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y-f
w
^
finandal
I
DmmifrriHt
FEBRUARY
VOL. 112
-^
NO. 2902
5 1921
.
.
wi)
.iuiui'duj .loiiu.ix
Uy
H'-'i
1
CLEARINGS FOR JANUARY FOR FOUR YEARS,
AND
FOR
11.
DANA
OJ.Mi'A.N
WEEK ENDING JANUARY
»
.
i-r«>l-
29
Week ending Janwiry 29.
Januaiy.
—
WILLIAM
Selbert Jr.; Vlce-l»r«jldt'Ut, Arnold O. Oaiiu: Hualiinjii .Mmuiger, sviillani
'^.yretury. ircrtipri I). SelbpTt. Address of nil, Offk-e «l tlif C'r itiiiy.
lijin, J:t -..b
Ckartit#» at
Inc. or
1921.
Inc. or
Dec.
1^20.
1919.
— 20.0
— 14.S
3.0
—+12.2
— S.7
1918-
S
14.719,067,530
1,522.827.616
319.679,349
183,311.122
90,405,034
53,170.285
22,285,952
/o
New York
,573.038.325
PblhulelpWa-.-
,8.'J2.G'JC.',10.5
PlllSbUTKh
Balllmoro
719,787,G2S
363.741.807
Buffalo
172.!l(>4.344
WashliiKUm
Albany
72.844,504
20.740, 45S
46,517,897
22,473,455
Rochester
Scran ton
SjTacuse
10,4.52.825
Reading
10.962.490
12. 407.4^1
10.850.317
21.632.837
19,140,024
15.4S4.SS7
11.544.024
5,087,437
9,949,190
Wllralnffton
WUkea Barre
..
WheelloK
HarrlsbuTK
Trenton
Lancaster
York
Erie
Cheater
5,103,8,35
Bingham ton
23,209,720,100
2.175.741.0Sh
698.488.039
414,217,937
189, .505. 975
75, .506.223
25.070.7.54
53.055,431
23,451,314
23.762.483
14,118.195
17.825.627
13.164,100
23.292,9.57
16,862, I9i!
15,367,840
12,925,639
6,7.37.819
10.646.971
8.019. .523
5,389,900
5,665,46
4.090.960
4.037.190
2.806.120
2.701,141
Frederick
Franklin
NorrlstowB
Montclalr
Oranges
Hagerstovm
Bethlehem
592.517.8.S9
—4.2
—22.4
—30.4
IS.933,S()4
10, 4.'1,7 12
15, .502 ,207
—7.1
10,590.521
18,692.757
8,777.,503
16.005,3.50
+ 13.5
13,318,20.",
0.^
11.087,357
9.059.905
5,127,795
9,248,272
0,849,103
3,877,000
4.057,104
2, 044, .343
3. 003. .390
2.038,48S
2,309,833
2,849,908
2,027,491
10.414,698
11.220.019
—3.5
— 17.3
—12
4
— 18.1
— 17.5
—+
—10.7
15.0
—6.5
—36.4
—20.0
—
—
Huntluirton
1.832.170,234
309.891.008
108.540.474
08.110.050
23,131,547
37,823,407
1K,35S.257
4,278,100
6„569,538
+ 16.C
3,320,95^
18.8
4,425.237
+ 9.6
—2.1
2,747,859
—28..'1,931,970
2.904.418
4,0.58.003 —27.0
2.092,148
2,201.393
4.P
—2.0
4,027,834
4,109.933
2,884,011
—0.3
2,894.940
13,731.004 Xot Included Ip total
8,500.000
8.000.000
+ 6.2
Greensburg
Beaver County, P»Altoona
17.860.642,83-;
31,480,.5O0
16.KS4,087
19,124.183
10,739.450
1
3, 07, -151
1
10..539.4oO
5.001.037
<S, 151, 140
5,8.58.170
4,147,.5(10
4.082.105
1921.
1920.
S
1,790.173 .770
401 ..890 024
158,.503 .425
75.337 .811
36,090 .244
15,792 117
4,000 000
8,389 703
4,324 700
3,048 831
3,174 812
2,524 730
2.210 617
,675,633,8.5.';
1919.
Dec.
—%
3,097,873 594
377.399 ,815
+ 7.7 130.133 410
—9.2
78.655 387
20.583 895
iS.i'
435,6.56.82f-
—7.7
147.140,042
82,953.570
39,244,025
14,090,344
4.008,743
—80
+
1918.
.149.289.161
3 14, .567 .091
61 .643,105'
40.829,811
2t».5S8,57J
12.1
14.791 ,327
ll.fi42.19^»
—14.3
—7.4
10,
—3.0
4,458,88.
3,827 221
7,263 192
3,941 773
3.600 .000
1 .933 832
3,472 307
2.229 ,80'.'
5.119 88
4,r,75,13.'}
2.286, .52^:
1.920,099
1.028.169
1,S63,58S
1,107.913
2.063.851
1
-',9,3.50
3,507,-530
— 13-1
2,543,912
+ 24.8
3,-539,320
2.0,M.85J-
—28.7
4. ,568 .007
5.845,359
—21.8
3.029.625
2.035.659
1,134.310
2.815,759
2.529.20"
7.0
—+19.5
—
— 15.2
1.269.7.50
2.136,43-1
1.3.35.734
1.0,84.000
1.812.9.-)-1
1.815,832
789.000
1.500.000
1,400,000
— 17.C
lo.-":
+ 35.9
—27.2
6,185,04-9
3/>43.8U»
3, 097 ,20^1
2.178.133
2.730.817
1.797,r,0i
3.829,921
2. 000.990
951,004
1.609,498
1.131.ft0i;
+ 7.1
807.800
1,164.64
94S.40(/
VTiO.OOO
+ 19.4
782.557
700,000
335,881
47o,e4e»
2, ,891.093
953.758
798,15
436.002
410,083
+ 6.3
3.086.017 Not included
1,646,162
2.013.626
2,8.55,516
in total
2,250,242
1,970,102
2,700,.5O7
2..374.153
3,300,98."
4.287,048
2.423.066
2,317,487
+ 22.3
Lebanon
Camden
20,449,250
14.231. OOS
22,051.211 912
27,065,436.478
+ 43.7
Niagara Falls..
Toui Middle
Chicago
2,413.821,712
_.
Cincinnati
265,0.36.992
Cleveland
Detroit
531.098.811
375.000.000
127,307,460
66,243.000
61.274.700
Milwaukee
IndlanapoUs
Columbus
Toledo
.57,203,181
19. 143, .506
Peoria
Grand Rapids
Dayton
Evans vllle
Sprin?fleld,
23.460.712
18.248.205
18,100,203
10.888,344
III
Youn^stown
22,2.59.813
Wayne
8. 246..520
Fort
7,309.032
31.074.000
r8. 700 000
7.463,166
17.124.611
7.070.857
7.512,049
6.171,298
6.073.887
4.969,105
6.677.020
Lexlntrton
Akron
Rockford
South Bend
Canton
Quincy
Ohl*
Bloomington
Sprlntrfleld
.
Mansfield
Decatur
Jack.son
Jacksonville, in
1.4.30.967
3.074,728
4.290.298
7.099.000
Danville
\Jma
Lansing
O wensboro
2.-542.297
Ann Arbor
2.685,817
10
6.180.304
1.661.840
1. 028. 900
570.202
7.884.064
Gary
6..349.9
Flint
Lorain
Adrian
New Albany
Paducah
namilton
Aurora
Total Middle Western.
2,856 731.829
308 049,209
581 961,420
467 .221.870
1.37 .508.902
81 ,803.000
64 .903.100
66 ,822.794
24 833.345
31 330.731
23 227.793
25 .065,568
11 734. .338
25 260,104
8 679.104
21 .251.831
51 .116.000
10 .603.407
7 338,156
20 771,308
—
18.6
— 15.5
— 14.0
—8.7
—
—7.5
19.7
—19.1
—5.6
—14,5
—22.9
—25.1
—21.4
—27.8
—7.2
—11.9
—5.0
—65.6
—39.2
—17.9
+ 1.7
—17.5
—23.9
894.894 —15.5
785,766 —20.7
9 ,285.000
8
7
7 .100.916
— 14.5
—27.2
—16.9
2 ,668,057 —46.4
—3.3
3 179,188
5 375,702 —20.2
822.897
8 036,702
8 315.260
6 857,973
2 343.245
4 .295,483
12 319,804
2 ,104,219
— 14.6
—62.9
+ 14.6
+ 47.8
21.070,364.150
17,109.431,104
2,344 .990,52
2.024 .542.219
189 713.002
340 100.301
277 ,855,362
439 .549,464
225 011,7-57
321 111.255
137 169,290
112 109,431
59 558,000
41 948,900
40 561,078
19 709,248
67
48
49
25
23
409,000
095.800
259,076
559,163
666.130
19 219,979
21
16
14
7
15
5
20 9.52.733
5
749, .563
15 938.183
25 184.000
80 081.8.56
5 .164.244
11 .905.966
6 .390,531
6 358,420
7 435,373
4 809,209
5 120,789
5 413.271
2.0.36,721
4,397,481
1.012.291
1.800.000
6.005.000
1.7.30.991
1,.500. 000
3,910,349
1,070,573
1,575.910
1,287,054
1,242,018
1,013,377
9 4,362, 122..536 3.637.543,1.57
-9.5
— 11.8
498.024 ,614
65.845.428
15.009.90.'
—7.7
04.271 .519
93.229 .040
.571,850.945
1
100.000.000
20.381. ,894
16.941,000
13,065,200
12,839.619
—18
9
+ 2.8
+ 3.1
—22.8
— 11.1
—23.7
6,228,990 —29.0
4,301.885 —22.3
4,749,800 —23.8
—8.4
2.223,987
5,045,123!
4,597,724
1,649,017
4,100,000
11,142,000
1,894,159
1,346,357
4,119,914
1
,635,901
—
—2.2
4.3
—56.1
—
—8.7
46.1
+ 11.4
—4.7
—34.5
1,-555.-551
-^1.3
1,759,201
—26.8
—28.6
—23.1
1
.740.-507
1,317,639
62. .341 784
.30.078 553
11,7.30 .000
10,270 .300
10,209 .092
'
5,354 ,200i
4,540 ,058
3.522 0081
3.754 .9031
1.941 .941
3.522 397
1.116 .747
3.000 000
5.792 OOOi
1,620 000
1.278 960,
1.861 .300,
1 .350 OOOi
1.239 744^
1,390 9.50i
693.040
494,.307
400,000
+ 23.6
3 351,307
5 576,803
1 .016.299
.373.050
.000,082
169.112
200.000
-15.5
46.068
1
3 ,730,465
702.268
— 18.8
5 .936.113
1 .111.540
307. .330
744„505
.513, .509
.574,076
U
375, ooa
.586.789
—20.2
970.3.-?t5
67,000
1,988,163
1,290.043
—49.8
—21.1
—41.7
02:-::
4.47O.00O
4.208,117
3.102.494
3,275,150
1,523,298
2.830.88?
1.123,973
1.400-000
4.949,000
1,459,120
866.881
3.557.020
I.IOO.OOO
i. 208.529
352.249
509.233
665.000
650.000
750.924
548,499
728,.594
844.689
731.188
1,813.555
273,262
3 531 ,900
8.170.-500
8.248
824,884
763 ,6
—39.4
—4.1
—28.0
—28.8
—65.3
467,419
627,130
1,0-55,151
422,583.600
44,473.948
70.023.996
44.230,824
23-289.578
12.051.000
964 9.55
951 354
283,033
601,122
760,630
1,415.958
447,970
.883. .578
1
517,767,038
58,004.370
108.733 614
81,081,320
27,115.125
13.074,000
13,473,200
11,418,368
3 ,,8.50. 451
4.423.274
3.387.241
3,617.978
—16
3 .577.336
3 ,085. ,506
2 742.727
3 929,421
4 246,364
7 ,849,149
1
000,0.50
174,803
402,673
887,861
439,203
232.242
200.791
23 253.000
6 924,155
4 .534.034
16 .339.025
5 124,905
5 937,081
4 190,800
4 237,205
3 750,528
4 020.007
1 900,800
2 417,138
3 895,370
18 .353.574
9 102.909
4,525.550 823 5.447,-535,771
,703,2.59
3.371 ,9.57
3.5.50,429
,403,8.59
+ 31.0
+ 4.3
.407,687
,982,583
.049,870
.010.129
.483,284
4.179.138,557
4.940.046,475
—15.4
3.959.813.974
3,2-54,972,806
877.365.962
988.029,776
—11-2
828,960.950
600,000,000
365,40S.000
123,787,000
112.493.099
721.470,045
310.283 000
175.299.774
144.839.110
84.811,833
59.479.874
20.787.395
45,129,035
27,828,327
12,660,605
27,054,500
— 14.6
573.448..587
4-33,852,611
149,7-56,578
—21-7
1.57.382,0.30
132-187,000
120.031.502
80.417,178
63.297,179
.33.972 201
16,869.200
25.837.057
15.935.111
117,300,000
78,822,000
25,850.093
24,987,298
12,906.410
8.819.134
2.742.311
9.141,332
4,959,523
2,201.418
4.349,200
3,324.028
3,053,737
1.524.281
123.821.061
34.449.000
33.003.094
27.399,497
14,000.000
7,312.850
4.486.820
1,048.351
—7.5
2.9.52.270
6.7.55.766
902.994
1.336.792
-32.5
2.609.082
4.255.134
3.690.615
ooo.oon
3.115.607
630.000
2,800.673
_
San Francisco.
Los Angeles
Seattle
Portland
Lake City.
Spokane
Salt
71 .360.201
45.143.096
Tacoma
14.854..349
Oakland
Sacramento
San Dle?o
43.317,799
24,315.493
12.940.987
21.797.800
15.722.751
14.881,711
Stockton
Fresno
Pasadena
San Jose
8. 174. .539
Boise
2.127.168
Yakima
Ogden
Reno
Lone Beach
5.1.57.445
12.662 985
3.170.915
15.747.078
Bakersfield
Riverside
5,2.50.709
2,3.33.000
Eugene
1,235.498
17,591 834
3.644.157
3,364.405
1,678.914
Berkeley
Santa Barbara.
Modesto
Santa Rosa
+ 15.6
—27 4
—22.3
163.984.992
118.600.942
60.444.393
—24.1
—28.5
.36.4.30.317
—4,0
.35.633.180
— 15.8
— 12.0
2.3
—+19.4
23. .541, 7.33
—.33.2
9,772.012
10,130,449
10,063.705
7.309,511
11,073,201
3,850,352
+
— 19.3
— 78.8
—
+
— 14.4
17.0
13,.5.58..594
5,517..396
3.1.35,828
I, .343 .375
14,585,384
Not included
Not Included
Not Included
in
In
In
.52.3
.30
+ 17.6
—4.7
—25.6
—8,0
+ 20.6
21.637.607
18.886.811
9.617.875
8.147,574
13,035.297
5.000.004
4,851,948
6,978,881
4.232,170
10,909,138
10.061.7.33
9.020 075
10.0407.06
4.674.285
5.084,779
6,837,927
2,-575,798
5,425,551
3.152.174
1.809,747
801.331
total
total,
663.491
71.341.000
36.127.070
27,088.235
17.000.000
13.640.577
4.004.529
9.182.129
5.083.618
2.599.910
5.404,000
4,728.195
2,009,079
Not included
+ 10.5
—28.4
—7.8
—24.1
—35.4
—31.5
—0.4
—2.4
— 13.0
—19.5
—29.7
+ 47.5
8.0.57. .S51
3.523,055
1.717.888
1.607.903
2.329.227
1,125.621
878.659
674.12^,1
7&
Be.947, 6fi9
27.191, 00024,«30, 212
18,7.58, 4.58
10.683, ^29^
6.312, 67-»
3.473 32?i
5.677, 7341
2,987, nep
1.848, 368
1.614, 433
1.743, 162'
1.013, 66»
1.100, OOO
+ 7.i
753.882
602.401
420.000
'V25.666
860.264
1.186,777
In totar
total.
Belllngham
ll-
Total Pacific.
1
545,.552 117
Clearings coatlnued on page 535.
1.749.597.704
— 11.7
1.269,125,253
Clearings by Telegraph on page 543.
•
989.006.841
Incomplete.
304.659.97:
354.537.330
-14
I
26«.069.185'
202.KR8.968
THE CHRONICLE
496
cannot be caiTJed on excej)! with
some form of long-term credit. Then also munici])alities are in the market as large borrowers.
Municipal bonds are in eager demand, too, tiieir tax
exemption quality making them highly desirable.
State soldier bonus payments have created a necessity for putting out many large issues. But entirely apart
from this, new civic bond issues
are appearing in great profusion.
Here, though,
the movement is in danger of being overdone, and a
halt should be called. In no other direction, however, does it seem possible to curtail prospective demands upon the money and the investment markets.
sli'icken
THE FINANCIAL
(SITUATION.
the money market
The renewed firmness of
prcsoit week serves ns a reminder that the
the
credit
much better than a slioit time ago,
has not yet by any means been restored to the normal. In more recent weeks there has been consid-
situation, thoiij^h
For inthe right direction.
stance, borrowing by the member banks at tlie Reserve Banks, as niea^sured by the volume of bills held
by the latter, has been heavily reduced. On P^riday
eral)le progress
in
week the twelve Reserve Banks had an aggregate of only .^2,621,533,000 bills in their portfolios, while four weeks before, on Dec. 30, the
amount was no less than -|2,974,836,000, there having thus been a decrease of over 1353,000,000. The
outstanding amount of the Federal Reserve notes in
circulation has been reduced in an equally noteworthy manner. There are now only |3,090,748,000
of these notes, as against $3,404,931,000 on Dec. 23.
But it is yet too early to know whether the contraction is to continue whether even it is to be maintained.
The Reserve Banking System cannot be
deemed a success, or considered as working properly until the greater part Of both the bills held and
the Reserve notes outstanding have been retired.
On this point only future returns can give the true
of last
—
answer.
There are many things to. indicate that the dethe money and the investment markets in
the immediate future are going to be exceptionally
mands on
[ToL. 112.
lOiiiope
The compilation
of
bank clearings for January
1921, as presented in this issue of the "Chronicle,"
and fully
changed mercantile and
industrial situation in the United States, of which
the exhibits for several preceding months had fur-
clearly
reflects the
nished only partial evidence. In other words, the
lessened activity in trade and concurrent decline in
prices of commodities have at last
made a most
decided impression upon the totals of bank exchanges. The aggregate of clearings for January is
in fact not only decidedly under the record total
for the month established a year ago, but falls below
that of every month since May 1919. Moreover, of
the 188 cities contributing returns, only 28 show
gains over 1920. The gains, too, are unimportant,
as a rule, and quite generally, if not in every case,
due to the including within the year of Federal Reserve banks or their branches, or to the adoption of
new methods of compiling the figures which have
served to swell the totals. In the former category
may be named Minneapolis, St. Paul, Kansas City
(Kansas), Louisville and Oklahoma City, while at
Camden, New Jersey, the gain is due to the fact that
On
the 1920 figures cover an incomplete month.
the other hand, the declines are in many cases notably heavy. This is true of Kansas City, Omaha,
New Orleans, Richmond, Atlanta, Memphis, Dallas,
Savannah, Norfolk, Akron, Flint, Sioux Cits', Sioux
Falls, Macon, Fall River and New Bedford, most
of which cities had either in the month of 1920 established new high records or closely approached
A partial explanation at least for the
thereto.
almost universal and quite conspicuous falling off
at Southern points is to be found in the decidedly
lower price for cotton the current year and the less
free movement of the staple to market. The aggregate for New York is less than for January a year
ago by a quite wide margin and the same is to be
said of such other leading centres as Chicago, Boston, Philadelphia and St. Louis- The total for the
190 cities included in our compilation (some 10 cities
New loan flotations in recent weeks, as
heavy.
every one in the financial market has had occasion
They have
to notice, have been very numerous.
also been of unusual magnitude- The Pennsylvania
RR. new bond issue, it will be recalled, was for no
less than |60,000,000. The railroads, too, it may be
expected, will be in the market for funds for a long
while to come. Up to the present time applications
from that source have been held in check by the
failure of current returns of earnings to come up to
expectations. Railroad credit must remain more or
less unstable until more satisfactory net results can
be obtained from the operation of the roads. This
can only be accomplished through greater labor efficiency and a lowering of wages from their present
unduly high level. Railway executives are on the
right path in seeking to bring about both.
This
may take some time, but meanwhile the demand for
funds from that source will merely remain in
abeyance.
The industrial "companies likewise are certain to
be applicants for large sums. A falling demand for
their products means the carrying of large stocks
of goods and big inventories. An idea of what that
involves is gained from the recent report of Sears, having been added this month) at $33,537,326,998
Roebuck & Company. This company in October is smaller by over 8 billion dollars, or 19.5%, than
floated $50,000,000 7% serial gold notes, and yet its that for 1920, but exhibits an increase of 3.4% over
annual report shows that on December 31, after the 1919 and an improvement of 26.3% over 1918. At
issue of these notes, the company was still indebted New York the loss from January of 1920 is 20%,
on notes payable to an aggregate of $44,560,165, be- but contrasted with the two preceding years there
sides owing $10,623,905 on accounts payable.
The are gains of 4% and 26.2% respectively. Outside
explanation is found in the circumstance that on of this city the month's aggregate at $14,964,288,673
the date mentioned it was carrying inventories ag- is 18.9%, under that of last year, but 2.7 %o above
gregating no less than $105,071,243, besides holding 1919 and 26.5%o in excess of 1918.
Transactions in stocks on the New York Stock
$47,797,135 of accounts receivable.
Many foreign loans are also being placed here. Exchange during January were considerably smaller
Not a week elapses but brings two or three of these, than for December and also less than those for the
some for quite large amounts. Such loans must, of corresponding period of 1920. Operations in the
course, be encouraged, for our export trade to early days of the month were upon an advancing
I
THE CHRONICLE
Feb. 5 1921.]
scale of values, but later there
recession.
The
was somewhat
of a
dealinjjs reached 1G,144,87G shares,
against 19,880,166 in 1920 and 11,858,465 shares in
497
annually in 1929, 1930 and 1931, and 6,000,000,000
marks annually from 1932 to 1962. Second Germany shall pay to the Allies for forty-two years an
annual tax of 12% upon the total of lier exports.
Third Germany shall revise her interior fiscal system, balancing her budget and curtailing the issue
of paper money, increase her taxes generally, raise
the imposts upon alcohol and tobacco, and increase
railroad fares and postal rates.
Fourth In case
Germany does not fulfill these conditions the Allies
have the right to seize the German customs, impose
direct taxes in the Rhineland and otherwise exercise
—
Railroad and industrial bonds were much
more in denuind than a year ago, but less activity
was noticeable in transactions in foreifi;u Government securities. United States bonds (the various
Liberty Loan issues), moreover, were much less
freely dealt in, the sales reachinu: only 179 million
dollars par value, aj^ainst nearly iiOO millions a year
earlier.
Altojjether, therefore, operations in all
classes of bonds aggregated but 300 million dollars
par value, which contrasts with o71 millions in 1920 financial control upon Germany. In addition miliand 267% millions in 1919. Hoston transactions to- tary penalties will be [u-ovided."
taled 482,427 shares, against 566,149 shares in J 920
It was also noted in th<! Paris advices that, at
and !? ] ,:{58,000 bonds against $1,992,400. Chicago's their session a week ago this morning, the Allied
sales were 419,128 shares of stock in 1921, against Premiers decided that "the conversations at Brus617,180 shares in 1920 and .S297,000 bonds, against sels between the Allied and German experts would
be resumed February 27, the discussion to proceed
!i!302,000.
on the basis of to-day's [last Saturday's] agreeA nu)derat« decrease from a year ago, shared in ment." It was added that "following that, the < Jerby all but 5 of the 27 cities furnishing comparative man Ministers will be invited to come to London to
figures, is indicated by the compilation of clearings meet the Allied Ministers on February 28."
Offifor the Dominion of Canada. The most noteworthy cial announcement was made in Paris Thursday that
losses are to be found at Montreal, Halifax, Ottawa, the conference had been postponed indefinitely. In
St- John and Kitchener, but appreciable gains apnearly all the Paris cablegrams special emphasis
pear at Winnipeg and Windsor. The total for all was laid on the fact that the plan "requires the conof the cities for the month this year reaches |1,483,- sent of the Germans before it is valid." The New
077,585, or 9.5% less than for the preceding year, York "Times" representative at Paris suggested
but runs 23.8% heavier than for 1919 and 45.2% that "this is because the Treaty of Versailles proabove 1918. Speculation was less active on the Mon- vides that Germany shall pay her indemnity in thirtreal Stock Exchange in January than for quite an ty years, whereas the latest scheme lays down the
extended period past; in fact, operations were the basis of forty-two years." Regarding the probabilsmallest of any month since August 1919. The deal- ity of Germany giving her consent, he said
"Beings were 216,849 shares, against 520,576 shares in cause Germany's consent is required to-day's plan
January 1920.
represented a note which is not worth its face value.
Who expects Germany to agree passively and placThe single big and outstanding event in Europe idly ? The Allies went to Spa to exact that Germany
was, of course, the agreement reached by the Allied deliver 2,000,000 tons of coal monthly, and the negoexperts and Premiers on the German reparations tiations ended by the Allies handing over the curterms. The former occurred in Paris a week ago last rent price for this coal in the form of a loan. Naturevening, and the latter at the same place the next ally when the Germans are asked to agree to pay
forenoon. The Paris advices received here as last 12% on exports, which evidently represents a heavj^
Saturday's issue of the "Chronicle" went to press, tax, they will want good reasons why they should
telling what had taken place Friday afternoon and pay for forty-two years instead of thirty." Continearly evening, indicated that a break had occurred uing his analysis of the plan the correspondent obbetween the French and British Premiers. Accord- served that "in regard to the new plan it is worth
ing to the more detailed dispatches Saturday morn- while to note that it means that all German goods
The purchased by the United States or any other couning they did come near the breaking point.
critical moment appears to have been reached Thurs- try will cost 12% more, since naturally this tax
day noon, when, the New York "Times" correspond- will be added to the selling price. It was pointed
ent declared. Premier Lloyd George said that "he out by the English experts, when the French sugwould attend no more Supreme Council meetings gested a higher tax, that it might produce difficuluntil the experts had brought forward a definite ties with America. This tax, the Allied experts arproposal." The dispatches stated that early Friday gued, would also mean a protective tariff for Allied
evening the French representatives accepted Lloyd industries. But that appears to be arguing in a
George's revision of their latest plan, which, it was circle, for if the tax cuts down German exports it
asserted, he sent to them with the ultimatum that will in the same measure cut down the indemnity
"they could talce it or leave it" It was observed that receipts." In an interview in Paris last Saturday
"they took it." As already indicated, the Allied evening with the French newspaper representatives.
Premiers met a week ago this morning and formally Premier Lloyd George was quoted as having said
ratified the terms.
that "he expected no difficulty in collecting the exAs summarized by the Paris correspondent of the port tax," provided for in the agreement under disNew York "Times" they are as follows: First— cussion. The London correspondent of the New
In forty-two years Germany shall pay to the Allies York "Times" said that "the decision of the Supreme
the sum of 226,000,000,000 marks in gold, or its Council on the reparations question is welcomed
equivalent, on this scale 2,000,000,000 marks an- here, if only because it puts an end to the long penually in 1921 and 1922, 3,000,000,000 marks annu- riod of indecision which threatened more than once
1919.
—
—
:
—
1924 and 1925, 4,000,000,000 marks annually in 1926, 1927 and 1928, 5,000,000,000 marks
ally in 1923,
to result in
an impasse."
THE CHRONICLE
498
At
a session of the Allied
Supreme Council
in
Saturday afternoon Austria's plight was
taken up.
According to one dispatch, "the proposal of the French for an advance of $2.50,000,000
to Austria was abandoned on the initiative of Lloyd
George, who said the Governments were burdened
enough now, and that a better way to help Austria
would be to make her advances by private bankers
and industrials more attractive." The British Premier then offered a proposal that was adopted,
namely that "the Allies surrender certain financial
claims against Austria under the Treaty of St. Germain for instance, the cost of the armies of occupation and part of the reparations claims." The
Premiers also voted to "establish an Allied Commission to act as an advisory commission to the
Austrian Government in bettering its financial situation and to call in the near future at a place near
Paris late
—
Trieste, a conference of the nations
made out
of the
old Austro-Hungarian monarchy, for the purpose of
improving the economic, political and financial relations of those States."
It
was
also
made known
that "a commission will be appointed to inquire into
the conduct of the Austrian administration, with a
view to suggesting economies and improving the
various services."
Commenting upon these plans
for Austria the Vienna correspondent of the New
York "Evening Post" made the following statements
"The failure of the Paris conference to meet
Austria's appeals for help has resulted in a great
boom in the movement for union with Germany,
which already is favored by the vast majority of the
Austrian population and political parties. The
Paris proposal to abandon direct credits and form
an international syndicate with a capital of 200,000,000 francs to finance the economic and industrial regeneration of the country is not regarded
seriously, particularly as the capital apparently is
supposed to come largely from neighboring States,
which are built upon fragments of the old Hapsburg
empire, and which hitherto have pursued a consistent policy of cutting off all the ties of transportation and commerce which formerly bound them to
Vienna and developing their own self-ordained ex:
istences."
In a Paris cablegram Monday morning special
at-
[Vol. 112.
dangerous spirit of pessimism
and despair, fed by the newspapers of all political
shades, which seek to convince the people that a lot
of maniacs who call themselves statesmen have decided on Germany's perdition, even at the risk of
their own nation sharing more or less her death
fests itself here in a
agony." It was stated also that the German press
urged resistance to the plan. The plan and accompanying Allied notes were discussed at two sessions
of the German Cabinet in Berlin on Monday. There
was said to have been great excitement, particularly
on the part of the most radical members. Feeling
apparently ran extremely high. The Cabinet and
aU political parties were said to have been "stunned"
by the note- According to Berlin advices, at the
first session of the Cabinet on Monday flat rejection
of the indemnity terms was urged. It was recorded
that a "calmer view" was taken later. At the second
session it was said that a decision was reached "to
try to convince the Allies that their demands are
impossible." At a meeting of the Reichstag Tuesday evening Foreign Minister Simons announced
that "the Cabinet had empowered him to answer the
Entente that its Paris program could not be considered, but that Germany would send delegates to
London bearing new German proposals, assuming,
of course, that the Entente note was not an ultimatum, as he was led to believe, inasmuch as the
punishment threatened referred only to disarmament and not to the reparations note." The Minis"In all,
ter made a speech in which he said in part
we shall have to pay in forty-two years a total of
226,000,000,000 gold marks, or over 3,000,000,000,000 paper. The Allies' second demand is that for
forty-two years Germany pay 12% ad valorem on
German exports. Obviously it has been estimated
that in this way one or two trillions can be obtained
from Germany. That could not have been done in
the most flourishing of pre-war times. The whole
settlement is obscure. What about the securities we
already have handed to the Allies? Apart from
:
these obscurities the
new program undoubtedly
tains a contradiction of the Peace Treaty.
impossible for
German economic
arbitrary.
The fixed sum
con-
It is
continue in
can only asan unending state of uncertainty. We
sume that the sum now placed before us is more or
less
life to
of 226,000,000,000
gold marks, if calculated in paper, is more than the
whole fortune of the German people. It would be
against common sense to burden the German people
with such financial obligations at a moment when
we believe we have shown our opponents in what a
bad condition our finances are. But then comes the
demand for 226,000,000,000 of marks in installments
of forty-two years and the complete economic enslavement of the German people, and particularly
of the workers. The 12% ad valorem tax is uncon-enterprises controlled by said Governments and au- sionably heavy and injurious both at home and
With a rise in the exchange rate of the
thorities." It was pointed out also by the same cor- abroad.
mark these conditions must result in the throttling
respondent that "despite statements published in the
French press the text of the note to the Germans of the German export industry."
In his account of Tuesday's session of the Reichshows that the official draft of the reparations plan
stag the Berlin correspondent of the New York "Hermakes no mention of military penalties."
Last Sunday the German Ambassador to Paris ald" declared that "for the first time since the war
forwarded the reparations plan to Berlin, together the German Parliament is united and speaks with
with the ideas of the Allied Premiers regarding dis- one voice. Even the Communists and the Socialists,
armament. The Berlin representative of the New while eager to have the disarmament clauses of the
York "Times," in commenting upon the German Paris terms carried out, concur with the bourgeois
opinion of the Paris agreement, declared that "the parties that the reparations conditions cannot be
effect of the news from the Paris Conference mani- carried out." Regarding the political situation in
tention was called to a provision of the reparations
plan relative to foreign loans that Germany might
wish to obtain. The provision appears in Article 4
and reads as follows: "Germany will proceed directly or indirectly to no operation of credit outside
lier territory without approval of the Commission
on Reparations. This provision applies to the Government of the German Empire, to the Governments
of the German States, to provincial authorities or
German municipalities, as well as to corporations or
I
'
|
THE CHRONICLE
Fhb. 5 1921.]
Germany caused by
the receipt of the reparations
"Opinion here
and disarmament terms, he said
:
regarding the seriousness of the Cabinet
crisisDr. Simons, after deciding yesterday to resign the portfolio of foreign affairs as a protest
against what is considered here an inexplicable and
bewildering shift of policy by tlie Entente Allies,
has been induced to remain in office. Both the Conservatives and the Majority Socialists decline to enter into a new Ministrv, which makes a new coalition with a strong majority in the Reichstag out of
499
ing the last of this month, after the
posals have been considered."
German
pro-
varies
The corres])ondent in the German
capital of the New York "Evening Post" said in a
cablegram Wednesday evening that he was in a position to state "what are the German ideas as to suitthe question."
able reparations payments.
One
billion gold
marks,
according to the official view here, represents tlio
can and
should be required to make, the payments presumably continuing for the thirty years mentioned in
the
reparations
clauses
of
the
Versailles
Treaty."
London and Paris cablegrams have contained reports that already ways are being considered of
France raising money by discounting German securities. The Paris correspondent of the New York
"Herald" said that "conversations have already be-
maximum annual payment which Germany
gun between the French and British Governments to
ascertain if the British would be willing, as a part
of the reparations plan, to indorse the
German
curities for France's benefit, in order that she
se-
might
discount them in the financial markets, preferably
in the United States.
It is understood that while
there was some informal talk on this subject just
before the conference of the Allied Premiers in
Paris, which adjourned last Saturday, the French
were left very much in doubt regarding what the
British answer would be, and that since last Saturday they have been informed from London that the
British Government would not settle anything at
this juncture until Germany had definitely accepted
the reparations scheme. This question, however, is
commanding chief attention here now. Friends and
foes of the arrangement alike admit that the whole
question for France turns on whether she can discount the German debt, and her abilitj^ to do so
without British aid is seriously doubted."
The Paris and London cablegrams Thursday
morning contained suggestions that the Allies might
make modifications of the reparations terms ultimately. The Paris representative of the New York
"Times" said that "the declaration of the German
Government that it would not accept the reparations
plan of the Allies, the abandonment of the Brussels
experts' conference and reports from New York saying American opinion does not approve the 12% tax
on German exports, caused considerable dismay in
Paris to-day" [Wednesday]. He added that "while
of course the Allies have coercive powers under the
treaty, the reparations plan of Jan. 29 is not feasible
unless the Germans co-operate. The least the German attitude can mean is that the Allies will face
the probable necessity of making concessions to obtain their assent, and concessions mean but one
thing, and that is the reduction of the amount to be
paid." The New York "Tribune" correspondent in
London cabled that "although the leaders of the Allied Governments have not the slightest intention
now of altering their Paris decisions, it is possible
that some changes may be worked out at the meet-
Practically all the Washington advices have indicated that the reparations terms were regarded there
as too severe to be practical. The proposed export
tax of 12% appeared to meet with greater opposition
than the amount of the indemnity.
Tn view of tlie fact that the present French Cabinet was formed only recently tliere has been special
interest in the attitude that
toward
would be manifested
by the French Parliament, particularly
Chamber of Deputies. Premier Briand, on
Thursday formally presented the reparations plan
to botli the Senate and that body.
The cabled accounts that appeared in yesterday morning's papers
differed considerably regarding the reception given
the document by the Chamber.
Tlie Associated
Press correspondent said: "The French Parliament,
Chamber and Senate, gave its seal of approval today to the Government's declaration on the decisions
taken by the Supreme Council at Paris respecting
reparations, disarmament and other questions. It
received Premier Briand's declaration with all outward and visible signs that promise a large majority
in the vote of confidence which the Briand Cabinet
will seek to-morrow. In making his declaration, M.
Briand informed the Deputies that the French Government 'has in no wise renounced the purpose of
collecting the entire debt due from Germany, if she
recovers her economic prosperity.' Germany would
have to pay to the limit of her economic capacity, he
asserted."
The New York "Times" correspondent
gave a different impression when he said that "Premier Briand reported to the Chamber of Deputies
this afternoon on the results of the reparations negotiations last week. In place of the cheers which
two weeks ago greeted the new Premier's statement
of what he intended to do, his account of what he
had done was received in silence and at its conclusion the applause was weak. Later M. Briand read
his statement to the Senate." He added, however,
that "the Government to-night appears certain of a
big vote of confidence, as the byword of the Deputies
is 'sit still and await the declaration of the new
American Government.' "
Regarding the attitude of Germany toward the
reparations agreement, the Associated Press correspondent cabled yesterday morning that Dr. Ernest
Scholz, Minister of Economics, had made the followit
the
ing assertions: "Germany does not, of course, withdraw from further negotiations, but she must decline to accept the present Paris proposals as constituting a basis, or even a starting point, for renewed
deliberations. Germany will not affix her signature
to a pact that could not be fulfilled. The Versailles
Treaty prescribed an entirely different procedure
for arriving at the
was
cil
to
pay than
Germany
Supreme Counadopted by the
amount
tliat
of indemnitv'
at Paris."
According to a delayed cablegram from Athens,
under date of Jan. 30, "the Council of Ministers has
appointed a delegation to attend the coming conference in London, at which the Turkish and Greek situation and the Treaty of Sevres will be discussed.
Premier Rhallis, who will head the delegation, will
be accompanied by M. Kalogeropoules, Minister of
Finance. He will leave Athens Feb- 7, stop over in
THE CHRONICLE
500
Paris for two or three days, and purposes to arrive
in London several days before tlie conference is to
befj;in, in order to confer witli ])ersons high in English political circles." In a Washington dispatch at
the same time it was claimed that the State Department had intimated that "there will be no immediate recognition of King Constantino of Greece on the
part of the American (lovernment." Constantine is
said to have issued a statement in Athens on Tuesday that "direct negotiations for the settlement of
Near Eastern problems between the Greeli and the
Turkish Nationalists are impossible." He was said
to have indicated, however, that "he was not
averse to conversations between Greek representatives and delegates chosen by the Sultan's Government, if such procedure was dictated by the interests of Greece."
[Vol. 112.
as contrasted with £197,321,000 the
Of
this
week preceding.
sum, revenue yielded £27,851,000, against
savings certificates £900,000, against
£1,250,000, and sundries £100,000, against £102,000.
£40,55.3,000;
Nothing was received from foreign credits this week,
against £1,311,000 the week before.
Treasury bonds
were sold to the amount of £505,000, in comparison
to £408,000 in the week of Jan. 22.
New issues of
Treasury bills were much smaller, totaling only
£64,591,000, against £136,447,000 last week. As
this was well below the amount repaid, there was a
contraction for the first time in a number of weeks io
the volume of Treasury bills outstanding. The total
is now £1,145,049,000, which compares with £1,161,894,000 a week ago. Temporary advances, however,
are higher, being £241,822,000, against £233,122,000
the week previous.
Total floating debt has ac-
brought down to £1,386,871,000.
stood at £1,395,016,000.
cordingly been
A London
Monday
ment
is
news agency received a dispatch on
A
stating that "the Russian Soviet Governexpected to ratify the Krassin agreement
without change." The dispatch also stated that "it
approves M. Krassin's wish and appoints him repreThe Associated Press ansentative at London."
nounced in a dispatch from Paris on Tuesday that
"formal application is about to be made to the Governments of Great Britain, France and the United
States to recognize the Russian Constituent Assembly as the present de jure or rightful existing Government of Russia- The Russian Constituent Assembly has just been created at a meeting here
[Paris] of all the Russian elements opposed to Bolshevism, to the end of sinking all differences of
opinion and presenting a united front against Bolshevism."
In an address in Birmingham Thursday night,
Austen Chamberlain, Chancellor of the British Exchequer, announced that "the excess profits tax will
be discontinued this year." He declared, however,
that "there was no chance of a general reduction of
taxation." Regarding the financial position of the
country, he said "The war left us a debtor nation,
but we have made some progress since. We have
transformed a deficit in our national expenses into a
balance on the right side. Instead of increasing our
indebtedness we have begun to repay and we have
begun to redeem those obligations incurred toward
foreign Powers, which w^ere the most difficult of all
obligations that the war had left."
:
Washington advices state that a rumor is in circulation there that Sir Auckland Geddes, British
week ago
No
at
it
change has been noted in
leading
official
European centres from
discount rates
5%
in
Berlin,
Vienna and Switzerland; 53/^% in Belgium, 6% in
Paris, Rome and Madrid, 7% in London, Sweden and
Norway, and 43^% in Holland. In London the
bank rate continues at 6J^@6^% for sixty
and ninety day bills. Call money in London remains
as heretofore at 53^%.
No reports have been received so far as we have been able to ascertain, by
cable of open market discounts at other leading
private
centres.
A small increase in gold holdings was shown by -this
week's Bank of England statement, aggregating
£8,790, but total reserve registered a decline of £1,106,000, the result of an increase in note circulation
of
Furthermore, the proportion of
£1,115,000.
reserve to liabilities was reduced to 11.54%, as against
14.18% last week. This is coincident with another
increase in deposits and reflects in some degree
renewed strain upon the Bank's resources. In the
corresponding week of 1920 the reserve ratio stood at
223/^% and in 1914 53^%. Public deposits were
expanded £2,523,000 and other deposits £17,324,000.
In Government securities there was also a heavy
increase, viz. £17,410,000, while loans (other sewere augmented £3,590,000. Threadneedle
Street's gold stocks stand at £128,292,398, which
compares with £103,108,139 a year ago and £81,443,667 in 1919. Reserves total £17,143,000, against
£32,235,094 in 1920 and £29,906,972 a year earlier.
Circulation has reached a total of £129,598,000, in
contrast with £89,323,045 last yeav and £69,986,695
curities)
Ambassador, will not return to his post, and that if in 1919, while loans aggregate £78,696,000, as against
he does he will not remain long. According to one dis- £82,451,421 and £83,469,813 one and two years ago,
patch, "recent activities of the British Government respectively.
There has been no change in the
in its relations with the United States have been out Bank's minimum discount rate, which remains at 7%
of harmony with advice given by the Ambassador as heretofore.
Clearings through the London banks
to the British Foreign Office, it is believed."
week were £830,973,000, against £678,830,000 a week ago and £858,160,000 last year. We
British Treasury returns for the week ended Jan. 29 append a tabular statement of comparisons of the
indicated that outgoes had exceeded income, bringing different items of the Bank of England returns:
BANK OF ENGLAXD'S COMPARATIVE STATEMENT.
about a loss in the Exchequer balance of £288,000,
to £3,573,000, as against £3,861,000 last week.
for the
1021.
The
week's expenses totaled £16,722,000, in comparison
with £23,220,000 in the previous statement, with the
total outflow, including Treasury bills, advances. Exchequer bonds and other items repaid, £116,485,000
(against £196,963,000 for the week ending Jan. 22).
Receipts from all sources amounted to £116,197,000,
J-cb. 2.
1920.
FcD. 4.
£
£
1019.
Fei. 6.
1018.
Feb. 6.
£
£
£
1917.
Feb. 7.
129,598.000 89,323.045 69.980.695 46,131.315 39.535,325
18.G04.000 18,689.896 30.721,201 41.043.292 42,202.099
129,852.000 124.560.686 115,481,209 125.504.321 226,409.910
70,620.000 40..548.714 50,838.744 56.889.951 212.396.597
Govt, securities
78,690,000 82,451,421 83.469.813 96.893,646 3S..>79,538
omer securities
Reserve notes & coin 17.14,3.000 32,235,094 29.906.972 30,928,186 35,839,089
Coin and bullion-. .128, 292, 398 103,108,139 81,443,607 58.609.501 56,954,414
Circulation
Public deposits
Other deposits
I'roportion of reserve
to liabilities
.
Bank rate
11.54"^^
7'^
223^%
6%
20.50%
18.56'-r
5%
6%
13.33%
5H%
THE CHHONTCLE
Feb. 5 1921.]
The Bank
of
France
in
weekly statement
its
reports a further gain of 184,025 francs in its goki
item this week. The Bank's gold holdings now
aggregate 5,501,941,175 francs, comparing with
5,580,594,953 francs at this time last year and with
of these
the year before;
held abroad in
amounts 1,948, 307, 05o francs were
1921, 1,978,278,410 francs in 1920 and 2,037,108,484
francs
5,508,221,126
francs in
During the week increases were
1919.
registered in all the other items, viz.: silver, 179,000
249,043,000 francs; advances, 5,709,000 francs; Treasury deposits, 11,317,000 francs; and general deposits, 230,052,000
francs.
Note circulation was expanded to the extent
of 292,382,000 francs, bringing the total outstanding
up to 38,205,487,370 francs. This contrasts with
38,041,889,730 francs in 1920 and with 32,366,992,800
francs in 1919.
On July 30 1914 just prior to the
outbreak of war, the amount was onlj- 6,683,184,785
francs.
Comparisons of the various items in this
week's return with the statement of last week and
corresponding dates in 1920 and 1919 are as follows:
BANK OF IRANCE'S COMPARATIVE STATEMENT.
francs;
discounted,
bills
In France
Abroad
Total
Silver
Bills
discounted
No
Inc.
Inc.
Inc.
Advances
Inc.
Note circulation. -Inc.
Treasurj- deposits. Inc.
General deposits.. Inc.
184.025
Cliange
millions.
particularly for call loans,
3,602,316.537
1,978.278,416
3.471.112.041
2,037,108,484
surprise to
of
Germany
m
its
statement,
1,000 marks. Bills discounted sustained a huge reduction, 5,294,970,000 marks, which contrasts sharp-
more
drastic increase of the pre-
ceding week. Deposits fell 4,110,584,000 marks,
while advances were reduced 8,313,000 marks.
There were also a decHne in securities of 75,986,000
marks and in liabilities of 112,259,000 marks. Circulation was again brought down, this time 528,252,000
marks. Treasury certificates expanded 623,640,000
marks. In notes in circulation a gain of 258,000
marks was shown, and in investments 3,916,000
marks. The Bank's gold stocks aggregate 1,091,
637,000 marks, which compares with 1,089,820,000
marks last year and 2,255,400,000 marks in 1919.
Note circulation now stands at 65,958,442,000 marks.
In the corresponding week of 1920 the total was
35,984,620,000 marks and the year before that
23,393,220,000 marks.
$12,427,640 a week earlier. The above figures for
surplus are on the basis of 13% reserves above legal
requirements, but not including cash in vault to the
amount of $80,445,000 held by these banks on Saturday last. In the Federal Reserve Bank statement a
small increase in the bank's reserve ratio was shown,
from 38.1 to 38.3%, but gold holdings decreased
Bills held under discount, notwith$2,840,000.
standing a reduction in the acceptance holdings of
n^^arly 37 million dollars, decreased less than 7
Feb. 6 1919.
Francs.
issued as of Jan. 22, shows. that total coin and bullion
increased 366,000 marks, but that gold was reduced
ly with the even
In aggregate- reserves there
$690,000, to $9,342,000.
was a reduction of $14,382,000, bringing the total to
$518,787,000. Surplus was also cut, tiiough not so
severely, owing to the contraction in deposits, and
the lo.ss totaled $3,552,490, which carried excess
reserves down to $8,875,150, in comjiarison with
Statue as of
Feb. 6 1P20.
Fro'cs.
184,025 5,501,941,175 5,.580,594,953 5,508,221,126
315,487,843
268.646,495
254,139,883
179.000
249,043,000 3.317.704,2'JJ- 2,119.3.58,159 l.202.mr,.747
5,709.000 2.213.086,000 1,529,741,710 1.231,236,(126
292.382.000 38,205.487,370 38.041,889,730 32,366.992.800
53.792.292
41,452,237
11.317.000
50.928.000
2, .584, 711, .593
230.0.52,000 3,443.273,894 3.160,836,408
The Imperial Bank
banks and trust companies were cut $75,000
to $9,018,000.
Reserves of State institutions and
trust companies in other depositories were reduced
of State
3.553.574.119
1.948,367.056
Frai.ct.
Inc.
Federal Ueseive Bank fell $927,000, to $80,445,000
(not counted as reserves), while reserves in own vaults
Feb. 3 1921.
Francs.
CItanges
for Wtek.
Gold HoUi'tos —
501
The firmness
A
of the local
many
money market this week,
came as somewhat of a
observers in the financial district.
end of the month would have
been taken as not being out of the ordinaiy. The
continued high rates throughout the week led those
who had been expecting fairly low rates to prevail
for some time to cast about for the causes of the
change. Even in banking circles opinion was somewhat divided as to whether the market would continue for some little time to display the tendency so
One of the principal
clearly discernible this week.
reasons given for the scarcity of loanable funds and
the higher rates for call money, was the withdrawal by interior institutions of a considerable part
of their funds two months or more earlier than they
Under ordinary conditions
are accustomed to do.
the movement toward the West and the South is not
expected to set in until near the opening of the plantAt that time it is
ing season in those sections.
well known that the requirements of the farmers for
funds with which to buy seed and fertilizer become
little
flurry over the
large in the aggregate.
A
contributing cause to the
money market
week probablj^
has been the further large offerings of domestic and
foreign bonds.
These offerings have continued at
about the same scale as during the last two or three
weeks. The requirements for purely Stock Exchange
purposes have not been large. It was reported,
however, that at the beginning of the month loans
tightness of the
this
were called quite generally. This necessitated brokSaturday's bank statement of New York Clearing ers making new arrangements, but did not change the
House members reflected heavy Government with- volume of available funds. Something more than
drawals and was otherwise about in line with expec- $20,000,000 of Government money ha.^ been withtations.
Among the more favorable features was drawn from the local banks this week. The amount
a further reduction in the loan item of $62,840,000, was scarcely large enough in itself to have an imwhile net demand deposits fell $80,118,000.
This portant influence. On the other hand it is true that
brought the total of demand deposits down to $3,- it is the sum total of all the requirements and changes
847,342,000, or the lowest in neariy a year, and is that has to be taken into account in finally determinexclusive of $70,310,000 of Government deposits. ing the amount of money available for loaning and
Last week Government deposits stood at $103,618,- this also goes a long way toward fixing the rates.
000, thus showing a contraction lOr the week of There are important interests in the financial disNet time deposits wera also reduced, trict who do not look for tight money for any length
$33,308,000.
irom $254,987,000 to $242,558,000. Among the of time.
other changes was a decline of $13,611,000 in reserves
of member banks with the Federal Reserve Bank, to
With regard to money rates in detail, call loans this
$500,427,000. Cash in own vaults o^^ members of the weekstiffened and the range was 7@9%, as compared
.
THE CBtRONICLE
50^
with a single ruto of 7% last week. On Monrlay and
Tuesday the high was 8%, with 7% the low and ruling figure.
Wednes(hiy there was a further advance
The same
to 8% for renewals, with 9% the high.
rates prevailed on Thursday, that is, 9% maximum,
8% minimum and 8% the|^renewal]. basis. Only one
rate was quoted on Friday, 8%, which was the high
and low for the day as well as the basis at which renewals were negotiated. The figures here given apply to mixed collateral and all-industrial collateral
without differentiation. The firmness was attributed
to the recent unusually extensive new financing,
heavy Government withdrawals from the banks, also
the drawing in of loans by interior institutions. For
fixed maturities there is very little doing.
Only a
few small trades were reported and here also quotations were firmer at 7% for sixty and ninety days and
four months' money, with five and six months at
6M%> 3,s against &}/2% for all periods last week.
Funds were scarcer than ever, and quotations largely
nominal
in character.
All-industrial
ever dealt in, remains at about
figures just given.
M
of
money, when1% above the
Commercial paper rates have been marked up to
7^@8% for sixty and ninety days' endorsed bills
receivable and six months' names of choice character,
with the bulk of the business done at the outside figThis contrasts with a range of 73^@8% the
previous week. Names less well known now require
8%, against 73^@8% a week earlier. Trading was
ure.
quiet and the volume
of
of business transacted.
In keeping with this quota-
[Vol. 113.
directors of the FedcTal Reserve
had
increas(!d the
minimum
Bank
of Philadelphia
discount rate on Certifi-
cates of Indebtedness from 5 to
cates bearing interest higher than
5^%. On
53^%
certifi-
the discount
the same as the interest rate carried by the
certificates.
The rates of the other Federal Reserve
banks are unchanged. The following is the schedule
rate
is
now in effect for the various classes of paper
at the different Reserve banks:
of rates
DlSCOXmr RATEfl OF THE FEDERAL RESERVE BANKS
IN EFKP;CT
FEBRUARY
Discounted
bills
within 90 days
member
lateral
Federal Rtisprrp
Bank of—
Treasury
certifi-
cates of
indebt-
edness
Boston
New
5H
York
Cleveland
Richmond
_
Atlanta
St. Louis
Minneapolis
Kan.sa.s City
Dallas
S.an Francisco
maturing]
(.Inclwling
banks' 1^-dav col- Bankers'
Agriculsecured by
accepTrade
tural and
tances
lire -stock
Liberty
Otherpaper
dueled
lances
bonds
nise
for
maturing maturing
and
secured
member
within
01 to IfeO
—
notes)
Victory
notes
6
and
banks
90 days
days
7
6
7
7
7
5Ji
6
6
6
7
unsecured
7
7
.
.
6
t6
t6
6
t6
6
5M
5H
R
6
.
Philadelphia
Chicago
4 1921.
6
7
5'A
6
6
e
6
5H
6
5H
6
7
6
5M
F,
f)
6
7
5H
t6
t6
6
5H
n
;-6
6
6
5H
6
7
7
7
6
6
6H
7
6
6
6
6
6
6
with interest rate borne by certlflcatea pledged aa
in the case of Atlanta, Kansas City and Dallas
and 51^% in the case of Cleveland, and Philadelphia.
.Xoie.
Rates shown for St. Louis, Kansas City and Dallas are normal rates,
applying to discounts not in excess of basic lines fi.\od for each member bank
by the Federal Reserve Bank. Rates on discounts In excess of the basic line are
subject to a H % progressive increase for each 23% by which the amount of accommodation extended excee<ls the ba.sie line.
t Discount rate corresponds
collateral with minimum of
5%
—
Sterling exchange reacted unfavorably
to
formal
announcement of the terjns of the reparations settlefalling off.
Out-of-town banks were the principal ment (on Saturday last) and a decline of about 10
cents from the recent high point took place early in
buyers.
Banks' and bankers' acceptances reflected the the week following reports that Germany would in
stiffening in money by a sharp falling off in the volume all probability refuse to pay the proposed indemnity.
tions were
transactions
advanced on both
eligible
showed
and
a
ineligible
from 3^ to 1%. Brokers characterized the market as dull and affording a striking contrast with the
activity witnessed in earlier weeks.
Practically no
large transactions were recorded.
Demand loans
against bankers' acceptances continue to be quoted
by the American 'Acceptance Council at 6%. The
Acceptance Council reports the rates for eligible bills
of member banks at 6)^@6 for ninety days, 6@5J^
for 60 days, and Q@,5% for thirty days, while the
rates for eligible bills of non-member banks are given
as 63^@6^ for ninety days, 6^@63^ for sixty days
bills
While, generally speaking, the reparations plan is
along the lines previously forecast, in some respects
it comes as a good deal of a surprise and is a genuine
disappointment to those who had been anticipating
more moderate terms. The contemplated export
regarded as particularly objectionable in both
financial and business circles, and the immediate
effect of the Allied demands as presented was a
distinct slump in quotations on the London market.
This as usual exercised a depressing influence here
and was the signal for the inauguration of a heavy
selling movement, presumably on the ground that
there was likely to be further delay in bringing about
and 63^@6 for thirty days. Detailed quotations for actual settlement of the troublesome question of
acceptances in the open market are as follows:
German indemnity payments and at all events
-Spot Delivery
Delivery
another more or less protracted period of uncertainty.
Thirtij
Ninety
Sixty
leithln
The result was a decline to 3 7934 for demand bills.
Days.
Days.
Days.
30 Days.
Eligible bills of member banks
6H@6
6 bid
6@5K 5Vs@5'A
Later in the week several large international bankers
Eligible bills of non-member banks
6h@6K 6H@6M 6M@6
6M bid
Ineligible bills
7 bid
7M@7}i 7H@7}i 7K@7
re-en tered the market as buyers of sterling bills and
prices rallied to 3 8534, leading to rumors that some
Following the action taken last week by the Fed- sort of compromise agreement had been reached.
eral Reserve banks of St. Louis and San Francisco No confirmation of this could be obtained, and so far
in advancing to 6% the rediscount rates on paper as can be learned the reparations dispute remains
secured by Treasury Certificates of Indebtedness unsettled. After a temporary spurt of activity and
bearing interest rates under 6%, the Federal Reserve firmness, the market sagged again and rates ran off
banks of Richmond and Chicago have since taken slightly.
similar action; in all these cases the rate for advances
Banking opinion as to the probable course of sterlagainst Treasury Certificates had ranged from 53^ ing in the immediate future is somewhat mixed.
The New York Federal Reserve Bank an- Some characterize the present international embroglio
to 6%.
nounced yesterday that it had increased from 5J^ as discouraging in the extreme, but others point to
to 6% the rate on paper secured by Treasury Certifi- the fact that another conference on reparations
cates, and a statement which it issued with regard between Allied and German representatives has
to the discontinuance of the preferential rate for this already been scheduled to take place toward the end
class of paper is given to-day in another part of our of the month and predict with some show of confiIt was also announced yesterday that the dence that modifications of the more drastic propaper.
tax
is
I
'
I
Fm.
5 1821.]
THE CHRONICLE
undoubtedly be made which will go far
toward clarifying the atmosphere and permit once
more a resumption of normal business relationships.
It is quite generally conceded that, all things considered, sterling values have held up remarkably well;
a factor which would seem further proof of tiie underlying soundness of the improvement lately noted in
One phase of the
the foreign exchange situation.
recent strength in sterling and other exchanges which
has perhaps partly been overlooked is not only the
falling off in United States exports and consequent
diminution of commercial offerings, but the fact
that owing to the improved monetary conditions here
and abroad, there has been less disposition to insist
on dollar payments in New York against documents
and much larger proportion of the business passing
is being transacted on a part time basis as formerly.
News that the War Finance Corporation had arranged
$10,000,000 advances for the promotion of trade,
made a good impression, but failed to affect price
levels one way or the other.
Referring to the day-to-day rates, sterling exchange on Saturday last displayed a sagging tendency
visions will
Movements
503
Continental exchange also reflected
the disappointment felt over the German indemnity
terms and yharp losses were registered which in some
instances carried prices down from 12 to more than 30
jjoints.
French francs lost 33 points, to 6.82 early
in tlie week.
German marks, under hea\'y selling
pressure, broke to 1.43, a decline of 27 points, while
lire also lost grounjd, touching 3.573^, or 12 points off.
Austrian kronen ran off in sympathy, losing 53^2
points, to 00.20.
Belgian francs figured prominently
in the weakness, and a drop of 31 points, to 7.17
was recorded in this currency. Later in the week
with the improvement in sterling some of the losses
were regained and under the stimulus of a fairly
active buying movement prices rallied to a considerable
in
extent.
proved short-lived.
The improvement, however^
London sent lower cable quota-
tions while speculative selling also served to depress
Considerable irregularity was shown
with fluctuations rapid and frequently widespread.
Light offerings and covering of shorts figured from
time to time in the week's operations. Trading in
the early part of the week was dull and inactive.
and demand declined to 3 85%@3 86^, cable trans- Subsequently improvement in the demand was
noted and for a while transactions attained fairly
fers to 3 86H@3 87M and sixty days to 3 81
On Monday the market turned weak, large proportions. Before the close, however, dul3 81^.
following announcement of the Allied reparation ncss again set in and the close was irregular with a
terms and intimations that Germany intended to tendency to still lower levels.
The official London check rate on Paris finished
refuse the proposed payments, and there was a sharp
83i4@3 85% for demand, 3 84@ at 54.40 as against 53.90 a week ago. In New
lowering to 3
3 863^ for cable transfers and 3 783/2@^3 81 for sixty York sight bills on the French centre closed at 6.97,
Further substantial recessions took place on against 6.86; cable transfers 6.98, against 6.87r
days.
Tuesday, which carried demand bills down to commercial sight 6.95, against 6.85, and commercial
Closing
3 79M@3 833^, cable transfers to 3 80@3 843^ and sixty days 6.89, against 6.79 last week.
sixty days to 3 74H@3 78^^; heavy selling together quotations for Antwerp Irancs were 7.34 for checks
with lower cable quotations from London were and 7.35 for cable transfers. Last week the close
chiefly responsible for the decline.
Wednesday's was 7.25 and 7.26. Reichsmarks finished the week
trading showed evidences of recovery, and under a at 1.58 for checks and 1.59 for cable transfers, which
resumption of good buying prices moved up about compares with 1.70 and 1.71 the previous week. Aus33^%, with the range 3 823^@3 85% for demand, trian kronen closed at 00.263^2 for checks and 00.2734
3 83H@3 86 for cable transfers and 3 78@3 803^^ for cable remittances, as against 00.313/^ and 00.323^^
for sixty days.
Irregularity marked transactions on a week ago.
Exchange on Czecho-Slovakia turned
Thursday and prices lost ground slightly, with weak and ran off to 1.22, but subsequently ralUed
demand fractionally down to 3 833^@3 84%, cable and finished at 1.27, against 1.40; on Bucharest at
transfers to 3 8434@3 853/^, and sixty days to 1.3834, against 1.51; on Poland at 13, against 14,
3 793^@3 80.
On Friday the market ruled dull and and on Finland at 3.65, against 3.45 last week.
shghtly lower, with the range 3 82>^@3 84 1^ for For lire the final range was 3.61 for bankers' sight
This compares
demand, 3 83
85 for cable transfers and 3 783^ bills and 3.62 for cable transfers.
@3 793^ for sixty days. Closing quotations were with 3.62 and 3.63 the week previous. Greek ex3 78% for sixty days, 3 83 for demand and 3 83% change, after ruling early in the week at around 7.40^
for cable transfers.
Commercial sight bills finished broke to 7.05 for checks, and closed at 7.10, with
at 3 81%, sixty days at 3 77%, ninety days at 3 68%, cable transfers 7.15, against 7.55 and 7.60 a week ago.
documents for payment (sixty days) at 3 77% and
seven-day grain bills at 3 81%. Cotton and grain
In the neutral exchanges there has been less doing
for payment closed at 3 81%.
The week's gold than of late and price movements for the most part
arrivals included $4,379,850 on the Cunard Liner followed the course of sterling and the other ContinenAquitania from London, $1,400,000 on the Grotting- tal exchanges. Guilders and Swiss francs were,
holm from Sweden, and $1,250,000 from Paris, for fairly well maintained, but Copenhagen currency
Lazard Freres. A small shipment of the precious sustained a decline at one time of about 40 points,
metal arrived this week from Turkey, the first from receding to 18.90. Stockholm and Christiania rethat quarter since before the war.
It came by the mittances ruled at or near the closing figures of last
S. S. Angeles and amounted to 50,000 Turkish week.
Spanish pesetas, on the other hand, conpounds, which is about $219,500, consigned to the tinued firm and finished at a net advance.
Guaranty Trust Co. The shipment was made in a
Bankers' sight bills on Amsterdam finished at 33%,
key-opening safe made in Birmingham, England, and against 33.85; cable transfers at 34, against 33.95;
was entirely in gold coins of Turkey. Additional commercial sight at 33 15-16, against 33.79, and
shipments from London to the amount of $2,100,000 commercial sixty days at 33 7-10, agamst 33.43 on
on the Finland and $750,000 on the Adriatic are due Friday of last week. Swiss francs closed at 16.03
to arrive in a few days.
for bankers' sight bills and 16.04 for cable transfers.
quotations.
@
^@3
A
week earUer the
close
was 15.94 and 15.96.
Copen-
:
.
:
:
THE CHRONICLE
504
hagcn checks finished at 19.10 and cable remittances
Checks on Sweden
19.20, ajrainst 19.38 and 19.48.
closed at 21.85 and cable transfers at 21.95, in comparison with 19.95 and 20.05, while checks on Norway finished at 18.30 and cable transfers 18.40,
The final
against 18.55 and 18.05 the w(!ek before.
figure for Spanish pesetas was 14.02 for checks and
14.04 for cable transfers, as contrasted with 13.59
and 13.61 a week ago.
With regard to South American quotations there
has been a set-back and the check rate on Argentina
receded to 34.75, with the close 34.97 and cable
remittances 35.14, against 35.873^ and 36.00 last
week. Brazil, however, was somewhat firmer, finishing at 14.64 for checks and 14.71 for cable transfers, as compared with lA.'Sl}/^ and 14.50 the week
preceding.
ChiUan exchange, despite rumors of the
possible placing of a loan in this market, ruled weak
and closed at 13.50, against 14.01 last week. Peru
was Tractionally better at 4.09, against 4.06.
Far Eastern exchange, so far as China is concerned,
depreciated sharply and there was a recession to 483^
for Hong Kong currency, with Shanghai at 64.
Later on prices rallied and the close was at 493/2@
493^ for Hong Kong and 68@683^ for Shanghai;
Yokohama finished at 483/2@49 (unchanged) Manila
Singapore,
(unchanged);
at 46@46H
45(^453^
against 44@44i^; Bombay at 283/^@29 (unchanged),
and Calcutta at 28^(^,293^ (unchanged).
;
The New York Clearing House banks,
in their
operations with interior banking institutions, have
gained |5,880,G13 net in cash as a result of the currency movements for the week ending Feb. 3. Their
receipts from the interior have aggregated |7,293,863, while the shipments have reached |1,413,250, as
per the following table
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK HANKING
INSTITUTIONS.
Week ending February
OM
Into
3.
Banks
Ranks'
intfirior
movomRnh
Gain, or Loss
of
Banks.
S7,293,863
to
Ba
..k.v.
81,413,250 Gain $5,880,613
As the Sub-Treasury was taken over by the Federal Eeserve Bank on Dec. 6, it is no longer possible
to show the effect of Government operations on
the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the Clearing House each day as f oUows
DAILY CREDIT BALANCES OF NEV.' YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Monday,
Saturdav,
Jan. 29.
Tuesday,
Jan. 31.
Feb.
1.
Wednfsday Thvrsday,
Feb. 2.
Feb. 3.
Friday,
Feb. 4.
Aggregate
for
Week.
c
s
s
s
s
s
?
42,848.370 67,987,819 43,778,395 62,774.052 51,889,653 55,431,298 Cr. 324.709,587
The foregoing heavy credits reflect the huge mass
which come to the New York Reserve Bank,
from all parts of the country, in the operation of
of checks
the Federal Reserve System's par collection scheme.
These large credit balances, however, show nothing
as to the results of the Reserve Bank's operations
with the Clearing House institutions. They represent only one side of the account, as checks drawn
upon the Reserve Bank itself are presented directly
to the bank and never go through the Clearing House.
The following table indicates the amount
European banks
of bul-
lion in the principal
Februarys 1921.
February 5 1920.
Banks ofGold.
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
England _ _ 128,292,39;
128 ,292,398 103,108,139
103 ,108,139
Franco a _ _ 142.142,96.51 10,720, 00*152 ,862,965 144.092,661 10,1601,000 154 ,252,661
Germany
.
.54,577,70ffl
337, 600i 54 ,915.300
2.369, 000 13 ,313,000
Aus-Hun..
10,944.000*
Spain
98.452.000 23,202 000121 .6.54,000
32.768,000
2,999, ,0001 35 ,767,000
.53.012.000
1,845, 000 54 ,857,000
10,661,000
1,120 .000
,781,000
21,718,000
4,160, ,000
,878.000
15.670.000
,670,000
12,643.000
145,000.
,788,000
8,115.000
,115,000
Italv
Neth'Pl'ds
Nat. BelgSwitz'land
Swelon
._.
Denmark .
Norway __
1,015.,800 55 522,950
10,944.000
2,369 ,000 13 313,000
97,931.000 25.258;,ooo 123 ,189,000
32,19S,O00i 3,004:,000 35 202,000
,52.6.54.000
686i,000 53 ,340,000
10,657,000
l,098,000i 11 ,755,000
20, 678,000
3,201 ,000
,939,000
15,601.000
.601,000
12.605,000
184,000
,7,89,000
8,i;57.000j
,137,000
54,.507,I50
Total week 5SS,99G.063 46,897,600|'i35,893,663 .563,112,9.501 47.035,800 610.148,750
rev wo--''-i';s9 oQ n 7«'> i.'' 4.00 <inniT?<^ "loo (^'•^ ""-W <)'>.=i.fi22' 46.S71 l00'fi06.79R.722
a Gold holdinssio(Jtlie»!Bank of France this year are exclusive of £77,934,682
eJd abroad
THE
[Vol. 112.
TO CAI-JSAR—THE CERMAK
RE PARA TIONH HETTLEMENT.
TRUiUTl-J
a long, long way from a "peace without victory" to a peace without vengeance! The tribute
to Caesar is not the tribute to God. The Allied Supreme Council has fixed the total of the money reparation to be paid by Germany at 226 billion marks
in gold, payment to be made in annual installments
extending over a period of 42 years, and has decided
that in addition (Jermany must turn over the proceeds of a tax of 12% on her exports. The consensus of the best opinion of the world (in which we
do not include the Germans themselves, who naturally would whine whatever the amount, nor those
of our own people who have been and are pro-German in their sympathies and leanings) is that this
It is
tribute
is
far in excess of the abilitj' of the
German
nation to pay, and, what is even more important,
far in excess of the demands of enlightened selfinterest on the part of the Allies in the present critical stage of the world's history. In that view the
decision is obviously a grave error.
Is it not time, therefore, for the voice of the
United States to speak out, from the very aloofness,
isolation and disinterestedness we hold, from the
high place of the service we rendered? We have
not signed the Treaty, we have not joined the League
of Nations.
What we have done, is done. What
we have given, is given and without recall, without
the wish or the will to profit But we did not enter
the world war to kiU or to enslave a people our purpose was to scotch forever an "autocracy" in addition to defending our own rights. W^e have the right
to speak and speak now; the right to express an
opinion; that a "decent respect for the opinions of
mankind" may come to those in power.
For ourselves we do not know what Germany is
"able to pay"—226,000,000,000 gold marks in annuities over a period of forty-two years may be the
amount or it may not. We are informed by our own
experts that it is more than she can pay. Does it
necessarily follow in the light of harmony and
peace that she ought to pay all she is "able to pay,"
able to pay through virtual enslavement, say, for
nearly half a century? But we do know this that
the added 12% tax ad valorem on exports for a like
period is inhumane, irrational and indefensible on
any ground. If it is put out as a trading proposition ask more and take less
it is mere schoolboy
trifling over a question so grave that it now holds
;
;
—
—
—
the whole world in its grip.
France, France the Magnificent, can not longer
afford to maintain this position of inveterate extremist.
France possesses the admiration
of
man-
kind. From one viewpoint she possesses the gratitude of mankind. Her bravery is past naming, her
injuries can never be compensated, her vitality
is
tremendous, and from the dark shadow whatever
comes she will emerge great and glorious. She can
afford to be generous, even though this be bitter
through the greatness of the provocation. The time
has come to begin to forget. The time has come to
give good for evil. More the time has come to look
forward, not backward to a time when two peoples who do not war with each other must live together, side by side, either in concord or covert hate.
Given equal strength and opportunity, no people
on earth can live and prosper when compelled to pay
12% ad valorem on all foreign exports. Much less
—
—
THE CHRONICLE
Fhb. 5 1921.]
— the
Empire gone, Alsace and Lorraine retnrned, Austria-Hungary severed and stricken, the colonies under mandates of indefinite duracan Geririauy
not utterly and irrcnocably lost, nearly all
present carrying power delivered over, a treasury
empty and a currency debased. If Credit is the
"Iifebloo<l" of trade (Jermany has none now— is to
have none save by alien consent. If all nations are
now scHikiug a ''foreign trade," (Jermany is to be put
12% behind in the race though foreign trade is her
only salvation. The impossible is not always preposterous, but in this case it is. Yet bound up in
this reparations question is the poise, peace and
prosperity of a waiting worldIn the days of Rome, when the victorious Legions
tion
if
—
505
bestowed upon it, and the greedy self-interest of the
current labor that lives out of it and upon it. The
jirinial need which labor has upon created capital
depends upon a private owuershi{) tiiat is interested
not only in preserving it and making it fruitful but
of paying to it through reinvestment and i-estoration
a i)r<)fit which assumes the relation of a sort <»f leasehold rental foi* its use. It is therefore contrary to
the nature of things to say that labor must be paid
before profits. If it really needs capital, and has it
not, and cannot concretely create it out of its future activity, it must come to capital as a willing
suppliant for the opportunity to work, to use, and
not to exploit or destroy.
Now this hundred millions of capital takes temporarily the form of cash, is so paid in immediately
returned there was enacted a triumphant spectacle,
captives being dragged through streets in clanking
chains and the spoils of conquest heaped high for
the gaze of the multitude. Then (lovernors were
sent out to the new provinces, annexed by war, and
the levy of annual tribute began. But the laws of
greed are against the laws of God. It could not be.
The seeds of the Decline were sown the Empire fell.
In the twentieth century a world-war for democracy the most exhaustive in history, the most engulfing of time can profit the world little, Avhen
followed by the tribute of the Caesars. Trade hesitates, industry languishes, men are idle, exchange is
broken, credit is disordered, everywhere, waiting on
this "settlement." Let it be made at once, definite
and forever, not in the spirit of vengeful reprisal
but, condoning nothing, in the admonition of that
sublime courage and sacrifice which suffered and
voice in so-called mutual operation.
WON!
this capital pre-created by generations of toil, thrift
—
—
—
—
—
to be paid out in the conduct of its proposed busi-
and being supplanted by instruments of credit
that are to be multiplied ten-fold in debentures
which may be owned by any and everyone. Labor
cannot convert itself into cash until it is perlormed.
If future labor could pledge itself it could not take
the place of the commodities in which the finance
corporation will deal and on the credit representatives of which it will base its own debentures. In the
equation of mutual interest, therefore, labor current
must guaranty to capital not only the right to exness,
but to function and preserve its vitality. If it
does this it must assume secondary place.
But this is just what labor refuses to do in this
period of its history. It comes into the world naked
and dependent within itself and demands the first
ist,
and saving for opportunity.
A CORPORATE BOND OF UNION— THE
$100,000,000 FOREIGN FINANCING
CORPORATION.
Recurring to the formation of a hundred-million-
It
must ask
of
must barter itself
work in some grotesque
It
own life, or proceed to
way without the tools of trade,
for its
the objects of inventive thought, the instruments and institutions of
Therefore it is a commodity, a
and one on which capital must lean
unless it is to become valueless and mere junk
men say, "labor needs through inaction. But stored-np labor is something
Many
capital and labor?
capital and capital needs labor." But the thought in being, while the current labor is something in
There is in it recognition of a mu- process of being, and therefore capital takes preceis a vague one.
tual interest without much specific insight into how dence in power over labor because it already has life,
Let us ask how and in a way can live within and upon itself.
this need is to become fulfilled.
It proceeds under its own power to emit credit to
labor would go about the formation of such a corthing in existence as the formation of vast corporations that can employ
poration were there no such
capital? In what way could labor create capital labor. Current labor cannot so organize to employ
stock if there was not already capital and capital capital for it has nothing to stand on. It may rebeing a broad term to denominate created things fuse to the existent capital its labor, and send both
and raw materials? Labor preserved alone consti- into ruin, and to a degree it does this in every strike.
tutes capital upon which may rest dependence of Or, as we have seen, it may without having title,
and for labor to be. Labor could not suddenly without power to effectually pledge a future activbring into being a cultivated farm or a going fac- ity, without a basis of right (current labor, labor of
tory simply by pledging its future and circulating to-day, did not create the stored-up labor of other
these printed shares. And so it is that when we de- generations and therefore has no right of ownerstroy by waste, or by abandonment, or by breaking ship) can seize upon capital, and by its utter lack
up, the saved capital, the saved labor of a country, of responsibility soon destroy it as the Commune has
done in Russia, but it cannot come into this circle
we reduce the people to barbarism.
Now it is theoretically true that w^e may separate of mutual need and command the primal right in
capital from private ownership without destroying direction and operation. Every, man owns his own
it.
But it is actually true that when we invest this labor by divine right, to dispose of as he will; but
ownership in the socialistic state or the commune, he does not own the labor, in person, or by classwe release it from interested and responsible con- communal assumption, or collective union, the labor
trol into hazardous political and popular control in stored up of generations that have preceded him
which the directive power of operation is so remote and which of right and justice has been bequeathed
and diffuse that it immediately becomes the prey of by ties of blood to those who now have it. It may
waste, exploitation, misuse, and careless operation, be unfortunate that every man is not born with an
so that it in fact is soon destroyed by the lax care equal share of this stored-up labor, but if he has
dollar foreign trade financing corporation, may we
not find in it an enduring bond of union between
—
civilized society.
priceless one,
THE CHRONICLE
50G
noue of it he has uo right to suddenly by oigauiKiu
aiid piopagauda seize upon it and convert it into his
own possession.
What ho can
do,
and wiiat he ought
to do, is to
come
into tlie presence of capital, consolidated into
the artificial form of the corporation, and acknowledge that his need, in the mutual equation, is greater
than that of the more fortunate ones who own. He
<^an of right sell his labor to the highest bidder. But
he cannot assume the role of persecuted one, of one
despoiled, and of one exploited unjustly for the sins
and failures of his immediate ancestors who bequeathed him nothing but a sound body and a sane
mind. Happilj', the corporation is a link that binds.
Happily by shareholding he can become capitalist as
well as toiler. Happily, in this particular form of
corporation, which differs from the ordinary bank,
he can by buying debentures increase his personal
power and pay his own wages.
U. S.
STEEL EMPLOYEES AS INVESTORS IN
STOCK OF CORPORATION.
Since 1901 the influence of the United States Steel
Corporation upon other companies has been very
marked, and in many ways its influence for good
been so manifest that its methods have met with
no objection even from the most skeptical of critics.
One of its plans which has grown in popularity and
potency is the policy of encouraging employees to
lias
[Vol. 112.
class.
But the comiBon stock has
been highly speculative, often being the moHt active
of the industrial issues at the New York Stock Exchange, the market value fluctuating witli the general market njovenient and changing according to
the earnings of the issuing corjjoratioM and the
declaration of extra dividends.
In three years of the period of five jears, when
offerings were made simultaneously of both common
and preferred, it occurred that subscriptiomj for the
common outnumbered in shares the amount of subscriptions to the preferred. Apparently, therefore,
the employees were influenced in their subficriptions
to the common stock, not only by it« value to them
as an investment, but also as a speculation, the prospect of extra dividends giving promise not only of
a greater income, but of adding also to the market
in the
investment
value.
As
a special inducement to employees to retain the
stock they subscribe for, the Corporation offers
tliem a cash bonus of $5 a year per share, for five
years from the date of their subscription; this sum
is credited on their subscription accounts so long as
the subscription is not fully paid. And that the bulk
of the employees are holding on to their investment
with great persistency is evident from the fact that
according to information derived by us from official sources there are at present no less than 61,000
emj)loyees who have subscribed for shares since
1916 under the offerings made by the Corporation
and who still retain their holdings this being entirely independent of the subscriptions prior to 1916
by employees who are persisting in their investment.
Except for the year 1914, when 41^4% was paid,
and the year 1915, when the dividend was omitted,
not less than 5% per annum has been paid upon
the common stock since it was first offered to the
employees, and in two years of great prosperity,
1916 and 1917, on account of the war, the extra disbursements brought the total of yearly dividends to
16% or more, while the market value soared in 1917
subscribe for shares of stock of the Corporation,
This was adopted in 1903, two years after the formation of the organization, and because the value of
the common shares as an investment had not at that
time been well established the offering was at first
confined to shares of the preferred stock. But by
1909 the common stock had grown so in public favor
and commanded such a price in the open market that
the management offered the common as well as the
preferred shares to the employees, and since 1916
it has been thought advisable to confine such offerings to the common issue alone.
Starting in 1909 with an offer of the common to 136%.
Common stock bought by the employees at $50
stock at $50 per share the employees subscribed for
15,318 shares, making a total investment at that time per share in 1909 did not go below the cost price
of 1765,900. With the exception of the years 1910 until June, 1913, when it sold at 49%, and in 1915,
and 1915 yearly offerings have been made, the price when the dividend was omitted it sold down to 38,
per share increasing to $107 in 1917, in which year but the high market value in every year after 1909
67,410 shares were taken at a total cost of |7,212,- was well above $50 per share, the top yearly price
870, the largest in number and of course the greatest rajiging from 91 in 1910 to 67^4 in 1914, and being
in amount up to that time. Three .years later, in around 89 late in 1915, the year the dividend was
1920, the subscriptions were nearly 100,000 shares omitted.
Thus the high market value at some time in each
greater, being 167,407 shares at the price of $106,
amounting to the surprising sum of $17,745,142. For year and the extra disbursements in years of great
1921 the privilege has now been extended of sub- prosperity may be assumed to have played its part
scribing for the common stock at |81 per share. Of in increasing the subscriptions of the employees
course, nothing can yet be definitely known as to the from 15,318 shares in 1909, at a cost of $765,900, to
aggregate of the subscriptions for 1921, but as the 167,407 shares in 1920, at a cost of $17,745,142. Inoffering is limited to 60,000 shares, it is certain to vestors generally have been wondering just how the
employees of the U. S. Steel Corporation have fared
be all subscribed for.
Leaving out of the calculation the subscriptions with their purchases of Steel common since 1909.
for 1921, the result of the ten previous offerings of The above facts disclose that they have fared well if
the common stock has been a total subscription of thej^ have stood by their commitments and retained
685,231 shares, at an aggregate cost of $57,401,249. their shares which they acquired under exceptional
During the twelve years that the preferred stock was opportunities not enjoyed by the ordinary purchaser,
offered, the employees took 351,115 shares at a total and it is this record which has encouraged the mancost of $34,090,593, making the aggregate investment agers of other corporations to make offers to their
of the employees of the Corporation in the two is- own employees based upon the plan adopted by the
sues $91,491,842. While the preferred stock has U. S. Steel Corporation.
Away back in 1903, when the movement to enlist
fluctuated in a moderate degree from year to year
been regarded as being the interest of the employees was in its infancy,
the issue has very generally
—
THE CHRONICLE
Fhb. 5 1921.]
and when the preferred stock then offered for snbNcription had suffered severe decline, it was (h'enied
best to give some assurance of protection aj,'ainst
507
THE C ALDER COAL REGULATION AND THE
MEAT PACKING CONTROL BILLS.
One
possible loss to 8ub«cribing employees.
