,500 Amerioan Locomotive------- 100
89*4 92
91
8 8*4 90b
87b 89*4 80
100
Do pref_______________ 100 104 Feb 13 IO6 I2 Jan 14 100 Jan 109*4 July
102 106
*10 2
106 ►
*105 1 0 0
104 104 * 1 0 2
10 0
63 Aug
39*4 Dec
30*4 Feb 13! 44
Jan 2
400 Amer Malt A Grain------No par
" 3 D4 3‘l’l*
•30*4 33
31
31
♦30b 34
*30b 38
26 Deo 471* Oct
16*4
13
5
20*8 2U4 207g 217g 25,000 Am Ship A Comm Corp.no par 80 Feb 141 30'* Jan 14
20b
22b
19*s 2 1 b
941* June
19b 2 0 b
18b 2 0 b
79*8 Dec
Feb
82
Jan
500 Am Smelt Secur pref ser A . 100
*80
82
81
80
80
80
80
♦79b 80b *79
89*4 July
011* Dec
.
.
*62' 62 b
62'8 64*8 13,050 Amer Smelting A Refining.100 55*4 Feb 13 ,72 , Jan
0 1b 02b
60*4 0 2 b
02*8
0 1 b 63*8
0 1b
94 Dec 109*8 July
1,300
Do pref___ ____________ 100. r 9 3* 4 Fob 13 lOOU Jan 13
5 14
95U 9514 9** « 95*4 ------95
*94
--- ^
---------------------- -— ................ M
O »»
IM'8 94b
«*
»
95
05
*9 3i1*2 it-1
* 94
94b
• Bid and asked prloes; no Halos on this day. t Ex-rights. » Less than 100 shares, a Ex-dlv. and rights. 1 Ex-dlvldend. r Full paid

_
_

_




__

748

New York Stock Record— Continued— Page 2
For record o f sales during the week o f stocks usually Inactive, see second page preceding.

HIGH AND LOW SALE PRICES— PER SHARE NOT PER CENT.
Monday
Feb. 16.

Tuesday
Feb. 17.

Wednesday
Feb. 18.

Thursday
Feb. 19.

Friday
Feb.M .

Sales
for
the
Week

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range since Jan. 1.
On basis of 10O-share lots

PER SHARE
Range for Precious
Year 1919

Lowest
Highest
Lowest
Highest
S per share S per shore $ per share S per share $ per share Shares Indus. & Mlscell. (Con) Par $ per share
$ per share
S per share ,$ per share
8 8 % 10 2
*65 105
IOM4 1013 * 1 0 0
10 2
*98 105
500 American Snuff..................100
86 Feb
101% Dec 140 Sopt
41
413
40% 42
413, 42% 42% 42% 6,600 Am Steel Found tern ctU..33% 30% Feb 13 115% Jan
42
42/
46% Jan
33% May
47 July
91% 9U —
92
92
92
92
300 Pref temp ctfs.......... No par
91 Feb 1
93% Jan 19
91 Doc
96% Aug
124^4 1263 124% 126
126 129
127 128
126 128
4,900 American Sugar Refluln»..100 123% Feb 13 141% Jan
111% Jnn 148% Oct
*116 1181 *----- 118
117 117 *115 119 *115 119
100
Do pref...............
100 117 Feb 1 118%Jan 20 113% Jan 119 May
82% 833
823g 831
84% 85
83% 85'
85
85% 6,400 Amer Sumatra T obacco...100
77 Feb 13 99 Jan
73 Aug 120% June
84
84
*83% 861 *83% 861 *83% 8 6 % *83% 8 6 %
100 1 Do preferred............ ...... 100 84 Feb 16 92% Jan
90% Dec 100 May
97
96% 97)
971
97% 97% 97% 97% 8,825 Amer Telephone A Teleg-_100 96% Jan 13 100%Jan 30
97% 98
95 Doc 108% Mar
.... _
_ *225 240 *226 240 *225 250 *235 245
American Tobacco............. 100 Z225 Feb 13 283 Jan
191% Feb 314% Oct
93% 95
*93% 95
94% 94% 95% 95%
*93% 95
400
Do pref (new)_________ 100 93% Feb 16 97% Jan
93% Dec 106
Jan
12 2
127
119% 129
123% 128* 1 2 1
127
124 130% 52,100 Amer Woolen of Mass_____100 119% Feb 15 165% Jan
45% Jan 169% Dec
1 0 2 % 10 2 1 * 1 0 1
103
1023/ 102* 1 0 2 1 , 1 0 2 % *102 104
300
Do pref...... ..... ..........
100 101% Feb 1 105%Jan 29
94% Feb 110% June
46% 47'
—
46% 461- 46% 47
45% 47
3.100 Amer Writing Paper pref..100
43% Feb 13 61% Jan
27% Jan
69
Oct
16
16'
16
16
16% 17
16% 17
17% 19% 3.700 Amer Zinc l.ead A Smelt__ 25
15% Feb 13 21% Jan
11
Jan 29 July
____ ___
10
10
53
54
*50
51
53
53
500
Do pref___ _____________25 50 Feb 13 59% Jan
40
Jan 65 July
56% 571
55% 57
563, 57% 57
54% 57%
59% 20,900 Anaconda Copper Mining..50
54 Feb 13 65% Jan
54% Nov
777 July
s
400 Assets Realization............. ..1 0
3% Feb 10
6% Jan
1 Jan
9% Nov
51% 5l3.| 49
513
52
49% 511 *49
50
3.700 Associated Dry Goods___ 100
48% Feb 13 67% Jan
17% Jan 65% Doo
*69% 71
*091-> 72 *___
*69
73
75
*69
f)o 1 st preferred______1 0 0
69% Feb 13 74% Jan 17
61 Mar
82 Aug
*70
75
*68
72 *----*66
72
72
72
100
Do 2d preferred______100
70% Feb 10 75% Jan
58% Feb 80% May
113 113
*106 116
100 Associated Oil..................... 100 107 Feb
68
Jnn 142 Nov
143 148
14 1*4 145% 146 1473 145 146% 146% 152% 7,800 Atl Gulf & W I S3 L in e ... 100 140% Feb 1 125 Jan 8
1 176% Jan 5
92
Fob 192% Oct
___
*63
68
*62
65
*63
65
64% 61%
100
100 04 Feb
Do pref.............
75 Jan
64
Jan 76% May
57% 53
56"g 59% 57% 60% 58% 60% 59% 61% 41,900 A T Securities C o r p ....n o pa
55% Feb 1
74% Jan
75% Deo
65% Doc
—
*1334 15
—
___
13% 13%
*14
15
100 Autosales Corporation____ 50
13% Feb 6
19i.i Jan
14% Nov
20% Dec
—
___ *26
32
*26
28%
*26% 28
100
6 % pref temp certlfs____ 50
25 Feb 1
30% Jan 1
C
35% Deo
29
Oct
1067g 109
105% 108% 107% 112% 1 1 0
1 1 2 % 110
111% 244,800 Baldwin Locomotive Wks.100 103% Feb 13 123% Jan 10
617g Jan 156% Oct
115% 117% 115% 115% 1163, 1163, 116 116
118% 119%
1.500 Barrett Co (The)______1 . . 1 0 0
115 Feb 13 134% Jan
103
Jan 145 July
1 0 ).
106
105.4 106
105 106
106% 106% 1,000
Do preferred................100 105 Feb 18 111% Jan
110 Feb 119 May
1
1
1%
1%
*1 % 1 %
1 %
1%
*1%
1%
1,100 Batopllas Mining____ _____ 20
1 ■ Feb
1% Jan
1% Jan
2% May
19% 2 1 % 2 0
21
20% 22%
2 1% 2 1%
22% 24
15,000 Bethlehem Motors___ No par
17% Feb 1
3 1 % Jan
26 Sept
45
Oct
81% 81%
84
84%
500 Bethlehem Steel Corp___ 100
81 Feb 13 95%Jan 30
55% Jan 107% July
86% 88%
84% 87% 85*4 89% 8 6 % 8 8 % 87% 89% 53,800
Do Class B com m on.. 100 84% Feb 17 102% Jan 3
65% Jan 112
Oct
Do preferred_________ 100 97 Jan 1 101 Fob 10
90 Dec 108 July
109% 109% 109 109
110
110
109 110
111 111%
1,100
Do cum conv 8 % preflOO
13
101% Jan 116 8 ept
10% 10%
1 0 % 10*4
10 % 10 %
103, 1 0 % 10% 11% 8,800 Booth Fisheries_______No par 108 Feb 13 114 Jan
10 % 11
10 Feb
15 Jan
11 Dec
25 July
*92
96
*93
97
*94
96
*94
97
Brooklyn Edison, Inc_____100
91 Jan 13 94 Jan 19
85% Doc 102 Aug
56% 56% *56
58
*51
56
*52
57
*52
57
*52
57
100 Brooklyn Union Gas______100
49% Feb
56% Feb 14
41 Dec
92 May
*90
97
*90 1 0 0
*90 100
Brown Shoe, Inc_________ 100 94 Feb 13
71
Feb 112% July
*96
98
97% 97% *90
99
98
96
97
97
400 Do preferred________ 100 96 Feb 18 100
12
97 Aug 101 May
100% 102
99 1 0 0 % 99 105
107
105 105
105 106 * 1 0 2
3.000 Burns Bros........................ IO
C 93 Feb 4 120 Jan 5 115 Dec 166 Apr
8%
8%
8
83g
8%
8%
83g 8*4
8 % 10
7.600 Butte Copper & Zinc v t :..5
7% Feb 5
11%
9
5% Feb
17
Oct
17
17
18% 19
19
19
22
22
*18
22
*20
22
800 Buttcrlck.......................... IO
C 15 Feb 11 26
6
16 Jan 39% July
24% 24% 23% 24
23% 24
25% 25% 27% 7.800 Butte A Superior Mining .10
23% 25% 24
22 Feb 5 29%
12
16% Feb 37% July
18% 2 0
19
19%
19% 2 0
19% 2 0 1 , 20
20 %
20
20%
5.600 Caddo Central Oil A R ef.. 100
17 Feb 6 28%
6
19% Dec
54% May
76
77% 75% 77
76% 793,
79% 3.800 California Packing___ No par 74% Feb 13 85%
73% 79% 77% 78% 79
28
48'.i Jan 87% Deo
31% 33
31% 33% 30
33
33% 34
323, 33% 32
34% 6,500 California Petroloum____ 100 27% Feb 13 46
3
20% Jan 56% Oot
66% 66 % ___
___
69
*67
69
70
70
*67
70
70
500
Do pref................ ......... 100 65 Feb 10 75%
6
64% Jan 8 6 % Sopt
61
61
85
*62
85
*60 ___ *61
100 Calumet & Arizona Mining-10
59'2 Feb 1
3 68
2
50% Mar 8 6 % July
97
97
100 Case (J I) Thresh M pf ctf. 100
97 Feb 11 101
2 1 91% Jan 101 Aug
76% 78%
76% 78% 76% 78% 77% 79% 77% 78%
77% 81% 25.700 Central Leather.................. 100 72 Feb 13 104%
56% Feb 116% July
5
104% 104% ___ ___ 104% 1 0 1 % *103 106 * 1 0 1
107
104% 105
500
Do pref______________ 100 104% Feb 14 108%
5 101% Jnn 114 July
49% 49% 48
49% 48
49
50
48% 50% 9.800 Cerro de Pasco Cop__ No par 45' , Feb 13 61%
49
50% 49
31
Jnn 67% July
3
50
51% 50
50% 493.1 493.1
1,100 Ccrtaln-Teed Products.No par
47 Feb 6 62
7
30% Apr 05% Nov
129 131% 126% 130
124% 1293.1 129 130% 126 128
126 131% 24.800 Chandler Motor Car__ No par 118% Feb 13 144%
90 Nov 141% Nov
30
84
84
82
83
300 Chicago Pneumatic T o o l.. 100 82 Feb 17 106%
8 08 Apr 113% Nov
17
17%
16% 17
16% 16% 16*4 17%
17
17%
17
18% 8.400 Chile Copper...................... .25
15's Feb 11 21% Jan 3
29% July
16% Doc
35% 37
35
36% 353, 36
36
36% 36% 36% 36% 37% 5.100 Chino Copper...................... ..5
33% Feb 11 41% Jan 3
32% Feb 50% July
*85
90
88
88
*85
88
*85
89
*85
90
.88
88
200 Cluett, Peabody A C o___ 100
87 Feb
60% Feb 108 Deo
37% 38
37% 38
36% 38% 37% 38% 8,900 Coca C o la .............. ..... No par 33% Jan 11 106 Jan 8
38
39
38% 3.1%
19 40%
43% Nov
37% Nov
2
37% 38% 38
38% 38
38% 33% 38% 38
38% 38l.i 38% 2.400 Coloiado Fuel A Iron___ too 36' , Fob 11 443,
56 July
34% Fob
3
56
57
56% 56% 56
561., 57
563, 56% 57% 2.000 Columbia Gas A Elec........ 100 53 Feb 13 67
57% 56
39% Fob 69
Oct
9
41% 42% 39
41*g 39*4 42% 41% 433, 41
42% 42% 43% 25,100 Columbia Oraphophone No par 36% Feb 5 05% Jan
75% Oct
50% Oct
*------ 91
89
89
91%
92% * .. ._ 91% *__
100
Do pref____ _________ 100 89 Feb 16 92% Jan 14
95% Oct
91% Dec
*47
50
47
*46
47
50
"46% 47"
*46
48%
300 Computlng-Ta b-Rccordlng 100 46 Feb 1
1 56 Jan 6
37% Jnn 6.334 July
*56% 56% 57
57
*56
57% 57
56
56
55% 551
57
800 Consolidated Cigar___ No par
55% Feb 10 63% Jan 31
75 June
54 Aug
*77% 80
—
___ *77% 80
*77% 80
577% 77% *77% 80
50 Do
preferred................100 x70% Feb 13 82% Jan 30 *78 Aug 8 6 % July
*77
80
*77
*76% 78
78
77% 78
79
80
*75
78
500 Consolidated Gus (N Y)._100
75 Feb 11 {87% Jan
78% Dec 106% July
18% 19
13% 19
18
19
18% 18% 18% 191 12,400 Cons Inter-State Call M g .. 10 10% Feb 10 20% Jan
18% 19%
Oct
5% Apr 23
27% 27% 27% 27% 27
27% 27% 27% 26% 27
27% 28
1.600 Consolidated Toxtlle_ No par
_
26% Feb 9 311 ,|Jan 28
37% Nov
30*j Dec
80% 81% 80
7934 80
81
81% 4.100 Continental Can, Inc_____ 100 78 Feb 13 93% Jan 3
80
80% 80% 80% 81
65% Fob 10334 June
*10 1
108
* 1 on 1 n«
10 1
10 1
400 Do
preferred________ 100 100%Jan 13 102%Jan 22 100% Oct 1 10 June
llj
11%
11
11%
11% 11%
a
11
11
1.700 Continental Candy Corp No par
11',
11 Feb 13
15% Oct
10% Sept
13% Jan 3
79% 80% 78% 801.1 79
80% 81% 81
S0% 80
823,
82% 29.700 Corn Products Refining.. 100 70% Feb 13 90 Jan 3
Oct
46
Jan 99
*103% 1041 103*4 101
104., 101% *1033, 106
105 105 * 103% 105
800 Do
preferred________ 100 101 Jan 20 107 Jan 9 102
Jan 1 097g July
209% 2121. 199% 209% 191 197
202
208
203 203% 149,100 Crucible Steel of America. 100 191 Feb 17 233% Jan 26
192 208%
Oot
52% Feb 2 6 1
*97
99%
97
97
98
98
*96
98
98
98
*96% 98
300 Do
preferred________ 100 97 Feb 13 100 Jan 7
91
Jan 105 July
44
44%
43% 44*s 42% 443, 44% 45%
43% 44% 17.800 Cuba Cane Sugar.........No par
1 3 1 , 44%
40% Feb 13 54% Jan 7
20% Jan 55 Deo
80
80% 80% 80% SO 803, 80% 81
80% 80% 80% 81
2.100
Do
preferred........ ...... 100 79% Feb 13
69% Mar 877, Deo
*310 440
300 425
___ * *330 340
*325 440
Cuban-Amerlcan S ugar... 100 400 Jan 9 450 Jan 26 150
Jan 4 IO Oot
10 % 10 %
1 0 % 1 0 % *103, 1 1
10 % 1 1
11 % 111
11% 11%
1,400 Dome Mines, Ltd................. 10 10% Feb 13
16% May
13 Jan 3
10% Jan
20 % 21
21
2 1%
21
2 1%
*21
22%
213, 22
21 % 22 '
1,700 Elk Horn Coal Corp............. 50 20% Feb 6 28 Jan 2
43 July
23% Dec
*35
42
35
*33% 42
35
33
33
*33
42
*33
42
200 Do
preferred_________ 50 33 Feb 17 39 Jan 16
39 Dec 49 July
*20
22
22%
2 2 % 2 2 % *23
___
*22
26
27
400 Emerson-Brantlngham____ 100 20 Feb 6 29 Jan 2
43 June
247g Dec
*82% 85% 82% 82%
100
Do preferred_________ 100 82% Jan 21 91 Jan 3
88 Dec 101 June
118% 120% 114 117% 108 112% 1123. 115
113% 122
112 114
14.000 Endlcott-Johnson_________ 50 108 Feb 17 147 Jan 0
Deo
80 Juno 1 5 0
1U
1 101
101
400
Do preferred................. 100 1()07 Feb 1 1 10, Jan 3 10) ’ 1 Aug 1 1: % Deo
8
69% 72%
71
73
69
721
72% 73
70% 73
72.g 74
8,100 Famous Players I.asky No par
G5is Feb 11 95 Jan 5
81 Dec 1 !3 July
♦10
13
*10
14
*10
14
123, 13
11
*11
11%
700 Federal Mining A Smelting 100
14
10 Jan
13% Jan 28
1 Gao 23% July
28
28
29% 29% 28% 28% 29
30
30% 30%
900 Do preferred_________ 100 26% Jan
29% 30
33%Jan 28
4i% July
25 ).*
126 1343 126 135 ♦125 135
127 127
129 1297, *115 128
2,100 Fisher Body Corp____ No par
Feb 13
38%
Jan
1 "'
Oct
34*2 35*2 343, 35% 33% 34% 34% 36% 34% 35% 35*4 36% 17.800 Fisk Rubber______________ 25 100% Feb 13 130% Jnn
33
48
39% Nov
55
Oct
23% 237,
23% 23% 23% 24
24% 25% 25% 27% 26% 26% 0,700 Freeport Texas C o........No par
20% Feb 6 36% Jan
31% Dec 04% July
.| 13% 131.,
13*2 14*
13
13%
14
14
14
14% 3,900
11
141,
par
12
Feb 1 0
19% Jan 5
15 Dee 38% July
63% 66% 65% 66% 65
66% 00>2 66% 5.700
65% fW
*2 663, 66
.lot 58% Feb ii 75% Jan 3
47
Jan 957g July
155 156
155% 157% *157 160
157 158% 157 159
1593, 160
2,100
. 10 ,1 152' Feb 1 1 172 Jan 2 144% Feb 1 7 6
Oot
241% 245% 225% 238
225% 238
233% 23934 *2373, 254 185,300
231 242
. 10 0 225% Feb 17 345 Jan 5 118% Jan 4 0 0 % Nov
78
78
76
77% 77% 78
78% 78%
78
1.700
78
73' Feb 13 89% Jan 3
.10 0
82
Jan 95 June
74% 75
74% 75
72% 75
73% 74% 5.100
73
74% 73% 74
.10 0
69% Feb 13 853, Jan 6
9 434 Apr
8 2 % Feb
67% 70% 673, 69% 67
69
68% 69% 68% 69% 69% 71
12.800
10 0
663, Feb 13 857, Jan 5
56% Jan 93% Oct
.... .... .... _ _
_
943, 91% 94% 9fio
933, 94% 94
9,3,
400 Do preferred
10 0
93% Feb 19 102% Jan 3 102 Aug 109% Apr
38
38
38
38
37
37
*35
40
37
39
.38
1.500
40
.10 0
37 Feb 17 55% Jan 3
Jan
47% Dec 80
.... ....
33
33
33
33
33% 34
33% 34
800
..2 5
33 Feb 1 1
49% Jan 5
5 3 3 4 Nov
46% Dec
32
32
33
33
31
31 *
33
33
33
33
33
500
.10 0
29% Feb 13 38% Jan
32% Dec 47% July
63
64% 62
63% 62
62
62% OH,
62% 65
64
64
2.100
.10 0
58% Feb 13 847, Jan 8
49% Feb 89% Oct
*86
88
86
86
88
88
*86% 88% *86% 88% 86% 86%
500
.10 0
86
Feb 16 108 Jan 19
54% Jan 1 0 0 % Dec
8 53
53*2 537
54
52% 54
56
51% 55% 55% 56
58% 4,100
par 50 Feb 13 62*, Jnn 5
40 Feb 71% July
5134 5 3
523, 51% 52% 5 3 % 53
53% 55
51% 53% 54
11,300
50% Feb 13 6 1 * 4 Jan 3
..2 0
42% Feb 687g July
16% 16% ___ ___
16
16
16% 16% *16% 17
17', 19% 1.800
.10 0
13% Feb 13 22% Jan 3
10% Jan 3 7 3 4 July
♦68
71
___ ___ *68
*69
71
73
♦68
71
73
70
400
69 Feb 1 1
Do preferred________
83 Jan 3
48
Jan 017g July
118 119
114 117% 112% 113% 117% 117% 115 116% 118 118
2.500 Inter Harvester (new)__ . 1 0 0 114 Feb 13 135 Jan 5 110% Jan 1 4 9 % July
*1113, 113 *111% 113
__
112% 1123,
100
Do Preferred, new__ . 1 0 0 1113 Feb 13 115 Jan 24 111 Dec 1 2 0 Juno
31% 32% 29% 31
29% 31% 303, 313, 29% 31% 30
32% 39.000 3t Mercantile Marine__ . 1 0 0
27' Feb 1 1
5 1 7 , Jan 3
21% Jan 67% July
82% 84%
793, 84
SO 82% 83
85% 22,200
84% 82% 84% 83
Do preferred________ . 1 0 0
76% Feb 13 1 1 1 % Jan
92% Fob 1 2 8 % May
20% 21% 20% 21% 20% 21% 21
21% 21% 22
21% 21
22.000
.25
19' Feb 13 2 0 % Jan 7
3.37g Juno
20% Doe
76% 7734 75
76% 743, 76% 75% 78% 761, 77% 70% 79% 19,900
100 72% Feb 11 89% Jan 8
30% Jnn 82 Nov
74
74
70
70
731, 7.31 p
400 Do stamped prof,
100 70 Feb 16 797, Jan 3
July
62
Jan
4 3 % 4.3%
42
42% 42
42% 42% 42% 43
43% 44% 44%
1.500 •on Products Corp.
par 39% Jan 2 51% Jan 27
Nov
34 Doc
16
__
16
15
15
16
17
700 Jewel Tea, Inc_____
100
14 Feb 11 21% Jan 9
Mar
15 Doc
40% 40%
41
40% 40% 41
300
too 39% Feb 11
Do preferred___
387g Deo
Mar
10
*23
28
26% 26% *23
28
*23
26%
26
200 Jones Bros Tea. Ino.
26
100 23% Feb 11 30 Jan 5
July
24% Doc
100
100 106 Feb 18
Apr
6 105 Apr
118 121
115 118
113 11534 116 120
116% 119
118% 121
5.500
.25 108 Feb 13 152% Jan 5
Nov
68
Jan
*97
09*2 ___ ___
98
98
99% 99% 100 100
100 100
400
100 96 Feb 13 105 Jan 21 101% Dec 110% Oot
*67
74
*65
74
67
67
*65
72
68
*65
72
68
200
100 67 Feb 13 90 Jan 5
.34 Jan II 434 Oot
28% 29% 28% 29% 28% 28% 29
293, 303, 10,700
29% 28% 29',
par 27% Feb 13 33% Jnn 5
27% Nov
43 July
30
31% 29% 31% 29% 30% 30% 31% 293, 29% 29
31% 17.000
.10
24% Feb 13 48% Jan 5
38% Doc 120% July
73
73% 7234 74%
72
74
74
17.000
75% 72% 74% 73% 76
100 68 Feb 13 91% Jan 5
62% Jan 107% Nov
Laclede Gas (St Louis).. 100 38 Jan 8 40 Jan 20
83
Jan
33 Doc
29
29% 2834 29
28
29
313, 32
29% 29% 293, 31
2,610
par 28 Feb 11 38% Jan 6
21
Jan 40
Oot
♦155 190
*157 175 ♦165 175
100 190% Feb 6 207 Jan 10 195 Dec 250% Aug
* 10 0
107
♦103 107 *103 107
100 107% Feb 6 1097, Jan 31 107
Jan 115 July
19% 20
18% 1934 19
19% 1934 20% 203, 2 0 % 2 0 % 2 1
par
10.100
17 Feb 6 28 Jan 3
25% Dec 27% Deo
49% 50
49% 49% 48
48% 50
49% 49'g
51
53
1,600
50
100 45 Feb 11 70 Jan 3
40% Feb 81 July
*110 113 *110 120 *110 120 *110 115 *110 115
112 113%
200
100 112 Feb 11 115% Jan 19
Do 2d preferred.
94
Feb 120 June
. . . . . . . . *148
58
151% 151% 158 159% 149 152
1523, 153% 1,300
100 145 Feb 5 183% Jan 2 147% Apr 245 July
*104 10.8 *104
08 *101 107 *104 107 *101 107 *10, 107
D o nrpferred
100 mm*
9 110% Ian 8 107 Jan 115 July
• Bid and asked prices; no sales on this day. t Less than 100 shares, { Ex-rlghts. a Ex-dlv. and rights, b 80% paid. • Full paid. nO ldstook. 1 Ex-dlvl lend




749

New York Stock Record-—Concluded— Page 3
For record o f sales during th e week o f stocks usually Inactl c, see third page preceding.
Sales

HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday
Feb. 14.

Monday
Feb. 16.

Tuesday
Feb. 17.

S per share

$ per share

Wednesday
Feb. 18.

S per share

*02
64
64
62
*60
64
29% 29%
29%
26% 27% *25
26
26
24
2434
24%
22% 24*4
*50
60 50
61% 51%
*20%
*20
25
1177g
*110 120 *110 120
*103 111 ♦103% 111 * 103
180
107 172
171 176
*02
*00

04
64

22
37%
45%
*02
40
36
60
*82%

22
397g
45*4
75
40
36
52%
86

*68

50% 517g
*80
87
110% 111
112 112
677g 677g

22
22
33% 36
45
40
63
63%
*39
40*4
36% 30%
61
53%
857g 857g
111 112
63%

65%
9
7234
102
75%
1077g
15%
99
33%
48
55
55
423g
49
8%
7
130
30%
53%
72
51
35

9
75
102
757g
107%
15
101
33

*52
577g
41%
7”
30
*51
71
*43
*25
77
72 .
377g
21%
37%
30
54)8
17'
*90%
527g
*89
19%
87%
♦101
112
82%
92%
*102
19%
70
•36
104%
101
100%
15%
*68
15*4
2177g
*10*4
82%
37%
70
*100

75%
72%

787g
74%

23%
38
35%
51%
99
167g
18
92
92*4
53%
63%
*88%
91
18%
1978
89%
897g
103

24%
39
36%
64
997g
18%
92*4
54
90
19%
01%

110
112
81%
827g
917g
921.8
107 *102
19*4
20
*65
73
36%
42
105*8 10078
101 *100
45
101*4 z06%
15*4
15*4
71
15
1578
218% *215
11*4
11%
79%
83
38
40
69
71%

111*4
82
92
107
20
73
36%
105
101
45
98
157
8

70U
74%
38
22
39
36%
55%

22
36
45%
*03
41
36%
531%
86
112

22%
36%
46%
63%
41
37
557g
86
112

*65
*90
9
747g
*99
75%
*106
15%
99
33%
*48
*51
56
42%
*43
7*4
7
127
30*4
63%
*65
*51
*25

68
95
9%
767g
102
79
108
157S
99
35
55
55
58
43%
49
8^8
7
134
31%
54
71
52%
37

74%
71%
37%
22%
.39
35%
51%
98%
17 ~
92*4
*54
*88
18%
88%

81
80%
76
76%
37
37%
22%
23%
39%
39
30%
36%
52*4
64
98% looio
17
17*4
92%
92%
*55
59
*88
91
18%
18%
91%
94

111
80
91%
♦102
19*4
68
*36
98%
1007g

113
112
80%
80
93
92%
107 *103
197g
20
70
68
36
37
101
97*4
1007g 100

90% 100% 100%
15
*15
16%
*71
*70
73
15%
15% 15%
15*4
218
225 *210 225
11% 11% *11
11*4
83
81
80
83*4
38%
37% 39%
39*4
70%
69
69
70
*100

115

109

110
44
10
177
1661.1
*90
21*4
547g

113
44
10%
183
68*4
95
237{
55*

111

9*4
177
65%
92%
21*4
55%
172
88%
88% 88%
29
287g 30%
44
44
44*|
126% 128 *127
49*4

10
183-%
68
921
231
55i
172
881
3D
44%
145
49*

182
68%
17%
45
30%
58
80*4

183
70'.
18
45
31
60
86

182
07%
18
45
*29
58%
79*4
*99
44%
96
110%
04
45%
96%
110
69%
*9%
48
02%
*100
77
*47
84%
*106
60
53
23%
88
68
*95
122%
♦111
74%
* ____
*69

184
183
68%
697j
18
18
46
*29%
311
59%
59%
83%
81*4
*99
101
45
451
99
07%
110% 110%
64%
04
*45%
451
98%
98*.
1097g
1101
71
71»*
10
♦9'
48
48
6334
03
107 *103
77
481
*47
84%
841
110
60
50'
63%
531
241.,
25
*87
88
*65
68
*95
98
122% *122
113 *111
76%
757
89
92
—
71

182*4 183*4
09% 71
16
17%
45% 45%
30% 30%
57% 51)7f
84% 86%
*99 104
44% 45%
07 1001
*63
*45%
977g
111
70%
*9%
47%
627*
*100

01*4
____
00*f
111
72
11
47*,
63
107

48%

481

*106
49%
63
25 %
867^
70
*05

110
501
54
26
88
70
981

j
74%
* ____
*70

44% 46%
06% 097f|
111*4 111*4
63% 64
90%
110%
697g
*9%
451.1
02
*47
84

60
52%
24%
87
68
*95
*120
113
727g
761
02 * ____
71
721

98%
110*4
71%
11
48
03%
50
84
601
631
25%
87
70
981
125
113
76
92
71

114

the
Week

S per share

$ per share

Share1

*64
70
62% ♦61
*28%
32
26% *26
26%
26*4
54
50
25
. ____ ♦117%
*103
173% 178*4 177

*64
*01
*29
26%
• 26*4
50

217g
34%
45*4
*03
*40

22%
35%
46%
64
41%

54*4 55%
85
80
112% 112%
65%
94%
9
74%
*99
81%
100*8
15%
100
*33
*47
*52
56*4
42*4
*45
5
*125
31
55
*65
51
*____

59%
86%
119

97g 10%
181% 184%
67% 70%
*90
95
237,
23
66
66

10
181
68%
*90
22%
56%
*170
89
89
*88%
30% 323,
31%
44*8
44*4 4 4 *j
130%
—
. . . . *49
1843.
7134
18%

183
687g
18
*45
3"1
1 *29
60*8
60*4
81%
84%
104 *100
46
46%
98*8
100%
110
111
64%
65%
46
46%
97%
99*4
110*4
111
717g
7.3%
9%
101,
47*4
49l63 7
S 647g
107 *105

05%
94%
9
75
102
83
106*8
15%
100%
40
50
55
56*4
43
49
5
134
31%
55%
70
51
36
85
797g
____
23%
39
37%
54%

70
100
62%
400
300
31
1,000
27
32
2,800
57
1,100
200
25%
120
. 500
111
182% 00,100

23
1,850
30 107,300
46% 46% 21,000
64
64
400
1,100
41% 45%
500
*36
37
8,400
55
55
1,000
86
86
1,800
113 113
100
500
65
65
200
3,500
9%
9*4
4,900
75% 75*4
*99 102
5.400
80
81
400
*106% 107%
2,700
15*4 15*4
1,300
103 103%
1,400
34
36
300
*47
50
300
*62
55
3,100
58
58*g
43
43*4 13,900
*46
49
8.100
2,220
7%
8
900
130 1337,
7,500
30% 31*4
2,000
56
67
200
____
300

i

Lowest

.100

Do

pref.

Do
Do

1st pref.................. 1 0 0
2d pref.................... 100

Do

preferred_ ______ 100
_

Do

pref.

Do

preferred v t c .........100

.100

22

z 26»4

84
80
37%
24
♦37%
37%
53*8

700
3,200
1,300
8,400
77,400
400
9,300
18%
700
93%
1,400
56%
100
90
2,600
20%
7,900
94%
100

37%
253.,
39
38%
58%

6078 60*4 63*8 12,600
z85% 90% 156.900
88
100
3,300
118 123
120
300
43*8 43*8
4.500
10% 10%
10%
183% 183 187% 34,400
687g 70% 18,000
69
300
95
95
95
61,600
23
24
23*a
2,000
567g 58
56%
300
171*4 171*4
177
400
____ _
90
32
31*4 32% 38,700
1,700
44*4 4578
41*a
400
130% 132 132
700
49*.
49*4 497
a
183*4 184
697g
703,
18
18*4
____
49
31% *30
6Q%
60*8
83%
84
104 *100
46%
46
99*8
100
112
110
64
64*4
46
46
98
98*4
111%
111
72
72
*9%
9%
48%
49
65%
65%
108
108

Do preferred................. 100
rational Cloak A Suit------ 100
Do preferred................. 100
Do

pref______________ 100

Do pref...........................100
Nevada Consol Copper______ 5
New York Air Brake___ 100
New York Dock................... 100
Do preferred_________ 100
North American C o........... 100
Nova Scotia Steel A C oal.. 100
Ohio Cities Gas (The).........26
Ohio Fuel Supply...................26
Oklahoma Prod A Refining. . 6
Ontario Silver Mining------100
Otis Elevator................ no par
Otis Steel........................ no par
Owens Bottle_____________ 26
Pacific Development_ ____ _
_
Pacific Gas A Electrlo......... 100
Pacific Mall 8 S....................... 6
Paclflo Teleph A roles------ 100
89% 99,900 Pan-Am Pet A T ra n s ------- 60
Do Class B ___________ 60
84% 10,700

18
17%
93%
92*,
56%
56%
90
91
19
18%
92%
91%
101%
73
2,100
J14
114% 115
4,700
82
837g
82
1,900
9.3
93
94%
100
107
106*4 106*4
4,000
20
20*4
20%
1,300
72
73
72
1,100
41
41
41
100%
98% 103% 239,600
700
101
600
45
103% 102% 10378 48,500
3,300
16
16
16
300
71
73
70*4
13*g 17% 12,800
15%
400
225 ♦218 224
300
12
10*4 *11
82% 84% 21,400
83*4
40%
39*8 41% 183,800
4,300
71
72*4
71%
95
*102 115
140

50
50
50
....
85
85
110
*107 110
50%
50% 50%
50*4
54*8
53% 54
5 4 ',
24*8
24% 25
25
*87
90
87% *87
69*4
68
69
70
*95
♦95
97
97
124 ♦122 123% 122%
113 *111 113 ♦110%
76
76%
77
80
....
*82
92
89
-----72
72
—
60
84%

• Bid and asked prices; no sales on this day




Friday
Feb. 20.

82*4
85
787g
801*
3734 ____
23
23
37
.39%
37
37%
53
55%
lnnio
17%
18
92*4
92%
56
59
*89%
91
187g
19
9234 91
101%
*65
1137g
115
83%
80%
93
9.3%
107 *103
20%
20%
*67
70
♦38
39
98%
101*4
101
101
45
102% 101%
15*4
16%
73
70*4
15%
15*4
218 *210
12
10*4
837g
82*4
39%
40%
71
71%
*90
115
*125

_69% 62%
86
89
100 100
118 118

58%
84%

201* 31%
44% 44%
•126% 130
49
40

00%
87%

*102

61%
80*s

10% 10*8
178 184
66% 68*4
94
04
22
24*a
65% 56
108 108

597g1 57%
87%
84%

115

1207j

58%
88%

}■

22%
38*4
46
61%
40*4

8%
9
9
72
72% 74
*99
*99 102
75% 707g
75%
107%
107 107
147g
*14% 15
99
100 101
32.
32
32
48% 49
48
51% 62% *50
65
54%
65
57*4
68
4t*i
42
43
43%
*44
77S
8^8
7*4
0%
6*4
7"
7”
125 125 ♦120
30
29% 30%
31
52%
52% 52%
63
*05
70
70
71
51
51
51
49
*25
35 * ____ 35

70

8*4
74%
*99
757g
107%
1434
101
32

22
34
45
61%
40%

S per share
*64
70
70
61
61
02
30's *29% .30
♦2.r
i
27
27
24
24% *23
52
*50
55
25
1177s 119
U97g
111 *103
; 11
194*4 169% 175*4

Thursday
F eb. 19.

PER SHARE
Range since Jan. 1.
On bailt oj 100 -than loll

STOCKS
NEW YORK STOCK
EXCHANGE

3,200
185%
71*8 50,000
1,800
18*.
500
____
300
31%
7,300
621.:
44,400
87
102
5,600
48
103*, 104,700
1,100
112
3,000
66
300
46
99% 369,600
5,200
111*8
7,600
74
200
10
7,700
40*(
4,100
66
100
10S
100
1,700
53
600
....
300
111
517S 10,200
56
7,800
251; 64,400
500
88%
1,200
69*.
97
300
122%
100
113
79% 10,000
100
....
200
....

Less than 100 shares,

t

People’s O L A C (C h ic)..100
Philadelphia Co (P lttsb)...60
Pierce-Arrow M Car_ No par
_
Do pref______________ 100
Pierce Oil Corporation.----- 25
100
Do
pref...............
Pittsburgh Coal of Pa____ 100
Do pref...........................100
Pond Creek Coal__________ 10
Pressed Steel Car............... 100
Do pref______________ 100
Publlo Serv Corp of N J..100
Pullman Company_______ 100
Punta Alegre Sugar...............60
Railway Steel Spring.........100
100
Do pref.................
Ray Consolidated C opper.. 10
Remington Typewriter v t o 100
Rcplogle Steel-------------- no par
Republic Iron A Steel------- 100
Do pref.............
100
Republlo Motor Truck.No par
Royal Dutch Co (N Y shares).
St Joseph Lead____________ 10
Savage Arms Corp----------- 100
Saxon Motor Cai C o r p ... 100
Sears, Roebuck A C o------100
Shattuck Arli Copper...........10
Shell Transp A Trading------£2
Sinclair Cons Oil Corp No par
Sloss-Sheftleld Steel A Iron 100
Do preferred-------------- 100
So Porto Rico Sugar p ref.. 100
Standard Milling ............... 100
Do preferred_________ 100
Stromberg-Carburet . .N o par
Studebaker Corp (The) ..100
Do pref................. — 100
StutsMotor Car of Am .No par
Superior Steel Corp’n____ 100
Tenn Copp A C tr ct1a.No par
Texas Company (The)------100
Tobacco Products C orp ..100
100
Do p re f...............
Transcontinental O il.. No par
Transuo A Williams St.No par
Underwood Typewriter_ 100
_
Union Bag A Paper Corp. 100
Union Oil...... ..................no par
United Alloy Steel.........No par
United Drug......................... 100
Do 1st preferred...____60
Do 2d preferred........... 100
United Fruit.........................100
United Retail Stores ..N o par
U 8 Cast I Pipe A Fdy___ 100
Do pref______________ 100
U S Express.........................100
U 8 Food Products C orp .. 100
U 8 Industrial Alcohol ...1 0 0
Do pref______________ 100
U 8 Realty A Improvement 100
United States R u b b e t___100
Do 1st pref.......... ........ 100
U S Smelting Ref A M .........60
Do pref.................
60
United States Steel C o rp .. 100
Do pref_______________100
Utah Copper......................... 10
Utah Securities v t e______100
Vanadium Corp_______ no par
Vlrglnia-Carollna C h e m ...l0 0
Do pref_______________100
Virginia Iron C A 0 ........... 100
Wells, Fargo Express.........100
Western Union Telegraph.100
Westlnghouse Air Brake___ 60
Weetlnghouse Elec A M fg ..6 0
White Motor.........................50
Wlllys-Overland (The)____ 26
Do pref (neto)________ 100
WllsonACo.Ino. v t o ..N o par
Do prelerred................. 100
Woolworth (F W )________ 100
Do pref_______________100
Worthington P A M v t 0..100
Do pref A ......................100
Do prefB ------------------- 100

Ex-rlghts.

a

Ex-dlv. and rights,

Highest

PER SHARE
Rang* for P re tio i
Yiar 1919
Lotctst

Highest

g per than
61 Feb 16
61
F eb ll
28 F eb ll
23% Febl3
ls% FcbKl
47% F ebll
20 Febl3
1177* Feb 17
105% Fcbl3
161 F eb ll
95 FcblO
21% Feb 6
22*4 Feb 6
43% Febl3
61*g Febl 6
36 ig Feb 13
z35% Feb 13
44
Feb13
83 Feb13
110i4 Feblu
112
FcblO
631* Feb 17
941* Febl9
8
Feb 0
70 Feb 10
991* F ebll
731* Feb 13
10638 Febl9
1418 F ebll
92 Feb13
30 FcblO
45 F eb ll
50 Feb 4
50*8 F eb ll
z33*s Febl3
44 Feb13
7ig Feb 4
5 Feb 19
120 Feb 13
28'4 Fcbl3
61 Feb 13
70 Feb13
50% FcblO
35<8 Feb 0
37
Janl3
71*4 Feb 13
0734 F eb,3
37 Feb18
20 Feb13
33 Feb 6
34*8 Feb 13
48*4 Feb 13
9<% F ebll
15% Feb 13
89 F ebll
51(4 Febl3
89% F ebll
16 F ebll
84 Feb13
IOOI2 Jan 7
0 7 1 2 Jau27
109 Feb13
771* Feb 13
89% Febll
10334 Feb 5
19 >8 Feb 13
62lj Febl3
36 Feb18
9734 Feb 18
100 Feb 18
45 F ebll
937g F ebll
14>2 Jan 2
70
Febl3
13*8 Feb 13
214 Feb13
10 * 4 Feb 13
76*8 F ebll
34*4 Fob 6
64 Feb 13
89
Jan23
116
Jan28
12 0
F ebll
50
81%
10 0

100*4
41
9%
166%
61
92
20

64%
168
88%
277»
40%
126%
48*g
176
64
15*4
43
28
63*8
77%
10 1
10

91%

110

61%
44*4
95
10978
6 8 *8

9%
42
59%
108
76
48%
82
106
48
49
24%
867g
64
08%
12 0

113
67
89
70

3 per than
$ per mart $ per than
6 9 34 Jan 7
797g May
63 Dec
64
Jan28 *63 June 6 6 July
331* Jan 5
28 Aug 38% July
3012 Jan 8
317g Nov
23 Dec
3 5 34 Jan 5
61 July
2 6 3 4 Jan
6 3 1 2 Jan 5
60% Jan 84% July
3034 JanlO
19% Jan 46% June
131
Jan 2
60
Jan 131*4 Oct
Jan 1 2
104
Jan 110 May
222
Jan 3 1 6 2 3 4 Jan 264
Oct
105 Jan 6
99 Dec 118*4 Sept
26 Jan 6
21 Nov
32% July
7 1 34 Jan 6
32 Oct
71*4 Nov
5 2 3 4 Jan 6
62% July
40% Feb
83 July
6 9 12 Jan 7
54 Nov
51
Jan 5
40 Nov
53
Oct
387g Janl9
29% Jan 4 3 % July
727S Jan 3
45 Sept 75 Nov
89"g Jan 6
87 Nov
91% Oct
125 Jan 3 107 Aug 139
Oct
116 Jan 9 112 Dec *121 Mar
80
Jan 3
92 July
70
Jan
1 0 2 1 2 Janl3
103 Dec 108% May
1 1 > 2 Jan 6
24*4 July
8 % Dec
89<2 Jan 2
46% Feb 8 8 % June
102U Jan 7
93
Jan 104 May
8 6 I4 Jan27
64
Jan 9 4 % Oct
110 Jan 3 102 Sept 112 July
2 1 7 * July
1 7 1 2 Jan 5
13% Nov
117U Jan 5
91% Feb 145*4 Oct
481* Jan 3
19% Feb
70*4 July
61
Jan 3
44% Mar 75 July
58 Jan28
47
Jan 67 July
77U Jan 5
46
Jan 97 June
507 Jan 3 a36»4 Feb 617* July
8
5 U 2 Jan 2
43
Jan 55 July
10"g Jan 5
13% May
8
Feb
11% Nov
9*2 Jan26
5% Mar
142
Jan 2 128 Nov 149 Nov
417g Jan 5
39% Nov
34% Dec
74 . Oct
65
Jan 2
46 Mar
78
Jan 2
7 0 34 Dec
80
Oct
0114 Jan 5
58% Dec 76% July
42% July
3S*s Jan 9
29% Feb
4 2 3 4 Jan20
22
Jan 41 Dec
108U Jan 2
67
Jan 140% Oct
10318 Jan 3
92*4 Dec 1047* Dec
47i2 Jan 6
42 Dec 4 7 * 4 Nov
3 5 3 4 Jan 6
68 July
27% Apr
May
42 Feb 0
32 Dec
4212 JanlO
30
Jan 43 Apr
Oct
8 2 7 g Jan 3
38*4 Jan 99
Oct
IO8 I2 Jan 8 101% Jan 111
23U Jan 8
16
Jan 25*8 May
98
Jan 7
93 Dec 1051* Oct
637 Jan 3
g
45
Feb 74% July
98 May
91% Jan24
85% Mar
31% Oct
12% Feb
27*8 Jan 5
Oot
103ig Jan 3 z59
Feb 109
1 0 4 1 2 Feb 2
100 Mar 106 July
9 1 * 4 Jan
68
Jan2S
00 Dec
11718 Jan 5 110 Nov 132% July
96
Jan 7
61 Apr 98% Deo
102 JanlO
6 8 % Feb 107% Nov
10 6 3 4 Feb20
104 Feb 112 June
27% July
2234 Jan 6
19 Mar
94
Jan 3
68
Aug 105% Oot
46 Dec 63*4 Dec
4812 Jan 3
12434 Jan 3
71% Jan 145 Nov
10 6 3 4 Janl3
100
Jan 106% July
74% Nov
5 5 3 4 Jan 2
44i* Sept
84 Aug 121 July
110% Jan27
17 July
1 6 34 JanlO
12% Dec
77
Jan28
53% Jan 94% Oct
29 Aug
6 % Mar
21% Janl3
240
Jan
168% Fob 230% Dec
1 2 7 g Jan
19% July
10 Feb
74 Dec 81*4 Dec
41% Dec 64% Nov
48*4 Jan 5
82% Jan26
46% Feb 89 Nov
Jan 12
Mar 97% July
91
86
Jan 5 107
Jan 117 Sept
116
Oot
Jan 7 124
Jan 160
148
85% Jan 94% June
F eb ij
8 6 % Jan 2
36*4 Jan 109% o ct
Feb 13 115*8 Jan 5
Oot
45*4 Jan 151
Jan 3 1 0 1 % Jan31
92
Jan 104% Nov
Feb 13 137% Jan 6
42% Feb 1447* Oct
Feb 13 60*8 Jan 3
32
Jan 547g June
Febl3
17% May
1 2 % Jan 4
9*4 Dec
F eb ll 231
Oot
Jan 345
Jan 2 184
Feb 13 95% Jan 3
72*8 Jan 115 June
Feb 13 106
Jan 7
97% Dec 120 June
Feb 6
62% Nov
34*4 Dec
38*4 Jan 5
747 Oct
8
Feb 13 6 6 % Jan 3
37% Jan
F eb ll 190
Jan 2 116
Jan 197% Dec
Feb 17 96
Jan 6
75
Jan 100 July
F ebll
45% Oot
Jan 6
34*8 Dec
38
F eb ll
Jan 5
68% July
63
37*8 Jan
Feb 13 148 Janl4
90% Jan 176% July
Fob 13 53
681* May
Jan 13
60 July
Jan 165 July
91
F eb ll 204*4 Jan 3 167 Feb 215
Oot
Febl3
90% Jan 3
80% Aug 119% Oct
Feb 13 25% Jan 3
14
Jan 38*4 Aug
Feb 3 55
42% Jan 74*4 July
Jan 5
Feb 6
3 2 * 4 May
31*4 Jan 9
10*4 Feb
Feb 13 78*g Jan 5
66
Apr 91% Oct
Feb 13 1 1 0 * 8 Jan 8 197% Dec 167 May
Feb 6 103*4 Jan 6
96% Jan 111 May
Feb 13 56*4 Janl5
17% Jan , 607* June
Feb 13 143*4 Jan 5
Jan 139% Nov
73
FcblO 116% Janl3 109
Jan 119% July
Fcbl3
Jan 3
43% Jan
78% Nov
76
Feb 13 47% Jan 6
46
Jan 60 Mar
Feb 13 109
Jan 5
8 8 % Feb 116% July
Feb 13 115*4 Jan28 1 1 1 % Dec 117% July
Febl3 80*4 Jan 3
65% Feb 97% July
127g Jan 2
Feb 6
21% June
8*4 Dec
Feb 13 57*g Jan 3
54% Dec 62 Dee
Feb 13 72*8 Jan 5
92i* July
61
Feb
Feb20 1 1 2 % Jan 7 1 1 0
Jan 1167* Oot
Febl3
91
Jan30
64 Mar *88 Dec
Feb 14 6 6
Jan 5
51% Nov
79 May
Feb 13 8 8 % Jan 6
92% May
82 Sept
Feb 13 119
Jan 8
94% Jan 126 July
Feb 13 55% Jan 3
40% Jan 697* June
Fcbl3
Jan 86
66*4 Jan 5
Oot
45
Feb 18 32
Jan 3
23% Jan
40% June
F ebll
93
Jan 5
87*4 Jan 98% May
Feb 4 82% Jan 5
65*8 Jan 1047* July
Jan 13 98% Janl3
95% Nov 104% June
F eb ll 130
Jan 5 1 2 0
Feb 136% May
Jan22 116% Jan 6 1 1 2 * 4 Dec 117% July
Feb 13 95% Jan27
Feb 117
60
Oot
Feb 18 93*4 Janl3
88
Jan
98% Oot
Janl 6
76
Jan 6
66
'Jan
81
O ot

t Ex-dlv.

H For fluctuations In rights see p. 648.

750

New York Stock Exchange— Bond Record Friday, Weekly ana Yearly
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now— “ and interest"— except for interest and defaulted bonds.

BONDS
Y. STOCK EXCHANG
Week endlDg Feb. 20

“■ 0
<.

Price
Friday
Feb. 20
Bid

U. S. Government.
First Liberty Loan
3Ms 1st 15-30 year..19
Second Liber ty Loan
_
4s
1st L L conv_ 19
4s
2nd L L_______19
Third Liberty Loan
4 Ms 1st L L conv__ 19
4 Ms 2nd L L con v..19
4Ma 3rd L L ................
Fourth Liberty Loan
4Ms 1st L L 2nd conv 19
4Ms 4th L L .............. 19:
Victory Liberty Loan
4Ms conv g notes...19:
3MS conv g notes...19:

Foreign Government.

do

do

do
do

Paris (City of) 6-year 6s___
Tokyo City 5s loan ol 1912.
U K of Gt Brit * Ireland—

Weeks
Range or
Last Sale

Ask Low

I) 96.62 Sal e 96.50

47 J

Range
Since
Jan. 1.

High No . Low High
96.8 0 255

96.20 100.40

91.00 Sal 2 90.20
90.20 Sal 89.80

91.0 0 27. 90.20 93.48
90.3 4 1391 89.20 92.90

47 J r 91.30 Sal 3 90 80
42 M r 1 90.74 Sal 90.10
93.08 Sal 92 90
28 M

91.5 ) 615 90.80 94.00
90.7 : 7041 89.50 92.80
93.3< 860, 92.60 95.00

47 J I
42 M t

47 J E 99.50 Sah 97.60 Feb ’2( ___ 97.60 101.10
38 A 0 90.98 Salt>90 36 91.02 12333 89.72 93.00
23 J
23 J
30 Q
30 Q
25 Q
25 Q
36 Q
38 Q
31 Q
31 Q
34 Q

E
E
.
.
F
F
F
N
M
M
F

97.74 Salt
97.72 Salt
♦____ 100
_________
105% 106
105% 1063

97.66 97.81
97 70 97,7t
101 Feb '21
100% Aug 'll
105% Feb '2C
105%
1053
98% M ar'll
_________ 99 July’ lS
♦88%
-- 90 D e c 'l l
____ 89
88% Oct 'H
100 Fib Tfi

i . A O 96% Sale
IM i
72
73
1 M F 90% Sale
4
1 J E t 43
Sale
A J J 79% Sale
92% 94
:. M t
:9 F A 80% 90%
9 F *
73
75
1 A C 97% Sale
6 A C 93% ISale
1 A C 91% Sale
98
96%
1 ------94
Sale
9 ------5 F A ts72% Sale
5 J J t 72% Sale

97.66 99.40
97.66 99 40
101 101
105% 105%
105% 105%

94%
96%
72%
72%
90%
90%
42
43%
79%
80%
91%
92%
86 Feb '21
75
75
7
96%
97%
14
93%
93% 28
91
91% 65
95%
98% 83
93%
94
119
70 %
74t2 722
69%
73% 391

93%
70%
90%
42
79%
90%
86
74%
95%
92
91
95%
93%
69
67%

96%
74
92%
50
80%
925g
86
76
98%
96
92%
98%
97%
82
82

60
483
J t 59% Sale 57%
h
90%
17
90i.i Sale 90 %
90% 60
N 90% Sale 90%
30
30
2
J t ------ 33
35 Jan 2(
D ____ 32
91
96
O 91
Sale 89%
42
5 65% Sale 54
56

11 J
4M
4 M
9Q
> J
4
1A
. M

90%
90
30
32
89%
54

71
92%
93%
43
37
93
61

92%
85%
90%
90%

97%
90%
95%
92%

1M N
7 F A
9F O
2F A
/ J5(Oi

94
86%
91%
92%

Sale
Salo
Sale
Sale

93%
85%
90%
90%

95
87%
91%
92%

507g

607*

90
95%
92
95%
7 90
93
___ 9S% 100%
___
97% 100%
___ 98% 100%
88
90%
1 86% 91
1 86% 90
89
89
97 100%
9 95% 100%
___ 79% 81

___

97
57
107% 108

__

2

49?g 53%

78% Sale 74%
78% 179
79 Jan '20
63
70
Sale 66
70
____ 69%
69
Sale 67%
69% 16
2!
65
66
72% 65
1
85
85
SO 88
907g N ov’ 18
86
88
___
63% 65% 65 Jan '20
72% 74% 72% Feb '20 ___
72% 78
81 Jan '20
80
95
76
Sale 74
76
38
73% ____ 72%
73%
5
92% 96
7 7% ____ 78 Jan '20
1297* Aug’ 15
11
67% Sale 67
68
105 Aug T9
93 ____ 105 July'15
82
Sale 787g
82% 138
87 Feb '19
64
Sale 61
64% 132
60
60
5
64% 227
64% Sale 59%
63% Sale 60
63% 224
84% 349
84% Sale 81%
98% ____ 12 Jan '12
_
70% 80% 66% Jan '20 _
56
Sale 53
56
105
72% 74% 70
72
16
1
85
Sale 85
85
91
91% 91% Fob '20
90
92
95% Dec ' 19
79
80
88 Aug T9
------ 98
99% Mar’ 18
49% Sale 48
49%
0
90% 95
91 Jan '20
82 Jan '20
73% Jan '20
____ 74
..................: 03% Feb T6
99% 101
99% Feb '20
_
99% 99% 9978 Fob '20 _
82
82
80
82
1
____ 70
75 Nov 19
93% 95
2
95%
95%
84
9
84
Sale 83%
88
89% 88
89
10
65
76
74% May'19
89% 92% 90 May’ 18 .
81 ____ 97% June’ 17 .
83% 92% 91% Jan T9 .
80% 82% 81% Feb '20 . —

74% 82%
79
79
66
71%

Due Jan.

51

2

£
c

a

60

623
680
330
291

G

6Q J
Atohlaon Topeka Sr. Santa Fe—
Gan g 4s_______________ 199 6 A O
5A O
5 Nov
5 Nov
5M N
5J D
)J D
iM S
5J J
3J J
11 8
*
M S
M S
J D
M N
J J
1J J
M N
,A O
A O
J J
Q J
A O
Q J
.. ..
J D
J J
J J
M H
M N
J J
M S
A O
J D
A O
A O
Pitts Clev Sc Tol 1st g 6a
Tol A Clndiv 1st ref 4s A . 1959 J J
M S
M N
A O
J J
Roch A Pitts 1st gold 6 s.. 1921 F A
Consol 1st g 6s________ 1922 J D
Oanada Sou cons gu A 6s__ 1962 A O
Car Clinch A Ohio 1st 30-yr 5s '38 J D
Central of Ga 1st gold 5s...p l9 4 5 F A
Consol gold 6s__________ 1946 M N
10-yr temp secur 6s June 1929 __ _ Chatt Dlv pur money g 4s 1951 J D
Mao A Nor Dlv 1st g 6s. .1946 J J
Mid Ga A Atl Dlv 6s.........1947 J J
Mobile Dlv 1st g 6s______ 1946 J J
CantRR A B of Ga coll g 6 s.1937 M N
N o price Friday; latest this week,

7127
645-1
—
___
___
1
___
___
___
___

3664
1
39
23
13
12

State and City Securities.
91
0 M S 90
90
90
N Y City— 4 Mi Corp stO'
4 M 6 89% 91% 92 Feb '20
92
6 A O 89% 91% 90
96% 96% 98% Fob '20
7 ------5J D
96
96% 97% Feb '2C
3 11 S 96% 96% 98% Feb '20
*
9 11 N 86% 88
*
88 I-’eb 26
8 M N 86% 88
86%
86%
86%
86%
7 M N 86% 88
3 M N 85-, 87% 89 Jan '20
7 M N 95% 96% 97 Feb '26
7 M N 96
Sale 95-%
96%
79% Jan '20
4 11 N 78
*
80
1 M S 95 ____ 98% Aug T9
N Y State— 4s.
1 J J 95 ____ 100 Nov'19
99
2 J J 95
98% Aug T9
97 Feb '20
0 J J *95 _
4 J J *------ 109% 107% Jan '20
5J J
102% Deo '18
3 M 5 ------ 106% 107% Jan '20
3M S
787, Deo ' 1 8
1J J
60
65
6s deferred Brown Bros otfs.




Is !
j
i*

d D . e

67% 71%
65
69%
84
89%
65
66%
72% 76%
81
81
74
SO
72% 78
78

78

67

72%

78% 84%
60
60
59%
60
81%

70
60
66
69
92

60
53
69%
85
91

75
61
77%
85
91%

47%
91
82
73%

53
92%
83%
73%

99% 100%
99% 100
82
87
95% 95%
83% 88
88
94

3^

BONDS
N. Y . STOCK EXCHANGE
Week ending Feb. 20

Price

Friday

Eeb. 20

Cent of N J gon gold 5 a .._1987 J
Registered___________ *1987 Q
Am Dock A Imp gu 5 s . ..1921 J
Leh A Hud Rlv gon gu 5s. 1920 J
N Y A Long Br gen g J
4s._1941 M
Cent Vermont 1st gu g 4 s ..<1920 Q
Cbesa A O fund A lmpt 6s. .1929 J
1st consol gold 6s_______ 1939 M N
Registered____________ 1939 I* N
General gold 4Ma_______ 1992 M S
S
Registered____________ 1992
A
20-year convertible 4 M s .. 1930
O
30-year conv secured 5 s.. 1946
D
Big Sandy 1st 4s________ 1944
D
Coal River Ry 1st gu 4 s ..1945
J
Craig Valley 1st g 6s_____1940
J
Potts Creek Br 1st 4s____1946
J
R A A Dlv 1st con g 4s___1989
2d consol gold 4s______1989 J J
Greenbrier Ry 1st gu g 43.1940 M N
Warm Springs V 1st g 6 s..1941
Chic A Alton RR ref g 3 s ...1949
Railway 1st lien 3M8_____ 1950
Chicago Burlington A Quincy—
Denver Dlv 4s_ ____
_
1922
Illinois Dlv3M s.................1949
Illinois Dlv 4s.................... 1949
Joint bonds. See Great North.
Nebraska Extension 4s___1927 M N
V
Registered____ _______ 1927 I 1 N
General 4s_______________1968 M S
J
Chic A E 1 1 ref A Imp 4s g ..l9 5 5
1
T S Mtg A Tr Co ctfs of dep
J
l i t consol gold 6 s . .______1934 A O
,
Genoral consol 1st 6s____ 1937 M N
D 8 Mtg A Tr Co otfs of dep.
:
Guar Tr Co otfs of dep
Purch money 1st coal 5 s . .1942
Chic A Ind C Ry 1st 6 s ...1936
Chicago Great West 1st 4 s ..1959
1 Chlo Ind A Loulsv—Ref 68-1947
Refunding gold 5a_______1947
Refunding 4s Series C ___ 1947
i
Ind A Loulsv 1st gu 4s_ 1956
_
Chlo Ind A Sou 60-yr 4s___ 1956
Chlo L 8 A East 1st 4 Ms___ 1969
Ch M A StP gon g 4s ser A .<1989
Registered___________ <1989
Gen'I gold 3Ms Ser B ___ <1989
Genoral 4 Ms Series C ....«1 9 8 9
Gen A ref Ser A 4 Ms___ 02014
Gen ref conv Sor B 5s...a2014
Convertible 4Ms________ 1932
Permanent 4s___________ 1925
25-year debenture 4s____ 1934
Chlo A L Sup Dlv g 6s___ 1921
Chic A Mo Rlv Dlv 58...1926
Chlo A P W 1st g 5s...........1921
C M A Puget Sd 1st gu 48.1949
Dubuque Dlv 1st a f 6s_ 1920
_
Fargo A Sou asaum g 6 s ..1924
Mllw A Nor 1st ext 4 MS..1934
Cons extended 4 Ms___ 1934
Wls A Minn Dlv g 6s........ 1921
WIs Valley Dlv 1st 6s___ 1920
Chic A N’wcst Ex 4 s _ 1886-'20
_
Registered.............1886-1920
General gold 3Ms________ 1987
Registered___________ pl987 Q F
General 4s_ ____________1987 M N
_
Stamped 4s________ ...1987 M N
General 5s stamped______1987
Sinking fund 6s.........1879-1929
Registered_______ 1879-1929
Sinking fund 6s.........1879-1929
Registered_______ 1879-1929
Debenture 5s___________ 1921
Registered____________ 1921
Sinking fund deb 5s______1933
Registered____________ 1933
Des Plaines Val 1st gu 4M* '47
Frem Elk A Mo V 1st 6 s ..1933
Man G B A N W 1st 3MB-1941
Mllw A 8 L 1st gu 3M8___1941
Mil L S A Wost 1st g 6 s_ ..1921
Ext A Imp s f gold 58...1920
Ashland Dlv 1st g 6s_ 1926
_
Mloh Dlv 1st gold 6s. .1924 J
*
Mil Spar A N W 1st gu 48.1947 11
St L Peo A N W 1st gu 6s 1948 J
Railway general gold 4s_ 1988
_
Registered____________ 1988
Refunding gold 4s............. 1934
R I Ark A Louis 1st 4 M l- - 1934
Burl O R A N 1st g 68___ 1934
C R I F A N W 1st gu 6a..1921
Ch Okla A G cons g 5s___ 1952
Keok A Des Moines 1st 5s 1023
St Paul A K C Sh L 1st 4Ms’41
hlc St P M A O eons Os___ 1030
Cons 6s reduced to 3MS..1930
Debenture 6s........ ............ 1930
North Wisconsin 1st 6s_ 1930
_
Superior Short L 1st 6s g.cl930

J
J
A
M

A
A
M N
A

r

j
j
11
*

J
M
J
Q
J
J
M
J
J
J
J

Range
Since
Jan. 1.

Bid
Ask Low
High
99
99% 99% Feb '20
98*4 99
981; Feb '20
96
93
90%
96%
100 Apr '18
100% Jan '13
56
80
70 Jan '20
82
83?g 821,4
83
90% Sale 89
90%
83% 92 104% Jan '17
75
Sale 73%
75
80% Mar'17
74% Sale 70%
74%
80
Sale 75%
80%
72
73% 75 Oct '19
69 ____ 82% M ay'19
78ig____ 78% Deo '19
64% 08
69 June’ 19
7 ll2 7712 70
71
60 > 0812 05 Jan '20
4
------ 70
88% Sept’ 16
75 ____ 113 Feb '15
45% 48
44%
44%
33
Sale 29%
33
98 ___
70% 73
7012 80

98
98
71% Feb '20
79% Fob '20

Low
98%
98%
96%

High
100%
99%
98%

60
70
82% 85%
89
95
72% 77
70
77
76% 81%

70
04%
44% 49
29% 33
96
71%
79%

98
76

84

8712 9712 89% Feb '20
89% 9 1
90% Oct '19
77ij Sale 70%
78
76% 81%
24
Salo 24
24
20% 24
21 Jan '20
21
22
98 July'19
71% Nov'19
09 Dee '19
78 Aug *19
97% Fob '13
32 Mar'17
65% Sale 52%
65i.i
62% 57%
------ 98% 07 Jan '20
97
97
8 0% ____ 86% Nov'19
66% 75
84% Apr '17
____ 71
63 May'19
70% 74
70% Deo '19
80
80
82 Jan '20
58
Salo 05
68
16
92% Feb '16
55%
6514 59
55%
55% 00%
78
Sale 74
78
74
78
59% Bale 56
59%
56
61
72
Salo 06
72
65% 72
70% Sale 07
70%
00% 70%
75
Salo 71%
76 I
70
75
621 Salo 55
2
62%
65
63
------ 06% 06% Fob '2 0 ___ 90
97%
____ 94% 93 Oct '19
96% 97
06% Feb '20
96% 98%
58
61
69%
59%
59% 05
____ 99% 90% Deo '19
98% 100% 102 8opt'19
78
80% 78 Jan '20
78
78
------ 81% 77% Jan '20
77% 77%
------ 94% 96% Jan '20
95% 90%
82 100
99% Oct '19
80% 80
88
88
10 88
02
8 4 % ____ 92 Oct '19
02% 05
62
62
62
68%
02
66
70% Apr '10
77
Sale 76%
77
76
80
75
81% 77% Deo '19
06% Sale 95
90% 48 95
98
------ 109
100 Oct T9
109% Apr T6
96% 98% 05% Fob '20
95% 90%
9 2% ____ 91% Fob '20
94% 94%
05
96% 06% Feb '20
90% 97%
____ 90%
98 Mar’ 19
87% 88
90% Fob '20
90% 90%
85% 90
97 N ov'18
80% ____ 101% Ool, TO
____ 110
105% Nov'19
88 Jan '17
03 ____
99% ____ 100% Nov'19
95% 90% 90%
90%
95% 90%
98 100%' 100 Sopt'19
99% ____ 100% Jan '20
100% 100%
71
80
70%
70%
70% 70%
87% 91
87 Jan '20
87
87
711 Sale 70%
8
71% 26 70% 76%
76% Mav'19
64% Salo 60%
04%' 414 COlt 67%
61% Salo 68%
62
83 68l8 64 '
85% 89
90% Jan '2(
90% no5»
*92% ____ 97% Feb 'l l
80
89
89 Oct T9
____ 71
08%
70%
2 68
70
62
65
01%
03
9 61% 66%
102 104% 103
103
10 103 104 "
83% N ov’ lt
80
83% 83%
83%
i 83% 87%
118 Nov'lt!
100%____
____ 80
67% June'19
100 110 102% Deo T9
57% Sale 56
36 64% 61
58
69
75
90 May'17
88 M ar'll
____ 83
81 Jan '20
81
81
66% 67
05%
05%
0 03
04%
74
75
4 73
75
75
77
84
Salo 84
1 84
84
84
71% Salo 71%
6 71% 71%
71%
62
62% 61% Feb '20
60
62
61% 04% 61%
1 61% 05%
01%
70 . . . .
------ . 68
84 Nov'10
91 100 101 Oct T9
76% 80
84 Oct '19
82% Scpt'19
•88%____ 93% May'19
101%____ 102% Out T9
70% ____ 70% Nov'19
76 ____
51%
49% 51% 51%
4 51% 54%
27
25% Salo 20
49 IS
27
82
84
85% Feb '20
85% 88%
82%
82%
83
84
1 82% 85%
71% Sale 70%
71i.i
16 69
75
93% 96
97 Feb '20
98
— - 97

M
Consol 60-year 4s________ 1962
J
lln H A D 2d gold 4Ms___ 1937
N
C Find A Ft W 1st gu 4s g 1923
J
Day A Mich 1st cons 4Ms 1031
lev Cln Ch A St L gen 4 s .. 1993
2 0 -year deb 4Ms............... 1931
D
General 6s Series B______ 1993
J
Cairo Dlv 1st gold 4s_____ 1039
J
Cln W A M Dlv 1st g 4 s.. 1991
St L Dlv 1st coll tr g 4s__ 1990 M N
Spr A Col Dlv 1st g 4s___ 1940 M
W W Val Dlv 1st g 48____1040 J
N
C I St L A C consol 6s____ 1920
F
1st gold 4a___________ *1936
F
Registered_________ *1936
J
Cln 8 A Cl cons 1st g 6 s..1928
J
C C C A I gen cons g 6 s .. 1934
O
Ind B A W 1st pref 4s____ 1940
J
O Ind A W 1st pref 6s_ dl938
_
o
Peoria A East 1st cons 48.1940
Income 4s____________ 1990 Apr
A O
C
F A
Refund A Ext 4Ms______1936 11 N
*
D
Ft W A Den C 1st g 6 s ... 1921
C
o
J ____

D
Morris A Ess 1st gu 3MI--2000
N Y Lack A W 1st 6|......... 1921
J
81% 81%
Construction 6s_______ 1923
A
Term A Improv 4s........... 1923
N
April. • Due May. g Due June, ft Due July, k Due Aug. q Duo Oct.

Week’s
Range or
Last Sale

__

75

86% Bopt'19

70
Sale 70
70
5 70
707g
100 ____ 100
100
2 100 100%
93% 96
00 lg 92% 94 Jan '20 ___ 02% 04
v Duo Nov", o Duo Deo. s Option salo.

New York Bond

F e b . 21 1920.1

Hioh

Lou
Delaware Lack < West— Concl
fc
Warren lat rof gu g 3H s. 2000 V
Dclawaro A Hudson —
1st Hen equip g 4 Vis______1922 J
lat A ref 4s___ - __. __. __1943 M
20-year eonv 6s_________1935 A
Alb A Susq conv 3 Us------1946 A
Renas A Saratoga 1st 7 s..1921 M
Denver A Rio Grande—
1st eons g 4s____________ 1930 J
Consol gold 4H s_____...1 93 6 J
Improvement gold 5s------1928 J
1st A refunding 6 a ........... 1955 F
Trust Co cortfs of deposit
Rio Gr Juno 1st gu g 6a— 1939 J
Rio Or Sou 1st gold 4s----- 1940 J
Guaranteed...... ..............1940 J
Rio Gr West 1st gold 4 s .. 1939 J
Mtge A ooll trust 4s A ..1949 A
Del A Mack— 1st lien g 4 s ..1995 J
Gold 4s.............................. 1995 J
Dot Rlv Tun Tor Tun 4^8.-1961 M
Dul Mlssabe A Nor gen 5 s..1941 J
Dul A Iron Range 1st 6s----- 1937 A
Registered........- ---------1937 A
Dul'Sou Slioro A Atl g 6s — 1937 J
Elgin Joliet A East 1st g 6 s ..1941 M
M
N Y * Erie 1st ext g 4s— 1947 M
M
A
J
M
J
Registered____ _______ 1996 J
J
Registered. ............ .1996 J
Penn coll trust gold 4 s.. 1951 F
A
A
A

l.ong Dock consol g 6s .

M
J
J
J
A
M
J
M
J
F
y
w
A
-1
J
J

A

60

J 9612
N 7512
O 82
O 69's
N 100
J
J
D
A

D
J
J
J
O
D
D
N
J
O
O
J
N
•
N
S
O
D
S
J
J
J
J
A
O
O
O
N
J
1
1
O

N
J
N
J
A
A
N
Terminal 1st gold 6 s..
O
D
J
J
A O
A O
A O
J D
J J
J J
A O
J J
U J
J J
J J
;J J
J J
J J
J J
!J J
J I)
J D
J J
SA O
J J
J J
7J J
7J J
8J L
Feb
Green Hay A W deb ctfs “ A " . . .
. Feb
Debenture ctfs ‘‘ B " . . .
Gulf A S I 1st rof A t g 6 s ..61962 J
Hooking Val lat oons g 414s 1999 J
Registered______________ 1999 J
Col A H V 1st ext g 4s___ 1948 A O
A
Col A Tol 1st ext 4s______1956
J
Houston Bolt A Term 1st 6S.1937
J
Illinois Central 1st gold 4S..1951
J
Registered_______________1961
J
1st gold 314s____________ 1951
J
Registered____________ 1951
O
Extended 1st gold 314s___1951
O
Registered____________ 1951
S
1st gold 3s sterling______.'1951
s
Registered____________ 1951
o
Collateral trust gold 4s----1952
o
Registered______ - ____1952
N
1st refunding 4s____ ____ 1955
J
Purchased lines 314s--------1952
N
L N O * Texas gold 4 a ..-1953
Registered____________ 1953 M N
16-year secured 5>is._— 1934 J J
Cairo Bridge gold 48_____ I960
Utohflold Dlv 1st gold 38.1951
f.oulsv Dlv A Term g 3 J4s 1953
Middle Dlv reg 5s-----------1921
Omaha Dlv 1st gold 3s— 1951
at Louis Dlv A Term g 38.1951
Gold 3J48....................... 1951
Registered_______ ...1 96 1
etprlngf Dlv 1st g 3 His___ 1951
Western Lines 1st g 4 s . . . .1951
Registered________
1951
Bellev A Car 1st 6 s .......... 1923
Carl) A Shaw 1st gold 4 s..1932
Ctdo 8t L A N O gold 6S..1951
Registered____________ 1951
Gold 3H s.......................1951
Registered__ ____ ...1951
Joint 1st ref 6a Series A.1963
Meinph Dlv 1st g 4b. ..1951
Registered____ .....1 9 5 1
8t Louis Rou 1st gu g 4 s ..1931
ind III A Iowa lat g 4s — ...I 9 6 0
1st A Great Nor 1st g 6s------1919
James Frank A Clear 1st 4s. 1959
Kansas City Sou 1st gold 3s. 1950
Registered______________ I960
Ref A Irnpt 5s_______Apr 1960
Kansas City Term 1st 4s— 1060
Lake Erie A West 1st g 5 s..1937
2d gold 5s.......................1941
North Ohio 1st guar g 6 s..1946
ch Val N Y lat gu g 4H8..1940
Registered_______________1940

Lou

High

____ 102 is Feb '08
971j
80
Sale
74'4
104

6212
64
63
66
41l2
38
4212 Jan ’2u
75 Jan '20
39*2 61U Apr 'l l
—
31 July’ 17
61
Sale 58
61
50
50
50
48
82 D e o '16
78
—
7 5 1 2 July'16
74 * 4 Fob "20
73
75
96*4 June'18
91
897 Feb '20
8
90 —
10512 Mar'OS
83 June'19
83
89is 8ept'l9
85*s 92
97
Sale 97
97
80 Jan "20
82
92 Jan '20
88
9 7 1 2 Dec '19
95 —
94*4 N ov'15
____ 977 98*2 Aug'19
s
54*4
54*4 Sale 49i2
84 Deo 16
43*4
43*4 Sale 39i2
73 June'16
79
79M 79U 79
34
34*8
3612 37
371 Sale 37's
8
37i8
39
39
Sale 3612
_
"
____ 7 9 1 2 81 Jan 20
1067 Jan 17
8
90
90
Sale
Doc ' 19
____ 94i2

62U
64
66
s40*g

Sale
74
7514
Sale

96*8
76>8
81*4
7212

70l2
46

75

75

027g 7278

627
8

42<2 43l2

74*4 80
897 90*8
8

69

4912 55
39

43*4

79
33*8
30
36
81

79*4
37
38
39U
83

'9 0 ’ ~90~"

91

91

53

55

76

80

5618 5618

93
96
94*4 95U
817 85>2
8
83*8 8SI2
105*2 105*8
88lg 92
79<8 83l4
78

78

101*8 106'2
94

94

5512 6512
7*4 8*2
68*4

73

80 ” July'09
08*8
09
95*8 Sept'12
Salo 67*2
72
72
69 Doc '19
631*
8
65's
60
0 0 78 047
66 Aug '19
91
91
9114 90
70 Feb '20
76
51
59*2 60 Deo ' 19
00
0712 09 Jan '20
102 June’ 16
95*8
58*i Sept'18
60
53 Jan *20
52
63
on2 07 07*i Deo '19
80 June'16
80*8 N ov'16
74
79*2 M ay'19
71*4
92 N ov'10
117*2 May’ 10
10 0
73 Mar’ 19
921 93 Jan '20
2
95*8 Feb '19
6212 6 8 I2 05*2 July'18

68*s 74i2

__

67ly 7612
6412 72*8
93l2
90
74l2 80

___ __

69

69

53

53

—

....
....

70*8
72's
0 1 )1.8 95
80
56*8 Salo
691* Salo
51*2 Sale
81*8 Salo
60
90
86
8712
80*4
—

80
80
69*2 Fob '20
05 N ov'17
77*2 Aug’ 19
75*4 Doc '19
93 Nov'19
78 Jan '20
647
8
55*2
78 Oct '09
67*4
69l2
68
71*8
80
81*8
80*8 Feb '17
65 Aug '19
86 Fob '20
78 Scpt'19
a

Due Jan.

Range
Since
Jan. 1.

Week's
Range or
Last Sale

High No. Low High
id
Ask Lou
3 7012 71
71
71
71
77
Lehigh Val (Pa) cons g 4 s ..2003 M
80*2 Feb '20 . . . . 8 OI2 83
77*4 80
General oons 4 H * ---------- 2003 **
9 7 *4 Dec T9
957 100
8
Leh V Term Ry 1st gu 9 6 s..1941
113 Mar'17
Registered_ ____________ 1941
_
43 99*g 103
10 0
99*8 Sale 99*8
Leh Val RR 10-rr ooll 6s_.»1928
98*8 98lg
98
9312 98*8 Jan '20
Leh Val Coal Co 1st gu g 5 s.1933
105 Oct '13 —
Registered__________
1933
1st lnt reduced to 4s____ 1933 J
73
____ 87*4 73 Jan '20 . . . . 73
Leh A N Y lat guar g 4s___ 1945 M
Registered_______________1945 M
89*2
84U 8 8 I2 8 6 Feb '20 . . . . 8 6
Long Isld 1st cons gold 5 s..51931 Q
86
Aug’ 19
6 8 i2 ____
1st consol gold 4s_ - ___ 51931 Q
_
72
08 ____ 72 Jan '20 . . . . 72
General gold 4s__________ 1938 J
85
651* 92 Oct '19
Ferry gold 4 Hs-------------- 1922 M
____ 85
99*4 Oot '00
Gold 4s............................... 1932 J
737*
03*8 091* 6 8 Jan '20 __ . 6 8
Unified gold 4s_ _______ 1949 M
_
67
07 Jan '20 ___ 67
____ 08
Debenture gold 5s_______ 1934 J
68
60
651* 67 Jan '20 ___ 67
20-year p m deb 5s_______ 1937 M N
65
6512 41 65
6912
Guar refunding gold 4s— 1949 M S 64*2 69
95 Jan ' l l
Registered____________ 1949 M S
92 Aug’ 19
N Y B A M B 1st con g 58-1935 A C
N Y A R B 1st gold 5s------1927 M s
90*8 June'19
Nor Sh B 1st con g gu 5a.ol932 Q J ____ fc92
8112 Oot T9
Louisiana A Ark 1st g 5s------1927 M s 72l2 77
91*2 91*2
Louisville A Nashv gen 6s. .1930 J D
_
00
97
. . . 97*8 Feb '20 _ . 97
Gold 5s............................... 1937 M N
34 781? 84*2
2
81
Sale 791
Unified gold 4s................... 1940 J J 81
8 U2 8ept'19
Registered_ _________ 1940 J J
_
90*2 Feb '20
89*8 91
Collateral trust gold 5s— 1931 M N 89*4 91
90 Jan '20 . . . . 89
90
L Cln A Lex gold 4HS-..1931 M N ____ 99
____ 1 0 0
10 0 *4 Feb '20 __ - 100*4 103
N O A M 1st gold 6s.........1930 J J
___ 1 0 0 1 0 0
O
2d gold 6s.......................1930 J J 91*8 100 L O Feb '20
Paducah A Mem Dlv 4S..1946 F A 74 ____ 7 9 *2 Jan T9
99
Sale 98
97*8 100
8
St Louis Dlv 1st gold 6 s..1921 M 8 99
8
49*8 517
50
8
2d gold 3s....................... 1980 M S ------- 50*2 49*8
76
68
Feb "20 ------j 6 8
677 71
8
Atl Knox A Cln Dlv 4 s ...1955 M N
9 5 * 2 Nov’ 19
Atl Knox A Nor 1st g 68..1946 J D ____ 1 0 0
___
Hender Bdge 1st s f g 6 s ..1931 M S 1 0 0 * 8 1 0 1 * 8 IOU2 Jan '20 ___ I 1 0 1 * 2 1 0 H2
73
75
73 Feb '20
Kentucky Central gold 4s. 1987 J J ____ 77
l 83*4 8 6 78
83*4
83*4
Lex A East 1st 60-yr 6s gu 1965 A O 32*2 84
2
L A N A M A M ls tg 4 H s 1946 M S ____ 8 '2 l 2 8212 Jan "20 ____j 821 8212
6
65
63
65
8
L A N-South M Joint 4 s ..1952 J J 647 Salo 63
95 Feb '05
Registered.._________ 51952 Q J
____ 95
9 4 *2 Sept’ 19
N Fla A 3 1st gu g 5s------1937 F A
8
N A C Bdgegon gu g 4H8-1945 J J 77*8------ 977 May’ 16
98*4 Dec T9
Pensac A Atl 1st gu g 6a—1921 F A 97*4 100
93l2 93*2
8 A N Ala cons K g 5 s...1936 F A 90*8 96*4 931* Jan '20
U
1
81*4
81*4
8 H4 81U
Gen cons gu 60 year 68-1963 A O 81U 83
70 Oct '19
L A Jeff Bdge Co gu g 4 s . ..1945 M 8 ____ 64
Manila RR— Sou lines 4s— 1936 N N
1
77 Mar'10
Mex Internat 1st cons g 4 s ..1977 M S
75 Nov'10
Stampod guaranteed_____1977
85 Jan '20
85
85
Midland Term— 1st s f g 6s. 1925
*90 ____ 101 July'19
Minn St Louis 1st 7s_______ 1927
5 94
94
97*8 9 5 14
95ii
95*4
Pacific Ext 1st gold 6s------1921
_
____ 74
737 Jan '20 _ - 737 75
s
8
1st consol gold 5s________ 1934
36 3 47 43
43
43
Sale 37
s
1st A refunding gold 4s— 1949
17i 427 44
427g
44
*427 43
8
8
Ref A ext 50-yr 6s Ser A .. 1962
____ 447 45 Nov'19
8
Dos M A Ft D 1st gu 4 s ..1935
69
72
70*2 Jan '20 . . . I f 69
71
Iowa Central 1st gold 5 s ..1938
40 37*8 42
42
4 ll 2 Salo 3
Refunding gold 4s------- 1951
5 77
82*4
78
79*2 78*4
78*4
M S tF A S9M cong4sln tgu.l938
____ 93
9 3* 4 Dec T9
1st cons 6s_______________1938
88
Nov’ 19
1st Chic Term s f 4s______1941
80 L 89*4 8 8 *s Jan "20
8 8 * 2 90
M S S M A A 1st g 4s lnt gu.'26
95 Deo T 6
Mississippi Central 1st 6s— 1949
68
58
Sale 5512
58
55l2 60"8
Mo Kan A Tex— 1st gold 4a 1990
15 28*s 32
32
Sale 31*8
32
2d gold 4s.........................01990
28
30
29 Jan '20 . . . . 29
31
Trust Co certfs of deposit
22*8 Dec T9
1st ext gold 6s_________ 1944 M N ____ 32
10
37
37
Salo 37
30
397g
1st A refunding 4 s ---------2004 M
____ 37
25 Jan '20 . . . . 25
25
Trust Co certfs of dep
13 24
26
26
2 0 * 2 25
26
Gen sinking fund 4 H s .. 1938
24
26*2 25 Jan '20 ___
25
25
Trust Co cortfs of deposit
____ 23
27 July'19
St Louis Dlv 1st ref g 4 s..2001
____ 30
5% secured notes ''ext” '16
69l2 Apr '17
Dali A Waco 1st gu g 6 s .. 1940 M N
48 ____ 6212 Dec T9
Kan City A Pao 1st g 4 s ..1990 F A
36 Jan '20 . . . . 36
30
36
Mo K A E 1st gu g 6s----- 1942 A O 30
69 Oct T9
M K A Okla 1st guar 6 s..1942 IW N
____ 60
55*8 Aug'19
M K A T of T 1st gu g 5s 1942 M
18 ____
Sher Sh A So 1st gu g 5 s..1942
15
35
38*4 Deo T9
Texas A Okla 1st gu g 6 s.-1943
Missouri Paclflo (reorg Co)—
2
81*8 Sale 81*8
81*8
81
8312
1st A refunding 5s Ser A . . 1965
7 86
80
88
8 8*4 90
9H8
1st A refunding 5s Ser Ba 1923
5 8512 89*8
8512 87
8512
86
1st A refunding 6s Ser C..1926
56*4 Sale 54
57*8 206 52
59
8
General 4 s _____________ 1975
. 98
97U Dec T9
N
Missouri Pao 1st cons g 6s—1920
8
8 ____ 857 58 Oot T 8
40-ycar gold loan 4s_ ...1 9 4 6
_
3d 7s extended at 4 % ____ 1938 M N *60 ____ 82 Apr '17
Cent Br U P 1st g 4 s ------ 1948 J D ____ 84U 6 8 June’ 19
5 78*8 78is
78*s
A 77*4------ 78*8
Pac R of Mo 1st ext g 4 s ..1938
J 8512 87*4 89 May T9
2d extended gold 6s____ 1938
1
85*4 8 8 I2 85*4
85*4
85*4 94*8
O
St L Ir M A 9 gen con g 5s 1931
10 2
July’ 14
O
Gen con stamp gu g 6 s..1931
25 71
^ale 71
73
76
J 73
Unified A ref gold 4s ..1929
8078 Oct '17
J
Registered__________ 1929
18 6 6
CCI2
72
8
Rlv A G Dlv 1st g 4 s ...1933 M N 653 06*8 60
83
86
Verdi V 1 A W 1st g 5 s ...1926 M S
8
Mob A Ohio now gold 6s___ 1927 J D ____ 1 0 0 78 101*8 Jan '20 . . . . 10 Us 1027
1st ext gold 68______
51927 Q J 92*8 91*8 95*8 Jan '2C . . . . 95*8 95*8
___
s
59
50
General gold 4 s . .________ 1938 M S 6712 697 57*8 Jan '21
70*2 77
Montgomery Dlv 1st g 68.1947 F A ____ 701* 77 Fob ’2(
82
Apr’ 19
St Louis Dlv 6s................. 1927 J D ____ 82
69*s Fob "20
69*8 7412
J 69*4 71
8t L A Cairo guar g 4s------1931 J
Oly
94*4 96*2
Nashv Chatt A St L 1st 5 s..1928 A O 94*8 98*4 O Jan "21
J ____ 104*4 llOU Mar'17
Jasper Branch 1st g 6s_ 1923 J
_
s
171.1 1 0 17*4 2 2
Nat R ysofM ex pr Hen 4HS-1957 J J ____ 497 17*4
237 Jan '20 —
8
20
237
s
Guaranteed general 4s___ 1977 A o ____ 30
967 Feb T3
8
Nat of Mex prior Hen 4 H a.1926 J J
15 Jan '20 ___
15
15
1st consol 4s____________ 1951 A o ____ 30
2
611* 61*4
01*4
61*4 65
New Orleans Term 1st 4s— 1953 J J 61
95 Feb "2( ___ 95
90
N O Tex A Moxlco 1st 6s_ 1926 J D 941* 95
_
36 49
55
Sale 51
55
5512
o
Non-cum Incomo 6s A ___ 1936 A
New York Central RR—
921j 208 89*s 9 3 m
Conv deb 6s_________ ...1 9 3 5 M N 92*8 Salt 8912
22
6 8 lj
6 6 I2 72
Consol 4s Series A -----------1998 F A 67 ____ 6 OI2
9
7 7 > 2 Sale 75*4
77lj
75*4 79
Ref A Imp 4 Hs “ A " .........2013 A O
New York Cent A Hud Rlv—
68
69*s
647 70
8
Mortgage 3 H s----------------1997 J J 60U Sale 65
Registered____________ 1997 J J 61*8____ 631? Feb '2( ____ 63i2 63*2
62 73
75
Sale 73
751j
82l2
Debenture gold 4s-------—1934 M
* . . 88
79 NovTS
Registered____________ 1934 M
2
59
59
58
61
62
58
Lake Shore coll g 3 H s ..-.1998 F
*____ 60
60 Jan '2C ___ 60
60
Registered____________ 1998 F
59*
59
57*2 591 59*8
6 1 78
Mich Cent coll gold 3 H s .. 1998 F
75 Mar’ ll
Registered____________ 1998 F
49
49
491* 52"
49
49
Battle Cr A Stur 1st gu a s.1989 J
82*s 82l2
81*8____ 821? Jan '2C —
Beech Creek 1st gu g 4 s ..1936 J
9 5 *4 Nov’ U ___
R e g is te r e d ......______1936 J
80 ------ 104 May’ H
2d guar gold 6s________ 1936 J
Registered__________ 1936 J
Beech Cr Ext 1st g 3HS-51951 A
49 Nov'H
72*8 . . .
Cart A Ad 1st gu g 4s___ 1981 J
Gouv A Oswe 1st gu g 5 s.. 1942 J
75i? Jan '21 —
75lj 75*2
____ 70
Moh A Mai 1st gu g 4 s...1991 M
89i* Feb T<
*69*8 — N J June R guar 1st 4s_ 1986 F
_
80 M ay'l ___
50 . . .
N Y A Harlem g 3 H S ...2000 M
Duo Oct. » option sale.

__

LO
O
91
82
63 7
s
40
60

80
61*8 73

Price
Friday
Feb. 20

__

98
80
92

103 Jan '18
91 Feb '20
85 Jan '18
65 Nov'19
100*4 Doc '00
60 Juno’ 18
97 Deo '18
72
72 Nov'19
53
53
51
231* Jan '17
951* 95*4 Aug'19
68 Doc '19
108 Nov’ l l
95 Juno'12
76*i
76*4 Sale 76
92 Aug '10
56*8 Jan '20
50*s
80
76 Deo '19
9 17
8
94*i Halo 93*4
91*4 Jan "20
82
Sale 82
82
June'16
9;
83*8
83*s Halo 83*8
103 108 105*2 Jnn "20
118 Apr '17
88
88881l
1021* May TO
79*8 Feb '20
79*8
80 Sopt'19
77 Nov’ 19
80
78 Feb '20
78
*98
99 Aug'19
103
103*8 108 103
130*4 M ay'00
91 Jan '20
92
91
9l*a 98*4 98 Doc T9
551*
79*? 651j
55
8*8 87
8 7*
8
73 Oct T9
60
09
Sale 09
69
7 3 1 2 June’ 18
*70*4____ 7 3 1 2 Oot '18
76>4 Apr '19
*69*4 - - 82 Nov‘ 19
____ 78
N ov'19
81
83
Sept’ 17
Dec '19
Nov* 16
73*4 Nov'19
____ 73
93
85

677S

63
38

60

967
8
81
85ig
72l2

60

96*8
90*s
77 Feb '20
81*4
82
72>2 Jan '20
102*4 Apr '19

• No price Friday; latest bid and asked this week,




BONDS
N. Y . STOCK EXCHANGE
Week ending Feb. 20

Range
Since
Jan. 1.

Week'a
Range or
Latt Sale

Tries
Friday
Feb. 20

BONDS
If. Y. STOCK (EXCHANGE
Wwk ending Fob 2!)

751

R e c o rd — Continued— Page 2

80
83*8
6912 6912

10

78
547
8
67*4 75*4
68
70*8
75
81*8
82

b

86

Duo Feb.

g

753
BONDS
N . Y . STOCK EXCHANGE
Week ending Fob. 20.

New York Bond Record—Continued—Page 3
Price
Friday
Feb. 20.

Week's
Range or
Last Sale

Range
Since
Jan. 1.

BONDS
N. Y . STOCK EXCHANGE
Week ending Fob. 20.

High
N Y Cent A H R RR (Co»)—
Bid
Ask Low
Low II tgh
92% Jan ’20
If Y A Northern 1st g 5a. 1923 A O
93%
925a 92r
N Y A Pu 1st cons gu g 48.1993 » O 7 0% ------ 78U Apr *19
Pine Creek reg guar 6a___ 1932 J D 103%----- . 113 May’ 16
99ia July* 19
R W A O con 1st ext 5a..*1922 A O 94% 99
77 Oct '19
Rutland 1st con g 4 Ms__ 1941 J
60 Aug *19
------ 78
Og A L Cham 1st gu 4a g. 194.8 J
53
60
53 Feb ’ 20
53
53
But-Canada 1st gug 4s. 1919 J
76i4 82 101 Nov’ 16
St Lawr A Adlr 1st a 5 a ...1996
103 N ov’ 16
____ 84
2d gold 6a. ..................... 1996 A
91i2 - - Utica A Blk Rlv gu g 4a„_1922 J
93*8 Jan ’20
93*a 93ia
68
68% 69*4 68
68
70
Lake Shore gold 3 Ms.........1997 \
69 Jan ’20
____ 6912
69
69
Registered............... ....1 9 9 7 J
83
83 * 8 U2
<
83*4
Debenture gold 4s_____1928 M
8 U2 87i2
81%
25-year gold 4a............... 1931 M N 8Ha Sale 79*2
79
84*2
84% NOV‘ 19
R egistered ....______1931. H N ____ 87
*
Ka A A G R 1st gu o 6a_ 1938 J J
_
J
Mahon C’l RR lat 6a___ 1931 J J 103%------- 10-4*2 Deo ’ 15
103 M ay’ 17
Pitts A L Erie 2d g 5 s-..al928 A
102*8____ 13018 Jan '09
Pitta McK A Y 1st gu 69..1932 J
101
123*4 Mar’ 12
2d guaranteed 6s_ ___ 1934 J
_
Michigan Central 6a____ 1931 M
89'4 . . . . 99*2 Aug ’ 17
92*4____ 98*2 N ov’ IS
R egistered ....________ 1931 Q
82 Nov* 19
____ 75
4 a .._ .............................. 1940 J
74i2 77
87 Feb *14
Registered.................. 1940 J
J L A S 1st gold 3Ms_ 1951 M S 66 ‘» ______ 90 June’08
_
*
691a 65*8
65ia
1st gold 3 M s .................1952 A N 66
65ta 68
73
20-year debenture 4 s ..1929 A O 771.4 78 I 78
78
81
75'a 7812 76'a Feb ’20
N Y Chi A St L lat g 4s ..1937 A
76ia 813.i
85 Nov*l7
Registered. . . . ________ 1937 A
67
67
Sale 66
66
75
Debenture 4s_________ 1931 M
71
n
70*2
71*a
West Shore lat 4a gu a r...2361 J
7012 74*a
------ 70
70'a Jan ’20
Registered.......................2361 J
70
717
a
99i2 Feb ’ 19
97i8 . . .
If Y O Lines eq tr 5 s ..1919-22 M
93 % 98*4 91*3 Jan ’20
Equip trust 4M a..1910-1925 J
94*2
78
78
75% 78
N Y Connect 1st gu 4 Ms A- .1953 F
77
N Y N H A Hartford—
50 Nov* 19
47
53
Non-conv dtben 4a______1947 M
49 N ov’ 19
Non-conv deben 3Ms____1947 M
A
Non-conv deben 3 Ms___ 1954 A O --------- 44*2 44*a
41*2
44% 45
44%
44i2
J
Non-conv deben 4a_____ 1955 J
J 45% 50
44% 47*2
46
46
48
Non-conv deben 4 s . . . ...1 95 6 *4 N 45
W
46% 46
447
8
45
4478 4478
J
Conv debenture 3 Ms........ 1956 J J --------- 45
Conv debenture 6 a ______1948 J
J 72% Sale 68
J
66% 72%
72*2
60 Oot ’ 1
Cons Ry non-conv 4s___ 1930 F
497 91*a Jan ’ 12
8
Non-conv deben 4a____1954 J
60 July’ 18
Non-conv deben 4a____1955 J
Non-conv deben 4a____1955 A
49 Oct ’ 19
Non-conv deben 4s____1956 i
I
Harlora R-Pt Cbea lat 4a. 1954 V N 6H8 ____ «8 N ov’ 19
79ia Dec *17
B A N Y Air Line lat 4 s .. 1955 F A 65
53 Jan ’20
Cont New Eng lat gu 4 s..1961 J J ____ 57-1.1
58
53
Hartford St R y l8t 4s___ 1930 \1 S
I06i2 May’ 15
Housatonlo R conH g 5s-.1937 M N
87 July’ 14
Naugatuck RR lat 4s____1954 V N
I
83 A u g ’ 13
N Y Prov A Boston 4s_ 1942
_
O 8012 —
42
J 41% Sale 37
N Y W ’cheaAB lat ser I 4Ms’46
_
Boston Terminal 1st 4s_ 1939
o
New England cons 6a___ 1946
J
70 Sept’ 17
Consol 4s____________ 1946
J
34% Jan ’20
Providence Secur deb 4a__1957
N 29*8 32
34% 34"g
Prov A Springfield 1st 58-1922
J 75 ____ 99% Deo ’ 13
8
_
67*8------ 8 8 % Fob ’ 14
Providence Term lat 4s_ 1956
74*i Dec *19
W A Con East 1st 4 Ms_ 1943
_
J
61
N Y O A W ref lat g 4a___ <71992 M S 61
Sale 60%
S
59U 61
92% June’ 12
8
Registered 15,000 only. . o 1992
66
60% N ov’ 19
D 60
General 4 a ______________1955
Norfolk Sou 1st A ref A 58..1961
A 5 1 1 4 54
50%
50*2
49
55
Norf A Sou lat gold 5s______1941
81 Nov* 19
N 77*8 84
104
Norf A West gen gold 6s___ 1931
A 101 109% 101
101 101
122 Nov ifi
Improvement A ext g 6 s..1934
A ____ 10)
103
New River 1st gold 6a___ 1932
7 103 103
|
O 10212 103 103
O 75% Sale 73%
N A W Ry lat cons g 4a..1996
75%
73% 80
o
Registered..................... 1996
79 Oct ’ 19
Dlv'l 1st lien A gen g 4a. 1944
J 747a 76*2 76 Feb ’20
75% 78*2
10-25-year conv 4a_____1932
2
D 741 ____ 7 7 * 2 Jan ’20
77% 77%
r
»
X0-20-year conv 4s____ 1932
117% May’ 19
s ____ 97
10-25-year conv 4Ms_ 1938
_
96 34 Dec ’ 19
101
Sale 997
a 101
10-year conv 6s............. 1929
99 10434
77
78
77
77
Pooah C A C Joint 4a...1941
77
.S
O
O C A T 1st guar gold 69.1922
94% Jan ’20
97% ___
98*2 98*2
71 's 75
7 5 * 4 Feb ’20
Solo V A N E lat gu g 4«. . 1989
75% 77
Northern Pacific prior lien rail
75% 164 72% 80*a
way A land grant g 4a___ 1997
75*2 Sale 72%
76% N ov’ lw
Registered______ ______ 1997
55% 114 50*a 66*4
General lien gold 3a____ u2047 Q F 557 Sale 50%
s
55 N ov’ 19
Registered..............___a2047
J
Ref A Imp 4 Ms ser A.........2047 J
J --------- 78 Feb ’20
78
78
81%
St Paul-Duluth Dlv g 4 9.. 1996 J D
D 70% 75 76 May’ 19
St P A N P gen gold 6a__ 1923 F A 99% 101% 1007a Jan '20
A
1007a 100%
A A 93% _ 100'a Jan "20
Registered certificates.. 1923 Q
100% 100%
St Paul A Duluth lat 5 s .. 1931 “ F
“
VI Peb '19
D 68
1st consol gold 4s______1968
78'a Oot '19
Wash Cent lat gold 4s____1948
M 60
66
37*2 Deo '16
Nor Pao Term Co 1st g 6a..1933
2 10634 107%
J 10634 ____ 106% 1 0 6 31
Sale 65
68
Oregon-Waah lat A ref 4S...1961
J 63
38 65
72*2
D ------ 797 8 4 *2 8ept’ 19
a
Pacific Coast Co 1st g 5 s . . . 1946
J ____ 92i2 100% Feb ’ 17
Paducah A Ills 1st s f 4M8..1955
95% Apr ’ 19
Pennsylvania RR lat g 4 s ..1923 M N ____ 94%
Consol gold 4s__________ 1943 m n
81 % 83
83% Jan ’ 20
83% 83%
81
Consol gold 4 a . .._______ 1948 M N 81
82*2 81
81
86*2
Consol 4 Ms.......................I960 F A 89% 01% 90*4
90*2
897S 92%
D 80*4 Sale 79
80%
General 4 Ms— —.............. 1965
79
84%
Genera! 5s........................... 1 9 6 8
r
89% Sale 8 8 %
89*2
8 8 % 93*2
Alleg Val gen guar g 4 a ...1942
s
8 2 * 2 Dec ’ 10
D R R R A B’ge 1st gu 4s g 1936
A 8 3 % ____ 89*2 Sept’ 16
Phlla Balt A W lat g 4s__1943 M N 80 * 4 ____ 82*8 Jnn '20
82% 82%
flodus Bay A Sou 1st g 50.1924 J J
102 Jan ’93
Bunbury A Lewis 1st g 48.1936 J J
U N J RR A Can gen 4 s ..1944 M 8 81% ____ 92 Deo ’ 17
Pennsylvania Co—
Guar 1st gold 4Ms...........1921 J J
97
Sale 97
97
97
97%
Registered....................... 1921 J J 9 6% ____ 95% Oct *19
Guar 3 Ms coll truat reg A .1937 M S 6 9% ____ 87 Feb *17
Guar 3 Ms coll trust ser B.1941 F A 70 ____ 69*4
69*4
69% 71%
Quar 3Ms trust otfs C ...1 9 4 2 J D 6 9% ____ 73% Jan '20
73% 73%
Guar 3Ms trust ctfs D ...1 9 4 4 J D
77 N ov’ 19
Guar 15-25-year gold 4 s .. 1931 A O ____ 80
80
80
80
83*4
40-year guar 4s ctfs Ser E . 1952 M N 77% 801*' 80*8 Jan ’20
80% 81
Oln Leb A Nor gu 4s g.._1942 M N
80 Fob ’ 20
80
80
Cl A Mar lstgu g4M 8-.-1936 M N 77
87
85 Dec ’ 19
Cl A P gen gu 4Ms ser A .1942 J J 855a___
93*4 May’ 18
Berlea B........................... 1 9 4 2 A O 855a ____ 101 Deo '15
Int reduced to 3M8..1942 A O
96% Feb *12
Series C 3 Ms.................. 1948 M N
90*a Oct ’ 12
Series D 3 Ms................. 1950 F A
88% Feb *17
Erse A Pitta gu g 3Ms B ..1940 J J 68
79% Oot *19
Series C ...........................1940 J J 68
79% May* 19
Or R A l e x 1st gug 4 M s.1941 J J 8 0 % ____ 87 June’ 19
Ohio Connect 1st gu 4 s . . . 1943 M 5 85% ____ 85% N ov’ 19
Pitts Y A Ash 1st cons 5s. 1927 M N 97% ____ 93 May‘ 10
Tol W V A O K 4MS A..1931 J J 80
U
92
93% Apr *17
Herles B 4 Ms................. 1933 J J 80
91% 87% N ov’ 19
Series C 4s...................... 1942 M S
88*8 8opt*l7
P O O A St L gu 4MS A ..1940 A O
88
90 Feb ’20
90
Series B guar................. 1942 A O . . . . 01l3 90 Feb ’20
90
tfcrlea O guar.................. 1942 M N
______
99 June’ 17
Scries D 4s guar.............. 1945 M N
__89
90% Oct *19
Series E 3 Ms guar gold. 1949 F A 82
83% 84 Fob '20
84
84

__

__
__

* N o price Friday; latest bid and asked,




a Due Jan.

b

Due Feb.

0 Due June,

h

Price
Friday
Feb. 20.

[Vol. n o .
Week’s
Range or
Last Sale

Range
Since
Jan. 1

P. C. C. A St. L (Con.)—
As* Low
High No.' Low High
Series F guar 4s gold ...1953 J D
84%' 91 Bept’ 18
Series G 4a guar_______ 1967 M N
90i 1 1 90% A u g ’ 19
F A
Series I cons gu 4 MB- — 1963
88% 88% Jau *20
88% 88%
C St L A P 1st cons g 5 s..1932 A O 97% 99 101 Juno'19
Peoria A Pekin Un 1st 6a g_.1921 Q F
100 June* 17
M N
2d gold 4Ms..................... 61921
87 Mar’ 16
Pere Marquette 1st Ser A 58.1956
86
80
Sale 82%
82% 87*2
1st Series B 4s................... 1956
67% Salo 60
07%
71%
66
Philippine Ry 1st 30-yr s f 4s 1937
40
43% 45 N ov’ l!)
Pitts Sh A L E 1st g 5s.........1940
93% ____ 99 Jau ’ 18
9 3% ------ 97*4 Dec ’ 17
1st consol gold 5s________1943
Reading Co gen gold 4s........ 1997
79%
79% Sale 78%
77% 81%
Registered.......................1997
____ 80
78% Jan ’20
78% 78%
Jersey Central coll g 4a...1951
80
Salo 80
80
70% 80%
Atlantic City guar 4s g __ 1951
St Jos A Grand Isl 1st g 4s ..1947
____ 67
61 Dec ’ 19
I
St Louis A San Fran (reorg C o)—
Prior lien Ser A 4s___ ...1 9 5 0
58% Sale 65
58% 277 6312 59*2
Prior M Ser B 5 a_______ I960
en
168 65% 71%
69
Sale 66 %
69
11 82*2 86
Prior lion Sor C 6s...........1928
86
Hale 82%
86
Sale 67
62 7 399 66% 62%
8
Cum adjust Ser A 6s___ *1965 A O 62
47% Sale 40%
Income Series A 6s...........A1960 Oot
48*4 028 3978 48%
St Louis A San Frau gen 6a. 1931 J J
101% Jan 20
10178 102
General gold 5s............... 1931
92% Feb ’20
91
92%
St L A S F RR cons g 4 s ..1996
78 May’ 10
Southw Dlv 1st g 5a___ 1947
90 May* 17
93% 103% 98
K C Ft S A M cons g 68.1928
98
100
05% 68
K C Ft S A M Ry ref g 48.1936
63%
66
70
K C A M R A B lat gu 60.1929
86 Jan ’20
87%
N 03
Sale 60
St L S W 1st g 4s bond ctfs..1989
63
04%
J 34
60
2d g 4s Income bond otfa.j>19H9
63 Sept’ 19
D
52
Sale 48%
Consol gold 4 a .............. .1932
52
48%
J 57% Salo 53
1st terminal A unifying 58.1952
57%
60
D
Gray’s Pt Ter 1st gu g 6s_1947
98*2 Jan ’ 14
56
____ 50
S A A A Pass 1st gu g 4s___ 1943
66
56
60%
Seaboard Air Line g 4s.........1950
50
61*2 55
55
55
00*2
59% Salo 54%
Gold 4s stamped________ 1950
59%
51% 61
39
Sale 30
Adjustment 6s_________ 01949
39%
30
39*2
Refunding 4s.................... 1959
40% Salo 43
47%
38
49
____
02 % 017s Jan ’20
Atl Birm 30-yr 1st g 4s..«1933
61% 03%
60
82
Caro Cent 1st con g 4 s ... 1940
76 Apr *10
____ 101
Fla Cent A Pen 1st ext 6s. 1923
9973 NOV’ 19
------ 104
101 Dec ’ 16
1st land grant ext g 5a. .1930
------ 89% 80 Feb ’20
Consol gold 6s.............. 1043
____ 90
Oa A Ala lly 1st con 58..01945
93 July* 19
80% 897* 88% Jan ’20
Ga Car A No 1st gu g 5 s..1929
88% 88%
Seaboard A Roan 1st 6a..1926
95*4 May’ 10
Southern Paclflo C o G8% Sale 6 6 * 2
Gold 4s (Cent Pao co ll)..*1949
08%
60% 73
Registered___________ *1949
00 F e b ’ 14
78% Salo 77*4
20-year conv 4s.......... ..... 0 1929
79
76% 81%
101% Sale 98
20-year conv 6a........ ......... 1934
10 2
97 106
72
Sale 69%
Cent Pao 1st ref gu g 4 s..1949
72l.t
69*2 78
Registered...................... 1049
87*2 Sept’ 16
80 81
Mort guar gold 3MB—*1029
80 Feb ’20
80
82%
____ 69% 097g Fob ’20
Through St L 1st gu 49.1964
09% 70
____ 101
G H A S A M A P l s t 5sl931
100 Oct *18
____ 99
2d exten 6s g u a r ........... 1931
96% Jan ’ IS
92% 102
Gila V G A N 1st gu g 5S..1924
95 N o v ’ is
____ 81% 85*4 Jan '20
H 0 1 I8 E A W T 1st g 6 s . ..1933
85% 85*4
8 1% ____ 100 Oct, *in
1st guar 6s red _______ 1933
J
89% 93% 92 Fel» ’20
H A T C 1st g 5a Int gu.._1937
91% 03%
------ 93
Gen gold 4s Int guar___ 1921 A
03 Jan '20
93
03
V
00 ____ 91 Mar’ 19
Waco A N W dlv 1st g 6s ’30 I I
A A N W 1st gu g 50........... 1941 J
87% Deo *19
Louisiana West 1st 6 s . . . .1021 J
99*2 100% Oct ’ 17
93% 9 9 *2 98% Jan ’ 20
Morgan’s La A T 1st 6 s ..1920 J
98% 93%
92% 9 4% 92% Fob *20
No of Cal guar g 6s______1938 A
92% 92%
Sale 92
92
Ore A Cal 1st guar g 5 s...1927 J
92
92
93?8
M
95 . . .
8 0 Pac of Cal—Gu g 6 s...1937
97% July. 19
____ 90
So Pac Coast 1st gu 4s g. . 1937 J
92% June’ 19
71
73% 71%
Han Fran Terml 1st 4 s...1950 A
73
71% 73*2
83 ____ 85 July’ 19
Tex A N O con gold 6S...1943 J
75*2 Sale 71%
So Pac RR 1st ref 4s......... 1956 J
75%
74% 79%
82% Sale 81%
Southern— 1st cons g 6s___ 1994 J
83%
81% 87*2
Registered____________ 1094 J
85*4 Sept’ ll)
Develop A gen 4s Ser A . . . 1956 A
58% Hale 50
53%
65
61%
56
Mob A Ohio coll tr g 4s_ 1038 M
_
59*2 5:5%
56%
66
58
82% Sale 82%
Mem Dlv 1st g 4M*-5»._.199B J
827g
827„ 827g
63% 007g 607g
St Louis dlv lat g 4s.........1961 J
607
g
00% 67%
J
80
87
Ala Ot Sou 1st cons A 5 s..1943
927g July’ 19
76% 80% 80 Jan ’ 20
Atl A Chari A L lat A 4 Mb 1944 J
80%
lat 30-year 5s Ser B ____ 1944 J
88
Sale 88
88
88%
Atl A Danv 1st g 4s...........1948 J
05
70 Oct ’ 19
2d 4s.............................. 1948 J
81% Mar’ 10
Atl A Yad 1st g guar 4 s ..1949 A
08 Oct *19
89%
E T Va A Oa Dlv g 6a.-.1930 J
92% Dec ’ 19
Cons 1st gold 5s_______1956 M M 84%
897g Jan '20
89% 00%
I
E Tenn reorg lien g 5s___ 1938 IV H 80%
92 July’ 19
Ga Midland 1st 3s_______ 1946 A O 44%
52 Jan ’ 19
Ga Pac Ry 1st g 0s.......... 1922 J J 95%
99% Jan ’20
99% 100
Knoxv A Ohio 1st g 6 s . . . 1925 J J 96 ____ 96
06
00
06
Mob A BIr prior lien g 5s. 1945 J J ------ 97
91% Oct ’ IS
Mortgage gold 4s.......... 1945 J J ____ 00
65 Aug ’ 19
Rich A Dan deb 5s stmpd. 1927 A o
92*2____ 92% Nov’ 19
Rich A Meek 1st g 6s___ 1948 M N ____ 60
00
00
60
00
V
Virginia Mid Ser D 4-58..1921 I I 8 95% ____ 102*2 Juno 1
I
Series E 5 s ..__________ 1920 IV S 91% 100
95 Jau '20
Berlea F 6s_____________ 1 9 2 6 M S 90% . . . 101*2 Deo ’ 10
General 5s....................... 1936 M N 91% 93
03 July’ 19
Va A So’w’n 1st gu 5 s ..2003 J J 81% 80
81% Sept’ 1 8
64
60
1st cons 50-year 5 s..1958 A
60 Jun ’20
06
W O A W 1st oy gu 4a___ 1924 F
937g Mar’ 17
75
Spokane Internat lat g 6 s .. 1955 J
75% Apr *19
7 9 % ____ 82 Jan ’ 20
Term Assn of St L 1st g 4 Mb.1939 A
81*2 82
83% 84
1st cons gold 5s.........1804-1944 F
93 Oot ’ ll)
68% 69
Gen refund s f g 4a............. 1953 J
70*2 Fob ’20
68% 73%
84% 01
A
St L M Bridge Ter gu g 5s. 1930
92 June’ 19
82*2 83% 83%
Texas A Pao 1st gold 5s___ 2000 J
83%
83i,i 85
53
55
2nd gold Income 5s______(2000 Mar
52% Fob 20
52*2 62%
La Dlv B L 1st g 6s.......... 1931 J J
86
May’ 18
W Min W A N W 1st gu 5sl030
106*2 Nov'04
____ 04%
Tol A Ohio Cent 1st gu 6 s .. 1936
83% Jan ’20
83*2 84%
77% 90
Western Dlv 1st g 5s____ 1936
80*2 Fob ’ 20
80*2 80%
-------SO
General gold 6s__________ 1935
82 Fob ’20
70
82
68
70
Kan A M 1st gu g 4s____ 1990
73 Oct ’ 19
2d 20-year 5s................. 1 9 2 7
87
06% 87% Deo ’ 19
25 ____ 36 Fob ’ 19
Tol P A W 1st gold 4s.......... 1917
7 0% ____ 74% Doo ’ 19
Tol St L A W pr Hen g 3 Mb. 1025
50-year gold 4s................... i960
43% 44*2 43
43
42% 46%
Coll trust 4s g Ser A .........1017
------- 34%
18% Mar’ 10
Trust co ctfs of deposit.........
19
18 Aug *18
Tor Ham A Buff 1st g 4S—M940
63*2 71*. 06 Jan '20
06
66
77% 85% 80% Nov' 19
Ulster A Del lat cons g 5 a ..1928
1st refunding g 4s________ 1052
85
58 Sept* 17
Union Paclflo 1st g 4s...........1047
82
Hale 80
82%
65 79% 86%
Registered...........................1947
81
85% Oot ’ 18
20-year conv 4 s . ._______ 1927
85% Sale 83%
85%'
83% 8878
1st A refunding 4s.......... 02008 M 8 74
74
Sale 72
72
81
10-year perm secured 0 s . 1928 J J 101% Halo 100%
101%
100 103
D 75% Salo 75*4
Ore RR A Nav con g 4S..1946
75%
75% 81
Ore Short Line 1st g O s ... 1 0 2 2
A 09% Salo 99%
99%
09% 101
lat consol g 5s_________ 1046
J 017* Sale 01%
91%
01% 03
D 81% Sale 80
Guar refund 4s________ 1929
82
80
85
Utah A Nor gold Cs___ 1926
J 90% 02
00%
90%
00*g 02%
lat extended 4s____ 1933
J 79*4 81
89 Feb Is
Vandalla cons g 4s 8er A ___ 1955
A
80% Deo ’ 10
Consols 4s Series B .......... 1957
81% 8 0 * June’ 18
8
Vem Crus A v 1st gu 4K* 1934
J ~ ~
35 May’ 19
Duo July. * Duo Aug. a Due Oct. v Duo N ov. tf.Duo Deo. s Option salo.

Feb. 21 1920.]
BONDS

N Y STOCK EXCHANGE
Week ending Feb. 20

Price

W eek's
Range or
Last Sate

Friday
F eb. 20

Va Ry A Pow lat A ref 5 a ... 1934 J
Qat and Electric Light
Atlanta Q L Co lat g 5s___ 1947 J
Clncln Qaa A Eleo latArof 5a I960 A
Columbia Q A E lat 5a........ 1927 J
Columbus Qaa lat gold 5 a ..1932 J
Consol Qas 5-yr couv 7s__ 1925 Q
Cona Qaa KLAP of Balt 5-yr 5s’21 ~
Detroit City Qaa gold 5a___ 1923
Detroit Edison lat coll tr 5a. 1933
1st A rof 5s aor A .............51940
Eq Q L N Y lat cona g 5a_ 1932
_
Qaa A Eleo Berg Co o g 5 s . .1949
Eavana Eleo consol g 6s___ 1952
Hudson Co Qaa 1st g 5s___ 1949
Kan City (Mo Qas 1 st g 6a. 1922
Kings Co El L A P g 5a.........1937
Purchase money 6a______ 1997
Convertible deb fla............. 1925
Ed El III Bkn 1st con g 4a. 1939
Lao Qas L of St L Ref A ext 6a *34
Milwaukee Qas L lat 4 a . ... 1927
Newark Con Qas g 5s........... 1948
N Y Q E L H A P g 5s..........1948
Purchase money g 4a_____ 1949
Ed Eleo III lat co n s t 5 s .. 1995
NYAQ El LAP l i t con g 5a. 1930
Pacific Q A E 'Co— Cal Q A E—
Corp unifying A ref 5 a ... 1937
Paolflo G A E gon A ref 5 s .. 1942
Pao Pow A Lt 1st A ref 20-yr
5a International Series___1930
Pat A Passaic Q A El 5a____ 1949
Peop Qaa A C lat cons B 68.1943
Refunding gold 5a............. 1947
Ch G-L A Coke lat gu g 6a 1937
Con Q Co of Ch 1st gu g 5a 1936
Ind Nat Qaa A OH 30-yr 5al936
Mu Fuol Qaa 1st gu g 5S..1947
Philadelphia Co conv g 5 a ..l9 2 2
Stand Oas A El conv a f 6 s .. 1926
Syracuse Lighting 1st g 58..1951
Syracuse Light A Power 5S..1954
Trenton Q A El 1st g 5 a . . - - 1949
Union Eleo Lt A P lat g 5 s . .1932
Refunding A extension 5 s . 1933
United Fuol Qas lat a f 6 a .. 1936

25
44
44%
40
O
il
—
04
57
50%
50
25
67*4

AUg’ 18

July’ 19

70*4 Nov'19

Jan '20
Aug* 12
Feb'19
7412 Oct'19
70 Jan ‘20 ------1
82 Aug* 18
“ 162
49
92 Jan '20
63 Jan ’20 —
Oct* 17
36
36
8U.
80
9U2 Jan ’20 — .]
Feb’ 17
100
1
90*8 Mar* 17
3
50
50
53 Feb '20 - - -j
67% Nov’ 19
9
68
67
2
68
68

30%
28
45%
49%
41%
77
70
Sale
G l%

40% 50
40
44%
—
■15%
....
91%
70% Hl'a
70
75
68
60
28% 3C%
27
Sale
6
5% 7',
48
72%
05%
94
78
82
Sale
47
28% Salo
84
88%
90
90%
60
96%
62
08% 70
____ 50
. . . . 55
28% 33
23% 25
Sale
24
—
717
a

77

9
Gl'%
64
62 Jan '20 . . . _!
50
501
1 12
62 Jan T9
28 Jan "20 -.--1
7
65>4
67-14
G Feb '20 —
O
77 July'19
1
65
65
63 Jan ’20
54
55i2 108
1312
14'a 1 44
90 May' 19
18l2• 229
16»a
42
18
17i2
53*t 782
5012
3
56ll
56%
0
56
53
75
Oct’ 19

.

72

■9
1
92
63

*52 ‘
92
63

81
88
91% 92%
50
53

51
54%

07
68

71
70

33%
28
50
47
45

61*8 64
62
03
50
55
26
28
65% 70
60
60
05
68
54
13

69
68
60
16%

14%
15
48
56%
56

19%
19
57
60
60%
50

- .--I 77
------1 70
l

28
28*4

3
—
...

6

____
---1
113
—

46'a
27

1

90%

2312
24

103 6
77
93 J
82
87 J
99l2
98% £
90% 1
95 J

25
24

82
100
97
64%
80
100
89
75
87

) -----) ____
r ____
> ~ -r.
___

i
___
6

82

411

77
70

27%
28
5%
6
50
64%

32
31
7%
7%
52%
64%

80
45
27
83
90

80
51%
30
84
92

70

75%

29% 29%
23% 29
24
28%

70

77

82

85

99% 100%

. . . . 94% 95
1 87*4 90

88

____
!
18

100

85% Salo 83
78% Sale 78

...........
3 ________
S 72% 87
r
____ 97
. . . . 97

70

46

....

85
91 £
90% 92l2 1
841 I
2
97 '< 991 :
2
99% 98
77
80
82 1
82
87% 87 1
80 104% 7
Sale 81*4
61
68
9212 :
9612
81

____ 86
____
____ 88%
» 64% 05
71% 85
__
.................
____
87it Sale
80
90

8S% 88%

30%
25
39
40
31%

Jan ’20 ..--I
10
43
44i2 24
1
40
Oct’ 19
May* 18

90
Sale
85
Sale
97
90%
93%
89% 88
94
94

85% 89
88
80
____
—
—
80
—
i ____
81%
63
90
SO

Low H igh
22 82
85%
1C 87
91
4 80
83

N o.

831
8
87%
80

Sale
56%
28
Sale
69%
65
00
01
08
15% Sale
14% Sale
70
90
IS
Salo
15
18%
53% Sale
55
50%
55
50%

93%
74
—
82
—
100%
—
—
93%
85%
—

Ra i g t
SI ice
J a i . 1.

i i

High

Ask L

Bid

Salo
83
•Irglnlan let 5e aeries A____1902 M N
87% Sale
Wabaah let gold 5a________1939 IW N
84
2d gold 5a...........................1939 F A 80
Debenture aerlea II...........1939 J
J
lat lion equip a (d g 5a___ 1921 M 8 «9 130%
70%
J
lat Hon 50-yr g term 4s__ 1954
J 88% ___
Det A Ch Ext lat g 5a___ 1941
71
Dea Moines Dlv lat g 4a. .1939
J
61
O —
Om Dlv lat g.3Hs_______1941
Tol A Cb Dlv g 4a............ 1941 M S
07% 75
Wash Ter ml lat «u 3 Ha___ 1945
75%
lat 40-yr gutir 4a________1945
52
Sale
v eat Maryland lat g 4a___ 1952
A
88% 93
West N Y A Pa lat g 5a___ 1937
62% 05%
Qen gold 4a_____________ *1943
25
...
Income 5a.........................pl943 N o v
81% Sale
Western Pao lat aor A 5a ..1940 M S
92
90
Wheeling A L E lat g 5a___ 1920 A O
95
Wheel Dlv lat gold 5a___ 1928 J J 92
Exten A Impt gold 5a___ 1930 F A
50% 54
Refunding 4 Ha series A..1900 M S
53
51%
UR lat eonaol 4s________ 1949 M S
Winston-Salem S B lat 4a..1900 J J 06% 70%
69
Wla Cent 50-yr lat gen 4 a ... 1949 J J 08
70
Sup A Dul dlv A term lat 4s *36 fW N 08
Street Railway
Brooklyn Rapid Tran g 5a..1945
lat refund couv gold 4a. ..2002
3-yr 7% secured notes..51921
Certificates of dopoalt________
Certificates of deposit atmp'd
Uk City latcona5a..1910-1941
Bk Q Co A S con gu g 5a..1941
Bklyn Q Co A S lat 5a___ 1941
Bklyn Un El lat g 4 -5a...l950
Stamped guar 4-5a_____ 1950
Kings County E 1st g 4a..1949
Stamped guar 4a...........1949
Nassau Eleo guar gold 4a. 1951
Chicago Rya lat 5a............... 1927
Conn Ry A L lat A ref g 4 Ha 1951
Stamped guar 4Ha.......... 1951
Det United lat cons g 4 H a ..1932
Ft Smith Lt A Tr lat g 5 8 ... 1930
Hud A Manhat 5a aor A___ 1957
Adjuat Income 5a________ 1957
N Y A Jersey lat 5a______1932
Interboro-Metrop coll 4 Ha. 1950
Certificates of Deposit_______
Interboro Rap Tran lat 5a..1900
Manhat Ry (N Y cona g 4a. 1990
Stamped tax-exempt_____1990
Manila Eleo Ry A Lt a f 5a..l953
Metropolitan Street Ry—
Bway A 7th Av lat c g 59.1943
Col A 9th Av lat gu g 5a..1993
Lex A v A P F 1st gu g 5a.. 1993
Met W 8 El (Chlo lat g4a._ 1938
Mllw Elec Ry A Lt cona g 58 1920
Refunding A exten 4HH--1931
Montreal Tram lat A rof 5a. 1941
New Orl Ry A Lt gen 4H«--1936
N Y Munlolp Ry lata f 5a A . 1900
N Y Rya lat R E A rof 4 a ... 1942
Certificates of dopoalt________
30-year adj Inr, 5a............ a 1942
Certificates of dopoalt________
N Y State Rya lat cona 4 Hfl-1902
Portland Ry lat A rof 5a___ 1930
Portld Ry Lt A P lat ref 5a. 1942
Portland Qen Eleo lat 5a. 1935
St Jos Ry L II A P lat g 5a..1937
St Paul City Cab cona g 5a..1937
Third Ave lat ref 4a............... 1900
Ad] Income 6a__________ al900
Third Ave Ry lstg 5 a ______ 1937
Trl-Clty Ry A Lt lat a f 5a.. 1923
Undergr of London 4 Ha____ 1933
Income 0a........................... 1948
United Rya Inv 5a Pitts las.. 1920
United Rya St L lat g 48____ 1934
St Louis Transit gu 5a____ 1924
United RRs Han Fra f 4 a ... 1927
Union Tr (N Y etfa dep

753

New York Bond Record—Concluded— Page 4

84*

85%

-----9 ___ .................

