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The.
allinuttati
Bank Sc Quotation Section
Railway Earnings Section
VOL. 110.
firtanttal
ijrotud
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Sectiol
State and City Sectiog
NO. 2853
SATURDAY, FEBRUARY 28, 1920
he (Chronicle
PUBLISHED WEEKLY.
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6 00
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Subscription includes following SupplementsRAILWAY AND INDUSTRIAL(semi-annually)
1
BANE AND QUOTATION (monthly)
ELECTRIC RAILWAY (semi-annually)
RAILWAY EARNINGS(monthly)
STATE AND CITY (semi•annually) BANKERS' CONVENTION (yearly)
Week ending February 21,
Clearings at1920.
1919.
Inc. or
Dec.
1918.
1917.
%
439,296,201 +48.3 424,981,043 404,658,292
40,824,562
33,122,709
46,791,451 +53.2
49,692,179
59,890,277
89,398,168 +51.1
42,270,592
45,117,378
90,752,432 +50.2
19,538,874
23,541,080
22,438,828 +31.4
10,626,999
13,268,000
10,782,000 +92.3
7,540,600
7,917,100
9,601,300 +33.2
8,970,746
8,957,459
11,645.430 +53.8
4,786,581
3,750,000
4,000,308 +48.0
3,962,210
3,939,517
3,854,161 +89.6
2,699,709
3,044,246
3,021,178 +32.4
2,179,001
3,085,069
3,345,387 +57.0
1,400,337
1,550,000
1,556,047 +46.0
911,329
2,394,599
2,951,285 +32.2
1,654,372
93_0,077
979,648 +131.8
1,831,267
2,465,027
3,265,646 +38.2
1,376,102
1,596,168
1,777,218 +34.3
898,108
1,301,451
1,090,317 +100.5
967,539
1,203,294
1,297,799 +52.3
5,308,000
4,990,000
6,919,000 +97.3
2,418,823
2,939,635
2,016,576 +158.6
773,276
1,065,509
1,542,566 +50.6
711,860
788,823
953,708 +49.6
789,171
774,785
1,097,079 +83.8
790,233
1,056,121
1,242,535 +44.3
525,000
480,000
532,772 +58.8
451,116
473,120
432,381 +77.0
613,007
669,096
800,000 +43.7
767,227
1,512,211
1,120,129 -16.3
991,432
802,290
850,000 +76.5
291,045
266,558
259,688 +69.5
93,213
105,218
100,799 +218.3
651,062,103
Chicago
71,675,210
Cincinnati
135,078,086
Cleveland
136,333,031
Detroit
29,493,033
Milwaukee
20,735,000
Indianapolis
12,792,400
Columbus
17,912,619
Toledo
5,922,616
Peoria
7,306,446
Grand Rapids__ _
4,000,000
Dayton
5,252,714
Evansville
2,271,935
Springfield, 111__ _
3,900,000
Lextngton
Terms of Advertisind-Per Inch Space
2,271,679
Fort Wayne
20
j.t
4,515,701
Transient matter per inch space(14 agate lines)
Youngstown ___ _
Discount on contract matter2,386,175
Rockford
consecutive
insertions
26
o
100/
discount;
2,181,228
12 consecutive insertions
Bloomington _ _
15% discount; 62 consecutive insertions 20% discount.
1,975,126
Quincy
175 00 Akron
13,648,000
Business Cards,twelve months(62 times) per inch
5,215,746
Canton
CmcA00 OFFICE-39 South La Salle Street,Telephone Majestic 7396.
1,620,483
Springfield, 0
LONDON OFFICE-Edwards 84 Smith, 1 Drapers' Gardens, E. C.
1,426,829
Decatur
2,016,962
WILLIATII B. DANA COMPANY, Publishere,
South Bend
1,792,757
Mansfield
Front. Plne and Depoyeter Ste., New York.
845,071
Danville
465,327
Ill
COMPANY.
B.
DANA
by
WILLIAM
Jacksonville,
morning
Saturday
KiPublished every
1,150,000
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and Lima
937,291
Owensboro
Secretary. Addresses of both, Office of the Company.
1,500,000
Lansing
440,000
Ann Arbor
320,877
CLEARING HOUSE RETURNS.
Adrian
The following table, made up by telegtanh, &c., indicates that the total bank
Tot. Mid. West 1,148,744,525 765,712,038 +50.0 663,875,508 615,383,054
clearings of all the clearing houses of the United States for the week ending to-day
have been $7,347,307,620, against $8,591,517,119 last week and $7,293,247,918 the
67,227,830
85,488,481
164,631,892 102,744,599 +60.2
San Francisco
corresponding week last year. Washington's Birthday In week this year.
24,545,000
23,764,000
31,619,000 +142.1
76,561,000
Los Angeles
16,910,554
23,716,557
+56.2
28,560,229
44,624,921
Seattle
Per
12,429,976
16,210,687
Clearings-Returns by Telegraph.
20,641,862 +69.2
34,920,093
Portland
Cent.
1919.
1920.
9,711,185
10,950,294
Week ending February 28.
10,729,646 +58.5
17,000,000
Salt Lake City_ _
4,729,848
6,027,340
+114.5
5,837,420
12,528,468
-8.3 Spokane
$3,207,386,835 83,487,095,054
1,087,363
3,463,204
New York
3,290,986 +65.8
5,455,235
Tacoma
-8.7
517,988,152
473,215,818
4,088,982
4,393,636
Chicago
+65.8
6,700.550
11,107,886
Oakland
-3.3
341,546,232
330,276.766
1,939,466
3,515,419
Philadelphia
+31.0
4,725,205
6,192,167
-7.1 Sacramento
247,138,763
229,714,254
847,240
1,200,000
Boston
1,769,362 +65.7
2,931,377
155,649,010 +11.8 San Diego
173,957,186
1,345,100
3,380,470
Kansas City
+353.3
2,576,324
11,678,287
Fresno
125,969,210 +10.0
1:38,568,211
1,397,632
2,415,075
+225.3
St. Louis
2,054,656
6,683,000
+2.0 Stockton
102,993,024
105,044,193
640,000
756,869
San Francisco
979,776 +114.3
2,100,000
-3.2 San Jose
126,981,653
122,901,786
970,923
Pittsburgh
798,902
1,349,331 +67.6
2,261,297
50,000,000 +50.0 Pasadena
.75,000,000
518,121
549,524
Detroit
813,570 +110.3
1,711,651
Yakima
-12.1
67,380,134
59,222,292
460,000
551,116
Baltimore
532,494 +57.7
835,871
+23.5 Reno
47,970,351
59,257,854
579,637
719,372
+189.5
New Orleans
1,032,83.5
2,989,508
Long Beach
-5.6
404,212,653 225,957,845 +78.9 187,900,946 150,328,857
$4,974,548,195 $5,270,711,613
Total Pacific
Eleven cities, 5 days
962,491,987
831,497,698 +15.8
Other cities, 5 days
245,647,691 153,229,475 +60.3 174,466,463 110,033,928
Kansas City
22,858,078.
25,704,501
26,499,690 +56.3
-2.7 Minneapolis
41,409,177
S5937,040,182 $6,102,209,311
Total all cities, 5 days
29,425,475
42,478,723
40,432,459 +46.8
59,258,871
17410,267,438
1,191,038,607 +18.4 Omaha
All cities, 1 day
12,864,867
11,241,353
12,660,003 +42.5
18,042,953
St. Paul
11,890,781
18,069,131
+59.6
-4-fl
7
15,044,384
24,015,138
$7.347.307.620 S7.293.247.0133
Denver
,tries for week
'row an'
12,139,942
17,603,018
15,347,235 +17.0
17,956,928
St.
Joseph
6,410,041
Partly estimated.
7,339,619
+75.9
7,308,370
12,8.55,803
Des Moines
5,016,064
The full details for the week covered by the above wil be given next Saturday. Sioux City
7,144,458
+22.7
9,270,275
11,372,000
4,119,844
We cannot furnish them to day, clearings being made t p by the clearing houses Duluth
4,789,453
+26.0
5,293,318
6,671,823
•
in
be
of
the
above
the week has to
last day
4,760,886
at noon on Saturday, and hence in the
8,180,211
+67.0
8,314,363
13,885,217
Wichita
all cases estimated, as we go to press Friday night.
3,043,593
3,536,439
3,062,267 +75.3
5,368,917
•
Lincoln
show:
Feb.
21.
ending
week
Detailed figures for the
1,074,198
3,465,920
3,110,819 +11.3
3,461,026
Topeka
1,786,667
1,433,923
1,874,031 +37.1
2,579,41:3
Cedar Rapids
Week ending February 21.
739,745
637,848
583,969 +105.0
1,196,417
Colorado Springs
458,053
552,833
+57.5
637,198
Clearings a
1,00:3,705
Pueblo
Inc. or
1,060,339
1,627,077
2,296,828 +12.2
2,577,226
Fargo
1917.
Dec.
493,020
1918.
721,567
1918.
569,962 +33.2
1920.
758,041
Fremont
1,929,614
2,084,290
1,544,956 +31.9
2,036,933
Waterloo
1,613,320
$
$
1,420,688
$
%
1,375,038 +27.3
$
1,7130,000
Helena
758,347
867,327
1,033,143 +21.0
4,570,891,402 3,060,848,992 +49.3 2,750,641,905 2,575,264,832 Billings
Now York
1,250,000
357,490
497,926
307,017 +129.6
.195,747,067 330,674,628 +49.9 276,308,109 266,941,453 Hastings
Philadelphia
705,663
74,697,119
551,198
847,798
63,664,545
1,297,552 +42.5
180,611,102 103,211,034 +74.9
Pittsburgh
1,848,926
Aberdeen
34,083,442
36,014,675
64,014,008 +34.8
86,316,997
Baltimore
234,285,4935
+52.9
334,710,560
Tot. 0th. West 475,651,868 311,092,382
14,093,691
20,272,422
23,492,611 +94.3
.15,639,714
Buffalo
8,381,993
10,758,425
12,275,465 +38.5
Washington
17,000,000
178,332,652 130,128,377 +37.0 130,438,553 112,300,232
4,932,680 St. Louis
4,958,096
3,646,450 +31.6
4,707,031
Albany
24,151,988
44,422,328
58,071,319 +10.3
64,580,145
5,684,632 New Orleans__
5,567,545
6,183,957 +69.3
10,467,618
Rochester
20,285,293
22,337,364
17,018,595 -6.1
15,978,715
2,374,585 Louisville
3,645,304
3,917,063 +43.1
5,606,762
Scranton
11,000,000
13,000,000
+57.7
16,580,399
26,148,319
3,056,453 Houston
3,101,644
3,032,791 +59.7
4,841,323
2,871,279
Syracuse
4,627,271
4,000,000 +97.5
7,900,000
2,199,534 Galveston
1,878,851
1,780,239 +52.9
2,726,066
Reading
18,798,139
36,468,118
+50.6
44,196,911
66,562,552
2,883,041 Richmond
2,284,356
2,419,1:32 +50.5
3,640,026
Wilmington
19,084,812
39,515,922
40,677,372 +68.3
68,463,486
Atlanta
1,847,545
+52.1
2,195,352
1,900,000
_
_
_
2,890,274
Wilkes-Barre.
8,599,369
11,763,617
13,266,745 +139.3
31,741,690
3,072,854 Memphis
2,905,036
2,862,314 +89.9
5,436,894
Wheeling
4,117,663
6,384,436
5,182,704 +101.4
10,439,629
2,173,840 Savannah
1,829,969
3,214,498 +21.0
3,889,917
7,740,849
'fronton
11,645,194
11,599,492 +120.8
25,612,301
Nashville
2,064,910
+9.4
2,192,334
2,591,497
2,835,840
Lancaster
9,540,407
15,245,718
14,720,277 +15.5
17,000,000
1,004.685 Fort Worth
966,229
916,864 +68.6
1,538,002
4,086,423
7,384,744
York
+33.7
8,078,273
10,802,610
1,421,758 Norfolk
1,566,393
1,408,220 +65.4
2,428,044
2,913,255
3,435,212
Erie
10,294,910 +77.5
18,275,664
1,154,658 Birmingham
958,189
1,180,838 +11.4
1,315,731
1,455,345
2,674,024
Chester
2,479,974 +61.3
4,000,000
720,800 Augusta
870,700
840,700 +29.3
1,086,900
2,263,935
2,350,107
Binghamton
2,004,972 +4.5.8
3,002,908
Knoxville
719,217
+40.7
725,000
694,996
977,506
2,495,489
4,890,213
Greensburg
+230.0
4,151,935
13,968,360
593,198 Littie Rock
580,721
033,562
718,415 +29.9
3,652,821
4,315,856
Altoona
7,221,1:31 +59.3
11,500,000
397,158 Jacksonville
382,962
337,810 +26.0
425,481
1,025,996
1,260.858
Montclair
1,350,500 +72.5
2,329,557
Mobile
3,055,006
4,834.412
+50.4
3,010,124,076
3,194,301,762
+104.2
3,632,228,522
5,461,944,157
4,886,831
Middle...
9,0(30,658
Total
Chattanooga
2,137,242
2,700,000
+43.9
3,065,741
4,410,402
Charleston
4,433,682
9,490,672
380,408,501 231,367,987 +64.4 210,310,213 178,378,595 Oklahoma
8,703,035 +50.3
13,083,414
Boston
1,013,696
8,286,300
9,081,700
1,800,000
14,496,000
8,122,700 +77.2
2,700,000 +202.3
8,163,023
Providence
Macon
6,316,120
5,000,000
+87.6
5,892,857
4,000,000
5,284,412
0,911,087
6,756,513 -55.6
3,000,000
Hartford
Austin
190,010
4,248,274
4,500,320
363,157
4,659,346 +33.0
+1.6
6,198,894
388,991
395,358
Now haven
573,817
3,815,199 Vicksburg
3,259,165
557,199
5,614,495
2,680,677 +109.4
492,512 +42.2
700,000
Springfield
4,801,246
2,165,918 Jackson
2,050,000
8,824,080
2,100,000 +23.8
2,600,000
9,804,007 +32.3
Portland
12,970,178
Tulsa
1,186,181
2,899,020
3,024,767
2,647,611
4,221,425
2,612,932 +61.6
2,667,159 +52.2
Worcester
4,560,656
10.018,648
1,264,692 Muskogee
1,550,946
1,555,742 +64.3
2,556,512
13,977,778
18,000,000 +77.8
Fall River
32,000,000
1,600,000
1,407,538 Dallas
2,098,303
2,150,339
1,770,869 +43.7
2,544,472
2,400,000 +75.0
New Bedford_ _ _ _
4,200,000
Shreveport
738,919
599,177
546,797 +2f#.0
700,000
290,392,873
Holyoke
Total Southern 669,812,280 450,888,708 +48.6 415,992,088
959,951
914,761
827,669 +47.5
1,220,362
Lowell
4,511,482,609
486,703
581,216
465,210 +333
679,885
8,591,517.119 5.647.873.832 +52.1 5.010,644.298
Total all
Bangor
1,936,217.677
2,290,002,393
+55.4
Outside N. Y 4,020,625,717 2,587,024,840
Tot. New Eng_ 431,151,636 261,994,341 +64.6 243,863,425 210,968,159
792
THE CHRONICLE
[VOL. 110.
out victorious. Drastic further declines in prices
occurred on the succeeding days until *yesterday
The money situation is again dominating every- though the railroad shares on the whole held up well.
thing else. The quick passage in both Houses of In the enactment of the new measure—assuming the
Congress of the bill reported by the conferees for the President signs the bill—the ground work has been
return of the railroads to private control would laid for slow but steady improvement in railroad
ordinarily have been looked upon as a highly favor- affairs. In this the basis exists for improvement in
able development and have brought a corresponding the prices of railroad securities, bearing in mind that
response in public sentiment and on the Stock Ex- values of such securities are now and have for some
change. As it was, the influence of that circumstance time been ruling at a low ebb. In what we say,
was in large measure lost. There is certainly much however, we have reference entirely to investment
reason to feel encouraged over the action of the two purchases. The present is no time for speculative
Houses of Congress on this very important railroad movements of any kind, not even in railroad securimeasure. The bill is far from what could be wished ties, for such speculation would simply serve to
and yet embodies a few important essentials and bring further demands upon the credit facilities of
doubtless is the best that could be obtained under the banks, which are already sadly overtaxed.
present political conditions.
The money situation furnishes as much occasion
Moreover, the decisive majority given this com- for uneasiness as the railroad situation affords warrant
promise bill in face of the threats of the railway for hope and encouragement. In money matters
organizations and the American Federation of Labor, indeed the developments between the close of business
is particularly inspiriting. There is nothing in the on Saturday and the reopening on Tuesday were
labor provisions of the bill to which any fair-minded anything but exhilirating and it is this that has given
railroad employee could or should object, the Senate the money situation such prominence in current
conferees having yielded on the proposals to penalize discussions. The Federal Reserve statement issued
employees who might engage in strikes; and that last Saturday by the New York Reserve Bank was
part of the bill is now wholly innocuous, but the thoroughly bad, with not a single redeeming feature.
union leaders would like a scheme of some kind that The statement showed that $34,580,000 more bills
would leave them in absolute control, and they are had been taken under discount during the week,
displeased with the provision in the conference bill bringing the total of these bill holdings up to the huge
which would give to the unorganized employees the total of $1,036,707,615; the gold holdings were
same right to complain and obtain hearings that is reduced from $555,116,000 to $526,782,248, while
accorded the brotherhoods and other railway organi- at the same time there was a further increase of
zations. Consequently they have been engaged in $8,156,000 in the amount of Federal Reserve notes
their customary practice of bulldozing and bully- in circulation. The result was that for the first
ragging the Legislature and they counted on the usual time in the history of the local institution cash
cowardly surrender. In this they met with the reserves fell below the statutory requirements. Countgreatest surprise in their careers. The political worm ing gold alone the Bank fell below the limit once or
at last turned. Every man in the House and in twice last summer, but the law does not require an
the Senate was told that if he voted for the bill he exclusive gold reserve against the deposit liabilities,
would be a marked man—that the labor leaders permitting legal tenders and other forms of currency
would follow him to the polls in the coming Congres- also to be included. The changes in the New York
sional election and use the full force of their influence Clearing House return, also issued on Saturday, were
to defeat him. In spite of this threat and the in- all in the right direction. There was a further detimidating policy pursued, the bill passed the House crease of $32,938,000 in the loans to customers,
by a vote of 250 to 150, while in the Senate, where making a deduction in the loan item of $281,112,000
it was supposed there would be several days of debate since the first of the year. Deposit liabilities were
before the bill would be brought to a vote, prompt reduced in amount of $61,653,000, while the reserve
and immediate action was taken on receipt of the of member banks with Federal Reserve Bank was
bill from the House and the measure passed on Mon- reduced in amount of $23,419,000, indicating reduced
day by a vote of 47 to 17.
borrowing on the part of the Clearing House banks
This action of the Senate and House in defying at the central institution. Nevertheless, the excess
labor opposition is of greater importance even than reserve above the legal requirements for these Clearthe bill itself. It shows that the labor unions are ing House institutions was only $8,071,420.
no longer in the heyday of their prosperity, and
With the Clearing House banks only slightly above
that their influence—at least their vicious influence— requirement and the Federal Reserve Bank of New
is likely henceforth to be on the wane. That is an York actually below it—the ratio of reserves to net
achievement of no mean order and of great promise deposits after deducting 40% gold reserve on Fed-.
for the future. When the Legislature is no longer eral Reserve notes in circulation being only 33.9%,
prepared to bend the knee to the labor tyrant, a as against the 35% cash reserve called for under the
brighter day will dawn for the whole com- law—the future seems freighted with momentous
munity.
possibilities. To add to the disturbing character of
The stock market was closed on Monday because the situation the daily papers Tuesday morning
of the celebration of Washington's Birthday. But published extensive abstracts from the annual report
when it opened Tuesday morning (after the good issued at Washington of the Federal Reserve Board,
news of what had happened in the interval) a buying in which the policy of the Board with reference to
movement of extensive proportions set in and would present inflated credits was outlined.
have carried prices for railroad securities considerably
The Board was optimistic as usual. It purposes
higher. But the money situation compelled re- further amendments to the Federal Reserve Act
newed liquidation in the industrial shares and in a intended to curb present demands upon the credit
tussle between the bulls and the bears the latter came facilities of the Reserve banks. These amendments,
THE FINANCIAL SITUATION.
FEB. 28 1920.1
THE CHRONICLE
it feels sure, will provide just the remedy needed at
the present critical juncture. Under the amendment
proposed a provision would be inserted in the law
providing that each Federal Reserve bank may, with
the approval of the Federal Reserve Board, determine by uniform rule, applicable to all its member
banks alike, the normal maximum rediscount line
of each member bank and that it may submit for the
review and determination of the Federal Reserve
Board graduated rates on an ascending scale to apply
equally and ratably to all its member banks rediscounting amounts in excess of the normal line so
determined. In that way, in the opinion of the
Board, it would be possible to reduce excessive borrowings of member banks and induce them to hold
their own large borrowers in check without raising
the basis rate.
Everything should be done that can be done to
restrict and prevent excessive demands upon the
credit facilities of the central institutions, also upon
the member banks by their customers. But it seems
to us one objection to the proposition would be that,
it would be possible to apply the higher rate to all
customers whether borrowing in excess of their proper credit line or not, and the chances are that in
practice the highest rate would be applied to all
customers as the best and surest means of bringing
about a general curtailment of borrowing. We
would suggest, too, that if the credit line of every
borrower can be so readily determined as the Board
thinks, would it not be better to notify every such
bank that it had reached the limit and, therefore,
could get no further accomodation?
We have our doubts whether higher discount rates
can be counted on by themselves to correct such an
extremely inflated credit situation as exists at the
present moment. In abnormal times such as now
'prevail, customers will go on borrowing so long as
loans can be obtained and so will the banks keep on
borrowing at the central institution just as long as
the process is allowed to continue, even though
rates be boosted up gradually and continually.
The same remark is to be made with reference to
0 to 5% in the disthis week's advance from 4%7
count rates on certificates of indebtedness. It is
too puny to have any effect when the torrent of
inflation is as strong as it is at the present time.
Sooner or later there must be an actual withholding
of credit to borrowers who have exceeded their limit,
and it seems to us that it will be better to begin now
than to wait until it is too late.
The Federal Reserve Act has been amended altogether too much and most of the amendments have
been changes for the worse instead of for the better.
If the law had been allowed to stand as originally
enacted no such condition of inflation as exists today could have arisen. We know that the war was
the reason for the most objectionable of these amendments, but the war is now past and what the Board
proposes would be at best a makeshift. Paltering
and faltering is particularly mischievous just now.
The way to curtail is to curtail. And the first and
foremost means to that end is to stop the further
injection of Federal Reserve notes into the channels
of circulation. In the four weeks from Jan. 23 to
Feb. 20 $133,000,000 of additional notes have been
put in circulation. So long as this process is kept up,
no mere advances in discount rates will suffice to
check inflationary tendencies.
793
The monthly foreign trade records of the United
States do Snot as yet reflect the contraction in the
export business which is undoubtedly taking place.
This is because current shipments are so largely in
execution of orders given some time ago. The
figures for January have been published this week
and they show a movement of commodities of very
heavy volume in both directions, the value of the
imports for January having by a substantial amount
set a new high mark for any month in our history,
and the exports establishing a record for the particular
month covered and exceeding all monthly totals with
the exception only of July and November of 1919.
High prices have, of course, been a factor in building
up these comparatively enormous totals, although
less potentially so as contrasted with a year ago
than when comparison is made with earlier years.
The considerable augmentation in importations has
naturally served .to relieve the exchange situation to
some extent, but our enormous credit balances with
the principal coun ries of Europe and with Canada
militate against any marked improvement in those
directions.
The merchandise exports for January covered a
value of $730,707,863, which is, as already noted, by
an appreciable amount a new high record for the
opening month of the year, and compares with
$622,552,783 last year, $504,797,306 in 1918 and
$613,342,582 in 1917. For the seven months of the
fiscal year—July 1 1919 to Jan. 31 inclusive—the
value of the goods shipments at $4,593,976,102 also
stands unprecedented for such a period, and the
comparison is with only $3,797,413,718 in 1918-19
and $3,450,282,067 in 1917-18. It should be observed, too, that in no year prior to the breaking out
of the war in Europe did the total for seven months
reach one-third of the current aggregate value.
Even for the full twelve months of 1913 the total of
exports was 2,110 million dollars less than the figures
for 1919-20 presented above for the seven months.
Concurrent with the gain in the value of the outflow
of commodities, the imports for January not only
showed very decided expansion, but surpassed all
former monthly totals, standing at $473,936,610
against $212,992,644 in January 1919 and $233,942,081 in 1918. For the elapsed portion of the
fiscal year, moreover, the 1919-20 inflow of merchandise is much the heaviest on record for the period,
having reached $2,767,804,051 against $1,698,201,420
in 1918-19 and $1,633,593,550 in 1917-18. The
export balance for the month at $256,771,253, due
to the great increase in the value of the imports, is
much less than a year earlier, comparison being with
$409,560,139, while for the seven months the balance
on the same side of the account is also less, contrast
being between $1,826,172,051 and $2,099,212,298.
The gold movement for the month was of comparatively large volume, and shows a net outflow
of $35,740,487. Exports reached $47,758,038, of
which upwards of 14 million dollars went to Argentina
and other important amounts were shipped to Japan,
China and Hong Kong. Against this there were
imports of $12,017,551. For the seven months the
net outflow of gold has been $280,828,210 against
$8,031,204 in 1918-19 and $94,401,984 in 1917-18.
In 1916-17 the flow was in this direction to the extent
of $447,830,677. Silver exports for the month of
$24,627,678 went in greatest measure to China.
For the seven months the aggregate exports were
$121,543,290, and the imports $55,683,741, leaving
794
THE CHRONICLE
[VOL. no.
the net efflux of the metal $65,859,559 against special significance was attached to the arrival of
$136,872,338 in 1918-19 and $10,846,113 in 1917-18. "Premier Millerand of France and two other French
Ministers, Paul Bignon and M. Thoumyre, and the
Canada's foreign exports for January were of good Italian Foreign Minister, Vittorio Scialola, with
volume for the time of year, being only a little below several advisers, and the Rumanian Premier," and to
those for the like period in 1919—$121,517,571 com- the fact that they would be present at the session.
paring with $125,334,756. For the ten months, The understanding was that the Russian and Turkish
April 1 1919 to Jan. 31 1920, however, the total ex- situations would be given special and careful conports of merchandise, domestic and foreign, were sideration and also that "a decision would be reached
slightly above the preceding year, contrast being on Premier Lloyd George's proposal to trade with
between $1,098,172,362 and $1,094,536,241. The Russian co-operative unions." It was pointed out
imports for the month were heavier than a year ago, again that Premier Millerand "has no objection to
" $103,579,349 comparing with $73,761,397, while for this course, provided any negotiation with the Soviet
the ten months they aggregated $834,521,948 against Government is excluded." Dispatches from Lon$780,576,737. The favorable or export balance for don on Tuesday morning announced that the Suthe month this year, therefore, is $18,938,222 against preme Council was reported there "as having recog$51,573,359 last year and for the ten months reaches nized an entirely different state of affairs in Russia
from that which existed when the question was first
$263,650,414 against $313,959,504.
In connection with these Canadian foreign trade discussed at the Paris meetings of the Council."
results we note the Canadian trade mission that was
Lloyds of London received a dispatch on Monday
established in London during the war period for from Vardo, Norway, stating that Bolshevist forces
the purpose of facilitating the commerce of the had seized Murmansk and shipping in the harbor
Dominion with the outside world, by securing con- there, following a revolution which broke out last
tracts for Canadian producers and supervising and Saturday afternoon.
Premier Millerand was reported in London to have
distributing them, has been discontinued. In its
place, however, there has been organized a special said that "the French and British Governments have
trade commission as a branch of the Department of agreed on a policy in Russia." In the absence of
Trade and Commerce. The branch will be known as official information, it was assumed from the Prethe overseas branch, will have its headquarters in mier's statement that "an agreement had been
London and will aim to provide a convenient meet- reached with respect to trading with the Russian coing place for Canadian business men, where full and operative societies, and that this trading would
pertinent information as to trade conditions, &c., begin irrespective of the fact that the co-operatives
will be available. A feature will be the giving of of Russia are under the control of the Moscow Soviet
publicity to Canadian resources, productions and Government." That there had been considerable
guessing as to what the Supreme Council actually
opportunities.
had in mind and was doing with respect to a Russian
Apparently Russia and Turkey present the most policy was made reasonably clear by an announcpvexatious and serious problems with which the Su- ment Tuesday afternoon, after its regular daily sespreme Council has to deal just now. European ad- sion, that the Allies would decline to deal with
vices this week have indicated that not only was the Soviet Russia "until they have arrived at the consituation in the one country about as troublesome as clusion that the Bolshevist horrors have come to an
the other, but that the problems of each were linked end." The opinion was expressed on one cablegram
rather closely together. That of trying to restore order from London that "the decision of the Supreme
in Russia and of resuming trade with that country was Council precludes diplomatic relations between the
further complicated by the report from Soviet sources Allied Governments and the Moscow administration
in Moscow that the Bolshevists had captured Arch- in the immediate future."
In some London circles there was a disposition,
angel. At the beginning of the week the Supreme
Council renewed its consideration of the Russian according to cablegrams from that centre, to regard
situation. The British papers complained bitterly this announcement largely as diplomatic camoubecause of the meagreness of its announcements to flage. It was claimed that negotiations were actuthe press from day to day, and particularly because ally in progress with the Soviet Government, not only
the French correspondents in London appeared to be with respect to the restoration of trade, but also the
getting real news through the French Embassy at recognition of that Government itself. At any rate,
that centre. The assertion was said to have been the claim was made in another London dispatch that
made in British official circles, however, that "no "the decision regarding Russia, officially announced
change in the Russian policy is contemplated, but by the Supreme Council, will require some explanathat to the contrary, the policy of non-interference tion." This correspondent declared that "further
in internal affairs of Russia will be pursued, even in negotiations with Soviet Russia may logically arise
spite of persistent reports of the collapse of the White out of the situation created by the new attitude
Government in Archangel and the capture of the taken by the European Powers, and suggested by the
city by the Bolsheviki." Through a London cable- Supreme Council to the new States bordering on
gram it was learned that an official denial had been Soviet Russia." He hastened to assert that "armed
issued of a statement appearing in the "Echo de intervention is out of the question," and added that
Paris" to the effect that "Premier Lloyd George, in nothing has been gained by the material and financial
in concert with Premier Nitti of Italy, favored the assistance extended to the anti-Soviet military
opening of peace negotiations with Soviet Russia leaders. In his judgment, furthermore, the dethrough Maxim Litvinoff, the Soviet Assistant Com- cision of the Supreme Council did not "throw overboard the idea of a cordon sanitaire, urged by the
missary of Foreign Affairs."
In the announcement on Sunday of the recon- French,as the Supreme Council recognizes its possible
vening of the Peace Conference on the following day utility within the limits assigned to it." The author
FEB. 28 1920.]
THE CHRONICLE
of this message in a word interpreted the announcement as "an intimation to Soviet Russia that the
course of her future relations with the outside world
will depend upon her good behavior."
In the light of subsequent announcements it is
not at all strange that the writer of the message
referred to in the foregoing paragraph suggested the
necessity of an explanation of, or a footnote to, the
announcement of the Supreme Council. The very
next day word came from London that that body had
made known officially its decision "to ask the League
of Nations to send a labor investigation commission
into Russia to study the situation there." It was
suggested, therefore, that "the whole Russian situation is thus placed on the nebulous grounds of ruptured diplomatic relations." The London press was
divided in its opinion in respect to the so-called new
Russian policy of the Allies. The "Times" as usual
attacked Lloyd George, while, for instance, the
"Chronicle" declared that "the decision embodies
a big step forward, but is masked under evasive
expression." Quick action was taken with regard
to the investigating commission. Wednesday afternoon word came from London that the Supreme
Council had "requested Albert Thomas, Director
of the International Labor Bureau of the League
of Nations, to report on the Russian situation by
March 22."
The same day a dispatch was received in London
from Novo Rossisk that General Denikine, commander of the Anti-Bolshevist forces in South Russia,
had reorganized his Cabinet.
A London correspondent of the "Sun and New
York Herald" in a cablegram Thursday morning expressed the positive opinion that "it is folly to believe
that the Bolsheviki can be effaced for all time by any
major operation, no matter what its character, because Bolshevism, in so far as certain political measures are concerned, is here to stay." The correspondent declared also that "while the Allies are differing widely regarding recognition of the Soviets,
Lenine is modifying Bolshevism." He thought that
recognition is getting steadily nearer.
The big news of the week with respect to Russia
appeared first Thursday evening in a report that a
wireless dispatch had been received in London
stating that "the Soviet Commissioner of Foreign
Affairs has dispatched notes to the United States,
Japan and Rumania offering peace with Soviet
Russia." Yesterday morning it became known definitely that such an offer had been made to all the
great Powers. The terms provide. among other
things for "the withdrawal of the decree annulling
Russia's foreign debt, restoring 60% of the liability,
the payment of arrears of interest, giving as a guarantee for the fulfillment of its obligations considerable mining concessions of platinum and silver to an
Anglo-American syndicate." The one main condition imposed upon the Powers is that "the Soviet
Government would require Great Britain and other
countries to abandon all intervention in Russian
affairs." According to a Washington dispatch last
evening "the Soviet Russian Embassy is fairly confident that recognition of the Lenine Government by
the President of the United States is highly probable
within the next two months."
The British appeared to be very much upset over
the Turkish situation. According to one cablegram
from London last Sunday, "agitation against leaving
the Turks in Constantinople has grown into a flame
795
and is spreading through the whole country." The
correspondent declared also that "to leave Constantinople to the Turks is to run the risk of another
Armageddon." He added that "world peace is
bound up with the Constantinople question." In an
article in the Sunday "Observer," Viscount Bryce
attacked the leniency of the Allied authorities with
respect to Turkey. He declared that "the terms of
the armistice were strangely and even inordinately
lenient, considering the crimes which the Turks had
committed." Crawford Price, said to be an authority on Near Eastern questions, writing in the
Sunday "Times," asserted that "Lloyd George, in
the settlement of the Turkish question, reverted to
the old diplomacy of bartering away portions of the
couqtry without giving real consideration to the new
principles )f the League of Nations." J. L. Garvan
editor of the "Observer," declared in the columns of
his own paper that "unless the nation's hands have
been tied in secret to the political policy which its
sound instincts hate, we hope Lloyd George and
Lord Curzon will face any cost before they seal a
compact certain to come up against its authors like
the bond of Faust." Winston Churchill, Secretary
of State for War, in presenting the army estimates
in the House of Commons on Monday, said that
"considering our burdens throughout the Middle
East, Egypt, Persia and Mesopotamia, no relief can
be expected until a real peace is made with Turkey."
The Turkish situation was the subject of a vigorous
debate in the House of Commons on Thursday.
Lloyd George urged the retention of the Turks in
Constantinople "on the ground that it would assure
a better international balance." On the other hand,
"Liberals and Laborites, with Lord Robert Cecil in
accord, demanded the expulsion of the Turks from
Europe."
Forecasts of President Wilson's second note to the
Allied Premiers on the Adriatic problems continued
to appear in telegraphic advices from Washington,
Paris, London and other points. The communication itself did not go forward until Tuesday, when it
was cabled to both London and Paris. Word came
from the former centre the next afternoon that it
had been delivered to the Council of Premiers.
Pertinax, political editor of the "Echo de Paris,"
telephoned his paper Wednesday night from London
that "people who have read the reply are agreed that
it is very moderate in its terms and does not contain
any threat of complete withdrawal from European
affairs, such as was formulated in the famous postscript of the Feb. 13 note."
As early as a week ago to-day the positive assertion
was made in a Washington dispatch that "there has
been no change in the President's attitude. He is
standing firm on the Anglo-French-American accord
on the Adriatic problem as embraced in the joint
proposal to which these nations agreed in writing
at Paris Dec. 9." While the advices announced that
the delivery of the note was being awaited by the
Allied and American diplomats, word came from
Paris through a cablegram to the New York "Times"
that Italian diplomats were claiming that "the proposal which Clemenceau and Lloyd George called on
the Jugo-Slavs to accept, is not valid as it stands,
because Premier Nitti, not being able to read English,
signed it under a misunderstanding of what it contained." The English and Italian versions were said
to have differed in one or more important features.
796
THE CHRONICLE
One American observer who returned from Europe
recently and who had spent considerable time in
Italy, predicted a few days ago that the Fiume matter
would br:ng about the downfall of Premier Nitti
and his Cabinet. A special London correspondent of
the "Sun and New York Herald" in a cable message
to his paper on Monday, declared that "President
Wilson has the whip hand in the Adriatic situation."
He added that "essentially President Wilson is
admitted to be right and it is recognized that a
compromise on his lines is the only permanent possibility." He even .went so far as to assert that "both
the Italian and the Jugo-Slav Governments admit
this privately, but they have stated at the conferences that they have gone so far in bolstering up the
national spirit in their respective countries to demand
all each can get, that neither is strong enough at
present to accept a compromise and face the wrath
of those at home." In a dispatch from Rome to the
same paper the statement was made that "the people
are recovering from the unexpected and stunning
blow dealt by President Wilson." The author of the
message added that "the Italian people could not be
convinced that America is against Italy. They trust
the American people too much for that."
The positive statement was made in a London
cablegram on Thursday morning that the Supreme
Council would draft a formal announcement to
President Wilson's reply dur ng the day. It was
sad also that "the question of the,Italian-Jugo-Slav
claims will not be taken up for final disposition at
this time." The note was finished the same day.
Through Wash.ngton advices Thursday afternoon, it
became known that the entire Adriatic correspondence, said to comprise 12,000 words, would be made
public that evening or the next day. It all came out
ysterday morning simultaneously from Washington,
and the Allied capitals of Europe. In this country
interest centred chiefly in President Wilson's two
notes. In h s ep'y to the latest Allied communication it develops that he "frankly informs them that
he has no choice in the present circumstances, but to
maintain the position he has all along taken as regards
that settlement." In a word, he declared that
"justice rather than expediency should govern
nations." The reply of the Allied Premiers to President Wilson's latest note was quickly drafted on
Thursday and received at the State Department
yesterday. As soon as the communication was
decoded it was placed in the President's hands. No
intimation as to its contents was obtainable.
[VOL. 110.
correspondent stated furthermore, that "the list
of wares and raw materials forbidden for import by
the old regime during the war was an imposing one,"
but he alleged that the new list that is being prepared
"mentions nearly everything save rubber, raw silk
and asbestos." Special permission is required for the
importation of all other supples, even food and simple
clothing.
The most sensational announcement from Germany was that of the voluntary resignation of
Matthias Erzberger as Minister of Finance. According to an Associated Press dispatch from Berlin, "the
resignation came as a climax to a day of sensation
in his libel suit against Dr. Karl Helfferich, former
Minister of the Treasury." The suggestion was
made that the nature of the testimony left Herr
Erzberger no other alternative than to relinquish
his portfolio." It seems that the State's Attorney
Messerschmidt testified that "Erzberger had smugled large amounts of his private funds to Switzerland."
In testimony previously given Dr. Helfferich had
"involved Erzberger in numerous questionable transactions closely related to the issuance of import
and export permits, and otherwise misusing his official
position." President Ebert directed that "an investigation of the income tax incident be conducted
with all possible promptness." For some time previous to the beginning of the trial the German press
had made serious charges against the former Finance
Minister. He decided that "it had become necessary
for him to bring suit or to resign." He first chose
the former course and then the latter. Announcement was made the same day that the resignation
was tendered that "Under Secretary of State Messle,
who on Jan. 27 was named by Matthias Erzberger as
Deputy in the Finance Ministry, has been selected
to succeed Herr Erzberger." The "Deutsche Allgemeine Zeitung" claimed that the latter's resignation
was only temporary.
A wireless dispatch was said to have been received
in London from Berlin on Thursday, stating that
"the German State will take over the Prussian railways for 34,000,000,000 marks, of which 24,000,000,000 marks will be used to pay all the converted
and unconverted debts of the Prussian State." The
dispatch added that "from the balance of 10,000,000,000 marks the German State will receive annually
400,000,000 marks as interest."
The people and industries in the vicinity of Paris
had to contend this week with a strike of railroad
workers on the Paris Lyons & Mediterranean RR.
Attempts were made, it was stated, by "the extremist
sections of the Railroad Workers' Unions to expand
this strike into a general walkout affecting all railways in France," but it was added that "they do not
seem to be meeting with much success." The railroad strike situation on Thursday was declared in
Paris- advices to have reached a truly serious stage.
It was reported that "demands that all railroads be
nationalized are being made by the strike leaders,
who are making strenuous efforts to bring all railroad
workers in the country into the strike." The GovernThe statement was made in a Berlin cablegram „pent decided during the day to assume the operation
that "with its new powers enabIng it to confiscate of the Paris Lyons & Mediterranean RR.
imported goods in transit, the German Government
is prohibiting the importation of luxuries on a scale
Brief reference was made in these columns iast
hitherto unknown, even in war countries." The week to the offering of the new French 5% Internal
Announcement was made in London Thursday
that "the meeting of the Supreme Council will end
next Saturday [to-day] leaving the fina' touches
to the Turkish treaty to the diplomatic experts and
the Council of Ambassadors at Paris." The statement was also made that "financial, commercial and
banking experts of the Allied countries have been
called to appear before the Council Friday" [yesterday], and .t was added finally that "the digest of the
facts which they will present to the Premiers and the
formulation of their decision based on those facts
will be the last work of the present meeting."
FEB. 28 1920.]
THE CHRONICLE
Loan for an indefinite amount. More detailed advices received this week indicate that the methods
adopted in the campaign are not unlike in many
respects those utilized in this country during the war
for the selling of Liberty bonds. President Deschancl issued an appeal in which he said: Frenchmen, to save the soil of your country, you have
given your life blood; to raise it from ruin you will
give your gold." Special attention was directed in
Paris cablegrams to the fact that the objects of the
loan are to reduce the enormous amount of paper
money in circulation and consolidate the floating
debt. Subscriptions will be received until March 20.
The loan is free from all taxation. A special feature
of the offering is "that repayment is guaranteed
within sixty years by drawings of 150 francs for each
100 francs invested. Frederic Francois-Marsal,
French Finance Minister, has transmitted to the
Finance Committee of the Chamber of Deputies, a
revision of the scheme of taxation proposed by former
Finance Minister Klotz. It provides for the same
amount as the former plan, namely, 47,000,000,000
francs, with some new features.
The British Government has caused to be introduced in the House of Commons its Irish Home Rule
Bill. Although the measure was not read publicly
at the time of its introduction, Wednesday, it was
understood that "it adheres rather closely to the
measure outlined by Premier Lloyd George in the
House on Dec. 22 last." It was added that "the
Government's plan calls for the setting up of two
Parliaments in Ireland, one for the South and one
for the North."
797
payments of advances, Treasury bills, savings certificates and other items, was £187,930,000, in comparison with £125,224,000 a week ago. A feature in
the week's financing was the repayment of £56,700,000 in Exchequer bonds. Receipts from all sources
totaled £188,404,000, against £125,264,000 the week
previous. Of this total revenues brought in £52,118,000, against £52,565,000 and savings certificates
£1,200,000, against £1,150,000. Other debt contributed £9,370,000 and sundries £50,000, against
nothing on either of these items a week ago. From
advances the sum of £50,000,000 was received, comparing with £9,000,000 last week. Sales of Treasury
bills amounted to £67,666,000, against £62,549,000
the week before. This is slightly in excess of the
amount repaid (£66,404,000) so that the volume of
Treasury bills outstanding was expanded to £1,102,331,000, against £1,101,168,000 the week previous.
Temporary advances are now at £218,830,000,
against £185,330,000, the previous total. The total
floating debt amounts to £1,321,161,000.
The Bank of England continues to add to its gold
holdings, and reports a further increase in the precious
metal of £1,944,155 for the week. Note circulation,
however, was again expanded—£2,880,000—so that
total reserves showed a loss of £936,000, to £32,371,000, in comparison with £29,742,648 last year and
£30,551,673 in 1918. The proportion of reserve
to liabilities fell to 17.00%. Last week it stood at
17.42% and 203/2% a year ago. Other noteworthy
changes were a reduction in public deposits of £9,015,000, an increase of £8,013,000 in other deposits and
a reduction in Government securities of £1,966,000.
Loans (other securities) were augmented £1,904,000.
Threadneedle Street's stock of gold now stands at
£110,445,699, another new high record, which compares with £81,628,393 last year and £59,352,898 in
1918. Circulation aggregates £96,526,000, as against
£70,335,745 in 1919 and £47,251,225 the year previous. Loans amount to £90,704,000. This compares with £83,130,365 and £98,641,366 one and
two years ago respectively. Currency notes outstanding aggregate £296,953,000, while the amount
of gold• securing them is £29,563,000. Clearings
through the London banks for the week were £739,430,000, in contrast with £806,310,000 a week ago
and £424,940,000 last year. We append a tabular
statement of comparisons:
Announcement was made on Wednesday afternoon
that former Premier Herbert H. Asquith was elected
to Parliament from the Paisley constituency in the
by-election held on Feb. 12. Mr. Asquith as a
nominee of the Liberal Party polled 14,736, while
J. M. Biggar, the Labor candidate, received 11,902.
J. A. D. MacKean, the Coalition-Unionist, was given
only 3,795. Mr. Asquith's slogan during his campaign was "Do not let your Liberalism be either
watered with Toryism or fortified by Labor." His
battle was fought along these lines. In a London
cablegram the idea was advanced that as a result
of the election Lloyd George and Mr. Asquith might
join political forces instead of fighting each other
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
in Parliament.
1918.
1919.
1917.
1916.
1920.
There is said to be considerable discussion in
Feb. 26.
Feb. 27.
Feb. 28.
March 1.
Feb. 25.
.£
London over the proposed taxation on war profits, Circulation
98,526.000 70,335,745 47,251,225 38,584,710 33.306.500
42,649,768
25,823,907
47,846,179
50,630,757
17,322,000
deposits
more
than
$25,000,000,C00.
Public
at
which are estimated
172,824,000 119,169.536 124.767,163 167,992,209 102,018,500
Other deposits
It is said that the proposed tax would confiscate a Govt. securities.__. 85,152.000 50.196,744 56,350,082 82,445,859 32,838.646
securities
90.704.000 83,130,365 98,641,366 117,383,137 06,743,043
quarter of that amount. A Parliamentary committee Other
Res've notes & coin_ 32,369,000 29,742,648 30,551,673 34,161,380 41.253.192
and bullIon
110,445,699 81,628,393 59,352,898 54,296,090 56,992,087
has been named by Austen Chamberlain, Chan- Coin
Proportion of reserve
15.83%
27.02%
20.50%
18.24%
17.00%
to liabilities
cellor of the Exchequer, to study the subject.
5%
5%
5%
6%
534%
Bank rate
According to reports from London yesterday
No change has been noted in official discount rates
morning, Sir Auckland Geddes, Minister of National
leading European centres from 5% in Paris,
Construction,
has
been
selected
as
at
BritService and
Vienna and Switzer'and; 53/2% in Norway
to
Berlin,
Washington
succeed
Ambassador
to
Visish
6% in London, Sweden, Copenhagen and Petrograd,
count Grey.
and 43/2% in Holland. In London the private bank
The British Treasury statement for the week end- rate continues to be quoted at 5%% for sixty days
ing Feb. 21 indicated another substantial expansion and 5 13-16% for ninety days. Money on call in
in the Exchequer balance of £474,000, bringing the London is slightly firmer at 43.%, against 43/%
total on hand up to £5,417,000, as against £4,943,000 last week. No reports have been received by cable,
last week. The week's expenses were £25,323,000, as far as we have been able to ascertain, of open mar.
which compares with £25,129,000 for the week end- ket rates at other centres.
ing Feb. 14, while the total outflow, including re-
• THE CHRONICLE
798
The Bank of France in its weekly statement shows
a!further gain of 306,001 francs in its gold item this
week. The Bank's total gold holdings are thus
brought up to 5,581,576,276 francs, comparing with
5,526,817,979 .francs last year and with 5,368,146,475 francs the year before; of these amounts
1,978,278,416 francs were held abroad in 1920,
1,978,308,484 francs in 1919 and 2,037,108,484 francs
in 1918. During the week advances increased
10,005,767 francs, whi!e general deposits were augmented to the extent of 137,213,650 francs. Silver,
on the other hand, fell off 1,368,146 francs and bills
discounted were reduced 50,975,371 francs. A further contraction of .69,881,686 francs occurred in
note circulation, bringing the amount outstanding
down to 37,888,629,341 francs. This contrasts with
32,716,470,190 francs in 1919 and with 24,308,307,215 francs the year previous. Just prior to the outbreak of war in 1914, 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
for Week.
Francs.
Gold Holdings—
306,001
Inc.
In France
change
No
Abroad
Status as o
Feb. 26 1920. Feb. 27 1919. Feb. 28 1918.
Francs.
Francs.
Francs.
3,603,297,860 3,548,509,494 3,331,037,990
1,978,278,416 1,978,308,484 2,037,108,484
Inc.
306,001 5,581,576,276 5,526,817,979 5,368,146,475
Total
313,794,502
251,458,763
1,368,146
254,926,174
Dec
Sliver
Dec. 50,975,371 1,849,052,733 1,062,387,408 1,312,234,122
Billsdiscounted
1,201,951,705
1,562,282.316
10,005,767
1.183,156,866
Inc.
Advances
Note circulation_ _Dee. 69,881,686 37,888,629,341 32,716,470,190 24,308,307,215
52,227,269
7
34,088,187
7
Treasury deposits_
General deposits_ _Inc. 137,213,650 3,228,124,494 2,656,532,730 2,581,224,874
In its statement, issued as of Feb. 14, the Imperial
tank of Germany showed the following changes:
An increase in total coin and bullion of 944,000 mks.,
and in gold of 357,000 mks. Treasury notes expanded 85,179,000 mks., and notes of other banks
742,000 mks. There was an expansion of 1,591,699,000 mks. in bills discounted and an increase in
.-deposits of 1,157,313,000 mks. Advances decreased
13,610,000 mks., investments gained ; 31,894,000
mks.,.and note circulation 789,944,000 mks.% There
was a decline in other securities of 712,322,000 mks.
other liabilities of 962,731,000 mks. The
.and
Bank reports its stock of gold on hand as 1,090,.853,000 mks.
Among the more noteworthy features in last week's
statement of New York Clearing House banks and
trust companies, issued on Saturday, were it further
contraction in loans, reflecting continued liquidation
on the Stock Exchange and a substantial decline in
deposits. Both aggregate and surplus reserves were
lowered, and while this was not regarded as of specific importance it was taken to indicate further heavy
withdrawals of Government funds from the banks.
The loan item was reduced $32,938,000, net demand
'deposits declined no less than $60,736,000, to $4,059,328,000, and net time deposits $917,000, to
$248,490,000. Government deposits have been
brought down to $26,354,000, which is a reduction
for the week of approximately $38,500,000. Other
-changes were a decline of $3,008,000 in cash in own
vaults (members of the Federal Reserve Bank), to
$97,111,000 (not counted as reserve), and a loss of
$23,419,000 in reserves of member banks with the
Federal Reserve Bank, to $523,063,000. This latter
was mainly responsible for the cutting down of the
r•IM, •
r
woL. 110
surplus above legal requirements. Reserves in own
vaults of State banks and trust companies gained
$304,000, to $12,625,000, while the reserve of State
banks and trust companies in other depositories was
increased $89,000 to $11,870,000. Aggregate reserves were brought down $23,026,000 to $547,558,000. As reserve requirements were reduced $7,935,260, the contraction in surplus totaled only $15,090,740; although the loss carried the total of excess reserves down to $8,071,420; as against $23,162,160
last week. The figures here given for surplus are on
the basis of 13% legal reserves for member banks of
the Federal Reserve system, but do not include cash
in vault amounting to $97,111,000 held by the banks
last Saturday. The drop in the reserves of the Clearing House institutions came in conjunction with a very
poor statement of the Federal Reserve Bank of New
York. The latter for the first time in its existence
showed cash reserve below the legal requirements
after setting aside the 40% gold reserve required as
a minimum against Federal Reserve notes in circulation, there was left a cash reserve (legal tenders as
well as gold) of only 33.9% against the deposits,
whereas the law calls for 35% as a minimum. The
bank statement will be found in greater detail in a
subsequent section of the "Chronicle."
The local market for call money this week was just
the opposite of what it was last week. The rates were
high, 10% being the renewal quotation for several
successive days, and accommodations being difficult
to arrange. Last week an abundance of funds was
reported at the going quotation of 6%. At the beginning of this week it was reported that local banks
last week loaned only very small amounts of their
own money and that what was available in the call
money market was supplied by stock exchange firms
here and by out of town financial institutions, in
some cases those of small interior towns. Of course
the bank statement had an adverse effect upon
speculators in stocks and was spoken of as one of the
chief reasons for the higher call money rates. Bankers were quoted yesterday as saying that the stock
market was thoroughly liquidated. It has always
been found in the past that a much larger volume of
stocks in the aggregate was being carried in times like
the present than was generally supposed or realized.
Of course brokers loans are down materially, but
if in the neighborhood of $1,000,000,000 is still tied
up in them, obviously there is ample opportunity
for further liquidation. This does not mean that it
will come in the immediate future. Much more
might be said in a general way about the money market, not only here but in general in this country. The
simplest and most concrete facts are, however, that
there is still no important change in the general monetary position and that the demand is well in excess
of at least the tangible and apparent supply. It was
reported on Thursday that local bankers were restricting commercial as well as Wall Street loans.
The annual report of the Federal Reserve Board with
its recommendations was regarded as pathetic in
some quarters. Having allowed the member banks
to bring ab9ut a greatly overextended credit situation,
the Board in effect asked if some of them and their
customers as well would not please loosen up a little
and relieve it from its predicament. There is practically no time money market. At least the offerings
of funds for the longer periods are essentially nil.
FEB. 28 1920.]
THE CHRONICLE
799
Irregularity appeared to be the main feature in ent at least, although it is understood that the Interthe week's dealings in sterling exchange, and although national Labor Bureau has decided to send a delegathe market as a whole showed decided powers of re- tion to Russia. to study conditions there with a view
cuperation, rates were subject to frequent and at to entering upon negotiations for the purchase of
times widespread variations. Sensational weakness foodstuffs and raw materials. This action has been
developed early on Saturday last, carrying quotations taken, it is asserted, to meet the demands of certain
down more than 7 cents, to 3.393 for demand, while British interests who claim that some such arrangeon Tuesday there was an additional loss of 5 cents in ment would do much to curtail imports from America
the pound, though this latter was quickly followed by and thus aid materially in restoring the level of
a rally to 3.4034. Subsequently there were further exchange. •
sharp reactions, but almost equally sharp recoveries,
Dealing with money rates in detail, loans on call
so that prices did not at any time go below 3.353.',
while the high for the week was 3.423. At the this week covered a range of 6@15%, as against
extreme close firmness again predominated and final 6@7% a week ago. Monday was a holiday (Washfigures were appreciably above the low for the week. ington's Birthday). On Tuesday the maximum was
Among, the principal factors in the decline were 7%, the low 6%, and this was also the renewal rate.
freer offerings of commercial bills, the receipt of lower Wednesday there was an advance to 15% for the high,
quotations from abroad and a renewal of the selling while renewals were negotiated at 7%,the low figure
of sterling bills on the part of London bankers. for the day. On Thursday only one rate was quoted,
Covering by nervous shorts was chiefly responsible namely 10%, and this was the high, low and ruling.
for the brief spurts of strength. Bankers were in- Call funds again stiffened on Friday, and the maxiclined to regard the latest movements in exchange as mum figure moved up to 12%. Renewals were
devoid of especial significance, since it is felt that made at 10% and the minimum was 10%. These
under present unsettled conditions the market is figures are for mixed collateral and all-industrial
peculiarly sensitive to adverse influences and ready money without differentiation. In time money very
to give way without adequate cause. Speculative little change has been noted. Funds are scarcer
interests again figured largely in the week's transac- than ever, and after ruling at 8% bid during the
tions and undoubtedly had much to do with the greater part of the week, the quotation was advanced
confusion in price levels. The reiteration by the to 83/2% on regular mixed collateral for all periods
Federal Reserve Board in its annual report, of a from sixty days to six mouths, against 8% last week.
determination to exert the full power of the Reserve All-industrial money is now quoted at 9@93/27o)
system in regulating and controlling the credit against 83/2%. These rates, however, are practically
situation, and further, that it was prepared to "test nominal since offerings are so light as to make business
the ability of the system to check expansion and almost impracticable. Only a few trades were reinduce healthy liquidation," had a depressing effect ported for small amounts in the shorter maturities.
Mercantile paper has ruled firm with a fair amount
on market sentiment, as also did the publication of
the January foreign trade returns, which failed to of business reported for out-of-town institutions.
reflect the expected reduction in exports. It should Local bankers are still largely out of the market.
be noted, however, that since the preparation of Sixty and ninety days' endorsed- bills receivable and•
these returns, exports have in reality been severely six months' names of choice character continue to
curtailed, also that the totals for imports constitute be quoted at 63/
2%@6%%, but names not so well
known now require 6%
3 %@7%, against 64% last.
a new high record on the current movement.
Attention continues to focus on international week.
Banks' and bankers' acceptances figured for only a
political affairs and bankers are still awaiting more
or less anxiously the outcome of the interchange of small amount of businegs. Here also as in the case
diplomatic notes between President Wilson and the of commercial paper, country banks were the princiAllied Premiers over the terms of the Fiume settle- pal buyers. •The market was firmly held with rates
ment. As to the treaty fight, prospects of a speedy quotably unchanged. • Demand. loans on bankers'
adjustment are to all appearances less encouraging acceptances remain as heretofore at 5%. Quotathan a week ago, although according to latest reports tions in detail are as follows:
Delivery--- Delivery
from Washington the treaty has been called before
Ninety, • Sirty •
Thirty
within
the Senate under an agreement to keep it continually
Days.
Days.
Days.
30 Dave
631 bid
Eligible bills of member banks
Cio534 5H(4854 040534
under consideration until a' vote is reached no ratifi- Eligible • Ills of non-merober banks 634@64 5((3e634 15,4@594 63i bid
efi bid
634@6
634@6
65400
cation. Just when a vote is likely to be reached on Ineligible bills
the disputed amendments, however, is highly probThe discount rate on 15 day advances secured by
lematical, as, so far as can be learned, practically the Treasury certificates of indebtedness, and on redisonly point of agreement at present existing is with counts of customers' notes so secured not exceeding
% to 5% by the Federal
regard to the length of time likely to be required in 90 days, was increased'from 43
bringing the reopened treaty dispute to a termina- Reserve Bank of New York on Feb. 25; similar intion. Conflicting rumors recently in circulation con- creases have since been announced by the Federal
cerning the resumption of trade with Russia by the Reserve banks of Boston, Philadelphia, Richmond,_
• Allied Powers were definitely set at rest by an Atlanta and Kansas City. Very likely the other
announcement following a meeting of the Allied Reserve banks will also make advances on this class
Supreme Council in London on Tuesday to the effect of paper (no change has'been made in the rates for
that "The Allies will decline to deal with Soviet other classes of paper), but up to last night we had
Russia until they have arrived at the conviction that received no advices to that effect. The announcethe Bolshevist horrors have come to an end." ment of the New York Federal Reserve Bank is
This decision, of course, precludes the establishment given in our news items headed "Current Events and
of diplomatic relations between the Allied Govern- Discussions." The following is the schedule of
ments and the Moscow administration for the pres- prevailing rates now in effect:
THE CHRONICLE
800
DISCOUNT RATES OF THE FEDERAL RESERVE BANKS
IN EFFECT FEBRUARY 27 1920.
Discounted bills maturing within 01
Trade
days (including member banks 1. Bankers'
Acceptances Acceptances
day collateral notes) secured ,
discounted maturing
Federal
within
Liberty
Otherwise or mem,
Treasury
Reserve
banks.
90 days.
secured
Bank of- certificates bonds and
and
of indebiVictory
unsecured.
stings*.
notes.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago._.._
St. Louis
Minneapolis_
Kansas City_
Dallas
BanFrancisco
5
5
5
4)i
5
5
434
ot
434
5
454
434
534
531
534
53i
53.5
534
534
536
534
534
534
534
a
6
6
6
8
6
a
0
6
6
6
6
a
5
5
5
5
5
5
5
5
5
5
5
Apriculturat and lirestock payer
maturing
91 to 180
days.
6
a
a
a
5
a
6
6
6
6
6
a
6
534
a
a
6
a
6
6
a
a
a
6
Note.-Rate on paper secured by War Finance Corporation bonds 1% higher than
the rate on commercial paper shown in column 3 of figures above.
Referring to quotations in greater detail, sterling
exchange on Saturday of a.week ago turned weak and
there was a reaction to 3 393@3 423j for demand,
3 40@3 43 for cable transfers and 3 363i@3 393
for sixty days; trading was spotty and fluctuations
frequent and erratic. Monday was a holiday (Washington's Birthday). On Tuesday increased weakness
developed and demand declined to 3 353@3 403,
cable transfers to 3 36@3 41, and sixty days to
3 3231@3 373'1, the Federal Reserve Board's announcement of its intention to regulate and control
the credit situation played an important part in
depressing quotations. Irregularity marked Wednesday's dealings, though actual rates were somewhat
%@3 413/
firmer, at 3 39@3 40% for demand, 3 393
for cable transfers and 3 36@3 379 for sixty days.
Freer offerings of bills• and lower cable quotations
from London combined to bring about an easier tone
in sterling on Thursday and demand bills declined
to 3 36@3 373I, cable transfers to 3 369@3 38 and
sixty days 3 33@3 343. Friday's market was
firmer; demand ranged at 3 37@3 39, cable transfers 3 37%@3 39%, and sixty days 3 33@3 35.
Closing quotations were 3 35 for sixty days, 3 39 for
demand and 3 399 for cable transfers. Commercial
sight bills finished at 3 37, sixty days at 3 32, ninety
days at 3 293/
8, documents for payment (sixty days)
3 313/i and seven-day grain bills at 3 36. Cotton
and• grain for payment closed at 3 37. Gold engagements for the week totaled $14,300,000, all for
Argentina. Late yesterday afternoon, however, it
was stated that probably this gold would not be
shipped before next Tuesday, because of delay'in
the departure of the steamer. This makes a total
of about $32,000,000 for that centre since Feb. 1,
and $40,400,000 withdrawn for South America
since Jan. 1. Bankers now say that the outlook
is for further heavy exports of the precious metal,
the recent decline of 1% in New York exchange
in Argentina facilitating fold shipments to that
country. The statement that these exports are
partly for European account is not seriously regarded here. So far as can be learned the movement is primarily to cover American purchases of
grain, wool, hides and other commodities from
Argentina.
Continental exchange moved in sympathy with
sterling, notably Paris, Rome and Antwerp remittances, which all flucutated violently and erratically on light transactions. Losses of as much as
58 points were recorded in francs on a single day
and 50 points for lire. These, however, were for the
most part temporary, and almost immediately followed by substantial rallies, so that the net changes
for the week were relatively unimportant, though
[Vol.. 110.
closing figures were considerably below those of a
week ago. The same underlying influences which
were at work in the sterling market operated to depress currencies at the various Continental centres
and large operators appear to have adopted a waiting
attitude pending further developments in the international situation. German marks were heavy,
while Austrian exchange was fractionally easier.
Greek exchange suffered a further sharp reduction,
and this was also true of exchange on the new
Central European republics.
Considerable uncertainty seems to prevail concerning the immediate outlook. In some quarters
the belief is expressed that increased offerings of
bills of all sorts are likely to come on the market in
the next few weeks, which would inevitably indicate
a further lowering of exchange values. On the other
hand, it is pointed out that with the restrictive
measures now placed in operation, a repetition of the
overwhelming flood of offerings witnessed recently
is improbable; hence, while no marked or permanent
improvement can be looked for as yet, in the absence
of definite action on the part of the Washington
authorities, the trend should eventually be toward
a further steadying of price levels.
The official London check rate in Paris closed at
48.26, which compares with 45.60 a week ago. In
New York sight bills on the French centre finished
at 14.26, against 13.37; cable transfers at 14.24,
against 13.35; commercial sight at 14.29, against
13.40, and commercial sixty days 14.37, against
13.48 last week. Belgian francs opened and ruled
weak, but later steadied and closed at 13.82 for
checks and 13.80 for cable transfers. Last week the
close was 13.05 and 13.03. Final quotations for
reichsmarks were 1.01 for checks and 1.03 for cable,
remittances, which compares with 1.05 and 1.06 a
week ago. Austrian kronen closed at 00.37 for
checks and 00.39 for cable transfers, against 00.42
and 00.44 the week preceding. Exchange on CzechoSlovakia finished at 1.15, against 1.20; on Bucharest
at 1.57, against 1.80; on Poland at 67, against 85,
and Finland at 4.50 (unchanged). For lire the close
was 18.38 for bankers' sight bills and 18.36 for cable
transfers, in comparison with 17.62 and 17.60 on
Friday of last week. Greek exchange receded to
8.64 for checks and 8.66 for cable transfers, as
against 8.40 and 8.42 the week preceding.
Movements in the neutral exchanges paralleled
more or less closely those in sterling and at other continental centres. An incident of the week was the
firmness in some of the Scandinavian exchanges,
Copenhagen remittances having shown recoveries
ranging from 40 to 55 points, though without specific
reason being assigned therefor. Exchange on Stockholm and Christiania, however, continued weak
and finished at a further net decline. Guilders
ruled easier, while Swiss francs were again under pressure. Spanish pesetas moved irregularly and closed
lower. Trading was dull and featureless.
Bankers' sight on Amsterdam closed at 369,.
against 3732; cable transfers at 36%, against 379''
commercial sight at 36 11-16, against 37 7-16, and
commercial sixty days at 36 5-16, against 37 1-16
last week. Swiss francs finished at 6.20 for bankers'
sight bills and 6.18 for cable transfers. This compares with 6.12 and 6.10 a week ago. Copenhagen
checks, after rallying to 15.00, reacted and finished
at 14.75, and cable transfers at 14.90, against 14.50
and 15.00. Checks on Sweden closed at 18.35 and
THE CHRONICLE
FEB. 28 1920.1
cable transfers 18.50, against 18.80 and 18.95, while
checks on Norway, which at one time went as high
as 17.15, sagged off and finished at 17.00 and cable
remittances 17.15, against 17.40 and 17.55 last week.
Spanish pesetas closed at 17.40 and cable transfers
17.50. Finalquotationslast week were 17.55 and 17.65.
As to South American quotations, Argentine rates
have again been advanced and checks closed at 43.22,
against 43.07, and cable transfers at 43.37, against
43.22 a week ago. For Brazil, however, there has
been a decline from 26 for checks and 263/i for cable
transfers to 25% and 26, respectively. Ch lian exchange was a shade firmer, and is now quoted at
22, against 21%, while for Peru the rate has moved
up to 4.75@4.80, against 4.70@4.75, the previous
range.
Far Eastern rates are as follows: Hong Kong,
2,
97@98, against 96@97; Shanghai, 143®1433/
against 149@150; Yokohama, 49@50, against 48@
2; Manila, 49@493, against 493; Singapore,
483/
2@463/
2@42, against 45@46; Bombay, 453/
413/
2,
2@48, and Calcutta, 45%©46%, against
against 473/
2@48 a week ago.
473/
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,169,000 net in cash as a result of the currency movements for the week ending Feb. 27.
Their receipts from the interior have aggregated
$9,146,000, while the shipments have reached
$5,977,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which together occasioned a loss of $62,043,000, 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 $58,874,000, as follows:
Week ending Feb. 27.
Banks' Interio r movement
Sub-Treasury and Federal Reserve
operations .nd gold exports
Total
'
Out of
Banks.
Into
Banks.
$9,146,000
Net Change in
Bank Holdings.
$5,977,000 Gain $3,169,000
27,324,000
89,367,000 Loss 62,043,000
$36,470,000
$95,344,000 Legg'z58.874.000
The following table indicates the amount of bullion
in the principal European banks:
Feb. 27 1919.
Feb. 26 1920.
Banks of
Gold.
Silver.
Total.
Gold.
Total.
81,628,393
England
110,445,699 81,628,393
110,445,699
France a_. 144,131,006 10,010,000 154,171,006 141,940,380 12,520,000 154,480,380
Germany
54,542,650 1,050,000 55,592,650 112,477,450 1,019,910 113,497,360
Russia *— 129,650,000 12,375,000 142,025,000129.650,000 12,375.000 142,025,000
Ana Ilun.c 10,944,000 2,309,000 13,313,000 11,008,000 2,289,000 13,297,000
Spain _. 98,134,000 25.357,000 123,491,000 89,144,000 25,611,000 114,755,000
Italy
32,198,000 3,004,000 35,202,000 37,071.000 3,000,006 40,071,000
750,000 57,194,000
Nether! dn. 52,732,000
733,000 53,465,00 56,444,000
600,000 15.980,000
Nat. Bel. h 10,057,000 1,072,000 11,729,000 15,380,
Switz'land. 21,173,000 3,340,000 24,513,00 16,442,000 2,542,000 18,984,000
15,532,000
Sweden_ _ 14,810,000
14,810.00 15,532,000
135,000 10.540,000
Denmark _ 12,602,000
188,00 12,790,00 10,405,000
6,714,000
6,714,000
Norway __ 8,130,000
8,130,00
Total week 700,150,255 59,528,000759,678,255723,836,223 60,841,910 784,678,133
Prey. week 198,396,300 59,370.800 757,707,100 724.510,771 60.407.910 784.918,683
a Gold holdings of the Bank of France this year are exclusive of £79,131,137
held abroad.
• No figures reported since Oatober 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journal" for Dee.7
1917.
h Figuies for 1918 are those of August 0 1914.
THE QUESTION OF TRADE WITH RUSSIA.
The change in attitude by the Council of the
League of Nations, in regard to reopening of trade
with Russia, has been an inevitable result of the
Petrograd Government's victories in the field. So
long as Kolchak and Denikin were making progress
with their anti-Bolshevist armies, and a chance
existed that the Soviet regime would be overturned
by the action of Russia herself, it was clearly enough
the policy of the Western European allies to exert
what pressure they could against the present dicta-
801
torship by refusing to make formal peace with it or
to permit free resumption of commerce with Russia
under their auspices.
But the anti-Bolshevist generals and armies have
been defeated. The prospect of a military overturn
of the existing government has become remote, and
it is recognized that Western Europe needs Russia's
products only a little less urgently than Russia needs
the manufactured goods of England, France and
America. On January 16, chiefly under pressure of
the English Government, and apparently despite
opposition from that of France, the tentative announcement was made of a proposed change of
policy. Trade, it was intimated, might be reopened
under the auspices of the Russian co-operative
societies. Concerning the exact relation of these
bodies to the Petrograd Soviet, there seemed to be
much uncertainty. The Allies, however, subsequently stated plainly that they did not propose
the formal recognition of Lenine and his government.
This was their statement of last Tuesday:
"The Allies cannot enter into diplomatic relations
with the Soviet Government, in view of their past
experiences until they have arrived at the conviction that the Bolshevist horrors have come to an
end and that the Government at Moscow is ready
to conform its methods and diplomatic conduct to
those of all civilized governments.
"Commerce between Russia and the rest of
Europe . . . will be encouraged to the utmost
degree possible without relaxation of the attitude
described above."
How far resumption of trade would be possible
without resumption of trade with the now unquestionably de facto Government remained a puzzling
question. It became evident at once, however,
that the Petrograd Government was not anxious to
display an obstinate disposition. On Thursday it
was stated from Washington that Lenine, in return
for recognition and the pledge of other Governments
not to intervene in Russian affairs, had offered to
promise the calling of a Russian constituent assembly, the establishment of "democratic principles"
in Russia, the revocation of her repudiation of the
foreign debt, the payment of arrears of interest and
60% of principal liability, and the granting of mining
concessions in Russia as a guarantee. We have now
to see what will be the next move of the Allied
Council.
The "World's" correspondent in Russia has cabled
during the past week two highly interesting personal
interviews with Lenine and Trotsky, each of which
bears directly on thfs question. Lenine told the
correspondent that "the talk of reopening trade with
Russia through the 'co-operatives' seems to us
insincere or at least obscure—a move in a game of
chess rather than a frank, straightforward proposition." But he knew of no reason why "a Socialist
commonwealth like ours cannot do business indefinitely with capitalistic countries." "Without Russia," he continued, "Europe cannot get on her feet,
and with Europe prostrate America's position becomes a critical one."
Peace, he believes—meaning undoubtedly recognition of the present Russian Government—"is a
corollary to trade with us," and if so "the Allies
cannot avoid it much longer. All the world knows
that we are prepared to make peace on terms the
fairness of which even the most imperialistic of
capitalists could not dispute." The Russian Government, he added, has reiterated its readiness to
802
THE CHRONICLE
[voL. 110.
give foreign capital, "the most generous concessions tically by the Allies, some serious modification of
and guarantees." In this Lenine undoubtedly refers Lenine's plan will be required. But underneath the
not only to yesterday's reported overtures, but to the whole discussion is the question whether trade, except
unofficial intimation of a year ago, at the time of the on a bas:s of haphazard barter or of illicit smuggling,
proposed conference between the Allies and the can be conducted with Russia or with any other
Russian delegates, that if the embargo on Russian country save under the formal authority of that
trade were lifted and the Soviet recognized, then the country's de facto Government.
Petrograd leaders would be willing to recognize
Even then, the other questions would remain;
Russia's foreign obligations, to the extent of allow- first, as to whether reopening of trade with Russia
ing representatives of her foreign creditors to ad- was a paramount economic necessity, and, second,
minister certain of Russia's natural resources in their whether the present Petrograd dictatorship is a de
own behalf. This remarkable proposition evoked facto Government so firmly in control of Russia that
the comment at the time that Lenine was so far no reasonable hope exists of an early change of
adopting the hated "capitalistic" institutions as to government by the Russian people themselves. The
offer to place Russia in the hands of receivers for present attitude of the Allies gives evidence that
the benefit of her creditors. It was an interesting European statesmen are answering both of these
sidelight on the comment lately ascribed to a German questions in the affirmative. The only question left
statesman that the present economic regime in wou'd then be the effect of recognition of the present
Russia is only "a highly inferior form of capitalism." Government on the future possibilities of return to a
Trotsky, in his interview with the "World" cor- rational and civilized Government at Petrograd.
respondent, took the same ground as Lenine. "It But in that we approach the domain of political
should not," he declared, "be harder for a bourgeois conjecture.
State to have commercial dealings with Soviet Russia
ACTIVITIES OF THE FEDERAL TRADE
than it was for democratic America to trade with
COMMISSION—TOO MUCH MEDDLING.
Czarist Russia. Foreign capitalists who invest their
An
unobtrusive press dispatch of Monday remoney in Russian enterprises, or who supply us with
merchandise we require, will receive material guaran- ported the Federal Trade Commission as announcing
tees of amply adequate character." In his view, "it that it had called to meet in Washington yesterday
is obvious that we must look to the victorious nations, about 200 persons who are engaged in repairing or
to Great Britain, or still better, to America, for rebuilding or trading in typewriting machines. The
machinery, agricultural tools, and other imports object of the proposed conference is not to consider
which Russia's economic renaissance demands." possible ways of improving the quality and service
But "the conditions of the agreement will be such or increasing the use of an admittedly valuable device;
as to prevent its being made a means to strangle us the announced purpose is "to partic'pate in a trade
under the guise of helping to regenerate the Russian practice submittal." This is in consequence of a
number of requests to the Commission, by members
people."
Possibly it is this remark which embodies the mis- o this industry, "for issuance of complaints against
givings of the foreign Governments and the foreign other m-,:mbers of the same industry." It is further
creditors. The questions would be bound to arise, said that "the calling of a trade-practice submittal is
what dependable guarantees the Soviet Government a proceeding which has been followed with success
either could or would offer for the safe and efficient by the Commission in other lines of industry, whose
administration of Russia's mines or agricultural members have signified a desire for the Commission
products. What sort of control would the foreign to aid them in eliminating from their industry unadministrator have over the labor market? Would economic and other harmful practices which may
that labor be Russian, and if so, how could its have developed."
obedience to an alien management be insured?
This is verbose in phrasing, coming from what
Would the English, or French, or American managers is sometimes called "ore. rotundo," which may be
be classed as "Soviet commissaries," like the indus- freely translated as meaning something uttered out
trial managers who, under Bolshevist authority, are of a very big-rounded mouth, i. e., very pompously,
now conducting such factory production as exists in and aimed to make an impression. Persons who
Russia; the laborers being compelled to work at the insist on believing that such hearings are a little
order of the Petrograd Government and at the point influential in urging the Millenium in the direction
of the bayonet? That spectacle has been extraor- of this country and at this ime must be allowed to
dinary enough in the case of the Government- believe so. But this is merely inviting (and of course
operated industries. It has not been easy to picture gathering in response to invitation) a bunch of comit in operation under the personal direction of aliens plaints. Unfair methods of competition are forand for the benefit of aliens, even if under the orders bidden by the Commission act, and that body was
of the General Soviet. This may partly explain why expressly set up to look after and forbid them. It
France, whose stake in recognition of the Russian does forbid, and its bulletins setting forth the cases
external debt is greater than that of any other na- :n which orders "to cease and desist" have been issued
tion, has been the one of the Allies to oppose adoption come periodically into newspaper offices. There is
of Lenine's proposal.
no limit to the tendency in human nature towards
We do not profess to foresee how such a plan complaining, and none to the possible subjects of
would work in actual practice. It would, indeed, be complaint. Whoever is not doing as well as he
an experiment without precedent in history, unless wishes in ,his particular business is prone to put the
where the population was made to work through fault from himself and upon some competitor who is
application of force by conquering invaders, and seemingly beating him. It is said that typewriting
that has always been regarded as political and eco- machines rebuilt in independent shops are sometimes
nomic slavery. Probably, if resumption of trade sold as factory-rebuilt and that the latter are somewith Russia is to be approached earnesLly and prac- times sold as new; that the extent of the rebuilding
FEB. 28 1920.]
THE CHRONICLE
803
is exaggerated; "and another charge. that frequently as "graft," and of this also there was certain to be
occurs is that the purchasers of such machines are some; the fallibility and the dishonesty in human
nature made both inevitable, in such a situation.
kept in ignorance of the true character of them."
Possibly so. Purchasers in all lines doubtless have Contemporary criticism adm'ts thi and deliberate
the truth delivered to them more or less sugar-coated, history may conclude that the relative amount of
although the man who gets a typewriter that suits each was not beyond what should have been exhim in price and answers his requirements may not pected. The worst blunder of the present Adminiscare in what shop it was rebuilt. But what should tration—worst both because its hurtful consequences
be done to him who advertises his goods as the best, are cumulative and long-lasting and because it was
when some competitor will vow they are not, and least excusable—has been in its undertaking so many
where shall the men be found who are sufficiently things which were not really necessary for carrying
omniscient, infallible, and impeccable to qualify on the war,• things not merely untimely but in the
them to edit and trim to the bareboned truth all nature of the case impossible.
To undertake to regulate almost all lines of prospoken or published statements?
and trade to the degree of practically controlduction
As a basis for deliberation, the news story further
and
to attempt to repress an assumed extraling,
are
men
who
tells us, the Commission has asked the
of depravity in the people and
outbreak
ordinary
ex"as
typewriters,
making and handling rebuilt
h an undertaking would
everything—suc
reform
eliminate
help
and
define
to
their
in
field,"
perts
such practices as they deem unfair; "such a trade be hopeless in even the most piping times of peace,
practice submittal is not binding on any of the parties and when piled upon an amount and a variety of
in interest," and leaves the Commission to follow the war-work to which only super-men could be fully
line of duty "under the law of unfair competition." equal, what can the final judgment upon it be? Can
There is a close likeness between this procedure that judgment be anything short of condemnation
and the scheme of issuing a sort of indulgence in of the indulgence of the disposition to streteh war
advance, proposed in an absurd bill providing that powers which had to be exercised into abuses of
anybody with a business plan could take it to the power which were dangerous because they could be
conscience-keepers in Washington, explain it, get gathered under and temporarily excused by the war
it approved, and could then go forth with a guaranty exigency? We consented to all this then, because
of liberty of action, unless and until somebody corn- we could not stop to argue and define and discrimiplained. It is the merest truism to say that deception nate; having thus permitted interferences at many
and other forms of cheating exist in trading, they turns and in an almost unlimited number of ways,
always have been; and only as human nature rises we have let it run along since.
The first year of de facto peace has had its probto a higher average'level will they gradually disappear.
struggles, disappointments, and failures, and
lems,
is
not
relatively
trade
and
production
in
Wrongdoing
greater now than it used to be, and if it were, nothing we 'are still involved in them as in a sort of shirt of
could be more preposterous than to set a Government Nessus upon which we are half-wildly pulling for
bureau at the work of discovering and repressing it. freedom. But now the most serious business for
We still have statutes, courts, judges, and a press the American people, as respects their own internal
which aims at virtue and is alert to publish departures affairs, is to re-limit their own Government, strip it
from that; and if public opinion itself is not as sensi- of its exaggerated war powers, stop its extraordinary
tive as once (a step in decadence which may be and undemocratic practices, and return it to its
asserted yet lacks evidence to sustain it) the force constitutional lines. The most ghastly failure itself
for quickening that opinion is not derivable from in point of efficiency and service in the line of operaGovernment. And as for the practical effectiveness tion it legitimately conducts, it does not show any
of Governmental machinery or individual reforming, such keen sense of what is virtue or any such sensitivealthough we are assured by the Commission that its ness of conscience as gives it a claim to act as
experience shows "many lines of business anxious monitor for individual citizens. In a time when proto be rid of unnecessary suffering because of costly duction needs great and rapid increase, it hinders by
and ruinous unfair competition, often practiced in its one-sided interferences. In a time when freedom
self-defense," the accomplishments of that body are is in an unusual degree a condition precedent for usenot encouraging thus far. Although Mr. Colver ful movement,it tangles and muddles and perplexes.
disclaims "any feeling against the Big Five," his As usual in modern times, the men in it are incomfeelings overcome him whenever he thinks of the petent to understand business and they couple a
packers. By his own admission, they seem to have great presumption and self-confidence with their
about the same number of hydra heads as before he ignorance. In senseless taxation and otherwise,
attacked them. They surrendered, but the sur- Government hinders by adding to ordinary uncerrender was only a sham. They manage to keep on. tainties which are especially serious now an utterly
He has been unable to discover the real owners of the indefinable uncertainty as to its own treatment of
stockyards, so cleverly is that covered by devices, business in the near future; all bases for calculation
and he wants a law to make corporations engaged in are thus reduced to conjectures. Government is
commerce disclose their owners. But has his success borne by the people, as Sinbad bore his burden; it
been enough to justify further warfare, and is it not assumes to point the way to the citizen and to clutch
a sort of confession when he turns from such an over- his throat as it pleases, and its weight is aggravated
whelmingly destructive public enemy as he has by its interferences with the very operations upon
called this and stoops to such a comparative trifle which it must depend for its own support. All goveriunent derives its just powers from the consent of
as the trade in second-hand typewriters?
the governed. Still true, and now it is time the
great
In the conduct of the war there has been
governed determined to throw off the unjust powers
there
work
hurried
such
gigantic
and
such
waste; in
was bound to be. There has also been some (it is not to which they consented, under stress of a vital strugyet disclosed how much) of what is best understood gle which would not admit any delay.
804
THE CHRONICLE
Reform? This is a world of imperfect beings,
and until they become more generally equal to selfgoverning there will be need of reforming. But the
reforming most needed now (and the condition precedent to minor reforms) is in our overgrown and
aggrandizing Government. We must bring it into
judgment, at least to the degree of finding it guilty
of needless interferences with industrial and business
liberty, and must return it to its proper lines. To
improve it within those lines will:be accomplishment
• enough for the next four years.
[VoL. 110.
ernment. It is true that many commissions affecting domestic affairs were created by the Legislative
branch and power vested in the discretion of the
Executive—but were they sufficiently understood to
be a temporary employment of civil processes to
military use? If they were, they should automatically disappear, and leave our industrialism just
where it was before. Here arises another difficulty—
they tend to become warped into the structure of our
Government because of new foreign relations thrust
into the treaty, by virtue of a league thereby created,
which at least allows the attitude of the nation to
CENTRALIZATION IN GOVERNMENT.
the world if, it does not, as claimed by the "irreconThe removal or resignation of Secretary of State cilables," permanently subject the nation to what
Lansing has served to direct the attention of the peo- they hold amounts to a super-state. The supreme
ple and press of the country to the peculiar relation question then is may interpretation, however high the
the Executive Department bears to our general Gov- intent, go so far as to constitute usurpation, and if
ernment. It is but an incident in itself, though it so, what is the paramount duty of the citizenry in
occurs under unusual circumstances. The larger this particular hour of our history?
fact, to which our minds revert only at intervals,
It cannot be doubted, we think, that interpretais the growing power of that branch of the Govern- tion has its limits—that it was never intended by
ment which, strictly speaking, is confined to the the founders that interpretation should ever reach
execution of laws at home (and to the duty of suggest- a point where it is justified in interpreting itself.
ing legislation), and to negotiating treaties with Whatever emergency may arise the kind of interpreforeign countries. In the broadening scope of gen- tation of the duties of the Executive by the Executive
eral Government necessary to meet the increasing in the absence of specific instructions can go no
needs of a fr e and rising people, it becomes import- farther than to ask whether permission to do a given
ant to distinguish between interpretation and usur- thing is clearly implied, and not whether an act
pation, and to ask whether interpretation of the proposed to be done is salutary or the reverse. To
duties of the Executive by the Executive is not in take the ground of personal and unlimited interpreitself a form of usurpation? This is to inquire tation would be at once to constitute a possible
whether the Chief Executive, when it becomes nec- autocracy, because conditions are changing with
essary, by absence of specific direction of the Con- every changing decade. It is easy to see where we
stitution, to meet the new issues of this growing are led by the opposite view. Let us suppose a
national life, should not refrain from action tending Secretary of State lukewarm to the views of the Chief
to bind the people, until such time as they can give Executive in the negotiation of a treaty. It is true
voice to their desires and convictions?
he is a creature of his chief, as is any and every
We are all appreciative of what the war has done Cabinet officer, and his own duties in negotiation
in placing burdens upon the Chief Executive. But are admittedly simple and unimportant, and he may
the question is, if these are confined to the limits be removed at will, but the fact that as trained
of war's actual conduct as a miliatry act, do they diplomat and civil officer of the Government he may
in any way change the relations of the Executive hold views antagonistic to those of the Chief Executo the people and to other branches of the general tive himself shows that interpretation of the duties
Government? Our difficulty has been, and is now, of this high office can be and is entirely personal to
that we look upon war as a mobilization of industrial the Presidential incumbent—in which case acts may
forces as well as military. Hence the countless be preformed that are not even implied in the spirit
commissions that have been created in ostensible of the constitution. This Secretary, trained diplosupport of the army in the field. Beyond this, and mut, we will suppose, holds that league forming is
as an immediate outgrowth of a war overseas, of not treaty-making—a differenc of interpretation.
participation in a war already in existence on foreign What then? Not what to do but what n t to do
soil between foreign powers,the relations of the nation would seem to be safe ground. ,
to foreign countries become involved,as never before,
An equally illuminative example is found in our
in the concluding of peace by the negotiation and domestic industrialism. It is deemed necessary by
ratification of treaties. In all the discussion of the Congress to take over the railroads for war use. We
Treaty-League, little stress seems to be laid on the will not stop to consider whether or not there was
constitutionality (if we may so express the idea) of interpretation here as between merely war uses and
including the League in the Treaty. It wa done, common carrier uses. In consequence of this taking
and whether for the best or not, it was done by the over on occasion of threatened strikes by employees
Executive under his own interpretation of the duties adjustment of wages was made by a Director-Genof his office as negotiator. The treaty-making power eral directly responsible to the Executive, made and
may not be subject to review, the principle remains, sanctioned. Now on the eve of relinquishment and
and though it is now water under the mill to ask, return to private ownership again strikes impend—
is there,in the spirit of the constitutional prerogative, and labor unions seek audience with the Executive
no limit as to what a peace-treaty with a defeated regarding further increases—and are told in effect that
country may rightfully contain?
none can now be made, but a plan is proposed and
Here are two points of contrast between the Execu- accepted by which a future adjustment is to be made
tive and the people, domestic industrialism in time through machinery recommended and possibly conof war, and foreign relations at and in time of peace, stituted by the Chief Executive—who will on the
wherein powers have been exercised (it not assumed) return have no more to do under the Constitution
never before undertaken by this branch of our Gov- with the management of the roads than a private
FEB. 2811920.]
THE CHRONICLE
805
citizen. It is an outgrowth of assumed powers, who is not only dissatisfied, but willing to tear down
whether the assumption be warranted or not, for without knowing or caring how he is going to build
If "systems and parts of a system" had not been taken up. Yet the fact is we are, every one of us, more or
over for common carrier purposes there could have less, in a "stew about something" all the time. We
occurred no grounds for interferences in management, are saving the country. And we forget that trait
the Government would merely have become debtor of our very human nature, to want to have our own
for a temporary possession to move troops and muni- way and prove we are right. So, in politics, and
tions. The fact that this interpretation of the leg- these days in economics, we are forever discussing
islative act was accepted does not alter the principle something, save for the intervals when we are cussing
everything. The net result of it all is, a constant
involved.
the
for
not
done
"agitation."
been
It may be that nothing has
What we wish to, emphasize, as a political and
best interests of the people, or that much has been
done detrimental thereto that will be hard to remedy; economic fact of importance at this time, is that there
it may be that some form of interpretation could not is a wide difference between talking about a thing
be escaped by the Executive; yet the wide latitude of and doing it. You may take any neighborhood topic
interpretation of the duties of the office extending that runs from lip to lip, and it not only grows
to unheard of commitments of the people and nation, portentous and distorted by discussion, but it disinterpretation of the Executive by the Executive for turbs the equanimity of the community, and the
the Executive, discloses a danger that cannot be poise of the citizen. If the secret ballot could be
escaped save by holding that that which is not preceded by a sort of "solemn referendum" to the
specifically disclosed as duty must be avoided. If unexpressed thought, reason and judgment of the
this is not true there is no limit to centralization of people, we have such faith in our "democracy" as to
power in this division of Government and there is no believe it would survive. Apparently we are concurb to what a usurper might do in the future. And tinually engaged in saving it from itself. We not
there is opportunity always open to subject popular only demand the right of free speech, but having it
government to the whims and caprices of an egotist we proceed to exercise it without limit, and not
or an autocrat.
seldom to abuse it.
We approach an election. We do so upon a very
In saying this we are not unmindful of the necessity
unusual background. The war is over, but its effects of public discussion, of the general good to be derived
remain. And we cannot refrain from pointing out from that pervasive knowledge of public affairs
as in line with the condition and tendency we are dis- which is our safeguard against "invisible governcussing—the loans made to foreign countries since the ment." But when a people hesitates to go- forward
armistice. Were these originally contemplated? When toward the manifest destiny of increased production,
and where should discretionary power cease in such because continually in a muddle over economic
a case? But pass this, which also is tacitly sanc- principles and theories, it is time to recall the fact
tioned. As the Legislative branch continues to that millions engaged individually in what we term
function (in accordance with our political system) active "business" are going forward whether they
many discern a transformation in the attitude and know it or not. And here lies one of the chief intt nets of two principal parties. The Republicans dictments against the labor unions. They enter
apparently seeking to avoid further centralization of politics now to accomplish fulfillment of economic
the powers of Government, avoid "entangling alli- views (held almost exclusively by themselves) at a
ances," and compel economy in expenditures for time when the imperative duty of the whole people
maintenance of government, and to preserve individ- is to buckle down to business and actually produce
ualism in ownership of property. Whatever truth more than ever. The only increase likely to result
there be in this claim, that it is made in behalf of a from this is increase of talk and diminution of work.
party hitherto charged with favoring a "strong It projects into view an insidious form of "overturn,"
government," usually thought to be a contralized peaceful though it may be. It distracts from conone, is sufficient to disclose that we have reached centration on the "main chance." It raises fresh
the parting of the ways between autocracy and doubts of the future. .And all these things, aside
democracy. There will be many Presidents in the from possible provocation to new strikes and lockyears to come. If each exercises the same degree outs. The time is not propitious for calm discussion.
of interpretation of the duties of his office exercised
Whatever definition we may place upon "democunder the stress of the past six years, what will emain racy," under the ordinary conditions of life freedom
for the Legislative and Judicial departments to do?
of action in material production should not be
thwarted by freedom of discussion as to how, in
AGITATORS AND AGITATION.
economic and political theory, we and the peoples
in
the
Senate,
of the world ought to live. In fact the necessary
The resumption of Treaty debate
no matter how or when it may terminate, suggests relations cannot abrogate in favor of the so-called
the thought that at best it is a costly operation, "proper relations." And we can sooner make the
not only to make the "world safe for democracy," necessary relations "proper" by action, in the light
which presumably has been done, but to make of mature thought, rather than by:continual discus"democracy safe for the world," which presumably sion in the light of fanciful theory. Here is the dif,
has not been done. It is perhaps merely fanning ference between a bird in the hand and two in the
thin air to talk in a campaign year about contained bush; between the half loaf and the whole loaf;
and considerate discussion of public affairs. Almost, between common trade functioning under difficulthe citizen must ask himself—are we not all agitators? ties in the natural way, and a proposed sublimated
Sometimes we put reformers in a class apart, exalted harmony between capital and labor, only rushing
in purpose, and exultant in action. The real "agi- apart by the new obstructions interposed by theory
tator," however, we have come to characterize as and discussion, to say nothing of the selfishness,
Lhe man who wants "action," direct or otherwise, which grows by emphasis upon supposed grievances.
806
THECHRONICLE
There are elements of discord in "democracy." And
t will always need to be made "safe for the world."
But we should not as a free people continually
plunge ourselves into an anarchy of ideas and ideals.
We should work in the living present.
It is our sober second sense that saves us, and we
believe it will do so in the present crisis and in this
campaign year. We have had our full day of glorious imaginings. They will have done us good and
not harm if we come to perceive them at their worth.
Ideals are a precious possession—as ideals. They are
not, they will never become, realities. We have said
this before. But it will bear repeating. As we advance,they recede. Applying,then,to "democracy"
common sense and sober second thought, we seize
the present opportunity to labor, feeling that it will,
by its very exercise, improve its conditions, and we
do not refuse to live simply because life is not perfect.
The span of one life is brief in which to harmonize
political, social and economic relations that are continually compelled to fit themselves to a new environment, and to one that is old and really immovable. Already (the idea is taking hold) the onerous
requirements imposed upon a defeated foe by the
Treaty of Versailles are being questioned in the light
of their economic effect upon other peoples suddenly
ushered unprepared into democratic governments.
It is coming to be believed that the league will
early have to undo some of the things brought about
by the very treaty which brought it into existence.
Some believe that crushing Germany may shatter
Europe. It is an illustration of the necessity of
accepting the present, of being willing to make the
best of things as they are, of the futility of circumscribing the natural growth of any people, and of
clasping the unsubstantial dream while the helping
deed is at hand.
Is it not true, then, that already we are pouring
old-world problems upon our own, and that we are
constantly exaggerating our own? Our very democracy devours us. We are "carried away" by
our own freedom. We are confused by our own
voices. We are continually "talking about" something or other—and usually remote from our daily
living. When the wild-eyed orator of the soap-box
harrangues the crowd—we can see how far he is
from knowing himself—but we do not so clearly
perceive the intensity of our own political and economic beliefs—we do not, for example, perceive that
pronunciamentos of labor unions ringing the changes
on imaginary lost liberties and hard oppressions are
forms of agitation inimical to our common peace.
The time was when men were saying "it would be
better if Congress would meet once in ten years."
Now it is in continuous session. And that time Was
before the world war, before the "new era" opened.
There were too many theories, laws, changes. Well
—Congress must be in session, it must debate, it
must grapple these problems. But should every
man constitute himself a savior of the world, call
himself a Democrat, a Republican, maybe a "working man" pure and undefiled, mayhap a Socialist,
Communist, Syndicalist, or some other impossible
thing, and spend all his time and energy trying to
convert his fellow man to his own belief? Until
manna falls from heaven, until the millenium comes,
it will be "root, hog or die" with most of us.
• Shall "democracy," of the world variety or of the
home kind, be converted into an old-fashioned campmeeting, where there are only two classes, exhorters
[voL. 110.
and "mourners," but all crying in a discordant
unison "what shall we do to be saved?" Would
not a little less agitation against "agitators" be a
good thing? Not in our time, but sometime, the
"world war" itself will attain the proportions of a
"nine days' wonder." Meanwhile, and then, men
will be working for a living. "Work, save,"—the
people were never so avid to do so, excluding a minority who dream and spend, or beat the tom-toms of
reform and right relations. Yet we agitate the
agitators; we grow doubtful and afraid of the spectres
of our own evoking, and turn the democracy of effort
into that of debate. What the people want is to be
let alone to work, produce, exchange—only it is
becoming increasingly necessary that they know
themselves, and teach themselves.
THE SELF DESTRUCTION OF THE AMERICAN
WORKINGMAN.
Considerable effort is being put forth to spread
the conviction that the American workingman is
"square," that he asks only his just dues, coupled
with a proper recognition of what he is as a man.
It is a pleasant affirmation, one full of courage for
facing present problems, and of hope for the future,
one that we would all gladly accept.
Unfortunately there is reason for wide-spread and
serious doubt of its accuracy. Indeed, for a good
while there has been a growing conviction in the
community that the workman with whom one has
to do, and for that matter the work-women also,
whether singly or in groups, is just the opposite of
this, so often is their manifest purpose to do the least
possible work in the fewest hours for the most money,
a policy which the labor unions have advocated time
and again as in the interest of workingmen.
It is a spirit as manifest in the plumber or painter
who comes to do a job in one's house as it is in the
work people in almost any factory. Of course there
are exceptions. But it is a long day since what is
now the exception was the rule, and the manner and
the method of the workman showed that he was
"square," or still more, that he was contented and
proud of his work.
Whatever the cause may be we are living in the
midst of a new moral, or rather unmoral, atmosphere which envelopes the world of the workingman,
and which no "gas mask" can shut out:
"If you should ask what pleases best,
To get the most and do the least,
What fittest for? You know, I'm sure,
I'm fittest for a sinecure."
To find that these lines written nearly two centuries
ago of the social idlers of that time should apply to
the sturdy, self-respecting workingman of our day
certainly marks a new situation.
In these conditions of course there will be unrest;
and its centre will be in the better-paid men. Econnomic pressul e will contribute to it, felt in the high
cost of living, the fear of unemployment and the
possible lowering of wages; so will the increased importance of the individual and consciousness of power,
the result of the war. Envy of men better off and
the reaching out for Utopia are always disturbing.
But these, one and all, are not such fruitful
sources of discontent as is the loss of self-respect
which comes with a man's living below himself.
This has already destroyed for labor all pride or
satisfaction in one's work. A derisive laugh was the
recent response of an audience of workingmen to a
FEB. 28 1920.1
THE CHRONICLE
speaker who declared that all work should give
pleasure. While it is easy to see that this response
might occur anywhere to-day, it is none the less
true that if a man cannot have some sense of achievement and feel delight in his work he is an object of
pity.
What this leads to is perhaps to be seen in the fact
that we are raising a new generation of young people
who will be bred in this attitude toward work, a contengency full of evil both to them and to the country.
It is by taking advantage of men who are in the
mood we have described and possessed with their
conceptions that Mr. Gompers and the Federation
of Labor are seeking to build up an oligarchy as
obnoxious and evil as is any military dictatorship.
It not only perpetuates as it fosters and feeds upon
the unrest of the men, but it is a growing peril to the
State. The nation can no more exist half governed
by the lords of labor and half by its own chosen
representatives than it could "half slave and half
free."
Be one's theory what it may, we are up against a
condition which cannot be disregarded, and the question as to what can be done to change it is pressing.
Happily the situation is coming to be recognized
and much thorough work is doing to meet it. Great
corporations like the Midvale Steel Co., the Colorado
Iron & Coal Co., the Procter & Gamble Co., the
Hydraulic Pressed Steel Co. and a hundred similar
concerns have already put into effect various constructive methods of giving their employees representation and first-hand knowledge of the business
which has awakened a new interest in the minds of
the men and an entirely new sense of their own importance.
The results already are seen in such instances as
the recent strike of the steel workers. The strike
took effect, for example, in only one of the mills of
the Midvale Co., that at Youngstown. There
Foster, the now famous strike promoter of the
I. W. W., had been busy for six months "boring
from within." A relatively small section of the men
were foreigners upon whom he had spent his main
attack. They obeyed the strike order and by their
threats of violence intimidated so many of the men
that the company chose to close the mill rather than
contest the issue, especially as their other mills were
undisturbed. The strike as a whole failed, and when
the mill reopened the men returned.
During the strike great efforts were also made by
the leaders to call out the men of the Hydraulic
Pressed Steel Co. at Canton, Ohio, and when the
procession of outside strikers was marched by the
mills at the hour of changing shifts, not a man
joined them.
These instances are referred to only because they
were critical cases in the midst of a powerful attack.
They suffice to show that methods of secufing permanent contentment on the part of their employees
are in effective operation. They differ in detail but
have certain features in common which are now
recognized and adopted by not a few both large and
small employers of labor.
One great underlying fact of chief importance in
modern industry is the paralyzing effect of the
monotony of specialized work. The man who all
day does nothing but feed pieces of metal into a
machine to have a hole punched in them, or to perform some similar task, comes to feel himself a part
of the machine. He seems to lose not only his power
807
.of thought but all sense of his identity. He is material for a disturbing unrest which may be taken
advantage of by a hostile interest, and he is of relatively low value as a producer. With the wide use
of automatic machinery this condition tends to
become general among operatives, it constitutes
one of the basic facts in modern industry.
To change the attitude of labor devices have advanced from bonuses to profit-sharing and to stock
distribution, with welfare work, social betterment,
better pay and shorter hours; and all with but partial
success.
At last it has been recognized that the main difficulty lies within, and not outside the worker. His
employment, whatever it may be, must awaken an
interest and give opportunity for self-expression.
Representation is one method of creating individual interest and has been tried sufficiently to be
now recognized as effective. It is sure to be extensively applied. It is linked up with various devices of profit-sharing or of management and extended
,in some instances even to office management.
Some years ago a simple device of arousing interest
was introduced into the paper mills at Berlin, N. H.,
by Mr. Robert Wolf, a mechanical engineer, which
was at once found successful and is. now in wide use.
A graphic chart of his work was set up before each
workman, which made possible a comparison with
that of his neighbor, and even with himself on different days. It has the competitive effect, found for
example in the game of golf, a competition that is
without envy, but, on the contrary, arouses a generous mutual appreciation.
It not only produces unlooked-for inventiveness,
but has a surprising effect in changing the whole
attitude of the man. "This is great fun," was one
day the comment of an employee, who for two years
had been so stupid and dull that his discharge was
always in mind, but who was aroused by having
connected with his work some recording devices, of
gauge and thermometer, which enabled him to follow
results going on inside the closed kettles which he
tended. This so aroused his interest and challenged
his attention with its record of his own intelligence and
care that he became another man. He began to be
proud of his work, because he could see its value and
ensure its accuracy himself. His growing interest
and self-respect expressed itself before long in his
personal appearance and even in his clothes.
Here is the line then of &he new industry. By
every means that proves effective the individual
interest of I he workman is to be aroused and maintained. By his understanding of its method and
value he is made to see that his work is worth doing,
and he is worthy to do it. He understands it and
can perfect it. He can do it better than he once
could and possibly better than others. He will
benefit by it, as will those with whom he works.
There is both a common interest and a common pride.
He knows nothing of altruism,,but he becomes unconsciously a better citizen, as he is better workman,
because he is a better man.
This is the aim of the new industry. It is wedded
to no particular device. Any method that will produce the desired result is sufficient. If any proves
to be the best it will be adopted. The day of the
"hand" has passed, as has the day of the arbitrary
and self-sufficient employer. Man now deals with
man. There is chance for eaoh to know and understand the other, and a better day dawns.
808
THE CHRONICLE
Twelve strong men, six representatives of labor
and six leading employers, recently faced one another
across a table. Arguments went back and forth for
half an hour. Suddenly a labor representative who
had remained silent spoke. Addressing the leader
of the employers, he said: "I thirk we can trust you.
Let us take up our differences. I am ready to meet
you and do whatever you say."
That personal interview had brought confidence
and peace. The man in one had found the man in
the other.
CANADA AND HER ADVERSE TRADE BALANCE
WITH THE UNITED STATES.
Ottawa, Canada, Feb. 27 1920.
United States readers have probably noticed the
publicity given to a frantic but much localized movement in Canada to "correct" the exchange situation
by a boycott on American manufactured products.
This has even had the recognition of one or two
Federal Cabinet Ministers, but beyond that it has
not been permitted to go. Within the past two
weeks public meetings have been held, resolutions
passed and campaigns partly inaugurated to such
futile purposes as restricting Canadian railway
passengers to the Canadian side of the border for
at least the coming summer, swearing off the use
of American-made, textiles and foodstuffs, &c.
Happily, better counsels have prevailed and new
solutions for the exchange problem are occupying
public attention.
Aside from a few politicians, Canadian business
leaders recognize thoroughly that the United States
has played a purely passive role in the present exchange development. The adverse trade balance
with the United States now amounts to about 290
million dollars. At the same time we have a favorable balance with Britain of 441 million dollars.
It is, of course, impossible at the present time to
offset the American balance with our British credit
because of our inability to obtain British exports of
gold. It is not improbable that the Canadian
Minister of Finance will endeavor before long to
induce Britain in Canada's interests to allow gold
shipments to this country. Canada, of course, does
not presume to be on a gold basis any more than
Britain. In 1919 this country had 298 million dollars in Dominion notes not redeemable in gold; 237
million in bank notes, not redeemable in gold and
1,866 million in bank deposits not redeemable except
into paper money.
In the minds of many leading financiers the most
urgent problem facing the Government at the session
of Parliament which opened on Feb. 26 is to get the
Canadian nation back to a gold basis as quickly as
possible. Our national income for the ten months
of the fiscal year ending last month and derived from
customs, excise, post office, works and railways was
288 millions in round figures, showing an advance
of about 40 millions above the corresponding period
last year. Our expenditures, however, over the
same ten month period were almost 606 millions, of
which the capital outlay, such as expenditure on public works, dm., amounted only to 3532 millions. It
will be seen, therefore,that the country's expenditure
is not represented in capital account. Furthermore,
the estimates for the 1920 fiscal year denote a much
larger outlay from the Federal Treasury. With
these facts before him the Canadian business man
cannot long remain in doubt as to the reasons for
[voL. no.
the unpalatable phenomenon of American exchange.
Schemes of picturesque and foolish reprisal are sure
to give way to the advice recently offered by the
London "Times":
"There is no heroic solution of adverse exchanges.
The remedy lies in a drastic curtailment of public
and private expenditure in the countries concerned,
higher taxation where possible and a stoppage of
further Government borrowing, which alone can
prevent any further manufacture of paper money."
THE TRUST COMPANIES IN NEW YORK
AND ELSEWHERE.
Continuing the practice begun by us a long time
ago, we again present our annual comparative returns of the trust companies in this city (Manhattan
and Brooklyn boroughs) and also those in Boston,
Philadelphia, Baltimore and St. Louis, bringing
forward the results so as to include the figures for a
year later. For this city the figures, as far as the
liabilities and assets of the different companies are
concerned, are those furnished to the Superintendent.
of Banking at Albany, under his latest call, namely
Nov. 12 1919. As has been many times pointed out
by us, it was the practice of the Banking Department for a quarter of a century or more to require
reports for the closing day of the year, but this was
changed in December 1911 by the then executive
head of the.Department, and from that time to 1914
various dates in December were fixed as the time
of the return, while in December 1915 the last day
was again chosen, but for 1916 the date was dropped
back to Nov. 29, for 1917 to Nov. 14, for 1918 to
Nov. 1, and for 1919 was fixed at Nov. 12. The
Superintendent who inaugurated the departure evidently contemplated that there should always be a
return for some date in December, though the date
was not to be known beforehand. Succeeding incumbents of the office have not felt bound by any such
rule, and accordingly have named a day in November,
aggravating the effects of the original change.
The chief feature in the return of the trust companies is the further growth in their deposits and resources and consequently in their operations. In the
figures a year ago it appeared that further growth in
at least the deposits had been arrested and a retrograde movement set in. Nor was there anything
strange about the falling off then recorded. The
deposits of the trust companies differ considerably
from the commercial deposits of the ordinary business
banks, partaking largely of the nature of savings
deposits or consisting of funds awaiting permanent
investment. In the prosecution of the war the U. S.
Government had during the year and a half preceding been making enormous demands upon the
investment and money markets and it was but
natural under these circumstances that the deposits
of the trust companies should be drawn down, the
depositors using the money for the purpose of making
investments in Government obligations. At all
events the deposits did register a considerable
decrease, but during the twelve months since then
Government requirements in the shape of further
borrowing have been considerably reduced, with the
result that the deposits of the trust companies have
resumed their onward march.
Not only has the loss of 1918 in the deposits been
completely recovered, but a new high record established by a wide margin. In this we have reference
both to the returns of the New York.City instituti
FEB. 281920.]
THE CHRONICLE
809
and also to the returns of the trust companies as a holders, however, at par. I Since the date of
whole throughout the State. In the present article the 1919 return this company has still fur:her
we shall confine ourselves to the aggregates for the increased its capital to $20,000,000, the addiwhole State unless otherwise stated, these latter tional stock also going to the shareholders at par. The
being the more comprehensive. Between Dec. 24 Empire Trust Co. increased its capital from $1,500,1914 and Nov. 14 1917, a period of less than three 000 to $2,000,000, the stock being offered at par.
years, the deposits of the New York State trust com- Then the Irving Trust Co. doubled its stock from
panies rose from $1,437,030,984 to $2,630,085,223; $1,500,000 to $3,000,000 as a result of various consoliin 1918 there was a decrease to $2,516,751,340; now dations—the name of the Broadway Tru t having
for Nov. 12 1919 the aggregate of the deposits is up been changed to the Irving Trust; the Market and
to $2,885,355,813. It will be observed that in this Fulton National Bank having been taken over, likefive-year period the total has been fully doubled, wise the National City Bank of Brooklyn.
Fo • all ihe trust companies in the State aggregate
the addition having been $1,448,324,829.
Like other banking institutions, the trust com- capital increased from $119,932,200 Nov. 1 1918 to
panies have had a prosperous year. Money rates $135,050,000 Nov. 12 1919. Here in this city besides
have ruled high. Nearly all the trust companies, the increases in capital just referred to the American
at least in this city, are members of the Federal Re- T ust Co. with $1,000,000 capital hascome in as a new
serve system and have freely availed of its facilities, institution and likewise the Italian Discount and
the proceeds of their borrowings being of course Trust Company with $500,000 capital.
We have spoken above of the complete identificaplaced at the disposal of the community and yielding
a remunerative return. In this state of things the tion of the trust companies with the Federal Reserve
trust companies have made large profits and the cir- banking system. This is shown on the one hand by
cumstance is reflected in a large increase in the item the large and growing amount of reserve kept with
of surplus and undivided profits. This item in the the Federal Reserve Bank of New York, and on the
year from Nov. 1 1918 to Nov. 12 1919 rose from other hand by the liberal use made of the facilities
which meml-,ership in the Reserve system confers.
$188,886,678 to $211,441,830.
The e comparisons are significant as showing that The New York State trust companies on Nov. 12
the effect of the long decline in security values has at 1919 had on deposit with the Federal Reserve Bank
last been overcome. As has been previously pointed of New York no less than $256,843,778 against
out by us, the trust companies are like the savings $192,033,330 Nov. 1 1918. A year earlier, or Nov.
bank in that they hold a mass of gilt-edge securities 14 1917, the trust companies reported $147,732,182
in which a material shrinkage in values began when of reserve with the Federal Reserve Bank, that being
the United States entered the war and put out huge the first date which showed this as a separate item.
amounts of Government obligations at 4 and 4yi% The trust companies are keeping less and less cash
on Liberty loan issues and at 432% on Treasury in their own vaults. Thus for Nov.12 1919 the item
certificates of indebtedness. With U. S. obligations Of specie is given as only $13,277,342 and other curobta.nable so as to yield such a good retu:n a read- rency as $32,633,548. On Nov. 1 1918 they held
juAment in the prices of other classes of high-grade $13,874,275 specie and $28,233,821 of other currency.
securities necessarily followed. In other words, the On Nov. 14 1917 the trust companies held $48,157,market value of the investments of the trust com- 471 of specie in their own vaults and $21,393,115
panies underwent considerable : hrinkage, and this of legal tenders and bank notes. We need go back
involved reduction in surplus and profit, since that only a year further to show how complete has been
item is figured on the basis of the market value of the change in the cash position of the companies by
the securities held. During 1918 and 1919 a part of reason of their having joined the Federal Reserve
the depreciation has been recovered, though in the system. In brief, on Nov. 29 1916, the trust comcase of municipal securities, where there had been a panies had in their own vaults $143,119,311 of specie
recovery in values in the early part of the year, there and $19,757,285 of legal tenders, &c. The great
was renewed decline the latter part, in harmony with reduction in the vault holdings since then illustrates
the downward tendency in the prices of United States how important has been the contribution of the trust
companies in support of the Federal Reserve system.
obligations.
As already stated, the trust companies have also
On Nov. 29 1916 the total of surplus and profits
of the New York State trust companies was reported availed freely of the facilities which connection with
at $198,865,173 Ftom this there was"a decline to the Reserve system affords. Thus the returns for
$183,176,027 by Nov. 14 1917 with a further shrink- Nov. 12 1919 show rediscounts to amount of $130,age in the early part of 1918, but with_a recovery to 505,118 and bills payable to an aggregate of $147,$188,886,678 by Nov. 1 1918, and now to $211,- 568,728. The two combined make over $278,073,846. On Nov. 1 1918 rediscounts aggregated
441,830 on Nov. 12 1919 as already stated.
Possibly it will be supposed that a considerable $118,211,329 and bills payable $90,336,679, making
part of the increase in surplus has come from new over $208,000,000 together. The year before, on
stock put out at a premium, but as far as the New Nov. 14 1917, the rediscounts were only $30,585,248
York City companies are concerned, which contribute and the bills payable or borrowed money $63,711,200.
the bulk of the increase in surplus, this has not been If we go back a year further to Nov. 29 1916 we find
the cases There have been some noteworthy in- the rediscounts hardly more than nominal, or only
creases in the capital of several institutions, but the $27,254, and the bills payable but $75,000. Thus
stock has all been sold at par with the exception of the trust companies, in the ways indicated, enlarged
some shares offered by the Irving Trust Co. at 125. their facilities for accommodating their patrons in
During the peti.ocl covered [by the comparison amount of considerably over $200,000,000.
Another line of business which the trust companies
between 1919 and 19181 the Bankers Trust Co.
capital from $11,250,000 to $15,- have been developing has been the acceptance busiincreased
000,00c the new ;hares being offered to share ness. This item appears for corresponding amounts
810
THE CHRONICLE
[vol.. 110.
on the two sides of the balance sheet. On the lia- has gone out of existence. During the latter part
bility side we find "acceptances of drafts payable at a of the year the American Trust Co. absorbed the
future date or authorized by commercial letters of Queens County Trust Co. of Jamaica, Long Island.
credit" for $136,170,589; on the asset side there is
Aug. 22
Borough 01
Dec. 9
Nov. 14
Nov. 1
Nov. 12
the corresponding item of "customers' liability on
Manhattan.
1907.
1913.
1917.
1918.
1910.
acceptances" for $138,846,805. The previous year American
$
County } 1,934,491 1,019,001
the acceptance total was $129,001,489; in 1917 it Queens
2,677,118
2,789,472
9,082,733
Bankers..
23,861,606
Mercantile
was $96,342,346: in 1916 $78,767,347, and in De- Manhattan 35,119,131 H29848,542 }
302,999,353 294,678,516 317,536,146
10,975,957 1
Astor
8.965.745 20,667,490 I
cember 1914 only $23,542,185.
• • Carnegie
7,923,242 Defunct
Defunct.
Defunct
Defunct
_k
42,137,580 83,432,013 192,170,980
As to the investments of the trust companies, the Central
Union Trust__ 48,231,644 55,256.528
77,018,175 235,815,186 211,438,902
Columbia
6,774,339 1
stock and bond holdings show no very great changes Knickerbocker 62,114,990
154,089,632 100,564,532
88,690,314
95,643,900
Commercial
3,876,980 3,882,550
4,961,157
4,873,448
8,717,627
during the twelve months. The total of the public Commonwealth
(defunct)
516
.458 Defunct.
Defunct
Defunct
securities has been reduced somewhat, but is still of Empire
8,898,940
4,185,255 122,359,030
47,758,314
51,060,671
50,412,043
good size at $401,821,982 in 1919, comparing with Guardian
Windsor
11,162,536
17,381,123
$413,221,939 in 1918. This item would include U. S. Equitable
Bowling Green 16,233,629
66,870,535 206,027,883 271,862,383 234,016,518
or
bonds and U. S. certificates of indebtedness and by Madison
Van Norden 8,101,350
TrustCo.ofAm 64,124,995
reason of the inclusion of the latter would necessarily Farmers' L.& T. 81,702,513 112,181,300 170,304,293 176,330,461 166,688,021
Fidelity
3,028,403 7,641,801
13,203,952
12,944,106
11,859,187
fluctuate between the date of one return and the date Fulton
7,423,429 8,361,843
8,644,457
7,589,341
9,312,365
41,996,504
Guaranty
of another, accordingly as issues of Treasury certifi- Fifth Avenue- 17,532,796 1149,450,212 523,509,340 551,222,895 725,510,455
Morton
40,510,828
12,884,258
Standard
cates of indebtedness were being put out or retired. Hudson
2,066,175 3,556,973
6,038,162
5,017,144
8,268,864
Irving
_b
On Nov. 14 1917 the total of "Public Securities" Broadway-- 3,932,749)
3,104,410 )14,420,483
36,327,937
45,824,910
76,278,940
stood at $443,486,907. We need only go a year fur- Flatbush
Savoy
1,569,287
Dis.& Tr.
(p)
(9)
(P)
17,372,888
(C)
ther back to see how greatly the facilities of the trust Italian
Lawyers'T.IAT. 8;524,049 112,075,457
Home _ b
I 19,148,035
2,636,974 J
15,145,872
19,542,725
companies have apparently been used in support Lincoln
11,601,761
2
2,6951408
15,224,911
19,629,601
26,622,804
Tr.&
of the Government's loan operations, for on Nov. 29 Mercantile
Dep_h
7,486,603
15,189,206
16,249,446
Metropolitan
23,747,751 17,094,371
64,349,341
36,912,859
39,022,670
1916 the aggregate investment in "Public Securities" Mutual
Allianceg 5,763,501 8,344,532
a
N. Y. L. I. & T. 33,782,456 32,582,070
28,027,672
23,701,797
23,483,727
was no more than $166,233,694. On the other hand, New
York
33,517,360 37,535,428
68.928.242
78,404,988
67,956,267
Scandinavian.I.
14,019,775
27,595,288
the investment in "Private Securities," which had Title Guar.& Tr. 28,495,980 26,921,794 32,137,226 29,679,154 33,070,973
Transatlantic_ a _
2,617,687
6,498,970
6,748,705 a
been declining, is again increasing. For Nov. 12 1919 U.S. Mtge.& Tr
30,982,562 40,459,470
67,347,547
81,042,870
61,722,175
United States
59,394,159 54,882,451
63,968,195
36,047,436
49,639,976
the total is $364,629,439 as against $335,721,543 Waahington.d.. 9,798,340 9,702,666 (d)
(d)
(d)
849,123,619 985,843,077 2,150,960,384 2,047,236,088 2,280,534,271
Nov. 11918, $417,197,381 Nov. 24 1917, $405,853,- Total-b
Borough of
Brooklyn—
187 Nov. 29 1916 and $433,945,679 March 17 1916. Brooklyn
15,363,635 123,456,006 .34,569,361
33,830,932
37,744,025
Long Isl.L.&T 7,058,3685
Loans on collateral security have always been a Franklin
10,929,960 0,290,277
20,894,517
32,047.703
25,278,176
8,734,731 7,137,485
7,646,257
11,512,139
8,500,654
favorite form of investment with the trust companies, Hamilton
Kings County
12,346,322 15,936,860
21,004,430
25,675,560
24,941,377
Lafayette
Defunct
4,344,881
Defunct
Defunct
Defunct
and the amount employed in that way is larger than ManufacturersCitizens_e____ 1,592,398 5,806,410
14,392,274
28,083,285
31,784,319
ever and may now be supposed to reflect loans, more Nassau_
8,200,228 5,831,878
It
(0
(0
(8)
14,946.702 19,037,583
28.007,592
27,207,492
34,304,249
or less, on Government obligations. For Nov. 12 People's_
Williamsburgh
8,206.663 Defunct
Defunct
Defunct
Defunct
1919 the amount stands at $1,255,080,663, which Total _ c
95,552,272 89.282,546 147,104,725 138,672,913 102,552,800
Borough of
compares with $1,042,921,704 Nov. 1 1918, $900,Queens.
975,589 Nov. 14 1917, and with $960,764,762 Nov. Total Greater
New York__ 946,610.382 10770440242,300.742,2272,188.008,4732,443,087,071
29 1916. "Loans, discounts and bills purchased, a Transatlantic began business May 28 1912 and liquidated by U. S. Government agents in 1910.
not secured by collateral" has risen in recent years b For Aug. 22 1907 the total does not Include deposits of Flatbush of Brooklyn,
which
consolidated with Broadway of N.Y.City March 6 1912. The Broadway
to the dimensions of an important item, and for changedwastitle
to Irving Trust Nov.30 1917 and Market de Fulton Nat. consolidated
with Irving in March 1918.
Nov. 12 1919 was $593,108,914 as against $521,322,- The total for Dec. 9 1913 does not include Home Trust Co. of Brooklyn, consolidated with Lawyers'Title Insurance & Trust Co. of N.Y. City February 1915.
c The total for Aug.22 1907 includes deposits of Flatbush and the total for Dec.9
959 Nov. 1 1918, $508,697,327 Nov. 14 1917, and 1913
includes deposits of Home Trust Co.
Washington Trust Co. absorbed by Corn Exchange Bank on Jan. 26 1914.
$346,273,321 Nov. 29, 1916; the item includes pre- ed Citizens'
Trust Co. and Manufacturers' Nat. Bank consolidated in Aug. 1914.
Trust absorbed the West Side Bank, New York City, June 15 1018.
sumably much paper eligible for rediscount at the Manufacturers'
f Nassau Trust Co. merged into the Mechanics Bank June 27 1914.
g Mutual Alliance taken over by Chatham-Phenix Nat. and Century banks
Federal Reserve Bank. Other forms of investment January
1916
Mercantile Trust St Deposit began business May 1 1917.
do not vary greatly from year to year, real estate hScandinavian
began business June 11 1917 and taken over by Liberty National
Oct. 1919.
mortgages for instance being $92,443,429 Nov. 12 Bank
k Central and Union consolidated Juno 18 1918.
American Trust organized Jan. 27 1019, abslrbed Queens Co. Trust Sept. 1919.
1919, $93,377,100 Nov. 1 1918, and $94,131.424 m
p Italian Dis. & Tr. began business Nov. 111018.
Nov. 14 1917.
TRUST COMPANIES AT OTHER POINTS.
In the foregoing we have been dealing with the
In the case of the trust companies at Boston,
trust companies as a whole. As far as the separate Philadelphia, Baltimore and St. Louis, the figures
companies are concerned, the elaborate statements on as presented on subsequent pages for the different
subsequent pages will enable the reader to ascertain institutions are all our own, we having in each
what the experience of each company has been as be- instance made direct application for i-,hern to the
tween 1919 and 1917. To furnish a sort of general companies, though in a few instances, where our
survey we introduce here the following table compris- requests met with no response, we have had to have
ing all the companies in the Boroughs of Manhattan recourse to (fficial statements made in pursuance
and Brooklyn and showing the deposits on Aug. of calls of the public authorities. In the nature of
22 1907 (before the panic of that year) and on Dec. things, as we are entirely dependent upon the com9 1913, Nov. 14 1917, Nov. 1 1918 and Nov. 12 1919. panies themselves for the figures and no general
The number of institutions in the Boroughs of Man- data of an official kind are available, comprehensive
hattan and Brooklyn has not changed during the last totals and elaborate details, such as are possible for
twelve months. The American Trust Co. and the the institutions of New York, are out of the quesItalian Discount & Trust Co. appear as new in- tion. Our summaries for these other centres are
stitutions; on the other hand, the Scandinavian such as we have been able to prepare ourselves and
Trust Co. has been consolidated with the Liberty necessarily are limited to a few leading items. Nor
National Bank and the Transatlantic Trust Co. are the returns in those instances cast on uniform
FEB. 28 1920.]
811
THE CHRONICLE
lines, nearly every company having its own distinct
method of classification, making general footings out
of the question, except as regards those few common
things treated alike by all, and which have definite,
established meaning, such as capital, surplus and
deposits.
As in the case of the New York companies, the
record of the Boston trust companies is one of
further large gains. The number of companies in
our compilation has increased by only one, but 4wo
new companies were organized and two have disappeared. Also numerous changes in capital have
been made. The new companies are the Hub Trust
C )., capital $200,000, which began business June 19
1919, and the Roxbury Trust Co., capital $200,000,
which succeeded the Roxbury National Bank. The
Old South Trust Co.,, capital $200,000, was temporarily closed late in the year and is to be reorganized as the Hamilton Trust Co., with the intention
to.open for business in February 1920. The Puritan
Trust Co., capital $200,000, was merged with the
Tremont Trust Co. We have included in our record
one of the already established companies, the Revere
Trust Co., capital $100,000, not heretofore given by
us. Increases in capital have been as follows:
Cosmopolitan, from $200,000 to $600,000; Equitable
Trust Co., $200,000 to $500,000; Fidelity Trust,Co.,
$2,000,000 to $2,777,000; Market Trust Co.,$250,000
to $400,000; Massachusetts Trust Co., $500,000 to
$1,000,000; Mer,ropolitan Trust Co., $300,000 to
$500,000; Old Colony Trust Co., $6,000,000 to
$7,000,000, and State Street Trust Co., $1,000,000
to $2,000,000. These various changes have caused
an increase in the total capital from $21,650,000 to
$26,077,000, while surplus and profits have risen
from $29,107,018 to $33,978,583.
Both deposits and aggregate resources have again
heavily increased, the former rising from $415,355,824
to $503,450,567, and aggregate resources from
$466,298,772 to $560,096,234. The following furnishes a comparison for the various items for the
last twenty years:
Surplus and profits during the twelve months have
increased from $78,408,601 to $81,801,490, deposits
from $335,093,397 to $405,373,275, and aggregate
resources from $505,489,017 to $576,019,954. The
following furnishes a comparison of the totals of the
different items from Dec. 31 1900 to Dec. 311919, ,
inclusive:
PHILADELPHIA.
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dee. 31
Dec. 31
Dec. 31
D.._ 31
1900 (40 cos.)____
1901 (41 cos.)___
1902 (41 cos.)____
1903 (43 cos.)____
1904 (43 cos.).___
1905 (44 cos.)____
1906 (52 cos.).___
1907 (58 cos.)____
1908 (58 cos.)___
1909 (59 cos.).___
1910 (59 cos.)____
1911 (58 cos.)......
1912 (56 cos.)____
1913 (56 cos.)____
1914 (56 cos.).___
1915 (56 cos.)____
1916 (56 cos.)___
1917 (54 cos.)____
1918 (56 cos.)____
1010 (57 PAR 1
Capital.
Surplus and
Profits.
$
28,399,965
31,927,006
33,142,233
34.320.337
34,800,980
35,312,363
36,931,963
38,727,909
39.068.955
39,897,218
39,931,416
38,511,733
36,797,836
39,162,538
39.069,243
38,870.193
38.879,993
40,579,993
41,307,608
44.142.08R
$
27,826,941
33,885.857
37,514,329
39,654,877
42,344,733
45,594,298
49,590,018
50,840,244
52,000,976
55,374,618
59,187,488
62,262,427
64,847,539
65,535,659
65.932,688
69,298,540
73,775,140
77,779,452
78,408,601
R I.801.400
Deposits.
$
136.496,312
149.137,386
153,151,355
161.231,152
202,855,986
209,213,067
193,283,134
169,669,224
200,983,530
217,196,883
208,837,634
224,225,832
231,712,367
232,941,234
238.256.333
297.235.195
331,108.286
327 597,906
335,093,397
4(15.373.275
Aggregate
Resources.
$
196,498 618
218,660,249
227.480,117
238,817,566
283,503.299
293,177,935
286.232,600
265.150,778
296,761.341
316,892,720
311,640,645
328.196,392
337.179,556
341,764.741
347,588,292
407,024.328
444,775,175
452,498,288
505,459,017
576.010.954
In the case of Baltimore our compilations Were
only begun seven years ago and cover the returns at
the end of 1913, 1914, 1915, 1916, 1917, 1918 and
1919. Here the increase in capital from $8,650,000
to $9,150,000 is accounted for by the addition of one
new company, the Commerce Trust Co., capital
$500,000, which began business in July 1919. The
gains in deposits and resources surpass any previous
year in our record, deposits rising from $85,714,838
to $116,199,900 and total resources from $107,773,988 to $140,749,413. In tabular form the comparisons are as follows:
BALTIMORE.
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
1913 (10 cos.)--1914 (10 cos.).—
1915 (11 cos.).—
1916 (11 cos.)....-1917 (11 cos.)---1918 (11 cos.)--1919 (12 cos.)____
Capital.
Surplus and
Profits.
Deposits.
Aggregate
Resources.
$
8,950,000
8,950,000
8,650,000
8,650,000
8,650.000
8,650,000
9.150.000
$
12.177.127
11,407.783
11,851.317
12,539,306
12,765,927
13,309,150
14.099.513
$
45,131,061
52.212,492
72,128.718
82,523,300
89,517.,06
85,714,838
116.199.900
$
66,058,188
73.170,115
93,230,098
103,712,606
110,986,411
107,773,988
140.740.413
At St. Louis the number of companies remains
unchanged; while one new company began business
in 1919, the Union Station Trust Co., with capital
of $200,000, one other company was liquidated, the
Jefferson-Gravois Trust Co., capital $100,000, whose
Surplus and
Aggregate
deposits were taken over by the Jefferson-Gravois
Capital.
Profits.
Deposits.
Resources.
BOSTON.
Bank. This accounts for the increase of $100,000
$
$
$
$
89,461,044 108,196,701
Dee. 31 1900 (16 cos.)___. 8.450,000 10,285,659
Dec. 31 1901 (16 cos.)._
9,000,000 12,294,798
107.991,782 129,286.58( in the aggregate capital during 1919.
Deposits and
Dec. 31 1902 (18 cos.)____ 11,100,000 15,779.627 116,264.790 143,144.411
Dec. 31 1903 (19 cos.)____ 12,100.000 18,629,264
112,281,257 143,010,521 aggregate resources were substantially added to, the
Dec. 31 1904 (19 cos.)..... 12,500,000 19,702.108 139,851,208 172,053,311
Dec. 31 1905 (19 cos.).— 12,500,000 20,841,502 148,033,197 181.397,832 former
having increased from $102,137,663 to
Dec. 31 1906 (16 cos.)._ 11,100.000 22,551.499 158,213.825 191,885,062
Dec. 31 1907 (19 cos.)._ 11,750,000 23,699,740 125,254,672 160,704,412 $121,424,904, and the latter from $123,397,168 ,to
Dec. 31 1908 (19 cos.)._ 11,750,000 24,610,326 173,765.331
210,125.651
Dec. 31 1909 (19 cos.).___ 12,150,000 25.002,793 186,937,983 224,090,822 $153,394,692. In 1915 our totals of deposits and
Dec. 31 1910 (19 cos.)____ 12,250,000 27,349,902 189,153.760 228,753,662
Dec. 31 1911 (19 cos.)__ 14,850,000 26,234,350 216,926,992 258,248,401 resources were greatly reduced by the fact that the
Dec. 31 1912 (21 cos.)____ 16,250,000 28,108,699 207,263,762 251,622,061
Dec. 31 1013 (23 cos.)...._ 17,250,000 29,358,660 213,973,959 260,582,62( banking business of the St. Louis Union
Trust Co.
Dec. 31 1914 (24 row.)___
17,450.000 28,143,017 225,532.137 269.125,15f
Dec. 31 1915 (26 cos.)___. 18,480,200 24,261,485 293,833,516 336,704,220
was taken over by the then newly organized St. Louis
Dec. 31 1916 (29 cos.)_... 19,150,000 26,174.836 337,625.256 383,460,072
Doe. 31 1917 (29 cos.)____ 21,479,N00 27,419,977 363,551,440 414,609.941
Union Bank. In the four years since then the
Dec. 31 1918 (30 cos.)._ 21,650,000 29.107,018 415,355,824 466,298,772
Dec. 31 1919 (31 cos.)____ 26.077.000 33,078,583 503.450,567 560.096.234
reduction in deposits and resources has been more
The Philadelphia trust companies also show note- than recovered.
Surplus and
Aggregate
worthy additions to all the items included in our
Capital.
Profits.
'Deposits.
ST. LOUIS.
Resources.
compilation. One new company has been added,
$
$
$
$
Dec. 31 1901( 6 cos.).__ 13,425,660 14,471.934
41,339,273
69,829.307
the American Bank & Trust Co., organized during Dec.
62,910,106 109,167,449
31 1902( 9 cos.).— 20,485,300 24,922,243
31 1903( 8 cos.).___ 19,000,000 24,915,483
62,563,117 107,454,100
the year with $297,250 capital paid in on Dec. 31 Dec.
Dec. 31 1904( 5 cos.)._ 16,000,000 22,507,930
78,706,702 117,214,632
Dec. 31 1905( 8 cos.)____ 16,100,000 23,365,609
71,681,442 111,268,041
1919. Increases in capital have been numerous— Dec. 31 1908( 9 cos.)____ 16.350,000 23,584,914 74,512,832
115,189,586
Dec. 31 1907( 8 cos.)---- 13,350,000 22,537,837
66,329,762 107,028,169
Aldine Trust increased from $200,000 to $385,700; Dec. 31 1908( 9 cos.)---_ 13,452,400 22,782,021 61,619.831 97,856,192
Dec. 31 1909 (13 cos.)____ 14,752,400 19,428,356
73.959,732
Commercial from $1,000,000 to $2,000,000; Franklin Dec. 31 1910 (13 cos.)____ 14,752,000 19,505,474 73,015,086 108,139,489
107,272,981
Dec. 31 1911 (16 cos.)._ 15,002,400 19,591,743
78,169,009 112,763,152
1912 (15 cos.)____ 14,900,000 19,617,825
84,229,211 118,747,036
from $600,000 to $1,000,000; Land Title & Trust Dec. 31
83,329,512 117,880,234
Dec. 31 1913 (16 cos.)—__ 14,950,000 19,600.492
31 1914 (16 cos.)____ 13,050,000 19,024,203
81,741,093 111,765,316
from $2,000,000 to $3,000,000; Market Street Title Dec.
Dec. 31 1915 (14 cos.)____ *8,050,000 *12,738,269 *62,012,906 *94,068,996
31 1916 (15 008.)._ 8,250,000 12,879,829
70,380,425
91,509,254
& Trust from $224,810 to $249,950, and Northern Dec.
79,518,642
Dec. 31 1917 (15 cos.)____ 8,350,000 12,795,317
98,906,145
31 1918 (15 cos.)...._ 8,350,000 12,909,504 102,137,663 123,397,168
Central from $148,630 to $150,000. These, with Dec.
Dec. 31 1919 (15 cos.)_. 8,450,000 13,519,789 121,424,904 153.394.692
the reduction in the capital of the Mortgage Trust *Reduction In totals due to the elimination of the St. Louis Union Trust CO..
whose banking business was taken over by the newly organized St. Louts Union
from $125,000 to $50,000, account for the increase Bank.
The Trust Co. reported no deposits on Dec. 31 1915 against $25,710,275
on Dec. 31 1914 and $11,244,321 aggregate resources Dec. 31 1915 against $36,of $2,834,460 in the item of capital during the year. 935,227 on Dec. 31 1914.
812
THE CHRONICLE
Turrent gu.ents and
pts.cussions
ww.
[VOL. 110
selling parlance, were "out of line" with the rest of the market. This was
given as the reason for the reduction of2 points in tho offering price a month
ago, and is also supposed to be the chief reason for the adoption of this new
and unprecedented expedient in disposing of the unsold portion.
CONTINUED OFFERING OF BRITISHATREASURY
BILLS.
The usual offeringrof ninety-day BritishlTreasury bills PARIS COUNCIL VOTES TO FLOAT $20,000,000 LOAN
IN CANADA.
was disposed of this week by J. P. Morgan & Co. on a disParis cablegrams of Feb. 22 state that it has been decided
count basis of 6%, the same as in other recent weeks. The
by the City Council of Paris to float a municipal loan of
bills in'Ithis;week's offering are dated Feb. 23.
$20,000,000 in Canada. The proceeds are to be used for
the purchase of foodstuffs and other essentials in the CanaCONTINUED OFFERING OF FRENCH TREASURY
dian market.
BILLS.
Another block of French Treasury bills was disposed of
by J. P. Morgan & Co. this week. They were again disposed PURCHASE BY FRANCE OF CANADIAN ASBESTOS
THROUGH BOND ISSUE.
of on a discount basis of 6%, the figure to which the rate
Arrangements were concluded, according to Ottawa adwas advanced some time ago. The bills in this week's offervices Feb. 12, whereby Canadian firms will furnish $1,250,000
ing are dated Feb. 27.
worth of asbestos roofing for use in the north of France.
It was stated that the credits are on the usual basis by which
PARIS EXCHANGE TO CLOSE ON SATURDAYS.
It was announced on]Feb. 19 that the decision has been the French Government issues bonds, of which the Canadian
reached bfithe Governors of the Paris StocklExchange to manufacturers take three-eights, and the Government,
close on Saturdays, beginning Feb. 21, untillSept. 25. The through the Trade Commission, the remainder. Asbsetos
only'exceptionito therrule,fit is:stated, willibeIthe Saturdays roofing manufactured from Canadian asbestos and Canadian
cement is finding a large export market at the present time.
falling on May 15 and July 31.
It was also said:
OFFERING OF $25,000,000 KINGDOM OF ITALY BONDS.
Kidder, Peabody & Co., of New York and Boston have
offered this week the $25,000,000 Kingdom of Italy Royal
Treasury five year 6% gold bonds (Series A) at 973/2 and
interest to net about 738%. These bonds, which are dated
Feb. 1 1920, and are due Feb. 1 1925, were referred to in
our issue of Jan. 17, page 203, wherein it was announced
that they had been authorized for floatation in this country
by the United States Treasury Department. In the "Chronicle" of Jan. 24,‘page 305, a further reference to the bonds
appeared. The bonds will be issued in coupon bearer orm
in denominations of $50, $100, 8500, $1,000 and $5,000,
which may be registered as to principal at the Lincoln Trust
Company,New York. Principal and interest will be payable
in New York in United States gold coin, or, at the option
of the holder, principal may be made payable in Rome in
lire at the fixed rate of seven lire per dollar; it is also stated
that principal and interest will be payable without deduction
for any Italian!taxes, present or future. The offering' also
states:
The proceeds of the loan will be used by the Italian Government in payment for purchases made in the United States, which purchasers will aid
greatly in the industrial and economic development of Italy. To this end
a national policy of rigorous economy has already been adopted.
The privilege of taking payments, at maturity, in Rome at the fixed
rate of seven lire to the dollars adds to a sound and conservative investment
the possibility of a substantialfprofit in exchange.
ARRANGEMENTS AFFECTING FRENCH CITY BONDS
—LYONS, MARSEILLES AND BORDEAUX.
It has been announced within the past few days that the
managers of the syndicate which underwrote the $45,000,000 bonds of the cities of Lyons, Marseilles and Bordeaux,
France, have been advised that the French Government will
take up, on Feb. 1 1921, any unsold portion not to exceed
$25,000,000, on five days notice, at 89 and interest. The
offering of these bonds was referred to in our issue of Nov.8,
page 1741, and in the "Chronicle" of Feb. 7, page 508
the extension of the life of the syndicate to March 1 was
noted. In stating that under the new plan the syndicate
will be further extended to Feb. 1 1921, when the unsold
portion of the bonds will be taken back by the French Government,Ithe New York "Times" of yesterday (Feb. 27)
added:
Parliament last year provided credits of $100,000,000 to enable the financing of purchases in Canada by Greece, Franco, Rumania and Belgium.
These credits expired at the end of the year, and they will be renewed, if at
all, only under special circumstances to each country mentioned;$25,000,000
was applied, Rumania taking $20,000,000 and Greece considerable of its
part, but France and Belgium very little.
To what degree these credits may be extended now is problematical.
but it is increasingly evident that Canadian manufacturers will have to
rely in future very largely upon their own resources unless the case for
assistance be peculiarly strong.
READJUSTMENT OF VICTORY BOND PRICES.
The readjustment of the' prices of Victory Bonds by the.
Victory Loan Committee in Canada whereby new official
levels are established, at which the various issues of these
bonds will hereafter be dealt in, was announced on Feb. 23.
The "Toronto Globe" of the 24th had the following to say
in the matter:
Great interest was taken in the financial district yesterday In the news from
Ottawa that the prices of Victory bonds had been teadjusted to confrom
with the changed conditions, particularly following the selling of so many
sterling and other outside securities In the Canadian market of late. It
had been observed for some weeks that this flood of overseas bonds and
stocks was having an upsetting effect in Canadian finance. The most
obvious effect was to lower the price of bonds and stocks and thus send up.
the yield. The Market Committee, in whose hands the soiling of Victory
bonds had been placed early in January, had boon in the difficult position.
of trying to sell Victory bonds at a price to yield much lower than other
first-class securities. It is believed that under the readjustment of prices
Victory bonds can hold their own and find ready absorption.
What Ottawa Sabs.
In the announcement from Ottawa of the change in prices was evidently
authorized by the Minister of Finance after conference with Canadian
financial interests, and the new schedule wont into effect yesterday. The
Government announcements said that, owing to the decline in foreign exchange, the income return obtainable on high-grade securities had risen sub—
stantially, and it has, therefore, been decided to adjust the prices for Canadian Victory bonds, 80 that the investment returnsfrom these securities will.
be increased accordingly. 'Phis is in line with the policy followed front the
beginning of the war of making the Canadian Government securities the
most attractive investments obtainable in Canada.