Accordingly
the Finance Committee of the Corporation, on Sept.
morning dailies puldished on Monday
a paragraph from its Washington representative
30, 1903, issued to subscribers a letter as follows
which, as ])rinted, bore the head "coal-regulation bill
Harding." The headline was presumably written here, but the correspondent had justified it by what he reported, for he began by saying
that "Federal regulation of the coal industry must
be api)roved at this session of ('ongress or the opportunity i)i'eseiited will be lost for years to come,"
according to the view of Senators who are "working
strenuously, almost feverishly," to get the Calder
bill on the calendar, doing this because "alarmed
over the more or less authentic reports that have
reached here that President-elect Harding looks with
disfavor on this measure." The reporter added that
the meat-packing control bill has passed the Senate
after agitation lasting ten years; that the two bills
represent about the same division of view in both
Houses, and that the opponents of all (Jovernmental
regulation are opposing its extension to these indus-
"The Finance Committee sees no reason to (•lian;;e its
opinion as to the intrinsic value of the preferred stocli subscribed for pursuant to the sjiid circular, but of course it
recognizes tliat the dwline in tlie market or selling price
naturally may occasion anxiety in the minds of the subAccordingly, it deems it i)roper
scril)ers under the circular.
now to dispel apprehension of loss by the following additional offer or guaranty
"The CoriX)ration will at any time during January or
Februai-y, 1908, pay to every subscribing officer and employee, who shall hiive retained his stock for the full iteriod
of five jears, and otherwise complied with the terms of the
circular, .'i*2.50 per share for the stock, less the rebates and
benefits he shall have been entitled to under the circular
(not including benefits received on account of difference
l)etween interest and dividends, which he will in any event
retain) provided he wishes to sell the .stock for that price
:
at that time."
But no assurances have ever been given 1o em
ployees that the market value of the common stock
would not fall below the price at which the shares
were
offered, and, like every other buyer, the
em-
ployees have taken what is often spoken of as a
"business man's risk," though this risk was reduced,
as already stated, by the payment of a cash bonus
of $5 per annum for five years from the date of subscription on each share of stock (making altogether
$25 per share) to employees who remained in the
employ of the company and retained their shares.
We add tables to show the records of the yearly
purchases by the emploj^ees:
SUBSCRIPTIONSIOP EMl'LOYEES OF IGNITED STATES STEEL
CORPORATION TO PREFERRED SHARES.
No. Shares
Subscribed.
Year.
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
--
42.926
34.551
30.619
19.229
W24.672
wlS.OOO
30.621
27.032
23.989
17.973
32.519
48.983
Total pref., 12 years.
351.115
Number
Offering
Cost.
Price.
$105
109
110
114
124
110
S7J^
102
100
S7'A
55
82)4
?1. 507,230
'
3.706.059
3.368.090
2.192.106
3.049.428
1.9S0.000
2.679.237
2.757.264
2,398.900
1.562,637
1.788.545
4.041,097
cf
.'^iihscribns.
x46,498
x36.119
x36,946
x26.363
24.672
xl9.192
24,884
14.169
12.256
8,429
10.248
27,379
$34,090,593
the amount allotted; the issue was oversubscribed.
w
X Includes the total number of subscriptions received whether for (Common or Preferred or both.
The report for the year 1909 stales that on Dec. 31 1909 there
Note.
were 21.458 employees who had purchased Preferred or Common stock
under the offers made by the corporation and who. on that date, either held
the certificates of stock or were making monthlj payments on account of
the purchase price thereof.
The report for the year 1914 states that on Dec. 31 1914 there were 40,719
employees who had subscribed during the preceding five years and who
then either held the stock certificates in their own names or were paying
for subscriptions in installments.
This
is
—
of the
in race with
tries.
The "Chronicle" reaffirms without seeing need
of
repeating in detail the insurmountable objections
against both these bills, objections which lie against
some of their details as Avell as against the control
and unnatural intervention which they propose.
Other considerations, however, bear upon this matter, and should be urged once more.
The place originally allotted to the President in
the Government of the country was unmistakably
defined in the Constitution. He is the Executive,
and his function as such is to execute. The familiar
word "agent" means, etymologically, a doer, and it
has come to be understood as meaning one who does,
with more or less discretion granted, what his principal and superior sets and requires him to do.
Equally, the Executive of the United States is to
"do" to carry out the policies which the great and
the sole originator, to-Avit, the people through their
The Exagent, Congress, shall have determined.
ecutive is under a mandate to give to Congress, from
time to time, "information concerning the state of
the Union," this being a world-wide generality' and
meaning Avhatever, in this or any other land, may
It is to be
interest or concern the United States.
presumed (especially in remembering the means of
communication in 1787) that the framers supposed
the Executive might always have information not
possessed or readily obtainable by members of Congress; so they required information from him, and
—
bade him also "recommend" measures Avhich seemed
to him expedient. He can insist that any measure
which he disapproves shall have a two-thirds' vote;
No. Shares
Offering
Number of
Subscribed.
Price.
Cost.
Year.
Subscribers.
further, he is without power, and must "execute"
167.407
1920
$106
$17,745,142
66.477
the laws, though he may deeply disapprove them.
156.080
1919
92
10.413.860
60.741
1918
95,437
92
8.780,204
43,258
Therefore, when it becomes well understood, as
67,410
1917
107
7,212,870
39,072
49.742
1916
85
4.028.070
24,940
has doubtless been the fact many times in the counNone offered, conditions so unsettled
1915
try's history, that the President is firmly opposed
4(,680
1914
57
2,717,760
7Z
1913
25,793
66
1,702,338
/z
to some measure, or even that he will send it back if
1912
30,735
65
1.996,775
zz
1911 .-29,119
70
2,038,330
it comes to him, there is no wrong done to proprizz
None offered
1910
ety; on the other hand, his suspected or known feel1909
15.318
50
765.900
zz
ing in advance does not operate, on any ground other
Total Common... 685.231
$57,401,249
Preferred
351.115
34,090,593
than that of party expediency, to require a halt in
Total both clas.ses. 1 ,036 ,346
$91 ,491 ,842
Congress in respect to the disapproved measure. It
zz Not stated separately for the common andlPreferred together there
is for Congress to follow its own convictions of right
were subscribers as stated under Preferred stock table above.
Note. — There are now about 61,000 of the company's employees who own
and expediency, and leave the President to follow
SUBSCRIPTIONS OF EMPLOYEES OF UNITED STATES STEEL
CORPORATION TO COMMON SHARES.
;
stock in the corporation purchased by them since 1916 under the company's
stock allotment plan.
his.
THE CHRONICLE
508
And
yet, wliilc this i» a
sound statement of tlie
and tin.' execu-
respective; positions of tlie dircctinji;
departments under our scheme, tliere is something different and peculiar in the present situation.
These two bills are not mere normal or routine bills for moving on old and established lines;
they are abnormal, and attempt to set up a distinct
policy outside of regular (jovernmcnt- That policy,
we must admit, is not without precedents; but those
precedents are unhappy parts of an emergency period when the first necessity was to extinguish the
conflagration and take up all else afterwards. The
attempt now is to commit the country to a continuance and even an enlargement of tliat emergency
plea and to monstrous action which was then, rightly or not, deemed not open to either argument or
hesitation. In a not very remote sense, this resembles entering upon a new outbreak of war while the
world is crying for peace.
While the President might be called, under the
constitutional allotment of powers, "the arm" of
Congress, he has become something more; the "Administration" stands, before the popular view, as
a sort of distinct entity and as the object of criticism
when things do not please; the President is held
responsible, in considerable measure, for the doings
of Congress as well, and this has become more the
habit in the abnormal concentration of the last eight
years.
Therefore Mr. Harding has a right to be
heard before any specific policy is sprung upon him
and the country. Moreover, he was overwhelmingly
elected upon the policy of returning Government to
normal governmental duties a policy as distinct as
that of the tariff or of slavery extension in some
campaigns now long past. That some in Congress
do not perceive this is possible, but it is more likely
that they choose to persist notwithstanding they
tive
—
see.
As already
morally wrong and positively unfair to try to deprive the new President of
his right of hearing, and the attempt is made because
said, it is
his position is clearly
known.
now
reported
jam the
coal bill
It is
that Senator Calder will try to
through under "cloture," lest it fail in the final rush.
Suppose, for argument, that the merits of these
twin schemes are open to debate, they can afford to
wait a little. If the good in them is more than the
bad, or if the people want them, wisely or unwisely,
there is no emergency which cannot endure a month
or t-wo more. Those who are pushing the bills, or
either of them, condemn themselves by their furious
haste, which proves intrinsic badness as in case of
"riders" the "rider" cannot stand by itself, and the
bad measui'e is always the one most in a hurry.
There is something petty, ignoble, and almost cowardly in attempts to keep the new Administration
from being heard and the new Congress from passing on a course for which both will be held respon;
sible.
would be well for the substantial business men
the country to interpose and demand a halt.
It
of
[Vol. 112.
"sex" of this measure has no significance except as
j-ecalling the sentimental feeling for the
soldier which helped swell the affirmative vote in
November. Busy with other weighty and perplexing
matters, Gov. Miller has not yet referred to the
bonus; one Albany press correspondent, however,
li;)s roi)orted that "tin; State is almost ready" to proceed with the bond issue, but might be halte<l because
a prominent attorney of Jamestown has filed with
the Attorney-General a protest against the legality
of the issue.
That officer has since replied that
while the objector may be right, he feels bound to
give the measure the benefit of the doubt and that
he will not attack it himself, but will feel under
obligation to defend it if attacked in the courts. This
is a correct official position, yet there is no substance whatever in his added remark that the ordinary presumption of constitutionality gains double
strength because the bill was heavily ratified at the
l)()ssibly
polls.
The article of the constitution relating to the incurring of debt begins by providing that "the credit
of the State shall not in any manner be given or
loaned to or in aid of any individual, association or
corporation." To raise funds for giving to individuals by the sale of the State's bonds is to give or loan
the State credit in aid of individuals, or there is no
meaning in language; no pettifogging or hair-splitting can make this otherwise. The bonus bill says
that something shall be done which the constitution
says shall not be to deny this or to try to go around
it is mere stultification.
The constitution must be
either respected or disregarded.
The Albany correspondent added that "representatives of the Comptroller's office have conferred
with bankers and received assurance that the financial interests stand ready to take the bonds the fact
that the issue was approved by the people in a referendum is sufficient guaranty that the bond issue
will be sustained, the bankers have stated."
This
means that if the bonds are offered and are taken by
the public and then the question of their validity is
subsequently raised the high courts of the State will
silently feel that obligations once in the hands of
innocent holders must be protected for public reasons, and therefore will find some excuse for holding
them not under the ban of the constitution. This
is all mere opinion, and ascribed to persons not
named. It would be premature to conjecture what
the Court of Appeals would do, in the emergency
situation suggested; but it would be clearly better
for the comfort of that tribunal, and better for the
comfort and welfare of every citizen, to have this
question of validity passed upon in advance of any
bond issue and not afterwards. In respect to validity investors require that securities shall be, as was
required of Caesar's wife, "above suspicion." Nor
can this issue be put out on its chances in market,
unchristened and unwarranted, for the Comptroller
must get par for the bonds; for his own peace, he
;
;
may
well
The
move
slowly.
intrinsic merits of the
bonus were somewhat
SOLDIER BONUS BONDS discussed and considered in October and are aliunde
SHOULD BE PASSED ON IN ADVANCE
to their constitutional v^idity. Yet borrowing to
OF SALE.
give away is more generous than thrifty or safe.
Introduction in the New York Legislature of a Some weeks ago we were told that Gov. Miller was
VALIDITY OF
N. Y.
commission probonus law was of course
inevitable, and such a bill was presented, on Jan.
17, by a woman Assembly member of this city; the
bill
to create the "distributing"
vided for in the soldiers'
"deluged with indorsements" of his economy and retrenchment program and was particularly pleased
thereby. Those indorsements are still coming, and
such head-lines as "legislature to rush bills for
THE CHRONICLE
Fhb. 5 1921.]
ecoiiomjr" appeared directly after his first message
and before the placeholders had begun to realize the
menace. But what sense is there in even mentiouing
econouiy and retrenchment, unless borrowing to
give
uwaj
estopped before it begins? Leave unthe pleasant talk of retrenchment and of
is
uttered nil
tax reduction, unless there is enough practical firmness to take a stand and hold it.
The step reported from Jamestown is well and
timely, and should be sustained by others as well as
by protests in more concrete form if necessary. And
is it not in order for financial and business men to
be heard from, in terms which will need no interpreting?
ALFRED
T.
WHITE.
Terhaps Alfred T. White of Brooklyn, who was
accidentally drowned on last Saturday afternoon
while skating, would not be included among merchant princes or captains of industry, in the sense in
which those words are applied to Andrew Carnegie,
or A. T. Stewart, or Marshall Field, or F. W. Woolworth. In magnitude of business dealings he was
not notable by comparison, and it is not likely that
he was known far and wide. Probable he was in the
millionaire class, though not eminent by that scale
of judging; yet he was a merchant on at least an important scale he was a "prince" in the sense which
suggests nobility of mind and conduct as a part of
;
nobility,
and he was a captain
of industry in wisely
helping industrial workers.
In the latter was Mr. White's most distinctive
claim for honorable memory. Perhaps because he
was trained as engineer, he saw with especial clearness that the best help is not in giving outright, but
in helping people to help themselves. Nearly fifty
years ago, he began studying the housing problem,
and about 1876 he built what is believed to have been
The
the first successful tenement in the country.
State and Furman Streets in
Kiverside buildings at
Brooklyn are a visible monument to him, and his
effort was successful by proving what he had convinced himself was quite attainable that housing
at once ample, comfortable, safe, sanitary and even
pleasant could be erected and maintained, and with-
—
—
out extortionate rents could be made to pay a reasonable rate on the investment. This was practical
philanthropy, of the kind which believes (and
proves) that really good business transactions benefit all concerned.
The older inhabitants remember
the evolution of the murderous New York tenement, beginning with buildings in rear yards, proceeding to the "dumb-bell" type, and culminating in
such horrors as clustered around the "Five Points"
and the dark .stables where unhappy cows were made
to yield deadly milk from distillery swills. If there
is an abode of evil spirits they must have gloated
over the greed that built and kept and the public
neglect that permitted those nests of fever and tu-
and wasted young children's lives in almost uncounted numbers. The worst of that era is
past; the "Five Points" and the "Bend" are gone;
berculosis
progress has been made, in public opinion at least,
although the twin curses of rising mortality and
lowering morality are threatening our cities now
(and nowhere more so than here in the metropolis)
from the congestion and the packing now proceeding, whereby Nature's demand for good air and light
is denied.
Nature persists, and when denied she
exacts her revenges.
509
Mr. White built nnjre than out' inipiovcd tenement; he was on the Tenement Commission several
years, and in every way he impressed the duty of
l)ersonal service- We speak of hiin as "of Brooklyn,"
for he was a resident of the old "Heights" section
and that borough knew him best. He organized and
long headed its chief charitable association on a
and he was member and direcnumber of welfare enterprises. Every good
work appealed to hiui, and he i-csponded liberally
witii mouey and with his own counsel. There was no
good cause anywhere which did not find him an earnest friend and a liberal contributor. Losing him is
a public loss but much of the good he did will stand
iudefiuitely, and his example is added to that of the
long line of men who have regarded wealth and influence as in trust for mankindbasis of helpful help,
tor of a
;
OUR FOREIGN TRADE IN
1920.
Contrai-y to expectations entertained from time to
time during the early part of the year, the foreign
trade of the United States for 1920 on ooth export
and import sides of the account, established new high
annual records, and in the latter case by a phenomenally large amount. In counting upon a contraction rather than a further expansion in the
totals, it was believed that there would be not only
a decrease in the quantitative movement of commodities, through slackened demand, but a more or
less noticeable deflation in prices. The former sup-
was verified, at least in the outflow, but
conclusions as to deflation proved sadly astray. In
fact, instead of falling, the general trend of prices
continued upward during the first half of the year,
carrying the level of value well above the already
very high plane of 1919, the advances being little less
than remarkable in a number of instances cotton,
coal, cotton manufactures, hops, spirits turpentine,
sugar and timber, among the exports, and cotton
and manufactures, hides and skins, silk, sugar and
wood and its products in the import schedules.
As regards the exports, analysis of the data at
hand proves conclusively that the quantitative outflow in 1920 was less than in 1919, and that upon the
same price bases the latest totals of value would
show a decrease of several hundred million dollars.
On the other hand, like analysis of the import figures, while it does not account in full for the increase in 1920, does very materially reduce the gain
over 1919.
Thus is clearly demonstrated the importance of price as a factor in our foreign trade.
At the opening of the year in January the value
of the merchandise exported was noticeably ahead
of that for the corresponding period of 1919, or any
earlier year, and the same was true of February and
March, the total in the latter month standing second
to, although much below, the enormous aggregate jf
the preceding June. In April there was a considerable drop from that of March, and furthermore, the
outward movement, as represented by value, was
moderately under the period in 1919, an outcome
explainable by the difficulties attendant upon the
handling of goods in this port due to the various
strikes. May showed a very large gain in the value
of the outflow, but June a marked drop, and consequently a very poor comparison with the extraordinary record aggregate of 928 million dollars in 1919.
Later monthly totals were with two exceptions la
excess of the previous year and the sum of the exports for the twelve months of 1920, at approxiposition
—
—
—
;
;
;
;
IHE CHRONICLE
510
matcly 8,22!) million dollars,
than for 1!)J!).
is
;!()!)
millions gicatci
was the
Every month
Tlu' special feature of the year, howevei-,
tremendous gain in the imports.
down to and inclu<lin^ August furnished a total
very much above the high reconls of the previous
year the gains very often exceeding 200 million
dollars a month
and the year's aggregate at 5,27U
million dollars, ran ahead by 1,375 millions. Here,
then, there is a total of foreign trade (exports and
imports combined), as represented by value, of over
1314 billion dollars, or over 1% billions more than in
1919, nearly 4 1/3 billions greater than in 1918, and
914 billions in excess of the heaviest pre-war aggregate—that of 1913.
Passing to consideration of the influence )f
—
—
prices as a factor in the swelling of export values,
ihe aggregate vahn-
[Vol. 112.
ol
the outflow in
t\\*;
lafo yeai-.
we have applied to their (i\iantitative totals for the
eleven months ended Nov. 30 (J)ecember figures will
not be available for some weeks yet) the 1919 averages and reach a combined value of $2,14S,673.:'.27.
instead of the $2,724,821,712 officially reported. In
other words, fully 576 million dollars, or 26.8%, of
the aggregate value of this 33% of the total exports
for the eleven months was due to appreciation in
It is thus clearly shown that the combined
quantitative shipments of these articles was moderately less, instead of greater than in 1919, as comparison is with a value of .S2, 167,803,363 in that year.
prices.
Going
further, and
assuming that 25% can be
adopted as a fairly true measure of the inflation in
piices in 1920 over 1919 in the entire merchandise
outflow in the twelve months, it would appear that
the latest year's total would be reduced from $8,228,400,499 to about $6,.582,000,000.
Contrasting this
.still
December 1919 there
important advance in almost all
commodities embraced in our outward trade in 1920, with $7,920,425,990, the actually reported export
with the peak reached at varying times between value for 1919, we have for 1920 a decline of 1,338
March and September. Then came a quite general millions, instead of a gain of 308 millions. Moredecline in prices, but leaving the average" for the over, the same basis of comparison would reduce
year in most cases higher than in 1919. Significant very materially the gain in 1920 over years prior to
illustrations are to be found in cotton, tobacco, 1919 and particularly the periods antedating the
boots and shoes, spirits turpentine, illuminating oil, European war. Much of the expansion in prices in
and some classes of wood products which, though recent years is to be ascribed, of course, to the greatly
shipped less freely, covered greater value than in the increased cost of production, whether in the field )r
preceding year, due to the appreciably higher prices. factory, but it is just as evident that margins of
As a matter of fact, it would appear that much of the profit have noticeably widened.
It .should also be noted that with the urgent need
augmentation in the value of exports in 1920, as compared with 1919, is accounted for by the advanced of large supplies of various commodities very measprices for these few articles. Specifically the aver- urably relieved in 1919, there was a noticeable deage export price of cotton in the late year was 35.7c. crease in the aggregate outflow of goods to Europe
per lb. against 33.8c. in 1919; wheat, per bu., |2.73 in the late year. Our exports to the United Kingagainst .|2.41. And for the eleven months the prices dom, in fact, fell from a value of 2,279 million dolof other articles were, per lb.
Leaf tobacco, 53c. lars in 1919 to about 1,810 millions in 1920; the
against 33.3c. rice, 10.2c. against 9c. cotton yarn, French aggregate dropped from 893 millions to 690
millions; the Italian from 442 millions to 365 milprunes, ] 5.6c. against 14.5c.
84.8c. against 69.6c.
raisins, 17.4c. agaiust 11.4c.
hops, 70.7c. against lions, the Belgian from 378 millions to 275 millions,
41.1c. sole leather, 53.8c. against 44.3c. calf uppers, and there were smaller but mentionable declines in
kid uppers, 65.5c. agaiust totals relating to Sweden, Norway, Denmark and
77.2c. against 63.3c.
newsprint paper, 6.5c. against 4.5c. sugar, Switzerland. On the other hand, and partly off54,7c.
10.2c. against 7.8c. barley, |1.53 against |1.43 rye, setting the contraction noted above, shipments to
12.14 against |1.88 cement, per bbl., |3.28 against Germany and the countries formerly a part of Austria-Hungary (Austria, Poland, etc.), as well as
13.05 coal, anthracite, per ton, -f 9.35 against $8.21
bituminous. .f8.88 against $4.66; cotton cloth, per Spain and Turkey, exhibit more or less important
yard, 29c. against 22.2c. men's boots and shoes, per increases. Collectively, however, and as intimated
pair, |5.10 against $4.22; women's, $4.03 against above, the result for Europe as a whole is a decline
$3.07; illuminating oil, 15.3c. per gallon against of 700 million dollars, or 13.3%. a percentage that
12.1c.
fuel oil, 6.5c. against 5.3c. lubricating oil, would be increased noticeably were allowance to be
.38.1c. against 31c.
gasoline, 26.3c. against 23.7c.
made for the higher prices secured for most of the
pine wood, $58.33 per
feet against $40.24; fir, articles shipped.
To other destinations expansion was quite the
$39.50 against $31.84, and spirits turpentine, $1.61
per gallon against 94.7c. These are the resiilts it rule, and especially to Canada and Cuba, the aggreshould be noted notwithstanding the general decline gate of exports to the former having risen from 734
in prices towards the close of 1920. As against this millions to 970 millions, and the latter from 278
formidable list of articles showing higher average millions to 520 millions. The other West Indies toexport prices, as officially reported by the Depart- tal, moreover, rose from 55 millions to 125 millions
ment of Commerce, and which could be considerably British East Indies, from 81 millions to 100 milextended, were it deemed essential to do so, the only lions; .lapan, from 366 millions to 375 millions;
important commodities exhibiting lower average are China, from 105 millions to 145 millions, and Asia,
embraced in the provisions schedules and some )f as a whole, from 703 millions to 760 millions.
the items of iron and steel manufactures.
To Oceania, too, the outflow increased appreThe items specifically mentioned above made up ciably, the aggregate for the British possessions risin 1920 approximately 33% of the exports from the ing from 124 millions to 165 millions, and for the
United States and should, therefore, furnish a fair Philippines from 70 millions to 101 millions. Much
basis from which to judge the general outcome. Con- the same is true of South America, the aggregate exsequently, in order to obtain some idea of the extent ports to which reached 610 millions against 442 milto which higher prices were effective in enhancing lions in 1919, with Argentina and Brazil exhibiting
we
find that from the level of
was a more or
less
:
;
;
;
;
;
;
:
;
;
;
;
;
;
;
;
;
;
M
1
THE CHRONICLE
Feb. 5 1921.]
tlie
greatest ineasuie of gain,
aii«l
IJcilivia
and
Cliile
the only co\intries that failed to iiicrea8e their tak
l-inally. important gains are also to
ings from iis.
be noted in the movement to Mexico an<l Central
America. In all the augmentation in the merchan
dise exports from the riiited States in I'.IJO ovei1919 was liOS million dollars. It is gratifying to note
that to the countries to which we now look for steady
extensi(m of our outward trade (South and Central
America, the West Indies, Asia and Oceania) the
gain
is
no
less
than
().")()
million dollars, an increase
margin after
sufficiently large to leave a good
al-
lowing for difference in prices. This is the really
encouraging feature of our foreign export Trade of
1!)L'().
As regards
the details of the commotlities sent
exports covered an ai)precial)ly
greater value in 1920 than in 1919 159 million dollars
(piantitative decreases in flour, barley and
oats having been much moi-e than offset by increased
exports of wheat at decidedly higher prices. Cott<Mi
exports were much less in (piantity, but the higher
out, breadstuffs
—
—
prices obtained during most of the year Avere effective in very appreciable swelling vahie. Specifically,
bales sent out in 1920 represented a
value of no less than .Sl,i:>0,40S.910. whereas the
(;,.")7,187 bales shipped in 1919 brought .*I^1,137,371,-
the
252.
(),ir)9,132
Xotable expansion
in the value of
«)f
ctuitributing to the result.
Cobunbia follow the greater siiipments of coffee
hitlierwai-d and a like outcouje as regards Mexico,
Argentina, Chile and l^eru fimls explanation in the
freer slii])ments of cop))er and wool Xo this country.
One
item,
raw
silk,
is
largely accoiinlalde for the
gain in the value of our in»ports from dapan and
China, although other commodities of oriental origin, sucli as hat materials and silk manufactures,
were no mean conti'ibnters. The large increase in
the Egyptian total merely indicates that its cotton
shipments to us increase<l and our enlarged receipts
from the British East Indies and the Straits Settlements reflect heavier forwarding of India rubber
and
tin
res])ectively.
With
fibres
more
in
demand
shipments
British Africa.
is ob-
servable in cattle, automobiles and tires, coal, copper, chemicals, cotton manufactures, fertilizers, furs,
hops, tobacco and manufactures, wood and manufactures, paraffin and distilled spirits.
A
— with
1919
sugar the i)rincipal item
Our takings of commodities from Canada, likewise, sh(»wed an impoitant gain, in which wheat was the leading factor.
Inci-eases in the value of imports from Brazil and
ble those
in greater ratio.
G'/c,
value of no less than 11,130,408,910, whereas the
.shipments were heavier than in 1919, and with prices
was
The mer( handise imports, as we have already
stated, set a new high rcnord in 1920 by a phenomenally large amount, an outcome dn«' largely to the
<lecided increase in the influx of merchandise from
h^irope, and particularly fr<nn the Cnited Kingdom,
France, Holland, Belgium and (lermany. The imports from (.'uba also were jirodigious- -nearly dou-
have benefited noticeably.
Decreased forwardings of coffee, hides and
wool account for a drop in the Venezuelan and
Uruguayan totals, as do the smaller shipments of
wool explain the contraction in The Imports from
Therefore, although (piantity decreased
higher, the increase in values
511
notable feature of the year was a contraction
of 010 million dollars in the total exptn-t value of
meat and dairy products and this was aci-ibable in
greatest measure to the decided decrease in the
quantitative outflow, although lower prices were
someAvhat of a factor. It is perhaps well to explain
here, the Pliilip])ine Islands
The various main groups
into which the imports
are segregated all furnish increases for 1920, but
most noticeably so in foodstuffs wholly or partly
manufactured and in manufactures either ready for
consumption or for further use in uianufacture.
Passing any extended analysis of the articles iu;
volved, we note as among those showing the greatest
relative augmentation, coffee, cotton and manufactures, rubber, paper, silk and manufactures, sugar,
tobacco, seeds, fur and fur skins, gums, nitrate of
that this decided falling off in the shipments of pro- soda, fertilizers, fibers and manufactures, fruits and
visions furnishes quite conclusive evidence of les- nuts, mineral oils, tin, wood and manufactures and
sened needs of Europe for these commodities and Avool manufactures. Losses of importance, on the
consequent quite important progress toward a nor- other hand, are confined to a very few articles, such
mal situation there. Some other articles also show as cattle, diamonds, etc., and wool. The total of
declines of mentionable proportions, and among merchandise imports for the year 1920 Avere |5,279,them, cocoa, fish, fruits, leather and manufactures, 398,211, exceeding by the large amount of 1,375 millead, oil cake, paper vegetables and vegetable oils. lion dollars the already very high mark set in 1919,
Considering the year's exports by groups of com- and contrasting with .^3,031,212,710 in 1918 and $2,modities, we find that the expansion of outstanding 952,407,955 in 1917.
proportions was in crude materials for use in manuWith both the exports and imports exceeding any
facturing and in manufactures ready for consump- similar totals in our history the aggregate foreign
In the first group the most conspicuous trade of the United States for the year reached the
tion.
growth was, as in 1919 and 1918, in cotton and to- simply marvelous amount of 13,508 million dollars.
bacco and in the second in cotton manufactures and This compares Avith 11,825 million dollars in 1919
iron, steel and rubber products. Foodstuffs in crude and 9,180 millions in 1918. Before the outbreak of
condition and food animals also made a satisfactory the Avar in Europe an annual gain of 100 or 200 milgain, due mainly to the augmented outflow of wheat lion dollars in our aggregate international trade
and rve. On the other hand, a decided decrease in Avas considered a healthy development, more parfoodstuffs, wholly or partly manufactured, reflects ticularly if, as Avas usually the case, the export totals
the great change in conditions abroad.
That the continued to expand. But, comparing 1919 and 1918.
value of the exports of manufactures for further use an increase of over 2 billion dollars is shown, and
in manufacturing was only a little greater than in this is followed by a further increase of 1,083 bil1919, and well below 1918 or 1917, is evidence tend- lions in 1920 over 1919.
ing in the same direction. In some sections, in fact,
The excess of exports of merchandise (.values) over
and in Belgium in particular, so much progress has imports in 1920 Avhile extremely heavy was less than
been made in getting back to normal that demand, in 1919, owing to the much greater gain in imports
as in pre-war times, is mainly for crude materials. during the year. The favorable balance, however.
.
THE CHRONICLE
512
was
12, 949, .31 0,587,
a year
earlier,
comparing with $4,010,061,058
$324,348,049
under 650 millions in 1900, and 35
$3,117,874,835
in 1914, a little
in 1918,
millions in 1890.
To
shovf
tlie
changes from year to year
in a
number
and the relation those
outward movement of
of the leading staples of export
principal items bear to the full
merchandise, we append a compilation covering the
last six years:
Exports.
1920.
1916.
1917.
1918.
1910.
Imporlt /rom
chandlse.
1920
;
llSfi-iosoir, 1137371252 674,122,790
BreeKlBtuffsl 107'.I0S5S38 120.301.977 801,497,71fi
575,303,782
031.988,510
i'i44. 074.050 1100043133 941,218,524 437.449,572
Prov.. &c
Cot'B'd olll 34.874. 7!)0 40,800.208 23, 184.329 17,303,256
Petrol. ,&c. 549.348,840 343,073,432.344,265,500 2,52,977.476
Cotton ...
279,660,232
25,233.350
142,972,322
Total.. 3343792434 3602880002 2784288859 1915022596 15538266821 39276 1301
other
articles.. 4884967314 431754.5928 33647986S6 4318490001 3928814413 2161909546
1
AU
TotJil... S22S76'I748 792042,5990
6149087545 0233512,597 .54826411011 3.5.54670847
The year 1920 furnished a sharp
twelve-month period preceding
it
contrast with the
in the
movement
of
Exports exceeded imports during the first few
months, but beginning with May the current was
reversed, and thereafter, with the exception of July
and August, there was a steady gain, and as a rule, of
large amount, month by month, with the inflow from
Great Britain and France in repayment of the Anglo-
The
result for the full year
an
and a net
of $106,612,298, against
export balance of $291,610,499 in 1919,
inward flow of $20,972,930 in 1918. In detail, the
imports of gold for the twelve months were $428, 703,506, of which the greater part, or 275 million dollars,
was from Great Britain direct and 34 millions from
Canada for the account of the mother country.
Arrivals from France were 48^ millions and from the
remainder of Continental Europe 7 millions. The
Far East sent us 38H millions, of which 30 millions
was from Hong Kong, 3 millions from the Dutch
East Indies and 5J^ millions from Oceania, &c.
From Mexico there came 4^^ millions, the West
Indies IJ^ millions, Central America 4 millions, and
South America 14^^ millions. In 1919 the inward
movement was only $76,534,046, in 1918 a little over
62 millions, but in 1917 no less than $552,454,374.
The gross shipments of gold for the jeax were only
$322,091,208, against $368,144,545 a year earlier.
The efflux was made up of 101 J^ millions to Japan,
283^ millions to China, 143^ millions to the East
Indies, 6^ millions to the Straits Settlements, 313^
millions to Hong Kong, 18 millions to Mexico, 108 1-3
iDillions to South America, of which 90 millions to
Aigentina and 13 millions to Uruguay, 53/2 millions to
Canada and 83^
other countries. ExJapan, China, India,
quickly found in the state of
millions to
all
planation for the outflow to
South America, &c.,
is
the trade balance with those countries. To illuminate this point we subjoin without further remarks
the following compilation:
Imports from
—
Exports
—
Import Balances-
1919.
1920.
to
Merchandise.
1920.
1919.
1920.
1919.
414 654.623'409.853.213 377,961.896 366,364,403 36,692,7271 43,488,810
Japan
China II.- 192,705,9821154,684,974145, 736, 732 105,539,583 46,969,250| 49,145,391
Br.E.lDdl's 400.000,000 322.147,773 121.000.000 81,514.358 279,000.000 240,633.415
All Asia 1283800 6991041444129,771.954,431701,164,787 511,846.268 340,279,342
Argentina 207 776.868199,158,401:213,725,984,155.899.390 *5,949,076 43,259,011
AllS. A. 761 053,871687,525,388:623,910.163,441.747,728137,143,7081245,777,660
* Excess of exports.
Contrariwise, the trade results for Europe, as presented below^, though showing (with the exception of
Germany) smaller balances in our favor than was the
case in 1919, furnish all needed explanation for the
weakness
countries.
of the
exchange rates on
all
the leading
1920
1010.
1919.
All
26.5'
..
Europe 1227842 1457.50,.528.3S9'44666.55 197 5187600 .36:43238813 0.5214437137 974
The imports of silver in 1920, although somewhat
under those for 1919, exceeded anj' earlier year in
much
the greater part of the supply, as
recent years, coming from Mexico in fact
—
all
an aggregate from all countries
The outflow was considerably less
millions out of
of $88,060,041.
than in 1919, with much over half of the total going to
China and Hong Kong. To India, the chief absorber
of the white metal in 1919, the efflux was merely
nominal in the late year. The net exports for the
twelve months w^ere 825,556,183, against $149,611,033 in 1919. Bringing together the various balances,
we have the appended summary for a series of years:
YEARLY TRADE BALANCE.
gold.
French loan the feature.
was an import balance
Export DcUance»—
Ezporla tc
1920
1919.
1826020,94712278557 (
524.13111831 H969.308 250
143*1
105.6,54 703,123,819, 22.5 670,193.2.57893,3.59.!996 5I0,.538.]
..554 769. .540.771
06,226. 9761 76. .500. .503 240,451, .5972.55.098. 740 151, 224..0211179. .592. 237
Italy
76.357 670 59.060, 005 371.707.274442.670. 842 296.4f)9.(
1.095 3H3. 616.777
BelKlum .. 47,443. 166 7,700, 100 282.479,776377,883.;.308235.030.1
1.620 370.183,208
<;crruany . 88,836 280 10,608, 141 311,437,377 92,761, 314222. OOl.i
1,097] 82,153,173
in
.545,228,684 417,013,008
.527,882.389
471.918,100
315,508,172
19,390.435
201,721,291
—
Unlt.KlnR. 513,846, R04'309.180,
France
Holland
some 53
1915.
[Vol. 112.
Mer-
our history,
EXrOUTS OF LEADING PnODUCTS FOR BIX CALENDAR YEARS.
:
i
Excess of—
1920.
1919.
1918.
1917.
1915.
1916.
8
S
%
S
2949361537 4016061058 3II7874S35 3281044642 .3091005766 1776074152
I
M(l.sc. exp.
Sliver cxp.
Total.
25,550.183'l49,611,033 181,470.765; 30,790.399
38.331,748
19,114,930
2974017720 4165672091 3299345600 331183.5041 3I293375I4 1795189082
Gold imp. 106,612,298 *29165I202 20.972,930180,570.490 .530.197 3071420,.528 ,6? 2
_
Net export 2868305422^ 4457323293 3278372670 3131264.551
* Net exports.
With
2.5991402071 1374660410
the items included, the net export balance
be observed, reached $2,868,305,422,
against the record total of $4,457,323,293 in 1919
all
for 1920, it will
and $3,278,372,670
in 1918.
CONTINUED OFFERING OF BRITISH
TREASURY
BILLS.
The usual
was disposed
offering of ninety-day British Treasury bills
week by J. P. Morgan
Co. on a dis-
&
of this
count basis of 6%, the rate which has been in effect for
some time past. The bills in this week's offering are dated
January 31.
RATE ON FRENCH TREASURY BILLS CONTINUED
AT
6y2%.
The French ninety-day Treasury bills were disposed of
week on a discount basis of 6i^%. The bills offered
this
are dated February
4.
OFFERING BY NATIONAL CITY CO. OF
DANISH MUNICIPAL LOAN.
An
offering
Company
was made on
New York
$15,000,000
Jan. 31 by the National City
Danish Consolidated
Municipal Loan, 25-year, 8%, sinking fund external gold
bonds. The bonds, which were offered at 98 and interest,
to yield about 8.29% to maturity, met with a ready response,
the subscription books being closed on the day of the offering. Prior to this week's offering, cablegrams from Copenhagen on Jan. 22 to the daily papers had reported the
acceptance by Danish provindial municipalities of a loan
by the National City Company amounting to $15,000,000.
The issue offered by the company is to be in two series, viz.
Series "A" $7,000,000, principal amount, wiU be the joint and severa
of
of $15,000,000
obligations of twenty-seven Danish municipalities embracing nearly all the
chief mimicipalities in Denmark outside of Copenhagen and the adjoining
municipality, Frederiksberg.
Series "B" $8,000,000 principal amount, -will be the joint and several
obligations of Copenhagen (the capital of Denmark) and the adjoining
municipality of Frederiksberg.
The
bonds,
it
is
stated, are unconditionally
guaranteed
by the Kingdom of Denmark as to principal, interest and
sinking fund by endorsement on each bond. The bonds are
dated Feb. 1 1921 and will be due Feb. 1 1946. Interest is
payable Feb. 1 and Aug. 1. The bonds are in coupon form,
in denominations of $1,000 and $500, and are registerable as
Principal, premium and interest is payable in New York City, in United States gold coin of the
present standard of weight and fineness, at the National
City Bank of New York, without deduction for any Danish
to principal only.
THE CHRONICLE
Feb. 5 1921.]
taxes, present or future,
war as
and are payable as well
In time of
in time of peace, irresi)eitive of the nationality of
circular of the National City Company
announcing the offering also said
As a sinking fund for tho retlrument of the bonds, tho contract for iho
the holder.
The
:
loan provides for tho paynieui of $100,000 annually duriim tho first five
years, and $6r)0,000 annually during tho reniaininj,' twenty years, except
that the last sinklnt; fund payment shall be sufficient to retire at maturity
.Sinking fund payments
all of tho bonds then outstandinK at \07hi%shall be applied by Tho National City Bank of New York, as Fiscal Agent
of the loan, to tho purchase of bonds In the open market, if ol>tainablo at
not exceeding 107^%, but if on Nov. 15 1925. or on May 15 or Nov. 15 in
any subsequent year, any sinking fund moneys remain not so applied, the
same shall be applied, so far ;i8 practicable, on the next succeeding interest
on sixty days' pul)lislied
date, to th,e redemption of bonds by lot at 107H
On Feb. 1 1931 and on any interest date thereafter, tho bonds may
notice.
be called for retlemption. in whole or in part, at the option of the municipalNo bonds can Ije
ities, at the said redemption price and on like notice.
called prior to Feb. 1 1926.
The population of the above twenty-nine municipalities comprises about
80% of the aggregate urban population of Denmark and about ono-t ilrd
of the total population of the Kingdom. Tho City of Copenhagen has a
population of about 509.000. and with its extensive Free Port, Is one of the
most Important trade centres of northern Continental Europe.
%
.
It also gives
mark
the following information regarding Den-
:
also for their reorganization in every way.
This law has been founded upon
the fundauii'iitals of the law governing Federal receiverships in the Unlt«d
States
Presldem Menocal's statement to the Culiiin people follows:
"It Is Important to the truth of event* and to the dignity and respectability of the National Congress and of the Government to make known. In
Just homage to tho strict pnjpriety and undcnlud eordibllty of Major-General
Enoch H. Crowder, special envoy of the Pro.-ident of the United States,
that the statements circulated with notorious partiality by the enemies of
public repose and by those who have thoughilesbly repeated them ara
without any foundation.
"The law.s passed by the Congress, with tho greatest zeal and purest
patriotism and now sanctioned by me, to solve the fmancial crisis and to
as.surt' the efficient enforcement of the electoriil code, have lieen the rexult
of tho Initiative and free deliberation of the collective bodies profoundly
Imprws-ied by the exigencies of a situation each day becoming more difficult
In both aspecus, with the noble and properly given advice of General
Crowder, not alone In his character of reprascntativo and from the point
of view of the interests oi his Government, but as an old and proved friend
of Cuba and co-author of said code and of various of onr most important
political laws.
Is my duty to do plain Justice to tho delicacy, tact and high respect
our sovereignty and institutions of which he is continually giving proof,
and to tho worth of bis frank and circumspect collaboration In the legislative
labors of which it has Ix'en coiLsidered opportune to take advantage.
"(Signed)
M. O. MENOCAL.
"Presidential Palace, Jan. 31 1921.
"Jan. 31 1921."
"It
for
.*:
From "Financial America"
Credit.
one of the oldest
and one of the most democratic in Europe. Its credit ranks very high even
In comparison with the largest and most important nations of tho world.
During the twenty years preceding the war Denmark borrowed abroad at
from 3% to 4%. Five issues listed on the Paris Bourse sold from 1904 to
1913 at annual average prices to yield 3.59%. and two issues listed in London sold at annual average prices from 1906 to 1913 to yield 3.65%. The
average jneid of three Government issues listed in Copenhagen was 6.28%,
Dec. 30 1920. As far as records show, Denmark has never defaulted on a
The Danish Government, the guarantor of these bonds.
Government
Is
loan.
Wealth and Debt.
Denmark, Including both public and private property, was
officially estimated at $2,680,000,000 in 1913, or more than nine times the
present national debt. The restoration of the larger part of the Province of
Schleswig, a rich farming and dairying district, and the advance in values
during the last six years, nave greatly increased both the wealth and the
taxable resources of the country.
The total debt Dec. 31 1920 was $285,-
The wealth
of
827.000, a per capita debt of $90. based on the present population of 3.200,
000. one of the lowest per capita debts of European nations. As an offset,
the Government owns property valued at $309,139,000. The debt has been
Incurred largely for the construction of revenue-producing properties, such
as railways, telegraphs and telephones, and harbors.
Of the total railway
mileage In the country, the Government owns over 48%.
Revenues and Eriicnditures.
In normal times ordinary revenuo>s'ofithe Government, derived principally
from*^ taxes, customs receipts and State-owned properties, regularly exceeded
ordinary expenditures. During certain years since the outbreak of the war,
deficits occurred in the ordinary budget because of the decrease in customs
receipts and the increase in governmental expenditures necessitated by
rising prices.
However, a surplus was reported in 1918, and the surplus
for the fiscal year ended March 31 1920 was $16,438,000.
The total debt
service, including Interest and amortization, was 11.26% of total Government revenues for the fiscal year ended March 31 1914, averaged 12.92%
for the seven-year period ended March 31 1920 and was only 7.93% for the
year ended March 31 1920, an unusually low ratio of debt service to revenues
It
was announced on
New
Feb. 2 that the National City
Rank
had been appointed fiscal agent for the $15,000,000 Danish loan. Delivery of the bonds in temporary
form is expected about Feb. 14.
of
518
Yorlv
ing
The new plan which now goes Into
the Cuban Senate and House provides
of Feb. 3
effect, as
we
take the follow-
amended and accepted by
for tho gradual liquidation of obligations incurred since Oct. 10, tho beginning of tho moratorium, or falling
due during the 105 days of the new law, on the ba.sis of 15% In
15 days, 25% in 40 days, 25% in 60 days, and 35% In 105 days,
or before May 15.
All liabilities for sugar cane, molasses and the contracts
of farmers who supply tho mill.s with sugar cane are not subject to this
regulation and must be fulfilled according to tho original contract.
Bank depcsits since the moratorium have, of course, not been subject to
the moratorium provisions, but those made before Oct. 10 are to be payable
on the basis of 15% in 15 days. 15% in 45 days, 20% In 75 days, 25% In
All banks intending to take
105 days and 25% in 135 days, or by June 14.
advantage of this provision must notify the Government, and their transactions are to be placed under the supervision of a commissioner appointed
by Congress. Debtors of bants must pay part of their obligations in cash
but they may use certified checks of banks with whom they have deposits
for liquidating part of their obligations.
Claims on mortgages, hypothecations and simple deeds cannot be pressed
before Juno 10 provided it can be proven that inability to pay is due to the
circumstances of the moratorium. This does not apply to accrued interest,
which must be paid in full.
An extension has been granted the Banco Nacional of CO days, at tho end
of which time Government depo'^its are payable. The Banco Nacional of
Cuba is the legal depositary of all Government funds, and has so far taken
advantage of the moratorium provisions.
DEPOSITS MADE SINCE OCTOBER
10
EXEMPT FROM
CUBAN MORATORIUM.
Consul-General Hurst, in a cablegram from Harana, received at Washington Jan. 26, stated that bank deposits
which have been made since Oct. 10 1920 are generally considered by the Cuban public to be exempt from the moratorium, and that prospective depositors have been assured
of that fact by the banks. He added
However, a Presidential decree might be passed to subject such deposits
to a moratorium or bank directors might pass a resolution to hold the
No judicial decision has been handed down on this question,
depositors.
MANAGERS' RECEIPTS ISSUED IN EXCHANGE FOR
TEMPORARY ZURICH BONDS.
although bankers feel that tho Supreme Court would hold that the decree
of Oct. 10 applied only to obligations already existing on that date.
It was announced on Jan. 31 that managers' receipts for
the City of Zurich 8% 25-year external bonds are being
exchanged for temporary bonds of this issue at the office
of Hallgarten & Co., 5 Nassau St., New York City.
CZECHOSLOVAKIA MEETING COTTON EXPORT
CREDIT AT MATURITY.
SIGNING OF CUBAN FINANCIAL MEASURES-
DECREE TERMINATING MORATORIUM.
The signing on Jan. 28 by President Menocal of the new
Cuban finance measure providing for a sliding scale of
and commercial obligations covered
by the moratorium was announced in press cablegrams
from Havana received under that date. Regarding the new
legislation, a copyright cablegram to the New York "Times"
from Havana Jan. 31 said
The moratorum which became effective last October by Presidential
decree ended to-night, and to-morrow Cuba enters upon the legislative
program for solving the financial difficulties with a sliding scale of payment
liquidation of banking
Late to-day President Menocal. after Issuing an explanatory statement
about the new legislation, summoned to the palace the leading bankers, the
directors of the newspapers and the foreign correspondents.
This followed
a prolonged conference with Major General Crowder, attended also by
Dr. Desverine, Secretary of State, and Senator Torrionte, author of the
legislation effective to-morrow.
Later the President conferred with Dr.
Zayas and General Crowder received tho American Minister.
The new moratorium law, effective to-morrow morning, provides for
gradual payments of obligations starting with 15%. Mercantile establishments have 105 days, if they request it, to liquidate obligations, and banking
institutions 135 days, if they also ask for it.
However, any concern availing itself of the privileges of this law and then failint; to meet a single one
of the payments upon the specified dates will fall forfeit to the application
of the law.
Suits
The second law,
would follow.
effective to-day, and regarded by Americans as of the
greatest importance, provides the machinery for the liquidation of such
banks or commercial houses as may become obliged to suspend payment and
Albert Breton, Vice-President of the Guaranty Trust ComNew York, on Feb. 1 issued the following statement
pany of
Inasmuch as unwarranted rumors were recently published in European
papers and cabled here to the effect that the cotton spinners of Czechoslovakia were expected to default on tho Jan. 31 maturity of the cotton
export credit arranged by a syndicate of American banks, it is only fair to
state that this maturity, amounting to $2,000,000, was met promptly
on
its
due date.
GERMAN BANKER COMING TO UNITED STATES.
Special radio advices to the "Journal of Commerce" from
Franltfurt-Am-Main on Feb. 1 state that "Paul von Schwabach, well known banker and a partner in the banking
house of S. Bleichroder, of Berlin, has started for New
York. His trip is made in connection with Imsinees purposes."
PETROGRAD AND LABOR
BECOMES CURRENCY.
MONEY BANNED
IN
The New York "Herald" of Jan. 23 publLshed the following copyright cablegram from Paris Jan. 19:
Travelers arriving in Paris who left Petrograd a week ago declare that
the foimer Uassian capital is flow without money; gold and silver as well
as bank notes having been officially discarded since the new year began.
Instead of money hours of work actua.Iy performed is taken ais the basis
economic negotiations among the population. Every one carries
around a small notebook, wherein especially appointed commissioners stamp
the amount of work done.
If the worker wants a meal in a restaurant or a pair of boots he merely
visits one of the Government stores and has so many hours checked off
As a result every one must work or stop eating, while foreigners
his list.
for all
;
.
THE CHRONICLE
514
are forced to
tercDK face
make
any
.si)ccial aiT:tiiK(!iiii'nl.s
iiKTrliant
who
tries to lay
with the Hovlols, as lonn prison
up material
riches.
CAMPAKiX FOR SALE OF STOCK OF FOREIGN TRADE
FI XA XCI ay; CORPORA TION
The
f()uutr\ -wide
campaign
for the sale of the $100,000,-
(XH) f-apital stock of the F'orcifrn
was
tion
Trade Financing Corpora-
under way on Jan.
charter of which was api)io\'cd
brou<::ht
'.M.
Tho new corpora-
the P"'ederal Reserve
Board on Jan. 28. and the Presidency of which has been
tendered to W. P. G. ITardinp, Governor of the Federal
Reser\'e Board, is the finst big step backed hy the business
men, bankers and producers of the country to extend longterm credits to foreign buyers of American goods, with a
view to terminating tlie threatened paralysis of our international trade.
The funds available for the extension of such
credits will be derived from tlie sale of debentures to the investing public.
Tlie corporation will be permitted under the
law to issue such debentures to the amount of $1 ,000,000,000.
Th«^ Federal Reserve Board made known the approval of the
articles of association of the new corporation in the following statement issued on Jan. 28:
On Friday. .Fanuary 28 1!»21 (lie Federal Keserve Board approved tlie
tion,
b\-
and organization certificate of the Foreign Trade
Financing Corporation, a corporation organized under the provisions of
articles
of
association
(a) of the Federal Ueseri'e Act, commonly known as the "Edge
capital of this corporation is $100,000,000 and its home office
is in New York City, New York.
It is incorporated for the purpose of
engaging in tlie business of international or foreign banking or other
flection
Act."
2.'>
The
or foreign financial operations.
Pending the issue of a
permit to commence business the corporation has authority to exercise
only those powers which are incidental and preliminary to its organization.
international
final
As we have on se^'eral occasions noted in these columns,
the corporation is being formed in accordance with the resolution adopted at a conference held at Chicago on Dec. 10
and 1 1 and attended by some 500 representatives of the banking, commercial, agricultural and producing interests of every
John McHugh, Vice-President of
section of the country.
the Mechanics' & Metals National Bank of this citj% is
of the Committee on Organization of the corporation; the full membership of the Committee on Organization
was printed in our issue of Jan. 22, page 318. The prospectus giving the definite plans of the Committee on Organization has been sent to the 30,000 banks in the country, and
has been distributed this week to thousands of manufacturIt outlines in detail the organization
ers and producers.
purposes and the methods of operation of the new corporation.
In issuing the call for stock the Committee on Organization said:
'The men, who for two years have devoted their time and energies to
Chairman
the study and development of this plan, the associations and individuals
that united with them at the Chicago Conference, and the Committee on
Organization, which has been charged by that Conference with the launching of the plan, have devoted their best effort to the task for no other
reason than that they are profoundly convinced Oiat they are rendering a
They feel that the creation of an organization as here
national service.
proposed will furnish a machinerj' of vast importance for the protection
and further development of American commerce and trade, and for safes;iiarding the position of the United States as a world power in commerce
and finance."
Subscriptions for the stock of the corporation will be received ao tho rate of $105 a share. There will be no promo\T underwTiting commissions, nor ^\^il any
*or the sale of stock.
A payment of
commission oe
$25 on each share of stock subscribed for will be called in
accordance with the provisions of the Edge Act when the
In regard to
corporation is ready to commence business.
the functions of the corporation, the prospectus states.:
"An Edge Act corporation may, under the law, extend long and short-
[Vol. 112.
sented by the Iwelw Fe«ienil iiesorve di.strict«. The various interesln of the countr;>- as represented by agriculture,
oomnicrcc, inanufaci tiring and banking will have places on
the board.
In regard tfj the debenl tire-issuing |<ower of the corporation, which will be its chief means of .securing funds t<» advance trade, the prospectus states:
"It i« planned to di.'^Iribute the debenturcK of the corporation amone
investors
deemed
of all classe- throughout the United Stateti and el.sewhere, if
desirable.
Tho iasucs will be designed to promote thrift and to
to small as well as large iinestors, so as to enable all our people
appeal
to share in the benefit of a nation-wide institution for furthering our foreign
trade.
"The selling anrl distributitig ability of the banks and institution)! which
l)ecome stockholders of the corporation will be utilized, on a basis of ade([uate remuneration, in the sale of the debentures.
In like manner agricultural, industrial and commercial interests which invest in the stock of
the corporation may be availed of to promote the sale of its debentures.
"Wliile the object of the organization of the corporation is to satisfy a
pressing need in our commercial and financial e^niipment and to sen-e the
interests of the country as a whole, it will be a private institution, whose
first duty must be to presene the safety of the investment of its stockliolders and return a fair profit on that investment.
Its ultimate and
larger success will be measured by the character of the service which it
renders in maintaining and further building up our foreign trade.
" Debenture- is.suing corporations, or investment trusts, have operated successfully abroad, and have yielded satisfactory returns to their stockholders.
"The operations
of the corporation will be safeguarded by
the provisions of the Edge Act, which form an amendment to
the Federal Keserve Act and provide for supervision by the Federal Board as
provided by the Act
"Second, its ability, owing to its large capital and resources, to maintain
an efficient and thorough organization for investigation of the foreign
securities which it purchases or upon which it makes loans
"Third, its nationaly distributed ownership and thoroughly representative control which will assure a policy in accord with the intere.st(- of the
nation as a whole, and not subject to undue influence by any one section
or interest of the country."
"First,
;
For the purpose of obtaining information on the foreign
which the corporation proposes to buy or aecept
as collateral, and for the general transaction of its business,
securities
the corporation will probably, according to the prospectus.
estabUsh agencies in foreign countries. The corporation is
expected to estabhsh branches in different parts of the United
States.
In regard to the need which has led to the formation
of this corporation, the committee states:
"The proposal to organize the corporation arises out of the existing
needs of agiiculture, industry, commerce and trade for greater facilities for
financing the purchase of our goods b\- foreign customers.
Many foreign
buyers, even the strongest, suffering from the effects of an exhausting war,
are unable to pay for adequate quantities of our goods on other than longtime credit. They, accordingly, find it impossible to buy American goods
in the volume they need, and as a result, the surplus output of our farms,
mills, factories and mines, is backing up in our home markets, placing a
tremendous burden upon our financial and commercial structure. This seriously hampers our domestic as well a~ our foreign business.
"The fundamental causes of the difficulties which we are experiencing
The
at this time are not to be found in America, but mainly in Europe.
world is not suffering from over-production, but from under-consumption
on the part of many nations, which, at present, are unable to arrange sufficient long-time foreign credits to meet their requirements.
It is this
condition that is creating the present deadlock. And this deadlock cannot
be effectively broken unless credit in these foreign lands is restored and
unless we create the machinery by which we may acquire, or make advances against, foreign assets and obligations which our banks and invesOur domestic and foreign trade
tors are not organized to absorb directly.
will continue to suffer unless we create an instrument which, by facilitating
foreign trade recovery, will assist our debtor countries in their effort to
settle tlieir balances with u-."
t',-:,
term credits, invest in securities, purchase bills of exchange, engage in
foreign banking, and in every lawful way aid in financing foreign trade.
It may likewise, with the approval of the Federal Reserve Board, issue and
sell to the investing public its own notes and debentures to an aggregate
amount of ten times its paid-up capital and surplus. It maj' not engage
in the general business of buying or selling goods or commodities in the
United States, nor engage in domestic banking, except such as in the
judgment of the Federal Keserve Board may be incidental to its international or foreign business.
"The Edge Act corporation will furnish a much-needed machinery for
In investing its own funds, the
financing our long-term foreign trade.
corporation will be free to purchase acceptances and short-term paper, doBut it will be the policy of the management of the
mestic or foreign.
corporation not to enter the field as traders in foreign exchange in competition witli the foreign departments of our commercial banks, nor in any
way to supplant them. On the contrary, the aim will be to supplement and
aid them in financing foreign trade.
"The activities of the corporation are not to be confined to loans or inve.stments in any single country or continent, but may be universal in so
f.ir as the board of directors shall feel assured of the stability and integrity
oi purpose of the Governments of the countries wherein the accommodaThe corporation will seek to keep its loans and investtions are granted.
ments highly diversified, among meny countries, and in a large variety of
enterprises."
The board
of directors of the corporation will consist of
than thirty-six nor more than
not
less
will
be representative
sixtj'
members and
of all sections of the country, a? repre-
RETURN OF AMERICAN DOLLAR SECURITIES BY
BRITISH TREASURY.
Additional lists of American
l)e returned by the British
The following list of securities
publislied in the Loudon Stock
Intelli;:ei:<'e" of Jan. 10:
to
'.
an
i
U
'
I
'l"!
the
dollar securities wliich are
Treasury have been issued.
to be returnetl in Ai)ril
Exchange "Weekly
was
Offi<'ial
Treaswv (S(heme B).
The National Debt Comj3iiss.oi:tis gave notice in the "London Gazette'^
of Dec. 31 1920 that the Treasury have decided to exercise the option, unde^
Clause 3 of Scheme B, of returning the under-mentioned securities on th
dates mentioned, from which dates the additional allowance will cease:
AprU 10 1921,
AprU 1 1921,
Am. Beet. Sugar Co. 6^ Xon Cum Pref, Reading 2nd Pref, 4% Non-Cumulative.
Shawinigan Water
Amer, Car& Found'y 7'^c Non-Cum Pref.
American Can 7";^ Cumul, Preference,
American Tobarco Co, 6'~r Cumul. Pref,
Central Leather Co. 7^ Cumul, Pref,
Eastman Kodak Co, 6 "J Cumul. Pref,
Illinois Traction Co. 6''i Cumul, Pref.
IVIackay Companies Common,
Mackay Comp.inies 4'~c Cumul, Pref.
Manhattan Ry. Co. 7"^ Guar, cap, stock,
Montana Power Co, 7'} Cumul, Pref,
IMontgomery War Co, Inc, 7' Cum, Pref
Pierce Oil Corp, S'^ Cum, Conv, Pref,
Southern Ry, Mobile & Ohio i'^c Stock
&
Power Common,
April 15 1921.
Chem, Co, 6% Cum Pref.
Telephone Co, of Canada Common.
Amer
Bell
Agrlc,
General Electric Co, Common.
International Harvester Co. Common.
Minn., St, P. <t S.S.Marie Ry, Common,
Minn,, St, Paul & S. S. Marie Ry. 7%
Non-Cumulative
Pref,
National Biscuit Co, Common.
United Fruit Co. Common.
United States Smelting, Refining &
Minins, Co, Common
United States Smelting. Refining and
Trust Certificates,
Mining Co, T^c Cumul, Pref,
Twin City Rapid Transit Co, Common,
Twin City Rapid Transit Co. 7Tc Cumul. Vir, Car. Chem, Co, STr Cumul Pref.
Western Union Telegraph Co, Cap. Stock,
Preference.
April 20 1921
Union Pacific RR, i'^c Non-Cum, Pref.
Cuban Telephone Co, eTc Cumul. Pref,
April 5 1921.
Pref.
Joliet & Chicago RR. 7'7 Ciuar. Stock, Clevc,. Cinn,, Chic. & St. L. Ry STc
April 30 1921.
United Shoe Machinerj- Corp. Common,
United Shoe Mach, Corp. 6""t Cum. Pref, Ingersoll Rand Co. Common.
Ingersoll Rand Co. Preference.
April 6 1921.
T- C
Pittsburgh. Fort Wayne <t Chicago Pref. U, S. Rubber Co. 1st S% Preference
;
I
i
THE CHRONICLE
Fkb. 5 1921.]
The Trcasniry Keglster In each (ra^ will close one calendar mouth before
the dat« specified, and no further transfers can then be accepted
515
s-*AHrs.
It lo also
expected that the following
on the dateo mentioned
The National Debt Commissioners gave notice In the "London Gazette"
of Dec. 31 1920 that the Treasury have decided to exercise the option, under
Clause 3 of 8ci>eme B of returning the undei^mentioned bond!j on the dat«a
mentioned, from which dat«s the additional allowance wlU ceaae:
MlsH HIv Pow. Co 1st M.S. F. 5a, 1951
April 1 iyL>l
Am Sii'flt 4 Rot 1st 58. 1947, S»t. ".\" Montreal L H. A P. Co., Li-i-ulne DIv..
4':',, IhjiuIw, 1898, Law SeS.I
SlnkluK Fund 5«, 193?
Arseutliie
N
10-00 yr. 4a
Argentine 4% bonda, 1899, Law 3378
Mtge. Bond Co. of
(Series 2), 190'
Atch. Top * S Fe. Oeu.
4s, lyys
a« (Series 3),
Baltimore & Ohio RU. Isl 43, 1948
Mtue. Bond Co. o N. Y.
1932.
Beech (re<k KH. lest Mtse. 48. 193(1
"ons.
56 •48.
B R. T Tr Co. 3-.vr 7'~; notes, 1921. New Amst'm Gas
lc'>.1932.
New Kng. Tel. A 1
Certificates of Deposit
Can. So. Ry. Cons. Guar. 5s, 1902, 8it. A. New Orl. Term. Co. 'st A- is. 1953 .^••, _•
Cent, of (ia, Ry., Macou 4 Nor. Ulv. N. V. A Wtwtch. Lt Co.Oen.M 48, 2(.04.
l8t Mtne. 58, 1940
N. Y. Con. A Hud. Riv RR.4H8 Boston
Chatt Romi- <^- So. RR. 1st M. 5a, 1947
* Albany ICqulp Tr. Certificates.
C B. & Q RR III niv. 1st 3H8, 1949 N. Y, ChlcaKO A St. L. RR. Lst
4s '37.
Chic City * Conn. Rj-s. Coll. Trust 5% N.Y.N.
H. Conv. Deb. 314s. 1956.
N. Y. A Putiuiin RR. Ist Cofls. 4s. 1993.
SlnklaK Fund, 1927.
C. R. I. A P. Ry. Rt<f. Mtge 4s, 1934
NY. SiuiQ.A West. HR. Ist Rer.^s, '37
Cuba Co. O""; Dehontures, 19.').">
Norfolk A We.st. Ry. 1st Cons
199(1
Cuban Telephone C-o. Ist Con v. ,'>8, 1921 No. West. Telw Co. 1st M. 41.8. 1934.
Des Moines * Fort IJodRe Iwt 48, 1935
Pa Co l,''>-25-yr.K.ctfs.4s,Coll.Tr
1931,
.Is 19:^3
E. Penn. Rys. 5"; Irt M.. 1930, ctf. dep. Philadelphia A ReadluR HR.
4s. 1947
Eric RR .-iO-Yc-ar Con v. 4'; Coupon Phil. A Read. RR. Imperial
Bonds, 1953. Sorles "A" and "B."
Pltts.Clii Chlc.A
St. I.
cons 4' SAAB
1940-42.
Fort St. Union I)ci)ot Co. I.st4' 8, 1941
'.-,
C.ulf Terminal Co. Mobile 1st 4s. 1957
PS Corp.of N.J.Gen.Sk
19.59
Rio Grande Western RR. 1st I'ona.
Havana (City of) 1st fis. 1939
Til. Cent. RR. l.-rt Cold 4s, 19.^>1. .StorlInK
4s, 1949, Sub-serlos A
III. Cent. RR. f;oll. Trust 4.s. 19,V2
St.L.A SI". 6s Cum. AdJ.M. '55.R?r. A
,
,
'
.
.
M
M
M
'
Mai/
Burns Bros.
7'';
in
May,
Stnu 1,5
Moiitreal IJglii Heat A Puwer < omuion.
.Montreal Light. Heal 4 Power ( oiimjl
Paclfle Gas 4 Klec Co 1st Mtge 0*'; Pref
1.
Preference.
,
New Jemey Common
RR.
S<'rvlre Co Common
Central
(illes
of
PulUimn Co
Dominion Coal Co. Preferrtsl.
DomluluM Steel Corp Ltd Preferred.
New York Central RR. Common.
.
.
Non-Cum
Phllartelphltt Co. 6^; Cum. Pref.
•Steel Co. of Can. 7% Cum. Pref
May 12.
KeadloR Co. Common.
I'aeliie
Coaxt
Co
5',
lst
Norfolk
Prof.
.
In
M'i'y
M
M
,
FdM
Cent RR.. Loulsv.
l>iv.
& Term.
1st
lO.S;!
4
«
4s. Prior Lien. 19
St.L.
.-•. i
St.!..
53, Prior Lien. 19
Louis Bridge Co. 1st
••'•ahoiird Air Line Hy
lst
Sou. Pac. Co. S.F.
1st
.
COMPARATIVE FIGURES OF CONDITIOX OF
CANADIAN BANKS.
Mem
,
M
1
A
939
sA
.
1
let
Mtge. West. Uii. Toleg.Co.Col
5"^^ Gold lionds. 1947
W. Va. A Pittsburg RR.
Manhattan Ry. Consol. Mtce. 4s, 1990. Wisconsin t^ent. 4s 1st 4 '
Mich. Cent. RR. Cw>ld Deb 4s. 1929
April 15 1921
Minnesota A Ont. Pow. Co. Isl Serial Os Va. Caro. Chein. Co. s.f.C
Ist
i960
..1943
T.
RR
Iv.lPt 431939
48, 19,'>2
6b. 1938
4b, 1990
M
d.,1959
1
In the following we compare the condition of the Canadian
banks, under the last two monthly statements, with the
return for .June 30 1914:
ASSETS.
Gold and subsidiary coin
.-S,'24
.(.1.
The National Debt Commissioners gave
notice in the LondC' ' Ga7:.->tto"
of Dec. 31 1920 that the Treasury have decided to exercise the option, under
<"lau.se 3 of Scheme B, of retuniinp a part of the Dominion of Canada
Rosristere<l Stock, IfMO-fiO. ns on April 1 1921, from which date the addi-
4%
Tlio .^anie paper on Jan. 17 Cvoutained the following U^t
to he rpturned in Ma.v
Loan o' Seeitr-t es 10 iht> T'ensvr.
The National Debt Office announces that the Treasury is makiisg iirTaiigement« .subject to unforeseen cirairnstances,, for the return of the following securiti<>5 to holders in May. 1921. The three months' Do+ice re<]uired by the Deposit Scheme Artil be issued at the proper time, and it will
then. In view of the arrangements for packing, shipment, and reception
here, no longer be pos.sible to accept IiLstructions for release of these securities in
New
York.
New York
New York
New York
New York
New York
New York
New Y'ork
Corp. stock 2'js. '29.
1.
A T. A S. Fe Ry. Ad]. M. 43, 199.").
Corp. stock S'jS. '28.
Atl. 4 N. W. Ry. Guar. 1st Ss. 1937.
Corp. stock 3 ^s. '.54.
Atl. Coast L.. L. 4 N. 4s Coll. Tr.. 19.52.
Corp. stock 4s, 1958.
B 4 O. RR.. Pttts. L. E. 4 W. Va. SvsCorn, stock 4s, 1959.
tem Ref. 4s. 1941.
(Cltj- of) Corp. stock 4 '-2S. ',57.
Bell Telep. of Canada 5 '7 debs.. 1925.
(City of) Corp. stock 4s, 19,57
Beth. Steel Corp. lst Ext. M. s. f. 5s. '26. N. Y. N. II. 4 Hartford RR. 4'"r NonBklyn. Queen's Co. A Sub. RR. 1st Cons.
Convertlblf Debentures. 1956.
M. 58. 1941. GtSe. of deposit.
N. Y. State Rys. 4}4 7o lst Consol.
Calif. Gas 4 El. Corp. Unified 4 Ref.
Mtge.. 1962, Series "A."
58. 1937.
N. Y. Susq. 4 Western RR. Terminal
Can. Pac. Ry. (Algoma Branch) lst 5s.
Mtge. 5s, 1943.
1937.
N. Y. Telephone Co. 1st A Gen. Sinking
(City of)
(City of)
(City of)
(City of)
(City of)
'
M
Oedar Rapid* Mfg. Pow.Co. 1st s.f. 5s.'53
Fund 4"^s. 1939.
Cent, of Ga. Ry. Consol. 5s. 1945.
N. Y. Telephone Co. 1st A Gen. Sinking
Central RR. 4 BJcg. Co. of Ga. Coll.
Fund 4Hs. 1939 (sterling).
Trust .5e. 1937
Norfolk 4 Western Rj-. General (now
C. 4 O. Ry. 1st Consol. 58. 1939
First Mtge.) 6s. 1931.
C. & N. W. Ry. S% Sink. Fd. Deb=., '33. Northern Pacific RR Gen. Lien 4 Land
C. 4 N. W. Ry. Gen .M.3K<n. l>./87.
Grp.n*. Vit'if ".^, 201)'.
C. 4 N. W. Ry. Get,. 4s. 198-'
r'enna. Htt. 4% Cons,
-o'.' bonds. '43.
Chile Cooper -^o. Coil. Tr. Conv. 7s, '23. Penna. RR. 4% Consol. Mtge.. 1948.
''i"c. ijd. St. L. 4 Ch. Ry. Gen. 1st 4s. Penna. RR. 4% Cons. M.. '48 (sterling).
1936.
Peoria 4 Pekln Union Rv. First 6s, 1921
m
Ool.4Sou.Ry.Ref.4Ext.4H8.
Cuba RR. Co. 5e, 1960.
1935.
."iO
1920
June 30 1914.
Canada
EUewhere
62,581.989
20.105,564
Total.
Dominion notes
82.687.553
177.489.280
86.721.010
190.640.878
46.108.952
92,114,482
Depos. with Minister of Finance
for security of note circulation
Deposit ofcentral gold reserves.
Due from banks..
6,301,983
113.352.533
316,570,037
6,293,933
6,667.568
114,902,5,33
3,0,50.000
298,710.123
<)03, 709,761
1,973,006
471,340
123,608.936
925,681.966
102,344.120
67.401,484
.194
110
137,120,167
71.209.738
:^7
1..575.307.413
lOO
192,866,666
115,434.666
114.811,775
Loans and discounts
1.554,8,59,608
Bonds, securities. &c
358.1.56.935
Call and short loans in Canada 114.703,246
Call and short loans elsewhere
than in Canada
211.442,6,52
Other assets
121.415,504
TQtal
21
124..
.3,056,979.431 3.116.S!t'
S
28.948.841
17,160.111
LIABILITIES.
S
Capital authorized...
Capital subscribed
Capital paid up
Resei:ve fund
Circulation
(iovemment deposits.
I>eraaQd deposits
'l'ime(ieposits
Due
banks
payable
to
Bills
Other
iabiUties
197,075.000
128,742,093
128.066.769
133,048.505
?
S
197,07,5
128,719,600
127,913.611
132,7^2,190
113.368,1898
99,138,029
44.453,738
495,067.832
228,758.578
137,988.860
234.339.923
154 r2(;.806
1,014,267.751 1.038.,
018
1,293.007.488 1 ,29?.f)0<!.00R
52 '/O'J.787
46,689,045
10.414,778
y 7H6 509
47.181.962
.53.50S.668
''.:•!.:
tal, not including capital
or reser\'e fund
2,778,308,682 2,8^5
\ote.
Owing to the omission of the cents in t
footings in the above do not exactly agree with the
663.0.50,230
32 426,404
20.096.365
12.056.085
.
BONDS.
Mav
$
In
tional allowance will cease.
The stock to be returned
is that represented by Treasury Certificates
bearing numbers 87,228 and under, and notice will be sent to "ach individual
concerned.
Dec 31 1920. Xov.
—
S
63,983.436
22.737.583
50
'50
tM
.
A
B
'v?.9
.
W
.
.
Scr.
Sor.
M
Illinois North. Util. Ist A Ref. 5s. 1"57
InterlKvrouKh-Mptropolltan Co. ct.llatera)
Ten
Trust 4H8, 1956, oertlfa. of deposit.
I.M.M «'^l8tM A ("olLTr. S. F.1941 Sou Ry.4s Dev.,4c..A
K. C. Ft Soott
'em. Ry. Ref.48. 193C Term .R R A.ssn of St
v. C. &
Third Ave.Rv.-'is Adj.
..v. & IMu. 1st. 5s. in?9
I.. F:.* Western n P. 5(' Mtse. as, 1941
I'lilted Utilities 6s 1st
(1
Lon^lslan'' RR.5% 1st Cons. Mtpie. 1931 Wab.ash
Des
Lone IfI. RR. (No. Shore) 1st Cons,'is, '32 Western Mar>'land
Macon Dublin * Savannah RR.
M
S r
RR
30
American dollar securi"Clironicle" of Dec. 18, i)age 2372.
the
"..•^.
3'iH.
Anacouda Copper Mining Co. Commou.
last reference to the retiini of
appeared
M
III.
Adjust. Pref.
M
HA
,
Onv
ties
CoMiiiioii
Mai/ 19.
4 WeBtem Ky.
May 27.
Pressed Steel Cur < o ITet.
Afau 31
National BIdcuIi Co. 7Ti Comu. Pref.
Quaker Oats Co «<;. Cumul. Pref
.
.
be rvturued to holders
.shiiren will
viz.:
Phlla. Bait.
.
4 Wash. RR.
1st
Consol.
Mtge. 4s, 1943.
Del. A Hud. Co. 1st 4 Ref. 4b. 1943.
Philadelphia Co. 5% Conv. gold debs. .'22
Detroit Term. 4 Tunnel RR. l8t4!^s.'61 Plttsb. CIn. Chicago 4 St. Louis Rv.
Dom. of Canada 3% Bearer Stock Ctfs..
Consol. Mtge. 4Ks, 1942, Series "C.'
193B.
Portland Ry. 5% 1st 4 Refunding Mtge.
Dominion Coal Co. 1st S. F. 5s. 1940.
Sinking Fund, 1930.
Dominion Iron A Steel Co., Ltd.. 1st 58. Protestant Board of School Commission1929.
ers of the City of Montreal DebenDuluth Street Ry. lst 58. 1930.
tures 4s. 1939.
East Tenn. Va. 4 Ga. Ry. Cons. Mtge. P>rovldence Securities Co. 4"?^ Guar. De.58. "1956.
bentures. 1957.
Oalv. Elec. Co. 1st 5b. 1940.
Public Service Corp, of N. J. fi-^ PerOalv. Har. 4 San Ant. Ry. Mexican and
petual Interest Bearing Certificates.
••Paclflo Extension 1st 5s. 1931.
Province of Quebec (Town of Notre
Gila Valley Globe 4 Nor. RR. 1st ,5s, '24.
Dame de Graces) 4Hs, 1949.
1. Cent. RR. Coll. Tr. 4% Gold Bonds. Quebec Central Ry. Co. 3d M. .')s. 1903.
1953.
Scioto Valley 4 New England RR. lst
III. Cent. RR. Ref. 43. 1955.
Mortgage 4s. 1989.
Indiana Natural Gas 4 OH Co. Ref. M. St. Louis S. W. RR. 1st M. ctfs. 4s. 1989.
5b 1936
.Salt Lake City Union Depot 4 RR. 5<'c
Indiana Steel Co. lst .58. 1952.
First. Mortg.age, 1938.
Intemat. A Gt. Nor. RR. 1st 78. 1922.
So. Caro. A Ga. RR. Lst Ext. 5Hs. 1929.
L. S. 4 M. S. Rv. 4% Debs.. 1931.
Tennessee Power Co. Lst M. .5s, 1962.
LehUh Valley RR. Gen. Cons. 4s. 2003. Toledo Terminal
1st M. 4^s, 1957.
Ouebec (Town of Longue Polnte) 4!^s, Toronto (Clt>- of) General Consolidated
1950.
De'ienturcs, 1948.
L. 4 N. RR. 1st A Coll. Tr. 5s, 1931
U. S. Steel Corp. 5"; Sinking Fund ColIX)U. 4 Nash. RR.. Atlanta Knoxv. A
lateral Tnist 2d Mtge.. 1903.
CIn. TMv. M. 4a. 1955.
Vandalla RR. Cons. M. 4s. '.57. .ser. "B."
Michigan United Rys. 1st Ref. M.5s. '30. Virginia Midland Ry. Gen. M. .58. 1930.
Minn. A St. L. RR. 1st Cons. M. 5s, '34. Virginian Ry. Co. 1st M. ,5s. '62. ser. "A"
Montrejjl (City of) 48, 1925.
Wabash RR. 1st Mtge. ,5b, 1939.
Montreal Light, Heat 4 Power Co. 1st Western Union Telegraph Co. Fund 4
M. 4 Collateral Trust 4Ms. 1932.
Real Estate 4'4i>. 19,50.
N. Y. Central RR. 6% New Convert- Wlieellng Electric Co. 1st M. 58. 1941.
ible Debentures, 1935.
Wlnnlneg Electric Ry. 5<v. First RefundCentral 4 Hudson River RR. 4<^o
ing Mtge. gold bonds. 1935.
30-Year Debentures, 1934.
Wisconsin Central Rv.. Superior 4 Dul
^' V Chlc.4 8t..L. RR. 4<^ Deb.« .1931
DIv and Term lst M. 4«. 1936.
RR
m",
NY.
.
—
8.720 1.330
official repo
al give
.
APPOINTMENTS TO WAR FINANCE JORPORATiON.
Piesident Wilson on Jan. 31 sent to
.e Senate the nominations of Walter W. Warwick of O
and E.A.Hayes, as
directors of the War Finance Corporation to fill vacancies.
Mr. Warwick is Comptroller of the Treasury- and Mr. Hayes
was a former Republican member of the House of Representatives.
,
APPROVAL OF LOAN OF $10,000,000 BY WAR FINANCE
CORPORATION—APPLICATIONS ALREADY MADE.
The Managing Director of the War Finance Corporation
announced the approval on Feb. 2 by the Directors of the
War Finance Corporation of a preliminary appUcation of a
gi'oup of American banks for an advance of not exceeding
$10,000,000 fora period of one year, for the purpose of financing the exportation of condensed milk and other mill' r^rodTne raw
ucts to England and to other Euroi)eaQ point.s.
and middle
materials are produced principally in the Eastern
Westrrn States. It is reported that announcement of a
bond !^ r will soon be mad»' by the corporation. With
inquiries and applications thus far made to the
regaru
Corporation since the passage by Congress of the resolution
for the revival of the Corporation, a press statement issued
by the Corporation on Feb.
1
says:
Since the pas.<;age of the joint resolution of Congress re\iving the War
Finance Corporation the Corporation has received inquiries and applications in connection with proposed exportations of domestic products as
follovs:
To England: Cotton,
To France: Cotton,
limiber. condensed milk and tobacco.
provisions, locomotives. lunil)er. and general
mer-
chandise.
To Germany: Cotton, cotton waste, logi?. flour, grain, and food-xtutfe.
To Bulgaria: Automobiles.
To Roumania: Foodstuffs, manufactured products, cotton and farm
tractors.
To Italy: Foodstuffs
To
and wheat.
Czechoslovakia: AVheat, cotton, flour and grain, acid phosphate, and
farm tractors.
To
.lueo-Sla'iia: .\cid
phosphate, flour, cotton and Tarm tractors.
:
THE CHRONICLE
516
To
Poland: Acid phosphate. Hour, cotton, farm tractors, oats and cotton
manufactured goods.
To AKPntInc: General merchandise and paper.
To Chile: (leneral nicrchandl.se.
To Australia: Ocncral merchandise.
To China: Tobacco and locomotlve.s.
To HelKlum: Cotton.
To Finland: CJotton.
To Brazil: Flour and automobile tnick.s.
To Cuba: Grain, railroad equipment, underwear and electric appartus.
To Mexico: Planting seed.
To Porto Kico: General merchandise.
To Europe: OH.
»
To South America: General merchandise.
To the Mediterranean countries: Foodstuffs.
The Managing Director states that while many of the inquiries thus far
received indicat« a lack of knowledge as to the restrictions of the Act under
which advances may bo amde, necessary information is being promptly
conveyed to all Inquirers. As the Corporation cannot make advance?
except in transactions Involving the actual exportation of domestic products
to foreign countries, obviously some time will bo required for American
exporters to complete their negotiations for the sale of such products before a
definite application can be made to the Corporation for aid in financing same.
RULINGS RELATIVE TO REVENUE STAMPS ON
TIME DRAFTS.
The Federal Reserve Bank of New York on Jan. 18 issued
the following circular (No. 338) regarding the rulings of
the Commission of Internal Revenue relative to the use
stamps on time drafts:
To All Banks, Trust Companies and Acceptance Dealers in
of revenue
Senator Carter Glass, formerly Secretary of the Treasury,
in defense of his action in opposing the bill for the revival of
the War Finance Corporation, contends in a letter to a
Virginia farmer that "it is a market that the tobacco growers
and exporters need, and not credits with which to move the
crops."
"As far as credits are concerned," says Senator
Glass, "there has been a lot of designing and wicked misrepThe Federal
resentation, calculated to foment discontnent.
Reserve banks located in the agricultural regions of the
United States have, nearly all of them, extended their lines
more than 50%, some of them more than 100%, as compared with the same period in 1919." Senator Glass furthermore points out that "there is not a single penny in the
treasury of the War Finance Corporation," and that "if it
makes any loans it must sell bonds in the open market, thus
absorbing credits that farmers might otherwise directly
obtain." The letter of Senator Glass, addressed to B. F.
Moomaw, connected with the Virginia Farm Bureau Federation, was pubUshed in part as follows in the Baltimore
"Sun" of Jan. 30:
If you or any one of the many farmers and horticulturists in Virginia
who are dissatisfied with my attitude with respect to the bill reviving the
War
Finance Corporation and implying a sharp rebuke of the Federal Keserve Board will be kind enough to indicate to me just how and In what
respect any farmer or horticulturist in the United States, unless directly
engaged in the export business, will get one dollar from the War Finance
Corporation, I shall be greatly obliged. In this connection I am sending
you a copy of the provision of the statute defining and determining loans by
the War Finance Corporation.
I assume you know there is not a single penny in the treasury of the War
Finance Corporation. If it makes any loans it must sell bonds in the open
market, thus absorbing credits that farmers might otherwise directly obtain;
else the United States Treasury would have to borrow the money in the open
market for the Corporation, likewise absorbing funds that farmers might
The funds of the Corporation are not to be loaned to
directly obtain.
farmers for the purpose of holding crops for a higher market or making new
crops, but only to tradesmen to sell and ship at prevailing prices; in other
words, the avowed purpose of the Act is to stimulate an export trade which
for the year just ended was the greatest of all history, exceeding by $391,000,000 that of the preceding year.
How many farmers or hortictilturists in Virginia are engaged in the
business of directly exporting their own products? And how many of these
are willing to pay the War Finance Corporation at least 1%, and maybe
more, above the conmiercial rate of interest, after furnishing good endorsements and adequate security? It is my considered judgment that there
are few farmers in Virginia engaged in export trade, if fortified with "good
endoreemente and adequate security," who could not borrow money from
their own banks at less than the excessive rate which the War Penance
Corporation is compelled by law to charge.
The War Finance Corporation aimounced about ten days ago that it
was "open for business." As I have indicated, the Corporation will have
no funds which it may loan to a farmer or a horticulturist unless that farmer
or horticulturist is engaged in the export business. But the fact is that
not a single export house in the United States dealing in farm products
has made application for or inquiry about a loan. The only application
made, as I am informed, is by a lumber concern, and this concern was not
wiUlng to imderwrite its own proposed export transaction, nor would it
furnish "ample security by endorsement or guaranty."