9

77

2
9 .. -

75% 77
82
82%

,
8

81% 85%
01
04

7
2

1

8

!1
16

Apr*
July’
Aug’
Feb ’ 0
Jan ’ 0
Apr'
Mar'
May'
"H
8:
86
8< 4
5
97% May'
73 Deo ■
98% Oct'
88*4 Oct' 9 . . . .
82 July' 9 . . . .
9 ....

83
78

00%
83

64
80

04
80

87
80

89
01

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

W eek’ s
Ranoe or
Last Sale

P rice
Friday
Feb. 23

BONDS

N Y STOCK EXCHANGE
Week ending Feb. 20

Ask 5

Bid

G as & E le ctric L t — (Oj .w J.)
Utan Power A Li lat oa____1944 F
Jtica Eleo L A P lat g 6 a . . .1950 J
J u c a Gas A Elec ref 5a_____ 1957 J
Weatcheater Ltd gold 5a____ 1950 J

Manufacturing & Industrial
Am Agrlc Chem 1st o 5s___ 1928
Couv deben 5s__________ 1924
Ara Cot Oil debenture 5s_ 1931
_
Am 3m A R 1st 30-yr 6s aor A '47
Am Tobacco 40-year g 6 s . .. 1944
Gold 4s............................... 1951
Am Writ Paper a f 7-08____ 1939
Baldw Loco W or.s 1st 5 s..1940
Cent Foundry 1st s f 6s___ 1931
Cent Leather 20-year g 5 s..1925
Consol Tobacco g 4s_______1951
Corn Prod Refg s f g 5s___ 1931
1st 25-year a f 5s............. 1934
Distill Sec Cor conv 1st g 5a. 1927
E I du Pont Powder 4 H 8 ... 1936
General Baking lat 25-yr 6a. 1930
Qen Electric deb g 3 Ha___ 1942
Debenture 5s___________ 1952
Ingeraoll-Rand 1st 5a______1935
Int Agrlc Corp 1st 20-yr 5 s .. 1932
Int Paper conv a f g 5s____ 1935
1st A ref s f conv ser A __ 1947
Liggett A Myera Tobao 7a.. 1944
5a......................................... 1951
Lorlllard Co (P 7s............... 1944
5 s ......................................... 1951
Nat Enam A Stampg 1st 5s. 1929
Nat Starch 20-year dob 5s__1930
National Tube 1st 5s.......... 1942
N Y Air Bra.e lat conv 6a_1938
Plorce Oil 5-year conv 0 s .-f 1920
10-year conv deb 6s___ M924
Standard Milling 1st 5s___ 1930
The Texas Co conv deb 6 s..1931
Union Bag A Paper 1st 5S..1930
1930
Stamped . . . ___
Union Oil Co of Cal 1st 5a.. 1931
U 8 Realty A I conv deb g 5s 1924
_
U S Rubber 5-year sec 7s_ 1922
1st A ref 5s series A.........1947
U S Smelt Ref A M conv 6s. 1926
Va-Caro Chem 1st 15-yr 58.1923
Conv deb 6s___________ c l924
West Electric 1st 5s Dec___ 1922

.

__

55% 58%
15% 20
13
13
*82% *84%

78%
1

78% 83
99% 108*4
7G% 8 6
83
88
90
93
87% 95%
81% 85%
82
83%
62
67%
92% 93

62
Sale
92% 94
LO
O
89
85
81
83% 85
75
08

____

88 Jan '20
83
83
83%
84
72 Jan '20
55% May’ l
62
63
95%
96
90% July’ 19
95%
9~
90
9

____ ____

Salo
Sale
91%
96% Sale
91% Sale

62
90

____

’
»
'
'

l
i
I

_

78
100 %
81
» 108
i 89%
► 107
i 87%
)
96%
1 93%
4 90
4 ____
> ____
J 154%
4 ____
r ioo%
J 90
j ____
J 93%
i 75%
3 103
J 85%
V 100%
> 95
3 99
J 90

~88 " ~88 ~

82
85
82% 85
72
75
*58% * 6 6 "
94% 95
*95% 'l)S*%
90
96%
95
93

98% 99
97
94
89%
88
Sale
83
110 ____
74% 77%
81% 82
Sale
97
80
70
91% 95
75%
75
98 101
98 100%
81
80
94% 100
89
____ 09
87% 89

1

.j 119

87 Sept’ 19
82
83%
97
97
80% Jan 20
94%
95
7 3 % Deo’ 18

*8 l"%
97
80
94

79
....
85
110
90
110
Sale
____

....
Sale
97%

105
91%
Sale 1 0 0
90% 90

80% S3

)
»

82

93%
89%
84

92% 94*%
88
99%
80% 85%
82 " '82*
90
96
70
72
8 8 % 93
95
99*4
90
99%

J
J
N
N
N
J
8

___
78%
"8212

81%
97%

y "j
J
J
N
N
J

82
103%
90
105
95%
101
97*4

82% 84
90
93%

J
J

N
N

93%
99*4

I 104**4 1*04%
91% 93%
96 105%
90
90

1 0 0 '2

o

J
S

*83%
97
81%
97%

*91 * "9*1*
70% 70%
8 6 % 97

90 I
8 7 I2 D eo'18 .
Oct'lOl.
95% 9 5
74%
7
Sale 74?s
100%
10
Sale 1 0 0 1 2
81%
8ale 8212 8
1 100
101%
30, 93
Salo
5 99
99%
95
Sale

88

s

119

ioo'% fdo*%

92%

8

100
99*4

I 100% 100%

80%
80%
93% 8opt’ 19 _
91
Feb ’ 20 .
70% Jan ’20 .
86%
88
90
Nov'18 .
78
79
9 9 % Jan ”20 .
86
Feb '20 .
108
108
884)
8912
107% Feb '20 .
87
87lj
07i 2 Jan *20 .
04 Aun’ 18 .
90
90
9814 Feb '2 0 .
100>» Nov'19 .
inis, Jan "2 0
o il. Feb 20 .

J ____ 95
Sale
-J 84
J 83% Sale
D
S *92% .’ **.*
°
A
A
D
*>
O
N
O

85%

56%
Feb ’20 .
13 |

53
20
13

__________

'

H igh

82-% ’ **83%
90
Feb'lM .
91% Feb ’20 .
79% Jan ’20 74
75

57
56
11% 15%
12%
97% 102
83% Sale
99%
‘>1% 91
75% 77%
Sale
75
70% 78%
40% ____
77’% 73%
105
Sale
80% Sale
Sale
83
93
93
96
93
88% 93
88% Sale
83% Salo
____ 82

•
•

Telegraph & Telephone
Am Telep A Tel coll tr 4 s . .. 1929 J
Convertible 4s__________ 1930 M
20-yr convertible 4H*___ *933 M
30-yr temp eoll tr 5a_____ 1946 J
7-year convertible 0s_____ 1925 F
Cent Dlst Tel 1st 30-yr 6 s.. 1943 J
Commercial Cable 1st g 4 s ..2397 Q
Registered____ _________ 2397 Q
Cumb T A T 1st A gen 5s. ..1937 J
Keystone Telephone 1st 5a__1935 J
Mich State Teleph 1st 5a__ 1924 F
N Y A N J Telephone 5s g__1920 M
N Y Telep 1st A gen s f 4 H * -1939 M
30-yr deben s f 08_ Feb 1949
_
Paclflo Tel A Tel 1st 5s......... 1937
South Bell Tel A T 1st s f 58.1941 J
West Union coll tr cur 5 s . .. 1938 J
Fund A real est g 4H 8---1950 M
Mut Un Tel gu ext 5s___ 1941 M
Northwest Tel gu 4HB8--1934 J

Low

79%

____

,

Coal. Iron & Steel
Beth Steel 1st ext s f 5s___ 1926 J
1st A ref 5a guar A _____ 1942 M
20-yr p m A Imp s f 6 s ...1936 J
Buff A Susq Iron s f 6s___ 1932 ■
>
Debenture 5s.................. a 1920 M
Cahaba C M Co 1st gu 6 s..1922 J
Colo F A I Co gen s f 5s___ 1943 F
Col Indus lat A ooll 5s g u ..l9 3 4 F
Cons Coal of Md lstAref 58.1950 J
Elk norn Coal conv 6s........ 1925, J
Illinois Steel deb 4H s........ 1940 A
Indiana Steel 1st 6s_______ 1 9 5 2 , M
Jeff A Clear C A I 2d 5s___ 1926i J
Lackawanna Steel 1st g 5 s _ . 1 9 2 3 lA
1st cons 5s series A ______1950 M
Midvale Steel A O conv s f 5 a 1 9 3 6 M
Pleasant Val Coal 1st 8 f 58.1928 J
Pocab Con Collier 1st s f 58.1957
Repub I A S 10-30-yr 5a s f.1940
St L R o c. M t A P 5astmpd_1955
Tenn Coal I A RR gen 6 s..1951
U S Steel Corp— (coup__ dl903 M
s f 10-60-year Oalrcg____<11063 M
Utah Fuel 1st s f 6s________1931 M
Victor Fuel 1st s f 5s_______1953 J
Va Iron Coal A C o . e 1st g 5s 1949 M

No

Sale
81
95% ___ I
88%
90
65

A
J

M is ce lla n e o u s
Adam s Ex coll tr g 4s______ 1943 M
Alaska G old M deb 6s A ____ 1925 M
C on v deb 6s aeries B _____ 1926 M
Am SS or W Va 1st 5s............1920 M
Armour A C o 1st real eat 4 Ha '39 J
Booth Flaherlea deb s f 6a___1926 A
Braden C op M coll tr a f 6 a .. 1931 F
Buab Terminal 1st 4s______ 1952 A
Consol 5 s . . . ______________ 1955 J
Buildings 5a guar tax e x . . 1960 A
Chic C A Conn Rys a f 5 s . . . 1927 A
C hic Un Stat’ n 1st gu 4 Ha A 1963 J
Chile Copper 10-yr couv 7s. 1923 M
Coll tr A conv 6s ser A — 1932 A
C om pu ting-T ab-R cc s f 6a._194l J
Qrauby Cona M SA P con 6s A '28 M
S ta m p e d __________________ 1928 M
Qreat Falls Pow 1st a f 5a_ 1940 M
_
lilt Mercan M urin es f 6s___1941 A
M ontana Power 1st 5a A . ..1 9 4 3 J
M orris A C o lat s f 4 H *____ 1939 J
M tge Bonds (N Y 4a aer 2 . . 1966 A
10-20-year5aa e rle s 3 ______ 1932 J
N Y D o c . 60-yr 1st g 4a-.__.1951 F
Niagara Falls Power 1st 5 s'.. 1932 J
Rof A gen 6a......................al932 A
Nlag L o c . A O Pow 1st 5 s . . 1954 M
Nor States Power 25-yr 5s A 1941 A
Ontario Power N F lat 5a_.1943 F
Ontario Transmission 5s____1945 M
Pan-A m PetATr 1st conv GsT9-'27 J
Pub Serv C orp N J gen 5 s . . 1959 A
Tennessee C o p lat conv 6 s ..1925
Wash W ater Power 1st 5 s ..1939 J
Wilson A C o lat 25-yr s f Os. 1941 A
10-yr conv a f Os................ 1928 J

H igh

Ranoe
Since
J a n . 1.

77%
I

78%

81% 82%

113 77% 80%

M a y '19

,
84
I
81%
l
97%
l Feb ’2 0 ___
.J Nov’ 17
68 % Jan‘ 1 8 _________
85
85
2 84% 85%
98
Apr’ 10
86 Feb ’20
99% Jan ’20
78
79%
92%
94 I 60
85
85%
6
I 83% * 83% 10
I 86% Jan ’ 2 0 ,-----j, 79% Feb ’2 0 -----.101% 8ept’ 17|
.1 94 Nov'10

•No price Frlday;latcst bid and asked. . aDueJan. 5 Due April, tf Due May. pDueJune. ftDueJuly. *D uoA ug. oD u eO ct. p D u eN ov. < Due Dee. * Option aale.




754

BOSTON STOCK EXCHANGE— Stock Record
SHARE PRICES—NOT PER CENTUM PRICES.

Saturday
Feb. 14.
12 0

12 1

*6212
84
31
*41
*135

63
85
32
—
—

*6
*8

6%
10

130
85

♦64 ____
251* 2 5 3 4
*78
*15
*85
*42
*53

80
—
—
43
55

Monday
Feb. 16.

Tuesday
Feb. 17.

| Wednesday
\ Feb. 18.

119 1 2 0
12 1
62% 63
6134 62
62
___
84
85
80
31% 3D
30% 33'
33
*___
44
44 1 *40
135 135 *135
*135
12 0

12 0

_

*6
*8*4

6%
10

130 130
*------ 85

*6

0 *2

*834 1 0
* __
130
*_
_
85

65
65
*64
26% 26% 26% 28
*80
*80
*15
18’
16
*85
86
42% 42% 42
53% 53% *53

6*2

*S34

Thursday
Feb. 19.

124
63
82
34%
44
140

123 124
124 124
62% 63
63
64
*82
84
84
84
33% 361
343.1 36
Last Sale 40 Feb’20
140 140

6%

9
130
__ 85

*6

♦

9
9
10
10
130
Last Salt 85
Jan'20
Tno

65% 65% *65
2834 28
28

80
80
16% 16% 24
86
42
*43
....
53
53

Friday
Feb. 20.

79
227g
*86
42%
*53

3114!
79
25
90
44
55

30% 32%

23

25

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

Saletfor
the
Week.
Sharei

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1.

37% 38

*37

39

37

15% *15% 15% ♦15%
4434 45% 44
46
25
24
24
24
14 3 4
143g
14% 14%
41
*40
43
40
121
1197g 120% 119%
69
*65
68% *65
4434 45% 44%
45
25% 25% 25%' 26
13 3 4
}4%! 13% 14% 13%
17% 17>8 17
17%' 17
3912 40 1 39% 40 * 39
24% 24% 23% 24% 24%
___ ___ *
60 ,*— —
___ *60 ___
60
—
—
67% ' *___
*15%
45%
24
14%
40
120
68
44%
25%

*.99
69
*.40
34
11%
*6
*.25
360
19
*___
42%
*334
10
123g
*3
*4 34

2%
*.70
40
*80
30%
*334

*13.1
3%
*234
*2
*4%
*8%
*6*2
60
3
*19
5%
934
15%
*h
*1 %
31
45
*58
47
*14
*1%
*1
*.14
*4 34

5
*134
.85
*2 3
4
884

1?8
*2
1%
*18%
*»4

1
.95
69
69
.65 *.40
35
34
1134 11%
6*2 *6
.35 *.25
360 *360
20%
19
13
13
42% 42%
4
37g
10% 10%
123i
12%
3U
3%
*4 34
5
2%
2%
1
*.70
40
39%
S0% *80
31% 30%
*334
4l.i
134
2
3%
37g
3% *2-3i
2%
2%
5
4
8%
8
7
*6%
60
*61
3
*3
1934
20
6
5*2
23 *___
79% 79
97g
10
16*2 1534
*12
1
2
*1%
34
33%
47%
47%
62
*57
50
*47
15
14
13i
*1%
112 *1
.20 *.15
*4 34
5
5
5
2%
134
.85
.85
*234
3
8%
8%
2%
2%
23i
*2
1% *1%
20
*18%
1%
*34

Miscellaneous
5% 5*2 *5
5%
540 Am Oil Engineering________ 10
*1
1%
1%
1%
1% *1%
250 Amer Pnoumatlc Service.. 25
6%
*5
6*4 *5
6% 6%
36 Do pref________________50
97% 98
97% 98% 97% 98
2,734 Amer Telep A Teleg______100
140 140 *140 142
140 111
102 Amoskeag Manufacturing___
81% 81% *81% 82
81% 81%
82 Do prel____ ; ___________
*14
*14% 15
15
60 Anglo-Am Comml Corp.no par
*27
*27
28%
74 Art Metal Construo Inc_ 10
_
6% 7
7
7
1,909 Blgheart Prod A Refg___ 10
2% 23g
2%
2%
2
2%
625 Boston Mex Pot Trustees___
*4% 5%
5
5
85 Century Steel of Amer Ino. 10
5
5
4% 434
965 East Boston Land________ 10
30% 31% 30% 30% 31
3134 1,350 Eastern Manufacturing____ 5
21
21
21
21
21
21
1,215 Eastern SS Linos Ino____ 25
*65
70
70
80
10 Do pref_______________100
150 152 *153 155
156 157
195 Edison Electric Ilium____ 100
2834 29% 29
28% 29
29%
1,871 Elder Corporation____ no par
Last Sale 70 Fcb'20 .........Fairbanks Company_______25
*68
73
Last Sale 28
*27
27%
Feb'20 -------- Gorton-Pew Flshorlcs_____ 50
33% 34% 33% 3334 3234 34% 2,330 Gray A Davis Inc________25
*18
19% 18% 18%
460 International Cement Corp_
_
27% 27% 27% 28
26% 27
667 Internat Products____ no par
*70
74
*70
74
74
74
1 Do
pref_____________100
*5
*5% 5%
5%
5% 5%
620 Island OH A Trans C orp .. 10
24% 24% *24% 25
25% 25%
121 Libby, McNeill A L ibby...1 0
*10
11
*10% 11
15 Loew's Theatres_________ 10
97% 98
97% 98
97% 98
230 McElwaln (W ID 1st pref. 100
71% 72
70
72
72
72
327 Massachusetts Gas Cos_ 100
_
60% 60% 60% 61
149 Do
pref_____________100
131 131 1*131
.34%
12 Mergenthaler Linotype__ 100
43
44%' 42
43
42
44
2,840 Mexican Investment I n c.. 10
42
*40% 41% *40
27 Mullins Body Corp_ no par
_
86
87
87
87
86
87
207 New England Telephone..100
29
30 1 29
29% 29% 30%
980 Ohio Body A Blower...........
Pacific Mills........................
377
8 38
38
38 i *37
37% 37%
97 Parish A Bingham Corp.no par
.......... Plant
(ThosGlpref______ 100
Last Sale
15l2 *15lS 15%;
.......... ReeceButton-Hole_________ 10
4 4 34
4434 443.1 44% 44%
4434 45
1,730 Root A Van Dervoort Class A
24
23% 25
24
25
25
25
673 Shawmut SS______________ 25
14% 14
14%
14% *14
14
14%
650 Simms Magneto___________ 5
40
41
42
*40
43
42
42
880 Stewart Mfg Corporation___
20
21
119% 120% 120 120
120
793 Swllt A C o........................... 100
68
68% *68
68
70
92 Torrlngton.................
25
45
443.1 45% 447g 45% 443.( 45% 2,707 United Shoe Mach Corp_ 25
_
257g 26
26
25% 25%
201 Do pref________
25
14%
14% *137S 14% 14% 15% 4,935 Ventura Consol Oil Fields. 6
14
18
18% 18% 18% 1834 18% 183,i 4,910 Waldorf 8 ystem Ino______ 10
39% 3S34 39
39
40
z37
38
996 Waltham Watch_________ 100
24% *23% 24
24
24
24
24
275 Walworth Manufacturing. 20
60 ♦
60
Last Sale 60
Jan’20
Warren Bros________
100
*
60
60
70
60 |
25 Do 1st pref___________100
70 *------ 70
Last Sale 60 Feb’20
Do
2d pref___________100

1
.95
.95 *.85
1
.90 *.95
.95
.95
69
70
70
69% 70
71
71
71% 71%
.65 *.40
.65 *.40
Last Sale .42 Feb’20
.65
34
33
34
*32
35
*33
35
*35
37
12
113i 1178 *12
11% 11% 11% 12
12%
6%
*6
6% *6
6%
Last Sale 63i Feb’20
.35 *.25
.35 *.25
.35
.35 *.25
.30
.30
365
360 360
360 360
360 365
365 370
20
19% 20% 20% 21*4 21% 25
23% 25%
13
13
13
*13
13
15
13
13
13
43
42
43
43% *43% 44
43
z44
44
334 334
37g
3% 3% * 3 % ___
3% 3%
11
107g 11
11
11% 11%
11% 11%
11%
1234 12% 1234 13
13%
13
13%
13% 1378
3
*3
3%
3% *3% 3%
3% *3
3%
43
4 4*4
5
5
5
*4*4 5
5
5
2%
2%
2%
27S 27g
3
3
3
3
1
1
*.70
Last Sale
1
*.70
40
40
40
40
42
40
40
42
43%
80% *79% 80
*79% 80
80
80
*79% 80
31% 31% 31% 31% 31*4 *31% 32
32
32%
3*4 4
4%
4% 4%
4
4
1% 1*4 *1%
1*4 17g
1»4 *134 2
1*4
4
*3% 4
*3% 4
*3% 4
*3% 4
23j
3% *2
*3
*3
3%
3%
3
3
2% 2%
2%
2*4
2% 2% *2
2% 2%
5
*4% 5
*4% 5
*4% 5
4% 5%
8%
8%
8%
8% 8%
8% 8%
8% 9%
7
*6
7
7
*6
Last Sale 6% Feb'20
63
60
60
61
65
*63
65
64
65
3%
3
3
1934 19% 20
197g 20
20
20% 2 0 % 2 1
6
*5
7
*5% 7
*5
7
53.
5%
23 *__
23 *
23
Last Sale 23% Dec’ 19
79% *
79% *
79% *__
79% *___
79%
10
978 10
10
10
io% 10%
10% 10%
16
16
16
16% 16*4 16% 18
16% 17
1
1
1
*%
Last Sale .60 Fcb’20
*%
2
*1% 2
*1% 2
Last Sale 2
Feb’20
33% 32
33
*32
33
31% 32
33
33
47% *47% 50
50
*47
*47
50
*49
50
60
59
59
*59% 60
*59
60
58
60
50
*48
50
*48
50
49
50
*49
50
14% 14% 14% 14% 15
14% 14% 14
15%
1% 134 *1%
1%
17g' *1%
1 ,1
3
17g *1%
1% *1
lb1% *1
Last Sale 1% Feb’20
.20 *.15
.20 *.15
.20
Last Sale .14 Feb’20
5
*4*4 <*
*434 5U
54 *134 5
5
5*2
5%
5
5
5
5% 5%
5%
5
5%
1%
17g 17*
2
2
*17g 2%
*178 2%
.9 5
*.80
.95 *.85
.95 *.85
.95 *.80
.90
278
234 2»4
27g 27g *2% 27„
*2% 234
8%
8% 83i
8*4
8*4
9% 934
834
9%
2
2%
2
2
2%
2% 2%
2
2%
234 *2
23( *2% 3
Last Sale 2*4 Feb’20
2
1%
1% *1%
134
1*4
1%
1% *1%
20
17
17
19% 19% 20
20 1 *20
21
*■
% 1%
*3,
1%
1%
Last Sale' .51 Deo’ 19

Btd and asked prices.

6 Ex-stock dividend,




d Ex-dlvldend aud rights,

Mining
800 Adventure Consolidated.. 25
419 Ahmoek___________________25
Algomah Mining........ ..........25
185 A lloucz_____ _____
25
2,545 Arizona Commercial_____
5
Bingham Mines__________ 10
100 Butte-Balaklava C opper.. 10
23 Calumot A Hecla__________ 25
13,935 Carson Hill Gold_________ 1
77 Centennial_______________ 25
382 Copper Range Co_________ 25
130 Daly-W est_______________ 20
4,025 Davls-Daly Copper............. 10
2,185 East Butto Copper M in ... 1 0
210 Franklin__________________25
115 Hancock Consolidated___ 25
440 Helvetia__________________26
Indiana Mining___________ 26
571 Island Creek Coal________
5 Do prof______________
1,330 Isle Roy ale Copper________ 2f
470 Kerr Lake_______________
5
225 Keweenaw Copper________ 25
250 Lako Copper Co__________ 25
200 La Salle Copper----------------- 25
390 Mason Valley Mine........ ..
5
168 Mass Consol_______
25
2,962 Mayflower-Old Colony_____25
M ichigan_________________25
312 M o h a w k .._______
25
725 New Aradlan Copper______ 26
905 New Cornelia Copper________ 5
1,035 New Idrla Quloksllvor___
New River Company_____ 100
27 Do p r e f_____________ 100
954 Nlplsslng Mines__________ 6
2,672 North Butte........................ 15
North Lake ____________ 26
OJlbway Mining.......... ..
25
222 Old Dominion Co_________ 25
95 Osceola___________________26
175 Q n ln cy_ _____
_
25
75 St Mary's Mineral Land.. 26
1,860 Seneca Copper C o rp ...n o par
260 Shannon________________ 10
_____ South L a k e .._____ ________ 26
.........South Utah M A S ________ 5
380 Superior__________________26
3,925 Superior A Boston Copper 10
160 T rin ity...................................25
1,000 Tuolumne Copper________ 5
. 20 Utah-Apox Mining_______ 5
1,590 Utah Consolidated_______ 1
4,080 Utah Metal A Tunnel_____ 1
Victoria___________
25
200 Winona___________________ 25
36 Wolverine_________________25
Wyandotte.............................25
e Assessment paid,

[VOL. 110.
Range for Pretiomi
Year 1919.

Higheit

Railroads
435 Boston & Albany________ 100
447 Boston Elevated_________ 100
100 Do p r e ____ __________100
3,645 Boston & Maine_________ 100
Do pref...........................loo
Boston A Providence_____100
Boston Suburban E le c ..no par
50 Do pref___ . . . . . . . n o par
5 14
150 Bost A Wore Elec pre no par
8
25 Ohio June R y A D S Y ___ 100 130
Do pref............................ion 85
Fitchburg prof..................... loo
Georgia Ry A Elec stampd.100
Do pref............................100 68
4 Maine Central________
loo
60
1,850 N Y N II A Hartford_____100
23%
Northern New Hampshire. 100 84
Norwich & Worcester pref.100
27 Old Colony_______________loo
76
1,139 Rutland pref____________ 100
15
20 Vermont A Massachusetts 100 85
95 West End Street__________ 60 4 Mi
18 Do pref________________60 50%

5*4
5% 534
5% 5%
*1%
H2
1% 13g
1%
138
*5
6 I4
*5
5
6%
5
963 9 7 % 9634 97% 9634 97%
4
*140 142
140 141 *140 142
8 l3 8134 82
4
82
81
81
*14
153
4 15
1534 *14% 15
27
27
27
27
*27
7
6% 678
612
6% 7
2U
2% *2% 2%
2% 2%
5
5
*4% 5% *4% 5%
334 5
4
4% 434
4 '4
30«4 29% 30% 30
30
31
21
21
*19% 22%
19% 20
*70
80
*70
SO
*70
SO
149 150
149% 150
150 150
28% 28% 28% 28% 28% 2S34
*68
73
*68
73
*68
73
*27
28
*27
28
*27
28
33
35
33
35
32% 33%
18% 18% 16*2 18
17
17
29
27
28% 29
27
27
* — — 74 *___
——
74 *___
74
514 5
*5
*5
5%
5%
25
?2%l 24% 25% 24% 24%
*10
10% 10% 10% *10% 11
9 734 98 | 98% 9.8%
97% 98
70
71 | 70
71
70
71
60
61 1 60
60
61
60
*134 13412 134 134 *130
.34%
37
41% 39
41
38% 43%
39
39
*40
41
41
*40
85% 86
86
86
86
85
29
30
29% 30
29% 29%
5 14

BONDS
Next Pag*

h Ex-rlghts.

130
67i2
87*2
37i2
44
140

Jan
Jan 28
Jan 30
Jan 8
Jan 12
Jan 3
Feb 1
Jan 29
Jan 9
Jan 20
Jan 24
Feb 4
Jan 23

4t2 Feb 13
1>4 Jan 2
5 Feb 10
941 Jan 2
2
140 Feb 16
79^4 Jan 3
14 Feb 13
26% Jan 7
6 Feb 11
2 Feb 13
5 Feb 10
3-14 Feb 14
273i Feb 13
19 Feb 11
63 Feb 11
149 Feb 14
28 Feb 13
70 Feb 11
28 Feb 3
30% Feb 13
16i2 Feb 16
24% Feb 13
74 Feb 20
5 Feb 13
23 Feb 13
10 Feb 2
9712 Feb 17
6 8 34 Feb 6
60 Feb 9
131 Feb IS
35i2 Feb 13
38 Feb 13
85 Feb 5
2712 Feb 13
168 Feb 13
36 Feb 13
94 Feb 13
15 Feb 4
44 Feb 17
2 3 3 4 Feb IS
13 Feb 13
40 Feb 14
117 Feb 13
68 Feb 14
43 14 Feb 13
25 Jan 31
121 Feb 11
4
17 Feb 16
33f2 Jan 2
2212 Jan 9
60 Jan 22
60 Feb 7
60 Feb 6

Jan 24
Jan 2
Jan 2
Jan 2
Jan 22
Jan 12

Dec 145 Apr
8 O 4 Apr
I
Dec
Jan
Deo 97
Jan 381* July
50 Jan
Oct
Sept 168 Jan
70o Nov
Dec
0f2 Jan 16
11
Jan
3% N ov
10 Fob 20
30 Fob
2% Nov
132 Jan 8 132
Oct 135
Jan
86 Jan 2
84 Fob 90 June
47 Nov
58 Jan
99*8 Mar 110 June
68 Jan 12
70 Mar
781* July
05l2 Feb 18
597 Dec 83
8
Jan
32l2 Feb20
26i4 Dec 40*4 July
86 Jan 6
80 Dec 991* Aug
94
Oct 115
Oct
80 Jan 31 X71 Dec 105 Jan
25 Feb 20
15 Dec 23 May
87 Jan 31
Jan
82
Oct 100
4 5 34 Jan 3
381* Sept 50 Apr
55i2 Jan 0
47 Sept 58 June
Jan 0
Jan 27
Jan 5
100 Feb 2
148% Feb 3
83 Jan 13
19 Jan 5
30% Jan 24
9 Jan 3
33* Jan 3
7 Jan 5
6 Jan 26
3612 Jan 3
23 Jan 3
70 Feb 18
157 Feb 20
36% Jan 2
84% Jan 2
29% Jan 6
50 Jan 5
25% Jan 6
44 Jan 2
80% Feb 7
634 Jan 5
305 Jan 6
8
11 Jan 6
101% Jan 10
76 Jan "
63 Jan 20
13812 Jan 21
53 Jan 26
4978 Jan 6
89% Jan 3
3638 {Jan 3
176*8 Jan 19
47% Jan 6
99 Jan 12
16 Jan 2
55 Jan 3
31f2 Jan 7
1912 Jan 19
48 Jan 2
[33 Jan 2
72 Jan 30
49 Jan 2
26 Feb 11
163i Jan 5
21% Jan 2
44i2 Jan 26
26 Feb
73 Jan 12
66 Jan 21
70 Jan
6 34
li 2
734

95c
68%
42c
31
11
0«4

Jan 15
11 4 Jan 3
Feb 13 77 Jan 3
Feb 11
■ Jan 0
2
Feb 11 42 Jan 7
Feb 11 15 3 4 Jan
Feb 11
7i2 Jan
40c Jan
14 Feb
351 Fob 13 409 Jan _
17*3 Feb 13 40%lJan 10
13 Feb 11
10f2 Jan 5
42 Feb 13 48% Jan 5
434 Jan 15
3 Jan
011 Feb 13 14>4 Jan 5
1134 Feb 11
16 Jan 3
4 Jan 2
3 Feb 1/
S7g Jan 6
4i2 Feb 13
2% Feb 14
4 Jan 5
34 Jan 14
34 Jan 14
39 Feb 13 4 5 34 'Jan 29
79i2 Jan
80'2 Fob 10
30*2 Feb 11 38 Jan 3
334 Fob 18
4% Jan 14
2% Jan 5
1 % Jan 19
3i2 Fob 10
4% Jan 5
2*4 Jan 16
312 Jan 3
3 Jan 21
2U Feb 17
4 Fob 16
6% Jan 3
7 Jan 21
1134 Jan 2
012 Feb 13
7% Jan 2
60 Feb 11 71U Jan 6
5 Jan 2
3 Feb 13
19% Fob 13 24 Jan 5
5% Feb 13
7% Jan 8
79

Feb 16
934 Feb 13
15 Feb 13
i2 Feb 2
1 % Jan 2
30 Feb 11
44% Fob 13
66 Feb 11
45 Fob 13
14 Feb 11
1 8 Jan 2
®
1*s Feb 10
14c Fob 13
4i2 Feb 11
4
Feb 13
L’4 Feb 11
80c Feb 13
2*8 Jan 2
8% Jan 8
l 7 Feb 14
s
2«4 Fob 11
D2 Fob 10
17 Feb 17

a Ex-dlvldcnd

IHghett.

83 Jan 5
12i2 Jan 3
18t2 Jan 2
80c Jan 27
2% Jan 26
37% Jan 5
58 Jan 3
05 Jan 3
58 Jan 5
19 Jan 6
. 2 Jan 7
2 Jan 12
25o Jan 10
6 Jan 7
6% Jan 29
2 34 Jan 19
138 Jan 10
3 Jan 23
934 Feb 20
3*8 Jan 5
3% Jan 8
2 Jan 7
23 Jan 10
to Half-paid.

116
62
85
28
40
130
10c

6 Doc
7% Nov
2 Aug
55c Jan
9 ' 4 Aug
21* Apr
95 Dec 1081* May
79 Feb 152 Nov
781* Jan 841* Dec
2D* Nov
16 Dec
171* Jan 20>2 Deo
131* May
7 Dec
47g Nov
2 1 * Dec
161* Mar
0 Dec
fl7g June
41* Jan
3 1is Deo 34 Nov
6
Jan 24 Dec
39 Apr
79 Doc
Jan
138
Oct 172
231* Oct
38*4 Nov
521* Jan 931* Nov
28 Apr
38 May
537 Sept
641* Nov
19 Mar
681* Oct
75 July 90 Sept
9% Feb
5*4 Dec
28*8 Nov
35
Oct
11
Jan
8% Feb
90
Jan 99 Mar
Jan
07U Nov
Jan
00 Dec
130 Feb 149 June
72 July
471* Nov
Oct
32>8 Sopt 64
83 Sept 90 Mar
Fob 199 Nov
Aug 5 5 14 Oct
Jan 991* Dec
10 May
Jan
July
591* Oct
Dec 3 5 1 4 Dec
Dec
27*4 Nov
Jan 59U Oct
Jan 160 May
Jan 741* Nov
Jan 65 May
Jan
Oct 31
7*4 Jan
20% Nov
10 May 2U* July
Oct
28 Aug 43
17 Mar 25 July
15 Feb 83 July
Jan 72** May
37
Jan 80 July
38

145
34
93
14
35
30
151*
32%
115
521*
44
25's

21* July
Apr
Mar 91 July
1* 4 July
Apr
Dec 62 July
18 July
10 * 4 Feb
10i* May
6
Nov
20o Jan 90c Mny
350 Mar 480 July
1214 M ay 36% Deo
12 Mar 20 July
39 Mar 02 July
2 Mar
3*4 May
141* Oct
4»4 Fob
8
Fob 21 Aug
634 July
l*g May
4 May
91* July
20o Feb
7>4 May
2 July
60o Mar
42 Apr 65*4 July
78 Apr 881* July
24
Jan 41 July
31* Oct
6 *a May
99o Mar
2% July
7% July
3 Jan
2 Apr
61* July
4% Oct
2*s Apr
4 Feb
10 July
2 Jan
13% June
2 1 * Feb
10 July
491* Fob 83 July
61* July
1 Mar
14*4 Mar 29U July
121* July
0 1 * May
8 78 Fob
28
Oct
67*4 Mar 87 NOV.
131* May
8*4 Jan
9 Fob 20% July
1»4 July
25c Apr
4U July
75o Mar
301* Mar 621* July
73 July
45 Mar
52 Mar 83 July
40 Mar 75 July
13 Jan 261* July
D* Mar
4U July
40c Jan
31* June
8 c Jan
60c Aug
4 Mar
11U June
1 Mar 6 %i Nov
1>4 Dec
5U June
7lo Dec
2 % Sopt
1*4 May
3% June
7 1 * Jan
12% July
1*4 Jan
6
July
1> Mar
4
4<4 July
60c Jan
3 July
16 Mar 31 July
40o Mar
1 % May
60
021*
lOo
321*

Sales
Friday
Veek’s Range for
Lust
Week.
of Prices,
Sale.
Stocks (.Concluded) Par Price. ow. High. Shares.

Outside Stock Exchanges
Boston Bond Record.— Transactions in bonds at Bos
ton Stock Excliango Feb. 14 to Fob. 20 , both inclusive.
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale.
Price. Low. High.

Ilomls—

96.24
90.04
89.74
90.84
90.04
92.83
90.30
97.44
14
75%
77
102
110
08
72%
72%
83
83
75
92
89
89%
79%
80

U 8 Lib Loan 3 % S - 1932-47
1st Lib Loan 48-1032-47
2< Lib Loan 4s. .1927-42
1
1st Lib Loan 4% s.'32-’47
2d Lib Loan 4% S.’27-'42
3d Lib Loan 4
1028
4th Lib Loan4%s.'33-'38
Victory 4 % s ___ 1922-23
Alaska Gold scr A Os.. 192/)
Atl G A W I SS L 58-1959
Carson Hill Gold 7s. .1923
K C Mem .V l!lr 4 s ... 1034
Miss ltlver Power 6 s .-1951
N K Telephone 6s___ 1032
New River 5s________ 1934
Pond Crook Coal (Is..1923
S w ift* Co 1st 6s........ 1044
Western Tel * Tel 68.1032

96.66
91.04
90.04
91.04
90.70
93.28
91.08
97.86
14%
77
112
68
74
83
75
92%
90
80

Range since Jan. 1.
High.

Low.

$24,200 96.24 Feb 100.00 Jan
6,650 90.04 Feb 93.04 Jan
9,350 89.74 Feb 92.34 Jan
93.80 Jan
2,200 90.84 Feb
92.98 Jan
26,350 89.74 Jan
94.96 Jan
18,250 92.44 Feb
92.98 Jan
37,400 89.54 Feb
99.30 Jan
97.00 Feb
71,850
Feb
14% Feb
14
60,000
Jan
Feb
81
5,000 75
Jan
Feb 150
16,300 100
Feb
Feb
70
68
5,000
Jan
76
72% Feb
4,000
84% Jan
81% IJan
2,000
Jan
Feb
78
75
5,000
Jan
93
[Jan
10,500 92
93% [Jan
Feb
89
4,500
Jan
84
Feb
79
9,000

Chicago Stock Exchange.— Record of transactions at
Chicago Fob. 14 to Fob. 20, both inclusive, compiled from
official sales lists:

S tock s-

755

THE CHRONICLE

F e b . 21 1920.]

Sales
Friday
Veek’s Range for
Last
Week.
of Prices,
Sale.
I’ar. Price. jow. High. Shares.

Range since Jan. 1.

Jan
Jan
Jan
Jan

130 41
43
42
Albert Pick & Co___
30 330
330 330
American Radiator____ 100
450 100
100
108
American Shipbuilding. 100 ios
6,206 97%
97% 99
Armour * Co pref_____ 100 98
15%
54,606
15% 17
15%
Armour Leather............... 16
94%
7,141
94% 94%
94%
135 51
53%
53
Iteaverboard com m on.- (*)
250 62
66
63
05 %
Briscoe Motor Corp----- (*)
10
715
11
10
10%
Booth Fisheries com new(*)
35 69
69
69
14%
140
14% 15
16
017
18
17
Case (J I) Plow W ork s..(*)
30 97
97
97
1)7
.....
1st preferred........
98%IL98%
075 98%
_____
2d preferred........
310
1
%
1
%
6
3,135
6% 10%
10%
1
132
1
1
5
1,835
8%
4,705
4%
5
5%
5
30 214%
_____ 214% 215
347 106%
_____ 106% 106%
3,010
11%
11% 12%
12%
98
341
99%
98
99
90 94%
94% 95
94%
170 99%
99% 100%
99%
Deere * Co pref.
105 118
118
119
100 28%
29% 29%
29%
Klder
20 54
55
55
265 84%
84% 88
88
300 87
88
87
) 87
25 89
89
90
15
205
15% 17
) 17
13
965
13% 14%
> 14%
150 78
80
80
Illinois Brick..
2,050 22%
24% 25%
1 25
Libby, McNeill
6%
480
6%
7%
Lindsay Light.
690 36
43
37
) 42
105 37%
37% 38
Mitchell Motor C o........ ('
10 118
118
National Carbon p ref.. 1 ) .......... 118
C
13% 14% 10,360 ♦ 13
) 13%
28%
2,310
28% 31%
Orphcum Circuit Inc----- 1 31%
25 77
79
77
88
24
88
88
) _____
Preferred .
145 94%
95
95%
) 95%
22%
1,75(
24
25%
0 25%
10C 41%
) ..........
41% 41%
10C 46
46
46
180 216
218 219
j 219
Sears, Roebuck, (
45 116
116
110
Preferred..........
1,975 61
63
62
) 03
Shaw (W W) w 1.
26 39
39
39
19%
500
0 _____
19% 21
38%
19C
38% 40
0 39 H
85 40
40
40%
) _____
37
15.87C
38% 42
6,618 116
119
121%
0 120
Swift * C o______
9,035 40%
42% 44%
5 43
Swift Internationa
295 41
5 42 % 41% 44
Teintor (CAP) “ A’
43%
205
43% 44%
5 44%
61%
05% 67% 21.45C
) 67
50%
25(
50% 52
51%
Union Iron Works.
20
235
20%
20
37
2,071
40%
37
) -30%
6,38/
34% 35%
6 35%
211 lot
104 107
104
19%
1,34/
19% 20%
) 20
35C 75
76
75
5 75%

Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Fcl
Feb
Fcl
Fcl
Fcl

50%
350
120
110%
17
94%
53%
75
13%
74
15%
20%
97%
98%
2
10%
1
8%
5%
215
108
13%
101
96
102
124%
33%
58
92
105
96
17
16
81
27%
7%
45%
43%
118
15%
34
79%
88
98%
27%
52
52
230
118%
79
40%
26%
42%
48
45%
128
55
47
51
74%
52
24
45
39
116
23%
80%

Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
f Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan

70
86%
46%
90

Fel
Fcl
Jai
Fel

72%
86%
49
92%

Feb
Feb
Feb
Jan

7 .........
4

00

70
80%
49
90

70
80%
49
90

$9,001
8,10'
1,00
12,001)

i'c »
Feb

Jan
Jan
Jan
Jan
Jan
Jan
Feb
Aug
Feb
Feb
Feb
Feb
Feb

C
-

Sales
Friday
Last Week’s Range for
Week.
of Prices.
Sale.
Price. Low. High. Shares

i
/ 1st preferred________ 100
2d preferred________ 100
.rundel Corporation------ 60

Stocks--

Amer Rolling Mill, com .25
Amer Wind Glass Mach 100
Preferred.............
100
Arkansas Nat Gas, new. 10
Preferred___________
Barnsdall Corporation..25
Carbo-Ilydrogen, com __ 5
Preferred.............
6
Carnegie Lead A Zinc___ 5
Crucible Steel, pref----- 100
28%
Guffey-GUlesple Oll(no par)
llarb-Wnlkcr Hefrac, pflOO 100
3%
Indep Brewing, com ----- 50
10
Preferred.......................60
2
Kay County Gas............... 1
38
Lone Star Gas, new........ 25
67%
M frs Light A Heat.........60
5%
Marland Petroleum.......... 6




saies
Range for
Week.
ices.
High. Shares.

10
50
50
345
120
115
33
03% 93 %
59,885
38
25
375
115
105
2,190
49% 51
350
2%
1%
560
4
4
345
8
8
50
100
100
5,282
28%
27
15
100
100
350
3%
3
435
0% 10
465
2
1%
1,575
31% 38
1,145
58
54
6,537
5%
5%

Range since Jan. 1.
Low.

2.20

Preferred B __________ 25

Preferred____________ 6

‘ 97%
78
8%
4%
35%
7%

......... 5

4%
Bonds
Balt Traction 1st 5 s.1929
Consol Gas gen 4 % s..l95 4
5% notes___________
6 % notes___________
7% notes___________
Consol Coal ref 4% s..l93 4
Convertible 6s------- 1923
Cosden A Co Series A 6s ’32
Series B 6s________ 1932
Davison Chemical 6 s .. 1932
Elkhorn Coal Corp 6s. 1925
Fla Cent A Pcnln extend 6s
No Balt Trac 5s...........1942
United Ry A E 4s----- 1949
Income 4s_________ 1949
Wll A Weldon 5s........ 1935

Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb

Feb

55

Jan

93%
98%

95%

44%

83%
85
70
37
3%
24
84
162%
2.15
9
24%
22%

95%
78
7%
4%
34
22 %
78%
7%
3%
47%
50
67
99
74
15%
35%
4%

97%
70
8%
4%
36

95%
82%
77%
93%
95%
98%
80 %
97%
87%
88
95
93%
98%
95%
65
44%
94

95% $2,000
5,000
83
6,000
78
8,000
93%
5,000
95%
6,000
98%
5,000
80%
10,000
98
5,500
89
32,000
89
1,000
95%
1,000
93%
1,000
98%
1,000
95%
65% 12,000
37,000
45
1,000
94

22%

81%
8
4
50
54
67
99
75%
16
35%
4%

Range since Jan. 1.

10

318
925
120

177
135
25
5
678
15
85
100

High.

Low.

Feb
90
Feb 85
Feb 76
Feb 40
4
Feb
Jan 24
Feb 90
Feb 162%
3.40
FeD
Feb
11
Feb 25
Feb 25
Feb 103%
Feb 83
Feb
10%
Feb
4%
Feb 39
Feb
26%
Feb 93%
Feb
10
Feo
4%
Feb 58
Feb
70
Jan 70
Feb 99
Feb 82
Feb 20%
Jan 36
Feb
4%

Jan
Feb
jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan

95% Feb 95%
82 H Feb 83
77% Jan 81
93% Feb 95
95% Feb 96
98% Feb 100%
80% Feb 82%
Jan 98
96
98
87% Feb
Feb 98
88
Feb 95%
95
93% Feb 95%
98% Feb 99%
95% Feb 96
Feb 69
65
44% Feb 48%
Feb 98
94

Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
. Jan
Jan
Feb
Jan
Feb
[Jan
Jan
Jan
Jan

21

76
7%
3%
47%
60
67
98
74
15
35
3%

Jan

Philadelphia Stock Exchange. —Record of transactions
at Pliiladelphia|Feb. 14 to Fob. 20, both inclusive, compiled
Sates
Friday
Last Week’s Range for_
of Prices.
Sale.
Price. Low. High. Shares.
Alliance Insurance war'nts
American Gas------------ 100

General Asphalt.
Insurance Co of N A ..
Warrants_________
J G Brill Co................

Little Schuylkill.
Pa Cent I.t A Pow pref.
Pennsyl Salt M fg---------

High.

Feb
51% Jan
60
Jan
Feb 135
115
Jan
95
93% Feb
Jan
Feb
45
18
Feb
Jan 115
104
55% Jan
Jan
45
3% Jan
1% Feb
Jan
5
Feb
4
Feb
11% Jan
8
Jan
Jan 100
100
Jan
39
26% Feb
Jan
Feb 102
100
Jan
4
2% Jan
10% Jan
Jan
8
2% Jan
1% Jan
29% Feb 45% Jan
61% Jan
Feb
54
6% Jan
5% Jan

38%
9
15%
34
51%
43
7%
16%
63
92
25c
53c
15
171
4
5c
7c
130
59
107%
11S%
55
8
61%
2

54

40 80
25 85
100 70
60 36%
2%
2,300
17 22
27 84
208 162%
1.99
4,850
8%
695
24
10
30 22%
692 95%
592 77
2,151
7%
4
665
960 32%

83%
85
70
37
3
24
84
162%
2.20
8%
27%
22%

3%

8%
24%

(♦) No par valuo.

Friday
Last
Sale.
Par. Price. Loto.

Feb
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb

Baltimore Stock Exchange.— Record of transactions at
Baltimore Feb. 14 to Feb. 20, both inclusive, compiled from

Feb
Feb

Pittsburgh Stock Exchange.— Record of transactions
at Pittsburgh Fob. 14 to Fob. 20 , both inclusive, compiled
from official salos lists:
_______

$3,000

High.

Low.

10 28
150
7%
14
250
330 23
1,263 44
1,450 37%
4%
820
13%
145
275 51%
30 88%
15c
14,700
2,500 40c
13
1,405
115 160
2,313
1%
4c
1,200
6c
1,000
250 120%
19C 52
100 98
350 107
295 48%
7%
3O
f
90 00
2
1,175

54

15
56
89%
18c
41c
14
166
2%
5C
7c
7c
120% 123
57
52
99% 99%
110
109
51%
50
8
8
60
60
2
2

Bonds—
Indep Brewing fis----- 1925

High.

Low.

38%
7%
14%
28
48%
38%

54

Middle States Oil............. 10
Nat Fireproofing, c o m ..50
Preferred____________ 50
27%
Ohio Fuel Oil.................... 1
Ohio Fuel Supply............. 25 48%
38%
Oklahoma Natural Gas. .25
Pltt8b Brewing, com ___ 50
14 %
Preferred.......................50
Pittsburgh Coal, co m ..100
Preferred___________ 100
Plttab-Jcromc Copper..
Pittsb & Mt Shasta C o p .. 1
13%
Plttsb Oil & Gas.......... 100
Pittsb Plate Glass........ 100
Riverside East Oil, c o m ..5 * 2 %
Ross Mining A Milling — 1
San Toy Mining..........
Union Natural Gas----- 100
U S Glass.......................100
U S Steel Corp, c o m ... 100
West’house Air Brake...5 0 110
51%
West’houso Elec A Mfg.50
W Penn Tr A W P, com . 100
Preferred..................... 100
Wyoming Fuel A Oil. . .

38%
7%
14
23
44%
37%
5
14%
54
89%
15c
40c
13%
164
1%

Range since Jan. 1.

2d preferred—
Tono-Belmont I)<
Tonopah MiningUnited Gas Impt.

Wm Cramp A Sons..
Preferrcd.

56
41
_. .......
40
113
_____
_____
..
30%
45%
..........
) 11%
1 18
) 62%
) 45
i _____
i ..........
) _____
) 43
..........
) 32%
24%
) 23
i ..........
) ..........
) ..........
) ..........
2%
0 36
0 53%
0 99%
0 --------o ..........
) _____
1 _____
0 ..........

6%
6
56 %
50
55
55
42%
39
40
40
40
40
115
109
88
88
130 130
13
13
30% 32%
11
10
43% 46
89
89
10% 11%
18
16
61% 02%
40% 45
40% 40%
45% 46%
43
43
75%
75
40% 43
37% 37%
33
32
24% 25%
22% 23%
60% 61
76
68
33% 33%
33% 34
2 9-16 3
2%
2%
36
34
52% 54
96% 99%
8%
8%
37
36
74
72
135 135
10
10
31%
31

Range since Jan. 1.
High.

Loro.

5%
431
47
828
50 50
37%
6,668
1 39
25 40
3,350 99
20 82
10 125 .
10 13
322 30%
10
1,493
43%
340
2 89
10
160
15%
2,944
235 61
1,144 40%
20 40
60 43%
10 42
51 75
3,999 40%
30 37%
31%
1,224
24%
1,951
21%
2,396
25 59%
653 65
85 33%
125 33%
2%
1,455
2%
395
138 33%
1,095 52
2,065 96%
8%
20
3 35
110 72
13 135
8%
95
115 31

Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Feb
l ’cb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan

Jan
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
11
Jan
51
Feb
89
Jan
13
2 1 % Jan
64% Jan
Feb
45
Jan
41
51% Jan
43% Jan
Jan
76
43
Feb
42% Jan
36% Jan
25% Jan
28
Jan
Jan
63
77% Jan
33% Feb
Jan
36
3 1-16 Jan
2% Jan
Jan
37
Jan
57
108% Jan
8 % Jan
Feb
37
Jan
75
Feb
135
10% 'Jan
Jan
32
6%

56%
04%
42%
40
40
141
130
193
13
37%

756
Bonds—
U S Lib Loan 3 4$s.1932-47
2< Lib Loan -is.. 1927-4:.
1
2(1 Lib Loan 44$s.’27-’42
3d Lib Loan 4)$s__ 1921'
4th Lib Loan 4 4$s '33-’3$
Victory 44$s___ 1922-2:
Amcr C.ns * Klee 5s. 2007
do
small________2007
Baldwin Locom 1st 5s. 194(
Elec A Peoples tr ctfs 4s ’45
Lehigh Valley coll 6s . _ 1921
Consol registered 6s. 1923
Lehigh Val Coal 1st 5s 1933
Natl Properties 4-6s_.194f
Penna IUt gen 44$s..l90f
General 5s........ .........1961
P W & B ctfs 4s. . . 1921
Philadelphia Co—
Cons & coll tr 5s stpd '51
Phi la Electric 1st 5s. .1966
do
small............. .1966
Reading gen 4s......... .1997
Spanlsh-Am Iron 6 s.. 1927
United Rys Invest 5s. 1926
Welsbach Co 5s______ 1930

THE CHRONICLE
Friday
Last
Sale.
IPrice

Range Sales
rices.
for
High Week.

80
80
96
$
614$ • 61 !■
100

99 4$
98 4$
27 4 $
80
89 4$
96

96.54 S1.00C
90.1C 10,001
90.61
8,006
92.70
2,006
90.91 52,006
97.80
3,506
80
3,000
80
1,106
5,006
96
62
3 ,00(
100 'A 7,001
1,00(
994$
984$
2,006
28
3,006
80
2,006
894$ 10,000
96
1,00C

Range since Jan. 1.
Low.
96.54
90.10
90.54
92.70
89.40
97.40
80
80
96
61
99 4s
99 4$
98
27 4$
SO
894$
96

Fel
Fel
Fel
Fel
Fel
Fel
Jnn
Fel
Fel
Fel
Fel
Fel
Jan
Fel
Fel
Fel
Fet

High.
100.00
90.10
91.90
94.60
92.S8
99.30
824$
82
994$
65
102 4$
99 4$
99
30
83
92 4$
97

Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jnn
Jan
Jan
Feb
Jnn
Jan
Jan
Jnn
Jan

[V o l . n o .

Frida
Last Week's Rang
Former Standard Oil
Sale.
Subsidiaries Par. Price. Low. High
Anglo-Amer OU.r______£1
Cumb'd Pipe L lne.r__ 100
Eureka Pipe Llne.r. . 100
Ohio O ll.r_____________ 2 6
South Penn O ll.r...........100
Standard Oil (C alif).r. 1 0 0
Standard oil of N J r_ 1 0 0
Standard Oil of N Y .r.1 0 0
Union Tank C ar.r___ loo
Vacuum O ll.r................100

254<
____
314
705
408

244$
150
143
340
290
308
683
385
111)
380

26
150
143
343
293
318
707
413
110
390

Sales
for
Week.
Shares ■
6,15 )
1)
11
31
21
2L '
7, lli '
1,()()'
11
0
31

Range since Jan
Low.

1.

High.

)
244$ Fe 1 31
150
Fe ) 150
143
Fe 1 143
318
Fe ) 388
290
Fe ) 345
305
Fe ) 338
655
Fe > 795
377
Fo > 460
101
Fe ) 128
380
Fe 435

Jnn
Feb
Feb
Jan
Jnn
Jan
Jnn
Jan
Jnn

Other Oil Stocks
Allen Oil. r . .
l
14$
14$
14$ 6,151
14$ Fob
14$ Jar
Ained o n . r .........
11-11
4$ 11-lf 42,001
15-10 Jan
4$ Jai
Amalgamated R oyalty.r. 1
12,101
4$
4$
4$ Fel
14$ Jan
Anna B e ll..................... i
66c
63c
21,901
76c
63c
Fel
75o
Arkansas Nat Gas’ new'wt 10 254$
3,801
254$ 36
Fel
21
45
Jan
Associated o il of Texas r. 1
10
$
201
2
14$
Jan
14$ Jai
77
77
3,006
77
Fet
81
Jan Atlantic Petroleum.r___ 5 _____
3
3 4$ 3,001
3
Fel
4
Jnn
90
904$
91
27,006
90
Jan
Jan Bell Petroleum r
93
l
1
14$
1
Fel
14
$ 2,301
24$
93 }$ 93 X
101
904$ Jan
93 4$ Feb Boone O ll.r.........'1 ......... 5
38,100
4 4$
44$
Fel
3
74$ Jan
784$ 79 1 10,006
78
Feb
814$ Jan
Boston-Wyoming OIL r i l l
14$
1H 1 3-16 48,000
1
Jai
14$ Jan
100
100
1,006 100
Jan 1014$ Jan Brazos Oil Corp r. (no par)
18
500
18
Fel
194$
24
Jnn
674$ 70
30,006
674$ Fel)
76
Jan Burknett Van Cleav O il..5 ___ _ 14$ 3.90C
1 4$
3
Jan
14$ Fel
1.006
98 H 98 H
984$ Jan
984$ Jan Carlb Syndicate r now w 1
27
9,401] 25
334$
34
Fel
53
Jnn
Circle Oil r............
g
44$
34$
1,200 ‘ 34$ Feb
44$
54$ Jan
... CORRECTION.— Sale of Lehigh Coal & Nav. cons. 54$s, 1954, In week ending Continental Refg r l l l l l i o
4
4
4
500
34$ Jnn
44$ Jan
Peb. 6 should have been Lehigh C. & N. cons. 4-4$s of 1954.
Cosden 4 Co., com .r___ 6
84$
74$
84$ 7,600
74$ Feb
1 0 . $ Jnn
1
Cushing Petr Corp com . . 5
24
$
7,600
14$
24$
3
Jan
14$ Feb
Dominion
10
12 4$ 114$ 16
New York “ Curb” Market.— Below wo give a record of Duquesne Oil r
77,000
114$ Feb 394$ Jan
Oll.r
.
5
54$
74$ 11,101)
44$ Fob
10
Jnn
the transactions in the outside security market from Feb. 14 Elk Basin P e t r o l :? " :‘ " 5
84$
84$
84, 20,1)00
8
Feb
9 4$
Engineers Petrol C o .r .. 1
14$
14$
14$ 29,625
14$ Jan
14$ Feb
to Feb. 20. both inclusive. It covers the week ending Ertel O ll.r.
5
14$
14$
14$ 13,000
14$ Fob
24$ Jan
Esmeralda OH A Gas" r" 1
4$
4$
H 12,800
Friday afternoon. On the “ Curb” there aro no restrictions Federal Oil_____________ "g
4$ Jan
4$ Jan
4
9,000
3M 4
3
Feb
4 4$
whatever. Any security may be dealt in and any one can Fensland O il.. _ — (no par)
5
0
9001 5
Feb
74$
Gilliland Oil co m .r. (nopar)
38
36
8,200 324$ Fob 604$ Jan
414$
meet there and make prices and have them included in the
Preferred.r___
ioo
93
88
1,201) 844$ Feb 120
93
Jan
Glenrock O ll.r..........." in
34$
3 4$ 3,000
3
Feb
34$
lists of those who make it a business to furnish daily records Gufley-Glllesple oU.rV."(t) ----- _ 27
28
2,500 264$ Feb 394$
284$
of the transactions. The possibility that fictitious transac Gum Cove O ll.r.
new
2
24$
2 4$ 2,300
14$ Jan
3
Feb
Homo Oil A R e f g . r " 10
3 4$ 7,200
2 4$ Feb
9
tions may creep in, or even that dealings in spurious securi
Houston OH Com r
100 io i
95
105
2,300 904$ Feb 151
Jan
ties may be included, should, hence, always be kept in mind
Hudson O ll.r_______” . . i
1
X 1 3-16 66,800
4$ Jan
14$ Jan
7
500
8
7
particularly as regards mining shares. In the circumstances, Hughes Petroleum r " ” 5
Feb
104$
Indiahoma Refining
200
74$
74$
7 4,
74$ Feb 94$1
it is out of the question for anyone to vouch for the absolute Internat Petrol r
£1
56
15,400 514$ Feb 77
664$
67
33
29
trustworthiness of this record of “ Curb” transactions, and invincible o n . r _ . : : : : : : f i o
33
13,300 27
Fob 45
Island OH A Transp___ 1 0
5,600
54$
6J4
5
Feb
54$
64$
we give it for what it may be worth.
King Petroleum Corp r 1
3
5,800
24$
3
2
3
Feb
Lance Creek R oyalties.r'l
60
62,500
65c
4$ Feb 65c Feb
Frida y
Sales
Livingston Oil Corp r
1
14$
14$
14$ 15,500
Week ending Feb. 20.
14$ Feb
24$ Jnn
Last Week's Rang e for
Range since Jan. 1.
Lone Star Gas.r
25 364$
31
38
5,000 31
Feb 38
Sale,
of Prices.
Week.
Magna Oil & Refining"' ' 1
4,000
54$
6
5
Feb
9
Stocks—
P: tr. Price Low.
High . Shares.
Low.
High.
Manhattan O ll.r.(n o par)
29
27
3,800 25
30
Feb 41
Maracaibo Oil Explor r (t>
18
$ 2,800
164$ 18 4
16
Fob 27
-1
14
14$
24
18,20C
14$ Jan
24$ Fel) Margay Oil Corp.r.(no par)
5
200
5
5
8
Feb
Jail
r ) ------74$
84
3,900
74$ Feb
94$ Jan Merritt Oil C o r p ........... 1 0
184$ 194$ 4,300
184$
174$ Fob 224$ Jan
r ) ____
44
45 >
200
44
Feb 49
Metex Petrol Corp r
5
Jan
14$
44$
4 4$ 2,400
44$ Feb
4 4$ Jnn
r) ...... _
29
30 4
3,000
Feb 40
20
Jan Metropolitan Petroleum . 2 5
3
24$
4.600
34$
24$ Jan
4 4$ Jan
1,400
,)•
l<)4
104$ 114
Feb
8
10 15
114$ Feb Mexican Pantico Oil
1,0 0 0
114$ 15
9
Feb 21
Jnn
10
71
71
75
1,500
Feb
71
75
Feb Mexico Oil C orp .. . . "io
2
3.800
24
24$
14$ Feb
44$ Jan
25
10?
1 0 4 $ 12
15,000
104$ Fel
174$ Jan Midwest Refining .r
" l 0 154
147
8.399 141
155
Feb 180
Jan
)0
10
10
100
10
Feb
124$ Jan Midwcet-Texas o il. r. . . 1
4$
4$
4$ 2.500
4$ Jan
4$ Jan
1 5 _____
164$ 17
2,700
164$ Feb
18
1
Feb Morton Petrol of Me r
1.800
24$
24
24$ Feb
34$ Feb
t)
25
22
254
6,300
Fob 27
19
6
Jan North American Oil r
4,950
34$
44$
Feb
64$ Jan
00
88
88
89 4
90C
88
Feb 93
Jan Northern Texas O ll.r . . : " 5
2.600
4
24$
I “ Jan
44$ Feb
25
504
504$ 514
2,601
494$ Jan 56
Feb Ohio Ranger , r.......... ....... 1
1
1
1.500
4$ Jan
14$ Jan
£1
194
18
193* 13,50< zy 174$ Jan
k
284$ Jan Omar OH < Gas new___ 1 0
54$
1.400
64$
54$ Feb
74$ Jan
£ 1 .........
184$ 184
500 zy 18
Jan 28
Jan Pan'lo Prod A Ref com .r(t)
1.400
184$ 20
18
26
Feb
Jan
25
2J
1,001
24$
24
24$ Feb
Preferred.r___
too
34$ Jan
81
81
100
80
Feb 90
Jnn
t)
39 p
39
40
2,700
rj
384$ Fob 44 4$ Jan Pennock O ll.r.
8
6
64$
Feb
94$ Jnn
w
12
9
134$ 10,500
84$ Feb 25
Jan Phillips Petrol, co n k ; (t)
34
38
*32
Fob 894$ Jan
t) ____
224$ 24
800
22
Feb 29
10
Jan Producers A R e f.r.
8
9
16,000
74$
74$ Fob
104$ Jan
Dafoe-Eustlce C o .r__ t) ........
44$
54,
701
34$ Feb
11
Jan Red Rock Oil A Gas
1
1
1
14$ 3,200
Feb
14$ Jan
t)
41
404$ 43 4$
2,700
404$ Feb 60
Jan Rickard Texas C o .r . . . ; : 6
14$
14$
700
14$
3
Jan
U$ Feb
t ) ____
38
40
600
35
Feb 48
Jan Ryan P e tr o le u m .r ..I k : 1
34$
34$
4 4$ 19,400
34$ Feb
44$ Jan
0
88
794$ 90
18,000
FeL 130
77
Jan Salt Creek Prod r
~~25
1
7,300 44
494$ 52
Feb 66
Feb
Preferred.r.. .
0 . ___
145
145
500 145
Feb 145
5
Feb Sapulpa Refining.
54$
1,10 0
64$
64$
54$ Feb
74$ Jnn
r)
254$
23
264$ 74,000
Feb 36
23
5
Jan Savoy o i l ..
6
200
6
6
Feb
Feb
r)
2 0 4$ 24
28
24,700
24
Feb 34
Jan Seaboard Oil A Gas 7
is
800
4
Feb
64$ Jan
1
14s
14$
IJs
7,301
1
Jan 1 7-16 Jan Sequoyah Oil * R e f . . . : : i l
7,000
)
4$
Jan
Preferred_________
4$ Jan
1
2
1 15-16 2
6,900
2
Fel) Simms Petroleum r(no par)
14$ Jan
33
85.000 33
Fob
364$
40
734$ Jan
Hall Switch & Signal.
0
3
3
3
101.
3
Fel
Fel) Skelly Oil C o .r
10
3
Feb
114$
9
16,800
94$ 11
134$ Jnn
i
264$
264$ 264$
400
254$ Jan
264$ Feb Southern Oil A TransIklO
5.200
5
Feb
64$
74$ Jan
Heyden Chem. ..(n o
r)
54$
44$
54$
3,400
44$ Feb
64$ Jan South States Cons Corp r 1
5,300
1
Jan
14$
14$
Jan
Hocking Val Products.
0
17
144$ 17
2,20\
13
Feb
17
10
Feb Spencer Petrol Corp
194$
9.900
184$ 194$
204$ Jan
Hydraulic Steel, com.
174$ Jan
)
31
304$ 31
400
Fel.
304$
43
Jan Stanton O ll.r
" 1
7-l0 Jan
4$
4$
4$ 8,100
4$ Jan
) ) ..........
31
32
200
31
Feb
36
Jan Steiner Oil C o rp .k in o par)
13
13
700
3
Fob
144$
164$ Jan
I ____
114$ 114$
100
10
Feb
Superior Oil Corp. (no par)
134$ Jan
14
12
7.900
15
17
114$ Feb
Jan
1)
144$
124$ 144$
8,900
1 2 4 $ Feb
20
Jan Texas Chief O ll.r.......... 1 0
23
20
800 20
25
Feb
474$ Jan
0
11
10
13
4,200
10
Feb
17
25 43 )*
Jan Texas Company, new
45
6,100
484$
434$ Feb
59 4$ Jan
i
14$
14$
2
3,800
Feb
14$
24$ Jan " ’exas Pac Coal A Oil r 10 98
800 92
97
101
Feb 1134$ Jan
0 ..........
24
26
1,600
19
Jar
30
Jan
exas-Ranger Prod & It. 1
1 ;$
■
1,000
1
14$
14 $
Feb
14$ Jan
0
77
75
77
501
72
Feb 85
Jan
ex-Ken Oil Corp.r . . . 5
2
3 4$ 2,500
Feb
34$ Jan
0
50 4i
50
51
4,300
49
Jan 53
Jan Texon Oil A Land.r___ 1
14$ 58.000
14$
4$
4$ Jan
14$ Jan
)
214$
21
234$
7,701
Fob 26
21
1
Jan Trinity Oil C o rp .r..
1.900
4$
4$
4$ Feb
1
Jan
6
4J$
44$
5
8,220
44$ Feb
25
64$ Jan Tropical Oll.r . . . . .
17
15
5.900
194
184$
Feb
Mercer M otors.r.
23 4$ Jan
) ____
20
24
700
Feb 39
20
United Tex Petrol.r
" 1
Jan
1
1 1 1-10 11.000
1
Jan
• 14$ Jan
) ____
334$ 354$
6,500
Feb 41
32
in
Jan Victoria O ll.r............
14$
14$
14$ 6.200
14$ Jan
*2 4$ Jan
54$
6
)
54$
4,200
44$ Feb
84$ Jun "u lca n O ll.r.............. J"" 5
7
7,.100
6 4$ Jan
84$
84$
94$ Jan
19
19
) ..........
101
184$ Feb 224$ Jan
'helan O IL -___ : ...........
1
1
1
3,200
1
Jnn
4$ Jan
1
314$
284$ 314$ 11,301,
284$ Feb 37
Jan
hi to Engle Oil A Itef.r’(tj
7.000
22
19
204$ 22
24
Feb
Jnn
)
41
40
414$
600
39
Feb 414$ Jan
hlte Oil Cr rp. r . (no par)
284$ 31
15,300 26
294
Fob *50
Jan
9
30
28
304$
901
28
Feb 34
Jan
Woodburn Oil C o r p .r ... 1
1,475
64$
64$
6
Feb
84$ Jnn
0
44s
4
44s 11,000
24$ Feb
64$ Jan
Pressman Tire * Rub r. 0 _____
24$
24$
1,80:
14$ Jan
34$ Jan
Mining S tocks—
2 4*
3,801
24s
24$
2
Jan
3
Jan Alatka-Brlt Col Metals.,1 15-16
11-10 4$ 19.800
14$ Jan
,4$ Fob
24$
24$
24$
3,400
24$ Feb
44$ Jan Amer Hond Min C orp .r. 1
200
14$ 1J$
14$
24$ Fob
14$ Jan
314$
30
324$ 21,811;
30
Fel
324$ Feb America M ines.r............... 1
1
1
1
400
1
Jan 1 1-16 Jan
1
4
34$
4
14,300
0
34$ Feb
Jan Arizona Silver.r____ I l k l
1
14
14$ 6,400
Fob
1
64$ Jnn
444$
434$ 46
1,500
434$ Feb 644$ Jan Atlanta M ines.r_______ II 24$c
2c
3c
13.900
34$c Feb
14$c Jan
..........
28
284$
701
28
Fel
29
Feu Belcher-Dlvlde. r . . . ___ 1 6 0
15c
17c
18c 33,200
Jan
15o
Jan 38o
..........
204$ 204$
100
18
Feb
264$ Jan Belcher E xten sion ...klO c
17c
15c
19c 31.300
Jan
15o
Feb 49c
134$
124$ 134$ 11,500
Feb
124$
174$ Jan Big Ledge Copper Co___ 6
7-10
4$
4$ 15.000
9-10Jon
4$ Feb
Swift International.r__ 1 , _____
43
44 4$
2,900
40
Feb
59
Jan Bon Alaska______________ 1
08
72
72
Feb 72
3.500 08
Fob
Temtor Corn A Fr pf A (t ........ .
404$ 424*
2,600
35
Fob 48 X Jan B o o t h .r __________ . . . l . i
0C
5c
6C 12.800
7o
Jan
44$o Jan
Tobacco Prod Exports.. ( f
19
19
19
200
Feb
17
32
Jan Boston A Montana D ev . . 6
07c
08c
69c
Fob 74c
Jan
14.700 05o
170
159
170
795
51
Feb 200
Jan Butte * N Y Copper. r_ 1
4$
4$ Feb
4$
1,100
4$ Jan
4$
4$
4$
4,500
4$ Jan
4$ Jan Caledonia Mining_______ 1
36c
30c 37c
Feb 42c
^an
13.300 30c
124$
11
124$
7,80C
94$ Feb
184$ Jan
Calumet A Jerome Cop.r. 1
3-16 3-16
3 16 Jan
3 16Jnn
l ,000
24s
2
24$ 22,800
14$ Feb
34$ Jan Canada Copper Co, L t d ..5
1 3-10 14
14$ Jan
3.300
14$ Jan
15
134$ 16
14,900
13
Feb
19
Jan Candalarla Silver, r______ 1
11-16 4
5.900
4$ Jan 1 1-16 Jan
54
50
55
5,600
47
Jan
55
Feb Carson nill G old .r_ . . . 1
_
20
Fob 40
1,340 20
Jan
234$
33
35
344$
3,715
27
Jan 404$ Fob Cash Boy Consol_ _____ 1 74$c
_
7c
60
8c
Jan
94$c Feb
18.300
... .
3
34$
8,000
24$ Feb
34$ Jan Con Arizona Smelt.......... 5
4$
1.500
4$ Feb
4$ Jan
k
3
24$
34$ 16.81M
24$ Feb
44$ Jan Consol Copper M in e s ... 5
44$
44$ Feb
54$ Jnn
300
44$
U 8 Transport.r___ ...1 0
104$
104$ 12
3,100
104$ Feb
124$ Jan Consol Virginia S ilver.r . . 6
*5
54$
0
1,425
10
44$ Jnn
Jan
V Vlvadou, Ino.r_(no par)
19
174$ 19
800
164$ Feb
244$ Jan Cresson Con Gold M A M .l
2
2
1.300
14$
14$ Fob
24$ Jan
Warren Bros.r________ 100
63
63
65
300
63
Feb 70
Jan De Beers Cons Mines, Ltd
41
38
Jan
114$ 10.000 374$ Feb 48
White Rock Water, r ........
64$
7
200
64$ Feb
7
Jan Divide Extension________ 1 13-10
11-10 4$ 43.800
11-16 Jan 1 16-16 Jan
W lllysCorp,com.r.(no par)
24
244$
200
24
Jan
264$ Jun Dolores Esperanza______ 5
24$
700
24$
24$ Feb
24$
2 4$ Feb
First preferred. r _____ 106
96
96
984$
1,500
Feb 100
96
Jun El Salvndor Silver M in .r .l
3 4$
24$
34
13.700
24$ Feb
3 4$ Jan
Eureka Croesus M ln .r_ 1
_
14$
14$ 1 6-10 16,100
14$ Feb
1 % Jan
R ights.
Eureka H olly.r................. 1 13-16
4$ 13-10 0,800
9 10 Feb
75c
Jnn
Brlt-Am Tob ord bear .r ._
74$
64$
74$ 20,500
Feb
8
Jan Forty-nine Mining.r_____ 1
84$
1
1
4.800
14$
1
Jnn
24$ Jan
Ordinary.r____________
7
74$
7,600
6
Feb
74$ Feb Golden Gate Expior’n .r . . 6
14$
4.300
14$
1
Feb
24$ Jan
General Electric_______ r . .
6
6
300
3
Feb
9
Feb Goldfield Consol'd______1 0
13c
14e 20,300
Jan
100 Feb
16c
Lortllard (P) C o . r . . ..........
74$
64$
74$
2,100
64$ Feb
74$ Feb Goldfield Devel . r ____0 c
13c
15c
Fel)
40.500
15c
9c
Jan




Sates
Friday
for
Last Week's Range
Week.
of Prices.
Sale.
High. Shares
Minina (Concluded) Par Price. Low.

New York City Realty and Surety Companies

Range Since Jan. 1.
Low.

High.

All p rice s d o lla r s per s h a re .

Jan
4c
2c
Jan
10.000
3 He 4c
4c
Gold field M orgor.r...
Jan
28c
Jan 40c
31,800
29c 33c
30c
Gold Zono Divide.r
Jan
3c
----2c
Jan
11.300
2c
3c
3c
Great B ond.r----------------- 1
4Vi 4 7-16 4,940 3 15-16 Jan 4 7-16 Feb
Hoola Mining.................25c 4 5-16
Vi Jan
V Fob
i
4,800
Iron B lo s s o m .r...------10c
Vi
Jan
Jan 27c
10.300 21c
24c
23c
Jim B utler.r----------------- 1 23 He
8c
Jan
6c
Jan
10.400
7c
6c
Jumbo Extension-----OH c
4H Jan
4
Feb
200
4
4
Kerr Lake._____________ 5
Jan
1 Ho Jan
4c
14.400
4c
3c
4c
Kewanua.r-------------'
15c
Jan
7c
Feb
19.400
7c 8 Hc
Knox D ivide.r________ 10c 7Hc
Vi Jan
3.100
Vi Jan
Vi
H
I.a Hose M lues, I.td........ 5
V Jan
i
4.000
V Jan
i
H
H
Louisiana Consol------------ 1
Vi
V 18,000 2 1 c Jan 36c Jan
i
MacNamara (Ircsecnt. r _. 1
Feb 97c
Jan
H 11-16 60,000
H
MaoNamara M ining.r— 1
H Jan
3 lOJan
19.500
21c 30c
Magma C h ief.r................ 1
35 H Feb
35 H Feb
200
35 H 35 H
Magma Copper................. 6
32c
Jan
190 Feb
15,600
2 1c
2' c
2
Marsh Mining r------------ 1
Feb
3H Jan
1.000
2X
*Vi
Mason Valley_____. . . — 5
6c
Jan
*5* Feb
500
5c
5c
Motherlode, n ew .r----- 1
78 0
Jan
Jan
1,250 74e
75c 76c
Murray-Mog M . L td. — 1
Jan
41c
Feb
3.700 25c
35c 38c
Nevada Ophlr M in .r .. 10c
12H Jan
9H Feb
9 ii 10 H 5.500
Nlplsstng Mines_________ 6
10H
Feb
23c
Jan
12 c
4.700
12C 18c
Nixon Nevada...... ........... I
Jan
1H Feb
1
1,909
1H
1Vi
Ophlr Silver M ines.r------1
IVi
1 3-16Jan
7.500
V Fob
i
V
*
H
Prince Cons------- ---------- 2
Jan
500 38 H Feb 42
38 H 39
Hand Mines, Ltd w 1--------7 16 Feb
V Feb
i
H 7-16 28,000
Red Warrior r. — .......... 1
12c
Jan
Jan
7c
1,000
8c
8c
Ilex Consolidated M in— 1
H Jan
V Feb
i
V
i
V 46,200
Roper Group Mining------1
19
Jan
Feb
14
1.500
14 >4 15
Seneca Cop C orp ..(n o par)
Vi Feb
Vi Jan
7-16 V 17.000
Silver Dollar M lD.r..
16-16 Jan
38.000 9-16 Feb
Vi 11-16
Silver King of Arlsona— 1
14c
Jan
Feb
5c
12.700
5c
7c
Silver King D iv id e ..r ...l
16He Feb
Jan
2o
68.100
1 0 c 16Hc
16c
Silver Pick C ons'd.r------1
8 H Jan
2,200
6 H Feb
So Amcr Gold A P la t.r.-lO
7H
3-16 Jan
Vi Jan
V 6-16 8.900
i
Standard Silver-Lead------1 '" 5-16
19c
Jan
17He Jan
5.000
18c
19c
18c
Stewart _ r .......... ............... 1
Jan
7c
3c
Jan
16,400
5c 6 He
6c
Success Mining-------------- 1
Jan
7c
...
1 He Feb
17.700
3c
6c
5c
Sutherland D ivide.r------- 1
3H Jan
2H Jan
3.400
3
2H
3H
Tonopah Belmont D e v .r .l
4 V Jan
i
2 V l ’cb
i
2 7-16 2H 18,150
Tonopah D ivide.r----------- 1 2 o -ir
2,200 2 3 16 Feb 1 15 16 Jan
2V
i 2H
Tonopah Extension.......... 1
3H Jan
2 V Jan
i
2,255
2 Vi 2 V
i
Tonopah Mining, r ---------1 2 11-16
4H Jan
3}t Jan
4,810
3H 4
United Eastern............ -1
3H
10c
Jan
Jan
8c
10.000
9c
8 He 9c
U S Continental Mines.r. 1
2
Jan
1 9 16 Jan
3,700
1 J
1 Vi 1V
i
Utah Reserve r..................
29c
Jan
13c Feb
17.700
13c
16c
14c
Victory Divide, r . — 10c
97c
Jan 1 16 l ’cb
4.400
98c 1
Washington Gold Quartz. 1
9,100 1 7 16 Jan 2 7 16 Jan
1Vi 2
IH
West End C onsol'd......... 5
3c
Jan
1 He Jan
11,200
lH c 2 He
White Caps Extension. 10c
Jan
12 c
7 He Jan
15.700
10 c
12 c
White Caps Mining----- lOe
13 16 Jan
1 H Feb
3.000
While Knob Cop, pf.r_.10
Jan
8c
6c
Jan
3.900
Wilbert Mining.................1
B on d s— •

76
Allied Pa th conv debOsi'r'29
A met- Tel A Tel 6 s. r_. 1922 98}
6 % notes.r ------------ 1921
Belgian Govt Ext 6 s.r 1925 *97"
99
Extern il 6 s------------ 1921
88
C O C A Si r, Ity (is r 1929
General Elec Os.r----- 1941! 98
66 V
i
Interboro It T 7s r_. 1921
Kennceott Cop 7 s r . 1930
I.lgg A M vers Toll Os.r 1921
Russian G >vt 0 H »-r- - 1919
S H s .r ......................... 1921

ss

Switzerland G ov t5 H s- 1929

76
94 V
i
94' ,
95 H
98 V
i
80
95 H
05
96
98 H
27 ‘ 4
25

81
96
95
97
99

5

Fel;
Fi
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Fe
23 H Jan
Jan
23
8 6 H Feb'

100,000

66,000
12,000

94 H
95
98 H
84 H
94
62
95
98 V
i

65.000
48.000
5.000
S h 545.000
B
134.000
08
97 V 50.000
i
6.000
98
30.000
30
12.000
28
11,090
86 V 88
i

89 H
97 V
i
96 H
97
99 H
89
98 V
i
76
98 Vi

93

b id

Ask

Alliance lt’lty 80
Amer Surety. 73
Bond A M G - 220
Olty Investing 75
Preferred.. 86

78
230
80

Jan
Jan
Juu

Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan

* Odd lots
t No par value, i Listed as a prospect. I Listed on the Stock
Exchange lids week, where additional transactions will be found o New stock
r Unlisted, ir When Issued, r Ex-dlvIdcnd. v Ex-rights, i Ex-stock dividend
f Dollars per 1,000 lire. flat, k Correction.

C U R R E N T

N O T I C E S

__ A n ow I n v o stm o n t b a n k in g h o u se h a s been o rg a n ize d b y se ve ra l m en
w h o h a v e b o o n p r o m in e n t ly id e n tifie d w ith th e in v e s tm e n t b a n k in g and
c o m m e r c ia l p a p e r b u s in ess In C h ic a g o fo r m a n y y e a rs . T h e new firm
w ill b e k n o w n as G lo r e , W a r d & C o ., a n d w ill c o m m e n c e bu sin ess a b o u t
M a r c h 1 w ith C h a rles F . G lo r e , P ie rce C . W a r d a n d A lle n L . W ith e rs
as gen era l p a rtn ers a n d E arle M . R e y n o ld s a sp e cia l p a r t n e r . M r . G lo re
w as fo r m e r ly V lc o -P r e s ld e n t o r A . B . L o a ch A C o ., a n d M e s sr s. W a r d a n d
W ith e r s w ere m an ag ers o f t h e C h ic a g o o f f i c e o f G o ld m a n , S ach s A C o
M r . R e y n o ld s is P res id en t o f t h e P e o p le 's T r u s t A S a v in gs B a n k , C h ic a g o .

New York City Banks and Trust Companies
All price* dollar* per *hare.
f l ank *— N Y , BUI

757

THE CHRONICLE

F eb . 21 1920.]

Ask | Bank*
1 Rid
620 limp A T ra d .. 560
316 Ilrvlng (trust
___ | certificates) 385
220 Liberty........ .. 400
___ Lincoln_______ 285
166 Manhattan *. 245
125 [Much A Mot. 115
160 Merchanta__ 230
155 Mutual*____ SO.)
15 New N o th * .. 2 0 (1
130
_ New York Co
_
450 Now York__ 465
120 Pacific *........ 135
135 |Park.............. 745
590 Prod Exch*.. 350
265 Public ........ 340
375 Seaboard__ _ 600
__ Heoond ____ 100
____'State*............ 1/315
.123d Ward*. : iso
235 .Union Exch .| ISO
...-UnitedStates* 200
ijWaah H'I.h* .. too
226 \Woatch Ave*. 23 1
1York v in e * ... 375
465
Brooklyn
10 0
175 iConey Island* 14(1
205
First........ ..
160
130 ' Greenpolnt..
Hillside*........ 1 1 0
170 Homestead*.. 80
W O M echanics'*.. 90
O
S5
Montnuk •
225 N assau..___ 205
National City 115
105
835 North Side*.
145
385 People’ s ___

America*___ 605
Amer Exch_ 390
_
Atlantic____ 215
Battery Park. 210
Bowery*____ I 426
BroadwayCen 145
Bronx lioro*. 195
Bronx Nat_
_ 160
Bryant Park* 145
to
Hutch A Drov
Cent M ere... 220
Chase............ 435
Ghat A Pheu. 319
Chelsea Etch* 1 .'5
Chemical__ _ 580
OltUens____ 26 1
City . ........ 365
Goal A Iron. . 250
Oohml.il * — 150
Columbia* . l 175
Commerce . . . 225
Cornin'! Ex* 425
C om mo n
wealth*. . 2 15
Continental * . 1 2 0
Corn Exob* . 1/159
96
Oosmop'tan *.
Cuba (Bk o f ) . 1 5
East R iver.. . 160
1)
Europe_____ 1 1
Fifth Avenue* 901)
12
Fifth ..........
975
First . . . . . .
240
ciarlleld . . . .
Gotham ........ 21
—
Greenwich * .. 1/285
Hanover___ .1 v.-fl
Harrlman___ 375
Industrial* ..I 190
• Banka marked with a (•) are State banks,
change this week, t Includes one-half share
E x-dividend, y Ex-rfghts.




Ask
575
335
420
20ft
255
45 i
210
210
140
4.80
705
100
125
225
191)
500
240

166
215
196
120
95
95
215
130
205
160

Trust C o’»
N e tc York
Bankers Trust
Central Union
Columbia___
Commercial .
Empire..........
i Equitable T r.
Farm L A Tr.
Fidelity........
F ulton_____
Guaranty T r.
Hudson-------Irving Trust.
Law Tit A Tr
Lincoln Trust
Mercantile Tr
Metropolitan.
MutuaKWestChester). . . .
N Y Life [ns
A Trust__
N Y Trust. .
Title Oil A Tr
U S Mtg A Tr
United States
Westchester..

Bid

Aik

372
368
410
420
345
335
160
190
300
290
280
440
430
2.30 24 )
265
256
30)
.3 7 5
140
150
|8ee Irvin*
INat Bank
134
128
176
235
300
290
105

125

735
620
375
405
840
130

385
415
880
110

Brooklyn
Brooklyn Tr. 590
Franklin____ 240
Hamilton___ 202
Kings County 650
Manufacturers 205
People’s ......... 1/270

1

750

515
250
272
700

1

t Sale at auction or at Stock ExIrving Trust Co < New stock

95

Bid
Lawyers Mtge 120
92
Mtge Bond.
Nat Surety. 200
N Y Title A
Mortgage. 135

Ask
125
97
210
145

bid
Realty Assoc
(Brooklyn). 110
U S Casualty. 150
U 8 Title Guar 80
West A Bronx
Title A M G 160

AM
12 0

170
__
170

Quotations for Sundry Securities
All b o n d p rice s e r e " a n d I n te r e s t” e x c e p t w h e re m arked " t

ar
Standard OH Stock* Pe r SM
Par Bid Aik.
26
Anglo-Amerloan OH new. £1 25
1360 1400
11212 .1312
430 150
94
♦x92
220 240
100 109
z49 ) 500
*33 35
160 170
140 115
74
72
98 103
99
96
Preferred new
195 168
*96 98
07
*65
*3012 32
184 188
100 102
*340 350
*5612 58
600 610
233 238
) 340 360
) 150 155
[) 300 305
97
0 93
0 310 315
) 685 095
Standard Oil (Indiana).
6 *5'0 600
0 405 420
0 490 510
0*703 710
0*115 115
0*405 410
0 505 520
8
*6
Rights . . .
li)0 lOS
preferred .
0 95 100
0 10.) 112
1
.
*1
Rights . . .
100 1102
Preferred.
0 385 395
38
0 *32
Ordnance Stocka— Per S hare.
_
Aetna Explosives pref_ 100 65
Atlas Powder common_ 100 155
_
Preferred____________ 100 85
Babcock A Wiloox______100 116
Bliss (E W) Co oommon. 60
Preferred..___________ 60 ►60
Canada Fdys A Forgings. 100 200
Carbon Steel common. .100 95
1st preferred................. 10< 98
70
2d preferred
........... 10(
Colt's Patent Fire Arms
*51
M fg...............................
duPont (E I) de Nomoura
A Co oommon............ .. 100 300
Debenture stock ......... 100 86
Eastern Steel_______ — 100 80
Emi Ire Steel A Iron com 100 25
Pi eferred.......... ......... 100 65
Hercules Powder 0 0 m— 100 200
Preferred____________ 100 102
NUee-BemontPond com 100 107
Preferred____________.100 65
Phelpe-Dodge Corp . . 100 225
Scovlll Manufacturing. . 100 390
Thomas Iron--------------- 60 *30
Winchester Co o o m ._ _ 100 400
_
1st preferred_________ 100 90
60
2nd preferred___________
Windward Iron ........ .100 33
80
Preferred...............

75
165
90
119
420
si)
205
105
103
,6
’
58
310
89
85
30
70
210

105
111)
11)0

235
41C

Public Utilities (Concl.)
Per sh.
(1ulted Lt A Rys com . . . . 1 0 0 ------ 28
1st preferred_________ 100
60 62
Western Power oommon. 100 20 21
P r e f e r r e d ......______100
68 70
R R. Equipm ent*—PirCl. Basis.
Baltimore A Ohio 4 H s - - - - - A-8? 6 50
Buff Rooh A Pittsburgh 4Hs 6 20 6.85
Equipment 4s___________
6.20 5.85
Equipment 6 s ____ ______
0.20 6.85
Canadian Paclflo 4H s______ 6-50 6.00
Caro Cllnchfleld A Ohio 5 * .. 6.75 6.00
Central of Georgia 4 Hs_____ 6.75 6.00
Chesapeake A Ohio________ 6.50 6.12
Equipment 5s___________
6.50 6.12
Chicago A Alton 4H s_____
7.50 6 50
Equipment 5s___________
7.50 0.50
Chloago A Eastern 1 1 6 H i . . 7.50 6.50
1
Ohio Ind A Loulsv 4H s------- 6.75 0 00
Ohio St Louis A N O 6s. —
6.37 6.86
Chloago A N W 4H s............. 6.12 6.65
Chloago R I A Pao 4 H 1 ......... 6.87 0.25
6.87 6.25
Equipment 5s___________
Colorado A Southern 6 1 . . - 6.70 6.00
Erie Ss.................................... 7.00 0.37
Equipment 4H s-------------- 7.00 6.37
Hooking Valley 4i|S--------- 7.00 6.25
Equipment 5s---------- .. .
7.00 6.25
Illinois Centrul 6s.........—
6 30 5.75
Equipment 4H s----------6 30 5 75
Kanawha A Michigan 4 H »-- 6 .75 6.25
Louisville A Nashville 6*—
0.12 5.65
Michigan Central 6s---------6 35 6.00
Equipment 6s___________ 6 3o 6.00
M l n n 8 t P A 8 8 M 4 H l ------ 6 50 6.00
Missouri Kansas A Texas 5 l. 7.09 0 25
Missouri Paclflo 5s-------------- 7 0 6 25
Mobile A Ohio 5s................... « 75 0 15
Equipment 4H s------------- 6.75 6 15
New York Central Lines 6«-- 6.37 6.00
Equipment 4 H i--------—
6.37 6.00
N Y Central UR 4 'i s ---------. 6.60 6.00
N Y Ontario A West 4 H « --- 6.75 6.00
Norfolk A Western 4 H i------ 6.10 5 75
Pennsylvania RR 4H s------- 6.19 5 00
Equipment 4s.............
6.10 5 60
St Louis Iron Mt A Sou 5 o .. 7.2.: 6.25
St Louis A San Franolsoo 6 l. ~ 25 0.25
6.15
Seaboard Air Line 6s...........7.00
Equipment 4H s— ........... J.uo 0.15
5.80
Southern Pacific Co 4 H i —
Southern Railway 4 H i------- ” .50 6.00
Equipment 5s___________
6.50 6.00
Toledo A Ohio Central 4 *.. . 6.75 6.00
T obacco Stock*— Per Sh are.
Par Bid Ask.
smerlcan Cigar oommon. 100 120 126
80 86
Preferred................ — 10(
Amor Machine A Fdry..lO( I 5 125
Brltlsh-Amer Tobac -rrt .£1 •18l2 18*8
Brlt-Am Tobao nearer.. £1 *1 l2 18*8
*7 is 7U
Brlt-Am Tobao, rights........
Conley Foil___ _
.
-100 275 325
Johnson Tin Foil A Mot-100 110 120
MacAndrews A Forbes .100 145 155
90
95
Preferred...................... 100
Reynolds (R J) Tobaooo.100 520 530
B oommon stock . . . 100 400 430
Preferred.................
126 “ 135
Voung (J B) C o . ------95 106
Preferred ............

Per Cent.
9J84 9734
5U
9 18 4
95b 9534
6% notes 1922 .
9l-l 9612
9414 95
Public Utilities
991|
99
60 * 121 123 Del A Hudson 6s 1920
Amer Gas A Elec com
97D
95
Preferred_________ . . . 50 *39b 40 Federal Sug Rfg 6s 1924
991-8 JO
O
1711 LSI) General Elec 6s 1920..
Amer Lt A Trao 0 0 m----- 100
9.S 1)884
Preferred___.•
......... — 100 83 90
2
91D 991
Amer Power A Lt com__ 100 90 65
96*2 93
74
Preferred_____________100 71
10 Laclede Oas 7s Jan
9U2 96
Amer Publlo Uttlltlee oorolOO
983s 0 0
LlggettAM yersTohb
Preferred_____________100 17 22
99H
09
Carolina PowALIgbt com 100 35 36>2 N Y Cent 9s 1920
9 I-', 071t
Cities Service Co 0 0 m .. . 100 300 370
S l2 88
I
7)
69
Preferred__________ ..100
93
90
13
Colorado Power com___ 100
9334 94l2
Preferred____________ 100 93 100 Southern Ry 6s 1922..
99b
99
19 SwIftACo 6s 192 1 ... 1
Oom'w'th Pow Ry A Lt--100 17
| 85
80
42
Preferred____________ 100 38
Eleo Bond A Share pref .100 <188 90
9
Federal Light A Traction .100
"
In d u strial
■7
1
Preferred....................... 100 42
a n d M isce lla n e o u s
89
Great West Pow 6s 1946.JAJ 83
\mertcnn Brass ____ . . . 100 208 215
9lj 12
vtlgslsslppl Rlv Powoom.KX
77
73
51
Vmorlcan Chlolo co m ----- 100
Preferred ---100 48
S3
73
Preferred..... ................ .100, 79
First Mtge 5s 1 9 6 1 ...JAJ 70
150
American Hardware
.100
Northern Ohio Elec C orp.(t) *10
42
46
50 tmer Typefounders oom.100
Preferred ___________ 100
92
Preferred ............
100 88
North'n States Pow oora.100 ".66' 59
88 Borden's Cond Milk com. 100 109 111
Preferred. __________ 100 80
98
76
Preferred......... ........... ..100 95
North Texas Eleo Co com 100 71
71 Celluloid Company ....1 0 0 ) 147 165
Preferred .....
100 65
3
1
85 Havana Tobacco Go . . .100 1
Pacific Gas A F.leclst pref 100 83
12
3
8
10
13
Preferred
..........
Puget Sd Tr L A P coin . 100
67
1st g 6s June1 1922 J-D ) *48 | 69
Preferred____________ 100 53
17 Intercontlnen Rtibb oom.100 ) 11 1 13
14
Republic Ry A Light----- 100
48 international Salt
. . .100 3 6712 70
Preferred____ ____
100 45
721*
> 70
1st gold 5s 1951
South Calif Edison com 1 K S5 88
)
94
99 lnl International Silver pref. 1000 *93
Preferred....................... 100
88
) *85
Standard Oas A El (Del) 60 *1912 2 0 1 2 Lehigh Valley Coal Salts
0 135 145
40 i| tyal Baking Pow 0 0 m
Preferred_______
60 *36
92
0 89
. ..
1
3 1 Preferred
Tennessee Ry L A P co m .100
) 145 155
9 | Singer Manufacturing .
0
Preferred_____________100
Singer Mfg Ltd ----------- -£1 rf'Jlj 3U
United Gas A Eleo Corp. too
Texas Pac Coal A O i l ------10 *95 100
1st preferred........ ........ 100
W'hoii8eChur''hKerrAOo 100 50 1 57
2d preforrod_________ 100
...1 0 0 77 1 83
1 Preferred .
100

80
40
90

Shun Term Note*

__

* Per share ft Basis
Oat nrlce a Nominal

d Purchaser also pays accrued dividend
e New stock.
* Ex dividend
y Fx right.
f t ' without par value

758

THE CHRONICLE

[Vol. 110.

Imreslmetti atrtl ^UiilumttT
„

.

RAILROAD GROSS EARNINGS

nan h« nhtn

the gross earnings of various S T E A M roads from whioh regular weekly or monthly returns
?iT
•
,1fut tw9 o^umnsi of figures give the gross earnings for the latest week or month, and tho last two
riU 2 ? /,S #ear. ^ ngs for
S
period from Jan. 1 to and inoluding the latest week or month. The returns of the electric railways

are brought together separately on a subsequent paqe.
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

J a n . 1 to Latest Date

Previous
Year.

Current
Year.

A la b a m a & V ic k s b . D e c e m b e r
2 6 3 ,7 5 6
2 6 2 .6 0 8 2 ,7 9 4 ,5 5 6 2 ,4 7 0 ,8 5 5
A n n A r b o r __________ 4 th w k Jan
170,011
132,721
4 1 3 ,8 0 6
3 7 6 ,2 0 9
A t c h T o p e k a & S Fe D e c e m b e r
17517187 13997068 179904498 162369130
G u lf C o lo & S F e . D e c e m b e r 2 ,4 9 9 ,8 4 2 1 ,4 3 0,49 7 2 2 ,1 8 4 ,3 4 0
1 8,8 85 ,0 9 8
P a n h a n d le & S F e D e c e m b e r
8 2 2 ,9 2 9
4 1 2 ,25 4 6 ,7 0 8 ,4 6 9 5 ,8 0 9 ,6 5 7
A tla n t a B ir m & A t l . D e c e m b e r
4 3 0 ,41 3
4 6 9 ,1 7 6 4 ,9 6 1 ,0 7 2 4 .7 0 3 .3 8 1
A tla n t a & W e s t P t . D e c e m b e r
2 4 4 .06 2
2 65,323 2 ,7 7 8 ,5 6 3 2 ,5 4 8 ,4 4 0
A t la n t ic C i t y ______ D e c e m b e r
2 5 2 ,7 1 4
3 0 8 ,6 6 0 4 ,4 5 2 ,1 6 4
A tla n t ic C o a s t L in e D e c e m b e r 6 ,4 0 0 ,2 3 4 5 .6 1 9 .8 8 4 6 3,558,451 4 ,2 5 2 ,7 6 9
5 6 ,9 9 2 ,3 2 9
B a ltim o r e & O h io . D e c e m b e r
15745813 15358812 182620016 174191448
B & O C h T e r m .. D ecem ber
194,723
116,060 2 ,0 5 8 ,9 4 7 1 ,7 6 1,48 6
B a n g or & A roostook D ecem b er
5 2 1 ,04 2
4 3 7 ,6 1 6 5 ,2 8 7 ,2 9 9 4 ,8 6 3 ,2 2 2
B e lle fo n te C e n t r a l . . D e c e m b e r
8 ,9 4 8
8 ,2 3 9
102 ,28 0
8 8 ,7 5 2
B e lt B y o f C h ic a g o . D e c e m b e r
3 4 6 ,3 4 5
3 0 4 ,79 9 3 ,7 8 0 ,3 2 1 3 ,8 9 9 ,7 6 4
B essem er & L E r ie . D e c e m b e r
4 9 9 ,5 7 2
8 6 2 ,81 2 1 2,5 08 ,6 9 9 1 3,4 17 ,5 6 4
B in g h a m & G a rfield D e c e m b e r
1 55,840
2 6 0 ,77 9 1 ,3 1 4 ,9 6 0 3 .4 5 0 ,7 4 7
B ir m in g h a m S ou th D e c e m b e r
4 4,5 57
83,311
5 6 7 ,34 9 1 ,3 9 7 ,2 5 4
B o s t o n & M a i n e ___ D e c e m b e r 6 ,4 4 1 ,1 8 5 5 ,7 3 4 ,7 5 0
7 2 ,5 8 3 .8 7 9 6 9.9 1 1 .3 9 2
B u f f R o c h & P it t s b . 2d w k F e b
3 4 0 ,36 8
2 9 3 ,58 3 2 .0 8 3 ,0 0 2 2 .0 2 5 ,4 7 9
B u ffa lo & S usq __
D ecem ber
189,868 2 ,1 5 7 ,8 3 0 2 ,2 4 9 ,6 6 6
145,253
C a n a d ia n N a t R y s . 2d w k F e b 1 ,6 7 3 ,0 4 7 1 ,6 1 1,72 2
1 0,4 86 ,0 8 2 9 ,9 0 2 ,3 7 6
C a n P a c L in es in M e D e c e m b e r
3 6 9 ,7 3 8
3 1 8 ,4 2 5 2 ,7 5 4 ,9 5 3
C a n a d ia n P a c i f i c ___ 2 d w k F e b 3 ,5 4 7 ,0 0 0 2 ,8 8 3 .0 0 0 2 0 ,5 0 4 ,0 0 0 2 ,4 0 9 .2 6 0
1 8,2 5 9 ,0 0 0
C a r o C lin c h & O h io . D e c e m b e r
5 5 2 ,1 3 5
495.071
C e n tra l o f G e o r g ia . D e c e m b e r 2 ,1 0 4 ,8 7 5 1 ,9 0 2,04 0 5 ,9 7 0 ,1 3 4 4 ,8 1 1 ,5 3 8
C en tra l R R o f N J __ D e c e m b e r 3 ,9 1 0 ,7 6 6 3 .5 5 9 ,8S9 2 1 ,6 9 6 .5 1 0 2 0 ,6 9 2 ,8 8 8
4 4 .8 3 7 .3 0 2 4 4 ,7 9 0 ,6 7 0
C e n t N e w E n g la n d . D e c e m b e r
578 ,85 3
5 0 7 ,83 7 6 ,7 5 7 ,4 0 8 6 ,0 6 3 ,1 5 5
C e n tra l V e r m o n t ___ D e c e m b e r
5 1 3 ,8 8 6
453 .07 1 5 ,8 5 2 ,3 0 8 5 ,1 8 8 ,8 1 2
C h a rleston S W C ar D e c e m b e r
c
3 2 3 ,6 2 0
3 19.811
C h e s & O h io L in e s . . D e c e m b e r 5 ,6 7 5 ,6 7 6 7 ,0 8 9 ,6 1 6 3 ,1 2 1 ,6 3 6 3 ,0 1 5 ,8 8 6
C h ic a g o S A lt o n ___ D e c e m b e r 2 ,3 8 2 ,1 0 8 2 ,1 5 6 ,5 1 6 7 1 ,4 7 5 ,0 1 5 7 3 .7 2 0 ,7 9 6
c
2 5 ,2 7 2 ,3 3 4 24,3 58 .6 6 1
C h ic B u rl & Q u in c y . D e c e m b e r
12720301 12639318
C h ic a g o & E a s t 111.. D e c e m b e r 2 172,123 2 ,2 2 5 ,9 9 6 154011437 144172769
2 4 ,7 9 5 ,1 8 0
C h ic a g o G r e a t W est D e c e m b e r 1 ,8 5 9,49 5 1,6 8 5,45 9 2 2 ,1 2 8 ,1 8 9 2 6 ,7 5 3 ,0 9 2
1 9,1 16 ,9 2 4
C h ic I n d & L o u is v . . D e c e m b e r 1 ,077,901 1 ,0 4 5 ,2 7 5
12.3 55 .8 2 6 1 1,0 17 ,2 7 4
C h ic a g o J u n c t i o n . . D e c e m b e r
3 2 1 .0 6 2
3 3 9 ,1 7 8 3 ,7 1 2 ,4 7 9 3 ,4 3 5 ,7 8 4
C h ic M ilw & St Paul D e c e m b e r
12586422 12449937 150370394
C h ic & N o r t h W e s t . D e c e m b e r 1 1094113 1 06 7 6 1 9 9 1395 8 99 1 5 134772945
1 2 7 2 9 56 7 8
C h ic P e o ria & St L . D e c e m b e r
161,302
159,282
C h ic R I & P a c i f i c . . D e c e m b e r 1 01 5 1 11 8 8 .4 2 3 .8 8 4 1 1 .7 3 6,07 8 2 ,1 4 7 ,4 6 6
11 5 7 86 5 5 9 9 ,8 6 9 ,5 5 6
C h ic R I & G u l f . . D e c e m b e r
5 09,594
3 54,541 5 ,0 4 6 ,0 2 8 4 ,4 2 0 ,0 0 8
C h ic St P M S O m . D e c e m b e r 2,41 2,13 1 2 ,2 4 5 ,9 9 4 2 7 ,7 3 2 ,0 1 8
c
24,8 29 ,9 8 1
C h ic T e r r o II & S E . D e c e m b e r
3 5 8 ,4 9 5
3 8 6 ,49 4 4 ,0 9 4 ,1 9 5 5 ,0 0 0 ,9 5 6
C in e In d & W estern D e c e m b e r
3 4 3 ,33 8
2 6 8 ,7 1 2
70
C in N O & T e x P a c . D e c e m b e r 1,383,521 1,55 4,88 6 13 ,2 0 4 ,5 8 5 3 ,1 3 7 .1 5 2
6,3 13 ,6
15.478,641
C o lo & S o u t h e r n ___ 1st w k F e b
4 9 9 ,1 5 5
4 4 9 ,9 1 7 2 .7 4 4 .3 8 8 2 ,3 8 7 ,5 1 6
F t W & D e n C i t y . D e c e m b e r 1.05 2.63 6
8 0 0 .14 4 1 1.1 62 .3 0 2 7 ,9 5 0 ,3 4 2
T r in & B ra zos V al D e c e m b e r
1 82,660
1 22,125 1 ,4 5 4 ,3 2 8 1,16 2,73 0
C o lo & W y o m i n g . . D e c e m b e r
25,311
90,7 37
915 ,65 0 1 ,1 2 3 ,2 4 0
C u b a R a ilr o a d ____
N o v e m b e r 1,022,351
4 7 2 ,39 2 1 2,4 33 ,7 7 8 11.2 87 ,8 3 4
D o la w a re & H u d son D e c e m b e r 2 ,8 8 0,84 3 2 ,6 0 1 ,7 0 4 3 4.7 4 9 ,7 0 9
3 4 ,7 8 9 ,8 6 4
D e l L a c k & W estern D e c e m b e r 6 ,3 0 7 ,1 4 6 6 .0 0 9 ,7 2 2
7 1 .8 2 4 ,0 4 7
D e n v & R io G ran d e D e c e m b e r 3 .1 6 5 .6 3 6 2 ,8 6 9 .5 3 2 3 3 ,0 1 6 ,2 5 6 6 8 ,7 4 0 ,0 7 6
3 1 ,3 5 2 ,2 1 3
D e n v e r & S alt L a k e D e c e m b e r
252 ,83 5
6 1,8 59 2 ,9 1 1 .0 4 0 2 ,0 5 5 ,5 0 9
D e t r o it & M a c k in a c D e c e m b e r
149,057
159,841 1,687,341 1,5 5 7,03 3
D e t r o it T o l S I r o n t . D e c e m b e r
c
2 9 3 ,9 5 8
3 2 2 ,59 3 3 ,7 6 5 ,7 5 5 3 ,4 1 3 ,3 4 0
D e t S T o l S h ore L _ . D e c e m b e r
c
2 0 3 ,0 3 8
2 0 4 ,22 8 2 ,4 5 8 ,3 9 4 1 .9 9 9 ,0 2 5
D u l & Iro n R a n g e .. D e c e m b e r
128,418
119,151 7 ,9 6 1 .6 0 6 8 ,9 7 8 ,9 2 9
D u l M is s a b e S N o r . D e c e m b e r
c
2 60,051
2 4 2 .14 4 1 9,9 94 ,7 1 3 2 1,5 45 ,2 7 1
D u l S ou S h ore S A tl 1st w k F e b
c
7 0,6 02
6 5 ,5 6 5
3 8 6 ,1 1 7
3 67,861
D u lu t h W in n S P a c D e c e m b e r
c
1 60,936
147 ,98 6 1 ,9 1 3 ,6 8 9 1 ,7 1 2 .0 6 6
E a s t S t L o u is C o n n . D e c e m b e r
130,393
8 0,3 46 1 ,2 2 9,43 8 1 .1 1 8 .3 8 2
E lg in J o lie t & E a s t . D e c e m b e r 1 ,995,302 2 .0 3 7 ,5 6 2 19,310 380
E l P a s o S S o W e s t . D e c e m b e r 1,05 1,04 9 1 ,222,272 1 2,7 61 ,3 9 0 20 685 048
c
14,7 90 ,4 6 7
E rie R a ilr o a d ______ D e c e m b e r
120 383
176,460 9 1 ,7 97 ,5 0 7 8 7 ,8 5 5 ,4 6 0
C h ic a g o & E r io . D e c e m b e r
8 9 6 ,54 5 1,137,352 10,4 01 ,3 9 8 11,0 39 ,8 2 3
F lo rid a E a s t C o a s t . D e c e m b e r
9 9 6 ,51 9
8 2 1 ,6 8 5 10 . 121,222 8 ,8 4 1 ,2 2 2
F o n d a J oh n s & G lo v D e c e m b e r
112,064
99,1 56 1.251,651
1 ,1 2 3,13 7
F t S m ith & W estern D e c e m b e r
155,821
121,659 1 ,6 4 6,46 0 1 ,2 9 6 ,8 5 7
G a lv e s t o n W h a r f___ D e c e m b e r
133,932
111.714
988 ,81 4 1,04 9,83 7
G eor g ia R a ilr o a d ___ D e c e m b e r
521.631
6 3 7 ,5 2 8 6 .3 8 9 ,9 8 7 6 .7 1 6 ,5 0 2
G e o r g ia & F lorid a . D e c e m b e r
90,367
9 0 ,1 7 0
9 0 8 ,34 5 1 ,0 2 1 .7 4 3
G rd T r k L in N e w E D e c e m b e r
497 ,17 6
563,511 3 ,6 3 4 ,1 5 3 2 ,6 6 7 ,6 0 6
G r a n d T r u n k S y s t . . 2 d w k F e b 1 ,2 2 0,50 9
9 4 7 ,88 9 7 .5 2 3 .3 8 9
G r ’d T r u n k YVest. D e c e m b e r 1 ,9 3 3.57 6 2 .2 1 1 ,0 2 9 2 2 ,3 4 2 ,0 6 o 6 ,2 5 1 ,9 3 6
1 9,3
32
G r e a t N o r th S vstem D e c e m b e r 8 .0 8 9 .4 6 9 9 ,8 4 8 ,2 0 0 1 06 5 3 37 3 8 1 00 676 ,0 6 6
6 10
G reen B a y & W e s t . D e c e m b e r
8 3,0 94
7 8,7 55 1 .2 1 3 ,6 1 3 1 ,0 1 9 ,0 5 5
G u lf M o b ile & N o r . D e c e m b e r
2 5 4 ,16 3
219 ,35 2 2 .8 2 3 ,5 0 6 2 ,4 1 8 ,2 9 2
G u lf & Ship I s la n d . D e c e m b e r
2 4 9 ,18 9
182,479 2 ,4 9 6 ,2 6 0 2 ,5 4 8 ,0 5 9
H o c k in g V a lle y ____ D e c e m b e r
8 5 6 .71 0
699.244 1 1,6 54 ,5 1 6 13,155,861
Illin o is C e n t r a l____ D e c e m b e r 9 ,7 5 2 .3 7 4 9 .1 3 0.04 3 107886835
107320261
I n te r n a t & G r t N o r . D e c e m b e r
,2 1 6 ,7 35 1 ,1 7 8 ,3 4 9 1 4,4 10 ,3 0 0 1 3.4 76 ,8 8 8
K a n C it y M e x & Or D e c e m b e r
1 49,358
69,8 24 1 ,5 1 1,84 0 1 ,2 5 9,67 4
IC C M e x S O o f T e x D e c e m b e r
c
166,143
77,131 t ,3 2 2 .2 09 1 ,1 8 8,65 6
K a n sa s C it y S o u t h . D e c e m b e r
.46 8 ,7 44 1,3 8 7,02 7 15.1 11 .9 9 7 1 5 ,2 50 ,4 0 6
T exark & F t S m .. D ecem ber
8 1 .0 3 6
127,060 1,49 5,01 3 1,281,121
K a n s a s C it y T e r m . . D e c e m b e r
119,712
108,877 1 ,3 8 8,29 3 1 ,2 4 7 ,8 2 9
L e h ig h S H u d R iv e r D e c e m b e r
c
2 1 3 ,0 9 8
3 72,251 2 ,6 8 7 ,5 2 6 2 .4 7 6 ,8 5 0
L e h ig h & N e w E n g . D e c e m b e r
367 ,37 4
334 ,72 7 3 ,9 8 1 ,3 1 8 3 ,9 8 9 .8 9 5
L e h ig h V a l l e y ______ D e c e m b e r
,443,231 5 .8 9 4 .0 4 3 6 4 ,5 2 9 ,8 9 8 6 5 ,5 8 6 .7 6 9
L o s A n g & S alt L a k e D e c e m b e r
.5 0 5 .3 84 1 ,269,544 17,209,931 14,5 17 ,3 7 7
L ou is ia n a S A r k a n . D e c e m b e r
c
2 8 2 ,5 7 8
146,071 2 ,2 2 0 ,7 6 0 1,671,651
L o u is ia n a R y & N a v D e c e m b e r
3 2 1 ,8 3 7
2 7 4 ,3 9 0 3 ,5 4 2 ,0 3 3 3 .0 7 8 ,0 5 8
L o u is v ille & N a s h v . D e c o n ib e r
,6 4 5 .6 2 8 9 ,6 4 4,40 1 1 07 5 1 49 6 5 101 3 9 27 9 2
L o u is v B o n d S St L D e c e m b e r
c
2 5 3 ,21 8
262,761 2 ,9 1 4 ,1 0 3 2 ,8 5 8 ,4 6 3
M a in o C e n t r a l______ D e c e m b e r
5 8 3 ,31 2 1 ,429,413 1 7 .5 25 ,1 7 8 1 6,415,178
M id la n d V a lle y ____ D e c e m b e r
349,341
3 2 3 ,5 3 9 3 ,9 5 2,82 1 3 ,5 0 4 ,7 7 9
M in e r a l R a n g e ______ 1st w k F e b
13,542
19,981
71,1 06
114,700
M in n e a p S St L ou is D e c e m b e r
c
,1 0 1 ,7 24 1 ,067.624 13,384,871 1 2 ,0 28 ,3 0 0
M in n St I ’ S S S M . D e c e m b e r
c
,651,601 3 ,9 0 5 .1 7 8 12,661,595 3 5 ,9 9 5 ,2 9 2
M ississip p i C e n tr a l. D e c e m b e r
77,374|
8 0.4 64 1 .011,409 1 ,246,990
M is s o u r i K an S T e x D e c e m b e r
c
01 1.374 3 ,0 3 6 ,6 1 4 3 4,272.091 3 3 .2 3 0 ,3 3 4
M o K & T R y o f Tox D ecem ber
,1 6 0 ,7 64 1 .9 2 5 ,1 2 9 2 5 ,2 44 ,5 1 4 1 9 ,8 40 ,3 3 0
M o S N orth A rk a n . D ecem ber
c
148,558,
9 4,9 14 1 .5 8 7.82 6 1 .404,131
M o O k la & G u lf ____ D e c e m b e r
170,9771 124.485 1,5 1 7.85 5 1,7 8 3,30 3
M is so u r i P a c ific ____ D e c e m b e r
656,301 8 .1 1 3 ,5 9 3 9 3,577.081 8 9 .6 1 2 .3 9 7

AGGREGATE
* Weekly Summaries.
3d
4 th
1st
2d
3d
4 th
1st
2d
3d
4 th
1st

w eek N o v ( 8 r o a d s ) .
w eek N o v (11 r o a d s ).
w eek D e c ( 9 r o a d s ).
w eek D e c (13 r o a d s ).
w eek D e c ( 9 r o a d s ) .
w eek D e c (11 r o a d s ).
w eek Jan
( 6 ro a d s ).
w eek Jan (13 r o a d s ) .
w eek J an (13 r o a d s ) .
w eek Jan
(1 4 ro a d s) .
w eek F e b (13 r o a d s ) .
* YVe n o lo n g e r in clu d e




Latest Gross Earnings.

Previous
Year.

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

J a n . 1 to Latest Date.

Current
1 ear.

Previous
Year.