The change in prices means a reduction of around 1 to above 4 points.
A comparison of prices in the open market just before the Market Committee.
took over the Victories on Jan. 21, the fixed price in the Market Committee
for that month, the now price (to seller and buyer respectively), and the
yield under the now price, is as follows:
Present
Fixed Price
Close
Present,
Yield.
Jan. 21. to Feb. 23.
Price.
5.85
100
98 - 99
1922
0934
100
5.80
1923
98
99
9934
5.50
1927
99 -100
10134
10034
5.50.
1933
10234
90 -106
10234
5.40
1937
10434
104
100 -101
6.10
•
1924
99-100
9634- 9734
5.80
1934
90-100 2 06 - 07
Meanwhile, the syndicate managers who have been financing the unsold
bonds in an amount said to range between $20,000,000 and $25,000,000.
Prices Have Changed.
are to distribute these securities to all the mombens of the syndlcatO, on a
The scarcity of money, both in Canada and the United States, which!has
pro rata basis according to their participation in the venture. This will
relieve the syndicate managers and, under the terms of the agreement with been apparent for some weeks past, has affected the bond business, sending
or Canadian
the French interests, really assure the syndicate participants against loss prices down and yields up. This was see'.1
.igher., These,
and against being left with the bonds on their hands for more than one year municipalities, where the yield was more t
after the date for completing the original syndicate agreement. In other with the host of sterling bonds and stocks that came from overseas,' many of
words, the members of the organization which was got together to market thorn guaranteed securities, with a yield of0% to 7ig;itild more,embarrassed
this offering have the alternative of selling their bonds at the offering price the bond dealers.
of 903. or of holding what virtually amounts to a one-year note which will
yield them approximately 734%.
CANADA'S EMBARGO AGAINST "DUMPING" Olo
The price at which these bonds were first offered was 92. At that price
DOMINION'S SECURITIES.
the yield basis of 6.80%. On Feb. 1, when the original syndicate was
extended, the offering price was reduced to 903, at which figure the yield
On Feb. 25 there were reports from Toronto:tolthe;effect
to the investor was 7.10%. It is understood the syndicate got the bonds
that an embargo on trading in stooks, bonds or other securiat a price to yield about 73.1%•
This, so far as known, marks a now method of handling bond financing. ties from countries outside of Canada would become:offeotive
The offering, when it was first made, met with a satisfactory response and on the 26th, the action having
been taken by the financial
the relatively high yield, coupled with the unusually good security behind
the bonds, was expected to assure complete success of the transaction. But interests of the Dominion at thelrequest of,Sir Henry Draythe money market recently has become so tight that the bonds, in bond ton, Minister of Finance, to protect the home scour
44§
FEB. 28 1920.]
THE CHRONICLE
market. On the 26th inst. a Montreal dispatch to the "Wall
Street Journal" gave the following account as to the action
taken in Canada:
Finance Minister of Canada has not placed any embargo on trading in
securities outside of Canada. What has occurred is that the Minister of
Finance has consulted with the stock exchanges of Canada and with the
Bond Dealers' Association with a view to reducing importation of Canadian
securities into Canada. Under exchange conditions which have existed it
has been possible to buy Canadian securities in London market, pay for
them on the present basis of pound sterling, and dispose of them in Canada
on dollar basis at prices which were very attractive as compared with
other Canadian securities. This development, however, has hurt the
Canadian market and wade it necessary to reduce quotations on Canadian
Victory Loans.
Bond bosses and *miters have agreed not to continue their activity in
bringing securities from Great Britain and banks have been requested to
co-operate in this direction. The Government does not place any embargo,
but it has been seeking for some solution which would prevent the market
for further issues in Canada from being impeded to a great extent by
importation of old issues that should only be met at maturity.
FRANCE TO WITHDRAW FROM LATIN MONETARY
.
UNION.
A cablegram (ilayas) from Paris Feb. 24 to the New York
"Evening Post" said:
Franco gar, notice yesterday at a meeting of representatives of member
nations of the Latin Monetary Union that from Dec. 23 next she will not
consider valid the monetary convention of Dec. 23 1865. By this compact
Franco, Italy. Belgium and Sweden agreed to the use of the same coinage,
so that their metal money might be mutually interchangeable. The reason
given in the notice was that French silver coins are no longer current in the
other countries concerned.
REGULATION OF FOREIGN EXCHANGE ABANDONED
IN GREECE.
The following cablegram, dated Feb. 10 1920, was received by the Department of Commerce at Washington
from the American Legation at Athens:
813
The productive and distributive processes so essential to restore the
equilibrium of the world depend upon such rates in order to function most
efficiently.
which the interest
I call your attention to the unreasonable manner
rates on the stock collateral loans In New York have boon fluctuating from
normal to 25 and 30%, with the most unhappy consequences upon interest
rates, injuriously affecting our commercial business throughout the United
States.
The Federal Reserve Board has been induced to raise the rate of discount
of the Federal Reserve banks to a high point as a supposed check on the
extraordinary speculation which has been taking place on the Stock Exchange.
Those artificially unreasonable high rates of interest charged by the
banks in the central cities on stock collateral call loans have had the effect
of drawing to these cities from different parts of the country funds which
ought to be exclusively used in cominerce, and this process went to a
point where recently the amount of stock collateral exchange loans on cal
or short time reached a volume in New York City of $1.900,000,000, withdrawing for speculative purposes these credits which should .be used in
the. industrial and commercial life of the country.
The investing and simulating public has been attracted to the stock
exchange by the policy of narrow margins and low rates of interest; but,
after the public has taken on these speculative purchases the interest rates
are raised to a high point and the margins are increased from 10% to 20
and 30%, with the effect of squeezing out the people who, in the language
of the day, can't hold on."
These loans, which were $1,900.000,000 sixty days ago, have now been
reduced to $1,000,000.000, and the stock market has gone through a very
severe depreciation; and this is the second upheaval of this kind with,n two
months. I enclose an exhibit showing the violent fluctuations which have
taken place contrary to a wise public policy, to the ruin of many weak
and foolish speculators; but, above au, to the injury of the manufacturers,
merchants, and business men who are entitled to have stable, moderate
interest rates.
The manufacturers, merchants and business men are entitled to stability.
They can not otherwise transact the business of the country with m af(ty:
and in their name and on their behalf I respectfully and very ensue tly
insist that the Government shall establish a policy which will give stability
to interest rates, prevent these violent fluctuations, and lead to lower
interest rates.
Will the question be asked, How can it be done? 1 venture to answer
First. That the influence of the Comptroller of the Currency and of
the Federal Reserve Board be exerted to require a limitation upon loans
made by member banks or banks engaged in inter-State commerce, so that
the deposits of such banks shall be perAll regulation of foreign exchange by the Hellenic Government has been only a reasonable percentage of
accommodation of those who are buying stocks for
abandoned. The Government proposes, however, to discourage or prohibit mitted to be used for the
the purchase of luxuries from abroad, and it is understood that its bank speculative purposes.
Second. That a margin of not less than 25% shall be required in such
balances in the United States and Canada will be utilized solely for wheat,
flour, sugar and other abtkolute necessities. It is very difficult to finance transactions.
Third. That an interest rate not exceeding 8% shall be permitted in such
imports into Greece at the present time, as recently the price of dollar
transactions.
drafts has risen to about 8 drachmas.
Fourth. That the Reserve Board shall charge a special rate of interest,
to those banks who are using the accommodations of the discount privileges
with the Reserve banks in excess of their rightful proportionate part of
GREEK EXCHANGE FLUCTUATING.
such accommodation, so that the normal discount rates of the Federal
The Department of Commerce at Washington announced Reserve banks shall not exceed 4%, but the special rate for banks desiring
more than their rightful proportion of the reserves with the Reserve
on Feb. 17 the receipt of the following cablegram from the to use shall
be at a progressively higher rate. In this way banks that put
banks
American Corfulate at Athens:
up Liberty bonds for the purpose of getting more than their proportionate
Exchange is fluctuating between 7.20 and 9.50 drachmas for purchase part and lending this money out on very high rates of interest will find it
of dollar drafts and between 7.25 and 10.25 drachmas on the sales of these less profitable to engage in such a policy.
The discount rates of the Federal Reserve Bank of Richmond, for exdrafts. These unusual fluctuations and the general disturbance in the
exchange market here follow a decision of the Government about a week ago ample, effective January 23 1920, Included the following:
to sanction transactions in foreign exchange by all banks alike, subject
only to the requirement of 20% deposit.
91 Days
15 Days
to 6
16 to 90
and
Days. Months.
Under.
PROTEST BY SENATOR OWEN TO PRESIDENT WILSON
AGAINST HIGH INTEREST RATES.
In the Senate on Feb. 16, Senator Robert L. Owen had
incorporated in the "Congressional Record" a letter which he
had addressed to President Wilson on the 13th inst. in protest against the present high interest rates on stock collateral
loans in New York. The rates on these loans, he said,"have
been fluctuating from normal to 25% and 30%, with the
most unhappy consequences upon interest rates, injuriously
affecting our commercial business throughout the United
States." In his remarks leading up to the insertion of the
letter in the "Record," Senator Owen said:
Per cent. Per cent. Per cent.
Member banks:
4%
Secured by United States certificate of debt
—•
5%
Secured by Liberty bonds
6
Secured by eligible paper
7
bonds
Corporation
Finance
War
Secured by
Rediscounts:
Customers' notes—
Secured by United States certificates of
4
43
debt
5%
5%
Secured by Liberty bonds
Secured by War Finance Corporation
7
bonds
6
6
Trade acceptances
6
6
Commercial paper
6
6
6
Agricultural or live-stock paper
The high (call loan) rate is fixed avowedly to check speculation, but
is,
paper—that
hie
that
ellg
rates
discount
these
from
You will observe
speculation can be otherwise checked by raising the margins and declining
manufacturers, merchants and business men engaged in
to loan beyond a reasonable proportion df the bank's resources, and by the notes of
distribution—would be compelled to pay around 8% if
limiting the loans of the Federal Reserve bank to banks which persist in production and
the member bank is permitted any margin over and above what they
this harmful policy.
the Reserve bank. This is true even on trade
Those high rates on call loans on the Stock Exchange have seriously themselves have to pay
London have a rate of 3% %. In other words, our
affected the interest rate in our vast commercial business, and even the acceptances, which in
merchants and business men engaged in production and
Federal Reserve Board has raised the rates of the Federal Reserve banks manufacturers,
compelled to pay by this policy twice as much as they do
to 6% for member banks, which means 7 and 8% for the customers of the distribution are
in London, charging the interest, of course, tipon the cost of the goods,and
member banks.
living. Against this policy I enter my resolute
Against this destructive policy, which adds to the high cost of living, 1 thus raising the cost of
and solemn protest.
protest.
I heartily approve the evident purpose of the Federal Reserve Board
Senator Owen's letter to the President follows:
to reduce the excessive speculative loans, on the stock market and divert
February 13 1920,
such credits to the benefit of commerce; but this can be accomplished
Subject: Interest rates.
without raising the rate of interest by requiring larger cqllateral margins
7'he President,
and by limiting stock collateral loans to a reasonable part of the reserves
The 1Vhile House:
of the member banks, and all loans to a proportionate part of the reserves
My Dear Mr. President:—I deem it my duty to call your attention and with the Federal Reserve banks.
the attention of your administration to the importance of moderate interest
Liberty Loan and Victory Loan Bonds.
rates and stability therein in the United States and the important part
When the American people were engaged in the war the Treasury Dewhich the influence of the Government can exert in accomplishing these
Victory Loan drives, and every citizen
ends through the Treasury Department, the Comptroller of the Currency, partment organized Liberty and
was urged to buy these bonds: if necessary to sell his property and buy
and the Federal Reserve Board.
buy the bonds. The bonds were sold
and
money
Before the Great War Belgium had a fixed, stable rate of 3% for fifty the bonds; to borrow
buy the bonds, but the high rates of
years, and the rate in France was practically the same. and United States at par. It was a patriotic duty to
unrestrained speculation on the Stock
Government bonds with the circulation privilege wore sold at and above interest which have resulted trom tile
Exchange, and the high rates of interest which the Reserve banks have
par when they bore only 2% interest.
those bonds appear as a poor
having
of
effect
the
During the World War London merchants have enjoyed a 3%% rate on established, have had
investment, and these bonds have shrunk so that in the ease of the bonds,
acceptances.
non-taxable feature, have fallen off in value almost
Our manufacturers, our merchants, our business men are entitled to which have not the
10%, Inducing many persons who are poor and who.borrowed money to
reliable, stable, reasonable rates of interest.
814
THE CHRONICLE
carry these bonds to sell them at a loss, and many more will be induced
to sell them at a loss, contrary to a wise and just public policy.
If the normal discount rate of the Federal Reserve banks were put at
4% and the banks were discouraged from abusing the privileges of the
Reserve banks for stock speculative purposes in the manner which I have
pointed out, these bonds would come back to par, and they should be
brought back to par. The people who bought these bonds ought not to
suffer a loss, and the credit of the United States ought to be preserved by
the policy which I have taken the liberty to suggest to you and to your
administration.
The result of these speculative stock loans has been such that the New
Yok Federal Reserve Bank has had its reserve very seriously impaired,
so that the New York Reserve Bank has been borrowing money on a large
scale from other Reserve banks who do not suffer from this strain.
There is no adequate reason why the rates of the Reserve banks should
not be uniform; why they ought to be higher in one part of the country
and lower in another part of the country. The loans are as reliable in one
part of the country as in another, and every part of the country is entitled
to a uniform rate.
The high cost of living demands for its solution stability in interest rates
in order to encourage production and distribution, and to reduce the high
cost of living demands a moderate rate of interest.
The Federal Reserve banks were not established as money-making institutions, but for the purpose of giving stability and a reasonable stable interest to the productive enterprises of the nation.
The Federal Reserve banks last year made a profit of about 100% of,
their capital, but this in no way measures the added expense on the cost
of living, because the high rate of interest charged by the Federal Reserve
banks is reflected upon loans and discounts of other banks, running into the
billions, since it affects the interest rates in all parts of the country.
I regard this matter as a matter of national importance, and I would
not feel that I had discharged my duty to the country if I had failed to
call your attention to it in.these explicit terms.
Yours, very respectfully,
ROBERT L. OWEN.
PRESIDENT OF FORT SMITH (ARK.) BANK PROTESTS
AGAINST INCREASE IN FEDERAL RESERVE
DISCOUNT RATES.
Besides the protest of Senator Owen against high interest
rates, a complaint against the raising of the discount rates
by the Federal Reserve banks was registered in a letter
which I. H.Nakdimen,President of the City National Bank
of Fort Smith, Ark., sent to Governor Harding of the
Federal Reserve Board on Feb. 17. Mr. Nakdimen characterizei the raising of the rate as "the most dangerous step
the Federal Reserve Bank has ever taken." By raising
the rate of interest, he says, "you are punishing the country
banker who is furnishing the money to the farmer for increased production and in addition he is the one who furnishes the money to the city bank and the money to the
Federal Reserve banks." He argues that "raising the rate
to 6% is going to cause a lot of banks in States to charge
usurer's interest." Mr. Nakdimen takes exception to the
action of the Federal Reserve Board "in telling the banks
that all the notes secured by Liberty bonds must be taken
out of their note case." Be insists that the Government
should stop the sale of Liberty bonds at ,the present prices,
and the only solution, he says "is for the Federal Reserve
banks to make a special low rate of interest on loans secured
by Liberty bonds." Mr. Nakdiraen's letter to Governor
Harding reads:
Fort Smith, Ark., Feb. 17 1920.
•
Hon. W. P. G. Harding, Governor Federal Reserve Board,
Washington, D. C.
My Dear Sir:—Your letter of Feb. 7 received.
In regard to raising the rate, I think it is the most dangerous step the
Federal Reserve Bank has ever taken. Raising the rate causes fear, causes
excitement. People don't know what is going to happen. They are
suspicious. They have their eyes wide open and watehing for something
to happen.
If the purpose of raising the rate is to stop depletion of the reserves and
speculation, in my opinion there is an easier way to accomplish it., As a
banker, suppose your reserve were to go down in your own bank, what
remedy would you apply? Would you apply a remedy by raising the rate?
No—But what would you do—the proper and logical way? You could
cut down on some of your loans and call in some of the loans which wouldn't
affect the customer or the community.
I have noticed in the "Financial America" of New York where it states
the reason the rate of interest has been raised and I shall quote it:
"Unexpectedly further action was taken by the Federal Reserve Board
Thursday in compliance with the request of the Eastern banking institutions
in again increasing discount rates."
Now has the rate of interest been increased by the request of some of the
Eastern banking institutions?
In my opinion, it is inconsistent for a bank or bankers or any one with
knowledge of banking to contend that by raising the rate of interest it will
stop speculation.
Is the Federal Reserve Bank' making loans to speculators? No—they
are loaning money direct to banks on a class of security specified by the
Federal Reserve Board; on a class of securities which are absolutely safe
without question or doubt. The Federal Reserve banks do not loan
money to banks upon curb securities.
I noticed especially in a letter issued by the Federal Reserve Bank in
Kansas City, dated Jan. 26 1920, on the second page, third paragraph and
second line, calling the attention of the bankers:
"That all banks must be made liquid by gradually and as rapidly as
possible getting the Liberty bonds out of their note case and deflating
credits until they are back to something like normal proportions."
Now how inconsistent that is. To insist upon banks to cut out the best
collateral they have in their note case—the quickest asset they have in
their note case—the flower and the beauty, the Stars and the Stripes must
go from the note case—the real shining note in the note case.
Only a few months ago,the Government with all of its power,the churches
and the schools and the banks with all their influence, pleaded with the
masses to buy Liberty bonds. We for one advertised that we would loan
[Vol,. 110.
money secured by Liberty bonds at 4A %. Would give them plenty o
time to pay it in order to encourage them to buy the bonds.
•
That was only a few days back and now we have a letter coming from the
Federal Reserve Board, a Government institution, saying you must got
your Stars and Stripes out of the note case because a few and only a few
banks in the United States are loaning money on speculative securities.
We are going to have a big demand for money direct from the farmers.
The farmer is going to comply with the Government's preaching for increased production. By doing so, he is compelled to have more money.
Where a farmer has planted fifty acres crop, he is going to plant one hundred
acres crop. Naturally, that will cause him to borrow double what ho borrowed last year and no doubt that will cause the country banker to do
likewise.
The,farmer in increasing his production will have to borrow more money
and in doing so he is confronted with a high rate of interest by reason of the
Federal Reserve Bank raising the rate.
By raising the rate of interest, you are punishing the country banker
who is furnishing the money to the farmer for increased production and in
addition, he is the one who furnishes the money to the city bank and the
money to the Federal Reserve banks.
The high rate of interest is going to cause a good many State banks and
trust companies not to join the Federal Reserve banks. The high rate of
interest will cause lots of trust companies and State banks to got out of the
system. The low rate of interest charged by the Federal Reserve banks is
the only inducement for a bank to belong to the Federal Reserve system.
Raising the rate to 6% Is going to cause a lot of banks in States to
charge usurer's interest. Take a State where the legal rate is 6% and if
the bank has to pay you 6%, you are fully nware he has to charge 8% in
order te make something. When ho does, he conflicts with the law as a
usurer.
Mr. Harding, I want you to know that I am not against the Federal
Reserve Bank. I am one among the very few bankers who have been for
the Federal Reserve Bank ever since its infancy. I was its friend before it
was born and t have been its friend:ever since. I think tho Federal Reserve
Bank has been a salvation to the country, especially during the war. I
have said time and time again in public talks that the name of the Federal
Reserve Bank should be placed in every man's house upon his door so I
don't want you to feel that I am fighting the Federal Reserve Bank. No;
I am its friend. And I would dislike to see any officer in charge of the
Federal Reserve Bank make a mistake even if 't is an honest mistake.
If the officers of the Federal lteserve Bank were to continuo to make
radical rulings, it would be bound in time to affect the good or the cause.
In my opinion, raising the rate of interest isinconsistent if you stop and
consider the amount of money the Federal Reserve banks have made. I
understand the Federal Reserve Bank in Kansas City has four million
capital and made $3,600,000. Suppose any other institution in the United
States had made that much money on that much capital, don't you know
they would have had them arrested on general principles for highway
robbery. Usury wouldn't be in it. That alone should discourage the
Board from raising the rate.
The strongest argument that I can make against raising the rate is
first—the danger of it—scaring the public into a panic. Second, 99% of
the banks in the United States are not loaning money to speculators.
Third, if the Federal Reserve Bank attempts to make more money than it
has made, it will be more serious than loaning money for speculation.
It is worse than'profiteering.
Conditions especially in this country have never been any better than
they are now. The merchants, the farmers and the jobbers are less in
debt than they have ever been oefore.
I wish to call your attention to the Federal Reserve "Bulletin" of November 1919, on page 1082, where the Federal Reserve Bank in Now York
purchased in August, 194 million of bills of exchange and in September,
205 million; of which 75% was based upon foreign trade transactions.
On Sept. 30 1019 the Federal Reserve Bank reported a total of over 300
million of purchased bills on hand compared with 367 million on Aug. 31
1919; and only 33 million was hold by private banks and bankers and 21
million by foreign banks and their agencies.
Also wish to call your attention to the Federal Reserve "Bulletin" of
December 1919, on page 1180. Total loans made to all national banks by
the Federal Reserve banks was 977 million. Three-fourths of it was
loaned by the Now York Federal Reserve Bank alone.
From the above statements, it seems like the Federal Reserve Bank and
the New York banks are doing all the speculating and they are placing the
responsibility and the blame upon the banks in general.
The loans made by the Fedtral Reserve Bank to the banks in New York
are entirely out of proportion to the amount of deposits hold by the Now
York banks.
If my figures are correct, the New York banks hold 26% of the total
deposits of all banks in the United States and the New York banks are
borrowing 75% of the total loans that have been made to all the banks in
the United States. That seems out of proliortion:
Also wish to call your attention to Section 409 National Bank Act; also
wish to call your attention to Section 619 Federal Reserve Act remedy for
increasing reserve.
Raising the rate and scaring the people will not do any good. What we
need now is encouragement like the circular letter issued by the Comptroller of the Currency, Hon. John Skelton Williams, dated Feb. 5 1920,
and statements made by the Secretary of the Treasury, Hon. D.F. Houston,
on Feb. 12. The idea of the Federal Reserve Bank telling the banks that
all the notes secured by Liberty bonds must be taken out of their note
case when the three billion Treasury certificates now outstanding according
to statement made by the Secretary of the Treasury, Mr. Glass, will be
•
paid within a year.
Now, after three billion Treasury certificates are taken off the market
and out of the way and paid for by the Government, don't you believe that
Liberty bonds will then come back to par basis? I know they will.
The Comptroller's letter and tho statement of Mr. Houton has injected
more confidence in the people to hold their bonds and not sacrifice them than
raising the rate will ever do.
The Government should stop the sale of Liberty bonds at the present
prices. There is a way to do it and the only solution is for the Federal
Reserve banks to make a special low rate of interest on loans secured by
Liberty bonds; and you will see how quickly Liberty bonds will go back to
where they belong instead of being sold for ninety cents on the dollar.
It is a disgrace to the country and a disgrace to each community. It is a
disgrace to every man in America—the idea of Government bonds selling
at a lower basis than municipal bonds. That alone is inconsistent and
causes discontent. It is not normal. It is not based on sound judgment.
It only encourages speculation, wild cat schemes and radicalism.
Mr. Harding, for the good of the country, recall the ruling that you have
made increasing the rate of interest and limit loans of the Federal Reserve
banks to productive agencies only and not for speculative purposes.
Respectfully yours,
I. II. NAKDIMEN. President.
FEB. 28 1920.]
THE CHRONICLE
FEDERAL RESERVE BOARD IN ANNUAL REPORT ON
CONTROL OF CREDITS.—RECOMMENDATIONS.
A conspicuous feature of the annual report of the Federal
Reserve Board, made public on Tuesday of this week, is its
observations under the heading "Discount Policy and
Credit Control.' The expansion of credit set in motion by
the war, says the Board, must be checked. Credit, it adds,
!mist be brought under effective control and its flow be once
more regulated and governed with careful regard to the
economic welfare of the country and the needs of its producing industries. A recommendation for the adoption of an
amendment to the Federal Reserve Act, whererby, in the
opinion of the Board, "it would be possible to reduce excessive borrowings of member banks and to induce them to
hold their own large borrowers in check without raising the
basic rate," is proposed by the Board, which further states
that "the Federal Reserve Banks would thus be provided
with an effective method of dealing with credit expansion.
More nearly at the sources than is now practicable, and
without unnecessary hardships to banks and borrowers who
are conducting their affairs within the bounds of moderation." The Board's recommendation as to new legislation
is that "an additional power be granted it, by adding to subdivision D, Section 14, a proviso that each Federal Reserve
Bank may, with the approval of the Federal Reserve Board,
determine by uniform rule, applicable to all its members
alike, the normal maximum rediscount line of each member
bank and that it may submit for the review did determidadon of the Federal Reserve Board graduated rates on an
ascending scale to apply equally and ratably to all its member banks rediscounting amounts in excess of the normal
line so determined." As indicated elsewhere in to-day's
issue of our paper bills proposing the amendment sought by
the Board were introduced in the House and Senate this
week. The following is what the Board's has to say on the
subject of "discount policy and credit control" in its annual
report:
The experience of the past three years has demonstrated the expansive
power of the Federal Reserve system. It should be understood, however,
that an elastic system of reserve credit and note issue implies capacity to
control and the ability to curtail credit. The ability of the system to check
expansion under present circumstances and to induce healthy liquidation
Is now to be tested..
Owing to the abnormal ease of money throughout the year 1915 and during the greater part of the year 1016 the board had little opportunity to
test the efficiency of what Is conceived to be the correct discount policy.
The principle had been adhered to consistently that the Federal Reserve
banks should not encourage rediscounting by members for the sake of profit,
but that their own resources should be kept liquid and their reserve position
strong.
Although section 5202 of the Revised Statutes, which provides that no
national banking association shall at any time be in any way liable for borrowed money to any amount exceeding the amount of its capital stock, had
been amended by excepting liabilities Incurred under the provisions of the
Federal Reserve Act, it was not contemplated by the Board that the member banks would, ex-opt to meet seasonal requirements or emergencies,
avail themselves of this amendment in order to extend their rediscount
lines beyond the original limitations. It was the Board's view also that as
a rule the discount rates of the Federal Reserve banks should be higher than
current market rates, thus offering no incentive to members bank to rediscount for the sake of making profit in the transaction.
Because of this policy and of the conditions which prevailed up to the
time when It began to appear that the United States would be drawn into
the war, the reserve position of the Federal Reserve banks was so strong
as to suggest an analogy between the system and a safe deposit vault.
In his address to Congress, urging the declaration of a state of war with
Germany, the President pledged all the rosoucres of the nation—which,
of course,include Its man-power, money,credit and goods—to the successful
conduct of the war.. By an overwhelming vote the Congress of the United
States carried out the recommendation of the President, thus committing
the country to the principles and policies outlined in his address.
Normal policies had to be subordinated, just as private business was
subordinated, to Government business, and discount rates were of necessity
fixed with the primary object of assisting the Treasury operations. How
effective this policy was Is now a matter of history. As has already been
pointed out, the Federal Reserve Banks became great bond-distributing
in
organizations; firms and corporations, large and small, men and women
every walk of life, wore urged to subscribe for bonds, and the credit facilities
and
member
of
disposal
the
at
were
placed
of the Federal Reserve Banks
non-member banks In order that they might lend freely on bonds for which
the subscribers were unable to pay. The public was urged to borrow and
and It was found after the close of the Victory loan In May, 1919, that more
than 20,000,000 subscriptions had boon received in response to this appeal.
But in addition to the appeal to borrow and buy there was also added the
Injunction to save and pay. To assist this process, during the 18 months
when the war was in progress there was established a rigid control of such
credits as were not esqentlal, directly or indirectly, to the prosecution of the
war, and tlie American people proved their ability to economize and to
co-operate in (ho nation-wide policy of conservation. As a result of this
control of non-essential credits, and of the co-operation of the bank and
the public, the Treasury was able to float within a period of two years $25.000,000,000 of Interest-bearing obligations without reducing the reserves of
the Federal Reslrve Banks below a paint which in normal pro-war times
would have been regarded as a very strong reserve for a central bank.
The combined reserves of the 12 Federal Reserve banks on Jan. 3 1919
amounted to 51.2% of their liability for deposits and note issues. Due
partly to the gold embargo, this percentage was well maintained during
all the period of uncertainty which preceded the flotation of the Victory
loan and for some time thereafter, for not until July 9, after the gold embargo had been removed, did the reserves fall even fractionally below 50%.
On Sept. 26 the reserves stood at 51%,after which date they show a steady
and continuous decline to 44.8% on Dec. 26
815
Although the period of war financing did not terminate with the year
1918 and the Federal Reserve system was consequently under the continued strain of war finance, that strain had to be met without the aid of
war restrictions. The safeguards afforded by these restrictions were removed, for it was impracticable to continue them in time of peace: There
is no longer an embargo on exports of gold nor any regulation or control of
foreign exchange, with the trifling exceptions already noted; the controls
set up over exports and imports, production and consumption, with a view
of conserving the national resources and reducing waste, have practically
disappeared. As a result the problems of the Federal Reserve System have
been greatly increased, more patricularly the problem of controlling
credit.
The Federal Reserve System has mot the requirements of war and readjustment by expanding without, however, encroaching upon its legal reserves; it is capable, if need be, of expanding still further without having
recourse to the emergency provisions of the act, and very much further by
availing itself of those provisions. But the time has come for it to demonstrate its power to move in the opposite direction, and to prove its ability
to do so without shock and with a minimum disturbance of business and
Industry.
Fortunately, the condition of the Treasury is such that the Board can
now feel free to inaugurate discount policies adjusted to peace-time conditions and needs. The large volume of Government bonds looking for permanent ownership during the year was, however, an Important factor in the
situation and retarded the adoption of a normal discount policy. Until
the absorption of Liberty bonds is fairly complete the Federal Reserve System will be in a transition stage, and normal banking policies cannot be
made entirely effective. The absorption by investors of Government bonds.
as indicated by the figures cited earlier in this report,is a gratifying step in
this direction. It should, however, be repeated that the time has come for
the system, in the interest of commerce and business, to exorcise its power
to regulate and control the credit situation.
The normal and traditional method of credit control has been the discount
rate; its efficacy, however, presupposes normal conditions. An advance
In rate operates under normal conditions not only to diminish the demand
for credit by making certain activities unprofitable but as well to increase
the supply of credit by attracting it from other centers or countries. The
conditions that make this traditional control effective do not all exist at the
present time. The United States stands almost alone as an important free
gold market. Other countries are seeking and have obtained large credits
In the United States, as Is evidenced by the fact that our exports exceeded
Imports during the year by about four billions of dollars, and we have paid
our adverse balances in gold. It should be recognized that credits extended
to Europe create a demand for commodities that competes with the domestic
demand and this competition LS one of the potent causes of high prices.
The demand for commodities from domestic as well as foreign sources Is so
far in excess of the supply that the increased cost of credit due to an advance
in rates is absorbed in the price,and speculation, anticipating large profits,
is checked by any reasonable advance in rates of interest. These conditions
are all adverse to an easy and effective operation of credit control by meanS
of discount rates.
Nevertheless, the discount rata is an indispensable factor in the regulation
and control of credit. When there are legal limitations on the rates member
banks may charge a high reserve bank rate has a restraining influence upon
them and upon their customers.
Although there are no specific limitations imposed upon the amount of
borrowings by member banks at the Federal Reserve banks, there is a
potential limitation provided for in the Act. In that part of section 4 which
relates to the duties of the board of directors of a Federal Reserve bank
there is the following: "Said board shall administer the affairs of said bank
fairly and impartially and without discrimination in favor of or against
any member bank or banks, and shall, subject to the provisions of law and
the orders of the Federal Reserve Board,extend to each member bank such
discounts, advances and accommodations as may be safely and reasonably made with due regard for the claims of other member banks."
Should all the member banks of a Federal Reserve bank be borrowers,
and should all ask for accommodations proportionate to those which may
have been advanced to a few, the Federal Reserve bank would not be able
out of its own resources to meet the demand. Therefore it is possible to
determine theoretically what a fair line of accommodation for any member
bank would be; that is, what amount of accommodation can be granted
"safely and reasonably . . . with due regard for the claims of other
member banks."
is
Any attempt, however, to control credit by the application of this rule
subject to serious administrative difficulties. If the paper offered is eligible
accommodation
grant
to
and good, it would be bettor for a Reserve bank
at a price rather than to refuse it entirely, but the Act, sub-division
Section 14, provides that a Federal Reserve bank shall have power to establish from time to time, subject to review and determination of the Federal
Reserve Board, rates of discount to be charged by the Federal Reserve
bank for each class of paper, which shall be fixed with a view of accommodating commerce and business. There is no authority, however, for establishing graduated rates based upon the total borrowings of a member bank,
and, consequently, when it becomes necessary to advance the discount
rate in order to curb the demands of those banks rediscounting with the
Federal Reserve banks In very large amounts, the same rate would have
to apply to the moderato requirements of other member banks who may
rediscount with the Federal Reserve banks infrequently and never excessively. Thus the application of rate advances as a corrective or deterrent
to certain banks tends to raise the level of current rates to all.
The Board, therefore, recommends to Congress that an additional power
be granted it, by adding to sub-division (D), Section 14, a proviso that each
Federal Reserve bank may, with the approval of the Federal Rc..servo Board,
determine by uniform rule, applicable to all its member banks alike, the
normal maximum rediscount line of each member bank, and that it may
submit for tile review and determination of the Federal Reserve Board
graduated rates on an ascending scale, to apply equally and ratably to all
its member banks rediscounting amounts in excess of the normal line so
determined. In this way, in the opinion of the Board, it would be possible
to reduce excessive borrowings of member banks, and to induce them to
hold their own largo borrowers ;n check without raising the basic rats.
The Federal Reserve banks would thus be provided with an effective method
of dealing with credit expansion more nearly at the source than is now practicable, and without unnecessary hardship to banks and borrowers who are
conducting their affairs within the bounds of moderation.
The expansion of credit set in motion by the war must be checked. Credit
must be brought under effective control and its flow be once more regulated
and governed with careful regard to the economic welfare of the country
and the needs of its producing industries.
Deflation, however, merely for the sake of deflation and a speedy return
to "normal' —deflatton merely for the sake of restoring security values
and commodity prices to their pre-war levels without regard to other consequences—would be an insensate proceedinglin the/existing posture of
national/and world affairs.
816
THE CHRONICLE
It must never be forgotten that productive industry is profoundly affected
by credit conditions. Modern business is done on credit. One of its lifegiving principles is credit. The mood and temper of the business community are deeply affected by the state of credit, and may easily be disturbed
by ill-considered or precipitate action. A system of credit control must
always be judged by what it does to maintain a healthy condition of mind
on the part of all sections and classes of the producing community. The
Ultimate test of the functioning of a credit system must be found in what it
does to promote and increase the production of goods. True in general,
the truth of this observation deserves to be particularly emphasized in the
present deranged state of world industry and world trade, when production
is the crying need of the hour everywhere.
Too rapid or too drastic deflation would defeat the very purpose of a
well-regulated credit system by the needless unsettlement of mind it would
produce and the disastrous reaction that such unsettlement would have
upon productive industry.
Radical and drastic deflation is not, therefore, in contemplation, nor is a
policy of further expansion. Either course would in the end lead only to
disaster and must not be permitted to develop. The credit situation in
the United States is at bottom sound and safe. Our economic and financial
position is essentially strong. There need be no occasion for apprehension
as to our ability to effect the transition from wartime to peacetime conditions
if reasonable safeguards against the abuse of credit are respected. There
is, however, no need for precipitate action or extreme measures. Extremes
must be avoided, the process of adjusting the volume of credit to a normal
basis should be effected in an orderly manner, and its rapidity must be
governed by conditions and circumstances as they develop. Much will
depend upon the co-operation of the business and general community.
Indeed, without such co-operation progress can neither be rapid nor substantial. Much will depend also upon the rapidity with which the unabsorbed portion of the outstanding issues of war securities passes into the
hands of permanent holders. As the national debt is thus absorbed, and
as it is reduced through the operat:on of the sinking fund, the loan accounts
of the banks should be reduced correspondingly until the proper balance
between the volume of credit and the volume of concrete things, which credit
helped to produce and wnich are the normal basis of credit, is restored.
This equilibrium, it cannot be too frequently or too emphatically stated,
can be restored only by speeding uo the processes of production, by the
orderly distribution of goods, by the avoidance of wasteful consumption,
and by the increased accumulation of savings. These are the fundamental
economic processes upon which the proper functioning of the Federal Reserve banks must depend. The Federal Reserve system can do much to
assist these processes, but it cannot of itself and alone compel them. Efficacious action along those lines involves the intelligent and earnest co-operation of the business and general community. While the Federal Reserve
Board w.11 always be mindful of the interdependence of credit and industry
and of the influence exerted on prices by the general volume of credit, the
Board nevertheless cannot assume to be an arbiter of industry or prices.
Its primary duty, as the guardian of the Nation's ultimate banking reserve,
is to see that the banks under its supervision function effectually and properly as reserve banks.
[VOL. no.
approval, review and determination of the Federal Reserve Board, may be
graduated or progressed on the basis of the amount of the rediscount and
discount accommodations extended by the Federal Reserve Bank to the
bdrrowing bank.
Senator McLean, who presented in the Senate a bill
similar to the above, also introdueed on the 24th inst. a
bill which would prevent the Federal Reserve Banks from
extending greater accommodation to a State bank or trust
company than can be extended to a national bank. This
bill would amend paragraph 10 of Section 9 of the Federal
Reserve Act, by adding thereto the proviso:
Provided that no Federal Reserve bank shall be permitted to discount
for any State bank or trust company notes, drafts, or bills of exchange of
any one borrower who is liable for borrowed money to such State bank or
trust company, in an amount greater than that which could bo borrowed
lawfully from State bank or trust company, wore It a national banking
association.
DEFICIT IN RESERVES SHOWN BY NEW YORK
FEDERAL RESERVE BANK.
The deficit in reserves shown in the statement issued last
Saturday (Feb. 21) by the Federal Reserve Bank of New
York has occasioned no little attention, especially since it is
the first time any of the Reserve banks has failed to meet
the legal reserve requirements. In its reference to the matter the New York "Evening Post" of Feb. 24 said:
No information had been received in financial circles to-day or at the
New York Reserve Bank as to what action the Federal Reserve Board
intends to take as a consequence of the deficit in reserves reported last
Saturday by the Now York institution. The law stipulates that 40% in
gold shall be "kept good" against circulating note issues and 35% in cash
against deposits,. The New York Bank at the end of last week, after
setting aside 40% in gold to cover its notes, showed cash on hand equal to
only 33.9% of its deposits, which was 1.1% below the legal minimum.
It was pointed out to-day that under the regulations of the Federal
Reserve Board, a perked of thirty days may elapse before the penalties
provided by law are made to apply. On the other hand, there was much
uncertainty expressed over the provision of the law that the Federal Reserve
Board shall have power to suspend reserve requirements for thirty days, at
the same time imposing a tax on the deficit. In some quarters it was held
that the mere fact that reserves had fallen below the minimum would
compel the board to suspend the legal requirements.
Up to last week the New York Reserve Bank published its ratio of gold
hold as a reserve for note issues, after setting aside 35% as cover for its
deposits. Last Saturday, however, it changed this practice and first
deducted 40% in gold as reserve for its note issues, leaving the balance to
apply to deposits. Had the deficit occurred in connection with note issues,
the law would have required that the Board impose a tax of 1% annually
on the deficit. Should the reserve fall as low as 32X 70. the tax would
have risen to 1%% on each 23% decline below 323%.
It is understood that the local Reserve Bank holds the view that a sharp
presentation of the facts, such as was made in last week's statement, was
preferable to any attempt to disguise the position. It would have been
possible for the New York bank to maintain its reserve by borrowing from
other Reserve banks. as it has done la the past. But the attitude was taken
that the present occasion did not warrant the use of this expedient.
AMENDMENT TO FEDERAL RESERVE ACT TO PRO..
VIDEGRADUATED RATES OF DISCOUNT—LOANS
TO STATE INSTITUTIONS.
Bills designed to meet the recommendation made by the
Federal Reserve Board in its annual report this week for
legislation authorizing the Board to establish graduated
rates of discount "on the basis of the amount of the rediscount accommodations by the Federal Reserve Bank to
The "Journal of Commerce" of Feb. 26, had the following
the borrowing bank," were introduced in the House on the to say:
23d inst. by Representative Phelan and in the Senate on
Further light was shed yesterday on the alteration in the method of making
the 24th by Senator McLean. On Feb. 26 the House up the local Reserve Bank's statement noted last Saturday. This Involves
the provision of the required 40% gold reserve against notes before proCommittee on Banking and Currency voted to favorably viding for the reserve against the deposit
liabilities. In this way the deficit
report the Phelan bill. In its report the Committee said:
in feserves was made to appear in the latter rather than the former. The
The Board has undertaken to check the expansion of credit which has intimation obtained from authoritative quarters was that the change in the
taken place during and since the war by raising its discount rates, but in statement was In accordance with a policy determined upon by the Federal
the present abnormal conditions this uniform increase of rates does no Reserve Board.
rutty control the situation. A high discount rate has a restraining influence
The suggestion that such a policy had been decided upon was discussed
on the member banks and on their customers, but most of the rediscounting, With much interest in banking circles, whore the point was made that,
as a matter of fact, is done by a comparatively few banks in each district. whereas a specific penalty was provided in tho Federal Reserve Act for
Before the passage of the Federal Reserve Act no national bank could incur a deficit in reserve against notes, no definite penalty was established for
indebtedness beyond the amount of its capital stock for rediscounts, but deficits in reserve against deposits. While the act states that a penalty
the Act contained an amendment to Section 5202, R. S., making an excep
shall apply to deficits in reserve, it was asserted, the section dealing with
tion of "liabilities incurred under the provisions of the F,deral Reser 7e this subject is not altogether clear, and the Board apparently interprets
Act.''
the penalty for deficits in ftserve against deposit liabilities as discretionary.
Thus the limit was removed and rediscounts to any amount may be law
By this method the automatic increase In discount rates which the penalty
fully made with Federal Reserve banks. Some banks have rediscounted for deficits in note reserves would incur is avoided It was said.
several times their capital and surplus, and it is obvious that there should
If the Board has adopted any such policy as this would indicate, bankers
be a method of checking them short of actual!)
,refusing them further exten- say that it would be open to considerable criticism.
sions and without increasing too much the rate applicable to all member
banks. This will give each Federal Reserve bank authority to make uniform rules determining for each member bank a normal maximum redis- INCREASE BY N. Y. FEDERAL RESERVE BANK IN
count line based upon some such standard as its legal reserve, or possible
RATES FOR ADVANCES ON TREASURY
upon capital and surpltis, with graduated rates on an ascending scale to
CERTIFICATES.
apply equally and ratably to all of its member banks rediscounting amounts
in excess of the normal lines.
The New York Federal Reserve Bank increased en Feb.
For instance, if a bank's normal line of rediscounts was $1,000,000, the
rate might be raised 54% on each $250,000 asked for above that amount. 25, from 4% to 5% the discount rate on advances, not exIn this way the abnormal rediscounting of a comparatively few banks can ceeding 15 days, secured by Treasury Certificates of Inbe checked, without at tho same time raising rates on all rediscounts to a debtedness and on rediscounts of customros' notes so secured
figure that would be unjust to banks which had not even rediscounted up
pot exceeding ninety days. Notice of the ohange in the
to their normal line and without seriously hampering business.
The Phelan bill (H. R. 12711) amends subparagraph d of rate has been made as follows by the bank:
FEDERAL RESERVE BANK OF NEW YORK.
Section 14 of the Federal Reserve Act by striking out the
[Circular No. 256, Feb. 25 1920.
semi-colon after the word "business" and adding the followRates of Discount.
ing "and which, subject to the approval, review, and de- To All Member Banks in the Second
Federal Reserve District:
Dear Sirs:—You are advised that the rate on advances and rediscounts
termination of the Federal Reserve Board, may be graduated
this
bank,
at
United
secured
by
States
Treasury Certificates of Indebtedor prozressed on the basis of the amount of the rediscount ness, has been increased from 4U
% (as announced in our Circular No. 247
and discount accommodations extended by the Federal of Jan. 22 1920) to 5%. All other rates therein announced
remain unReserve Bank to the borrowing bank," so as to make the changed.
The following therefore are the rates of discount effective after the close
paragraph read:
of business to-day and until further notice:
(d) To establish from time to time, subject to review and determination
of the Federal Reserve Board, rates of discount to be charged by the Federal Reserve Bank for each class of paper, which shall be fixed with a view
accommodating commerce and business and which, subject to the
Commercial Paper.
For advances not exceeding 15 days secured by all classes of eligible
commercial paper, excepting bankers acceptances, and for rediscounts of
such paper
6%
FEB. 28 1920.1
•
THE CHRONICLE
817
the number of shares outstanding. For instance, a property capitalized
Liberty Loan Bonds and Victory Notes.
no par value, and quoted at $40, represents a market
For advances not exceeding 15 days on Liberty Loan bonds, Victory notes at 200,000 shares
of $8,000,000.
of
property
the
value
rediscounts
for
and
foregoing,
the
of
either
by
secured
notes
and customers
of customers notes, so secured, for periods not exceeding 90 days_ ___5%%
Bankers Acceptances.
F. A. VANDERLIP'S CRITICISM OF FEDERAL
For advances not exceeding 15 days secured by bankers acceptances,
RESERVE BOARD.
5%
days
90
exceeding
not
same
of
rediscounts
for
and
of political influence in the Federal
U. S. Treasury Certificates of Indebtedness.
on
dominati
The
For advances not exceeding 15 days secured by U. S. Treasury Certificharged by Frank A. Vanderlip, in an
was
Board,
Reserve
secured
so
notes
of
customers
rediscounts
cates of Indebtedness, and for
's non-partisan discussion under the
5%
Saturday
last
at
address
90
days
not exceeding
Yours very truly,
Republican Club in this city, and to
National
the
of
auspices
J. H. CASE, Acting Governor.
see the conse-
the failure of the Treasury Department "to
Other Federal Reserve banks which have made similar quences of continued low rates," he ascribed the present inincreases are Boston, Philadelphia, Richmond, Atlanta flation of credit. From the Now York "Tribune" of Feb.
and Kansas City. Doubtless the remaining Reserve banks 22, we take the following account of Mr. Vanderlip's remarks
inflation
will also follow suit, but up to last night there were no
The Federal Reserve Board was org6mized to make impossible the
In the light of the five years' experience we have
definite advices to that effect. Commenting on the rate of the nation's currency.
were
that
it
with
wrong
are
things
some
just been through, it is plain that
advance made by the New York Federal Reserve Bank, the not
contemplated when the Aldrich plan was drafted.
, was much
Now York "Times" of Feb. 26 said:
The management of the system, under the Aldrich conception
The action of the bank yesterday was not unexpected. The only surprise
expressed by any one was that the advance was not greater. In more
than a few places it was felt that a rate oven higher than 5% should be
charged for rediscounts and advances on Treasury certificates. Some
critics of the Reserve Bank hold the opinion that all rates, including those
on bills secured by Liberty bonds and Victory notes, should be advanced
to a parity with the 6% rate now charged on commercial paper rediscounts.
l'rior to the changes in rates made on Jan. 22 the bank was exacting a
uniform rate on all rediscounts. Then it advanced rates on commercial
paper to 6% and rates on bills secured by Liberty bonds at 53i%,but left
unchanged at 4Yi% the rates on paper secured by Treasury certificates
of indebtedness. The Reserve Bank's loans to member banks had boon
diminishing from tho first of the year to the week before the Jan. 22 changes
were made. Loans on Government paper, including war bonds and certificates of indebtedness, had fallen $152,018,000 from Jan. 2, when they
were $571,822,000, while member banks' borrowings on commercial paper
had gone up $18,605,000 to $288,504,000 in the statement of Jan. 16.
But after the preferential differential was established in favor of Governor
ment obligations, there was a sharp switch. In the two following weeks,
to Jan. 30, borrowings on Government paper increased $175,691,000, while
borrowings on commercial paper contracted $121,872,000, so that despite
the raising of the commercial paper rate to 6%, an advance of 1X%, the
total loans to member banks had risen $53,819,000. Since then there has
been further expansion of loans, those based on Government paper by
$36,$21,215,000 and those predicated on ordinary commercial paper by
C53,000. In short, since the advancing of rates on Jan. 22 loans to member
banks have expanded in the aggregate by $111,087,000.
an
The fact that this expansion has taken place in the way it has —by
a
increase of $106,906,000 in loans on Government obligations, against
of
decrease in other loans of $85,819,000—has caused no small amount
of
favor
unfavorable comment in banking circles anent the differential in
the
the Government's securities, and many bankers have insisted that
un
deflation
and
contraction
real
about
bring
ltmervo Bank would never
it abolished the differential. Yesterday's action was interpreted as a first
step In this direction.
appears to be
better than it has been in actual operation. The main trouble
with administration rather than with the system itself.
board at the
Political influence has been injected into the activities of the
Treasury and the Comptop. The head of the board is the Secretary of the
troller of the Currency is an ex-officio member of the body.
to prevent
The act originally provided for a brake that was expected
great a rate It was
undue inflation. If credit was being extended at too
such a situacontemplated that an increase in interest rates should prevent
ly.
tion. Borrowing then would be kept down automatical
of continued
es
But the Treasury Department failed to see the consequenc
this situation. The
low rates, and the present difficulties have grown out of
profited by the
government was a big borrower at low rates, and the public
•
opportunities offered as well.
soon, and we
come
Deflation must come soon, however. Unless it does
badly indeed.
recognize our opportunities and obligations, things will go
without a
We may get down from the present dangerously high altitude sight.
not in
crash. But the tendency is still upward, and the end is
The "Times" reports Mr. Vanderlip as saying:
and the
Our fate lies largely in the hands of the Federal Reserve Board
directed bedecision of that body. Heretofore their decisions have been
managers
tween the political voice and banking judgment. The campaign
a removal of
now at work ought to consider whether we should not have
system.
politics from the Federal Reserve banking
Mr. Vanderlip's remarks were presented under the head
"Our Foreign Commerce and International Banking," and
in his recommendations respecting the furnishing of financial
aid to Europe, the New York "Sun and Herald,' of Nov. 22,
announces him as saying:
in her own
Secretary Glass told us that Europe's salvation lies largely
down her government
hands; that Europe must go to work,that she must cut
her national
expenditures and increase her taxation in order to restore
cannot be saved
credit. That sounds well, and much of it is true. Europe
view.
another
by charity; she must go to work. But there is
up on the
The economic structure of European society has been built
is now a
REL
FEDERA
TO
ED
growth of industrial communities in the last twenty years. Thererelations.
STATE INSTITUTIONS ADMITT
trade
and
very complete disorganization of all those industrial
situthe
of
SERVE SYSTEM IN WEEK ENDING FEB. 20 1920.
view
this
Taking
There are to-day countries actually starving.
in the Secretary's assertion that Emope
The Federal Reserve Board reports the admission to the ation, there is a good deal of irony
s, increase taxation
must go to work, must curtail government expenditure
Federal Reserve system of the following institutions during and
stop printing paper money.
s or do we want to
competitor
20:
Feb.
trade
the week ending
Do we wish to build up our European
Total
of the
with them with a view of capturing from them the markets
compote
Resources
Surplus.
Capital.
2—
No.
District
prosperous Europe
world? I believe our right policy is to build up a busy,
Bank of Coney Island, Coney Island, New
ry Europe.
$200,000 $100,000 $.1.081.778 rather than to tolerate an idle, revolutiona
York City
District No. 5—
279,160
35,000 25,000
People's Bank of Floyd County, Floyd, Va
FEDERAL RESERVE BOARD'S RECOMMENDATIONS
District No.8—
3,268,121
AS TO BRANCHES OF NATIONAL BANKS.
50,000
900,000
Tower Grove Bank of St. Louis, Mo
District No. 12—
its recommendations respecting branches of National
In
27,500
25,000
First Bank of Homodale, Homedale, Idaho
report made
42,237 banks, the Federal Reserve Board in its annual
Farmers' & Merchants' Bank, Rupert, Idaho 35,000
190,556 public this week, says:
25,000
Buena State Bank, Buena. Wash
Congress that the
The Board has on several occasions recommended to
, r
bank
Federal Reserve Act be amended so as to prevent National limit
BANKS AND TRUST COMPANIES ADVISED AS TO certain conditions to establish branches within the corporate
National banks
cities in which they are located. Under the present law
LISTING REQUIREMENTS OF NEW YORK
banks
cannot afford the same facilities to the public as are given by State
STOCK EXCHANGE.
trust companies
and
banks
State
having branches, except in cases where
when existing
A letter calling the attention of the banks and trust com- operating branches have merged with National banks,
passed
may be continued by the National banks. The Senate has
panies of the country to the listing requirements of the New abranches
than 500,000
less
bill authorizing National banks located in cities of not
date
as
under
estabfollows,
to
issued
more
been
or
has
e
$1,000,000
Exchang
Stook
York
inhabitants and having a capital and surplus of
lish branches not exceeding 10 in number within the corporate limits of the
of Feb. 17 by E. V. D. Cox, Secretary of the Exchange:
extend a
cities in which they are located, provided the laws of the State
The above is accompanied by the circular of the Committee similar
privilege to banking institutions operating under State charters.
National
listing
the
requirewhich
to
in
1919
1
extended
Jan.
privilege
on Stock List, dated
While the Board would prefer to have this
have the
banks in cities of not less than 100,000 inhabitants or failing that,
ments aro given in detail.
limit
limit raised to 200,000, it wishes to point out that the
population
The purpose of this letter addressed to the banks and trust companies
it thereand
fixed in the Senate bill doer not affect the principle involved,
ef the country is to call their officers' attention and thereby to the attention
permitted
be
banks
National
fore respectfully recommends once more that
of the investing public the accessibility of essential information with respect
to establish branches in the cities in which they are located under such
to the securities dealt in on the Now York Stock Exchange.
as in the wisdom of Congress may be deemed desirable.
Before a security can be bought and sold on the Now York Stock Ex- limitations
change an application for listing must be filed by a corporation or its representative reciting all material facts of its affairs. The enclosed copy of EARNINGS OF THE FEDERAL RESERVE BANK OF
"Requirements for Original Listing" shows the searching nature of the inSAN FRANCISCO FOR 1919 AND SINCE
formation that must be disclosed as a condition precedent to the admission
ORGANIZATION.
to dealing on the Board. All listed corporations are required to publish
balance shoots and income accounts.
24 are reported by the Federal
$7,021,2
of
earnings
Total
Listing applications are on file and open to inspection. There is on hand
o for the year 1919, as coma limited supply of copies of these applications which are available for dis- Reserve Bank of San Francisc
tribution. Upon request a copy will be mailed to those unable to inspect pared with $4,187,785 for 1918. Singe the organization of
them here.
the bank on Nov. 14 1914, the earnings have amounted to
Many of the corporations now being listed have issued capital stock within this five year period have
out nominal or par value. It is not always understood in dealing in such $12,527,223, while the expenses
that there should be no consideration given to the traditional price of par. totaled $3,257,277, making the net profit since 1914, $9,269,In order to obtain the market value of properties having shares of no par
947. The details of earnings and expenses covering all
value it is necessary to multiply the price at which the stock is selling by
818
THE CHRONICLE
the years the bank has been in operation are furnished by
Governor Jno. U. Calkins as follows:
Total since
Earnings*1914-16. 1917.
1918.
1919. Organization.
Discount on bills discounted_ $85,150 $292,982 $2,675,551 $3,667,951 $6,721,634
Discount on bills purchased.. 146,454 308,596 1,097,630 2,870,367 4,423,047
Int. on Municipal warrants_ 68,205 11,935
None
None
80,140
Interest on U.S.securities_ - 85,961 147,355
135,268
238,385
606,969
Profit on U.S.securities sold 14,488 11,250
294
None
26,031
Domestic transfers bought eic
sold-net
23,337 64,363
127,388
178,410
393,498
Service charges collected_ _
7,660 31,047
19,862
None
58,519
Penalties on deficient reserves 1,158 18,222
96,409
65,970
181,759
Commissions
None
52
35,383
141
35,576
Total
$432,412 $885,802 $4,187,785 $7,021,224 $12,527,223
====
=
Expenses-1j
Expenses
$268,891 $259,058 $764,151 $1,112,668 $2,404,768
Assessm'for Fed. Res. Board 35,474 16,560
22,277
33,306
107,617
Cost of Fed. Res. currency
56,304 34,998
248,424
215,897
55S,623
Furniture and equipment__ _ 12,590 28,142
45,169
103,368
189,269
Total
$373,259 $338,758 $1,080,021 $1,465,239 $3,257,277
et profit
$59,153 $547,044 $3,107,764 $5,555,985 $9,269,946
=======
Profit and Loss AccountGross earnings since organization
$12,527 223
roes expenses since organization
$3,257,276
Depreciation on bank premises
413,225
Dividends paid to Dec. 31 1919
1,232,348
Reserved for depreciation
85,600
Carried to surplus fund
7,539,374
$12,527,223 $12,527,223
*From November 16, 1914, only.
[vol.,. 110
Rubber stamps for this purpose vrill be furnished by the Federal Reserve
Bank of New York.
(c) Delivery record by serial number should be maintained of all bonds
delivered in order that the ultimate delivery of a permanent bond may be
determined if occasion arises.
The forms to be used in handling the transactions between banks and the
Federal Reserve Bank of New York are now in the course of preparation
and, In order that we may be informed as to the method each bank wishes
to adopt and to enable us to supply the proper rubber stamp for its use, we
would appreciate your indicating on the enclosed form the method you wish
to pursue, forwarding it to us as promptly as possible in the enclosed return
envelone.
In further advices to savings banks Feb. 26 (Circular
No. 257) Mr. Case says:
With respect to our Circular No. 255, dated Feb. 20 1920, relative to the
exchange of temporary 4% and 43i% coupon Liberty bonds for permanent
bonds, we have been advised by the Treasury Department that any savings
bank which is incorporated under the Banking Law of the State may be
designated as a special depositary and, as such, may qualify to receive
deliveries of permanent bonds on consignment against collateral pledged
with this bank.
To facilitate qualifying as a consignment agent, we would suggest that
each incorporated savings bank desiring to qualify for this purpose secure
its designation as a special depositary in advance by filing with us on the
enclosed form a certified copy of resolutions of its board of Trustees. The
same result, however, may be accomplished if savings banks holding temporary bonds for their own account exchange them and use the permanent
bonds for making immediate exchanges of temporary bonds surrendered.
Such savings banks as do not wish to adopt either of the above methods
may follow the second method outlined in our Circular No. 255.
There are five branches of the Federal Reserve Bank of
San Francisco, namely, the Spokane branch, the Seattle
PROPOSAL TO ABOLISH SUB-TREASURIES.
branch, the Portland branch, the Salt Lake City branch
The House of Representatives on Feb. 25 declined to
and the Los Angeles branch.
strike from the Legislative Executive and Judicial Appropriation Bill a provision calling for the abolition on Dec. 31 of
N. Y. FEDERAL RESERVE BANK ON EXCHANGE OF
the sub-treasuries at New York, Boston, Philadelphia,
TEMPORARY COUPON LIBERTY BONDS FOR
Baltimore, New Orleans, St. Louis, San Francisco, CincinPERMANENT BONDS.
nati and Chicago, and by a vote of 57 to 14 adopted an
J. H. Case, Acting Governor of the Federal Reserve Bank amendment transferring
their duties to the jurisdiction of
of New York, has issued under date of Feb. 20 a circular to the Federal Reserve
Board and the Treasury. A bill
the banking institutions in the local Reserve District indicat- having a like purpose
has been introduced in the House by
ing the methods whereby the temporary 4% and 43,4% Representative Platt and
referred to the Committee on
coupon Liberty bonds may be exchanged for permanent bonds Banking and Currency.
The following is the text of the
in accordance with the provisions of Treasury Department Platt Bill:
Circular No. 164, which latter was given in our issue of
It. R. 12721.
Jan. 10, page 125. The following are the advices conveyed
A BILL to abolish the sub-treasuries and to provide for the transfer of
the coin, currency. and bullion, and for other purposes:
to the banks, trust companies and savings banks by Mr.
Be it enacted by the Senate and House of Representatives of the United-States
Case in his circular (No. 255) of the 20th inst.:
of America in Congress assembled,
That Section 3595 of the Revised Statutes
Dear Sirs -Enclosed is a copy of Treasury Department Circular No.
164, dated Dec. 15 1919, regarding the exchange of temporary 4% and of the United States, as amended, providing for the appointment of an
Assistant
Treasurer
the
of
United
States at Boston, New York,Philadelphia,
4M% coupon Liberty bonds for permanent bonds.
Baltimore, New Orleans, St. Louis, San Francisco, Cincinnati, and Chicago,
Methods of Handling Exchanges through Banking Institutions.
and all laws or parts of laws so far as they authorize the establishment of
In accordance with the provisions of that circular there are two methods maintenance of offices of such assistant treasurers or of sub-treasuries of
thre may be used by the banks, which are as follows:
the United States are hereby repealed from and after July 1 1921; and the
Secretary of the Treasury is authorized and directed to discontinue from
Delivering permanent Bonds to Incorporated Banks and Trust Companies.
and after such date or at such earlier date or dates as ho may deem advisable,
First-Paragraph 8 of the circular provides that incorporated banks and such sub-treasuries and the
exercise of all duties and functions by such
trust companies designated as special depositaries of public moneys pur- assistant treasurers
or their offices. The office of each assistant treasurer
suant to Treasury Department Circular No. 92, may receive a supply of specified above and the services
of any officers or other employees assigned
permanent bonds on consignment by the pledging of collateral security in to duty at his
office shall terminate upon the discontinuance of the functions
the form of bonds, notes or certificates of indebtedness of the United States. of that office
by the Secretary of the Treasury.
This method will enable banks to make immediate exchanges of temporary
Sec. 2. That the Secretary of the Treasury is hereby authorized, in his
bonds presented to them by their customers.
discretion, to transfer any or all of the duties and functions performed or
Receiving from Customers Temporary Bonds to be Sent to Federal Reserve Bank authorized to be performed by
. the assistant treasurers above enumerated,
for Exchange.
or their offices, to the Treasurer of the United States or the mints or assay
Second-Incorporated banks and trust companies not wishing to adopt offices of the United States, under such rules and regulations as he may
the first method may, in accordance with the provisions of paragraph 7 of prescribe, or to utilize any of the Federal Reserve banks acting as deposiCircular No. 164, receive from their customers temporary bonds and taries or fiscal agents of the United States, as provided by existing law, for
the purpose of performing any or all of such duties and functions. Notforward them to the Federal Reserve Bank of New York for exchange.
The advantage in receiving bonds on consignment, as outlined in the withstanding the provisions of Section 15 of the Federal Reserve Act, as
first method, will enable banks to make immediate exchanges of all tempor- amended, or any other provisions of law, the Secretary of the Treasury
ary bonds presented by their customers thereby eliminating the necessity may deposit or carry with any Federal Reserve bank any securities, moneys,
of issuing a receipt. The same result, however, may be accomplished if bullion, or funds authorized by law to be deposited or carried with the
banks holding temporary bonds for their own account exchange them and Treasurer of the United States or with any of the assistant treasurers:
use the permanent bonds for making immediate exchanges of temporary Provided, however, That any such trust funds or other special funds or special
deposits of securities, moneys, or bullion deposited or carried with a Federal
bonds surrendered.
Reserve bank shall, when required by the Secretary of the Treasury, be
Reimbursement for Transportation Charges.
kept
separate and distinct from the assets, funds, and securities of the
The postage, registration fee and risk upon shipments in connection with
the exchange of temporary for permanent bonds, between incorporated Federal Reserve bank and be held in the joint custody of the Federal Reserve
Agent
and the Federal Reserve Bank.
banks and trust companies and the Federal Reserve Bank of New York,
Sec. 3. That the Secretary of the Treasury is hereby authorized to assign
will be borne by the United States Government provided the following
or
any
all the rooms, vaults, equipment, and safes or space in the buildings
procedure is strictly adhered to:
(a) All temporary bonds and collateral security forwarded to the Federal used by the sub-treasuries to any Federal Reserve bank acting as fiscal
agent
of the United States.
Reserve Bank of New York, by an incorporated bank or trust company,
Sec. 4. That all employees In the sub-treasuries in the classified civil
must be listed by issue and serial number on triplicate forms which will
service
of the United States shall be eligible for transfer to classified civilbe supplied for its use; the original to be forwarded by regular mail under
separate cover, the duplicate to be enclosed with the securities and the service positions under tho control of the Treasury Department, or if their
services
are not required in and under such department, for transfer to fill
triplicate to be retained by the forwarding bank for its files.
Upon receipt of the original advice of shipment the insurance will be vacancies in or under any other executive department, with the consent
department.
of
such
Any officer or employe in the classified civil service
effected by the Federal Reserve Bank of New York and banks will be
reimbursed for postage and registration fees by check, which will be for- assigned to duty in the office of any assistant treasurer, who may be employed
Federal
any
by
Reserve bank upon the discontinuance of the office
warded as soon as possible after the first of each month for shipments reof the assistant treasurer to which he was assigned, shall retain his civilceived during the preceding month.
service
such
status
for
period
as he remains in the oniploy of any Federal
(b) All temporary bonds surrendered to the Federal Reserve Bank of
New York for credit to permanent bond consignment account under the Reserve bank and for one year thereafter.
Sec.
sum
The
5.
of 8150,000 Is hereby authorized to be appropriated out
first method must be stamped on the face with a legend reading:
of any money in the Treasury not otherwise appropriated, to be expended
"Accepted in exchange for permanent bonds of the same issue and
as the Secretary of the Treasury may direct, for the purpose of meeting any
receivable only for credit of:
and all necessary expenses, including rent, arising in connection with any
operations under this Act, such appropriation to be available from the
(Name of Bank or Trust Company.) date of this Act until the end
of the fiscal year beginning July 11921. The
ended'temporary bonds surrendered for exchange under the second method Secretary of the Treasury is hereby authorlzid
and directed to cause to
must be stamped with a legend reading:
be constructed and erected, and there is haeby further authorized tolbe
"PreSented for exchange for permanent bonds by:
appropriated, out of any money in the Treasury not otherwise appropriated,
the sum of $2,000,000, or so much thereof as may be noces.sary,ifor the
(Name of Bank or Trust Company.) purpose of constructing and erecting, in the north court of the Treasury
PP
FEB. 28 1920]
THE CHRONICLE
Building, in the City of Washington, District of Columbia. a three-story
structure, consisting of a two-story vault with office space above, including
all necessary mechanical and vault equipment therefor and all incidental
changes required to the Treasury Building in connection therewith.
Sec. 6. That all laws or parts of laws inconsistent with the provisions
of this Act are hereby repealed in so far as inconsistent herewith.
EXCHANGE RATES CAUSE INCREASE IN WHEAT
PRICES ABROAD.
The uneven exchange rates have served to increase the
cost of American wheat to the principal countries abroad
from 12 to 25% since last December, says the bulletin of the
International Institute of Agriculture, issued at Rome,
Italy, on Feb. 21, and this enhancement, it is pointed out,
"naturally acts as a barrier to new business." The bulletin
says:
As a consequence of the dislocation of rates of exchange, applicable to
the grain trade, the principal importing countries have to submit to an
increase in the cost at the port of shipment, varying from 12 to 25%,
according to the country of destination and as compared with the amouats
payable in December last.
This enhancement naturally acts as a barrier to new business. America
with a larger crop of wheat in process of distribution shipped nearly 1,000,000 tons less during the last six months of 1919 than for the corresponding
period of 1918. Ilesides, the wheat stocks in the hands of farmers, millers
and dealers were in January 1920 larger by three and three-quarters million
• metric tons than in January 1919.
It is estimated that the American stocks of rye also are 400.000 tons
greater than last season.
The cereal harvests of the Southern Ilemispnete were large. The yield
of barley in Argentina amounted to 240,000 tons, or.22% beyond the
yearly average. This increase was partly due to the increased atm under
cultivation, this being 37% over the average, but it was chiefly the result
of the good season.
No information has been received about the actual yield in Chile, but it
is reported the wheat crop is in excellent condition and that other cereals
promige well.
The area under wheat in America has been much reduced, the area now
under crop being 77% of last year. Decreases in the area sown also are
reported from Spain, Rumania and Egypt. While intensive cultivation
has occurred in Prance and Algeria, it is most noticeable in British India,
where it is 15% more than last year.
Crop conditions are reported to be fairly favorable in Belgium, Great
Britain, Ireland, Spain and Italy and average in Egypt. The approaching
harvest in British India is expected to be good.
BORDEN CO. NOT TO CHANGE PRICE OF MILK IN
MARCH—FARMERS WILL RECEIVE LESS.
The price of milk sold by the Borden Farm Products Co.
in March will be the same as in February, it was announced
on Feb. 25. This company has during the present month
been selling Grade B bottled milk through retail grocery
and dairy stores at 16 cents a quart, 1 cent below the price
asked by the other large distributers.
Notwithstanding the fact that the Borden Co. will maintain its old price, the farmer will receive for 3% milk in
March $3 36 a hundred pounds at the 201-210 mile freight
zone, a reduction of about one-quarter of a cent a quart from
the price for this month, according to an announcement on
Feb. 21 by the Dairymen's League. Officials of the League
were quoted as having said that the price was less than it
cost the farmer to produce the milk.
81.9
conferred upon him by Section 2 of the Act approved Au
18 1914, entitled "An Act to provide for the admission
foreign built ships to American registry for the foreign tra
and for other purposes," suspending provisions of the A
with reference to watch officers being citizens of the Un
States, as follows:
1. That the provisions of law prescribing that the watch officers of
sels of the United States shall be citizens of the United States are he
suspended so far and for such length of time as will permit alien w
officers who now hold United States provisional licenses, and who h4et
have declared their intention to become citizens of the United States to s
on American vessels engaged in the foreign trade until three years
three months shall have elapsed after the date of making their respec
declarations.
2. That all executive orders heretofore issued suspending the provi
of law prescribing that all watch officers of vessels of the United 5
shall be citizens of the United States are hereby revoked.
BAINBRIDGE COLBY NAMED BY PRESIDENT WILSON
AS SUCCESSOR TO ROBERT LANSING AS
SECRETARY OF STATE.
The nomination of Bainbridge Colby as Secretary o
State, succeeding Robert Lansing resigned, was sent to th
Senate by President Wilscin on Feb. 25. Mr. Lansing'
resignation was noted in our issue of Saturday last, page 736.
The appointment of Mr. Colby as his successor came as e
surprise, the one perhaps most talked of as a possible successor to Mr. Lansing having been Frank L. Polk, th
Acting Secretary. In a statement to newspaper men in
Washington on the 25th, following the announcement of h
appointment, Mr. Colby said:
I think good taste counsels only the briefest of statements until such tim
as the Senate acts upon my nomination. I may say that I had a long an
unhurried conference with the President which impressed me with the gre
confidence he reposed in me. I hope I shall not prove inadequate for t
great duties of this new office. There is nothing more that I can say un
my nomination has been acted on. I am sure that courtesy is due to th
Senate.
Mr. Colby was born in St. Louis in 1869. In the pre
convention campaign of 1912 he was active in Theodor e
Roosevelt's behalf and was in charge of contests to seat th
Roosevelt delegates in the Republican National Convention
at Chicago in that year, and was a delegate to the Progressive National Convention at Chicago in 1912. In the
1916 election Mr. Colby campaigned for Woodrow Wilson
after the Progressive Party Convention of that year endorsed
Charles E. Hughes, the Republican nominee. In 1917
Mr. Colby was made a member of the United States Shipping Board; he served in that post for two years, during
which time he participated in the Allied Maritime Con
ference in Europe. The New York "Times" of Feb. 2
in stating that Mr. Colby has been a consistent supporte
of President Wilson since 1916 and a warm advocate of th
League of Nations, reported him as having stated in one o
his latest addresses, delivered on Feb. 19 before the Nations
Retail Dry Goods Association at the Hotel Pennsylvania:
I have gathered the impression from sources that I regard as dependab
that the treaty of peace may almost be said to be dead.
Mr. Colby is also said to have added:
My heart and thought go out to that great man who sees the product
, misprized, despitefu
CONTROL OF SUGAR PRICE ABANDONED IN CANADA. his vision, of his brain, of-his hand underestimated
used, aye, brought even to the verge of rejection by his people.
on
known
became
it
Commerce,
The Canadian Board of
Feb. 20, had relinquished its control over the price of sugar.
BILL FOR RETURN OF RAILROADS TO PRIVATE
This action was taken, it is understood, to determine whether
and
CONTROL, PASSED BY CONGRESS.
beneficial
been
actually
the policy of price-fixing has
Congress quickly disposed of the Conference report on
also whether the orders of the Board of Commerce have been
effective. The price of 16 cents a pound at the refineries the railroad bill; on Saturday last (Feb. 21), the House b
is no longer in force, it was said, owing to the Board's a vote of 250 to 150 agreed to its adoption, after a motion
of Representative Barkley to recommit the report to th
decision.
Committee on Conference had been rejected by a vote o
WEEKLY REPORTS DISCONTINUED BY UNITED 229 nays to 171 yeas. On Monday of this week, Feb. 23
the Senate adopted the Conference report on the bill by
STATES SUGAR EQUALIZATION BOARD.
•
Wilson o
Announcement has been made by Joshua Benhart, chief vote of 47 to 17. The bill was sent to President
by him to th
forwarded
was
it
date
that
on
and
25,
Feb.
Sugar
States
United
the
of
department
statistical
of the
opinion by the Attorne
Equalization Board, Inc., that after Feb. 28 1920 the weekly Department of Justice for an
bill was returned to th
report of stocks, receipts and meltings of cane sugar will be General as to its validity. The
Attorney General Pa
by
27)
(Feb.
yesterday
House
White
necessary
made
was
said,
was
it
action,
This
discontinued.
that he saw
President
the
informed
stated,
is
it
who,
mer,
Board,
the
by the refusal of one refiner to submit his figures to
the bill. The President later
and since that body did not desire to issue incomplete or no Constitutional objection to
of Railroads Walker D
partially estimated data, the statistics will be discontinued sent the bill to Director-General
latter's opinion, it
the
of
view,
expression
an
for
Hines
after the date mentioned.
provisions. A
The contract between the Government and the refiners believed, being sought on the labor
th
of
issue
to-day's
in
elsewhere
all
by
note
given
we
voluntarily
expired Dec. 31 1919, but reports
Railroad Brotherhoods have file
refineries had been issued subsequently because of their "Chronicle," the
with the President a protest against the bill. The corn
general utility.
plete text of the bill as agreed to in conference, and sine
ou
SUSPENSION OF PROVISIONS OF SHIP REGISTRY ACT. accepted by both branches of Congress, was given in
al
We
inclusive.
732,
to
720
pages
last,
Saturday
of
It was announced on Feb. 16 that President Wilson had issue
to 719, inclusive, the stateme
signed an executive order, in pursuance of the authority gave last week, pages 716
820
THE CHRONICLE
made by the conferees of the House in submitting the report.
The vote whereby the Conference report was adopted by
the House was, as above stated, 250 to 150; the affirmative
votes were cast by 205 Republieans and 45 Democrats; the
votes in opposition were registered by 125 Democrats, 23
Republicans, 1 Independent and 1 Prohibitionist. The
47 Senators whose votes brought about the adoption of the
Conference report in the Senate included 32 Republicans and
15 Democrats. The 17 votes in the Senate against the adoption of the report came from 14 Democrats and 3 Republicans. Representative Esch, Chairman of the House Committee on Inter-State Commerce, who led the factions in
support of the bill when it was brought before the House on
the 21st inst., outlined the chief features of the bill in
particular reviewing its financial provisions. In approving
the appropriation of $200,000,000 carried in the bill to provide a working capital for the railroads for a temporary
period, Chairman Esch, the New York "Times" states, read
a letter from Swager Sherley, Director of the Division of
Finance of the Railroad Administration, which said this
amount was "urgently necessary." Mr. Esoh is also quoted
as saying:
[VOL. 110.
bil, and "no obligation whatever on the part of the Government is created." He also said in his remarks on the bill
that "we have heretofore appropriated for expenditure by
the Railroad Administration $1,250,000,000. We are now
in this bill appropriating $500,000,000 more,and before the
close of the present fiscal year we will be compelled to make
another appropriation of not less than $400,000,000—in all
$2,150,000,000. Of this vast sum it is expected that the
railways will at various times during the next decade-10
years is the limit of the credit extended by the Government
to the railroads—pay to the Government of the advances
so made sums which in the aggregate will reduce the Government's expenditures to something like
50,000,000, and
this will represent • the loss incurred in two years and two
months of Government operation." The following is, in
part, Senator Cummins' comments:
Mr. President, in submitting the conference report upon H. R. 10453,
the railroad bill, I shall not attempt to review in detail the many differences
which have been composed by the conference committee and which did not
involve underlying principles of railway regulation. A very large part of
the two bills, as they passed the Senate and House, had a common purpose and differed only in what may fairly be called details, although a large
proportion of these details were of great importance and required the most
painstaking consideration. In this field I may mention the provisions
relating to the adjustment and settlement of the accounts between the
Unless this money is made available on Mar. 1 the railroads will not
be
able to meet their current accounts as they come due. This provision of Government and the railway companies growing out of Federal control,
the bill will not add a dollar to the expense of the Government, as it will the funding of indebtedness duo from the railway companies to the Governbe part of a payment of $636,000,000 which must be made to wind up Gov- ment, the extent to which immediate set-offs should be allowed, the payment of deficits to railways which were dismissed from Federal control prior
ernment control.
The Government's total expenditures for additions and betterments up to to July 1 1918, the guaranty for six months after March 1 1920, and the
Mar. 1, when Federal control ends, amount in even numbers to 81,152.000,- arrangement for proper remedies against the United States in causes of
000. The Government expended $372,000.000 for new equipment, which action arising during Federal control. All these things presented tremendincluded 100,000 freight cars and 1900,
locomotives, all of which were allo- ous difficulties and imposed upon the committee an inquiry into every phase
cated to the several carriers. Of this sum, $15.000,000 has been paid in of Government operation. Happily, however, we have been able to roach
cash by some carriers, leaving a balance for equipment of $357,000,000, a conclusion which is fairly satisfactory to the conferees—a conclusion which
lies somewhere between the position taken by the Senate and House with
which the Government has expended.
The net excess of operating expenses and compensation to the carriers over regard to these most important subjects. There wore numerous controthe operating revenues of all the roads up to Mar. 1 is $854,000,000. There versies of a vital character with respect to the sections which may preperly
Is due the corporations in interest and open accounts $1,442,000,000, against be called amendments to the act to regulate commerce, such as the carwhich can be applied interest due on Government notes and open accounts service act, the regulation by Federal authority of the issuance of railway
and additions to betterment and indebtedness of $709,000.000, making the securities, the power on the part of the Inter-State Commerce Commission
net sum that must be paid the roads under the terms of the bill $733,000,000. to deal with instances of congestion in transportation by diversion of traffic,
After set-offs there will be owing the Government on account of additions the common use of terminals and other facilities, the division of earnings
and betterments 8319.000,000, allocated equipment $357,000,000, and other and of joint rates for the protection of short-line roads, the procedure in
Indebtedness which will be represented in long time notes or one-year notes cases of conflict between inter-state and State rates, and many other very
$239,000,000 a total of $915,000,000. The total amount which the Gov- much needed modifications of the present law. I will not comment upon
ernment must appropriate to make up what may be considered a shortage the changes which have been agreed upon in such matters, for they were
of 8636,000,000. If the $200,000,000 herein appropriated is made it will thoroughly discussed while the bill was on its passage through the Senate
leave $436,000.000 to be appropriated.
and the conference report does not depart from the Senate bill sufficiently
In short, the Government as a result of our experience under Federal to warrant a review. I hold myself, however, in readiness to answer any
control, will have appropriated $1,900,000,000 and over. Of that sum, question that may be propounded touching these less distinctive points of
$1,250,000,000 represents what already has been appropriated, and $200,- difference between the action of the Senate and House.
000,000, and will make it $1,450,000,000. The difference would approxiIt is, I think, my duty to call your attention specifically to those parts
mately be what I have already stated, the amount which the Government of the two measures wherein the differences wore fundamental and could
must appropriate. This additional sum of $636,000,000 will practically not be settled by compromise, but, in the nature of things, had to be reconciled either by the Senate or House receding from the action it had taken.
have to be charged off as a war cost.
First. The bill, as it passed
Senate, proposed the organization of an
Mr. Esch is also said to have stated that prior to Govern- additional tribunal, known as the
the transportation board, to which was to
ment operation only 60% of the roads earned dividends and be committed certain very important functions in the administration of the
law. I need not enlarge upon these functions nor further describe them.
paid interest, adding:
because the Senate conferees found it necessary to recede from the; proDuring Federal control 108 of the 175 Class 1 roads did not earn interest.
vision; and, in the future as in the past, the Inter-State Commerce ComIn 1916 the roads lacked $60,000,000 of paying interest on their Indebtedmission. increased by two members, will exercise all the authority conferred
ness.
by the law for the regulation and control of railways.
Fifty per cent of the roads in this country would go into the hands of
Second. The Senate bill provided, under certain conditions, for Federal
receivers in three months without the Goverment guarantee and I want to
Incorporation of railway companies, either by reincorporation of existing
warn you that receiverships for railroads means receiverships for industrial
companies or original organization under Federal law. The House conenterprises and other business.
ferees were so inflexibly opposed to this principle that in order to reach any
conclusion
the Senate conferees were compelled to yield; and the bill as now
Mr. Esch denied that the Government under the comprocontains no authority for Federal incorporation in any form.
mise bill, guaranteed a return of 532% on railroad invest- reported
Third. The Senate b 11 proceeded upon the declared theory that in order
ment. He explained that the rate of return was to apply to mlko rate regulation completely successful and absolutel/ just as between
on actual value. "It is up to the railroads to earn by effi- the public and railway owners the railway properties of the United State
be Oil ided for ownership and operation into not less than 20 nor more
ciency," he said. "The Government is losing nothing," should
than 33 systems, preserving rally ,he competition in .ervice now oxioting
he added. "Commerce is stimulated. This plan is the best and the established channels of trade and commerce. It provided teat the
transportation board should, after hearing, make and publish a plan of
practical solution for a most difficult problem."
consolidation; that for seven years consolidations in harmony with the plan
Representative Barkley, one of the conferees who dis- so prescribed should
be voluntary, and that thereafter necessary measures
sented from the conference report, and whose opposing should be taken by the Government to complete the execution of the plan.
prescribed
further
that
It
in all consolidations the capitalization of the conviews were indicated in these columns last week, page 732,
solidated companies should not exceed the actual value of the railway nropsaid on the 21st during consideration of the bill:
erties involved in the consolidation.
The result of this legislation means that the American people must pay
in so far as the Senate bill contemplated compulsory consolidations,
$2,500,000,000 to the railroads in order that roads, manipulated by special the Senate conferees have found it necessary
to recede, but the real prininterests, may pay dividends. They have attempted to write into this ciple embodied in the Senate bill has been
preserves!. The substitute found
bill a semblance of decency by providing that if any honest road, under just In the conference report upon this
subject provides that the commission
rates, earns more than 6%, we will take half of the excess and devote it to shall, as soon as practicable, adept
and publish a plan for the consolidation
a fund to loan inefficiently managed roads or to purchase equipment to be of our railways into a limited number
of systems, with the same requireleased to them.
ments as to competitive service and the observance of existing routes of
Mr. Barkley argued that the bill was unconstitutional commerce an were laid down in the Senate bill. With the approval of the
because of the provision taking half of the excess earnings commission, guided solely by the publie interest, consolidations are to be
but they are to be voluntary and must be consistent with and.in
over a 6% return. He concluded by "protesting against permitted,
furtherance of the plan adopted by the commission. Furthermorelin
compelling 100,000,000 people to pay tribute to specially whatever consolidations may take place, the properties consolidated must
as of their true value, and tho commission is charged with the
favored interests, and said defeat of the conference report be treated
duty of determining this value under the valuation act of 1913.
would not prevent enactment of legislation by March 1 for
While I regret that the House conferees could not be brought to a complete
the objectionable provisions could be "eliminated in 24 acceptance of the Senate bill upon this subject, I feel that the provisions
agreed upon are a tremendous advance toward the desired end; and will
hours."
eventually result in such a readjustment
our railway systems that it will
In the Senate on the 23rd Senator Cummins pointed out be possible for the Inter-State CommerceofCommission
to establish charges
fundamental differences between the two bills, and in part, for the service of transportation that will fairly sustain all our railways
giving to any one of them an excessive return upon the value of the
further below, we quote what he had to say. In this state- without
property rendering the service.
.644
ment the Senator commented on the so-called "guaranty
Fourth. That part of the Senate bill known as "section 6" was accepted
of income" in which he declared that "not a dollar is to be by the House conferees with two principal modifications. The entire section
rewritten and now appears in tho conference report as section 15a of
paid from the Treasury" on account of the provisions of the was
the act to regulate commerce, but while its phraseology has been some-
FEB. 28 19201
THE CHRONICLE
821
for we all
what changed it is essentially the same, with two exceptions, namely, the bill. The Senate conferees yielded simply to supreme necessity,
March 1, or chaos
period in which the 5%% basis is to continue as a direction to the Inter- recognized that a railroad bill must be passed before
State Commerce Commission has been reduced from five years to two years, would ensue.
With respect to the labor provisions of the conference report, I am
and the division of excess earnings or income instead of being one-half
have aroused among
between 6 and 7% of the value of the property and one-quarter above 7% utterly unable to undetstand the opposition which they
employers,
is now one-half to the company and one-half to the Government throughout. labor leaders, for they leave all men free, whether employees Or
any place, or under any cirInasmuch as this section has been the•subject of the grossest misrepre- to do whatsoever they please at any time, at
are the best we could
sentation on the past of some critics and the most mysterious misunder- cumstances. All that I can say to them is that they
standing on the part of many sincere people I deem it my duty to submit devise under the conditions which confronted us
to
consider and settle,
adjustment
of
boards
of
The voluntary formation
a brief comment upon it. In order to prejudice it among the people it
if possible, all disputes except those relating to wages, is authorized and
has becn termed "a guaranty of income." This is not true in any sense of
that phrase. There is a guaranty in the bill of the standard return and encouraged.
A governmental tribunal is established, composed of nine members, with
against deficits, continuing for six months after the railways are returned to
of $10,000.
their owners, hut this was in substance in both bills and apparently has not a tenure of office of five years and an annual compensation
All of the members are to
excited any considerable criticism, for in view of the circumstances its neces- It is to be known as the "railroad labor board."
be appointed by the President and confirmed by the Senate—three of its
sity is obvious.
the nomination of
Section 6, now 15a, is, however, not a guaranty, nor does it approach members upon the nomination of employees ,three upon
to represent the public.
a guaranty oven remotely. Not a dollar is to be paid from the Treasury the employers, and three, without restriction,
submitted to this
on account of its provisions, and no obligation whatever on tho part of the All controversies respecting wages or salaries are to be
by the boards of adjustment
Government is created. It is a direction to an administrative tribunal board, and also all other disputes not decided
of commerce.
that in so far as it may be practicable the commission shall make rates that which seem likely to result in a substantial interruption
by a majority vote
will yield a net operating income of 5%% upon tho true value of the railway Decisions by the railroad labor board are to be made
representing
members
the
of
one
least
a
at
unless
as
be
made
can
but no decision
property hold for and used in the service of transportation considered
sincere hope that this board may
whole. The assumption of this basis by the commission does not promise the public joins in the decision. It is my
railway carriers, and,
to any given railway company any given net operating income, for the in- command the confidence of railway wageworkers,
its intervention justice
come depends wholly upon the location of the railway, the population it above all, the public. I earnestly hope that through
shall receive the full
wageworkers
that
the
serves,the volume of its traffic, and the conditions under which it is operated. may be done, and especially
happy, contented, and
Under this basis some railways will earn 2% upon the value of their property measure of compensation which alone can make men
faith and courage in
some 4%,some 6%,some 8%;a few more than 8% and a few less than 2%. progressive. Let us at least try the experiment with
in the plan as time
This basis takes no account of either stocks or bonds, but is concerned solely the abiding belief that whatever defects may be revealed
remove.
with the value of the property as a whole. It is a basis about $50,000,000 passes on we will have the intelligence and patriotism to
Finally, inasmuch as the conference report carries an appropriation of
loss in the aggregate than the basis of 1917 and about $50,000,000 more
for immediate
than the basis of the test period, as defined in the Federal control act. To $300,000,000 for loans by railway companies and $200,000,000
submit a very brief
call it a guaranty is to be either maliciously false or stupidly ignorant. Its use in making settlements with railway companies, I
months of Government
value is found in its tendency to give stability to railway credit in the un- statement of the results of the two years and two
settled period through which we are passing. It is a legislative declaration operation of the railroads.
I submit this statement, Mr. President, because from time to time the
of a rule by which we may assume the commission will be guided in the
that
development in the Railroad Administration—and I am not criticizing
difficult duties which are to be immediately imposed upon it.
It gives the investing world the assurance that the commission will, administration—have changed the financial conditions.
by the Railroad Adduring these two years, make an honest effort to adjust rates upon this • We have heretofore appropriated for expenditure
bill appropriating $500,basis. There are enough uncertainties attending the administration of the ministration $1,250,000,000. We are now in this
year we will he comlaw without adding to them an uncertain basis of rate making. For the 000,000 more, and before the close of the present fiscal
$100,000,000; in all,
solo purpose of showing how absurd it is to speak of the rule as a guarantee pelled to make another appropriation of not less than
that the railways wileat
I may be permitted to suggest that in applying it the commission must $2,150,000,000. Of this vast sum it is expected
the limit of the credit
conjecture or estimate the volume of traffic which the railroads will carry various times during the next decade-10 years is
Government of
In a future year, and, furthermore, it must conjecture or estimate the cost extended by the Government to the railroads—pay to the
reduce the Governwill
aggregate
the advances so made sums which in the
of maintaining and operating the railways during a time in toe future.
will represent
If this provision accomplishes its purpose It will not bo accomplished ment's expenditures to something like $850,000,000, and this
Government operation.
because it gives to railway companies undue profit but because it establishes the loss incurred in two years and two months of
a measure of confidence in the minds of those who have money to invest,
The bill was opposed by Senator Pittman, Democrat,
which is now, unfortunately, lacking. I take it for granted that the chief
who predicted that "turmoil and chaos" in the inNevada,
with
supplied
desire of tho American people is that their commerce may be
in
more
would follow close upon its enactment.
suffered
world
has
country
dustrial
The
adequate facilities for transportation.
the last year on account of the inability of producers to reach their markets Senator Pittman said:
freely and promptly than from any other one cause, and while they want
"I think it would be far better to return the roads without
transportation at the lowest practicable cost, their overwhelming demand
legislation than to return them with legislation framed
any
is for transportation itself.
Without entering into the details of the situation, It is well known to to meet a political expediency. I am opposed to Governevery observer that we need from 100,000 to 200,000 additional cars, we
ownership and have been at all times, and yet I believe
need more main tracks, more sidetracks, more warehouses, and more ter- ment
bring
minal facilities of all kinds. If the railways are to succeed in giving to the confidently that if there is anything on earth that will
people what they must have, if we are to prosper, these companies must the Government to Government ownership it is passage of
borrow or secure in some way not less than $600,000,000 this year and $1,this bill. It will not be six months in my opinion before
000.000,000 next year. In preparing the section about which I have
capital
upon
return
the
so
about
much
thinking
not
was
I
the railroad owners, the laborers, and the shippers and every
been speaking,
already invested in the railway enterprise as about men who have money one else, except the bondholders will be complaining against
to loan or to invest and the conditions upon which they would be likely to
and chaos that the bill is going to bring about.
make loans or investments in railway properties. It is my deliberate the turmoil
judgment that those Members of Congress who fall to take into considera- It does not provide for Government ownership,but it provides
tion this problem in all its aspects, and who use their influence either to for Government responsibility. It throws all the obligadelay or defeat this bill will in the end deeply disappoint the great body of
and liabilities on the Government, and at
the people intent upon marketing their products and in developing to the tions and burdens
highest point our social and industrial systems.
the same time denies the Government the ownership of the
One word with reference to the much-maligned requirement that a rail- property. I would prefer Government ownership to inway company receiving in any year a net operating income of more than 6%
paternalism.
upon the value of its property used in the service of transportation shall pay dividual ownership and Government
to the Government one-half of the excess
Pittman raised against the bill the old issue arising
Senator
This regulation is founded upon one of the long-established principles in out of the long and short haul clause of the Inter-State Comthe regulation of public utilities. It has been in common use from the
very beginning of public control. It is neither socialistic nor confiscatory merce Act.
in its character. Some lawyers, looking at the question from the standpoint
of their clients', may doubt its constitutionality, but the great majority of
RAILROAD UNIONS PETITION PRESIDENT WILSON
the legal profession find no difficulty in defending its validity. If we are
TO VETO THE CUMMINS-ESCH BILL—FARMERS '
to look upon transportation as a national subject and accept it as our
duty to sustain railway carriers in all communities which are rendering an
AND OTHERS TAKE SIMILAR ACTION.
COUNCIL
Indispensable service, we must impose some such limitation. I predict
A committee representing the principal railroad unions,
that this feature of the Senate bill, preserved in the conference report, will
moot with almost universal approval and that the immediate future will which have made demands for increased wages, called at the
vindicate its justice and efficiency.
White House on Feb. 26 and urged in the form of a written
Fifth. The Senate conferees discovered very early in the conference that
the Cumminsthe House would not accept that part of the Senate bill which undertook communication that President Wilson veto
to create tribunals for the adjudication of disputes between railway em-. Esch bill for return of the railroads to private ownership.
ployeos and railway employers, and to make it unla"wful, through combinaThe measure, as noted elsewhere, passed both Houses of
tion or conspiracy on the part of either employees or employers, to punish
Congress—with less delay than the labor unions were said
the public in order to maintain their disputes.
I confess that I yielded upon those provisions of the Senate bill with to have anticipated and therefore rather much to their surextreme reluctance. The procedure, established in our bill may have been prise.
susceptible of improvement, but .the principle is everlastingly right. That
The committee 'that went to the White House Feb. 26
there will come a time when railway workers will see that this principle
protects them more perfectly than they can ever hope to be protected "by direction of two million railroad employees" presented a.
through the strike, I have no more doubt than I have in the ultimate tri- resolution adopted by the union which charged that • the
umph of justice in all the fields of human endeavor. Is it not possible that
the fundamental prinin the progress of affairs we can discover some way in which to prevent these provisions of the railroad bill violate
disputes ripening into an interruption of commerce which meances the lives, ciples of American government in that they guarantee to
the health, and the peaceful, orderly development of society? To me,
the owners of railroad securities a right to charge for the serthe thought is abhorent that the judgment of a governmental tribunal
to produce
composed of fair, high-minded men—a tribunal which takes into considera- vice which railroads afford the public, such charge
tion the rights of man and speaks for the public welfare—can be overthrown a minimum net return of 532% upon that uncertain and inor disregarded by any class of our citizens. Whenever the public interest tangible thing described as the "aggregate value of the railrequires the Government to assume jurisdiction over a dispute and to enter
is a
its decree expressing the very right of the matter, all of us, no matter how road properties of such carriers." This, it is charged
we work or where we work ought to respect and abide the decision.
and distinct privilege from those enjoyed
an
exclusive
of
grant
So much I have felt that I must say in vindication of the action of the
by investors in securities in other industries.
°nate in receding from the so-called "anti-strike" sections of the Senate
822
THE CHRONICLE
[Vol, 110.
Such a grant is merely an exercise of governmental powers
for the private interests of owners of railroad securities, it
is contended.
•
The resolution protests against the proposed wage adjustment tribunal, claiming that it deprives them of their former
inherent rights to determine the amount of wages they should
receive by negotiation between employee and employer.
The railroad men have been advised, the resolution sets forth,
that under the provisions of the bill they may be forced to
submit to an indefinite and unreasonable delay in the sttelement of their pending wage questions and that they might
be compelled to take up separately with each of the more
than 2,000 privately owned roads, such questions. Numerous other objections were set forth in the railroad union's
memorial urging veto of the bill.
Coincidentally, on the same day, representatives of the
Farmers' National Council and the American Society of
Equity—both of which organizations have been latterly
working in co-operation with organized labor—also called
at the White House to urge that the President veto the
Cummins-Esch bill. Three days before (i. e., Feb. 23) a
protest against the provisions of the bill was sent to the
President by Max S. Hayes, national chairman of the Labor
Party of the United States. The latter's communication
was sent in the form of a telegram from Cleveland. All of
the delegates who called at the White House on Feb. 26 to
ask that the President veto the bill presented their petitions
to Secretary Tumulty. George P. Hampton, managing
director of the Farmers' National Council, in behalf of that
body made the allegation that the legislation would result
in a big jump in living costs. He said:
not be reached could we present such issues to the Labor Board created
by said bill.
It is apparent that if the adjustment of these questions is long delayed it
will result in great numbers of railway employees leaving the service of the
railroads and obtaining employment in other industries under more satisfactory conditions and that such results will seriously hamper the efficient
operations of the railroads, and,
Whereas, the provisions of said bill creating the Labor Board permit
indefinite delays in the creation of the Board. In that:
1—The Inter-State Commerce Commission must first prescribe the regula•
tions under which nominations shall be made and before they can prescribe such regulations they must give notice and hold hearings for the
purpose of determining the rank and class of subordinate officials and
employees who come within the provisions of this bill, and,
2—Thereafter, appointments must be made by the President, and,
3—Such appointments must be ratified by the Senate, thereby affording
further possibility of delay, and,
4—The Board then created must establish offices in Chicago, complete Its
organization and prepare for the beginning of hearings before the solution of any questions can be entertained, and.
5—It is further provided that in case an agreement is reached between
officials and employees, or a decision by the Adjustment Boards (should
such Adjustment Boards be mutually agreed to and established) said
Labor Board shall have the power to suspend such agreements or decisions If in the opinion of the Labor Board such agreements or decisions involve "such an increase of wages or salaries as will be likely to
necessitate a substantial readjustment in the rates of the carrier," and,
6—The bill provides that any decision of the Labor Board affecting Increased
wages or salaries or improved working conditions cannot become effective unless such decision is concurred in by at least one of the public
representatives on said Board, thereby conferring upon the representative of the public the arbitrary power to annul any decision that may
be unanimously agreed upon by the representatives of the officials and
employees, and.
Whereas, we further believe that the inequities, uncertainties, delays and
ambiguities of this bill will promote unrest and intensify existing causes of
disagreement and prevent the orderly adjustment of grievances between
labor employed upon railroads, and,
1Vhereas, the provisions of this bill abrogate the right and freedom of
collective bargaining and substitutes therefor an indefinite and uncertain
method of compulsory adjustment or arbitration of disputes, now, thereThere is widespread industrial economic discontent on account of the fore,
Be it Resolved, that we, the organized body of employees, making possible
high cost of living and the apprehension that large interests and profiteers
the operation of the railway systems of the United States, with a full sense
are exerting a dominant influence in determining the nation's policies.
The return of the roads will involve an increase in freight rates of 25 of our responsibility to ourselves, our families and the people of our country,
and wholly desirous of assisting in a definite orderly manner consistent with
to 40%, which will result in an increase of four or five billien dollars in
the cost of living, according to the best authorities, or nearly $200 per family. American constitutions anti principles, the reaching of an equitable solution
this problem, do now request that you veto this bill and return it to the
H. L. Bissonette, president of the Iowa State branch of of
Congress of the United States without your approval, firmly believing that
the American Society of Fquity, presented a memorial, only by such course can an orderly solution of the problem now confronting
the American people be achieved, and we respectfully request that you
saying:
consider this resolution in connection with the memorial addressed to ConFarmers have taken risks of crop failures every year in order to feed the gress, a copy of which was placed in your hahds on Feb. 21.
nation. The outstanding debt against farm values is between six and
The railroad unions and the Farmers' National Council
seven billion dollars, and the average rate of interest is nearly 8%. The
Government doesn't guarantee this Interest charge of about $500,000,000 had previously made protests to the President against the
a year to farmers. Why should the Government underwrite the whole
railroad bill. Union delegates on Feb. 21 called at the White
Investment of the railroads?
attitude on
The resolution presented by the railroad unions and a letter House and presented a letter setting forth their
President was
Accompanying
the
letter
to
the
subject.
the
presented in connection with the resolution follow:
a copy of the memorial which the railroad men recently sent
Washington, D. C., Feb. 25 1920.
to members.of Congress. The President was asked to give
The President, the White House, Washington, D. C.
Dear Mr. President By direction of two million railroad employees, this careful consideration. The letter to the President said:
parties to the negotiations now in progress with yourself, represented by
their duly accredited committeemen now assembled in this city, we the
undersigned special committee have been delegated to convey to you in
connection with our letter of Feb. 24, the individual action taken by each
organization in meeting assembled as expressed in the following resolution
and respectfully urge your thoughtful consideration and favorable action
thereon.
By order of the Affiliated Railroad Labor Organizations.
(Signed)
B. M. JEWELL,
TIMOTHY SHEA.
E. J. MANION.
Resolution Unanimously Adopted by the Standard Reorganized Railroad
Organizations.
Whereas, The Congress of the United States has passed a bill known as
the "Transportation Act-1920" now before you for your consideration,
and,
Whereas, this bill violates in its provisions the fundamental principles of
American Government in that it guarantees to the owners of railroad securities a right to charge for the service which railroads afford the public
such rates as will produce a minimum net return of.”,6% upon that uncertain and intagnible thing described in said bill as the "aggregate value of
the railroad properties of such carriers," and,
Whereas, this is a grant of a particular exclusive and special privilege
distinct from those enjoyed by investors in other securities in other industries, and,
Whereas, this grant of privilege is not based upon a consideration of service rendered to the public or upon the value rendered by anyzparticular
carrier but is an exercise of Governmental power for the private interest of
a particular class of men, viz: those who own railroad securities. and.
Whereas, this bill establishes a tribunal authorized to fix prices to be paid
for labor in the operation of such railroads so privately owned, thereby
attempting to deprive the employees of railroads of their former inherent
right to determine the amount of wages they should receive by negotiation
between employer and employee, and.
Whereras, such provisions create an invidious class distinction against
labor employed upon railroads in contrast with the beneficial class distinction conferred upon investors in railroad securities, and,
Whereas, said bill singles out from the board field of labor employed in
other industries labor employed on railroads being subjected to this method
of Governmental price fixing, and.
Whereas, we, as American citizens believe that this marks a departure
from the principles of American democracy as established in our Constitution, and.
Whereas, we are advised that in order to settle the pending wage question
now undetermined, we might under the provisions of this bill be compelled
to submit to indefinite and unreasonable delays in that we maybe required.
to originate anew with each one of the more than two thousand privately
owned railroads the wage questions now under consideration and only after
it had been determined in each of such negotiations that an agreement could
In our analysis of the labor provisions of the act, we have sot forth reasons,
coupled with our years of practical application and experience in negotiating
wage adjustments, which to us seem sufficient to warrant the definite conclusion that the Congress has not proposed a method of procedure acceptable
at any time, and entirely Inadequate to meet the present situation.
We feel sure that you can agree with us to the extent that there is little
likelihood that Congress will be able to roach an agreement that will insure
a prompt disposition of the question.
On Feb. 24 Director Hampton of the Farmers' National
Council had asked President Wilson to veto the railroad
bill on the "grounds of public policy." Mr. Hampton's
request was by letter. He asked that the President personally, or through Secretary Tumulty, receive a delegation
Feb. 26, and that he defer action on the bill until the farmers'
representatives had had a chance to express more fully their
reasons for opposing it. This the Council did, as we have
noted further above.
Mr.Hampton made public on Feb.20 an open letter, which
had been sent to members of Congress prior to the adoption
of the conference report on the railroad bill, urging that the
bill be defeated and that the Federal control of the roads be
extended two years. Ho also issued a statement in connection with this letter. A summary of the statement was given
in Washington advices of Feb. 20 to the N. Y."Tribune" as
follows:
"As managing director of the Farmers' National Council," says a statement issued by Mr. Hampton,"and on behalf of the 750,000 members of the
farm organizations united in this council to carry out their reconstruction
program," Mr. Hampton calls the attention of Congress to the precarious
position of agriculture. Ile cites the fact found by the Dcpartment of Agriculture that 24,000 farms were abandoned in the State of Now York alone
during the last year, and the primary cause was that they wore unprofitable.
He says that scores of thousands of the farmers are leaving their farms because farming is not a paying proposition, and says the return of the roads
under the pending bill "would be a most serious blow to our basic industry
—agriculture," because "it would involve an increase In freight rates of 25%
to 40%, which would compel farmers to pay the railroads at least $200.000,000 a year more merely for carrying farm products than if the roads
remain under governcnt operation." About $1,000,000,000 additional
revenue would be needed if the roads are returned, which, as the DirectorGeneral of Railroads estimates, would mean an increase in living costs
of about $4,000.060,000 to $5,000,030,000. Of this increased cost of living
the farmers would have to pay their proportion, or at least $1,000,000,000.
FEB. 28 1920.]
THE CHRONICLE
Mr. Hampton warns Congress that the return of the roads under the pending bill would place an additional burden upon the farmers of at least
$1,250,000,000 a year, and states that the guaranteed dividend will "encourage waste and Inefficiency."
. We also give herewith Mr. Hampton's letter to the members of Congress:
Gentlemen of the Congress:—On behalf of the 750,000 members of the farmers' organizations united in the Farmers' National Council to carry out their
reconstruction program, I most earnestly request you to defeat the pending
conference railroad bill.
Nearly every national farm organization of any size, regardless of its
position on the return of the railroads, has opposed the Government guarantee of dividend or Government subsidy, which is specifically provided
in section 15a (3) of this railroad bill, wherein the Interstate Commerce
Commission is instructed to fix iates which will yield 5Y6% on the aggregate
value of the railroads and permitted to add not to exceed one-half of 1%
of such aggregate value.
May I repeat that the overwhelming majority of the organized farmers of
America, and in my judgment, of the unorganized farmers, are opposed to
the return of the roads under the pending bill, and I express the hope that
you will oppose such legislation and work for the two-year extension of
Government operation, so that a plan fair to all the interests involved may
be worked out for the final disposal of the railroads.
Yours sincerely,
The Farmers' National Council.
GEORGE P. HAMPTON,
Managing Director.
February 20 1920.
NATIONAL FARM ORGANIZATIONS ASK PRESIDENT
WILSON TO APPROVE THE CUMMINS-ESCH BILL.
While the railroad unions and some farmers' organizations
this week asked Presideht Wilson to veto the CumminsEsch railroad bill, the National Grange—probably the most
representative farmers' body in the country—and the International Farm Congress have asked the President to approve
the measure. In a letter presented at the White House on
Feb. 25 these organizations asked the President to sign the
bill because it had "intrinsic merit."
The letter was signed by W. I. Drummond, Chairman of
the Board of Governors of the International Farm Congress,
and T. C. Atkeson, Washington rehresentative of the National Grange. It pointed to a memorial to Congress, drawn
up at the recent meeting in Washington of representatives of
the International Farm Congress, American Farm Bureau
Federation, National Grange, National Farmers' Union,
Farmers' National Congress, National Milk Producers' Federation, American Cotton Associtaion, several State farmers'
unions and the Dairymen's League of New York.
The memorial declared for the safeguarding and protection
of every right of private property and against Government
.ownership or continued operation of the railroads by the
Government.
In their letter to the President the farmers' bodies said:
We believe the spirit of these two principles is embodied in the proposed
legislation now before you awaiting your signature. We earnestly petition
you to give this legislation your approval both because of the intrinsic
merit of most of the provisions and because of the necessity for settled conditions in transportation before the next season for crop movements.
823
the equilibrium established by such laws. If a price so fixed is higher than
that fixed by supply and demand it is unjust to the consumer; if less, it is
unjust to the producer.
We are therefore opposed to Governmental price-fixing, and insist that if
the State fixes the price of any essential commodity it should at the same
time fix prices on all other essential commodities. The application of pricefixing in an effort to reduce the cost of living has militated against the producer without giving.the anticipated relief to the consumer, and this has
resulted in the reduction in the production of wheat, pork nad other'farm
products so that a serious shortage of food in 1920 is threatened.
To compel any group of citizens to sell their products in a regulated market and to buy their supplies and necessities in an unregulated market is an
unjust and dangerous discrimination.
It is only by the safeguarding and protection of every right of private
property that there can be perpetuated the full measure of individual initiative and emulation upon which a democracy is based and by which its future
is assured.
We condemn in unmeasured terms those who, ignoring the distress their
actions cause, and unmindful of the danger signals that are only too apparent. continue to exact excessive profits in dealing in the necessities of life.
The sharing of the profits with employees does not correct the evil. The
purchasing public itself is largely to blame for the existing high prices and
high cost of living, by reason of its unchecked orgy of useless and senseless
buying.
We favor the greatest possible degree of official publicity, not only regarding the cost of producing farm products, but also the cost of producing.
manufacturing, distribution, and selling, wholesale and retail, all commodities to the end that the consuming public may be able to determine who are
the profiteers.
The Government ownership or continued operation of railroads is most
emphatically opposed. It is against good public policy and the principles of
sound Americanism. We are convinced that any possible emergency calling
for such operation has passed; that its continuance is costly, inefficient and
Inadvisable. We urge Congress to expedite the enactment of legislation
providing for the proper reorganization, reequipment and control of the
railroads under private ownership, that this legislation be as plain as possible.
and providing as few restrictions and complications as will properly protect
the superior interest of the public in the operation of railroads. We are
opposed to a Government guarantee of dividends or a Government subsidy.
Strict economy in public expenditures for all departments of the Government is essential, as is the cutting out of such customs in the transaction
of public affairs as add expense and delay in rendering efficient service, and
the discontinuance of all departments or employees which are not rendering
efficient service.
We urge such amendments of laws, both State and Federal, as will restore
to farmers the clear right of collectively marketing their products, in accordance with the principle of the Capper-Hersman bill now pending in Congress.
We are opposed to compulsory military training and a large standing army
In time of peace.
DIRECTOR-GENERAL OF RAILROADS HINES AND
THE LABOR PROVISIONS OF THE RAILROAD BILL.
A letter bearing on the labor provisions of the railroad bill
and the interest therein of Director-General of Railroads
Walker D. Hines was submitted to the Holise of Representatives by Represeitative Barkeley, to whom the communication was addressed. In presenting the letter Mr. Barkley
said:
I desire to say that a few nights ago I was invited to a conference for
the purpose of explaining some of the features of this bill. During the discussion I made the remark that the labor section of this bill did not represent
the mature judgment of those who framed it, and I referred to a fact which
was true as carried in the newspapers of this city the day following the day
on which the conference report was agreed to, that the substance of the
labor section was redrafted by the Director-General and adopted by the
conferees. Mr. Hines this morning called me up and said that he was
sending me a latter explaining his connection with it, because somebody
had told him I said he was the original writer of the section, which I did not
say, and I did not seek to create any such impression. I now ask unanimous consent to be allowed to insert in the Record the letter from the
Director-General to me in order that it may be understood.
The memorial to Congress contended that the farmers were
emphatically opposed to Government ownership and operation of railroads on the ground that it is "against good policy
and the principles of sound Americanism." Congress was
called upon to expedite the enactment of legislation providing
The following is Mr. Hines letter to Representative Barkfor the return of the railroads to private ownership with as
few restrictions as are necessary to protect the public interest. ley: .
United States Railroad Administration.
The memorial sets forth that there is nothing fundaWashington, Feb. 21 1929.
mentally wrong with the Government of the United Stated Hon. A, W. Barkley, House of Representatives, Washington, D. C.
My Dear Sir I am told that the impression has been created, as the
and there is no need of change in existing social standards
result of a remark made by you in a recent conference of Members of
and economic laws.
Congress and others, that I originated the labor provisions in the railroad
"The frequent assertion," the memorial states,. "that the bill.
If this impression has been drawn from what you said, I am sure what
war has brought fundamental economic and industrial
you said was misconstrued, because I am satisfied any statement you may
changes and that we are born into a new world is without have
made on the subject was accurate.
foundation. The same social standards and economic
In order to prevent the possibility of the situation being confused and
of the idea prevailing in any quarter that the labor provisions represent
laws will continuo to prevail."
policy originated by me instead of by Congress, I shall appreciate it if
The practice of indiscriminate striking for trivial causes ayou
will be good enough to read this letter to the House.
and regardless of distress or damage is indefensible, the memThrough the courtesy of the conference committee, I received last Satorial says, but the right to cease work, individually or col- urday a draft of the labor provisions,showing that the conference committee
had definitely adopted two leading principles. The first was that there
lectively, is unassailable.
ought to be a wage board upon which the public, the employees, and the
"This is the best country the sun shines on," the memorial carriers would be represented. The other was that statutory provision
concludes. "Its opportunities are boundless and are open ought to be made for boards of adjustment to deal with grievances.
I took the action to the conference committee on these two leading printo every citizen who cares to avail himself of them. Its ciples as Indicating its final conviction that these two principles should be
Government is the best in the world. There is nothing incorporated in the legislation. Taking this as the foundation for my
fundamentally wrong with it, and a man who would injure consideration in the matter, I addressed myself exclusively to the question
whether the details of the provisions agreed upon by the conference would
or destroy it is unfit to live under the protection of its flag." satisfactorily carry out these fundamental principles.
The memorial in part was as follows:
In transmitting my suggestions to Senator Cummins I stated that "this
The right to cease work, individually or collectively, for adequate reasons,
is unassailable. But tho practice of indiscriminate striking, for trivial
causes, and regardless of distress or damage caused, is indefensible. No
right exists to compel men to strike, or to prevent others from working.
Neither does the right to strike or cease work in unison extend to those in
Federal, State and municipal service.
To attempt to thwart natural economic laws by legislation is useless. The
law of supply and demand should have full sway. Government price-fixing
interferes with the operation of the law of supply and demand and disturbs
redraft is not designed to propose any independent view of my own on this
subject but is designed simply to take the general scheme of the draft as
already agreed upon and modify it so as to incorporate therein the suggestions made in my letter of the 14th instant."
As to the wage board, I found that, while the conference had adopted the
three-party principle—that is, representation of the public, labor, and carriers—It had provided for only one representative of labor and one of the
carriers, as against three of the public. I therefore advised that a More
satisfactory and reasonable application of the principle of three-party
824
THE CHRONICLE
representation would be to have three representatives of labor and of the
carriers, as well as of the public, making a board of nine instead of five.
As to the adjustment boards, I found that the provision agreed upon
by the conference undertook to specify the organizations of employees
which should be represented upon these boards, and would result that the
board of adjustment which would pass upon grievances would be dependent
upon that particular organization to which the employees belonged, thus
producing a great deal of confusion and endless jurisdictional conflicts
between different organizations. I therefore advised that the entire matter
of boards of adjustment be left to the agreement of the carriers and the employees instead of being made rigid and inelastic by statutory specifications.
In the original draft which came to me I found that the boards of adJustment created thereunder were to handle not only grievances but wage
matters also. My experiences with the railway boards of adjustment and
with wage matters in the Railroad Administration convince me that it will
-be impracticable for such boards to handle both 'grievances and wage
matters because of the enormous amount of work involved, and I therefore
suggested that the adjustment boards devote themselves solely to grievance matters.
There were various minor features which I suggested. One was that a
man ought hot to bo disqualified, as he was by the provision agreed ou in
conference, from being a public representative of the wage board because
he might theretofore have been an officer or member of a labor organization or an officer of a carrier. I also advised that representatives of the
employees on the wage board should not be required, as they were in effect
by the provision agreed on in conference, to give up honorary mAmbership
In their labor organizations. I also advised that there be added to the
standards provided in the provision which the conference had agreed to
for testing the reasonableness of wages the further standard of correcting
inequalities due to former wage orders and adjustments.
I requested our Division of Law to take the provision as agreed on by
the conference and to make such changes therein as would bo necessary
to express the changes in detail which I above suggested, and I submitted
this revised draft of the provision as agreed on in conference to the conference committee.
I think I should and- that the draft of these labor provisions as it came
to me provided that a dispute could be taken up by the adjustment board
under several alternative conditions, which included among others a written petition signed by 100 unorganized employees or subordinate officials
directly interested in the dispute.
I think it important thus to make it clear that the fundamental principles of the labor provisions are the principles agreed on by the conference
committee, and that my action was simply to suggest changes in detail
which in my opinion would make the principles already adopted by the
conference committee more workable than they would other wise be. Copies of my letters on this subject to the representatives of the conference com-mittee are attached.
Sincerely, yours,
WALKER D. HINES.
ALFRED P. THOM DENIES STATEMENT ON CUMMINS-ESCH BILL ATTRIBUTED TO HIM
BY SAMUEL GOMPERS.
Alfred P. Thom, general counsel of the Association of
Railway Executives, issued a statement on Feb. 20 denying
that, as had been asserted by Samuel Gompers at a meeting
with House members the previous day, Mr. Thom had
telegraphed railroad officials that the only difference between
the anti-strike clauses of the Cummins and conference
railroad bills was in the legal method of imposing penalties
for violation.
In his statement at Washington Mr.Thom said:
I am sorry that Mr. Gompers did not take the trouble to find out from me
whether or not I had sent such a telegram. I was in the city and readily
available.
There is not the slightest foundation for any such statement. I have
sent no such telegrams and have written nothing, and have said nothing
which could be construed into the slightest foundation for the statement.
[vol.. no.
I dislike extremely to have any delay in regard to the treaty. I hope
that the bill for retirement in the classified Civil Service will be disposed of
to-day in some way, and the dyestuffs bill will have to be disposed of tomorrow.
I now give notice that I shall call up the treaty on Thursday, and I shall
ask the Senate to continue to consider it until a final disposition is made of it.
I shall have to yield for conference reports, of course, but otherwise I shall
ask the Senate to continue consideration of the treaty until some disposition
is made of it.
On the same day the Democratic leader, Senator Hitchcock, made known that he had vetoed for the present the
proposal for a party caucas, sponsored by Democratic
Senators desirous of ending the long controversy by taking
the Republican reservations as they stand. Senator Hitchcock said he had talked to those who differed with him as
to the course to be adopted, and had about decided that to
call a caucus would be inadvisable. There were on the
25th inst., reports to the effect that a canvas of the Senate
indicated that enough Senators favored a reservation introduced by Senator Owen of Oklahoma regarding the British
protectorate over Egypt to insure its adoption. This reservation reads:
The protectorate of Great Britain over Egypt is understood to he merely
a means through which the nominal suzeranity of Turkey over Egypt shall
bo transferred to the Egyptian people, and shall not be construed by the
United States as vesting in Great Britain any sovereign rights over the
Egyptian people or as depriving the people of Egypt of any of their rights
of self government.
With the resumption of consideration of the treaty by
the Senate on the 26th, the Lodge reservation prohibiting
the acceptance of mandatories except by action of Congress
was adopted by a vote of 68 to 4. This reservation which
had been among others adopted last November, reads:
No mandate shall be accepted by the United States under Article 22,
Part 1, or any other provision of the treaty of peace with Germany, except
by action of the Congress of the United States.
The adoption of the reservation came after the treaty
had been subjected to an all-day attack by its opponents.
Senators J. I. France, Republican, Maryland, and J. A.
Reed; Democrat, Missouri, led the assualt. Although the
Article X'reservation preceded that relating to mandatories
in the Senate's order of business, it was put over on motion
by Senator Lodge to be considered after all the others have
been voted on. There are four on the list, and action has
been taken so far on only two. The reservation on Article X,
which is the main stumbling block in the way of an agreement, was passed over without a roll call, and Senator Knox
of Pennsylvania asked Senator Lodge before the vote was
taken what his reason was for seeking his move. Senator
Lodge replied that he believed it would expedite the consideration of the treaty since the other reservations would
have to be acted on regardless of what was done on reservation on Article X. Senator France of Maryland, one of the
opponents of the treaty, introduced a resolution providing
for the re-establishment of peace and for calling an international conference "to institute a concert of nations to advise concerning international co-operation as a substitute
for the League of Nations and for a national referendum."
During the consideration of the treaty, Senator Reed of
Missouri in commenting on the treaty took occasion to dwell
somewhat on the political situation, and especially criticising
the appointment of Bainbridge Colby as Secretary of State.
THE PEACE TREATY IN THE SENATE.1RM
The first of the Lodge reservations to the Peace Treaty
to be adopted since the reintroduction of the treaty in the
Senate was accepted by that body on the 21st inst. by a vote
of 45 to 20; 35 Republicans and 10 Democrats voted for its ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
adoption, while all the negative votes were those of DemoNo sales of bank or trust company stocks were made this
crats. The reservation concerns the withdrawal of the week at the Stock Exchange or at auction.
United States from the League of Nations, and reads as
follows:
A New York Stock Exchange membership was reported
The United States so understands and construes Article 1 that in case of posted for
transfer the consideration being $95,000. The
notice of withdrawal from the League of Nations as provided in said article,
the United States shall be the sole judge as to whether all its international last previous sale was reported at $93,000.
obligations and all its obligations under the said covenant have been fulfilled, and notice of withdrawal by the United States may be given by a
concurrent resolution of the Congress of the United States.
A motion by Senator Hitchcock to amend the reservation
by calling for a "joint" resolution of Congress instead of
as above, a "concurrent" resolution, was defeated by a vote
of 38 to 26. An amendment of Senator Lodge, which was
lost by a vote of 33 to 32, would have permitted the President,
as well as Congress, to give notice of the withdrawal of the
-United States from the League. On the 24th, Senator
Lodge gave notice on the floor of the Senate, of his intention
to call up the treaty on Thursday of this week,the 26th, and
to press its consideration until it is finally disposed of. In
his statement he said:
I understood yesterday that the Senator from Nebraska [Mr. Hitchcock],
was not to be here to-day, and I assented, therefore, to the Senator from
South Dakota [Mr. Sterling], bringing up his bill. I also, so far as I have
the power, gave assent to taking up the dyestuffs bill tomorrow, because
that is an emergency measure which ought to pass.
The value of the little Broad Street Hospital, recently
founded by the bankers and business men of Wall Street and
the neighborhood, was strikingly shown during the time of'
the ice-bound streets, when many accidents occurred. The
hospital kept its ambulances running and the hospital was
kept crowded beyond capacity.
Cable advices have just been received from London to the
effect that Lee, Hjgginson & Co. deny the report that Sir
Eric Geddes, British Minister of Transport, has been
approached, to join their firm.
Harry S. Ronaldson has been appointed manager of the
bond department of the National Bank of Commerce in
New York. Mr. Ronaldson entered the employ of the bank
in July 1916 in the bond department. He was made assist-
FEB. 28 1920.]
THE CHRONICLE
825
ant manager of the department in June 1919. J. Sylvester New York company headed the list, with loans aggregating
MaoDermott and Harvey A. Strong have been appointed $7,252,08. The Detroit company lent over $3,000,000,
Cleveland almost $3,000,000 and Chicago nearly $2,500,000.
Assistant Managers of the department.
St. Louis' loans aggregated nearly $2,000,000 and Rhode
At a meeting of the directors of the Equitable Life Assur- Island's exceeded 81,500,000. Buffalo, Richmond, Los
ance Society of the United States last week, Frederick H. Angeles and Boston topped $1,000,000 each, while San
Goff,President of the Cleveland Trust Company, was elected Francisco and New Haven fell just short of that figure. The
a member of the board. Mr. Goff is a former President of total for the twelve companies was $25,532,053—an average
the Trust Companies Section of the Amezican Bankers of $2,127,671.
Association. During the war he acted as Vice-Chairman of
At a meeting of the executive committee of the board of
the Capital Issues Committee at Washington, and is also
widely known throughout the United States because of his directors of the Guaranty Trust Company of this city, on
development of the Cleveland Foundation, a community Feb. 19, James Steel was appointed an Assistant Secretary
trust plan which has been adopted in nearly every large of the company. Mr.Steel was born in Scotland. He came to
America in 1892, and for ten years was with the Spool Cotton
city in the country.
Co., the New York representative of J. & P. Coates, thread
manufacturers.
He then went with the Guarnaty Trust
provided
insurance
has
been
group
life
announcing
that
In
for the employees of the Chase National Bank of this city, the Company as a bookkeeper. In Jan. 1910, when the Morton
Trust Company and the Fifth Avenue Trust Company were
February Magazine of the bank, says:
A most welcome surprise was in store for every employee of the Dank on merged with the Guaranty, Mr. Steel, then Head BookJan. 311920. In each one's pay envelope there appeared an announcement keeper, became the first Auditor of the Guaranty Trust
that the bank had taken out a group life insurance policy covering the lives
of every officer and employee in the bank who had been thero at least Company. In 1913 he was appointed Chief Clerk and Audi3 months.
tor of the Fifth Avenue Office and in July 1916,was appointed
The minimum amount of insurance under this policy is $1,000 for each Vault Officer at the main office.
service an extra $1,000 of
individual. For each completed five years of
insurance is given, tho maximum amount for any individual being $5,000.
No medical examination is necessary.
Each person names his own beneficiary. Should occasion arise he may
change his beneficiary from the person originally named to some other
person.
Tho fact that one does not need to die in order to benefit from this insurance is one of its most attractive features. In addition to a nursing
service which extends right Into the homes of employees who may be ill,
there are benefits payable for total and permanent dLsability occurring
before the age of sixty.
This insurance announcement comes as a climax to a series of moves on
the part of the bank looking toward the happiness of all of us. The 10%
increase in November, the Medical Department, continuation of the 20%
high cost of living bonus, a somewhat improved dining-room service with
promise of entirely now facilities soon, completion of plans for now club
rooms, and now this insurance will help to make 1920 a pleasant year for
for members of the Chase family.
At a meeting of the stockholders of the Greenwich Bank of
this city held on Feb. 17 the proposal to increase the capital
from $500,000 to $800,000 was ratified.• Previous reference
with regard thereto was made in these columns Feb. 17. the
new stock will be disposed of at par. namely, $100 per share.
The enlarged capital is to become effective March 5 1920.
Lewis Brown Gawtry, who resigned as Vice-President of
the Consolidated Gas Co. of New York at a meeting of the
trustees on Fob. 26, has been elected First Vice-President of
the Bank for Savings in the City of New York, 4th Ave
and 22d St., and as such Mr. Gawtry will take an active part
in that institution's business. Mr. Gawtry will retain his
membership in the boards of trustees and directors of the
several gas and electric light companies, but has resigned
his secretaryship of those companies. The Bank for Savings
in the City of New York was chartered in 1819 and is the
oldest savings bank in the country and the third in point of
wealth. Mr. Gawtry has just completed twenty-five years
with the Consolidated Gas Co. He has been the senior
Vice-President since 1902. His father, the late Harrison
E. Gawtry, was the prime mover in the organization of the
Consolidated Gas Co. and its first President, and just previous to his death on Jan. 29 1919, resigned as Chairman of
the executive committee.
The Westchester Avenue Bank of the Bronx, at Westchester Avenue and Southern Boulevard, has been authorized by the State Banking Dept. to change its name to the
Tradesmen's Bank. The change went into effect on Feb.
11 1920. It has also been voted by the stockholders (Feb.
11) to increase the capital, $100,000 to be paid in March
11920, at par. This increase will give the bank a capital
of $200,000. There is no change in officers or directors.
The officers are: Charles L. Lee, President; Edgar H. Lee,
Vice-President and Manager; Russell B. Smith, Vice-President and Cashier. and Frank A. Spencer, Vice-President.
Clarence A. Boyce, formerly Secretary of the Berkshire
Loan & Trust Co. of Pittsfield, Mass., has been appointed
Treasurer of the West Springfield Trust Co. of Springfield,
Mass. Mr. Boyce, who had been with the Berkshire Loan
& Trust Co. since 1902, will assume his new duties about
March 1.
Clarence G. Appleton, for nearly ten years Secretary end
Controller of the Fidelity Trust Company of Newark, N. J.,
has resigned from the latter to become Vice-President and
director of the Montclair Trust Company, of Montclair,
N. J. In his new post Mr. Appleton will assume the management of the affairs of the Montclair institution. Mr.
Appleton began his banking career with the First National
Bank of Philadelphia; later he become an examiner in the
New Jersey State Department of Banking and Insurance,
and it was in that capacity that he attracted the attention
of Uzal H. McCarter and finally was induced to join the
forces of the Fidelity Trust. Mr. Appleton has since become
a director in the New Brunswiek Trust Company of New
Brunswick, the Red Bank Trust Company of Red Bank, the
Newton Trust Company of Newton and the Washington
Trust Company of Newark.
At a meeting of the stockholders on Feb. 17 of the National
Newark and Essex Banking Co. of Newark, N. J., the proposal to increase the capital of the institution from $2,000,000 to $2,500,000 was ratified. The stock (par value $100)
is to be sold to stockholders of record Feb. 17, 1920 at $200
per share at the rate of one share of new stock to every four
shares now held. The increase in capital is in furtherance
of the plans of the bank (referred to in out issue of Aug. 30
1919) to form a securities corporation to be known as the
Newark and Essex Securities Corporation. In the circular
outlining the plans for the creation of the latter,it was stated:
Theodore Rousseau, a director of the Italian Discount and
Trust Co., has been awarded the decoration of the Crown
of Italy. The citation, sent from the King through Baron
Avezzana, Italian Ambassador to the United States, commends Mr. Rosseau's activity as Secretary of the Italy
America Society, of which Charles E. Hughes and Thomas
W. Lamont are President and Treasurer, respectively.
Mr. Rousseau is secretary to Charles H. Sabin, President of
the Guaranty Trust Co. of New York, and for four years
The result of the increase of the capital stock and the disposition of the
increased shares at two hundred, will be to bring into the bank's treasury
was secretary to the late Mayor Mitchell.
$1,000,000, of which $500,000 will be added to the permanent capital and
—.—
$500,000 will be temporarily carried as a paid in special surplus.
Colonel Grayson M.P. Murphy has been elected a director
After this increase shall have been accomplished, it is proposed to organize
the State law with a common capital stock of $500,000
and appointed a member of the executive committee of the a corporation under
to be offered for subscription to the present stockholders of the bank and to
Liberty .National Bank of this city.
them
by the application of a special dividend of 20% to be
be paid for by
•
declared from the surplus paid in on th6 subscriptions to the increased
stock. After the payment of this dividend there will still be left in
In the year 1919 small lendings by the companies operating capital
the bank capital assets as before the stock increase and,in addition,$500,000
The Morris Plan of industrial loans throughout the United now capital.
•
States showed an increase of nearly 50% over the previous
At a meeting of the stockholders of the North Ward Bank
year. Of the total of about $52,000,000, nearly one-half
was lent by twelve of the 103 banks in the system, The of Newark, N. J., to be held on March 11 the proposal to
AK ilIMIMMEMOIIMMM•11
826
THE CHRONICLE
. rease the capital of the bank from $200,000 to $400,000
be acted upon. It is planned to issue 2,000 additional
ares which are to be sold to stockholders of date at $250
share, the par being $100. Of the $500,000 thus rea) $200,000 will go to capital and the remaining $300,000
surplus, making the latter $600,000. It is believed the
w aapitalization will be available some time in the late
mraer or early fall.
[VOL. 110.
adjourned to March 9 1920, at which time the stockholders
will pass upon the action of the officers and directors-In
purchasing the assets of the First National Bank of Cheviot,
Ohio, to which we referred in our issue of Jan. 24. The
stockholders of the Brighton Bank & Trust Co. will at the
same time act on the question of increasing the capital of
their institution from $200,000 to $215,000; likewise on the
question of increasing the number of directors from 12 to 15.
The new stock is to be issued at $350 a share on the basis of
one share of Brighton stock to each two shares of the First
National Bank of Cheviot held. The par value of the new
stock to be issued is $100 per share. The enlarged capital
will become effective about the middle of March.
A special meeting of the stockholders of the Kensington
a tional Bank of Philadelphia will be held on March 24 to
on the proposal to increase the capital from $250,000 to
50,000. It is planned to sell the additional stock (par
0) to stockholders of record March 31 in proportion to
eir present holdings at $100 per share and to place $50 per
are to the surplus account. The new stock is to be paid
We are advised by the Union Savings Bank and Trust Co.
r in full by April 30.
of Cincinnati of the establishment of a community trust
by that company to be known as the Cincinnati Foundation
Ignatius J. Dohan, President of the Beneficial Saving with the charitable bequests of the late Jacob G. Schmidund Society of Philadelphia and a Vice-President and lapp, the well-known Cincinnati philanthropist and for
rector of the Union National Bank and a director of the many years President of the Union Savings Bank & Trust
Market Street National Bank of that city, died after a week's Co., as a neucleus. The Foundation, we are informed, will
ness on Feb. 18. Mr. Dohan was seventy years of age. provide a trust fund to be administered for charitable purMr. Dohan became a director of the Beneficial Saving Fund poses in Cincinnati to be enlarged from time to time by beocidty in 1883; he was elected Treasurer of the Society and quests and gifts, which can be made either to the fund for
ecame, successively, its Vice-President and President in general purposes or for specific charities or institutions. The
908 upon the death of Colonel Francis J. Crilly. For many Union Savings Bank & Trust Co. will act as Trustee of the
ears previously he had been engaged in the wholesale funds. The actual disbursement of the funds, however,
obacco business with an uncle, Michael J. Dohan, under will be in the hands of a committee of five, two of whom are
to be elected by the Union Savings Bank & Trust Co., one
he name of Dohan & Taitt.
to be appointed by the Mayor of Cincinnati, one by the
At a meeting of the directors of the Quaker City National Judge of the Probate Court of Hamilton County, and the
a nk of Philadelphia on Feb. 20 William P. Rech and Fred- other by the Judge of the United States District Court in
Cincinnati. The aims of the Foundation, as explained by
ck W. Spoehr were appointed Assistant Cashiers.
Charles A. Hinsch, President of the Union Savings Bank
At a meeting of directors of the Logan Trust Co: of Phila- & Trust Co. and of its affiliated institution, the Fifthelphia on Feb. 19 E. Clarence Miller was elected a director Third National Bank of Cincinnati, are:
To receive and safeguard donations under supervisions and regulations
o fill the vacancy caused by the death of Edmund Webster. imposed
by law; to employ the principal or income, or both,for educational
The Maryland Trust Co. of Baltimore has taken additional
space to enlarge the main floor banking room. The vault
and safe deposit department have been moved from the
main floor to the basement and this space has also been
given over to the banking departments so as to accommodate
the institution's increased business. L. S. Zimmerman is
President and Carroll Van Ness, Vice-President Of this
company.
George A. Hilbert, President of the Baltimore Optical
Co., was elected a director of the Park Bank of Baltimore
on Feb. 16. He succeeded the late Frederick Bergner.
or charitable purposes, in a broader and more useful manner in future years
than is now possible to anticipate; to provide for the specific needs stipulated by the donor; to insure the perpetuity of principal, whon that is desired; to guard against unwise use of income or property; and by the union
of available funds to promote the civic, moral and mental welfare of the
people in the widest, most economical and most efficient manner.
The members of the Committee of Administration are to be men and
women interested in charitable work, possessing a knowledge of the civic,
educational and moral needs of the community; no two members to be of
the same religious sect or denomination. Persons holding or seeking poMeal offices are also disqualified.
The committee will publish annual statements in detail of its receipts and
disbursements, and power is given to the Attorney-General of the State or
to the City Solicitor to inspect the records at all times, and, if necessary,
to institute appropriate judicial proceedings to restrict, correct or recover
for maladministration.
Edward Senior and B. W. Campbell have been selected by
the directors of the Union Savings Bank & Trust Co. to
A large block of stock of the Security Savings & Commer- represent the trust company on the committee of five.
cial Bank of Washington, D. C., owned by Vice-President
George R. Linkins and, it is understood, two directors,
An item of financial interest in the will of the late John
namely, William H. Linkins and Charles W. Darr, has been F. Dodge, of the firm of Dodge Bros., automobile
manufacsold to Julius I. Peyser, President of the bank, Fred McKee, turers, is the association of the Detroit Trust
Co. as coVice-President, George H. Judd, Townley A. McKee, trustee with the widow, and Horace E. Dodge, the
brother,
Sidney W. Straus and J. Thilman Hendricks. The stock of the entire residuary estate, amounting to many millions
which has changed hands amounted,it is stated, to 700 shares The Detroit "Free Press" of Feb. 8 stated that death
came
and the purchase price is reported as $200 per share. The to Mr. Dodge "before he had arranged his affairs as he intransfer of the stock has brought about the resignation as tended to leave them. As a result, his will, made
April 4
directors of George R. Linkins, W. H. Linkins, John H. 1918, omits all mention of his youngest daughter, and
conCarter, Dr. J. A. Flynn, Charles J. Langmead and Charles tains no public bequests, although the estate
amounts to
W. Darr. F. G. Addison, Jr., who was recently elected a many millions." The paper quoted also said:
Vice-President, is to take charge of the work formerly carried
The bulk of the estate, after various specific bequests, are paid, is to be
on by Mr. G. R. Linkins. Mr. Addison has also been held by the widow. Mrs. Matilda R. Dodge, the brother, Horace E. Dodge,
elected a director. W. R. Baum has resigned as Cashier of and the Detroit Trust Co. as trustees, who will have full power to handle
the property and are directed to form a corporation to be known as the
the bank to take a similar office in a new savings bank now John
F. Dodge Estate for the purpose of carrying out the provisions of the
being organized in the city.
trust if such a corporation can be legally formed. If this plan should prove
The capital of the Citizens National Bank of Pocomoke
City, Md., has been increased from $50,000 to $100,000
through the issuance of 850,000 additional stock. The institution has a combined capital, surplus and undivided profits
of $150,000. The proposal to enlarge the capital was
ratified by the stockholders on Jan. 13 and the new capital
became operative Feb. 1. The new stock (par $100) was
disposed of at $150 per share. The institution is enlarging
ts facilities through the addition of a trust department.
to b3 illegal they will act as trustees under the will and divide the income
after the payment of certain annuities into five equal parts, one each for
the widow and for four of the children.
4•-•
•
The foreign department of the Central Trust Company
of Illinois, at Chicago, has issued an interesting booklet
entitled,"Through Bills of Lading," which contains a special
world map, illustrating the various shipping routes covered
by through bills of lading. This booklet is of special interest to exporters and those interested in foreign trade, inasmuch as it shows the importance of through bills of lading,
how issued by the railroad, present regulations, and the
A special meeting of the stockholders of the Brighton method of handling.
Bank & Trust Co. of Cincinnati, 0., was held Feb. 3 and
FEB. 28 1020.]
THE CHRONICLE
Announcement has been made by Harry A. Wheeler,
Vice-President of the Union Trust Co. of Chicago, Ill., of
the resignation of F. A. Yard, who for a number of years has
been associated with the bond department of the company.
Mr. Yard is leaving the bank, it is stated, in order to accept
a position in New York. He was formerly a member of
the firm of Yard, Otis & Taylor.
827
A new financial institution with a capital of $300,000.
(par $100) has been organized in Long Beach, Cal., and
granted a charter under the title of the Western Savings
Bank. The new bank will have a surplus of $25,000, and
will, we understand, open for business in what is now the
Daily Telegram Building early in the spring. J. W.Tucker,
cashier of the Long Beach Savings Bank & Trust Co. and for
many years connected with that institution, has been chosen
President of the new bank; the other officers are Chas. A.
Wiley, Geo. Craig, Vice-Presidents, and Lynn A. Parmley,
Cashier. The incorporators of the Western Savings Bank
are: Charles A. Wiley, J. W. Tucker, A. S. Spalding, W. S.
Stevens, A. C. Malone, J. C. Farnham, James G. Craig,
George L. Craig and Ralph H. Clock.
The Central Trust Company of Illinois, 125 West Monroe
Street, Chicago, has a key to the individual income tax for
free distribution. Facsimile forms for returns of income on
Forms 1040 (over $5,000), 1040A (under $5,000) and 1040F
(farm income) are shown filled in to indicate the correct
method of preparing the returns. Attached to these forms
is a complete digest, arranged alphabetically for easy referArthur Pepler, Assistant to the General Manager of The
ence, of all of the provisions of the law and the income tax
regulations which apply to individuals. With this key it is Dominion Bank (head office Toronto), retired on Feb. 6.
a simple matter for any one to prepare his return.
Mr. Pepler will make his home in England. With his resignation the following changes are announced: W. K. Pearce,
George Bernard Smith, Vice-President of the Continental Toronto, and F. L. Patton, Winnipeg, have been appointed
& Commercial National Bank of Chicago, died on Feb. 7. Assistant General Managers; E. A. Begg, Superintendent of
Mr. Smith was connected with the Continental National Branches; W. C. MacAgy, Chief Inspector; Dudley Dawson,
Bank for thirty-two years. He served in various positions Eastern Inspector; T. W. Joyce, Assistant Inspector, and
and in July last was advanced from the post of Assistant W. B. Tannahill, Chief Accountant, head office.
Cashier to that of Vice-President. Last year he was elected
to the presidency of the American Association of Reserve
That the Union Discount Co. of London, Ltd. (head
city bankers. Mr. Smith was 49 years of age.
office London) enjoyed a prosperous year is evidenced in the
annual statement of the company covering the twelve months
The Continental and Commercial Banks, Chicago, are ending Dec. 31 1919, which we printed in our advertising
distributing an attractive booklet describing the facilities pages Feb. 7. Gross profits for the year, after making
of their institutions. The Continental and Commercial provision for contingencies, the statement shows, were
organization now embraces a national bank, a trust and $2,789,036, which together with $605,481, the balance
savings bank, a securities company and a safe deposit com- brought forward from the preceding year's profit and loss
pany. Copies of the booklet will be sent free upon request account gave a total of $3,394,517 available for distribution.
to the banks' new business and service department, 208 On the debit side of the statement the following amounts
South La Salle Street, Chicago, Ill.
are shown: $285,394 for current expenses, salaries, fixed
charges, &c.; $1,725,748 rebate of interest on bills discounted
The Jefferson-Gravois Bank of St. Louis has increased its not due, carried forward to new account; $250,000 for decapital from $150,000 to $200,000. The bank was organized preciation of 'Government securities; $208,250 to cover inin February 1919 as a successor to the Jefferson-Gravois terim dividend for half year (paid in July) at 14% per anTrust Co. The selling price of the new stock (par $100) num, less income tax; $245,000 to cover dividend for last
was $150 per share. The increased capital became effective half of year at the rate of 14% per annum, less income tax
Jan. 19. With its capital of $200,000 the bank has a and $50,000 to pay bonus of is. per share, free of tax, leavsurplus of $70,000. At the annual meeting last month the ing a balance of $630,125 to be carried forward to 1920
following new directors were elected to the board: Walter profit and loss account. The paid-up capital of the instituF. Koken, President of the Koken Barber Supply Co.; tion is $5,000,000 (200,000 at $25 per share) with reserve
F. C. Aid of the Aid Coal Co.; E. H. Shultz and Dan Becker. fund of like amount. Christopher R. Nugent is Manager.
The Hamilton National Bank of Chattanooga, Tenn.,
plans to increase its capital from $1,000,000 to $1,500,000,
and to sell the additional stock on a basis of $170 per share.