It wanted to use
public funds and have the War Finance Corporation assume all the risk
of collecting the debt from a customer in bankrupt Europe.
.
—
—
following are pertinent articles of the Regrulatlons 55:
.3.3. Drafts and checks payable otherwise than at sight or on demand. Drafts and checks payable otherwise than at sight or on demand
become subject to stamp tax if delivered or accepted within the United
—
—
States.
Atticle 41. Time draft covering exports to foreign country.
A time draft
directly covering exports to a foreign wjuntry and which constitutes an Inherent, necessary and bona fide part of the actual process of exportation
Is exempt from stamp tax.
This exemption does not depend on whether
or not the time which the draft has to run will expire before or after the
ocean shipment. Time drafts drawn against the proceeds of the foregoing
draft are subject to stamp tax.
Article 42. Time draft to secure purchase money.
A time draft drawn on
a domestic bank for the purpose of securing money to purchase goods to
be exported is subject to tax rejgardless of the fact that a contract for the
sale of the goods existed at the time the draft Is drawn.
Article 43 (As superseded and amended by T. D. 3100, approved Dec. 11
A time draft directly
1920) Time drafts on domestic banks covering exports.
covering a sale for export to a foreign buyer and drawn on a domestic bank
CLS the authorized acceptor of the foreign buyer is exempt from stamp tax.
time draft drawn by or on an exporter or on his bank in payment for export
—
—
.
A
shipments made by the manufacturer on the exporter
to
,
s
stamp
order
is
subject
tax.
Article 45. Time drafts covering shipments to Canal Zone.
Stamp tax
attaches to time drafts covering articles shipped from the United .States,
—
Hawaii and Alaska to Canal Zone, If the drafts are delivered within the
United States, Hawaii or Alaska.
Article 46. Time drafts covering shipments to Virgin Islands, Philippines
and Porto Rico. Stamp tax does not attach to time drafts covering shipments to the Virgin Islands. Philippines and Porto Rico, because of express
- '•
legislation exempting shipments to these dependencies.
information we quote below further rulings in this connection
For your
which we have received from the Commissioner of Internal Revenue. With
particular reference to Article 41, quoted above, the Commissioner has
similarly ruled under date of Sept. 9 1920 that
"a time draft drawn against the proceeds of a sight draft directly covering
exports to a foreign covmtry is subject to stamp tax. The exemption ex-
—
W
-
^
tended by Article 41 of Regulations 55 applies only to time drafts directly
covering exports to a foreign country and which constitute an inherent,
necessary and bona fide part of the actual process of exportation. This
exemption does not apply to time drafts drawn against the proceeds of
other drafts which are exempted."
t^ We ^subm itted^tiie foflowingE quest iongtogthe Commissioner
"An American exporter makes a shipment of goods to a buyer in a foreign
country. Upon obtaining the ocean bills of lading covering the goods,
the American exporter lodges them with a bank in this country with instructions that they be forwarded to its agent abroad to be delivered, against
payment or otherwise, to the American exporter's nominee. The exporter
does not draw a draft on the foreign buyer. He does, however, obtain a
credit from and draws his draft upon the bank in this country, with which
he has lodged his bills of lading, for the purpose of financing himself during
the period intervening between the time the shipment is made and such
time as he receives payment from abroad for the goods sold. This is the
only draft which is drawn in connection with the transaction.
"May a draft drawn under these circumstances and for the above mentioned purpose be properly considered as 'directly covering exports to a
foreign country and which constitutes an inherent, necessary, bona fide
part of the actual process of exportation,' and consequently exempt from
stamp tax?"
to which the Commissioner replied under date of Sept. 8 1920:
"Such a draft is merely a domestic means of utilizing domestic credit
allowed on account of the collections to be made by the bank, when foreign
bills of lading are delivered to it, for payment by the foreign buyer.
As a
draft under these circumstances cannot be considered as strictly covering
exports to a foreign country and does not constitute an inherent, necessary,
."
bona
draft
fide part of the actual process of expoii^tlon, this office holds that the
is subject to the stamp tax."
The Commission further ruled imder date of
"The typical draft which is exempt from tax
Oct. 12 1920 as follows:
as a part of the process of
the one attached to the bill of lading and drawn upon the
which may be discounted and negotiated in this country.
tax has been held to extend to equivalent drafts drawn
upon funds or agencies established in this coimtry by foreign Governments
exportation
is
foreign buyer,
The exemption from
or buyers to facilitate exchange.
"This exemption does not extend to drafts which represent processes of
domestic financing or to drafts which represent the preliminary or subsequent
adjustments or use of accounts or funds involved in exportation, and does
not apply to drafts given by the domestic buyer to the domestic seller or
drawn on the former as a means of payment for goods purchased to be
exported."
We will of course be guided by the above men tioned rulings in conaection
with all acceptances which we may rediscount or purchase.
,
,
Very truly yours,
BENJ. STRONG,
REPORT OF FEDERAL RESERVE BANK OF
FOR
Governor.
NEW YORK
1920.
Figures of the year's operations of the Federal Reserve
My Bank
,
Second Federal
Article
What some
farmers need is a market for their products and nor merely
What good will credit on this side the
credit at a high rate of interest.
Atlantic do a Virginia tobacco exporter remember, the mere grower of
crops is not permitted to borrow at all under this law when the warehouses of foreign tobacco monopolies on the other side of the ocean are
crowded with tobacco and their agents are not buying except in small
It is a market that the tobacco growers
quantities and at very low prices?
and exporters need, and not credits with which to move the crops.
neighbors and I have several hundred barrels of apples in storage. We have
credit at the banks; but no market for our apples.
As far as credits are concerned, there has been a lot of designing and
wicked misrepresentation, calculated to foment discontent. The Federal
Eeserve banks located in the agricultural regions of the United States have,
nearly all of them, extended their lines more than 50% some of them more
than 100% as compared with the same period of 1919.
In the face of these indisputable facts and figures, politicians who teU the
farmers that the fall in the prices of farm products is due to inadequate
credits for commercial purposes lack either understanding or truthfulness;
and I am sure you would not have me join one class or the other by voting
for improvised quack remedies or by practising deception.
th»
Reserve District:
In view of the misunderstanding which appears to exist with regard to
the rulings of the CommlsHloner of Internal Revenue at Washington concerning the necessity for affixing revenue stamps to bankers' acceptances
drawn in the many kinds of transactions Involving the exportation of goods
from this cotmtry, we quote below for your Inform.atlon pertinent provisions
of the Revenue Act of 1918, and also certain articles of Internal Revenae
Regulations 55, which bear particularly on the subject in question.
The Revenue Act of 1918, Title XI, provides In Schedule A-6 for a tax
as follows:
Drafts or checks (payable otherwise than at sight or on demand) upon
their acceptance or delivery within the United States, whichever is prior,
•
*
and for each renewal of the same, for a sixm not exceeding SlOO,
2 cents, and for each additional SlOO, or fractional part thereof, 2 cents."
The
SEN ATORGLASSON IN ADVISABILITY OF FUNCTIONING OF WAR FINANCE CORPORATION.
[Vol* 112.
of
New
York, made pubUc on
show gross earnings
for the twelve
Monday
1920 of S60,525,322, or approximately
of $26,372,650.
The
of this
week,
months ending Dec. 31
230% on
late year's figures
the capital
compare with gross
earnings of $35,278,006 for the year ending Dec. 31 1919
and $25,314,736 for the year 1918. The net earnings in
1920 amounted to $53,526,067, or over 200% on the capital
The net earnings of the previous year were
of $26,372,650.
$29,723,589. The balance carried by the Bank to the
credit offprofit andlloss, rafter di'^ndend payments ,|deduc-
1
THE CHRONICLE
Fhb. 5 1921.]
on depreciation reserve account, &c., was $51,651,034,
which $39,318,511 was paid to the United States Governof
ment as a franchise tax and $12,332,523 was transferred to
The following is the comparative profit
surplus account.
and loss account for the past two years in detail.
COMPARATIVE PROFIT AND LOSS ACCOUNT.
tions
Earnings—
YeoT ended Dec. 31 1910.
Year ended Dec. 31 1920.
ULscount oaraod ou
J49.839,182 62
$29,935,910 97
8.323.050 27
3.334.604 82
1,975.64890
387.439 82
dlseountcKl
1,888.49728
118,992 67
earned on acceptances
Interest earned on U. S.
seciirltlos
Al lothei earnings
The First National Bank of Greenfield, Greenfield, Maxe.
The Hath National Hank, Bath, N. Y.
The First National Hank of Chester, Chetiter, I'eima.
The First National Hank of Gettysburg, Gettysburg, I'eana.
The National Bank of Alamance, Graham, No. Caro.
The Farmers & Merchants National Bank, Winchester, Va.
The First National Hank of Marengo, Marengo, 111.
The First National Bank of Ruthven, Rutliven, Iowa
The First National Bank of Cuba, ("ubu, N. V.
FEDERAL RESERVE BANK ON DISCONTINUANCE OF
PREFERENTIAL RATE IN CASE OF LOANS ON
TREASURY CERTIFICATES.
Gross cjjrnlnss
S60,.')25,321 77
Kjpenses
OporathiK expenses Including cost of
I'cderikl Reserve notes and Federal
ne-serve bonk notes
6.999,255 04
$35,278,006 04
Net earnings
$53,526,060 73
Kxcess of sundry credits to profit and
loss over debits
31,419 14
$29,713,175 54
—
5,.';64,830
50
10,413 16
$29,723,588 70
$53,557,485 87
Total
Reserve for tax on Federal Reserve
bank not eircumtlon..
Depreciation reserve account
General reserve account.
Appraised value of old
buildings, <tc.. charged
325,74135
368.68170
29
50,000 00
S2.'!1.4r)4
429.35523
147,89094
off
900,03172
1,763,069 17
$53,128,130 64
1,477.096 58
$27,959,619 .W
1.291,047 84
nalance to credit of profit and loss.. ^$51,651,034 06
Applied as follows;
Transferred to surplus account
12,332.523 41
Paid to U. S. Government .is franchise tax
39,318.510 65
$26,668,571 69
S51.651.034 00
$26,668. .')71 69
Deduct dividends paid
2.703,893 03
The report of the bank, presented to the stockholders
under date of Jan. 28, also submits a comparative statement of resources and liabilities for the years ending Dec. 31
1920 and Dec. 31 1919, which, however, we omit as similar
comparisons are contained in the returns issued from week
to week which we always give in full.
NEW YORK FEDERAL RESERVE BANK GETS NOTICE
OF ADMISSION OF NEW MEMBER TO NORTHERN
J.
by Treasury
CLEARING HOUSE.
In a circular addressed to the banking institutions in the
focal Federal Reserve District, the Federal Reserve Bank of
New York states that it has been notified by the Northern
New Jersey Clearing House As.sociation that the Savings
Investment & Trust Company of East Orange, N. J. has
been admitted to membership in the Association. The
announcement of the New York Federal Reserve Bank issued
by Governor Strong adds:
Checks drawn on that company, includinK checks on its South Orange
Branch, will be received by us on and after Monday, Jan. 31 1921 for
immediate credit^; in the same manner as checks drawn on certain other New
Jersey banking institutions listed in our time schedule supplement effective
since May 19 1920, to which some additional names were added with the
issuance of our circulars Nos. 286 and 331.
It will not be necessary to sorchecks drawn on the South Orange Branch of the Savings Investment and
Trust Company as they may be included with the checlcs drawn on its main
be received and handled imder the terms and
conditions, as modified, of our general circular entitled "Collection of
Checks" dated March 1 1920.
t If received by the Buffalo Branch credit is given one day after such
^^^^^^^^^^^^^^^^^^^^
STATE INSTITUTIONS ADMITTED TO FEDERAL
RESERVE SYSTEM.
The Federal Reserve Board
following
list
at Washington announces the
which were admitted to the
the week ending Jan. 28 1921:
of institutions
Federal Reserve System in
Bank
The abandonment of the preferential in the rate for advances against
Treasury certificates over that which prevails for advances against Lll^erty
bonds and Victory notes, is a reflection of the excellent and increasing demand for these certificates during the past eight months, culminating in the
heavy over-subscription for the Jan. 15 issue. At present all outstanding certificates are selling at a premium except the small portion of the March 1
maturities which bear the rate of 4?i %
Preferential rates for advances by the Federal Reserve banks secured by
the various classes of Government securities were originally established to
facilitate their purchase and distribution
But the broad open market which
has developed for certificates of indebtedness, and their ready absorption
by investors, make a special discount rate on loans secm-ed by certificates,
as distinguished from other Government seciu"ities, no longer necessary.
There has been an almost complete distribution of the certificates, which
were formerly so largely irsed as collateral for loans at the Federal Reserve
banks. At the end of January there were $2,351,000,000 certificates outstanding, and of these only 63-2 7c or $157,000,000, were held by the twelve
Federal Reserve banks as security for loans. The rest were presumably
held by Investors or non-borrowing banks.'
.
,
DISCONTINUANCE OF PHILADELPHIA
SUB-TREASURY.
The
is
Total
No. 5
Capital. Surplus.
Resources.
Bank ofWashington, Washington, No. Caro-. $150, 000 $37,500 $1,365,457
District No. 6
The Citizens Bank & Tr. Co. Bainbridge, Ga. 100,000 20,000
693,672
The Bartow Bank, Bartow, Georgia
25,000
270,163
5,000
District
closing of the Sub-Treasury at Philadelphia on Feb. 3
announced. It had been in existence since 1S40. Two
hundred and forty-eight tons of gold and silver coin, it is
stated, have already been delivered to the United States
Mint and $18,299,621 in paper currency and about $100,000
in bonds and other securities transferred to the Federal
Reserve Bank. The "Federal Reserve Bulletin" for January
made public on Jan. 27, in referring to the Sub-Treasuries
which had already been discontinued, said:
In each of the Sub-Treasury cities there is either a Federal Reserve bank
or a Federal Resei^re branch bank, and to these many functions of the
respective Sub-Treasuries have been transferred.
The following SubTreasuries have thus far been discontinued, on the dates named: Boston,
Oct. 25 1920; Chicago, Nov. 3 1920; New York, Dec. 6 1920: San Francisco.
Dec. 20 1920; New Orleans, Jan. 5 1921; St. Louis, Jan. 8 1921.
Branches of Federal Reserve banks in Minneapolis, Minn.. Kansas City.
Mo., Buffalo, N. Y., Detroit, Mich., Philadelphia. Pa., Memphis. Tenn.,
Louisville, Ky., and Little Rock, Ark., have also been authorized to
perform Sub-Treasury functions in part, including particularly exchanges
of currency or coin. The Sub-Treasury at Baltimore will be discontinued
on or about Jan. 15, and those at Cincinnati and Philadelphia shortly
thereafter.
SPECIAL SESSION OF SENATE MARCH 4.
On Feb. 3 President Wilson, acting on the request
office.
will of course
had ranged from 5H to 6%. The
of New York yesterday (Feb. 4)
lo 6% its rate for advances against
and in a statement which it issued
certificates
Federal Reserve
increased from
.
23,964,678 06
• The tax on Federrl Reserve bank note circulation for 1920, amounting to $207,
401 48, has been Included in expenses.
N.
G%
6%
Treasury certificates
in the matter said:
.S109,514 40
•
As indicated in the front part of our paper to-day, in the
introduction to the table of discount rates of the Federal
Reserve banks, the rediscount rates on bills secured by Treasury Certificate's of Indebtedness bearing interest under
has been advanced to
bj' the Federal Reserve Banks
of Richmond, Chicago, St. Ix)uis and San Francisco.
The
rates heretofore in force by these banks for paper backed
5H%
Dedua—
receipt.
}
bills
DIscoiiiii
Such checks
517
of
President-elect Harding, issued a proclamation calling a
special session of the Senate to convene March 4 for the
purpose, it is said, of confirming the Cabinet appointments
of President-elect Harding as well as any other necessary
business.
The President in his proclamation said:
"Whereas public interests require that the Senate of the United Slates be
convened at 12 o'clock on the fourth day of March next to receive such
communications, as may be made by the executive;.
"Now therefore, I. Woodrow WiLson, President of the United States of
America, do hereby proclaim and declare that an extraordinary occasion
requires the Senate of the United Sattes to convene at the Capitol, Id the
District of Columbia, on the fourth day of March next at 12 o'clock noon,
of which all persons who shall at that time be entitled to act as members of
that body are hereby required to take notice.
'
,
The Bank
of Portal, Portal, Georgia
Citizens Bank, Hohenwald, Tennessee
25,000
35,000
District No. 7
Lake View State Bank, Lake View, Iowa
District No. 10
25.000
25.000
396,290
The Bank
25,000
7,000
107,580
—
of
Van TasseU, Van
Tassell,
Wyo. .
145,199
153.578
INSTITUTIONS AUTHORIZED BY FEDERAL RESERVE
BOARD TO EXERCISE TRUST POWERS.
The Federal Reserve Board has granted permission
following institutions to exercise trust powers:
to the
R.
C.
LEFFINGWELL ON FHOHLE.MS OF FUTURE
GOVERNMENT FINANCE.
Of more than ordinarj' import and interest were the
remarks addressed by R. C. Leffingwell, former Assistant
Treasurer of the United States to the Bond Club of New
York on Jan. 28 under the caption, "Some Problems of
Future Government Finance." The most important problem of Government finance, barring none, said Mr. LeffingThis problem,
is the international financial problem.
so far as this country is concerned, he observed, involves
well,
I
,
thp:
518
chronicle
closoly rdaU'd maltors: (1) Tho war debts of th(! Governments of Europe to our Clovernmont; and (2) the tariff.
The immediate domestic
finaneial j)rol)l(tm ho finds to be the
total gro.ss debt of the (iovernraent, vvliicb,
was nearly
.S24, 000, GOO, 000,
and
on Dee. 31 1920,
of whieii nearly one-third
May 20 1923, or two years hence. In
consolidating the
the i)ro|)osed refunding plan
whole public debt into one issue bearing one rat(! of interest
and having one maturity Mr. Leffingwcll declared that, so
far from being an advantage, as its advocates claim, it would
matures on or before
—
critieisinp
—
be a great disadvantage. "If," ho said, "the Government
should fund the whole debt with one issue of one maturity, it
would dei)rive itself of the advantage of appealing to the
man who has funds to invest for thirty days, and the man
who has funds to invest for thirty years, and to those who
have funds which they wish to invest for any intermediate
period."
He asserted that "not only is the consolidation
of the public debt into one issue, undesirable from the point
of view of attracting the money of the investor, but it would
be a calamity from the point of view of the Treasury's financial operations."
"The maturity of $24,000,000,000 of
bonds at one time is unthinkable," he said, and he added:
"The consolidation of even the interest on such an amount
so as to make it payable twice a year would involve financial
operations of unnecessary magnitude and difficulty." Mr.
Leffingwell also had something to say in criticism of the plan
suggested for the stabilizing of the dollar at home in order
to prevent price fluctuations.
As to the experiences resulting
from stabilizing measures, he said, "the Treasury itself fell
for the proposal to stabilize Liberty Bonds by means of a
bond purchase fund, and with what success you know.
Government agencies have tried to stabilize prices and wages
and rates of transportation on land and sea and failed lamentably.
A bond perfectly stable in market price
would be nothing but interest-bearing currency. Secretary
Chase gave us our fill of interest-bearing currency during the
Civil War.
If such a bond does not come down in price,
commodity prices will go up, so that its true value, as distinguished from its nominal value, will be correspondingly
impaired." According to Mr. Leffingwell, the trouble with
...
the world to-day, the trouble in the United States, the
trouble with the VTreasury is waste, war waste and wa.-:te
after fighting stopped.
Mr. Leffingwell stated he was not
one of those who criticise the extent and character of the
expenditures made bj- this countrv during the war. Every
cent, he acknowledged, was well spent, because it was spent
in the effort to win the war.
He referred, however, to the
fact that after the war was won we did not stop the waste.
We continued, he said, to make arms and munitions, probably from fear of unemployment. Our Government continued to build ships at war costs of labor and materials
under the pitiful delusion that that was the way to build up
a merchant marine. The Treasury, he further said, has
received nothing or next to nothing from the proceeds of
sale or operation of ships and shipyards, in which billions
were invested, the whole proceeds being turned back into ne^nconstruction.
He added:
,
Under the impression that an increase in railroad rates would increase the
cost of living, our Govermnent operated the railroads of the country at
a loss until last September. For a period of years the Government has
been lending money to the railroads at less than the market rate. That loss
and these loans are reflected in our Government enormous floating debt,
and in fact contributed directly and indirectly to increase the cost of living.
Every consideration of business prudence demanded the prompt establishment and maintenance at all times of rates which would enable the railroads
to operate not only without loss but with suca a margin of profit as would
make it possible for them to obtain new capital or to refund old debt by
selling securities to the public.
Instead of that we furnisned transportation
at less than cost and the American people are paying the bill.
We quote in full herewith the address of Mr.
Leffingwell:
International Financial Problems.
1 have been asked to talk about some future problems of government
finance. The most important problem of government finance, bar none,
The international financial problem
is the international financial problem
so far as action on the part of this country is concerned, involves two closely
related matters, (1) the war debts of the governments of Europe to our
Government and, (2) the tariff. The first is a question of foreign affairs
which, as a recent officer of our Government, I do not feel free to discuss
at this place and this time, though I have very definite views about it. The
second involves, unhappily, a controversial political question at home and
I do not wish to make a political speech before such a company as this.
Nevertheless, I beg you to give your thoughtful consideration to these two
It is impossible to over-estimate the gravity of
closely related questions.
the problem presented to this country by the fact that the international
balance of trade and finance were distorted by the war. Europe cannot be
Our own prosperity, our <»wu
rehabilitated until that problem is solved.
ability to pay interest, dividends and overhead charges on the plant and
equipment buUt up to meet export demands, depends upon reJtiabUit; un»
Europe, our customer, so that she may continue to buy the goods which
Borely needs firom us, and may have means to pay for them.
.
[Vol. 112.
II.
The Immediatit Domestic Financial Problem.
The domestic financial problem In thlH: The total grosH debt of the Oovemmont on Dec. .'^1 1920, was nearly $21,000,000,000. Of thl« nearly onethird matures on or Ixifore .May 20. 192.'1, or two years from next May.
This short dated debt on Doc. 31 1920. wa.s a8 followH:
Treasury r^ertiricites.
$2 .592.000.000
War
.Savings Securities (net cash receipts plus accrued dis-
count) about
Victory Notes
840.000.000
4.225,000.000
ToUl
The Treasury, with
$7,6.57,000.000
the aid of the Federal Reserve bank.s, has had remarkable success, In "rolling" Trca.sury Certificates to carry the floating
debt.
Of the total Certificates now outstanding aix)Ut a quarter of a billion
dollars are Certificates issued under the Pittman Act and not offered to the
public but held by the Federal Reserve banks to secure Fedearl Reserve
bank notes. They should and probably must be retired and refunded by
public issues as silver is repurchased under the Pittman Act.
Of the
remainder of the Trea.sury Certificates practically all are loan and tax
certificates.
These are well distributed among investors, including banks
which are not borrowers, only $1.31,000,000, or less than 6% being held by
the Federal Reserve banks.
.\s the Victory Notes approach maturity they
will come Into direct competition in the market with Treasury Certificates
of indebtedness, and therfore during the last year of the life of the Victory
Notes, the Treasury must anticipate far greater difficulty to keeping Treas-
ury Certificates afloat.
The bulk of the War Savings Certificates mature on Jan 1 1923 Current
redemptions largely exceed current sales and there is no rea.son to .suppose
that iu peace times any considerable portion of the maturing War Savings.
Certificates can bo refunded by the issue of other War Savings Certificates
They will, therefore, to the extent that they are not paid out of taxes have
to be refunded by the issue of additional Treasury C^ertlflcates.
The bulk of the Victory Loan will have to be refunded. Everybody knows
that all the Liberty Loans including, of course, the Victory Loan, were sold
by the aid of two Instruments, (1) the Liberty Loan Organization and (2)
an artificial money market. I do not think anyone who had anything to
do with the Liberty Loan Organization believes that it wili be possible to
re-create it in peace times for the purpose of the necessary refunding operations.
Without the Liberty Loan Organization the Government's refunding operations must appeal mostly to the few hundred thousand people who
are normally investors in bonds (and whose capacity for investment is
unhappily greatly restricted by the high rates of surtax) instead of the 20
million who joined the bondholdlng class from motives of patriotism rather
than prudence.
I do not think any one in his senses would wish to recreate in peace times
an artificial money market. It would be impossible in peace times to recreate the instruments which the Government of the LTnlted States employed during the war to prevent infl.ition from running riot iu lieu of the
normal peace time expedient of dear money. In war time we fixed prices
and to some extent wages. We had a Capital Issues Committee which
restrained the activities of other borrowers.
The sub-committee on money
rates of the New York Liberty Loan Committee not only maintained an
artificial rate for money but rationed credit to the stock market and prevented undue expansion of the Stock Exchange loan account. The export
of gold was embargoed, the export of capital and export and import of
commodities were controlled. Mr. Hoover restricted our eating; Mr.
Garfield restricted our motoring. Mr. Baruch told the business man what
Mr.
to purchase and where, whom to sell it to and what to sell it for.
McAdoo told him whether he could have railroad transportation or not and
what to pay for it. Mr. Hurley did the same for shipping. Above all.
and perhaps more important than all, the Liberty Loan Organization and
War Savings Organization appealed to the American people to save their
money and invest it iu government securities. It is true the people were
asked to borrow and buy, to buy till it hurt; but they were asked also to
save and pay. A good many of us felt, in those days when the Germans
were advancing on Paris, that every penny spent for personal gratification
was picked out of Uncle Sam's pocket. If you are willing to contemplate
the possibility of the recreation of these restraints then you may possibly
contemplate also the recreation of an artificial money market. An artificially easy money market without such restraints would mean going ahead
with the throttle wide open to complete catastrophe.
The Treasury is confronted by a ceitainloss of revenue from taxes in consequence of the present business depression. It is impossible to estimate
the extent of this loss with any degree of accuracy. The shrinkage of
incomes and profits as deflation materializes will be permanent and some
very considerable loss of revenue from taxes on income and profits will also
be permanent. In the first instance, in the actual period of depression,
there will be a larger reduction in the loss of revenue because capital loss
will be deducted from income under our system and companies which
normally show some profit maj^ show an actual loss on account of depreciation of inventory, etc., during the readjustment period.
Furthermore, the producitivity of the income tax is being rapidly impaired on the one hand by the unwillingness of Congress to tax adequately
the smaller incomes and on the other, by shifting of the investments of rich
men subject to the higher rates of surtax into tax exempt securities which are
being manufactured in great quantity by states and municipalities. The
Secretary of the Treasury, in his annual report for 1920, at page 36 says:
"For the year 1916 net income amounting to 5992,972,985 was included
This
in the returns of taxpayers having net income over S300.000 a year.
aggregate feU to .?731,372,153 for the year 1917 and to S392, 247.329 for
the year 1918. There is little reason to believe that the actual income of
the richer taxpayers of the country had fallen in that interval. It is the
taxable income which has been reduced and almost certainly through investment by the richer taxpayers in tax-exempt properties."
.
.
111.
The Funded
or
Long Dated Debt.
thus confronted with nearly eight biUion dollars of
maturities in a little more than two years and a certain loss of revenue from
It is idle to pretend that these facts do not constitute a
existing taxes.
problem of the utmost gravity and requiring for their solution the best
thought and promptest action of our statesmen. Unhappily two years of
political controversy culminating in a presidential campaign have diverted
attention from these exigent probleAis and the thought of politicians, and.
I am sorry to say, also of bankers and financiers, is being given, not to providing for the Government's early maturities and replacing non-productive
taxes, but to devising means of reducing taxes and valorizing the funded
debt of later maturity.
Of the total gross debt of the Government, over sixteen bUhon dollars is in
They
the form of Liberty Bonds of various maturities from 1928 to 1947.
are now well distributed among investors, only $615,000,000, or about
3.8% being held by the FederaljReser^'e banks notwithstanding the preferential rates still being maintained by some of them for loans on such security.
How far the present holders were original subscribers it is impossible to
The Treasury
is
THE CHRONICLK
Feb. 5 1921.]
determine, but it is safe to say that, broadly speakiiiB. the pooivr aud more
Igiioraut holders have sold their bonds long siucti and are beyond the reaeJi
of any practicable scheme of public charily. The bonds were issued at
rates faiiiy high by comparLsou with the (iovermneut's pre-war borrowings
and which will look high again long before the earliest of the bonds mature
unless we engage in another war or embark on a policy of outright iiiflatii)n.
There has been an ab.solutely normal and unprotected niaikct lor these
bonds slnc^ April 1920. when the Treasury discontinued purchases for the
Bond I'urcha.se Fund. Compare the low prices established in May and
again in Dectmiber 1920, with the pivsent market <|Uotations. establislied
on the mere expectation of easier money conditions, and yo\i w ill have .some
notion of the extent and rapidity of the n-covery which will occur in the
market prices of Liberty Bonds w hen the deflation now in progress has been
effected and the buying power of the dollar has b<'on measurably n'storod.
During
prinvs will inevitably rise when commodity pi icos have fallen
the peritKl when deflation is in progress the tendency of bond pricvs to rise is
retarded, however, by the pressure on the market of holdings of business
men and companies. They are unable to liquidate inventory and other
supposedly current assets, because of the depression and the reduced buying
power of the people, and are. therefore, ob.iged to realize on their reserves
On
of capital of which, of course, Oovernmeiit bonds are the most liquid.
account of the waste of capital during and since the war there will be
stupendous demand in this country for investment at home and abr<Kid and
I expect to see very high Kites paid by foreign States, municipalities and
companies for the capital of those who ai-e speculatively inclined. Oh the
other hand. fJio disintegration of Kuroi)e is making it steadily more difficult
for her to convert her appetite for our products into an effective demand.
Curtailment of Ktirope's effective buying power may reflect in a more or
less protracted period of depression here during which demands of American
companies for capital would be relatively small. The fact that .\mor)ca is
the only country in the world which maintains an absolutely free gold
market, that our institutions are more st.able than those of any other
country, that we still have vast unexploited resources and are underpopulated so that our labor problem is more sympathetic than it is real, will lead
the more conservative of American Investors to prefer investment at home.
There will con.sequently be a tendency towards a greater differentiation
between the rate of interest on foreign investments and that on domestic
If and when
investments, particularly United States Government bonds.
the American investors present apprehensions of ftirlht!r recUltss expenditures by their Government, and of uiLsound financial and banking policies,
is removed. I look for a pretty steady and rapid appreciation in the market
price of Liberty Bonds.
The
It is. however, proposed to refund the Government's war debt.
Of course, you
principal object is to put Liberty Bonds immediately to par.
know that can not be done. An increase in the interest rate on the longer
Liberties would tend to raise the market price of them, but that tendency
would not become an actuality unless and except as a preponderance of
buyers* over sellers was developed. As the market price rose, at each
fractional increase in price, additional selling would be encountered, from
those who bought their bonds lower down and who wished to realize their
profits, or who for other reasons had refrained from selling at the present
depreciated prices. The increase in interest rate would not add any real
wealth to the savinr; I'lmd of the Nation. The increased interest rale might
attract to the market for Liberties money now on deposit in bank, and to
that ext«nt the economic effect would be wholly good. Tt may be questioned, however, whether any very considerable sums are now deposited
in banks to the credit of investors awaiting capital investment, for the
Government's Treasurj' Certificates have long afforded the investor who
BtiU hesitates to make a permanent investment, an opportunity to emiJloy
his fimds temporarily and without risk at rates of interest running from
from .5}£. to
with valuable exemptions from taxation added. The buying power for the rise in Liberties in consequence of an increase in the
interest rate would, therefore, have to be supplied in large measiu'e by
sales of other securities, of bonds and shares of railroads, public utilities and
industrials.
This selling would tend to depreciate the market prices of
miscellaneous securities, increase the interest level and. in turn, depress
Libei^ies in sjinpathy.
Thus wo should travel around the circle and find
ourselves back al>out where we staitt'd.
Should we have gained anything in the ))rocess? I think not. Liberties
would be selling a little higher in the market but on approximately the same
interest basis as tney are selling to-day.
Miscellaneous securities would
be selling somewhat lower in market value and on a somewhat higher
interest basis than to-day.
The cost of capital and the general interest
level would be raised throughout the country, although it is high enough
now in all conscience.
The really needy and ignorant bondholders who. if any. are entitled
to the Government's charity would, as we have seen, be excluded from the
benefits of this bondholders' bonus.
The beucficiarits would be. first,
those speculators and capitalists, large and small, who had the sagacity
and prudence to buy Liberties at depreciated market prices from those
subscribers whose poverty or folly«dro\e them to sell, and. second, these
original suljscribers whose foresight and means enabled them to hold their
bonds. The original subscribers who .still own their bonds do not need and
I am sure 1 speak for the great bulk of them
do not want the Governwould not
ment's charity. 'We Ixnight our bonds to help win the war.
have driven a hard bargain with our Government in its neetl if we could.
scorn to feed now at the public trough.
'We knew we were making an
investment the market value of which was unascertainable on account of
abnormal ecxmcmic and financial conditions.
knew that the future
market value of Liberties would be subject to the vicissitudes of war and
readjustment. It is true that we did not foresee the extent of the financial
burden which would be thrown on the Governnient hy the war nor the
extent of the demoralization of financial and economic conditions which
would follow the war. Nevertheless, we are on the whole better off for our
investment in Government Donds than if we had not made it. .Mmost
any other inv(«tment we might have made with the same funds would
show us to-day greater depreciation in market value, if not actual lo.ss of
principal.
AVe are comfortal)le in the receipt of an income which, judged
by normal standards, is ample, and we are content to set off, against the
loss of an opportunity for speculative profit growing out of the war, the
certain safety of our principal.
Some of those who advocate a refunding plan propose to isstic a bond With
an adjustable rate of interest modeicd no doubt after the Briti.'^h Government's five-fifteen year Treasury bonds. These bear interest at a minimum
rate of ,5% per annum, but the rate is increased to 6% if the averagt rate on
Treasury bills exceeds 5)4% and to 7% if the average rate on Treasury
bills exceeds 6>2%As Treasury bills have been on offer throughout the
year since April 14 1920, at 6'-^%, these bonds bear current interest at
the rate of 7%.
The bonds mature on May 1 193.5, but the holders have
a put and the Treasury has a call for the redemption of the bonds at par
and interest on and after May 1 192.'>. The Chancellor of the Exchequer,
n announcing the issue of these bonds to the Hou.se of Commons, said:
Bond
I
.
6%
—
—
,
,
We
We
We
"The House will see that the arrangement in regard to interest is designed
to protect the holder of the bond against capital depreciation when rates
or short money are high, while at the same tlmethes axpayeris protected
510
against tht! burden of paying a higher rate of interest than ^i% over a long
period.
This arrangement will also, It is hopud, prevent the new issue from
causing fiu'ther capital dejireciuliou upon existing Government issues.
"
Notwithstanding the very high rate of current JnMrest, the issue
ing with very
Is
meet-
success.*
You will observe that the Hrltl-h Treasury showetl greiit Ingenuity in
devising a bond, primarily intended to bo sold by continuous talo over the
counter as bonds were sold by the British Government so Kucxst.ssfully
during the war. The condition of succerss in such au undertaking is to
devise a boiul which will have a stabilized market price. The object was to
find a bond which would sell at or about par during the prtisent iMJrlod of
high Interest rates and yet would not be Inordinately costly to the Government during the long future when of course, interest rate.s will come down.
Mudi may be said for tho adoption of this ingenious device by the British
(iovc-rnment to meet the exlgencliw of Its own peculiarly difficult problem.
.\t the end of the war (ireat Britain's floating debt approximat«-d ten billion
dollars and all efforts to fund it hail been alxirtive.
The adoption of a dear
money policy by the British Treasury and tho Bank of Kngland in the auliiiim of 1919 removed the la>»t hope of a successful funding operation on a
large scale.
In this situation the British Ti-oiisury Ls to b<,> complimented on
its ingenuity in devising an expedient which could under those condiiioas
do no considerable harm and, it was hoped, might do some good.
Our own Tn-asiiry however, is in no such straits, Tho adoption of a dear
money policy here was deferred until the floating debt had been reduced
to manageable amounts and maturities.
There can be no poKsiblo excuse
for the adoption here of such a bond.
It can find its only justification in
liniiti"d
,
uece.ssity
Tho
stabilized
practice;.
to put their
to reinvesting it,
wi.sli
bond
is
un.sound in economics and
it
will
not work
In
now may be divided into tw o classes. First, those who
money out for tho time being at liigh rates, with a view
when they have made up their minds that the propitioas
Investors
moment has come,
for as long a period of time and at as high a rale of interest
as they can get.
Second, tho.so who now are nsady to put their money out
for a long period of time; they, of course, wish to jnit it out at the highest
possible rate and for the longest po.ssible time.
The devic<:! of a bond which
is neither a bond nor a note appeals to neither.
By trying to sit on both
stools wo fall between them.
Now wt} ai'e getting the money of the first
class by the i.ssuo of Treasury Certificates, and the money of the second
class Ls going into Liberty Bonds in the expectation of a great enhancement
in value.
A long time bond, which is intended to proUjct the investor,
against loss but gives him no guaranty against it, and which on the other
hand, is carefully devised to make sure that he shall not make a profit,
would make a vei-y limited appeal in these days of great opportunity for the
man who has funds to invest. Any such issue would be a failure and a
silly one.
And it ought to fail. During the war the most ovenvorked word was the
word "coordinate." The man who wanted to "coordinate" was oft^eu
trying to camouflage his unwillingness to co-operate.
Toward the end of the
war tho Allies stopped coordinating their activities and began to cooperate
under Foch, their supreme commander. That was the end of the Germans.
.\fter we had stopped trying to coordinate we began to "stabilize."
That horrid word took tho place of coordinate and became a fetish. There
were tho.se in Europe who in the summer of 1918 talked about the economic
stabilization of the war.
A.ssumiug that the war would continue indefinitely
they proposed that fighting men should be withdrawn from the armies of
England, France and Italy, as the American army grew, in order that the
industrial life of those allied countries should be stabilized.
Fortunately
the wisdom and courage of allied statesmen were proof against the seduction
of stabilization and the war was won in .short order.
There were those who wanted to stabilize the dollar in foreign exchange
during the war. They besieged the Trcsisury with demands that the
dollar bo maintained at par in neutral countries, where it was at a dLscoiint.
After the war was won and the dollar went to a premium everywhere, some
of them were equally vociferous in demanding that \hese and other foreign
currencies be stabilized at par in terms of the dollar, notwithstanding their
depreciation at home. There are thoso who advocate a plan for stabilizing
the dollar at home in order to prevent price fluctuations. The Treasury
it.self fell for the proposal to stabilize Liberty Bonds by means of a bond
purchase fund, and with what success you know. Government agencies
have tritKl to stabilize prices and wages and rates of transportation on land
and .sea and failed lamentably. The fact is that fluctuations in these
things result from the operation of economic laws. They are symptomatic
of disorder or of the return to order, as the case may be. The man who
wants to stabilize wants to conceal from us the effects of the operation of
those laws.
He camiot do so forever. He may for a time.
If the
Rising prices and falling bond values are symptoms of disorder.
patient has a fever, we cannot cure it by plugging the thermometer so the
mercury v> ill not rise.
may keep ourselves and him in ignorance of his
true condition until it is too late.
A bond perfectly stable in market price
would be nothing but interest-bearing currency. Secretary Chase gave us
our fill of iiueresi-beariug currency during the Civil War. If such a bond
does not come down in price, commodity prices will go up. so that its true
value, as distinguLshed from its nominal value, will be correspondingly
Impaired. Liberty Bonds were not meant to be tre;ited as spending money.
When the people treated them as spending money they went down and the
very depreciation of the bonds acted as a check on the desire to spend
them. Liberty Bonds will go up again when the people's .savings exceed
the waste of war and after the war. Appreciation in value will be the
reward of public and private thrift as depreciation was the punishment of
public and private waste. A stabilized bond is not only impracticable
but thoroughly vicious and harmful in economic effect. It is an attempt
to deprive thrift and foresight of their reward and save folly and waste
from their punisiiment. You caimot make a silk purse out of a sow 's ear,
nor make a spendthrift people rich without changing their ways.
It is urged by those who advocate the refunding plan that we should
refund not only the long-time bonds but the Treasury Certificates, War
.Savings Certificates and Victory Notes.
The chances are. however, a
thousand to one that if any .such offer be made, it will prove unattractive
to the holders of the Government's short paper, who enjoy the present
high rates of interest and are free to make some other profitable long-time
investment whenever they choose. The plan, therefore, involves the
strange anomaly of a government, confronted by the nece.ssity of financing
early maturities, increasing tho interest rate on its longer maturities without
any rea.sonable expectation of relieving iUself of the shorter maturities.
Those who advocate the refunding plan seem to think that there is some
advantage to be gained by consolidating the whole public debt into one
Of course,
is.sue bearing one rate of interest and having one maturity.
One
so far from being an advantage, it would be a great disadvantage.
difficulty with the public debt Ls that there is so much of it and the loans
were _ssued in such rapid succession that the investor could not have
adequate diversification of his investments. Investors have been taught
to seek diversification.
At present the various i&<ues offer the greates'
This Is about all
possible diversification of matuirity, tax exemption, etc.
We
'
Economist." London.
May 1
1920.PP. 899 915; Dec.lS
0. p.
1069
.
THE CHRONICLE
520
the (liversiflcatlon of public issues that
Is
possible.
If the
Oovomnient
should fund the whole debt Into one Issue of one maturity, It would deprive
Itself of the advantage of appealing to the man who has funds to invest
for thirty days and the man who has funds to Invest for thirty years and
to those who have funds which they wish to Invest for any intermedlata
period
Of course, that
Is not actually what would happen, because the Government has no means of c^Ullng the various Issues of Treasury Certificates,
notes and bonds for retlcniptlon at present, and the effect of offering a new
refunding Issue would not bo to rotlre all Becurllies of outstanding issues.
l)e simply to add one more to the total number of outstanding public debt issues.
Not only Is the consolidation of the public debt into one Issue undesirable
from the point of view of attracting the money of the Investor, t)ut it would
be a calamity from the point of view of the Treasury's financial operations.
The maturity of .?24. 000, 000, 000 of bonds at one time is unthlnliable. The
consolidation of oven tlio interest on such an amount so as to make it payable twice a 3'car would involve financial operations of unnecessary magnitude and difficulty. It was the study of the Treasury throughout the war,
not only to divide tlie maturities of the public debt so as to reduce the
amount of the refunding operation to bo performed at any one time to a
minimum, but also to reserve the right of redemption before maturity and
to letter the lx)nds so that any pne maturity could be subdivided and the
refunding of it handl<'d in modest amounts at reasonable intervals. A
consolidated public de))t of any great magnitude is without possible e.^icuse,
except In the ca.st of annuities such as French rentes and IJritlSh consols,
which have no maturity at all and are a perpetual charge subject to redemption »t the pleasure of the Government only.
The effect would
•
IV.
Cause and Cure.
The trouble with the world to-day, the trouble in the United States,
the trouMe with the Treasury, is waste, war waste and waste after fighting
stopped.
Do not misunderstand me. I am not one of those who criticise the extent
and character of the expenditures made by this Government during the war.
Every cent spent was well spent, because it was spent in the effort to win the
war and win it speedily. Every moment's delay meant a loss of lives,
meant the possibility of defeat. America's supreme duty from April 6
1917, to Not. 11 1918, was to malce our effort as great and as prompt as
was humanly possible. Caution in expenditure, cheese-paring, might have
reduced the bills in the first instance, but against every penny saved in
that way we should have had the lives of good Americans, good Britishers
and good Frenchmen to account for. There was no time to haggle and no
time to cotmt the cost. The war had to be won and had to be won quickly.
The men who spent money like water and produced that result
It was.
are entitled to our undying gratitude. They saved hundreds of thousands
or millions of lives and billions of dollars. The most costly thing imaginable would have been delay.
To be penny wise was to be pound foolish.
But war is economic waste. We consumed more than we produced, and
we set millions of men about the business of destruction.
After the war was won we did not stop the waste. Fighting went on in
Europe sporadically. Men remained imder arms and out of productive
employment. At home we were quicker to restore the fighting men to peace
and peace pursuits. But we continued to make arms and munitions, probably from fear of tmemployment. We did not promptly dispose of our surplus war supplies, probably from fear of bringing on depression through
reduced prices.
Our Government continued to build ships at war costs of labor and materials under the pitiful delusion that that was the way to build up a merchant
marine. The Treasury has received notliing, or next to nothing, from the
proceeds of sale or operation of ships and shipyards, in which billions were
invested, the whole proceeds being turned back into new construction, &c.
Under the impression that an increase in railroad rates would increase
the cost of living, our Government operated the railroads of the country at
a loss until last September. For a period of years the Government has
been lending money to the railroads at less than the market rate. That
loss and these loans are reflected in our Government's enormous floating
debt and in fact contributed directly and indirectly to increase the cost of
,
living.
Every consideration of business prudence demanded the prompt establishment and maintenance at all times of rates which would enable the railroads to operate not only without loss but with such a margin of profit as
would make it possible for them to obtain new capital or to refund old debt
by selling securities to the public. Instead of that we furnished transportation at leas than cost and the American people are paying the bill.
Since armistice day our Government has been pursuing a militaristic
IKjlicy, inrolving the maintenance of a great army and the building and
maintenance of a navy second to none. The War Department and the
Navy Department alone spent about as much in the last six months as
before the war it cost to run our Government for a year.
The actual cash outgo from the Treasury was twenty billion dollars in
two years after armistice day as great as in 19 months of active warfare.
The Government of the United States expended during the last six months
of the calendar year 1920, more than two billions and a half or at the rate of
five billions a year.
The militaristic policy of our Government with respect to the Army and
Navy, and its policy with respect to railroads and ships, which if persisted
In can lead only in the end to socialization of these means of transportation,
are responsible more than anything else for the post-armistice inflation of
the public debt, and of currency and credit, and for our inability to respond
to the needs of Europe growing out of the war.
When we consider that
the total public debt is but $24,000,000,000 and that more than $20,000,000,000 has been paid out siince armistice day, it becomes clear that other
policies would have made it possible to retire the whole floating debt and a
good part of the Victory Loan before this out of current taxes and salvage.
The outstanding lesson of the war was that ultimate victory would re^t
with the country having the greatest resources in men and things. Far a
country like the United States, protected by the deep sea from every formidable foe, the only kind of a preparedness which is worth anything is
economic preparedness. The great incentive to war is military preparedness.
Germany was finally forced to war by the necessity of realizing something on her investment in soldiers and shells and battleships. The economic burden of her military and naval expenditures became too great to be
endured longer unless it could be made productive, so she set out for a short
war In confident expectation of a speedy dividend in colonies and indemBut France was able to draw on the resources of England first
nlties.
and later of the United States. The short war became a long war, and
Germany's economic exhaustion brought about her collapse while her armies
—
r:':uaiae<l intact.
ought not to wait for an agreement on disarmament. We ought to
an example. By our strength, by our wealth, by our relative immunity
We should not only set an
f:-.K'!i attack, we are in a position to do it.
example by disarming ourselves, but we should insist on seeing that example
We
f
I
f
s'"-
[Vol. 112.
followed, by refusing credits to those countries which persist In undermining
their financial strength by wasteful expenditures on arms and armies.
arc In a position to lead the people of the world out of the bondage of
militarism.
If we take the step, cut military and naval expenditures to
the bone, and abjure subsidies and doles, neither the floating debt nor the
funded debt will bother us again. If we do not, make no mistake, the future
of America, of that western civilization of which we are a part, is In gravest
Wo
peril.
ALLIES' INDEMNITY DEMANDS ON GERMANY.
The payment by Germany of an indemnity totaling
220,000,000,000 gold marks, in annuities covering a period
of 42 years, is called for in an agreement on reparations and
disarmament reached by a committee of experts of the
Allied Supreme Council at Paris on .Jan. 28 and approved on
•Ian. 29 by the Supremo Council of the Allies.
The reparations conference was opened at Paris on .Jan. 24 and was
attended by representatives of Great Britain, Italy, Belgium and France, and was regarded as one of the most
important of the sessions of the Allies since the Paris conference from which developed the Treaty of Versailles. The
conference just ended was begun in the cloak room of the
Foreign Office; the cabled accounts to the daily papers saidThe horseshoe shaped table was set exactly as for the former meeting,
only that instead of Georges Clemenceau In the chair of the presiding
Briand, the French Premier, occupied the place, with
Premier Lloyd George of Great Britain at his right, the place formerly
held by President Wilson.
The deliberations, which at the outset dealt solely with the question of
German disarmament but 'ater were to include the high'y important Issus
of German reparations, the sum and the manner of their payments, were
conducted in the strictest secrecy, the officials o' the French Foreign
Office receiving instructions to have nothing whatever to say to the newsofficers, Aristide
paper men.
The varying views which developed at the conference as
to the amount of the war indemnity which should be exacted
from Germany made necessary the reference of the matter
to a committee of experts of the Council in order that some
unanimous conclusion might be reached.
differing views,
In referring to the
the Assoeated Press in Paris cablegrams
Jan. 26 said:
The members
of the Allied Supreme Council spent most of the day in
private conversations discussing reparations. The two meetings of the
council were devoted to hearing the statement of the French Minister of
Finance, M. Doumer, on reparations and in considering the status of former
Russian States.
Reparations will again come before the council to-morrow, along with
the military experts' report on disarmament. The French attitude, as
outlined in M. Doumer 's exposition on the subiect before the council, is
that the Allies should stand upon the Tieaty of Versailles so far as reparations are concerned.
It was decided this afternoon that Letvla and Esthonia shall be recognl',ed
as sovereign States. Action regarding Lithuania and Georgia was deferred
pending further information. It is expected that Georgia's representative
wUl be heard during the present conference of the coimcil, but the decision
with regard to Lithuania may be delayed untU the result of the League of
Nations plebiscite in the Vilna region is known.
Premier Lloyd George and President Millerand had occasion at lunch to
discuss at some length the report on reparations made by M. Doumer.
Immediately after adioumment of the afternoon session Lloyd George and
M. Jaspar and Colonel Theunys, respectively Foreign Minister and Finance
Minister of Belgium, went into conference in Lloyd George's apartment,
presumably regarding the same subiect.
M. Doumer in liis report held that Germany could easily pay 12,000,000,000 gold marks on her exports. Premier Lloyd George remarked that
M. Doumer's statement contained indications of very different estimates
'^e recalled that the Brussels Financial Conference
than those given so far.
only recommended that the Supreme Coimcil claim 3,000,000.000 gold
marks in money and goods from Germany for a period of five years.
Accordingly M. Doumer was asked for further elucidation, and he will
furnish supplementary documenfs. Mr. Lloyd George, it is understood,
although showing the greatest sympathy for the sacrifices and needs of
France, maintained that the problem had to be considered as a whole. It
was a question not merely of setting France on her feet, but re establishing
the economic system of the whole of Europe.
The British delegation will for the moment stand by the figures of the
Boulogne agreement, whereby Germany is to pay an average of over six
billion gold marks per annum, a viewpoint which is fuUy supported by the
Belgian delegation. The French delegation, however, appears averse to
accepting the figures unless certain supplementary concessions are accorded,
including priority for France in special cases ond remission of the interAllied debts.
There the matter stands, but it is felt in conference circles that there is
ground for hoping taat private conversations and open debates in the next
few days will lead to bringing about an agreement among aU the AUiee on
this capital problem.
In addition to fixing time limits in the disarmament clauses. Marshal
Foch's report demands as indispensable the adoption of penalties for noncompliance, notably the occupation of further German territory, such as the
Ruhr, and the extension of the period of occupation of the Rhineland.
The committee of experts to which the question of repara-
was referred on Jan. 27 was composed of MM. Loucheur and Doumer for France, Baron d'Abemon and Sir
Laming Worthington-Evaps for Great Britain, Colonel
Thennys for Belgium, Signor Giannini for Italy, and Kengo
Mori for Japan.
tions
On Jan. 28, in reporting continued differences at the
conference on the question of reparations, the Associated
Press accounts from Paris said:
The divergence of views of the members of the Allied Supreme Council
r^ardlng German reparations caused an interruption of the conference today, and in some quarters it is regarded as in danger of breaking up.
The Council reached the most critical stage of its deliberations this afternoon. The crisis came over the question of fixing the total amount of
THE CHRONICLE
Feb. 5 1921.]
The uesslon
reparations due from OcTmany aucl ibo meihoUs of payiueiit.
which was to have bet{uu at 4:30 o'clock tbts afturiioou was abaiiUoiied.
The special (^ommittoo on Ueparatious is contiuulng its efforts to reconcile the different viewpoints, while M. Brland and Mr. Lloyd (Jeorgo will
try to find a solution in private conversations.
The optimistic feeling of this forenoon, when the members of tiio specla
reparations committee appointed yesterday expressed pleasure wth their,
progress, was soon dlssi|)ated uhon the Uritlsn Prime Minister found the
projects under discussion by the committee were entirely uusiitisfactory to
him. He sent at once for M. liriand. I'resident of the French Council,
and conferred with him for an hour and a half. The iielgian representatives
were to meet Lloyd George later rogardhig their proposals.
Progress toward reaching a solution of the prot'lem of German reparations
was reported by the expert committee on the subjtvt, appoinlt>d ytsterday
by the .Supreme Council, when the committee adjourned this noon after a
two-hour discussion.
The basis of the discussion was the Belgian proposal, presented by
M. Jaspar, Belgian Foreign Minister, that (ierniany bo compelled to make
annual reparation payments of 6.000.000,000 gold marks as a maximum,
and .'J, 000. 000. 000 marks as a minimum. As outlined by M. Jaspar in a
statement last night his plan would not fix the number of animal payments,
but would leave this to be determiued at some later time.
A
cabletfram (copyri^lit) bearing the
New York "Times"
to the
same date
(Jaii.
28)
from Paris, gave the following
Information relative to the difficulties in the
an agreement:
way
of reaching
Mr. Lloyd George was smoking his long, mild after dinner cigar and toying
with a liquer glass he did not empty. It was at the end of a strenuous day
in which he had driven home at the Allied Confeience liis theme that the
time had come "to write the balance sheet of Europe." The doughty
Welshman was weary, and what man would not be who bore upon his
shoulders not only the troubles of the British Empire but a goodly share of
those of
all
Europe'/
of his guests at dinner. I was ILstening to him soliloquize on the
trials of the world, as ho is wont to do at times.
"What is the hardest problem of the reparations situation?" I asked.
"All the allied nations are agreed
"It Is this," the Premier replied.
that Germany must pay her indemnity by exports. All the allied nations
are agreed they do not want German exports.
As one
after war
Prance thinks England should take German exports and enable GerWe think France
to pay the reparations with what we would owe.
stands much more in need of German exports than we do. And your own
Mr. "Warding said he was determined on one thing that Europe should not
pay her debts to America by sending goods.
"Every nation wants to protect its own industries. Every nation wants
Germany has not gold enough to pay the Allies.
to collect it« debts.
The Allies have not gold enough to pay America. And everybody Vfants to
be paid in gold.
"To find the answer to this situation is not only the hardest reparation
problem, it is the hardest problem of the whole world today."
And it may be added that of 1.500.000,000 marks' worth of goods Germany offered France in 1920, Franco accepted 20,000,000 marks' worth.
The plan finally agreed to by the committee of experts on
many
—
Jan. 28, and approved on Jan. 29 by the Allied Supreme
Council, was summarized as follows in copyrighted advices
to the New York "Times" from Paris, Jan. 29:
In forty-two years Germany shall pay to the Allies the sum of
First
—
226.000.000.000 marks in gold, or
—
its equivalent, on this scale
2,000,000,000 marks annuaUy in 1121 and 1922, 3,000,000,000 marks annually in 1923.
1924 and 1925, 4,000,000,000 marks annually in 1926, 1927 and 1928,
5,000,000,000 marks annually in 1929. 1930 and 1931, and. 6.000,000,000
muks annually from 1932 to 1962.
.Second Germany shall pay to the Allies for forty-fwo years an annual
tax of 12% upon the total of her exports.
Third Germany shall revise her interior fiscal system, balancing her
budget and curtailing the issue of paper money, increase her taxes generally,
raise the imposts upon alcohol and tobacco, and increase railroad fares and
—
—
postal rates.
Fourth In case Germany doe^ not fuif iil these conditions the AUles have
the right to seite the German. customs. Impose direct taxes in the Rhineland
and otherwise exercise financial control upon Germany. In addition military penalties will be provided.
—
The Associated
to the export
duty
Press cablegrams of Jan. 29, in referring
of 12% which will go to the Allies, stated:
On the basis of last year's exports, this would give the Allies 1 ,250,000,000
gold marks, or 12% of whatever money in which the exports are paid for.
Thus, it is estimated the first payment made by Germany wiU be 3,250,000,000 gold marks, the export tax being paid entirely in cash.
It is pointed out that, besides being a sure method of collection of the
reparations, it will act as a protective tariff in countries that are neighbors
of Germany, which are likely to be flooded with goods made in Germany
at a very low cost of production, because of the relatively low value of the
mark and which consequently can be offered in foreign markets at low prices
,
in foreign
money.
The proposal to apply penalties to the reparations and other agreements
was presented by Premier Lloyd George.
According to the terms of the arrangement the annuities and export
taxes are payable semi-annually.
Discount for advance payments will be
8% for the first two years. 6% the third and fourth years and 5% there-
Germany
forbidden to establish foreign credits without the approval of the Reparations Commission.
The Council agreed to adopt the Reparations Conuulssion's proposal that
Germany should deliver 2,200.000 tons of coal monthly, beginning in Fel>ruary, and any balance remaining under the Spa agreement, terminating
Jan. 31. There will be no further premiums of five marks gold a ton, but
two marks gold will be allowed for a special quality of coal.
The Supreme Council's decisions were commimicated to Germany to-night.
In the attempt to aid Austria it was agreed that the Allies should forego
reparations, the cost of the army of occupation and certain other Austrian
debts to the Allies in order to enable Austria the more easily to obtain outside aid.
It also was decided to convene in the neighborhood of Trieste a
conference of Austria and adjoining countries for the puiTJOse of endeavoring
to Improve economic, commercial, financial and political relations among
the Central European States.
Approval was given to M. Loucheur's proposal for a 200,000,000 franc
corporation to assist Austrian industries, in which the different Governments
may participate. A commission will be appointed to inquire into the conduct of the Austrian Administration with a view to suggesting economies
and improving the various services.
The British Prime Minister expressed lively satisfaction over the fact that
the Allies had maintained their solid front. In taking leave of his colleagues he said:
after.
is
521
"We
shall be glad to try to give you in Ixiudou as cordial a reci-plion aa we
receivtxl here, and we hope that you will be able to confront the l^ondon fog
the more courageously since the fog of tae conference has been dissipated."
The Council adopted the following resolution:
"The .Allies, convinced tlxat close union is as neceisiary in the present
peace as it was in the war. are resolved to allow uutliiug to Impair It. They
consider union aa the sureat guarantee of the peace of ihe world, the eitecutlou of the treatiea and fidelity to international engaguiments and ptmalttet
agreed to."
all
One
agreement reached will prethe United States
witliout the sanction of the Reparations Commission, this
of the provisions in the
vent any borrowing by
provision
"Germany
shall
not
directly
credit operation outside her
own
terril^)ry
stipulating
embark on any
Germany from
that
without the approval of the Reparations Commission." The
details of the Allies' note to Germany in the matter are furuiahed as follows in the Associated Press advit^es from Paris
Jan. 30:
The document signed by the Supremo Council of the Alli»-8 Ian night by
which the reparations and disarmament decisions of the Allies will be conveyed to Germany was delivered to-day to Charles Bergmann, German
Under .Secretary of State for the Treasury and he.ad of the German delt>gation in Paris, with a letter of transmittal marked "confidential."
'I'ho letter with two notes on reijaratious and disarmament totals 2, .500
words.
The letter of transmittal, which is dated Jan. 29. reads:
"Sir The Alli(xl conference which met in Paris from the 24th to the 29th
of January 1921 has taken the following decisions:
"1. As regards the disarmament of Germany the Allied Government
have approved the conclusions formulated in the note attached hereto.
"2. As regards the question of reparations the Allied Governments have
unanimously approved the proposals formulated in that document, also
attached hereto.
"The Allied Governments have on former occasions and again to-day.
In consenting to fresh delays in the matter of disarmament, had due regard
to the difficulties that surround the German Government in the execution
of the obligations which have resulted from the Treaty of Versiiilles.
They
have formed the hope that the German Government will not place the
Allies, who confirm their previous decisions, under the necessity of envisaging the grave situation which will be created if Germany persists in failing
to meet her obligations.
"Qualified delegates of the German Government will be invited to a meeting in London at the end of February with delegates of the Allied Govern-
—
ments."
The reparations note bears the title "An agreement between the Allied
Powers for the settlement of certain questions relating to execution of the
Treaty of Versailles."
The note
reads:
For the purpose of satisfying the obligations Imposed upon
"Article 1
her by Articles 231 and 232 of the Treaty of Versailles, Germany shall, u-respective of the restitution she is to make under Article 238 and of any other
obligation under the Treaty, pay
"I Fixed annuities payable half-yearly in equal parts as follows:
(a) Two annuities of 2,000,000,000 gold marks from May 1 1921 to May 1
1923; (b) three annuities of 3,000,000,000 gold marks from May 1 1923 to
May 1 1926; (c) three annuities of 4,000,000,000 gold marks from May 1
1926 to May 1 1929; (d) three annuities of 5,000,000.000 gold marks from
May 1 1929 to May 1 1932- (e) thirty-one annuities of 6,000,000,000 gold
marks from May 1 1932 to May 1 1963.
"2 Forty-one annuities running from May 1 1921, equal In amount to
12% ad valorem of German exports, payable in gold two months after the
close of each half year.
"In Older to insure complete fulfillment of paragraph 2 above. Germany
will give to the Reparations CommLssion every facility for verifying the
amount of the German exports and^for the establishment of the supervision necessary for this purpose.
The German Gover-ment 'wiU transmit forthwith to the
"Article 2
Reparations Commission notes to bearer payable at the dates specified in
Article 1, paragraph 1, of the present arrangement.
The amount of these
notes shall be equivalent to each of the half-yearly sums payable under
said paragraph.
"Instructions shall be given to the Reparations Conmiission with a liew
to facilitating realization by the Powers which so demand the share to be
attributed to them in accordance with the agreements in force between them.
Germany shall be at liberty at any time to make payments
"Article 3
in advance on account of the fixed portion of the sum owing.
"Advance payments shaU be applied in the reduction of the fixed annuitlea
provided for in the first paragraph of Att.icle I
For this purpose annuities
until May 1 1923.
from May 1 1923
shall be discounted at the rate of
from May 1 1925.
to May 1 1925,
Germany shall not directly embark on any credit operation
"Article 4
outside her own territory without the approval of the Reparations ComThis provision applies to the Government of the German Empire,
mission.
to the Governments of the German States, to the German provincial and
municipal authorities and to any companies or undertakings under control
of said Governments or authorities.
In pursuance of Article 2 18 of the Treaty of Versailles all the
"Article 5
assets and revenues of the Empire and of the German States shall be applicable to insure complete execution by Germany of the provislona of the
—
—
—
—
—
.
8%
—
6%
5%
—
present arrangement.
"The proceeds of the German maritime and land customs. Including In
particular the proceeds of all import and export duties and of any tax
subsidiary thereto, shall constitute special security for the execution of the
present agreement.
"No modification which might diminish the proceeds of the customs shall
be made in the Gorman customs laws or regulations without approval of
the Reparations Commission. All German customs receipts shall be
encashed on behalf of the German Government by a Receiver-General of
German customs appointed by the German Government with the approval
of the Reparations Commission.
In case Germany shall make default In
any payment provided
for In the
present arrangement:
the hands of the
"(1) All or part of the proceeds of the German customs
Receiver General of German customs may be atuched by the Reparation
Commission and applied In meeting the obligations in respect of which
Germany has defaulted. In such case the the Reparation Commission
may. If it thinks necessary. Itself undertake the administration and receipt
m
of the customs duties.
"(2) The Reparation Commission also may formally Invite the German
Government to proceed to such Increases of duties or to take such stepa fer
THE CHRONICLE
522
the purpose of
bary."
Incroaslnii; its roMiiirccs as
lUo commLssion
may
think necos-
<'a1»l(')j;r;iins of .Jan. ."{() said that formal
pi-oposals
reparations plan would ho presented to the (Jernian
experts at Brussels, Feb. 27, and that the German ministers
would l)e invited lo discuss the proposals at a meeting to he
held in Loudon on Feb. '2S.
It
was stated in cablegrams
from Paris on Jan. .31 that the Allies have formulated a
definite and elaborate i)rop:rani as a basis for tlu; discussion
of the conference of experts which is to be resumed at
Brussels the current month.
The cablegram also says:
I'uris
of
llic
Satisfaction of the Roneral public of Franco over the plan for the collection
of German reparations decided upon by the Allies arises in great part from
the expectation that tlie first effective payments by Germany will make
available for ncKotiations or for use as security the French share of the
60.000,000,000 gold marks in bonds already delivered by the Germans to the
Rei)arations Commission.
The British agreement not to utilize Great Britain's claim upon Germany
as a basis for loans during the next five years leaves the financial market
open to France for that period. She intends to make use not only of her
share of the bonds, but also her part of the 12% tax on Germany's exportation.s to raise money to cotitinue the work of reconstruction in Northern
Franco.
We
quote the following Associated Press advices
from London, Feb. 2:
The conference called by the Supremo Council for London Feb. 28. to
also
which the Germans willl be invited, will not be to pronoimce an irrevocable
sentence regarding reparations, from which the Germans will not be able to
appeal, it was authoritatively stated here to-day. The conference, rather,
will be designed to produce a declaration of the principles of Germany's
indebtedness.
It is even probable, it is stated, that the 12% tax on Germany's exports.
provided for in the Paris terms, may be altered, although the principle of
the right to impose such a tax will be retained. The export tax measure,
it is asserted here, was strictly a French proposal, advanced for the purpose
of guaranteeing the fullest protection from future German aggression.
Invitations to Germany to attend the conference will be despatched in a
few days, and the British officials do not even consider the possibility of
Germany refusing to attend. They declare it will be only worse for Germany if she declines.
The Supreme Council fully C'xpected German protests on the reparations
announcement, but, as a matter of fact, the protests are not so great as
anticipated, in view of the objections taken by Germany at the time of the
Peace Conference.
.
The intention of Germany to reject the proposals is referred to in another article in to-day's issue of our paper.
GERMANY'S REJECTION OF ALLIES' INDEMNITYTERMS.
[Vol. 112.
The Kntente will permit me to way that I regard their threat to r<!fuBe our
entry Into the Li^-jgue of .Nations a,s i)remature. as we have not yot asked for
adriiis.sioii.
(Hhouts of "Hear, Hear.")
f)n th<- contrary, as far as the League is concerned, the Inducement to
enter It is nf)t at pr<«ent so great as to counttTact the terrors of non-entry.
Weha\e Ix-en informe<l that Cierman plenlpolentiarhs would be Invited to
meet Alli(<d deloKates in London at the end of February. I would point out
that the invitation has not yet l>e(;)i received, but that the fJcrman <iovornmenl nmst now say. and I have the authority to say It. that the arrangement
as set forth in the Entente's second note Is not regarded by us as a possible
ground for further negoti.itions. ILoud cnecrs.)
It will naturally be our duly to do our utmost, despite formidable dlfflcullles. to draw up clear eounter-proimsals.
It should not be assumed that,
e\en If these demands have been Impostxl upon (;crraany. so much can be
gotten out of her as is expected. An appeal must be nuule lo (Jerman free
will.
The German will not labor as a slave In the same manner he doep
when he
is
a free
man.
For us a valuable concession lies in the fact that the arrangement has departed in so many ways from the Peace Treaty, and we shall take advantage
of this.
Humming up. I reiterate that we cannot accei)t as a basis for further negotiations the arrangements suggested by the Allii«.
shall now seek to
dr.iw up new proposals to pres(mt to the .\llicd (Jovernments.
The de<;laration of Dr. Simons apparently was less emphatic than had
been expected by many of the listeners, who were looking more for a defiant
position than a suggestion which might pave the- way for an exchange of
We
notes between
From a
now and Feb.
28, the date of the
special copyright cablegram
New York "Times"
Feb.
1
we
London conference.
from Berlin
to the
take the following:
I have good reason to believe that the following represents the German
Government's proposed policy in regard to the Allies' Paris reparations. As
will be seen, it is at any rate of an ingenious character.
At the outset, they are going to as.sume that the Seydoux protect is not
withdrawn, and on this assumption, or pretended assumption, will in the
next few days send an important member of the Cabinet to Paris osten.sibly
to resume the negotiations begun on their behalf by Bergmann, the same
state.sman subsequently to accompany the French plenipotentiaries to
Bru.ssels for the postponed conference of experts.
In effect, therefore, the intention of the German Government now Is to
ignore Saturday's event.
At the same time an artful alternative is arranged.
If in the meantime the French Government officially notifies Berlin that the
Seydoux proiect is withdrawn in favor of Saturday's decision, of the Supreme Council, the German Government wUl reply in effect:
"The decision was merely an inter-.Mlied one and does not interest or
concern us.
reserve our attitude and proposals quite irrespective of
that decision until we meet the .\llies on an equal footing at the London conference."
To which I may add an expression used to me by a well-informed person
to-day:
"The Government does not intend to take the demand lying down, but
in any event wants to continue negotiations."
The conservative newspapers are backing up the refusal propaganda by
raising the whole question of the origin of the war and are conducting a
regular campaign trying to prove that Germany was innocent. This new
move is endorsed by Streeseman leader of the so-called People's Party, who
after describing the reparations demands as unexampled since the peace of
We
,
Germany's answer to the reparation demands of the Allies
wias given on Feb. 1 by Dr. Walter Simons, German Minister
who in a statement
Germany "cannot accept
before the Reichstag
declared that
as a basis for further
negotiations the arrangements suggested by the Allies,"
and that she would "now seek to draw up new proposals
to pre.sent to the Allied Governments."
Dr. Simons declared that "it would be against common sense to burden
the German people with such financial obligations at a
moment when we believe we have shown our opponents
in what a bad condition our finances are."
The Associated
Press accounts from Berlin Feb. 1 in reporting his pronouncements said in part:
The early part of Dr. Simons's declaration w^^kiefly a criticism of the
Kntente proposition. This probably was heard qffihe members sitting on
of Foreign Affairs,
^
the level with the speaker, but his wordS did not reach clearly to the galleries
until he had come to the concluding portion of his address, in which he announced that the German Government refused to negotiate on the basis of
the Entente demands, but would formulate counter proposals.
In a brief allusion to disarmament the Minister promised that the German
Government would loyally carry out its obligations and would put itself
Into communication with the various States of the empire on this subject.
The Foreign Minister expressed surprise at the abrupt abandonment of
the Seydoux scheme of the Brussels financial conference, which was approved, he said, by both France and Great Britain.
On the question of reparations. Dr. Simons said:
In aU, we shall heve to pay in forty-two years a total of 226,000.000,000
gold marks or 3.000,000,000,000 paper. The Allies' second demand Is that
for forty-two years Germany pay 12% ad valorem on German exports.
(Here there were murmurs throughout the house).
Obviously it has been estimated that in this way one or two trillions can
be obtained from Germany.
[Laughter.
That could not have been done
The whole settlement is obscure.
in the most flourishing of pre-war times.
What about the securities we already have handed the Allies? Apart from
these obscurities the new program undoubtedly contains a contradiction of
the Peace Treaty.
It is impossible for German economic life to continue in an imending
We can only assume that the sum now placed before
state of uncertainty.
us is more or less arbitrary. The fixed sum of 226,000.000.000 gold marks
if calculated in paper is more than the whole fortune of the German people.
It would be against common sense to burden the German people with such
financial obligations at a moment when we believe we have shown our
opponents in what a bad condition our finances are. But then comes the
demand for 226,000,000,000 of marks in installments of forty-two years
and the complete economic enslavement of the German people, and particularly of the workers.
The 12% ad valorem tax is unconscionably heavy and injurious both
at home and abroad. With a rise in the exchange rate of the mark these
conditions must result in the throttling of the German export industry.
[
[Cries of "very true."l
Regarding penalties— they have not been communicated to us. We
cannot be threatened with punishment if we do not accept a proposal.
Otherwise it is no longer a proposal but an order. I therefore could assume
that the penalties will apply only to disarmament.
,
Carthage, said:
"Germany must u.se every means at its disposal in a great offensive against
the world deception that it was responsible for the war.
In regard to its
origin, the last German Kaiser will stand in as good a light before the
iudgmeut ihronc of God as Wll.son or Lloyd George."
The scheme proposed by M. Seydoux. attache of the French Ministry
of Finance, at the Brussels Conference on Ian. 10, is based on the issue of
certificates for material received to be paid to German banks, thus throwing the respon.sibility on the Berlin Government to see the deal through.
For example. French firms would order goods from German manufacturers, but instead of paying directly compensation would be made in the
form of certificates issued by the French Reparations Services and paid
into German banks authorized by the Berlin Government to receive such
payment.
In reporting the situation in Germanj' growing out of the
demands of the Allies as tense, the Associated Press cablegrams from Berlin Feb. 1 added: "Dr. Simons last evening
wrote his letter of resignation, but was -pacified by President Ebert. Preceding this a Cabinet crisis was narrowly
averted." The support accorded the Government by the
Reichstag in the former's stand respecting the indemnity
terms was indicated in the following Berlin cablegram to
the daily papers under date of Feb. 2:
The Reichstag parties through their leaders to-day seconded the Government's attitude ou the Paris agreement. The debate, which lasted three
hours, was dispassionate, barring interruptions during the Communist
leader's speech,
the sole dissenting note in the parUamentary chorus of
approval.
Dr. Paul Levy, for the ultra-radicals, told the Reichstag that the present
was mirth-provoking, inasmuch as it recalled the outbreaks of
official and bourgeois anger after the armistice terms, the Versailles Treaty
and the Spa agreements were published. He added that despite excessive
protestations, the Government invariably subsequently discovered that
there was no choice but to sign.
President Loebe, at the conclusion of the debate, commended the parties
and their speakers on the unanimity of their sentiments. He hoped the
Entente would listen to the warning voices and spare the German people and
itself the inevitable consequences unless the reparation terms were rad-
situation
ically rev'ised.
Dr. Schiffer,
former Minister of Justice, and Herr Mueller, former Chanboth approved the declaration by Dr. Simons and trusted that the
counter-proposals would lead to an agreement with the Entente.
Herr MueUer declared that the workers of all countries were endangered
by the reparations proposals, which would convert the present economic
crisis into an European catastrophe.
He appealed to the workers to bring
about negotiations for a practical solution. He admitted that the disarmament obligations could no longer be avoided if the German people were
to be spared fresh and grievous visitations.
Dr. Hergt, for the National Party, said he would have liked a more
decisive tone in Dr. Simons's obsen^ations on disarmament.
"East Prussia," he went on, "expects of the Fatherland that she will not
be abandoned in the face of the Bolshevist danger. No German ought to
assist the Entente In imposing unprecedentedly hard disarmament concellor,
ditions."
THE CHRONICLE
Feb. 5 1921.]
5*/S3
Expressing approval of the Porelgu Minister's views on reparations. Or.
Hergt concluded:
"May the German people In the hour of decision find itself equal to the
'The reparation demands are, above all. a blow at the German working
man," Dr. Kduard David, Majority Hoc-ialijjl leader and former member of
the Ministry, declared in talking with the AssfX-iatnd Press to-day.
"The
occasion."
agrarian classes might be able t<i survive such economic lini>ositinns. as
they are able to feed theniselves. The wealthj also would probably not
suffer under such a burden, but the German lalxjring peopl-- would have
c-u shoulder the burden of such terms.
"No German Govermuent is possibly conceivable which would dare to
ai^ume such rt«i)<>nslbillty toward (ierman posterity as acceptance would
produce internal chaos and lure liolshev ism to the eastern frontier of (ier-
Oeortf Ledebour. Independent Socialist, denounced Or. Hergt for having,
as he put It. learned nothing from the war and forgotton how his jiarty had
He said the attitude of the Independent .SocialisUs was that howginned.
ever juiitifiably angry they might feel at the Entente demands, they muil
not risk the possilnlity of warding off Ijy negotiations the dangers threatening
Germany. Herr Ledebour said he regretted that Or. .Simous's spitich might
create the Impression that the Government would refuse to nt^otiate exc<-iit
on the basi.s of Its own counter-proposals, and urged the (;overnnieiit nol to
^
refuse if the Kntente subniitt(<d new (iroposals.
The speaker said the regardetl the disarmament demands justified, but
iJiat he ol)jected to the indu-strial clauses of the treaty on the ground that
He derided the
they would hamper Germany's ec-onoiuic development.
coiLserxatives' "eloquent prottwts" in \ iew of the fact that had they won the
war they intended to exact even ,i larger tribute.
,
the cont-lusion.s of the eoiiiVrciict' in Paris of thi
Alli«>d Supreme (Council, prcs.s advices from Berlin Jan. 12(>
had tlie following to s!i\ regiirtling Germany's proposals
relative to the indemnity:
Official announcement was made lo-day after a conference between
Dr. Walter Simons, Minister of Foreign Affairs, and Dr. Wirth, Minister
of Finance, with Chancellor Kehrenbach, held yesterday, that Germany had
agreed to the plan of five yearly installments for the payment of reparations
I'rior to
as the basis of further negotiations with the Allies.
Germany, however, desires that the negotiations fixing the amount of the
lastallments .shall be temporarily postponed for discussion of the methods of
assessing the reparations and appraising Germany's capacity to pay.
The official communication on the subject says that Germany Is aware
of the difficulties of fi.xing the total indemnity by May 1. as stipulated in
the I'eace Treaty, and is therefore willing to waive insistence and to accept
the flve-lnst-allment plan, but that she expects dlscu.ssion of the total amount
of the indemnity to take place during and not after the five years. TtUs
view, says the communication, has been admitted to be justified by the
French Ambassador in conference with Dr. Simons.
The communication concludes by saying that unless Allied concessions, as
specified by the German delegation to the Brussels conference, are granted,
the German Government will be unable to assume responsibility for acceptance of the five-year plan, wtdch means a great concession on its part.
(The German requests tor concessions were: (1) To obtain 3.000,000,000
gold marks abroad for food purposes in addition to the allowance made at
Spa; (2) no further German shipping to be surrendered and some of that
already given up to be returned; (3) the liquidation of German property
abroad to cease and the remaining property, as well as the returns from
that already sold, to be made available to Germany in some way; (4) Germany to be authorized to make favorable commercial treaties.)
Ou
the
same date a London cablegram
stated:
The German Government, says a dLspat^h to the London "Times" from
Berlin, refuses to consider that the conference of the Supreme Council in
Paris has any relation to the negotiations in progress with regard to repara-
The conference concerning reparations, it holds, cannot take the
place of the pending discussion by experts or of the conference of the Governments at Geneva which was promised at the meeting. Before all. there
must be a discussion by industrial experts regarding deliveries.
This, says the dispatch, is given as the official attitude.
tions.
As to Germany's views regarding the indemnity payments which it is prepared to meet, a copyright cablegram
to the New York "Evening Post" and Philadelphia "PubUc
Ledger" from Berlin on Feb. 2 said:
Vour correspondent is now in a position to state what are the German
One billion gold marks, accordideas as to suitable reparations payments.
ing to the official view here, represents the maximum annual payment which
Germany can and should be required to make, the payments presumably
continuing for the thirty years mentioned in the reparations clauses of the
Versailles Treaty.
This is the clo.sest Germany has come to a tresfty proposal since an offer
of 100,000,000,000 marks without interest was submitted to the Peace C(MiThis 30,000,000,000 offer, according to the present Ifaformation,
ference.
was tentatively broached at Spa, but the reception of the suggestion did
not encourage the German delegates to follow up the proposals.
The gap between it and the 226.000,000,000 marks proposed from Paris
or the even larger sums on which French hearts are set is so immense that
the Germans now hesitate to put it forward again, even in the sketchiest
form, yet they realize that the world for months has been looking for th*n
to suggest a basis of negotiations and that their position would be vastly
improved if they proposed something positive and gave some indication as
to what they consider within their ability to pay.
In conversation with a personage of high position familiar with the inside
workings of the official financial world, the correspondent put the flat
question as to what if any counter offer Germany was prepared to make in
place of the Paris arrangement.
When it was pointed out to the official
that total payments of 30,000.000,000 marks, allowing for interest, represented a present worth of perhaps halt that amount and that the Germans
could scarcely expect their former enemies to let them off with a bare
15.000,000,000 marks, he replied:
"But you forget the 24.000,000,000 gold marks we have already contributed in ships, coal, &c. Add this in and compare the total of. say, 40,000.000,000, with the 5.000,000,000 which France contributed in 1871.
It seems to me this is quite enough."
The German press was a unit in uttering its protest
against the indemnity proposals; the comment in one instance is annexed here'with:
The "Vossische Zeitung" sees in the proposals a victory for Mr.Lloyd
George over M. Seydoux, who has represented France in reparations discussions.
It says "the proposal of forty-two yearly installments, with a
total of 226.000.000.000 gold marks, is just as insane as M. Doumer's suggestion for Installments of 12.000.000,000 gold marks. They cannot be
paid. They constitute, however, an effective means for placing Germany's
financial and economic life for forty-two years in England's hands.
This, disaster, perhaps, is still avoidable, but only if Germany succeeds, with France's help, in returning to the path marked out by M. Sey-
doux's program.
The "Berliner Tageblatt"
described
the
conference as
more like "a madhouse than an assembly of reasonable
men."
As a further indication of the reception in Germany of
the Allies' demands, we quote the following press cablegram from Berlin Feb. 2:
muny
"We are quite willing to have an Entente coalition Government comprised
of English, French, lielgian. Italian and Japanese take over the (iovuniment of (iermany and demonstrate the feasililllty of the t<Tms now imposed
upon us"
HEHSAHU M. HARUCII AND OTHER WASIIISCTON
lEWH OS INDEMNITY DEMANDS.
\
While the daily papers have in Washington advices indicated in a general way the views entertained in the Capitol
regarding the indemnity which Germans has been asked to
pa.v, there has been no statement in the matter from any
particular source except from Bernard M. Barudi, who was
one of President Wilson's economic advist^rsat the Paris
Peace Conference and a member of the Reparations ('ommission; Mr. Baruch states that "whether this is a wise
settlement or not will depend upon the spirit in which it is
entered into by all the parties to the contract and whether
Germany can make the paj^ments." His statement, issued
Jan. 30, says:
The 226.000,000,000 of gold marks— roughly $55,000,000,000 is equal
—
to a present or cash paj-ment of about $21,000,000,000, which, with interest
at 5% would amount to about $55,000,000,000 in forty-two years. This,
plus the amount of money already paid under the treaty, amounting to
something over $3,500,000,000, plus the 12% export tax. wUl lie the amount
of Germany's payment under the treaty.
Whether this is a wLse settlement or not will depend upon the spirit in
which it is entered into by all the parties to the contract and whether
Germany can make the pajTnents. If this will end the war, and each and
every one will earnestly strive to make it so, more than the money settle,
ment
will be gained.
America, by failing to ratify the treaty, removed it self from a participation in this decision, although necessarily it must be of vital effect to Amer-
ican business.
The gross sum of 226.000,000.000 gold marks, if accepted by Germany,
will be very close to the maximum amount judged by .some of the American delegation that she could pay, but higher than .some of the opinions arrived at among the American delegates who participated in the discussions of
reparational matters.
But this was based upon conditions as they then existed, and with the hope that Germany might be allowed to retain a reasonable amount of shipping and with the thought that possibly Silesia would be
retained as German, and took into consideration the $3,500,000,000 already
paid.
There was no consideration of an additional export tax.