$

M o n o n g a h e la
D ecem ber
3 0 3 ,6 8 9
2 9 5 ,61 4 3 ,6 5 2 ,6 6 6 3 ,2 1 1 ,5 5 0
M o n o n g a h e la C o n n . D e c e m b e r
192,988
2 2 8 ,30 2 1 ,9 5 4,32 0 2 ,4 7 3 ,7 6 3
M o n t o u r ____________ D e c e m b e r
9 4 ,8 0 5 1 .1 9 9 ,4 9 8 1 ,3 0 7 ,4 1 4
4 2,1 00
N a s h v C h a tt & StrL D e c e m b e r
1,808,581 1,8 9 3,37 7 2 0 .0 4 4 ,1 3 4 2 1 ,7 5 7 ,4 0 2
N e v a d a - C a l- O regon 1st w k F e b
4 ,9 4 7
5 ,0 2 5
12,085
2 7,0 72
N e v a d a N o r t h e r n .. D e c e m b e r
1 5 7 ,28 4
2 1 8 ,3 0 4 1 .5 7 9 ,4 4 0 2 ,7 0 6 ,3 3 1
N e w b u rg h S S o u Sh D e c e m b e r
c
176,150
1 34,837 1 ,3 2 8 ,2 9 9 1 ,453,756
N ew O rl G reat N o r- D ecem ber
156,966 2 ,2 9 4 ,5 4 9 2 ,1 9 7 ,3 1 5
195,725
N e w O r l & N o r E ast D e c e m b e r
5 49,256
592 ,05 3 6 ,4 4 6 ,8 0 2 6 ,4 7 4 ,7 1 7
N O T exas & M e x . . D ecem ber
220,671
9 7,7 34 2 ,0 6 3 ,6 S 9 1.88 5,62 3
B e a u m S L S YV_. D e c e m b e r
c
1 37,705
9 8,8 65 1 ,3 6 4,16 8 1,41 7,97 3
S t L B row n s & M D ecem ber
5 4 1 ,29 3
4 0 7 ,42 3 5 ,5 4 0,63 1 1,4 4 8,92 7
N e w Y o r k C e n t r a l .. D e c e m b e r 2 6 8 5 6 2 0 2 2 7 4 8 9 3 1 5 3 1 0 7 1 5 5 7 5 2 9 4 8 2 3 0 3 5
In d H a r b o r B e lt . D e c e m b e r
565 ,61 6
5 2 9 ,77 8 6 ,5 6 2 ,9 1 2 5 ,5 9 1 ,2 3 5
L a k e E rlo & W e st D e c e m b e r
8 6 9 ,6 1 5
7 7 3 ,02 0 9 ,7 8 4 ,8 2 5 9 .3 4 3 ,9 0 4
M ic h ig a n C e n t r a l. D e c e m b e r 7 ,1 0 6 ,1 5 3 6 ,5 6 8 ,8 8 6 7 8 .8 4 4 ,3 8 5 6 8 ,5 2 0 ,0 8 7
C l o v C C S S t L _ _ D e c e m b e r 7 ,2 3 4 ,2 7 6 6 ,3 1 0 ,4 1 5 7 3 ,8 5 6 ,4 5 6 7 1 .4 0 3 ,9 7 0
c
C in c in n a ti N o r t h . D e c e m b e r
2 1 9 ,04 2
266 ,79 5 2 ,8 7 2 ,2 6 8 2 ,8 1 2 ,9 7 9
P itts S L a k e E rie D e c e m b e r 2 ,4 5 9 ,9 0 7 2 ,7 6 2 ,0 0 4 2 8 ,0 3 4 ,1 8 8 3 2 ,9 9 2 ,2 7 2
c
T o l «S O h io C e n t . D e c e m b e r
c
6 1 6 ,6 7 5 1 ,0 7 8,88 2 9 ,0 7 8 ,9 0 9 1 0 ,1 29 ,6 5 9
K a n a w h a & M ic h D e c e m b e r
3 6 7 ,56 3
4 2 3 ,3 6 7 4 .3 2 4 .7 5 5 5 ,8 9 6 ,1 3 4
N Y C h ic & St L ou is D e c e m b e r 2 ,1 2 5 ,6 3 4 1 ,2 9 3,79 0 2 3 .4 7 5 ,5 5 3 1 6,9 01 ,2 0 6
N Y N II S H a r t f . . D e c e m b e r 9 .9 4 2 ,7 2 7 8,60 8,15 1 106545119 1 02 2 9 42 1 1
c
N Y O n t & YVestern D e c e m b e r
8 4 1 .99 2
8 2 3 ,9 9 9 1 0,9 09 ,5 1 5 1 0,8 95 ,0 0 5
N Y S usq S W e s t . . D e c e m b e r
c
3 5 1 ,03 4
3 3 7 ,62 8 3 .9 1 5 .6 4 0 4 ,3 5 3 ,4 1 9
N o r fo lk & W e s t e r n . D e c e m b e r 6 ,5 7 0 ,8 9 7 6 .8 2 8 ,6 8 8 7 6 ,9 2 5 ,5 9 9 8 2 .0 0 4 .0 3 4
N o r fo lk S o u th e r n . D e c e m b e r
714,151
5 6 6 ,69 6 6 ,5 9 1 ,2 2 7 5 ,7 5 3 ,6 4 3
N o rth e rn A la b a m a N o v e m b e r
118,763
126,265 1 ,0 7 9.55 8 1 .285.494
N o r th e r n P a c if ic . . D e c e m b e r 8 ,0 8 2,60 1 10066391 1007 3 93 5 3 1029 0 82 5 9
M in n S I n t o r n a t . D e c e m b e r
c
102,424
6 8,6 97 1,0 7 3,84 9
9 9 2 ,09 3
N o r th w o s to r n P a c iflc D e c e m b e r
4 3 4 ,3 0 4 6 ,6 8 2 ,4 5 9 5 ,7 0 2 ,3 9 8
5 9 6 ,0 4 5
P a c if ic C o a s t ______ D e c e m b e r
3 3 0 ,2 1 9
4 5 9 ,4 8 4 4 ,8 2 4 ,2 4 3 5 .6 2 0 .5 9 4
P e n n sy lv a n ia R R . D e c e m b e r 32278827 34292094 3 78091498 368481751
B a lt C h e s S A t l . . D e c e m b e r
c
116,823
135,133 1 ,603,332 1 ,4 3 6,43 9
C in e L e b & N o rth D e c e m b e r
7 4,5 69
2 1 7 ,30 8 1,153,261 1 ,1 6 8,33 9
C u m b e r la n d V ail D e c e m b e r
441,091
596 ,02 7 5 ,6 3 3 ,3 6 0 5 ,9 1 7 ,5 4 3
L o n g I s la n d ____
D e c e m b e r 1.7 3 2,05 8 1,6 8 8,24 3 2 4 ,3 8 1 ,9 7 3 2 2 ,2 4 1 ,1 5 6
M a r y 'd D e l & V a D e c e m b e r
104,367
117,702 1,356,187 1 ,1 0 1 ,3 2 3
N Y P hila .S N o r f D e c e m b e r
c
618 ,79 8
765 ,17 7 8 ,2 0 8 ,3 6 6 7 .6 3 2 .4 9 4
T o l Peor & W e st. D ecem ber
132,800
164,582 1 ,6 4 5,76 8 1,61 5,59 2
W Jers (S S eashore D e c e m b e r
c
791,1 11 11,9 71 ,0 2 0 10,599,543
804.141
P e n n sy lv a n ia C o .
D e c e m b e r 8 ,7 0 7 ,7 1 6 8,95 4,61 1 106342509 9 5 ,5 3 0 .3 2 2
G r a n d R a p (S Ind D e c e m b e r
c
6 6 0 ,13 9
5 58,607 8 ,2 3 8 ,6 3 6 7 ,2 0 7 ,7 2 6
P itts C O S St L D e c e m b e r 8 ,5 0 5 ,5 3 9 7,33 6,47 1 9 3 ,6 0 6 ,3 0 3 8 7 ,2 2 4 ,8 8 7
c
P e o ria (S P e k in U n D e c e m b e r
c
122,602 1,2 4 3 .7 48
123.993
,3 0 6 ,3 94
P e re M a r q u e t t e ___ D o c e m b o r 3 ,0 7 2 ,6 7 0 2 ,6 8 9 ,5 7 3 3 5 ,4 4 3 ,1 3 6 2 8 ,9 5 5 ,0 1 1
P e rk iom en
D ecem ber
107,005
1 07,555 1 ,1 2 1 ,8 3 6 1 ,1 1 7,38 3
P h ila B e th (S N E . D e c e m b e r
c
8 3 5 ,46 4 1J472.853
7 6,0 15
120,128
P h ila (S R e a d i n g .. D e c e m b e r 6 ,1 0 4 ,2 5 9 7 ,6 2 9 ,2 6 2 7 2 ,8 7 1 ,8 2 3 8 0 ,7 6 9 .5 6 3
c
P itts b (S S h a w m u t -. D e c e m b e r
c
116,225 1 ,115,124 1 .3 4 3.60 7
8 3,3 83
P itts Shaw S N o rth D e c e m b e r
c
8 3,8 34
9 1 ,1 3 9 1 .1 2 5 .7 5 6 1,21 6,34 7
P itts b & W est V a _ . D e c e m b e r
141,940
7 7,3 42 1 ,4 5 2,60 8 1 ,8 0 0,14 6
P o r t R e a d i n g ........... D e c e m b e r
295 ,20 2 2 ,3 7 7 ,4 1 2 2 ,6 3 7 ,2 1 8
6 2,9 43
Q u in c y O m (S K C . _ D e c e m b e r
c
95,741
9 8,5 96 1 .117,414 1,05 7,82 5
R ic h F re d S P o t o m . D e c e m b e r
c
741 ,87 4 7 ,7 4 3 ,2 3 4 7 ,1 6 4,37 1
6 3 5 .18 7
W a s h S o u t h e r n .. D e c e m b e r
321 ,63 2
4 6 6 ,3 5 4 4 .5 3 2 ,7 8 3 4 .0 2 7 .0 3 4
R u t l a n d _____
D ecem ber
414 ,74 8
3 4 0 ,6 5 9 4 .8 3 8 .5 3 3 4 .5 4 0 .5 8 9
St J o s (S G ran d Isl'd IIco e m b o r
c
183,523 2 ,9 3 2 ,8 2 2 2 ,5 8 8 ,5 7 7
2 3 3 ,5 5 6
S t L o u is -S a n F r a n . . D e c e m b e r 7 ,1 9 0,72 7 6 ,0 3 3 ,7 2 9 7 8 ,5 5 2 ,1 2 5 6 9,8 12 ,6 0 4
F t YV S R io G r a n . D e c e m b e r
c
177,637
100,059 1,665,481 1 ,151,032
S t L -S F o f T e x a s . D e c e m b e r
131,163
9 3,9 36 1 .5 3 7.64 0 1,3 6 6,34 4
St L ou is S o u th w e s t. D e c e m b e r 1,487,071 1,318,751 13,7 50 ,2 8 4 13.0 35 ,1 5 2
S t L S YV o f T e x a s D e c e m b e r
770,321
516 ,01 3 6 ,9 1 0 ,8 7 7 6 .5 5 3 .6 0 8
St L o u is T r a n s f e r .. D e c e m b e r
119,697
6 4 ,3 6 0 1 ,1 4 4 ,2 5 3 1 ,080,329
San A n t (S A ra n Pass D e c e m b e r
c
4 4 8 ,30 5
3 6 9 ,98 4 4 ,5 1 6 ,5 9 0 4 ,3 7 0 ,3 3 5
S e ab o a rd A ir L i n e .. D e c e m b e r 3 ,6 8 7 .5 5 3 3 ,6 0 9 ,1 8 5 4 1 ,1 8 3 ,5 3 2 3 8 ,9 2 3 .1 0 6
S o u th B u ffa lo _____ D e c e m b e r
125,584
9 4 9 ,6 8 3 1,5 6 3 .0 95
6 7.4 16
Southorn P acific___ D e c e m b e r 14684114 13961659 169728931 153948641
A r iz o n a E a s t e r n . D e c e m b e r
3 1 5 ,2 0 8
3 9 3 ,4 3 2 3 ,6 8 1 ,3 0 6 4 ,4 7 8 ,6 9 1
G a lv H arris (S S A D e c e m b e r 2 ,3 3 3 ,2 0 2 1 ,850,416 2 1 ,9 5 7 ,4 9 5 2 1 ,2 73 ,8 4 7
c
I Io u s (S T e x C e n t . D e c e m b e r 1 .000,420
c
801 ,05 3 9 .7 2 0 .5 3 3 9 ,0 4 1 ,9 8 0
IIo u s E (S W T e x . D e c e m b e r
c
196,528 2 ,3 9 6 ,1 6 4 2 ,0 8 7 ,7 1 6
3 2 0 ,84 2
L ou isia n a W estern D e c e m b e r
3 7 4 ,3 7 0 ' 4 ,2 3 4 ,5 9 6 4 ,3 4 8,16 1
4 6 7 .7 9 5
M o r g La S T exas D ecem ber
c
8 4 0 ,6 3 2 8 ,0 6 5 ,8 0 7 8 .3 5 1.73 1
980 ,10 4
S o u P a c SS L in e s . D e c e m b e r
9 1 4 ,9 7 8 1 0 ,3 74 ,0 8 9 9 ,2 9 7 ,4 5 6
,2 1 4 ,2 22
T e x a s & N e w O r l. D e c e m b e r
6 2 6 ,97 2 8 ,1 4 0 ,1 7 7 7 ,4 4 5 ,5 9 9
8 0 5 .90 2
S ou th ern R a i l w a y .. D e c e m b e r
12858780 10727373 129787811 126574296
A la G r e a t S o u t h . D e c e m b e r
9 1 5 ,85 8 1 0,529,739 9 ,2 9 6 .6 3 4
9 7 0 ,24 9
M o b ile (S O h io ___ D e c e m b e r 1 ,5 1 8 ,4 5 3 1 ,3 4 1,07 5 1 5.636,714 14,840,901
c
G e o r g ia S ou & Fla D e c e m b e r
4 4 0 ,66 8
4 2 1 ,6 7 2 4,37 4,50 1 3 ,6 9 4 ,8 0 0
S o u th R.v in M is s . D e c e m b e r
213,801
195.514 1,8 6 4 ,9 83 1 ,5 1 9,49 5
S p o k an e I n t e r n a t .. N o v e m b o r
124,379
7 3.5 42 1 .0 7 2 .6 8 0
912 ,90 3
S p o k P o rtl (S S eattle D e c e m b e r
c
532,701
7 2 8 ,50 7 7 ,2 7 5 ,2 6 3 8 ,4 9 6 ,9 4 4
S ta te n Isla n d It T _ _ D e c e m b e r
162,860
179.163 2 ,2 3 4,67 1 1,934,751
T o n n A la (S G e o r g ia 1st w k F o b
c
3,121
3 ,2 1 0
11,627
17,193
T e n n e sse e C o n t r a !.. D e c e m b e r
199,761
245 .09 4 2 ,4 8 9 ,5 3 7 3 ,0 1 1 ,8 1 2
T e r m It It A ssn o f St L D e c e m b e r
4 12,744
2 1 5 ,14 2 4 ,0 0 2 ,7 1 2 3 ,8 8 2 ,4 0 9
St L M e r B rid ge T D e c e m b e r
363,521
250 ,28 4 3 ,2 1 7 ,1 3 4 3 .6 2 0 .5 8 9
T e x a s (S P a c i f i c . .
c
1st w k F e b
6 8 0 ,56 8
5 6 0 ,61 4 3 .7 4 1.68 1 3 ,2 9 1 ,8 7 2
T o le d o St L (S W e s t . D e c e m b e r
c
8 4 4 ,06 3
738 ,05 0 8 ,2 6 7 ,8 7 7 8 ,3 0 6 ,1 2 7
U lste r (S D e la w a r e . . D e c e m b e r
c
9 0,237
5 5,862 1,2 1 5,80 9 1,006,444
U n io n P a c ific ..
D e c e m b e r 8 ,6 0 3 ,3 2 6 8 ,7 3 2 ,5 3 2 110819514 9 8 ,4 4 3 ,3 6 4
O r e g o n S h o rt L ine D e c e m b e r 3 ,1 6 0 ,9 8 7 3 ,046,861 3 8,2 6 0 ,5 8 0 3 4 ,1 3 6 ,8 5 3
O re -W a s h It It (S N D e c e m b e r 2 ,166,961 2 ,3 4 2 .6 2 3 2 8 ,3 6 7 ,6 0 3 26,264,956
c
U n io n It It ( P e n n ) . . D e c e m b e r
593 .79 6
646.164 7 ,7 1 0 ,2 7 5 7 ,0 7 8 ,3 1 3
U t a h ________________ D e c e m b e r
169,187
1 20.095 1 ,3 0 9 ,8 6 5 1 ,4 0 9 ,2 3 5
V ic k s S h ro v e (S P a c . D e c e m b e r
c
2 9 4 .40 3
3 2 3 ,79 8 3 ,3 2 3 ,3 2 9 2 ,6 8 9 ,1 0 4
V irgin ia n I t lt _______ D e c e m b e r 1 ,082,469
8 8 7 ,34 9 12,0 75 ,3 0 5 11,903,444
W a b a sh I t lt ________ D e c e m b e r 4,622,171 4,5 5 6,98 1 4 8 ,8 47 ,0 8 5 18,246,411
W e ste rn M a r v la n d . D e c e m b e r ‘ .1 11.643 1.745,627 1 4,6 10 ,4 0 9 5,4 0 2,35 1
W e ste rn P a c ific ____ D e c e m b e r 1 ,291,017
8 9 1 ,64 3 1 3 ,6 57 ,2 9 6 11,0 65 ,9 6 2
YVestern I t y o f A l a . . D e c e m b e r
2 23,417
2 4 5 .16 4 2 ,5 4 6 ,1 7 0 2 ,5 5 8 ,2 0 2
YVheel (S L a k e E rie D e c e m b e r
c
957 ,64 3
9 5 1 ,4 5 5 1 2 ,6 00 ,8 3 9 1 3,5 92 ,1 7 2
YVichita F a lls (S N YV D e c e m b e r
c
202 ,37 0
9 6,9 57 2 ,3 0 8 ,7 4 4 1,068,157
Y a z o o S M is s V a lle y D e c e m b e r 2 ,3 1 5 .9 0 8 2 ,398,801 2 4 ,9 5 2 ,1 3 0 2 2 ,4 7 7 .0 0 8
c

O F G R O S S E A R N I N G S — W e e k ly a n d M o n t h ly .

Current
Year.

Previous
Year.

Increase or
Decrease.

S
7 ,8 3 8 ,9 4 0
1 1 ,2 86 ,6 9 2
7 .0 0 5 ,4 8 2
8 ,3 4 2 ,6 9 7
7 ,4 2 6,58 1
1 1,5 28 ,3 3 8
5 ,8 9 4 ,6 1 5
8 ,0 4 8 ,6 9 0
7 ,1 8 4 ,2 8 6
9 ,6 3 8 .5 8 3
7 ,8 3 9 ,8 5 9

$

S
+ 8 0 0 ,3 8 5
+ 7 0 8 ,20 0
+ 5 8 1 ,20 4
+ 8 0 ,3 8 8
— 2 4 5 ,18 3
+ 1 .0 2 9 ,8 8 8
+ 743 ,08 6
+ 1 .2 2 1.64 6
+ 154,716
+ 777 ,23 3
+ 1 ,150,467

7 ,0 3 8 ,5 5 5
1 0 ,5 78 ,4 9 2
6 ,4 2 4 ,2 7 8
8 .2 6 2 ,3 0 9
8 .6 7 1 .7 6 4
1 0 ,4 9 8 ,4 5 0
5 ,1 5 1 ,5 2 9
6 .8 2 7 ,0 4 4
7 .0 2 9 ,5 0 7
8 ,8 6 1 ,3 5 0
6 ,6 8 9 ,3 9 2

%

*Monthly Summaries.
Mileage.

Curr.Yr.

11.37
F e b ru a ry _ -.2 3 2 .9 5 7
6 .6 9
M a r c h ____ - .2 2 6 ,0 8 6
9 .0 5
A p r i l ______ - .2 3 2 ,7 0 8
0 .9 7
M a y ______ -.2 3 3 ,9 3 1
2 .8 8 , J u n o ______ -.2 3 2 ,1 6 9
9.83
J u ly _______ - .2 2 6 ,6 5 4
14.42
A u g u s t ___ -.2 3 3 ,4 2 3
17.89
S e p te m b e r - .2 3 2 ,7 7 2
2 .2 0
O c t o b e r ___ - .2 3 3 ,1 9 2
8 .7 7
N o v e m b e r - .2 3 3 ,0 3 2
17.50
D e c e m b e r . - .2 3 3 ,8 9 9

Current
Year.

Previous
Year.

351 ,04 8 ,7 47
375 ,7 7 2 ,7 50
388 ,6 9 7 ,8 94
413 ,1 9 0 ,4 68
124 ,0 3 5 ,8 72
454 ,5 8 8 ,5 13
469 ,8 6 8 ,6 78
495 ,1 2 3 ,3 97
508 ,023,854
436,,436,551
451, ,991.330

289 3 9 2 ,15 0
365 ,09 6 ,3 35
370 ,7 1 0 ,9 99
378 ,058,163
393 ,2 6 5 ,8 98
469 ,246,733
502 ,505,334
185 8 7 0 ,47 5
489 081 ,35 8
139 0 2 9 ,98 9
440 481,121

Increase or
Decrease.

Prev.Yr.
2 3 3 ,2 6 6
225,631
233,251
2 3 4 ,33 9
2 3 2 ,68 2
2 26,934
233 ,20 3
2 3 2 ,3 4 9
233 ,13 6
232,911
2 3 3 ,8 1 4

$

T

+ 6 1 ,656,597 21.31
+ 10 ,676,415 2 .9 0
+ 17 ,986,89
4 .8 5
+ 3 5 ,132,305 9 .2 9
+ 3 0 ,769,974 7 .8 3
— 14 6 5 8 ,2 2 0 3 .1 3
— 32 6 3 6 ,6 5 6 6 .4 0
+ 9, 2 5 2 ,92 2 1.97
+ 18 9 4 2 ,49 6 3 .8 7
— 2 593 ,43 8 0 .5 q
11 5 1 0 ,20 9 2.8 l

+

Feb.

759

THE CHRONICLE

21 1920.]

L a t e s t G r o s s E a r n in g s b y W e e k s . — In the table which
follows wo sum up separately tho earnings for the first week
of February. The table covers 13 roads and shows 1 7 .5 0 %
increase in tho aggregate over the same week last year.
First Week of February.

1920.

Increase. Decrease.

1919.

$

$

B u ffa lo R o c h e s te r & P itts b u rg h
C a n a d ia n N a tio n a l R a ilw a y s ___
C a n a d ia n P a c ific ________________
C o lo r a d o S S o u th e r n ____________
c
D u lu th S ou th S hore & A t la n t ic .
G r a n d T r u n k o f C a n a d a ______
G r a n d T r u n k W e s te rn ______
D e t r o it G r a n d H a v & M llw
C a n a d a A t la n t ic ____________
M in era l R a n g e _________________ N o v a d a -C a llfo r n ia -O r e g o n ______
T en n ess ee A la b a m a & G e o r g i a ..
T e x a s & P a c if ic ___________________

2 9 7 ,17 8
1 ,5 4 5,47 3
3 ,5 1 7 ,0 0 0
4 9 9 ,1 5 5
7 0,6 02

2 9 3 ,58 3
1 ,5 0 3,13 7
2 ,8 8 3 ,0 0 0
419 ,91 7
6 5,5 65

3 ,5 9 5
4 2,3 36
6 6 1 ,00 0
49,2 38
5,0 3 7

1 ,1 7 8,18 4

905 ,44 9
19,981
5 ,0 2 5
3,121
560 ,61 4

89
119,954

T o t a l (13 r o a d s ) . . . ....................
N o t Increase ( 1 7 . 5 0 % ) __________

7 ,8 3 9 ,8 5 9
__________

E L E C T R IC

R A IL W A Y

Name of Road
or Company.

AND

P U B L IC

Current
Year.

Previous
Year.

$

Month.

6 ,5 1 7
-----------

U T IL IT Y

COS.

IJan. 1 to Latest Date.

Previous
Year.

$

A d ir o n d a c k E l P o w O o N o v e m b e r
170,703 183,538 1 ,5 6 5.27 6 1 .6 6 0,34 1
3 0 2 ,37 0 291 ,77 2 3 ,1 0 5 ,5 8 2 3 .0 1 9 ,7 3 0
A la b a m a P ow er C o _ _ D e c e m b e r
171,773
184,106
13,371
15,951
D ecom ber
A tla n t ic S h oro R y
9 2 3 ,12 2
8 2,9 35 1 .0 9 4 .6 7 5
B a n g o r R y Sc E le c tr ic D e c e m b e r
1 12,769
2 6 7 ,8 0 9
3 7 1 ,2 6 9
37,141
27,5 96
B a to n R o u g e E le c C o D e c e m b e r
B la c k s to n o V G & E l . D e c e m b e r
2 6 2 ,2 8 0 2 3 4 ,97 9 2 ,6 4 7 ,0 5 9 2 ,4 4 4,73 3
^ B razilian T r a c , L & P N o v e m b o r /9 7 9 6 0 0 0 f7 581000 /103335000 /9 3 3 6 3 .0 0 0
3 26 0 .1 5 7 2774,333 17.5 14 .6 6 2 1 5.240.907
n B k lyn R a p T ra n S ys June
5 1 3 ,00 5
5 8 3 .02 3
5 1,1 74
5 4,3 27
---------C a p e B reton E le c C o . D e c e m b e r
3 3 9 ,07 6
4 2 4 ,4 7 5
4 1,9 23
3 0 ,7 0 0
C e n t M iss V E l P r o p . D e c e m b e r
C h a tt a n o o g a R y & L t D o c o m b o r
188,865 177,162 1 ,9 1 5,81 7 1 ,8 4 3 ,9 4 7
1905,782 1853,598 1 ,9 0 5,78 2 1 ,8 5 3 ,5 9 8
C ities S erv ice C o ____ J a n u a ry
5 1 1 .63 0
633,061
5 1,442
55,0 68
C lo v e P a in e sv & E ast N o v e m b e r
908 ,28 0 1 ,060,971
9 1,4 85 109,350
C o lo r a d o P o w e r C o . . O c to b e r
1402,312 1188,807 1,4 0 2,31 2 1,1 8 8.80 7
(/C olu m b ia G a s & E le c J a n u a ry
105,264 102,325 1,309,281 1,1 8 1,41 3
C o lu m b u s (G a ) E l C o D e c e m b e r
C o in ’ w 't h P , lt y & L t D e c e m b e r 2 589,017 2179,221 2 5 ,9 6 4 .9 0 0 2 1,9 18 ,0 6 1
1 17,938 110,435 1 ,2 6 0,02 2 1 .0 2 8 ,2 5 2
C o n n e c tic u t P o w C o . D e c e m b e r
8 0 4 .6 5 5 654 ,64 0 7 ,3 6 3 ,2 3 5 5 ,9 1 6 .4 9 9
C o n s u m P ow (M ic h ) N o v e m b e r
jC u m b C o (M o ) P & L D ecem ber
2 6 2 .6 5 8 286,401 2 ,7 6 8 ,6 0 0 3 ,2 2 6 ,9 0 0
2 97,592 2 60,472 2 ,6 0 0 ,0 4 8 2 ,1 6 2 ,9 2 9
D a y t o n P o w S L ig h t. N o v e m b e r
c
(/D e tr o it E d is o n ______ N o v e m b o r 1615,615 1322,436 1 4,746,417 12,3 86 ,3 9 4
o D e t r o lt U n ited Linos N o v e m b e r 2 203.587 1606,536 2 2 ,4 2 2 ,7 4 6 1 7,2 78 ,7 8 2
163,032 123,967 1 ,7 6 1,80 3 1,51 9,81 2
D u lu th -S u p e r io r T r a c N o v e m b e r
4 2 3 ,9 8 5 4 0 6 ,8 5 5 4 ,2 5 8 ,9 1 9 4 ,2 1 5 ,8 8 7
E a s t S t L o u is & S u b . . D e c e m b e r
126,821
111,506 1 ,3 9 0 ,3 5 0 1,1 3 1,75 3
E astern T e x a s E le c . . D e c e m b e r
8 3 1 ,5 3 8
9 5,8 28 1 ,096,981
1 12.658
E d ison E l o f B r o c k to n D e ce m b e r
230 ,86 4
294 ,39 6
2 3,173
2 9,1 72
) E le c L ig h t & P o w C o D e c e m b e r
155 ,46 0 122.307 1 .5 7 4 .6 7 6 1,2 5 7.63 3
a E l P a so E le c tr ic C o . D c c o m b e r
7 1 8 ,21 0
7 6 0 ,71 2
6 9,3 98
6 2,8 00
F a ll R iv e r G a s W orks D e c e m b e r
3 4 8 ,5 5 9 306,291 3 ,5 0 0 ,5 7 1 3 ,1 5 9,67 1
F ederal L ig h t & T r a c N o v e m b o r
160,130 120,677 1,3 2 5,47 4 1.188.961
F o r t W o r t h P ow Sc L t N o v e m b e r
277 ,16 7 2 56,283 3 ,0 9 5 ,1 5 1 2 ,6 9 1 ,3 3 2
G a lv -H o u s E le c C o _ _ D e c e m b e r
420,451 401 .07 0 4 ,2 9 1 ,3 7 8 3 ,7 6 9 ,3 4 6
g G r e a t W e s t P o w Sys O c to b e r
134.848
9 4,8 76 I , 316.081 1 ,0 7 1,09 5
H arrisbu rg R a ilw a y s . O c to b e r
8 7 9 ,7 4 ! 6 90,704 8 ,4 7 6 ,2 0 9 7 ,4 6 6 .6 5 4
H avana El R y , L & P N ovem ber
3 3 6 ,2 9 4
3 8 6 ,63 2
3 1 ,0 0 7
39.571
H a verh ill G a s L t C o . D e c e m b e r
7 06.676
754 ,62 0
6 7 ,1 5 9
6 1,9 15
H on olu lu R T Sc Land D e c e m b e r
4 2 3 ,70 3
453 ,16 2
4 8 ,3 8 5
4 5 ,1 3 6
H o u g h to n C o E l L C o D e c e m b e r
3 2 0 ,0 6 7
297,151
2 9,2 52
29,001
H o u g h to n C o T r a c C o D e c e m b e r
470 ,29 3 3 85,024 3 ,4 8 4 ,8 3 6 2 ,8 4 4 .7 3 2
H u d son S M a n h a tta n J u ly
c
b Illin ois T r a c t io n ___ N o v e m b e r 1343.655 1243,066 13,446,064 1 2,275,726
I In ter b o r o R a p T ra n N o v e m b e r 4286,850 3 435,686 4 2,786,007 3 6 ,9 9 9 .6 4 8
682.791
756 ,07 8
8 1,6 09
9 7,8 20
J a c k so n v ille T r a c C o . S eptem b er
2 6 6 .84 9 2 02,974 2.37 4.26 1 1,8 6 8.83 6
K ansas G a s & E lec C o N o v e m b e r
264 ,23 6
317 ,23 7
30,0 97
2 2,9 85
K e o k u k E le c tr ic C o . . D e c e m b e r
202 .87 3
2 2 7 ,2 6 0
2 0,6 48
2 1,1 09
K o y W e st E le c tr ic C o D e c e m b e r
218 ,79 6 178,819 2 ,3 8 1 ,3 0 8 1 ,9 8 8,68 8
L a k o S h oro E le c I t y . N o v e m b e r
129,487
141.140
2 6,602
2 7,960
L o n g Island E le c tr ic J u ly
2 64,074 2 88,175 2 ,8 9 7 ,5 8 0 3 .0 5 2 .5 3 2
L ou isville R a ilw a y ___ O c to b e r
8 9 2 ,84 6
995 ,95 3
102,906
9 7.3 66
L o w e ll E le c tr ic C o r p . D e c e m b e r
8 1,9 42
90,091
12,301
12,843
M a n h a t B d ge 3 c Line J u ly
a M llw El R y S Lt C o D e c e m b e r 1537,521 1127,164 1 4,8 88 ,4 4 6 12,010,271
c
2 0 6 .38 4 1 86,906 2 ,3 2 1 ,9 5 4 2 ,2 1 3 ,3 9 2
M ississippi R lv I’ C o . D e c e m b e r
3 0 1 ,56 2 2 7 7 ,22 7 3 ,2 2 4 ,3 8 4 2 ,8 6 6 ,2 1 3
N a s h v ille R y & L igh t D o c o m b o r
N ow E n gla n d P o w e r . I le ce m b e r
498,941 376,741 4 ,2 1 8 ,9 6 8 3 ,5 5 7,28 1
N e w p N & II B y .G & E . N o v e m b e r
205 .67 0 230 .30 8 2 ,5 1 0,79 3 1,996,921
4 76,522 447 ,02 6 5 .2 0 3 ,3 3 2 5 ,3 5 3 ,9 4 9
N ow Y o r k D o c k C o . . D e c e m b e r
264 .87 0
324 .21 7
6 4,2 55
N Y S L o n g In lan d __ J u ly
c
6 5.066
8 4.1 86
8 8 .6 1 9
15,838
J u ly
14,431
N Y 4 N o rth Shore
535 ,28 2
622 .44 3
91.641
14 Y S Q u eens C o u n t y J u ly
c
101,787
1077,896 905 .83 0 8 .3 4 2 .6 6 3 6 ,5 1 9 ,7 5 7
N ew Y o r k R a ilw a y s . J u ly
922,441 716 ,21 0 9 ,2 9 8 ,5 5 0 7.293,811
N o rth e rn O h io E l e c . . D e c e m b e r
3 2 9 ,5 4 0 249,511 3 ,3 8 7 ,8 5 4 2 .9 2 9 ,7 5 9
N o r th T exan E le c tr ic . D e c e m b e r
8 5.3 47
112,196
3 0,3 36
3 9 ,4 2 9
O cean E le c tr ic (L I ) . . J u ly
2 0 5 ,81 0 163; 128 1 ,9 7 8,08 0 1,6 8 8,55 8
P a c ific P ow er & L ig h t N o v e m b e r
5 0 6 ,05 0
543 ,59 2
5 0,7 56
4 1 ,8 2 8
P en sa cola E le c tr ic C o D e ce m b e r
400.642
476 ,82 5
6 9,268
A u gu st
69,1 30
P hlla S W e ste rn ____
c
P hlia R a p id T ra n s C o N o v e m b e r 3 055,953 2717,881 3 2 .2 1 6 ,9 3 7 2 8 .2 53 .4 2 3
190,146 164,245 1.9 6 1.12 8 1 ,6 2 4,22 5
P ortla n d G as & C o k e . N o v e m b e r
7 39,971 636 ,53 9 7 ,8 4 1 ,7 0 0 8 .9 2 5 .3 8 6
P o r t (O re) R y .L & I ’ C o N o v e m b e r
8 ,8 8 0 .1 9 2
8 1 8 ,26 0
P u g e t Sd T r , L t. S P N o v e m b o r
c
675,153 43ff,978 5 .5 9 3 .1 2 8 6,027*196
R e p u b lic lt y S L t C o N o v e m b e r
c
257 ,11 4
3 10,487
4 7,903
53,951
R ic h m o n d L t & R R . . J u ly
392 ,82 8 449 ,08 5 3 ,4 0 6 ,3 4 3 4 ,3 6 6,54 1
S t L R o c k y M t & P ac O c to b e r
557 ,49 4
6 2 7 ,10 0
5 7,1 00
6 6,5 08
S a n tia go E l L t S T r . . O c to b e r
c
9 64.594
128,197 106.444 1.1 5 9,36 3
S avan n ah E lec tr ic C o O c to b e r '
472,471
88,661
502 ,31 7
80.7 18
S econ d A v e n u e (R o c ) J u ly
9 9 ,4 0 0
117,898
22.9 00
16.390
S ou th ern B o u le v a r d . June
899 ,74 5 811 ,87 4 1 0 .5 69 ,5 6 5 8 ,7 3 5 ,4 6 8
S ou th ern C al Edison. D o c o m b o r
163,839
2 0 0 .02 3
31,6 39
4 2,0 28
S taten Islan d M ld l’d . J u ly
1 25,656 103,666 1 .2 6 9,24 7 1 ,0 6 2,54 6
T a m p a E le c tr ic C o . . D e ce m b e r
1 86,534 2 4 3 ,53 2 2 ,1 6 6 ,8 8 8 2 ,2 3 7 ,1 5 1
T e n n e ss e e P o w e r ____ D e c e m b e r
5 9 2 ,98 0 607,241 6 ,3 8 0 ,1 2 6 6 ,1 4 6 .6 1 9
JfcTonn R y , L t S P C o D o c o m b o r
c
3 5 3 ,7 5 5 294 ,60 3 3 .1 1 0 .2 6 1 2 ,9 0 2 ,3 6 7
T e x a s P ow er & L t C o N o v e m b e r
9 ,8 6 5 5
994 ,99 6 8 2 9 ,96 3 I I ,
398 ,51,8 0 6
T h ir d A v e n u e System. D c c o m b e r
2 4 0 ,80 5
5 0.426
6 1.366
286 ,31 3
D I ) E B S B R R _ _ June
c
7 9 9 ,1 2 5
879,231
160,503 140.262
4 2 d 8 t M & S t N A v R y June
2 74,226 255 .82 3 1.407,661 1 ,3 0 2.86 9
U n lo n R y C o (N Y O ). June
395 .59 8
7 2.6 52
97.6 67
4 7 9 .79 5
Y on k ers R a i l r o a d .. June
338 .64 2
367 ,30 0
68.271
68,220
N Y C it y Inter R y . June
298 .47 0
292 ,77 6
4 8,0 53
4 8,577
B o lt L in e R a ilw a y . June
3 4 8 .06 0 316 .62 9 1 .999.917 1,9 0 9,85 2
T h ir d A v e n u e _____ June
T w in C Itv H ap T r a n . N o v e m b e r 1005,155 748 ,35 2 10.2 36 ,6 2 0 8 ,7 9 9 ,5 6 4
725,451
8 8 3 ,43 3
8 8 3 ,43 3 725,451
V irgin ia R y & P ow or J an u a ry
147.060 220 .08 0 1 ,8 2 0 ,5 5 4 2 ,3 2 5 ,2 3 0
W ash B a lt & A n n a p .. O c to b e r
272.214
3 0 6 ,43 6
5 4,888
6 1,0 89
W estch ester E le c tr ic . June
4 2 0 ,96 8
37.4 68
4 8 6 ,74 8
41,4 92
Y o u n g s to w n S O h io D e c e m b e r
c
a in clu d e s M ilw a u k e e L ig h t, H e a l & T r a c t io n G o . l> in clu d e s all source*
E arnings g iv en In m llrols. g In clu des co n s titu e n t o r su b sid ia r y c o m p a n ie s
h S u b sid iary co m p a n ie s o n ly , j L e w isto n A u gu sta S W a to rv ille S treet R y
c
ea rn in g s, e xp en ses, & c ., n o t In clu ded In 1919. k In clu de s T e n n e sse e R y
L ig h t & P ow er G o ., th e N a sh v ille R y . S L ig h t C o . , th o T en n essee P o w e r
c
O o . and tho C h a tt a n o o g a R y . & L igh t C o . I In clu d e s b o th e le v a te d and
s u b w a y lin os, i O f A b ln g t o n a n d R o c k la n d (M a s s .).

E le c tr ic R a ilw a y a n d O th e r P u b lic U t i li t y N e t E a r n 
i n g s . — Tho following tablo pives the returns of E L E C T R IC

railway and othor public utility gross and net earnings with
charges and surplus roported this week:




------- Net Earnings-------

Current
Year.
S

Gross
Earnings.
6 ,4 3 9
78

Current
Year.

Previous
Year.

3 8 6 ,6 1 4
4 ,1 3 9 ,6 7 2
6 1 ,7 9 8
2 64
7 ,2 9 6

Previous
Year.
$

4 4 8 ,7 2 0
3 ,7 6 9 .2 1 0
5 0 ,0 2 4
7 89
8 ,6 5 5

Note .— T h e a b o v e n e t ea rn in gs d o n o t in c lu d e in c o m e fr o m in v e s tm e n ts ,
a n d is b e fo r o p r o v id in g f o r in te re s t o n d e b t a n d o t h o r in c o m e d e d u c t io n s ,
a N e t e a rn in gs h e r o g iv e n a re a fte r th o d e d u c t io n o f ta x e s .

6 ,6 8 9 ,3 9 2 1 ,1 5 6,98 4
__________ 1 ,1 5 0,46 7

Latest Gross Earnings.

Current
Year.

D u q u e s n e L ig h t C o a n d
S u b E le c L t & P C o s a D e c 1 ,1 9 9 ,1 6 3 1 ,1 4 9 ,7 5 9
Jan 1 t o D e c 3 1 ............. 1 1 ,9 1 7 .5 6 7 1 1 ,2 13 ,6 2 1
P o n n s y lv U tilitie s S y s t . a . J an
1 9 2 ,87 6
1 60,542
17th S t In clin e P la n e C o a D e c
3 ,5 0 9
3,461
J a n 1 t o D e c 3 1 .............
4 2,9 51
4 0 ,2 0 0

2 7 2 ,73 5

13,512
4 ,9 1 7
3 ,2 1 0
6 8 0 ,56 8

-------- Gross Earnings-----

Companies.

Net after
Taxes.

Fixed

2 4 ,1 2 4
5 ,1 5 0
1 8 4 ,96 6
8 7,2 91
2 4 ,5 5 6
19,471
1 8 6 ,00 6
9 8 ,3 8 3
2 57 0 ,2 5 6
2 426,109
4 0 4 .3 5 4
2 3 3 ,50 1
2 ,4 1 9 ,1 2 8
9 5 0 ,9 0 3
2 8 3 ,0 3 0
1 0 4 ,77 8
2 ,1 8 7 ,0 2 5
1 ,4 4 1 ,7 3 3
7 1 ,8 6 5
3 ,4 3 4
2 8 2 ,4 1 4
6 6 ,6 6 2
2 3 ,6 4 4
6 ,4 5 4
d e f4 6 ,7 5 8
_ _ 99,2 81
1 9,3 33
3 7 ,6 9 7
2 3 0 .4 5 9
2 6 7 .4 5 9
13,2 34
10,1 85
3 1 2 ,9 4 2
4 5 7 .69 1
8 0 ,9 3 6
9 7,377
7 4 7 ,36 3
6 5 8 ,2 1 2
2 3 ,4 7 8
6 8 ,5 9 0
2 1 0 ,6 7 8
2 4 7 ,8 8 3
5 0 ,5 2 0
9 6 ,4 2 6
5 7 5 ,1 1 6
7 4 7 ,6 1 8

4 6 ,5 6 4
D e c ’ 19
112 ,76 9
2 5,4 21
’ 18
8 2 ,9 3 5
12 m o s '1 9 1 ,0 9 4 ,6 7 5
4 3 8 ,0 7 7
3 2 6 ,3 8 7
9 2 3 ,1 2 2
’ 18
4 4,921
C h a tt a n o o g a R y & D e c ’ 19
1 8 8 ,86 5
4 3,1 33
177 ,16 2
L ig h t C o
’ 18
12 m o s '1 9 1 ,9 1 5 ,8 1 7
4 4 0 ,5 1 7
4 0 2 ,3 3 4
’ 18 1 ,8 4 3 ,9 4 7
J an ’20 1 ,4 0 2 ,3 1 2
C o lu m b ia G a s &
771 ,83 0
E le c tr ic C o
'1 9 1 ,1 8 8 .8 0 7
623 .10 8
C o m m o n w e a lth
D e c ’ 19 2 ,5 8 9 ,0 1 7
9 4 4 ,2 3 0
P ow er, R y & L t C o
7 7 3 ,2 7 2
’ 18 2 ,1 7 9 ,2 2 1
S ys te m
12 m o s T 9 2 5 ,9 6 4 ,8 9 9 8 ,9 3 5 ,5 9 6
'1 8 2 1 ,9 1 8 ,0 6 1 6 .9 8 8 ,2 1 6
C o n s u m e rs P o w e r
D e c '1 9
4 0 1 ,5 3 8
8 3 3 ,9 2 0
C om pany
’ 18
2 4 3 ,6 1 7
6 91,601
g L I & 12 m o s '1 9 8 ,1 9 7 ,1 5 9 3 ,6 2 4 ,6 2 5
’ 18 6 ,6 0 8 ,1 0 0 2 ,7 9 2 ,5 9 5
1 2 7 ,52 8
2 6 2 ,6 5 8
C u m b e r la n d V a lle y D e c '1 9
7 6 ,9 9 9
2 86.401
P o w e r & L ig h t C o
'1 8
9 5 4 .6 6 6
12 m o s ’ 19 2 ,7 6 8 ,6 0 0
9 2 5 ,7 3 6
'1 8 3 ,2 2 6 ,9 0 0
8 3 ,9 6 4
4 2 3 ,9 8 5
E a s t S t L o u is &
D e c ’ 19
7 7 ,3 8 9
4 0 6 ,8 5 5
S u b u rb a n C o S y s te m '1 8
7 7 8 .6 6 6
j*.
12 m o s ’ 19 4 ,2 5 8 ,9 1 9
T 8 4 ,2 1 5 ,8 8 7 ___9 1 2 ,5 7 0
3 6 ,0 5 7 "
1 0 8 ,8 6 8 '
H u n tin g to n D o v e l- D e c 19
5 3 ,8 1 7
104 ,07 2
opm ent & Gas C o
’ 18
4 2 8 ,5 8 7
12 m o s ’ 19 1 ,0 3 3 ,0 9 2
460 ,61 1
9 9 2 ,2 3 8
’ 18
5 2,991
3 0 1 ,5 6 2
N a s h v ille R y S
c
D e c '1 9
4 8 .5 6 6
2 7 7 ,2 2 7
L ig h t C o
'1 8
7 8 8 ,0 8 8
12 m o s 19 3 ,2 2 4 ,3 8 4
9 3 9 ,3 4 6
’ 18 2 ,8 6 6 ,2 1 3
1 46,975
4 98,941
N e w E n g la n d C o
D e c '1 9
162,063
3 76,741
P o w e r S y s te m
’ 18
1 ,5 1 2 ,0 8 8
12 m o s T 9 4 ,2 1 8 ,9 6 8
1 ,322,881
'1 8 3 ,5 5 7 ,2 8 1
7 7,5 72
1 86,534
T e n n e ss e e P o w e r
D oc T9
121 ,28 4
2 4 3 ,5 3 2
C om pany
T8
8 6 0 ,2 5 9
12 m o s T 9 2 ,1 6 6 ,8 8 8
8 7 7 ,1 4 9
T 8 2 ,2 3 7 ,1 5 1
1 79,568
5 9 2 ,9 8 0
T e n n e ss e e R y , L t
D ec T9
2 1 6 ,7 5 7
6 07,241
& P ow er C o
'1 8
12 m o s T 9 6 ,3 8 0 ,1 2 6 2 ,1 2 6 ,9 9 2
T 8 6 ,1 4 6 ,6 1 9 2 ,2 5 2 ,9 8 8
x A fte r a llo w in g fo r o th e r in c o m e r e c e iv e d .
B a n g o r R a ilw a y
& E le c tr ic C o

Gross
Earnings.

$

Fixed Chgs.
Net
Earnings. & Taxes.
$

3 4 8 ,79 9
883 ,43 3
V irgin ia R a ilw a y & J a n ’ 20
273 ,76 3
7 25,451
P ow or C o
T9
7 m o s ’ 20 5 ,6 7 5 .4 8 4 2 ,2 2 2 ,0 0 5
1 ,535.531
T 9 4 ,7 6 2 ,2 1 7
x A fte r a llo w in g fo r o th e r In com o r e c e iv e d .

Balance,
Surplus.

Balance,
Surplus.

2 169,188
190,784
2 102,048
182,739
1 ,3 1 6 ,4 0 6 21,0 01 ,4 5 1
1 ,2 2 2,75 2
2404,840

FINANCIAL REPORTS
F in a n c ia l R e p o r t s .— A n index to annual reports of steam

railroads, street railways and miscellaneous companies which
have been published during the preceding month will.be given
on the last Saturday of each month. This index will not
include reports in the issue of tho “ Chronicle” in which it is
published. The latest index will bo found in tho issue of
Jan. 31. The next will appear in that of Feb. 28.
M isso u r i K a n s a s & T e x a s L in e s .

{Report for Fiscal Year ended Dec.

31 1918— Not 1919.)
Receiver C . E . Scliaff, St. Louis, M o ., July 21 1919, wrote
in substance:
Report.— T h o fo llo w in g ro p o r t fo r th o c a l. y e a r 1918 (n o t 1919) c o v e rs
th o o p e ra tio n s o f th o fo llo w in g n a m e d lin es, v i z .: M o . K a n . & T e x a s R y .,
1 ,736.77 m llos; M o . K a n . & T e x a s R y . o f T e x a s , 1 ,7 9 6 .0 4 ; W ic h ita F a lls &
N o rth w o s to rn R y . C o ., 3 28 .68 ; to ta l o p e ra te d D o c . 31 1918, 3 ,8 6 1 .4 9 m iles.
Results for Year.— T h o c o n so lid a te d fig u ro s, c o r p o r a te a n d U . S. R a ilr o a d
A d m in is tr a tio n (in te rco r p o r a te item s e x c e p tin g fro ig h t ch arges o n c o m p a n y
m aterial e x c lu d e d ) sh o w ch an gos as fo llo w s : O p e r a tin g ro v o n u o s , in crease,
$ 1 0 ,7 9 4 ,6 4 8 , o r 2 5 % ; o p e ra tin g expen ses increase $ 1 4 ,1 8 2 ,9 2 3 , o r 4 3 % :
taxos decrease $ 2 1 1 ,5 8 2 , o r 1 1 % ; o p e ra tin g in c o m o d ecrea se $ 3 ,1 /6 ,6 9 2 , or
3 9 % ; m iscella n eou s in co m o decrease $ 2 3 6 ,2 7 6 , o r 4 0 % ; ren tals a n d oth er
p a y m e n ts incroaso $ 5 6 8 ,2 5 9 , o r 7 4 % .
In co m o fo r y e a r, b e fo r o d e d u ctio n fo r in terest, w as $ 4 ,0 5 3 ,8 5 9 , a docroa se
o f $ 3,9 8 1 ,2 2 6 , o r 5 0 % ; in torost a ccr u e d w as $ 6 ,7 6 1 ,2 8 2 , an in crease o f
$ 10 5 ,7 7 1 , o r 2 % , m ak in g a n e t loss fo r th o y e a r o f $ 2 ,7 0 7 ,4 2 4 .
Rale of Return on Property Investment.— T h e p r o p e r ty in v e stm e n t on
D e c . 31 1909 a m o u n te d t o $ 1 9 2 ,8 1 4 ,1 5 6 ; a n d o n D e c . 31 1918 t o $ 24 0 ,3 5 5 ,
951. T h o per ce n t o f in co m o o n this p r o p e r ty in v e stm e n t w as in 1909
3 .5 4 % , a n d in y e a r 1918 w as 2 .2 8 % , a ve ra g in g fo r th e ton yoars 3 .0 5 % .
T h is percen ta g e is ca lcu la te d o n c o r p o r a te in c o m e b e fo r e d e d u c tin g in terest.
*~Bond Interest, &c.. Not Paid.— T h e in terest m atu red d u rin g re c e iv ers h ip ,
b u t n o t p a id D e c . 31 1918, agg roga to, $ 1 2 ,9 8 6 ,2 7 0 , as fo llo w s :
(а) Interest Deferred ($ 1 ,0 3 8 ,6 5 0 )— ■
M o . K a n . «fc T o x . R y . C o . 1st M . b o n d s , d u o D o c . 1 1 91 8 ------- $79 9 ,9 9 0
M o . K a n . & O k la . R R . C o . 1st M . b o n d s , d u o N o v . 1 1 9 1 8 -136,700
K ansas C it y S P a c ific R y . C o . 1st M . b o n d s , d u o A u g . 1 1918
c
5 0,0 00
B o o n v ille R R . B rid ge C o . 1st M . b o n d s , d u o N o v . 1 1 918------18,460
D a llas & W a c o R y . C o . 1st M . b o n d s , d u o N o v . 1 1918--------33,5 00
(б) Interest Defaulted ($ 1 1 ,9 4 7 ,6 2 0 )—
,
,
M . K . & T . R y . 2d M . b o n d s , in t. d u o F o b . 1 1916 t o A u g . 1
1918, b o th in clu s iv e ------------------------ ----------------------- —
G o n . M . b o n d s , in t. d u e J a n . 1 1916 t o J u ly 1 1918, b o th in cl. l,4 0 b ,8 3 5
F irst & R o f. M . b o n d s , in t. d u o M a r . 1 1916 t o S o p t. 1 1918,
b o th in clu s iv e __________________________________ - - — - - - - - - 1 .1 9 9 ,0 4 0
1st M . E x to n . b o n d s , Int. d u o N o v . 1 1915 to N o v . 1 1918,
b o t h In clu sive _________________________________________________
5 6 9 ,2 7 5
S t. L ou is D iv . 1st M . R o f.b o n d s , in t. d u o A p r il 1 1916 t o
•
O c t. 1 1918, b o th in clu s iv e --------------------------------------------------230 .88 0
M . IC. & E aste rn R y . 1st M . b o n d s , in t. d u o O c t. 1 1916 t o
O c t. 1 1918, b o t h in c lu s iv e _________________________________
5 0 0 ,00 0
S e co n d M t g o . b o n d s , in t. d u o A p r il 1 1916 t o O c t. 1 1918,
__
b o th in clu s iv e ________________________________
8 ,7 0 0
T o x a s S O k la . R R . C o . 1st M . b o n d s , in t. d u o M a r . 1 1916 t o
c
S o p t. 1 1918. b o t h in c lu s iv e _________________________________
352 ,05 0
S ou th w estern C o a l & I m p t . C o . 1st M . b o n d s , in t. d u o J an . 1
1916 t o J u ly 1 1918, b o th In clu sive ...............................................
133 ,74 0
M . IC. & T . l t y . C o . 2 -Y o a r G o ld N o to s E x t o n ., in t . d u o
N o v . 1 1915 t o N o v . 1 1918, b o t h in clu s iv e ........................... 3 ,9 9 0 .0 0 0

760

THE CHRONICLE

M . K . & T . R y . C o . o f T e x a s 1st M . b o n d s , in t. d u o S o p t. 1
1916 t o S opt. 1 1918, b o th in clu s iv e ___________________ __
5 6 3 ,12 5
S herm an S h rev op . & S ou th . K y . C o . 1st M . b o n d s , in t. d u o
D o c . 1 1915 t o D e c . 1 1918, b o th in c lu s iv e ________________
295 ,57 5
W ich ita F alls A N orth w es te rn K y . C o . 1st M . b o n d s , in t. d u o
J u ly 1 1918..................................................._ _ ...............................
5 2,4 50
F irst A K ef. M . b o n d s , in t. d u o J u ly 1 1917 t o J u ly 1 1 9 1 8 ..
2 2 5 ,00 0
F irst L ien C o ll. T r u s t b o n d s , in t. d u o J u ly 1 1918..................
2 0,9 50
T h o sin k in g fu n d installm en ts m atu re d d u rin g th e re co iv e rsh ip b u t n o t
p a id t o D e c . 31 1918, h a v e a gg re ga te d $ 1 ,7 3 1 ,6 0 0 , as fo llo w s :
(1) Sinking Funds Deferred—
B o o n v illo K R . B ridge C o . 1st M . sin k in g fu n d d u e N o v . 1 1 9 1 8 ..
$13 ,15 9
(2) Sinking Funds Defaulted—
M . K . A T . R y . G en . M t g o . sem i-a n n u al in sta llm en ts d u o J an . 1
1916 t o J u ly 1 1 918________ _________________________________ 1 ,5 7 1 ,1 1 5
S ou th w estern C oa l A Im p t. C o . 1st M . , s em i-a n n u al in sta llm en ts
1 1 2 ,08 5
d u o J an . 1 1916 t o J u ly l 1918, in c lu s iv e _________________
VYichita F alls & N orth w es te rn R y . 1st M . , in sta llm en ts d u o
d u o J u ly 1 1 918.......... ..................... ....................................................
11.500
F irs t L ion C o ll. T ru st M t g o ., installm en ts d u o J u ly 1 1917 to
J u ly 1 1918, in c lu s iv e ______________________________________
13,500
W ic h ita F alls A S ou . R y . C o . 1st M . , in sta llm en ts d u o J an . 1
1916 t o J u ly 1 1918, in c lu s iv e ___ _______ ________________________
2 3,4 00
Equipment Notes, itc. — T h o fu n d e d d o b t in h a n d s o f tho p u b lic d u rin g
th e y ea r d ecrea sed $ 66 5 ,3 9 9 as fo llo w s:
Decrease. — B o o n v illo R . R . B ridge C o . 1st M t g o . 4 % b o n d s ____ $12 ,00 0
M . K . A T . R y . C o . 1 0 -Y ear 5 % E q u ip m e n t N o te s o f 1913_______ 190,000
M . K . A T . R y . o f T e x . 1 0-Y r . E q u ip . N o te s , Ser. A . 5 % Ser. 1914 6 8,0 00
d o A m e r . L o co m . C o . E q u ip . R e n ta l-P u r ch a s e A g r e e m e n t____ 180,658
W . F . & N . W . R y . C o . 1st M t g o . 5 % b o n d s ______________________
12,000
Increase.— A m er. C a r & F d ry . E q u ip . P urchase A g r e e m e n t______ 164,394
C h a s. E . S ch a ff. roceiv er, 4 .7 % E q u ip . T r u s t C e rtifs . o f 1 916 ____ 3 6 7 ,13 5
N e t d ecrea s e .........................................................................................................$ 66 5 ,3 9 9

Rolling Stock — T h e eq u ip m e n t in v e n to r y as o f D e c . 31 1918 was as fo llo w s :
L o c o m o t iv e s , 663: d ecrea s e, 0 .
P asson ger train ca rs , 4 42: de cre a se , 5.
F reig h t train a n d m isc. cars o w n e d a n d leased, 2 4,9 92 : de cre a se , 90.
Federal Compensation— Interest, &c.. Payments.— I n a cco r d a n c e w ith tho
F ed era l C o n tr o l A c t , a p p r o v e d M a r c h 21 1918, the re ce iv e r has file d w ith
th o D ire c to r -G e n e ra l sep a ra te a p p lica tio n s fo r c o n tr a c ts fo r ju s t co m p e n s a 
tio n t o be p a id to h im b y th o D ire c to r -G e n e ra l fo r th e use o f th e several
ra ilw a ys com p risin g th o M is so u r i K ansas & T o xa s L inas, in th o fo llo w in g
a m o u n ts p er a nnu m :
Compensation
Sought.

.

“ Standard
Returns."

F o r M is so u r i K a n sa s & T e x a s R y ............
$ 9 ,3 6 4 ,6 0 9 55 $ 5,8 53 ,8 3 1 21
F o r M is so u r i K ansas & T o x a s R y .
o f T e x a s . . 2 ,5 2 4 ,0 3 2 05
621 ,77 3 00
F o r W ic n ita F alls & N orth w e s te rn
Ry
3 2 7 ,10 4 67
1 45,245 24
E v ery e ffo r t has been m ad e t o se cu re fa v o ra b lo co n sid e ra tio n , b u t as
y e t n o d ecis ion has been ren dored b y th e D ire c to r -G e n e ra l as t o th o a m o u n ts
o f c o m p e n s a tio n w h ich h o is w illin g t o agree to .
T h o In ter-S ta te C om m e rc e C o m m iss io n has file d w ith th o D ir e c to r G en eral te n ta tiv e s ta tem en ts o f th e “ a v e ra g e net ra ilw a y o p e ra tin g in c o m e ”
fo r th o th roe years on d ed Ju n o 30 1917. fo r e a ch o f the threo ra ilw a ys, indi
c a tin g tho a m ou n ts sh ow n in th o fo r e g o in g ta b lo [un der ca p tio n "S ta n d a r d
R e tu r n .” — Ea.|. T h ese a m ou n ts m a y s a fe ly b o assu m ed t o b o th e m in i
m u m a n n u al co m p e n s a tio n w h ich th e D ire c to r -G o n e ra l w ill agreo t o p a y .
W h ile these co n tr a c ts h a v e n o t been a cte d u p o n , th e D ire cto r-G o n e ra l
has p a id t o th o receiv er o f th e M . K . A T . R y . C o . as a d v a n ce p a y m e n ts
o n a c c o u n t o f co m p e n s a tio n , s u ffic ie n t fu n d s t o on a b lo h im t o co n tin u e the
p a y m e n t o f a ll eq u ip m en t tru st o b lig a tio n s a n d interest o n va rio u s m o r t
g a g es, w h icn w ero b oin g p a id b y a u th o r ity ot cho c o u r t p rio r t o th o tak in g
o v o r o f th e p r o p e r ty b y tho F e d o ra l G o v e r n m e n t. T h e D iro c to r -G o n o ra l
has a lso fu rn ish ed th o roc oiv e r ot th o M . K . & T . R y . o f T o xa s s u fficie n t
fu n d s w ith w h ich to m eot a il e q u ip m e n t tru st a n d interost p a ym o n ts w hich
w oro b e in g n iad o b y a u t h o r it y o f the co u r t p rio r t o F edoral c o n tr o l.
P a rt o f those fu n ds h a v e boon p a id as a d v a n ce s on a c c o u n t o f c o m p e n s a 
t io n , a n d p a rt h a vo b oon fu rn ish ed as loa n s se cu re d b y pled ges o f c o r re s p o n d 
in g a m ou n ts o f r e c e iv e r’s c e r tifica te s n e r o to fo re a u th o riz e d b y th o cou ro.
T h o receiv er o f the Wichita Falls it Northwestern Ry. has n o t boon a b le t o
secu re fro m tho D iro c to r -G e n e ra l eith er as an a d v a n c e o n co m p e n s a tio n or
as a loan su fflclen c fu n ds t o c o n d n u o th e p a y m o n t o f in terost on its 1st M .
b o n d s , w h icn interost w as b oin g p a id u n d e r a u th o r ity o f th e co u r t p rio r t o
th o p eriod o f F od era l c o n tr o l.
T h o c o u p o n s o f th o fir s t m o rtg a g e , due
J u ly 1 1918, w ore a o fa u lte d O c t. 1 1918, tn o threo m on th s o f g r a c o p r o v id e d
b y th o m o r tg a g e h a v in g e x p ire d .

COMMODITIES CARRIED FOR YEAR ENDED DEC. 31.
(All in tons.)
Agriculture. Animals.
Mines.
Forests. M 'fac.,itc.

1 9 1 8 __________
.. 2 , 6 8 5 ,7 1 2
1 9 1 7 ____________________2 ,3 2 9 ,8 8 6
1 9 1 6 ___________________ 2 ,4 5 2 ,7 6 8
1 9 1 5 ____________________2 ,3 8 0 ,7 1 0

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

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

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

4 ,0 7 7 ,2 3 0
4 ,2 1 8 ,9 6 5
2 ,747,351
2 ,1 8 1 ,8 4 7

GENERAL STATISTICS FOR YEARS ENDING DEC. 3 1 .
1918.
1917
1916.
1915
A v e r a g e m iles o p e r a t e d .
3,861
3 ,866
3 ,8 6 5
3, 865
P a ssen gers c a r r ie d _____
6 ,0 5 1 ,0 7 5
6 ,7 7 7 ,365
6 ,6 0 4 .2 4 9
6 ,3 7 9 ,367
P a ss , ca rried on e m ile ___ 5 6 1 ,9 6 9 ,4 2 8 467 ,76 3 ,812 4 1 3 .9 5 0 ,0 0 0 3 5 6 ,0 2 0 ,000
R e v . p e r p a ss , p er m i l e . .
2 .6 2 c t s .
> .3 9 c ts .
2
2 .2 3 cts .
2.24 c t s R e v e n u e to n s c a r r ie d ___ 1 2 ,8 75 ,8 6 7
12,864 ,973 1 1 ,1 2 5 ,8 5 4
10,217 ,948
do
1 m ile (000s o m it ) 3 ,2 6 3 ,7 6 6
2 ,9 8 6 ,316
2 ,2 1 6 ,222
2 ,4 1 3,80 1
R e v e n u e p er ton per m ile
1.10 cts .
0 .9 7 cts .
1.03 cts .
1.00 c ts .
R e v e n u e per m ile o f roa d
$ 1 4 ,0 2 2
$ 9,5 04
$11 ,21 1
$8 .397
CONSOL.FEDERAL A N D CORPORATE INCOME ACCOUNT FOR 1 918,
COMPARED WITH CORPORATE ACCOUNT FOR PRIOR YEARS.
Operating Revenues—
1918.
1917.
1916.
1915.
F reig h t t r a f f ic ........ ............ $ 3 5 ,7 5 4 ,9 4 0 $ 2 9 ,0 2 7 ,9 0 3 $ 2 4 ,7 9 5 ,7 2 0 $ 2 2 ,1 4 2 ,5 7 0
P a ssen g er t r a f f ic ................. 1 4 ,7 15 ,1 7 8 1 1 ,1 60 ,9 2 2
9 ,2 1 5 ,6 2 7
7 ,9 6 6 ,9 1 3
M a i l . . ...................... ............
7 6 5 ,50 3
7 9 6 ,8 4 8
7 8 3 ,6 7 6
7 7 0 ,38 2
E x p r e s s -----------------------------1 ,6 2 3,47 2
1 ,2 3 9 ,9 3 4
1 ,0 5 5 ,4 4 6
8 5 8 ,6 2 9
M i s c e l la n e o u s .....................
1 ,2 7 9 ,7 0 5
1,11 8,54 3
8 8 3 ,2 1 4
7 1 4 ,96 2
T o t a l o p e r . r e v e n u e s ..$ 5 4 ,1 3 8 ,7 9 9 $ 4 3 ,3 4 4 ,1 5 0 $ 3 6 ,7 3 3 ,6 8 2 $ 3 2 ,4 5 3 ,4 6 2
M a in t . o f w a y . A c ________ $ 9 ,5 3 9 ,2 5 4 $ 6 ,3 5 3 ,6 6 5 $ 7 ,6 3 5 ,6 9 5 $ 5 ,2 7 7 ,6 5 5
M a in t . o f e q u ip m e n t ___ 1 2,6 30 ,2 8 4
8 ,7 3 7 ,9 2 2
7 ,2 7 3 ,8 0 4
4 ,6 5 7 ,9 7 7
T r a f f i c e x p e n s e s ________
5 8 2 ,14 9
7 8 6 ,9 8 0
7 2 5 ,5 6 4
658 ,52 3
T r a n s p o r t a t io n expen ses 2 2 ,3 7 7 ,5 1 0
15,672,561
12,400,521
1 1 ,4 9 4 ,4 8 5
M is c e lla n e o u s o p e ra tio n s
3 8 2 ,9 4 7
3 4 5 ,6 5 9
2 4 0 ,6 1 5
2 2 6 ,6 9 5
G en era l e x p e n s e s ________
1 ,8 5 2,76 3
1,273,611
1 .1 6 9 ,9 1 0
1 ,0 1 7 ,2 8 2
T r a n s p ’ n fo r in v e s tm ’ t . .
Cr.3 5 ,8 7 5
0 . 2 4 .2 S 7
Cr. 6 ,4 0 8 C r. 138,801
T o t a l o p e r . e x p e n s e s ..$ 4 7 ,3 2 9 ,0 3 3
O p e r a tin g r a t io ..................
(8 7 .4 2 % )
N e t e a rn in g s ......................... $ 6 ,8 0 9 ,7 0 6
O th e r in c o n io .......................
3 5 2 ,5 6 2

$ 33 ,1 4 6 ,1 1 1 $ 29 ,4 3 9 ,7 0 1 $ 2 3 ,2 2 3 ,8 1 6
(7 6 .4 7 % )
( 8 0 .1 4 % )
(7 1 .5 6 % )
$ 1 0 ,1 9 8 ,0 4 0 $ 7,2 93 ,9 8 1 $ 9,2 2 9 ,6 4 0
5 8 8 ,8 3 7
3 9 6 ,3 8 9
2 2 9 ,6 8 9

G r o ss in c o m e .....................$ 7 ,1 6 2 ,3 2 7 $ 1 0 ,7 8 6 ,8 7 7
H ire o f e q u ip m e n t _______
$ 5 8 5 ,0 2 4
__________
T a x e s .....................................
1 ,7 7 1.53 2 $ 1 ,9 8 3 ,1 1 5
R e n t a l s .................................
7 3 6 ,7 3 4
7 5 0 ,27 7
O th e r d e d u c t i o n s _______
1 5,177
18,400
In t . on b o n d s , n otes , A c .
6 ,6 3 5 ,6 7 1
6 ,5 2 4 ,0 7 5
In t. o n e q u ip m e n t t r u s t .
125,611
131,437

$ 7 ,6 90 ,3 7 1
$ 1 ,5 1 6 ,6 5 9
6 7 8 ,0 7 9
2 2 ,6 1 4
6 ,4 2 9 ,1 5 6
1 4 8 ,49 6

$ 9 ,4 5 9 ,3 3 5
137,939
1 ,5 3 7 ,3 6 9
6 7 3 ,8 1 7
3 7 ,2 7 0
6 ,4 3 9 ,0 2 0
119,038

T o t a l d e d u c t io n s ...........$ 9,8 69 ,7 5 1
$ 9 ,4 0 7 ,3 0 4 $ 8 ,8 2 5 ,0 0 5 $ 8 ,9 4 4 , 154
B a la n c e , su r. o r d e f . . . d e f 2 , 7 0 7 ,4 2 4 s r $ l,3 7 9 .5 7 3 d f $ l ,134,634 su r$ 5 14 , 881

CORPORATE INCOME ACCOUNT YEAR ENDED DEC. 31 1918.
aCom pensatlon accrued______ SO,656,207 Rent for leased r o a d s ...............
$6,580
A d d ’ l compensation for use of
bTax accruals.
. . . . . . Cr. 17,000
prop, of S. A. B. & T . l t y . .
105,000 Corporate operating expenses.
100,288
Miscellaneous charges
____ 1,699,992
T o ta l...............................
.56,761,207 Interest on bonds, notes, A c . . 6,624,423
Other incom e....................
.
320,888 Int. on equip, trust obllg’ n s ..
125,611
Gross incom e..........................$7,032,095

Net loss.

.51,457.793

a A c c r u a ls m a d e o n basis o f a v e r a g o a n n u al ra ilw a y o p e r a tin g In co m e fo r
te s t p e r io d .
F in a l c e r tific a tio n o f t h e s ta n d a rd retu rn has n o t be e n m ad e
b y th e In te r-S ta te C o m m e r c e C o m m is s io n , b A d ju s tm e n ts d u rin g 1918 o f
o v e r a ccr u a ls fo r taxes fo r th e y e a r 1917 re su lte d in c r e d it b a la n c e in this
a ccou n t.




[Vol. 110

GENERAL BALANCE SHEET DECEMBER 3 1 .
1918.
1917.
1917.
1918.
Assets—
S
8
Liabilities—
S
5
Road A equip.a :137,423,929 233,438,503 Comm on stock:
Securs. of prop.,
Held by pu blic 63,283,257 03,283,257
controlled cos.
_
Held by c o _
17,043
17,043
— pledged____
955,907
955,907 Prof, stock held
Physical prop’y .
262,619
271,356
by public____ 13,000,000 13,000,000
Secs, pledged un
Stock (sub. cos.)
26,700
26,400
der bills pay’ le
628,467
738,467 Bonds and notes
Other investm ’ts
62,859
62
held by pubdc 1 13,764,480 144,429,879
Securs. Issued or
Consol. M .bonds
assum., pledg:
_
held by c o _ 30,292,000 30.292,000
Cons. M . bds.
Gen. M tg. bonds
(under 2-year
in sink, fun d. 2,749,000
2,749,000
notes)
_. . 25,825,000 25.825,000 I.oansAbills pay. 3,182,882
_
2,009,750
Cons. M . bds.
320,753
Traffic, A c ., b a l .
2,213,182
(under bills
252,157
3,116,701
Vouchers unpaid
payable)____ 4,407,000
4,467,000 W ages unpaid .
73,014
1,781,747
Cash A secur. in
23,887
Miscellaneous . .
1,082,229
sink. A redem.
Matured Int. A
funds _______
2,793,967
2.757,953
divs. u n p a id .. 14,652,096 10,330,420
C ash___________ b 1.129,726
3,030,462
5,000
2,000
do fund.debt
Loans A bills rcc.
484
11,441 U.S.Govt.Ilabll 18,927,885
Traffic, A c ., bal.
135,292
769,743 Unmat. Interest,
Agts. A con du c.
1,106,980
1,106,406
1,262,128
1,286,661
divs. A rents
M lscellaneous. .
600,377
2,829,128 Taxes accrued
7 ,143
278,355
M aterial A supp. 6,390,339
6,248,017 Deferred credits.
850,405
319,688
U .S .G ovt. assets 15,893,471
A d d ’ns to prop
Special deposits
201,675
201,888
erty thro. Inc.
Securities of and
1,649,750
1,639,413
and surplus
adv. to prop.,
Res. Invested In
affil’d A con
273,760
273,760
skg. A red. fds
8,065
trolled cos. .
7,752 Profit and loss . 4,184,166
5,744,374
Other securities
17,013
17,013
300,895
Deferred assets.
1,739,788
T o t a l .............. 298,267.096 284,418,936
T otal ........... 298,267,096 284,418,936
n A ft e r d e d u c t in g a c c r u e d d e p r e c ia tio n on ex is tin g e q u ip m e n t, $ 2 ,0 3 2 ,0 2 2 .
b In clu d e s ca s h , $ 8 4 3 ,2 2 0 , a n d ca sh o n d e p o s it fo r in te re st, $ 28 0 ,5 0 7 .
T h e c o m p a n y is a lso g u a r a n to r (1) o f K a n sa s C it y T e rm in a l R y . 1st M ’
b o n d s d u o I9 60 (J o in tly w ith 11 o t h e r ra ilw a y c o m p a n ie s ), $ 4 3 ,9 1 0 ,0 0 0 ; (2)
o f U n io n T e r m in a l C o . ( o f D a lla s , T e x . ) , 1st m tg e . b o n d s d u e 1942 (jo in t ly
w ith 7 o t h e r ra ilw a y c o m p a n ie s ), $ 2 ,1 9 3 ,0 0 0 : (3) o f J o p lin U n ion D e p o t C o 1st m tg o . b o n d s d u o 1940 (jo in t ly w ith 3 o t h e r ra ilw a y c o m p a n ie s ), $ 0 5 0 ,0 0 0 :
an d (4) o f H o u s to n A B ra zo s V a llo y R y . 1st M . b o n d s d u c 19,37, $ 2 1 0 .0 0 0 .—
V . 109, p . 2 07 4 .

D e t r o it U n it e d R a ilw a y .
(1 8 th Annual Report— Year ended Dec. 31 19 10 .)
COMBINED RESULTS FOR CALENDAR YEARS.
(Detroit United Ry., Rapid Ily. System, Sandwich Windsor it Amhcrstburg
Ry., Detroit Monroe it Toledo Short Line and Detroit Jackson it Chic. Ry.)
1919.
R e v e n u e p a s s e n g e r s ,N o .3 0 l,374,451
T ra n s fe r p assen gers, N o . 1 2 2 ,42 2 ,1 2 5
E m p lo y e e p a ss’g o rs, N o . 8 .0 1 4 ,2 8 4
R e ce ip ts p er r e v . p a s s . .
5 .8 5 c t s .
C a r m ile a g e ........ .............. 6 0 .5 5 0 ,9 5 0
G r o ss earn s, p er c a r m ile 4 0 .7 0 c t s .
N o t e a rn s, p er c a r m llo .
8 .0 8 c t s .
G ro ss e a rn in g s __________$ 2 4 ,0 8 3 ,0 3 8
O p e r a tin g e x p e n se s ____ 1 9 ,7 9 2 ,5 2 8
N e t e a rn in g s .....................$ 4 ,8 9 0 ,5 1 0
O th e r in c o m e ....................
5 4 6 ,4 0 6
Io ta l n e t in c o m e ____ $ 5 ,4 3 0 ,9 1 0
In t. o n b o n d s , ta x e s. & c. $ 2 ,8 0 8 ,2 5 0
D iv id e n d s .......... ......... ( 8 % ) 1 ,2 0 0,00 0
R e se rv e fo r ta x e s .
200,000
D e p r e c ia tio n ch a r g e d o f f
600,000
C o n tin g e n t r e s e r v e _____
150,000
T o t a l d e d u c t io n s _____ $ 5 ,0 1 8 ,2 5 0
S u rp lu s in c o m e _________ _
$ 41 8 ,6 6 5

1918.
1917.
1910.
3 1 9 ,8 4 3 ,1 7 0 3 5 0 ,2 0 8 ,4 2 9 3 3 5 ,5 9 9 ,8 0 2
1 0 3 ,00 8 ,3 5 3 1 19 ,90 2 ,1 2 5 1 1 9 ,89 9 ,3 3 5
7 .4 1 0 ,7 4 1
8 ,5 5 7 ,2 0 4
8 ,0 7 0 ,5 6 1
5 .5 3 c ts .
4.59 c t s .
4 .5 0 c t s .
5 3 .9 3 1 ,3 9 4 5 8 ,9 57 ,9 4 1
5 4 ,0 0 8 ,4 3 7
3 5 .2 0 -c t s .
29.5 0 c t s .
2 9 .7 0 cts .
7 .9 c t s .
7.07 c t s .
8 .0 9 3 c t s .
$ 1 9 ,0 1 4 ,0 1 8 $ 1 7 ,4 2 7 ,9 4 0 $ 1 0 ,0 3 0 ,0 0 9
1 4 ,7 5 8 ,3 4 0 13,259,791
1 1.2 15 ,8 0 2
$ 4 ,2 5 5 ,0 7 8 $ 4 ,1 6 8 ,1 4 9 $ 4 ,8 2 0 ,8 0 7
4 4 9 ,73 7
4 1 1 ,7 3 7
3 5 1 ,3 3 5
$ 4 ,7 0 5 ,4 1 5 $ 4 ,5 7 9 ,8 8 6 $ 5 ,1 7 2 ,2 0 2
$2,0 10 ,8 3 1
$ 2 ,4 0 4 ,3 5 8 $ 2 ,2 9 1 ,4 1 0
(8) 1 ,2 0 0 ,0 0 0 (7 ^ )1 1 1 8 ,7 5 0 (6 ^ )8 4 3 ,7 5 0
150.000
150,000
8 0 0 .00 0
000,000
8 0 0 ,0 0 0
$ 4,5 00 ,8 3 1
$ 14 4 ,5 8 4

$ 4 ,4 7 3 ,1 0 6

CONSOLIDATED BALANCE SHEET DEC 31
Assets—

1919.
S

1918.
$

$100,781

$3,935,100
$ 1 ,2 3 7 ,0 4 2

( INCL. SUB.

Liabilities —

1919.
$

COS.).
1018.
$

Land,
buildings,
Capital stock.
.15,000,000 15,000,000
Funded del) (see
plant, equlpm ’t,
A c ____________ x61.379.411 60,997,309
• Klee.R y."S e c.)3 5 ,757,500 35,851,500
Insurance reserve
Def. mtg. paym 'ts,
fund (at c o s , ) . .
91,003
448,040
423,962
on real est. pur
31,003
Materials and sup
400,000 1,138,231
Notes payable_
_
plies .................... 1,395,249
.791,100 Audited vouchers 1,068,281 1,205,380
231,867
232,572
U . S. Government
Accrued Interest.
Lib. Loan bonds
585,844
270,000
175,200 Accrued payroll
............
Accounts recelv’ le .
86,547
101,151 U n red m ’d tickets
295.271
360,811
C ash........................
527,164
96,936
89,741
270,387 Taxes accrued, Ac
Prepaid taxes, Ac
68,935
68,935 Federr. I taxes___
2(0,000
150,000
Canadian Victory
1,518,079 *1,125,063
Reserves________
10,000 Profit and loss_
b o n d s ..................
10,000
_
8,226,402 7,807,828
Total . . .
63,828 310 63.445,087 I T otal
. . .03,828,3P> 63,445,087
x A ft or d e d u c t in g in 1919 $ 7 ,7 0 1 ,2 2 7 re s e rv e fo r d e p re cia tio n a n d a ccr u in g
ren ew a ls. * In clu d e s in 1919 reserv es fo r c o n tin g e n c ie s , $ 5 4 5 ,7 4 5 : fo r In
ju rie s a n d d a m a g e s, $ 0 0 4 ,7 4 0 ; fo r in su ra n ce , $ 2 1 3 ,5 1 8 ; atm fo r b o n d sin k in g
fu n d , $ 9 4 ,0 7 7 .
.
T h e b o n d e d an d d e b e n tu r e d e b t , as a b o v e $ 3 5 ,7 5 7 ,5 0 0 , in clu d e s :
C o m p a n y ’s 4>$ % g o ld b o n d s , d u o J an . I 1932, a u th o r iz e d , $ 2 5 ,
0 0 0 ,0 0 0 , ce r tifie d b y tr u s tc o , $ 1 7 ,8 9 5 ,0 0 0 ; less u n so ld b o n d s
in tr e a s u r y , $ 3 ,3 4 0 ,0 0 0 : b a la n c e in h a n d s o f p u b lic ____________ $ 1 4 ,5 5 5 ,0 0 0
U n d e rly in g b o n d s o u ts ta n d in g on c o m p a n y 's p r o p e r ty fo r the
r e tire m e n t o f w h ich t hero a re reserved $ 7 ,0 5 5 ,0 0 0
bonds
o f t h o D o tr o lt U n ited i i y ............... ...................................................... ..
7 ,0 5 5 ,0 0 0
U n d e rly in g b o n d s o f s u b sid ia r y c o m p a n ie s o u t s ta n d in g _________
9 ,0 4 7 ,5 0 0
D e t r o it U n ited lt y . F iv e -Y e a r 7 % C o lla te ra l T r u s t G o ld N o te s
d u o A p ril 1 1923 (se cu re d b y d e p o s it o f T r e a s u r y b o n d s a n d
o th e r c o lla te r a l)................................................... •
.................. ..................... 4 ,6 0 0 ,0 0 0
T h e $ 0 0 ,0 0 0 1st M . b o n d s o f Y p s lla n ti A S alin e E le c tr ic lt y . w h ich m a
tu re d o n J u ly l 1919 w e r o -p a id a n d a lik e am ount, o f D e tro it J a c k s o n A
C h ic a g o R ailw a y F irst C o ls o l. w as iss u e d . T h o $ 5 0 ,0 0 0 1st M . b o n d s o f
D e t r o it R a ilw a y w h ich m a tu r e d on D e c . 1 1919 w ero p a id and a like a m o u n t
o f D o t r o lt U n ite d Itailw a y F irst C o n s o l, was Issued.
In a d d itio n t o th e $ 9 ,0 4 7 ,5 0 0 u n d e rly in g b o n d s o f su b sid ia r y co m p a n ie s
w h ich are in h a n d s o f p u b lic as a fo re s a id , th e re a re th e fo llo w in g In th e
tre a su ry o f D o tr o lt U n ited l t y ., v iz .: D e tr o it A L ake S t. C la ir I l y ., $ 1 0 0 .
0 00; F t. H uron S t. C la ir A M a rin e C it y R y ., $ 1,0 00 ; S a n d w ich W in d s o r A
A m h crs tb u r g l t y ., $ 1 1 0 ,0 0 0 ; D e t r o it J a c k so n A C h ic a g o R y ., $ 1 ,1 7 4 ,0 0 0 ;
D e tr o it Y p s lla n ti A n n A r b o r A J a c k so n R y ., $ 4 6 ,5 0 0 ; t o ta l, $ 1 ,4 3 1 ,5 0 0 .
A d d itio n s t o p ro p e rtie s d u rin g th e y e a r 1919 fo r th e c o m p a n y a n d its
su b sid iarie s a g g re g a te d $ 1 ,7 9 9 ,3 0 2 , n o ta b ly $ 29 7 ,1 3 2 fo r “ rig h t o f w a y .'
V . 110, p . 058.

G ille t t e

S a fe ty R a z o r C o.
31

{Report for Fiscal Year ending Dec.

19 1 0 .)

The report of J. E . Aldrecl, Chairman of tho Board, is
given in full on a subsequent page.
NET EARNINGS WITHOUT RESERVE FOR TAXES— SALES.—
IT ho sales in clu d e th o sales o f subsidiaries in E n gla n d , F rance a n d C a n a d a .]
Tot.Sales(incl.Sub.Cos.) -Sales to U. S. Govt.- Company's

No.Razors. Doz.Blades. No.Razors. Doz.Blades. Net Earn'gs.

1 9 1 9 .........................2 ,3 1 5 ,8 9 2
1 7,320,517
447 .45 7 2 ,2 1 4 ,5 6 0 $ 10 ,0 2 5 ,3 5 0
1 91 8 _____________ 4 ,5 8 0 ,9 8 7
1 2,895,618 3 ,4 7 9 ,4 4 2 3 ,0 0 2 ,3 5 5
5 ,2 5 2,13 0
1 917 ______
1 ,094,182
9 ,0 1 9 ,0 3 0
.......................
4 ,0 0 3 ,7 8 2
1 9 1 6 . . . ............
782 ,02 8
7 ,1 5 3 ,4 0 0
...... ................
3 ,1 9 2 ,8 3 2
1 91 4 _____________
350 .70 5
4 ,4 1 4 ,1 5 3
...... ................
1,073,430
1 9 1 2 .....................- 405 ,29 2
2 ,8 0 9 ,5 7 6
..................
- ...............
1 ,155,009
D u rin g th e year tho c o m p a n y paid d iv id e n d s o n its ca p ita l s to c k as
fo llo w s: M a r c h 1 1919, $2 per share; Ju n e 1, $2 a n d an extra d iv id e n d o f $1;
A u g . 3 0 . $2 50 a n d D e c . 1, $2 50, m ak in g a to ta l o f $10 per share (n o par
v a lu o ), co n tr a s tin g w ith $9 50 in 1918.

F eb . 21 1920.]

THE CHRONICLE

BALANCE SHEET DECEMBER 31.
Assets—
Heal 681. * bldgs.
(after deprec’n).
Machinery A tools.
Patents........ .........
Cash...... ...............
Acc’ts receivable..
Inventories..........
Investments........
Deferred charges. .

1019.

1918.

S

S

2,650,744 1,720,424
3,211,404 1,848,380
9,000,000 12,002,307
310,070 1,580,810
1,782,872 1,290,054
3,240,888 3,377,552
7,982,005 4,418,130
35,736
39,080

1919.
1918.
Liabilities—
$
8
Capital (represent
ing shares of no
par v d u e )____ 21,200,000 15,934,500
No. of shs. Issued. (250,000) (197,345)
Accounts payable.)
1 1,712,238
Notes, Ac., pay'le J3,595,284/ 2,002,590
Convertible notes.
, None 3,329,500
Surplus.................. 3,421,930 3,294,571
Total, each side. 23,217,214 20,273,398

x T h e s e figu res, s u p p lie d b y th e E d it o r , re p re se n t th e o rig in al 190, 100
shares w h ic h w ero In clu ded In b a la n ce sh eet o r D e c . 31 1917 a t $ 80 e a ch ,
a n d a fu r th e r 6 0 ,0 0 0 shares w h ich h a v e be e n Issued o n re tire m e n t o f
c o n v e r t ib le n o te s , a n d are In clu ded In c a p ita l a t $100 e a c h . C o m p a re
V . 105, p . 1213: V . 108, p . 1267.— V . 110, p . 663.

The remarks of President C . H . Goddard, together with
the incomo account and balance sheet as of D ec. 31 1919,
will be found on a subsequent page. An additional official
statement affords the following remarks:
.
T h o r e d u c tio n In su rp lu s fr o m 1918 o f $ 4 2 7 ,2 2 8 is a tt r ib u t a b le t o th e
f a c t th a t In s p lto o f th e co n tin u o u s an d c o n s is te n t rise In t h e p rices o f all
d ru g s a n d all ch em ica ls t h r o u g h o u t 1918, th e c o m p a n y g a v e its cu sto m e rs
th o b e n e fit o f Its b u y in g p o w e r a n d d id n o t raise p rices u n til 1920.
T h e m a n a g e m e n t fe lt th a t this p o lic y w o u ld aid In th o tra n s itio n fr o m a
w a r -tim e t o a p e a c e basis a n d co n sid e re d th e g o o d -w ill o f its th o u s a n d s o f
cu s to m e r s p r e fe ra b le t o I m m e d ia te h ig h o r p o s s ib ly e x c e ss iv e p r o fit s . T h e
e ffe c tiv e n e s s o f this p la n is b o r n o o u t b y th e fa c t t h a t in J a n u a ry 1920 th o
v o lu m o o f b usin ess an d earnings are b o t h th o la rge st in t h e h is to r y o f th e c o .
T h o c o m p a n y has r c c o n t ly a cq u ire d c o m p le te co n tr o l o f th o O rg a n ic S alts
& A c id C o . , w h ich is s u c c e s s fu lly m a k in g d ru g s h e r e to fo r e e x c lu s iv e ly im 
p o r t e d fr o m G e r m a n y , e s p e c ia lly O is a c o id , a c a m p h o r s u b s titu te f o r w h ic h
o rd e r s a re In h a n d e x c e e d in g $ 2 ,0 0 0 ,0 0 0 on w h ich p r o fits are a ssu red in
oxcoss o f th o c u s t o m a r y a n n u al earn in gs o f th e A m e r ic a n D ru g g is ts S y n 
d ic a t e In p a s t y e a rs (c o m p a r e V . 110, p . 5 6 3 ).
I f t h e o u t p u t o f th e p la n t on this s in gle ite m c o u ld b e im m e d ia te ly in 
c r e a s e d . d o m e s t ic a n d fo re ig n in q u irie s assu re its o p e r a tio n a t c a p a c ity
f o r a t le a s t t w o yoa rs a h e a d .

B a la n c e , s u r p l u s . . . ........................... ..

1917.
$ 4 1 6 ,7 4 9
7 85 ,8 4 0

$ 4 6 4 ,8 0 8
6 3 6 ,8 6 4

T o t a l . . . ........................................................ $ 93 4 ,2 0 5 $ 1 ,1 0 1 ,6 7 2
D lv s . A o t h o r su rp lu s c h a r g e s _________
x4 2 4 ,1 42
2 9 7 ,2 3 4
$ 5 1 0 ,0 6 3

$ 1 ,2 0 2 ,5 8 9
5 01 ,05 2

$ 8 0 4 ,4 3 8

$ 7 0 1 ,5 3 7

x In 1919 rep resen ts d iv id e n d s p a id o n A . D . S . ca p ita l s t o c k , $ 4 2 3 ,2 1 2 ,
a n d d iv id e n d s p a id o n A . P. C . ca p ita l s to c k h e ld b y p u b lic , $ 9 3 1 .— V .1 1 0 ,
p . 5 63.

C lu e t t , P e a b o d y & C o ., I n c ., T r o y , N . Y .

(Seventh Annual Report— Year ended Dec.

31 1919.)

President G . A . Cluett says in substance:
T h e sales fo r th o y e a r w ore $ 3 2 ,4 2 1 ,8 1 6 , as c o m p a re d w ith $ 2 1 ,4 9 0 ,5 5 4
fo r 1918, b ein g an increase o f 5 0 % . W h ile p art o f th is in crease In sales was
d u o t o h igh er p rices re c e iv e d fo r m e rch an dise , it is w o r th y o f n o te t h a t th e
n u m b er o f d o z e n s m a n u fa ctu re d in 1919 w as larger th an in a n y p r e v io u s
y e a r . A ll d e p a rtm e n ts , in clu d in g co lla r s , s h irts, u n d erw ear and h a n d k e r
ch ie fs , s h ow a g r a tify in g Increase In n u m b er o f d o z e n s s o ld an d d is trib u te d .
T h e n et op e ra tin g p r o fit a fte r all d e d u c tio n s , in clu d in g F ed era l an d S ta te
tax es, w as 1 5 .8 % on th o sales. A s usual, all o u r In v en tories h a v e be e n
tak en a t c o s t o r loss an d In n o in sta n ce a b o v e present m a rk e t va lu e .
O ur p rices h a v o bee n a d v a n ce d fro m tim e t o tim e o w in g t o Increased
la b o r c o s ts an d th e h ig h er p rices pa id fo r all raw m ateria ls. P r o d u c tio n
fa cilitie s h a v o b een a u gm e n te d b y th e a d d itio n o f s evera l now p lan ts.
F a c to r ie s h a v o b een a cq u ire d in o th e r citie s and to w n s In o rd e r t h a t th e
g r o w in g d em an d fo r o u r m e rch a n d is e m a y b o s u p p lie d .
T h e r e is n ow In o p e r a tio n In P h ila d e lp h ia a m o d e rn a n d c o m p le te ly
e q u ip p e d u n d erw ea r fa c t o r y , an d Its fa cilitie s w ill b e ta x e d t o th e lim it t o
p r o d u c e th e ord ers now o n th o c o m p a n y ’s b o o k s fo r d e liv e r y d u rin g 1920.
T h e c o m p a n y ’s C a n a d ia n busin ess sh ow s a s p le n d id g r o w th , b o t h in th e
v o lu m e o f business a n d In th o p r o fits . T h r e e fa cto rie s a re n o w b ein g
o p e r a te d in th e D o m in io n , p la n ts a t S h e rb ro o k e and M o n tr e a l h a v in g been
s ta rte d d u rin g th o y e a r.
T h o e x p o r t d e p a rtm e n t has g r e a tly e n la rg ed Its o p e ra tio n s, an d e xte n s ive
p re p a ra tio n s h a v o been m a d o t o h a n d le th is im p o r ta n t p a rt o f y o u r b usin ess.

EARNINGS FOR CALENDAR YEARS.
1919.
1918.
1917.
1916.
N o t s a l e s -------------------------$ 32 ,4 2 1 ,8 1 6 $ 2 1 ,4 9 0 ,5 5 4 $ 1 9 ,2 4 5 ,2 0 3 $ 16 ,51 8 ,7 1 7
_________
_________
5 ,4 0 0
5 ,4 0 0
O th er in c o m o _______ _____
T o t a l In c o m o ___ $ 3 2 ,4 2 1 ,8 1 0
$ 2 1 ,4 9 0 ,5 5 4 $ 1 9 ,2 5 0 ,6 0 3 $ 1 6 ,5 2 4 ,1 1 7
O p e r a tin g , A c ., exp en ses 2 4 ,6 6 7 ,2 7 7
17,8 37 ,4 1 2 1 0,3 4 4 ,8 7 8
13,4 72 .8 4 8
N o t i n c o m o _____ $ 7 ,7 5 4 ,5 3 9
B o n d , A c ., in te re s t______
$ 1 8 9 ,8 7 7
2 93 ,59 2
D e p r e c ia t io n ..........
F ederal ta x e s ______ 2,1 1 7,94 1

$ 3 ,0 5 3 ,1 4 2 $ 2 ,9 0 5 ,7 2 5 $ 3 ,0 5 1 ,2 6 9
$ 27 9 ,6 6 3
$153,001
$26 ,01 6
3 2 7 ,3 1 5
2 22 ,4 1 9
2 13 ,42 8
1 ,1 7 5 ,0 0 0
_______
4 90 ,0 0 0
Pref. dividends (7 % )--490,000 ' 490,000
4 9 0 ,0 0 0
C o m m o n d i v i d e n d s ..( 6 % ) 1.0 8 0 ,0 0 0 (6 )1 .0 8 0 ,0 0 0 (6 )1 .0 8 0 ,0 0 0
(5 )9 0 0 ,0 0 0
$ 4 ,1 7 1 ,4 1 0
$ 3 ,5 8 3 ,1 2 9
4 ,2 3 6 ,4 8 4

$ 3 .3 5 1 ,9 7 8
$ 30 1,164
3 ,9 3 5,32 1

$ 1 ,9 4 5 ,4 8 0
$ 96 0 ,2 4 5
3 ,0 9 7 ,5 7 6

$ 1 ,6 2 9 ,4 4 5
$ 1 ,4 2 1 ,8 2 4
1,675.751

$ 7 ,8 1 9 ,6 1 3

$ 4 ,2 3 6 ,4 8 5

$ 4,0 57 ,8 2 1

$ 3 ,0 9 7 ,5 7 6

ro ta l s u r. D o c . 3 1 . . . $ 7 ,8 1 9 ,6 1 3

$ 4 ,2 3 6 ,4 8 5

B a la n c o c a r r ie d fo r w a r d .
P r e f. st«x:k d iv . pa ya b lui
J a n . 1 1918.......... ............

$ 3 ,0 9 7 ,5 7 6

BALANCE SHEET DEC. 31.
1010.
1018.
1019.
1018.
Assets—
Liabilities—
8
8
$
$
Heal estate...............4 ,031,078 4,044,010 Common stock
18,000,000 18,000,000
Goodwill, patent
Preferred stock
7,000,000 7,000,000
rights,
trade
Bills payable____ 4,955,000 5,458,835
names, A c ------18 ,000,000 18,000,000 Accounts payable.
15,007
18,150
Cash......................
080,015
402,245 Reserve for taxes. 2.415,000 1,164.360
Bills receivable . .
3,309
0,04.3 Pref. dividend payAccounts recelv'le. 4 ,271,254 2,595,088
ableJan. 1____
121,800
122,500
Lib. bds. A Canada
Surplus...... ........... 8,840,368 5,256,189
Victory bonds..
852,010
808,005
Merchandise......... 13 405,440 11,008,940
43,007
..........
Pref. stock In treas
T o t a l _________41,347,175 37,020,040

T o t a l................ 41,347,175 37,020,040

— V . 110, p . 170.

B a ld w in L o c o m o tiv e W o r k s .

(Ninth Annual Report— Year ended Dec.

31 1919.)
Pros. S. M . Vauolain, Phila., Fob .14 1920, wrote in subst.:
D u rin g th o y e a r a n u m b er o f ch a n g e s in th o m an ag em en t h a v e tak en
p la c o b o t h as t o o ffic e r s and in th e d ir e c to r a te , b u t th e p o lic y o f th o w ork s
has b een co n tin u e d , e x c e p t th a t ow in g t o th e v e r y g r e a tly ch a n g e d c o n d i
tio n s o f t r a d e , b o t h fo re ig n and d o m e s tic , a vig o ro u s an d a ggressive foreign
sales org a n iz a tio n has b een e s ta b lish ed .
A s a n ticip a te d b y y o u r m a n a g e m e n t, th e c u rta ilm e n t o f d o m e s tic b u s i
ness has co n tin u e d nnd th o foreign m a r k e t has been th o c h ie f s o u r c e o f
o rd e rs (V . 109, p . 1 701).




1019.
1918.
1917.
G ro ss s a le s ____________________________.$ 8 4 ,3 0 7 ,7 7 7 $ 1 2 3 ,179,252 $ 9 8 ,2 6 3 ,8 6 5
C o s t ............................
7 5 ,4 6 5 ,5 3 5 1 0 5 ,3 2 2 ,4 5 5 8 6 .4 8 4 .8 4 5
$ 1 7 ,8 5 6 ,7 9 6 $ 1 1 ,7 7 9 ,0 1 9
1 ,9 0 3 ,6 4 4
9 61 ,46 6

G ro ss p r o f i t _________________________ $ 9 ,9 4 5 ,6 7 2 $ 1 9 ,7 6 0 ,4 4 1 $ 1 2 ,7 4 0 ,4 8 5
D e d u c t ta x e s, in te re st, A c .......................
1 ,0 7 4 ,4 2 9
1 ,4 9 8 ,3 2 9
1 ,5 4 6 ,6 4 5
P r o f i t ........................................................... $ 8 ,8 7 1 ,2 4 3 $ 1 8 ,2 6 2 ,1 1 2 $ 1 1 ,1 9 3 ,8 4 0
Special Deductions—
R e se rv e fo r d e p r e c ’n an d a d ju s t m 't .. $ 1 ,0 9 5 ,0 0 0 $ 1 ,8 5 0 ,0 0 0
$ 6 0 0 ,0 0 0
Iie se rv o fo r ta x e s ...................... ...................
1 ,7 5 0 ,0 0 0
2 .0 0 0 ,0 0 0
6 ,5 0 0 ,0 0 0
C h a rges and a d ju s tm e n ts _____________
5 3 8 ,1 1 8
.............
4 6 0 ,8 9 5
A m o r tiz ’ n o f m a c h in e ry , b ld g s ., A c . .
_______
3 ,6 9 8 ,9 2 1
T o t a l sp e cial d e d u c t io n s ____________ $ 3 ,0 9 5 ,0 0 0 $ 12 ,5 0 9 ,8 1 6
N e t p r o fit ____________ __________________ $ 5 ,7 7 6 ,2 4 3 $ 5 ,7 5 2 ,2 9 5
D iv id e n d on p re f. s to c k ( 7 % ) ________
1 ,4 0 0,00 0
1 ,4 0 0 ,0 0 0
D iv . o n C o m m o n s to c k ( 3 > $ % )______
7 0 0 ,0 0 0

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

Surplus a fte r d iv id e n d _____________ $ 3 ,6 7 6 ,2 4 3
_______
L ess u n e x p e n d e d a p p r o p r ia tio n s _____

$ 4 ,3 5 2 ,2 9 5
2 ,5 0 0 ,0 0 0

Surplus f o r y e a r _____________________ $ 3 ,6 7 6 ,2 4 3
S urplus b r o u g h t fo r w a r d _____________
1,9 0 7,64 2
W ritte n o f f , p a te n ts and g o o d -w ill___
U n e x pe n d e d a p p r o p . less p a t. g o o d 
w ill, A c . . .................................. ................ Cr.9 7 0 ,5 2 8

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

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

T o t a l p r o fit a n d lo ss s u rp lu s _______ $ 6 ,5 5 4 ,4 1 3

$ 1 ,9 0 7 ,6 4 2

$ 5 5 ,3 4 6

1916.
1915.
1914.
1913.
1912.
G rass sales $ 5 9 ,2 1 9 ,0 5 8 $ 2 2 ,0 8 3 ,0 1 1 $ 1 3 ,6 1 6 ,1 6 3 $ 3 7 ,6 3 0 ,9 6 9 $ 2 8 ,9 2 4 ,3 3 5
P r o f, a f .in t .
o n b d s .,A c . $ 9 ,4 4 4 ,6 4 2 $ 2 ,8 6 7 ,8 1 6
$ 3 6 5 ,2 2 9 $ 4 ,0 1 7 ,8 0 0 $ 3 ,6 9 8 ,5 7 1

BALDW IN LOCOMOTIVE WORKS BALANCE SHEET DEC. 31.
1919.
Assets—
$
Real estate, ma
chinery, A c___ 27,046,158
Patents A goodwill
_____
S.and.S. W ks.Co. 4,041.501
Southw.F.AM .Co.
Kdclyst. Mun. Co.
4*8*4*735
Chicago plant___
365,850
Other real estate..
40,618
Inventories_____ 10,565,621
Accts. receivable.. 7.323,502
Bills receivable..- 1,799,633
Marketable secur.
633,621
Liber, y bonds___ 7.046,457
Brl lsli bonds.. .
962.5(H)
Cash...................... 3,441,020
Deferred charges..
96,171
First mtge. bond
sinking fu n d ... 1.141,900

1918.
S

812,000

1919.
1918.
Liabilities—
S
$
Preferred stock.. .20 ,000,000 20 , 000,000
Common stock__ 20 ,000,000 20 , 000,000
Bonded debt........ 10 ,000,000 10 , 000,000
Accounts payable. 2 ,085,118 5,159,527
______
252,891
Payr Us A salaries.
900,000
Bills payable------Special deposits__ 1 543,973
Advances.......... ..
109,897 4,894,798
Savings funds, Ac.,
subject to notice 1 606,097 1 512,760
83,334
83,334
Acer. Int. on bonds
8,396
06,557
Int.rec.tn adv.,Ac.
671,485
Hes. foradjus., Ac.
750,666 3 ,050,000
Deprec'n reserve..
Reserve for taxes. 2 000,000 6 ,500,000
81,050
Int. in sinking fund 129,900
Unexp. approp’ns. \6 ,554,413| 2 ,500,000
,907.643
Surplus.................. /

T o t a l................ 64,989,288 77,521,884

T o t a l................ 64,989,288 77,521,884

29,586,117
899,299
4,041,501
650,000
484,735
352,532
71,694
19,456,363

11,818,557
350,027
3,113,383
5,769,907
115,768

CONSOLIDATED BALANCE SHEET.
Assets—

1919.

1918.

3

S

Real estate, ma
chinery. A c___ 36,879,764 39,385,709
Patents A goodwill
_____
899,299
Investments........
891,203 1,558,962
Inventories.......... 13,798,146 25,331,233
Acc-s. receivable.. 8,606,644 13,177,877
Bills receivable.. . 1,799,633
355.063
Marketable secur.,
bib. bonds, Ac 8,647,578 3,617,383
C a s h .................... 4,055,893 5,795,109
Deferred charges..
96,171
34,718
Sinking fund for
Baldwin I.ocom.
Works 1st mtge.
bonds........ ....... 1,141,900
893,050

T o t a l................75,916,932 91,048,403

1919.
Liabilities—
S
Preferred stock__20 ,000,000
Common stock__20 ,000,000
Bonded debt-------12 ,603,000
Accounts payable. 2 ,250,869
Bills payable------Patrolls A salaries.
Savings funds____1 ,817,117
279,791
Adv.by U.S.Govt.
Int. accr. on bonds
109*897
Advances.............
Special deposits__ 1 ,543,973
Res. for adj., A c ..
756066
Deprec’ n reserve..
Reserve for taxes. 2 ,833,126
Slnk.fd.S.S.W.Co. 2 ,400,000
Appropriations. ..
Surplus__________11 ,33*2*166

1918.
$

20 ,000,000
20 ,000.000

12,800,000
5,882,062
900,000
252,891
1,701,044
4,894,798
172,780
671,485
3.050.000
8.900.000
2 .200.000

2,500,000
7,123,343

T o t a l................. 75,916,932 91,048,403

EDYSTONE M UNITIONS CO. BALANCE SHEET, DEC. 31
Assets—
M icbli e y, tools, A c________
$81 ,S30
4,188
Inventories___ : ___________
Accounts receivable.. _____
199,507
Temporary l o a n ..................... 1,250,000
C ash_____ __________
510,799
U. s. O'vernment claim____
736,6S1
— V . 110, p . 169.

1 91 9 .

Liabilities—
Capital stock.. .......................$2,000,000
310,741
Accounts payable........ ...........
Reserves, depreciation.. . i __
65,000
Surplus. ....................................
407,264
Total each side....................$2,783,006

P r e sse d S te e l C a r C o.

( 1 ^ ) 1 2 2 ,5 0 0
$ 3 ,9 3 5 ,3 2 1

ANN U AL RESULTS BALDW IN LOCOMOTIVE WORKS, CALENDAR
YEARS.

SUM M ARY OF OPERATIONS, 1912 TO 1916.

RESULTS FOR CALENDAR YEARS.
Calendar Year—
1919.
1918.
,

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

Y o u r c o m p a n y is fre e o f d e b t o t h e r th a n its firs t m o r tg a g e b o n d s , $ 1 ,0 9 8 ,
0 00 o f w h ic h h a v e been p a id in to th o s in k in g fu n d , le a v in g o u ts ta n d in g in
th o ha n d s o f th e p u b lic $ 8 ,9 0 2 ,0 0 0 .
(C o m p a re V . 110, p . 1 69 ).
T h o b a la n c e sh e e t o f th o E d d y s t o n e M u n itio n s C o . Is p rin te d h erew ith .
T h is c o m p a n y Is b e in g r a p id ly liq u id a te d .
(A s t o c o m p a n y ’s w a r a c t iv itie s
see full s ta te m e n t, V . 109, p . 2 7 2 ).
Y o u r in te re st in t h e S o u th w a rk F o u n d r y A M a c h in e C o . has b e e n a d 
v a n ta g e o u sly d isp o se d o f d u rin g t h e p a s t y e a r .
F ederal a n d o th e r ta x e s h a v e be e n ca r e fu lly c o m p u te d and it is e x p e c te d
t h a t th e re s e rv a tio n s m a d o t o m e e t th ese req u irem en ts a re a m p ly s u fficie n t.
[A d iv id e n d o f 34$ % o n th e C o m m o n s to c k , t h e fir s t sin ce J a n . 1915, w a s
p a id J a n . 1 1920. C o m p a r e V . 109, P- 2 07 4 , 1275— E d .l

M a n u fa c tu r in g p r o f it ________________ $ 8 ,8 4 2 ,2 4 2
1 ,1 0 3 ,4 3 0
O th e r in c o m e __________________________

A m e r ic a n D r u g g is t s S y n d ic a t e .
( Re-port for Fiscal Year Ending Dec. 31 1919.)

P r o fit s f o r y e a r ...................
P r e v io u s s u r p lu s ............................................

761

(21s< Annual Report— Year ended Dec. 31 1919.)
Vice-Pres. N . S. Reeder, Feb. 18 1920, wrote in substance:
Results.— T h e gross earnings fo r th e y e a r w ere $ 5 ,3 3 8 ,6 4 0 , anil a fte r
d e d u c tin g $ 1 ,0 7 3 ,4 0 8 fo r d e p re cia tio n , o b so le s ce n ce , a m o r tiz a tio n , ren ew als,
A c ., th e net earnings w ero $ 4 ,2 6 5 ,2 3 1 , a llo w an ce s h a v in g been m a d o fo r
taxes, A c .
T h e ch a r g e fo r d e p re cia tio n , A c ., Is h igh er th a n In fo r m e r yea rs, d u e t o
th e fa c t th a t th e presen t F ederal In com e tax law m a d o new p ro v is io n rela 
tiv e to o b so le s ce n ce and a m o r tiz a tio n , o n a c c o u n t o f w h ic h a d d ition a l
ch a rge s m a d e as t o th eso ite m s in th e p resen t re p o rt fo r b o th 1918 an d 1919.
Government Orders, A c .— O u r p o rtio n o f th o lo t o f 100,000 fre ig h t ca rs
ord e re d b y th o U . 8 . R a ilro a d A d m in is tr a tio n In 1918 w as c o m p le te d last
A u g u s t . N u m e ro u s q u e s tio n s as t o th e In te rp re ta tio n o f th e c o n tr a c t h a v o
arisen, b u t It is n o w e x p e c te d t h a t a fin al s e ttle m e n t o f o u r cla im will b e
rea ch ed s h o r tly .
O u r cla im s a gain st th e G o v e r n m e n t d u e t o ca n c e lla tio n o f va riou s w a r
c o n tr a c ts h a v e a lso been fo llo w e d in d u strio u sly a n d a b o u t o n e -th ir d h a v o
been r e c e n tly s e ttle d , w h ic h se ttle m e n t w ill, n o d o u b t , assist in a rriv in g at
a basis fo r th e rem a in in g cla im s.
It w as necessary t o a gree t o th e c a n c e lla tio n o f o rd e rs fo r 5 ,4 7 5 oversea s
m ilita ry ra ilw a y ca rs in o rd e r t o g e t a release o n p r io r o rd e rs fo r 2 ,8 0 0 sim 
ilar ca rs and 300 n a rro w -ga u g e ca rs , all o f w h ic n w ero u n d er "s u s p e n d ”
orders a t th is tlm o a y e a r a g o .
W e w ore ord e re d t o cease w o r k u n d er o u r c o n tr a c t fo r fa b r ic a tio n w ith
th e E m e r g e n c y F leet C o r p o r a tio n an d o u r cla im s u n d er th is c o n tr a c t are
in process o f a d ju s tm e n t.
Domestic Orders.— D o m e s tic o rd e rs fo r new fre ig h t ca rs w ere e x c e e d in g ly
sm all d u rin g 1919.
W o feel re a s o n a b ly c o n fid e n t, h o w e v e r, t h a t a c o n 
s id erab le vo lu m e o f now business will necessarily d e v e lo p as s o o n as t h o
ra ilro a ds are retu rn ed t o p riv a te o w n e rsh ip , a n d th o n ecessary legisla tion
e n a cte d t o g iv e th e m th e cr e d it re q u ire d to p u rch a se n eeded e q u ip m e n t.
T h e a ctu a l to n m ile a ge . Increased c a p a c ity o f ca rs, A c ., s h o w t h a t t h e r a il-

ro a d s w ill re q u ire a b o u t 8 5 0 ,0 0 0 ca rs w ith in th e n e x t th re e ye a rs t o fu lly
m e e t th e ir n eed s .
Foreign Business.— W e h a v e be e n a c t iv e in t h e e x p o r t fie ld a n d ta k e n s o m e
ord ers , b u t t h e s itu a tio n as reg ard s fo re ig n e x c h a n g e a n d t h e P e a c e T r e a t y
h a v e p r e v e n te d a n y la rg e d e v e lo p m e n t o f th is busin ess.
O rd ers fo r re p a ir p a rts a n d m is ce lla n e o u s business h a v e b e e n v e r y g o o d .
Properties and Franchises.— D u r in g t h e y e a r th e s u m o f $ 4 8 2 ,4 6 8 w a s
e x p e n d e d f o r im p r o v e m e n ts a n d b e tte rm e n ts , o f th is a m o u n t $ 1 4 2 ,7 2 2
w as s p e n t a t M c K e e s R o c k s p la n t f o r a n e w o ffic e b u ild in g , p a y b o o th s ,
w a te r a n d lig h tin g s y s tem s a n d n e w air co m p re s so r.
A t t h e A lle g h e n y p la n t $ 3 3 9 ,7 4 5 w a s s p e n t fo r a n e w w e lfa re an d res
ta u ra n t b u ild in g , n ew c o n d u it fo r u n d e rg ro u n d p ip in g a n d w irin g , n ew
fu r n a ce s, fu el o il s to r a g e , & c . P r a c t ic a lly all o f th e a b o v e are r e p la ce m e n ts.
Lincoln Gas Coal Co.— T h e c o n s t r u c tio n w o r k a t th e m in e Is p ra c tic a lly
c o m p le te d , e x c e p t so m e a d d itio n a l h ou ses f o r e m p lo y e e s; at th is tim e th ere
are 123 h ou ses c o m p le te d a n d 14 u n d er c o n s t r u c tio n . T h is m in e a t th e
p resen t tim o h as a c a p a c it y o f 725 to n s o f c o a l p e r d a y , a n d b y sprin g w ill
b e Increased t o a b o u t 1,000 to n s p e r d a y . T h e a ctu a l d e liv e rie s h a v e o n ly
b een r u n n in g a b o u t 5 0 % o f c a p a c ity , o w in g t o th e s h o rta g e o f c o a l ca rs
th r o u g h o u t t h e c o u n t r y .
H o w e v e r , a rran gem en ts h a v e been m a d e w h e re b y
w ith in a v e r y s h o r t tim e t h e m in e s h o u ld re c e iv e a s u ffic ie n t c a r s u p p ly t o
e n a b le it t o o p e r a te p r a c t ic a lly t o c a p a c ity .
Koppel Industrial Car eft Equipment Co.— T h is c o m p a n y h as o p e ra te d in
t h e s a m e p r o p o r t io n as y o u r o t h e r p la n ts In th e P it ts b u r g h D is tr ic t an d t h e
ea rn in gs h a v e been s a tis fa c to r y . T h e K o p p e l C a r R e p a ir C o . has be e n
I n co r p o ra te d a n d t h e en tire c a p ita l s to c k is o w n e d b y th e K o p p e l In d u strial
C a r & E q u ip m e n t C o .; i t is n o w in o p e r a tio n a n d th e results are s a tis fa c to r y .
O w in g to t h e b u ild in g o f t h e c a r re p a ir p la n t, y o u r m a n a g e m e n t has
co n s id e r e d it u n w ise t o d is trib u te a n y earnings a t th is tim e .
Western Steel Car tft Foundry Co.— T h e o p e ra tio n s o f th is c o m p a n y w ere
s a t is fa c t o r y , b u t It w a s c on sid ere d in a d v is a b le t o d isb u rse a n y o f its e arnings
in t d iv id e n d s . T h e r e w as a fa llin g o f f o f bu sin ess in s o m e d e p a rtm e n ts
d u r in g t h e la tt e r p a rt o f t h e y e a r, b u t th is c o m p a n y w ill b e in e x c e p tio n a lly
g o o d s h a p e t o ta k e o n new b usin ess w h e n o ffe r e d .
A fe w m o n t h s a g o th is c o m p a n y a cq u ire d a su b sta n tia l in te re st In th e
A m e r ic a n S teel C o . o f C u b a , a C u b a n c o r p o r a t io n , h a v in g a w e ll-e sta b lis h e d
c a r a n d s tr u ctu ra l bu sin ess, w it h p la n ts lo c a te d a t H a v a n a , C u b a . A
w h eel an d c a s tin g fo u n d r y b u ild in g is n o w b e in g e re c te d a n d p la n s are u n d er
w a y t o a d d c a r a n d lo c o m o t iv e re p a ir d e p a rtm e n ts .
Y o u r P r e s id e n t, F . N . H o ffs t o t , is a t t h e p resen t tim e o n a trip t o t h e
F a r E ast an d E u rop e.

SALES. PROFITS, DIVIDENDS, &C,. FOR CALENDAR YEARS.
1 91 9 .
1918.
1917.
1916.
G ross s a le s_______________ N o t s ta te d . N o t s ta te d . $ 4 4 ,0 3 4 ,8 4 4 $ 3 1 ,2 0 2 ,6 4 6
E a r n in g s, all s o u r c e s ____ x $ 5 ,3 3 8 ,6 4 0 $ 4 ,8 1 8 ,8 9 3 $ 2 ,9 4 0 ,6 0 1
$ 3,4 7 6 ,8 3 1
1 ,0 7 3 ,4 0 8
4 68 ,1 0 8
R e p a ir s a n d re n e w a ls ___
5 1 0 ,2 9 3
4 2 5 ,6 7 8
8 7 5 .0 0 0
8 7 5 ,0 0 0
D lv s . p r e f. s t o c k ( 7 % ) - .
8 7 5 ,0 0 0
8 75 ,0 0 0
(7 ) 8 7 5 .0 0 0 ( 4 ^ ) 5 3 1 ,2 5 0
D iv s . c o m m o n s t o c k _ ( 8 % ) l , 0 0 0 ,0 0 0 ( 7 ^ ) 9 6 8 ,7 5 0
3 0 0 .0 0 0
3 00 ,00 0
D e p r e c ia t io n o f p l a n t s ..
6 3 0 ,4 5 6
4 00 ,00 0
B a la n ce , s u rp lu s ______$ 1,7 5 9 ,7 7 5
P r e v io u s s u rp lu s ................ 1 2 ,7 04 ,4 1 2

$ 2 ,1 0 7 ,0 3 5
1 0,5 97 ,3 7 7

$ 3 8 0 ,3 0 8
1 0,2 17 ,0 6 9

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

T o t a l s u rp lu s ..................$ 1 4 ,4 6 4 ,1 8 7 $ 12 ,7 0 4 ,4 1 2 $ 10 ,5 9 7 ,3 7 7 $ 10 ,2 1 7 ,0 6 9
x In clu d e s : F r o m o p e ra tio n s , $ 4 ,9 2 3 ,7 8 3 ; f r o m d lv s ., in t ., & c ., $ 4 1 4 ,8 5 7 .

B . F . G o o d r ic h C o m p a n y .

(7th Annual Report— Year ended Dec. 31 1919.)
President Bertram G . W ork, Feb. 9 1920, wrote in subst.:
Sales— Dividend Increased.— Sales w e re th e la rge s t in o u r h is to r y , a g g re
g a t in g $ 1 4 1 ,3 4 3 ,4 1 9 , o n w h ic h w e e a rn ed n e t p r o fit s o f $ 1 7 ,3 0 4 ,8 1 3 . a fte r
m a k in g t h e u su a l ch arge s f o r m a in te n a n c e , d e p r e c ia t io n , b a d d e b ts a n d o th e r
ite m s , b u t b e fo r e m a k in g a llo w a n c e f o r s u ch F e d e ra l In co m e a n d e xcess
p r o fit s ta x e s as m a y b e fin a lly d e te rm in e d .
U n d e r th e s e c ir c u m sta n ce s th e d iv id e n d o n th o C o m m o n s to c k has b e e n
a d v a n c e d fr o m a $4 t o a $6 p . a . b a s is, b e g in n in g w ith th e F e b . 1920 d lv .
Outlook.— N e v e r b e fo r e h a v e o u r p r o d u c ts g iv e n m o r e u n ifo r m ly satis
fa c t o r y s e rv ice ; sales h a v e b e e n lim ite d o n ly b y o u r a b ilit y t o p r o d u c e .
W h e n t h e a d d itio n a l fa c ilitie s n o w u n d e r c o n s tr u c tio n are b r o u g h t in to
p r o d u c tio n d u rin g th e c o m in g y e a r , t h e a n n u al b u sin ess sh o u ld e x c e e d
$ 2 0 0 ,0 0 0 ,0 0 0 . O b v io u s ly , f o r s u ch p ro g re ss iv e d e v e lo p m e n t . It is n e c e s 
s a r y t o p r o v id e la rg e ly In creased c a p ita l. P la n s t o a c c o m p lis h this e n d
w ill b e p la c e d b e fo r e th e s to c k h o ld e r s a t a s p e c ia l m e e tin g M a r c h 10 1920.
I n a c c o r d a n c e w ith th e ch a r te r , w e a re p re p a re d t o re tire 11,880 shares
o f t h e P re fe rre d s t o c k , a n d a s p e c ia l m e e tin g o f t h e s to c k h o ld e r s w ill b e
ca lle d t o re tire th is s t o c k .

CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1 91 9 .
1918.
1917.
1916.
N e t s a l e s ......................... .$ 1 4 1 ,3 4 3 ,4 1 9 $ 1 2 3 ,4 7 0 .1 8 7 $ 8 7 ,1 5 5 ,0 7 2 $ 7 0 ,9 9 0 ,7 8 2
M f g . , & c ., ex p e n se s____ 1 2 1 ,5 7 9 ,2 6 5 1 02 ,1 5 6 ,3 3 0 7 2 ,2 7 6 ,3 9 8 6 0 ,6 1 1 ,3 3 3
N e t p r o f i t ..........................$ 1 9 ,7 6 4 ,1 5 4 $ 21 ,3 1 3 ,8 5 7 $ 1 4 ,8 7 8 ,6 7 4 $ 1 0 ,3 7 9 ,4 4 9
M is c e lla n e o u s i n c o m e . . .
5 7 6 ,0 6 0
2 9 6 ,4 6 5
3 4 1 ,6 0 3
235 ,46 1
T o t a l n e t in c o m e ...........$ 2 0 ,3 4 0 ,2 1 4 $ 2 1 ,6 1 0 ,3 2 2 $ 1 5 ,2 2 0 ,2 7 7 $ 1 0 ,6 1 4 ,9 1 0
D e p r e c i a t i o n . . ............. .. $ 1 ,8 3 5 ,5 3 9
‘
‘ 4 2 8 ,2 2 5 $ 1 ,0 9 2 ,4 5 6
$ 8 9 0 ,1 6 3
R e s e r v e f o r F e d e ra l ta x e s y 5 ,5 5 8 ,9 1 2
................
2 ,2 5 0 ,0 0 0
..................
R e s e r v e f o r a m o r tiz a tio n
o f w a r fa c ilitie s ____ : . .
1 ,2 2 5 ,0 6 4
1 ,4 4 7 ,5 4 0
R e d u c t io n o f U . 8 . b o n d s
1 04 ,41 0
__________
t o m a r k e t v a lu e _______
R e d u c t io n p r e f. s t o c k . _x
7 7 ,7 7 8
9 ,5 0 6
3 9 ,1 8 8
121 ,46 6
1 ,1 9 9 ,8 6 2
I n t . o n b ills p a y a b le , & c .
.9 9 3 ,0 3 2
1 ,3 3 3 ,1 4 4
155,982
P r e m . & a ccr u e d d i v . o n
s ale o f p r e f. s t o c k ___ Cr.3 8 7 ,0 0 0
9 0 0 .0 0 0
P r e f. s t o c k c a n c e le d ____
__________
9 0 0 .0 0 0
7 0 0 .0 0 0
P e n s io n f u n d ____________
1 00 ,00 0
100.000
100.000
100.000
P re fe r re d d iv id e n d (7 % ) 2 ,2 4 7 ,0 0 0
,78 5 ,0 00
1 .8 4 8 .0 0 0
1 .9 1 1 .0 0 0
C o m m o n d iv id e n d ( 4 % ) 2 ,4 0 0 ,0 0 0
,40 0 ,0 00
2 .4 0 0 .0 0 0
2 .4 0 0 .0 0 0
T o t a l d e d u c t io n s ...........$ 1 4 ,2 5 7 ,1 5 5 $ 1 1 ,1 6 7 ,7 1 3
B a la n c e , s u rp lu s __________$ 6 ,0 8 3 ,0 4 6 $ 1 0 ,4 4 2 ,6 0 9
P r e v io u s s u rp lu s ________ 3 5 ,1 1 9 ,9 8 7 2 0 ,1 7 7 ,3 7 9

T o t a l .................. 45,222,319 47,564,084

S t e w a r t -W a r n e r S p e e d o m e te r C o r p o r a t io n .

(Report for Fiscal Year Ending Dec. 31 1919.)

T o t a l p . & 1. s u r p lu s ..$ 4 1 ,2 0 3 ,0 4 6 $ 3 0 ,6 1 9 ,9 8 8 $ 2 0 ,1 7 7 ,3 7 9 $ 1 4 ,9 1 9 ,8 8 9

tio n s cla im s a g a in s t th e G o v e r n m e n t, & c ., b u t b e fo r e d e d u c t in g F o d e ra l
In com e a n d excess p ro fits ta x e s, fo r w h ic h a re se rv e h as b e e n se t a sid e.
T h e n e t p r o fit a fte r p r o v id in g fo r th ese F e d e ra l taxes e q u a ls $ 1 ,9 6 3 ,5 7 4 ,
w h ic h is a n e t ga in o v e r 1918 o f $ 3 6 8 ,9 1 0 , a h ig h ly s a t is fa c t o r y resu lt In
v ie w o f th e u n p re ce d o n to d a d v a n ce s in th e co s ts o f m ate ria l a n d la b o r an d
th e s u b sta n tia l a d ju s tm e n ts a n d d e p re cia tio n s th a t h a v e b e e n m a d e b y the
c o r p o r a tio n .
Status— Change in Capitalization— Dividend Increase.— C ash p o s itio n c o n 
tin u es t o b e e x c e lle n t. T h e ca sh o n h a n d , to g e th e r w ith G o v e r n m e n t se
c u ritie s , a gg rega tes o v o r $ 1 ,8 5 0 ,0 0 0 , a n d o u ts id e o f cu rre n t a c c o u n ts th o
c o m p a n y h as n o in d eb ted n ess . D u r in g th e p a st y e a r th e ca p ita l s t o c k w as
ch a n g e d t o 4 0 0 ,0 0 0 shares o f n o p a r v a lu e In p la c e o f 1 00 ,00 0 shares o f $100
p a r v a lu e . T h e b o a r d a t its la st m e e tin g d e cla re d a d iv id e n d o f $1 per
sh are o n th e n e w s to c k a n d feels t h a t th e p ro s p e cts fuU y w a rr a n t th e c o n 
tin u a tio n o f t h a t ra te.
Outlook.— T h e fu tu r e Is v e r y p ro m isin g . T h e a u t o m o b ile o u t lo o k Is
a lre a d y fa m ilia r t o y o u , a n d w ith o u r Increased lines a n d e n la rg e d fa cilitie s
w e h a v e e v e r y rea son t o e x p e c t a m ateria l Increaso In b usin ess.
Sales.— T h e sales fo r J a n u a ry 1920 s h o w an in crease o v e r J a n u a ry 1919
o f 1 3 5 % a n d e v e n greater in crease o v e r p re v io u s ye a rs .
p*Plant Expansion.— W e are n o w b u ild in g a d d itio n s t o o u r p resen t p la n t
t h a t w ill a d d p r a c tic a lly 5 0 % t o its c a p a c ity . T h e e q u ip m e n t a t o u r B e lo it
p la n t h as a lso b eon in creased , a n d th a t p la n t Is o p e ra tin g In fu ll fo r c e .

INCOME ACCOUNT FOR THE CALENDAR YEARS.
1919.
1918.
1917.
1916.
P r o fit s , a fter a ll m f g ., selling
& a d m in , e x p ., in c l. a d e 
q u a te p r o v is io n f o r d ls c t. &
losses o n cu s to m e r s ’ a c c t s .,
d e p r . on p l a n t * e q u ip ., & c .$ 3 ,161,634 $ 2 ,0 0 2 ,6 4 6 $ 2 ,2 0 0 ,7 7 4 $ 2 ,2 1 5 ,0 4 3
F ed era l ta x e s ........ ........................
368 ,34 1
4 07 ,98 1
3 4 0 ,0 0 0
................
C o m m o n d iv id e n d s ___________
9 0 0 ,0 0 0
6 0 0 ,0 0 0
6 0 0 ,0 0 0
6 00 ,00 0
P refer red d iv id e n d s __________
_______
_______
_______
3 8 ,5 56
$ 9 9 4 ,6 6 4 $ 1 ,2 6 0 ,7 7 4 $ 1 ,5 7 6 ,4 8 7

Add— A d j. o f in v en tories &
1918 m u n itio n cla im s a g s t.
U . S . G o v e r n m e n t________ deft.829,719
S u rp . fr o m r e v a l. o f p r o p , & c.
_______
N e t s u rp lu s ________________ $ 1 ,0 6 3 ,5 7 4
P re v io u s b a la n c e , s u rp lu s
6 ,4 5 0 ,8 8 0

_______
_______

_______
_ j __

_______
529,481

$ 99 4 ,6 6 4 $ 1 ,2 6 0 ,7 7 4 $ 2 ,1 0 5 ,9 6 8
5 ,4 5 6 ,2 1 5 4 ,1 9 5 ,4 4 1
2 ,0 8 9 ,4 7 3

T o t a l u n a p p ro p r ia te d s u r .$ 7 ,5 1 4 ,4 5 4 $ 6 ,4 5 0 ,8 8 0 $ 5 ,4 5 6 ,2 1 5 $ 4 ,1 95 ,4 4 1

BALANCE SHEET DECEMBER 3 1 .
Assets—

1919.
S

1918.
S

2,894,868

2,833,112

9,170,208
2,645,991
1,832,072
1,415,000
448,544
174,211

9,134,806
2,736,537
1,585,511
425,000
507,006
64,721

T otal .................. 18,580,894 17,286,696
x 400 ,00 0 Ish a res o f n o p a r v a lu e .




1919.
Assets—
S
Real est. & pl’ts. a - 19 .486,065
1
Patents.............
G ood-w ill................ 57 ,798,000
Invest, other c o s .. 3 331,361
Foreign assoc, cos.,
& c., representing
net Investm ent. 0 054,451
Treas. pref. stock . 1 ,906,600
I n v e n to r y .............. 54 ,184,975
Trade accts. r e c .b 23 011,543
550,208
Other accts. r e c . . .
44,688
Bills receivable—
C ash....... ....................5 ,491,500
Prepaid a ccts--------1 ,264,990
U. 8 . Lib. b o n d s .. 2 ,591,535

1918.
1919.
Liabilities—
S
$
_
17,061,586 Com m on s tock _ 60 000,000
1 Preferred s t o c k .c .39 600,000
57,798,000 Ser. notes renew.
F cb .’ 19toN ov.’ 19 . ..............
2,020,487
Bills payable......... 24 ,068,000
Accounts payable. 5 ,864,069
3,185,876 Sundry.................... 1 ,255,739
930,700 Contlng. reserv e.. 2 ,000,000
34,965,692 Reserve excess exp.
12,165,876
over pre-war val. 1 ,225,064
404,733 Pension reserve___
500,000
130,796 Appr. for redemp.
0,343,766
o f prof, stock___ . ..............
446,258 Surplus.....................41 203,040
5,784,656

T o t a l ..............175,715,918141,238,427

Vice-P residen t V . R . B u cklin says in substance:
Results.— P r o fit s a m o u n t t o $ 2 ,3 3 1 ,9 1 6 , a fte r s e ttin g a sid e lib e r a l roserves
for d e p r e c ia tio n o n b u ild in g s , m a c h in e ry , e q u ip m e n t. In v e n to r y , 1918 m u n i

S urplus n e t I n c o m e ................$ 1 ,8 9 3 ,2 9 3

$ 6,2 78 ,6 1 1
$ 4 ,3 3 6 ,2 9 9
1 0 ,5 8 3 ,5 9 0

CONSOLIDATED BALANCE SHEET DEC. 3 1 .

1919.
1918.
1919.
1918.
$
$
Liabilities—
$
S
P rop. & franchise.26,804,809 28.026,205 Com m on stock __ 12 .500,000 12.500.000
Securities & stocks
Preferred stock __ 12 ,500,000 12.500.000
ow ned........... ..
5,316,338 5,233,699 A cc’ ts & bills p a y . 4 ,224,131 8,199,328
391,594
265,250
Taxes & Insurance
A cer, sal’ y & wages
78,504
30,423 Accrued pref. dlvs.
not accrued____
218,750
218,750
N otes & a cc’ts r ec. 6,818,713 8,473,274 Accrued com . dlvs.
250.000
250.000
M aterial on hand. 3,595,275 3,364,478 R es’ve for con tlng.
800.000
800.000
C ash.................. « . . . 2,608,680 2,436,005 Surplus___________ 14 .464,188 12,704,412
T o t a l .................. 45,222,319 47,504,084
V ; 1 09 . p ; 4 8 3 .

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

x R e d u c t io n o f tre a su ry s t o c k fr o m c o s t t o p a r v a lu e , y I n c o m e a n d w a r
e xcess p r o fit s ta x e s h a v e n o t y e t b o o n d e te rm in e d f o r 1919. T h e taxes
h ere s h o w n w ere p a id d u rin g 1919 b u t a p p lic a b le t o 1918 ea rn in g s.

BALANCE SHEET DECEMBER 3 1 .
Assets—

Land, bldgs., mach.
and equipm ent.
P at’s .trade-marks,
good-w ill, A c ___
In ven tories______
N o t e s * accts. rec.
U . S. G ov t, securs.
C ash .........................
Deterred ch arges..

[Vol. 110.

THE CHRONICLE

763

1919.
1918.
Liabilities—
s
S
Capital stock_x l0.000.000
10,000,000
Accounts payable384,292
273,306
A ccru ed com 
missions, wages,
taxes, & c...........
257,147
137,509
P r o v is io n fo r
taxes..........
425,000
425,000
Surplus.......... 7,514,455
6,450,880
T o t a l ................... 18,580,894 17,286,696
See t e x t a b o v e .— V . 1 10 , p . 3 68 .