Besides increasing the capital to $1,500,000, this will give
the bank a surplus of $1,000,000, and from the latter it is
proposed to declare a special dividend with which the stock
of the Hamilton Trust & Savings Bank is to be purchased
for the benefit of the shareholders of the Hamilton National
Bank. As a result, the two banks will be brought together
in a common ownership. The capital stock of the Hamilton
Trust & Savings Bank is $250,000, and the surplus and undivided profits $225,000. The two banks will have combined
deposits of $17,500,000, and total resources of $23,000,000.
The stockholders are called to ratify the proposition on the
9th of March, the same to become effective on April 1 or as
soon thereafter as possible.
C. S. E. Holland, President of the First Joint Stock Land
Bank of Houston, Texas has been elected active Vice-President of the Lumbormans National Bank of Houston, in
which he has been a director since July 1919. Mr. Holland
who assumed his executive duties with the Lumbermans
National on Fob. 1 retains the Presidency of the First Joint
Stock Land Bank.
According to advices received from London, agreement has
been made between the London County Westminster and
Parrs Bank Ltd. and the Banc Nacional Ultramarine whereby the latter has been appointed sole agent of the London
County Westminster and Parrs Bank in a great number of
places, principally Portugal, East and West Africa, &c.,
whore the Banoo Nacional Ultramarine has branches. The
Banco Nacional Ultramarine has been nominated correspondent of the London County Westminster and Parrs Bank
at all other cities whore it is established.
We are informed that Mr. Riggenbach, formerly manager
of the foreign department of Lou & Co.'s bank, has established himself as private banker at Zurich under the style of
Riggenbach & Co. Mr. C. Specker of the old provincial
Bank, C. •Specker & Co., Rheineck, Switzerland, has
entered the firm as "commanditair.'
Mail advices from London regarding the financial position
of the London Joint City & Midland Bank, Ltd., as of
Dec. 31 last show that the comPany had a paid up capital
of £8,417,335; reserve fund £8,417,335; deposits and other
accounts £371,742,389; acceptances £29,014,568; profit
balance and dividend payable £1,257,144; total liabilities
£418,848,771. Among the assets were £60,216,796 cash
in hand; £8,050,607 checks in transit; money on call £18,439,152; investments £67,303,428; bills of exchange £52,889,521;'advances £162,966,745; advances on war loans
£15,589,303; liabilities of customers for acceptances £29,014,568; bank premises £3,619,961; Belfast Bank shares
£759,690; total assets £418,848,771. The net profits for
the year ending Dec. 31 1919, after providing for all bad
and doubtful debts amounted to £3,079,461; with the balance
from the preceding year of £675,097; there was available for
distribution £3,754,558, which was applied as follows:
To Interim dividend at the rate of 18% per annum, less income
£522,211
tax, paid 15th July 1919
" Dividend at the rate of 18% per annum, less income tax,
530,292
payable on Feb. 2 1920
" Salaries and bonus to staff with H.M. forces and bonus to
475,203
other members of the staff
250.000
" Special "Peace" bonus to staff
" Reserve for depreciation of war loans and future contingencies 1.000,000
250,000.
" Bank premises redemption fund
726,852
" Balance carried forward to next account
£3,754,558 •
828
THE CHRONICLE
Trust
Tompang
(VOL. 110
eturns.
NEW YORK, BROOKLYN, BOSTON, PHILADELPHIA, BALTIMORE AND ST. LOUIS.
We furnish below complete comparative statements of the condition of all the trust companies in Boston,
Philadelphia, New York, Brooklyn, Baltimore and St. Louis. This is in continuation of a practice begun
eighteen years ago, the compilation having been enlarged three years ago by the addition of Baltimore's
institutions. The statements occupy altogether over fifteen pages.
The dates selected for comparison are December 31 1919, December 31 1918 and December 311917.
In the case of the Boston, the Philadelphia, the Baltimore and the St. Louis companies, we have sought to
get figures for these dates and have largely succeeded. As, however, no returns for these dates are required
by the State authorities, several of the Boston companies and a few of the Philadelphia and St. Louis companies have not found it convenient to compile statistics for Dec. 31, but have furnished instead the latest
complete figures available.
In the matter of the New York companies we take the returns under the call of condition nearest the
close of the year. Formerly it was the practice of the State Banking Department to require the trust
companies to render a statement of their condition, showing resources and liabilities for the last day of
December, and also to furnish certain supplementary statistics for the twelve months of the calendar year.
But in December 1911 this time-honored practice was abandoned, and the Superintendent instead now
calls on the companies for a statement of their condition for some date towards the end of the year (Nov. 12
on the present occasion), and waives entirely the requirement as to the supplementary items of information. As these supplementary statistics, dealing with earnings, expenses, dividends, &c., have constituted a most valuable feature of the annual returns and the record extended back a quarter of a century or more, we have not felt satisfied to let the record be broken. Accordingly we have made direct
application to the companies in each instance and in not a few of the cases we have been successful in
obtaining the supplementary statistics, though the number of companies supplying such data has been
.greatly reduced as compared with the original number. As regards the resources and liabilities, we
use
the November 12 figures just as shown in the returns of the Banking Department.
NEW YORK COMPANIES.
*American Trust Co.(New York).
ResourcesStock and bond investmentsPublic securities
Private securities
Mortgages owned
Loans and discounts secured by collateral
Loans,disc. & bills pur. not secured by collateral
Overdrafts
Due from trust companies, banks & bankers
Specie
Other currency auth. by laws of United States
Cash items
Other assets
Total
LiabilitiesCapital stock
Surplus fund & undivided profits
Preferred depositsDue N. Y. State savings banks
Due as executor, administrator, &c
Deposits by State of N Y
Deposits by Supt. Banks State of N Y
Deposits secured by pledge of assets
Due depositors (not pref.)
Due trust companies, banks and bankers
Other liabilities
Total
Amounts of deposits on which interest is paid
Supplementary-For Calendar YearTotal interest and commission received during year
All other profits received during year
Charged to profit and loss-On account of depreciation
On account of other lasses
Interest credited to depositors during year
Expenses during year, excluding taxes
Taxes paid during year
*Began business on Jan. 27 1919.
*Central Union Trust Co.(New York.)
Nos. 12 '19
$1,737,095
406,284
1,175,367
4,598,830
1,138,269
1,852
491,632
9,991
779,507
64,637
144,327
$10,547,791
$1,000,000
268,335
227,992
550,044
87,000
37,859
110,295
7,674.987
394,554
196,725
$10,547,791
57,458,583
1919.
$307,649
12,051
4,409
None
113,704
84,001
24,750
*Bankers Trust Co.(New York).
ResourcesNov. 12'19. Nov.1 '18. 'Nov. 14,'17.
Stock and bond investmentsPublic securities
$21,100,000 $24,303.670 $47,951,642
Private securities
34,093,427 26,026,821 57,778,868
Real estate owned
6,693,795 4,024,653 4,089,608
Mortgages owned
2,550,400 3,209,000 3,967,000
Loans on bond&mtg.or other r.e.coll_
193,368
114,148
133,294
Loans & disc. sec. by other collateral_178,590,085 161,378,518
Loans disc.&bills pure. not sec. by coil 45,445,391 53,823,374 124,058,920
37,906,314
Overdrafts
7,929
12,669
6,607
Due from trust cos., banks & bankers 12,348,539 12,618,895 13,547,443
Specie
69,092
33,701
943,156
Other currency auth. by laws of U. S._ 1,209,965
926,445
794.037
Cash items
19,931,598 9,896,699 12,969,651
Due from the Fed. Res. Bank of N.Y. 38,542,171 24,134,675
20,790,989
Customers' liability on acceptances
15,822,483 19,361,108 19,905,667
Other assets
2.438.178 2,234,390
3.872,936
Total
5379,036,4213342,098,7563348,71-C132
LiabilitiesCapital stock
815,000,000
$11,250,000
Surplus fund and undivided profits_ 18,510,213 $11,250,000
16,283,166 12,980,417
Preferred depositsph Due N. Y. State savings banks....... 7,936,100 5,962,966 8,732,202
• Due as executor, administrator,&c. 37,788,677 14,784,836 23,851,902
r Trust dep.& dep. by N. Y. State
12,332,452 55,496,987 2,000.751
Other preferred deposits
•
211,022
• 88,260
52,450
Due depositors (not preferred)
214,504.591 183,597,701
Due trust cos., banks and bankers..._ 44,663,301 34,747.763 187,309,528
81,052,516
Bills payable
10,000,000
5.000,000
Acceptances
15,834,088 18,494,346 14,329,748
Other liabilities
2,155,977
1,392,741
2,156,618
Total
$379,036,421$342,098,766$348.716,132
Amt. deposits on which int. is paid_$217,015,000$252,870,0003271,957,0
00
Fte*Astor and Bankers Trust Companies consolidated
April 23 1917. The
Astor Trust Company reported aggregate resources on Nov.
29
1916.
138,725,384. and on Dec. 31 1915, $34,018,563.
(Figures include both companies on all dates.)
ResourcesNov. 12 '19. Nov. 1 '18.
Stock and bond investmentsPublic securities
$37,068,497 $47,643,084
Private securities
23,961,155 24,415,082
Real estate owned
4,388,570
5,089,360
Mortgages owned
_1,651,350
1,341,475
Loans on bond or mtg.or oth.r.e.coll.
331,868
246,750
Loans & disc. sec. by other collateraL109,337,779 98,480,279
Loans,disc.& bills pur.not sec.by col_ 34,318,430 47,871,676
Overdrafts
12,851
12,756
Due from trust cos., banks & bankers 7,058,464 15,845,793
Specie
2,757,085 2,527,825
Other currency auth. by laws of U. S.
631,384
1,040,686
Cash items
Due from the Fed. Res.Bank of N. Y. 26,495,452 22,747,492
Customers' liability on acceptances
13,074,172 9,414,214
Other assets
2,208,383
1.519,384
Nor. 14 '17.
$37,151,291
30,138,570
3,590,673
1,252,212
266,300
92,137,840
93,022,231
30,965
23,746,095
7,153,374
603,172
16,989
21,806,571
260,000
1,780,472
Total
8263,295,4403278,196,7683313,848,765
LiabilitiesCapital stock
$12,500,000 $12,500,000 $8,000,000
Surplus fund and undivided profits
18,328,842 18,046,696 22,690,261
Preferred depositsDue N.Y. State savings banks__ _ 4,447,101
3,309,536
5,120,191
Due as executor, administrator,&-c. 3,985,405 2,926,383 4,109,520
Deposits by New York State
427,792
297,746
525,774
Deposits sec. by pledge of assets.. . 5,939,854 48,146,569
29,290,458
Due depositors not preferred
186,953,883 172,703,899 219,038,534
Due trust cos., banks and bankers
9,684,865 8,431,050 11,614,675
Rediscounts
5,000,000
10,000,000
Acceptances
13,074,172
9,414,214
250,000
Other liabilities
2,953,526
2,420,663 3,117,342
Total
8263,295,4403278,196,7568313,846,755
Amt.deposits on which int. paid _ _ _ _$189,300,589$220,
917,672$253,187,781
*Central and Union Trust Companies consolidated as of June 18 1918.
Above figures are combined results on all dates.
Columbia Trust Co.(New York).
ResourcesNov.12'19. Nov. 1 '18. Nov. 14 '17.
Stock and bond InvestmentsPublic securities
814,667.402 85,961,023 $2,354,978
Private securities
13,798,921 11,265,405 7,067,697
Real estate owned
5,181,543
5,305.106 5,421,814
Mortgages owned
3,175,819 3,180,130 3,227,009
Loans on bond & mtge.or oth.r.e.coll_
760,650
865,521
013,400
Loans & disc. sec. by other collateral. 39,729,531 30,982,890
Loans,disc.&bills pur. not sec. by coll. 20,249,550 28.417,370 40.396,077
27,243,619
Overdrafts
917
3,358
4,350
Due from trust cos., banks & bankers_ 2,176,285
3,151,597 8,825,389
Specie
212,671
156,602 6,276,056
Other currency auth. by laws of U. S.. 1,230,875
565,663
1,000,395
Cash items
3,212,894
5,677,402 3,238,620
Due from Fed'I Res've Bank of N. Y_ 10,210,102 8.488,606
---_ --Customers',liability on acceptances.._ 12,824,011 11,434,167 4,60E1,656
Other assets
4,840,345 5,654,210 0,411,411
Total
$132,271,516$121,100,030$116,989,761
LiabilitiesCapital stock
$5,000,000 $5,000,000 $5,000,000
Surplus fund & undivided
- 7,267,309 6,850,478 6,210,672
Preferred depositsDue savings banks,loan ass'ns, &e. 1,116,675
665,870
907,089
Due as executor, administrator, &c. 3,192,712
1,075,143
1344,629
Trust dep. & dep. N.Y. State
1,943,874 7,159,160
5,515,700
Due depositories (not preferred)
85.452,464 77.680,411 89,883,107
Due trust cos.. banks and bankers_
3,938,172
2.118,721
3,114,004
Bills payable
8,500.000
Rediscounts
1.904,232 7,902,510
Acceptances
12,824.011 11,934,107 4,608,656
Other liabilities
1,132,007
605,904
713,564
Total
$122.271,510$121,100.0303118.980,761
FEB. 28 1920.1
829
THE CHRONICLE
Columbia Trust Co. (New York) Concluded.
1917.
1918.
1919.
Supplementary-For Cal. Year$5,042,257 $4,763,244
'Total int. & comm.rec'd during year.
84,849
345,739
year
All other profits received during
405,347
369,510
'Charged to prof. & lass acct. deprec_
120.000
Real estate charged down
25,094
195,899
On account of other losses
2,399,000
2,272,774
ant. credited to depositors during year
796,583
1,127,906
taxes
excluding
year,
Expenses during
750,000
825,000
Amt. of diva, declared on capital stk_
217,777
299,005
-Taxes paid during year
79,632,000
85,000,000
81,296.403
paid
is
Amt.deposits on which int.
Commercial Trust Co.(New York).
Nov. 12'19. Nov. 1 '18. Nov. 14'17.
$832,900
$946,141
Stock & bond invest's-Public secur's $1,320,391
99,750
90.750
Private securities405953
513,404
400,939
297,347
Real estate owned
88,000
220,000
254,920
Mortgages owned
1,278,482
1,496,651
Loans & discounts secured by collat..... 3,874,039
1,816,698
1,707,207
Loans, disc.Stbills pur.not soc.by coil. 1,859,378
13,276
23,773
26,436
Overdrafts
602,266
285,820
Due from trust cos., banks & bankers 1,334,270
313.298
327,281
233,850
Specie
50,000
70,000
467,850
.Other currency auth. by laws of U. fil_
22,088
96,248
33,105
Cash items
88,990
434,846
114,078
-Other assets
$10,221,617 $6,108,656 $5,719.152
TotalLiabslities$500,000
$500,000
$500,000
Capital stock
150,804
123,238
239,748
Surplus fund and undivided profits
200,000
150,000
180,000
Preferred deposits-by State of N.Y.
5,488
31,199
1,228
Duo as executor.administrator, &c.
125,000
820,165
Other dep. sec. by pledge of assets_
7,680,140 4,557,086 4,744,279
Due depositors (not preferred)
11,390
10,162
36,092
Due trust cos., banks 8c bankers
532,000
Bills payable
700,000
Rediscounts
107,191
79,971
64,244
Other liabilities
$10,221,617 -$6,1(8.656 ‘5,71-0:152
Total
1919.
Supplementary-For Calendar Year$333,147
Total interest and commission received during year
44,938
All other profits received during year
4,997
-Charged to profit and loss-On account of depreciation
8,251
On account of other losses
56,399
Interest credited to depositors during year
219,445
Expenses during year, excluding taxes
22,661
'Taxes paid during year
a2,861,300
Amount of deposits on which interest is paid
a As of date Nov. 121919.
I
Resources-
*Corporation Trust Co.(New York).
Farmers' Loan & Trust Co. (New York).
Nov. 12'19. Nov.1 '18. Nov. 14 '17.
ResourcesStock and bond investments$35.204,214 $40,802,626 $337,205,389
Public securities
14,129,867 17.002,325 19.104,246
Private securities
3,428,700 3.821.747 3,718,665
Real estate owned
1,595,188
1,930,409 2,224,149
owned
Mortgages
31,800
21.300
18,500
Loans on bond&mtg.or other r.e.coll_
Loans & disc. sec. by other collateral_ 32,266.759 40,050,018 43,793,744
38.678.458
28.354.728
41,950,951
cell_
sec.by
pur.not
Loans,d1sc.& bills
1.122.746
119,536
94,029
Overdrafts
Due from trust co's, banks & bankers 6,329,702 9.517,039 32,139,656
2.402.046
3,492.010
3,741,487
Specie
1,938.300
600,500
562,737
Other currency auth. by laws of U.S.
5.041,741
4,261,015
Cash items
6,100,345
15,851,919 16,512,174
Due from Fed. Res. Bank of N. Y
4,954,745
Customers' liability on acceptances... 5,170,295 9,470,958
1,250,133
30,048,092 40,443,658
Other assets
$194,988,6763217,474.5093194.035,461
Total
Liabilities$5,000,000
Capital stock
11,711,666
Surplus fund and undivided profits
Preferred depositsDue savings bks.,say.& loan ass'ns 2,724,168
Due as executor, administrator, &c. 1,899,801
Other dep. sec. by pledge of assets_ 4,871,220
150,815,441
Due depositors (not preferred)
6,377,390
Due trust co's, banks and bankers
3,500,000
Bills payable
Rediscounts
5,440,799
Acceptances
2,648,191
Other liabilities
$5,000,000 $5,000,000
12,009,800 11.077,858
1,729,802
1,439,160
4,818,959
3,400,122
4,891,470 2,899,655
159,218,164 155,391,108
5,464,768
7,381,543
11.000,000
1,000,000
9.720.958 4.954,745
2,413,292 2,698,566
$194,988,678$217,474,509$194,035,461
Total
Amt. deposits on which int. paid,..3131,682,083$129.130.587$169.751.602
Fidelity Trust Co. (New York).
Nov. 12 '19. Nov.1 '18. Nov. 14 '17.
'
Stock and bond investments$3,110,245 $2,508,200 $1,623,726
Public securities
2,106,403
2.020,975
2,057,825
Private securities
585.000
561,750
536,900
Mortgages owned
2,348,809
3,381,641
2,621,183
collateral
by
secured
Loans & disc.
3,752,222 .4,455,210
Loans.disc.& bills pur.not sec.by coll. 4,975,695
1,594,684
958,163
Due from trust co's.. bks. & bankers.. 1,400,956
200,319
141,273
50,434
Specie
208,132
192,937
299,502
Other currency auth. by laws of U.S.
988,726
411,818
799,301
items
Cash
1,388,209
1,109,165
1,274,357
Due from Fed. Res. Bank of N.Y
31,416
100,573
67,359
Customers' liability on acceptances.._
57,871
234,860
767,259
Other assets
Resources-
Nov.12'19. Nov. 1 '18. •Noe.14'17.
Resources$502,356
$568,912
$18,694,474 $14,613,019 315.588.505
Stock & bond invest.-Public socur_ $664,119
Total
15,524
8,341
Loans and discounts secured by coll.._
Liabilities6,320
14,549
23,285
Due from trust cos., banks & bankers_ •
31,000,000 $1,000,000 $1,000,000
2,294
1,999
Capital stock
-Cash items, currency, specie
1.213,185
1,283.156
1,365,913
5,847 Surplus fund & undivided profits_ _
35,207
58,248
'Other assets
deposits
Preferred
3
2
$514,5$636,486
$755,992
Total
1,046,268
280,580
469,230
banks__ _ _
savings
State
Due
Y.
N.
Liabilities11,634
17,490
34.773
Due as executor, administrator, &c.
$500,000
$500,000
$500,000
Capital stock
642,408
949,610
1,359,626
assets
of
pledge
by
seed
Deposits
14,523
112,241
150,659
Surplus fund and undivided profits
10,505,256
9,429,802
11,311,276
preferred)
(not
depositors
Due
10,000
Bills payable
992,528
688.893
367,866
Due trust co's. banks and bankers
15,000
Rediscounts
2,250,000
Bills payable
9,245
95,333
•Other liabilities
55,000
215,000
Rediscounts
$514,523
$636,486
31,416
$755,992
67,359
Total
Acceptances
1918.
1919.
139,954
415.678
852,097
Supplementary-For Calendar Year$21,360 Other liabilities
$26,817
Total interest and commissions received during year
373,453
645.478
$18,694,474 $14,613,019 $15,588,505
All other profits received during the year
Total
300,720 Amt.
435,679
Expenses during year, excluding taxes
deposits on which int. is paid.... 38,725,000 37.637,000 39.179.000
30,000
113,750
Amount of dividends declared on capital stock_ __ _
3,076
37,119
Taxes paid during year
Fulton Trust Co. (New York).
* Began business July 31 1017.
Nov. 12 '19. Nov. 1 '18. Nov. 14 '17.
ResourcesYork).
Empire Trust Co. (New
Stock and bond investments$836,177
$477,430
$1,060,195
Nov. 12'19 Nov. 1 '18. Nov. 14'17
Public securities
1,728.444
1,789,808
1,697,811
ResourcesPrivate securities
419,000
394,000
414,000
Stock & bond invest's-Public secur's $7,748,993 $12,392,805 $12,194,271 Mortgages owned
4,279,148
4,798,915
4.402,716
6,307,824
4.739.953 Loans & disc. secured by collateral... 5,559,928
Private securities
584,819 Loans,disc.&bills pur. not sec. by coll.
66,364
122,500
556,473
423,306
Real estate owned
602.564 Overdrafts
585,929
4,833
5,288
5,598
626,224
'Mortgages owned
527,745 Duo from trust co's, bank & bankers_
456,275
371,327
319,429
1,337,271
526,422
Loans on bond & mtg.or other r.o.coll
49,212
697,125
32,190
Loans & disc. sec. by other collateral_ 21,168,002 21,256.420 16,071,630 Specie
98,573
45,507
79,909
4.596,496 3,897,575 Other currency auth. by laws of U.S..
L'ns. disc. & bills pur. not sec. by coll. 6,849,303
7.381 Cash items
4,746
32,911
7,602
17,657
'Overdrafts
9,055,789 Due from Fed. Res. Bank of N. Yc_.. 1,300,026
947,184
7.108.991
Due from trust co's, banks & bankers 6,333,517
1.833.780 Other assets
40.142
56,771
93,483
89,542
111,413
Specie
607,010
767,360 2,382,021
Other currency auth. by laws of U.S.
8,759
4.637
18,391
$10,607,873 $8,817,182 $9,749,160
Total
Cash items
Due from Federal Resv. Bk. of N.Y. 3,315,115
Liabilities158.509 3.533,673
-Customers' liability on acceptances.- 1,386,386
$500,000
3500.000
$500,000
716.382 Capital stock
618,054
744.164
Other assets
523,312
643,873
659,554
fund & undivided profits
Total
$56,320,448 $54,631,309 $54,381,331 Surplus
deposits
Preferred
Liabilities273,814
192,261
99,500
&c.
administrator,
executor,
Due
as
Capital stock
$2,000,000 $1.500,000 $1,500,000
64,357
355,449
79,650
Trust dep.& dep. by N. Y. State
1,301,166 Due
1,558,477
2,174,128
Surplus fund and undivided profits_
•
8,298,667
7,134,391
9,040,454
preferred)
(not
depositors
2,055,628
1,390,406
666,097
Pref. deposits-By N.Y.& bank deco:
7,618
1,295.835 Due trust cos., banks and bankers_
1,043,312
Duo say. banks & say.& loan ass'ns 1,586,639
81,392
83,969
135,954
4.721.219 Other liabilities
4,079.391
Due as executors, adtninistr's, &c.._ 2,819,187
2,926,828
Dep. secured by pledge of assets...
441,553. 10.276,591
$10,607,873 38,817,182 $9,749,160
Total
Due depositors (not preferred)
41,222,342 31,602,291 31.510.528 Ann.
$8,553,500 $7,976,830 $8.354,900
deposits on which int. is paid
2.668,677 5,248.274
Due trust co's, banks and bankers
3,676,220
1,315,581
158,6093.530.808
Acceptances
(New York).
Co.
Trust
Guaranty
291,045
353,655
418.701
liabilities
Other
Total
856,320,448
Nov. 12 '19. Nov. 1 '18. Nov. 14'17.
Resources.
t
m
A
;04.631,309filiti..48L Stock and bond investmentsdeposits on which inE. is paid $39,320,143 $37,925,000
$88,092,485 $96,224,399 $128,087,996
Public securities
Equitable Trust Co. (New York).
49,867,297 45,349,645 67,623,769
Private securities
6,000,000
5,000,000
2.954,887
Nov. 12'19. Nov. 1 '18. Nov. 14 '17. Real estate owned
Resources1,754,800
1,653,400
2,261,050
Stock & bond inyest's-Public socur's$19,439,695 $19,792,140 $67,781,897 Mortgages owned
37,000
10,798
20,234
27,983,139 24,808,153 24,594,429 Loanson bd.& mtg.oroth.r.e.coll.
Private securities
•
3.701,980 3,679.872 Loans & disc. see. by other coll.... 360,923,384 270,744,007 184,456,838
3,420,014
Real estate owned
2,317,547
2,360.989 Loans, discounts and bills purMortgages owned
1,410,950
chased not secured by collateral 152,372,296 117,012,530 102,748,297
443,922
288.050
268,422
Loans on bond & mtg. or 0th. r.o.coll.
3,181
1,175
3,566
Loans & disc. ROC. by other collateral_ 76,004,318 70,406,345 78,407,967 Overdrafts
14,737,494
Loansdise.&bills pur. not sec, by coll. 20,368,729 28,068,661 23,188,380 Duo from tr. co's. banks & bankers 52,994,783 23,718,586
23,884
3,839,088
50,526
40,630
103,678 Specie
14,472
'Overdrafts
1.139,010
3,143,613
4,807,868
Duo from trust co's, banks & bankers 33,303,952 23,221.600 18.940,923 Other curecy auth. by laws of U.S
34,687,839 ' 11,912,448
51,332,070
1,670,266 Cash items
339,901
84,057
Specie
40,934,874
1,120,795 Due from Fed. Res. Bk. of N. Y.. 55,306,066 63,542,167
1,169,038
Other currency auth. by laws of U.S.. 2,771,515
50,521,984
48,959,689
52,322,979
1,393,538 Customers'liab. on acceptances
314,607
395,973
'Cash items
92,047,386
23,441,034
91,708,295
Due from Fed. Res. Bk. of N. Y..._ 23,148,765 11,764,367 22.764,894 Other assets
20,660,650 16,444,017 17,485.700
Customers' liability on acceptances
$966,503,019 $736,842,722 $701,118,976
Total
55,831 233 68,917.957 44,703.302
Other assets
Total
Liabilities$286,005.8843271.760,865$308,484.680
Liabilities$25,000,000 $25,000,000 $25,000,000
Capital stock
Capital stock
$6,000,000 $6,000,000 $6,000,000 Surplus fund and undivided profits 29,964,962 27,428,936
26,125,432
Surplus fund and undivided profits... 15,049,435 14,423,971 13,070,678 Preferred depositsPreferred deposits7,035,431
1,995,865
5,309,775
Due N. Y.State savings banks_
4,993,670
Due savings banks,loan ass'ns, &c_ 2,395,387 2,296,817
251.103
102,207
1,387,593
Due as executor. admin'r, &c
Duo as executor, administrator, &c. 27,707,696 23,277,923 26,068,783
163,437
49,276
122,477
Deposits by New York State....
90,788
Tr.dep. & dep. by N. Y. State
2,659,817 10,877,918
27,841,108
2,946,026.
Dopes. seed by pledge of assets 25,359,754
12,778
preferred
68.669
Deposits otherwise
572,599,179 437,454,988 430,336,893
Due depositors (not preferred)
165,183,716 154,550;344 160,246,058 Due trust cos., banks & bankers_ 120,731,674 83,516,390
Duo depositors (not preferred)
83,039,505
Duo trust co's, banks and bankers.... 36,069,897 26,846,598 74,559,913 Bills payable
49,000,000
36,500,000
5,000,000 Rediscounts
Bills payable
1,000,000 4,120,000
70,076,502
17,842,456
74,153,475
1,664,971
Rediscounts
10,808,518
48,959,689
50,521,984
52,322,979
Acceptances
Acceptances
17,938,822 16.477,398 17,001,029 Other liabilities
10,682,061
12,592,409
23,051,151
1.385,092
a
1,192,596 11,202,147
-Other liabilities
Total
$966,503,019 $736,842,722 $701,118,976
Total
$286,005,884$271.750,865$308,484.680
Amt. deposits on which int. paid... 176,000,000$192.000.000;253.000.000 Amt. dopes. on which int. is paid_3574,995,174 $448,406.466 $476,747,116
830
THE CHRONICLE
[VOL. no.
Hudson Trust Co. (New York).
Lawyers' Title & Trust Co. (New York) Concluded.
ResourcesNov. 12 '19. Nov. 1 '18. Nov. 14 '17.
Stock and bond investmentsPublic securities
$1,648,089 $1,577,888
$986,006
Private securities
881,294
1,219,679
938,067
Mortgages owned
128,500
93,000
62,000
Loans on bds.&mtg.or other r.e.coll
3,529
107,445
139,640
Loans & disc. sec. by other collateral_ 2,660,999
1,410,962
1,135,854
Loans, disc.&billspur.not sec.by coll_
953,873
994,702
1,177,747
Due from trust cos., banks & bankers 2,554,020
1,667,351
960,779
Specie
162,959
189,094
355,102
Other currency auth. by laws of U. S..
433,365
158,828
145,800
Cash items
20,421
23,867
14,045
Customers' liability on acceptances
6,200
772
Other assets
30,360
32,102
34,086
Total
$9,483,609 $6,212,821 $7,211.995
LiabilitiesCapital stock
$500,000
$500,000
$500,000
Surplus fund and undivided profits_ _
645,712
608,277
637,796
Preferred depositsDue as executor, administrator, &c.
25,539
5,799
153,762
Deposited by State of New York_ _
60,000
124,785
382,785
Trust dep. & dep. otherwise pref.. _
71,039
194,334
12,974
Due depositors (not preferred)
4,188,444
7,465,778
4,662,805
Due trust co's, banks and bankers
646,507
825,834
503,779
Acceptances
6,200
772
Rediscounts
55,705
Other liabilities
62,834
31,698
35,267
LiabilitiesNov. 12 '19. Nor. 1 '18. Nov. 14 '17 •
Capital stock
$4,000,000 $4,000,000 $4,000,000
Surplus fund and undivided profits
5,711,271
5,183,999
5,236,230
Preferred depositsDue savings banks & loan ass'ns_ _
406,399
1,209.588
594,051
Due as executor,administrator,&c. 1,762,688
469,454
413,088
Deposits by State of N. Y
305,086
985,737
216,923
Dep.secured by pledge of assets_ _ _
351,303
635,578
1,171,933
Deposits otherwise preferred
366.587
726,325
272,595
Due depositors (not preferred)
16,229,133 12,270,689 14,743.737
Due trust cos., banks and bankers
121,526
387.613
206,588
Bills payable
500,000
2,000,000
Rediscounts
733,066
Acceptances
100.000
400,000
770.277
Other liabilities
793,366
777,609
Total
$30,647,359 $28,292,772 $29,112,308
Supplementary-For Cal. Year1919.
1918.
1917.
Total int. & comm.rec'd during year.. $838.827
1,166,221 31,239,697
All other profits rec'd during year..
1,610,239
765,297
895,898
Charged to profit and lossOn accountof depreciation
66,652
126,653
431,876
On account of other losses
231,336
68,517
25,346
Int. credited to depositors during year
378,461
387,619
504,465
Expenses during year, exclud. taxes.... 1,108,786
949,614
980.390
Amt.of divs.declared on capital stock
250,000
200,000
200,000
Taxes paid during year
137,163
163,327
155,715
Amt. deposits on which int. is paid
17,564,000 14,558,000 15,614,000
Total
$9,483,609 $6,212,821
Supplementary-For Cal. Year1919.
1918.
Total int. & comm.rec'd during year..
All other profits received during year..
Charged to profit and lossOn account of depreciation
On account of other losses
Int. credited to depositors during year
Expenses during year, excluding taxes
Amt.of divs. declared on capital stock
Taxes paid during year
Amt.deposits on which int. is allowed a4.738,900 b3.236.400
Note.-Figures as of date a Nov. 12 1919; b Nov. 1 1918
$7.211,995
1917.
$243,173
30,715
2,000
84,048
101,917
37,500
11,509
3,472,400
Irving Trust Co. (New York).
(Formerly Broadway Trust Co.)
ResourcesNov. 12 '19.
Stock and bond investmentsPublic securities
$4,261,658
Private securities
1.365,260
Real estate owned
924,446
Mortgages owned
925,900
Loans on bonds & mtg.or oth. r.e. coll.
89,540
Loans & disc. sec. by other collateral_ 17,560,921
Loans dis. & bills pur. not sec. by coll. 33,127,963
Overdrafts
955
Duefrom trust cos.. banks & bankers. 4,019,714
Specie
137,600
Other currency auth. by laws of U. S. 2,243,401
Cash items
5,145,810
Duefrom Fed. Res. Bk.of N Y
11,705,892
Customers'liability on acceptances
2,161,403
Other assets
243,957
Nov. 1 '18. Nov. 14 '17.
$1,239,496 $7,408,902
2,202,269
1,462,358
633,468
117,640
1,087.600
1,084,575
212,429
249.923
19,052,787 6,784,366
18,340,547 12.601,847
431
634
763,969 2,846,007
164,814
513,307
2,228,811
1,184,360
2,310,986
1,517.334
4,470,496 3,241,400
1,203,276
591,860
171,007
120,125
Total
$83,914,420 $54,082,386 $39,724,638
LiabilitiesCapital stock
$3,000,000 $1,500,000 $1,500,000
Surplus fund & undivided profits_ _ _ _ 1,679,950
1,142,015
1,082,151
Preferred depositsDue say. bks. & say. & loan ass'ns_ 1,909,720
1,180,479
1,647,137
Due as executor, administrator, &c.
712,103
146,722
1,599,610
Deposits by State of N. Y
39,000
0th. dep. sec'd by pledge of assets_ 1,424,375 7,913,404 6,341,570
Deposits otherwise pref
161,062
Due depositors (not preferred)
70,038,351 35,400,001 25,517,685
Due trust cos., banks and bankers_ _ _ 1,994,327
1,184,303
1,221,932
Bills payable
2,000,000
Rediscounts
1,780,463
Acceptances
2,184,862
1,414,183
644,065
Other liabilities
770,670
420,816
170,488
Total
X83,914,420 $54,082,386 $39,724,638
Amt. deposits on which int. is paid_ _$43,371,900 $32,540,343 $24,249,541
*Italian Discount & Trust Co.(New York).
ResourcesStock and bond investmentsPublic securities
Loans & disc. sec. by other collateral
Loans disc. 3r bills pur. not sec. by collateral
Overdrafts
Due from trust co's, banks & bankers
Specie
Other currency auth. by laws of U.
Due from Federal Reserve Bank of N. Y
Customers' liability on acceptances
Other assets
Total
Nov. 12 '19.
$725,869
9,828,609
3,865,663
13,709
2,018,860
1,947
449,138
909,053
1,071,727
576,917
$19,461,492
LiabilitiesCapital stock
Surplus fund and undivided profits
Preferred depositsDep. by Supt.of Bank State of N.Y
Due depositors'(not preferred)
Due trust co's, banks and bankers
Acceptances
Other liabilities
17,500
8,954,807
• 8,400,581
1,071,727
96,037
Total
Amt.deposits on which int. is paid
$19,461,492
$14,140,477
$500,000
420,840
*Began business Nov. 11 1918.
Lawyers' Title & Trust Co. (New York).
ResourcesNov. 12 '19. Nov. 1 '18. Nov. 14 '17.
Stock and bond investmentsPublic securities
$1,918,470 $2,922,836 $2,874,520
Private securities
3,405,677
3,426,200
4,533,264
Real estate owned
3,059,462 3,251,692
3.328,376
Mortgages owned
7,809,332
7,499,833 8,184,456
Loans on bond & mtg. or oth.r.e.coll_
186,331
133,931
231,014
Loans & disc. sec. by other collateral.. 6,292,505 3,695.427
3,336,021
Loans,dis.&bilis pur.not sec. by coil.. 2,954,218
3,250,109
2,692,894
Overdrafts
2,584
5,472
1,518
Due from trust co's, banks & bankers 1,306,409
1,309,143
1.276,732
Specie
206,593
522,562
676,288
Other currency auth. by laws of U. S_
617,235
311,845
296,834
Cash items
1,057,107
845,988
268,979
Due from Fed. Res. Bank of N. Y...._
987,151
235,517
948,246
Customers' liability on acceptances....
300,000
400,000
Other assets
544,285
482,217
463,166
Total
$30,647,359 $28,292,772 $29,112,308
Lincoln Trust Co. (New York).
ResourcesNov. 12 '19. Nov. 1 '18. Nov. 14 '17.
Stock and bond investmentsPublic securities
$1,413,798 $1,327,047 $1,170,783
Private securities
1,204,794
1,106,984
1,369,030
Real estate owned
58,500
40,466
160,337
Mortgages owned
845.237
827,737
625.042
Loans on bond & mtg.or oth.r.e.coll_
26,200
21,700
65,558
Loans & disc. sec. by other collateral.. 15,586,814 12,027,703
8,020,255
Loans,disc.& bills pur.not sec.by coil_ 5,172,507
3,952,508
2,339,188
Overdrafts
10,449
15,440
3.951
Due from trust cos., banks & bankers 1,338,739
1,002,246
1.740,041
Specie
42,095 , 30,504
1,132,736
Other currency auth. by laws of U. S.
382,577
367,342
208,100
Cash items
1,811,734
618,690
564,329
Due from Fed. Res. Bank of N.Y..... 3.125,700
1,549,171
Customers' liability on acceptances
502,928
Other assets
197,975
169,869
129,692
Total
$31,720,047 $23,057,407 $17,529,042
LiabilitiesCapital stock
$1,000,000' $1,000,000 $1,000,000
Surplus fund & undivided profits....
831,278
614,328
568,161
Preferred depositsDue say, banks,say. & loan ass'ns_
247,912
370,686
518,486
Due as executor, adminIstrator,&c.
958,128
1,231,645
121,129
Deposits by State of N. Y
71,512
131,542
410,512
Deposits sec. by pledge of assets.._
221,282 4,708,520
9,921
Deposits otherwise preferred
7,343
Due depositors (not preferred)
24,470,970 13,134.042 13,731,769
Due trust co's, banks and bankers....
645,654
53,195
433,091
Bills payable
1,300,000
Rediscounts
2,441,470
341,224
Acceptances
502,928
Other liabilities
321,570
172.255
735.973
Total
$31,72Q,047 $23.057.407 $17,529,042
Amt. deposits on which int. is paid_ _318,000,000 $16.400.000 $10,900,000
a As of Nov. 1 191b
*Mercantile Trust Co. (Ne w York).
ResourcesNov. 12 '19. Nov. 1 '18.*Nov 14 '17.
St'k & bond invest's-Public sec...... $1,133,198 81,032,500 $1,823,090
Private securities
1,574,028
472,190
157,125
Loans and discounts secured by coil... 9,352,907 6,236,946
2,923,781
Loans,disc.& bills pur. not sec. bycol_ 6,334,903 7,483,358 3,027,512
Overdrafts
116
Due from trust cos., banks & bankers_
200,228
198,051
168,749
Specie
8,903
3,502
6,036
Other currency auth. by laws of U.S.
75,000
63,000
76,600
Cash items
35016
Due from Fed. Res. Bank of N.Y.... 1,652,312. 1,510,901
893,436
Customers' liability on acceptances
•305,014
235,763
Other assets
129,713
2,399
15,188
Total
$21,116,392
$9,091,517
LiabilitiesCapital stock
$1,000,000 $1,000,000 $1,000,000
Surplus fund and undivided profits....
922,253
716,850
535,253
Preferred depositsDue as ex., adm'r, guard., &c .._ _
4,135
Deposits by the State of Now York..
45,000
85,000
200,000
Deposits secured by pledge of assets
283,966
2,287,617
553,241
Due depositors (not preferred)
15,451.887 12,213.415 5,831,294
Due trust cos., banks & bankers_ __ _
464,456
603,263
902,067
Bills payable
2,510,000
Acceptances
305,014
235,763
Other liabilities
129,681
96,818
69.662
Total
$21,116,392 $17,238,726 --i9,091,517
Amount of dep. on which int is paid_$15,270,997 $15,18_9,296 $7,211,507
* Began business May 1 1917 as Mercantile Trust & Deposit Co., name
changed as above May 19 1919.
Metropolitan Trust Co. (New York).
Nov. 12 '19. Nov. 1 '18. Nov. 14 '17.
ResourcesSt'k & bond Invest's-Public sec_ _ _ _ $9,341,892 $12,681,887 $7,734,520
Private securities
6,269,416
6,043,434
9,553,848
Real estate owned
743,546
851,270
937,934
Mortgages owned
1,226,600
1,318,133
.768,333
Loans on bond & mtg. or oth. r.e.coll_ 1,007,139
797,914
1,605,065
Loans & disc. sec. by other collateral.. 20,876,667 17,827
6:3
16
16
1 21,382,275
Loans disc. & bills pur.not sec.by coll. 11,711,971 13,793,191 17,689,437
Overafts
dr
600
Duo from trust cos., banks & bankers 1,278,
348
84
16
1,460,455
2,599,038
Specie
25,446
119,426
872,301
Other currency auth. by laws of U. S.
631,798.
583,400
311,980
Cash Items
2,016,298
2,331,393
2,999,083
Due from Fed. Res. Bank of N.Y.... 4,460,100
3,041,107
4,895,376
Customers' liability on acceptances
627,078
533,333
Other assets
253,225
269,500
315,879
Total
$60,473,836 $61,124,587 $72,199,002
LiabilitiesCapital stock
$2,000,000 $2,000,000 $2,000,000
Surplus fund and undivided profits
4,487,006
4,070,857
4,383,175
Preferred depositsDue say, banks, say. & loan ass'ns_ 1,809,822
3,883,911
1,121,028
Due as executor, administrator, &c. 3,722,645
2,260,722
2,179,848
Deposited by State of New York
1,528,453
1,585,177
1,098,477
Dep. sec. by pledge of assets
1,312,850
3,047,391
418,500
Due depositors (not preferred)
25,996,596 24,416,170 36,497,404
Due trust cos., banks and bankers_ _ _ 4,652,301
4,749,943 19,703,624
Bills payable
4,900,000
7,200,000
Rediscounts
9,150,925 10.389,728
1,100,000
Acceptances
627,078
150,000
Other liabilities
286,160
528,807
238,827
Total
$60,473,836 $61,124,587 $72,199,002
Supplementary-For. Cal. Year1919.
1917.
1918.
Total int. & comm. rec'd during year.
$2,932,717
All other profits received during year.
382,537
Charged to profit and lossOn ace. of deprec. & other losses....
306,602
Int. credited•to depositors(luring year
1,648,150
Expenses during year, excluding taxes
568.617
Amt. of divs. declared on capital stk..
500,000
Taxes paid during the year
83,989
Amt. depos. on which int. is allowed_
a32.200,000 45,755,400
a As of Nov. 121919.
•
FEB. 28 1920.]
THE CHRONICLE
831
Co. (New York) Concluded.
New York Life Insurance & Trust Co. (New York). Title Guarantee & Trust'Nov.
12'19. Nov. 1 '18. Nov. 14 '17.
LiabilitiesNov. 12'19. Nov. 1 '18. Nov. 14 '17.
Resources35,000,000 35,000,000 $5,000,000
Capital stock
Stock and bond investments13,020,406 11.947,880 11,706,254
undivided profits
$4,297,545 $5,436,695 $2,849,963 Surplus fund andPublic securities
deposits
Preferred
15,142,732
13,861,046
12,037,218
Private securities
1,931.049
1,061,866
1,288,933
_
_
_
banks_
savings
State
Y.
N.
Due
2,260,324
2,209,358
2,087,183
Real estate owned
235.251
415,127
30,723
Due savings and loan associations_
3,532,787
3,751,508
3,969,266
Mortgages owned
966,987
792,681
906,146
&c.
administrator,
executor,
as
Due
1,253,332
695,375
496,725
Loans & disc. secured by collateral_
665,582
3,467,550
280,814
assets
of
pledge
by
secured
Deposits
2,970,269 8,414,075
Loans,disc.&bilis pur.not sec.by coll. 6,437,303
3,385
258,240
Deposits otherwise preferred
58,432
88,096
30,709
Overdrafts
29,718,077 23,621,147 26,698,754
616,473 Due depositors (not preferred)
930,841
370,531
Due from trust cos., banks & bankers
1,639,601
317,395
588,037
bankers...
and
banks
2,108,390 Due trust co's,
1,814,187
1,569,557
Specie
371,031
369,287
695,583
410 Other liabilities
1,020
30,443
Other currency auth. by laws of U.S.
988,540
837,725
790,628
Other assets
349.211,509
846,996,318
351,786,959
Total
1917.
1918.
1919.
332.117,108 332.596.120 337,224,458
Total
Supplementary-For Cal. YearLiabilitiesTotal int. & comm.rec'd during year. 32,266,539 $2,053,377 $2,158,781
1,927,099
1,627,842
31,000.000 $1,000,000 $1,000,000 All other profits received during year_ 3,803,191
Capital stock
787,349
4,309,906 Charged off book value of securities.
4,406,406
4,481,335
Surplus fund and undivided profits
Preferred depositsCharged to profit and loss344,450
360,822
19,000
_
banks_
savings
414,619
Due N. Y. State
On account of depreciation
345,987
2,954.131
59,506
2,227,844
368,170
Due as executor, administrator, &c. 3,778,526
On account of losses
707,294
642,396
2,664,580
701,128
Dep. sec. by pledge of assets
Int. credited to depositors during year
24,054,368
1,728,695
1,579,507
19,281,725 18,439,954
Due depositors (not preferred)
Expenses during year, excluding taxes 2,732,175
674,722 Amt. of divs. declared on cap. stock_ 1,250,000
1,000,000
8,596
1,000,000
8,856
Due trust cos., banks and bankers....
213,271
3,886,881 Taxes paid during the year
-------3,487,918
262,954
3,152,047
Other liabilities
30,502,970 a27,532,550 27,660.293
Amt. deposits on which int. is paid
332,117,108 $32,596,120 337.224.458
Total
' a As of Nov. 1 1918.
1917.
1918.
1919.
Supplementary-For. Cal. YearTotal int. & comm.rec'd during year. $1,602,442 $1,600,340 $1,819,212
*United States Mortgage & Trust Co.(New York).
59,940
67,127
66,230
All other profits received during year.
Nov. 12 '19. Nov.1'18. *Nov. 14'17
Resources300,000 •
Charged to profit & loss ace t deprec_
930,297
946,630
809,931
Stock and bond investmentsInt. credited to depositors during year
180.614
168,764
$10,886,803 $5,844,415 $2,417,919
185.101
Public securities
Expenses during year, excluding taxes
8,542,218 10,976,886
450.000
4,633,811
450.000
Private securities
950,000
Amt. of divs. declared on capital stk.
161,125
161,678
145,481
117,759 Real estate
120,539
Taxes paid during year122825
8,159,496
7,498,620
6,233,384
Amt. depos. on which int. is allowed_ 22,510,127 a23,613,701 27.969,240 Mortgages owned
15,000
r.e.coll_
oth.
or
Loans on bond & mtg.
Loans & disc. sec. by other collateral_ 27,935,004 38,863,711 46,414.751
New York Trust Co. (New York).
Loans,disc.&bills pur. not sec.by coll. 14,492,039 14,586,236 11,258,773
400
3,788
3,014
Nov. 12'19. Nov. 1 '1'8. Nov. 14 '17.
Overdrafts
Resources4.923,806
2,455,548
Due from trust cos., banks & bankers 1,698,765
Stock and bond investments373,445
73,648
43,492
$11,597,357
Specie
$8,129,371 $8,458,264
Public securities
525,921
463.568
915,187
8,789,710 Other currency auth. by laws of U. S.
6,819,081
6,926,729
Private securities
2,747,842
4,312,507
3,370,259
316,665 Cash items
402,608
332,370
Real estate owned
7.495.000
4,024,261
8,166,050
Y
N.
of
Bank
2,742,300 Due from Fed. Res.
2,597,000 2,877,750
Mortgages owned
1,900,000
500,000
608,626 Customers' liability on acceptances
660,446
Loans on bond & mtg. or oth. re. coll. 1,340,997
612,732
554,383
437.342
Loans & disc. sec. by other collateral_ 43,412,612 58,182,004 39,436,906 Other assets
9,107.245
$79,476,131 $89,284."Si $96,068,096
Loans dis. & bills pur, not sec. by co11.126,883,249 21,521,824
Total
2,071
45,771
22,1409
Overdrafts
Liabilities1,738,224
978,500 5,528.598
Due from trust co's, banks & bankers
32,000,000 $2,000,000 $2,000,000
71,717 Capital stock
18,186
63,356
,„
Specie
4.691,519
4.628,625
4,867,243
fund and undivided profits
Surplus
174,651
194.049
475,776
Y.
N.
of
Other currency auth. by laws
deposits
2,893,906 Preferred
5,602,504
2,315,673
Cash items
609,525
375,325
423,127
Due N. Y. State savings banks_ _ _ _
6,382.252
8,753,575 5.367.524
Due from Fed. Res. Bank of N. Y
2,019,412
3,612,777
Due as executor, administrator, &c. 2,047,169
605,750
1,298,740 3,522,493
Customers' liability on acceptances
43,373
45,217
51
York...47,1
Deposits by State of New
528.506
10,918,302
532.927
Other assets
7.689,557
8,938,902
3,438,046
Dep. secured by pledge of assets_
723,689
431,359
preferred
otherwise
Deposits
3117,690,7203116,492,368 381.995.886
Total
49,964,271 44,620,780 59,059,848
Due depositors (not preferred)
9,030,853 11,621,153
LiabilitiesDue
cos., banks and bankers... 5,371,049
$3,000,000 33,000.000 33,000.000 Bills trust
159,680
Capital stock
5,000,000
payable
11,206,142 10,769.875 11.032.740 Rediscounts
6,118,332
Surplus fund and undivided profits
1,900,000
Preferred deposits500,000
Acceptances
8.333,709
7,130,401
Due N.Y.State says. banks &says.
5,386,716
2,651,916 Other liabilities
1 ,851,679
1,265,104
& loan associations
$79,476,131 $89,284,581 $96,068,09(1
Total
4,847.256
Duo as executor, administrator, &c. 7,439,765 7,250.355
$74,393,560
462,242 Amt. deposits on which int. is paid_ _356,718,234 360,064.310
Deposits secured by pledge of assets 1,906,967 19,212,110
1,094.388
1.901.411
* The U. S. Mtge. & Trust Co. purchased the assets of the Fidelity Bank
934,283
Deposits otherwise preferred
53,807,463 45,240,964 53,612,081 in May 1917.
Due depositors (not preferred)
6,260,358
2.948,467
_
_
2,582,781and
bankers_
banks
Due trust co's,
1.000,000
10,247,250 15,941.760
United States Trust Co. (New York).
Bills payable
12,444,359 3.998.086
Rediscounts
Nov. 12 '19. Nov. 1 '18. Nov. 14 '17.
Resources305,750
1,298.740 3.522.493
Acceptances
and bond investments729.155 Stock
855,168
11,537.966
Other liabilities
$4,524,502 $4,690.000 $2,484,979
securities
Public
8,673,697
5,988,685
6,183,055
Private securities
1,195,000
$117,690.720$116.492,368 584,995,886 Real estate owned
Total
1.015,000 1,045,000
3,063,227
4,415,024
1917.
1919.
Year4,533,235
1918.
Cal.
Supplementary-For
Mortgages owned
35,700,127 21,346,235 39,769,885
Total Int. & comm.rec'd during year. $4,893,424 34,680,454 $3,660,177 Loans & disc, secured by collateral
6,984,891 12,004,102
160,687 Loans.disc.&bills pur.not sec.by coll. 5,909,762
111,919
345,078
AN other profits received during year.
5,502,768 8,949,924
Due from trust cos., banks & bankers 3,933.521
Charged to profits and loss5,000.000
1.590,972 Specie
100,000
200,000
319,239
On account of depreciation
100,000
70,932
6,494
18,413 Other currency auth. by laws of U.S.
On account of other losses
3,200,000
1,683.923
1,766.060 Due from Fed. Reserve Bank of N.Y. 5,000,000
Int. credited to depositors during year 1,788,564
506,581
351.788
450.003
673.759
451.544 Other assets
925,215
Expenses during year,excluding taxes
960,000
• 990,000
960,000
Amt.of diva. declared on capital stk.
$67,349,205 $53,624,391 $81,647,395
Total
562.074
348,000
235,200
Taxes reserved and pd during the yr.
Liabilities1;1,700,000 070.560.200 $69,343,000
Amt deposits on which int. is paid
$2,000,000 $2,000,000 $2,000,000
Capital stock
Surplus fund & undivided profits_ _ _ _ 14,900,076 14,556,941 14,820,076
a As of Nov. 1 1918.
Preferred deposits3,196,669
2,347,657
2,534,576
Due N.Y. State savings banks_
Title Guarantee & Trust Co. (New York).
7,713,457 10,602.514
Due as executor, administrator, &c. 9,323,984
1,921,497
1,692,807
Nov. 12'19. Nov. 1 '18. Nov. 14 '17.
2.432,844
ResourcesDep. secured by pledge of assets
31,868,169 21,212.650 45,377,809
Stock and bond investmentsDue depositors (not preferred)
2,869,705
32,826,036 35.460.732
3,080,862
3577.650 Due trust cos., banks and bankers... 3,480,401
Public securities
300,000
5,683,313 6.159.046 6,334,000 Rediscounts
Private securities
859,125
720,017
2,477.668 Other liabilities
2,439,013
2,666,628
809,155
Real estate owned
9,658.351
10,033,864 8,896.744
Mortgages owned
$81,647,395
353,624,391
367,349,205
Total
980.212
593.365
Loans on bond & mtg.or oth. r.e. coll. 1,539,087
1917.
1918.
1919.
Supplementary-For Cal. YearLoans & disc. sec. by other collateral_ 17,704,369 12,453.532 17,742,146
84,126,034
3,826,794 Total int. & comm.rec'd during year. $3,430,749 83,553.104
Loans dis. & bills pay. not sec. by coll. 3,536,800 3.762.757
15,224
125,387
243,244
year.
during
received
profits
other
All
1.544
1,232
2,853
Overdrafts
2,672.775
3,358.508 Charged to profit and lossDue from trust co's. bks., bankersotc. 2,677,819
905,790
353,952
465,574'
On account of depreciation
337,868
277,502
2,261,966
Specie
374,585
On account of other losses
688,730
685.386
351,888
Other currency auth. by laws of U. S.
1,836,886
1,642,415
1,995,364
1.357.853
1,114,743 Int. credited to depositors during year 1,167,844
Cash items
304,178
354,608
481,628
Expenses during year, excluding taxes
1,021,271
1,738,889
Due from Fed. Res. Bank of N. Y
1,000,000
1,000,000
1,000,000
stock
capital
on
declare4
divs.
of
Amt.
1,053,216
516,921
"529,381
Other assets
312,694
284,863
297,
Taxes paid during the year
45,662,715 35,487.364 57,343.691
351.786,959 $46.996.318 349.214.509 Amt. deposits on which int, is paid
al
BROOKLYN COMPANIES.
Brooklyn Trust Co. (Brooklyn).
Nov. 12 '19. Nov. 1 '18. Nov. 14 '17.
ResourcesStock and bond investments$9,997,300 $8,632,355 $5,838,479
Public securities
11,072,335 14,657,467 14,553.065
Private securities
1.175,670
1.106,902
1,022,181
Real estate owned
1,437,770 ' 1,454,526
1,862,162
Mortgages owned
638,600
408,378
447.264
Loans on bond & mtg. or oth recoil.
5,434,792
Loans and disc.sec. by other collateral 14,787.927 6,904,373
1,693,822
5,470,604
Loans,disc.&bilLs pur.not sec.by coll. 4,359,562
1.223
2,831
14,238
Overdrafts
1.347.569
1,045,567
655,590
Duo from trust cos., banks & bankers
405,859
194,953
209,437
Specie
557,643
368,095
518,485
Other currency auth. by laws of U. S_
1,285,167
1,143,293
1 ,560,528
Cash Items
3,151,805
3,871,854
3,763.667
Duo from Ned. Res. Bank of N. Y
122,500
1,443,958
Customers' liability on acceptances
427,491
364,158
497,251
Other assets
Total
LiabilitiesCapital stock
Surplus fund and undivided profits
$50,879,020 $46,407,339 $38,622,427
$1,500,000 $1,500,000 $1,500,000
2,518,283
2,155,368
2,606,753
Liabilities-(Conco.
Preferred depositsDue say. bks. & say. & loan ass'ns_
Due as executor, administrator, &c.
Dep. by Supt. of Banks of N. Y_ _ _
Deposits secured by pledge of assets
Due depositors (not preferred)
Due trust cos., banks and bankers_ _ _
Bills payable
Rediscounts
Acceptances
Other liabilities
Nov. 12 '19. Nob. 1 '18. Nov. 14 '17.
3,209.994
2,016,460 2,145,873
1,507,793
1,603,086
2,681,479
5,000
5,000
5,000
1,498,281
2,893,709 5,892,375
30,131,876 24,168,129 28,152.899
195,391
22,466
15,498
8,093,500 5,444,500
1,192,200
228,510
1,443,958
122,500
397,701
471,469
533,735
350,879,020 346,407,339 $38,622,427
Total
1918.
1919.
Supplementary-For Cal. Year.Total interest and commission received during year $2,415,178 $2,077,178
111.892
108,844
All other profits received during year
44,226
92,631
Charged to profit and loss-Account of deprec'n
99,239
38,589
On account of other losses
Interest paid depositors and upon bills payable
926,113
1,169,722
during year
451,896
512,671
Expenses during year, excluding taxes
450,000
450,000
Amount of dividends declared on capital stock
96,000
06,000
Taxes paid during year, accrued
34,144.000 28,425,401
Amount deposits on which interest is paid
832
THE CHRONICLE
[VOL. no.
Franklin Trust Co. (Brooklyn).
Kings County Trust Co. (Brooklyn) Concluded.
ResourcesNov. 12 '19. Nov.1 '18. Nov. 14'17.
Stock and bond investmentsPublic securities
$5:662,863 $8,043,208 $14,484,223
Private securities
2,151,653 2,821.166
4,280,781
Real estate owned
514,232
539,548
553,120
Mortgages owned
544,500
667,550
808,450
Loans on bond & mtg. or oth.r.e.coll_
175.828
103,043
99.000
Loans & disc. sec. by other collateral_ 12,489,895 8,678,573
5,678,843
Loans,disc.& bills pur.notsec.by coll. 5,987,170 5,740,482 2,514,209
Overdrafts
1,095
824
2,323
Due from trust cos., banks & bankers
834,306
482,761
1,764,851
Specie
31,065
26,681
226,448
Other currency auth. by laws of U.S..
592,675
314,655
491,276
Cash items
1,621,747
981,688
971,629
Due Federal Reserve Bank of N.Y
2,796,511
2,166,382 2,312,685
Customers' liability on acceptances.._ 2,553,927
1,823,387
1,039,507
Other assets
239,189
86,497
169,802
Total
$36,196,656 $32,476,445 $35,397,147
LiabilitiesCapital stock
$1,000,000 $1,000,000 $1,000,000
Surplus fund and undivided profits
1,326,651
1,170,143
1,168,655
Preferred depositsDue say. banks & sav.& loan ass'ns 1,074,783
955,794
1,567,139
Due as executor, administrator, &c 1,077,383
556,106
311,740
Deposits by State of New York.._....
100,000
220,000
675,000
Deposits secured by pledge of assets 1,068,837
791,075
672,850
Deposits otherwise preferred
921,990 3,745,091 10,766,049
Due depositors (not preferred)
20,843,839 14,453,396 16,763,178
Due trust cos., banks and bankers..
191,341
173,051
1,291.835
Bills payable
4,568,128
5,698,125
Rediscounts
1,304,431
1,766,813
Acceptances
2,564,776
1,823,387
1,080,298
Other liabilities
154,497
123,464
100,403
Total
$36.196,656 $32,476,445 $35,397,147
Supplementary-For Cal. Year1919.
1918.
1917.
Total int. & comm.rec'd during year.. $1,707,168 $1,391,390 $1,145,529
All other profits received during Year..
11,495
51,080
38,316
Charged to profit & loss acc't deprec_
29,000
4,309
Chgd. to profit & loss acd't oth. losses
41,140
13,317
Int. credited to depositors during year
493,086
462,475
576,947
Expenses during year, exdud. taxes.._
805,989
647,329
326,154
Amt. of divs. declared on capital stk..
120,000
120.000
120,000
Taxes paid during the year
53,913
27,441
36,644
Amt.deposits on which int. is paid...,.. 24,114,559 22.234.377 24.113,016
LiabilitiesNov. 12 '19. Nov. 1 '18. Nov. 14 '17.
Capital stock
$500,000
$500,000
$500,000'
Surplus fund and undivided profits
2,868,826
2,705,266
2,743,054
Preferred depositsDue N.Y. State savings banks_
2.622,327
2,444,144 4,471,485.
Due savings and loan associations..
5,457
6,308
5,062
Due as executor, administrator, &c
461,058
419,637
496,703
Deposits by State of New York__ _
821,519
923,851
1,276,513
Deposits sec. by trust co. assets.._..
975,462
1,731,365
1,015,006.
Due depositors (not preferred)
(19,300,392 15,371,651 18,244,564
Due trust co's, banks and bankers...... ..,, 755,160
107,470
166,230.
Other liabilities
244,474
237,224
238.817
Total
$28,554,675 $24,446,916 $29,157,434
Amt. of deposits on which int. Is paid$23,900,000 $19,865,300 $24,497,300•
Hamilton Trust Co. (Brooklyn).
ResourcesNov. 12'19. Nos. 1 '18. Nov. 14 '17.
Stock and bond investmentsPublic securities
$1,262,520 $1,123,400 $1,124,100
Private securities
2.022,237 2,373,187
2,537,884
Real estate owned
82,558
80,249
78,081
Mortgage owned
578,825
593,400
627,850
Loans on bond & mtg. or oth.r.e.coll.
82,600
82,900
120,575
Loans & disc. sec, by other collateral_ 4,443,387 3,316,069
4,964,577
Loans,disc.& WIis pur.notsec.by coll.
118,487
342,322
131.090
Overdrafts
48
95
69
Due from trust co's, banks & bankers
874,066
837,972 2,827,348
Specie
324,420
330,013
505,294
,Other currency auth. by laws of U.S_
262,025
104,600
103,250
Cash items
4,143
5,245
915
Other assets
72,673
63,241
78,529
Total
$10,127,989 $9,252,693 $13,099,562
LiabilitiesCapital stock
$500,000
$500,000
$500,000
Surplus fund and undivided profits
1,048,279
1,030,657
1,002,863
Preferred depositsDue N. Y. State savings banks......_
968,288
976,954
1,284,325
Due savings and loan associations..
27,297
11,647
15,538
Due as executor, administrator, &c
203,870
197,485 2.471,420
Deposits by State of New York_ __ _
62,646
156,644
500,534
Dep. sec. by pledge of tr. co. assets
597,769
1,253,872
521,952
Due deposits (not preferred)
6,637,698
5,029,660
6,632,683
Due trust cos., banks and bankers..
3,085
19,992
85,685
Other liabilities
79,057
75,782
84.562
Total
$10,127,989 $9,252,693 $13,099,562
Supplementary-For Cal. Year1919.
1918.
1917.
Total in. & comm. rec'd during year
$477,153
$503,702
All other profits received during year..
10,072
17,922
Charged to profit and loss acct. depr_
45,750
Charged to prof. & loss acc't oth. loss
25,049
2,287
Int. credited to depositors during year
210.045
263,119
Expenses during year, exclud. taxes_ _
102,362
98,584
Amt.of divs. declared on capital stock
•60,000
60,000
Taxes paid during year
26,964
18,675
Amt. deposits on which int. is paid_
6,725,100 8,473,400
Kings County Trust Co. (Brooklyn).
Resources-Nov. 12 '19. Nov. 1 '18. Nov. 14 '17.
Stock and bond investmentsPublic securities
$4,371,050 $2,617,560 $2,313,588
Private securities
6,990,164
5,810,638 8,188,820
Real estate owned
385,000
434,921
238,758
Mortgages owned
..
1,096,430
1,049,550
1,151,450
Loans on bond & mtg. or.oth.r.e.coll.
351,950
242,325
278,625
Loans & disc. sec. by other collateral_ 10,669,588 8,361,136
9,479,793
Loans disc.& bills pur.not sec.by coll.. 1,026,170
1 t855,900
1,325,022
Overdrafts
1,283
1,118
292
Due from trust co's, banks & bankers 2,218,357 2,632,550
4,122,785
Specie
102,816
18,551
1,348,665
Other currency auth. by laws of U. S_ 1,052,272
1,273,890
492.945
Cash items
34,344
13,450
16,778
Other assets
255,251
135,327
199,913
Total
$28,554,675 $24,446,916 $29,157,434
Manufacturers' Trust Co. (Brooklyn).
ResourcesNov. 12 '19. Nov. 1 '18. Nov. 14 '17.
Stock and bond investmentsPublic securities
$6,617,0?1 $13,150,373 $3,425,415.
Private securities
1,507,428
1,798,589
729,417
Real estate owned
1,017,880
1,429,634
868,782
Mortgages owned
968,347
924,729
931,029.
Loans on bond & mtg. or oth.r.e.coll_
27,659
27,052
47,725
Loans & disc. sec. by other collateral.. 15,694,784
5,540,355
1,906,943
Loans disc.& bills pur.not sec.by coll.. 14,169,600 8,903,916
5,108,955Overdrafts
202
70
489
Due from trust co's, banks & bankers 1,009,610
1,212,221
1,338,494
Specie
187,856
203,561
104,772
Other currency auth. by laws of U.S.. 1,139,996
393,177
793,596
Cash items
46,435
58,250
71,347
Due from Fed. Res. Bank of N. Y.._ _ 7,186,917
2.422,445 . 1,596.201
Customers' liability on acceptances....
11,880
Other assets
197,300
148,805
112.166.
Total
$49,782,315 $36,654,596 $16,593,917
LiabilitiesCapital stock
$1,000,000 $1,000,000 $1,000,000
Surplus fund and undivided profits
925,870
785,038
409,933
Preferred depositsDue say. bks. & say. & loan ass'ns_ 1,448,703
1,285,713
1.111,739
Due as executor, administrator, &c
71,617
27,908
843,990
Deposits by State of New York___..
100,000
139,760
300,000'
Deposits sec. by trust co. assets...... 1,513,877 8,464,009
879.044
Deposits otherwise preferred
7,510
42,312
Due depositors (not preferred)
28,565,597 18,123,580 11,257.499.
Due to trust companies & banks__
77,012
Bills payable
- 12,467,006
5,750,000
Rediscounts
3,418,815
728,650
672,160'
Acceptances
11,880
'''
Other liabilities
174,434
307,626
119,552'
Total
$49,782,315 $36,654,596 $16,593,917
Supplementary-For Cal. Year1919.
1918.
1917.
Total int. & comm.rec'd during year.. $1,882,908 $1,044,332
$630,115All other profits received during year..
107,091
68,457
46,138
Charged to profit & loss acc't deprec_
105,863
Charged to pref.& loss acct. other loss
75,129
Int. credited to depositors during year
241,256
Expenses during year, excluding taxes
'215,39&
Amt. of diva. declared on capital stk..
90,000
75,000
60,000
Taxes paid during the year
19,000'
Amt. deposits on which int. is allowed 24.000,000 a22,000.000 10,307.,000
The Peoples Trust Co,(Brooklyn).
ResourcesNov. 12'19. Nov. 1 '18. Nov. 14 '17.
Stock and bond investmentsPublic securities
$4,454,725 $4,502,512 $4,461,536.
Private securities
0,910,008 6,208,060 6,315,173
Real estate owned
815,368
696,761
657,768
Mortgages owned
1,334,182
1,655,938
1,750,932'
Loans on bond & mtg. or oth.r.e.coll_
555,649
583,951
440,235
Loans & disc. sec. by other collateral_ 13,957,374 6,534,917 6,909,361
Loans disc. & bills pur.not sec.by coll. 2,759,032 6,752,966
2,400,486,
Overdrafts
1,208
4,631
1,403
Due from trust co's, banks & bankers
706,545
2,469,706,
686,325
Specie
336,236
263,422
664,681
Other currency auth. by laws of U. S..
862,805 . 527,925
462,000.
Cash items
1,498,701
3.329,363.
1,841,362
Due from Federal Reserve Bank
3,074,324
2,285,944
1,318,403
Customers' liability on acceptances....
62,800
100,000 •
Other assets
274,260
181,481
195,503
Total
$37,603,217 $32,826,195 $31,376,550
LiabilitiesCapital stock
$1,200,000 $1,000,000 $1.000,000
Surplus fund and undivided profits.._ 1,635,443
1,306,469
1,331,835
Preferred depositsDue N. Y.State savings banks.._.._ 2,681,577 2,264,935 3,137,742
Due savings and loan associations_
62,708
24,784
28,589'
Duo as executor, administrator, &c.
613,507
305,561
1,331,983
Deposits by State of New York_ _ _
57,930
72,949
337,050
Deposits secured by trustee, assets 2,020,060 2,936,101
2,881,269
Due depositors (not preferred)
28,822,489 21,386,208 20,967,737
Due trust co's, banks and bankers......
45,974
216,952
223,219.
Bills payable
2,400,000
Rediscounts
454,000
Acceptances •
62,800
100,000
Other liabilities
400,729
358,236
137,126
Total
$37,603,217 $32,826,195 $31,376,550
Supplementary-For Cal. Year1919.
1917.
1918.
Total int. & comm.rec'd during year.. $1,609,006 $1,374,019 31,261,756.
All other profits received during year..
173,328
54,505
68,029
Charged to profit & loss acct. deprec_
371,539
612,238.
275,199
Charged to urof. & loss acct. oth. loss
24,523
26,380
25,149
Int. credited to depositors during year
613.770
654,454
565,759
Expenses during year, excluding taxes
271,670
442,446
341,285
Amt. of divs. declared on capital stk..
150,000
160,000
184,000
Taxes paid during the year51479
46,377
65932
Amt. aeposits on which int. is paid
31,920,597 23.367,434 21,022,220.
BOSTON COMPANIES.
American Trust Co. (Boston).
ResourcesRailroad and other bonds
Time loans
Our real estate
Demand loans
Cash on hand in banks
Other assets
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$5,145,246 $2,997,926 $2,988,521
13,449,618 13,213,699 14,159,970
30.000
30,000
30,000
5,113,326
5,160,737
4,403,410
7,307,735
5,712,588
6,211,386
104.645
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
General deposits
Bills payable.
$31,150,570 $27,114,950 $27,793,287
Total
•
Total
$1,000,000 $1,000,000 $1,000,000
2,000,000
2,000.000
2,000,000
550,920
505,470
507,900
26,899,650 23,609.480 24,285,387
700,000
$31,150,570 $27,114,950 $27,793,287
1919.
1918.
1917
Rate of int pd. on dep of$500 or over
2%
2%
Dividends paid in calendar year
-16% reg ,9% extra1F1R
Beacon Trust Co. (Boston).
ResourcesTime loans
Demand loans
Investments
Cash in office and banks
LiabilitiesCapital stock
Surplus
Earnings undivided
Deposits
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$7,169,911 $8,936,307 $7,792,217'
8,306,596 6,358,180 5,992,041
744,543
234,383
429,500
4,024,072
3,824,355 2,709,475
$21,145,122 $19,353,225 $16,923,233
$600,000
$600,000
$600,000
1,200,000
1.000,000
1,200,000
252,269
170,337
107,118
19,092,853 17,446,107 15,152,896
Total
$21,145,122 $19,353,225 $16,923,233
1919.
1918,
1917.
Amount of deposits receiving int_ _ _..$17,657,000 $14,136,500 $12,230,700
Rate of int.pd.on dep.of $300 & over_
2%
2%
2%
Dividends paid in calendar year
$102,000
$72,000
$102,000
833
THE CHRONICLE
FEB. 28 1920.]
Boston Safe Deposit & Trust Co. (Boston).
Equitable Trust Co. (Boston).
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
ResourcesDec. 31 '19. Dec. 31 '18. Dee. 31 '17.
Resources$40,845
Massachusetts bonds
$51,932
$82,150
United States and State of Mass. bds- $141,413
$107,160
Railroad bonds
219,957
183,200
144.806
Other stocks and bonds
$213,456
167,900
Other bonds and stocks
137.175
199,775
485,790
real
on
estate
Loans
12,649,018
12,998,480
14,710,000
Loans
542,335
681,195
523.120
with
loans
coliaterals
1,200,925 Demand
1,069,283
1,030,642
Cash in office
72.208
143,008
313,817
2,565,895 3,179,887 Other demand loans
2,083,156
Cash in banks
250,784
290,977
1,119,234
29,177 Time loans with collateral
61,614
29,020
Overdrafts and accrued interest
645.927
619,964
922,457
5,518 Other time loans
3,366
3,396
Cash items
7,850
6,900
6,900
14,191 Furniture and fixtures
14,639
14,676
Real estate by foreclosure
1,333
651
145
1,719,650 Accrued interest
1,689,650
1,659,650
Real estate
343.489
209,045
695,830
10,000 Due from reserve banks
11,900
48,720
Stk. B.S.D.& T.Co. held for distrib'n.
117,987
154,473
236.071
Cash, currency and specie
1.125
8,156
5,657
Total
$19,863,952 318.618,652 $18,849,211 Other assets
L
Liabilities32,392.553
$2,580,444
Total
$4.595,040
$1,000,000 $1,000,000 $1,000,000
Capital stock
2,000,000 2,000,000
2,000,000
Surplus
Liabilities1,211,739
1.239,734
1,278,847
Profit and loss
$200.000
3500.000
stock
$200,000
15,541,937 14,334,543 14,618,443 Capital
Deposits
40,000
200,000
fund
40.000
Surplus
480
Div. B. S. D.& T. Co.'s stock
23,112
44,404
3,763
profits
Undivided
2,302
of
3,108
deposit._
dertifs.
for
Int. reserved
1.568,154
1,784,495
3,138,9.13
check
subject
to
Deposits,
18.549
42,073
40,060
Reserved for taxes
64,231
13,034
45,393
Certified checks
32,274
5,722
checks
12,508
319,863,9.52 $18,618,652 $18,849,211 Treasurer's
Total
131,974
54,181
deposit
209,000
of
Certificates
Trust department (additional)
$51,687,838 $47,600,637 $43,713,144 Open accounts
40,917
74,016
1917.
1918.
1919.
Time deposits
194,154
2%
Rate of interest paid on deposits__ _ _
49,001
56,769
27,188
Due to banks
a
R
2
34
Dividends paid in calendar year
31%
Payment of dividends
17.500
267,584
263.129
Other liabilities
246,621
Charlestown Trust Co. (Boston).
Nov.17'19. Nov. 1 '18. Nor. 20 '17.
Resources$23,450
$355,743
$98,450
Mass. State and municipal bonds__ 258,991
587,194
369,894
Other stocks and bonds
1392,469
402,5371
Loans on real estate
146,370
1,610,080
361,580
Time loans
427,138
334,153
Demand loans
56,375
53,500
47,750
Banking house and vaults
J110,018
432,722
86,6151
Due from banks
;137,729
3131
Cash on hand80,
1,176
50
218
Other resources
31,781,510 33,040,415 $1,552,590
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Commercial deposits
Savings deposits
Bills payable
Uncompleted loans
Miscellaneous
$200,000
50,000
3,937
1.415,138
3200.000
50,000
21.832
1,335,7681
1,275,441f
100,000
12,453
157,374
$200,000
50,000
5.099
988,367
95,000
70,618
143,586
Total
$1,781,510 $3,040,415 $1,552.580
Savings. department (additional).- - $1,635,748 (incl. above)
34.595,040 $2,580,444 32.392.553
Total
Exchange Trust Co. (Boston).
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Resources$2,844.135 $1,910,750 31.187.396
Stocks and bonds
1,455,071
1,523,969
2,066.997
Cash in offices and banks
25,000
Safe deposit vaults,furn. & fixtures.._
1.167,774
1.891.034
837,072
Demand loans
3.327,238 3,801.037
5,785,871
Time loans
3,406,889 3,201,093
3,513,225
Loans on real estate
Total
315,072,300 312,059.880 310.812,371
Liabilities$600,000
$600,000
$600.000
Capital
400,000
400,000
600,000
Surplus
135,479
165,420
Profit and loss
188,326
13,683,974 10,894,460 9.676,893
Deposits
$15,072.300 $12,059,880 310.816,372
1917.
1919.
1918.
2%
29'
2%
348.000
$36,000
336,000
Total
Rate of int. pd.on dep.of$300 & over
Dividends paid in calendar year
Columbia Trust Co. (Boston).
Dec. 31 '19. Dec.31 '18. Dec.31 '17.
$70,000
3163,000
383,350
188,600
183.606
212,304
977,664
1.052,573
1,318,672
87,045
87,965
155,861
134,259
216,917
216,290
ResourcesUnited States bonds
State, city and railroad bonds
Loans
Cash in office
Cash in banks
Total
LiabilitiesCapital stock
Surplus and profits
Deposits
$1,986,477 $1.704,061
$1,457,568
$100,000
74,176
1.529.885
$100.000
69.390
1,288.178
$1,986,477 $1,704,061
1918.
1919.
31.457,568
1917.
2%
7%
$100,000
89,608
1,706,869
Total
Rate of int. pd.. on dep.of $500 & over
paid in calendar year
IR
Divdens
74R
Commonwealth Trust Co. (Boston).
ResourcesInvestments
Demand and time loans
Real estate
Cash on hand
Cash on deposit
Dec. 31 '19. Dec. 31 '18. Dec. 31117.
$4,809,616 38,387,051 34,044,736
20,482,418 15,945.279 14.293.056
137,500
42,500
151,501
858,871
834,809
830,070
7,006,116
6,320,279 5.735.075
Total
LiabilitiesCapital
Surplus and undivided profits
Deposits
$32,593,884 $31.063,776 $26,221,217
$1,000,000 $1,000,000 $1,000,000
944,318
997,432
813,411
30,596,452 29.119,458 24,407,806
$32,593,884 331.063,776 326.221,217
1917.
1918.
1919.
2%
2%
2%
Rate of int. on dep. of $500 and over..
8%
9%
84
Dividends paid in calendar year
Total
Cosmopolitan Trust Co. (Boston).
Jan. 20 '20. Dec. 31 '18. Dec.'311'17.
Resources3219.541
$171,829
$992,141
Stocks and bonds
90,745
87,628
• 83,415
Loans on real estate
1,143.851
1,022,748
2,738,831
Demand loans
4,508,128
2,170,8152,179,566
Time loans
55,756
47,688
46,334
Banking house, furniture and fixtures
515,629
} 1,536,837 J 1,326,764
Due from banks
251,713
1 328,791
Cash
210,591
21.251
62,099
Other resources
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Deposits
Bills payable
Miscellaneous
$9,965,783 $5,357,514
34,517,395
$200,000
100,000
52,128
4,895,386
100,000
10,000
$200,000
100,000
34,189
3,678.643
504,563
$600,000
400,000
236,839
8,053,944
675,000
$9,965,783 35,357,514 34,517,395
Total
Savings Department (additional)._ _ _ $5,785,389 33.245,626 $1,794,088
Dorchester Trust Co. (Boston).
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Resources$2,746,000 $1,982,000 $1,720,000
Bonds and mortgltes
2,025,000
1,480,000
1,950,000
Stocks and bonds market value)
675,000
947,0,10
808,000
Loans on collateral
550,000
526,000
773,000
Other loans, including bills purchased
602,000
726,000
761,000
Due from tr.cos., bks.,bkrs.&brokers
29,00
28,000
25,000
Spade
185.000
205,000
215,000
Legal-tender notes & notes of nat.bks.
62,000
Safe deposit vaults, turn & fixtures.._
$7,266,000 $6.514,000 $5,240,000
Total
Liabilities3300.000
$300,000
3300,000
Capital ..
143,000
125,000
145,000
Surplus & undiv. profits(market val.)
5,000
Reserve for taxes
4,8-00:0oo
6,631,000 6.051.000
Deposits
15.000
18,000
187,000
Certificates of deposit
$7.266,000 36,514.000 35,240,000
Total
1917
1918.
1919.
Rate of interest paid on deposits.....2% check. 3% certits, 4% savings
8%
8%
8%
Dividends paid in calendar years..
Federal Trust Co. (Boston).
Dec. 31 '19. Dec.31 '18. Nov. 20'17.
Resources$178,0001
$80,000
State of Massachusetts bonds
2.8:31,792 2,517.574J $2,03475Other
stocks and bonds
9,794.841
9,251,067 6,215,196
Loans
8.708
Banking house furniture & fixtures
34,815
31.292
73,024
Real estate
1.596,691
2.286,173 2,469,971
Cash on hand and in bank
Customers' liability under foreign
155,084
430,264
1.453,118
bills rediscounted
50,000
857,514
Customers'liability under acceptances 3,141,559
626,500
633.533
Subscriptions to Liberty Loans
32,448
Miscellaneous
Total
LiabilitiesCapital stock
Surplus and undivided profits
Deposits
Sinking fund
Bills payable
Notes and bills rediscounted
Acceptances
Letters of credit
Duo mortgages
Foreign bills rediscounted
Other liabilities
$20,294,040 $16,362,182 310,127.695
$1,000.000 31,000,000 31,000,000
377.450
502.484
541,121
14,354,127 12,918,020 8,203,306
30.334
23.758
350.000
718,000
718,000
155,084
674,164
50,000
857,515
2.210.653
60,000
603.533
10,000
812.848
1,522
$20,294,040 316.362.182 310.127.695
Total
Fidelity Trust Co. (Boston).
Nov.17'19. Dec. 31 '18. Dec. 31 '17.
Resources$207,225•
$728,441
U.S.and State of Mass. bonds
$22,225
678.577
677,252
922,744
Other stocks and bonds
1,090.469
2,403.269
1,597,464
Loans on real estate
2,015,628
3,855,492
Demand loans
5,023,373
923.816
758,7701 4.119.527J
Time loans with collateral
1 2,299.979
3,277.964)
Other time loans
119,177
157.800
179,000
Banking home,furniture & fixtures._
1.148,442
1,669,6861 1,021.690
Due from reserve banks
308,0655
Due from other banks
298,980
798,818
714,418
Cash: Currency and specie
37,019
98,239
229,376
Other assets
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Deposits (demand)
Savings deposits
War loan deposit
Time deposits
Certificates of deposit
Certified checks
Treasurer's checks
Participations
Bills payable
Uncompleted loans
Other liabilities
Total
Savings Department (additional)
$14,703,085 313.860.528 38,719.312
$2,777,000 $2,000,000 $1,929,800
303,799
545.109
655,4001
110,3295
8,715,706 . 6,384,662 4,650,283
(see below) 3.057,541 (see below)
175,432
272,224
98,313
418,912
105,661
148.286
405,039
51.493
291.345
120,367
43,948
146,377
85,262
5,157
3,557
967,500
867,500'
1,275,000
237,408
37,241
138,043
2.039
5.165
2,027
$14,793,085 $13,860,528 $8.719,312
$4,057,766 (see above) $2,252,475•
Hanover Trust Co. (Boston).
Dec.31 '19. Dec. 31 '18. Dec. 31 '17.
Resources$58,954
$204,681
Stocks and bonds
I 25,450
340,940
Loans on real estate
65,624
. 78,330
Demand loans with collateral
128.284
1.423.567
324,118
Other demand loans
64,247
425,393
Time loans with collateral
177.417
1,179,207
Other time loans
8,316
15.000
98,324
Banking house,furniture and fixtures
45,832
Other assets, incl. int. and expenses..
149,142
387.123
374,5811
Due from reserve banks
151.706
143,2891
Due from other banks
31.234
95,106
134,876
Cash currency and specie
20,823
2,188
Other cash items
$727,141
33.305,927 $1,920.796
Total
834
THE CHRONICLE
[VOL. 110.
Hanover Trust Co. (Boston) Concluded.
LiabilitiesCapital stock
Surplus fund
Undivided profits
Deposits,subject to check
Certificates of deposit
Certified checks
Treasurer's checks
Due to other banks
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$20o,000
$200,000
$200,000
50,000
50,000
50,000
25,373
49,803
20,963
2,292,4221
{302,953
302,9811
75,250
9,9101 1,649,833
2,936
51,850
21,099
373,391
25,000
Total
Savings department (additional)
$3,805,927 $1,920.796
(incl. above)(Inc. above)
$727,141
$139.822
*Hub Trust Co. (Boston).
ResourcesStocks and bonds
Loans on real estate
Demand loans
Time loans
Banking house, furniture, fixtures and vaults
Due from banks
Cash
Other assets
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Due to banks
Other liabilities
Total
•Savings Department (additional)
Nov.17'19.
$148,080
11,000
143,580
318,480
43,701
113,822
68,178
24,756
$871,597
$200.000
50,000
13,948
523,400
48,232
36.015
2
$871,597
$294,289
*Began business June 19. 1919.
Hyde Park Trust Co. (Boston).
ResourcesDec. 31 '19 Dec. 31 '18.
U.S.and State of Mass. bonds
3162.071 $229,446
Other stocks and bonds
135.996
123,516
Loans on real estate
138,061
94,513
Demand loans with collaterals
35,154
20,866
Time loans with collateral
} 700,497
f 219,656
Other time loans
1 401,992
U. S. certificates of indebtedness_
30,000
60,000
Banking house,furniture and fixtures
55,000
69,000
Due from reserve banks
388,165
308.688
Cash:Currency and specie
181,752
198.869
'Other assets,internal revenue stamps.
322
21
Total
$1.826.717 $1.716,868
LiabilitiesCapital stock
$200,000
$200,000
Surplus fund
20,000
20,000
Undivided profits
22,102
31,600
Uncompleted loans
4.263
Deposits subject to check
1,429,234
1,457.685
Certificates of deposit
18,613
5,151
Certified checks
6,100
831
Treasurer's checks
1,236
7,715
Due to other banks
69,724
41.659
Dividends unpaid
4,017
3,012
Reserve for taxes
2,000
1,000
Reserved for interest on deposit
5,000
2,000
Other liabilities
642
Total liabilities
$1.826.717 $1.726.868
1919.
1918.
Rate of interest paid on deposits_ _ _. 2 & 214%
2%
Dividends paid in calendar year
714%
6%
Dec. 31 '17.
$48,121
134,978
92,200
47.900
213,292
376,413
74,012
357.417
112,932
934
31.458,200
Liberty Trust Co. (Boston).
ResourcesState of Massachusetts bonds
Other investments
Loans on real estate
Demand loans
Time loans
Banking rooms
Interest
Cash on hand and in banks
Victory loan
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits (less expenses)
Deposits
Dividends unpaid
Bills payable inc. ctf, of deposit
Notes and bills rediscounted
Uncompleted loans
Total
Rate of interest paid on deposits_ _ _ _
Dividends paid in calendar year_ _....
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17
$39,652
$40,000
$39,653
657,599
918,006
308,700
686,148
525,113
543,278
497,854
290,644
419,705
2,883,516 2,254,910
2,196.150
54,748
2,500
1,047
585
1.181,864
1,095,186
664,100
53,500
$6,055,928 $5,256,005 $4,042,525
$200,000
350,000
35,678
4,814,276
5,035
376,685
244,002
30,252
000,000
300,000
68,892
4,388,330
5,043
180,000
115,740
$200,000
300,000
59,728
3,477,790
5,007
$6,055,928 $5,256,005 $4,042,525
1919.
1918.
1917.
2%
18R
1OR
105
Market Trust Co. (Boston).
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17.
U.S.and State of Mass. bonds
$545,173
$560,285
$451,862
Other stocks and bonds
742,620
927.893
686,050
Loans on real estate
897,680
785,217
746,545
Demand loans
456,857
261,512
311.593
Time loans
950.566
981,832
957,181
Banking house,furniture & fixtures
25,000
25,000
25,000
Real estate
6,500
Safe deposit vaults
8,360
8,360
8,360
Due from banks
398,136
380,948.
208,483
Cash
100,1741
185,566
Overdrafts
920
Suspense
2,794
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Deposit
Due to other banks
Rediscounts
Total
Rate of interest paid on deposits_ _ _ _
Dividends paid in calendar years_
_
84.134,780 $3,930,847 83.580.640
$400,000
100,000
71,853
3,163,562
117,587
281,778
$250,000
200.000
81,840
3,277,234
121.773
$250,000
125,000
136,994
2,865,841
202.805
84,134,780 83.930,847 83,580,640
1918.1917.
1919.
2 to 4%
2 to
2 to
8%
;IR
gR
$200,000
Massachusetts Trust Co. (Boston).
20,000
ResourcesDec. 31 '19. Dec. 31 '18. Nov. 20 '17.
16,869
23,075 U. S. and State of Mass bonds
$922,721
$604,226
$345,260
1,070,646 Other stocks and bonds
1,575,335
1,056,274
862,229
5.000 Loans on real estate, net
3,464,225
1,984,436
206,125
5,689 Demand loans with collateral
2,977,406
1,406,220
1,099,960
2,280 Other demand loans
745,722
605,849
536,647
110,344 Time loans with collateral
1,542,335
1,894,612
1,074,751
610 Other time loans
3,312,846
2,147,511
2,287,387
1,000 Banking
house,furniture and fixtures
14,000
15,554
31.623
1,000 Due from reserve banks
1,148,508
1,004,177
1.025,808
1,687 Due from other banks
251,167
149,409
113,024
Cash:Currency and specie
389,102
518,917
488,676
$1,458,200 Other cash items
135
_____
5,718
'Subs, due Liberty Loans
1917.
180,000
10,000
Other assets
2&21
1,748
180
Total
$16,345,250 $11,567,185 $8,087.388
LiabilitiesInternational Trust Co. (Boston).
Capital stock
$1,000,000
$500,000
$500,000
ResourcesNov. 17 '19 Dec. 31 '18. Dec. 31 '17 Surplus funds
500,000
250,000
250,000
Stocks and bonds
$2,560,141 $2,146,708 $1,958,164 Undivided profits
299,844
242,411
133,720
'rime loans
1 20,665,138f 13,177,274 11,308,468 Deposits
5,679,211
13,606,768 9,884,767
Demand loans_
1 4,522,686
5,040,062 Certificates of deposit
55,455
52,354
54,350
Banking house
1,000,000
Certificates
1,000,000
of deposit (time)
1.000,000
30,000
14,190
164,550
Acceptances purchased
308.364
Certified checks
48,976
59,440
22,063
Contingent liability on acceptances
544,483
Treasurer's 'checks
41,306
100,847
40,573
Customers liability under acceptances 1,670,965
73,919
1,440,555 Open acc'ts not pay'le within 30 days
149,866
156,735
29,167
Cash on hand and in banks
4,552.699 2,826,101
4,395,135 Due to reserve banks.80,735
87,866
Foreign exchange
3,671
36,180 Due to other banks241,o53
269,929
U.S. and other bonds borrowed__ _ _
600.000
Reserve for taxes
2.439
Dividends unpaid
17,550
16.684
24
Total_
$31,901,790 $23,750,359 $25,178,564 Bills payable
95,000
750,000
Notes and bills rediscounted
269,750
194,366
Liabilities101,017
Other liabilities
3,446
391
2,479
Capital stock.
$1,500,000 $1,500,000 $1.500.000
Surplus fund
,311,715j 1,500,000
12
1,500,000
Total
$16,345,250
$11,567,185
$8,087,388
Undivided profits
439,545
321.442
1
Reserved for taxes, &c.
143.489
138,270
Metropolitan Trust Co. (Boston).
Rediscounts
1,537,177
2,130,903
1.759,000
Acceptances
1,670,965
73,919
1,440,555 , ResourcesNov. 17'19. Dec.31 '18. Dec.31 '17.
Contingent liability under accept'ces_
544,483
S. and State of Mass. bonds
$244,327
$298,514
$179,603
Deposits.
23,143,724 18,402,449 18,519,297 U.
bonds
Other
475,862
and
stocks
333,226
419,726
U. S and other bonds borrowed
600,000
Loans on real estate
302,578
527,550
338,351
Sinking funds
153,779
Demand loans
3,214,583
1,235.835
1,446,802
loans
3,390,366 3,171,476
1,062,486
Total_
$31,901,790 $23,750,359 $25,178,564 Time
98.606
Banking house,furniture and fixtures
90,487
96,807
Savings deposits (additional)
$3,114,448 $3.150,081
Customers liability under letters of
'Trust department (additional)
$1,550,619
credit
91,487
Acceptances
18,194
Due from reserve banks
1,094,248
753,438
376,232
Jamaica Plain Trust Co. (Boston).
Due from other banks
1,048,695
506,672
689,404
230,511
197,344
Resources168,962
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17. .Cash
interest_
resources-accrued
__
29,480
'State of Massachusetts bonds
292,851
$4,868
$4,868
$4,868 Other
Other stocks and bonds
409,391
582,999
301,641
Total
$10,238,737 $7,303,594 84,882,172
Loans on real estate
522,410
306,050
263,400
Demand loans with collaterals
281,903
211,867
63,421
LiabilitiesOther demand loans
47,064
28,738
13,438 Capital stock
$500,000
$300,000
$300,000
Time loans with collateral
111,947
143,135
93,294 Surplus fund
400,000
300,000
300,000
Other time loans
242,623
207,105
164,506 Undivided profits
137,840
79,519
32,206
Overdrafts
93
15
20 Deposits
7,019,158
5,609,230
3.770,205
Banking house,furniture & fixtures.._
29,800
29,800
29,975 Due to other banks
716,048
516,253
479,761
Safe deposit vaults
11,096
7,300
7,389 Liability under letters of credit
91,287
Due from reserve banks
32.393
74,822
32,061 Bills payable
424,000
Due from other banks
12,631
27,355
15,959 Rediscounts
896,709
498,502
Cash: Currency and specie
94.298
87,496
39,999 Acceptances
18,194
Other assets
35,970
43,560
21,400 Uncompleted loans
24.000
depreciation
11.500
Total
$2,010,095 $1,581,502 $1,051,371 Reserved for
LiabilitiesTotal
$10,238,737 $7,303,594 $4,882,172
Capital stock
$200,000
$200,000
$200,000
Surplus fund
20,000
20,000
20,000
New England Trust Co. (Boston).
Profit and loss
20.565
7,989
6,992
Deposits subject to demand
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Resources1,758,426
1,339,993
814,837
Certificates of deposit
3.500
12,000
8,809 Stocks and bonds
$3,205,622 $3,344,412 $2,692,474
Certified checks
2,430
1,314
259 Real estate
700,000
700,000
700,000
Treasurer's checks
123
36
126 Demand and time loans
24,420,572 17,864,639 17.558,337
Open accts. not pay. within 30 days_
4,983
127
241 Cash in bank and office
5,230.171
4,336,633
4,657,274
Other liabilities
68
43
107 Other assets
353,828
677,802
904,487
Total liabilities
$2.010.095 $1,581,502 81,051.371
$34.000.193 $27,470,812 825.965.246
Total
South Boston Trust Co. (Boston).
New England Trust Co. (Boston) Concluded.
LiabilitiesCapital stock
Surplus
Earnings undivided
Deposit.s
Other liabilities
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$1,000,000 $1,000,000 $1,000,000
2.000,000
2,000,000 2,000,000
1,034,472
813,001
736,083
25,011,604 21.180,924 20,747,756
1,193,019
2,476,887
5,252,306
$34,000,193 $27,470,812 $25,965,247
Total
Old Colony Trust Co. (Boston).
Dec. 31 '17.
$8,200,668
85.280,148
2.635.000
10,612,104
28,235.577
5.386.651
4,521.373
Dec. 31 '19.
Resources$26,377,069
Investments
98,580,591
Demand and time loans
3,348.715
Banking offices
Customers liability and acceptances_ 15,058.682
24.865.425
Due from banks
5,257,455
Exchanges for clearing house
5,088.879
Cash
Dec. 31 '18.
$28,556.623
81,462.642
2.843.000
12,634.710
23,371,825
7,286.106
4.295.220
Total
$178,576,816
Liabilities$7,000,000
Capital stock
9,000 000
Surplus
916.060
Reserved for taxes and interest
Reserved for depreciation. 1
Notes payable at Federal Res. Bank_ 7,000,000
Subscriptions to Liberty Loans
Acceptances and letters of credit__ 15,419,776
1,345.428
Undivided profits
137,641,939
Deposits
160.450.1265144.871.521
$6.000.000 $6,000.000
7.000.000
8.000.000
501.451
1,034.602
3.000,000
3.700,000
13,561.638 11,572,165
814,144
941,402
124,212,484 118.983,761
$178,576,816$160.450,1265144.871,521
1917.
1918.
1919.
2%
2%
Rate of int. on dep. of $500 & over....
2%
11%%
12%
129
Dividends paid in calendar year
Total
Prudential Trust Co. (Boston).
-Nov.17'19. Dec. 31 '18. Nov. 20 '17.
Resources
$50.962
$140,663
$116,058
Stocks and bonds
38,216
245,008
44,600
Loans on real estate
359,369
451,492
382,344
Demand loans
624,215
913,534
1,671,945
Time loans
15,912
15,913
Banking house, furniture and fixtures
12,213
24,935
13.064
Overdrafts
81,843
109.183
223,504
Due from reserve banks
3.330
63,023
5,798
Due from other banks
132.807
96,364
317,586
Cash
33,426
Syndicate participation
69,298
Customers' liability
131,099
27,083
54,520
Other resources
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Deposits (demand)
Deposits (time)
Bills payable
Notes and bills rediscounted
Acceptances
Other liabilities
$2,979,342 $2,060,059 $1,419,907
$200,000
50,000
5,406
2,188,604
291,206
174,725
27,500
41,798
103
$200,000
50,000
50,059
1.128,978
602.022
29,000
$200,000
50.000
117,421
899.233
60,638
10,000
82,615
--
32,979.342 32.060,059 $1.419,907
Total
5871.837 (incl. above) $332.746
Savings department (additional)._
Revere Trust Co. (Boston).
Dec. 31 '19. Jan 12 '18
Resowees$73,990
United States and State of Massachusetts bonds__ $119,650
49,289
71,938
Other stocks and bonds
45,923
56,445
Loans on real estate
62.123
28,704
Demand loans with collaterals
72,625
13,328
Other demand loans
40,214
23,200
Time loans with collateral
48,769
177,772
Other time Maw.,
6,758
7,679
Banking house, furniture and fixtures
1.561
Suspense account
399
Accrued interest
9.096
20,904
Duo from reserve banks
731
24,334
Duo from other banks
29.852
16.438
Cash, currency and specie
26
13
Other assets
Total
LiabilitiesCapital stock
Surplus fund
Undir profits, loss exp., int and taxes paid
Deposits (demand)Subject to check
Certificates of deposit.
Certified checks
Treasurer's checks
Dividend checks
Deposits (time)Certificates of deposit not payable within 30 days
Open accounts not payable within 30 days
Accrued interest
Borrowed on United Stales bonds
Construction mortgage account
Duo other banks
Reserve for taxes
Other liabilities
Total liabilities
$628,348
$373,412
8100,000
10,000
11,064
$100,000
10,000
1,994
348.518
3,100
1.290
2.829
159
210,597
2.400
190
100
25,000
5,000
1,461
2
6,4
95
31
1
115.000
1.627
40,000
2,541
45
43
$628,348
$373.412
Roxbury Trust Co. (Boston).
ResourcesU. S. and Mass. bonds
Other stocks and bonds
Loans on real estate
Demand loans
Time loans
Banking house, furniture and fixtures
Duo from reserve banks
Duo from other banks
Cash
Other resources
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Deposits
Duo to Reserve banks
Due to other banks
Uncompleted loans
Other liabilities
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17
Resources$286,900'
$746,705
$315,811
U. S. and State of Mass. bonds
331,699319,486
493.663
Other stocks and bonds
239.602
449.928
852,463
Loans on real estate
175.168
252,942
248,404
Demand loans with dllaterals
18,214
3,370
2,765
Other demand loans.
554,846
'736,963
1,135,856
Time loans with collateral
144.100
192.703
203,736
Other time loans
94,737
144,737
Syndicate participations
122
299
26
Overdrafts
170,348
384.499
283,800
Due from reserve banks
132,390
182,440
166.044
Cash and cash items
75,710
121
199
Other assets
$3,852,504 $3,376,405 $?,116,886.
Total
Liabilities$200,000
$200,000
$200,000
Capital stock
40,000
50,000
60,000
Surplus fund
18,012
6,081
26,146
Undivided profits
1,172,135
1,420,147
1,407384
Deposits subject to check
168.299
376,784
56,590
Liberty Loan account
2,106.
1,112
3,899
Certificates of deposit
1.745
8.122
27,068
Certified checks
1,210
57,449
71,563
checks.
Treasurer's
448,079
1,243.329
Deposits, savings department_ ____ ._ 1,892,004
40
5.000
5,000
Dividends unpaid
90,000
Rediscounts
65.260
8,380
22,850
Other liabilities, reserve for interest_
$3,852,504 83,376.405 $2,116,886
Total liabilities
State Street Trust Co. (Boston).
Dec. 31 '19. Dec. 31 '18. Jan. 2'18.
Resources$27,320,364 $18,358,539 $22,370,013
Loans
2,668,253
2,377,190 6,108,794
Investments
5,969,267'
8,865,400 7,009,905
banks
Cash in office and
1,065,726
1,062,726
1,058,545
Real estate and safe deposit vaults_
1,890,738
1,641,594
Liability on accept. & accept. purch_ 5,105,403
895,000
2,817
118,514
Liability under letters of credit
407,810
4,371,810 3,604,435
Notes and bills rediscounted
168,546
Other assets
$49,385,772 $37.788,810 $335,266,807
Total
Liabilities$2,000,000 $1,000,000 $1,000,000
Capital stock
1,711.266
1,920,342
3,245,374
Surplus and undivided profits
1,905,758
2,990,772
1.522,596
Acceptances
Acceptances of other banks endorsed
1,573.436
and sold
895,000
65,000
11 8,5141
Customers' letters of credit
407,810
4,371,810 3,604,435
Liabilities for rediscounts
1,200,000
496,000
Bills payable
34,464,146 29,676,437 28,146,973
Deposits
125,720
Other liabilities
$49,385,772 $37,788,810 $35,266,807
Total
1917.
1919.
1918.
2%
Rate of interest paid on deposits__.._
aDivdens
ln
10
paid in calendar year
IR
*Tremont Trust Co. (Boston).
[Includes Puritan Trust Co. on all dates.'
Dec. 31 '19. Nov. 1 '18. Nov. 20 '17.
Resources$909.870
$720.288
$712.726
bonds
Stocks and
1,006,250
787,498
552.699
Loans on real estate
427.646
416.899
391,955
Demand loans
1,929,922 2,430,052
4,940,001
Time loans
89,885
2,105,040
Real estate
45,227
43.727
108.803
Banking house,furniture and fixtures
707,017
671,353
1,532,870
Cash on hand and in banks
55,212
3,917
Other resources
$10,344,094 $1,853,071 $5,391,692
Total
Liabilities$400,000
$400,000
$200,000
Capital stock
200,000
200.000
50.000
Surplus
113,520
71,021
169.266
Undivided profits
9,391.420 3,891,979 4,122,703
Deposits
200.000
20,000
Bills payable
212,000
305,409
Notes rediscounted
343,015
269,703
Due mortgagors
454
24,999
368
Other liabilities
$5,391.692
$4,853,071
$10,344,094
Total
* Puritan Trust Co. merged with Tremont Trust Co. in September 1919.
Above figures are combined results for all dates.
United States Trust Co. (Boston).
Dec. 31 '19.
Resources$1,612,560
U. S. and State of Mass. bonds
4,891.065
Other stocks and bonds
2,999,858
Loans on real estate
8,696.1)73
Demand and time loans
176,186
Syndicate participations
3,045,415
Due from banks
413,387
Cash on hand
1,599
Other assets
$21,837,043
Total
Liabilities$1.000,000
Capital stock
1,000,000
Surplus
266,875
Undivided profits
17,405,640
Deposits
Notes& bills redis. with Fed. Res.Bk_ 2,164,462
66
Other liabilities
$21,837,043
Total
$1,069,417
Trust department (additional)
Nov. 1 '18. Dec. 31 '17.
$556,638
$814,687
2,939,272 4,332,623
2,249,456
369,631
5,859,043
5,749,599
182,737
1,030.000
1,420,348
549,546.
354,310
1.541
607
$11,831,191 $14,578,847
$1,000,000 $1,000,000.
1.000,000
1.000,000
338,592'
170,232
8,513,909 11,330,065.
1,147,050
910,190'
$11,831,191 $14,578,847
1,370,687
$1,576,593
*Winthrop Trust Co. (Boston).
Dec. 31 '19.*Dec. 31 '18.
Resources$38,965'
$62,611
United States and State of Massachusetts bonds....
242,044
276,785
Other stocks and bonds
20,500'
48,875
Loans on real estate
50,075
16,129
Demand loans with collateral
16,875.
27,450
Other demand loans
43,775
13,980
Time loans with collateral
39,823
77,609
Other time loans
16,7891
17,785
Banking house, furniture and fixtures
57,068
85,334
Duo from reserve banks
23,278.
26,586
Cash, currency and specie
5,000
Acceptances
34
Other assets
Nov. 17'19.
$14,222
233,514
54,000
104,818
119,207
15,678
52,741
Total
8,343
Liabilities32,241 Capital
stock
596 Surplus fund
Undivided profits
$635,360 Deposits
subject to check
Certified checks
$200,000 Treasurer's checks
30,000 Due to reserve banks
10,228 Due to other banks
370,795 United States bond account
1,002 Acceptances
14,678 Other liabilities
8,600 Reserved for taxes
57 Construction loans
Total$635,360
$211.596
Savings department (additional)
835
THE CHRONICLE
FEB. 28 1920.1
Total
9 1918.
..'71117ganIbusiness1Sept.
$658,178
$549,792"
$100,000
25,000
7,506
441,050
76
3,142
25,736
3,007
5,000
5,000
33,500
884
8,278
$100,000
25,000
2,529
311,313
388
6,797
25.165
$658,178
$549,192
78,000
836
THE CHRONICLE
[vol.. 110
PHILAbELPHIA COMPANIES.
Aldine Trust Co. (Philadelphia).
The Colonial Trust Co. (Philadelphia) Concluded.
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Loans on commercial paper
Banking house
-Cash on hand
Cash on deposit
De c. 31 '19. Dec.31 '18. Dec.31 '17.
$14,700
$7,350
554,68/
614,236 $1,367,270
1,425,899
771,565
355,617
238,182
150,000
135,000
135,000
160,288
139,7041
193,855
87,948
71,7361
LiabilitiesCapital stock paid in
Surplus and undivided profits
General deposits
Bills payable
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Total
Trust department (additional)
Total
LiabilitiesCapital stock paid in
Surplus fund
Undivided profits
Deposits
Dividends unpaid
Ground rent, 4%
Bills payable
_ $2,749,139 $1,977,773 $1,696,125
.-1
.
,
$385,700
$200,000
$200,000
261,420
150,0001
201.417
58,252
50,2851
1,656,313
1.142,425
1,144.703
39
5
63
101,515
100,000
100,000
286,500
335,000
50,000
Rate of interest paid on deposits
Dividends paid in calendar year
$6,343,106 $4,691,043 $3,295,781
$1,457,153 $1,285,496 $1,245,273
1919.
1918.
2% to 334% check; 3 to 3.65 savings
8%
4%
Total
$2,749,739 $1,977,773 $1,696,125
Trustdept.(invest.& uninvest.,addl) $280,499
$235,109
$260,056
American Bank and Trust Co. (Philadelphia),
ResourcesCash and notes
Due from reserve agents
Legal reserve security at par
Nickels and cents
Check and cash items
Due from banks
Commercial paper on one name
Commercial paper on two names
Time loan with collateral
Call loan with collateral
Loans secured with bonds and mortgages
Stocks and bonds
Mortgages and judgments
Real estate and building
Furniture and fixtures
Overdrafts
$300,000
385,898
4,932,208
725,000
$300,000
348,534
4,042,509
$270,825
315,219
2,709,737
Columbia Avenue Trust Co. (Philadelphia).
ResourcesCash on hand and due from banks_ _ _
Commercial and other paper owned.._
Loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &c
Mortgages
Banking house, furniture, &c
Other real estate
Miscellaneous assets
Dec.31 '19. Dec.31 '18. Jan. 3 '18.
$773,145
$781,135
$499,404
296,596
206,498
1,227,448
871,660
1,376,464
395,780
88,7441
2,047,073
1,649,025
1,547,808
207,584
196,958
180,000
180,000
410,200
62,250
195,375
1,826
185,099
1,292
Dec. 31 '19.
Total
$5,191,672 $4,332,492 $3,835,168
$149,445
Liabilities188,165
$400,000
188,165 Capital stock
$400,000
8400,000
317 Surplus and undivided profits
595,064
563,196
551,820
4,175,240 3,347,825
303 Deposits
2.817,795
167 Dividend unpaid
16,000
16,000
10,400
131,951 Bills payable
50.000
5,368
201,779 Miscellaneous liabilities
5,471
5,154
500,122
$5,191,672 $4,332,492 $3.835.169
Total
320,466
(additional)
department
Trust
$1,438,310
40,000
$1.158,919 31.158,614
694,042
6,900
Commercial Trust Co. (Philadelphia).
50,891
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Resources14,006
$258,569
$183,307
$292,576
1,082 Cash on hand
4,900,588 2,779.878 .4,087,231
Duo from banks, &c
Total
14,983,927 10,190,069 2,629,499
$2,789,459 Loans and discounts
8,680,667 7,149,827 8.482,476
Stocks, bonds, &c
Liabilities102,262
Real estate and vault
103,170
106,857
Capital stock
$297,250 Customers'
liability on acceptances
300,000
Surplus
70,000 Other assets
184,038
278,668
270,117
Undivided profits
80,272
Deposits subject to check
1,583.891
Total
$29,360,051 $20,684,917 $25,868,756
Demand certificates of deposits
10,694
• -Certified checks
Liabilities11,169
Treasurers checks
stock
Capital
$2,000.000 $1,000,000 $1,000,000
3,335
Saving fund deposits
2.750,000
1,750,000
1,750,000
732,728 Surplus
Dividends unpaid
435,611
374,618
411,054
120 Undivided profits
Deposits subject to check
20,541.711 13,863,083 22,489,586
Total
3,132,420 3,484,320
$2.789,459 Loans & redisc. Fed. Reserve Bank
Acceptances
300,000
Other liabilities
200,309
212,896
218,117
Belmont Trust Co. (Philadelphia)..
ResourcesDec.31'19. Dec.31-'18. Dec.31 '17.
$29.360,051
Total
$20,684,917
$25,868,756
Cash on hand and due from banks..__ $152,386
$146,273
$130,994 Trust department (additional)
321.711319 $18,276,586 $15,716,803
Commercial & other paper purchased.
251,385
211,605
177,963
1919.
1918.
1917.
Loans on collateral
232,799
176,557
124,099
.paid
over
of
on
int
depot
Rate
&
$300
Loans on bonds and mortgages
48,550
43,400
46,700 Dividends paid in calendar year
a
lgR
Stocks, bonds,&c
595,822
532,638
310,599
Mortgages
220,311
174,411
146,019 Commonwealth Title Ins. & Trust Co. (Philadelphia).
Banking house,furniture and fixtures
49,065
49,887
48,580
Miscellaneous assets
Dec. 31 '19. Dec. 31 '18. Dec. 11 '17.
Resources2,835
7,717
1,171
$740,792
Real estate mortgages
$936,208
$610,890
Total
$1,553,153 $1,342,488
$986,125 Bonds and stocks
5,023,803 4,67518 4,055,956
LiabilitiesLoans
collateral
2,922.687
on
1,745,922
2,545,553
-Capital stock
$125,000
$125,000
1,226,067 • 1,182,648
$125,000 Real estate
1.182,648
Undivided profits
82,089
75,111
71,218 Cash on hand
391,861
330,675
229,829
Deposits
1,301,050
1,137,771
Cash
on
deposits
784,135
295,364
427,756
464,583
.'Other liabilities
45,014
4,606
5,772 Other assets
138,905
354,751
142,060
1R
Total
$1,553,153 $1,342,488
$986,125
Trust department (additional)
$73,289
$70,978
$57,905
Note.-Rate of int. paid on deposits;2% check and 334
% savings fund.
Central Trust & Savings Co.(Philadelphia).
ResourcesDec. 31 '19.
Stock investments
$1,344,353
Commercial & other paper purchased 8,154,043
Amount loaned on collaterals
750,581
Real estate, furniture and fixtures_ _ _
368,588
-Cash on hand
492,479
Cash on deposit
1,527,280
Miscellaneous
15,357
Total
$12,652,681
Liabilities
Capital stock
$750,000
Surplus fund
600,000
Undivided profits
18,260
Deposits
11,185,279
Other liabilities
99,142
Total
$12.652,681
Trust department (additional)
$3,576,693
1919.
Rate of int. pd.on dep.of8500 & over
2 & 3%
Dividends paid in calendar year
6%
Dec.31 '18. Dec.31 '17.
$1.739,553
$665,364
2,805,710 2,684,241
3,146,913 2,771,772
375,695
448,388
454,054
392,715
996,951
1,469,975
15,770
404,202
Total
LiabilitiesCapital stock paid in
Surplus and reserve fund
Undivided profits
Deposits
Bills payable
Other liabilities
$11.067,287 39.850,501
1
$8,706,108
$1.000,000 $1,000,000 $1,000,000
1,250,000
1,250,000
1,250,000
52,936
150,061
369,767
6,079,314
8,012,692 6,627.591
300,000
800,000
400,000
23,858
22,849
34,828
Total
Trust department (additional)
$11.067,287 $9,850,501 $8,708.108
$24,458,843 1121,691,441 820.708,999
1917.
1918.
1919.
Rate of int. pd.on dep.of 3200& over
122a
2%
Dividends paid In calendar year
a
12%
$9,534,646 $8,836.657
$750,000
525,000
46,161
8,160,278
53,207
$750,000
500,000
60,447
7,192,387
333,823
$9,534,646 $8.836.657
$3,597,854 *$1,560,000
1918.
1917.
2 & 3%
2%
6%
6%
Chelten Trust Co. (Philadelphia). I Agile
ResourcesReal estate mortgages
Loans on collateral, &c
Real estate
Cash on hand
Cash on deposit
Bonds,stocks, &c
Other assets
Continental-Equitable Title & Tr. Co. (Philadelphia).
Dec. 31 '19, Dec. 31 '18. Dec. 31 '17.
ResourcesReal estate mortgages
$721,349
$690,819 $1,050,760
Stocks and bonds
4,531,629
3,669,296 3,260,770
5,783,749
Loans on collateral
4,270,922 4.379,223
Customers' time loans on L. L. bonds
322,000
Real estate
757,631
773,458
787,074
Cash on hand and in banks
900,374
1,384,825
1,360,818
Other assets
383,173
479,679
39,086
$13,077.905 $11,590,999 $10,877,731
Total
LiabilitiesCapital stock
$1,000,000 $1,000,000 $1,000,000
Surplus and reserve fund
.0300,000
1,000,000
1,000,000
311,718
Undivided profits
205,120
260,524
10,044,891
General deposits
7,950,832
8,713,848
Spec. l'ns on L.L.bds. for customers
322,000
Dividends unpaid
695
560
483
Bills payable
417,000
700,000
100,000
Other liabilities
303,601
21,296
194,267
Dec. 31 '197Dec.31 '18. Dec.31 '17.
$247,550
$343,702
$317,625
1,370,530
917,284
725,082
113,487
114,251
122,778
108,121
62,787
38,980
138,805
187,937
156,778
1,309,514
1,462,862
956,774
9,933
7,103
6,500
Total
$13.077,905 $11,590,999 $10,877,732
Trust department (additional)
$8,232,259 $7,359,381 $7,259,448
Total
$3,297,940 $3.095,926 $2,324,515
1919.
1917.
1918.
LiabilitiesRate of interest paid on deposits
2% sight, 3% timo-----Capital stock
$200,000
$200,000
$200,000
calendar
Dividends
paid
in
year
$80,000
$80,000
$00,000
Surplus fund
125,000
125,000
125,000
Undivided profits
40,548
23,696
50,312
General deposits
(Philadelphia).
Empire Title & Trust Co.
2,777,392 2,717,230
1,774.203
Other liabilities
155,000
30,000
175,000
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 11 '17.
$99,566
Cash on hand
$39,180
$24,525
Total
$3,297,940 $3,095,926 $2,324,515 Due from banks and bankers
22,052
57,856
47,702
Trust department (additional)
3420.745
3408,170
$373,585 Loans
340,487
238,379
126,670
1919.
1918.
1917.
479,981
Stocks,
bonds,
&c
522,204
265,367
Rate of interest paid on deposits.. _ _
2% demand; 3.65% time
- Mortgages
227,943
190,264
219,354
Dividends paid in calendar year
314,000
$12,000
$12.000 Real estate, furniture and fixtures
54,344
54,652
54,235
950
Miscellaneous
553
265
The Colonial
Trust Co. (Philadelphia).
Resources-
Real estate mortgages
Stocks and bonds
Loans on collateral
Furniture and fixtures
Cash on hand and in banks
Commercial and other paper owned_
Other assets
Total
Dec.31 '19. Dec.31 '18. Dec.31 '17.
$86,550
1,740,271
1,568,996
1,160,325
2,600,662 1,875,433
727,300
18.777
8,278
5,793
638,494
311,098
536,375
1,198,774
879.169
790,557
59,677
16.019
20,881
36,343,106 $4,691,043 83,295,781
Total
LiabilitiesCapital stock paid in
Surplus and undivided profits
Deposits
Unpaid dividends
Bills payable
31.225.323 *1,103,089
$156,575
49,811
768,577
150
127,976
$156,575
38,349
843,111
83
Total
Trust department (additional)
$1,225,323 $1,103,089
$23,159
$21,401
$738,118
$20.938
$156,575
64,343
934,316
89
65,000
1738,118
Germantown Trust Co. (Philadelphia).
Excelsior Trust & Savings Fund Co.(Philadelphia).
ResourcesCash on hand
Duo from banks, &c
Stocks and bonds
Loans on collateral
Mortgages
Real estate, furniture and fixtures
.Other assets
Dec. 31 '19. Dec. 31 '18. Dec. 11 '17.
$79,024
$859,569
$743,198
148,976
157,502
121,496
1,047,093
919,111
1,164.571
647.455
548,438
857,675
139,175
142,779
273,204
45,000
48,721
49,900
13,163
11,128
9,320
$3,219,364 $2,689,283 $2,117,851
Total
Liabilities$300,000
$300,000
. $300,000
Capital stock
166,213
104,757
162,393
Undivided profits and reserve fund__
1,496,638
2,279,406
2,659,472
Deposits
155,000
100,000
Bills payable on demand
5,120
7,499
Miscellaneous
$3.219,364 82,689,283 $2,117,851
Total
Federal Trust Co. (Philadelphia).
RESOUTCES- ,
Bonds
Real estate mortgages
Loans on collateral
Loans on personal securities
Real estate
Cash on hand
Cash on deposit
Other assets
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$420,428
$729,540
$785,862
179,073
212,773
237,570
894,333
1.413,879
1,957,684
218,259
214,028
379,464
66,200
64,550
97,921
71,942
138,110
106,960
241,207
84.760
200,474
3,763
5,083
5,840
$3.842,901 $2,949,694 $1,937,108
Total
Liabilities$125,500
$125,500
$125,500
Capital stock
131,578
86,977
109,108
Surplus fund
1.724,631
2,715,086
General deposits payable on demand_ 3,300,823
285,000
Gills payable
$3,842,901 $2.949.694 $1,937.108
Total
1917.
1918.
1919.
% savings
Rate of interest paid on deposit of $500 & over _ _ 2% check;
Dividends paid in calendar year_....6%&4% ex 6% &3 ext. 6% & 1 ext
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$4.165,403 $4,507,300 $6,213,800
23,161,021 24,156,960 25,415,068
29,576,072 24,030,197 14,428,830
870,388
888,388
862,887
707.916
458,775
1,797,450
4,881,212 3,572,103 6,087,510
233,746
245,697
268,430
718,889
8,432
Total
LiabilitiesCapital stock
Surplus and profits
Deposits
Bills payable
Other liabilities,accrued taxes
$63,347,548 $58,850,182 $55,058,743
Total
'Trust department (additional)
$63,347,548 $58,850,182 $55,058,742
238,723,115 232,186,445 221,773,237
$5,000,000 $5,000,000 $5,000,000
17,060,406 17.259,346 17,995,575
29,522,351 24,802,431 31,985,685
11,483,792 10,865.792
77,483
922,613
280,999
Finance Co. of Pennsylvania (Philadelphia).
RpsourcesCash on hand
Due from banks, &c
Commercial and other paper owned
Loans on collateral
Stocks, bonds, &c
Mortgages
Other assets
Real estate
Total
LiabilitiesCapital stock
Undivided profits and reserve fund
Deposits
Bills payable
Miscellaneous liabilities
Dec.31 '19. Dec.31 '18. Dec. 11 '17.
$66,525
$73,401
$50,978
371,313
373,389
407,291
300,000
514,814
300,000
499,187
519.076
463,370
5,234,740
5.480,558
4,887,881
317.000
317,000
272,000
62,137
259,039
18,001
"s 2,203,458 2.168,122
2,59
_____ i..............
$9,6it ,zu0 $9,552,947 $8,533,741
$3,000,000 $3,000,000 $3,000,000
2,320,441
2,285,840 2,081,839
1,544,834
1,369,386
1,282,048
2,655,000
2,160,000
2,890,000
96,985
7,721
9.854
$9,617,260 $9,552,947 $8,533,741
'rota)
Frankford Trust Co. (Philadelphia).
Dec. 31 '19. Dec. 31 '18. Dec. 11 '17.
Resources.$387,670
$384,030
$430,355
Real estate mortgages
3,537.908 3,345,202 2,892,400
Stocks and bonds
802,829
1,005,747
709,776
Loans on collateral
439,252
54.512
114,817
Loans on personal securities
52,450
25,000
25,819
Real estate
828.085
1322,550
Cash on hand and reserve bonds___..) 774,713
1216.120
Cash on deposit
11.472
21,088
34,727
Other assets (incl. vault,(urn.& fixt.)
$6,218,828 $5,512,254 $4,685,440
Total
Liabilities$250,000
$250,000
$250,000
Capital stock
400,000
400,000
400,000
Surplus and reserve fund
116,559
104,861
144,148
Undivided profits
Gen. dep. payable on demand & time 5,318,695 4,657,923 3.864,343
133,574
26.949
99.470
Other liabilities
Total
'Trust department (additional)
$6,218,828 $5,512,254 $4,685,440
$1,334,562 $1,222,657 $1,245,182
Franklin Trust Co. (Philadelphia).
Dec.31.19. Dec. 31 '18. Dec. 31 '17.
Resources$975,028
Honda and mortgages and real estate.. $1,213,774 $1,151,728
3,394,9921,397,375
3,908,767
Stocks and bonds
3,974.129 2,810,520
6,138,203
Amt. loaned on coll. & personal sec
257,694
594,309
435,556
Cash on hand
686,423
887,476
892.136
Cash on deposit
24,898
30,605
23,986
'Other assets
Total
LiabilitiesCapital stock paid in
Surplus and undivided profits
Dividends unpaid
Deposits
Bills payable
, South 15th St.)
Mortgages (2022
$12,612,422 510.033,239 $6,151,938
Total
Crust department (additional)
$12,612,422 $10,033,239 $6,151,938
$169
$1,146
$2,439
$1,000,000
612,694
263
9,374,465
1,400,000
225,000
$600,000
392.668
429
8,114,852
700,000
225.290
Dec. 31 '19. Dec. 31 '18. Dec. 81 '17.
Resources$856,874
$759,580
$963,109
Cash on hand, due from banks, &c__
5,684,795 4,357,529 3,505,606
Loans on collateral
559,151
434,190
327,320
Loans on bonds and mortgages
3,960,934 4.818,406 4.413,748
Stocks, bonds, &c
219,215
219,598
231,671
Real estate,furniture and fixtures
33,636
38,920
51,034
Other assets
Total
LiabilitiesCapital stock
Surplus and profits
Deposits
$600,000
338,168
365
4,798,405
190,000
225,000
811,450,694 $10,521,353 $9,463,269
$1,000,000 $1,000,000
1.101,246
1,140,713
8,420,107
9,309.981
$600,000
1,065,076
7,798.193
$11,450,694 $10.521,353 $9,463,269
$21,289,345 $19,434,353 $15,481,053
1917.
1918.
1919.
2%
Rate ofint. paid on dep.of$500 & over
10%
Dividends paid in calendar year
Total
Trust department (additional)
Girard Avenue Title & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks and bonds
Call loans on collateral
Time loans on collateral
Commercial paper
Real estate
Cash on hand
Cash on deposit
Furniture, fixtures and vault
Miscellaneous
Dec.31 '19. Dec.31 '18. Dec. 11 '17.
$191.150
$211,700
2204,000
399,812
450,612
512,003
526,168
1,092,214
871,861
3,600
425
425
133,452
103,430
132,942
53,890
53,890
50,000
70,857
112,250
101,193
76,189
133,170
64,606
3,544
9,000
5,889
164,453
182,118
161;486
$2,350,746 $2,084.163 $1.641,421
Total
Liabilities$200,000
$200,000
$200,000
Capital stock
106,000
106,000
106,000
Surplus fund
69,134
72,103
69,346
Undivided profits
1398,393
1 1,856,481
1.594,017
Deposits, special
1747,175
General deposits,payable on demand'
116.162
120,719
114,800
Other liabilities
Total
Trust department (additional)
Fidelity Trust Co. (Philadelphia).
ResourcesMortgages
Stocks, bonds, &c
Loans
Real estate
Cash on hand
Cash on deposit
Accrued interest
Miscellaneous
837
THE CLIR,ONICLE
FEB. 28 1920.]
$2,350,746 $2,084,163 $1,641,424
$48,501
$43,470
$42.668
Girard Trust Co. (Philadelphia).
Dec. 31 '19. Dec. 31 '18.
Resources$5,119,709 $ 8,336.530
Cash on hand and in banks
33,390,552 30,245,393
Loans
23,355,177 20,790,036
Securities
3,363,754
3,526,969
Real estate
400,000
Customers' liability on acceptances
136,978
162,500
Other resources
Dec. 81 '17.
810.526,070
21,658,020
20,590,486
3.363,063
150,000
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Bills payable and rediscounts
Deposits
Dividend
Drafts and bills accepted
Other liabilities
$65,929,385 $62,898,213 $56,887,649
Total
Trust dept.. excl. of corp. trusts
$65,929,385 $62,898,213 $56,887,639
231,978.595 221.544,949a203.766,397
$2,500,000 $2,500,000 $2,500,000
7,500,000
7.500,000
7,500,000
1,019,516
1.365,412
1,191,859
1,503,520
7,482,510 11.379,520
46,630,016 39,765,727 43,389,590
225,013
225,054
225,000
400,000
750.000
162,500
a Figures are of date Dec. 111917.
Guarantee Trust & Safe Deposit Co. (Philadelphia).
Restrurces-Cash on hand
Due from banks and bankers
Loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &c
Legal securities, reserve
Mortgages
Real estate
Interest accrued
Other assets
Dec. 31 '19. Dec.31 '18. Dec. 11 '17.
$310.323
$294,795
$295,226
621,803
767,936
1,137,060
2.755,283
3.468,104
4,447,824
412,150
436,100
967,563
3,628,003
3.264,355
2,619,665
198,000
195,000
200,000
878.363
585,783
591,685
663,566
547.134
495,643
87,483
136,208
27,088
63,158
$10,905,307 89,586,295 89.603.799
Total
Liabilities$1,000,000 $1,000,000 $1,000,000
Capital stock
600,000
400,000
400,000
Surplus fund
196,211
119,854
200.744
Undivided profits
in
sec_
depreciation
71,735
cover
to
Reserve
7,704.512
7.699,644
8,454,287
Deposits
335,000
685,000
Bills payable, incl. L. L. loans disc_
61,331
Interest payable to depositors
102,976
31,798
32,210
Other liabilities
Total
Trust department (additional)
$10,905,307 59.586.295 89,603.699
$19,666,085 $19.417,583 $19.624,940
Haddington Title & Trust Co. (Philadelphia).
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Resources$665,289
$1,559,058 $1,425.754
Bonds, stocks, &c
30,200
24,600
58,600
Mortgages
1309,167
482.870
Loans on collateral & bonds & mtges.1
1201,425
f
642,690
Commercial paper
64,570
69,097
88,841
Cash on hand
79,850
236,887
204,619
Cash on deposit
60,740
59,300
71,522
Office building, furniture & fixtures
29,404
14,369
48,744
Other assets
$2,874,074 82.329.352 $11.423,900
Total
LiabilitiesCapital stock
Undivided profits
Deposits
Other liabilities
$125,000
88,949
2,477,399
182,726
Total
Rate of interest paid on deposits......
Dividends paid in calendar year
8125,000
66,678
2,135,887
1.787
$125,000
49,849
1.244,725
4,326
$2,874,074 $2,329,352 $1,423,900
1917.
1918.
1919.
2% check, 3491, savings
$6,250
$7,500
$7,500
Hamilton Trust Co. (Philadelphia).
ResourcesCash on hand
Checks and due from banks, &c
Reserve municipal bonds
Commercial and other paper owned
Loans on collateral
Loans on bonds and mortgages
Stocks, bonds, &c
Mortgages
Real estate, furniture and fixtures_
Accrued interest receivable
TOW
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$124,104
$116,014
190,952
312,999
230,373
90,655
318,470
224,800
483,936
356,816
408,316
287,587
390,040
578,417
130,285
142,710
271,449
628,419
789,986
949,969
160,791
154,212
153,800
293,531
290,621
296,045
15,255
24,256
26,615
$3,252,755 $2,896,124 $2,405,515
838
THE CHRONICLE
Hamilton Trust Co. (Philadelphia) Concluded.
LiabilitiesCapital stock
Surplus fund
Undivided profits
Deposits
Bills payable
Dividends unpaid
Accrued interest payable
Total
Trust department (additional)
Dec. 31 '19. Dec. 31 '17. Dec. 31 '17.
$200,000
$200,000
$200,000
200,000
200,000
200,000
60,710
41.978
31.784
2,777,741
2,444,558
1,863,957
100,000
182
116
176
14,122
9,472
9,598
$3,252,755 $2,896,124 $2,405,515
$81,336
$71,333
$72,829
Holmesburg Trust Co. (Philadelphia).
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Cash on hand
$60,673
$44,490
$40,209
Duefrom banks and bankers
57,272
97,875
61,232
Commercial and other paper owned..
41,384
32,621
30,047
Loans on collateral
154,987
120,191
104,094
Bonds
655,072
601,305
537,905
Mortgages
94,419
98,537
77,123
Real estate, furniture and fixtures
38.800
38,000
38,000
Miscellaneous assets
5,548
7,852
4,905
Total
$1,108,155 $1,040,871
$893,515
LiabilitiesCapital stock paid in
$125,000
$125,000
$125,000
Surplus fund
70,000
70,000
70,000
Undivided profits
33,421
30,816
29,018
Deposits
879,129
814,237
668,110
Dividends unpaid
93
283
360
Miscellaneous liabilities
513
535
1,027
Total
Trust department (additional)
$1,108.156 $1,040.871
$893,515
$21,625
$21,414
$19,443
1919.
1918.
1917.
Rate of Interest paid on deposits_ _ _ _
2% check;3% sav.
Dividends paid in calendar year..
5%
5%
5%
Industrial Trust, Title & Savings Co. (Philadelphia).
ResourcesCash and reserve
Loans on collateral
Loans to depositors
Mortgages and ground rents
Stocks, bonds, Ste
Real estate (free of encumbrance)
Banking house
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$820,651 $1.320.287 $1,166.793
3,052,284
1.581,935
1,283,082
11,150
1,121,235
1,277.590
1.791.667
3,917,665 3,278.907 2,990,362
79,212
172.512
183.612
60,460
56,214
56.573
(Vol.. 110.
Liberty Title & Trust Co. (Philadelphia).
ResourcesDec. 31 '19.
Cash on hand
$123,934
Due from banks, &c
353,495
Loans on collateral
1,343,444
Stocks, bonds, &c
985,098
Mortgages
810,709
Commercial paper purchased
110,318
Real estate, furniture and fixtures..
285,500
Other assets
12,456
Total
$4,024,954
LiabilitiesCapital stock
$500,000
Undivided profits and reserve fund
555,610
Reserve for depreciation of securities..
41,538
Deposits
2,924,471
Other liabilities
3.336
Total '
$4,024,954
Trust department (additional)
• $4,129,530
Dec. 31 '18. Dec. 31 '17.
$119,902
$120,882'
395.107
298,273
1,292,971
1,005,031
1,198,007
984,651
616,166
639,937
63,189
74,098
296,000
296,00()
3,775
6,491
$3,985,111 13,425,263
$500,000
554.089
$500,000
535,629
2,9Wedi
2,389,421
1
313
$3.985,117 $3,425,363
$4,161.514 $3,442,354
*Logan Trust Co. (Philadelphia).
ResourcesDec. 31 '19. Dec. 31 '18.*Dec. 11 '17.
Cash on hand
$133,397
$172,719
$397,334
Due from banks and bankers
1,123,004
1,253,210
212,589'
Loans on collateral
3,407,254
2,984,881
2,392,26T
Commercial paper
542,989
472,165
Bonds, stocks, &c
7,179,086
7,454,634
3,099,148.
Mortgages
,
341,994
298,703'
Real estate, furniture and fixtures
1,207,949
1,603.614
1.104,351
Miscellaneous assets
303,992
219,454
54,250'
Total
$14,373,279 $14,502,671 $7,558,642
LiabilitiesCapital stock paid in
$1,000,000 $1,000,000 $1,000,00()
Surplus fund and undivided profits
450,268
428,066
510,120
Deposits
8,208,453 8,453,932
5,145.163
Ground rent
650,000
660,000
670,000
Bills payable
3,278,250
3,690,000
225,000
Miscellaneous
786,308
270.672
8.359.
Total
$14,373,279 $14,502,671 $7,558,642
Trust department (additional)
$1,631,167 $1.450,000 31,324.640
--.*Logan Trust Co. and Robert Morils Trust Co. consolidated as of
Dec. 11 1917. The latter reported aggregate resources on Dec. 30 1916
of $2,620,591 and on Dec. 31 1915, $2,290.417.
Manayunk Trust Co.l(Philadelphia).
Resources. Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Real estate mortgages
$392,425
$367,602
$409,306.
Stocks and bonds
1,352,970
1,018,755
860,480.
Total
$9,062,658 87.687.445 $7,472,090 Judgment notes
975
1,485
LiabilitiesLoans
870,861
651,636
698,000
Capital stock (full paid)
$500,000
$500,000
$500,000 Real estate and fixtures
69,800
71,650
70,050
Surplus
1.175,000
1.150.000
1,150.000 Cash on hand
110,415
76,015
86,567
Undivided profits (net)
98,979
63,942
101,534 Cash on deposit
326,055
404,888
202,411
Set aside for taxes accrued
20,000
15,000 Other assets
16,168
12,030
140,276.
Dividends unpaid
40,005
Total
$3,139,669 $2,604,061 $2,467,090
Dividends due Jan. 15
35.000
35,000
LiabilitiesDeposits
7,148,674
5,818,503
5,670,557 Capital
stock
Reserve for depreciation
100,000
$250,001.;
100.000
$250,000
$250,000
Surplus fund
260,000
240,000
240,000
Total
21,759
$9,0o2,o58 $7,687,445 $7,472,090 Undivided profits
25,492
19,455
Trust funds (additional)
$4,202,820 $3.134.617 $3,291,907 General deposits, payable on demand 1.160,727
1,067,721
966,717
Special
deposits
1,041,176
976,575
881,116
1919.
1918.
Bills payable
340,000
Dividends paid in calendar year
17%
14%
66,007
Interest paid on deposits
44,273
109,802'
- Other liabilities
2% check; 3.65 savings
Total
$3,139;669 $2,604,061 $2,467,090
Trust
department
(additional)
$1.677,153 $1,417,797
Integrity Trust Co.(Philadelphia).
$864,253
1919.
1918.
1917.
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17. Dividends paid in calendar year
10%
10%
Real estate mortgages
10%
$997,067 $1.210.429 $1.689,706 Rate of interest paid on deposits
-2%
chk.,2X % say.,3%% apeclStocks and bonds
3.138,649 3.132,218 2,828,671
Loans on coll. & corn. paper purch
5,556,287 3,076,522 2.345,854
Market Street Title & Trust 'Co. (Philadelphia).
Real estate, furniture and fixtures
82,379
86,186
83,920
Cash on hand and on deposit
Resources818,598
Dec.'31 '1i. Dec. 31 '18. Dec. 31 °17.
965,571
565.605
Other assets
34,714
242,345
$307,673
8,563 Cash on hand
$247,335
$154,042
Due from banks and bankers
975,155
376,963
254,992
Total
$10,627,694 $8,713,271 $7,522,319 Loans on collateral
2,375,600
1.401,394
926,459.
Loans on bonds and mortgages
Lia6ilities909,305
488,372
338,203
Bonds,
&c
Capital stock
1,388,758
1,828,202
$500,000
1,248,221
$500,000
$500,000
Surplus fund
646,672
452,440
1,500,000
1,325,000 1,275.000 Mortgages
409,830
Real estate, furniture and fixtures
Undivided profits
117,913
101,048
239,846
94.154
332,153
305,887 Miscellaneous
Deposits
assets
66,440
8,351,428 6,531.027 5,428,136
54,004
38,303
Other liabilities
Total
36,419
25,091
13,296
$6.787,516 $4,949,758 $3,464,204
LiabilitiesTotal
$10,627,694 $8.713,271 $7,522,319 Capital stock paid in
$249,950 I $224,810
$200,000
Trust department (additional)
$1,239,172 $1.275,134 $1,058,795 Surplus fund
250,000
225,000
200.000
Undivided profits
1919.
1918.
34,428
108,288 I
•
1917.
37,072
Rate of interest paid on deposits..
Deposits
6,083,754
2% check; 3% savings
4,402,595
2,995,329
Dividends paid In calendar year
62.925
$80,000
$90,000
J '95,524
$80,000 Other liabilities
31.803
Total
36,787,516 $4.949,758 $3,464,204
Trust deparment (additional)
Kensington Trust Co. (Philadelphia).
$182,675
$88,283
$73,493
Resources1919.
1918.
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17. Rate
1917.
of
interest
deposits..
on
paid
Real estate mortgages
check
acct.;
3%% savings
.-2%
$229,580
$253,635$322.300 Dividends paid
in calendar years..___-6% reg. & 10% ex- 6%r.&10% ex.
Loans on collateral & personal secur_ 4,244,802
2,366,835
1,915,831
Stocks, bonds, &c
2,302,399
2,497,514
1.439,570
Cash on hand and on deposit
Merchants'
Union Trust Co. (Philadelphia).
1,763,170
1.238,449
518,657
Banking house
103,105
62,663
61,413
ResourcesDec.:)1 '19. Dec. 31 '18. Dec. 31 '17.
Other assets
2.448
28.290
12.478 Cash on hand and in banks
3339,858
$404,078
$419,767
Demand loans
455,309 ' 424,324
Total
$8,645,484 $6,447,386 $4,270,249 Time
450,409
loans
104,998
63.803
84,917
LiabilitiesStocks, bonds, &c
2,333,222
1,889,597
1,659,541
Capital stock
$200,000
$200,000
$200.000 Mortgages
114,775
143,325
Surplus and undivided profits
228,000
281,209
228,091
213,476 Banking house
255,000
255,000
Contingent fund
255,000
35,000
35,000
Real estate
42,088
104,316
Deposits
149,307
8,059,256
5,778,790 3,799.657 Other assets
46,675
40,548
Dividends payable Dec 31
37.847
12,000
8,000
8,002
Total
Miscellaneous liabilities
$3,691,922 $3,324,991 $3,284,788
hg.019
197,505
49,114
LiabilitiesTotal
$8,645,484 36,447,386 $4,270,249 Capital stock
$1,000,000 $1,000,000 $1,000,000
Trust Department (additional)
$141,467
$112.707
a$49.326 Surplus
100,000
100,000
100,000
1919.
Undivided profits
1918.
1917.
88,656
71,200
131,117
Rate of Interest paid on deposits_ _ _
2% check, 3%% savings
- Reserve for depreciation
55,000
55,000
Dividends paid in calendar year_
10&2% ext.6%&2% ext.6%&1% ext. Deposits
2,242,329
2,076,335
2,038,502
Time bills payable
200,000
Figures are of date: a Dec. 111917.
Other liabilities
5,937
22.456
15,160
Total
$3,691,922 $3,324,991 $3,284,788
The Land Title & Trust Co. (Philadelphia).
Trust department (additional)
$3,222,859 $1,634,873 $1,637,626
Resources1919.
Jan. 31 '20. Dec. 31 '18. Dec. 31 '17.
1918.
1917.