In addition, the tax of 12% affords a tariff protection in all countries
on goods exported to them from Germany. This is a tax on the American
consumer of goods for that portion bought here, but it goes into the treasury of the Allies, after Germany collects it, and not into the Treasury of the
United States, as would a similar tax Imposed by our own tariff. This tax
would have the effect of increasing prices and lessening exports. The wisdom of thLs action may be open to criticism because of the tendency it
would have to lessen the volume of German business and to make the
amount somewhat indeterminate.
If Germany accepts this arrangement
in good faith and not because she
has to, and if it meets the approval of busine.ss men and financiers, there in
sure to be an improvement in worldwide economic conditions. There has
already been a rise in exchange in anticipation that the settlement would be
reasonable. There would be a further rise, with a tendency over a period of
time to slowly approach normal. It would increase the credit facihties of all
nations Involved, improve their buying capacity and their ability to exchange commodities with one another. It would tend to increase the wealth
of the world, and, therefore increase the ability to lessen the percentage of
taxation because of the increased taxable volume.
If Germany accepts voluntarily and proceeds in good faith and If she can
carry out the obligation, there should be a gradual stabilization of economic
conditions in all Central Europe, which will spread after a time even t<>
Russia, which will mean a slow but sure widening of the markets, and after
a while an improvement in the position of the unemployed.
It will make it
the easier to form some adequate idea as to a system of taxation and give
a better judgment as to any tariffs that the party now in power may have
in mind.
It will also give a better understanding to the Allied nation's of
their ability to meet their indebtedness to us.
If acceptable to Germany
It is a great step forward
the greatest perhaps with the exception of the
adoption by us of the Treaty of Versailles toward a return to normal
,
.
—
—
•onditions.
As to the other views expressed in Washington, the
York "Times" in a Washington dispatch .Tan. 30 said in
New
part:
not the conviction of officials who have given close study to the
and economic consequences of the Paris peace conference that th<allied powers have yet reached a financial settlement such as Germany and
the rest of the world can regard zis possible of being accepted as a permanent
It is
financial
plan.
The latest reparations plan of the allied Premiers calls for payment by
Germany of 226.000.000,000 gold marks, on an annuity basis, spread over a
period of forty-two years, plus an annual tax of 12% on German exports for
a Bhnilar period. Payment of an indemnity of 226,000,000.000 gold marks
represents Bometlilng of a reduction from the simi of 400.000.000.000 gold
marks originally urged at Paris. It is also a reduction from the sum of
269,000,000,000 gold marks fixed in the Boulogne conference, on the basis
of payment of 100.000,000,000 gold marks principal plus 169.000,000.000
gold marks interest.
The sum of 226.000.000,000 gold marks reprewnta the equivalent of
about $56,000,000,000 in American gold.
Exclusive of the proposed plan for a tax on German exports, it is seriously
doubted by the best informed authorities In Washington that Germany vrill
be able to pay such a sum. One expert asserted to-day that t;ermany
might possibly have been able to pay that amount if certain things had
been achieved a year or a year and a half ago. If this amoimt had been
fixed at the time of the peace conference, and Gennany had retained her
merchant shipa with which to trade with the rest of the world, and had also
THE CHRONICLE
5Z4t
[Vol. 112.
received several years' leeway before beginning to make real payments on
the reparations account, she nil^ht have been able to pay, experts believe,
an Indemnity of $20,000,000,000, on which the rate of Interest at 5%
would have represented Interest payment* of a billion dollars a year, or
$30,000,000,000 lntcr(«t lu thirty years, and $50,000,000,000 In payment
of both Interest and principal In that period.
American official expert opinion, however, has been that If this had been
done, Germany would not have been able to pay more than a maximum of
$16,000,000,000 principal plus interest. It is even doubted In quarters
where the status of Germany's ability to pay has been carefully canvassed
that Germany can bo surely counted upon to pay more than a principal of
$10,000,000,000 which, at 6% Interest for thirty years, would represent
payment of $2,5,000,000,000 principal and Interest within thirty years.
It wii.s puinfrd Din l)y one l<"<'.(ii^r;il export to-day that the greatest difficulty In the sltuatlim will bo that of finding a marliet for Germany's bonds
until the investors of the world are confident that the .settlement has boon
made on a fair, lasting basis.
Whatever the final sum agreed upon between Germany and the Allies, there must bo a flotation of bonds based on
the German reparations settlement, and effort, of course, will bo made to
dispose of them through the world, and especially among American in-
ELBERT
vestors.
WHO WILL PAY THE GERMAN INDEMNITY IN THE
It IS felt in authoritative circles here that it w.ll be excoed.ngly difficult
to sell the.se bonds so long as the mvestors of tho world feel that the reparations sum fiNcd is mere than Germany can absolutely pay.
The Amcriraii official view has been that the sum should bo so fixed that.
while meeting the just claims of tho allied powers under the treaty, it would
8tUl leave Gemiiiny the incentive to go ahead with plans for rehabilitation
and for meetuig her obligations of the treaty.
The best opinion hero is that »f the sum were definitely fixed around $10.000.000.000 in prmcipal, plus mterest at 5% for a period of about 30 years,
such a settlement would not only more correctly represent Germany's
ability to meet the repai-ations terms of the treaty, but it would provide a
sound basis for the issuance of bonds, based on the settlement, which the
rest of the world would be willing to buy.
High authorities here emphasize the fact that the situation is greatly
changed for Germany as a result of the war; that her mercantile marine had
been taken away by the Allies; that her foreign investments, &c.. have been
cut out, and that Germany is also suffering the results of a disastrous war.
These experts point out that stripping Germany of her mercantile marine
and her foreign investments has cut out an Income of from 5500,000.000 to
$800,000,000, and that the allied Premiers now seem to expect that Germany
In this crippled situation, is able to pay more on accoimt of reparations than
she could have paid in her palmiest years before the war, when she had her
fleet and her foreign investments.
Another point made here to-day is that England, France and Italy,
which owe the United States Government about .?1 0.000 ,000. 000 for war
loans and credits, seem to think that Germany is able to pay more than
twice that sum. plus interest, on indemnity account. The question was
asked in one informed quarter how tho Allies expect Germany, a defeated
nation, to pay $20,000,000,000, plus interest, when the three leading victorious nations, England, France and Italy, have found it difficult to pay
$10,000,000,000 to the United States or even the Inte iSt.
Export Tax Condemned.
The second feature of the reparations settlement plan under which
Germany would be asked to pay to the Allies for forty-two years an annual
tax of 12% upon her total exports is regarded in very well informed quarters
here as being perhaps the worst feature of the whole settlement. It is regarded as ridiculous because the plan of settlement after first demanding
that Germany pay the equivalent of $56,000,000,000 in forty-two years,
or what is here believed to be twice the sum Germany can reasonably be
regarded as able to pay, the Premiers then call upon Germany to set up a
tax of 12% upon German exports that certainly could not be paid if the
$56,000,000,000 indemnity sum is beyond German abihty to meet.
Such a tax, it was suggested by an expert, would not only make the cost
of German exports more costly to the rest of the world and to that extent
cripple Germany's ability to enter into wide national markets, but it would
also render it incumbent upon the German Government to collect this tax
from the exporters or manufacturers and make the necessary guarantees
to the Allies for its collection.
Another condition proposed in the allied plan of settlement is that Germany shall revise her interior fiscal system and balance or "match" her
budget. In an informed quarter to-night it was pointed out that France
Js not now matching her budget, that England was just about doing it and
the United States was coming nearer doing it than any other power. It was
suggested that the 12% export tax. if put into effect, must add to the cost
of the operation of the German Government, which would probably have to
issue notes in an effort to meet payments which experts here think impossible
to pay.
The vital need of the situation in the opinion of American Government
officials, is that as soon as possible the Allies sanely determine in exact
figures the sum that Germany can reasonably be regarded as able to pay,
as a maximum.
It is felt that the sum so fixed should be one which the
investors of the world can be convinced Germany is able to pay, because
unless such investors, especially those in the United States, are so satisfied
they will not buy bonds. The next consideration, it is insisted, involves
the question as to how much the Allies can afford to require Germany to pay
out of money that would be obtained through competition of German goods
in world markets.
,
VIEWS OF A. BARTON HEPBURN ON ALLIES' REPARATION TERMS.
A. Barton Hepburn, Chairman of the Ad^-isory Board of
the Chase National Bank of this city in expressing his views
respecting the indemnity terms fixed by the Allies said:
Germany could probably pay the gross amoimt required by the Allies
% tax on her foreign exports
That is building what in effect is a tariff wall arotmd her for
a period of what is more than a generation, placing her at a 1214% disadvantage in her contentions for the trade of the world as compared with
other nations. This is unfair and unjust. The Allies seem disposed to keep
Germany down; to prevent her realizing the prosperity which she might
reasonably hope to realize in competition with other nations. That, of
course, would keep Allied troops in possession of her territory during these
but she could not and ought not to pay the 12 J^
for 42 years.
42 years.
Germany ought to be given a fair chance in order that she may pay the
much needed indemnity to the AUies. She ought to be able to see the light
and to look forward hopefully to the working out of her difficidties and to
If France and other
freeing her soil from the presence of the Allied troops.
aUied nations seek to make a loan in this country predicated upon the German indemnity, that indemnity must be fair and reasonable. It must be
such an indemnity as they can hope to secure from Germany or else no one
The action
in the United States would consider it as a basis for a loan.
of the Allies is very shortsighted from the standpoint of their own interests.
H.
GARY ON REPARATION DEMANDS ON
GERMANY.
Elbert H. Gary, Chairman of the Board of the United
States Steol Corporation, in stating on Jan. 31 that while the
amount levied against the Gorman Government, by way of
reparation for damage during tho war, represents a very
large
sum, added:
am
of tho opinion that It ought to bo paid and that It will be paid without
causing distress or insurmountalilc difficidties. The Germaas are thrifty
and progressive and are pos.sessed of extraordinary commercial, financial
and industrial ability. Germany ha.s a great future, although she will be
obliged to carry a very heavy load, which at first may appear to be unI
bearable.
This solution will be of great benefit to the world's commercial situation.
LONG RUN.
[Arthur Brisbane In the
New York "American"
Feb.
2.1
The German indemnity is fixed. Some changes may come
when Lloyd George, ruler of all Europe outside of Russia,
discusses the matter with Germany's representatives.
But
subject to change of details, Germany is to pay the Allies,
France
chiefly, fifty
thousand million dollars during the next
forty- two years.
Who
will pay that indemnity?
Will Germany pay it, or
France pay it?
Fifty years ago France and Germany settled the war of
1870. Then Germany did what France does now.
She
took what she wanted, Alsace and Lorraine, that had formerly been German territory, and one thousand million dollars.
Bismarck thought, and France thought, that France was
to pay the bill.
But France and Germany know now that it
only a question of waiting a few years.
was
Germany is to give back the one bilUon that Bismarck
took multiplied by fifty-five, and Germany is returning
Alsace and Lorraine and a great strip of German territory,
including most valuable mines. Bismarck thought he was
taking something from France. He was really piling up a
debt to be repaid with five thousand per cent interest a little
will
later.
In the great Place de la Concorde stands a statue representing Strassburg, the fine cathedral city that Germany
took from France fifty years ago.
After 1870 that statue was kept draped heavily in black.
Every Frenchman that fought in this war had seen or all his
life had heard of that statue with its heavy black drapery.
Every statesman as he rose to power knew that the one idea
of the French people was revenge.
The time came and revenge came. Now Germany gives
back Alsace and Lorraine. The Strassburg statue in the
draped in gay colors. And the
Place de la Concorde
if they choose, can hang around the neck of that
French,
statue a necklace of fifty-five beads, each representing a
fifty-five times the amount that Bismarck
billion dollars
.
—
took from France.
But who
will
pay the indemnity
of §55,000,000,000 in
the long run? Germany has given back the
money taken by Bismarck, and all her colonies,
land,
and
her ships,
the right to have an army, her locomotives, her cows, her
mines and fifty-five thousand millions, in payment of the
one billion taken.
There the score stands now. How will it stand fiftj- years
from now, after the sixty-five million Germans that raise
big families shall have gone on breeding and brooding on
revenge, developing a population three or four times as
great as that of France? WiU France then perhaps pay
with her life when England is no longer strong enough to
protect her, for the fifty-five billions?
And what wiU happen if Germany, unable to pay this
amount, or unwilling to enter into industrial and financial
slavery for forty- two years, decides to throw herself into the
arms of Russian Bolshevism?
What should happen to all western Europe, France, Italy
and England if the Russian population, Russian resources
and German efficiency, manufacturing and fighting power
should combine to make Bolshevism the ruling force in
Europe and to enable Germany to push on toward the
Atlantic once and for aU?
You may say that Germany has no army and navy. But
What counts is the
it isn't guns or ships alone that count.
power of individuals to direct.
feeling of a people and the
France didn't have much of an army when the saUow-faced
boy Napoleon was sent down to deal with the armies of Italy
and Austria. That didn't keep him from ruUng; Europe.
THE CHRONICLE
Feb. 5 1921.]
Revenge planted
in the heart of
an individual or nation
injures the person that harbors revenge
injures more the enemy at whom the hatred
dangerous.
undoubtedly, it
is aimed.
The world now looks on, speculating: "Will Germany be
able to pay the fifty-five billions after ha\ iug had her gold,
her best lands and mines taken from herT'
That is not the important question. "Who will roally
pay the indemnity in the long run?" That is the question.
There are one hundred and eighty million powerful men
men waiting for direction.
in Russia
More things are happening in Europe than the mere passing
of resolutions condemning Germany to pay a fine never
It
is
—
before
dreamed
of.j
This country is interested in getting ready, and keeping
ready for whatever may happen.
What happened in Europe before was not our fault.
What will happen jigain will not be our fault. But it will
be our fault if this nation does not keep ready to take care
of anything that may come.
Once we said, "Your fight is our fight."
The Kaiser had made anything else impossible. Once we
opened the vaults of the Treasury and poured out billions,
only to be told a litflo later that we wore selfish dollar
hunters because we hadn't given every dollar we had.
Ne.xt time we shall say, "You insist on cutting each other's
Go ahead, they are your throats." And it is your
throat.
Stay over there, fight over there, murder
business, not ours.
each other over there, take billions and lands from each
other if you don't know better. But don't come here
bothering us; once was enough.
VALUE OF PROPERTY ALREADY DELIVERED TO
ALLIES BY GERMANY REPORTED AS
250,000,000,000 MARKS.
Figures purporting to show^ that Germany has during the
past two years surrendered to the Allies property to the
value of 250,000,000,000 gold mai'ks, have been given out in
official circles in Germany, the New York "Times" in a
copyright cablegram from Berlin Feb. 2, being authority
for this, in the following:
Privy Councillor Dr. Hickmann, President of the Federal Reparations
Commission, figures out that Germany has already made reparations to
the Entente amounting to at least 250,000.000.000 gold marks (approximately $62,500,000,000). Dr. Hickmann, who is regarded as a high
authority on financial law and financial matters generally, supports this
statement with the following detailed items:
The harsh conditions of the armistice compelled Germany to leave in the
enemy's country huge quantities of war material, foodstuffs, goods, machines of all kinds, railway material and hundreds of thousands of horses
and cattle, most of which propertj'. according to prevailing international
Besides, the
law, could not be considered spoils belonging to the victor.
enemy compelled the return of any goods which the German authorities
The enemy
sold to private persons before or during the speedy evacuation.
also confiscated all raw materials and products of factories working for the
German army. The value of all these goods has been carefully estimated
at over 15,000.000,000 gold marks.
Germany delivered to the enemy 5,000 enemy gims, 2,500 machine guns,
3.000 mine throwers. 1,700 flying machines, 4,000 motor lorries. 5.000 locomotives, 150,000 freight cars, many airships, nearly the whole navy, nearly
the whole mercantile marine and the Grand Fleet floating docks, dredges,
tugboats, the German cables and the Russian gold obtained by the BrestLitovsk Peace Treaty, the value of which items must bo figiu-ed, he said,
140.000,000,000 gold marks.
Terriloru Given Up.
Without compensation of any kind for expenses of investment Germany
was compelled to give up all her colonies, Alsacez-Lorraine, the Sarre district,
Eupen, Mahnedy, Posen and West Prussia, besides enormous quantities
of railway and building material stored in those countries, especially in
Posen, West Prussia and Alsace-Lorraine, for which neither Poland nor
France paid one penny, while Germany deducted 500.000.000 francs from
the French war indemnity in 1870. Moreover, since 1870 the value of the
much extended railway system in Alsace-Lorraine has increased enormously.
France extorted from Germany the sole right of exploiting the water
power of the Rhino River and the prepared plans for same, with the buildings and tunnels on the right shore of the Rhine.
The enterprise, which
will cost France very little, will furnish her hundreds of thousands of horsepower, and is of more value even than the Sarre district mines.
For two years Germany has been paying a small army of Entente agents
who search the country from end to end for goods, machines, vehicles and
material of all kinds which during the war were convoyed from the enemy's
territory to Germany.
The great value of these "restored" goods remains
imcharged against the restitution account, although they naturally minimize the damage done.
In addition to all this, Belgium and France demand a total of two billions
for machinery. &c. as yet not given up, which sum is not taken into account
Dr. Hiclmiann figures the value of all these items at the great
in Paris.
sum mentioned above, leaving out of consideration the cost of occupaLioii.
.
,
Last month (.Jan. 22) the Associated Press in Paris
advices gave the following details regarding deliveries made
by Germauy;.under|the Treaty:
A detailed list of the various deliveries made by Germany to the Allies
In execution of the Treaty of Versailles during the first year it was in force
has just been issued by the Reparations Commission. The deliveries were
made on the reparations account up to Dec. 31
The chief item is coal,
amounting In all to 17,818,840 tons. Next in hnportance on the list are
dyestuffs, of which 10,787.827 kilos were delivered.
.
5;i5
Other deliverieB were: Steamers, salUng veBseU and flKhlug boau, 2.054.>
729 tuns: Inland uavlKatlou materials. 38 730 louii: livestock, 360,176 bead:
seed, t), 802. 5^8 kilos: ammouioiu sulphate. 19.000 tons: pharmaceutical
products. 57.823 kilos; rolling stock. 4.671; trucks, 129,555: motor lorries.
5.000; fixed railway materials. 140.000 tons: agricultural machinery, 131,505.
In addition to the dillveriiis placed to h<'r credit. Article 238 «f the treaty
provides that Geruiaiiy shall effect reslitullon of objects of every nature
and securltlt* and cash taken away, seized or setjuebtrated.
The rixrords for the year show the folluwliig delh erles under this article:
To Franco, agricultural luaciilnery, 13.546 machlui-s. Industrial machinery.
134.161 tons; locomotives. 13; trucks. 6.031.
To Belgium: Agricultural machinery, 14 macblnea; Industrial machinery,
87,046 tons; locomotives, 391; trucks, 12.K97.
There has also be<'n restoration in other things. Including certain securities and a quantity of furniture and objects of art, but no figures are
given.
The list cont'ilns various cables wnich have been delivered and which
have not yet been allocated by the expert conference at Washington, to
which the work was Intrusted. In all there are seventeen cables In varloiia
parts of the world.
The commis.slon points out that while valuations have been reached on
It is
mo.st of these, certain questions of i)rlnciple remain undetermined.
also explained that the figures recently publibhod of German payments
against the 20.000.000.000 gold marks under Article 235 of the treaty are
mucli greater than the real figures.
The allocation by the reparations commission of Germany's deliveries
shows that France received the largest share, with Belgium second and
Italy third.
The United States appears on the ILst with two it4?ms dyestuffs, of which she received 1,300.143 kilos, and loriieis. numbering 1.314.
Great Britain received 1,477,839 gross tons of shipping and 3.113.802
kilos of dy&stuffs and 1,243 lorries.
England did not share In any of tb«
—
other deliverias.
Franco received 14, 210,.582 tons of coal; Italy, 1.618,534 tons; Belgium.
1.401,626, and Luxemburg, 588,098 tons.
Franco received 3,172,632 kilos of dyestuffs; Italy, 1.760,810; Belgliun,
1,190,375; Japan, 250,062.
The only other allocations to Japan were 5,855 kilos of pharmaceutical
products and 28.678 gross tons of .shipping.
France received 166.924 gross tons of ships; Italy, 124,901; Belgium,
France and Belgium .shared all live stock deliveries, the for15,831 tons.
mer receiving 207.943 head and the latter 152.233.
With the exception of 200 kilos to Italy. France and Belgium also received
all the seed, France getting 6.501.310 kilos and Belgium 301,078 kilos.
France also obtained 109,932 agricultural machines and tools and Belgium
21 .573. constituting the total delivered. France received 2,653 locomotives
and Belgium 1.918. The 19,000 tons of ammonium sulphate went to France.
PREMIER LLOYD GEORGE OF ENGLAND ON GERMANY'S ACCEPTANCE OF INDEMNITY TERMS.
The views which David Lloyd George,
British
Prime
Minister, has expressed regarding the acceptance of the indemnity which Germany has been called upon to pay, were
contained in an Associated Press cablegram from Paris
Jan. 29, which we print herewith:
The British Prime Minister received the French ne^'rapape^men this
evening. They asked him about the interallied debts. Mr. Lloyd George
assured them that Great Britain would show the utmost good-will in the
settlement as evidenced by the engagement made at the Hythe conference
not to capitalize its share of the German indemnities for five years, in order
not to compete with loans France might make based on her share.
"But it is impossible to consider a special agreement between two coun"There must be a general
tries with regard to the question," he continued.
arrangement. We owe to America; France owes us; other nations owe
,
France.
No
solution
Is
possible while
America remains outside the
dis-
cussion.
"Meanwhile let us act as If debts did not exist. If the creditor does not
I do not worry the debtor."
When the interview began Mr. Lloyd George smilingly expressed his
beUef that the Germans would not like the terms greatly, but he expected
no difficulty in collecting the export tax. Control would be made by a
German official, he said, but the Reparations Commission would have to
accept the nominee and would have power to demand his supersession.
German exports could be checked by returns from the importing countries.
Such control, said the Prime Minister, must not be confotinded with
"The
seizure of the customs, which might be resorted to as a penalty.
word 'seizure' has been avoided, as has generally anything wiiich might
wound the Germans' feelings," he added.
Mr. Lloyd George concluded:
"The Reparations Commission will continue to fimction because France
wishes that Germany's total debt to the Allies shall be calculated in accordance with the Treaty. Furthermore, the possibility of Gennany's refusing
oiu" arrangement must i)e foreseen, in which case there is nothing for us to
worry me,
do but to apply the Treaty
REPORT
literally."
BRUSSELS CONFERENCE QUESTIONS
GERMANY'S BUDGET FIGURES.
TO
A
report made to the Allies at the recent financial conference in Brussels, in which it is said that items not justified
or greatly multiplied over previous appropriations, appear in
its 1920 budget, was made public at Paris on Feb. 2, according to Associated Press advices, which we give herewith:
Germany is told exactly how to eliminate the 76.090,000,000 marks
budget in the report to the Allies of the conference of
fmancial experts held in Brussels, made public here to-day.
Certain German expeases are declared to have been multiplied seventyfive tim&s over tho.se of l'.)19. and certain German taxes are shown to be
The report says:
far below those the Allied populations are paying.
"Many figures in the ordinary budget scom to have been established by
an administraiion and Parliament equally desirous of showing the world
the precarioas financial ii.iidition of Germany and her difficult situation."
If the various recommendations made are followed, the budget should be
speedily balanced, says the report.
Thus, with a cont i]\uation of Germany's
economic recovery, the experts declare that Germany "in a relatively short
period can meet her treaty obligations tlu-ough taxation, without continuing to increase her floating debt or inflate her currency."
The report says the 1919 and 1920 budget-s of Germany carried a number
of credits which were only partially disbursed, sucli a,s 10.500.000.000
marks for the Allied armies of occupation expenses of which only 4 .500,000.deficit in her 1920
,
:
THE CHRONICLE
5^0
The bldgpt for 1920 carried '12,000.000.000 niark.s
for execution of the peace treaty, while only 17.000,000.000 marks had
bt>en paid out up to Doc. 1 last.
lU-ms not Justified or Kreatly niultlplicd over previous appropriations arc
said to apiMNir In the 1020 budKol.
The Ministry of the Int«rior appro000 marks was spont.
priation was rai.sed from 19,000,000 marks to
.l.J.'} ,000,000 marks, an Increas<' of 7.1)00%.
The l''orci(?n Affairs allouano! was Increa.scd from
24,000,000 marks to 2!),'j,000.000 marks. The i)<)stal and telegraph employees' expen.ses multiplied .seven times over tho.se of 1919.
Thirty-two
billion marks were listed for economic subsidies, said to larnely unnccessar>',
and all or the Kreator part of thesi; and similar expenses, the report declares, should disappear from future budgets.
The deficit of 19,000,000,000
marks in railways and other governmental oiM-rations should Im; eliminated
through disappearance of the Items charged and increasing of rates, which,
the report a.sserts, have been inadequately niLsed. The German answer
to a questionnaire Is cited, showing there are ;j00,000 more government
employees than before the war.
CJerman direct taxes arc deemed adequate, but the indirect taxes. Including those on alcohol, tobacco, sugar and other articles, are declared to be
greatly Inufficient, the report saying the Allied taxes on the same commodities are vastly heavier, based on the purchasing power of money per capita.
The tax on such commodities is se^'enty times heavier in England and eleven
I
times heavier in France than in (iermany.
Coal is calculated to cost the French population four and one-half times
what the Germans pay, according to the purchasing power of the mark.
Increased customs have been urged as the low value of the mark and the
failure of salaries in Germany to increase proportionately are said to give
the Germans an advantage that might result
protective tariffs, so that it
would be to the interest of Germany to anticipate such action. This
recommendation was made Jan. 11, and therefore prior to the Allied
Supreme Council's plan for a 12% tax on German exports.
The report expresses the willingness of the Allies to aid Germany to improve conditions and says they are anxious to avoid exercising their treaty
rights under Paragraph 12, Annex 2, Part 8, to take "all the revenues of
Germany, including revenues destined to be aprlied for internal loans."
m
LONDON COMMENT ON REPARATIONS DEMANDS.
The comment occasionetl iii liOndon by the reparations
terms imposed on Germany has been both in the nature of
approval and disapproval. The most striking criticism has
come from the Manchester "Guardian." which is reported
to have described the terms as "folly" and to have declared
that "we may be thankful the terms can never be executed."
Prof. John Maynard Keynes, author of "The Economic Aspects of the Peace." is reported as writing in the Manchester "Guardian" (according to copyright advices to the Xew
York "Times") as follows:
i,
"The Paris proposals cannot be meant seriously, any more than the
They are simply another move in a game by which the
original treaty was.
Lloyd George feels he is making
players, at any rate, are no longer taken in.
progress.
Perhaps he is, when he succeeds in persuading Briand that 2
Briand hopes that by being eloquent
plus 2 does not make 12, but only 8.
he may, after all, be able in the French Chamber to make a good enough
song about 8 to defeat any argument from Poincare as to how much better
I doubt if there has ever been
it wovUd be for France if 2 plus 2 made 12.
anything in history quite like it."
This conclusion he justifies thus:
"The indeterminate item is a very formidable one. With total exports
worth £700,000,000 against imports of £500,000,000, leaving a surplus
of exports worth £200.000,000, she could just pay a fixed sum of £116,000.000. plus the export proportion of £800,000,000, making up £200,000,000 rn all. That is to say, trade on this scale is nearly required e^en to
meet the minimum payment of £100,000,000 prescribed for the first two
years, plus the export proportion.
"It is difficult to imagine figures which would permit the proposed normal payment of £300,000,000, plus the export proportion, but it is safe to
say that on total exports capable of yielding a surplus of £300,000,000 the
12% proportion would certainly exceed £100,000,000. The proposals of
the Paris conference for the normal period amount, therefore, to a demand
for more than £400,000,000 per annimi, which is double the highest figure
that (to my knowledge) any competent person here or in the United States
has ever attempted to justify."
The Westminster "Gazette"
is
quoted as saying:
We have
no sentimental weakness for the Germans. If eleven thousand
millions could be recovered from them we should still think it incommensurate to the death, misery and destruction wrought by the crime of 1914,
but if material penalties are to be enforced it must be according to the
laws of the material world.
"If we are to understand the position we must understand what our demands mean in terms of German money. The first payment required is
£100,000,000. It sounds moderate, but the mark of currency is about 220
to the pound sterling, therefore in German money the amount is 22,000,000,000 marks. Now, last May the total ordinary revenue of Germany was
estimated at something less than 28,000.000,000 marks.
"No doubt the Allies have every right to demand that the German people
shall be more heavily taxed than their own peoples before they begin to
plead payment is impossible, but when the first demand, and the lightest,
bears this relation to total revenue we may form some idea of what the problem is in the present state of the exciianges and what are the possibilities of
recovering the enormous sums which the Allies allot to the future.
In taking an opposite view, the London "Daily Telegraph," it is learned from advices to the New York "Times."
declai-es the total indemnity is fixed at a sum which is well
within the capacity of Germany to find. It says
In banking and commercial circles it is held that Germany can provide
annuities for the first five yess without seriously retarding the industrial
She must, of course, alter
revival which is making such rapid progress.
her fiscal methods, cease from inflating her paper currency and derive a
more substantial revenue from direct and indirect taxation. This will
call for no excessive sacrifices from the great majority of the population.
Evidently there is money to spend or to bum in Berlin, which city is
rapidly returning to the extravagant pursuit of expensive amusement curhave no objection. Let the Gerrent in the later Hohenzollern era.
mans dance and drink and give sumptuous feasts and deck themselves with
dliamonds and glittering orders and gorgeous Prussian uniforms if they please.
Itldoee not seem very democratic or republican, but that is their affair.
Only if they can afford all this indulgence they can also afford to pay out
We
[Vol. 112.
an annuity which will amount to no more than from 30 shillings to £2 per
head of the p<.>pulation for the next two years. A wealthy country which
has Huffercd liiw from war than any other need not complain of such a burden.
We are not greatly disturbexl by hints of chaos and diiM>rganlzalion In
Germauy which will follow insistence uiK)n the Alli(«' ternut. Th<Te Is a
familiar ring about th(*e menaces.
We do not want fiermany to go Bolshevist or U) dtrllver herself over to mllitarlHt nacllonarlos, but if she take*
cither of thcise disastrous cours«s she will htrself be the chief sufferer.
Some German newspapers assure their readers that (Jermany will Himply
ignor the Paris agreement.
"If England and France want their booty they
must come and fetch It
That may have to be done. We have defined
what Germany owes us. It now remains to make It clear not only In
Ciermany but to the world at lar^'c that the debt will Infallibly be collected
"
CONTROVERSY BETWEEN RAILROADS AND EMPLOYEES OVER NATIONAL AGREEMENTS AND
WAGE REDUCTIONS.
An appeal for the immediate abrogation of the National
agreements between the railroads and their omployees was
made on Jan. 31 before the U. 8. Railroad I^bor Board in
Chicago, by W. W. Atterbur>-, Vice-President of the Pennsylvania Lines.
In declaring that the National agreements
"forced on the railroads as a war measure cause gross waste
and inefficiency," Mr. Atterbury estiraat<^d that the
elimination of this waste would reduce railway operating
expenses at least .$300,000, 000 a year. Mr. Atterbury
stated that "we believe that as the wages of railroad employees were the last to go up, they should be the last to
come down, but we do insist that for ample wage an honest
day's work shall be given." Mr. Atterbury also told the
Board that it rested entirely with it "to determine within
the next few days whether this whole situation shall drift
into chaos and orderly procedure become impossible except
at the price of railroad bankruptcy, financial shock and still
wider unemployment." Mr. Atterburj's declarations led
to a request by representatives of seven labor unions that
President Wilson take immediate steps to have the InterState Commerce Commission examine into the evidence
as to the alleged imminent bankruptcy of the roads,
and in the event that the situation was considered acute,
to
have the matter referred to Congress for such
legislation as may be deemed necessary.
Among other
things the unions charged in their petition to President
Wilson that the "transportation system is absolutely controlled by the New York banking groups centring around
T. De Witt Cuyler, Chairman of
the house of Morgan."
the Association of Railway Executives addressed a telegram to President Wilson on Feb. 1 declaring that "the
charge that the railroads of the countrj- are controlled by a
single banking group in New York is untrue and ia known
to be untrue by every one familiar with railroad affairs."
He further asserted that the propaganda of the unions was
"intended to discredit private management of railroads in
Plumb plan, and lo defeat efforts to abolish
and working conditions which were adopted as war
measures." A further telegraphic communication was sent
to President Wilson by the union leaders on the 2nd inst.
the interest of the
rules
denying the allegations of the Association of Rail^^ay Executives and declaring that the union leaders would show
"that there is no economic justification for wage reductions
and that the reduction in the general cost of living is not
dependent upon a reduction of our wages and those of other
wage workers." On the 3rd inst. the controversy over the
abrogation of National agreements was held in abeyance
«-ith the adjournment until Monday next of the hearing
It was stated on the 3rd inst. that
before the Labor Board.
President Wilson had referred to John Barton Payne, Director of the Railroad Administration the request for the investigation asked for by the railroad unions, as weU as the
statements of the railroad executives regarding wage reductions.
It is also
reported that the President
is
disinclined
view that the
Railroad Labor Board is a regularly constituted body with
A walk-out of 370,000 members
all the powers of a court.
of the United Brotherhood of maintenance of Way employees
was predicted at Detroit on Feb. 3 by S. J. Pegg, International Grand Secretary and Treasurer of that organization in the event of the abrogation of the National agreements. Mr. Atterbury, when urging, before the Railroad
Labor Board on Jan. 31,. that the national agreements be
abrogated was met with a suggestion from Judge E. M.
Barton, Chairman of the U. S. Railroad Labor Board, and
Henry T. Hunt, public representative of the Board, that the
Mr. Atterbury is
railroads and their employees confer.
to interfere in the controversy, holding to the
quoted as saying in answer:
So far as the railroads are concerned, we feel that we cannot get together.
The views of the two sides are so radically opposed that no good could
possibly come from such a conference.
THE CHRONICLE
Feb. 5 1921.}
Tlu' turlhcr stat('niciit>-
u
liicli
(]i'\('l(>])»;d
OH the 31st instant are detailed as follows
patch to the New York "Tiines:"
at
in a
tlu*
Loariu^f
Chicago
dis-
umployees. The statenient luaiie by the c.irriers that unl«>a luiiuediale
action is taken in line with their rt^uest the railroads will be forced into
national bankruptcy is deceptive and fictitious.
Mr. Luarsen de<'litred that close analysis of ojxwatiag records diiiclused
operating inefficiency which, if rectified, would produce a saving ^ruatly
exceeiliiig the $.'100,000,000 waste alleged by Mr. .\tterbury as the result
of the national agreements.
Mr. I.uhrsen further asserte<l that If the board was flooded with individual rt'<iuests for wage rwluctions by the railroads, "such action will be
conceni^l propaganda lending to iuteifere with the orderly pro<r«^ure ot
tills board in coiisidi'ratlon of the matter now properly before it, and the
ludh idual r.iilriiads will be afting under instructions to bring into existence
a chaotic condition."
Protest agaiiLsl Mr. Lulirsen's siaieiuent « us made by K. T. Whiter,
Chairman of the Kailroad Committoe. now before the board, on the ground
that th<^ train dispatchers whom he represented had no national agreeinetil
and were th<!rcfore not entitled to si>eak on that subject, hut the t'halr
decided that it could not rule on the matter.
'
"Do you mean, then, that the board should udjouru it« present hearing
and fake up your proposals imini'diately?" asked .Iud)?e Barton.
"The situation is so ur«t>ut that 1 think that would be the only proper
course," answered Mr. Atterljury.
Mr. Hunt remarked that 11. M. Jewell of the Kailroad Employees'
Department of the American Federation of Labor ha<l told him recently
that the brotherhoods "would be Blad to go into conference with railroad
representatives," Mr. Hunt addtxl: "lie said they had no intention of
demanding a continuation of the national aKreenieni in toto."
"The inuuediate solution suggtisted by Mr. Atterbury would in any event
"There is a very difficult
rtxjiiire several hearinKS," said JudRe Barton.
Kepresentatives of the railroatls and
situation before the whole country.
I'erof the employees ought to unite, not work in a spirit of antagonism
soually 1 feel that the roads and the men ought to see if sometliiDK can be
done first.
"The board has had representations from various industries that the
Fruit and vegetable shippresent high ratts are destroying their l>u.siiu'Ms.
(louoral Atterbury, by a fewpers have made especially strong proti^ts.
days' conference, cannot tlje railroad men get together with the employes?"
"The situation is so critical that even a few days' delay ma.v result in
flooding your board with petitions for reductions of wages," rejoincxl Mr.
"The board li<>s before it a mass of iuformati<in on this subject.
AtK'rbury
The board can act if it will act."
"The board considers that there must be some basis on which railroad
operation can proceed." rejoined Judge Barton. "Sui)i>ose the board should
wipe out the present rules? Where would the railroads be?"
"The conditions of
"Just where they should be left .' retorted Atterbury.
Dec. 'M 1917. would apply."
Mr. Jewell asked and received from the board permission to present the
employes' side of the proi>ositions submitted by Mr. Atterbury.
lie was
assured that the board would not act ou the railroads' proposals imtil the
employees had been hard in rebuttal.
In his statement to the Board Mr. Atterbury said that the solvency of th<!
Failure to
railroads must be assured by a reduction in operating expenses.
act promptly, he urged, might force some linos into bankruptcy.
"The labor board can prevent this catastrophe," Mr. Atterbury said, "by
declaring that the national agreements, rules and working conditions coming
over from the war period are terminated at once; that the question of reasonable and economical rules and working conditions shall be remanded to
negotiations between each carrier and its own employees; and that as the
basis for sucn negotiations, the agreements, rules and working conditions in
effect on each railroad as of Dec. .'51 1917, shall be reestablished."
Touching upon the question of wage reductions in connection with the
.
requested action. Mr. Atterbury said:
"If the board will do this, the Labor Committee of the Association of Railway Executives will urge upon every railroad company a party to Decision
No. 2 that no propo.sals for the reduction of basic wages shall be made within
the next succeeding ninety days.
This will afford an opportunity to
gauge the economies which can be accomplished through more efficient rules
and working conditions. It will also afford additional time in which to
re<ilize the benefits of a further decline iti the cost of living.
"The national agreements, rules and working conditions forced on the
railroads as war measures cause gross waste and inefficiency.
I estimate
that elimiiiiition of this waste would reduce railway operating expenses at
least $.3CO,000.000 per annum.
Ii would be far better to save this sum by
restoring conditions of efficient and economical operation than to reduce
wages.
"We believe that as the wages of railroad employees were the last to go up,
they should be the last to come down, but we do insist that for an amiJle
wage an honest day's work shall be given.
"The public has a right to iasist that this must be obtained. The public
has also the right to expect that the railway executives, with the co-operation
of the regulatory Iwdies and the employees, will as rapidly as possible reduce
the cost of railway operation so as to eventually insure a reduction in rates.
Ultimately a readjustment of basic wages will be required. Meantime it is
to the interest of all concerned, including labor, that the rules and working
conditions shall be made conducive to the highest efficifency in output per
man.
"The
railroad committee presenting evidence for the abrogation of the
national agreements have far from exhausted their evidence on this subject.
But it will be dangerous to continue the consideration of these agreements
rule by rule.
If the Board follows its present procedure months will elapse
before it can render its decision.
"The urgent financial necessities of^ Je railroads will not permit them to
wait any .such length of time for rt
Long before the present detailed
' flooded
hearings are concluded the Board w
by appeals from individual
railroads from all parts of the coun
^)r reductions in basic wages.
It will
be impossible for the Board to hear
dispose of these separate cases upon
their merits in time to avoid numerous receiverships and the possibility of a
national panic. Losses of railway net operating income are ineparable.
You cannot make retroactive tomorrow the savings that shotild have been
made to-day.
"Your Board cannot possibly write the rules and working conditions of
every railroad in this country and adjust them equitably to varj'ing geographical, operating and .social conditions.
"It rests entirely with your Board to determine within the next few days
whether this whole situation .shall drift into chaos and orderly procedure
become impossible except at the price of railroad bankruptcy, financial
shock and still wider unemployment. The course which we are recommending is not only imperative, but equitable."
Perpetuation of the extraordinary provisioiLs of the war period as the
normal rules and working conditions would be a distinct violation of the
promi.ses of President Wilson to investors in railway securities, when the
carriers were taken over by the Federal Railroad Administration in December 1917, Mr. Atterbury declared.
Investors were guaranteed, he said,
that their rights and interests would be as scrupulously guarded by the
Government as they had been by the directors of the rail systems, and that
Federal control would be carried on with as little disturbance as possible of
the persoimel of the roads.
Conditional upon the abrogation of the national agreements the roads ask
in addition that the ba.slc rates for unskilled labor, I'Lted at 39 to
48H cents
per hour in the award of July 1920, be immediately rescinded. The plea
is made that inasmuch as rates for unskilled labor in other industries have
been greatly reduced since the award became effective, the higher scale on
the railroads works to the disadvantage of other employers, and "bears with
grave injustice upon the great body of our farmers."
In reply to Mr. Atterbury, J. G. Ltihrsen, President of the American
Dispatchers' Association, said:
"1 want to enter formal protest because the carriers have already pre'
sented arguments, which without proper rebuttal by the employees cannot
help but leave an impression upon this board detrimental to the case of the
.
!
5Z7
Incidfiitally, it may he noted that Jiidtre Hart on ruled, in
response to Mr. Alterhury's petition, that the Board would
have to consider in executive ,session tlu- proposal for immediate altrof^ation of tlu' national af^reemcnls, the j)rocedure of
the lu>arings he contiiiucd meanwhile.
The teletfram sent to
Presidtint Wilson by the railroad union leaders on Jan. 31.
following Mr. Atterhurv 's representations, reads:
"Chicago, Jan. 31.
White House, Wasftingloii D. C.
"Dear Mr. President
We have been shocked beyond exi)ression and
feel it our duty to bring to your attention an occurrence wnich transpired
this morning before the United .States Labor Board.
The regular procedure
of the Board, which involved judicial and orderly consideration of rules
and working conditions, was interrupti'd by a statement from Mr. Atterbury, Vice-President of the Pennsylvania road, who representt^ a subcommittee of the National ("ommittee of Railway Executives.
"He declared to the Board that a national emergency in transportation
system existed and unless the wages of certain cla-sses of railway employees
were reduced and existing rules as to working conditioiLs wore abrogat«d
immediately and without eualiling employees to present their case, that the
railroads of the country were threatened with a financial collapse.
"Mr. Atterbury not only violated all decency by his ultimaturm. but he
disregarded the transportation laws and flouted existing agencies, such as the
Interstate Commerce (Commission, which have been expressly created by the
Congress to deal with the financial requirements and proper operation of the
railroads, and even (^longri'ss itself.
"The Railroad Board, as is well known, has uo jurisdiction over railroad
finances and is not in a position to pass upon such matters.
Its jurisdiction
is restricted to the fixing of adequate wages and reasonable working conditions to railway employees. We realize this fact and would not address you
on the subject nor would we question the impropriety of Mr. Atterbury's
conduct were we not apprehensive as to the vital import of certain statements
made by him.
"Mr. Atterbury occupies a pre-eminent place in the transportation industry and is in close touch with the financiers and bankers who are responsible
for the financial solvency of the railroads.
We had not considered the
financial straits of the railroads so acute as he states, but when Mr. Atterbury declares that a financial collapse of the entire industry is impending we
believe that his statement should be given due weight, and if he does not
propose to bring it to the attention of the proper authorities and agencies
under existing law, that we should place it before you for such action as you
"To
the I'resiileni.
ilie
.
—
may deem
proper.
"The breakdown of the roads would not only be a catastrophe to the employees whom we represent, but it would be a disaster of incalculable effect
upon our people in general, and would add acutely to the existing business
and industrial distress of the countrj-. No stone should be left unturned to
prevent
it.
"We,
therefore, wish respectfully to request that you immediately take
steps to have the Committee of Railway Executives, whom Mr. Atterbury
represents, to present their evidence as to general railroad bankruptcy to the
Interstate Commerce Commission, and, after you have had an opix)rtunity
to examine this evidence as to their inability to operate the railroads, as
stated bj' Mr. Atterburj-, that, if you consider the situation acute, you refer
the matter to the Congress for such legislation as may be necessary.
"We make this recommendation because we consider it our duty. As a
matter of fact, we believe that Mr. Atterbury's further statement as to what
should be done is in.sincere and unwarranted. We are convinced he acted
arbitrarily in this way in order to deceive the public as to the real cause of
the financial plight of the railways and in the attempt to turn public opinion
against railways employees.
"Our earnings are now inadequate.
ar« suffering from unemployment. We shall not consent to a reduction in our wage rates or to a change
in our working rules until all the facts are placed before the Railroad Labor
Board and juc}(lciou.sly analyzed and weighed. We intend to obey the law
and to work out our rights under the law in the manner prescribed bj- the
law.
"Mr. Atterbury's obvious policy is to take advantage of a temporary
business depression to reduce rates of pay and working agreements, established by the Railroad Administration during the war and sanctioned and
guaranteed by the Transportation Act, returning the railroads to private
control.
He also desires to disrupt the unions of employees by taking
advantage of the existing depression.
Rates of
"Similar policies have already been adopted in other industries.
pay have been reduced without justification because of the business depresAttempts have been made to destroy labor organizations under an
sion.
alleged open-shop movement.
"Mr. Atterbury is the representative of the same sinister activities among
railroad executives.
His object is not so much Immediate financial rtlief
to the railroads as it is the breakdown of union labor organizations so that
railway profits may be enhanced when pro.sperity returns. The shipi># Is
to be charged excessive freight rates and the railway workers are to be
exploited.
"In view of the fact that we have a twofold interest in the successful
functioning of the transportation system, first as citizeits of the country
which it serves, second as workers whose liveUbood depends upon its proper
operation, we have prepared and at various times brought to the attention
of the Governmental agencies results of investigations tending to show the
underlying intent of the lamentable failure to live up to their promises.
"These investigations have disclosed the following facts:
"1. That the transportation system is absolutely controlled by the New
York banking group centring around the house of Morgan.
"2. That this group has been and is treating economical service to the
public and the welfare of their employees as a consideration secondary to the
selfish purpose of squeezing shippers and farmers and of destroying the
legitimate organization of their employees.
We
THE CHRONICLE
528
"3. That this purpose waa fh«t demonstrated In th<:lr (lelllxr.ilo and
oonthiuod attempts to discredit the Federal Adnilnlstratlon of the railroadH.
which formed such a creditable page in the history of your Administration.
"4. That InvesllKatlons, made by Governmental agencies, will show that
railroads have encouraged incfriclency and Inflated costs.
"6. That the railroads have deliberately attempted to prevent their
employias from showing records of off Iclency under the national agreement
and have in many cases undermined morale.
"6. That despite all their public claim.s as to the restoration of efficiency
under private management the railroads have found it to their Interest
temporarily to operate Inefficiently and economically.
"7. That they are now attempting to discredit organized labor by publicly
charging this lack of economy to the logithnate organizations of their
employees.
"8. That In pursuit of this policy they have revived the only financial
practices which prevailed before the development of the remedial legislation
of your first Administration.
refer to the Clayton Act of 1914.
"9. That in violation of the spirit of this legislation they have contracted
with concerns controlled by them for the repair of hundreds of locomotives
and tens of thousands of freight cars at excessive prices, and that they have
used this practice as a means of depriving tens of thousands of their faithful
employees of their legitimate opportunity tc perform useful work and to earn
a subsistence for their family.
"10. That in the above outlined practices they have conspired to inflate
the cost of railroad operation to destroy the morale of railway employees, to
disrupt legitimate organization of their employees and e.specially to charge all
the consequent disorganization and lack of economy to governmental
policies, inaugurated under your Administiation, thereby aiming to secure
opportunity for further exploitation of the control, implicit in the transportation situation, by discrediting the Government.
(Signed)
"J. F. Anderson, Vice-President, International Association of Machinists,
"J. A. Franklin, International President, International Brotherhood of
BoUermaers, Iron Shipbuilders and Helpers of America.
"James P. Noonan, International President, International Brotherhood of
Wc
Electricl Workers,
"Martin F. Ryan, General President, Brotherhood Railway Carmen of
America,
"J.
W.
Kline, International President, International Brotherhood of
Blacksmiths, Drop Forgers and Helpers of America.
"J. J. Hynes, International President, American Amalgamated Sheet
Metal Workers' International Alliance.
"B. M. Jewell, President, Railway Employees, Department American
Federation of Labor.
B.
M.
Jewell,
President
of
the
Railway Employees'
Department of the American Federation of Labor in a statement issued on Feb. 1 answering Mr. Atterbury, said:
A solumn responsibility rests upon Mr. Atterbury as the result of his
statement to the Labor Board yesterday. He told the board that the
transportation industry was facing the possibility of an early financial
breakdown. In explicit terms he pointed out that our present temporary
business and industrial depression was threatened with the further danger
He
of a panic which would result from the collapse of a railroad credit.
said that the railroads were now bankrupt and that they would no longer be
operated by their present executives unless relief was forthcoming.
"I do not agree with Mr. Atterbury's view as to the near approach of the
railroad breakdown, and especially as to the causes of financial weakness
which he set forth. But I do not claim to be the expert on railroad finances
which Mr. Atterbury is. Moreover, he is in close and constant touch with
the banking groups who are or should be responsible for railroad finances.
"My criticism of Mr. Atterbury's action, however, and I believe it is a
criticism to wiiich the public wiU immediately subscribe, is that if the transportation industry is in the deplorable condition stated by Mr. Atterbiu*y no
time should have been wasted in applying t othe Labor Board, which is
powerless to act, but a plea should at once have been made to those public
agencies which could prevent the catastrophe which Mr. Atterbury predicts.
"Why isn't application made to the Interstate Commerce Commission?
Why don't the bankers and bond houses appear before the committeees of
the House and Senate? Why are not the railroad Presidents who are now
compelled by the bankers to appear before the coiintry as beggars seeking
public charity put to work on this problem so that it may be adequately
treated by the proper puljlic agencies?
"Ir Mr. Atterbury and the bankers know that a financial breakdown is
threatened in the transportation industry they should not shirk the responsibility of trying to ijrevent it because they are consumed with an obsession which is absurd, costly to the public and doomed to failure to
crush labor organizations. The railway employees will not pardon it if they
are thus deprived of the means of livelihood but what is of equal importance,
the public will not fail to condemn Mr. Atterbury and the bankers, for if
their statements are true they are jeopardizing the stability of our security
values and our basic business conditions, exposing our people to the loss
of their savings, and playing with the trust funds of widows and fatherless
—
[Vol. 112.
disproved by the remrd since March I to the end of 1920. In its annual
report Dec 9 1920 the Inter-Htato Commerce Commission Bald:
"During this period the railroads Increased the average movement per
freight car per day G ;{ miles, from 22 .3 to 28 6 miles
They Increased the
load per car 1 .7 tons, from 28 3 to ,'iO tons.
They reduced the accumulation
of loaded but unmoved cars from 103,237 on March 1 to practically zero
on Dec. 31."
The truth Is, as every shipper and traveler knows, that the railways
were never more efficiently operated than In the last ten months of 1920.
Never before was so much service rendered with each car, each locomotive,
each mile of track, each ton of coal.
The charge that the railroads stnt cars and locomotives to outt>lde shops
for repairs because of any dual financial Interest is entirely untrue.
The major field of imperative economy now Is In the labor cost of railroad
operations.
In 1917 this was $1,700,000,000.
During the greater part of
1920 it ran at the rate of about .$3,700,000,000. The fact is that the labor
cost of railway operation grew during the war to a point where It absorbed
the entire increase in railway operating revenues, and is at this moment.
de.spite the increase in rates granted Aug. 26 1920. leaving many railroad*
in the face of declining traffic practically stripped of earning power.
When General Atterbury went before the Lai>or Board and asked for
Immediate abrogation of those agreements, rules and working conditions
he was proceeding In strict conformity with the Transportation Act. The
fact that this hearing tends to be protracted at a time when the necessity
for economy grows with every hour produced a situation requiring, in our
judgment, dra.stic and immediate action. The action requested by General
Atterbury, of the Pennsylvania Lines (abrogation of the national agreement), is the only action which, with Government sanction, can free the
hands of the railway executives and enable them by orderly procedurs
with their men to develop appropriate rules and working conditions.
The suggestion that we should hold a conference with leaders of the labor
organizations offers no solution.
Each railroad company is prepared to
negotiate with its employees on proper rules and working conditions adapted to different conditions in various parts of the country.
It Is utterly
impossible for the Labor Board to make uniform rules and working conditions for all the roads without causing a buzz like the present, when by a
mere change in title four employees of the Pere Marquette Ry. had to be
paid over $9,300 in back pay, without any change in character or volume
of work.
It would be equally impo.ssible for any joint conference between
all railroads and ail organizations of employees to draft a uniform set of
rules not subject to the same abuses.
The only rules that stand the tests of practical operation, and do not involve endless controversy, are rules negotiated between each management
and its own men, and which have behind them a common understanding,
and the opportunity of procuring this is requested by the railroads in the
Interest of that efficiency and economical operation required by the Transportation Act. It is not only for the purpose of enabling the railroads to
achieve the earning power contemplated tmder that Act, but also in the
interests of an ultimate reduction in transportation rates to the public.
Last, but not least, it is in the interests of the men who work upon these
railroads.
As General Atterbury stated, we recognize that as the wages of
railroad employees were the last to go up, they should be the last to come
down, and if, by restoring the conditions necessary to efficient and economical operation, the railroads can postpone for a reasonable period the reduction of basic wages which will ultimately be required, they will be only too
glad to do so in the interests of the great body of their employees.
The pressing financial necessities of the railroads are such that if denied
the opportunity of initial economy through proper rules and working conditions, their only other recourse must be in a reduction of basic wages.
The railway executives feel that in moving in this matter they are representing not only their own interests but the interests of the farmer, the consumer, labor, manufacturers, other industries and the railway employees
themselves
They have every confidence that at a time when the industries
and workers of the country are making their respective contributions to a
decline in the cost of living and a return to normal conditions, the great
body of railroad employees will certainly not refuse to make their similar
contribution.
.
On
the 1st inst., seven independent employees' organiza-
tions, despite the opposition of the railroad brotherhoods,
with the American Federation of Labor, were
admitted as parties to the hearing before the Railroad Labor
Board. The organizations admitted to the hearing, in
affiliated
addition
to
the recognized brotherhoods,
are:
Railroad
Yardmasters of America, Order of RaUway Station Agents,
Brotherhood of Railway Employees, International Order of
Locomotive Firemen and Railwaymen's International Indus-
,
children.
"As a matter of fact, my own opinion is, and I have many concrete facts
to demonstrate this, that if a general and searching review of the entire
transportation question is ordered by the President or the Congress it will
reveal inefficiency and deliberate wastefulness by the present railroad
management and control which would account for funds far in excess of those
which Mr. Atterbury hoped to save by his misguided raid on the Railroad
Labor Board. In other words, the net result of such an investigation
would undoubtedly lead to better service to the public and lower costs to
the shipper and the farmer. The public should require Mr. Atterbury to
face the results of his own folly."
The telegram
of T.
De Witt
Cuyler, which, as indicated
above, was sent to President Wilson on Feb. 1, besides
declaring that the charges made against the raihoads bjthe union representatives were '"deliberate and gross misrepresentations and propaganda intended to discredit private management of the railroads in the interests of the
Plumb plan and to defeat efforts being made in good faith
to abolish rules and working conditions which were war
measures, the continuance of which is causing inefficiency
and waste in railway operation that is costing hundreds
of miUions of dollars," also said:
The charge that the railroads of the country are controlled by a single
banking group in New York is imtrue and is known to be untrue by every
one familiar with railroad affairs.
The charge that since the resiunption of private operation inefficiency
and lack of economy hare been deliberately encouraged is conclusively
trial
Association.
The action
of the
Board
in deciding to
admit to the hearings on these independent employees'
organizations was characterized by Samuel Gompers, president of the American Federation of Labor, as the beginning
of the disintegration of the board's influence and usefulness.
The second telegram addressed to President Wilsonon the
2nd inst. by Mr. JeweU, and signed by the heads of six
brotherhoods, said in part:
We
have read in the press a copy of a telegram which the railway executives are reported to have addressed to you in reply to our recent message.
The charge is made in this telegram that our original object in calling to
your attention the astounding action of Mr. Atterbury last Monday,
before the Railroad Lat)or Board was conceived as 'Plumb plan league
propaganda.' The statement is false and is put forward to deceive the public.
"The claim is made that the railrway worker, who is already the chief
sufferer from the depression in the transportation industry and whom Mr.
Atterbury considers least able to defend himself, is to have his distresses
further exploited in order that railroad reserves may be conserved and railway finances maintained unimpaired. Such an attitude is not only repugnant to tne most elementary considerations of himaan welfare, but is directly
at variance with the actual decisions of aU courts and arbitration tribunals.
Without an exception they have all held, as you know, that the financial
condition of a corporation should not have any bearing upon the determination of reasonable wages or working conditions.
In addition to thus violating all precedents and striking at the very
existence of the Labor Board itself. Mr. Atterbury's action, we believe,
has a deeper significance. We are convinced that he wished to take advantage of the temporary unemployment and the unfortunate economic condition of the railroad workers, which the railroads have intensified, to crush
our labor organizations and to deprive us of our fimdamental right and guaranties, all of
The
which are reasonable.
further telegram further stated
would show:
•
that
the workers
THE CHRONICLE
Feb. 5 1921.]
is no economic Justification for wag« reduction or thu abrogafundamental rights embodied In working rules.
That statements that the interest of farmers and shippers are dependent
upon a reduction in waKHs are unsound and that a reduction in the general
cost of living is not dependent upon a rwluctlon in railway wagi«.
That the railroads are controlKxl by an inner group of New York banking
houses and that tiie so-callinl open shop movement, or the attempt to destroy
our union, seems to be directly connecHvl with the railroads of which the
banking house of Morgan & Co. are the fiscal agents.
The telegram also stated:
If the public expcct.s us to maintain the spirit and the letter of the law
and to rely upon the Judicial settlement of differences In an orderly way.
we must be protecti^ from the lU-advlsed and misguided efforts of Mr.
Atterbury and hts as.sociates, who are violating the procedure cstablLshed
by law, and because of an absurd and Impo.sslble obsasslon for destroying
raihvay labor organizations are resorting to methods which are IndefeiLslble
and opposed to the public welfare.
E. F. Grable, President of the United Brotherhood of
"That there
tion of
Way
Employees and Railway Shop Laborabout 4(X),000 workers, likewise addressed
a telegram to President Wilson on the 2d inst., protesting
against the efforts of the carriers to "coerce" the Board.
"We appeal to you as President of the whole people," said
Mr. Grable's message, "to use j'our good offices to the end
that the rights of the railroad employees of this country
shall not be arbitrarily and unjustly dealt with."
Mr. Atterbury, in a statement issued on the 2d inst.,
Maintenance
of
ers, representinfj
The total number of employees
ment control by 201,000.
of the railways increased under Govern-
It Is a fact of the highest significance in its bearing upon the matter of
agreements, rules and working conditions, whose nullification we have asked
the Railroad Labor Hoard to approve, that of this Increa.se 232.563 occurred
in shop employees, clerks and maintenance of way employees with whom
the Railroad Administration made the three national agreements.
The Transportation Act requires efficient and economical operation of
Uie railways.
Efficient and economical operation cannot, however, be
secured without a removal of the great restrictions and obstacles in the way
management which are set up by rules and working conditions
which were adopted as war measures.
The railways desire to treat their employees with entire fairness. All
charges to the contrary are baseless. They cannot, however, assume the
responsibility for consenting any longer to a continuance of conditions which
make efficient and economical operation impossible.
of efficient
A
statement by Mr. Atterburj' on Feb. 3 enlarging upon
one of the week, was read into the records of the
Railroad Board on Feb. 3, this statement saying:
"When I went before the United States Railroad Labor Board on Monday
his earlier
morning, Jan. 31, there was an emergency requiring prompt and energetic
action by the board.
I said: 'Many railroads are not now earning, and with
present operating costs and traffic have no prospect of earning, even their
bare operating expenses, leaving them without any net return and unable
to
meet
All the suggestions for laying this matur before Congress or kome other
public body, with the Impllcatiun that the condition is not really serioiu,
wlll,.l am bUie, ml.slead no one.
Congress has pa.ssed the Trau.sporLatioD
Act.
The Inter-State Commerce Commission, pursuant to that Act. baa
fixed rat«s.
Nevertheless the railroad.s cannot achieve their earning power
under continuing abnormal and inflated oiH-r<itlng expenses, of which the
labor cost U the principal Item.
Hence, in accordance with the letter and
spirit of the Transportation Act, the railroads an- before the one body which
ought to grant them reliel namely, the United States Railroad Labor
—
Board.
For, as I said on Monday, at a time when wages and prlcea are falling in
the field of agriculture and in the other industries of the c^juntry the public
has a right to demand that the solvency of the railroads shall \m! ai>sured by
economy in ojx'ratlon, and not by any further general increase In rates.
The fight which the railroads are now making is not only their own fight,
but the fight of the farmer, the consumer and of the working man and
employer In every industry of the country.
.
According to the New York "Commereial" of the 4th
E. F. Grable, head of the maintenance of way and shop
laborers, went before the board on the 3d to answer the
petition filed by the railroads, asking abrogation of the na^
tional agreements and reduction of wages of unskilled
workers. The "Comrnercial" says:
inst.,
Grable charged that the railroads were attempting to "trample under
foot and disregard the rights of laborers who have submitted their interest*
"
to the board
Grable cited figures to substantiate his assertion that the men were not
overpaid
Ho said 286,300 maintenance of way employees received an
annual wage in 1919 of $933 60, while 65,000 others received only S698 88
The
said in part:
their fixed charges.'
"Since I made the above statement I have been advised by Thomas De
Witt CuylOT, Chairman of the Association of Railway Executives, of the
restilt of a canvass of the operating results of most of the railways of the
country for the month of January. It is understood, of course, that it is
impossible to close the actual accounts so soon after the end of the month,
and that the results of the latter part, therefore, have to be estimated.
"This canvass shows that thirty-six railroads estimate that they have
failed to earn even their operating expenses for the month of January.
Among the roads are the Atlanta. Birmingham & Atlantic Railway, Buffalo
& Susquehanna Railroad, Central of Georgia Railway, Detroit, Toledo &
Ironton Railroad, Erie Railroad, Great Northern Railway, Gulf & Ship
Island Railroad, Hocking Valley Railway, Long Island Railroad, Minno
-apolis, St. Paul & Sanlt Ste. Marie Railway, Maine Central Railroad, New
York, New Ha-icu & Hartford Railroad, Northern Pacific Railway, Philadelphia & Reading Railway.
"While earning their operating expenses, twenty-eight additional roads
estimate that they did not earn their taxes and fixed charges during the
month of January. Among them are: The Arizona Eastern Railroad,
Atlantic Coast Line, Baltimore and Ohio Railroad, Boston and Maine
Railroad, Chicago, Indianapolis and Louis\'ille Railway, Chicago, Milwaukee and St. Paul Railway, Chicago, Rock Island and Pacific Railway,
Lehigh Valley Railroad. Minneapolis and St. Louis Railroad, Missouri
Pacific Railroad, Norfolk Soutiiern Railroad, Pennsyhania Railroad,
Pere Marquette Railway, Westren Maryland Railway and the Wheeling &
Lake Erie Railway.
"Under present traffic and operating conditions these were the results
despite the fact that the sixty-four companies referred to
of which only a
partial list is given above
have in the aggregate decreased their labor cost
operation by laying off approximately 200.000 employees since Sept. 1 1920.
These companies have a total main line mileage of more than 100,000
miles and constitute approximately 40% of the railroad mileage of the
country
In addition, there are other companies of well established earning power
under normal conditions which expect their earnings for January to exceed
their fixed charges by only a narrow margin.
The railroads cannot believe
that the United States Railroad Labor Board, which by its wage decision
of July 20 1920 has kept these national agreements, rules, and working
conditions in existence since Sept. 1 can or will deny to the railroads and to
—
—
,
the public the relief requested.
Included in the above figures of lay-offs and mileage are a number of
companies which I have not specifically mentioned, which in previous years
have also had difficulty n approximating a fair earning power. In a developing country like the United States there always have been a number
of such railways.
Their economic and traffic conditions have not justified
the payment of trunk line wages or the observance of trunk lino conditions
of work, even when these have been far more reasonable and less costly
than at present. Nevertheless the augmentation of their difficulties only
goes to illustrate that it is economically unsound and can only be fraught
with disaster to attempt to compel all of the railroads of the country, regardless of their differing conditions, to meet precisely the same wages and
the same working conditions
Our application to terminate immediately the war-time working arrangements which do apply alike, regardless of these differing conditions. Is simply
the attempt to secure Government sanction for the necessary process whereby these railroads can agrain fit their expenses and operating rules to the
conditions of the territories whose public servants they are.
529
Association of Railway Executives in a statement
issued on Jan. 31 had the following to say regarding the
national agreements in controversy:
Five "national agreements" and eleven other sets of "rules and working
conditions" are now in debate before the Railroad Labor Board In Chicago.
The first of these agreements was not made until Oct. 20 1919, and the last
only six days before the roads were returned to the operating companies.
If allowed to remain In force, they would perpetrate working conditions and
rules obstructive to the needs of the country's indastry in normal times
Just as emergency measures, almost regardless of expense, were made by
nearly all Government agencies during the war, so were these agreements
made by the Railroad Administration. But their continued esixtence
perpetuates the expense, when the war emergency has disappeared.
The rules make wages and working conditions identical throughout th«
United States, regardless of innumerable differences in local conditions, and
their operation puts upon the railroads hundreds of millions of dollars of
operating expense, much of it for labor never performed. They decide not
what is substantial Justice under actual conditions on the road affected but
whether the cause of difference is in accordance with or opposed to a rigid
national rule affecting all localities alike.
The proposition of the roads that the Labor Board permit an immediate
return to the conditions obtaining on Dec. 31 1917, does not abrogate tbs
Adamson Act, and preserves to labor all the peacetime advantages gained
through years of study, conference negotiations with labor unions and
arbitrations.
The abolition of the national agreements would simply remand qnestiona
of issue for settlement between the parties locally. Such local settlement
would take as a starting point the agreements and working conditions which
had been established by the companies with their own employees up to th»
time the Government took possession of the railroads.
ANNUAL CONVENTION
OF ASSOCIATION OF
RESERVE CITY BANKERS.
The Association of Reserve City Bankers -wall hold its
annual convention at the Lafayette Hotel, Buffalo, on
Thursday and Friday, June 2 and 3. F. W. Ellsworth, of
the Hibernia Bank & Trust Co., of New Orleans, is President of the Association.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The pubUc sales of bank stocks this week aggregate ^70
shares and were all made at auction. No trust company
stocks were sold. Twenty shares of Hanover National Bank
stock were sold at 795, an advance of 145 points over the
price paid at the last previous public sale, whieh]|was made in
December 1917.
sale of 26 shares of Atlantic National
Bank stock the first sale since February 1917, when the
price paid was 181
was made at 220, an advance of SSSJ/^
per share.
Extensive tables reporting bid and asked quotations, deposits, surplus, &c., of banks and trust companies
in all important cities in the United States are published
monthly in the "Bank and Quotation" Section, the February
Bid and
issue of which accompanies to-day's "Chronicle."
—
A
H—
asked quotations for all New York City bank and trust company stocks are also published weekly in another department of this paper, and vaU be found to-day on page 553.
Shares.
BANKS New
York.
72 America, Bank of
152 Amer. Exchange Nat. Bank.
26 Atlantic National Bank
20 Hanover National Bank
Low.
198
250
220
795
High.
198
Lasl previous sale.
Cose.
198
Nov. 1920— 201
250
220
250
220
July
Feb.
795
795
s]
1916— 219
1917— 181H
Dec. 1917— 650 J|
of the directors of the New York Life InsurTrust Company of this city on Feb. 2, Ernest H.
was elected Vice-President of the institution. Mr.
At a meeting
ance
&
Cook
Cook was
associated with the old Plaza Bank of this city
for twenty years serving for ten years as Assistant Cashier.
With the merger of the bank in 1911 with the Union Trust
Company also of this city he continued as Asst. Secretary.
THE CHRONICT.E
530
When
the Union Trust Company consolidated with the
Central Trust in lOlrS and hccanic ki)o\vn as thct Central
Union Trust Conipuny lie was made Asst. Treasurer and
Asst. Manager of the Pla7-a braneh; ho resigned that position
in
December
[Vol. 112.
dealing with financial and cconf»mic conditions in Sweden.
This numlier contains artichis on .Swedish Views on the Money
Market, Wage Reductions in Sweden, Proposed Import Restrictions and Quotations on Swedish Securitiep.
1920.
Harton Hej)l)uni, Chairman of the Advisory Board of
the Chase National Hank of this eity, left on the 1st inst.
They
for a trip to Japan, aeeoniijanied by his daughter.
will go by way of San Franeisco and Honolulu, remaining in
At a recent meeting
.\.
•lapan for a inonth.
Bank
tional
of the directors of the
of this city,
it
was i)roposed
tal stock from Sl,OfK),000 U) .?:} ,000,000.
A meeting of the
stof^kholders has been called for March .3 to vote on the proI)osed increase.
The stockholders will be given the pro rata
right to subscribe for the
A statement by Mortimer N. Buckner, President of the
New York Trust Co., announeing the approval of the plans
for th(i
merger of
tliat
company and
With
new
.S2,0(X),0(KJ
stock at par.
bank will have a capital, suri)lus and
amounting to over -SS, 200, 000.
this increase the
undivided profits
the Liberty National
Bank, was issued as follows on Feb. 1:
The Board ol" Tnistocs of the New York Trust. Co. and the Hoard of
Diroctx>rs of the. Liberty National Rank of New York t>o-day unanimously
approved and I'ln-oiiiinended to their respective stockholders definite plans
The combined organization will
for the merKins of these two institutions.
be known as the New York Trust Co.. which will have capital of SIO.000.000
and surplus and undivided profits of approximately .516,000.000.
The Liberty National Bank has a capital stock of $,5,000,000 par value.
The capital stock of the New York Trust Co. will be increasexJ from its
The trust
present amount, ,$3,000,000 par value to $10,000,000 par value.
The
will receive a stock dividend of $2,000,000.
holders of receipts representing jointly the $,5,000,000 capita] stock of the
Liberty National Bank and the common shares of the Liberty Secvirities
Corporation will receive $5,000,000 par value of the increased stock of the
trust company.
The proposal t-o merge these two institutions was announced in December.
To arrange the terms of the merger, committees representing, respectively,
the two institutions were appointed. The New York Trust Co. committee
The
consisted of Darwin P. Kingsley, F. N. Hoffstot and Dean Sage.
Liberty National Bank committee consisted of Grayson M-P. Murphy,
William H. Porter and Thomas Cochran.
After the adjustment of the assets of the two institutions as jjrovided in
the plan, including the payment of an extra cash dividend of approximately
8% to the stockholders of the New York Trust Co.. the combined balance
sheet of the in.stitutions as of Dec. 31 1920 is as follows:
company stockholders
Resources.
Cash in office and banks
Loans and discounts
.$26,112,343 43
150,786,336
4,285,690
23.132,058
28,574,652
313,940
1,926,479
6,807,995
1,168,204
United States bonds
Other bonds, securities. &c
Exchanges for Clearing House and cash items
Real estate
Accrued interest and commissions
Loans of credit by acceptance
Commercial credits issued confirmed
41
13
99
78
44
35
$243,107,701 59
Capital stock
Surplus fund
$8 ,000 ,000
15,000,000
3,281.295
176,169,586
682,568
28,595.115
Undivided profits
Deposits
New York
00
00
66
24
68
11
Circulation
Interest and discount payable
2 ,614 ,250 00
Acceptances
6 ,799 ,81 1 49
1,168.204 35
816,870 06
Commercial credits per contra
Chemical National Bank of this city,
S. Schenck si gned
contracts for the purchaser from the Metropolitan Bank of
the 13-story building on the southwest corner of Broadway
and Chambers St., at present oecurned by the Shoe and
Leather branch of the latter institution. As the Chemical
NationalBank's own handsom e buildin g adjoins the acquired propert^y on the west and south— in fact practically
surrou nds it this purchase wall give an additional frontage
of -50 .2 feet on Broadway and of 192.8 feet on Chambers St.
Since the amalgamation of the Citizens' National Bank in
May of last year with the Chemical National Bank, the
latter has been cramped for room, and this is one of the
reasons for the purchase of the additional property. As yet
no plans have been made for its improvement. The Metropolitan Bank has leased for a long term of j^ears the building
at 320 Broadw^ay formerly the home of the Citizens National
Bank, prior to its merger with the Chemical National Bant,
and the Shoe and Leather Branch of the MetropoHtan Bank
will occupy these quarters upon its removal from Chambers
Last week
thi^ough its
the
p''ir st
V ice-President, Edwin
.
—
,
St.
69
37
f-iatilities.
Reserved for taxes
Due Federal Reserve Bank of
Seaboard Nji-
to increase the capi-
The Equitable Trust Company of New York has announced the opening of an office in Chicago. The office
\YiIl be located in the National Life Buildin.g, 29 South LaSalle Street. D. L. DeGolyer has been appointed manager
of th's office.
Mr. DeGolyer has been associated with Chicago banking organizations since 1908. He resi.gns from
John Burnhaiu & Company to accept his present position.
W. E. Hart has been appointed assistant manager. Mr. Hart
lias been for a number of years the Middle Westei'n new
The combusiness representative of the Trust Company.
pany has installed a private mre to its main office in New
York. This office has been established in accordance with
the company's policy of co-operating with the local banks
'
and investment dealers of the Middle West.
$343,107,701 59
asset value of the common stock of the Liberty Securities Corporation has been included as part of the assets vested in the merged institution,
and tje amalgamation plan includes provision for the organization of a new
securities company, the entire common stock of which will be owned by
The
New York Trust Co.
The new Securities company
the
8%
will issue $1,000,000
cumulative prefen-ed stock, having the same rights and preferences as the preferred stock
of the pre.sent Liberty Securities Corporation in exchange for the present
outstanding preferred shares thereof amounting to $1,000,000 par value.
The Board of Trustees of the new institution will comprise thirty membOTs who will be selected from the present boards of the Trust companj' and
the bank, fifteen from each institution. The executive officers of the nev.institution will be Mortimer N. Buckner. Chairman of the Board; Harvey
D. Gibson, President. The new company will also have an advisory committee of which Otto T. Bannard will be Chairman, and an executive committee, of which Thomas Cochran, of J. P. Morgan & Co., will be Chairman.
When the quarters at 100 Broadway which had been designed for the
Liberty National Bank, are completed, they will become the main office of
the combined institution. Until then the new institution will retain the
dual offices now occupied by the New York Trust Co. at 26 Broad St. and
the Liberty National Bank at 130 Broadway.
The New York Trust Co. was formed in 1889 under the name of the New
York Security & Trust Co. In 1904 it combined with the Continental
Trust Co. and a year later the name of the consolidated institution was
changed to the New York Trust Co. Otto T. Bannard, who had been
President of the Continental Trust Co., became President, and later Chairman of the Board of the New York Trust Co. He was succeeded as President by Mortimer N. Buckner. Since 1904 the company has occupied
offices at 26 Broad St.
The Liberty National Bank was established in 1891. In 1919 it absorbed
the Scandinavian Trust Co. Among its presidents have been E. C. Converse, who has been actively identified with the institution ever since it
was established. Others who have been at the head of the institution are
Seward Prosser, now President of the Bankers Trust Co.; Henry P. Davison
and Thomas Cochran now members of the firm of J P. Morgan & Co. and
Harvey D. Gibson, who has occupied the office of President since 1916.
.
,
,
The plans have ah-eady been
of Dec. 25, Jan. 22
and
referred to in the "Chronicle"
Jan. 29.
The Liberty National Bank, of this city, published on
Jan. 31 the February number of "Present-Day Scandinavia,
At the
last
meeting of the Board of Directors of the Mer-
Bank of the Americas, Albert Strauss was elected a
member to succeed Frederick Strauss, resigned, and Phanor
J. Eder. Secretary, was elected a Vice-President.
cantile
—Kow Tliey Function."
the title of a new l/ot>kIct .just issued by the Columbia Trust Company of this city
for free distribution.
"Trusts
is
Announcement was made on Jan. 31 that Redmond & Co.,
New York and Pittsburgh, and Frazier & Co., of Philadelphia, Baltimore and Washington, had combined, and
that the business of both firms w-ould be continued by the
follomng under the name of Redmond & Co.: Frankhn Q.
Brown; Benjamin West Frazier (member Philadelphia Stock
of
Exchange); Howard F. Hansell, Jr.; A. Perry Osborn;
J. F. B. Mitchell; and Warren S. Jar-\is, member New York
and Pittsburgh Stock Exchanges.
Redmond & Co. was originally formed some thirtj- years
ago as Redmond, Kerr & Co., and in 1904 became Redmond
& Co. The firm of Frazier & Co. was organized in 191-5.
W. R. Cross has retired from the firm of Redmond & Co.
The Mechanics & Metals National Bank
of
New York
upon
has
reprepared an 80-page book, which
profits tax. The book
quest, on how to compute the excess
considers 40 special cases, which have come up, or might
come up under the law. and shows the means of meeting
each of them.
will be sent out
THE CHRONICLE
Feb. 5 1921.]
from reports to the
Finance Corporation, the parent company of
10() Morris Plan banks and coTnpanies oppratins the Morri,
Plan of industrial loans and investments throughout the
United States, show that the needs of 32S,9S7 boiTOwers
were ni<>t in the year 1020 by loans aprsresatinR !?00 1 6S ,.3.S4
This fifjure should be compared with the loans mad(> by the
Morris Plan during the first year of its existence (lOlO)e
which amounted in the apgrregrate to .MS.OOO. Since that
year the Morris Plan has made 1,210.9S7 loans amounting
to $212,1()S.3S4.
The gross earnings of the Morris Plan
banks increased 60% in 1920 over the previous year. In
addition to this record of growth in volume of loan, a
corresponding increase in the number of i^atrons practising
thrift on the Morris Plan has been accomplished.
More
than SIT), 000, 000 is now held for patrons who have saved
this sum in small amounts.
The Morris Plan Co. of New
York alone is obtaining new savers at the rate of more than
.5,000 a month.
During the month of December alone
residents of New York saved more than .?.500,000 in this
way, while in January the amount increased to .STOO.OOO
These savings are in small amounts from fl up. The
Morris Plan Co. of New York, founded Jan. 1 1915, has lent
.f27.8Sl ,617 to 168,000 persons, and during the past years
made loans aggregating more than .$9,000,000. Tt has in
its files credit investigations coAering over 700,000 names.
And there are 99 other Morris Plan banks and companies
in the United States.
Morri.s Plan statistics just eonipiled
FtKlustrial
enhuce the
531
ca|>ital
were apiuoveil hy the st<nkh<>Ider> at
their annual meeting on Jan. 18.
new
siocU at
.'i;i.50
per $1(M) sliare
It is
proposed to issue the
.SiOl ^'oing to capital ac-
c(tuiu and $.50 to sur|»lus.
The inereased
come operative March 1 1!*21.
laiHtal
will
).<
»
,
"The rnrh Market's New TTonie"
tive booklet just issutvl by the
the title of an attia'-
is
New
Business Department of
the American Trust Company.
This pamphlet descrihes
the history and functions of one of New York's most interesting institutions and contains pictures of the new huiblins which
lionse the
is to
Curb Market
in
Trinity Place.
At the annual meefins on Jan. 11 the Farmers" Trust Company, of ;\rount Holly. Xow Jersey, all of the former jnemhers of the hoard were elected excepting John V. Rishon
and Henry ^f. Rlack. The former declined re-election.
Cashier.
iif
-
H.
The Buffalo Trust Co.
of Buffalo, N. Y.. has been authorby the State Banking Department to increase its capital
from $.500,000 to .SI. 000,000. Plans to enlarge the capital
were approved by the stockholders of the company on
Jan. 14.
The new stock is to be disposed of at $275 per
share (par $100) to existing stockholders and $300 to new
stockholders.
The
increased capital
is
to
become
At the recent ajinual meeting of the stockholders of the
Equitable Trust Co. of Boston C. F. Adams was elected a
Vice-President to succeed .Joseph M. Herman, deceased.
The
ton
:
Rank of Roxbury. at Roston. Mass..
name to the Peoples' National Rank of Ro.^jnew name was adopted Jan. 24 1921.
Peoples' National
the
-
•-
Potter. Jr.. Treasurer of the l'nite<l Security Life
& Trust Company
of Pennsylvania, died
tui
Jan.
week. Mr, Pdtter was
fdrty-two years old. lie was a graduate of Princeton T'niversity. and besides being Treasurer of the Unitetl Security
Life Insurance & Trust Company was President of the Tredyffrin Country Club and also member Menore Cricket Club
and Princeton Club.
of
1(<
pneumonia after an
The
illness of a
Rank
capital of (he First National
of AVilkinsburu'.
has been increased from $100,000 to $150,000. The new
was authorized by the stockholders on Deo. 14. and
the increased capital became operative on Jan. 18. The additional stock was disposed of at $200 jK-r $100 share.
Pa.,
stock
W. Harry Ewalt, heretofore Payijig Teller of the Merchants' National Bank of Baltimore, was recently elect^^d
Assistant Cashier of the Baltimore Commercial Bank and
assumed his new duties on Jan. 17 as Manager of the Park
Avenue branch of that institution. Mr. Ewalt was with the
Merchants' National Bank for thirty years, having started
The bank recently adopted the shorter title
Merchants' National Bank in lieu of its former longer
designation the Merchants-Mechanics First National Bank.
The proposal to change the name was noted in our issue of
as a runner.
of
—
Oct. 9 last.
made at the recent annual meeting of
& Savings Rank of Columbus. Ohio, that
-Siniouucement was
the Citizens Trust
had been completed looking to the taking over
Produce Exchange Rank of that city by the institution.
The two branches of the Produce Exchange Rank are
being operated as branches of the enlarged bank. The Citizens Trust & Savings Rank has a capital of .$700.0^)0 on
Dec. ni 1020 it reported suri)lus and profits of .$173.211 deposits of .$7,545,082 and resources of $8.526..509.
details
of the
;
:
effective
Feb. 15.
has chanjred
('.
Insurance
all
ized
(;. Felix. Cashier of the Peoples' Rank <if Philahas been niade Vice-President, retaining his office
Aiiiiiony
ilelphia.
its
.\t the annual meetim: of the stockholders of the Ohio
Savings & Trust Company of Akron. Ohio, held Jan. 15 1921.
W. O'Neil was elected President, succeeding F. A. Seiberling,
All other officers were re-elected as follows
resigned.
A. F. Ayers, Vice-President and Secretary Jo.seph Dangel
and C. W. McLaughlin, Vice-Presidents: C. J. Arnold, TreasW. P. Welker, Trust Officer and
ni-er and Asst. Secretary
Asst. Secretary; R. S. Powley and J. D. Clear. Assistant
Treasurers, and Hugo Schimek. Manager Foreign Depart;
;
ment.
The First National Bank of Attleboro, Mass., has issued
$i00,000 of new stock, increasing its capital from $300,000
to $400,000.
The new capital was made effective Jan. 26.
It was authorized on July 14 of last year, the additional
stock being sold at $1.50 per share, par $100.
Interests connected with the
Merchants National Bank
of
Worcester, Mass., purchased a controlling interest in the
Park Trust Co. of Worcester on .Tan. 18. The Park Trust
has a capital of .$300,000 and a surplus of $130,000.
It is
the present intention to operate the Park Trust Co. as a
separate institution.
Ralph H. Mann, President, and
J. Le'wis Ellsworth, Vice-President and Treasurer, have
resigned, and also from the board of directors.
Frank A.
Drury, President of the ^Merchants National Bank, has
become head of the Park Trust Co. H. M. Abbott Jias been
elected Treasurer of the Park Trust Co.
The new directors
are Frank A. Drury and H. L. Riddle of Boston; Aldus C.