1918.

s

60,000,000
25,500,000
15,000,000
................
1,248,032
522,868
2 ,000,000
1,447,540
400,000
4,500,000
30,619,987

T o t a l .................175,715,918141,238,427

a In clu d e s

In 1919 rea l e s ta te , b u ild in g s , p la n t , m a c h in e r y a n d s u n d ry
e q u ip m e n t, less re se rv e f o r d e p r e c ia tio n , $ 7 ,5 6 5 ,3 7 6 , in clu d in g sp e cial
re s e rv e o f $ 1 ,4 4 7 ,5 4 0 a p p lie d as o b s o le s ce n ce f o r ye a rs 191 8 -1 91 9 . b A ft e r
d e d u c t in g re se rv o fo r d o u b t fu l a c c o u n t s , d is c o u n ts a n d a llo w a n ce s , c A fte r
d e d u c t in g $ 5 ,4 0 0 ,0 0 0 , 5 4 ,0 0 0 sh a res o f p r e f. s t o c k , re d e e m e d a n d c a n c e le d .
T h e p r e f. s to c k is re d e e m a b le in ca s e o r d is s o lu tio n , liq u id a t io n , m e rge r o r
c o n s o lid a t io n a t $12 5 p e r s h a re . T h e r e is a lso 1 00 ,00 0 shares o f 7 %
C u m u la t iv e P r e f. s t o c k ($ 10 0 p a r v a lu e ) a u th o riz e d a n d u n issu e d , d T h o
d iv id e n d o n th e c o m m o n s t o c k o f 1 % d e cla re d O c t. 16 1918, p a y a b le F o b . 16
1 9 1 9 , h as n o t be e n d e d u c t e d fr o m t h e su rp lu s s h o w n a b o v e .
C o n t in g e n t lia b ility — B a n k e rs ’ lo a n s t o e m p lo y e e s se cu re d b y d e p o s it
o f s t o c k o f th is c o m p a n y p u rc h a se d b y th e m a n d b y t h e g u a r a n te e o f th e
c o m p a n y . $ 9 5 6 ,8 0 1 .
,, _ .
„
T h o c o m m o n s t o c k d iv id e n d o f 1 % d e cla re d O c t . 15 1 91 9 , p a y a b le F e b . 16
1920, h a s n o t be e n d e d u c t e d fr o m th e a b o v o s u rp lu s .— V . 1 10 , p . 663.

(J, G .) B r ill C o m p a n y , P h ila d e lp h ia .

(Report for Fiscal Year ending Dec.

31 1 9 1 9 .)

Pres. Sam uel M . Curw en, P liila ., F e b . 11, wrote in su b st.:
T h e sales v a lu e o f th o c o m b in e d o u t p u t o f th o fo u r p la n ts o p e ra te d fo r
1919 a m o u n te d t o $ 1 4 ,2 1 0 ,6 2 2 , co n tr a s tin g w ith th o o u t p u t o f p re v io u s
yea rs as fo llo w s:
1907 $ 9 ,2 1 1 ,8 2 6
1911 $ 5 ,8 7 0 ,9 0 7 1915 $ 4 ,4 0 3 ,1 1 7
1918 $ 16 ,76 1 ,1 5 5
1909
4 ,2 6 1 ,2 0 5 1913
9 ,1 5 4 ,4 3 4
1917
7 ,7 0 6 ,0 9 9
1919
1 4,210.622
T h e co m b in e d resu lt fo r 1919 w as a p r o fit o f $ 91 6 ,8 7 0 a fte r ch argin g
$ 83 3 ,2 9 2 fo r d e p re cia tio n a n d th o c o s t o f all m ain te n an ce a n d rep a irs.
F r o m this p r o fit m u st b o d e d u c t e d th o F ed era l in co m e a n d w ar p r o fits
ta x e s. T h o m a n a g e m e n t estim ates th ese F ed era l t a „ e s a t $ 85 ,00 0 .
Wason Plant, <ftc.— I n 1917 t o p r o v id e th o G o v e rn m e n t w ith Increased
p r o d u c tio n o f a erop lan es, th o m a n a g e m e n t jo in t ly w ith J . G . W h lto & C o ..
I n c ., o rg a n ize d th e S p rin gfie ld A ir c r a ft C o r p o r a tio n fo r th o m an u fa ctu re
o f a e rop lan es a t th e W a s o n p la n t. T h e m an u fa ctu re o f these aeroplan es
w as ca rrie d o u t t o th o s a tisfa ctio n o f th o G o v e r n m e n t. (C o m p a ro V . 108.
p . 6S0; V . 106, p . 7 0 6 ). T h o p u ttin g o f th o p la n t b a c k in to c o n d it io n t o
m a n u fa ctu re ca rs g r e a tly h a n d ic a p p e d th o W a s o n C o . fo r several m o n th s
e a rly in 1919.
T h e fin a l se ttle m e n t o f t h e S p r ln g flo ld A ircra ft C o rp o ra tio n w ith th e
G o v e r n m e n t has n o t y e t bo o n m a d o . W h o n Id Is c o m p le te d it Is p o ss ib le
th a t s o m e a d d itio n a l p r o fit w ill a ccr u e t o th o W a s o n C o .
S ettlem en ts fo r o th e r G o v e r n m e n t w o r k , w h ich w as d isc o n tin u e d e a rly
in th o y e a r, h a v e la rg e ly b e o n m a d o . E a r ly in 1919 y o u r p la n ts w ere r e 
a rra n g ed fo r th o m an u fa ctu re o f y o u r regular p r o d u c ts .
Sale of Stephenson Plant— Reduction of Capital Slock, <ftc.— O n A u g . 15
1919 th e sale o f th e J o h n S te p h o n so n C o . p la n t w as fin a lly co n su m m a te d ,
a n d th o m o rtg a g e b o n d s th e re o n , th o o n ly b o n d e d d o b t or y o u r c o m p a n y ,
w a s p a id o f f o u t o f th e p r o c e e d s o f th o s a lo . T h o J o h n S top h on son C o .
is n o w in p ro ce s s o f d iss o lu tio n .
A t org a n iza tio n in 1907 1,0 5 0 sharos o f o u r c o m m o n s to c k w oro d e p o site d
in trust t o b e s o h e ld u n til th e J o h n S tep h en son b o n d s w oro p a id . Y o u r
c o m p a n y o w n e d a lso 848 shares o f th o c o m m o n s to c k . T h o s o 1,8 9 8 shares
h a v e be o n c a n c e le d a n d t h e o u ts ta n d in g C o m m o n s to c k re d u c o d b y that
n u m b o r o f shares.
Dividends.— A t th e c lo s e o n D o c . 31 1918 th oro ro m a ln o d a ccu m u la te d
u n p aid d iv id e n d s o n P re fe rre d s to c k a m o u n tin g t o 8 % % .
D u rin g th e
y e a r 1919 w r p a id a ll th ese a c c u m u la te d d iv id e n d s a n d a lso th e fu ll d lv ld o n d
o f 7 % o n th o P referred s t o c k . O n J an . 14 1920 y o u r b o a r d d e cla re d a fu ll
q u a rte rly d iv id e n d o f \H % o n th o P ro f, s to c k fo r th o q u a rte r o n d ln g F e b .
1 1920, w h ic h w as p a id o n F o b . 2 1920.
Outlook.— T h e co m b in e d w o r k o n h a n d as o f F o b . 1 1920 a m o u n to d t o a
t o ta l o f $ 6 ,9 0 4 ,7 9 2 .
T h o p r o s p e ct fo r th o y e a r 1920 is e n c o u ra g in g , o s p o c ia lly as y o u r p la n ts
b e g in th e y e a r w ith a la rge a m o u n t o f w o r k o n h a n d , as in d ica te d a b o v e

763

THE CHRONICLE

F e b . 21 1920.]

[T h e o ffic ia l le tte rh e a d sh o w s p lan ts as fo llo w s (see V . 103, p . 2 1 6 1 ):
THE J. O. BRILL CO.’S A N D SUBSIDIARY COMPANIES' SALES A N D I
A m e r ic a n A x lo P la n t , C le v e la n d , O .; F lin t S prin g P la n t, F lin t, M i c h .;
EXPENDITURES FOR TIIE YEARS ENDING DEC. 3 1 .
1919.
1918T o t a l s a les ............................$1 4 ,2 1 0 ,6 2 2 $ 1 6 ,7 6 1 ,1 5 5
O p o r ., g e n . & a d m . ox p l 1 3 ,2 93 ,7 5 2 1 5 ,4 1 9 ,6 4 5
D e p r o c a tlo n r e s e r v e ../
N e t p r o f it .........................

x$9 1 6,87 0 x $ l,3 4 1 ,5 1 0
(8 )3 6 6 ,4 0 0
_______
_______

Less— D I v .o n p r o f .s t k .( 1 5 ^ ) 7 2 1 .3 5 0
R e s ’ v e fo r F o d 'l t a x e s . .

1917
$ 7 ,7 0 6 ,0 9 9
6 ,7 1 1 ,9 1 0

1916.
$ 6 ,1 80 ,8 9 6
6 .0 8 7 ,6 3 8

$ 99 4 ,1 8 9
(4 )1 8 3 ,2 0 0
9 0 ,0 00

P o n tia c S prin g P la n t, P o n t ia c , M i c h .; C a n to n S prin g & F o rg o P la n ts ,
C a n to n , O .; C o n n e r sv ille S prin g P la n t, C o n n o r sv illo , I n d .; S ta n d a rd W e ld 
in g P la n t, C le v e la n d , O .; W h e o lin g A x le P la n t , W h e e lin g , W . V a .; C in 
cin n a ti A x le P la n t, C a r th a g o , C in c in n a ti, O .; P e rfe c tio n S prin g P la n t ,
C le v e la n d , O .; B o c k B e arin g C o ., T o le d o , O . C o m p a r e V . 4 0 9 , p . 4 7 6 , 1 8 0 .j

$93 ,25 8
(4 )1 8 3 ,2 0 0
.............

B a la n ce , sur. o r d o f_ .s u r .$ 1 9 5 ,5 2 0 su r.$ 9 7 5 ,1 1 0 su r.$ 7 2 0,98 9
P rev iou s s u rp lu s ................ 2 ,6 5 9 ,5 3 2 * > 1,7 4 4,54 6
1,1 4 6,19 3

H e r c u le s P o w d e r C o .
( 7th

d e f$ 8 9 ,9 4 2
1,2 4 7,98 2

Annual Report— Year ending Dec.

31

1 9 1 9 .)

President R . H . D u n h a m says in substance:
Assets.— O u r g r o s s a sse ts, as c o m p a r e d w it h la s t y e a r , a re d e cre a s e d a b o u t

T o t a l ................................ $ 2 ,8 5 5 ,0 5 2 $ 2 ,7 1 9 ,6 5 6 $ 1 ,8 6 7 ,1 8 2 $ 1 ,1 58 ,0 4 0
A d ju s t m e n t s .......................
C r8 ,7 53
iJ& .60,124
D 6 .2 2 ,6 3 6
Db. 11,847
R e s ’v o fo rs p o cia l d e p r o c .
_______
_______
1 0 0 ,0#G
_______
F e d . taxes p a id in y e a r . .
2 7 8 ,0 4 4
............
.............
.............

o n e -fo u r th , d u o p r in c ip a lly t o liq u id a tio n o f G o v e r n m e n t a c c o u n ts a n d th e
a p p lic a tio n o f th e p r o c e e d s t o th e e x tin g u ish m e n t o f b a n k lo a n s , a n d th e
re d u c tio n o f c u r r e n t a c c o u n t s p a y a b le ; a lso d u e , in la rg e p a r t , t o th e re tu rn
t o th o U n ite d S ta te s o f a d v a n c e p a y m e n ts in w i n d i n g u p t h e o p e r a t io n o f
th e G o v e r n m e n t s m o k e le ss p o w d e r p la n t a t N lt r o , W . V a .
T o t a l s u rp lu s .................. x $ 2 ,5 8 5,7 61 x $ 2 ,6 5 9 .5 3 2 $ 1 ,7 4 4 ,5 4 6 $ 1 ,1 46 ,1 9 3
T h e liq u id a tio n o f G o v e r n m e n t a c c o u n t s le a v e s t h e c o m p a n y n o t o n ly
x F e d e r a l taxos fo r y o a r 1919 n o w e s tim a te d a t $ 85 ,00 0 m u st a lso b e d e 
w ith a m p lo w o r k in g c a p ita l, b u t w ith ca s h assets v e r y m a te r ia lly in e xcess
d u cted .
o f its im m e d ia te r e q u ire m e n ts .
J. G. B R ILL CO. A N D S U B . COS C O M B IN E D B A L . S H E E T D E C . 31.
I n its n e g o tia tio n s f o r s e ttle m e n t u n d e r c o n tr a c ts c a n c e le d b y t h e A r m y
a n d N a v y a t t h e e n d o f t h o w a r, y o u r c o m p a n y ’ s c la im s h a v e b e e n a c c e p t e d
1919.
1919.
1918.
1918.
Assets—
Liabilities—
S
$
a fte r an a d ju s t m e n t o f a p p r o x im a te ly $ 5 0 0 ,0 0 0 , w h ic h h a s b e e n w r itte n
$
S
Preferred s t o c k ... 4,580,000 4,580,00
Value o f peopertles
in t o p la n t a c c o u n t , as it in v o lv e d t h e a m o r itz a tio n o f ce r ta in p la n t e x te n 
s io n s. O n J a n . 1 1919 t h o c o m p a n y h a d in G o v e r n m e n t a c c o u n t s a t o t a l
$8,203,436 8,124,030 Comm on stock___ 4,810,200 5,000,000
Bonds (John Ste
Material, raw, In.
o f a lit t le less th a n $ 1 0 ,0 0 0 ,0 0 0 ; o n D e c . 31 th e re re m a in s a litt le o v e r
4,008,941 5,225,994
325,000
phenson C o .).........................
$ 1 ,0 0 0 ,0 0 0 , a n d a t t h o p re s e n t d a te th e re re m a in s u n p a id a p p r o x im a t e ly
187.355
435,455 Bills & a cc’ ts p a y. 3,896,792 2,867,206
$ 3 5 0 ,0 0 0 . T h is fig u r e h a s b e e n fu lly a gre e d u p o n , a n d it o n ly rem a in s
Bills and accounts•
Special acc’ ts p a y. y303,714
______
fo r th e r e v ie w in g b o a r d s t o e n d o rs e th is s e ttle m e n t, w h e n t h e fin a l p a y m e n t
2,541.870 2,305,450 A dvance payments
w ill b e m a d e .
on contracts-----1,364,498
P ro g re ss is a lso b e in g m a d e o n s e ttle m e n t o f o u r c o n t r a c t f o r t h e o p e r a 
390,025
705,300
Surplus.................... x2,585,761 x2,659,532
Liberty bonds____
124.834
t io n o f t h e G o v e r n m e n t s m o k e le ss p o w d e r p la n t a t N it r o , W . V a .; n o n e o f
o u r fu n d s a re c o n c e r n e d , a n d s e ttle m e n t w ill in v o lv e o n ly t h e re le a se o f
T o t a l .................. 16,176,467 16,796,238
10,170,467 10,790,230
m u tu a l o b lig a tio n s .
.
xS eo a b o v o fo o t -n o t o .
Earnings.— T h e ea rn in gs f o r t h o cu r r e n t y e a r are t h e s m a lle st s in ce
y T h ls Item represen ts e le c tr ic e q u ip m e n t, n c l. m o to r s a n d air b ra k e s
1914, a n d th e a m o u n t a p p lic a b le t o d iv id e n d s o n C o m m o n s to c k s h o w o n ly
p u t o n ca rs, s o ld b y B r ill C o . fo r w h ic h s e ttle m e n t is d u e b y B r ill, o n ly ou t
a sm a ll m a rgin o v o r th o a c tu a l d iv id e n d d is b u r se m e n ts. T h e a b s o r p tio n
o f settlem en t as a n d w h e n re c e iv e d fr o m p u rch a sin g R y . C o s .— V . 110,
o f o v e r h e a d a n d c lo s in g d o w n exp en ses re s u lte d in an in creaso in t h e c o s t
p . 2 6 3 , 6 61 .
o f m a n u fa ctu re o f th o w ar m ate ria ls t h a t w e r e d e liv e r e d d u rin g t h e y e a r .
C o n s e q u e n t ly , a b o u t o n e -fo u r th o f th e g r o ss sales r e p o r te d th is y e a r r e p r e 
s e n t w a r p r o d u c ts m a n u fa ctu re d w it h o u t a n y p r o f it w h a ts o e v e r .
S t a n d a r d P a r ts C o ., C le v e la n d .
E a r ly in 1919, in a d d itio n t o w a r bu sin ess ca rr ie d o v e r , y o u r c o m p a n y
w as e sta b lish in g ce r ta in n e w lin e s w h ic h , d u r in g th e in t r o d u c to r y p e r io d ,
0
31 1 9 1 9 .)
r e tu r n e d n o p r o f i t , a n d f o r a w h o le a lo ss .
Y o u r c o m p a n y s u p p lie s m o r e e x p lo s iv e s t o th e c o p p e r in d u s tr y th a n t o
Pres. Christian G irl, in official statem en t of D e c . 31 1919,
a n y o t h e r sin gle lin e , a n d d u rin g t h e y e a r t h e o u t p u t o f c o p p e r h as b e e n
says in substanco: see also “ In vestm en t N e w s ” and D e  g r e a t ly re s tr ic te d . O u r sales w e ro lik e w ise s o m e w h a t re d u c e d b y th e c o a l
s tr ik e a n d b y th o s te e l s tr ik e . T h e fu t u r o s h o w s e v e r y In d ica tio n o f im 
partm en t bolow .
p r o v e m e n t in th o im m e d ia te lin es In w h ic h y o u r c o m p a n y is e n g a g e d ,
Status of Stock.— T h e r e has been c o n sid e ra b le a c t iv it y in th e s to c k re c e n tly , in clu d in g th o s e n e w e r lines o f e n d e a v o r t h a t h a v e b e e n r e c e n t ly e s ta b lis h e d .
b o th P ro f, a n d C o m m o n , m a n y shares s ellin g o n th e lo c a l o x c h a n g o , th e
S o m e o f o u r b e s t ta le n t h a s b e e n e n g a g e d in a v e r y b r o a d a n d in te n s iv e
P r e f., I u n d ersta n d , as lo w as $ 8 2 , a n d th e C o m m o n as lo w as $47 p er share
s tu d y o f th e in d u s tria l w o r ld , in a n e n d e a v o r t o d e te rm in e t h e m o s t p r o fit 
(p a r o f b o t h classes, $ 1 0 0 ).
a b le m a n n e r in w h ic h t o e m p lo y o u r su rp lu s re s o u rc e s. M a n y lines h a v e
S o m a n y criticism s a n d ru m ors o f re o r g a n iz a tio n h a v e b e e n a flo a t th a t
b e e n in v e s tig a te d , b u t u p t o d a te n o lin o h a s b e e n d e v e lo p e d e m p lo y in g a n y
w or d as t o real co n d itio n s m a y b e w e lco m e .
su b sta n tia l p a r t o f o u r re s o u rc e s. A n e x tra o rd in a ry d e m a n d fo r m a n y
T h e C o m m o n s to c k has a tan gib le b o o k va lu e o f $ 85 58 p er sh aro, as
r o d u c ts h as re s u lte d in in fla te d v a lu a t io n s , w h ic h y o u r c o m p a n y h a s n o t
fig u re d b y th e A u d ito r o f y o u r c o m p a n y , I I . J . D o u g la s , as o f N o v . 15 1919.
eon w illin g t o a c c e p t as a b asis o f p u r c h a s o .
.
T h o P re f. s to c k h a d b a c k o f it a t O c t. 31 n e t q u ick assets o f $ 4 ,8 7 1 ,4 2 2 , an d
Dividend Outlook.— O u r su rp lu s a ss e ts, fo r m e r ly e m p lo y e d In w a r w o r k ,
to ta l ta n g ib lo assots o f $ 16 ,9 4 9 ,5 0 7 . T h o p reson t o u s ta n d ln g a m o u n t o f a re n o w la rg e ly in v e s te d in L ib e r t y b o n d s a n d co lla te r a l lo a n s . T h o in c o m e
C o m m o n s to c k is 123,022 sh ares, a n d P re fe rre d s to c k is 6 4 ,7 1 0 shares,
fr o m th e s e in v e s tm e n ts , w ith Im p r o v e m e n t t h a t ca n b e r e a s o n a b ly e x p e c te d
$ 1 ,0 0 4 ,4 0 0 h a v in g b o o n retire d in th e la st 2 M yoa rs (V . 103, p . 2 1 6 1 ).
’ in co m m e r c ia l lin os a lre a d y e s ta b lis h e d , s h o u ld Insure, b e y o n d r e a s o n a b le
In o u r o p in io n , m u c h o f th o tra d in g has been d o n e fo r th e p u rp o s o o f d o u b t , th e c o n tin u a t io n o f t h o p re s e n t ra te o f d iv id e n d o n C o m m o n s t o c k .
tak in g a loss t o b o a p p lie d a ga in st th e in co m e ta x , a n d is n o t a fa ir m easure
War Plants, A c. — T h o b a la n c o s h e e t s till In clu des s o m e th in g f o r w a r
o f th o v a lu o o f th o s to c k .
it
n he
at
hou
b e w itte
to
Demand for Automobile Parts.— T h e c o u n t r y ’s p r o d u c tio n o f a u to m o b ile s p la n ts ,gw h e re w eh a d, be eo tto ta lin te n tio n t h c o vteh e y sfr o mldt h o s arlv a gn d o w nese
n o th in . H o
v er th
a m o u n t re
red
e o f th
In th o firs t h a lf o f 1919 w as o n ly a b o u t tw o -th ird s o f w h a t it w as In 1917 a n d
p la n ts w ill, in all p r o b a b ility , e x c e e d s lig h tly t h e a m o u n t s till c a rr ie d o n th e
1918, d u o t o th o fa c t th a t it w as n ecossary t o g e t th o w ar w o r k o u t o f th o
b a la n c e s h e e t. I t is b e lie v e d t h a t e v e r y ite m n o w s ta n d s a t its a c t u a l,
p lan ts a n d retu rn thorn t o th o p r o d u c tio n o f m o to r ca rs. T h e m o to r tru ck
r e a liz a b le v a lu e .
d om a n d a lso fo r tho firs t six m o n th s o f 1919 w as v e r y lig h t , d u e t o th o
Capital Slock.— T h e sale o f P re fe r re d s to c k o n s u b s cr ip tio n t o o u r e m 
large p r o d u c tio n d u rin g th e w a r. T h e a u to m o b ile c o m p a n ie s, h o w o v o r,
p lo y e e s , w h ic h w as s u sp e n d e d f o r t w o y e a r s t o a v o id p o s s ib le in te rfe re n ce
w ero In p osition t o m a k o g o o d p r o fit s , b e ca u se th e en o r m o u s d o m a n d p er
w ith L ib e r t y L o a n s u b s c r ip tio n s , h a s be e n r e -e s ta b lish e d a n d h a s m e t w ith
m itte d p r o fita b le p rices.
a v e r y fa v o r a b le r e c e p t io n . A t th is t im e t h e c o m p a n y h a s a t o t a l o f 1,6 7 2
T h is was n o t tru o o f th o p a rts busin ess. T h o p a rts m ak ers a n d a u to m o b llo m ak ers m a k in g th oir o w n parts h a d a c a p a c ity t o m a n u fa ctu re a t least s to c k h o ld e r s , o f w h o m 3 7 9 , o r 2 3 % , a re e m p lo y e e s .
1 ,8 0 0 ,0 0 0 sots o f pa rts fo r th o y o a r, o r 9 0 0 ,0 0 0 sots fo r th e firs t h a lf o f th o
CONDENSED STATEMENT OF INCOME FOR CALENDAR YEARS.
y e a r . A s a m a tter o f fa c t , I am to ld th a t th o p r o d u c tio n o f a u to m o b ile s
1 919.
1918.
1 91 7 .
1916.
w as s o m e th in g lllco 6 0 0 ,0 0 0 fo r th o fir s t h a lf o f 1919, s o th a t th o d e m a n d
G r o ss r e c e ip t s .................... $ 2 0 ,5 3 9 ,7 3 7 $ 4 5 ,5 5 6 ,0 5 2 $ 4 4 ,1 0 5 ,5 3 3 $ 6 3 ,4 1 9 ,0 3 0
u p o n th o n a rts-m a k ln g in d u s try w as o n ly tw o -th ird s o f Its n orm a l c a p a c ity .
x N e t , fr o m all s o u r c e s .. $ 1 ,5 7 9 ,7 9 5 $ 2 ,3 1 5 ,6 0 3 . $ 5 ,8 2 2 ,4 6 2 $ 1 6 ,6 5 8 ,8 7 3
A s a resu lt, co n sid e ra b le c o m p e titio n arose In th o pa rts in d u s try fo r the
P re fe rre d d iv id e n d ______
3 7 4 ,5 0 0
3 7 4 ,5 0 0
3 7 4 ,5 0 0
3 7 4 ,5 0 0
tw o -th ird s busnloss a v a ila b le . Y o u r c o m p a n y d id n o t a tte m p t t o m e e t
this ru in ou s c o m p e t it io n in o rd e r t o k e e p Its p lan ts 1 0 0 % b u s y , b u t k e p t a
A v a ila b le f o r c o m . d l v s . $ 1 ,2 0 5 ,2 9 5 $ 1 ,9 4 1 ,1 0 3 $ 5 ,4 4 7 ,9 6 2 $ 1 6 ,2 8 4 ,3 7 3
n orm a l p rice; this p o lic y has boon ju s tifie d b y th o la ter d e v e lo p m e n ts.
Sales.— F o r th e fir s t h a lf o f 1919 w o w ero u n ab le t o so cu ro a t fa ir prices C o m m o n d iv id e n d s . (1 6 % ) 1 ,1 4 4 ,0 0 0 (1 7 )1 ,2 1 5 ,5 0 0 (7 0 )5 0 0 5 ,0 0 0 (9 5 )6 7 9 2 ,5 0 0
m ore th a n an a vora g o o f $ 1 ,6 0 0 ,0 0 0 p e r m o n th , w h ereas o u r c a p a c ity is
$ 6 1 ,2 9 5
$ 7 2 5 ,6 0 3
$ 4 4 2 ,9 6 2 $ 9 ,4 9 1 ,8 7 2
B a la n c e , s u r p lu s .
b otw oon $ 2 ,5 0 0 ,0 0 0 a n d $ 3 ,0 0 0 ,0 0 0 p e r m o n th . R u n n in g o n ly tw o -th ird s
c a p a c ity , o u r p ro fits fo r th o firs t hair o f th e y e a r w ore less th a n n o th in g .
x “ A ft e r d e d u c t in g a ll expen sos in c id e n t t o m a n u fa c tu r e a n d s a le , o r d in a r y
In M a y o u r salos in creased t o m o re th a n $ 2 ,0 0 0 ,0 0 0 p er m o n th . In
a n d e x tra o rd in a ry re p a irs , m a in te n a n ce o f p la n ts , a c c id e n t s , d e p r e c ia t io n ,
J u n o a fu r th er in croaso in p r o d u c tio n ord ors w as h a d , b u t p r o d u c tio n d id
ta x e s, & c .”
n o t c o m o u p u n til S e p te m b e r.
GENERAL BALANCE SHEET DECEMBER 3 1 .
T h is w as p a rtly d u o t o t w o strik es, o n e a t th o B o c k B earin g p la n t in
1919.
1918.
T o le d o , w h ich la sted sevora l m o n th s a n d on ta ilo d m ush loss; th o o th e r a t
1919.
1918.
S
Liabilities—
$
P e rfe c tio n S prin g p la n t w h ich la ste d severa l w ooks an d in stead o f a p r o fit
Assets—
S
S
o f $ 65 ,0 0 0 p er m o n t h w e registered a loss o f a b o u t $ 15 ,00 0 p e r m o n th . A t
Plants & property. 13,834,602 13,071,799 Com m on stock___ 7,150,000 7.150.000
B o c k B earin g p la n t d o m a n d s w ore m a d e fo r u n io n re p re s e n ta tio n , n o p iece
C ash......................... 1,345,494 5,986,004 Preferred stock — 5,350,000 5.350.000
w o r k a n d a 4 4 -h o u r w o o k . T h o s o th re e d o m an d s w e w o u ld n o t n u o t , an d
180,887 5,677,165
A cc'ts receivable.. 2,347,988 2,839,861 Bills payable..........
a fto r th o strlk o co n tin u e d so ve ra l m o n th s w ith g r e a t lass t o o u rse lve s, m o st
Accounts payable.
528,611 1,049,818
Collateral loans___ 2,000,000
o f o u r m on a t T o le d o retu r n e d t o w o r k , a n d in N o v e m b e r p r o d u c tio n a t th o
46,812
46,812
886,212 Bond lnt.& pf .d iv .
Investm 't se cu rs..
892,396
24,419
B o c k p la n t h a d in creased t o a p o in t w h ere o u r p ro fits w ore $ 4 7 ,5 0 0 fo r this
54,930
Liberty bonds____ 4,452,700 3,817,759 Deferred cr e d its..
642,336
p la n t a lo n e . In S ep tem b e r o u r o w n a xlo p la n ts , a ffe c te d b y th e b earin g
79,935
M aterials & supp. 3,458,058 4,420,326 Fed’l taxes ( e s t .) ..
s itu a tio n , p r o d u c e d 68 sets o f axlos p er d a y , in O c to b o r 87 sots p er d a y ,
Finished product. . 1,500,304 1,793,205 Reserves__________ 1,360,363 2,010,510
a n d in N o v e m b e r 111 sots p er w o r k in g d a y .
258,572 4,740,515
144,457 Contract advances
57,583
Deferred ch arges..
A n o th o r fa c t o r in terferin g w ith o u r p r o d u c tio n p ro g ra m d u rin g the
G overn’t accounts. 1,162,074 9,712,893 Profit and loss____16,042,295 15,981,000
clos in g m on th s o f tho y ea r w as th o ste e l str ik e , w h ic h d e la y e d th o c o m 
p le tio n o f ca rs.
T o t a l .................. 31,052,405 42,672,571
T o t a l __________ 31,052,405 42,072,570
Government Axle Work, A c.— Present Axle Business.— In 1917 noither o f
o u r axle p lan ts h ad a ca re fu lly d oslg n od series o f a xles. In th e fall o f 1917
th o A m e r ic a n A x lo p lp n t was ask ed t o ta k e o n th e G o v e r n m e n t a xlo w o r k ,
Union Oil Company of California.
a n d a t a b o u t th o tim o w o a cq u ire d th e p la n t. P ro d u ctio n o n th e G o v e r n 
m en t axles fo r ten m o n th s re su lte d In a lo ss . H o w e v e r , th o e le v e n th m o n th
31 1 9 1 9 .)
sh o w e d a p r o fit oq u a l a lm o s t t o th o loss fo r th e ten m o n th s .
W ith th o sig n in g o f th e a rm lstlco a ll G o v e r n m e n t w o r k w as c a n c e lo d , w ith
The text of tho report will be cited in a subsequent issue.
tho resu lt th a t it was n ocossary fo r us t o p u t in to p r o d u c tio n o u r n ow axle
d oslg n s, a n d t o socu ro th e business o n this lin o o f axlos. A ll o f this has been
PRODUCTION OF COM PANY A N D CONTROLLED COMPANIES.
d o n o . W e h a v e a sorios o f a xle doslgns th a t has be e n h ig h ly c o m p lim e n te d ,
1919.
1 918.
1 91 7 .
1916.
a n d ord ors o n th o b o o k s fo r axles (t o s a y n o th in g 6 f co n tr a c ts b e y o n d these
N e t b a r re ls ................................ 8 ,7 0 5 ,4 4 7
8 ,2 7 1 ,0 8 4
7 ,4 3 0 ,1 5 4
6 ,6 8 1 .0 1 5
o r d o r s ), a m o u n tin g t o $ 9 ,2 2 0 ,0 0 0 .
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Spring Department.— F o r th o firs t h a lf o f 1919 o u r sprin g p lan ts w ero n o t
k e p t b u s y . A fte r J u ly 1 this was ch a n g e d , a u to m o b ile s p rin g ord ers o n o u r
lln c lu d ln g p r o p o r t io n a t e sh a re o f th o o p e r a tio n s o f c o n tr o lle d c o s .]
b o o k s , ex c lu siv e o f a d d itio n a l c o n tr a c ts , a t p reson t w ritin g a m o u n t t o
1919.
1918.
191 7 .
1916.
$ 0 ,8 0 0 ,0 0 0 .
. _
G r o ss s a le s............................ $ 53 ,3 6 0 ,9 2 6 $ 4 3 ,8 6 3 ,5 6 2 $ 3 3 ,8 7 0 ,8 8 9 $ 2 7 ,7 4 5 ,0 0 9
Total Orders.— O u r to ta l u n fille d ord ers fo r all p lan ts as o f D e c . 22 a m o u n t G ro ss p r o fit s ............. ..
N ot
N ot
$ 1 4 ,1 5 4 ,1 9 7 $ 1 1 ,1 9 7 ,0 5 3
t o $ 22 ,6 5 2 ,9 9 6 . T h is d o e s n o t in clu d o co n tr a c ts o n th e b o o k s fo r w h ich
R o y a ltie s a n d m is c e l l 's - s ta t e d .
s ta t e d .
1 6 ,8 5 4
9 ,2 1 0
d efin ico d o llv o r y d a to s h a v o n o t been sp e c ifie d .
Profits.— In .Septem ber a sm all p r o fit w as m a d e o n th o C o m m o n s to c k .
T o t a l p r o fit s .................. $ 2 0 ,5 3 2 ,4 8 8 $ 1 4 ,3 6 4 ,6 9 5 $ 1 4 ,1 7 1 ,0 5 1 $ 1 1 ,2 0 6 ,2 6 3
In O c to b o r p r o d u c tio n w as h ig h er, b u t , d u e t o s o m e a d ju s tm e n ts In Inven
t o r y a t th o C a ilto n p la n t, w o d id n o t sh o w a p r o fit fo r th o C o m m o n becau se
G e n e r a fr a p e n s e s .........................................
$ 6 1 0 ,6 3 5
$ 5 1 7 ,1 6 4
$ 4 0 5 ,6 8 4 $ 3 0 8 ,6 8 2
w o p refer t o m ak e s u ch a d ju s tm e n ts p r o m p tly ra th er th an ca rry th e m a lo n g
T a x e s .....................................
8 8 6 ,2 1 9
5 3 7 ,5 4 2
8 4 5 ,2 1 5
4 5 6 ,2 4 7
as a d eferred lia b ility .
E m p lo y , sh are in p r o fit s .
5 40 ,7 5 7
3 13 ,37 1
2 0 1 ,6 9 0
1 58 ,15 8
A ll o u r p la n ts , e x c e p t th o a xle a n d b e arin g p la n ts , h a ve m a d o m o n e y In
D e p r e c i a t i o n . . . . . ......................................
5 ,7 4 0 ,4 6 5
4 ,8 6 2 ,6 2 6
3 ,2 0 1 ,2 4 2 2 ,4 3 2 ,4 6 5
1919.
W Itn o u t th o losses in thoso tw o d o p a rtm o n ts , th o n e t earnings fo r
In te re s t o n b o n d s .............
5 4 1 ,3 7 8
5 7 7 .8 0 3
5 4 2 ,5 6 4
4 77 ,54 1
th o ten m on th s w o u ld h a v e b e e n a p p ro x im a te ly $ 46 2 ,5 7 2 . T h o lassos in
I n t . o n c o ll. t r . n o t e s ,& c .
----------------------------5 3 ,2 3 5
th oso t w o d ep a rtm en ts are p r a c tic a lly tra co a b lo , fir s t t o th o strik e , an d
M is c e lla n e o u s ___ Cr.1 7 5 ,2 2 0
Cr. 16,9 50
3 8 ,1 4 4
4 0 ,2 3 6
s e c o n d , to th o tim o req u ire d t o g e t the n ew m od els o n th o m a rk e t in q u a n tity .
P r o v is io n f o r w a r in c o m e
____
R op orts fo r N o v o m b c r are n o t as y e t in . W o are, h o w o v o r, tak in g a c o m 
a n d e xcess p r o fit s t a x .
1 ,7 5 0 ,0 0 0
1 ,5 5 0 ,0 0 0
1 ,2 4 0 ,9 9 3
-----------p lete in v e n to r y as o f J a n . 1. a n d th e sam e w ill b e a u d ito d b y K rn st & E rn st.
C a s h d i v i d e n d .............
4 ,3 9 5 ,0 5 3
4 ,2 5 2 ,5 1 9 (9 )3 ,2 9 7 ,8 6 6 (6 )2 ,0 4 5 .5 3 2
W o b ollov o th o c o m p a n y fo r th o y o a r w ill s h o w n o p r o fit fo r th o C o m m o n
S to c k d iv .p a ld M a r .1 0 ’ 18 .............. (1 0 % )3 ,9 5 1 ,1 9 3
----------------------------s t o c k , b u t w ith th o ord ers o n th e b o o k s p r o v id e d b o th o u r cu sto m e rs a n d
ou rselves ca n g e t s te e l, w o are q u ite sure th e p ro fits fo r th e c o m in g yea r
T o t a l d e d u c t io n s ........... $ 1 4 ,2 8 9 ,2 8 7 $ 1 6 ,5 4 5 ,2 6 8 $ 9 ,8 2 6 ,6 3 3 $ 6 ,0 2 7 ,2 3 1
w illib o ex c ellen t o n th o C o m m o n s to c k .
i. Need of New Financing.— In th o m o an tim o the c o m p a n y 's fin a n ce s h a vo B a la n c e , s u r. o r d e f ------- 8 86 ,24 3 ,2 0 1 D $ 2 ,180,573 8 .$ 4 ,3 4 4 ,4 1 8 8 .$ 5 ,1 7 9 ,0 3 2
A d ju s t m e n ts ........................D c 6 .2 8 6 .9 4 9 C r.2 6 9 ,4 0 3 C r .3 3 1 .8 7 6 D 6 .5 ,2 3 4,79 1
boon| ontlroly in a d eq u a te t o its o u t p u t c a p a c ity , o u r in v e n to rie s in p o u n d s ,
P r e v io u s s u rp lu s _____. . .
4 ,3 2 6 .7 1 6
6 ,2 3 7 ,8 8 6
1 ,5 6 1 ,5 9 2
1 ,6 1 7,35 1
pieces a n d q u a n t ity , b e in g m u ch loss th a n th o y w ero three yea rs a g o .
T h o w riter, as P res id en t, assum os fu ll re s p o n s ib ility fo r th o m an ag em en t
T o t a l s u rp lu s ...................$ 1 0 ,2 8 2 ,9 6 8 $ 4 ,3 2 6 ,7 1 6 $ 6 ,2 3 7 ,8 8 6 $ 1 ,5 6 1 ,5 9 2
o f th e b usin ess, a n d a n y failu re m u s t b e ch a r g o d aga in st h i m . f i V i

Official Statement Dated Dec.




E

(,Report for Fiscal Year ending Dec.

764

THE CHRONICLE

CONSOLIDATED BALANCE SHEET DEC. 31 ( INCL. OWNED COS.)
1919.
1918.
1919.
1918.
Assets—
Liabilities—
•
S
S
* Liabilities—
S
S

OH lands, rights,
gas and water
lines, A c..........a53 ,690,475
Inv. In aim’d co s ..
323,984
Inv. In contr. cos.d4 085,644
U. 8. Govt, bonds
and treas. certfs. 8 255,176
Oil, Ac., Inventory 9 338,675
Materials A supp. 2 674,646
Hills A acc’ts r ec.. 6, 640,987
Prepaid taxes and
Insurance______
260,769
C ash ..................... 4 203,482
Miscellaneous___
205,954

Capital stock____ 40 341,800
First mtge. bonds. 10 143,000
Purchase money,
Ac., obligations.
392,016
Res. for taxes, A c. 2, 577,838
Operating reserves 595,647
Surplus approp. A
Invest. In add’ns
to fixed assets,
working capital. 15, 000,000
Bills payable____
..........
Accounts payable. 3, 899,483
Accrued Interest..
45,164
Profit and loss____10, 282,968

51,437,075
321,597
3,671,301
1,553,575
9,978,815
2,074,769
7,065,381
238,752
3,083,360
196,442

T o t a l................ 89,679,791 80,221,0661

589,791
1,943,738
435,993

15,000,000
156,281
2,811,564
58,483
4,326,716

T o t a l.................89,679,791 80,221,066

G e n e r a l C ig a r C o ., I n c ., N e w Y o r k .
( Balance Sheet f o r F isca l Y ea r en d in g D ec . 31 1919.)
I n c o m o a c c o u n t fo r th o y e a r 1919 w as giv e n la st w e e k , p a go 663.

BALANCE SHEET, DECEMBER 31
1919.
1918.
1919.
1918.
5
Liabilities—
§
$
$
Land, bldgs., ma
Common s to c k ...18,104,000 18,104,000
chlnery, A c___ 1,421,300 1,385,819 Preferred stock__ 5,000,000 >,000,000
Good-will, trade
Sink, fund deb. p f. 4,620,800
marks, A c-------19,326,003 19,326,003 Accounts payable,
Investment In affII.
accrued liabili
companies......... 1,025,648 1,023,644
ties, A c________ 1,122,526
621,334
Debenture stock. _
95,045
______ Bills payable........ 1,000,000 4,810,000
Prepaid insur., Ac.
141,315
128.109 D eben.pref.dlv_.
70,114
Supplies, A c ........ 11 448,071 9.3n;i,968 Spec, capital res’ve 1,000,000 1 , 000,000
Bills rec.. less res..
306,592
368,568 Insurance reserve.
157.912
88,645
Accts. rec..less res. 3,393,962 2.547.444 Federal tax reserve 780,000
840,000
Lib. bonds at par.
15,672
347,946 Surplus.......... ........ 6,051,926 4,667,081
Cash...............
742,664
699,560

Assets—

T o t a l ........ ....... 37,910,279 35.131,061
— V. 110, p. 663.

T o t a l................ 37,916.279 35,131,061

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Atlanta Birmingham & Atlantic Ry.— P a ym en t o f Six
M o n th s ' In terest to D ec. 31 1919 on 5 %

In c o m e B o n d s .—

T h o c o m p a n y has issued a n o t ic e t o h o ld o rs o f its F ifte e n -Y e a r 5 % In 
c o m e M t g e . b on d s th a t It w ill on a n d a fte r M a r c h 1 1920 at th o o ffic e o f tho
C o lu m b ia T r u s t C o ., N e w Y o r k C it y , m ak e p a y m e n t o f tho eigh th install
m e n t o f interest a t th e rato o f 5 % p er an n u m fo r th o six m o n th s e n d ed
D e c . 31 1919 a m o u n tin g to $ 25 on e a ch b o n d .— V . 110. p . 2 60.

Auburn (N. Y.) & Syracuse Elec. RR.— Fare

In crea se.

T h e A u b u rn C it y a u th o ritie s h a v o g r a n te d th o c o m p a n y p e rm iss io n to
ra ise its fares fr o m 6 t o 7 c e n ts , th o n ew ra te t o c o n tin u e in e ffe c t fo r three
y e a r s .— V . 109, p . 7 74.

Boston Elevated Rv.‘— B onds

A p p r o v e d .—

T h o M a s s . D e p a r tm e n t o f P u b lic U tilitie s has a p p r o v e d an issuo o f notes
o r c o u p o n b o n d s n o t exc e e d in g $ 1 ,5 0 0 ,0 0 0 , p a y a b lo 30 ye a rs fro m d a te ,
a n d b ea r in g 7 % in terest, fo r th e p u rp o s e o f re fu n d in g a sim ilar a m o u n t
d u e M a r c h 1 1920.— V . 110, p . 658.

Brooklyn City R. R.— Extra

Fare D e n ie d . —

S u p rem o C o u r t J u s tice G re o n b au m has refu sed t o p e rm it th o c o m p a n y
t o c o lle c t an extra fare o n th e F la tb u s h a v o n u o lin e, p e n d in g d o clsio n on
w i t o f cer tiora ri n o w b e fo r e th o A p p e lla te D iv is io n . T h e c o m p a n y
o b ta in e d th o w i t fo r a ro v io w a fte r th e P . S. C o m m iss io n h a d refu sed t o
g r a n t a req u es t fo r a h igh er fa ro .
P o n d in g a ctio n b y th e A p p o lla to D iv is io n ,
th e c o m p a n y a sk ed J u s tice G re o n b a u m fo r perm ission t o ch a r g o a 10-cont
ra to o n th o F la tb u sh line a n d t o issue a re fu n d tic k e t fo r th e oxtra fiv e
c e n ts .— V . 110, p . 359.

Brooklyn Rapid Transit Co.— E a r n in a s .—
F igu res c o m p ile d fo r C a r l M . O w e n , c o u n se l t o L in d le y M . G a rr is o n ,
r e c e iv e r , fo r t h e B . It. T . s u b w a y a n d e le v a te d lin e s, p e rio d F e b . 1 to
D e c . 31 1919, an d fo r t h e B . R . T . s u r fa c e lines (N a s s a u E le c tr ic R R . o n l y ) ,
p e r io d M a r c h 1 t o D e c . 31 1919:
-Rapid Transit Lines----------------Surface Lines-

Gross

1 91 9 .
Income.
F e b r u a r y . ...............................$ 1 ,1 5 0 ,8 9 3
M a r c h ____________________
1 ,3 2 4 ,8 3 9
A p r i l ........................................
1 ,3 6 4 ,7 5 7
M a y ...................
1 ,4 6 1 ,4 4 2
J u n e ........ ....................
1 ,4 6 5 ,6 2 5
J u ly ..........................................
1 ,5 2 2 ,7 7 9
A u g u s t . ...................
1 ,3 4 7 ,0 9 5
S e p t e m b e r _______________
1,4 5 2 ,5 5 7
O c t o b e r _________________
1,5 2 2 ,2 8 9
N o v e m b e r _______________
1 ,548,411
D e c e m b e r ..............................
1 ,6 6 4 ,3 0 0

Operaling
Expenses.

$ 78 9 ,3 2 3
8 9 1 ,3 2 2
8 8 1 ,6 0 9
9 4 2 ,95 3
9 3 3 ,89 3
1 ,3 1 2 ,1 0 4
1 ,1 9 9 ,1 7 6
1 ,1 3 6,41 4
1 ,1 4 3 ,9 1 6
1 ,1 6 8 ,4 75
1 ,4 1 5 ,0 8 3

Gross
Income.

$433*424
4 5 2 ,1 9 6
4 9 5 ,2 4 9
5 0 5 ,1 2 8
5 0 5 ,5 9 9
4 5 7 ,9 1 0
5 3 2 ,01 3
5 3 9 ,1 7 9
5 1 3 ,0 8 9
5 3 7 ,2 8 9

C h ic a g o B u r l. & Q u in c y R R .— M e r g e r R u m or D e n ie d . —
See N o rth e rn P a c i f i c R y . b e lo w .— V . 110, p . 359.

43,567,500
11,331,000

i a
g a s a n d w a te r lin o s, & c . , in 1919 in c lu d e o il la n d s, rig h ts and
lea ses , $ 3 1 ,0 1 9 ,7 8 5 ; o il w ells a n d d e v e lo p m e n t , $ 1 0 ,4 8 4 ,3 6 1 ; p ip e lines and
s to r a g e s y s te m , $ 1 0 ,6 3 4 ,9 4 9 ; s te a m sh ip s a n d m arin e e q u ip m e n t, $ 5 ,1 3 8 071;
refin er ies a n d c o m p r e s s o r p la n t, $ 7 ,8 3 3 ,2 7 8 : m a r k e tin g s ta tio n s , $ 8 ,0 8 0 ,9 0 3 ;
t o t a l, $ 7 3 ,1 9 1 ,3 4 8 , less res e rv e fo r d e p r e c ia tio n a n d d e p le tio n , $ 1 9 ,5 0 0 ,8 7 3 :
b a la n c e as a b o v e , $ 5 3 ,6 9 0 ,4 7 5 .
b In clu de s in 1919 in v e stm e n ts in c o n 
t r o lle d c o m p a n ie s : S to c k s , $ 2 ,4 1 9 ,8 9 0 : b o n d s , $ 81 0 ,0 0 0 ; a d v a n c e s a c c o u n ts
(n e t a fte r d e d u c t in g a m o u n ts d u o t o c o n tr o lle d c o m p a n ie s , $ 1 8 4 ,9 1 0 ),
$ 8 5 5 ,7 5 4 .— V . 110, p . 174.

Operating
Expenses.
$383',240
3 6 8 .3 3 4
389,891
4 0 3 .3 3 4
3 7 9 .0 3 7
4 8 8 .7 7 5
4 9 9 ,78 2
5 0 1 ,1 6 5
472,501
367,721

[V o l . n o .

C h ic a g o S u r fa c e L in e s .— S even-C ent Fare V a lid . —
T h e S u prem e C o u r t o n F e b . 18 h old as v a lid th e 7 -co n t ca rfa re rate fo r
C h ic a g o su rfa ce lin ts , rover# ing th o d ecision o f th o S an gam on C o u n t y
C ir c u it C o u r t.
T tn c h ie f p o in t at issuo w as w h eth er th o I*. S. C o m m ission
c o u ld set th o ra te fo r a p u b lic u tility se rv ice w ith o u t g iv in g th o c i t y a ch a n ce
t o fu lly a rgu e th e case. T h o c o u r t rules th o C o m m iss io n has tills p ow er.
T h o ca s e was ta k e n b e fo r e J u d g e S m ith o f S an gam on C o u n t y C o u r t last
y e a r b y th o c it y o n th o g r o u n d th a t th o C o m m iss io n d id n o t h a v o th e right
t o increase faros b eca u so th e c o n tr a c t b e tw e e n tho c it y an d th o c o m p a n y
s p e c ifie d th a t fares sh o u ld b o 5 ce n ts .
C o r p o r a tio n C o u n s o l E tto lso n has a n n o u n ce d th a t h o w ill ask a roh oa rin g o f th o a b o v o d o cls io n , a n d , if m o tio n fo r a ro-liearin g Is d o n lo d . it is
s ta te d , a n a p p o a l w ill b e tak on to th e U. S. S u prem o C o u r t .— V . 110, | .
>
6 5 8 , 4 64.

C le v e la n d (O .) R y .— To Vote

on

N e w Project A p r i l 2 7 .—

T h e p e o p le o f C le v e la n d w ill v o t o A p ril 27 o n th o p ro p o s e d $ 1 5 ,0 0 0 ,0 0 0
b o n d issuo fo r th o fin a n c in g a n d b u ild in g o f a su b w a y in C le v e la n d .
I f tho
v o t o Is fa v o r a b lo , it is o x p e c te d th a t w ork w ill s ta rt d u rin g tin su m m er and
w ill b o co m p le te d in a b o u t tw o ye a rs. T h o c it y is t o b u ild th o su b w a y s
a n d e q u ip thorn w ith e v e r y th in g o x c o p t p o w e r a n d cars a n d will turn th em
o v e r t o th o C le v e la n d R y . fo r o p e ra tio n a t a ron ta l oqu al t o 6 % o f th o c o s t
o f e q u ip m e n t in t h o s u b w a y s .— V . 110, p . 561.

C o lu m b u s M a r io n & B u c y r u s R y .— N o t to Sell R oad. —
P resid en t G e o r g o W h y s a ll in co n n e c tio n w ith th e s ta te m e n t th a t t h o roa d
w as t o b e d ism a n tle d a n d s o ld fo r Junk is q u o te d as s a y in g :
“ Such an a n n o u n c e m e n t sh o u ld n o t h a v o been m a d e , fo r it was a b e la te d
re p o r t o f th o s itu a tio n w h ich o b ta in e d a t a tim e w hen th e C . M . A B ..
ike m a n y o t h e r in te ru rba n lin es, was fa c in g a fa ro r e d u c tio n fr o m 2 'A to
2 c e n ts . S in co th e n th e le gisla tio n h a s in creased th o fa re t o 3 ce n ts a n d th o
in teru rba n s itu a tio n has tak en o n a d e c id e d ly s tr o n g e r a s p e c t, m ak in g
co n tin u e d o p e r a tio n o f th e line n o t o n ly p o ss ib le , b u t in all p r o b a b ility
p r o fit a b le .— V . 1 01, p . 1713.
1

C r ip p le

C re e k C e n t r a l R y . - Stricken f r o m

L is t. —

T h o N ow Y o r k S to c k E x ch a n g e has strick e n fro m th o list this c o m p a n y ’s
( o m m o n a n d P referred s to c k , o w in g , it is u n d e rs to o d , t o th o u n fro q u en ey
o f sales.— V . 109, p . 5 7 7.

D enver

B o u ld e r

&

W e ste rn

R R .— D ism a n tle d . — •

T h is r o a d , w h ich w as b o u g h t s o m o tim e a g o b y M o r s o B ros. M a c h in e r y
A S u p p ly C o . o f D e n v e r , a t a p rice said to bo $ 2 6 0 ,0 0 0 , is b ein g to rn u p
as th e w eather p erm its. T h o s alv ag e va lu o Is said t o b o $ 4 5 0 ,0 0 0 . O p 
p o r tu n ity was giv e n th o lo ca l c iv ic a n d co m m e rcia l org a n iza tio n s to a cq u ire
title t o th o r o a d , b u t n o o ffe r as m a d e .— "E n g in e e r in g a n d M in in g J ou r
n a l.” — V . 109, p . 2171.

D e t r o it U n it e d R y . — C ity A g a in st N e w L o o p . —
Tho D e tr o it C it y C o u n cil o n F e b . 6 d e cid e d a ga in st th o p ro p o s e d plan
o f th e c o m p a n y to b u ild a lo o p in th o d o w n to w n d istrict to ro liovo tr a ffic .
A lth o u g h th o C o u n c il fo r severa l years e n d e a v o r e d to h a v e this lo o p bu ilt
it w as d e cid e d the m a tte r sh o u ld b o laid o v e r un til a fte r A rp ll 5 election
w hen a v o t o will b o tak en o n M a y o r C o u z e n ’s plan fo r a $ 15 ,0 0 0 ,0 0 0 m u n ici
p al stre e t ra ilw a y . T h is plan was passed b y th e C it y C o u n c il o n J an . 27
a n d sig n e d b y th o M a y o r .— V . 110, p . 658.

D o m in io n P o w e r & T r a n s m is s io n C o ., L t d . —

Calendar Years—
1919.
G ross e a rn in g s ...........................................$ 3 ,4 7 7 ,3 8 6
S u rplu s a fte r e x p e n se s ------------------------7 0 0 ,75 0
— V . 108, p . 7 8 4 .
’
E lk in & A l le g h e n y R R .

1918.
$ 3 ,2 0 4 ,6 4 4
664,271

Earnings.
1 91?
$ 2 ,9 6 7 ,2 7 3
7 2 6 ,2 2 0

-O rga nized — To E xtend R o a d .—

T h o E lkin A A lle g h e n y R . It. has boon ch arte re d w ith $ 1 ,0 0 0 ,0 0 0 au 
th o rize d ca p ita l s to c k t o ta k o o v e r , o p e ra te a n d e x te n d th o ro a d o f tho sam e
n am e s o ld a t receivers sale in th o su m m er o f 1919 (V . 109, p. 2 0 7 4 ).
T h is
lin e, p ro je c te d fro m E lk in to S pa rta , N . O ., a b o u t 40 m iles, h a s b e e n c o m 
p le te d a n d is In o p e ra tio n b etw een E lkin and V en eer, 16 m iles.
B e y on d
th o la tter p o in t it is said th a t a b o u t 20 m iles o f g ra d in g h a v o b e e n d o n e , and
th e n ow c o m p a n y in ten d s t o co n tin u e c o n stru c tio n n o t o n ly t o S pa rta ,
b u t t o J e ffe rso n , N . C ., a to ta l d ista n ce o f a b o u t 75 m iles. T h o s e interested
in tho p lan aro I I. C . C h a th a m , C . B, F e n n y , W in sto n -S a le m , N . O • .1.
C lin to n S m o o t , N o r th W ilk e s b o r o , N . O .; R . A . D o u g h t o n , S parta; .1. F .
H on d ron , O . T . R o th a n d o th e rs o f E lk in , N . C .— V . 109, p . 2074.

E rie R a ilr o a d .— N e w O rga n iza tion , & c . —
T h e d ir e c to r s h a v e a n n o u n ce d th e o r g a n iz a tio n , e ffe c t iv e a t t h e e n d o f
[•ederal c o n t r o l, as fo llo w s : F re d e ric k B . U n d e r w o o d , F res. a n d C h a ir m a n o f
E xecutive) C o m m it te e ; G e o r g e p , B ro w n e ll, V ic e -P r o s , in ch a r g o o f L egal
an d F in a n cia l; G e o r g e H . M in o r , V ic e -P r e s . & S e c .; W illia m J . M o o d y ,
T reas., a n d A u g u s t L . S ore n so n as C o m p t r o lle r .
V ic e -F re s k le n ts , a d d itio n a l t o th o s e a b o v e n a m e d : G e o r g o N . O r c u t t , In
ch a r g e o f F ederal V a lu a tio n , C o n t r a c t s an d F re ig h t C la im s; T h o m a s O .
1 o w e ll, tr a ffic ; R o b e r t S. P a rs o n s as G e n . M g r . in ch a r g o o f m a in te n a n ce ,
c <m,s »rU * o n a n (( o p e r a tio n ; R o b e r t C . F a lc o n e r , A ss ista n t t o P r e s id e n t and
,c
C h ie f E n g in e e r, e n g in e e rin g .
T o p r o v id e m o ro e ffic ie n t s e r v ic e , th o lin e will b o o p e r a te d In fo u r r e g io n s ,
n a m e ly : N ow Y o r k , C h ic a g o , O h io a n d H o rn e ll re g io n s, u n d e r fo u r m an a
g e r s, e a ch w ith a s t a f f c o v e r in g all d e p a r tm e n ts .
N e w Y o r k re g io n : Je rse y C it y t o S u sq u e h a n n a , a n d b r a n c h e s , w ith h ea d 
q u a rte rs a t J ersey C it y , N . J .; H orn ell R e g io n : S u sq u e h a n n a t o R o c h e s te r ,
B u ffa lo , D u n k ir k , S a la m an ca a n d b r a n c h e s , w ith h e a d q u a rte rs a t H o rn e ll,
N . Y . O h io re g io n : S a la m a n ca to C le v e la n d a n d C in c in n a ti, a n d b r a n c h e s ,
w ith h e a d q u a rte rs a t Y o u n g s t o w n , O h io . C h ic a g o re g io n : C h ic a g o A E rie
R R . a n d b ra n ch e s, C h ic a g o t o M a r io n , w ith h e a d q u a rte rs a t C h ic a g o III.
— V . 110, p . 73.

G e o r g ia R y .

&

P o w e r C o .— R e fu n d in g N o te s . —

T h o G e o rgia R R . C o m m iss io n has gr a n te d th o c o m p a n y perm ission t o
issue $ 2 ,5 0 0 ,0 0 0 C o lla te ra l N o te s t o re fu n d a liko a m o u n t or n o te s w hich
m atu re d o n F e b . 1.— V . 109. p . 1179.

G r a n d T r u n k R a ilw a y o f C a n a d a .— R a tify D o m in io n
C on trol .— The stockholders voted Fob. 19 to ratify the agree

ment by which the Dominion will acquire control of the
system, both in Canada and the United States, as per plan

T o t a l - - - - - - - ...........
$ 1 4 ,8 1 4 ,9 6 7 $ 1 1 ,9 1 4 ,2 6 8 $ 4 ,9 7 1 ,0 7 6 $ 4 ,3 3 5 ,7 8 0
in
H.
I lo b a r t P o rte r, V ic e -P r e s . & G e n . M g r . o f th e B r o o k .y n C it y R R . , has V . 109, p. 1609, 1891, 1986.— V . 110, p. 561.
a ssu m ed d ir e c tio n o f o p e r a tio n s o f th e N a ssau E le c tr ic R R . , Q u eens C o u n t y
G r e a t N o r th e r n R y .— M er g e r R u m or D e n ie d . —
& S u b u rb a n R R . , C o n e y Isla n d A B r o o k ly n R R . a n d all th e o t h e r I). R . T
See N o rth e rn P a cific R y . b e lo w .— V . 110, p . 167.
s u r fa c o lin e s .— V . 1 10, p . 1 66, 77.

C a lifo r n ia S o u t h e r n R R . — Securities A u th o r iz ed . —
R - R - C o m m iss io n has a u th o riz e d th e c o m p a n y t o issuo
$ 13 5 ,0 0 0 in b on d s a n d $ 5 0 ,00 0 in C o m m o n s to c k , p ro ce e d s t o b o used t o b u ild
an exten sion o f a b o u t 8 m ile s .— V . 110, p. 464.

C a r o lin a C lin c h fie ld

O h io

R R . — Federal C ontract .—

D ir e c to r -G e n e r a l o f R . R . ’s H in es has s ig n ed th o F ederal o p e ra tin g c o n 
tr a c t w ith th o c o m p a n y fix in g th o an n u al c o m p e n s a tio n a t $ 1 ,8 3 9 ,2 5 5 .—
V . 110, p . 77.

G r e e n fie ld & N o r t h e r n R y .— To Operate S h ortly. —
A c c o r d in g t o a ro p o rt fr o m G r e e n ville , S. O ., th o c o m p a n y will let c o n 
tra cts fo r passenger ca rs , a n d it is h o p e d t o resu m e o p e ra tio n s in a b o u t a
m o n th .
S ovcral freigh t ca rs h a v o a lre a d y boon ord e re d a n d so m e old
e q u ip m e n t is b o in g rop a lred . T h o c o m p a n y was ro c o n tly o rg a n ize d to
tak o o v e r tho G r een ville A W estern R y .— V . 110, p . 3 59.

I n t e r b o r o u g h C o n s o lid a te d C o r p .— E x te n s io n . —

C h e s a p e a k e & O h io R y .— N e w O ffic er s. — Tho follow ing
resignations and elections are announced, effective M a rch 1
19 2 0 , or at tho end of Federal control:

T h e c o m m it t e e , o f w h ich C h a rles II. .Sabin Is c h a irm a n , e x te n d e d to
M a r c h 15 1920 th o tlm o w ith in w h ich th e h o ld e rs o f u n d e p o s lto d In te r
b o r o u g h -M e t r o p o lita n C o . C o lla te ra l T r u s t I A % g o ld b o n d s m ay d e 
p o s it th e ir b o n d s w ith o u t p e n a lty . A fte r th a t d a te d e p o s its will bo p er
m itte d o n ly u p o n s u ch te rm s a n d c o n d itio n s as th e c o m m it t e e m a y Im pose
— V . 1 10, p . 167.

G e o . W . S tev en s , P res .; O . B . ’ W a ll, V .-P r c s .; II. T . W ic k h a m , Y .-P r e s .
& G
PP C o u n s e l, v ic e A . C . R ca r ic k , resign ed ; C . C . M ic h io , A s s t. S e c ., v ic e
E . M . T h o m a s , resign ed ; J o h n A . H a n c o c k , A s s t. T r e a s .; E . M . T h o m a s
C o m p t r o lle r , all o f R ic h m o n d , V a .
.
„ TJ?° fo llo w in g d ire cto rs w ere e le cte d : I I. E . H u n tin g to n , C h a irm a n ;
C . E . G r a h a m , S en ior V .-P r e s .; F . I I. D a v is , V .-P r e s .: A .T r e v v e t t Sec
& T r e a s .; H . F . L o h m e y e r , A s s t. S e c .: A . C . R e a r ic k , C o u n s e l, all o f N e w
Y o r k ; G e o . W . S tev en s, P re s .; G . B . W a ll, V .-P r e s .. H . 3 '. W ick h a m ,
V .-P r e s . & G en . C o u n s e l; F . M . W h ita k e r , V .-P r e s .; C . C . M ic h ie , A ss t.
S e c .; J oh n A . H a n c o c k , Asst.. T r e a s .; E . M . T h o m a s , C o m p t .; H e n ry T a y 
lo r J r ., G e n . S o licito r; W . S. B ro n s o n , G e n . A t t y .; I I. F ra zier, co n s u ltin g
E n gin eer, all o f R ic h m o n d , V a .; H e n r y C . S tarr, A ss t. G e n . C ou n sel
(C . & O . R y . C o . o f I n d .) , R ic h m o n d , I n d .— V . 110, p . 2 61 .

T lio c o m m it t e e o f w h ich A rth u r R e y n o ld s is ch airm a n (V . 109, p . 1986)
giv e s n o tic e t o tho h o ld e rs o f th o securities d e p o s ite d u n d o r th e term s o f a n
a greem en t d a te d N o v . 5 1919 th at th e c o m m itte e has a m en d ed the a gree
m en t a n d h a s file d th o a m e n d m e n t w ith each o f the dep ositaries n a m ed
in th e a gre e m e n t, a n d th a t a n y d e p o s ito r m a y , w ithin 20 d a y s fro m tho d a to
o f n o tice w ith d ra w fr o m th e a greem en t a n d fro m th e a m e n d m e n t th e reto,
a n d th a t a n y d e p o s ito r s o w ith d ra w in g , u p o n disch a rgin g all his then
existin g o b lig a tio n s u n d er th o a greem en t o f N o v . 5 1919, in clu d in g Ills
p ro ra ta p a rt o f all expen sos, A c ., will b o ro llo ve d fro m fu rth er o b lig a tio n
a n d d iv e s te d o f all fu rth er rights u n d er sa id a greem en t. A n y d e p o s ito r
n o t so w ith d ra w in g will b o de e m e d t o h a v e co n se n te d to tho a m e n d m e n t.
— V . 110, p . 465.




K a n s a s C ity R y s . - — N otice to D ep o sitors o f B ond s tfc N o te s .

Feb.

L o u is v ille & N a s h v ille R R .— To P a y B o n d s .—
T h e $ 3 6 ,0 0 0 P e n s a co la D iv is io n F irs t M t g e . 6 % b o n d s , d u e M a r c h 1
1920, will b o p a id o r f a t m a t u r it y a t c o m p a n y s o f f i c e , 71 B r o a d w a y , N . A .
— V . 1 09, p . 2 0 7 4 .
•

M a u m e e V a lle y R a ilw a y s & L i g h t

Co.— B ond

E x ten s io n .

T h e c o m p a n y h as p r o p o s e d t o h o ld e rs o f t h e $ 3 0 0 ,0 0 0 1st M . 5 % g o ld
b o n d s o f T o le d o & M a u m e e V a lle y Ita ilw a y C o . m a tu r in g M a r c h 1 1920,
t h a t th e y c o n s e n t to an exte n sio n o f ih o m a tu r ity d a te t o M a r c h 1 1921
(o p t io n a lly till M a r c h 1 1 922, p r o v id e d n o t ic e b e g iv e n t o t h e tru s te e p rio r
t o F o b . 1 1921) on c o n d it io n th a t th e in te re s t ra te b e in creased fr o m 6 %
t o 5 Vi % • A n o ffic ia l circ u la r d a te d a t T o l e d o , F e b . 2 . s a y s in s u b sta n ce :
T h e fra n ch ises o f th e p re se n t c o m p a n y , w h ich is th e s u c c e s s o r , b y c o n 
s o lid a tio n , o f T o le d o & M a u m e e V a lle y R y . C o ., e xp ire d in J u n e a n d
S e p t e m b e r 1 919, a n d th e c o m p a n y is, t h e r e fo r e , fr e e o f th e ra te re s trictio n s
w h ic h t h o y c o n ta in e d .
•
.....
T h e p res en t m a n a g e m e n t has o p e r a te d th is ro a d s in ce 1913, w ith th e
fo llo w in g n et resu lts (a fte r o p e r a tin g exp en ses) fo r th e se ve ra l c a l. yea rs:
1913.
1914.
1915.
1916.
1917.
1918.
1919.
$ 6 ,9 7 2
$ 6 ,4 8 6
$ 1 0 ,3 2 9
$ 1 1 ,6 9 0
$ 2 ,8 3 6 d e f.$ 9 ,1 6 6
d e f.$ 2 8 .1 9 9
N o w t h a t th e fra n ch ises h a v e e x p ir e d , t h e m a n a g e m e n t h a s in cre ase d th e
p a ss en ger ra tes, an d is a lso m a k in g ce r ta in ch an ge s in o p e r a tin g c o n d it io n s ,
s u c h as a b a n d o n in g th e u n p r o fita b le fre ig h t d e p a r tm e n t. A d d it io n a l tim e
m u s t b e h a d t o d e te r m in e th e e ffe c t o f o p e r a tin g u n d e r th e n e w c o n d it io n s .
— V . 7 5 , p . 1354.
•

M id la n d

765

THE CHRONICLE

21 1920.]

V a lle y R R .— -Federal C o m p e n sa tio n . —

T h e I.-S . C . C o m m iss io n has re n d e re d a d e cis io n g r a n tin g th e c o m p a n y
$ 7 6 5 ,6 7 9 as th e a m o u n t o f an n u al ren ta l u n d e r F ederal c o n tr o l. D ir e c to r G en era l o f K it . H in es o ffe r e d an a n n u al co m p e n s a tio n o f $ 5 3 0 ,0 0 0 w h ich
w as r e je c te d b y th e c o m p a n y . T h e s ta n d a rd retu rn u n d e r th e te st p erio d
is giv e n as $ 41 4 ,3 4 6 a n d th e c o m p a n y file d a cla im fo r $ 1 ,0 5 0 ,0 0 0 .— V .
109, p . 8 88.

A n d th a t is all th a t in terests us. W e d o n ’ t care w h e th e r y o u aro c a p ita lize d
fo r $ 8 ,0 0 0 ,0 0 0 o r w h eth er y o u a ro ca p ita liz e d fo r $ 8 0 ,0 0 0 ,0 0 0 .
W e shall
fix fo r y o u a ra te o f faro th a t w ill p e rm it y o u t o earn a fa ir re tu rn o n $ 8 ,
4 6 8 ,2 7 8 a n d n o t o n a d o lla r m o r o . — V . 107, p . 1102.

V ir g in ia R y . & P o w e r C o .— F a r es . —
T h o R ic h m o n d C it y C o u n c il has p a ssed an o rd in a n ce a u th o riz in g th e
c o m p a n y t o co n tin u o t o ch argo a s tr a ig h t 5 -c e n t faro fo r a p e rio d o f six
m o n th s .
L a b o r tic k e ts w ill b e s o ld as fo r m e r ly a t th e ra to o f 6 fo r 25 cen ts.
T h e c o m p a n y ’s p e titio n fo r a 6 -c c n t fa ro is u n d e r in v e s tig a tio n .— V . 109,
p . 1886.

W a s h in g to n

(D .

C .)

Ry.

&

E le c .

Co.— D iv .

D eferred .

T h e d ir e c to r s h a v e p assed th e s e m i-a n n u a l d iv . o f 214% m i th e P r c f.
s to c k w h ich is p a y a b le M a r c h 1 n e x t. T h e d iv id e n d s o n th e C o m m o n s to c k
w e re d is c o n tin u e d a b o u t a y e a r a g o .
P resid en t W illia m F . H a m Is q u o t e d as s a y in g : “ I t w a s th e u n a n im o u s
c o n clu sio n o f th e b o a r d t h a t th e p re s e n t fin a n c ia l s itu a tio n o f th e c o m p a n y
is s u ch as t o m a k e it im p e r a tiv e t h a t n o a c t io n lie tak e n a t th is t im e o n the
se m i-a n n u al d iv . o n th o p r e f. s t o c k , o n e -h a lf o f w h ic h is p a y a b le M a r c h 1
and th e b ala n ce o n J u n e 1.
“ T h is d iv id e n d is n o t n o w b e in g ea rn ed b e ca u s e o f in s u ffic ie n t ra te s and
u n til re lie f is g r a n te d It h as se e m e d t o th e b o a r d n e ce ss a ry t o co n s e r v e th e
ca sh resou rces o f th e c o m p a n y as b e in g in th e b e s t in te re s ts o f th e s t o c k 
h o ld e rs and t h e p u b lic .
“ A s d iv id e n d s o n th e p r e f. s t o c k a r? c u m u la t iv e , h o ld e rs o f sa id s t o c k
will su ffe r n o u ltim a to loss i f th e c o m p a n y r e c e iv e s th e r e lie f t o w h ic h it is
ju s t ly e n t it le d .” — V . 110, p . 4 6 6 , 3 6 0 .

W o r c e s te r C o n s o lid a t e d S t . R y .— 6 -cen t F a r e .—
T h o M a s s. D e p a r t m e n t o f P . U tilitie s h a s n o t ifie d th e W o r c e s te r c i t y
a u th o ritie s t h a t, u n less o b je c t io n is ra ised b y th e c it y o r th e c o m p a n y th o
p resen t 6 -ce n t z o n e fa r e , w h ich w a s in s ta lle d in J a n u a ry a fte r a 3 0 -d a y s
tria l, will c o n tin u e in d e fin it e ly .— V . 1 10, p . 168.

M o r g a n t o w n & K in g w o o d R R .— N e w C on trol .— A n n o u n c e m e n t o f th e sale o f th e r o a d , w h ic h is 49 m iles lo n g , t o th e
B e th leh em S tool C o r p . a n d th e B a ltim o r e & O h io R R . w as m a d e r e c e n tly .
T h e p u rc h a se p rice w as n o t m a d e p u b lic .— V . 109, p . 1891.

IN D U S T R IA L

AND

M IS C E L L A N E O U S .

A b r a h a m & S t r a u s , I n c .— O rga n ized .—

A n a u th o riz e d s ta te m e n t s a y s t h a t th e b u sin e ss o f A b r a h a m & S trau s
N e w O r le a n s R y . & L ig h t C o .— L iquidating D e b t. —
F u lto n stre e t d e p a r tm e n t s to r e , B r o o k ly n , w ill a fte r F e b . 1 b e c o n d u c t e d
J.
D . O 'K e e fe , F ederal re c e iv e r, has been a u th o riz e d b y J u d g o R u fu s E as A b ra h a m & S trau s, I n c ., u n d e r th e m a n a g e m e n t o f th e fo r m e r p a rtn ers .
.
F o s te r in th e F ederal D is tr ic t C o u r t t o p a y $ 2 5 ,00 0 m o n th ly t o th e W a r
T h o real e s ta te o c c u p ie d b y A b r a h a m & S trau s w a s s e p a ra te ly in c o r p o r a te d
F in a n ce C o r p ., so th at th e $ 66 0 ,0 0 0 o w e d t o th o co r p o r a tio n co u ld b e w ip ed
in 1911 as th o A b r a s t R e a lt y C o . T h o t w o in c o r p o r a tio n s w ill re p re s en t a
o u t q u ic k ly . J u d g e F oste r also a p p r o v e d th o p a y m e n t o f $ 12 5 ,0 0 0 on
p a id in ca p ita l o f m o r o th a n $ 1 0 ,0 0 0 ,0 0 0 . T h e h o u se w ill h a v e c o m p le te d
O c t. 31 a n d J an . 24 t o th e W a r F in a n ce C o r p ., as well as $ 3 7 ,2 7 5 interest
its 5 5th ye a r o f c o m m e rcia l a c t iv it y in B r o o k ly n in F e b r u a r y .
p a id D e c . 31 1 9 1 9 — V . 110, p . 261.
D ire c to r s are N a th a n S tr a u s, S im o n F . R o th s c h ild , E d w a r d C . B lu m ,
L a w re n ce A b r a h a m , L e e K o h n s , H . G . S trau s a n d W a l t e r N . R o th s c h ild .

N e w O r le a n s T e x a s & M exico R y .— In terest. —

T h e u su al sem i-a n n u al 2 X % w ill b o p a id A p r il 1 on th e 5 %
A
C u m u la tiv e I n c o m e b o n d s , series “ A , ” d u e 1935.— V . 109, p . 1361.

N o r t h e r n O h io T r a c t io n

&

N on

L ig h t C o .— E a r n in g s . — -

Calendar Years—
1919.
1918.
1917.
1916.
G r o s s e a r n i n g s ...........................$ 9,2 2 7 ,8 4 0 $ 7 ,2 2 4 ,1 4 2 $ 6 ,3 8 9 ,6 0 9 $ 5,1 7 0 ,4 4 2
O p e r a tin g e x p e n s e s -.................. 6 ,1 7 8 ,5 1 5 4 ,8 0 5 ,6 9 2 3 ,9 9 2 ,6 7 1
2 ,6 6 2 .8 3 7
G r o ss In c o m e .............................$ 3 ,0 4 9 ,3 2 5 $ 2 ,4 1 8 ,4 5 0 $ 2 ,3 9 6 ,9 3 8 $ 2 ,5 0 7 ,6 0 4
F ix e d ch a r g e s ................................. 1 ,3 9 3 ,4 3 6
1 ,1 8 0 ,3 2 6
9 8 1 ,8 6 0
887,661
P refer red d i v i d e n d s . . . ............
3 1 8 ,7 2 0
3 0 8 ,7 6 0
2 9 0 ,1 9 6
271 ,10 7
B a la n c e , s u r p lu s .................... $ 1 ,3 3 7 ,1 6 9
— V . 1 09, . 1366.

$ 92 9 ,3 6 4 $ 1 ,1 2 4 ,8 8 2 $ 1,3 4 8 ,8 3 7

N o r t h e r n P a c ific R y .— M er g e r R u m or D e n ie d . — Chair
man Howard Blliott is stated to have characterized as a
canard the rumors afloat this week that a consolidation of the
Chicago Burlington & Quincy R R ., Great Northern R y. and
tho Northern Pacific Ry. was contemplated shortly after the
relinquishing of the roads from Government control after
March 1.
He is stated to have said that no such plan was
being contemplated.— V . 110, p. 562.
O c illa P in e b lo o m & V a ld o s t a R R .— S o ld .—
J o h n O . M c D o n a ld o f W a y c r o s s , G a ., p u rc h a se d th is ro a d a t p u b lic
a u c t io n on J a n . 6. T h o lin o is 1143 m iles lo n g fr o m L e lla to n t o L a x , G a .
P rin c ip a l Item is th o ra il, w h ic h , it is s ta t e d , is t o b o tak en u p .— V . 109,
p . 2 44 0 .

P e n n s y lv a n ia R R .— Stock T r. C tfs. 4s R educed.—
T h e P h ila . S to c k E xch an ge on F e b . 7, s tr u ck o f f the list $19 2 ,0 0 0 P hila.
W ilm in g to n & B a ltim ore U K . S to c k T r u s t C e rtifica te s, 4s d u o 1921, re
d o om e d a n d ca n c oled b y sin k in g fu n d , le a v in g th o a m o u n t listed $ 5 ,3 6 8 ,0 0 0 .
— V . 110, p . 4 65, 6 58.

P ere M a r q u e tt e R y .— Federal Contract .—
D ire c to r -G e n e ra l o f R a ilro a d s H ines h as sig n e d th o F ederal o p e ra tin g
c o n tr a c t fixin g th e annu al co m p e n s a tio n a t $ 3,7 4 8 ,1 9 6 . See annu al re p o rt
fo r 1918 in V . 108, p . 1382.— V . 110, p . 5 6 2 , 167.

R h o d e I s la n d C o .— D eficit in 1919 o f S I ,0 3 3 , 38 0. —
T h e fin a n cia l s ta te m e n t fo r th e ca le n d a r y e a r 1919 file d w ith th e P . U .
C o m m is s io n , s h ow s : o p e r a tin g r e v e n u e , $ 6 ,9 7 0 ,6 7 5 ; o p e r . e x p ., $ 5,9 2 8 ,2 6 7 ;
n e t o p e r . r e v ., $ 1 ,0 4 2 ,4 1 2 ; n o n -o p e r . r o v ., $ 3 7 ,8 5 2 ; to ta l n e t in c o m e ,
$ 1 ,0 8 0 ,2 6 6 . D e d u c t ta x e s, ron tals a n d m is ce ll. e x p ., $ 2 ,1 1 3 ,6 4 5 ; d e fic it
f o r y e a r , $ 1 ,0 3 3 ,3 7 9 .— V . 110. p . 659.

S p r in g fie ld (M a s s .) S t r e e t

Ry.

-S u g g e s ts B ond I s s u e .—

A t a n ea rin g b e fo r e th e C it y C o u n c il P re sid e n t C la rk V . W o o d s ta te d
a n ew issue o f $ 5 ,0 0 0 ,0 0 0 6 % F irst R e f. M t g e . b o n d s in d e n o m . o f $ 100,
$ 50 0 a n d $ 1 ,0 0 0 t o b e th e o n ly s o lu tio n fo r th e fin a n cin g o f the n ecessary
exten sion a n d Im p r ov em en ts. T h e re v e n u e o b ta in e d fr o m th e b o n d sale
is p ro p o s e d t o takes ca re o f th e u n d e rly in g b o n d s t h a t m a tu r e in 1922,
1923 and 1926, a n d also fu rn ish o v e r $ 1 ,5 0 0 ,0 0 0 fo r th o d esired a d d itio n s
a n d new e q u ip m e n t.— V . 109, p . 889.

T a c o m a ( W a s h .) R y . & P o w e r C o .— F a r es .—
T h e W a s h . I’ . 8 . C om m iss io n has su sp e n d e d fo r a p e rio d o f 60 d a y s th o
1 0 -c en t fa re w h ich th e c o m p a n y p la n n e d t o m ak e e ffe c t iv e on J a n . 18.—
V . 110, p . 79.

T e r m in a l R R . A s s o c ia t io n o f S t . L o u is .—

Obituary. —

P res. W illia m 8 . M c C h e s n e y d ie d In S t. L o u is , M o . , J a n . 2 8 .— V . 108, p .
2 63 0 .

T e x a s S t a te R R .—-W o u l d Sell Road.
T h e B o a r d o f P rison C o m m iss io n e rs , H u n ts v ille , T e x . , is a sk in g fo r
b id s fo r th e p u rc h a se o r lease o f th e ro a d e x te n d in g fr o m R usk t o P a lestin e,
T e x . a b o u t 30 m iles, to g e th e r w itli all p r o p e r t y , & c.
B ids a re to b e o p e n e d
M a r c h 1 on th e fo llo w in g basis: (1 ) U n co n d itio n a l p u rch a se a n d s u b je c t to
th e o b lig a tio n o f th e s u cce ssfu l b id d e r t o m ain ta in a n d o p e r a te th e lin e.
(2 ) U n co n d itio n a l p u rch a se w ith o u t o b lig a tio n on th e part o f th e su ccessfu l
b id d e r t o m ain ta in a n d o p e r a te t h e line.
(3) L ease o f ra ilro a d fo r a s ta te d
term o f y e a r s .— V . 109, p . 777.

T o le d o R a ilw a y & L i g h t C o .— B ond E x te n s io n .—
S ee M a u m e e V a lle y R a ilw a y s A L igh t C o . a b o v e .— V . 110, p . 5 63 , 6 59.

T o r o n t o R a ilw a y C o. -A n n u a l R ep ort .—
1919.
1918.
Calendar Years—
G r o ss e a rn in g s____________________
N e t e a rn in g s ______________________
B o n d In terest, & c _________________
C it y p e rce n ta g e on ea rn in g s------D iv id e n d s __________________________

____$ 7,2 3 4 ,8 9 5 $ 6 ,5 2 6 ,3 0 2
____$ 1 ,5 7 9 ,2 3 7
$ 2,0 16 ,6 5 1
____
128 ,43 3
1 38,660
____
1 ,1 5 2 ,5 1 5
3 2 9 ,9 2 6
.................................
(4 )4 8 0 ,0 0 0

B a la n ce , su rp lu s ____________________
— V . 109, p . 2 264.

$13 ,27 4

$ 2 1 ,6 7 0

1917.
$ 6 ,2 9 1 ,7 5 9
$ 2,4 76 ,4 8 1
1 46,888
264,271
(8 )9 6 0 ,0 0 0
$ 13 4 ,8 1 0

U t a h L ig h t & T r a c t io n C o .— V a lu ation .—
T h e U ta h P . U . C o m m iss io n in passing o n th e va lu e o f th o p r o p e rty o f
th o c o m p a n y s a id : " W o fin d th a t y o u r p r o p e rty is w o rth $ 8 ,4 6 8 ,2 7 8 .




A d a m s E x p re ss C o .— B u ild in g S old .—
I t is s ta te d th a t H e n r y M o r g e n t lia u , a ss o cia te d w ith R o b e r t E . D o w lin g
an d R o b e r t E . S im o n , h as p u rc h a se d th e 3 2 -s to r y A d a m s E xp re ss b u ild in g
a t 61 B r o a d w a y , N . Y . C it y , fo r a p r ic e said t o b e $ 9 ,2 5 0 ,0 0 0 . T h e s tr u c 
tu re w as p u t u p in 1914 b y th o A d a m s E xp re ss B u ild in g C o .— V . 110, p . 79.

A d ir o n d a c k E le c tr ic P o w e r C o r p .— Votes M e r g e r .—
T h e s to c k o f th o c o m p a n y d e p o s ite d w ith t h e N e w E n g la n d T r u s t C o .,
B o s t o n , d e p o s it o r y , in c o n n e c t io n w ith th e p r o p o s e d m e rg e r w ith th e M o 
h a w k E d is o n C o ., w as v o t e d a ss e n tin g s t o c k , a t th e s to c k h o ld e r s ’ m e e tin g
h e ld F e b . 2 . S ee V . 109, p . 2 3 6 3 , 2 441; V . 110, p . 4 66.

A ir R e d u c t io n C o ., I n c ., N . Y . C i t y .— 7 %

C orn . D e b s.

T h e sh a re h o ld e rs v o t e d F e b . 18 t o : (a ) a u th o r iz e n o t e x c e e d in g $ 4 ,0 0 0 ,0 0 0
T o n -Y e a r 7 % C o n v e r tib le G o ld D e b e n tu r e b o n d s , issu a b le in series fr o m
t im e t o t im e , c o n v e r t ib le a fte r t w o y e a rs in t o C o m m o n s to c k a t s u ch ra te
o r ra te s n o t e x c e e d in g o n e s h a re o f s to c k fo r e a ch $62 50 o f b o n d s , as th o
b o a r d m a y d e te rm in e a t tim e o f issu o; (b ) r e d u c e t h o n u m b e r o f P re fer red
shares w h ich th e c o m p a n y m a y issu e t o n o n e , a n d t o in cr e a s e th e n u m b e r
o f C o m m o n sh ares w it h o u t n o m in a l o r p a r v a lu e w h ich th e c o m p a n y m a y
issu e, t o 2 9 3 ,33 4 s u ch sh a res, a n d t o in cr e a s e t h e s ta te d c a p ita l t o $ 4 ,4 0 0 ,
0 1 0 . See V . 110, p . 3 6 0 .

A la s k a G o ld M in e s C o .— Ore M i l l e d .—
January—
1920.
P r o d u c tio n ( t o n s ) ................................................... 2 1 5 ,3 8 5
— V . 109, p . 1988.

1919.
151 ,51 5

1918.
179 ,29 6

A m e r ic a n C a n C o ., N e w Y o r k .— D irecto r .—
G e o r g e G . M c M u r t y h a s been e le cte d a d ir e c to r , s u c c e e d in g Jam es T .
M c L e a n , d e ce a s e d .— V . 110, p . 6 5 5 .
.

A m e r ic a n C h a in C o ., I n c .— A c q u is itio n .—
T h e c o m p a n y h as p r a c tic a lly c o m p le te d n e g o tia tio n s fo r th o p u rc h a se
o f t h o P age S teel & W ir o C o . (V . 107, p . 2 4 8 1 ). F inal d e ta ils , it is e x p e c te d ,
will b o c o m p le te d s h o r t ly . T h e c o m p a n y has a lre a d y a cq u ire d 9 0 % o f th e
o u ts ta n d in g s to c k o f th o P a g e C o . O fficia ls o f t h e P a g o C o . h a v o s e n t a
le tte r t o its m in o r ity s to c k h o ld e r s in fo rm in g th e m o f t h e d e a l a n d s ta tin g
th a t their s to c k s will b e ta k e n u p fo r ca s h a t t h o ra to o f $60 a share fo r th e
F irst P r o f., $ 40 fo r th e 2d P r e f. (p a r o f b o t h classes $ 1 0 0 ), a n d $3 fo r th o
C o m . (p a r $ 2 0 ). T h e entire d e a l is o n a ca s h basis a n d th e m a jo r it y h old ers
w ero dealt w ith as In d iv id u a ls. T h e p rice s p a id th e m v a r y — “ C h ic a g o
H e ra ld & E x a m in e r .” — V . 110, p . 6 63.

A m e r ic a n H o m in y C o ., I n d ia n a p o lis .— Further D a ta .—
Balance Sheet as of June 30 1919 adjusted to show result of present financing.
Assets •
Liabilities.

R eal e s ta to , p la n ts , &'c___ $ 4 ,3 6 7 ,9 8 3 C a p ita l s t o c k ..........................$ 2 ,6 5 9 ,0 0 0
O ash
782 885 F irst m o rtg a g e 7 % b o n d s . 2 ,5 0 0 ,0 0 0
L ib e r ty b o n d s — b k . v a lu e
5 1 0 ,67 0 B o n d s n o w ca lle d fo r p a y 
G r a in , p r o d . & m a te ria ls- 1 ,0 7 5 ,2 8 3
m e n t, in cl. p re m iu m —
G rain p a id fo r , n o t d o liv 'd
354,921
see c o n tr a _________
3 8 2 ,0 7 5
A c c o u n ts re c . & c __________
5 7 3 ,10 0 S u r p lu s .............................
2 ,7 7 7 ,0 1 3
C ash d e p o s ite d f o r re d .
b o n d s c a lle d ____________
3 8 2 .0 7 5
U n o x pire d in s u ra n ce , & c_
0 4,9 35
D e fe r re d a ss e ts ____________
2 0 6 ,2 3 5
T o t a l (e a ch s id e ) _______ $ 8 ,3 1 8 ,0 8 8
Directors.— H . B a te s , J r ., P re s.; E rn est K n e fle r , V .- P r c s .; F . AV. L e w is ,
In d ia n a p o lis ; C . M . R ic h , V .- P r e s ., A . H . R ic h , K o o k u k , l a . ; I. E . K n is c ly ,
T o le d o ; B . G . H u d n u t, B o s to n ; J o y M o r t o n , C h ic a g o ; F . B . T h e is s , A k r o n ;
G e o r g e M . AVrlght, D a n v ille ; It. G . J e n ck o s , T e r r e H a u te ; I I . B a te s , P asa
d e n a ; M . T . W a t t s , C in c in n a ti; T h o m a s T . G a ff, C . D . L a n g h o r n e , AVashin g to n , D . O .
(T h o en tire issue o f b o n d s d a te d A p r il 11 1902, h a v o been c a lle d fo r
r e d e m p tio n a t C o n tin e n ta l & C o m m e rc ia l T ru st & S avin gs B a n k , C h ic a g o ,
a t 105 a n d in t. o n M a y 1 1920.) See o ffe r in g o f 1st M t g o . 7s in V . 110, p .660

A m e r ic a n S to r e s C o .— Reduction and L istin g o f Stock .—
T h e P h ila . S to c k E x c h a n g e o n F e b . 2 a d m it t e d t o list $ 500 a d d itio n a l
F irst P r e f. s t o c k , issu ed in e x c h a n g e fo r a lik e a m o u n t o f F irs t P r e f. s to c k
o f th e A c m e T e a C o ., m a k in g t h e a m o u n t o f th o fo r m e r liste d $ 3 ,6 2 0 ,7 0 0 .
O n F e b . 5 t h e E x ch a n g e re d u c e d t h e a m o u n t o f F irs t P r e f. s to c k listed
fr o m $ 3 ,6 2 0 ,7 0 0 t o $ 3 ,5 5 4 ,2 0 0 , an d th o S e co n d l ’ r e f. s to c k fr o m $ 1 ,4 5 7 ,0 0 0
t o $ 1 ,4 1 7 ,0 0 0 , th e r e d u c tio n in e a ch re p re s e n tin g s to c k p u r c h a s e d , c a n c e le d
a n d re tire d .— V . 109, p . 9 83.

A m e r ic a n W o o l e n C o .— S u b. C o m p a n y N o t e s .—
S ee A y e r M ills C o . b e lo w .— V . 1 09, p . 2 07 4 .

'

A r c a d ia n C o n s o lid a te d M in in g C o .— L isted on B o s to n .—
T h e B o sto n S to c k E x ch a n g e has a d m it t e d t o list 152,311 shares c a p ita l
s t o c k , p a r $ 25 ($ 1 3 .5 0 p a id in) w ith a u t h o r it y t o a d d th e r e to as issued in
e x c h a n g e fo r shares o f N e w A rca d ia n C o p p e r C o . a n d N o w B a lt ic C o p p e r
C o ., 8 4 ,6 8 9 a d d itio n a l sh a res, m a k in g t o ta l n u m b e r o f shares a u th o riz e d
fo r th e list 2 3 7 ,0 0 0 .
T h e c o m p a n y was in c o r p . in M ic h ig a n D e c . 11 1919, as a c o n s o lid a tio n
o f N e w B a ltic C o p p e r C o . a n d N o w A r c a d ia n C o p p e r C o . (as p e r p la n in
A 109, p . 9 8 6 ). C a p ita l co n sists o f 2 5 0 ,0 0 0 shares a u th o r iz e d , o f w h ich
r.
152.311 shares issued a n d o u ts ta n d in g , 8 4 ,6 8 9 shares re se rv e d fo r e x c h a n g e
o f sh a ro o f N e w A rca d e a n a n d N o w B a ltic C o p p e r C o s . a n d 1 3,0 00 share
reserved fo r fu tu r e u so. N o b o n d s o r P r e f. s to c k .
T h e d ire cto rs are R o b e r t 11. S h ie ld s, P re s .; J o h n C , S h ield s, AVm. B .
A n d e rs o n , 2d V ic o -P r e s .; H e rm a n B . P assing, S y lv e s te r T . E v e r e tt, 1st V ic e P ro s .; Jam es AV. S h ield s, L u c iu s AV. K illm e r , AVilliam F . M ille r , S e c.
& T r e a s .; A lle n F . R e e s . P rin c ip a l o f f ic e , H o u g h t o n , M ic h .

766

THE CHRONICLE

A r iz o n a C o p p e r C o .— O u tp u t .—

January—
C o p p e r p r o d u c t io n (In l b s . ) ___________
— V . 1 10 , p . 169.

1920.
3 ,0 0 0 .0 0 0

1 919.
3 ,6 0 0 ,0 0 0

B u t t e & S u p e r io r M in in g C o .— E a r n in g s .—
Results for Three and Twelve Months ending Dec. 31 1919.
N e t v a lu e o f 1919~ 3
1919— 12 M o s . - 1918.

1918.
2 ,5 0 0 ,0 0 0

Z in c c o n c e n t r a t e s ____ $ 1 ,2 3 3 ,9 3 8
L e a d c o n c e n t r a t e s ____
4 9 1 ,8 8 2
M e t a l in v e n to r ie s _______
Miscellaneous income__
23*745

99,886

60,189

- v ^ i i o . ' p ' . ' e e i : ............. "

C addo

certificates.

Note .— O n J a n . 19 1920 t h e p la n t a n d c o n te n ts o f t h e B a d g e r S ta te T a n 
n in g C o . o f S h e b o y g a n , W i s ., w e r e d e s t r o y e d b y f i r e ,b u t n o a d ju s t m e n t
o f th ese a ssets is m a d e herein o n th e g r o u n d t h a t th e p la n t is t o bo ro b u llt
a n d th e loss n o t c o v e r e d b y in s u ra n c e , i f a n y , is m o r e th a n o ffs e t b y th e
p r o fit s o f th e s u b s id ia r y co m p a n ie s fr o m N o v . 1 1919 t o d a te o f in c o r p .
w h ic h p r o fit s a re n o t ta k e n u p as a d d itio n a l assets In t h e a b o v e b a la n c e
s h e e t. S ee o ffe r in g In V . 1 10 , p . 6 60 .
A t l a n t i c G u l f & W e s t I n d ie s S S . L i n e s .—

Acquisition.—

T h e C ly d e S tea m sh ip C o . , a s u b s id ia r y , i t w as r e c e n t ly a n n o u n c e d ,
h as a c q u ir e d b y p u rc h a se th e s te a m s h ip In terests o f E d w a r d M . R a p o r o
« G o ., I n c . , o p e r a tin g a fle e t o f se v e n te e n s te a m e rs b e tw e e n N o w Y o r k ,
P h ila d e lp h ia a n d p o r ts in t h e W e s t In d ie s an d th e n o r th c o a s t o f S o u th
A m e r ic a , a n d a t r a n s -A t la n tic s e r v ic e o u t o f P h ila d e lp h ia . T h o a n n o u n ce 
m e n t s ta te d th a t It p u rp o s e s to fu r th e r d e v e lo p th e R a p o r e l s e r v ic e , w h ic h
is fo u r yea rs o ld . T h e R a p o r e l n a m e w ill b e re ta in e d .
I t w a s s ta te d r e c e n t ly th a t t h e c o m p a n y has p la ce d o rd e rs f o r 4 a d d itio n a l
t a n k s tea m ers, e a ch o f 12,0 00 d o a d -w e ig h t to n s c a p a c ity w ith th e Sun S h ip 
b u ild in g C o . o f C h e s te r , t o b e d e liv e re d in 1921. W it h th is a w a r d , it is
s ta t e d , th e c o m p a n y h as u n d e r c o n s tr u c tio n a fle o t o f 14 n ew ta n k e rs , w h ich
a re t o b e e m p lo y e d in m o v e m e n t o f oil fr o m its o w n w ells in T a m p ic o fie ld s .
S ee G u ffe y -G ille s p ie O il C o . b e lo w .— V . 1 09 , p . 4 7 3 ._____________________

A v e r y C o ., C h ic a g o .—Capital

A y e r M ills C o .— To

Pay Notes.—

.T h e $ 1 ,0 0 0 ,0 0 0 C o n s tr u c t io n a n d E q u ip m e n t 5 % n o t e s d u e M a r . 1 1920,
w ill b e p a id o f f a t m a t u r it y a t o ffic e o f B ro w n B ro s . & C o . T h e s e n o te s
a re g u aran te e d p r in cip a l a n d in t. b y th e A m e r .W o o le n C o .— V . 1 08 , p .1 2 7 6 .

B a ltim o r e D r y D o c k s & S W p l ^ i r d i n g C o . —

Purchase'—

1 918.
$ 4 3 6 ,2 6 2
$ 8 0 ,5 0 0
(7 )1 5 7 ,5 0 0
9 0 ,8 6 2
4 0 .0 0 0
6 4 ,4 2 0

1917.
$ 7 7 9 ,9 8 4
$ 8 0 ,5 0 0
(7 )1 5 7 ,5 0 0
76,2 74
1 8 9 .6 4 6
6 5 ,4 5 9

$ 1 0 ,2 4 8
$ 2 ,9 8 0
$ 2 1 0 ,6 0 5
B a la n c e , s u r p lu s .......................................
T h e r e is o u t s ta n d in g $ 1 ,2 5 0 ,0 0 0 P r e f. a n d $ 2 ,2 5 0 ,0 0 0 C o m . s t o c k .—
V* 1U7, p . 1 27 0 .

C ity M a n u fa c t u r in g C o .— D ivid en d I n c r e a s e .—

A q u a r te r ly d iv id e n d o f 6 % w a s p a id o n F e b . 14 t o h o ld e rs o f re c o rd
F e b . 4 ^ L a st^ N o v e m b e r a d iv id e n d o f 5 % w as p a id a n d 3 % la st A u g u s t.

B o s t o n C a p e C o d & N e w Y o r k C a n a l C o .—
A b ill o f e x c e p tio n s to th e v e r d ic t g iv e n b y a ju r y la st N o v e m b e r in th e
c o n d e m n a tio n p r o c e e d in g s w as file d b y G o v e r n m e n t co u n s e l In t h e F ed era l
D is tr ic t C o u r t a t B o s to n o n F e b . 14. T h o ju r y fix e d th o fa ir p r ic e o f th e
ca n a l a t $ 1 6 ,8 0 1 ,2 0 1 , as a ga in st th e G o v e r n m e n t ’s o ffe r o f $ 8 ,0 0 0 ,0 0 0 ,
w h ic h w a s re fu se d b y th e c o m p a n y .— V . 1 09 , p . 207 4 .

G a s C o .— R ates .—

T h e c o m p a n y h a s a sk ed th e P .
$1 3 0 p e r 1 ,0 0 0 c u . f t . f o r g a s .
t e m p o r a r ily t o ra ise its r a te fr o m
in t o th e Justice o f th o p r o p o s e d $1

B r o o k ly n

U n io n

G as

S . C o m m iss io n f o r p e rm iss io n t o ch a r g e
T h e C o m m is s io n a llo w e d th o c o m p a n y
90 ce n ts t o $1 10 p e n d in g th o in a u lr y
3 0 c h a rg e .— V . 1 09 , p . 1794. ^ w6 mbl« . M

C o .— D e c isio n — S to c k "Is s u e .-—

S u p rem e C o u r t J u s tice G r e e n b a u m , in an o p in io n h a n d e d d o w n F e b . 14,
refu sed th e a p p lic a t io n o f th e J a m a ica G a s L ig h t C o ., a s u b sid ia r y o f B r o o k 
ly n U n io n G a s C o . , f o r an in ju n c t io n re stra in in g th e S ta te , c it y a n d c o u n t y
a u th o ritie s fr o m a tt e m p tin g t o e n fo r c e th e la w fix in g $1 p e r 1 ,0 0 0 c u . f t .
t h e m a x im u m p r ic o th e c o m p a n y c o u ld c h a r g e f o r gas p e n d in g its s u it t o
h a v e th e law d e c la r e d u n c o n s tit u t io n a l, a n d s ig n ed an o r d e r , o n th e a p p lic a 
t io n o f C o r p o r a t io n C o u n s e l B u r r , p e r m ittin g th e c it y t o in te rv e n e in th e
l it ig a t io n .
T h e C o u r t sa id in p a r t : “ T h e C it y o f N e w Y o r k is a tru s te e o f th e p e o p le
in r e s p e c t o f th o s tr e e ts a n d h ig h w a y s w ith in its te rrito ria l lim its a n d is
a lso th e o w n e r in fe e s im p le a b s o lu te o f m a n y str e e ts , h ig h w a y s a n d a ve n u e s
or th e c i t y . . . . W e th u s fin d a s p e c ific lega l d u t y d e v o lv in g u p o n th o
C o r p o r a t io n C o u n s e l t o d e fe n d t h e rig h ts a n d in te re sts o f th e p e o p le o f th o
C it y o f N e w Y o r k . ’ I t c a n n o t b e ga in sa id th a t th e p e o p le o f N e w Y o r k
h a v e a v ita l c o lle c t iv e in te re s t In t h o d e te rm in a tio n o r t h e issues in v o lv e d
in th is a c t io n .
T h e B r o o k ly n U n io n G a s C o . w a s g r a n te d a te m p o r a r y in ju n c t io n on
F e b . 10 restra in in g th e S ta te , c o u n t y a n d c it y o ffic ia ls fr o m in te rfe rin g
w ith th e c o m p a n y in ra isin g th e g a s r a te a b o v e 8 0 c e n ts p e r 1 ,0 0 0 c u . f t .
T h e P . S . C o m m is s io n h as g r a n te d th e c o m p a n y p e rm issio n t o issue $2 0 0 0 ,0 0 0 s t o c k f o r r e fu n d in g p u r p o s e s .— V . 1 10 , p . 0 61 .




$ 69 8 ,3 2 3

C o r p . — O fferin g

E q u ip m en t

Bankers state:

C a lu m e t & H e c la M in in g C o .— P rod u ction .—
Output (jn lbs.)—
Cal. & Hecla. Subsidiaries.
J ^ a ry
Ja “ « ^ y

1 920.................................................
1 919.................................................

- V U" W

P o ssib le.

9
p'.83 6 2 : ................................ —

5 .4 6 2 .2 2 0
5 .5 8 8,05 1

4 ,1 2 8.45 1
6,197 449

Total.
9 ,5 9 0,67 1
1 1 ,7 8 5 ,5 0 0
1 2 ,1 4 0 .1 9 7

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

C erro de P a sc o C o p p e r C o .— P rod u ction .—
January—
1920.
1919.

1918.
P r o d u c tio n (In l b s .) ....................................4 ,6 1 6 ,0 0 0
5 ,8 3 6 ,0 0 0
__________
6 ,7 9 8 .0 0 0
T h e " E n g in e e r in g & M in in g J o u r n a l” o f J a n . 31 has a 6 -p a g o illu stra ted
a r tic le e n title d M in in g a t C e r r o d e P a s c o , P e r u .” — V . 1 10 , p . 2 0 4 .

S e rv ice

C o .— C on version E x te n s io n — D iv id e n d s .—

_ T h e d ire cto rs h a v e e xte n d e d to th e h o ld e rs o f th e Series " C ” 7 % C o n v .
G o ld D e b e n tu re s th e p riv ile g e o f co n v e r t in g o n o r a fte r M a r c h 1 1 0 % o f th e
p rin c ip a l h eld b y th em o n F e b . 1. T h is exte n sio n o f p riv ile g e o f p a rtia l
co n v e r s io n is a co n tin u a tio n o f th e p o lic y a d o p te d in 1919 in re g a r d t o e x 
te n d in g th e p riv ile g e o f p artial co n v e r s io n t o h o ld e rs o f Series " B ” 7 %
C o n v e r tib le G o ld D e b e n tu r e s.
T h e c o m p a n y has d e cla re d th o reg u la r m o n t h ly ca s h d iv s . o f 14 o f 1 %
o n th e C o m m o n P referred a n d P re fe r e n ce “ B " s to c k s , a n d th o usual s to c k
d iv id e n d o f M o f 1 % in C o m m o n s to c k o n th o C o m m o n s t o c k , all p a y a b le
A p r il 1 t o h o ld e rs o f r e c o r d M a r c h 15.— V . 110, p . 6 6 4 , 4 6 8 .

C o m m o n w e a lt h E d is o n C o ., C h ic a g o .'— A n n u a l E a r n s .
1919.

1918._

1917.

1916.

$ 7 ,4 7 6 ,7 8 7
619 ,80 2
In te re s t o n b o n d s ______I
O th e r d e d u c t io n s _______

— V . 108. p . 2 6 3 2 /

B a r n s d a ll C o r p o r a t io n .— T o In c rea se Stock .—
T h e s to c k h o ld e rs w ill v o t e F e b . 20 o n in creasin g th o a u th o riz e d ca p ita l
s to c k fr o m $ 1 4 ,0 0 0 ,0 0 0 (p a r $ 25) t o $ 3 0 ,0 0 0 ,0 0 0 , o f w h ich $ 1 5 ,0 0 0 ,0 0 0 w ill
b o C lass A s to c k a n d $ 1 5 ,0 0 0 ,0 0 0 C lass B n o n -v o t in g sh aros. T h e C lass A
shares w ill in clu d o s to c k a t p resen t a u th o riz e d , T h e r o w ill b o n o d istin c
tio n betw eon the tw o classes o f s to c k e x c e p t as t o v o t in g p o w e r . T h o r o is
a t p resen t $ 1 3 ,0 0 0 ,0 0 0 s to c k o u ts ta n d in g . See o ffic ia l s ta te m e n t t o the
P itts b u rg h S to c k E x ch a n g e in V . 109, p . 6 7 3 .— V . 1 10, p . i s o ___

B r o o k ly n B o r o u g h

$ 9 6 1 ,1 1 4

$ 9 6 ,5 0 6

R e fin in g

59,0 71

Earnings.—

1919.
O p e r a tin g p r o f i t __________________________ $328,401
P re fe r re d d iv id e n d s ( 7 % ) _______________
$ 8 0 ,5 0 0
C o m m o n d iv id e n d s ____________ ___ ( 3M%) 7 8 ,7 5 0
D e p r e c i a t i o n ____________________________
118 ,90 3
F e d e ra l ta x e s ____________________________
2 0 ,0 0 0
2 0 ,0 0 0
S u n d r y c o n tin g e n c ie s ___________________

k B order

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

C a lifo r n ia -O r e g o n P o w e r C o .— R eorganization

T h e c o m p a n y , It is s ta t e d , h a s p u rc h a se d th o sh ip p la n t o f P u s e y & J o n e s
C o . a t G lo u c e s te r , N . J .— V . 1 0 8 , p . 3 8 2 .

B a ltim o r e T u b e C o .—
Calendar Years—
*

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

i
S
n s e n t t o th e s to c k h o ld e r s a sk in g th a t th e ir secu rities
<A
te d ,w ith th S M e r c a n t ile T r u s t C o . , San F r a n c is c o , b e fo r e M a r c h 15,
w it h th e u n d e rsta n d in g th a t th e c o m m it t e e (se e b e lo w ) w ill p r e p a r e a plan
a n d s u b m it it t o th e m f o r a p p r o v a l.
Stockholders’ Committee.— W . I . B r o b c c k , J . W . C h u r c h ill, J . A . D o n o h o e ,
J . D . G r a n t, C . d o G u ig n e , A . S . H o lm e s , J o se p h H y m a n , 1. K a h n , J .
H e n r y M e y e r , J o h n D . M c K e e a n d A . J . llo s b o r o u g h ,
A le tte r s e n t t o th e b o n d h o ld e r s s a y s: " T h o a ffairs o f this c o m p a n y h a v e
re a ch e d a p o in t w h ere th e r e o r g a n iz a tio n o f its fin a n cia l s tr u c tu r e is p o s s ib le .
In J u ly 1915 it w a s c o m p e lle d , t h r o u g h la c k o f earnings an d in a b ilit y t o
s e c u r e th e n e c e ss a r y m o n e y f o r ca p ita l e x p e n d itu r e s, t o su sp e n d c o u p o n
p a y m e n t s . S in ce th a t tim e th o e ffo r ts o f th e m a n a g e m e n t h a v e been
d e v o t e d t o im p r o v in g th e p r o p e r t y a n d in cr e a s in g th o ea rn in g s. S a v in gs
on in te re s t a c c o u n t , t o g e th e r w ith a ssessm ents a m o u n tin g to $6 3 0 a sh are
le v ie d u p o n th o C o m m o n s t o c k , h a v e m a d e th is p o s s ib le . T h e resu lt o f
th e s e ye a rs o f e ffo r t Is th o cr e a tio n o f an In co m e a c c o u n t s u ffic ie n t t o Justify
t h e b e lie f th a t a p e rm a n e n t plan o f r e o r g a n iz a tio n m a y n o w b o fo r m u la te d
a n d s u b m it te d t o th e b o n h o ld e r s .
. J , ‘ 1L ,ls„ o b ,v ‘ ,, USJthai T Y Pl;in o f r e o r g a n iz a tio n m u s t c o n te m p la t e th e
)
r e d u c tio n o f th e b o n d e d d e b t o f t h e c o m p a n y .” — V . 106, p . 2 6 5 2 .

C itie s

Increase.—

A C h ic a g p d is p a t c h s ta te s t h a t th e s to c k h o ld e r s h a v e v o t e d t o Increase
th e C o m m o n s t o c k fr o m $ 2 ,5 0 0 ,0 0 0 t o $ 1 0 ,0 0 0 ,0 0 0 an d th o P re fe r re d s t o c k
fr o m $ 1 ,0 0 0 ,0 0 0 t o $ 5 ,0 0 0 ,0 0 0 . N o p la n fo r b rin g in g o u t th o n e w sh ares,
it is s ta t e d , h a s b een a n n o u n c e d , b u t i t Is e x p e c te d s h o r t ly .— V . 1 1 0 , p . 3 61 .

&

$ 1 ,4 0 1 ,9 7 7
1.3 0 5,47 1

Iss u e d u n d e r t h e P h ila d e lp h ia P la n . C o m m e r c ia l T r u s t C o . , P h lla .,
tru s te e . D i v . c o u p o n s p a y a b le F . & A . D e n o m . $ 1 ,0 0 0 . C a lla b le a t
anyk v t V.pcrio,d .a t
a n d d iv . D a t e d F e b . 10 192 0 , d u e s. a . $ 1 2 0 ,0 0 0
e a ch F e b . a n d A u g . 10 fr o m A u g . 10 1920.
S ecu red b y t it le t o 4 00 n ew s te e l u n d e r fr a m e t a n k ca rs o f 8 ,0 0 0 -g a llon s
ea ci? ’ c o s tin g $ 9 9 0 ,0 0 0 , a ga in st w h ic h c e r tific a te s a m o u n tin g t o
$ 7 2 0 ,0 0 0 are iss u e d , th e b a la n c e o f $ 2 7 0 ,0 0 0 b e in g p a id in ca sh b y th o c o .
G u a r a n te e d fo r p rin c ip a l a n d d iv s . b y th o C a d d o C e n tra l O il & R e fin in g
C o . , a n d b y th e S ta n d a r d T a n k C a r C o .— V . 1 09, p . 1369.

[A s b a s e d on c o m b in e d assets a n d lia b ilitie s a t N o v . 1 1919 o f t h e s u b sia ia r y c o s . w h o s e s to c k s are t o b e a c q u ir e d b y t h e A r m o u r L e a th e r C o .,
In clu d in g assets a n d lia b ilitie s o f th e le a th e r d e p a r tm e n t t o b e tak en o v e r
fr o m A r m o u r & C o ., a n d a fte r g iv in g e ffe c t t o t h e s ale o f th e se cu ritie s o f
th e A r m o u r L e a th e r C o .]
C o m m o n s t o c k . . . ............. 1 5 ,0 0 0 ,0 0 0
F o u n d e r s ’ s tk — 100 ,00 0
shares o f n o p a r v a lu e
s o ld f o r --------------------5 0 0 ,0 0 0
N o te s an d d r a fts p a y a b le 1 3 ,1 5 0 ,5 2 6
A c c o u n ts p a y a b le a n d
8 2 3 ,5 9 8
a c c r u e d lia b ilitie s ____
T o t a l (e a ch s id e ) ______$ 3 9 ,4 7 4 ,1 2 5

5 6 6 6 ,9 8 4

O il

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

2 0 .2 6 3

$ 3 ,0 2 0 ,7 0 0
1 ,5 1 7 ,2 7 0
3 1 8 ,8 2 6
74,261

of
T ru s ts .— Bioren & C o ., Pkila., are
offering at a price to yield 6 \ i % $720,000 6 % Equip. Trust

119-024

Liabilities.
7% C u m u l. P r e f. s t o c k ._ $ 1 0 .0 0 0 ,0 0 0

C en tra l

G uaranteed

A r m o u r L e a t h e r C o .— A d d itio n a l D a ta .—
Consolidated Balance Sheet as of Nov. 1 1919.

L a n d , b u ild s ., m a c h . &
e q u ip m e n t _______________ $ 7 ,4 7 4 ,6 7 2
I n v e s t , in c o m . s tk o f
E a s tern L e a th e r C o . . . 1 ,7 3 0 ,0 0 0
I n v e n t o r i e s ------------------------2 5 ,6 2 4 ,0 5 8
A c c o u n t s a n d b ills r e c . . . 3 ,2 9 1 ,9 1 5
M is c e lla n e o u s s e c u r i t i e s ..
14,079
C a s h ----------------------------------- 1 ,0 8 7 ,6 3 9
D e fe r r e d c h a r g e s __________
2 51 ,7 6 3

$ 98 3 ,3 6 2
3 9 8 ,3 5 2

T o t a l in c o m e .................. $ 1 ,7 4 9 ,5 6 5
O p e r . c o s t s , ta x e s , & c _ ._
1 ,1 8 2,58 1

A r k a n s a s N a t u r a l G a s C o .— D iv id en d s — E a r n in g s, & c .
T h e d ir e c to r s a n n o u n c e t h a t all t h e a c c r u e d b a c k d iv id e n d s o n t h e P r e f .
s t o c k , a m o u n t in g t o $ 28 a s h a re , o r 7 % o n $100 p a r f o r fo u r y e a r s , w ill b e
P a id as f o llo w s , v i z .: (a ) 1 4 % M a r c h 25 t o h o ld e r s o f r e c o rd M a r c h 15:
<6) 7 % A p r il 24 t o h o ld e rs o f r e c o r d A p r il 15: (c) 7 % M a y 2 5 t o h o ld e rs o f
r e c o r d M a y 15.
. . T h e P it ts b u r g h S t o c k E x c h a n g e o n D e c . 18 Issued a cir c u la r c o n c e r n in g
t h e $ 7 ,5 0 0 ,0 0 0 c o m m o n s t o c k ( o l d ) , p a r $10 0 : $ 2 ,3 6 5 ,0 0 0 P r e f. s t o c k , p a r
v a lu e $ 10 0 : $ 2 1 8 ,0 0 0 1st M . 6 % b o n d s ; $ 2 ,1 7 5 ,0 0 0 G e n . M t g e . 6 % b b n d s
lis te d o n M a y 2 8 1919; $ 7 ,5 0 0 ,0 0 0 (n e w ) C o m m o n s t o c k , p a r v a lu e $ 1 0 ,
lis te d D e c . 18 1 9 1 9 , a n d o ld c o m m o n re tir e d , a n d a lso a n n o u n ce d th a t
th e r e w as liste d o n D e c . 18 1919 as o f J a n . 15 1 92 0 , an a d d itio n a l $ 9 8 6 ,5 0 0
o f th e new C o m m o n s to c k .
Calendar Years—
1919.
1918.
1917.
G ross e a r n i n g s ..
........ ................................. $ 2 ,1 2 3 ,4 1 3 $ 1 ,8 0 5 ,4 6 9 $ 1 ,4 4 8 ,3 0 4
N e t b e fo r e d e p r e c ia tio n , & e ............................
4 0 7 ,7 9 6
7 2 6 ,1 7 8
642 ,17 3

-IrO T eeo........................

[Vol. 110.

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

$ 6 ,4 0 3 ,7 9 6
314 ,83 1

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

$ 8 ,0 9 6 ,5 8 9
2 ,2 9 9 ,2 3 7
9 50 ,21 4
3 ,9 4 2 ,3 4 0

$ 7,0 68 ,0 2 1
$ 2 ,1 3 1 ,5 5 0

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

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

4 ,0 3 3 ,8 2 4

3 .6 6 7 ,3 5 2

3 ,6 6 7 ,1 1 2

$ 90 4 ,7 9 8

$ 9 0 2 ,6 4 7

$ 1 ,0 0 9 ,7 2 5

$ 73 2 ,3 0 1

C o n n e c t i c u t P o w e r C o .— T o I n c . S t o c k - N e w

Control —

T h e s to c k h o ld e rs w ill v o t e F o b . 24 o n in cre asin g th e a u th o riz e d C a p ita l
vPQfiLc,onsi stinJ? o f * 1 .0 0 0 ,0 0 0 C o m m o n an d $ 1 ,2 5 0 ,0 0 0
* 3 ,7 5 0 ,0 0 0 b y $ 1 ,5 0 0 ,0 0 0 a d d itio n a l C o m m o n s to c k s o th a t
c a p ita liz a tio n w ill co n s is t o f $ 2 ,5 0 0 ,6 0 0 C o m . a n d $ 1 ,2 5 0 ,0 0 0 P r o f. P a r $10 0 .
S to n e & W e b s te r , G en eral M a n a g e r s , u n d er d a to o f F e b . 11 s a y in s u b 
s ta n c e : S in ce th o o r g a n iza tio n in 1912 an d th e co n s tr u c tio n o f a h y d r o 
e le c t r ic p la n t a t F a lls V illa g e , o n th o H o u s a to n lc R iv e r , th e g r o w th o f th o
? business has been ra p id . In 1915 th o transm ission lines w ore
^ l u u d e d t o H a r tfo r d an d s in ce t h a t tim o c o m p a n y has furnished p o w e r t o
H a r t fo r d E le c tr ic L ig h t C o . an d has b o u g h t stea m gen era ted p o w e r fro m
t h e la tt e r c o m p a n y , b o t h t o re la y th o h y d r o -e le c tr ic p la n t an d a lso t o fu rn ish
fir m p o w e r a b o v o th e c a p a c ity o f th e h y d r o -e le c tr ic p la n t.
1 h o C o n n e c tic u t P o w e r C o . m u st n o w arrange t o b u y a d d itio n a l p o w e r fo r
1110 H a r f o r d E le c tr ic L ig h t C o . w ith Its la rg o stea m
fu rn ish
“ t c h P o in t an d th o now s ta tio n n o w u n d er c o n s t r u c tio n , ca n
h r L P. W r ’ f C o n n e c tic u t P o w e r C o . lias e xte n s ive tra n sm ission
O u
lin e s a n d b ro a d ch a r te r rig h ts an d it Is c le a r t h a t a clo s o a ffilia tio n b otw een
th e tw o c o m p a n ie s s h o u ld w o rk t o th e ir in te re s t an d t o th o in te re s t o f th o
p u b jk :. n J l ! , r ! ’ re L i lirranBf m (iM 3 , !iro b e in g n ia d o w h o ro b y H a r tfo r d
t
E le c tr ic L ig h t C o . will a cq u ire all th o C o m m o n s to c k o f C o n n e c tic u t P o w e r
C o . b y an e x c h a n g e o f s to c k (V . 110, p . 5 65 , 3 6 5 ).
I t is n o w p r o p o s e d t o a u th o riz o $ 1 ,5 0 0 ,0 0 0 a d d itio n a l C o m m o n s t o c k t o
b e Issued a t p a r in s u ch a m o u n ts as th o d ire cto rs m a y d e e m n o co ssary t o
fin a n cia l req u irem en ts o f th e c o m p a n y . See H a r t fo r d E le c tr ic
L ig h t C o . b e lo w a n d in V . 110, p . 6 65 , 3 6 2 .
«

(J o h n T .) C o n n o r C o ., B o s t o n .— F in a n c in g .—
b a s c a i l e d f o r p a y m e n t o n A p ril 1 a t $ 10 5 a n d d iv s . th e
$ 2 7 4 ,0 0 0 7 % 1st P re f. s t o c k , th o re m a in in g $ 7 6 ,0 0 0 h a v in g been p r e v io u s ly
P urtm ased. C o m p a n y has a lso d e c id e d t o Issue $ 5 0 ,0 0 0 o f th o p res en t
7 % 2 d P r w -, w h ich n o w b e c o m e s P re fe r re d , a t $100 t o th o p re s e n t 1st P r o f,
sh a re h o ld e rs , 'l h o p a r o f th e C o m m o n s to c k Is t o b e re d u c e d fr o m $ 100 t o
$10 a n d th o C o m m o n sh a re h o ld e rs g iv e n th o r ig h t t o s u b s c r ib e fo r o n o n e w
s h a re f o r e a ch tw o h e id a t th o n o w p a r v a lu o o f $ 10 . C a p ita liz a tio n w ill
th e n c o n s is t o f $ 2 5 0 ,0 0 0 7 % p r e f. s t o c k a n d $ 9 0 0 ,0 0 0 C o m m o n s t o c k .
~ V . 11U# p« 8 0 .

C o n s u m e r s C o ., C h ic a g o .— A c q u isitio n s— A n n u a l R eport.
A C h ic a g o d isp a tch s ta tes th a t th e c o m p a n y has p u rch a sed th e P e o p le 's
P u ro I c o C o . fo r $ 3 0 0 ,0 0 0 . a n d has loasod th e p la n t o f th o H y g ie n ic Ic e C o .
fo r te n y e a rs , w ith an o p t io n t o p u rch a se . B o th co m p a n ie s aro C h ic a g o
con cern s.
Calendar Years—
1910.
1918.
1917.
$ 5 ,5 8 2 ,8 7 7
G r o ss p r o fit ...................
$ 5 ,0 7 7 ,8 5 8 $ 4 ,6 0 8 ,9 1 2
O p e r a tin g exp en ses, in te re st, & c ___
4 .8 4 1 ,6 5 4
4,2 7 4,00 1
3 ,8 1 6 ,1 4 4
P re fe r re d d iv id e n d s ( 7 % ) - . ....................
2 7 6 ,4 1 6
2 7 6 ,4 1 6
2 7 6 ,4 1 6

Feb.

E lectrical Securities C orp o ration .- -E a r m n g s .

C osd en & C o., B altim ore.— Votes P la n .—
T h o sh a reh old ers v o t e d F e b . 14 t o a u th o riz e th e issue o f s to c k w ith o u t
a n y n o m in a l o r p a r v a lu o in lieu o f ce r ta in o f th o p re s e n t o u ts ta n d in g a n d
a u th o r iz e d C o m m o n s t o c k , a n d t o e x c h a n g e f iv e shares o f th o p re s e n t o u t 
s ta n d in g C o m m o n s to c k o f th o p a r v a lu o o f $5 e a c h , fo r o n e sh a re o f s t o c k
o f n o p a r v a lu e . T h e c o m p a n y has file d n o t ic e w ith th e S e cre ta ry o f S ta te
o f D e la w a r e in creasin g th e s ta te d c a p ita l fr o m $ 4 2 ,0 0 0 ,0 0 0 t o $ 1 4 9 ,3 4 3 ,4 0 0 .
8 e o V . 1 10, p . 4 0 8 . 3 63 .

C rescen t Pipe L ine C o.— Results f o r Calendar Y e a r s .—
N o t (a ll s o u r c o s )..................
D iv id e n d s ( 6 % ) ..................

767

THE CHRONICLE

21 1920.]

1919.
$ 1 0 1 ,4 1 7
1 8 0 ,00 0

B a la n c o , s u r. o r d e f . . _ d o f . $ 1 8 ,5 8 3

1 918.
$ 1 8 7 ,4 4 6
180 ,00 0

1 917.
$ 1 6 7 ,1 2 9
180 ,00 0

^ 1916.
$ 19 3 ,0 9 2
1 80,000

s u r .$ 7 ,4 4 6 d e f.S 1 2 .8 7 1 s u r.$ 1 3 .0 7 2

Calendar Years—
T o t a l in c o m o ______________
N e t i n c o m e _______________
P r o fit o n s e cu ritie s _______
P re fe r re d d iv id e n d s ( 5 % ) .
C o m m o n d iv id e n d s ( 8 % ) .

1 91 9 .
$ 63 1 ,4 3 1
3 2 5 ,5 3 5
5 0 ,0 0 0
2 0 0 ,0 0 0

S u r p lu s ..............................I
$ 7 5 ,5 3 5
P r o fit an d lo s s , s u r p lu s ..$ 1 ,3 5 0 ,2 2 8
— V . 1 08 , p . 6 87.

1 918.
$ 6 1 5 ,7 4 8
2 9 2 ,3 6 2
7 ,7 5 8
50.0OO

1917.
$ 5 7 9 ,9 3 2
2 8 4 ,5 7 2
4 3 1 ,9 7 6
5 0 ,0 0 0

1916.
$ 5 6 7 ,4 1 6
2 7 8 ,1 3 7
2 4 ,9 7 0
5 0 ,0 0 0

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

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

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

2OO.O00

200,000
200,000 ___________

E n d ic o tt J o h n so n C o rp o ra tio n .— O b itu a ry .—
P re s id e n t H e n r y B . E n d ic o t t d ie d F e b . 12 a t B r o o k lin e , M a s s .— V . 1 09,
p . 2174.

Eureka Pipe Line C o.— R eport f o r Calendar Y e a r s .—

Balance Sheet Dec-31
1918.
$875,726
13,389
2,580,395

Liabilities—
1919.
1918.
Capital stock........ $3,000,000 $3,000,000
Accounts payable. 130,982
112,250
Profit and loss___
338,677
357,260

1919.
1918.
1917.
1916.
’
P r o fits fo r y e a r ................
$ 36 2 ,3 3 4
$ 84 8 ,7 1 3 $ 1 ,1 1 1 ,8 8 3 $ 1 ,3 2 2 ,0 6 9
D iv id e n d s p a id .................(1 7 )8 4 9 ,9 9 9 (2 2 ) 1 10 0 ,0 0 0 (2 4 ) 1 2 0 0 ,0 0 3 (2 4 ) 1.2 0 0,00 4

T o t a l .................. $3,469,660 $3,469,510
— V . 110 p . 662

T o ta l................ $3,469,660 $3,469,510

B a l., sur. o r d e f i c i t . ..d e f $ 4 8 7 ,665 d e f$ 2 5 1 ,2 8 7 d e f$ 8 8 ,1 2 0 s u r$ 1 22 ,0 6 5
Balance Sheet December 3 1 .