Rate of interest paid on deposits
Cash on hand
2%
$856,732
2%
$712,755
$569.145 Dividends
Due from banks. &c
paid in calendar year
$40,000
1,698,616
2.911,499
$40.0(T8
$40.000
2,539,649
Loans on coll., bonds and mortgages.. 14,838,431
8.338,104 10,101,384
Stocks, bonds, &c
Mortgage
Trust
Co. of Pennsylvania (Philadelphia).
3,981,787
4.155,079
3,035.159
Mortgages
2,288,867
2,751.939
2,486,390
ResourcesDec. 31 '10. Dec. 31 '18. Dec. 31 '17.
Real estate, furniture and fixtures.._ 6,057,050 2.050.411
2.042,734 Cash on hand
844
11,15
$1,225
Other assets
451,319
554,866
493,228 Due from banks, &c
26,261
collateral
Loans
on
Total
30,000
55,000
70,800
$30,172,802 $21,474,653 $21.267,689 Investment securities
31,751
26,763
44,558
LiabilitiesMortgages
17,553
14,530
19,059
Capital stock paid in
$3,000,000 $2,000,000 $2,000,000 Real estate
11,858
18,578
22,579
Surplus and reserve fund
8,500,000 5.000.000
5,000.000
Other
assets
1,841
33
Undivided profits
5'16,550
510.000
237.186
Deposits
16,434,437 13,964,653 14,030,035
Total
$93,218
$155,666
$184,515
Other liabilities
1,661.815
LiabilitiesTotal
$50,000
$125,000
$125,000
$30,172,802 $21,474,653 821,267,689 Capital stock
fund
Trust department (additional)
43,218
9,763
3,180
$47,321,338 $48.753,292 $46.198.763 Contingent
Deposits
18.802
52,219.
Statistics for Calendar Year1919.
1918.
1917.
Other
liabilities
2,101
4,110
Amount of deposits receiving interest.311,754,319 $12,075,240 S12.064,569
Rate of int.paid on dep.of $500& over
2%
2
Total
$93,218
$155,666
$184,515
Divs. paid in cal.year (payable guar.)
20%
tIIlS%
Trust department (additional)
$7,500
$7,500
839
THE CHRONICLE
FEB. 28 1920.]
Pelham Trust Co. (Philadelphia).
Mutual Trust Co. (Philadelphia).
Dec.31 '19. Dec. 31 '18. Dec. 31 '17.
Resources$43,175
$58,711
$226,490
Cash on hand
93.956
148,370
161,830
bankers
and
banks
from
Due
173.172
454,469
232.458
Commercial and other paper owned....
674.602
811,613
1,321.548
Loans on collateral
280,477
540,769
553.821
Stocks, bonds, &c
107,108
75,610
72,716
Mortgages
8,590
9,290
16,807
Furniture and fixtures
51,650
53,169
106,868
Real estate
$2,914,549 $1,929,990 $1,432.790
Total
ResourcesReal estate mortgages
Stocks and bonds
Loans on collateral
Loans on commercial paper
Cash on hand
Cash en deposit
Reserve bonds
Other assets
Bank building and fixtures
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$84,575
$91,375
$78,575
546,120
575,961
526,030
332,171
428,607
511,440
146,549
109.502
113,676
40,460
50,718
50,600
91,658
118,197
147,176
43.400
43,350
67,500
13,144
14,460
72,250
46,750
46,750
47,750
$1,614,997 $1,472,120 $1,351,627
$438,043
50,000
29,927
814,820
100,000
Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
General deposits payable on demand_
Other liabilities
$2,914,549 $1,929,990 $1,432,790
1916.
1917.
1918.
1919.
2%
2%
Rato of int. paid on dep.2%,3%&4%2%,3%.4%
Rate of int.pald on dep.of$100& over
Dividends paid in calendar year
Liab1lities0apltal stock paid in
Surplus
Undivided profits
Deposits
Miscellaneous money borrowed
$438,043
53,000
85,315
2,147,791
193,400
$438,043
50,000
44,692
1,277,951
119,305
Total
*Northern Central Trust Co. (Philadelphia).
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Loans on collateral
Bonds. stocks, &c
Office building and lot
Furniture and fixtures
Other resources
Dec. 31 '19. *Dec. 31 '18
$58,856
359,139
55,770
45,015
12,025
31,402
95.075
300,475
324,017
164,879
28,000
28.000
5,012
8,837
15,427
5,373
Total
$150,000
80,000
31,658
1,328,299
25,040
$150,000
80,000
30,193
1,106,888
105,039
$150,000
80,000
29,997
986,586
105,044
$1,614,997 $1,472,120 $1,351,627
1917.
1918.
1919.
2% per annum
A%
4
570
55
Pennsylvania Co. for Insurances on Lives & Granting
Annuities (Philadelphia).
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Resources$69,600 $1,473,873
$2,507,123
Cash on hand
5.611,752
5,611,167 6.039,809
bankers
Due from banks and
24,853,128 24,833,787 21.067.372
Loans on collateral
4,333,235 4.885.610
4,271,934
Stocks, bonds, &c
1,158.750
747,916
Mortgages
933,235
933.235
Real estate. furniture & fixtures
4,915,607 5,527,755
Reserve fund for protection of tr. bal_ 4,351,932
351.929
352,296
327,857
Interest accrued
$414,518
$782,784
57.496
96,358
Total
283,485
Other assets
---Liabilities$41,067.772
343.887,777
Total
$150,000
$148,630
Capital stock
2,165
LiabilitiesUndivided profits
$2,000,000 $2,000,000 32.000.000
235.226 Capital stock
469,432
Demand deposits
5,000,000
5,000,000
5,000,000
30.662 Surplus fund
161,187
Saving fund deposits
525,254
318,152
420,105
Undivided profits
6,129.000
rediscounted_
paper
comm'i
$414,518
on
Loans
$782,784
Total
520.005
650,000
depreciation
for
Reserve
34,852,070 28.050,110 33,530.661
Deposits
*Began business April 15 1918.
129,667
Interest payable to depositors
750,000
Bills payable
11,857
Northern Trust Co. (Philadelphia).
116.660
85,935
Other liabilities
Dec,31 '19. Dec. 31 '18. Dec. 31 '17.
Resources143,887,777 $42,133,927 $41,067,772
Total
$5,842,883 $1,185,405 $1,580,880 Trust
8.844
244,449.3583230,72
253,497,272
Real estate mortgages
department (additional)
5,851,364
6,453,750
1,818,141
Bonds and investment securities
2,907,249
3,404,604 2,722,106
Loans on collateral
Co.
(Phila.).
Deposit
Safe
&
338,766 Pennsylvania Warehousing
460,985
450,455
Real estate
Dec. 31 '19. Dec. 31 '18. Dec. 11 '17.
735,069
767,504
Resources806,133
Cash on hand and In bank
$54,397
$38.308
$47,081
17,339 Cash on hand
29.019
3o,547
Accrued interest
230,683
294.559
244,549
Due from banks and bankers
79,691
118,954
76,054
$12,357,763 $11,618,769 $11,430,667 Accrued storage charges
Total
587.776
782.136
857,613
Loans on collateral
33.209
33,209
Liabilities33,209
Loans on personal securities
702,705
999.542
1,001,936
$500,000
11500,000 Investment securities owned
$500,000
Capital stock
798.267
898,712
922,893
2,000,000 2,000,000 2,000,000 Real'estate, furniture and fixtures
Surplus fund
51,964
214,698
243,917
249,156
Motor trucks
Undivided profits
75,279
155.928
39,072
100,000
100,000
Other assets
Reserve for depreciation
100,000
Bills pay. for U.S.& Lib. Loan bonds
$3,274,370 $3,240,699 $2,642.656
8,769.613 8,715,969
9,413,846
Total
Deposits
Liabilities$12,357,763 $11,618,769 $11,430,66'7
Total
$1,000,000 $1,000.000 $1.000.000
$17,855,202 $14,110,913 $12,862,427 Capital stock
Trust department (additional)
76,860
76,860
95,302
and undivided profits
Surplus
1917.
1918.
1919
YearCalendar
Statistics for
944,527
781.052
768,288
Deposits
$213,592
$210,901
Int. credited depositors durinfr year.... $221,384
355.000
1,105,000
1,025,000
100,000 Bills payable
100.000
100,000
Amount of di vs. on company a stock..
277.787
266.269
385,780
Other liabilities
2% & 3%
Rate of interest paid on deposits........
$3,274,370 $3,240,699 $2,642,656
Total
North Philadelphia Trust Co. (Philadelphia).
People's Trust Co. (Philadelphia).
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Resources_
Dec. 31 '18. Dec. 11 '17.
$1,892,238 $1,792.942 $1,109.848
Stocks and bonds
Resources1,112,164
1,071,852
1,298,932
$173,603
$152,186
$151,666
Mortgages
Cash on hand
982,575
590.514 Due from banks and bankers
240,396
1,797,621
163,900
Amount loaned on collaterals
301,824
96,632 Commercial and other paper purch
147,663
178,060
638,274
801,924
661,418
Amount loaned on personal securities
171.292 Loans on collateral
292,613
288,910
892.586
1,267,165
479,659
Cash on hand
268,253
52,316 Bonds, he
311,651
995,487
440,182
1,011,802
Cash on deposit with banks
62.500 Mortgages
106.271
225,317
277,400
280,250
397,700
Real estate, furniture and fixtures_
16,282 Real estate
4,055
15,522
387,158
386,655
387.158
Other assets
23,532
21,174
21,008
Furniture and fixtures
$6,006,251 $4.666.224 $3,211,548 Other assets
9,979
23,155
Total
22,185
Liabilities$4,212,214 $3,648,264 $2,748,919
$150,000
$250,000
$250,000
Total
Capital stock
250,000
450.000
500,000
Surplus fund
Liabilities29,298 Capital stock
59,538
Z.7,060
Undivided profits
$634,450
$634,450
$634,450
18,263 Surplus and undivided profits
675
152,020
Other liabilities
101,000
115,061
2,763,987 Deposits
3,906,011
5,199,191
Gen. dep. pay. on demand & time
2,710,191
1,648,812
2,875,185
9,250
Letters of credit issued
$6,006,251 $4,666,224 $3,211,548 Other liabilities (mtg.12th&Arch Sts.)
19,312
113,637
Total
$149,532 Bills payable on demand
$175,781
$303,502
160,000
Trust department (additional)
563,500
160,000
40,000
Bills payable on time
38.109
Other liabilities
Northwestern Trust Co. (Philadelphia).
Dec. 31 '19. Dec. 31 18. Dec. 11 '17.
$4,212,244 $3,648,264 $1,748,919
ResourcesTotal
$240,158 Trust department (additional)
$372.311
$536,879
$84,218
$80,783
$77,601
Cash on hand
203.978
593,352
474,052
Cash on deposit
1,135,836
1,081,499
1,428,530
Commercial paper purchased
Philadelphia Trust Co. (Philadelphia).
556.405
1,552,372
2,582,881
Loans on collateral
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
560.200
770,100
719,650
ResourcesLoans on bonds and mortgages
1.514,389
$1,323,550 $1,091,876 $1,360,349
1,204.482 Cash on hand
1,554,532
Stocks, bonds, &c
822,750 Due from banks, &c
4,365,872
3,292.674
525,000
3,439,071
Menages
74,000
75,651 Loans on collateral
18,066,797 15,915,283 12,183,215
109,387
Real estate, furniture and fixtures
9,236,394
7,122,795
7.810,791
Stocks, bonds, &c
37,500
"37,500
37,500
87,930,941 $6,012,360 $4,545,123 Mortgages
Total
706,228
628,384
716,053
fixtures
and
furniture
estate,
Real
Liabilities272,343
199,813
253,718
$150.000
$150,000 Other assets
$150,000
Capital
525,000
600,000
525,000
Surplus fund
$34,008,684
$28.429,899
$25,659,123
Total
33,647
49.352
18,929
Undivided profits
3,851,194,
7,147,294
5,288,008
Deposits
Liabilities-I
$1,000,000 $1,000,000 $1,000,000
Capital stock
$7.930,941 $6,012,360 $4.545,123 Surplus and undivided profits
5,320,884
Total
5,218.609
5,080.825
22,922,212 17.778,453 19,411,828
Deposits
4,522,820
4,252,730
Notes & bills rediscounted
*Parkway- Trust Co. (Philadelphia).
48
36
60
Dividends unpaid
Dec. 31 '19.*Dec. 31 '18. Other
Resources242,720
180.071
166.410
liabilities
$81,757
$60,954
Cash on hand
74,384
50,853
.Cash on deposit
$34,008,684 $28,429,899 $25,659,123
Total
308,208
138,543 Trust
Commercial paper purchased
154.958.487 1,
1734 27.260,711
8:
09
71
9
department (additional)
73,159
21,178
Time loans on collateral
1919.
1917.
65,280
107,400
'Call loans on collateral
2%
over,.
and
2%
7,380
6.000 Rate of int. on dep. of $200
Loans on bond and mortgage
24%
4
242
,
o
1
year
247,reg..
calendar
in
paid
Dividends
242,856
77,185
Ste
Bonds, stocks,
‘2% Red 0.J,
22,806
12.927
Mortgages and judgments of record
4,698
2,785
Furniture and fixtures
100
2,402
-Other resources
The Provident Life & Trust Co. (Philadelphia).
Total
LiabilitiesCapital stock
Surplus fund
Demand deposits
Time deposits
Other liabilities
Total
*Began business June 24 1918.
$880,634
3480,227
$125,000
25,173.
484,366
234,305
11,790
$125,000
20,000
279,730
54,798
699
$880,634
$480,227
ResourcesMortgages
Stocks and bonds
Loans on collateral
Real estate
L. L. bonds subs. and W. S. S
Cash on hand, &c
Due from banks and bankers
Miscellaneous assets
Total
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
3622,750
$1,066,2001 $753,250
9,046,499 10,376.190 9,513,873
7,019,821
8,492,118
7.194,356
100,100
200,100
200,100
21,415
370,206
924,307
667,241
1,140,024
1,547,885
1,643,906
1,052,689
25,083
1,724
33.038
$19,751,310 $22,536,048 319,725.516
840
THE CHRONICLE
The Provident Life & Trust Co. (Phila) Concluded.
Tacony
Trust
LiabilitiesDec. 31 '19. Dec. 31 '18. Dec. 31 '17.
ResourcesCapital stock
$2,000,000 $2,000,000 $2,000,000 Real estate mortgages
Surplus
5,000,000
5,000,000
5,000,000 Stocks and bonds
Undivided profits
1,151,734
1,101,032
810,826 Loans on collateral
....
Deposits payable
11,366,255 10,521.925 11.799,080 Loans on personal securities
Cert.checks,clear.-house due bills, &c.
121,042
5,014
15,610 Real estate
Dividends unpaid
100,030
100,000
100.000 Cash on hand
Liberty Loan subscriptions
12,249
308,077
Cash on deposit
Bills payable
3.500.000
Other assets
Total
$19,751,310 $22,536,048 $19,725,516
Insurance department (additional) $97,452,317 $96,970,64 $90,621,15
Total
0
6
Trust department (additional),includ
Liabilitiesing corporation trusts
99,698,700 $95,602.318 $84,173,082 Capital stock
Surplus and reserve fund
1919.
1918.
1917.
Amount of divs, on company's stocks
Undivided profits
20%
20%
30%
Rate of int. on'deposits (generally)_
Deposits
2%
2%
2%
Miscellaneous
Real Estate Title, Insur. & Trust Co. (Philadelphia).
ResourcesReal estate mortgages
Stocks, bonds, &c
Loans on collaterals
Real estate
Cash on hand
Cash on deposit
Other assets
Total
LiabilitiesCapital stock
Surplus and reserve fund
Undividend profits
General deposits
Bills payable
Other liabilities
Total
Trust department (additional)
Rate of interest paid on deposits_
Dividends paid in calendar year
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$1,216,520 $1.406,982 $1,398,151
2,616,938
2,451,231
2,165,038
2,991,707
1,920,097
2,126,130
621,510
436,830
436,440
577,669
624,391
437,355
1,040,910
1,083,947
1,011,277
440,771
282,167
276,385
$9.506,025 $8,205,645 $7,850,776
$1,000,000 $1,000,000 $1,000,000
2,033,000
2,000,000
1,500,000
361,379
121,181
456,238
5,663,690
4,876,674
4.890,375
470,000
10,955
207.790
4,163
$9,506,025 $8.205,645 $7,850,776
$18,806,721 $16,519,309 $17,623,853
1919.
1918.
1917.
2,2 M ,3,33.6% -2%-231-3%15%
12%
12%
Real Estate Trust Co. (Philadelphia).
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Lawful reserve bonds
$267,000
$267,000
$267,000
Cash on hand
239,012
228,144
212,374
Due from banks and bankers
950,004
1,066.983
666,595
Call loans on collateral
2,230,738
1,808.589
2,641,138
Time loans on collateral
183.743
375.701
480.850
Loans on bonds and mortgages
122,000
159,163
89,163
Stocks, bonds, &c
4,363,033 5.257.745 3,233,829
Real estate
3,273,753 3,131,956 3.142,868
Other assets
34,130
103.045
Total
$11,663,418 $12,295,281 $10,836,862
LiabilitiesCapital stock paid in
$1,319,600
$1,319,600
Capital stock, preferred (full paid)._ 2,031,400 $1,319,600
2,236,200 2,364,600
Undivided profits
692,695
629,604
597,581
Deposits
6,511,637 6.711.756 6.554,727
Dividends unpaid
586
. 714
354
Bills payable
1,107,500
1,390,000
Other liabilities
7.407
Total
$11,663,418 $12,295.281 10,836.862
Trust department (additional)
529,688,668 29.327.440 28,943,639
1918.
1917.
Rate of interest paid on deposits...._ _ 1919.
2%
2%
2%
Divs. paid in cal. year on pref. stock..
$83,436
$90,200
$95.480
I
Republic Trust Co. (Philadelphia).
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Cash and reserve bonds
$460,357
$381,369
$263,890
Real est., safe dep. vaults,furn.& fiat.
234,558
209,239
208,000
Loans on collateral
2,699,799
1.748,132
1,493,748
Stocks and bonds
952,462
1.057,556
647,579
Mortgages and ground rents
15,650
14,850
Accrued interest
32,228
17,138
13,101
Miscellaneous
783
783
821
Total
$4.380,187 $3,429.867 $2,641,90
LiabilitiesCapital stock paid in
$400,000
$400,000
$400,000
Surplus fund
200,000
200,000
200,000
Undivided profits
62,305
49.303
42,156
Deposits
3,405,546
2,554.416
1,883,163
Ground rent
84,584
108,750
108,750
Dividend, payable Jan. 2
6.000
6,000
6,000
Accrued interest and taxes
2,148
238
420
Bills payable
219,500
109.660
Miscellaneous
105
1,500
1,500
Total
$4,'380,187 $3,429,867 $2,641,989
Trust department (additional)
$449.2.4
$366,038
$256,005
1919.
1918.
1917.
Dividends paid in calendar year
6%
6%
6%
Rate of interest paid on deposits
2% check,334% savings
-
The Rittenhouse Trust Co. (Philadelphia).
ResourcesCash on hand
Due by banks
Collateral loans
Commercial paper purchased
Investments
Accrued interest
Furniture and fixtures
Other assets
Total
LiabilitiesCapital stock
Surplus and undivided profits
Deposits
Certified and treasurer's checks
Dividends unpaid
Rediscount
Income tax withheld
Total
Trust department (additional)
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$79,507
$75,657
$85,646
295,869
215,014
203,361
1,596,411
1.196.953
1.085,847
256,103
148.945
818,918
789,316
586,989
6.191
968
12,538
11.971
12,590
26,937
530
$3.086,283 $2,444.047 417975.931
$250,000
$250.000
$250,000
116,856
76,576
73,122
2,287,795
1,597,598
1,636,894
6.502
4.660
15,804
39
165
111
425,000
515,000
91
48
$3,086,283 $2,444,047 $1,975,931
$262,950
$231.229
$195.855
*Roxborough Trust Co. (Philadelphia).
ResourcesCash on hand
Cash on deposit
Commercial paper purchased
Time loans on collateral
Call loans on collateral
. Bonds, stocks, &c
Mortgages and Judgments
Office building and lot
Furniture and fixtures
Other resources
Total
LiabilitiesCapital stock
Undivided profits
Demand deposits
Time deposits
Other liabilities
Total
* Began business March 20 1918.
Total
Trust department (additional)
[ V oL. 110.
Co. (Philadelphia).
Dec. 31 '19, Dec. 31 '18. Dec. 31 '17.
$377,547
$386,402
$425.892'
945,481
908,282
606,984
421,172
424,798
319,600.
24,141
104,748
83,365
50,000
50,000
50.000'
210,620
192,860
94,537
299,218
452,265
537.350'
30,251
1.555
6,554
$2,358,430 $2,520,910 $2,124,282'
$150,000
150,000
63,493
1,993,897
11,040
$150,000
150,000
45,997
2,164,182
10,731
$150.000 •
187,072
6,744
1.777,108,
3,360
$2,358,430 $2,520,910 $2,124,282
$2,001,681 $2,002.456 31.905,076
Tioga Trust Co. (Philadelphia).
ResourcesBonds, stocks, &c
Real estate
Mortgdges
Loans with collateral
Commercial paper purchased
Due from banks
Specie and notes
Other assets
Total
LiabilitiesCapital stock
Undivided profits
Deposits
Other liabilities
Total
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17
$801,656
$778,855
$680,151
32,893
32,893
36,946.
127,200
93,600
101,900'
411,409
258,847
247,910
112,685
77,611
95,552'
143,360
72,247
84.937
46,160
86,343
39,820.
10,668
6,537
2,324
$1.686,031 $1,406,933 31,289,549.
$125,000
61,361
1,252,595
247,075
$1.686,031
$125,000
59,219
1,200,152
22,561
$125,000
44,562*
1,119,864
123
$1,406,933 $1,289,549.
United Security Life Ins. & Trust Co. (Philadelphia).
ResourcesJan. 1 '20. Dec. 31 '18. Dec. 31 '17.
Real estate mortgages
$1,095,284 $1,221,239 $1,369,482
Bonds
764,400
789,678
589,615.
Loans on collateral
1,647,717
997,567
826,506
Real estate
213,1311
496,511
550.393.
Banking house, fixtures and vault_ -200,000f
Cash on hand and deposit
200,246
242,391
266,669
Other assets
3,204
Total
$4,120,779 $3.750,590 33.602,665
LiabilitiesCapital stock
$1,000,000 $1,000,000 $1,000,000.
Surplus
850,000
Surplus mortality
100,000
1,068,261
047.412'
Undivided profits
134,777
Reserve
10.000
Bills payable
130,000
100.000
100,000
General deposits payable on demand.. 1.896,002
1,582.320
1,555,253
Total
$4,120,779 $3,750,500 $3,602,665
Trust department (additional)
$1 792.065 $1,923,420 $1,781,262'
Statistics for Calendar Years1919.
1918.
1917.
Interest credited deposits during year
$42,852
$35,381
$41,718.
Amount of divs. on company's stock..
70,000
70,000
70,000
Amount of deposits receiving interest. 1,896.002
1,582,328
1,555.253
Rate of interest paid on deposits_ _ _
2. 2M, 3, 3)4%
Wayne Junction Trust Co. (Philadelphia).
ResourcesCash on hand
Due from reserve agents
Loans on collateral
Mortgages
Stocks, ponds, &c
Real estate
Banking house
Furniture and fixtures
Miscellaneous
Total
LiabilitiesCapital stock paid in
Surplus fund
Undivided profits
Deposits
Bills payable
Miscellaneous
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$57,960
$44,735
$36,188.
118,407
117,839
60,463
334,752
394,582
329.411
337,428
173,600
153,901
712,524
482,539
324,514
56,733
166.312
188,340
1
36,747
36,747
36.747
13,542
13,433
11,455
$1,668,153 $1,419,787 $1,141,019.
$160,000
40,000
27,346
1,353,788
75.000
12,019
$160,000
40,000
12,835
1,205,280
1,672
$160,000
40.000
20,028813,254
107,737
Total
$1,668,153 111,419,787 $1,141,019.
1919.
1918.
1917.
Rate of int. paid on dep.of$500&over.. 2,3&3.05%
2&3.05% 2 &
Dividends paid in calendar year
4%
4%
West End Trust Co. (Philadelphia).
Resources31 '19. Dec. 31 '18. Dec. 31 '17.
°ash on hand and due from banks__ Dec.
$007,590
$707.839
$639,549.
Loans on coll. & on bonds & mtges_ 5,326,583
4,905,089 4.360,803
Investments,stocks and bonds
5,249,688
4.921,963 5,204,115
Real estate, furniture and fixtures
1,410,596
1,405,651
1,401,695
Other resources, accrued interest
307,099
312.135
188,376
Total
313,201,456 312,252,677 $11,794.538
LiabilitiesCapital stock
$2,000,000 $2,000,000 $2,000,000
Surplus
1.800,000
1,800,000
1,800,000
Undivided profits
142,700
168,955
103,190
Deposits
9,143,600
7.701,290 7,641,348
Other liabilities
115,155
582,432
250,000
Total
$13,201,456 $12,252,677 $11,794,538
Trust department (additional)
$8,952,189 $9,008.867 $6,646,712*
19219%.
1918.
1917.8%
Dividends paid in calendar year
Rate of int. paid on deposits
8%demand. 8
37
%
; time
Dec. 31 '19. *Dec.31'18. West Philadelphia Title & Trust Co. (Philadelphia).
Resources$51.038
$32,759
Dec. 31 '19. Dec.:31 '18. Dec.31'17.
115,657
112,841 Real estate mortgages
$434,750 1 $579,415
$603,390
42,517
55,562 Stocks and bonds
4,340,444 3,742,797
1,336,755
24,375
8,360 [mans on collateral
2,861,906
1,923,872
2,083,449
298.554
202,820 Real estate
118,984
119,714
119,714
690,651
584,050 Cash on hand and on deposit
746,751
654,653
163,550
587
.7
59,985 Other assets
135,003
67,140
42,9 7
36,303
30,061
Total
58,63,,838 $7,087,591 $4,773,441
6,560
2.795
Liabilities2,893
10,588 Capital
stock paid in
$500,000
$1,432,098 $1.100,721 Surplus
$500,000
$500,000
500,000
500,000
500,000
Undivided profits
124,822
$150,000
93,855
$150,000 General deposits
86,180
6,248,016
29,601
3,687,261
4,768,736
1,309 Bills payable
1,265,000
} 1,252,4971
1,225,000
653,791
Total
1
288,478
58,0:17,838 57,087,591 $4,773,441
7,142 Trust department (additional)
31 338,660 $1,291,049 31,532,400i919.
1918.
$1,432,098 $1,100,721 Rate of int. on dep. of $500
1917.
& over..., 2%to3
0 2%to30
. 2%to3p
Dividends paid in calendar year
FEB. 28 1920.]
841
THE CHRONICLE
BALTIMORE COMPANIES.
Baltimore Trust Co. (Baltimore).
ResourcesLoans
Stocks, bonds,securities, &c
Real estate, banking houses
Interest accrued
Cash on hand and in banks
Miscellaneous
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$10,073,270 $6,856,521 $7,031,880
6.015,339
7,310,052 6,962,637
561,991
743,267
515,886
81,043
72,711
92,109
2,210,139
2,268,853
3,431,228
47,467
7,059
Total
LiabiSties-.
Capital stock paid in
Surplus fund
Undivided profits
Dividends unpaid
Deposits
Bills payable
Rediscount
Sundry accounts
$21,429,604 $16,951,456 $15,900,392
$1,000,000 $1.000,000 $1,000,000
2,000,000
2,000,000
2,000.000
279,227
313,853
302,375
40,148
40,000
45,141
15,652,578 12,998,063 11,057,224
1,100,000
540,550
1,665,000
388,450
745,000
35,343
19,510
58,990
$21,429,604 $16,951.456 $15,900,392
Total
1919.
1918.
16%
Amount dividends paid on company's stock in calendar year 17%
Colonial Trust Co. (Baltimore).
Fidelity Trust Co. (Baltimore).
Dec.31 '19. Dec. 31 '18. Dec. 31 '17.
Resources$9,252,107 $6.92.5,899 37,372,142'
Loans and discounts
405
684
675
unsecured
and
Overdrafts, secured
6,415,953 6,913,270 6,152,323,
Stocks, bonds, securities, &c
48,306
32,029
122,273
Due from banks, bankers & trust cos_
3,026,530
1.819,216
Duo from approved reserve agents_ _.. 5,600,683
512,074
566,945
424,310
Cash on hand
5,536
13,900
22,930
assets
Miscellaneous
$21,838,931 $16.271,943 $17,117,316
Total
Liabilities$1,000,000 $1,000,000 $1,000,000
Capital stock paid in
1,000,000
1,500,000
1,500,000
Surplus fund
465,530
67,530
169,456
Undivided profits
3,055,248.
1.225,710
Due to banks, bankers and trust cos_ 1,305.460
163,558
101,361
384,676
agents
Due to approved reserve
17,228,778 12.200,823 11,342,374
Deposits (demand)
85,070.
165,481
232,821
Reserve for taxes and interest
5,536
11,038
17,740
Other liabilities
$17,117,316$16,271,943
$21,838,931
Total
1917.
1918.
1919.
15%
5%
T5%
Divs, pd. on co.'s stk. in cal. year....
-2% daily, 3% monthly sect
Rate of interest paid on deposits
Maryland Trust Co. (Baltimore).
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Resources$5,869,972 $3,184,951 $2,398,107
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17. Loans and discounts
Resources1,726
_
771
unsecured
and
secured
Overdrafts,
$408,824
$445,555
$670,615
Leaps and discounts
2,838,295 2,265,5431 2,116,945
103 Stocks, bonds, securities, &c
200
200
Overdrafts, secured and unsecured_ _
265,0001
280,000
807,794 Real estate owned
880.343
950,140
Stocks, bonds, securities, &c
2,144,278
1,726,142
133,945 Due from banks, bankers & trust cos_ 3.983,241
32,820
125,873
Mortgages
431,7291 1,118,580
589,552
138,827 Due from approved reserve agents
140,472
140,472
Bkg. house, furn., fixtures & vault_ _
54,7841
105,795
hand
on
Cash
403
70
Checks and cash items
354,069
244,863
95,403
257,952
148.475
175,669 Liberty Loan subscriptions
Duo from approved reserve agents_ _
51,45661.940
227,758
18,015 Miscellaneous assets
24,804
18,538
Lawful money reserve in bank
$8,183.435
4,715
19,805
19,937
$13,990,787 $8,236,678
Total
Miscellaneous
Liabilities$2,090,612 $1,785,659 $1,688,295 Capital stock paid in
$1,000,000 $1,000.000 $1,000,009Total
231,302
295,274
390,532
Undivided profits
Liabilities6,952,133
12,600,255 6.941,404
Deposits
$300,000
$300,000
$300,000
Capital stock paid In
313,990,787 38,236,678 38,183,435.
Total
65,000
65,000
65,000
Surplus fund
18.853
28,640
39.027
Undivided profits
Co. (Baltimore).
Deposit
&
Trust
Mercantile
1,304.371
1,381,457
1,686.585
Deposits
71
10,562
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Other liabilities
Resources$9,361,125 $9,794,109
$11,941,795
Loans and discounts
$2,090,612 $1,785,659 $1,688,295 Stocks, bonds, securities, &c
7,883,845.
7,271,746
9,551,642
Total
275,000
225,000
125,000
13anking house, furniture and fixtures
3,957,967
1 3,350,922 4,040,548
Checks and cash items
*Commerce Trust Co. (Baltimbre).
Due from approved reserve agents...I
40,374
*Dec. 31 '19. Miscellaneous
9.549
107,097
Resources$138,858
Investments
$25,076,456 $20.907,968 $21,951,295
Total
1,423.924
Loans and discounts
Liabilities23,000
$1,500,000 $1,500,000 $1,500,000
Furniture, fixtures, organization, &c
stock, paid in
337,590 Capital fund
3,000,000,
3,000,000
Customers' liability on acceptances
3,000,000
304,632
437,450 Surplus
362,116
Cash
476,512
Undivided profits
17,324
25,750
Interest, &c
$2.360.822 Deposits (demand)
Total
15,547,015 13,031,933 13,510,130
3,566,533
2,966,595
4,450,724
Deposits (time)
70,000
30,000
76,455
LiabilitiesReserved for war taxes
$500.000
Capital stock paid In
$25,076.456 $20,907,968 $21,951,295
Total
125,000
Surplus, paid in
1917.
1918.
1919.
42.317
Undivided profits
18% 16 reg. 2 ext
reg. 4 ext.
21.024 Divs. paid on co.'s stock in cal. year_16
.
Unearned profits
Note.-Also paid In 1917 a dividend of662-3% in stock of.b.4. & MT.Co
445,000
Bills payable
337,590
rediscounted
Acceptance's
Trust Co. (Baltimore).
889,891
msfai,,Safe Deposit
Deposits
_.
_&
_
. ec. 31 17.
DeF.-31-'197Vir3
Resources$2.360,822
Total
$2,528,602 $2,612,609 $3,100,094
Stocks and bonds
3,516,883.
2,668,950
2,556,571
Loans, demand, time and special..
307,913
347,127
280,846
Mortgage loans
* Began business July 1 1919.
5,351,817
1,258,408
3,842,665
Cash on deposit in banks
200,000
200,000
200,000
Real estate
37,355
26,231
25,952
Continental Trust Co. (Baltimore).
Accrued interest receivable
42.804
517,977
776,906
assets
Other
Dec.
31
31
'17.
'19.
Dec.
Dec.
31
'18.
Resources-$4.363,587 $4,606,311 $5,005,149
$10,211,542 17.631,302 312,556,866
Loans and discounts
Total
303
5,188
Overdrafts, secured and unsecured_
Liabilities$600,000
$600,000
2,418,762 Capital stock
2.078,781
$600,000
2,000.741
Stocks, bonds, securities, &c_
2,400,0002,400,000
2,400,000
1,550.000 Surplus
1,550,000
Banking house,furniture and fixtures 1,550,000
212,264
351,360
734.413
462,596
tr.
846,580
2,936,214
cos..
and
bankers
Duo from banks,
Undivided profits
15,403
39.853 Deposits
5,817,689 *3,334,572 8,586,331
2,705
Chocks and cash items
758,271
945,370
2,031,962
931,257
2,464,781 Deposits, trust funds
Duo from approved reserve agents
36,974
32,043
33,706
Cash on hand
$10,211,542 $7.631,302 312.556,866
Total
250,000
1917.
Customers' liability on acceptances
1918.
1919.
30%
30%
divs. paid on co's stock in cal. year.. 30%
310.983.384 311,212,905 $12,357,168 Amt.
Total
*Decrease due to withdrawal of railroad deposits by the United StatesRailroad Ad-4”wtration. ....r.
Liabilities31,350,000 $1,350,000 $1,350,000
Capital stock paid in
1.350,000
1.350,000
1,350,000
Surplus fund
Security Storage & Trust Co. (Baltimore).
266,215
299,783
284,323
Undivided profits
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Resources-2,499,249
624,823
551,450
Due to banks, bankers and trust cos_
$141,908
$130,064
$199,590
and
discounts
Loans
61,335
92,377
120,793 Stocks, bonds,
Duo to approved reserve agents
356,823
410,853
435,342
&c
securities,
5,763,316
6,199,648
5,144.847
Deposits (demand)
152,091
179,749
197,734
owned
estate
real
Other
1,284,127
571,262 Mortgages
1,229.908
Deposits (time)
104,011
54,503
153,944
250.000
1,210.000
Bills payable
82,8811
70,857
Cash on hand and in banks
63,026
34,822J
37,134
individuals
firms
and
by
Due
310.983,384 $11,212,1)05 $12,357,167 Miscellaneous assets
Total
13,900
28,180
24,912
1919. 1918. 1917.
$831.759.
$921,052
31.119,513
Total
Amount dividends paid on co.'s stock, calendar year__ 12% 129' 12%
Liabilities3% 3%
3%
Rate of interest paid on deposits
$200,000
$200,000
$200,000Capital stock paid in
124,699
134,443
150,241
Undivided profits
507,059
586.609
769,272
Equitable Trust Co. (Baltimore).
Deposits
$921,052_,$831 758
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
31.119,513
ResourcesTotal
----...-Tya ..._w_•,
,
_i-..1=i-ft-frms-sair.........--t.. ,...7.t.-.
$7,805,227 $6,071,342 $4,975,790 :::....,..,,,res-Loans and discounts
573
2,358
93,700
unsecured_
and
secured
Overdrafts,
ETitle Guarantee & Trust Co.(Baltimore). 741
24,850
J
15,000
Mortgages in treasury
Dec. 31 ,19. Dec. 31 '18.-Dec. 31 '17.
367,850
Resources-42,000
Mortgages with trustee
$2.910,182 $1,348,846 31,289,512
and
discounts
Loans
2,814,506
&c
1,575,567
2,095,450
Stocks, bonds, securities,
152
579
266
938,125
938,125 Overdrafts, secured and assumed...._ _
938,125
Stock Equit, Mtg.&Tr.Co.(absorbed)
972,949
2,897,737 1,521,623
1,00,000
148,000 Stocks, bonds,securities. &c
124,000
Bank. house, vaults,furn. & fixtures_
330,200
325,616
320,200
fixtures
and
202,235 Banking house,furniture
l'25,576
256,435
Due fromm banks, bankers & trust cos_
D
553,012'
397,489
738,644
2,102,642
1,574,453 Mortgages and ground rents
2.092,894
Due from approved reserve agents
25,826
23,988
71,349
195,907 Duefrom banks, bankers & trust cos..
234,962
171,926
Lawful motley reserve in bank
11,204
8,790
9,905
43,832
226.357
154,957 Checks and cash items
Miscellaneous
243,436.
339.529
647,450
37,425 Due from approved reserve agents...._
20,000
20,000
Credit granted on acceptances
58,744
65,351
94,713
bank
in
money
68,163
reserve
206,276
7,135
Lawful
exchange
Foreign
13,961
7,343
14,992
Accrued interest receivable
250,000
Customers' liability on acceptances..
96,896
79.483
526,684
Miscellaneous
$14,503,245 $12,262,524 $10.295,994
Total
$8,184,759 $4,165,998 $3,595,892
Total
LiabilitiesLiabilities$200,000
3200.000
$200,000
stock paid In
Capital
in
paid
$1,000,000
$1,000,000
$1,000,000
stock
Capital
221,774
238,373
200,0001
250,000 Surplus
250,000
500,000
Surplus fund
101.4381
profits
Undivided
70,663
188;404 Due
244,597
Undivided profits
678
26,525
347,269
__
cos_
trust
&
bankers
banks,
to
384,952
and
303,782
329,717
trust cos_
Due to banks, bankers
8,936
37,540
73,943
88.857
312,977 Due to approved reserve agents
Due to approved reserve agents
1.375,615
1,859,246
3,572,686
5,128,729 Deposits (demand)
8,806,378
7,030,901
Deposits (demand)
1,345.831
1,384,543
2,217,174
Deposits (time)
2,582,689 Building
3,013,132
3,596,189
Deposits (time)
109,294
111,375
. 661,652
loan deposits
41,500
367,500 Reserve for
Mortgage bonds outstanding
12,700
12,000
27,000
interest on deposits
37,425 Bills payable
20,000
27(1,000
Domestic and foreign acceptances.. _ _
500,000
43,318 Otherliabilities guar.of Title Bldg.Co.
20,399
22,078
Miscellaneous
330,000
325.000
320,000
14,270
69,363
Foreign exchange rediscounted
38,184,759 $4,165,998 $3,595,892
Total
1917.
1918.
1919.
$14 503,245 $12,262,524 310.295,994
Total
10%
109'
12%
1917.
Amt.divs.paid on co's stock in cal.yr.
lino.
1918.
say.
4%
over
$300;
balance
check
on
3%
deposits
paid
interest
of
Rate
cal.yr_
7%
akin
co.'s
734%
6%
Amt.divs.paid on
All
All
All
Amount of deposits receiving interest.
3% check, 4% savings
Rate of interest paid on deposits
--.
842
•
THE CHRONICLE
Union Trust Co. (Baltimore).
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Loans and discounts
$5.026.888 $3,815,030 $3,096,168
Stocks, bonds, securities, &c
1,280,183
1,373,149
995,626
Banking house,furniture & fixtures
350,000
350,000
350,000
Due from banks, bankers & trust cos..
451,403
458,320
560,376
Due from approved reserve agents_ _ _ 1,623,534
1,350,950
1,395,830
Credit granted on acceptances
227,750
79,054
100,000
Total
$8,959,758 $7,426,503 $6,498,000
[VOL. 110.
LiabilitiesCapital stock paid in
Surplus fund
Undivided profits
Total deposits
Domestic and foreign acceptances
Bills payable
Total
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
$500,000
$500,000
$500,000
300,000
250,000
250,000
154,573
173,641
140,027
7,222,435 6,423,808
5,507,973
227,750
79,054
100,000
555,000
$8 959,758 $7.426,503 $6.498,000
1919.
1918.
1917.
Amt.divs.paid on co's stk. In cal.year
10%
10%
6% regular
Rate of interest paid on deposits__ _..-2% act. accts.; 3% inact. accts.-
ST. LOUIS COMPANIES.
American Trust Co. (St. Louis).
ResourcesDec. 31 '19.
Bonds and mortgages
$1.953,016
Demand loans
3,031,735
Time loans
4,394,131
Real estate loans
568.119
Due fr. tr. cos., bks.. bkrs. & brokers 1,627,715
Cash on hand
142,063
Other resources
..,_
504,953
Total
,...
$12,221,73-2
LiabilitiesCapital
$1,000,000
Surplus and undivided profits
242,382
Deposits subject to check
5,725,537
Certificates of deposit
1.104,662
Due trust cos., banks and bankers
943,458
Savings deposits
1,865.529
Other liabil., res. for taxes, int.. &c
1,340.165
Total
$12,221,733
Dec. 31 '18. Dec. 31 '17.
$1,713,053 $1,029,509
2,149,656
2,585,252
2,182.345
1,801,962
732.568
558,195
1,652,215
1,351,056
144.372
490,900
456,148
249,538
_ _
$9,030,357 $8,066,412
Farmers' & Merchants' Trust Co. (at. Louis).
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Loans on collateral
$396,986
$347,578
$357,313
Loans on real estate
700,465
631,878
683,310
Commercial paper
513,432
320,000
245,241
Bonds and stocks
1,200,536
288,005
• 201,592
Furniture and fixtures
19,660
16,000
15,457
Cash on hand
65,998
57,866
55,890
Due from banks and trust companies_
277,569
106,659
335,635
Tax bills
59,622
43,565
85,820
Other resources, real estate owned
and office building
$1,000,000 $1,000,000
141,203
122,209
127,017
198,852
165,423
Total
3,969,813 4,084,696
$3,417,486 $2,120,727 $1,878,299
Liabilities691,513
461,591
496.719
$200,000
475,201 Capital stock
$200.000
$200,000
Surplus
1,570,732
32,500
1,592,393
25,000
10,000
1,102,728
8,349
287,108 Undivided profits
11,520
13,849
Deposits
2,936,637
1,884,207
1,654,450
$9,030,357 $8,066,412 Bills payable Federal Reserve
Bank
240,000
Broadway Savings Trust Co. (St. Louis).
Total
$3,417,486 $2,120,727 $1.878,299
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17.
1919.
1918.
1917.
Loans on collateral and commercial
Rate of int. paid on deposits
2% current, 3% savings, 4% time
paper and investment securities_ _ _ $1,480,651 $1,125,434 $1,182,882 Dividends paid in calendar year
8%
8%
10%
Bonds and stocks
110.453
287,917
123,478
Due from trust cos. and banks
371,038
219.114
241,362
Laclede
Trust
(St.
Co.
Louis).
Cash on hand
143,335
172,930
104,716
ResourcesOther assets
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17.
14,216
18,962
22,002 Loans
on collateral
$314,357
$275,133
$183,944
Total
$2,119,693 $1,824,357 $1,674,442 Loans on real estate security
60,786
49,395
57,681
LiabilitiesOther negotiable and non-negotiable
Capital stock
$100,000
$100,000
$100,000
paper and investment securities
549,059
332,122
315,025
Surplus
100.000
'90,000
75,000 Bonds and stocks
282,203
347,364
239,271
Undivided profits
37.012
29,630
36,055 Real estate
705
3,784
4,604
Deposits
1,880,681
1,552,727 1,461,387 Safe deposit vaults
2,430
2,500
3,000
Bills payable
50.000
Furniture and fixtures
1,637
2,570
2,800
, Other liabilities (dividends unpaid)
2,000
2,000
2,000 Due from other trust cos. and banks_
191,300
170,509
81,215
Total
$2.119,693 $1,824.357 $1,674,444 Checks and other cash items
74
177
1,410
Cash on hand (currency, gold, silver
42,380
and other coin)
Chouteau Trust Co. (St. Louis).
40,222
36,453
War and revenue stamps
741
196
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17. Overdrafts
by
solvent
customers_
_
_
_
608
576
483
Loans on collateral security
$302,827
$278,976
$190,036
Total
Loans on real estate security
$1,449,360 $1,221,468
61,000
48,700
$925,986
72,050
LiabilitiesOther negotiable paper & non-negoCapital stock paid in
tiable paper and invest. securities_
$100,000
445,426
$100,000
250,180
$100,000
288,973 Surplus
Bonds and stocks
50,000
30,000
293,811
184,485
30,000
146,065
Undivided profits
Furniture and fixtures
19,220
1,787
23,268
1,837
6,435
2,437 Deposits
subject
to
Due from trust cos. and banks
draft,
including
83,707
89,668
61,388
certificates of deposit
Checks and other cash items
903,573
746,371
42,087
19,100
551.120
14,110 Time
certificates of deposit
Cash on hand
112,092
140,923
60,058
92,349
36,967
33,086
Savings deposits
Other resources
222,052
140,505
1,635
112,994
4,283 Dividend
checks outstanding
2,763
Bills payable
Total
30,000
$1,292,338
$909,913
30,000
$812,428 Reserves
for interest, taxes, &c
Liabilities1,994
2,131
other liabilities, treasurers' checks
Capital stock paid in
$100,000
$100,000
$100,000 Alloutstanding
Surplus
8,835
40,000
37,101
35,000
2,988
34,000
Undivided profits
1.619
534
Total
2,082
$1,449,360 $1,221,468
$925,886
Depos.subf.to draft at sight by indiv.
Note.-Rate of interest paid on deposits: 2% current, 3% savings and
& others, incl. dem. ctfs. of dep
710,707
431,583
362,616 4% time.
Time certificates of deposit
73.445
59,565
70,538
Savings deposits
306,352
252,988
Mercantile Trust Co. (St. Louis).
173.051
Bills payable
60.000
30,000
70,000
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Other liabilities, d1v. checks outstan'g
215
243
141 Time loans •
$28,659,863 $21,479.998 $20,204,056
Total
$1,292,338
$909,913
$812,428 Demand loans
8,900,854 6,400,148
5,548,442
Bonds and stocks
5,785,518 6,770,378
6,705,41
City Trust Co. (St. Louis).
Liberty bonds & U. S. Govt. ctfs. of
indebtedness
ResourcesDec. 30 '19. Dec. 31 '18. Dec. 31 '17.
6,961,892 12,074,695
2,592,680
Loans on collateral security
$326,790
285,000
$273,670
300,000
$188,272 Stock in Fed. Res. Bank, St. Louis
285,000
Real estate (co.'s office building)
Loans on real estate security
276,522
1,500,000
276,157
1,350,000
880,000
269,300 Safe
deposit
Overdrafts
vaults
'
300,000
364
300,000
205
114 Cash and
250,000
sight exchange
Bonds and stocks
11,690,732 9,488,263
297,534
104,840
7,240,244
212,971 Customers'
liability acc't acceptances
U.S. bonds, ctfs. of indebt. & W.S.S_
110,707
and letters of credit
Other negotiable and non-negotiable
1,466,296
7,714,444
576,844
paper and investment securities
1,216,328
709,444
243,240
372,754
307,528 Acceptances
485,852
recle,redisc. at red. Res. Bk.... 1,000,000
Furniture and fixtures
4,443
5,100
4,442 Bills
Other
resources
Real estate
141,006
8,447
3,424
7,447
13,818
7,238
Due from trust cos. and banks
132,537
156,747
Total
108,005
$73,967,443 $60,899,670 $44,840,734
Checks and other cash items
1,822
2,830
Liabilities802
Cash on hand (currency, gold, silver
Capital stock paid in
$3,000,000 $3,000.000 $3,000,000
and other coin)
67,780
89,096
39,887 Surplus and undivided profits
7,222,113 6,820,000 6,820,000
Total
182,405
406,683
$1,789,879 $1,435,367 $1,145,139 Reserves for Int. and dIvs. and taxes..
435,000
Deposits
Liabilities52,603,776 41,161,823 30,983,081
Contingent
liability
Capital stock paid in
and acceptances
$100,000
$100,000
$100,000
and letters of credit
Surplus
7,228,872
7,500
7,500
1,466,296
7,500
576,844
payable at Federal Res. Bank
Undiv. prof. less current exp. & tax
1,850,000 3,500,000
16,366
2,646
7,013 Bills
450,000
Unpaid dividends
Dep. subj. to draft at sight by indiv.
9,388
6,704
& others, incl. dem. ctfs. of dep_ _ 1,181,480
873.327
256,716
642,069 Other reserves
Rediscounts at Federal Res. Bank . 1,000,000
Dep.subject to draft at sight by bkrs_
5,099
1,478,300
Time certificates of deposit
485,573
90,541
91,541
83,004 Acceptances rediscounted and sold _
268,578
Savings deposits
payments on Liberty l'ns
385,317 4,281,446
276,881
261,956
217,140 Subscription
759,763
Other
liabilities
United States deposits '
23,500
69,168
Treasurer's checks..
27,043
17,287
Total
13,413
$73,967,443 $60,899,670 $44,840,734
Special reserves
1,469
1,10
0
Bills payable
60,000
80,000
.71-;6156
Mississippi Valley Trust Co. (St. Louis).
Total
81.789,879 $1.435,357 $1,145.139
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17.
Stocks and bonds
$5,977,088 $5,882,688 $5,824,709
•
Easton-Taylor Trust Co. (St Louis).
Fed. Res. Bank, St. Louis, cap. stock.
195,000
195,000
195,000
ResourcesDec. 30 '19. Dec. 31 '18. Dec. 31 '17. Loans on real estate
1,930,469
1,752,944
3,525,486
Loans on collateral
$330,384
$212,323
$161,601 Loans on collateral
11,732,515 9,317,630 10,788,077
Loans on real estate
Other
94,007
97,150
negotiable
&
137,834
non-nego. paper- 10,485,965 6,298,944
4,456,992
Other securities
203,170
91,703
102,521 Customers' liability on acceptances
4,833,488 3,148,025
635,649
Liberty bonds
56,750
85,750
28,000 U. S. bonds and ctfs. of indebtedness.. 2,879,009
4,995,688
1,949,933
Due from banks and trust cos
112.799
116,556
15,087 Real estate
52,939
88,638
141,168
Cash on hand, &c
56,981
65,382
35,543 Safe deposit vaults
40,000
50,000
60,000
Furniture and fixtures
6,225
5,475
5,475 Cash on hand
1,417,714
1,493,777
1,241,090
Safe deposit vaults
1,120
1,120
1,120 Cash on deposit
3,889,848
6,614,929
3,054,033
Real estate
1,647
1,647
2,646 Other resources
170,224
321,861
243,916
War Saving certificates
1,016
--- 445
Total
$46,557,040 $37,207,343 $32.116,053
Total
$674,979
$866,671
Liabilities$489.827
LiabilitiesDec.31 '18. Dec. 31 '17. Capital stock
$3,000,000 $3,000,000 $3,000,000
Capital stock paid in
$100,000
$100,000
$100,000 Surplus fund
3,500,000
3,500,000
3,500,000
Surplus
20,000
20,000
20,000 Undivided profits
1,882,139
1,917,673
1,863,441
Undivided profits
25,934
17,592
14,439 Deposits (savings)
4,901,476
4,526,525
4,756,913
Deposits, demand
474,651
320,442
225,235 Deposits
(time)1
1,443,221
'
2,386.506
Time certificates of deposit
Deposits
47,652
39,409
(demand)
23,919
24406,848 16,166,009 12,635,926
Demand certificates
1,160
3,660
1,810 Rediscounts with Federal Res. Bank
Savings deposits
of St. Louis
193,688
140,012
97,243
525,000
Treasurer's checks outstanding
Bills
3,473
33,576
payable to Fed. Res. Bk., St. L_ 2,400,000
6,667
3,525,000
2,800,000
Christmas club
190 Acceptances and letters of credit
4,833,488 3.148,025
635,648
Unpaid dividends
113
288
323 Reserve for interest
27,200
10,000
12,000
Other liabilities
132,404
6,424
619
Total
$674,979
$866.671
$489,827
Total
$46.557,040 $37,207,343 $32,116,053
FEB. 28 1920.]
THE CHRONICLE
North St. Louis Savings Trust Co. (St. Louis).
1
843
THE ENGLISH GOLD AND SILVER MARKETS.
Dec. 31 '19. Dec.31 '18. Dec.31 '17.
Resources$296,749
$228,066
$177,655
Real estate mortgage
We reprint the following from the weekly circular of
165,883
266,112
335,424
Stocks and bond invest.(mkt. value)
356.304 Samuel Montagu & Co. of London, written under date of
316.403
441,610
Loans and collateral
407,838
504,623
739,566
Other loans, incl. bills purchased__
94.053 Feb. 5, 1920
157,625
132,090
Due fr. tr. cos., bks.. bit's. & brokers
56,000
55,659
66,181
Real estate, furniture and fixtures_ _ _
11,129
30,400
50,500
Specie
gainst its note issue has now passed
92,676
36.601
The Bank of England gold reserve against
40,004
•
banks
notes
nat.
&
notes
Legal-tender
12,202
6,058 the hundred milllon pounds. The total Is £102,278,955, a heavy increase
16.954
Other resources
$1.486,690
$1,999,984 $1.607,691
Total
of £3,215,495, as compared with last week's return.
LiabilitiesThe phenomenal fall in the American exchange has carried the price
$100,000
$100.000
$100,000
Capital
90.620 of gold to a succession of fresh record prices. To-day at (127s. 4d. per
96,856
105,258
Surplus and undivided profits
612,108
671,386
878,514
Deposits subject to check
ounce standard is
662.462 fine ounce) the premium over the normal 77s. 9d. per
709,751
896,836
Certifs. of dep. and savings deposits_
21,500 50 12%. The available supplies were readily absorbed for India, South
29,698
19,376
Other liabilities
Total
$1,999,984 $1,607,691 31,486,690 Africa, &c.
1917.
1918.
1919.
It is announced in New York that $3,000,000 in gold has been received
3 & 4%
2%
2, 3 & 4%
Rate of interest paid on deposits
been
8% from Rotterdam,and $17,500.000. $200,000 and $100,000 in gold have
10%
12%
Dividends paid calendar year
engaged for shipment to South America, Mexico and China, respectively.
Savings Trust Co. (St. Louis).
The Rhodesian gold output for December 1919 amounted to £158,835,
Dec. 31 '19. Dec. 31 '18. Dec. 31 '17. as compared with £186,462 for November 1919 and £192,870 for December
Resources$230,683
$195,336
$331,544
Loans on collateral
167.480282 1918.
140,965
Loans on real estate127,
252.887
The important announcement has been made that gold imported into
309.698
484,465
Commercial paper
68,012 India will be acquired in future at the rate of one rupee for each 11.30016
116,199
149,050
Bonds and stocks
9,000
8.500
8,500
Real estate
8.175 fine grains. As the fine gold contents of a full weight sovereign are 113.0016
10,876
13,190
Safe-deposit vaults,turn. & fixtures.._
grains, the external ratio of the rupee to the gold sovereign is thus fixed
Due from trust companies, banks,
50.943
169,901 1
120,357
bankers and brokers
shillings go to the sovereign, the present value of
31,850 at 10 to 1. Though 20
Checks and other cash items
30,540 the rupee will not be two shillings in sterling exchange, because the currency
94,887
96.675
Cash on hand
$809.372 of the United Kingdom is not available for export in the form of sovereigns.
Total
$1,344,746 $1,072.877
Imported gold bullion can be re-exported within a certain period, or, when
Liabilities$100,000
$100,000
Capital stock paid in
$100,000
sold to the Bank of England at 77s. 9d. per ounce standard, the sovereigns
13.163
15.920
33,198
Surplus and undivided profits
529.467 received in payment therefor can be exported, but both operations involve
751,273
Deposits subject to draft
948,586
31,332 the purchase of gold at the current market price. As the contents of gold
38,161
Time certificates of deposit
46,836
135.410
167,523
216,126
Savings deposits
bullion will be accepted by the Indian Government no arrival in India on
$809,372
$1,072,877
Total
$1,344,746
the basis of a full-weight sovereign-which is equivalent to gold at 77s.
1917.
1918.
1919.
2% &34% 1046d. per ounce standard-it is obviously preferable to remit gold in the
Rate of interest paid on deposits
2 & 3%
6%
la
Dividends paid in calendar years_ _ _ _
10%
form of bullion rather than to exchange it for sovereigns at the Bank of
Eng and buying rate gold of 77s. 9d. per ounce standard. The highest
Louis).
South Side Trust Co. (St.
which the Indian exchange is likely to attain is governed
Resources-Dec. 31 '19. Dec. 31 '18. Dec. 31 '17. point, therefore,
$651,8621 $884,635 by the price reached by gold in the London market, plus the cost of t ansLoans on collateral
$552,922
417.1001
Loans on real estate security
305.625
mission to India.
Loans, commercial
137,146
At the price of gold to-day the sterling exchange value of the rupee905
652
Overdrafts
272
462,861 as based upon a gold remittance-is 35.95d., to which 1M % must be added
379,967
Bonds and stocks
921,650
2,000 for the costs of transmission, interest, &c., bringing the value to 3s. 03cl.
2,000
Safety deposit vaults
2,000
119,3761
229.3951
Due from trust co's and banks
229,118
Until the British sterling pound exchange is identical in value with the
387,018
118,700
Checks and other cash items
30,614
•
Cash on hand (curr., gold,silver. &c.)
88,796
gold sovereign outside the United Kingdom, the Indian Government does
292,400
1.982
L.L. bds.. U.S.Treas. ctfs. & W.S. S.
not propose that the internal currency ratio of the rupee and sovereign
Total
$2,270,125 $2,211,452 $1.736,88-1 shall be altered from 15, to 10 to 1. It seems only fair to the Indian public
Liabilities$200,000 that before such a change be made, a time limit should be set, before the
$200,000
Capital stock paid in
$200,000
20,371 expiration of which,sovereigns which have been hoarded at the legal tender
38,252
Surplus and undivided profits
54,129
15,162
61.259
Duo to banks and bankers
35,195
763.138 value of 15 rupees can be exchanged for rupees, and thus the natives may
1,127,410
Demand deposits
1,127,330
556,651 be enabled to anticipate the new legal tender value of 10 rupees.
342,181
Time certificates of deposit
435,864
180.059
231.121
Savings deposits
335,542
It is presumed that the Indian Government will comply with the recom1,500
2,500
12,065
Reserve for int., taxes & treas. checks
mendation that the practice of exchanging sovereigns at the Reserve Treas158,729
Liberty Loan subscriptions
50,000
Bills payable
uries at the rate of 15 rupees shall now cease. It matters little whether the
70,000
Total
$2,270.125 $2,211.452] $1.736.881 Treasuries accept sovereigns against rupee notes or against silver rupees
for, so long as notes are convertible, the holder can cash them for silver
Union Station Trust Co. (St. Louis).
the payment
Dec. 30'19. rupees in another department. If sovereigns be tendered for
Resources$1.010,167 of taxes-an action unlikely while gold is at such.a high premium in India
Loans and discounts
277,400 the Government will, of course, be obliged to credit them at 15 rupees to
United States bonds
180,193
Other bonds
441 the sovereign, inasmuch as the latter coin is still a legal tender on that basis.
Overdrafts
36,500
It is worthy of notice that, as a pure exchange transaction, it is more
Real estate
20,846
fixtures
and
Furniture
to purchase silver for coinage than to
209.306 profitable for the Indian Government
Cash and due from banks
price of silver to-day, for instance, 86%d.. the cost
$1,734,853 import gold. At the
Total
rupee would be only 32.28d. (plus
a
of
contents
of providing the silver
Liabilities$200,000 expenses, transmission, interest. &c.. 2s. 8h .
Capital
25,000
Surplus
lus
'SILVER.
Undivided profits
efits
125,000
Bills payable
Sensational rises in the price have taken place during the week in sym1.378,263
Deposits
has
$1.734,853 pathy with the collapse of the United States exchange. The market
Total
been fairly well supplied from the Continent and elsewhere, and rates have
to
the
owing
indisposiremained considerably under the American parity,
Vandeventer Trust Co. (St. Louis).
Dec. 30'19, Dec.31 '18. Dec.31 '17. tion of China to make expensive purchases at a time when the operation
Resources-{ $433,26 can only be described as a gamble upon the future of the American exchange
Loans on collateral
$460,780
Negotiable and non-negotiable loans} $664,432
fresh records culminating in
23,569 Needless to say, the quotations have become
Real estate loans
109,659 that of yesterday, namely, 885d. for cash and 8634d. for two months
38.418
35,575
Ponds and stocks
the
in
United
States exchange has
improvement
an
115,600
44,119
11. S. Government obligations
To-day
delivery.
9,486
9,892
10,400
Furniture,fixtures & safe dep. vaults.
buyers and a fall has taken place.
15,131 checked
14,132
13,632
Real estate
We have received from a reliable source the following information as to
194
Overdrafts by solvent customers_ _ _ _
75,000 Mexican silver production and exports:"The production of silver in Mexico
141,709
193,275
Due from banks and trust companies}
24,365 in 1918 was 62,225,344 ounces, and the production from January to SepCash on hand
3.300 tember 1919 was 46,948,621 ounces. It is locally estimated that the silver
Other resources (collections)
$693,972 production of Mexico for 1919 was about 75,000,000 ounces, of which
$780,531
Total
$961,433
Liabilities$50.000 about 3,000,000 were retained in Mexico for coinage, leaving a net expel,$50,000
$50,000
Capital stock
13.630 to the United States and elsewhere of 72,000,000 ounces. Practically all
11.137
Surplus and undivided profits
11,105
589,558 went to the United States. In addition to the above, it is estimated that
719,394
Deposits
900,328
40,784
Other liabilities
about 2,000,000 ounces were exported in the form of coins, which, however
$693,972 cannot be included in the 1919 production. On Nov. 12 1919 a decree
$780,531
Total
$961,433
was issued requiring 50% of the fine silver to be delivered to the Govern
West St. Louis Trust Co. (St. Louis).
ResourcesDec. 31 '19. Dec. 31 '18. Dec. 31 '17. ment for coinage, to be paid for on the basis of the New York official price
$148,323
$171,317 less shipping expenses and taxes. Owing, however, to the high price of
Loans on collateral security
$200,998
138,292 liver, the Government could not afford to continue coining, and since then
105.777
Loans on real estate security
113,767
277,290
Commercial paper
633,898
383,204
928 no more has been taken to the Mint. The Government still reserves the
410
344
Overdrafts
144,355 right to take 50% of the fine silver produced here. About 40% of the total
181,601
277,052
Bonds and stocks
4,700 production is exported asfine silver. the balance in a less concentrated form
20,800
12,800
Real estate
3,226
2,192
5,898
Furniture and fixtures
ounces."
48,908 The estimated production for 1920 is 80,000,000
127.542
73,037
Duo from trust companies and banks
The following announcements have been made with regard to subsdilary
12,837
16.676
22,370
Checks and other cash items
39,029 silver coinage; After Jan. 14 French, Belgian and Swiss ooins will cease to
40,958
Cash on hand
58,804
2,564 be accepted as currency in Greece. Greek coins of Dr. 1 and 2 will be with2.230
2,940
Other resources
3843,446 drawn from circulation. The Swiss Legation in Paris announces that
Total
$1,401,908 $1,029,713
Liabilitiegcoinage. If France
$100,000 France intends shortly to nationalize her small silver
$100,000
Capital stock
$100,000
30,500 demands its return, Switzerland will have to declare all such currency in
27.000
35,000
Surplus
2,273 Switzerliind invalid, and will at the same time, have to withdraw from
6,004
8,841
Undivided profits
Deposits by individuals and others inFrance all Swiss small coinage.
337,327
511.398
686,232
cluding demand certifs. of deposit_
In the Cawnpore
97,458 a The vogue of the one-rupee note is encouraging.
111,090
163,815
Time certificates of deposit
212,500 currency district these notes were first issued in January 1918; by the end
258,252
380,503
Savings deposits
11,700 of the following March 44 lacs were in circulation. The 23.-runee notes
10,800
10,300
Debentures and real est. mtge. bonds
858 are not so popular.
4,773
1,200
Reserve for interest & taxes
830
726
396
Other liabilities
The report of the Indian Currency Committee does not recommend that
50,000
15,291
Bills payable
$843,446 any change be made in the silver contents of the rupee.
$1,401,908 $1,029,713
Total
844
THE CHRONICLE
[VOL. 110.
Indian Currency Returns.
National Banks.-The following information regarding
(In lace of rupees)Jan. 15. Jan. 22. Jan. 31.
Notes in circulation
18691
18515 national banks is from the office of the Comptroller of the
18495
Silver coin and bullion in India
4033 Currency, Treasury Department
4163
4099
Silver coin and bullion out of India
Gold coin and bullion in India
APPLICATIONS FOR CHARTER.
3500
3386
3510
Gold coin and bullion out of India
Capital.
1028
1200
1162
organization of national banks:
Securities (Indian Government)
1750
1560
1560 For
The First National Bank of Richmond, Kansas
Securities (British Government)
$25,000
8250
8250
8250
Correspondent, C. H. Sigler, Richmond, Kans.
The coinage for the week tmdIng 31st ultimo amounted to 78 lace of
The American National Bank of St. Cloud, Minn
50,000
rupees.
Correspondent, Casper C. Schooner, Melrose, Minn.
The stock in Shanghai on the 24th ult. consisted of about 24.650.000
The Peoples National Bank of Elizabeth, N. J
200,000
ounces in sycee, 11.000.000 dollars, and 80 lacs of silver bars and United
Correspondent, Abe J. David, Elizabeth, N. J.
States dollars. No fresh news has come to hand.
The American National Bank of Mt. Vernon, N. Y
100,000
The Shanghai exchange is quoted at 88. 9d. the tael.
Correspondent, Clinton T. Taylor, Mt. Vernon, N. Y.
Statistics for the month of January are appended.
The First National Bank of Hunter, Okla
25.000
Highest price for cash
85d. Highest price for 2 months__84d. ilk
Correspondent, F. C. Brower, Enid, Okla.
Lowest price for cash
75Ad.1.owest price for 2 months_ _74d.
The First National Bank of West Alexandria, Ohio
35,000
Average price for cash
79.846d.Average price for 2 months_ _78.331d.
Correspondent, Sherman Mills West Alexandria.
(To succeed the Farmers & Citizens Bank of West Alexandria.)
Quotations for bar silver per ounce standard:
For conversion of State banks:
Cash.
2 Mos.
2 Mos.
Cash.
The First National Bank of Arco, Ida
50,000
Jan. 30
8430.
8330. Feb. 5
81d.
854cl.
Conversion of the Bank of Commerce, Ltd.,'Arco.
" 31
83d
82%d. Average
85.437d. 84.416d.
Correspondent, F. W. Sorgatz, Arco, Idaho.
Feb. 2
8330. Bank rate
84 Ad.
6%
•
3
86d.
85d.
Bar gold per ounce fine___127s. 4d.
Total
$485,000
"
4
88Xd.
863id.
The quotations to-day for cash and forward delivery are respectively
CHARTERS ISSUED.
Original organizations:
1j0. above those fixed a week ago.
The Cliffstde Park National Bank, Cliffside Park, N.J
$50,000
President, Warren E. Sammis.
The
First National Bank of Roebling, N J
50,000
ENGLISH FINANCIAL MARKETS-PER CABLE.
President, Wm. Gummere; Cashier, Wm. L. Wilson.
The American National Bank of Homer,La
50,000
The daily closing quotations for securities, &c., at London,
President, Perry L. Pyle; Cashier, B. W. Byerloy.
as reported by cable, have been as follows the past week
The Globe National Bank of Denver, Colo
200.000
President, D. H. Staley; Cashier, August Loehwing.
on on,
Feb. 21. Feb. 23. Feb. 24. Feb. 25. Feb. 26. Feb. 27.
(Succeeds Commerce State & Savings Bank of Denver.)
Week ending Feb. 27.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Conversion of State banks:
Silver, per oz
d 8214
82
82
8214
8214
8254
The Limon National Bank of Limon, Colo
30,000
Gold, per fine oz
119s.6d. 122s.8d. 122s. 1203. 8d. 121s.8d. 122.1.4d.
Conversion of the Limon State Bank of Limon.
Consols. 2% per cents
Holiday 4854
4814
4854
4954
4954
Cashier,
President,
John
F.
R.
C.
Gill;
Kirkner,
British 5 per cents
Holiday 8934
8854
8854
8834
8334
The First National Bank of Buhl, Minn
35.000
British 4g per cents
Holiday 81g
81g
80%
80
81.14
Conversion of the First State Bank of Buhl.
French Rentes(in Paris)__ir _ Holiday 58.10
58.55
57.60
57.60
57.85
Flynn.
President,
Cashier,
G.
Wellner;
G.
T.
A.
French War Loan fin Paris)(r Holiday 87.80
87.80
87.80
87.85
87.85
The price of silver in New York on the same day has been:
Sliver in N. Y., per oz__cts_ 120
holiday 129
1294
12954
Commercial andMiscellarceonsgem
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per cent.
1 Bayside Yacht Club, 510 ea chi
50 3rd Ward Hygela Ice ol Flush ) $66
lira, N. Y., $10 each
lot
10 Wyoming Oil Synth Units_5100 lot
16 Lehigh Val. Coal Sales, $50
each
582 per sh.
1
Shares. Stocks.
Per cent.
142 50 50 Mfg., Inc., $10 each__ _$15 Ito)
10 Standard 011 of N. J
69134
Bonds.
Per cent.
$1,000 N. J. Steamboat 5s, 1921_ _ 87
11,000 Elko Realty & Bevel. 1st 7s,
1918
$100 lot
By Messrs. Wise, Hobbs & Arnold, Boston,
Shares. Stocks.
$ per sh.
5 Nat. Shawmut Bank
29454
4 Fourth Atlantic Nat. Bank
282
12 Warwick Mills
178
2 Gosnold Mills. corn. v. t. c_ _129
8 Cohasset Water, pref
80
Shares. Stocks.
$ per sh.
30 Cohasset Water, corn
80
3 Haverlill Gas Lt., $50 each
53
17 Waiter Baker, Ltd
130
22 rights Edison Elec. 111. of Broc'n_23c.
By Messrs. R. L. Day & Co., Boston: •
Shares. Stocks.
$ per sh. Shares. Stocks.
$persh.
2 Nat. Shawmut Bank
295
25 rights Quincy Mkt. C.S. & W.
160 rights 4th Arland: Net. 13k_26 2634
common
•
133-4
National
Second
Bank
1
351
Bonds.
Per cent.
1 right Travellers Insurance___.11954 $2,000 Danville & Great Creek RR.
3 Boston Atheneum,$300 ea.492 500g
6s, 1920, ctfs. of deposit
85
194 rights Edison Elec. Ill. of
2,000 Fargo Real Estate Trust 1st
BroAton
23a.-24o.
4s, 1931
80
5 Puget Sd. Tram.. L. ac P.. Oref_ 54
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ pet sh.
2,390 Gibney Tire & Mubber_ _5197.10
• 23 Industrial T. T. & S.,
127,000 Electric Transport, $10
$50 each
188-18834
eaca
$110 lot
12 Liberty Title & Tr., $50
1 Atheneum of Phila., 1919
each
104
& 1920 dues unpaid.... 76
44 Lumbermen's Ins., $25 ea_110
50 Corn Exchange Na..Bank_388
137 Mechanics Ins. of Phila.,
15 Eiga.h Nit. Bank
526
$25 each
5234
6 Fourth Street Nat. Bank...321
3 John B. Stetson, common_330
5 Quaker City Nat. Bank...125
63 Maxwell Rowland & Co
5
5 Philadelphia Trust
Bonds.
600
Per cent.
150 Peoples Trust, $50 each..._ 45
$1,000 John Wanamaker let 5s.'23 9634
Canadian Bank Clearings.-The clearings for the week
ending Feb. 19 at Canadian cities, in comparison with the
same week in 1919, show an increase in the aggregate of
34.5%. ,
Week ending February 19.
Clearings at1920.
1919.
$
127,850,545
98,361,277
41,106,090
15,200,535
7,916,738
7,561,579
4,946,521
$
94,577,583
68,858,781
34,516,048
10,198,625
5,768,927
5,060,312
3,274,769
2,100,000
Victoria
5,763,132
Hamilton
Quebec
4,990,482
Regina
4,100,000
Halifax
4,162,415
St.John2,879,216
.
•
1,797,020
Saskatoon
2,065,231
4,682,299
4,276,048
3,078,807
3,843,797
2,710,654
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Edmonton
London
Moose Jaw
Lethbridge
3,236,451
1,350,212
727,864
764,940
590,624
1,094,823
568,945
371,018
651,018
899,537
990,377
2,514,873
360,353
Fort William
Brandon
Brantford
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchengr
Windsor
Prince Albert
..._._• ,...___,_
•
1918.
1917.
$
%
$
+35.2 74,315,203 65,139,044
+43.4 53,601,982 48,556,682
+18.1 39,670.456 30,706,142
+49.0 8,405,966 6,414,372
+37.2 5.483,775 4,701,999
+40.4 5,908,875 4,244,308
+51.1 3,017,538 2,165,776
+1.7
+23.1
+16.7
+33.2
+83.0
+61.6
1,433,908 +25.4
2,273,638 +42.3
1,482,442 -8.9
626,050 +16.3
537,178 +42.3
440,824 +34.1
862,683 +26.9
304,656 +86.7
486,578 -23.4
693,870 -6.2
782,572 +22.8
681,662 +46.8
1,163,319 +116.2
314,788 +14.5
,An ore nor nrA nAe• es.an
Inc.or
Dec.
1,662,158
4,752,320
3,384,808
2,536,724
2,951,268
1,852,628
Total
1293,
1,390,736
3,627,529
2,806,021
1,915,701
2,837,784
1,675,802
1,390,756 1,210,318
1,916,525 1,816,332
1,107,162 1,118,278
541,552
528,279
595,576
476,758
490,333
408,168
741,391
760,693
292,102 ' 266,372
491,435
402,557
582,934
533,857
840,188
710,125
537,571
528,551
. OA IR nIn, rot nnes tor nnes •rsA
INCREASES OF CAPITAL.
$415,000
Amount.
The Ennis National Bank, Ennis, Tex. From $100,000 to
$200,000
$100,000
The First National Bank of Driggs, Idaho. From $25,000 to
$50.000
25,000
The Manufacturers National Bank of Troy, N. Y. From $150,000 to $300,000
150,000
The First National Bank of Las Vegas, N. Mox. From $100,000
to $200,000
100,000
The First National Bank of Ilallock, Minn. From $25,000 to
$60,000
$100,000
The
35,000
$50,000 to
50.000
First National Bank of Otis. Colo. From $25,000 to $40,000_ 15,000
The First National Bank of Thomasville, N. C. From $25,000
to $100,000
75,000
The First National Bank of Oceanside, Cal. From $25,000 to
$40.000
15,000
The First National Bank of Lacona, N. Y. From $25,000 to
$50,000
25,000
The National Tradesmons Bank of New Haven, Conn. From
$300,000 to $500,000
200,000
The First National Bank of Hubbard, Iowa. From $25,000 to
$50,000
25,000
Total
$815,000
The Mendota National Bank, Mondota, Ill. From
VOLUNTARY LIQUIDATION.
The Merchants National Bank of Lehigh, Okla. Capital_____
$25.000
Liquidating Agent, W. A. Jones.
(Succeeded by the First State Bank of Lehigh.)
CONSOLIDATION.
The Kansas National Bank of Wichita, Kans. and the National Bank of
Commerce of Wichita, under charter of the Kansas National Bank of
Wichita, and under corporate title of "First National Bank in Wichita,"
with capital stock of $1,000,000. Combined capital prior to consolidation $400,000.
CHANGE OF TITLE.
The Farmers National Bank of Kilkenny, Minn., to "Tho First Nat onal
Bank of Kilkenny."
The National Bank of Pratt, Kans.
Kane., to "First National Bank In Pratt."
The First and Security National
of Minneapolis, Minn., to "First
National Bank in Minneapolis."
mid/
r CHARTERS EXTENDED.
The First National Bank of Dyersburg, Tenn. Charter extendediint I
close of business on Feb. 25 1940.
The Citizens National Bank of Lewistown, Pa. Charter extended until
close of business on Feb. 26 1940.
CHARTERS RE-EXTENDED:
The Santa Barbara County Nabional Bank,Santa Barbara,Calif. untoter re-extended until close of business on Feb. 18 1940.
The Dundee National Bank, Dundee, N. Y. Charter re-extended until
close of business on Feb. 18 1940.
The Parkesburg National Bank, Parkesburg,Pa. Charter re-extended
until close of business on Feb. 26 1940.
CONSOLIDATIONS.
The First National Bank of Newnan, Ga.. and The Cos:.ta-N artirai
Bank of Newnan, Ga., under charter and title of"The First National Bank
of Newnan," with capital of $190,000.
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Railroads (Steam).
Atchison Topeka & Santa Fe,corn.(Qu ) 134 Mar, 1 Holders of rec. Jan. 30a
Mar. 1 Holders of reo. Jan. 170
Baltimore 44 Ohio, preferred
2
Mar. 10 *Holders of rec. Mar. 1
Boston & Maine, preferred
.2
234 Apr.! 1 Holders of reo. Mar. la
Canadian Pacific, common (quar.)
•14.4
Mar. 1 *Holders of rec. Feb. 24
Chi. N.0.& Texas Pao., pref.(guar.).Mar. 1 Holders of rec. Feb 20a
Cincinnati Northern (annual)
3
Mar. 1 Holders of reo. Feb. 10a
Cleveland & Pittsb.,reg., guar.(quer)Special guaranteed (quer.)
54 Mar. 1 Holders of rec. Feb. 10a
tDelaware & Hudson Co.(guar.)
23( Mar. 20 Holders of rec. Feb.:260
Erie dc I'lltsftrgh (guar.)
87%o. Mar. 10 Holders 01 rec. Feb. 28
Illinois Central (quer.)
134 Mar. 1 Holders of reo. Feb. 60
Mar. 10 Holders of rec. eb. 25a
Keokuk & Des Moines, preferred
Norfolk & Western, common (guar.)._ 13( Mar. 19 Holden s rec. Feb. 28a
Pennsylvania RR (quer.)
75o. Feb. 28 Holders of reo Feb. 2
Phila. Germantown & Norristown (qu.) $1.50 Mar. 4 Feb. 21 to Mar. 3
Pittsburgh & West Virginia. pref.(quer.) 134 Feb. 28 Holders of rec. Feb 2a
Pittsb Youngst. & A sirtabuIa,pref.(qu.) 134 Mar. 1 Holders of rec. Feb. 200
500 Mar. 11 Holders of reo. Feb. 20e
Reading Company,first pref.(quar.)
' Name of Company.
845
THE CHRONICLE
FEB. 28 1920.1
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name 7.f Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive
Miscellaneous (Continued)
24 April 1 Holders of rec. Feb. 280
Eastman Kodak,common (guar.)
74 April 1 Holders of rec. Feb. 280
Common (extra)
154 April 1 Holders of rec. Feb. 280
Preferred (guar.)
191 April 1 Holders of rec. Mar. 20a
Eisenlobr (Otto) St Bros., pref.(guar.)_ _
Elk Horn Coal Corp., preferred (guar.).- 75e. Mar. 10 Holders of rec. Mar. la
154 Mar. 1 Feb. 20 to Feb. 29
(quar.)...
pref.
Co.,
&
Morse
Fairbanks,
Railways.
Street and Electric
91 Mar. 15 Holders of rec. Feb. 24a
Ing & Smelting', pref.(guar.)
Federal MI,
Arkansas Valley fly.,L. it P., pref.(guar.) *13f Mar. 1r *Holders of rec. Feb. 28
154 Mar. 1 Holders of rec. Feb. 14
14 Mar. 1 Holders of roe. Feb. 14a Federal Utilities. preferred (quar.)
Central Arkansas fly. & Lt., pref.(qu.)_
*75c. Apr. 1 *Holders of rec. Mar. 15
(guar.)
common
Rubber,
Fisk
rec.
Feb.d14
of
Hoiders
1
Mar.
2
Detroit United fly.(attar.)
Mar. 31 *Hriders of rec. Feb. 28
"2
Galena-Signal 0 1, ord and new (guar.).
Eastern Wisconsin Elec. Co., pref. (guar.) 14 Mar. 1 'folders of rec. Feb. 20
134 Mar. 1 Holders of roe. Feb. 140
General Asphalt, preferred (guar.)
Frankford ac Southwark Pass. fly. (guar.)_ $4.50 Apr. 1 Holders of rec. Mar. la General Chemical, common (guar.).- 2
Mar. 1 Holders of tee. Feb. 20a
Indianapolis St. fly., pref.(new)(guar.)._ $1.50 Mar. 1 Feb. 21 to Mar. 1
154 April 1 Holders of rec. Mar. 18a
Mar. 1 Holders of rec. Feb. 20a General Chemllal, pref. (quar.)
Northern Texas Elec. Co., corn.(quar.). 2
14 Mar. 1 Holders of rec. Feb. 24a
(guar.)
pref.
agar,
General
20a
Feb.
rec.
of
Holders
1
Mar.
3
Preferred
14 Apr. 1 Holders of rec. Mar. 24a
Debenture preferred (quar.)
$1.26 Mar. 1 Holders of rec. Feb. 103
Philadelphia Co. 5% preferred
134 April 1 Holders of rec. Mar. 20
General '1'lre & Rubber. pref. ((mar.).
Second it 3d Ns. Pass., Phila.(guar.)_ _ $3 Apr. 1 Holders of rec. Mar. la Gillette
Mar. 1 Holders of rec. Jan. 30
$2.50
(guar.)
Razor
Safety
15'
Mar.
rec.
*14 Apr. 1 *Holders of
United flail & Pls., pref. (guar.)
Nray 15 Holders of roe. May 5a
14
_
(guar.)
Goodrich (11. F.) Co.,common
114 Mar. 15 Holders of roe. Mar. 1
West Penn Railways, pref. (quar.)
April 1 Holders of rec. Mar. 224
14
(guar.)
Preferred
20
Feb.
rec.
of
Holders
I
Mar.
14
Wisconsin Minn. Lt. & Pow., pref.(qu.).
14 July 1 Holders of rec. June 21a
Preferred (guar.)
Mar. 1 Holders of rec. Feb. 14
Goodyear Tire & Rubber,corn.(guar.)_ _ 3
Banks.
50e. Mar. 1 Hollers of rec. Feb. 24a
common
m.,.,
Davis,
&
Gray
29
Feb.
to
26
Feb.
1
Mar.
34
Chemical National (bi monthly)
c
4
"13
1 •FTOlders of Teo. Mar. 15
Apr.
(guar.)_
preferred
first
it,
Ste
Gulf States
.0134 Apr. 1 *Holders of ray. Mar. 15
Second preferred (guar.)
Miscellaneous
Holders of rec. Feb. 21s
2
Mar.
14
_
(guar.)
corn.
Refrao.,
Harbison-Walker
roe.
19a
Feb.
of
Mar. 1 Holders
Acme Tea, preferred (guar.)
134 Apr. 20 Holders of roe. Apr. 10
Preferred (guar.)
*$1.5C mar. lb *Holders of ree. Mar. 10
Ajax Rubber (guar.)
Feb. 28 Holders of roe. Feb. 19
1
(qu.)
corn.
Inc.,
Marx,
&
Shaffner
Hart,
13a
Mar.
roe.
of
Holders
1
Apr.
(quar.)._
134
American Beet Sugar, pref.
13.( Mar. 1 Ill 'ore Of ree. Seb. 184
Hartman Corporation (quar.)
2A Apr 1 1 *Holders of rec. Mar. 15
.
Amer. Bosch Magneto (guar.)
Apr. 1 Holders of rec. Mar. 15a
$1
191 Apr. 1 Holders of tea. Mar. 17a Haskell & Barker Car (guar.)
American Can., pref. (guar.)
Mar. 1 *Holders of rec. Feb. 17
*3
preferreo
Co..
Wakefield
&
Bros.
Heywood
20
Mar.
free.
o
Holders
1
Apr.
4
,
113
American Chicle, preferred (guar.)
Feb. 28
"75e.
(guar.)
Ltd.
Oil,
Mar. 1 Holders of rec. leb. 14a Imperial
1
American Cotton 011, common (quar.)
*50c Mar.15 *Hof iers of rec. Feb. 27
40e Feb. 28 Holders of reo. Jan. 7a Independent Brewing, PIttab. corn.(qu.) .87540
American Druggist Syndicate
Feb. 28 *Hollers of rec. Feb. 18
(guar.)
Preferred
28
Feb.
ree.
of
Holders
$1.50 April 1
American Express (guar.)
50. Mar. 1 Feb. 21) to Feb. 29
Mar. 1 Holders of rec. Feb. 21a Indlahoma Refining (monthly)
1
American nye
Mar. 2 *Holders of rec. Feb. 10
*2
(guar.)
Steel
Inland
of
13a
Holders
Mar.
roe.
1
Apr.
14
(quar.)
pref.
Leather.
American Hide &
April 1 Holders of rec. Mar. 20
2
Interlake Steamship (guar.)
Amer. International Corp.com.&pf.(qu.) 14 Mar.31 Holders of rec. Mar. 16
April 1 Holders of rec. Mar. 20
2
Extra
Mar. 1 Feb. 21 to Mar. 1
1
Amer. Laundry Machinery, corn.(guar.) *IA
Mar. 1 Holders of roe. Feb. 16
$1
(guar.)
corn.
Mills,
Cotton
International
12
Mar.
rec.
of
*Holders
31
Mar.
American Locomotive, common (guar.)
Mar. 1 Holders of ree. Feb. 16
14
*IA Mar.31 *Holders of rec. Mar. 12
Preferred (nnar.)
Preferred (guar.)
International Harvester, pref. (guar.)._ 14 Mar. 1 Holders of reo. Feb. 10a
Mar.31 'II-ciders of rec. Mar. 15
Amer. Manufacturing, common (quar.) •1),i
15 Holders of roe. eeb. 28a
Mar.
34
prof-.
2d
&
let
Truck,
*5
Motor
Internat.
15
Mar.
rec.
of
Mar.31 *Hollers
Common (extra)
134 Apr. 1 Holders of rec. Mar. 15a
*14 Mar.31 *Holders of rec. Mar. 15 International Sall (guar.)
Preferred (guar.)
134 Apr. 1 Feb. 25 to Mar. 1
.)_
(guar
preferred
Silver,
International
1
Mar.
to
21
Feb.
1
Mar.
2
Amer. Multigraph, corn. (guar.)
25c. Mar.31 Holders of rec. Mar. be
Kennecott Copper Corp. (guar.)
Mar. 1 Feb. 21 to Mar. 1
1
Extra
25e. Mar.31 Holders of lee. Mar. Is
Capital distribution
Mar. 1 Holders of rec. Feb. 19
1
Amer. Power & Light, common (quar.)
Apr. 1 Holders of ree. Mar. 15
3
(guar.).
common
Rubber,
&
Tire
Keystone
31
Mar.
to
22
Mar.
31
Mar.
3
American Radiator, common (quar.)__
Mar 1 *Hollers of rec. Feb. 20
Kirshbaum (A. B.) & Co., corn. (guar.) _ *1
Mar. 31 Mar. 22 to Mar. 31
4
Common (extra)
*191 Apr. 1 *Holders of rec. Mar. 15
(guar.)
preferred
Co.,
S.)
(S.
Kresge
28
7
Feb.
Mar.
to
15
Mar.
1
(quar.)
corn.
Refg.,
&
American Smelting
Mar,
*154
31 *Holders of rec. Mar. 12
(gnat.)
common
Sleet,
kawanna
,
La
14 Mar. 1 Feb. 14 to Feb. 23
Preferred (guar.)
Mar. 1 Holders of rec. Feb. 21
Lake of the Woods Milling, corn.(guar.) 3
191 knril 1 Mar. 21 to Anr. 1
Amer. Stores, lot & 2d pref. (guar.)._
14 Mar. 1 Holders of rec. Feb. 21
(quar.)
Preferred
Mar.
roe.
of
la
Holders
2
Apr.
American Sugar, common (guar.)
134 Feb. 28 Holders of me. Feb 18a
Apr. 2 Holders of roe. Mar. la Langton Monotype Machine (quar.)..._
Common (extra)
Feb. 28 Holders of rec. Jan. 31a
$1
13.1 Apr. 2 Holders of roe. Mar. be Lehigh Coal & Navigation (guar.)
Preferred (guar.)
Apr. 1 *Holders of roe. Mar. 18
"$2
(quar.)
S's
Coal
Valley
1.eli,gh
14a
b.
Ft
rec.
of
Holders
314 Mar. 1
Amer. Sumatra Tobacco, pref.
Mar. 1 Holders of rec. Feb. 16a
3
111 Mar. 1 Holders of rec. Feb. 8a Liggett & Myers Tobacco, corn.(guar.)- 1.
American Telegraph & Cable (guar.)
Apr. 1 *Holders of rec. Mar. 14a
191
(guar.)_
pref.
Tobacco,
Myers
it
Liggett
20
Mar.
to
30
Mar.
15
April
2
Telonbone
& Telegraph (quar.)
Amer.
*191
Mar. 31 *Holders of rec. Feb. 28
(quar.)
preferred
Light,
Lindsay
5
Mar. 1 Feb. 15 to Mar. 15
American Tobacco, common (quar.)
154 April 1 Holders of rec. Mar. 6a
Mackay Companies, corn. (quar.)
154 Apr. 1 Feb. 15 to Mar. 15
Preferred (guar.)
April 1 Holders of rec. Mar. ea
1
(quar.)
Preferred
reo
of
5
*Holders
Mar.
(pvir.)
.$1.25
15
Mar.
A. 7'. 8erurithq
154 Mar. 1 Holders of rec. Feb. 21
Mahoniret investment (guar.)
Amer. Window Glass Machine, pref._ .334 Mar. 1 *Holders of rec. Feb. 20
234 Mar. 1 Holders of rec. Feb. 16a
Menet! Sugar. common (quar.)
3c. Mar. 15 Holders of rei. Mar. I
Ari:ono siorr (muntylg)
43,4e mar. 1 Holders of rec. Feb. 210
Associated Dry Goods,first pref.(guar.) 114 Mar. 1 Holders of rec. Feb. 9a Manhattan Shirt. common (ouar.)._
1 Holders of ree. Feb. 18a
131 Mar. 1 Holders of reo. Feb. On Martin-Parry Corp.(guar.)(No. 1)..... 50e. Mar.
Second preferred (quay.)
134 Mar. 1 Holders of rec. Feb. 16a
Mar. 15 Holders of roe. Feb. 21a MayDepartment Stores, corn.(guar.).- 214
5
Atlantic Refining, common (guar.)
Holders of rec. Mar. 3a
31
Mar.
(guar.)
Mergenthaler
Linotype
29
9
Feb.
to Mar.
3
Mar. 10
Atlas Powder, common (guar.)
Mar. 1 Holders of rec. Feb. 3
2
Merrimack Mfg., common (quar.)
834 Mar. 15 Holders of roe. Mar. 1
Belding Paul Corticelli, Ltd., pref
214 Mar. 1 Holders of rec. Feb. 3
Preferred
Holders
rel.
of
16e
Mar.
1
Apr.
(quar.)....
B
&
A
Bethlehem Steel, corn.
25c. Mar. 1 Holders of rec. Feb. 15
2
Apr. 1 Holders of roe. Mar. 16a Michigan Drop Forge Co., cons. (monthly) 50c.
Eight per cent preferred (quar.)
Mar. 1 Holders of rec. Feb. 25
Common (extra)
Seven per cent preferred (guar.).- 13.1 Apr. 1 Holders of ree. Mar. 16a
10e. Mar. 1 Holders of rec. Feb. 20a
Oil
Middle
States
(monthly)
160
Feb.
ree.
of
Holders
1
Mar.
Blackstone Val. Gas & Elec., corn.(qu.) $1
Apr. 1 Holders of rec. Mar. 20a
10c.
Montnly
14 Mar. 11) Slobbers of rec. Mar. la
Borden Company, pref.(quar.)
Middle States 011 Corp.(stook dividend) e20 Mar. 1 Holders of rec. Feb. 20a
6
Mar. 31
British-American 7'ob., ord. (interim)__
191
Mar. I Holders of ree. Feb. 16a
_
(guar.)._
preferred
first
Plow,
Moline
tee.
of
Holders
Feb.
ita
Mar. 1
2
Brooklyn Edison Co. (guar.)
134 Mar. 1 Holders of ree. Feb. 16a
Second preferred (guar.)
Mar. I Holders of me Feb. 20a
Brown Shoe, Inc., common (guar.)
34 Apr. 1 Holders of rec. Mar. 13a
(guar.)
common
Power,
Montana
Holders
tee.
of
Feb.
21
16
Mar.
$2
(guar.)
Line
Buckeye Pipe
134 Apr. 1 Holders of rec. Mar. 13a
Preferred (guar.)
1)4 Mar. 15 Holders of rec. Feb. 28a
California Packing Corp., com. (guar.)._
134 Mar. 15 Holders of rec. Feb. 29
Mar.22 Holders of rec. Mar. 5a Montreal Cottons, common (quar.)
51
Calumet & Arizona Mining (guar.)
134 Mar. 15 Holders of ree. Feb. 29
(quar.)
Preferred
rec.
of
28a
Holders
Feb.
15
Mar.
1)4
Cambria Steel (guar.)
*5
Mar. 1 'Holders of rec. Feb. 25
(quar.).
common
Manufacturing,
Nashua
)4 Mar. 15 Holders of roe. Feb. 28a
Extra
8734 oMar. 1 Holders of reo. Feb. 14a
(quay.)
Acme
National
of
Holders
Feb.
rec.
28
15
Mar.
(guar.)._
corn.
Lines,
Steamship
Canada
191
Aprit 1 Holders of rec. Mar. 15
(qu.)
pref.
Chemical.
&
Aniline
National
rec.
of
15
Holders
Mar.
14 April 1
Preferred (guar.)
191 April 15 Holders of rec. Mar. 31a
National Biscuit, common (quar.)
2
Apr. 1 Holders of ree Mar. 20
Canadian Loconiolive, corn. (guar.)
134 Feb. 28 Holders of rec. Feb. 140
(quar.)
Preferred
of
Holders
rec
20
1
Mar.
Apr.
1%
Preferred (guar.)
4
Mar. 10 Feb. 18 to Feb. 24
National Candy, common
%c Mar 31 *Holders of rec. Mar. 20
Carbo Hydrogen Co. of Amer., eh.(guar.)_ '82
5
Mar. 10 Feb. 18 to Feb. 24
Common (extra)
e4
Mar.30 Holders of roe. Mar.26a
Carbon Steel, first preferred
Mar. 10 Feb. 18 to Feb. 24
33.4
preferred
second
and
First
tee.
of
26e
Holders
July
July 30
geeone ere:erred
0134
.
Mar.30 *Feb. 16 to Feb. 10
National Casket (quay.)
134 Apr. 1 Holders of re. Mar. 10
Central Leather, pref. (guar.)
'1
Mar. 30 "Feb. 6 to Feb. 10
Extra
of
10
Holders
Mar.
roe.
254
1
Apr.
preferred
Central Petroleum,
Mar.30 *Feb. 6 to Feb. 10
se5
Extra (payable in stock)
Si
Mar. 1 Holders of ree Feb. 20a
Cerro do Pasco Copper (guar.)
National Cloak az Suit, preferred (guar.) 14 Mar. 2 Holders of reo. Feb. 205
Mar.31 *Holders of rec. Mar. 10
Chesebrough Mfg. Co., common (guar.)._ •3
14m mar.20 Holders of rec. Feb. 28a
(qu.)
corn.
Stamping,
&
Enameling
Nat.
rec.
of
10
*Holders
Mar.
*50e.
31
Mar.
Common (extra)
191tn Mar.31 Holders of rec. Mar. 1 la
Preferred (guar.)
•15i Mar.31 *Holders of ree Mar. 10
Preferred (guar.) (No. 1)
154 Mar.31 Holders of rec. Mar. 12a
National Lead, common (guar.)
*2
Mar. 31 *Holders of rec. Mar.30
Chicago Teephone (guar.)
191 Mar. 15 Holders of rec. Feb. 20a
(quay.)
preferred
Lead,
National
28
10
Feb.
Mar.
to
154
Mar.-10
Childs Company, common
April 2 Holders of rec. Mar. 8
191
(quar.)
National Sugar
191 Mar. 10 Feb. 28 to Mar. 10
Preferred (guar.)
April 1 Holders of rec. Mar. 19a
3
National Surety (quar.)
37540. Mar.31 Holders of reo. Mar. 12
Chino Copper Co. (guar.)
"50c. Mar. 15 "Holders of rec. Feb. 28
Transit
National
(extra)
Cities Service13i
Mar. 1 Holders of ree. Feb. 19
•;.‘
Nebraska Power, preferred (guar.)
April 1 *Holders of roc. Mar. 15
Common and preferred (monthly)Nevada Consolidated Copper Co. (guar.)- "25e. Mar.31 *Holders of ree. Mar.12
Common (payable In common stock) '11.51 April 1 *Holders of rec. Mar. 15
254
Mar.24 Holders of rec. Mar. 2a
(guar.)
Brake
Air
York
New
*34 April 1 *Holders of rec. Mar. 15
Preferred 11 (monthly)
Nil
Mar. 1 *Holders of tee. Feb. 9
Shipbuilding
Cities Service corn. & pref. (monthly)._ *j4 Mar. 1 *Holders of roe. Feb. 15a New YorkTransit
4
Apr. 15 Holders of rec. Mar.22
(guar.)
York
Non'
roe.
of
*Holders
Feb.
lba
1
Mar.
Common (payable In common dock). *114
Mar. 20 Holders of rec. Mar. la
Mar. 1 *Holders of roe. Feb. 16a Niles-Dement-Pond. common (gust.).... 2
Preferred B (monthly)
151 Apr. 1 Holders of rec. Mar. 18
North American Co. (guar.)
543ic Mar. 1 Holders of rec. Feb. 15
Cities Service, Bankers'shares(montlhy) .11
Ogilvie Flour Mills, preferred (quar.) -- 131 Mar. 1 Holders of rec. Feb. 23
April 2 *Holders of rec. Mar. 13
Coca-Cola Co.(No. 1)
Mar. 1 HOlders of tee. Feb. 14a
Ohio Cities Gas, corn.(guar.)
131 Mar. 15 Holders of rec. Feb. 28
Colorado Power, preferred (guar.)
*$1 25 Mar. 31 *Holders of rec. Feb. 28
Ohio 011 (guar.)
Apr. 10 *Holders of rec. Mar. 25
Computing-Tabulating-Recording (guar.).
Mar. 31 *Holders of rec. Feb. 28
75
*52
Extra
1)1 Mar. 1 Holders of reel. Feb. 14a
Consolidated Cigar, pref.(quar,)
Mar. 1 *Holders of rec. Feb g28
Mar. 15 Holders of roe. Feb. 100 Oklahoma Gas it Electric, preferred (guar)
Consolidated Gas(New York)(guar,)
Apr. I *Holders of rec. Mar. 22
*75c.
(guar.)
common
Co.,
Bottle
Owens
Holders
of
rec.
30
Mar.
Mar.
50e1.
15a
Cons. Interstate Callahan Mining(quar.)
1 *Holders of ree. Mar.22
Apr.
*14
(guar.)
Preferred
131 Apr. 1 Holders of rec. Mar. 19a
Continental Can, corn. (guar.)
14 Mar. 15 IIolders of roe. Feb. 29a
IIolders of tea. Mar. 19a Packard Motor Car, preferred (guar.)._
1)-1
Preferred (guar.)
April 1 *Mar.23 to Mar.31
441
*3
(guar.)
Co.
&
Davis
Parke
rec.
of
24
'Holders
Feb.
1
16
.
r
.
r
fa
Continental Oil'(quar.)
Mar. 1 Holders of re. Feb. 20a
Patchogue-Plymouth Mills Corp., pf.(0.) 2
50c. Mar. 15 Holders of rec. Feb. 20
Copper Range Co. (guar.)
14 April 1 Holders of rec. Mar. la
840. Mar. 1 Holders of roe. Feb. 140 Peerless Truck & Motor (guar.)
Comien & Co., preferred (quar.)
April 1 Holders of rec. Mar. la
34
Extra
75o. Mar. 15 Feb. 22 to Mar. 15
Crescent Pipe Line (quar.)
2
May 15 Holders of tee. May 5
14 Mar. 31 Holders of tee. Mar. lt3a Penman's, Ltd., common (guar.)
Crucible Steel, preferred (guar.)
Feb. 28 Holders of tee. Feb. 16
2
(bonus)
Common
1
Holder*
Mar.
April
rec.
of
24
15a
Cuban-American Sugar,common (quar.)
14 May 1 Holders of roe. Apr. 21
Preferred (guar.)
April 1 Holders of roe. Mar.154
Preferred (guar.)
Pennsylvania Water it Power (guar.)__ 14 Apr. 1 Holders of rec. Mar 19
Mar.16 Holders of rec. Mar. 1
Davies(William) Co.,Inc.,Class A (qu.) $1
Apr. 1 'Holders of rec. Mar. 15
"191
Pi.
(go.)..
2d
&
1st
,
.
Co
e-Mulliken
Pettibon
of
'Holders
rec.
0250.
.
10
30
Mar.
Mar.
Doris-Daly Copper Co
43.75o. Mar.15 Holders of tea. Feb. 19a
13.1 Mar. 1 Holders of tee. Feb. 14a Philadelphia Electric (guar.)
Deere & Co., preferred (quay.)
"2
Apr. 1 'Holders of rec. Mar. 15
Pierce-Arrow Motor Car, pref. (guar.).
Apr. 1 *Holders of roe. Mar. 15
Detroit it Cleveland Navigation (guar.)_ *2
*2
Apr. 1 Holders of reo. Mar.20
Mar. 15 Holders of reo. Feb. 28a Pierce Oil Corp., pref.(quar.)
2
Diamond Match (guar.)
50c Mar.15 Holders of roe. Mar. la
Pittsburgh Brewing,common (guar.)...
1
Apr. 1 Holders of rec. Mar. 15
Dominion Glass, Ltd., cont.(guar.)
Feb. 28 Holders of rec. Feb. 194
8734c
(qua?.)
Preferred
roe.
of
15
Holders
1
Mar.
Apr.
14
Preferred (guar.)
Mar. 1 Holders of roe. Feb. 12a
5
Pitts. Plate Glass, common (extra)
April 1 Holders of rec. Mar. 13
Dominion Iron & Steel, pref.(guar.)._
Mar. 1 Holders of roe. Feb. 12a
12
Preferred (annual)
10o. Mar. 1 Holders of tee. Feb. 15
Dominion 011 (monthly)
1 Holders of ree. Feb. 14a
Mar.
14
(gm.)
preferred
Steel,
Pittsburgh
*10o Apr. 1 *Holders of rec. Mar. 15
Dominion Oil (monthly)
Mar. 4 Holders of roe. Feb. 14a
Porto Rican-American Tobacco (guar.) fa
134 April 1 Holders of rec. Mar. 16
Dominion Steel Corp.(guar.)
Mar.10 Holders of rec. Feb. 18a
2
(quar.)
sommon
Car,
Steel
Pressed
of
rec.
15
Holders
Mar.
2
1
Apr.
Dominion Textile (guar.)
14 Mar. 2 Holders of ree. Feb. 100
Preferred (qPM%)
454 Mar. 15 Holders of roe. Feb. 28
du Pont(E.1.)de Nein. de Co.,corn.(04.)
14 Mar. 15 Holders of rec. Feb. 25a
Procter & Gamble, pref. (quit.)
154 Apr. 26 Holders of ree. Apr. 10
Debenture stock (guar.)
154 April 1 Holders of rec. Mar. 15
PaperMills,Ltd.,com.(quar.)
Provincial
of
20
*Holders
Apr.
rec.
May 1
du Pont(E. I.) de Hens.Powder,coni.(gu.)
191 April 1 Holders of rec. Mar. 15
Preferred (quar.)
May 1 'Holders of rec. Apr. 20
Preferred (guar.)
134 Feb. 28 Holders of rec. Feb. 2a
April 1 Holders of ree. Mar.200 Quaker Oats, preferred (guar.)
Durham Hosiery Mills, corn A & B(go.)
April 15 *Holders of rec. April 1
*3
(guar.)
common
Oats,
Quaker
20a
3.4 April 1 Holders of ree. Mar.
Common A & B (extra)
*14 May 29 *Holders of ree. May 1
Preferred (quay.)
Eastern Steamship, pref. (go.)(No. 1).,_ '18 Mar.31 *Holders of rec. Mar. 19
Mar. 31 *Holders of roe. Mar. 17
Railway Steel-SprIng,common (guarJ.._ *2
Eastern Steel,corn.(qu.)(In L.L.bongs) (234 Apr. 15 Holders of tee. Apr. I
*14 Mar. 20 *Holders of rec. Mar. 6
Preferred (quar.)
• First and second preferred (qttar.)--- 19( Mar. 15 Holders of ree. Mar. I
Railroads (Steam)-Concluded.
Reading Company, 2d pref. (quar.)_
Southern Pacific Co. (guar.)
Union Pacific, common (guar.)
Preferred
50c
14
254
2
April
April
April
April
k
8
1
1
1
Holders of ree. Mar.23a
Holders of rec. Feb. 28a
Mar. 14 to April 13
Mar. 14 to April 13
846
THE CHRONICLE
[VOL. 110.
Per
When
Statement of New York City Clearing House Banks
Books Closed.
Name of Company.
Cent. Payabie
Days Inclusive
and Trust Companies.-The following detailed statement
Miscellaneous (Concluded).
shows the condition of the New York City Clearing House
Ray Consolidated Copper Co. (guar.)
•25c. Mar. 31 *Holders of rec. Mar. 12
Republic Iron & Steel, common (quar.).
ly4 May 1 Holders of rec. April 24a members for the week ending Feb. 21. The figures for the
Preferred (quar.)
separate banks are the averages of the daily results. In the
1% Aprit 1 Holders of rec. Mar. 15
Riordon Pulp dc Paper, pref. (quar.)__ _
Mar.31 Holders of rec. Mar.22
case of totals, actual figures at end of the week are also given:
Rochester Gas & Electric, pref. Mai.)1g Mar. 1 Holders of rec. Feb. 16a
Preferred Series B (guar.)
111 Mar. 1 Holders of rec. Feb. 16a
St. Joseph Lead (guar.)
25c. Mar. 20 Mar. 10 to Mar. 21
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Extra
•
25c. Mar. 20 Mar. 10 to Mar. 21
(Stated in thousands of dollars-that is, three ciphers [,000) omitted.)
San Joaquin Power & Light, pref.(guar.) 134 Mar. 15 Holders of rec. Feb. 28
Savage Arms Corporation, corn. (quar.) 134 Mar. 15 Holders of reo. Mar.
la
Common (extra)
5
Apr, 30 Holders of roe. Mar. la
CLEARING
Loans,
Net
First preferred (quar.)
Reserve
1)1 Mar. 15 Holders of rec. Mar. la
Nat'l
HOUSE
Capital.l Profits. Discount, Cash
Second preferred (quar.)
with
Net
1)4 Mar. 15 Holders of rec. Mar. la
Time Bank
MEMBERS
Invest
Sherwin-Williams Co. of Canada, p1.(qu.)
in
Legal Demand
1 u Mar.31 Holders of rec. Mar. 15
De
Cisco
(.000 omitted.) Nat'l, Deo.31 1710,48, Vault, Deposi Deposits,
South Penn 011 (quar.)
Mar. 31 *Holders of rec. Mar. 12
*5
posits. lotion.
Week ending State, Nov.12
South Porto Rico Sugar,common (quar.) 5
&c.
tories.
April 1 Holders of rec. Mar. 10a
Feb. 21 1920. Tr.Cos.,Nov.12
Preferred (quar.)
2
April 1 Holders of rec. Mar. 10a
Southern Pipe Line (quar.)
5
Mar. 1 Holders of rec. Feb.
Members of
Average. A verage Average Average. Average Ages.
Southweszern Power & Light, pref. (qu.) 14 Mar. 1 Holders of rec. Feb. 16
19
Fed. Res. Bank
$
Standard Go. & Electric, preferred (guar.) *2
$
3
Mar.
$
*Holders of rec. Feb. 28
Bk of NY, NBA 2,000 6,660
52,301
Standard Milling, common (quar.)_
871 5,242
35,638 4,369
2
Feb. 28 Holders of roe. Feb. 18a Manhattan
755
97,575 2,701 11,946
Preferred (quar.)
85,184 8,140
131 Feb. 28 Holders of rec. Feb. 18a Merchants' Co. 2,500 8,260
Nat 3,000 3,323
Standard Oil (California) (quar.)
30,791
705 3,378
24,250 1,287 1,365
2% Mar. 15 Holders of rec. Feb. 14
Mech & Metals_ 6,000 12,100 162,777 9,243 18,164
Extra
138,075 4,146 1,000
1
Mar. 16 Holders of rec. Feb. 14
Bank of America 1,500 7,304
Standard Oil (Indiana) (guar.)
32,672 1,036 3,816
28,377
3
Mar. 15 Feb. 3 to Mar. 15
National City_ 25,000 55,815 554,107 14,424 67,321 *587,082 39,128
Extra
3
i;iii
Mar. 15 Feb. 3 to
Mar. 15
Chemical
Nat__
3,000
99,119
9,869
1,716 9,384
Standard 011 (Kansas) (quar.)
69,790 2,410 434
*3
Mar. 15 *Holders of rec. Feb, 28a Atlantic
Nat_ 1,000 1,000
21,351
519 2,371
Extra
17,714
532
3
Mar. 15 Holders of rec. Feb. 28a Nat Butch
139
& Dr
300
0,320
143
107
Standard Oil (Kentucky) (guar.)
445
*3
4,093
298
Apr. 1 'Mar. 16 to Apr. 1
Amer Exch Nat 5,000 6,668 128,898 1,952 12,406
*5
Standard Oil of N.J., common (quar.)_
01,038 5,568 4,802
Mar. 15 *Holders of rec. Feb. 20
NatBkof Comm 25,000 29,080 359,737 2,695 34,022
•1%
Preferred (qmr.)
, Mar. 15 'Holders of rec. Feb. 20
261,370 5,441
Pacific Bank__
27,732 1,770 3,788
600 1,153
Standard Oil of New York (quar.)
25,182
50
4
Mar. 15 Holders of rec. Feb. 20a Chath & Phenix
7,000 6,875 118,097 5,220 13,753
Standard Oil (Ohio) (quar.)_
*3
98,729 12,070 4,534
Apr. 1 'Holders ot rec. Feb. 27
Hanover Nat.. 3,000 19,056 137,794 5,580 19,286
Extra
139,124
*1
100
Apr. 1 'Holders of rec. Feb. 27
Citizens'
Nat..
3,000
53,930
1,031 0,004
3,590
Steel Products Co., pref. (quar.)
30,104
1% Mar. 1 Holders of rec. Feb. 15
162
095
Metropolitan _ 2,000 2,683
37,193 2,107 6,078
Stern Bros., pref. (quar.)
41,050
6
1j Mar.
Holders of roe. Feb. 20
Corn Exchange_ h6,200 8,925 147,481 9.380 22,424
Studebaker Corp., cotn,and pref.(quar.) 1% Mar. 1
155,654 7,310
1 Holders of rec. Feb. 260 Imp & Trad Nat 1,500
8,260 :37,831
Superior Oil Corporation (quar.)
691 3,618 . 27,420
69
5043. Mar. 1 Holders of roe. Feb. 17
Si
National Park__ 5,000 20,274 211,075 1,501 21,614
Thompson-Starrett Co., preferred
163,522 5,790 4,882
4
Apr. 1 Holders
rec. Mar.20
East River Nat_ 1,000
10,952
Todd Shipyards Corporation (guar.)_ _. _ _ 31.75 Mar. 20 Holders of
372
668
1,791
10,154
513
50
of
rec.
Mar.
6
Second National 1,000 4,208
23,589
Extra
891 3,047
20.024
$1.25 Mar. 20 Holders of rec. Mar. 6
643
First National__ 10,000 33,631 287,800 1,033 21,092
Tonopah Extension Mining (guar.)
167,914 2,411 8,254
*5c. Apr. 1 *Holders of rec. Mar. 11
Irving Nat Bk.. 6,000 8,281 139,647 3,475 17,175
Tooke Bros., preferred (guar.)
121,666 3,558 2,315
1% Mar. 13 Holders of rec. Feb. 28
N Y CountyNat 1,000
14,125
Underwood Typewriter, common (guar.)_ _
786 2,015
385
13,596
848
2
Apr. 1 Holders of rec. Mar. 5
200
Continental.,., 1,000
8,142
Preferred (quar.)
163 1,051
740
6,855
1% Apr. 1 Holders of rec. Mar. 5
Union Bag & Paper (quar.)
305,012 14,387 1,100
2
Mar. 15 Holders of rec. Mar. 5a Chase Nat Bank 115,000 20,430 375,814 5,454 41,261
Fifth Avenue..
20,463
Union Tank Car (quar.)
074 3,140
500 2,401
20,272
1% Mar. 1 Holders of rec. Feb. 5
United Cigar Stores of America; corn /10
0,078
350 1,139
200
968
8,583
Apr. 1 Holders of rec. Mar. 15a Commercial Ex_
9,317
447 1,424
400
UnitedCigar Stores, preferred (guar.)._
740
9,582
1% Mar. 15 Holders of rec. Feb. 27a Commonwealth.
Lincoln Nat
049 2,352
17,780
United Drug,second preferred (quar.).
1,000 2,144
17,288
7 210
1)i Mar. 1 Holders of rec. Feb. 20
United Dyewood. common (quar.)
14,594
503 2,080
14,170
201
1% Apr. 1 Holders of rec. Mar. 15a Garfield Nat.__ 1,000 1,367
397
17,002
325 1,595
Preferred (quar.)
514
12,160
515
1% Apr. 1 Holders of rec. Mar. 15a Fifth National_ 1,000
250
Seaboard
47,305
Nat__
United Fruit (quar.)
1,066
1,000
4,194
6,470
46,606
536
3
Apr. 15 Holders of roe. Mar.203 Liberty
68
Nat...5,000 6,830
89,502
United Paperboard, pref. (qmar.)
651 9,212
69,091 3,723 2000,
*1% April 15 *Holders of rec. April 1
Coal & Iron Nat 1,500 1,448
23,445
U. S. Oast Iron Pipe & Fdy., prof. (qu.) 1)4 Mar. 13 Holders of
781 1,431
13,675
578
411
rec.
Mar.
la
Union
Exch___
18,684
490
U. S. Envelope, common
1,000 1,387
2,078
18,892
424
334 Mar. 1 Holders of rec. Feb. 14a
400
43,027
753 4,270
Common (extra)
30,855 5,536 .....
2)4 Mar. 1 Holders of rec. Feb. 14a Brooklyn Trust. 1,500 2,656
926 31,189
Preferred
234,115 14,665 .....
334 Mar. 1 Hotders of rec. Feb.14a Bankers Trust_ s20,000 g18,489 289,345
U S Mtge & Tr_ 2,000 4,807
60,762
645 6,966
U. S. Gypsum, common (guar.)
53,238 2,950
1
Mar.d3I Mar. 16 to Mar. 31
Guaranty Trust 25,000 29,965 556,519 2,746 54,679 *489,803 39,216
Preferred (quar.)
1)4 Mar.d3I Mar. 16 to Mar. 31
12,434
U. S. Industriel Alcohol, corn. (quar.)- 336 1,475
11,268
349
2
Mar. 15 Holders of rec. Mar. in Fidelity Trust.. 1,000 1,365
84,387 1,102 9,818
United States Steel Corp., corn. (quar.) 1g Mar. 30 Feb. 28
Columbia Trus
5,000 7,267
77,322 6,016 .....
to Mar. 1
32,086 1,098 3,260
Peoples Trust,. 1,200 1,635
Preferred (quar.)
31,270 2,034 .....
1),i Feb. 28 Feb. 1 to Feb. 3
81,856
447
8,641
U.S. Worsted, 2d pref.(No. 1)
New York Trust 3,000 11,206
59,274 2,895 .....
1)( Mar. 15 Mar. 7 to Mar. 15
25,497
718 2,993
Utah Copper Co. (guar.)
Franklin Trust_ 1,000 1,326
22,033 1,655
*S1.50 Mar. 31 'Holders of rec. Mar. 12
23,655
438 3,936
Valvoline Oil, common (quar.)
Lincoln Trust__ 1,000
831
24,275
095
234 Mar. 16 Holders of rec. Mar. 11
42,732
Van Re:ate Co., Inc., 1st pref.(No. 1).... 1% Mar. 1
Metropolitan Tr 2,000 g3,403
600 4,066
28,780 1,263
Holders of rec. Feb. 14
458 1,301
17,976
Second preferred (No. 1)
Nassau N,Bklyn 1,000 1,300
12,832 1,030
$1.75 Mar 1 Holders of rec Feb. 14
50
Wabasso Cotton (quar.)
64,170
2,000
8,872
Irving
3,000
Trust
Co.
1,680
65,072 1,009
2
April 3 Holders of rec. Mar. 15
Waltham Watch, common
Farm Loan dr Tr 5,000 11,711 121,549 4,133 14,574 *131,471 12,859
*2)i Mar. 1 *Holders of rec. Feb. 20
23,479
527
Wayagamack Pulp & Paper (quar.)___
Columbia
1,000
2,399
Bank.
896
20,237
167
1
Mar. 1 Holders of rec. Feb. 16
Wayland011 & Gas, common (guar.).
15e. Mar. 10 Holders of sec. Mar. 1
Average
1,220400,204 4,923,574 98,909 542,767 t3,062,806 216,857 37,087
Weber & Hellbroner, common
50c. April 1 Holders of rec. Mar. 15
Preferred (quar.)
1% Mar. 1 Holders of rec. Feb. 16a
Totals, actual c ndition Feb. 21 4,905,552 97,111 523,063 3,922,7341215,104 36,992
Preferred (quar.)
.1% June 1 *Holders of rec. May 15
Totals, actual co nclition Feb. 14 4,939,148 100,119 546.482 c3,984 0441216,414 36.901
Welch Grape Juice Co., common (quar.)
750. Mar. 1 Feb. 21 to Feb. 28
Totals,actual co ndltion Feb. 74,996,394 97,075558,901 4,038,572 220,453 38,716
Preferred (quar.)
1% Mar. 1 Feb. 21 to Feb. 28
West India Sugar Finance, corn.(quar.). 1,* Mar. 1 Holders
of roe. Feb. 15a
State Banks. Not Me mbersof Federal Re serve Ba nk
Preferred (quar.)
2
Mar. 1 Holders of rec. Feb. 15a
Greenwich Bank
18,883 2,453 1,251
600 1,737
West'house,Church, Kerr & Co.,Inc,.(qu.) I% Mar. 10 Holders of rec.
19,565
Feb. 27
Bowery Bank__
5,455
Preferred (guar.)
327
698
250
5,445
839
134 Mar. 10 Holders of rec. Feb. 27
25,1)86
3,492 1,747
N
Prod
Y
White (J.G.) & Co., Inc., pref. (quar.)_
Exch.
28,629
1,000
1,351
120
114 Mar. 1 Holders of roe. Feb. 14
State Bank__-_ 2,000 1,415
64,229 3,916 2,202
White (J. CI.) Engineering, pref. (quar.) 1,‘ Mar. 1 Holders of rec.
31,865 31,909
Feb.
14
White (J. G. Manageml, pref. )quar.). 1)( Mar. 1 Holders of roe.
Feb. 14
Average.
White Motor (quar.)
85,504 32,029
3,750 5,344 114,553 10,559 6,527
$1
Mar. 31 Holders of roe. Mar. 17a
Willys Corporation, 1st pref. (quar.)_
2
Mar. 1 Feb. 21 to Feb. 29
Totals,
5,995
114,846
10,787
actual
n(lition
Feb.
86,298
co
Wilmington Gas, preferred
14
32,170
3
Mar. 1 Feb. 22 to Feb. 29
Totals, actual co ndition Feb. 7 115,446 10,481 5,861
Wire Wheel Corp., preferred (monthly)_ _ _ .1
86,690 31,771
Mar. 10 Holders of rec. Mar. 1
Totals, actual co ndltion Jan. 31 114,919 10,199 5,421
87,274 31,384
Woods Manufactueing, common (guar.).
1)4 Mar. 1 holders of rec. Feb. 21
Woolworth (F. W.),common (quar.).
2
Mar. 1 Holders of rec. Feb 100
Woolworth (F. W.)do., preferred
1% April 1 Holders of rec. Mar. 101 Trust Compan lea. N at Mem bers ofFed oral Res erve Ba nk
44,312
Title Guar & Tr
976 3,551
5,000 13,020
30,307
1Vorthington Pump ce Mach., pref. A (qu.) .
062
1% Apr. 1 'Holders of rec. Mar.20
Lawyers T & Tr 4,000 5,711
868 2,024
27,356
19,04
Preferred B (guar.)
262
*1% Apr. 1 'Holders of rec. Mar. 20
Yale & Towne Manufarturino (qua'.). _ _
5
A nr. 1 Holders of rec. Mar. 17
71,668 1,844 5,575
Average .
9,000 18,731
40,437 1,224
• From unofficial sources. t Declared subject to the approval of Director-General
of Railroads.
The New York Stock Exchange has ruled that stock
Totals, actual co edition Feb. 21
72,266 1,838 5,875
50,296 1,216
quoted ex-dividend on this date and not until further notice. a Transferwill not be Totals,actual cc nditIon Feb. 14
71,008 1,840 5,920
49,330 1,222
closed for this dividend. 0 Less British Income tax. d Correction. e books not Totals,actual co ndltion Feb. 7
72,363 2,028 5,134
49,429
Payable
1,121
in
stook. f Payable in common stock. o Payable in scrip. h On account of accumulated dividends. t Payable in Liberty Loan bonds.
Or'd aggr, avge 233,970 124,280 5,109,795 111,312 553,869 d4,097,747 250,110 37,087
k Payable to holders of record Jan. 31.
Comparison, pre v. week
-38,593 +799-7,815 --43,944
--2I +373
I Declared $2 payable in quarterly installments on March 30, June 30,
30
and Dec. 30 to holders of record on March 15, June 15, Sept. 15 and Sept.
Dec. 15, Or's aggr, act') rond'n Feb. 21 5,092,664 109,736 534,933 *4,059,328 248,400 36,992
respectively.
Comparison. pre v. week
-32,038-2,704 -23,330 -60,736 -917 +91
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, reOrd aggr, aot'l cond'n Feb. 146.125,002 112,440558,263 4,120,064 240,407 36,001
spectively
Ord aggr, acel cond'n Feb. 75,183,878 109,302 560,456, 4,175,275 252,958 38,715
n Declared 7% payable in quarterly installments on March 31, June 30,
30 Gr'd aggr, set'l cond'n Jan. 31 5,246,695 106,014 564,942, 4,166,568 249,949 38,604
and Dec. 31 to holders of record on March 11, June 10, Sept. 10 and Do,.Sept.
Grd aggr. aet'l cond'n Jan. 245.276,019 110,729 555,8211 4,167,634 263,694 38,347
11.
o Declared 7% payable in quarterly installments.
r Declared 8% payable 4% as above and 4% Sept. 30 to holders of rec. Sept. 25.
• Includes deposits in foreign branches not included in total footings, as follows'
z Payable March 1 1020.
National City Bank,$135,640,000; Guaranty Trust Co.,$78,381,000; Farmers' Loan
At rate of 8% per annum from date of issue. Oct. 6 1919.
& Trust Co., $78,381,000. Balances carried in banks in foreign countries as reserve
or such deposits were: National City Bank, $42,060,000; Guaranty Trust Co..
$8,440,000 Farmers' Loan & Trust Co.,$4,767,000. c Deposits In foreign branches
Boston Clearing House Banks.-We give below a sum- not included. d IT. S. deporits deducted,
$40,205,000. e U. S. deposits deducted,
$26,354,000. Bills payable, rediscounts, acceptances and other liabilities,
mary showing the totals for all the items in the Boston $1,103,450.
f As of Jan. 21 1920. g As of Jan. 11920. h As of Feb. 14 1920.
Clearing
House weekly statement for a series of weeks:
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANK
AND TRUST COMPANIES.
BOSTON CLEARING HOUSE MEMBERS.
Feb. 21
1920.
Changes from
previous tree/c.
Feb. 14
1920.
Feb. 7
1920.
Circulation
3,247,000 Inc.
37,000 3,210,000 3,240,000
Loans, disc'ts & investments.. 586,788,000 Dec. 6,195,000 592,983,000 584,200,000
Individual deposits. Incl. U.S 433,265,000 Inc. 2,863,000 430,402,000 423,579,000
Due to banks
110,885,000 Dec.
922,000 111,807,000 112,008,000
Time deposits
16,637,000 Dec.
145,000 16,782,000 16,965,000
United States deposits.
• 2,951,000 Dec. 4,416,000 7,367,000 13,161,000
Exchanges for Clearing House 19,983,000 Dec.
146,000 20,129,000 20,445,000
Due from other banks
56.078,000 Dec. 3,297,000 59,375,000 53.284,000
Cash in bank & in F. R. Bank 71,081,600 Inc.
954,000 70,127,000 66,450,000
Reserve excess In bank and
Federal Reserve Bank_ _ _ 23.773.000 me.
420.000 23,353.000 10,755.000
• Formerly included under the head of 'Individual Deposits."
Averages.
Cash
Reserve
in Vault.
Reserre
in
Depositarle:
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Members Federal
$
$
a
s
$
Reserve banks_
542,767,006 542,767,00( 521,670,490 21,096,510
State banks.
10,559,000 5,527,006 16,086,000 15,390,720
695,280
Trust companies'... 1,844,001
5,575,00C
7,410,000 7,415,550
3,450
Total Feb. 21.... 12,403,00C 553.869,000566272000 544,476,760 21,795,240
Total Feb. 14.... 12,251,000 561,684,006 573,935,000 650,201.01C 23,733,090
Total Feb. 7.... 11,728,000 567,140,000 578,868,000 554,737,240 24,130,760
Total Jan. 31____ 11.641,000 559,012,000 570,653,000 551,282,040 10,370,060
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Actual Figures.
Reserre
Cash
in
Reserve
in Vault. DeposUaries
Members Federal
Reserve banks_
State banks.
Trust companies._
Total
Total
Total
Total
Feb. 2L...
Feb. 14_
Feb. 7-- - _
Jan. 3l _ _.
$
10,787,00(1
1,838,000
b
Reserve
Required.
Total
Reserve.
$
$
$
523,063,000 523,063,000 516,408,540
5,995,000 16,782,000 15,533,640
5,875,000 7,713,000 7,544,400
12,625,000 534,933,000 547,558,001.
12,321,000 558,263,000 570,584,000
12,227,000 569,456,000 581,683,000
11.518.000 564.942.000 576.480.000
$
6.654,460
1,248,360
168,600
539,486.580 8,071.420
547,421,840 23,162,169
554,751,620 26,931,380
553.534,740 22,925,260
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showipg the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATeitt
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
Differences Irons
(Figures Furnished by State Banking Department.)
previous week.
Feb. 21.
Des. 56,376,850
5777,744,200
Loans and investments
153,600
8,387,500 Inc.
Specie
283,200
17,894,100 Dec.
Currency and bank notes
Deposits with Federal Reserve Bank of New York.- 7.5,617,200 Inc. 5,065,700
829,173,900 Dec. 6,580,800
Total deposits
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies in N.Y.City, exchanges and U.S. deposits 788,073,609 Inc. 5,124,700
133,999,609 Dec. 1.301,40(5
Reserve on deposits
Percentage of reserve, 19.4%.
RESERVE.
- --Trust CornpaniesState Banks
$75,252 000 14.60%
$26,446 800 15.14%
Cash in vaults
5.42%
23,289.930
5.15%
9,010,900
____
cos.
Deposits in banks and trust
535,457,700 20.29%
Capital as of Nov.12_
Surplus as of Nov.12 _
Loans & investments_
Specie
Currency & bk. notes
Deposits with the F.
It. Bank of N. Y.._
Deposits
Reserve on deposits
P.C.reserve to den
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week Ended--
$
6.225,364,700
6.157.850.600
6,152,354,000
0,196,334,100
6,106.291,800
6.033.287,000
5.965.254,400
5,90.5,2.54.400
5,911,523,100
5,977,547,400
6,002,477,800
6,08&:367,900
6,190,391,500
6.148.008.100
6,091,136,800
6,027,329,800
6,009,316,4i)0
5,932,509,000
It QQ7 KW1 9nn
$
4.995,626,900
5.011,330.800
5,997.701,600
5,056.029.200
5.032,629,900
4.994.912.400
4.957.303,600
4.957.90:1.600
4,493,718.700
4,977.633,400
4,874,397.000
4.978.225.000
4.997,47,5,100
4.9t4.734,500
4,979,839,100
4,930,832,900
4,959,253.290
4,922,639,900
A 1.7 con nnn
$
135,260.200
136.751.700
136.421,700
134,385,200
141,454.700
139,241.400
139.471.388
142.616.300
146,126.200
144,324,500
152,867.900
147.113.100
150.519,100
134.692.400
135,734,500
180,482.500
134,336,109
134,651,200
$
$
$
$
104,700,000
27,400,000
179,330,000
50,520,000
704,866,000 Dec. 6,365,500 2,068,788,100 Des. 33,222,100
29,300
11,154,600 Inc.
455,400
8,614,100 Inc.
43,000
20,426,300 Dec.
608,400
33,422,300 Dec.
72,644,000 Inc. 1,827,900 219,451,800 Ins. 2,900,900
852,056,000 Dec 13,175,000 2,096,144,700 Dec. 59,452,300
129,826,500 Inc. 1,390,200 292,083,600 Dec. 2,485,600
Same
16.9%
0.2%
20% Inc.
in
the
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers 1000 omitted.)
averages of the New York City Clearing House banks
trust companies combined with those fof the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
'Total Cash
in Vault.
Differences from
previous week.
Feb. 21
1920.
non-member institutions which are not included
"Clearing House Return" on the preceding page:
ip Banks and Trust Companies in New York City.-The
and
Demand
Deposits
Differences from
previous week.
Feb. 21
1920.
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
598,541,90) 19.12%
Loans and
Investments.
Trust Companies.
Stale Banks.
Week ended Feb. 21
1920.
Surplus
Reserve.
• Not members of Federal Reserve Bank.
a This 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 Federal Reserve banks
Includes also amount of reserve required on net time deposits, which was as follows.
Feb. 21, $6,505,710, Feb. 14, $6,516,120; Feb. 7, $6,585,000.
b This 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 Federal Reserve Bank
Includes also amount of reserve required on net time deposits, which was as follows:
Feb. 21, $6,453,120; Feb. 14, $6,492,420; Feb. 7, 56,613,590.
Total
847
THE CHRONICLE
FEB. 28 1920.]
Reserve in
Depositaries.
Net Loans,
Net
IReserve
Coptiali Profits. DtsCLEARING
with Demon
counts Cash
ION-MEMBERS
DeNat.bks.Deo.81 Invest- in I Legal
Week ending Statebks.Nov12 ments. Vault. Depot- posits,
fortes.
Feb. 21 1920. Tr.cos.Nov. 12 dtc.
I
Members of
Fed'I Res. Bank
Battery Park Nat_
3.1utua1 Bank
gew Netherland__
W 11 Grace & Co's
Yorkville
Jar City
First Nat.Bank__Total
State Banks
Not Members of the
Ferri Reserve Bank
Bank of Wash Hts,
Colonial Bank____
International Bank
North Side, Bklyn
Total
rcust Companies
Vol Members of She
Fed*: Reserve Bank
ganoliton Tr,Bkin.
NIecb Tr. Bayonn:
Total
Nat'l
Net
Time Bank
Circe.
Deposits. folios
Average Average1 Average Average Average Average'
$
$
$
$
$
I $
$
192
8
2431 1,884 12,420
1,500 1,516 17,5901
422
200
630 12.4801
2851 1,756 12,230
13
8,907
2381 1,326
6001
883 11,0721
5,810 2,903
241 1,091
500, 1.0381 8,5521
7,391 6,051
301 1,251
723 12,883
200'
383
6,891
756
400 1.332j 8,030
5721
575
3,400 5.90 71,597 1,663 8,064 53,649 9,592
II
1
14
100
600
500
2001
440 3,312
1,217 14,882
289 6,805
2671 6,570
418
1,561
718
806
201
1,189
718
378
3,333
16,003
6,555
5,978
384
1,169
1,4001
2,214 31,572
3,503
2,486 31,869
-
1,567
-
9,147
8,132
605
315
362
204
7,248
3,393
1,022
4.736
921
56
10,641
5 758
500
200
1.048
485
700
1,513 17,27!
Dirand aggregate-- 5.500
Comparison previous week
9,633120,358
-511
6,086 11,11 a96,159 16,917
+57
+88
+40 +156
575
-17
•
..
• • • ..
nenst agWOHMT
592
[led neer. Feb. 14 5,50d 9,633120,869 6,046 10,969 96,071 16,860
600
1
Dr'd aggr. Feb. 7 8.5001 9,834120,579 5,743 10,717 94,638 16,974
600
699.003.800 Dr'd aggr. Jan. 31 5,500 9,836118,467 5,794 10,537 94,596 16,568
599
698,812,600 Dr'd aggr, Jan. 24 5.5001 9.838118.042 5.686 11,314 96.458 15,476
687,728,600
$181,000.
deducted.
deposits
719.908,100
S.
U.
•
708.102,100
Bills payable, rediscounts, acceptances and other liabilities, $10.785,000.
696.738,090
Excess reserve, $12,250 increase.
6913.932,400
698.288.400
673.870.700
Philadelphia Banks.-The Philadelphia Clearing House
700.844.200
comparative
656.641.800 statement for the week ending Feb. 21 with
729,999,100
for the two weeks preceding, is as follows. Reserve
figures
661,736,400
Reserve system
703.777.400 requirements for members of the Federal
671.113,200 are 10% on demand deposits and 3% on time deposits, all
675,721..i00
"Cash in
Bank.
682.179.35) to be kept with the Federal Reserve
617,331,400 vaults
not a part of legal reserve. For trust companies
is
'
AgA
AA.) 4,A
17M Q17 41411
not members of the Fedora Reserve system the reserve
includes "Reserve
• This item includes gold, silver, legal tenders, national bank notes and Federal required is 15% on demand deposits and
"
Reserve notes.
" and "Cash in vaults.
with legal depositaries
Wk. ending Fs2) 211920.
New York City State Banks and Trust Companies.Iii addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up: see "Chronicle," V. 98, p. 1661.
p• The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 wore published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in the
computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
Two ciphers (00) omitted. Members of
P.51 System
Trust
Cos
Feb. 14
1920.
Fe" 7
1930.
To;a1.
$32,875,0 $1,005,0 $36,875,0 536,875,0 $34,675,0
Capital
85,938,0 11,094.0 97,032,0 07,044,0 97,042.0
Surplus and profits
800,150,0
Loans. diatfts & investm'Ls 769,030,0 35,169,0 804,199,0 804,350,0
535,0 27,9.51,0 28,080,0 30,241,0
House
27,416,0
for
t,lear.
Exchanges
13,0 125,170,0 121,691,0 114,319,0
125,157,0
Due from banks
215,0 139,203,0 136,762,0 138,910,0
138,988,0
Bank deposits
5)6,138,0 20.255,0 526,893,0 527,931,0 521,350,0
Ind!.!dual deposiat
8,238,0
8,177.0
8,417,0
1,779,0
6,638,0
Time deposits
652,261,0 22.249.0 674,513,0 672,931,0 668,437,0
T.nal denosto
8,173.0
3.524,0
1,455,0
U.S.depostts(notincluded)
51,590,0
52.656,0 50,121,
Res've with Fed. Res. Bank 52,656,0
2,812,0
2,458,0
2,417,0
2,417,0
Ites've with legal deposit's12,497,0
13,879,0
14,501,0
897,0
13,604,0
Cash la vaults
3,314,0 69,574,0 66,458,0 66,899,0
66,260,9
rotsi reserve et oash held.
3,076.0 52,580,0 52,783,0 52,861.0
49,504.0
Reserve required
138.9 16,994,0 13,675,0 14,038,0
16.756.9
13.1xeoss ens & eash In vault
members.
• C! sh in vault is not counted as reserve for Federal Reserve bank
is the weekly statement issued by the Federal Reserve
Member Banks. Definitions of the different items
the
of
and
liabilities
resources
the
of
items
principal
Board giving the
" Dec. 29 1917, page 2523.
in the "Chronicle
published
1917,
Dec.
14,
In the statement were given in the statement of
IN CENTRAL RESERVE AND OTHER
LOCATED
BANKS
MEMBER
OF
ITEMS
STATEMENT SIIOWING PRINCIPAL RESOURCES AND LIABILITY
SELECTED CITIES AS AT CLOSE OF BUSINESS FEB. 13 1920
reporting net liquidation under this head of 55.1 millions. Other
Liquidation in some volume of loans and investments. including Govern- alone and investments went up 24.1 millions during the week, as against
changes is
ment securities, accompanied by further withdrawals of Government de- loans
about 57 millions the week before. The net result of the above
posits, Is indicated by the Federal Reserve Board's weekly statement of seen in a reduction of about 98.9 millions in total loans and investments of
condition on Feb. 13 of 804 member banks in leading cities. Other demand all reporting banks, and of 83.1 millions in the loans and investments of the
eposits (net) show substantial gains, notwithitanding a reduction re- New York City member banks.
show
orted for member banks in New York City.
Rediscounts of customers' paper with the Federal Reserve banks
Government security holdings declined 39.3 millions, as against 34.1 an increase for the week of 72.5 millions, and bills payable an increase of
millions the week before, United States bonds showing a decrease of 3.5 15.7 millions. War paper held under discount for reporting members by
millions, Victory notes a decrease of 0.6 million and Treasury certificates the Federal Reserve banks increased from about 1,226 to 1,242.5 millions,
the decrease
from 668.7 to 740.4
a decrease of 35.2 millions, of which 15.6 millions represents
o rediscounts and ordinary commercial paper thus held iocreased
an increase from
for the New York City members. War paper, exclusive
with the millions. The New York Federal Reserve Bank reports 235.1 millions in
lar
ely
millions,
16.4
declined
with the Federal Reserve banks,
to
198.3
from
and
paper
war
in
508.3
67 millions, Is 499.4 to
members.
City
New York City banks. A much larger decline, viz., ofYo
York
New
the
for
City banks other paper held under discount
shown in loans secured by stocks and bonds, the New
Member Banks of the Federal Reserve System.-Following
848
THE CHRONICLE
Government deposits declined 48.4 millions (about 26 millions
in New
York City), while other deposits (net) went up 73.3 millions,
and time deposits about 6 millions. For the New York City banks
decreases of 15.6
millions in net demand deposits and of 6.6 million in time
deposits are
shown. Reserve balances (all with the Federal Reserve banks)
in accord1.
[VOL. 110.
ance with the reduction in deposit liabilities of the reporting
banks fell off
18.8 millions (13.4 millions in New' York City). Cash in vault,
largely
Federal Reserve notes, increased 36.1 millions, over one-half
of this increase being shown for members outside Federal Reserve Panic and
branch
cities.
Data for all reporting banks In each district. Three ciphers
(000) omitted.
Three ciphers cow omutea.
•
Boston. New York Philadel. Cleveland. Richm'd. Atlanta. Chicago. St. Louis.
Minneap. Kan. City Dallas. San Fran. Tt
Number of reporting banks
46
112
56
92
82
47
107
35
35
U. S. bonds to secure circulation
83
44
65
804
$13,011 $48,637 $11,097 $41,842 $26,651 $14,015 $20,929
$17,177
$7,170 $14,627 819,573 $34,605 $21 0,234
Other U. S., incl. Liberty bonds
14,606 239,734
27,311
62,185
35,109
28,915
50,108
14,250
10,666
22,152
U. S. Victory notes
18,335
62,248
51 4,519
7,855
83,282
11,611
23,262
10,032
7,337
30,697
4,146
2,446
5,310
U.S. certificates of indebtedness
4,081
12,839
21 1,698
31,766 289,283 .49,000
54,128
21,338
26,986 106,169
19,801
13,222
10,779
29,541
42,982
61 5,895
--- -- - - -Total U. S. securities
---------,
$67,238 $660,936 $99,819 $181,417 $93,030 $77,263 $226,803$55,374 $33,404 $52,868 $71,530 $152,674 $1,71 1,346
Loans and investments, exclusive of
bills rediscounted with F. R.
and other banks:
Loans sec. by U.S. war oblIgat'n_ 839,941 $482,784 $79,818
$33,199 $22,103 $97,464 829,396 $15,100 $19,669
Loans sec. by stocks and bonds_ 196,263 1,367,251 206,222 $84,859
$7,088 $31,324 $9: 2,415
69,700 498,421 160,838
28,404
76,246
All other loans and investments_ 689,812 3,467,655 538,424 345,771 106,505
34,846 141,897 3,2: 2,184
833,376
349,736 366,021 1,462,480 330,823 256,783 458,249 229,337 838,319
Reserve balances with F. R. Bank_
9,71 8,908
81,279 665,422
59,838
90,228
39,727
35,938 199,489
48,060
23,025
Cash In vault
49,324
27,206
78,855 1,31 8,371
25,152 129,046
17,918
32,516
17,065
13,105
70,521
11,021
Net demand deposits
8,616
15,284
11,747
31,291
31 3,279
795,641 5,112,686 665,604 864,758 367,859 312,228 1,473,176
375,477 233,171 472,119 255,177 624,181 11,51 1,077
Time deposits
133,275 384,902
26,070 354,884
99,382 130,434 585,611 118,705
62,034
Government deposits
92,783
42,378 469,924 2,51 0,862
7,882
72,482
5,899
15,329
3,314
3,817
24,358
3,880
Bills payable with F. R. Bank:
587
3,056
4,790
11,422
11 6,814
Sec. by U.8. war obligations__ _
31,797 440,912
85,246
75,085
39,871
41,918 121,141
31,451
15,166
All other
17,040
22,570
39,788
91 1,085
500
125
150
Bills rediscounted with F. R. Bank:
2,875
85
3,635
Sec. by U. S. war obligations..__ _
47,567 111,951
76,738
8,226
7,170
3,506
10,020
8,507
2,634
2,825
All other
1,322
21 0,506
40
76,167 243,690
43,191
38,035
19,160
23,036 131,813
40,710
37,259
41,841
5,472
36,514
71 6,888
J. Data for Banks In Federal Reserve Bank and Branch Cities and
All Other Reporting Banks.