Higgins, George E. Duffy, George N. .leppson and E. H.
Vaughan, all of Worcester, and Harding Allen of Barre.
Mass.
The United States Trust Company
will increase its capital
from $100,000
of Portland.
to $150,000.
Maine,
Plans to
The Directors of Noel State Bank of Chicago have recommended that the stockholders authorize the increase of the
that bank to $1,000,000. as of April 2 1921, to
issued to the present stockholders at i)ar.
cajiital of
\*e
The Hamilton State Bank opened for business last Saturday at .3845 Broadway, Chicago. The bank has $200,000
capital and $30,000 surplus, and more than three hundred
The directors are Edward H. Bagley,
stockholders.
member of the Chicago Board of Trade; C. J. Guderyahn,
retired merchant; Byron V. Kaualey and Frederick W. Cooper of the investment firm of Cooper, Kanaley
W. Carlson, retired manufacturer; Donald R.
italist;
Roy
P. Roberts, Vice-President
Cashier of the Halsted Street State
&
Co.; Emil
Wegg, cap-
and Cashier, formerly
Bank and Charles E.
Kanaley, President.
»
Wilham O. Conrad, Cashier of the Home Bank and Trust
Company, Chicago, has been chosen as the President, of the
new Keystone Trust & Savings Bank which is erecting/a
The
building at 2715-17 West North Avenue, Chicago.
Among the other
building is to be completed in April.
principal owners are Albert H. Severinghaus, Vice-President
THE CHRONICLE
53 ?
Board of Education; Henry W. Roos, RoV)ert L.
and Charles A. Koepke.
of the
Flurlbiirt
•
.
t
The directors of the Noel State Bank, Chicago, have voted
to reeommond to the stockholders the doubling of the capital
A special meeting of the shareholders
has been called for Fob. 28 to act on the proposition. The
present capital of the bank is S.TOO.OOO and the additional
$500,000 is to be sold to stockholders at par. The old stock
is quoled at 190 bid and there have been transfers at 200.
Surplus and undi^^ded profils amount to $171,500. The
bank has deposits of about $0,000,000. The increase for
the last year was $1,.375, 000 and the presnet gains are at
about that rate. The Noel Bank is building for itself at
Milwaukee and North Avenues, a new home, which it
expects to bo the finest banking house outside the loop.
It will cost about $500,000 and has been under construction
for about a year and will be ready for occupancy within a
few months. Joseph R. Noel, President of the Bank, is
President of the Chicago Association of Commerce.
stock of the bank.
»
Oliver B. Cottle has been elected Cashier of the Stony
Island Trust and Savings Bank, Chicago, to succeed A.
Lincoln Long, resigned. The other new officers are: President, 6. M, Benedict; Vice-Presidents, M. D. Harding and
E. L. Bloom; Assistant Cashier, Carl Newgreen.
»
The
campaign for new savings accounts which
netted 3.500 new customers in six weeks was celebrated by
in
corporations; total deposits now stand at $56,276,331, or an
increase of $5,801,0.34 over thoso of last year.
In the course
of the year the bank opened eleven new branches in the
Dominion and converted a number
branches. J. A. Vaillancourt
Leman the General Manager.
lar
of sub-agencies into reguis
President and Beaudry
That the Bank of Nova Scotia (head office Halifax) enjoyed a very prosperous year is evidenced by its annual report, which we print elsewhere in our columns to-day, and
which is the 89th annual report put out by the institution.
Net profits, after providing for estimated losses by bad debts
are given in the statement as $2,327,422, or an increase of
$401,944 over those of the preceding year. After adding the
balance from the previous year of $704,173, the sum of
$3,031,595 was available for distribution. Appropriations,
the report shows, from this amount were as follows: To
cover dividends for the year at 16%, $1,552,000; to pay war
tax on circulation, $97,000; contribution to officers' pension
fund, $100,000; written off bank premises, $300,000, leaving
a balance to profit and loss account to be carried forward to
1921 of $982,595. Total assets of the bank are given as
$239,704,383, as compared with $238,278,722 a year ago;
total deposits stand at $184,745,845, made up of non-interest-bearing deposits of $39,264,930 and deposits bearing interest, including accrued interest, of $145,480,914, and commercial loans are given at $87,045,772.
close of a
the employees of the Sheridan Trust & Savings Bank of
Chicago at a banquet and dance at the Edgewater Beach
Hotel, tendered them by the officers of the bank last Mon-
day
[YoL.
A
silver loving cup was awarded the captain of
the winning team by W. J. Klingenberg, President of the
Bank, and substantial prizes were presented to holders of
individual records. The details of the contest were arranged
by R. P. McCambridge, Assistant Cashier, Percy W. Baddeley. Manager of the Savings Department, and an advisory
committee consisting of the- senior officers, W. J. Klingenberg. President, and Vice-Presidents Read and Crowder.
The banking force was divided into five teams, captained by
junior officers, and points were awarded on the basis of
new accounts opened. Some of the individual records were
surprising. Fred J. Stratmann was credited with 437 new
accounts, and Albert Tilton, Jr., with 267. The Sheridan
Trust & Savings Bank, in its beautiful and unique banking
night.
structure at Lawrence and Broadway, in the heart of the
Wilson Ave. District, has enjoyed marked prosperity and
its resources to-day are in excess of seven and a half million
dollars.
At the annual meeting of the directors of the Central
Trust Co. of Illinois of Chicago on Jan. 25 1921 Charles G.
Dawes was elected Chairman of the board; Joseph E. Otis
was elected President and Geo. F. Rettig and Melvin C.
Smeek were elected Assistant Cashiers. All other officers
were re-elected.
At the annual meeting of the stockholders and directors
Merchants & Manufacturers Bank of Milwaukee on
of the
Jan. 22 the following officers were re-elected: L. M. Alexander, Chairman of the board; W. F. Myers, President;
H. P. Andrae, Vice-President; B. V. Dela Hunt, Cashier;
Frank Brand and James K. Edsall, Assistant Cashiers.
The forty-sixth annual report of the Banque d'Hochelaga
(Montreal), covering the twelve months ended Nov. 30
1920, was presented to the stockholders at their annual meetThe report shows net profits after the usual
iilg on Jan. 15.
deductions, of $649,740. When to this amount the sum of
$76,065 is added, representing the balance to credit of profit
and loss brought forward from the preceding twelve months,
$725,804 is obtained as available for distribution. From this
sum, the report shows, the following appropriations were
made: $400,000 to cover four quarterly dividends; $20,000
contributed to officers' pension fund; $50,000 reserved for
Dominion Government tax; $60,000 written off bank premises; $12,000 donated to charitable and patriotic funds, and
$100,000 placed to credit of reserve fund, leaving a balance
at credit of profit and loss of $83,804, to be carried forward
to next year.
Total assets of the bank are shown as $75,693,921, or more than double what they were in 1915, of
which amount $29,315,275 are liquid assets, exclusive of
$2,403,228 in short-term loans to municipalities and school
At
the annual meetings of the First Wisconsin institutions
Milwaukee, which include the First Wisconsin National
Bank, the First Wisconsin Trust Companj' and the First
Wisconsin Company, investment securities, officers and
directors were reelected.
Charles M. Morris and Douglas
McKey were added to the Trust Company directors and
E. R. Ormsby was appointed an Assistant-Cashier of the
Bank. Oliver C. Fuller is President of all three institutions.
of
The National Bank
of Commerce in St. Louis announces
has assumed du-ect management and control of its
safe deposit vaults and boxes, which have heretofore been
under lease to the Mortgage Trust Co. These vaults are
located in the bank's building, called the Federal Reserve
that
it
Building, at the corner of Broadway and Pine. The main
it is claimed, is the largest single vault in the United
States.
The vault contains 8,700 steel boxes. It is planned
eventually to increase this number to 30,000. The vault
measures 63 by 28 feet inside and the ceiling and walls are
lined with 3-inch drill-proof chrome steel plates.
It rests
on a concrete foundation 10 feet deep and is surrounded by
walls and a top of 24 inches of steel re-enforced concrete.
The outside doors of this vault are 15 inches thick and each
vault,
weighs 20 tons.
G. A. Miller, formerly a Vice-President of the Southern
National Bank of East St. Louis, at the recent annual meeting of the institution was elected President to take
the place of Conrad Reeb, who was made General Chairman
of the Joint Board of Directors of the Bank and its affiliIllinois
ated insttiution, the Southern Illinois Trust Co. Paul S.
Abt, heretofore Secretary and Treasurer of the trust company, was elected President of that institution. Other promotions were H. H. Jost, formerly Cashier of the bank, to
Vice-President, and J. A. Harszy, heretofore Assistant Cashier, to take the place of Mr. Jost as Cashier.
The Citizens National Bank of Bowling Green, Ky.,
has increased its capital from $120,000 to $250,000 each share
of stock in this bank carries with it one share of stock in the
Bowling Green Trust Co. par value $40. The Bowling
Green Trust Co. increased its capital from $60,000 to $100,000. The new stock was issued at par $100 per share
Citizens National Bank stock and $40 per share in the
Bowling Green Trust Co. to the stockholders of the two
institutions and $240 to others for the combined stock.
The increase in capital became effective Jan. 15.
—
—
The South Texas Commercial National Bank
of
Houston,
Tex., announces with regret the resignation of J. A. Pondrom to assume his duties as President of the City National
Bank of Dallas, with which institution he formerly served as
Assistant Cashier. The Houston bank in announcing the
withdrawal of Mr. Pondrom says "he has their sincere good
wishes for continued success in his new work." S. M. Mo-
THE CHRONICLE
Feb. 5 1921.]
Ashan, for six years a Vice- President of the South Texas
Commercial National, has boon elected First-Vice- President,
succeeding Mr. Pondrom. E. P. Stallings, formerly Chief
Clerk, is appointed an additional Assistant Cashier of the
South Texas Commercial National.
A. Lindsey, until recently Secretary of the Fedof Houston, and one of the founders of that
institution, has been elected President of the National Bank
Judge
eral
S.
Land Bank
Commerce of the same city and has already assumed his
new duties. Ho succeeds Roy M. Farrar, who resigned in
order that he might de^oto more time to the Farrar Lumber
of
Co. of Houston, of which he is head. Judge Lindsey is well
in Houston banking circles.
A short time ago he
took a trip abroad, where ho carefully studied the details of
foreign banking and finances.
known
J. A. Pondrom, heretofore First Vice-President of the
South Texas Commercial National Bank of Houston, was
elected President of the City National Bank of Dallas at its
recent annual meeting to succeed R. H. Stewart who retires
from the Presidency but will continue to take an active part
The new President
not
new to the City National Bank, as from 1905 to 1907 he
was an Assistant Cashier of the institution. Mr. Pondrom
in the affairs of the institution.
is
well known in Texas banking circles as well as those of the
country at large having from May 1914 to May 1915 been
I*resident of the Texas State Bankers Association and for the
past three years a member of the Executive Council of the
American Bankers Association. Mr. Stewart is one of the
most popular bankers in Dallas and much of the success of
the City National Bank is due to his efforts.
is
533
having been authorized in September last. Commenting on
tne growth in d(i>osits and resources. President Giannini
said: "A comparison of the toUil deposits during this period
shows $127,258,625 92 on Doc. 30 1919 and $140,993,545 37
Deo. 30 1920, while an increase in resources was from
$137,900,700 30 as of Dee. 30 1919 to $157,464,685 08 at the
end of 1920." Those figures show a normal, healthy growth
and do not represent increas(< from consolidation or purchase
During the last six months the diviof other institutions.
dend rate was increased from 10% to 12% per annum, the
dividends paid during the year calling for $890,000.
In addition, a special dividend of $9(X),000 was vot<'<l in July for
the account of stockholders of the Bank or Italy to the Stockholders' Auxiliary Corporation.
The directors made no
changes in tlie personnel of the bank.
A t the annual meeting of the Stockholders' Auxiliary Corporation it was stated by the President, who is also Mr. A. P.
Giannini, that during the year 1920 increases in the capital,
surplus and undivided profits of the corporation made the
aggregate of these amounts more than $2,000,000. The
officials of the corporation were re-elected.
The
of the National Bank of Commerce of
the following changes in the personnel of the
l nstitu tion_at^the annual meeting^
Robertas. Walker who
heretofore held the dual position of Vice-President and
Cashier, was relieved of the Cashiership by the promotion of
iTW. 'Bedle from Assistant Cashier to Cashier; E. W. Brownell was made Assistant Vice-President and J. L. Piatt was
advanced to Assistant Cashier.
Seattle
directors
made
—
—
In our bank items of Jan. 22 page 341 we referred
the election of John Clausen as a director and VicePresident of the Mexico City Banking Corporation, S. A. of
Mexico City. From a statement furnished us of Mr.
Clausen's business career we take the following:
to
At the annual meeting
of the People's State Bank of HousCohn, active Vice-President and Cashier of the
institution, was elected President to succeed Robert L.
Young, resigned. Mr. Cohn was the organizer of the People's State Bank of Houston in 1919 and is well known in
Texas banking circles. From 1911 to 1919 he was a State
bank examiner, and prior to that was connected with various banking institutions, such as the First National Bank of
Hallettsville, the Yoakum National Bank of Yoakum, and
the Laredo National Bank of Laredo. Mr. Young wiU devote his time to the development of the Monarch Oil & Refining Co., of which he is President and General Manager.
ton, Louie
The personnel
of
the
People's State
Bank
is
now
as fol-
Cohn, President; Samuel Levy, Active VicePresident; Ike L. Freed, Vice-President; J. A. Herring,
Vice-President; I. H. Blume, Cashier; E. E. Draeger, As-
lows: Louie
sistant Cashier.
the annual meeting of the Citizens' Trust & Savings
of Los Angeles, the only change in the personnel of th^
bank was the promotion of J. E. Faucett from Assistane
Cashier to Vice-President.
At
Bank
At a meeting of the directors of the Portuguese-American
of San Francisco on Jan. 8, the proposal to increase
the capital from $500,000 to $1,000,000 was approved.
A
portion of the new stock ($25,000) will be sold at present
at par to the present shareholders, and the balance will be
held in the treasury to be sold as the expansion of the bank
business may warrant.
The capital now to be issued will
become effective March 30. On Dec. 31 last the bank reported a surplus of $50,000, deposits of $3,745,620, and total
Bank
resources of $4,359,912.
At the annual meeting of the stockholders of the Bank of
San Francisco, on Jan. 19, President A. P. Giannini
called attention to the large increase of more than $13,000,000 in the deposits of the institution and of approximately
Italy,
$20,000,000 in its total resources during the year 1920, which
he characterized as the "most profitable in the history of the
Bank of Italy." During the twelve months the bank added
$625,000 to its surplus and $788,240 to undivided profits,
making total 1920 additions to these funds of more than
$1,400,000. Total capital, surplus and undivided profits
at the end of the year was $12,913,240.
The paid-in capital
of the bank was increased from $7,000,*000 to $9,000,000
during the period, and the remaining $1,000,000 of authorized
capital, consisting of 10,000 shares of new stock, it is expected will be paid in by July 2 1921 , the issuance of the same
Born in 1876, he received his early education in Copenhagen, Denmark,
and at the age of 16 came to America. He became a citizen of the United
States, the requisite papers being executed by the Southern District of
New York, May 6 1898, and subsequently ser^'ed in the United States
Army
during the Spanish-American VFar, 1898 to 1899, being mustered in
as a private, with gradual promotion to the rank of First Sergeant, Company L, Twelfth Regiment of New York Volunteers. After rendering service from May 2 1898 to July 21 1898, as an enlisted man, he was discharged to accept a commission in the United States Army as Second
Lieutenant of Company F, Twelfth Regiment New York Infantry Volunteers, the conmiission being signed by the Governor of the State of New
York and Adjutant-General at Albany, N. Y., with rank from July 21 1898.
He was enrolled in the United States Army by virtue of the President's
call, on July 29 1898, for service in this country and Cuba until the regiment
was mustered out on April 20 1899. After his discharge from the army he
traveled in Europe, returning to the United States in December 1899, when
he accepted a position with the North American Trust Co. of New York in
This instituMon was later absorbed by
their branch at Matanzas, Cuba.
the Banco Nacional de Cuba, and he remained with them until April 1905.
In June 1906 he accepted a position as x\ssistant Manager of the International Banking Corporation at their branch in Mexico City, remaining
with that institution until May 1 1907, when he resigned to accept a position
as Manager of the Mexico City Banking Co., S. A., Mexico City (now the
Mexico City Banking Corporation, S. A.), leaving them on Jan. 1 1910,
and on June 30 1920 he took over the management of the Foreign Department of the Crocker National Bank of San Francisco. On March 13 1917
he was elected a Vice-President by the board of directors of the Crocker
National Bank, continuing with that Institution until Dec. 10 1918, when
he was invited to join the Chemical National Bank of New York as VicePresident in charge of their international affairs, which position he occupied
until he joined the staff of the Union National Bank of Seattle, in which institution he has served since January 1920 as a director and Vice-President,
and now leaves to assume like duties in his new affiliation with the Mexico
City Banking Corporation, S.A., Mexico City.
As an outcome of the First Pan-American Financial Conference held in
Washington, D. C, in 1915, Mr. Clausen received au appointment from the
Secretary of the Treasury of the United States to membership on the
Committee having in charge the arrangements for return visits of bankers
and merchants of the United States to Central and South America which
had for its purpose the strengthening and improving of financial, commercial and political relationships with those countries. He later served as
a member of the committee visiting the Central American republics, February to April 1916.
Appointment to the Chairmanship of the Permanent Group Committee
especially assigned to Guatemala succeeding David R. Francis, former
Ambassador of the United States to Russia for the purpose of fostering
closer financial and commercial ties with that republic, was also conferred
upon him by the Secretary of the Treasury of the United States. He presided over the group meetings of that committee at the Second Pan- American Financial Conference held in Washington, D. C, Jan. 19 to 24 1920.
and this appointment has since been re-confirmed by D. F. Houston,
present Secretary of the Treasury.
As a member of the Committee of Fifteen appointed by the Commissioner
of Education
Department of the Interior to study the question *'of
Educational Preparation for Foreign Sers'ice in secondary schools, coUegea
and universities of the United States and other nations, he has been afforded
an opportunity to co-operate in the activities for which the Comiulttee was
formed. On Oct. 4 1918, an appointment was conferred upon him by the
Department of the Interior to serve as special collaborator in the Bureau
of Education, Washington, D. C, to assist in the survey of business needs
"" »
and school opportunities for training for foreign service.
To lend effective co-operation in the movement for "greater prosperity
through greater foreign trade." he has contributed numerous articles for
publication In financial and commercial magazines.
,
—
—
—
—
.
.
—
.
5M
Samuel Montagu & Co.
IjoikIoh, written
of
oner-
of
Cleartnga
reported from
New York
>
official figures:
are received bj' tele^aph from
— Returns
by Telegraph.
Feltruary 6.
1921.
»3,H93.685.933
chlcaKo
153.00.5.66(1
Philadelphia
381.9.37.386
Boston
•KannaH City
258.885.418
San
'.608.272
193
—
1907-08.
1908-09
1909-10
1910-11
1911-12
1912-13
1913-14
.24.5.57
1914-15...
1915-16.
1916-17.
1917-18
1918-19
X Net .exports.
11..578
.10.950
20,749
..21,740
28,731
34,133
24,239
11,014
2,480
21,357
29,480
41,573
2,904
14,453
15,986
25,173
22,607
15,550
5,099
Uetroli
x—
The total net imports of treasure during these 55 years reached the
formidablo total of £671,560,000.
.\gainst only two years
191.5-16 and 1918-19
is there reported a net
export, and that of gold only, not of gold and silver combined.
Even
this amount in one case is under, in the other not much more than, India's
own production. In both instances the movement was owing to absolutely
abnormal conditions created b.v the Great War.
The recent exports of gold and si'ver from India which, like some vast
lake, has been perennially suppli d b.v tributary streams of gold and silver
should not, in our opinion, be consicli ed an indication that the timeworn
practice of assimilation of the precinus inetals is to be abandoned.
Rather
should the sporadic reverse movcnu-nt lie likened to the natural overflow
which ensues when the surface of a 1. r temporarily overleaps its banks.
The amount of silver taken by Indi
uring the latter years of the war and
immediately after was, owing to n. turnl and special circumstances of
remarkable size. When in Sept. !'>' 9, tie acquisition of gold was again
allowed the suppressed appetif of
p people led to an astonishing demand
for this metal also.
Hence,
a- "ol been surprising that last year, India
•''
having to face an unsatlsf
y monsoon, consignments of both metal
i. the country.
should have been sent o
The high prices obtained for
Indian commodities, r? and manufactured, during the war have been very
beneficial to India, aiid it is quite probable that the Indian reservoir will
before long resume the function, indicated by the official statistics to which
we have drawn attention, namely, of receiving and absorbing substantial
yearly accretions of previous metal.
—
—
—
70, .5*59,742
40.215,486
i;lev(;n cities,
5 days.
Otlior cities, 5 days.
Total
all cities,
.
85,651,822,006
950,407,218
.
5 dayB
86,602,229,224
day
1,1.57,274,817
all cities
week
for
»7,7.59..504.0''
'
—16.2
SB. 148,476,493
Our usual monthly detailed statement of transactions on
New York Stock E.xf-hange is appended. The results
for the month of .January 1921 and 1920 are given below:
the
January 1921.
Jartuary 1920.
Descrip-
Par Value
Actual
A tier
or QuatUtty.
Value.
Price.
tion.
Stock /8h.s .
IVal .
RR. bonds.
v. S. Govt
bonds
Par Value
Actual
Ater
or Quantity.
Value.
Price.
10.144.876
iiSl.
1 9. 880.1661
.060.200181 .61 1 .927.486^ 90.5
46.425.928 87.7
52.930.000|
:
327. 513. 7.50 S1.0.54, 127. 645 79,4'Sl
97. 626. .500
79.389.947] 81.3
,7ft
1
,
1
1
179,714.600
1.54.796,4231 86.1
292.435.6001
22,282,500
. .
19,109.7341 85.8
...
25.759.000
«
273,528,461
&c..
.State.
bonds
Bank stocks
2'..
!:.:..••
.
/
1
Total ... S1.627. 137. 3.50l?l .308.423.749 80.4'$2.1.52.184.P00l^l.9.56.351.984 00.9
The volume
of transactions in share properties
New York
Stock Exchange each month since
1920-21 and 1919-20 is indicated in the following:
SALES OF STOCKS AT THE >rEW
on the
.Julv
in
1
YORK STOCK EXCHANGE
1919.
1920.
M'lh:
Number
*;
,
125.026.675
75,164.241
.
.
r...'"'imre
.s'ow Orleans
.Ml cities, 1
12..500.000
1
I'lt'dljiirtfh
X— 740
8,824
16.787
3,707
'
I'raiicbico.
Total
thousands £ sterling)
Xet Imports
Treasure Gold.
QulnquerniaJ nuerage
1864-65— 18R8-69
15..'J18
.5,724
6,28.'>
1869-70—1873-74
2,928
.504
1874-75—1878-79
6,175
1879-80— 188.3-84
8,500
3,394
1884-85—1888-89
2,298
8,845
9,5.56
1,562
ISSIWO— 1893-94
1894-9.5—1898-99
1,510
5,257
9,574
4,122
I«99-'00— 1903-04
Ir>, the Year--.-15,313
1904-05
6.467
1905-06
10.787
.307
1906-07
25,907
0.900
•!
figure.s
St. Louis
that consignments of gold to the vahif of
S2. 500. 000 and $800,000 have been received In that city from Paris and
Ijondon respectively.
The movements of the previous metals to and from India were of spi"
liiat
importance dupliit; the Great War. They arc still more significant n'
currencv Mir-iagnout the world has been inflated to such an extremely large
The
.art'LiE, and all embargo upon Indian bullion movements has ceased.
i>ast atttude of India toward gold and silver has been, with little exception,
one-sided.
Returns gentsrally have shown a net gain of Imports. We
I
Tho
cities.
Now Vork
United States of America.
(
.
[Vol. 112.
Week ending
The Bank of Em^land gold reserve aitalnst Its note Issue Is £126.500.01 o,
aa Increase of £1 ,170 a.s compared with la.st week.
A fair quantity of gold came into tho market and —as taken for tho
append
.
mf)ntli.
;i
20 1921:
i.s
.
other leading
under date of
GOLD.
It
.
THE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
Wp reprint tho followinp^ from (ho weekly eireular
.Jan.
.
.
of
Shares.
i
Number
Value.1.
Par.
Valjies
of
Shares.
Actual.
Par.
Actual.
i
SILVER.
Assisted by a firmer American exchange the price showed a heavy tendency until today, when a considerable demand concentrated upon this
market. Indian has figured as buyer and seller. So also has China, the
latter upon a considerable scale owing to the large position taken up by
Chinese speculators. The Continent has sold in moderation: American
sales on the other hand have been good.
It will be interesting to find
whether there is sufficient absorption of the metal to maintain prices.
Speculative purchases for forward delivery are usually set off to some
extent by actual silver due to arrive and therefore resales of speculative
holdings may at a later date weigh upon the market.
The undertaking of the Mexican Government to remit the duty on silver
should the price in New York fall below 60 cents, suggests that, when the
value is under that figure, there is some considerable ri-^'k that the Mexican
output will be affected. This view is confirmed by private advices from
that country.
We have been informed from India that the high prices? o/ silver during
the last few years have caused the Indian people to part wiih their hoarded
silver to such an extent that India "is quite de.'-litutc" of this metal.
We
t-hlnk that this statement must chiefly apply ti- je larger description of
holdings, for it is difficult to understand whp,t material for hoarding more
suitable ttian silver could be substituted by the mass of the Indian people
at a time when gold was difficult to obtain.
United Kingdom imports and exports of silver are appended:
Imports
Exports.H-nnth ended Year ended Month end. Year ended
'20 Dec. 31 '20 Dec. 31 '20 Dec. 31 '20
Dec. 31
Netherlands
_.
£258,130
£866,236
£3,890
Beifdum
.....
709,414
15,158
6,250
F- ^hce
784,233 3,875,699
137,727
Vs est Africa
265
114,015
2,001
1,066,067
China (Ind. Hongkong)..
10
10
681,200
5,081,095
tr. S. of America
8,590 1,252,757
25,000
232,726
South America
202,871
5,811
130
'"5"5"850
Cape Colony
6,186
306,000
Natal
44,200
203,400
""39",
British India
403
310,750
3,834,864
Australia
150,742
205
3,812
Canada
93,214
705,397
'72",866
Other countries
88,024 2,000,304
"6"l'7",305
'.
.
s
$
.July. 12,541,922 1,103,006,150
904,242.687 34,502.242 3.017,064,5502,810,474,811
Aug . 13,728,598 1,172, 7.53 .800i 940.461,408 24,432,6472.165.107,475 2,056,927,637
Sept. 15,296,356 1 ,321 ,942 ,900 1 ,023 ,468,729 24.141,830 2,210.207,875 2.114.448.927
!
i
3dqr
41,566.876 3,.597,702.850i2,868.172,824 83,076.71917,392.379.900 6,981.851.375
Oct.. 13,667.289 1,183,064,100
Xov .
Dec
-
930,497,816 37.354 ,859i3.369,280,88O3,249, 147 .918
22,069,391 1,882.017,500 1,279.998.426 30.169.478 2,762, 131, 150;2, 120.487.629
24,138,878 2.009,355,950 1.600.404,919 24.852.583 2. 189.470,86o|2.000,002.014
4th qrisg ,875,558 5,074.437,550 3.810.901,161 92,376,920 8..320.882,8307,369 ,637,561
1920
1921
Jan.. !l6. 144,876 1,327.513.750 1.054. 127.645ll9,880. 166 1.781,060.2001.611.927.486
—
i
The following compilation covers
since .Tuly 1 in 1920-21
bv months
the clearings
and 1919-20:
MONTHLY CLEARINGS.
Clearings Outside
Clearings. Total All.
New
York.
Month
%
1919.
1920.
1919.
1920.
$
$
37,484,647,153 37,513,314.549 —0.01 17,652,345,947 15,638,684,709
34,360,792,789 34,708,905,706 —1.6 16,473,486.684 15.181,764,909
._
Sept.. 35,991,044,059 35,607,338,896 + 1.1 17,384,861,550 15,997,472,639
July
I
-r
-
12.9
Aug
+8.5
3dqr.- 107836 484,001 107829 519.1-51
-10.0
-8.7
51.510 694.181 46.817,922,257
Oct... 38,767,734,004 41,829,995,356 —7.3 18.106,647,415 18,116.242,557 —0.50
Nov
.
Dec
.. 37,723,295,277 42,384,095,765
36,004,619,968 39,350,218,392
4th qr. 112495,648,248 123564.309.513
1921—
16.570,503,540 16,764,465,897
—1.1
—11.0 16,742,361,201 18,404,228,865
-9.0
—8.5
—8.9
1920
Jan... 33,537,326,998 41.665.648.028 —I9.5I
51.419.512.156 53.284,937 .319|
•1921
192014.964. 2'i8.673 18.4-5.927.'J22
—3.5
—
18.9
The course of bank clearings at leading cities of the country for the month of January- in ea«h of the last eight years is
shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN JANU.\RY.
191*
1915.
1917.
1916.
1919.
1918.
1921.
1920.
000 .000.'
f
Total
£1,253.435 £9,92:^,034 £1.192,016 £11,493,266
The stock in Shanghai on the 15th inst. consisted o' about 39,570,000
ounces in sycee, 28. .500, 000 dollars, and 2,550 b^rs o'''='i'ver, n= "omnared
with about 38.600,000 ounces in syctw, 29,000,000 dollars, and 880 bars of
silver on the 8th ins';
ENGLISH FINANCIAL MARKETS— PER CABLE.
daily closing quotations for securiites, &c., at London,
as reported by cable, have been as follows the past week:
London.
Sal.
Mon.
Tues.
Wed.
Thurs.
Fri.
—
Ending
Jan. 2^. Jan. Z\. Fcb.l.
Feb. 2.
Feb. 3.
Feb.i.
d. SeJi
35'»
34'..
per oz
36lf
37%
36M
Gold, per fine ounce
105s. 7d. 106s. Id. 107s. 2d. 107s.2d. 106s.9d. 106s.9d.
49
Consols, 2 W per cents
49
48
48
48
48Ji
84',
British. 6 per cents
84%
85
84'K
84K
84M
British, 4 H per cent.s
77«
77H
77>i5
7754
77«
77H
.58.97
58.72
French Rentes (in Paris).. fr. 58.90
58.60
58.55
58.80
83.95
French War Loandn Parlg)fr. 85.20
85.20
83.95
83.95
83.95
.Silver,
P*
The
Silver in
price of silver in
N. Y., peroz.
Domestic
Foreign
New York
Clearings by Telegraph
—The
on the same days has been;
99',
59-;
99'i
57?i
99i^
61H
Philadelphia
St. Louis
Pittsburgh
San Francisco
99K
63H
99'.
60
— Sales of Stocks, Bonds,
720
606
364
265
724
531
296
216
375
109
173
50
127
365
173
150
91
66
204
74
124
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
Detroit.
LouLsiille
Omaha
Providence
Milwaukee
Los Angeles
Buffalo.
St.
Paul
Denver
Indianapolis
(cts.):
99':
62 ^
Chicago
Boston
Baltimore
The
iVeek
S
S
S
S
S
18,573 23,210 17,861 14,719 15.127
2,414 2,857 2,345 2,025 2,084
1,159
1,031
1.809 1,478
1,339
2,176 1,832 1,523 1,398
1 ,853
778
717
648
590
593
omiucd.)
New York
Richmond
Memphis
—
Seattle
Salt L.ike City.
&c.
subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
tiicount of the length of the other tables is crowdedfout
71
44
Hertford
Total
Other
-
-
cities
Tot.ilall
Oat.-ade New
York
.
698
721
414
308
1,123
582
208
353
490
80
305
593
573
370
278
846
440
184
278
321
117
249
71
51
138
316
190
87
160
82
331
137
157
109
74
123
67
234
93
164
66
35
162
175
85
46
S
2,827
1,528
869
1,015
429
260
241
320
434
334
376
183
190
847
340
141
246
226
188
182
151
191
584
286
127
350
90
200
53
112
132
90
63
84
60
165
62
121
63
35
152
233
106
142
51
103
134
87
58
63
61
102
54
77
64
39
172
121
106
153
83
93
45
78
98
72
74
47
44
68
40
51
39
33
S
7,288
1,312
645
662
355
205
216
151
113
326
108
127
90
98
56
79
34
74
87
53
49
39
36
38
36
47
38
25
$_^
9.372
1,436
777
762
397
23*
218
170
137
252
123
108
112
121
74
7«
40
74
108
54
46
37
37
39
45
62
30
26
-.30.690 37.975 29,792 24.331 23,883 18,758 12,377 14,960
2. 628
2.200 1.737 1.365 1.106 1,233
2.847 3.691
33.537 41.666 32.420 26.531 25.620 20.123 13.483 16.193
18.456 14,559 11,812 10,493 7.796 6.195 6.821
.. ..14.964
THE CHRONICLE
Fbb. 5 1921.
535
BANK CLEARINGS—CONTINUED FROM PAGE
Clearints at
495.
IVeet ending
January.
—
Inc. or
1921.
1920
1919
Dec.
1918.
1921.
S
l,339,l»57 711
ItiMtOIl
24.332.093
13,619.619
22,004,092
13.072.142
10,554 049
1.477.585,294
50,548,000
35.201.806
24.101.440
17.305.292
11.818,532
10,911.388
8.208tl61
9.097,979
4.31(7!l41
3.5.'.0.342
5.771.240
4.822,075
2.888.28
8,769.900
2,293,175
1,673.161,671
1.349.744.824
LowellBuui;ur
3,8,".6 ,02
3. 932. ,56
Waterbury
Stamford
S,013 ,800
9.600 ,000
9,379.300
2.328.211
1.555.840,383
2,066.005.176
Proviileuce
Hanford
N'ew IIuvtMi
.SpriujjflDld
Port luiiil
VVorcosu^r
Kail River
New
Ucdford
.
Holyoke
New KosUkod
Total
Kiuuuu City
MluQeapolls
OmtUia
724 .389.243
295 ,723,881
.
173 039,391
I'M .148,121
.
St. Paul-.
Denver
90 866,439
55 .141,383
40 .101.302
47 .5,59,177
29 751.392
27 ,119,751
St Jixsepb
.
Den Moines
WlcUilA
DuUltU
Sioux City
Lincoln
15 831.551
Topeka
Cedar Rapids
12 740,306
9 732.051
6 215.765
Waterloo
Helena
Sioux Falls
Colorado Sprints
Pueblo
KarKo
46,0.86,459
30.423,3.')0
—35.5
87, 467.335
159, 920.114
92, 929,3,'>6
+ 71.7
55
69
29
53
24
173.086
.545. 58L'
835.161
578.000
551.910
18 212.166
11 929.569
S, 222.916
9 516.963
18 013.077
.544.884
.369,000
620.840
,360.278
.680.798
116.510
.401 .662
.190.136
.861.927
21 ,846.047
2 .813.460
6 .438.815
I .689.809
1 .132.914
Kan
Lewljitown
Great Falls
RocliesU'r
>Onot
SprinKflehl,
Mo
800.120
596.217
MaBon City
Total Other West
1.760.683.082
593 075.403
216 420,402
St. Louis
New Orleans
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Worth
Savannah
Fort
NiisJ)v111e
._
Norfolk
Rirmlnc!ham
Augusta
.lackson vllle
Macon
-
Charleston
Oklahoma
Little Rock
KnoxvlUe
Mobile
Chattanooga
25 ,808.871
6 .0.58.807
Austin
Columbia
Wilmington, N.
9 .509.841
2 708.967
C
Beau mont
Columbus, Ga
5 911,867
O 241.418
1 740.000
3 442.054
44 892.186
19 273,219
25 283,465
125 .940.530
000,000
6 867 000
10 130.000
2 647.493
4 71').922
20 .300.173
Vicksburg
Jaclwon
Tulsa
545.459
.204.000
.065.296
.716.223
.192.429
.483.751
.968.045
.055.900
.080.58S
.687,116
,841„524
.116.878
13.9
El Paso
Dallas
...
Newport Newe
Montgomery
Texarkana
Raleigh
Shreveport
Waco
Wichita Falls
— 19.4
— 10.4
+ 387.2
+ 43.0
I
M
Total Southern
Total an
—42.8
—52.2
+3
— 18.6
— 12.0
l,5y8.<X>4
1.222.606
676.772
1,076,989
654,199
In total
303.053,602
—22.1
335,344,504
268,030,193
151,378 429
61,242 .728
36.490 .989
29.672 .921
18.865 469
233.612,358 —34.8
179,949,833
+ 69.1
35,.538,415
.53,284,373
182.869,011
20,055,065
42.526,209
11,811 .645
84,296,9.59
77,438,5.59
.35.987,144
.34.533.863
388.965.022
-40.0
14,987,366
20.078.285
19.299,713
—27.8
8,487.2.54
-22.7
8.611,041
-r3.4
10.6.38.627
—46.2
9.761.729
3.733,459
2.162.397
7.437 376
10„578 .273
6,148 213
5.744 69
3.038 0S2
2.607 759
1,925 ,705
1,187 ,718
20.226,139
35,417,3.54
18,337.198
15.411. .599
8.,504,060
8.977.279
36.213.751
57,373,833
16,621,643
21,324,915
19,688,125
10,299,98
13,604,104
5.947,341
10.085.468
4. 9.54. .585
2.987.2.58
2. .539.871
1.450.984
1,821.737
—36.4
+ 78.5
— 11.
12. .309 ,283
20,873,777
17. .593, 775
7.064,721
7,447,937
3,.5.59,321
6. Ml. 268
— 18.1
1
—32
3,968,421
3.471.580
1,700.307
1,904,096
1,528.473
—.38.5
-12
-24.2
1
.805.481
.470.477
2
2,223,.5.30
1.1.52,781
-36.8
836.884
—6.9
400.000
634 .043
450,666
638,350
2.5(X).OO0
-20.0
2,498.131
1,321,816
l".3'86'.953
-'2'3.7
1,258.864
-46.1
686.862
-31.8
428.721
714.272
1.099,076
698,653
1
1.022.600
422.207
1,235 320
8.0.59.911
S. 515.698
3.830,926
3,136.378
8.104.682
7,026.028
4,685,902
3.492,663
4,810.510
728,416
778,113
2,000.000
l.b5"7",7ii
385.031
7.50.616
2.265.1;j5
-30
"
"8'20,764
759,828
814,950
524,998
5.204.000
1..505, 770
1.439. Si 9
2,199.532
2,422,826
2,145.906
1.879.866.657
1,659.964.618
355.493.930
447.514.579
—20.6
378.946,687
345,371,2'-
—23.8
—38.6
118,128,171
46.018,706
23.810.421
23.251.039
7.888,768
45.144.799
43.758.435
16,038.558
14,000.000
4.858.270
17.000.000
157.551
69.010
15.605
28.451
6,555
74.236
71.719
31.519
21.436
10.669
23.027
—25.0
l'!9.175.'"07
510
193
187
400
835
-33.3
147,277,047
63.148,660
—18.2
647,804.972
245.938.751
89.788.402
76.728.607
27,949.634
,181
1,34,783,830
717.051.627
278,319.190
117.332.473
75.095,229
27,252.666
234,237.113
269.276,033
92,881.747
65.025,074
35,327,600
330,775.086
363,868.492
162,138,245'
97,724.682
.57..541,S27
118.053.552
.-.7,555,773
88.176,781
28,074,121
54,529.1.52
.38,4.50,291
25,498,838
58,752,399
58,829,448
16,1.52,173
11,634,182
36,9.38,61
8,871.135
20,.390.164
5.118.616
7.930,121
4,311. .340
2,694,617
3,812.985
51.437.013
21,076.719
32,207,012
194,700,494
+ 36.0
+ 8.4
—38.3
—43.7
—54.1
—39.6
—59.2
—30.7
—39.3
—13.5
—66.3
—7.5
—49.3
—41.2
+
29,839,08'
72,754..366
47,389,789
54,752,282
14,512.263
36.100.258
8,.552,224
16,.584,220
41.325.293
23.916.908
11.427.825
7.865.890
25.996.918
21,231,642
9,574.813
4,497,980
6,443.060
3,618,692
2.288.932
2.945,192
38,795,860
12,781.628
22.629.859
119.925.880
5.305.283
7,595,005
8,592,29
3,757,276
4,894,077
13.370.181
11.408.496
86.6
—33.1
—18.3
—23.0
—30.1
—31.9
—53.4
-^7.1
—25.5
—24.8
—35.4
—9.7
—12.7
—29.3
5,445,.576
12.030.718
11.417.128
3.849,083
9.221.022
25.518.821
164,6.50,000
215,140,4.37
62.3.54,992
71.336,212
33,497,067
59,056,.526
.33,912,135
8,2.32.836
20,610.997
]6„S95,932
20,880.533
11.851,572
16,776.171
42.008.264
20.889.505
11.620.182
6.632.778
17,133,411
1,691,435
11,545,584
4.000.000
2.500.000
23.193,188
8,679,359
2,437.864
1.673,772
6,406,583
1,325,201
20. 280. .540
25.136..587
-.52.5
—18.3
27,4.5i.644
l' ''i3.525'
^20.3
,.;<0,500
—39.3
—39.0
7.54
219 —49.1
437 —34.7
960
—.54
—
.!93,393
..858.613
.965.327
.
2< .2
788
—27.
1 1 .302 432
—9..
18.867 101
5,515 918 —59 ...
12,094 127
..51
8,000 000
50.()|
A' ^
4,500 ooo;
11,858 104;+ ;oo.6
-25 4
11.630 4/0
-23.3
3,1,8 592
-24.7
2,223 486
-21.6
8.172 037
-18.3
1.621, 438
.873..5.52
J. 861.
..51
446
53.798 380
18.495,17r.
14.732.023
4,900,000
34,400,105
42,010,453
12,841,306
10,090,003
5,463,549
13,661,132
8.315.556
12.456,07.-
13.1.53,640
3,663,6»..
3.056.123
2.903,976
—4
6,.5;4'j.l7.i
8.5S7,':-s5l
—
',200,000
3,000 000
9,663. .-.72
4,629.44,
2.190 033
1,484,219
6,249,016
4,200,000
2.100,000
2,938,575
9,231,178
4,000,000
2,397,977
1,200.437
4,295,647
.> -000.000
8,795.516
3.961,220
5.803.764
3,618,679
324,354
781,596
454.688
9,439,761
3,684,497
11.710.437
4.033.735
25,742,624
35.491.303
2,5.33,299
3,105.964
33.496.727
13.119,546
17.196.483
97,213,510
2.879.376
7.428.824
0,460.845
3.441,874
.557,671
455,205
-28.7
-40.2
-19.4
383,28
619,404
6.385,596
—9.4
626.1
7.946.670
2.618.381
27.5
20.000.000
15.V9'7'429
—26.2
2.266.007
2.900 000
133. 160
415.037,667
2,373,571
3,916,.598
3.745.09M
12,804,331
5.07i 416\
ir.oni !5<
1,4'>4,009
'"
j4.
8,228,46:
2.577,457,733
2,184,493,106
41,665,648.028
—18.9
492.434.331
—19.5 32,429.789,444 26.547.613,299
18.455,927.9j?'
614,027.196
447.974.237
206.903.731
64.698.847
40,971,148
.33,866.122
_
_
.lohn
London
'_
^
Toose Jaw
ctl'bridTC
25.915.954
26.290.242
10.687.103
22.179.390
17.289.952
12,929,720
15,082,624
17.621.105
8,455,62
6.777.067
IVa.vi;
n
Bran
rd
6.032.193
Weetmins'
Medicine Ha
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
^toncton
Total CajTMia-
2,4.32.749
-
—19.4
—7.5
.37.6.38.401
3.023.9
4.267.983
3.025.132
Ft- W'Ulam
(.
— 15.5
—25.9
35.298.519
Kdmonton
New
1.0
193,440
3,4.56.179.3451
.58.553.665
,
ReglnaSaskatoon
+
—7.9
233,245.253
9,322.000
7,340,392
3.916,151
3,779,407
2.100.000
3.098.420
778,437.951
352,695.949
79,770.762
2,.3,59,
—
—
— 31JS
494.702.024
414.365.319
234.762.892
Quebec __
Hamilton
St.
2,062.225 Not Included
-t-2.1
-11.6
298,505,461
9,706,800
7,812.638
5,037.196
3.089,744
2,311,071
3,047,474
1,732,143
1,949,843
639.474
1,000,000
613,180
14, .569. 140.610
.418
6 858.558.680 8.293.040.605
11.828..545.769
428,538.998
313,656.977
180.092.160
666,
343.925 558
2.59.470 999
176. .5.39 246
38.174 ,171
25 ..528 ,300
30.515 .776
16.732 .685
21,228 508
-.618 345
•
235 468
1/;
960
3.068.384,910 3.617.406.7,50
-26
r.
1
-17.3 6.688.577.032 5.343.248,667
— 15.2
2.990.703.438 2.393.9.59.50';
I
Ottawa
Halifax
724,824
%
—22.9
—26.4
1,651.690
Canada
Victoria
1.008,927
1
14,964.288.673
Montreal
Toronto
Winnipeg
Vancouver
Calgary
.240,890
!S£0.0(M)
846.772.063
141.466,804
199.966.642
62..583. 69
33.537.326.998
New York
1
*
342,921 584
12,710 800
8.348 150
5,.585 ,736
4.728 200
2.496 87
3.930 ,570
2.754 ,510
2,594 .019
825 .000
1,240 018
823 ,492
1918.
1919.
Dec.
— 18.8
—32.9
—28.0
—36.9
.340.700
2 ,331.536
1
1.1.58,899,360
1920
—20.0
1.749.75
25.146.17
1,568,501
3.416,000
15 000.000
Lawton
cA lester
3,287.310
5,181,922
2.384.295
6.497,000
1.743.943
2.045.762
2.461.942
4.367.121
2,949.236
—37.9
-26.8
—32.2
IS.496.00'^
12 ,384.13
1 ,615.978
Port Arthur
5.6,39,896
—8.6
—21.5
—35.3
—44.9
—42.8
—11.3
—31.2
—48.9
—20.4
—33.0
•!
Tampa
3,407.673
3.206.979
12.314.796
7,702.000
— 17.9
—38.1
— 19.3
2,444.900.947
Muskogee
Outside
108 .504.315
HO 264 .40;
38 .289.243
203 975.401
204 ,822,875
74 319,867
59 .000.000
23 408.389
181 760.273
34 .945.376
76 .291.525
9 .468.012
.50 .442.380
19 ,500.000
15 000.000
109 .656,604
39 373.445
13 198,285
8 960,468
0,793. .595
10,727, .503
13,256.391
—20.3
—37.7
.5
Lawrence
Iowa C'ity
Oshkosh
Kansas City,
42.351.783
37,142.267
51,054.036
46,514,515
18,044.097
13,021,058
9,695.508
+ 8.4
6 .042,089
Hasting
Grand Forks
73,951 .705
122.668.402
90,525.2,58
—43.2
—40.7
—27.3
—31.6
—0.03
—49.4
—35.5
—30.0
-18.4
—24.4
—20.9
042.762
Abwdcen
-
—43.3
—
—21.5
Joplin
Billing
845,629,958
184,334,679
249,313,677
+ 42.3
391.61-1
530.519
119.778
230.250
380.862
000,000
.279,814
.126.910
.200.000
.273.000
—24.7
1.123 302.272
207, 825.7.50
305, 377.690
10
4
4
110
Fremont
264,339,580
9,358,000
8,520.658
5,638,133
4,177,796
2,300,000
3,319,201
1,575,647
52.886,600
35,402,206
20.235.243
16,939.823
10,765.193
15.983.880
8.493,719
7,437,985
:i, 295. 587
5.207.140
3.298.193
8,789.000
2,110.889
1,809,484,715
70,707.100
50,136 100
44,131 28H
26,107 367
20,932 ,80^
13.242 ,548
17.660 ,940
6.651 ,729
6,155 108
4,743 277
5,251 584
JoHUarf 20.
Inc. or
2.082.823
3.888,379
4.805,860
4.0.59 120
12.68.5.093
1.996,053
4.178.237
1.483.077.5.85
+ 13.4
—9.5
—13.8
—10.0
—5.6
27,449.109
—9.9
29.168.390
—7.9
11.609,302
—9.4
24.488.025
21.488,8.59
14,937,167
15,978,011
18,129,119
8.773.31
7.060.899
3.338.654
3, 982. ,588
3.129,439
5.087,152
— 19.5
— 13.4
—56
—2.8
—3.6
—4.0
—9.4
+ 7.2
—3.3
+ 6.1
45.7.50,031
30.007.639
24,782,144
20.940.74
22.321.457
9.004.892
15.962.846
20.0.54,921
11.832.902
12.354.748
14.289.483
7,680,.804
7,078,228
3,209.119
3. 104. .565
2..547.057
4.2.34..546
—4.7
—7.0
2.140.165
1.714.013
3,862.216
+ 0.7
—3.6
4.985.900
5.092.879 —20.3
10,819.497 + 17.2
—4.5
2.090.030
Not included in total
3..360.823
3.601 ..347
2.964..343
5, .367.278
—9.5
1.198.068.385
2.,551,285
2. 241. .896
I,639.iri7.298
•'
2,903,242
2,786.763
7.096.249
2,188.718
,410
10,50 756
13.946 16
7.302 ,290
5.1S2 800
4. 342. .362
3.001 039
3.4'>9
562
2.675 515
3.623 85V
1.704
75.023.124
— 16.0
33.7,59.119
9. 288. .592
7.81S..575
6.1.54.720
—27.1
6.370.573
35.632,897
7,823,971
5.185,180
—0.0
4. 290. .544
3.664.093
5.901.890
3.073,710
3,142.221
+ 4.
4.026.111
4.572.673
2.474.659
I
{'.
7..361.910
2.341.956
4.573.374
— 12.
—5...
—11.3
—3.6
—6.5
—5.1
1.021.723.784
4.810.659
1.673.645
2.867.827
2.707.SI9
446.901
581.773
1.380.916
762.617
1 .307.298
-19.6
..355.607
8,80,236
1. 377.605
—
J.2 2
— r?)
823.695
572.088
+ 2.9
404.1.39
-^12.4
298.9.33
732.055
904.944
-12
631 .4.59
624.671
I
.535.22
628.798
1.551.877
1.120.980
588.505
454.404
824. ,595
1
.0.58.663
9 15. .567
1
.0,80.579
+ 17.0
—9
1
-i-6.9
3
+ 17.0
— 15.3
—6 3
— 12.0
2.532.530
2.373.916
367.73;
321. .595
Not Lacluded
1.194.225
1.476.136
2.167..531
3. 1.56. .393
2.155 5<n
3.106 791
2.318 894
SI. 953.866
68.096.816
+ 18.1
3.775,678
620.011
568, .363
1,.525,391
1,152.077
61."
3.091 228
-21.
129.845.123
106.405.344
41.891.351
15.032.632
3.838. .564
5.1.52.976
n
9.'.
— 19.0
101,621,678
86,151 „527
49,574,959
12,632,032
5,698,487
6,154.719
-132
3,310,17i9
3.225,85ti
4,186,938
1.927,169
1.049,293
6,029,227
1,,581,391
2.879,390
2.498,980
442,068
492,673
1.402,257
672,490
883,599
5.58.436
.595,423
409.975
•
303,023
418,123
546,325
024.963
446,770
.561.764
1.242.498
In total
353.001.552
.56.223,257
306.560.904
316.010
238.183,685
214.004.506
H
.
THE CHRONICLE
536
By
IMPORTS AND EXPORTS FOR DECEMBER.
The Bureau
Washington has issued the
statomont of the country's foreign trade for December and
from it and previous statements wo have pn^pared the folof Statistics at
Amcrlcim
2
W.
aoid.
common
.Mfg..
&
S per 'h.
139 J^
144>i
L. DourIiu) Khoc, pref
82
79
lOTurnnrH" Falls Power
By
iferchandtse.
Hobbs
Messrs. Wise,
Shnrrs. .Slocks.
IJnipor ( Corporation
lowing:
Totals for merchandise, gold and silver for December:
[YoL. 112.
Messrs. Barnes
&
Shares.
Shares.
Kzcess
1
Ez-
Im-
ted.
porla
voils.
$
720,49S
681,410
565.886
600.135
523.234
359.306
$
266.106
S
454.387
350.710;
210.8871
227.91)
:U)0.70fi
1920
1919
1918
1917
1916
1915
.
-
.
.
.
.
Of
Exports.
Im-
vorts.
Ez-
ports.
1
1
Exports ports.
204.834
171,832
i
ports.
%
6.080
30,596
354.999
48,306
372,221'
4. .538 17.066 /12..5281 10.125
31S.400 27.974 1.58.621/1.30647, 9.008
187,474 11.889 45.412 /.33.523
6,831
$
\
%
%
4,625
1 .455
9,685 20,910
4,330 43.976
6,155
3.970
3,553
5.455
2,603
4.228
i
'
Excess
of
Exports
Im-
Ex-
17,058! 56,295/39,237
46,2.57 12.914 33.343
1.580!
1.766
/186
/ Excess or Imports.
tperth.
Slocks.
5 Pljll.TlcIphla Trust
...690
10 United Hecurliy L. I. A T
131
10 Am. Talking Picture & Talking
25 .Manayunk Trust. $25 ca«h
81
Machine. $10 each
6 H K Mulford $50 each
$15 lot
60
10 Petroleum Corp. of Amer., $5
8 Phlladelphl.-i Brurpc. com
e>
..
e,ich
Retriington Ph'inograph $10 each 9H
.$15 lot 80
10 Southern Pines Country Club.
5 John B. Stetson, common
311)i
Inc., $10 each
$40 lot
10 Collins wireless Telephone, $1
Bimd^.
Percent.
each
$8 lot $1,000 So. Caro. Lt. Pow. & Ry.
10 Liberty Bell Co., $10 each
1st 5s. 1937
$10 lot
41
10 Pre-ITeated Air, $1 each
$2 lot $3,000 Jefferson RR. Istextd. SHs,
10 Rltz-C;arIton Hotel, pref
1929
$38 lot
92X
10 Northwestern Metals, $10 each. $2 lot $1,000 E.smeralda Parral Mg. 68,
10 New Eng. Electro-Chem Metals $5 lot
1919
flOIOt
2 Scarborough Beach Tnist-Narra^
$400,000 The f)hle, Elee. Ry. M]
gansett Pier, $2.50 each
$215 lot
A gen. ;«. ctfs. of dep
10 Esmeralda Parral Mg., $1 each. $4 lot $25,000 Columbus
Interurban
[$2."^ .009
10 Centennial Mines
lot
Terminal Ist Ss"
$11
10 Union Mines, com.. $10 each
lot
$2 lot 42 shares Ft. Wayne Van W. A
10 Union Mines, pref.. $10 each... $2 lot
Lima Traction..
1-30 Interest La Presa MlnesCMex.) $6 lot 2.600 shares Th" Ind. Col. A!
17 Phlla, National Bank
East.Trac. prof
)
.324H-325
20 Northern Nat. Bank
177
,
OOOs
omit-
Excess
of
$ ptr sh.
.SlocJc-i,
Merrlmiick fhcmlcal, JSOoach.. 80
6 BoHton Wharf..
76
12 Hifickn<!y* Poor Hplce
104H
10 rlKhtM Ixjwpll Kit"-. Light
10
I
Lofland, Philadelphia:
Shares. Stocks.
$ per th
3 filrard N.it. Hank
400
4 rlght.f to subscribe to Pratt Fntxl 21
Stiver.
Arnold, Boston:
.
.
•
.
I
Totals for the twelve months ended
December
|
31:
I
Gold.
Merchandise.
OOOs
Excess
of
Exports.
I
omit-
Ex-
Im-
ted.
ports.
ports.
Stiver.
Excess
of
Exports
Excess
Ex-
Intports.
ports.
I
/m-
Exof
Exports porta.
POTtS.
%
1920
1919
1918
1917
1916
1915
8,228,400 6,279,39l!2.949.009
7,920,426 3.904.365 4.016.061
6,149.088 3.031.213 3,117.875
6.233.513 2.952.4683.281.045
5.482.641 2,391 ,635 3.091 ,006
3 ,554 ,670 1 .778 596 1 .776 ,074
,
/Excess
322,091 428',703'/106612
368,185 76. .534 291, 651
41,069 62.0431/20.973
371,884 552,4.54/180570
155,793 685,990/530197
31,428 451,955/420629
$
88,060
89,410
71,376
53,341
32,263
34.484
113,616
239,021
252,846
84,131
70,596
53,599
-
25.558
149.611
181.470
30.790
38.332
19,116
of Imports.
tommetrciaX midW^lstzllKUtan^'^txcif
NEW YORK— MONTHLY
FOREIGN TRADE OF
STATEMENT.
Merchandise Movement
New
at
Customs Receipts
York.
at
Imports.
Month.
S
January -. 280,997, 659
S
1920.
1919.
S
S
.151.089 264 .544.534 21,284.852
,626,954 311 376.177 19,323,968
,929,064 312 .904.175 22,429,000
495.893331 .394.915 19,999,693
.323.3921280 .404.527 17,981.669
85 880.208 257
8,026.387
9.856,349
March
292.275, .856 130 844.310 396
10,600,101
April
270.147, 137 145 065.157 302
12,881,216
May
224.033, 443 178 233.477 343
12,318.060
June
315.350 ,911 152 314.929 254 .306.437429 160.599 21,434,058 13.964,223
July
323.427, 245 179 .457.378200 .319.661 239 532.410 21,468,214 15,281,139
August
265,399 .334 163 182.1.S8160 .316,2941264 ,759.378 18,392,047 15,444,278
September 184.623 242.01 .529.881174 ,781,0,30 267 .365.9661 16.140,524 16,740,934
October __ 179,929 90!)!214 ,7.')6,732 2fi7 .317,672|ri24 ,627.0151 16.845.472 16.702,1.58
November 172.054 642 231 .808.185 289 529.113237 666,749' 15.335.704 21.023.969
December. 126.251, 896 221 .159.962 345 .414.165|204 779,114 12,190,679 19.576.716
February
Total.
-
- .1
260.144 ,811
no ,759.849 301
2894636367 2064992262 32935107641 3468515559 222.825.870 172.505,530
Movement
of gold
and
silver for the 12
New
Gold Movement at
Month.
Imports.
March
April
May
June
July
393,587
1,310,313
287.011
2,683.735
1.230.283
791.436
Sales.
1919.
S
S
2,517,289
17.790.299
24,814.399
2.346.310
35.247.500
2,311,250
34.820.300
1.187,332
2.649.762
1,422,830
1,436.853 58.876,463
246.300 23,609,186
4.212.285
3,921,003
274,003
5,279.491
130,000
3.080.163
53.000 12,110.147
350,043 23.246,193
—Among
1920.
1920.
$ per sh.
Shares. Stocks.
26 Atlantic
Nat Bank
220
10 Central Bank of Westchester
County, White Plains, N. Y.140
30 Manhattan Transit, S20
&
SIO
Ironton Ry.l
lot
preferred
$13
\
4 Detroit Tol. & Ironton Ry.
lot
2d preferred
J
12 Nat. Bank of North America.
$10 lot
20% paid in liquidation
490
24 Fidelity Phenlx Ins
36
10 Suburban Land & Invest
14
10 Knox Hat. Inc.. 2d pref
50 Hale & Kilburn Corp. pref.. 14
1st
133
Van Brunt
RR
Shares.
&
Erie Basin
.-
-_
15 Port Morris
By
St.
Land & Imp
Messrs. R. L.
Slocks.
4 Hamilton Mfg., ex-div
65
Day &
i-s
13 Naumkeag Steam Cotton. 200-198H
lOO Mass. Elec. Cos., pref., ctf. dep.
with all securities
4H
142
10 Mass. Cotton VIUls
10 Nashawena Mills
121M-121H
50.000
lot
lot
lot
lot
300 City Investing Co. common 55
152 Amer. Exchange Nat. Bank. 250
40 Girard Trust Co., Phlla., Pa. 725
72 Bank of America
198
20 Hanover Nat. Bank
..795
Bond.t.
Per Cent.
$8,000 Peoria Water Works prior
lien 5s. 1948
65K
$5,000 Peoria Water Works cons.
4s, 1948
42
$3,000 Toledo Peoria & West. Ry.
1st 4s. ctf. of deposit
31
$1,500 Hale & Kilburn Corp. 6%
Notes, 1922 to 1931
44
Slocks.
$ per sh.
10 Quincy Mkt. C. S. & W., com. 145
10 Gillette Safety Razor. ex-dlv..l38
5 Lawrence Gas Light.
90H
Bonds.
Per Cent.
$6,000 Mason C. & Ft. Dodge RR.
1st 4s, 1955
33 flat
50.000
100.000
APPLICATIONS FOR CHARTER.
lottesville.
Correspondent.
McLane Tilton. Charlottesville, Va.
Bank of Boswell. Okla
Original organizations;
The Citizens National
Correspondent. R. L. Lowdermilk. Boswell. Okla.
The Essex County National Bank of Willsboro, N. Y
Correspondent. Wallace H. HoweU Jr., Willsboro. N. Y.
The Littleton National Bank. Littleton. Colo
Correspondent. Walter N. Ickes. Littleton, Colo.
Succeeds the Littleton State Bank.
Total
25.000
25,000
25.000
S175.000
CHANGE OF TITLE.
The
of HoUis, Okla.. to First National
CAPITAL STOCK REDUCED.
First National
Bank
of Covington,
Ky
CAPITAL STOCK INCRE.ASED.
Bank
in
Amotcnt
Capital
Reduced, xthen Red.
$100,000
$500,000
of Cap. when
Increase. Increased.
S.50,000 $100,000
Amount
The First National Bank of Birmingham, Mich
The Citizens National Bank of New Lexington, Ohio.. 25.000
100.000
The Ridgewood National Bank. Ridgewood. N. Y
75.000
The First National Bank of Paso Robles. Calif
The Merchants National Bank of Plattsburgh, N. Y-. .50.000
50.000
.
The National Bank of Sullivan. Ind
25.000
TheOarrett National Bank of Oakland, Md...
Bridgeport National Bank. Bridgeport. Ohio
The First National Bank of Monterey. Calif
The Peoples National Bank of Checotah. Okla
TheFirst National Bank of Winfield, Tex
The Traders National Bank of Rochester. N. Y
The Citizens National Bank of Caldwell. N. J
The Citizens National Bank of Orange. Va
100.000
50.000
25.000
15,000
250.000
25.000
25.000
75.000
300.000
100,000
150.000
150.000
75.000
200.000
100.000
50,000
75.000
750.000
50.000
100.000
$865,000
Total
S per sh.
25.000
Conversions of State banks and trust companies:
$100,000
The Commerce National Bank of Charlottesville. Va
Conversion of the Commerce Bank & Trust Co. of Char-
York:
K. & W. Holding Corp
$50
The Hawthorne Co. pref
S5
The Hawthorne Co. common $2
The Baltimore Process Co.. $80
Shares.
25.000
100.000
-$545,000
$
Co., Boston:
Sper.^li.
137
New
Shares. Stocks.
84
500
212
455
.
each
10 Detroit Tol.
Sons,
100.000
Total
HolUs.
other securities, the following
&
70.000
President. J. F. Shields; Cashier. Charles A. Crist.
The Security National Bank of Electra. Texas
President. John Brownlee; Cashier. Chas. R. Miller.
The National Bank of Iron Mountain. Mich
President, C. Meilleur; Cashier, Chas. Parent.
The City National Bank
not usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
Messrs. Adrian H. Muller
$25,000
President. Wm. H. Magee; Cashier. L. M. Jonee.
Oriijinal organizations:
The First National Bank of Clermont. Fla
President. H. W. Fenker; Cashier. H. L. House.
The City National Bank of Centralia. HI
President. John C. Agey: Cashier. Alva J. Johnson.
The First National Bank of Manhas.set. N.
President. Francis D. Jackson; Cashier. S. M. Powell.
Exports.
8.327.870
414.262;
54.248,571
Auction
Imports.
10.164,603 122,024,744 139.907,647 21,622,300
529.787
668.246
699.827
506.758
December. 53,324.215
Total... 345.914.248
—New York.
709.700
232.476
460.250
1.903.704
1.009.870
165.821
1,937.525
709,579
323,010
316.556
7.532
557.847
._ 114.561.6,'")3
November
Silver
S
2.327.316
3,132.386
1.770.599
3.315.928
1,106.666
1.715.881
1.236.840
1.062.356
2.133.024
1,359.391
1.511,726
950.187
649.35':
183.085
1.458.285
1.708.182
55.156.705
1.682.127
5.963.355
10,945.005
12.454.509
August ...
September 34.228,5.56
October
York.
1920.
$
S
January ..
February .
months:
Exports.
1919.
1920.
Capitnl.
The Maybrook National Bank. Maybrook, N. Y_-
1919.
1920.
CHARTERS ISSUED.
Conversions of State banks and tnist companies:
The First National Bank of Elsinore. Calif
Conversion of the Consolidated Bank of Elsinore.
President. L. T. Florton; Cashier. .John P. Millar.
The National Bank of Huntington Park. Calif
(Conversion of the Bank of Huntington Park.
President. C. A. Larson: Cashier, C. W. Weltw.
The Central National Bank of Pasadena. Calif
Conversion of the Central Bank. Pasadena.
Y
York.
Exports.
1919.
1920.
New
—
National Banks. The following information regarding
is from the office of the Comptroller of the
Currency, Treasury Department:
national banks
CONSOLIDATIONS.
First-Bridgeport National Bank. Bridgeport. Conn., capital $1,000,000, and the Connecticut National Bank of Bridgeport, Coim., capital,
$664,200. consolidated under the provisions of the -Act of Nov. 7 1918
under charter of the First-Bridgeport National Bank and under corporate
title of "The First National Bank of Bridgeport." with capital stock of
$2,000,000.
The
VOLUNTARY LIQUIDATIONS.
The Bucksport National Bank, BucKsport, Me.,
capital $50,000; to take
Liquidating agent. Parker S. Kennedy. Bucksport,
Assets purchased by the Merrill Trust Co. of Bangor. Me.
effect Jan. 15 1921.
Me.
DIVIDENDS — Change
in
Method
of
Reporting Same.
We
have changed the method of presenting our dividend
now group the dividends in two separate tables.
record.
First we bring together all the di\'idends announced the
Then we follow with a second table, in which
current week.
we show the di\'idends previously announeed, but which
have not yet been paid.
We
The dividends announeed
this
week
are:
THE CHRONICLE
Fhb. 5 1921.]
Buoks CloseJ.
I'eT
Name
Uempanv.
of
Name
Inclutiie.
Feb. 15
3
A-
Street and Electric Railways.
JJelrolt UulUid liy (guir.)
Fairmonl I'ark & Uaddlni;ton Puss.
•Mar.
-Mar.
•1
1
1
Mar.
2
•$1.60 Feb.
•»1.25 .Mar.
.
Hy
Philadelphia Co., prefeired
•2H
Kle«iric Co. (ijuar.)
Holders of rec. Feb. 10
•Holders of rec. Feb. 10
•lloldei-a of rec. Feb. 10
Holders of rec. Feb. 12
5 •Holders of rec. Jan. 21
1 •Holders of rec. Fob. 10
Feb. 15 •liolders of ree. Feb. 5
1
Mlscelluneous.
American Full, |)reft'irL-il ((|uar.).
Amor. SmulMu^ ^ lieriului:. cum. (tjuar.)
•1
Mar
^n'Preforred
•IH
.Mar
(«iuar.)
American Tobacco, com.
Common
1»
Duck
Canada Ceinoni,
•3H
IH
IH
•IH
7%
IH
•6
2
common
Harblson-VTalk. Refract.,
SiPreferred
•IH
Corponition (quar.)
Hoosjic Cottoii Mills, prof, (quar.)
IUuminatln'4 4 Power Scour., pref. (qu.)
Mar
1
l''eb.
I
Mar.
1
.Apr.
li)
.Mar. •
1
Mar.
2
Mar.
Mar.
Mar.
Feb. 15
1
I
1
1
Mar. 3
Feb. 15
2K
\M
4
IK
(quar.)
(quar.)
15i
2
•3
Feb. 15
Mar.
31
Feb.
Feb.
Feb.
Feb.
21
15
15
15
Mar
1
4
Mar. 15
IJi
Feb. 10
Feb. 10
Feb. 10
2
(extra)
IH
pref. (quar.).
Suncook Mills, com. (quar.)
Preferred
Kan., pref. (qu.)..
Heilbronner, pref. (quar.)
1
Feb. 15
a
Southern Pip^ Line (quar.)
Standard Oil of N. Y. (quar.)
Standard Sanitary Mfg., common (qu.).
Weber&
1
Feb. 15
S2
14
Smith (A. O.) Corp., preferred (quar.) ..
Southern California Edison, com. (qu.).
Union
Mar
IH Mar.
(quar.)
&
Fob. 20
Feb. 15
Fob. 15
2
Rarltan Refining Corp
Rlordon Pulp* Paper, com. (quar.)
(quar.)
Oil of \Tichita,
1
3
3
Common
Common
'A
50c.
I^lgsett <t M.vera Tobacco, com. (quar.).
B (quar.)
Motor Wheel Corp., prof, (quar.)
Plttsbumh Steel, pref. (quar.)
Porto Rloo-.\mer. Tob. (quar.)
Qulssett Mill, common (quar.)
'•Preferred (quar.)
Studebaker Corp.. com.
l'\;b.
Feb. 15
Feb. 28
(quar.)
common
1
Feb. 15
Feb. 15
IK
Laoston Monotyi)e .Machine (quar.)
Sharp Manufacturing,
Peb. Ifi
Feb. 15
Mar
•2
&
Shaw Stocking Go.
15
Feb. 21
i''ob.
2
l?i
15i
Intorn:it. Ilarrester, pref. (quar.)
Clearfield Coiil Jfclron, pref..
& Rubber
Feb. 15
Feb. 21
Fob. 1.".
Feb. 15
4
•IK
•IH
•1^
(qu.)
(qu;ir.)
1
I^eb.
nn
Great Atlantic A. Pac. Tea, pref. (quar.)
iireat Northern P:iper
Hamilton M;uiurii!turlng (quar.)
"Preferred
1
•1
Gllllliind Oil. preferred (quar.)
'
15
"36 He
l)i
.
Lee Tire
l''eb.
I'eb.
IM
J-td., pref. (quar.)
Casein Co. (quar.)
._.
Cities SerTlce, Bankc-s' .-liaiv.s (monthly)
Conneiiliul Mills Co.. firsi preferred
Consuinei's Co., preferred
Continental Papei Bag, oom. (quar.)
.•^Preferred (quar.)
Dcore Co. preferrud (quar.)
Firestone Tire & Rubber.
pref. (qu.)
Jefferson
1
•m
By-products Coke (quar.)
M
Hartmon
Mar
Mar
IJi
2
Butler Mill ((luar.)...
Co
1
I
•IJi
2
1>4
2
1'4
Holders of rec. Fob.
Feb.
to
Feb.
to
Holders of rec. Fob.
Holders of ree. Fob.
•Holders of ree. Fob.
Holders of ree. Jan.
Holders of rec. Feb.
Holders of ree. Feb.
Feb. 6
to
Feb.
Holders of rec Feb.
•Holders of roc. Juu.
Holders of rec. Jan.
•Holders of rec. Feb.
•Hohlers of roe. Feb.
Holders of rc<!. Jan.
•Holders of rec. Feb.
Holders of roc. Feb.
Holders of rec. Feb.
•Holders of rec. Feb.
Holders of roe. Fob.
•Holders of rec. Jan
Holders of rec. Jan.
•Holders of roc. Feb.
•Holders of rec. Jan.
Holders of ree. Jan.
Hol(i(!rs of rec. Feb.
•Holders of rec, Apr.
•Holders of rec. Feb.
Holders of rec. Fob.
Holders of rec. Jan.
Holders of rec. Feb.
Holders of rec. Feb.
Holders of ree. Feb.
Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec. Jan.
Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec. Feb.
Holders of ree. Feb.
Holders of rec. Feb.
Holders of rec. Mar.
Holders of rec. Feb.
Holders of rec. J.an.
Holders of rec. Feb.
Holders of rec. J.an.
•Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec. Feb.
"Holders of rec. Feb.
Holders of rec. Feb.
Holders of rec. Feb.
Jan. 25
to
Jan.
Holders of rec. Feb.
16 •Feb. 10
1 •Feb.
12
13
<3
IH
IK
Boston Manufacturlnii, prof, (quar.)
British Colum. Fish. A Pack, (quar.)
Brun.swk'k-ll;ilk«-Collunder, com. A (qu.)
Franklin
SI .50 .Mar
•3
5
(In dlv. certlf.)
(In dividend cenlflcatos)
Border City Mfg. (quar.)
Bosi on
HtT
Company.
of
Mar.
1
Feb. 15
Feb. 15
Feb.
1
Mar.
1
Cllnchfteld Coai Corp cum (q uar )
Colora<lo Fuel 4 Iron, oom. (quar.)
Preferred (quar )
Columbia Gas 4 Eleetrlo (quar.)
Consoll lafed Cigar Corp., prof. (guar.).
Con»oll<luted Gas (New Yoik) (quur )..
Crystal ( "hemlcal Co
IJavol Mills (guar.)
Diamond Match (quar.)
Domlulun Bridge (quar.)
IJow Chendcul, ooiiiuun (quar.)
.
14
Common
27
20
10
10
2
Preferred
Per
When
Cent.
Payable.
5
10
15
.
3H
Baltimore
2
&
24
7
15
Eastern Steel, ist A 2d pret. (quar.)
KlDonlohr (Otto) 4 Bros., oom. (quar.)..
General Asphalt, preferred (quar.)
Hart, Sehaffner
2(i
10
8
8
15
l!iil)e:-l:il
rl-
15
21
Feb. 21
Mar 21
Feb. 15
(•'eb.
sum Mar
3K
1
Feb. 10
IK Mar
1
1»4
Mar. 19
1
Feb. 19
I'el). 2S
Feb. 28
Feb. 10
Mar 10
75c.
IK
$1
1
Holders
Holders
Holders
Holders
Holders
2S
31«
16
27
I
!l
i>
31
10
10
18
15
15
15
31«
15
15
5
1
9
22
1
26n
1
31
14
25
4
4
4
10
2
2
31
23a
Inclusive.
Feb. 2
Holders
Holders
Holders
Holders
Holders
Hol'lers
Holders
Holders
Holders
rec. Jan.
rec. Jan.
rec. Feb.
rec. Feb.
rec. Feb.
to
of rec.
of rec.
of rec.
of rec.
of rec
of rec.
of rec.
of rec.
of rec.
Feb.
Feb.
l«
IH
Preferred
American Brass (quar.)
Extra
Am. La France Fire Eng. Inc., com.
Amer. Radiator, corn (guar.)
SI
I'A
.Mar.
.Mar.
Feb.
Feb.
Feb.
Holders
Holders
Holders
Holders
Holders
Holders
Holdere
Holders
Holders
Holders
Holders
Holders
Holders
Holders
2
1
2H
(qu.)
$1
m
I '4
Amer, Soda Fountain (quar.)
American Sumatra Tobacco, preferred..
Amer. Water Works & Eleo., pref. (qu.)
Amparo Mlnlnp (quar.)
Art Metal Construction (extra)
Associated Drj' Goods, first pref. (quar.)
Second prpferred ((juar.)
Bethlehem Steel Corp., com. quar.)
B
SI
Feb.
Feb.
Feb.
Feb.
I'A
(quar.)
CI:i3S
Holders of
Holders of
IH
Miscellaneous.
Alaska Packers Association (quar.)
Extra (Insurance fund Int. income dlv)
AUl8-Ch;Uniors Mfg., com. (quar.)
Amer. Bank Note. oom. (Quar.)
Anier. Brake Shoe & Fdy com (quar.)
Feb. 15
Feb. 15
15ci
25
la
la
26*
6
ia
Jan. IHa
Feb. 18a
Feb. 28a
Jan
31a
Feb. 1«
Feb. la
Jan. 18a
Feb. 18a
3
HVb.
Feb.
1%
10c.
IH
2
Bond & Mortgage Guarantee (quar.)
Borden Co.. common
Brompton Pulp & Paper (quar.)
Buckeye Pipe Line (quar.)
4
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Feb.
4
Feb.
SI. 75 Feb.
Mar.
S2
com
2K
IH
Feb.
Fob.
%
H
Feb.
Feb
&
of
of
of
of
of
of
of
of
of
of
of
of
of
Mar.
1
flH Mar.
I
roc.
rec.
rec.
rec.
rec.
rec.
roc.
reo.
rec.
rec.
rec.
rec.
rec.
,Ian.
31
31
Jan. 24n
Feb. la
Mar. l.Su
Mar. )Sa
Jan. 31a
.Tan. 31«
Feb. la
Mar. 15a
Feb
.
la
31
Jan.
Feb. 15a
Feb.
1
to
'•'pb.
1
Feb. 10
Holders of rec. Jan. 14
Holders of rec. Feb. 11a
HolderR of rec Feb. lla
Holders of rec. Mar. 15r/
Holders of rec. Mar. 15a
Holders of rec. Mar. 15a
Holders of rec. Mar. 15i
Holders of reo. Feb. 8a
Holders of rec. Feb.
1
Holders of rec. Jan. 31
Holders of rec. Feb. 21
Holders of reo Feb. In
Holders of rec. Jan. 31
Holders of rec Jan 31
Holders of rec. Jan. 3la
Mar.
IM
(quar.)
(quar.)
Canada Cement, preferred (quar.)
Canadian Converters (quar.)
Cedar Rapids Mfg.
Power (quar.)
Cities Service
Common and preferred (monthly)
Common (payable In common stock)
Preferred R (monthly)
3>A
)?i
l^i
Eight per cent cum. conv. pref. (quar.)
Seven per cent non cum. pref. (quar.).
Mar.
Feb.
Feb.
rec. Jan. 31
rec. Jan. 17
of rec. Jan.
1
Holders of
Holders of
Mar.
1
HoMfTs
rec.
rec.
nf ree.
Feb. 15
Feb. 15
Feb
15
Pig.
IH
IH
IH
4
•2
2
3
IH
IH
IH
booU
When
PayaUi
Oil (iponthly)
Closed.
Uayi JneUutu
4
•2
$1
lo,
S2
25c.
2
National Load pref. (gviar.)
Nat. Refining, com. (In com. stock)
New Jersey Zinc (quar.)
2K
Mar.
50c. Mar.
1-el).
2
•3
Mar.
50c. Feb.
(guar.)
Preferred (guar.)
Preferred (guar.)
I.
Preferred (guar.)
".
Owens Bottle, common (guar.)
Preferred (quar.)
Pacific Gas 4 Elec. Ist pf. 4 orlg.pf.(qu.)
Pacific Power 4 Light, preferred (quar.)
Penmaos, Ltd., common (guar.)
.
Pennsylvania Coal 4 Coke Corp. (qu.).
Pressed Steel Car com (guar.)
Preferred (guar.)
Proctor 4 Gamble, common (guar.)
Producers 4 Iletlners, common (quar.)..
Preferred (quar.)
Pullman Company (quar.)
_
Pin-e Oil, com. (quar.)
Com (payable In com stock)
Quaker Oats, pref. (quar.)
Ritii-Carltfjn Hotel, preferred.
Rockhlll Coal 4 Iron, pref. (quar.)
.
__'_'_
—
dividend
ITeferred
(quar.)
S. Cast Iron Pipe
Fdy., pref. (qu.).
S. Steel Corp., com. (guar.)
Preferred (guar.)
Van Raatle Co., 1st pref. (guar.)
II
Second preferred (guar.)
III
Vulcan Detlnnlng. pref. 4 pref.
(guar.)
4
A
(gu.)_
West I ndlaSugarFlnanceCorp ,com (gu .)
.
Preferred (guar.)
(J. G.) Co., pref. (guar.)
(J. G.) Engineering, com. (guar.).
Preferred (guar.)
_
White (J. G.) Managem't pref (qu.) .1.
Will A Baumer Candle, com. (qu:ir.)
Wilson 4 Co com (In common stock) .
Woolworth F. W.), com, (quar.)
From
•i
2
IH
IH
IM
Mar.
1
2
SI
2
IH
•5
I
15
15
15
15
Feb. 15
Feb. 10
Feb. 16
Mar.
1
Feb. 16
Ma7 10
Fob. 16
May 16
Aiii;.
75c. Apr.
IH
IK
IH
Apr.
Feb.
Feb.
Feb.
Feb.
1
1
1
15
21
16
10
Mar. 9
Mar.
I
Feb. 15
12He Feb.
17HC Feb.
7
7
Jan. 28
to
Feb. 20
Jan. 28
Feb. 20
to
Holders of rec. Mar. ISa
Holdcr.s ol rec. Feb.
1
Holders of rec. Feb.
1
Holders of rec. Feb. 10a
Holders of rec. Feb. 10a
Holders of rec. Feb. 15a
Hoi 'e-s of rec Feb. 15a
Holders of rec. Jan. 25a
Holders of rec. Feb. 15a
Holders of rec. Mar. ISO
Holders of rec. Jan. 3Ia
Holders of rec. Feb. lo
Holders of rec. Jan. 31
Holders of rec. Mar. 31o
Holders of rec. Feb. 14a
Holders of rec. Feb 18a
Holders of rec. Feb
la
Holders of rec. Jan 31a
Holders of rec Feb
5a
•Holders of rec. Feb
9
Holders of rec. Jan 31 '21
Holders of rec. Apr .30 '21
Holders of rec. Jan 31 "21
Holder«ofrec.Apr.30'21
FI<>lderRotrec.July30"21
of rec. Ma: 18a
of rec. Mar. 18a
of rec. Jan. 31a
of reo. Jan. 22
of rec. Feb.
6a
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
•Holders
.
of
of
of
of
Hc)ld(!rs of
Hi'lders of
IH
Feb. 28
Holders
Holders
Holders
Holders
3H
Mar.
Mar.
rec. Feb.
5a
rec. Feb. 16*
8»
rec. Feb.
rec. Jan. 25
rec Jnn. 10
rec. Jan. 10
rec. .Ian. 31
rec. Feb. 15^
rec. Feb. 15*
rec. Feb.
la
Holders of
Feb. 1
2
50c. Mar. d2
/2
2
Mar. d2
SI. 05 Feb.
of
of
of
of
I
I
1.1
I
rec. Feb. 19
Iders of rec. Jjin
31a
Mar. 21
Mar. 10
Feb. 15
Feb. 15
Holders of
Holders of
to
ree.
rec.
•2
Kei). 2.S H'>).i,TS of rec
20c. Feb. 10 Holders of rec.
IH Feb. 10 Holders of rec.
IH Mar. ] Holders of rec.
2
Feb. 28 Holders of rec.
IH Feb. 28 Holders of rec.
•IH
IH
IH
/H»4
SI
Mar. 15 •Holders
Mar. 15 •Holders
Mar. 15 Holders
Mar. 15 Holders
Mar. 1 •Holders
Mar. I Holders
Mar.
Holders
Mar.
Holders
of
of
of
of
of
of
of
of
Holders
Holders
Holders
Holders
Holders
of
of
of
1
1
Feb. 15
Feb. 1.-SI
50e. Feb.
7
2
Feb. 15
SI.20 Feb. 18
«I0
Thompson-Starrett Co., pref
Tlmken-Dotrolt Axle, pref. (guar.)
Tobacco Products Corp., com. (qu.)
Union Tank Car, pref. (quar.)
United Cigar Stores of Amer. com (m'ly)
United Drug, second preferred (quar.)..
United Gas Impt., pref. )quar.)
United Paper Board, pref. (quar.)
•
will
Feb. 10
15
3
3
I...
Submarine Boat C^orp
First and second pref. (guar.)
.
1
28
I
Stewart Mfg., common (guar.)
Stewart-Warner Speedometer (guar.). J.
While
White
Mar.
Mar.
Apr.
2oc Feb.
.50c. Feb.
Feb.
2
IH Apr.
IH Feb.