Assets—
1919.
Invest. (less depr.) $857,815
Materials & supp.
8,731
Casli,aco'tsrcc.,&c. 2,603,114

C rucible Steel C o .— Stock In c re a se. —

Assets—

1919.
$

1918.
S

Liabilities—

1919.
S

1918.
8

P la n t ................... 10,580,343 10,240,451 Capital stock____ 5,000,000 5,000,000
T h o s to c k h o ld e r s v o t e d F e b . 16 1920 t o in cre ase t h e a u th o riz e d lim it o f
379,671
375,602
Other investments. 1,139,413 1,339,412 Accounts payable.
C o m m o n s to c k from $ 2 5 ,0 0 0 ,0 0 0 t o $ 7 5 ,0 0 0 ,0 0 0 , w ith a v ie w t o s to c k d is 
200,000
-------------Acc’ts receivable..
207,979
237,014 Bills payable____
tr ib u tio n s t o rep resen t a c c u m u la te d su rp lu s w h e n and as th e d ir e c to r s shall
Cash......................
348,684
191,490 Depreciation_____ 2,884,544 2,294,572
d o o m s u ch d istrib u tio n s c o n s e r v a tiv e . P r o f, s t o c k w ill rem a in $ 2 5 ,0 0 0 ,0 0 0 .
Oil purchase & sale
II.
S . W ilk in s o n , C h a ir m a n , in re p ly t o q u e s tio n in g b y s to c k h o ld e r s
contingencies_
_
85,288
123,714
s ta t e d : ‘ 'T h e r e is n o p r e s e n t in t e n t io n o f d e cla rin g a s to c k d iv id e n d d is 
Profit and loss___ 3,726,815 4,214,480
t r ib u tio n . T h e b o a r d o f d ir e c to r s w ill a w a it f o r a tim e th e d o cis io n o f the
U . S . S u p rom o C o u r t o n th o ta x a tio n o f s t o c k d iv id e n d s b e fo r e m a k in g a n y
T o t a l .................. 12,276,318 12.008,368
T o t a l ................... 12,276,318 12,008,368
s u ch d isb u r sem en ts. W h a t m a y b o d o n e la te r w ill d e p e n d on th e c o u r t
T h o r e p o r t signed b y P re s id e n t F o rr e s t M . T o w l, a t Oil C it y , P a ., F o b . 3 ,
d o c is io n . T h e c o m p a n y 's p o lic y w ill b o o n e o f co n s e rv a tis m a n d t h a t a t
a ffo r d s th o fo llo w in g in fo rm a tio n :
n o tlm o w ill th ere b e d e cla re d a n y la rg e s t o c k d is tr ib u tio n .
T h e d iv id e n d s p a id d u rin g th o y e a r a m o u n te d t o $ 84 9 ,9 9 9 , o f w h ic h
" E a r n in g s w ill b e c a r e fu lly w a tch e d s o t h a t in issuing a d d itio n a l s to c k
$ 4 8 7 ,6 6 5 w a s pa id fr o m p r o fit and lo s s , th is a m o u n t b e in g a llo c a t e d in
th ero will b e n o je o p a r d iz in g o f t h e c o n tin u a n c e o f re a s o n a b le C o m m o n
a c c o r d a n c e w ith F e d e ra l R e v e n u e A c t o f 1918, as fo llo w s : T o e a rn in gs o f
ca s h d iv id e n d s .
1918, $ 13 0 ,5 7 6 , b e in g 2 .6 1 % o f th e 5 % d iv id e n d p a id F e b . 1 1919: t o ea rn 
" A s im p r o v e m e n ts b e in g m a d e a re p a id fo r earn in gs t h a t a re n o w g o in g
in g s p r io r t o 1913, $ 3 8 5 ,6 8 8 o r 7 .7 2 % [th o b a la n c o p a id d u rin g 1919 c o m in g
In to thaso ch an n els w ill b e a v a ila b le fo r d iv id e n d p u rp o s e s. H a lf a m illio n
d o lla rs m o n th ly aro n o w b e in g e x p e n d e d o n s u ch im p r o v e m e n ts t h a t w ere
fr o m t h o earnings o f t h a t y e a r].
D u rin g t h o y e a r 1919, t h e c o m p a n y w a s p e r m itte d t o in cre ase its g a th e r 
s ta rte d d u rin g th e w a r. S o th e re is t o t h a t e x te n t a lessen in g o f o u r o b li
in g c h a r g e (o n all oil run In to its lines a fte r S e p t. 2 0 ) fr o m 2 0 c . t o 3 0 c . per
g a tio n s e a ch m o n th a n d s tr e n g th e n in g o f th o c o m p a n y ’s p o s itio n a n d its
b a r re l. H a d th e h igh er ra te b e e n in e ffe c t f o r t h o w h o le y e a r , It w o u ld h a v e
a b ilit y t o p a y ca sh d iv id e n d s o n a d d itio n a l C o m m o n s t o c k .’
S ee V . 110,
increased t h o reven u es a b o u t $ 49 4 ,8 3 2 .
p . 4 68 .
T h e o ffic e r s o f t h o c o m p a n y b e lie v e t h o re c e n t W e s t V irgin ia T r a n s p o r t a 
D a rtm o u th M f£. C orp., M ass.— E xtra D iv id e n d . —•
tio n T a x A c t to b e u n c o n s titu tio n a l a n d are c o n te s t in g its v a lid it y . S h ou ld
th o la w b o in te rp re te d as e ffe c t in g all o f t h o o il tra n s p o r te d b y T h o E u rek a
A n extra d iv id e n d o f 6 % lias been d e cla re d p a y a b le o n th o s to c k a lo n g
P ip e L in o C o . d u rin g t h e y e a r , th o ta x w o u ld a m o u n t t o a b o u t 8 4 5 0 ,0 0 0 .
w ith th e regular q u a rte rly d iv id e n d o f 4 % . b o t h p a y a b le M a r c h 1 t o h o ld e rs
T h e to ta l a m o u n t o f ta x e s p a id b y th o c o m p a n y f o r 1919 w a s $ 4 3 7 ,1 4 9 ,
o f r e c o r d F e b . 9 .— V . 109, p . 75.
a b o u t $ 1 2 0 ,0 0 0 m o re th a n th o ta x e s o f 1 918.— V . 110, p . 2 65 .

D avison Chem ical C orp ., B altim ore.— N e w Stock f o r Re
tirem ent o f .51,900,000 N otes D u e M a r c h 1.—
S ecreta ry J . R . W ils o n , as o f F e b . 11, an n o u n ce s in s u b sta n ce :
T o p r o v id o fo r th o n o te s o f th o c o m p a n y a n d th o notes o f th o D a v is o n
S ulphur & l ’ h os p h a to C o ., to g o th e r a gg re ga tin g $ 1,9 0 0 ,0 0 0 , w h ich m atu re
o n M a r c h 1st, n ex t, it has been d e te rm in e d t o issue 5 0,0 00 a d d itio n a l
sliaros o f th o s to c k ( v . t . c . ) ; a n d th a t th e rig h t t o s u b scrib o fo r a n d tak e tho
tru st c er tifica tes for th o s am o , b o o ffo ro d t o th o h o ld e rs o f th o tru st c e r tifi
ca tes n ow o u ts ta n d in g , so th a t e a ch such h o ld o r w ill b e e n title d to acq u ire
a t $40 tier sh a re, certifica te s fo r o n e -th ird o f tho n u m b e r o f sharos repre
s en ted b y tho c e r tifica te s sta n d in g in his n am e u p o n tho b o o k s o n F o b 14
1920. S u b scrip tion w arran ts m u st bo retu rn ed t o th o c o r p o r a tio n a t its
said o fflc o , on o r b oforo F e b . 25 1920, a cco m p a n ie d b y c e r tifie d ch e ck s in
p a y m o n t o f th o full s u b scr ip tio n p r ic e , p a y a b le in B a ltim o r e o r N e w Y o r k
fu n d s b y th e co r p o r a tio n .
,
i V otin g tru st ce r tifica te s , in te m p o r a r y o r d e fin itiv e fo r m , o r fu lly p a id
s u b scr ip tio n roc o ip ts, exch a n g e ab le th e re fo r, w ill b e Issued o n p a y m o n t o f
s u b s c r ip tio n .
___
„„„„
Calendar Years—
1919.
1918.
1917.
G ross p r o f it _______________ $ 1,1 1 9 ,4 1 8
$ 1 ,0 4 0 ,4 5 4 $ 1 ,1 8 6 ,7 8 7
S765.746
A d m in is tr a tio n o x p o n s o .
185,107
2 1 7 ,8 3 2
190,403
In teres t a n d d is c o u n t ___
149,611
127,882
120.222
2 2,984
N o t in c o m o ....................
— V . 109. p . 75.

$ 7 8 4 ,6 9 9

$ 6 9 4 ,7 4 0

$ 87 6 ,1 6 2

$ 598,358

D enver G as & Electric C o.— B onds C alled. —
S ix ty ($ 6 1 ,5 0 0 ) G en oral M t g o . 5% b o n d s , d a te d M a y 1 1 90 3 , h a v e b e e n
ca lle d fo r p a y m o n t M a y 1 1920 a t 105 a n d in te re s t a t th e E q u it a b lo T r u s t
G o . , N o w Y o r k .— V . 109, p . 176.

E a st B u tte Copper M in in g C o .— P rod u ction . —
January—
1 920.
P r o d u c tio n (in l b s . ) ...................................1 ,7 3 8 ,8 4 0
— V . 110, p . 170.

1919.
2 ,2 9 1 ,9 5 0

1 91 8 .
2 ,5 7 4 .1 4 0

E astm an K odak C o.— E x tra D iv id e n d . —
A n extra d iv id e n d o f 7 ) £ % has been d e cla re d o n th o C o m m o n sx>clc in
a d d itio n t o th e q u a rte rly d iv id e n d o f 2 H % o n th o C o m m o n s to c k a n d o f
1 ^ % o n th e P r e f. s t o c k , all p a y a b le A p ril 1 t o h o ld e rs o f r e c o r d F e b . 28.
L a s t J a n u a ry a like a m o u n t w as p a id o n th e C o m m o n s t o c k .— V .1 0 9 , p .1 8 9 4 .

E d iso n Electric Illu m in a tin g C o. o f B r o c k to n .—
T h o s to c k h o ld e r s w ill v o t e F e b . 21 1920 o n in creasin g th o ca p ita l s t o c k ,
th ro u g h th o Issuo o f 5,904 a d d itio n a l sh a res, w h ich w as a p p r o v e d b y th e
M a s s . D e p a r tm e n t o f P . U . o n J a n . 3 1 , t o b e issued a t $110 p e r share
(p a r $ 1 0 0 ). I f a u th o riz e d t h o n e w s to c k w ill b o o ffe r e d t o s to c k o f re c o rd
o f F o b . 21 p r o ra ta a t $110 p e r sh a re o n t h o basis o f tw o n o w shares fo r each
fi v e sh ares o f th o old s t o c k . T h o p r o c e e d s w ill b o u sed t o p a y o f f in p a r t
th e flo a t in g d o b t in cu rre d fo r a d d itio n s a n d exte n s io n s t o p la n t.
Earnings—
'1 9 —
Month of Dec.— 8 .
'1
1919 — C al. Year— 1918.
G r o s s .....................................
$ 1 1 2 ,6 5 8
$ 9 5 ,8 2 8
$ 1 ,0 9 6 ,9 8 1
$ 83 1 ,5 3 8
N o t a fte r ta x e s ..................
3 9 ,3 0 9
3 8 ,1 8 0
3 7 6 ,9 6 8
2 5 4 ,4 2 3
In t. & a m o r t iz a t io n ....
5,422
7 ,2 6 3
7 9 ,0 9 8
7 4,1 32
B a la n c o fo r d i v s ., & c . . .
3 3 ,8 8 7
3 0 ,9 1 7
2 9 7 ,8 7 0
180,291
— V . 1 10, p . 5 6 5 , 170.
’

E d m u n d s & Jones C orp o ration .— A n n u a l R ep o rt. —
Calendar Years—
1919.
1 91 8 .
1917.
1916.
G r o ss s a le s .............................. $ 5 ,1 3 4 ,8 0 8
$ 2 ,7 1 7 ,0 5 7 $ 4 ,1 0 0 ,1 3 6 $ 2 ,8 2 9 ,2 8 5
N o t p r o f i t ................................ $ 56 2 ,4 9 7
$ 5 6 ,2 0 6
$ 41 7 ,0 3 4
$ 56 1 ,9 2 7
F ed era l ta x e s __________. . .
1 54,136
6 ,6 9 9
7 9 ,9 0 8
----------P refer red d iv id e n d s ____ ( 7 % )6 2 ,4 8 0
(7 )7 9 ,3 7 1
(7 )6 4 ,3 6 5 (5 )^ )5 1 ,6 2 5
C o m m o n d iv id e n d s ____ ($ 1 )4 )6 0 ,0 0 0 ($ )4 )2 0 ,0 0 0 ($ 3 H )1 3 0 0 0 0 ($ 3 )1 2 0 ,0 0 0
B a la n c o , s u rp lu s _______
- V . 1 0 9 , p . 1990.

$ 285,881

d e f.$ 4 9 ,8 0 4

$14 2 ,7 6 1

$ 38 0 ,3 0 2

Elder Steel Steam sh ip C o., I n c .— M ortg a g e — N o te s .—
T h o c o m p a n y has m ad e a m o rtg a g e , d a te d J an . 15 1920, to th e G u a ra n ty
T r u s t C o . o f N . Y ., as tru stee, t o s ocu re an a u th o riz e d Issuo o f $ 2 ,1 50 ,0 0 0
F irst M t g o . Serial 7 % g o ld b o n d s . T h o c o m p a n y is a lso a rran gin g t o Issue
Horial 7 % G o ld N o te s , o f w h ich th o a u th o riz e d a m o u n t is $ 1 ,6 0 0 ,0 0 0 . T h o
tru st c o m p a n y w ill a c t as registrar fo r thoso n o te s .

E m erso n -B ran tin g h am

C o.— E a r n in g s .—

October 31 Years—
1918-19.
P r o fit fr o m o p e r . a fte r F c d ’ l t a x e s . . $ 1 ,8 3 7 ,2 2 6
O th er In c o m o __________________________
4 0 9 ,7 8 5

1 91 7 -1 8.
____ _____
---------------

191 6 -1 7.
$ 1 ,3 4 7 ,2 2 2
3 2 8 ,1 4 0

. $ 2 ,2 4 7 ,1 0 0
403,311
In teres t on lo a n s .
D e p r e c i a t i o n ____

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

. $ 1 ,8 4 3 ,6 9 9 $ 1 ,7 4 6 ,4 4 5
.
339 ,44 4
296,331
167,815
.
181,835
( 7 % ) 8 5 1 ,9 3 5 ( l ) i ) 2 1 2 .9 8 4

$ 1 ,2 6 4 ,7 2 7
189,989
150,502

Surplus fo r y e a r _____________________
$470 ,4 8 4 $ 1 ,0 6 9 ,2 8 5
$ 92 4 ,2 3 6
T o t a l s u rp lu s .................................................$ 2 ,5 4 2 ,0 8 9 $ 2,0 7 1 ,6 0 5 $ 1 ,0 0 2 ,3 2 0
— V . 108, p . 2 24 5 .




Federal M in in g & Sm eltin g C o .— Preferred D iv id e n d .—
A q u a r te r ly d iv id e n d o f % o f 1 % h a s be e n d e c la r e d o n t h e P r e f. s t o c k ,
p a y a b le M a r c h 15 t o s t o c k o f re c o r d F e b . 2 4 . In S e p t , a n d D e c . 1919
d iv id e n d s o f H o f 1 % e a ch w e r e p a id .— V . 1 09, p . 6 8 1 .

F oster & K leiser C o. (W a s h .).— P r ef. Stock O ffered .—
G . E . Miller & C o ., Portland, Oregon, are offering at 100 and
div., yielding from 7 } A % to 8 % , according to date of re
demption, by advertisement on another page, 81,500,000
7 % Cumul. Prof. (a. & d.) stock, par 8100. Bankers state:
D iv id e n d s p a y a b le Q .-J . R e d . a t 110 a n d d lv s a fte r 3 y e a r s . N o b o n d ,
d e b . o r n o t e m atu r in g m o r e th a n 6 m o n th s a fte r th e d a te th e r e o f m a y b e
iss u e d , n o r a n y p r io r o r e q u a l P r e f. s t o c k issu e d , n o r t h e a m o u n t o f th e
p re s e n t m o r tg a g e d e b t Increased (e x c e p t t h a t a d d itio n a l p r o p e r t y s u b je c t
t o m o r tg a g e m a y b o a c q u ir e d a n d s u ch m o r tg a g e a ssu m ed as p a r t o f th e
p u rc h a s e p r ic e th e re o f) w it h o u t th o c o n s e n t o f 7 5 % o f t h o o u ts ta n d in g
P r e f. s t o c k . D u rin g 1926 a n d a n n u a lly th e re a fte r c o m p a n y agrees t o
e xp e n d 5 % o f to ta l a m o u n t o f P r e f. s to c k th e r e t o fo r e iss u e d , t o p u rc h a sin g
P r e f. s to c k in o p e n m a r k e t o r c a llin g P r o f, s t o c k fo r r e d e m p tio n . T h e
e n tire P r e f. s to c k m u s t b e re d e e m e d o n o r b e fo r e F e b . 1 1940.
Capitalization—
Authorized. Issued.
P re fe r re d s t o c k . . . . . . ___
$ 2 ,0 0 0 ,0 0 0 $ 1 ,5 0 0 ,0 0 0
C o m m o n s t o c k _________________________________________
4 ,0 0 0 ,0 0 0
2 ,7 5 0 ,0 0 0
Company.— B usin ess w a s b e g u n in S e a ttle a n d P o r t la n d in 1 902. C o m 
p a n y n o w co n tr o ls o u t d o o r a d v e r tis in g in a lm o s t all im p o r ta n t citie s a n d
to w n s o n th e P a c ific C o a s t . T h ir d la rg e s t c o m p a n y in its lin o in s iz e a n d
im p o r ta n c e in th e U n ite d S ta te s.
Purpose.— P ro c e e d s w ill b o u s e d t o c o m p le te p a y m e n t fo r th e O a k la n d
a n d L o s A n ge le s p la n ts a n d s u p p ly a d d it io n a l w o r k in g c a p ita l.
Assets.— N e t ta n g ib le assets e q u a l $ 245 p e r sh a re o f P r e f. s t o c k a n d th e
_____
n e t c u rre n t assets $ 165 p e r sh a re .
Earnings.— D u rin g 1919 earn in gs a p p lic a b le t o d iv id e n d s w ere $ 2 8 6 ,3 5 4 .
D u r in g a 10 y e a r p e r io d th e a v e ra g o o r ea rn in gs h a s b e e n $ 1 3 4 ,4 4 6 .
L i s t i n g . — A p p lic a t io n w ill b e m a d e in d u o c o u r s e t o list s t o c k o n th e
San F r a n c is c o S to c k a n d B o n d E x c h a n g e .

(H. H.) F ran k lin M fg. C o ., Syracu se, N . Y . — O u tp u t .—
T h e fo llo w in g s ta te m e n t has b o o n c o n fir m e d fo r th o " C h r o n ic le ” : F ran k lin
M a n u fa c tu r in g C o . re p o rts th a t 1919, th e tra n sitio n a l y o a r b e tw e e n w ar an d
p e a c e , b ro k o all p r o d u c tio n re c o rd s a t th o b ig S yra cu se fa c t o r y — 9 ,1 7 3 cars
b e in g s h ip p e d . B est p re v io u s yea r w as 1917. w h en to ta l cars s h ip p ed
a gg re ga te d 8 .9 8 7 . O n Jan . 31 o r this y e a r , th ere w ere o v e r 3 ,3 0 0 u n filled
o rd e rs o n the b o o k s o f th o F ran k lin C o ., d e sp ite fa c t th a t fa c t o r y is e m p lo y 
ing la rgost n u m b er o f p ersons In its h is to r j (a lm o s t 5 ,0 0 0 ). a n d is ru n n in g
t o c a p a c ity . 50 cars are b e in g tu rn o d o u t d a lly , an d this n u m b er wiU
s h o r tly b o in creased t o m o o t th o 1920 s ch e d u le w h ich calls fo r 1 8.000 ca rs .
— V . 109, p . 1613.

G en eral A sp h a lt C o . — R eduction c L istin g o f Stock .—
fe
T h e P h lla . S to c k E x ch a n g e , on F o b . 2 . a d m itte d t o list $ 1 5 ,0 0 0 a d d itin a l
C o m m o n s to c k , issuod in o xch a n g o fo r $ 1 0 ,0 0 0 P r e f. s to c k su rren d ered an d
c a n c e le d , m ak in g th o to ta l C o m m o n s to c k liste d $ 1 9 ,4 1 9 ,7 0 0 , a n d re d u c in g
th o P r o f, s to c k t o $ 7 .7 2 0 .2 0 0 .— V . 110, p . 3 6 4 , 4 6 9 .

G eneral Gas & E lectric C o.— D e fin ite 6 % 10-Fr. B o n d s .
T h e N e w Y o r k T r u s t C o . is p re p a re d t o d e liv e r D e fin it iv e 6 % 1 0 -y e a r
S e cu re d G o ld b o n d s u p o n s u rre n d e r o f th e o u ts ta n d in g t e m p o r a r y b o n d s .
— V . 1 10, p . 4 6 9 , 6 63 .

(B. F .) G ood rich C o ., A k ro n , O . — T o Reduce A u th o rized
P referred , In crea se A u th o rized C o m m o n and C hange C o m m o n
Shares o f 8100 Par to N o Par Value Shares— N e w 830,000,000
7 % Convertible N o te s— A n n u a l R ep ort .—
To Reduce Pref.— T h e s to c k h o ld e r s w ill v o t e M a r c h 8 o n re d u c in g th e
ca p ita l s to c k fr o m $ 1 0 9 ,6 0 0 ,0 0 0 , co n s is tin g o f 4 9 6 ,0 0 0 shares o f P r e f. s t o c k ,
p a r $100 e a ch , a n d 6 0 0 ,0 0 0 shares o f C o m m o n s t o c k , p a r $ 100 e a c h , t o
$ 1 0 8 ,4 1 2 ,0 0 0 , to co n s is t o f 4 8 4 ,1 2 0 shares o f P r e f. s to c k o f d ie p a r v a lu e
o f $ 100 e a ch a n d 6 0 0 ,00 0 shares o f C o m . s to c k o f th e p a r v a lu e o f $100 e a c h .
To Issue No Par Value Common.— T h e s to c k h o ld e r s will v o t e M a r c h 10
(1) o n re o rga n izin g th o c o m p a n y so as to p e r m it th e issu a n ce o f C o m m o n
s to c k w ith o u t n om in al o r p a r v a lu o , a n d t o in crease th e a u th o riz e d ca p ita l
6 to c k so t h a t, in stead o f its p re s e n t a u th o riz e d ca p ita l s t o c k , it will h a v e
a u th o riz e d 4 8 4 ,12 0 shares o f th o p a r v a lu e o f $100 e a ch o f P re f. s t o c k w ith
th e rig h ts a n d p referen ces n o w p r o v id e d ( o f w h ic h th o a m o u n t p re s e n tly
o u ts ta n d in g will b e 3 8 4 ,1 2 0 shares) a n d 1 ,5 0 0 ,0 0 0 shares o f C o m m o n s t o c k ,
w ith o u t n om inal o r p a r v a lu e . T h o te rm s u p o n w h ic h th e o u ts ta n d in g
shares aro t o bo e x c h a n g e d fo r th e n ew shares are t o b o as fo llo w s : T h o
P r e f. s to c k will rem a in u n ch a n g e d : th e p re s e n t C o m m o n s to c k w ill b e e x 
c h a n g e d , share fo r sh a re , fo r 6 0 0 ,0 0 0 shares o f t h e n e w C o m m o n s t o c k ,
w it h o u t n om in a l o r p a r v a lu e .
New Notes.— (2) O n issu in g $ 3 0 ,0 0 0 ,0 0 0 F iv e -Y e a r 7 % C o n v . G o ld n o te s ,
to g e th e r w ith s to c k p u rch a se w arran ts g iv in g th e h o ld e r o f e a ch s u ch
w a rran t th o rig h t fo r tw o ye a rs fr o m th o d a te th e r e o f t o p u rc h a se 1 M shares
o f C o m m o n s to c k a t $80 p e r share (s u b je c t to r e d u c tio n in a c c o r d a n c e w ith
th e p ro v is io n s o f s u ch a gre e m e n t i f th o c o m p a n y shall issue C o m m o n s to c k
u n d e r ce rta in c o n d itio n s fo r a co n s id e r a tio n o f less th a n $ 80 p e r sh a re) in

768

re s p e ct o f ea ch $100 p rin cip a l a m o u n t o f n o te s; a n d o n a u th o r iz in g th e
d ir e c to r s t o c o n fe r u p o n th e h old ers o f s u ch n o te s th e rig h t to c o n v e r t th e
p rin c ip a l t h e r e o f, a fte r t w o years fr o m th e d a te th e r e o f, a n d t o m a tu r ity
o r earlier p a y m e n t , in to C o m m o n s to c k o n th e b asis o f $ 80 per share (s u b je c t
t o r e d u c tio n as a fores a id ) u n d er s u ch re g u la tio n s as che d ire cto rs m a y a d o p t .
Stock for Employees.— (3) O n a u th o riz in g th e d ire cto rs t o set a sid e fo r ,
a n d fr o m tim e t o tim e Issue t o , e m p lo y e e s o f th e c o m p a n y shares o f C o m
m on s t o c k , w ith o u t n om in a l o r p a r v a lu e , n o t e x c e e d in g 125,000 shares,
as d e te rm in e d b y th e d ire cto rs .
Change Annual Meeting Date.— (4) O n c h a n g in g th e d a te o f th e a n n u al
m e e tin g to th e th ird W e d n e s d a y in A p ril b e g in n in g in 1921.
T h e a n n u al re p o r t is c it e d u n d er “ R e p o r t s ” a b o v e .— V . 110, p . 0 03, 3 6 4 .

G orh am M a n u fa c tu rin g C o .—

Preferred Stock Offering

B r o w n , L isle & M a rsh a ll an d R ic h a rd so n & C la r k , P r o v id e n c e It I
a re o ffe r in g a t 100 p er sh a re (s u b je c t to a llo tm e n t a n d p rio r rig h t o f s to c k
h old ers) 7 % C u m u l. P ref. (a . & d .) s to c k , p a r $ 10 0 .
D iv s . O .-J .
R ed
a t 110 a n d d iv . a fte r A pril 1 1925.

Capitalizalioruafler present financing

Authorized. Outstanding

F irst M t g e . 7 % serial b o n d s , d u e 1922, 1923, 1 9 2 4 .-5 3 ,0 0 0 ,0 0 0 5 1 ,5 0 0 ,0 0 0
7 % C u m u la tiv e P referred s t o c k ......................... ................ 4 ,0 0 0 ,0 0 0
* 3 ,0 0 0 ,0 0 0
C o m m o n s to c k (p a y in g 8 % ) ----------------------------------------- 3 ,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
♦ A ssum in g th a t 5 2 ,0 0 o ,0 0 0 old 6 % P r e f. s to c k will h a v e been e xch a n g e d
Company.— E sta b lis h ed in 1831 a n d is co n sid e re d J ie largest m a n u fa c
tu re r o f s te r lin g s ilv e rw a re in th e w o r ld . M a in p la n t a t P r o v id e n c e , it. I.
A ls o ow n s a n d o p era tes fa c t o r ie s in N . Y . C it y a n d B irm in gh a m , E n g ., an d
m a in ta in s w h olesa le b ra n ch es in N e w Y o r k , C h ic a g o , San F ra n c is co a n d
L o n d o n , E n g ., w ith a la rgo retail srere o n F ifth A v e ., N . Y . C it y . H as
u p w a r d s o f 2,000 e m p lo y e e s .
Assets.— A fte r a p p ly in g p ro ce e d s o f p resen t fin a n c in g t o b a la n c e sh eet
as o f D e c . 31 1919 c o m p a n y sh ow s n et assets o f $ 8 ,4 5 3 ,1 3 0 , equ al t o 5284
p er sh a re o f P referred s t o c k .
N e t q u ick assets a lo n e equ al 8202 per share
Sales and Profits.— Sales o f regular p r o d u c ts h a v e in creased fro m $ 5 ,2 0 0 ,
0 0 0 in y e a r en d in g J an . 31 1915, t o m o re th a n $ 9 ,0 0 0 ,0 0 0 in th e cu rre n t v e a r.
A v e r a g e an n u al net p r o fit s fo r th e 5 ye a rs e n d e d J a n . 31 1919, a fte r F ed era l
ta x e s , b u t b e fo r e d e p r e c ia tio n , e xce e d $ 8 2 5 ,0 0 0 , eq u a l t o n e a rly 4 tim es the
d iv id e n d req u irem en ts on $ 3 ,0 0 0 ,0 0 0 7 % P referred s to c k .
Directors.— H e rb e rt J. W ells , J o h n S. H o lb r o o k , (P r e s .), R ussell G rin nell
H e n r y S. S p r a g u e, F ra n k W . M a t te s o n , R o b e r t L . K n ig h t. A lfr e d K
P o tte r (V ic e -P r e s .)— V . 110, p . 6 6 3 , 5 65.

G ra to n & K n ig h t M fg. C o .—

Acquisition.—

T h e c o m p a n y h as a c q u ir e d , e ffe c t iv e F e b . 1 , th e e n tire p la n t, & c .. o f E . R .
L a d e w , I n c ., G len C o v e , L . I ., o n e o f th e la rge st lo a th e r b e ltin g co n c e r n s
in th e c o u n t r y .— V . 110, p . 81.

G ra m m -B ern stein M otor T ru c k C o ., Lim a, O .—

Notes.-

H y n o y , E m erson & C o ., C h ic a g o , aro o ffe rin g a t prices t o y ie ld fro m 6 H %
t o 7 % a c c o r d in g t o m a tu r ity $ 60 0 ,0 0 0 7 % Serial G o ld n o te s.
D a te d J an .
1 1920 d u o $50 0 00 ea ch J an . 1 1921 t o 1926.
D o n o m . 5 1 ,0 0 0 a n d $500
( c * ) . I n t . p a y a b le J . & J. a t F irst T r u s t & S av in gs B a n k , C h ic a g o , T ru ste e .
O p tion a l a t lO l a n d in t. u p to a n d ln cl. J a n . 1 1924, a n d a t 1 02H e n d
in t. th erea fter, u p o n 60 d a y s ’ n o tic e , p rior t o a n y m a tu r ity d a to .
F re e
fr o m n orm a l F ederal in c o m e tax u p t o 2 % .
D a t a f r o m L e t t e r o f P r e s . M . B e r n s t e i n , D a t e d L im a , O ., J a n . 15 1920
Company.— Is th o o u tg r o w th o f th o bu sin ess e sta b lish e d b y B . A . G r a m m ,
V ic e -P ro s , a n d G e n . M g r ., p ion eer m o t o r tr u c k m an u fa ctu re r in th o U . S .,
w h o b u ilt a n d d e m o n stra te d a on e c y lin d e r ca r fo r c o m m e rcia l tra n s p o r ta 
tio n in 1901. . T h is w as fo llo w e d in 1904 o f th o fir s t tw o c y lin d e r tru c k , and
in 1906 o f th e firs t fo u r c y lin d e r m o d e l. T h e bu sin ess has e x p a n d e d r a p id ly ,
a n d in 1910 w as in c o r p . in O h io as G r a m m M o t o r T r u c k C o . (V . 103, p . 2 4 2 ).
T h e presen t title w as s u b se q u e n tly a d o p te d . C a p ita l s to c k has be e n in
creased o u t o f a ccu m u la te d assets a n d earnings a n d n o w co n sists o f $ 5 0 0 ,0 0 0
7 % C u m u l. P rof, s to c k , a n d $ 1 ,0 0 0 ,0 0 0 C o m m o n , a ll c lo s o ly h o ld .
M anu
fa c tu r in g p rop erties c o m p ris o nlno m o d o rn b u ild in g s , h a v in g o v e r 241 ,00 0
s q . ft . flo o r s p a c e , e q u ip p e d t o m a n u fa ctu re 4 ,0 0 0 h ig h -gra d e h e a v y -d u t y
m o to r tru ck s p . a.
Earnings.— N o t earnings fo r last fiv o y e a rs , b e fo ro F od era l ta x e s, h a v e
a v e ra g e d a b o u t $ 16 2 ,0 0 0 p . a ., o r n e a rly 4 tim es th o m a x im u m an n u al
in terest req u irem en ts o f this n o to Issue. N e t earn in gs fo r th o n e x t 12
m o n th s aro e s tim a ted a t $ 40 0 ,0 0 0 .
Purpose.— T o p r o v id e fo r an exte n sio n o f m a n u fa ctu rin g fa cilitie s a n d
fu rn ish a d d itio n a l w or k in g c a p ita l.

G ray & D avis, In c ., B o sto n .—

Div. on Com. Stock.—

A d iv id e n d o f 50 ce n ts o n C o m m o n s t o c k has b e e n d e c la r e d , p a y a b lo
M a r c h 1 t o h o ld e rs o f r e c o r d F e b . 2 4 . T h is Is th e first d iv id e n d o n th o
C o m m o n s t o c k as r e c e n t ly a d ju s te d .
P re v io u s d iv id e n d s w e r e : In A p ril
1 913, $5; J u ly 1913, $30 a sh are; M a r c h 1916, 2 5 % . C o m p a r e V . 109, p .9 8 4

G reen field (M ass.) Tap & Die C orp o ra tio n .—

Stock.—

T h e s to c k h o ld e r s o n J a n . 19 v o t e d t o ch a n g o th o par va lu e o f th o co m m o n
s to c k fr o m $100 per sh are t o $ 25. T o e ffe c t this ch a n g o , h old ors a re n o tifie d
t o sen d th eir present shares o f c o m m o n s to c k t o A m e r ic a n T r u s t C o ., 50
S ta te S t ., B o s t o n , fo r ex c h a n g o , u p o n th o basis o f fo u r shares o f s u ch now
p a r va lu e fo r ea ch share o f th o o ld p a r va lu e o f $ 100.
A t th o m eetin g s a foresaid it w as a lso v o t e d t o increaso th o a m o u n t o f
a u th o riz e d c o m m o n ca p ita l s to c k fr o m $ 1 ,5 0 0 ,0 0 0 t o $ 5 ,0 0 0 ,0 0 0 . o f w hich
increaso $ 50 0 ,0 0 0 par v a lu e , con sistin g o f 2 0 ,0 0 0 n ow shares o f $25 e a ch , are
o ffe r e d t o ea ch c o m m o n s to c k h o ld e r o f re c o rd J a n . 19 1920 fo r su b scr ip tio n
a n d p a y m e n t a t p a r ($25 a share) a t sa id tru st c o m p a n y o n or b efore
F e b . 25 1920 t o th o e x te n t o f o n e share as t o e a c h th reo shares o f $25 each ,
t o w h ich said s to c k h o ld e r is n o w e n title d . T u c k e r , A n t h o n y & C o ., 53
S ta te S t., B o s t o n , w ill b u y a n d sell fra ctio n s .

Offering of Common Stock.— Tucker, Anthony & C o.,
Boston, & c., are offering the Common stock at $51 per share
(inch div. of $1 a share, payable April 1 1920).
Capitalization—
Authorized.
Issued.
P re fe r re d s to c k 6 % C u m u la t iv e (p a r $ 1 0 0 )________ $ 1 ,5 0 0 ,0 0 0 $ 1,5 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
2 ,0 0 0 ,0 0 0
C o m m o n s t o c k ( p a r $ 2 5 ) ......................................................
Company.— I n c o r p . A p ril 2 1912 in M a s s a c h u s e tts . P la n ts e m b r a c e th o se
fo r m e r ly o p e r a te d b y W ells B ro th e rs C o ., F . E . W ells & S on C o ., W ile y &
R u ssoll M f g . C o ., N u tte r & B arn es C o ., A . J . S m a rt M f g . C o ., B ic k fo r d
M a c h in o C o . M a n u fa c tu r e s gages, s cre w c u tt in g to o ls , ream ers an d pipe
t o o ls a n d m ach in e t o o ls . C a n . p la n t. W e lls B r o s . C o . o f C a n ., G a lt , O n t.
C o m p a n y is th o la rges t m a n u fa ctu re r o f s cre w c u tt in g to o ls in th o w o rld
a n d m a r k ets its p r o d u c ts n o t o n ly in A m e r ic a b u t In p r a c t ic a lly all c o u n trie s
in th e w o r ld .
Earnings, A c .— N o t ea rn in g s, a fte r tax es a n d P r e f. d iv s ., a p p lic a b le t o
t h e C o m . s t o c k f o r t h e p a s t 8 years h a v e a v e ra g e d o v e r $5 20 a sh a re a im .
o n this Issue, a n d fo r t h e p a s t 4 y e a rs h a v e a v e ra g e d o v e r $9 a sh a re an n .
N e t ta n g ib le assets e x c e e d $60 a sh a ro o f C o m . s t o c k .
D iv s . o n th e C o m .
s t o c k h a v o b een p a id q u a r te r ly s in co o r g a n iz a tio n . A q u a rte rly d iv . o f
$1 a sh are h as b een d e cla re d p a y a b le A p r il 1 1920 t o s to c k o f re c o rd M a r . 13.
Listing.— A p p lic a t io n w ill b e m a d e In d u e co u r s o t o list th is issue o n th e
B o s t o n S to c k E x ch a n g o .
[F ra n k O . W e lls , P re s ., It is s ta te d , has s o ld h is en tire h o ld in g s t o F re d e ric k
H . P a y n e , V ic e .-P r e s . M r . W e lls retires as P re s , a n d as d ir e c t o r , and
M r . P a y n o has been e le cte d P res, in h is p la c e .
F . G . E c h o ls , V ic e -P r e s . &
G e n . M g r ., h a s been e le cte d a d ir e c t o r t o fill t h o v a c a n c y ca u s e d b y th e
r e s ig n a tio n o f M r . W e lls .]— V . 110, p . 4 7 0 , 3 6 5 , 81.

G u ffe y -G ille sp ie Oil C o.—

South American Holdings &c.

A n o ffic ia l s ta tem en t say s: T h o c o m p a n y a n d th o A tla n t ic G u lf & W e s t
In d ies S tea m sh ip C o . h a v o b e c o m e a ss o cia te d t o d e v e lo p tho h o ld in g s o f tho
C o lo m b ia S y n d ica te in C o lo m b ia .
G u ffe y h as a cq u ire d 4 5 0 ,0 0 0 shares o u t
o f a to ta l o f 2 ,0 0 0 ,0 0 0 o f th o C o lo m b ia S y n d ic a te , w h ich co n ce rn ow n s
o v e r 1 ,0 0 0.00 0 acres in C o lo m b ia , so m o o f it a d jo in in g th o p ro d u c in g a cre 
age o f th e T r o p ic a l Oil C o . T h o a cre a ge was ca re fu lly s e le c te d , a n d the oil
a verages 34 t o 36 B a u m o. T h o fir s t e x p e d itio n o f 14 m on le ft N o w Y o r k
fo r th o fie ld a n d will lo c a te ca m p s. L o c a tio n s fo r w ells h a v e be e n m ad o and
d rillin g is o x p o c te d t o b e c o m e a c tiv o b y J u n o. T h o g e o lo g is t re p o rts oil
reserv oirs a m ilo w id o a n d 50 m iles in le n g th in w h icli it is e stim ate d aro
6 4 0 ,0 0 0 ,0 0 0 barrels o f o il. T h is is o n ly a sm a ll p a rt o f th o a cro a go . T h e
o il s h o u ld b rin g a b o u t $3 a barrel a t N o w Y o r k . T h o C o lo m b ia S y n d ica te
has $ 2 ,5 0 0 ,0 0 0 in ca sh fo r op era tio n s In th o fie ld a n d th r s y n d ic a te will bo
m a n a g ed b y o ffice rs a n d d irecto rs o f G u ffo y . T h o o ffic e r s o f C o lo m b ia aro
J osep h F . G u ffo y , P res .; E . N . G illesp ie, V ic o -P ro s .; C a rro ll M ille r , V lcoP ro s .: G e o r g o I I . F lin n , V ic e -P ro s .; D ir e c to r s , W illia m F lin n , H arrison
N e s b it , G eor g e H . F lin n . I I. M . B ra ck e n r ld g o , C a rro ll M ille r , J o se p h .
G u ffe y a n d E . N . G illesp ie.




fV . no.
oL

THE CHRONICLE

, T h «*
a n n u al s ta te m e n t o f G u ffe y fo r th e yoa r o n d o d A u g . 31 1919
s n o w s $ o 15 ea rn ed o n th o C o m m o n s to c k .
G ross earnings w ero $ 2 ,4 3 0 ,
8 8 0 a n d a fte r o p e ra tin g oxpen sos, p r o d u c tio n , tax es an d d iv id e n d s o n P rof,
s t o c k , there re m a in e d a su rplu s o f $ 1 ,1 3 3 ,8 4 3 . T h o c o m p a n y has 100 p ro
d u c in g w ells a n d 26 d rillin g , w ith lo ca tio n s m a d e fo r 174 new w ells fo r 1920
d rillin g .
It has 15 gas w ells In o p e r a tio n .
O n ly fiv o d r y h o le s w ero drillod
d u rin g y e a r. P resen t d a lly p r o d u c tio n is a b o u t 4 ,0 0 0 b b ls .— V . 110, p . 171.

H a rtfo rd E lectric L ig h t C o.—

quisition of Connecticut Power Co.—

Vote New Stock for Ac

. T h e s to c k h o ld e r s v o t e d F e b . 10 to in crease th e C a p ita l s to c k fr o m $ 7 ,5 0 0 ,
0 00 t o $ 8 ,2 5 0 ,0 0 0 , p r o c e e d s o f th e $ 75 0 ,0 0 0 n ew s to c k to b e u sed t o a cq u ire
t h e t o t a l C o m m o n s t o c k o f th e C o n n e c tic u t P o w e r C o .
S ee a lso C o n n e c t ic u t P o w e r C o . a b o v e a n d c o m p a r e V . 110, p . 5 6 5 , 3 6 5 .

H a u g h to n Elev. & M ach. C o., T o le d o .—

Pref. Stock.—

-..T * 1 ; U n ite d S e c u r ity C o ., C a n to n , are o ffe r in g a t 100 a n d d iv s . $ 50 0 ,0 0 0
,1
7 % C u m u l. P re f. (a . & d .) s t o c k . D iv . Q .-J .
B egin n in g w ith 1921
c o m p a n y is re q u ire d t o s e t asid e in a sin k in g fu n d fo r th e r e d e m p tio n o f
th o P r e f. s to c k fo r e a ch o f th e firs t 2 years 2 l % a n d fo r e a ch y e a r th ere
A
a fte r 5 % o f th e la rg e s t a m o u n t o f P rer. s t o c k th e r e to fo r o o u ts ta n d in g .
D a t a fr o m L e t t e r o f I. N . H a u g h t o n D a t e d T o l e d o D e c . 18 1 919.
Capitalization (No Ponds)—
Authorized.
Issued.
7 % C u m u la t iv e P re fe r re d s t o c k ..............................$ 1 ,0 0 0 ,0 0 0
$ 5 0 0 ,0 0 0
C o m m o n s to c k (w it h o u t p a r v a l u e ) ____________
2 0 ,0 0 0 sh .
1 2,000 s h .
Company.— I n c o r p . in O h io . B u sin ess is c o n fin e d t o th e m a n u fa ctu re
o f p a ss e n g e r a n d fr e ig h t e le v a t o r s . P la n t is lo c a te d a t T o le d o .
Earnings.— E arn in g s f o r t h o last 3 yea rs and 10 m o s . e x c l. o f in t. ch a r g es
a n d a fte r F ed era l ta x e s a v e ra g e $ 7 6 ,7 8 8 . F o r th e 10 m o s. o f 1919, earn in gs
w ero $ 9 8 ,7 8 2 . P r io r t o ta x e s earn in gs f o r th e 10 m o n th s e n d e d O c t . 31
w e ro $ 1 4 8 ,7 8 2 . S ales h a v e in cre ase d fr o m $ 398,191 in 1915, t o $80 3 ,6 8 1
fo r t h o fir s t 10 m o n th s o f 1919.
I t is es tim a te d t h e y will b e a b o u t $ 1 ,0 0 0 ,
000 f o r t h e y e a r .

H ea ld M ach in e C o ., W o rcester, M ass.—

Capital Inc.—

T h e fo llo w in g s ta te m e n t is u n d e rsto o d t o b o c o r r e c t: T h e s to c k h o ld e rs
h a v e v o t e d t o in crease th e ca p ita l b y an issut o f 2 ,5 0 0 shares o f 7 % C u m u l.
P r e f. s to c k h a v in g a par va lu e o f $100 e a ch . O f th o n ew issuo, 2 ,0 0 0 shares
are to b e issued a t o n c e fo r ca sh a t $100 e a ch . T h o rem a in in g 5 00 shares
aro t o b e issued as a n d w hon th o d ire cto rs o f th o c o m p a n y shall d e te rm in e.
P a u l B . M o r g a n is P ros, a n d J am e s N . l lo a ld T re a s . T h e r o w ill b o n o
p u b lic o ffe rin g .

H ollin ger C on so lid a te d G old M ines, L td .—

Dividend.—

A d iv id e n d o f 1 % has been d e c la r e d , p a y a b le F e o . 25 t o h o ld e rs o f r e c o rd
F e b . 14. L ik e a m o u n t has be e n p a id e v e r y e ig h t w eeks sin ce d iv id e n d s
w ere resu m ed in Ju n e 1 918.— V . 110, p . 3 65 .

H yd rau lic Steel C o .—

Consolidation of Plants.—

T h e H y d r a u lic P ressed S teel C o . a n n o u n ce s th e co n s o lid a tio n o f all its
in terests u n d er the a b o v e n am e. T h e in d ivid u a l p la n ts will b o k n o w n as
fo llo w s : T h o H y d r a u lic P ressed Steel C o .; th e H y d r a u lic S te e lcr a ft C o .;
th o C le v e la n d W e ld in g & M a n u fa c tu r in g C o .; th e C a n to n S heet Steel C o .
T h e e x e c u tiv e o ffic e s a re in th e Illu m in atin g B u ild in g , C le v e la n d , O ., w ith
b ra n ch o ffic e s in N e w Y o r k , C h ic a g o a n d D e t r o it .
C o m p a r e V . 109.
p . 1991, 2 175; Y . 110. p . 171.

In d ia n a Pipe L in e .— Report for

Year ending Dec.

31 .—

1919.
1918.
1917.
1916.
P r o fits fo r y e a r ...................$ 1 ,0 7 3 ,6 8 5
$ 1 ,1 4 6 ,2 3 3 $ 1 ,4 5 4 ,1 5 4 $ 1 ,3 0 0 ,8 3 6
D iv id e n d s . ............. .. . (2 0 % ) 1 ,0 0 0 ,0 0 0 (2 1 ) 1 0 5 0 ,0 0 0 (2 4 ) 1200,000 (1 8)9 0 0 ,0 0 0
B a la n c e , surplus.

$ 7 3 ,68 4

$ 9 6 ,23 3

$254 ,1 5 4

$ 40 0 ,8 3 6

Balance Sheet.
1919.
Assets—
$
Pipe line plant___ 5,133,284
Material & supp. _
41,889
Cash, other Invest
ments and ac
counts recelv’le. 5,077,176
Total

1918.
'
1919.
S
Liabilities—
$
4,081,052 Capital stock____ 5,000,000
430,177 Acc’ts pay’le, lncl.
res. for taxes, Ac 1,037,204
Depreciation rcs’ve 1,910,938
5,300,748 Profit and loss___ 2,901,147

............ . 10,855,350 10,472,577

— V . 109, p . 2444.

Total

1918.
S
5,000,000
818,821
1,820,294
2,827,402

10,855,350 10,472,577

In d ia h om a R efin in g C o.— Status.— Poe & Davis, Balti
more, have issued a circular which says in substance:
Capital and Earnings—
1916.
1917.
1918.
C a p i t a l .............................................................. $ 1 ,3 0 0 ,0 0 0 $ 1 ,3 0 0 ,0 0 0 $ 1 ,3 0 0 ,0 0 0
E a r n in g s --------------------------------------------------- $ 6 8 0 ,0 0 0
$ 8 0 6 ,0 1 8
$ 67 5 ,0 0 0
P e rc e n ta g e o f earn in gs l o c a p it a l______
52%
62%
52%
T h e s o earnings a ro not a fte r taxes, but b e fo r e d e p re cia tio n .
In J u ly
1919 th o ca p ita l s to c k w as in creased fr o m $ 1,3 0 0 ,0 0 0 t o $ 3 ,0 0 0 ,0 0 0 , th o
p ro co e d s b ein g used t o p a y o f f a ll th o o u ts ta n d in g p ro f, s to c k ($ 3 0 0 ,0 0 0 ).
a ll o f th o b o n d s ($ 7 5 0 ,0 0 0 ). T h o b a la n c e w as used t o p u rch a se a d d itio n a l
p r o d u c tio n a n d fo r o t h e r c o r p o r a te p u rp o s e s. T h o retu rn s fr o m these
oxp o n d ltu re s s h o w e d im m e d ia te ly , a n d th o c o m p a n y re p o rts n et earnings,
b e fo r e a llo w in g fo r d e p re cia tio n a n d F edoral tax e s, as fo llo w s :
Aug.

Sept.

October.

Nov.

Dec. (part.est)

1 9 1 9 ............... $ 17 7 ,4 1 9
$ 19 1 ,9 6 5
$ 250,673
$ 24 8 ,1 4 9
$ 22 5 ,0 0 0
i n F o b . 1920 th o ca p ita l w as in creased fr o m $ 3,0 0 0 ,0 0 0 t o $ 5,0 0 0 ,0 0 0 , th o
c o m p a n y h a v in g s o ld $ 2 ,0 0 0 ,0 0 0 fo r o v e r $ 3 ,0 0 0 ,0 0 0 in ca s h . T h is new
c a p ita l has b e e n u sed fo r th e p u rch a so o f a b o u t 3 2 ,0 0 0 acres o f leases a n d
p r o d u c tio n , b o th gas a n d o il, w h ich s h o u ld g r e a tly increaso th o p r o d u c tio n
a n d e n h an co th o e a rn in g c a p a c ity o f th o c o m p a n y .
Dividends.— T h o m o n th ly d iv id e n d p a id o n F e b . 1 o f 1 % (1 2 % p . a .)
w a s th o 6 3 d c o n s e c u tiv o m o n th ly d iv id e n d o f 1 % .
In O c to b e r 1919 an
extra d iv . o f 2 % in cash w as p a id , a n d fr o m th o p re se n t earnings it is
re a s o n a b le t o e x p e c t a d d itio n a l extra d iv id e n d s fr o m tim o to tim e.
Production, Leases, A c. — P resen t p r o d u c tio n is a b o u t 3 ,5 0 0 b b ls . per d a y .
H a s 59 p ro d u c in g w e lls, 3 gas w ells, a n d 17 w ells d rillin g , and th e d a ily
p r o d u c tio n a m o u n ts to a b o u t 5 0 ,0 6 0 ,0 0 0 c u . ft . p e r d a y . O w n s a o u t b
3 9 ,0 0 0 a cres o f oil leases in O k la h o m a , K ansas, L ou isia n a a n d T e x a s .
H as
in o p e ra tio n tw o refineries w ith a refin in g c a p a c ity o f 7 .0 0 0 b b ls . d a ily ; also
o w n s 133 m iles o f p ip o lino a n d a h a lf interest in a 14-m ile p ip e lino; a lso
ow n s 800 s ta n d a rd sto e l tan k ca rs o f 8,000 a n d 10,000 g a llo n c a p a c ity .
C o m p a n y op e ra te s a n d o w n s a b o u t o n o -th lrd o f th o C o m . and Pref. s to c k o f
th o E x p o r t O il C o . A ls o ow n s th o to ta l ca p ita l s to c k o f th o M o t o r G a so lln o
C o . a n d th o C o sm o s O il C o ., 2 2 % o f th o W h lto O ak G a s o lin e C o ., 1 2 H %
o f th o C o m m e r c ia l O il & G a s C o . a n d 6 0 % o f th o F reed OH A G a s C o .
Officers.— E . E . S c h o c k , P re s ., 61 B ro a d w a y , N . Y .; A . W . O io sk o , V .- P .,
B a ltim o r e , M d .; J. A . B ern ln g h a u s, V .-P r e s ., S t. L o u is , M o . ; J . J . S c h o c k ,
V .-P r e s ., O k m u lg e o , O k la .; W . O . S ch o ck , S e c. & T r e a s ., S t. L ou is, M o .
— Seo V . 109, p . 2444; V . 110, p . 265.

Inland Coal Co.— B on d s

C alled .—

A ll o u ts ta n d in g F irst M t g e . & C o ll. T r u s t 6 % Serial G o ld B o n d s , m a tu r 
in g M a r c h 1 1927, an d all o u ts ta n d in g b o n d s m a tu r in g M a r c h 1 1926, a n d
$ 5 9 ,0 0 0 o f b o n d s m atu r in g M a r c h 1 1925, h a v o b e e n ca lle d fo r re d e m p tio n
M a r c h 1 1920 a t 101
a n d in te re s t a t th o C o m m e r c ia l T r u s t C o ., P h ila 
d e lp h ia .— V . 109, p . 8 9 1 .

Interlake Steamship Co.— Extra

D iv id e n d .—

A n extra d iv id e n d o f 2 % lias been d ecla red In a d d itio n t o th o regular
q u a rte rly d iv id e n d o f 2 % , b o t h p a y a b lo A p ril 1 t o s to c k h o ld e r s o f re c o rd
M a r c h 2 0 .— V . 107. p . 1484.

Jefferson Forge Products Co.— G uaranteed

B d s. O ffered .

U n io n T r u s t C o .. N ic o l, F o rd & C o ., I n c ., an d W a t lln g , L o rc h e n & C o .,
D e t r o it , are o ffe r in g a t p r ic o , t o y ie ld 6 j ^ % , $ 7 0 0 ,0 0 0 F irs t M t g e . 6 %
G u a r a n te e d b o n d s . D a t e d F e b . 2 1920. M a tu r in g se rially to 1926.
I n t . p a y a b le (F . & A .) a t o f f ic o o f U n io n T r u s t C o ., D e t i o i t , tru s te e,
w ith o u t d e d u c t io n fo r n o r m a l In co m o tax u p t o 2 % .
D e n o m . $500 a n d
$ 1 ,0 0 0 .
P r o m p t a n d p u n c tu a l p a y m e n t u p o n d e m a n d o f b o th p rin c ip a l
a n d in te re s t w hen d u e o r d e cla re d d u e is gu a r a n te e d b y M e s sr s. R u s se l A .
A lg e r a n d F re d e ric k M . A lg e r a n d th eir e sta te s.
Company.— P r o d u c ts o f c o m p a n y are v it a lly essential t o th e a u t o m o t iv e
in d u s tr y . P r o d u c ts a ro fo u r a n d six th ro w cr a n k s h a fts , c o n n e c t in g r o d s ,
c a m s h a fts a n d o th e r fo r g e d ste e l p r o d u c ts . E n tir e assets are v a lu e d in
excess o f $ 2 ,5 0 0 ,0 0 0 .

M a n u fa ctu rers L ig h t & H ea t C o .— A n n u a l R ep o rt .—

Jewel Tea Co.— Sales 4 Weeks ending Jan. 24.—

Weeks ending Jan. 24—
1 920.
S ales
°
....................... S I .3 5 1 ,303
a

1919.
$ 1 ,2 1 3 ,8 3 7

1918.
$ 1,1 5 5 ,9 6 3

— V . i i 6 7 p . 82.

Jones Brothers Tea Co., Inc.— Sales.—

December— 1918.
$ 1 ,5 9 7 ,5 3 9 $ 1 ,1 5 8 ,5 4 3
— V . 109, p . 2 3 6 0 .
iq io —

I 1919----- 12 mos .------ 1918.
$ 4 3 8 ,9 9 6 18 1 6 ,5 0 3 ,8 0 5 8 1 3 ,5 6 1 .4 0 4

Increase.

Increase.
8 2 ,9 42 ,4 0 1

Kentucky Solvay Coke Co.— To Pay Notes.—

T h o $800 ,0 0 0 T w o -Y e a r 6 % G o ld n o te s d u o o n M a r . 1 1920, w ill b o p a id
a t m a tu r ity a t B an k ers T ru s t C o ., N o w Y o r k .— V . 107, p . 1749.

Kerr Lake Mining Co.— Silver Production.—

January—
P r o d u c tio n (o u n c e s )___________________
— V . 109, p . 9 85.

1920.
1 08,255

1919.
1 18,985

1918.
204,641

King Philip Cotton Mills Corporation.— Dividend.—

T h e d ir e c to r s h a v e d ecla re d a d iv id e n d o f 5 0 % in L ib e r t y b o n d s (fig u r e d
a t fa c e v a lu e ), p a y a b lo M a r c h 1.— V . 1 06, p . 2(j63.

Klots Throwing Co.— Bond Redemption.—

F o r ty -th r e e ($13,000) F irst R e fu n d in g 6% 30-year G o ld M t g e . b o n d s
d u e M a r . 1 1939. p a r $1,000; ten ($5,000>, p a r $500, a n d ten b o n d s ($2,000)
p a r $200, h a v e been ca lle d fo r p a y m e n t o n M a r . 1 a t p a r a n d ln t. at tn e
C o lu m b ia T r u s t C o .— V . 108, p . 584.

(S. S.) Kresge Co.— Sales.—

,January—1 920.
S a lts
_ _ _ ..................................................... 8 3 ,0 5 1 ,5 8 5
— V . 1 10 . p . 171.

(S. H.) Kress & Co.— Sales.—

January—
1 920.
S ales
_ _ ...................................................... $ 1 ,6 3 2 ,7 4 9
— V . 110, p . 2 66.

1919.
$ 2 ,6 1 3 ,5 5 9

1918.
$ 1 ,9 9 1 ,1 8 2

1919.
S l.3 4 9 ,4 9 5

Increase.

Laclede Gas Light Co.— Annual Report-

Calendar Years—
1919.
G r o ss ea rn in g s ____________ $ 5 ,5 3 1 ,7 1 0
O p e r a tin g o x p e n s cs , in c l.
m a in te n a n ce a n d t a x e s . 3 ,3 4 6 ,8 8 1
R e p la ce m e n ts & c o n t l n g .
3 0 9 ,7 3 2
I n te r e s t a n d d is c o u n t s ___ 1 ,6 0 8 ,3 7 3
P refer red d iv id e n d s ( 5 % ) .
1 25,000
C o m m o n d i v i d e n d s .x ( l j ^ % )1 8 7 ,2 5 0

$ 28 3 ,2 5 4

1918.
$ 4 ,9 46 ,4 1 1

1917.
$ 4 ,8 0 0 ,2 6 4

1916.
$ 4,5 0 9 ,4 2 4

2 ,8 8 4 ,1 5 2
2 0 7 ,7 6 0
1,2 4 4,38 1
1 25,000
(7 )7 4 9 ,0 0 0

2 ,1 8 7 ,7 4 2
3 6 4 ,8 0 8
1 ,2 0 4 ,5 3 3
1 25,000
(7 )7 4 9 ,0 0 0

1 ,6 6 3,17 7
3 5 9 ,5 5 2
1 ,1 6 2 ,5 0 0
1 25,000
(7 )7 4 9 ,0 0 0

R a la n co , s u r. o r d o f _ .d o f.$ 4 5 ,5 2 6 d c f.$ 2 6 3 ,8 8 2 s u r .$ 1 6 9 ,1 8 1 s u r.$ 4 5 0 ,1 9 5
x T h o reg u la r q u a r te r ly d iv id e n d p a id in M a r c h w as p a id o u t o f su rplu s
earn in gs o f p r e v io u s y e a rs . T h o la te r d iv id e n d s w ere d e fe r r e d .— V . 109,
p . 76.

Lake Superior Paper C o ., L td .— D eferred Coupon P a yin 't.
S oo S pan ish R iv e r P u lp & P a p e r M ills C o . , L t d ., b e lo w .— V . 1 09, p . 4 81.

La Porte Oil & R e fin in g C orp .— N o te O ffe r in g .—
E . D . W arron & C o ., N o w Y o r k , are o ffe r in g , a t 97 H anti ln t ., t o yie ld
a b ou t 7 .6 5 % , $ 1 ,0 0 0 ,0 0 0 5 -y c a r 1st L ion & C o ll. T ru s t 7 % O o n v . G o ld
N o te s , d a to d O c t. 1 1919, d u o O c t. 1 1924. I n t . p a y a b lo A & O . w ith o u t
d e d u c tio n fo r a n y In com e ta x u p t o 2 % .
D o n o in . 8 1 ,0 0 0 . $500 a n d $100 c * .
C a lla b le , a ll o r p a r t, on a n y ln t. d a te , u p o n 60 d a y s ’ n o tic e , at 110 a n d ln t.
C o n v e r tib le Into C o m m o n s to c k a t a n y tlm o o n basis o f $ 100 o f n o te s fo r 10
sharos o f s to c k . T a x re fu n d In P e n n . G u a r a n ty T r u s t C o ., N . Y . . tru stoo.
A sin k in g fu n d Is p r o v id e d fo r th o retirem en t o f thoso n o te s a t 110. C a p ita l
s to c k a u t h ., $ 5 ,0 0 0 ,0 0 0 ; Issued, $ 2 ,5 0 0 ,0 0 0 p a r, $ 10 . N o p re f. s to c k .
D a t a fr o m L e t t e r o f S e c . H . C . A ln r k c r t, D a t e d N . Y . , J a n . 15 1920.
Company.— I n c o r p . in M a r y la n d in S ept. 1919.
H as a cq u ire d a ll th o
s to c k o f th o L a P orto Oil R e fin in g C o . o f T e x a s (e x c e p t d ire cto rs shares)
a n d o v e r 8 2 % o f th o s to c k o f th o G o o s e C rook O il C o r p . T h r o u g h its s u b 
sidiaries, Is en g ag ed in p r o d u c in g , m an u fa ctu rin g a n d m ark e tin g cr u d e ,
lu b rica tin g a n d fu e l o ils , ca te rin g t o th o w h o le sa le a n d Jobbin g tra d o .
estimated learnings.— T h o es tim a te d to ta l n o t earnings a ro nino tim es th o
a n n u al Interest on those n o te s .

L eh igh Coal & N avigation C o .— A n n u a l R eport .—•
Calendar Years—
1919.
1 918.
1917.
C o a l p ro d u c tio n ( t o n s )_________________
4 ,1 0 8 ,9 6 8
5 ,0 0 5 ,2 (7
4 ,8 9 8 ,4 2 4
G ross ea rn in g s __________________________ $ 24 ,8 8 6 ,9 0 8 $ 2 5 ,8 3 7 ,54 5 $ 2 1 ,84 1 ,8 9 4
N o t ea rn in g s........................................................$ 4 ,9 1 0 ,2 3 6
$ 5,236,331 $5,696,111
G on ora l ta x es__________________________
6 5 1 ,96 8
963 ,75 0
9 47,103
G on ora l & c. o x p o n s o s _________________
2 0 1 ,20 0
2 73,523
190,353
In torost o n fu n d e d d o b t _______________
1 ,1 5 8 ,3 5 5
1 ,171,177
1 ,1 8 6.88 2
M i s c e l la n e o u s _________________________
2 3,8 30
2 2,792
,
D iv id e n d s ( 8 % ) .............................................
2 ,3 3 3,91 6
2 ,3 3 3,67 2
2 .1 2 4 ,6 3 6
B a la n co , s u rp lu s ____________________
— V . 109. p . 1896.

$ 540,967

$471 ,4 1 7

$ 1 ,2 37 ,7 6 4

L ib bey G lass C o . — N e w O fficers .—
S . O . R ic h a r d s o n h a s b e e n e le c te d P re s id e n t, s u cce e d in g E d w a rd D
L i b b e y , w h o roslgn ed . W d lia m F . D o n o v a n has been m a d e V ic e -P re s id e n t
s u c c e e d in g 8 . O . R ic h a r d s o n . J . D . R o b in s o n Is T re a s u re r a n d C . C
O s w a ld , S e c r e ta r y .
_____ __
,
,
,
E d w a rd I ) . L ib b e y , S . O . R ic h a r d s o n a n d J . D . R o b in s o n h a v o a lso b e e n
m a d e d ir e c t o r s .— V . 1 05, p . 2 18 8 .

L o g a n C o a l C o .— B onds C alled .—
A ll o u ts ta n d in g F irs t M t g e . 6 % 4 H - y o a r S in k in g F u n d G o ld b o n d s
d a te d S e p t. 1 1917, iia v o b e e n ca lle d f o r re d e m p tio n o n M a r c h 1 a t 102 an d
in t. a t th e L o g a n T r u s t C o . o f P h ila d e lp h ia .

(P .) L o r illa r d C o .— To I s s u e .$ 4 ,0 4 1 ,1 0 0 T rea su ry Stock
T lio c o m p a n y h as d e c id e d t o o ffe r t o C o m m o n sh a re h o ld e rs a t p a r
$ 4 ,0 4 1 ,1 0 0 o f th o $ 6 ,0 6 2 ,2 4 0 C o m m o n s to c k a u th o r iz e d , b u t rem a in in g
u n issu ed in its tr e a s u r y . T h o re m a in in g $ 2 ,0 2 1 ,1 4 0 w ill b o s e t a sid o fo r
sale t o e m p lo y e e s a n d th o s o c o n n e c t e d w ith th o c o m p a n y a t n o t less th an
p a r u n d er term s w h ic h t h o b o a r d o f d ir e c to r s shall p re s crib e . T h e sh a re
h o ld e rs w ill b e ask ed o n M a r c h 9 t o a p p r o v e th o p lan fo r th o salo o f t h e now
s to c k t o s to c k h o ld e r s a n d th o o ffe r in g t o e m p lo y e e s . T h e r o Is o u ts ta n d in g
$ 2 4 ,2 4 6 ,1 0 0 o f C o m m o n a n d ir t h e e n tire $ 4 ,0 4 1 ,1 0 0 is o ffe r e d a t th o sam e
t im o , It w o u ld m ean t h a t C o m m o n sh a re h o ld e rs w o u ld h a v o th e rig h t t o
s u b scr ib e f o r o n e n ow sh a re f o r e a ch six sh ares h o ld .
T h e p u r p o s e o f th e p r o p o s e d lssuo is t o p r o v id q a d d it io n a l w o r k in g ca p ita l
o c c a s io n e d b y t h e co n tin u e d a d v a n c e In t h o p r ic e o f ra w m ateria ls and
exp a n sion o f th e b u sin e ss.— V . 108, p . 9 69 .

L u d lo w

M a n u f a c t u r in g

A s s o c ia t e s .— D a rn in g s .—

Calendar Years—
1919.
1918.
1917
S ales b ille d ......................................................$ 1 6 ,1 4 6 ,0 0 0 $ 1 4 ,1 8 3 ,0 0 0 $ 1 1 ,1 3 7 ,0 0 0
N o t earn in gs b e fo ro F e d e ra l ta x o s___
3 ,1 1 2 ,0 0 0
2 ,4 3 5 ,0 0 0
2 ,6 0 0 ,0 0 0
— V . 110, p . 360.
M c C r o r y S to re s C o r p .— S a les .—
1019— December— 1 918. Increase. 1 1 9 1 9 ----- 12 mos.— 1918.
-

$ 1 ,8 8 9 ,6 4 6 $ 1 ,5 10 ,8 4 1
V . 1 10, p . 267.

$ 378,805($11,■ 486,205

$ 9 ,6 0 7 ,2 5 0

Increase.
$ 1,8 7 8 ,9 5 5

M a c k a y C o m p a n ie s .-------- N e w O ffic er s. — E a r n in g s.O lia rles II. S a b in . P re s id e n t o f t h o G u a r a n ty T r u s t C o . , L ow is L . C la rk e
P res id en t o f th e A m e r ic a n E x c h a n g e N a tio n a l B a n k , a n d W illia m J
D e e g a n h a v e b een a d d e d t o t h e b o a r d o f tru stees
191 8 -1 9.
1917-18.
1916-17
Feb. 1 Years—
191 9 -2 0.
R e c e ip t s ___________________ $ 5 ,0 2 1 ,0 9 5 $ 4 ,6 9 5 ,4 9 6 $ 4 ,5 1 9 ,3 6 5 $ 4 ,6 8 3 ,2 6 5
301,121
8 9,0 59
5 6 ,7 9 9
O p o r . o x p ., F e d . t a x ., & c
6 4 4 ,8 8 4
2 , 000,000
2 , 000,000
2 ,0 0 0 .0 00
P referred d lv s . ( 4 % ) - . _
2 ,0 0 0 ,0 0 0
2 ,3 8 8 ,6 7 7
2 ,4 2 5 .1 9 8 (5 )2 ,0 6 9 ,0 2 0
C o m m o n d iv s . ( o j 4 % ) - 2 ,3 5 5 ,9 8 8
B a la n c o . s u r p lu s .
— V . 110. p . 5 6 0 .




769

THE CHRONICLE

F eb. 21 1920.]

$ 2 0 ,22 3

’

$ 5 ,6 9 8

$ 5 ,1 0 8

$ 56 7 ,4 4 6

Calendar Years—
1 919.
1918.
1917.
G r o ss e a r n i n g s . .............................................$ 1 0 ,9 8 7 ,5 3 9 $ 9 ,6 9 3 ,5 7 3 $ 9 ,1 2 2 ,21 8
O p e r a tin g oxp en sos a n d t a x o s -------------7 ,0 5 0 ,5 4 4 „ 5 > i6 6 ,1 9 8 - § > 6 § § i('0 8
N e t su rp lu s b e fo r e d iv id e n d s _________ $ 3 ,7 8 2 ,5 8 5 $ 3 ,4 10 ,0 5 1
$ 3 ,2 6 5 ,8 4 3
D i v i d e n d . - - . - . - .........................- - ( 1 0 % ) 2 .3 0 0 .0 0 0 ( 8) 1 ,8 4 0 .0 0 0 (1 0 )2 3 0 0 0 0 0
D e p r e c ia t io n a n d d e p le t io n ___________
1 ,2 2 1 ,9 1 4
1 ,1 6 7 ,6 9 9
9 4 4 ,1 2 2
B a la n c o , s u rp lu s .......................................
— V . 1 09, p . 2 44 4 .

$ 2 6 0 ,6 7 1

$ 4 0 2 ,9 5 2

$ 21,721

M ath ieson A lk ali W o rk s, In c . — Q uarterly R ep o rt .—
Quarters Ending—

.

N e t e a rn in g s ____ . . . . . . . . . . __ __ __ . . . . . . . . . . . .
A d ju s t m e n ts a p p lic a b le t o p r io r p e r io d .........................
P re fe rre d d iv id e n d s ( 1 M % ) _________________________

D c « V ? r V ia
S 1 6 6 ,7 6 8
3 ,2 5 6
5 3 ,8 4 6

« o ,594
57
1 2,2 32
5 3 ,8 4 6

$ 1 0 9 ,6 6 6

$ 9 ,5 1 6

B a la n c o , s u rp lu s __________________________
•V. 109, p . 2 26 9 .

M ayn ard C oal C o ., C olu m b u s, O .— B on d s O ffered .—
Elston & C o. and Chicago Trust C o ., Chicago, aro offering,
at 100 and in t., yielding 7 % , by advertisement on another
page, $800,000 First M tg e . Sinking Fund Serial Gold 7s.
D a t e d N o v . 1 1919. D u o $ 4 0 ,0 0 0 e a c h M a y 1 fr o m 1921 t o 1 93 0 , in clu s 
iv e , an d $ 4 0 0 ,0 0 0 M a y 1 1 931. In te re s t p a y a b lo M . ‘ & N . a t C h ic a g o
T r u s t C o . , C h ic a g o , o r in N e w Y o r k o r C o lu m b u s . O p tio n a l in rev ers e
o r d e r o f m a t u r it y a t 102 H a n d ln t . o n a n y in t . d a te u p o n 60 d a y s ’ n o t ic e .
D e n o m . $ 1 ,0 0 0 , $ 500 a n d $ 100 ( c * ) . C itiz e n s T r u s t & S a v in gs B a n k ,
C o lu m b u s , tru s te e . C o m p a n y p a y s t h o n o r m a l F e d e ra l in c o m e ta x n o t t o
e xc e e d 2 % . A u t h o r iz e d , $ 1 ,5 0 0 ,0 0 0 ; re s e rv e d fo r p u rc h a s e a n d d e v e lo p 
m e n t o f n e w p r o p e r tie s n o t n o w In o p e ra tio n a t n o t e x c e e d in g 66 2 -3 % o f
c o s t , w h e n a n n u al n e t ea rn in gs h a v e b o o n n o t less th a n th re e tim e s in teres t
ch a r g e s o n o u ts ta n d in g b o n d s , In clu d in g th o s o p r o p o s e d , $ 7 0 0 ,0 0 0 .
D a t a f r o m L e t t e r o f P r e s . H . H . H e i n e r . C o l u m b u s . O ., F e b . 10 1 92 0 .
Capitalization after Present Financing—
Authorized. Outstanding.
C o m m o n s t o c k ---------------------------------------------- - ........... ..
$ 8 0 0 ,0 0 0
$ 8 0 0 ,0 0 0
P re fe r re d s t o c k . . . . . . ____ . . . . . ________ - —
------- 1 ,5 0 0 ,0 0 0
2 1 3 ,2 0 0
F irs t M o r t g a g o b o n d s (th is is s u e )___________________ 1 ,5 0 0 ,0 0 0
8 0 0 ,0 0 0
Company.— I n c o r p . in 1907 in O h io a n d is t h e o u t g r o w t h o f a p a rtn ers h ip
fo r m e d in 1873 b y th e M a y n a r d b r o th e r s . I n 1 914. th r o u g h a s u b sid ia r y ,
t h e D a n ie l B o o n e C o a l C o ., e n tered t h o E a s te rn K e n t u c k y c o a l fie ld a n d
h a v e b o e n d e v e lo p in g s u b sta n tia l in te re sts th e re . In 1917 a c q u ir e d a c o n 
tr o llin g in te re s t in S u p e rio r C o a l & D o c k C o . , o f D u lu th .
O w n s fo u r c o m p le te ly e q u ip p e d m in es in O h io , th re e lo c a te d a t R u t la n d ,
R o c k v illo an d H o h s o n , M e ig s C o u n t y , an d t h o fo u r th a t W e lls t o n , J a c k s o n
C ou n ty.
In K e n t u c k y o w n s th ro e o p e r a tin g m in es a t L c n n u t a n d H ein er
a ll o f w h ic h are p r a c t ic a lly n e w , a n d o n e o f w h ic h has n o t y e t b e e n d e v e lo p e d
t o la r g o p r o d u c tio n . T h e c o a l reserv es n o w d e v e lo p e d a p p r o x im a te
24 000,000 to n s a n d 12,000,000 to n s a d d itio n a l u n d e v e lo p e d , v a lu e d a t
$ 1 ,7 2 0 ,0 0 0
,
,
,
,
,
In a d d itio n t o p r o fit s fr o m t h o p r o d u c tio n o f o w n c o a l c o . , has an in c o m e
fr o m a n u m b e r o f v a lu a b le o x c lu s iv c sales c o n tr a c ts w ith o t h e r c o a l c o s .
Purpose.— T o p r o v id e fu n d s w h ic h , t o g e t h e r w ith fu n d s d e r iv e d fr o m
ju n io r fin a n c in g a n d fr o m th o treasu ries o f t h o c o n s t itu e n t c o m p a n ie s , are
s u fficie n t t o a cq u ire t it le t o all th o p ro p e rtie s o f t h o D a n ie l B o o n e C o a l C o .:
t o p a y o f f o ld b o n d issu es, a m o u n tin g t o $ 39 4 ,0 0 0 : a n d t o le a v e o v e r $ 50 0 ,0 0 0
o f n o t w o r k in g c a p ita l. B y th e p re s o n t fin a n c in g , th e sales o rg a n iz a tio n
a n d th e O h io a n d K e n tu c k y p ro p e rtie s a re all c o n s o lid a t e d in T h e M a y n a r d
C o a l C o ., a n d in a d d it io n , c o m p a n y o w n s t h o e n tire c a p ita l s to c k o f th o
S u p e rio r C o a l & D o c k C o .
, _ .
.
„
,
.
.
Sinking Fund.— A sin k in g fu n d p a y m e n t o f 8 c t s . p e r t o n o f c o a l m in e d
e a ch ca le n d a r m o n th m u s t b o d e p o s ite d w ith th e tru s te e n o t la te r th a n
th e 15th d a y o f th o fo llo w in g m o n t h t o b o a p p lie d t o th o p a y m e n t o f th e
p rin c ip a l o f th e b o n d s railin g d u o in t h a t y e a r . A n y su rp lu s re m a in in g in
this fu n d m u s t b o u s e d t o re tire b o n d s o f t h o la st m a t u r it y o u t s ta n d in g , t o
b e p u rc h a se d in o p e n m a r k o t o r t o b o ca lle d a t n o t in excess o f 102^ .
Earnings.— N e t e a rn in gs fo r th o p a st th re e fis c a l y e a r s , a fte r d e p r e c ia tio n
b u t b e fo r o in te re s t a n d oxcess p r o fit s ta x e s , h a v e b e e n $ 6 1 8 ,3 2 1 .
Ih e se
e a rn in gs a v e ra g e n e a rly fo u r tim e s th o m a x im u m in te re s t re q u ire m e n ts on
th e p re s o n t issue o f b o n d s o u ts ta n d in g .

Merrill & R in g Lum ber C o . — B ond R ed em p tio n .—
A ll o u ts ta n d in g b o n d s (N o s . 1 t o 1 30. in c h ) d a te d M a r c h 1 1919 h a v e
b e e n c a lle d fo r p a y m e n t M a r c h 1 a t 10014 a n d Interest a t th o D e t r o it
T r u s t C o . , D e t r o it .

M ich igan Copper M ining C o.— P r od u ction .—
January—
C o p p e r p r o d u c tio n ( l b s .) --------------------— V . 1 09, p . 1614.

1920.
1 0 4 ,84 8

1 919.
1 5 4 ,25 6

1918.
5 3 ,5 1 0

M iller R u b b e r C o ., A k ro n , O . — C apital In c re a sed .—
T h e s to c k h o ld e r s h a v o v o t e d t o in cre ase t h e c a p ita l fr o m $ 2 0 ,0 0 0 ,0 0 0
t o $ 6 0 ,0 0 0 ,0 0 0 , o f w h ic h $ 2 0 ,0 0 0 ,0 0 0 is C o m m o n s to c k a n d $ 4 0 ,0 0 0 ,0 0 0
8 % C u m u l. F re fe r re d . O f th o P re f. s to c k $ 1 0 ,0 0 0 ,0 0 0 is t o b o s o ld , fr o m
th o p r o c e e d s o f w h ic h th e ’ F irs t P r e f. 7 % C u m u l. a n d t h o 2d P r e f. 8 %
C u m u l. s t o c k , a gg re g a tin g $ 5 ,1 5 5 ,5 0 0 a re t o b e re tir e d . M o r e th a n 9 0 %
o f th o 8 1 0 .0 0 0 ,0 0 0 b lo c k , it is s ta t e d , a lr e a d y h as b e e n s o ld .
C o n d e n s e d b a la n c o sh e e t as o f D e c . 31 1919 s h o w s : C a s h , $ 1 ,3 4 5 ,6 5 9 ;
n o t o s a n d a c c o u n ts r e c e iv a b le , $ 3 ,3 3 1 ,6 8 5 ! n o te s p a y a b lo , S 4 ,1 1 0 ,0 0 0 i
a c c o u n t s p a y a b le , $ 1 ,6 4 5 ,3 0 6 ; a ccr u e d a c c o u n t s , $ 9 7 ,3 8 2 ; reserv es fo r es t.
F e d e ra l ta x e s a n d fo r c o n tin g e n c ie s , $ 60 0 ,0 0 0 ; t o ta l c u r r e n t a ssets, 8 1 2 ,
127 8 41 ; t o ta l c u rre n t lia b ilitie s , $ 5 ,8 5 2 ,6 8 9 ; t o ta l assets a n d lia b ilitie s o f
$ 1 8 ]2 8 6 ,9 7 3 . S co V . 1 10, p . 4 7 1 .

M in n eapolis G as L ig h t C o . — D e fic it f o r 1919.—
T h o a n n u al fin a n cia l s ta te m e n t fo r 1919 file d w ith t h e M in n e a p o lis C it y
C o m p t r o lle r s h o w s : G r o ss in c o m o , 8 2 ,8 3 6 ,0 6 1 : o p e r a tin g a n d o t h e r ex
p e n s e s, in clu d in g $185,111 ta x e s, $ 2 ,5 2 8 ,0 4 9 ; n e t p r o fit fr o m o p e r a t io n ,
$ 3 0 8 ,0 1 1 ; b o n d in t ., $ 3 0 6 ,4 7 5 ; o th e r in t ., $ 3 6 ,8 4 1 ; d e fic it fo r y e a r , $ 3 5 ,3 0 5 ,
as c o m p a r e d w ith a (\eficit o f $ 70 5 ,6 8 5 in 1918.
R u fu s R . R a n d S r ., r e c e iv e r, has file d a p e t it io n in t h o U . S . D is tr ic t
C o u r t fo r a t e m p o r a r y in cre ase in gas ra te s fr o m 83 ce n ts t o $1 06 p e r 1,000
c u . f t . — V . 110. p . 6 6 4 . 4 7 1 .

M ohaw k E d iso n C o .— M e r g e r V o ted .—
See A d ir o n d a c k E le c tr ic P o w e r C o r p .— V . 109, p . 2 36 2 .

M ohaw k M in in g C o .— P rod u ction .—
January—
1 920.
C o p p e r p r o d u c tio n ( l b s . ) . . - - - - - - - - - 1 , 0 2 0 , 2 1 2
— t ; 110, p . 3 66 .

1 919.
1 ,1 6 9 ,6 3 3

1918.
9 8 4 ,34 3

M on treal C o tto n s, L td . — In crea se o f D iv id e n d s .—
P ress r e p o r ts s ta to t h a t th o d iv id e n d o n t h e C o m m o n s to c k has b een In
cre ase d fr o m 5 t o 6 % w ith th o cu r r e n t q u a r te r ly d e c la r a tio n . A 4 % ra te
w as m a in ta in e d fr o m 1913 t o A u g . 1 9 1 9 . w h e n it w a s in creased t o 5 % .
— V . 109, p . 6 8 3 . 7 80 .

(H . K .) M u lford C o ., P h ila . — To In crea se Stock, & c .—
T lio s to c k h o ld e r s w ill v o t e M a r c h 29 o n In creasin g t h e c a p tia l s t o c k fr o m
82 0 0 0 ,0 0 0 t o $ 5 ,0 0 0 ,0 0 0 .
I f th e in cre ase Is a p p r o v e d t h e u n issu ed s t o c k
in t h o tr e a s u r y , t o ta lin g 1,684 sh aros, a n d 1 1,0 88 shares o f tlio p r o p o s e d
in cr ca so w ill b e a llo tte d fo r s u b scr ip tio n a t p a r ($ 50 ) to th o h o ld e rs o f re c o r d
M a r c h 31 u p t o A p r il 2 0 , in th o p r o p o r tio n o f 33 1 -3 % o f tlio ir h o ld in g s .
T h o d ir e c to r s a lso a n n o u n ce d th a t a fte r a p p r o v a l o f th o in cr ca s o In
ca p ita l s to c k b y th o s to c k h o ld e r s o n th o p re s e n t o u ts ta n d in g s t o c k , t o ta lin g
$1 9 15 8 0 0 , a sp e cia l s t o c k d iv id e n d o f 20 % w o u ld b o d e cla re d o u t o f
a c c u m u la te d su rp lu s a n d d is trib u te d w h e n a u th o rite d t o s to c k h o ld e r s o f
re c o r d D o c» 31 1^19»
T h e fin a n cia l s ta te m e n t as o f D e c . 31 1919 s h o w s : C a s h , $ 1 5 2 ,5 7 7 ; In v en 
t o r y b ills a n d a c c o u n t s re c e iv a b le a n d in v e s tm e n ts , $ 3 ,5 5 6 ,8 0 2 ; p la n t, & c .,
a n d e q u it y in real e s ta te , $ 88 7 ,1 9 6 . C a p ita l s t o c k p a id in , $ 1 ,9 1 5 ,8 0 0 ;
b ills ^ a y a b lo , & c ., $ 3 5 9 ,5 9 2 ; su rp lu s , $ 2 ,3 2 1 ,1 8 4 ; t o ta l (assets a n d lia b ilitie s ),
^ * T lie re g u la r se m i-a n n u a l d iv id e n d o f 4 % w a s p a id F e b . 14 t o s t o c k o f
r e c o r d D e c . 3 1 .— V . 103, p . 4 9 7 .

N a t io n a l A n ilin e & C h e m ic a l C o ., I n c .— D irecto rs, & c .
A t th e annu al m e e tin g F o b . 16 1920, th o fo llo w in g w oro e lo c to d d ire cto rs :
O r la n d o F . W o b o r (P re s id e n t a n d C h a ir m a n ), H . I I . S . H a n d y , W . N .

770

THE CHRONICLE

M c l l r a v y W . G . B e ck e rs (V ic e -P r e s id e n t). L . O . J o n e s , C . S. L u tk in s .
H
-n e n r y W ig g lo s w--— .......................A . eMo . ,RT . n INa r d , R . O . T a g g e so ll,
------- o rtli, W . J M a th s n ia h
s u ccesso rs w ore e le c te d fo r E u g e n e M e y e r , J r .# I . F .
S to n e a n d R . A . S haw w h o re tire d .
*
s p ec ia l s to c k h o ld e r s ’ m o o tin g h e ld o n th e sam e d a y , th e n u m b o r o f
d ir e c to r s w as re d u c e d fr o m 16 t o 12.
!iI ‘r F \J
>
)-Ui < 0n ha? b oon e le c te d S e c’y . , J. W . N o w lo a n ,a V lc e -P re s ld o n t
irtv
a n d R . V . M a h o n . A ss t-S e c r e ta r y .— V . 109, p . 1897.

T o t a l I n c o m e ..................... $ 5 ,8 1 4 ,6 1 0
D e p r e c ia t io n , A c ________
935 ,91 4
I n t e r e s t __________________
W r itt e n o f f _______________
B o n d In terest........ ............
102Z623
R e s e r v e fo r F e d . t a x e s . , x l ,950 ,3 53
169,000
S in k in g f u n d . . . .............
P refer red d iv s . ( 7 % ) ___
649,131
C o m m o n d iv id e n d s ______ (6 )9 3 5 ,5 0 8
G en era l re s e r v e __________
B a ia n ce s u r p lu s ----------- $ 1 ,0 72 ,0 8 1
P r o fit & loss s u r p lu s ____ $ 8 ,2 3 0 ,6 0 4

1918.
$ 4 ,9 57 ,6 0 1
115 .04 9

$ 5 ,0 7 2 ,6 5 0
9 27 ,07 9
110,806

1 , 100,000

1917.
$ 6 ,4 4 5 ,2 3 9
15,541

1916.
$ 3 ,6 6 0 ,2 9 7
19.4 65

$ 6 ,4 6 0 ,7 8 0
8 20 ,88 7
2 13 ,3 4 4

$ 3 ,6 7 9 ,7 6 2
7 76 ,52 6
172,053
1 66 ,88 0

118,993

1 , 100.000

1 6 1 ,5 0 0 '
5 98 ,26 3
(6 )9 3 5 ,5 0 8

154.000
598 .26 2
(4 )6 2 3 ,6 7 2

146 ,50 0
5 9 8 ,2 6 2

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

$ 3 ,0 23 ,6 2 1
$ 5 ,9 1 9 ,0 2 8

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

5 00 ,00 0

x In clu d e s $ 1 ,1 5 0 ,3 5 3 a d d itio n a l F e d e ra l tax es fo r 1917 a n d 1918.
R e p e a tin g th e ir a c t io n o f a y e a r a g o , d ie d ir e c to r s h a v e d e cla re d a d iv id ®n d
6 % o n t h e C o m m o n s t o c k , p a y a b le 1 % q u a r . M a r c h 2 0 , M a y 3 1 ,
N o v ’ 10 R e s p e c t iv e ly tG h o ders o f r e c o r d F e b . 2 8 , M a y 11, A u g . H a n d

1 .T i l 0 reg u la r d iv id e n d o f 7 % w a s a lso d e cla re d o n th e p r e f. s t o c k , p a y a b le

%. d u a r . M a r c h 3 1 , J u n e 3 0 , S e p t. 30 a n d D e c . 31 t o h o ld e rs o f r e c o r d
M a r c h 1 1 ,.Jun e 10, S e p t. 10 a n d D e c . 11, r e s p e c t iv e ly .— V . 109, p . 7 8 0 .

N a t io n a l

G rocer

C o . — D iv id en d

C orrection .— President

F . C . Letts, Chicago, Feb. 9 1920, replying to our inquiry
of Feb. 5 , says in substance:
T h e o n ly d iv id o n d p a y a b le o n F o b . 20 1920, is th e e xtra 3 % w h ic h w as
d e cla re d on N a tio n a l G r o c o r C o . C o m m o n s to c k a t th o annu al m e e tin g
In J a n u a ry la st. T h e regu lar q u a rte rly d iv id e n d s o n N a tio n a l G r o c e r C o .
C o m m o n s to c k ( 2 % ) aro p a y a b lo on M a r . 3 1 . June 3 0 . S o p t. 30 a n d D o c . 31.
T h e reg u la r 4 % sem i-a n n u al d iv id o n d o n W o ste rn G r o ce r C o . C o m m o n
s t o c k Is p a y a b le on J u n e 30 a n d D o c . 31. A n extra d iv id o n d o f 2 % o n
W e ste rn G r o c o r C o m m o n s to c k fo r 1919 was p a id o n D o c . 31 1919.
t T h o sem i-a n n u al P referred d iv id e n d s o f b o th co m p a n ie s aro p a y a b lo o n
J u n e 3 0 a n d D e c . 31 ea ch y e a r .— V . 110, p . 5 66 .

P a e ific M iiis, L a w r e n c e , M a s s .—

—V. 110, p".'366.'.............................

A n extra d iv id e n d o f 5 0 c . h a s b e e n d e c la r e d , p a y a b le M a r c h 15 t o s t o c k
o f r e c o r d F e b . 2 8 . In D o c . 1919 an e xtra d iv id e n d o f $1 50 w as p a id , as
a g a in s t $2 e x tra in S e p te m b e r a n d 5 0 c . in J u n e 1 91 9 .— V . 1 10 , p . 1 72.

N e v a d a -C a lif o r n ia E le c tr ic C o r p .—Earnings.—

P a im o liv e C o ., M ilw a u k e e .— P r e f. Slock O ffe r in g .—
* • I < o x & C o .. M ilw a u k e e , an d B o s w o r th C h a n u to & C<> D e n v e r
100 a n d d lv . $ 1 5 0 ,0 0 0 7 % O u m u l. P r e f ( a A d . ) X c k .
a n d d i v ° ' D i v d Q '- J 0 r P art UP° n 30 d a y s ’ n ° tic o o n a n y d l r - d a t ° a t 105
Capitalization after present financing—

re,iro )- f H a
d

“ e s ChgS- l n c l - n o te
D e d u c t h o d e ra l ta x i 1 _________________ ln t._ _ $ 9 0 8 ? 9 0 1;
o c i 701
Net profits available for pref. stock divsZZZZ 627,’ l0 4
Year—
1907
1917

$ 8«3 M o i6
$844?695
«
q7
oin non
3 9 5 .0 8 5
6 9 4 ,6 9 5
101ft
io io *
G r« S
- v ...............
$ 8 0 1 ,0 0 0 '.$ 5 ,6 6 8 ,2 8 3 $ 8 ,5 5 4 ,3 7 7 $13.958.'347
es ^0r J a n u a ry , 1920, a m o u n te d t o a b o u t SI 750 000 and salon fnr
1920 are estim ate d a t $ 2 0 ,0 0 0 ,0 0 0 . Seo V . 1 07 , p . 248 1 . 2 3 8 1 ?

(J . C .) P e n n e y C o .—
January—

$ 8 7 ,1 8 9
d e b .2 ,5 2 3

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

$ 1 ,1 2 0 ,1 3 8
2 ,1 1 5

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

$ 8 4 ,6 6 6
49.861
16,1 64

$ 1 ,4 0 5 ,7 6 2
6 8 5 ,6 4 7
204 ,30 1

$ 1 ,1 2 2 ,2 5 4
635,611
1 18 ,55 3

$ 2 0 ,7 9 2

$18 ,64 1

$ 51 5 ,8 1 3

$ 3 6 8 ,0 9 0

Consolidated.—

See A r c a d ia n C o n s o lid a te d M in in g C o . a b o v e .— V . 109, p . 986.

Stock Offering.

Chase & C o ,. Boston, are offering when, as and if issued at
the rate of $98 50 for one share of Preferred and 1-10 sharo
of Common, $2,000,000 8 % Cum . Particip. Pref. (a. & d.)
stock, par $100.
R e d e e m a b le , all o r p a r t , o n 60 d a y s ’ n o t ic e , a t 120 a n d d lv . A ft e r th e
P r e f. a n d C o m m o n s to c k h a v e e a ch re c e iv e d d iv s . o f $8 a sh a re a y e a r , th o
P r e f. s t o c k w ill p a r t ic ip a t e w ith th e C o m m o n s t o c k in d iv s . u n til th e P re f.
s t o c k has r e c e iv e d a to ta l d iv id e n d o f $ 10 a sh a ro a y e a r . N o m o r tg a g e
w it h o u t th e c o n s e n t o f 7 5 % o f th e P r o f, s to c k o u ts ta n d in g .
D a t a f r o m L e t t e r o f P r e s i d e n t C . E . F r a s e r , D a t e d F e b . 10 1920.
Company.— I n c o r p . In D e la w a re F e b . 10 1920. B u sin ess will b e t h a t o f
o p e r a tin g d r y d o c k s a n d sh ip rep a ir p la n ts . P la n t lo c a te d a t C lift o n ,
S ta ten Isla n d , w ill c o n s is t o f tw o 1 0 .0 0 0 -to n B o a t in g d r y d o c k s o f m o s t
m o d e r n c o n s t r u c tio n , w o t b asin s c a p a b le o f ta k in g c a r e o r 12 large sh ip s in
a d d it io n t o th e sh ip s In d r y d o c k , a n d a m p le m o d e rn rep a ir e q u ip m e n t
h o u s e d in p e rm a n e n t b u d d in g s fu lly e q u ip p in g th e c o m p a n y t o h a n d lo all
k in d s o f sh ip rep a ir jo b s . W o r k o n th o p la n t w as c o m m e n c e d in S e p te m b e r
a n d It Is e x p e c te d w ill b e fu lly c o m p le te d b y J u ly 1. P la n t w ill b e r e a d y
t o r e c e iv e w e t b asin w ork b y M a r c h 1.
y
Earninqs.— N et ea rn in g s, it is e s tim a te d , w ill b e a t le a st 3 0 % o n th e P r e f.
s t o c k , b e fo r e a llo w in g fo r t h e F e d e r a l ta x e s.

CapitaUzation—
Authorized. To be Issued
8 % C u m . P a r t lc . P r e f. s t o c k (p a r $ 1 0 0 ) - - .................. $ 4 ,0 0 0 ,0 0 0
$ 2 ,0 0 0 ,0 0 0
C o m m o n s t o c k (n o p a r v a lu e )............................. ............4 0 ,0 0 0 sh s. 2 0 ,0 0 0 shs.
T h e a u th o r iz e d C o m m o n s t o c k is d iv id e d in t o t w o cla sse s, v i z .: C o m m o n
s t o c k C la ss " A , ” 5 .0 0 0 sh a res, a n d C o m m o n s t o c k , 3 5 ,0 0 0 sh a re s. O n ly
t h e C la ss ” A ” s t o c k s h a ll h a v e v o t in g p o w e r u n til N o v . 1 1928, o r s u ch
la te r d a te as t h e c o m p a n y ’s c o n tr a c ts w ith th e U . S . S h ip p in g B o a r d
E m e r g e n c y F le e t C o r p . fo r th e p u rc h a se o f d r y d o c k s shall h a v e be e n fu l
f ille d . B o th cla sses o f C o m m o n s t o c k shall ra n k e q u a lly In all o t h e r
re s p e c ts . A ll o r th e C o m m o n s t o c k “ C la ss A " w ill b e p re s e n tly issu ed an d
w ill b e u n d e r t h e c o n tr o l o f F ra s e r, B r a c e & C o .
Directors.— C h a rles E . F ra s e r, P ro s , an d G e o r g e O . C la rk e a n d J a m e s I I .
B r a c e , V ic e -P r e s id e n ts o f F ra se r, B ra ce S h ip y a rd s , L t d ., M o n tr e a l: C h a rles
P . H o w la n d . A . I I . R e e d , C h a rle s F . Q u a n tr e ll, J . E . A ld r c d , W illia m S.
K ie s , a n d N ic h o la s J . K a y s e r , N e w Y o r k .

O ’ G a r a C o a l C o . —Redemption

of Bonds.—

S ix ty -e ig h t ($ 6 8 ,0 0 0 ) F irs t M t g e . 5 % 5 0 -y e a r S in k in g F u n d G o ld B o n d s ,
d a te d S e p t. 1 1 90 5 , h a v e been ca lle d fo r p a y m e n t M a r c h 1 1920 a t 105 a n d
in teres t a t t h o E q u it a b le T r u s t C o ., N e w Y o r k .
M a r k W . W o o d s w as r e c e n t ly e le cte d a d ir e c t o r t o s u c c e e d R ic h a r d
F it z g e r a ld , r e tir e d .— V . 1 0 9 , p . 8 9 2 .

O m a h a G a s C o . — $4,500,000

Fixed as Purchase Price.—

A p r ic e o f $ 4 ,5 0 0 ,0 0 0 h as been s e t o n th e c o m p a n y ’s p la n t b y th o B o a r d
o f C o n d e m n a tio n , w h ic h h as been m e e tin g a t in te rv a ls s in ce J u n o 1918
h ea rin g a r g u m e n ts , A c ., t o re a ch a Just fig u r e fo r p u rc h a se o f th o p la n t!
T h e p e o p le a t t h e e le ctio n In M a y 1918 v o t e d t o b u y th e p la n t. T h e C it y
C o u n c il m u s t r e je c t th e p la n t a t this p r ic e w ith in 60 d a y s o r else th o p u r 
ch a s e b e c o m e s o b lig a t o r y . I f th e c o u n c il a c c e p t s th e p la n t a t $ 4 ,5 0 0 ,0 0 0 ,
t h e c o m p a n y i f d iss a tis fie d ca n a p p e a l t o th e c o u r t s . T h e c o m p a n y fix e d
$ 6 ,0 0 0 ,0 0 0 as th o p r ic e w ith a s e c o n d a r y fig u re a t $ 5 ,5 0 0 ,0 0 0 . T h e c it y
s e t a fig u r e o r $ 3 ,3 5 0 ,0 0 0 as a fa ir p r ic e f o r th o e n tire p la n t .— V . 1 0 7 , p . 4 0 8 .

O tis S te e l C o ., C le v e la n d .—

To Issue Additional Pref.—

T h e c o m p a n y a n n o u n ce s th a t issue o f an a d d itio n a l a m o u n t o f 7%
C u m . P r e f. s t o c k , n o t t o e x c ee d $ 5 ,1 4 5 ,8 5 0 , w ill s h o r tly b e m a d e , p r o ce e d s
t o b o u sed fo r s h eet m ill exte n s io n s . C o m m o n s to c k h o ld e rs o f r e c o r d
M a r c h 1 w ill b o g iv e n th e rig h t t o s u b scr ib e o n o r b e fo r o M a r c h 16 (w h e n
s u b s cr ip tio n s aro p a y a b le ) a t p a r a n d d iv s ., a t ra te o f o n e share o f P r e f. fo r
ea ch 8 shares o f C o m m o n h e ld .
P re s e n t o u ts ta n d in g p r e f. a m o u n ts t o
$ 4 ,8 3 0 ,6 0 0 • “V . 1 09 , p . 1897*
"“




Sales.—

1920.
S a le s -------------------------------------------------------$1,641 579
— V . 110, p . 2 6 8 .
...........

P e n n E le c tr ic S e rv ice C o .—Bonds

1919.
$ 1 ,2 9 1 ,1 8 2

Increase.
$ 35 0 ,3 9 7

Called —

A ll o u ts ta n d in g F ir s t M t g e . 3 0 -y e a r 5 % G o ld B o n d s , d a te d F e b . 1 1913
m a tu r in g F o b . 1 1943, h a v o been ca lle d fo r p a y m e n t A u g 1 1920 a t 103
a n d h it. a t G u a r a n ty T r u s t C o ., N o w Y o r k
T h e P en n E lo c tr ie S e n d e e
C o . . P e n n P u b lic S e rv ice C o . a n d C itiz e n s L lg n t, H e a t & P o w e r C o
of
C o ? p f y S eo V . T o T p 'S o ?

in J u n e 1919 ,n t o P e n n P u b lic S o rv ice

P e n n P u b lic S e rv ic e C o r p .—BondsCailed.—

Seo P e n n E le c tr ic S e r v ic o C o . a b o v o .— V . 1 09 , p . 2 27 0 .

&c.—

J. u . W arren has been e le cte d P re s id e n t t o s u cce e d Char?o* ir^rF
?toM gO n Satw rtu^waite, V ic e -P re s id e n t; b o th a ro o ffic e r s o f t h o V a c o n y
K o , ? r t i ™ W altcZ JiK'in c y ' H o w a rd S. G ra h a m a n d J. B . W eiss h a v o boon
e le cte d d ire cto rs t o fill v a c a n c ie s . S ec V . 110, p . 6 65 , 5 6 7 .
°
P e n n s y lv a n ia S te e l C o .—Bonds

Offering of Notes.— G .

$ 1 0 7 ,5 0 2
d e b . 1,102

N e w Y o r k H a r b o r D ry D o c k C o r p .—Pref.

Assumes Management.

C o a l C o . o f C h ic a g o .—

See S h e r id a n -W y o m in g C o a l C o . , I n c .— V . 1 03 , p . 3 2 5 .

O p e r a tin g p r o f i t s ____
N o n -o p e r . e a rn s , ( n o t ) . .

N e w A r c a d ia n C o p p e r C o .—

^1111

C o m m o n s t o c k ......................................... ................"
3 o o n nnn
i an s’ovo
Purpose. T h e g r o a tcr p a rt o f th o p r o c o o d s Is t o b o used In th o c o n s tr u c 
t io n o f p ro p o s e d p la n t a t O a k la n d , a n d b a la n c e as w o r k in g ca p ita l
Profit Account Yiars Ended Dec. 3 1 .

° n ® ^ 39 r£
O ct
at

N e t e a rn in g s ____
— V . 1 09 , p . 2 3 6 2 .

1017

P a g e S te e l & W ir e C o . — A c q u ir e d .—

Results for D ec. and 12 M onths ended Dec. 3 1 .
^
,
1919--------Dec
— 1 918.
1919— 12 A fo s .— 1018.
O p e r a tin g o a r n in g s ______
$ 2 0 9 ,4 0 5
$ 1 5 2 ,7 7 3 $ 2 ,5 7 0 ,6 1 6 $ 2 ,1 4 7 ,3 4 9
----------------O p e r . & g e n . e x p . & ta x e s
1 01 ,90 2
6 5 ,5 8 4
1 ,1 6 8 ,7 5 2
1 ,0 2 7,21 1

c

th is

$57,644,065 $3e!94M45
6,682,921
6,731,623 4.476,509

P e n n SeRboe-rd S te e l C o r p ., P h i la .—Directors,

N a t io n a l T r a n s it C o . — E x tra D iv id e n d .—

D e p r e c ia t io n .

Earnings.—

Calendar Years—
19 10
N e t n m n t * ....................................... $44,702,213

S ee A m e r ic a n C h a in C o . , I n c . , a b o v e .— V . 107, p . 2 48 1 .

N a t i o n a l E n a m e lin g o & S t a m pnin g C o .—Earninqs.„
~*n Tors rTrtr
___
m i
<A «
_

Calendar Years—
1919.
G ross p r o f i t s ...... ................... $ 5 ,6 3 6 ,8 5 7
O th e r in c o m e ____________
177,753

[VOL. 110.

S,.1&
i

Called.—

f o r t y -t h r e e ($ 1 4 3 ,0 0 0 ) " C o r n w a ll O re B a n k s " 6 % L o a n , d u e

T™te.fpX,°r
A*iT‘Ss";'. i s . “ 1 5
o
A
0 0

Phez Co.

(o f S a le m ,

O r e ., a n d

O ly m p ia , W a s h .) .—

E . Miller & C o ., Portland, Ore
in
Sept, offered at par and int., to net 7 % , $500,000 Sovon-Yoar
7 % gold notes. A circular shows:
D a t e d J u ly 1 1919. D u o J u ly 1 1926. I n t . p a y a b lo J . * J . l a t T it le
& Trust C o ., I o r t la n d , O r o ., tru stee, o r U . S . M o r tg a g o A T r u s t C o
N ow Y o rk .
D o n o m . $ 1 0 0 , $500 a n d $ 1 ,0 0 0 ( c * ) .
R e d e e m a b le In w h ole
o r in p a rt a fte r tw o yea rs o r a n y Int. d a to th e re a fte r a t 103 a n d Int. In ter
est p a y a b lo w ith o u t d e d u c tio n fo r a n y n o rm a l F ederal In co m o ta x n o w or
110t ,n ° XC0SS ° f 2 % 80 fa r as m a y b ° ' - vfu l.

T o ta l* ^ u tttt

s ta m n n g Ub ld s °p a y a b ? o ISSUO ,S t0 p r o v ,d o fu n d s fo r th o re tire m e n t o f o u t C o n s o lid a tio n in 1918 o f N o r th w e s t F r u it P r o d u c ts C o . a n d P h e a s a n t
F ru it J u ico C o . M a n u fa c tu r e s a n d d istrib u te s lo g a n b e r r y Juico a n d o th e r
A^rmiRn"” ^Vi 6 ? rotl u 3 »n «le r th o w id o lv -k n o w n n am es o f “ P h e z ”
™
a n d A p p le ju .
P la n ts a t O ly m p ia , W a s h ., S alem a n d W o o d b u r n , O ro.
Balance Sheet as o f Dec. 31 1 91 8 , After Giving Effect to Present Financing.
Assets—
Liabilities—
P ro p e rtie s a n d p la n ts _______ $ 98 7 ,6 6 0 7 % P referred s t o c k .................. $ 10 0 ,0 0 0
A c c o u n ts re c e iv a b le .................. 2 12 ,79 8 C o m m u n s t o c k ......................... 7 80 ,60 9
B ills r e c e iv a b le ______________ 10,526 7 % C o u p o n g o ld n o t e s ____ 6 0 0 ,0 0 0
In v e n to rie s ___________________ 8 55 ,51 7 A c c o u n ts a n d bills p a y a b lo . 139,866
P re p a id ite m s_______________
6,7 2 2 R e so rv o fo r t a x e s ..................
4 ,4 1 2
T o t a l (e a ch s id o )..............$ 2 ,0 7 3 ,2 2 2 S u r p lu s .......................................... 5 4 8 ,3 3 4

P h ila d e lp h ia .

C o .,

P it t s b u r g h .—

Listing.—

T h o P h ila d elp h ia S to c k .E x ch a n g e i has listed $ 9 ,2 5 0 a d d itio n a l 6 % C u m .
P r e f. s t o c k , issued In o x c h a n g o fo r $ 1 0 ,0 0 0 1st M . 5s o f C o n s . O a s C o o f
P it ts b u r g h , m a k in g th o to ta l liste d $ 1 4 ,4 7 8 ,3 5 0 .— V . 110, p . 7 8 .

P it m a n -M o o r e C o ., I n d i a n a p o l i s .— Offering of Preferred
A m erican C o . of Indianapolis inJunoofforod
a t Par and accrued d iv . $ 3 0 0 ,0 0 0 7 % Proforrod stock (par
$ 1 0 0 ). A circular show s:
*
,„ P lv? ’-£ pr- 1 * 0ct> J* Prof- as t0 assets as well as divs. Optional at

Stock.— Fletcher

b o n d s o r m orT ga gi8; ° ° m ’ 8t0Cl£* * 4 0 0 ’ 0 0 0 ’ P r o f’
* 3 0 0 .0 0 0
No
History.— O rganized t o m an u fa ctu re p h a rm a co u tlca ls a n d w as Incorp
in In d ia n a , In J u ly 1899, u n d er tho nam o o f P itm a n -M y o r s C o . C o m p a n y ’s
la bo rato rie s aro lo ca te d a t In d ia n a p o lis a n d Z to n s v illo , I n d ., an d p ro d u c es
$ 12§8C
,023 "in *1918.'
hav0 gTOWn frora a to ta l o f * 3 8 .4 5 4 ta 1900
T h e Purpose o f t h is '$ 3 0 0 ,0 0 0 P r o f s to c k is t o increase th o p r o d u c tio n o f
a n tl-h o g -ch o le ra seru m , o th e r b io lo g ica l an d p h a rm a ce u tica l p ro d u c ts t o
m e e t th e d em an d n ow m ad e in excess o f p resen t p ro d u c tio n - t o o r o d u c o
o th e r seru m s, v a ccin e s a n d a n ti-to x in s t o m eet th o needs ot e s ta b lish ed

'.” “ 0 r s t e ko‘8 "
„'£P v

■ S I

1 1919- Aner

■>»“ “

E M“ ™’
”

an d real e s ta te )_______ . . .$ 2 6 9 ,6 0 6 P referred s to c k .........................$ 30 0,000
652 ,46 6 C a p ita l s t o c k ____________ _
3 9 0 ,9 2 5
12,418 A c c o u n ts & bills p a y a b l o . . .
61,6 84
T o t a l (b o th s id e s ).....................$ 83 4,490_ Surplus _
___________
_ ____
81 881
n
>
Z^r|,1a,n L . T a y lo r , H o n r y F." C a m p b o ll, A lb e r t
'
E . U h l, M a r y S. M o o r e , H a rry O . M o o r o (P r o s .), A lb e r t 13. T h o r b u r n ,
(S e c .), O . N . A n g s t (T r e a s .).
uick a
Seferredssets_____ ___________
a ssets_____________

P it t s b u r g h O il & G a s C o .— # a r m n g s .G r o ss ea rn in g s ...............................................$ 1 ,3 7 9 ,7 8 8 $ L 0 2 3 .5 7 6
^ 72 7 ,9 3 3
^ 46 1 ,5 9 4
N o t ea rn In g s.
— ...................... ...........
S u ^ lu s a fte r d i v W e n i i s . ..........................
1 1 0 ,5 9 9
1 2 5 ,7 0 5

1 917.
$ 6 0 6 ,6 3 0
$ 33 9,681
1 08 ,62 7

P it t s b u r g h P la te G la s s C o .— Specia l D iv id e n d .—
A s p e c ia l d iv id e n d o f 5 % lias be e n d e cla re d o n th o C o m m o n s to c k a lo n g
w ith th e regu lar a n n u al d iv id e n d o f 1 2 % o n th o P r e f. s t o c k , b o t h p a y a b le
M a r c h 1 t o h o ld e rs o f r e c o r d F e b . 12.— V . l i o , p . 6 6 5 .
v J

(P a y e tte R .) P lu m b , I n c . (o f P h ila . & S t . L o u is ) .—
B on d s O ffered .— Morcantilo Trust C o ., St. Louis, aro offoring
at 100 and int. yielding 7 % , $400,000 First M tgo. 7 % Gold

bonds, dated Fob. 1 1920, duo Fob. 1 1921-1930.
C o m p a n y w ith p la n ts a t S t. L o u is a n d P h ila d e lp h ia , Is e n g ag e d In th o
m a n u fa c tu r e o f h a n d t o o ls , co n s is tin g c h ie fly o f h a m m o r s , h a t c h o t s , a x e s .

Fe b .

s le d g e s , w ed g es a n d m a u ls , th e b u sin e ss h a v in g b e e n fo u n d e d In 1856.
F u r th e r d o ta ils a n o th e r w e e k .

P r o c te r -G a r a b le

C o .,

C i n c i n n a t i .— To P a y N otes.-—

T h e $ 5 ,0 0 0 ,0 0 0 7 % Sorial n o to s , d u e M a r . 1 1920, w ill b o p a id o f f a t
m a tu r ity a t o ffic e o f T h e G u a r a n ty T r u s t C o . a n d N a tio n a l C it y B a n t ,
N o w Y o r k .— V . 110, p . 83.

P r o d u c e r s & R e fin e r s C o r p ., D e n v e r .— A g a in st P la n .—
T h e sh a reh old ers on F e b . 12 v o t e d a g a in s t th o p r o p o s itio n s (1) t o in crease
t h e C o m m o n c a p ita l s to c k b y 1 ,0 0 0 ,0 0 0 sh ares; (2) t o ch a n g e th o n a m e t o
th e K ts tle r C o .; (3) t o in crease th o b o a r d fr o m 11 t o 15 d ir e c to r s , s e e
V . 1 10, p . 4 7 2 .

P u b lic Service C o . o f N o r t h e r n I ll in o is .— E a rn in g s.
C a l.Y r s —
1919.
1918.
I Cal.Yrs —
T o t a l in c o m o .$ 9 ,3 2 5 ,91 3 $ 9 ,2 1 8 ,8 8 4 C o m . d iv s ------N e t e a r n in g s ._ 3 ,0 7 9 .5 7 4 3 ,6 3 2 ,9 7 0 D e p r e cia tio n I n t . c h a r g o s .. 1 ,902.706
1,7 8 4,79 6 B a la n co , s u r p .
P r o f. d i v s .( 6 % )
455 ,28 0
455,2801
— V . 110, p . 3 67.

1918.
$ 837,662
4 3 8 ,23 4
$ 116,998

1910-

$<81,191
430 ,66 0
$ 10 9 ,7 3 7

P u s e v & J o n e s C o .— Sells Ship P la n t .—
S eo B a ltim o r e D r y D o c k s & S h ip b u ild in g C o . a b o v e .— V . 1 09, p . 1085.

R e m in g t o n T y p e w r it e r C o .— Purchases P la n t .—
T h o c o m p a n y r e c e n t ly p u rc h a se d th e p la n t o f th e N a th a n M f e . C o .,
lo c a t e d a t F lu s h in g a n d in c l. 13 a cres o n F lu s h in g C r e e k .— V . 1 09, p . 1706.

R o c h e s t e r G a s & E le c tr ic C o r p .— To P a y B o n d s .-—
T h e $ 97 2 ,0 0 0 2d C o n s o l. 4 K % b o n d s o f th o R o ch o s to r G a s & E lo c tr ic
C o . (V . 78, p . 178 6 ), dun M a r . 15 1920, w ill b o p a id o f f a t m a tu r ity a t o ffic e
o f S e cu rity T r u s t C o ., R o c h e s te r , N . Y .
In c o n n e ctio n w ith this p a y m o n t
th o R o c h e s te r G as & E lo c tr ic C o r p . w ill issuo $ l ,0 0 0 ,0 00 5 % b o n d s , d u o
J u ly 1 1954, o f R och o s to r R a ilw a y & L igh t C o ., roserv ed fo r ta k in g u p
R o c h o s to r G a s & E lo c tr ic C o . 2d M o r tg a g e b o n d s .
H old ers o f R och es te r G as & E le c tr ic C o . 2d M o r tg a g o b o n d s w ill h a v e
o p p o r t u n it y t o oxch a n g o fo r R o ch o s to r R a ilw a y & L ig h t C o . 5 % C o n s o li
d a te d G o ld B o n d s, on a basis o f 8 5 H a n d in terost fo r R o cn o s to r R a ilw a y
& L ig h t C o . b o n d s , o r c o n v e r tin g b o n d s in to ca sh a t m a tu r ity .
Tho
R o c h e s te r R y . & L ig h t C o . r o c e n tiy c h a n g e d its narno t o R o c h o s to r
G a s & E lo c tr ic C o r p . (V . 1 09, p . 1 7 0 6 ).— V . 109, p . 2 077.

(W in . A .) R o g e r s , L t d .— To R esu m e D iv id e n d s.—
T h e a n n u al re p o rt ju s t issued s a y s : " T h e d ir e c to r s lia v o d e c id e d t o re su m e
p a y m o n t o f th o regu lar q u a r te r ly d iv id e n d s o n th o preferred sh ares, b e 
g in n in g w ith A p ril 1. It is lik e ly th a t d u rin g th e y e a r a jia r t a t le a st o f
.....
........................ ............
. h e p r e s e n t s ---------------, » ------------T h e " T o r o n t o G lo b e ” o f F o b . 16 s a y s: ’ ‘T h o r e p o r t p re se n te d a y e a r a g o
s h o w e d a loss o f $ 5,2 08 ; th is y e a r a p r o fit o f $ 52 6 ,3 8 2 is r o p o r t e d . A d d nk
th o $ 4 3 ,6 4 7 b r o u g h t fo rw a r d fr o m 1918, th e re w as a v a ila b le fo r d is trib u tio n
$ 5 7 0 ,0 2 9 , o f w h ich $161,581 w as tra n sfe rre d t o re a lty a n d p la n t reserv e.
$ 7 0 ,0 0 0 t o gen eral res e rv e , a n d $ 3 5 ,0 0 0 p a id t o C a n a d la n W m . A . R o g e r s ,
L t d . fo r d iv id e n d s . T h is le ft a b a la n c o ca rr ie d fo rw a r d t o 1920 o f $ 3 0 3 ,4 4 8 . " — V . 1 06, p . 1465.

R o s e m a r y M fg . C o ., R o a n o k e R a p id s , N . C . — P r ef. Stk.
O ld D o m in io n T r u s t C o . , R ic h m o n d , V a . , a re o ffe r in g a t 1 0 0 a n d d*v , »
$ 1 ,5 0 0 ,0 0 0 7 y>% C u m . S in k . F u n d P r e f. (a . & d .) s t o c k , p a r $ 10 0 . D iv s .
F & A . C a lla b le a t 110. S in k in g fu n d o f $ 6 0 ,0 0 0 b e gin s A u g . l o 1921
t o retire this s to c k a t 110. C a p ita l s t o c k , a u t b . a n d o u ts ta n d in g , p r e f.,
$ 1 ,5 0 0 ,0 0 0 ; c o m m o n , $ 4 ,0 0 0 ,0 0 0 . N o b o n d s . S u rplu s $ 2 7 9 ,0 7 4 .
C o m p a n y w as org an ize d in 1902. B u sin e ss, th e m a n u fa ctu re o f d a m a s k
•covering. P la n t has 4 4 ,5 2 8 spin dle s a n d l .]66 -Iacqu ard lo o m s . N e t
ea rn in g s fo r th o fo u r y e a rs e n d e d D e c . 31 1919 h a v o a v e ra g e d $ -8 7 ,1 2 6
a n n u a lly , a fte r d e p r e c ia tio n , fix e d ch arges a n d ta x e s, a n d fo r 1920 aro
e s tim a te d a t $ 1 ,0 0 0 ,0 0 0 . P re s id e n t. S am u e l F . P a tte r s o n .

S t. J o s e p h L e a d C o .—

Earnings.—

1 919.
1 918.
1917.
1 916.
Y n com o
$ 2 ,2 9 5 ,2 5 6 $ 5 ,1 2 1 ,1 6 4 $ 1 0 ,1 3 0 ,4 5 9 S 8 ,0 0 4 ,6 4 9
D e n i e d ; & c i: : : : : : : :
l.n e .s ie
1 . 297.281
4 . 520.186
3 . 330.182
F ed era l ta x e s ____________
117,844
2 ,0 0 0 .0 0 0
----------------------------D iv id e n d s .................... ( 1 1 % ) 1 ,5 5 0 .4 7 8 (2 0 )2 8 1 9 ,0 0 4 (2 5 )3 5 3 5,53 1 ( 10) 1409,466
B a la n c o , s u r. o r d c f . - . d c f .$ 4 8 9 .8 8 2 d e f .$995,121 s r $ 2 ,0 7 4 ,7 4 2 s r $ 3 ,265.001
— V . 1 09, p . 9 8 7 .

S c o t t is h A m e r ic a n O il & T r a n s p o r t C o .— Stock.—
S oo S o u th e rn Oil & T r a n s p o r t C o . b e lo w .— V . 1 09, p . 2 1 7 7 .

S e m e t-S o lv a y C o ., S y r a c u s e , N . Y . — -Earnings.—
Y ear 1 918. Year 1917. 11 Mas. 16.

Period—
Year 1919.
G r o s s o a r n in g s .......... ............$ 2 ,1 3 3 ,8 4 8
H nnd Sec. i n t e r e s t - - - - 2 0 3 ,7 5 7
D e p r e c ia t io n , & c ________
8 0 0 ,2 1 0
R eserve!Tor co n tin g e n cie s
- - - - D i v i d e n d s _______________
1 ,0 1 8 ,4 1 0
B a la n c o , s u rp lu s ______
— V . 108, p . 1724.

$ 1 1 1 ,4 7 1

$ 8 ,2 7 6 ,8 5 7
3 1 1 ,60 1
5 ,5 6 5 ,4 6 1
3 0 0 ,0 0 0
1 ,3 4 5 ,9 6 6
$ 75 3 ,7 6 9

$ 8 ,3 4 0 ,2 5 8 $ 1 0 ,9 8 3 ,9 1 8
99,97*1
2o ,j 8o
1 ,1 7 8 ,7 8 2
4 18,321
3 .3 0 0 .0 0 0
-----
1 ,5 9 9 ,9 9 2
1 ,3 0 0 ,0 0 0
$ 2 ,1 6 1 ,5 1 0

$ 9 ,2 36 ,6 1 1

S h e r id a n C o a l C o .— C on solidated. —
S oo S h e r id a n -W y o m in g C o a l C o . b e lo w .— V . 1 06, p . 2 3 4 9 .

S h e r id a n -W y o m in g C o a l C o ., I n c .— B onds O ffered—
C o n t r o l — Peabody, lloughteling & C o ., Chicago, are offoring

at par and int. .$3,500,000 First M tge. Serial 7 % Sinking
Fund gold bonds.
D a t e d F o b . 10 1920, d u o $ 2 0 ,0 0 0 e a ch m o n t h b e g in n in g A p r il 1 1920
a n d e n d in g O c t. 1 1934. I n t . p a y a b lo J . & J . a t t h e F irs t N a t . B a n k ,
C h ic a g o , a n d th o C h a se N a t . B a n k , N . Y . B e d . in reverse o f n u m erical
o r d e r on 60 d a y s ’ n o t ic e o n a n y In t. d a y a t 105 and in t. D e n o m . $ 10 0 ,
$ 500 an d $ 1 ,0 0 0 ( c * ) . C o m p a n y agrees t o p a y th e n o rm a l in c o m e ta x n o t
e x c e e d in g 2 % . F irs t T r u s t & S av in g s B a n k , C h ic a g o , tru s te e .
D a t a f r o m L e t t e r o f F . S . P e a b o d y . C h a ir m a n , N . Y . . F e b . 2 1920.
Comvanv.— H a s a c q u ir e d b y p u rc h a so t h o c o a l m in in g p r o p e r t ie s o f
S h erid a n C o a l C o . (V . 1 06. D. 2 3 4 9 ). A c m e C o a l C o . C a r n e y C o a I C o ..
M o n a r c h C o a l C o .. K o o i C o a l C o . and A m a lg a m a te d D e v e lo p m e n t C o r p .
P r o p e r tie s , in S heridan C o u n t y , W y o . . co m p r is e a b o u t 1 4,000 acres o f c o a l,
o r w h ich 11,250 a cre s, b o th la n d a n d c o a l, aro o w n e d in fe o s im p le , a n d
a b o u t 2 ,7 5 0 acres aro h e ld u n d e r le a se . T h is tr a c t co n ta in s 9 w e ll-d e fin e d
seam s or c o a l, b u t w o a ro ta k in g in t o co n sid e ra tio n o n ly 5 seam s co n ta in in g
6 5 0 0 0 0 ,0 0 0 to n s o f m e rch a n ta b le c o a l, w h ic h v a r y in th ick n e ss fr o m a
m a x im u m o f 34 fe e t fo r th o M o n a r c h v e in t o an a v e ra g e o f 14 fe e t fo r th o
th re o D lo t z v ein s. O w n s 7 o p e r a tin g m in e s, e le c tr ic a lly e q u ip p e d a n d
c a p a b lo o f p r o d u c in g 5 ,0 0 0 ,0 0 0 t o n s o f c o a l a y e a r.
Capitalization.— F irst M t g e . b o n d s , $ 3,5 0 0 ,0 0 0 ; d e b e n tu re s , $ 3 ,5 0 0 ,0 0 0 ;
C o m m o n s to c k . 8 0,0 00 shares o f n o p a r v a lu e .
. ,
Control.— A ll th e d e b e n tu re s an d all th o C o m m o n s to c k are o w n e d by_th o
U n ite d S ta tes D is tr ib u tin g C o r p ., w h ic h has a p a id -in ca p ita l o f $ o ,0 0 0 ,0 0 0 .
(S oo V . 109, p . 1531.) T h e m a n a g e m e n t o f th o p r o p e r ty is in th o h an ds
o f th o P e a b o d y C o a l C o . o f C h ic a g o .
.
Earnings.— N o t ea rn in gs o f th o c o n s o lid a te d p r o p e r tie s a p p lic a b le t o
in te re s t d u rin g the la s t 3 years a v e ra g e o v e r $ 1 ,0 0 0 ,0 0 0 a y e a r . F u tu r e
ea rn in g s a rc c o n s e r v a tiv e ly e s tim a te d a t $ 1 ,6 0 0 ,0 0 0 p e r a n n u m , a p p lic a b le
t o th o p a y m e n t o f in te re s t a n d m a tu r in g p rin c ip a l o f th oso b o n d s .

S h e r w in -W illia m s C o ., C le v e la n d .— Stock A u th o r iz ed . —
T h e s to c k h o ld e r s on F e b . 19 a u th o riz e d an Issue o f $ 4 0 ,0 0 0 ,0 0 0 7 % C u m .
F ir s t P r e f. s to c k . O f th o n o w lssuo $ 15,000,000 w as r e c e n tly p u rch a se d
b y a s y n d ic a t o c o m p o s e d o f W m . A . R e a d & C o ., C le v e la n d T r u s t G o . and
B o r t o n & H orton , and w as o ffo r e d fo r s u b s c r ip tio n a t 100 an d d i v ., s u b je c t
t o a u th o r iz a tio n o f th e issue b y s to c k h o ld e r s . F o r fu ll p a rtic u la r s seo
V . 1 1 0 . p . 5 6 7 . 472.