Three ciphers (000) omUted.
New York.
Chicago
All F.R.Bank Cities. P. R. Branch Cities.
All Other
Reporting Balks.
Total.
Feb. 13. Feb. 6. Feb. 13. Feb. 6. Feb. 13. Feb. 6. Feb.13'20. Feb.
6 '20. Peb.14.19.
Number of reporting banks
71
71
50
50
276
276
193
193
335
335
U. S. bonds to secure circulation_ 538.04(
801
804
771
) $39,190
21,433
$1,438 8101,270 8101,557 $70,804 $70,804 $97,160 $96,902 8269,234
Other U. S. bonds, incl. Lib. bds_ 208,731
$269,253 $263,111
211,549
24,945
24,767 329,491 332,872 142,821 141,744 122,207 123,326
U. S. Victory notes
594,519
597,942
723,713
72,823
72,075
15,361
15,772
112,645 112,299
53,324
54,714
U. S. certificates of indebtedness_ 274,921 290,494
45,720
45,304
211,698
212,317
38,705
41,475 463,015 489,339 149,280 152,994
83,600
88,735
605,805
731,068 1,742,993
---- - --- Total U.S securities
505,415 613,308
80,449
83,462 1.006,421 1,036,067 416,229 420,256 348,696 364,267 1,771,346
oans and investments, excl. of
1,810,590 2,729,817
bills rediscounted with F. R.
and other banks:
Loans sec. by U. S. war obits. 435,582 448,714
66,886
67,546 698,246 713,669 125,301 123,974
Loans sec. by stocks and bonds. 1,213,675 1,268,784 384,940
98,868 101,134
022,415
933,777 1,170,031
All other loans and Investments 3,096,535 3,093,501 850,880 • 386,559 2,330,808 2,391,252 475,057 478,266 416,299 419,992 3,222,164 3,280,510 110072938
Reserve balances with F. R. bank 626,43.5 639,901 138,845 835,785 0,141,375 6,149,340 1,952,994 1,927,845 1,704,627 1,697,694 9,793,093 0,774,879 f
145,557
1,026,661
1,044,730
198,855 204,104 172,855 168,325 1,396,371 1,417,159 1,255,438
Cash in vault
115,177 110,235
38,097
37,510 220,166 209,476
78,145
71,344
Net demand deposits
84,968
66,398
383,279
347,218
361,138
4,647,471 4,663,058 985,018 986,529 8,022,297 8,018,570 1,772,305
Time deposits
298,216 304,811 267,156 266,952 1,153,365 1,159,834 797,934 1,743,351 1,758,475 1,715,914 11,551,077 11,477,835 9,911,667
785,364
549,513
2,500,882
Government deposits
2,404,012
549,864
1,624,454
70.831
96,830
12,121
12,602 115,662 153,717
26,863
33,465
14,280
Bills payable with F. R. Bank!
17,986
156,814
205,168
644,538
Secured by U. S. war obligat'ns 401,394 389,302
66,154
53,450 667,857 651,545 192,906 192,136 101,132 100,382
All other
044,062 11,039,467
961,985
500
500
2,260
Bills rediscounted with F. R. B'k:
775
4,374
825
5,699 f
3,535
Secured by U. S. war oblIgat'ns 106,911 110,131
6,085
3,615 247,501 248,267
16,457
17,523
16,548
16,146
280,506
All other
281,936 378,113
235,091 198,313 109,480 101,563 593,570 520,906
86,085
57,233
84,645
Ratio of U. S. war securities and
57,407
736,888
683,048 J
war paper to total loans and
Investments. per cent
sea
inn
inn
inn
ice
inn
ice
ins
VI 41
I !I 0
15.4
15.7
26.
Feb. 13.
Feb. 6.
Feb. 13.
Feb. 6.
1
The Federal
Reserve Banks.-Following is the weekly statement issued by
the Federal Reserve Board on Feb. 20:
Continued increases in discount operations and Federal
Reserve note Chicago, Kansas City and San Francisco banks are inclusive of 30.4 millions
issues, accompanied by substantial reductions in gold
and
cash
reserves
purchased
from
the
New York and Boston banks, as against 38.9 millions
and a slight decrease in net deposits, are indicated by tile
.
Federal Reserve shown the previous week.
Boarn's weekly bank statement izsued as at close of business on
Government deposits show an increase for the week of 51.4 millions, while
War paper on hand at the several Reserve banks shows Feb.20 1920.
an
increase
for
members'
reserve
deposits declined about 9 millions, and other deposits,
the week of 55.5 millions and other discounts an increase of
9.5 millions. including foreign Government credits, 1.7 millions. On
On the otAer hand, holdings of acceptances purchased
the other hand,'
show a decline of 10.9 millions, while those of Treasuryin the open market the "float" carried by the Federal Reserve banks (treated as a deduction
certificates
largely
,
from
gross
deposits) increased 42.2 millions, with the result that net. deposits
as the result of redemption by the Government of the special
temporary work out at 1.5 millions less than the week before. Federal Reserve notes
certificates ou;3standing, decreased 21.7 millions. Total earning
assets In circulation increased about 18 mfilions, while the banks' aggregate liabiliincreaLed during he week by abou. 32.5 millions. Of the total
millions of war paper held, 706.9 millions, or 46.3%, were of 1,525.2 ties on Federal Reserve bank notes in circulation declined about 5 millions.
Liberty bonds, 244.8 millions, or 16.1%, by Victory notes,secured by Withdrawals of gold for export largely account for decreases of 18.6 millions
and 573.5 in gold reserves and of 17.1 millions in total cash reserve.'. As a rseult of
millions, or 37.6%, by Treasury certificates, as against 44.9,
16.1 and 39% the above changes the banks' reserve
of a total of 1,469.6 millions of war paper reported the week
ratio shows a decline for the week
before.
from 43.2 to 42.7%.
Discounted paper held by the Cleveland, Atlanta, Chicago,
Increases in capitalization of existing members and admission of new
Kansas City and Dallas banks includes 93.9 millions of bills Minneapolis,
discounted for members in the Philadelphia, Cleveland and Richmond districts, account
the New York and Philadelphia banim, as against 97.7 millions
before, while acceptance holdings of the Boston, Cleveland, the week largely for an increase of $857,000 in paid-in capital.
Atlanta.
COMBINED RESOURCES AND LIABILITIES OF TFIE FEDERAL RESERVE BANKS
AT TIIE
CLoss or
BUSINESS FEB. 20 1920.
Feb. 20 1920. Feb 13 1920 Feb. 8 1920. Jan. 30 1920. Jan.
(23
1920. Jan. 16 1920. Jan. 9 1020. Jan. 2 1920. Feb. 211919.
RESOURCES.
$
$
$
S
$
Gold coin and certificates.
$
$
$
$
5200,973,000 202,425.000 205,393,000 225,156,000
Gold settlement fund, F. R. Board
396,138,000 424,832,000 434,160,000 439,524,000 220,347,000 212,119,000 220,301,000 239,609,000 350,417,000
441,499.000 456,260,000 380,263,000 363,723,000 457,889,000
gold with foreign agencies
112,822,000 112,822,000 114,321.000
114.321.000 117,322,000 120,323,000 123,322,000 131,320,000
5,829,000
Total gold held by banks
70),913,003 740,079.000 753,87,j0 )0 779,001,000
723,886,000 734,652,000 814,1.35,000
Gold with Federal Reserve agents
1,150,798,000 1,121.757.000 1.116.427,00n 1,119,426.000 770,168,000 788,702,000 1,209,508,00
0 1,205,596,000 1,197,983,001
Gold redemption fund
109,083,000 126,544,000 121,259,010 114,229,000 1,126,261.000 1,136,326,000
121,221,000 118,850,000 107,977.000 122,367.000 112,923,000
Total gold reserves
1,969,814,000 1,988,380,000 1,991,560,000 2,012.656.000
2,026,650,000 2,043,878,000 2,041,371,000 2,062,615.000 2,125,041,008
Logal tender notes, silver, &a
65,626,000
64,133,000
63,096,000
61,277,000
61,246,000
60,403,000
60,728,000
58,657,000
66,491,000
Total reserves
2,035,440,000 2,052,513,000 2,054.656,000 2,073,933,000
Rills discounted:
2.087.896,000 2,104,281,000 2,102,099,000 2,121,272,000 2,191,532,000
Secured by Govt. war obligations
1,525,203,000 1,469,562,000 1,451,557,000
All other
, 833,321,000 823,873,000 751.982.000 1.457.892,000 1.386,348,000 1,351,454.000 1,352.085,000 1,484,262,000 1,596,458,000
Sills bought In open market
632,703,000 542,600,000 554,750.000 716,465.000 767,110,000 748,611,000 727,870,000 746,925,000 221,996,000
561,313.000 575.789.000 575,675,000 574,722,000 574,1331,000 269,920,000
Total bills on hand
2,890,227,000 2,836,035,000 2,758,280,000 2,735,670,0
00 2,720,247,000 2,675,740,000 2,654,477,000 2,805,818,000 2,088,374,000
U. S. Government bonds
26,775.000
26,775,000
26,776,000
27,036,000
27,036,000
27,030,000
26,836,000
U. S. Victory Notes
26,836.000
28,095,000
63,000
63,000
63,000
64,000
64,000
64,000
264,000
U. S. certificates of indebtedness
64,000
268,610,000 290,317,000 276,064,000 276,421,000
276a65,000 310,684,000 302,4013,000 349,090,000 147,123,000
All other earning assets
4,000
Total earning assets
3,185,675.000 3,163,190,000 3,061,192,000 3.039.191,000 3,033,112,00 3,022,524,00 2,083,983,00
0
0
0 3,181,808,000 2,263,596,000
Bank promisee
11,144,000
11,103,000
10,586,000
10,569,000
10,403,000
10,461,000
10,410,000
10,369,000
Unoolleeten Items and other deduction
8,969,000
from gross deposits
1,029,653,000 1,052,333,000 896,971,000 933,128,000 1,022,633,000 1,116,852,000 1,021,696,00
0
1,171,778,00
4% redemp fund eget. F. R. bank not
633,806,000
0
12,724,01)0
12,114,000
12,232,000
12.260.000
12,130,000
12,865,000
13,254,000
13,130,000
All other resources
6,809,000
3,851,000
4,122,000
5.048,000
5,341,000
5,463,000
5,483,000
5,241,000
5,733,000
8,480,000
Total resources
6,278,487,000 6,285,375,000 8,040,685,000 6.074.412.000 6,171,747,000 6,272,440,00
0 6,138,083,000 8,504,090,000 5,113,192,000
LIABILITIES.
Capital paid in
90,531,000'89,674,000
89,119.000
87,892,000
87,529,000
87,589,000
87,451,000 • 87,433,000
Surplus
81,406,000
120,120,000 120,120,000 120.120.000 120.120.000 120,120,000 120,120,000
120,120,0(10 120,120,000
Government deposits
22,738,000
75,587,001)
24,218,000
42,446,000
72,974,000
90,448,000
34,698,000
27,708,000
Due to members, reserve account
38,920,000 205,675,000
1,828,891,000 1,837,865,000 1,869,438,000 1,860,712.000 1,859,149,000 1,043,561,00
Deferred availability items
815,606,000 880,451,000 654,735,000 720.620.000 795,782,000 840,864,0000 1,850,219,000 1,922,800,000 1,563,912,000
763,146,000 944,884,000 480,257,000
Other deposits. Incl. for. Govt. credits
95,366,000
97,044,000
95,876,000
95,418.000
95,097,000 107,800,000
96,425,000 116,307,000 114,758,000
Total gross deposits
2,815,450,000 2,839,578,000 2,662,495,000 2,739.624.000 2,840,476,000 2,935,913,00
1. R. notes in actual circulation
2,977,124,000 2,959,087,000 2,891,775.000 2.850,044,000 2,844,227,000 2,849,870,00 0 2,737,688,000 3,022,911,000 2,364,602,000
0 2,914,368,000 2,998,902.000 2,466,248,000
W. R. bank notes In circulation-net ilab
240,858,000 245,810,000 248,780,000 250,530,000 254,843,000 258,482,000
259,099,000 258,561,000 133,465,000
All other liabilities
34,404,000
31,106,000
28,396,000
25,302,000
24,492,000
20.523,000
18,057,000
44,733,000
16,073,000
Total liabilities
6.278.487.000 6.2138.376.000 6.040.885.000 8.074.412.000 8.171.747.000
6.272.446.000 6.136.683.000 6.504.090.000!5.113.192,000
•
849
THE CHRONICLE
FEB. 28 1920.]
9 1920. Jan. 2 1920. Feb. 21 1919.
Feb. 20 1920. Feb 13 1920 Feb. 6 1920. Jan. 30 1919. Jan. 23 1920. Jan. 16 1920 Jan.
Ratio of gold reserves to net deposit and
F. R. note Ilaullitles combined
Ratio of total reserves to net deposit and
F. R. note liabilities combined
Ratio of total reserves to F. R. notes in
°Insulation after setting aside 35%
against net deposit liabilities
41.3%
41.9%
42.8%
43.2%
43.5%
43.8%
45.4%
42.6%
53.9%
44.1%
44.5%
44 8%
45.1%
45.4%
43.7%
52.2%
42.7%
43.2%
64.3%
49.5%
51.5%
51.5%
51.0%
50.5%
49.7%
48.2%
47.4%
,
4
$
$
$
$
$
$
$
$
Dfshibtaton by Maturities—
81,985,000
116,925,000
103,555,000
115,446,00(1
122,411,000
115,267,000
1-15 days bilis bought In open market_ 139,153,000 137,611,000 123.716,000 1,385,117.000 1,328,917,000 1,386,691,000 1.433,979M( 1,477,607,000 1,451,139,000
1,511,016,000 1,457,971,000 1,432,954,000
12,563,000
1-15 days bills discounted
85,606,000
39,889,000
52,457,000
11,293,000
13,061,000
14,472,000
24,053,000
5,772,001;
1-15 days U.S.certif. of Indebtedness
1-15 days municipal warrants
66,051,000
101,103,000 103,643,000 104,217,000
116,004,000
127,669.000
136.158.000
127,339,000
117,033,00'
market
open
56,820,000
16-30 days bills bought In
238,153.000
219,421,000 223.711,000 172,123,000 206,267.000 217,142,000 172,077,000 150,000,000
130,000
16-30 days bills discounted
3,000.000
3,151,000
2,574,000
5,136,000
4.586,000
4,500,000
6,000,000
11,570,000
16-30 days U.B.certif. of indebtedness
•
98,850,000
16-30 days municipal warrants
206,406,000
237,367,00e
237,365,00
229,157.000
249,208,000
222,786,000
95,961,000
81-60 days bills bought in open market_. 197,367,00(, 207,592,000 320,861,000 309,576.000 298,901,000 323,307,000 312,265,00( 341,395.000
425,383,000 357,350,000
81-60 days bills discounted
6,607,000
7,797,003
11,850,000
10,868,000
28.524,000
11,179,000
10,853,000
19,337,000
4,000
81-60 days U.S. certif. of indebtedness_
23,034,000
41-60 days municipal warrants
147.033,000
69,169,000 108,217,000 121,761,000 130,157,001
72,090,000
70,058,000
78.150.000
61-90 days bills bought in open market...
153.103,000 191,538,000
160,942,001
196,111,001
288,043.000
255,093,000
261,197,000
239,269,000
188,067,000
350,000
81-90 days bills discounted
7,989,000
8,326,001
6,600,000
6,100,000
6,000,000
46.152,000
5,500,000
4,000,000
61-90 days U. S. certif. of indebtedness_
81-90 days municipal warrants
Over 90 days bills bought in open market
22,996,000
20,929,000
22,554,000
21,879,001
20,455,000
15,074,000
16,404,000
18,304,000
14,637,000
Over 90 days bills discounted
245,888,000 134,080,000
227,931,000 243,911,000 239,913,000 184.098,000 243,368,000 246,203,000 243,243,000
Over 1/0 days certif. of indebtedness
Over 90 days municipal warrants
Federal Reserve Notes—
1,244,314,001 3,291,342,000 2,677,835,000
3,221,789,00e 3,187,974,000 3,139,652,000 3,130,783.000 3,146,156.000 3,177,290,00( 329,946,00' 292,350,000 211,587,000
Outstanding
244,665,001 228,887,000 247,877,000 279,839,000 301,929,000 327.411,001
Held by banks
2,914,368.001 2.998.992,000 1,466,248,000
2,977,124,001 2.959,087,000 2.891,775,000 2,850,944,000 2,844,227,000 2,849,879,001
In actual circulation
Fed. Res. Notes (Agents Accounts)—
4,124.340,000 1,013,680,000
6,152,300,001
6,163,780,001
6.172,260,000
6,187,120,000
6.222,280,000
9.300,000,000
6,372,900,001
Received from the Comptroller
2.504,545,000 916,175,000
2.701,037,00' 2,766,147,000 2,732,255,000 2,689,869.000 2,645,496,000 2,596,262,001 2,549,149,00(
Returned to the Comptr3ller.
3,603.151,001 3.619,795,000 1,097,505,00e
3,567,518,001
3,526,764,000
3,497,251.000
3,490,025,000
3,533.853,000
Amount chargeable to Fed. Res. agent 3,580,963,00
358,837 001 328,453,000 419,670,000
359,174,00' 345,879,000 350.373,000 366,468,000 380,608,000 390,228,00(
In hands of Federal Reserve Agent
3,291,342,000 1,677,835,000
1,244,314,00(
3,177,290,001
3,146,156,000
3,221,789,00' 1,187,974,000 3,139,652,000 3,130,783,000
issued to Federal Reserve banks
Flow Secured—
0 225,147,000
244,148,00248,148,001
242,148,001
246,148,000
240,148,000
240,148,000
—
244,148.000
241,148,001
BY Roll coin and certificates
By lawful money
2,040,964,001 2,034,806,001 2,085,746,000 1,479,852,000
2,019,895,000
2,066,217,000
2,011,357.000
2,023,225,000
,070,991,00'
,
By eligible paper
101,120,000
83,379,000
105,786,001
96,105,001
91,979,000
93,167,000
97,579,000 102,742,000
102,899,00(
Gold redemption fund
798,073,001 855,574,00) 860,328,000 889,457,000
806,760,001 780,030,000 737,537,000 786,111,000 788.134,000
With Federal Reserve Board
3,244,314,001 3,291,342,000 1,677,835,000
3,221,789,00' 3,187,974,000 3,139,652,000 3,130,783,000 3,146,156.000 3,177,290,000
Total
1,590,549.00, 2,70,662,O0() !..m.Anceee
2.1314.859.00'
2,6117,810,000
2.690,261.000
2,647.947.000
2,761.178,000
Eligible miner dellvered to FR Agent 1.334 14e.000
AT CLOSE OF BUSINESS FEB 20 1920.
BANKS
RESERVE
12
OP
THE
OF
EAC.11
FEDERAL
LIABILITIES
‘rr.scr.NIT OF RESOURCES AND
,
WEEKLY 141
Dallas
ion Fran
Total.
— --3
$
4
$
S
S
4
$
$
$
S
$
$
RESOURCES.
353,0 7,0121 11,6481 200,973,0
952,0 13,314,0 2,319,0 8,552,0 24,296,0 2,79(3,0 7,275,0
9,788,0 112,668,0
loll win and certificates
30,449,0
396,138,0
16,0441
31,865,0
20,253,0
13,309,0
73,988,0
43,078,0 27,283,0 41,044,0 28,356,0 21,581,0
301d Settlement Fund, F. R. B'd 48,897,0
5,4151 2,9331 5,1901 112,822,0
41,406,0 9,026,0 9,252,0 5,528,0 4,061,0 13,426,0 5,303,0 34146,0
8,236,0
;old with Foreign Agencies
--25,9891 47,278.1 709,933,0
37,6331
.30,574,0
21.408,0
66,921,0 197,152,0 37,281,0 63,610,0 36,203,0 34,194,0 111,710,0 58,463,0 33,6681 38,8251 31,057,0 89,507,0 1,150,798,0
Total gold held by banks
123,859,0 33,380,0 55,643,0 208,537,0
)old with Federal Reserve agents 88,895,0 304,712,0 84,252,0
3,679,1 11,4561 109,083,0
3,993,0
142,1
4,768,0
17,443,0
5,417,0
9,721,0
24,918,0 12,451,0 1.103,0
13,902,0
'old redemption fund
64,3841 80,451,0 69,7251 143,2411 1,969,814,0
84,639,0
337.690,0
95,254,0
79,304,0
188,572.0
133,964,0
169,808,0 526,782,0
1911
65,626,0
Total gold reserves
645,0 1,096,1
62,0
309,0 1,725,0 2,478,0 3,511,0
802,0
149,0
48,620,0
6,035,0
.14mal tender notes. silver, dro___
.
2,035,440,0
61,821,0
148,435,0
64,446,0
81,0961
88,150,0
340,168,0
96,979,0
79,613,0
189,374,0
175,843,0 575,402,0 134,113,0
Total reserves
3111s discounted • Secured by Gov154,329,0 112,845,0 78,271,0 61,081,0 175,515,0 49,1386,0 28,473,0 45,833,0 50,523,0 51,351,1 1,525,203,0
ernment war obligations (a) 100,581,0 616,710,0
52,595,0 41,699,1 54,663,0 17,304,0 49,023,1 833,321,0
77,417,0 202,694,0 45,454,0 49,635,0 26,036,0 38,157,0 178,654,0 9,802,0 3,0121 10,3151
1,768,0 94,0951 531,703,0
All other.
7,004,0 69,611,0 9,738,0 17,449,0 75,088,0
217,314,0
16,417,0
HIM bought in open market (b)
_......____
194,4691 2,890,227,0
69,595,1
110,816,1
73,184,1
112,083,0
429,257,0
194,415,0 1,036,708,0 206.877,0 232,091,0 114,045,0 116.687,0
26,775,0
2,632,0
116,1 8,868,0 3,966,
Total bills on hand.._
114,0 4,477,0 1,153,0
1,457.0 1,385,0 . 833,0 1,235,0
539,0
63,0
3,0
7. S. Government bonds-- —
10,0
50,0
268,610,0
11,575,1
8,390,0
16,411,0
8,480,0
bonds
Victory
Government
17,479,0
7. 8.
62,171,0 30,921,0 23,436,0 12,260,0 15,665,0 40,328,0
21,584,0
— — —
—
7. S. certifleates of indebtedness — —-— —130,715,0 81,780,0 136,095,0 81,8611 208,676,1 1,185,675,0
216,538,0 1,100,386,0 239,183,0 256,370,0 127,540,0 132,469,0474,062,0
11,144,0
231,0
533,0
462,0
515,0
Total earning assets
866,0
506,0 2,116,0
563,0
641,0
3,094,0 '500,0
1,117,0
lank premises
1,029,653,0
56,8501
58,704,C
83,590,0
21,184,0
73,675,0
Theolleoted items and other de129,046,0
79,175,0 234,058,0 92,312,0 87,794,0 70,459,0 42,806,0
ductions from gross deposits_
12,724,0
665,1
5621
570,0
970,0
322,0
1% redemption fund against
855,0 2,079.0
503,0
2,556,0 1,475,0 1,095,0
1,072,0
3,831,0
224,(
131,1
238,0
63,0
284,0
Federal Reserve Dank notes —
575,0
138,0
356,0
299,0
256,0
948,0
339,0
111 other resources
— —-— — -—
—6,278.487,0
415,081,0
203,612,1
302,451,0
168,558,0
294,012,0
948,046,0
273,753,0
279,034,0
474,084,0 1,916,444,0 467,839,0 535,573,0
Total resources
90,531,0
LIABILITIES.
4,122,0 3,133,1 4,0471 3,484,0 5,9741
23,796,0 8,190.0 9,894,0 4,540,0 3,504,0 12,637,0
7,210,0
3,030,0 7,539,1 120,120,0
3,5691 6,1161
)apital paid In
45,082,0 8,805,0 9,089,0 5,820,0 4,695,0 14,292,0 3,724,0
8,359,0
75,587,0
6,5781
3,208,0 2,020,1
lurplus
4,254,0 3,192,0 1,685,1
2,799,0
6,968,0
1,516,0
2,614,0
38,035,0
2,718,0
118,807,0 1,828,891,
levernment deposits
91,309,0 139.438,0 60,297,0 58,952,0 259,363,0 69,403,0 50,072.1 91,613,0 67,1711
)tie to members, reserve account 115,353.0 707,113,0 83,115,0 71,473.0 60,906,0 38,945,0 104,099,0 56.872,0 17,158,1 72,261,0 38,452,( 33,4271 815,60
59,440,0 179,458,0
95,366
3,6651 2,131,1 6,804,0
)eferred avallabilig items
42,165,0 6,796,0 6,116,0 3,620,0 2,766,0 9,741,0 3,831,0 2,234,1
5,497,0
—
Lil other deposits
3,815,450,0
165,616,1
109,774,1
103,462,0 377,457,0 133,298,0 71,1491 170,7471
183,008,0 966,771,0 183,834,0 223,995,0 126,339,0 146,262,0 501,228,0 137,133,0 82,141,1 101,563,1 76,782,( 122,616,1 2,977,124,0
Total gross deposits
238,059,0 270,050,0 129,632,0
P. R. notes in actual circulation_ 254,247,0 817,411,0
P, R. bank notes in circulation
7,6921 18,684,0 9,727,1 11,104,1 240,858,0
49,008,0 26,402,0 20,289,0 11,645,0 14,698,0 37,908,0 14,515,0
19,096,0
34,404,0
2,232,0
815,1
1,294,0
—net liability.
874,0
14,286,0 2,549,0 2,256.0 1,058,0 1,132,0 4,524,0 1,220,0
2,164,0
LI1 other liabilities
—168,558,0 302,451,0 203,612,1 115,0811 3,278,487,0
294,012,0
948,046,0
273,753,0
279,034,0
535,573,0
467,839,0
474,084,0 1,916,444,0
Total !Mein ties
A(emoranda—ContIngent liability as endore er on:
93,919,0
Discounted paper rediscounted
48,100,0 45,819,0
with order F. R bank',
20,263,0
Bankers' acceptances mold to
20,263,0
other F. R. banks
93,919,0
22,390,0
9,9501
s) Includes bills discounted for
4,274,0
11,500,0 40,890,0
4,915,0 •
other F. It. banks, via
R. banks:
20,263,0
5,050,0
1) Includes bankers' acceptances bought fr om other F.,036,0
5,087,0 5,090,0
10,113.0
408,0
With their endoreement5
Boston. New York.
Two ciphers (00) emitted.
.
.
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap Ran.City
•
.
AT CLOSE OF BUSINESS l'En. 20 1920.
STATEMENT OP FEDERAL RESERVE AGENTS ACCOUNTS
Two ciphers (00) omitted.
Boston. New York
Phila.
Cleveland. Richmond Atlanta, Chicago. St. Louis. Minneap. Kon.CIty. Dallas
San Fran .
Total.
i
i
$
$
$
i
$
$
6,372,900,0
Federal Reserve notes:
308,360,0 311,000,0 896,440,0 302,800,0 155,080,0 210,320,0 149,780,0 422,000,0
Received from Comptroller—. 511,960,0 2,052,940,0 538,380,0 513,840,0
107,837,0 339,688,0 131,542,0 63,406,0 97,998,0 55,253,0 149,289,0 1,792,937,0
146,386,0
198,974,0
265,741,0
1,023,305,0
212,518,0
Returned to Comptroller
556,752,0 171,258.0 91,674,0 112,322,0 04,527,0 272,711,0 3,580,963,0
299,442,0 1,029,635,0 272,639,0 314,866,0 161,974,0 203,163,0 16,150,0 16,980,0 8,400,0 4,370,0 14,905,0 9,450,0 359,174,0
Chargeable to F. R. Agent
37,260,0 119,000,0 23,140,0 31,020,0 27,194.0 51,305,0
in hands of F. R. Agent
Issued to F. It. bank, leas amt
returned to F. R. Agent for
540,602,0 154,278,0
262,182,0 910,635,0 249,499,0 283,846,0 134,780,0 151,858,0
redemption:
Collat'l security for outet'g notes:
4,000,0
2,500,0
29,025.0
183,740.0
Gold coin and Ms. on hand-.
3,533,0
15,972,0 15,363,0 14,834,0 3,380,0 3,143,0 9,393,0 50,930,0
14,895,0
Gold redemption fund
199,144,0
50,000,0
30,000,0
80,003,0
68,889,0
105,000,0
Gold Seern't Fund, I'. R. B'cl 74,000,0
95,815,0
332,065,0
96,215,0
101,400,0
Eligible Paper, min'n) required 173,287,0 605,923,0 165,247,0 159,987,0
—-—
540,602,0 154,278,0
262,182,0 910,635,0 249,499,0 283,846,0 134,780,0 151,858,0
Total
—
Amount of eligible paper deliv115.654,0429,163,0 112,083,0
110,787,0
229,750,0
181,469,0
1,034,865,0
194,415,0
ered to F. R. Agent
154,278,0
540,602,0
151,858,0
134,780,0
283,846,0
262,182,0 910,635,0 249,499,0
F. R. notes outstanding
93,224,0 11,440,0 13,796,0 5,148,0 5,596.0 39,374,0 17,145,0
7,935,0
F. R. notes held by bank
F R notes In actual circulation
ORA OAT
n
1217 ill
n ••• nit() n 97n mtn n 190 A•19 A 14A 2A2 A f,01 22g lb 137.133.0
83,274,0 107,952,0 79.622,0 263,261,0 3,221,789,0
241,148,0
8,831,0
13,052,0
1,316,0 2,965,0 4,742,0 13.354,0 102,890,0
19,300,0 35,860,0 17,484,0 76,153,0 808,760.0
49,606,0 69,127,0 48,565,0 173.754,0 2,070,991,0
83,274,0 107,952,0 79,622,0 263,261,0 3,221,789,0
62,493,0 110,792,0 69,595,0 183,092,0 2,834,158,0
83,274,0 107,952,0 79,622,0 263,261,0 3,221,789,0
1,133,0 6,389,0 2,840,0 40,645,0 244,665,0
101.563,0 76.782.0 222.616.0 2.977,124,0
850
THE CHRONICLE
[vol.. 110.
governing the price of commodities—demand, supply and cost of production. Although to-day I propose to deal with only one of these
factors—demand--I do not mean to imply that the others have not their
due weight. The supply of commodities is less to-day than it was in
1914, and in consequence if the other factors had remained constant,
some rise in prices would inevitably have occurred from this cause alone.
LONDON JOINT CITY AND MIDLAND
Again,chiefly owing to higher wages,cost of production has risen greatly,
BANK LIMITED.
but in the sequence of events it has generally followed, not preceded,
the higher prices. Whatever share, however, these two factors may
have had in raising prices there can be no question of the importance of
ANNUAL GENERAL MEETING, THURSDAY,
the third. Demand, measured by the purchasing power of the public,
has increased enormously. It does not of course necessarily follow that
JANUARY 29TH 1920.
a man spends more because he has more money in his pocket or a larger
bank balance than usual; yet if we take the community as a whole we
may be quite sure that as spending power grows the demand for goods
Speech of The Right Hon. R. McKenna, Chairman.
The General Meeting of the Shareholders of the London Joint City grows with it, and as demand grows prices rise. Here, then, is the first
and Midland Bank Limited was held at the Cannon Street Hotel, Lon- step we must take to solve our problem; we must find the cause of this
don, E. C., on Thursday, the 29th day of January 1920, for the purpose Increase of spending power.
Before proceeding further it will be well to recall the estimated figures
of receiving the Report and Balance Sheet, declaring a Dividend electing
of currency, bank deposits and prices of commodities as they stand to-day
Directors and Auditors, and other ordinary business.
compared with 1914.
The Chairman (The Right Hon. R. McKenna) said:
First of all I will take the figures of currency. It is estimated that in
My Lords, Ladies and Gentlemen:
1914 the total amount of currency in circulation, i. e., gold, slyer,
Standing as I do now in the place occupied with such marked distinc- copper coin and bank
notes, was £128,000,000. This figure represents
tion by our late Chairman, I feel even more strongly than I have felt the
total amount of currency held by the public, but does not include
week after week since he passed away that his was a position no other currency
held by the banks. To-day the corresponding figure is estiman could hope to fill. I will not attempt to retrace the steps of one of mated at
£393,000,000, an increase of £265,000,000 or 207%.
the most remarkable careers of our time. On an occasion like this,
As I am giving these figures I may as well state here that the estimated
when the deep sense of personal loss is uppermost in our minds,it is more amount of currency
held by the banks in 1914 was £75,000,000 and in
In keeping with our thoughts and feelings to dwell upon the great quali- 1919 £191,000,000,
an increase of £116,000,000, or 154%.
ties of the man himself than to recall the successive events which mark
Next I will give the figures of bank deposits, but in doing so I should
the stages of his creative work.
explain that they do not include Bank of England deposits. Before
the war the total deposits of the banks of the United Kingdom,including
SIR EDWARD HOLDEN.
Sir Edward Holden was a man of a striking combination of qualities. under the name deposits—and this is important to note—money held
With an engaging personality and an exceptional easiness of approach, on current account as well as on deposit account, amounted to £1,070,he had a force and decision of character which arrested and held atten- 000,000. The corresponding figure last month was about £2,300,000,tion. His great intellectual powers were trained and strengthened by 000, an increase of £1,230,000,000, or 115%.
The actual spending power of the public is gauged by the total amount
an inexhaustible application, an intense concentration of purpose, and
a whole-hearted devotion to his work. Genius is difficult to define and of currency in circulation added to the total amount ot Bank deposits.
In
1914 the public spending power was £1,198,000,000; to-day it is
must be defined differently according to the sphere in which it operates.
But in the active exercise of a profession no other word can be used to £2,693,000,000, an increase of £1,495,000,000, or 125 per cent.
I turn now to a comparison of the prices of commodities of everyday
describe the combination of powers and qualities which in him were
developed to so high a level. Generous and affectionate himself, he won use or consumption before the war and at the present time. The figures
the affection of others in a very special degree. He was delightful in are based upon the return issued by the Ministry of Labor, and are
companionship; faithful in friendship. Any one who spent an evening expressed in the form of percentage increases over the corresponding
with him and listened with riveted interest to his stories of the develop- prices of 1914. If we take 100 to repreesnt the cost of living in 1914,
ment of the Bank, or his diagnosis of human character, or his sympa- the corresponding figure to-day would be about 225, or an increase of
thetic appreciation of human life, could not fail to be conscious of being 125 per cent. In estimating the cost of living we have included all
in the company of a man who possessed very exceptional powers of per- ordinary expenses and we have taken the commodities forming part of
ception and intuition, and a gift of dramatic language which enabled our everyday consumption in such quantities as we consumed in 1914.
him to bring old scenes back to life in a few vivid sentences. Those who Thus we see a marked increase in currency, in Bank deposits and in
knew him best loved him most. His own fidelity in friendship brought the price of commodities. The spending power of the public and the
cost of living show the same percentage increase of 125.
him its natural reward, the affection and confidence of his friends.
We can proceed now to examine the immediate question before us,
Sir Edwara Holaen gave to the service of this Bank ail that a man h.ts
what
is the cause of the increase in spending power or in other words,
to give—his thoughts in and out of working hours; his energy, far beyond
prudent physical bounds; the enthusiasm and devotion which in most of the increase in currency and Bank deposits? I will ask you to conmen's lives are diverted in some measure from their work by the claims sider the growth of Bank deposits first. Bank deposits are derived
of outside interests and occupations. His methods of business were from two sourjes and from two sources only. The first and most obvious
characterized by extreme care and thoroughness. There was nothing source is by payments of currency into a blnk. Anyona who takes
slipshod about his work. No loose statement was allowed to pass; every notes out of his note-case and pays them into his bank creates a deposit.
fact and figure had to undergo the closest scrutiny. In essentials the The second source from which deposits are derived cannot be described
principles on which he acted were simple. If I were asked which were with equal simplicity. Stated in comprehensive terms. which I will
the most constantly present in his mind, I should say—to keep the Bank explain directly, deposits arise from payments by a bank which are
strong and to help the Country's trade and industry. His career justified neither charged against an existing deposit nor used for the repayment
the policy of the big Bank because he himself was big. He was proud of of an existing debt to a bank. I am speaking now of bank deposits in
the Bank's success, and he was proud of his own relation to it. I recall the aggregate, with which alone we are dealing, and not of deposits in
some words of Burke, spoken of another great man, which with very any individual bank. Payments by a bank which are not charged
against an existing deposit consist chiefly of bank loans or advances.
slight adaptation may be applied to Sir Edward Holden:
"If he was ambitious, his ambition was of a noble and generous strain. But they include also all bank investments and all purchases and payIt was to raise himself, not by the petty intrigue of personal favor, but ments made by the bank for itself and charged against its own reto win his way to power through the laborious gradations of public sources. It will simplify the discussion if we treat bank investments,
service and to acquire for himself a well-earned rank in his profession by a as we are entitled to do, as loans of a more permanent nature than the
thorough knowledge of its principles and a perfect practice in all its ordinary loan or advance. Similarly the purchase or discounting of
bills may also be regarded as a bank loan.
business."
The aggregate then of bank deposits is increased by payments into
I am sure It would be in accordance with your wish that we should
banks
of currency, by bank loans and by payments by banks on their
interrupt our proceedings, and before passing to the business of the day
own
account to meet their own expenses, as for salaries or to buy new
should express our feelings in a formal Resolution. I therefore move:
"That this Meeting desires to record their profound sense of personal premises. In making a comparison between bank deposits at two
and public loss in the death of Sir Edward Holden, and to convey to his different dates, we may reasonably leave this last source of increase out
sons, Sir Harry Cassie Holden and Major Norman E. Holden, and to the of account. Just as payments on a bank's own account augment deposits, so receipts on a bank's own account diminish them. Payments
other members of his family this expression of their deep sympathy."
(This Resolution was carried by the Meeting standing in their places.) and receipts have both grown considerably since 1914, but they have
both grown at the same pace, and comparing one year with another, we
BANK DEPOSITS, PRICES AND CURRENCY.
may fairly set off the total of the payments against the total of receipts.
The Chairman then proceeded:
We have now reached the point at which we may say that payments
It was for many years the practice of Sir Edward Holden to speak into banks of currency and bank loans, giving
to the word loan the widest
upon some subject of public interest at the Annuel Meeting of our meaning, are the only sources of increase of
the aggregate of bank
Shareholders. I propose to follow the precedent which he established deposits which we need consider. At the
risk of wearying you with a
and I am going to ask you to consider with me to-day a problem which discussion of a process with which you are probably already thoroughly
has been much discussed in the press and in Parliament. Nothing gives familiar, let me give a brief illustration
of how bank deposits are inso much concern to the public at the present time as the great rise in creased by bank loans. When a bank makes a loan to a customer
or
prices. Masses of people find almost insuperable difficulty in bringing allows him an overdraft, in the ordinary course the loan will be
drawn
their expenditure within the limits of their income and they clamor for upon, or the overdraft will be made,
by a cheque upon the bank drawn
a remedy. So far as I have seen, the most popular proposal for reducing by the customer and paid in to some
one's credit at the same or another
prices is to fix a limit to the currency note issue. It is supposed that if bank. The drawer of the cheque will not have
reduced any deposit
the currency were strictly limited in amount and at the same time had already in existence because we are supposing a case in
which he has
a proper proportion of gold backing prices would not only cease to rise been given a loan or allowed an overdraft. The
receiver of the cheque,
but would begin a downward movement towards their former level. In however, when he pays it into his own account,
will be credited with
this view the increase in currency is regarded as the cause of high prices. its value and thereby a new deposit will be created.
The only case when
But is this really the case? May it not be that the great increase in a bank loan does not lead to a new deposit is
when the cheque drawn
•currency notes is itself only an effect of another cause, a mere link in the against the loan is used by the receiver to pay off a loan
which he had
chain which ends in high prices? What is the relation between the in- himself at his own bank. In the same
way, when a bank buys or discrease of currency and high prices? What has caused the increase of counts a bill, the proceeds of the
sale are paid into the credit of the
currency? What has caused high prices? This is the problem I am seller's account and increase
the total of bank deposits; and in the same
going to ask you to consider to-day.
way also, when a bank buys war loan or makes any other investment,
In examining this question I should like to guard myself at once from the purchase money goes to
the dedit of somebody's account in some
misunderstanding. It is an accepted doctrine that there are three factors bank and increases the total
of deposits.
milling and financial.
FEB. 28 1920.]
THE CHRONICLE
851
long after the commodities they were raised to pay for have
Let us look now at the increase of bank deposits since 1914 and see standing
, they have been an inevitable cause of a rise in prices.
been
of
consumed
in
payments
to
ly,
respective
due,
is
increase
this
to what extent
In order to get a full understanding of the case, it is necessary now to
held
banks
the
1914
June
In
loans.
bank
to
and
currency
additional
the different effect upon prices of the different kinds of bor£75,000,000 of currency. Last month this figure stood at £191,000,000. examine
by the Government. The Government may borrow from three
The banks, therefore, held more currency to the amount of £116,000,000, rowing
may borrow from the public, they may borrow from
and to this extent the increase in the aggregate of bank deposits is sources. They
banks, or they may borrow—and I put this in a category by itself—
accounted for by payments in of currency. But it is estimated that the
may borrow from the Bank of England. If everything contributed
since June 1014 bank deposits have risen by £1,230,000,000. If they
loan by the public were saved by them from their ordinary
national
a
to
of
currency
payments
by
for
accounted
are
£116,000,000 of this amount
there would be no increaseftin prices. The additional
re,
previous
the
expenditu
it
which,
0,000
£1,114,00
remain
there
the
banks,
into
expenditure of the Government would be counterbalanced by the reduced
analysis be accepted as correct, we Must attribute to bank loans.
y. But when the public subscribe to
Let me guard myself, however, by saying that I do not give these expenditure of the communit
out of their own resources, they always subscribe
figures as absolutely exact as the total figures of deposits given by the Government loans
by curtailing their normal consumption. They
banks include not only customers' deposits but what the banks term more than they save
they would ordinarily save and invest in any
"other accounts." But the error due to this omission in making a subscribe in addition what
would in one way or another usually take
t
investmen
their
accept
may
and
we
case,
think
I
and
small,
is
comparison between any two years
in the production of commodities. The
employed
capital
of
deposits
bank
form
figures
the
round
in
that
estimate
as sufficiently accurate the
be so invested is spent by the Government, and
would
bank
of
which
ce
money
consequen
in
1914
since
0,000
by
£1,100,00
have increased
any
consequently to that extent increases the demand for goods without
loans.
actual or prospective, except in so far as the
Now that we have cleared so much ground, we must not forget the increase of supply either
s have spent the money on the erection of
real object of our search. We are seeking the relation between the in- Government may themselve
n. With this partial limitation direct
crease of bank deposits, the increase of currency and high prices; and plant useful for peace productio
to the Government through subscription to war
we have got so far as to see that bank loans are the main source of the loans by the public
prices. They do not add to the total of bank
growth of bank deposits. As an increase of deposits means an addition loans have no effect upon
first draw upon their deposits with the
must
foL
public
be
The
to
increase
deposits.
an
such
expect
should
we
g
to our purchasin power,
to the loans, and when the Government
lowed by a rise in prices. But we must guard ourselves here from a banks in order to subscribe
of the loans, the money only fills up the gap in the
generalization which may be too broad. If money is borrowed by manu spend the proceeds
withdrawals.
facturers and traders for the purpose of the production or movement of deposits caused by the previous
directly
But quite different effects follow when the Government borrow
commodities, the increase of purchasing power consequent upon the
the banks through members of the
loans is followed in due course by an increase in the amount of com- from the banks or indirectly from
loans•
the
to enable them to take up
modities available, and the rise in prices which might be expected from public who obtain bank advancesby drawing on their balances with the
subscribe
banks
a
the
for
us
case
Let
moment
each
In
supply.
greater
a
by
a greater demand is corrected
by the Government is paid out
examine what takes place when a bank makes loans or advances in the Bank of England. The money received
to contractors, by whom again it is paid
ordinary way Of trade. Suppose the case of a loan or advance to a in due course to meet liabilities
or to the credit of their accounts with the banks. The customers' deposits
manufacturer who uses the money to pay for raw material or wages,
the banks in their turn pay the money in to
some other expenses in the course of his business. When the goods are are thus increased, and as
Bank of England, the previous withdrawals from
manufactured and sold to the merchant, it is expected that the proceeds their accounts at the
the net effect of the whole proceeding
of the sale will be used to pay off the bank loan. The merchant in his that Bank are made good. Thus
of bank deposits by the exact amount
turn may have borrowed from his bank to pay the manufacturer, and Is to increase the total amount
Government directly or indirectly'
there may be a whole series of loans from banks, each paid off in its turn which the banks have lent to the
spending power is thrown upon
additional
the
their
of
to
weight
material
raw
whole
of
the
state
and
primitive
their
from
as the goods pass
•
final destination as finished goods in the hands of the consumer. But prices.
consider
The third case of Government borrowing which we have to
when the consumer has paid cash for the goods all the series of loans will
the Bank of England. In that case a
in the ordinary course be liquidated and there will have been an increase is that of borrowing direct from
of England to the Government, who draw
in bank deposits only so long as the goods were not finally disposed of. credit is given by the Bank
to contractors. In due course the conIn this view of bank transactions, loans by banks, and therefore deposits, upon it and pay out the amount
have received into their accounts with their
would only increase in total amount as the total of commodities increased. tractors pay the money they
thereby increased. The banks now hold
There would be a greater purchasing power for the time being, but there own banks, and deposits are
turn
they pay into their accounts at the
their
in
which
n.
productio
of
more
money,
process
in
supply
a
greater
be
also
would
their cash balance. There was no
It will be observed that the first effect of a trade loan is to increase Bank of England, and so increase
case from bank balances at the Bank of
deposits, and as the aggregate of such loans, and consequently of deposits previous withdrawal in this
an increase in these balances exactly
and purchasing power, may be steadily growing in amount, it may be England, and there is consequently
of England's loan to the Government.
argued that loans of this kind may also drive up prices. To a limited equal to the amount of the Bank
' deposits and an increase in
tent this is true. In periods of active trade we know that bank loans Here we see both an increase in customersof England. These balances
Bank
the
cause
at
this
le
to
banks
the
of
attributab
balances
prices
in
the
rise
the
But
increase and prices rise.
that banks have an are the basis upon which the banks found their advances, and an increase
can never go very far. Traders sometimes assume
followed by additional advances whether to
unlimited power of making advances. They forget that every advance in them will necessarily be
It is true the their customers or to the Government with a consequent further inmade by a bank comes out of the bank's cash resources.
restore crease in deposits. We conclude from this analysis, therefore, that loan:
advances return to the banks in the form of fresh deposits and thus
result is to leave by the Bank of England to the Government have a much greater effec
the banks' cash resources to their former level, but the
without any in raising prices than any other form of Government loan, as they not
them finally with additional liabilities to their depositors
are careful only immediately raise the total of bank deposits and consequently of
banks
country
this
in
Happily
cash.
addition to their bank
and their spending power by the public, but they 8,1so increase the power of the
resources
cash
their
n
between
proportio
proper
to keep a
dressing," banks to make further advances which in due course lead to still more
"window
as
known
practice
misguided
the
though
liabilities,
might of itself deposits and still greater purchasing power.
which is sometimes indulged in at the end of the year,
Government
of our
Now that we have examined the different methods of
throw a shade of doubt on what is in truth the very real virtue
the borrowing and have considered the effect of each in increasing bank
banks. The moment this proportion reaches a point below which
the bank deposits, it remains for us to look at the course of events as they have
management think it should not go, if the strength and credit of
Of actually occurred since 1014 in forcing a rise in prices. At the outbreak
are to remain unimpaired, the bank will decline to extend its total
be
can
banks
of
the
resources
cash
of war, throughout its course, and right down to the present moment,
the
how
later
credits. We shall see
greatly in
of
trade
expansion
great
any
increase
the Government have been large buyers of commodities,
an
such
without
Increased, but
in- excess of their normal demands. The first consequence of the immense
advances cannot occur. It may be said that bank loans to traders
ns. Government purchases was to stimulate production. Machinery was
fluence prices to no greater extent than the ordinary market fluctuatio
the used to its full capacity; the number of people employed was greatly
Even when a bank loan is made for the purpose of acquriing plant,
would increased; women took the place of men, and there was a very consame is true in the long run as in the case just described. The loan
be in- siderable addition to the total national output. But enlarge the output
be outstanding for a greater length of time and deposits would
to as we would, it could not keep pace with the nation's requirements.
creased until the profit made out of the use of the plant was sufficient
a period of
from
output
additional
the
to
owing
course,
Demand outstripped supply, and, just as it happens when
due
in
but
pay off the loan;
there comparative trade depression is succeeded by a trade boom, there was a
and
quantity
in
increased
be
would
es
commoditi
plant,
new
the
by natural rise in prices. At once more currency was needed, partly to
would be no permanent rise in prices. On the other hand, loans
workpeople employed, partly
banks which lead to no increase of commodities tend to raise prices; pay the wages of the larger number of
keep more money in their tills.
but banks do not look upon these loans with favor and, while they should because with higher prices shopkeepers
spending power of the
be ready to assist the country's trade and production by such advances To the extent that more currency was Issued the
was not
community was increased. But up to this point the increase
as their customers' capital and growth of business warrant, they should '
d before any considerable
purpose
introduce
be
the
for
to
had
advances
condition
their
of
new
amount
A
the
limit
great.
to
careful
are
be and
in currise could take place. There must be not merely an increase
of capital outlay, and still more for more accommodation.
represents a small part of the
Let me now sum up the case so far as we have gone. We have seen rency, the total of which in any case only
must be a serious
that during the last six years bank deposits have increased by £1,230,- public spending power; but, far more important, therethis new condition
000,000. Of this amount we find that payments of additional currency addition to bank deposits. It was not long before
other arose. To meet the daily growing expenditure the Government had to
into the banks account for £116,000,000. We have seen that any
we borrow freely from the public, from the banks, and from the Bank
cause of an increase in deposits except bank loans is not large, and
effects Of this borhave concluded that bank loans have been responsible for an increase of England. It is unnecessary to recapitulate the
these rowing. Bank deposits increased enormously. There was no proporof £1,100,000,000 in bank deposits. We have seen further that if
consequences folloans had been made to manufacturers and traders in the ordinary tionate increase in the supply of goods and the usual
in lowed. Prices began to rise rapidly. The rise in prices was next
course of their business the increase in deposits, and consequently
in followed by general demands for increased wages. As these now rose
purchasing power, would not of itself have caused a permanent rise
to the screw
prices as the additional deposits would have been followed by an addi- the cost of production rose too, and another turn was given
been on which prices were steadily mounting. But higher wages and higher
tional supply of commodities. To whom, then, have these loans
wages have
made? It is impossible to give precise figures, but the best estimate prices mean a greater demand for currency. The weekly
week the bulk
I can form is that of the total of £1,100,000,000, £800,000,000, including got to be paid in legal tender money. In the course of the
to the
Treasury bills, have been lent to the State, and £300,000,000 to trade. of the money paid out in wages comes back through the shops
has banks, and is paid out by them again to meet the next week's requireThe Government, under the overwhelming necessity of war effort,
back, and
been the great borrower from the banks. The loans to the State have ments. But, as prices and wages rise, not all of it comes
out- each week a larger amount is retained in the pockets of the people, in
led to an immense increase of deposits, and as they have remaineti
the tills of shopkeepers, and in the tills and reserves of the banks.
balances of the bank
We may stop here to ask, is there any stage in this process at which
* Note.—A part of this total equal to the increase in the from
by
but
banks
the
borrowings
by
at the Bank of England has been created not
4 would have been proper to limit the issue of currency? The main,
borrowing from the Bank of England.
852
THE CHRONICLE
demand for currency is to meet the weekly wages bill. If wages increase,
whether because more workpeople are employed, or because rates are
higher, additional currency must be brought each week into circulation.
If the supply were cut off, a substitute would have to be found. At
the outbreak of war there was not enough legal tender money to satisfy
our additional requirements and at once postal orders and even postage
stamps were used to make good the deficiency. If men and women
are to be employed and paid, means of paying them must be found, and
an arbitrary limitation of currency would merely inflict intolerable inconvenience upon the public.
Although, as I venture to think, the increase in currency is not the
cause of high prices, yet I believe the public have shown a right instinct
in fastening upon this increase as a matter for anxiety and even alarm
Though not the rain-storm itself, it is the gauge which measures the
rainfall. The figures are easily apprehended, and the weekly records
can be readily followed. Those who study them with care see that every
advance by the Bank of England to the Government is followed by a
fresh issue of currency notes. Once the nation can free itself from the
need for these advances, the rise in prices, so far as it is due to an increased demand, will cease, and the currency in circulation will, no
longer expand. When the advances are paid off prices will tend to go
down, and the currency in circulation will diminish.
When we look to the future we naturally ask, shall we ever get back
to pre-war prices and pre-war currency and bank deposits? If I might
hazard an opinion, it would be that prices will remain permanently on
a far higher level than in 1914. The rise that has taken place is not
local. It is not even European and American. It covers the whole
world. The cost of living in Japan has risen quite as much as in this
country. In India and China, where human wants are much less than
with us and where custom plays a far stronger part in fixing prices, even
there the cost of living is much above the pre-war standard. Increased
production will bring down prices to a certain extent but the purchasing
power of the world measured in money cannot be materially diminished.
Deflation is bound to be very slow. Any attempt, indeed, to bring it
about rapidly would cause widespread ruin among manufacturers and •
traders. The greatest caution will be necessary in handling our financial
machinery and many of our pre-war ideas must be modified in view of
the fundamental change in our conditions.
[vol.. no.
new shares of £2 10s. each. Of this number, as I then explained to you
500,000 will be required to give effect to the arrangement for a fusion
of interests with the Clydesdale Bank and 500,000 will be issued
to
the shareholders on our register on March 1st next in the proportion
of one share for every eight then existing shares of both classes. These
shares will be offered at £5 per share, a price which in view of the present
market value of the fully-paid shares gives a substantial benefit to
shareholders. Fractional certificates will not be issued, but arrangements will be made for the disposal of shares representing the aggregate
of fractions, and the net proceeds in excess of £5 per share will be
distributed pro rata among the shareholders who would otherwise have
been entitled to the fractions. Out of the whole number of 1,500,000
shares there will remain a balance of 500,000 shares, which will give us
a reasonable margin of unissued capital to be used if and when the
need arises. The issue of 1,000,000 fully-paid shares will raise the
paid-up capital of the bank to approximately 11 millions and the reserve
fund to the same figure.
You will appreciate the reason why your directors have desired to
build up a strong capital and reserve when you reflect on the growth
of our deposits since the end of 1913. The following are the figures:—
December 31st 1913
£03,834,000
1914
125,733,000
1915
147,751,000
1916
174,621,000
1917
220,552,000
1918
334,898,000
1919
371,742,000
No part of the increase in 1919 was due to amalgamation or causes
other than the natural growth of business. But large as the figures are
in themselves, they neither reveal the real increase in our business nor
reflect the manner in which we have used our resources for the reconstruction and rehabilitation of our industries. This will only become
apparent when we examine the different items which constitute our assets,
and compare the figures of December last with those of twelve months
earlier.
Our Acceptances at £29,014,568 are up £15,868,719. These Acceptances, with the exception of a small amount representing credits
arranged by our Government for Allied Governments in connection
THE BANK RATE.
In illustration of what I mean, let us take the bank rate and consider with the Exchanges, represent the movement of commodities to this
its operation to-day as compared with pre-war times. In the conditions and other countries. All are well secured.
On the other side of our Balance Sheet Cash in Frand and at the Bank
we then enjoyed raising the bank rate was an admirable means of checking excessive borrowing, restoring our exchange and restricting the of Rngland amounts to £60,216,796. In making a comparison between
demand for currency. To-day we cannot be certain that it will achieve this year and last it must be borne in mind that the Government have
any of these purposes. It is conceivable indeed that it may have the paid off the money which they formerly borrowed from the banks
through the Bank of England, and the money thus set free has been
opposite effect. The Government has been a heavy borrower,
and still largely lent to trade. The percentage
may be, whatever the bank rate. Raising the rate depreciates all
of cash and of money at call to
exist- the liabilities to depositors is in consequence
ing Government securities, which makes it difficult to borrow from
reduced and is brought back
the to a point more in keeping with peace conditions
public. As a result the Government is driven to the Bank of England..
and practice.
Cheques on other banks in course of being cleared amount to £4,050,607,
We know the consequences: the total of deposits and bank cash is increased, prices go up and the currency is further inflated. The purpose or £6,049,121 more than last year. We show this item separately from
of raising the bank rate is to prevent borrowing by making it too ex- our cash, though the whole of it becomes cash in at most three days.
Money at call and short notice amounts to £18,439,152.
pensive, and by this means to restrict deposits and the issue of currency;
Investments are £67,303,428, against £61,600,652 in December 1918.
but when the borrower is a Government which may have to borrow,
Our War Loan investments are valued at under cost in our books, and
matter what the price, and which has the power to compel the Bank no
of we have set aside a large sum out of our profits to meet the depreciation
England to lend, raising the rate not merely fails to achieve its intended
purpose but actually operates in the opposite way. Until the Govern- which followed the rise in the bank rate. Any further depreciation
beyond that provision amply covered by the internal rescurces of the
ment have ceased to borrow the bank rate cannot.
have its normal effect. Bank. Moreover, it is
must be remembered that all the War Loans
It must be observed, moreover, that these considerations
apply with equal have a due date which in
the case of several of them is at no very distant
force when the borrowing by the Government from the Bank
England period, and we shall consequently
gain considerably in capital appreciais not to raise new money,but to pay off maturing debt held byofthe
public
tion when these loans are redeemed. During the year we took up
or the banks and not renewed by them.
Again, with regard to the exchanges before the war, raising the bank £12,000,000 of Victory Loan, but the net increase in the total of our
rate was bound to send up the value of the pound sterling in foreign ex- investments is less than this amount on account of maturities and sales.
Bills of exchange at £52,8,
19,521 are £13,640,225 more than last year.
change. The balance of trade, including invisible exports and imports,
was in our favor, and if for the moment the pound sterling had depre- There has been a marked increase in the supply of trade bills resulting
resumption
of
from
international
the
trade relations. Fine bank bills
ciated it was only because we had lent too much money abroad. Raising
the bank rate made It unprofitable for the foreigner to borrow in this and good trade bills form the greater proportion of our holding; the
balance
made
is
up
Treasury
of
bills
with
less than three months to run.
market, and left our excess of exports free
assert its natural effect.
The next item in our Balance Sheet is Advances on Current and Other
To-day the balance of trade is against us, andtowhile
the bank rate should Accoi nts. Our anticipation
that
great
demands
be at such a level as not to encourage the discounting
would be made upon
of foreign trade us under this head has been realized, and we may congratulate
bills in our market, to raise it above this point may in existing
ourselves
circumstances injure rather than benefit our exchange. For dear money adds that the Bank has been in a position adequately to meet the requirements
to the cost of production and every addition to cost hampers our export of the country in this respect. On 31st December last £162,966,745
to those foreign markets in which we have to meet serious competition. marked the extent of our accommodation to trade and industry under
But it is precisely these markets in which sales are for prompt payment. this bead. This large business is completely satisfactory in its charaoter and every risk is more than amply providde for.
We can no doubt sell all the goods we wish in countries in which
is
Advances on War Loans represent advances made to customers for the
possible only on terms of very extended credit, but exports to suchsale
coun- specific purpose
enabling them to take up war loans on their issue.
tries do no good to our exchange. Raising the cost of production
at The amount nowof
outstanding on this account is £15,589,303, or a little
home in any degree has a tendency to drive our exports out of the cash
markets into the credit markets and to that extent our exchange is more than last year. Now that peace is signed this item should disappear from our accounts.
injured.
The remaining item to consider is Bank Premises, which stands at
I cannot help thinking that the advocates of dear money are pre£3,618,960. We have appropriated from our profits this year £250,000
mature in their policy. They do not take sufficiently into account
the in reduction of the book value of our properties and
actual circumstances of the moment. They wish to stop the continual
'shall continue to
rise in prices with its concomitant social dangers, and rightly recognizing follow this policy which we feel sure meets with your approval.
There is just one other point that I should like to emphasize before
that the high prices are in a large measure due to the immense increase
in purchasing power consequent upon the growth of hank credit, they we leave our balance sheet. It relates to "window dressing," a subject
hope to restrict further bank advances by raising the bank rate. But which has been given a certain amount of prominence in the financial
columns of the press. When I tell you that the average fortnightly
they overlook the fact that much the greater part of the inflated credit
ratio of our cash to liabilities in 1919 was in excess of the ratio shown on
is due to borrowing by the Government. Bank advances to industry,
though heavy in the aggregate, are not greater than industry requires, the 31st December last, I think you will agree with me that we have been
having regard to the amount of money sunk in the high-priced stock at no pains to make an exceptional showing in our published statement.
which a trader has to carry. Dear money is an additional expense in
production and has the effect in itself of raising prices, but the counterTHE BELFAST AND THE CLYDESDALE BANKS.
balancing influence which it might be expected to exercise by the reYou will remember that some two and a half years ago we entered Into
striction of credit is neutralized by the repeated outpourings of bank
an arrangement with the Belfast Banking Company of Ireland providing
cash due to borrowing by the Government from the Bank of England.
an exchange of shares in this Bank for shares in the Belfast Bank.
The only condition on which we shall be able to check the rise in prices for
We now hold the whole of the latter shares. Since that time the Reserve
is that our annual expenditure is brought within the compass of our reve- Fund
of the Belfast Bank has been increased from £450,000 to £550,000,
nue. In State as in domestic finance we must learn to make both ends
meet, and the case is not in the least bettered if we only balance our and Deposits have increased from £9,500,000 to £17,000,000. But the
accounts by selling out capital stock and placing the proceeds to the fact to which I particularly wish to call attention is that advances to
credit of our revenue account. The expenditure of the Government is trade made by the Belfast Bank since our affiliation have more than
doubled. Every penny of this money is lent in Ireland. It used to be
tantamount to the consumption of the quantity of commodities which the alleged
that the introduction of a British bank into Ireland would result
money would buy, and this must not exceed the amount of commodities
the consumption of which the community are compelled to deny them- In Irish deposits being used to finance British industries. Experience
has
that this charge was devoid of all foundation. With the
proved
selves by reason of the taxes they have to pay. If it does, we run the
risk, as is indeed now the fact, that our consumption may exceed our resources of the British Bank behind it the Belfast Bank has been able
bigger proportion of assistance to Irish industries than
give
much
to
a
production. This is not a plea for additional taxation. Far trom it. it could
have ventured to do on the basis of its own unaided resources.
Our existing taxation, which is, I believe, higher than in any other I
fusion
trust
the
that
of interests with The Clydesdale Bank will prove
country in the world, is already dangerously near the point at which no less
and no less mutually beneficial than in the case of the
thrift, business enterprise and needful capital development become seri- Belfast complete
Bank.
The
three
institutions together will have in the three
ously impaired. But it is a plea for economy in expenditure. It is a
kingdoms a total of no less than 1,725 offices; 1,454 In England and Wales,
plea for such ruthless cutting down or postponement of all financial
157 in Scotland and 114 in Ireland. In Scotland and in Ireland there is
lay by the State as will reduce our expenditure to a figure less thanoutour
tax revenue, for by this method alone can we hope to restrict the issue and will be independent control and management, but a common spirit
pervades the three institutions, an earnest determination
of currency, check the rise in prices, restore our foreign
exchange and re- in the development of banking business on the best lines. to co-operate
establish London in her old position as the financial centre and free gold
market of the world.
PROFIT AND LOSS ACCOUNT.
OUR OWN BANK.
Coming now to our Profit and Loss Account, after making full provision
Coming now to our own Bank, you will observe from our Balance
Sheet that our liabilities and assets have Increased very considerably for all bad and doubtful debts, our Net Profits amount to £3,079,461,
since the previous year. There has been a notable change in the com- which with £675,097 brought forward from last year, give us £3,754,558,
out of which we have to pay our dividend and make the necessary alloposition of our assets, which I will explain when I deal with the different cations.
The dividend at the rate of 18%, less tax, absorbs £1,052,504;
items appearing in the Balance Sheet. The Paid-up Capital of
Bank salaries and bonus to staff with H.M. Forces and bonus to other
members
has !pen increased by £1,244,637 10s. to £8,417,335 by the the
issue
of
staff
the
of
account for £475,202; a special peace bonus to the staff
497,855 shares of £2 10s. each, as provided by resolution of the extra- has
cost us £250,000; £1,000,000 goes to provide for depreciation of war
ordinary general meeting held in September 1918. The price
of issue loans'and future contingencies; as already mentioned, £250,000 has been
was £5 per share, and the premium of £2 10s. per share was credited
placed to Bank Premises Redemption Fund; and we carry forward
to the Reserve Fund, raising the latter from £7,172,697 10s. to £8,417,335. £726,852.
I give you these figures in brief; they tell their own story,
At the extraordinary general meeting in December last resolutions were
record of the results of a year's hard work and of steady progress in the
approved further increasing our capital by the creation of 1,500,000 a
development of our business.
IS
GI
/FEB. 28 1920.]
853
THE CHRONICLE
Vanittrs' ii azette.
Wall Street, Friday Night, Feb. 28 1920.
Railroad and Miscellaneous Stocks.-As has often
happened before, stocks declined sharply during the early
part of the week on "good news," the anticipation of which
had caused a substantial advance in railway shares last week.
We refer to passage of the Esch-Cummins Railroad Bill
by a large majority in the Senate. The decline of 2 to 4
points which occurred on Tuesday and Wednesday has,however, been largely recovered during the last two days and
in a few cases closing prices are higher than last week.
Call loan rates have ranged from 7 to 15%, while time loans
are held at practically prohibitive rates. No doubt the
condition of the money market has had a tendency to restrict
operations in securities and perhaps the decline of 10 points
in sterling exchange had a similar effect.
The result of the week's movements makes an irregular
showing. For example, New Haven has advanced 4 points,
Balt. & Ohio nearly 3, St. Paul fractionally over 2 and Texas
& Pao. 1, while Can. Pac. has declined 3, Great No. 2,
No. Pao. 2%, So. Pao. 3% and Atchison 1. After fluctuating more widely than the railways Republic I. & S. closes
with a net loss of 15 points, Mex. Pet. 10, Cruc. Steel 11,
A. G. & W. I. 103/2 and Gen. Motors 8.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
The market for railway and miscellaneous bonds has not
maintained the strong tone which characterized it last week.
Of a list of 25 notably active issues, 17 have declined and 2
are unchanged. Hudson & Manhattan Series A have recovered a point of their recent decline and New York Central 6s, Rock Island ref. 4s, St. Paul 432s, and Bait. & Ohio
6s are fractionally higher. On the other hand Atch. gen.
4s have dropped 13/2 points and Mo. Pao. 4s, No. Pao. 4s
and St. Louis San F. Series B have declined a full point.
The local tractions have been active and relatively steady.
United States Bonds.-Sales of Government bonds at
the Board are limited to the various Liberty loan issues,
which have been active and decidedly weak.
EXCHANGE CLOSED-HOLIDAY
Feb. 27.
Daily Record of Liberty Loan Prices. Feb. 21. Feb. 23.Feb.24.Feb.25.Feb.26.
94.58
96.10 95.71 94.5
1 HIg. 96.56
First Liberty Loan
95.80 94.3' 94.00 94.12
96.00
3)4s, 15-30 year, 1932-47 (Low
94.58
94.20
94.58
95.92
(Cl.--96.04
544 1,295
821
914
5,142
Total sales in $1,000 units
90.51 90.20 9).20 89.80
(mg. 90.50
Second Liberty Loan
89.50
89.70
89.90
90.14
4s, 10-25 year cony, 1942 (Low_ 90.30
90.14 89.92 89.7e 89.58
90.50
[CI°
171
235
192
246
112
Total sales in $1,000 units
90.80 90.60 90.50 90.46
I High 90.70
Second Liberty Loan
90.26
90.20
90.20
90.40
90.30
(Low1932-47
convertible,
45,
90.80 90.21 90.22 90.38
(Clo • 90.70
25
78
7'
61
38
Total sales in $1,000 units
92.9:, 92.50 92.50
92.94
93.12
High
I
Loan
Third Liberty
92.30
92.3.
92.59
92.76
(Low_ 92.94
4s of 1928
92.82 92.54 92.38 92.34
92.94
tClo
1,573 1.991
1,520 1,68
1,024
Total sales In $1,000 units_
91.30
91.50 91.41 91.1
(Ilia 91.30
Third Liberty Loan
91.10 91.01 91.0') 90.80
4 yi a of let L L oonv,'32-'47( Low_ 91.00
91.00
91.10
91.12
91.28
91.10
(Close
166
62
17;
155
67
Total sales in $1,000 units
90.18
90.3
90.6
90.88
1.
Jan.
90.90
Range
High
I
since
Week.
for
Loan
Range
Liberty
Third
Sales
STOCKS.
89.80
90.02
90.3
90.69
4xs of 2d L L conv,17-'42(Low_ 90.74
for
Week ending Feb. 27.
90.02 89.98
90.66 90.5
Lowest.
Highest.
(Cl.90.80
Highest.
Lowest.
Week
1,611
53
1,520 1,899
512
Total sales in $1,000 units
90.50 90.54
91.00 90.7
(High 91.08
Par. Shar $ per share. $ per share. S per share s per share. Fourth Liberty Loan
90.20
90.2
90.5
90.70
90.94
Jan
(Low.
2'
101%
Feb
09%
1933-38
Feb
of
21
434s
Feb
95
American Express_ _100 850 9834
90.72 90.64 90.34 90.24
(Cl'-: 91.00
Amer La France F E__10 800 12% Feb 20 13 Feb 27 12% Feb 14% Jan
2,87, 3,360
2,239 2,13
956
Feb
Total sales In $1,000 units
Jac 17
100 1.00 14 Feb 2.1 17 Feb 2, 7
Ann Arbor
__
(Rig.
Feb
27%
Jar
Loan
1
2.
24
Liberty
Feb
Fourth
100
500 25% Feb 21 273.
Preferred
Feb
4x5,151 LL 2d conv,'32-47(Low400113% Feb 21 114 Feb 27 112% Feb 114
Atlantic Refg, pref 100
__Baldwin Locom pref_100 600 99 Feb 27 100 Feb 2' 98% Feb 10234 Jan
Jan
Feb 03
Total sales in $1,000 units
Barnet Leather___no par 1.00 65 Feb 2r 65% Feb 27 65
97.64 97.58
91;8 97.7
(High 97.76
Jan
Feb 93
Victory Liberty Loan
100
100 89 Feb 20 89 Feb 20 89
Preferred
97.64 97.56 97.54 97.42
Jan
4)4s cony gold notes,'22-23( Low- 97.66
100 400 6% Feb 20 7 Feb 2' 53.( Feb fi
Brunswick Term'i
97.70 97.64 97.5' 97.4S
Feb
(Cl'.97.70
Feb 20
100 20 Feb 20 20 Feb 2' 20
Central Foundry__ _100
1,725 2,493
1.445 1.80
741
units
Feb
6
$1,000
in
11%
Feb
sales
2'
Feb
21
Total
11%
Feb
100
600
Alton
97-i
it
Chicago
97.72 97.70 97.60 97.60
( Hig • 97.72
Feb Victory Liberty Loan
100
SOP 12% Feb 21 14 Feb 2' 1234 Feb 15
Preferred.
97.44
97.54
97.58
97.66
Feb 7% Feb 354a,000v gold notes,'22-23 (Low_ 97.70
534 Feb 27 7)4 Feb 2' 4
C & E Ills trust recta_ _- 1,10
97.70 97.62 97.58 97.46
(Close 97.70
800 8% Feb 24 9% Feb 2' 4% Jar 9% Feb
Fret trust recta
1 WIG
6.1
4144 .(,11
515
nnIta
51000
In
MAIM
Total
Jan
Feb 104
100 102 Feb 21 102 Feb 21 '01
Gluett,Peabody pref _100
Feb
Feb 101
10
200 99% Feb 20 99% Feb 2' ,99
Deere & Co pref
574
Feb
Feb
354
27
marked
Feb
24
5%
500 5 Feb
Duluth SS & Atlan. _100
Foreign Exchange.-Sterling exchange displayed
Feb 96.4 Feb
Famous Play Lask pf 100 LOCO 85% Feb 27 87 Feb 2r 85
veh 100
Jan irregularity during the week and the tendency was towards
100 96% Feb 24 06% Feb 24 oa
Gen Chemical pref._ _100
Q1',
Jan
Fe.
85
200 85 Feb 20 85 Feb 2'
Both Continental and neutral exchange
Gen Cigar deben prof 100
Feb lower levels.
Feb 90
Gen Motor 7% deben 100 1,700 86 Feb 25 87)4 Feb 21 84
with.sterling, with French, Belgian and
in
sympathy
Feb
moved
34
38ti
Feb
2'
20
Feb
37
Feb
34
100
500
Hendee Mfg
Jan
Feb 16
lire the weakest features. Trading
Italian
and
francs
Hupp Motor Car_ _ _ _100 2,500 13% Feb 20 14X Feb 2' 13
Swiss
Feb
Feb es;
50 88 Feb 20 88 Feb 2' 37
100
Int Nickel prof
largely to speculative operaconfined
being
active,
not
was
Jan
71
Jar
2'
70
Feb
20
70
100 70 Feb
International Salt.._10P
Feb 834 Feb tions.
100
100 6% Feb 24 6% Feb 24 5
Iowa Central
Feb
434 Feb 6
for
100 6 Feb 2d 6 Feb 2.1
Keokuk & Des M__ .10
To-day's (Friday's) actual rates for sterling exchange were 3 3343 35
100102% Feb 25 102% Feb 2r 10234 Feb 101% Feb sixty days, 3 37©3 39 for checks and 3 373-@3 393i for cables. ComKresge (14 S) Co prof _100
Jan
days,
ninety
32;
3043
3
days,
sixty
37;
Liggett & Myers rights_ _ 5,660 15% Feb 2c 17 Feb 2. 14% Jar 18
3543
3
sight,
banks,
Jan mercial on
Loews Tnrorp....no pa' 5,100 26 Feb 2, 2734 Feb 21 11% Fe" 12
for payment (sixty days), 3 29)463 31 Yi.
Jan 3 2734©3 29X, and documents
Feb 100
-100
100 98 Feb 27 98 Feb 27 98
Loose-Wiles, 1st prof.
35(43 37, and grain for payment 3 35(43 37.
Fe" 116% Jvi Cotton for payment, 3
100
300110 Feb 2" 110 Feb 25 103
for Paris bankers' francs were 11.374
rates
Mutual wow
actual
To-day's (Friday's)
Feb
Feb 63
100 60 Feb 27 60 Feb 27 60
Marlin-Rock v t o.no par
7 for short. Germany bankers' marks are
Feb 313. Jan 11.45 for long and 11.29411.3
50
100 30 Feb 21 30 Feb 21 30
Mathleson Alkali
short bills. Amsterdam bankers' guilders were
and
long
for
quoted
yet
not
Feh 35% Jan
Maxwell Motorafs dep. '10e 25% Feb 21 25% Feb 21 18
11-16 for short.
Feb 3034 Jan 36 5-16 for long and 36
high and
100 204 Feb 24 20% Feb 24 20
2d prof ctfs dep
Exchange at Paris on London, 48.26 fr.; week's range, 47.78
Feb
10C 91% Feb 21 91% Feb 21 8934 Fe" 94
M St PiteSSM pref _100
low.
48.33
Jan
60
Feb
20
50
Feb
25
50%
Feb
50(150
_100
follows:
_
week
the
stock
Leased line
The range for foreign exchange for
an
Feb 1004
Cables.
4 Feb 20 99
Cheeks.
400 99 Feb 20 997
Sixty Days.
Montana Power pref_100
Sterling Actual3 43
Feb 1454 Feb
3 4234
3 39
30e 11% Feb 25 13% Feb 24 10
Norfolk Southern_ __IOC
High for the week
Feb
1534
36
Feb
24
11
Feb
24
1534
335343
Feb
14%
300
3 3234
Peoria & Eastern__ ....100
Low for the week
304' 88% Feb 21 89% Feb 27 883-4 Feb 94% Jqn
100
Francs
Pitts Steel prof
Bankers'
Paris
Feb
100%
h
Fe
98
2r
13.53
Feb
26
Feb
13.55
98
98
100
13.66
pref:_100
1st
Remington
Feb High for the week
Fe" 101
14.32
14.34
, 98 Feb 20 98 Feb 20 98
10
14.45
week
Royal Dutch Am shares
Feb 547 rj5n Low for theBankers' Marks132 208 Feb 20 208 Feb 20 100
So Porto Rico Sug.....100
Germany
Jan
413I
1.07
Fe'
21
39
Feb
1.05
26
42%
Feb
39
300
par
Stewart Warner..no
High for the week
1.02
1.00
700 170 Feb 20 175 Feb 21 15634 Feb 195% Jan Low for tbe week
Texas Co recta 30% pale
1an
Feb 103
,153
100 170 Feb 2r 170 Feb 2
Guilders
Full mid reeeints
Bankers'
Amsterdam
37%
37%
15-16
36
High for the week
36
3634
36 5-16
Low for the week
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
$1,00
per
15425c.
YEARLY.
DAILY. WEEKLY AND
Domestic Exchange.-Chicago, par. St. Louis,
per
discount. Boston, par. San Francisco, par. Montreal, $13 26
United
Railroad. State, Mun
Stocks.
Week ending
$1,000 premium. Cincinnati, par.
•
States
Foreign
&
&c.,
Feb. 27 1920
Bonds.
Bonds.
Bonds.
Par Value.
Shares.
s in "curb" securities this week
Outside Market.-Busines
was dull and prices pursued a downward course until Thursday, when there was a turn for the better and many leading
issues made good gains. Oil stocks continue to attract most
attention. Carib Syndicyte declined from 34 to 25 and ends
the week at 27. Gilliland Oil corn., on few transactions,
lost three points to 37. Guffey-Gillespie Oil, corn., was off
Total
from 28 to 263/2 and recovered finally to 27. Houston Oil
Jan. 1 to Feb. 27.
Week ending Feb. 27.
Sates at
corn. sold down from 101 to 93 and at 95 finally. A drop of
New York Stock
1919.
1920.
1919,
1920.
Exchange.
twelve points to 56 was registered by Internat. Petrol.,
24,089,206 though it recovered to 66 and closed to-day at 64. Man41,2'7,769
4,171.270
5,031,633
Stocks-No. shares._ 05
$2,278,036,7
to-day at 223.
$439,241,850 $388,756,350 $3,671,216,500
Par value
$28,700 hattan Oil broke from 29 to 20 and closed
Bank shares, par
Merritt Oil lost two points to 17 and sold finally at 17%.
Bonds.
le
$346,177,500
$517,829,200
$40,845,500 $39,241,500
156 to 149 and finished
Government bonds
98,841,000 Midwest Refining receded from
100,7"3,500
3,817,500
4,792,000
State bonds
70.104,000 to-day at 151. Simms Petroleum dropped from 36% to 33
97,771,5)0
8,667,500
8,703,500
RR.and misc, bonds
363/2, the close to-day being at 353.
3515,212,500 and advanced to
3716.384.200
360.341.000 351.726.500
Total bonds
Texas Pacific Coal & Oil was conspicuous for a loss of 18
HIA AND
points to 80, though it recovered to 92 and sold finally at
DAILY TRANSACTIONS AT THE BOSTON. PHILADELP
BALTIMORE EXCHANGES.
87. White Oil sank from 29% to 26, the final transaction
Baltimore
to-day being at 273/2. In the miscellaneous list General
Philadelphia
Boston
% to 27, then reacting
was active, advancing from 253
Motors
Week ending
Sales
Bond
Shares
Sales
Bond
Sales
Shares
Shares Bond
Feb. 27 1920.
to 23, with the close to-day at 243j. General Asphalt com.
$7,000 fell from 88 to 76 and closed to-day at 783/2. Indian Pack2,484
$10,000
4,0*
$12,550
13,5.10
Saturday
HOLI DAY
Monday
% and finished to-day at 13%.
34,200 ing lost two points to 123
6,746
37,150
8,856
70,150
20,157
Tuesday
19,800 Orpheum Circuit moved down over two points to 293
% and
3,865
55,750
6,230
62,750
1(1,214
Wednesday
8
119,800
3,886
42,100
6,623
81,450
19,751
Thursday
most of the loss, the close to-day being at 31%.
recovered
2,721
18,000
4,970
11,000
16,621
Friday
the Russian Government 63/2s, after an advance
In
bonds
19,702 3180.800
30,756 8163,000
86,283 $237,900
Total
from 29 to 33, were heavily traded in to-day and rose to 39,
at 37; the 53/2s improved from 273/2 to 32 and moved
State and Railroad Bonds.-No sales of State bonds closing
up to 38, the final figure to-day being 37.
,
have been reported at the Board this week. .4
Saturday
Monday
Tuesday
Wedneslay
Thursday
Friday
$435,000 $4,724,000
$880,000
463,500 $39,466.500
HOU DAY
0.044,000
1.518,000
1,967,000
1,262,300 109,863,500
2,510,500 1,330,500 10,455,000
1,234,070 1(19,335,150
707,000 9.288,000
1,204,000
997,782 82,812,200
801.5)0 13,351,5)0
2,052,000
1,073,975 97,744,500
5.031.636 3439,221.850 $8 703 540 34,792.000 346 845.500
854
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING THREE PAGES
For record of sales during the week of stocks usually inactive, see
preceding page.
HIGH AND LOW SAW. PRICES-PER SHARE, NOT PER CENT.
Saturday
Feb. 21
Monday
Feb. 23
Tuesday
Feb. 24
Wednesday
Feb. 25
Thursday
Feb. 26
Friday
Feb. 27
Sales
for
the
Wee*
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1.
On basis of 100-share lots
PER SHARE
Range for Prologs
Year 1919
Lowest
I
Highest
LOtD4a
Highest
$ per share $ per share $ per share $ per share $ per share
$ per share Shares
Railroads
Par
Per share
$ per share ,$ per share $ per acre
82
84
8338 85
8113 8234 8112 8212 8234 8312 8,509 Atch Topeka & Santa Fe--10
0 76 Feb 11 854 Jan 6
801* Dec 104 May
78
7812
78
7812 *7712 7812 *7713 7812 78
900 Do prof
78
100 76 Feb 13 82 Jan 3
7678 Dec 89 Jan
838 812
812 8%
8
8
832
8
8311 812 1,200 Atlanta Birm & Atlantic 100
614 Feb 41
87
Fob
24
6 Mar 1512 July
88
88
88
8814 87
*86
87
88
*87
88
1,109 Atlantic Coast Line RR--100 • 84 Feb 111 03 Jan 7
34
8712 Dec 107 May
3518
3514 3878 3412 36
3334 36
36
41,200
381
Baltimore
&
Ohio
2738
100
Feb 13 387 Feb 24
4712 4753
2834 Dec 5514 May
48
4978 4712 484 4712 4712 48
48 . 3,400 Do pref
Feb 13 4973 Fob 24
381k Dec 5913 May
1334 1438
1378 1434 1318 1418 1313 1318 1414 1414 10,250 Brooklyn Rapid Transit 100 42
100 1038 Feb 10 1434 Feb 24
103s 10%
10 Dec 331 July
1038 1014
978 9%
914 912
934 1013 4,600 Certificates of deposit
7, Jan 31 107 Feb 21
12312 126
5 Deo 2814 July
12214 12514 11934 122
11934 12114 12014 12338 14,000 Canadian Pacific
100 11514 Feb 11 134 Jan 3 121318 Dec 1707 July
57
5838
56
5814 54
54
55
57
5614 5712 16,350 Chesapeake & Ohio
47
100
Feb
13 5838 Feb 21
• 958 1038
5113 Dec 6812May
10
1078
938 10
938 10
1014
97
6,400
8
Chicago Great Western
100
7 Feb 13 1078 Feb 20
2518 28
7)4 Jan 12 July
2512 27
2558 2634 2512 26
2618 2678 7,300 Do pref
100 21 Feb 13' 27 Feb 24
38
21 Dec 3078 May
3912
38
4138 3734 3912 3634 3914 3812 41
59,600 Chicago Milw & St Paul..100 3014 Feb 61 41N Feb 24
3118
5438 5638
Dec 5234 July
5514 5934 55
5414 5712 57
57
5958 33,000 Do pref
100 4514 Feb 13 5934 Feb 24
85
48% Dec 76 July
8734
8712 82
87
8612 8234 84
85
86
4,700 Chicago & Northwestern...100 75 Feb 13 8778 Feb 20
117 117
85 Nov 105 May
119 119
11513 11513 *110 120 *112 120
300
Do
pref
100 113 Feb 131 120 Jan (3 116 Dee 133 Jan
3112 3518
3214 3612 33
3234 3534 36 '4018 294,400 Chic Rook Isl & Pao
35
100 23% Feb 13 4018 Feb 27
7434 78
2218 Jan 3214 July
7412 77
7134 73
71
74
7412 7634 3,900 7% preferred
100 6413 Feb 13 78 Feb 21
6558 6614
68 Dec 84 June
6512 6614 63
63
6412 63
65
65
3,300 6% preferred
100 54 Feb 11 6814 Feb 41
13514 Aug 73 July
Chic SIP Minn & Omaha 100 5812 Jan 2 63 Feb 20
;
,-12-- -4857 Dec 82 Jan
48
*4412 5112 ;4412 16- -ii" ifi
49
-_300 Clev C1n Chic & St Louls 100
42 Feb 6 49 Feb 24
.63
32 Feb 547 June
69
*63
67
68
*63
68
*83
67
6712
100 Do pref
63
100
Feb
11
68
Feb
24
Sept 74 July
25
63
26
2434 2534 23
23
23
24
2412 25
4,400 Colorado & Southern
100 20 Feb 11 27 Feb 19
19 Dec 3134 May
---Do 1st prof
100 4714 Feb 18 5012 Feb 10
48 Dec 5812 July
Do 2d pref
100 43 Jan PI 43 Jan 16
93
45 Feb 5123 May
93
94
96
94
-52- iti- "Oil; l921; 1-366 Delaware
94
& Hudson
100 8938 Feb 13 96 Jan 5
17214 17214
9112 Dec 116 May
172 17214 171 172 *170 173
17034 171
800 Delaware Lack & Western-50 165 Feb 10 101 Jan 31 17213
734 818
Mar 217 May
712
712
8
834
712 8
718 S
9,200 Denver & Rio Grande____100
6 Feb 13
9 Jan 3
1418 15
1512 July
312 Apr
1434 1638 1314 1478 1312 15
1434 1534 33,600 Do prof
9 Feb 11
100
1638 Feb 24
14% 1473
618 Feb 24 July
15
1558 1312 14% 1312 1412 145g 1518 29,000 Erie
913 Feb 13 15% Feb 24
100
2334 2412
1238 Dec 2014 May
2418 25
2212 2312 2114 2234 2314 2434 11,400 Do 1st pref
173
8
Feb
100
13
25
Feb
24
16
1812 Doe 33 July
16
1612 1712 16
17
1614 1612 1612 17
2,600 Do 24 prof
100 1212 Feb 9 1712 Feb 24
7818 79
1334 Dec 2314 July
7712 78% 7538 78
7514 77
7613 78
12,000 Great Northern pref
100 681* Feb 11 8113 Jan 5
3758 3818
751/g Dec 1005s MaY
37
3812 36
3634 3538 384 36
8,200
361
Iron
Ore
properties
par
.-No
33
Feb
13
41 Jan 3
*814 10
3134
Jan 5234 July
*8
10
*712 10
*712
812 *7
Gulf Mob & Nor tr etts_100
9
7 Jan 24
8 Jan 31
*29
33
• 7 Sept 1278 July
33
33
*3314 3512 *2812 2834 *2812 34
100 Preferred
100 28 Jan 24 33 Feb 24
86
30 Dee 4012 July
86
87
8512 8512 *8612 8912 8634 8634
88
900
Illinois
Central
100 8078 Feb 13 0034 Jan 3
857 Dec 104 May
4% 414
418 414
4
418
43
4
4
4
8,700 Interbore Cons Corp_ _No Par
318 Feb 13
433 Feb 27
1214 13
318 Mar
918 June
14
1412 13
1334 1234 1314 1312 1414 9,800 Do pref
94 Feb 13 1412 Fob 24
100
1814 1878
10 Dec 3114 June
1838 1912 1713 18
1614 1712 1712 1834 8,500 Kansas City Southern_ --100 137 Feb 13 1912
Feb
*47
24
49
13
Nov
2514
May
47
4838 *45
47
*45
47
*45
47
400 Do
pref
100 4313 Jan 9 4838 Feb 24
1134 1134
40 Dec 67 May
12
*8
12
11
*8
11
*913 12
400 Lake Erie & Western
100
818 Feb 13 12 Feb 24
22
22
7 Feb 14 July
21
*20
22
2134 20
20
21
21
500
Preferred
100 16 Feb 11 22 Fob 21
45% 4612
13 Dec 25 May
4438 47
45
45
46
4534 4513 4614 6,500 Lehigh Valley_
50 4012 Feb 13 47 Feb
*102 104
4012 Dec 6038 June
104 104
10014 10014 *101 1031 *101 104
500 Louisville & Nashville.--100 98 Feb 11 11213 Jan 24
44
44
5
1047
Aug 12234 May
*43
*43
48
-----*43
48
44 --100 Manhattan Ry guar
100 3934 Feb 6 43 Jan 7
15
3758 Dec 88 Jan
1514
1514 1614 1412 1478 1434 1512 1553 171 10,900 Minneap & St
L (new)____100
9 Feb 13 1712 Feb 27
*73
75
918 Jan 2412 July
73
73% 70
70
70
7018 *70
73
500
MinnSt
P&SSM
100 63 Feb 13 7412 Jan 5
9% 11
70 Dec 984 may
1014 11
912 1014 10
•912 10
1012 17,100 Missouri Kansas & Texas-100
6 Feb 13 11 Fob 21
1558 17
453 Feb 165s July
16
14
18
16
1418 1534 15% 1612 5,400 Do pre(
85 Feb 11
100
18 Feb 19
28
812 Jan 2518 July
2934
28
3012 2738 2953 27
2914 2918 31 100,600 Missouri Pacific trust etts_100 21 Feb 11 31
Feb
27
453s 4634
2218
Nov 3878 July
4514 4934 45
47
47
478 45
48
20,700 Do pref trust etts
100 35 Feb 11 4934 Feb 24
5% 6
3712 Dee 5834 June
6
534 534 *51 1 534
6
534 534 1,000 Nat Rya of Mex 24 pref-100
414 Feb 13
678 Jan 8
4814 461.1
414
Dec 14 Mar
4512 4614 *45
47
*45
47
47
47
600 New Ori Tex & Mex v I(3_100 3912 Feb 11 4712 Feb 20
7214 7312
2834 Apr 60 Sept
7112 7338 70
16,200 New York Central
7153 6912 7214 7134 73
100 6414 Fob 13 7312 Feb 19
6634 Dec 8334 June
29.14 30
2912 32
31
3112 3012 3012 3012 3312 9,000 N Y Chicago & St Louls_100 2334 Feb 13 3312 Feb
2334 Sept 3314 July
*54
27
70
60
*58
60
65
*55
62
*55
62
100 First preferred
100 55 Feb 9 60 Feb 24
6013 Dec 70 Apr
*46
48
4713 4734 *45
49
*43
43
*45
49
200 Second preferred
100 43 Feb 16 4734 Feb 24
40 Nov 5312 July
3013 35
3313 3614 32% 3434 3218 3412 3334 3613 186,200 N Y N H & Hartford__ _100
2312 Feb 11 3913 Feb 27
1912 2034
2518 Dec 4078 July
1914 2012 19
187 1933 1934 20
19
4,400 N Y Ontario & Western_ _WO 16 Feb 6 2034 Feb 21
1613 Nov 2414 July
*92
96
9534, 97
95
*91
95
94
204
94
500 Norfolk & Western
100 88 Feb 13 99 Jan 3
95 Dec 112'2 May
7812 78%
77
7933 7512 7734 7412 773
76
16,200 Northern Pacific
78
100 6814 Feb 11 8112Jan 5
Dec 9978 May
77
4234 43
4238 4311 4214 42% 42
4212 4214 4233 17,000 Pennsylvania
50 40 Feb 11 4314 Feb 24
397 Dec 4812 May
2934 3112
2912 3112 2738 30% 2714 3014 2034 3138 91,100 Pere Marquette v t a._ ._100
2812 Feb 13 32 Feb 19
1212 Jan 3312 Dec
6212 6212
6312 6312
_
6412 85
66
68
1,700 Do prior prof v t 0......100 62 Feb 10 68 Feb 27
56 Mar 70 Dec
51
51
49
49 -49 - 49
50
49
49
49
1,200 Do prat v t o
100 48 Feb 14 51 Jan 5
39 Apr 53% Dec
64
64
64
66
6.3
63
64
63
*61
64
1,600 Pitts On Chic & St Louis...100 50 Feb 11 66 Feb 24
44
Apr 72 Sept
2738 2934
2812 2934 2612 2833 2633 2318 2714 2834 13,200 Pittsburgh & West Va....100
2112 Feb 11 291 Feb 20
24 Dec 4434 June
*73
78
*75
78
76
*73
*73
75
76
75
100 Do pref
100 70 Feb 11 7012 Jan 7
75
75 Dec 8412June
7634
7434 7738 7218 75
7213
7412
7518
7678
67,600
Reading
ao 6434 Feb 11 7734 Jan 3
34
7378 Dec 9354 June
34
*3212 34
*3212 3313 *3213 34
*33
34
400 Do let prat
ao 3358Jan 6 36 Jan 13
*32
33 Dec 3812 Feb
35
*32
35
3412 3413 +32
35
+32
35
100 Do 24 prof
a 3313 Feb 9 3512
2314 2434
13
3334 Dec 3913May
2318 2538 2218 24
2414 24
2514 100,300 at Louis-San Fran tr ctfe_100 1514 Feb 13 2538 Jan
2214
Feb 24
32
1034 Jan 27114 July
3312
33% 3318 30
31.2 31
33 .32
1,200 Preferred A trust etts...100 232 Jan 14 34
33
1734 1734
20 Dec 37 May
1618 18
16
1612 1614 1612 1414 1718 2,900 St Louis Southwestern. _100 11 Feb 11 18 Feb 20
Feb
24
Dee 235* June
2834 30
10%
29
28
30
2834 27
29
23
30
2,400 Do pref
100 21 Fob 11 30 Feb 21
23 Deo 877k June
• 834 9
87s 91g
812 858
814 812
858 9
4,600 Seaboard Air Line
61 Feb 11
100
16
038 Feb 19
17
658 Dec 12 July
1638 1714 1613 165s 16
163
4
163
1712
4
5,300
Do
pref
100 1234 Feb 13 1712 Feb 27
97
12 Dec 2334 July
9858
9558 98
93'14 9414 9212 957 29334 9578 78,409 Southern Pacific Co
100 8818 Feb 13 10513 Jan3
2318 2434
917 Nov 115 June
2334 2514 2214 2378 2238 2312 2314 2834 71,600 Southern Railway.
'Feb 13 2514 Feb 24
100 18
57
2014 Dec 33 May
5712
5712 5812 5613 573s (1334 5734 5r34 5734 2,700 Do pref
100 50 Feb 13 5-02 Feb 24
5273 Dec 72l May
36
3814
3614 3812 3234 3412 33
3412 3534 383 51300 Texas & Pulite_
100 25 Feb 13 438 Jan 7
2712 Jan 7012 July
14
13
14
13
1334 1334 ---------400 Third Avenue
100 12 Feb 9 1458 Feb 27
-113
.4 -1-1-3-4
11 Dee 2553 July
1134 14
1234 1313 *12
14
13
48 6,400 Vol St L & W trust receipts- 107 Feb 19 1134 Jan 3
5 May 131* July
*20
*20
24
24
*20
23
*20
24
Preferred certificates dep._
21 Feb 20 24 Jan 3
10 Mar 252* July
;56- 16"
*30
34
*30
34
*30
3212
*30
Twin
City Rapid Tracsit_100 2814 Feb 11 35 Jan 26
3212
2934 Dec' 60 June
11918 121
118 120
11618 11812 11618 11934 118 119
19,000 Union Pacific
100 110 Feb 13 12478 Jan 3 11918 Aug 13812MaY
67
67
67
67
6634 6634 66
6612 6612 6612
900 Do pref
100 65 Feb 16 59't Jan 3
63 Dec 7484 Mar
10
10
934 9%
912 913 *912 10
800 United Railways Invest-100
912
834 Fob 5 1278 Jan 10
24
714 Jan
1573 July
2412
24
24
23
2312 23
23
-8)0 Do prof
_
100 2014 Feb 13 2934 Jan 27
15 Jan 3434 July
912 10
912 1012
914 973
18,700
912-Wabash
4
10193
9
4
4
93
100
713 Feb 11 1012 Feb 24
714 Dec 133s July
28
2914
2834 31
28
29% 2734 2938 2934 3034 46,100 Do prof A
100 2013 Feb 11 31 Feb 24
2014 Dec 38 May
1813 2012
20
2012 2,100 Do pref 13
100 1414 Feb 11 2013 Feb 19
14 Dee 2512 July
1134 1218
1178 12% 1034 III, -11- -1-1-34 1114 1238 16,700 Western Maryland (new)_100
838 Feb 13 1278 Feb 24
058 Apr 147 July
20
2012 20
*18
20
21
20
2012 2,600 Do 2d prof
100 1434 Feb 13 2013 Fob 19
26
16 Deo 3012 July
Vi
2612 2712 24
2512 2.113 25
26
Western
'7,900
2834
Pacific
2012
100
Feb 13 2713 Feb 19
.
60
17 Feb 26 July
63
62
60
63
40
60
60
59
41
Do
600
prof
100 5412 Feb 5 134 Jan 7
13% 14
52% Feb Oils Jan
13
12
14
12
13
1234 1258 1353 20,009 Wheeling & Lake Erie Ry-100
914 Fob 13 1415 Feb 20
21
784 Mar 1814 Sept
2212
2134 2238
_
207 2178 3,700 Do prof..100 16
Feb 11 2212 Feb 20
31
17 Jan 2834 Sept
32
3112 33
*30 12 -an' io - *28
32
3,900 Wisconsin Central
100 26 Feb 6 33 Feb 24
25
Dee 417 May
Industrial & Miscellaneous
3412 3434
35
35
*28
*28
34
34
33
33
400 Adams Express
100 25 Feb 11 .s5 Feb 24
40N 41
2938
Apr 44 May
40
4012 38
40
33
3812
3918 3818 2,400 Advance Remely
100 3114 Feb 6 4512 Jan 5
*65
21
6912
Jan 54 July
*65
6912 *64
6514 6514 65N 6518
70
300 Do prof_
100 65 Feb 13 72 Jan 12
7334 7412
am, Jan 76 June
72
7312 68
7013 6714 69
6811 6814 3,100 Ala: Rubber Inc
50 13514 Feb 13 8834 Jan 5
66
Jan
113 July
1,
4 178
134 2
1%
178
173 2
134 2
7,500 Alaska Gold Mines
112 Feb 11
2 Jan 3
10
III Dec
414 Jan
2
2
2
2
17
1%
178
178
1,300 Alaska Juneau Gold Mlieg 10
158 Feb 4
214 Jan 3
4118 4134
IN Jan
314 July
3834 4112 3612 3912 -54C,L isli 3734 3912 8,600 kills-Chalmers Mfg
100 31114 Feb 20 537 Jan 3
*8313 85
Oct
30
6152
Jan
8312 8312 8314 8314 83
8334 8213 82%
603 Do prof
100 8213 Feb 27 92 Jan 3
*89
90
1%Jan
87% 8834 8512 8814 85
8612 85
85
2,200 Amer Agricultural Chem 100 82 Feb 11 05 Jail 28
• *9112 94
8
7
113
S
Sept
7
3
4
9
M
E
lep
aYt
9112 9112 9078 91
*90
03
+90
300
97
Do pref
100 89 Feb 11 9612 Jan
292 Dec 103 Mar
41
41
• 109 kmerican Bank Note ______ 50 39 Feb 13 4614 Jan 16
5
33
Jan 55 July
Preferred
ao 45 Jan 7 4512 Jan 28
;io" 84
Oct
Jan 49
42
-8014 851
4 77
8012 -7712 -792; -181.4 80113 _ -2;66 American Beet Sugar.......100 970434 nb 2
10
3! 996318 JanJa' 8
*88 91
5
acyt
n
134 74
0
8
6134
05
Jan 19
*88
91
*88
89 *____ 90
91.
Do pref
Jan
100
116 116
11212 11412 10738 111
10314 10934
2,000
Amer
Beech Magneto .No par 105 Feb 13 1283i Jan 2
4412 4538
8.112
May
1437
4212 4438 3834 4214 40
3
Nov
4114 *£38-404
- 23,500 American Can
- -1-11
100 3314 Feb 25 11134 Jan 3
4278 Feb 6838 Sept
*94
98
*95 100
*9613 100 .96
93
Do pref._
100 95 Feb 5 101 Jan 3 st/8 Dec 1075011ne
1321 13334
13014 132
12418 130
12512 12712 2
14600 American Car & Foundry.100 12418 Feb 25 14334 Jan 3
12
802 Feb 14832 Nov
113 113
11218 11218 -------200
Do
pref
11218
100
Feb
2.3
43
1161
4
-451-4 - 1
2Feb 4 113 Jan 119 July
-.-4254 4313 4133 41% 4014 4112 -411g 4114 2,100 American Cotton
011
100 4014 Feb 26, 5438Jan 3
3938 Jan 4712 July
_
Do prof
.100 _
1234 -1/1-2
88 Jan 93 Apr
1212 13
-1224 -121; -12T3 -1/38
-1.
2
i8
4
,500
-1211Amer
2
Drugglas
Syndleate
113
.10
4
Jan
9 1513 Jan 14
2212 2314
Mar
Nov
2134 23
2018 22
193 2012 20
5,209
20
American HIde & Leather 100 1834 Feb 13 3033 Jan
10712 10712
3
4% July
13%
1 4 Jan 4
13
10312 105
10012 102
95 10112 97 10014 7,303
no prof
100 95 Feb 26 123 Jan 3
*40
44
7114 Jan 14238 Oct
4011 4012 3812 4018 3912 40
39
1,000
39
American
Ice
23
100
Feb 6 47 Jan 5
5812 5934
3712 Aug 761g June
*58
60
*38
5312 53
5912 59
700 Do prof
59
100 51 Feb 13 69 Jan 2
94
:
4 Junett
:
:
7
161
9414
5414 Jan 14
9118 93
871s 9114 8712 90
83
9034 28,500 Amer International Corp. 100 87 Feb 13
5238 Feb 13214 Oa
12012 Jan 3
8114 8212 7718 79% 77
7814 7714 7012 2,800 American Linseed •
100 74 Feb 13 86N Feb 2
39
Nov
4413
Mar
95
95
9212
94
9212 *91
*92
200 Do prof
95
•_100 9212 Feb 25 995g Jan 27
-• 5514 Wiz
85 Mar 08N Ape
92
95
8612 9112 87
90
30,500 American Locomotive
8912 92
100 82 Feb 13 10513Jan 3
•IO2 106
Jan
58
105 105
10578 10578 105 105 *
6
30.3
Do prof
100 104 Feb 13 10622 Jan 14 100 Jan 10934 July
*31
34
*31
34
*31
35
Malt & Grain_ ,..No Paz 304 Feb 13 44 Jan 2
2112 2218
3934 Doe 63 Aug
20
21
-13-334 261; 1912 20
---------------Amorg
1ii -2
_ --- Am Ship & Comm Corp.no ;par 1634 Feb 13 3012 Jan 5
*81
26 Dec
82
8112 8112 8112 8112 *3012 8112 .80
82
300 Am Smelt &Jour pref .or A.100 SO Feb 14 82 Jan 14
6312 64
3 Dee 9418 June
793
62
63
60
6184 (912 60.14 z597 6018 5,100 Amor Smelting & Refining_ 100 5334 Feb
13 72 Jan 3
9518 9518
6118 Doe 8934 July
95
9514 95
*95
96
95
9412 9412
500 Do pref
100 29334 Feb 18 10014 Jan 13! 94 Dee 10938 JuIY
•Bid and asked prime; no sales On this day. 1 Ex-rights.
f Less than 100 3hares. a Ex-div. and rights. z Ex-dividend. o Full paid
855
ed-Page 2
New York Stock Record-Continu
inactive, see second page preceding.
For record of sales during the week of stocks usually
PER CENT.
HIGH AND LOW SALE PRICES-PER SHARE NOT
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Feb. 27
Feb. 26
Feb. 25
Feb. 24
Feb. 23
Feb. 21
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1919
Lowest
Highest
$ per share 1$ per share
per share
(Con) Par $ per share
per share $ per share Shares Indus. & Miscall.
-100 86 Feb 13 11534Jan 5 10112 Dec 140 Sept
$ per share $ per share $ Per share 3 per share $
300 American Snuff
101 101
.99 103
3314 May 47 July
100 101
4658Jan 6
.100 104
25
Feb
39
'98 102
ctic.3311
tern
Found
Steel
Am
10300
1 41
40%
4112 39
91 Dec 9612 Aug
4234 3ff
42
9312 Jan 19
4212 43
No par 91 Feb 11
-200 Prof temp etre
_
9234 9234 ---- ---9234 9234 --1231* Feb 13 14112 Jan 7 11114 Jan 14838 Oct
Refin1nF-100
Sugar
American
2,000
12
.12i12412 1-i51-2 12412 126
12534 126
100 .11612 Feb 25 11834 Jan 20 11312 Jan 119 May
127 127
11612 11812 11612 11612 .115 117400 Do pref
73 Aug 12012 June
117 117
Jan 5
*115 119
12,000 Amer Sumatra Tobacco_100 77 Feb 13 99
7818 82
8158 8078 82
9058 Dec 100 May
80
84
82
8512
100 84 Feb 16 9212 Jan 3
85
Do preferred
Dec 10858 Mar
95
30
.8312 8612 "82
13
10038Jan
Jan
81
85
85 '
961s
.8312 8612
Teleg-100
&
8 --5-,-4'5 Amer Telephone
9738 9758 9673 9712 967 9718 -fiWis -Q11100 z225 Feb 13 283 Jan 5 1911 Fe. 31412 Oct
9734 97%
American Tobacco
Jan
106
9734 Jan 7
9358 D
.225 250 .220 240 .225 250 .225 237
25
Feb
93
100
.235 245
(new)
pref
Do
200
95
.93
95
93 .93
93
4514 Jan 16912 Dec
95
93
.
96
.94
100 115 Feb 25 10512 Jan 2
11718 12312 88,500 Amer Woolen of Mass
115 12212 11658 122
9438 Feb 11034 June
123 130
10112 Feb 13 10512 Jan 29
12834 13312
100
pref
Do
E00
10234
10234
102 102
Oct
89
2758 Jan
10278 103
Jan 3
.103 104
103 103
2,900 Amer Writing Paper pre1-100 3834 Feb 23 6134
39% 41
3834 40
29 July
4134 44
Jan
11
4438 46
Feb 13 2112 Jan 9
4012 4612
1714 1714 2,400 Amer Zinc Lead & Smelt-25 15Is
1612 1612 .1612 18
Jan 65 July
40
1734 1814
5912 Jan 9
13
Feb
25
50
1818 19
pref
Do
50300
50
54
.49
53
777 July
53
53
53
0514 Jan 5
5458 Nov
*5012 54
20,600 Anaconda Copper Mining_50 54 Feb 13
57
93 Nov
56
5014 5434 557
1
Ja.
567g 5812 55
(314 Jan 3
3% Feb 10
10
5812 59
2 0 Assets Realization
0
7 Feb 25 6714 Jan 3
6512 Dec
1714 Ja
312 312 48312 :.:1W. 16312
45
00
Goods_-_1
Dry
Associated
2,500
4611
.
4914
4712
45%
Aug
82
Mar
61
17
164
27
7458Jan
Feb
6812
5118
100
51
800 Do 1st preferred
6812 6812
*6812 70
581 Feb 8014 May
6914 6914 .6812 70
72
100 7012 Feb 10 7534 Jan 7
.69
Do 2d preferred
70 ..._-_ 72
68 .66
Jan 142 Nov
.60
68
72
8
.65
Jan
125
11
Feb
100
107
.05 • 72
Oil
200 Associated
109 109
92 Feb 19258 Oct
11413 11412 .106 113 .105 120
100 137 Feb 26 17612 Jan 5
*114 110
11,300 Atl Gulf de W I SS Line
139 143
13914 14312 137 142
7612 May
Jan
64
14512 149
5 75 Jan 7
Feb 26
63Feb
1505g 152
300 Do pref
65
•62
63
63
63
753 Dec
54',
6512 Dec
6412 6412 63
3
8Jan
745
par
66
.62
1
Securities Corp--80
5412 56/4 5438 5612 5558 5738 24,600 A T
2084 Dec
1413 Nov
5612 59
1914 Jan 8
Feb4
F
14
27
15 I.eb
60
60 2
59
Corporation
Autosales
400
1314
1334
15
3512 Dec
Oc
29
.1414 15
30% Jan 15
50
*1414 15
---- ---- "1334 2613 .26
6% pref temp certif./
2813
--- '26
2614 2812 ,,-.
64% Jan 15614 Oct
2812
.26
Baldwin Locomotive Wks_100 10313 Feb 13 12312 Jan 10
Jan 145 July
10812 11114 10414 1-0858 10414 10758 10534 10912 233,200 Barrett Co (The)
13 13478Jan 3 103
Feb
115
100
11134 11338
1,600
11538 11614 11513 11518 115 11614
118 119
100 105 Feb 18 11112Jan 6 110 Feb 119 May
300 Do preferred
_._
218 May
105 106 .104 106
114 Jan
107 107
138Jan 5
1 Feb 9
20
100 Batopilas Mining
I-%
1%
112
Oct
112 *118
112 "118
•118
26 Sept 45
3178 Jan 2
112
1712 Feb 11
par
'1l
Motors____No
Bethlehem
20% 2178 9,000
1914 2078 1912 21
July
10734
3312
Jan
2034 22
27
9514
Jan
30
Feb
2314 2378
12
77
100 Bethlehem Steel Corp____100
7712 7712
Oct
80% 805s
553* Jan 112
00 8112 Feb 26 10213 Jan 3
common-1
B
Class
Do
55500
845
v 851 ii li 821 --------Do
-WA "iii"i
90 Dec 108 July
8
1870100 97 Jan 14 10214 Feb 24
------10
preferred
Sept
116
10214 10214----------Jan
8
5
Jan
1015
13
114
Feb
600 Do cum cony 8% pref100 108
8
18 11 12
11012 1111-2 i 1-8 111112 112
11 Dec 25 July
10 Feb 13 15 Jan 9
No par
1038 4,600 Booth Fisheries
10
10
1034 1018 1018
1034 11
8512 Dec 102 Aug
1i 11•
100 91 Jan 13 9512 Feb 27
100 Brooklyn Edison, Inc
9512
9512
97
*94
41 Dec 92 May
97
.94
100 49z Feb 5 5614 Feb 14
300 Brooklyn Union Gas
52
52
52
Feb 11212 July
.- 1(i- ;82- ii" 52
;i2
71
57
.52
100 93 Feb 27 10558 Jan
100 Brown Shoe, Inc
93
93
97
...._ ___.. •90 100 .90
12
97 Aug 101 May
Jan
18
100
Feb
96
9314 100
.
100
200 Do preferred
9614 9614
Apr
.9614 98 .9614 98
98
.97
100 93 Feb 4 120 Jan 5 115 Dec 166
Bros
Burns
1,000
103
103
102% 103
51 Feb
Oct
17
lo-iis 1617-8 103 103
712 Feb 5 1112Jan 9
*104 107
91
938 6,300 Butte Copper & Zinc v t c.5
9
8%
914
834
July
3934
10
9%
Jan
16
6
Jan
26
11
10
1038
10 15 Feb
Mining.1._00
ck
terla
tte
ut
Bb
0B
00
4,50
208
1818 1818 •18
20
1912 19
19
3712 July
12
1075 Feb
22
Jan
22
5
2914
22
Feb
Superior
237 25
2412 2512 2212 2412 2318 24
1914 Dec 5414 May
Jan 6
2634 27
1,500 Caddo Central Oil & Ref_100 17 Feb 6 2814
1838 1834
8713 Dee
1812 1812 18% 19
19
1978
4814 Jan
8512 Jan 28
•1912 2012
7458 4,900 California Packing-No par z74 Feb 27
z74
7634 7812 7412 7612 7434 75
567 Oct
20% Jan
3
Jan
46
77% 7834
13
Feb
4
100
273
Petroleum
California
3112 3212 3212 33123,100
3434 3112 32
34
8638 Sept
Jan
641
7513
0
Jan
6
3312 3418
10
Feb
65
100
1,500 Do prof
69
67
71
.6812
7012
6978
71
July
71
8634
Mar
513.14
72
72
600 Calumet dr Arizona Mintng_10 5912 Feb 13 68 Jan 2
62
.61
6012 61
62
62
101 Aug
6312 64
Jan
9112
24
Jan
85
25
101
Feb
.63
96
ctf_100
pf
M
Thresh
I)
900 Case (J
97
9812
97
96
96
. 96
11612
July
Feb
5612
5
100 72 Feb 13 10434 Jan
32,000 Central Leather
805, 7614 7912 777 80
-8114 83',77
797 81
100 10412 Feb 14 10812 Jan 5 10412 Jan 114 July
105 105 .104 107 .104 107 *102 107100 Do prof
July
6713
Jan
31
3
26
6138Jan
par
4518
Feb
.104 107
Cop___No
4534 4712 6,600 Cerro de Pasco
A
4834 4614 4712 45% 46
48
3014 Apr 6512 Nov
50% 5012
(100 Certain-Teed Products_No par 47 Feb 0 62 Jan 7
50
50
48
48
49
49
4958 50
90 Nov 14114 Nov
26
37,600 Chandler Motor Car__ _No par 1171a Fel) 26 1447 Jan 30
12014 125
122
11712
118
123
12634
Apr 11312 Nov
1245,
68
1-/
3
Jan
Feb
1283
10612
127
1,200 Chicago Pneumatic Tool_ _100 78
80
80
80
78
83
80
2914 July
16% Dec
2114 Jan 3
25
1518 Feb 11
1612 161z 1612 3,600 Chile Copper
16% 16
8
5078 July
7- "Ii1-4
-.17
Feb
3215
3
26
Jan
Feb
4158
317
5
175 173
337
15,400 Chino Copper
3314 34
3178
35
Dec
108
4
333
Feb
36
60%
35
106 Jan 3
37
3714
200 Cluett, Peabody & Co_ ___100 87 Feb 11
88
88
90
88 .88
88
43% Nov
90
.88
3712 Nov
90
No par 33% Jan 19 4034 Jan 2
.85
3,300 Coca Cola
3713 38
July
56
Feb
3434
3712 38% 367 3734 37% 38
11
3614
3
Feb
4414
Jan
3813 3812
co
Iron____100
1,600 Colmado Fuel de
37%
37
37% 38
Oct
3914 Feb 69
38% 39
100 53 Feb 13 67 Jan 0
1,900 Columbla Gas & Elec
-66i4 571-2 5512 56% 5413 5512 ;isiiz -gi1-4
5034 Oct 7514 Oct
No par 3612 Feb 5 6S1 Jan 5
5718 57%
39% 4014 4018 4075 10,500 Columbia Graphophone
4234 3914 407
Oct
0
9112
9512
Dec
41
16
Jan
14
4214 43
9234
100
Feb
89
Do pref
_ _ 89
89 .__
89
•_ _ _ _ 92
E90
87
.
3754 Jan 6334 July
100 Computing-Tab-Recording 100 44 Feb 26 56 Jan 6
47
.44
44
44
June
4514 48
47 .
.46
75
Aug
54
31
10
1.5
Jan
452 48
0312
par
Feb
5512
___No
'
Cigar_
500 Consolidated
5712
5712 5615 5638 5614 5614 57
.56
V.
571.
*56
100 r7614 Feb 13 8212 Jan 30 z78 Aug 86:18 July
77800 Do preferred
77
7714 7712 7614 77
•771z 82
7834 Dec 10638 July
*77% 82
600 Consolidated Gas (N Y) 100 75 Feb 11 18712 Jan2
77
777
77
7734 7734 77
80
Oct
.78
5% Apr 23
80.
•78
1634 Feb 10 20% Jan 5
Mg__10
Call
4,600 Cons Inter-State
1914
8
185
1834
183
19
1813
3712 Nov
187
1912
30.2 Dec
i93 20
19%
25 Feb 27 3114 Jan 28
2612 3,600 Consolidated Textile___No par
25
2511 26
2614 27
28
28
6512 Feb 10334 June
3
Jan
13
Feb
2818 2812
9338
78
100
Inc
Can,
Continental
1,400
8112 7912 8014 7958 7934 7934 80
81
8112 8112
100 10034Jan 13 10234 Jan 22 10012 Oct 110 June
Do preferred
*100 ____ .100 105 .100 105 .100 105
15% Oct
1034 Sept
1034 Feb 25 1312 Jan 3
.101 105
1034 11
5,800 Continental Candy Corp No par
1034 1118
1034 11
11
Oct
11
Jan 99
46
1114
•11
7614 Feb 13 90 Jan 3
100
Refining
791
Products
8
777
7718 7034 7718 7878
2 27,500 Corn
8114
2 July
79
1097
Jan
102
A
9
26
Jan
Jan
107
8112 8214
101
100
400 Do preferred
105 105 .103 10512 1037 104 *10334 105
Oct
5218 Feb 261
189 Feb 25 23312 Jan 26
'104 106
100
America.
of
Steel
Crucible
19914
193
86,400
19514 202
189 1955 19112 19714
Jan 105 July
91
co
20312 20512
100 97 Feb 13 100 Jan 7
360 Do preferred
99
9912 9912 9012 9818 9815 99
•97
205, Jan 55 Dec
0
9912
*97
No par 392 Feb 26 5412 Jan 7
4118 4334 3934 4118 3912 4012 4012 41% 17,400 Cuba Cane Sugar
6913 Mar 877 Doe
85%
Jan
21
13
Feb
44$1
100
7912
44
preferred
Do
1,400
7934 80
7912 7912 7912 7934
7934 81
Oct
Jan 410
81
81
Cuban-American Sugar ...,100 400 Jan 9 450 Jan 26 150
.330 425 .300 423 .350 420 .320 420
1014 May
1053 Jan
1012 Feb 13
13 Jan 3
10
.330 340
*1114 1212 1,700 Dome Mines, Ltd
*1112 12
1134 12
1134 12
Dec 43 July
26
2
Feb
Jan
2018
1134 'Pt
28
50
235,
Corp
Coal
Horn
900 Elk
20% 205,
2015 21
•2018 23
2038 21
39 Dec 49 July
23
.21
50 33 Feb 17 39 Jan 16
0
300 Do preferred
3312 3312
53312 42
36
36
247 Dec 43 June
42
.33
26
100 Emerson-Brantingham____100 20 Feb 6 29 Jan 2
.22
26
;H- "2-6- .22 26 .22 86
.22
Jan
88 Dec 101 June
26
21
100
8212
3
Jan
91
preferred
Do
8(1
.83
•8212
8(1
.4212
84
84
80 June 150 Dee
•8312 86
50 105 Feb 26 147 Jan 6
14,000 Endicott-Johnson
10512 10912 105 108% 108 110
10934 118
, Aug 10712 Dec
119 121
PI
100 10018 Feb 27 104 Jan 3 101"
300 Do preferred
10018 1001g
101 101
--Dec 123 July
par
81
11
6518
5
Feb
No
Jan
95
Lasky
-6718 -if- 6818 7214 8,800 Famous Players
"iiii Vi- 6712 70 .10
2312 July
Dec
10 Jan 6
100
1334 Jan 28
Smelting
&
Mining
Federal
1•11
100
14
.10
14
14
*11
16
.11
4814 July
11/41
131.1 "fit;
337
25
28
2
Jan
2614
Jan
100
preferred
Do
1,100
30
1/1
2812 3012 2934 2934 *28
33
Oct
.30
173
384
31
31
5
13
13034 Jan
No par 10032 Feb
100 Fisher Body Corp
Oct
125 125 *120 130 .110 130 .110 125
55
3918 Nov
.125 130
25 33 Feb 13 48 Jan 3
Rubber
Fisk
8
355
3638
38
28,300
3412
3614
July
64%
3734 35
Dec
36
3178
3638 3878
5
Jan
6
2015
Feb
3612
par
No
Co
2215 2518 2314 2412 2315 23% 3,600 Freeport Texas
27
July
26
3834
Dec
15
2012 26%
12 Feb 10
1912 Jan 5
1314 1314 2,510 Gaston W & W,Inc__ No par
13% 1315 1314
13
1312 1411
95% July
47
Jan
14
14
100 5815 Feb 11 75% Jan 3
6214 6313 3.100 General Cigar, Inc
6318 6212 63
6518 62
65
Oct
6(112 6678
100 1521s Feb 11 172 Jan 2 14413 Feb 176
161
2,800 General Electric
.155
158
15612
158
1545
16015
to
15834
150 159
100 22612 Feb 17 345 Jan 5 11813 Jan 40612 Nov
Corp
Motors
25112
General
23812
244
188,700
23212
23512 24612 22814 23512
95 June
Jan
82
24814 25212
Jan
3
13
Feb
8934
7312
100
preferred
600 Do
7812 7812
78
78
79
79
9434 Apr
8212 Feb
*7734 80
100 6912 Feb 13 8514 Jan 6
7158 -i-Oi4 -i1-5-8 5,300 Do Debenture stock
7018 718 7114 7114 71
5612 Jan 93% Oct
73
7334
100 64% Feb 25 8575 Jan 5
6614 12,700 Goodrich Co (B F)
6434 6738 65
6814 7018 6458 677
Apr
10912
102
3
7018 7018
Aug
26
Jan
Feb
10234
93
100
1,300 Do preferred
93
94
9334
Jan
9418 9418 94
471 Dec 80
9418 0418
5512 Jan 3
925 Granby Cons M 8 & P.,,.,_100 36 Feb 25
36
-3614 -3-6.3-4
36
36
36
39
39
5334 Nov
24 4934 Jan 5
40
Dec
.35
Feb
46%
z3212
25
Inc
Davis,
&
Gray
300
--13212 3212---- July
4712
34
Dec
1:1
34
3212
Jan
3
Feb
3818
2934
_100
134 I1-3-4
200 Greene Cananea Copper
.32 33 - -3113 311-2 -35734 Feb 25 8478 Jan 8
8918 Oct
34
.31
4912 Feb
5912 3,000 Gulf States Steel tr ctfs100
6035 58
-oi- Wics 5734 6034 54
65
65
5414 Jan 10012 Dec
100 86 Feb 16 108 Jan 19
300 Hartman Corporation
87
8634 8634 •86
87
87
88
.87
Feb
*8613 88
13
Feb
40
50
0234
par
Jan
5
718 July
1,000 MAO & Barker Car_ _.No
51
5213 5213 54
54
5714 5714 53
4212 Feb 6872 July
5714 58
523 12,100 Inspiration Cons Copper_ __20 5015 Feb 13 0134 Jan 3
5334 5478 51% 5312 5012 5214 51
3734 July
54
Jan
5518
13
Feb
1312
1013
Jan
100
3
2212
Corp
Agricul
700 Internet
17
17
16% 167
17
17
1775 177
9172 July
Jan
48
1854 1834
100 69 Feb 11
83 Jan 3
70
500 Do preferred
6934 70 .69
72
72
73
.68
74
.71
114 Feb 13 135 Jan 5 11018 Jan 1495, July
-100
_
(new).
Harvester
Inter
3,600
____
___
1155, 116%
11514 116
115 118
June
11734 118
300 Do Preferred, new_ __ _100 11114 Feb 13 115 Jan 24 111 Dec 120 July
112 112
2114 Jan 6734
5178 Jan 3
Marine_ _ _100 2712 Feb 11
28
303 -i5" "3-61-3 - .oi's "3-1- - 24,000 lot Mercantile
.1.2 -3-114
.6
-3
12812 May
Feb
9234
"airs "iiis
13
Feb
7612
100
5
11178
Jan
preferred
Do
795s 8234 8114 8334 16,800
7934 83
8314 8431
337 June
20% D
1934 Feb 13 2634 Jan 7
8212 8412
(The)_25
2114 2112 2012 2115 2014 2012 2012 2034 11,200 International Nickel
82 Nov
3014 Ja
2112 2172
100 7034 Feb 26 8915 Jan 3
71
7434 7034 7334 7112 7412 20,900 International Paper
7512 77
July
80
Ja
62
78% 7914
16
70
100
3
Feb
Jan
79%
pref
7
stamped
7
700 Do
73
73
7478
7434 7434 73
397 Jan 2 5112 Jan 27
34 Dec 65 Nov
744 7418
44
900 Iron Products Corp _No par
61-8 -41- - •40
40
4018 7
44
44
Dec 48 Mar
46
.44
15
9
Feb
11
14
100
2134Jan
Inc
Tea,
Jewel
300
16
16
16
1614 1614 16
91 Mar
387 D.
100 3958 Feb 11
4514 Jan 10
Do preferred
2434 Dec 44 July
100 2312 Feb 11
30 Jan 5
Jones Bros Tea, Inc
(i7 ii. id.- '-.- -2.
6- -21- ;2,i- -21- .
2
:
;
Apr
Apr 130
'23
26
100 106 Feb 18 118 Jan 6 105
Kayser (Julius) & Co
104 Nov
Ja
68
25 106 Feb 25 15212 Jan 5
-Springfield Tire
8.- iaii- 113I2 iiiTi" iiili intl. 1111; - if,Tioo Kelly
11414 1-1120 120
Jan 21 10112 D. 11014 Oct
13
Feb
105
100
96
preferred
8%
Temporary
500
9912
102
9912
*99
9912 100
100 100
Jan 11434 Oct
.99 104
34
100 67 Feb 13 90 Jan 5
Kelsey Wheel, Inc
70
.65
68
70 '65
.65
70
.65
43 July
70
.05
Jan 5
2718 No
2812 2914 2818 2812 2814 2812 7,600 Kennecott Copper____No par 27% Feb 13 33%
2918 297
12612 July
30
30
5
38%
Dec
Jan
13
4812
Feb
_10
247
Rubber_
dr
Tire
Keystone
8,700
2812
8
275
2734
2912 3058 2612 2918 27
Nov
3118
10734
30
Ja
5
6212
4Jan
26
Feb
913
63
100
6112 6712 35,100 Lackawanna Steel
70
7034 63
7518 68
73
Jan
75
74
33 Dec 83
Laclede Gas (St Louis)_ _ _ _ 100 38 Jan 8 40 Jan 20
Oct
40
Jan
21
11
6
Feb
Jan
28
38%
par
_No
Tire__
&
Rubber
Lee
-5i" 1:f" -50- ii-7; --5f2 16- "i5T8 164 -"2",iii)
Aug
218 121-2
25014
-57
Dec
10
25
195
207 Jan
200 Liggett & Myers Tobacco_ _100 16514 Feb
16514 166 •150 175 •157 165
.150 175
Jan 115 July
*165 175
31
107
21
Jan
Feb
1007
s
106
100
preferred
Do
200
.102
105
107
.103 108 1106 106 *100
27% Dec
106 • 100
2518 De
17 Feb 6 28 Jan 3
no par
1812 187 1878 6,000 Loft Incorporated
177 1812 18
2014
18
81 July
2012 2034
401g Fe
70 Jan 3
2,500 Loose-Wiles Biscuit tr etfs_100 45 Feb 11
53
.48
49
49
44
48
52
52
June
120
Feb
5278 53
11
94
Feb
11512Jan
112
19
100
preferred
213
Do
•110 115 .110 120 .110 120 *110 128
1104 115
'
100 145 Feb 5 18334 Jan 2 14734 Apr 245 July
150 15134 2,000 Lorillard (P)
14818 151
14514 150
152 152
Jan 115 July
107
.152 160
Inn 10111 Feb 25 1101, TIn
,n. nn nrnfnrrnti _
107
.101
107
•101
10510
1051.
•104 1117.
*104 107
Hz-dividend
day. 3 Leas than 100 snares. f Hz-rights, a Ex-div. and rights. 5 80% pald. •Full paid, a Old stock. x
•Bid and asked prices; no sales on tam
856
New York Stock Record-Concluded-Page 3
For record of sales during the week of stocks usually inacti
e, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Feb. 21 I
Monday
Feb. 23
I
Tuesday
Feb. 24
Wednaday
Feb. 25
Thursday
Feb. 26
Friday
Feb. 27
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range since Jan. 1.
Os basis of 100-shars lots
PER SHARE
Range for Prestos.
Year 1919
Lowest
Highest
Lowest
Highesi
Shares Industrial&Misc.(Con.) Par $ Per share
$ per share $ per share $ per Own
100 Mackay Companies
100 61 Feb16 6934 Jan 7
63 Dec 797 May
Do pref
100 61
Febl I 64
Jan28 163 June 88 July
200 Manhattan Shirt
12
05
0 21:12
3312 Jan 5
28 Aup
3812 July
600 Martin Parry Corp____no par 23 Feb25 3012 Jan 8
23 Dec 317 Nov
900 Maxwell Motor, Inc
Feb13 3534 Jan 5
264 Jan 61 July
200
Do 1st pref
4712 Febll 6312 Jan 5
100
5033 Jan 844 July
2.81 1E100
Do 2d pref
100 20 Feb13 3034 Jan10
1014 Jan 464 June
120 f2W2
119 119 11712 1-18- •
1-2-6- '117 120 1,300 may Departme
nt Stores_100 11712 Feb25 131
Jan 2
.103 111
*10412 115 '104 111 '104 110 *104 110
Do
preferred
100 10514 Feb13 107 Jan12
17912 18234
17114 17914 16534 17034 167 17212 1664 17334 85,200 Mexican Petroleum
100 161 Febl 1 222 Jan 3 16234 Jan 264
Oct
Do pref
100 95 Feb10 105 Jan 6
99 Dec 1183 Sept
227 23
-2258 W - 2214 2212 -2154 W - 2113 W - --2:556 Miami Copper
5 2114. Feb 6 26 Jan 6
21
Nov
3244
29
2934
July
29
294 2718 29
28
2914 2914 3134 44,900 Middle States 011 Corp
10 2234 Feb 8 7134 Jan 6
32 Oct
1 4614 4634
7134 Nov
4512 4638 4378 4478 42% 4418 43
4418 33,400 Midvale Steel & Ordnance. 50 4238 Feb26 5234 Jan 6
4014 Feb 6214 July
6412 65
6412 65
*63
64
64
65
*6312 65
700 Montana Power
100 515 Feb16 6912 Jan 7
54
*4412 4512
Nov 83 July
4312 41
42
41
394 4012 *40
41
800 Mullins Body
par
3418
no
Feb13
51
40
Jan
5
Nov 53
.36
Oct
3612
3512 36
*36
3514 36
36
35% 3572
600 National Acme
50 33514 Feb13 38% Jan 19
2912 Jan
4312 July
55
55
5114 5512 51% 53
5018 52
5112 62
5,100 Nat Aniline & Chem vtc.no par 44 Feb13 72% Jan 3
45 Sept 75 Nov
*84
87
86
86
4.83
84
86
84
85
86
400
Do preferred v t c
83
100
Feb13
8978 Jan 6
87 Nov
914 Oct
111 112
11014 111
600 National Biscuit
100 11014 Feb10 125 Jan 3 107 Aug 139
Oct
113 113
112 11212 112 112400
Do preferred
100 112 Feble 116
Jan
112 Dee s121 Mar
-65 65
5412 165.
65 '
63
60
70
900
National
Suit........
Cloak
&
100
Feb26
63
80 Jan 3
70
Jan
.
92
9414 98
July
*96 101
59812 10 12 •98 100
50
Do preferred
100 9412 Feb19 10213 Jan13 103 Dec 10814 May
10
10
-io- 1614 9 978 9 912
1,400 Nat Conduit & Cable_No par
8 Feb 8 1112 Jan 6
84 Dec 2434 July
7512 76
*75
77
6612 7312 6612 70 ;iii2 -66- 4,900 Nat Enam'g & Stamp'g
100 6512 Feb25 8912 Jan 2
454 Feb
8838 June
*99 102
*99 102
*9812 102
*9812 10012'
98
100
Do pref
9912 Febll 10214 Jan 7
100
93 Jan 104 May
*79
8114
7814 7814 73
7712 7234 76
76
76% 3,800 National Lead
7234
100
Feb26
8614
Jan27
64
•105 10712
Jan 944 Oct
*10412 10712 §10438 10138 *104 10712 *10412 10712
75
Do prof
100 10433 Feb19 110 Jan 3 102 Sept 112 July
1534 1534
1518 1514 15
1414 15
15
1412 1434 1,900 Nevada Consol Copper
5 1418 Feb 1 1
1712 Jan 6
2178 July
4.101 10312
134 Nov
9914 101
9334 9818 9378 96
9414 96
4,000 New York Air Brake---100 92 Feb13 11714 Jan 5
9114 Feb 14654 Oct
35
35
34
34
3212 33
*30
3212 3212
40
900 New York Dock
100 30 Feb10 4812 Jan 3
1912
Feb
7034
July
*47
50
*47
50
47
*45
47
*45
50
400
50
Do preferred
100 45 Febll 61
Jan 3
4414 Mar 75 July
*52
55
*52
55
52
*51
52
52
4151
62
300 North American Co
10
50 Feb 4 58 Jan28
47
Jan
67
July
*58
69
65
58
5378 54% *534 5334 5312 5312
800 Nova Scotia Steel & Coal....1005018 Febll 7714 Jan 5
46
Jan 97 June
4314 43%
42% 4312 41% 4234 4078 41% 4134 4214 10,800 Ohio Cities Gas (The)
25 x3338 Feb13 50% Jan 3 a3534 Feb 617s July
*45
49
.46
49
*49
*45
53
49
*45
49
Ohio Fuel Supply
25 44 Feb13 514 Jan 2
528 512
43
Jan
55 July
518 612
5
518
518
5
514 18,700 Oklahoma Prod dc Ref of Am 5
434 Feb19
512 Feb20
8
8
813 818 41
7
7
8
500 Ontario Silver Mining..-__100
7% 7%
5 Feb19
913 Jan20 -5
•125 133%
r
1114 Nov
aKi7
2123 123 4.120 13318 *110 13378 120 120
200 Otis Elevator
20
8 Feb13 142 Jan 2 128 Nov 149 Nov
no par 12
32
32
30
30
2812 2934 28
2834 2818 29
4,700 Otis Steel
no par
41% Jan 5
6812 4812
3412 Dec 3914 Nov
57
57
54
55
55
55
*54
56
1,100 Owens Bottle
25 51 Feb13 65 Jan 2
46 Mar 74
*68
Oct
71
71
71
69
*68
71
69
*68
71
300 Pacific Development__ _
68
49 Feb25
Fe 7 78 Jan 2
7034 1)ec 80
50
50
Oct
50
4714 48
50
49
4614 1,100 Pacific Gas & Electric
46
50
6114 Jan 5
584 1)er 7514 July
•25
327s
.30
*25
3414 31
35
3118 3112 3112
400 Pacific Mail SS
31 Feb26 3838 Jan 9
2918 Feb 4253 July
Pacific Teleph & fe1ea--100 37 Jan13 4234 Jan20
22 Jan 41 Dec
8613 I81;
-8154 -861-4 761 81 78
7914 8234 1Y6;i65 Pan-Am Pet & Trans
,
50 7134 Feb13 10814 Jan 2
67
81% 83
Jan 14014 Oct
8012 7314 7712 73
77
76
7514 7712 9,400
Do Class B
6734
50
Feb.3
1034
Jan
3
924
Dec 10478 Doe
3958 41
.38
42
38
38
38
38
38
3812 1,000 Parish & Bingham
no par 37 Feb18 4712 Jan 6
42 Dec 4734 Nov
2058 2312 19% 21
21
21
22
2414 2,900 Penn-Seaboard St'l .1 t 0 No par
7
19 Feb25 3534 Jan 6
2712 Apr 58 July
;5i" 39
3838 3812 3612 38
3618 364 3812 3812 1,300 People's
L & C (Chic)_100 33 Feb 6 42 Feb 9
32 Dec 57 May
3732 38
3612 3734 3512 3534 35% 3714 3578 36% 6,000 PhiladelpG
hia Co (Pittsb)__ _50 3453 Feb13 4212 Jain()
30 Jan 43 Apr
5512 5878
5212 5534 50
5014 534 5134 5312 49,100 Pierce-Arrow M Car.. -No par 4831 Feb13 82%
53
Jan 3
Oct
3834 Jan 99
*100 10112 100 100
10)
Do pref
s0-111 }
1.:e
ebl
b ili 1084 Jan 8 10112 Jan 111
100 9
Oct
-18- Ii18
-1718 18
17
17% -1714 1773 9,5:10 Pierce Oil Corporation
17% 17
25 1578 Feb13 2314 Jan 8
16
Jan
285s May
9334 9334
*92
94
92
92
300
Do
pref
98 Jan 7
03 Dec 10512 Oct
5614 5814
5718 5718 5414 5713 5414 55
5534 4,200 Pittsburgh Coal of Pa
186
114 keb
bb2
13
5
5
1 63% Jan 3
0010 8
10
45 Feb 7453 July
*8912 9114
*8912 90
*88
89
89
89
*88
89
100
Do pref
9114 Jan24
854 Mar 98 May
*19
1934
1834 19
1734 1734 •17I2 19
17% 1734
900 Pond Creek Coal
27% Jan 6
123 Feb
3112 Oct
9312 94%
9214 94
8812 92
8818 0114 8913 92
5,200 Pressed Steel Car
100 84 Feb13 10318 Jan 3 s59 Feb 109 Oct
10218 10218
10212 10212
200
100 10012 Jan 7 10412 Feb 2 100 Mar 106 July
Do pref
;68- W ;o5
75
Public Serv Corp of N J 100 6713 Jan27 68 Jan28
60 Dec 9134 Jan
114 11412
11434 1-1-4-3-4 11312 11-4.- 11314 11312 113 1-1-3-1-2 -1:Aoo Pullman Company
100 109 Feb 13 11718 Jan 5 110 Nov 13212 July
8134 8134
78
81
74
77
7612 78
0.300 Punta Alegre Sugar
7718 76
50 74 Feb25 96 Jan 7
Apr 9814 Doe
51
94% 94%
9212 9278 90
00
90
90
90
90
1,000 Railway Steel Spring
100 891 1 Febli 102 Jan10
6812 Feb 1074 Nov
•104 107
104 104 *10312 107 *103 106
10378 103%
200
Do pref
100 10334 Feb 5 106.111
104 Feb 112 June
2018 20%
2018 2014 1912 20
174 19
1712 17% 22,150 Ray Consolidated Copper...10 1712 Feb27 2234 Feb20
Jan 6
19 Mar 2712 July
75
7634
71
72
7211 69
69
70
7014 71
3,100 Remington Typewriter v t 0100 6212 Feb13 94 Jan 3
88 Aug 1054 Oct
*_ _ _ _ 42
40
3412 3412 *34
40
40
300 Replogle Steel
par 3412 Feb26 484 Jan 3
46 Dec 5334 Dec
100% 10212
9714 10038 -8734 9414 8612 8934 844 8914 223,320 Republic Iron & Steel no 100 8418 Feb27
12434 Jan 3
*10012 101
7112 Jan 145 Nov
10014 10014
100
Do pref
100 100 Feb18 106% Jan13 100
Jan 1044 July
-.18- 13-- 44
4272 43 ---- ----44
800 Republic Motor Truck-No vas 9
78 Feb26 5534 Jan 2
43
2,
444
Sept 7412 Nov
10213 103
9638 10011 9612 9712 97
99
9812 100
35,300 Royal Dutch Co(N Y shares).
110%
Jan27
84
Aug
121 July
1532 1512
1534 1614
1514 1512 1,300 St Joseph Lead
10 1413 Jan 2 1634 Jan10
1212 Dee 17 July
*73 75
*73
;66" 16- *71 72
75
70
70
200 Savage Arms Corp
100 70 Feb13 77 Jan28
Jan
9412 Oct
534
1612 1718
1512 1614 1412 1512 15
1512 15% 1534 5,500 Saxon Motor Car Corp No p ir 1358 Feb13 2158 Jan13
614 Mar 29 Aug
*218 220
219 219 *215 225 *205 218 *205 218
100 Sears, Roebuck & Co- __ _ 100 214 Feb13 240 Jan 5 1684
Feb 23014 Dec
*114 12
12
12
11
*1034 12
11
*11
12
400 Shattuck Arts Copper
10 1034 Feb13 12% Jan 5
10 Feb
1914 July
82?4 83
7812 7712 80
7634 7914 7612 7732 77
12,900 Shell Transp & Trading..... _.e2 7612 Feb25
74 Dec 8134 Deo
4014 4034
3812 37
3838 40% 37
3833 3773 3912 107,900 Sinclair Cons Oil Corp No par 3434 Feb 6 9014 Jan28
48% Jan 5
Dee
6414
415
Nov
*71
73
.