*2H
Stern Brothers, preferred (<iuar.)
ITeterred (account accum. dividends).
.
Feb. 15
Feb. 15
IH
SI
4
.
4
2
2(7
SIoss Sheffield Steel
Iron, com. (quar.)
Spalding (A. G.) 4 Bro., Ist pref. (quar.)
Standard Milling, common (quar.)
""
Preferred (quar.)
.
.iOc.
25c.
SkellyOll (quar.)
Wayacamack Pulp 4 Paper
2H
2K
Common
U.
U.
Feb.
Mar.
SI. 50 .Mar.
M.'tr.
$1
$1
Ontario Steel Products, com. (guar.)
Swift International
Te.Tas Company stock
250.
/4
2
^ew York Dock, eommon
N. Y. Shipbuilding (guar.)
Standard Match See note (s)
Standard Oil (Calif.) (quar.)...
Extra
Standard Oil (Kansas) (guar.).
Extra
Standard Oil (Ohio) (guar.)
dteel Products Co., pref. (guar.)
Mar.
IH Mar.
4
Roynl nuteh Co
_
St. Joseph Lead (quar.)
Sears, Roebuck 4 Co., com. (guar.)
Shaw (W. W.) Corp. (quar.)
Sinc'alr Cons. Oil, preferred (quar.)
Mar.
Feb.
Feb.
Feb.
Feb.
2
2
1
__l'_
(guar.)
Marilii-Parr.v Cor|ioratlt)ii (quar.)
Massachusetts Cotton Mills (quar.)
May Department Stores, com. (quar.)..
Preferred (quar.)
.
Merrllt OH (quar.)
Miami Copper (quar.)
Montreal Light. Heat
Power (guar.)..
National Biscuit, com. (guar.)
Preferred (guar.). .
Feb
Feb.
Feb.
Feb.
Feb.
2
3
Extra
Manatl Sugar, common
Mar.
Feb.
Feb.
Feb.
Feb.
leb.
Apr.
JiUy
Feb.
IH
IH
Feb. 10a
Feb. 5a
Feb. 6a
liolders of ree Jan. 31
Holders of rfx. Feb. 14a
Holdere of rec. Feb. 9a
Holders of rec. Feb.
1
•Holders of rec. Mar. 26
HolltTB of ree I'eb 28a
Holders of rec. Jan. 31a
llol.ii-rs of rec. Feb.
Sa
Holders of rec. Feb. ia
JloMers of rec. Feb. 6m
•lli.liiers of rec .Ian
23
Holders of rec. Jan. 31
Holders of rec. Apr. 30
Holders of rec. Mar. 1
Holders of rec. Feb. la
Holders of lee. Feb. I4a
Holders of rec. Jan. 31
Hol'ejs of rec. leb. 4a
Holders of roc Mar. 22
Holders of rec. June 21
•Holders of rec. Feb
HoMerg of rec. Feb. 2S
Holders of rec. Feb. 1
•Holders of rec. Feb. 19
•Holders of rec. Jan. 31
Holders of reo. Jan. 24
•Holders of rec. Feb. 10
Holders of rec. Feb. la
Holders of rec. Jan. 31
lloMers of rec. Feb. 3
Holders of rec. Feb. 1«
Holders of rec. Feb. 18
Holders of rec. Feb. 15
Hoi lers of rtc. Jan. 31a
•Holders of rec. Feb. 15
Mar.
2.5c
Madison Safe Deposit
rec.
rec.
Ilolilttrs of rec.
Feb.
Apr.
S3
Extra
Loft, Inc. (guar.)..,..
........
Lmflow Mfg. Associates (quir'.)"''' '.
Special
^
Holders of
Holders of
.Mar.
.Mar.
SI. 50
•1
KelloL,',- .Swltclibnard A Supi>ly (guar.)..
Kelly-Sprlngfleld Tire, preferred (guar.)
Ijiueasior Mills, common
Lee Rubber 4 Tire Corporation (guar.).
Lehlsli Coal
Navlttatlon (quur.)
Liggett & Myers Tob., com. A & U (qu.)
Lit Brothers Cor[)oratlon
Feb.
Feb.
Feb.
Feb.
IH Feb.
IH May
IH Mar.
IH Feb.
IH -Mar.
•SI
Udlana Pipe Line
.......
Inland Steel Co. (quar.")""
Iron Products Corp., preferred (quar.)..
Kamlnlslkiula Power, Ltd. (quar.)
10
of reo. Jan. 2C
of rec. Jan. 28a
of
of
of
Hol<lors of
Holders of
4
Mar.v (quar.)
."""""
1((
2
'20c
Hamilton Bank Note Engraving
and
Electric Railways.
Montreal L., H. & Pow. Cons. (quar.).
West Penn Tr. ic W. P., pref. (quar.)..
Bros,
I
75
&
Bums
Mar
2^i
Ullnols Central (quar.)
Louisville & Nashville. .New Orleans Tex.is & Me.xlco (quar.)
?^orfoIk
Western, common (quar.)
Preferred (quar.)
Pennsylvania (quar.)
Pittsburgh & West Va.. pref. (guar.)...
Reading Company, comtiion (quar.)
Reading Co., Ist pref. (quar.)
Common
1
2^
3K
Preferred
Preferred
IH Mar
oOo. Feb.
com
Delaware & HudBoo Ck). (quar.)
Huntingdon 4 Bd. Top Mt. RR. Goal pf
Street
Feb. 18
pref
preferred (guar.).
Gillette .Safely Raior (quar.)
Ooodrleli (H. F.) Co.. com. (quar.)
(jooilrleli (li. F.) (;o., pref. (quar.)
Preferred (quar.)
Great [.akes Uredge 4 Dock (quar.)..Griffith (1>. W), Inc.. Class A (No I),.
15
Railroads (Steam).
AUbama Great Sontbem, preferred
Atch. Topeka & Santa Fe, com. (quar.).
.
Preferred (quiir.)
Books Closed.
Days
.
((|uar.)
.
Ntmte of Companv.
.
(extra)
Basteru Potash ("orp
2l(i
31
19
,
du Pont Chemical oom A
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends
announced this week.
Ohio, preferred
Bellefonte Central
Chic. St. Paul Minn. & Omaha,
Cent.
MUoallaaaaw* (Ccncludti)
pref
Cleveland & Pittsb., res. guar. (Quar.).
Special gUii ran teed (yunr.)
Tampa
Days
Cent.
Railroads (Steam).
<t Pllts., com.
Buffalo IU>«bedt«r
537
4
Mar.
Apr.
IH Mar.
31
1
I
fflH
Feb. 15
*1H
Mar.
IH
IK
Feb. 24
Mar.
87Hc Mar.
IH Apr.
IH July
IH Mar.
IH Mar.
IH Feb.
IH Mar.
SI .75
Mar.
OlH
.Ian.
IH Mar.
IH Mar.
2
ai'i
Mar.
Mar.
IH Mar.
IH Mar.
IH Mar.
50e
2
1
15
15
IS
15
30
26
1
1
20
1
1
1
1
1
Feb.
IH/ Mar.
2
Mar.
1
of
of
floUlerK of
•Holders of
.la.i
21
Holders of
•Holders of
Holders of
Holilers of
Holders of
Holders of
H' Idem
Holders
Mar.
rec.
rec.
rec.
rec.
rec.
rec.
ree.
rec.
rec.
rec.
rec.
reo.
rec.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Jan.
Jan
to
Mar.
31a
1
15
31a
31a
15
18a
I8a
15
15
28a
28a
28
16a
15a
15a
31a
3Ia
J.in. 22a
Feb. la
Jan. 18a
ree. Uee. lilo
rec. Mar. 19
.
1
rec. Jan. 31a
ree. Feb.
6
rec. Feb. 10a
rec. Feb. ISa
rec. Feb. 28a
rec. Apr.
li
of rec July
li
of rec. Mar. 1
1
Jan. 30
Holdors
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Holders
Mar. 21
Jan.
Feb.
Feb.
Jan.
Jan.
Feb.
Feb.
Feb.
of
of
of
of
of
of
of
of
of
of
H. .liters of
Holders of
Holders •f
to
to
Mar. 2
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
ree Feb.
rec.
ree.
rec.
rec.
rec.
rec.
reo.
reo.
rec.
rec.
rec.
rec.
The Now York Stook Exchange has
1
If
15
14a
15
31a
31a
15
15
15
15
la
27a
10
ruled that stock
not be quoted ox-dlvldend on this cate and not until further notice, a Transfer
books not closed for this dividend, ft Less British Income tax. d Correction
e Payable In stock.
/ Payable In common stock, o Payable In scrip, h On account
of a<^cumulated dividends.
1 Payable In Liberty or Victory Loan bonds.
i
r
s
imofflclal sources,
t
Payable In 8% dividend certificates.
Payable in preferred stock.
( Payable to holders of record Dec. 31.
Standard Match dividend reported In this column last week was an error.
.
.
.
.
.
,
'
1
1
1
THE CHRONICLE
538
Transactions at the New York Stock Exchange
weekly and yearly. Hronsiht forward from paiic
daily,
—
.">4J.
[Vol. 112.
Boston Clearing House Banks. —We give below a summary sliowinij the l<jtals for all th«i items in the Bostoa
Clearing IIou.se weekly statoriH-nt for a
Wrnk ending
Slnrk^
/C'lUruad.
Feb. 4 1921.
Stuti. .>/«r>
•tf..
Saturday
$17.7»).(I(M)
:jo.sn7. .")()()
Tuesday
:u,3:!<.i,oo()
Wodnosilay
41.7t2..''.()0
2,S<»(i.00()
Thursday
tr),r)i4,ooo
4.5.8r)3,500
:$,i',t(!.ooo
2,m)fl.230 $21!).0!I6.'.00
S18,3.y),000
$410,000
roUil
Week indino
Sales at
York Slock
Feb.
8!)9,.V)0
785,r,00
0,804,10'!
2,798,000
$5,040,000 $46,246,100
Jan.
I
1
to
Feb. 4
New
Exchange
— No.
Stocks
1921.
Par valuo
Bonk
1921.
1920.
{
26,029,0.56
S2.328,.593,700
S1,4!I2,002.750
shared, par
Bonds.
Oovemmont
12,601..500
26,329,.500
109,577. .500
$367,854,600
33,024,000
64,070,500
$70,238,100 $103,834,500
.?!49 .325,700
$404,959,100
State, mun.,&c.,bond.s
misc. bonds..
5.040.000
18,350,000
RR. and
Total bonds.
.
$213,418,700
$83,564,000
7,609,000
W0,246,100
bouils
DAILY TRANSACTIONS AT THE BOaTON, PHILADELPHIA AND
BALTl.MORE EXCHANGES.
PhUadelvMa.
Baiton
Saturday
Slmres.
\B07id,'^les.\
Tuesday
Wednesday
Thursday . Friday
Total.
8,094
17,935
12,340
8,626
8,714
9,634
$31,300
40,100
38,800
50,750
37,100
10,000
65,343
..
Monday
Shares.
.$208,050
Shares
4,.542
$26,000
696
6,422
139,6.50
1,.528
4,959|
5,401
3,625
1,856
135,700
96,100
105,500
3,000
493
568
352
484
26,805
$505,950
SBW YORK WEEKLY
in
(.Stated
$10,000
18,800
10,300
31,500
27.000
11.000
4,12li
$108,600
CLEARING
HOUSE
MEMBERS.
New York
City Non-Member Banks and Trust Companies. Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
—
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
—
(,000 omitted.) iNat'I,
Members of
Bank
Bk of N Y.NBA
Manhattan Co
Mech & Metals.
Bank of America
$
2,000
5,000
10,000
5,.500
Loans,
CLEARING Capital. Profits. DisReserve
.Vet
Net
counts, Cash
with Demand Time
NON-MEMBERS
in
Legal
Nat.bk3.Dec.29 InvestDeDeWeek eadlng Statebks.Nov.l5 ments, Vault. Deposi- posits. posits.
Jan. 2>) 1921.
&c.
tories.
Tr.cos. Nov. 15
40,0001 66,116
4,500 15,460
Atlantic Nat'l..
1,000
Nat Butch & Dr
Amer Exch Nat
NatBkof Comm
Pacific Bank
Mutual Bank
R. Grace & Co.
YorkviUe Bank...
W.
Total
Colonial
$
1,500
200
500
200
2,400
State Banks
Not Members of the
Federal Reseroe Bank
Bank of Wash Hts
Bank
Total
Total
.
Average Average Average Average Average Avergae
$
$
$
$
$
1,696; 14,819
276
9,581
190
1,507
22,
329
202
11,860
738; 11,326
1,668
31
440
1,162
4,007
466
2,503
513
863 15,314
1,339
8,096
7,956
$
S
4,461 45,466
1,149
4,980
470
2,105
700
2.019
19,143
500
1.012
8,776
200
516
9.1.30
450
600
8,620
32,040
202
1,568
3,311
15,832
100
700
Grand aggregate.. 3,800
Comparison previo US week
Gr'd aggr. Jan. 22
Gr'd aggr, .Jan. 15
Gr'd asjgr. Jan. S
53
1,308
3,354
16,941
2,575
1,510
20,295
53
714
474
374
7,484
3,918
190
5,642
3,800
3,800
4.800
118
17,906
1,188
8.008 82.515
+ 3,492
4,912
+ 109
—125
8,008 79,023
8.0121 76,614
10.119 78.4.50
4.803
5.065
5.442
Bills payable, reiiscounts, acceptances and other
Excess reserve, $105,460 decrease.
Philadelphia Banks.
692
1,500:
8,8831
7,500! 23,368i
11,2.36
1.000
24,723
308.749
184,504
13,493
.OOOi
798
6.982 a63.737
+ 138
15,007
+ 56
190
7,107 a63,599
14,951
189
194
105
a64,350 14,844
89 afi4,383
liabilities.
Week ending Jin. 29 1921.
14,648
+1
1,000
5,000
i,.5on
1,000
1,500
22
1921.
Jan. 15
1921.
Total.
7,.340l
33,225,0
90,894,0
682,721,0
21,440,0
90,449,0
124,079,0
477,764,0
10,912,0
612,755,0
4,500,0
12,997.0
33,828,0
229,0
342,9261
19,686'
8,786
8,971
16,082l
12.941(
47,581;
91,0801
18,242:
4,791
8,054:
1,5641
1,612!
18,73.5:
.36,181:
271,8051
59.398|
510,261
17,921'
79,4271
37,725,01
103,891,01
i
wUh
in
Legal
A verage
438
13,448
19,299
6,740
52,213
13,989
2,006i
3,0061
21,957'
6,853i 24,6911
964,
896
7501
1 ,844,
859,
120|
5.711' 34,404
864
2,836!
536
1,370;
5861
1,375|
5ie
2.0561
327,
l,813i
•1,074
6,006!
513 8,59li
1,6601
696j
402
724
Demand
Natl
Bank
De-
Circu-
potita. Uuion.
3,450
3,37c
Average
Average Avge.
i
%
S
7*4
30.174
2,092
100,709 12,234
146.374
2,981 ],66o
51.467
1,179
•502,667 .36,447 1,405
105,440
350
1,689
229
14,899
538
72
287
4, .339
86.273
3,930 4,769
247,277
4,082
219
23,716
107,867 14.459 4,496
110,423
100
4
36,573
148,443 13,477
.51
29,105
25
1,820 ,5.30!
141,568
49
10,711
1,040!
609
21,027
90l
167,929
4,066 7.131
2,125' 2,412
186,624
193
13,155
888!
5,694
1001
252,571 11,31
1,072
20,133
8,874
9,33$
15,413
31
383
563
13,493
243
893
68
44,561
65,264
2,252; 2,555
287
397
12,577
2.58.3'
3,866i
1 .0451 28,8951
6,429
724,
2,539, 42,482
4661
2,402
1,181
9,631
1,181
3,434
579!
8,296|
23.526
524
29,7871
Avge, Jan. 29.
4,184l
121
6211
1,387 11,6381
2,661 33,3041
1,327
3,316i
4,833 15, HP
1,012 15,403
5,787
2,187
6,361i 20,140
798
3,819
1,232 18,487
351
1,780|
.34,154
87,68.51
Net
tories.
l,95Si
11,7191
1,.dOO
3.000
'
VauU. Deposi- Deposits.
Tr Co.. 2,000 1,121
3.435'
2.000
Metropolitan Tr
l,423i
1.000,
Nassau N.Bklyn
5,000 11.056
Farm Loan A Tr
2,000
1,618
Bank
Columbia
Equitable Tr Co 12.000 17,888
16,389
6421
490'
120,1641
1,593
23,253
170,111
8031
1,80S:
1,344
13.926
3,112
18,232
323'
19,52?
4,708!
28,453
•219,937 10,943!
48,204
8,517!
•435,777 30,5791
17,743
655l
3,805l
74.173
1,211,
33,047
63,664
1,623
491
23,642
1,1551
23,886
13,305
435l
•121.094 14,861'
23,489'
•161,137
3sr,
50
205ll,030i
262.900 472.279:4,950,928 82,459 505,21f c3.760,052J209,504i34.289
State Banks, Not Me.mbersor
1,919:
Greenwich Bank 1.000
2.50
848
Bowary Bank
73 215
703,
3,508!
2,197
19,487
50
5,753
42,541
31,361
98.282!
6,882
4,182
56,601
98,158
98,220
6.905,
4.33.5'
6,941
98.221
7,260i
4.814!
5.1571
56,944 42,5531
57,490 42,632
58,144 42,708
X ot Members ir
Trust Compan y
6.000 12,459
45,888
Title Guar & Tr
26.555
Lawyers R 4 Tr 4,000 6,333
l,222i
913'
3,214l
1,801,
29,366
18,100
1,0041
10,000
State
2,500
Bank
Avge, Jan. 29
..
2.615
3,750
5.383
Totals, actual CO ndltion Jan. 29
Totals, actual CO ndition Jan. 22,
Totalf, actual co ndltion Jan. 15
$37,725,0
103,832,0
720,876,0
24,988.0
98,605.0
127,486.0
513,607.0
9,426,0
650,519.0
15,298.0
2,316.0
51,368.0
14,494.0
68,178,0
52,947,0
15.231.0
19 2781
5 789
2.671
1,640
.345
42,591
'
Avge, Jan 29.
287
72,443i
2,135,
5,015;
47,456
1,291:
72,491
2,113
2,152'
5,007
5,224
70,76Pl
2,144
4,622:
47,515
48,122
44,535
1
72.657
18,793
Totals, ao'uaico ndltion .Ian 29
Totals, actual co ndition Jan. 22
Totals, actual co ndition Jan. 15
,342!
I.201I
1,175'
Gr'd a?gr, avge 276,650 496,4.55 5,121,6531 91,476|514,413'f3,S64,109!253.38P 34,289
—34,307—2,3881-12,205
Comparison, pro vlousweek
71,275i-10.087 —27
:
37,725.0
103,891.0
716,549,0 719.491.0
24.579.0
21.669,0
97.704.0
16,0
90,465,0
Due from banks
276.0 124,355,0 125,505.0
Bank deposits
Individual deposits
18,085,0 495,849,0 508,873.0
346,0
Time deposits
11,258,0
10.756.0
18,707,0 631,462.0 645,134.0
Total deposits
10,259,01
14,905.0
U. S. deposits (not Incl.)..
2,274,0
2,274.0!
Res've with legal deposit's.
2,336.0
50,.585,0
Reserve with F. R. Bank..
50,.585,0
51.251.0
"8'27",0
13,640.01
12,813,0
14.294.0
Cash In vault*
3,101,0
66,499,0
Total reserve and cash held
63,398,0
67,881.0
2,734,0
52,056,0;
Reserve required
49,322,0
.52,408.0
367.0
Excess rec. & cash in vault
14.076.0
14,443,0
15.383
• Cash In vaults not counted as reservefor Federal Reserve members.
Capital
Surplus and profits
Loans, diso'ts <k Investm'ts
Exchanges for Clear .House
Cash
Totals, actual CO mlitlon Jan. 29 4,920. 575i 80,445 .500.427.c3, 742,883 198,663 .34,260
Totals, actual co ndition .Jan. 22 4,983 1871 81.372 514.038,03,821,845 211.154, .34,407
Totals, actual condition Jan. 1.5 4,963 575' 88.773 511. 737c3,914,766 630.888 34.525
$538,000.
Jm.
Truit
F.R.System Companies
1
15.0001 24,9901
.500'
2,319:
1,0.54,
200:
400
804'
1,6221
1,000
8161
1,000
New York Tr Co
—The Philadelphia Clearing House
Members of
192,155
800
4,6981
37,7701
10,6951
366,
PeoplesTrustCo
statement for the week ending Jan. 29 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
ciphers (00) omitted.
Garfield Nat'l..
Fifth National.
Seaboard Nat'l
Liberty Nafl.
Coal & Iron Nat
33,5101
1.54,7551
41,8,30i
2.741
Tr Co
Rankers Tr Co. 20.000 19,6121
2.000
5,143
U S Mtge & Tr
Guaranty Tr Co 25.000 36.114
1,.500
1,.593|
Fidel-Int Tr Co.
Columbia Tr Co 5,000 8,010
6,334
7.!.
Commonwealth
BrookljTi
11,402
7,Sf33
Chase National
Fifth Avenue.
Commerc'l Exch
121,197
Lincoln
492
1,528
Continental Bk
21,4951
123,6621
8,424
3,000' 20,464
3,3791
2,000
9,47r
6,000
12,.500
N Y CountyNit
381,934
1,710'
7,000
1,000
1,000
10.000
Union Exch Na:
a U. S. deposits deducted, $683,000.
Two
East River Nat.
Second Nat'l...
1,000'
Time
Reserve!
,
16,823(
4,710'
123,7981
165
5,000
7,416
25,000 33,519
First National..
lation
Trust Companies
Mot Members of th"
FederalRe^e.rveBank
Hamilton Tr, Bkln
Mechanics Tr, Bay
Corn Exchange
Imp A Trad Nat
National Park..
1,163
.300
Irving National
Members of
Fed'l Res. Bank.
Battery Park Nat.
Nafl
Bank
Circu-
6,118
National Clty.-
omiUeet.)
I
,
Average Average
$
S
42,8.59
719
126,628
2,858
8,688
196,409
58,657
1,871
.565,277
9,033
130,092
1,475
16,.568
Chemloal Nat'l.
HOUSE RETUR.NS.
Jcc.
$
7,179
16,672
has been included in
thai is, three ciphers (000
Incutmerus.
S\eck ending SUte, Nov. IS
Jan. 29 1921. Tr. Cos, Nov. 15
Metropolitan
Net
—
Loans
Dec. 29
Co.
CLliARl.NG
dollar.^
Net
Chath & Phenl.
Hanover Nat'l
that is. three ciphers [000] omitted.)
thonmnd^ of
Capital. Prof Us. Discount,}
Fed. Res.
IStated in thousands of dollars
WO
H
The return of the Equitable Trust
this statement since Sept. 25.
Bond Sale.s
.
\
shows the condition of the Now York (Mty Clearing House
members for the week ending .Jan. 29. The figures for the
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also given:
HaUimore.
BondSales.
Jan. 15
1921.
Statement of New York City Clearing House Banks
and Trust Companies.— Th<; following detailed sUtUimcnt
Wuk
ending
Feb. 4 1921
Jan. 22
1921.
Clrculutloti
fi9.fX)0
2..>IS,(KH» Inc.
2,479.000
2,451,000
l^oauH, disR'ls dc InvcHtmeuta 587.(i;»3,(K)0 Dec 13,795,000 001,488,000 588,772,000
ImlWIilual deposita, incl. V. S 407,414,000 Dec
17, '2.30, 000 4l5,702.0fK)
9,Hir,.(XH)\ 4
O'lc to banks
95.54I,1K)0 D<.-f
5,.541.000! 101,085,000 107,033.0(»0
Ti;n(; deposits
2li,84'i,OO0 Inc.
439.r>OOj 20.4/)7.0(K) 25,.50S,0<K)
Unite 1 .States Deposits
li,02S,00(l| 22.345.000
16,:i)7,0f>0 Dec
10.6.59,000
K.vchn'iges for Clearing House 13,794,000 D<x;
2,912,000 16,706,000 17,451,000
Due from oilier banks
51,<i98.0(K) Dec
57,925,000 .58,896,000
0,227,000
Cash in batik
F Bank
Dec 1 .OfW.OOO 51,004,000 51 .909.000
50,084,
Reserve excf«s In bank anil
Foilcral Rei'-n-c Kank ...
5, 512. IX)') Dec.
U^'I.OOO
5.903.000
6,437,000
&
1920.
18,114,406
2,696,230
6,498,.590
$219,096,500 $579,891,000
shares
t
S.!t(»0,0fK)
0.211,000
8,603,000
preotout iceek.
$
8, ".30. 0(H)
1,372,000
000,000
Change* from
Jan. 29
1921.
$1,012,000
1,18:1,000
$2,:»1S.000
1, OS 1.000
:i. OB 1.000
of weeks:
Brinds
licnda.
Monday
Kriday
Foreign
<fc
Hands
Har Valui.
Sharet.
.series
BOSTON CLEARING HOUSE MEMHERS.
Gr'd aggr.,
act'l
—
cond'n Jan. 29 5,091,224 89,4631509,769 g3,847,342l242,558134,260
80.11Si-12,429l— 147
—62,840]— 1,0021-14,30"
Comparison pre vious week
Gr'd
Gr'd
Gr'd
Gr'd
aggr.
aggr.
aggr.
aggr.
,
,
,
,
act'l
act'l
act'l
act'l
cond'n
cond'n
cond'n
cond'n
Jan. 22 5,1.54.064' 90,4651524.076 g3,927,46ffl254.987!34.407
Jan. 15 5.132,56,5( 98,177 521. 5Ug4,017,445^74,771i34,535
Jan. 8 5.220,197!107.135538,6401g4,064.749 267.249 34,707
Dec. 31 5.274.451 110.943 534. IIP g4,015. 5201259. 942 34.753
Includes deposits in foreign branches not included in total footing as'follows;
National City Bank. $110,975,000. Bankers Trust Co.. $10. 739. 000; Guaranty Trust
Co., $117,223,000: Farmers' Loan & Trust Co., 820,765,000: Equitable Trust Co.,
Balances carried in banks in foreign countries as reserve for such
S22.603,(K)0.
deposits were: N.ilionnI Citv Bank. $54,530,000: Bankers' Tnist Co., $830,000:
Guaranty Trust Co., SIO. 757,000: Farmers' Loan & Trust Co., $2,379,000; Equitable Trust Co., $3,012,000. c Deposits In foreign branches not included, e U. S.
f U. S. deimsits deducted, $70,310,000.
Bills
deposits deducted. $90.3.55.000.
payable, rediscounts, acceptances and other liabilities, $1,179,875,000.
*
539
THE CHRONICLE
Feb. 5 1921.]
HTATEMENT8 OF RE8ERVK POSITION OF CLEAniNO UOUSE HANKS
ANT) TRUST COMPANIES.
RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK,
conuLNti
•^*
•Total Caih
Loafu and
Averaftes.
Members
DepusUarUs
Ktserre
Tolat
Reatrit.
*
TotulJan. 29
TouU
Jan. 22
Total J.Hn. 16
8
Totiil Jan.
10.124.120
875,820
9,017.000 514.413.000 523,430.000 512,308.4(10
0.103.000 52(1.018.000 535,721,000 521.942.800
9.273.000 54<l.()40.0(tO 558,013.000 53(1. 560. 950
9.253.000 .i.W. IS 1.000 507.434.000 54 1.434 ,(iilO
Reserve banks
SlaUt banks*
Trust cornpiintee
11,031,540
13,778.140
22 343 050
22.000.310
31 ,000
i
Dec.
Dec.
Dec.
Dec.
Deo.
Jan.
Jan.
6,81b,..
Reserre
<n Vault.
Reserre
Reiiuired.
Total
Reserte.
.">0O.427.0(Kt
Reserve.
Trust eompanles.
22.
20
.
1
4,649,8(12,500
7.892.320
090.080
7.250
402.534 .680
10.249.920
7.127.250
623.231.100
621.490,10f
hly,34(,.2O0
1
(,44,313,(>00
1
4.574.903.600
4,505,652.900
4.703.111.^00
1.,..,
..I
135.620.300
4.63S,642,4(M)
133,(>45,yM)
131, 802. KM)
4,521.194,000
119.6S7,<,(M)
4,447.4()ii.:iOO
117.026.200
146,400
624.195,200
345.900
(i53
641,707.000
rt20,
«11.0.'il,30O
.V(3,132.:«Mi
naUonal bank notea and Federal
silver, legal lendere,
• This Item Includes gold
Reserve notes.
8.S75.150
500. 760 .000 518,787,0<K» .509.911.850
524.076.000 .^33.169.000 .520.741.360 12.427.640
—2,072,300
.521.516.000 530.020.000 532.902.300
9.131.530
53S.640.000 548.027.000 .538.805.470
Total Jan. 29.
Toul Jan. 22-Total Jan. 15-.
8
Total Jan.
5.800.012.800
5.770,053.400
5,752,205,800
5.708.133,700
15.
134,''74 4()0
New
York.
li<;sorve
in
of New York at
comparison with the previous week and the corresponding
500.427.000
4,335.000
5.007.000
11.240.000
7,120.000
5.8flO,670.0(M)
134,093.100
4.612.716.800
4.601.927.100
4,.566. 503. MM)
Bank
9.018.000
9.093.000
9.404,000
9.387.000
.
5.787.304 .(MM)
5.837,820, KM)
5.883.633. MOO
24.
31.
8-
Jan.
'300
Condition of the Federal Reserve Bank of
Surplus
6.905.000
2.113.000
R««ervo banks.
State b:uiks'
Retene ta
VauU.
til
the condition of the Federal
— The following shows the close of business Jan. 28 1920,
b
Membera Federal
4.
11.
18.
Jiui.
Actual Figures.
Rtserre
tn
Depositaries
Cash
84.300
Nov. 27.
Reserve
RtquUed.
%
i
S
505,216.000 505.210.000 495,091,880
4.182.(HX> 11.004,000 10,188,180
0.882,000
7,118,400
7.150,000
5.015.000
2,135,000
Federal
DepoHU.
a
Rtsertt
in
Cash
Keserte
<n VauU.
Detnantt
'nteitmenu.
WetkeuaeA—
IN
—
date last year:
,_ ^,.
Jan. 28 1921 Jan. 21 1921. Jan. 30 192».
*
•
S
>5*.»«».««'*
108.696,848
96.353.402
Cold and Kold cerllflcales
77,954,000
20,077,091
45,024,898
Gold Bottlement fund— F. R. Board....
4I,95t.,00«
1,211,100
1,211.100
Gold with foreign agencies
Jtcsonrcf.s^-~
• Not members ot Federal Reserve Bank.
banks
a This Is tbe reserve required on net demand deposits In the case of State
and trust companies, but In the ca.se ol members of the Federal Reserve banks
as follows:
Includes also amount of reserve required on net time deposits, which was
255,918,000
281,778,000
25,088,000
153,303,345
394,476,060
151,622,965
562.784,000
46,171,000
544.939.166
546,098,015
608,955,000
414,012,677
409,162,687
595.495,eO«
409,162,687
595,495,060
494,912,760
469.590.919
216,6.^2,000
494.012.760
28 .436 ,399
469,590,919
65,366,506
166.632,000
191,215,000
937,361,837
1,256.800
944.120.113
1,256.800
59,421,596
62,118,381
953,342,000
1.457,000
50.000
69,241,000
142,.589, 400
Total gold held by bank
Gold with I'ederal Reserve Agent.
Gold retlumpilon fund
Total gold reserves
Legal tender notes, silver,
129,985 /)39
223,489,531
41,000,490
414,012,677
.
208,045.031
41.000.490
.391.635,821
Ac
15. «6.028,680: .lun. 8. S6.(i01.1.0.
Jan. 29. *6.2S5.12(); Jan. 22. S6.,">S8.90(): Jan.
b This Is the reserve required on net demand deiK)sits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank
follows:
includes also amount of reserve required on net time deposits, which was as
Jan 29 S5 959 S90: J:;n 22, S6. 334.620: Jan. 15. .W,026,640: .Ian. 8. S6.70.>.480
Total reserves
Bills discounted:
Secured by Government war obllg'ne:
For members
-
All Other:
and Trust Companies Not
in Clearing
House. The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House, as follows:
State Banks
—
SUMMARY OF STATE BANKS AND TRUST C;OMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished
by State liariklno
De partmertt .)
k Jan.
Loans and Investment*
Gold
Currency and bank notes
Deposits with Federal Reserve Bank
.S.586.4.S0.700
-
of
Differences from
previous week.
29.
New
York..
Total deposits
7.621.300
17,928.900
48.896,000
622,066,400
amounts due from reserve depositaries, and from other banks and trust companies In N. Y. City, exchanges and U. S. deposits 583.297,300
104.269.500
-Reeerve on deposits
Percentage of reserve. 20.0%.
Dec. §9.705,100
Dec.
280.300
Inc.
6.900
Dec. 2,261,500
Dec. 10,081.900
Deposits, eliminating
RESERVE.
Caahln vaults
Deposits In banks
A
State Banks
S24.905.600 15.76'-^
5.04*^^
7,971,000
trust companlea
Total
532.966,000
-
20,80'-o
—
Trtist
—
Companies
.549.4.50.600
13.69'r
21.8.52,300
6.04'';
.$71,302,900
19.73'"o
—
Banks and Trust Companies in New York
City.
The
City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
New York
The Federal Reserve Banks.
Bills
50.000,000
bought
In
open market
Total bUlson hand
U. S. Government bonds
U. .S. victory notes
U. S. certificates of Indebtedness
998.040.233 1,007,495,294 1,024,090,000
3,094.000
4.231,505
4,237,250
Total earning assets
Bank premises...
5%
redemption fund against F. R. Bank
--notes
Uncollected Items and other deductions
gross deposits
from
All other resources
Liabilities
2.707,960
2,722,760
2,729,000
134,244,776
2,141,521
151, .581, 478
211,926,000
1,102,000
2,120,850
1,686.310,908 1,714,249,904 1,851,896,000
Total resources
Dec. 2.512.700
Dec. 5.987.400
• Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Jan. 29 were .?4S,896.000.
k The Equitable Trust Co. Is no longer included In these totals. It having become
a member of the Clearing House and being now Included In the statement ol the
Clearing House member banks. The change began with the return for Sept. 25.
averages of the
For members
Less rediscounts for other Fed. Res. Bks.
—
Capital paid In
Surplus
Government deposits
Due to members reserve account
Deferred availability Items
Other deposits, Incl. foreign govt, credits
26.345,250
56.414.456
19,931,862
662,083.047
75,630.965
12,029.451
26.345,250
56.414.456
12,342,629
681,541,688
86,685,065
12,160.311
22,399,000
45,082.000
31,510,000
729,545,000
150,124,000
42,394,000
Total gross deposits.
F. R. notes In actual circulation
F. R. Bank notes In circulation
769 .675,326
787,745,715
792,729,695
793.026,170
953,573,000
769,170,006
36.630.200
9,499,961
36,965.200
8,769,132
50,853.000
10,819,000
—
— net
lia-
bility
All other liabilities.
Total
1.686,310,908 1.714.249.904 1,851,896,000
liabilities
Ratio of total reserves to deposit and
F. R. note liabilities combined
Ratio of gold reserves to F. R. notes In
circulation after deducting 35% against
38.3%
38.1%
40.3%
45.4'-
deposit liabilities
Ratio of reserves to net deposits after deducting 40% gold reserves against F.R.
36.2%
liability
on
bills
35.7%
100.074
notes In circulation
Contingent
8,100.030
purchased
for foreign correspondents
—
Following is the weekly statement issued by the Federal Reserve Board on Jan. 28^
whole are given in the following table, and in addition we present the results for seven preceding weeks, together with those of corresponding weeks of last year.
The second table shows the resources and liabihties sepaThe Federal Reserve Agents' Accounts (third table following) gives details regarding
rately for each of the twelve banks.
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and Federal
Reserve banks. The comment of the Federal Reserve Board this time consists entirely of a review of the operations of the
Reserve banks. In commenting upon the return for the latest week the Federal Reserve Board says:
The
figures for the system as a
Aggregate reductions of 29.5 mlllion.s in bill holdings, accompanied by a
decrease of 29.8 millions in Federal Reserve note and Federal Reserve
Bank note circulation, are Indicated in the Federal Reserve Board's weekly
bank statement Issued as at close of business on Jan. 28 1921 Gold reserves
show an Increase for the week of 10.4 millions and total cash reserves an
As
Increase of 18.7 millions, while net deposits increased by 14.7 millions.
a consequence of these changes, the banks' reserve ratio rose from 48.5
—
.
to
49%.
show reductions for the week; paper secured
by Government obligations by 7.4 millions, other discounts by 19.2
millions. acceptance.s
by 2.9 millions, and Treasury certificates by 3.2
Total earning assets accordingly were 32.7 millions smaller than
millions.
the week before.
Of the total holdsings of 1,048.8 millions of paper secured by U, S.
Government obligations, 607.1 millions, or 57.9%, were secured by Liberty
and other U. S. bonds- 284 millions, or 27.1%, by Victory notes, and 157.7
millions, or 15%. by Treasury certificates, compared with 615.7. 282 and
Discounted bills held by the
158.3 millions reported the week before.
Boston, Philadelphia and Cleveland banks are Inclusive of 41 millions of
paper discounted for the Atlanta, Dallas and Minneapolis Reserve banks.
Since the preceding Friday the Richmond and Kansas City banks redeemed
all paper rediscounted by them with other Reserve banks, with the conseAll classes of earning assets
—
—
—
—
total Inter-reserve-bank discounts have gone down to slightly over 41 millions, as compared with a high of 247.1 millions on Oct. 29
and with 115.3 millions at the close of the past year. Acceptance holdings
of the Boston, Cleveland, and San Francl.sco banks are given Inclusive of
51.8 millions of bank acceptances acquired from the New York Bank,
compared with 11.7 millions of such paper held by the Boston and San
Francisco banks on the previous Friday.
Government deposits are shown 19.5 millions larger than the week before.
while reserve deposits show a reduction of 33.4 millions, and other deposits
carried by the Reserve banks
a reduction of 1.1 millions. The "float
and treated as a deduction from immediately available deposits is shown
As a consequence, calculated net
29.7 millions less than the week before.
Federal Reserve
depo.sits show an increa.se for the week of 14.7 millions.
note circulation shows a further reduction for the week of 24.6 millions, as
against an increase of 6.7 millions during the corresponding week In 1920.
quence that the
"
Since Dee. 23 of the past year the decrease in Federal Reserve not« circulation totaled 314.2 millions, in addition to a decrease during the five weeks
of 16.7 millions in Federal Reserve Hank note circulation.
In consequence of increa.ses In capitalization of member banks largely
in the ("ileveland, Minneapolis. Dallas and San Francisco districts, the
Reserve banks' paid-in capital shows an Increase of $185,000 for the week,
the total for the first time being In excess of 100 million dollars.
Combined Resources and Liabilities op the Federal Reserve Banks at the Close of Business Jan. 28
Jan. 28 1921. Jan. 21 1921. Jan. 14 1921. Jan. 7
RESOURCES.
Gold and sold certificates..
Gold settlement fund. F. R. Board
Gold with foreign agencies
Total gold held by banks
old with Federal Reserve agents..
Gold redemption fimd
'
Total gold respr\'e
.
$
199.869.000
461.523.000
3.300.000
1921. Dec. 30 1920. Dec. 23 1920.
Du.
17 1920. Utc. 10 1920. Jan. 30 19?0
$
220.239.000
421.325.000
3.300.000
247.365.000
250.13.': .000
39.1.173.000
40c .644 .000
3.300,000
3,300.000
203.952.000
356,244.000
3,300.000
1921.
273,749.000 •:'00.494.000
35.i.S66.000
363.723,000
67,746,000
3.300.000
194.S6!j.00O
225,I.S6.000
410.017.000
67,745,000
4.»9..S24.000
114. .^21. 000
779.001.000
673,531.000
664.692.000
644.864.000
643.838.000
659,079,000
623,496.000
640,772.000 •022,105.000
1,288,450.000 1,286,304,000 1.265,558.000 1,264,762,000 1,276,214,000 1,253,492.000 1.269.725.000 1.210.563.000 1.119.426.000
114.229.000
151.177,000
151. .535.000
152.995.000
161,538.000
164,601.000
176,058,000
156.441,000
169,623,000
2.101
l.?7
000 2
00=;
769.000 2
OR.i
4^4 non 2.080 /•«> 000 2
0,59 33-?
000 2.055.802.000
•
on40
?n<!
OOO
?.0"<5 •'71 rxv 2.012.6*6.000
—
6
THE CHRONICLE
540
Jan. 28 1921. Jan. 21 1921
Legal tender nutoa, BUvor,
213.837.000
•Sec
205.482,000
[Vol. 112.
Jan. 14 1921. Jan. 7 1921. Dee. 30 1920
203.084.000
196.666,000
180,830,000
Dec. S3 JS20
1
80.962 ,f)00
Dec. 17 1920 Dee. 10 1920 Jan. 30 19M.
180.100.000
61.277,0M
177.136.000
Total roicrvos
BUls (lUicouaMd.
Secured by Oovt. obllgattoDS
AlloHier
Bills boUKht In open market
2.319.974.000 2.301.251.000 2.288,638.000 2.270.848.000 2,249. 163,00f) 2.236.764.000 •2222468.000 2.212.407.000 2.«73,933.0M
Totnl bUl9 on hand..
U. S. Govcnimeot bonds
U. 8. Victory notes
O. S. ocrtlflaitoB of Indebtedness
2,621.5.'J3,000 2.650,979,000 2,0,52.952,000 2.842.108.000 2.974.830.000 2,972.858,0(X) 2.831.?68.fXX) 2.961,529,fXl« 2. 7.75. 670.000
25.849.000
25,899,000
25.888,000
26.102.0(K)
26.869.000
28,869 .OOfJ
26.8.59.000
27, 0.^6,000
26,857.(XX)
19.000
19,000
19.000
19.0(H)
69.000
09, WX)
64.000
09.0(X)
69,000
1.048.708,000 1.056,117,000 1.024.007.000 I.104..530.000 1.141,030,000 1.177,203.000 1.1.58,974.01.0 1.160.244.000 1.457. 892.00*
1.407.707.000 1.420,912,000 1.424,933,000 1.602.813.0<K) 1.678, 098. WJCJ 1.654, 428,
1.4. 7,776,(X)0 1.547.6U6.fXX)
716.465.001
105.058,000
107.9.50,000
203,412.000
234,759,000
256,702.0<yj
241,167,000
2.34.609.000
561,313. OO*
244. 690. (XW
WW
261.452.000
Total earulns assets
Bank
264.031.000
289,085,000
201,785.000
261.263.000
281.253,0(K)
305.555 .0(X)
328.294.000
276.421.000
2.908.853,000 2.941.628,000 2,968.544,000 3.1.30,014,000 3.263,027.000 3,281,0.39,000 3. 223. 841. (XX) 3.316.749.0(X) 3,039, 191, 000
18,228,000
17.359.000
18.215,000
17,955,000
18.460.000
18,168,000
10.559.000
17,952.000
17.668.000
prpnilaes
Unoollocted Items and other deductions
from gross (toposKs.
S% re<lemp. fund agst. F. R. bank notes
12.74»i.000
667.141,000
12,680,000
6,830.000
6,1,84,000
595.000,000
All other resources
Total resources
706,705.000
12,799.000
6,112,000
744.111,000
12,389 .0f)0
4,998,000
717.227.000
12.752.000
8.898.000
761,005,000
•902.042.000
12,052.(KXJ
12.5.30,(X)0
8. 4.30, 000
8.417.000
5.861.727.000 5.946.999,000 6,000,713,000 0,185,719,000 6.209.517.000 6.318.035.000
666.505.000
9.M. J 28,000
1 .3'>7 .000
8.332.0IX)
12.260.000
5.311.000
1
.387 ,203 .000: 6 -233 .038 .000 6.074,412,0M
LIABILITIBH.
100,147,000
202,030.000
Capital paid In
SurpluH
Goverament dcpo.slts.
Due to members, reserve account
.52,138.000
1,731.823.000
430,302,000
Deferred avallublMty Items
Other depoMta. lad. for'n eov't credits.
Total gross deposits
P. R. notes lu actual circulation
—
F. R. bank notes In circulation
other llabHltles
AU
24,0.54.000
99,808,000
99.902.000
99,815,000
202 ,03';, 000
202,0.".0,OfK)
202.030.000
8,970.000
25„592,(X)0
32.003.000
1.765,225,000 1,750,32.5.000 1,795,343.000
.509,452,000
532.556.000
472,610.000
27.464,000
25.158.000
25.204,000
99.770.000
164,745.000
27,039,000
.748,979.000
522.038,000
22.101,000
99.458,000
99,275,000
99,174,000
104, 74.5 .0(K)
164.745.0(X)
164.745.0(X)
26,049,0*)0
53, 173, (XX)
28,3!)4,0(X)
.721.391,rK)0 1.738 .820 .(XX) 1.758. 967, (XX)
639,20l,(X)0
014.100.(XH)
616,934,0(X)
23.652,fX)0
24.51 l.OfX)
38.471.0(X)
87.892.000
120.I20.00U
72,974.000
.850.712,000
720.520.i)0i
95,418.0(0
2.2.38,317,000 2,295.048,000 2,302,211,000 2.378.049,000 2.321,417,000 2.310,353.000 2.444.0.30,000 2.328, 8()6,0(X) 2,739.624,0)0
3.090.748,000 3,115,310.000 :i,15y,491,000 3,270,023,000 3,344.080,000 3,404,931,000 C. 344, 332 ,000 3,31 1. 842. WX) 2,850,944.0,)0
202,169.000 207.365.000
210,960,000
net llab.
213,177,000
213,552.000
21 7,434 ,OfX)
218,832,(X)0
250,5.^0.030
214.523.000
21.651.000
121,939,000
28,310,000
23,983,000
20.078.000
ll9,716,fX)0
116.841,000
113.948.000
25. 302,00(1
Total liabilities
5,861,727.000 5,946,999,000 6,000,713,000 6,185.719,000 6,269,617,000 6.318.036.000 6.387.203.000 6.233.038.000 6,t74.412,«00
Ratio of sold reserves to net deposit and
F. R. note liabilities combined
44.5%
42.4%
44.9%
43.8%
44.2%
45.4%
46,4%
44.1%
43.2%
Ratio of total reserves to net deposit and
F. R. note liabilities combined
49.0%
48.1%
46.4%
45.4%
48.6%
•45.6%
46.1%
44.6%
44.5%
Ratio of gold reserves to F. R. notes In
35%
circulation after setting aside
against net deposit liabilities
56.5%
—
Distribution by MmuTUies
$
1-15 days bills bought In open market.
00 ,424,000
1-15 days bill discounted
1.453 ,331,000
1-15 days U. 3. certlf of Indebtedness.
4 ,468.000
10-30 days bills bought In open market.
41 ,455.000
16-30 days bills discounted
235 ,415.000
16-30 days U. S. certlf. of indebtedness.
1 ,999,000
.
days bills bought In open market.
daj's bills discounted
days U. S. certlf. of indebtedness.
days bills bought in open market.
48 117,000
419 ,912,000
days bills discounted
days U. S. certlf. of indebtedness.
O ver 90 days bills discounted
Over 90 days certlf. of Indebtedness
293 ,538,000
31-60
91-60
31-60
61-90
61-90
61-90
Federal Reserve Notes
10 ,682,000
9 ,0'5 1.000
8 ,020,000
54 ,279.000
236 .283,000
49.8%
50.5%
49.2%
50.5%
S
S
$
S
s
87 030.000
68 742.000
79 109,000
58,954
80 ,304,000
70 370.000
82 .072.000
115 .267.000
1,443,330 1,409 471.000 1,532 ,488,000 1.632 885,000 1.608 042,000 1.540 172.000 1.644 746.000 1,385 .117.000
10 ,924,000
6 ,219,000
4,802
30 ,305,000
30 910,000
117 908,000
60 382.000
13 06)1. (TOO
.54 .075,000
64 ,745.000
46 ,649,000
47.008
63 995,000
01 ,770, OCX)
60 706.000
127 .669,000
238 ,822.000 280 .406,000 320 421.000
251, .587
232 971,000
291 .140,000 264 .308.000
206 267,000
4 ,000,000
1 500.000
3 446,000
2. ,500
3 120.000
10 216.000
4 586,000
3 133,000
76 ,509,000
76 805,000
72 236.000
53.030
75 .119.000
85 .220,000
86 765.000
249 208.000
458 936.000 449 929,000 430 .676,000 405 ,606.000
434.432
401 .966.000
483 .727.000 309 576,000
4 ,499,000
7 013,000
8 ,839,000 •
41 .950,000
12.290
4 ,500,000
14 398.000
28 524.000
25 060.000
27 ,122,000
15 ,785,000
8.9.58
21 .749,000
17 .243,000
15 .147.000
69 169.000
311 ,619,000
320 ,198.000
328 ,397,000
268 111.000 255 09.1.000
297.735 288 ,159,000
278 ,583,000
9 492,000
30 ,177,000
8 920,000
8 ,953,000
8.138
8 ,886,000
11 499,000
46 152.000
63 548,000
60 003,000
65 ,912,000
.55,945
69 ,225,000
60 882,000
55 ,947,000
18 304.000
232 902.000
240 121,000 214 376,000
196 .320.000
231 128,000
231 799.000
236,895
184 ,098.000
—
Outstanding
Held by banks
599,708.000 3,678,024,000 3,738,880,000 3.755,246.000 3.682,755.000 3.677.562,000 3.130,783.000
408,001,000
394,194.000
440,217,000
350,315,000
338.423,000
365,720.000
279.839,000
3,511.301.000
420.553,000
3,563,197
447,887
3,090,748,000
In actual circulation
Fed, Res. Notes (Agents AccourOs)
Received from the Comptroller
Returned to the Comptroller
3,115,310 3,159,491,000 3,270,023,000 3.344,686,000 3,404,931,000 3,344.332.000 3.311.842,000 2.850,944, 0»»
—
8,360,200,000 8,295,941,000 8,220,880,000 8,160,640,000 6.187,120.0**
3,982,941,000 3,950,790,000 3,927,571,000 3,876,734.000 2.689.869,000
Amount chargeable to Fed. Res. agent 4,255,835.000
In hands of Federal Reserve Agent
744,534,000
4,297,880 4,324,642,000 4,364,698,000 4,377,259,000 4,345.151,000 4,293,309,000 4,283.806.000 3.497.251,000
724,934,000 686,674,000 638,379,000
610,554,000
606,244,000
734,683
689,905,000
366,468.000
3,511,301.000
3,563,197 3,599,708,000 3,678,024.000 3,738,880,000 3,755,246,000 3,682.755,000 3,677,562.000 3.130.783,000
227,387,000
2,222,851,000
114,182,000
946,881,000
Issued to Federal Reserve bania
266.926,000
264,926.000
266,485,000
266,426,000
266.426,000
267,426,000
266,386
240,148,000
2,276,893 2.334,1.50.000 2,413.262,000 2,462,660,000 2,501,754,000 2.413.030.000 2,466,999,000 2.011,357,000
106,477,000
118,596,000
112,396.000
109,356,000
118,075,000
116,821.000
109,247
93,167,000
892,692,000
891,359.000
886,677,000
877,710,000
885.224.000
826,316,000
910,671
786.111.000
—
How
By
By
60.5%
52.1%
54.8%
55.6%
Secured
gold and gold certificates
paper
Gold redemption fund
With Federal Reserve Board
eligible
3,511,301,000
Total
Eligible paper diSivered to F.
R. Agent.
3,563,197 3,599.708.000 3,678,024,000 3.738,880,000 3,755,246,000 3.682,755,000 3.677,562.000 3,130,783,000
2. .547,440.000
2.598.204 2.5Rn..506.000 2,773,4,50,000 2.893.005.000 2,892,008,000 2,746,666,000 2,898,604,000 2.647,947,000
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
TtDO cipHera (00) omttte<I.
Federal Reserve Bank of
—
RESOURCES.
Boston.
New
York.
Phlla.
Cleveland.
12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN.
Richmond Atlanta.
S
7.363.0
6.751,0
119,0
Chicago.
St.
Louis. Minneap. Kan.CUv.
S
27,150.0
88,644.0
393.0
S
4.514.0
25,232,0
155,0
S
8,766,0
8,579,0
89,0
Dallas.
San Fran.
28 1921
Total.
270,0
S
5,033,0
26,713,0
102,0
Total gold held by banks.
50,582,0
with Federal Reserve agents 161.009.0
Gold redemption fund
20.034.0
142,589.0 52,493,0 115,333.0
208.046,0 150, .502,0 182, .504,0
8,696,0 11,097,0
41.000.0
31,958,0
48,791.0
7,830,0
14.233,0 116.187,0
60,877,0 211.192,0
6,699,0 24,418,0
29,901,0
53,617,0
5.307,0
17,434,0
25,441,0
3,330,0
25,718,0
37,834,0
4,3.54.0
12,959,0 55,305.0
604.692,0
19,703.0 128,934.0 1,288,450,0
8,620,0 11,710.0
152,995,0
Total gold reserves
Legal tender notes, sliver,
231,625,0
12.738,0
391.635,0 2U,69i,0 308,934,0
2,593,0
153,304,0
1,125,0
88,579,0
0,882,0
81,809,0 351,797,0
4,171,0 15,790,0
S8,S25,0
6,226,0
46.205.0
975.0
67.806.0
2,643.0
41,282,0 195,940,0 2,106,137,0
5,-567,0
1,823,0
213,837,0
244,363,0
544,939,0 212,816,0 311,527,0
95,461,0
85,980,0 367,587,0
95,051.0
47,180,0
70.449,0
46.849,0 197.772,0 2,319.974,0
414.012.0 109,074.0
494.913.0 39.660.0
9,SS3.0
28,436.0
50,2.82,0
58,011,0 138,589.0
67,816,0 251.077.0
3,241,0 11,083,0
40,315,0
58.674.0
1.014,0
20,684,0
59,454,0
51,0
35,830.0
72,863.0
1.357,0
13,.531.0 41,386,0 1,048,768,0
55.413.0 104,465.0 1,407,707,0
97.0 39.698.0
165,058,0
80,189,0 110,050,0
116,0
8,867,0
69.041.0 185,549.0 2.621,533,0
3.979,0
1.822,0
25,849,0
Qoia and gold certificates
Gold Settlement Fund, F. R. B'd
Gold with foreign agencies
S
10.714,0
39,627,0
241,0
Odd
4o
Total reserves
Bills discounted:
ernment obligations
Total
bills
$
8,145,0
47, .523.0 106,918,0
264.0
S
3.2.59.0
22,301,0
158,0
S
6.114.0
6,759,0
86,0
s
17.702,0
37,451,0
152,0
S
199.869,0
461.523.0
3.300.0
Secured by Gov(a)
All other
BUIa bought In open market (b) . .
O.
O.
U.
96,353,0
45,025,0
1,211,0
S
4,706,0
on hand
S. Government bonds
S. Government Victory notes
8. certificates of Indebtedness
Total earning assets
Bank premises
Uncollected Items and other deductions from gross deposits..
S% redemption fund against
Federal Reserve bank notes..
other resources..
Total resources
56,135,0
68,803,0
21.881,0
146,819,0
550.0
108.814.0
2,956.0
61,891.0
4,955,0
937.361,0 159.223.0 186,353,0 117,128,0 129,068,0 400,749,0 100.003,0
1,153,0
114.0
4,490,0
834,0
1,233,0
1,257,0
1,434,0
10,0
5,0
21,440.0
70,319,0
72,672,0
43,382,0
.59',
42 2'
3d,485',0
23,799,0
12.262,6
3,0
16.665.0
1,0
39",704',6
15',964",6
998,040,0 191,142,0 210,996,0 130,623,0 145.850.0 444.943.0 117.120,0
2,534,0
542.0
1,397,0
541.0
1,542,0
4,237,0
500,0
8',4Sa6
12,820,0
88,785.0 131,738,0
590,0
1,282.0
19.0
8,3bb".6
12',"lVl"6
261.452.0
81,320.0 199.482,0 2,908.853,0
1,718.0
389,0
18,228,0
36.974,0
1.34,242,0
55,890,0
53,350,0
50,276,0
29,054.0
70,605,0
31,057.0
15,969,0
43,434.0
35,703,0
38.542.0
595,096.0
1,072,0
2,708,0
2,144,0
1,300,0
141,0
1,239,0
127,0
601,0
680.0
564.0
217,0
2,089,0
842,0
523.0
442.0
483,0
120,0
916,0
277,0
586,0
986,0
665.0
386.0
12,746,0
6,830,0
408,0
454,647,0 1,086.310.0 461,789,0 578,781,0 279.038,0 262,206,0 888,600,0 244.735.0 153,127,0 248,090,0 167.162,0 437.236,0 5,861.727.0
LIABILITIES.
Capital paid In
7,743.0
Surplus
15.711.0
Government deposits ..
1.842,0
Due to members, reserve account 111.380.0
Deferred availability Items
32.028.0
0th. deposits, Incl. for. Govt. cred.
506.0
Total gross deposits
145,810,0
F. R. notes In actual circulation. 265,277,0
V. R. bank notes In circulation
Net liability...
18,760,0
AU other liabilities
1,340,0
Total
liabilities
20,345,0
56,414.0
19,9,32,0
662,0S3,0
75 031.0
12,029.0
8,494,0 10,7.57,0
17.010,0 20. .305.0
3,964,0
3,731,0
106,844,0 1.50.717,0
39,540.0 47,105,0
670.0
522,0
5,278,0
10,561.0
4, .504.0
58.330.0
37.409.0
265,0
4.036,0 14,032,0
8,343,0 28,980,0
4,998,0
1,050.0
46,058,0 247,518,0
19,902.0 45,6.34.0
1,605,0
293.0
4,417,0
8,346,0
2,626,0
64,871,0
28,892,0
664,0
709,675,0 151.018.0 202,075,0 100,508,0 67.303,0 299.755,0 97,053,0
787,746,0 262,522.0 322,562,0 151,371,0 166.570.0 506.053,0 125,448,0
36,630,0
9.500,0
21,257,0
1,488,0
21,353,0
1,729,0
10,388,0
932,0
14,697,0
1,257,0
35,103,0
4,677,0
8,325.0
1,146,0
3,479,0
0,980,0
2.213,0
44,092,0
13.748,0
474.0
4,456,0
9,159.0
2,069,0
74,367.0
39,298,0
351,0
6,983,0
100,147,0
14,194,0
202,030,0
3,406.0
52.138,0
.50.178.0 115.376.0 1.731,823,0
24.415.0 26.700.0
430.302.0
266,0
6.349.0
24.054.0
60.527.0 116,094,0
73.717.0 103,288,0
76,602,0 151.891.0 2.238.317,0
72,363,0 253.831.0 3.090.748.0
7,3.59,0
1,065,0
13,136,0
1,963.0
4.127,0
0,033.0
1.743.0
6,765.0
1,272,0
8.396.0
1.941.0
202.169,0
28,310,0
454,647.0 1,686,310,0 461,789,0 578,781,0 279,038,0 262,206,0 888,600,0 244,735,0 153,127,0 248.096.0 167,162,0 437.236.0 5.861.727.0
THE CHRONICLE
Fkb. 5 1921.]
Two
LIADILITES
New
SoiUtn
ciphers (00) omiued.
PliUa.
(Coneluded)—
S
Richmond AtiatUa.
Cleretand.
$
York.
S
541
Chicago.
St.
Sanfran
Oaltas.
S
S
%
•i
Louis. \tinnftip Kan.CUy.
Total.
.
S
S
$
Rutlo of touil ifservea to not ik-poalt and h\ R. note UdHIUlij
—
05.
combine 1. per (sent
Afen»wu«(/a— (.'outlnuant liability as rndoi-s
DlscouaKKl i):ipyr ro lUcountod
with oilier K. R. banks
3S.3
42.0
47.4
(iti.I
.iOO
40
39.9
49. t>
53.0
41 4
49.0
er on:
41.048,0
21.485,0
2.075.0
I7.1S8,0
Bnliers' ucio;>tJinces sold lo other
51.828.0
51.828,0
F. R. banks without eudorsoin'i
CoDtlasent llab. on bills purch.
l.lGS.O
for forelsn ooTesi>on'lenta
Include.s bills discounted for
vl2_
4,27.'i.O
other K. R. bunks.
(6) IncliKlcs '"inkers' acceptano63 boni-'ht fr
10.872.0
Without their endornement
1.2S0.0
7S4.0
1.312.0
4.8.J6.0
8.100.0
416,0
788.0
432,0
730,0
31.017.0
570,0
752.0
,904 .0
1
18.228,0
(a)
ST\rEMENr OR
Federal Reserve Aijeru at
om
other
1'
.
R. bank
41.048,0
s;
18,0«3
2.'>.o'n,o
>KR.\L
'-R
RESERVE AGENTS' ACCOUNTS AT CI.OSK OF BUSINESS JAN.
—
PhVa.
.Vcw York
Haslon
—
(/•» Thousaiuls of Dollars)
$
ttesourcAi
I'Jii.O.SO
Federal Reserve notes on hand. 27S,yU)
Federal Reserve notes outstanllnJT
Collater.il swurltv foi- Keiierjil Roicrvu notea outstanding:
5.600
Gold and sold eei-tlfUMtes
20. JO^
Gold re<leinptl'i;> fund
—
Kedor;il Reserve
liold sottlenieiit fund
Eligible paper .Amount nxjuired
Board
IBxces.'j
amount
—
S
25,0.50
L
St.
23,775
140.000
13.047
10S,145
%
5,510
75,457 111,500
123. 04S 15S.097
357,0.55
43,594
7,829
0,060
2, 309,.555 578,20'i 7.59,812
,85.5
fr
Sari
S
$
Tolai
(
744,.534
10,825 54,180
76,717 298,378 3.511.301
227,387
5.892
13,05?
2.180
10.200
50.010
27,721
91,0.54
20,070
1 1
5,960
2,820
44,831
IS.72'1
Dallai
Cliy
a:.
$
$
i
6I.8-28.0
1^21
.Mlrtn
147.180 25,680
508,24 145.571
341,201 158.120
14.113
712.S24
-
().4-10
i3ii.:ts'i
28,91;
held
Totid
fJabUUtes
273„'i:jO
IS'/.OOd
ii7,<)o;
(
S
S
2.'). Oil)
ChUauo
Rlchm'd .itlanin
C'leve.
2tt
114,182
17,212
940,881
9,234 111,7
2,222.851
57,014 109,4
324..589
11.721
6,456
2.474
35.300
73.00
36.118
4,5
347.232 437,087 1,327.208 :124,651 190,490 204 .62S 181.980 657,39': 8 091.726
from
Net amount
of Federal Resorvo notes received
Comptroller of the Currency
Collateral rei'e!ve<l from
fOokl
404 .Wfi
•2ns..500
lOl.OOfl
I.'")0..'i0-.>
146,819
Fedenil Reserve Bank\EllfflbIe paper
712.824
Tutal.
301,041 m3,7S.'>
IS2,.'")04
4S,70I
129,114 l.S5,0G7 114.0.50
2,309..V>r-,
.37.834
2.5,441
77.737 109.784
93,.54.' 352, .5.58
4,255,835
19.703 128.031 1.288,4.50
175,900 2,547.440
08,7
578,200 759,812 347 232 437,08: 1,327,20H 324.051 190.490 204,028 181.980 657,392 8,091,725
341, Ml
Federal Reserve not«s outstftndlnp
Federal Rc".vrvo notes held by biiiiks.
508.24- 145, .571
02.194 20,123
18,030
'4'-
Federal Reserve notes In actual elrcuLatlon
S7.3r2 117.010
715,427 171, -251
211.10
,53.017
400.649 99,783
l^^I
100
'<7I
500
<;70
05"?
r'5
1 1
1
3,511.301
420,553
.,500
8,212
-3.-r
.i4«
in'^,'>Re
tM
79
''53
«3I 3 000,748
—
Member Baaks of the Federal Reserve System. l'\)ll()\vin'j: is tliH woHkly statement issii«fl by 1*16 Pedfral Re-^erve
Board giving the priaoipal items of the resources and liabilities of the Member Banks. Definitions of the different items
In the statement were eiven in the statement of Deo. 14 1917, published in the "Chronicle" Dec. 24 1917. page 2.523.
BTATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEWS OF REPORTINO MEHBER BANKSIN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS JANUARY 21 1921
securities show an lncrea.se of about 15
City, while other (chiefly commercial) loans
and discounts show a further iiquidation for the week of 59 millions, of which
banks a.-> shown in the Federal Reserve Board's consolidated statement
Purchases of the ucwly issued certificates by ultimate investors were un- the New York banks show 10 millions. Since Jan. 7. when the item was
shown for the first time, "Other loans and discounts" of all reporting banks
usually large, and there were also the customary withdrawals of balances
by country correspondents to pay for alloted certificates. .Vs a result, h.avo fiUcn off 152 millions and those of the New York City banks
reductions of 165 millions in net demand deposits and of 15 millions in
about 23 millions. Total loans and investments of all reporting Institutime deposits are shown, offset in part, however, by 132 millions in the total
tions show practically no change as compared with Jan. 14, while the New
Reports of member banks in New York
of Government balances carried.
of nearly 15 millions.
City show a similar development for the weet viz., reductions of 99 millions York banks show an Increase under this head
"
Total accommodation of the reporting banks at the Federal Reserve
In demand deposits, and of 21 millions in time deposits, as against an
Increase of 67 millions in Government deposits.
banks increased during the week from 1,895 to 1,934 millions, or from 11.5
The banks report also an Increase of about 55 millions in their holdings of to 11.8% of the banks' aggregate loans and investments. For the New
Trcasurj- certificates, as against moderate additions to United States bond
York City banks increases in accommodation at the local Reserve Bank
and Victory note holdings, while their loans secured by United States from 719 to 794 millions and In the ratio of accommodation from 13.2 to
Government obligations Indicate a reduction of 6 millions for the week. 14.6% are shown.
At the New York Olty banks an increase of 20 millions in certificate holdings
In keeping with the considerable increase in the borrowings from the FedIs accompanied by a nonainal Increase In VictoiT notes, a 3 million decrease
eral Reserve banks, reserve balances of the reporting banks show a growth
United States bonds and an 1 1 million reduction in loans on Government for the week of 17 millions (10 millions in New York City). Cash in vault,
Investments in corporate securities show a decrea.se of about reflecting the continuing return flow of Federal Reserve currency, shows a
securities.
10 millions for all reporting banks and an increase of 3 millions for the New
further decline of 24 millions for all reporting banks and of 8 millions for the
York City banks.
member banks in New York City.
I.
Data for all reporting member banks In each Federal Reserve District at close of business January 21 1921. Three ciphers (000) omitted.
Allotment on Jau. 15 of over 310' millions of Treasury certificates and
further liquidation of commercial loans are mainly responsible for the
principal changes In the condition on Jan. 21 of the 829 reporting member
Loans .supported by corporate
millions, largely in
New York
,
m
Federal Reserve District
Number
of reporting
New
Boston.
banks
York. PhUadel. Cleveland.] Rlchm'd
49
89
Minneap Kan.
Chicago. St. Louis
Atlanta.
44
S
14.782
S
25,053
79,190
414,080
59
$
74.811
196.059
405,287
00,405
343,030
717,770
28,390
111,270
337,385
26,338
94,997
60,000 440,071
355,285 1.403,072
20,943
122,080
357,927
676,157 1,127,211
44,947
97,790
11,288
20.443
17,949
18,477
155,2.57
280,282
477,045
65,595
441,023 1,939,340
40,288
80,075
4,292
.33.081
506,950
27,000
2,908
298,070
U. S. certificates of Indebtedness..
Other bonis, slocks and aeeuritles.
908,905 4,016,781
32.4.34
207,032
0,000
91,618
19,860
148,072
128,948 733,015
33,901
298,740
4,'295
65,468
3,017
19,557
Tofal loans, diso'ts <t Investments, IncI
billsreliscountel with F. R. Banl;
Reserve balance with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
,090,213 0,180,518
81,085i 020,000
23.241
107,809
777.23.5,4,803,478
171,884 450,044
906,121 1,543,081
604,064
34,196
17,400
330,654
114,100
3,180
525,310
29,280
007,.593
,338,212
43,718
10,138
.58,845
1,299,983 3 29,579
141,261
000,011
5,760
19.060
10,397
8,205
185,825
70.053
4,005
28,7431
71,309
19,311
20,286
208 3-21
5,802
50 00
Total loans and discounts
U.S. bonds
U. S. Victory notes
Government
20.053
payable with F. R. Bank:
.Secured by U. S. Govt, obligations..
108,840
276,924
115
S
60,335
18.209
659,871
38.200
19,028
31,14;
dei>oslts
84
37
44,238
S
7,07
7,090
40,05!
103,370
30,002
906,050
420,103
15,170
27.089
36
26,699
11,057
01,178
2,642
30,103
2,481
36,032
12,1'20
237,029
144,727
2,057
2, .380, 12
30,002
244,280
10.237
1,331
182,930
SanFrai.l
Dallas.
82
S
S
45„S03 381,46.'
189,878 1,311,082
672,2843,224,234
Loans and discounts. Including bills re
discounted with P. R. bank:
Loans sec. by U. S. Go.t. obligations. _
Loans secured by .stocks .ind bonds. .
.\I1 other loans and discounts
CUi/
35
114
S
9,843
38,250
233,162
Totai.
829
69
52
S
32.534
S
828,364
152,190 3,082.720
809,267 9,174.648
518,332
35,270
4,022
0.240
54,640
281,25
36,774
019,413
40,040
14,020
3.33,824 1,292,287 10,4.39,374
400,.341
209,46
2,94;
2,049
10,804
22,020
1 1
.008
90.393
4,093
58,74.S)
0,307
1,224
17,651
11,361
10
1,288
37.141
4,930
51.000
1,572
993,997,13,085,732
96,681j
871,104
17,025
204.433
13,564
277,091
171,020; 2,001,014
78,340 1,333,926
27,030
345,293
614,668 10,754,180
532.003 2.918.182
5,0831
210.319
Bills
All other
Bills rediseounted
with F. R. B;ink:
.•^wirpi bv U. S. Govt, obligations
All other
2.
16,907,
ciphers
(000)
of reporting
York Ciiv
banks
Jan. 21.
72
i
Jan. 14.
Total loans and discounts
D. 8. bonds..
U. S. Victory notes
U. S. certificates of lndebte<lness
Other bonds, stocks & .securities
dlse'ta,
Incl. bills redlsc'ted
&
with F.R.Bk.
Net demand deposits
Time deposits
Government deposits
by U.
S.
Jan. li.
81,113
117,;J81
559,283
,
51
S
67,080
318,081
879.064
R. Bank Cities
\F.
Jan. 21.
Jan. li.
285
28^
Govt, obligations...
with F. R. iJankSec. by U. S. Govt, obligations..
All other..
Ratio of bills payable & redlscoimts
with F. R. Bk. to total loans and
(a)
'.ill
6,965|
221,173
71,014 1,132,669
other reporting banks.
Other Report .Bks.
Total.
Jan.2\.
211
Jan.
M.
Jan. 21.
332
212'
,448,73
581,935
95,070
5,433,848
271,183
10,774
133,643
8,255
133,399
.571, .5.59
102,705
,.307,429 4,400,118
202,195
105,139
312,794
38,469
252,127
228.075
,439,499
131,701
34,310
911,070
307,739
7,393
15,143
103,244
438,62/
382.280
14.0
13.2
po»^t-
Comparable ngures not available.
108..326
12,512
145,340
1?
Jan.H. Jan.
33:
21 '21 Jan. 14 '21 Jan. 23 '20
829
829
804
I
8.839,922 2,207,944 2,280,2161,990,803
432,094 222,023 222,9.35 217,929
115,228
30,021
49.651
50.104
1.55, 191i
31,219
49,872
37,980
1,112,4671 542,909
552,869 342,734
15,881
12,894
,010,116 13,085,73
214,754
35,844
28,923
345,373i
13,1.30,254
809,783
871,104
201 ,230
204,433
222,100
277,091
2.001.014 2,010,709
(a)
882,180
222,167
771,487
(a)
441,612 10,073,14' 10,0.54,002 3,132,459 3,1.50,170,2,027,700 2,0.35,01010,439.374 10,440,082 10,074,404
134,722
977,108
104,018' 1,333,920 1.317.0.50 1.424.790
200,530
154,155
952.496| 202,003
372,811
309.117
195,01.'
92,198'
35,991
70.202*
345,293
200,0571
08,308
81,310
935,730 7,504,003 7,051,00911,701,80 1,722,0.58 1,547,6.50 1,545,240 10,7.54,180 10.918,913 11,539,933
640,37,''
2,918,182 2,933,310 2,477,547
308,543 1,345,351 1.340,821
657,8981
920,453 934,591'
78.455
343,710
3,146
171,205
12,105
00,584
26,949
11,501
13,825
378,983
341,678
All other
Bills redlscounted
Inve^j'nr^nts. to*-
R. Branch Cities
all
1,029
23,186
578,494
1,375
S
S
%
S
S
S
91,3.56
834,813 1,267,850
124,950 125,037
91,953
828,364
494,05ll 430.30
424,330 3,082,720 3,007,031 3,352,829
492,089
(a)
1,050.905 1,007,128 1,478,200 1,493,833 9.174,648 9,233,810
S
60,845
326,190
884,148
,264.225
17.700
13,091
payable with F. R. Rank:
Sec,
Reserve Bank and branch cities and
\All F.
.
8,-968
52 005'
Invest's,
Reserve balance with F. R. Bank...
Cash In vault
Bills
,411,898 4,417,904
2.54,914
2,58,107
82,088
137,513
502,324
Jan. 21
72
,
&
in Federal
City of Chicago
Loans and discounts, Incl. bills redlscounted with F. R. B.ank:
S
$
Loans sec. by U. S. Govt, obllg'ns 354,463 305,22,
Loans secured by stocks <fe bonds. :1, 140, 545 1,131,969
All other loans and discounts
2,910,890 2,920.770
Total loans
34.799
24 573
17,720
omitted.
'
Number
4'iO 400'
Data of reporting member banks
New
T%ree
105,300
54.50r
10.5
12,290
148,473
r?
1
180,152
859,599
13.3
,
130,949
115
184,656
831,599
31,022
137,012
12 7
9 6
125,740
170:
30,8<;0i
147,713
68,.562
72,18.5
1,244
078,494
1,375
539,603
1,414
845.0; 2
,260
9,390
130,058
10,965
147,630
221,173
1,132,669
226,.501
1.126.948
294.460
680.189
1
8
8'
11.81
H.V
4.32S
10 •
M
.
THE CHRONICLE
542
WhuxIicxs^
Wall
Sircrf.
(Gaifjettje*
Friday Night, Feb. 4 1921.
—
Railroad and Miscellaneous Stocks. The fact that
businoss in Wall Street has been greatly restricted and tho
security markets oorrcKpoiidinf^ly dopressed throup^hout tho
week may bo attributod cliicfly to two well-known causes.
First, the money market, whore the early rates of 7 to 8%
have boon followed by a" 8 to 0% rale, the latter the hij^hest since about tho middle of November; and second, the
possible effect of the reparation terms and program as sot
forth by tho Supromo Council at Paris.
To these influences
should be adde<l some vorj' interesting and significant remarks by a prominent railway official relating to present conditions and problems of tho railroads of the country.
As the limited volume of business has been almost wholly
in the hands of professional traders, the rather mild fluctuation
of prices is without importance.
Notwithstanding
some recovery from the lowest quotations of the week, especially to-day, the entire list of 25 best-known active issues?
closes lower than last week
the decline averaging about 2
—
of legislative action in their favor and are 2 to 3 poinis
higher.
The market as a whole, however, has been on the
downward trfmd. Steel 'ni are one of the 3 or 4 i.ss-ues whi«h
close a small minor fraction higher than a week ago.
—
United States Bonds. Sales of Government bonds at
the Board are limited to .?1,000 4s coup, at 103^ and the
various Liberty Loan issues.
DaUv
Rtenrtl 0/ lAbertp
Flrnt
Liberty Loan
tho exceptional features is Houston Oil, down
points, Atlantic Gulf 6^, Baldwin Locomotive and
73^
Cruc. Steel 3 to 33^. No exceptions among the railway
shares on the list referred to.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
niei
STOCKS.
Range for Week.
Sales
for
Feb.
Week
Par^ Shares
no par
500
Brake S & F^.no par
100
American CliiclO--HO par
400
Amer Radiator
25
100
Teles & Cable. . _ lOO
130
Associated Oil
IOC 2,700
Atlantic Refg pref--.10C
300
Austin,
& Co.. 710 par 1,600
Preferred
100
600
Air Reduction
Am
Am
N
Auto
Sales Corp
Preferred
Bamet Leather
Bamsdall Class B
Batopllas Mining
.50
5C
no par
2.5
20
IOC
Lowest.
.S
per share
35 K Feb
47
Feb
Jan
12
Feb
70
Jan
Feb
Feb
Jan
Feb
tH
13 H
70
4
13
100
200
200 30
.TOO 25
1
30C
100 40
55 70
100 105
100 39K
300 51
400 83
700 37
400 65
Am
M St. P & S S M leased
line
100
Mulllns Body
no par
National Biscuit
lOC
Ohio Body & Blow no par
Otis Steel pref
100
.
Pacific Mail SS
5
Pacific Oil when issued..
200
3.50
100
400
400
Bingham no par
V
K
37Ji
65
675
36 '4
39
50
92
88
72
50
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
'•t
HlKh
ConviTterl 4% bonds
1932-47 (Flret 4s)
Low
Close
Total sa'es Id ?1,000 unlta^
Converted 4Vi% bonds off RiKli
1932-47 (First 4'4a)
29
4
2
5
1
59M Feb
80
Feb
17
Jan 31
-
8
12
11
2
76
102
195^
6
22 J^
103
75 H
9a
31
195^
06
9
70
125/1
35
12
Jan
9
34H
Feb
Jan
Feb
Jan
Jan
Jan
Jan
H
Feb
Feb
18H Feb
9 H Feb
41
3H
3
Feb
Jan
Jan
210
Aug
83 H
Jan
Jan
77;'2
July
91
100
Jan
Jan
Jan
71
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1 .55
'4
45
63
30 K
38
63'^
8
303^
Jan
Apr
Mar
Feb
Jan
.'^pr
Jan
Nov
Jan
Loan
4K%
In
Dec
Nov
Oct 23 ^
Jan
.\pr
85
Apr
Dec 14
Oct
Dec 420
Apr
9H Aug
8
91
t4S
7K
13 5^
79
Nov
1<;
22 ?i
Oct
Dee 19 'H Sept
Dec 148
Jan
Dec 57M Mar
Doc 11
Nov
Dec 25 W Oct
Dnp 9SU Jnn
For transactions on New York, Boston, Philadelphia, and
Boston exchanges, see pagej538.
—
State and Railroad Bonds. No sales of State bonds
have been reported at the Board this week.
The market for railway and industrial bonds was relatively
active during the early part of the week owng to unusual
Among the latter are N. W. Bell
interest in a few issues.
Tel. 7s, Penn. 6s, when issued, Westinghouse and some of
the local tractions. The latter have been strong on the hope
ST .90
87 .50
87.20
87.30
87.30
87.20
221
97.26
86.50
86.30
86.30
87.20
86.70
86.70
87.40
88.70
87.40
88.90
87.00
190,
57|
49
86.40,
97.50
87 .ao
3*
98.00
97.501
97.50.
86.76
ftS.OO
2
86.10
08.00
13
85.54
8«..50
85.44'
85.54'
86.30
86 .50]
28
88.68
86.34
1
8
6
2
86.90
86.74
86.30
86.36
86.40
85.54
85.70
86.50
1.353
89.90
89.20
89.20
1,703
80.98
2.031
89.20
89.00
86.24
2.085
89.54
89.02
90.00
89.56
89.08'
89.54'
89.841
{
Low
Close
'n]gh
T/)w
\
[ Close
f
(Third 4H3)
Total sales In $1,000 uolts.
Fourth Liberty Loan
f
iT4% bonds of 193.3-38
i
4M%
626
90. 00
89.90
89.92
548
Hlffh
Low
(Fourth 4Jis)
[ Close
Total .*tleM In ?l,000 units.
f
86. .50:
86.76;
High
notes of 1922-23
i
lyOW
(Victory 4Ms)
( Close
Total sales In .?! ,000 units.
35i% notes of 1922-23
f High
(Victory 3 3fs)
Low
\
Close
Tntal iftlms In si.OOO units.
87.20
86.90
87..50
1,652
97.40
97.32
97.34
639
97.36
97.34
97. .36
175
374
1
87..50'
bonds off Hijrh
4^8)
91.
86.50
86.50
86.50
4>i% bonds of 1928
86. .50
88.80
2,303
97.40
97.26
97.26
1,536
97.38
97. .34
97.36
1.156
85.70.
85.70
85. .50
86.34'
1.562
1,430
977
492
86..56
86.80
86.00
86.68
2,505
97,28
97.14
97.20
87.10'
86.64'
88.64'
86.00
86.00
2,824
97.30
97.18
97.20
1,517
97.28
97.18
97.18
375
2,485,
97.24'
97.16
97.18
206
2.602
97.30
97.10
97.14
2,599
97.22
97.16
97.16
793
86.30
86J)0
86.30
7
86.54
85.80
86.50
1.618
89.96
89.36
89.90
891
87.02
86.36
87.00
1,998
97.22
97.08
97.14
581
97.14
97.08
97.14
1,012
—
Note.
The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
86.60 to 87.00
6 1st 3Hs
...91.60
46 4th4}i3..
_
97.00 to 97.20
7 1st 4Ks
86.20 to 87.50 186 Victory 43is
I
7 2d 4iis
25 3d 4,Ha
86.34
88.90 to 89.74
50 Victory 3Ji3
07
1')
—
Foreign Exchange. Sterling exchange displayed a reactionary trend and as a result of persistent selling declined
more than 10 cents during the week. The Continental
exchanges fluctuated irregularly, with francs, lire and marks
showing marked weakness at times.
78H©
To-day's (Friday'.s) actual rates for sterling exchange were 3
for checks and 3 83 Vs (g'3 85 for cables.
3 79 'A for sixty days, 3 82 li (3.3 84
Commercial on banks, sight 3 81M(a3 83!^, sixty days 3 77}i(^3 78 *i.
ninety days 3 C8!4 (ffl3 69i^, and documents for payment (sixty days)
83^ and grain for pay3 77 34 'a' 3 79!^.
Cotton for payment 3
H
ment
3
81M@3
SIMOS 83^.
To-day's (Friday's) actual rates for Paris bankers' francs -were 6.95®6.87
Germs^n ))ankers' marks are not yet
for long and 7.01 ("6.93 for short.
quoted for long and short bills. Am.sterdam bankers' guilders were 33 7-16
©33.33 for long and 33 ].5-ltifS)33.79 for short.
Exchange at Paris on London 54.40; week's range, 54.40 high and 55.40
low.
The range
for foreign
Sterling Actual
High for the week
Low for the week
—
exchange
for the
week
follows:
Sixty Days. Checks. Cables.
3 86^
3 79>i
3 87>i
3 80
7.32
6.82
6. S3
1.77
1.43
3 8134
3 74H
Paris Bankers' Francs
Cents per Franc) —
7.24
High
the week
Low
the v/eek
6.74
Germany Bankers' Marks—
1.78
1.44
{in
for
for
High
for the week
for the week
$1,000 premium.
June 18 « Scot
Oct 44
Mar
93.00
91.74
86. .50
86. .50
Third Liberty Loan
Nov
Jan
91.90
91.8a
91.84
619
Low
$1,000 units.
discount.
47 H
92.00
2i
Low
38% Jan
41% Dec
.90,
CI OS'
"nii?h
I
Total sales
Jan
Jan
Jan
June
29 H
82
700
91
Ftb. 4
Feb. 3
88. .50'
92,
bonds of 1927-42
(.Second 4 s)
Total sales In SI, 000 units
Feb 00
Dec 51
Dec 125
Dec
Dec
Dec
Dec
Dec
422
1!