S h u lt s B r o a d C o .— R edem ption o f B o n d s . —
O n e h u n d red ($ 10 0 ,0 0 0) T h ir t y -Y e a r M t g e . 6 % g o ld b o n d s , d u o M a r c h 1
1 04 0 . h a v o boon ca lle d fo r p a y m o n t M a r c h 1 1920 a t p a r a n d In terest a t
P e o p le s T r u s t C o ., 181 M o n ta g u e S t ., B r o o k ly n .— V . 1 09, p . 6 8 6 .




771

THE CHRONICLE

21 1920.]

Sinclair C on so lid a ted Oil C orp.— N e w D irec to r. —
G e o r g e W . D a v is o n , P r e s id e n t o f t h o C e n tra l U n io n T r u s t C o . , h a s b een
e le c te d a d ir e c t o r , s u c c e e d in g J a m e s N . W a lla c e .— V . 1 0 9 , p .' 2 3 6 3 .

S o u th e rn C aliforn ia E d iso n .— E a r n in g s . —

Calendar Years—
1919. _
1918. _
G r o ss re v e n u e
__- ______________________________ $ 9 ,2 4 1 ,2 4 6 $ 7 ,4 5 2 ,9 3 7
o t h e r i n c o m e : : : : : : : : .....................
1 ,328,319
1 ,282,521
O p e r a tin g e x p e n se s ___________________________________
In te re s t c h a r g e s , & c ___________________________________

3 ,1 0 6 ,0 6 1

2 ,9 4 3 ,5 6 9

B a la n c o , s u rp lu s _____________________________________ $ 2 ,9 8 3 ,1 8 3
— V . 110, p . 6 6 6 , 173; V . 109, p . 2 445.

$ 2 ,4 4 3 ,4 6 5

S o u th e rn Oil & T ran sp ort C orp.— Sale o f Control to
o f R em a in in g C o m m o n Stock .—

E n g lish C o .— O ffer f o r 7 0 %

C h a rle s F . G . d e G a n a h l in circ u la r o f F e b . 17 a d d re ss e d t o co m m o n s t o c k 
h o ld e rs o f re c o rd F e b . 17 s a y s in b r ie f:
T h o S c o ttis h A m e r ic a n O il & T r a n s p o r t C o ., L t d . , a c o r p o r a t io n org a n iz e d
u n d e r th o law s o f G r e a t B r ita in , has p u rc h a se d fr o m ce r ta in fo r m e r ow n ers
o f th o C o m m o n s t o c k o f y o u r c o m p a n y , in c lu d in g t h e u n d e rs ig n e d , 5 5 0 ,0 0 0
sh ares o f th e C o m m o n s t o c k o f S ou th ern O il & T r a n s p o r t C o r p o r a t io n .
T h is ow n e rsh ip g iv e s th o E n g lis h c o m p a n y a c o n tr o llin g in te ro s t in y o u r
com pany.
T h o E n glish c o m p a n y w ill a lso u n til n o o n M a r c h 3 1920 e x c h a n g e its s to c k
fo r a d d itio n a l C o m m o n s t o c k a t t h o r a te o f a p p r o x im a te ly 3 .6 3 shares o r
its s to c k f o r o n e sh aro o f s u ch C o m m o n s t o c k , b u t o n ly t o th o e x t e n t o f
7 0 % o f th o h o ld in g s, o f h o ld e rs o f r e c o r d as o f O c t . 29 1 919, t h o d a te u p o n
w h ic h th o said o p t io n a g re e m e n t w a s c lo s e d . O f t h e 3 .6 3 sh ares g iv e n in
c x e h a n g o , th o a c c e p t o r s w ill r e c e iv e th re e shares a n d th e re m a in in g 6 3 -1 0 0 lh s
o f a sh a ro a p p r o x im a te ly w ill g o t o th e u n d e rsig n e d fo r h is c o m m is s io n a n d
expen ses. T h e fo r m o f a c c e p ta n c e s m u s t b e d e liv e re d t o G u a r a n ty T r u s t
C o ., 140 B r o a d w a y , N . Y . C it y , t o g e t h e r w ith s t o c k c e r tific a te s d u ly e n 
d o rs e d an d th e a c c e p t o r m u s t p a y th o U . S. a n d N . Y . tra n s fe r ta x es a n d
a lso m u s t d e p o s it w ith t h o t r u s t c o m p a n y th o s u m o f 50 ce n ts fo r e a ch o f his
te n shares o f s to c k in t h o E n glish c o m p a n y , t o p a y th e c e r tific a te t a x o f
2 s. 6 d . o n th e issu a n ce o f v o t in g tru s t c e r tific a te s .
.
...
A ll s to c k re c e iv e d in e x c h a n g e fo r th e 7 0 % C o m m o n s t o c k s o d e p o s it e d
(less th o a m o u n t retain ed b y th e u n d e rsig n e d as a fo re s a id ) w ill b e p la c e d in a
2 0 -y e a r v o t in g tru st a n d h e ld b y th e T ru s te e s C o r p o r a t io n , L t d ., o f L o n d o n ,
w h ic h c o m p a n y w ill issu e th o v o t in g tr u s t c e r tific a te s . T h o p r o p o s e d
v o t in g trusteos a ro: J o h n M c A u s la n d D e n n y , o f D u m b a r t o n , S c o t la n d :
C h a rle s I I. R a t h b o n e and C h a rle s F . d e G a n a h l, b o t h o f N . Y . C it y . T h o
s to c k in th e v o t in g tru s t w ill b o v o t e d as d ir c c t o d b y a m a jo r it y o f th e
v o t in g tru stees. T h e tru s t m a y b o t e rm in a te d as p r o v id e d in t h e v o t in g
tr u s t a g re e m e n t.
_
, .
D iv id e n d s o n sharos ( v . t . c . ) o f t h o E n g lis h c o m p a n y w ill b o s u b je c t
to d e d u c t io n o f t h e B ritish in c o m o t a x , a t p re s e n t a b o u t 6 s h illin g s o n th e
o u n d , a n d th e shares in th o E n g lis h c o m p a n y w ill, In ca s e o f d e a th o f
o ld e r , b e s u b je c t t o th e B ritis h in h e r ita n ce ta x e s.
[T h o s ta t u t o r y r e p o r t o f t h e S c o ttis li-A m e r ic a n O il & T r a n s p o r t C o . .
L t d ., s h o w s t h a t th e to ta l n u m b e r o f its shares a llo t t e d is 3 ,6 2 1 ,7 4 7 , o f
w h ic h 2 ,1 2 1 ,7 4 7 aro a llo tte d as f u lly p a id u p . a n d u p o n e a ch o f th e rem a in in g
shares th o su m o f £1 h as b e e n p a id o r is p a y a b lo in ca s h . T h o fu lly -p a id
shares h a v o been a llo t t e d fo r th e p u r c h a s o o f shares in th e S o u th ern O il &
T r a n s p o r t C o r p . T h o t o ta l a m o u n t o f ca sh r e c e iv e d b y th o c o m p a n y in
r e s p e c t o f th o sharos issu ed w h o lly fo r ca s h is £ 1 ,4 2 0 ,7 7 3 ; o t h e r ite m s ,
£1 2 47; t o t a l, £ 1 ,4 2 2 ,0 2 0 ; as a g a in s t w h ic h p a y m e n t s , & c ., h a v e been as
fo llo w s : P re lim in a r y exp en ses (in c l. u n d e rw ritin g c o m m is s io n , £ 7 5 ,0 0 0 );
a g g re g a te d £ 1 2 4 ,5 9 9 ; p a y m e n ts o n a c c o u n t o f p u rc h a se o f vessels a n d in
s u r a n c e , £ 3 9 2 ,8 1 5 ; u n e x p e n d e d b a la n c e s a t b a n k s , £ 8 8 5 ,3 0 0 , c u r r e n t a c 
c o u n t s , e t c ., £ 1 9 ,3 0 6 .]— V . 109, p .2 1 7 7 .

S

Sp an ish River P u lp & Paper M ills, L td .— P a ym en t o f
D eferred C o u p o n s .—
T h o c o m p a n y a n n o u n ce s t h a t th o fo llo w in g c o u p o n s a n d n o te s m a y n o w
b e lo d g e d in o rd e r t h a t th e a m o u n t d u e ca n b e o b ta in e d , as fo llo w s :
(a ) O n ta rio P u lp & P a p e r C o .. L t d ., 1st M t g o . S . F . g o ld b o n d p o s t p o n e d
in te re s t c o u p o n s : (1 ) A t R o y a l B a n k o f C a n a d a , a t M o n tr e a l o r 3 o r o n t o , in
C a n a d ia n c u r r e n c y , a n d (2 ) a t M a it la n d , C o p p e ll & C o . , 52 W illia m S t .,
o r N a tio n a l P ark B a n k , N . Y . C it y , in U . S . c u r r e n c y .
(6) Span ish R iv e r P u lp & P a p e r M ills , L t d ., P ro m is s o r y n o t e s , issued in
lieu o f in t. on th o 6 % S te rlin g n o te s : (1 ) A t th o L o n d o n J o in t C it y & M i d 
lan d B a n k , L t d ., L o n d o n , In ste r lin g ; (2 ) a t R o y a l B a n k o f C a n a d a , M o n 
trea l o r T o r o n t o , in C a n a d ia n c u r r e n c y : a n d (3 ) a t M a it la n d , C o p p e ll &
C o . . 52 W illia m S t ., N . Y . C it y , in U . S . c u r r e n c y .
(c)
L a k e S u p e rio r P a p e r C o . 6 % 1st M t g e . 3 0 -Y r . g o ld b o n d p o s t p o n e d
in te re s t c o u p o n s : (1 ) A t th o L o n d o n J o in t C it y & M id la n d B a n k , L t d .,
L o n d o n , In s te rlin g ; (2 ) a t Im p e r ia l B a n k o f C a n a d a , M o n tr e a l o r T o r o n t o ,
in C a n a d ia n c u r r e n c y ; a n d (3) a t M a it la n d , C o p p e ll & C o . , 52 W illia m S t .,
N . Y . C it y , in U . S . c u r r e n c y .
.
„ „
.
(d )
Span ish R iv e r P u lp & P a p e r M ills , L t d . , 6 % 1st M t g e . S . F . g o ld b o n d
p o s t p o n e d in te re st c o u p o n s : (11 A t B a r c la y 's B a n k , L t d ., L o n d o n , in s te r 
lin g; (2) a t R o y a l B a n k o f C a n a d a , a t M o n tr e a l o r T o r o n t o , in C a n a d ia n
c u r r e n c y ; (3 ) a t M a it la n d , C o p p e ll & C o . , 52 W illia m S t ., N . Y . C it y , in
U . S. cu rren cy,
„
.
,
. ,
(e)
S pan ish R iv e r P u lp & P a p e r M ills , L t d ., P r o m is s o r y n o te s issued In
lieu o f in terest on the 6 % S te rfin g n o te s o f th o L a k e S u p e rio r P a p e r C o . ,
L t d .: (1 ) A t Im p e r ia l B a n k o f C a n a d a , M o n tr e a l o r T o r o n t o , a n d (2 ) a t
o ffic e o f M a itla n d , C o p p e ll & C o . , 52 W illia m S t . , N . Y . C it y .— V . 1 09 ,
p . 1 79 9 .

Sparks, W it h in g t o n C o .— P r e f. Stock O ffe r in g . — H ayden,
Miller & Co. and United Security C o ., Cleveland, are offering
at 100 and div. yielding 7 % , $500,000 7 % Curnul. Pref.
(a. & d.) stock. Par $100. Bankers state:
D iv id e n d s Q .-J .

R e d . all o r p a r t a t $105 a n d d iv .

Capitalization Cno bonds)-

Authorized. Outst d a.

7 % C u m u la tiv e P re fe r re d _______________________________$ 1 ,0 0 0 ,0 0 0 $ 5 0 0 ,0 0 0
C o m m o n (N o p a r v a lu e )________________________________ 60.0O0 sh s. 5 0 ,0 0 0 s h s.
O rganized in 1900 and is n o w o n e o f t h o im p o r ta n t m a n u fa cto rie s o f m o to r
ca r accessories in t h e U n ite d S ta te s. A m o n g its p r o d u c ts aro r a d ia to rs ,
fa n s , p u m p s a n d signal h o r n s, all s o ld u n d e r th o w e ll-k n o w n " S p a r t o n ’
tr a d e -n a m e .
,
„„„
Earnings.— N o t oarn in gs sin co A p ril 1 1916 h a v o a vera g ed $ 1 7 9 ,0 0 0
a n n u a lly , o r o v e r 5 tim es th o d i v . re q u ire m e n ts o f th is issuo o f p re f. s to c k .
F o r th o 11 m o n th s e n d in g N o v . 30 1919 n e t ea rn in g s, b e fo r e F ederal ta x es,
w ere $ 24 2 ,8 0 2 o r o v e r 7 tim e s th o d iv . re q u ire m e n ts .— V . 104, p . 2 6 6 5 .

S ta n d ard P arts C o ., C levelan d .— M e r g e r . —
T h e " I r o n T r a d e R e v ie w ” s a y s: “ M e r g e r o f the S ta n d a rd P a rts C o . a n d
th o E a to n A xle C o ., tw o o f th e la rge st a u to m o b ile p a rts m a n u fa ctu rin g
in terests in C le v e la n d , in to a s in gle o r g a n iz a tio n w ith a ca p ita liz a tio n u n 
d e r s to o d t o b o p la n n e d a t $ 3 5 ,0 0 0 ,0 0 0 , has been a n n o u n c e d . F ull d etails
o f th e plan h a v e n o t y e t been m a d e p u b lic . A s y n d ic a t o o f C le v e la n d
fin a n cia l interests will fin a n c e a b ro a d e x p a n s io n p ro g ra m fo r th o n ew c o n 
ce r n , it is s a id . J . O . E a to n will b e P res. & G e n . M g r . o f th e S ta n d a rd
P a r is C o ., w ith w h ich th e E a to n c o m p a n y has b o o n c o n s o lid a t e d . T h e
a xle c o m p a n y , h o w e v e r , will re ta in its c o r p o r a t e id e n t it y . T h e o u t p u t o f
th e n ew o rg a n iza tio n will o m b r a c e b e a rin gs , s p rin gs , a xle s, rim s , forg in g s
a n d o th e r p a rts. T h e S ta n d a rd P arts C o . co m p rise s th o S ta n d a rd W e ld in g
C o ., P e rfe c tio n S prin g C o . a n d th e A m e r ic a n B all B e a rin g C o . o f C le v e la n d ;
th o W e ste rn S prin g & A x le C o . o f C in c in n a ti; th o B o c k B e a r in g C o . o f
T o le d o , as well as p la n ts a t F lin t a n d P o n t ia c , M i c h ., C o n n e r s v ille , I n d .,
W h e e lin g and C a n to n . T h e E a to n A x le C o . p la n t is n o w b e in g b u ilt .”
S ec also u n d er “ F in a n cia l R e p o r t s ” a b o v e .— V . 1 09, p . 4 6 7 , 180.

S ta n d ard T a n k Car C o .— G uarantees C ertifica tes. —
S ee C a d d o C e n tra l O il & R e fin in g C o . a b o v o .— V . 109, p . 1085.

Steiner Oil C orp .— C on solida tion o f P ip e L in e s , & c .—
O fficia ls o f th e c o m p a n y h a v e a n n o u n c e d th o c o n s o lid a t io n o f th e c o m 
p a n y 's p ip e lines a n d lo a d in g ra ck s in t h o R a n g e r F ie ld , T e x . , w ith th o s e o f
t h o U n ite d P ro d u ce rs ' P ip e L in o C o . , a s u b s id ia r y o f th o T r a n s c o n tin e n ta l
O il C o . T h o S tein er C o r p o r a t io n h a s a c q u ir e d 5 0 % o f th o s to c k o f th e
e n la rg ed U n ite d P r o d u ce rs P ip o L in e C o .
It. L . S te in e r , P r e s id e n t o f th o
S tein er O il C o r p ., w ill a ssu m e th o m a n a g e m e n t o f th e P ip e L in e C o m p a n y
a n d b c c o m o Its P re s id e n t. O . D . R o b in s o n , V Ice -P re s . o f th o T r a n s c o n t i
n e n ta l O il C o ., w ill b o C h a ir m a n . O fficia ls o f th o S te in e r C o r p o r a t io n
s ta te t h a t as a re s u lt o f th is c o n s o lid a tio n th e S te in e r c o m p a n y ca n b e g in

773

THE CHRONICLE

o ? o i l ^ i ad a V ° n o , T r a n s c o n t in e n ta l O il C o . ’s r e fin e r y o f 6 ,0 0 0 b arrels
w

S to y e^ B fo n u fa c tu rln g & E ngine Co .— T o Reduce P a r .—
« s to c k h o ld e r s , it is s ta t e d , w ill v o t e F e b . 24 o n r e d u c in g t h e p a r v a lu o

XSt„S”

^r9C
-vTo7!S0209l2
5

“ ",C°“sl"B,h0 "5" " “
r

B a la n c e , s u rp lu s .....................................
— V . 1 10, p . 8 3 .

1 91 8 .
$ 2 ,1 4 0 ,0 3 5
1 ,2 3 8 ,2 3 2
4 6 1 ,7 2 8

1 917.
$ 2 ,4 1 3 ,8 7 6
1 ,0 4 2 ,7 9 5
3 8 4 ,6 8 0

$ 4 4 0 ,0 7 4

$ 986,401

$ 7 5 2 ,0 7 4

an n “ a l sin k in g fu n d o f $ 13 0 ,0 0 0 fo r th ese c e r tifica te s ,
1920 m a d ° u p o u t o f earnings o f s u b se q u e n t yoa rs; 6 % in t.

a

N o t sales fo r 1918 w ore r e p o rte d as $ 2 7 ,2 1 2 ,0 4 7 , th e la rgest In th o co r a n ° V oarnings a ba ila b io fo r F irst P r o f, d iv id e n d s w ore $1 ^ 0 0 ,1 8 7 , a fto r all ch arges a n d ta x e s.— V . 110, p . 5 6 8 .

U n ited Verde E xten sion M in in g C o . — E a r n in q s .

S u lliva n M aeh in ery C o ., C h ic.— N e w O fficers — E a r n s .
A r t h u r E . B la c k w o o d h as b e e n a p p o in te d V ic e -P r e s id e n t in c h a r g e o f
fin a n c e a n d a c c o u n t in g , a n d H o w a r d T . W a ls h , V ic e -P r e s id e n t in c h a r g e

Calendar Years—
1919
N e t e a r n in g s .
...............................
$ 2 ,1 6 0 ,8 8 7
D e p r e c ia t io n a n d res erv e f o r t a x e s ___
9 1 6 ,6 6 0
D iv id e n d s ..........................
4 9 2 ,1 5 2

[Vol. 110.

C.nlend n r Years—
lorn
t 918.
. m. m
**
Calendar VenrQ —
1 919.
1 mo
1917
1916.
G r o ss r e v e n u e .................... $ 5 ,0 5 8 ,6 6 9 $ 1 4 ,9 1 9 ,0 7 2 $ 1 4 ,5 8 3 ,6 4 9
$ 9 ,9 4 9 ,9 1 9
O th e r i n c o m e ........ ..............
4 0 6 .2 5 5
2 3 7 ,6 4 4
171 4 65
3 1 ,1 5 3
T o t a l in c o m e ----------- $ 5 ,4 6 4 ,9 2 4 $ 1 5 ,1 5 6 ,7 1 6 $ 1 4 ,7 5 5 ,1 4 4
M in in g e x p e n d it u r e s . .. 2 ,7 7 1 ,5 9 2
5 ,5 9 6 ,4 8 4
3 ,6 8 5 !0 8 6
O th e r e x p ., ln c l. t a x e s . .
5 6 9 ,3 0 8
6 6 1 ,2 4 5
4 00,581
F e d e ra l ta x e s , & c _______
2 , 000,000
R o s e r v o fo r d e p l e t i o n . . .
2 ,3 5 9 ,1 8 0
3 ,5 6 7 ,9 3 3
2 ,4 1 2 ,7 3 0
D i v i d e n d s _______________
1 ,5 7 5 ,0 0 0
1 ,6 8 0 ,0 0 0

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

— B a la n c e . s u r ^ o r d e f . _ d e f.$ 2 3 5 ,1 5 6 s r $ l ,7 5 6 ,0 5 4 s r $ 6 ,5 7 6 ,1 1 7 s r $ 5 ,8 2 8 ,1 06

T ecu m sch C o tto n Mills C orp .— Special D iv id e n d s .—
-V

106dep d r>360 % haS b6en d e c Ia r e d ’ P a y a b le In L ib e r t y b o n d s , M a r c h 1.

T ex -L a-H om a Oil C orp . — P referred Stock O ffe r in q .—

O o n r c r n IT

T n v n r Tn

Sr

' J

Y

t

_
_

uuu.uuy ovo v^uui. jr r e i. i s . <x a.) s im c. jjim a s to c k , p a r $ 10 0 . D iv s
A n n u al sin k in g fu n d o f 1 0 % o f o u ts ta n d in g P r e f. s t o c k b egin s in 1920
R e d . in w h o lo o r in p a r t a t $ 110 a n d d iv s . C o n v e r tib le in t o C o m m o n s to c k
share fo r sh are, a t a n y tim e .
Company.— I n c o r p . in D ela w a re J a n . 28 1 919. Is a p r o d u c in g c o m n a n v
o w n in g a b o u t 130 ,00 0 a cres o f leases in T e x a s , L o u isia n a a n d O klahom a 7
A t th o p re s e n t tim e th e c o m p a n y is a cq u irin g , b y e xch a n g e o f s to c k , a v e r y
la rge p e rce n ta g e o f th o ca p ita l s to c k o u ts ta n d in g o f th e G io b o Oil 6 o
*
000 'p e r ; a n n u m '* t h ° p resen t tlm o ca rn in 8s aro a t th o ra te o f a b o u t $ 3 ,5 0 0 ,-

Purpose.— P ro c e e d s t o b e u sed t o p a y p u rch a so p rice o f p ro p e r tie s , p r o v id e
fu n d s fo r d e v e lo p m e n t a n d p u rch a se n ecessary ta n k a g e a n d o th e r e q u ip m e n t.
Capitalization—
Authorized.
Issued
Tn I'rpn^
P r e f s to c k (In clu d in g this is s u e )---------$ 1 0 ,0 0 0 ,0 0 0 * $ 8 ,4 5 8 ,5 0 0 $1*541 500
C o m m o n s to c k (n o p a r v a l u o ) . ............ 3 5 0 ,0 0 0 s h s . 2 2 6 ,8 4 5 sh 123 155 sh
* I n clu d e s 3 ,0 0 0 ,0 0 0 shares o f G io b o Oil s to c k , ail o f w h ich a t this tim e
h a s n o t b een e x c h a n g ed fo r T e x -L a -H o m a s to c k .

T h om as oIron AT-* ., H o k e n d\ a u q u a , P a ^ . . .a r n in q s.
Co
.— E . ^ _
o
S iU
r .• n

'/)Hn f
/I
Calendar
Years—

Gross
Sales.

1 9 1 9 .................$ 5 ,0 6 3 ,3 8 0
1 9 1 8 -------------- 5 ,3 0 6 ,4 2 1
1 9 1 7 -------------- 3 ,7 8 5 ,8 9 4
— V. 1 08, p . 7 89 .

Net
Profit.

Other
Income.

$ 710
8 4 ,8 1 9
2 1 4 ,8 0 6

$ 2 8 6 ,5 4 5
145 ,24 7
1 65,523

Int. & Dividends Balance,
Discount.
Paid.
Surplus.
$ 3 8 ,1 7 4
3 8 ,7 0 5
6 0 ,7 0 4

$ 1 5 0 ,0 0 0
150 ,00 0
1 2 4 ,99 7

$ 99,081
41,361
1 9 4 ,62 8

T o n o p a h (N ev.) M in in g C o .— N e w D irecto r .—
in 'h e 'b o a r d — V ^ IO !) hp S 161* e,CCted a d ir e c t o r to fiI1 th e ex is tin g v a c a n c y

T ow ar C o tto n M ills, I n c ., N iles, M ich — O fferin g o f
G. Sou dors & C o ., Chic., & c ., in Sopt. offered
$100,000 First M tg e . 7 % bonds, dated Aug. 1 1919. A
circular shows:
B o n d s .— W .

O p tio n a l a t 102 a n d in t . M a tu re s $ 2 0 ,0 0 0 e a ch A u g . 1 1921 t o 1925 in cl.
I n t . p a y a b le J. & J . a t F o r t D e a r b o r n T r u s t & S a v in gs B a n k , C h ic a g o
tru s te o . F ed era l in c o m e ta x o f 2 % p a id .
*
Security.— S ecu red b y a firs t m o r tg a g e o n th o e n tire p r o p e r t y co n s is tin g
o f real e s ta te , b u ild in g s a n d m a c h in e ry v a lu e d a t o v e r $ 5 0 0 ,0 0 0 , o r equal
t o 5 tim es th e t o ta l b o n d issue.

T>£rpilai iz(lti< l—
rl
Authorized.
P refer red s t o c k . ...................................................................... $ 7 5 0 ,0 0 0
C o m m o n s t o c k ________ _______________
x7 5 0 0 00
F irst M ortg a g e b o n d s ............... .................. ..............1 00,000

Outstanding.

* $326,800
x
100,000

. _ * T h e trea su ry s to c k has been s o ld u n d e r c o n tr a c t fo r d e liv e r y o f n o t loss
th an $ 1 0 ,0 0 0 p er m o n t h , x T h e C o m m o n s to c k w as d e p o s ite d w ith th o
M ic h ig a n S ecu rities C o m m iss io n to bo d e liv e re d w h e n th o c o m p a n y ’s
earn in gs w ill p erm it th o p a y m e n t o f 6 % d iv id e n d s . A p a rt o r th is s to c k
has been released a n d u sed as a b o n u s o n th o sale o f th e P r e f. shares.

Financial Statement Aug. 1 1919 (T o ta l Each Side, $ 8 6 5 ,2 8 6 ).
Assets—
I Liabilities—
R e a l es ta te, b ld g s ., & c _$ 49 6 ,8 5 2
P re fe rre d s t o c k . . ............. ....... $ 52 6 ,8 0 0
A c c t s . & n otes r e c e iv a b l e .. 9 0,2 05 M o r tg a g e b o n d s ____________ 100,000
I n v e n t o r y ___________
8 3,2 69 A c c t s . & n o te s p a y a b le ____ 1 22,945
O th er cu rren t assets____ 53,794
A d v . o n G o v t , c o n t r a c t ____
2 4 ,9 4 8
O th er assets______________1 41,166
S u r p lu s -------------9 0,6 04
Comparative Earnings

Statement Calendar

Years.

~
,
J ® 171918.
1 919(6 mos.)
G ross s a l e s .............................................
$11 7 ,4 1 1
$ 3 2 3 ,5 6 8
$20 9 ,2 4 8
G ross p r o fit
7 1 ,9 6 7
151 ,21 7
92,4 65
N e t , a fte r in terest. & c ., ch a r g e s ____
2 3 ,1 2 5
5 5,2 55
31,801
Estimated Earnings, Aug. 1 1919 to Aug. 1 1920, Based on Contracts on
Hand.— N e t in c o m e , $ 1 4 0 ,0 0 0 : in terest o n $ 10 0 ,0 0 0 1st M . b o n d s , $ 7,0 00 :
P r e f. s to c k d iv id e n d , $ 4 0 ,0 0 0 ; b a la n c e , su rp lu s, $ 9 3 ,0 0 0 .
, Company.— -P rop erty lo c a te d a t N ile s . M ic h . C o m m e n c e d busin ess in
1916 a n d specializ e in h e a v y c o t t o n d u c k , a u to m o b ile tiro fa b r ic a n d fa b r ic
fo r b e ltin g a n d m ech a n ica l r u b b e r g o o d s . A n e w m ill, N o . 2, is co m p le te d
a n d re a d y fo r o p e r a tio n . H as en te re d In to a c o n tr a c t t o s u p p ly 1,440 000
lb s . o f tire fa b r ic t o o n e o f th o la rgo tire m a n u fa ctu rin g co m p a n ie s fo r d e liv 
e r y o v e r a p e rio d o f th reo y ea rs . T h is c o n tr a c t o n a c o s t p lu s basis assures
a n et p r o fit o f o v e r $ 200,000 , a n d w ill ta k e o n ly a b o u t o n e -h a lf o f th e ca p a c 
ity o f M ill N o . 2 , m a k in g it p oss ib lo fo r th o c o m p a n y t o ta k o o n a d d itio n a l
bu sin ess. P resen t c a p a c ity is a b o u t 1 ,5 0 0 ,0 0 0 lb s . p . a .— V .1 0 7 . p . 2 1 9 4 .

T r a n sc o n tin e n ta l Oil C o .—
S ee S tein er O il C o r p . a b o v e .— V . 1 09, p . 1373.

U n ited D ru g C o.— N e w N o te I s s u e . —
A d is p a tc h fr o m S t. L o u is s ta te s t h a t th o c o m p a n y h as file d a d e e d o f
tru s t fo r $ 1 ,7 5 0 ,0 0 0 w ith th o M e r c a n t ile T r u s t C o ., re p re se n te d b y 6 %
serial n o te s d u e a t d iffe r e n t p e rio d s u p t o fo u r te e n y e a rs . T h e p u r p o s e o f
Issue is t o fin a n c e c o n s t r u c tio n u n d e r w a y a t S t. L o u is .— V . 1 09, p . 2 17 8 .

U n it e d S t a t e s D is t r i b u t i n g C o r p .— N e w S u b. C o . —
S ee S h e r id a n -W y o m in g C o a l C o . a b o v e .— V . 1 09, p . 1531; V . 1 10, p . 4 73 .

U n it e d S t a te s E n v e lo p e C o .— E x tra D iv id e n d . —
A n extra d iv id e n d o f 2 H % h as b e e n d e cla re d o n th e C o m m o n s to c k
a lo n g w ith th e reg u la r sem i-a n n u al d iv id e n d s o f 3 H % o n th o C o m m o n
s to c k a n d 3 H % o n th e P r e f. s t o c k , all p a y a b le M a r c h 1 t o h o ld e rs o f re c o r d
F e b . 14. A n extra d i v . o f 2 H % w a s p a id in M a r . 1 91 9 .— V . 108, p . 7 8 1 .

U n it e d S t a t e s W o r s t e d

C o .— D ivid en d s — S ta tu s .—

A n in itial q u a rte rly d iv id e n d o f 1 H % , a t th e ra to o f 7 % a n n u a lly , w as
r e c e n t ly d e cla re d o n th e 2 d P r o f., p a y a b io M a r c h 15 1920 o n s to c k o f
re c o r d M a r c h 6 .
L . S herm an A d a m s , 70 S tate S t ., B o s t o n , spe c ia list in th e c o m p a n y ’s
s to c k , re p o rts in circ u la r o f F o b . 9:
A M a s sa ch u setts c o r p o r a t io n , o w n in g a n d o p e ra tin g p la n ts a t L o w e ll,
L a w r e n c e , N o r t h C h e lm s fo r d , N e w t o n a n d S au gu s, M a s s .; a lso ow n s e x 
te n s iv e w a ter rig h ts, v a lu a b lo fo r p o w e r a n d te x tilo uses.
Capitalization—
Authorized. Outstand'g.
F irs t P r o f. 7 % C u m . s to c k (p a r $ 1 0 0 ), ca lla b le a t
125 a n d d iv id e n d s ................................................................... $ 7,0 0 0 ,0 0 0 $ 7 ,0 0 0 ,0 0 0
S e co n d P r o f. 7 % N o n -C u m . s to c k (p a r $ 1 0 0 )................ 4 ,0 0 0 ,0 0 0 3 ,6 0 0 ,0 0 0
C o m m o n s to c k (p a r $ 1 0 ) ......................................................... 5 ,0 0 0 ,0 0 0 1 ,1 0 0 ,0 0 0
In c o m e C e rtifica te s 6 % c u m u la t iv e ___________________ 1 ,6 4 8 ,1 6 6
9 0 0 ,85 0
T h e 6 % cu m u la tiv e in co m e c e r tifica te s h a v e boon re d u c e d sin ce J an . 1
1919 fr o m $ 1,6 4 8 ,1 6 6 t o $ 9 0 0 ,8 5 0 . A fu r th e r ca ll w ill b o a n n o u n ce d s o o n ,
a n d p o s s ib ly this en tire issue w ill b e re tire d . T h o ce r tifica te s p r o v id o th a t
a fte r p a y m e n t o f F irst P r e f. d iv id e n d s , d ire cto rs shall a p p ly n o t earnings to




V a le n tin e & C o . — C a p ita l I n c r e a s e .—
n n n l1 m
^
v o ^ d F o b - 4 t o increase th e ca p ita l s to c k fro m $ 1 ,7 5 0 ,« ? n o 2 ’ 2nni2 00 b y ,thl? c£Sftt l o n °C a t>
ow issue o f $ 50 0 ,0 0 0 P re f. s to c k ,
p a r $ [10° 2 G()T h o now s t o c k w ill b o s u b scr ib e d fo r b y th o s to c k h o ld e r s .— V .
)

(V .) V iv au d o u , I n c .— D irecto r .—

o £ ’ storiT& .^ & f c ,“ ^ ^ d ^ “ r
o
^•8o"C r,rC ta" of *he Un,“ d
“'<
V u lc a n D e tin n in g C o .— Votes Settlem ent P la n .—
T h e s to c k h o ld e r s v o t e d F e b . 18 o n a p la n o f s e ttle m e n t w h ic h is o m b o d io d
in an a grp e m o n t d a te d as o f J a n . 19 1 920, b e tw e e n (1) a m a jo r it y o f th o d i
r e c to r s o f th e c o m p a n y as s to c k h o ld e r s tfie ro in , ( 2) c e r ta in s to c k h o ld e r s in
th e R e p u b lic C h o m ic a C o ., a n d (3) t h o C o n tin e n ta l C a n Co. Inc
The
m a in fe a tu re s o f th o p la n v o t e d u p o n are g iv e n in V . 1 09, p . 4 7 4 , 5 68.

W a y la n d Oil & Gas C o . — E a r n in q s .—
~
,
1919'.
$ 440 404
G ro ss e a rn in g s _________________________
N e t ea rn in g s ........ ...........................................
$ 32 7 ,1 0 9
I n t e r e s t, ta x e s, & c _____________________
7 5,8 93
D e p r e c ia t io n , & c ....................................
105 ,83 0
P re fe r re d d iv id e n d s .........................
C o m m o n d iv id e n d s ..................................(~9% )135,6 56
B a la n c e , s u r p lu s .
— V . 109, p . 1994.

1918.
$463,531
$ 33 7 ,4 0 9
6 7,5 38
1 2 0 ,77 8
2 4 ,0 0 0

( 8) 120,000

1917.
$ 46 1 .4 3 7
$ 342,981
5 9 ,9 2 5
9 1,721
2 4 ,0 0 0
( 8 ) 120,000

$ 5,0 93

$ 4 7 ,3 3 5

$ 1 0 ,3 8 5

W e lls-A b b o tt-N ie m a n Co. (F lou r M illers), Sch u vler.
N eb .— Preferred Stock. —
.. S w e e t , C a u s e y , F o s te r & C o ., D e n v e r , C o lo ., a ro o ffe r in g a t 98 a n d d i v .
$ 5 0 0 ,0 0 0 7 % C u m . P r e f. (a . & d .) s t o c k , p a r $ 10 0 . C a lla b le o n 30 d a y s
n o t ic e , a t $110 a n d d i v . D iv s . Q .-J . A r e d e m p tio n fu n d o f $ 2 5 ,0 0 0
a p m ia ily b e gin s In 1 921. C a p ita liz a tio n : A u t h ., P r e f., $ 7 5 0 ,0 0 0 ; C o m m o n
$ 75 0 ,0 0 0 ; o u ts ta n d in g , P r e f., $ 5 0 0 ,0 0 0 ; C o m m o n , $ 43 1 ,5 5 0 . N o b o n d s .
C o m p a n y Is th e la rge s t flo u r in g m ill in th o S ta te o f N e b r a s k a , w ith a
d a ily c a p a c ity o f 2 ,8 0 0 t o 3 ,0 0 0 b b ls . M a n u fa c tu r e r s o f “ P u r it a n ,” “ P ilT . ’o , n ,
arJ °th<T w e ll-k n o w n b ra n d s o f flo u r . A c t u a l sales fro m
,cl
J u l y 8 1 9 1 9 t o D o c . 31 1919 a m o u n te d t o $ 3 ,2 9 0 ,3 2 4 . B u sin ess e sta b lish ed
In 1 870. P re s id e n t, G e r a ld E h o r n b c r g e r .

"W e s t e r n Electric C o., In c ., N. Y . C ity . — C o m m o n Stock
Shares O ffered— P referred Stock C alled. —

In crea sed — 200,000

T h e s to c k h o ld e r s v o t e d F o b . 19 t o a u th o r iz e an in cr ca so In th o C o m m o n
s t o c k fr o m 150 ,00 0 shares n o p a r v a lu o t o 5 0 0 ,0 0 0 sh a m s n o p a r v a lu o .
T h e p la n c a llin g fo r th o a u th o r iz a tio n o f $ 5 0 ,0 0 0 ,0 0 0 7 % C u m . P r e f. s to c k
w a s n o t a c t e d u p o n , b u t it Is s ta t e d , w ill be tak en u p o n M a r c h 12, a n d i f
a u th o r iz e d , $ 3 5 ,0 0 0 ,0 0 0 w ill b o issued t o ta k e th e p la c e o f th o p re s e n t 6 %
P r e f- ($ 30,000^ 000) o u t s ta n d in g , c a lle d fo r p a y m e n t o n M a r c h 9 1920.
O f t h e n ow C o m m o n s t o c k , 2 0 0 ,0 0 0 sh a re s are to b o issued fo r th w ith
E a c h C o m m o n s to c k h o ld e r o f r e c o r d F o b . 19. is e n title d t o s u b s c r ib e fo r
th e now C o m m o n s t o c k a t $ 18 0 p e r s h a ro , in th o p r o p o r t io n o f 1 1-3 shares
o f n o w s t o c k fo r e a ch sh a re o f C o m m o n s t o c k h o ld . T h e r ig h t t o s u b s c r ib e
n -F in » \ r ir n h ho 4 o o d
t’o
fo r s h ? r * i s u b s c r ib e d shall b o m a d o o n o r
b o fo r o M a r c h 9 1 920, a t th e C o m p a n y ’s o f f ic o , 195 B r o a d w a y . N . Y . C it y .
S u b scr ib e rs w h o are h o ld e rs o f 6 % P r o f, s t o c k w h ich h as boon ca lle d fo r
p u rc h a s e on M a r c h 9 1 92 0 , m a y a p p ly tlio p r o c e e d s o f t h o s a m o t o w a rd
p a y m e n t o f th e ir s u b s c r ip tio n p r ic e t o the a m o u n t o f $120 fo r e a ch s h a ro o f
6 % I r e f. s to c k . C e r tific a te s re p re s e n tin g P r e f. s to c k th o p r o c e e d s o f w h ic h
a re t o b e a p p lie d , d u ly assign ed b y th o s to c k h o ld e r in e ith e r b la n k o r “ fo r
r e d e m p tio n m u s t b o d e liv e re d t o th e c o m p a n y o n o r b o fo r o M a r c h 9 1920.
T h e u n p a id d iv s . on th o P r e f. s t o c k s o im p lie d w ill b e a d ju s te d b y p a y m e n t
in ca s h b y th o c o m p a n y o n M a t c h 9 1920.
I n te r e s t a t th e cu r r e n t d iv . r a to u p o n th e C o m m o n s t o c k w ill b o a llo w e d
on all s u b s c r ip tio n p a y m e n t s o n o r b o fo r o M a r c h 9 1 92 0 , fr o m M a r c h 10
t o M a r c h 31 1 920, b o t h in c lu s iv o . S to c k c e r tific a te s w ill b o Issued u n d e r
d a te o f A p r il 1 1920 a n d t h o new s to c k w ill p a r t ic ip a t e in a n y d iv . d e cla re d
on t h o C o m m o n s t o c k a fto r A p r il 1 1920. N o fr a c tio n a l sh a res o f now C o m 
m o n s t o c k w ill b o issu ed. W a r ra n ts fo r fr a c tio n s o f shares w h en co m b in e d
m u s t b o e x c h a n g e d a t th o S e c r e t a r y ’s o f f i c o f o r fu ll w a r r a n ts .— V . 110, p . 668

W estern G rocer C o .— E x tra D iv id e n d . —
Seo N a tio n a l G r o c o r C o . a b o v o .— V . 110, p . 5 68.

W illys-O v erla n d C o ., T o le d o .— E a r n in q s — O u tp u t. —
P ross r e p o r ts s a y t h a t In J a n u a ry 12,231 m o t o r ca rs w o ro m a n u fa ctu re d
c o m p a r e d w ith a b o u t 5.231 in J a n u a ry 1919 a n d 3 ,0 5 0 in J a n u a ry 1918
P r o d u c t io n , it is s a id , is still in cr e a s in g , th o fir s t q u a rte r o f this v o a r
p r o m is in g t o b o th e la rg o s t o n re c o r d in p o in t o f e a rn in g s. P r o fits b o fo r o
tax e s a ro e s tim a te d , a p p r o x im a t e ly a t b o tw o o n $ 4 ,5 0 0 ,0 0 0 an d $5 000 000
o r a t th o ra te o f fr o m $ 1 8 ,0 0 0 ,0 0 0 t o $ 20 , 000,000 p e r a n n u m .— V .l 10, p . 175.’

W in c h ester C o m p a n y .— E a r n in q s .—
. T h o c o n s o lid a t e d o a rn fn gs s ta te m e n t o f th o W in c h e s te r C o . a n d th o
W in c h e s te r R e p e a tin g A r m s C o . f o r t h o ca le n d a r y e a r 1919 fo llo w s G ross R e c e ip t s . . . . . . . .
......
____ m m
m
S24 0*10 00*?
N o t e a rn in g s, a fte r re s e rv o f o r d e p r e c ia t io n __________.....................
4 ’ 2n 4 n 98
F e d oral ta x e s (o s t.) a n d o t h e r c o n t i n g e n c i e s . . . ............... .......I I I I I 1 ,2 0 0 ,0 0 0
- v

f l K

f e

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

W olverine Copper M in in g C o .— P rod u ction . —
January—
C o p p e r p r o d u c t io n ( l b s .) .........................

1 920.
2 8 1 ,0 5 2

1919.
3 9 9 ,0 5 0

1918.
3 5 0 ,9 5 7

(A lan) W o o d Iron & Steel C o.— N e w O ffic er s. —
R ic h a r d G . W o o d h as bo o n ele cte d C h a ir m a n o f th o B o a r d ; J o n a th a n R .
J o n e s , y tc o -C h a lr m a n ; W . W . L u k c n s P r o s .; L c d y a r d H e c k s c h o r , V ic o 1 r^ - : t o w a r d YVooti J r ., V lc o -P r e s . & T r e a s ., a n d J o h n W . L o g a n , S e cy

C U R R E NT

N OTIC ES

— C e n tra l U n io n T r u s t C o ., N o w Y o r k , has bo o n a p p o in te d transfor
a go n t fo r $ 1 5 ,0 0 0 ,0 0 0 7 % cu m u la tiv o firs t pro fo rro d s to c k o f th o S horw ln
W illia m s C o . C o m p a ro V . 110, p . 667.
— T h o E q u ita b le T r u s t C o . o f N . Y . has boon a p p o in to d transfor a go n t o f
th o s to c k s o f th o S ta n d a rd O il C o . o f O h io , a lso d isb u rsin g a go n t fo r th e
d lv id o n d s .
— T h o N a tio n a l B a n k o f C o m m o r c o In N . Y . has b o o n a p p o in to d regis
trar o f th o s to c k s o f G o o . P . I d o & C o ., I n c .
(C o m p a r o V . 110, p . 4 7 0 .)
— C o lu m b ia T r u s t C o . h a s b o o n a p p o in to d roglstrar o f th o ca p ita l s to c k
o f F ran cis H . L o g g e tt & C o .

Feb.

773

THE CHRONICLE

21 1920.]

^icpcrrts in u l
THE GILLETTE SAFETY RAZOR COMPANY
A N N U A L R EPORT FOR TH E Y E A R E N D E D

February 10 1920.
T

the Stockholders:

Your directors take pleasure in submitting herewith the
roport of your Company’s operations for the year ended
Decembor 31 1919.
The N ot Earnings for the year 1919, including subsidi
aries, without reserve for taxes, amounted to $6,025,350.
This compares with $4,003,782 in 1917 and 35,252,130 in
1918, an incroaso of 3 1 % over 1917 and 1 5 % over 1918.
F IN A N C IA L .

$2 0
0
20
0
10
0

During 1919 tho Company purchased SI ,064,000 of its
outstanding Five-Year % Convertible Gold Notes at very
satisfactory prices. This is in addition to $1,930,000 notes
purchased in 1918.
Tho balance of tho notes woro converted into shares during
tho year, thereby eliminating the note issue in less than two
years from tho date of issue.

6

SALES D E P A R T M E N T .

’8

Tho Company sales, including the sales of our subsidiary
Companies in England, France and Canada, were as follows:
1919 2,315,892 Razors 17,320,517 Dozens Extra Blades
Compared with
"1918 4,580,987 Razors 12,895,618 Dozons Extra Blades
9,6 19,0 30 Dozens Extra Blades
1917 1,094,182 Razors
R a z o r s , 3 ,0 0 2 ,3 5 5

The Canadian Com pany, one of the most valuable sub
sidiaries, has enjoyed a very prosperous business during the
year under roview, having substantial increases in its Razor
Sales, Blade Sales and N et Earnings.
The Canadian Company increased its capital stock from
$2 ,000 ,00 0 to $5 ,000 ,00 0 during 1919 by tho issue of 30,000
additional shares.
Your Com pany’s subsidiaries in England, France, Den
mark, Italy and Spain have all had very satisfactory business
during the year 1919 and made a substantial contribution to
its general development.
E X T E N S IO N TO T H E B O STO N P L A N T .

During the year 1919 tho Company paid dividends on its
capital stock as follows:
per share
March
1 1919
per share
Juno
1 1919
per share (extra)
Juno
1 1919
2 50 per share
August] 30 1919
2 50 per share
December 1 1919

* In clu d es 3 ,4 7 9 ,4 7 2
U . S. G o v e rn m e n t.

D E C E M B E R 31 1919.

D o z e n s E x tr a B la d es t o th o

Tho sales for 1919 shown above include 447,457 razors
and 2,214,566 dozons oxtra blados sold and delivered to tho
U . S. Govommont during 1919.
In tho gonoral consideration of our 1919 business, the
management had to weigh carefully tho after-war conditions,
and lay plans for an immediate resumption of regular busi
ness which had been somowhat retarded during the pressing
war situation of 1918.
__ _ _ _ _ _
Extraordinary efforts woro necessary by our Sales Depart
ment, that a gcporal increase in sales bo accomplished, and
tho civilian demands throughout the world be supplied.
W o are ploasod to say that this was accomplished with an
incroaso of about 70 por cont in regular business in 1919 over
the year 1918.
During 1919 your Company has carriod on a systematic
plan of dovolopmcnt in foreign fiolds; branch offices or
branch companies wore established in Copenhagen, Madrid,
M ilan, Constantinople. Calcutta, Sydnoy, Brussels, Genova,
Buonos Aires, Singapore, Shanghai and Tokio. The Com 
pany’s trainod roprosontativos aro covering those various
countries; intonsivo selling and distribution aro going on
under their direct supervision, and it is our aim to gradually
assume control over tho marketing of our products throughout
tho world.
IFis'interesting to note that, notwithstanding tho gonoral
advance in costs of standard articles throughout tho world,
your Company has, by practical economies, maintained its
pro-war schodulo of pricos and discounts to its customers.
This roally makes tho Gilletto Razor tho lowest pricod article
of.merchandise in tho hands of dealors to-day, selling at the
samo price as fifteon years ago.

Reference was made in our report of 1918 to tho further
extension of the Boston plant. This extension has beon
completed during tho year and is furnishing additional blade
capacity of 15,000,000 dozons blades per year, making the
total blade capacity of tho Company 25 ,000,000 dozens
yearly.
,
The now building, built exclusively for blade manufacture,
is one of the finest manufacturing buildings in the world,
having every equipment to make it ideal for your Company]s
operatives and production and at tho same time making it
possible to securo maximum production.
Further extensions to tho Boston plant are necessary and
plans are undor way for additional building operations.
A D V E R T IS IN G D E P A R T M E N T .

Tho Com pany’s advertising policy has been broadened
and strengthened throughout the year 1919, and tho dis
tributors of Gilletto goods have beon given tho most thorough
co-operation.
Connected with this Department we maintain a force of
service oxperts who visit all the large centres of distribution
for the purposo of aiding tho dealers and instructing the
public generally as to tho proper use and care of the Gillette
Razor •
M A N U F A C T U R IN G D E P A R T M E N T .

The Manufacturing Department has kept its production
up to a high point throughout tho year, both in quantity
and quality. M an y now manufacturing processes have been
adopted, all looking toward an improvement in the quality
of the Com pany’s products, and a steady increase of effi
ciency is aimed at throughout tho plant.
M E C H A N IC A L ,

PATENT

AND

C H E M IC A L

DEPARTM ENTS.

The Mechanical Department, undor tho direction of M r .
William E . Nickerson, has continued its problems of me
chanical refinements during the year undor review.
M an y now methods liavo been adopted, refinements have
been mado throughout the Com pany’s operations, and this
Department has been constantly at work upon the various
probloms of performing its activities in a bettor and simpler
manner than heretofore.
.
The Patent and Trado-mark Department has bent its
efforts during tho year to tho problem of strengthening the
Company’s legal position in respect of the name “ Gillotte,”
and its Patent and Trade-mark protection generally through
out the world.
Some new and valuable patents havo beon taken out by
the Company during tho year, and many now applications
are still in process through the Patent Office of this and
other countries.
Tho Chemical Department continues, as always, to sub
ject tho Com pany’s raw materials to a rigid analysis, in
order to prevent the uso, in its product, of any materials
except tlioso of tho highest possiblo quality.
C O N C L U S IO N .

The year under review has been an interesting and a satis
factory one from many points of viow.
The expansion of tho Com pany’s distribution through
branch offices in foroign fiolds promises much toward
strengthening its strategic position in tho world’s markets.
Tho distribution of about 4,000,0 00 Gillotte Razors
through tho United States Government has brought us a
multitude of new and enthusiastic Gillotte Razor users.
Tho absorption of tho Com pany’s noto issue which was
completed in 1919 gives additional strength to our stock
U N F IL L E D O R D E R S .
holders’ position in respect of tho Com pany’s assets.
Tho loyal support of tho employees continues to bo a factor
On January 1 1919 tho Company had "onHiand "unfilled
of no small importance in its progress.
ordors for 873,000 Razor Sots and 8,2 36,0 00 dozens extra
In this connection it is interesting to noto that 7 8 % of the
blados.
employees aro holders of tho Com pany’s shares.
On January 1 1920 tho Company had on hand "unfilled
This spirit of co-oporation by the management and em
ordors for 207,685 Razor Sots and 1,931,611 dozens extra ployees is such a factor in the Com pany’s progress that tho
directors fool special mention should bo made of it.
blados.
Submitted on behalf of tho directors,
S U B S ID IA R Y C O M P A N IE S .
J. E . A L D R E D ,
As stated in our provious reports, all the stock of your
C h airm a n o f the B oa rd .
Company’s subsidiaries is ownod by your Company.




774:

THE CHRONICLE
THE

G IL L E T T E

A SSE T S
D ecem b er 31 1919.
uaan _ __ _ _ _ -------------------------------------------Accounts Receivable. ............ ..
inventories---------------------------------- s i l o % i o s
Investments ------------------Real Estate and Buildings_______
Machinery and Tools---------------------------------------Deferred Charges-----------------------------------------------P a te n t*............................... ........................... ................

SAFETY

RAZOR

[Vol. 110.
COM PANY

L IA B IL IT IE S
D ecem ber 31 1919.

$310,070 48

1 7»o 879 1R
7,982,065 12

Accounts, Notes and Acceptances Payablo
$3,595,283 82
Capital Stock________________________________
21 , 200,000 00
S u rp lu s______________________ ________________ . .
3,421,929 93

2 650 743 90
3,211,493 70
36
9,000,000 00

39)0 0
8

$28,217,213 75
SALES A N D

1912
1913
1914
1915
1916
1917
*1918
tl9 1 9
1912
1913
1914
1915
1916
1917
*1918
fl9 1 9

2,869,576
3,448,021
4,414,153
5,928,117
7,153,466
9,619,030
12,895,618
17,320,517

1912
1913
1914
1915
1916
1917
1918
1919

E A R N IN G S ,

405,292
397,504
350,765
451,861
782,028
1,094,182
4,580,987
2,315,892

$1,155,669
1,372,273
1,673,436
2,427,174
3,192,832
4,603,782
5,252,136
6,025,350

$28,217,213 75

IN C L U D IN G

S U B S I D I A R Y C O M P A N I E S , 1 9 1 2 -1 9 1 9 .

N U M B E R OP RAZORS SOLD.

R e g u la r B u sin ess

G o v e r n m e n t B u sin ess

D O ZE N S O P B L A D E S SOLD

N E T E A R N IN G S F O R Y E A R

* In c lu d e s 3 ,4 7 9 ,4 7 2 R a z o r s a n d 3 ,0 0 2 ,3 5 5 D o z e n s E x t r a B la d e s s o ld th e U n ite d S ta te s G o v e r n m e n t In 1918.
t I n c lu d e s 4 4 7 ,4 5 7 R a z o r s a n d 2 ,2 1 4 ,5 6 6 D o z e n s E x t r a B la d e s s o ld th o U n ite d S ta te s G o v e r n m e n t In 1919.

AMERICAN DRUGGISTS SYNDICATE
A N N U A L R E P O R T OP P R E S ID E N T C . H . G O D D A R D F E B R U A R Y , 1920.

To

Stockholders A m e r ic a n D ru gg ists Syndicate:

Our regular semi-annual dividend is payable February
28th next to stockholders of record on January 7th.
The dividend date was changed from January 31st to
January 7th in order to excludo stock issued this year from
participation in last year’s earnings.
The accompanying financial statement shows a reduction
in our surplus through the payment of dividends last year,
but there is nothing alarming in this.
This report covers the Transition Period from a “ warbasis” to the return of “ peace-conditions.”
W e interested ourselves last year in Organic Salt &
Acid Company, whose activities are already known to you
and it is making excellent progress toward tho fulfilling of
our expectations. W e have unfilled contract orders on hand
at this writing for a single item, the profits on which in tho
next six months should bo sufficient to net more than tho
amount of our entire yearly dividend, and in December last
we advancod prices all along tho line from 3 % to 1 2 % which
was deemed amply sufficient to meet tho increased expenses
and to show normal net earnings without considering tho
additional profits from tho single item referred to.
Notwithstanding the advancod prices on A .D .S . products
our January sales of A .D .S . merchandise were much largor
than those for any other January in our history not except
ing war years.
Upon the organization of tho American Druggists Syndi
cate in 1905 tho management promised tho retail druggists
who pioneered with it and who mado the success of this or
ganization possiblo, that the time would arrive when wo
could, through our plan of collective, co-operative manufac
turing, sell them A . D . S. products of super-quality at price
much lower than they could either buy inferior competitive
products, or make the same quality in their own stores.'8*'***
This financial statement shows assets moro than suffi
cient to put a bond valuo behind every share of stock, much
above the present market prico. The unencumbered real
estato items are listed at cost price purchased between tho
years 1907 and 1914, with the usual depreciation taken off,
and I can best illustrate how much moro this real estato is
worth to-day than tho figures at which it is shown in tho
statement by referring to a recent transaction.
W hen wo moved to Long Island City in 1907 we took a
leaso on a four-story building which was then offered us at
$
a year;' not because we thought it was worth that
amount; but because the landlord offered us tho first year’s

8,000




rent free in order to induco us to take it, and we then
needed the ready cash.
Later we bought this samo building which for tho last two
years we have used for tho manufacture of hospital ware.
W e decided a fow weeks ago that it was moro economical
to move this part of our plant to Huntington, W est Virginia,
where wo have recently acquired an onamoling factory, and
this loft that building free. Last weok wo secured a re
sponsible tenant to whom we leased this building for fivo
years at a rental of $
per annum— just two and a half
times what was considered an extravagant prico for it wlion
purchased and we have had tho use of tho building contin
uously for twelvo years.
W o have received moro than $1,000,000 in cash since
January 1, through the salo of additional Treasury Stock
offered to stockholders which leaves us now in about tho
following condition:

20,000

C ash on h a n d , e x c e e d in g ___________________________________________ 1 1 ,0 0 0 0 00
I n v e n t o r y , raw and fin ish e d m e rch a n d is e , e x c e e d in g ____________ 2 ’.r
>On’non
A c c o u n ts R e c e iv a b le ______________________________________________
600 000
U . S . L ib e r t y B o n d s ......................... ........................................................... ”
j ^ ’oOO
U n e n c u m b e r e d R eal E s ta te a t c o s t , e x c e e d in g ____________________ j i o o 0 00
V a lu e o f o t h e r in v e s tm e n t, a la rgo p a rt o f w h ich Is n o t In clu de d
’
’
In t h e co n s o lid a te d s ta te m e n t o f D e c e m b e r 31 1 9 1 9 ..
2 0 00 0 00
(B u ild in g s an d L a n d o f O r g a n ic S alt & A c id C o m p a n y , a p p ra is e d la st
N o v e m b e r w it h o u t m a c h in e ry b y o u r a p p ra is e rs , $ 7 7 8 ,0 0 0 .)

Figuring our real estato at this enhanced valuo over cost,
and adding the profits on unfillod ordors and contracts, wo
have on hand for a singlo product, I am convinced that this
company could be liquidated to-day at a prico that would
net moro than $18 for each share issuod and outstanding.
When tho Organic Salt & Acid Company's activities wore
brought to m y attention a littlo over a yoar ago, I folt at
once that tho extreme profit possibilities of that organiza
tion offered an opportunity that would enablo us to rodoom
our promises of lowor prices to tho retailor on A .D .S .
products.
Ninoty per cent of tho Organic products, you understand,
are sold to largo consumers outsido of tho retail drug trade,
and it looked to mo, ovon at that early poriod in our investi
gation, that it had mado such progress in dovoloping the
field formerly occupied only by German competitors, that
its profits would bo extremely largo.
Later, when wo purchased tho control and tho Organic
Salt & Acid Co. developed tho camphor replacing product
called “ Orsacoid,” wo wore satisfied that its earnings would
bo sufficiently important to pormit us to disregard, for tho
time being at least, advancing tho prices^of/A. D . S. mer-

Feb.

chandise in harmony with our rapidly advancing costa, in
ordor to insuro normal A . D . S. profits.
W o therefore mado no gonoral price advance until Decem
ber, when wo felt forcod to increaso our prices all the way
from 3 % to 1 2 % . These advances aro not reflected to any
oxtont in the statement before you, but such advances will
mako a substantial increaso in our earnings over any pre
vious period.
But for tho delay in completing the now Organic plant
at Newark which wo expected would bo in operation by July
1st, but which in reality did not turn a wheel until Novem 
ber 3rd, I' believo you would have been agreeably surprised
in our earnings statement for last year.
W hile the Long Island City plant of the Organic has boon
operating to capacity during the last year, and now has or
ders on hand for moro than $ ,
worth of merchandise,
noithor tho sales nor profits or any of the assets of that Com
pany, oxcopt a small original payment, appear in this state
ment, as we only acquired its entiro capital stock and assots
on January 12 1920.
»
I am enclosing photographic reproductions of both the
original Organic Salt & Acid Company plant in Long Island
City and the now plant of that company which is just being
completed and is in partial operation on tho Newark M ead
ows, togethor with tho reprint of an article appearing in the
Docombor last issuo of a drug trado paper outlining the
camphor shortago situation which will givo somo idea of the
profit possibilities which wo have tho right to expect in tho
immodiato future.
Yours very truly,
*
C . II. G O D D A R D , P resid en t.

20 0 0
0 ,0 0

A M E R IC A N D R U G G IS T S S Y N D IC A T E
S U B S ID IA R Y C O M P A N IE S .
C O N S O L ID A T E D

GENERAL

BALANCE

SHEET,

AND

DEC.

31

1919.

ASSETS.
L a n d , B u ild in g s , M a c h in e r y a n d E q u i p m e n t ..$ 1 ,7 9 8 ,0 0 2 40
3 3 5 ,3 5 9 70
Deduct— R e se rv e fo r D e p r e c ia t io n ____________
$ 1 ,4 6 2 ,6 4 2 70
5 3 8 ,34 9 60
------------------------$ 2 ,0 0 0 ,9 9 2 30
In v e stm en ts in S to c k s a n d B o n d s o f o th e r C o m p a n ie s a t c o s t .
5 0 4 ,6 2 0 82
C u rren t A ssets—
I n v e n t o r y o f R a w M a te ria ls a n d S u p p lies,
W o r k in P rocess a n d F in ish ed P r o d u c t s .. 2 ,3 7 0 ,8 3 3 99
N o te s a n d A c c o u n ts R e c e iv a b le (less reserv e)
6 2 2 ,96 3 78
L ib e r t y a n d M u n icip a l B o n d s a t m ark e t v a lu o
128 ,03 0 09
C ash In B a n k s a n d o n h a n d ____________________
5 3 3 ,5 3 o 51
------------------------$ 3 ,6 5 5 ,3 6 3 37
D efer red C h a rges t o O p e ra tio n —
T a x e s a n d In su ra n ce P r e p a id _________________
$ 2 6 ,1 5 9 70
I n v e n t o r y o f A d v e r tis in g a n d O ffic e S u p p lie s .
7 4,6 72 37
‘
-----------------------1 00,832 07
$ 6 ,2 6 1 ,8 0 8 56

F o rm u la e , T r a d o M a r k s a n d G o o d -W ill__________

LIABILITIES.
C a p ita l S to c k A u th o r iz e d , 1 ,0 0 0 ,0 0 0 Shares a t
$10 00 E a c h ............. .................................................... $ 1 0 ,0 0 0 ,0 0 0 00
Issued a n d O u ts ta n d in g , 5 6 6 ,6 6 9 S h a res________________________ $ 5 ,6 6 6 ,6 9 0
M in o r it y In terests: 7 % N o n -C u n iu la tiv o P referred $ 6 ,0 5 0 00
C o m m o n S t o c k _______________________________
7 ,8 3 0
00
-------------------1 3,8 80
In s ta llm e n ts , P a y m e n ts o n S t o c k ______________________________
12,573
$ 5 ,6 9 3 ,1 4 3
C u rren t L ia b ilities —•
A c c o u n ts P a y a b le _______________________________ $ 1 3 2 ,9 0 8 48
U n cla im e d D iv id e n d s ___________________________
11,545 51
-----------------------144,453
C o n tin g e n t L ia b ility o f $ 20 0 ,0 0 0 o n e n d o rs e d n o te s .
S u rp lu s, p er A n n e x e d S ta te m e n t_______________________________
4 2 4 ,2 1 0
•
$ 6 ,2 6 1 ,8 0 8

00
00
78
78

99
79
56

W o havo examined tho books and accounts of American
Druggists Syndicate and subsidiary companies for tho yoar
ending Docombor 31 1919, and find tho abovo balanco shoot
correctly proparod thorofrom.
During tho yoar only actual additions have been charged
to property accounts, and ample provision has boon made for
accruing depreciation and ronowals.
Tho inventories of raw materials and supplies, work in
process and finished products as certified by responsible
officials havo boon valued at cost or market prices, which
ever wero lowor. Adequato reserves for bad and uncollec
tiblo bills and accounts receivable havo been provided for
on tho books except Federal income and excess profits taxes
for i lie year 1919.
t
W o havo verified tho securities and cash by* actual inspec
tion, or by certificates from tho depositories, and tho mar
ketable securities havo boon valued at tho market price on
Decomber 31 1919.
And on this basis wo certify that, in our opinion, the abovo
balanco sheet is properly drawn up to show tho true financial
position of the American Druggists Syndicate and subsidiary
companies as of Docombor 31 1919, and tho relativo incomo
account is a fair and correct statement of tho not earnings
for tho year ending that dato.
(S ig n e d ) P R I C E , W A T E R H O U S E & C O .

54 William Street, N . Y . , February 11 1920.
C O N S O L ID A T E D SU R PLU S A C C O U N T .
B a la n ce p e r C o n s o lid a te d B a la n co S h e e t, D e c e m b e r 31 1 9 1 8 . .

$ 85 1 ,4 3 8 06

y e a r en d in g D e c e m b e r 3 1 s t, 1 918____________________________
C o n s o lid a te d su rp lu s as a t D e c e m b e r 31st 1 918------------------Add— P ro fits fo r th o y e a r e n d in g D e c e m b e r 31st 1 919 _______

8 5 ,8 5 2 09
$ 76 5 ,5 8 5 97
8 2 ,7 6 7 02

Deduct— F ederal In c o m e a n d E xco s s P r o fits T a x e s p a id fo r

$ 84 8 ,3 5 2 99

educl—

D iv id e n d s p a id o n A .D . S . C a p ita l S t o c k ____
D iv id e n d s pa id o n A .P .O . C a p ita l S to c k h eld
b J th e p u b lic - - - - - - y
_________________________________

$423,211 60
9 30 60

B a la n co as o f D e c o m b c r 31st 1919— p e r B a la n ce S h e e t____




775

THE CHRONICLE

21 1920.]

t i n OA

4 2 4 ,2 1 0 79

C U R R E N T

N O T I C E S

— T h o a n n u al r e p o r t o f t h o N o w Y o r k L ife In s u ra n c e C o . , p u b lis h e d in
a n o th e r c o lu m n , s h o w s t h a t 1919 w a s th o b ig g e s t y o a r in t h e c o m p a n y 's
h is to r y — b ig g e s t in t h o a m o u n t o f n o w in s u ra n c e w r it t o n , b ig g e s t in in c o m e
a n d in b e n e fits t o p o lic y h o ld e r s . T h o m o r t a lit y — w h ic h w a s a ffe c t e d
u n fa v o r a b ly b y th e in flu e n z a f o r a fe w m o n th s t h o p r e v io u s y e a r — re tu r n e d
t o n o r m a l p r o p o r t io n s in M a y la s t . D e a t h cla im s p a id in 1918 w e ro $ 3 5 ,
1 1 1 ,1 5 8 , a n d in 1919 t h e y w e r o n o m o r o th a n $ 3 8 ,3 4 9 ,0 0 9 , w ith $ 3 5 3 ,0 0 0 ,0 0 0
m o r o in s u ra n c e in fo r c o . T o t a l p a y m e n t s t o p o lic y h o ld e r s in 1919 w ere
115 m illio n s . S u rp lu s reserv es s e t a p a r t f o r d iv id e n d s t o p o lic y h o ld e r s in
1920 a m o u n t t o o v e r 32 m illio n d o lla r s . T h e R u ssia n S o v ie t G o v e r n m e n ts
It is a n n o u n c e d , h a s ta k o n o v e r th e b u sin e ss o f all llfo in s u ra n c e c o m p a n ie s
a n d w ill m a k o it a G o v e r n m e n t m o n o p o ly , a ssu m in g t h e lia b ilitie s and
re ta in in g th e se cu ritie s— m o s t ly R u ssia n b o n d s — d e p o s ite d w ith t h e G o v 
e r n m e n t, b o u g h t , in t h e ca s e o f t h o N o w Y o r k L ifo , w ith R u ssia n m o n e y ,
p a id b y R u s sia n s. T h o b u sin ess o f a lifo c o m p a n y in a fo r e ig n c o u n t r y it is p o in t e d o u t , d iffe rs fr o m a lm o s t a n y o t h o r in t h is , t h a t t h e lia b ilitie s
u s u a lly e x c e e d th o d e p o s its o f t h o c o m p a n ie s . B y t h o a d v ic e o f t h o I n 
s u ra n ce C o m m iss io n e rs o f t h o v a r io u s S ta te s b o t h th o assets a n d lia b ilitio ,
o f t h o c o m p a n y w ith r e s p e c t t o its b u sin e ss in R u s sia h a v o b e e n o m it t e d .
T h e c o m p a n y m ak e s a p r o t e s t a ga in s t t h o e x c e ss iv e t a x a tio n la id u p o n t h e
bu sin ess in gen era l an d u p o n t h o in h e r ita n c e t a x in p a r t ic u la r . L ife in su r
a n ce is n o t a m o n o y m a k in g b u sin ess f o r th o s o w h o in s u re ; it is, as th is
r e p o r t s a y s , a t a x v o lu n t a r ily assessed a n d p a id in o r d e r t o p r o v o n t a b u rd e n
fr o m fa llin g u p o n th o S ta to , a n d t o t a x s u ch a b u sin e ss is t o ta x a t a x . A n
in h e r ita n ce ta x is a lso la id u p o n th e p r o c e e d s o f life p o lic ie s p a y a b le t o
e s ta te s, a n d u p o n all p o lic ie s in e xco ss o f $ 4 0 ,0 0 0 p a y a b le t o in d iv id u a ls .
T h is m ak e s it im p o s sib le f o r a n e m p lo y e r t o p r o v id e b y life In su ra n ce a g a in s t
h e a v y lo ss o n th o d e a th o f an e m p lo y e e w h o is u n u su a lly v a lu a b le t o t h e
b u s in e ss , a n d f o r a m an o f la r g o e s ta te t o p r o v id o b y life in s u ra n ce fo r t h o
p a y m e n t o f his in h e r ita n ce t a x . L ifo in s u ra n c e c a n n o t e ffe c t iv e ly fu lfil its
fu n c t io n o f p r o v id in g r e a d y m o n e y a t d e a th t o p a y d e b t s . In clu d in g ta x e s ,
o f th o p r o c e e d s o f t h o p o lic ie s a re th e m se lv e s ta x e d .
— T h o six tie th an n u al s ta te m e n t o f t h o E q u it a b le L ifo A ssu ra n ce S o c ie ty
o f th o U n ite d S ta tes g iv e s e v id e n c e o f th e c o m p a n y ’s c o n tin u e d p rog ress ,
its assets t o ta lin g o v e r $ 5 9 9 ,4 0 0 ,0 0 0 . T h o n e w in su ra n ce in 1919 a g g re
g a te d $ 4 5 4 ,8 3 9 ,0 0 0 a n d th o o u ts ta n d in g in su ra n ce r e a ch e d th e $ 2 ,2 7 0 .
0 0 0 ,0 0 0 m ark o n D e c . 3 1 . $ 7 3 ,9 9 0 ,0 0 0 w a s p a id t o p o lic y h o ld e r s a n d
be n e ficia rie s in d e a th c la im s , m a tu r e d e n d o w m e n ts , d iv id e n d s , a n n u ities,
& c ., d u rin g th e y e a r . T h o a v e ra g o p o lic y issu ed w a s $ 3 ,2 2 9 , as aga in st
$ 2,7 43 in 1918. A la rge in creaso w a s m a d o in t h o n u m b e r o f p o lic ie s p a y 
a b le o n t h o m o n t h ly in c o m o p la n , as w ell as th o s e ta k e n t o p r o t e c t bu sin ess
in terests a n d t o p r o v id o fo r in h e rita n ce ta x e s. O f th e to ta l n e w in su ran ce
issued $ 7 9 ,5 7 3 ,0 0 0 w as g r o u p in su ra n ce fo r th e p r o t e c t io n o f e m p lo y e e s o f
several h u n d re d m e rca n tile a n d m a n u fa ctu rin g e s ta b lis h m e n ts, fo r w h ich
all p re m iu m s w ere p a id b y th e e m p lo y e r s . N o tw ith s t a n d in g a h e a v y in 
crease in t h e n u m b e r o f cla im s h a n d le d e a rly in th e y e a r d u o t o th e in flu en za
e p id e m ic, 9 7 % o f th e t o ta l, it is s ta te d , w as p a id w ith in 24 h o u rs a fte r
r e c e ip t o f p r o o fs o f d e a th .
— F o llo w in g usual c u s t o m , th e A e tn a L ifo In s u ra n c e C o . a n d a ffilia te d
co m p a n ie s a d ve rtise s its an n u al s ta te m e n t in t h o “ C h r o n ic le ” fo r t h o a tt e n 
tio n o f o u r re a d e rs. T h e A e tn a co m p a n ie s h a v e h a d a p ro s p e ro u s bu sin ess
y e a r , th o to ta l in co m e o f th o th re e co m p a n ie s in 1919 a lo n e w as $ 7 1 ,9 2 8 ,8 4 2 ;
to ta l assets, $ 1 8 8 ,1 1 3 ,0 3 6 . P o lic y h o ld e r s h a v o b e e n p a id $ 3 8 8 ,3 0 8 ,3 5 0
3in c c o r g a n iz a tio n . T h o A e tn a L ifo r e p o r ts an in creaso in p re m iu m in
c o m e o f $ 6 ,1 5 8 ,0 6 0 , assets in creased $ 1 3 ,3 0 9 ,6 1 2 , life in su ra n ce in fo r c e
ga in e d $ 2 1 9 ,5 0 4 ,8 4 2 , n e w life in su ra n ce Issued in 1919 w a s $ 4 1 3 ,2 2 6 ,2 4 7 ,
life in su ra n ce p a id fo r in 1919 w a s $ 37 7 ,8 1 5 ,3 4 7 a n d lire in su ra n ce in fo r c e
J a n . 1 1920 a m o u n te d t o $ 8 9 2 ,6 7 6 ,3 0 9 . T h o a ffilia te d co m p a n ie s — th o
A e tn a C a s u a lty & S u re ty C o ., a n d t h o A u t o m o b ile In s u ra n c e C o .— b o th
s h o w increases in assets a n d all item s o f th e ir bu sin esses. M o r g a n G .
B u ik e le y is P resid en t o f th e A e tn a c o m p a n ie s .
— S rivin a s R . W a g e l, d e a le r in b u llio n a n d fo r e ig n e x c h a n g e a t 33 P in e
S t . , th is c i t y , is d is tr ib u tin g an In terestin g a n d u sefu l p a m p h le t , fo lio s iz e ,
re v ie w in g th o b u llio n m a r k e t fo r t h o ca le n d a r y e a r 1919.
I t g iv e s a m o n g
o t h e r th in g s , ste r lin g e x c h a n g e ra te s in S h an gh ai a n d H o n g K o n g as w ell
as s ilv e r s to c k s in S h an gh ai fo r e a ch w e e k o f th e y e a r ; a lso w o c k iy s ta tis tics
o f In d ia cu r r e n c y n o te s a n d s ilv e r a n d g o ld re se rv e in In d ia ; s ilv e r a n d
g o ld p rice s in L o n d o n a n d a v a r ie t y o f o th e r d a ta co n c e r n in g g o ld a n d s ilv e r .
— T h o G u a r a n ty T ru s t C o . o f N . Y . has b o o n a p p o in te d tra n sfer a g o n t o f
th o s to c k o f th o fo llo w in g co m p a n ie s , v i z .: C o m m e rc ia l S o lv e n ts C o rn
C e n tu ry O il C o ., O k la h o m a P r o d u c in g & R e fin in g C o r p ., W illia m W h it
m an C o ., In c . (p ro f, s t o c k ), a n d o f th o P rim o Oil & R e fin in g C o . T h o
c o m p a n y has also boon m a d e tra n sfer a go n t a n d reg istra r o f p re fe rred s to c k
o f th o E m e rso n P h o n o g ra p h C o .
— B ro k a w & C o ., 105 S o . L a S a lle S t ., C h ic a g o , a n n o u n c e th a t J o h n L .
P u t n a m , fo r m e r ly w ith t h o N a tio n a l C it y C o . , C h ic a g o o f f ic e , a n d p r io r t o
t h a t t im e w ith th o C h ic a g o o f f ic e o f K is se l, K in n ic u t t & C o ., has b e c o m e
a ss o cia te d w ith th e m in t h o busin oss o f d is tr ib u tin g a n d d o a lin g in h ig h
g r a d e I n v e stm e n t b o n d s .
— T h e C o r p o r a t io n T r u s t C o . o f N o w Y o r k h as b e e n a p p o in te d T r a n s fe r
A g e n t fo r th o A m e r ic a n H a w a iia n S te a m sh ip C o . , B o g o r Oil C o r p ., S tev en s
P h o n o g ra p h C o ., a n d B la c k s to n o R o a d M a te r ia l C o r p .; re g istra r f o r the
B ae r T r a c t o r C o r p . o f A m e r ic a , a n d T r a n s fe r A g e n t a n d R e g is tr a r f o r the
E u g e n ia Oil & G a s C o .
— E v a n s , S tillm a n & C o ., m e m b e rs N o w Y o r k S to c k E x c h a n g e , 60 B r o a d 
w a y , N . Y . , h a v e issued a c ir c u la r re g a r d in g t h o N e w J e rs e y Z in c C o .
T h o firm h as be e n in te re s te d in tills c o m p a n y f o r a n u m b e r o f y e a rs an d
h a v e d e a lt e x te n d iv e ly in t h o s t o c k , w h ic h is se llin g a t p re s e n t a t a b o u t
$ 290 p e r sh a re .
— R a lp h B risto l an d P a u l L . F . B a u e r a n n o u n c e t h o fo r m a tio n o f a c o 
p a rtn e rs h ip u n d e r th e fir m n a m e o f B risto l & B a u e r fo r t h e tra n s a c tio n o f a
gon oral busin ess in in v e s tm e n t s e cu ritie s w ith o ffic e s a t 120 B r o a d w a y ,
th is c i t y . T h e firm will s p e c ia liz e in u n lis te d s e cu ritie s.
— M ln s c h , M o n c ll A C o ., I n c ., a n n o u n ce th o o p e n in g o f th e ir o ffic e a t
115 B r o a d w a y , N e w Y o r k , t o deal in in v e stm e n t secu rities a n d t o a c t as
co r re sp o n d e n ts o f A ld re d & C o .
W in . J . M ln s c h . fo r m e r ly o f L e e , H ig g in s o n Si C o ., a n d R a lp h M o n e ll aro th o firm m e m b e rs .
— T h o F le tc h e r -A m e r ic a n C o . o f In d ia n a p o lis a n n o u n ce s t h a t E d w in J .
W u c n s c h , w h o has b e e n a ss o cia te d w ith t h o F le tc h e r in s titu tio n s f o r 16
y e a rs , is S ales M a n a g e r fo r t h o c o m p a n y in clia rg o o f th o c it y o f I n d ia n 
a p o lis a n d M a r io n C o u n t y S ales o r g a n iz a tio n .
— F r a n c o h a s b e s to w e d u p o n J o h n D . R y a n o f N o w Y o r k t h o h o n o r o f
C o m m a n d e r o f th o L e g io n o f H o n o r . M r . R y a n is C h a ir m a n o f th o b o a r d
o f th o A n a c o n d a C o p p e r C o . a n d d u rin g t h o r e c o n t w a r w a s D ir e c to r G en e ra l o f A ir c r a ft P r o d u c tio n .
— F re d e ric k P eirce S C o ., P h ila d e lp h ia , a n n o u n ce th e ir r e m o v a l t o larger
c
q u a rters o n th e tw e lfth flo o r o f th e M o r r is B u ild in g , 1421 C h e s tn u t S t.,
in w h ich b u ild in g t h e y h a v o b e e n lo c a te d e v e r s in ce th o es ta b lis h m en tiO f
th e ir bu sin ess.
— H o lm e s , B u lk le y & W a r d r o p , m e m b e rs o f t h o N o w Y o r k a n d P it ts 
b u r g h S to c k E x c h a n g e s , a n n o u n ce t h a t E d g a r H ig g in s h a s b e c o m e a ss o c ia te d
w itli th e m as m a n a g e r o f th o b o n d d e p a r t m e n t o f th e ir N e w Y o r k o f f i c e — T h o M e c h a n ics & M e ta ls N a tio n a l B a n k o f N o w Y o r k has b oon a p 
p o in te d registrar o f th o s to c k s o f th o C o m m e rc ia l S o lv e n ts C o r p . a n d also
o f th o s to c k o f th o N a tio n a l E x p lo ra tio n C o .
__ T lio N o w Y o r k T ru st C o . lias b o o n a p p o in te d registra r o f th o ca p ita l
s to c k o f th o C e n tu ry O il C o ., o f th o s to c k s o f th o S ta n d a rd O il C o . o f O h io ,
a n d o f th o P rim o O il C o . o f D a lla s , T e x a s .

776

THE CHRONICLE

(&ommzxti<xl

pim ts.

COMMERCIAL EPITOME

[Vo l . 110.

are also coming from France and Belgium in increasing quan
tities. Lower retail prices in tho noar future aro predicted
by Salmon P . Halle, President of tho National Rotail D ry
Goods Association, at the annual convention here. M er
chants are impatient, he says, over tho extravagance of the
Government and the inefficient methods of taxation.
It is a curious commentary on the exactions of labor that
a representative of tho Now York State Bakers Association,
testifying before tho Senate Agricultural Committee, said
that the increased costs of production and distribution would
prohibit tho sale of loaves of bread at 5 conts, tlio pre-war
price, “ even if the flour wore furnished free.” Secretary
Vance, of the National Association of Clothiers, doclarod
yesterday that the responsibility for tho high price of goods
should be “ placed squarely on tho shouldors of labor, whore
it belongs.” H e declared thoro was no possibility of a re
duction in the cost of clothing until after 1922. Othors will
not agree with him as to tho romotoness of tho date when
prices may bo expected to decline. The price of cotton
goods is already declining. Whatevor opinions may bo hold
to tho contrary, tho expectation is of lower prices for clothing,
the quality of which is now as poor as tho price is high.
One of the latest of tho many curious dovolopmonts
nowadays in tho labor world is that the False Teeth M akors’
Union has just sent out a proclamation to its 1,200 members
in this city calling for a general strike on Fob. 26 unless tho
Dental Laboratory Association yields to its demands for
a 44-liour week, the closed shop and a 4 0 % increase in wages.
Y et the men now got anywhere from 825 to .$200 a weok.
Farm wages in 1919 were the highest in tho history of the
United States. Thirty-throe unions in tho Chicago build
ing trades demand 81 25 per hour for their mombors instead
of 81, the rate now paid. Wago increases ranging from 2 5 %
to 1 2 5 % in January compared with January 1919 aro shown
in 11 of 13 leading manufacturing industries by tho Bureau
of Labor statistics. Tho greatest advanco was in tho woolon
industry. Tho volumo of employment increased in various
ratios from 4 % to 5 0 % in 10 of 13 industries. Example
is proverbially contagious. And advices from Shanghai
say that what is probably China’s first labor union has just
been launched thoro by a group of laborers returning from
tho war zone in Franco. Italy has decided to re-establish
the card system for tho necessaries of lifo under tho same
conditions as during the war. Tho wintor continues to bo
unusually severe with frequent falls of snow and persistent
low temperatures only occasionally roliovod by something
milder. The streets in many parts of tho city are still oncumberod with snow and on somo stroqts tho surfaco linos
aro not yet in operation, owing to tho provalonco of ice and a
lack of thawing weather. Ilousoholdors havo suffered
greatly from tho cold. In somo cases landlords havo boon
arrestod for failure to provide sufficient boat. In one case
in The Bronx a landlord was fined 8200 by tho Court for
failing to provido it.

.
F rid a y N ig h t, F eb. 20 1920.
There is no doubt that the note of conservatism is being
gradually emphasized in this country. Certain trade shows
some falling off. Prices are more sharply scrutinized. It
is true that in some branches of the wholesale and jobbing
trade there is quite a good business being done. And no
where is there any depression so far as the feeling as to the
future is concerned. But there is undoubtedly a growing
belief that prices have seen their apex and that there will
be at least a gradual declino in prices of most commodities
during the year 1920. During the week the financial de
velopments of course have been of a more cheerful kind.
Stocks have risen. So has sterling exchange, which at one
time to-day touched 3 . 4 7 ^ , against a recent “ low” of 3.1 8.
And call money has been comparatively easy. Merchants
are pleased to see theso things and also that in the rise in
the prices of stocks railroad securities have latterly taken
the lead. It looks to them like a good omen. And "further
more the prospects point to an early settlement of the rail
road situation with something like justice to the transporta
tion industry on which the business life of the country so
largely depends. Iron and steel aro still in sharp demand.
The only trouble is to supply it. The influenza epidemic is
dying down. Food prices aro lower in some cases. And
when the N ew York streets are properly cleared of snow
no doubt there will bo a further decline. It is hoped too
that the shortage of cars m ay be somehow remedied or at
least mitigated before long. It is said that in Iowa there
are some signs of relief in this matter already. There is a
big demand for lumber. B ut here again the difficulty is to
supply buyers, with cars so scarce.
On the other hand, bad weather, bad streets and bad
roads have undoubtedly conspired with tho growing feeling
of caution to reduce the amount of business in this country.
Some big Chicago mail order houses have, it appears, with
drawn their buyers. The influenza epidemic has not wholly
disappeared. Retail trade is smaller throughout much of
tho country. There are fears of an advance in rediscount
rates. Time money continues scarce. Tho shortage of
cars delays the movement of grain, steel, iron, lumber and
coal. It is hard to move raw materials to the mills and
factories. It is equally hard to move tho finished product
to the consumer. The scarcity of fuel is one of tho leading
drawbacks. Of course it reduces production. And the
output of goods has also been lessened by the widespread
prevalence in this country of influenza. High prices for
building materials, labor and money all tend to impode
building. The business in woolens and cotton goods has
on the whole been less active. M eat exports to Europo have
practically ceased. N ot that this can be considered an
evil by any means. Quite the contrary. But it does moan
L A R D has boon steady; prime Westorn 2 0 .9 0 @ 2 1 .0 0 c .;
that there is less activity in the foreign trade. Cotton refined to tho Continent, 25 .50c.; South Amorican, 26.75c.
exports have fallen off. England shows a disposition to Brazil in kegs, 26.75c. Futures, after advancing early, de
economize in the matter of cotton imports.
clined somewhat. Packing interests, howovor, wore good
As regards tho general economic condition at home and buyers of lard and ribs at Chicago. Hogs declined but some
abroad, the world, by no means excepting Europe, which is predict that this fact will cause smaller rocoipts next weok.
so prone now-a-days to look to tho United States for help, Lator in the weok, however, packers wore sellers on a rally
needs to adopt a policy of economy and increased production. in tho price of hogs. To-day prices doclinod, onding lowor
As Elihu Root said here on Thursday night, work and thrift for tho week. Hog slaughtering in tho W est for the weok
will reduce tho cost of living. Europe, it is suggested by ending Fob. 14 is estimated at 493,000 against 655,000 last
business men, might well devote less attention to politics at week and 802,000 last yoar. Total wintor season to date,
this time and direct its energies more to the production of 11,431,000, against 14,721,000 last year.
coal, grain, farm products in general, manufactures, ships,
D A I L Y C L O S IN G P R IC E S O F L A R D F U T U R E S IN C H IC A G O .
and in fact whatever else would enable it to make more
out.
Mon.
Tues.
Wed.
Thurs.
Fri.
money and spend less in foroign countries. That of itself M a y d llv e r y _______c t s .2 1 .4 2
21.K2
2 1 .3 2
2 1 .3 7
2 1 .3 0
2 1 .2 0
2 2 .3 2
2 1 .8 0
2 1 .8 2
2 1 .7 7
2 1 .0 7
would tond to bring about a readjustment of exchanges. J u ly d e l iv e r y .............. . . 2 1 . 9 0
P O R K quiot but stoady; moss, 843 @ 8 4 4 ; nominal, family,
William A . Law, President of the First National Bank of
Philadelphia, says the peoplo of America m ay yet be called 8 5 2 @ 8 5 3 . M a y pork closed at 834 60, a declino of 30c.
upon to make heavy personal sacrifices for tho general good, Beef unchanged; mess, 816 @ 818 ; packot, 817 @ 8 1 9 ; oxtra
just as they were in 1917 and 1918. He well says that only India moss, 841 @ 8 4 2 . Cut moats stoady; pickled hams,
to
lbs., 25j4*@20>^c.; picnic,
to
lbs., 15£fjc.@
work can reduce prices. N o doubt. But the loworing may
come partly through the present cessation of meat exports 173^0.; pickled bollios, 2 0 @ 2 8 c . Butter, c” jamery, 67 @
^ . Cheese, flats, 1 5 @ 3 1 c . Eggs, 6 0 @ 6 9 c .
from the United States and tho increasing importations of
food and clothing from Europo. Liberal importations of
C O F F E E on the spot higher; Rio N o . 7, 1 4 % c .@ 1 5 c .;
potatoes, eggs and butter aro coming into tho United States Santos N o . 4, 2 4 @ 2 4 3 ^ c .; fair to good Cuouta, 23®233djc.
from Denmark, Holland and Sweden partly becauso Ger Futures have advanced with Brazilian inarkots and on Euro
many cannot buy. One ship is bringing 224,000 lbs. of pean buying to somo oxtont and short covering. Tho trade
Danish butter. A break in food prices here is predicted and W all Street havo sold to somo oxtont on tho riso.* On tho
with a discomfiture of hoarders. There is a supply of other hand, tho trado has also bought July. Europo bought
butter hero in cold storage amounting to 27,725,104 lbs., September and December. Warehouse deliveries havo boon
against 15,682,721 lbs. a year ago; of cheese, 23,061,728 1,024,000 bags against 4,642,000 a year ago; at Rio 319,000
lbs., against 10,561,727 lbs. a year ago.
bags against 695,000 at this time last yoar. Somo incroaso
These big supplies must compete with rapidly increasing in the spot demand has been roportod lioro. To-day pricos
importations of food from Europo to take advantage of tho declined, but thoy end liighor for tho. week.
prices ruling here and the very profitable discounts in for M a r c h ____ 1 4 .2 9 © 14.31 IJ u l y .............. 1 4 .8 8 © 1 4 .9 0 1D e c e m b e r . 14.71 @ 14.7/5
eign exchango. W h at hits the exporter from America hard M a y ______ 1 4 .66 © 1 4 .6 8 1S eptem ber. 1 4 .7 8 © 1 4 .7 9 1J a n u a r y ... 1 4 .6 6 © 14.68
benefits the exporter to America to a corresponding dogreo.
S U G A R has been quiot and tending downward. Trading
M eat prices are falling. Tho Institute of American M eat in futures was begun tho 16th inst. and has been widening
Packers in a statement issued from their offices in Chicago out somewhat at times, though latterly quiet. Cuban 96
announces that the meat export industry practically has degrees test 10.24c.; Porto Rico nominally 1 0 .0 0 @ 1 0 .2 5 c .
ceased. Beef exports ceased somo time ago, and the amount Sales havo includod 12,000 to 15,000 bags Cuba, March
of pork being loaded for abroad has dropped to a negligible loading at a north sido port at 9>£c. f. o. b ., supposedly to
amount from a total annual export of 2,5 00,0 00 ,0 00 lbs. tho Royal Commission, 6,500 bags Cuba for the account of
And British statistics show that our textile goods imports tho Royal Commission, to a refiner at 10c. cost and freight,
from England in January were 5 8 5 % larger than in January the sugar now hero. A t ono time thoro wore offerings of
last year and 1 6 8 % larger than in January 1914. Textiles Porto Ricas for prompt shipinont at l O ^ o . c. i. f. delivered,

10 20
63 0
8

1




4

10

Feb.

21 1920.]

and of San Domingos, afloat at 9 24c. c. i. f., equal to 103^0.
duty paid at Now York. Cuba for prompt shipment was
offorod at 9 ^ c . cost and freight equal to 10.54c. duty paid
delivered. B ut bids wore generally well under those prices,
i. o ., in somo cases only 9 to 92 4°. Later San Domingo
sold at 9c. c. i. f ., 30 ,000 bags Cuba reported sold at 9J4c.
f. o. b . M arch loading for the United Kingdom. Cuban
receipts are increasing. That is tho secret of the declining
prices— that and tho indifforont demand. The receipts at
Cuban ports last week wore 144,200 tons, against 102,347
in tho previous week and 150,500 last year; exports, 132,291
tons against 98,053 in tho provious week and 97,098 last
year; stooks, 280,909 tons, against 208,994 a week previous
and 355,494 last yoar. Granulated 15 to 10c., with none
available as yet for gonoral distribution.
M a y ............... 9 .7 5 @ 9 . 7 6 1J u ly ...................0 .5 0 @ 9 .5 5 1S e p te m b e r . . . 9 .4 5 @ 9 .5 0

O IL .— Linseed dull with prices unchanged; car lots, S I .77
Fob .-M arch ., $1.72 for April and $1.02 for M a y . Lard,
strainod wintor, $1.75; extra, $1.05. Cocoanut oil, Ceylon
bbls., 1824c.; Cochin, 1924c. Olivo, $ 3 @ $ 3 .1 0 ; corn car
lots, 23.50c. Cod, domestic, $1 .12. Newfoundland, $1.10
@ $ 1 .1 8 . Cottonsood, crudo, immediate, 1 8 @ 1 8 .5 0 c . Spirits
of turpontino, $1 .94. Common to good strained rosin,
$ 1 7.05 .
.
P E T R O L E U M continues in good demand; refined in
bbls., 23.50 @ 2 4 .50c.; bulk, 1 5 @ 1 0 c .; cases, 2 7 @ 2 8 c .
Gasolino motor, in stool bbls., 2024c.; consumers in steel
bbls., 2824c.; gas machine steel, 4524c. As to tho falling
off in production in somo of tho wells in Stopliens and C omancho Counties, north central Texas, says tho “ Oil City
Derrick,” tho decline obsorved is not in keeping with antici
pation, based on tho formation and dopth of pay. The
trouble has boon diagnosed as “ paraffino,” tho wolls gumming
up so badly that tho flow is seriously menaced. Anothor
and perhaps moro authoritativo analysis is that lime particles
becoming coated with paraffino form an impervious mat
which in time shuts off tho flow. The oil and leasing bill
is now boforo President Wilson for signature. The enact
ment of tho moasuro will end a 10-year fight for tho devel
opment of Western oil lands, particularly in California and
W yom ing. Millions of acres of lapd withdrawn from private
exploitation in 1910 m ay now bo worked for oil providing
proper royalty is paid to tho Government. Tho greatest
activity in tho oil fiolds of the United States east of tho
Rockies in January contred in north Louisiana and north
Texas. In Louisiana 58 completions wero recorded, resulting
in 215,000 bbls. of now production. In tho north Texas
region 647 completions resulted in 100,738 bbls. now out
put. Tho number of completions in January totaled 2,114
bbls., against 2,127 in Decombor 1919; now output, 452,397
bbls., against 379,304 in Decombor 1919. Tho number of
dry holes drilled in January was 420 against 407 in Decom
bor, and those drilling during January wero 7,251 against
0,900 in Decombor 1919.
$5 65 In d ia n a ___ ............... $3 13
3 50 P r in c e t o n . ............... 3 27
3 42 Illin ois, - . ............... 3 27
P ly m o u t h . ............... 2 78
S om er set, 32 d e g .
3 25 K ansas A: O k la h o m a 3 00
and above
1 75 C o rs ic a n a , l i g h t . . 2 75
3 70 C o rsic a n a , h e a v y . 1 30
3 23 F .le ctra ___ _ _ _ _ _ _3 o n
3 23 S tr a w n ___ ................3 0C

Its scarcity, due to labor troubles in Cuba, has been relieved
by recent large importations, 11,750 packages arriving re
cently in a single day. Porto Rico lias increased its tobacco
acreage and the indications point to a good yield of unusually
excellent quality.
T I N higher at 0124 @ 0 1 24c. Lead in better demand and
steady at 8 % @ 9 c . spot Now York. Zinc higher but quiet
of late; spot East St. Louis, $9 05.
P IG IR O N is in fair demand. It would sell readily if it
could bo had for prompt delivery. But that is out of tho
question. There is a moderate business for tho second
quarter of this year. Consumers in some cases seem to be
pretty well supplied for distant delivery. Tho trouble is
to get iron for current needs. Spot iron is in somo cases
badly wanted. Buffalo furnaces it appears have sold foun
dry iron in round lots on tho basis of $45 at tho furnace
for tho second half of 1920. Eastern Pennsylvania fur
naces, it is understood, aro not so heavily sold ahead for the
second quarter. N o . 2 plain foundry, it is said, has sold there
at $43, though as high as $44 is asked in somo cases. I t is
oven said that considerable business has recently beon done
at as high as $44. Virginia iron has sold for tho second
quarter, it appears, at $42 to New England. Scotch pig
iron has beon offered at $45 75 @ 40 delivered at Phila
delphia. Tho shortage of cars is still a serious drawback.
Sales of scrap are reported at lower prices with timo money
tight.
_
_
S T E E L is moving into consumption more freely owing to
some improvement in the weather. Only a beginning howover, has been made in relieving the situation, in other words
mills aro very far behind in their orders. Promiums are
being paid for bars for prompt delivery. Car shortgae is
still a d r a w b a c k . ________ ___________

T h r a ll.......................$3 00
I le a ld t o n __________ 2 25
M o r a n _____________ 3
00
H e n r ie t t a _________ 3
00
C a n a d a ____________3
63
C a d d o , L a ., l i g h t . 2 75
C a d d o c r u d o __1 50
D o S o t o ................... 2 90

R U B B E R has boon quiot and lower with sterling exchange
rates advorso to business. Para up river fine 43 2 4 « .@ 4 4 c .,
up river coarso 3224c.; plantation, first latexpalo crepe 47c.;
Contral-Corinto 32o.; Guayulo, wot 2 5 c .@ 2 7 c .
O C E A N F R E IG H T S have been rather quiot in the main
though in somo directions fairly active and official rates
wore steady. It is stated however, that because of tho big
decrease in oxports duo to tho abnormally low rates for ex
change that many ships aro leaving American ports with
good deal of ompty spaco. T o mako bad worso somo con
tracts for outward bound ships havo been canceled.
Sterling
oxehango has latterly advanced materially, howover, though
of courso, still vory low.
C h a rters In clu d ed co a l fr o m P h ila d elp h ia t o G en oa at $22 50 p r o m p t;
C h in a c la y fro m F o w o y t o P h ila d e lp h ia , 2 0 c .; tlic n co co a l fr o m A tla n tic
ra n g e t o a F ren ch A tla n tic p o rt, $21 50 F e b .; lu m b er fro m J a ck so n v ille t o a
S pan ish A tla n t ic p o rt , $40; stea m er, 6 ,6 0 0 t o 7 ,5 0 0 to n s San L o re n zo t o
U nited K in g d o m , 6 5 s ., c o m p le tin g B u en os A ire s-L a P Ia ta , 62s. 6 d .; o p t io n
B ah ia B la n c a , 65s. M a rc h 15 t o A p ril 30; stea m er 3 ,6 0 0 to n s B ilb a o t o
M id d le s b r o u g h . 3 3 s.; stea m er 5 ,0 0 0 ton s B ilb a o t o G r a n g e m o u th , 34s. (id.;
stea m er 3 ,9 0 0 ton s C u b a t o U n ited K in g d o m , 50s. F e b . 1 1 -M a rch 1; linseed
fr o m B uen os A ires t o N o w Y o r k , $ 31; o p t io n Han L o re n zo , $ 33; grain fro m
B u e n o s A ires to C o n t in e n t , 190s. M a r c h 10 ca n celin g ; grain from B u enos
A ires to N ow Y o r k , $ 30; grain fro m B u e n o s A ire s-L a P la ta t o S p a in , 190
pesetas M a rc h 31 ca n ce lin g ; m aize fro m B u en os A ire s-L a P la ta to U nited
K in g d o m 145s. F e b . 20; grain fro m B u en os A ires-L a P la ta t o D u rb a n , 9 0 s.;
m aize fron t San L o re n zo t o U n ited K in g d o m , 155s. M a rc h 3 1 ; m aize from
B u e n o s A ires t o U n ited K in g d o m , 1 3 5 c.; seeds 145s. clip p e d o a ts 155s.;
grain fro m B u en os A ires t o N o w Y o r k , $32; o p t io n U osa rio $34 J a n .-F e b .;
grain fro m B u en os A ires to N o w Y o r k , $31 6 0 , o p t io n U osa rio $33 50 J a n .;
S tain fro m B u en os A ires t o N e w Y o r k , $30 J a n .; h e a v y grain fro m U osario
t o C o n tin e n t 220s. F e b ,-M a r c h ; ore fro m B ilb a o t o M id d le s b r o u g h , 31s.
p r o m p t; coa l fro m V irginia t o itlv e r P la ta $24 M a y -A p r il; su gar fro m C u b a
t o U n ited K in g d o m 6 0 s.; coa l fro m N o r fo lk t o n orth sid e o f C u b a $8 50;
co a l fro m V irgin ia to P e rn a m b u co $ 1 5 , a n d d isch a rge; coa l fro m V irgin a
t o P ern a m b u co at $15 gross fo rm ; stea m er 1 0,500 t o 11,000 ton s B ah ia
llla n e a t o U n ited K in g d o m 65s. M a rch 5-A p ril 5; stea m er 9 ,4 5 0 t o 11,550
to n s B ah ia B lanca t o U nited K in g d o m 65s. F e b . 2 0 -M a r ch 20; steam er
3 ,6 0 0 to n s B ilb a o t o P ort T a lb o t , 2 6 s.; si earner 4 ,0 0 0 ton s B ilb a o t o U o tlo r
d a in 30s. p r o m p t; stea m er 3 ,5 0 0 ton s B ilb a o t o T y n o D o c k , 3 2 s.; stea m er
4 ,0 0 0 to n s B ilb a o t o C a r d iff, 2 4 s.; stea m er 4 ,4 0 0 to n s 1 0 % C u b a t o U nited
K in g d o m 60s. F e b . 1 2 -M a rch 3 1 . C o a l fro m V irgin ia t o B u en os A ires $13
F e b .-M a r c h ; k a ln it fro m H a m b u rg t o N o rfo lk $6; k a in lt fro m H a m b u rg
t o C h a rle sto n , S. O ., $6 50; o n e rou n d trip In W e st In d ia t ra d e , $8; lu m b er
fr o m a G u lf p o rt t o B u en os A ires $ 3 5 , w ith o p t io n s , A p ril.

T O B A C C O has boon in fair demand and with tho streets in
rathor better condition trado has increased somowhat and
prices havo beon generally steady. And tho prospects
have brightonod sonsibly for business in llanava tobacco.




777

THE CHRONICLE

COTTON
F rid a y N ig h t, F eb. 20 1920.
T H E M O V E M E N T OF T IIE C R O P , as indicated by our
telegrams from tho South to-night, is given below. For the
week ending this evening tho total receipts have reached
189,730 bales, against 142,755 bales last week and 179,885
bales the previous week, making the total receipts since
Aug. 1 1919 5,157,355 bales, against 3,045,4 58 bales for the
same period of 1918-19, showing an increase since Aug. 1

Mon.

Sat.
8,061

Wed.

Tues.
9 ,7 2 5
4 ,5 5 4

6 ,6 5 5

Fri.

Thurs.
9 ,9 6 3
4 ,6 5 5

6 ,5 9 8

3 ,4 1 3
292

4 ,4 9 8
563

4 ,7 1 8
721

2 ,4 2 4
282

4 ,5 5 7
1,330

2,101

3 ,2 4 6

1,922

2 ,1 1 0

1,964

C h a rle s to n _______ * 81,852
41
797
N ’ p o r t N e w s , & c.

393
143
944

13
176
739

341
517
519

100
130
332

50
137

9 6,5 57

16,442

4 6 ,1 4 9
9 ,2 0 9
416
2 4 ,1 6 5
3 ,2 7 0

416
4 ,5 5 5
82

1
1 3,7 93
2 ,0 0 0
8 3 ,2 5 9
1 ,0 4 2
4 ,0 2 2
92
50
137
2 ,0 5 0
75

l
2 ,4 5 0
2 ,0 0 0
560
35
691
92
2 ,0 5 0
75

P h ila d e lp h ia
T o t a ls th is w e e k .

Total.

5 ,1 4 7

12,791

2 2 ,7 5 5

23,031

1 8,154 1 8 9 ,73 0

* S lm o s t w h o lly G o v e r n m e n t lin ters.

The following shows tho week’s total receipts, tho total
since Aug. 1 1919 and the stocks to-night, compared with
191 9 -2 0.

Receipts to
Feb. 2 0 .

191 8 -1 9.

This Since Aug This Since Aug
Week. 1 1918.
Week. 1 1919.

T e x a s C i t y _______
A ra n sas P a s s ____
M o b i l e . ....................

P h ila d e lp h ia ______

4 6.1 49 1 ,6 9 4 ,8 1 7
2 6 7 ,57 0
9,2 0 9
1,801
7 8,5 68
*416
8 9 3 ,00 8
2 4 .1 6 5
2 2 8 ,43 3
3 ,2 7 0
15,795
12,051
1
13,793 1,0 1 6,09 5
131,300
2 ,0 0 0
2 9 3 ,1 5 2
83,2 59
118,842
i ,042
272 ,61 8
4,0 2 2
3 ,8 8 7
92
14,753
50
18,645
137
7 9,3 30
2 ,0 5 0
16,690
75
189.730 5 ,1 5 7 ,3 5 5

2 7 ,8 0 2 1 ,2 5 1 ,9 4 8
5 4,2 34
2 ,7 3 7
5 ,3 9 8
3 1 ,6 2 7
1,103
600
12,936
200
2 ,8 6 5
946
4 ,4 7 8
50
218

—

Stock.
1920.

1 919.

3 4 4 ,7 6 3
6 2,2 72
.............

3 0 7 ,2 8 8
17,401

40‘ 0 66
427,741
9 7 1 ,3 6 8
21,3 23
1 02,122
9 ,4 2 2
5 ,8 5 2
1 8,0 96
2 0 8 ,51 7
6 9 5 ,7 9 9
9 ,7 0 0
5 3 ,1 5 0
139,970
126 ,52 0
53,6 47
7 1 ,3 5 0
87,271
2 0 6 ,5 0 9
______
2 ,9 0 9
5 1,5 18
6 ,9 3 7
5 ,2 8 8
1 8,9 75
7 ,3 1 5
16,023
30 • 10,434

—

4 4 3 ,7 8 6
2 4,1 90
1 1,120
2 5 6 ,6 2 8
3 ,5 0 0
5 8 ,7 3 5
4 0 ,8 1 8
1 0 4 ,32 4

-----8 6,701
1 3,929
6 ,8 5 5
3 ,7 4 7

9 0 ,9 6 0 3 ,6 4 5 ,4 5 8 1,435,611 1 ,3 7 9 .0 2 2

In order that comparison may bo made with other years,
Receipts at—

1 920.

1919.

1918.

1917.

1916.

1915.

868

2 7 ,9 5 4
1,810
3 7,2 82
3 ,3 0 5
1 3,386
1,000
1,011
771
7 ,8 2 7
128
4 ,2 8 9

2 9 ,6 4 2
2 ,4 6 9
1 6,866
1,067
5 ,2 1 9
3 ,0 0 0
1,041
273
7 ,6 3 2
248
4 ,2 0 7

7 0,3 52
16,635
2 3,9 38
1,744
2 1,0 33
2 ,0 0 0
1,918
8 59
1 0,718
3 ,1 8 3
4 ,5 8 6

114 ,53 6
1 3,376
7 0 ,0 5 9
5 ,2 7 3
5 1,251
6 ,0 0 0
1 1,842
7 ,9 0 5
15,011
5 ,1 0 3
1 0,1 02

9 0 ,9 6 0

9 8.7 93

7 1,6 64

1 56,966

3 1 0 ,4 5 7

2 7,8 02
8 ,1 3 5
3 1 ,6 2 7
1,103
12,936
200
2 ,8 6 5
946
4 ,4 7 8

N 'p o r t N . , & c.
A ll o t h e r s ____

46,1 49
9 ,6 2 5
2 4,1 65
3 ,2 7 0
1 3,793
2 ,0 0 0
8 3 ,2 5 9
1,042
4 ,0 2 2
92
2 ,3 1 3

T o t a l th is w k .

189 ,73 0

G a lv e s t o n ____
T e x a s C lt y ,& c .
N o w O r le a n s .
M o b i l e .............
S a v a n n a h ____
B r u n s w ic k ___
C h a rle sto n , & c
W ilm in g to n . .

S in ce A u g . 1 . . 5 ,1 5 7 .3 5 5 3 .6 4 5 .4 5 8 4 ,4 1 4 ,6 4 8 '5 ,4 6 5 ,4 4 7 5 ,2 8 8 ,9 0 5 7 ,8 0 8 ,5 2 8

m e oxports lor tne weoit enuing mis ovemug iuimju u, wum
bales, of which 52,509 wore to Great Britain,

of 125,530

778

THE CHRONICLE

1,934 to France and 71,033
to other destinations.
Exports for the week and since Aug.
1919 are as follows:

1

W eek ending F eb. 20 1920.
Exported to
E xp orts
fr o m —

Great
Britain F rance

G alveston.
Texas C ity.

Other.

9,166
31,181

5,446
1,434

92,019
23,298

418,471
950

161,926

429,819

19,149
16,847
2,350
14,556
1,257
500

22,725
75,928
37,762
90,761
2,671

200

4,383

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

60,087
929
123,931
14,240
7,630

4,000
7,050
4,599
5,184

5,344

291,087
72,539
19,013
21,614
226,622
142,311
74,105
29,363
76,980
9,225
3,449
3,289
20,405
375

5,955

5,344

500

4,000
7,050
4,599
3,856

B altim ore. _
Philadelphia
P roviden ce.
Los Angeles

52,569

T otal.

16,840
1,434

5,955

W ilm ington

T o t a l____

Other.

263,337 1,356,671
173,477
57,852
175
175

34,783 .34,783

Brunswick .

82 S

F ra n ce.

68,341
20,934

Jacksonville

N ew Y o r k ..

Great
B rita in .

9,166 1,024,993
31,181 152,543
57,852

P t. Nogalez
N ew Orleans 11,394
M obile_____

T otal.

F rom A u g . 1 1919 to F eb. 20 1920.
E xported to —

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

1
1

100

1
1

801,577
90,787
19,013
21,714
818,367
142,311
115,979
122,138
117,092
114,542
7,377
3,789
24,988
375
00,087
929
123,931
14,240
7,630

1,934 71,033 125,536 2,225,765

421,377 1.553,910 1,201,052

T o t. l o is - ig 21,690 27,0791 04,730|l 16,508 1,350,330
T o t. 1917-1ST 38,906 .8,705' 21,095 68,700 1,732,616

452,571 1,015,349 2,818,250
3,86,132 846,5731 2,965,321

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
N ew York.
On Shipboard, Not Cleared for —
Feb. 20 a:—
G a lv e s t o n ______
N o w O r le a n s ..
S a v a n n a h ______
C h a r le s t o n ____
M o b i l e ________
N o r f o l k ________
N e w Y o r k * ___
O th e r p o r ts

Oreat
GerBritain. France. many.
3.000

30,381
2 4 ,8 0 0

2*667
5 ,0 0 0

10,000
7*332

*166

■566
12,000

*300

T o t a l 1 9 2 0 .. 135,013
T o t a l 1 9 1 9 - 6 7,8 96
T o t a l 1 9 1 8 .. 61,111

8 ,1 3 3
5 2 ,0 0 7
3 1,000

* E s t im a t e d ,

5 ,5 6 7
3 .0 0 0

Other , CoastCont' . wise.
4 0 ,4 0 9
5 0 ,2 6 6
1 0 ,0 0 0
------a 3 ,9 1 6
------4 .5 0 0
1 .5 0 0

1 1,567 110,591
28,3 21
3 4 ,3 0 7

Total.

1 3,5 00 1 37,290
497 8 3 ,7 9 7
1,500 2 9 .5 0 0
1 ,0 0 0
1,000
____
1 1,4 14
8 00
8 00
____
5 ,3 0 0
____
1 3.500

Leaning
Stock.
2 0 7 /1 7 3
3 4 3 ,9 4 4
179,017
138 ,97 0
9 ,9 0 9
86,471
4 6 ,2 1 8
141 ,00 8

1 7,2 97 282,601 1 ,1 5 3 ,0 1 0
1,650 149,874 1 ,2 2 9 ,1 4 8
2 6 ,2 0 0 1 52.618 1 ,3 5 0 ,6 3 7
a In c lu d in g 1 ,5 0 0 b a le s f o r J a p a n .

[V o l . 110.

appear to bo moro indifferent. Moroovor, Liverpool has
latterly declined sharply. Tho markot thoro has beon re
ported tired. It certainly looked so. And horo cotton
goods have been loss activo with apparently a downward
drift of prices. Last week’s salos of print cloths at Fall
River were tho smallest for many wcoks. And toxtiles aro
constantly arriving from- Europe. Such importations at
times are so largo as to attract gonoral attention. Groat
Britain in tho month of January oxportod to tho United States
no less than 13,927,000 yards of pieco goods against only
2,115,0 00 yards in tho samo month last year and 5,195,0 00
in January, 1914. Iloro is an increaso ovor last year of noarly
5 6 0 % and as comparod with January, 1914, of nearly 1 7 0 % .
This is coincident with largo shipments of vegetables and
dairy products to this country from Sweden, Holland and
Denmark, something which cotton peoplo think significant.
Prices aro so high for everything in this country that tho
tendency is to stimulate shipments from Europo to American
markets especially as foreign exchange liore is at very re
munerative discounts for such European shippers. Textiles
m ay como in such quantities as to affect Amoriean prices.
Also there has been talk horo of tho likolihoodof an increased
acreage in Toxas and Arkansas in spite of tho high cost of
labor. Neill Bros, prodict a largo incroaso in tho acroago.
Arrangements are boing made it is understood, to rolax tho
regulations in regard to the importation of Moxican labor in
the Southwest. This m ay reliovo tho labor shortago thore
in no small degree. It is behoved too that tractors will bo
used more extensively at tho South than ovor boforo. And
recont reports from Kansas City notod a sharp domand for
mules with many of tho Southorn farmers paying vory high
prices for tho best quality, which thoy woro determined to
nave ratlior than any other. Kansas City dealers take all
this as meaning an incroaso in tho cotton acroago. Such an
inference seems not unnatural.
Finally there is a growing belief that deflation has started
and that it will bo hastened in all likolihood by a riso in tho
rediscount rates on commodity loans, especially as tho ratio
of bank reserves has recently beon declining. In manu
facturing establishments tho stocks of cotton on Jan. 31 woro
1,974,410 bales against 1,834,581 on Doc. 31 1919, and 1,
669,220 bales on Jan. 31 1919. To-day prices onded lowor
on March and a little liighor on othor months.
Liverpool
bought heavily. Tattorsall’s latost circular predicts a big
trado and continued high prices for tho yoar 1920. M id 
dling hero on tho spot closod at 39c a riso for tho weok of
55 points.
Tho official quotation for middling upland cotton in the
New York markot each day for tho past weok has boon:

Speculation in cotton for future dolivory has been far
from active, but on the whole the tone has been firm, expocially on M arch. This at times has advanced where other
Feb. 14
S a t . M o n . T u c s . W e d . T l u i r s . F r l.
months havo lagged. The point is that tho certificated M id d lin g to pFeb. d20—
u l a n s ..........................3 8 .7 5 3 8 .0 5 3 0 .4 0 3 0 .0 0 3 0 .2 0 3 0 .0 0
stock hero is still only 7 ,5 00 bales and that to very many it
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
looks risky to take tho short side of March or other near
months. Moreover, Liverpool has been a stoady buyor of 1 9 2 0 .C .. . . . 3 9 . 0 0 1 9 1 2 - C - . . . 1 0 . 5 0 1 9 0 4 .c . . . - .1 4 .5 0 1 8 9 6 .c . . . . 7 .8 8
1919____ . . . 2 6 . 6 5 1 9 1 1 ____ - .1 4 .1 0 1 9 0 3 .......... . . 1 0 . 0 5 1 8 9 5 ____ . . 5 .6 2
various months bore. And although lower grades havo boon 1918____ . . . 3 2 . 0 0 1 9 1 0 ____ . . 1 4 . 5 0 1 90 2 .......... . . 8.81 1 89 4 ____ . . 7 .8 8
reported weaker at the South, it seems to be a fact beyond 1917____ . . . 1 0 . 3 5 1 9 0 9 ____ . . 9 .8 0 1 9 0 1 .......... . . 9.31 1 89 3 .......... . . 9 .1 9
1916____ — 11.45 1 90 8 ____ ___11.40 1 90 0 .......... . . 8 .8 8
. . 7 .1 2
dispute that tho higher grades havo remained steady if not 1915____ . 8 .5 5 1 9 0 7 ____ . . 1 1 . 0 0 1 89 9 .......... . . 6 .5 6 1 89 2 .......... . . 9 .0 0
1 89 1 ..........
actually firm.
It is true that the demand has fallen off but 1914____ . . . 1 3 . 0 0 1 9 0 6 ____ . . 1 1 . 0 0 1 8 9 8 .......... . . 6 .2 5 1 8 9 0 .......... . . 1 1 . 2 5
1913____ . . . 1 2 . 5 0 1 9 0 5 _____ . . 7 .9 0 1 8 9 7 .......... . . 7 .1 2 1 8 8 9 _____ - .1 0 .1 2
holders of the better grades at any rato have an idea that
M A R K E T A N D SALES A T N E W Y O R K .
prices will advance later and they are not pressing thoir
cotton for sale. Early in the weok, too, prices at Liverpool
SALES.
Spot
Futures
|
advanced sharply on a domand from Manchester and tho
Market
Market
------------Closed.
Closed.
Spot. Contr 1. Total.
Continent. Later on spot sales there rose to 10,000 bales
a day. A t times an advance in stocks had a tendency to S a tu r d a y ___ S te a d y , 3 0 p ts . a d v .
brace up cotton. So had the rise in exchange. And al M o n d a y ___ S te a d y , 20 p ts . a d v .
y ___
a
45 ts
though in Liverpool it was predicted that the Bank of Eng T u e s d a d a y . S teied y ,40 pp s . . daedcv ..
W ednes
Q u t,
t
.
land rate of discount would be raised to 7 % , a fact which T h u r s d a y . . Q u ie t, 20 p t s . a d v . .
caused considerable soiling there on the 18th inst., it turned F r id a y ........... Q u ie t, 20 p i s . d o c . .
out that tho Bank rate was not changed, remaining, that is,
T o t a l ____
...
at 0 % . And the money rate here on call has generally been
F U T U R E S .— Tho highest, lowest and closing prices at
only % . Manchester has been firm with steady business,
though it turns out that Lancashire on tho wholo did less Now York for tho past week havo beon as follows:
business in January than it did in the provious month.
Saturday, M on d a y, T uesday. W ed'day, Thursd'y F riday,
Egyptian cotton has risen sharply, howovor, and this with
Feb. 14. Feb. 16. Feb. 17. Feb. IS. Feb. 19 Feb. 20.
W eek .
other things braced up Liverpool very noticeably for a time.
Tho recent advanco there, in fact, amounted to over 15 conts February —
R an ge------__ __ __
per pound. Moreover, Liverpool for some days was a
Closing___ 37.70 — 37.60 .96 37.35 .38 37.00 .52 37.15 .0!
steady buyer here in covering straddles while it sold out the M a rch —
Range........ 35.89 .25 35.90-.55 36.40-.9C 36.42-.8C 36.28-.70l 36.45- .78 35.89-190
other end of the straddle m its own market. And the con
Closing----- 36.23-.25 36.44-.46 36.85 .88 36.50 .52 36.65-.O 36.52-.60 — --- —
S
sumption in this country has beon on a big scale. A perti A p ril —
— — —
—
Range........
nent fact, moreover, is tho unprecedented number of spindles
Closing----- 34.65 — 34.65 — 35.15 — 34.75 — 34.80 — 34.85 — --- — —
now in operation. It is, according to tho latest Census M a y —
Range____ 33.52-.20 33 *51-.35 34.05-.70 34.05-.55 33.93-.40 34.17-.49 33.51-/70
statement, no less than 34,729 ,07 1, against 34,594,214 on
Closing----- 34.15-.1S 34.14-.1S 34.65 .68 34.25 .30 34.30 — 3I.34-.30 --- --- --D ec. 31 1919 and 33 ,850,472 on Jan. 31 1919. In other June —
words the cottbu spinning business in this country has
--- — --Closing----- 32.50 - 32.40 — 33.00 — 32.60 — 32.60 — 32.60
entered upon a new era and the ineroase of spindles seems July —
Range------- 3l.60-.10 31.35-. 15 .31.85-.50 31.91-.30 31.85-.22 32.0O-.24 31.35-/50
to bo in a measure at any rate offsetting the shorter hours of
Closing----- 32.01-.07 31.92-.93 32.48-.49 32.10-.il 32.09-. 10 32.12-.16 —
labor and the lessoned efficiency of the operatives. In tho A u g u st —
—
Range------- 30.80-.90 — --- --- --- — --- 31.35 — --- --- --- --- --- --- 30.S0-.35
winter, however, the cotton operatives are apt to work
Closing----- 31.10 — 31.00 — 31.50 — 31.20 — 31.25 - 31.40 — —
more steadily than in tho summer, when they take frequent September—
Range____ 30.60 — ------------ --- — --- ------------ 30.55-.66 30.55 — 30.55-.65
holidays. Furthermore, tho stocks in public warehouses in
Closing----- 30.40 — 30.35 — 30.65 — 30.35 — 30.50 —130.65 — —
this country on Jan. 31 wore onlv 3,700,501 bales, against October—
Range........ 29.25-.85 29.15-.85 29.70-.07 29.80-.90 29.55-.86 29.75-.00 29.15-.07
4,145,5 63 bales on D ec. 31 1919 and 4,570,8 24 on Jan. 31
—. ._ __
Cl
1919.
Latterly the market has acted as if it were oversold. Novemjslng----- 29.75-.82 29.75 — 30.06-.07 29.75 — 29.77 — 29.93-.94
ber —
Range........
Pretty nearly everybody is bearish on tho situation, and pre
Closing___ 29.45 — 29.40 — 29.65 — 29.40
29.40 — 29.53 — - - dicting lower prices. But tho very unanimity of sentiment D ecem ber —
on this point has tended to defeat its object. Certainly the
Range........ 28.72-.28 28.88-.32 29.24-.50 29.06- 32 29.12-.20 29.30- 50 28.72-.50
Closing___ 29.28 — 29.25 — 29.S0-.55 29.25 —•29.25 — 29.38 — __ __ __
rallies have been frequent and sometimes rather sharp.
January —
On tho other hand spot markots have quiotod down.
Range........ 28.44-.45 2s ""-.02 28.99-.20 28.80 — 2S.60-.82 28.90-.0.3 28.44- 20
Closing___ 28.75 — 28.99-.02 29.08-. 16 28.75 —■28.82 — 28.98 — —
Some easing of the basis is reported in parts of the South.
In both the eastern and western section of the belt buyers
36c. / 34c. / 3 2 c .

6




T H E V IS IB L E S U P P L Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as tho afloat, aro this week’s returns, and consequently
all foroign figuros aro brought down to Thursday evening.
B ut to make tho total the complete figures for to-night
(Friday), wo add the item of oxports from the United States,
including in it the exports of Friday only.
P el,
S to c k
S to c k
S to c k

779

THE CHRONICLE

Feb . 21 1920.

20—
1 92 0 .
a t L iv e r p o o l.............. b a l e s . . 1,0 6 3 ,0 0 0
a t L o n d o n ..................................
, 1 9 ’SSR
a t M a n c h e s t e r _____________
181 ,00 0

1919.
l A f ’RRo
105 ,00 0

1918.
4 5 7 ,0 0 0
19.0 00
7 3 .0 0 0

1917.
8 4 1 ,0 0 0
2 7 .0 00
9 6 .0 0 0

9 6 4 .0 0 0
6 2 6 .0 0 0
5 4 9 .0 0 0
T o t a l G r e a t B r ita in ................ — 1 ,2 5 4,00 0
* 1,000
S to c k a t H a m b u r g ________________
_______
* 1,000
S to c k a t B r e m e n __________________
-----
3 0 9 .0 0 0
103 ,00 0
1 26 ,00 0
3 0 0 ,0 0 0
S to c k a t H a v r e ___________________
8,000
2,000
3 .0 0 0
S to c k a t M a rs e ille s ----------------------------
1 04 .00 0
5 1 .0 00
6 2 ,0 0 0
S to c k a t B a r c e lo n a -----------------------8 2 ,0 0 0
7 5 ,0 0 0
1 8 .0 00
4 .0 0 0
S to c k a t G e n o a ___________________
2 1 9 ,0 0 0
* 1,000
S to c k a t T r lo s t o -----------------------------------------------------------------------------------------------T o t a l C o n tin e n ta l s to c k s ________

6 0 1 ,0 0 0

2 3 8 ,0 0 0

T o t a l E u ro p e a n s to c k s ----------------1 ,8 5 5 ,0 0 0
In d ia c o t t o n a flo a t fo r E u r o p o —
4 9,0 00
A m o r , c o t t o n a flo a t fo r E u r o p o . . 6 2 1 ,1 9 9
E g y p t ,B r a z il,& c .,a f!o _ a t fo r E u r ’ o ^ 67,000
S to c k in A le x a n d ria , E g y p t --------- 183,000

8 6 4 .0 0 0
14.0 00
3 3 4 ,6 6 6
5 8 .0 0 0
3 9 4 .0 0 0
*8 0 0 ,0 0 0

1SIS d0S! in te r io r. :t o:w n s:____:1i,2 73,9 6u 1i,5 0 9 ,2 1 3
" » ^ . : : : : .455 8 m m
:6
S to c k In U . .
U . 8 . e x p o r ts t o - d a y ............................

3 1 ,8 4 8

1 74 ,0 0 0

4 9 9 ,0 0 0

7 2 3 .0 0 0 1 ,4 6 3 ,0 0 0
4 1 .0 0 0
113 ,00 0
1 19 .00 0
2 5 7 ,0 0 0
8 5 .0 0 0
120 ,00 0
3 5 9 .0 0 0
149 ,00 0
*5 70 ,00 0
7 20 ,0 0 0

im m s

h im ??