70
6412 6413 66
7112 64
65
68
1,400 Sloss-Sheffield Steel & Iron 100
68
40 Feb 1:3
00 8
3 8214 Jan28
4612 Feb 89 Nov
*90
93
*90
93
*90
93
*90
93
*90
93
Do preferred
91
Jan12
85 Mar 974 July
41105 116
4105 115 *102 115 *102 115 4.102 105
So Porto Rico Sugar pref 100 116 Jan28 116
Jan 5 107 Jan 117 Sept
*125 140
124 124 *115 125
100 Standard Milling
100 120 Febli 148 Jan 7 124
Jan 1110
Oct
*80
90
*80
_
90
Do preferred
100
8512 Jan 641g June
62
•59
"Li- 5833 531 58 55 58 ;83- W- --2,665 Stromberg
-Carburet No
Feb13 864 Jan 2
383
Jan
4
1094
Oct
87% 8912
84
8734 8018 8412 8034 834 8012 5412 129,900 Studebaker Corp (The) -100 801s Feb25
45% Jan 151
11533 Jan 5
Oct
99
99
200
Do pref
100 09 Feb25 10112 Jan31
92 Jan 10412 Nov
120 122
ioA" 115 11534 ig3-4 2,000
114 118
110 112
StutaMotor Carol Am-No par 10034 Feb to 13712 Jan 6
4214 Feb 14478 Oct
43
43
100
Superior
Steel
Corp'n
Feb13
41
100
50%
Jan
3
32 Jan 547 June
-;ois -161; 078 10 2,300 Tenn Copp & C tr ctts..No par
1014 164
1014 -111-2 -15- 10
914 Feb13 1214 Jan 4
934 Dee
1714 May
15314 15512
174 179
171 177
170 175
172 17834 25,900 Texas Company (The)
100 1661s Febil 231
Jan 2
Jan 345
Oct
6934 70
6714 6818 65
6612' 6318 6512 65
6534 6,700 Tobacco Products Corp...100 61 Feb13 954 Jan 3 184
Jan 115 June
7253
9512
*90
43)0
98
9512 00% 90% *90
*90
95
100
Do pref
0058 Feb25 106
Jan 7
9712 Dec 120 June
2314 2334
2238 2314 2012 2214 20% 21% 2112 2212 26,300 Transcontinental Oil__ No 100
Feb
20
6
per
383
4
Jan
5
3434
Dec 625* Nov
5812 60
58
57
5552 56 67
57
1,400 Transue & Williams St_No par 5414 Feb13 6612 Jan 3
3714 Jan
747k Oct
*157 172
172
Underwoo
r
100 168 Feb 14 190 Jan 2 115 Jan 19712 Dec
*8812 8912
wiA- 1616 8812 8812 ;88- /V - ---ion Union Bagd &Typewrite
Paper
Corp_100
Feb17
884
96
Jan
6
75 Jan 100 July
3138 3214
=2 3112 2912 3012 29% 3038 30 3134 16,900 Union Oil_
no par 27,8 Febl 1 38 Jan 6
3453 Dec 4512 Oct
4514 4514
*43
4218 43
44
4314 44
44
45
1,100 United Alloy Steel
No par 4012 Febl 1 53 Jan 5
373* Jan 5838 July
•133 144
135 135
134 134
200 United Drug
100 125,2 Feb13 148 Jan14
904 Jan 17518 July
4913 1649% 49%
1
.812 -60 - *4912 50
4912 50
7
1,300
Do 1st preferred
50 4838 Feb13 53 Jan13
100
60
July
5818 May
Do 2d preferred
91
Jan 165 July
18812
18212 114-1
4 180 181-1-2 180" 116" 181 181 - 1,200 United
100 176 Feb 111 204% Jan 3 157 Feb 215
7012 7118
Oct
68
6582 672 39,600 United Fruit
7012 6514 6712 6438 67
Retail Stores „No par 64 Feb13 0612 Jan 3
8018 Aug 11014 Oct
1873 18%
16
18
1612 •16
18
1718 *15
1734 1,500 U S Cast 1 Pipe & Fdy
100 1534 Feb13 2513 Jan 3
14
Jan 3834 Aug
*46
50
*46
4618 464 46
*4634 48
50
48
200
Do pref
100 43 Feb 3 55 Jan 5
424 Jan 743 July
*30
3114
31
*30
31
304 *2912 3114
31,4 30
300 U S Express
100 28 Feb 6 3134 Jan
1834 Feb 3234 May
58% 8038 56
57
55
6134 6134
5818 56
57
9,900 U S Food Products Corp..100 51138 Feb13 783s Jan 9
5
68 Apr 913* Oct
8514 8634
7814 8212 7812 80% 7834 8114 33,200 U S Industrial Alcohol ....100
8212 86
774 Feb13 116% Jan 8 29718 Dec 167 May
*100 104 *100 102 *100 102 *100 102
Do prof
Feb
10334 Jan 6
9614 Jan 111 May
;i5" 47
*45
4312 4312 4312 4412 1,000 13 SRealty & Improvement 0 1401
47
46
47
Feb13
0
11 5634 Jani5
10
1714 Jan 507i June
10118 103
92% 9614 93
0212 98
9712 101
9614 77,100 United States Rubber
100 9114 Feb13 14334 Jan 5
73 Jan 13014 Nov
*11012 1108
*11012 113
11034 112
111 111
112 112
500
Do let pref
11012 Jan13 109
100
50
Jan 11912 July
6514 6512
*63
6312 64
65
65
65% 63
63
1,200 U S Smelting Ref & M
9
8
3
1:
e
b
F
4
4,
11
1:3
4
16
70
50
Jan 3
4314 Jan
7814 Nov
*44
4814 *46
4814 *4512 4814 *4512 4814
*46
4814
Do pref
4718
Jan
6
Jan
50 Mar
46
9812 0938
96
9858 93% 95% 9334 95% 29214 9434 485,800 United States Steel Corp....100 £9214 Feb27 109 Jan
5
8814 Felt 1154 July
11112 11134
11112 1113.1 110 11012 11018 11012 110 11014 2,900
Do pref
0858
,
1
8
0
97
18
I
F
F,e
ebil0
3 11534 Jan28 11114 Dot 1174 July
0
10
10
*73
7218 69
74
71
7033 6978 7012 7012 71
5,200 Utah Copper
8034 Jan 3
6618 Feb 974 July
*912 10
*934 11
9% 934
912 912
*912 11
300 Utah Securities v t a
12% Jan 2
834 Dec 213* June
*47
45
4914
45
4418 45
45
4512 4712 5,600 Vanadium Corp
47
42
Feb13
no par
5412 Dec 62 Deo
65% 65%
6018 62
6318 6412 6118 63
6218 8312 3,600 Virginia-Carolina Chem....100 591s Feb13 5738 Jan 3
72% Jan 5
51 Feb 9212 July
*105 10812
*105 10812 107 107 *10612 108 *10612 108
100
Do pref
100 107 Feb25 11212 Jan 7 110 Jan 11578 Oct
78
80
78
78
400 Virginia Iron C & 0
100 76 Feb13 91
Jan30
54 Mar 188 Dec
;5.8- 53
-a- 52
50 ;I/ 54 - *4812 5412
50
300 Wells, Fargo Express
100 484 Feb14 56
Jan 5
5114 Nov
79 May
85
*8412 86
85
*85
86
88
86
200 Western Union Telegraph-100 82 Feb13 884 Jan 6
Sept 9212 May
82
•
107 107 *107 110
Ed"
*110 • 116
107 109
400 Westinghouse Air Brake......_50 106 Feb13
Jan 8
944 Jan 126 July
51
4978 6012 494 60
51
49% 504 8,900 Westinghouse Eleo & Mfg_50 48 Feb13 119
5012 51
5513
Jan 3
4012 Jan 59% June
55
5512
5312 5434 5138 Os 5034 5112 5178 53
6,000 White Motor
60 49 Feb13 6634 Jan 5
45 Jan 86
Oct
2412 25
2334 2434 2278 2334 2278 24
2312 2412 57,600 Willys-Overiand (The)
25 227 Feb25 32 Jan 3
2314 Jan 404 June
86
8712 8712 87
*88
86
8812
87
*8834 90
300
Do pref (new)
86
100
Feb26
93 Jan 5
8734 Jan 9814 May
66
66
*68
70
69
6818 68
68
69
66
900 Wilson&Co,Ino. v t o__No par 64 Feb 4 8218 Jan 5
65% Jan 1047s July
*95
97
*95
97
*95
97
Do preferred
100 9812 Jan13 9813 Jan13
9514 Nov 1044 June
*122 124
12212 12212 121% 121% *12012 12112 *121 123
700 Woolworth (F W)
100 120 Febll 130 Jan 5 120 Feb 1363* May
*11012 11112
11214 11214 11214 11214 *110 115
*11012 113
200
Do pref
100 11214 Feb25
Jan 6 1123* Dec 1174 July
7834 7834
7112 6812 71
72% 8,000 Worthington P & M v t o_100 67 Feb13 11614
70
7214 7614 69
Jan27
954
Oct
50 Feb 117
*84
90
88
88
------100
Do pref A
100 88 Feb25 9334 Jan13
88 Jan
9812 Oct
*72 .76
72
72
6914 6914 ------200
Do pref B
100 6914 Feb23 *76 Jan 6
66
Jan 81
Oct
•Bid and asked prices: no sales on this dayi I Less than 100 shares. 2 Ex-righta. a Ex-div. and rights.
a Ex-div.
$ Per share $ per share $ per share
*6413 70
6414 6414
*61
62
*61
62
29
.
31
*2612 29
;i4- -21'2912 30
29 30
5 per share
Per share
*64
*64
68
70
*61
*61
62
62
*29
29
30
29
4,23
23
24
2612
2734 2734
_
57
57
5 Per share
*64
70
*61
62
29
29
*23
27
27
28
.37 t1 Via;
.i655
-5334
par id -
*Jai-
857
New York Stock Exchange Bond Record, Friday, Weekly anct Yearly
interest"-except for interest and defaulted bonds.
Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-"and
BONDS
R. Y. STOCK EXCHANGE
Week ending Feb. 27
Z
Price
Friday
Feb. 27
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 27
Fria
Friday
Feb. 27
Week's
Range or
Last Sale
7-z
Range
Since
Jan. 1.
High No. Low High
Ask Low
Bid
2 987g 10012
9918
99
9934 99
Cent of N J gen gold &L....1987
'20 ---- 9813 9918
99
981,
Feb
97
11987
Registered
12 9618 9834
93
98
Sale 9618
Am Dock & Imp gu 158
94.53 Sale 94.00 96.56 4716 91.00 100.40
100 Apr '18 ____
Leh & HAW Riv gen gu 58.1920
37 Jan8'13
001:
18
_;2
_8
N Y& Long Br gen g 4s__1941
90.33 Sale 90 20 90.80 231 90.20 93.48
70
50
66
70 Jan '20
Cent Vermont 1st go g 4e_51920
89.58 Sale,89.50 90.50 936 89.20 92.90
8214 85%
85
55_1929
impt
&
fund
0
Chess &
95
89
89
808 89
1939
let consol gold 5e
91.00 Sale/00 80 91.50 622 90.80 91.00
1 _371
17
'
90
8318 92 10413 Jan'
1939
Registered
89.98 Sale 89.82 90.90 6039 89.50 92.86
55 7212 77
77
75
Sale 75
1992
General gold 430
92.34 Sale 02 30 93.12 7799 92.30 95.00
74
8634 Mar'17
1092
Registered
77
139
7612
70
7414
Sale
748
430..1930
convertible
-year
20
101.10
97.60
90.00 __ 97.60 Feb '20-8014 115 7518 8112
80
Sale 7814
30-year cony secured 58_1946
9J.24 Sal 90 20 91.03 115591 89 72 93.00
75 Oct '19
---- 80
1944
1st 4s
Big
Sandy
el
60 - _ 825g May'19 _
-- - -Coal River ily let gu 4s..1945
97.48 Sale 97.42 97.76 8207197.42 99.40
7818 ____ 7818 Dec '19 ---_
1940
Craig Valley let g bs
97.40 Sale 97.44 97.72 67.37 97.44 004(1
69 June'19
6418 68
Potts Creek Br 1st 4e__ _1946
101 Feb '20 --_- 101 101
22 70
73
72
68
7713 7112
1989
R & A Div lit con g 4H
10014 Aug '1141_-__
6014 6813 65 Jan '20
(14/8 65
1989
2d consol gold 4s
105.3
;1053,
1157-8 106 1053 Feb '20
Sept'16
8811
70
46_1940
g
gu
1st
Ry
Greenbrier
103%
Feb
'20
10531
10578 10634 10534
75 ____ 113 Feb '15
-Warm Springs V 1st g 5s 1941
9814 Mar'19
---- --4438 Feb '20 _-_ _ 4414 49
4114 40
1949
Chic & Alton RR ref g 3s
99 July'18
--- - --- 57,
34
8
2014
34
Sale
317
3212
1950
330
lien
let
Railway
90 Dec '19
80
88
Chicago Burlington & Quincy8814 Oct '19
.88
98
96
98 ____ 98 Feb '20
1922
Denver Div 4s
100 Feb 'lb
71
9 71
76
7012 7338 71
1949
Illinois Div 330
7978 84
8038 797s Feb '20
79
1949
Illinois Div 4s
Government.
Foreign
North.
Great
See
2461
bonds.
9614
sale
4
Joint
963
9313
9634
9512
Anglo-French 0-yr Se Ester loan_ AO
23 89% 92
80"
8978 9234 8978
1927
Nebraska Extension 4s
2 7034 74
73
73
Argentine Internal Is of 1900..... MS 7212 73
9078 Oct '19
1:2
1927
Registered
-- -- -- 9012 56 9018 925g
9018 Sale 9018
Bordeaux (City of) 15-yr 611_1934 MN
3 76
8114
77
1958
45
General
27
44
42
Sale 4338
50
Chinese (Ilukilang Hy) 58 of 1011 J D 44
2014 2412
2412
Chic & E Ill ref & imp 4s g 1955
55 79
80
79
7938
Sale
8031
J
J
530_1914
f
$
25-yr
Copenagen
22
21
'20
1 Jan241
271: 274712 2
704
dep__
of
Ws
Co
Tr
At
Mtg
S
U
8
9212
9012
9238
92
05
92
M
Cuba-Externei debt 6. 0! 1904.
9012 Sale 9012
193,
9012
5 9012 9012
let come' gold Os
76
Ester dt be of 1914 eer A__1949 P A 8018 9013 86 Feb '20 __-- 86 8 86
_
1937
let 5,3
conned
General
741
090378
,
5
2
9
0
20
7
1,0
'
993
Feb
334
5
7
9
g
7
711
8
12
2
7
7
9
A
P
1949
External loan 430
..1
9
3
1'2 lA
9
°e:19
78
6
e
78
6
lu
N
US Mtg & Tr Co etre of dep_
1921 AO
Dominion of Canada g 5s
69
---Guar Tr Co ate of dep
93
1926 AO 9234 93
do
tlo
9734 Feb '13
Punch money lit coal 5s__1942
9112 18 91
9212
_1931 AO 911g 9D2 91
In
do
- 32 Mar'17
Chic & Ind C Ity let Is_....1936
93% 97
9378
9634 15 9318 981 2
2-yr 513n gold notes Aug 1921
5512 5' 523 578
5412ISa1e 0378
97(2
Great West let 45_1959
9318
83
Chicago
91
938
Sale
9378
1929
51Is
10-year
97
__ 99
97 Jan '20
97
548 69
Chic Ind & Loulsv-Ref 68_1947
73
82
Japanese Lo•• t-£ loan 430.1925 PA Is7012 Sale 7014
801g
85%
____
Nov'19
1947
Refunding gold 55
378 6712 82
73
7012 Sale 70
1025 J J
Second aeries 430
Nig 75
8412 Apr '17
1947
45 Series C
Refunding
76
_-_Jan
'20
7
76
6
.
77
stamp"_
(10 do "German
71
- _
63 May'19
-1956
/ let gu 4s
Ind & Louis,
5912 285 5514 71
O 5734 Sale
1931
Sterling loan 0
701; 7218 7678 Dec '19
1956
Chic Ind & Sou 50-yr 4s
9014 46 9018 923,
9018 Sale 9018
1934 MN
Lyons (City of) 15-yr 61
82
82 Jan '20 _-- 82
80
86
1969
430
East
let
&
S
L
Chic
58
9014
90
9018
9018
Hale
9312
MN
Marseilles (City of) 15-yr 681934
18 65
72
(34
65
Oh M & StP gen g 4s ser A_e1989
30 Feb '20 -_- 30
43
0...-- 31
Mexico-Exter loan E be of 1899 Q
65
9
8 Feb6
2%
4
7110
'
e1989
32
Registered
35
Jan
'20
32
37
D
J
1954
1904
of
45
debt
Gold
5 -53.1; -60.76012
-6012 Sale 8014
s
e1989
B
Ser
330
gold
Gen'l
9112
115
9012
89%
93
Sale
9034
1921 AO
Paris (City of) 5-year Os
32 74
79
76
78
Sale 7512
e1989
General 4 As Series C
61
5718 62 54
Sale 56
MS 56
Tokyo Clty be loan of 1912
6034 314 56
e 5912
61
762012
62014
430
A
&
Ser
ref
Gen
Ireland
&
U K of Gt Brit
7212 23 6513 7212
Sale
Gen ref cony Ser B 5s_a2014
0134 308 0238 971 1
1921 MN 94,4 Sale 04
5-year 532% notes
213
19
Sale (
7
88 6634 72
72
71
1932
401 8512 00's
Convertible 432e
87
86
Sale 8512
20-year gold bond 530_1937 FA
?() 70
77
77
77
Sale 75
1925
45
Permanent
5
0
4
7
2
9
,
0
%
9
14
90
8
34
4
5
903
Sale
9
,
0
P
1929
10-year cony 530
34 55
63
62
63
6012
Sale
1934
45
debenture
25
-year
Sale 93
93
___p1922• A
5-year cony 530
____ 9313 9012 Feb '20
9,1
9734
1921
Chic & L Sup Div g 5s
•2 hese are prices oaths basis of $5to£
1 9314 9314
9314
, 9314
013
93
8
Chic & Mo Illy Div 5E1_1926
0 96
9434
96
9612
96
1921
Chic & P W let g bs
State and City Securities.
1 5978 65
6378 61
53
61
3 90
M & Puget Sd 1st gu 4e_1949
90
951.1
00
00
Sale
M
stook...1960
Corp
City-433s
Y
N
9912 99,2 Dee '19 -.
--1920
2
Os
f
lets
Div
Dubuque
Fel)
'2U
92
---9511
92
89
91
S
•
430 Corporate stock...AM
987
;10014 102 Sept'19
Fargo & Sou 8,88Uln g Oe_1024
3,2
00
1 8938 10
89's
898
8938
4348 Corporate stock _ _ _1966 AG 9512 91
78
74
78
8013 78 Jan '20
Milw & Nor lit eat 430_1934
1 9514 100,
9534
8
9612 9534
4325 Corporate stook July 1967
- 8113 7734Jan '20 ____ 7734 77%
1934
430
extended
Cons
96
3
9014
90
9612 96
-6
1965
432e Corporate stook.
3 94% 9634
91%
-- -- 9414 948
1921
Wig & hilnn Div g 5e
96% 9812 Feb '20 ---- 9412 mg.,
430 Corporate stock____1963 MS 90
_
82 -_ 9914 Oct '19
1920
2 8612 9038
Wis Valley Div 1st 8s
8613
8612 Sale 8612
1059• N
4% Corporate stock
92
8614 89
88 Feb '20 -_ 88
2 80
Chic & N'west Ex 4e ___181313-'26
86
91
86
88
1958 MN 86
4% Corporate stook
*3414 _ _ 92 Oct '19 __-1886-1926
Registered
1 8613 90
88
88
Sale 88
1957• N
if.% Corporate stook
8 -62 - -65-165
8
64 -Sale 64
1987
gold
330
General
89
-Jan
'20
80
89
85-4
8713
MN
reg_1956
4%Corporate stock
75
,i2 6
414 9
011 Apr '19
8,2
9
96
p1987
Registered
3 951 10012
90
9534 96
9534
1957 M N
New 434e.
80
77 Feb '20
76
76
75
1987
23 9534 100-s
General 45
96
0534 96
O5%
432% Corporate stock. 1957• N
75
77
7734 Dec '19
1987
Stamped 4s
791, Jan '20_-__ 7912 81
1954 MN
7712 80
332% Corporate etook
24 95
98
1987
General bs stamped
95
971. 9s13 Aug '19 --1961 M
N Y State-4s
100
4
3119
'
_ _ 106 Oct9
1879-1929
8s
fund
Sinking
100
Nov'19
:
05
J
48_1961
Improvement
Canal
'16
10912
Apr
1879-1929
Registered
'19
Aug
95
99
9812
J
Canal Improvement 4e......1962 J
0
. 90
9012 90
951 F: eb :20
9512 9614
1879-1929
Sinking fund 15e
J *95 ____ 97 Feb '20 ---- -67 - 57
Canal Improvement 49_1960 J
Feb
9012 9412
1879-1929
Registered
O 2
lott
J ____ 107 10712 Jan '20 ---- 10712 i
Canal Improvement 430_1964 J
*92
6;8 /17; 9618 Feb '20 _- 9618 9714
94
1921
55
Debenture
'18
Dec
---10212
J
Canal Improvement 430_1985 J
9613 98 Mar'19
*--1921
Registered
Highway Improv't 430_1963 MS ---- 107 10712 Jan '20 ---- 167.1; 71
8718 0012 90% Feb '20
-1i(11-4
1933
Sinking fund deb Se
Highway Improv t 430_1965 MS ---- ____ 10013 June'18
851g 9014 97 Nov'18
1933
Registered
787s Deo '18 ---- - - - J
Virginia funded debt 2-39_1991 J
8013 ____ 10112 Oct '16 -.
Plaines Val let gu 4325 '47
Des
20
--_Jan
58
55
-53
.
50
55
_
otfs..
Bros
Brown
deferred
Si
110 10512 Nov'19 -Frew Elk & Mo V let 6s1933
88 ,
Jan '17.,,.,..
Man GB&N W let 330_1941
Railroad.
,31
63
5453
1941
330
gu
let
&
L
5p
S
Milw
6
5412
54
52
49711
Q
41095
4e
Ann Arbor lot g
9
1761;
1921
130
it
let
S
L
West
&
MB
Atchison Topeka & Santa Fe963e Feb '20
955s 9638
9512 96
1929
Ext. & Imps f gold 511
7812 114 7418 8231
1995 A0 7612 Sale 7614
Gen g
10012 100 Sept'19
•
79
Ashland Div let g Os._.1925
79 Jan '20 --- 79
1095 A0 -___ 78
Registered
Jan '20 ___ 10014 10014
10014
____
•
gold
68_1924
1st
Div
Mich
7112
14 66
60
67
Sale 67
41995 Nov
Adjustment gold Le
7018 Feb '20 ---- 7018 7018
80
71
Mil Spar & NW let gu 48_1947
41995 Nov ---- 694 7313 June'18 _--Registered
87 Jan '20 --.- 87
87
,
12 -Jii, -7i-7---- 91
69
St L Peo & N W lot gu be 1948
Sale 68
11995 MN 68
Stamped
Chicago Rock lel di Pac6 0.112 6912
6412 65
1955 JD
Cony gold 4s
7238 36 '7013 '7612
72
Sale 71
891,
1988
4 84
85
inawat/ general gold 4s
1960 J D 8413 Sale 841.
Cony 48 issue of 1910
7(138 May'19
_- _
-1988
Registered
9078 Nov'18 -Sant Okla Div let g 40_1928 MS 8518 88
6512 227 6014 6734
-6478 -f71(;1; 6418
1934
_ 65 Jan '20,---- 6.) 6612
Refunding gold 4e
6512 _
Rooky Mtn Div. let 49_1965 J J
31 5418 64
63
6078 Sale 5978
1934
430
let
7613
&
RI
Louts
Ark
7218
-'20
Feb
7218
.1
J
212
7014
i
40_1958
1st
L
Trans Con Short
8514
3 8514 9053
8514
8514 89
81
Burl C R & N let g be___ _1934
81 Jan '20 ---- 81
Cal-Aria let & ref 430"A"1962 ▪ S 7218 78
9714 Feb '19
_ _ -- -ORIF&NW let gu 5s 1921
05 June'19 -_
95
S Fe Pres & Ph let g 5s___11142 MS 80
Si N
89 Oct '19 --SO
89
123
4
78
&
-i(j
Ch
g
0
Okla
-ii
cons
59-1952
75
Sale
75
M
45____11952
All Coast L lit gold
0 66
71
I 64
71
71
Keck & Dee Moines let 55 1923
7514
3 7212 78
7514 [Sale 74
1964 J
Gen unified 4325
A
14 elle 6612
65
63
Sale 61
St Paul & K Sh L let 43041
9812 June'19 9238 96
Ala Mid 1st gu gold 58_1028 M N
10212
10212 sale 10212
2 10212 104
1030
cone
Os
M
0
P
&
St
-J
'20
Chic
i3
-.-;
J
Jan
78
"
83
ii
7718
Bruns & W lit gu gold 46_1938
8312 Nov'19
Cons Oe reduced to 330_1930
12978 Aug'l 5
Charles & Hay let gold 78_1936 J J
8412 8312 Feb '20 --- 83'! 8712
-56- -1930
Debenture be
69 --ii -ii • "ii1-2
13718 Sale 67
01952 M N
L & N coil gold 48
118
Nov'16 -66_1930
let
Wisconsin
North
'19
Aug
105
AO
Bay IT & W 1st gold 55____1934
i565-8
95 May'18
Superior Short I. let Se g_e1930
1934 AO 93 ____ 105 July'15
let gold 5s
13
_-June'19
_
8712
58..1960
let
&
East
H
So
T
Chic
J
8
J
E
7_
7
.
6
i8
Sale
..ti
:i.1
82
1925
prior
330
Salt & Ohio
hi jai _gc' 1023a Dec '19 ----Chic & West Ind gen g 6e_41932
2 --90
87 FebFeb'31.19
_
828
41925 Q
Registered
- 53
54
L81
3
44 S4'i 61
59
1952
56
Consol 50-year 4e
65
Sale 6112
70
41948 AO 63
let 50-year gold Le
_ 90 may.47
78 _
1937
Cin H & D 2d gold 4325
0 ..ioi 6014 6
.2,8
.i3_4 _i.;l_e 60 Feb66
,1,8
00
11948 Q J _6
Registered.
59
88 Marl 1
C Find & Ft W let gu 40 g 1923
63
1933
10-yr cony 430
81
81 Jan '20 _- 81
66
140 60
Day ei hilch 1st cons 430 1931
69
Sale 03
Refund & gen be Serie', A.1995 1 13 61
1) 6612 Sale 5578
11 83
67
87
/143 Salo 833
Clev Cin Ch & St L gen 48..1993
279 8113 92
85
1929 J
Temporary 10-yr Si
33 73
7634 Sale 75
77
77
1931
20-year deb 430
112 Jan '12 -J
9818
1922 J
Pitts Juno 1st gold 6s
3 84
80
84
84
84
85
1993
B
Sallee
55
r
6
5
i
-6
-6
General
3
663
8Jan
'20
8013
-MN
7213
1925
M
330
g
Div
let
&
P Juno
75
6412
7114
Feb
'20
__14
71
7114
1939
gold
4e
5712
let
Div
90
Cairo
5512 Salo 55
PL E&W Va Bye ref 46_1941 MN
CDs Feb '20 _- (10
01% 64
62
Cin W & M Div 1st g 0._1991
7453 461 6918 7718
J
7212 Sale 72%;
gouthw Div 1st gold 330_1925 J
63
8434 01 14 Fell '20 _--- 6114 6514
St L Dlv let coil tr g 0 1990
85
85 Feb '20 ..--- 85
Cent Ohio R isles 430_1930 MS 8018 85
741a
Jan '19
- - - -- 1940
4s
g
lst
.1...9_i_i_i
Elpr & Col Div
e :21,0 :-......: .0
Deeb
1 F
:
13
95
114 ,
92
CI Lor & W eon 1st g 5e_1933 A0 911
84 Nov'16 _- - - - - - 1940
-70 - 68
W W Val Div let g 45
Ohio River RR 1st g 59_1936 ID
91 100 101 oct '19
1920
- - - -- - CI I St L & C cense! 69
___
88 Aug '19
90
1937 AO 79
General gold lis
84 Oct '19
Ms 80
11036
let gold 45
9918 Mar'18 --__
Pitts Clev & Tol let a 0e-1922 A0 - -_- 94
8214 Sept'19
11936
Registered
i8 -fiIi- 11 -47
50
J 50
Sale 4912
Tot & Cin div 1st ref 4s A_1959 J
9312 May'19 ....„
Cin 8 & Cl cons let g 5e__1928
9231
4 90
90
Sale 90
1937 MS 90
Buffalo It & P gen g Si
8312
i1/17(-I -_-_-_-_ 10214 Oct '19 _OCC&I gen cons g 08_1934
82 Jan '20 ____ 82
1957• N
()onset 430
0 7013
7634 Nov'19
731i
pref
4s____1940
let
13
W
&
Ind
73(4
____
'20
7314
Jan
A0
-71:-67i4
1998
All & West lit g 4s gu
76 __
d1938
0 Ind & W let pref 55
J
1031s Feb '16 ____
Clear & Niel) let ffU g 55-1943
0 5112 g i12
' -Ef1-2 11 5112 5412
. -H.
Peoria & East let cons 45_1940
9934 Feb '20 -- -6'54 1061;
9134 100
!loch & Pitts let gold 6s 1921 P A
19 IS
2018 2634 26
27
27
1990 Apr
Income 45
7
9978 Feb '20
1922 .1 D 9918 101
8 100
Como) let g 6.1
12 4534 8812
AO
80
86
8514
82
Cleve Short L 1st gu 430_ _1961
5 82
83
87
1062 A0 8212 827g 8212
.2anada Sou cons gu A 5e
J A
16 81
8211 Sale 81
83
8512
Colorado & Sou It g
75 Nov 19
75
Car Clinch & Ohio 1st 30-yr be'38• I) 70
7112 36 89
7018 Sale 70
75
1935• N
Refund & Ext 430
95% Feb '20 --__
9318 95
Central of Oa 1st gold be_ __p1945 F A
Sale 95
95
95
98
95
1921 J
10 -6
Ft W & Den C let g (3s
8t;5
1 -8
68
84
i5;
84 (Sale 84
1945 MN
Consol gold 55
AO
1943
--_let
4e
g
Pas
Rive
&
Conn
18
91
89
91
88
8912
(14
1929
temp
June
10-yr
emu'65
_- ---- 75 -gia; Sept'19
Cuba RR let 50-year 5s g...1952 J
7413 May'19 ...._ __ _ - __ _
J70
65
Chatt Div pur money g 48 1951 Del Lack & Western-J 8912 9211 90 May'18 ___ _ _ _ _ _ _._
Mao & Nor Div let g 58_1946 J
O
J
70
10
70
70
70
2000
60
705*
330
gu
&
1st
Fes
Morris
_
____
___
___
June'17
97%
J
J
____
81
1947
Mid Ga & All Div 13e
9978 ____ 100 Feb '20 __ 100 10018
1921 J .1
N Y Lack & W lst Oe
8613 914 Jan '19
1946 • J 85
Mobile Div 1st g 5s
9418 Nov'19
1923 FA 9318 96
Construction 5e
7 80
8012
8112
Sale 80
CentRR & B of Oa coil g 56_1937 ▪ N 80
•N
4 -94 901g 9214 94 Jan '20 ___ -921Term & Improy 46
0 Duo Deo. .1 Option sale.
Due
Oct.
Nov.
Due
g
Aug.
P
1)ue
July.
1
Is
Due
June.
Duo
g
May.
•
Due
April.
d
Jan.
Due
No price Friday; latest this weck. a
Bid
m44cc cc
U. S. Government.
First Liberty Loan
3325 1st 15-30 year __19:32-'47 J D
Second Libel ty Loan
1st L L conv__1932-'47 J D
45
1927-'42 MN
2nd L L
413
Third Liberty Loan
1032-'47 J D
430 1st L L conv
430 2nd L L conv_1927-'42 MN
1923 MS
430 3rd L L
bourth Liberty Loan
4335 let L L 2nd cony 1932-347
1933-'38 A
433e 4thLL
Victory Liberty Loan
1922-'23
450 cony g notee
350 cony g notes_1922-'23
41930
25 ammo' regletered
41930
28 consol coupon
1925 ci
4s registered
1925 ci
48 coupon
11936
ci
29
10-30-yr
Canal
Pan
Pan Canal 10-30-yr 2e reg__1938 ci
1961 ci
Panama Canal 35 g
1961 ci
Registered
1914-34 ci
Philippine island 45
.Ask Low
High No Low
High
858
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb 27
New York Bond Record-Continued-Page 2
,
Price
Friday
Fe). 27
Week's
Range or
Last Sale
211
Range
Since
Jan, 1.
Ask Lou
Bid
High No. Low High
Delaware Lack & West-Coed.
Warren 1st ref gu g 354s.. 2000 F
85 ---- 10218 Feb '08
Delaware & Hudsonlet lien equip g 434s
96l2 Sale 9612
J
1922 J
9658
7 9612 9678
let & ref 45.
7813 80
1943 N N
77 Feb '20 7618 81
20-year cony 5e
6 8112 8513
814
19333 A 0 8138 85
8134
Mb St Susq cony 3;4e__ _1946 A 0 694 7414 7212 Jan '20
7218 7212
Reese & Saratoga 1st 75_1921 1111 N 100 104 10234 Apr '19
_
Denver & Rio Grande-1st cone g 48
67 60
6234 Sale 01.1%
193(3 J
63
J
6773
74
Consol gold 434s..
64
1936 J
J
6312 Feb '20
6273 7273
67
Improvement gold 55.--1928 J D 6312 67
67
83
7012
1st & refunding 5s
1955 F A s40
Sale 39
4218 522 38
46
Trust Co certts of deposit _
39
5 39
39
4312
Rio Or Juno let gu g 5s
75 Jan '20
1939 J -1
75
75
Rio Or Sou let gold Vt.__ -1940 J .1 _- --_-- 3913 6114 Apr '11
Guaranteed
34 July'17
1040.3
Rio Or West 1st gold 48_1939 J
Sale 60
60
61
58
67
Mtge & coil trust 4s A-1949 A 0 48
8 50
5018 5014
5012
52
Del & Mack-let lien g 4s_1995 J
---- 78
82 Deo 'lo
Gold 45
_ 7512 July'16
1905.3
Det Ely Tun Ter Tun 4 Sis..-1961 111
7 74
Sale 74
74
75
80
Dul Miesabe & Nor gen 58 1941 .1
904 June'18
Dul & Iron Range let 5s
1937 A 0 8913 ---- 8911
8934
8934 90,3
Registered
1937 A 0 ____
10512 Mar'08
- _
DulBou Shore & Ati g 5e-1937 J
_ ___ 83
83 June'19
Elgin Joliet & East let g 5s 1941 M
8513 92
894 Sept'19
Erie let consol gold 7s
98
97
97 Feb '20
1920 M
95
98
N Y & Erie lst ext 4e_ -1947 M
_
_ 82
80 Jan '20
80
80
3rd ext gold 43.45
92
88
92 Jan '20
1923 M
92
92
4th ext gold Se
1920 A 0 9513 ---- 974 Dec '19
5th ext gold 45
1928 J
9434 Nov'15
9734 9812 Aug'19
NYLE&Wletgfd 78.-1920 M
___
Erie let cone g 41) prior--1996 J
4 Sale 5213
5235434 26 4912 55
Registered
1996 I
84 Deo 16
let consol gen lien g 43_1996 .1
91 39
45
-43-34 -S
-1;1e 4313
-,15Registered
1996 .1
73 June'16
Penn coil trust gold 4e 1951 F A -'7613 85
791,
791,
79
79't
Sale 3612
50-year cony 4e Ser A-1953 A 0 39
4133 49 3358 37
do Series B
36 30
39
1953 A 0 36
3712
41
41
Gen cony 4s Series D__ _1953 A 0 4112 Sale 3978
86 35
44
Chia & Erie let gold 58_1932 M
____ 7912 7933
1 793 44
7938
8 83
Clev & Mahon Vail g 55-1938 J
_ 10678 Jan '17
Erie & Jersey tat I 65......1955 J
91
90 Feb '20
90
00
____ 9112 95 Dec '19
Genesee River lets I (Se
1957 J
Long Dock consol g 65___ A935 A 0
10813 Sept'19
Coal & RR let our gu Se...1922 111
93 100 103 Jan '18
Dock & Impt let ext Is
92
85
91 Feb '20
1943 J
91
91
ell Y & Green L gu g 5e1946 M
81
85 Jan '18
____ 64
lf Y Susq & W lot ref 5e.._1937 .1
65 Nov'19
2d gold 414e
60 IOW& Dec '05
1937 F A
--- - - - General gold 5e
60
1940 P A
60 June'18
--Terminal let gold Is..-1943 1111
_ 60
97 Dec '18
-- - Mid of NJ let ext 5e_......1940 A 0
72 Nov'19
Wilk & East 1st gU e 5s 1912 J
53 Feb '20
04
53
55
F.v & Ind let cons gu g 6,3_1926 J
---- 2312 Jan '17
____ 95
Evansv & T H let cone 68-1921 J
9514 Aug'19
let general gold 5e
1942 A 0
68 Doe '19
Mt Vernon let gold 6E1_1923 A 0
108 Nov'11
Bull Co Branch let g 5s 193() A 0
95 June'12
Florida E Coast let 434......1959 J
77
70
70
7753 21 70
-E-f6
Fort St 11 D Co let c yo 1941 J
92 Aug '10
Ft Worth & Rio Or let g 48_1928 J
564 5613 Jan '20
5618 5618
Galv Hous & Hen let 5s
1933 A 0
76 Dec '19
Groat Nor C B & Q coil 4s 1921 J
Sale 9312
94
9112 227 93
96
Registered
9434 Jan '20 _
A1921 Q
8214 -8378 8313
lit & ref 4MR Series A____1961 J
6 9434 951 1
84
817
8
8512
Registered
95 June'16
1961 J
St Paul M & Man 4s
8318 85
1933
8318 Feb '20
-881-2
10313 Sale 10312
let consol g Se
1933 J
10312 12
10312 10538
Registered
1933 J
- - 118 Apr '17
----Reduced to gold 43.4e..1933.3
88 -91
88 Feb '20
8818 92
Registered
1933 J
-- 10212 May'16
Mont ext let gold 4s.._ _1937 J
7913 ---- 7913 Feb '20
79l
8314
Registered
1937 J
80 Sept'19
Pacific ext guar 4e £___ A940 J
8212 77 Nov'19
II Minn Nor Div let g 4s 1948 A 0 5
78 Feb '20
78
78
Minn Union let g 613
sale
- 97
1022.3
97
97
97
99
Mont C let gu g 68
1937.3
10312 108 103 Feb '20
10118 10612
Registered
1937 J
13614 May06
let guar gold 5e
97
96
1937 J
94 Jan '20
91
94
Will et S F let gold 5s 1938 J
9118 9814 98 Doe '19
Ureen Bay & W deb ctfs
7712 5512 Feb '20
Feb
55
55l
551
Debenture etfe "B"
12
734
103
4
Feb
10
1012
734 1012
Gulf & S I let ref & t g 15e__51952 J
5
5812 Salo 6812
5812
584
Hooking Vol let cone g 43.48 1999 J .1 69
5812
Sale 69
15
7012
6814 73
Registered
1999 J .1
7312 June'le
-Col & H V let ext g 4s..
1948 A 0 ---- 7312 Oot '18
Col & Tol let eat 4s
--- 1955 F A _--7614 Apr '19
Houston Belt & Term let 58_1937 J .1
--- -71
82 Nov'19
Illinois Central let gold 48_1951 J
-797-8 8278 83 Nov'19
Registeral
--- 1951 J
92 Sept'17
let gold 34e
1951 J
72 Dec '19
Registered
1951 J
---- 84 Nov'15
Extended let gold 33.48_1951 A 0 ---- 7314 7314 Nov'19
Registered
1951 A 0
---let gold Is sterling
1951 el
____
"85" Jui;•155
----Registered
1951 M
Collateral trust gold 4e
1952 A 0 68
Sale 68
69
7412
Registered
1952 A 0
68
_ 9538 Sept'12
let refunding 48
1955 M
72
42
70
71
73
Purchased lines 33.4e
6713 7612
1952 J
611.-- 69 Dec '19
L N 0 & Texas gold 45-1953 M
31 - - - 6612 Sale 6613
70
Registered
1953 M
_ (1412 7218
66 Aug'19
15-year secured 5119
1934 J
Sale 92
02
15 - - - - - 92
Cairo Bridge gold 45
90
9312
1950 J
76
_ 76 Feb '20
Litchfield Div let gold 36_1951 J
7413 80
58
52
60 Dec '19
Loulev Div & Term g 33,4s 1953.3
60
6713 69 Jan '20
Middle Div reg 58
1921 F A
69
09
9818 ---- 102 June'16
Omaha Div let gold 35_1951 F A
51 _
_ 581,1 Sept'18
St Louis Div & Term g 3s..1951.3
52 (
-3
53
53
53 Jan '20
Gold 33.45
1951 J
6113 67
6738 Dec '19
Registered
1951 J
80 June'16
dpringf Div let g
J
8053 Nov'16
Western Lines let g 4s
1951 F A
7912 May'19
Registered
1951 F A
92 Nov'10
Bellev & Car let 6e
1923 J
100 11713 Marl()
Carb & Shaw let gold 4(9_1932 el
73 Mar'19
Ohio St L & N 0 gold 5e_1951 J
93 Jan '20
93
93
Registered
1951 J
951s Feb '19
Gold 33.4e
1951 J
6213 -E13 6513 July'18
Registered
1951 J
Joint let ref 5e Series A_1963 J
8018 Salo 8013
80
8313
80,3
Memph Div 1st g 48_1951 J
6118 68
6913 Fob '20
6912 6912
Registered
1951
65 Nov'17
St Louis Sou let gu g 45..-1931 M
77 ____ 7712 Aug'19
lnd III & Iowa let g 49
1950 J
7258 _
7514 Dee '19
let &()teat Nor let g es__ 1919 M
91
6-5
93 Nov'19
James Frank & Clear let 48_1959 1
____ 80
78 Jan '20
78
78
Kansas City Sou let gold 38_1950 A
56
Sale 5512
571i 31 5478 59
Registered
1950 A 0
78 Oct '09
Ref & Impt5e
Apr 1950 J
6934 Sale 6913
7038 53 (3734 7514
Kansas City Term let 45___1960 J
70
Sale 70
21 68
72
7653
Lake Erie & West let g Si.. A937 J
____ 8212 81
81
75
8153
2d gold 58
1941 J
__-- 66
8058 Feb '17
North Ohio let guar g 5e..A945 A 0
90
65 Aug'19
Leh Vol N Y let gu g 43.48_1940 3
86
8713 86 Fob '20
82
86
Registered
1940 J
8614 73 Sept'19
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 27
[vol.. no.
Price
Friday
Feb. 27
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Rid
Ask (Ala
High No. Low High
Lehigh Val (Pa) cone g 4a_ 2003 M N
7678 71 Feb '20-_ 7013 71
General coos 4 WI
79
Sale 79
2 79
7912
83
Let) s, Term lty let go 5e... 2)
941 AO
N 'N
1(03
9518 100
9714 Dec '19
--Registered
A 0 92_ 113 Alar'17
Let) val RR 10-yr coil (le_n1
10018 166.14 0934
1
100
16 665-3 103
Leh Vol Coal Co let gu g 58.1933
98 _ _ _ _ 9818 Jan '20
9818 9818
Registered
_ 1933 . J
--_- 103 Oct '13
-- - - - -let int reduced to 4e
---Leh & N Y let guar 4s
1
A1 S
13
51
198
8714 73 Jan'7
2i)
73
73
Registered
_
Long Isld let cone gold 587h:19
87 -g;li; 87
56
93
45
1 Q3
87
Q
M S
J
86
8912
let 01)0501 gold 48
6812
_ 86
Aug'19 _oglo
dld4li
se
s 68
61 D
1938 .1
_
72 Jan '20 72
72
G
Feernreyragl
85
1972
9512
- 92 Oct '19 -O
tro
deg
nlielne4
1932 si
s --_- 8e
.11 D
9914 Out '06 --old 48
6314 72
1949
72
1 68 - 73s
72
Debenture gold 5e
N
61 D
67 Jan '20 _71
37 .1
19:34
67
20-year p m deb 5s
66 6512 67 Jan '20 ---- (17
67
68
Guar refunding gold 4e
1949 N S 6412 69 13 69
2 65
69
6913
Registered
1949 01
95 Jan '11
-- - --NY B&MB let con g 50_1035 A Z•
92
8,1
e
,
tig419
0
NY&R B 1st gold tis_ _ _1927 M S
- - - - -- - Nor Sh B let con g gu 5e_o1932 Q 1
9018 June'19
- - - - -82
Louisiana dc Ark let g 51
1927 M S
8113 ()et '19
-- Louisville & Nashv gen 6s-193
9113 Fob '20
937
0J
N D
N
Opt 9112
Gold 513
97
9718 Feb '20
97 100
Unified gold 48
l 81
0j
1 j
Sale 8013
1940
8158 31 '7812 8413
Registered
8
91
1)14 S
Fep
bt:2
10
9
_
_
Collateral Cruet gold 5E3_1931 M N
8714 -5i1
89
1)18 90
L Cln & Lex gold 4%s..1031 M N
86
98
90 Jan '20
N 0 & M let gold es
19301 J
16014 Feb '20 -- 1001 i 103
2d gold Oa
9113 100 100 Feb '20
1930 J
1CN) 100
Paducah & Mem Thy 4(1_1946 F A 74_ 7912 Jan '19
St Louie Div let gold 0E1_1921 M
9813 1
.56
99
9911)0
24 gold 3s
51
5278 4958 Feb '20 --- 495s 517s
Atl Knox & Cin Div 48_ _ 19
7012 68 Fob '20 --- 68
95
85
00
61
1 N
S 68
76
Atl Knox & Nor let g 5s 1946 J D _-__ 100
9512 Nov'19
_Render Bdge let 5 f g 6s 1931 M S 10058 10118 101 13 Jan '20 -_ 10112 10113
Kentucky Central gold 48_1987 J
71
73
J
73 Feb '20 -- -- 73
75
Lox & East let 50-yr 56 gu 1965 A 0 83
84
8314 Feb '20 ---- 8314 867e
L& N &
& M let g 434e 1045 M S
_ 8213 Jan '20 ..--- 82)2 8212
L & N-South M Joint 48._1952 J
63
75Sale
Registered
31952 Q J
65
6
95
3 FebFeb6
44
'
5 13 63
N Fla & S let gu g 5s____1937 F A
_ 92
9413 Sept'19
__ 778
N & C Btige gen gu g 4;48_1945 J
9778 May'16
- --- Penenc & Atl let gu g(Se_1921 F A
971g 100
9814 Dec '19
& N Ala cons gU g 514- _1936 F A
9018
9312 Jan '20 --- 9312 9312
Gen cons gu 50 year 59_1963 A 0 8114 84
8114 Feb '20 8114 8114
L & Jeff Bdge Co gu g 48.__1945 111 S 64
6618 64
64
64
5 64
Manila RR-Sou lines 4e___1936 M N
101
Alex Internet let cons g 4e__1977 M S
Stamped guaranteed
1977 M S
7
75 Mav
r:116
Nov'10
0
Midland Term-let 5 I g 58_1925 J
85 Jan '20 -- fib - -85.Minn St Louis let 78
101 July'19 --Pacific Ext let gold 6$......A921
9518
9718
1927 1
9514 Feb '20 ---- -9
AO
D
-4- - -9
-5-14
let consol gold 5e
1934 M N --__ 7458 4
18
_ 3
73
73
4:
5
7 4
72
373 Jan '4320 let & refunding gold 48._1949 N S 42
Sale
Ref & ext 50-yr Is Ser A 1962 Q F 48
Salo 4778
4818
10 4278 4818
Des M & Ft D let go 4s 1935 J
J --_.- 4478 45 Nov'19
_ _._
7112 7012 Jan '20
Iowa Central let gold 58 1938 1 D 69
69
71
Refunding gold 4s
1951 el (3 4114 Sale 41
42
32 3718 42
MStP&SSMcong4sintgu_1
77
11)
038 J
7838 7833
J
7812
5 77
8214
let cons 58
9314 Dec '19 ----- ____ 93
let Chic Term s 1 4s
1941
88 Nov'19 --17
1 MSSM& A letg4sintgu_'26 3 J 56571 ____ 8833 Jan '20 -- 882 90
Mississippi Central let 55_ 11449 J
J
95 Deo 16 ---Mo Kan & Tex-let gold 4e 1990 J D -Li- WI. 57
eg
25 -eels -6018
3178 Sale 29
20 gold40F A
32
31 28i8 32
Trust Co certfs of deposit....... 28
33
29 Jan '20 ---- 29
31
let eat gold 58
1944 M -P-1 ____ 32
221s Deo '19 let & refunding 45
40
2004 M S 36
37 Feb '20 ---- 36
397
Trust Co certfs of dep
Sale 37
37
37
16 25
37
28
Oen sinking fund 41.48_ 1936
Sale 26
3
28
24
Trust Co certfs of deposit_
2558 2513
211
11 2
25
4
26
8
23
St Louis Div let ref g 4e _2001 A6
Sale 23
- 23
23
1 23
5% secured notes "ext" '16
30
Dalt & Waco let gu g be 1940 M -N
_ _ _ __
Kan City & Pao let g 4e-1990 F A
48 _
-663176:211-32 n
tr
e i2119:0
Mo K & E let gu g 5s
1942 A 0 25
ill
Jan
-a6-- -iliM K & Okla let guar 58_1942 111 N
50 _
_
- - -MK&TofTlstgug5s 1942M S
551e Aug'19
- - - -- Sher Sh & So 1st gu g 5s 1942 J
•____ 74
a Dec '10
--Texas & Okla let gu g 58....1943 M S
15
39
3834 Deo '19
Missouri Pacific (reorg Co)let & refunding 150 Ser A....1965 F A
8114 8212 81
8218
9 86
1
9
83
1:
3,
let & refunding 58 Ser Be 1923 F A
91
86
86 Fob '20 -let & refunding 58 Ser 0....1926 F A
8512 87
8
551
1 Feb
8513 8938
'
5
7
2
0
1
3
General 45
5534 dale
276 52
59
Missouri Pao let cons g 68_1
N
8 ___ 9778 9714 Dec '19 -M•
6N
192
970
____ 82
40-year gold loan 4e
58 Oct '18
8d 78 extended at 4%_..l938
P4
8 _-_---- 82 Apr '17
N
M•
145
6
Cent Br IT P
1948 J D ___ 8414 097
g 4e
ny7
'9
11,14,
e.7
mun
78814 J
771, Sale
Pao R of Mo let ext g 45_1938 F A
771.i 78'e
8613 8714
2d extended gold U.__ 1938 J
- - _ --- StLIrM&Sgencong5e 1931 A 0 8618 89
8514 Feb '20 ---- 8514 9418
Gen con stamp au g 5s_ _1931 A 0
102 July'14
Unified & ref gold 4e
"fi" 72
J
1929 J
11 -if - -id.7318
Registered
807s Oot '17 - _
Riv & G Div let g
1 -6612 7/12 6012
23
9 1 N
93
19
68
I
66
72
Verdi V 1 & W 1st g 5e_1926 111 S
86 Jan '2()
83
86
Mob & Ohio new gold 6s___ .1927 .1
-156 1.5612 100
95%
20 18 100 10278
6218 9178
let ext gold es
31927 Q
Jan '20 .._
955s 955s
59.8
56
General gold 4s
8 58
6706: 5-03
77
Montgomery Div let g 58_ 13
7
A
S ____ 7612 6
1,49 I
77
8 Fob5 20
80
St Louis Div 58
76
82
1927 J
A vele
- --6914 71
OIL & Cairo guar g 4e
1931 I J
Nashv Chatt & St L let 55-.1928 A 0 9418 9814 19
6
1(1'
1lli ! Jan
m itr
6.
92;0
7i
9414 9613
10414
Jasper Branch let g
I J
Nat Rye of Mex pr lien 43-48_1957 J
J __ 4978 1711 Feb '20
1714 22
____
30
Guaranteed general 4e
1977 A 0
2373 Jan '20
20
237s
Nat of Max prior lien 4348_1926 J .1
50
let cense!
A 0
9
15
618 J
Pie
tnb :
120
3
15
15
(1114
61
New Orleans4s9
Term let 48..._1
(
1 J
5:
195
613: 65
N 0 Tex & Mexico let 68
1925 J D 9112 Sale
9412 06
Non-corn income 58 A _.._1935 A 0 5212 Sale 5
662
.111i
96
59
'
1111
4
i9
61 49
5912
New York Central RR39113 Sale 9112
Cony deb 6e
256
93
3
5
4
6
F
1
I
99
9
Consol 4e Series A
N
A
6414 68
67
31 6
68
86
91; 6
73
24
A 0 75
Ref & imp 43.4e
7738 7712
2742
2 7514 79
New York Cent &"A"2013
Bud RivMortgage 314e
J
1997 J
65 Sale 65
6634 77 6478 70
Registered
61
1997 J
65
(1312 Feb '20
Debenture gold 4s
75
Sale 75
76
18 7
3
6312
62
834
3
Registered
•-__ 88
79 Nov'18
;IA
Lake Shore coil g
58
Sale 58
ifi
5958
Registered
55
Sale 5478
55
3 -Is
t4Ce -6602.Mich Cent coil gold 3 Sis_ _99
F A
57
1698 P
(3418 57
57
1 57
617s
Registered
75 Mar'17
Battle Cr & Stur let gu 38_ 16
98
99
8J
F 0
4912 57
A
49 Feb '2()
49
49
Beech Creek let gu g 48_1936 3 J
8173 8212 Jan '20
8233 8212
J
Registered
5
1936 j
9534 Nov'16
_
24 guar gold 56
1936
80 ____ 101 Marie
Registered
Beech Cr Ext let g 348_01
1
A 0
166
95
31 1
Cart & Ad let gu g 4e
1981 J D 7258 __-- -19 Nov'16
Gouv & Oswe let gu g 58_1942 J I) ____
Mob & Mal let gu g 48.._ _1991 M S _ _ _ 76 -711 1-s Jan -425
NJ Juno It guar let 4a. HMO F A
67
8912 Feb '16
N Y & Harlem g 31.4s_2000 111 N *56 _-- 80 May'17
• No price Friday; latest bid and asked this week. a Due Jan, 6 Due Feb. g Due June.
5 Due July. n Due Sept, 0 Duo Oct. 8 Option sale.
---L
----
----
----
----
-
1998
21"FI
•
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 27.
':*;
Price
Friday
Feb. 27.
Week's
Range Of
Last Sale
E
Azi
Range
Since
Jan. 1.
High No. Low High
Ask Low
Bid
N Y Cent & II R RR(OW9258 9258
9253 Jan'20
0 931g
N Y & Northern 1st g 58_1923 A
'19
Apr
____
7814
A 0 7018
N Y & Pu let cons gu g 411_1093 J D
113 May'15
1932
__
6s_.
guar
reg
Pine Creek
--9918 July'19
99
45
A 0 )
W &0con lot ext 58_41922
77 Oct '19
J
Rutland let con g 448._1041 J
'19
Aug
60
78
____
J
J
1948
_
g
4s
Og & L Cham let gu
1
- -66
60
60
60
53
J
Rut-Canada 1st gu g 48_1949
7614 82 101 Nov'16
J
St Lawr & Adir let g 5s_ 1990 JA 0
Noy'113
103
8
867
____
1996
2d gold Cs
9318 9318
9158 ____ 9318 Jan '20
J
Utica & 81k Riv gu g 45.. A022 J
8 6758 70
68
6934 6758
1997 J D 68
Lake Shore gold 334o
69
69
'20
Jan
69
6912
D
J
1997
Registered
21 8112 8712
8114
8358
84
1928 M S 83
Debenture gold 45
22' 79
8412
8214
Sale
8
827
8234
N
111
1931
25-year gold 45
8412 Nov'19 --- -_ 8'7
.1931 131 N
Registered
___.
_
J
J
bs___1938
gu
lot
R
&
A
Ka
Dec '15
_ 1934 J J-Mahon C'l RR 1st
103 May'17
Pitts & L Erie 26 g 8s___a1928 A 0 10228
1301s Jan '09
J
J
_1932
esgu
let
Y
Pitts MoK &
12314 Mar'12
9914
1034 J J
2d guaranteed Os
_ 9912 Aug '17
1931 M S 8914
Michigan Central 58
--.... 9812 Noy'18
4
923
M
1031
Registered
82 Nov'19
j
1940
411
87 Feb '14
7412 77
1940 J J
Registered
June'OS
90
____
8018
S
M
1951
J L & S 1st gold 3348
6518 68
6918 6518 Feb '20
66
N
_1952
let gold 334s
10 77
81
58 Sale 77
78
77
0
A
48.._1929
debenture
20 year
1 7512 8134
7612
7512
Sale
'7512
0
NY Chi & St L let g 48 __1937 A
85 Nov'17
1937 A 0
' Registered
2, 66
75
6912
2 67
N -(7/1",i 72)
A931
Debenture 45
717s 16 7012 7418
7078 Sale 705s
West Shore let 48 guar_ _23S1 J J
7178
70
7018 Jan '20
69
68
2361 J J
Registered
9712 --__ 9912 Feb '19
N Y C Lines eq tr 60. 1920-22 M N
9412
9412
Jan
'20
9412
9834
9314
Equip trust 4,4s__1920-1925 J .1
79
77
78 Feb '20
702 78
N Y Connect lot gu 44e A-1953 F A
NYNH& Hartford-- - - - - -50 Nov'19
53
Ei 42
1947
Non-cony dehen 45
4518 4518
4518
1947 M S 4518 Sale 4518
Non-cony deben 3348
4 4412 4534
4534
Non-cony deben 354s_1054 A 0 4518 4512 45
2, 4412 4712
47
47
1955 J j 48
Non-cony deben 48
46
48
4818 4918 46 Feb '20
1956 M N
Non-cony deben 4s
4' 4412 4478
4512
J
4518 4612 4412
1966
Cony debenture 3348
89 6612 76
76
Sale 7212
75
J
J
1048
65
Cony debenture
____ 50 Oct '17
1930 F A
Cons Ity non-cony 4e
9112 Jan '12
Non-cony deben 4s_ _A954 J J
_
-- 60 July'18
J
1955
4s
Non--cony deben
-- 1955 AO
Non-cony Cohen 4s
49 ocE-io
1956 J
Non-cony deben 4e
--6118 ____ 68 Nov'19
N
Harlem 10-Pt Chem let 48_1954
65 ____ 7912 Dec '17
F A
B & N V Air Line 1st 4s 1955 .1
58
58
J ____ 5578 58 Jan '20
Cent New Eng let gu 4s 1961
---1930 MS
Hartford St Ry 1st 48._
lb
y-2 Mr3'
1561Housatonic R cons g 5s 1937 M N
87 July'14
N
1954
4s
1st
Naugatuck 1110
'13
Aug
83
____
8012
N Y Prov & Boston 4s__ _1042 A 0
26 3412 44
44
4234 42
41
J
NYW'ches&B 1st ser I 449'46 J
Boston Terminal let 48__ A930 A 0
New England cons 58_ _1945 J
70 Sept'17
J
1945 J
Consol 45
3473
3418 14 32
32
Providence Scour deb 4s 1057 M N
75 ___ 9978 Dec '13
J
Prov & Springfield 1st 58_1922 J 8
'14
Feb
883
8
6732
rol
1956
4s
1st
Providence Term
7412 Dec '19
1943 j
W & Con East let 44s
4 -ji
61
-E6161
8
-661N YO&W ref let g 48____01992 M
9212 June'12
M
8
g1002
only_
Registered $5.000
8014
Nov'19
-fIfT
1955 J D
General 48
2
1049 55
5112
Norfolk Sou 1st & ref A Ss_ A061 F A --- - 5378 5114
81 Nov'19
7758 84
N
1041
Norf & Hou let gold be
104
Feb
'20
104
10038
1931 M A 104
Norf & West gen gold es
122 Nov'16
Improvement & ext g 68_1934 IF A ____ 109 103
103 - red
103
New River 1st gold es__ A932 A 0 103 104
751, 21 7318 80
7378
N & W Ry let cons g 48_1096 A 0 7373 Sale 79 Oct '19
1006 A 0
Registered
751
751
7612 76 Feb '20
75
J
DWI let lien & gen g 413..1944
1932 J D '7434 ____ 7711 Jan '20 ---- 7712 7712
10-25-year cony 48
_
t
f
714
May'19
M
5
1932
48
cony
10-20-year
9634 Dec '19
1938 M S -___ 97
10-25-year cony 448
io134
10112
10012 Sale 10018
1929
10-year cony tie__ _ _
80
77 Feb '20 ---- 77
78
77
1941
Focal'0&0joint 4s
9738 ---- 9812 Jan '20 --_ 9812 9812
J
00 & T 1st guar gold 58_1922
7514 77
7514 Feb '20
7118 75
Solo V & N E let gu g 48 1989 M N
Northern Pacific prior lien rail7578 75 7212 801,
7419 Sale 74
1997 Q J ____
way & land grant g 48
_
This 7653 Nov'19
1097 Q J
Registered
8 -561,
Sale 5214
5418 92 -601a2047 Q F 53
General lien gold as
-- 55 Nov'19
a2047 j F
Registered
_- 78
'20
8112
Feb
78
813
74
J
J
2047
A
Ref & imp 44a ser
76 May'19
75
St Paul-Duluth Div g 48 1996 J D 72 10118
i6O78
10078 Jan '20
9918
1923 F A
St P & N P gen gold Ele
loots lools
CI814 ---- 1001s Jan '20
Registered certificatee 1923 Q A
97 Feb '19
St Paul & Duluth 1st 58_1931 F F
1068 J D 68 ____ 761a Oct '19
list consol gold 4s
3712 Dec '16
66
Wash Cent let gold 4s_......1048 Q M 65
10112
2 foils
1641Nor Pao Term Co 1st g 68_1033 J J 10412 Sale 10412
7212
3 65
68
68
8714
9812
J
J
1961
4s
ref
Oregon-Wash let &
Sept'19
8412
7378
Pacific Coast Co 1st g 5s-1946 J D
9212 10018 Feb '17
J
Paducah & Ills 1st s f 434s-1955 J
9418 9538 Apr '19
Pennsylvania RR 1st g 48_1023 1131 N
833s Jan '20
8114 83
1943 IN N
Consol gold 4s
8 -i
21-82
4
17
96
8
i
,
-i
82
1948 M N 82 LSale 82
Comm! gold is
9134
91
iSale
91
A
1?
1060
Consol 434s
8478
8112 70 79
1965 .1 D 8034 liSaie 7034
General 440
9312
8912 125 88
1968 J 0 8814 Sale 88
General be
'19
Snag Val gen guar g 48_1042 IA 8 813 ____ 8212 Dec83
6 83 83
D R RR & B•ge let gu 40 g 1936 F A --- - ----83
821s 8218
b014 ____ 8218 Jan '20
Fills 13alt & W 1st g 4s 1943 M N
102 Jan '93
J
Bonus Bay & Sou 1st g 58_1924 J
-- --- -J
Sunbury & Lewis 1st g 48_1936 J
Dec '17
8
U N J 1010 & Can gen 411_1944 M S -813Pennsylvania Co975
9738 12 97
9738 [Sale 9753
J
1921 J
Guar lot gold 44s
_ 9558 Oct '19
9614
- - - - -J
1921 J
Registered
87 Feb '17
Guar 334s coll trust reg A..1937 M S 6918 _
6914 7112
7012 7113 6914 Feb '20
Guar 3348 coil trust ser B_1941 F A
7358 7358
Guar 334s trust otfs 0_....1942 J D 7012 ____ 7358 Jan '20 ._--- ---1944 J D 7012 7214 77 Nov'19
Guar 345 trust Ws D
8314
80
Feb
'20
80
-8312
82
0
A
45...1931
gold
Guar 15-25-year
8018 81
8018 Jan '20
40-year guar 4s ars Ser E_1952 211 N '7'718 81
80
80 Feb '20 __ 80
H
Cm Lob & Nor gu 4s g_1942 M N
85 Dec '19
87
77
1935 M
-- --Cl at Mar let gu g 44s
-- -- -- Cl & P gen gu 44s ser A_1042 2 .1 8558 ____ 9614 May'18
1942 A 0 8558 ____ 104 Dec '15
---- --Series B
0614 Feb '12
- -- - Int reduced to 3411-1942 A 0
9018 Oct '12
1948 M N
-- -- -- - Merles004s
8814 Fab '17
A
F
1050
D
334s
Series
Oct
'19
7918
____
Erse & Pitts gu g 345 13 1940 J .1 68
7914 May'19
1940 2 J 68
Series 0
J 8078 ____ 87 June'19
Or R & A ex 1st gu g 43-45_1941 J
Ohio Connect 1st gu 4[3_1943 M S 8558 ____ 853c Nov'19
9738 ____ 93 May'10
Pitts Y & Ash 1st cons 58_1927 M N
9834 Apr '17
92
J 80
J
Tol W V & 0 gu 4)0
9112 8713 Nov'19
J 80
1933 J
-- - -- Series B 445
8818
Sept'17
80
S
M
1942
048
Series
90
90
90 Feb '20
P 00 & St L gu 4348 A 1940 A 0 8418 88
90
90
1942 A 0 8418 9138 90 Feb '20
Series B guar
Juns'17
99
8418
N
M
1942
Series 0 guar
9012 Oct '19
1945 M N ---- 89
Merles I)45 guar
84
84
8814 84 Feb '20
82
Series E 33411 guar gold_1940 F A
-E.
ig599
BONDS
N. Y. STOCK EXCHANGE
Week ending Feb. 27.
4x.
Price
Friday
Feb. 27.
Week's
Range or
Last Sale
1 Range
Since
' Jan. 1.
High No, Low High
Ask Low
Bid
P C. C. & St. L (Con.)8412 91 Sept'18
Series F guar 45 gold_ _.1953 J 0 ____
--_9014 9058 Aug '19
1057 M N
Series G 48 guar_
8858 8858
'20
Series I cons gu 43-4s.. __1963 F A ____ 8812 8858 Jan99 ---- 99
99
1
99
'1
0
A
C St L & P 1st cons g be__ 1932
----100 June'17
Peoria & Pekin Un 1st es g 1921 C) F ---Mar'16
87
N
M
b1921
2c1 gold 445
11 8214 8712
86
Sale 84
84
Pere Marquette 1st Ser A 513_1956
7112
6712
6778 21 66
6738 71
_1956
let Series B 4s_
4 40
40
40
40
4434
40
Philippine Ry 1st 30-yr e f 45 1937
Jan
'18
99
____
Pitts Sh & L E 1st g be __ _1940 A 0 9312
- 9714 Dee '17
J
931
1943 J
1st consol gold 5s_
19 7712 -813
7934
Sale 7819
798J
1997
Reading Co gen gold 45
7834 7834
1997 J 277 7834 Jan '20
Registered
1 _7944 8012
Feb
'20
80
82
81
0
A
_1951
Jersey Central coil g 4e__
J
Atlantic City guar 48 g_ _A951 J
do2, ti(i - 60
-477- -al- J
St Jos & Grand Is1 let g 4s _A947 .1
St Louis & San Fran (reorg Co)587s -344 5312 5912
.1
5712 Sale 57
1950
Prior lien Ser A 46
6912 199, 6512 7134
Sale 68
68
.1
1950 .1
Prior lien Set 13 bs.
361 8212 86
80
Sale 8334
84
_
1928
Prior lien Ser C Os
6334 196' 5634 6278
A -0 6178 Sale 6012
Cum adjust Ser A tie_ _81955 563 3972 4812
46
4812
Sale
4714
Oct
h1960
Income Series A es
10172 102
10138 10178 Jan '20
J _
St Louie & San Fran gen 68_1931 J
9212
9212
* 91
9234 _ _ _ _ 9212
J
1931
General gold bs
:
May'16
-- - -78
J
J
St L & S F RR cons g 4e1996
90 May 17
Southw Div 1st g be_ 1947 A 0
98 100 -99
Sale 99
99
K C Ft S & M cons g 68_1928 M N
5- 63
70
67
Sale 65
K C Ft 8 & M Ry ref g 48_1936 A 0 66
8778
86
86 Jan '20
0
A
58_1929
lotgu
KC&MR&B
6412
60
64
5
6338
6312
62
N
M
St L S W 1st g 4s bond ctfo 1989
3714 6178 63 Sept'19
26 g 4s Income bond otfe-p1989
51 4858 55
55
5212
5214 55
' 1932 J D
Consol gold 48
5512 59
57
5512 Sale 5512
J
J
lot terminal & unifying 5s_1952
-'14
Jan
9812
Gray's pt Ter let gu g 5s_1947 .3 0
6034
56
Feb
'20
56
J
1943
4s
g
S A & A Pass let gu
6012
55
'20
Feb
55
5978
59
0
A
1950
Seaboard Air Line g 4e
5434 61
5912 Feb '20
59
1950 A 0 56
Gold 4s stamped
177 30
41
41
3978 Sale 3812
01949 F A
Adjustment 58
4
49
38
46
4
473
Sale
46
1959 A 0
Refunding 4s
6173 6312
6238 6178 Jan '20
Atl Birm 30-yr 1st g 48...e1933 M 5
--76
'19
Apr
82
6218
J
J
1949
Caro Cent 1st con g 48
____
l'0078 9973 Nov'19
J
Fla Cent & Pen lot ext 66_1923 J
J --_- 104 101 Dec '15
1st land grant eat g 58 1930 J
_
Feb
'20
80
8412
80 -i6J
1943 J
Consol gold be
9078 93 July'19
80
J
Oa & Ala Ry 1st con 5so1945 J
Jan
'20
8
8838 883s
883
8978
---82
J
J
Oa Car & No 1st go g 5s,.1929
85 ____ 9514 May'19
J
-- - - -- - Seaboard & Roan let 5e_1926 J
Co
Pacific
Southern
24 684 73
69
6814 Sale 6814
Gold 45 (Cent Pao coll)__k1949 J 0
_
Feb '14
k1949 J D
Registered
7914 131 7634 8158
78
7878
S
7814
M
01929
20-year cony 48
293 97 106
101
9912
Sale
10034
D
J
1934
20-year cony bs
7234 64 6912 78
Sale 7134
72
Cent Pao let ref gu g 48_1949 15 A
8712 Sept'16
1949 F
Registered
8
i17-9
8 -8
80;
80
5_ -6
80
AMort guar gold 348_41929 J D
6978 Feb '20
Through St L lot gu 40_1954 A 0 --__ 6938
Oct
'18
100
.;
101
85
N
111
- - GH&SAM&Plet 581931
9634 Jan '18
1931 J .1 __-- 99
26 exten be guar
35 Nov '18
9218 102
Gila V 0& N lst gu g 58_1924 13411 N
851 854
'20
Jan
8514
____
8112
N
M
Howl E & W T 1st g 59_ _1933
16
Oct;2
Feb0
9
1002
j 8
111 N8,1%
1033 2
1st guar bs red
9334
913. 9334
H & TO let g be let gu__ _1937
93
93 Jan '20 ---- 93
97
Gen gold 4s int guar__ 1921 A 0 --__
90____ 91 Mar'19
Waco & N ST div let g es '30 M N
Dee
'19
873
4
J
J
1941
A &N W 'gang&
1001,Oct '17
-J
Louisiana West 1st Os_ _,J921 J
4
4 -983-6832 -9912 9834 Jan '20
Morgan's La & T lot 68_1920 J .1 -9819218 Feb '20 ---- 9218 9218
9412
9218
0
A
1038
No of Cal guar g be
4 9178 9378
Ore & Cal lot guar g 5s ,..1027 j
1 _1)334 97
rq N
j 95
788 July
8
15
9.179
So Pac of Cal-Go g 5s ....1037 J j
ga- 9212 June'19
So Pac Coast let gu 45 g....1937
-735-8
7358 -5
8 Sale 7078
1950 A 0 707San Fran Terml let 4s
_ _ 85 July'19
J
1943 J
Tex & N 0 con gold 5s
96
7034
74
74
7614
Sale
8
745
83J
1955 J
So Pac RR let ref 4s
74 8114 8712
86
J 88414 Sale 8414
1094 J
Southern-1st cons g 5s
Sept'19
8514
J
J
1094
Registered
6113
5834 211 55
57
Develop & gen 4s Ser A.. 1956 A 0 57
271 56
55
57
Sale 57
1938 M S
Mob & Ohio coil tr g 4s
2 80
827
8
80
80
Sale
80
J
.1
Mem Div lot g 448-158-.1996
6678 6758
6678 Feb '20
6353 65
J
1951 J
St Louis div lot g 48
-- -I
July'19
927
8
87
80
0
J
.1043
A
Ala Gt Sou 1st cons Cs_
5- 7614 8058
7614
J
7614 Sale 7614
Atl & Charl A List A 4481944 J
8814
88 Feb '20
85
88
1944 J .1 87
1st 30-year bs Ser B
Oct
'19
11
1
0
7
8
_6_5_
J
J
1948
All & Deny 1st g 413
1948 J .1
26 4e_
68 Oct '19
65
Atl & Yad let g guar 46_1949 A 0
9218 Dec '19
J
9114 95
1930 J
ET Va & Oa Div g 5s
4 -8-5.18618
2 -664
8512
90
86
1956 M M
Cons let gold be
July'19
92
94
5
8012
NI
1038
bs
g
E Tenn reorg lien
Jan
52
'19
50
4418
0
A
1946
Oa Midland 1st 38
100
9912 Jan '20
J 955s 100
1922
Ga Pac Ry 1st g Os__
96
96
0618 ____ 96 Feb '20
J
Knoxv & Ohio let g es_ 1925 J
9112 Oct '18
-- - -- 97
76
J
Mob & Air prior lien g 58_1945 J
65 Aug '19
66
J
1945 J
Mortgage gold 4s
9258 Nov'19
Rich & Dan deb 5s stnipl_1927 A 0 9212 1C12
66 - -66____ 60 Feb '20
Rich & Meek 1st g 5s,..1948 MN
._
10212 June'l 1
__
Virginia Mid Ser D 4-55_1921 PA 8 9512 100
95
95
95 Jan '20
1926 M E3 9158
Series E be
---1926 111 S 005s ____ 10412 Dec '16
Series F be
July'19
98
---93
9118
N
M
1936
General 58
81,
8 BeDt'18
Vs & So'w'n let go bs 2003 J J 8158 86
-66 - -di
68
68
75
1st cons 50-year 5s 1958 A 0 64
Mar'17
s
937
95
A
---F
W 0& W let cy gu 45_ _1924
7512 Apr '19
75
Spokane Internet let g 58_1955 J
8112 82
7914 8514 82 Jan '20
J448.1939 A 0
Term Assn of St L le
84
84
84
Sale 84
1st cone gold Cs-----1894-1944 F A 84
19 6838 7358
69
J 6634 7012 6834
1953 J
Gen refund s f g 4s
June'19
-92
91
8218
0
A
58_1930
g
gu
St L M Bridge Ter
5 8214 85
8214
D _7_9_1! 8278 8214
2000 JiMar
Texas & Pao let gold 5s
5212 5212
5212 Feb '20
55
42000
2nd gold Income bs
--May'18
86
80
J
6014
J
1931
La Div B Llstgls
10612 Noy'04 -W Min W & N W let go 551930 F A
9434 8312 Jan '20 --- 8312 8418
Tol & 01110 rent 1st gu 58 1935 J
8012 8012
8012 Feb '20
7753 90
J1935 A 0
Western Ply 1st g be
82
1935 J D7978 82 Feb '20 ---- 70
General gold 5s_
'19
Oct
-- 73
6938
6434
0
A
1090
4o
gu
let
&
M
Kan
----'19
-Dec
8712
.9612
87
J
J
1927
26 20-year be
- 25 ____ 36 Feb '19 ---J
1917 J
Tol P & W 1st gold 4e
'10
Dec
7418
____
.1
7018
J
Tel SI 1 & W pr lien g 33-48_1925
1 -4.278 4672
45
45
1950 A 0 4512 51
50-year gold 4s_
1858 Merle ---- ' F A --__ 30
Coll trust 4s g Ser A
Aug
18
'18
19
_
Trust co We of deposit_____
3
- -68 68
68
2 68
-(131Tor Ham & Buff 1st g 48_81946
1 8518 8518
8518
Ulster & Del let cons g 58_1928 J D 8518 Sale 8518
Sept'17
58
85
0
--_A
1952
lot refunding g 48
8312 60 7914
J 8112 Sale 8138
1947 J
Union PROMO let g 4s
8512 Oct '18 ---85
J
80
1947 J
Registered
38 8312 g878
86
8412
Sc,
8412
1027 J .1
20-year cony 4s
81
7314 40 72
7212 7212
02008 M 8 72
1st & refunding 45
24
10112
103
100
10114
Sale
1013
3
J
J
10-year perm secured 68_1928
7 7514 81
7534
7512
76
Ore RR & Nay con g 48_1946 J D
7 99 101
9978
9912 99
99
Ore Short Line let a es___1922 F A
917s 03
Feb
-20
8
917
93
9212
.1
1946 J
let comet glSe __
85
8134 28 80
8012 8012
1929 J D 80
Guar refund 4s
-9018 9258
'20
Feb
9018
92
9018
J
J
1926
Cs__
Utah & Nor gold
--89 Fib '18 _. 7914 81
J
1933 J
let extended 45
8034 Deo '19 ___
1955 F A ____
Vandalia cons g 4s Ser A
-3 801s Jun41'18
1957 M N
Consols 4s Series B
-- - ---J ---- ---- 35 May'19
Vera Cruz & P let gu 448_1934
Sale
-661;
---E
I0
h Duo:July. k Duo Aug..o Due Oct.
• No price Friday;latest bid and asked. alDue Jan. biDue Feb. 0 Due Juno,
859
New York Bond Record-Continued -Page 3
FEB. 28 1920.1
__-
-ggl;
p Duo Nov. g Due Dec. s Option sale.
860
New York Bond Record—Concluded—Page 4
BONDS
lq Y STOCK .EXCHANGE
Week ending Feb. 27
Price
Friday
Feb. 27
Virginian let 59 series A.......1962 M
Wabeaa let gold 5e
1939 M
2d gold 5e
1939 F A
Debenture series B
1939 J
let Ilea equip s Id g 58_7-1921 IN
let lien 50-yr g term 4e___1954 J
Det Ch Ext 1st g 5s___1941 J
Dee Moines Div let g 4e_.1939
Om Div let g 3t4e
1941 A 0
Tol & Ch Div g 4s
1941M
Wald) Term( let gu 314e____1915 F A
let 40-yr guar 48
1945 F A
West Maryland let g 437_1952 A 0
West N Y & Pa let g 53_1937 J
Gen gold 4s
1943 A
Income 51
p1943 N 0 v
Western Pee let ser A fie _1916 M
SS heeling & L E let g 5e_ —1926 A
Wheel Div let gold 5e___1928 J
Exten & Impt gold 5e____1930 F A
Refunding 4 ts series A..19116 M
RR let consol 4e.
1949 M
Winston Salem S B let 46_1960
Slf Is Cent 50-yr let gen 4s. _ _1949
Sup A Dul div A term let 4e'36
Street Railway
Brooklyn Rapid Tran g 5s_1945 AO
let refund cony gold 4e. _2002 J J
3-yr 7% secured notes_01921 J
J
Certificates of depoelt__....
Certificates of deposit strnp'd
Bk City let cons 58_1916-1941
Bk Q Co & S con gu g 58_1941
Bklyn Q Co & S let 544____1941
Bkiyn Un El let g 4-45s._1950
A
Stamped guar 4-5e....„1956
A
Kings County E let g 4s_1949
A
Stamped guar 48
1949
A
Nassau Eleo guar gold 46 1951
Clitcago Rye let 544
1927
A
Conn Ity & I 1st & ref g 44s 1951
Stamped guar 4 444
1951
Det United let cons g 4 49 1932
Ft Smith It & Tr let g 59_1936 PA
Bud & Manhat 56 ser A____1957
A
Adjust Income 54,
1957
NY A Jersey let 5e
1932
Interboro-Metrop coil 46A 0
Certitleatee of Deposit------Interboro Rap Tran let 56_1966
Manhat Ry(N Y cons g 444_1990 A
Stamped tax-exempt
1990 4
Manila Elec Ry & It 5 f 55_1953
8
Metropolitan Street Ry—
Sway A 7th Av let o g 5e.1943
Col & 9th As let RI, R 58- 1003
Lex Av & P F let
g 5e._1993
Met W S El (Chic 1st 4( 4s 1934
A
Milw Elee Ry A It cons g 56 1926
A
Refunding & exten 4 40_193I 1
Montreal Tram let A ref 5e.1941
New On
& It gen 4 48_1935
N Y Munielp Ry let s f 56 A.1966
Y Rys 1st R E ref 48
1942
Certificates of deposit
30-year ad)inc 55
6442 AO
Certificates of deposit________
lg Y State Rye let cons 410_1962 M
Portland Ry let & ref 5e.._1930 MN
Portld Ry It A P let ref 58.1942 FA
Portland Gen Elee let 58_1935 J
St Joe Ry LB AP let g 543_1937 MN
St Paul City Cab eons g 541_1937
J
Third Ave let ref 4e
1960 3.1
Adj income fie
AO
Third Ave Ry let g 5s
1937 J J
Tr -City Ry & It lets f 5s_1923 AO
Undergr of London 448_7_1933
J
Income fie
1948
United Rya Inv 45e Pitte lee_1920 rd N
United Rye St L 1st g 45
1934 J
St Louis Transit an 58...._1924 AO
United Rite San Fr e f 48
1927 AO
Union Tr(N Y etre
......
Equit Ti(N Y Inter etfe.....
Va Ry & Pow let & ref 58_1934 ii
Week's
Range or
Last Sale
Range
Siiece
J81. 1.
Bid
Ask Low
High No. Low
8212 Sale 82
831s 21 82
87& 8812 871a
12 87
89
8014 84
80
8 Ile
4 80
1)0 Aug'18
9314 ---- 9;12 July'19 --I
7034 70+4 40v 19
8879 ---- 8814 Jan '20 —_ -13834
75'4 80 Atuf 12 —
644 67
Feb'19
74% Oet'19
6718 74
70 Jan '20
70
758
82 Aug'18
5112 5214 ;
51
5214 55 49
831 i 92'4 v2 Jan 2 I.- 92
62% 6512
JAII '20 -- 63
25
31
Oct'17
8118 SAP 81,;
82
19 81
90
92
9112 Ian '20 —
9112
92 95 IOU
)7
:
4
'eab:117
40
52,4
60,4
69
631s
51 14
63
76 a
69.2
70
—
3012
-25 - 23
Sate
43
43:2 48'2
39.2 42
69 '71
70
6112 Sale
6412
57
61)14 5 2
5.P4 57
25
21
6612 68
11';78
65
64 65
118
1518 Sale
17 Sale
90
70
1718 She
152 18
52,4 Sale
5 il2
66
66 57
—46% 6)
40
45
---- 45
---- 9 Os
7012 x 1
70
75
flo
51
2814 3(118
2814 San
6
Ps
618 7.4
48
7212
---- 66
-- 94
78
____ 79
4612 47%
2712 Sal,
84
8812
89
50
9014
52
6812 70
5314
55
2619 37
24
25
241
24
---- 7114
53
53
3
53 Feb 40
ti7 N •Y I ---68 Feb
68 Feb -24)
50
53
67
68
BONDS
N Y STOCK EXCHANGE
Week ending Feb. 27
High
8514
91
83
--
72
524
92
63
88
9212
5.1
5138
—
70
3012
3012
1• 3013 3312
2. Jan '20
25
23
43
455 44 39
50
4412 Feb '2J
_ 40
47
40
41)
3112 45
Oet.•19
70
80 May'18
4018 Dee 11)
612
62
2 0134 84
61
6112
6 61
413
5014 Feb 2,4
50
55
51
51 ---1 51
51
24 Jan 20
26
24
67
67
6514 70
60 Feb 20
60
60
77 July'19
_
64'410 6134 69
(3134
Jan zo
(IS
68
554
57 % 65 5-1
60
15
111 13
17
17
94) May'19
_
171
1814 163 14% 1912
13 15
17%
18
19
5118
531* 351 44
57
51j Feb 244
5314 60
56%
5i'4
1 58
6012
Oot.'19
75
-_-- --
:43
Gas & Electric It —(CInci,)
ULesu euriut a Li. let 45a.....1944 FA
thioa Ewe La I' let g 69-1960
J
Utica Use et Eiec ref
lu57 J
J
Nestoueeter1441 gold 5s____1960 JO
Mises',
• s
Adams Ex cull tr g 48_
1948
Alaska Gold M deb tie A....1925
Cony deb Si series B
1926
Am 88 of W Va let 5s
19-20
Armour Jr Co let real est 4 140 '39
Booth Fisheries dub d 1 69.__1926 A
Braden Cop M cull tr s f 66_1931
Bush Tertnival let 45
1952 A
Consul as
1955
Bolidltiga 55 guar tax ex_1960 A
Chic C A Conn Rye et 5s
1927 A
Chic Uu Stat'u let go 4 4e A 19113
Calle Copper ill-yr cony 79.1923
Coll tr A cony ils ser A...1932 A
Computing-Tab-Rim s f 69_1941
Granby Cone MSAP con 69 A '28
Stain pod
1928 ai
Great Falls Pow let 8 1
III Ii)
hit Merean MarInes f 69_1911
Montana Power lei 59 A
1913
Morris A Co let e f
Mtge Bonds N V 4s ser 2_19116 A
10-20 year See cries 3
1932
N Y Doc. 50-yr let g 49____1951
Niagara Falls Power let 58 1932
Ref A gen Iii
al1132 A
Nlag Loo A 0 Pow 1st 55..1951
Nor Stater; Power 25-yr Sc A 1911
Ontario Power N F let 5s..1943
Ontario Transinisalon 5s....1945 111
Pail- A PetATr Ist cony 69'19-'27
Pub Rory Corp N J gen 59_1959 A
Tennessee Cop 1st cons 69..1925
Wash Water Power lei 5s..19:19
Wilson A Co let 25-yr 8 f 69.1941 A
10-yr cony a I 644
1928
[VoL. 110.
Price
Friday
Feb. 27
Bid
Week's
Range or
Last Sate
Ask Low
Range
Since
Jan, 1.
High No. Low
80
81
8014
8134
9514 -- 101 June'17
8313 87 Nov'19
90 I 88
65
Out.'19
High
15 7914 8514
5572 5812
2:C
5
21°
.
1. lin:
21.5
5
9
0
12
13
7
3.
15
:113 19
12,1)
.1 ......
4
.3
7
- 1512 20
12.8 12 g 13 Feb 20 — .. 13
13
83
A
$ale, 83
9 112 90
93 2 92
84 I 28
Feb IS —
92 I
5
77 I
1
8
7
54 ,
F
I e,tb):2
80:1 21 7.
210
73
)........
7
0I 1::
02
4912 _._I 54
-823i
'if
77
73
7812
92
79%
82
82%
Ma
,
18 ....
99's74l
1807:11232 7
4 74
Satin
0
82
Kilo
01'8 91
0114 90
8818 9)
0 8834 Sale
8434 8 de
8112
0 ---- — _ .
A
A
720
3
17
°1
82
93
01
93
83
81
,2
8
,3
,
83
10804
7012 86
83 I 13 82
88
Jan '20
00
93
Dec 'Illy...-.
Dec
18
3134 17
88
-6E1-4
8139 8512
Jul •24,._ 82
8319
iApr'
up.11 4.
.
.
.
10
71111
83
3
-iii - -.
(ff.3 62 Feb •29
9114 91 19
5.251
:
1 miy.0
11 ---.__ 100 10112 Oct'10
88 14 •, I ,, -70 ___
76
81t3..... 83 Feb '2)-8212 84
83's Fob 2.)
71
1! Jan '2)..,,
68
0 -62.9514
...
0 9512
91.8
-641-2
__
____
05 -s
Sale
62
0212 20
90
0,;
3
9.1'4 July'19 7_
91
91
4
4173
92
29
112 -6714
9212 93
88
82
8212
72
88
85
85
75
SS-1 68
917g 95
-6514 '95)4
90
9614
Manufacturing & Industrial
Am Aerie Chew let a 544....1923 A 0 9714 98
91r4 Feb '20
95 100
Cons deben 5a.
91•5 1.11 4
A 91
95
9934
5 93
Am Cot 011 debenture 59_119:
F
89%
92141 IN
84
10 86
8912
Ato 8411 A It let 34, yr 5s der A '47 A
11113 Salt' 61
82 I 61 8112 8612
At
(
nSo
Tholba
48
4)ct, 10-year g 418...1914 A
119 Feb 21. 110 119
119
A 71% 773,4 87 Sept 19
Am Writ Paper d t 7441934
F
81, 42
_ 195 I
82 I
1, 8U3 837$
Baldw Loco Won .8 let 59_1910 M
07 Feb 2),.., 97
97
07
Cent Foundry let a f
Si)
OptIII '0
F A fri
80
817$
Cent Leather 20-year g 59_1925 A
9118 Sale 9112
95
4 94
9714
Consul Tobiteco g Is
A 75 115'4 732 Dee'18
2 46
1374
57%
5714 Corn Prod ROA; f g 59
98 ,01 1U1114141, •20 ..„ 16614
19
1131
51 F
M
- 10014
58 Seot,•19
let 25 year e 1 59.
Fa', '20 ___ 10014 1(I012
94
90 2
Distill See Con i•oriv Isi g 59.1192
57% Sent'19 -1 M
A 0 7934
79111
937
2 7914 83
79
11
Dee'it)
E I du Pont Powder 14is. _1936 1
51
9112 100
1) c Sept 19
9,i2
914
2 '6 112 9413 General Baking let 25 yr 69.1930 1
1 Fell "20
-4-16'
- 1GOO Electric deb g 3 40____1912 F A 69
77 Jan 2.1
77
77
7 02 11111 '2i
if
7018 701i
70 Feb '-0
Debenture as
70
70
86
88
47
6 80,g 97
85
61 July'19
Ingersoll-Rand let 5i
Si July'19
— - Int Agrle Corp let 20-yr 59199
JIM
52 M
"fr 73 78 Feb '20 ___ 78 8414
)3
52
2 27% 32
Int Paper cons e f g 5s
2814
28%
11135 J
14:1,8 Jiii 201._ 9012 9912
10014.
3 24
let az ref el f eonv ser A
2814
28,4
31
i.•4,
4 '20
11)17
81
861
81
13
653
51e 731 Liggett A Myers Tobao 79 1914 A10914
10,112 108 167's
4 106 111
612 Feb '21
58
0
712
8718 Son. :412
1951 EP A
1
88 I
7 8512 89,
51 J411 '20 ..- 50
521, Lorillard Co (P 79
..) 211
1914 A 0 108 111
10734 10912
64% Jan '20
56
64% 61%
87', Feb 20 _.. 8518 88
88
A
8(1
55 I
' l)
Nat
Enam
29
1F
J
Stamp,/ let 59.119
97 2 Jou III, ...1 9718 9718
95
91114
90% Feb'17
Nat Starch 20 year deb 59_ 1930 J
II
9314 95 July 17,----'
National Tube let 59
1942 M
9138 9112 Aior'141._,i91%
WI
66"
N Y Air Bra.° 151 cony 09 1938 M
Jan '20 -- 80 80
074 97 s lb I Feb '20 .... 95
9934
32 45
49
47
5134 Pleree 011 5 year cony 69.41920
Nov•19,....
28%
27
9 27
10-year cony deb 65..../41924
30
lOS
oil, Jan ,
111 .. i613-4 1(343647
2
4
84 Jan _1) -- 83
Standard NIIIIIng 1st 59____1930 M
81
1 411 211 ____ 9112 9312
91 18 9118 ,
10 89 92
90
89
The Texas Co cony deb 09_1931 I
10014
1140 I
100 3 11 91 10518
73 May'll) ----;
-- Union Rag & Paper let 59_1930 J
Feb
20 ____ 90
89
90
90
60 Dee '11)
Stamped
8718 1304,18
1930 J
6812
6812
2 6812 751-4 Union 011 Co of Cal 1st 59_1931 J
, 049'19
.
51.4
U
S
Realty
A I cony deb g 59 1924,J
-7412 75'4 74
741
139 74
82
50 June'17 ----1
U S Rubber 5-year lee 787_1922 J
103
Sal, I 027
2 10012 10314
101
2'112Jan '20 ---- 2012 2912
let & ref Si series A .. _1947 J
85
8444 Bair 84
53 817s 90
25 I 20 2112 29
25
U S Smelt Ref A M cony 68.1926 F A 100
10.1
She 100
1 100 105
24 Feb '20 -- 24
2834 Va-Caro Chem let 15-yr 56.1923 J
01%
5 93
9414 05 2 9112
9512
70 Deo 19 ---Cony deb 6s
98
90
99 8 99
5 09 101
West Electric let fie Dec. ,.1922
96Ns 14 95
Sale 96
90
A
2 1J
9704
Gas and Electric Light
9318
Atlanta 0 L Co let g 5&_ 1947
103 Sept'15
7114 77
Bklyn Un Gas let cone g 5s_1945
2 70
71
74
77
Clncin Gas & Elee istAret 5s 1956
---- 90
93 July'19
82
Columbia 0 & E let fts
8214 81
82
1927
-if 85
Columbus Gas let gold 58-1032
87 June- 19
i6614 Sale 10014
Coneol Gas 5 yr cony 78_1925
101 "iii 993 iof
Cone Gas EL&P °Matt 5-yr 544'21
---- 97
9.114 Sept'19
_
9612 9614 9314 Dee '19
Detroit City Gas gold 5/4_1923
9434 93
Detroit Edison let ooll tr 56_1933
9312
6 "ii 05
8552 88
let & ref 5e see A
88 Feb '20
01940
8734 90
91
Ea OLNY let cons g 56_1932
Feb'18
94
-- - _ 100 Feb'13
Gas & Elec Berg Co e g 54..1949
Havana Mee cone°, g 15e__1952
A 8514 8514 85%
85%
8513
84
Hudson Co Gas let g 5s____1949
91 Sept.'19
---._ 91
Kan City(Mo Gas let g 55_1922 A
9212 Deo '19
___.
88 ---- 8412 Deo '19
Kings Co El L & P g 5e
1937 A
Purchase money es
Ort 9912 Noy'1.9
1997 A
A or'19
Convertible deb fis
1925
0812 98
__ 80
Ed El III Bkn let con g 48.1939
75)4 77
77 Feb '20
82
80
Lao Gee Lot St L Ref & ext 54'34 A
82 Feb '20
- 82 8212
___ 8712 87 Dee '19
Milwaukee Gas L let 4s
1927
...... 86 10112 Apr '17
Newark Con Gas g 5e
1948
NYGELHAP91544
78% 80
78
78
1948
78
8512
Purchase money g 4s
3 61
A 6112 Sale 61%
62%
1949
64
80 ---- 9212 Nov'19
Ed Eleo Ill let cons g 59_1995 .1
NY&Q El LAP 18t con a 56_1930
A ---- 81
96% Aug'17
—Pacific G & E'Jo—Cal0 &
85% Sale 85%
Corp unit-goo A ref 5s
891,4 28 83 901 4
1937
78% 70
Pacific 0& E gen & ref 5s 1942 1
78%
79% 16 78
83
Pao Pow & Lt let de,ret 20-yr
fis International Series_ 1930
A ---- 86
82
Apr'19
Pat & Passaic0 A El 5e
105 July'17
1949
8832 97 Aug'19
Peop Gas & C let cons g 61_1943 A
65 67 67
Refunding gold Se
67 —5 -Eft - 67
1947
71% 85 80 Jan '20
Ch G-L & Coke let gu g 5s 1937
80
80
100 Apr'17
Con 0Co of Ch let gu g 58 1936 .7
Ind Nat Gas A 01130-yr 581936
---- 89 Mar'17
-______ _- 75 May'19
Mu Fuel Gas let gu g 59_1947
8711 Sale 87
Philadelphia Co cony g 544_1922
8712 -15 ii" 89
Stand Gas & El cony e f 68_1926
86
90 86 Feb '20
86
91
Syracuse Lighting 1st g 514_1951
97% Mar17
Syracuse Light A Power 544_1954
73 Dec '19
---Trenton 0 de El let g 5s
1949
—
-- 9839 Oot'17
---Union Eleo Lt & P let g 5s 1932
7212 90 8814 00V19
---Refunding A extension 544_1933
9774 82 July'19
-- 98 9734 Nov'19
United Fuel Gm let a f 69_1936
Coal. Iron
Stool
Beth Steel let ext f 51....1928/
9112
_ 95
94%
9112 974
let A ref Sc guar A
8334 83
85
83
9 8212 89
20-yr p m & imp e f 58_ 1916
8134 13 8234 4367
84
2"
1
Salt' 834,
,
Buff A Sittig Iron e I U....1932
9.11 July'19
- - —
Debenture 5e
9212 ---- 91,8 N;y19
—
Cahaba C M Co let gu 69.4
____
6
De0'14
922
101
.119
Colo F & I Co gen f 5s..„.1943
802 Feb '20
A 83
85
837 8513
Col Indus 1st A coil 58 gu-1931 F A 72
7214 7212
722
72
74
Cone Coal of Md IstAref fie_ 1950 J
75
73
75 Feb '2()
75
75
Elk Horn Coal cony Os
93 Feb '19
Illinois Steel deb 4 iie
11992405 jA
804.,
81
80 82
.47614 84
Indiana Steel let 5s.
91t2 Sale 9112 0113
3 90
9312
Jeff & Clear C & 2d 5e-1
2J
92
56
19
8(1
Lackawanna Steel tel g 5s 1923 A
93
9312 -(ii14 92% 9414
03
let cone fie series A
1950 hi
8712 12 80
85 881 1 81
9912
Midvale Steel A 0cony e f 5e1936 M
8112 18 80% 8512
8312 Sale 83
Pleasant Val Coal let 5 I 5m71928 J
Pocah Con Collier lets f 58.11)57 J
- ;20
_ 82
7619 -44 'PI- Feb '
82
Repub I & S 10-30-yr See 1.1940 A
88%
___ 80
5 88
88
96
St I Roo_ Mt A P 5e stmpd_1955 J 1 67
OR
73
OS
5 68
72
Tenn Coal I & RR gen 5s__1951 J
88
Sale 88
88
5 88
93
U S Steel Corp—icoup.....c11963 M
9734 177 95
9934
9034 Sale 967,
at 11)-(10-year
_d1903 M
96
991
---- 96 Feb '20
Utah Fuel lets f 59
1931 3
___ 8614 '8334 N e, 19._
M
70 Mar'll)._
Victor Fuel 1st f 59
69
1953
70
Va Iron Coal A Co-e let g fie 1949 M
810, 821e
8018 8518 815g Feb '20
Telegraph a Telephone
Am Telep A Tel coll tr 4s
1929
Convertible 45
1936
20-yr convertible 446...J933
30-yr temp coil tr 5s
1946
7-year convertible 68
1925
Cent Diet Tel let 30-yr 544_1943
Commercial Cable let g 414_2397
Registered
2397
Cumb T & T let A gen 5e___1937
Keystone Telephone let 514_1935
Mich State Telepb let fie___192,1
NYAN3 Telephone 5s g_1920
N Y Telep let A gen e t 4444.1939
30-yr deben s f 65...Feb 1949
Pacifies Tel A Tel let 58
1937
South Bell Tel AT late f 58.1941
West Union coil tr our 54.-1938
Fund & real est g 446_1950
Mut Un Tel gu ext 5e
1941
Northwest Tel go 4 t4e g_ .1934
7814 Sale 78
7814 85 7718 801,
68% 80 May'll)
84
84 Feb '20
fii
-82- 85
8034 Sale 8014
81 18 33 80
8334
A 9714 Sale 97
98
81 9513 0979
96
96 Feb '20 -- 90
90
---- ----. 73 Nov'17 -- —
,,. 6813 Jan'18
4 -8412 83
83
—2 83 8514
-831_
88
08
Apr'113 ---- .--- -A 11473 86
86
86
86
1 85
9318 -- 99% Jan '20 -- 9919 991g
7812 80
8112
784
79
11 78
9118 Sale 91
95
1)634
27 92
8538 88
8538
8814
8534
5 85
83
Sale 82%
8338
4 8272 8512
83 87% 8612 Jan '20 --, 84
8612
--- 787 75
8119
75
7 75
____ —110112 Sept'17 ---—
.
I.No price Friday;latest bid and asked . a Due Jan. b Due April, c Due May. 0Due June- 5 Due July, k Due Aug. Due Oct. p Due Nov.
0
e Due Dee. a Option sale.
SHAER PRICES-NOT PER CENTUM PRICES.
Saturday
Feb. 21. I
Monday
Feb. 23.
85
31
;ii80
23
*86
.
4213
.53
80
23%
90
4322
518
5
123
•124
'1'5,2 6,4
9734 08
140 140
*81
•14
*27
734 - 7.4
214
218
*423 512
5
5
3112
31
21
21
*70
75
155 15(1
21)34 3014
73
•63
*27
28
34
4
34,
•1813 1934
2723
*26
75
5,4
*5
2518 2518
•1013 11
93
08
73
71
.
6012 6018
•I30 134
4112 42
46
44
87
87
3014 3034
16+4 168
4034 41
;Thi.8
45
24
•I4
43
11012
*68
• 4514
*25,
8
1434
1878
37
24
251*
4712
21
1438
4314
120%
69
4
45,
26
1518
19
37
24
(30
70
6712
Wednesday
Feb. 25.
Thursday
Peb.21,
Friday
Feb. 27.
Saleslo,
the
Teek.
Shares
122 12218 121 121
61
6212 6212 61
82
82
-5-12-3 61-1-2
3512 35
.
45
45
0 ___- 40
135 135
List Sac 10. Dpi1
List S its 312 Feb.2.0
Fob'20
Litt 813 10
•10 11 •I1
List Site 110 Fab'20
•__ 130 •..- 130
85 •85
•____ 85
Last Sae 1113 Dyf 19
List 5111 10134 Ou'll
J an'23
List Sac 11
1.251 S tie 1513 Feb'20
;51
3114 3111
31
3313 3024 3238 34 18 3212
I an'20
1, est Sit? 45
95 Doe'19
Lit S
80,2
80
80
80
80
80
2214 2234
21
*20
23
24
1,44 S tie 84- - -Fe-&15
00
*85
86
.
4‘223 43
43
43
43
43
4212 43
53 -___ .53
53 .
53
53
53
10
130
85
9
.
Tuesday
Feb.24.
12313
63
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35
44
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64
85
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63
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1
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1238 12%
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24
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44
4
4
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1378 14
322
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7
23
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1713 17%
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2
2
34
33
.
50
*48
63
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5112
1412 1514
178
*158
112
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514 513
518
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1%
178
.85 .85
2% 278
034 934
238
2
3
3
131
*112
21
•20
11,1
31
.
STOCKS
BOSTON STOCK
EXCHANGE
1
41.05
70
7014
•.40 .05
35
35
.114 12
0613 7
•.30 .35
360 365
2213 23
15
•13
4234 43
4
4
1114
11
1312 14
312
.3
5
5
.212 3
1
..70
43
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79
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33
.31
438
4
134
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312
2
.3
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558
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4'612 7
6312 65
20 -2-61-2
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23
7912
1034 11
1678 1712
1
•.50
•112 2
33
32
50
•47
59
59
50
*47
144 1478
178
•158
1
1
$.15 .25
512
5
434 5
173 178
.00 .90
234 234
94
O
214
.218
314
*3
113
112
22
.20
112
,tAt
134
1
1
*.95
1
..05
71
.70
70
*67
69
68
Last S de .42 Feb'20
3'.40 .65
31
33
.33
33
34
34
1178
11
1138 1134 1114 1138
Last Sac 634 Feb'20
.61* 7
Last Sac .30 Feb'20
'21.30 .35
315 351
355 360
360 360
23
1958 2134' 21
2214
20
11
13 I 14
13
14
.13
4212
4212, 42
4214 42
42
4148
4
4,11
*4
378 4
101*
10,2 1012 10
1012 10/8
1278 13
1234 13
1314
13
3
3
34
34 318 *3
*434 5
5
5
5
*434
212 212
212 234 .223 3
Jan'20
List Sac 34
1
*.70
44
4212 42
42
42
42
Last S ile 80 Feb'20
*7612 79
32
•30
3114 3014 31
31
414
4 I .4
4
414
.4
1,ast S!le 134 Feb'20
174
•134
31 3 3,2
3,3 313.
334 334
.234 3 I *234 3
*234 3
212
213 .2
214 *2
214
5 I *434 5
5
412 514
818
8
814
8
812 812
Last Site 612 Feb'20
*611 7
024 6222
6112 63
63
63
Feb'20
Last Site 3
-276 19 20 I 20 20
"154
.512 7
512 512 4'513 7
Last Site 2312 Dec'19
23
Last Site 7912 Feb'20
7912
1124 1114
1013 11
.1013 II
1624 1612
1638
1634 16
16
Last Site .60 Feb'20
1
2 .50
.
•134 2
*112 2
.134 2
3114
3114 31
33 .31
*32
47
47
47
47
48
48
60
5814 51314 .57
53
53
47
47 .46
47
47
47
1412 1412 141 2
141* 14
14
134
.112
4
13
4
13
178
•158
112
112 321
112 *I
.1
Last Site .14 Feb'20
..15 .25
518
.5
512
51* .5
.5
438 412
4,4 412
438 '41*
178 •134 2
134
.178 2
.85 .85 ..80 .95
.85 .99
258
21*
258 258 .238 234
914 914
9
9
834 91s
214
*2
2
24
218
2
*234 31,t
*234, 314 •223 324
134 '112 134
134 *112
*112
1812
18
18
18
20
18
Last Sale .51 T)ec'19
112
.3i
Lowest.
412 Feb13
I Feb21
5 Feb 10
9112 Jan 2
111 Feb 11
7934 Jan 3
11 Feb13
2612 Jan 7
6 Feb 11
2 Feb 13
5 Feb 10
3', Feb 11
2734 Feb 13
19 Feb it
63 Feb 1 1
149 Fe2.14
23 Feb 13
68 Feb '211
23 Feb 3;
3011 Feb 13
1612 Fell 16
23 2 Feb 23
74 Feb 2),
418 Feb25
22 4 Feb 2!
10 Feb 2
9718 Feb23
6334 Feb 6
(1)) Feb 9
125 Fob 27
35i2 Feb13
33 Feb 13.
35 Feb 5'
2713 Feb 13
103 Feb 13
36 Feb13
91 Feb13
15 Feb 4'
44 Feb 171
23,• Feb211
Feb
13
40 Feb 141
11514 Feb26
i Feb 21;
4314 Feb 13
25 Jan 31
1214 Feb 11
17 Feb 11
3312 Jan 2
2223 Jan 9
60 Jan 22
60 Fob 7
60 Feb 13
Lowest
Highs
116 Do.
62 Do.
85
Dit•
28
Jan
0‘,
40
130 Sept
1.0,3
312 N •ar
2,8 N •v
De2
132
Feb
81
47 No,
9.1,8 Ma,
70 Mi
5 578 Doe
2524 De,
1)..
3,1
94
Oct
Do,
x71
15 Do,
e).ii
82
34 1 3 8,.pt
47 Sedt
5 Doi.
634 Jan 6
55e Jar,
123 Jai, 27
213 Ai.,
734 Jan 5
Dee
100 Feb 2
95
Feb
79
1434 Feb 3
7812 Jail
83 Jan 13
1,5
19 Jail 5
1713 Ian
3024 Jan 24
9 Jan 3•7 Ele5
338 Jan 3
24 Dee
a
7 Jan 5 1
Dec
IIan
6 Jan 2211
3612 Jan 3, 31,8 Dee
23 Jan 3
Jan
o
39
70 Feb 141
Apr
157 Feb 2‘) 14 ()et
2 02 oct
3512 Jan 2
8413 Jan 2 1 5213 Jan
2912 Jan 6 I '24
A or
50 Jan 5 537 Sept
2512 Jan 6
_
19 N1 ar
41 Jan 2
75 July
8012 Feb 7
634 Jail 5
034 Dec
30'1 Jan 0
281*
11 Jan
2
!I"v
10122 Jan 10
Jan
90
76 Jan 5
5714 N .5
63 Jan 20
60
Deo
Fob
13412 Jan 21 130
53 Jan 26
11
; 32
4714 0,4
41178 Jan
8912 Jan 3 1 83 Sept
3638 Jan 3 1
17618 Jan 19 145.--Pio;
Aug
8 Jan fy: 34
47,
09 Jan 12
Jan
93
10 Jan 21! 14
Jan
55 Jan 1 1 35 J,11%,
Deo
31,z Jan 71 1 30
Dot)
1913 Jail 191' 1
4.3 Jan 2
3218 Jan
133 Jan 2 115
Jan
72 Jan 30 , 524 Jan
41) Jari 2
20 Feb 11 , 4
4 18 j
25
0?t
1634 Jail 5,
734 Jan
211* Jan 2,
10 May
4412 Jun 24
28 Aug
17 mut.
26 Feb 3
73 Jan 12
15
Feb
66 Jan 211
Jan
37
70 Jan 0
38 Jan
Highest.
145 Apr
8014 Apr
Jan
97
384 July
Jan
50
Jan
16+3
70c Nay
Jan
11
30 Feb
Jan
135
00 June
Jan
58
110 June
7412 July
Jan
83
1084 July
9913 Aug
Oct
115
Jan
(05
23 M ay
Jan
100
Apr
50
58 June
714 Nov
2 Aug
914 Aug
1084 May
152 Nov
8412 Dee
2112 Nov
26,2 Dec
132* May
478 Nov
Mar
i
571une
15
34 Nov
24 Doe
79 Deo
Jan
172
3834 Nov
9312 Nov
38 May
544 Nov
3513 Oct
90 Sept
938 Feb
Oct
t
Jan
1
15
3
99 Mar
86
Jan
Jan
71
julay
49 Jibe
172
Oct
54
96 Mar
_ _199 Nov
5514 Oet
9912 Doe
to May
5912 Oct
3514 Des
204 Nov
5914 Oct
150 May
7412 Nov
May
Jan
3155
201* Nov
2113 July
43
Oct
25 July
83 July
72'! May
80 July
Iiloin g
24 July
134 Feb27
50 Apr
05c Jan 15
221 Adventure Cons aidated_ 25
6212 Mar 91 July
25 68 Feb 25 77 Jan 3
51 Ahmeek
114 July
11
Apr
Feb
10c
42c
6
lz
Jan
25
Mining
Algornah
42 Jan 7
3212 Deo 52 July
25 31 Feb 11
120 Allouoz
1534 Jan 5
11 Feb 11
18 July
1034 Feb
5
450 Arizona Commercial
712 Jan 5
1012 May
034 Feb 11
v
ja,n
N
10
Bingham Mines
14 Feb 4
4(1c Jan 2
90c May
6e
20
Butte-Balaklava Copper_ 10
3
27
Jan
409
480
Feb
Mar
315
July
350
25
Ueda
A
Calumet
60
3638 Doe
1712 Feb 13 4018 Jan 10
1214 May
1
4.015 Carson 11111 Gold
20 July
1612 Jan 5
12 Mar
13 Feb 11
25
70 Centennial
39 Mar 62 July
'25 42 Feb 13 48% Jan 6
515 Copper Range Co
434 Jan 15
334May
2 Mar
3 Jan 3
20
670 Daly-Wed t
484 Feb
1412 Oct
10
914 Feb 13 1414 Jan 5
3,755 Davis-Daly Copper
Aug
21
Feb
3
8
3
Jan
16
10
11
Feb
511n
4
11
820 East Butte Copper
644 July
138 M
4 Jan 2
3 Feb 1/
May
25
525 Franklin
13 July
Jan
0
8
57
4
13
May
Feb
9
412
25
ConsolidatedHanzook
25
4 Jan 5
734 May
20c Feb
228 Feb 14
25
37,5 Helvetia
2 July
34 Jan 14
50c M ar
34 Jan 14
25
Indiana Mining...
Jan
29
4
453
5584
42
Apr
July
39
Feb13
1
Coal
Creek
150 Island
8812 July
78
Apr
7912 Jan 5 8013 Feb 10
1
Do prof_
41 July
24
Jan
25 30 , Feb 211 38 Jan 3
565 Isle RoYale Copper
3.2 oet
438 Jan 14
618 May
334 Feb 13
5
65 Kerr Lake
233 July
214 Jan 5
1 '4'4 Jan 19
99c Mar
25
Keweenaw Copper
412 Jan 5
3 Jan
313 Feb 10
7% July
2,5
492) Lake Copper Co
Jan
3
July
312
2
10
513
Apr
234
Jan
25
50 La Salle Capper
3 Jan 21
458 Oct
218 Apr
2,4 Feb 17
5
150 Mason Valley Mine
July
10
Feb
4
3
4
Feb
5%
123
Jan
25
MaS9Coniol
53
1134 Jan 2
2
Jan
1314June
7 Jan 21
1,610 Mayflower-Old Colony__ 25
10 July
712 Jan 2
213 Feb
612 Feb 13
25
Michigan
7114
Jan
83
11
6
Feb
4912
July
Feb
60
..25
315 Mohawk
5 Jan 2
012 July
1 Mar
3 Feb 13
25
Now Aradian Copper
2914 July
1434 Mar
5 19 Feb213 24 Jan 5
1,120 New Cornelia Copper
514 Feb 13
1213 July
712 Jan 8
612 May
5
60 New !aria Quicksilver
Oct
28
878 Feb
100
New River Company
87 Nov
578g Mar
100 79 Feb 16 83 Jan 5
Do prof
1313 May
1212 Jan 3
814 Jan
5
914 Feb 13
520 Niplasing Mines
1812 Jan 2
9 Feb
2
1513 Febk;ob 13
2038 July
15
1,120 North Butte
80c Jan 27
25e Apr
134 July
25
North Lake
414 July
24 Jan 26
75c Mar
25 1% Jan 2
175 011bway Mining
52i2 July
3012 Mar
3712 Jan 5
25 30 Feb II
480 Old Dominion Co
73 July
45 Mar
25 4412 Fob 13 58 Jan 3
45 Osceola
52 Mar 83 July
25 50 Feb 11 65 Jan 3
30 Quincy
75 July
40 Mar
25 45 Feb13 53 Jan 5
20 St Mary's Mineral Land
2612 July
19 Jan 6
13
Jan
14 Feb 11
885 Seneca Copper Corp_no par
414 July
123 Mar
2 Jan 7
158 Jan 2
10
10 Shannon
312 June
2 Jan 12
40c Jan
1 Feb 24
25
100 South Lake
50•3 Aug
250 Jan 10
8c Jan
14o Feb 13
5
South Utah M & El
1114 June
6 Jan 7
4 Mar
412 Feb 11
25
190 Superior
618 Jan 29
1 Mar 5°4 Nov
44 Feb 26
1,925 Superior A Boston Copper 10
114 Dec
234 Jan 19
514 June
134 Feb 11
25
335 Trinity
14 Jan 10
71c Dec 2% Sept
80o Feb 13
5
2,155 Tuolumne Copper
358 June
3 Jan 23
134 May
5
24 Jan 2
485 Utah-Apex Mining
1234 July
713 Jan
934 Feb20
814 Jan 8
1
788 Utah Consolidated
July
5
Jan
114
5
33
Jan
s
14
178
Feb
Tunnel
A
Metal
Utah
455
434 July
313 Jan 8
114 Mar
234 Feb 11
25
50 Victoria
3 July
2 Jan 7
500 Jan
113 Fell 10
25
10 Winona
15 Mar 31 July
17 Feb17 23 Jan 10
25
65 Wolverine
I% May
40o Mar
25
Wyandltte
and rights. s Assessment paid. h Ex-rights. a Ex-dividend
• Did and salted prIces. I) Ex-stook dividend. 4 Ex-dlvidend
Range for Previoees
Year 1919.
Range Since Jan. 1.
Railroads
100 119 Feb 17 130 Jan 21
115 Bolton & Albany
105 6113 Feb 13 6712 Jan 2
210 Boiton Elevated
105 80 Feb 18 8713 Jan 2
Do pre
7,
3713 Jan 2
100 30 Feb 11
1,771 Boiton A Maine
100 39 Jan 6 45 Feb ,7
pref
Do
160
Jan 12
140
28
Jan
134
102,
Balton Ac Providenne
Bairon Sub irban Elec._ no pir
612 Jan 16
514 Jan 2
no pi?
oo prof_
8 Jan 23 10 Vol 2,1
p
Bait A Woro Eleo ore
130 Jan 30 132 Jan 8
Chic Juno 11 & (I 8
Jan 8 80 Jan 2
85
102)
Do prof
11
Fitehburg prof_ ---------12)
Georgia Re A Eieo 3[3,1401.102i
_100 63 Jan 12 63 Jan 12
Do oref
100 60 Jan 3 6512 Feul i
M due Colors!.
3 14 Fe521
2313 Feb II
_10 ,
Itirtlorl..
A
II
5,275 • I/ N
on5,55•A 155 84 Jan 29 86 Jan 0
sto,oharn
Norwich A Worcester pref._100
76 Jan 9 80 2 Feb 2 i
45 2)11
15 Jan 20 2.1 Fe..2•)
100
193 Rittland prof_ ......
Vermoni A Mailachilietts 100 85 Jan 24 87 Jan 31
50 4134 Feb 4 4534 Jan 3
8- West End SIreet
50 5012 Jan23 5513 Jan 6
Do pref..
15
Mlacellaneout.
___1a
375 Am 011 Engineering
5
5
513 512
5
5
5%
*5
90 Auer Pneiou too Service_ 26
112
1 38 .1
114 .1
114
1
1
50
Do
pref
15
1312
612
.5
•523
612 *5,2 6,4
6
97,2 1,452 Amer Telco & Teleg ----- 1(15)
9738 97
9712 97
9712 9718 07
Manufacturing__.
Aarlekeag
,
11
140
140
142
•140
140
140
142
•140
l)o 11 -131
27
8113 8123
*81 12 ____
8112 8113 .8112
230 A ng15•Arn Conon! C5rp no par
1414 1112
.14
1113 •1312 15
14
14
Metal Construe (no_ 10
Art
27
Feb'20
Sac
1.131
.
27
2813
*27
1, 0
814 9
6.511 fligheart Prod A R.erg
9
8
8
z7
14
8
411 Boston Mex Pet Trilstees_
211
2
214
214 .2
213 .2
2
.
10
Inc.
Amer
of
Stool
Century
201
5
5
5
*4
514 .412 513
524
10
51 E tit ito4t..n Land . .
*434 51 4 '
54 5'4
54
6
5
21
1.181 F:aitern Manufacturing
2978 29
3124 2914 3014 29
31
25
Ia.__
Lines
23.3
Elitorn
671)
2012 2012 2018 20,4
2023 21
21
21
100
Do prof_
95
70
69
73
.05
80 .72
Electric Blum_ _1011
_
121 •
150 15?
149 153
153 151
2+313 -2334 -241.4 2,939 Elder Corp ration ........no par
23
2914 2934 2812 29
55
5 Fairbanks C imp arty.
70
70 '63
64
70 .
*67
58
68
50
Gorton-Pew
Feb'21
List S tie 24
23
27
.27
23 .
25
.._
Davis
A
Gray
1,019
324 32,4
3114 32
r3212 3312 3124 32
10' International Cement Corp_ -1723 19
1424
Is
1814 1812
/4,
.
Prluet,
eruat
hi,
70!
254 2513 -25- 251-2
2312 27
27
27
100
Do pref
Feb 20
hitt S tie 74
74
74
.70
.70
514
5,4
478
510 Iiiand sill A Proms Corp.- 01
478
478 5
514 514
A
Litthy....10
MINoill
315 (Abbe.
2214 231 s
23
23
2414 2423 2373 21
to
10,3 1013
10 Laew's Tneatrei
•1012 11
*1012 II
•1012 II
let pref _100
171 McElwain (W
9712 9712 9713 974 971 2 971z
98
94
141
72
85 Maiiaahusytte Gas Cos
72
72
71
72
7112 7112 72
100
Do prof.
59
60
60
81
61
60
60
(31
61
110 Mergenthaler Linotype. 100
129 129
130 130
130 132
130 130
587 Mecloan Invoitment Inc__
40
39
39
4113 33
41
30 Mullini Body Corp...an par
39
40
40
41
41
44
.42
137 • Ens! and T‘.15phane._100
8512 34
84
87
87
86
8634 87
21-1 Ohio Body A Blower
2912 2914
2.413 29
30
3034 3034 *29
_
247 Pacific
114
16,4 164
164 169
168 168
39
375 Parish & Bingitarn Corp.no par
.37
39
.37
39
.37
4032 41
100
25 Plant (rhos GI prot
95
95
10
101 Reece Button-Hole
_8 15 -15%
.1518 15,
27.I
4514 41313 2,330 It 'at at Van Dervo..rc Clads
46
4612 46
4(334 4714 4(1
25
148
Shawrnot
111
25
.23
21
2324
24
25
.----------Ps
510 13110201 Magnet',
_
141
14
1424 1414
14
14
225 Stewart Mfg Corporation-_- --4? 8-424?
43
434 4214 4224 42
100
Co
A
Swill
1,511'
11734
111178
11714
11514
11913 12014 117 120
25
15 Torrington
(15
65
63
68
6!)
•128
1,1331 United Sni,e Maoh Corp__ 25
45
41
45
44
46
4612 4414 46
25
_
prof
Do
29!
2578
254 2513
25%
2534 2534 2514 26
1,001 Ventnra Coniol 011 Fields, 5
14
14
1312 14
1378 1414
1413 15
to
Ina
Syitero
Waldorf
2.757
1814
11t
18
18
1814
18
1838 19
100
695 Waltitarn Watch_
3512 3512 3712
3712 3512 35,2 35
37
615 Walworth Manufacturing_ 211
2314 2313 2313 2112
2334 24
100
Warren Bra.
List Site 605913
*55
60
let pref.....-___100
DI
35
61
61 1 61
60 .60
(10
70
.60
100
2d pro?
Do
Las! Site 60 Feb'20
6712 .60
6712
16"
21)
861
BOSTON STOCK EXCHANGE-Stock Record ,..`,Znag.
FED. 28 1020.1
w Half-paid.
86.2
THE CHRONICLE
[V oL. 110.
rrsaay
aaleg
Last Week's Range for
Sale.
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Outside Stock Exchanges
Range since Jan. 1.
Low.
Boston Bond Record.-Transactions in bonds at Boston Stock Exchange Feb. 21 to Feb. 27 both inclusive.
l' rLUCV
x.)(4.4
Last Week's Range for
Sale.
ofPrices.
Week.
Price. Low. High.
BondsU S Lib Loan 3%8_1932-47
1st Lib Loan 4s__1932-47
2d Lib Loan 48_ -1927-42
1st Lib Loan 4 gs_'32-'47
2d Lib Loan 4318227-'42
3d Lib Loan 4 x s _ 1928
4th Lib Loan 4Ms.'33-'38
Victory 431s --_1922-23
Am Tel & Tel coil 4s _1929
AUG& WISSL 5s__1959
Carson Hill Gold 7s1923
Cent Vermont 1st 4s__1920
Chic June & U S Y 58_1940
Gt Nor-C B & Q 48_ __1021
1929
Mass Gas 4540
1931
4548
Miss River Power 5s_ _1951
N E Telephone 5s__ _ _1932
Pond Creek Coal 6s.._1923 •
Swift & Co 1st 5s
1944
United Fruit 43is_ _ 1925
4565
1923
95.34 95.84
90.04 91.04
89.64 90.44
90.84 91.20
90.04 90.90
92.24 93.16
90.04 91.10
97.34 97.84
7831 7831
77
75
110 110
78
78
84
84
8456
9431 9431
9054 9031
83
8331
70
70
7056
83
83
9231 9231 9231
8956 90
90
100 100
100 100
$8,150
9,700
14,100
7,450
19,850
38,350
39,300
28,400
15,000
8,000
1,000
2,000
2,000
2,000
17,000
5,000
6,000
2,000
4,000
5,000
1,500
2,000
Guffey-Gillesple011(no par) 2754 267-4 28
1,840 2651
Harb-Walk Refract com100
110 119
25 118
Preferred
100 100
100 100
30 100
Indep Brewing corn
50
331
314
625
23-4
Preferred
50
10
1031
255
8
Range since Jan. 1.
Kay County Gas
1
134
585
174
131 2
Lone
Star
Gas
new
25
35
38
630
2931
3634
Low.
High.
Mfrs Light (1. Heat
50
5831
57
1,435 54
5
534 534 6,660
534
534
95.34 Feb 100.00 Jan Marland Petroleum
734 734
160
756
90.04 Feb 93.04 Jan Nat Fireproofing com_ 50
Preferred
1331 1454
50 1451
200 1334
89.64 Feb 92.34 Jan
29
1
29
18 23
90.84 Feb 93.80 Jan Ohio Fuel Oil
Ohio
Fuel
Supply
25
4734 49
520 44
89.74 Jan 92.98 Jan
38
39
1,155 3734
92.24 Feb 94.96 Jan Oklahoma Natural Gas_25 38
89.54 Feb 92.98 Jan Bank of Pittsburgh-See NOTE below
50
556
5
605
431
534
97.00 Feb 99.30 Jan Pittsb Brewing corn
Preferred
50 15
1451 15
20 1334
77
Jan 81
Jan
55
200 5134
65
Feb 81
75
Jan Pittsburgh Coal com___100 55
Preferred
100
00
180 8851
90
100
Feb 150
Jan
13c
20e 39,500 13c
Jan 8031 Jan Pittsb-Jerome Copper_ _1 13e
50
41e
40e
41c 5,500 40e
8331 Feb 8456 Jan Pittsb & Mt Shasta Cop__1
1351 1334
100
130 13
9354 Jan 9531 Jan Pittsb Oil & Gas
Plate Glass
161
161 161
10 160
9031 Jan 91
Jan Pittsb
Union National Bank-See NOTE below
83
Jan 8331 Jan
Union
Natural
Gas123
12134
--100
155
12034
Feb 76
70
Jan
U S Glass
58
100
58
110 52
8156 Jan 84% Jan
US Steel Corp corn....100 9234 9231 9351
250 9234
Jan 93
92
Jan
West'house Air Brake- _50 109
109 111
295 107
89
Feb 9331 Jan
West'house Elee dr Mfg_50 50
50
52
310 4831
Feb 100
100
Feb
Wyoming Fuel 011
2
2
2
2
500
Feb 100
100
Feb
Bonds[nden Brawlna fiR_ _ _ _1025 50
50
55
166.000 50
Chicago Stock Exchange.-Record of transactions at
Chicago Feb. 21 to Feb. 27, both inclusive, compiled from
official sales lists
Stocks-
Friday
bates
Last Week's Range for
Sale.
ofPrices.'
Week.
Par. Price. Low. High. Shares.
Albert Pick & Co
1 4031
American Shipbuilding_100
100
Preferred
Armour & Co, pref._ -.100 97
Armour Leather
15 1631
Preferred
100 9434
Beaver Board
(9
Booth Fisheries, new__ -(*)
Preferred
100
Briscoe, common
(9 6356
Bucyrus Co, pref
100
Bunte Bros
10 15
Case (J I)
(*) 16
1st preferred
100 97
2d preferred
100 7774
Chic City & Con Ry, pf.(*)
Chicago Elev Ry, com-100
Chicago Pneum Tool_ _100
Chic Rys part ctf Series 2-- ......
Commonwealth Edison.100 10654
Continental Motors___ _10 1134
Cuadhy Pack Co, com-100
Decker(Alf)& Cohn,Inc.(*)
Deere & Co, pref
100 9931
Elder
Diamond Match
100
Edmund Jones '
(9
Great Lakes D & D__ -100
Hartman Corporation__100
HartSchaff&Marx,com_100
Holland-Amer Sugar___10 1734
Hupp Motor
10 1334
Illinois Central
100
Libby, McNeill & Libby_ 10 23
Lindsay Light
10
7
Preferred
10
831
Middle West Utll, com-100
Preferred
100 40
Mitchell Motor Co
(9
National Leather
20 1334
Orpheum Circuit, Inc..---1 3154
Pub Serv of N Ill, com_100
Preferred
100 88
Quaker Oats Co
100
Preferred
100 95
Reo Motor
10 2434
Root & Van Dervoort-(9
Sears-Roebuck, corn--100 214
Shaw W W. corn
(9 62
Sinclair Oil
(9
Standard Gas dc Elm_ --50 1836
Preferred
50 39
Stewart Mfg Co
(9 4231
Stewart Warn Sp,com_100 40
Swift & Co
100 117
Swift International
15 39
Temtor Prod C&F "A"-(9 4131
Thompson,J R,com__ - _25 4494
Union Carbide & Carbon 10 6331
17n Paper Board, com--100
Union Iron Weeks
5031
Waldorf
Wahl Co
(*) 3756
Ward, Montg & Co, p1_100
When issued
20 3334
Western Knitting Mills_(s) 1834
Western Stone
100
Wilson & Co, corn
(9 67
Wrigley Jr, common...._25 77
Bon%sChicago City Ry 58___1927 70
Chic City & Con Rys 58'27
48,Series"B"
1927
Commonw Edison 58_1943
Met W S El ext g 4s1938
Swift & Co 1st s f a 5s_194
8931
40
4131
101 101
75
75
9631 9751
1551 1631
9431 95
55
55
10
1031
69
69
6234 66
9331 9356
1431 15
15
1734
97
97
7734 9631
10
'9
1 1
90
80
5h 554
10634 107
1151 1251
9634 98
37
37
9934 100
2954 2934
118 11834
30
30
8934 90
8756
87
88
85
17
1731
14
13
79
79
2231 25
651 7
831 934
1931 1931
38
4234
3734 38
1334 1456
32
30
78
78
88
88
249 249
9434 9534
2431 2531
4634 47
213 214
61
6474
3734 3754
1734 19
39
393.4
4131 42
3831 4334
116 120
3756 4334
4151 4231
4456 4554
6151 67
2031 21
5031 5231
19
19
3734 3851
103 103
38
33
20
18
6
6
67
69
77
75
70
42
34
8634
45
8951
Range since Jan. 1.
Low.
High.
775 40
Feb 5031 Jan
Feb 120
20 100
Jan
10 75
Feb 8051 Jan
7,050 9631 Feb 11034 Jan
35,920 1534 Feb 17
Feb
3,653 9431 Feb 95
Feb
Jan 55
175 51
Feb
145 10
Feb 1334 Jan
10 69
Jan
Feb 74
150 62
Jan
Feb 75
33 9336 Feb 9334 Feb
100 1431 Feb 1534 Jan
2,362 15
Feb 2034 Jan.
466 97
Jan 9734 Jan
560 7731 Feb 9834 Feb
51
Jan 1034 Feb
6
Feb
1
100
Feb
1
591 80
Feb 9756 Jan
50
556 Feb
434 Jan
347 10654 Feb 108
Jan
1,555 1156 Feb 1351 Feb
315 0631 Feb 101
Feb
50 37
Jan
Feb 41
228 9994 Feb 102
Feb
100 2834 Feb 3331 Jan
Feb 12434 Jan
105 118
50 30
Feb 30. Feb
150 8434 Feb 92 IJan
110 87
Jan
Feb 105
150 85
Feb 96 /Jan
315 15
Feb 1734 Feb
1,350 13
Jan
Feb 16
150 79
Feb
Feb 79
8,510 2234 Feb 2734 Feb
734 Jan
320
631 Feb
954 Feb
70
834 Feb
100 1931 Feb 1931 Feb
315 36
Feb 4531 Jan
210 3754 Feb 4331 Jan
6,350 13
Feb 1531 Jan
8,100 2834 Feb 34
Jan
Feb 7934 Feb
20 77
67 88
Jan
Jan 88
July
Sept 300
50 240
445 9431 Jan 9851 Jan
705 2234 Feb 2734 Jan
150 46
Feb 52
Jan
140 213
Feb 230
Jan
1,620 61
Feb 79
Jan
15 3734 Feb 4031 Jan
360 1731 Feb 2631 Jan
105 3831 Jan 4231 Feb
Jan 48
195 40
Jan
20,000 37
Feb 4534 Feb
Jan
Feb 128
5,100 116
Jan
11,960 3734 Feb 55
• 375 41
Jan
Feb 47
560 4334 Feb 51
Jan
13,650 6131 Feb 7431 Jan
410 20
Jan
Feb 24
1,615 5031 Feb 5251 Feb
100 19
Feb 19
Feb
1,260 37
Jan
Feb 45
100 103
Jan
Feb 116
875 33
Jan
Feb 39
Feb 23341 Jan
1,270 18
Jan
4
50
1231 Jan
Feb 70
70 67
Feb
630 75
Feb 8054 Jan
$2,000
70
1,000
42
2,000
34
1,000
8631
1,000
45
8934 5,000
70
42
34
8634
45
8931
Feb
Feb
Feb
Feb
Feb
Feb
7234
42
34
8631
45
9251
Feb
Feb
Feb
Feb
Feb
Jan
(8)No par value.
Pittsburgh Stock Exchange. -Record of transactions
at Pittsburgh Feb. 21 to Feb. 27, both inclusive, compiled
from official sales lists:
Stocks-
Friday
sales
Laot Week's Range for
Week.
Sale.
ofPrices.
Par. Price. Low. High. Shares.
Amer Rolling Mill cora__25
SO
Amer Vitrified Prod corn 50 14
14
Am Wind Glass Mach_100 120
120
Preferred
100
9334
Arkansas Nat Gas new__10 2731 2431
Preferred
112
112
Bamsdall Corporation_ _25 4934 4936
Carbo Hydrogen com
2
_5
Preferred
5
4
Carnegie Lead dr Zinc__ - _5
756
751
n.....m.I., al..., ,,,...
inn
On
OR
Range since Jan. 1.
Low.
40 50
50
200 14
14
260 115
123
20 9334
9334
2931 22,590 18
112
25 104
4934 1,640 45
500
134
234
4
4
50
73,4
220
734
CIO
'RR
OR
High.
Feb 5134
Feb 1531
Feb 135
Feb 95
Feb 45
Jan 115
Jan 5554
351
Feb
Feb
5
Feb 1134
Feb 100
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
High.
Feb 39
Jan 119
Feb 102
4
Jan
Jan 1056
Jan
234
Feb 4554
Feb 6134
Jan
654
9
Feb
Feb 1534
Feb 34
Feb 5134
Feb 43
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
73.4
Jan
1636
Feb 63
Jan 92
Feb 25e
Jan 53a
Jan 15
Jan 171
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb 130
Feb 59
Feb 10734
Feb 11834
Feb 55
2
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
55
NOTE.-Not reported sold last week-Bank of Pittsburgh, 5 shares at 131:
22 shares.Union National at 255.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Feb. 21 to Feb. 27, both'inclusive,compiled from
official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale.
ofPrices.
Par. Price. Low. High. Shares.
Alabama Co
100
Second preferred
-100
Arundel Corporation _50
Preferred
100
Atlantic Petroleum
10
354
Bait Electric pref
38
Celestine 011 v t
2.10
Cent Teresa Sugar
10
Preferred
10
Commercial Credit
25
Consol Gas E L & Pow_100 96
Consolidation Coal_..100
Cosden & Co
5
8
Preferred
5
Davison Chemical .no par 34
Elkhorn Coal Corp
50
Preferred
50 35
Houst.11 pf tr offs_ _100
Indiahoma Refining
734
Mer & Miners Trans_100 40
Mer& MinersTrans V T 100
Monon Vail Trac pref.. _25
Mt V-Woodb Mills v t r 100
Preferred v t r
100 90
Northern Central
50 67
Penn yl Wat & Power- _100 76
Poole Engineering & M_100 35
Shaffer 011 pref
90
United ity & Elee
50 1151
Wash 13 & Annap
50
Preferred
50
BondsAlabama Cons C & I 58.'33
ABC L(Conn)ctf 5-2048'25
Chicago Ry let 58. _1927
Consol Gas gen 4545-,1954
Cons Gas E L & P 450-'35
..
5% notes
6% notes
7% notes
Consol Coal ref 5s...1950
.
Convertible 6s
1923
Cosden & Co ser A 68_1032
1932
Series B 68
Davison Sulphur 68
Elkhorn Col Corp 68_1925
Fair & Clarks Trac 58_1938
Fla Cent & Pen extd 68 _
G-B-S Brew ine 58_ _1951
Loulsv & Nashville 4s
United Ry &Elea 4s_ 1949
Income 48
1940
West Maryland 48.-1952
1035
Wil & Weldon 58
80
80
74
74
37
37
94
94
334 334
38
38
2.10 2.20
654 654
9
934
42
42
9534 9731
80
70
8
856
4
434
34
3656
2054 2031
35
3534
80
8134
756 736
40
40
49
50
1434 1434
54
55
00
90
67
67
76
75
35
35
00
90
11
1154
16
16
35
35
8634
08
6734
83
78
0454
95
9836
7634
9754
8854
8894
9536
9334
80
0854
134
6856
6436
44
6154
94
8634
98
68
83
783-4
9454
95
9834
7656
98
89
89
9536
0356
80
9854
154
6856
05
44
6134
94
Range since Jan. 1.
Low.
High.
70 80
Feb 00
Jan
45 70
Feb 76
Jan
35 367-4 Feb 40
Jan
10 04
Feb 0634 Jan
1,600
Jan
4
234 Feb
25 38
Feb 40
Jan
6,393
1.00 Feb
3.40 Jan
654 Feb
20
936 Jan
1,180
11
834 Feb
Jan
41 42
Feb 46
Jan
643 9554 Feb 10394 Jan
60 77
Feb 83
Jan
3.725
734 Feb 1034 Jan
1,210
4
Feb
434 Jan
704 3234 Feb 39
Jan
10 2054 Feb 2631 Jan
30 35
Feb 39
Jan
162 76
Feb 9334 Jan
1,676
756 Feb 10
Jan
10 40
Feb 40
Feb
130 4734 Feb 58 , Jan
5 1434 Feb 1794 Jan
193 80
Feb 70
Jan
38 00
Feb 05
Jan
29 67
Jan
Jan 70
494 74
Jan
Feb 82
15 35
Feb a 35
Feb
100 90
Feb 92
Feb
505 11
Feb '15
Jan
15 15
Feb 2051 Jan
10 35
Jan
Jan 36
$6,000
3,000
15,000
6,000
4,000
7,000
2,000
1,000
1,000
17,000
9,500
15,000
5,000
15,000
1,000
1,000
15,000
5,000
16,000
22,000
1,000
1,000
8634
91
6654
8234
7754
9311
95
0831
7654
96
8734
88
95
9334
80 •
0834
156
6854
6431
44
51
94
Feb 88
Jan
Jan 98
Feb
Jan 70
Jan
Feb 83
Feb
Jan 81
Jan
Feb 05
Jan
Feb 96
Jan
Feb 10034 Jan
Feb 79
Jan
Jan OS
Feb
Feb 98
Jan
Feb 08
Jan
Jan 9574 Jan
Feb 9531 Jan
Feb 80
Feb
Feb 9934 Feb
Feb
154 Feb
Feb 6854 Feb
Feb 69
Jan
Feb 4831 Jan
Jan 6154 Feb
Feb 08
Jan
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Feb. 21 to Feb. 27, both inclusive,compiled
from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week,
Sale.
•ofPram.
Par. Price. Low. High. Shares.
Alliance Insurance
10 22
2056
Warrants
531
American Gas
100
53
American Milling
834
10
American Rys, pref____100 55
55
American Stores__no par 4234 4134
First preferred
9236 9254
3931
Cambria Iron
50 3954
Elec Storage Battery-- -100 112
107
General Asphalt
100 7734 77
Preferred
124
100
Giant Port Cement pref_50 1856
1834
2934
Insurance Cool N A.
10
Warrants
754
44
J G Brill Co
100 44
Keystone Telephone_
50
1034
35
Preferred
50
Lake Superior Corp____100 17
1636
Lehigh Navigation
50 6254 6234
50 4634 45
Lehigh Valley
4431
Midvale Steel dr Ord_ _50
05
Northern Central
5()
4251
Pa Cent Lt & Pow, pref_-Pennsylvania Salt Mfg._50 75
75
50 4234 42
Pennsylvania
Philadelphia Co (Pitts)_ _60
3531
32
Prof (cumulative 6%)-50 32
Phila Electric of Pa
25 2434 2434
Phila R T vot trust reds-50 2351 23
60
Philadelphia Traction_ _50 60
22
634
54
856
55
4334
93
3931
113
78
124
1834
3054
934
44
12
35
18
63
47
45
65
423.4
7555
4334
3634
33
25
2334
(3134
Range since Jan. 1.
Low.
24 2034
316
531
75 47
20
834
16 50
3,897 3731
179 92
10 3954
1,274 99
250 77
100 124
18 183.4
184 2934
8,245
751
30 4334
556 10
100 35
2,530 1531
9 61
698 4031
110 4331
2 65
5 42
62 75
3,684 4051
275 3534
870 3134
2,049 2434
1,728 219-4
125 5056
High.
Feb 23
636
Jan
Jan 5654
Jan
fig
Jan 0434
Feb 4356
Jan 93
Jan 40
Feb 141
Feb 130
Feb .193
Jan 20
Feb 3734
Feb 11
Fob 51
Feb 13
Feb :35
Jan 2134
Feb 643.4
Feb 47
Feb 5134
Feb 6954
Jan 4351
Jan 76
Feb 4314
Feb 4234
Feb 3634
Feb 2594
Feb 28
Feb 63
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
50
Reading
35
Second preferred
Tono-Belmont Devel_ _1
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
100
17 S Steel Corp
Warwick Iron dr Steei_ .10
W Jersey & Sea Shore_ _50
York Railways, pref.. _50
Bond.
US Lib Loan 3%9_1932-47
2(1 Lib Loan 4s_ _1927-42
2d Lib Loan 4%6.'27-'42
3d Lib Loan 434s___1928
4th Lib Loan 43Is '33-'38
Victory 4%s_ .._ _1922-23
Baldwin Locom let 5s_1940
Elm & Peep tr Ws 48_1945
1945
small
do
KeystoneTelep 1st 58_1935
Lehigh C & N cons 4%s'54
Lehigh Vail collat 68..1928
Lehigh Val Coal let 59.1933
Natl Properties 4-6s_ _1946
Penn RR general 5s...1968
1960
Consol 4%s
P W & B ctfs 48._ _ _1921
Poop Pass tr ctfs 40.... _1943
Phila Co cons & coil trust
1951
56 stamped
Phila Electric 1st 5s__1966
small.._ _ _1966
do
Pub Serv Corn NJ 56_1959
1997
Reading gen 4s
Spanish-Amer Iron 66_1027
United Rys Invest 59_1926
1930
Welsbach Co 5s
West W V A.Pa wan 4. 1843
863
THE CHRONICLE
FEB. 28 1920.1
2%
34%
52
92%
73%
35
254
254
343(
51%
92%
8
40
31
78%
35
2%
254
36
54
9734
8%
40
31
425
100
145
1,500
110
2,822
655
249
14
35
$200
95.40 95.40
89.70 89.80 1,150
90.80 90.86 3,000
300
92.40 92.40
90.20 90.88 35,650
97.64 97.74 24,500
1,000
9634 96%
12,000
62
61
1.100
65
63
5.000
78
78
1,000
89
89
100 100% 5,000
1,000
98
98
3,000
27
27
1,000
8934 89%
91% 91% 1,000
1,000
98
98
1,000
72
72
Range since Jan. 1.