Low
20
70
77 H
8M
257,
Total sales In $1,000 uulta.
Llbert.v
\
9I.70I
91. so;
07.29,
97.261
4%
Feb. 2
91.88
91.90
I
Second
1
92.00
91.90
91.90
Second Con vert e<l 4ti%f HiKh
bonds of 1932-47 (Flrst^ Low
Spcond 4^8)
C\f)ac
Dec
Dec 12'/g
Dec 2634
Dec 310
210
92.03
91.92
92.00
191
87.70
87.70
87.70
Total aalee In 81,000 units.
3
Dec 92'-.^ Mar
Dec 119K Mar
Jan
15?^ Feb
SO
T"oh
55
82
535
65
98 H
14'4
4
50
Jan
10 H Feb
103
Mar
Jan
Jan
Jan
Jan
Jan
No\' 118
50
26 H Jan 31
106
Feb
9}4 Feb
^
!.2
62
106
104
Oct
Jan 29
Jan 29
Jan 31
K
Feb 108
Dec 33,4 Sept
Dec .S8
Feb
75
70
125
Feb
3&H Jan
14% Feb
Dec 118M May
Jan 65
Dec
19
Jan 29
H
Jan
Feb
May
Clow
j
July
Nov
Nov
45
8H
5
Dec
34
60
Dec 108
69
8
10
Feb
Feb
Feb
Feb
.Tan
$ per share.
73
52
125
114
Dec 24
Dec 82
Dec
xiOH Deo
ISO
Dec
34
Dec
63H Dec
495
Dec
40
Dec
42
Dee
44 h; Dec
Dec
84
Fe')
M
H
34
100
Jan
35
50
98
35
^
10
16
SVs
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
175^8'
Feb
.Tan
Jan
Jan
Feb
HO'4 Feb
Feb
80
148
Jan
18
Highest.
June
Doc 19K Jan
Doc 30»-i Jan
2IV2 Dec 93
Jan
30
Dec 43 'A May
Aug 1% Jan
.
Jan 20
Feb 1
Jan 20
Jan
Jan
Feb
Feb
Feb
Feb
Feb
57 H
Feb
40
Jan
71
Feb
105
Feb
. .
39K Feb
52H Jan
85
Feb
Feb
Feb
Fob
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
8
1
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
K
M
Feb
Feb
30
Feb
25 M Jan
J.in
Feb
25
Feb
Feb
106
8> Feb
73
Feb
15
Feb
33)4 Feb
14M Feb
.59
500
5,600
&
100
& Eastern
100 10 U
100
Pettlbone-MuIUken. . 100
100 34 Ji
1st preferred
25 100
100
Phillips Jones pref... 100
100 76
Sears, Roebuck pref. 100
300 100
Seneca Copper
no par 3,300 18
Shattuck Arizona
500 5
10
Southern Pacific rights.. 78,325 18
So Porto Rico Sugar. 100
200 95
Standard Mill pref.. 100
50 75 ".<
Submarine Boat. .wo par 2,000 8V^
Texas Co waT.ints
200 41 ?i
Tex Pac Land Trust. 100
7.5 !10
Third Avenue Ry...l00 1,800 16
Tol St L & West tr rects.
50 9>4
Uhlted Drue
600 101
100
United Dyewood
100 50
100
<^- Heilb'nr.^o par
Weber
200 10
Wllite Oil Corp
vopar 3.300 14 H
Wilson f.- r-o n-of
inn
inn
Parish
Peoria
I
K
10
Lowest
S per share
S per share
Dec
4 36 < Jan 29 32
47
Feb
Dec
40
28
Feb
64 « D ec
70i.i Feb
54
Feb
46M June
102 >8 Jan
84
Dec
109 H J;in
Dec
102
Feb
Feb
Feb
Feb
Feb
Brown Shoe, Inc
Buffalo Roch & Pitts. loa
Bros, pref
100
Certain Teed Prodno par
Cluett. Peabody & Co 100
Preferred
100
Comput-Tab-Rec
100
Continental Insur
25
55"'
Eastman Kodak
R.50
100
Emerson-Brant pref _ 100
200 36
Fairbanks Co (The).. 25
100 39
Gen
Tanli Car no par
200 4!)
General Cigar pref . . . lOO
300 OIJ^
GUliland Oil pref
100
30Q 85 Ji
Hartman Corp
lOO
10(^ 72
HomesLake Mining.. 100
600 50
Hydraulic Steel.. no pa;
40C 18
Int Nickel pref
100
lor 80^
Kayser (Julius) & ColOfl
IOC 73
Liggett & Myer B...100
50 148
Malllnson (n.K.).ru) pat
300 16
Marlin-Rock v.t.c.no par
600 9Jf
Martin Parry
no par
400 16
Maxwell Motor
5
lOO 2,900
1st Preferred
300 8H
lOO
ctf dep. stpd ass'nt
100 8
2nd Preferred
lOfl
300
4H
ctfs, dep. stpd asa'nt
200 5
Middle states Oil rights 50,500
'j
Bums
Highest.
70 H
54
07!^
100
27!.i
Range for Year 1930.
Ujw
Close
victory Liberty Loan
Week ending
Prtee$ Jan. 29 Jan. 31 Fet).
bonds of 1932-47...
(First 3 Vis)
Total sales In *1,0()0 UQltB
1927-42 (Second
Among
Loan
3H%
Converted
points.
[Vol. 112.
Guilders —
Amsterdam Bankers'
High for the week
for the week
Domestic Exchange.
Boston,
—
34
3354
34.10
33J^
St. Louis. 15@25c. per SI ,000
33 9-16
33M
Chicago, par.
par.
San Francisco,
Cincinnati, par.
7.34
par.
Montreal,
S127 50 per
—
Outside Market. "Curb" trading this week was very
Price movements were uncertain though there was
quiet.
a tendency at times for values to seek lower levels. TransStandard Oil
actions in oil shares were unusually small.
(Indiana) dropped from 71 to 66% and ends the week at
Standard Oil of N. Y. sold dowTi from 356 to 339 and
67.
recovered finallv to 341. Carib Syndicate weakened from
and finished to-day at 9M- Intemat. Petrol,
10^ to
after an early advance from 16% to 163^ eased off to 15 ?4
and closed to-day at lo]/^. Maracaibo Oil advanced from
and ends the week at 18%.
to IQVs, reacted to 18
18
Ryan Consol. rose from 12 to 12%, then fell to 103^. Simms
Petroleum lost a point to
and closed to-day at 7%.
Most industrial issues were quiet. Automatic Fuel S. broke
from 67% to 64. Durant Motors improved from 16H to
18%. Hercules Paper advanced from 7 to 9 and eased off
Intercontinental Rubber di'opped from 12% to
to S14.
10^ and recovered to 12^, the final figure to-day being
12 H- Meteor Motors 'decUned from 223^ to 21 and recovered to 23 H. the close to-day being at 23%. Attention was
directed to the mining department by reason of the sharp
break in Eureka Croesus from 1 5-32 to 78c., the close today being at 92c. Bonds were sUghtly lower. Trading
was begun in the new Tide Water Oil 6Hs, with transactions
9%
M
M
7^
98% up to 98 J^ and back to 98%.
complete record of "curb" market transactions for the
week wUl be found on page 552.
from
A
—Stock Record, Daily, Weekly and Yearly
New York Stock Exchange
For racord of talea
BIOH AND LOW SALE PlilCBS—HBR
Monitav
Saturdav
Jan. 29.
$ per
Feb.
SflAHB. .WOT PBH CB.VT.
I
82»4
5'4
84'4
34I4
•5OI2
VZh
8I4
U7»4
•59I4
6>4
•0
•8«4
lO's
28'g
441,
()8>»
•105I..
27
•7358
62»4
101
the
Feb. 4.
Week.
RB
•
,
72
M
218
4S4
•4
•6
131.
1978
•14
78
•28'8
•9
•23
•90'.
1'4
3l2
•4
•n
5
7
135g
201s
141.
13'4
20
•14
79 ij
29
77
101.
9
•24
90'2
29I4
26
92
434
13
•20
20'4
•45'4
•121.
4r>54
•24
•53
4^8
13»8
I9'4
131.
•451.
121.
30
•24
5354
lOlIj lOll.
•71
•91
2'4
41.
18»4
4014
478
7134
72%
•46
•56
•55
1134
73
94
278
434
191.
401.
558
76
7234
48
68
61
21^8
•71
•90
I'l
2
2
3%
4
3%
438
8
8
6
131.
201
141:
78'4
29I4
I3I4
1978
13'4
1978
9
30
90
200 Duliith S 9
6
•4
7
.500|
13
191.
13%
13
13I4
13
13%
4,300 Brie
lO'i
19%
1334
191.
I9I3
191.
14'
13%
14
3.1001
3001
77
29
75I4 78%
28% 28%
14
•28%
77
2378
14
771.
29'4
9I4
9I4
75'4
26
26
28
89^8
9l)'4
88'2
89
458
41,
78
28%
•9
25
26
8
478
131.
191.
46 '4
46%
121.'
"
•121.
131
30
•25
.30
25
2>
.521
5134
9978
997,
13'.'
I
.52
100
1>%
"72I2
100
50%
1834
478
I9I4
40
41
5'|
538
72 '2
741.
7212
'l8U
50%
3
19
4I4
18%
39%
101
8638
4II2
1778
101
8778
4134
1778
20'4
141.
1434
18%
45%
18%
40
000
13%
•121.
"
131.
100
•25
30
5134
9934
51
.52 's
50%
70
89%
2%
4%
2%
S
18%
39%
18%
7214
69%
72
71
70%
71%
61
44
56
55
20% 20%
100
85's 87
41I2
4134
I7I2
18
44
56
55
47
88
81
3OI4
•72
83'4
51
5314
22
•30
2638
38
3OI4
77
841.
51
53^8
2218
32
28'.
391.
•61.
7
•U
12
291.
•73
291.
85
401.
88%
40%
39%
77
8338
84I4
54
54
22
21'4
31
26
•37
634
•11
30
31
2318
.W
59
2OI2
215,
3934
2234
231
66% 66%
61.
10%
7
12
97'2
96%
9534
22% 22%
22
58% 58% 58
20% 21
20%
3834 3934 3834
119
ee'ie 67%
21
8
8
2018
2034
2II2
8%
20%
•651.
10
9^8
211.
77,
2178
2034
1078
181.
28
70
IOI4
171.
20
•68
9%
3
:::: ?:
35
161.
101.
1834
26
71
9%
10
17
25
68
10%
27
70
9%
91
53
36
•7,
1
11,
1'4
24I4
38
7
12
"16"
25
3934
67
10
9%
•3OI4
181.
51
36i2
34I4
I8I2
51I2
32%
3334
IS'.
%
37
50%
18
5
71
45
50
*.55
18%
t
""97,
17
17
98
98%
87%
40%
83% 85%
39% 40%
17ij
1634
28%
70
75
0'.
"
01.
0%
21%
.57%
23%
3934'
3834
3934
119
118
I
60%
66%
24%
llKl.
60%
10%,
734
19%
15
10
934
17
241.
67
9%
9%
16
16
31
30%
18%
36
30%
3534
10%
48
1938
9%
18
20
67%
9%
16
34
30I4
19
52
%
35%
1
1%
1%
1%
1%
47's
9234
48%
921
9234
47
93
93%
34%
33%
34%
33%
3434
82
79
79
79
79
1
1%
341.
38
57
22
,
50
1%
233,
2II2
50
1
30
95
351.
1%
205,
12
963,
51
1
53
10%
12
50
3534
82%
.531.
38
38
.52
II4
73
2058
291.
2334
24I4
18%
1
283,
52%
32
31
381.
17%
80
49
35
10%
191.
57
37
25
68
30%
08
62
16%
173,
9%
5%
99
31
18
18
13%
20%
2334
%
1
1%
49%
35
1
35%
55 '8
•75
•45
•74
5534
32 14
5118
931
35%
55%
80
49
80
5534
323^
124% 124%
•112
..
50
92%
34%
55%
•75
4.5%
74
3434
35'.
"
58
55
80
50
54%
55%
54%
54%
.54I4
.54%
85
77
44
77%
78
42
77
43
80
76
78
76
76
42
4.5%
74
80
541.
50'4
311.
861.
32%
123
71s
471.
87
122
113
123%
122
113
•9%
97,
81
91
62
93
83
S3
108
M05
8%
7%
80i4
^'n
74
5t%
29%
S6%
41% 41%
54%
.53%
30'
29
80%
121% 121%
8%
'
43 "
57%
45%
9%
93
r9%
00
I
83I.|
108
<!7«
0%
12734 12734 •1271. 132'4
9
93,
334
9
42% 43% 401. 43
62%
195
77
41%
853, 8,5:1,
12034 12134
'1121. ...
48
52-34
53%
28% 29%
54%
29%
21% 22
471.
831.
92
34
853,
I2OI4
121%
113
21%
2134
8.534
85
46%
•9%
90
48%
Ysu
44
4634
.54%
30% 31%
•1271. 1361. '1271. 132%
9I4
91,
9
9%
44I4 451.
441.
43
'
44
48
80
88
881
'112
23
7%
48% 50
92% 93
35I2
.551.
03
7%
50%
92%
80
93
89
821.
10".
<'.
4834
95,
0034
45
lO'.l.l
SI.
9
.593|
57I4
43
100
07,
132%
9% 934
40% 43%
.59
46'2
40%
45%
42'4
9%
591.
8I4
".57%
88
813<
884
1261. 1261. •125
43
44
92
Sil.;
8%
9
42
43
9%
53
8%
82
lOS
S'v!
• Bid and aslted prices; no sales on this day.
91-
81%
100%
S
44%
9
58%
50%
,571.
88
89
89
8II4
811.
813,
1001,
100
3%
t Ex-rights.
77,
|
300
2,800
Do
pref
100
*
100
...100
Atlantic
pref
100
.100
2d pref
100
Great Northern pref
100
Iron Ore properties..Vo par
Oulf Mob A Nor tr otf8..-100
100
Do Pref...
Illinois C.!ntTal
100
Interboro Cons Corp. .No par
Do pref
..100
Ksnaas City Southern
100
Do pref..
100
Lake Erie 4 Western
100
Do pref
...100
Lehigh Valley
60
Do
Do
ISt pref
4
NaFhvlUe
loo
100
900 MInneap A St J. (riffp
100
100 Minn St P * S S .Marie
100
Do p.:-of
100
5,000lMl88ourl Kansas * Texas. 100
9(;o Louisville
l.oon Manhattan
Ry
tuar
I
234
41,
38% 38%
21%
758
7%
19% 20%
31
32
93
18%
25
68
25
68
72
3934
22
15
32
4%
90%
"21%
3334
118%
66%
10%
21%
21%
9%
2%
4%
278
1734
62
70
89%
72
94
2134
58
10
11
95%
90%
22%
I6I2
39
•1%
28
24%
30
01.
'
10
32
1734
•34
331.
I8I4
211.
'
1412
11
80% 3234
49% 49%
53I4 53%
20% 211.
21% 21%
734
7%
20
20%
t
1058
I8I4
35
2334
70
118% 119
11934
95g
8I4
28
23%
30
8%
10%
32
39
211.
8I4
"2118
3r,34
634
.52
82% 83'4
49% 49%
25%
12
17%
17%
58
38
29
75
54
24
67
2OI2
28%
70
2134
381.
11934 120
67
.35
28%
5S1. 581.
21
2234
•3334 3934
II9I2 120
•38
45
29I4
Z7lh 72
82% 83%
50
50%
53I2
215,
97% 98%
98I4
22>4
29I4
11
61
8434
17%
.52%
5134
9934
5434
47
68
9934
18
59
54
71
471.
"
99
171.
9934
53
70
171.
.52
•33
51%
9934
70
913i
4934
52%
70%
19%
10%
98
88
30
70I4
20% 20%
10% 17%
84'.
l40l.
25
5
5%
89% 70
5
99%
100
2,300
8,200
4,900
3,200
19%
71%
48
88
21'4
5%
1434
701.
•55
89
45%
5I4
61
27
18%
3934
45
56
5
13
3934
45,
48
68
88%
451.
234
39
5
26
10%
000
400
300
13'.
191.
72U •70
721
94
89'2 94
2%
47,
24
12,200
4534
11
•891.
10%
48,400'
121.
"
19%
45IJ
12
3
9
88% 88%
4% 5%
434
458
131
197,
20
Do
4%
6
f...
75%
2878
10.401)
3%
•2%
4I4
4'4
•31.
17'.
213s
o
4'!
4
Delaware Lack A Western. 50
Denver & Rio Grande
100
10(1
2''
4
73
94
•56
•55
220
2
2 '4
711.
*45l.
"
•210
13i
•5>1. 53 14
1011. 1011.
1138
220
33,
50
111.
210
2I4
4»4
5
1
45s
1254
215
100
S's
Do
800
pref
...100
4,100 Missouri Paclfle rise ctfs.lOO
4, .500
Do preJ tru't C(f3
100
7.000 Nat Rys of M«x .'d pref. .100
New on Tex A M.-\
New York Central
r
Hightl
S per iltire
I pe' t^are
7(1
72
414
IS.'
275g
N.)V 6
.May20
«•»
f>.T21
12
Jafi a
Sr'Pta?!
1
t
,
Dw27 104%
49«ii
40% June2a
Oot S'
Octl5
54
Fill 13
OotlS!
Maris:
17
13% MarlSi
9%?Aiie31
6'] Septl4
109% Doc22
FHbl3
47
134
70%
Feb 17
3% D«c29
8% Dec21
15% Di!|.22i
4
IS
17'4
14% Oct
Oot
D«'2l| 44%
21
95
36 »4 DccZl
D •(•22 91%
80
98 June28 120
21% Dec21 41
Feb 13' 84»4
64
Feblll 715,
54
58 Junp26| 72%
Nov29' 95
89
31% D'MlS 92
no De<'29i 99
Feblll 38%
20
54
48 July 6
49
Au2ll
35
Do
pref
6534Jiincl2
24% Dw27
Jan 24
18% Dec22
7
80% Feb 13
3
Aug
4
8% Decll
131%
40
May
5
M:iyl9
8% Feb 13
19
3934
94
Feb 11
Less than 100 shares,
a Ex-dlv. and rights,
Jan
Mar
8
8
Oot Sl
Oct 4;
Oot *
Mar30'
8ept28|
Octl9
Oct2l
Oct 8
D'xM'
38% July 2
8% Dec21
63
91% Nov 6
Marl9
17% Oct i
4178
35»4
Oct 2
97% Oct 4
9% Oct22
Feb 13
80% Juno23
2% Dec22
3^- Dec 14
11% nec21
3S% Di>c22
3% Dec20
90'. June
i'
6% Dec21
z Ex-dlvldend.
I per ttarc
HltketI
per itB
•
80% D-M, 104 Mar
Js)
707, Doe
89
Marl 16% Jul>
87% Dm 107 Ma>
28% Deo 65% Ma>
38% Deo 69% Ma>
10
Doc
33% Jilit
5
Dbc
28% Jul?
120% Dec 170% J air
61% Deo
68% Mai
3
Deo
13% Jul?
8% Dec
17% Jul?
12
Jul?
7% J..tD
21
Deo
30% Ma?
34% Dec
62«4 Jul?
76 Jul?
48% Dec
85
Nov
118
Dec
22% Jan
68
Deo
66% .\ug
57
Deo
88
Deo
32
03
Fob
Sept
106
133
32%
Ma?
Jaa
Ji-'!"
84
Junt
73
82
107
64 7t
74
Jul?
Jaa
Jul?
Juct
Jul?
3l»4 Ma?
Deo
48
68% Jul?
Doo
46
61% Ma?
Feb
91% Deo 116 Ma?
172% Mar 217 Ma?
3% Apr 16% Jul?
24 Jt.!?
O's Fob
niii Jul?
258 Deo
6»8 Apr
11% Jul?
1288 Dec
20% -Mh?
33 Jul?
18% Den
13»4 Deo
23% Jul?
75% Dec l(K)%Ma7
19
31 '4
7
30
8578
Jan
Sept
Doc
Deo
62»4 Jul?
127« Jul?
40%
104
Jul?
Mi?
3% Mar
9% Junt
Nov
4
10
27% Oet
Dec
4
13
Nov
31% Juu«
25% Ma?
521. Oct 4
24»4 Oct 4
Oct 9
40
40
Dec
57
7
13
Feb
14
Deo
40% Dec
1047» Aug
3768 Dec
19% Jan
70
Dec
90
Dec
458 Feb
28
17!%
May24 60% Nov
Aug 9 112% Jan
0..IOO
...100
28
Oct 6
Mario
Juiie29!
&
American Safety Ra»or
Nov
4
4
S
Oct 21
tan
Fob 10, 250% Sept 15
195
ij Nov22
Jan 3
9
% Nov23 1638 Feb24
Oct 2
8
3 MaylOi
12«4 Oct 2
5% Dc-c 9
9% Febl3 213, 8ept20
30% Oct 2
16% Dec21
22»4 8ept20
12
Dec21
83%
NY
4001
51
Hept27l
8«pt27
3338
65>4
21
9OS4
95
3
5
Oct22
Oct 6
Oct 4
Nov
8
Feb21
FeblO
313, Feb28
55% Oct 4
8>4 Oct 4
65% Oot29
84% Nov 5
Oct 19
65
73% Octl5
11
IS
I
4.20')'
Ian 3
N >v
SHAKB
L«we$l
(
90%
F^i)
31 JunelS
100
P4U Febl3
Chicago 4 St Louis.. .100
23»4 Febl3
First preferred
100
50
Aprl3
100
Second preferred
41% M.17 4
11,.500, N Y N H A Hartford
100
15% Uecia
.100
2, 20o!n Y Ontario* Western
16
Feb 8
3.150 Norfolk 4 Wes'ern
100
84% Juoeie
Northern Pad'lo
114,700
6034 Junel2
100
12,200 Pennsylvania
50
37% Mav24
DP022
2,700 Pere Marquette v t
.100
14
Do prlnr pref v t
Dcc30
100
50
Do pref V t
100
37
Dec 16
West Va.. 100
1 .Ooo'Plttsburgh 4
21% Kebll
40f)i
Do pref...
...100
0678 AuglO
43,500 Reading
50
8484 Febll
Do Ist pref
50
3.700!
32% Mar 9
Do 2d pref
EOj
3.100
3314 Mar 9
4.1 00, St Loul8-S;iu Fran tr Ctfs..l00
15% Febl3
Preferred A trust etfs
300
100
23% Jan 14
4,50(1 St Louis Southwestern
lOOj
Febll
11
Oor)
Do pref
100
20'8 Mfty24
100
700 Seaboard Air Line
5% Dec24
Do pref
.
8'4 Dec22
100
.lOol
20,000 Southern f'aclfic Co
88'a Fobl3
10,500 Southern Railway
18
Febl4
1(K),
1,250'
Do pref
100
.50
Feb 13
O7,4O0;Texas 4 Pat^lflc
100|
14
Dec21
Twin City Rapid Transit. .100 27% JuneL'3!
.
Feb 13
7,100 Union Pacific
100, no
5001
Do pref
100
61% M.-iy24
800 United Rallvvays Invest. ..lOOl
7% Augl2
Do prel
100
14
l,400i
Aug 9
7 May20
100
2,700 Wabash
Do prel A
100
17
Dec22
6,800
Do prefB
12'2 Dec20
100
9,'?00 Western Maryland (n«u>)..100
868 Feb 13
Do 2d pref
100
11
July30
1 ,000
100
20% Fobl3
1 ,300 Western Pacific
Do pref
100
54% Feb 5
500
1,100 Wheeling 4 Lake Erie Ry.lOO
8% Dec22
Do pref
100
15 May20
1,000
100
25 Mayl9
200 Wisconsin Central
Industrial
.Miscellaneous
800 Adams Express
22
Dec24
100
Dec 2
14
400 Advance Rumely
100
Dec22
40
000
Do pref
100
Dec22
A)ax Rubber Ino
24
_
50
2 ,500
58 Dec22
1,000 Alaska Gold Mines
10
Dec21
2 ,700 Alaska Juneau Gold MIn'K- 10
4314 Dec29
no par
20,207 Allied Cbera & Dye
Do pref
100
84% Dec22
1.100
261. Dec22
5,300 AlUs-Chalmers Mfg
100
Do pref
300
67% Dec27
100
51
Dec 6
1,500 Amer Agricultural Chem..l00
79
Deo30
Do pref
_.100
700
3234 Dec21
Atncrlcan Beet Sugar
4.500
100
75
Oct2S
Do pref
100
45% Di'C22
2.000 Amer Bosch Magneto.. iVo par
213, Dec21
100
32,400 American Can
7234 Dec 18
400
Do pref
100
Dec22|
5,000 American Car A Foundry.. 100 HI
Do pref
100
...100 10534 July 7
15% Dec21
100
901) American Cotton Oil
Do pref
59% Dec27
100
6% Di"c22|
Amer Druggists Synd cate. 10
5,700
05
Feb 81
250 American Express
100
Dec21
5
4.000 American Tilde 4 Leather. 100
Dcc22'
33
Do pref
100
15.700
AuglOj
37
American Ice
..100
300
Febl3
53
Do pref
100
301, Drti-2ll
2 1 ,000 Amer International CorD..100l
10'
8'i Dec291
I ..500 .Am La France F E
42
Dec21
100,
10,300 American Linseed
SO
Aug 31
000,
Do pref
100;
Dec21
74
lOOi
1.800 American Locomotive
0,700
7.900
Ptie
Maugt for Prrtitmi
Year ItflU
of \OM-tkari toll
LotetMl
84
1'4
•51
KXOHANQIS
Friday
Feb.i.
I
i
31s
18I4
On bam
Railroad*.
Par
t per t>tare % per flare % per futre $ per ifuire % per ihare Siuirel
8II4 81%
811.
S.'i
81
0.700 Atoh Toyeka A 9anM Fe..lO')
83% 82'4 SSJg 82
si's 82%|
79I4
79I4
791. 791.
1.01)1)
791. 791.
78% 79
Do prel
7912
100
79% 791,
51.
•5'.8
51
51.
•5'^
51.
51.
400 Atluntti Briu A AMitQtto..lOO
e
8
5%
6
85" 85
•84
841. •84
85
.501) AtlnDtla Coast Mn«
85
85
85
•S4
. 100
34I2 35
33
34
33% 32% 33i2 15.800 Baltimore * Ohio
35
33^8 341.
33
100
501
1.3(M)
51>4
49% 49%
Do l«rof
51
51
50
50% •49
100
SO^s 50'
r>i.
127»
13
5.400 Brooklyn ri»|)ld Traonlt...lOa
1234
12% 131.
13%
13
13
13
12%
8I4
•8
9
•8
8 '4
8'
9
Cerilfli-attw of depontt..
S'4
1,01)0,
8%
8%
8
1181.
11434 115%
115
12 .700 Canadian I'iiclflo
115% 118
100
118U 117 11778 ll.'i'Ss 1101
58160U 59
58
57% 58%
58 '8 5878
3.100 CbeMpeake * Ohio
58'4 58'4
100
• 41.
•41.
>4
8
489 Obic & I'laMt llllii'ils trust r«>cu
7
6»4
8'8
6
8'8
7
8
•5
•4
6'8
•6
Do pref trim rpot
8'.
8%
1.200!
8
8
8
8
a
81
8I3
SU
•8
•8'4
8'
8':
8'(
8'4
900 Cblcauo (Jr.-»t Wee tern... W)
8^8
8
17I4
18n8
I8I4
1734
I9I3
ISI4
Do prof
1734
18% 18%
2,400|
19
ISS
100
281.
28lg
27'.
2834 27
26
28^8
7,200 Chicago Mllw A 8t Paul. ..100
2034
28
27% 2778
43">8
4!'
4134 42%
41
41% 10,400 Do pref
43'4 44'4
42
100
44»s
425s
68i»
071.
671. OS
671. 871
67
63'.
67% 6734
2.900 Chlcaeo & ."VorttiwogterD-.lOO
68
lOS
108
250
Do pref
U9 •105'. 118 illO'j no's 109 109
100
27I4
27l8
2')i4
2'>58
2f)'j
257g
2,5% 28%
8,900 Chin Rocit Igl <« Pao
28
100
28%
73I4
72I4 73
73I2 7438
72% 72%
1 ,800
74»4
preferred
7412 741s
7%
1(X)
61% 62
1,400
631;
621.
62'4 62'4 611. 63
03
62
fl2'4
6% preferred
100
Chic St 1'
* Orniha
100
Do pref
100
•42
46
•43
48
Cl«v Cln Chic * 9t Louis.. 100
•80
821.
60
60
300
81
6
60% 60%
Do pref
.100
32I4
301. 3II4
000 Colorado A Southern
31'4
31
100
32
20(1
50
50
Do Ist pref..
50
50
100
Do 2d prof
4001
44
45
100
•100
10034 101
102
700 Delaware li Hudson
IOU4 •101 102
101
101
100
215
.331.
NEW YORK HTOOK
ttta't
•79
26
•68
PSIt SHAKB
Honje for veir ri20.
dTOCKfl
Sitei
lor
Tltursitiiu
WedtUiJau
Feb.'.
T'4eidai/
Jan. 31.
543
(XJCUPYINC; liiKtF. pac;rs
durlna tbt week of atockn uaually laactl*e, aco pracetling page.
70
Oct 15
37% Sept23
27% Oct 4
105% Nov29
957^
44
32
68
Nov
5
Oct
7
Feb 19
Feb27
Oct 4
39% Oct 2
571.
84»4
103
91
Sept25
Nov
3
Octie
47
43
Mar22
Oct22
129% Nov 4I
69% Jan 3
15% Oct23!
3253
13
34-''8
235;;
Oet25
Oot 4
Oot 6
Oot 8
Sept30
27U OotlS
Sept27
40
Nov 9
78
Oct 4
16
Oct 6
28
Oct 2
48
1658
423,
465g
Apr 1
Mar29,
Janl2
88>4 Jan 6
72
2»8
Mar24
Mar31
3
6238 8eptl7
92% Nov 9
537i Jan 3
Jan 3
92
95
Jan28
90%
J.-inie
10334
Aprie
Jan 5
Jan 2
Jan 3
Jan 3
Apr 9
Feb
Jan 3
93
128'4
61>4
101
147%
116%
6434
88
Mar2e
Ma.'
SkV
Apt
00% Dec 70
Nov 63% Jul?
25% Dec 4078 Jul?
18% Nov
24% Jul?
95
Dec 112% Ma?
77
Dec 9978 Ma?
39% Dec 48% Mb?
12% .Tan
33% D«f
56
39
24
75
737g
33
Mar
Apr
Dec
Dec
Dec
Dec
Dec
1078
23
858
12
917s
Nov
15
Jan
Dec
20% Deo
14
Dec
95« Apr
16
Dec
17
Feb
62% Feb
714
84% JUD»
935s JUDf
38% Feb
39% Ma?
27»4 Jul;,
37
Mai
23% Jutt
3778 JUD>
12
Jul?
23'4 Jul?
!!5
Jnct
34»4 Jul>
1,3«8
JulT
38
Ma?
25% Jul?
14% Jul?
30% Jul?
26
Jul?
61% JsB
Mar
17
Jan
2834 Sep I
26
Dee
295s Apr
21
Jan
66% Jan
66
Jan
41% Ma?
64
64
76
113
Ma:
Jul?
Juni
Jul?
1% Dec
4% Jac
Jan
3*4 Jul?
1**
30
Jan
81% Jan
87
i92
62
Sept
Deo
6158
05>
97
Sep>
113t4
Ma?
103
Mai
o«»
Jan
84»« Jan
101>4
84% May
143% No»
Feb
Dec
S4% Feb
113
Jan
143% No»
427s
i98
3958
88
Jan
Jan
76% Sept
» Full paid.
Der
18% Sepi
7»4
M,<4r31
3
Jbd 3
122
63% Marl9|
Jan 3
88
120% Jan 3
14% Jan22
Apr 7;
95
99% Jan27
109% Apr 8!
107 Mar 9
1778 JunelO
70
.53% De«
44I4 JUDI
20% Dec
33 Ma>
6278 Dec
72% Ma?
27% Jan 70% Jui?
29»4 Dec
00 JUD>
119% Aug 138% Ma?
63
74% Mat
Dec
7% Jsn
15% Jul?
10% Nov
30% Jan
83 »4 Juns
33% Jul?
40
15% Jant4
175
Ma?
10»K Jul?
14
Jan
118% Nov 4
33% Oct 6,
98% Oct 6
1097|
60
Dec
Dec
Dec
Deo
Deo
11%
Jai
28»4 Apr
66»4 Deo
23»4 Sapt
20
4934
May
24% Jul;
98% Ma?
3373 Ju-!»
68*4 June
10»4
205«
88
Jan
•33»4
40
90^ Juut
122»4
22% Nov
37% Dec
4% Dec
Oct 4
Oot 2
Sep (37
Oct22
Oct 4
Oct 4
48%
Jul?
May
25% Jul?
8I2
65% OctlC
3378
Ma?
13% Jan
96
0858 Sept
10758 Jua«
119
67%
Apr
14% Mar
103
44% Mar
89
Jan
Jan
Ma?
43% July
142»8
Mar
Jul?
Jul?
93
71% Jan
37% Aug
64% Jan
62>s Feb
85
58
100
Ma;
OM
78% Jun*
7S% Jofi*
132% Oo>
98«(
No»
AP-
117% Oct
109*4 Jul?
J
4
1
for
HIHH AND
rc'ci»r<1
Monday,
Jan. 29.
Ja.i.31.
% per share
$ per share
Tuuaav,
Feb.
S per share
HI
SO'i
11
(S(il4
fUJ7«
65I4
41.-8
431,1
40'4
82
82 14
301.1
3«i8
821i
3018
82
30
93Ti
30>«
911.1
>107
110
80's 811.1
8«
•88
91
99";
II9I2
997fl
U9"2
99's
U8I2
677s
88
93
IO7I1 1071,1
79I2 80^8
ll(i>2
99'.i
94
117
9978
II8I2 11812
•91
9'1
II5I2 11«''8
99^4
67I4
67
•9&I2
OGI.1
67'>8
•95I2
97
9
29
26 ig
'24
•59
•47
591;
•59
•47
•7'2
69^8
•42I2
8978
9
3<»'i8
52
8
70
45
28
40
27
/'eO. 4.
S per share
Shares
%
sluire
10-8
lO'g
pc.i
4II4
S2I4
9OI4
79%
107
107
7819 79%
90
•88
116% 118
90Ti 9II4
II412 1151s
6OI2
65
•34
37
8%
8I2
»2V2
•25
62
52
•40
'67%
6'ni
*42i2
*7l2
6834
43I2
S8'8
8
1
Is
45
883.1
9018
102
385
3Si8
59I2
•778
8
707,
431'
105
431'^
87
891;
43ls
88I2
102
6II2
41
86%
•J8
102
4,10.)
101:
20)
70
ii
2>,'100
83
1
.500
2978
3.500
10)
921s
9, .500
301)
NEW
Ad)
38
9
29
34
34
8%
3S%
2)l2
5912
8I2
2754
381s
2754
25
25
60
•59
&
52
9
67%
6II4
64%
4Ji9
88-8
42
Am
4
67"8
105
5I2
•91
4is
551
5784
414
54
58I4
105
5^
105
98
105
•91
538
9OI2
9OI2
18
18'
1312
1718
I8I4
I3I2
17's
6234
365s
•7412
•512
Do
Do
3718
76
6
9118
41.,
54I4
4
53
5578
55I8
105
105
5%
5%
91
99
88I4
187%
105
41r
53IR
56I4
.5212
4
53
55
561;
54%
104
104%
104%
105
55
51 2
•91
•87
98
5
•91
*85i2
89
5'i
98
•87
5
89
5
5
5
5
4%
5
I8I4
19%
I9I4
197s
1954
1934
16
*62'2
36l9
155"
6212
35I2
14
61
14%
63l->
76
77I2
51.!
37I->
I3I4
I5I2
62
34
77
•75
5i2
6II2
3678
I5I4
14%
621')
13
75I4
35I1
75''
5I2
5I4
*6
8
40
92
30
53f
8
5
•6
33
75
5
•6
61
3412
75
514
I9I2
I3I4
1354
605,
321
•74%
5%
35
S")
Do
61
331
76
5I4
8
39"
40%
93
93
3058
7054
67l2
3054
72I2
72
741
60-54
67I2
68
*66
121s
I2I2
I2I4
121
1218
12%
12%
125
121s
12%
1154
12
•22^4
2318
227(1
22%
2278
23I4
22U
231
2318
2954
22% 227.
21% 23
22%
22%
22I4
22'
21
27'
61l2
III2
59I2
23I4
63
1134
59I2
•52
•75
79
66
9214
30^fi
231s
55
77
•9513 100
6II2
2934
60ls
1134
11%
60
53
77
2OI0 20%
65I2 6512
95I2 100
*87
65
30
23
65
30
*64l.>
1 1^8
I2I4
91
22%
0838
14%
68I2
15
68I2
III4
115,
20
20
3%
3I4
7OI2 71I2
10378 1037s
295,
937«
29I'.
9218
•87
56
*8
•27
10
•85
14%
8
8
30
90
27I2
271-.
•85
""4l'4
151
"iu
71%
67
107
68
61
84
I28I4 1281?
60
84
1434
15
1434
6834
68%
•23
23
•13
34
59
58
*16l4
15
687g
I2I2
1334
15
1434
15
52I9
3319
54%
94% 95
61%
9I4
24
•35
4%
7I4
25
38
34
75
62
1534
6OI2
*13l2
pref
20
47
48%
46I4
46%
20%
1478
55
53% 54
46I4
43
19%
13%
53I4
90
20
1434
53%
72%
13
34I9
•12
*50
•140
150
163,,
• Bid
1fi-5,
*I40
105
TSi^
and asked
14%
68% 68%
4058
»82i2
4934
12534 127
'14%
'l'4%
67% 67%
a;38%
39%
84
22% 22%
23
*21
23
14%
•13%
14%
•56
•16
58
57
•16
57
18
19
7OI4
61
3434
121
52
7238
68%
71
127s
6I4
731
13
13
13
13
34I4
34I9
'.34%
121
*10
•49
•11
4934
6I4
5034
94% 95
9434
'3'4V2
12
.50%
95
110
14
51 '4
•3314
!41
14
14%
13.54
I4I4
52I2
35I2
4934
5934
50
51
•72
•60
75
64
74
74%
I.5I4
34% 34%
60%
1514
57I4
36
601
15
15i2
15
563.1
58%
5534
73
73
74
15%
57%
74%
24
35
2434
23% 241,
34% 34%
4'8
7
35
4I4
7%
4
6I4
19
2119
45I9
•88
19%
13%
52%
2II9
22
46
92
45I4
197?
14%
53
•88
19%
13
52I9
2II9
4534
92
4I4
7's
10%
20% 2OI9
45% 46
•88
92
1934
18%
19%
13%
12%
14
53I4
52% 52%
46
19%
•10319 106
12714
71
150
105
163,
prices;
•140
105
165^
no
145
105
163,
sales
•138
•104
163,
20
1.50
108
1fi7,
on thU day.
}
20
"138
'104
16
2OI4
150
107
167,
1934
•140
•104
16%
18
4'J7g
10'
38
p'l
6 '8
711
lOi.
42
78
92
c'fs..
pref
1934
1.50
107
16%
Less than 100 shares,
22
23
Dec29
99% Dec27
2
Dec29
47
Dec21
4878 Dec21
90
Aug 3
99 14 Dec22
loi.
234
82
48
76
334
10
Dec
DccSO
1
Sp
200
350
11,000
1,200
4.300
100
3,300
10
pref
lofl
100
Do prof _
100
Gener.il Cla-ir, Tnc
loo
Debenture pref
100
General Electric
100
General Motors Corp pref. 100
temporary
ctfs A'o
pm
Deb stock (6%). ..100
Deb stock (7%). ..100
400
Goodrich Co (B F)
100
6,100
Do pref
200
400 Granby Cons
.500
100
1,000
1 ,600
300
100
S & P
100
Gray & Davis, Inc
25
Greene Cananea Copper
100
Guantanamo Sugar
A^o par
Gulf States Steel tr ctrs..l00
Haskel ft Barker Car
A'o par
Hendee M.anufacturing
100
Houston OH of Texas
100
Hupp Motor Car Corp
10
^
Indlahoma Refining
M
6,000
5,400
600
3,600 Insplratiou Cons Copper.. 20
100
Internat Agrlcul Corp
Do pref
100
000
100
1.400 Inter Harvester (n«w)
Do pref (r^cvfs
100
200
100
4,700 Int Mercantile Marine
100
Do pref
8,500
800 Internat Motor Truck. Afo par
100
Do 1st pref300
100
Do 2d pref
200
International Nickel (The) . 25
4,000
100
20,200 International Paper
100
Do stamped pref
200
50
22.200 Invincible on Corp
No par
Iron Products Corp
400
15,600 Island Oil & Transp v t c. 10
100
6,800 Jewel Tea, Inc
100
Do pref
1,600
100
Inc
1.400 Jones Bros Tea.
25
Kelly-Springfield Tire
5,.500
Temporary 8% preferred 100
No par
13,200 Kennecott Copper
34,800 Keystone Tire A; Rubber.. 10
100
Lackawanna Steel
1,600
100
300 Laclede Gas (St Louis)
No par
700 Lee Rubber A Tire
Liggett & Myers Tobacco . . 100
Do pref
900
6.800 Loew's Tncornorated
t Ex-rights,
Jai
3
71%
Ja-il"
Jan
148% Apr n
102% Jin 5
Oc'20
130
75
.100
A'o
a E-c-dlv. and rights,
.'.
Apr 9
May
P
102% Jan 3
Fpb21
1021
114
Jan o
Jan
15
9634
Apr
65
OP123
',
I
7
26
Apr
11% Jan
Noy20
7519
Dcf28
20%
-Jan
2OI4
Dep22
De.29
5938 Dec28
61.5s
104.54
5
1043,.
JunpIS
Jan £
IO8I9 Jan 5
Jan
Jan
I7I4
Nw
J'lD
Mtr
ei
08% Fen
'92'
"Feb
Jan
647g Jan
'
64
100
103
110
26
De
Jan
Feb
Sep
55% Jan
553g
Jan
90
Dec
101% Jan
11
De'
85% Dei
41
Dep
115
De
5% Feb
'.'
Jan (
Janl2
Jan n
Jan28
Jan 3
Jan 6
5% De'-22
30% Drc21
100,
W
Do
Do
Do
671,
63
4
General Asohalt
1,300
54%
lOf.
10
10
50
Endlcott-Johnson
50
Do pref
100
Famous Players I,.".sky No pn'
Do preferred (8%)
100
Federal Mining & Smelting lon
Do pref
100
Fisher Body Corp
No pn
FIsk Rubber
25
Freepnrt Texis Co
A'o pa'
G,"»ston
& W, Inc No par
45,000
11
4n
.^
47
July
96U Au(
148%
119
120%
100
Oct
May
June
May
May
Oct
Jao
199% D«e
1 10<4 JUD«
Oct
69
J^n
94% Feb
27% Ja
>
75'4 Jan 7
2014 Au.'l.:
8934 Jul7
45I4
'j
'.
D
94% JUQ*
109% Julj
106
Apr
Nov
Highest
03% D'
6»'>i2
10514
32I9
9638
Alt'.
95
D; 108%
191% Feb 311%
'.I
76% Jan
Jd
Ai
61% Jan
21% Jan
59% Jan
46
Cuban- American Sugar
3, OOP Dome Mines, Ltd
40f Elk Horn Coal Cors
500
100
J,in2!'
129
24 14
2,00fi|
Jurip2'
Jtti ^
1.5% Nov2'i
Plow Wk8..iVo par
7
Ifl'ill
pn
lu
Jan
Jan
IK
10')%
10*'
No
Ml
tU
113% Ja
Dc^O
8OI4
6,100
50P
97»4
28%
85%
Do pref
100
Cerro de Pasco CoR...i'Vo pa
28, ''00 Chandler Motor Car
No pn
1,700 Chicago Pneumatic Tool.. 100
21,800 Chile Copper
2
"
s
3,400 Chino Copper
12,700 Coca Cola
No pii
Colorado Fuel * Iron
10'
800
8.000 Columbia Gas & Electric. lon
20,.30n Columbia Graphophone No pn
Do pref
son
100
A'o pa
100 CoDsoJIdatiid Cigar
Do pref
100
1,000 Consolidated Gas fN Y)...10O
2,000 Consolidated Te.ttiIe..7^o pn
100
1,100 Continental Can, Inc
Do pref
100
40.400 Continental Candy Corp No par
''^oni Products Refining.. 100
1 1 ,600
70-^
Do pref
..100
No pn
2,801 Cosden A Co
58,90n Crucible ?teel of America. .100
Do pref
ion
100
No pn
4,800 Cuba Cane Sugar
Do
10)54
55I4 Dec21
r.on
l,00f
4,300
90%
11
Ml
D'
91
I
Dec22
Dec20
8
De 21
9% Dec22
Riitte <t Superior Mlnlni!.. in
Oil <fe Ref..lOn
Caddo Central
(.J
De
De
_
•)
1013*
pref ctfr dep
I)
De-2I
Deil7
De'15
Dec20
Dcc23
Dec3I
Dic30
14,700
800
800
1434
7'8
23I9
1978
I3I4
378
34
57
18
7
23 12
§71
I4I2
25%
30
lOi
Co Cbem Ccna
DOC21
Di-c
10'.
10.700 Central Leather
65I4 203,000
23
7I2
4%
7%
24I2
4734
I3I4
3%
554
10
1.300 California Packing
10.800 California Petroleum
Do pref
800
16.506 Calliihan Zinc-Lead
121:
4I4
24's
1934
15%
63I4
22-5.
4%
17
21
12
*53l2
46I4
4
223,,
36
•88
145s
161
*21
•1314
4%
17
94
14
•11%
35
9
23
•92
14%
16%
I2I2
25%
20
94
20
23
823,
35
20
47
•92
23
*lll9
41
23I9
153(
7
14%
58%
74% 74%
24% 25%
4%
9
85
7934
110
I5I4
4%
751
I3I2
127
7934
4012
8234
17
543g
25
37
I4I9
*16l4
1419
5334
4I4
4's
68I2 68 19
58
96I4
2434
4
34
57
95
58%
*6
80
84
•5019
157g
55% 56
•78
85
84
51%
62%
95
27% 27%
127"
51%
15%
'61
27I9
85il
127'
13
52
64
•6
•27
84
•12
60
56
79
9
"eb"
5954
35%
1534
55%
5934
"34%
6II2
6OI9
67%
35I4
I2I2
153g
18%
95
eois
27'
6I2
•73
62
•18
18'
60
3478
•35
12^
60
131
6I4
35
75
20'
92'
91
I2I4
64%
17
77
•34
75
•62
21%
64%
103
1234
6934
6014
I3I4
6I4
•12
871,
•891,
110
76
74%
13%
28%
I2I9
*6
21
1334
103
217
651
28'
66I2
23
15
35I2
10"
62'
*95l2 100
2%
3
68I4 60'
28
78
•27
§90
80
29
17
I27I8 12834
6819
I8I9
IOI9
62
55
2734
17
4
17
*62
21%
64% 64%
14%
16%
3%
64%
131;
75
64
91
2II9
I4I9
76
34%
295,
9II4
90
17
34%
3I4
70
103
I4I4
13
*73l2
•80
98
IS'g
I7I2
4I4
90
14%
17%
75
110
29I4
89'8
63'2
85I4
5878
17
96
110
103
56'
*2234
*lll2
96
219
6854
8O54
24l2
52
31-
80
58I4
81
84
24
131;
3%
•6134
*95l2
695^ 70'
1027g 103
2919 29'
9II4 92'
56I2
5712
*80l8
4034
•12
*50
63'
95
"46%
35
78
20
95
57
*S2
"3475
SO
62
823,
59%
•60%
9.";
41
59
"
11
..
78'
61
41
82I4
16
105,
78
20
22'
6428'
12^
4034
36I4
III2
•79
213s
6434
4012
23
11
*.53
6519
80
•22
fiO
55
89
80
*14l9
3434
59%
2:27%
80
78
20
20
28
70
70
60
*.53
62l9
•18
62
95
20
90'
20%
*79
89
91
23
80
23l2
2II9
40'
29
60
63I4
7812
27%
68
•65
70
70
*60l9
80
23I2
2OI9
•88
54
«3%
84
I28I4
1134
12%
61
128
201s
59I2
•53
*79
IO9I4 IO9I4
671.1
60%
28
18
438
60
•65
71
12%
20
57I4
4I4
70
30
57I4
18
*66
I2I2
2378
95
14S8
2SI4
30
95
I4I2
90
27%
1234
I8I4
62
*S5
90
3034
19
9
911"
291
221g
65I4
6278
30
90
*90ls
283g
6934
66
6219
•8
*27
401,
29I9
I2I2
I8I4
•18
3OI4
291,
605-
7Sl2
91
227g
30-5
60
53
•75
334
3% 378
37s
7214 723s
72
723,
10334 103i< *!02l9 105
30')
30
30
30
9484 9534
93
95%
•87
72I2
69'4
23
60'4
III2
791
64
*90
29
,600
Case
39
56% De.28
88% De.-2I
28% De<..'8
1,700 B"thlehera Motors
No pn
loi
1.800 Bethlehem Steel Corp
Do Cla.ss B common.. 101'
31,900
1
73
Aprl.
iVt
8. son
5
Mi'2
D''c22
131
14'
89
t06'i
105
1 Kl's
lOi
20
5
Ao
J n2
283
1,100
1,900
98
H2'-<i
1 1 8'4
Dec22
Miv'^n
(new)
33 14
i-i
J»f)l
,50
M
IV.'.'
M
I
93%
Ol'a
8511
pref
Do
Jtii
J >n
'Ji'i
1st prererre<l
Do
3934
*90's
291g
7078
41
Del3
Do cum conv 8% pref.lOi'
Booih Fisheries
A'o p-i
Brooklyn Edison, (nc
lOi'
Brooklyn Union Gas
100
1,100 Burns Bros
ion
Butte Copper & Zinc v't c...'
1,200
]0(,
3, .300 But terlck
104'
4II4
4078
Dec2
79
79.100 Baldwin lx)comoilvo Wks.lOi.
5312
47s
*91
65
79'» D:
61% U'
01
D.
M.i.-3
»,
7i
l';0 4
10''
W
800
875
354
*52l2
De<-22
82
LO'fsi
1
Free lout
1019
% pel share % ptr short
26
D
47% Ooi
fia't
30% Jan
Telos..lO'.
2d preferred
Atlantic Fruit
,Vo
74,300 All Gulf*
133 Line
100
100
181
1418
161
5
63
5%
99
•90
5
I3I2
4 Is
52I2
55'4
54
5634
Dec20
10'
prel
s
97%
ion
prof
Amer Tolnphone &
Amcr Tobacco
Do
S5U
<!'i
li(fi
pnjf
1)0
29 '4
1
102
Dec,30
D0.-28
De 2H
64% De 28
Nov2
79% De'-2.
Do comtnon Class B..10
10''
1
.50:) Amer Woolen '>t .'Vlass
Do iiref
100
lOi
400 Amer Writing Paper pref..I0i.
2,400 Amer Zloc Lriad 4 .Smelt.. 2.'
Do pref
40:)
2
42
•35j
7 8
• r
I'l
Yra
Hiihfti
%
>
61
Do
1
Ranjf.
M'
S per iha
Socur prof nor .\ lOfi
*mt,T Smoillug 4 IlcriolaK. lOn
Do prof
lOii
3t,i!0l Fflry torn ctf8.33 I't
Prof tamo clfs
lOi
Amorlcun .Sugar RoJInlnu.. loi.
200
52I2
I'hJn nil 1 (K
Han'je for yea' IViii.
basil of lOiU'iJ''
,\(n .Hiiiolt
Barrett
4I4
Pa
pi
13,200 Anscondii Copper MIqIdk. 6<i
300 Associated Dry Goods
10'
385,
5219
857g
tc Mlncoll. (Con.)
.Ship
C'lmm Corp.'V'y
D.
7,100
4.10)
2,701
2.800
2
P<*ft4>
Coioesr
Indus
5.600 A'lipr 3iimat-a Tobacco
79
9954
1I8'2
On
EXCHANGE
•88
90
91
9'»% 9978
II7I4
117
117%
•91
9II2 9II2
95
1 1434
115% •IIII9 115
65
64% 66I4
65%
9578 957g •95
9612
99%
251
5918
7
•82
29%
•49
»7l2
4054
30
"38^8
25I4
591g
38%
lO'g
•66
(i?
42I2
8JI2
9II4
997«
3rOCK.S
YUIIK STOCK
Week.
tiO
3S'.i
68%
90-f4
82i2
8%
9
28
40
28
Frutau,
30
79I4
vtockn uiuallj Invictlve. ^ec preceding
TnurtOay,
90
9954
t»r
Sale)
lor
(he
•6
67
42
97
*8l2
9
28
the week
3018
•34
•868
•26Ti
39I8
2618
t
8918 9110
IO7I4 107'i
•85
11978
IO'h
lO^i
90
94
iiih
11
88
.
S per ahnre
r,5
durln
ttilen
V )r I'KH I'K^T.
Feb. 2.
11'4
'93"
67
7
5
1
1
Feo.'i.
Vf tinudav
I.
4378
11
•aiij
of
SAbU PltldK—fKli .iUAKH
LOiV
Bamrdau.
•lie"
9
New York Slock Record— Continued — Page
544
81
30i8
9
1
29
65
July
July
7r7g July
65% De*
Aui
82
80% May
192%
76%
Oct
May
156% Oct
II Kg June
July
145
119
May
45
Oct
107»4 July
Oct
12
108
116
25
102
92
166
17
July
Sept
July
Auk
May
Apr
Act
Jan
39'4 July
16% Feb
19% Dec
37% July
8% Jan
87% Dea
57% Oct
86% Sept
)6
4
Jan
64% Jan
2038
573
Apr
54I4
23
May
Oct
1034
.Ian
3
56% Feb
104% Jan
31
Jan
11612 July
114
July
67% July
1117,
21 14
90 Nov
Apr
68
16^ Dec
141% Nov
113% Nov
Dpc21
Apr 8
Jan 3
41% Jan 3
Dpf.21
40.54
32% Feb
37% Nov
50% July
43% Nov
De<21
MayT'
44 14
67
Dp'31
65%
52% De<-31
51% Dpf22
9234
De(30
7134 De'21
16
Dec27
52
Dpp28
897g Aug2.'';
937g Mar22
60
Nov27
7I4
N0V.3O
1R-5s
18
33
M
»
70
9734 Jiine22
3% Dpr22
'
01
Mar20
Jan 2
Jan 3
Jan 9
Jan 5
Janl4
Aug27
SO
46% Apr26
Apr
98
Jan22
14% Aprl6
102'4
34»4
Feb
39% Feb
Oc
2914 July
66
69
78
10
De<-22
91% Dec
Aue
Aucr
78'4 De<.
106% July
54
778
30% Dec
86*8 July
37% Nov
6.5% Feb
100% Oc'
10334
10'4 Sep'
1638
no
Dec22
12% Dec21
1% DeelO
32% Decl4
71% DecM
Dec22
Dec31
116% Dec21
51
7334
64% NovlS
1234
Dec2n
58% Dec28
9I4
Dep22
Dec21
Dec22
Dec21
Dec30
Der22
Deo28
Dec22
Dec22
Dec28
Dec21
Dec22
.5%
Aug II
69
27
70
15
8%
15
III4
25
51%
12%
65%
Dec20
Dec23
40% Dec21
28
95s
88
100
68
647g
11%
38%
69%
19
27%
4
3
778
13
NovlS
Dec 9
NovlS
Dec30
Dec21
Dec21
Dec28
Dec22
Dec28
Dee 8
DeclO
Sept20
Dec30
25% Dec22
Dec2S
75
14% Der22
534 Dec 13
45
35
Dec21
ISSg
I27I4
Dec22
95
par
n P.w
14%
Mar20
48
803/
Jao 3
Jan 5
Jan 6
Decl5
Dec30
Jan 3
Jan 5
Jan 2
Jan 3
42
Aug
7
19%
43
70%
75%
94»4
172
85% Jan 6
Apr20
94
85% Jan 5
v.ilue SIOO.
38% Jan
39% Nov
3178 Dec
15
Deo
47
Jan
90
Dec
144% Feb
82
Jan
82% Feb
July
Oct
July
Deo
Dec
Oct
May
July
Dec
Deo
July
July
July
5IS4
11178
Apr
170
84
64*8 July
38«4 July
957g July
Aug
101
176
05
04 •<
Oct
June
Ap-
89% Oct
71% July
40
Aprl4
Aprl 5
Aprl3
Jan24
Jan 3
Jan 5
Oct
49% Feb
78I4 July 8
27
Oct
55
93% Oct
109% Apr
102
40% AprlO
116% Sept20
23% Apr 9
934 Apr 6
6178 Apr 8
173
56% Jan
Aug
47% Dec
463s Dec
32% Dec
Jan 3
55% Jan 3
4934 Jan 5
38% Jan 3
2OI9 Aug] 7
8478 Jan 8
10234
Feb
42% Feb
10% Jan
48
Jan
80
JaD
53»' Nov
471s July
7878 July
37»4 July
91
July
110%
.Tan
111
Dec
149% July
120 June
21% Jan
Feb
128% May
92S4
67»4 July
7
Janl9
71
2634
Apr 9
91-54
Maris
Jan 7
7978 Jan 3
47I4 Julyl5
51% Jan27
7% July 9
Jan 9
45% Jan 10
Jan 5
30
152% Jan 5
Jan21
105
21.'4
331
481
91'4
57I2
3878
Apr
7
Jan 5
Jan 5
Oct25
Jan 6
Jan 10
Nov26 207
Dec 18 10978 Jan31
Dp'-22
June
June
Oct
Oct
M.Hr2fi
36%
88%
Novl9 14 2%
Novl9 115
10% Dec22
44
28i»
IO.5I4
13478
Oct
75% Oct
95% Oct
75 " June
5034
Apr 14
46
99
Jan
97
De'-20 107
Jan 9
102
Jan 109%
24% Dep2l
Apr29
43%
De<29 278% Apr 7
70
52% Fel' 261
81% Dec21 100
Jan 7
91
Jan 105
16% DecZS
2038 Jan
55
505b April
54
Dec 17
6919 Ma
JaD21
8778
5%
21% D.>'20 n605
Aprl7 1150 ' Jan n410
9I4 MavlO
Jan 3
10% Jan
13
16%
13% Dpc21
Jan 2
2338 Dec
43
28
47
Dec24 147
Jan 6
80 Junp 150
84
D.p28 104
Jan 3
101% Aue 107%
Def20
40
Jan 5
Dec 123
83
95
Dpr21
66
91% Aprl5
Dec 1
5
9 ""Dp.
23%
16% Mar30
44-54 May 14
25
Dec
21% Dei 21
48%
Dec21
July
36
20% Dec
30% Jan
33^8 June
62
Jan
82
80
July
34
De<
65
Nov
15
387g
24'4
Dec
Dec
Dec
48
91
44
Mar
Mar
68
Jan
164
Nov
101% Dec
27% Nov
38% Dec
6212
33
21
195
107
July
110% Oct
July
126% July
43
Jan
107»4
Nov
Dec
S3
40
Jan
Oct
Jan
Dec 250% Aug
Jan
115
Aorl2
Old stock,
Nov
x Ex-dlvldend.
JDly
New York Stock Record — Concluded — Page
515
3
For record of tale* durlag the week o. itoclca uiuatly laacclve. see third paite followlag.
HiaH AS'O
IM(]
SALE
'
SV l« :i.
PftlCBS--PSt
\'
avr
)r I'HH
Mornt'3^
Saturitav
Jan. 29.
Jci'i.
Tue^dait
n.
Fe'j.
Frliau
Thu'sd-iu
WeitnesJaij
ye'j. 2
|
'
Fc-i. 3.
Fi'J.
Uanae /or gtur 1920
NBW YORK HTOCK
for
PSR SB ARM
HKK SHAItK
STOCKS
i"ll«i
bam
Om
Mauiie for
P
ttiomt
Year leie
of lUO-**a/e IsM
Iht
Week.
4
Lowest
Bil/h($t
LomesI
aiehtei
t per share
% per share
t (xr share
361a Dec
40i« Feb
t per shtrt
1
&
MI»c«II. (Coo.) Par
S per share S per slfire $ per slutre $ per share % per share $ per share Shares ladua.
III2
111.
1.200 Loft Incorporaied
No par
1178
1134 11»4
IH4 1134
U'g
\\H 113g
11*1 1134
•38
41J!,
•38
41.
500 Loo«e-WllM Ulscult cr otfa.lOO
•38
•391. 42
41
39
42
50
391s
•96I4 115
•9OI4 115
•9014 115
•90 1| 115
Do 2(1 pr«furr»d
100
15
14
•96U 115
1,56 Lorlllurd (P)
140
•13812 142
•i:«Si. 142
130
1301, 130
100
•13812 142 •1381. 142
•103
125
114
•1011. 114
•1041. 114
Do pref
•1011. 112
107
107
100
•1041. 112
lOU Mackay CompaniM
•04
•63
0014 6OI4
•03
•63
68
•63
08
OS
68
100
68
57I2 •57
•57I2 58
•57
100
.571, 58
671.
Do prot
571.
58
•571. 58
100
300 MaaatI fluisor
_
_,._
80
797g 797g
IOO
SO
80
80
2,100 May Department 8lorea..l00
73I1 72U
7II4 72
70>8 72
72 14 73I4
72'4
71
•94
•94
. _ . _
Do pref
._
100
100
157»4 15954 15718 10034 150lg 15878 I54I2 156*4 15358 15638 153ig I55I2 111,100 Mexican Petroleum
_ , - _
Do pref
100
•88
... 89
18ig 18ig
181. 18U
.VflamI Copper..
181. 18S4
1 ,300
19i,s
1ISI4 1814
5
^S^» \Sh
191s
I3I4
I3I4
43.900 Middle States Oil Corp
1318
13
135g
14
1338
1334
10
13=8
14
131.
I3'4
301. 301.
6,009 Mldviilfl Htpel 4 Ordnance. -50
:ui2
3012 'M\
3II2 311?
30 V 3 lis
31
31 ig 311k
•53I" 50»4
•53I2 57
•531. 5S
531. 5312
53
301J Montana Power
•53I2 57
53
100
9Sl2
•95
981. •95
981. •95
981.
Do Pref
•93
100
9812 •95
•M'.f
15I4
7.-400 Mont VVdAOo Ilia Corp. No par
16lg
I4I4
147g
16
IGI4
147g
151.
1534
lO't
16's
16H
231. 23I2
4,000 National Ac-tne
241. 25
24^4 .ii-t
60
23^ 2434 231. 231. 23I4 24
Nat Anil A Ctiem Cons otts.
Do preferred otfs dep
'
'
•36' '32" "'"466 National Cloak A Suit
•36'
'32
"3134 31 'g •36"
-Ai
32
.100
•3I)U "3V" •36"
200
•72
77
•74
70
Do pref
76
*T1
77
74
74
74
74
.100
4I8
4l8
4l8
4l8
80!) Nat Conduit * CJaDle.ATo pa
4'8
4
4
4
•59
•611. 03
62
60
60
1 ,400
Nat ICnam'g * Btamp'g. 10ft
021.
60 14 on.
r>o
00
62
•93
100
•91
•91
94
94
95
Do pref
•91
95
1
95
95
.100
95
•09
091.
209 National Lead
•70
•70
72
•72
72
100
72
72
72
75
10".
•IO2I2 100
' IO2I2 100
.
.
•103
Do pref
•102
•102
10;
100 IO2I2
105
100
4,10') Nevada Consol Capper
11 -ig
III2
llig
llig
lO-'g
IK'S
lO'g
11
III2
11'4
5
11>4
113h
79I4
000 New York Air Brake
7834 78S4
79
SO
80
83
100
24I4 2478
241. 25
2,900 New York Dock
23
24U 2W-8 25I4
24
...100
23"s 2438
•44
4534 •44
4534
200
441. 4434 •43
4534 •44
Do profnrred
45
45
100
200 North .American Co
•52
55
55
5518 5518 •53
57
55
100
35S4 •34
•34
•34
35
100 Nova Scotia Steel A Coal.. 100
•34
•34
35
35
30
35'4
35
300 Nunnally Co fTho)
•101. 13
1078
1078
•11
•11
11
11
No par
13
13
3I2
31.
6.000 Oklahoma Prod A Rof of
35g
334
334
3*8
3*8
358
3'4
35s
. 6
3»4
3H
•434
51.
(iOO Ontario Silver MInlnR
•5
51.
•514
5
C
534
5
5>2
100
27I1 27I4
27I2 271.
800 OrphPiim Ciroiilt. Iiic
2634 2034
27
27
27
27
»120i4 125
•I2OI4 125
•12014 I2OI2
Otis Klevator
•120% 125 M201S 125
..
No par
141. 141.
14
_.__ .--__,_
800 Otis Steel141.1
14
14
14
14
No par
400 Owens Bottle
5II3 51'8 •51
51
•51
51
53
51
521.
51
25
53
*
I5I4
I5I2 151.
•
1478
700 Pacific Development.
10
10
18
.
18
1.400 Pacific Gfis * Rlectrlc
471. 47-'4
47 12 471.
407g 47
4738 4738
4734 4734
100
47
473s
.
•39
,
, _
- _
. . >
Pacific Teleph A Teleg
44
100
72i8 74I4
75lg 7534
73I2 74I4
7OI4
74 14 75
7134 73I2 27,000 Pan-Am Pet ATrana
75
50
«7l4 67I4
6OI4
68I2 681"
2,901)
68-14
691.
601. 671.
60
Do Class B
69
-.50
69
I3I4
I2I2
19.900 Penn Seaboard St'l v to No par
I4I4
131.
121.
141. 14'8
121. 13's
1238
13
12^
3OI2
301. 371.
3OI4 37
30
3,390 People's
30
3734 38
L A O (Chic).. 100
3818 38ix
301s
32ig 32I4
33I4
32 14
2,000 Philadelphia Co (PIttsb)
32 '4 33
32
32ii 33
33
50
27ig
28I4
27I4
2OI2
27 14
4. 800 Phillips Petroleum
27
2818 2Slg
27
2778
20^8
No par
28
26I4
24
251. 25
12,000 Plerce-Arrow
par
•JO
24
251.1
Car
253g 2658
2518 26
No
243s
•76
7934 7934
100
Do pref
80
100
lOSg
101.
IOI2
2,700 Pierce Oil Corporation
1078
11
25
11
11
1034
10'4
11 '4
1 07s
107s
73-18
•76
7534 7534
800
761. 763^
Do pref.._
76
76
70
7612 701.
100
77
57I2 5878
5978
2,800 Pittsburgh Coal of Pa
61
61
60
00
59
59
58
59
100
59
86I2 861. •86
8OI4 86I4
801. 801.
400
Do pref
sa
100
13-..
•12'. 14
I3I2
400 Pond Creek Coal..
-I2I2 14
131. *12l.
14
13
13
13
10
92I2 93
9OI4 921.
3,400 Pressed Steel Car
94
94
9334 94
9234 92-34
100
95
95
000
971.
97
Do pref
98
98
97
97
100
lOO'g lOO's
58I4 00
1,100 Public Serv Corp of NJ...100
5038
.. .
55
58
57
1051. 1071. 105
2,400 Pullman Company
iiosg iiuj 107's lOSi. 107^2 lori.
100
1003s
44I4
44I2 4.5%
47I4
0,000 Punta .Alesre SUKar
45
50
47% 4734 47 14 4S58 40
45
4534
34lj
35I8 S*)
34I2 3478
35I4
34'!4
341. 3412
25
35
343s 10,300 Pure on (The).*
351s
84I4 84I4 *84
•85l2 871.' »85
871.
851. 851-.^
80
400 Railway Steel Spring
8478 8478
100
•104
*104
•104
107
300
Do pref
107
107
107
107 *104
100
IO412 1041. 'lot
I3S8
iSl.,
131. 1378
13-8
13^8 1378
131,
5.500 Ray Consolidated I'opper . 10
1378
I3!2
1334
135s
33I8 331s
•34I2 36
•34
32-34
32^4
800 Remington Typewriter v t clOO
30
34
33
33
3 41
•321. 34
300 Reploule Sfeel-•32
32 14 321. •32
34
32
32
34
34
No par
O5I2
07'ls
64-34
64
6478
635g 65'4 20,400 Republic Iron A Stee!
6678 67
6518 001.
100
603s
94I2 941.
•94I4 95
93I8 94I4 •9414 95
•94
1.900
•94
Do praf
95
100
95
211. 22
2,000 Republic Motor Truc5i-,Vo par
2034 20-34
221? 22I2
21
21
21
21-'s
203i 2II2
59I4 61
66I4 6C54 JC5!.i GO
62I4 631.
CII2
33, .500 Royal r>uteh Co (N
0334 0434
shares)
59
12I4
I2I4
I2I4
I2I2
000 St Joseph Lead
11»4 1134
1134
10
_
1134
4I4
•4I4
4I2
.41,
•334
500 San Cecilia Sugar v t o.No par
37g
334
4
4
378
5
5
17I4
•17
•17
•17
•17
100 Savage Arms Corp
•17
19
18
19
19
19
100
171.,
4-34
453
4,000 Saxon Motor Car Corp.iVo 7"ir
458
434
458
478
47s
4">s
47s
47r
47s
4't
84I4 8718
SS'i;;
801. .8^1
901. 9134 lS8>4 89
S334 8OI4
80
30.500 Sears. Roebuck A Co
100
43I4 431^
43S4 433.)
411. 42
381. 40
401. 41 14
401. 4118
3,400 Shell Transp A Trading... £2
23I2
24lg 24I2
221. 23I8 47,900 Sinclair Cons Oil Corp.^o par
24
241^
226g 23I4
2312 24
23
•53
•5OI4 54
53
51
.50
500 Sloss-SheffleW Steel A Iron 100
55
51
50
50
50
\
\
9ig
Nnv2
28
25
100
Deo28
Dec 20
70
llfiij
120IJ
I>BC21
1
97
66
S6
D6C30
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Dm. 21
6914
Jan 19
Jao 2
Jan 8
Jan
Dec24
6414
Mar22
eii»
l);.22
ISlli
I3711
AprM
Aprl9
Jaul2
Jon 3
Jan 6
Jan Q
Jan e
Jan
Jan 7
Jao 6
90
6S
Durl4i
95 Ij Oct 29 107
Aug 9l 222
148
Maris 105
88
14<8 ne-22
26
10
1258
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3412
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59
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00
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1
22
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10.300
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07
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47
47
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34
3334
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no
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100
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8.578
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941.
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80
90
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44
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•6312
'
0,900
1
.300
20.200
000
1.200
200
6), 109
i,8or
14,200
20')
17
•
7
321.
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111
71.
33'.
44
nil.
•no
48I4
471.
80
79
200
O4I2
•n-?!.
041.
S Cast
Pipe
A Fdy
100
Do pref
100
"U 8 Express
100
U 3 Food Products Corp.. 100
S Industrial Alcohol
100
U
Do pref -.
100
U 3 Realty A ImprovementlOO
United States Rubber
100
Do Istoref
100
8 Smelting Ref A
50
Do (iref
50
United States Steel Corp.. 100
Do pref
100
Utah Copper
10
Utah Becurltles vto
100
I
M
U
Do pref
Virginia Iron
V
Nopar
Chem...l00
100
100
C AC
VIvaiidou
No pa'
00) Wells Fargo Express
lOO
Western Union Telegraph. 100
1,00)
10'!
Wearlnghouss Air Brake
50
4.000 Weatlnghouse Elec A Mfg.. 50
3,200 White Motor
60
lor WIckwIre Spencer Steel
6
28.700 Willys Overland (The)
25
.3.40':
Do pref 'fwni) . -100
200 W!lsonAno,Inc,v t o
No par
...100
3,700 Woolworth (F W)
12,200
ion
48
SO
U
4, .500
201
10^
Do
pref..
Worthlngton P
Do
Do
pref
nrcf
A
B
AM
1(X)
t
t
c.lOO
-
...
100
.100
flO
Jan
Jao
Jan
110
264
99
Dee
1 1
21
Nov
104
Ifl2i4
32
Oct
4OI4
Feb
64
100
Oo>
92
Jul?
Jan
Dcc.tO
Dec
Dec
Feb
Nr.vlll
10212
13
8912
102'4
103
N.ivIO
Dec29
93 U
110
no<-22
7714
22S8
6»4
9»3
10 '4
Dec22
Dec22
ncc29
4114
May20
12
14278
37
691,
6412
Jan 13
Dec22
Deo22
Mar
8'i
46'8
93
r,i
102
1314
Jan
Jan
Sept
Nov
Feb
mil Feb
91 14
4414
47
40
Mar
Jao
Jao
Aprl4
417| Jan 6
Jao 2
65
Jan 2
78
6II4 Jan 5
46 June22
116«g Aprl4
gii
Mar
AprM
128
Nov
Mar
70«4
88I2
Dec
Dec
74
80
22
07
Jan
Jan
92*4
27l2
Oct25
82
80
Jan
15
59
T>p,-2\
8278
88>4
IOII2
10
Jan
Jan
Jan
45
May
N0VI8
3
2418 r)er-28
2314
98
ne''22
DP.-22
21s
851,
IOI2
NovlS
DecSl
Dec23
Dec22
15
5612 Deo II
90
Aug
38
534
3578 N')v20
53
9512
29'2
39'2
761,
IO4I8
44I8
7
281.
2434
8834
76
Jan 8
Jan 7
Jan28
Marl9
it427g
lOfllj
107
Nov
22»4
04
Aprl9
Aprl2
3
Jan 6
Jan 3
July 7
Jan 3
JanI3
Jan 2
MaylO
-*.prl2
JunelS
Apr 6
Jan 13
Aprl4
243
,
90U Jan28
48>4 Jan 5
8214 Jan26
941
Aprl9
25I4
8358
2168
,
C212I
D''c-22
Feb 13
Deo 1
Dec22
3OI2 Doc23
NovlOj
19
5's Doc 7!
Dec 71
26
JoW
Jul;
Jaoi
No'
Nov
No*
Oei
Del
76I4 July
41
De.
0«i
I4OI4
1047,
De>
58
July
67
43
May
99
0«'
Mar
98
May
Feb
Feb
31li
109
Dm
100
Mar
lOfl
July
00
Dec
93
46
8512
12«8
tm
Dec
Feb
no Nov
81
8312
104
19
C8
40
Apr
Feb
Feb
Mar
Aug
Dec
Jan
Jan
100
44I2 Sept
Aug
84
711*
I2I2
Dec
Api
08111
285s MaT
IO5I2 Ooi
74»8 July
91l4
July 7
Cos
Ja*
1321J Juir
98I4
Dd
i67V2
No*
112
•Ian'
27i« July
10512 O!!'
.5314
146
Dej
No»
lOOig July
741j Not
121
17
JulJ'
Joiy
esig
Jan
94111
Oc'
6I4
Mar
29
An)
I88I2
Feb
Dec
Dec
Feb
23OI4
4118
4«ii
nn
Mar
74
D«
81 »4
Det
64I4
Not
89
Nc
97!i JniT
Mar25
n3«i Mar25
OUj June24
6112 Mar2e
II8I4 .A^pr 8
8f!»4
«.5ij
120»s Apr 8
1011. Jan31
93
20«8 Septia
60
Apr 8 "sf
13i« Mar31
9»4
c57»4 Jan 2 •184
53«8 July 7
34I4 Julyl6
"72'58
9.5I2 Jan 3
106
Jan 7
9712
33»4 Jan 6
84»4
83i2 Jan 3
R714
127
38
53
22478
90l2
25I2
6514
377g
78»8
llOlg
103»4
69»4
Aprl4
Jan 6
Jan 6
Oct23
Jan 3
Jan 3
Apr 7
Apr 6
Jan 5
Jan 8
Jan 6
Apr 8
Jan 5
JanlS
Jan 3
Dec23 143^
Dec28 11612
DeclO
76
Dec 30
475g Ma-27
Dep21 109
Jan P
Dec23 115«4 Jan2S
Dec22
80>4 Jan 3
Oct23
14
Aug25
Dec21
Aprie
97
I>ec22
8OI4 Aprl4
534
4634 Nnv20
80ig Jillyl3
8914 NovI9
40
8
68
Dec24
9312
Dec21 124»4
Dee28 106»4
84
I6I1 Dec 9
55*4
491. neel3 I23»s
nec20
10
17^8
9
Jan 3
124
120
55I4
212
8
72i« 8ept23
91 14 Jan24
2758 Jan 5
113»4 .Aprl2
10412 Feb 2
30
r
Apr
Dec 8 losij Jan
10
III4
149
46
42>8 JanIO
44ij July 2
92ls
76
67
97
39I4
Dec22
Dec21
Dec21
Dec22
Feb 13
Dpc30
83
Dee 10
12
72
Dec!2
9OI4 D6C22
Dec30
52
95I2 Dec20
40
DeC'l
12978 Dec23
Der22
73
Jul?
217g July
14534 Got
70»4 July
112
Dec
3018
2634
111»4
36I4
Not
IO8I4 May
24^4 July
88ig Just
Ma;
104
94l« Or\
3412
27
6II2
76
2834 Sept20
157
Dec
Apr
Dec
72
43I| Jul>
8
Apr 8
r)pc22
Aug 9
61,
Oo»
Bep)
32«4 -Illly
7I»4 No'
62<4 Julr
lOHi
70
May20
Oov
Mai
Jan
Bept
Jan 3
Jan 13
Apr 7
Jan l
Jan 7
Aprl2
Jan 3
Jan 5
Jan 6
Jan 3
Jan 3
Oct25
Jan 6
Aprl7
23
107
De«
291.
80
Novl7
8>4
July
45
D<w3 1
Dec22
131>4
Ma?
Mario
87
Di'i-28
79'i
06
137
Nov 83 JulT
Nov lOOU Fe»
I
Deo22
nee21
33's Dec21
20
Dec21
Dec22
43
n-M23
Do profoi-red
lOOi
75
Standard Oil of N J
25 C'142l2 Dec22
Do pref non voting
100 lOO's Juuel7
Dee30
Steel A Tube of Am pref
77
100
241. Dec22
8tew!irt Warn Sp Corp.»Vo par
Stromberc-Carburet
2218 nec21
No pa'
37 14 Dee21
Studebakcr Corp (The). ..100
76
Dec 9
Do pref
100
ni2 DeclO
Superior Oil
n< P'l
Superior Steel Corp'n
41
Feb20
100
6I4 Dec28
Tenn Copp A C tr ctfa.JVa par
Texas Company (The)
40
25
Deo21
D<'e22
Texas Pacific Coal A Oil
22
IC
678 Dee23
Times Sq Auto Supply. Wo par
40
Tobacco Products Corp
100
Dec22
DBe22
Do pref
100
80
558 Dee23
Transcontinental Oil .No par
347g nee:'l
Transue A Williams St.iVo par
6I-I4 Dee22
Union Bag A Paper Corp.. 100
Union OH
No par I9I2 De(-31
United .Alloy Steel
No par 27I8 nee21
Feb 11
United FTult
100 l7fl
United Retail Stores
No par 45I'. Dec22
0,000 Vanadium Corp
1.900 Virginia-Carolina
95
r.31.
30
42
9.'!!00
99
102-is *102-3s
-
3.534
37%
7
22I2
08-38
9<l
in
*7c»l..
52-1.1
IOI4
•101.
S'l*
30
105
54I2
•9
17
•15
2134
32I3
81-'%
507g
1014
00
2218
433,
821,
11014 11078
55I4 501,
82I4
nil. nil.
101
41-34
,700
,500
1,100
•0
7
24I2
O8I4
_
•99
1 1
._
.
571.
100
*40l2
4012
91s
5?0
O7I4 0S3s
1027s 1027,
34l2 3434
38
9
91
I3I2
•9
An
9I4
33
1053, 107
951,
82^8
•80
*31-5s
55
47
nil?
2.900
25.000
30,500
1,000
2,S00
100
300
10712
671.
.
45
39
18
4OI4
H3
lOM
...
45
9
98
81^8
8238 83
110^8 111
•UO-'s
S-iis
5734
.50
5II2
81.
74I8
2234
S-lg
53
0
4SI4
200
81.
91
23'i8
70'--.
or-. 0834
103>4 *102
103
35I4
_
8278 83'4
1101. 110'.
56»4 571.
934
9\
371. 3734
•100
68%
98
4,200
43
53
--
251?
0878
117g
43-38
5334
7
26
•0
25I2
45
111.
8I4
•SOlg
100
5534
2.900
2,200
114,200
Sfil.
421s
,53
•3112
45^)8
7
26
IS's
56-34
31
8V
13
55^4
131.
451.
1378
700
43I4
3334
22-38
231.
31^s
lOT; 107
3r.3
821.
•S134
31
35I2
55I8
1218
91.
40I4
23
1,000
2,045
95
91
10
4!
•8512
42
88
I52I4 I-52I4
lOSig 1087s
81
73
55^4
•88I4
10
•401«
70
88
I52I4 1-5258
lOS-lg 1085s
82I2
3II4 3II2
355g 30
50
507g
._
431s
431.
341.
8712
5S
•70
80
I52I2 1-50
IOSI2 1087g
8134
81
31
31
30-3g
303,
5Cli 57lg
*88i4 95
10834 1087s
•8134 821?
33
«38
661.
•70
130
Aug
Oct 26
278 Dec22
312 N'ovl9
Y
SO
June
9634
26
9
32
io->
zfl3
116
69
N-.rI8
17lj
Dec28! II 714
IOI4 Dpc23!
4812
351. Dec21
61
48 May20
flli4
20
50
Dec
MartJfi
8
1
•70
•157
Jan
63
July
Jal7
40
40
66
M
80
107
Nov
KH)
O
•70
Jul7
JOBi
63»2
50
•IS';
101
108''4 10334
108'!4 10834
81
Nov
I)--'-20!
76H Uei
Feb 120
Apr 246
88
I
8'i
62<4
69i|
100«4
94
UTt
45
Am
159
7U4
;
693g
>
»U
•76
159
D.'.-21
251,
09
'.|
Dec21
5i
Dim 22:
2512 Di'fJli
Di'CJ9
45
8314 Dcc23
.
.
Dec2li
93
70
79
Aug
2838
471*
95
9
83<4
Jao
Jan
Jan
Jan
Jan
Jai
Dec
Jan
I'iD--
Nov
Ofil
76
S45g
Dec
4,SIR
?17»8
Jan
68«s July
157
Jan
14
42l2 Jan
16»4
6'^
r97ig
9314
Feb
Apr
Dec
Jan
Jan
Jan
73
Jan
109
4314 Jan
Jao
45
«Sl4 Feb
1714
IIII4
65lg
8J4
64i2
51
100
Feb 215
SOlg .Aug
Dee
Feb
Dee
Dec
Feb
"81li
82
aept
94lt
401«
Jan 5
03
3478 Dec21i
82 ig Jan 5
loo Juno 3j 145
Aprl4
l02
Dec29 II6I4 Jan 6
3.55g Dec2l
Jan27
95
Deo21
73
93<4 JanlS
Jan «
76
53it Dec21
6258
747,
Jan
Jan
Oct23
Jao 8
651« Jan 3
6912 Mar29
3214 Sept20
Jan 3
32
Oe>
l?0
Mar31
9238
17U Ma*
346
11b" Jan«
Nov
76
No»
647g Jun'
Jan
Jan
•Mar
119
0<«
Oei
Dec
Dec
110
04
11218 Ian 7
I2OI2 8eptl7
June 7
21
lOOlj
151
104l»
July
OCI
Oct
I1914 Oe»
38»4 Any
74», July
32i4 May
Bllg
OM
167
111
May
Mm
5078 Juni
139I« No'
1191s July
78I4 No*
50
Ma»
iisif
11712
07i2
2i«g
July
July
July
Juni
62
Oet
9212 July
li57i Oe<
r88
De»
May
92ij May
79
July
120
46
Jan
Jan
Jan
38I4
87»4
6658
Jan
Jan
Jan
4014 JUDi
O8I4 May
1047i July
139»8 May
1171s July
Feb
ll2^ Dec
Feb
60
120
88
80
Jao
Jan
697| Joni
86
117
98i»
81
Gin
Oei
Ort
0«>
* Bid and asked prices: no sales ononis day.
a Ex-dlv. and rights, i Ex-dlv. e Reduced to basis of S S par. n Par JIOO.