1 ,2 7 5 ,7 9 6 l .l o O . O l l
...................................
11.172

T o t a l v is ib le s u p p ly ____________ 6 ,4 1 4 ,6 2 6 5 ,3 5 2 ,9 0 1 4 ,6 7 6 ,0 5 1 5 ,2 9 9 .7 0 6
O f t h o a b o v e , to ta ls o f A m e r ic a n a n d o t h e r d e s c r ip tio n s a re as fo llo w s :
_
. . . _
Am erican —
7 09 .0 0 0
3 0 1 .0 0 0
3 1 8 .0 0 0
L iv e r p o o l s t o c k .........................b a le s . 8 4 2 ,0 0 0
7 1 ,0 0 0
2 8 ,0 0 0
68,000
M a n c h e s te r s t o c k --------------------------- 139,000
2 0 8 .0 0 0 *1 48 ,00 0 *4 43 ,00 0
C o n tin e n ta l s t o c k ................................ 5 3 9 ’9RR
2 57 M o
119 .00 0 , , , A.0 0 0
3 3 4 ,6 6 0
A m e r ic a n a flo a t f o r E u r o p o ........... 6 2 1 ,1 9 9
s a a -s k r
U.
S . p o r t s t o c k s _________________ 1 ,4 3 5,61 1 1 ,3 7 9 ,0 2 2 1 ,5 0 3 ,2 5 5 1 ,3 1 6 ,5 2 3
U.
S . in te rio r s to c k s ______________ 1 ,2 7 5 ,9 6 8 1 ,5 0 9 ,2 1 3 1 ,2 7 5 ,7 9 6 1,1 5 0,01 1
U.
S . e x p o r ts t o - d a y ........................
3 1 ,8 4 8
\\.\72

O VER LAN D M O V E M E N T FOR TH E W E E K A N D
S IN C E A U G . 1.— W e give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The result for
the week and since Aug. 1 in the last two years are as follows:
O V E R L A N D M O V E M E N T F O R T n E W E E K A N D S IN C E A U G . I
1 9 1 9 -2 0 -------Since
.
A u g . 1.
5 34 ,50 5
V ia S t. L o u i s ............................................. 8 .6 6 2
3 31 .6 3 3
V ia M o u n d s , & c ____________________ 5 ,1 7 6
13,873
V ia R o c k I s l a n d ...................................... 175

Feb. 2 0 —
Shipped—

_

Week.

2 ,0 7 0
198
2 8 ,6 2 3

2 1 ,2 6 3
129 ,57 4
2 4 8 ,3 0 2

900
V ia C in c in n a t i___________________
3 ,7 8 9
V ia V ir g in ia p o i n t s ______________
V ia o t h e r r o u te s , & c -------------------- ..1 5 ,3 8 9

55,5 01 1 ,3 3 5 ,8 5 2

3 5 .5 92 1 .3 4 3 .3 0 4
T n ta l crrn<!<i nvflrlnnd
.
129 ,41 8
O v e rla n d t o N . Y . , B o s t o n , & c . . . 2 ,3 1 2
1,073 T f 5 4 ,9 9 8
B e tw e e n In terior to w n s --------------4 ,0 0 6 V 172,460
I n la n d , & c ., fr o m S o u t h ............. ..

Deduct Shipments—

7,391

268
1,401
4 ,5 2 1

9 8 6 ,4 2 8

T o t a l t o b e d e d u c t e d ............. - „

4 1 ,9 6 5
37,1 01
1 4 9 ,7 4 4

6 ,1 9 0

3 56 .8 7 6

L e a v in g t o ta l n e t o v e r la n d * ----------- -.2 8 ,2 0 1

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

2 2 8 ,8 1 0

49,3 11 1 ,1 0 7 ,0 4 2

a R e v is e d

* I n c lu d in g m o v e m e n t b y ra il t o C a n a d a ,

The foregoing snows tne week s net overianu movement
has been 28,201 bales, against 49,311 bales for the week last
year, and that for the season to date the aggregate net over
land exhibits a decrease from a year ago of 120,614 bales.
■1919-20--------

Week.

Since
A u g . 1.

189,730
R e c e ip ts a t p o r t s t o F e b . 2 0 ---------- 189,730
N e t o v e r la n d t o F e b . 2 0 - - - - - - - - - . 28,201
S o u th e rn c o n s u m p t io n t o F e b . 2 0a1 7 1 ,0 0 0
00

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

I n Sight and Spinners'
'
Takings.

,

•1918-18
.Since
A u g . 1.
9 0 ,9 6 0 3 ,6 4 5 ,4 5 8
1 ,1 0 7 ,0 4 2
49,3 11
6 0 ,0 0 0 2 ,1 5 3 ,0 0 0

Week.

6 ,9 0 5 ,5 0 0
8 ,1 7 3 ,7 8 3 200 ,27 1
.288,931
8 1 2 ,5 9 7
6 ,7 7 2
473,921
I n te r io r s to c k s In e x c e s s -----------------. 3 ,4 8 0
T o t a l A m e r i c a n . . . ................................................4 ,8 7 8 ,6 2 6 3 ,8 1 6 ,9 0 1 3 ,3 7 5 .0 5 1 3 ,9 5 7 .7 0 6
2 0 7 ,0 4 3
.292 ,4 11
Fast Indian, Brazil, A c .—
__ ______
7 ,7 1 8 .0 9 7
8 ,6 4 7 ,7 0 4
132 .00 0
T o t a l in s ig h t F e b . 2 0 1 56 .00 0
1 8 8 ,0 0 0
L iv e r p o o l s t o c k ____________________ 2 2 1 ,0 0 0
2 7 .0 0 0
19.0 00
1 5 .0 0 0
L o n d o n s t o c k ..........................................
10,0 00
3 5 ,1 2 5 1 ,3 6 8 ,6 5 6
1 ,9 0 1 ,7 2 0
3 9 3 ,8 16
2 5 .0 0 0
4 5 .0 0 0
3 7 .0 0 0
M a n c h e s t e r s t o c k . ------------------------4 2 ,0 0 0
*56,0 00
*2 6 ,0 0 0
* 3 0 ,0 0 0
C o n t in e n t a l s t o c k ...........................
6 8 ,0 00
* D e c r e a s e d u rin g w e e k , a T h o s e fig u re s a re c o n s u m p t io n : ta k in g s n o t
113.000
4 1 .0 0 0
1 4 .0 00
I n d ia a flo a t f o r E u r o p e ___________
4 9 ,0 00
120.000 a v a ila b le .
8 5 .0 0 0
5 8 .0 0 0
E g y p t , B razil A c ., a f lo a t ________
6 7 ,0 00
149.000
3 5 9 .0 0 0
3 9 4 ,0 0 0
S to c k in A le x a n d ria , E g y p t ........... 183,000
Movem ent into sight in previous years:
7 20 .00 0
S to c k In B o m b a y , I n d i a __________ 8 96 ,0 0 0 * 8 0 0 ,0 0 0 * 5 7 0 ,0 0 0
Since A u g. 1—
Bales.
Week —
Bales.
, q i « — F o b . 2 2 ______
2 0 6 ,4 9 0 1917-18— F e b . 2 2 ..................... 8 .8 3 0 .0 5 6
T o t a l E a s t I n d ia , & c ....................1 ,5 3 6 ,0 0 0 1 .5 3 6 .0 0 0 1 .3 0 1 .0 0 0 1 .3 4 2 ,0 0 0
1917— F e b . 2 3 ...............................166,456 1916-17— F e b . 2 3 ..................... 9 ,9 9 6 ,8 4 3
T o t a l A m e r ic a n _________________ 4 ,8 7 8 ,6 2 6 3 ,8 1 6 ,9 0 1 3 ,3 7 5 ,0 5 1 3 ,9 5 7 ,7 0 6
916— F e b . 2 5 ............ - ...............2 42 ,3 6 9 1915-16— F o b . 2 5 ..................... 9 ,1 0 2 .3 2 3
T o t a l v is ib le s u p p ly ........................6 ,4 1 4 ,6 2 6 5 ,3 5 2 901 4 .6 7 6 .0 5 1 5 .2 9 9 ,7 0 6
W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our reports
3 0 .5 1 d .
1 7 .6 8 d .
2 3 .1 5 d .
1 1 .3 3 d .
M id d lin g u p ia n d s , L iv e r p o o l--------3a s.1i5 ce. .
2 . S
M id d lin g u p la n d s , N o w Y o r k ____
3 9 .0 0 c .
oa RKn
1 6 .3 0 c .
2 6 .6 5 c .
by telegraph from the South this evening denote that while
2 6 .7 5 d .
3 0 .5 6 d .
3 0 .5 8 d .
E g y p t , g o o d sa k ol, L iv e r p o o l____
9 7 .0 0 d .
1 8 .5 0 d .
3 9 .0 0 d .
3 3 .0 0 d .
P e r u v ia n , rou gh g o o d , L i v e r p o o l. 3 9 .0 0 d .
rain has been quite general during tho week the procipitation,
1 0 .8 5 d .
2 1 .9 5 d .
I 7 .1 7 d .
2 4 .8 5 d .
B r o a c h , fin e , L iv e r p o o l.............—
1 0 .0 3 d .
2 2 . 20 ( 1.
1 7 .4 2 d .
T in n o v o lly , g o o d , L i v e r p o o l --------- 2 5 . l 0 d .
as a rule, has been light. Farm work is backward as a whole.

Mobile reports heavy orders for fertilizers, but slow delivery.

* E s t im a t e d .

Continental imports for past week have been 169,000 bales.
Tho abovo figures for 1920 show an increaso over last week
of,03,073 bales, a gain of 1,061,725 bales over 1919, an excess
of|l ,738,575 balos over 1918 and a gain of 1,114,920 bales
ovor 1917.
A T T H E IN T E R IO R T O W N S tho movement— that is,
tho recoipts for tho week and since Aug. 1, the shipments for
tho week and tho stocks to-night, and tho same items for the
corresponding period of tho previous year— is set out in
do tail below:

G alveston, T ex . — There has been rain on one day of the
week to the extent of thirty-four hundredths of an inch.
Tho thermometor has averaged 57, ranging from 50 to 64.
A b ile n e , T ex . — There has been no rain tho past week.
Tho thermomotor has ranged from 22 to
, averaging 45.
Brow nsville, T e x . — It has rained on one day during the
week to tho extent of ten hundredths of an inch. Tho themometer has averaged 62, the highest being 76 and the low-

68

C DaWas, T ex . — There has been no rain tho past week. The
S
thermometer has averaged 46, ranging from 22 to 70.
M ovem ent to F eb . 21 1919.
P alestine, T ex . — There has been rain on two days tho past
M ovem ent to F eb. 20 1020.
week to tho extent of twelve hundredths of an inch. The
R eceipts.
S h ip Stocks
R eceipts.
Ship
Stocks
T ow n s.
Feb.
thermometer has ranged from 32 to
, averaging 49.
m ents.
F eb.
m ents.
20. W eek. Season. W eek . 21.
Wee*. Season. W eek .
San A n to n io , T e x . — Thoro has been rain on two days of
the weok to the extent of five hundredths of an inch. The
2,898
6,219
2
192 2,500
10
4,238
A la., EUfaUla.,
04,852
379 10,189
*254 26,323
58,089
175
M ontgom ery ..
340
thermometer has averaged 57, the highest being 74 and the
20,800
30,032
145 3,200
54,001
152
475
. 117
S elm a............ 1
28,07(1
475 7,980
,
.
.
, .
33,237
75 5,800 lowest 40.
l.O-W
75
A rk., H elen a ..
2,625 50,038 2,145 127,953 1,404 41,603
Little R o c k .. .
2,59(1 107,583
N e w O rleans, L a . — There has been ram on two days during
1,000 79,330 1,000 33,000 2,770 102,919 1,340 44,007 tho week, to tho extent of sixty-three hundredths of an inch.
Pino lllu ff____
____
4,435
9,299
2 2,371
9,901
C
O
G a ., A lb a n y ...
5
592 38,640
692 131,993 3,000 38,323
Athens.............
1,545 102,304
Tho thermometer has averaged 51.
4,410 33,041 2,518 140,493 2,080 24,276
2,74(1 207,174
Atlanta _____
Shreveport, L a . — 1
There has beon ram on two days * the
0,523 100,100 5,844 315,953 2,710 190,097
2,031 444,958
August a
.
30,200
week to the extent of fourteen hundredths of an inoh. The
18 19,502
02 33.087
50,498
C olu m bu s____
75
1.020 210,954 2,530 39,287 2,129 151,531 2.435 39,843 thermometer has ranged from 30 to 73.
M a co n ..............
49,204
5 12,854
810 14,483
250
39,314
H om e........... ....
293
M o b ile , A l a .— Preparation of land is backward on account
5tr 09,239 1,339 61,106
600 107,835
1,233 49,000
L a ., Shreveport
10,401
353 2,700
75 4,510
17,482
10(
85
Mlss.,ColumbUt
of wot weather. Fertilizer orders aro heavy, but delivery
Clarksdalc . . .
2,()0( 117,40(1 2,751 44,000 2,149 108,990 1,082 48,845
slow. There has been rain on two days of the week to the
1,090 28,500 2,000 111,978 2,400 44,000
103,038
G reenw ood. .
1,501
1,070 5,113
32,527
520 14,283
M eridian_____
33,278
357
341
extent of ninety-two hundredths of an inch. The thermo
|
21,813
625 9,334
N a tch ez...........
30,132
337 10,027
317
meter has averaged 50, ranging from 33. to 72.
10,908
30 10,549
349 10,199
205
Vicksburg . . . .
002 28,169
970 8,809
32,407
Y azoo C ity . .
34,041
1.183 17.559
49
Selm a , A l a .— There has been rain on ono day the past week
1,077
8,002 9,800 14,145 388,104 13,930 25,303 to tho extent of five hundredths of an inch. Tho thermo
529,050
9,223
M o ., St. Louis.
1,500 9,552
38,297
N.C..C Ir’ nsboro
491 9,000
1,500
20,220
400
150
285
meter has ranged from 21 to 64, averaging 39 .5.
5,249
100
319
R aleigh ---------52
0,238
37
1,000 38,500 1,500 18,000 3,998 92,358 2,498 18,000
O ., Cincinnati
Savam iah, G a .—
the
__
O kla., Ardmore
...... l'.OOO 10,250 week to tho extent There has beon rain on threo days of The
of forty-two hundredths of an inch.
11,035
10,397 1*000 *38,090
Chlckasha-----” 280 3,405
” '6 6
330 1.853
20,843
411
H u g o .............
thermometer has averaged 46, the highest being 67 and the
_
_ 24,398
300 5,800
37,395
0,247
200 32,212
O klahom a-----,
.
,
j
.
58,535
1,015 20,700 lowest 28.
800
8 .( ,. Greenville 3,090 113,428 '3,858 30,708
19
19 7,900
10.059
15,104
13,302
G reenw ood. .
C harleston, S . C .— W e havo had ram on ono day during
T onn ., Memphis 31,433 853,378 20,894 295,551 19*407 045,202 16,508 309,044
tho past week, to the extent of eleven hundredths of an inch.
____
123
1.430
108
1,010
1.552
1,208
N a s h v ille -----1,038 4,074
1.529
47,136
7,002
001 Tho thormomotor averaged 48, ranging from 28 to 67.
T e x ., Abilene
4
11
80 2,101
0,020
**20 10,015
5,020
B renham .........
Charlotte, N . C..— It has rained during the week, to the
220 37,270
290 0,808
35,838
'272
8,057
533
Clarksville
2.01S 02,872 2,039 17,048 1,527 70,058 1,358 15,091 extent of sixty hundredths of an inch. The thermometer
D a lla s .............
29,95(1
042
880 4,950
484 4,925
313
22,037
H oney Grove.
has ranged from 15 to 59, averaging 38
H ouston . . . , 47,07t 1,508,890 34,834 240,001 20,999 1,377,750 31,422 290,104

66

0

P aris. .
San A n to n io ..

1,330
255

107,930
39,803

1,089 14,531
1,343

1,012

2,852

1,000

88,429
30,114

1,565 13,735
1,067 4,100

!
T otal. 41 town1 118,073 5,454,2191 14,699 1275908 98,809 4,055.204 92,037 1509213
'

Tho abovo totals show that tho interior stocks have in 
creased during tho weok 3,4 80 bales and are to-night 233,245
bales loss than at tho same time last year. Tho receipts at
all towns have boon 19,264 bales more than the same week
ast year.




The following statement wo have also received by tele
graph, showing tho height of tho rivers at the points named
at
a. m . of the dates given:

8

N e w O r le a n s .......................A b o v e
M e m p h is _______ _________ A b o v e
N a s h v i l l e ........................... A b o v e
S h r o v e p o r t .........................A b o v e
V ic k s b u r g ........................... A b o v e

Feb. 20 1920.
Feet.
z e ro
z e ro
z e ro
z e ro
z e ro

of
of
of
of
of

gauge.
gauge.
gauge.
gauge.
gauge.

15.8
1 0 .4

11.0

17.4
3 7 .8

Feb. i l 1919.

Feet.

0 .1
0 .5
10.3
16.8
iv .r

780

THE CHRONICLE

Q U O T A T IO N S F O R M I D D L I N G C O T T O N A T O T H 
E R M A R K E T S .— Below are the closing quotations of mid
dling cotton at Southern and other principal cotton markets
for each day of the week:
Closing Quotations for Middling Cotton on—
Feb. 2 0 .

'

G al v e s to n _______
N e w O r lea n s ___
M o b i l e __________
S a v a n n a h _______
C h a r le s t o n ______
W i lm i n g t o n ____
N o r f o lk _______ .
B a l t i m o r o ____ _
P h i l a d e lp h ia ___
A u g u s t a ________
M e m p h i s _______
D a lla s ___________
H o u s t o n _______
L it t lo R o c k ____

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

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

4 1 .5 0
4 1 .2 5
/ H o li- 1 3 9 .7 5
t d a y . / 3 8 .0 0
3 9 .5 0
3 9 .2 5
4 0 .0 0
3 9 .2 5
3 8 .5 0
3 8 .5 0
3 8 .7 5
3 8 .7 5
3 9 .5 0
3 9 .5 0
3 9 .6 5
3 9 .2 5
3 8 .5 0
3 8 .5 0
3 9 .0 0
3 9 .0 0
4 2 .4 0
4 1 .8 5
4 0 .2 5
4 0 .0 0
3 9 .0 0
3 9 .0 0

38150
3 9 .5 0
3 9 .2 0
3 8 .2 5
3 9 .0 0
4 2 .0 0
4 0 .0 0
3 9 .0 0

4 0 .0 0
3 9 .0 0

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

1919 -2 0.

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

321 CO
P

TtVUt.

Deo.
26
Jan.
2
9
16
23
30
F eb.

6

3 7 .7 3 —
3 7 .2 3 -.2 9
3 4 .7 7 3 2 .7 7 2 9 .8 5 -.9 0
2 9 .2 4 —
2 8 .8 5 —

3 7 .9 5 —
3 7 .4 5 -.4 8
.82
3 4 .8 2 -.S 7
.80
3 2 .6 0 -.6 3
2 9 .7 3 -.7 7
2 9 .0 3 08
2 8 . /3 —

S tea d y
S tea d y

S te a d y
S te a d y

3 7 .8 3 —
3 7 .3 3 -.3 5
3 4 .7 0 -.7 2
3 2 .5 4 -.5 8
2 9 .7 2 —
2 9 .0 5 -.0 7
2 8 .7 2 —

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

S tea d y
S te a d y

H O L I
DAY.

3 8 .0 7 —
3 7 .5 7 -.6 0
3 4 .7 5 -.7 7
3 2 .6 3 -.6 4
2 9 .7 8 —
29.0.3-.10
2 8 .7 8 —
S te a d y
S te a d y

S te a d y
S te a d y

W O R L D ’S S U P P L Y A N D T A K I N G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
the last two seasons, from all sources from
which statistics are obtainable; also tho takings, or amounts
gone out of sight, for the like period.

1

Cotton Takings.
Week and Season.

1919-20.
Week.

1918-19.

Season.

Week,

i Season.

V is lb lo s u p p ly F o b . 1 3 ___________ 6 ,3 5 1 .5 5 3
5 ,2 2 7 ,5 6 8
V is ib le s u p p ly A u g . 1____________
4 ,7 9 2 ,0 1 8
A m e r ic a n in s ig h t t o F e b . 2 0 ____
292,41 1 8,647,704
2 0 7 ,04 3
B o m b a y r e c e ip ts t o F e b . 19 ____ 6120,000 1 ,3 9 9,00 0
7 4 .0 0 0
O th e r In d ia s h ip ’ ts t o F o b . 1 9 . .
64.000
6 1 ,0 0 0
3 .0 0 0
A le x a n d ria r e c e ip ts t o F o b . 1 8 __
624 ,00 0
7 2 0 .00 0
20.000
O th e r s u p p ly t o F e b . 18*_______
6 7.000
1 30.000
1.000

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

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

179.710
1 70.710
9 ,0 0 0

7 .3 3 5 .6 4 6
5 .8 4 7 .6 4 6
1 ,4 8 8 ,0 0 q
E m b r a c e s r e c e ip ts in E u r o p e fr o m B r a z il, S m y r n a , W e s t In d ies & c
a Fins t o ta l e m b r a c e s s in c e A u g . 1 t h e to ta l e s tim a te d c o n s u m p t io n b y
S o u th e r n m ills , 2 ,0 3 0 ,0 0 0 bates in 1919-20 a n d 2 ,1 5 3 ,0 0 0 bales in 1918-19—
t a k m g s n o t b ein g a v a ila b le —-a n d t h o a g g r e g a te a m o u n ts ta k o n b y N o rth e rn
s P.n!n e r s , 7 ,3 0 5 ,0 9 b b a le s in 1919-20 a n d 5 ,1 8 2 ,6 4 6 b ales in
1 9 1 8 -1 9 , o f w h ic h 4 ,9 2 8 ,0 9 6 b ales a n d 3 ,6 9 4 ,6 4 6 b ales A m e r ic a n ,
o E s t im a t e d .
.

B O M B A Y C O T T O N M O V E M E N T .— The rocoipts o f
India cotton at Bom bay for the week ending Jan. 29 and for
the season from Aug.
for three years havo been as follows.

1

1919-20.

Jauuiry 29.
Receipts at—

1917-18.

Since
Aug. 1.

Since
Aug. 1.

71.000

For the Week.

B om bay—
1919-20..
1918191718.
Other India
191919181917T otal all—
191919181917-18..

Since August 1.
Great
Britain.

20,000 22,000

2,000
1 9 ..
1,000

Since
Aug. 1.

1.007.non

Great Conti JaparuS:
Brltalnt nent. China.

" l'o o o

1,000
1,000

33.000
19.000
143,000

Conti
nent.

20.
1 9 ..
1 8 ..

1,000

1,000
3,000

12,350
5,000

2 0 ..
2,000
1 9 ..
2,000

1,000 20,000 23,000

50 3 5)
24,000
143.000

201,300
63.000
04.000

792.000
222.000
714,000

64
64
66
68
(& 68

58 X

@

59

1.000

4.000
1.000

Export (bales) —

792.000 1,103,650
230.000 317.000
714.000 921.000

1 9 1 8 -1 9.

191 7 -1 8.

1 7 3 ,42 9
4 ,8 7 4 ,3 6 9

109 ,68 5
3 ,6 7 6 ,0 9 5

1 26,763
4 .3 5 8 .0 2 3

L iv e r p o o l _____________
9 ,9 3 0 196,223
1 42,184
M a n c h e s t e r , & c _____
9 ,7 5 0 1 2 1 ,M l
6',805 79,771
C o n t in e n t a n d I n d i a . . 2 .2 3 9 8 6,4 53 14,093 6 6,1 75
C o n t in e n t _____________ 1 5,6 93 197,972
1 1,792

T o t a l e x p o r ts ___________ 3 7 ,5 1 2 6 0 2 ,15 9 2 0 ,8 9 8 299,9221

mi.;

Since
Week. Aug. 1.

--II

175 ,70 8
4 7,831
4 2 ,7 0 3
13,5 30

—

2 7 9 ,77 2

. : '- " " 'T J a
“ «*• “ g y p u a n o a ie s w eign a b o u t 750 lb s.
.o n Sta e on s h ow s th a t t h e r e c o ip ts fo r t h e w eek e n d in g J a n . 28 w ere
.m
1 7 3 ,42 9 c a n ta rs a n d t h o foreig n s h ip m e n ts 3 7 ,5 1 2 b a le s .




40
39
34
34
31)4

@
@
@
@

27.72 28)4
29.67 27
30.51 27)4

@

@

20.40

23
23
21
21
20

@32
@32
@30
@30
@29

0
0
0
0
0

21.24
19.38
19.04
15.84
16.59

@29 0
@27 0
@25 0

17.05
16.82
17.68

0
0
0
0
3

30)4 20 3
29
17 6
29)4 18 6

@
@

s. d.

d.

T o t a l.............................................................................................................1 2 5 ,5 3 6
C O T T O N F R E I G H T S .— C u rre n t ra tos fo r c o t t o n fr o m
N e w Y o r k , a s fu r n is h e d b y L a m b e r t & B u r r o w s , I n o ., a re
a s f o llo w s , q u o t a t i o n s b e in g in c e n t s p e r p o u n d :
Liverpool, 1.500.
Stockholm , 2.750.
Shanghai, 1 .50o.
M anchester, 1.50c.
Triesto, 2.60c.
B om bay, 1.250.
Antwerp, 1.00c.
____
Flume, 2.60o.
V ladivostok, 1.50.0.
G hent, via Antwerp, 1.15o.
Lisbon, 1.76c.
O othenburg, 2.00o.
H avre, 1.60c.
O porto. 1.750.
Bremen, 2.00c.
R otterdam , I . 6O0.
Barcelona direct, 1.00c.
H am burg, 2 00c.
G enoa, 1.60c.
Japan, 1.50o.
Danzig, 2.00o. asked.
Christiania, 2.25c.

L IV E R P O O L .— B y cablo from Liverpool we have tho fol
lowing statement of tho week’s salos, stocks, & c., at that port:
„ ,
,
Jan. 3 0 .
Feb. 6 . Feb. 13. Feb. 2 0 .
2 5 ,0 0 0
3 3 ,0 0 0
S ales o f th e w e e k ........... ......................
4 4 ,0 0 0
3 6 ,0 0 0
O f w h ich s p e c u la to r s t o o k ______
_______
_______
O f w h ic h e xp o r te r s t o o k ________
_______
S ales, A m e r ic a n ___________________
12,000
1 8,000
3 0 ,0 0 0
20,000
A c t u a l e x p o r t ........................................
2 4,0 00
11,000
7 ,0 0 0
10,600
F orw ard ed
.................... ..................
9 9 ,0 0 0
9 1 ,0 0 0
1 14,000
104 ,00 0
............. - ................. 9 4 2 ,0 0 0 1 ,0 6 7 ,0 0 0 1 ,0 8 6 ,0 0 0 1 ,0 6 3 ,0 0 0
T o t a l s to c k
8 5 9 ,0 0 0
8 7 0 ,0 0 0
8 1 2 ,0 0 0
O f w h ic h A m e r i c a n --------- ---------- 7 2 0 ,0 0 0
T o t a l im p o r ts f o r t h o w e e k ------- 1 5 7 ,00 0
2 0 8 ,0 0 0
165 ,00 0
8 0 ,0 0 0
O f w h ic h A m e r ic a n ......................... 109 ,00 0
185 ,00 0
111 ,00 0
6 0 ,0 0 0
A m o u n t a f lo a t ..................................... .. 5 9 0 ,0 0 0
4 9 4 ,0 0 0
4 2 8 ,0 0 0
O f w h ic h A m e r ic a n .......................- 4 8 8 ,0 0 0
3 8 8 ,0 0 0
3 4 6 ,0 0 0
H U H

Saturday.

12A5

1 919-20.

Since I
Since
Week. Aug. 1.' Week. Aug. 1.

38
36)4
32
31)4
29)4

@33 0

Total bales.

Monday.

1

Wednesday. Thursday.
G ood
dem and.

Good
dem and.

Friday.
Quiet.

31.04

31.16

30.87

30.51

8,000

Futures.

8,000

10,000

10,000

6,000

Firm ,
Steady,
Steady,
Quiet,
Quiet,
31 @ 5 0 pts. 2 2@ 4 0 pts. 15@ 20 pts. 9 @ 1 9 pts. 9 @ 16 pts.
advance.
advance.
advance.
advanco.
decline.

1
/

M arket,
4
I*. M .

Fair
business
doing.

30.98
H O L ID A Y

M arket
opened

Tuesday.

Fair
business
doing.

<

P. M .

Receipts ( cantars) —
T h is w e e k ________
S in co S e p t . 1_________

@43 9
@44 6
@46 0

29.16
28.79
28.66
27.66
28.31

24 0

N E W Y O R K — T o L iv e r p o o l— F o b . 17— Irish m a n , 8 2 8 .
...
8 28
T o H a v ro — F o b . 18— M c K e e s p o r t , 5 0 0 .........................
...
5 00
T o B rom on — F o b . 14— M a n c h u ria , 1 ,2 2 4 ..................
...
1,224
T o A n tw e rp — F o b . 14— N a v a rin o , 6 7 8 _____________
...
678
T o P iraous— F o b . 17— T h o m is to c lo s , 1 8 0 .
180
mT, J I!0^J^ ? an' ~ F c b - 17— A ja x , 1, 7 7 4 . . . ___ Z_______ ZZZZZZZZZZZZ”
1,774
T E X A S C I T Y — T o L iv e r p o o l— F e b . 13— W e s t Q u oehos, 20,4 78
F e b . 19— C o n tin e n ta l B rid g e , 1 0 ,7 0 3 _____________________
31 i « i
9J06
L iv e r p o o l— F e b . 19— E n g in o o r. 9 ,1 6 6 ____ H U
N E W O R L E A N S — T o L iv e r p o o l— F o b . 14— In d o re , 4 ,0 1 4
Fob.
19— S ca n tic, 7 ,3 8 0 _________ __________________________________
n 304
2 071
T o A n tw orp — F e b . 16— M o n a p ic r , 2 ,0 7 1 _______________H I
i^r tS.toT7F o b - 14— S zto re n yl, 3 ,3 7 5 ...............................................1 3 ,3 7 5
M O B I ljlk - —T o H a vro — F o b . 18— D e m o c r a c y , 1 ,4 3 4 _______
.
1 434
S A V A N N A H — T o C o p e n h a g e n — F o b . 14— G a le sb u r g , 3 ,5 0 0 .............
3 ,5 0 0
3 100
T o V on ico— F o b . 17— G e o r g ia , 3 ,1 0 0 ____________
,£ ° B arcelon a — F o b . 13— W ilc o x , 4 ,1 2 6 .................... .........
* 4 126
T o T rio s to — F o b . 17— G e o r g ia , 4 6 ..............................
T o G en oa — F o b . 18— W ilc o x , 1 1 . 3 4 9 . . .F o b , 18— E speria', 2",90l 1 4,3 10
T o Japan— F o b . i o — C h ic o m ic o , 9 ,7 0 1 _____________
.
9,701
T,° G ° n o a — F o b . 18— C a ln o , 4 ,0 0 0 ...........................
4 ,0 0 0
7,0 5 0
10 A a t worn— F o b . 18— C h a m p io n ,
7 ,0 5 0
o PA 4'W tI-'JW* 10 B re m e n — F e b . 18— L ake F o s b y , 4 ,5 9 0 ....................... 4 ,5 9 9
S A N E R A N C I S C O — T o Jap a n — F o b . 17— E lk h o r n , 5 ,9 1 7 ; W o st
___
N ig e r, 3 8 . . .................................................................
5 955
S E A T T L E — T o J a p a n — F o b . 11— M o x ic o M a r u , 3 ,5 8 5 ___ F ob." 14—
’
K os h u n M a r u , 1 ,7 5 9 ................
5,3 4 4

Spot.

A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S OF
C O T T O N .— The following are the rocoipts and shipments
for tho wook ending Jan. 28 and for tho corresponding week
of tho two provious years:
Alexandria, Egypt,
Jan. 28.

6
0
6
6
0

h. d.

S H IP P IN G N E W S .— A s shown on a provious page, the
exports of cotton from tho United States tho past week have
reached 125,536 bales. Tho shipments in dotail as made
up from the mail and telegraphio roturns, aro as follows:

M Id.U pl’ds
2,000

@41
@42
@42
@42
@43

0
4
6
6
0

70
40 8
71)4 41 6
72 '42 6

60

M arket,

* N o data for 1917-18- figures for 1918-19 arc since Jan. 1.

To
To
To
To

38
38
39
39
40

@
@

d.
40

@

8

44,390
2,000

2,0 0 0

56
58
5 7K
58

a. d. d.
d.
@40 0
26.68 .38

The tono of tho Liverpool markot for spots and future
each day of tho past wook and tho daily closing prices of
spot cotton have been as follows:

Japan A
China.

217,000
61,000
04,000

54

8. d.

Twist.

36 6

63

@

8H bs. Shirtings. Common Mi d.
to Finest.
Up's

32* Cop

111.000

T o t a l s u p p l y . ................................. 6 ,7 9 8 ,9 6 4 15.749,722 5,532,611 12,688,547
Deduct—
I
V is ib le s u p p ly F e b . 2 0 ___________ 6 ,4 1 4 ,6 2 6
6,414,626 5,352,90ll 5,352,901
T o t a l ta k in g s t o F o b . 2 0 . a ______I 3 8 4 ,3 3 8
1 96,338
O f w h ic h A m e r ic a n ___________
O f w h ic h o t h e r ________________
188,000

13
20

d.

d.
53

1918-19.

SH bt. Shirt- Col'a
ino8, Common Mid.
to Finest.
Up ’«

.

Saturday, Monday,' Tuesday, Wed'day, Thursd'y, Friday,
Feb. 14. Feb. 16. Feb. 17. Feb. 18. Feb. 19. Feb. 2 0 .

Exports
from—

M A N C H E S T E R M A R K E T .— Our roport received by
cablo from Manchostor, to-night states that tho markot is
strong but trading has slowod up.
Tho Egyptian depart
ment is disorganized. W e give prices for to-day bolow
and leave those for previous weeks of this and last year for
comparison:

Saturday. Monday. Tuesday Wed'day. Thursd'y. Friday.

N E W O R L E A N S C O N T R A C T M A R K E T .— The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been as follows:

F e b r u a r y _______
M a r c h ___________
M a y ____________
J u ly .........................
O c t o b e r ________
D e c e m b e r ____ __
J a n u a ry ________
Tone—
S p o t .......................
O p tio n s ________

[Vol. 110

{

|

Steady,
Firm ,
Barely st'y,
Barely st’y,
Quiet,
41 @51 pts. 31 @ 5 3 pts. 40pt.doc. to 2 2@ 33 pts. 19@31 pts.
advance.
advanco. 6 pts. adv.
decline.
deoltne.

1

The prices of futures at Liverpool for oach day aro givon
below:
F eb . 14
to
Feb. 20.
_
February _
M arch______
A pril..............
M a y _______
J u n o _______
July................
A u gu st.........
S eptem ber. .
O c t o b e r ____
N ovem ber . .
Decem ber___
January ____

S at.

M on .

T u cs.

W ed.

12M 12)4 12'A

4
12H 4
12)1 4
12)1 4
P. m. p. m. p. m p. m. P. Ill p. m. p. in. p. m. p. m. p. m

(l.

d.

H O L IDAY.

d.

d.

d

d.

d.

d

a

d.

12K

4

d.

d.

l> m. p. m.
.

28.98 28.85 29.01 29.16 29.16 28.76 28.87 28.54 28.51 28.24
28.54 28.40 28.61 28.78 28.86 28.46 28.57 28.24 28.21 27.94
27.80 27.65 27.91 28.08 28.20 27.82 27.80 27.49 27.51 27.22
27.08 26.90 27.21 27.33 27.46 27.12 27.08 26.79 26.81 26.52
26.33 26.18 20.49 26.61 26.73 20.47 26.41 26.18 26.15 25.87
25.55 25.40 26.73 25.86 26.00 25.77 25.71 25. 48 2,5.45 25.19
21.90 24.75 25.08 25.21 25.38 25.17 25.10 24.87 24.86 24.69
24.15 24.00 24.26 24.49 24.72 2 1.51 24.34 24.21 24.19 23.06
23.18 2.3.10 23.36 23.50 23.82 23.64 23.52 23 39 23.41 23.18
22.72 22.62 22.86 23.11 2.3.32 23.14 23.01 22.91 22.91 22.70
22.24 22.16 22.45 22.68 22.89 22.74 22.62 22.51 22.51 22.28
21.94 21.85122.16 22.38 22.00 22.44 22.34122.21 22.21 22.02

Feb. 21 1920.]

781

THE CHRONICLE

BREADSTUFFS
F rid a y N ig h t, F eb . 20 1920.
Flour has been quiet. - It is true that early in tho week
there was a further advance in wheat of 5 cents, making a
riso of 40 cents from the recent low point, but within a few
days it has fallen 20 to 28c. There was more or less irregu
larity in prices for flour all the week and now they seem
moro or less depressed. Some think that the mills are pretty
well supplied with wheat and possibly also with flour. Cer
tainly thore is an idea that tho mills are beginning to bo
anxious to make sales. Trading has been light for somo
little timo. Buyers on tho whole appear to be pretty well
supplied. And they see othor kinds of food declining sharp
ly. This gives them an idea that possibly breadstuffs will
bo tho next to tako a downward turn. Tliero has been very
little oxport business and for that matter very little inquiry.
In a word businoss for both foreign and domestic consump
tion has been on the whole small and the tone of tho market
moro or loss irregular and unsettled. M ill centres report
businoss poor. A modorato trade in low grades has been

more plentiful in Iowa. Tho order which gave the Grain
Corporation 7 0 % of tho good cars is said to have been
canceled. Argentina’s shipments for the week were 5 ,6 0 4 ,
000 bushels; visible supply, 4,000,000 bushels, a decrease
of 800,000 bushels.
D A I L Y C L O S IN G P R IC E S O F C O R N IN N R W Y O R K .

Sat. M on. lu es.

N o . 2 y e llo w ____________________ c t s .1 6 6 %

168

167%

Wed. Ihurs.

165

166

try.
16oJ4

D A I L Y C L O S I N G P R I C E S O F C O R N F U T U R E S I N CHICAGO

Sat. M on. Tues. Wed. Thurs. fry.
loass ]'^ n 7/ 19K V

M a y d e liv e r y in e le v a t o r ----------- c r s . 1 3 3 ^ 1 3 5 %
Tulv d e liv e r v in e le v a t o r ___________ 1 3 0 % 1 3 2 %
S e p te m b e r d e liv e r y in e le v a t o r ____ 1 2 7 % 1 2 9 %

1 3 0 /8 1 2 9 /8 1 .1 0 /(
127% 126% 128%

j2 6 /i
126%

.

Oats advanced and then roacted. There were reported
sales for oxport of 1,000,000 to 2,000,000 bushols. Europe
showed a disposition to buy dospite the low rates of exchange.
That looked on tho face of it as though she badly needed
supplies. It looked, too, as though America was the cheap
est market. Also thero has been a big cash business m
Canadian oats. American dealers have been buying them
for eastern account. During tho past week such purchases,
it is said, havo reached about 5,000,000 bushels. W ith the
low rate on Canadian exchange tho prico paid it seems was
equal to about 7 cents a bushel under that current for Ameri
can oats. That was surely an important consideration.
To some it looks as though future oxport business would
bo mainly in Canadian oats. If that is so it is of course a
blow to tho American trade. However, it is simply a pre
diction. Europo will want large quantities from now up
to tho time of its own harvest. It seems a trifle vonturesome
to predict that Canada will get tho bulk of this trade.
Local exporters are offoring plenty of oats for resale, but
business is hampered by the fact that agents refuse to cancel
ocean freights. A purchase of 1,500,000 bushels of Cana
dian oats and a resale of a like amount of American oats
wero rumored here, the samo showing a profit of 3c. a bushel
to the reseller. The visiblo supply in the U . S. fell off last
weok 483,000 bushels, making the total 10,800,000 bushels
against 30,118,000 a year ago.

done for export.
W hoat advanced 5 cents early in tho wook, as elsowlioro
stated, making 40 cents from tho recent low level. Later on
tho tono became weak. Y ot tho visiblo supply last week
decreased 3 ,0 2 2 ,0 0 0 bushels, making tho total 55,212,000
bushels, against 120,194,000 bushels a year ago. Lator in
tho wook Wostorn cash markets dropped
to 28 cents.
The low grades wore especially weak. Other grain has been
tending downward and wheat sympathized. Later rye fell
4 cents at Chicago. Broomhall says the Rumanian Govern
ment has issued an order which prevents tho free movement
of grain, and holds all stocks at the disposal of tho Govern
ment. A s tlio autumn sowings amount to only about o %
D A I L Y C L O S IN G P R IC E S O F O A T S IN N E W Y O R K .
of the area sown in normal times, the ministers domand the
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
roouisition of all stocks in order to meet the needs of tlio N o . 1 w h it e ......... c t s .1 0 3
1 0 3 % 1 0 3 -1 0 3 % 1 0 2 %
103
,1 0 3
103
103
1 0 2 % 1 0 2 % -1 0 3
1 0 2 -1 0 2 %
N o . 2 w h it e ___________ 102
country for food and sood. The decree in quostion does not
D A I L Y C L O S IN G P R IC E S O F O A T S F U T U R E S IN C H IC A G O .
montion corn and it is generally believed that the harvest
Sat. M on.
Tues.
Wed. Ihurs. fr i
79%
80%
78%
of this coreal moro than fulfilled expectations, so that thore M ay d e liv e r y in e le v a t o r -----------c t s . 8 0 % 82 81
74% 73%
72%
73
71%
J u ly d e liv e r y in e le v a t o r -------------------72 %
should bo a good surplus available for oxport. A full cargo
T O T C R E S ^ IN C H IC A G O .
steamer of Danubian corn has just finished loading at Sulina, D A I L Y C L O S I N G P R I C E S
which is a port at the mouth of tho Danube River. A brief M a y
objecting to tho Gronna bill abolishing the Grain Corporation J u ly d e liv e r y ________________________ 1 5 5 % 159
was presented on Wednesday last to tho Senate Agriculture
Closing quotations wero as follows:
Committee at Washington by representatives of gram ^ FLOUR.
changes and commercial organizations. It declared that
Sprint? p a te n ts _______ $12 7 5 @ S 1 3 50 D a rle y g o o d s — P o r t a g e b a r le y :
N o . 1 ................................ $7 70
W in te r str a ig h ts , s o ft 10 7 5 @ 11 25
othor agoncy could bo organized to take its place, and that it
N o s . 2 . 3 a n d 4 . p e a r l. 6 95
K a n sa s s tr a ig h ts------- 12 2 5 @ 13 00
N o s . 2 -0 a n d 3 -0 ........ 7 7 0 @ 7 [ 8 5
tho Corporation is suspondod the interests of the people R y e flo u r
__________ 8 2 5 @ 9 0 0
N o s . 4 -0 a n d 5 -0 --------7
95
C o rn g o o d s , 100 lb s .— ____
would bo sacrificed without compensating advantages.
I ho
O a t s g o o d s — C a r lo a d ,
Y e llo w m e a l_______
3 60
Cincinnati “ Prico Current” said: “ Winter wheat commenced C o m flo u r ____________ 3 75 @ 3 80
45
spot d e liv e r y ----------------9
groon up in tho Southwest, but it is too early for definite
G R A IN .
information as to condition. Freezing and thawing has W h e a t—
O ats—
. . . . . .
103
N o. 1
N o . 2 r e d ------------------------------ $2 3 6 %
caused somo damage, and ice over fields has demo more.
N o . 2 w h it e ____________1 0 2 @ 1 0 2 %
N o . 1 s p r in g ___________ - — 2 3 4 %
D ry weather still provails in parts of Kansas.
In Westorn, C o r n —
N o . 3 w h it e ...................... 1 0 1 % @ 1 0 2
, . ,,.
„
N o . 2 y e llo w ...................
1 6 5 % B a r le y —
Central and Southern Europo tho weather has been good and
F e e d in g ________________
1 50
e
_
.
tho outlook is in tho main favorablo, though thero are some R yN —. 2 ------------M a lt in g ______ __________ 1 5 8 @ 1 60
o
1 75%
complaints of damage by excessive rains. In Rumania tho
The statement of the movement of breadstuffs to market
woathor has been much colder. In India recent rams were
indicated below are prepared by us from figures collected by
bonoficial and tho crops are in a generally good condition.
tho Now York Produce Exchange. The receipts at Western
In Russia it is roported that the gram monopoly there lias
lake and river ports for the weok ending last Saturday and
boon abolishod, but there have been no exports as yot,
oxcopt an occasional cargo of coarse grain. In lurkoy the
acreage is said to bo much larger and tho crops aie in satis
Rye.
B arley.
Oats.
C orn.
W h ea t.
F lo u r.
R eceipts at—
factory condition. To-day tho Argentine shipments for tlio
bbls .106lbs. bush. 60 lbs. bush. 56 lbs. bush. 3 2 16s. bushA&lbs. bush.56lbs.
wook were stated at 0,513,000 bushels. Argentina s visible
178.000
271.000
861,000 2,263,000 1,578,000
303,000
207.000
144.000
supply is 3,700,0 00 bushels, a docreaso of 700,000 bushols Minneapolis..
339.000
279,000
1,796,000
296.000
12,000
5,000
76.000
this weok.
80’,000
173.000
456.000
478.000
82.000
12,000
Milwaukee__

20

2

. . . . . . . . . . . . . . . !5§

D A I L Y C L O S IN G P R IC E S O F F B E A T IN

NEW YO£IC^

pyj

o ro d
............. c t s .2 3 0 % 2 3 0 % 230 % 230 % 2 3 6 % 2 3 6 %
N o ! 1 Spring -7 .7 - 7 ’ .. - ......................... 2 3 4 % 2 3 4 % 234 % 2 3 4 % 234 >4 2 3 4 %

Indian corn advanced at ono timo but later on declined.
Export business was lacking. Tho weakness in provisions
had somo effoct. And country offerings at one timo in
creased. Sontimont in this country favors a reduction in
tho cost of living. Bull campaigns in food would not be at
all popular. Thore is an idea that following tho liquidation
in stocks liquidation in commodities is bound to come. In
othor words, tho boliof is that tho tondoncy is towards de
flation in a timo of poaco after tremendous inflation m a
timo of war. Chicago prices havo also been affected by
tho difficulty or tho impossibility of moving grain eastward.
Meanwhile tho visiblo supply has within a week increased
508,(M bushols, making tho total, it is truo, only 4,172,(M
X)
X)
bushols, against 4,911,000 bushols a year ago, but the
supply is increasing now whero it was decreasing somowliat
at this timo last year. In any case the sentiment at Chicago
lias latterly been for tho most part bearish.
I hero wero
rumors at ono timo early in tho week that Eastern roads
at Chicago would grant permits to ship grain to Now York,
but tho Westorn roads said that they knew nothing about the
ordor. On tho other hand, prices were undoubtedly higher
at one timo. And as a rulo country offerings have been
small. A t times cash markots at tho W est have boon firm
with little or no pressure to soil. Tho short interest lias
probably boon increased at Chicago. To-day prices fell and
they end slightly lower for tho week. Cars are said to be




Detroit______
St. Louis___

152",666
l 90.000

Kansas C ity ..
Indianapolis. .
Total wk. ’20
Same wk. ’ 19
Same wk. ’ 18

557.000
237.000
415.000

51.000
26.000
448.000
40.000
860.000
225,000
57.000

J g g {gig IJiJJf ! f|

18,000
52,000
1.144.000
1.106.000
425.000
777.000
392.000

4.522.000 6.934.000
2.928.000 3.855.000
1.313.000 10,650,000

61,000
27,000
716.000
325.000
170.000
292.000
312.000

2i’ ooo
32,000

"i",o66

4.287.000
653,000
3.724.000 1.555.000
6.924.000 1.891.000

779.000
633.000
468.000

17,000

Since Aug. I—
1919-20----- 13,272,000 341.524.000 111.607.000 133.351.000 21.156.000 21.794.000
1918-19----- 9.573.000 350.646.000 132.580.000 194.771.000 47.520.000 28.911.000
1917-18___ 9.006.000 135.947.000 102.019.000 196.801.000 30.436.000 17.757.000

Total receipts of flour and grain at tho seaboard ports for
tho week ended Fob. 14 1920 follow:
F lou r.

Wftraf.

C orn.

Oats.

B arley.

Rye.

Darrels.

R eceipts at—

B ushels.

Bushels.

Bushels.

Bushels.

B ushels.

209.000
117.000
196.000
31,000
118.000
114.000
214.000
..........

15.000
117.000
142.000
122.000
1,000
1.00C
86.000
9,000

999,001
245.000
Total wk. ’ 20
Since Jan.l’2C 2,750,000 13,574,001

493,000
2,780,000

New Y o r k ...
Philadelphia. .
Baltimore___
New Orleans.4
Galveston___
M ontreal___
B oston_____

Week 1919..
Since Jan.l’ P

46.000
47.000
37.000
82.000
7,000
21,000
5,000

681,00(
4,820,000

2,570,000
17,588,000

180,000
114,000
66,000
84,000

185,000
1,000

102,000
98,000
532,000

89.000
90.000
______

34,000

______

220.00C
732,000
623,000
4,637,000 2,177,001 4,942,000

501,000
76.00C
1,871,000
202,000
1.872,001 12,750,000 2.501.00C 1,121,000

* Receipts do not Include grain passing through New Orleans for foreign port
hrough on bills of lading.

783

THE CHRONICLE

[Vol. 110.

The exports from the several seaboard ports for the week
ending Feb. 14 are shown in the annexed statement:

oxtent and no basis as to tho futuro of the spring business can
be formed while such conditions oxist. Spring merchandise
Exports from—
has beon offered in plentiful quantities and in tho warm
Wheat.
Corn.
Flour.
Oats.
Rye. Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels Bushels Bushels 1 sections of tho country it L moving well, but spring goods
New York_____
208,677
41,615 100,822 325,920 360,006 114,161
can hardly bo expectod to attract much attention in woathor
Boston_________
60,000
Philadelphia___
46,000
that calls for fur cloaks and overshoes. But it is also boBaltimore_____
150.000 103,000 34.000 195,000 489,000
coming plainer each day that retailors aro none too sure of
New Orleans___
343.000
3,000 30.000
19,000
Galveston_____
249.000
their ability to get higher prices from the eonsumor. Some
St. John, N. B__
214.000
86,000
90,000
of the leading merchants are stating very frankly that they
Total week__
1,210,677 233,615 164,822 689,920 849,006 114,162
Week 1919..........
will not buy for advance delivery at present prices as was
2,440,752 131,165 725,755 2,294,834
their custom only last fall. Tho desire that some one shall
guarantee the prices now being askod for goods is boing
July 1 1919 is as follows:
expressed more freely by buyers, especially in the clothing
Wheat.
line. This shbject was discussed at some longth by tho
Exports for Week
and Sine*
Week
clothiers now in convention and the fact that so much
Since
Week
Since
Week
Since
July 1 to—
Feb. 14 July 1
Feb. 14
July 1
Feb. 14
July 1
attention is being paid to tho subject is in itself a confirmaj
1920.
1919.
1920.
1919.
1920.
1919.
tion of the reports that doubts exist as to tho permanency of
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Klngdom. 104,871 5,050,960
That a fundamental
695,965 45,155,140 230,615 1,411,541 some of the high prices now current.
Cont n en t___
29,951 6,653,097
514,712 72,146,144
191,000
So. & Cent. Amcr. 11,000
,.o
ias taken placo is shown by tho unwillingness of
746,119
109,606
50,778 c^ anSe ^
West Indies______ 19,000
901,073
4,530
622,706 I clothing makers to buy linings in tho wild way thoy were
Brit.No. Am.Cols.
3,000
Other Countries..
113,346
25
•
I
wont to buy them a few months ago at any price. Tho odgo
T o ta l_________ 154,822 13464,595 1,210,677 117415,445
s®
e-ms
off the markot as far as buying at higher pricos
233,615 2 ,2 8 3 ,6 0
Total 191S-19___ 725,755 7,689,203 2,440,752 76,960,538 131,165
3.'903,'57„ I is concerned. Even with the bettor weather at tho ond of
The world’s shipments of wheat and corn for the week tbe week there was no renewal of tho boominir snirit in
_
1
1
r.,*
.
.
flinry
1/1 100H « A
1
m m
1
I _ __ 1 . . i* •
ending Feb. 14 1920 and since July
1919 and 1918 are merchandising channels. The demand for goods for oxport
shown in the following:
has fallen flat to all appoaranees, but tradors state that all
goods on ordor are wanted and will continue to bo wantod
Corn.
as thoy were bought at much lower prices than now prevail.
Exports.
1918-19.
1919-20.
1918-19.
Tho lower state of foroign exchango has naturally had a very
Week
Since
Since
Week
Since
Since
depressing influonco on this division of the markot and it will
Feb. 14.
July 1.
July 1.
Feb. 14.
July 1.
July 1.
probably be some time beforo a ronowod doinand will sot in
Bushels.
Bushels.
Bushels.
Bushels.

[59
7
1

1

Bushels.
Bushels.
North Amer. 2,708,000 207,879,000 185,494,000
20 -1,000
1,549,000 7,161,000
Russia_
_
D anube___
Argentina.. 5.510.000 115,540,000 62.117.000 1,826,000
80,735,000 24,670,000
Australia . .
2 . 100.000 68,355,000 26.192.000
India______
5.623.000
Oth. countr’s
1,911,000 2.481.000
1,750,000 2,599,000
Total.
10,318,000 393,685,0001281,907,0001 2,030,000 84,034,000
34,430,000

D O M E S T IC C O T T O N G O O D S .— In the markot for
staple cottons there is not much doing now as far as tho houses
whose goods have been sold for fall aro concomod. Now
that tho rush is ovor the chief business is placating the
buyors whoso allotments woro cut down and this has been
made easier by reason of the quiotor tone in tho markot as
I he visible supply of grain, comprising the stocks in a wholo, Tho buyer who was inclined to fuss over tho small
granary at principal points of accumulation at lake and ness of his allotment last weok now appears thankful that all
seaboard ports Feb. 14 1920 was as follows:
tho goods ho ordored wore not allotted him. Sovoral soft
spots have been notod in tho market during tho week and
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye.
Barley may be attributed to tho cessation of tho foverish buying
United States—
bush
bush.
bush.
bush.
bush. that lifted cloths out of their relation to other goods.
It is
New York..........................
454,000
52.000
516.000
433.000
306,000 now possible to obtain some linings and bloachod muslins
Boston................................
250,000
10.000
206.000
4,000
Philadelphia......................
296,000
178.000
227.000
250.000
41,556 a^ prices that aro moro reasonable than those quoted a fow
Baltimore...........................
473,000
372.000
350.000 2,013.000
Newport News__________
.
n n l weeks ago. Tho lack of offerings in staplo cottons is sur
n
97,000
104.000
New Orleans.............
2,755"666
252:666
184.000
_____ _ Pnsmg to many traders. Print cloths, shootings and fino
Galveston.......................... 1,575,000
10,000
Buffalo.............................. 8,845,000
ooo
on P ods hav® uot omo forward in a manner that was expected
n
58.000
353:666
“
afloat.................. 1,581,000
2,i83:ooo
by many but it must bo remembered that tho automobilo
Toledo................................ 1,063,000
85.666
M °
......... industry has been making heavy inroads on tho supply of
D etroit..............................
52,000
14.000
9 4 .0 0 0
Chicago............................... 10,478,000 1,16,1000 3.614.000 i,87s)ooo
theso e °°d s at tho exponso of other industries. Tho steadi“
afloat__________
_____
231.000
nn
n
......... ness ot prices in the market is ascribod to tho scarcity of
Milwaukee........................ 1,162,000
302:666
041:655
506.000
D uluth...............
1,807,000
^ i ’o o gooos for spot delivery. This scarcity and tho well sold
o
183.000 5.976.000
Minneapolis....................... 8,859,000
98.666 3.038.000 5.046.000
8i9,’ooo condition of the mills makes tho dullness of the moment of
St. Louis........................... 1,129,000
252.000
179.000
43,000
39.000 I little account.
In somo places it is welcomed as a foroKansas City....................... 11,390,000
250.000
473.000
259.000
Peoria................................
5,000
107.000
217.000
runnor of a healthy commercial liquidation. Second hand
Indianapolis....................... 477,000
246.000
74.000
"8 :6 6 6
.,
. offerings of goods aro light and prices weakou very slowly
Om aha.............................. 2,561,000
725.000
242.000
367.000
— u m consequence of tho fow goods tondorod. Jobbers have
u
Total Feb. 14 1920___ 55,212,000
u ’ m ’ooo K S
. .
S ’Z boHSh t ' ve.u &>r fall and are in
great hurry to buy more for
Total Feb. 7 1920___ 58,234,000 3 ,6 6 4 ,
Total Feb. 15 1919...126,194,000 4 ,9 1 1 ,00 0 3 0 , 118,000 1 9 , 124,000 9 ,9 sg ,ooo |
oi^for
in
this time. Gray goods have boon
Total Feb. 16 1918___ 11,818,000 6,333,000 13,987,000 1,656,000 3,833,000
4.
.....
.
,
quiet, although prices continuo stoady. 38 J^j-inch standards
Note._
_ _____
are listed as 24 cents.
an n n n : ^ t? H I
178o ' ^ bUShcl3’ 'jw ^sioob’ 5 6 1 ^ 8 ^ 1 9 7 9 7 6 ^ ^ 1 0 7 ? ^ Y^r™
^
35,000, Duluth, 2,000; total, 37,000 bushels, against 76,000 In 1919.
’
. W O O L E N G O O D S . la spite of the many buyors now
C a n a d ia n —
in the market duo to tho openings and also to tho convention
571,000
Mdntreal............................
18,000
311,000
6,000
42,000
Ft. William & Ft. Arthur. 8,255,000
______ _____________1,248,000 the Clothing Manufacturers’ Association, the volume of
uw of
3,501,000
Other Canadian_________ 1,946,000
1.403.000
............
'412)000
business dono has not measured up to tho expectations of
Total Feb. 14 1920____ 10,772,000
18,000
.
aiany houses,
lhero is tar moro hesitation boing shown by
Total Feb. 7 1920____ 10,855,000
22,000 5.483.000
6,000 1.449.000 buyers than in any season for ovor a year.
’ ’
This hesitation
Total Feb. 15 1919____43,520,000
133,000 5.689.000
3,000
567,000 has been attributed by somo to tho presont system of allotTotal Feb. 16 1918____ 18,013,000
14,000 9.950.000
50,000
Sum m ary—
mg goods. There is a fooling among buyors that it is boing
American..........................55,212.000 4,172,000 10,800,000 20,082,000
3.603.000 used as a definite means of discrediting thorn as desirablo
Canadian..........................10,772,000
18,000 5,215,000
6,000 1.702.000
____________ _ purchasers. In a number of cases buyors liavo refused to
Total Feb. 14 1920____65,984,000
16,015,000 .
s.305,000 tako their allotments on tho plea that thoy wore too small to
Total Feb. 7 1920------ 69,089,000 p
H G
16,766.000 i?,58o,ooo s.oos.ooo
Tliero continue to bo rumors of impending
Total Feb. 15 1919...169,714,000 5.044.000 35,807,000 19,’ l27,’0OO 10,553 000 I bo of service.
Total Feb. 16 1918____29,831,000 6.347.000 23,937,000 1,656,000 3,883,000 trouble with tho labor element in tho clothing and fabric
industries and somo believe that now would bo a good time for
tho linish fight that must come with this element. Loaders
THE DRY GOODS TRADE
of the trade unions aro beginning to soo tho resistanco.to
N e w Y o rk , F rid a y N ig h t, F eb . 2 0 1920.
higher prices, however, and aro not talking so boldly of
The slowing down of business has been moro generally strikes and tie-ups as formerly.

44
3
112 6 2
,66
21
9

2
8
29 0
9
...:0

7

65 6
5:66

119

52 .00
15 0

10,00
00
8.00
0

6 0 1 720
,00 000
1

2 08 0
0 8,00

reflected in the drygoods markets this week than at m v tim *
.■
tha , , ,
. ; ,
,
oeK cnan at any timo
smeo the lull started several weeks ago. There is still a
great deal of speculation as to the real cause of this quietness and it has been about equally attributed to the w e i t W
and financial disturbances. It may bo said howovor t W
<•
•
.
.
"
However, that
wherever financial pressure might be expected to have a
du-ect influence upon merchants and tho trade the growing
tendency toward conservatism will be found to bo much
more than sentimental. On tho other hand it is stated that
the bad weather has hampered the retail

7

1

1




I i F O R E IG N D R Y G O O D S .— Linon trado among importers
lias again beon quiet this weok duo to tho inability of inanufacturers to accopt new business. Thoro is not much
°P tim!sm hoard regarding tho immediate futuro for tho raw
mate.rlal s!tuation though trado with somo of tho Baltio
UP;
tho, contrary word rocoivod
from producing contors indicates that tho starvation nnint
has almost been reached and thoro is talk of further ourtail^ e n t of spinning to conservo what littlo supply of flax is loft
Burlftps have been easier, although rocont nows from Caloutta,gives bttT(? Promi e of any largo influx of goods in tho
1

2

F eb.

Jftate ;wtl (S/ity Jleym-twmi

Amendment and legislation dealing with tho higly cost of
living are among the measures named for consideration.

N E W S I TEMS.
Berrien County, Ga.— Bonds Validated—On Feb. 9 the
Court of Appoals reversed the decision of the Superior Court
that Berrien County could issuo $350,000 5 % road bonds
instead of the $500,000 authorized by the voters on M ay
14 1919 (V . 108, p. 2155 and V . 109, p. 302). The Court of
Appeals holds that an issuo of county bonds, to be valid,
must bo for the full amount voted by the people.
I he
Savannah “ Nows” summarize as follows:
o

BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
A B E R D E E N , M oore C o u n t y , N o. C a r o .— BIDS REJECTED— BONDS
RE-OFFERED.— A ll b id s s u b m itte d fo r t h o t w o issues o f 6 % c o u p o n (w ith
p riv ile g e o f re g istra tio n ) w a ter a n d sow er b o n d s , a g g re g a tin g $7*3,000
o ffe re d o n F e b . 10— V . 110, p . 4 83 — w e r e r e je c te d .
J . J o h n s o n , M a y o r , a lso a d vises us t h a t n ow b id s aro n o w b e in g r e c e iv e d .

“ B errien C o u n t y last y ea r b y a p o p u la r v o t e a p p r o v e d an issue o r S 5 0 0 E 0 0
o f b o n d s for ro a d b u ild in g p u rp oses. W h e n th e c o u n t y co m m issio n e rs
ca m e t o exa m in e In to th e m a tte r t h e y fo u n d t h a t th is w as a .la r g e r diebt
th a n th o c o u n t y co u ld c o n s titu tio n a lly assum e In p ro p o r tio n t o its tax
assessm en t. T h e y a c c o r d in g ly ask ed th o S u p e rio r C o u r t t o v a lid a te an
Issue o f $ 3 5 0 ,0 0 0 . w h ic h w as w ith in th e co n s titu tio n a l d e b t lim it o f th e
c o u n t y , in s tea d o f th e full $ 5 0 0 ,0 0 0 . T h is , th e review c o u r t , re versin g
th o d ecis ion o f th e c o u r t b e lo w , h o ld s t h a t th e y c a n n o t d o , s a y in g .
" W h e n th e com m is s ion ers o f ro a d s and re v e n u e o f » c o u n t y n o t f y l i y
a d v e rtise m e n t in a n ow sp a p er th e q u a lifie d v o te rs o f t h a t c o u n t y t h e * '®
b o n d e lection will b e held a t a fix e d d a te t o d e te rm in e w h e th e r o r n o t th o
c o u n t y sh all Issue b o n d s In th e sum o f $ 5 0 0 ,0 0 0 , and th e t a x p a y e r b y 't h e ir
v o t e a u th oriz e th e Issue o f tills sum In b o n d s , th e Judge o f th e S uperior
C o u r t has n o a u th o r ity t o v a lid a te u p o n th e re q u e s t o f th e c o m m l^ lo n c r a
and o v e r th e o b je c t io n o f a n u m b e r o f ta x p a y e rs b o n d s in th o su m or
f 3 " T h o ° c o u r t p o in ts o u t t h a t $ 3 5 0 ,0 0 0 m ig h t b o en tire ly In a d e q u a te fo r th e
p u b lic Im p r o v e m e n t w h ic h th o v o te rs a u th o riz e d t h e d e b t fo r :a n d co n se 
q u e n tly th o c om m is s ion ers c a n n o t ch a n g o th e s u m a u th o riz e d t o a less
a m o u n t .”

Maryland.'—Federal

feated—Both

Woman Suffrage Amendment De

Houses of tho Maryland Legislature on
Fob. 17 rejected tho W om an Suffrage Amendment resolu
tion. In tho Senate tho voto was 18 against to 9 for, and in
tho House 64 against to 36 for ratification.
Mississippi.— Woman Suffrage Amendment Rejected.— Tho
Mississippi Senato on Feb. 18 rojected tho W om an Suffrage
amendment to tho Federal Constitution by a voto of 16 for
to 31 against. Tho House previously voted against tho
project (V . 110, p. 384).
Highway Bill Defeated— Tho Pato highway bill providing
for a bon'd issuo of $25,000,000 for roads to touch every
county seat in Mississippi was defeated in tho House on
Fob. 11 by a voto of 62 against to 54 for. It is stated that a
compromise moasuro is ponding in tho Senate.

A K R O N , S u m m it C o u n t y , O h io . — BOND OFFERING.—-F . A . P a r m e le o . D ir e c to r o f F in a n c o , w ill ro c e iv o b id s u n til 12 m . M a r . 5 fo r th o fo llo w $1^25ojoOO w a to r w o r k s o xto n sio n b o n d s .
D a to F e b . 1 1920. D u o y e a r ly
’
’
o n F o b . 1 as fo llo w s : $ 1 3 ,0 0 0 , 1921: $ 1 4 ,0 0 0 , 1922; $ 1 5 ,0 0 0 ,
1923; $ 1 6 ,0 0 0 , 1924 a n d 1925; $ 1 7 ,0 0 0 , 1926; 5 1 8 ,0 0 0 , 1927;
$ 1 9 ,0 0 0 , 1928;
$ 2 0 ,0 0 0 , 1929; $ 2 1 ,0 0 0 , $ 19 3 0 ; $ 2 2 ,0 0 0 , 1931;
$23 0 0 0 , 1932; $ 2 5 ,0 0 0 , 1933; $ 2 6 ,0 0 0 , 1934; $ 2 7 ,0 0 0 , 1935;
$ 2 9 ,0 0 0 , 1936; $ 3 0 ,0 0 0 , 1937; $ 3 2 ,0 0 0 , 1938; 5 3 3 ,0 0 0 , 1939;
$ 3 5 ,0 0 0 , 1940; $ 3 7 ,0 0 0 , 1941; $ 3 9 ,0 0 0 , 1942; $ 4 0 ,0 0 0 , 1943:
$ 4 3 ,0 0 0 , 1944; $ 4 5 ,0 0 0 , 1945; $ 4 7 ,0 0 0 , 1946; * 5 0 ,0 0 0 , 1947;
$ 5 2 ,0 0 0 , 1948; $ 5 5 ,0 0 0 , 1949; $ 5 7 ,0 0 0 . 1950; $ 6 0 ,0 0 0 , 1 951:
* 6 3 ,0 0 0 . 1952; $ 6 7 ,0 0 0 . 1953; $ 7 0 ,0 0 0 , 1954; $74 0 0 0 , 1955.
0 00 w a te r w o rk s e xte n sio n b o n d s . D a t e J a n . 1 1 920. D u o y e a r ly
’
o n J a n . 1 as fo llo w s : $ 8 ,0 0 0 , 1921, 1922 a n d 1923; $ 9 ,0 0 0 ,
1924 a n d 1925; $ 1 0 ,0 0 0 , 1926 a n d 1927; $ 1 1 ,0 0 0 , 1928 a n d 1929;
$ 1 2 ,0 0 0 , 1930 a n d 1931; $ 1 3 ,0 0 0 , 1932; $ 1 4 ,0 0 0 , 1933 a n d 1934:
$ 1 5 ,0 0 0 , 1935; $ 1 6 ,0 0 0 . 1936; $ 1 7 ,0 0 0 , 1937 a n d 1938; $ 1 8 ,0 0 0 .
1939; $ 1 9 ,0 0 0 , 1940; $ 2 0 ,0 0 0 , 1941: $ 2 1 ,0 0 0 , 1942; * 2 2 ,0 0 0 ,
1 943: $23 000
1944 $ 2 5 ,0 0 0 , 1945; $ 2 6 ,0 0 0 , 1946; * 2 7 ,0 0 0 .
1947 $28 0 00
1948 $ 3 0 ,0 0 0 , 1949: $ 3 1 ,0 0 0 , 1950; $ 3 3 ,0 0 0 .
1951 * 3 4 .0 0 0 . 1952; $ 3 6 ,0 0 0 , 1953; $ 3 8 ,0 0 0 . 1954; * 4 0 ,0 0 0 , 1955.
200 0 0 0 str o o t b o n d s .
D a to O c t. 1 1919. D u o y e a r ly o n O c t . 1 as
20 ° ' °
fo llo w s : $ 2 ,0 0 0 , 1920, 1921 a n d 1922; $ 3 ,0 0 0 , 1923 t o 1928,
in c h ; $ 4 ,0 0 0 , 1929 t o 1934, in c h ; $ 5 ,0 0 0 , 1935 t o 1938,. i n c h
$6 0 0 0 , 1939 t o 1942, in c h ; $ 7 ,0 0 0 , 1943, 1944 a n d 1945; $ 8 ,0 0 0 ,
1946 a n d 1947; $ 9 ,0 0 0 , 1948 a n d 1949; $ 1 0 ,0 0 0 , 1 950, 1951 a n d
1952; $ 1 1 ,0 0 0 , 1953; $ 1 2 ,0 0 0 , 1954.
^
,
T
I 0 0 0 ,0 0 0 tru n k sow er b o n d s . D a t o J an . 1 1920. D u o y e a r ly o n J an .
II
'
i as fo llo w s : $ 1 1 ,0 0 0 , 1921; $ 1 2 ,0 0 0 , 1922 a n d 1923; $ 1 3 ,0 0 0 ,
1924; $ 1 4 ,0 0 0 , 1925 a n d 1926: $ 1 5 ,0 0 0 , 1927; $ 1 6 ,0 0 0 , 1928 a n d
1929; $ 1 7 ,0 0 0 ,
1930; $ 1 8 ,0 0 0 , 1931; $ 1 9 ,0 0 0 , 1932; § 2 0 ,0 0 0 ,
1933; $ 2 1 ,0 0 0 ,
1934; $ 2 2 ,0 0 0 , 1935; $ 2 3 ,0 0 0 , 1936; § 2 4 ,0 0 0 ,
1937 $ 2 5 ,0 0 0 ,
1938; $ 2 7 ,0 0 0 , 1939; $ 2 8 ,0 0 0 , 1940; § 2 9 .0 0 0 .
1941 $31 0 0 0
1942; $ 3 2 ,0 0 0 , 1943; $ 3 4 ,0 0 0 , 1944; $ 3 6 ,0 0 0 ,
1945; $ 3 8 ,0 0 0 ,
1946; $ 3 9 ,0 0 0 , 1947; $ 4 1 ,0 0 0 . 1948; § 4 3 .0 0 0 .
1949 $ 4 6 ,0 0 0 ,
1950: $ 4 8 ,0 0 0 , 1951; $ 5 0 ,0 0 0 , 1952; $ 5 3 ,0 0 0 .
1953; $ 5 5 ,0 0 0 , 1954; $ 5 8 ,0 0 0 . 1955.
250 0 00 stro o t p a v in g a n d im p t . b o n d s .
D a t o J a n . 1 1 920. d u o
S25 0 00 y e a r ly o n J a n . 1 fr o m 1921 t o 1930, in ch
I’ rin a n d s e m i-a n n . in t. p a y a b lo a t th o N a tio n a l P a rk B a n k , o f N o w Y o r k .
C e rt c h o ck fo r 1 % o f a m o u n t b id fo r , p a y a b lo t o th o D ir e c to r o f F in a n c o ,
re q u ire d . P u rch a ser t o p a y a c c r u e d in terest.

Now Mexico.—Federal Woman Suffrage Amendment
Ratified.—On Fob. 19 tho Now Mexico Legislature completed
tho ratification of tho Federal W om an Suffrage Amendment
when tho House of Representatives passod tho amendment
resolution by a voto of 36 for, to 10 against. Tho Senato on
tho preceding day had approved the amendment by a vote
of 17 for to 5 against. New Moxico is tho thirty-second
State to act favorably on tho proposed amendment. Four
moro Stato: aro required to approvo tho amendment to
mako it part of tho Constitution. Tho States which have
ratified tho Suffrage Amendment, now total 32. They are:
Wisconsin, Now York, Ohio, Kansas, Illinois, Pennsylvania,
Massachusetts, Toxas, Michigan, Iowa, Missouri, Arkansas,
M ontana, Nebraska, Minnesota, Now Hampshire, Utah,
California, M aino, North Dakota, South D akota, Colorado,
Rhode Island, Kentucky, Oregon, Indiana, W yom ing,
N evada, Now Jersoy, Idaho, Arizona, and Now Mexico.

Oklahoma.— Special Session of Legislature Called.— On
Feb. 14 Governor Robertson issued a proclamation calling
tho Oklahoma Legislature into special session at 9 a. m .
Fob. 23. Tho formal notice does not mention any particular
legislation to bo considered. It is stated that tho Governor
in his first messago to tho Legislature will ask that action
bo taken on tho W om an Suffrage amendment.
Oregon.—Opinion That Bond Offerings Must Be Adver
tised— According to a legal opinion given by AttorneyGoneral Brown, on Fob. 10, a county court must advertise
for proposals before selling its bonds. The “ Oregonian
says:
T h o o p in io n w a s a sk ed fo r b y C o llie r I I . B u ffin g t o n , D is tr ic t A t t o r n e y o
C u r r y C o u n t y , w h o In a le tte r t o th o A t t o r n e y -G e n e r a l, sau l th e m e m b e rs
o f t h e C o u n t y C o u r t th e re h a d e n te re d Into an a g re e m e n t w ith a b o n d in g
h o u s e w h e r e b y t h e y w ere t o d is p o s e o f th e ir se cu ritie s a t 3 % b e lo w th e ir
m a r k e t v a lu e . T h o A tt o r n o y -O o n o r a l a lso a d v is e d M r . B u ffin g t o n t h a t in
c a s o th o C o u r t p ers isted in s ellin g th o b o n d s w it h o u t fir s t a d v e r tis in g fo r
b id s , h o w o u ld b o le g a lly Justified in b r in g in g a s u it t o h a lt t h o tr a n s a c tio n .

Texas.—Insurance Companies May Invest in Road Bonds.—
According to tho Dallas “ N ow s,” tho Attorney-moncral’s
dopartmont, answering an inquiry from Commissioner of
Insuranco and Banking Georgo Wavorloy Briggs, advisod
that a lifo insurance company may invost its legal reservo
in road and bridgo bonds of a subdivision of a county. W o
quote the “ Nows” as follows:
A r t . 4 775 o f th o K o v ls c d C iv il S ta tu te s o f T o x a s p r o v id e s t h a t e a ch a n d
o v o r y life In su ran co c o m p a n y shall in v o s t an d k e e p in v e ste d in T e x a s s e cu ritios a s u m o f m o n o y e q u a l t o 7 5 % o f th o a g g re g a to a m o u n t o f its legal rri
ser v o . a n d A r t . 477(1 d o fin o s T o x a s s e cu ritie s t o b o a m o n g o t h e r th in g s b o n d s
o f a n y c o u n t y , c i t y , t o w n , s ch o o l d is t r ic t o r o t h e r m u n ic ip a lity o r s u b d i 
v is ion w h ich is n o w o r m a y h e re a fte r b e c o n s t itu te d o r o rg a n ize d a n d un
a u th o r iz e d t o Issuo b o n d s u n d e r th o C o n s tit u t io n an d la w s o f this S ta to .
T h is la n g u a g o , sa y s t h o A tt o r n o y -G c n e r a l, is b r o a d e n o u g h t o c o v e r b o n d s
o f a n y s u b d iv is io n o f a c o u n t y a u th o riz e d b y t h o C o n s tit u t io n a n d la w s ,
w h ic h w o u ld In clu d e , a m o n g o tlio r ro a d d is tr ic ts , d ra in a g e . Irrigation a n d
I m p r o v e m e n t d is tr ic ts . T h o a rtic le s o f t h o s ta tu te s referred t o a r c In co r
p o r a t e d In w h a t is k n o w n as t h o R o b e r ts o n in s u ra n ce la w , a n d a p p ly o n ly
t o th o In v estm en ts o f th e lega l re s e rv e a n d c o n tr o ls A r t . 4 734 In re fe re n ce
t o th is clia r a c to r o f fu n d s o f a llfo in s u ra n co c o m p a n y , s a y s th e o p in io n .
C a p ita l a n d su rp lu s o f a lifo Insurance c o m p a n y m u s t b o in v e ste d as is p r o 
v id e d in o t h e r a rtic les o f th e s ta t u t e , a n d th is a d v ic e Is d e a lin g o n ly w ith
th o leg a l res orv o a n d Its In v e stm e n ts.

West Virginia.'—Special Session of Legislature Called.—
Governor Cornwell on Feb. 19 called tho Legislature to meet
in spocial session on Feb. 27. The Federal W om an Suffrage




783

THE CHRONICLE

21 1920.]

A L A C H U A C O U N T Y S P E C IA L R O A D A N D B R ID G E D I S T R I C T
N O 1 F la . — B IDS REJECTED. — A ll b id s re c e iv e d fo r th e $ 3 1 0 ,0 0 0 544 %
gold' b o n d s o ffe re d on F o b . 10— V . 110, p . 483 — w ere r e je c te d .
T h o h ig h e st b id s u b m itte d w a s b e tw e e n 94 a n d 95.
ALBUOU ERQU E

SCH O OL

D IS T R IC T

(P .

O.

A lb u q u e r q u e ) ,

B e rn a lillo C o u n t y , N. Me x .— BOND OFFERING.— B id s w ill b o r e c e iv e d
un til 7 30 P m . Mtarch 10 b y th o C le rk o f S ch o o l B o a r d fo r $ 42 5 ,0 0 0 (n o t
$ 45 0 ,0 0 0 as r e p o r te d In V . 110. p . 579) 5 ^ % 1 0-2 0 -yea r s c h o o l b o n d s
a u th o riz e d b y a v o t o o f 1,063 t o 87 a t an e le ctio n h e ld J a n . 27.
A L D E R S O N T O W N S H IP , P it ts b u r g C o u n t y , O k la .— BOND SA LE.—
R o c o n t ly , G o o . W . a n d J . E . P icrs o l o f O k la h om a C it y p u rch a se d $ 4 5 ,00 0
6 % 2 5-y o a r b o n d s .

A R V IN S C H O O L D I S T R I C T , K e r n C o u n t y , C a lif.— BOND OFFER

TTsjQ__ B id s w ill b o r e c o iv o d u n til 2 p . m . M a r c h 1 b y F . E . S m ith , C lerk
B o a r d o f C o u n t y S u p ervisors (P . O . B a k o rsflo ld ) fo r $ 3 ,5 0 0 6 % co u p o n
sch ool b o n d s.
D o n o m . $ 50 0 .
In t . a n n u a lly , l ’ rin . a n d in t. p a y a b le on
F e b 2 o f oa ch a n d o v o r y y e a r o u t o f th o in t. a n d sin k in g fu n d o f said d istrict
u n o n p re s e n tatio n a n d su rren der t o th o C o u n t y T rea su rer o f th o in t. c o u p o n s
a tta ch e d t o sa id b o n d s .
D u o y e a r ly on F o b . 2 as fo llo w s : $ 500 1923 a n d
! l 000 1924 t o 1926, in c h
C e r t , c h o c k o r ca sh fo r a t lea st 1 0 % o f tho
a m o u n t o f b id . p a y a b lo t o S ta n lo y A b o l, C h a irm a n B o a r d o f S u p e rv isors,
ro n u ire d
P u rch a ser t o p a y a c c r u e d in torost. B o n d o d d o b t , $ 6 ,0 0 0 ;
assessed v a lu o o f tax a b lo p r o p e r ty 1919, $ 43 0 ,9 3 0 ; p o p u la tio n (o s t .) , 8 00 .
A S H E V IL L E , B u n c o m b e C o u n t y , N o. C a r o .— BOND OFFERING.—
S ealed b id s w ill b o r e c e iv e d u n til 12 m . M a r c h 1 b y G . C . H u n te r , C it y
S e crp tarv-T re a su re r, fo r t h o fo llo w in g g o ld b o n d s a t n o t e x c e e d in g 6 % in t .:
$32 000 fu n d in g b o n d s .
D u o y e a r ly o n M a r c h 1 as fo llo w s : $ 2 ,0 0 0 , 1921
SJ 2 .UUU
3 3 ,0 00 , 1924 a n d 1925, a n d $ 4 ,0 0 0 , 1926 t o 1930 in c h
C e r t, c h e c k o n a n in c o r p o r a te d b a n k o r tr u s t c o m p a n y fo r $ 640
o r ca sh in lik e a m o u n t, p a y a b lo t o th o a b o v e C it y S e cre ta ry T re a su re r rccjiiircd .
160 0 00 s tr e e t b o n d s . D u o y e a r ly o n M a r c h 1 as fo llo w s : * 1 0 ,0 0 0 , 1921
11
t o 1930 in c h , a n d $ 1 5 ,0 0 0 , 1931 t o 1934 in c h
C e r t , c h e c k o n an
in c o r p o r a te d b a n k o r tru s t c o m p a n y fo r $ 3 ,2 0 0 o r ca s h in lik o
a m o u n t , p a y a b lo t o th o a b o v e C it y S o cro ta ry -T r e a s u re r , r e q u ir e d .
D o n o m $1 0 00 . D a t o M a r c h 1 1920. P rin . a n d s e m i-a n n . in t . (M .& S .)
p a y a b le In N o w Y o r k C it y , N . Y . T h e s e b o n d s are t o b o p re p a re d u n d e r t h «
s u p e rv is io n o f th o U . S. M o r tg a g e & T r u s t C o ., N . Y . C it y , w h ic h w ill cer
t if y as t o th o gen uineness o f th o sig n a tu res o f th o c i t y o ffic ia ls a n d th o seal
im p ressed th e re o n . T h o le g a lity o f th o b o n d s w ill b o e x a m in e d b y C a ld w e ll
& M a s s lic h o f N o w Y o r k , a n d th o p u rch a ser w ill b o fu r n is h e d , w it h o u t
ch a r g e th e o p in io n o f s aid a tto r n e y s . T h e s e b o n d s a ro gen era l o b lig a tio n s
o f th o c i t y issu ed u n d e r th o M u n ic ip a l F in a n co A c t , f o r th o p u rp o s e , as
s ta te d o n th o fa c o o f th o b o n d s , o f p r o v id in g fu n d s fo r t h o p a y m e n t o f th o
c o s t o f ce r ta in s tr e e t im p r o v e m e n ts a n d o f fu n d in g a n d p a y in g ce r ta in
v a lid s u b sistin g in d e b te d n e ss o f sa id c it y , e v id e n c e d b y in te re s t-b e a rin g
n o te s t h e r e o f, issu ed p rio r t o M a r c h 5 1917, a n d an u n lim ite d ta x fo r th e
p a y m e n t o f th o p rin c ip a l a n d Interest t h e r e o f h a s b e e n a u th o riz e d b y la w
a n d re s o lu tio n . B id s aro d e sire d o n b la n k fo r m s w h ic h w ill b o fu r n ish e d
b v th o c i t y o r said tru st c o m p a n y . B o n d s w ill b o d e liv e re d o n M a r c h 22
1920 o r as s o o n th e re a fte r as t h o b o n d s m a y b o p re p a re d , a t th o o f f i c e o f
th o U n ite d S tates M o r tg a g e & T r u s t C o . in N . Y . C it y , a n d m u s t b o p a id
f o r o n d e liv e r y .

Financial Statement.

E s tim a te d v a lu o o f ta x a b lo p r o p e r t y ............................................— $ 3 0 ,0 0 0 ,0 0 0 00
A ssessed v a lu o o f ta x a b lo p r o p e r t y la st assessm en t, 1 91 9 -------2 0 ,0 2 3 ,9 2 5 00
V a lu e o f m u n icip a l p r o p e r t y .......................................
4 ,3 4 7 ,8 2 6 00
B o n d s o u t s t a n d i n g - - - - - - - - - - - - - ....................... ■■®2 ’§ I o ’ n22 on
B o n d s a u th o r iz e d , I n clu d in g th is iss u o ....................
52 ? '9 2 2 22
F lo a tin g d e b t ______________________________________
6 o ,1 8 9 50
T o t a l gross d e b t ________________ j - j -------------------------------------------- 2 ,9 8 1 ,3 8 9 50
U n issu ed fu n d in g o r re fu n d in g b o n d s in clu d e d
in gross d e b t -------------------------------- -- - - -------------- -$ 3 2 ,0 0 0 00
S in k .n g fu n d s (e x c e p t w a to r, m a r k e t h o u se a n d
s tr e e t b o n d s ) -------------i---------------------------------------108 ,68 5 16
S treet im p r o v e m e n t b o n d s in clu d e d in th o a b o v e
fo r w h ic h s u ffic ie n t assessm ents h a v e be e n
le v ie d t o insure p a y m e n t o f p rin . a n d in t e r e s t.
2 9 8 ,7 6 3 84
B o n d e d d o b t In clu de d in gross d e b t a n d in cu rre d
w ith in 5 ye a rs p r io r t o d a to o f sa id s ta te m e n t
o r t o b o in cu rre d fo r w a te r, g a s , olcfctric lig h t
purp0SCS’ .°-r- -W-°- _°.r. _
t
mOT_ !
-Sai .
B o n d s fo r p u b lic u tilitie s o w n e d b y City o f A sh e 
v ille , w h o so in c o m e h as p r o v e n s u ffic ie n t fo r
m a in te n a n ce , in t . p a y m e n ts a n d s in k in g fu n d
T o t a l a m o u n t o f d e d u c t io n s -----------------------

3 9 6 ,0 0 0 00
3 8 3 ,9 5 0 00
1 ,2 1 9 ,3 9 9 00

N e t d o b t .......................................................................................................- * 1 ,7 6 1 ,9 9 0 50
N e t d e b t _________________________________________________________ $ 1 ,7 6 1 ,9 9 0 50
T h c r o is n o c iv il d iv is io n w h o so te rrito ria l lim its aro a p p r o x im a te ly c o 
te rm in u s w ith th o s e o f th o c i t y o f A sh e v ille . T h o c i t y o f A s h e v ille has n e v e r

784

THE CHRONICLE

defaulted in the paym ent o f any part o f either principal or Interest o f any
VS1*
1- rh e Present city tax rate is SI 70 per S 100. Population 1910 Census,
18,762; population as estim ated b y Bureau o f Census, 1917 21 156
E st
imated population now , including population o f West Asheville'annexed to
city o f Asheville, which is about 5,000 to 35,000.

[Vol. 110,

C A M B R IA C O U N T Y (P . O . E b e n s b u r g ), Pa.— BOND OFFERING.—
P r o p o s a ls w ill b o re ce iv e d un til 12 m . M a r c h 5 b y H e rm a n T . J o n e s , C o u n t y
C o lle c to r , fo r $ 5 0 0 ,0 0 0 4 K % ta x -fre o c o u p o n ro a d b o n d s , o ffe re d u n su c
c e s sfu lly o n F e b . 9— V . 110, p . 6 7 7 . D e n o m . $ 1 ,0 0 0 .
D a to D o c . 1 1919.
In t. J. & D
D u o y e a r ly o n D e c . 1 fr o m 1920 t o 1942, in c l. C e rtified
*o r $ 5 ,0 0 0 re q u ire d . P u r ch a se r t o p a y a ccr u e d in te re st.
I h oso are th o sam o b o n d s w h ich w ero r e p o rte d so ld t o M o n tg o m e r y &
G o - ■° f P h ila d e lp h ia — V .1 1 0 , p . 184— b u t th o y were refu sed as th o a tto rn oy s
fo r M o n tg o m e r y & C o . d e cld o d th a t th o b o n u s h a d n o t boon v a lid ly issued.

A T T L E B O R O , B r i s t o l C o u n t y , M a s s .— TE M O R A R Y L O A N . — O n
F e b . 14 G r a fto n & C o . w ere a w a rd e d o n a 5 .6 9 % d is c o u n t basis th o te m 
p o r a r y loa n o f $ 5 0 ,0 0 0 , d a te d F e b . 18 a n d m a tu r in g O c t. 18 1920.
A U B U R N , C a y u g a C o u n t y , N . Y .— BOND SALE.— O n J a n . 30
$ 4 5 ,0 0 0 4 % w ater b o n d s w ore a w a rd o d t o a lo c a l b a n k a t p a r a n d Interest
D o n o m . $ 5 ,0 0 0 . D u o J a n . 1 1922.

ELECTION.— 1 h o q u o stlo n o f issuing $25 ,00 0 ro a d b on d s
w ill bo s u b m itte d t o th o v o to r s o n F o b . 2 4 , It is r e p o rte d .

A Y R S H I R E S C H O O L D I S T R I C T (P . O . A y r s h i r e ) , P a l o A l t o
C o u n t y , I o w a .— BOND SALE.— A n issue o f $ 11 0 ,0 0 0 s c h o o l b o n d s has
b een s o ld .

D e c . 12 S h e rw o o d & M e r r lfie ld , o f N e w
5 % w a ter b o n d s , o ffe re d o n th a t d a to .

C A M E R O N C O U N T Y R ° A D D I S T R IC T N O. 2 (P . O . B ro w n sv ille ),

C A N A J O H A R IE , M o n tg o m e r y C o u n t y , N. Y .— BOND SALE.— On

B A K E R S F I E L D S C H O O L D I S T R I C T (P . O . B a k e r s f i e l d ) , K e r n
C o u n t y , C a l i f .— BOND ELECTION . — O n M a r c h 12 a n issuo o f $300 ,0 0 0
5 % s c h o o l b o n d s w ill b e v o t e d o n .
’

C A N D L E R S P E C IA L T A X S C H O O L D I S T R I C T (P . O . C a n d le r ),

B u n c o m b e C o u n t y , N o. Caro.— BOND ELECT I ON.— T h e q u e stio n o f
issu in g $ 3 5 ,00 0 s c h o o l b u ild in g b o n d s a t n o t e x c e e d in g 6 % in te re s t will b o
s u b m itte d t o th o v o te rs o n M a r c h 24.

B E D F O R D V I L L A G E S C H O O L D I S T R I C T (P . O . B e d f o r d ) , C u y a 
h o g a C o u n t y , O h i o . — NO B ID S. — T h e r e w ere n o bidd ers fo r th e $ 20 0 ,0 0 0
514% c o u p o n s c h o o l-b u ild in g b o n d s o ffe r e d o n F e b . 7— V . 110, p . 3 8 5 .
B E N I C I A , S o l a n o C o u n t y , C a l i f .— BOND ELECTION . — I t is re p o rte d

7 ’ ?£& R B £ ,N C O U N T Y S C H O O L D I S T R I C T N O . 1, M o n t.— CORRECTI.?Nn ^ ~ 7 h? l pri1 p a W f° .r th e $ 1 2 ,5 0 0 5 14% re fu n d in g b o n d s aw a rd ed on
c.?
J a n . 23 t o th e W e lls -D ic k e y C o . w a s 1 01 .60 (n o t p a r as ro p o rte d in V .
110, p . 4 8 4 ).

t h a t th e C it y T ru stees w ill ca ll a $ 8 0 ,00 0 b o n d o lection t o g e t fu n d s fo r a
c o m m u n ity c lu b h o u se , ch ild r e n ’s p la y g r o u n d a n d streot im p r o v e m e n ts.
B E N S O N , J o h n s t o n C o u n t y , N o . C a r o .— BONDS N O T SOLD.— N o
saie w a s m a d e o f th e $ 5 0 ,0 0 0 e le ctric-lig h t, $ 7 0 ,0 0 0 w a te r a n d $ 3 5 ,00 0
sew er 514% b o n d s o ffr e d o n F e b . 12— V . 110, p . 579
T h o offic ia ls are n o w a rra n g in g t o o ffe r 6 % b o n d s .

B D IS T R IC T , S a n ta B arba ra C o u n t y , C a lif.—

BOND 8 A L A .— T h o $ 3 ,0 0 0 6 % 1-3 yoa r s c h o o l b o n d s o ffo ro d on F o b . 2
P- 278— h a v o beon a w a rd e d , a c c o r d in g to r e p o rts , t o tho F irst
N a tio n a l B a n k o f S an ta B a r b a ra a t 100.10.

—

r r C£ SS C O U N T Y

_ CHERAU

B L A C K F O O T , B in g h a m C o u n t y , I d a .— BOND SALE. — O n J a n . 16
J o h n E . P rico & C o . w ere a w a rd e d $ 15 0 ,0 0 0 6 % 1 0-2 0 -yea r (o p t .) s treet
im p t . b on u s a t 97 a n d a lso fu rn ish ed all p ro ce e d in g s.
D e n o m 81 000
BONDS TO BE OFFERED - W o are fu rth e r a dvisS d th a t $4™ 000 gen eral
p a v in g b o n d s w ill b o o ffe r o d fo r salo a b o u t A p ril o r M a y .
”
B L A I N E C O U N T Y (P . O . F a i r f i e l d ) , I d a .— BOND OFFERING.—
P ro p o s a ls w ill b o r e c o lv o d b y N e lso n B . H igg s, C lo rk B o a r d o f C o u n t y
C om m iss io n e rs , u n til 1 p . m . F e b . 23 fo r th o fo llo w in g ro a d b o n d s , a t n o t
e x c e e d in g 6 % :
’
$ 8 ,0 0 0 S ta te h ig h w a y b o n d s .
D u e $800 y e a r ly o n J an . 1 fr o m 1930 to
1930, ln cl.
7 ,0 0 0 R o a d b o n d s .
D u o $700 y e a r ly o n J a n . 1 fr o m 1930 t o 1939, ln cl.
D e n o m . $ 500 & $ 100. D a t e J a n . 1 1920.
B L O O M T O W N S H I P S C H O O L D I S T R I C T (P . O . B l o o m v i l l e ) ,
S e n e c a C o u n t y , O h i o . — BOND SA LE . — O n F e b . 14 th e $ 1 0 0 ,0 0 0 5 h
3 0 -y e a r c o u p o n s c h o o l-b ld g , b o n d s d a te d F e b . 15 1920— V 110 P 57 <
w ere a w a rd ed t o K e a n e , H ig b io & C o . o f D e t r o it a t 100.59 a n d in tere s t.
B O O N E C O U N T Y (P . O . L e b a n o n ) , I n d . — BOND S A L E __ T h e
$ 4 0 ,0 0 0 fu n d in g b o n d s , o ffe r e d o n F o b . 16— V . 110, p . 484— w ero a w a rd e d
o n th a t d a to t o th o B o o n o C o u n t y S ta to B a n k , W . C . L o n g , V orn N elson
a n d Jam es R . M c C a n n , all o f L o b a n o n , a t par a n d Interest
D a te fa n ’
15 1 92 0 . I n t . J . & J .
D u o $ 2 0 ,0 0 0 a n n u a lly fo r 5 y e a rs , b e gfn n fn g
J u ly 15 192 L.
B O W I E C O U N T Y L E V E E D I S T R I C T N O . 2, T e x .— BONDS REGIS
TERED. — On F e b . 12 th e S ta te C o m p tr o lle r re g iste re d $ 14 0 ,0 0 0 6 % serial
v

b on d s.

B O Z E M A N , G a l l a t i n C o u n t y , M o n t .— BOND ELEC TIO N . — N e w s 
p a p ers s a y th a t th o C it y C o u n c il h as d e cid e d t o p la co b o fo ro th o v o te rs at
g 1 election on A p r il 23 b o n d issuos to ta lin g $ 15 0 ,0 0 0 ; o f this a m o u n t
,1
M
.se^ x fo r th o im p r o v e m e n t o f th o w a te r-w o r k s sy s te m ,
$ 4 0 ,0 0 0 fo r th e c o n s tr u c tio n o f fiv e brid ges a n d $ 1 0 ,0 0 0 fo r uso in im p r o v in g
th o ga rb a ge d isp os a l fa cilitie s o f th o c it y . T h o c it y is a lre a d y n e g o tia tin g
fo r th o d isp os a l o f th o b o n d s in th o e v e n t th o y aro v o t e d .
BRENTW OOD

SCHOOL

D IS T R IC T ,

A lle g h e n y

C ou n ty

Pa —

BOND OFFERING.— P rop osals w ill b o re c e iv e d u n til 8 p . m . M a r c h 3 b y

C . I I . B ra ek on , S ecreta ry o f B o a r d o f S ch o o l D ire c to r s (418 F rick B id "
P it ts b u r g h ), fo r th e $ 8 5 ,0 0 ° ta x -fre o s c h o o l b ld g , b o n d s v o te d a t th o e le ctio n
h o ld J a n . D — V . 110, p . 9 4 . D o n o m . $ 1 ,0 0 0 .
D a to Jan . 1 1920. In t
J. & J.
D u o $ 1 0 ,0 0 0 on J an . 1 in 1928, 1932, 1935, 1939 1941 1944 a n d
1946 a n d $ 1 5 ,0 0 0 J an . 1 1949. C e r t, ch e ck bn an In co rp o ra te d b a n k fo r
2 % o f a m o u n t o f b id roq u ire d . B id s are ro q u o sto d on b o n d s b earin g 4 U %
414 % a n d 5 % in terest. P u rch a ser t o p a y a ccr u e d in terest.
B R I S T O L C O U N T Y (P . O . T a u n t o n ) , M a s s .— NOTE O FFE R IN G __
P r o p o s a ls w ill b o re c o iv e d un til 9 a . m . F o b . 24 1920 b y E d g a r L . C rossm an
S X ¥ eb Ti r S . %

u l 2i r 2 F i 9 2 D P° n T u b o rc u lo sis

B R O O K F I E L D S C H O O L D I S T R I C T (P . O . B r o o k f i e l d ) , L i n n
C ou n ty ,
M o.— BOND SA LE .— T ho $ 10 0 ,0 0 0 s ch o o l b o n d s r e c e n tly
ro p o r te d as v o t e d in V. 110, p . 580— h a v e be e n s o ld to lo ca l b an k s.
B R O O K V I L L E , N o x u b e e C o u n t y , M is s .— BOND OFFE R IN G __ B id s
w ill b e r e c o iv e d , it is s ta te d , u n til M a r . 2 b y J. N . M c M o r r ie s T o w n C lerk
fo r $ 1 0 ,0 0 0 6 % 2 0 -y ea r b o n d s.
D o n o m . $ 500.
’
’
B R U S H , M o r g a n C o u n t y , C o l o . — BOND SA LE.— T h o In te rn a tio n a l
T r u s t C o . o f D e n v e r , re c e n tly p u rch a se d $ 7 5 ,0 0 0 5 14% 10-15 y e a r (o p t .)
w a te r-w o r k s ex ten s ion b o n d s .
D e n o m . $ 1 ,0 0 0 . D a t e M a r . 1 1920.
B R Y A N T , H a m i l t o n C o u n t y , S o . D a k .— BOND OFFERING.— B id s
w ill b o re c e iv e d u n til M a r c h 2 b y H . C . R ic >. C it y A u d ito r , fo r th o $ 2 1 ,00 0
sow er a n d $ 1 5 ,0 0 0 w a ter-w o rk s b o n d s , r e c e n tly v o t e d — V . 110 d 580
P o p u la tio n (e s t .), 8 0 0 .
’
08U’
B U C Y R U S C I T Y S C H O O L D I S T R I C T (P . O . B u c y r u s ) , C r a w f o r d
C o u n t y , O h io .
BOND OFFERING.— C . I I . M ille r . C lerk o f B o a r d o f
E d u c a t io n , wiH recoiv o b id s u n til 12 m . M a r . 9 fo r th e $45 ,00 0 5 % c o u p o n
s c h o o l b o n d s , re c e n tly a u th oriz e d — V . 110, p . 3 85 . D e n o m . $ 1 ,0 0 0 . D a te
J a n . 15 1920.
P rin . a n d s em i-a n n . in t. (A . & O .) p a y a b lo a t tho B u cy ru s
C it y B a n k , o f B u c y r u s .
D u e e a ch six m o n th s as fo llo w s: $1 0 00 O c t 1
1 9 2 ! t o O c t. 1 1922, in c h : $ 2 ,0 0 0 , A p r . 1 1923; $ 1 ,0 0 0 , O c t. 1 1923;’ $ 23)00
A p r . 1 & O c t. 1 1924; $ 3 ,0 0 0 , A p r . 1 1925; $ 2 ,0 0 0 , O c t. 1 1925’ $3 OOO'
A p r . 1 & O ct. 1 1926; $ 4 ,0 0 0 . A p r . 1 1927; $ 3 ,0 0 0 , O c t. 1 1927; $4 0 0 6 'A p r
1 & O c t. 1 1928; $ 5 ,0 0 0 , A p r. 1 1929, a n d $ 4 ,0 0 0 , O c t. 1 1929. C e rt ch e ck
o n a s o lv e n t b a n k in C ra w fo rd C o u n t y , fo r $ 20 0 , p a y a b lo t o t h e 'a b o v e
clo rk , roq u ire d .
P u rch a ser t o p a y a ccr u e d in terest a n d fu rn ish th e p rin te d
b o n d s a t his o w n exp en se.
’
1
B Y R O N C O N S O L ID A T E D S C H O O L D I S T R I C T (P . O . B y r o n ).
H o u s t o n C o u n t y , G a .— BOND OFFERING.— U n til 12 m . M a r c h 1 p r o 
p osa ls w ill b o rec e iv e d b y E . B ru ce W a lt o n , S ecre ta ry -T r e a s u re r o f th o
B o a r d o f E d u c a t io n , fo r th e $ 2 0 ,0 0 0 414% ta x -fre e c o u p o n b o n d s m e n 
t io n e d in V . 110, p . 9 4 . D e n o m . S 100. D a t e J an . 1 1920. I n t . a n n u ao<y < ^ yablA a t ® y r o n .
°
D u e J a n . 1 1940. B o n d e d d e b t, F e b . 14 1920,
$ 2 0 ,0 0 0 .
A ssessed v a lu e , $ 4 2 0 , 660 .
u

T O W N S H IP ,

C h e s te rfie ld

C ou n ty, So.

C a r o .__ BOND

8 lh^norvTTfT^-® 1®
6 % _ 2 5 -y o a r ro a d b o n d s (b e in g p a rt o f an is s u o ,o f
$40 ,00 0 ) o ffe r e d on J an . 27— V . 110, p . 278— h a v o boon a w a rd o d t o 11. G .
C arriso n o f C a m d o n fo r $ 1 5 ,40 0 . oq u a l t o 102.66.

B E T T S V I L L E S C H O O L D I S T R I C T (P . O . B e t t s v i l l e ) , S e n e c a
C o u n t y , O h io .— BONDS VOTED.— A t a ro c e n t m e e tin g o f th o s ch o o l
b o a r d a b o n d issue o f $ 9 ,0 0 0 w as a u th o riz e d b y a v o t e o f 26 t o 2 .

B I R M I N G H A M , A la .— DE SC R IPTIO N OF BONDS.— F u r th e r d otails
a ro a t h a n d r e la tiv o t o th e salo o f th o $ 56 5 ,0 0 0 514% re fu n d in g bond's
r e c e n tly a w a rd ed t o R . M . G r a n t & C o . o f N . Y a t p a r anS i n t o r e s t - V 110
p . 6 7 7 . D o n o m . $ 1 ,0 0 0 .
D u e in 10 y e a rs .
in terest— v . n o ,

(P . O . L o g a n g p o r t), I n d .— BOND OFFERING.—

U . S. H o ffm a n , C o u n t y T re a s u re r, will re c e iv e p ro p o s a ls until 10 a. m .
M a r c h 1 fo r t h o fo llo w in g 4 H % ro a d b o n d s : $ 1 8 ,4 0 0 J o h n F . B r o o k m o y c r
a n d $ 1 2 ,4 0 0 J o h n M a s te r s b o n d s . D a t o F o b . 15 1920. I n t . M . & N .

B E N T O N C O U N T Y (P . O . F o w l e r ) , I n d . — BOND OFFERING.— P r o 
p osa ls will b e re c e iv e d b y F . E . C o n e s , C o u n t y T re a su re r, u n til 10 a . m .
F e b . 23 fo r $ 1 8 ,6 6 0 414% M ic h a e l D u f f y C e n te r T w p . ro a d im p t . b o n d s .
D e n o m . $ 93 3 . D a t e J an . 15 1920. I n t . M . & N . D u o $933 e a ch six
m o n th s from M a y 15 1921 t o N o v . 15 1930, in cl.

B E X L E Y V I L L A G E S C H O O L D I S T R I C T (P . O . C o l u m b u s ) , F r a n k 
l i n C o u n t y , O h i o . — BOND OFFERING.— G . It. W a n n e m a c h e r C le r k o f
B o a r d o f E d u c a t io n , will r e c e iv e b id s u n til 7:30 p . m . M a r c h 10 fo r $ 5 0 ,0 0 0
5 K % c o u p o n s c h o o l b o n d s . A u t h . S e c. 7625 a n d 7 626, G e n C o d e .
D e n o m . $ 50 0 . D a t e M a r . 25 1920. P r in . a n d s cm l-a n n . in t. ( M . & S )
p a y a b le a t th o M a r k e t E x c h a n g e B a n k o f C o lu m b u s .
D u e e a c h s ix m o n th s
a sfo lio w .s : $ 2 ,5 0 0 M a r c h 25 1923 t o S e p t. 25 1925, in c l., an d $ 3 ,5 0 0 1926 to
1 93 0 , in ch
C e r tifie d c h e c k fo r 5 % o f a m o u n t o f b o n d s b id fo r re q u ire d .

Y o r k , w ero a w a rd e d $10 ,00 0

C L A R K E C O U N T Y (P . O . Q u i t m a n ) , M is s .— BOND OFFE R IN G __
W . B . R a lo y ,, C „ a n c o r y C le r k , w ill ro c o iv o bids un til M a r . 2 , it Is s ta tod ,
„ h ___
fo r $ 13 0 ,6 0 0 t \% nno ft b o n d s.
6 C/_ ro a d hnn a
C L A Y C O U N T Y (P . O . B r a z i l ) , I n d . — BOND OFFERING .— Sealed
p r o p o s a ls w ill b o re ce iv e d u n til 1C:30 a .. m . weo . 25 b y T h o s . W . s w m e tia rt
Ivod uuvu iv..uu
F b ~,, uy i n os. w S w in oh a rt,
C o u n t y T re a su re r, fo r $ 2 4 ,6 0 0 4 M % A lb e r t C h a m b e rs o t a l. L ow s T w o !
b o n d s . . D e n o m . $ 61 5 .
D a to O c t. 1 1919.
In t. M . & N
D im
f
m o n th s fro m M a y 15 1921 t o N o v . 15 1930, in cl. C e rtifie d
c h e c k fo r $ 500, p a y a b lo t o th o C o u n t y T re a s u re r, re q u ire d . P u r ch a ser to
p a y a ccr u e d in te re s t.

C u s te r C o u n t y , O k la .— BONDS A P PR O VE D .— O n F e b . 6

th o S ta to A tto r n o y -G e n e r a l a p p r o v e d $ 3 5 0 ,0 0 0 w a te r b o n d s .

C O U N T Y COM M ON S C H O O L D I S T R IC T N O . 73. T ox —
2 0 -^ e a r bom fsZo n b ^ b D9 7 T h e

irm ^ U U M B IA ,

H erkim er

S ta te C o m p t r o llc r registered

C ou n ty,

N.

Y .— BOND

$ 5 ,0 0 0

5%

OFFERING.— A t

^ i ' , ^ a r? b 1
a m 9 ,’ B lls s - T w o n S u p e rv is o r, will soil a t p u b lic
n l.n im ’
to o o C oU Vt ^ m o Urt2 Io u s S J n H e rk im e r. 3 5.4 00 5 % ro a d b o n d s .
D o n o m . $ 1 ,0 0 0 a n d $400. D a to M a r c h 1, 1920.
In t. M . & s .
Duo
8San n o ° r e m a,rCht ^ 1
:Xs
$ 400, 1921; $ 1 ,0 0 0 , 1922 t o 1942. in c l.; a n d
nnliu in
ln cl. C e r t, c h o c k o n a n ation al b a n k o r trust c o m 
p a n y in N o w Y o r k S ta to , fo r 1 0 % o f a m o u n t o f b o n d # b id fo r , ro q u iro d .
eorT i?n r9Bi^0r C o lu sa C o u n t y , C a lif. — BOND S A L E .— O n F o b . 2 th o
5 2 0 .0 0 0 514% g o ld c o u p o n b a th -h o u s e b o n d s r e c e n tly v o t e d — V . 110, p .
T 7 ^ r 7 T ro S0Jd t o th e N a tio n a l C it y C o . a t 1 02.71.
D e n o m . $ 1 ,0 0 0 .
D a t e M a r c h 1 1920. P rin . a n d s e m i-a n n . in t. (J . & D .) p a y a b lo a t th o
,th® T o w n T re a s u re r. D u o $ 1 ,0 0 0 y e a r ly o n D o c . 1 fr o m 1924
t o i 9 4 o , in cl.

CONCORD,

M id d lesex

C ou n ty,

Mass.— TE M P O R A R Y L O A N .— A

te m p o r a r y loan o f $ 2 0 ,00 0 issued In a n ticip a tio n o f ro v o n u o a n d m atu rin g
N o v . 2 1920, w as r e c e n tly a w a rd e d , it is s ta te d , t o F . S. M o s e le y & C o . o f
B o s t o n , o n a 5 .8 4 % basis, plus a p rom iu m o f $1.

0 COO, f n ^ U^ Y , S 9 H ° 9 L D I S T R IC T N O. 9 (P . O . M a rs h fie ld ),
m o o 'T ^ qi
. B ALE .— The L u m b e r m e n ’s T r u s t C o ., o ffe rin g $ 4 0 ,2 8 0 75
(1 0 0 .6 2 3 ) and in te re st w as a w a rd e d an issuo o f $ 4 0 ,0 0 0 5
% b o n d s o ffe re d
sem f an'n3 ! - U ? n o m i51’ 000. a n d S I 0 0 . D a to F o b . 1 1920. P rin. an d
1
1 9 .; *

P a ya b le a t th o fiscal a g e n c y o f th o S ta to o f O regon

O
ther^lddera w N' “
ore’

D 52,300 y,j;ir,y r‘ om
uo
° r

Sh9r?vnJ|L^ NPr C 9iUm T Y r
bonds

d & M cm

to 1010, tod.

s‘0’000

° " * ° " ............................

° * C o r t la n d ), N. Y .— BOND SALE.—

e k ’ o f N e w Y o r k . re c e n tly p u rch a se d $ 5 0 ,0 0 0 5 %

C U S T E R C O U N T Y (P. O . M iles C it y ), M o n t. — BOND ELECTION .__
^ th o fo llo w in g 5 14% 10-20 y o a r (o p t .) b o n d s w ill b o v o t o d u p on :

$ 3 5 0 ,0 0 0 ro a d b o n d s — V . 110, p . 580.
2 5 0 .0 0 0 h igh s c h o o l b o n d s.

N C U S T E R A N D P O W D E R R IV E R C O U N T IE S S C H O O L D IS T R IC T
^ m 7l \ M,o n t - BO™ ? , S A L E .- A n issuo o f '$6,000 6 % 5 -7 -ye a r (o p t .)
^ b o o l b o m ls was re c e n tly p u rch a se d a t p a r b y th e S ta to B o a r d o f L a n d
C o m m iss io n e rs , it Is ro p o rte d .

D A L L A S , D allas C o u n t y> T e x . — BOND E LEC TIO N CONSIDERED.—
i , -n n C o1 m? y b o h o ld d u rin g A p r il t o v o t e o n th o q u e s tio n o f Issuing
nA
$ 1 ,5 0 0 ,0 0 0 w a tor a n d sow or a n d $ 1 ,5 0 0 ,0 0 0 s c h o o l b o n d s .
K
„ , D A9,.BT* R“ va,, L C o u n t y , M o n t.— BOND OFFERING POSTPONED
S

T h e o ffe r in g o f $ 1 7 ,6 0 0 w ater a n d $ 5,0 00 e le ctric ligh t 6 % b o n d s

—

w h ich

tadofinUelY6. ta k ° U P aC° ° D M aCUl 15~ V ’ 1 1 0 ’ p ’ 580— has t o o n p o stp o n e d

q

( P ; , G r e e n v i l l e ) . O h io .— BOND OFFERING.—

8 i r o ‘nnnaKc/ C ° u n t y A u d ito r , will re c e iv e bids u n til 11 a. m . M a r c h 5 fo r
?uf»2 ’ 00(r 7 % r o a d -lm p t . b o n d s . D e n o m s . $300 t o $ 70 0 . D a t e M a r c h 1
.
1920.
In t . s e m i-a n n . G u o y e a r ly o n M a r c h 1 as f o llo w s ’
Ron 10^1
3 3 6 .0 0 0 r
1922 a m i 1923. $ 3 5 ,5 0 0 FJ24. ancT $ 1 8 ,0 0 0 l "
C e r ttn ^ ch w k

o D A V IS C O U N T Y

D R A IN A G E

D IS T R IC T

N o,

1

U ta h — BOND

‘-B IL E . T h e F re e m a n , S m ith & C a m p C o . o f San F r a n c is c o a re re n o rted
t o h a v e p u rc h a se d th o $ 6 0 ,00 0 5 -40 y e a r (o p t .) b o n d s o ffo r o d o £ F o b . 7\—

D A W SO N C O U N T Y S C H O O L D I S T R I C T N O. 101 (P . O . L in d sa v )

M o n t.— BOND OFFERING.— N e w s p a p e r r e p o rt th a t p ro p o sals will fice T s c l m o ^ b o A d s 1' S c h a k ’ D is trIct C le r k , u n til 3 p . m . J\?areh 3 fo r $ 1 ,5 0 ^
C O U N T Y (P . O . G r e e n s h u r g ), I n d . __ NO B ID S RE
C E IV E D .— .No b id s w ere re c o iv e d fo r th o 2 Issues o f 4 > $% 1 -1 0 -y e a r serla’
r o a d -h n p t . b o n d s , a g g re g a tin g $ 10 9 ,7 0 0 , o ffe r e d o n F e b . 12— V .1 1 0 , p . 5 8 0
D O T H A N , H o u s to n C o u n t y , A la .— BONDS N O T S O L D __ T h e $30 2n°P cVa t 8r v a ,V 1n tn
h
X 11S80
a^
d * 4 ° , ° 0 0 s a n ita ry sew er 5 %
o n r e b . 8 — V. 110, p . 386— w ere n o t s o ld .
T h o a b o v o b o n d s w ill bo so ld a t a p riv a te salo.

b i n d s o ffe re d

t , D O U G L A S C O U N T Y (P . O . O m a h a ), N e b r. — S U IT .— T h o “ Omaha
flhvi
12 s ta te s th a t M . O . C u n n in g h a m , a tax p a y e r, ha's
file d su it against th o C o u n t y C o m m issio n e rs to test th o v a lid it y o f $822 000
co u r t h ou se b o n d s , co n te n d in g th a t th e le gisla tive a c t u n d e r w h ic h th e b o n d s
are t o be issued Is u n co n s titu tio n a l.
1 uuuua

D O U G L A S C O U N T Y (P . O . S u p e r io r ). W ise .__ BOND SAT t
,'
F ? b - 10 tlio fo llo w in g 5 % b o n d s ^ -V . 110, p . 386— w ero s o ld t o B o lg cr
I n t e r e s t W U ,,a m a n d K ' s to n & C o - o f C h ic a g o , Joint bidd ers fo r p a r and

$ 50 0 ,0 0 0 ro a d b o n d s .
D a to J a n . 2 1920. In t . M . & 8 . D u o $50 000
. . . nnn y e a r ly o n J a n . 2 fr o m 1930 t o 1939, in clu sive .
SoO.UUU
„ C A C A P O N R O A D D I S T R I C T (P . O . B e r k l e y S p r i n g s )
M organ
1 50.000 s o ld iers b o n u s b o n d s
D a to F e b . 2 1920.
In t. s o m l-a n n .
Duo
C ou n ty , W . V a.
BOND OFFERING.— P ro p o s a k ^ w ilF b o r e c o l v ^ b y
$ 1 5 ,00 0 y e a r ly o n F e b . 2 fr o m 1921 to 1930, Inclu sive
F - L . H a w k in s, C o u n t y R o a d E n g in e e r, u n til 2 p . m . M a r . 16 fo r $50 0 00
I , D U N C A N S C H O O L D IS T R IC T (P . O . D u n c a n ), G r c c n lo o C n u n tv
6 % ro a d b o n d s. D a t o A p r . 1 1920. D u o $ 1 0 ,0 0 0 a n n u a lly . C e rt ch e ck
fo r 2 % , p a y a b lo to th e C o u n t y S h eriff, re q u ire d .
^ f n Z ^ / m £ h ° ,ShVOir iKZ) r ' A t a r0C0Ii t e le c tio n b y 80 " f o r ” to 9 ’ ’a g a in s t'1
n
$ 3 0 ,00 0 h igh s c h o o l b o n d s w ero v o t e d .
8




Feb. 21 1920.]

THE CHRONICLE

D U N S M U IR G R A M M A R S C H O O L D I S T R I C T (P . O . D u n s m u ir ),
S is k iy o u C o u n t y , C a lif.— BONDS VOTED.— On Fob. 1 $39,000 grammar
school bonds woro voted without a dissenting vote.
D U V A L C O U N T Y (P . O . J a c k s o n v ille ), F la .— NO B IDS R ECEIVED.
— N o bids woro received for tho $300,000 5 % gold coupon refunding St.
John’s Illvor im provom ont bonds, offered on F eb. 17.— V . 110, p . 386.
E A S T O R A N G E , Essex C o u n t y , N. J .— BOND OFFERING.— P r o 
posals w ill b o r oc olv od u n til 8 p . m . M a r c h 8 b y L in co ln IC. R o w le y , C it y
C lo r k , fo r a n issue o f 6 % sow or b o n d s , n o t t o e xc e e d $ 86 5 ,0 0 0 . D o n o m .
$ l ,0 0 0 . I’ rin . a n d s o m i-a n n . in t. p a y a b lo a t th o C it y T re a su re r's o ffic o .
D u o y o a rly on J a n . 1 as fo llo w s : $ 2 1 ,0 0 0 , 1921 t o 1945, in c l., a n d $ 2 2 ,00 0 ,
1946 t o 1960. in cl. C o r t. ch o ck fo r 2 % o f a m o u n t o f b o n d s b id fo r , r e q u ire d .
E C O R S E T O W N S H IP S C H O O L D I S T R I C T N O. 1, W a y n e C o u n t y .

M ich .— BOND SA LE. — W . O . S o u d crs & C o . o f D o t r o it h a v o p u rch a se d
a n d a re now o ffe r in g t o Investors $ 15 2 ,4 0 0 5 % ta x -fr e e s ch o o l b o n d s . D e n o m . $ 1 ,0 0 0 . D a t e F e b . 1 1920. P r ln . a n d s cm l-a n n . in t. (F . & A .)
p a y a b lo a t th e P eop les S ta to H ank o f D o t r o it . D u e F e b . 1 1935:
Financial Statement.
A ssessed v a lu a tio n In 1 919__________________________________________ $ 9 ,4 4 4 ,1 8 8
N e t d e b t (In clu d in g tills iss u e )_____________________________________
184,500
P o p u la tio n , e s tim a te d _______________________________________________
6 ,5 0 0
N u m b e r o f c h ild re n o f s ch o o l a g o ____________________________________
1,164
E L D O R A D O , B u tle r C o u n t y , K a n t .— BOND SA LE .— A c c o r d in g t o
rep orts W . E . S to n o p u rch a se d o n F o b . 12 a t p a r $ 18 5 ,0 0 0 p a v in g b o n d s
o r 1919.
T h is is th o la rgost b o n d Issuo o v e r s o ld t o a n y in d iv id u a l a n d W . E .
S ton o p u rch a sed those b on d s a fte r th o c it y h ad b e e n u n ab le t o sell th e m at
a p rem iu m to o u ts ld o b o n d b u y in g c o m p a n ie s.

ELDORADO,

P reb lo

C ou n ty ,

O h io .— BOND OFFERING.— I I . B .

S oli, V illa ge C le r k , is r e c e iv in g p ro p o s a ls u n til 12 m . M a r c li 8 fo r $ 3,5 00
6 % fire truck b o n d s .
D o n o m . $ 500.
D a t e d a y o f salo.
In torest p a y a b lo
a n n u a lly .
D u o $500 y o a rly on O c t. 1 fro m 1922 t o 1928. Incl. C o rt.
ch o ck fo r 5 % o f a m o u n t o f b o n d s b id fo r , p a y a b lo t o th o V illago T reasu rer
req u ired .

E L IZ A B E T H , E lb e rt C o u n t y , C o lo .— BOND SA LE .— A n Issue o f
$ 5 ,6 0 0 0 % p a v in g b o n d s , m atu rin g o n o r b e fo re 10 y e a rs , has be e n s o ld
t o B c n w e ll, P h illips E ste & C o . o f D e n v e r a t p a r.
E L M IR A S C H O O L D I S T R IC T (P . O . E lm ira ), C h e m u n g C o u n t y ,

N. Y .— BOND SA L E .— O n F o b . 13 an Issue o f $ 4 1 ,5 0 0 4 )4 % s c h o o l b o n d s
w as d isp osed o f lo c a lly a t par as fo llo w s : $ 6 ,5 0 0 t o th e E lm ira S avin gs
B a n k ; $ 2 0 ,00 0 t o th e S econ d N a tio n a l B a n k , and $ 1 5 ,0 0 0 t o th e C h e m u n g
C o u n ty T ru st C o .
D a to M a r c h 1 1920.
In t . se m i-a n n .
D u e $ 1,5 00
M a r c h 1 1921 and $ 4 ,0 0 0 y e a rly o n M a r c h 1 fro m 1922 t o 1931, in clu s iv e .
EL PA SO C O U N T Y (P . O . El P a so ), T e x .— BOND OFFERING.— P r o 
posals will b e receiv ed b y J . A . E s c a je d a , C o u n t y A u d ito r , u n til 12 m .
M a r c h 8 fo r $70 0 ,0 0 0 5 % roa d b o n d s, being p a r t of th o $ 80 0 ,0 0 0 Issue v o te d
D u o $ 2 7 ,00 0 y e a rly on
on N o v . 15 last— V . 109. p . 2091.
In t . F . fi A .
F o b . 10 from 1921 t o 1919, in c l., a n d $ 1 7 ,00 0 F o b . 10 1950. C e r t, ch e ck
fo r 1 % o f a m o u n t o f b id re q u ire d .
E U C L ID , C u y a h o g a C o u n t y , O h io .— BOND SA L E .— T h o fo llo w in g
4 Issues o f 5 )4 % c o u p o n special assessm ent ro a d b o n d s o ffe re d on D e c . 8—
V . 109, p . 2 00 5 — h a v e been aw a rd ed t o T illo t s o n & W o lc o t t C o . o f C le v e 
lan d fo r $ 3 4 ,42 8 41, eq u a l t o 101.218:
$11 ,38 4 C u t R oad b o n d s .
D u e y e a rly o n O c t. 1 as fo llo w s : $384 1921,
$ 1 ,0 0 0 1922 t o 1927, in c l.; $ 2 ,0 0 0 1928 a n d 1929, and $ 1,0 00 1930.
7 ,6 9 0 B rew er A v e . b o n d s . D u e $ 690 O c t. 1 1921 and $ 1 ,0 0 0 o n O c t. 1
in 1923, 1925, 1926, 1927, 1928, 1929 and 1930.
7 ,8 1 0 P ond A v e . b o n d s .
D u o $810 O c t. 1 1921 a n d $ 1 ,0 0 0 o n O c t. 1
in 1923, 1925, 1926, 1927, 1928, 1929 and 1930.
7 ,1 3 0 F u ller A v e . b o n d s .
D u o $130 O c t. 1 1921 and $ 1 ,0 0 0 o n O c t. 1
In 1923. 1925, 1926, 1927, 1928. 1929 an d 1930.
E U C L ID , C u y a h o g a C o u n t y , O h io .— BOND SA LE .— O n D e c . 22
the fo llo w in g 4 Issues o f 5 ) 4 % co u p o n special assessm ent b o n d s , agg rega tin g
$ 2 0 ,2 0 0 . o ffe r e d o n th a t (fate— V . 109, p . 2 283— w ero a w a rd e d t o O tis &
C o . o f C le v e la n d fo r $ 2 0 ,21 0 , equal t o 100.049:
$ 4,6 00 w a ter m ain b o n d s.
D o n o m . 1 fo r $600 a n d 4 fo r $ 1,0 00 . D u o
o n O c t. 1 as fo llo w s: $600, 1922, $ 1 ,0 0 0 . 1924, 1926, 1928 a n d 1930.
6 ,3 6 0 C o u lte r A v e . stor m w a ter sew er b o n d s .
D e n o m . 1 fo r $300 a n d 6
fo r $ 1,0 00
D u e on O c t. 1 as fo llo w s : $ 30 0 , 1922: $ 1 ,0 0 0 , 1924,
1926. 1927. 1928, 1929, a n d 1930
4 ,0 0 0 C o u lte r A v e . sid ew alk b o n d s .
D o n o m . $ 1 ,0 0 0 . D u e $ 1,0 00 o n
O c t. 1 In 1923, 1920, 1928 a n d 1930.
5 ,3 0 0 C o u lte r A v e . w ater m ain b o n d s .
D e n o m . 1 fo r $300 a n d 5 for
$ 1 .0 0 0 .
D u o o n O c t. 1 as fo llo w s : $ 3 0 0 , 1922; $ 1 ,0 0 0 , 1924, 1926,
1928, 1929 a n d 1030.
EU N IC E, S t. L a n d ry P a rish , L a .— BOND OFFERING .— S ealed b id s
Will be receiv ed u n til M a rc h 15 b y C . B . H a m m ers, T o w n C le r k , fo r S 15 0 ,000 6 % c o u p o n o r reg istered s tr co t-Im p t. b o n d s d a to d J an . 1 1920.
E V A N S V IL L E , V a n d e r b u r g h C o u n t y , I n d .— BONDS A PPR O VE D .—
T h o S ta to B o a r d o f T a x C o m m issio n e rs has a u th o riz e d th e issu a n ce o f
$ 7 5 ,00 0 fire d e p a rtm e n t im p r o v e m e n t b o n d s .
F A IR O A K S IR R IG A T IO N D I S T R I C T (P. O . F air O a k s ), S a c ra 

m e n to C o u n t y , C a lif.— PRICE P A I D .— T h o p rice p a id fo r th e $20 ,00 0
6 % b o n d s re c e n tly a w a rd ed t o th e C a lifo rn ia N a tio n a l B a n k — V . 110, p . 678
— w a s 102 .57 .
D a te J u ly 1 1918. In terest J . & J .