Low.
Ifice.
65
333
2%
254
3334
514
92%
8
35
31
Feb 77% Jan
Jan
Feb 36
Feb 3 1-18 Jan
2% Feb
Jan
Jan
Feb 37
Jan
Feb 57
Feb 108% Jan
834 Jan
Feb
Feb
Jan 40
Jan
Jan 32
95.40
89.70
90.54
92.40
89.40
97.40
96
61
63
78
89
99%
98
27
89%
90
96
6934
Feb 100.00 Jan
Feb 90.10 Feb
Feb 91.90 Jan
Feb 94.60 Jan
Feb 92.88 Jan
Feb 99.30 Jan
Feb 99% Jan
Jan
Feb 65
Feb
Jan 66
Jan
Feb 85
Feb 90% Jan
Feb 102% Jan
Jan
Jan 99
Jan
Feb 30
Feb 92% Jan
Jan
Feb 92
Jan
Feb 97
Feb
Jan 72
Rights.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High. Shares.
6%
Brit-Am Tob ord bear_r_.
Former Standard Oil
Subsidiaries
£1
Anglo-Amer 011_r
50
Indiana Pipe I.ine_r
25
Ohio 011-r
Prairie Pipe Line.,___100
100
South Penn 011_ r
Standard Oil (Calif)_r_ 100
Standard 0110! N .1_ r_ _100
Standard Oil of N Y-r_100
_ r_...i00
Union Tank Car.
100
Vacuum 011..r
97
301
312
112
25%
97
331
232
300
310
696
380
112
380
6%
28
97
347
235
301
315
705
406
112
385
Range since Jan. 1.
Low.
1,200
6
Feb
5,800
10
50
20
30
100
45
195
10
30
24;4
97
318
232
290
305
855
377
101
380
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
High.
8%
31
97
388
278
345
338
795
460
128
435
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Other 011 Stocks
1% Feb
134 Jan
1
Allen 011_ r
134 134 3,000
Feb 16% Jan
3,400 14
16
14
Alliance Oil & Ref r _ _ _ _5 15
15-16 Jan
1
'
9-16 11-16 85,000 9-18 Feb
Allied 011-r
1% Jan
;4 Feb
% 14,000
Amalgamated Royalty _r 1
54
Jan
1 740
67c 75c 24,500 63c Feb 75c
Anna Bell
Jan
Feb 45
1,100 21
26
25
Arkansas Nat Gas new wi 10
Jan
2
Feb
1%
134 134 1,800
Associated ()Hof Texas_r_l
1%
Jan
100
4
Feb
3
Atlantic Petroleum_r._ _5
33.4 3% 3,500
334
2% Jan
Feb
1
1
1% 2,900
1
Bell Petroleum_ r
Jan
Feb
754
3
334 4% 19,800
Boone 011..r
4%
3% Jan
Feb
2
500
2
Boston-Mex Petrol_ r_ _ _1
2
Jan
1
154 Jan
134 1 3-16 35,000
Boston-Wyoming 011.r-_1 1 3-16
Jan
1% Feb
1% 19.4 3,600
Burknett Van Cleav 011--5
1%
Jan
53
Feb
25
11,000
34
Carib Syndicate r new w
25
27
Jan
554
Feb
3%
4% 1,300
4
Circle 011 r
4
Jar
Feb 81
774 774 5,000 77
454 Jan
3% Jan
10
r
Refg
500
4
Continental
4
4
Jar
Jan 93
90% 28,000 90
Jan
00% 90
10%
Feb
7%
8
8%
12,700
com_r
Co..
&
834
900 90% Jan 93% Fet Cosden Petr Corp com__5
93%
92
Jan
3
1% Feb
1,100
Cushing
234 234
Jar
1.000 62% Feb 66
8234 62% 62%
11% Feb 3954 Jan
10
25,500
4
011.r
123
Dominion
11%
12%
Feb 81% Jar
Jan
79% 7931 79% 7,000 78
10
Feb
4%
8,500
7%
Oil_r
534
Duquesne
634
3,000 99% Feb 101% Jar
99% 100
954 Jan
7% Feb
5
7% 834 9,200
Elk Basin Petrol.r
8%
Jar
6934 69% 3,000 67% Feb 76
1% Feb
Jan
1%
_1
Co_r__
9,500
Petrol
1%
Engineers
194
934 98% 98% 8,000 98% Jan 98% Jar
1% Feb
2% Jan
5
I% 19-4 10,600
Ertel 011.r
Jar
4000 62t4 Feb 83
R21,4 82S4 63
54 Jan
% Jan
34 4,200
34
Esmeralda 011 dr Gas.r ..1
Jan
Feb
3
9,500
5
43.4
011
3%
Federal
3%
Jan
756
Feb
New York "Curb" Market.-Below we give a record of Fen stand 011
5
(no par)
100
6
6
800 32% Feb 60% Jan
_ r_(nopar)
40
37
the transactions in the outside security market from Feb.21 Gilliland 011_corn
Jan
120
Feb
84%
300
100
94
Preferred r
92
to Feb. 27, both inclusive. It covers the week ending Glenrock
3% Jan
Feb
3
10
011.r
33.4
354 5,100
2634 2794 2,200 26% Feb 3954 Jan
Friday afternoon. On the "Curb" there are no restrictions Guffey-Gillespie 011-r--(t) 27
3
Feb
1%
Jan
new
2% 2,000
2
Gum Cove 011.r
2
whatever. Any security may be dealt in and any one can Home
Jan
9
Feb
2
1,300
Oil & Refg_r____10
234 33.4
Jan
Feb
151
9054
1,500
meet there and make prices and have them included in the Houston 011 Com_r _100 95
loo
os
1;4 Jan
34 Jan
1
11-16 15-16 14,000
011_ r
lists of those who make it a business to furnish daily records Hudson
714 Feb 9% Jan
5
100
Refining
7%
Indiahoma
7%
Jan
56
£1 64
68
of the transactions. The possibility that fictitious transac- Internat Petrol_ r
44,800 51% Feb 77
Jan
Feb 45
150 31
4,000 27
Our
32
30
tions may creep in, or even that dealings in spurious securi- Invincible
Jan
654
Feb
4%
10
7.800
&
534
011
Transp
Island
49.4
Feb
354
Feb
2
ties may be included, should, hence, always be kept in mind, King Petroleum Corp_r--1 5
334 3% 4,800
34 Feb 850 Feb
Lance Creek Royalties_r _1 53e
49c 65c 51,500
particularly as regards mining shares. In the circumstances, Livingston
2% Jan
1% Feb
011 CorP-e-....1
134
19-4 10.500
154
9
Feb
Feb
it is out of the question for anyone to vouch for the absolute Livingston Ref
8
1,000
Corp pf r 10
9
8
Feb
Feb 38
25 36% 36
2,000 31
r
38
trustworthiness of this record of "Curb" transactions, and Lone Star Gas
Jan
9
Feb
434
__1
11.300
45,4
Magna Oil& Refining__
4% 5
we give it for what it may be worth. .
Jan
Feb 41
7,000 25
28
Manhattan 011.r _(no par) 2234 20
Jan
Feb 27
Sales
Friday
1,800 16
18%
Maracaibo 011 Explor..r-(t) 18% 16
1.
Jan
Jan.
22%
since
Range
Feb
for
17
Range
2,700
Last Week's
10 1734 17
19
Week endinc Feb. 27.
Merritt 011 Corn
4% Jan
4% Feb
Week.
5
ofPrices.
Sale.
300
Metex l'etrol Corp_ r
434 4%
High.
Jan
4%
Low.
Jan
2%
Par. Price. Low. High Shares.
4,900
Stocks33.4
Metropolitan Petroleum_25
3
354
Jan
Feb 21
9
200
15
15
Mexican Parnico 011.-10
234 Feb Mexico Oil Corp
434 Jan
1% Feb
134 Jan
10
1
1% 2% 10,800
3.000
134
Acme Coal.r
1%
2
234
Jan
Jan
9%
Feb
180
Feb
7%
141
1,000
8%
par)
r(no
7%
6,200
RefthIng
Midwest
147 156
Aetna Explosives_
Jan Midweet-Texas OIL r_ ___1 '151
Feb 49
34 Jan
14 Jan
100 44
45
45
34 3,200
34
Air Reduction__(no par)
54
3% Feb
100 20% FPI. 36 Pan Morton Petrol of Me_r _1
25
2% Feb
25
1,500
Allied Packers__ _ _(no par)
2% 2%
Jan North American 011_r _5
Feb 40
554 Jan
Feb
3,200 20
3
28% 30
2,700
4
Aluminum Mirs_r_(no par) 29
3
Jan
Feb 11% Feb Pennock 011 r
Feb
6
8
1,900
10
834 9%
400
Am Candy Comm(no par).
6.4 7%
f”1
Feb Phillips Petrol. com-r -(t)
75
Feb
Feb 89;6 Jan
200 71
Amer Hawaiian SS r_ _ 10 73% 72% 7334
369.4 3954 4,200 z32
37
7% Feb 10% Jan
6,800
25 104 104 It% 7.100 10% Feb 17% Jan Producers & Ref _r
10
Amer Safety Razor
754 8
7%
154 Jan
Feb 12% Jan Red Rock 011 & Gas
% Feb
9
200
,4
9
9
1,800
Am Writ Paper,corn_ _100
31
Feb Rickard Texas Co..r
a Jan
Feb 18
16% 18,100 15
5
% 3.100 1% Feb
15
1
Armour Leather corn.r....15 164
134
Jan Ryan Petroleum.r
Jan
Feb 27
Feb
3
1
25,200
4
3
Austin ,Nichole&Co com(t) 22% 22% 24% 4,200 19
Jan Salt Creek Producers_ r., _ 25 49% 4854 5034 5,200 44
Feb
Feb 93
Feb 56
400 88
100
88%
88
Preferred
Feb
Jan
Jan
7%
Feb
56
49;4
1,500
)i
5
531
6
2,300
25
49%
Refining_
5054
Barnedall Corp_r
9% Jan Sapulpa
Jan
5% Jan
8
900
334 Feb
8
8
900
Seaboard on &
354 4
Brit-Amer Chem Corp..r 10
4
1,800 W7
5-16 Jan
54 Jan
1
Jan 28%1 Jan Sequoyah Oil& Ref
1834 1834
7-16 % 4,700
Brit-Am Tob ord boa .£1
34
Jan
Jan
28
tran
73%
Feb
2,400
zyln
33
£1
18
19%
Simms Petroleum r(no par) 35% 33
Ordinary
389-4 41,000
3% Jan Skelly 011 Co.r
q Feb
Feb 13% Jan
1,800
9
10 10%
25
2% 234
954 1154 13,400
Car Ltg & Power_r
9% Jan South States Cons Corp r 1
1% Jan
Jan
4% Feb
700
1
5
5
134 2,800
154
Central Teresa Sug com _10
134
Feb 44% Jan Spencer Petrol Corp__ __10 19
3,500 38
40
18% 1934 2.500 1734 Jan 20% Jan
Men Sem" Bankers shar(t) 38% 38
Jan Stanton 011.r
8% Feb 25
34 Jan
7-16 Jan
12% 18,100
1
9
% 8,000
10%
Colombian Em'Id Synd new
3.4
34
Jan
29
Feb
Feb 15)4 Jan
22
100
23%
23%
3
par)
1.-(t)
(no
w
1.800
Steiner 011 Corp_r_
9
1254
Conley Tin Foil,
Jan Superior 011 Corp.(no par)
17
Jan
Feb 50
1,700 39
42
39
1,000 11% Feb
133-6 149-4
Davies(Wm)Co,Ino-r-(t) 40
Jan Texas Chief Oil_ r
Feb 130
Feb 47% Jan
22,000 76
88
10 27
1,000 19
27
19
Gen Asphalt, corn_ r__ 100 78% 76
Feb
145
Jan
59%
Feb
Feb
475
138
138
43%
106
138
49
14,200
44
Preferred _ r
Texas Company, new.._25 45
Jan Texas Pac Coal dr 011_ r_10 87
Feb 36
Feb 11334 Jan
91,500 23
27
23
2,200 80
Gen Mot cons wi(no par) 24%
95
80
Feb Texas-Ranger Prod dr R.
1
134
Jan
% Feb
Feb
3,700
1
1
1
34
1%
6,000
General Tractor
134
13.4
Jan Tex-Ken 011 Corp.r
3% Jan
Feb 34
Feb
10,400 24
2
28
24
334 2,000
3
Goldwyn Ploture.r.(no par) 25
334
134 Jan
1
Jan 1 7-16 Jan Texon Oil St Land_ r
% Jan
1
1%
1% 1% 4,000
Grape Ola Prod Corp corn 1
14 55,800
1
134
Feb
Jan
2
1
1% Jan
% Feb
4,900
1
1
1% 2
Oil Corp_r
3.4
% 3,000
Preferred
1.34
5-4
1354 Jan Trinity 011.r
23% Jan
Fe
8% Feb
150
25
834 9
800 15
Havana Tobacco of_ r_100
1735 18%
Tropical
6% Jan
134 Jan
4% Feb
3,600
4% 5
1 15-16 15-16 1 1-16 9,600 15-16 Feb
Tex Pet^n .r
United
Heyden Chem. ...(no par)
Feb Victoria 011.r
.234 Jan
Feb 17
400 13
134 Ja
15% 17
10
134 5,100
1%
134
Hocking Val Products...100
Jan
9% Jan
Jaii
6
300 30% Feb 43
33
854 6,900
32
5
7
Hydraulic Steel, com_r..(t)
Vulcan 011 r
7
Jan
Jan
Feb
4
4%
494 4% 6,050
Indian Pecking Corp.,.(t) 13% 124 14% •13,700 12% Feb 20
Wayland Oil dr Gas corn...5
Jan
17
Jan
1
500
Feb
10
54 Ja
1
2,000
1
114 11%
Intercontinental Rubb-100
Whelan Oil
234 Jan
Jan
24
I% Feb
Fe
1% 1% 2,200
1%
1
3,000 19
20% 22
& Ref.r(t)
Oil
Kay County Gas-r
White
Eagle
Feb
ii
Jan
Fol
.50
13
'4
Fe
500
26
13%
13%
_
_
r_
_10
13%
Solether_
20
par)
2934
21,000
(no
_
r.
Keystone
011 Corp.
Jan White
Feb 85
834 Jan
Feb
1,000 72
85
6
77
_1
3,000
634 7
Lima Locom, corn-r....-100
Woodburn 011 Corp_ r
Jan -Y" 011 & Gas_ r
Feb 53
1,500 47
54 Yen
5-16 Jan
49
34
47
48
1
5-16
1,800
Lincoln Mot Co ol A-r
Jan
Feb 25
2234 4,700 21
21
L000mobile Co new wi.r.(t)
6% Jan
454 Feb
434 534 12,800
MarooniWtrel.Tel.ofAmer5
Mining StocksJan Alaska-Brit Col Metals_ _1 15-16
Feb 41
1% Jan
% Feb
1,200 32
32% 34%
13,700
1
%
Montg Ward & Co.corn (t)
2'; Feb America Mines_ r
2'4 Feb
Jan 1 1-16 Jan
700
1
500
1
2% 2%
1
1
1
National Motors Bus_ r_ 10
3%c Feb
64 Jan Atlanta Mines_,
4% Feb
5,900
1%c Jan
534 6
1 234c
2c 254e 18,700
53
Nor Am Pulp & Paper-(t)
Jan
Feb 380
500 18% Feb 22% Jan Belcher-Divide r
19%
19
100 12e
16c 26,000 Tic
Ile
Nunnally Co, com-r---(t) 19%
Jan Belcher Extension
Feb 314
Jan
100 30
30
30
10e 120
17c 21,000 I lc Feb 49c
Ile
Ohio Body & Blower_r_(t)
Jan Big Ledge Copper Co_-5 7-16
9-16Jan
34 Fe
5,100
7-16
54
Orpheum Circuit own-,--1 31.4 2954 31% 14.000 28% Feb 37
.
Feb
Feb 95
95 200,000 95
915
13,350 720 Feb 766 Feb
72e 76c
75c
Packard Mot Car of _ r_ 100
13on Alaska
Feb Booth.,
Feb 42
7c Jan
300 39
454c Jan
42
41
1
534c 6c 14,100
Sc
Patehogue-Plym Mills_(t) 41
Jan
554 Jan Boston & Montana Dev--5 850
24 Feb
434 4% 9,700
11,750 65c Feb 74c
84c (50c
Perfection T & It new r.10
3%
Jan
% Jan
Jan
1%
Feb
34
4,800
254
200
2
2%
N Y Copper_ r_ _1
54
54
Pressman Tire & Rub r..10
3
Jan Caledonia Mining
can
Jan
2
33c 38c
13,700 30c Feb 42c
2% 2% 4,000
1 35c
Radio Corp of Am w l_r(t)
434 Jan Canada Copper Co.Ltd- 5 1 3-16
1)4 .14-n
2% Feb
1% Jan
2% 24 5,500
2%
I% 1% 1,700
5
Preferred-r
Feb
Feb 35
3,500 30
% Jan 1 1-16 Jan
304 35
_(no par) 35
1 15-16
11-16 54 7,800
Silver.,
Rattler Motor_
Candelaria
Jan Carson Hill Gold _r
Jan
6
354 Feb
Feb 40
16,400
21
1,590 20
4%
25%
3% 5
1
Republic Rubber r (no par)
93.4c Feb
Jan
Sc
47% 2,000 43% Feb 54% Jan Cash Boy Congo!
1
7550 854c 12,700
8c
Root & Van Dervoort r 100 45% 45
Feb
Jan
10
200 27% Feb 29
454 Jan
27% 2734
Virginia Silver.r 5
Spicer Mfg, new _ r (no par)
5% 4,500
5%
Coma!
2% Jan
156 Feb
1,900
12% 13% 8,800 1254 Feb 17% Jan Cresson Con Gold M & M 1
1% 2
2
Submarine Boat v t c...(t) 13
Jan
59
Jan
Feb
48
Feb
38%
37%
1,500
41
38%
39
5,700
41%
15
40
Swift International_ r_
De Beers Cons Mines, Ltd_
Feb 48% Jan Divide Extension
600 35
11-16 Ja 115-16 Jan
11-16 13-16 22,900
1
Temtor Corn& Fruit of A(t) 41% 41% 42
Jan
32
Jan
3%
Feb
3,000 16% Feb
254
3%
2%
2,800
334
r_l
1634 19
_
Min
Tobacco Prod Exports.-(t) 18
Silver
Jan El Salvador
Feb 200
1% Jan
305 151
160 168
1 1-16 1% 9,000 1 1-16 Feb
134
Todd Shipyards Corp _ r_(t)
Croesus Min_ r _ 1
Jan Eureka
34 Feb
500
9-18 Fe
34 Jan
%
1 13-16
11-16 % 16,000
%
Triangle Film Corp v t 0.-5
Eureka Holly r
2% Jan
9% Feb 18% Jan Forty-nine Mining.,
Jan
11
12% 5,100
1
1% 1% 3,550
134
1
UntdPietureProdCorp_r(t) 11
Jan
3
1% Feb
3)4 Jan Gadsden r
1% Feb
2% 2% 5,700
500
5
1% 1%
254
United Profit Sharing...25e
Jan
234 Jan
Feb 19
1
Feb
14
15% 18,400 13
1% 4,100
1
1%
Mt Retail St's Candy_r_(t) 14%
Gate Exploen-r--5
Golden
55
Feb
Jan
150
47
Jan
Feb
1,000
54
10e
48
48
12c 13c 11,300
10 13c
US Distributing. coin _50
Goldfield Consol'd
Jan 4054 Feb Goldfield Dave! .r.....10c 13c
15c
Feb
Jan
9c
31
33% 3,405 27
12c 13%c 26,000
U El High SpeedSteel&Toolt 32
4% Jan Goldfield Merger.,
4c
2% Feb
Jan
Ja
37,500
2c
2% 3
234
3%c 4c 11,900
10
1
40
II S Steamship
Jan
12%
Feb
Jan
10
2,500
Jan 400
10
1034
30e 32e 19,800 28c
10 1034
1 30c
Divide_ r
U S Transport_r
Zone
Gold
Jan
3c
19%
Jan
600 16% • Feb 24% • Jan Great Bend.,
2c
17
8,600
3e
2e
1
3c
V Vlvadoti, Inc.r.(no par) 17
Jan
Feb
70
Feb
57
7-16
4
Jan
30,800
15-16
3
63
57
2,855
7-16
4
4%
37
4%
25e
100
Mining
Warren Bros.,'
5'i Jan Reels
Feb
3% Feb
4,300
334 4
5
334
800 17% Feb 20
1734 20
Synd.r (.)
19
Wayne Coal
Amer
Honduras
7
Jan
Feb
6
454 Feb
100
6
Feb
4
8
1104
434 3.000
1
White Rock Water.r..100
Jan Howe Sound Co
Feb 100
700 95
95
96
Willy. Corp 1st pref_r_100
34
864
THE CHRONICLE
rriday
Sates
Last Week's Range for
Sale.
of Prices
Week.
Mining (Concluded) Par Price. Low. High Shares
Iron Blossom..r
be
7-16
Jim Butler.r
1 25c
Jumbo Extension
1
ec
Kewanus r_
1
4c
Knox Divide_ r
be
8c
La Rose It lies. Ltd
5
Louisiana Consol
1
M
MacNamara C eseent_r__1
MacNamara Mlning.r-_1
34
Magma C1.1..f.r
1
Copper
Marsh Mining r
I 201
Mason Valley
.5
24
McKinley-Darragh Say...1
Me
MotherWe. new r
1
Murray-Moe M. Ltd-Nipleeing Mines
1
7 1%
Nixon ;\ vv: th.
I
OPhir Silver MInes_r
-1
Prince Cons.
2
Rand Mines, Ltd w 1
Ray Hercules
i
Red Warrlor.r
1
5-11
Rex Cons 'Hated Mln_ 1
8c
Roper Group Mining-.1
3-1(
Seneca Cop Corp.. no par)
Silver Del lar Min r
1
Silver King of A risona_l
34
Silver King Divide .r.... 1
Sc
Silver Plek Corned r----1
18c
Standard Silver. Lead.....1
5-11
Stewari . r
1
Success Mining.
1
7c
Sutherland Divide_ r
1
Sc
Tonopah Belmont Dev_ r _1
231
Tonopah Divide_ r
1 2 9-1(
Tonopah Extension
1 2 5-11
Tonopah Mining.r
1
24
United Eastern
1
34
U S Continental M Ines_r_ 1
pc
Unity Cold Minei
I
Utah Reserve.r
Victory DivIde_r
10(
lie
Washington Gold Quarts.el 1 13.
:
1..T
West End Consol'd
White Caps ExtensIon.10c
White Caps Mining...JO
12c
White Knob Cop, pi_ r_1(
Wilbert Mining
1
7c
Yukon Gold Co..r
1
134
40
70
15c 23e
34 5-10
18c 18c
.534e 7e
4c
6c
234 3
24 235
234 2..(
234 234
3 13-16 4
834o 9c
8
8
134 11
,
10o 14e
980
1.0'
1 13-16 2
2c 24'
120 124(
14 1 4
1
54e 7e
14 1%
BondsAllied Pak cony deb6s'r'20
Amer Tel & Tel 6s r_ 1922
6% notes_ r
1924
Belgian Govt Ext Oar 1925
External 6s_r
1921
OC C & St LRy 65_1%1929
Cuba Cane Sugar 7s 19"0
General Eke 6.r._194'
Interboro R T 7s.r _1921
Russian Govt 634s.r.-191e
53414_ r
1991
Sweets
.
/ Coy as June 1539
Switzerland Gov! 53401.1929
76
9434
944
064
9834
87
99
97
65
29
2734
9134
8734
784
9434
9434
983(
8734
97%
75
37
38
31 7-15
23o 250
6c
7c
334e 4c
7340 834e
7-16 34
34
34
34
34
34
31
X
34
344 36
190 21c
2
24
600 64c
So
Sc
75c 76c
104 11
13o 15c
134 14
13-16 14
374 38
14 134
34
5.4
8o
Sr
4
54
15
15
7-16 34
76
94
944
95
984
8434
90
94
62
234
23
9C34
8634
Feb
Feh
Feb
Fe)--
894
9714
9634
97
094
Fet 89
Fe' 101
Fel
084
Fe)
76
Jan 39
Jan 35
07
Feb 13
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Jan
Jan
• Odd lots t No par value. I Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transaction. will be found. o New stock.
r Unlioted. is When Issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend
t Dollars per 1.000 lire. flat. k Correstion.
CURRENT
NOTICES
-Ames. Emerich & Co. announce the opening of offices in the Trinity
Building. 1 1 1 Broadway, under the management of Ambrose W. Benkert.
for the transaction of their Eastern business.
-F. B. Tweedy and C. Stuart Robson, formerly of Lyon & Co.,
50 Pine
Street, have formed a partnership to deal in unlisted securities under the
firm name of Tweedy & Robson, at 15 William St., N. Y.
-Alfred L. Parker retired as a partner from the firm of Posner & Co..
members of the New York Stock Exchange, at the close of business Feb. 19.
-A. G. Becker & Co. have moved into their permanent quarters at
111 Broadway, New York.
New York City Banks and Trust Companies.
All prices dollars per share.
links-N V Bid
Ask
Banks
BM
Ask
Trust Co's
Bid
Ask
America•_
610 'mp & Trad . 560 575
New York
Amer Etch__ 300 .116 tIrving (trust
Bankers Trust 388 372
Atlantic
21
certificates) 385
Central Union 405 4a0
Battery Park 205 415 Liberty
40,1 420 CnIumbia.
335 345
Bowery.
425
Lincoln
2
,
0 200 Commercial. 1 5t) 160
Broadway Cen 145
Manhattan •_ 245 255 Empire
'100
Bronx Bora
105
125 Moab & Met. 420 440 Equitable Tr. 242 288
Bronx Nat_
150
160 Merchants... 290 230 Farm I. & Tr 430 440
Bryant Park' 145
155 Mutual.
491
Fidelity
2:10 240
Butch & Drov 4(5
45 New Neth*._ 205 215 Fulton
255 285
Cent Mere_ 290
_ New York Co 135 145 Guaranty Tr- 365 375
Chase
425 415 New York_
465 480 Hudson
150
Chat & Phen. 30f, 315 Pacific •
135
Irving Trust_ iSee
Chelsea Rich• 125
1:10 Park
740 7-136.
(Nat Bank
580 590 Prod Exch
Chemical
350 400 Law Tit & Tr 125
130
200 9115 Public
Citizens
330
1.1n(odn Trust 175
375 385 Seaboard
City
(am
Mercantile Tr 235
Coal & Iron
250
Second
400 425 Metropolitan. 200 300
351)
Colonial•
State.
y215 225
tual(WestColumbia'...I 175
23c1 Ward'
150
chester)._ _ 105 125
Commerce... 227 2-32- Union Exch
145 its N Y Life Ins
Come' Ex*. 425
United States* 5160
& Trust__ 725 735
CommonWash H'ts•_. 350 450 N Y Trust__ 620
wealth'... 215 225 Westch Ave_ 231 240 Title Cu & Tr 375 air
Continentals_ 120
Yorkville'
375
U S Mtg & Tr 405 415
Corn Exch... 445 455
United States 830 860
Coemop'tane_ 05
100
Brooklyn
weetchester__ 130 140
Cuba (Bk of). 170 180 Coney Island. 140 155
East River... 150
First
205 215
Brooklyn
Europe
110 130 Greenpo1nt_
150 165 Brooklyn Tr 500 515
Fifth Avenue* 000
Hillside*
110 120 Franklin
210 250
Fifth
165 175 Homestead'
80
Hamilton ____ 262 272
075 900 Mechanics'*
Hirst
90
95 Kings County 650 700
Garfield
225 235 Montauk'
86
95 Manufacturers 205 215
Gotham
215 2'25 Nassau
205 215 People's
y270
lreenwich• y270
National City 115 130
Hanover
825 835 North Side*
195 205
Harriman
375 385 People's
145 160
Iadustrial.
190
Banks marked with a (9 are State banks.
Sale at auction or at Stook Exahange this week. t Includes one-half share Irving Trust Co. I New stock.
2Ex-dividend. y Ex-rights.
New York City Realty and Surety Companies.
Range Since Jan. 1*
Low.
High.
All prices dollars per share.
34 Feb 7-15 Feb
2,20')
Jan
12,900 210
27c
Jan
6c
10,500
Jan
8o
Jan
130 Jan
10.000
4o
Jan
70 Feb 15o
16,300
Jan
son
31 Jan
34 Jan
12 000
a4 Jan
31 Jan
10.400
34 Jan
34 Feb
34 Feb 970
20 000
Jan
3-16Jan
13.000
54 Jan
1.000 344 Feb 354 Feb
Feb
190
8.700
32c
Jan
234 Feb
2,500
334 Jan
MOO 603 Fel' 650
Jan
50 Fet
300
ac
Jan
Jon
2.00 74c
7Re
Jan
934 Feb 124 Jan
2,700
3.'00
1241 Feb 23c
Jan
1
.14.,
2,400
14 Feb
34 Feb
4,400
1 3-16.1an
d on
3714 Feb 42
Jan
9,00n
134 Feb
234 Jan
g Feb
21.200
7-16 Feb
7e
Jan
2.200
Jan
120
31,100
4 Feb
31 Jan
Feb 19
"00 14
Jan
4 Jan
2.700
34 Feb
19.000 9-16 Feb
15-16 Jan
40 Feb 14c .Tan
19004.
55.700
2C
Jfil,
23e Feb
3.141 Jan
4.•00
4 Jan
1734c Jan
2 Ono
Jan
100
I,
3c
12 "Or
Jan
70
1
c Feb
11 000
Jan
7c
24 Jan
2 Ira
33.4 Jan
234 Fe)10.82'
434 Jan
3,12- 2 3-16 Feb 15-16 Jan
24 Jan
2.10O
34 Jan
Sits,
334 Jan
4% Jan
sum, 8o Jan 10o Jan
8
Jan
Jan
0
1 9-16 Jan
.°11e
Jan
2
13.200
10c
Fe)' 29c
Jan
(1,-pr
97c
Jar 1 1-16 Feb
wor I 7-16 Jar 2 7-16 Jan
Onr
110 Jan
30
Jan
2.000
e
1234c Jan
13-16 Jar
200
14 Feb
Jar
9,enr
Jan
5340
Sc
600
34 Jan
134 Jan
78 ,
^0 000
9534 175 000
95
21 One
97
55,009
9831 72 009
87% 35 001'
1.000
99
98% "CI 000
IA my
67
1Q0 00e
39
38 '07 000
92
52 000
88
4.500
[VOL. 110.
Alliance R'Ity
kmer Suretybond & M 031ty Investing
Preferred--
Bid
32
73
222
65
75
Ask
86 Lawyers Mtge
78 Mtge Bond__
230 Nat Surety__
75 N Y Title &
85
Mortgage__
Bid
120
92
203
135
Ask
125 Realty Assoc
97
(Brooklyn).
207 U S CasualtyUS Title Guar
145 West & Bronx
Title & M 0
Bid
Ass
107
150
80
113
170
---.
150
170
Quotations for Sundry Securities
All hand price. are"and interest"except where marked "1."
Standard Oil Stocks Per /Mars
45k
Par Bid
Anglo-American 011 new 81 25 26
Atlantic Refining
100 1359 1400
Preferred
100 113 114
Borne-Scryrnser Co
100 430 450
Buckeye Pipe Line Co- 50 •90 94
Chesebrough Mfg new
100 230 245
Preferred new
100 106 109
Continental 011
.
100 401 505
Crescent Pipe Line Co_
50 .33 36
Cumberland Pipe Line_ _100 140 150
Eureka Pipe Line Co.-100 110 115
Galena-Signal 011 com_100 70 73
Preferred old_
100 99 102
Preferred new.
100 95 98
Illinois Pipe Line
100 115 108
Indiana Pipe Line Co.
50 .91 99
International Petroleum- El *32 65
National Transit Co-12.50 *29 31
New York Transit Co.-100 1.4 188
Northern Pipe Line Co_ 100 100 104
Ohio 011 Co
26'330 335
Penn-Mes Fuel Co
25 .57 59
Prairie 011 & Gas
100 575 555
Prairie Pipe Line
100 228 233
Shier Refining.....100 340 3110
Southern Pipe Line Co..1
150 115
South Penn 011_
100 299 303
Southwest Pa Pipe Lines 100 93 03
Standard 011 (California) 100 309 312
Standard 011 (Indiana) 100 665 675
Standard 011 (Kansas)--100 5 0 600
Standard 011 (Kentucky)100 400 415
Standard 011 (Nebraska).1
493 510
Standard 011 of New Jer 100 705 710
Preferred
100 114141143-i
Standard Oil of New Y'k 1
382 381
Standard 011 (Ohio)
100:501) 515
Rights
*412 5'2
Preferred.
1 14410512
Swan & Flach .
1001 95 100
Union Tank Car Co....1001 112 113
Preferre I
I 100 11/3
VIICUUIll Oil_
370 380
Washington Oil
1 *35 40
Ordnance Stocks-Per hare.
aetna Explosives pref-100 65 75
ktlas Powder common_ 100 155 163
Preferred
bcock & Wilcox.
NS 1n Ba
Bliss (E W)Co common 50 350 420
on
Preferred
50• 60
Canada Fdys & Forgings_100 -- _ 250
Carbon Steel common. 100 90 100
let preferred
100 100 110
2d preferred
100 70 78
Colt's Patent Fire Arms
Mfg_
25 *50 55
luPont(E I) de Nemours
& Co common
109 200 J10
Debenture stook
100 86 89
Eastern Steel
100 75 78
'(ml ire Steel & Iron oom 1O'21 23 30
Pi eferred
65 72
11
gercules Powder com
10))I 200 210
Prt(erred
1001 101 116
Illes- Bement-Pond oom-1
103 113
Preferred
1
95 100
Phelps-Dodge Corp____100 225 235
ioovIll Manufacturing--100 390 416
ilsomas Iron50 .30 35
Winchester Co corn
100 400
1st preferred
1001 95 100
2nd preferred
I 60
Woodward Iron
104 35 42
Preferred
I 80 90
171
Public Utilities
kmer Gas & Elec cons- 50.1120 123
Mi21,7
40
kmer
Lt & Trao ooni___100
Prefer
red59
90
kmer
Power & Ltred1
Prefer
com_100
59
11 8
3 60
Preferred
kmer Publio Utilities oom1
7
11
:2
19
00
9 :
7
...:
905
Preferred100
Carolina Pow&Light cons 100 35 37
Cities Service Co corn...100 365 375
Preferred
Colorado l'ower com-.1
la1
15
69 6
912 7
100
Preferred
100
Com'Wth Pow Ry & Lt--1
15
8 21
-199 9
Preferred
40
'(lee Bond & Share pref..10% d8
36
7 90
Federal Light & Traotion.100
9
6
Preferred
47
Great West Pow 5s 1946_22
8
43
2 86
1
Mississippi Riv Pow corn_100
9 12
Preferred
50
100
First Mtge 5s 1951. J&J 89(2 72
Northern Ohio Elea Corp-(1)•
20
Preferred
100 ---- 50
North'n States Pow oom_100 - - - 60
Preferred
89
North Texas Eleo Co corn 19
70
6 75
00 8
Preferred
1 I 65 71
Pacific Gas & Eleclat pref III 82 84
Puget ad Tr L & P con:1_100
9 12
56
Preferred
Republic Ry & LIght____1100
19
4 17
99 5
4812
Preferred
South Calif Edison corn _1162) 4
86
5 89
102
Preferred
Standard Gas & El(Del). 50*9
10
19
7
Preferred
40
Tennessee Ry LAP com_10
1
a
60
9 *38
Preferred
7
9
1
United Gas & Eleo Corp-100 -let preferred
100
2d preferred
100
Public Utilities (Cond.)
Per
hilted Lt & Rye oom_-__100 23
let preferred
100 60
qeetern Power Oommon_100 18
Preferred
68
1
sh.
28
63
20
69
RR. EquIpments-PerCI Ba
668:5
11s52
.
Baltimore & Ohio
Buff Rod/ & Pittsburgh 630 6.12 5.80
Equipment 41
6.12 680
Equipment as
643
80
7
Canadian Pacific 410
11 37 6 00
Caro Clinchfleld & Ohio Si.. 7.00 6 25
Central of Georgia 4J41
6.75 6.00
Chesapeake & Ohio
6.50 6 10
Equipment 55
6.50 6.10
Chicago & Alton 4341
7.50 6.50
Equipment 5s.
7.50 8.50
Chicago & Eastern III 510- 7 50 6 50
Ohio Ind & Loulev 410
673 600
Ohio St Louis az N 0 5s..-... 6 35 5.85
Chicago & N W 430
1(3 5.60
Chicago It I & Pao 4345
7.00, 6.12
Equipment 55
7.001 8.12
Colorado & Southern 6i.._
7.00 6.00
BrieSi
7 12 6 87
Equipment 434s
7.12 8.37
Hocking Valley 412s
7.0 6.0()
Equipment Si.
Illinois Central Si
(6
1 215: 5
7.9
6:775
5
Equipment 434s..
Kanawha& Michigan 410._ 6 75 6.00
Louisville & Nashville Bs-. 6.10 5.60
(I
66 5
Michigan Central 5s
3
3(1))): 6
66..
.00
0000
Equipment 65
Minn St P&SSM 414*
MissouriKansas & Texas 5. 7 25 8.25
7 25 8 25
Missouri Pacific Si
Mobile & Ohio 55
6 VS 6.10
4173 610
Equipment 430
8.37 6.00
New York Central Lines Os
Equipment434e
6.5
N Y Central RR 411e
30
7(
61..01
0.71 6.00
N Y Ontario & West 4345
Norfolk& Western 4341-- ;.
1.1,
111 560
5.65
Pennsylvania RR 430
(1.10 565
Equipment 4s
St Louis Iron Mt & Sou Bs_
7..245
)6
St Louts & 8/40 Francisco Si :
6..2
.26
639
6
7.00 6.25
Seaboard Air Line Si
Equipment 4345
6 30 5.75
Southern Pacific Co 414s
4159 6.00
Southern Railway 43411
(15)1 6.00
Equipment 55
Toledo & Ohio Central do6.75 6.00
Tobacco Stocks-Per Sh aro.
Ask.
Par
American Cigar oommon_100 123 128
Preferred
_
100 80 88
Amer Machine & Fdry..100 115 125
British•Amer Tobao ord__ El •l8
19
Brit-Am Tobao
19
-el •I
tint-Am Tobao, rights
*6's 7
Conley Foil
......100 25 325
Johnson Tin Foil & Met-100 10 120
MaoAndrews & Forbin _100 115 155
100 00 95
Preferred
Reynolds (II J) Toba000 100 530 550
B common stook
100 410 4'15
Preferred
1110 105 11(7
Young (J 8)Co
100 125 135
Preferred
100 95 195
SLort Term Notes-Po rent.
Am Cot 011 Si 1924_ M&S 2 911 9714
Amer Tel & Tel 65 1924 Fk A 904 9434
8% notes 1922
A&O 9112 95
Anaconda Cop Min '29..14.1 9)14 9514
Canadian Pao as 1.924.M49 2
9434
Del & Hudson fle 1920 _FA k 99 9912
Federal Bug Rfg Os 192(MAN 93 97
General Elea fle 1920.......laa 1)97310014
Great North Si 1920
M441 9 Oil 9914
K 0 Term Ry 445 1921 JAI 9 12 902
65 Nov 15 1923 .M.tal 15 97 04
Laclede Gas 75 Jan 1919 _. 9 12 9512
Liggett&MyersTobaellJazi) 9.1(4 oi)
N Y Cent Si 1920 _M&S 15 09 9912
Penn Co 410 1921...mn 15
(I 9711
Pub Ser Corp NJ is '22.att8 81, 83
9718,]
Sloms-S)lef 8 & Ills '29.Fat A 911 93
Southern Ry as 1922
NAB 93 2 9114
SwiftdsCo 641921_ FAA 15 9914 9914
Utah See Coto Si'22.M&S 1
84 86
1
Industrial
and Miscellaneous
American Brass
106 200 210
American Chicle corn_ ..100 74 78
Preferred
100 78 81
American Hardware_ _ _100
150
Amer Typefounders corn _100 42 46
Preferred
_100 83 9)1
Borden's Cond Milk corn 100 109 1 I 1
Preferred
100 115
Celluloid Company
100 117 155
Havana Tobacco Co.. t00
112 3
Preferred
8 12
100
1st g 5s June 1 1922._J-D f59 57
InteroontInen Rabb com 100 II
13
International Salt
100 r713 70
1st gold 55 1951
A-0 70 721*
International Silver prof _100 *93 96
Lehigh Valley Coal Sales_ 50 931 87
Royal Baking Pow corn _100 130 140
Preferred
100 85 89
Singer Iklanufaaturing_ _100 115 143
(1212 314
Singer Mfg Ltd
Texas Pao Coal & 011
1 .84 88
W'houseChurohKerr&Co 100 50 57
Preferred
100 77 83
•Per share. to Basis. d Purchaser also pays accrued dividend. e New stook.
1 Mat erten
Nominal, I Ex-dividend. y Es-rights. (t) Without par value.
865
THE CHRONICLE
FEB. 28 19201
faiirraut
buTestatent and RAILROAD GROSS EARNINGS
monthly returns
The following table shows the gross earnings of various STEAM roads from which regular weekly or and
the last two
month,
or
week
latest
the
for
earnings
gross
the
give
figures
of
columns
oan be obtained. The first two
railways
electric
the
of
returns
The
month.
or
week
latest
the
and
including
to
1
Jan.
from
oolumns the earnings for the period
are brought logyther separately on a subsequent page.
Jan. 1 to Latest pat..
Latest Gross Parninos.
IJan. 1 to Latest Date.
Gross Earnings.
Latest
ROADS.
Week or
Month.
Current Previous
Year. I Year.
Current
Year.
Previous
Week or
Month.
ROADS.
Year.
Current
Year.
Previous
Year.
Current
1 ear,
Previous
Year.
$
$
I
$
34,689 295.614 3.652.666 3.211,550
December
263.756 2112.608 2.791.55' 2,470.855 Monongahela
Alabama & Vicksb December
19?.9014 228.302 1,954.320 2.473.763
584.00: ' 508,476 Monongahela Conn December
65,712
76,016
2d wk Feb
Ann Arbor
94,805 1,199.498 1,307.414
42,100
December
Atch Topeka & S Fi December 17517187, 13997068 17990449) 62369130 Montour
December 1,808.541 1,893,377 20 014.131 21.767..102
Gulf Colo & 8 Fe December 2,499.842 1.430.497 22,184.341 18.885.098 Nash,. chatt & St 1 2d
29.990
26.016
2.918
Feb
3.931
wk
l-Oregon
Nevada-Ca
5.809,657
6.708.46!
822.929 412.254
Panhandle & S F. December
157.284 218.304 1.579,440 2.706.331
1.703,381 Nevada Northern.. December
430,413 469.176 4.961.07
Atlanta Burnt & At I 1/ecentber
134.837 1.328.299 1.453,756
ber
Decem
176.150
Sh
Sou
&
Newburgh
2.548.440
2.778.56:
265.323
I
244.062
Atlanta & West Pt. /ecember
195.725 156.966 2.204.549 2.197.315
252.714 308.660 4.452.16. 1.252.769' New Orb Great Nor. December
December
Atlantic City
519,256 592,053 6.446.802 6.474.717
Atlantic Coast !hie December 6,400.234 5.610.584 KR 558 45 51 cow 37e New Orl & Nor East Deeember
97.734 2.063.689 1,885.623
December
220,671
Mex..
&
Texas
0
N
17.343.668
1.355.219
Baltimore & Ohio._ .Ta nuary
17343668 21355219
98.865 1.3134.168 1.417.973
fit-comber
137.705
W.
Beaum S L&
B & 0 Ch Term.. December
194.723 116.060 2058.947 1,761.486 I
541.293 407.423 5.540.631 1.448,927
St L Browns & M December
521,042 437 Cl' 5.2117 29- 4,801 22'' I
Bangor & Aroostool Decennwr
'110715575 294823035
27489311
1)eeember
26556202
Central
York
New
88.752
102.281'
8.239
8,948
Bellefonte Central__ December
565.616 529,778 6.562,912 5.591.235
Ind Harbor Belt. December
3.899.764
1).3
346.345 304.799 3.7,
('ago Dec) ii.ber
Belt Ity of
773,020 9.784.825 9.343.904
December
869.615
West
&
Erie
Lake
3.417.504
'
12.508.69
862.812
409.572
Bessemer & I. Erie. Deeember
Sllrhigan Central December 7106,153 6,568.886 78,511,385 68,520,087
155.840 260.779 1.314,961 3.450.747
Bingham & Garfield December
Clev C C & SI L. December 7.234.276 6.310,415 73.856.456 71.403,970
567,341 I .397,254
83 311
44 557
December
Birmingham sou t
(111 ,on
219.042 266.795 2,872.268 2,812,979
Q.
Cincinnati North_ December
r•eq
-9
re
711
5
185
,
6.441
TV,•••trl,
Boston & NTH ei.
Pitts & Lake Erie Deceniber 2.459.907 2.762,004 28,034.188 32.992,272
Buff foci & Pittsb_ 3d wk Feb 273.056 293.583 2.356.058 2.319.062
616.675 1.078.882 9.078,900 10.129.659
Tol & Ohio Cent. 1)14,mber
' 22
Iv
I 15.253
tiso
Buffalo & ,
367,563 423.367 4.324.755 5.596.134
bannwha & Mleh December
Canadian Nat 14 VA_ Pd wk Feb 1.552.908 1.572.159 12,078.990 11.474.528
1.293.790 23.475.553 16,901.206
310 738 318.495 9.51 (15, 1.400,200 N Y Chic & t Lotils Deceniber 2.125.634 8.608,151
Can Par Lines In hie Deremher
106515 i 19 I 02A4211
9.912.727
Dimmiber
11artr„
&
II
V
N
N
20.988.000
23.405.000
2.729.000
Canadian Pacific_ _ - 3d wk Feb 2.901,000
823.999 10.909.515 10.895.005
Deeember
811.992
Western
,
Ont.
&
I .1-•:0, N Y
I.
I I II.11.1 ee
55 ,..135 4''..''
Caro (lite
3.915,640 4.353.419
337,628
351.034
november
Central of Georg's._ Jartiary
2.411.342 1.658.805 2.411.342 1.658.805 N Y Rosq &
28.688 76.925.599 82,004.034
,
6.
1/eceniber 1.910.766 3.559.889 14 837.302 44,790.670 Norfolk & Western_ December 6,570.897
Central lilt of N
6.5ti ••.71 5,,53.643
fifi.filli
711,1AI
578.853 5,-7.:17 II.757 14, 6,0.13.155 Norfolk Sooth.•ro
er
Cent Nee Eno; .1_.
ml ID,,•I
118.763 126.265 1.079.558 1.285.494
513.886 453,071 5.8.52.308 5.133.812 Northern Alabama_ November
Contra) Vermont...II/eeember
1007:01353
102908269
10000391
601
December
8.082
c
f
Pae
Northern
323.620 319.811 3 12!.n:in 3.015.85(i
Charleston & W Car Di.ceniber
992.093
6,n97 1.073,819
1(1'1.414
Minn & I n4ermo Deeember
°hes & Ohio Lines._ January. 6,420,510 6,032,070 6.420.510 6.032.070
434.304 6.682.459 5.702.398
1)er
1
I/evert596.015
ernPaeifie
cat
west
Nort
358
t
21
511
2.156
&
Alton
Chicago
1)... ember 2.382 10)6
5.620.594
4.824.243
459,484
330.219
Dereniber
le
Chic Burl & Quincy December 12729301 12639318 154011437 144172769 Neil' Coast
January
30039973 30477483 30.039,973 30.477.483
0.75:3.092 Pennsylvania RR
Chicago & East III. I b.cenif)er 2172,123 1.225.991' '4.795,1AI ,
December
116.623 135.133 1,1103,332 I .436.439
B It Che. & A I
9.198.1Q^ '9 116.994
hicago Great We I December 1.850.495 1.685,45e '
Ihwember
74.569 217.308 1.153.241 1.168.339
(Inc Leb & North
Chic Ind & Louisv_. December 1.077,901 1.045.275 12.355.826 11.017.274
441.001 596.027 53133.360 5.917,543
Ceimberland Vail December
321.062 330,17) 3,711.470 3.435,784
Chicago Junction. December
1.499.582 1.656.572 1.499.582
January
1.656.572
Long Island
Chic Mliw & St Paul Dere(nber 12586422 12449937 15037039A 134772945
101.367 117,70 1,356.187 1.101.323
M Iry'd Del & Va
Chic & North West December 11004113 1067619! 13950901r 127295678
765,177 8.204,366 7.632.494
her
Decent
615.74)6
Norf
&
V
N
Mina
117.455
2
1.736.07S'
Chic Peoria & St L Derember
161.302 159.282
132.800 164.582 1.845,768 1.645.592
To! Pear & Weal December
Deeetrber 101.51118 13,493.881 11157505r 419.1160.556
Chic R I & Parifle
991.111 791.111 11.971.0"n 10.599.543
W
qe,thor, I h.eernber
Chic R I & MU_ _ Deeember
509.594 354.541 5.046.028 4.420.003
.January
9.506.992 7,472.887 9,506.092 7.472.887
'
11 5.33 951 Pennsylvania Co
Chic St P M & (MI Derember 2.412.131 2.245.99' 27.731.01
7.20i 726
61:0.13.. 558,607 5 .-5
:rand 1+:11w 5. toil Deeember
358.49.5 386,494 4,094.195 5,000,956
Chic Terre II & S E. December
January
10580512 7.377.274 10.580.512 7.377.274
L.
C
St
C
&
Pitts
152
3
1/7
5-1
91
208.717
3.'
&
WiNteri
343.338
Ind
Deeember
Chic
-IS 1 306.394
13
1
1.12'2.00-,
..
(miner
001
111
in
&
8
4
611
Peor'a
‘ Par December 1.353.521 1,551 580 16 311 00' i5
Cln N 0 & Ti',
Ihy,-,, i. 3,072.670 2.689.573 35,443,136 28,955.011
Colo & Southern._ 2d wk Feb 507,367 488.100 3.251,755 2.875.616 Pere Marquette____ December
5.1. 1,11. 383
107 on; i 07 5-,5 1.
Dec) tuber 1.052.636 8011.14.i 11.162,30 7,950.342 Poeirioo.,ot _
Ft W & Den ('II
115.283
83,196
January
83,196 115,283
182.660 122,125 1.454.328 1.1 62.730 Phila Beth & N E..
Trin & Brazos Val December
72.571.823
50.7bV.563
6,101,250 7,621;,202
915,650 1.123,240 PhIla &
December
90,737
25.311
Colo & W %galling
1.343,607
1.115.194
116.225
December
83.353
Showmilt.
&
Pittsh
11.287,834
\lb‘.111ber 1.022.351 472.392 12.433,771
Cuba Raliroad
91.139 1,125.756 1.216,347
83,834
Delaware & Ii ui't'nie Deerrober ...1280.841 1.601.7r.1 31 719 7e, ft 7C9cr11 Pitts Shaw & North l/ecember
77.342 1.452.608 1.800,146
141,940
Del Lack & Western January
5.892,885 5,699.053 5.892.855 5.699.053 Phtsb & West Va.. December
2.377.41: 2,637,218
295.202
December
62.4)43
Pert
ReadInct
13
.5,
,
,
'11.352.
.1./laier
(
3.105.036 2.869.53,33.0111.
Deny & Rh orate,.
98.596 1.117.414 1.057,825
95.741
61,859 2.911.010 2.055.509 Quincy Om & K C.. December
252.835
Denver & Salt. Lake December
7.743.23.1 7.164.371
741,874
December
635.187
Potom
Fred
&
Rich
,033
1.557
I).,'.
1,687.31.
159.841
oiler
149.051
Detroit &
321,632 466.354 4.532.783 4.027.034
Wash Southern. Deceniber
293.958 322,593 3.765.755 3.413.340
Detroit Tol & front. December
December
414.748 340.659 4.836.533 4.540,589
, 1.1:99.025 Rutland
203,038 204,228 2.155.31
Det & Tol Short. L. I /wen ber
233.555 183.523 2.932.827 2.588.877
.T0F) & ("rand Ts1'3 December
075.929
128.418 119.151 7,961 r0•
Pub & Iron Range
December
78.552.125 69,812.604
260.051 242.144 19.994.711 !1,545.971 St Louis-San Fran.. December 7,100,725 6,033.729
Dui Missing. & Nor. Deeember
177.637 100.059 1,665.481 1.151.032
Ft, AV & Rio Oran. Decentber
464,711.
432.263
64.402
Dul Sou Shore & A ti 2d wk Feb
68.602
1.537,640 1.366,344
93.936
December
131.163
of
F
Texas
-S
L
St
160,936 147.988 1.913.689 1.712.066
Duluth Winn & Par December
13,751.2q4 13 035.152
I teeeiliber
80.346 1.229 .13) 1118.382 St Lottlq Sembwrct ()event her 1.467.07i 1.318.751
1:30,393
East St Louis
770.321 516,043 6,910,877 6.553.608
fl,̀A 0111
St L S W of Texa.. December
1,,-oilier
1,0e5.30, .,,037,56^
Elgin Joliet & K.eo
64.3130 1.144,257 1.080.329
119.1397
1)ecember
n nary
El Paso & So West
1.350,835 1,080.832 1.350.825 1.080,832 St Louis Transfer
445.305 369.984 4.516.591 4.370.335
January
Erie Railroad
8.193,917 6.954,625 8.193.91 6.954.625 San Ant.& Aran Pas, f)ecetnber
11,183.531' .18.923.106
4.609.185
r
e
h
3.687.553
D'cembe
line.
Air
Seaboard
111.401.39`
11.0:49.823
&
Erie
December
Chicago
896.545 1.137.352
4319M7 1.563.098
67 110 125.581
811 999
%nub Therein__
096,519 821.565 10.111.19'
Florida Elite ('nag,
December 14504114 13961659 169728931 15391864 t
Fonda Johns & Olov December
112.064
99.156 1.251.651 1.123.137 Soillhern' riv•iffe_
4,478.691
3.681.306
393.432
December
315.208
1,206.857
Eastern_
1.646.461
Arizona
Ft Smith & %Vesture December
155.821 121.659
Oalv Harris & St Deeember 2.333.202 1.850.416 21.957,495 21.273.847
°Qs Stl., 1,049.837
Deeember
133.932 111.714
Galveston Wharf
Pious & Tex rent December 1.060,420 801.053 9.720.533 9.041.980
Georgia Railroad
December
521.631 637.528 6.389.987 6.716.502
320.842 196.528 2.396.161 2,087.716
.• I
lions E & AV Tex n..CeM
nn t-n
11(1 3137
Georala & Heroin
467,795 374.370 4,234.596 4.348.161'
T onislana Weston. December
Ord Trk L In New F. December
497.176 563,511 3.634.1532.667,606
840,632 5,065,507 8.351.731
December
040,101
Teta.
&
l.a
More
7,226,156
2e1
8.451.087
wk
Feb
974,220
Trunk
Grand
928,693
Syst
m
ee
914.97810.374,089 9.297.450,
iwr
December
o
1,214.222
Sou Pac SS Lines_
Or'd Trunk Wes! December 1.933.576 2.211.020 22.342.06n 19,376.032
805.902 626.972 5,140.177 7.445.599
non, 000
T...a. * No., 0r1
c()).40,460.1.848 9r0
Great North Sesieli 1/erigliber ,
14045676 10126429 14.045,676 10.126.429
78,755 1.213.613 1.019.055 Southern Railway.. January
Green Bay & West. December
83.094
970.249 915.858 10,529.739 9.296.634
Ala Oreat Sonih. I)eeeiii her
Gulf Mobile & Nor Deeember
254,163 219.352 2.813.50 2,418.291
December 1.515.453 1,341.07.5 15.636.714 14.840 901
Mobile &
Gulf & Ship Island 1/ecember
240.189 182.471' 2.496.261 2 515.059
440.668 421.572 4.374.501 3.694.800
neeember
Pip
&
Son
(leoritla
850,710 690.94 1 11.051.5'. ''.1 55.y51
Hocking Valley .... December
213 001 195 511 I .RA4 009 1,519 495
.
Rooth fl'In •4,
Illinois Central_.
December 9.752.374 9.130,043 107885835 107320261
912.903
73.542 1.072.680
November
124.379
Spokane
13,476ARR
Internat..
10.301'
14.4
1,178.340
&
Ort
Internat
Nor Deeember 1.216,735
tier
Decent
532.7(11 728.507 7.275.263 8,496.944
Seattle
&
Port!
69,824 1.511.840 1.259.674 Si•ok
149.358
Kan City Mex & fir December
162.Q60 • 170.1433 2,23) 071 1,934,751
11..14ember
77.131 1.322.200 1.1814.656 Staten Island R T
K 0 Mex & 0 of Te), December
166.143
14.557
19.368
2.930
2,175
Kansas City South Deeeniber 1.468.744 1.387,027 15.111.09' 15.250,406 Tenn Ala & Georgia 2d wk Feb
199,761 245.0114 2,4m4.5.17 3,011.1,12
Texark & lot sm.
81 030 127.011' 1 495 01" 1.951.1°1 Tennessee row r•sl..
412.744 215.142 4.002.712 3.882.409
December
119.712 106.877 1.300.90" 1,247.020 Term RR Assn Mgt I December
Kansas City Term
e.-)o 689
39/ 5.•.1 9xn 901 391- 19
213.098 372.251 2.687,526 2.476.850
Lehigh & Bud River December
w Feb 723,586 584.230 4.465.267 3.876.102
-e""l
Pd
sk
acifTi
ern
T2
&P
7 -_
:
c..
et 1."
3(17.374 334,727 '3 981.318 3 080 505 Texa
Lehigh az New Eng Dt.eember
7:15.1151. 8.2s..s. ". 8,3116.127
8111013
/mg
-Huber
NV).st
*
I.
sr
-qv!.
T
5,912.389
5.487.477
January
5,912.389
Valley
Lehigh
5,487,477
55.862 1.215.809 1.006.444
90.237
Los Ang & Sall Lake December 1.505.384 1,269,544 17.209.931 14.517,377 Ulster & Delaware... Deeemher
november R.603.326 8.732.532 110819514 98.443.364
151 Union Pacific.. _
282.570 146.071 9 99n -cr. 1
Deeigeber
Louisiana & A ri
38.260.580 34.136.853
3.046.861
3.160,957
December
in'
1
Oregon
Short
3.078.058
321,837 274,390 3,542,033
Louisiana fly & Nay December
Ore-Wash R R ttz N December 2.166.961 2.342.623 28.3(17,603 26.261.956
Louisville & Nosily Deueniber 9.645.628 9,644,401 10751496f 101392792
582.958
587.658
587.658 582.956
I. December
253,218 262.761 2.914,10:, 2.858.463 Union RR (Penn)._ January
Louisv blend
169.187 120.095 1,309,865 1.409.235
December
.. December 1.583,312 1,429.417 17.5"5.17 16.415.179 Utah
Maine Central....
294,403 323.798 3,323.329 2.689.104
349,341 323.539 3,952.821 3.504.779 VIcks Shreve & Pac
December
Midland Valley_
1.0122.469 887.349 12.075,305 11.903.444
130.780 Virginian RR
84,088
12,982
16,080
2d wk Feb
Mineral Range
December 4.672,171 1.556.1101 45.547,005 45.24(1.411
Minneap & St Lout). I /eceinber 1,101.724 1.067.624 13.384.871 12 028.300 wibash RR
1,331,668 1.417,548 1,331.668
Minn St P&SSM December 3,651,601 3,905.175 12.661.595 35.995,292 Western Maryland. January' 1.417.548
11,065.962
80.464 1 011.409 1,246.900 Western PacifIc____ December 1,291.017 891,643 13.657,296
77,374
Mississippi Central December
245,164 2,546,170 2,558.202
22:1,417
la__
A
December
of
Missouri Nan & TON December 3.011,374 3.036,614 34,272.091 33.230.134 Western Ry
957.543 951.455 12.500.3311 13.502.172
Mo K &T Ry of Tex December 2,160.764 1.925.129 25.244.514 19.840.330 Wheel & Lake Erie_ December
96,957 2,308,744 1,068,157
202,370
94.914 1,587.826 1.404.131 Wichita Falls & N W December
148,558
Mo & North Arkan. December
Yazoo & Miss Valley December 2,315,908'2,398.801 24,952,130 22.477,008
170,977 124.485 1,517.855 1.783.303
December
Mo Okla &
3e7
Qom'
nQ
03,577
8,113.593
Pitelfie___..
5,650.301
December
Missouri
AGGREGATE OF
GROSS
EARNINGS-Weekly and Monthly.
,
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
$
,
$
4th
1st
2d
3d
4th
ist
21I
3d
4th
1st
9d
%
+708.200 6.69
week Nov 11 roads)-_-- 11,286.692 10,1.492
+581204 9.05
9 roads)___- 7.005,482 6,424.278
week Dec
+80,388 0.97
week Dec 13 roads)---- 8,342,697 8,262,309
-245,183 2.88
9 roads)____
7,426,581 8.671,764
week Dec
week Dec 11 roads)._ 11,528,338 10.498,450 +1,029.888 9.83
+743.086 14.42
6 roads).... 5,894,615 5,151,529
week Jan
week Jan (13 roads).... 8,048,690 6,827,044 +1,221.646 17.89
+154.716 2.20
week Jan (13 roads).... 7,184,286 7,029,507
+777.233 8 77
week Jan (14 roads).... 9.638.583 8.861.350
17.50
week Feb (13 roads).... 7,839,859 6,689,392 -1-1,150,467
8.175.553 fl 060 566 -)-1 915 017 17.45
week Feb (14 roads
*We no longer include Mexican roads in any of our totals.
*Monthly
Summaries.
Curr.Yr.
February _232,9.57
226,086
March
232.708
April
May
233.931
June
232.169
226,654
July
, .
August
September ..232,772
233,192
November ..233.032
October._.
TIecemhee 933R00
Mileage.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
233,261 351,048,747 289,1,150 +61,656,597 21.31
225.631 375,772,750 365.096.335 +10,676.415 2.90
233,251 488.697,894 370,710,999 +17,986.895 4.85
234,330 113,190,468 378,058,163 +35,132,305 9.29
232,682 124,035,872 393,265,898 +30,769,974 7.83
226,934 154.588,513 469.246,733 -14,658.220 3.13
. , . 169,868,678 502,50.5,334 -32,636,656 6.40
232.349 195,123,397 485.870.475 +9,252.922 1.97
233,136 508,023,854 489,081,358 +18,942.496 3.87
232,911 136,436,551 139,029.989 -2,593,438 0.59
922 R14 451 001 nAn AAA LS11 191 4.11 510900 9.61
Prev.Yr.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of February. The table covers 14 roads and shows 17.45%
increase in the aggregate over the same week last year.
Second Week of February. '
1920.
Total (14 ro,
ads)
,
_ __
•
8,175,583 6,960,566 1,218,870
..",•
Latest Gross Earnings.
Name of Road
or Company.
•
Month.
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
Previous
Year.
$
3
$
$
163,839
200,023
Staten Island MidTd_ July
42,028 31.539
Tampa Electric Co.... December 125,656 103,666 1,269,247 1,062,546
Tennessee Power____ December 186,534 243,532 2,166,888 2,237,151
tTenn Ry,Lt & P Co December 592,980 607,241 6,380,126 6,146,619
$
Texas Power & Lt Co November 353,755 294,603 3,110,261 2,902,367
800,552
Third Avenue System.. January
941,063 800,552
941,063
874,584
Twin City Rap Tran_ January
1057,084 874,584 1,057,084
725,451
Virginia By & Power_ January
883,433 725,451
883,433
!yeah Balt & Annan__ October
147,060 220.080 1,820,554 2,825.289
37468
Youngstown & onto_ December
41,492
a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources.
f Earnings given in milreis. g Includes constituent or subsidiary companies.
h Subsidiary companies only. k Includes Tennessee By., Light & Power
Power Co. and the
3,098 Co. the Nashville Ry. & Light Co., the Tennessee
Chattanooga By. & Light Co. 1 Includes both elevated and subway lines.
Abington
and
Rockland
(Mass.).
5
Of
755
Electric Railway and Other Public Utility Net Earn3,853 ings.-The following table gives the returns of ELECTRIC
Increase. Decrease.
1919.
$
$
$
Ann Arbor
10,304
76,016
65,712
Buffalo Rochester & Pittsburgh..
340,368
293,583
46,785
Canadian National Rys
61,325
1,673,047 1,611.722
Canadian Pacific
3,547,000 2,883.000 664.000
Colorado & Southern
507,367
488,100
19,267
Duluth South Shore & Atl
68,602
64,402
4,200
Grand Trunk of Canada
Grand Trunk Western
947,889 272,620
1,220,509
Detroit Grand Hay & Milw_
Canada Atlantic
16,080
12,982
Mineral Range
2,918
Nevada-California-Oregon
3,931
1,013
2,930
Tennessee Alabama & Georgia__
2,175
723,586
584,230 139,356
Texas & Pacific
'KT-
[Vol.. 110.
THE CHRONICLE
866
Al,
railway and other public utility gross and net earnings -With
table charges and surplus reported this week:
• -GrossEarnings---NetEarnings
following shows the gross and net earnings with charges and
Previous
Current
Current
Previous
Year
surplus of STEAM railroad and industrial companies reYear.
Year.
Year.
Companies.
$
$
$
$
ported this week:
Net Earnings Monthly to Latest Dates.-The
-Gross Earninys--NetEarnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Baltimore & Ohio_b_ _._Jan 17,343,668 21,355,219 1,454,579 4.092,173
Central of Georgia_ b_ __Jan 2,411.342 1,658,805
603,140
70,357
Chesapeake & Ohlo_b_ _Jan 6.420.510 6,032,070 1,088,548 1,087,740
Delaware Lack & W_b_ _Jan 5;892,885 5,699,053
616,706 1,198,778
El Paso & Southwest_b_Jan 1,350,835 1,080,832
528,114
389,824
Jan 8,193,917 6,954,625 def279,838 def479,862
Erie_b
752,874
Lehigh Valley ..b
Jan 5,487.477 5,912,389
236,162
Pennsylvania_ b
Jan 30,039,973 30,477,483 df2491,032
567,155
Long Island_b
Jan 1,656,572 1,499,582 def122,636 def98,202
999,728 def330,566
Penn Lines West_b_ _Jan 9,506,992 7,472,887
Pitts Cin Ch & St L_b_Jan 10,580,512 7,377,274 1,889,437
251,066
_ _ _Jan
23,391
Phila Beth N
115,283 def12.963
83,196
Southern Railway_ b_ _ _ _Jan 14,045,676 10,126,429 3,353,429 1,253,666
57,052
Union RR 40 Penn_b _ _Jan
587,658
582.956 def77,872
Western Maryland_ b _ _ ..Jan 1,417,548 1,331,668
145,344 def146,357
Roads.
b Net earnings here given are before deducting taxes.
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Current Previous
Year.
Year.
Jan. 1 to. Latest Date.
Current
Year.
Previous
Year.
$
Adirondack El Pewee,January
192,516 148,772
192,516
148.772
Alabama Power Co__ January
269,141
304,224 269,141
304,224
Atlantic Shore Ry___ December
15,951 13.371
184.106
171,773
Bangor Ry & Electric December 112,769 82,935 1,094,675
923,122
Baton Rouge Elec Co December
• 37 141 27.596
371,269
267.809
Blackstone V G & EL December 262,280 234,979 2,647,059 2.444,733
bBrazilIan Trac,L &P December 19739000f8531000 f113074000 1101894000
Cape Breton Elec Co.. December
54,327 51,174
583,023
513,005
Cent Miss V El Prop_ December
41,923 30,700
424,475
339.076
Chattanooga Ry & Lt December 188,865 177,162 1,915,817 1,843,947
Cities Service Co_ _ _ _ January
1905,782 1853,598 1,905,782 1,853,598
Cleve Painesv & East November
55,068 51.442
633.061
511.630
Colorado Power Co._ October
91.485109,350
908.280 1.080.971
gOolumbia Gas & Elec January
1402,312 1188,807 1,402,312 1,188,807
Columbus (Ga) El Co December 105.264 102,325 1,309.281 1.181.413
Com'w'th P, Ry & Lt December 2589,017 2179,221 25,964,900 21,918.061
Connecticut Pow Co. December 117,938 110,435 1,260,022 1,028,252
Consum Pow (Mich) November 804,1155 654.640 7.363,235 5.910.499
jCumb Co(Me)P & L December 262,658 286,401 2,768,600 3,226,900
Dayton Pow & Light_ January
329,419 271,626
329,419
271.626
gDetroit Edison
January
1854,942 1470,679 1,854,982 1,470,679
g_Detroit United Lines November 2203.587 1606.536 22,422,746 17.278,782
Duluth-Superior Trac January
167,432 148,669
167,432
148,669
East St Louis & Sub.._ December 423,985 406,855 4,258,919 4,215,887
Eastern Texas Elec _ December 126,821 111,506 1,390,350 1,131.753
Edison El of Brockton December 112.658 95,828 1.096,981
831,538
Elec Light & Pow Co December
29,172 23,173
294,396
230,864
g_El Paso Electric Co.. December 155,460 122,307 1.574,676 1,257,633
Fall River Gas Works December
69,398 62,800
760,712
718,210
Federal Light & Trac November 348,559 306.291 3,500,571 3.159,671
Fort Worth Pow & Lt November 160,130 120,677 1,325,474 1.188.961
Galv-Hous Elec Co December 277,167 256,283 3,095,151 2,691,332
g Great West Pow Sys October
420.451 401.070 4,291,378 3.769.346
Harrisburg Railways.. October
134.848 94.875 1.316.081 1.071.095
Havana El Ry, L & P November 879.741 690.704 8.476.209 7,466.654
Haverhill Gas Lt Co_ December
39.571 31,007
386,632
336,294
Honolulu R T & Land December
67,159 61,915
754.620
706.676
Houghton Co El L Co December
48,385 45,136
453,162
423,703
Houghton Co Trac Co December
29,001 29.252
297,151
320,067
Hudson & Manhattan July
470.293 385.024 3,484.836 2.844,732
b Illinois Traction
November 1343.655 1243.066 13.446.064 12,275,726
1 Interboro Rap Tran Novemb,
r 4286.850 3435,1186 42.786,007 36,999,648
Kansas Gas & Elec Co November 266,849 202,974 2,374,261 1,868.836
Keokuk Electric Co December
30,097 22,985
317,237
264,236
Key West Electric Co December
20,648 21,109
227,260
202.873
Le Shore Rim Ry.._ November. 218,796 178.819 2,381,308 1,988,688
Long Island Electric_ July
27.960 26.602
141.140
129.487
Louisville Railway.... October
264.074 288.175 2.897.580 3.052.532
Lowell Electric Corp_ December 102,906 97,366
892,846
995,953
Manhat Bdge 3c Line July
12.843 12.301
90,091
81.942
aMilw El Ry & Lb Co January
1526,627 1233,918 1,526,627 1,233,918
Mississippi Riv P Co_ December 206.384 186,906 2,321,954 2,213,392
Nashville Ry & Light December 301,562 277,227 3,224,384 2,866,213
New England Power_ December 498,941 376,741 4,218,968 3,557,281
Newp N&II fly• & 14; November 205.670 230.308 2,510,793 1.996.921
New York Dock Co January
449,058 440.457
449.058
440,457
Y & Long Island July
55.066 54.255
324.217
204.870
Y & North Shore._ July
14.431 15.838
88.619
84.186
Y & Queens County July
622.443
101.787 91.641
535.282
New York Railways_ July
1077.896 905.830 8,342.663 6.519.757
Northern Ohio Elec._ December 922,441 716,210 9,298,550 7,293,811
North Texas Electric.. December 329,540 249,511 3.387,854 2,929,759
Ocean Electric(L I).._ July
39.429 30.336
112.196
85.347
Pacific Power & Light November 205,810 163,128 1,978,080 1,688,558
Pensacola Electric Co December
41,828 50,756
543.592
506,050
Phil& & Western_
Auguat
69.130 59,268
476.825
400.642
Phila Rapid Trans Co November 3055.953 2717.881 32.216,937 28.253.423
Portland Gas & Coke_ November 190,146 164,245 1,961,128 1,624,225
Port(Ore) Ry,L&PCo November 739.971 636.539 7,841,700 8.925.386
Puget Sd Tr. Lt. & P November 818,260
8,880.192
Republic Ry & Lt Co November 575,153 436.978 5,593,128 5.027,196
Richmond Lt & RR July
53.951 47.903
310.487
257,114
St L Rocky Mt & Pac October
392.828 449,085 3.406.343 4,366,541
Santiago El Lt & Tr.._ October
66.508 57,100
627.100
557,494
Second Avenue (Roe) July
88.561 80.718
502.317
472,471
Southern Cal Edison_ December 899,745 811,874 10.569.565 8.735.458
150,957
269,141
154,581
Alabama Power Co_a__..Jan 304,224
Feb 1 to Jan 31
3,140,665 3,083,549 1,740,569 1,593,287
Brazil Tr Lt&PCo, Ltd__Decc9.739,000 c8,531,000 c4,888,000 c4,267,000
Jan 1 to Dec 31----c113,074,000c101894000c58,423,000 c52,131,000
26,569
60,526
53,221
30,109
So Canada Pow Co Ltd_Jan
93,005
225,496
197,869
114,395
Oct 1 to Jan 31
•
a Net earnings here given are after deducting taxes.
c Given in milreis.
Balance.
Na after
Fixed
Gross
Surplus,
Taxes.
Charges.
Earnings.
21,394
48,666
27,272
192,516
Adirondack Electric Jan '20
29,791
22,963
148,772
52,754
'19
Power Corp
355,327
301,682
657,009
12 mos '20 1,784,981
173,847
261,793
435.640
'19 1,816,151
156,657 1,696,243
Jan '20 1,905,782 1,852,800
Cities Service Co
108,002 1,683,869
'19 1,853,598 1,791,871
12 mos '20 20,029,734 19,334,645 1,971,416 17,363,229
380,377 21,169,584
'19 22,102,203 21,549,961
x60,182
Dayton Power &
50,790
108,029
Jan '20
329,419
z58,875
44,982
101,745
271,626
Light Co
'19
304,131
169,766
473,887
Detroit Edison Co Jan '20 1,854,982
328,575
132,694
461,269
'19 1,470,679
14,929
167,432
13,964
Duluth-Superior
Jan '20
z
fletal
15,141
148,669
12,357
Traction Co
'19
Georgia Lt &ower Dec '19
142,412
70,719
32,881
38.169
19,708
33,22$
& Railways Co
118,848
52,936
'18
226,314
395,642
621,856
12 mos '19 1,452,934
49,009
395,755
444,764
'18 1,225,671
185.060 x206,152
Milwaukee Elec By Jan '20 1,526,627
376,180
z72.972
181,267
226,845
& Light Co
'19 1.233,918
219,734 zdef74,766
127,566
941,063
Third Avenue Rail- Jan '20
219,634zdef115,981
90,902
800,552
way System
'19
7 mos '20 6,996,507 1,104,338 1.550,271xdof336,884
930,570 1,514,15014ef522,572
'19 5,821,465
z After allowing for other income received.
Fixed Chgs. Balance,
Net
Gross
Earnings. Earnings. & Taxes. Surglus.
N Y Dock Co
Twin City Rapid
Transit Co
449,058
Jan '20
440.457
'19
Jan '20 1,057,084
'10
874.584
162,972
168.366
213,567
209,765
91,060
90,156
191,622
162,179
The United Gas 8c Electric Corporation.
Fixed
Net after
Gross
Charges.
Earnings.
Taxes.
Citizens Gas & Fuel Jan '20
Co (Terre Haute,
'19
Ind)
12 mos '20
'19
Colo Sprgs (Colo) Jan'20
Light Heat & Pow Co '19
12 mos '20
'19
Columbia (Pa) Gas Jan'20
Co
'19
12 mos '20
'19
Conestoga Tract Co Jan'20
(Lancaster, Pa)
'19
12 mos '20
'19
Consumers Elec Lt & Jan'20
Pow Co(New Orleans, '19
La)
12 mos '20
'19
Edison Electric Co Jan'20
(Lancaster, Pa)
'19
12 mos '20
'19
Elmira (N Y) Water Jan'20
Light & RR Co
'19
12 mos '20
'19
Gretna (La) Light dr Jan'20
'19
Power Co, Inc
12 mos '20
'19
Harrisburg (Pa) Lt Jan'20
& Power Co
'19
12 mos '20
'10
Houston (Tex) Gas Jan'20
& Fuel Co
'19
12 mos '20
'19
Houston Hghts (Tex) Jan'20
Water & Light Assn '19
12 mos '20
'19
Lancaster (Pa) Elec Jan'20
Light, Heat & Pow Co '19
12 mos '20
•
'19
Lancaster (Pa) Gas Jan'20
Light & Fuel Co
'19
12 mos '20
'19
Leavenworth (Kan) Jan'20
Light, Heat & Pow Co '19
12 mos '20
'19
35,840
28,522
375,091
316,570
57,460
56,053
638,584
606,062
3,790
3,117
42,724
37,367
124,795
103,651
1,465,121
1,257,715
58,094
51,285
575,075
427,811
103,767
81,057
1,000,176
814,309
154,086
137,173
1,584,528
1,414,455
8,252
11.049
90,619
66,959
147,434
120,298
1,164,083
1.010,304
99,661
85,158
794,743
680,867
2,583
2,349
28,682
30,511
4,429
4,417
58,076
53.597
32.663
26,635
338,729
297,911
32,890
30,872
319,926
268,401
10,538
123,480
127,973
21,234
21,093
236,715
225,209
886
340
11,368
6,556
40,256
32,473
524,589
420,034
21,980
16,464
229,516
126,822
50,733
38,608
467,577
362,110
58,298
46,353
512,311
459,635
def423
2,536
17,927
11,427
59,307
48,129
472,702
384,678
31,989
15,192
190,546
154,808
1,039
920
9,295
13,944
2,754
2,762
37,864
32,613
10,059
4,669
104,904
79,611
6,497
9,990
72,653
28,549
71,912
78,210
21,944
47,586
Balance,
Surplus.
$ •
8,326
6,884
3,654
78,409
45,071
83,755
44,21$
6,703
14,531
8,634
12,459
167,285
69,430
75,682
149,521
340
546
def6
346
4,124
7,244
4,125
2,431
26,454
13,802
5,782
26,691
205,373
319,216
96,259
323,775
15,029
6,951
9,502
6.962
146,302
$3,214
44,437
$2,385
40,050
10,683
28,282
10,326
340,383
127,194
243,489
118,621
38,119
20,179
25,641
20,712.
264,687
247,624
211,897
247,738
def429
2,531
17,860
sr
11,372
55
37,143
22,164
27,320
20,809
230,948
241,754
153,911
230,761
24.274
7,716
8,146
7,046
116,653
103,893
71,721
$3,087
130
909
130
799
7,735
1,561
12,384
1,560
1,371
1,383
1,346
1,416
21,201
16,663
14,313
18,300
7,958
2,101
2,407
2,262
77.922
26,982
52,557
27,054
2,723
3,773
6,553
3,431
27,403
45,245
35,162 def6,618
Gross
Earnings.
$
60,945
Lockport(NY)Light Jan'20
48,646
'19
Heat & Power Co
509,351
12 mos '20
453,714
'19
23,864
Richmond (Ind) Lt Jan'20
16,694
'19
Heat .Sc Power Co
194,891
12 mos '20
171,731
'19
25,793
Union Gas & Elec Co Jan'20
21,435
'19
(Bloomington, Ill)
'20
265,043
mos
12
,
'19
216,020
114,616
The Wilkes-Barre Co Jan'20
116,562
'19
(Wilkes-Barre Pa)
12 mos '20 1,205,533
'19 1,000,935
867
THE CHRONICLE
FEB. 28 1920.]
Net after
Taxes.
$
9,188
10,730
119,107
109,585
6,954
4,988
47,481
49,330
7,695
7,258
84,588
66,729
63,760
48,529
511,343
388,933
Balance, I
Fixed
Charges. Surplus.
$
1,454
7,734
2,928
7,802
38,043
71,064
26,146
83,439
1,172
5,782
478
4,510
64,336 def16,855
def5,500
54,830
5,211
2,484
4,670
2,588
54,047
30,541
35,007
31,722
42,638
21,122
27,043
21,486
256,647
254,696
130,026
258,907
Republic Iron & Steel Co.
(Reportfor Fiscal Year ending Dec. 31 1919.)
found
The remarks of Chairman John A. Topping will be
comparaat length on subsequent pages, together with the
tive account, and the balance sheet and other tables.
SUMMARY OF PRODUCTION (IN TONS).
1918.
1919.
1,272,707 1,512,071
Iron ore, gross tons
959,602 1,207,896
Coke, net tons
78,777
47,955
Limestone,gross tons
791,597 1,030,411
Pig iron, gross tons
615,970
433,687
Bessemer steel ingots,g.tons_
Open hearth steel ingots,gross
603,732
318,730
tons
752,417 1,119,702
Total steel ingots, gross tons_
ed
semi-finish
Finished and
702,040 1,024,040
products, not tons
1916.
1917.
1,706,555 1,689,213
1,329,809 1,285,640
57,412
106,306
1,062,657 1.117.507
718,377
675,182
486,601
1,161,783
541,594
1,259,971
1,109,820
1,216,716
UNFILLED ORDERS IN TONS DEC. 31.
FINANCIAL REPORTS
Finished and semi-finished
Pig iron
Financial Reports.-An index to annual reports of steam
which
railroads, street railways and miscellaneous companies
given
have been published during the preceding month will be
will not
on the last Saturday of each month. This index
it is
include reports in the issue of the "Chronicle" in which
of
published. The latest index will be found in the issue
Jan. 31. The next will appear in that of Feb. 28.
Twin City Rapid Transit Company.
(Reportfor Fiscal Year Ending Dec. 31 1919).
27
President Horace Lowry, Jersey City, N. J., Jan.
1920 wrote in substance:
Dividends.-During the year 1918 there was earned 2% upon the Common stock and dividends to that amount were declared and paid.
The directors have to-day declared a dividend for the year 1919 of 2%.%
upon said stock payable on Feb. 20 to stockholders of record Feb. 9. This
dividend was all earned prior to Aug. 20 1919, on which date we agreed
to an increase in wages that materially reduced the not income for the
remainder of the year.
During the period, the total revenue shows an increase of 18.35%, but
because of the fact that the Minneapolis Street Railway Co. was confronted
with the claim that its franchise expired in 1923, your directors have not
felt justified In investing now money in now equipment or rexensions of
lines, the operating expenses, during the first part of 1919 were, therefore.
much less than they would have been if now equipment and extensions
had boon operated.
Balance Sheet.-Tho balance sheet shows cash to the amount of $1,132,331, offset by a tax liability of $1,134,336.
Franchises.-On Dec. 9 1919 the City Council of Minneapolis submitted
to a referendum vote of the electors a service-at-cost franchise which has
boon negotiated after four years of continuous and painstaking effort on the
part of the city officials and the officers of your company. by a vote of
The electors, however, defeated the franchise ordinance
30,549 against, to 22,997 for, ratification.-V. 109, p. 2172; V. 110, p.
2264.
The city officials of St. Paul aro now considering submitting to the voters
City
an amendment to the franchise ordinance under which The St.7Paul
in
Railway Co. operates increasing the car fart to not exceedingandcents,
service.
equipment
furnish
must
consideration of which the company
itself to a
The management believes that tho situation is rapidly adjusting
pay a
point where the people in Minneapolis and St. l'aul will be willing toreturn
sufficient fare to insure adequate service and provide a reasonable
on the fair value of the property, so that new capital may be attracted to
this public service.
abnormally
Increased Operating Cost-Proposed Improvements. &c.-An
and equipment
large sum has been expended for maintenance of both track
fact that
the
and
material,
and
labor
of
cost
increased
(Inc to continued
because
during 1918 a large amount of maintenance work had to be deferredproperty
of inability to secure sufficient labor. It is planned to restore thebeen
kept
has
it
heretofore
which
in
soon to the high physical condition
use some of the renewal
and if the city governments will co-operate, tothe
of
n
certain
constructio
and
equipment
in
the
nts
improveme
for
funds
lines that will expedite traffic and somwohat relieve congestion.
and
Northwestern Terminal Co.-In the balance sheet the item "Loans
Minneapolis Street
Notes payable", $110,608, represents notes which the
s in
Railway Co. issued to the Northwestern Terminal Co. of Minneapoli
a new
return for advances to cover the cost of building an extension into
are subject to a conindustrial district. These notes bear no interest andwill
mature when the
tract between the companies by which these notes
the meanline is self-supporting, including a return on the investment. In protecting
time the Northwestern Terminal Co. makes certain guarantees
your company against operating losses. (See N. W. Terminal Co. in
Investment News Department below.-F,d.]
Total opor. expenses_ $8,445,059 87,003,974 $6,723,520 56.254.643
Net operating revenue__ $2,997,386 $2,692,006 $3,458,347 $3,933.411
8708,098
$916,196
$936,451
1,126,338
Taxes
Operating income_ _ _ _ $1,871,047 $1,755.555 $2,542,151 $3,225,313
826,425
$25,846
$15,215
$51,034
Non-operating income__
81,022,081 $1.770.770 82,567.997 $3.251.738
Gross income
984,557
989,725
1,034,428
Interest on funded debt_ 1,087,447
29,634
40,222
45,040
46,283
Miscellaneous
210,000
210,000
210,000
210,000
Prof. (lividends 17%)- - ,000
00(6)1,320
00
(6)1,320,0
(2%)440,0
x
_
_
_
dividends_
Common
$707.547
*8,050
$41,302
$578.352
Net profit and loss_ _ _
% was declared Jan. ?7 1920 and paid Feb
x A common dividend of
20. See text.
CONSOLIDATED BALANCE SHEET DECEMBER 31. 1918.
1919.
.
8
Liabilities.
Common stock__ _22,000,000 22,000,000
Preferred stock... _ 3,000,000 3,000,000
Fund. debt unmat.20,213,000 20,238.000
Loans & notes pay. 119,608 •
63.465
Aee's.& wages pay 109,394
100,184
3,184
Misc. sects. pay'le
387,697
Accur.int.(notdue) 392,977
934.510
1,134,336
Tax liability
159,342
Res,for inl. & dam 183,165
8,789,611 8,021,071
For deprec'n
24.522
58,125
Miscellaneous _
22.094
21,421
Unadjusted credits
Profit and loss_ _ 1.671,581 1.180.079
Total
1917.
318,324
100,619
1916.
617,950
183,026
1916.
1917.
1918.
1919.
8
Gross vol. of business.. _$45,872,345 375,224,110 $78,325,461 $52,844,01
16,893,212
28,7.69,021
18,906,815
5,031,838
profits
Gross
2,104.049
12,911,825
Deprec. & charges_ __ _. 2,890,641 11,114,881 15,857,197 14,789,163
7,791,934
2,141,197
Net profits
00(18)4500,000
Preferred dividends_ __ _(7)1,750,000(7)1,750,000(7)1,750,060(1
%)407,865
Common dividends_ _ _ _(6)1,632,687 (6)1,631,460(6)1.631,4
9,881,298
4,410,474 12,475,737
Amount carr. to surp_def.1,241,490
18,236,251
30,711,988
35,122,462
33,880,972
Bal., surplus account..
31.
MBER
BALANCE SHEET-DECE
1918.
1919.
1918.
1919.
8
8
Liabilities$
$
Assets27,191,000
27,272,819
stock_
Common
86,363,647
_
90,675,598
accts.
Property
25,000,000
25,011.0)0
1
,
s'nek_
Preferr^
Investments:
401,003 19-30-year 5s_ _ _ 12,941,000 12,941,000
411,030
Potter0'e C').
910,0)3 1.001,010
1st M.S slid 65.
Inv. In & adv.
291,000
150,0)1
801,921 Potter 0,e bds.
9)4,524
to other cm__
Martin Ar Palos
Cash for red. of
13:3,000
102,930
_
burls
CJIte
96.911
96,911
bonds
5,922,768 3,977,622
Inventories ___. 15,943,239 13,639,077 Accts. payable_
51,810
bal.
ract
st
Ore
as
621.342
1.182,7:11
pay
contr.
Ore
Est. We t t c _ 1,547,950 5,021,203
Accts. & notes
161,935 .
161,923
7,295,131 Merited intet est
receivable _ _ . 5.723.761
845,365
816.592
Diva. p tyable__
U. S. certifs. of
7,694
7.692
4.091,000 Unchintel (Mrs_
Indebtedness
U.S. lib. bonds-1 8.023,150 J9,766,465 Reserves. equip 3.573.233 3,109,327
Exhaust
527,991
1
Empl. lib. bonds(
Den.& renew. 11,757,183 9.772,293
1.223,748 4,072,685
Cam's
Relining de re1.142,173
Deferred eharsces 1.071.665
562,738
532,159
buil I. turn__
663,621
798.943
Fire & ace. Ins.
Conting., &c_ 1,464,997 2.382,250
33,880,972 :35,122,462
Surplus_ _ _
128,734.231
125.846,316
Total
128.734.231
125,846,316
Total
-V. 109 p. 268
Shawinigan Water & Power Co.
(22nd Annual Report-rear ended Dec. 31 1919.)
with the
The remarks of President J. E. Aldred, together
the balance
profit and loss account for the year 1919 and
nt page.
sheet of Dec. 31 last, will be found on a subseque
1916.
1917.
1918.
1919.
199,848,096
11ev. passengers carried_222,186,823 188,930,268 199,621,160 $10,130,11
3
5
$10,119,75
$9,618,501
739
n__$11,351,
Rev, from transport,'
57,941
62.111
77,479
90,705
Other revenue
Total open revenue_ _$11,442,444 $9,695,980 810,181,867 $10,188,054
Way and structures_ __ _ 31,102,568 81.005.629 $1,031,215 81.057,234
780,236
781,664
823,048
1,245,070
Equipment
880,081
1,047,485
1,132.335
1,175,293
Power
2,725.760
3,031,123
3.142.150
3,788,711
Conducting transp'n
45,550
57,138
37,422
62,450
Traffic
765,781
774,895
863,390
General & miscellaneous 1,070,967
57,690,402 56,130,964
Total
-V.110,34563.
1918.
143,383
63,132
NT OF EARNINGS AND DISPOSITION
COMPARATIVEOFSTATEME
INCOME FOR CALENDAR YEARS.
INCOME STATEMENT FOR CALHNDAR YEARS.
1918.
1919.
X
AssetsRoadw'y& equip't.53,083,266 52,625.772
Misc. phys. prop__ 1,128,629 1,124,923
295,959
Other Investments 1,254,869
735.281
1,132.331
Cash
Loans and notes
116,395
112,928
receivable
Misc. accounts re173,501
112,468
ceivable
Materisl supplies; 868,838 1,053,429
Prepaid rents and
5,705
3,083
Insurance
1919.
389,524
96,855
57.696.402 56,130.964
YEARS.
INCOME ACCOUNT FOR CALENDAR 1917.
1916.
1918.
1919.
$2,325,873
Gross earns., all sources. 33,727,045 $3,621,074 $2,902,210
427,928
752,842
1,286,021
Op.exp.,gen exp &maint 1,296,187
$1,897,945
82.149,368
$2,335,053
$2,430,858
Net earnings
Deduct8250.000
$250,001
$250,000
Int. on cense!. M. bonds $250,000
246,437
246,437
246,432
225,896
Int. on debenture stock_
47,771
202,066
328,527
181,219
Interest, general, &c_ _ _
989.006
1,050.000
1,077,528
1,240,903
(7%)
Dividends
$1,898,018 *1,902,487 $1,748,504 $1,533,215
Total deductions
$400,864 I $364,730
$432,566
$532,840
Balance, surplus
44,280 ' 26,691
30.144
17,710
Previous surplus
$391,421
3445,144
$462,710
$550,550
Total
$100,000
$100,000
$100,000
Depreciation reserve_ _ - $300,000
232,141
250,000
250,000
50,000
Reserve and sink. fund
50,000
75,000
145,000
Reserve for taxes
15,000
15,000
20,000
25.000
reserves
Other
$44,280
$30,144
$17,710
$30,550
Total surplus Dec. 31_
BALANCE SHEET DEC. 31.
1918.
1919.
1918.
191;1.
Assets16,342,500
20,000,000
sek
st
Capital
Real eat., prop. &
3,877,090 4,31:1,000
power develop't.13,701,213 13,325,303 5% eons. M.bonds
4,110.573 3,973.744 534% 1st Ref. M.
Machinery
5,476,261
5,476.261
bonds__
10.
Transmission litre. 3,913.995 3,667,607 skg.
3,582,900
2-year 6% notes_
Securities of sub955,213
739,025
pay_
accts.
&
Rills
10,468,630
43
cos.10,610,4
Hillary,
410,593
472,067
Bond Int. tir (11v _
Loose plant and
101,720
435,870 Conting., &e., fds. 116,089
479,26:4
equipment
2,908,247
2,978.83$
Id.
sink.
&
Res've
Accounts and bills
800,000
1,571,379 2,891,544 Deprec., &c., fund 1,024,931
receivable
25,000
30,000
314,848 Em pi. pension fO.
Ca,h in bank, &e. 525,228
125,000
50,598 Res. for Income tax 230,413
63,080
Prc paid charges__
17,710
30,550
Profit & toms acct. _
34,975,174 :35,118,144
Total
-V. 109, p. 1467.
Total
.34,975,174 35.118.144
Consolidated Ms Co., New York.
(Report for Fiscal Year ending Dec. 31 1919.)
President George B. Cortelyou,in his address at the annual
meeting on Jan. 26, said in substance:
notwith.standing
Results.-It was predicted in our report last year that, ed
Gas Co. from
the termination of the war, the earnings of the Consolidat
1919 by the
year
the
during
Its gas business would be still further impaired
of cost.
4
high cost of labor and materials and other elements
to the fact
only
not
due
,
anticipated
were
The results were worse than
occurred progessively
that increases in the cost of materials and labor which
part of that year, affected
during the year 1918, and which affected only afact
that the priclOs of mathe entire year's operations in 1919, but to the
took a downward
terials, which during the first few months of the year 1919
close of the year the
the
at
until
advanced
year
the
trend, increased as
at any time
prices of many materials, including gas oil, were higher than
during the war.
did not
pay,
of
rates
higher
the
labor,
of
Likewise demands on the part
the year 1919 and
terminate with the end of the war, but continued during
of manufaccost
the
conditions,
these
of
result
a
As
.
continuing
are still
to-day than it has been
turing and distributing gas is substantially higher
and there is no prospect of
at any time since war was declared in Europe,such
cost.
affecting
conditions
the
in
any improvement
expenses of the
Operating Expenses.-The total increase in the operating
rate of wages paid
Consolidated Gas Co. alone, due to the increase in the
and due
supplies
and
materials
other
and
and in the price of coal, gas-oil
of gas sold, amounted
to the increase in taxes and to the greater quantity
similar.
been
has
cos.
gas
affiliated
of
experience
The
.
to $2,282,081
868
THE CHRONICLE
[VOL. no.
The total increase during 1919 in the combined
expenses of
1919.
the gas and electric companies, after allowing for aoperating
1918.
1917.
decrease in the taxes Ordinary maintenance and repairs_ _ _ $1,650,253
$1,651,062 $1,432,134
of $784,207. amounted to $6,234,409, of which $3,301,425
was due to the Replacements
1,057,476
823,577
greater quantity of gas and electricity sold. The total increase
802,425
in
the
The
capital
expenditures
in 1919 aggregated $278,855,in 1918 $296,774.
operating expenses for 1919 over 1916 amounted therefore to
$22,411,382.
Sales.-The sales of the company and subsidiaries were as follows:
about 70% of which may be attributed to increased
expenses and taxes
Products1919.
due to the war, the balance being attributable to the greater
1918.
1917.
quantity of Sole, belting & harness leather (sides) 7,985,862 8.477,137
gas and electricity sold.
7,271,831
Hemlock lumber (feet)
111,664,881 117.276,108 158,880,954
Output.-The maximum day's output last year occurred on Dec. 18, and Hardwood
miscel.
&
lumber
(feet)
40,844,636 30,574,728 40,868.3Q
amounted to 172,249,000 cu. ft., which exceeded that of the winter of
Glue (pounds)
5,115,253 3,970,228 4,426,588
1917-1918 by 12,172,000 cu. ft., or 7.60%, the increase in the output being Grease
(pounds)
3,957,376 3,262,147 3,691,416
largely attributable to the growth in the popularity of gas as
fuel
domesfor
Tankage
(pounds)
2,619,699 3,104,660 3,587,080
tic heating purposes. The demand for domestic heating appliances this
The volume of business done during the year as represented by their
winter has exceeded the supply, an indication of the extent to which gas is combined
gross sales and earnings equaled $118,959,634, as compared with
displacing coal for house heating purposes.
of $94,147,418 in 1918 and $91,731,548 in 1917.
The gas sales of the company increased during 1919, as compared with a total
Employees.-The average number of employees and annual wages paid
1918, 547,195,300 Cu.
or 3.04%. In 1918 there had been an increase (all companies) were:
in gas sales of 6.74%,ft.,
as compared with 1917. The company's gas sales
1919.
1918.
1917.
and those of its allied gas companies in the Borough of Manhattan
Employees at mfg. prop., No
9,134
8,630
8,548
during the year 747,079,400 Cu. ft., or 3.01%,as compared with anincreased
increase Employees (railroad & miscel.), No
493
605
669
of 6.63% in 1918.
$12,130,411 $10,437,283 $8,610,390
The combined sales of gas of the various companies during the year were Total annual salaries and wages
Provision for Retirement of Bonds-Depreciation.-Continning the plan of
33,674,972,000 Cu. ft., an increase over the previous year of 2.08%.
lo Sales of electric current during the year amounted to 865,388,322k. w. h., 1913 for the partial retirement of the outstanding bonds, an ad .itional
$1.000,000 has been set aside out of stumpage moneys as of Dec. 31 1919,
an increase over the previous year of 14.37%. The
total number of gas making a total
investment to date of $6,250,000. The income of this
meters in use at the end of 1919 was 976,727 and of electric
408.227. special fund to Dec. 31 1919
Oil Contract.-In December we consummated a contractmeters
to $1,019,640, which has been
for a supply of carried to a special reserve for amounted
oil to the Consolidated Gas and its allied gas companies for the
depreciation as originally contemplated.
period
from
Jan. 1 to June 30 1920, at 7 cents a gallon, the gas companies having an
Financial Status.-The excess of current assets over all liabilities, includoption to renew the contract for a further period of six months. In view of ing bonds, has increased during the year by $14,415,139 and now amounts
the upward trend in gas oil prices, this contract assures an adequate supply to $59,726,093.
at a price substantially below the market. The
Readjustment of Property Account.-In the organization of this company
increased cast of oil this
year will add $565,000 to the manufacturing costs of
and its merger with the United States Leather Co. the intangible
the
values
and its included
subsidiary companies, of which approximately $315,000Consolidated
in the capitalization of the United States Loather Co., which
will be paid by the stood
on its books at $62,832,300, were reduced by some $40,000,000 withConsolidated Co. alone.
Suit to Invalidate the 80-Cent Gas Law.-The presentation of the com- out considering the enhancement of physical properties beyond the values
pany's evidence was concluded on Dec. 31 1919. The defendants are now at which they were carried by the United States Leather Co.
The end of the war period and the strong situation of the company has
presenting their evidence. It is expected that the case will be concluded
at an early date, and the company believes that the evidence submitted in afforded the opportunity to readjust the property account
as to reflect
to a conservative extent a portion of the enhancement in theso
the case justifies a favorable decision. [See also V. 110, p. 363.1
pre-war values
Additions, &c.-While the company during the war felt constrained to of its timber lands and forest products and to eliminate from the property
keep capital expenditures to a minimum the increase the maximum day's account the entire amount of all intangible values. This readjustment has
output has so diminished the combined reserve in
been in contemplation. The modern tendency in business conditions
manufacturing plant long
and particularly with respect to Federal and State taxation,
capacity that it is deemed necessary to increase available plant capacity.
has emphasizd
To this end a contract has been made for the erection of an additional water the desirability of this action. Readjustment of the book values of timber
lands and forest products was made accordingly as at Jan. 1 1919, and
gas plant at Astoria having a daily capacity of 30,000,000 Cu. ft.
There were expended during the year for additions
to $10,489,358. Contemporaneously the intangible
inand extensions of, amounted
cluded in the property account were reduced by a like amount andvalues
the producing and distributing plants of the various to,
a further
gas and electric com- amount
panies the sum of $8,613,228.
of $8,126,149 has been appropriated from surplus, in reduction
Maintenance.-At a cost of $6.226.398 for repairs and $2,937.809 for of the property account and sufficient with available reserves to eliminate
therefrom all intangible values. The readjustment has been made without
renewals, or a total cost of $9,164.207. all the gas and electric
properties impairment
have been maintained at the highest possible point of operating efficiency.
of the previously existing surplus.
Taxation.-The taxes,charged against earnIn.rs of the company and its
Analysis of Property Account Dec. 31 (1918 inserted by Ed.).
allied gas and electric companies amounted to $7,747,265 as compared with
$8,534,319 charges against earnings of the preceding year.
1010.
1918.
Gas Appliances.-During the year 1919 the company and its allied gas Real est. situated in N. Y. City, Elizabeth,N.J.,&c $1,055,303 $1,029,591
companies installed 211,085 appliances. There were surrendered to the Tannery plants, extract works, saw mill plants,
glue
factories,
warehouses,
machine shops, woodcompanies 62,395, leaving a net increase of 148,690 in the number of
working shops and laboratories
appliances in use, which had been installed by the companies, as against the
17,469,163 17,738,949
220.94 miles of railroads and sidings and 153.67
net increase of the previous year of 107,414.
miles
of
tram
roads (in 1918, 142.26 miles) with
(As to the new $25,000,000 7% convertible gold bonds for refunding,
equipment
&c., see last week's issue, page 362.1
Miscel. personal prop., such as locomotives, log 3,647,836 3,924,19$
cars, service cars, teams, &c
INCOME ACCOUNT FOR CALENDAR YEARS.
395,642
418,887
Bal. of prop acct., Incl. bark & timberlands, com1919.
1918.
1917.
1916.
prising: 513,511 acres of land owned in fee; 927,Sales of gas(1,000 Cu.ft.) 31,262,995 32,988,377 30,778,671
29,371,468
280 tons growing hemlock and oak bark; 1,640,Sales el. cur.(1,000k.w.h.) 865,388
756,649
749.828
673,286
388,822 ft. growing sawing timber. Also sundry
Operating Income_ _ _ _def.$1,853.759
$94,400 $2.538.279 $3.217,511
chestnut wood for extract purposes, pulp-wood.
Other Income
7,449,635 '7,141,372 6,695.957 6.930,108
railroad ties, cedar posts and poles, and other
valuable forest products
Total income
19,138,707 33,323,727
$5.595.876 $7,235,772 $9,234,236 $10,147,620
Interest
1.483.436
1.533.372
1.493,159
1.493356
Total
Dividends (7%)
$41,706,651 $56,435,350
7.021,796 6,994.793 6,987.155 6,987,155
CONSOLIDATED RESULTS FOR YEARS ENDING DEC 31.
Balance,sur. or def_def$2,909.356df$1,292.393 sur$753,922 sr$1,667,309
1919.
1918.
1917.
1916.
BALANCE SHEET DECEMBER 31.
Volume of business__ _$118,959,634 $94,147,418 $91,731,548 $93,247,552
Earns, after opor.
1919.
1918.
1919.
1918.
Assetsincl. repairs & mainten$
$
I Liabilities$
8
Plant, ,te
ance & all taxes*
54,550,283 54,182.025 Capital stock-100.000
$22,104,591 $12,922,437 321.066,061 $21.788.679
100,253,000 Exp.
Securities------'115,283,896 114,457,880 ' Convert. deben _ 21,278,000
& losses of all cos.._ 6.355.753
5,000,270
4,863,848
4.498.966
772
24,410,272
Mat'is & sul1P-- 1,284,047 1,532,891 Acets payable__ 9,200 100 7,176,852
Net profits
$15,748,837 $7,922,167 $16,202,213 $17,289.70
Cash
2,142.967 1,297,9021 Stock premiums. 13,918,879 13.918,879 Income from investm'ts_
377,852
392.475
40,849
37,696
Acc'ts receivable 2,4h8,817 5,330.572 Reserves
12,851,107 12,728.229
Total
$16,126,689 $8,314.642 816,243,(162 $17,327,409
Bonds dr edges.,
443,000
375,000 Profit & less sur. 15,881,152 18,689,128 Deduct-Int
on 1st M.5s 1,838,208
1,838.207
1,838,208
1,838,208
Con .Leath .pt d I vs.17%) 2,330,930
2.330.930
2,330.930
Total
2.330,930
176,133,010 177.178,3601 Total
176,133,010 177,176,360 Common dividends
(9%) 3,573,081 (7)2,779,063(9)3,573,081(8 )3275326
* Includes $2,476,350 par value Liberty bonds.-V. 110, p. 362.
Balance, surplus
$8,384.470 $1,366,441 $8,500.844 $9,882,945
Central Leather Company.
The "net profits" come from manufacture and sale of hemlock, union
and oak solo leather, harness loather and oak belting butts; also lumber,
(15th Annual Report-Year ended Dec. 31 1919.)
glue, grease and other miscellaneous products; sale of logs and other
President Walter S. Hoyt, New York, Feb. 17 1920, products; railroad earnings and other miscellaneous net earnings. forest
* Expenses include yearly also provisions for plant abandonment and
wrote in substance:
stumpages: repairs and maintenance approximately $2,707.729
1919,
Resulls.-The profits of the manufacturing and commercial business of $2,474,639 in 1918, $2,234,559 in 1917 and $1,654,111 in 1916, andInalso
in
the several companies after deducting all losses and expenses aggregated addition In 1919, 1018 and 1917 Federal income tax and excess profits tax.
$15,748,837; adding income from investments $377,852, there is a total of
CONSOLIDA
BALANCE
SHEET
TED
DEC. 31.
$16,126,689,from which there were deducted interest on bonds, $1,838,207;
Preferred dividend $2,330,930, and Common dividends (9%) $3,573,081;
1919.
1918.
1919.
1918.
Assets-leaving a balance to surplus of $8,384,470.
LiabilitiesThe total surplus Jan. 1 1919 was $30,250,952; less an appropriation Property acet-x 41,706.651 156,435,350 Preferred stock_ 33,299,059 33,299,050
In reduction of property account, $8,126,149, after adding the balance Investments ___ 6,715,926 6,718,320 Common stollc _ 30,701,030 34,701.030
Leather In stores,
of $8,384,470 from the year 1919 the surplus Dec. 31 1919 stands at
1st M.5% Ws_ 28,978,650 30,C23,150
$30,lumber,finish.
509,274 as per balance sheet.
Foreign drafts._ 1,444,752
322,772
precinct, &c.y 18,723,200 14,483,446 Accts. payable_ 2,033,091
Earnings.-For the four quarters of the year after making deductions
2,180,303
Hides
&
leather,
)r estimated Federal taxes, the earnings aggregated $16,226,689, viz.:
Accrued interest
459,552
459,552
raw & In prom.
First quarter
Pref. cilv. Jan. 2
$2,572,470 Third Quarter
532,733
582,733
$4,471,747
&c., materls_y56,214,624 48,872,325 Corn. div. Feb.2 1,290,279
Second quarter
4,698,897 Fourth quarter
490,261
4,383,574 Accts .receivable
Inventories.-Leather in stores, lumber and other finished products
15,209,550 11,671,705 Prov. for excess
at
conservative market prices show an increase in inventory value of $4,234,- Bills receivable260,709
245,028
profit,Income,
•
Call
loans,
754. The remaining inventories
4,277,281
Ate__
3,125,200
&c.,
taxes_ - 3,750,000 3,200,000
at cost show an increase over last year
•
Cash In bank,&e 4,756,548 3,605,170 Reserves-of $7,342,299.
Leather Market.-At the signing of the armistice in Nov. 1918 your Deferred charges
172,068
158,375
Fire insurn nee
875,000
875,000
operations were confined chiefly .to Government requirements,
Marine Intim%
150,000
100,000
and it was
not until some time later that the maximum prices on hides and
Liability insur
350,000
250,000
loather
were removed by the Government authorities. Up to March 31 1919 the
Special depree 1.019,641
709,525
leather business was dull in sympathy with the general uncertainty regarding
Miscellaneous 2,453,051 3,401,140
the future, and raw materials and finished leather adapted for Civilian
Surplus
30,509,274 30,250,953
use were in accumulation at low inventory values. The slaughter of
Total
domestic cattle started to fall off after the armistice; a serious strike broke
146,855,102 146,501,470
Total
146,855,102 146,501,470
out at the ports of Buenos Aires and Montevideo in late January. In
x Includes timber lands, railroads, tannery plants and plants engaged
the early spring the situation for hide supplies having
acute the in lumber,
glue and other allied industrial operations as shown above.demand for boots and shoes commenced in large volumebecome
and remained so Vol.
109, p. 2442.
throughout the year.
A steadily increasing demand for leather at advancing prices rapidly
absorbed the accumulated stocks. Hides had been purchased in South
Liggett & Myers Tobacco Co., New York.
America at Buenos Aires and Montevideo in large quantities by American
(Report for Fiscal Year ending Dec. 31 1919.)
tanners prior to the settlement, about April 1, of the port strike
at
those
points; but shipping facilities could not be obtained
1919.
it was not until
1917.
1918.
1916.
June, and after 900,000 hides had accumulated forand
Net
profits,
Incl. divs.
importation to this
country, that efforts in securing cargo space were successful.
from subsidiary cos__ $8,917,233 $10,050,222 $9,184,783 $8,416,814
The
domestic
and foreign hide markets continued to advance rapidly until the peak was *Difference between pur.
reached in early August, the leather market following in part. Later a
price &par.7% bonds
$20,034
$34,601
$22,220
$33,248
lull occurred in the purchase of leather by shoe manufacturer
1,768,162
1,777,328
s and in Interest on bonds
1,786,463
1,704,511
November leather prices receding somewhat. In
buying of Interest on 6% notes_ _ _ 1,200,000
96,666
both raw materials and finished leather was resumedDecember
Prof. dividends (7%)_..- 1,575,980
in volume.
1,201,034
1,575,980
1,076,866
Export Business.-Your export business was curtailed
early in 1919 by Corn.dividends(16%)_ _ 3,430,424
3,439,424 3,439.424 3,439,424
embargoes, lack of shipping facilities and the unsettled
conditions in
Total deductions
$8,003,600 $6,911,618 (16,462,121 $6,344,049
Europe-and in the last few months by the continual depreciation
of Balance, surplus
2913,633 $3,138,604
2,722,662 $2,072,765
exchange.
* This is the difference between purchase price an par of 7% gold
bonds,
Maintenance, .1.c.-The expenditures made by all companies during the viz..
(par value, $130,000 in 1919, $127,750 in 1918, $115,350 in 1917 and
year 1919 for maintenance and renewals and for replacement were as $116,750
in
1916)
purchased
and canceled during year.
follows, all charged to cursent operating expenses and to replacement funds
Dividends paid on the Common stock in 1919 and previous years were
esert.ed from earnings:
four quarterly dividends of 3% and an extra of 4% paid in April.
I
THF CHRONICLE
FEB. 28 1920.1
BALANCE SHEET DEC. 31.
1919.
$
AssetsReal est., mash.
and fixtures-- 13,096,016
Brands, trademarks, good40,709,711
will, &c
Leaf tobacco,
manufactured
stock & oper.
supplies
70,976,932
Stocks other cos. 1,752,584
13,359,416
Cash
Bills & accounts
receivable ___ 15,219,001
1918.
1919.
$
$
Liabilities-Preferred stock_ 22,514,000 22,514,000
11,110,956 Common stock_ 21,496,400 21,496,400
14,535,100 14,665,100
7% bonds
15,059,600 15,059,600
5% bonds
40,709,711 6% gold notes__ 20,000,000 20,000,000
256,639
254,364
Accr.int.pay.Apr
313,742
313,742
Accrint.pay.Feb
100,000
100,000
Accr.int.pay.Jun
393,995
393,995
13,613,552 Pf.div.pay.Jan.1
1,677,707 Accts.&bilis pay 26,423,517 4,693,144
10,093,757 Bills payable...3r 5,850,000
Res.lor taxes,&cl 4,649,391! 7,283,236
1 1,123,318
11,079,425 Res. for adv.,&cf
Deprec'n reserve 3,771,125 3,346,542
Profit and loss__ 19,753,025 18,839,392
1918.
$
155,114,260 130,085,108
Total
155,114,260 130,085,108
Total
x These bills payable are assured by Liberty Loan bonds.-V. 109. 132176.
Middle States Oil Corporation.
The remarks of President C. N. Haskell, together with tha
income account and balance sheet as of Dec. 31 1919, will
be found among advertisements on preceding pages.
(*Consol. Income Account Period Mar. 1 1919 to Dec. 311919.)
011 and gas sales
Cash premiums on leases
Other income
$1,489,778
28,750
23,086
Total gross income
Field operations and new construction
Taxes (incl. Fed. & State taxes for 1918) & lease rentals
Administration and general expenses
Redemption Preferred stock
Syndicate expenses
Dividends paid
$1,541,613
$290,745
11,871
81.880
40,220
37,500
149,720
3929.678
Not profit before deductions for taxes
* This consolidation embraces income Number Seventy-Seven 011 Co.
Number One 011 Co. for the period March 1 to Dec. 31 1919. Income of
Dominion 011 Co. from Nov. 5 .the date of organization, to Dec. 311919,
and Ranger Texas 011 Co. for period May 1 to Dec. 31 1919.-V.110.p.172.
New York Air Brake Co.
(Report for Fiscal Year ending Dec. 31 1919.)
President C. A. Starbuok, New York, Feb. 18 1920, wrote
in substance:
of its
869
National Casket Co., Boston.
The company in connection with the stook offering (see
a subsequent page) reports in substance:
$1013. On
Capitalization.-Authorized capital stock is $6,000,000, parshares.
In
Jan.30 1920 there is outstanding stock amounting to 49,595 6-10
be issued a
accordance with a resolution of trustees of Jan. 21 there will
There
shares.
78-100
to
2,479
amounting
1920,
30
March
stock div. on
is authorized for issuance by the present sale 15% of the stock now outstanding, amounting to 7,439 34-100 shares. After the stock dividend
59,514 72-100
referred to, and the present sale, there will be issued a total ofdeing
the balshares. The bonded debt amounts to $500,000, due 1924, no preferred
Is
There
bonds.
debenture
of
31,000,000
of
issue
an
of
ance
properties.
company's
stock, and no mortgage upon any of the
Company.-Incorp. in New York in 1890. Is engaged in manufacture
and sale of funeral supplies of all kinds, including varnished, cloth-covered,
and metal caskets; hardware; burial garments; casket linings; embalming
supplies, and undertakers' equipment. Is the largest manufacturer and
distributor of funeral supplies in the world.
Factories & Branches.-Factories are located as follows: Asheville, N. C.;
Baltimore, Md.; Chicago, Ill.; East Cambridge, Mass.; Indianapolis, Ind.;
Oneida, N. Y.:
Louisville, Ky.; Long Island City, N. Y.; Nashville, Tenn.;
as follows:
N. S. Pittsburgh, Pa.; Rochester, N. Y. Has sales Iranches
N. Y.:
Albany, N. Y.; Boston, Mass. (2); Brooklyn, N. Y.: Buffalo,
N. Y.;
York,
New
Conn.;
Haven,
New
Cleveland, Ohio; Harlem, N. Y.;
Philadelphia, Pa.; Pittsburgh,Pa.; Scranton,Pa.; Syracuse, N. Y.; Washington, D. C.
of its
Recent Plant Improvements.-During past few years, to take care
and imincreasing business, company has been making many additionsstock
has
'dimension
of
provements. A large factory for the manufacture
up at N. S.
been erected at Asheville, N. C. A new building has been put
the
immediate
and
department
casket
metal
the
house
Pittsburgh, Pa., to
the growth
success attending the introduction of National metal caskets,and
other buildof its sales in the Pittsburgh district have led to the addition of
been purhas
land
Additional
ings at .hat point,now under construction.
chased at East Cambridge, and building operations, now nearing complefactory.
that
at
area
floor
the
doubled
practically
have
tion,
To handle its growing hardwood casket business, company purchased
N. Y.,
the plant of the Lee Chair Co., adjacent to its factory at Oneida,made
at
in 1919. Within the past year notable improvements have been
fitted
Louisville, Ky., and at Nashville, Tenn. A new building has been
out at New Haven, Conn., and the lease of a new building at Cleveland,
Ohio, procured. Has recently acquired property, including a five-story,
fire-proof building at Dallas, Tex., and will shortly have a factory in active
op:vation
are to
Reasons for Present Issue of Stock.-The objects of the present issue actual
make the amount of stock outstanding more nearly approximate thecapital
worth of the company, and to give the company greater working
with which to finance the various projects now under way, and those contemplated for the extension and improvement of the business.
Earnings.-Earnings of the past three years, after deduction for Federal
taxes are as follows:
1916-17. 1917-18. 1918-19.
June 30 years$628,453 1914,032 $1,007,939
Not after Federal taxes
June 30 1891, to $10,ending
year
Sales have grown from $1,692,672,
539,221 for year ending June 30 1919.
I The policy of the Railroad Administration, duo to the uncertainty
tenure of office, has boon to keep all purchases at the lowest possible point,
and the effect of such policy is reflected In the reduction of our gross sales
for the nast year. The contracts with the U. S. Govs.rnmont have only
boon partially adjustad, but it is expected that full and complete adjustBalance Sheet June 30 1919.
ment will be, made within the next few months.
Liabilities.
Assets.
All indications now seem to point to restoration of the railways to their
$4,952,560
$2,474,613 Stock Issued
private ownership by March 1, and the fact that the railways have already Physical properties
500,000
Bonds
1,185,573
roe
cars
of
notes
&
supplies
for
Accounts
anticipated this restoration by placing orders with us
330,452
3,357,560 Accounts payable
and engines in largo volume leads us to believe that the coming year will Merchandise inventory
taxes_
915.000
Tederal
for
Reserve
463,974
Cash
company.
be a banner one for your
1,007.939
taxes
for
reserve
less
Gain,
33,371
Mortgages receivable
250,900 Surp.& undivided profits_ 2,205.147
CONSOLIDATED INCOME ACCOUNT YEARS ENDING DEC. 31. I,Iberty bonds
1916.
1917.
600,000
1918.
Treasury certificates
1919.
$9.911,098
Total (each side)
13,551,663 110,380,584 $10.157,038 824.051,103 Good-will, pat. & licenses_ 1,545,106
Sales
Receipts from investDividends.-Company has an unbroken dividend record from its incep93.891
112.292
83,924
84.010
menta, interest. &c
1917
tion. Since 1915 it has paid regular annual diva. of 6%. In Julydiv.
•
of
825.834
Part. adj. Govt. contr.
a stock div. of 10% was paid. In October. 1918, another stock
$1.495.512 310,491,508 $10.261,330 324.141.99/ 10% was paid. A stock dividend of 5% has been authorized for payment
Total income
Cost of manufac'g. &c-- 12.810.501 $7,137,317 $7,792.0.4 $14.083,28.2 March 30 1920.-V. 110, P. 665, 566.
361.891
.93
303.5
682,159
790,711
Admin.. 3:c.. expenses-32,172
.i 19
98.533
60.003
Taxes
72.890
70.077
213.916
American Chicle Company.
200,476
Royalties
1,201.009
101.090
Depreciation
189.009
180.009
(Report for Fiscal Year ending Dec. 311919.)
180.030
180.010
Interest on bonds
(10)095.313(20)1.937.715(20)1.943.941(1134)1149126
Dividends
The report, signed by Pres. Darwin R. James Jr. and
$5.00/.01J $10,349.610 310.362.181 $17.0 9.161
Total deductions
Chairman Thomas Adams, is substantialy as follows:
and
,085.836
8
def.393.181.r87
1.498sur.$114.83
or
def......def.$51
sur.
Balance,
6,430,829 8.082.591
6.595.667
Results.-Notwlthstandinct unsettled business conditions, the sugar shore.'
Previous surplus
age which develoned towards the end of the year, coal strikes, &c., operaTotal p. & 1. surplus__ $6,054,168 $6.595.667 36,480.829
tions were successful.
Sales increased approximately 50% over 1918, when they reached a
31.
SHEET
DEC.
CONSOLIDATED BALANCE
record. After payment of interest on Son Son bonds, dividends on ths
1918.
1919.
1918.
1919.
Preferred and Common stock, a net increase in surplus of 11.101.609 is
$
Liabilities-Assets-.
for the year. The surplus on Dec. 31 1919 Is shown to be $2,895,744.
10,110,010 10,009,090 shown
Capital stook
Factories, patents,
The
usual reserves have been set up to meet depreciation and taxes.
1st M.cony. bon Is 3,0)1,013 3,0a),900
water power,
In the year dealers shelves were short of stocks and had the capacity
Early
237,299 1.183,227 of our factories been greater, our sales would have been twice what they
land & mach'y_14,109,626 14,040,681 Accounts paya‘)13
Stocks and bonds. 1.510.053 1,638,217 Cash adv. by U.S
were. During the entire .year. production was at a maximum, and for nine
Govt. Acct. contr.1,471,611 1,233.391 of the twelve months. sales were limited only by our capacity. Sales of
Cash
1,142.667 2,361,671
33,000 every brand manufactured showed encouraging increases.
33,003
Accts.& bills rec.- 1.639,843 2,318,417 Accrued bond int
there
Inventory
5,037,763 1,345,010 Reserve for taxes 412,474 1.014,737
Goods were exported to practically every country on the globe and
and depreciation
Expend. for acct
to be a large and increasing demand for our brands in every country
8,4)1,01) 5,950.000 appears
Bills payable
sold. A slightly larger amount was spent in adverU. S. Govt. on
been
have
they
where
431.090 tising than In any preceding year.
3,610,582 3,938,024 do Litewty bands 441,013
contracts
Profit and loss-- 6,151.153 8.535,857
n.--A large building in Long Island City, suffl,
New Plant-Consentrati
requirements for several years to come, will
28.090,541 29,524,021 clent in size to take care of ourTwo
Total
.28,090.541 29,524,021
Total
factories under lease will be sublet and
be completed early In 1920.
-V. 109, p. 1708.
property. By concentration of operations,
third
the
we shall probably sell
economies.
ect
of.
to
be
able
to
we
expect
.
Corporation
ohnson
Endicott-.T
Outlook.-The sugar famine became quite acute at the end of the year.
(Report for Fiscal Year Ending Dec. 311919.)
The price of sugar and other of our materials will undoubtedly continue
1918.
high
during the entire year 1920, and there will probably be no relief from
1919.
$62,713.039 551.810.646 heavy taxes. We have, however, effected considerable economies in the
°roessales
of
46.764.088
manufacture.
cost
52,495,020
equip.
8:
plant
bldg..,
on
Mfg.costs,exp.& doprec.
Adams & Beemans, Ltd.-Our English company being homeless. Is erect810,218.019 15.076.558 ing a factory which will not be completed until the summer of 1920.
Not profits
86,211
40.935
company
Other income
Canadian Chewing Gum Co., Ltd.-The sales of our Canadianmaterially
a satisfactory total. The surplus of the company was
310.258,954 $5,162,769 showed
Total profits
764,582 increased during the year.
467,374
Int. on notes payable and incorp. exp. charged offChicle.-Supplies of chicle were somewhat more plentiful than during
2,331.008 (Present Co.
Provision for 1019 Mai
the year 1918. The cost of this essential article increased very materially.
incorp.
205,286
Profit-sharing plan
reserve stock is somewhat larger than heretofore.
Our
Nice
31,
787.800
Preferred dividends(5j%)
Note Issue.-It became necessary during the year, in order to take cars
1.400,000 1919).
Common dividends (10%)
of the additional capital requirements and to finance new building opera$2,767,786 $4,398,187 tions, to sell $2,500,000 8-year 67: serial notes (V. 109. P. 1610)•
Balance,surplus
$7,900,836 $4,891,088
Total profit and loss surplus
BALANCE SHEET DECEMBER 31.
The profit and loss surplus of Dec.31 1919.17.900,836,includes $241,962
1918.
1919.
1918.
1919.
for amount over provided for 1918 taxes.
LiabilUies-AssetsBALANCE SHEET DECEMBER 31.
Preferred stock__ - 8,000,000 3,000,000
Land
,b1dgs.,equip1918.
1919.
2,700,932 1,352,179 Common stook___ 8,000,000 8,000,000
1918.
1019.
ment, &e
4,606,500 2,161,000
$
LiabilitiesBonded debt
Trade-marks,goodAssets15,000,000
__15,000,000
stock
Preferred
8,155,897 8,155,897 Notes & accounts
Land, buildings,
will, &c
833,626
1,774,436
payable
4,333,226 2,715,337
Inventories
machinery, &o....10,774,974 0,700,000 Common stock...14,000,000 14,000,000
45,000
661,928 Dividends payable
7,000,000 7,000,000 Notes payable__ 8,000,000 7.625,000 Advances for mat'l 998,464
Good-will
1,216,948
taxes,
for
Reserved
Acceptances
Pay
1,466,527
18,077,419 11,757,581
Inventories
Notes & accts. rec. 2,399,378
654,322
depreciation,&e. 547,008
258,378
275,958
Accts.& notes red_10,243,581 3,086,882 Sundry creditors__ 515,328
Cash
1,451.450 U. S. Lib. bonds.. 100,549
2,895,744 1,794,134
Surplus
Loans payable_
66,807
Sundry debtors..
16,500 Divs. Jan. 11920. 1,172,500
Sundry investnets
16,500
& bds. of oth.
952,870 Stks.
1,160,000 Accounts payable_ 864,661
Liberty bonds_
cos.& trees. stk. 1,320,774 1,560,745
319,091
538,508
1,500,000 Profit-sharing plan 2,505,286
U.S.att. of indebt.
Def. charges,
5,758,393 3,567,516 Reserves for taxes_ 2,331,008 2,900,000
Cash
20,823,686 16,488,082
Total
7,900,836 4,891,088
Surplus
20,823,686 16,488,082
Total
Endicott Water
248,874
in
300,000
Works Co
(Dividends on the Common stock were reduced to 134% quarterly
51,948
Deferred charges.,
then
until
Feb. 11919, when
none
1916;
April
in
Jan. 1916 and suspended
were begun. These have been continued
each
1%
of
nts
quarterlypayme
48,037,356
52,289,619
Total
52,289,619 46,037,356
Total
to date.-Ed.1-V. 109, p. 1610.
-V. 110, p. 767.
870
THE CHRONICLE
Mackay Companies.
(Report for Fiscal Year ending Feb. 1 1920.)
Pres. Clarence H. Mackay, Feb. 16 1920, wrote in subst.:
A ss,
ls-Investments
Cash
ivoL. no.
BALANCE SHEET FEBRUARY 1.
1920.
1919.
192u.
$
Liabilities$
$
93,294,193 93,277,977 Prof. shares issued.50,000,000
30,582
26,574 Com.shares issued.41,380,400
Balance, profit__ _ 1,944,375
93,324,775 03,304,551
Total
93,324,775
.0.,i
lu19.
$
50,000,000
41,380,400
1.924,151
End of Government Control.-The return of all telegraph, cable and telephone systems to their owners took place on July 31 1919 and
the officers
of your companies, who had been removed by the
Postmaster-General,
Total
resumed their official positions, their actual duties not having been inter.
93,304,551
rupte
r..
d
x The dividends as reported by the company are not apportioned to'the
NI Burleson's administration of the telegraph and telephone lines for the
one year ended Aug. 1 1919 resulted somewhat disastrously to the Govern- different classes of stock but are stated in a lump sum ($4,355,988 int1919
ment. In a report rendered to Congress on Nov. 1 1919,he acknowledged and $4,388,677 in 1918). Regular dividends for the years 1918-19 and
1920 were paid on the Common stock at the rate of 6% per annum, and,
that his award of compensation to the Western Union
Telegraph
and knowing
that the company has been buying in its Preferred shares (see text
the Bell Telephone companies was $10;211,681 in excess of what theyCo.
earned above), we
have assumed that the outstanding Common stock has remained
during that year, and that the Government would have to make up that
loss.
As to your Postal Telegraph-Cable System he reported that that system unchanged at $41,380,400, and that the sums disbursed as dividends on the
had earned during that year 34,029,195, but that he had awarded as suffi- Preferred shares were the amounts remaining after deducting the 6% on
cient compensation to the Postal System $1,680,000 only, although he states the full amount of Common. If this method be correct, the average amount
of Preferred stock outstanding in 1919-20 was $46,829,100, and the total
in his report that it is not claimed by him that $1,680.000
is just compen- amount
sation to the Postal System. This admission on the part of
retired to date about $3,170,900.-V. 110. P. 769
Mr. Burleson
is practically an acknowledgment that his award was in error, and
inasmuch
as the Postal System is in possession of all its earnings during the period of
Federal control, and our counsel have rendered an opinion that Mr. Burleson
General Baking Company.
is entitled to no part of these earnings, we feel that the incident
is closed.
(Report forlFiscal Year Ending Dec. 27 1919.)
The U. S. Court in Illinois has recently held that the compensation
to
be
paid by the Government for a railroad taken over during the war must be
President William Deininger, New York, Feb. 18 1920,
measured by its earning capacity at the time it was
taken over, and then
quoted from the Monongahela case, decided by the U.
wrote'in substance:
Supreme
S
Court.
saying. "The question of lust compensation is not determined by the value
Results.-The net profit for the year after making full provision for de.
to the Government which takes, but the value to the individual from whom predation
of plants and property, bond Interest and income and war excess
the property is taken."
profits
taxes, amounts to U70,606. After paying 7% in dividends (or
Mr. Burleson never actually or legally took charge of your cable system,
on the Preferred stock the total undistributed (profit and loss(
although he issued an order removing your officers and placing the cables $4414,750)
Dec. 27 1919 was $2,124,402.
441
in charge of Mr. Carlton, the President of the Western Union Telegraph Co. surplus
The net profits for the year are equivalent to 14.6% on the Prof. stock
or
Your cable companies promptly applied for an injunction. The
9.3% on the entire outstanding capital stock, both Common and Preferred.
court gave an adverse decision, and after argument of the appeal in thelower
S. The accumulated Preferred dividends still remain 2234 %, and the undisSupreme Court, Mr. Burleson precipitantly turned back your cables,U.
tributed surplus at Dec. 27 1919, after allowing for these accumulated dividand
thereupon the U. S. Supreme Court reversed the court below, but held that ends will leave 23.7% for the Common stock.
the case had become moot, the cables having been returned to their
owners.
The sum of $308,308 was charged off against the profits for the year for
Your cable system has rendered no account to Mr. Burleson and does not depreciation
of plants and the total reserves for depreciation now amount
intend to do so.
to $1,524,547, all of which have boon created out of the earnings. During
Results.-Notwithstanding all these Governmental troubles, the gross the past year, the sum of $130,654 was expended for improvementsiand
receipts of your ocean and land line systems since their return to your additions to plants and charged to the property accounts.
control and operation on Aug. 1 1919 have steadily increased and the not
The current assets now amount to $2,849,360 and the current liabilities,
profit, while not equal to the increase in gross receipts, duo to the increased which include the estimated provision for excess profits and
Federal
expenses incident to all classes of business, is quite satisfactory.
taxes payable throughout the year 1920 amount to $919,394. Theincome
difference of $1,929,966 represents the working capital, an increase of $491,928
Lower Rates.-This is the situation, although on Aug
1919 your land over
Dec.
line system reduced the telegraph rate 20% by eliminating 1the
31 1918.
20%
increase
in the telegraph rato which Mr. Burleson put into effect on April 1 1919.
The Western Union Telegraph Co. still continues the Burleson rate. By
RESULTS FOR FISCAL YEAR ENDING DEC. 27.
careful management your land line system is able to return to the old rate
1919.
1917.
1918. ,
with sufficient profits to justify the continuance of such return, unless cir1916.
Net income
b $1,355,338 $1,004,956
$964,010
$919,053
cumstances change.
Bond, &c.,
$176,424
3238,420
$213,199
$205,156
New Telegraph Wires Available for Long Distance Telephone Service -In Reserve forinterest
depreciation
307,323
308,308
215,712
213,113
August 1919. by reason of the increasing telegraph business, your trustees Paid on Kolb
guaranty_
50,000
decided to string 24,000 miles of new copper wire between the commercial
Preferred dividends__(7%)414,750 (4)237,000 (4)237,000 (4)237,000
centres of the country. This involved the purchase of about 5,000.000
lbs.
of copper wire. Practically all of these wires have now been strung and are
Total deductions
$899,482
$782,743
$665,911
$705,269
in active service.
Balance, surplus
$455,856
$222,213 a$298,10S
$213,784
These new wires are being transposed as they are strung, thus rendering
b
In
1919
net
shown
income
making
is
after
estimated
provision for
them available for the enlargement of the long distance telephone service excess profits and Federal income taxes.
given by your land line system. This telephone service is being constantly
extended throughout the country and IS profitable to your companies.
BALANCE SHEET.
Decision as to Interchange of Messages.-On Aug. 1 1919
Western
Dee.27 '10. Dec.28 '18.
Union Telegraph Co. refused to continue the long-establishedthe
Dec.27 '19. Dec.28 '18
practice of
Assets-Liabilitiesaccepting messages from the Postal lines destined for exclusive Western
$
•
Real est.,bidg.,dre. 5,032,819 4,902,164 Preferred stock._ _ 5,925,000 5,925,000
Union points unless accompanied by the cash to cover
tolls thereon. Good-will
7,010,868
7,010,868
The P. S. Commission of N. Y. State on Nov. 20 1919the
Common
stock_ _ 3,400,000 3,400,008
handed down a Invest.(Kolb link.
decision sustaining our position and ordered resumption of old method.
lionded debt
2,834,000 2,900,000
common stock). 1,740,00() 1,740,001) Notes payable_
310,000
Florida-Cuban Service.-Your land line company has finally
in Other investments.
9,600
9,600 Accts. payable, dte y803,128
593,504
obtaining by eminent domain proceedings a right-of-way alongsucceeded
the Florida Cash
710,423
520,700 Accrued interest__
12,578
13,348
East Coast RR.from East l'alatka to Miami, Fla. 304 miles. A telegraph
493,803 PM.div.9ay.man.1. 10:3,688
59,250
line along this right-of-way will enable us to reach Many additional important Accounts receliele. 447,737
1,308,769 1,2:18,234 Depr., &c., res've. 1,524,547 1,268,820
cities and towns in Florida and to lay a submarine cable from Miami, Fla., Inventories
U. S. Liberty bds_ 191,450
94,479 Herplius
2,124,402 1,668,546
to Havana,(Juba. 252 miles, which will give us a second submarine
Co. bond purch'd_
66,924
190,982
from the U. S. to Cuba. When this second cable is laid it will enablecable
Miscellaneous
_
61,696
84,697
land lines to handle a greater volume of business to and from Cuba, andyour
also
furnish an alternate route, supplementing our present cable from New York.
Total
16,727,343 16,138,468
Total
16,727,343 16,138,468
Decision Affecting Telegraph Companies.-The U. S. Supreme Court in the
* On Dec. 27 1919 the unpaid accumulated dividends on the preferred
case of Postal Telegraph-Cable Co. vs. Warren-Godwin Lumber Co.,
recently held that the Acts of Congress have superseded State statutes and stock aggregated 2234 %. y Includes estimated provision for facto-is profit
State decisions on inter-State telegrams, so far as liability for damages in and Federal income taxes.-V. 110. P. 469.
connection with the transmission of such messages is
This
decision will discourage suits based on unavoidable errorsconcerned.
or delays due to
electrical disturbances ,&c
Loose-Wiles Biscuit Co., New York City.
New Cable Ship -It has been decided to build a new cable repair ship to
(Report
for Fiscal Year Ending Dec. 31 1919.)
replace the cable ship "Mackay-Bennett."
Pres, B. L. Hupp, Feb. 211920, wrote in substance:
Derices to hicrease Efficiency of Cables.-At present a corps of experts is
engaged in trial of new.devices, which give promise of increasing the effiResults.-The net profits for the year,after providing estimated adequate
ciency of the existing rabies and your trustees hope to be able to announce
reserve for Federal taxes, depreciation, renewals and contingencies,
amount
shortly the adoption of novel apparatus of a highly efficient order.
to $2,136,569.
eliminating the errors and delays inseparable from the receiving and re-transmitting
Bank Loans Reduced.-13ank loans have been reduced during the fiscal
of cablegrams at intermediate points.
year from $1,850,000 to.$200,000 and the other indebtednesss is for income
Abuses of Privilege of Government Service.-During the war messages have and excess profits taxes and for merchandise, &c.,
not subject to cash disc't.
frequently been sent from one Government department to
another
for
privDividends on Second Pref. Stock Proposed.-Since the floating debt has
ate interests. In the suit of the Commercial Pacific Cable Co. against the been
reduced to a conservative amount, conditions are quite favorable to
Philippine National Bank in the U. S. District Court of N. Y., the court consider
dividends on the 2d Prof. stock and your
on Jan. 26 1920 decided that the practice was illegal and that full tolls directorsthe payment of back
now believe the company will be in position to discharge the
must be paid.
dividendsfor 1915 and 1916 before or by the end of the current
End of Censorship-Cable Business Still Heavy-Will Require More Cables. accumulated
year; the initial payment on which may be made about May 1. As rapidly
-The censorship of cable messages was discontinued on July 23 1919. as
our financial condition permits, all of the back dividends on the 2d Pro.
This resulted in a resumption of the use of codes for condensing the length stock
will be paid and thereafter your directors hope the regular dividends
of messages, but, on the other hand, there was a largo increase in
the may be resumed and paid quarterly as and when duo. Until
this is accomnumber of messages by reason of the freedom of cable facilities for complished and needed additional capacity Is provided for, dividends en the
mercial communication. Your cable system consequently continues to Common
stock will not be considered.
handle a heavy volume of traffic, and in fact so heavy as to necessitate
Sinking Fund.-The requirements for the redemption of 1st Prof stock
the consideration of laying additional cables between the United States and
of$75,000for each of the years 1915 to 1919,both incl., have been provided
Europe as soon as reasonable and prompt delivery can be obtained.
Financing Extensions.-All new cables and land lines will be paid for, not for, and 4,003 shares of this stock have been purchased and discharged
by the issue of new capital, but by the use of the reserves of your system from registry.
which are available for just such purposes. Your reserves are invested in
Federal Taxes.-The "reserve for contingencies" of $1,089,870 set
OD
bonds of the United States, British, French and Canadian governments,
Dec.311918,as well as a specific tax reserve,as per statement for that up
year,
as well as bonds of American municipalities and railroad companies, and are have been applied on payments of Federal taxes made during the year
1919.
available and ample for any extensions on land or ocean.
Additions.-The growing demand necessitates increased menu facturing
Your companies have also continued their investment in preferred shares facilities
and plans for extensions and new buildings are now being formuof The Mackay Companies by purchase in the open market.
They have lated and will be carried out when building operations are on a more favoralso been purchasing the debenture bonds of The Commercial Cable
Co.
basis.
able
in
London, the low rate of exchange being an important element.
INCOME STATEMENT FOR CALENDAR YEARS.
Status.-The gradual building up o4,a satisfactory liquid reserve puts
your companies in a strong position, and when the business reaction comes,
1918.
1919.
1917.
1916.
as come it will, your companies will be in a position to sustain themselves
income
Net
$2,136,569 31,053,222 $1,522,404
$752,252'
during the lean years.
344,050
325,481
344,050
344,050,
It is now 15 years since the outstanding Common shares have been in- 1st pref. div.(7%)
creased, and 13 years since the outstanding Preferred shares have been
Balance, surplus
$709,172 $1,178,354
$1,811,088
$408,202
increased. Meantime no notes or bonds have been issued or debts incurred.
The employees continue to increase share holdings. The income
the
CONSOLIDATED BALANCE SHEET (INCL. SUB, COS.) DEC. 31.
subordinate companies of The Mackay Companies is greater than of
is required to pay the dividends of The Mackay Companies, but its policy is to
1019.
1918.
1910,
1918.
obtain from those companies only sufficient funds to meet those dividends.
AssetsLiabilities-$
$
$
$
Real estate, bides.,
1st pref., 7% cum_ 4,599,700 4,865,000
PROFIT'AND LOSS ACCOUNT FOR YEARS ENDING FEB. 1.
plant,e'dw1114c.13,133,922 13,040,234 2(1 pref., 7% cum_ 2,000,000 2,000,000
1919-20.
1918-19.
1917-18.
1916-17.
Inventories (coat)_ 4,335,213 4,451,973 Common
8,000,000 8,000,000
Income from investments
receivable
Notes payable_.- _ 200,000 1,850,000
in other companies_ __$5,021,095 $4,695,497 $4,519,365 $4,683,265 Accounts
(less reserve)._ 3,094,722 3,060,476 Accounts payable_ 1,213,076
848,223
Div.on pref. stock(4%-).x$1,873,164 x$1,905,853 $2,000,000 $2,000,000
Miscell. Invest.,&c. 136,859
10:1,393 Prov,for war excess
Div. on corn. stock .(6%)2.482,824(6)2,482,824(5%)2425198(5)2,069,020 U.S.cert.of
indebt.
& income taxes.. 1,071,604 1,697,614
Oper. exp., incl. transfer
and Liberty bds.