F A R M E R T O W N S H IP S C H O O L D I S T R I C T (P. O . F a rm er), D e
fia n c e C o u n t y , O h io .— BOND OFFERING. — E . O . S to n e , C le rk o f B o ard
o f E d u c a tio n , will receiv e bids un til 12 m . F e b . 21 fo r $ 2 5 ,0 0 0 4 ) 4 % s c h o o l
b on d s.
D e n o m . $ 2 ,5 0 0 . In t. s cm l-a n n . D u e S 2.60 0 in fr o m o n o t o ten
years a fter d a to .
F E R R Y C O U N T Y (P . O . R e p u b l i c ) , W a s h .— S U IT .— W o are a d vise d
b y A . C . M c N u lt y , C o u n t y A u d ito r , t h a t a su it has been s ta rte d in th e
C o u n t y S u p erior C o u r t b y a ta x p a y e r a n d a te m p o r a r y restrain in g o rd e r
w as issued fo r b id d in g th e B o a r d fr o m o p e n in g bids o r ta k in g a n y fu rth e r
s top s In th e m a tter o f a $20 0 ,0 0 0 fu n d in g b o n d issue.

F L IN T , G e n e se e C o u n t y , M ich .— BOND OFFERING .— F ra n k D .
K in g , C it y C le r k , will re c e iv e b id s un til 3 p . m . F e b . 23 fo r th e fo llo w in g
b o n d s , w h ich w ero v o t e d a t an e le ctio n h eld F e b . 4:
$ 21 2 ,5 0 0 p a v in g b o n d s .
D u o y e a rly o n M a r c h 15 as fo llo w s: $ 9 ,5 0 0 , 1921:
$ 1 4 ,0 0 0 , 1922 t o 1928, in c l.. a n d $ 1 5 ,0 0 0 , 1929 t o 1935. in cl.
V o te , 562 " f o r , ” 104 "a g a in s t. '
7 5.0 00 s a n ita ry sow er b o n d s . D u o $ 3 ,0 0 0 y e a rly o n M a r c h 15 fr o m
1921 t o 1945, in c l. V o te , 572 " f o r , ” 91 " a g a in s t .”
5 7 7 .00 0 stor m w a te r sow er b o n d s . D u e y e a rly o n M a r c h 15 a fo llo w s:
$ 1 0 ,0 0 0 , 1921 t o 1929, in c l.: $ 1 5 ,0 0 0 , 1930 t o 1910, in c l.: $ 3 2 ,00 0 ,
1941 to 1949. in c l., a n d $ 3 4 ,0 0 0 , 1950. V o te , 541 " f o r , " 121
" a g a in s t .”
7 5 8 .00 0 In tercep tin g sew er b o n d s .
D u o o n M a r c h 15 as fo llo w s : $ 2 0 ,00 0 .
1921: $ 1 3 ,0 0 0 , 1922: $ 1 5 ,0 0 0 , i9 2 5 t o 1930. in c l.: $ 2 5 ,0 0 0 , 1931
t o 1041, In cl., a n d $ 4 0 ,0 0 0 , 1942 t o 1950, in c l. V o te , 543 " f o r , ”
118 " a g a in s t .”
4 0 0 .00 0 w a ter w ork s b o n d s . D u o y e a r ly o n M a r c h 15 as fo llo w s: $ 5 5 ,0 0 0 ,
1932: $ 3 0 ,0 0 0 , 1933 to 1942, in c l., a n d $ 4 5 ,0 0 0 , 1943. V o te d .
453 ' “f o r , ” 118 " a g a in s t .”
1 60.000 H a m ilton d a m b o n d s . D u e $ 8 ,0 0 0 y o a r ly o n M a r c h 15 fr o m
1921 t o 1940, in c l. V o te 553 " f o r . ” 101 “ a g a in s t.”
6 5 .0 0 0 ga ra g e b o n d s .
D u o y e a r ly o n M a r c h 15 as fo llo w s : $ 7 ,0 0 9 , 1921
t o 1925, in c l.. a n d $ 8 ,0 0 0 , 1920 t o 1930, in c l. V o to , 475 " f o r , ”
170 " a g a i n s t . ’
D e n o m . $ 1 ,0 0 0 .
D a to M a r c h 15 1920.
In t. M . & S . A c e r tifie d ch e ck
fo r $ 5,0 00 Is req u ired w ith each Issuo b id u p o n s e p a ra te ly , o r $ 1 0 ,0 0 J fo r
tw o o r m ore issues.
B ids will b o r e c e iv e d o n 4 )4 % . 4 % % o r a 5 % in terest
b earin g b as is. A p p r o v a l o f W o o d & O a k lo y o f C h ic a g o . T h e o ffic ia l cir
cu la r sta tes th a t there has never been a n y c o n tr o v e r s y o r litig a tio n p e n d in g
o r th rea ten ed a ffe c tin g th o c o r p o r a te existe n ce o f th o b o u n d a rie s o f th e c it y
o r th o title o f its p resen t o ffic ia ls t o their re s p e c tiv e o ffic e s , o r th e v a lid ity
o f these b o n d s , a n d th a t there has n ev er b e e n a n y d e fa u lt in th o p a y m e n t
o f a n y o f th o c it y 's ob lig a tio n s . Purchasers t o furnish th o necessary b lan k
b on d s re a d y fo r th e sig n a tu re s o f th o M a y o r a n d th o C le r k .
F R A N K L IN C O U N T Y (P. O . B e n t o n ) , III.— BOND E LECTION
DEFERRED .— T h o ele ctio n w h ich w as to h a v e b e e n h eld F e b . 17 to v o t o
o n th o 1‘ su a n co o f $ 9 0 0 ,0 0 0 5 % 2 0 -y e a r ro a d b o n d s — V . 110, p . 581— has
been p o s tp o n e d in d e fin ite ly .

F R E D E R IC K S B U R G , W a y n e C o u n t y , O h i o .— BOND OFFERING.—
J o h n K r a m e r, V illa ge C le r k , will re c e lv o b id s u n t 1)12 m . M a r c h 1 fo r th o
fo llo w in g 5 ) 4 % p a v in g b o n d s:




785

$11,700 (village’s share) bonds. D enom . $1,170. D ato July 1 1919.
D ue $1,170 yoarly on July 1 from 1920 to 1929. inclusive.$ 1 ^ 4
15,600 assessment bonds. D enom s. 1 for $2,100, 9 ror $1,500. Due$2,100 M arch 1 1920 and $1,500 yearly on M a rch 1 from 1921 t «
1929, Inclusive.
Cert, check for 5 % o f am ount o f bid, payable to tho Tillage Olerk required.
G A L L U P S C H O O L D I S T R I C T (P . O . C a llu p ) , M c K in le y C o u n t y ,
N . Me x .— BOND OFFERING.— Until 10 a. m . Fob. 28 bids will be received
b y W . R . Crcger, Clerk, for $150,000 6 % school bonds. D en om . $ 5 0 '.
Certified check for 5 % required.
G L O V E R S V IL L E , F u lt o n C o u n t y . N . Y .— BOND OFFERING.— Bids
will bo rocoivod until 2 p. m . M arch 5 b y E . A . James, C ity Chamberlain,
for $65,900 4 )4 % registered sanitary sewor bonds. D onom . $1,000, $500
and $400. D ato Jan. 1 1920. Prin. and somi-ann. int. (J. & J .), payable
at tho C ity Cham berlain’s office or at tho M echanics S M otals National
c
Bank o f N ow Y o rk . D uo yoarly on Jan. 1 to 1925, incl. C ort. chock for
2 % o f am ount o f bid required. Purchaser to p ay accrued intorost.
G O N Z A L E S C O U N T Y (P . O . G o n z a le s ), T e x .— BOND OFFERING.—
Bids will bo received until 2 p. m . M arch 1 b y J . O . R om berg, C ounty
Judge, for the follow ing 5 )4 % bonds:
$104,000 R oad District N o. 5 bonds, authorized b y a v o to o f 171 to 42 at
an election held July 19 1919. D ato Jan. 1 1920. Duo $3,000
for 16 years and $4,000 for 14 years. T otal d ebt o f this district,
this issue only: Valuation o f property o f district, 1919, $738,900:
actual valuo o f property o f district (out.), $2,300,000: tax rate
(total, all purposes), $2.72 on $100 assessed valuation; population
(estim ated), 4, COO.
M
|
54,000 R oad D istrict N o. 6 bonds, authorized b y a voto o f 70 to 23 at an
election held M a y 31 1919. D ato July 1 1919. D uo $2,000
yearly for 27 years. T otal debt o f district, this Issuo only:
Valuation o f property o f district 1918, $451,000: actual valuation
o f property o f district, $1,400,000: tax rate (total, inclusive o f
tax for paym ont o f bonds). $2.52 on tho $100 assossed valuation:
population (estim ated), 1,250.
100.000 R oad District N o. 8 bonds, authorized b y a voto o f 143 to 48 at
an election held M a y 31 1919. D ate Jan. 1 1920. Duo $3,000
for 20 years and $4,000 for 10 years. T otal debt o f this district
this issue only: Valuation o f property o f district 1919, $1,050,
990; actual valuation o f property o f .district (est.), $3,350,000;
tax rate (for all purposes), $2.17 o n $100 assessed valuation:
population (estim ated), 4,000.
D enom . $1,000. Int. scm l-ann. (J. & J .), payable at Gonzales or at the
8eaboaid N ational Bank, N . Y ., at option o f holdor. C ert, check for
2 % , payable to the above C ounty Judge required.
G R A H A M C O U N T Y (P . O . S a ffo r d ), A r iz .— BOND SA LE.— An
issuo o f $250,000 5 )4 % serial road bonds was rocontly awarded to W right,
Swan & C o. o f D onver. D enom . $1,000.
G R E E N E C O U N T Y (P . O . B lo o m fie ld ), I n d .— NO B ID S .— There
were no bidders for tho 4 issues o f 4 )4 % road bond s, aggregating $27,400
offeicd on l e b . 10— V . 110, p. 58 -.
G R O T O N S C H O O L D I S T R I C T (P . O . G r o t o n ) , B ro w n C o u n t y ,
S o . D a k .— BOND ELECTION .— F or tho purpose o f voting on bonds for
$170,000 with which to build a socond grade school building a special elec
tion will be held on Feb. 24, it is statod.
H A C K E N S A C K , B ergen C o u n t y , N. J .— BOND SA LE.— T h e Sinking
Fund Commission and tho Hackonsack Im pt. C o . on M a v 1 1919 purchased
at par an issue o f $12,500 5 % fire truck bonds. D ate N o v . 1 1918. Due
$2,000 yearly.
H A M IL T O N C O U N T Y (P . O . C in c in n a t i) , O h io .— BOND OFFERING.
— Albert Reinhard, Clork o f Board o f C ounty O om m rs., will receivo pro
posals until 12 m. M arch 2 for the follow ing 5 % road bonds:
$95,000 Glendale-M ilford road bonds.
13.000 assessment Glendale-M ilford road bonds.
92.500 C incinnati-Louisvillo road bonds.
16.000 assessment Cincinnati-Louisvillo road b ond s.
A uth. Sec. 1223, Gen. C od e. D onom . $500. D ate M arch 1 1920.
Prln. and somi-ann. Int,. (M . & S.) p a ya b loa t the C ou n ty Treasurer’s offico.
Due M arch 1 1930. C ert, check for 5 % o f am ount o f bonds bid for, p ay
ablo to Louis J. IIuw o, C ou n ty Treasurer, required. Purchaser to pay
accrued Interest.
H A N C O C K C O U N T Y (P . O . G r e e n fie ld ), I n d .— BOND OFFERING.
— P ro p o s a ls will b e re ce iv e d u n til 10 a. m . F e b . 23 b y G r o v e r V a u D u y n ,
C o u n t y T re a su re r, fo r th e fo llo w in g 3 issues o f 4 ) 4 % ro a d b o n d s :
$ 1 5 ,7 0 0 W m . B a d o e t a l. B u c k C re e k a n d S u ga r C re e k T w p s . b o n d s .
D e n o m . $ 785.
2 2 ,6 0 0 F ran k lin E . W h ite 4e t a l. J a c k so n T w p . b o n d s . D e n o m . $ 1 ,1 3 0 .
6 ,9 0 0 J o h n L a in e t a l. V e rn o n T w p . b o n d s .
D e n o m . $ 345.
D a te D e c . 15 1919. I n t . M . & N .
D u e 1 b o n d o f e a c h issuo sem i
a n n u a lly fr o m M a y 15 1921 t o N o v . 15 1930, in cl.

HANOVER

SCH OOL

T O W N S H IP

(P .

O.

H a n o v e r ),

J e ffe rs o n

C o u n t y , I n d .— BOND OFFERING .— B id s w ill b o re c e iv e d b y B e n I I .
B a n ta , T o w n s h ip T ru ste e , u n til 1 p . m . M a r c h 1 fo r $ 6 ,0 0 0 5 % c o u p o n
sch ool b on d s.
D o n o m . $ 50 0 . D a to M a r c h 1 1920.
In t. F . & A .
Duo
$ 500 y o a r ly o n F e b . 1 fr o m 1921 t o 1932, in c l. C e r t, c h e c k fo r $100
re q u ire d .
H A N O V E R S P E C I A L S C H O O L D I S T R I C T ( P .O . H a n o v e r ) , L i c k i n g
C o u n t y , O h i o . — N O B ID S .— T h o $ 1 2 ,0 0 0 5 % s c h o o l b o n d s o ffe r e d o n
1' e b . 10— V . 110, p . 3 87— w ere n o t s o ld , as n o b id s w ero s u b m itte d .
H A R R I S B U R G , H a r r is C o u n t y , T e x .— BONDS REGISTERED .— O n
F e b . 12 $ 9 ,0 0 0 street im p r o v e m e n t a n d $ 1 8 ,00 0 w a te r w o r k s 5 % 4 0 -y e a r
b o n d s w ere reg istered w ith th o S ta te C o m p tr o lle r .

H A R T F O R D , W a s h in g to n C o u n t y , W ise .— BOND OFFERING .—
U n til 7 .3 0 p . m . M a r c h 2 b id s w ill b o re ce iv e d b y W m . R ad lco, C it y C ler k ,
fo r $35 ,00 0 5 % e le ctric lig h t b o n d s . D e n o m . $ 5 0 0 . D a t e F e b . 2 1920.
P rin . a n d so m i-a n n . In t., p a y a b lo a t th o H a rtfo rd E xch an ge B a n k , H a r tfo r d .
D u e y e a r ly b eg in n in g F e b . 1 1921. C e rt, c h e c k f o r $ 5 0 0 , p a y a b le t o th e
“ C it y o f H a r t fo r d " re q u ire d .
H A R T IN G T O N , C e d a r C o u n t y , N eb .— BOND S A L E .— T h o S ta to o f
N e b ra sk a p u rc h a se d $ 2,5 00 5 ) 4 % city -h a ll b o n d s d u rin g J a n . 1920 a t p a r.
D fite J u ly 1 1919. D u e J u ly 1 1939, o p tio n a l a fte r J u ly 1 1929.
H E N D R IC K S C O U N T Y (P . O . D a n v ille ), I n d .— BOND SALE.— O t
th o 4 issues o f 4 ) 4 % ro a d b o n d s o ffe re d u n su cce ssfu lly o n N o v . 17— V . 109.
p . 2006— th o 8 5 8 ,50 0 H a rry M . G arn er e t al. B ro w n T w p . b o n d s h a v o boen
s o ld t o th o F le tch e r-A m crica n C o . o f In d ia n a p o lis . D u e $ 2 ,9 2 5 e a ch
six m o n th s fr o m M a y 15 1921 t o N o v . 15 1930, in clu s iv e .

H E R K IM E R C O U N T Y (P . O . H erk im er), N. Y .— BOND OFFERING.
— S . C . B u r c h , C o u n t y T re a su re r, w ill sell a t p u b lic a u ctio n o n M a r c h 1
at. 10 a . m . a n d 10.15 a . m ., re s p e c tiv e ly , tho fo llo w in g b o n d s :
$ 2 1 2 ,0 0 0 h ig h w a y im p t. b o n d s .
D u o $ 7,0 00 y e a r ly o n M a r c h 1 fr o m 1921
t o 1949, in c l., and $ 9,0 00 M a r c h 1 1950.
9 0 ,0 0 0 tu b e rcu lo s is h o sp ita l b o n d s . D u o $ 3 ,0 0 0 y e a rly o n M a r c h 1 fr o m
1921 t o 1950, in clu sive .
D e n o m . $ 1 ,0 0 0 . D a t e M a r c h 1 1920. C e r t, c h e ck o n a n a tio n a l b a n k
o r tru st c o m p a n y in N o w Y o r k S ta te fo r 1 0 % o f a m o u n t o f b o n d s b id
fo r re q u ire d .

H IL L C O U N T Y (P . O . H ills b o r o ), T e x .— BONDS VOTED .— O n
F e b . 7, b y 112 " f o r ” t o 55 " a g a in s t ,” $ 10 5 ,0 0 0 Iren e R o a d D is tr ic t b o n d s
w e ro v o t e d .
•

p a y a b lo a t th o o ffic o o f th o C o u n t y T rea su rer. Cert., o r ca sh ie r’s ch o c k fo r
5 % o f th o a m o u n t o f b id , p a y a b lo t o th o C h a ir m a n B o a r d o f C o u n t y
S u pervisors re q u ire d . P u rch a se r t o p a y a ccr u e d in te re st. B o n d e d d e b t,
$ 4 i,0 0 0 ; assossed v a lu e o f ta x a b lo p r o p e r ty 1 919-1920, $ 2,7 1 7 ,0 5 6 .
H O L Y O K E , P h i l l i p s C o u n t y , C o l o .— BOND S A L E .— R e c e n t ly $14 ,00 0
6 % 15-year w a ter b o n d s w ore s o ld t o B o n w e ll, P h illips ,E s to & C o . o f
D e n v e r . D e n o m . $ 1 ,0 0 0 .

H O W L A N D T O W N S H IP R U R A L S C H O O L D I S T R I C T (P . O .
W a rre n R . F . D. N o. 6), T r u m b u ll C o u n t y , O h i o .— BOND OFFERING.
— I I . M . G r u b b s , C le r k o f B o a r d o f E d u c a tio n , will re c e iv e b id s u n til 12 m .
M a r c h 1 fo r $ 2 4 ,0 0 0 6 % c o u p o n o r reg istered s ch o o l b o n d s . Aut,h. Sec.
762 9 -7 63 0 G e n . C o d e .
D e n o m . $ 5 0 0 . D a te M a r c h 1 1920. P rin . a n d
s e m i-a n n . Int. (A . & O . ) , p a y a b lo a t th e W estern R e se rv e N a tio n a l B a n k

786

THE CHRONICLE

■of W a r r e n . D u e $ 6 ,0 0 0 o n A p r il 1 a n d O c t. 1 In 1921 a n d 1 92 2 .
c h e c k f o r $ 3 0 0 , p a y a b le t o th e D is tr ic t T re a s u re r ro q u ire d .

C ert,

A rk .b y th

H U R O N C O U N T Y (P . O . N o rw a lk ), O h io .— BOND OFFERING .—

P rop o s a ls w ill b e r o c o iv e d u n til 10 a . m . F o b . 23 b y W . H . G r iffin , C o u n t y
A u d ito r , fo r $ 8 ,0 0 0 5 % c o u p o n b rid g e b o n d s . D e n o m . $50 0 . D a t o N o v . 1
1919.- £ r ln - a n d s en il-a n n . in t . (A . & O .) p a y a b lo a t th e C o u n t y T re a s 
u res
9 U? * £ 090
A p r il 1 a n d O c t. 1 in 1921, 1922, 1923 an d
1924. C e r t ifie d c h e ck fo r 5 % o f a m o u n t o f b o n d s b i d f c r , p a y a b le t o th o
C o u n t y T r e a s u r e r , req u ire d .
A lik e issu e o f b o n d s w as re p o rte d as s o ld in Y . 109, p . 2190.

. I D A H O (S ta te o f ) . — BONDS N O T SOLD.— N o salo w as m a d e o f th e
$ 1 ,1 0 0 ,0 0 0 1 -yea r t re a s u ry n o te s o ffe r e d o n F e b . 9— V . 110 p . 5 8 ‘>
T h o s e n o te s w ill b e re-a d v e r tis e d in th e near fu tu r e .
I LI IFF, L o g a n C o u n t y , C o lo . — BOND SA LE.— T h o B an k ers S ecu rities
C o . o f D e n v e r has p u rc h a se d $ 2 ,0 0 0 6 % 1 5-y e a r w a te r a d d itio n a l b o n d s
a t p a r.
IN D IA N G R A V E D R A IN A G E D I S T R I C T (P. O . Q u in c y ), A d a m s
C o u n t y , 111. — BOND OFFERING.— W illiam B in k e rt, D is tr ic t S e cre ta ry ,
w ill re c e iv e b id s until 2 p . m . M a r c h 5 fo r $ 6 0 ,COO 6 %
C e r t , c h e c k fo r $ 5 ,0 0 0 req u ire d .

d ra in a ge b o n d s.

IR O N C O U N T Y (P . O . I r o n t o n ), M o. — BOND SA LE .— 'T h e W illia m
R . C o m p t o n C o . o f S t. L o u is w a s a w a rd e d o n J a n . 15 th e $ 2 0 0 ,0 0 0 5 %
ro a d b o n d s re c e n tly v o t e d — V . 110, p . 96— a t 98 an d in te re s t. D e n o m .
$ 1 ,0 0 0 . D a t o F e b . 1 1920.
I n t . F . & A . D u e y e a r lv o n F o b . 1 as
f o llo w s : $ 7 ,0 0 0 . 1923 a n d 1924: $ 8 ,0 0 0 . 1925 a n d 1926; $ 9 0 0 0 , 1927 a n d
1928; $ 1 0 ,0 0 0 . 1929 a n d 1930; $ 1 1 ,0 0 0 , 1931 a n d 19 i2; $ 1 2 , 0 0 L *933 a n d
1? 3 4 ; $ 1 3 ,0 0 0 . *935 a n d 1936; $ 1 4 ,0 0 0 . 1937; $ 1 5 ,0 0 0 , 1938 a n d 1939;
$ 1 6 ,0 0 0 , 1940.

J A C K S O N C O U N T Y (P. O . J a c k s o n ), O h io .— BOND OFFERING.—
C . W . S c u r lo c k , C o u n t y T re a s u re r, w ill re c e iv e p ro p o s a ls un til 12 m .
M a r c h 1 f o r $ 1 4 ,8 0 0 5 % ro a d b o n d s . A u th . S e c. 1223, G e n . C o d e . D o n o m .
29 fo r $ 5 0 0 an d 1 fo r $ 30 0 . D a t o M a r . 1 1920. P r in . a n d s e m i-a n n . in t.
( M . & S .) p a y a b lo a t t h e C o u n t y T r e a s u r y .
D u e y e a r ly o n M a r c h 1 as
fo llo w s ; $ 2 ,3 0 0 1921. $ 3 ,0 0 0 1922, 1923 a n d 1924, an d $ 3 ,5 0 0 1925. C e r t i
fie d c h e c k f o r 5 % o f a m o u n t b id fo r , p a y a b lo t o th e C o u n t y T re a su re r,
r e q u ire d . P u r ch a se r t o p a y a ccr u e d in terest.

. J A C K S O N S C H O O L T O W N S H IP (P . O . Id a v ille ), W h ite C o u n t y ,
N O T SOLD.— T h o $ 6 ,0 0 0 5 % sch o o l d e fic ie n c y bon d s

o ffe r e d o n F e b . 8 — V . 110, p . 485— w ere n o t s o ld , as n o b id s w ere r e c e iv e d .

JA L A M A S C H O O L D IS T R IC T , S a n ta B a rb a ra C o u n t y , C a lif.—

BOND S A LE . — R e p o r ts s ta te th a t th o $ 2,2 00 6 % 1-2 y e a r s ch o o l b o n d s ,
o ffe re d F e b . 2— Y . 110, p . 280— h a v e boon s o ld t o th e F irs t N a tio n a l B an k
o f S an ta B a r b a ra fo r $ 2 ,2 0 1 , eq u a l t o 100.04 5 .
J E F F E R S O N C O U N T Y (P. O . W a t e r t o w n ), N . Y .— BOND OFFER
IN G . — P ro p o s a ls w ill b o re c e iv e d u n til 11.30 a . m . F e b . 24 b y B . S. H a y e s ,
C o u n t y T re a s u re r, fo r $ 16 0 ,0 0 0 5 % 1 -16 -y o ar serial im p t . b o n d s .
s e m i-a n n . C e r t , c h o c k fo r 5 % re q u ire d .

In t.

J E F F E R S O N T O W N S H IP S C H O O L D I S T R I C T (P . O . W a rsa w ),
C o s h o c t o n C o u n t y , O h io . — BOND S A LE . — O n F e b . 12 t h e $ 4 ,7 0 0 5 'A %
s c h o o l b o n d s offerod o n t h a t d a te — V . 110, p . 387— w ere a w a rd e d t o tho
F a rm e rs ’ & M e r c h a n t s ’ B a n k o f W a rsa w a t p a r a n d In terest. D u e $ 500
O c t. 1 1920 a n d $600 y e a r ly o n O c t. 1 fr o m 1 9 2 . t o 9 27 , in cl.

JE SSU P D R A IN A G E D IS T R IC T (P . O . S a n fo r d ), S e m in o le C o u n t y ,

F l a .— BOND OFFERING.— R o p o rts s ta to th a t bids will b o ro c o iv e d un til
1 1 a . m . M a r . 2 b y E . A . D o u g la ss , C lerk o f C o u n t y C o m m iss io n e rs , fo r
$ 2 6 ,0 0 0 6 % 1-24 y ea r serial d ra in a ge b o n d s . D o n o m . $50 0 .

J O H N S T O W N S C H O O L D IS T R IC T (P . O . J o h n s t o w n ), C am b ria

C o u n t y , P a . — NO B ID S RE CE IVE D . — N o b id s w ero re c e iv e d on F e b . 16
fo r th o $ 1 5 0 ,0 0 0 4 A % s ch o o l im p t. boncis o ffe re d o n th a t d a to — V . 110
p . 582. T h o S e cre ta ry s a y s th a t these b o n d s w ill b e r e -o ffe re d in A p r il.
K E L S O , C o w litz C o u n t y , W a s h .— BOND E LEC TIO N A N D SA LE .—
A n o rd in a n c e p r o v id in g fo r th e pu rch a se o f th e K e ls o w ater s y ste m a n d c a ll
ing fo r a s p e c ia l e le ctio n o n M a r c h 2, t o v a lid a te th e pu rch a so a n d an issue
o f $ 4 0 ,0 0 0 in b o n d s , w a s p a sse d , it is s ta t e d , b y th e C it y C o u n c il a t Its
session o n F e b . 10.
'
I t is a lso s ta te d th a t th e agre e m e n t b e tw e e n th o C it y o f K e ls o a n d th o
K e ls o W a te r C o . w as clos e d last w eek w h en D . B . F le c k , o w n e r, agreed
t o tak e $ 4 0 ,0 0 0 in u t ilit y b o n d s fo r th o p la n t.
K IN G S B U R Y J O IN T U N IO N H IG H S C H O O L D I S T R I C T , F re sn o

C o u n t y , C a l i f .— BOND SA LE . — T h o fa ilu ro t o g e t a b id o n th o pu rch aso
o f th e $ 7 5 ,0 0 0 b o n d issue (V . 110, p . 4 86) ca u se d th o B o a r d o f C o u n t y
S u p erv isors t o ca ll o f f th o fo rm a l p ro ce e d in g s a n d soil th o b o n d s a t p riva to
salo, it is s ta t e d . T h e pu rch a ser w as F ro o m a n , S m ith & C a m p C o ., o f
San F r a n c is c o , fo r $ 7 7 ,5 0 0 (1 0 3 .3 3 ) a n d in terest.
K O S C IU S K O C O U N T Y (P . O . W a r s a w ) , I n d .— N 'O B I D S — T h ere
w ere n o b id d er s fo r th o 7 issues o f 4 )4 % r o a d b o n d s a g g re g a tin g $221,811
o ffe r e d o n F e b . 16— V . 110, p . 6 79.
LA C R O S S E C O U N T Y (P . O . La C ro ss e ), W is .— BOND OFFERING.—
B id s w ill b e re c e iv e d u n til 10 a. m . F e b . 26 b y B e rt A . J o liv c t t o , C o u n t y
C le r k , f o r $ 2 5 0 ,0 0 0 5 % 1 0 -y e a r b o n d s . I n t . s e m i-a n n . (A . & O ,) , p a y a b lo
a t th o o ffic e o f th e C o u n t y T re a s u re r. T h e firs t p a y m e n t w ill b e c o m e d u o
A p r il 1 1921. C e r tifie d c h e c k fo r % re q u ire d .

L A K E W IL S O N , M u arry C o u n t y , M in n . — BOND OFFERING.__ P r o 
p osals w ill b e re c e iv e d u n til 8 p . m . M a r c h 9 b y th o V illa go C le rk fo r $ 30 000
6 % ta x -fr e e c o u p o n w a te r w ork s b o n d s . D e n o m . $ 1 ,0 0 0 . D a t o F o b . 1
1920.
I n t . s e m i-a n n ., p a y a b lo a t th e N o rth w e s te rn T r u s t C o . o f S t. P a u l.
D u o y e a r ly o n F e b . 1 fr o m 1931 t o 1940, in c l. C e r t , c h e c k fo r 1 0 % , p a y 
a b lo t o th o V illa go T rea s u re r re q u ire d .
L A K E W O O D , C u y a h o g a C o u n t y , O h io . — BONDS SOLD I N 1919.—
T h e fo llo w in g is a list o f b o n d s s o ld d u rin g th e y e a r e n d in g D e c . 31 1919:
, Purchaser.
Am ount.
Date.
Maturity.

Stato Ind. Comm___ $18,000
Stato Ind. Comm__ 29,400
Stato Ind. Comm_________ 5,350
Stato Ind. Comm____ 12,340
Stato Ind. Comm------ 12,450
Tillotson&Wolcott Co 15,000
Stato Ind. Comm---- 84,000
State Ind. Comm------ 29,180
State Ind. Comm---- 22,296
Stato Ind. Comm---- 35,240
Stato Ind. Comm_________ 6,207
Stato Ind. Comm___ *75,000
Otis & Co..............-*380,000
Rocky River Savings
& Banking Co. ...*14,000
Forest City Savings
& Trust Co. _____ *9.780
Otis & Co. ............. *148,180
Stacy & Braun____ 50.000
Stacy & Braun-----*100,000

Jan. 20 T9
Jan. 20 T9
Jan. 20 T9
Jan. 20 T9
Jan. 20 T9
April 1 T9
Juno 2 T9
April 18 T9
April 18 T9
^ ~
, April 18 T9
Wator mains April 18 T9
F’klin Av. oxt. April 1 T9
Street impt. Aug. 25 T9
Repaving.
Sept. 20 T9
Resurfacing. Sept. 24 T9
Repaving.
Oct. 1 T9
Edgow’tr Dr. Oct. 1 T9
Deficiency.
Oct. 1 T9

* T h o salo o f th ose b o n d s h as be e n p r e v io u s ly re p o r te d .

_______ , . _ ___
_____________ _________
■ ___
r D ate Sept. 1 1919. Prin. and semi ann. int. (M . & S.)^payable at
the M ercantile Trust C o ., trustoo, St. Louis. Duo yearly on Sept. 1 as
follow s: $12,000 1924, $12,500 1925, $13,600 1926 and 1927. $15,000 1 9 2 8
1Q&1 xon’
^ O . f 17.000 1931, $17,500 1932, $19,000 1933, $19,500
1939’ $20,50° 1935, $21’500 1930• 923,000 1937, $24,000 1938 and $25,000
N S H I ,S t ° d d a r d C o u n t y , M o.— BOND SALE N OT
COM PLETED.— W o aro advised that the salo o f tho $145,000 5 A % bonds,
awarded during Docom bor to tho National Bank o f Com m erce and the
Mississippi Valley Trust C o ., Jointly— V . 110, p. 96— was not com pleted.
LIM A C I T Y S C H O O L D I S T R I C T (P . O . L im a), A lie n C o u n t v .
°77'’p e /A r
G\— F W . M ullonhour, Sr., Clerk o f Board of
E ducation will receive proposals until 12 m . M arch 6 for $140,000 5 A %
n f d«on ?,nS on<ls; Denom . $1,000. Dato Jan. 2 1920. Int. J .& J.
n
D ue $20,000 yearly on Jan. 2 from 1922 to 1928, inclusive. Certified chock
on a solvent bank for 3 % o f am ount o f bonds bid for, payable to tho Treas
urer o f the B oard o f Education required. Bonds to be delivered and paid
for within 20 days from dato o f award. Purchaser to pay accrued interest.
A like am ount o f bonds was reported sold in V . 110, p . 388.
L IN C O L N C O U N T Y (P . O . F a y e tte v ille ), T e n n .— BOND OFFERING.
— Bids will bo received until 11 a. m . M arch 3 b y J. O . Diomor, Clork o f
C ounty C ourt, for $100,000 5 H % highway bonds, being part o f an author
ized issuo o f $300,000. D onom . $1,000. D ato M arch 1 1920. Int. M . Ik
on M ? £ c£ A a,sJ £ !lo' vs: $10,000 1922 to 1927, incl.; $15,000
1928 and 1929, and .$10,000 1930. Cert, chock on a national bank or upon
a bank or trust com pany in Tonnossoo for S5.000. payablo to tho C ounty
Trustee requirod. Purchaser to pay accruod interest.
L IV IN G S T O N C O U N T Y (P . O . S m itb la n d ), K y .— BONDS VO TE D.—
Roports state that a $200,000 bond issue for good roads in this county carried
b y a m ajority o f 400 votes at a special oloction. This is tho second vote
cast for tho bond issuo, tho election resulting in a tio in N ovom ber.
t
>^MXIN G S T O N P A R IS H (P . O. S p r ln g v ille ), L a .— D ESCR IPTION OF
5 ? £ 7 ^ ‘‘, ~ T h o $ 110,000 R oad D istrict N o. 2 bonds recent awarded to the
First State Bank & Trust C o . o f H am m ond for $111,200 (i01 .09 ) and Int.—
/ • I 1°- b. 388— boar interest at a rate o f 5 % and are in donom . o f $1,000.
Int. A . & O. Duo yearly from 1920 to 1944, inclusive.
/* i, A7 ? OFFFR/iVG.— Bids will bo received until M arch 1 b y the President
0
o f tho Police Jury for $270,000 R oad D istrict N o. 3 bonds.

r II ? D l n ^ M 9 ° , ^ P ^ T R ^ T (P ’ ° * L o d i), S an J o a q u in C o u n t y .
r ^ ob_ ' ?0‘V D ’S X°.
—1he votora favored the issuance o f $90,000
3e ( h CiL ^ ;ho,° obuildi ? ? b<?Hd? ,)y !\ voto ° r 210 ^ 14 at tho election
'
held Feb* 6— V . 110, p. 486. Dato o f sale not yet determ ined.
r k 9 ^ . ? L L ’ M id d le se x C o u n t y , M ass.— BONDS SOLD D U R IN G 1919.—
In addition to those already reported, the follow ing 4 A % bonds were sold
during tho year ending D oc. 31 1919:
lT „ Pw rchoser.
J m i.
Purpose.
Date.
Price. M aturity.
Harris F o r b e s * C o . $50,000
sewer
Jan. 1 T 9 101.375 1920-1944
{!■ 5 ° !jns* Sons
30,000 school & hosp’l F eb. 1
T9
100.789 1920-1934
hospital
F eb. 1 T 9 100.789 1920-1939
Harris, F o r b e s * C o
30.000 water mains M ar. 1 T 9 100
1920-1924
Arthur I erry & C o.
40,000 pavom ont
M a r. 1 T 9 100
1920-1929
A rthur Perry & C o .
15,000 m acadam
M a r. 1 T 9 100
1920-1924
M e r rill, O ld h a m & C o .
6 ,0 0 0
sidewalk
A p r . 1 T 9 100
1920-1921

M e r r ill,O ld h a m & C o . 16 0 ,0 0 0 s c h o o l & h o s p ’ l A p r ! 1 T 9 100
A r th u r P e rry & C o .
2 0 .0 0 0
b rid g e
A p r. 1 T 9 .
100
.
M e r r ill,O ld h a m & C o . 2 0 ,0 0 0
*
sowor
J u ‘ly - -T 9 - 10 0 .5 3 2
1 -- -A r th u r P erry & C o .
25.000
m acadam
A u g . 1 T 9 100.15
H a rris, F o rb e s & C o . 10.000
sower
S e p t. 1 T 9 100.46
H a rris, F o rb e s & C o .
5.000
sower
S o p t. 1 T 9 100.46
H a rris. F o r b o s & C o .
S o p t. I T 9 100 .46
H arris, F o rb e s & C o . 10.000
pavem ent
N o v . 1 T 9 1 00 .79
S im on B a rn ard
5.000
sewer
N o v . 1 T 9 100 15
E d m u n d B ros.
10.000
sowor
D e c . 1 T 9 100.03

14.000

street

1920-1 939
1920-1 939
1920-1939
192 0-1 924
1920-1929
1920-1924
1920-1926
1920-1929
1920-1924
1920-1 929

TEMPORARY LOAN .— A dditional tem porary loans negotiated during
1919 wero as follow s:
Purchaser—
Am ount.
Date.
M aturity.
Price.
Salom on B ros.& H utzler$200,000 F eb. 5*19 N o v . 5 T9 4 .0 7 % d is c .
B la k e B ros & C o ............... 20 0 ,0 0 0
M a r. 15 T 9 N o v . 10 T 9
4 .1 5 % d is c .
S a lo m o n B r o s .& H u t z lo r .2 0 0 ,000 M a r. 19 T 9 N o v . 10 T 9
4 .2 0 % d is c .
O ld C o lo n y T r u s t C o . . .1 0 0 ,0 0 0 A p r. 7 T 9 Sept. 12 T 9
4 .3 8 % d isc.
S a lo m o n B r o s .& I I u t z lo r .10 0 ,0 0 0 A p r. 9 T 9 N o v . 10 T 9
S a lo m o n B r o s .& H u t z lc r .4 0 0 ,0 0 0 M a y 28 T 9 M a y 28 ’ 20
S a lo m o n B r o s .& H u t z le r .2 0 0 ,0 0 0 M a y 28 T 9 N o v . 28 T 9
S a lo m o n B r o s .& H u tz le r _ 2 0 0 ,0 0 0 July 15 T 9 M a r. 15 ’20
S a lo m o n B r o s .& H u t z le r .2 0 0 ,000 A u g. 5 T 9 D e c. 5 T 9
S a lo m o n B r o s .& H u t z lo r .4 0 0 ,0 0 0 Sopt. 17 T 9 D o c. 17 T 9 4 .3 7 5 % d is c .
..
. L Y £ ^ £ k , W a y n o C o u n t y , N. Y .— BONDS VOTED.— A proposition to
issue $42,006 street Impt. bonds carried b y a vote or 552 to 30 at an election
held h cb . 10, according to newspaper reports.
SCH OOL

D IS T R IC T , K ern

C o u n t y , C a l i f .— BOND

" i A G .—-Proposais will be received until 2 p. m . M arch 1 b y I1. E.
’
Smith, Clerk Board o f C ou n ty Supervisors (P . O. B akerfield), for $26,000
6 % cou pon bonds. D enom . $1,000. Int. semi-arm. Prin. and int.
payable on I<cb. 2 and A ug. 2 o f each and every year out o f tho interest and
sinking iund o f said district, upon presentation and surrender to tho C ounty
.treasurer o f tho interest coupons attached to said bonds. Duo $2 000
yearly on F eb. 2 from 1923 to 1935 Incl. Cert, check or cash for at loast
10% o f the am ount o f bid, payablo to Stanley A bel, Chairman o f the C ounty
Board or Supervisors, required. Purchaser to pay accrued interest.
P opulation ( d t V^ 2 % ) 0 ^ SSOSSe<* vzduo o f taxablo property 1919, $826,015.

1919-29
1919-29
C O U N T Y (P .
n
I n .—
SALE .—
1919-29 a. M A D I S OoN Anderson, has O . A n d e r s oat) ,par dan BOND f $15,000George
f
4 'A %
1919-29 M aBarkerR oad Im pt. bonds, purchased to roports.issuo o
cV cy
according
1919-29
H I L L S B O R O U G H C O U N T Y , M a s s .— TEMPOR
1919-41
1919-43 ARY l o a n .— R eports stato that a tem porary loan o f $400 000 issued in
1919-29 S .r
was awarded b y % Treasurer to tho M anchester
1919-29 s a fe ty D eposit & T ru st C o . at 5 .92% discount. D ated F ob. 20 1920.
1919-29 D u o D e c. o 1920*
1919-24 „
Y (P . O
1919-38 F FM A N I T O W O C C O U N Tis statod, . M a n i t o w o c ) , W is e .— BONDS DEA TED. On Jan.
it
1919-40 defoatod b y a margin 27, 292 votes. that a $3,000,000 road bond issuo was
of
„ J6
stated that another effort Is to be
b y tho
1919-29 Chamia a*s<£ Com m creo to call another oloction inm adespring. M anitow oc
ber o f
tho
1919-24
M A R S H A L L C O U N T Y (P . O . P ly m o u t h ), I n d .— BOND OFFERING.—
1920-29 Pn1 OF
h A
pCfr ’„ Cor ty, Treasurer, vvi11
for
bonds:
1920-37 l e b . 26 f i ^the follow ing 4 A % road im pt. r.cceivo Proposals until 2 p . m.
1920-27 $28,600 John W . Weissert et al bonds. D enom . $712.60. D uo $1,425

L A K E W O O D C I T Y S C H O O L D I S T R I C T (P . O . L a k e w o o d ) , C u y a 
h o g a C o u n t y , O h i o . — NO B ID S S U B M IT T E D .— N o b id s w ere s u b m itte d
f o r th e $ 7 5 ,0 0 0 5 % c o u p o n s c h o o l b ld g , b o n d s o ffe r e d o n F e b . 10— V . 110,
p . 387.
L A N S I N G , I N G H A M , C O U N T Y , M i c h .— BOND S A L E .— On J a n . 31
a n issue o f $ 6 0 ,0 0 0 4 Y\,% fir e s ta tio n a n d e q u ip m e n t b o n d s w a s a w a rd e d
t o K e a n e , I lig b e o & C o . o f D e t r o it a t p a r . D e n o m . $ 1 ,0 0 0 . D a t e Jan
1 1920. I n t . s e m i-a n n . D u e $ 1 0 ,0 0 0 y e a r ly o n J a n . 1 fr o m 1921 t o 1 92 6 ,
in c lu s iv e .
L A W R E N C E , E ss e x C o u n t y , M a s s .— BONDS SOLD I N 1919.— In
a d d itio n t o th os o a lre a d y r e p o r te d , th e fo llo w in g sales o f 4 A % 5 -yo a r
b o n d s t o o k p la c e d u rin g th e y e a r en d in g D e c . 31 1919:
K Purchaser.
Am t.
Purpose.
Price.
Date.
Sold.
S. N . B o n d & C o ___ $ 1 0 0 ,0 0 0 I n flu e n z a .
1 00 .13 7 5 S e p t . 1 T 9 O c t. 14
E d m u n d s B r o s ............
2 5 ,0 0 0 M a c a d a m .
100.
N o v . 1 T 9 D e c . 30
Bond Sale.— O n F e b . 7 R . M . G r a n t & C o . w ero a w a rd e d a t p a r an Issue
o f $ 40 -0 0 0 4 % % b rid g e b o n d s . D a t e D e c . 1 1 91 9 . D u e D e c . 1 1939.
L A W T O N , V a n B u r e n C o u n t y , M i c h .— BOND LE EC TIO N . — A
s p ec ia l e le c tio n w ill b o h old F e b . 2 3 , it is r e p o r te d , fo r th o p u rp o s e o f v o t in g
o n a b o n d issue o f $ 28 ,0 0 0 t o e re c t a n e w m u n icip a l e le ctric p la n t.
L A R I M E R C O U N T Y S C H O O L D I S T R I C T N O . 5 (P . O . F o r t
C o l l i n s ) , C o l o . — BONDS D E F E A T E D . — O n F o b . 12 $ 3 2 0 ,0 0 0 s c h o o l
b o n d s w ere d e c is iv e ly d e fe a te d .




[Vol. 110.

each six m onths beginning M a y 15, 192i.
Edward H yde N o . 2 bonds. D onom . $1,100. D uo $1,100 each
«lx m onths beginning M a y 15 1921.
Glenn Dillingham et al bonds. D enom . $950. D uo $956 each
alx m onths beginning M a y 15, 1920.
It. C . Stephens et al bonds. D onom . $800. D uo $800 each six
_
m onths beginning M a y 15 1921.
D ato F eb. 2 1920. In t. M . & N .
M A S S A C H U S E T T S (S ta to o f ) — BOND OFFERING.— Additional in
form ation is at hand rolatlve to tho offering on F eb. 24 o f tho $2,700,00
5 % gold registered tax free bonds. Proposals for theso bonds will bo
r ^ e iv e d u n tii 12 m . on that dato b y Fred J. Burrell, Stato Treasurer. Duo
$270,000 yearly on D ec. 1 from 1920 to 1929. Incl. Cert, check on a
national bank or trust com pany located in M assachusetts or N ow Y ork C ity.
f or 2 % o f amount bid for, payablo to tho Stato Treasurer, required. A co p y
o f tho Attornoy-G oneral, affirm ing the legality o f this issuo will bo furnished
to th 0 successful bidders. Purchaser to pay accruod interost.
NOTE SALE .— T h e following notes, dated Feb. 18 1920, havo boon
•'>•85% basis, to Salom on B ros. & H utzlcr o f N ew Y ork;
$7,000,000 Soldier Bonus notes, maturing F eb. 19 1921 and $3,060,000
Police Strike Expenso notes, m aturing N o v . 18 1920.
M A U R Y C O U N T Y (P . O . C o l u m b i a ) , T e n n . — BOND OFFERING.—
U n t U m n . M arch 27 A . W . Lipscom b, C ounty Clork. will rocoive proposals
for $75,000 road bonds at not oxccodlng 5!4% Interost. D onom . $1,000.
D ato A ug. 1 1919. Int. soml-ann. Duo $10,000 yearly.
11.000
„ „„„
9,500
,„
16.000

M A X W E L L H I G H S C H O O L D I S T R I C T (P . O . M a x w e ll), C o lu s a
■ C o u n ty , C a l i f . — BONDS VOTED. — R e p o rts s a y t h a t a b y v o t e o f 273
t o 32 th e v o t e r s fa v o r e d t h o $ 6 0 ,0 0 0 b o n d issue fo r a n e w h ig h s c h o o l
b u ild in g .
M E E K E R C O U N T Y ( P . O . L i t c h f i e l d ) , M i n n .— BOND S A L E . — T h o
M in n e a p o lis T r u s t C o . w as th o su ccessfu l b id d e r fo r th e $ 7 5 ,0 0 0 51V\%
re fu n d in g ro a d an d b rid g e b o n d s o ffe re d o n F e b . 11— V . 110, p . 280. T h e y
g o t th e b o n d s a t a p rlco eq u a l t o 1 01 .13 3 . I n t . A . & O . D u e J a n . 10 1930.
M I L W A U K E E , W is e .— BONDS APPROVED. — I t is s ta te d th a t th e fo l
lo w in g b o n d o rd in a n c es w ere passed b y a u n a n im o u s v o t e : $ 2 ,2 0 0 ,0 0 0
sew erage s y s te m , $ 50 0 ,0 0 0 pe rm a n e n t h a rb o r i m p t ., $ 8 0 0 ,0 0 0 s c h o o l,
$ 3 5 0 ,0 0 0 p a r k , a n d $ 40 0 ,0 0 0 e le ctric lig h t .
. ,
„
I t is also s ta te d t h a t t h e $ 25 0 ,0 0 0 b o n d o rd in a n c e fo r a n o w c e n tr a l p o lic e
s ta tio n w as sen t b a c k t o th e c o m m it t e e o n fin a n c e t o a w a it a c t io n o n th o
g r o u p in g o f p u b lic b u ild in gs .
M O N E S S E N S C H O O L D I S T R I C T (P . O . M o n e s s e n ) , W e s t m o r e l a n d
C o u n t y , P a .— BOND SA LE .— ' h e $ 3 0 0 ,0 0 0 4 44% 3 -3 0 -y e a r serial c o u p o n
T
(w ith p riv ile g e o f reg istra tio n ) ta x -fre o fu n d in g and sch o o l b ld g , b o n d s
o ffe r e d o n F e b 14— V . 110, p . 486— h a v e b een d isp o s e d o f , $200 ,0 0 0 go in g
t o H o lm e s , IJulkley & W a r d r o p , a n d $ 10 0 ,0 0 0 t o G lo v e r & M a c G r e g o r .
M O N T E B E L L O S C H O O L D I S T R I C T , L o s A n g e le s C o u n t y , C a lif.—
BOND OEEERINO.— S ealed b id s will b e re ce iv e d until 11 a. m . F e b . 24
b y L . K . L a m p t o n , C o u n t y C lerk (P . O . L o s A n geles) fo r S150.0C0 5 %
sch ool b on d s.
D e n o m . $ 1 .0 0 0 .
D a te F e b . 1 1920. P r in . an d an n ._ ln t .,
p a y a b le a t th o o fflc o o f th e C o u n t y T re a s u re r.
D u e S 5.00 0 y e a rly on
F o b . 1 fr o m 1921 to 1950, in cl. C e r t, o r c a s h ie r’s c h e c k , fo r 3 % , p a y a b le
t o th e C h a ir m a n B o a r d o f C o u n t y S u p erv isors re q u ire d .
Purchaser t o p ay
a ccr u ed in te re s t. B o n d e d d e b t (e x c lu d in g th is iss u o ), $ 28 ,0 0 0 ; assessed
v a lu o o f t a x a b le p r o p e r t y 1919, $ 4 ,9 6 9 ,5 4 0 .
M U S S E L S H E L L C O U N T Y (P . O . R o u n d u p ) , M o n t . — BOND OFFER
IN G .— S erial bids will b o rec e iv e d un til 10 a. m . M a r c h 17 b y V . J . Ila ln ,
C o u n t y C le r k an d R e c o r d e r , fo r th o $ 30 0 ,0 0 0 544 o r 6 % ta x -fre e c o u p o n
ro a d b o n d s re c e n tly v o t e d — V . 110, p . 3 8 8 .
D e n o m . $ 1 ,0 0 0 .
D a te
J a n . 1 1920.
I n t. J . & J ., p a y a b le a t th o H a n o v e r N a tio n a l B an k . N . Y .
C e r t , c h e c k fo r $ 1 0 ,0 0 0 , p a y a b le t o th o C o u n t y T re a s u re r r e n u ire d . B o n d e d
d o b t (e x c lu d in g this issu o), $ 7 2 1 .8 7 9 6 4 . F lo a tin g d e b t (a d d itio n a l),
$ 14 0 ,8 1 9 46: sin k in g fu n d , $ 10 4,637 55; assessed v a lu e , $ 1 3 ,0 2 7 ,3 9 7 ; fu ll
v a lu o , $ 40 ,6 6 4 ,9 7 7 .
N A M P A A N D M E R ID IA N M U N IC IP A L I R R I G A T I O N D I S T R I C T ,
I d a .— BOND SALE. — C arsten s & K arles, I n c ., o f S e a ttle , w ere a w a rd e d
o n th eir b id o f 100.51 an issuo o f $ 2 2 ,8 0 0 6 % re fu n d in g b o n d s o ffe re d o n
D o c . 16. D e n o m . $ 5 0 0 . D a t e J a n . 1 1917. I n t . J . & J . D u o J a n . 1 1930.
N A S H A U , H i l l s b o r o u g h C o u n t y , N . H .— TE M PO R A R Y LO A N —
T h o S e co n d N a tio n a l B an k o f N a sh a u has been a w a rd e d o n a 5 .4 9 % basis
a t e m p o r a r y lo a n o r $ 7 5 ,0 0 0 , m a tu r in g D e c . 1 1920.
N E W A R K , E ss e x C o u n t y , N . J .— BONDS SOLD I N 1919 — In a d d itio n
t o th os e a lr e a d y re p o r te d , th e fo llo w in g sales to o k p la c e d u rin g th e year
en d in g D e c . 31 1919, th e b o n d s b e in g 4 4$ s, a n d g o in g t o th e S in k in g B und
C o m m is s io n a t p ar:

Am ount.

f

Purpose.

Date.

Maturity.

3 3 .2 0 0
P u r ch a se L a n d fo r stre e ts
S e p t. 1 1919
$ 7 ,0 0 0 year y
0 0 ,0 0 0
W a te r M a in Blxtenslon
N o v . 1 1919
1 0 ,0 00 y e a rly
N E W A R K , L i c k i n g C o u n t y , O h i o . — BOND ELECTION .— A p ril 27
Is th e d a te set fo r a special e le ctio n fo r th e s u b m issio n o f a p r o p o s itio n t o
issuo $ 6 5 ,0 0 0 5 % d e fic ie n c y b o n d s .
N E B O S C H O O L D I S T R I C T (P . O . S p a n is h F o r k s ) , U t a h C o u n t y ,
U t a h .— BONDS D E F E A T E D . — A t a re ce n t o lc c t io n th o $ 4 5 0 ,0 0 0 5 % s ch o o l
b o n d s — V . 109, p . 2459— w ere d o fo a te d .
N E W B R U N S W I C K , M id d le s e x C o u n t y , N . J .— BOND OFFERING.
— W in . G . H ow ell, C it y T rea s u re r, will r e c e lv o b id s until 10 a. m . M a r c h 2
fo r an issue o f 5 % c o u p o n (w ith p riv ile g e o f re g istra tio n ) s treet w id e n in g
b o n d s n o t to o x c co d $ 1 0 0 ,0 0 0 .
D e n o m . $ 1 ,0 0 0 .
D a te F e b . 1 1920.
P r in . a n d s c m l-a n n . in t. ( F . & A .) , p a y a b le a t th e C it y T re a s u re r s o ffic e ,
a t req u est o f registered h old er, interest w ill b e re m itte d b y m ail in N e w \ ork
e x c h a n g e . D u e y e a rly o n F e b . 1 as fo llo w s : $ 3 ,0 0 0 1922 t o 1937, in c l.,
a n d $ 4 ,0 0 0 1938 t o 1950, Incl. C e r t , c h e c k o n an In co r p o ra te d b a n k o r
trust c o m p a n y fo r 2 % o f a m o u n t o f b o n d s b id fo r . p a y a b le t o th e C it y
T rea s u rer roq u ired . B o n d s to b o d e liv e re d and pa id fo r o n M a r c h 5 a t th o
o f f ic e o f th e U . S. M t g e . & T r u s t C o . o f N e w Y o r k . B o n d s e n g ra v e d u n d er
s u p e rv is io n o f U . S. M t g e . & T r u s t C o ., w h ic h w ill c e r tify as t o th e g en u in e
ness o f t h o sign atu res o f th e o ffic ia ls an d th o seal Im pressed th ereon .
L e g a lity a p p r o v e d b y C a ld w e ll & R a y m o n d , a c o p y o f w h o se o p in io n w ill
b e fu rn ish ed t o th o p u rc h a se r w ith o u t ch a r g e .
N E W P O R T , N e w p o r t C o u n t y , R . I . — TE M PO RA R Y L O A N . — O n
F o b . 19 S a lom on B ros. & H u tz le r w ore a w a rd ed o n a 6 % d isc o u n t basis,
it is ro p o r to d , a te m p o r a r y lo a n o f $ 6 0 ,0 0 0 , d a te d F e b . 24 a n d m atu rin g
S e p t. 30 1920.
u n til 12 m . l’ OD. 20 o y r .. t\. u , m u w i i , y ie iiv ui JJU.UU ... „
$ 2 4 ,0 0 0 6 % c o u p o n s c h o o l d e fic ie n c y b o n d s . D e n o m . S I ,000
D a te
d a y o f s ale. In t . F . A A .
D u o v e a rly on F e b . 28 as fo llo w s : $ 4 ,0 0 0 1923,
$ 6 ,0 0 0 1924, $ 5 ,0 0 0 1925 an d 1926, a n d $ 4 ,0 00 1927. C e r t , c h e c k fo r 5 %
o f a m o u n t o f b o n d s b id fo r , p a y a b lo t o th e T re a s u re r o f t h e B o a r d o f E d u c a 
t io n roq u ire d .
N I L E S S C H O O L D I S T R I C T (P . O . N ile s ), T r u m b u l l C o u n t y , O h i o .
— BOND OFFERING .— R o llin M . I la u n , C le rk o f B o a r d o f E d u c a tio n , w ill
r o c o iv o p rop os a ls u n til M a r c h 1 fo r $ 33 ,00 0 5 % s ch o o l b o n d s . D e n o m .
$ 1 ,0 0 0 .
D a t e A p ril 1 1920. I n t . s cm l-a n n . D u o $ 3 ,0 0 0 y o a rly o n A p ril
1 fr o m 1924 t o 1934, in clu sive.
N O G A L E S , S a n t a C r u z C o u n t y , A r i z .— BOND OFFERING.— F . E .
C o lo , C it y C lo r k , in form s us th a t ho w ill r o c e lv o b id s u n til 8 p . m . M a r c h 1
fo r th o fo llo w in g 544 % g o ld c o u p o n b o n d s , v o t e d o n J a n . 5— V . 110, p . 487:
$ 32 5 ,0 0 0 w a ter-w or k s im p t . a n d exte n sio n b o n d s .
(V o t e 204 t o 1 35 ).
D u o y e a r ly o n F o b . 15 as fo llo w s : $ 7 ,0 0 0 , 1926 t o 1930, in c l.;
$ 1 0 ,0 0 0 , 1931 t o 1936, in cl; $ 1 3 ,0 0 0 , 1936 t o 1940, in c l.; $ 1 5 ,0 0 0 ,
1941 t o 1945, in c l.; a n d $ 2 0 ,0 0 0 , 1946 t o 1950, in cl.
3 0 ,0 0 0 c it y h a ll a n d fir o d e p t, b o n d s .
(V o to 195 t o 1 3 2 ). D u e $1,0 00
y o a r ly o n F e b . 15 fr o m 1921 t o 1950, in cl.
D o n o m . $ 1 ,0 0 0 . D a t o F o b . 15 1920. P rin . an d s e m i-a n n . in t. (F . & A .)
p a y a b lo a t th o C o n tin e n ta l a n d C o m m e rc ia l N a tio n a l B a n k , C h ica g o .
O o r t, c h o c k o n a n y b a n k o r tru st c o m p a n y a u th o riz e d u n d or th e S ta to or
N a tio n a l law s t o d o busin ess in N o g a le s, fo r a su m n o t less than 5 % o f tlio
a m o u n t o f s u ch b id . p a y a b lo t o B o a r d o f A ld e r m e n , re q u ire d . I h o le ga lity
o f this Issuo o f b o n d s w ill b o passed u p o n b y a b o n d in g a tto r n e y a p p ro v in g
th o b on d s b o tli as t o fo r m a n d lo g a lity , w h oso o p in io n is a cce p te d b y b o n d in g
hou ses a n d ban kers gen era lly . T h o C it y C lork also in fo rm s us th a t I t is
th o in ten tion o f th o C it y t o soli all o f theso b o n d s a t o n c o , b u t as tho C it y
w ill n o t ro q u iro th o use o f $ 2 0 0 ,0 0 0 o r $ 25 0 ,0 0 0 o f tho fu n d s d e r iv e d fro m
th o s a le, f o r perh a p s six m o n th s o r m o r e , lio n co th o co n d itio n in th o b o n d
salo a d v e rtlso m o n t req u irin g th o su ccessfu l b id d e r t o p a y th o sam e interest
t o th o c i t y as th o b o n d s b o a r , u n til s u ch tim e as th e c it y m a y w ith d ra w those
fu n d s .
'
N O R F O L K , V a .— BOND ELEC TION .— A n e le ctio n w ill b o h o ld on
F e b . 24 t o v o t o o n a $ 6 ,0 0 0 ,0 0 0 b o n d issuo fo r th o p u rp o s o o f co n s tru c tin g
a w a ter-s y s tem co n n e c tin g w ith tho L a k o P rin c e s u p p ly .
N O R T H A M P T O N , H a m p s h ir e C o u n t y , M o s s . —TEM PO RAR Y LO A N .
— O n F o b . 17 th o te m p o r a r y loa n o f $ 2 0 0 ,0 0 0 , d a te d F e b . 18 and m atu rin g
N o v . 18 1920— V . 110, p . 6 79 — w as a w a rd ed t o th o O ld C o lo n y T r u s t C o .
o f B o s t o n , a t 6 3 4 % Interest t o fo llo w , plu s a p rem iu m o f $1 25.
N O R T H S T . L U C I E R I V E R D R A I N A G E D I S T R I C T (P . O . F o r t
P i e r c e ) , S t . L u c i e C o u n t y , F la . — BOND OFFER ING .■ 1’rep osals w ill b e
—
r o c o lv o d b y J . E . A n d re w s , D is tr ic t S e cre ta ry, u n til M a r c h 18 fo r $ 1,1 0 0 ,0 0 0
0 % d ra in a ge b o n d s . D a t o M a y 1 1920. D u o se rially in fr o m 5 t o 25
years fr o m d a to .
O H I O , H e r k im e r C o u n t y , N . Y .— BOND OFFERING.— A t th e C o u n t y
C o u r t H o u s o in H erk im er, a t 10:46 a . m . M a r . 1 C h a s. N . T u c k e r , 1 ow n
S u p e rv is o r, w ill sell a t p u b lic a c t io n , $ 3 ,6 00 5 % r o a d -im p r o v e m e n t b o n d s.
D o n o m . $ 50 0 a n d $600. D a t o M a r . 1 1920. In t . M . & S . D u e $600
M a r . 1 1921 a n d $500 y e a r ly o n M a r . 1 fro m 1922 t o 1927, in cl. C e rt,
c h e c k on a n a tion a l b a n k o r tru st c o m p a n y in N e w Y o r k S ta to , fo r 1 0 %
o f a m o u n t o f b o n d s b id fo r , ro q u ire d .
O K M U L G E E S C H O O L D I S T R I C T N O . 1 (P . O . O k m u l g e e ) , O k 
m u l g e e C o u n t y , O k l n . — BOND O FFE R IN G — B id s w ill b e re c e iv e d u n tij




787

THE CHRONICLE

Feb. 21 1920.]

8 p . m . M a r c h 1 b y R . W . A d k is s o n , C le r k o f B o a r d o f E d u c a t io n , fo r th e
$ 23 8 ,0 0 0 5 % c o u p o n s c h o o l b o n d s m e n tio n e d in V . 110, p . 3 89 .
D enom .
$ 1 ,0 0 0 .
D a to F e b . 1 1920.
In t. s e m i-a n n .
D u e y e a rly o n F e b . 1 M
fo llo w s : $ 2 2 ,0 0 0 1930 t o 1936, in c l., an d $ 2 1 ,0 0 0 1937 t o 1940, in c l. C e r ti
fie d c h e c k fo r $ 2 ,0 0 0 , p a y a b le t o th o T re a s u re r o f th e B o a r d o f E d u c a t io n ,
re q u ire d .
O N A S P E C IA L T A X S C H O O L D IS T R IC T N O . 32, D e S o to C o u n t y ,
F l a .— BOND OFFERING.— F u rth e r d e tails are a t h a n d re la tiv e t o th e
o ffe r in g on M a r c h 1 o f th e $ 10 ,0 0 0 6 % 3 0 -y e a r c o u p o n b o n d s — V . 110, V.
5 83. P ro p o s a ls fo r th ese b o n d s w ill b e r e c e iv e d u n til 12 m . o n th a t d a y b y
1’ . G . S h a v e r. C o u n t y S u p e rin te n d e n t an d S e cre ta ry ( P . O . A r d a d ia ).
D e n o m . $50 0 .
D a te F e b . 1 1920.
In t . F . & A .
D u e o n F e b . 1 as f o l
lo w s : $1,C 00 1925 an d 1930 an d $ 2 ,0 0 0 in e a ch o f th e yea rs 1935. 1940,
1945 an d 1950. C e rtifie d c h e c k fo r 2 % o f b id re q u ire d . O fficia l c irc u la r
s ta te s th a t th e re is n o c o n tr o v e r s y o r litig a tio n p e n d in g o r th re a te n in g t h e
existin g b ou n d a ries o f t h o d is trict o r th o tltlo o f t h o p resen t o ffic e r s , so
th e ir r e s p e ctiv e o ffic e s , o r th o v a lid it y o f th e b o n d s . T h e a p p r o x im a te
v a lu e o f real e sta te a n d p erson a l p r o p e r ty fo r th o y e a r 1919 w as $ 1 ,5 0 0 ,0 0 0
an d th e assessed v a lu a tio n fo r th e sam e p e rio d w as $ 1 7 2 ,9 1 0 .
O R D , V a l l e y C o u n t y , N e b .— B IDS REJECTED— BOND S A L E .—
A ll b id s r e c e iv e d fo r th o $ 15 ,0 0 0 5 4 4 % 10-20 yea r ( o p t .) c o u p o n w a te re x ten sion b o n d s , d a te d N o v . 1 1919 o ffe r e d o n F e b . 6— V . 110, p . 2 8 0 —
w ere re je c te d .
W e a rc fu r th e r a d v is e d th a t th e a b o v e b o n d s w ill b e s o ld t o th e S ta te
o f N e b ra sk a .
O R E M , U t a h .— BONDS A W A R D E D I N P A R T . — W e are In fo rm e d t h a t
th e S ta te L a n d B o a rd b o u g h t $ 6 0 ,0 0 0 a n d S ta te In d u strial C o m m is s io n
$ 4 0 ,0 0 0 o f an issue o f $ 11 0 ,0 0 0 im p r o v e m e n t b o n d s .
(T h is is a n e w to w n
o n th e P r o v o B e n c h .)
O S T R A N D E R S C H O O L D I S T R I C T ( P . O . O s t r a n d e r ) , D e la w a r e
C o u n t y , O h i o . — BOND SALE.— On F e b . 14 th e Ostrander B a n k in g C o . ,
o f O stra n d e r, w as a w a rd e d at par th e $ 5 ,0 0 0 5 % 1-5 y e a r d e fic ie n c y b o n d s ,
d a te d M a r . 1 1920— V . 110, p . 5 83 .
P A R K E C O U N T Y (P . O . R o c k v i l l e ) , I n d .— BOND OFFERING.— O . S
V ic k r e y , C o u n t y T re a s u re r, will r e c e iv e b id s u n til 2 p . m . F e b . 23 f o r th e
fo llo w in g 44$ % ro a d b o n d s :
_
_
„
$ 1 1.900 J ack so n T w p . b o n d s . D e n o m . $ 59 5 . D a t o J a n . 6 1920.
11.296 U n ion T w p . b o n d s . D n o m . $564 8 0 .
D a t e J a n . 6 1920.
6 ,9 7 5 P enn T w p . b o n d s . D e n o m . $348
7 5 .D a t e J a n .6
1920.
7 ,3 5 0 P en n T w p . b o n d s . D e n o m . $367 5 0 .
D a t e J a n . 3 1920.
In t. M . & N .
D u e se m i-a n n u ally o n M a y 15 a n d N o v . 15 to 1930.
P E N S A C O L A , E s c a m b ia C o u n t y , F l a .— BOND OFFERING.— P r o 
posals are b ein g re co iv e d b y M a y o r F . D . S anders un til 12 m . M a r c h 8 for
$ 3 0 0 ,0 0 0 d o c k a n d $ 1 0 0 ,0 0 0 b o lt lin o 4 4 $ % b o n d s , it is r e p o r te d .
P E R S H I N G S C H O O L D I S T R I C T , K e r n C o u n t y , C a l i f .— BOND
OFFERING.— P rop osals w ill b o ro c o lv o d u n til 2 p . in . M a r . 1 b y F . E . S m ith ,
C lerk B o a r d o f C o u n t y S u p erv isors (P . O . B ak e rsfie ld ) fo r $ 1 5 ,0 0 0 6 %
bon d s.
D o n o m . $ 1 ,0 0 0 .
In t. s e m i-a n n . P rin . an d Intorest p a y a b lo on
F o b 2 a n d A u g . 2 o f each a n d o v o r y y e a r o u t o f tho in terest a n d s in k in g
fu n d o f d istrict u p o n p resen tation a n d surren der to th o C o u n t y T re a s u rer,
o f tho interest c o u p o n s a tta c h e d t o said b o n d s . D u o y e a rly o n F o b . 2 as
fo llo w s : $ 1 ,0 00 1921 a n d $ 2 ,0 00 1922 t o 1928, Incl. C e rt, c h e ck o r ca sh
fo r at loast 1 0 % o f tho a m o u n t o f b id , p a y a b lo t o S ta n le y A b e l, C h a irm a n
B o a r d o f S u p erv isors, r e q u ire d . P u rch aser to p a y a c c r u e d in te re s t.
A ssessed va lu o o f ta x a b le p r o p e r t y 1 9 1 9 ,$ 1 ,0 5 0 ,3 5 0 .
P I K E C O U N T Y (P . O . P e t e r s b u r g ) , I n d . — BOND OFFERING .—
R E G la d ish C o u n t y T re a s u re r, w ill r e c e iv e b id s u n til 2 p . m . M a r c h 2
fo r $ 1 6 ,8 0 0 4 4 4 % W . W . K in g e t a l. M a d is o n T w p . R o c k R o a d im p t .
b o n d s . D e n o m . $ 120. D a t e N o v . 15 1919. In t . M . & N .
D u e 4 20
e a c h six m o n th s fro m N o v . 15 i9 2 1 t o M a y 15 1941, in c l. P u r ch a s e r t o
p a y a ccr u e d in te r e s t.'
P I N E V I L L E , R a p i d e s P a r i s h , L a .— BOND E LECTION . — T h o T o w n
C o u n c il o f P in e v ille has a d o p te d , it is s ta te d , an o rd in a n c e p r o v id in g fo r
th e su b m ission t o th o p ro p e r ty ta x p a y e rs o r th e to w n a t an e le ctio n t o be
held o n M a r c h 23 o f th e q u e s tio n o f issu in g b o n d s t o th e a m o u n t o f $ 5 5 ,0 0 0
to tie used fo r th e p u rp o s e o f c o n s t r u c tio n o f a s y s te m o f w a te r w o r k s fo r
t h a t to w n .
P O L K T O W N S H I P , M o n r o e C o u n t y , I n d . — W A R R A N T SA L E . — T h e
$1 750 6 % w arran ts o ffe re d o n N o v . 24 last— V . 109, p . 1911— w er e
a w a rd ed to W . 11. J o n e s a n d M a s o n R h o d e s o f B lo o m in g to n o n a j o in t
b id o f p a r.
P O N D E R A C O U N T Y S C H O O L D I S T R I C T N O . 12, M o n t .— BOND
OFFERING — T ill 2 p. m . M a r c h 13. J o se p h S w a n son . C le rk (I*. O . C o u r a d ),
w ill r e c e iv e b id s fo r $ 1 ,2 0 0 6 % s c h o o l b o n d s . B id s less th a n p a r n o t c o n 
s id e re d .
P O N T I A C , O a k l a n d C o u n t y , M i c h .— BONDS VOTED. — I t is re p o rte d
th a t at a re ce n t spe cial e le ctio n a b o n d issue o f $ 3 0 0 ,0 0 0 fo r w a te r-w or k s
im p r o v e m e n ts w as v o t e d .
P O R T L A N D , C u m b e r la n d C o u n t y , M e .— BOND OFFERING.— J o h n
R . G ilm a r tin , C it y T re a s u re r, w ill re c e iv e b id s u n til 12 m . F e b . 24 fo r
$ 9 9 ,0 0 0 5 % c o u p o n ta x -fre e r e fu n d in g b o n d s . D e n o m . $ 1 ,0 0 0 .
D a te
M a r c h 1 1920. P r in . a n d s e m i-a n n . in t . ( M . & S .) , p a y a b le a t th o B'irst
N a tio n a l B a n k o f B o s t o n .
D u o M a r c h 1 1935.
N OTE OFFERING.— T h o said C it y T re a s u re r a t th e sam e tim e w ill re
c e iv e b id s fo r th e p u rch a se at d is c o u n t o f a $ 3 0 0 ,0 0 0 ta x a n tic ip a tio n n o te s ,
d a te d M a r c h 1 an d m a tu r in g O c t. 4 1920.
Said b o n d s a n d n o te s are e n g ra v e d u n d er t h o s u p e rvis io n o f a n d ce r tifie d
as t o gen uineness b y t h e F irst N a tio n a l B a n k o f B o s t o n , th eir le g a lity w ill
b o a p p r o v e d b y R o p e s , G r a y , B o y d e n & P e rk in s, w h o so o p in io n w ill be
fu rn ish ed th o p u rch a se r. A ll le g a l pa p ers in c id e n t t o this issue w ill b e
file d w ith said b an k w h ere th e y m a y d o in s p e cte d . B o n d s a n d n o te s t o b e
d e liv e re d a t th e F irst N a tio n a l B a n k o f B o s t o n , M a s s .
__ __ ,
T h o $ 99 ,00 0 re fu n d in g b o n d s w ere t o h a v e b e e n s o ld o n F e b . 2 3 , b u t as
t h a t d a te is a h o lid a y , th e o ffe r in g w as d e fe rre d o n e d a y .
P O T E C A S I S P E C I A L S C H O O L D I S T R I C T (P . O . J a c k s o n ) , N o r t h 
a m p t o n C o u n t y , N . C .— BOND OFFERING.— B id s will b o re c e iv e d u n til
12 m . M a r c h 2 b y P . J . L o n g , S e c y . B o a r d o f E d u c a t io n , it is s ta t e d , fo r
$ 10 ,00 0 6 % 10- 19-y e a r s c h o o l b o n d s .
P O T T E R C O U N T Y ( P . O . A m a r i l l o ) , T e x .— BOND E LEC TIO N PRO
POSED.— R e p o r ts s ta te t h a t a p e titio n sig n e d b y a largo n u m b e r o f P o tto r
C o u n t y v o te rs was r e c e n tly d e liv e re d t o th o C o u n t y C o n m m issio n e rs, askin g
th a t th o C o u r t ca ll a s p e c ia l o lc c t io n fo r th o p u rp o s o o f v o t in g a $ 25 0 ,0 0 0
b o n d issue t o e re c t a c o u n ty -h o s p ita l.
P R E S C O T T , Y a v a p a i C o u n t y , A r i z .— BOND OFFERING.— B id s w ill
b e r o c e id v o u n til 7 .3 0 p . m . M a r c h 15 b y J . I I . R o b in s o n , C it y C le r k , fo r
th o $350 000 6 % g o ld c o u p o n w a te r-w o r k s b o n d s re c e n tly v o t e d — V . 110,
p . 3 89 . D e m o n . $ 1 ,0 0 0 . D a t o J a n . 15 1920. I n t . J . & J ., p a y a b le in
N ew Y ork
D u o s e ria lly . B o n d e d d e b t , in clu d in g th is issuo, J a n . 1 1920,
$ 7 8 6 ,2 6 1 .9 0 . S in k in g fu n d , $ 1 8 ,3 0 5 .9 8 . A ssessed v a lu e , 1919, $ 5 ,8 4 7 ,7 7 6 .
B o n n e v i ll e 1
$ 1 5 0 ,0 0 0 boi
O u tc h e o n is D is tr ic t S e cre ta ry .
P U T N A M C O U N T Y S P E C I A L T A X S C H O O L D I S T R I C T N O . 1,
F la .__ BOND OFFERING .— P ro p o s a ls w ill b e re c e iv e d u n til M a r c h 1 ( t o b o
o p e n e d 10 a . m . M a r c h 2 , unless a s u b s e q u e n t d a te s h a ll b o m u tu a lly a greed
u p o n ) b y O . I I . P r ic e , S e cre ta ry C o u n t y B o a r d o f P u b lic I n s tr u c tio n
(P . O . P a la t k a ), fo r $ 4 5 ,0 0 0 5 4 4 % c o u p o n b o n d s . D e n o m . $ 1 ,0 0 0 . D a t e
F e b 2 1920. l ’ rin . a n d s e m i-a n n . in t. p a y a b lo a t th e H a n o v e r N a t . B a n k .
N e w Y o r k C it y , N . Y .
D u o F e b . 2 1955. C e r t, ch e c k fo r $ 1 ,0 0 0 , p a y a b le
t o J H . H a u g h to n , C h a ir m a n B o a r d o f P u b lic I n s tr u c t io n , re q u ire d . T h e
b o n d issue has be e n v a lid a t e d b y a d e c r c o o f th e C ir c u it C o u r t o f th e E ig h t h
J u d icia l C o u r t o f F lo r id a , in a n d fo r P u tn a m C o u n t y , a n d a c e r tifie d c o p y
o f all t h e p ro ce e d in g s h a d b e e n ta k e n th e re in is o f file in th e o f f ic e o f th e
B o a r d , th o sa id d e c r c o b e in g o f d a to D e c . 31 1919, a n d is o f r e c o r d in
C h a n c e r y O rd er B o o k N o . 7 , a t P a g e 142, th e r e o f. T h e b o n d s w ill b e
ce r tifie d b y th o P u tn a m N a tio n a l B a n k , P a la tk a .

Financial Statement.
1 3 0 ,00 0
A c r e a g e o f S pecial T a x S c h o o l D is tr ic t N o . 1------------------- — —
A ssessed v a lu a tio n in s a id d is t r ic t fo r 1 919, o n 4 0 % v a l u a t i o n
real p r o p e r t y , $ 1 ,1 5 6 ,7 9 0 ; p e rs o n a l p r o p e r t y , $ 5 7 1 ,8 4 0 ;
ra ilro a d s , te le g ra p h a n d te le p h o n e lin e s, $ 1 9 6 ,6 6 5 ; t o t a l----------- $ 1 ,9 2 5 ,2 9 5
P re se n t in d e b te d n e ss o f s a id d i s t r i c t . . ...................................................
$ 8 5 ,0 0 0

788
„

THE CHRONICLE

,

,

[Vol. 110.

Putnam County.

m

« 'l o « ™ n b(l v e K^SSCK
S,n e?t® ™ a d o o n » v a lu a t io n o f 4 0 % .
D is t r ic 't ° N o f l b° V° b o n d c d In d e b te dn e ss o n ly e ffe c t S p e c ia l T a x S c h o o l

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p ,^ ’h h S*o m in g d ecrea s e in th e a ssessm en t o f 1919 is a c c o u n t e d fo r h v thn
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Month Sold—

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$5,000
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7,000

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J a n u a r y ...................................... $ 82 ,0 0 0 O ctober_______
J h ’ y ......................
$ 7 5 ,0 0 0 180,000
November_____
A u g u s t - ................. 5 ,5 7 0 .0 0 0
7,0 0 0 Decem ber_____
Sep t e m b e r ........... • 4 3 4 ,0 0 0
.............
A ll th e a b o v e b o n d s b e ar 4 > S % Interest.

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1C T / P ,r ° - R e d d i n g ) , S h a s t a C o u n t y ,
J r ® ,'
POND ELECTION.— A t an e le ctio n t o bo h e ld F e b “M it is s ta te d
& n<ta w i ^ ^ v o ^ u p o n 6 S M ' 500 5 ^ %^ 1‘ y0ar d a m m a r s c h o o l b u ild in g

r f .? iy F w lDE’

Water'.

mt rt #Ai

T 7 0 ^ — T l^ N l^nn^T w J P ' ° L M » n t lc ; l ,0 |, U ta h ---- BOND DESCRIP?V
/

C o u n t y , C a l i f .— BOND ELECTION __ Tt

R iv e r s i d e

1922 “

sa n ;

« S ^ J E 3 iif e a S s w a ® .» * s a .':
i^ g S a 3 K6S a r 3 ® S f f l
S h e lb y v llle ), I n d .— BOND OFFERING
f^ r gtI 8nna[ 1 k ’ w-V.n ty t r e a s u r e r , will rc c o lv o bids unril l 0 ° a m . F ^ ' e i
J

I

S

2 -

S

=

0 x
»a!“

«

»

s. £

J O S E P H C O U N T Y (P. O . S o u t h B e n d ) . I n d __ BOND OFFRRTATfJ
t

H

K flanapo“i^wp‘ road bond" liav0 bou 81 at P
S
n 0(1 arto * P wild &O
■ o.6of

So l i ds ! reCOlve W ds Until 1 1 3 0 a ’

r o p o S ^ , 1 ? o U000 b r l £

8 8 .0 0 0 p i j K i T m 4 ' , t ibSr t ? T w p . b o n d s . b e n o m . $ 8 8 0 . D u o $4 400
, - nnn ®aJph s i* m o n th s b e gin n in g M a y 15 1 921.
* ’ uu
4 5 .0 0 0 C h r is L e rn e r, H a rris T w p . b o n d s. D e n o m . $ 2 2 5 . D u e $1 125
? a c b six m o n th s b eg in n in g M a y 5 1921.
® i.l^ 5
4 6 .0 0 0 H P B H i t c h i e r et al
P enn . T w p . bon ds.
D en om . $460. D u o
D a t e $ b 3' 1 5 m V X In t.DM ? t t ^

*?V) nh/Tr,

m 9.’ S- Li A n d °rs o n C o u n t y C le r k , will rc c e lv o bids fo r th e
5AQuO 5 H % h ig h w a y b o n d s v o t e d o n S e p t. 2— V . 109 p 1203 D e n o m
n ot°con .sic?Jed fiCd
^
S1° ’0 00 re d ld ro d ®nd b id s 'F o r l ^ s th a n p a r

M ^ ^ ^ .b s S8ir* k pS?.*
^ ^e5o ^ i52S" fSi^^dB ^ R S
^SiS’ S a f'
P a rk B a n k

’l ^ fw av 6 , t
a

C O U N T Y (P . o . B u t te ), M o n t .— BOND OFFERING._

Af,^1

8 M a y 15 1 M l *

S IS K IY O U C O U N T Y (P . O . Y r c k a ), C a lif — BONDS PROPOSED —
N e ^ p a n e r ro p o rts s ta to th a t th e c o u n t y co n te m p la te s th o issuance " o f

Parish, T r e a s u r e r ’s o ffic e o r a t th e N a tio n a l

l i s ’ist°ln p?olFardng ?h olssauo

S T . L A N D R Y P A R IS H

R O A D D IS T R IC T

NO

I,

13 rp

O

■ S M IT H n E L D . S C H O O L

aS aSl<Cd U‘ ° S an F r a n c ls c o

D IS T R IC T

w in ch o le ctio n w as ca rrie d u n a n im o u s ly .

Sftart®' l ^ a E S g S ^ ^ s a E a ^ s ® ^ ^ * * *

a u th o r ties

(P . O . S m lth fio ld l

to

I«l« „ f

s c n o o i h o u so ,

and

S C H O O L D IS T R IC T , S ta n is la u s C o u n t y , C a l i f __ BOND'

as.fls? “ “» sta“
? T ' “ - M a r c h 1 b y H a rry W . H a ll, C le r k o f B o a r d o f C o u n t v ' S ik'revuw ra
P
nf

a“ d se™‘ -a^n - ink- (J. & J .) payable at the office o f the C ou n ty Treasurer
^ n the N ational Park B a n k N . Y „ at option o f holder o f said bo^d o?
al
Julv i' inT m nh f t ? ? ? bond ° / the bonds (S I,000) m aturing on Jan. 1 and
tnl^ i r ? u cach o f the years from 1922 to lp59. incl. Certified check for
19% °n fche amount o f bonds bid for, payable to Chas. S. A lvord C h tir?*an: B oard o f C ounty Supervisors, required. T h e bonds will be rc-xdv

K S V . ' . f e T S * 1 b“ d' a debt' « < r a o n s J S 5 IW

" »

Amh d k

V ' 1 ‘ r V-PJM—vras a w a rd e d to th o F irst N a tio n a l B an k
0,
i t e * ” ' 0 00 y o “ rljr o n * » • 1

< > S k & .,fr S a 3 , gr5!,.,,it.
B
»
P’ lb I c a u ctio n a t 11.15 a .m . M a r c h 1 an issue o f .'IlS.OOO 5 % h ig h w a y
im p t . b o n d s .
D e n o m . $ 1 ,0 0 0 a n d $300.
D a to M a rc h 1 f0 2 0 . I n t
trf I 03R " tn i? U eo 30P A la rc h 1 1921 a n d $ 1 ,0 0 0 y e a r ly o n M a r c h 1 fro m 1922
H tn tn fA r^ n e r C c r t - ch e ck o n a n a tio n a l b an k o r trust c o m p a n y in N o w Y o r k
S ta to fo r 1 0 % o f a m o u n t o f b o n d s b id fo r r o q u irc d .
v X0TK

T

C O U N T Y (P . O . K n o x ), I n d .— BOND OFFERING __ John

n n n a ju w ’ £ 0lnn& T re a su re r, will r e c e iv e b id s un til 12 m . F e b . 28 fo r $?5 r f f J P ^ m h W e in k a u f e t a l. R a ilro a d T w p . r o a d b o n d s . D e n o m S7SQ

S
01 » a
b
ne,ni «
° fl K « S ? l ‘S
u * J ) Payable at the office o f the C ounty Trcasurr or at the Na(SH ? 0 00 ,bond® jC h«f flrst°5 2 consTCutivciy m imbcrod1
"H 'p
'bondsho fdt°hc0boS
nd8
ah’ ® Jo C has. S. A lvord, Chairman o f Board o f C ounty S u p erv iso r r k
T e e rfifio d nor^0JJr fv?V / b<? read y for delivery on or about M a rch 15 192(T

foTiK1
^
f c d ® e ° „ s K f s s ; f 7f t ' r s'- ™
^
.S A L E M ,

"“- o " o ® . a s s '

E s s e x C o u n t y . M a s s ---- LOAN OFFERING.— It is ronort d

j» r n r y 1oaS"o° S2CTC.OOO,

't S J J i t S r t a S J u i ™ '

B ra n e h o f W lehlta
O T r o '/ i c 10,
wero awarded to Vernon H .
1 192(L I n t J , & ’j at 9 7 '63 f
5s- t)en om ' *500 and $1,000. D ate Jan.
^ A K E C I T Y , S a lt L a k e C o u n t y , U t a h .— FINANCT A T STA Tie

i ? f W
i ^

X

d

a

SCH O OL

D IS T R IC T

(P .

O.

S u n n y v a le )

«5„nt»

r

L in c o ln

C ou n ty ,

N e b .— BOND

S ATE __minim*

J a n . 1920 $ 20 ,00 0 C % w a ter b o n d s w ore s o ld t o th e S ta to o f N e b ra sk a on
a 5 Vi % basis. D a te O c t. 1 1919. D u o O c t. 1 1939, o p tio n a l a fte r h y c a w

S W IT Z E R L A N D C O U N T Y (P . O . V e v a y ), I n d .— BOND S A I F __
T ^ V?T\a^ D o P08,t bank was awarded at par and interest the $ 2 1 0 3 5 9 0
4 ^ % U l y O . Gray et al. Craig T w p . road bonds, offered on F ob 10— V I 10
pj308°inclusiveS1,051 76 6aCh S,X m ° nthS frora M a y 15 1921 to n J v I Y s
„ T A O S C O U N T Y S C H O O L D I S T R I C T N O . 1, N. M ex— B O N D OFFERING • -Demostones M artinez, C ounty Treasurer (P o T aos) will
—
sell at public auction at 10 a. m . M a rch 4 . $30,000 <>% io-'io-yeT rV on t l
n a v T b le a n
tdt8hn 5 n ? ° m/ ? ^ 00ri D a te lO c t . 1 1919.’ P r ln fa n d so m i-a n n Fnt!
p a y a b le a t th e o ffic e o f th o C o u n t y T re a s u re r o r a t K o u n t /o llr o s
N" y
at o p t io n o f h old er. C e rtifie d c h e c k o n a n a tio n a l b an k fo r 1 5 % rc a u lr e d !
N o bid shall bo c o n sid e re d w h ic h is fo r loss th a n 00 ce n ts o n th e d o lla r
'

T e I ^ B b T D SF/H/^ r V n v ,S 1 !? ,IC T i P< ° ' T ,Y ,o r )' W illia m so n C o u n t y ,

Z. ELbC/nON .— T h e voter*i w il! h a v e s u b m itte d t o thorn o n
M a r c h 17 th o q u e s tio n o f issu in g $ 2 3 4 ,0 0 0 s c h o o l b o n d s , it is s ta te d .

T E X A S (S ta te o f ).— BONDS REGISTERED.— T h e follow ing 5 % bonds

^
v

SUN N YVALE

£ m r, w m ° Ur t y , C a lif — BOND ELECTION.— V oters o f tfds c o m m u n ity
n
s ta te d ! U f ° r ° r a ga ,n st an lssuo o f $ 7 0 ,0 0 0 s c h o o l b o n d s o n M a ? c ? i T i t te

h a v e been registered w it h th e S ta te C o m p tro lle r-

l u

a

Watterb deb^.debt' lnclutUng t
a1

t

............. - ...........................................* 2 0 0 .0 0 0 ,0 0 0

W

s

Z

^e.'glo.SOO

. Sinking f u n d I I I I I I I I I I Z I Z I H I I ..........
.................. .................
N et debt (less than 2 % assessed'valuation) 111................

2 ' 9a «n n n
a s n o ’ ^nn

Presont estim ated population____. . " " " Z I U " " ” " " ” "

142i500

C fv w lv id
,7’S a \ V L a k e •c ° u n t y» U t a h .— ASKS BOND PROUEEDI NOS CON TRACT.— W o are inform ed that form al bids will be asked

wa?er-worksS^ o n d s!0 thG prellminar^ work incident to issuing $3,300,000

C*ty Commission has received notice from the A ttom ey-G ^neral’s office




Amount.

Place and Purpose of Issue—

Maturltu

S 2 'r n n n ! } 1t 5 o U nty c » m ,n o n $• D . N o . 8 8 ____ 5 -2 0 years
. 599 R u s k C o u n t y C o m m o n S. D . N o . 4 1 . - . 2 0 y e a rs
1 ,5 0 0
1 arran t C o u n t y C o m m o n S. D . N o . 3 5 .4 0 ye a rs

g ^ /o b o n d s

Tint* t>.,„

'p o b ^ O
F ob iq
Feb." 13

T „T H 9 , v N T n.W N ' B o o n e C o u n t y , I n d — BOND OFFERING.— F ra n k B
l ^ n g U , T ^ tV rrci lsur^ w ln rcf i ' i vo b id s until l p . m . F e b . 24 fo r $22 5 00
5 % c o u p o n b o n d s . D e n o m . $ 5 0 0 . D a t o d a y o f salo.
D u o $1 500 enei.
six m o n th s fro m F e b . 24 1923 t o F o b . 24 1930, l n c l . C e r t . c h o c k fo r 1 0 %
o f a m o u n t o f b id , p a y a b le t o th o T o w n T re a s u re r requlroti. B o n d s t o ho
d e liv e re d a n d p a id f o r w ith in 10 d a y s fr o m d a to o f a w a rd .

T R A N Q U I L L I T Y IR R I G A T I O N D IS T R IC T (P . O . T r a n a u illitv )
F re s n o C o u n t y , C a lif .— BONDS APPROVED.— It Is re p o rte d 9 th a t Bio
Irrig a tio n B o a r d has b oon a d v is o d th a t th o .State B o n d in g C o m m iss io n has
v a lid a te d th o re c e n t lssuo o f $ 26 0 ,0 0 0 5 M % b o n d s fo r Im p r o v in T th o camU
m V I P J .T ^ ^ S
t 0 lrrlgatIon d ' at r l c t ./0 D e ta ils o f thls issuS w en , gfv on

THE CHRONICLE

Fe b . 21 19204

T R U M B U L L C O U N T Y (P . O . W a r r e n ) . O h io .— BOND OFFERING.—
V> . It. H a rrin g to n , O lork o f B o a rd o f C o u n t y C o m m iss io n e rs , w ill re c e iv e
b id s u n til 1 p . m . M a r c h 1 fo r $ 54 ,00 0 5 % I . O . H . N o . 13 Im pt. b o n d s ,
in a d d itio n to the $ 5 8 ,6 0 0 5 % R o a d D is t. N o . 2 b o n d s o ffe r e d a t th e sam e
tlm o — V . 1 10 . p . 6 8 1 . D o n o m . $ 1 ,0 0 0 a n d $ 50 0 . D a t o J a n . 2 1920.
P rin . a n d s e m l-a n n . in*. ( A . S O .) p a y a b le a t th e C o u n t y T re a s u re r’s o ffic e .
c
D u o $ 3 ,0 0 0 o n A p r il 1 a n d $ 3 ,5 0 0 o n O c t. 1 in e a ch o f th e yea rs fr o m 1921
t o 1926, in c l., a n d $ 3 ,5 0 0 o n A p r il 1 a n d $ 4 ,0 0 0 o n O c t. 1 in 1927 a n d 1928.
C e r t ifie d c h e c k fo r $ 5 0 0 , p a y a b le t o E v a n J . T h o m a s , C o u n t y T re a s u re r,
r e q u ire d . P u r ch a se r to p a y a c c r u e d Interest.

789

V IN T O N , C a lca s ie u P a rish , L a .— BOND ELECTION . —© ■ M a rch 16
$ 90 ,0 0 0 b o n d s are t o b e v o t e d u p o n t o p u rc h a se t h e V ia t e a U g h t & P o w e r
C o s . p la n t.

W A L K E R S C H O O L T O W N S H IP (P . O . M a n illa ), R u s k C o u n t y ,

I n d . — BOND OFFERING.— P ro p o s a ls w ill b e r e c e iv e d u a t i iS p . ra. M a r . 10
b y L o w L e w is , T o w n s h ip T r u s te e , fo r $ 1 0 ,0 0 0 5 % r e fu n d in g b o n d s . D e n o m .
$ 1 ,0 0 0 . D a t e M a r . 1 1920. I n t . J . & J .
D u e $ 1 ,0 0 0 e a ch s ix m o n th s
fr o m J u ly 1 1321 t o J a n . 1 1926. in c l.

T U R K E Y C R E E K C O N S O L ID A T E D S C H O O L D I S T R I C T , B u n 
co m b e C o u n t y , N o. C a r o .— BOND OFFERING.— E th el T e rr e ll, C o u n t y
S u p erin te n d en t o f E d u c a tio n (P . O . A sh e v ille ) in fo rm s u s t h a t s h e w ill
r e c o lv o b id s u n til 12 m . M a r c h 8 f o r $ 1 2 ,0 0 0 2G -yoar b o n d s , a u th o riz e d
b y a v o t e o f 31 t o 15 a t a n e le ctio n h old J a n . 20 1920. B id s are requ ested
lo r b o n d s b ea r in g 5. 6 M an d 6 % in t. D o n o m . $ 1 ,0 0 0 .
D a te M a rch 1
1920.
P r in . a n d s e m i-a n n . in t. p a y a b le a t th e H a n o v e r N a tio n a l B a n k ,
N . Y . C e r t , c h e c k fo r $ 24 0 re q u lro d . A ssessed v a lu e f o r ta x a tio n 1919
$ 7 5 ,5 5 8 . A c t u a l v a lu e o f p r o p e r t y ( e s t .), $ 2 2 6 ,6 7 8 .. P o p u la tio n 1920
(o s t .), 4 00 . T h e C o u n t y S u p e rin te n d e n t o f E d u c a tio n a lso in fo rm s us
" t h a t t h o L eg is la tu r e o f N o r t h C a r o lin a a t its session la st s p r in g passed w h a t
is k n o w n as th e R e -v a lu a tio n A c t a n d all th e la n d s and p r o p e r t y o f N o r t h
C a r o lin a a ro in th e p rocess o f b e in g r o -v a lu o d a t th e tru e v a lu a tio n . Y o u
w ill n o tic e t h a t tlio tru e v a lu a tio n is g iv e n , a n d th o assessed v a lu a tio n .
N o w , d u r in g t h e life o f th eso b o n d s u p o n w h ic h w e aro a sk in g b id s , th o lan ds
a n d p r o p e r t y w ill bn ro-v a lu od a t its tru e v a lu o u n d er t h e R e -v a lu a tio n A c t .
T h e r e fo r e , it ca n s a fe ly b o said t h a t th o ta x v a lu a tio n d u rin g th e life o f theso
b o n d s w ill b o w h a t Is heroin re p o r te d as th e a p p r o x im a te tru e v a lu a t io n ."

T U R L O C K , S ta n is la u s C o u n t y , C a l i f .— BONDS AUTHORIZED.—
A c c o r d in g t o r e p o r ts , an ord in a n c e a u th o riz in g th o Issue o f $ 60 ,0 0 0 sew er
b o n d s has b een a d o p te d .
T U R L O C K I R R IG A T IO N D IS T R IC T (P. O . T u r lo c k ), S ta n is la u s

C o u n t y , C a lif.— BONDS VOTED.— A t a re ce n t o le ctlo n th o fo llo w in g
b o n d s ca rr lo d , it Is s ta te d :
$ 2 ,5 7 0 ,0 0 0 b o n d s fo r th o co n s tr u c tio n o f th o D o n P e d r o d a m p r o jo c t .
„
V o t o 1,550 t o 96.
1 ,0 2 8 ,0 0 0 p o w o r p la n t b o n d s . V o to 1,491 t o 109.
6 ,0 0 0 ,0 0 0 d ra in a g e b o n d s .
V o to 1,499 t o 92.
T W IN F A L L S , M o n t.— BOND ELECTION.— A p ro p o s itio n p r o v id in g
fo r th o issuance o f $ 2 5 ,0 0 0 1 0-2 0 -ye a r (o p t .) p ark b o n d s a t n o t e xce e d in g
6 % Interest w ill b o s u b m itte d t o d o c t o r s a t a n o lo ctio n t o b o h o ld M a r . 23.
T W IN F A L L S IN D E P E N D E N T S C H O O L D I S T R I C T N O. 1 (P . O .

T w in F a lls), T w in F a lls C o u n t y , Id a .— BOND SALE.— O n F e b . 12 an
Issue o f $ 1 0 0 ,0 0 0 5 % 1514-y e a r (a v e r .) s c h o o l b o n d s , a u th o riz e d b y a v o t o
ot 4 53 t o 47 a t an o le ctlo n l i d d J a n . 3 0 , w as a w a rd e d t o th e S ta te o f I d a h o .
D e n o m . $ 1 ,0 0 0 .
U N IO N C I T Y S C H O O L D IS T R IC T (P. O . U n io n C it y ), R a n d o lp h
C o u n t y , I n d . — BOND SALE.— T h e F le tcn e r-A m e rica n C o . o f I n d ia n a p o lis
has p u rch a sed $ 7 8 ,0 0 0 5 % s c h o o l b o n d s .
D e n o m s . $ 60 0 a n d $ 1 ,0 0 0 .
D a t o J a n . 1 1920. P rin . a n d s e m i-a n n . In t. (J . & J .) p a y a b le a t th o
A tla s S tate B an k o f U n ion C it y . D u o $ 2 ,6 0 0 o n J an . 1 a n d J u ly 1 in each
y e a r fr o m 1930 t o 1944, in clu s iv e .
V A L L E Y C O U N T Y (P . O . G la s g o w ), M o n t .— BOND ELECTION.—
O n A p ril 23 $ 2 0 0 ,0 0 0 h ig h w a y b o n d s aro t o b o v o te d u p o n .

V E N T N O R C I T Y , A tla n t ic C o u n t y , N. 3.— BOND OFFERING.—
S oalod b id s w ill b o r o c o lv o d u n til 8 p . m . M a r . 8 b y J am os T . G . H a n d ,
C it y C le r k , fo r an issuo o f 5 % e m e rg e n cy b o n d s , n o t t o e x c e e d $ 1 2 5 ,0 0 0 .
D o n o m . $ 1 ,0 0 0 .
D a to M a r . 1 1920. I n t . M . & S . D u o w ith in 20 years.
C e r t , ch e ck o n a n a tion a l o r S ta to b a n k o r tru st c o m p a n y , fo r 2 % o f a m o u n t
o f b id , p a y a b lo t o G o o . F . W in g a to , C it y T re a s u re r, re q u ire d . O p in ion
o f G e o r g o 8 . C la y o f N o w Y o r k , as t o th o ir v a lid it y , w ill b o fu r n ic h t d
th o p u rch a ser.

H V IG O C O U N T Y (P . O . T e rr e H a u te ). I n d .— NO BIDDERS.— 'T h ere
P
w ere n o b id d er s fo r th o $ 27 ,0 0 0 4 Vi% W m . D in k le c t a l H a rrison T w p .
r o a d b o n d s o ffe r e d on F o b . 17— V . 110, p . 681.

W A T A U G A C O U N T Y (P. O . B o o n e ), N o. C a r o .— BOND SALE.—

O . W . M c N o a r & C o ., b id d in g 100 .11 , fo r 6s, w ere awarded th e $ 5 0 ,0 0 0
5 -3 0 -y o a r r o a d b o n d s o ffe r e d o n F o b . 10— V . 110, p . 2 82 . D en om . $ 1 ,0 0 0 .
D a t o F o b . 10 1920. In te r e s t F . & A .

W A U C H U L A S P E C IA L T A X S C H O O L D I S T R I C T N O . 6. De S o t o

C o u n t y , F l a .— BOND OFFERING.— A d d itio n a l in fo r m a tio n is a t h a n d
re la tiv o t o th o o ffo r in g o n M a r c h 1 o f th e $ 1 5 ,0 0 0 6 % c o u p o n b o n d s —
V . 110, p . 5 85 . P ro p o s a ls f o r theso b o n d s w ill b o r e c o iv o d u n til 12 m . o n
that d a y b y P . G . S h a v o r, C o u n t y S u p e rin te n d e n t a n d S e cre ta ry ( P . O .
A r c a d ia ). D o n o m . $500.
In t. F . & A .
D u e $ 5 ,0 0 0 o n F e b . 1 in e a ch o f
th o yoars 1925, 1930 a n d 1950. C e r tifie d c h o ck fo r 2 % o f b id r e q u ire d .
O fficia l circ u la r s ta to s th a t th ere is n o c o n tr o v e r s y o r litig a tio n p e n d in g o r
th re a te n in g th o e xistin g b o u n d a rie s o f th e d is tr ic t, o r th e titlo o f th e p re s e n t
o ffice rs t o their re s p e ctiv e o ffic o s , o r th o v a lid it y o f th e b o n d s .
B onded
d e b t (in clu d in g this issu e), $ 4 0 ,0 0 0 . S in k in g fu n d J an . 1 1920. $ 4 ,2 9 0 6 1 .
T h e a p p ro x im a te v a lu o o f rea l os ta te a n d p erson a l p r o p e r t y in th e y e a r o f
1919 w as $ 5 ,0 0 0 ,0 0 0 a n d assessed v a lu a tio n fo r th e s a m e p e r io d w as
$ 52 2 ,6 0 0 .
W A U S E O N , F u l t o n C o u n t y , O h i o . — BOND SALE.— T h e P e o p le s
S ta to B a n k o r W a u s e o n , r e c e n tly p u rc h a se d a t p a r a n d in t. an issu e o f
$ 1 6 0 ,0 0 0 5 % w a te r-w o r k s im p t . b o n d s . D e n o m . $ 1 ,0 0 0 . D a t e J u n o 1
1919. I n t . M . & 8 .

W AYNE

COUNTY

H o J C ora s F a ce
Dn * orp tion in n d

FINANCIAL

Bond Issues

BANKERS
FRANKFORT-o-M., GERMANY

C O R R E S P O N D E N C E IN V IT E D

104 South Fifth Street

Lincoln M en ny O ppenheim er

Underwritten

BUFFALO

ENTIRE STOCK ISSUES
PURCHASED OUTRIGHT

Biddle & Henry

M iss.— BONDS TO BE

W E S T F IE L D , H a m p d e n C o u n t y , M ass.— TEMPORARY LOAN.— A

Private Wire to

Call John 5089

W a y n e s b o r o ),

te m p o r a r y lo a n o f $ 1 5 0 ,0 0 0 issu ed in a n ticip a tio n o f r e v e n u e a n d m a tu rin g
O c t. 6 1920 has been a w a rd e d , a c c o r d in g t o re p o r ts , t o G r a fto n & C o .
o n a 5 .8 5 % b asis.
W H IT E C O U N T Y (P . O . M o n tic e llo ), I n d . — BOND OFFERING.—
P ro p o s a ls w ill b o re c e iv e d b y E . B . S te ly , C o u n t y T re a s u re r, u n til 10 a . m .
F o b . 28 fo r $ 1 6 ,0 0 0 \Vi% L u ciu s O . P r a tt e t a l. B ig C ro o k T w p . r o a d
bon d s.
D o n o m . $ 80 0 . D a t e S e p t. 2 1919. I n t . M . & N .
D u o $800
e a ch six m o n th s fr o m M a y 15 1920 t o N o v . 15 1929, in cl.
W ORCESTER,
W o rce ste r
C ou n ty ,
M a s s .— NOTE SALE.— T h e
M e r c h a n ts N a tio n a l B an k o f W o r c e s te r h as p u rch a se d a t 5 .6 4 % d is c o u n t ,
an issue o f $ 30 0 ,0 0 0 ro v e n u o n o to s , issu ed in a n ticip a tio n o f tax o s, d a te d
F o b . 20 a n d m a tu rin g J u ly 29 1920.
Y A K IM A , Y a k im a C o u n t y . W a s h .— BOND ELECTION.— O n M ar. 31,
it is s ta t e d , t h a t an e le ctio n w ill b o held t o v o t o o n a b o n d issue o f $ 7 5 ,0 0 0 ,

FINANCIAL

"fflP

O.

W E L L E S L E Y , N o r fo lk C o u n t y , M ass. — TEMPORARY LOAN.— O n
F o b . 19, a c c o r d in g t o r e p o r t s , a te m p o r a r y loa n o f $ 50 ,00 0 issued in a n tic ip a 
t io n o f ro v o n u o , d a te d F o b . 19 a n d m a tu r in g N o v . 19 1920, w as a w a rd ed
t o F . 8 . M o s o lo y & C o . o f B o s t o n o n a 5 .8 4 % d is c o u n t b asis, plu s $1 p r e m .

NEW LOANS

New York City

(P .

ISSUED.— T h e N e w O rleans " T im t s -P ic a y u n e ” o f F o b . 10 s ta te s t h a t
" t h e B o a r d o f S u p erv isors o f W a y n e C o u n t y , M is s ., a t th e m e e tin g last
w e e k passod a n o r d e r g iv in g n o t ic e th a t a t th e reg u la r M a r c h te rm , 1920,
th e y w ill issuo g o o d ro a d b o n d s m atu rin g in 20 yea rs a n d b e a r in g 5 % in teerst
in th e su m o f $ 50 ,0 0 0 t o m o o t th o F ed era l a p p ro p ria tio n o f a like a m o u n t
fo r b u ild in g p u b lic h ig h w a y s in this c o u n t y , unloss a p e titio n is presen ted
t o said B o a r d a t their M a r c h te rm slg n o d b y 1 0 % o f th e q u a lifie d v o te rs
o f th e c o u n t y p r o te stin g a ga in st said p r o p o s e d issuo. H o w e v e r , it is n o t
th o u g h t th a t a n y o p p o d t i o n w ill d e v e lo p s u ffic ie n t t o d e fe a t th o iss u e .”

Cabla Address "Openhym"

IN V E S T M E N T

S E C U R IT IE S

F O R E IG N

EXCHANGE

MARK HARRIS
STOCKS and BONDS
Main Office
Canadian Branch

M u tu al L ife B id s.
B u ffa lo , N. Y.

R oyal B ank B ld g.
T o r o n t o , O n t.

PETROLEUM BANKING & TRUST CO. AS.
A p a r ta d o (P . O . Box) N o. 468. T am p ico
T a m a u llp a s , Mexico

Philadelphia

Members of the American Bankers' Association

MUNICIPAL BONDS
o f T ex a s M u n icip a litie s
y ie ld in g from 0 to S .2 5 %

Adrian H. Muller & Son
AUCTIONEERS

Circular on request

H A R O LD G . W ISE & CO.

O F F IC E

N o . 58 W IL L IA M S T R E E T
C orn er P in e S treet

G o v er n m en t an d M u n icip al B o n d s
819-21 F irst N a t ’ l B an k B ld g ., H o u s t o n , T ex

Regular Weekly Sales

Tax Exempt
Pennsylvania and New Jersey
Municipal Bonds

STOCKS and BONDS

OP

Lists mailed upon request.

M. M. FREEMAN & CO.
421 Chestnut Street

EVERY WEDNESDAY

Philadelphia

INVESTMENTS
M

B ro a d w a y . N E W Y O R K . N . Y .

FOR

S A L E — T im b e r , C o a l, Ir o n , R a n c h anc
oth er p roperties.
C o n fid e n tia l
N e g o tia tio n s .
In v e stig a tio n *
S e ttle m e n ts an d P u rch a ses o f P roperty.
United States.
West Indies.
Oaned>




Hong Kong & Shanghai
BANKING CORPORATION

Paid up CapitAl (Hong Kong Currency)...*16.000,000
Rescrvo Fund 11n Gold ...»16,000.000 ( ___ *3fl ,000.000
lIn Silver..*21.000.000/
Reserve Liabilities of Proprietors.................. 15.000,000
GRANT DRAFTS, ISSUE LETTERS OF C REDIT,
NEGOTIATE OR COLLECT HILLS PAYAHLE IN
CHINA. JAPAN. PHILIPPINES. 8TRAIT8 SET
TLEMENTS, INDIA.
W A D E O A R D 'N E R , Agent, 34 W all 8t.

At th e E xch an ge Sales R oom s
14-16 Vesey Street

Telephone. Lombard 710

G E O . B. E D W A R D S

O ffers e v e r y ban kin g fa c ility .
P aym en ts and
co llection s m ade and Drafts sold on all parts ot
M e x ico and the U nited S tates. L o n d o n , H o n g
K o n g , P aris, B arcelon a an d M a d r id .

F. WM. KRAFT, Lawyer

Specialising In Examination

St

Preparation ol

B R IN RH N E S E E L C A T
E L E A D L -G S L S H F
BN
AK
Berlin W. Behrenstrasse 81-38

(Founded In 1856)
County, Municipal and Corporation Fully-paid capital & reserves M 144,800,000
Bonda, Warrants and Securities and
AH kinds o f banking business transacted.
Proceedings Authorizing Same.
Special attention given to foregn exchange and

Rooms 617-520, 111 W. Monroa St.,
Harris Trust Building

CH IC AG O , ILLINOIS

documentary business.
ished.

Trade Information furn

Cable A d d ress: HandeUjes Berlin

790

THE CHRONICLE

th e m o n o y t o b o exp e n d e d b y th e C it y P a rk B o a r d fo r p a r k a n d p la y 
g r o u n d p u rp os es.

Y A M H IL L C O U N T Y (P . O . M cM in n v ille), O re .— B O N D O F F E R IN G .
n S ?
*i m n

n s
linn r o c o iv o d u n til 2 p. m . F e b . 23 b y C . B . W ils o n , C o u n t y
i w ^ S r 0 S S 'I T / ? ^ bon,c a t n o t e x c e e d in g 5 H % in te rest. D o n o m .
,ls
D ,a to M a r c h 1 1920. P r in . a n d s o m i-a n n . in t. ( M . & S .) p a y a b lo
M cnnn
a g e n c y o f th o S ta to o f O regon in N e w Y o r k C it y , N . Y .
Duo
f^ 'O O O y t s a r iy o n M a r c h 1 fr o m 1934 t o 1936, in cl. C e rtifie d c h o c k fo r
r o S ! 114 °,f b,0™ s ,bli ’ fo r - re q u ire d . T h o a p p r o v in g legal o p in io n s
d
o f It. L . C o n n o r a n d o f T e a l, M in o r & W in fro o o f P o rtla n d w ill b o) fu rn ish e d
“
- - th e s u ccessfu l b id d o r .

Y U M A , Y u m a C o u n t y , A r iz .— BOND OFFERING.— S ea ed p ro p o s a ls

Utl1
,
n

,4
2

s i n nnnr cC Vo o
w
8. p ’ lm „ F1 b ' .
u
F - S ta n le y . C it y R e c o r d e r , fo r
| 4 0 ,00 0 6 % 2 0 -y o a r c it y h a ll b o n d s .
D e n o m . $500.
D a to J a n . 1 1920.
lnt, J8: & -J ),P a y a b le a t th o F irst N a t. B an k o f C h i
c a g o o r a t th o N a tiq n a l C it y B a n k o f N e w Y o r k . C o rt. c h o ck fo r 5 % o f
a m o u n t o f b id re q u ire d .
/0

CANADA,

its

Provinces and

Municipalities.

A L B E R T A S C H O O L D IS T R IC T S , A lt a .— DEBENTURE SALE.— O n
d e b e n t u r e * W° r ° o p e n e d fo r th0 f° llo w in g 16 issues o f 6 H % serial s c h o o l
1. R u ra l— 10 yoars— N a c m in e S. D . N o . 3 8 0 4 ........... $ 8,0 00
2. R u r a — 12 years— B e rg S. D . N o . 2 6 7 5 .................... 1,200
3 . R u ra l— 15 years— S n ak e V a lle y S. D . N o . 3 8 1 2 . . 2 ,5 0 0
4 . R u ra l— 15 yea rs— P in e G r o v e S. D . N o . 2 865
700
5 . R u ra — 10 years— F ly in g S h o t S. D . N o . 3 3 9 9 . . 1,800
6 . R u ra l— 10 years— T u llib y L a k e S. D . N o . 2 7 5 8 .
500
7. R u ra l— 10 years— P u rp le S prings S. D . N o . 3 59 7
8 00
8 . R u ra l— 10 yea rs— L o tu s S. D . N o . 3 7 2 5 . . .
1,800
9 . R u ra l— 15 years— R a to n S. D . N o . 3 6 3 6 ___________ 2 ,2 5 0
10. R u ra l— 10 years— S pirit R iv e r S. D . N o . 2 109
600
11. R u ra l— 10 years— C u r r ie S. D . N o . 3 7 6 7 ................ 1.800
12. R u ra l— 10 years— L ’A b b o S. D . N o . 1842
1 0 00
13. R u ra l— 10 years— M o r r in S . D . N o . 2513
3 000
14. R u ra l— 10 yea rs— Z e h rin g S. D . N o . 3 2 5 8 ____ ' 1.200
15. R u ral— 10 years— U p la n d S. D . N o . 3 372
1 200
16. R u ra l— 10 years— P o lsk a S. D . N o . 1 94 8 ................ 2 ,0 0 0
T h e fo llo w in g w ere fo u n d t o b o th e te n d e rs s u b m itte d :

Issue.

Western Trust Co.

Date of Issue.
D ec.
D ec.
D ec.
D oc.
D oc.
D ec.
D ec.
D oc.
Fob.
A ug.
A ug.
Feb.
Feb.
Fob.
Feb.
Feb.

1
1
20
20
20
20
20
20
2
1
1
2
2
2
2
2

1919
1919
1919
1919
1919
1919
1919
1919
1920
1919
1919
1920
1920
1920
1920
1920

Miss E. M . Hartley. Can.Land.&Nat.Inc.Co.

«J
W
O
------5
9 7 .8 3 3
..
6
----------98
9
9 6 .4 4
------10
9 5 .8 3 3
------11
9 4 .4 4 4
------12
9 6 .7 0
9 7 .5 0
13
9 9 .5 3 3
..
14
9 7 .0 8 3
15
9 8 .5 8 3
16
9 9 .9 0
..
9 7 .5 0
T h e a w a rd s w ere m a d e as fo llo w s :
B lo c k s N o . 3 , 5 , 9 , 10, 13, 14, 15 and 16 t o th e W e ste rn T r u s t C o .
B lo c k N o . 6 t o M is s E . M . H a r tle y .
B lo c k N o . 12 t o th e C a n a d a L a n d e d & N a tio n a l In v e s tm e n t C o .
T h e r e w ere n o b id s fo r b lo c k s N o . 1. 2 , 4 , 7 a n d 8 , and b lo c k N o . 11 w as
n o t a w a rd ed as t h e b id s u b m itte d w as t o o lo w .
7 0 ,W A S H I P ( P * ° * C o l u m b u s ) , O n t . — DEBEN
N
TURE SALE.— O n F e b . 1 A . E . A m e s & C o . o f T o r o n t o , b id d in g 9 4 .6 6 .
w ere a w a rd ed th e $ 4 5 ,0 0 0 5 H % 3 0 -y e a r in s ta llm e n t s c h o o l d e b e n tu re s .
D a te D e c 5 1 919. I n t . p a y a b lo in D e c e m b e r . L a st in sta llm e n t d u o
D e c . 5 1949.
E S T E V A N R . M ., S a a k .— DEBENTURES AUTHORIZED.— ' h o L o c a l
T
G o v e r n m e n t B o a r d has a u th o r iz e d , it is r e p o r te d , $ 2 ,6 0 0 8 % 1 0-yea r
In stallm en t m u n icip a l-h a ll d e b e n tu re s .

[Vol. 110.

F O R T W IL L IA M , O n t.— DEBENTURE OFFERING.— I I . .Tamos. C it y
T re a su re r, w ill r o c o iv o ten ders u n til 5 p . m . F e b . 24 fo r $ 3 3 7 ,0 0 0 5 % cou pon .
£ P t} ? c h ° ° l d e b e n tu re s
D o n o m . $ 1 ,0 0 0 .
Prin. a n d interest p a y a b lo in
nV.« « ,i o rn e o V t ° i n o i ? vv
I;8I15 n ~o r a t th o C it y T re a s u re r’s o ffic o .
lo
ail d $ 32 7 ,0 0 0 in 1949. C o r t. c h o c k fo r 2 % o f a m ou n t
o f b id , p a y a b lo t o th o B a n k o f M o n tr e a l, F o r t W illia m . B o n d s to b o d e 
livered a n d p a id fo r a t th o B a n k o f M o n tr e a l, F ort W illia m . T o n d ors wil
b o r e c e iv e d fo r p a y m o n t in b o th N o w Y o r k a n d F o r t W illia m fu n d s .

K IN IS T IN O , Sask.— BOND SALE .— In January I I . II. I lo y c o c k o f
R e g in a p u rch a se d th o $ 1,0 00 8 % 5 -y o a r in sta llm e n t d o b o n tu ro s a u th orized
in O c to b e r .— V . 109, p . 1816.
L O R E B U R N , S a sk .— DEBENTURES AUTHORIZED.— A c c o r d in g toM
M
le, £ o c a l G o v e r n m e n t B o a r d has a u th o riz e d tho villa ge to issue
4 2.0 00 8 % 10-y oa r in sta llm e n t d e b e n tu re s fo r d rillin g a w o ll.
« w S n BJ J f o ? ,I C K ( P r o v i n c e o f ) . — DEBENTURE SALE.— A b lo ck o f
;R
5 50 0 .0 0 0 5 H % 2 5 -y o a r d o b o n tu rcs , lias boon a w a rd e d , a c c o r d in g t o r e p o r t s .
t o J. M . R o b in s o n & S o n , a n d th o E a s te rn S ecu rities C o . a t 05.1(5.

N O K O M IS , S a sk .— DEBENTURE OFFERING.— W . A . A r m o u r , T o w n
S e cre ta ry-T re a s u re r, w ill ro co iv o b id s u n til A p ril 1 fo r th o $ 2 0 ,0 0 0 7 %
15-year o le ctric-h g h t d o b o n tu ro s ro c o n tly a u th o r iz e d .— V . 110, p . 391.
,
DEBENTURE SALE .— T h e v llla g o d u rin g J a n u a ry s o ld
t o W . L . M c K in n o n & C o . o f R o gin a th o $ 1 ,0 0 0 10-yoar s tr e e t-g ra d in g
d ob on tu ros a u th o riz e d last S o p to m b o r.— V . 109, p . 1486.

P O R T A G E LA P R A IR IE , M an. — DEBENTURE SALE.— O n F o b . 3
th o * 7 9 ,6 1 0 6 % 2 0 -y o a r in sta llm e n t d o b o n tu ro s — V . 110, p . 391— wore
a w a rd e d t o W . L . M c K in n o n & C o . o f T o r o n t o a t 9 9 .0 5 .
Q UE.B,LC ( P r o v i n c e o f).— DEBENTURES PROPOSED.— I t is rep orted
i i or bl bas boo. In trod u ced in to th o L ogislatu ro a u th o riz in g th o P rov in 
n
c e T rea su rer t o issue d o b o n tu ro s t o a n a m o u n t n o t t o e xc e e d $ 5 ,0 0 0 ,0 0 0
fo r th e p u rp o so o f assisting co lo n iz a tio n in tho p r o v in c o .
„ iSA ? K ^ 7 C ^ u W ^ N S C » 0 ° L
D IS T R IC T S , S a s k ___ DEBENTURE
ii
T h e fo llo w in g , a c c o r d in g t o th e “ M o n e ta r y T im o s " o f T o r o n t o , Is
t o o r l . Y ? a3® b U h^ ° (;al G o v e rn m e n t B o a r d fro m Jan . 2 t o Jan . 26
w ^ n . ^ « F n o r ° e $ 2,0 00 . R e g in a I u b lic S ch o o l S in k in g F u n d T ru stees.
*11 son ’. rr$1,(l 2 w ,?V iA ' a FergusonA s t °<‘ K*‘ to n . C h a m b e rla in V illa g e.
511 .50 0 , G ro a t W e st L ife A ssu ra n ce C o ., Winninowr. S u n n v K n oll f ? 0^0
B alm o ra l $ 600: C a n a d a L a n d e d & N a t t o n a r W n K
D u ck Lako
$ 2,0 00 ; C ro ss , J o n a h , I lu g g & F o rb e s , R o g in a .
’
T h o fo llo w in g is a list o f a u th o riz a tio n s g ran te d b y th e L o ra l G o v e rn m e n t
B o a r d fr o m J a n . 2 t o J an . 26 1920: W a te r b u r y , $ 4,0 00 10-vear 6 %
a n n u ity ; A v o n H e ig h ts , $ 1 ,0 0 0 10-y ea r 8 % a n n u ity ; V vilcox, $ 2 4 ,00 0 20-yoar

W T .*

M c K in n o n & C o . o f T o r o n t o a t 9 3 .8 5 .

nm i'yLN .I ? A N F A L L , ’, Q u e .— DEBENTURE SALE .— On F o b . 13 the
,
S
$ 5 0 ,0 0 0 6 % 2 0 -y c a r s ch o o l d e b o n tu ro s o ffe r e d o n th a t d a to — V . 110 p. 585—
w ero a w a rd e d t o V ersaillo, V id ricaire & H oulais, L t d ., o f M o n tr e a l at 08 2/T
D o n o m . $ 1 ,0 0 0 .
D a te N o v . 1 1919.
In t . M . < ]sf.
&
‘
‘
.
^•~~~~DERENTURE OFFERING.— 'Tho c it y Is e n d ea vor—
d u e ^ e n t P n ? io V o h0*-?n n n T 6 %
b 7 r tl,lnO « at.J?a r a n d 'n te r e s t: * 4 56 59,
S
o n Sen?
, n i f o ^ p t ; 16 l p 20; $ 8 0 ,0 0 0 , d u o $ 1 0 ,0 0 0 yoa riy
2 " J i o p L „15. f™ 1 1 1031 t o 1938, in c l., a n d $ 6,6 08 9 3 , d u e Hopt. 15 1939.
1
rt\na I 'nYa lu torest p a y a b lo in L o n d o n , N e w Y o r k , M o n tr e a l, T o r o n to
o r v ic to r ia .
i W A L L A C E R . M ., S a a k .— DEBENTURES AUTHORIZED.— Vormla°ebj ,a Ynd fr0IY tho( L o c a l G o v e r n m e n t B o a r d t o Issue, It is
s ta te d , $ 3 ,0 0 0 6 % 10-y ea r in sta llm e n t b rid g o a n d cu lv e r t d o b o n tu ros.

W O O D S T O C K . O n t .— DEBENTURE SALE .— T h o D o m in io n S e c u r i
ties C o r p . w as a w a rd e d a t 9 3 .3 9 th e $ 1 0 0 ,0 0 0 5 M % 3 0 -y r . Installm en t
so w e ra ge s y s te m d e b o n tu r o s o ffe r e d o n F o b . 16.— V . 110, p . 5 85.

NEW LOANS

$500,000
City of Rockford
Illinois
.
W aterW orks Construction Bonds
Sealed bids will be received by tho Finance Committee of tho
City Council of the City of Rockford, Illinois, at the offico of City
Clerk, Rockford, Illinois, until 1:30 P . M . ,

MONDAY, MARCH 1, 1920
for the purchase, at not less than par value, of $500,000 W ater Works
Construction Bonds, consisting of 500 bonds of tho denominatmn of
$1,000 each, each bond to bo dated Apri 1, 1020, to maturo serially
as fo lows, viz.; $25,000 on the first day of April of each year in the
years 1021 to 1040 inclusive, and to boar interest at tho rate of five
per cent (5 % ) per annum, payablo semi-annually. Principal and
interest payable at tho office of City Treasurer, Rockford, 111.
Bids may be made in tho following manner:
1. Delivery of all of the bonds on April 1, 1020.
2. Delivery of bonds from time to time as proceeds are
needed.
Bids may be addressed to the-undersigned Clerk of tho City of
Rockford and must bo accompanied by a certified check in an amount
equal to two per cent (2 % ) of the face amount of bonds bid for, to
secure the City against any loss resulting from tho failure of tho bidder
to comply with the terms of his bid.
The successful bidder will bo furnished with tho opinion of Messrs.
W ood & Oakley, Chicago, Illinois, that the bonds aro valid obligations
of the City of Rockford.
Bonds to be printed by the purchasers.
The right is reserved to roject any or all bids.
B y order of the City Council.
Dated January 19, 1920.




^S m .

30-y “ r

E . A . W E T T E R G R E N , City Clerk,
Rockford, Illinois.

F IN A N C IA L

A M E R IC A N M E G . CO,

C O R D A G E
M A N I L A , S IS A L ., J U T E

N o b l* & W e s t S t r e e t s . B r o o k ly n . N . Y . C ity

If There Is A Market ffe Can Find II
We hold sales of stocks
and bonds every Wednesday,
charging $1.50 entrance fee
for each item. • Our weekly
catalogues and postal card service
reach every market. W e take
pleasure in furnishing quotations.

Barnes & Lofland
S to c k B r o k e n & A u c t io n e e r *

147 S. 4th S t .,

i£ O R G E

P h iladelph ia

W . IV1YER, J R .

Certified Puhlic Accountant
2 R E C T O R S T .. N E W

YORK

Audits, Investigations,
Estate Accounting,
Income Tax Returns.
Tnlfiolionr Rector 5441

FEDDE & PASLEY
C e r ttfie b

$ u b l f t A cco u n ta n t*

55 Liberty St.,

New York
Full text of Commercial and Financial Chronicle : February 21, 1920, Vol. 110, No. 2852

FRASER