1,160,013 Conting. reserve_
1,089,870
agents, registrars' and
Cash on hand, &c. 440,461
799,016 Res.for redemp. of
trustees' fees, office
Prepaid insur.. &e. 138,124
118,635
1st pref. stock__ 375,000
85,000
rent, salaries, Federal
Surplus
3,819,122 2,298,033
income tax, &c
644,884
301,121
89,059
56,800
Total
21,279,102i22.733,740
Total
21,279,102 22,733,740
Balance carried forward_ - $20,223
$5,697
(35,108
$557,446 -V. 109, p. 2269.
lk
61(
FEB. 28 1920.]
871
THE CHRONICLE
Repeal of 7% Dividend.-
k
Cleveland Railway.-SeeSheriff
Edwin D. Barry, a stockholder.
ordinOwing to a lawsuit brought by
restraining a referendum on the
tion
injunc
ary
tempor
a
resulting in
se its devidencd rate from
increa
to
right
the
ance granting the companyl is seeking to repeal the ordinance and return
6% to 7%, the City Counci therefore invalidate the lawsuit and render
for all taxes, the dividend rate to 6% and
of the earnings of the yearall
ions
ssary any referendum.-V. 110, p. 764.
deduct
Provision has boon made out
and
profits tax. After these gs are $1,727,205; unnece
cers.including income and excessmanag
earnin
net
Co.-Equipment Notes-Offi
the
,
ement
Delaware & Hudsd on
for authroity
nds of 2A %
for charges and expenses of
to the New York P. S. Commission
($328.216) and four divide
applie
has
ny
loss
used to
compa
The
and
be
to
ds
deducting Preferred dividends ating
profit
procee
1662,300, the total
6% 15-year equipmentbynotes,
each on Common stock, aggreg .802 (against $1,083,113 on Dec. 311918). to issue 14,365,544allocat
the Government while under
ed thr company
ent
equipm
.
for
zation
pay
organi
surplus Dec. 311019 was $1,819
since
t year were the largest
l control.
l will include:
The net earnings for the curren
ss is excellent and the outlook for Federa
after the end of Federal contro
The organization from and
The present condition of your busine
C. A. Peabody, N.Y.
Y. City; W. H. Williams andC.
N.
Pres.,
Loree,
Montreal.
F.
L.
1916.
Sims,
S.
1920 is good.
1917.
dents;
1918.
1919.
P. Gutelius, Albany, V.-Presi
&
$1,471,528 $1,448,711 City, and F.
W.B. Schofield, Asst. to Pres.
$1,727,205 $1,487.984 (20)92
Loree, Albany, Gen. Mgr.;
T.
J.
s.;
Y. City:
0,000
V.-Pre
N.
(20)92
,
Net earnings x
0,000
Treas.
,
Davies
H.
W.
and
y1,058,000
Soc.,
nt,
2,300
Olypha
10%)66
.....(
and
M.
0
nds
F.
oller,
322,00
divide
on
Sec.;
•
Comptr
Comm
Mat
322,000
: W. E. Eppler,
323,554
C. H. Booth, Local Treas., Albany
Pref. dividends (7%)...328,216
N. Y. City.-V. 110, p. 561, 658.
$206,711 Walter C. Noyes, Gen. Counsel.
$229,528
30
$106,4
89
1736,6
s
surplu
e,
Balanc
-Annual Report.Duluth-Superior Traction Co.
charges and ex1917.
1918.
1919.
after deducting yearly all ing
and
me
"inco
x "Net earnings" are stated
Years
Cal.
$1,937,142 $1,665,909 11,621,952
provision for all taxes, includ
000) Operating revenue
($920,
penses of management, and
20%
of
nd
462,408
divide
7
297,40
stock
a
9
1918
280,63
excess profits" tax. y In March
e Oct. 1 to holders of Total gross income
$173,645
$175.002
$174,838
,000 Common stock, payabl
ution on the Cora, Deduct-Interest on funded debt
was declared on the $4,600
2,966
distrib
rly
3,348
quarte
the
1,033
of
place
the
further Miscellaneous debits
record Sept. 16, to take
1 and Oct. 1; and on Dec. 31 1918 a
stock usually paid April 1, July
$285,797
75
$119,0
1040.)
68
p.
$104,7
106,
(V.
cash.
in
000)
% ($138,
Net income
$29,044; in 1918. 128,837.Also to gen. mtge. sinking fund in 1919,
BALANCE SHEET DEC. 31.
1918.
1919.
V. 108, p. 1060.
1918.
1919.
Ry.-Equipment.AssetsEastern Massachusetts St.
n of.company
Preferred stock _ __ 4,688,800 4,688,800
es has approved a petitioand
00
R&si eet., mach.,
12 snowThe Mass. Dept. of Public Utiliti
Common stock_ __ 6,623,800 5,520.0
a cost of 1904,940
at
cars
trades,
82,054
fixture
82,054
se of 200 1-man
Jan
purcha
pay.
the
div.
for
serial bonds.
Prof.
,000
$2,000
of
sale
138,000 sweepers at a cost of$52,551 from proceeds of
marks, patents,
.div .pay Jan. 165,590
licenses on April 26.
jitney
all
revoke
to
&43___ 6,220,066 5,952,040 Cons
voted
l
has
Counci
The Lynn City
Prov. for adv.. Ingive 16 rides for $1.-V. 110
Leaf, raft!. stock
street railway.trustees have agreed to
disc'ts, &c_ 3,568,471 3,346,788
60
96 The
supplies, &c__ 3,932,761 4,034,9
p. 261.
14 Bills & accts. pay_ 3,036,589 3,641,6
2,707,2
27
2,816,6
cos.
13
other
of
1,083,1
&cur.
1,819,802
Notes.1,040,408 1,066,612 Surplus
Cash
Erie RR.-Equipment
for authority
19
to Lhe New York P. S. Commission
Bills & accts. rec.... 5,975,244 4,739,6
The company has applied-year
be used to
equipment notes, proceeds tonment
451
16
,442
19,985,106 18,500,
$4,95R
issue
while
to
Total
Gover
451
the
by
18,500,
ny
compa
100
the
19,085,
Total
pay for equipment allocated to p.
764.
-V. 109, p. 2178.
under Federal control.-V. 110,
Weyman-Bruton Co.
1919.)
(Report for Fiscal Year ending Dec. 31
in brief:
Treasurer I. L. Elliott, March 2, wrote
Officers.-
GENERAL INVESTMENT NEWS
ROADS.
RAILROADS, INCLUDING ELECTRIC
Officers.
New
Ry.tic
am & Atlan
Atlanta Birmingh
ent; J. L.
Federal Manager, has been elected Presid
B. L. Bugg, recently
,.and II. V. B. Gilbert, Sec.
Edwards. V.-Pres.; W. E. Paschall, 'Treas.
-V. 110, p. 260, 764.
s Bond Petition-Officers.--
Baltimore & Ohio RR.-File
sion
n with the Maryland P. S. Commis
The company has filed a petitio0,000
Equipment 6% Gold bond, to be
agreethe
for approval of a proposed $20,00
with
ance
compli
ly for 15 years, in
dated Jan. 15 1920, due annual
of Hits. and the various railroad
ment between the Director-Generalent contracted for by the Government.
that the
companies for the purchase of equipm
M. Shriver, Vice-President, cites
freight
The petition filed by George allocat
ed 196 locomotives and 2,900
equipthis
Government Administration has
se
purcha
to
issued
be
bonds must
cars to the company, and that
price which is to be fixed by
se
purcha
the
that
states
n
petitio
ment. The
ined.
determ
been
yet
not
has
on
operation
the Railroad Administrati
following organization to resumeGeorge
M.
Directors have announced the
d, Pres.:
l March 1: Daniel Willar
Ennee,
S.
dents;
at cessation of Federal contro
-Presi
Vice
Fries,
ald
Archib
s.,
V.-Pre
Slu•iver, C. W. Galloway, and
lder,
Batche
C.
all of Baltimore; F.
York;
Gen. Mgr. Eastern Linos,Gen,
N. Y. Terminal Lines, New
p.260.
Chicago; II. B. Voorhees,WesterMgr.,
110.
-V.
nati.
Cincin
at
n Lines,
R. N..13egien, Gen. Mgr.,
Hocking Valley Ry.-New end of Federal control will include:
The organization from and after the New York; Geo. W.Stevens, Presiand
II. E. Huntington, Chairman of board,
C. E. Graham, Senior V.-Pres.,
V.-P.
dent (filling vacancy), Richmond, Va.;
Wall, V.-Pres.; H. T. Wickham,
Rich,
F. H. Davis, V.-Pres., N. Y.; G. B.er,
traffic
of
charge
in
s.
V.-Pre
& Gen. Counsel, and F. M. Whitak
C. Rearick, Counsel, N. Y., and
mond; A. Trevvett, Sec.-Treas., and A. 0.-V. 110, p. 261.
F. D. Hodgson, Comptroller, Columbus,
N. Y. City.-Tenders.
Transit Co.,
Interborough RapidN.
1, receive
Y., as trustee, will, until Apr.Gold
bonds
The Guaranty Trust Co.,218)
First & Refunding Mtge. 5% 261,
($248,
of
sale
the
for
tenders
655.
t.
-V.
P.
110.
interes
and
110
ing
due Jan. 1 1966, at not exceed
Terminal Ry.-Equipment Notes.-
Kansas City
not
sion has authorized the company to, issue
The Missouri P. S. Commis
lments proceeds
notes, payable in 15 annual instal
exceeding $219,560 6%engine
by the Government
ny
compa
the
hed
furnis
s
for
to be used to pay
p. 378.
while under Federal control.-V. 108,
RR.-New Officers.-
Louisville & Nashville
under
as President of the company W.
L.
1;
Milton It. Smith, who hasueserved
in that capacity after MarchW.
contin
WickerFederal control, will his
; G.
sident
Vice-Pre
as
n
positio
former
Mapother will resume
sham will act as counsel.-V. 110, p. 765.
w Name.
t Co.-Ne
& Shenango Ry. & Ligh
.7Mahoningname
e effective
to Pennsylvania-Ohio Electric Co. becam
of PhilaoPrA change of
in both States. Harper & Turner
high
Feb. 21 by charter amendment
y's securities have always ranked
would
title
delphia say in brief: The compan
riate
however, that a mote approp
in this section. It was felt,
,000. This
$7,200
is
1920
for
ss
busine
gross
ted
Bonds.serve better. The estima
This growth
and $1,670,088 in 1906.and
Bennington & Rutland Ry.-To Pay
the entercompares with $3,001,450 in 1914
t
in the manufacturing distric
See Rutland RR. below.-V. 70, P• 685.
ny will show
reflects the groat strides made
compa
the
that
tood
unders
is
It
ement.
&c.
,
manag
Notes
nt
the
of
t charges;
ipme
prise
-Equ
interes
all
over
RR.
e
e
Main
00 net incom
Boston &
$10,000,000 equip- for the calendar year 1919 1854,0in
25 authorized the issue of
its history."-V. 110, p. 562.
a January 1920 was the best month
The stockholders on Fob.the
20 locomotives, 1,500 gondol
of
se
purcha
for
a
provid
to
ment notes
road by Director-General of Railroads
cars and 500 box cars allocated to the
Michigan Central RR.-Obituary.
l,died Feb.18.-V. 103,P.2324.
during Federal control. Commission has authorized the issue of $10,000,000
Henry Russell, V.-Pres.and Gen. Counse
S.
P.
Railroad
The Now York
nt Notes-Officer.the reorganization plan under which the
ic RR.-Equipme
bonds in accordance with
Missouri Pacif
authorized the company to issue
to take over the entire issue.
Administration agreesdeclar
share on the Preferred
Missouri P. S. Commission ha.s
per
alloThe
$2
of
nd
a
divide
ed
proceeds to pay for equipment
The directors have
1.
$10.500,000 6% 15-year equip. notes,
under Federal control.
to holders of record Marchreturn
of the road to cated to the company by the Government while
tock. payable March 10
resume
s on
will
,
follow
as
Region
be
will
estern
zation
Southw
the
of
organi
or
ive
&
The execut
Hudson. V.-Pres.
B. F. Bush, Regional Direct
2523.
H. Hustis, Pres.; Woodward R.
Pollock, V.-Pres. his former position as President on March 1.--V. 10$, p.
private control: James J.
Hobbs, V.-Pres.; Benjamin r, Treas.
; Arthur B.
Gen. Counsel; William
Offer.Wheele
R.
City's
t
s
Herber
eject
s.;
Co.-R
t
V.-Pre
Ligh
&
Fort,
& Gen. Mgr.; Gerrit
New Orleans Ry.
t W. Munster, Pur.
s By. dc.Lt.
B. Corthell, Chief Eng.; Augus
Co.(a subsidiary of New Orlean
Nichols, Clerk; ArthurAsst.
The New Orleans Gas LiFhtoffer
A. M.Slader, Asst. to V.-Pres.
plant and mains,
its
and
for
Mgr.,
Gon.
,000
15,250
of
an,
s
Colem
city
Agt.; L. G.
rejected the
has
ue them.
Co.)
contin
to
desires
359.
city
560.
the
& Gen. Mgr.-V. 110, p.
but has not broken off negotiations if
e Increase.- -V.
-Far
RR.
110, p. 261, 765.
Lynn
&
h
Beac
re
Reve
Boston
rs.ed an increase in fares from 8 to 10
co Ry.--New OfficeFranci
The Mass. P. S. Comm. has approv of 10 tickets for 85 cents.-V.109.
New Orleans Texas & lMexi
sco
Manager of the St. Louis-San ing
cents, and the company is to issue strips
J. S. Pyeatt, the retiring Federa
Frank
replac
man,
lid lima
,
Chair
Walker
H.
G.
has been elected President;Counsel; J. H. Lauderdale,'Treasurer, and
P. 1890.
Ry.,
l
Equip. Notes- Andrews, who remains GeneraVice-P
Pittsburgh Ry.resident. Members of the Executive
Buffalo Rochester &the
sion for authority Roy Terrell, Secretary and
lan, Willard
New York P.S. Commis
pay Committee will be G. II. Walker, J. S. Pyeatt, N. A. McMil
to
used
The company has applied toear
be
to
ds
procee
notes,
equip.
Lorenzo E. Semple.-V. 110. p. 765.
to issue 12,26:3,456 8% 15-ythe compa
by the Government while under V. King, Elisha Walker and
ny
to
ed
allocat
ent
for equipm
--Equip. Trusts.-Officers.
New York Central RR.
Federal control.-V. 110, p. 560.
ny to issue
sion has authorized the compa
rs.
The New York P. S. Commis
ffice
at par to the
ed
y.-O
deliver
Jerse
be
to
notes
New
of
ent
RR.
equipm
al
6%
Centr
; V.-Pres. not to exceed 114,848.010 ads for equipment purchased by the Director& Gen. Mgr., W.G. Beeler
son; Asst. to Director-General of Railro
Chairman, George F. Baker; Pres..
d during Federal control. The notes
; Sec. & Treas. F. T. Dicker
c Mgr., General and delivered to the railroa
Traffi
& Gen. counsel, R. W.de Forest
Frt.
&
s.
V-.14e
;
Taylor
J. A.
are to mature in 15 years.been reappointed President of the system and of
Pres., 0. H. Stein;
,
P. 189.
Comp.
A. H. Smith, who has
intment
T. B. Koons.--V. 109.
the system, has announced the reappo
each of the roads comprissing
esidents will
Quincy RR.-Officers.lines as follows (the following vice-pr
variou
the
of
s
officer
Chicago Burlington & the
Place.
of
A.
Ira
e:
ion;
includ
matters stated): A.T.Hardin,operat Ingalls, traffic;
end of Federal control will Perkin
and after
s, act for all lines in the
E.
The organization fromG.
Harris, finance and corporate relations; G. H.
am, Executive V.-Pres.; C.
H.
Burnh
A.
law:
C.
E.
Pres.;
n,
;
C.
11r:olde
Treas.
&
Halo
es
T. S. Howland, V.-Pr.
Carstensen, accounting.
George A. Harwood.
formerly President, V.-Pros.;
l; L. B. Allen, Gen. J.Other
system officers are: H. L. Ingersoll andS. B. Wight, Mgr. Pur0. M. Spencer, Gen. Counse
onn, Traffic V.-Pree.• G.
dge, Gen. Mgr. of the lines West. Assts. to Pres.; M. J. Alger, Exec. Asst. to Pres.;
Holdre
W.
East;'
lines
C. Wishart, Comp.:
the
W.
;
of
gr.
; M. S. Barger. Gen. Treas.
ant to the President.
rn, and will chases and Stores
And H. R. Safford, Assist
President of Colorado & Southe
F. Stephenson, Sec.
E.
are: P. E. Crowley,
RR.
ties
City
r
proper
l
Denve
Mr. Holden has been elected
&
severa
the
n as President of Ft. Worth
Officers in local charge of M. Biscoe, V.-Pres. in charge of Boston &
shortly resume his positio
110, p. 359, 764.
V.-Pres. of N. Y. Central; H.ter,
Cloy. Cin. Chic.&
of
charge
in
s.
V.-Pre
And Wichita Valley RR.-V.
Worces
Albany, Boston; H. A.
E. D. Brenner,
ds Called.-Bon
n and Cincinnati Northern;urgh
Easter
RR.
&
ana
Indi
Peoria
Louis,
West
St.
& Lake Erie;
&
ago
Chic
l Mtge. bonds of 1882 V.-Pres. Michigan Central; J. B. Yohe, Gen, Mgr. Pittsb
-seven ($127,000) Genera
n, V.-Pres.in
the
Sheldo
at
13.
F.
int.
n;
and
Wester
&
One hundred twenty
105
Erie
at
Lake
next
1
r, Gen. Mgr.,
on March
Boome
tion
A.
redemp
ha & West
II.
for
Kanaw
an,
drawn
Michig
&
been
have
Central, Kanawha
-V.109, P. 1366.
Indiana
charge of Toledo & Ohio&
office of J. P. Morgan & Co., N. Y.
Western; George Hannauer, Gen. Mgr.
a and Zanesville
Virgini
Co.
ion
Tract
&
Lt.
n
ort it Covingto ing the execution and deliv- Harbor Belt RR.
21 at
Feb.
died
ny,
Cincinnati Newp
compa
the
10 on approv
Dwight W. Pardee, former Secretary of
The stockholders will vote Mar.
to secure an aggregate Islip,
L. I.-V. 110, p. 465.
Light, Heat & Power Co.be
time
this
at
issued
ery of a mortgage by Union
bonds, of which there is to 110, p. 368) for the
-Notes.n & Hartford RR.
amount of $5,000,000 of gold
bonds (see offering in V. nding bonds of the
New York New Have
7%
husetts P. U. Commission for
32,150,000 of 5-yearrefund
retiring all the outsta
ny has petitioned the Massac
and
compa
ing
The
,
and
from 1921 to 1935,
ng
paying
ions
maturi
of
extens
e
notes
purpos
,200. and for snaking such
to issue 14,813,000 6% serial U. S. Gov,rnment for equipment
company, amounting to 11,864 be reasonably necessary.-V.107, p. 1099. authority
the
proceeds to be used to reimburse
109, p. 1987..
-V.
l.
contro
nment
additions to the property as may
Gover
allocated company while under
Louis Ry.nnati Chicago & St.
oned.
its trust
Cleveland CinciCo.,
Postp
at
rest
ge
-Inte
exchan
to
ays.
ed
Railw
prepar
is
New York,
New York
bonds
The Guaranty Trust
l District Court has ordered receiver
temporary Ref. & lmpt. Mtge. 6%
Judge Julius M. Mayer of the Federa
and subsedepartment the outstanding
of $125,1200 interest duo March 1 on
issue with coupons due July 1 1920
Job E. Hedges to withhold payment
for definitive bonds of thisp.
2439.
quent attached.-V. 109,
D
872
THE CHRONICLE
the $5,000,000 Lexington Ave. &
Pavonia Ferry RR.5% bonds and $75,000 due on the $3,000,000 Colum
bus & Ninth Ave. RR. 5% bonds.V. 110, p. 562.
Norfolk Southern RR.-Officers.The organization
from and after Federal control will include
J.Perry. Chairman of board;
Marsden
R. H. Swartwout, Vice-Chairman;:Joteph
Young, Pres.; C. I. Millar
H.
d and E. D. Kyle, V.-Pres'
ts;
Treas., and M. S. Hawkins,
Secretary.-V. 110, p. 78. Capt. M. Manly.
[Vol- 110.
Underground Elec.
Rys. of London.-Dividends.The London "Economist"of Feb.
7 reports: "The Underg
dividends were announced on
Railway
Thursday night, and most ofround
reduced rate. Final divide
them are at a
nds and rates for the whole year 1919
are compared below":
and 1918
Final
Whole
Dividends.
Northeast Oklahoma RR.-Acquisition.Year.
Carried Carried
The company (successor to Northe
d Forward
1918. 1919. 1918. 1919. Forwar
reported, has bought the road former ast Oklahoma Traction Co.), it is
1918. • 1919.
ly operated by the Oklahoma Kansas &
Missouri Ry. (V. 107, p. 2477),
Underg
round
from
Miami
Electri
to
c,Inc .% per Ann. %I
Century, Okla., 15 miles,
and is converting it to
Bonds, red. 1949
c motive power for
I
passenger and freight Centra
service. J. F. Robinselectri
6*
2*
6*
Zi.
on, Pres.; W. H. Trapp,both
36.700 34,000
l London,De
V.-Pres.;
Gen. Mgr., Treas. and Sec.:
f4
3
17,485 11,762
W.J. Martin, Chief Engineer.II. B. Cobban, London Electric (.C10)...._
23i
FM
2
1%
City and South London
23,601 20,942
2A
Oklahoma Kansas &
2
2
2
London General Omnibus.. 8
24,567 19,750
uri Ry.-Sold.See Northeast Oklahoma RR.Misso
3*
$
7*
Metropolitan District, 5%
60,900 59,726
above.-V. 107, p. 2477.
2nd l'ref. Stock
7
• Pennsylvania-Ohio Electric Co.-Ne
3
is
4
21 .R31 22A1OR
w Name.See Mahoning & Shenango By. & Light
* Paid free of income
Co. above.
The distribution for thetax.
full
year
on
the
Underg
round
Pennsylvania Railroad.-New Director.
Electric 0% Income
bonds is at the rate of1% free of
tax, as against 5% for 1018, and the
forward Is reduced from £36,70
balance
Andrew W. Mellon has been elected
0 to L34,000,
a director. succeeding Henry 0. In exchange." This
ct to further fluctuations
Frick, deceased.-V. 110.
proviso is necessary In"subje
P. 658, 765.
view of the fact that the coupons are payable in New York and
Amsterdam at the par of exchange.
-V. 110, p. 168. 466.
Philadelphia Rapid Trans
The New York Stock Exchange onit Co.-Listing-Earnings.
Feb. 25 authorized the listing of
Worce
ster
further $26,210,800 of capital
Conso
a
lidat
ed St. Ry.-Bond Extension.stock on Issuance in exchange for outsranding
President F. H. Dewey inform
voting trust certificates, making
s us that holders of the $700,000
total authorized to be listed $30,000,000 Debenture bonds
4.%
The Income account for the 11the
due
1 1920, will be offered the right
mos.ended Nov.30 1919 shows.
bonds to Mar. 1 1925Mar.
extend the
Operat
revenue, $32,216,937: operating
ing
at 7%. About $500,000 in amount,toreprese
income
(after
the
taxes),
nting
largest holders, have approved of the
$10,122,757: nonoperating income, $483.341; gross
plan
income, $10,606,098; fixid charges, bonds are to be sent to
and agreed to extend. The
$8.923,349: net income, $1,682,748, agains
Old Colony Trust Co., Boston
, to be stamped with
Dividends of 5% for the 12 mos. call for t $1,534.816 for entire year 1918. agreement and have new coupons attach
ed.-V. 110. IL 765.
$1,499,290.-V. 110, p. 465.
Piedmont & Northern RR.
-New Officer.Z. V. Taylor, President of the Southe
rn Public Utilities Co , has been
elected President, succeeding
E. Thomason who resigned.-V.
107, p. 1837.
Pittsburgh (Pa.) Railways.-Interest
Payments.Interest due Dec. 1 1918, June
and Dec. 1 1919 on bonds of the
Second Avenue Traction Co. will 1be1919
Brown Brothers & Co., 59 Wall St., paid on presentation at the office of
N. Y. City.-V. 110, p. 659, 562.
Reading Company.-Offi
INDUSTRIAL AND MISCELLANEOU
S.
Aetna Explosives Co., Inc.-Claims Settle
d.-
Judge Julius M. Mayer in the U. S.
District Court on Feb. 16 made
order approving the final
an
ment of claims under contra
ct between the
receivers of the companyadjust
and
U. 8. Government totalin
g $3,268,218
and of similar contracts with the
the
Govern
ment
of
France
$241,425, which were in force at the time
amounting to.
were subsequently modified.-V. 110, the armistice was signed and which
p. 79.
cers of Railway.The following appointments have
been made by the directors of the
Philadelphia & Reading Ry. Co.,
Ajax Rubber Co.-Stock Increase-Directo
ve March 1: John F. Auch, who
was formerly V.-Pres. in charge of effecti
r.traffic, has been made Assista
The stockholders voted Feb. 24 to increas
President: Charles H. Ewing, who was
to the
e the authorized capital stock
formerly V.-Pres. ard whontbecame
from $10,000,000 to 320,000,000.
Federal Manager under Government operat
None of the new stock will
ion, again becomes V.-Pres. in at the present time, the increase being
be issued
charge of operation and maintenance;
William McMahon has been electedmade mainly for future requirements.
as V.-Pres. in charge of traffic; William E. B. Crosley succeeds Mr. Auch
a director.
L. Kintner becomes General SoliciThe regular quarterly divide
tor; A. B. Bierck, Comptroller; J. D. Landis
nd
of
31.
50
has boon declared payable
, Purch. Agt.-V. 110, p. 360. March 15 to stock of record Feb. 28.-V
. 110, p. 659.
Rhode Islan
d Company, Providence -Earn
Alask
a Gold Mines Co.-Quarterly Report..
ings.Receivers' Income Acct.for Dec. 1919, and Cal.
Year 1919 Compared with 1918.
1919-12 Mos.-1018.
Gross val. bullion & con- 1919-3 Mos.-1918.
December Increase or Decrease
Calend
ar
Increase or
centrates produced..__ $415,353
1919. (+ or -). Per Cent. Year
$227,542 $1,467,390 $1,134,523
1919. Decrease.
Operating revenue..$687,807 +$110,
Ore
produc
tion,
&c
288,810
584 +19.16 $6,970,675 +$659,390 Milling
164,856
982,472
Operating expenses 730,302 +259,0
663,122'
177,558
06 +54.96 5,928,263 +812,712 Other
100,662
617.888
420,421
expenses
37,586
32,178
144,499
Net oper. rev_def.$42,495 -$148,422 -140.
Other
141,493
income
Cr.4.028 Deb.8.227 Deb.12,706 Deb.19
12 sr$1,042,412 -$153,322
Non-oper. income_
.777
2,076
+1,412 +212.45
37,853 -73,481
Operating loss.
684,573
$78,381
$275,131
Total net inc_def.340,419 -$147,010
6110,290.
V. 110, p. 765.
-137.
92sr
$1,080
,265
Deductions-Taxes $49,281 -$12,475
-$226,8)3
-20.20
$621,885 +$17,635
Rentals
Algoma Steel Corp., Ltd.-Obituary.97,116
+325
+.34
1,161,874
Int. and discount 26,524
+380
Clptain David Kyle, V.-Pres. and director, died
328,25
5
+11.753
Miscellaneous..__
Feb.8.-V. 109. p. 1988.
5
-12 -68.25
1,631
-715
American Bosch Magneto Corp.-Dividend
Balance, deficit_6213,345 $134,848
Increa A
171.79
quarter
ly
divide
$1,033
nd of $2
,380 $255,856
-V. 110, p. 765, 659.
per share has been declared on the se.
shares of stock (no par value),50
80,000.
payable April 1 to holders of record
Mar. 15.
The previous distributions were
Richmond Fred. & Potomac RR.-Proposed
April
$1 50; June, $1 50; October, $2;
Merger.- Jan. 21920,$2. Incorp. in N.Y.Jan.1919,
A special commission representing the interes
91019.
Compa
re
V.
110,
p. 263,360
ts of the State of Virgini
has formally approved the merger of this road
with the Washington Southerna
American Foreign Trade Corp.-Rights-Ba
Ry. under the above name. The
effect of the merger is practic
l. Sheet.This importing and exporting concern, affilia
ally a
purchase of the Washington Southe
rn,
which
ted with Tobacco Products
operates 88 miles of the Rich- Corp., reports by its Presid
mond-Washington line betwee Quanti
ent, Henry M. Day, an of Feb.
co, Va., and the south end
9 in brief:
The stockholders on Feb. 5
Potomac Bridge, including the nPotom
of
ized the proposed increase of
yards, at a price of $8,000,000.
Common
stock (from 150,000 shares) to author
The road is estimated by the special ac
585,00
0 shares, par 6100 each (fully paid and
commission to be worth more than non assessable)
$10,000,000.-V. 110, p. 168.
and also the amendment of the charter. [See
V. 110, p.
660, 466, 361.] Right to subscribe to
new
Commo
n shares at $7 per share
Rock Island South. RR.-Forecl. Sale-P
will expire March 5.
nts must be made in N. Y.funds
at the office
r. S. Hammons & Co., Portland, Me.,under date of rot. Comm.- 72 Fifth Ave., N. Y.Payme
City. [There is also an author
ized $5,000,000 of
Feb. 21, advise us 7% Cum. Pref. stock-Ed.]
that on a petition of the bondholders'
ive committee, the Illinois
State Court at Galesburg, Ill., granted aprotect
r for the road.
has set Mar. 18 1920 as the date for thereceive
court Resume of Operations of Corp. Since Its Organization in May 1919.
foreclosure sale of the The
The corporation's international business
property.
The Rock Island Southern RR.is control
was inaugurated when their
led by the Walsh brothers
of Rock first 5,000-ton ship was dispatched to Consta
island, Ia.
American manufactured articles was barterentinople and its cargo of
Committee.-The bondholders' protective
d In the Levant.
commit
tee consists of W. S. directors, in June, anticipating the
Hammons,Portland; Frank S. Wingate,
demoralization of foreign exchanYour
ges,
son, Galesburg, 111.-V. 110, p. 659. Hallowell, Me.and M.0. William- ordered preparations for bartering all cargoe
Constantinople has been chosen as the heads.office
for the Levant, with
a full staff to take care of imports and apprai
Rutland RR.-To Pay Bonds.se the exports. Concessions
were obtained and bonded
The $500,000 2d M. 5% bonds of the Bennin
free warehouses engaged. An office
gton & Rutland Ry., due is under construction on and
building
Mar. 11920, will be paid off at maturi
one
the principal corners in the wholeea
at office of Treasurer of Rutlan
district. Branch offices have of
lo
Railroad, Grand Central Station, N. Y.ty
d
established at Smyrna, Samsoun,
City.-V.108, p. 1611.
Trebizond, Kerassun, Batoum, been
Novoro
ssisk,
Consta
nza,
Varna
and are
proposed at Alexandria, Egypt, and therm, Syria.
St. Joseph (Mo.) Ry., Lt., Ht. & Power Co.
This part of the
-Files Suit. world is rich in raw materials, that, are now largely offered
The company filed suit on Jan. 7 against the
Missouri P. S. Commission for the daily necessi
In the Federal Court at Jefferson
ties of life. Your company has entereIn exchange
City, asking a permanent
d into very
injunction satisfactory agreements with large American
to restrain the Commission from enforci
houses to import for
a 7-cent faro in St. Joseph, hides, skins, tobacco, preciou
wool,
For rate-making purposes the Commissionnghas
s stones, &c., &c., which theythem
valued
formerly
holdings of the purchased from Germany and Austria
company in its various lines
at $5,800,000. The compathe
.
Egypt
produc
es
no tobacco and'
ny contends that a as its financial position is equal to
fair valuation would be 611,521,639. It asks
that of America, Its money being at a
the court to order an 8-cent premium, we intend trading
fare and higher lighting and heating rates
Russia
o In that country.
than the Commission awarde
Our facilities for handling shippi n tobacc
The company contends that the rates of the
d.
economically and with dispatch
Commission are confiscatory.
already productive of satisfactory ng
are
-V. 109, p. 2440.
results. We are now acting
signees of many lines of steamers enterin
cong Constantinople under theasAmerSt. Louis-San Francisco RR.-Equipment
ican flag, and procure return cargoes to this
countr
Notes.American flag-naturally bringing a substantial y on vessels carrying the
The Missouri Public Service Commission
revenue to us. We are
has authorized the company the only
corporation that is in a position to handle
to issue $15,028,101 6% Equipment notes,
due in 15 annual installments,
such business, other
than
to reimburse the U. S. Government for
those controlled by Greek, French and
English shipping interes
equipment allocated the company
ts.
The
while under Federal control. The equipm
Beatric
SS.
e
of 5,000 tons capacity under charter to your
ent
consist
s
of
company
3,500 box cars, is now.loading a second cargo in the Levant.
l,000 gondola cars, 33 light Mikado engines
g forward to a conand 7 switching engines.- siderable increas
V. 110, p. 659, 465.
e In business in that part of the Lookin
world, your directors have
deemed it advisable to propose this increase in the
Sandusky Norwalk & Mansfield Elect
The corporation has also exported a large quantiCommon stock.
ric Ry.ty
merchandise to
At the Federal Court at Cleveland on Feb.
Czecho
-Slova
kia,
return
s of which have been received of
14 C. G. Taylor, receiver, was
given three weeks in which to appraise the scrap
and arrangements
now being made to enter into now busines
value of the system, which are
s in that country.
Is roughly estimated at $175,000. This
The
financi
al
statem
ent
action
as
of
was
Dec.
31
1919
taken in behalf of the Increased
have been considerably
majority bondholders who desire to
had not the recent longshoremen'swould
the road. The Court, is stated
strike In New York tied up
has taken steps to give the minoriscrap
, all shipping. The expens
ty bondholders the privilegeitof
es of opening branches and headqu
buying were of necessi
In the property. The receiver has jurisdi
arters
ty
high
ction
In
view
over
of
our
small invested capital. Manyabroad
tween Norwalk and Plymouth and 6.9 miles betwee 25.6 miles of track be- expenses written offfrom profit
of the
The northern division, it is stated, only is involv n Plymouth and Shelby. have declared an initial divide and loss will not occur again. Tho directors
ed
nd
on
Pref.
in
the
courts.-V. 110,
stock of 1% , payable Feb. 16.
p. 466.
Balance Sheet Dec. 31 1919 (Total each side
$3,752,750).
Southwestern Ry. (of Georg
Cash
$65,33 Preferred stock
-New Officers.•
$1,327,500.
J. F. Minis has been elected President,ia).
Bills & accounts receiv_ _ _ 748,5718 Commo
W.
R.
stock
n
Cox,
Vice-Pr
esident and Employees stk.subscrip'ns
Gordon I. Hardeman, Secretary & Treasu
127,375
25,131 Accts. & hills payable._ 1,443,
rer.-V. 106, p. 710.
919
Merch
(hero
.
and
abroad) 2,833,405 Due consignors
Tampa Southern RR.-Road Completed.Furniture & equipment.._
493,075
29,805
Res.
&wee.
for
,duties,&c 202,820
The company has completed its line from Orient
Prepai
expens
d
es
,
on the Atlantic Coast
50,500 Est. profit SS. Beatrice to
Line, near Tampa, to Bradentown, about 40
miles. D. C. Gillette of
Dec 31 1919
Tampa is President.-V. 105, P. 2457.
57,341
Surplus(7 mos. opeens)
100,720
See also Tobacco Products Corporation
Terminal RR. Association of St. Louis.-Equ
below.-V.110, p. 660, 466.
ip. Notes.
The Missouri P. S. Commission has authorized
the company to issue
American Gas Co., Phila.-Dividend Resumed.
$315,000 6%. 15-year gold notes to reimburse
A quarter dividend of 1% has been declared onsthe
ments purchased for the company while underthe Government for equipFederal control.-V. 110, able March ly
capital otock, pay1 to holders of record
P. 765.
21. Last dividend was made in.
June 1918, at which time 1% was Feb.
paid.-V. 110, p. 80.
THE CHRONICLE
FEB. 28 1920.]
American-La France Fire Engine Co.-Earnings.-Calendar YearsNet profits
Federal taxes
Preferred dividends(7%)
Corn,dividends(73%)..
1019.
$924,292
343,888
138,873
107,003
1917.
1918.
$596,289
$415,975
160,934
106,627
140.000
138,873
(6)85,602 (4%)65,250
1916.
$353,570
140,000
(4)58,000
$155,570
$230,105
$84,873
$334,528
Balance, surplus
$536,910
$767,015
$902,174
Profit & loss surplus_ _
$1,320,702
The dividend rate of the Common stock was increased from 6 to 8% in
May 1919 and with the quarterly payment on Feb. 16 1920 to 10% (2A %
quarterly). Compare V. 110, p. 361, 263.
873
Canada Foundries & Forgings Co., Ltd.-Earnings.Calendar YearsTotal earnings
Bond interest, taxes, &c
Preferred dividends (7%)
Common dividends
Balance, surplus or deficit
Total surplus
-V. 108, p. 975.
1917.
1918.
1919.
$605,586
$612,116
$242,062
160,292
109,712
72,147
67.200
67,200
67,200
(2%)115,200 (12)115.200 (15)144,000
def.312,485 sur.$269,424 sur.$374,674
61,285,221 $1,397,705 $1,128,281
Canada Steamship Lines, Ltd.-Report-Div. Inc.-
1917.
1918.
1919.
$15,039,277 $14,094,392 $13,533,815
An extra annual dividend of 5% has been declared on the $8,000,000
4,023,864
4,338,079
4,580,273
the
on
%
1
of
dividend
quarterly
regular
Common stock along with the
1,845,463
2,243,594
2,013,981
Common stock and 1 14% on the $4,000.000 Pref. stock all payable Mar.
875,000
875,000
875,000
31 to holders of record Mar. 15. Regular quarterly dividends on the Pref.
'
(4%)480,000
An
31.
Dec
stock have also boon declared payable July 1, Oct. 1 and
extra dividend of 2% was paid on Mar. 31 1919 on the Common stock.
$.981,679 $1,449,097 $1,303,401
Balance, surplus
In October last the company purchased the land at Greenpoint, N. Y.
A quarterly dividend of 1U% has been declared on the Pref. stock, payon which its plant stands.-V. 107, p. 404.
also a dividerd of 134% on the
15:
able April 1 to stock of record March
Common stock, payable March 15 to boldeis of record Feb. 28. Previously
American Smelting & Refining Co.and Prof.stocks.-V.109.
Common
the
paid
a
was
1%
both
of
on
dividend
Tee stockholders will vote April 7 on extending and continuing the term
of incorporation and the duration of the business in tho State of Colorado p. 2174.
provisions
for a period of 20 years from Apr. 28 1919, in accordance with the
Canadian Locomotive Co.-Dividend Increased.of the statutes of the State of Colorado governing the duration of corporaA quarterly dividend of 2% has been declared on the Common stock and
tions, domestic and foreign in that State.-V.110, p. 263. 169.
134% on the Pref. stock, both payable April 1 to holders of record
March 20. A quarterly dividend of 1 t % has been paid since July 1917
A. T. Securities Co., N. Y.-Dividend.except in Jan. 1920, when 134% was paid.-V. 109, p. 2442.
A regular quarterly dividend of $1 25 has been declared on the Common
stock, payable March 15 to holders of record March 5. The initial of
Carib Syndicate, Ltd.-Obtains Columbia Oil Lands.$1 25 was paid Dec. 5 1919.-V. 109, p. 2358.
The company, it is stated, has acquired (for the most part In fee simple)
of the properties of the Equatorial Oil Co.,comprising about 250,000
control
Avery Co., Chicago.-Postpones Plan.acres of land adjoining the properties of the Tropical Oil Cs. in Colombia.
The Chicago 'Tribune' states that the recapitalization plan of the -V. 110, p. 170.
company was presented to the stockholders on Feb. 17. but action was
deferred until March 9. The acceptance of the plan is practically assured,
Casey-Hudson Co. (of Illinois).-Pref. Stock Offering.it. is understood. It is proposed to increase the 7% Cumul. l'ref. stock
from $1,000,000 to $5,000,000 and to increase the Com. stcck from $2,- George H.Taylor Jr. & Co., Chicago, are offernig, at 100 and
mem18
to
9
from
directorate
the
500,000 to $10,000,000: also to increase
div., by advertisement on another page, $300,000 8% Cum.
bers. The question of changing the par value of the Corn. stock is left in
abeyance. It is understood that the Increase in capital Is preliminary to a Serial Pref. (a. & d.) stock, par $100.
This
Callable before maturity upon payment of $105. if called prior to Jan. 1
considerable expansion in the plant and business of the company.
expansion may include the absorption of several other concerns.-V. 110, 1925. and at $110 per share thereafter. Red. $31,000 each Jan. 1 1923
to 1932. Divs. Q.-J.
p. '766, 361.
Data from Letter of President Wm. J. Casey Dated Feb. 20 1920.
Barnet Leather Co.-Directors.Company.-Incorp. in Illinois In Jan. 1915 as Wm. J. Casey Co. In
Morris S. Barnet, Sylvan M. Barnet, Sigmund Rothschild, Mortimer 1916 took over the business of Hudson Steel & Brass Co., under name of
Heyman, Loon H. Kronthal, Hugh K. PrIchitt, Edward L. White and Casey-Hudson Co., and later acquired property and patents of J. S. Dunlap
Edward 11. Levy have been elected directors. The Income account and Co. Is engaged in manufacture of automatic screw machine products,
balance sheet will be issued as soon as audited.-V.109, la• 1989.
BAlmont master wrenches. Dunlap silver blade cream whips, spark plugs
and other specialties. Company Is doing business with a large number of
Barnett Oil & Gas Co.-Reorganization.manufacturing concerns, such as Packard, Stutz, Stromberg, BrunswickA reorganization being "inevitable, owing to the failure of the share
Balke-Collender, Oliver Typewriter, &c.
holders to respond to the plan to increase the capital stock as proposed
Auth.
Issued.
Capitalization after Present Financinghas
stockhold:rs
reorganisation
been
and
submitted
of
May 21 1919,'a plan
$500.000 $300,000
were given until and including Mar. 5 1920 to deposit their stock, cities* Preferred stock, 8% cumulative
value)/Class "A"
7,500 sh. 7,500 sh.
regular shares or voting trust certificates, with the Coal & Iron National Common stock (no par
ICiass "B"
Bank, 143 Liberty St., N. Y. City, and must also deposit cash with said
'
of
3,000 shares Class "A" Common stock held in escrow until balance
bank to the amount of 10% of the face or par value of their share.] of either
l'ref. stock issued..
regular stock or voting trust certificates. A circular dated Dec. 1 1919 $200,000
anto
Average
earnings
amounted
$121,531.
1919
for
-Net
Earnings.
says: After the consummation of the plan the depot iting stockholders will nual net earnings for past four years were $109,178. Net earnings for Jan.
IV entitled to receive 6% non cumulative Preferred stock to the total 1920 amounted to about $15,000, and for Feb. are running at the rate of
amount of their cash deposit in this new company which is to be organized about
$18,000 per month.
to purchase tho properties at foreclosure sale, and also in addition 30%
For 1919 gross sales amounted to $867,905, and company now has orders
of the amount of their present holdings, in the Common stock of the new on hand amounting to over $750,000.
Waiter
and
Seaman
B.
Preston
Lawson,
company. Committee: Walter U.
C. Booth, with John F. Do Angell as Secretary, Room 1715. 120 Broadway,
Central Foundry Co.-Stricken from List.New York City.-V. 107, p. 405.
The Common stock and the Ordinary Prof. stock have been stricken from
the
N. Y. Stock Exchange list. The company and the Essex Foundry of
Bigelow-Hartford Carpet Co.-Sale of Lowell Plant.N. J. wore consolidated into the Iron Products Corp. during 1919 as per
A Boston press dispatch states that J. Murray Howe of Boston has pur- plan in V. 108, p. 2530.-V. 169, p. 680.
company's
greater
the
of
part
chased and resold to various interests the
Lowell plant which covers about 10 acres and contains 20 buildings with
Chesebrough Mfg. Co.-Regular Dividend Increase.an aggregate floor space of 25 acres. The dispatch says that, while no
A quarterly dividend of 334% has been declared on the Common stock
figures have been given out, it is assumable that what has been disposed payable March 31 to holders
of record Feb. 20. From 1917 to 1919, inclusof so far aggregated $1,500,000 or more.-V. 106, p.711.
ive, 3% and 34% extra was paid each quarter, except in Dec. 1918, when,
no dividend was paid.-V.109, p. 1989.
abnormal
conditions,
to
owing
the
Bigheart Producing & Refining Co.-Scrip Dividend.
A scrip dividend of 23 % has been declared on the stock, payable March 1
Coke Co.-Guaranteed Bonds
By-Products
Chicago
with
1921,
1
Jan.
payable
note
a
of
form
the
to holders of record Feb. 25 in
interest at the rate of 6% from .Jan. 1, said scrip or note being callable at Sold.-Union Trust Co. Pittsburgh, Guaranty Trust Co.,
any time at the option of the company at par and int. It is-explained that New York,and Halsey,Stuart
& Co., Chicago,announce the
'
while the earnings would justify a cash distribution, the money stringency
and the pending construction of the company's refinery make a conservative sale at 99 and int., to yield from 7.10% to 7.25%,by advercourse advisable.-V. 110, p. 169.
tisement on another page,of $13,000,000 1st Mtge.7%Serial
American Mfg. Co. of Mass.-Extra Dividend, &c.-
Brennan Packing Co., Chicago.-Pref. Stock Offered.Fort Dearborn Trust & Say. Bank; Drovers Trust & Say.
Bank and Morrill, Cox & Co., Chicago, are offering at $52
4%, 20,000, shares of
per share and div., yielding about 73
Cumul. & Partic. Prof. stock, Class A, of no par value.
Pref. as to cumul. diva, at rate of $4 per share per annum, payable Q.-M.,
and participating share for share, after the Class B shares have received
diva, in any year to an amount equal to $2 per share per annum. Pref. as
to assets to an amount equal to $50 per share, and partic. in further distribution share for share, after the Class B shares have received $50 Per share.
Entitled to full votieg power. Red. at $5734 per share, all or part.
Company was organized in 1905 to succeed the business of National
Provision Co. established in 1897. Is one of the largest Independent
packers of fresh and salt port in the United States. Gross sales increased
from $1,444,000 in 1906 to over $16,600.000 in 1919.
Brooklyn Edison Co., Inc.-Directors Re-Elected.-
At the annual meeting on Feb. 24, the following were unanimously reelected as directors: Frank Bailey Charles A. needy. James C. Brady,
N. P. Brady, IL. L. Ilridgman, William C. Courtney, Daniel J. Creem,
Horace 0. DuVal, Walton Ferguson, George B. Gallagher, William V
Hester, Adrian T. Kiernan, Thomas E Murray, M.S. Sloan, W.F. Wells.
-V. 110, p. 263, 557.
Brooklyn Union Gas Co.-Injunction Sets Rate Limit.-
The formal order granting an injunction against the State and city authorities charged with the enforcement of the 80c. gas law was filed in the Federal
Court Fob. 25. The order fixes the price of gas at not above 97c. per
1,000 cu. ft. The injunction extends to Aug. 1 1920 but the time may be
extended. The order also provides that the difference between 80c. and
the price to be charged shall be sot aside and deposited under the direction
of the Court. To attend to this matter Richard Welling is appointed
special master with instructions to deposit the amount turned over to him
with the Now York Trust Co. the United States Mortgage & Trust Co. and
the Title Guarantee & Trust Co.-V. 110, p. 766. 661.
California Packing Co.-Dividend Increased.--
has been declared on the Common
A regular quarterly dividend of 1
stock, payable Mar. 15, to holders of record Feb. 28. Previous dividends
paid were 34% quarterly, from June 1917 to Mar. 1918, and 1% quarterly
from June 1018 to Dec. 1919. A director is quoted as saying that the gross
sales for the year ending Fob. 28 1920, will approximate $75,000,000.V. 110. P. 362, 468.
Calumet & Arizona Mining Co.-Dividend Increase.A dividend of $1 (10%) has been declared on the $6,425,190 stock, par
$10, payable March 22 to holders of record March 5. Last December a
dividend of 50 cents was paid, in Sept. $1 was paid, in Juno 50 cents, and
$1 in March 1919. The "Boston News Bureau" says: "According to an
official of tho company,the increase in the quarterly dividend from 50 cents
to $1 per share Is due entirely to the good cash position as a result of
copper sold for delivery,In the first quarter of the year.' Of its production
last year of 46,450,000 lbs. of copper, the company sold 90%, or approximately 41,805,000 lbs."-V. 110, p. 264,661.
Calendar YearsGross earnings
Net earnings
Bond interest, &c
Preferred dividends (7%)
Common dividends
gold bonds, guaranteed jointly and severally, principal and
interest, by endorsement by the Koppers Co. of Pittsubrgh
and the Peoples Gas Light & Coke Co. of Chicago (see
"Annual Reports" in V. 110, p. 654, 655),
1)ated Feb. 2 1920. Maturing $867,000 each Feb. 1 1924 to 1937, incl.,
and $862,000 Feb. 1 1938. Denom. $1,000 (0). Int._payable F. & A.
at Union Trust Co., Pittsburgh, trustee, or at Guaranty Trust Co.. N. Y.,
without deduction of any Illinois or .Federal taxes except any Federal
income tax in excess of 2%. Company agrees to pay or refund the Pennsylvania 4 mill tax. Red. on 4 weelcs'motice on any int. date on and after
Feb. 1926 at 102 and int., all or in part;in the latter event, those last maturing shall be retired first by lot.
Data from Letter of President H. B. Rust, Dated Pittsburgh, Feb. 20.
Company-Bonds.-The Koppers Co.. Pittsburgh, has formed the Chicago
By-Product Co. (incorp. in Delaware), owning all of the capital stock, and
has contracted to construct for the company on a 160-acre site, at Chicago,
a combined water-gas plant and by-product coke plant, having a daily
minimum capacity of 30,000,000 cu. ft. of gas, in addition to coke and
other products.
The Peoples Gas Light & Coke Co. has contracted both to lease the
water-gas plant for a period pf 25 years and also to purchase the entire gas
and coke output of the by-product coke plant for a like period. The annual
rental payments and the purchases under this contract will be an operating
expense of the latter company, the net operating income of which, for the
cal. year 1919, was $3,235,994, and for the past ten years has never been
less thaa,$1,800,000 and has averaged in excess of $4,700,000 per annum.
Because of the greater economy inherent in the Hoppers system and the
additional revenue from by-products of the coke plant, gas can be sold
profitably under the 25-year contract at a price materially lower than the
cost of production in existing Chicago plant.. Therefore, economy as
well as legal liability, under the lease and sale 25-year contract, would
require the Peoples Gas Light & Coke Co., in the improbable event of a
decrease in demand for gas, to close down part of its existing plants, if
necessary, and continuo to take the full output of gas and coke of these
combined plants.
Purpose.-Proceeds are to be used in contructing the above named plants.
Pending such construction, the funds have been deposited with Union
Trust Co., Pittsburgh, trustee, for use as construction is carried on. The
cost of the real estate and plants, over and above tha funds provided for
by this issue (amounting to about $5,000,000) has been met through the
sale of the company's stock, and the issuance of $600,000 2d Mtge. bonds..
Security.-Sccured by a closed first mortgage on the entire real estate,
and on the combined plants which are to be constructed. In addition,
the Koppers Co. has caused to be pledged with the trustee, as part security,
certain collateral having a value, based on present quoted prices, in excess
of $13,000,000. This collateral at present consists of 8,000 shares of stock
of Aluminum Co.of America and 20,000 shares of stock of the Gulf Oil Corp.
Koppers Co. covenants.that the market value of such collateral will be
maintained at all times at least equal to tho principal amount of bonds of
this issue outstanding.
Earnings.-It is estimated by Koppers Co. that net earnings of the company upon completion of the plants will be $2,800,000 p. a. The maximum
yearly -interest requirements of tnese bonds will amount to $910.000 and ,
the maximum yearly interest requirements, plus the annual installment of
principal to commence Feb. 11924,'will amount to $1,777,099.
874
THE CHRONICLE
It is estimated by the construction engineers that operation under this
contract will increase the net operating income of the Peoples Gas Light
& Coke Co. over $1,250,000 per annum.
Koppers Ovens.-These have been in use in the United States for 12 years
and 9()% of the by-product coke capacity built ..,ince their introduction is
of Koppers design. The ovens now installed have a carbonizing capacity
of over 42,000,000 tens of coal and an estimated output in excess of 240,000,000,000 Cu. ft. ot gas p. a., or more than double that of all other types
of by-product coke ovens combined.
Directors.-A. W. Mellon, R. B. Mellon, C. D. Marshall, H. H. McClintic, C. J. Ramsburg, W. F. Rust and H. B. Rust, all of Pittsburgh.
Childs Co., N. Y.-Increased Dividend Rate.The regular quarterly dividend on the Common stock has been increased
from 1 to 135%. the extra 1% paid in September and again in December
last being omitted. The dividend now declared is payable with the 1 X %
on the Pref.stock on March 10 to holders of record Feb. 27. In 1919 dividends aggregating 4% in all were paid on the Common shares.--V. 110,
p. 468, 558.
Chino Copper Co.-Earnings-Divs. Decreased.-
[VoL. U0.
field the industry is subject to every variety of claims. Dominion Oil Co.
Is a corporation of Texas, and no court would have jurisdiction to entertain
a claim except in Texas or Louisiana, where the company could be legally
sued. Dominion Oil Co. stands no chance of losing a dollar aor an acre
of lease in this case.-V. 109, p. 1894.
Dominion Steel Corp., Ltd.-Production-New Officer.
Year Ending1919
1918
Pig Iron. Steellngot.
Rails. WireRods.*Billets,&c. Misc
223,090 254,500 112,870 40,700 258,000 9,870
289,000 330,700 115,800 46.900 341,000 34,790
* Blooms and billets for sale.
J. W. Norcross, President and Managing Director of the Canada Steamship Lines, Ltd. has been elected a director, filling the vacancy caused by
the resignation Of J. K. L. Ross.-V. 110, p. 469, 662.
Eastern Steamship Co.-Initial Dividend.An initial dividend of $1.50 per share on Pref. stock has been declared
payable March 31 to holders of record March 19.
1916.
1917.
Calendar Years1919.
1918.
Gross earnings
$4,475,153 33,691,832 $4,562,396 $5,141,346
$609,578
$78,652
Net earnings
$506,272
$376,748
712,237
376,323
Deductions
296,884
314,465
-3 Mos. end. Dec.31- -12 Mos. end. Dec.311919.
1918.
1919.
1918.
$490,626
$66,801 $1,389,984 $4,143,317
Balance, surplus
$209,388
$62,283 def.$297,671 def.$102,659
652,485
869,980 2,609,960 3,914,910
Operating revenue for the month of December aggregated $193,384, as
(15%)
(90%) against
(60%)
(20%)
$190,451 for December of 1918. Surplus 'after charges showed a
Balanee
def.$161,859 def.$803,179 df$1,219,955 sur.$228,407 deficit of $116,537, against deficit $34,219.-V. 109, p. 274.
The Chino Copper Co. on Feb.26 declared a quarterly dividend of 373,5c.
Elgin National Watch Co.-Extension to Cost $1,000,000.
a share, compared with 75c. three months ago; Ray Consolidated, 25c. a President Onaries H. Hubbard states that plans are under way for the erecshare, compared with 50c. three months ago, and Nevada Consolidated tion
of a modern hotel by the company. Also an extension of the present
25c. a share, compared with 37Mc. three months ago.
cost will exceed $1,000,000.-Y. 109, p. 1894.
Utah Copper Co. declared a quarterly dividend of $1 50 a share,the same factory buildings-estimated
as in Dec. 1919. All these dividends are payable March 31 to stock
Iron
Co.-Earnings.Empire
Steel
&
of record March 12.
Calendar Years1917.
1919.
1918.
Following the directors meetings of the Porphyry Copper Cos., Charles Gross income
8851,789 $1,207,029 $1,800,251
Hayden made the following statement:
182,076
Interest,
depreciation,
&c
389,681
212,526
"It was the belief of the boards of directors that, with the general financial conditions as they are to-day, and with the production of copper still
Net income
$462,108
$994.503 $1,618,175
on a basis of 50%, with the price still low, and with some problems of back Reserve for Federal taxes & conting
600,000
58,000
510,000
taxation still to be settled, whatever dividends were declared this first quar- Preferred dividends
150,000
250,000
387,500
ter of the new fiscal year should be on an ultra conservative basis.
"The very strong treasury position of Utah left no ground for discussion
$630,675
Balance, surplus
$254,108
$234,503
as to declaring the regular dividend. It was deemed wise, however, to -V. 108, p. 1063.
make the reductions that were made in the other three porphyries, though
with the hope that before the end of 1920 the general financial conditions
Fajardo Sugar Co., Porto Rico..;-Annual Report.of the country and of the copper metal market in particular would be such
191546.
1917-18.
1916-17.
July 31 Years1918-19.
that the shareholders might receive for the fiscal and calendar year 1920 Sugar,
&c., produced_ __ $4,532,427 $4,366,671 $3,286,366 $4,162,851
the full dividends as paid in 1919."-V. 110. P. 80.
196,312
164,193
226,982
Miscellaneous receipts_ 168,897
Total set profits
Dividends
do
rate
Cincinnati Gas & Elect. Co.-Refunding Notes.-Earns.
Total
$4,701,324 $4,593,653 $3,482,678 $4,327,044
The $2,225,000 6% notes due March 15 will be paid off at maturity at
-Producing and
office of Equitable Trust Co., N. Y. City. In connection with this pay- Deduct
2,790,670
mfg. costs, &c
3,591,184
2,601,605
3,841,421
ment, company will issue $2,400,000 6% 3-year Secured Gold Notes,
dated Dec. 11919, which have been underwritten by A. B. Leach & Co.,
$692,008
Net
income
$1,725,439
$1,002,468
$859,902
Inc. As to recent sale of 7% notes see V. 110, p. 468, 80.
Miscellaneous
79,243
79,239
Calendar Years1916.
1919.
1917.
1918.
Purchase of San CristoGross earnings
$8,024,174 $7,679,788 $7,379,700 $6,170,377
bal assets, losses on
Net earnings
2,548,410 2,262,627
2,812,411
2,301,243
final liquidation
40,000
-V. 110, p. 468.
79,813
38,440
Int. on bills payable, &c.
144,199
103,453
114,569
98,275
Depreciation
165,431
154,349
Cities Service Co.-Div. of 13% in Common Stock.Dividends
(10)333,720 (10)333,720(173.5)584010
(10)333,775
The company ha=1 declared the regular monthly cash divs. of 3,5 of 1% on
the Common, Preferred and Preference "B" stocks, and the usual stock
$947,028
Balance, surplus
$181,572
$331,703
a$137,258
dividend of 1 3 % [not 34 of 1%1 in Common stock on the Common stock,
all payable Apr. 1 to holders of record Mar. 15.-V. 110, p. 766, 564, 468.
a Before providing for Federal income, war and excess profits taxes.
-V.108, p. 584.
Cleveland Furnace Co.-Merged.
See Otis Steel Co. below.-V. 109, p. 175.
Fayette R. Plumb, Inc. (Phila. and St. Louis).-Bond
Coca-Cola Co. of Delaware.-Initial Corn. Dividend.- Offering.-Mercantile Trust Co., St. Louis, are offering at
100 and int., yielding 7%, by advertisement on another
page, $400,000 First Mtge. 7% Gold bonds. •
An initial dividend of $1 a share on the Corn. stock (no par value) has
been declared, payable April 2 to holders of record March 13. S. A. Austin. of N. Y.. has been elected a director.-V. 110, p. 362.
Consolidated Gas Co. of N. Y.-Resignation.Lewis Brown Gawtry has resigned as Vice-President to become First
Vice-President of the Bank for Savings.-V. 110, P. 564, 662.
Consol. Interstate-Callahan Min. Co.-Divs. Resumed.
A dividend of $2 (20%) has been declared, payable in quarterly installments of 50 cents on March 30, June 30, Sept. 30 and on Dec. 30 to holders
of record March 15, June 15, Sept. 15 and Dec. 15. The last previous
dividend was 75 cents (735 %)paid Oct. 1 1918.-V. 110, p. 363, 662.
Crane Co. of Chicago.-New Pref. Stk. for Employees.Vice-President J. B. Berryman is quoted as saying: "The capitalization
was changed from $17,000,000 to $27,000,000 so that Preferred stock might
be created. This will amount to the entire increase, par $100, and bearing
interest at 7%, all of which will be offered to the employees. Just how
much may be offered at this time, however, has not been decided yet."
No change was made in the amount of the Common, but the par value
of the shares was reduced from $100 to $25.-V. 104, P. 1492.
Cuyamel Fruit Co., New Orleans.-Notes Offered.Hibernia Securities Co., Inc., New Orleans, are offering at
prices to net from 63/2% to 7% according to maturity, by
advertisement on another page, $2,000,000 Marine Equip.
6% Serial Gold notes. '•
Dated Mar. 1 1920. Due serially $100,000 monthly from Mar. 1 1921
to July 11922. Int. payable M.& S. at Hibernia Bank & Trust Co., New
Orleans, trustee. Denom. $1,000. Red. all or part at 101 on any hit.
date upon 30 days' notice.
Data from Letter of Ferdinand Katz, Vice-President of the Company.
Company.-Organized in New Orleans in 1911 with a paid up capital of
$5,000,000, and is now one of the leading fruit producers and. importers.
Owns over 100,000 acres of land well adopted to the raising of bananas;
also owns 100 miles of railroad, with complete equipment, about 400 cars,
and its own wharves. Present marine equipment consists of 3 steamers of
about 1,700 tons each, 4 largo steel barges just being completed at a cost
of $300,000, and a great deal of small water-craft.
Purpose.-To pay for 5 new combination freight and passenger steamers
in course of construction at contract prices aggregating about $3,000,000,
of which the first $1.000,000 will be paid out of the current assets.
Capital & Surplus.-The capital and surplus, according to thd statement
of Nov. 30 1919, were over $8,200,000, and the total current liabilities were
$81,000. There were outstanding on Nov. 30 1919, $79,000 of bonds
(since reduced to $63,000), which are not callable at this time.
Earnings.-Earnings for the past several years have averaged over 6
times the interest charges required by this note issue, and company expects
to pay off these notes out of its current earnings in the next two years.
President, S. Zemurray.
Dayton (0.) Power & Light Co.-Listing, &c.The N. Y. Stock Exchange has authorized the listing of an additional
$576,000 6% Cum. Pref. stock on notice of issuance, making the total
amount authorized to be listed $4,306,000.
For the 11 months ended Nov.3 1919 the gross earnings were $2,600,048;
total income,$961,314;interest, sinking fund &c.,$563,876;Pref. dividends
$176,182; balance, surplus, $221,256.-V. 110, p.469.
Dennett Surpassing Coffee Co.-Bonds Called.-
Dated Feb. 1 1920. Due $20.000 each Feb. and Aug. 1 from Feb. 1
1921 to 1930. Denom. $500. Interest payable F. & A. at the Mercantile
Trust Co., St. Louis, trustee, or Bankers Trust Co., New York. Red. as a
whole on any hit, date at 1023,5 and int. upon 30 days' notice.
Data from Letter of Pres. Fayette R. Plumb, Philadelphia. Feb. 10.
Company.-Business founded in 1856 by Jonathan Yerkes, later changed
to Yerkes & Plumb and in 1897 incorporated as Fayette R. Plumb, Inc.
Plants at St. Louis and Philadelphia have a total floor space of 243,644
sq. ft. Engaged in the manufacture of hand tools, consisting chiefly of
hammers, hatchets, axes, sledges, wedges and mauls, necessities for mechanics, contractors, railroads, lumber camps and industrial plants, and
extensively used by farmers and householders.
Purpose.-Purpose is to extend the St. Louis plant, to furnish working
capital for the increased business from this extension and to purchase the
controlling interest in the Carver File Co. of Philadelphia
Earnings.-Net earnings after all charges,incl. maintenance,depreciation,
Federal taxes, &c.,for the 4A years to Dec. 311919, have totaled $822,276.
This is an annual average of over 4A times the annual payment on account
of principal or over 12 times the average annual payment for interest on
these bonds.
Balance Sheet Dec. 31 1919 (After Giving Effect to New Financing).
LiabilitiesAssets-IPlants&equip.lessdepr.res_$787,734 Capital stock
$822,500
Inventories
400,000
558,064 First Mtge. 7% bonds
Bills & accounts receivable_ 221,129 Reserve for Federal taxes
167,166
Other current assets
92,299
90,519 Accounts payable
Investment securities
646,436
447,520 Surplus
Deferred charges
Total (each side)
23,435
$2,128,411
-V. 110, P. 770.
Federal Motor Truck Co., Detroit.-Annual Report.Calendar YearsTotal sales
Net profits
-V. 106, p. 824.
1919.
1918.
1917.
"
$10,525,265 $8,664,528 $6,005,246
*1,281,707
456,825
922,635
Fisk Rubber Co.-Initial Dividend.An initial quarterly dividend of 75 cents a share has been declared on the
Common stock (par $25), payable April 1 to holders of record March 15,
placing the stock on a 12% annual basis.-V. 109, P. 2268.
Fitchburg Gas & Electric Light Co.-Stock Approved.-
The Mass. Department of P. Utilities has approved the issuance of
$346,000 of new stock, par $50. Proceeds of 3,830 shares are to be applied
to the payment of an equal amount of the company's obligations as of
June 30 1919, and the proceeds of 3,107 shares to the payment of cost of
plant expansion. The new stock it is stated will be sold at $60.-V. 109,
p. 2443.
Fulton Motor Truck Co.-Plan.The stockholders' protective committee, 71 Wall St., E. E. Vreeland,
Chairman, has prepared "a final and complete plan," which calls for the
organization of the Fulton Motors Corporation under laws of Delaware
with 150,000 shares of Class A'stock, $10 par value, and 350,000 shares
of Class B, no par value stock, but no bonds or mortgage.-V. 110, p. 565.
General Electric Co.-To Increase Capital.-The stockholders will vote March 16 on increasing the authorized
capital stock from $125,000,000 to $175,000,000, par $100.
One hundred twenty Gen. M.6% 5-year gold bonds, dated Mar. 1 1916,
C. A. Coffin, Chairman, under date of Feb. 20, says in substance:
numbers ranging from 13 to 687, have been called for payment Mar. 1 1920
"The proposed increase is to enable company to obtain additional working
at par with interest to Sept. 1 1920 at the office of the Treasurer, 147 capital from time to time through subscription thereto by the stockholders,
Reade St., N. Y. City.
to provide shares for distribution of the usual semi-annual stock dividends,
and for other corporate purposes. l'resent auth. capital is 3125,000.000, of
Dominion Oil Co;-Explanation as to Suit.which $122,968,400 is now issued and outstanding, leaving $2,031,600 in
Chairman C. N Haskell explains the suit brought by William C. Weis- treasury unissued. The volume of orders received for the past six months has
brod as follows: "The Weisbrod suit is a claim to an interest in some un- been at an unprecedented rate and far beyond the capacity of the company's
developed leases for which the Dominion Oil Co. advanced $165,000. The existing production facilities. A careful survey of the financial and factory
Dominion 011 Co. does not list any property in controversy. In any oil requirements ofthe company made by its officials as of Jan. 31 indicated that
FEB. 28 1920.]
875
THE CHRONICLE
there would be needed therefor during the next 12 months about $30.000.000, to furnish continuous supply of coke adjacent to smelter. (4) Coal fields
which includes provision for the payment of the $15,000,000 3-year notes on Vancouver Island containing upwards of 7,000,000 tons of bituminous
maturing Jull,11920. To apply on these requirements, company has sold coal, and now producing about 700 tons per day. (5) Extensive timber
$15,000,000 0-year 6% debentures. [See V. 110, p 663.) It is the view claims, together with a well-equipped sawmill.
Reserves Production, &c.-Development and exploration had established
of the directors that further funds should be provided by subscription to
increased capital stock to be offered later to shareholders and by the sale at Anyox, as of June 30 1914, ore reserves to the amount of 9,563,000 tons.
which have since been augmented to 11,000,000 tons, in addition to 3,914,of securities owned by the company."-Y. 110. lco• 663, 565.
•
075 tons since mined and smelted therefrom. In addition to the ore reGeneral Motors Corporation.-Listing, &c
serves there has been developed upwards of 10,000,000 tons of lower-grade
The Now York Stock Exchange has authorized the listing on and after ore containing some 150,000,000 lbs. of copper.
March 1 1920 of temporary certificates for 15,703,310 shares of Common
There also has been withdrawn and smelted during this period from the
stock without nominal or par value (total authorized, 50,000,000 shares), in Phoenix mine 4.455,674 tons of ore, the remaining recoverable ore resreves
exchange for outstanding shares of Common stock of the par value of $100 of this mine amount to about 500,000 tons. In the period June 30 1913 to
each, with authority to substitute permanent engraved certificates in ex- Dec. 311919, properties have produced a total of 210,545,136 lbs. of
change for outstanding temporary cenificates of Common stock without copper, 2,599,265 ozs. of silver, and 189,739 ozs. of gold.
nominal or par value, or outstanding certificates for Common stock of the
Operating Statement Fiscal Years ended June 30.
par value of $100 each, in the ratio of one share of the par value of $100 for
1916-17. 1917-18. 1918-19.
1913-14. 1915-16.
ton shares without par value.
Operating
profits_
$588,489 $4,080,618 $5,664,328 $3,673,949 $186,569
shares,
of
which
stock
The total authorized Capital
consists of 56,100,000
406,407
261,323
211,532
131,325
148,937
200,000 Prof. stock, par 1)100; 900,000 shares Debenturestock, par $100; Interest
899,911 1,349,962 1,500,042 1,312,537
899,901
5.000,000 shares 7% Debenture stock, par $100; and 50,000,000 shares Dividends
Common stock without any nominal or par value.
The company previously gave notice that exchange might be made on Surplus
-460,349+2,919,384+4.102,834+2,042,582-1.532,376
(+ or -)
and after May 3 1920, but by reason of the confusion and trouble incident
764,570
1,579,926 2,039,966 2,015,491
to the delay until May 3, the corporation is desirous of issuing immediately Deplet'n & depr'n
January Output1920.
1919.
tomporary certificates exchangeable for permanent engraved certificates
1918.
1,975,439 3.156,486 4,209,393
Copper output (in lbs.)
when ready for delivery.
It was recently stated that the Janesville Machine Co. and the Samson _..v. 110, p. 365, 565.
Tractor Co. both units of the General Motors Corp., have been merged
Co.-Production.Greene-Cananea Copper
into a consolidation known as the Samson Tractor Co. Rapid progress, it is
Copper(lbs.) Silver (ozs.). Gold (ozs.).
said, is being made on the quantity production schedule which has been
114,090
3,000,000
590
mapped out, close to 100 tractors a day being turned out, compared with Output for Jan. 1920
106,480
3,000,000
780
Outputfor Jan. 1919
55 a day at the close of last year.
96,970
3,130,000
• 730
The Olds Motor Works,Ltd.,of Canada,another subsidiary, will have its Output for Jan. 1918
new plant at Oshawa ready by March 1. From this plant the Canadian Output for Jan. 1917
156,690
5,700,000
requirements for Oldsmobile trucks and passenger cars will be filled. In its -V. 110, p. 265. 365.
first year an aggregate of about 5,009 trticks and passenger cars will be
Gulf Oil Corporation.-Earnings.turned out.-'!. 110, p. 565, 469.
1917.
Calendar Years1918.
1919.
Gilmers, Inc.-Acguired.-Status.Gross earnings
$97,431,516 $85,904,305 $70,499,403
Operating expenses
Soo United Retail Stores Corp. below.
62,130,188 49,779,314 41,013,567
(B. F.) Goodrich Co., Akron 0.-Purpose of Capital
Increase-330,000,000 Notes Underwritten.-President B.
G. Work, under date of Feb. 16, says in substance:
Purpose of Financing.-The business now operated has, within the past
few months, reached the seasoned age of 50 years. Never before during
that period has it rested upon such a sound foundation with brighter prospects. Our business in 1919 was limited only by ability to produce.
Approximately $10,000,000 is now being expended in additional manufacturing facilities which will come into production during this year. The
annual business should then exceed $200,000,000. For such progressive
development it is necessary to provide increased capital otherwise than
from earnings.
On this basis, the financial strength of the company will justify a larger
distribution of earnings. In addition, the management deems it advisable
to have shares of common stock available for purchase by the employees
(see V. 110, p. 767).
Capital Stock.-It Is proposed to increase the authorized common stock
from 600,000 shares of the par value of $100 each to 1.500,000 shares
having no par value. No change is to be made in the present outstanding
i$39,600,0001 Preferred stock.
Of the 1,500,000 Common shares of no par value, 600,000 shares will be
issued in exchange, share for share, for the present outstanding Common
stock; 125,000 shares will be set aside for sale to employees upon such terms
as the directors shall from time to time prescribe; 375,000 shares will be
reserved for issue in connection with the $30,000,000 notes, and the remaining 400,000 shame will be available for future requirements.
Convertible Notes.-The Five-Year 7% Cony. Gold Notes are to be dated
April 11920, in denom. of $1,000, $500 and $100. Convertible, if accompanied by appropriate stock purchase warrants, on and after April 1 1922.
until maturity or earlier payment, into Common stock, at not more than
$80 per share. Rod., all or part, on any interest date. at 103 if redeemed
on or before April 1 1923: at 102 if redeemed thereafter, and on or before
April 11924, and at 101 thereafter (with interest). Each $1,000 note will
have a stock purchase warrant attached (which may be detached and held
and disposed of separate and apart from the note) entitling the holder on
or before March 31 1922, or, if all notes are earlier redeemed, on or before
the redemption date, to purchase 1234 shares of Common stock at not
more than $80 per share. 'I'he warrants attached to notes of smaller denom.
will permit the purchase of a proportionately smaller number of shares.
Proceeds of this note issue will be used to retire current debt and provide
additional capital for the expansion of its business.
Notes Underwritten.-The sale of the notes has been underwritten by a
group of bankers headed by Bankers Trust Co., Guaranty Trust Co. and
Goldman, Sachs & Co., New York.
Offerings to Stockholders.-Upon approval by the stockholders, Common
stockholders of record March 15 1920 will have the right to purchase notes
at the rate of $100 of notes for each two shares of Common stock held, at
$99 and int., if any,for each $100 note, or, alternatively, to purchase shares
of Common stock at the rate of 134 shares for each two shares held, at $80
per share and also may subscribe, subject to allotment, for additional notes
or shares at the same prices. (b) Preferred stockholders will be given the
privilege of subscription at the above prices to notes or shares without limitation as to amount but subject to allotment. Notes or stock subscribed
for must be paid for in full at the office of Bankers Trust Co., 16 Wall St.,
N. Y., on or before April 11920.
The stockholders will vote on March 8 1920 on retiring 11,880 shares of
the Prof. stock (par $100) in accordance with the charter, which provides
for the retirement annually of 3% of the largest amount of Preferred stock
at any one time outstanding. Compare V. 110, p. 767, 663.
Net profits
Depreciation
Interest, taxes, &c
Dividends(6%)
$35,301,328 $36,124,991 $29,485,836
19,305,251 16,677,064 11.723,450.
6,111,640
4,535,224 6,865,331
2,082,104 2,074,320
2,104,513
Balance, surplus
$9,356,340 $10,500,492 $9,576,426
The balance sheet as of Dec. 31 1919 shows profit and loss surplus of
567,693,042, compared with $58,336,702 on Dec. 31 1918. Capital stock
was increased during 1919 from $34,837,100 to 235,284,600. Total assets
and liabilities were $218,476,442, against $173,175,606 the previous year.
-V. 109, p. 682.
Gulf States Steel Co.-Dividend-Earning§.A dividend of 7% on the 1st Pref. stock was declared yesterday, payable
In four quarterly installments of 1 % each on April 1 (to holders of record
March 15), July 1. Oct. 1 1920 and on Jan. 2 1921. A regular quarterly
dividend a 13.% on the 2d Pref. stock was also declared, payable April 1
to holders of record March 15.
The net income for January, after provisions for taxes, depreciation, &c.,
was reported as $115,357,compared with $57,241 in Jan. 1919 and $370,132
•
in Jan. 1918.-V. 110, p. 365.
Hackensack Water Co.-Rate Increase Denied.The New Jersey P. U. Commission has denied the company's application
for permission to increase the rates charged for water supplied to the City
of Hoboken. The city has a 25-year contract with the company and this,
owing to increased costs, has proved unprofitable. Investigation by the
Commission disclosed, however, that the company is able financially to
stand the loss, and therefore the commission held that it is not entitled to
the relief sought.-V. 110, p. 663.
Handley-Knight Co., Kalamazoo, Mich.-Stock.Allen G. Thurman & Co., Grand Rapids, Mien., are syndicating an
offering of this company's stock in Detroit, Chicago, Toledo and Grand
Rapids. Company was organized in Delaware with an authorized capital
of 80,000 shares, no par value stock, and will engage in the manufacture
of a high grade motor car. The cash working capital initially provided is
$1,000,000, which was paid in by prominent capitalists and bysiness men
of Kalamazoo, Cleveland, Buffalo, 'Toledo, Dayton, Rochester, Wheeling,
W. Va., Youngstown, Des Moines, Battle Creek, and Shreveport, La.
Directors are Walter Stewart, Martin V. Kelly, Harry den Blyker, H.B.
Parker, H. 0. Howard. Officers are James I. Handley, Pres. and Gen.
Mgr.; W. E. Upjohn, V.-Pres.; C. S. Campbell, V.-Pres.; W. L. Otis,
Sec. & Treas.
Hare's Motors.-Joint Operation.E. S. Hare, former Vice-President of the Packard Motor Car Co., has
announced the organization of this operating company with himself as
President for the joint control of the Locomobile(V. 110, p. 82) the Mercer
(V. 109, p. 2362) and the Simplex (V. 103, p. 2244) automobile companies.
Henrico County Gas Co.-Purchased by City.The distribution system of the company has been purchased by the City
of Richmond for $175,000. Until supply mains connecting the distribution
system with the City Gas Works have been laid the company's plant will
be operated under lease by the Director of P. Utilitles.-V. 109, 11• 1796.
Illinois Brick Co.-Earnings,
The report for 1919 shows earnings for last year of $355,909, compared
with a deficit in the preceding year of $377,921. The company has paid of
$250,000
in notes and resumed dividends at the rate of6% p.a., distributGoodyear Tire & Rubber Co., Akron.-Coal Lands.- ing 3% for
1919. It also added $214,910 to surplus.(Ohicago Economist")
The company, it is stated; has acquired2,000 acres of coal lands in the -V.
109,
p. 2443.
vicinity of Harrisville in eastern Ohio. Title to the properties has been
Imperial Tobacco Co. (of Great Brit. & Ireland).taken in the name of International Coal & Coke Co.-V. 109, p. 2268,
2261, 2175
Annual Report.1917-18.
1918-19.
1916-17.
1915-16.
October 31 YearsGranby Consolidated Mining, Smelting & Power Co. Net
after deprec., etc __ai4,665,109 4,826,191 £4,588,539 £4,515,036
Ltd.-Approve Bonds(Underwritten)-Capital Inc.-Status.
100,000
200,000
Pensions
FiveThe shareholders on Feb. 25 authorized: (a) an issue of $2,500,000
1,000,000
1,000,000
1,000,000
To general reserve
Year 8% Cony. Debenture bonds to be dated May 1 1920. and to be first Dividends onoffered for cash at par to all the shareholders pro rata; (b) an increase in Pref."A" shares(5)6%)
272,759
272,759
272,759
272,759
315,628
the capital stock from $20,000,000 to $25,000,000.
315,628
315,628
315,628
Prof."B" shares(6%)
263,822
263,822
263,822
263,822
Shareholders of record March 6 will be entitled to subscribe for the Prof."C" shares (10%).
debenture bonds at par to the amount of about one-sixth of their holdings, Ordinary shares
2,089,105
1,358 479
1,253 252
1,253 981
subscriptions to be payable in cash in N. Y. City in two equal installments Ordinary divs.-Regular
on March 31 and May 29, respectively. All subscriptions, together with
Extra
(5
(A0
(J
(11N
payment of tho first Installment of50%, must be made on or before Mar.31. Bonus to customers.194,420133,34812
141,351
,0
Underwritten.-Entire issue of bonds has been underwritten by Hayden,
£4,335,734 4,452,041 £2,239,538 4,234,536
Total
Stone & Co.
£329,375
474,150
175,800 •
Description of Bonds.-Limited to $2,500,000. Dated May 11920, due Surplus for year
£249,001
May 1, 1925. Interest payable May & Nov.at office or agency of company
In N. Y. City. Central Tinton Trust Co. of N. Y., trustee. Convertible
a Including transfer and other fees.-V. 109, p. 1465.
at any time prior to maturity into ordinary shares at rate of one share of
International Petroleum Co., Ltd., Canada.-Ad$100 par value for $55 principal amount of bonds. Redeemable, all or part,
at any time after May 11921, and on or before May 1 1923, at 110% and ditional Stock.-Rights.
interest; thereafter at 105% and interest; upon 90 days' notice, and during
The directors have resolved to issue 1,353,401 shares of £1 each of the
which time the right of conversion shall continue unimpaired.
Common stock at $5 (the par value) per share payable in New York funds
Data from Letter of President Wm. Ii. Nichols, Dated Feb. 25 1920. at par. The new stock will be issued on the basis of share for share of the
Developments, etc.-The declining ore reserves in the Phoenix mine made Preference and Common stock issued and fully paid up as at the close of
apparent in 1912 the advisability of extending the company's mineral business Mar. 6. Shareholders are entitled to subscribe at the office of the
holdings if its llfo were to be materially prolonged. This was accomplished company at 56 Church St., Toronto, Can.,or at Farmers' Loan & Trust Co.,
by obtaining possession of the properties at Anyox, where the mines were 16-22 William St., N. Y. City, on or before Mar. 15.
[It is generally understood that at least part of the proceeds of the stock
opened up, a new smelter constructed, and the first furnace blown in early
in 1914. Since then extensive developments have been carried out, in- will be used in connection with the purchase of the Tropical Oil Co., negovolving construction of a modern town with streets, electric lights, water tiations for which have been pending for several weeks. Compare V. 109.
system, &c., largely from the earnings of the company,in addition to which p. 1800.1-V. 109, p. 1278.
dividends exceeding $5,000,000 have been paid since June 30 1914.
Laclede Gas Light Co.-New Officers.In addition there has been added to the fixed assets of the company, at
G. B. Evans and Charles Magee have been elected directors. C. L.
a cost of about $7,000,000, amongst others: (1) an auxiliary steam power
Evans, First Vice-Pros. & Gen.
plant of 3,000 nominal h. p., to supplement the hydro-electric plant during Holman has been elected President; G.&B.
Sec.; and W. S. Dodd, Treas.the winter months;(2) a sintering plant to recover copper values from flue Mgr.; W. H. Whitton, 2d Vice-Pros.
dust;(3) a battery of 30 by-product ovens, with bunkers power-house. &c., V. 110, D. 769.
876
Kelly-Springfield Tire Co.-Annual Report.Cal. Years1919.
1918.
Cal. Ye irs--1918.
1919.
Gross prof. on sales$7,034.284 $7,187,834 Surplus
$1,665,380 $3,374,116
Oper.exp., Jec____ 3.776.735 2,598,069 Previous surplus_ - 9,197,858 6,690,028
Other Income
274,538
Total surplus
10,863,238 10,065,144
Total income
$3.532,087 $4,589,765 Federal taxes
434,124
2,674,951
Interest paid,
295,290
224,538 Spec. sur. retire't
Preferred dividends
&c_- 316,230
205,959
pref.stock,ea
433,162
473,036
Common dlv._ _x1.255,187
785.152 i Finr 1 surplus- 8,120,453 9,197,858
x Includes $454,778
divs. paid in stock.-V.110, p. 771.
_-
Lackawanna Steel Co.-Earnings.Results for Calendar Years of Company and Subsidiary Companies.
1919.
1918.
1917.
1915.
1916.
$
$
$
$
$
Sales
Not stated 83,438,135 77,446,241 53,970,836 27,792,935
Net earnings
a3,060,663 12,468,905 19,793,917 16,090,858 5,977,469
Bond,&c.,intLack. Steel Co
923,559 1,285,357 1,445,194 1,633,283
896,170
Sub. cos
164,367
173,600
191.379
303,317
309,900
Rentals, &c
8,543
101,536
101,536
Exting. mines, &c_
255,549
212,568
412,603
313,115
368,730
Deprec , &c
1,430,696 2,767,843 1,789,059 1,653,847 1,210,528
Balance, profit..
Unfilled orders
(gross tons)
[vol.. 110.
THE CHRONICLE
356,863 8,348,355 16,106,976 12,218,235 2,409,107
have replaced the surplus or replacement fund, which replacement fund
consists of all surplus, over and above and amount sufficient to pay cash
dividends as declared and set aside by the board of directors,for the specific
acquisition of additional properties and development. Gas production is
not included in stock apportionments, and the income therefrom is applied
to the replacement fund without capitalizing for such stock allotments."
See also aforesaid report.-V. 110, p. 172.
Militor Motors Corporation.-New Name.-
President N. R. Sinclair announces that the name of the Militor Corporation has been changed to Sinclair Motors Corporation. The interests of
the Knox Motors Co., of Springfield, Mass., were absorbed early in 1919.
-V. 108, p. 1613.
Minneapolis Gas Light Co.-Court Grants Rate Increase.
United States Judge Wilbur E. Booth has raised the rate for gas from 83
cents to 93 cents per 1,000 Cu. ft. "as a temporary rate." The receiver
petitioned for $1.e6.-V. 110, p. 769, 664.
Montgomery, Ward & Co., Chicago.-Status.-
See United Retail Stores Corp. below.-V. 110, p. 655, 566.
National Casket Co., Boston.-Dividends--Additional
Stock Rights.-Financial Statement.-The company under
date of Jan. 30 issued a circular to the stockholders which
says in substance:
248.405
314,948
731,526
811,126
812,680
Extra Cash and Stock Dividend.-Following the declaration by the execua Note.-The net earnings here include "the total net earnings of all tive committee of the regular quarterly div. of 13,6%, and an extra div. of
properties after providing for all taxes including war and excess profits 1% payable March 30 1920 the trustees voted a stock div. of 5% payable
taxes and deducting all other expenses, including ordinary repairs and March 30 to stock of record Feb. 5. Extra cash div. paid during the present
maintenance but not renewal expenditures and other appropriations for fiscal year are as follows: Sept. 30 1919, 3%; Dec. 30 1910, M %,and it is
the current year which are separately deducted as shown. The item further planned to pay an extra cash div. of 1% on Juno 30 1920.
Offer of Stock to Stockholders,-In order to obtain additional funds for con"bond interest, &c., includes interest on bonds and other obligations,
ducting, extending, and improving the growing business the trustees audeducting discount on bonds retired."-V. 109, p. 1465.
thorized the issuance of 7,439 34-100 shares of stock, and directed that these
be offered to stockholders at par to the extent of 15% of their present
Laurentide Power Co.-Earnings.holdings.
Cal. Years1919.
1918.
Cal. Years1918.
1919.
All stockholders of record Jan. 30 1020 are given the right to subscribe
Gross revenue_ __ _$837,737 $855,045 Dividends_ _ (4%)$420,000
Miscel. income_ __ 10,108
15,347 Income tax
6,564 $6,333 on or before March 10 1920, when payment in full shall be made. Such
Depreciation, &c_
200,000 stock shall not'be entitled to div. upon capital stock declared Jan. 21 1920,
payable March 30 1920. The stock purchased shall be dated and issued
Total revenue.._3847,845 $870,393
Expenses
176,769 183,625
Bal., surp__def.$142,614 $105.434 April 1 1920. See also under "Financial Reports" above.-Y. 110. p.
• Bond interest, &c. 387,125 375,000 P. & L., surp---- $19,806 $162,420 665, 566.
-V. 108, p. 883.
Liggett & Myers Tobacco Co.-Listing of New Class B
Common Stock.-Annual Report.-
National Lead Co.-Dividend Increase.-
A quarterly dividend of 13.6% has been declared on the $20,655,400
Common stock, being at rate of 6% per ann. payable March 31 to holders
of record March 12. The distributions in 1918 and 1919 aggregated 59'
per ann.• in 1916 and 1917, 4%; 1911 to 1915, 3% p. a., and from 1906
to 1910,'
3 to 5%.-V. 108, p. 1014.
The New York Stock Exchange has authorized the listing on and after
Mar. 1 1920 of the initial $5,374,100 Common stock B (of an authorized
issue of $21,496,400) and on and after June 1 1920, $5,374,100 Common
stock B, all in shares of $100 each, on issuance in exchange for full-paid
Nat'l Plate Glass Co., Detroit.-Acquisition-Officers.
subscription warrants, making the total to be listed $10.748,200. -The
Arrangements for acquisition by the company of the plants and property
proceeds of this stock offered at par to Common shareholders of record on formerly
belorging to the Columbia Plate Glass Co., Blairsville, Pa.; SagiFeb. 10 "will be used as additional working capital for the purpose of naw (Mich.)
Plate Class Co. and the Federal Plate Glass Co., Ottawa, Ill.,
developing the business."
were
consummated
The company Is controlled by the Fisher
The annual report for 1919 is cited under "Reports" above. Compare Body Corp. and willyesterday.
supply the requirements of that corporation for plate
T. 109, p. 2176.
glass in connection with its business.
Officers.-The officers will be: Pres., H. J. Eckenrode, formerly Gen.
Locomobile Co. of America.-Joint Operation.Mgr. of Edward Ford Plate Glass Co., Toledo; V.-Pres., Lawrence P.
See hare's Motors above.-V. 110, p. 82.
Fisher; Sec., William A. Fisher; Treas.,Leon S. Wescoat. See V.110.p.568
Loose-Wiles Biscuit Co., N. Y.-Report-Dividends.-
For annual report see preceding pages.
The company expects to begin payment of accumulated dividends on
Second Prof. stock about May
109, p. 2269.
(P.) Lorillard Co.-To Issue Stock.-
Nevada Consolidated Copper Co.-Earnings-Divs.Three Months Ended Dec. 31Gross production (lbs.)
Net earnings
Depreciation, &c
Dividends
1919.
1918.
1917.
11,384,333 19,020,773 22,153,158
$10,190 $1,822,166
3687,289
249,063
749,706
1,499.592
1.999,457
The stockholders will vote March 9 on authorizing the sale of the unissued Common stock at not less than par as follows: (a) 40,411 shares
Balance, deficit
$62,507 $1,489,402
$426,353
pro rata to the Com. stockholders and 20,211.4 shares to those connected
For the year 1919 company reports a deficit after dividends of$1.773,828,
now or hereafter with the management and operation of the company.
Proceeds will increase the working capital necessary to meet the increases against a deficit of $3,096,164 in 1918. The total production of copper
In prices of raw material and in the volume of the business of the company. for the year 1919 was 43,971,892 lbs., against 76,6137,062 lbs. In 1918.
See also Chino Copper Co. above.-V. 110, p. 267.
.
The annual report is cited under "Reports" above.-V.110, p. 769.
Masillon (0.) Electric &
North American Co.-A ,nual Report-Capital Inc.-
Gas Co.-New Bonds Offered.- Calendar YearsThe company has sold to West & Co. of Philadelphia an issue of 3200.000
received or accrued
3-year collateral trust 7% notes subject to the approval of Ohio P. U. Com- Interest
Dividends received
mission. These notes are being offered at 983' and int.-V. 103, p. 2082. Profits,
&c
Mason Tire & Rubber Co., Kent, O.-Consolidation
&c.-Treas.D.M.Mason,under date of Feb.24,saysin subst.
Consolidation.-The stockholders of Mason Tire & Rubber Co. and
Mason Cotton Fabrics Co., will vote Mar. 31 on the absorption of Mason
Cotton Fabrics Co. by the former company. The combined assets of
Apr. 1 1920 should show between $9,000,000 and 910,000,000 with over
$5,000,000 working capital and no current liability.
Capitalization.-The Pref. stock of Mason Tire & Rubber Co. is to be
increased from $5,000,000 to $10,000,000, and present Common stock
consisting of 31,000,600, par $10, Series "A"(voting) stock will be changed
to 100,000 shares Series "A", no par value, and present $1,500,000, par
910, Series "B" (non-voting) Common stock will be changed to 150,000
shares of Series "B." no par value. The only difference between "A" and
"B" shares being in voting rights.
Rights, &c.-Stockholders ofthe Fabric Company,upon the consolidation,
will receive (a) one share of the Rubber Company's Pref. stock for each
share of Fabric Prof. stock (par 3100), plus cash equaling accrued div. from
date of issuance, payable Apr. 1. (b) One share of Rubber Company's
no par Series "B" stock for each two shares of Fabric Common stock.
Hi:biers of the present Common stock of the Mason Co. will exchange their
Common stock, share for share, for the new no par stock of the Series of
that which they now own.
The Fabrics company's mill, built of concrete and steel, and electrical
driven, is the first complete tire fabric mill In the Akron district, having
125.000 sq. ft. of floor space, 10,000 spindles, and It will go into operation
in about 3 weeks. Through this consolidation, the Mason Co. will acquire
control of 100% of its fabric requirements. Since Nov. 1918 tire fabric
has gone from $1 a pound to $3 per pound.
The Rubber Company now operates 20 direct factory branches in the
United States, and has about 40 foreign connections.which are handled
through its export department in N. Y. City. Sales should be at the rate
of $12,000,000 annually before the close of the present fiscal year-Oct.31.
-V. 110, p. 664.
Mercer Motors Co.-Joint Operation.See Hare's Motors above.-V. 109, p. 2362.
Middle States Oil Corp.-Annual Report-Stock.-The
annual report will be found in the advertising department
on a preceding page.
The N. Y. Stock Exchange has listed temporary certificates for $666,670
additional capital stock (of an authorized $8,000,000). with authority to
add on and after March 1 1920 $583,330 additional, which are to be distributed on that date as a stock allotment to shareholders of record Feb.20,
making the total amount applied for $3,500,000. Both lots of new stock
are dated Jan. 6 1920.
The $666,670 stock was issued for the acquisition of $461,000 stock of
Dominion Oil Co., $600,000 stock of Texas Chief Oil Co., and also in part
payment for $440,000 stock of Ranger Texas Oil Co. The company
now owns the following:
Incorporated,
Stock Mid.States
CompanyWhere, Date. Par. Issued.
Owns.
No. 1 Oil Co
Okla., 1913 $10 $200,000 $200,000
No.77 Oil Co
Okla., 1919 25
200,000
200,000
Ranger Texas Oil Co
Okla., 1918
1 1,000,000
696,200
Dominion Oil Co
Texas,1919 10 3,068,530 1,550,000
Texas Chief Oil Co
Dela., 1919 10 3,200,000 1,200,000
The company reports that "the company in continuing this plan of distribution of stock allotments to shareholders has allowed as a basis on oilproduction the sum of $500 per barrel of daily average production, as soon
as the production and earnings of newly acquired properties and leases
Total
Expenses and taxes
Interest
Account written off
Dividends(5%)
1919.
$483,331
9,279,318
33,592
1918.
$573,608
1,390,435
33,837
1917.
$493,852
1,571,675
33,767
32,796,241 $1,997,880 $2,099,294
130,422
131,341
187,718
119,152
262,465
108,007
700
1,489,665
1,489,665
1,489,665
Surplus to profit and loss
$1,056,302
$114,409
$313,903
Cash on hard Dec. 31 1919, $1,167,999.
The stockholders will vote March 17on classifyingthe present outstanding
capital stock (all of one class) of $29,793,300 into Preferred and Common
shares. The Pref. shares are to be of $50 par value, and the Corn, shares,
pending the enactment of suitable legislation in the State of New Jersey,
are to be of $25 par value.
The stockholders will also vote on increasing the number of authorized
shares of Pref. stock to 500,000 and the number of authorized shares of
Corn.stock (at present 300.000shares par 3100)to 750,000.-V. 169, p.780.
North Butte Mining Co.-Production.JanuaryCopper production (lbs.)
-V. 108, p. 485.
1920.
1,940,060
1919.
2,241,829
1918.
761,262
Ohio Oil Co.-Extra Dividend.-
An extra dividend of $2 75 has been declared on the stock, along with
the regular quarterly dividend of $1 25, both payable Mar. 31 to holdas
of record Feb. 28. An extra dividend of $4 75 a share was paid Dec. 1919
and $2 75 in Sept. 1919, prior to which $4 75 extra (19%) was paid each
quarter from March 1916 to Juno 1019, incl.-V. 109, P. 1993.
Otis Steel Co., Cleveland.-Rights to Subscribe for Additional Preferred Stock (Underwritten)-Status and Earnings.The Common stockholders of record March 1 will be given the right to
subscribe in full in cash on or before March 16 for an additional amount of
not to exceed $5,145,850 par value of 7% Cum. Pref. stock at par and diva.
from Jan. 1 1920 to March 16 1920 ($101 46 per share) at the rate of one
share of Preferred stock for each eight shares of Common stock held.
Stock certificates will be issued carrying the regular quarterly dividend of
%, payable April 11920.
Subscription warrants will be issued only for full shares. Where necessary, a fractional warrant will be issued but no subscription may be made on
a fractional warrant, but if surrendered on or before 1%ilarch 16 1920, with
other fractional warrants, in amounts together aggregating full shares, a
subscription warrant for the number of shares represented thereby will be
issued in exchange therefor. The warrants must be delivered to the Mercantile Trust Co., 115 Broadway, New York, or to the First Trust & Savings Co , Cleveland, 0. on or before March 16 1920, accompanied by payment of the full subscription price. All payments received In Now York
must be in Now York funds.
Data from Letter of President G. Bartol, Dated Feb. 19 1920.
Progress of Business.-Following the signing of the armistice in 1918 and
extending through the first half of 1919, conditions became quiet in the
steel industry and the output of our plants was affected in sympathy with
this condition. In the second half of the past year an improvement developed in the market for our products but operations were seriously interfered with by reason of strikes and labor unsettlement. Advantage was
taken of these conditions to rebuild and enlarge one of the company's two
blast furnaces, so that the pig iron production in 1920 should be practically twice that of 1919.
With the opening of 1920 the demand for all our products had become
so great that all plants, excepting the blast furnace, which will be In operation about Feb. 25, are being operated at 100% capacity. Your directors
FEB. 281920.]
877
THE CHRONICLE
have decided, in order to meet the existing demands of customers and to
take care of future requirements, that it is imperative to construct at once
eight new sheet mills at the Riverside works, which should be in production
in fall of 1920. These additional units will be devoted to the manufacture
of all classes of finished sheets and will have an annual output of from
60,000 to 70,000 tons, thus making total capacity in sheets 140,000 to
.
150,000 tons annually,
Purpose of Issue.-Of tbe proceeds of this Preferred stock it is expected
that about half will be used in the construction of the new sheet mills, and
the balance will be added to working capital to enable the handling of
larger volume of business.
Assets.-Upon the issuance of the additional $5,145,800 Pref. stock
now offered the total outstanding will be about $9,976,450. Total net
assets, after giving effect to the proceeds of this additional Pref. stock
will be equal to about $251 per share on the total amount to be presently
outstanding Net quick assets alone on the same basis will show about
$100 per share on the entire Prof. stock to be outstanding.
Acquisition and Earnings.-The company took over the properties of
Cleveland Furnace Co.(V. 109, p. 175) as of Oct. 1 1919 The combined
consolidated net earnings, after depreciation (excluding certain interest
charges which have been eliminated), plus 7%o on the proceeds of the new
Preferred stock now being offered, were as follows:
Before Providing After Providing
Combined Net Earnings (After Adding
for Fed. Taxes. for Fed. Taxes.
on Proceeds of New Preferred Stock)Annual average for the four fiscal years
$3,782,891
ended Dec. 31 1919 (1919 partly est.)._ $6,018,404
Equivalent earnings on Pref. stock, incl.
938 per share
amount to be presently issued (approx.) 960 per share
The company has on its books all the orders that the management deems
it wise to accept for future delivery. Barring unforeseen developments,
net profits for 1020, after provision for depreciation and taxes, are expected
to amount to upwards of $4,500,000, or between 6 and 7 times the annual
dividend requirements on the total amount of Prof. stock to be presently
outstanding.
Underwritten.-This offering of Prof. stock has been underwritten to the
extent of $5,000,000 by William Salomon & Co., N. Y., who agree to take
such part of the stock not subscribed for by stockholders.-V. 110, p. 770.
Standard Sanitary Manufacturing Co.-Annual Report
1918.
1919.
Calendar Years.
$4,011.596 $3,048,068
Net earnings
Deduct-For contingent and pension funds and bad
150,000
200,000
debt reserve
x862,051
1,193,147
Federal taxes
303,336
309.540
Dividends on Preferred stock
600.000
480,000
Dividends on Common stock
102,028
Extra compensation to exec. & oper'g committees 147,257
x$1.681,652 $1,630,653
Balance,surplus
x Further war profits tax, $522,942, for which no provision was made in
1918statement,is deducted from surplus earnings of 1919. A cash dividend
of 2%, with an extra 2% was paid on Common stock Feb. 10 1920.V. 110, p. 473.
Texas Gas & Electric Co.-Receiver Appointed.-
S. R. Bertron, Jr., has been appointed receiver for this company,formerly
the Texas Southern Electric Co. (V. 99, p. 347), upon the company s
application. The company, which operates gas, electric and light plants
in 12 South Texas towns, was organized in 1914 by Boston capitalists and
is operating under a trust agreement with Randolph F Tucker, B. Earl
Appleton, Willard E. Glazier, Alexander Henderson, Thomas Hunt, John
C. Rice, Neldon H. Munsie, all of Boston, as trustees.
Tobacco Products Corp., N. Y.-Allied Company.-
In reference to the rights to subscribe to the American Foreign Trade
Corp. stock (V. 110, p. 660, 466, 361), President J. M. Dixon, in circular
of Feb. 16, says in part:
"The American Foreign Trade Corp. was organized primarily for the
purpose of engaging in trade in the Near East, or Levant, from whence we
receive the leaf tobacco used in the manufacture of our cigarettes. We
were prompted to participate in this company owing to the fact that we
have always suffered heavily in the cost of transmitting funds to that part
of the world to pay for raw materials.
While the original purpose of the American Foreign Trade Corp. was to
barter for tobacco, it has developed into a general trading organization.
It has made satisfactory arrangements for supplying importers with wool,
hides skins, tobacco, precious stones, figs, raising, tanning material, &c.,
Pacific Lighting Corporation.-Annual Report.a business formerly handled largely by German and Austrian firms.
Consolidated Income Account for Calendar Years.
The landling of a large number of American vessels consigned to the
[Including Pacific Lighting Corp. and Los Angeles Gas & Electric Corp.1
company; the expense of unloading; advancing payment for port charges
1916.
and freight; expense of warehousing in and out, and the reloading for Amer1917.
1918.
1919.
$6,167,269 $5,038,325 $5,118,516 $4,387,207 ican ports, in addition to the business that is being offered from Greece,
Total gross income
3,467,620 2,975,475 Turkey. Russia, Rumania and Bulgaria, makes it desirable that the company
Open exp., taxes, int.,&c. 4,511,490 3,718,436
Wain more capital. A number of vessels are now enroute to ConstantiBalance
91,655,779 91,319,889 91.650,806 $1.411,732 nople, consigned to the company, the unloading alone of which will net
$730,863 the company a profit of from $5,000 to 96,000 for each 5,000-ton ship.
$773,384
Depreciation
$605,975
$565,725
208,100
We believe that the demoralized state of the foreign exchange market is
208.100
Preferred dividends (5%) 208,100
208,100
Common dividends..__(12%)576,000 (12)576,000(1036)504000 (8)384,000 likely to necessitate that trade be conducted entirely on a barter basis
for a number of years to come. See also American Foreign Trade Corp.
Balance
sur.$265,704 def.$29.934 sur.3165,412 sur.$88,769 above.-V. 110, p. 473, 368.
The Pacific Lighting Corp. Is a holding company owning, besides the
Todd Shipyards Corp.-Extra Dividend.entire capital stock of Los Angeles Gas Elsctric Corp., $1,040.000 Common
An extra dividend of $1 25 has been declared on the stock,along with the
and $300,000 First Prof.stock of Pacific Gas & Electric Co. of San Francisco, regular
quarterly dividend of $1 75, both payable March 20 to holders of
which stand upon the Corporation's books at $701,092.-V. 108, P. 1272.
record March 6.-V. 109, p. 886.
Peerless Truck & Motor Corp.-Extra Dividend.-
An extra dividend of % of 1% has been declared on the 910,000,000
capital stock (par $50), along with the regular quarterly dividend of 134 %,
both payable April 1 to holders of record March 1. Like amount was paid
Jan. 2 1920.-V. 109, p. 1466.
Peoples Gas Lt. & Coke Co., Chicago.--Bonds,cfcc.See Chicago By-Products Coke Co. above.-V. 110, p. 654.
Price Brothers Co., Ltd.-Stock Dividend.-
A stock dividend of 22% has been declared payable Feb. 25 to holders
of record Feb. 25. This increases the outstanding capital stock to $6,100,000.-V. 110, p. 367, 66o.
Quaker Oatn Co., Chicago.-Annual Report.Calendar
Years1919
1918
Balance,
Common
Gross, after Depreen, Preferred
Dividends. Dividends. Surplus.
Taxes.
&c.
$3,733,729 $1,053,835 $751,251 $1,177,500 3751,143
1,237,500 1,632,886
549,677 632,202
4,052,265
P. 376.
Tropical Oil Co., Pittsburgh.See International Petroleum Co., Ltd., above.-V. 109, p. 1800.
Trumbull Public Service Co.-Mortgage Notes Sold.
Subject to the approval of the Ohio P. U. Commission, Otis & Co., of
Cleveland, have purchased $360,000 7% mortgage notes.-V.108, p. 1516.
Union Light, Heat & Power Co.-Bonds.-
See Cincinnati Newport & Covington Light & Traction Co. under
"Railroads" ahem-V. 110. P. 368.
Union Tank Car Co.-Earnings.Calendar YearsNet earnings
Dividends
1919.
1918.
1917.
1916.
43,618,288 $1,253,019 $3,709,516 $2,081,766
(7%)840.000 (5)600,000 (5)600,000 (5)600,000
Balance, surplus.-_-_ $2,778,288
$653,319 $3,109,516 $1,481,766
Profit & loss surplus_ _ $9,398,693 46,116,797 $5,463,778 $2,354,262
* After depreciation, amortiration, &c. $1,017,053 Federal taxes for
1918 and $200,000 reserve for annuities.--2V. 110, p. 568.
1101
-v. 109.
United Cigar Stores Co.-Status.Ray Consolidated Copper Co.-Dividend Decreased.See United Retail Stores Corp. below.-V. 110, p. 473.
- See Chino Copper Co. above.-V. 110, p. 83, 268.
United Drug Building Co.-Offering of Guaranteed Notes.
Republic Rubber Corp., Youngstown.-Capital Inc.
The stockholders voted Fob. 20 to increase the authorized capital stock -Mercantile Trust Co., St. Louis, Is offering at par and int.,
from 650,000 shares to 1,500,000 shares, no par value.
to net 6%,$1,750,000 6% 1st M. Real Estate serial notes.
President Guy E. Norwood,in connection with the capital increase, under
date of Feb. 4, says in substance: Company is in urgent need of additional
working capital with which to finance its constantly increasing business.
In 1916 not business was $6,500,000: in 1917,$11,000,000; in 1918, $13,000.000: and in 1919. 316,500.000. Naturally, this sharp increase in volume of
business requires additional working capital, and this capital can only be
supplied by the sale of either notes or securities. Your directors, after
considering all plans proposed, including bond issues, note issues, the sale
of Preferred stock and the sale of Common stock, have come to the conclusion that the best way to finance the additional requirements at the
present time is by the sale of additional Common stock.
William Wilms has been elected Chairman of the board and will have
charge of finances; Si. F. Jones succeeds G. Si. Norwood as President, and
H. J. Stambaugh as Treasurer succeeds Myron Arms IL-V. 110, p. 567.
s.
St. Joseph Lead Co.-Extra Dividend.An extra dividend of 234% has boon declared on the stock along with the
regular quarterly dividend of 2%%, both payable Mar. 20 to holders of
record Mar. 9. The regular rate has been 10,, p. a. (234 quar.) since June
1919. In Mar. 1919, 334% was paid.-V. 109, p. 987.
Seneca Copper Corp., N. Y.-Bonds Auth.-Stock Inc..The stockholders voted Feb. 25 (a) to issue $500000 8% 5-year Cony.
Debenture bonds, convertible after 1922 into Capital stock at rate of 5
shares of stock for each $100 bond; (b) to increase the Capital stock by the
Issuance of 50,000 additional shares, of which 25,000 shares will be issued
and reserved for the conversion of the bonds. Compare V. 110, p.665,472.
Simplex Automobile Co.-Joint Operation.See hare's Motors above.-V. 103, p. 2244.
Sinclair Motors Corporation.-New Name.-
See "Minter Motors Corporation" above.-V. 108, p. 1613.
Denom. 9100 and $500. Secured on buildings with 14 6-10 acres of
ground located on Kingshighway Boulevard and San Francisco Ave. in
St. Louis. Value of mortgaged property, $3,000,000. Dated Aug. 15
1919 and mature annually on Aug. 15, commencing Aug. 15 1920,to Aug. 15
1933. Principal and intere,st guaranteed by an irrevocable 20-year lease
of the property to the United Drug Co. of Boston, for an amount sufficient
to pay principal, interest and all fixed charges during the life of this issue.
United Drug Co.-Earnings.-Guaranteed Bonds.Calendar YearsNet sales
Cost of goods sold
Operating expense
1916.
1917.
1919.
1918.
$58.338,834 $51,028,366 $40,716,289 $33,404,866
38,771,026 32,625,318 26,832,192 22,277,099
13,541,607 12,557,292 9,968,438 8,057,375
Merchandise profit.._- $6,026,201 $5,835,726 $3,915,659 $3,070,481
31,422
Other income
*1,137,476
48,101
131,808
Total operating profit $7,163,677 $5,867,148 $3,963,760 $3,202,289
Dep. taxes,doubt I accts. 1,888,673
1,287,226
807,753
571,052
Federal taxes, estimated. 1,000,000 2,073,313
Written off accounts__
616,427
Net profit
$4,275,004 $2,506,609 $3,156,007 $2,014,810
* Includes profit on sale of Vivadou Co.
See United Drug Building Co. above.-V. 110, p. 772.
United States Envelope Co,-Earnings.Calendar Years1919.
1918.
1917.
1916.
$1,630,189 $1,713,619 $1,042,518 91,861,329
Net profits
77,291
79,794
82,292
Interest
84,791
Preferred dividends(7%)
280,000
280,000
280,000
280,000
Common divs.(9%%)
71,250 (934)71,250 (934)71,250
<7)52,500
Depreciation
463,934
196,727
20,779
705,842
Reserve for taxes
250,000
800,000
150,000
Real estate reserve
195,000
Southern California Edison Co.-To Pay Bonds.-
Balance. surplus
$292,714
$285,850
$438,197
$738,195
In reply to an inquiry we are advised that the 31,977,,000 6% Con$1,442,426 $1,224 578
$890,602
$928,799
vertible Gold Debentures duo Mar. 15, will be paid at the option of the Profit & loss surplus_
holder, at the Los Angeles Trust & Savings Bank, Los Angeles, Harris -V. 119, p. 772.
Trust & Savings Bank, Chicago, or Bankers Trust Co., New ork. There
Utah Copper Co.-Ear. 3 Mos. Ended Dec. 31-Divs.will be no especial financing in connection with their payment.-V. 109,
1919.
1918.
1917.
p. 2445; V. 110, p. 173, 269, 666.
$1,449,027 $1,577,138 $8,117,812
Net profits
Miscellaneous
525,241
254,215
222,472
Spicer Manufacturing Co., South Plainfield, N. J.- Nevada Consolidated dividends
375,187
750,375
1,000,500
250,000
Pref. Stock Offering.-Merrill, Lynch & Co. and Cassatt Bing. & Garfield Ry. dividends.._
750,000
100,000
& Co. are offering, when, as and if issued, at 100 and div. Garfield Chem. St Mfg. dividends
yielding 8%, $3,000,000 8% Cum. Pref. (a. & d.) stock.
Total net profits
$2,699,455 $3,331,728 $9,340,784
2,436,735
4,061,225
5,685,715
Dividends Q.-J. Red. all or part on any div. date on not less than 30 Dividends paid
do
rate
(25%)
(15%)
(35%)
days notice, at 110 and div. Beginning with Jan., 1921, a sinking fund
will be established to retire in each year for five years not less than 3% of
sur
Balance
.$262,720 def.$729,497sr$3,655,069
the largest amount of Pref. stock outstanding, and thereafter at least 5%
The financial results for the calendar year 1919 shows total net income
of such stock outstanding.
of 98,252,395, against $18,945,780 in 1918 and a deficit after dividends of
Application will be made to list this Preferred stock on the N. Y. Stock $1,494,544,
contrasted with a surplus in 1918 of $2,700,880. These figures
Exchange.-V. 110, p. 666.
are subject to such adjustments in the annual report as may be necessitated
by recomputation of taxes and other entries when the company's accounts
Standard Oil Co. of Ohio.-Extra Dividend.audited.
An extra dividend of 1% has been declared on the stock, along with the are
See also Chino Copper Co. above.-V.110, p. 474.
regular quarterly dividend of 3%, both payable April 1 to holders of record
For other Investment News, see page 881.
Feb. 27. Like amount was paid in January 1920.-V. 110, p. 269.
878
THE CHRONICLE
geparts
[Vol,. 110.
auei
REPUBLIC IRON & STEEL COMPANY
TWENTIETH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING DECEMBER 31 1919.
To the Stockholders of the Republic Iron dc Steel Company:
The Board of Directors submits herewith its Twentieth
Annual Report of operations for the fiscal year ending
December 31 1919, together with a Financial Statement and
General Report on the condition of the property at the
close of the year.
INCOME REPORT.
BALANCE SHEET DECEMBER 31 1919.
ASSETS.
Capital Assets—
Property Accounts:
Cost of properties.Dec. 31 1918
$86,368,647 02
Net additions for the year ending Dec.
31 1919
4,306,951 41
$90,675,598 43
Investments:
In Potter Ore Company
$401,000 00
Investments in and advances to other
companies
904,524 01
1,305,524 01
Cash Deposited with Trustee— •
For redemption of 10-30 Year Gold bonds in
addition to bonds of a par value of $6,868,(410 00, retired in terms of the Trust Deed,
per Contra
06,900 00
Current Assets—
•
Inventories of Manufactured Products, Materials, and Supplies on hand and in transit
at or below cost
$15,943,239 31
Ore Contract Payments, represented by Ore
at Docks
1,182.731 08
Accounts and Notes Receivable after deducting Reserve for Bad and Doubtful Accounts
5,723,761 29
Investments in United States Liberty and
Victory Bonds, including balances due
from employees in respect of bonds purchased on their behalf
8,023,149 80
Cash in Banks
1,223,748 00
32,096,629 39
Deferred Charges to Operations—
Expenditures for Explorations, Stripping at Mines, Advanced Royalties, &c., chargeable to Future Operations__
1,671,664 6
Total
$125,846,316 46
Net Current Assets
$23,610,604 56
The problems of readjustment from war to peace, referred
to in our last Annual Report, were continuing factors of
influence on general business throughout the year 1919.
The first effect of the Armistice was business uncertainty
and reaction, resulting in a period of liquidation and declining prices. This situation continued throughout the first
four months of the year 1919, followed by gradual improvement in demand for iron and steel, in both foreign and
domestic markets, under which influence prices strengthened, but at no period of the year did the price level exceed
that recommended by the Industrial Board of the Department of Commerce in effect March 21 1919, while the
average value of all iron and steel products shipped during
the year 1919 was about 12% less per ton than the average
shipping values of the preceding year. Cost of production,
however, throughout the year, was on a gradually increasing
scale—operations being adversely affected by labor inefficiency, lack of transportation and by a series of strikes,
affecting both the mills and mines, which troubles are referred
to more at length hereinafter. As a result of these conditions,
LIABILITIES.
a sub-normal output for the year ending December 31 1919
Capital Stock—
followed, the decline in production being emphasized during Common-273,520 shares of $100 00 each.. _$27,352,000 00
the strike period of the fourth quarter of the year, while the Less—In Treasury
79,200 00
average production for the year for all iron and steel products
$27,272,800 00
was about 30% less than the preceding year. In consequence Preferred 7% Cumulative-250,000 shares of $100 00 each. 25,000,000 00
$52,272,800 00
of adverse operating conditions, together with strike losses,
10-30-Year 5% Sinking Fund Mortgage Gold Bonds—
earnings were reduced; Net Profits applicable to Dividends (Total authorize(' issue $25,000,000)
issued
319,869,000 00
for the year ending December 31 1919, after making full Total
Less—Bonds Purchased for
deductions for repairs, maintenance, depreciation, exSinking Funds
$6,868,000 00
Bonds held in Treasury
60,000 00— 6,928,000 00
tinguishment, taxes and other contingencies, being $2,141,195 69.
First Mortgage 6% Serial Gold Bonds Outstanding on Besse- 12,041,000 00
mer Mines Nos. 1 and 2
Although the Net Earnings for the year were not sufficient
900,000 00
Potter Ore Company Bonds—
to satisfy the dividend requirements of both the Preferred $300.000
00 Outstanding First Mortgage 5% Bonds guaranteed jointly with Tennesee Coal, Iron St Railroad
and Common Stock outstanding, the Board of Directors
Company, less that Company's proportion
150,000 00
were of the opinion that accumulated profits warranted a
Bonds Outstanding on the Martin ct: Palos Coke Works
Properties
continuation of dividends at rates authorized, particularly
102,000 00
Current Liabilities—
as an early return to normal operations and profits was Accounts and Bills Payable
$5,922,768 00
prospective and has since been realized.
Estimated War Profits Tax, Income and
Regular Taxes
1,547,040 66
On account of large cash expenditures made during recent Accrued
Bond interest
years for property additions and extensions, also because of Provision for Dividends payable Jan. 2 and 161,922 92
Feb. 2 1920
846,592 00
the Company's expanding business needs, the Board of Unclaimed
Dividends
7,692 25
Directors decided to strengthen the Working Capital by
8,486,024 83
Reserves—
the proceeds of sale, at par, to the holders of the Common For
Exhaustion of Minerals and Mining
Stock, of 26,480 shares of the unissued authorized Common
Equipment
3,570,232 78
For Depreciation and Renewals of Plants_ 10,757,188 37
Stock and 1,610 shares of Treasury Common Stock. Upon For
and Rebuilding Furnaces_ _ _
532,158 93
the completion of this transaction, the total outstanding For Relining
Fire and Accident Indurance
788,942 84
Common Capital Stock will be $30,000,000, and the Working For Contingencies
1,464,996 80
17,113,519 72
Capital will be increased by the sum of $2,809,000.
Surplus—
Pursuant to our general policy of extending and diversify- Balance Dec. 311919, per attached statement
33,880,971 91
ing production, the Company acquired during the latter part
$125,846,316 46
of May 1919, by cash purchase, the land and property of the
WORKING CAPITAL.
DeForest Sheet & Tinplate Company at Niles, Ohio, the
The
statement covers items affecting Working
capacity of which property is now being doubled, which, Capitalfollowing
from organization of the company to December 31
with other general improvements authorized will aggregate 1919, and
is followed by Comparative Statement of Net
an expenditure of approximately $4,000,000 00—upon com- Working Assets,
shown by the books of the company
pletion of this program , our earning power should be ma- as at December 31as1917, 1918
and 1919:
teriallY increased.
Working Capital May 3 1899
$6,500,000 00
As a general result, the net reduction to the Surplus Ac- Collateral Notes Issued October 1 1904
7,000,000 00
Bond Issue October 1 1904
10,000,000 00
count for the year was $1,241,490 31 and the Net Balance of Preferred
Capital Stock Sold
110,000 00
Surplus as of December 31 1919 was $33,880,971 91, while 10-30-Year Bonds
19,869,000 00
Mortgage Notes on Haselton Property
the Net Balance of Working Assets as of December 31 1919 Additional
1,475,000 00
Preferred Stock Issued
4,583,100 00
was $23,610,604 56.
Additional Common Stock Sold
81,800 00
INCOME ACCOUNT AND STATEMENT OF SURPLUS FOR THE
YEAR ENDING DECEMBER 31 1919.
Net Earnings from operations after deducting charges for
maintenance and repairs of plants, amounting to $4,707,709 50
$4,456,341 45
Interest and Income from Investments
575,496 24
Total Profits for the Year
$5,031,837 06
Less—
.
Provision for Depreciation and Renewal of
Plants
$1,381,220 21
Provialon for Exhaustion of Minerals
460,905 30
Provision for Income Tax
315,112 46
Interest on Bonds and Notes
733,403 03 2,890,641 00
Net Profits for the Year
$2,141,196 69
Surplus at December 31 1918
35,122,462 22
Deduct—
Dividends-7% on Preferred Stock
Dividends-6% on Common Stock
Net Surplus Carried to Balance Sheet
Net Profits Applicable to Dividends
$37,263,658 91
$1.750,000 00
1,632,687 00 3,382,687 00
$33.880,971 91
$2,141,196 60
Amounts Reserved out of Profits for Depreciation and Renewals, Insurance and Contingencies
17.113,519 T1
Net Profits May 31 1899 to December 31 1919
71,978,380 78
$138.710.800 50
Expended—
Dividends on Preferred Stock
$32,793,936 87
Dividends on Common Stock
5,303,472 00
Collateral Notes Canceled
7,000,000 00
Bonds Retired
10,928,000 00
Haselton Notes Paid
1,475,000 00
Bond Sinking Fund
96,900 00
Investments Securities, &c
1,155,524 01
Prepaid Mining Expense,&c
1.671,664 63
New Construction
41,801,011 11
Property and Plants6,.,874,68732
115,100.195 94
Net Current Assets per Balance Sheet
$23,610,604 50
Consisting of:
Inventory
$15.943,239 31
Ore Contract Payments
1,182,731 08
Accounts and Bills Receivable
5,723.761 20
U. S. Government Certificates and Bonds... 8,023,149 80
Cash
1,223,748 00
.
ar(TOTCR.W39
Less Current Liabilities
8,486,024 83
Net Current Assets
$23,610,604 0
COMPARATIVE STATEMENT OF NET WORKING ASSETS.
Dec. 31 1919. Dec. 31 1918. Dec. 31 1917.
Current Assets
$15,943,239 31 $13,639,976 64 $13,475,652 15
Inventory
908,863 23
621,342 25
Ore Contract Payments
1,182,731 08
Accounts & Bills Receivable 5,723,761 20 7,295,129 84 5,980,005 13
U. S. Government Certifi8,023,149 80 13,766,465 40 14,358,265 40
cates and Bonds
Cash
1,223,748 00 4;072,684 b5 4,367,793 91
132,096,629 39 139,395.598 68 $39,090,579 82
Less Current Liabilities_...... 8,486,024 83 10,665,630 08 13,145,043 54
$23,610,604 56 $28,729,968 60 $25,945,536 28
COMPARATIVE STATEMENT OF INCOME•
Year Ending Year Ending Year Ending
Dec. 311919. Dec. 31 1918, Dec. 31 1017.
Net earnings from Operations,
after deducting charges for
$
$
Maintenance and Repairs of
Plants, amounting to
4,456,341 45 18,177,046 85 28,329,718 46
December 311919.$4,707,709 50
December 31 1918, 5,147,442 76
December 31 1917, 3,559,157 62
439,302 93
729,767 82
Interestand Dividends Received 575,496 24
Net Current Assets
Total Profits for the Year..... 5,031,837 69 18,906.814 67 28,769,021 39
Less
Provision for Depreciation and
1,381,220 21 4,183,319 07 1,999,760 26
Renewal of Plants
Provision for Exhaustion of
274,072 31
512,619 78
460,905 30
Minerals
Provision for Excess Profits Tax.
&c., and other Contingencies 315,112 46 5,680,759 44 9,878,657 30
Net Profits for the Year
DeductInterest on Bonds and Notes
Net profits applicable to
Dividends
AddSurplus December 31 1918
Surplus December 31 1917
Surplus December 31 1916
2,157,237 97 10,376,698 29 12,152,489 87
2,874,599 72 8,530,116 38 16,616,531 52
759,334 67
738,182 44
733,403 03
2,141,19669 7,791,933 94 15,857.196 85
35,122,462 22
30,711.988 28
18,236,251 43
37,263,658 91 38,503,922 22 34,093,448 28
DeductDividends on Preferred Stock__ 1,750,000 00
Dividends on Common Stock.. 1,632,687 00
1,750,000 00
Dividends on Preferred Stock__
1,631,460 00
Dividends on Common Stock__
1,750,000 00
Dividends on Preferred Stock.1,631,460 00
Dividends on Common Stock__
3,382,687 00 3,381,460 00 3,381.460 00
Net Surplus Carried to Balance
33,880,971 91 35,122,462 22 30,711,988 28
Sheet
INVENTORIES.
The inventory was taken in accordance with the Company's usual custom of cost for all products mined or manufactured by the Company. The purchased material was
taken at cost or at the market price in case this was lower
than cost.
As of
As of
As of
Dec. 311919. Dec. 311918. Dec. 31 1917.
Classification$2,959,000 06 $2,587,579 49 $1,771,153,76
Finished Product
1,755,275 59
517,894 94
1,284,495 65
Pig Iron
122,951 75
40,623 17
90,069 91
Puddle mill products
1,198,206 65
1,026,759 86
1,443,007 79
Billets, Blooms, Slabs, &c
4,314,760 47
Ores
6,406,200 13 5,685,034 91
1,127,902 95
586,628 07
662,920 18
Scrap
652,862 39
208,339 01
118,984 23
Ferro-Manganese
316,616 94
638,275 16
Fuel
461,309 84
318,332 64
291,987 44
227,074 59
Rolls, Molds and Stools......
1,426,670 71
1,536,816 24
Stores
1,790,427 01
101,437 03
134,426 63
153,403 67
Commissary Supplies
369,481 27
271,021 38
346,346 25
Miscellaneous
Total
879
THE CHRONICLE
FEB. 28 1920.]
$15,943,239 31 $13,525,386 30 113,475,652 15
COMPARATIVE STATEMENT OF EARNINGS AND DISPOSITION
OF INCOME.
Year ending
•Year ending
Year ending
Dec. 31 1919 Dec. 311918. Dec. 31 1917.
. 318,906,814 67 $28,769,021 39
Grass Profits
15,031,837 69
Depreciation and Charges_. 2,890,641 00 11,114,880 73 12,911,824 54
Net Profits
2,141,190 69 7,791,933 94 15,857,19685
• 3,382,687 00 3,381,460 00 3,381,460 00
Dividends
4,410,473 94 12,475,736 85
*1,241,49031
Amount carried to Surplus
Balance Surplus Account
33,880,971 91 35,122,462 22 30,711,988 28
* Deficit.
GROSS VOLUME OF BUSINESS.
$45,872,344 55
Year ending December 31 1919
75,224,110 08
Year ending 1)ecomber 31 1918
78,325,461 27
Year ending December 31 1917
COMPARATIVE STATEMENT OF ANNUAL CHARGES TO COST
OF PRODUCTION AND DEDUCTIONS FROM PROFITS FOR
REPAIRS AND MAINTENANCE, DEPRECIATION, AND
OTHER PROVISIONAL FUNDS.
Year ending Year ending Year ending
Dec. 311919. Dec. 311918. Dec. 31 1917.
$4,707.709 50 $5,147,442 76 $3,559,157 62
Repairs and Maintenance
Charges for Depreciation and
Renewal of Plants
1,381,220 21 4,183,319 07 1,999,760 26
while radical reductions also occurred in the selling prices of
iron and steel and profits, yet inasmuch as the cost of living
was unchanged, wage rates were maintained in the hope of
future business improvement. This expectation' was realized during May and June, 1919, by increased business
activity, followed by increased employment; in fact, operations became normal during the third quarter of this year,
as a result of which unemployment disappeared and a labor
shortage developed. This situation was taken advantage of
by agitators and radical labor leaders to emphasize the spirit
of general unrest and discontent. This agitation culminated
in an effort by the American Federation of Labor to unionize
the steel-workers. As a result, a general strike was declared
on Sept. 22 1919, followed by a complete shut-down of all of
our plants in the Youngstown, Ohio, district, although
many of our employees were reluctant to quit work, in fact,
our men never made any direct demands upon us, although
indirect demands were made for them, through the public
press, by the labor organization claiming recognition. , After
several weeks of idleness, the management of the company
decided to resume operations and notified its employees that
work would be resumed under Open Shop conditions; that
the policy and practice of the Company would be to meet its
employees, either individually or by committees, to discuss
any matters affecting working conditions, wages, &c., in
accordance with our previous practice.
Operations were resumed in part.on Oct. 11 1919, under
strike conditions, subject to continued picketing and threats
of violence against all employees reporting for work, but
notwithstanding these difficulties, gradual resumption of
work followed, with normal operations in sight during
November, when operations were again badly crippled by
the coal strike, which closed down about 50% of our coal
mines, while the balance of our coal production was partly
commandeered by the Government for public use, and as
a result of these conditions, our fourth quarter's employment on the average, was reduced to one-third time.
On account of restricted operations, due to lack of demand
during the first four months of the year, and to shut-downs
caused by the strike beginning Sept. 22 1919, labor statistics
are not fairly comparable with preceding years. It is interesting, however, to note that the present wage rates, as
compared with pre-war rates, are up about 135%, whereas
the cost of living is estimated not to exceed 82% above
pre-war costs, but at operating points, where the Company
exercises control over rents and stores, the increase in living
costs was substantially below 82%.
AVERAGE NUMBER OF MEN EMPLOYED.
Year ending
Year ending
Year ending
Dec. 31 '17.
Dec. 31 '18.
Dec. 31 '19.
678
751
582
1,418
1.989.
1,619
1,421
1,474
882
7,765
7,681
6,093
NorthOre mines
Coal Mines and Ovens
Furnaces
Works
9,176
11,895
11,282
860
1,178
518
52
780
1,353
587
53
1,052
1,472
657
47
2,608
2,773
3,228
14,668
11,784
TOTAL EXPENDED FOR LABOR.
14,510
Total North
SouthOre Mines
Coal Mines and Ovens
Furnaces
Commissaries
Total South
Grand Total
Year EndingDecember 31 1919
December 31 1918
December 31 1917
December 31 1916
•
Amount.
$21,466,605.56
23,747,260.97
17,574,480.56
12,778,836.21
UNFILLED ORDERS.
•
Average
per Man.
$1,822
1,619
1,211
979
The balance of unfilled orders on hand Dec. 31 1919
shows a substantial increase as against the previous year,
while the current demand for iron and steel is in excess of
supply at rising prices. Another factor of a stimulating
character is, that of rising costs, which, unless placed under
control, will inevitably result in further advances. The
conditions noted have suggested a conservative policy of
sales, otherwise our unfilled order balances would have been
considerably in excess of those reported herein.
It is gratifying to state that arrangements entered into
88
15,558,917
83
Total
36.088,929 71 39,330,761
for the extension of our export trade, referred to in our last
Provision for Exhaustion of
Minerals
$460,905 30 $512,619 78 8274.072 31 Annual Report, met with satisfactory results and promise
NEW CONSTRUCTION AND PROPERTY ADDITIONS.
continued growth. Our export business, however, suffered
Additions to the Property Account during the year aggre- similarly to domestic business, on account of the general
gated $4,306,951 41. The total Now Construction to date, embarrassment to both production and shipments. The
outlook for future business, both domestic and foreign, is
December 311919, is:
$11,436,387 80 encouraging, and full operations for an indefinite period are
Blast Furnaces
18,931,540
28
Mills
and
Rolling
Factories
Plants,
Steel
10,984,294 97 promised.
Oro Mines, Coal Mines, Coke Ovens and Quarries
448,788 06
Miscellaneous
Comparative statement of order balances is submitted
$41,801,011 11 herewith:
Total
-FINISHED.
FINISHED AND SEMI
SUMMARIZED COMPARATIVE STATEMENT OF PROPERTY December 31 1919
389,524 tons.
ACCOUNT.
143,383 "
1918
31
December
Year ending Year ending Year ending
318,324 "
1917
31
December
Dec. 311919. Dec. 311918. Dec. 31 1917.
PIG IRON.
$2,746,888 60 $5,273,190 65 $3,582,109 46
Now Construction
96,855 tons.
61,256 93 3,784,373 46 December 31 1919
1,560,062 81
Property Additions
63,132 "
17,977 40 December 31 1918
Property Sold
"
100,619
35
00
750
1917
71,041
31
December
Property Written Off
Unexpended Balance of ProviFor the loyal and efficient service rendered by the officers
sion for Depreciation and Re987,675 23 1,612,334 28 1,509,328 37 and employees of the Company who co-operated with them
newals for Year
Not Balance of Property Ac79,918,410 06 76,596,444 37 74,869,398 45 for the protection of property and the rights of free labor,
count
the Board of Directors desires to express its earnest appreLABOR AND EMPLOYMENT.
The uncertain and disturbed condition of business during ciation.
By Order of the Board of Directors.
the first four months of 1919, seriously affected employment
JOHN A. TOPPING, Chairman.
during that period, labor being reduced to a half-time basis,
880
THE CHRONICLE
[voLdio.
THE SHAWINIGAN WATER AND POWER COMPANY
TWENTY-SECOND ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDING
DECEMBER 31st 1919.
SUBMITTED TO THE SHAREHOLDERS OF THE COMPANY AT THE ANNUAL MEETING
HELD ON FEBRUARY 17th 1920.
FINANCIAL.
CANADIAN ELECTRO PRODUCTS COMPANY
Your Directors have pleasure in submitting for your
• LIMITED.
consideration their Annual Report, showing the gross earnThe Canadian Electro
Company Limited ceased
ings for the year $3,727,045.15, against $3,621,074.37 for operations about the firstProducts
of January 1919. Up to that time
the previous year, and net revenue of $1,473,743.03, as its only customer was the
Imperial Munitions Board, the
against $1,410,093.98.
whole plant and process being for war purposes. Early in
The expenses of operation have continued on a high level, 1919 advantage was taken
of industrial conditions to estabthe cost of material and labor not having decreased during lish sales organizations for the
purpose of creating a market
the year, the management has however, made a strong effort for its products, and gradually
a business has been built up
to increase the efficiency of the Company's operation and by which we consider in the near future
will result in our opevarious methods endeavored to counterbalance the increasing rating this Company at its full capacity.
The use of acetic
operation costs.
acid and other chemicals produced
the plant has largely,
After making the necessary appropriations for Sinking increased as the result of the war by
and
it
is confidently exFund, Reserve Fund, Fire Insurance Reserve and Employ- pected that this
will continue as a permanent addition
ees' Pension Fund, there was carried forward a balance of to the industriesplant
at Shawinigan Falls.
$30,550.39.
•
OTHER PLANTS.
On December 15th the Company's issue of 6% Notes
matured, but inasmuch as the larger part of these had been
Some of the plants at Shawinigan Falls not controlled by
converted into shares, there remained but a small part of your Company were also affected by the cessation of the war
the issue to retire in cash. As a result of this conversion, and the industrial conditions of 1919. Notwithstanding this
the amount paid out for dividends during the year shows a they have operated almost continually throughout the year
substantial increase.
and with the increase of business which has occurred within
Early in the year your Directors set forth to the share- the last two or three months, these plants are now all running
holders, in a carefully prepared statement, the facts concern- at full capacity.
ing the various securities which the Company had outPOWER CONTRACTS.
standing, showing their inadequacy for the future needs of
During the year 1919 additional power contracts were
the Company and outlining a plan whereby a new issue of made
to the extent of 25,000 H.P. The most important
bonds might be created and the existing securities retired. new contract
was that made with the St. Maurice Lumber
The assent of the shareholders to this plan was duly given Company, a subsidiary
of the International Paper Company.
at a meeting held on October 8th. Pursuant to this au- This contract
will benefit the Shawinigan Company not only
thority your Directors arranged with the holders of the Corn- by the increased
pany's 432% Debenture Stock to exchange their Stock for it will have on load on its plant, but by reason of the effect
the general prosperity of the City of Three
Bonds of the newly authorized issue and this arrangement has Rivers,
by employment of labor and increase in the indusbeen completed.
trial activities.
It is hardly necessary to comment on the strong position
WATER CONDITIONS.
of your Company in view of the fact that it has retired both
The water conditions during 1919 were good, the river
of its note issues previously made, as well as the entire issue
of Debenture Stock. There remains outstanding only the maintaining an ample flow during the year. The result of
amount of the newly authorized Bond issue and somewhat the storage of water at La Loutre Dam has fully met the
less than $4;000,000 of the original issue of First Mortgage expectations of the Company's engineers.
The general benefit to the communities affected by the
Bonds. Your Company is thereby well equipped for any
development of water powers is being more and more apprefinancial operation which may be required in the future.
It will be of interest to the shareholders to note that during ciated and it would be difficult to overestimate the value of
the year, with a view of stimulating the interest of its em- this element in the development of the Province of Quebec.
ployees, an arrangement was made whereby they could inORES FALLS PROPERTY.
vest their savings in shares of the Company. The proposal
In connection with the Gres Falls property of your Comwas favorably received and has resulted in a substantial
number of shares being placed with the Company's employees. pany careful surveys have been completed; studies of the
Your Company now has 2,872 shareholders in Canada, water conditions made and rock borings are now in progress
to determine the location of the rock on which the dam and
United States, Great Britain and other -countries.
power plant will ultimately be located; to the end that at
such time as this development may be required to meet the
CONSTRUCION.
Comparatively little construction work has been carried purposes of your Company, we shall be fully equipped to
on during the year as, owing to the high cost of material and proceed with the work.
uncertain conditions prevailing, it has been deemed wise to
POWER SITUATION.
curtail expenditure for extensions so far as has been consistWe may summarize the power situation in which the Coment with efficient operation. However, notwithstanding
this, some important work has been carried out, including the pany is interested, as follows:-333,700 horse power of elecimprovement of the cable crossing at Three Rivers by the trical and hydraulic development now installed at Shawiniaddition of one circuit; a new transmission line constructed gan Falls and at the Laurentide Power Company Limited.
from Joliette to Sorel; the improvement of the plants of the There may be added in the future 100,000 horse power at
Canada Carbide Company Limited, and some of the other Shawinigan Falls, 60,000 horse power at Laurentide Power
manufacturing industries controlled by your Company at Company Limited and 150,000 horse power at Gres Falls,
thus making a total of 643,700 horse power.
Shawinigan Falls.
GENERAL.
DISTRIBUTION COMPANIES.
It is proper to call the attention of the'shareholders to the
The Electric Distribution Companies operated by your
Company have all made gains during the year, and, as the extraordinary conditions which, as the result of the war,
result of careful operation, these Companies show a sub- prevailed during the year 1919. While these conditions were
stantial increase in earning power. It is reasonable to ex- somewhat more or less anticipated, the termination of the
pect that all of these Companies will show further increases war, nevertheless, came upon the industrial organizations
of the country unexpectedly. The problem of demobilizing
in the year 1920.
and the consequent return of millions of men to this contiCANADA CARBIDE COMPANY LIMITED.
nent necessarily affected the industrial situation and it has
The output of the Canada Carbide Company Limited was taken practically the whole of 1919 to stabilize these conseriously affected by the termination of the war, and during ditions.
the early part of 1919 was materially reduced. Strenuous
Uncertainties regarding the financial conditions abroad
efforts have been made in the endeavor to get back its pre- and particularly in the enemy countries have all contributed
war markets and to extend the sale of carbide into new ter- to the difficulty of many industries resuming their normal
ritory. During the past several months these efforts have activities. The unrest and uncertainty as regards the future
resulted in an increasing business and we expect shortly to of labor conditions has been a contributing factor. Nothave this output on a basis substantially greater than pre- withstanding all these deterring influences, the manufacturvious to the war.
ing industries of this country and the United States are now
operating at a high capacity.
CANADIAN ELECTRODE COMPANY LIMITED.
In conclusion it may be said of your Company that conThe Canadian Electrode Company Limited, which was sidering its extensive development,
tho larger part of which
organized to supply the electric furnace requirements at was made under pre-war conditions, with
economy in conShawinigan Falls, has operated successfully during the year, struction which would be impossible to-day,
and having in
both in respect to quality and quantity, and has met all mind that the energy developed by your plants
has risen in
demands at Shawinigan Falls.
value as the result of the increased cost of its production by
FEB. 28 1920.]
THE CHRONICLE
881
United Retail Stores Corporation, New York.other than the Hydro-Electric means, we can look forward
confidently to the future and feel that your Company is in Status-Acquisitions and Interests in Companies Since Organian unassailable position in respect of its ability to carry out zation.-Alex H.Sands Jr., Secretary, under date of Feb. 10,
says in substance:
its purposes with all possible advantages.
United Cigar Stores Co.-The company is practically an outgrowth of the
Submitted on•behalf of the Directors,
United Cigar Stores Co., which as a pioneer in the development of the
chain store idea, has developed a splendid organization and progressive
J. E. ALDRED, President.
store management. As all chain store development rests primarily on
suitable locations, it was realized that the largo real estate department, with
STATEMENT OF CONDITION DECEMBER 31 1919.
its organization pretty well covering the country, could, without much
ASSETS.
additional expense, secure stores for other lines of business besides cigars,
$13,701.213 31 and that the experience of the successful heads of the various departments
Real Estate. Property and Power Development
4,110,572 84 of the company could be applied to any field of chain stor, management
Machinery
3,913,994 74 considered desirable. In short, with additional capital, expansion most
Transmission Lines
10,610,442 51 profitable to the stockholders would be assured.
Securities of Subsidiary and Other Companies
479,263 29
Moveable Plant and Equipment
Purpose of Organization.-The United Retail Stores Corp. we.. formed in
63,080 34 June 1919 (V. 108, p. 2439, 2638; V. 109, p. 79, 585), and acquired about
Prepaid Charges
1,571,379 27 90% of the Common stock of the United Cigar Stores Co. by offering to
Accounts and Bills Receivable
525,228 11 give two shares of its Class A stock in exchange for one share of Cigar
Cash in Banks and on Hand
Stores Common stock. At the same time the company sold 50,000 shares
$34,975,174 41 of its Cl
@FedFRASER