{ Less than 100 shares.
J Ex-rlghts.
Name changed from OhloOltles Oas to present title July 1 1920, range Incl. prices from July 1 only; range lor Ohio Cities Gas Jan. 1 to July 31. 37; May 20. 50 '^5: Jan. 30.
—
— ——
——
5^^
T.
2
New York Stock Exchange—BOND
Jan.
,
J
I
1909
lf>t
Btchangi metlMd of QUoUno bands
BONDS
8TOUK iiXUUANQE
Week eudlDK
l''ub.
Price
4
L-i$l Sale
BU
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.
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19641IW
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1963 M
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1968
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1957 M
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1957
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1995
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1930
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1964
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1934
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1952
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1934 A
R I Ark A Louis l3t4H3-.1934
7878
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1952
1937
g 1923
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1931
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1993
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Cairo DIv 1st gold 48
1939 J
Cln
A DIv Ist g 43. .1991 J
St L DIv 1st coll tr g 49. -.1990
8pr A Col DIv 1st g 48
1940
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1940 J
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tl936 Q
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C C C A I gen cona g 6g..l934 J
Ind Q A
1940 A
Ist pref 43
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1st pref 6s.. .(J1938 Q
Peoria A East lat cons 48.1940 A
Income 4s
1990 Apr
Cleve Short L lat gu 4H8.-.1961 A O
Colorado A Sou lat g 43
1929
Refund A Ext 4Ha
1935
Ft
A Den C lat g 68. ..1921
Conn 4 Pas RIvs lat g 48... 1943
Ciiba RR lot 60-year Rh g..1952iJ
73
84
Sale
96
1st g 69...
M
"eui
Nov'20
8018
9734
51
MIIL3 A Weatl8tg88...1921 W
Ext A Imp a f gold 63. . . 1929 F
Ohlc St P
4 O cons 89
1930
Cons 83 reduced to 3H3..1930
Debenture 53
1930
North Wisconsin 1st 8s. _. 1930
Superior Short L I8t69g.el930
Chle T H A So East Ist 53. .1960
Chic A West Ind gen g 8s. ..31932
7111
72 14
811s Sale
3312
32
95
93
80 12 85
8OI2
6212
1925'-'
F
63'4
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36I4
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1934 ••
Wis 4 Minn DIv g 69. . 192l|J
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Fargo A Sou assiim g 69.. 1924 J
Mllw 4 Nor Ist ext 4H9-.1934 '
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t
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65
73
69
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2>-year debenture 48... I]934:J
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90
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82
83
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101
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74I4
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75
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Chic A IndC Ry lat 5s ...1936 -*
Chicago Great West 1st I3 .1959
Ohio lad A Loulsv— Ref 63 1947 J
Refunding gold 53
1917
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1947
Ind A Loulsv 1st gu 48... 1956
Chic Ind A Sou 50-yr 4s . 1056
Ohio L 8 4 East lat 4Hs.. 1909
4 St P g»u g 43 sar A.elOSolJ
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.eigSO'Q
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lie
Year
1920
I
100 3«
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103^8 3
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8
dep
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lat coal 6s.. 1942
Ashland DIv
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^
92I2
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85
80
79
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.1939
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30-year conv secured 63.. 1946 A
Big Sandy lat 48..
1944 i
Coal River Ry lat gu 4.1.. 1945 J
Craig Valley lat g 5s
1940 J
Potta Creek Br lat 4s
1946 J
A DIv Ist con g 13. ..1989 J
2d conaol gold 4a
1989 J
Greenbrier Ry lat gu g 4a. 1940
Warm Sprln-^s V 1st g 6a. .1941 **
Onlc4 Alton IlRref g 33...1949 A
R'lUufij lit lien 3Hi
195> J
OhlcB A
Denver Div ij.lOi.'F
Illinois DIv 3Hs
1949 J
Illlnol8Dlv4a
1949 J
Joint bonds iec Great North
Nebraska Extension 49
1927 *•
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1927
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195S "•
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1937
211
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/tnnte
I
I]
I
gen gold 69
19S7 J
Reglatered
/11987 Q
Am Dock A Imp gu 5-1. ..1921 J
N Y A Long Br gen g 43. .1911
Cheaa A O fund 4 Impt 63..1929 J
M
J -3
7512
46!
78 8
Dec'20
14
92 >4
1
74I2
81
64 14
6 5 Is
Sale
Sale
Sale
Sale
8JI2
Sale
99 ig
Sale
Sale
Sale
Sale
Sale
pl9?,2'F
NY
84
72I2
78'8
88 '8 Sale
95 '8 dale
4H%
8H%
47
002'
MJ
•»
1"'
1929iF
1945
68
93 "8 101
3,-.]
76
78
97
92
"•
R4
75
95
Sale
M
N
82
81
81
12
143
7018
9612
9012
"Qerm^a stamD"
Sterlhi?lo3a43
1931 J
Lyons (City of) 15-yr 83
1934
Marseilles (City oJ) 15-yr 68 1934 'M
Mexloo— Exter loan 2 fla 0/ 1893|y
Qold debt 4? of 1901
I9.54'j
Norway external s f 85
1940 \
Paris (City of) 5-year 6s
192IIA
SsrttBerland (Govt of) a I 8a 1940 J
Tokyo City 53 loaa of 1912.. .
U K
Sale
Sale
Sale
9512 Sale
80
41-34 Sale
971.1 Sale
74 12 Sale
78 8 Saio
"64'"
Uomlnlcanft9pConsAdmsf5s 58 F
Dominion of Canada e 68
1921 A
do
do
7M2 69
97
91
100
s
''o
Con.so gold 03
rJ4.>|M
10-yr lemp soour Os Jun«.I92'.) -.
Obatt Olv pur money g 4j 1951 <*
Mac 4 Nor DIv 1.9t g 69..U)»6 J
Mid Ga 4 Atl DIv 69
1947 J
Mo1)1Ib DIv Irtt g 68
1946 J
lat consol gold 53
Rar^jc or
Lot: Bile
Bia
I
Canadian North deb « f 7.1. .1940 J
Car Oilnub AOalo ImdO-yrdis iii *
Oontrulof Oi> lat gold 61
(ilOlsF
OontRllAHof Gacollg58.r»37
Wr.eke
Fridav
Feb. 4
1
K.^b. 4
Registered
101
Foreign Oovernmant.
Argeatlne Internal 69 of 1909
Belgium 25-yrext a J 7X8 g. 1946
6-rear6% notes
Jan 1925
20-year ,s r 8^
1941
Berne (Otty of) b I 83
1945
Bordeaux (City of) 15-7r 6s. 1934
Chinese (HukuangRy) 69 of 1911
Chrlatlanla (City) 8 f 89
1945
Copenhagen 25-yr a t 6H8..1944
Cuba— External debt 66 of 1904.
tCiter dt of OS 1914 sat A 1919
Kxternal loan 4Vi8
l'J49
Denmark extornal s f 8^
1945
Danish Consol Municipal 8 1945
Pric*
STOCK EXCnANGB
flta't
92.00 2459 89 10 100.40
3 83.00 93.48
87 .70
87. .50 039 SI.'lOOl.O'l
10 86.00 191.10
93.00
C3ont of
1925
1925
eoupon
41936
Pan Oanal 10-30-Fr 28
Fan Oanal 10-30-yr 2) reg..l938
1931
Panama Canal 3a g
1931
Registered
do
T.
Week ending
1920
I
M
4H%
0OD9OI registered
oonsol ooupOD
registered
BONDS
lom-ie
^1
or
Biob No. Lom
Aik.Lom
91.90 Sale 191.08
88 00 87.50 86.00
87.20 dale 18O 40
3>i7o o' 191^ 1W*7
Oouv 4% of 1932 1947
C!onv 4>i% of 1932 1947
of 1932 1947...
2d CODV
Be :oad LIbcry Loan
1% of 1927 1942
t:onv 4)i% of 1927 1942
Third Liberty Loan
4)i7o of 1928.
Fourth Liberty Loan
of 1933 1938
Victory Liberty Loaa
Notes of l'J22 1923
i'4.%
3>»% NoteH of 1922 1923
23
2s
41
43
Week!
Fridau
Feb. 4
II
Record, Friday, Weekly and Yearly
— "and tnltrul" —ezuvt for income and dtfauUtd honai
changed arid prlcM art now
teas
Oct
89
74
Nov">0
'20
9018'
66
66
7012
74'8
'
6412
80
88
701' Sale
65
60 14'
Jan
6658
OOS4
81
72
80
88
00
76
70
73
69
82
81
1
00
69
79
3
'39
85»4
68
"7
7OI2
'!»,
NoVlOi
N0V2OI
84
80
74
75I4
62'j
82'4 3ppr'19i
"3334
98'4
W
and asked. oDue Jan. dDue April. JDue May. pDue Jane. ftDue July. *Dae Aug. oDne Oct.
64
64
II-.
7314
6018 Sale
2234
21
831s
8II4
81
73 Sale
9938
66
Sale
Nov'20
Dec'20
Nov'20
88
98
74
59
21
61
24
81
73
82
74
Dec'20
92
65*2
pDue Nov.
88
98
12
47
67
19
16
73
38
89
Dec'20
81
|
88
98
74
66
4
23
74
861t
66I4
79
98
9112
3
74
I
63
^Due Deo. lOptlon
73
sala.
New York BOND Record—Continued— Page
BONOS
N.
I
Y STOCK KXOHANGE
Week
endlni:
|
Price
Friday
Feb 4
Fob 4
& Western
MorrlaA Kssex Ulgu 3>^s2000 J
1921J
LacU A W I9t as
NY
Del Lack
A
1023]IVI N
3 )^a. .2000 K A
Construcilou 58
Terra & Iiiiprov 4s
Warren
Delaware
Ist rel sju s
IsJ^^lJF
1922
1943
A
1935
30-year oouv 53
1930
secured 7a
10-year
1946
Alb i Susq conv 3^ia
Renss A Saratoga 1st 78.. 1921
Den & R Or Ist cous B 48.1936
1936
Consol Bold 4,H8
1928
Improvemeut cold 58
1955
ist * refunding 5a
let lien equip g
ref 4,1
I8t
4>i8
—
J
a O
J
I)
A
O
J
J
J
M N
92* ...
So
Lotc
72 ij
lOOii,
92 ij 97''4
9434
96 7g
67
73
Deo'20
94
W
D
O
M
W
Rpfflstered.
AHV
81(12
o
o
S
o
J
1955
Registered
Ist gold 33 sterling
1951
1951
I
Registered
1952
1955
1952
O ATexasgold 48.. 1953
Registered
1953
15-year secured 5 Ha
1934
Cairo Bridge gold 48... .1950
Litchfield DIv I9t gold 33.1951
Loulsv DIv A Term g 3 Hs 1953
"
LN
Middle DIv re? 5s
Omaha DIv
1921
1st gold 33. ..1951
DIv Term g 38. 1951
A
Gold 3^8
1951
Sprlngf DIv IstgSHs
1951
Western Lines Ist g 48. ..1951
Registered
1951
Bellev A Car 1st Oa
1923
Garb A Shaw lat gold 48. .1932
Chic St L A
O gold 5a. .1951
Reglatered
1951
Gold 3HS
1951
Joint 1st ref 58 Series A. 1963
Memph DIv iBt g 4a...l951
Registered
...1951
St Louis Sou lat gu g 48. .1931
Indlll AIot7a latg43
1950
Int A Great Nor Istg evt 78.1922
Jamea Frank A Clear Ist 4,s.l959
Kansas City Sou 1st gold 38.1950
Registered
1950
N
J
J
J
80
86I2
'(•8I2
"53" Sale'
O
O
39
42
79
74
82
80
"52"
7618
J
64
76I4
..
J
KUs
A
A
o
o
j
J
J
J
...
.
.
...
lOlSg Sale
97% Sale
81 12
98
J
8912
J
J
J
J
J
J
J
D
J
J
j
3
.T
O
A O
IVI
A
M
J
M
M
90
8II2
93"2
"
70
76
"8'6
91
..
69>4 70
73g
.
"6V5s III'
63l2
'70%
M
7OI2
Site
71
J
68'4
71
J
90
.
68
90
70
2
60
67
M
NOAM
LA NAM
mil
83
548
515s
89
70
65'
96I4
8512
801'
ORU
99
83I4
17
88':
10538
78'8
S>
7R'4
Feh'20
97
103
83
8?
99
778
94
911>,
55
70
73
7
5Sl2
SI'H
7512
73i.< June' 18
7312 Oct' 18
Nov'20
13
68
77'-
69
78
69
Dec '20
8epfl7
79I8
Jan'21
6312
62«4
83
St
A Waco
A Cac
City
Jan'2I
Dec"20
8978
7314
68
68
69
7II2
805,
7112
5 8'
69
03
83
68'-;
Jan'21
68
De
80
54
60
69
897r
81U
»
7314
J
75
6O34
74
52
53
Dec'20
62
6II2
Sepf20
69
58'2
Nov'16
Jani21
Mar' 19
Jan'21
88
93
88
86
Jan'21
N
8934
75
76
A
O
O
5434 Sale
541s
J
J
74
78
74
Safe
72I2 Balo
8034
75I2
24
&m
69
50
82
80
65
65
86
84I4
*NoprlceFrlday:l»te8tfeUI and asked tblj week,
701r
69';
683.
8734
63'i
6278
1
Jan'21
Sent'lQ
Due Jan.
81lt Sale
M
M
d
90
J
104
87 3g
100
J
9.-18
M
89
F
72
100
M
8»li-
IVI
J
M
J
89
80
9934
F
99
94
A
8II2
IVI
M
M
A
IVI
63 "s
76
79»4
88lt
Jan21
70 «
72
82
reb'05
Jan'21
"88
67
65»4
77
76
99
95
91
71
Registered
30-ypar deb 4s
87'4
707s
68I4
76
40
40l'>
351'.
8OI2
81
7OI2
4334
82lt
Jan'21
88
85
Dei-'20
8212
91
85
89lg
Jan'21
Dec' 16
85
921t
62lg
2318
2712
6358
4612
461}
3514
6OI2
6OI2
4812
58I4
37I4
44
44
36
30
54
54
31
33
2612
20 12
47
40
6834
70
51
42
69
62
5112
A
A
J
O
O
J
J
J
S
F
J
A
D
J
J
48
66
45
39
I
J
S
A
O
J
J
N
N
I
8OI4
'
"88
•72
72
86
193«lj
Beech Cr Ext lat g 3Ha.61951 A
Cart A Ad Ist eu g 49
1981 J
Coiiv A Oswe l9t gu g 5<i. 19421 J
Ka A A O R Ist gti g 59.. 1038 J
94I4
9534
991
June.
A
Due
July,
99
24 12
n Due Sept.
8312
84
91l>«
893g
00
6918
72
70
79»4
7612
72
Oct'17
66
33
70
6718
95
6534
Sale
94
59I4
Sale
9034 Sale
9OI4
10178 Sale 10178
7OI2 7II2 72
79 Sale
78"8
62
91
IO3I2
72
79
6734 Sale
6734 6778
79S4 Sale
6712
687s
6712 Jrtn'21
7914
80'2
66l2 June' 20
75
74
761.1
641:
May20
.
8834
64
62
49
81
64
62
Feb'2C
Dec'20
9534
-
87
IO2I4
91
86I4 96»s
6178 «*»»
8818
71
8OI1
76
68
77
84
97*4
I7I4
22
30
26
40 1<
24
80
07
96
04
13
25
3
15
1
08
12
6678
23 9n«i
104 41'!
93>4
228 86
92 100 IO3I4
72»«
4 63
69I4
4
17,
II
82««
6II4
671.
7012
6712
82lt
7OI4
7071
69
39
66I4
I
9
i
37,1
06
66
821t
...I
64
0«
00
66
68
Nov'16
101
June'20
1
5
I
68
49
81
49I2
8212
73
73
May" 16
73
...
7214
80
Jan'21
6534 Safe'
4612
785*
70
63«8
74
9412
83
70
6278
52>'
9iU
July'i4
94 12
99
87
80
90
95
60
73
*0
June'19
78I4 Jan "21
7912 AuB'20
2312
2412
17
Dec'20
34I3' 34I2 Dec'20
O
J
7,
224
Sale
62
J
J
72»i
6238
7412
497g
,
69
70
87 Sept'2n
90
99I4
9938
99
87
9358 90
Deo'20
62 Sale
58
62
•68I4
71
Dec'20
76
78
82
Jan-21
7475
78
7478
69
82
A
A
60
7418
Oct' 18
Jan'21
7218
63
60
66
29»2
1
56
60
26lt
20
90
85l8
6412
8078
A
A
Hs
51
3312
48<4
69
Oct'20
Jan'21
Oct'20
22
Sale
88
7338 102
Sale
71
Sale
6318 Sale
6II2 63
62 Sale
F
199'< F
Mich Cent coll gold 3'-js.. 1908 F
Re'ri'Jtpred...
1998 f
Battle Cr A Stur 1st eu 38. 1989 J
Beech Creek 1st gu g 48.. 1936 J
Registered...
1936 J
2rt guar gold 5r
1936'j
3
24
23
28
46
i
'7'll4
D
O
N
23>4
80
68
60
79
3OI4
26
90
I
17
^1
Dec'20
Dec'20
58
7212
13
Jan-21
Jan-21|
Jan-2l!
Doc 20
Jan'21
Jan'21
79lg
80
Sale
9OI2 91
"
867g
'55
Sale
121
2
5
30
55
80
37
5478
36I4
59I4
59I4
37I4
627g
32
60
53
35
N
66
90
94
86
35
'54' Sale
J
coll g
6018
7OI4
95
d
Rpllstered
42
40
97ig
78I4
41
5838 Sale
3612 38
3618 3812
t
IVI
4918
45
89
M
>I
91
6558
347s
99
40
"
S
J
96
4478
*80'
IVI
J
85
95
Mar'lO
Nov'lO
July'20
.Mar'20
Sept '20
7OI4 Sale
40 Sale
8OI2 Sale
J
Re-jlstered
Due
1997
1997
1934
1934
1942
1908
70
96
7212
4OI2
J
Debenture gold 48
85'8
61
13
98
93I2
76l2
40
A O
J
"9f
97
99
Jan'21
82U Jan'21
99
69>8
'
46
'40" Sale
Q
J
68
May' 16
99
71
4012 Sale
M
10118 104
Jan'21
87
977,
87
67
93
95
90
J
J
53^
72
94I4
H.-
60
35
IVI
76-'8
9658 lOOlf
45I2 64
6OI2 76
707s
95
84
F
768g
100
SO'4
90
Q
J
lOl'g
Feb'2U
Dec'20
6234
7034
»l"
106
90
997g 103
100
100
9512 N0VI9
104
Aug'20
82lg
7118 '7I»4
F
99
86
95
90
TO
85
M
'84"'
72
87
A
I
13
104 ig
Jan-21
100
5278 531;
7II4 Sale
88*8
IVI
62lt 76
91 14 09i|
8712 100
84it
72
90
88
O
84
72
#
87
8078
8214
8112 Sep('ly
101
IOOI4 100
71I4
77
A
76158
Due Feb.
74
9II2 00
Salr 104
1951
78
72
67
68H
60
62<2
6838
Jan' 11
Jan'21
99 12 Nov'20
Jan'21
91
92
J
M N
NO A N'Elatref Almp4H8A '52
New Orleana Term Ist 4s... 1953
N O Tex A Mexico Ist 6a... 1925
59
79
46
40
74
69>g
6358
j
25
25
93
78
4978
12
737|
65
07
J
Oct '09
751H
7234
SlU
2312 Sale
745,
74
72li
92lt
85
8OI4
ni
Q
91
Oct'06
Jan 21
Dec'20
96
Nov'20
87
86
Dec' 19
90 18 June' 19
J
M
79
ft4lt
62
79
M
Q
M
.1990 F
77
.Iuir21
6412
A
1929 J
.
Ist g 49... 1933 J
Ist g 58. ..1926
Mortea-^e 3'-i8
Registered
73
Dec '20
6838
J
Aua'IQ
78
a
22
90's
80
Jan'21
7VI4
80
6518
W
98>«
84^ 92
Jau'21
Mtty'20
6212
683,
O
Lake Shore
Jan'21
Jan'21
66
A
103
73
Jau'21
75
M
M
J
J
J
Nov' 17
76 >4
I
till II'
A
8434
69'2
84
Ocf20
62
62
68
1936 J
gold 68... 1927
latext gold 09...
.^1927
General gold 4s...
1938
Montgomery DIv Istg 59. 1947
St l.oulB DIv 59..
1927
St r. A Cairo guar g 4a.. 1931
Nashv Cb'itt A St L lst58,.1928
Jasper Brmoh lat g 6a... 1923
77I2 Aug'lfl
.
V
DIv
UII4
U9I4
oeif
721.
66I4 '76'
1VI
M
Nov' 10
65
AG
91
79
76
80
J
Non-eura Income 59 A
1935 A
N Y Cent RR conv deb 68.1935 M
10-year coll tr 78
1930
Consol 49 Series A
1998 F
Ref A Imp 4 Hs "A"
2013 A
New York Cent A ITud River
May'lO
8t
73
lat e 49.
l9t consol 49
Dec'20
73it
"75
74
9034 91
J
M
J
M
Nat Rya of Mex pr Hen 4^8.1957
Guarmteed general 48
1977
Nat of Mex prior Hen 4H9.. 1926
93'j
June' 16
65I2 July'18
72
70
"17
68
73
87
88
*7378
"30I
'20
92
D
D
D
74 7v
6212
5958
71'4
II7'2
70
62
I
"32I "fl"5" '78'i"
76'
g
M
Mob A Ohio new
73
91
2d extended gold Ss
1938 F
L Ir
A S gen con g 5s 1931 J
Gen con atHmp gu g 63..193I A
Unified A ref gold 48... 1929 A
RIv
73
July'09
4Hs
1916
1st gu g 5s. 1 1940
Reglatered
19
Q
Mo K A E Ist gu g 53
1942
O
M K A Okla lat «uar 5s. .1942 A N
W
M K ATof T iFt gug58.1942 M S
SherSh A So 1st cu g 5s.. 1942 J D
Texas A Okla l9t gu g 59. .1943 M S
Missouri Pa^KIc 'reor? Co)
Ist A refunding 5s Ser A.. 1965 F
A
lat A refundlne 5r Ser Bo 1923 F
A
Ist A refunding 58 Ser C-. 1926 F
A
General 48
]97J M R
MIs.sourl Pac 10 year 4s.IIIl945 M N
3d 7s extended at 4%.. 1938 M 3
Cent Br U P 1st g 48
1948 M N
PacRof Mo latext e48..1938 J D
72
6s
fund
secured nore9 "ext"
Nov' 15
Dec'20
9ln'<ln!!
Kan
83'v
Jan'21
7II2
M
Triisl Co iertf9 of deposit
tLoiilH DIv Ist ref g 49. .2001
Dall
831)
85
Jan-21
M
M
M
Gen
83
95
91>4
M
5%
91'r
9414
92
Mo
S
9>iU IO8I2
Mavce
A
1st cons 5s
1938
Ist Chic Term 8 f 4s..
.1941
1st g 4s Int gu '26 J
Mississippi Central 1st 5a
1949 J
Kan A Tex— 1st gold 4s. 1990 I
2d gold 49
(71990 F
Trust Co ctfa of deposit
lat ext gold 59
1944
l9t A refunding 43
..2004
Trii9t Co certfg of deposit
99
92
73l|
89 >t
ivi
MS3MAA
-I
Mar'20
Dec'20
74I2
6934
7OI2
M
N
M
991« I01'8
92I2 9678
Htak
60
09
Des
A Ft D lat gu 4S-.1935 J
Iowa Central 1st gold 5a.. 1938 J
80
ini/e
Year
1920
Low
1951
M St P & S S M goldg4s hit gu "38 J
con 48
73I2
1
90
71
l'J4i
1945
Long laid lai cous gold &8..A1931
1st cou-mjI Kold 48
A193I
1'.I3>)
(JoutTuI giiM 4s
F.'rry uold 4^8
1922
Gold 4s
1932
Unified gold 4*
1949
Djuuut.ife i;old 5s
193^
20-year p tn deb 58
1937
Guiir refunding gold 48
194ii
R««lBlered
194',)
N Y U A U l8t oon g 58. 1935
N Y A H U Ist gold 5s... 1927
Nor Sh 11 l3t con g gu 68.ol932
Louisiana A Ark 1st g 5a
1927
L)iiis\'llle A Nasbv gen 6b. .1930
Gold 5«...
1937
Dn' fled gold 48
1940
R"Klsterel
l!)4o
Collateral trust i;old 58... 1931
10-yoar scoured 78
1930
L CIn A Le'. gold 4Hi8..-193l
1st i;old 68
I!P3ii
2d gold 6s
1 931)
Paducab .'n Mem DIv 4s. 1940
8t Loula DIv lat gold 63. . 1921
2d gold 3a
1 980
Atl KiKiiv A CIn Dh' 4s .19.-)5
Atl Knox A .Vor Ist g 69.. 1940
Hender lldgo Ist s f g 6s. . 1931
Kentucky Central gold 49, 19S7
Lex A East, 1st 50 yr 5s gu 1965
A.M lstK4!iia 1015
L A N South
Joint 4s.. 1952
Reiilstered
./a952
l-'la A S lat gu g 5s
1937
N A C Hdae Kcn gu li-va. .1945
Pcnsac A Atl 1st gu g 63. . 1 92
S A y Ala cous gu g 58... 1936
Gen cons gu 50-yr 53... 1963
LaA Jef Bdge Co gu g 48... 1945
Manila
Sou lines 43... 1936
Mex IntTuftt Isr, cons g 4s. .1977
StarapDd guaranteed
1977
Midland Terra— ]9' a f g 53.1925
Minn St L)iiis Ist 7s
1927
Paciric Ext 1st g 6s
1. 1921
lat conaol gold 63
1934
lat A refunding gold 49... 1940
Ref A oxt 50-yr 5s Ser A. . 1962
92
67
1
Jan'21
69
N
Ruijlslered
Re'Mn'llng
'21
6934
74I2
69
n
f
55
78
48
,
9768
7I8
T>
'
3fi
Jan'21
5812
9038
J
02
Sept' 19
102
T>
T>
O
40
l3l liii reduoeil to 4a
Left A
V Ist guar g 4d
RR—
01
1
102
80
83
5812
'
69i8 "61
D
J
J
91
H
3!
4
1933 J
1933 J
1
86
81'4
76I4
82
J
A West 1st e 5s.. 1937 J
2d gold 5s
1941 J
North Ohio Ist guar g 59. .1045 A
I^h Val N Y 1st gu g4Ma..l940 J
Nov' 19
82
June' 16
83I4 Jan'21
102
Jan-21
99 Sept'20
78I4
9OI4
t.ake Erie
90
79
1
82
96
J
^T
A
85
7878
—
—
—
95% 8epfl2
J
J
Dec'20
Aug'lO
6512 Dec'20
76
Dec' 19
80
64
J
533,
70«4
1
J
1
J
4l!i2
661'.
1941
ReglBlw td
Verdi
N
N
S
47
84
1
J
J
TJ
76I4
92
-2I2
.1
J
J
793.1
1
92
84
9038
73I4 ..
6SI2 .
IVI
Ju.i'lS
83io
Sail-
A
A
50
34
24
8
s
Dec'Ofi
80
76
F
F
38
30
39
34
I4
Jan '21
8912
O
N
J
J
5S1:
71
75
82
72
J
Jan' 17
39
8412 Jarr21
821^ Deo'20
IO8I2 Sept' 19
103
J:i''18
778
6978
74I2 Sale
O
.1
80
99
9912 97
IO2I4 104
103
136I4
"
*9'l"i8 '95
94I4
71
,T
791s
7634
S
8
A
A
60
5S1»
120i2Mayi6
J
j
J
F
F
47
67I2
3018
2
43t2
89^8
j
A O
F A
7t>,
97I4
8334 84
IO214 ..
J
J
4334
9fi
Junelu
90»4 Jan
80
.1
A O
3
7212
39I2
101
J
D
54
Oct'20
Jan'21
23'2 Jan' 17
8912 Jan'21
67
Sept'20
108
Nov' 11
95 June' 12
D
D
53
72
J
J
J
J
93
8U, Jan'21 -IIj 74
J
J
June'20
9434 Nov'15
9S>2 AuK'iy
53
.
J
J
80
60
...
...
J
J
9 Ha
80
Jau'2()
IOOI4
51
77
60
53
53
,1
Dec'20
93I2
76
85
8;»le
7058
J
J
"79"
92
106 ''8
805s
84i2
o
o
60
'/e's
91
84
42
Sale
Sale
O
85
93I2
Oct'20
7212
37I2
3812
95U
36
50
70
70
52
9278
851s
Dec'20
63
80
9IU 92
73
76
70
53
63
69
Sepf20
5Sl2
41
A
Q
Nov"2i)
ij
93
'90"
38
J
56
9ll2
()
A
A
47'«
92
99
80
75
Sale
N
28
5134
Dec'lo
87 '« j,iir2i
105 's .MarM8
76 'h Dec'20
Sale
J
58
50"«
93
9238
8712 Sale
72I2
O
N
18
29'»
68I2
7734 Jan '21
41U
J
56
54
75
15
7734
J
J
J
38
35
29 '« Dec'20
63 1-,
64
82
03
A
N
73
70ig
78
A
A
Ref A Impt 58
Apr 19.50 J
Kansas City Term lat 48. ..I960! J
1?140
O3I2
521:
J
J
Oollat«ral trust gold 4a. ..1952 IW
iBt refunding 48
Purchased lines SHs...
40
10
631s
I>
s
45I2
4212
70'8 July'2u
6II4 Apr- 11
s
N
'8
69
42U
•73
J
N
101
17
11
r»f>.
Leb Val KU lo yr coll 6a..f»192» ..
Leb Vul Coal Co lat gU K 58 1933 J
87iz
9978 I05'4
65
72'2
100 IOOI4
5834 68
6278 72'h
741:
63
103 12
Jan'2l
42^8
J
A Term 1st 58 1937 I
Dllnola Central lat gold 48
1951 J
Registered
1951 j
IstgoldSHB
1951 S
Reglatered
1951 J
Extended lat gold 3 Ha... 1951 A
Houston Belt
(18
Sale
6938
76
.1
199P J
j
late.ngia.I "l94S
84I2
68
69
n
N
(keen Bay A
deb ctfs "A"...
Debenture ctfs "B".
Feh
QulJASI Istref A tg 5sll6i952 .1 1
Hooklna Val 1st cons g 4)^8.1999 J
J
OolAToI lstext4s-.
Dec'20
63 «
04
50
65
M N
O
D
D
71^«
100
1>
W
conagu g68_.192B
71
9934 104
J
J
J
SOU
8U2
8m
L03i)>
A
J
H
7912
82
1031t 104
F
RR
1st
Sale
8II2
68
M
livansv A T
1st cons 63
1921
1st general gold 58 . ...1942
Mt Vernon lat gold 63... 1923
Bull Co Branch ist g 58.. 1930
Florida E Coast let 4HS...1959
Fort St U
Co lat g 4!^8 1941
Ft Worth A Rio Gr 1st g 4s.l92S
Qalv Houa A Hend Ist 59 ..1933
Grand Trunk of Can deb 7s 1940
Great Nor C B A Q coll 48. .1921
Reslstered
/il921
lat Aref 4y8SerieBA... 1961
Registered
1961
BtPauI
A Man 4b
193?
iBt consol g 68
1933
Registered.
.1933
Reduced to gold 4J^8.1933
Registered
1933
Mont ext 1st gold 4a... 1937
Registered
1937
Pacific ext guar 4s £...1940
E Minn Nor Div Istg 48 1948
Minn Union 1st g 6s
1922
Mont C 1st gu g 6b
1937
Registered
1937
Ist guar gold 5s
1937
Will A S F 1st gold 5H..193S
80
O8I4 09
42^8 Sale
42>2 dale
M
M
YL
96U
Pricf
'-trta'j
Leblgb Val (Pa) ouiu < 48.. 2003 M
..2ihH M
Qoueral cons i'-ia
Leii V Term Ity Isi KU li 5s. . lu<l A
lloi{l«iereJ
90
Feb'08
96
Hljit
Hi
U3
'21
Daa20
102 >«
J
1
T^AplcitPrP/l
«ltf1|
Jan
70
93
92>a Mar'20i
Nov'20
91
...
D
Registered
1937
Dul Sou Sbore 4 Atl g 58... 1937
EJgIn Jollet & E:ist Ist g 58.. 1911
rio 1st coD8< gold 78
19201
Y A Erie Ist ext g 4«. . . 1947
3rd est gold 4Hs
1923
4tb ext Bold 58
1920 A
6tb ext Kold 48
I92« J
N
KA
Istg fd78..1920
Erie 1st cons g 4a prlor...IU9r> J
Registered
1 9'.tr> J
l8t cousol gen Hen g 43.1996 J
Registered
1996 J
Penn coll trust gold 49..19oiIf
60-year -onv 48 Ser A ..1953 A
do SerlesB
1953 A
Gen conv 48 Series D..1953 A
Chlr A Erie Ist gold 5e...l9S2 IVI
Cleve A Mahon Vail a 5s. 193s i
Erie A Jersey Ist a f 68...195i .1
Genesee River 1st 8 t Os..l957 r
Long Dock consol g 68. ..1935 A
Coal A
lat cur gu 68.. 1922 M
Dock A Impt Ist ext is.. 1 943
N Y A Green L gu g 58... 1 946 iVI
N YSusg A lat ref 58.. 1937 J
2d gold 4H8..
1937 F
General gold Ss
1940 F
Terminal 1st gold 5a. . .1943
Mid of .\ J 1st ext 5s
1940 A
WllK A East 1st gu g 5s.. 1942 J
8t Louis
95
J
Gold 48
199 J
Det RIv Tun Ter Tun 4 Vis. 1961
Dul MIssabe 4 Ncr gon Ss. . 194
Dul & Iron Range Ist 68
1937
N
J
M N
Trust Co certlfa of dep lalt..
1939
Rio Gr JuDC lat gu 58
1940
Rio Or Sou 1st gold 48
1940
Ouaranteod
Rio Gr West lat gold 4s.. 1939
Mtge 4 coll truat 4s A .. 1949
Det & Mack— lat lien K 4s.. 1995
Ool
70'8
Hudson
&.
Ev A Ind
69
3|
N. Y. STOCK EXCHANGE
W«oK ouiliug I-'ub. 4.
Year
1920
or
Last Sale
J
BONOS
Ranut
Range
Atk'Lo'c
O
Is
Week)
J I
ij Si
547
2
J|
O
D
7fi
D'
J
70
80
«
56
Due
Oct.
s
Option
sale.
Q
F
I
548
Week
endlDii i'rb
fru
L4keHbi)regol(13H8
.
a
A«»|j
1997 J
1)
lfl07 J
D
m
Dobeuture gold 4a
Itfl^n
S
26-yoiU- gold ia
1931
1931 «•
M
m N
ReglHtered
Mob A Mai lat gu R 4e...l99l
MaboD CI RR l8t 6a
1934
UloblKnn Central Ce
1931
M
JLAa
NY*
W A O ODD l8t est 68. .61922
S41s
9314
99I2
9Sl8
J
Erie 2d
i;
oa
O
7834 78
79I8 Sile
731 p. Sale
A
70
70
M N
A O
A O
D
J
A O
Hon-oonv deben
43
3Hn
Hon-oonv deben 3H8
Ifon-conv deben
Ron-oonv deben
Hon-oonv deben
1947
194'
M
M
Oonv debenture 3^<8
Oonv debenture 6a
«l|i->
J
5.5
60
51)
55
J
70
70
'.t->
J
J
J
!t
J
'94I2
40
43
47
47
47
5
4
6SI2 SHle
65
Sale
90
62
J
J
4212 Sale
M
M
s
M
M
M
OCAT
A
.1
D
S
8
J
8oloV4NE lstgug49..19S9M N
1
wnv 4
Reglatered
Qsneral Hen gold 3a
Registered.
63'l2
'36
Nov'20
"64"
1st
19
74
9G'4
IO312
IO312
78^4
77"
IOII4
J
69
80%
O
83
83
A
99I2 102
M
RR
M
,
f
D
m
J
J
D
Bwlea
A
8
A
J
J
S
A
D
D
O
N
C
D
R
Ohio Connect
lat
96
Jan'21
93 's
Jan'21
65
75
89
J
807s
75IR
5
85
91
80 -s
90
80
83
95«4
953r
691s
—
67
Deo20
68
Jan'20
8884
88
68
Jan'21
Nov'20i
J
J
681s
8014 ...
79I4
76i2
N
J
J
S
o
o
D
N
A
D
Friday: latest bid and ashed,
67I4
67I4
80
93
...
...
82
...
80 ...
69
...
85I4 87
85I4 ...
67
85
67
68
82
a
8412
Due
8ept'20
Mar' 10
'20'
75
80
86I2
86I2
82
82
'iih
'90'"
79% 90
80
78
72 14
82 iR
80
84
82 14
»
82 U
73%
Jan'2ll-.-
Due Feb.
80
80
Dec'20
6
86
81
7612 "sO's
7618 June'20 ..-.I
84I4
84
10
Jan.
9734
69iR
71'2
8412
68
Apr'20
80
98%
82I4
78
88%
7';'»
81
Due
June,
J
J
J
J
J
194^ J
guar 4?. .1949 ^
4 Yad l8f g
E T Va 4 Ga Dlv g 5?
Cona Ist gold 53
E Tenn reor? Hen g 63
Atl
1930 J
1958
193S
..1948 A
Ga MldLsHd l3t 33
1922 J
Ga Pac Ry lat g 63
Kno^rv 4 Ohio Ist ? fis. ..1925 J
Mob A Blr prior Ilea g 53. 1945 J
Mortgage gold 48
1945 J
Rich 4 Dan •1eb53 8tmpa-1927 A
1948
Rich A Meek 1st g 58
Virginia Mid Ser
4r-53. . 192 1
Series E 5a
1928
Series F.Ss
1926
1936
General 53
Va 4 So'w'n lat gu 53-.2033j J
1st 0OQ9 50-7ear 63. .1958 A
1924 F
Istoy gu43
Spokane Internal lat g 68
1955 J
Term Assn of St L lat g 4^3 19391
1834-19-14 F
1st cons gold 59
1953 J
Gen refund s f g 43
Bridge ror ;?u g 53. 1930 A
St L
2000 J
Texas 4 Pao Ist gold 53
M
M
M
M
M
M
M
D
WO4 W
M
2nd gold Income 53.
La Dlv BL 1st g 5a
i;2000|
Mar
1931 J
MIn
A N lat gu 63l930;F
Cent lat gu 5g..l935|J
Tol 4 Ohio
1935 A
Western Dlv lat g 68
1935 i
General gold 5s
Istgu g49
1990 A
1927 J
2d 20-year 59
1917 J
Tol P A
1st gold 43
prllen g 3 Ha. 1925 J
TolStL A
1950 A
eO-year gold 43.
1917 F
Coll trust 4s g Ser A
Trust CO ctfa of depoalt
Tor Ham A Buff lat g 43--tl948
Ulster 4 Del 1st cons g 63... 1928
1952
1st refunding g 48
1947
Union Pacific lat g 4s.
1947
Registered
1927
20-year oonv 49
?2008
Ist A refunding 49
.1928
10-year perm secured 6a.
Ore RR A Nav oon g 49.. 1948
Ore Short Line lat g 6s. ..1922
1948
lat consol g 58
.1929
Guar refund 49
1926
A Nor gold 68
Utah
1933
l8t extended 4a
Vandalla oona g 48 Ser A. ..1955 F
1957
Consols 48 Seriea B
W
W
W
Kan4M
W
8412 D8C'20,
80 Oot "20 ...
72I4 May20 ...
82I4 Apr'20...
7478
79
79
80
82
82
83
8212
8Si8 8eot'17j
85I4 Jan'21
85I4
85I4'
85
79
105
80
!
May'19
86l2O0t
9312
73% 73%
Nov' 19
Feb'20|
80
84<2 Dec'20
9814 May'18
Dec' 15
104
85
83%
84 -'s
72I4
'
Fcb'2)
9914
9312
73
80
IOOI4 2911
Oot '20
Mar'20
7S1r
88I2
92'?
79 82
182 101
104
75
83
Si,
Deo'2U,
100 ig
10318 108
62
781?
46
Dec'20
93%
82
83
8278
97i« IO2I2
98 's
fiSis
M
No price
'oo'
Juno'2Li
Feb' 19
7618 Oct' 19
J
O
•
'
98 U Febl2
9018 Dee' 12
88I4 Feb' 17
Apr'20
75
E
D
8112
'2u
7612
68
77
2d 43
19
1
N
M N
F A
194,')
Series
43 guar..
Series
3Hs guar gold. 1949
Series F guar 4s goia...l9.')3 J
1957
Series
4a guar
Series T cona guar 4J<».19fl3 P
197" J
General B» Series A
59%
96
97
'si' 84
84
Sale
89I4
Rale
79I2
Sjle
89
Sale
lOS^s Sale IO3I4
99I8
99I4 Sale
7812
80
8OI4
83
99I4 slfe'
9878
9734
9812
6918
6312 733s 67
73''8
63I2 ...
77
67
88
83^8
81
77
71
gu 48...1943IM S
Y A Aah lat cons 58.1927 M
Tol W V A O gu 4H8 A. .1931 ;J
1933 J
Series B 4H8
1942 M
Series C 4s
P O O 4 St L ga 4Hb a. -1940 A
1942 A
Series B guar
1942 M
Series C guar
Pitts
Oct
68
71
79
1951
St Loul3 dlv 1st g 49
Ala Gt Sou I3toon9 A53-.1943
18' A 4 W=.I944
Atl A Char! A L
1944
lat 3a-vear 53 Ser B
1948
Atl 4 Danv lat g 43
8018
671 1
49' I
M
Nov'19i
3712 Der^'lfi
10812 Jaa'21
7134
Sale'
73
93 14
82
84
89 14
80
89
J
1942
Int reduced to SH8..1942'A
Series
3^8
Series
SHa
Erie 4 Pitts gu g 3Hs B..1940 J
1940 J
Series C...
Gr 4 I ex Ist gu g 4Hs.l941J
"65
72
67
N
A O
O
194S;M N
1950 F A
B
'93I2
76la
M N
M
56I4I
98''8
98
91
67
63
105
69
87
Dec'20
1:)94 J
19S4 J
Develop .t .ion 4i Ser A. ..1956 A
Mob A Ohio :;o!I tr g 'ls...l')38
Mem Dlv 1=15 s 4H'J-59...1996 >
77
85
78
81
N
M N
M N
A
D
D
O
RR
Sale
— lat cona g oa
Registered
9812
75
55
55
J
Southern
'19
CSlj
7634
W
M
.
7MI2
77I2
104
Jan'21
79
88
gu...l937 J
M
74
9812 Jnn'20
721a Deo'20
sue
1933
Int
W
M
ft
Due
July.
*
Due Aug.
Due
SOif
gi>4
80i«
80 >«
76%
87if
7II2
Oct.
84
OS
42
40
14
5
58
367j
15
8K4 Jan'21
9714 D-ic '17
8114
82
81
65
63
Oct
77%
100
6534 dale
96
65
R2'4
66
Jan'21
63
Sale
64
66
6412
9812
I
02%
67
71»4
00
Jan' 13
62 12
63% "24
6814
55
68I2
2
65
1
39l'>
64% 64%
68%
66
49% 61
64
28
30
205
52
Jan'21
May'2M
Nov'20
45
31 7»
49
62
64
90
40»4
67
69
98
101
8112
8II2
86-4
70'4 Sale
Deo '15
81%
80
89
92
83
Jan 21
Oot -21
84% S4%
N0V25
92
70^4
7OI2
70
90% 99
72 '8 aaio
"77'il
1
90
81%
83%
"74'%
"se"
89
92
81
13
71%
61% 73
70% 70%
72% 81%
Oct'20
229
3
91
73%' 127
7212
-87% 8ept'16
76
12
77%
a,
71
71
00 Oct 18
90
Jan'21
95
Nov'18
84
Jan'21
78
90 $
Sail::
8OI4
I
70
60
39% 60%
t8> 70
67%
49
'26
33
I
35
40
49
65
64
90
I
72
89 14
97
'43
68
58
91%
92*4 100
6878 70
81% 88'|
35
66I4
Jan'21
84
102
82
85
«7
'20
Jan'2l
Jan'21
67%
8
64%
77%
81
56'4
397«
21
Jan'2l
96
71
52
62%
25
97% Jan
67
77
64
47
65% 2<I3
49% 387
88
06
55
.351
88
72
I
61'i
7414
88»4
73
87l2
6412
47I2
88% 90
'76'%
71
75I2
:
Dec'20
01
65
78
31
I
Jan'2l
64
6II2 Sale
73% dale
87I2 'i.ile
84'4 ^le
48 dale
9712
43
U3i|
Dec 20
77
87
85i(
85
So Pac of Cai— Gu g 5.?. ..1937
So PacCoasi Istgu 49 g.. 1937 J
Tet A N O con gold 53.. 1943 J
1955 J
So Pac RR Ist ref 43
1950 A
Sia Fran Term; 1st 43
22 "941, io5'4
72I2 81
7714 Sale
55%
101%
76
W
N
82
74
70
70
76
J:in21
Dec
60
62
;t ioo'l2 103
67I4 80
77
(53
80<R
ei>4
82
84I4
49 Int guar. ..1921 A
dlv Ist g 68 '30
-A A
Istgu g5a
1941 J
Louisiana 'West Ist 63
1921 !
No of OaI .^J.i.r s 59
1938 A
Ore A Cal 1st guar g 53. ..1927 J
So
Jan 21
76
76
lat 8
Oon gold
Waco & N
fi3
4.5lg
7118
„
o 100
Dot 'M
7534
S6is
"i&
H4TO
6«'4
51
59'2
57
'20
'20;..
81>4
86
81
78
M
W T Ist g 58-..-1933 1"
guar 53 rod
Doc
8)
6712
53 '8 54I2
3,512 dole
40 " Sale
4912 Sjle
59 s 6712
6OI4
9OI4 104
GHASAN4&Pl3t 59_1931 M
2d esreu 5i guar
1931 J
Gila VG AN lat gug 5a.. 1924 «
Houa E A
6312
59I2 Nov'2(i
1949
82l|
HOIr 8«Ot'20 ..
83 Sale
67I2 Hale
41I4
40
62% 63
67% &i
P
90
78
Jaa
8OI2
60
r.)43
II igh
9814
'93
9Mj Oot
65
6a. 1947
Mort guar gold 3K3..tl92fi J
Through St L 1st gu 4a . 1954 A
46
32
l^eb'14
Dfif'19
G3l2
4 unifying .58. 19.52
Registered
51
31
1932
No. LoxB
Stfi'i'
102
52I2 59
63I2 Sjle
M
Dee'13
75
75
F
F
A
60
1989
.
Income bond ctfa.pl'jSO
Southern Pacific Co
Gold 4a (Cent Pao coll)..tl949 J
Registered
.41949 J
20-year conv 43
Bl92'^
193> J
20-year oonv 59
Cant P-ic 1st ref gu g 4j..194P F
Seot'17
88's
74I2
7612
1937,
N
6»l2
44
4S
Oct '21:
53^8 67
53 Is S.ile
525s
53'8
77
D"('-'2n
70
80
103
Sile 103
10318
122
Nov'ltj
10218
102 Got '20
lOO-'-s 103
76I4
7714 Sale
78
n2047iQ
a2047 Q
20«7 J
Ref A Imp 4 Hi aer -4
St Paul-Duluth Div g 48. .1991 J
St P 4
P gen gold 89. - . 1923 F
Registered certificates. .1923 Q
St Paul 4 Duluth lat 58. .1931,0
l9t conao! gold 48
19RSJ
Wash Cent lat gold 43
194S
Hor Pac Term Co Ist g 6a.. 1933
Oregon- Wash l8t4ref 4s
196!
Pao'fic Coast Co lat g 68.. .1948
Paduoah 4 Ilia lat sf 4^a..l95
Pennsylvania
lat g 4a..l923|lW
OonBol gold 4a
1943
Oonaol gold 4a
194S
Oonaol 4H9
1900 P
General 41^8
19fi5 J
General 53
196S J
10-year secured 7*
1930 A
15-year secured 6\i
1936 F
Aileg Val gen guar k 48-.. lati
R
A B'ge 1st gu 48 g 1936,
Pennsylv Co gu lat g 4H3.-19211J
Reglatered
1921 J
Gnar 3 Ha coll trust reg A. 1937
Guar 3 H a coll trust Sep B . 1941 F
Guar 3Hs trust otf3 C... 1942 J
Goar 3Ha trust ctfs D.. .1.944 J
Guar 16-25-year gold 49 ..1931 A
«0-year guar 43 ctfs Ser E. 1952
OIn Leb 4 Nor gu 49 g. . . 1942
01 A Mar Ist gu g 4H9...193.'5,IW
OlAPgengui^sSer A.1942 J
D
J
69
62^8
6412
Northern Pacirio prlof
I!3d rallland crant K i-i
\\i'il\Q
8718
Jan' 12
9'J''s
6318
s
D
58
50
July'l*^
70
45
"45"
s
O
o
o
66
39
43
1950
1950
ol949
1959
Ist 4 cons 6^ Scries A
1945
AtlA Blrm 30-yr Ist g 49. '193
Caro Cent 1st con g 43.. .194
PlaCent 4 Pen latcxt 89. 1923
Ist land grant cit g 5a.. 1930
Conaol gold 53
1943
Ga 4 Ala Rv lat on 59..rtl945 J
Ga Car 4 No lat gu g 53. .1921 J
Seaboard A Roan 1st 53.. 192" J
4812
6578
33
W lit g 43 bond ctfa.
lat terminal
SO
J
D
A
M N
M N
W
60
45
40
6212
*fi
L9
.
Grays Pt Ter 1st gu g
S A A A Pass Istgu g 48
Seaboard Air Line g 4a
Gold 49 atamued
Adjuatment 59
RefundInK 4a
Oof 17
49
Ocfin
68I2
6512
6tl2 Nov'iu
52
5212
106 12 May 1
87
July'lS3
Aug'i'
4012
4212
J
M N
J
M S
43..ffl992
40
47
42
OS
67 1.1
79
45I8
4012
3912
39I2
Jan'21
Jan'21
47
42
97I2
6554
Sept 20
48
42
67 14 Sale
64
.Tan'21
48
44
'VI
St
A o
Registered $5,000 onIy..[)1992
General 45
.1955 J
Norfolk Sou Ist Are: A 6s. .1981 F
Norfolk A Sou let gold 53 .1941
Norf A West gen gold 83
1931
Improvement 4 ext g 8-1 .1931 F
NewRlver 1st gold Ss
1932 A
A Ry lat cons g 43..199R A
aeglstered
199fl A
Dlv'l lat Hon 4 gen g 49,1941 J
10-25-year oonv 48
1932 J
10-20-year con v 48
1932
10-25-year oonv 4H9-.-iy3«
10-year coqv 6s
1929
PocahC4C]olnt4s....l94l J
lsti,'uargo!a6?.-1922 J
N
9912 Feb' 1
6712 Jun«'2i
78 '4 Jan'21
"2'
JaoM
6U
Providence Secur deb 4H..1967
Prov 4 SpringfleW lat 68.1922 J
Providence Term I8t 4a. ..1956
* Con East lat il/xa... 1943 J
N Y N O 4 W rer Ist g
Oonaol gold la...
J.i.n'21
Oct
Yt'tr
1920
98% Oct '20'
78 May'20
78
66
K
M
K C Ft 3 4 Uy rof g 49 !93'1
KOA M R4B l9tgii 53.1920
7Si2
P A
W
Nov'K
Nov'U
9112
J
1945 J
60
60 14
.53
78
73
J
J
62
2d g
J
A O
7112
9514
J
N
M N
7II2
9514
64'4
48
52
70
"98
—
95 14 June'2'
74I2
73
72
72
J
J
J
'
'95" "
50
60
M N
7112
RR 4
J
Peoria 4 Pokin On
J?
2d gold 4^3
N
61921
Pero Marquette Ist Her A 5M- 1!)58
J
Int Series B la
J
1958
Philippine Ry lat SO-yra f 48 1937
J
Pitts Sh 4 L E l»tg58
O
1940
lat consol gold 69
J
1943
Reading Co gen gold 49
J
i;)97
Roglsterw!
J
1997
Jersey Centra! coll g 4a... 1951
O
Atlantic C!ty guar 4e g...l95l
J
St Joa A Grand lal Ist g 49.. 1947
J
at Louis A Han Fran (reorg Co)
Prior Hon Ser A 4s
i
1950
Prior lien Sor U 59
J
1950
Prior lien Ser C 6s
J
192''
Cum adjust Ser A Oa
<}
^1955
Income Serloa A 63
Oot
«1980
St Loula A 9aa Fran gen 63. 1931 J
J
General gold .53
1931
8t L A 8 F RR cons g 49..199'^
Southw Dlv lat g 69... 1947
O Ft 3 4
cona g 8a. 1928
82
S
J
91
71
lat g 4a. 1938
Oau g(!0 4a. .1944
lat 8b g.. 1921
9312
13i
40
8
64
92'^8
Ist ooni) g 6s. .1932
4 W lat g 48. .1943
B ly 4 Bou 1st g 6b. 1924
73i,s
77I2
A
8912
P
32
.•^ale
70U
N
72 14
81 12
8II4
64" "75"
Doc'20
13018
7412
63Tg
72
67'4
N IV 20
.Iur21
May 15
82
3
3
3
77
4
92I2
82
98
A
J
8OI2
N0VI7
93
o
F
M
S
7512
9314
MiR 66 '8
79 's
50
lOl
103
45
40
RR
J
SO
88
75
09
.i,iir2i
80
J
M N
J
J
Aug'17
97I2 Jin'21
71'2 Nov"!
J
193f J
194^ J
N
Con3o!43
113
44I2
193(i
48
1954
43
195.'
4b
195'
43
Ist 43.195B 4 Y Air Llae lat 43. .195.'
Oent New Eng 1st gu 4a.. 190'
Housatonlc Ry cons g63_. 193'
Hsugatuok
Ist 4b
195'
Y Prov 4 Boaton 43...194i'
HYW'ches4B lat Ser iHa'if
Boaton Terminal l8t 4s. ..1939
Hew England cons 69
1945
H
94
09
0518
973.1
J
Oona Rf non-conv
Non-conv deben
Non-conv deben
Non-conv deben
aarlem R-Pt CUes
8odU8
Sunbury \ LdwIh
7312
7312
89'2 Feb' 16
6912 Dec'20
"I's
98Ik
A o
195-'
195. J
196'
48
49
94 iR
A o
M
N
8711
8II2
Nov IS
79
79 Is
85
o
N
.«192'-
Hartford—
o
F
McK * Y l3t eu 6J..193V J
2d guaranteed 63
193'' J
Woat Sbore Ist 4a guar. ..2361 J
Registered
23fii J
If Y O Lines eq tr 6^..1<)^0-2i
Equip trust 4Ha.. 1920-192." J
Y Connect l8tgu4H8 A. .195? F
YNH*
...
70
1*1
19<)t A
ad gold 9m
Dtioa * Blk RIv gu g is.. 192^ J
95lg
L
liangf
Aa^
tatX
Aik Lorn
Btd
0|
Phlla Halt
U N
N)v"l('
74I4 Sepc'20
6818 Mar'2U
71
71
J
8
—
O 8t
15
Mangt or
4
fell
89
82
7Sig
5^:
74ig
Dec '20
May'2u
85'>8
con g 4Hs...l9'll J
Og*LChara lBtRii43g.l91>- J
Rut-Canada letgu g43. 194^ J
StLawr* Adlr l3tg58...19Ut J
Feoaiylvaola Co {Concl.)
Pr<e«
Friday
71.'S
Nov!'.
69
3
60 i
03 14
8II4
S.ll"
Htoft
86
85
74
48
62
1
72U
M
Ist
4L
88
83
Hule
1920
No Lov
Auk'20
Hill
J
W N
DeD«aturo 4b
1931
Judo RRguar I8t49..193i
Y 4 Harlom g 3^8
2000
Northern 1st g 6a. 1923
N Y * Pu l8t cons gu s 48-1993
Wne Creek reg guar 68... 1932
r>97s
65
N. Y. STOCK KXOHANOE
Week ending I'cb. 4
Yf.iir
OSI2
8812
S
M
IV J
If
8!)
H-.i
N
M
J
Begiatertd
I93i Q
*e
1940 J
Reglatered
1910 J
Ist gold 3J<8... 1961
lBtgold3S^8
105^
20-year debeoture 48... 192C A
If Y Ohio 4 3t List g 4a.. 1937 A
Boglsterod
1937 A
If
OS
|3
Hla'-
nil" Halo
Pitts
Pitta
:
2^
BONOS
fl'ingt
ItariQi or
1
BsKlsujrod
N
(FMt'l
1
Friiav
r,h '
52
4
n Y cent A H R KU (C'oa) —
Rntland
A
New York BOND Record—Contipued— Page
BONDS
Y.SrOUK KXCHANQK
R
—
2
'
78»4
92>4 117
I
66% 78
72%
87
96%
94% Dec
85
94
84
«7
81% 85%
82% 82%
84% a3»4
97%
93
Mar' 19
96%
90%
74%
86
82% Aug'20
86
8212
6014
I
Sept'20'-
85
95%
90%
9'Jl2
S.ue
Dec'20
"20
83
89%
90%
89 '4
90
96
Apr'20
36
86
89
2
80% Aug
90
83I'.
76%
8i
Sale
71-8
Sale
77i(,
71
86%
9538
91% 93%
85% 937»
80% 83
Julv'l'-^
'
777g
122
71%
72%
88%
7
^
96
96
'20
7634
"~
87
9538
.!an'21'
"68
"79«i
627g 73%
71
90
77
84% Oot '20!-84% 84%
74'
59%
61
65
I
59%
Salt
60% 59
531?
83
6(
82%
80%
89
69
47
Sale
70
86
81
91
26;
59«4
83
69
83
69
20!
61%
70'4
82%
J:in'21
76»4
86
73
D9C'20
74% 81%
81% 89%
91
8934
69% 70
Jan'21
0^
81% Mar'16l
63%
67%
67%
89 dale
89%
89%
89%
89%
88
87%
87%
49
98%
93%
75
58
57
99
56
69
'fto'i
'67
"
89%
79%
81%
48%
Nov'20
98%
96
8.6
877g
98'4
8^
>8
90
92%
91
90
53
100
96
987s
ei% 60
98%
89
53
66
96% Jan'21
80% May'20
66
88%
62%
90
7138
90
"87'% "g'l"
Nov'20
Feb.'2"
60
J:in'21
Dec '20
Dec 20
61
68
66
Jan'21
79
55
85
9414
65
80% June 2L
70 Oot '20
85
85
81%
85
67
81
72
85%
71%
81
50
72
::-
71
86
70
80% 80%
70
83
74I4
81
SI
70
79
80
62%
J;ia'21
July'.^0
85
85
86
70
7539
35
Deo'20
65% Deo'20
106% Nov'04
92% 88
Jan'21
97
70
D60'20
75
65% J:in'21
65
90
75
65
90
84% 90
Jan'21
Jan'21
78% 80% 80%
48
60
88% 95
89
80
Jan'21
Jan'21
90
98
88
97I8
80% 90%
.Aug'lii
35
65%
87%
83% 93%
80%
70
65
82
66% 71
80% 89
69% Jan'21
62% 73
84
80
26
36
.
78
4534 Sal
15%
65
75
44
83
83
76%
15
85
81
Sale
83
Sale
;78
100% Sale
7734
9834
Dec'20
Feb '13
81% Oct '20
4534
51%
15
15
Nov'20
Dec
52
82
Sept'20'
78
Jan'2l|
8334
'20
85%
79
14
16
41
O
98%
1
2
148
9034
81
90%
Feb'18
89
74
72%
72% Jan'21
J:in'21
{Due
62
77
78
s'
67
p Due Nov.
63
74%
7734'
7734
16
15
72
79%
98%
90% 95% 90%
78% 79% 78
95
91
90%
73%
62
s;
99
15
15
63
77% 85%
Jan'21
100
81%
42% 66
74
23
4
15
63
75
83
77
100
85
(
—
1
887«
81
103
66% 81
963j 101
93
82
74% 88
66
95
84% 92%
—
-.
Dec.
3
Option
saJa
549
New York BOND Record- Concluded— Page 4
STOCK EXCHANQE
T.
Weak
e:iUiuB Feb. 4
£M
& P
Vara Cruz
Rang* or
Fridau
h\b. 4
1st gu 4>ia..l934 J
1U')2
Vlr*;liiiau lal 611 serlev
1939
Wubasb l8t fold Se
So. Low
Aik Lou
23
2'
M
M N
A
Salt
I.iut
It.
STOCK E.XCHANQE
Y.
Week ending
Hioh
2S
20
;
Hih 84U
Tihi
>'6.s
89
78
79
Ti
A
l'J31i J
Uebeiitur.^ eerlcD B
11>21
l3t llenciiulu » '<• S 6a
toroj 4a. ..1954 J
Ist Uon50-yrK
t'st iKf k5b
Drt
19411
O'.s Moines lUv iBt B 4s.. 1939 J
J
AdamM E\
S
97
Alaska Gold
J
1)2
J
KU
55
53
55
M
ACh
Om
g3HB
lolACbDlv s4s
niv
iy4llA
1st
1941|IW
Wi'.sh Toruil Ifit L'u ;iHs
iBi 40-yr Kiiar is
Wpst Murylabrt lat u 48
.t Pa Iti K 5s
West
F
194,')
194r,|F
Wheel
ti9
79
-.i
5334
81
91
Chic
66
64
63>2
-
a
83
Salt
7678
HS
o
85
Nov
M
...
192S'J
I1'3U F
A..i',>(!()|M
1940
iBt consol 48
J
A
S
s
J
J
.
N
_
75
48
54
69
68
6a
1941
20
90U 95
72i«
„
30
A
M
M
Purchaao money fia
1997 A
Convertible deb 6a..
1925 M
Ed El III B&n l3t oon s 43.1939 J
Lao Oas L of tJt L Ref A est r,s "Si A
b/IUwaukee Gaa L Ist 49
1027 w
(Newark Coa Gas g 5.s_
lOl.S J
li
YG E LH 4Pg68
194 ^^ J
Purchase money g 4b
19K) F
Ed Klec III Ist cone g .'*..i00o J
1 Aij EI LAP 1st con R 59.193(1 F
G 4 E Co—Cal G A E—
4 ref 5s... 1037
P-iClflc G 4 E gen A ret
.1042
PfcO Pow A Lt Ist 4 ref 20-yi
63 International iSeries... 1930
194!i
Pat A Passaic O 4 El o9
If-iCiflc
Corp unlf/Iag
.'^a.
M
J
P
M
Peop Gas ft C Isc cons g 69. 1943 A
BefundlUB gold 6s
1947
M
Cb G-L A Coke lot su
Coa G Co of Ch l3t Ru g
5s 1937 J
5a 1930 J
Ind Nat Gas A Oil 30-yr 68 1930
Fuel Gas Ist ga g 59.. 1947
ETlUadelphla Co "onv g 6s. .1922
Stand GaB A El conv s f 63. .1920 J
Byracise LIshtiag Ist r 53. .1951 J
•yracuse Light & Power 59.. 1954 J
t-
M
M
M
Mu
69
30>a
1
83 14
80 >4
85'j
9y'-8
6912
7912
77
85 14
87
87
84
Sale
82
74
86
85
85
87
70
94
70
95
811s
76
BUg
83
Sale
80 Ik
80"?
10112
8I34
Sule
84
79
'8,S"s
6838
6912
8212
"9234
85
68I4
-.1980'
"93""
7834 Sale
7618 82 14
07
A
3 Smelt Ref
IW
821-.
79
86
80
871?
70
951?
95
90
87
1
79
95I0
i-2\
707^
91
1
6418
85ii>
90
92
77
8978
2
73
68
1
8')^s
7514
87 >»
85
!
821"
"17
Apr
.
1
841?
85
—
S0%
1
83
4
7434
68
6
58U
71«4
89
May'20
7812
81
83
83-8
77
78
79I2
721
Deo2U
,
20-yr p m A Imp s f Sa
Buff A .'9usq Iron a f 58
Doc'20
Juiyi7
76
105
84
7T,U
66"|
1
Jan-21
Nov'20
Apr '17
Mar" 17
1
84
57
70
70if>
.SO
'
May' 19
91^8
2
92
N()v'20
85
85
801
70'i
67I2
Nov'20
80^4
M'ir'20
and asked. aDueJan. ADueAprll.
.
'
V.>Ai IW
193i) J
1032 J
Co lat gu 68.. 1022 J
Colo F A I Co gen a f 58
1943 F
Col Indus 1st A coll 59 gu..l934 F
Cons Goal of Md Ist 4 ref
Elk Horn Coal conv 63
Illinois 3teel deb 4Ha
63 1950 J
1925 J
1010 A
Indian;! Steel let 58
1052 in
Jeff A Clear C A I 2d 6a
1920 J
Lackawanna Steel lat g 68. .1923 A
lat cona 69 series A
1050 IW
Lehigh C A Nav s f 4>i A.. 1954 J
MIdvaleSieel A O couv sf 53 1930
Ploasant Val Coal lat s f 5s. 1928 J
Pooah Con Collier l8t a f 68.1957 J
Repub I 4 S IO-30-yr 63 a f.l9IO A
St L Rock Mt 4 P 68 stmpd.lO.ifi J
Teun Coal I 4 RR gen 69.. 195 J
U S Steel Corp /coup...Jiy63
8f 10-00-year 63 rog
(11903
Otah Fuel Ist 9 f 53
1931
Victor Fu:I lat s f 5s..
1953 J
Va iron C'al A Coke iHt h 5^ 1940JM
M
79
70 -^
95
«DueMay.
95
9
8-114
1
23
70
88
86
..<
--'
7.512
8618
63
751(1
63 3«
6934
90
99
Jan21
Dec'20
02
8734
00
89'>8
89
8J
863g
^«
3
28
I
I
'
8OI4
'>»'*
7«
18
96 >4
9OI2
94
? 87^8 "00
6 88
99'4
10 7..,, 89i!
75
75
81i»
77
119, 70
78
117
Jnu'21 ..
119
;ill7
69
Dec' 20
74'»
73
74I2 Jan'21
827«
73
91
91
OO's 97
70
Dec'20'
8178
68
67 86
97I4
91
9214
73I2 Dec' 18
75
73
7778 Sale
77
74
70
94I2
Sale
91
89i2
9OI4
95
8378 Sale
77
72
I
'
—
1
'
70U
8212
"74"
897g
9OI2
83
77
83
N
J
J
N
J
N
J
D
H
D
D
N
D
8
J
J
"
76
9514
Jan'21
Jan'21
89
91
70lj
97
I
52
Jan'21
Jan'20
95.1s
Jan21
107
I
104
8178
8334
104
83
91>8
Dec '20
88
Dec'20
I
75
87
87
95I4
8038
Sale.
95I4
95I2'
89'8 Nov'20,
83
86I2
1
I
82U
63
'85' '90'
86 '» Nov'20l
87
94
9314
9314
0434
95
94
Sale
9812 Siile
88I2
89
831- Sale
78' 80
861
8312
9734
771s
99
92I2
93
78
96
89
83
301
;
tr
9834
105
87
951?
89
89l2 101
921s 97 U
96
96
973»
I
8678
l8t 5s
A. 1041
1937
AT Istsf 59.1941
tr cur 5a. ..1938
4a. ..1050
Tel gu ext 58
1941
Northwest TpI gu -i 4 s e .I'l'O
real est g 4
89
851s
1
74
^6
•
23
7214
8312
I
2
"94'34 Sj.le
75%
9al6
76
7U
Sale
80
7334 83
86I2 Sale
71
95"
"94I4
76
Jan 21
78
Nov'20|
85
'26'
773s
80
8612
83U
71"
94I4
991;
8312
85i2
78"
15
18
77381
75
83 12 Aug'20,
"82'l2
'8912
71
!•
•
"ill
Jan'21
8018
96
67
80
93
881-
99»4
99I4
88
><U
80
J
52
S
84
93'J
I
O06'20
Jan'21
J
J
85ig
95'«
76
63
70
•
J.in'21l.
4fl...l920 J
1st 7s
96
95
70
74
.
73
60
81
h9
8434
IO3I4
8534
8512
80
'«
.,3
Jan'21
7912
87
88
i96
99
Dec'20
1
68
\
93
1,
Jan'21 .---I
9.I4
27
93 '2 July'19
84
85 :s Nov'20:.
Dec 14..
101
7812 78
Jan'21
70
63ii Jan'21
73
7312
Feb' 19
98
Sale
82
SO^s
91
91I4'
9II4
76
86
87
74
95
70
Jan'ai'
58
8478
9734
'
7818
,11
9934 153
92I2
2
I
93
9434
981s
971J
961*
9312
90I2
93i!
88
11
10
92
88
91
I
9II2
-
84I4
9918
86I1
81
19 9934 111
891,
70
110
100
92l->
8414 Sale
99I8 9812
78 Salt
99I2 Sale
1005R
7II2
9912
10134
Nov'18
74
92
..
100
83
Dec 20
9II4
90
'
Jan'21
Sale
67
J
S
,
58
92
85
D
A
A
91l4
897» IOOI4
11 H'lU IOOI4
9OI2
8134
96
74I4
100
82 14
108
106
8178 Sale
04
90
92
88
8818
Sept20
8
99I2
83I2 80
Sale 106
Sale
82 14
J
N
N
9312
10034
10034 10034
94I4
South Bell Tel
WeMi Union coll
Mut Un
68
7834
94 '1
80
Fund A
Jan'21
83I4
78I4
7514
9434 dai=
Xorthwesfu
1
03
93
Jan'21i. ::-!
951s '206
M
A Tel
581:
86I2
91
81
O6I4
8714
14
88 -s
& Telephone
T
83>l
71
88I2
70
947«
s 1..
N
M N
M N
1
Bell
86
70'2
Apr'14
June' 16
65
60
1
9514
95
8»
703,
M N
—
Pacific Tel
74
41
1920 J
7034
July' 19 -- ..
Oot'20
IW
Keystone Telephone l3t5s..l035J
Mich State Telcph lat 53. ..19241
N Y Telep I9t A gen H f 4Vi9, 1030
30-year dehen s f Os.Feb 1049
92
91
2U
Jan'21
9012 -- - 90
6SI2 75
66 -s
8912 88
88
101
IOOI4
10014
J
AT
1
O
D
O
Convfrtlble 48
103;; IW
l'J33
20-yc:r conv 4^8
30-year temp coll tr5s
1940 J
7-vear convertible fts
19251
BeU Teleph of Pa a f 7g A -.1945 A
Cent DIst Tel 1st 30-year 5a. 1943
Commercial Cable 1st g 43.. 2307
ReglHtered
2307
CumbT
Ist A gen 59... 1037
89
J
J
Am Telep A Tel coll
773s
N
N
A
A
83
1
,i.wr2i
A
J
9OI4
1
O
D
-jl920 IW
M
Telegraph
11
1931
..1935
7a
Si| 1st 7s
Coal, Iron & Steel
Beth Bteel 1st ext a I 53
let Ar<!f 5s guar A
Cahaba
A
J
M conv 68.192«i
Debenture 6s
O6I4 102
Jan'21
Jan-21 ....
9012 100
Feb
89 14 Sale
86 Sale
J
1030
M
EA
Wastln!<h
90
82
76
120
9612
Industrial
A
7'/ii8
|
Sale
85
87
91
86
88
62
79
00
94
Jan-21
65
70
61
1030
Wlokwire Spen
(
80
....
Stamped
Union on Co
70
66I4
80
58
70»4 Nov'20 - ___'
6710.Aug '20 --._'
9838 Oct '17
Tf.
.- _ -
83
60
84
70
100
89
75
1
'g'o'i"
5
8912
67
7812
7334
5
'20
"20
Jin'21
94
92
Dee-'O
73
Jan-21
72 14
7212
95
fis.
lOO's
85''8
8314 Sale
77
7
]
74I2
V3iK
91
69.-1951
10-yoar
1
87
A
87I4 Sale
751/
70
79
SO
!
—
3
70
Sspiig ..-.{
91
92I2 Dec'19
8II2 Se|)f20
8II2
88
.1
&
165
I
80
76
83
94
77
827|
70 1 J SSH
1^ UKI
106
i!7. 88
108
7334
Hiil» s.tie
761g
79'|
82
22
96
82
A
5a
f
66
May"20
Apr 20
92
95
82
-
85>2
673g
*»le 103
Sale
94I2
72''8
H ile
80l2 82I2 82
. .
tt3
66
817g
10134
2
88
7934
Mar' 18
'
65" Sale
50
621s
June' 19 .-_-
82
80
68
1
86
86
8912
77
Ist e
Nov'JO
99^8
rtlca Elec
*P
Jan'21
74
80
88I2
8912
96 14
&
55
I
8ll2
....
73
60
841(1
17
71
9tu
73
05
10
'04
I
8II2
M
.J.J
8934 Sale
87
lat
69
8O34
Va-Caro Chem let 15-yr 68.1023
Conv deb 6s
el924
West K'ectrlc lat 6s Dec
1022
65
701;
72I2
811:
07
8II2 Sale
Air Brake Ist conv 6s. .1938 IW
atandird Milling lat 5s
1030
Sto:-I & TuboR-n.s f 7ssor C.lO'il
anion Bag A Paper lat 69.. 1030;
U
Dee 20
74 12
1032
1951
Nat p;nam A Stamps 1st 53.1029
Nat Starch 20-year deb 58.. 1030
National Tube Ist 58
.1042
U
68
717»
80
70
82
of Cal let 59. .1031
S Realty A I conv deb g 69 pi24
3 Rubber 5-ycar sec 79
1 022
1st
ref 5s series
1047
35
31
8912 Sale
84
84
93
72
63. 1032
471)1
V
69"i2
8OI2 Sale
M
37
56'.i
Feb'lSl
85
....al032
Ist
50
63 14
4
86
82
SO
80
I.
19'i
86
79 Apr
:'::::"'i 95I2.Apr
70
04
80
74li.
1
79
75
M
price Friday; lateet bid
651s
371?
94
30 '4 Sale
85
67
7812
74^4
49 oor 2.1900
NY
19
Traaton G A El Ist g 63.. 1949 M
O.'Jion Elec Lt A P Ist « 53.. 1932
Rofiindlni; 4 e'tenRlon 6a- 1933
Onlted Fuel G&s 1st s f 63.. 1938 J
Utah Power A Lt lat 5e
1944 F
*No
68
~~*
501:!
Duquosne Lt In & coll 6sl9)9- J
d;a U L N Y lat couagSS... 1932 IH
Havana Elec consol g 6s
1952 F
aadson Co Gaa Jat g 5s
1949 ivi
Kan City (Mo) Gas lat g 6s. 1922 A
StogS Co El L A P g Ga
1937 A
H
7I2
59I2
8412
103
M
1934 IH
Cuba Cane Sugar conv 7S-.1030 J
Distill Sec Cor conv Ist g 58. 1927 A
E I du Pont Powder 45^8. ,.1936
General Bakia;; ist 25-yr 68.1930
Gen Electric dob g 3)^9
1942
Debenture 59
1952
20-year deb 6s
Feb 1940
Ingersoll-Rand lat 59
1035
Int ARrlcCorp 1st 20-yr 6S.-1032 IVI
Int Paper conv 8 f g 5s
1935 J
Ist A ref 9 f conv ser A... 1947
Liggett A Myers Tobac 73.. 1044
69. _
1051
Lorlllard Co (P) 7s
1944
6a
1051
(.7
6Jli
5s. 1933 J
tl940
3
4434
1
45
M
'(1940
31
8
3
Sale
~
1927 i
B
32
I5I4
434
50
31- Sale
7S
79
9012 95
Stamped
1927 J
Columbus Gaa Ist gold 58..I932 J
Consol Ga^
yr conv 78...1925 Q
Oons Oas
P of Bait 5 yr 69"21
iJetrolt City Gas gold 69
1923 J
aeries
15
65
43 Ip,
|
6.^
2312
7612
Onion Tr (N Y) ctf3 dep..
EQult Tr (N V) Inter etfs
Va Ry Pow Ist 4 ref 5n...1934!j
Qai and Ei*ctrlc Light
Bbly Edison Inc gen 6s A. 1949 J
Bklyn Un Oas 1st sonn k 5s. 1945 M
ref
23
16
4
4
49 '8 Sale
67 '1
50 ig
H
<fc
75
20
Ry I8t4ref5s
1930
Ry Lt4 P Ist ref 58.1942
Portland Oon Elec 1st 5s. 1935
at Jos Ry L
4 P let r 5=.. 1937
8t Paul City Ca'j cons g 58.. 1937
fblrd Avelstref 48
1900
Ad] Income 68
al900
raird Ave Ry lat g .'is
irt37
rn-Clty Ry 4 Lt Ist s f 58.. 1923
CTadergr of LondOD 4H8
1933
Income Os.
1948
Onited Rya Inv 5b Pitta Iss.. 1920
Onlted Rys St L Ist g 4m
1934
St Loul8 Transit gu 5s
1924
amted RRs San Fr a f 48... 1927
1st
.
50
PoTtland
tr
Ist 25-year a
20
.
4^8
f
1
847*
Jan 21
M
Cent Foundry lat a f 68
1931 F
Cent Leather 20-year g 68. .1925 A
Consol Tobacco g 4a
1951 F
Corn Prod Refs s f g 5s
1931 IVI
20
Portid
Detroit Edison 1st coll
iBt 4 ref 5s ser A
1
4434
I512
Ij
11
16
58
1043 J
1939|j
10-20-year 69 aorl^s 3
Y Dock 50-yr Ist g 49
Manufacturing
- - -
4312
A O
f
101
66
4^
72 13
Am Agrlo Chem lat c 58
1028 A O
Conv deben 53
\
1021 F
Am Cot on debenture 5a. ..1031 M N
'47 A O
Am 9m A R 1st 30-yr 5s Bar A
Am Tobacco 40-yoar g 68... 1044 A O
Gold 48
1051 F A
Am Writ Paper s 7-fls
J
1030
Baldw Loco Worka Ist 6s. .1040 IW N
53 '2 Sa!o
57 Sal3
57 Sale
... 75
NY
1st 8
. ,
1
18'»
7012
M
Sal.-
16i2 3ale
Oertlflcates of deposit
80-year adj ina 53
al942
Certificates of dcpoelt
State Rys Ist cons iHa. 1962
li?t5s
-
5»...10!0
eoig
•
70
Ontario Transmission 5s
1045
Pub 3orv Corp N J gen 63.. 1959 A
Tennessee Cop Ist conv fl9..1025
Wllaon A Co Ist 26-yr sf fla-1041
10-year conv sf fia
1928
90
176
1034
90
Nor States Power 25-yr 5s A 104
Ontario Power N F lat 5s. . 1043] F
Sale
7512
N YRys l8tRE4ref48...1942
OolumblaQ&E
44
1
65 12
59
«— *
25
60
03
00
63 Sale
28"8SaIe
New on Ry 4Ltg6n4Hs-.1935
N YMunlclDRy Istsf 59 A.1966
A Co
Niagara Falls Power
Ref A gen Os
Nlag Lock A O Pow
57': Sale
19:7
1932
59 1950
N
45
Sale
73 ;»
02
iDterboro-Metrop coll 4Vi8.195ii
Certlflcatea of Deposit
'n;erboro Rap Tran 1st 5s.. 1000
Idaubiit Ry (NY) cons g 4.^.1990
Stamped tax-exempt
1990
Maulla RlecRy 4 Ltsf 63..1953
Metropolitan Str<}et Ry
Bway 4 7th Av 1st c g 53.1943
Col 4 9tb Av Ist (fu a 53.-1993
Lei Av 4 P F lat gu K 03. .1993
Met \V 8 El (Chio) 1st g 43.1938
MIIw Elec Ry 4 Lt oons g 5s 1926
Refunding 4 eiton 44s. .1931
Montreal Tram lat & ref 58.1941
Gas 4 Elec IstAref
Morris
29'»
Sale
Sale
51
IS
1951
1951
102K,
f
Mercan Marine a ' c;s.
Montana Power 1st 53 A
Int
72:-8
64
52
FtSmltb Lt4Tr Ist g 53...193C
Hud 4 Manhat 51 ser A
1957
Otncin
Stamped
Great Falls Po,» lata
V—
691
641s s^ui'
Stamped guar 4 Vis
Det Halted lat cona g 4Hs'.. 1932
'
aih
OOU
'»iH Sale
High
Oct' 19
81
s f 58... 1 027 A
Sta'n lat gu 4 48 A. 19631
lat Ser C 8^^ (otfH)
1903 J
Chile Copper lO-yi couv 78.1023
Coll tr A conv Oh KOr .\.-. 1032 A
Compullii^-Tub-Rec s f 08..1941IJ
Granby Cons
P con6BA 1028|WI
Year
1»20
High No. LoiB
Nov' 19
87
88
80
67
A
Kangt
V
18 g
Sale
Sale
15
41-9 '30 J
MSA
.... ..-90
Un El lat « 4-5s. . . 1950
Stamped guar 4-69
l»5t;
Slnga County E lat g 4<<. . I<.)4(>
Stamped guar 48
1949
Ifaaaau Eleo ru^it gold 4s. 1951
OAicago Rya 1st 58...
1927
latSu
84
60
4334
Bhlyn
Y 4 Jersey
921:
96
79
60l« Sale
IH'S Sain
M
84
OS
—
41
Adjust lacome o3
22
_
69
C & Conn Rya
Mtge Bonds (N Y)
OfrtllloateB of depo.^lt
Certlflcatea of deposit otrap'd
BkClty Ist cons 68.. 1916-1941
Bk Q Co & a con gu K So.. 194
- -
80
28
30
45
4 ref g 4 Hs
.
-—
Street Railway.
8ro<ikIya lliiuld Tran s 6s..l94o
liJl refund conv go!d 43
2002
3-yr 7% secured notes.. 1:1921
Istfis
M
W
M
ChlcUn
Wla3ton-SaIem H U iM
WIb Cfut 50-y let een 48. 11>4U
Sup A Uul dlv dE t«rm la: 4s '36
-V
'Hh
857»
192t5U
1st
47"
85
IslRoUlSd
Ry * L
68' 72
_
Aj», Low
Bid
M
63
20
4!<..lyiH)
.lonn
eo"-* "5512
Wukt
Manoi or
Lot: Salt
J
O
1034:j
Booth H-isherli-B deh a f ils. .. 1920 A
Hraden Cop
coll tr Bffl9..103l F
Bush Termlniil lat 4b
1052 A
Consol 5a
1956 J
Ilulldlnn 5.i guar tax cx-.l'lO) A
J
..I<1943
BklynQCoAS
_ .
88 k
M
dob Of A
Alluotlf I-rult conv deb 78
68
Sale
67
....
Sale
O
A 5H..194n
Elteu 4 Itupt solil 69
UetUDdlug 4 Vis Horles
KU
A
A
691s
8834
_
|
1948
1925
1920
coll ir « 4a
Conv deb 6s series H
Armour A Co Ist real c:<t
CI
ALE lst>:5s
l)lv
'.i
^
091!
1»37 J
1943 A
gold 4b
Iiicorae 58
let ger
(>
Sale
IMIscellanaaut
195;::
N Y
'..en
Weglcru Puc
Wbcellug
J
79
^
^a-
I
91
84
Sale
1
ivb. 4
Gai & Electric Lt— (C^iirM
ntica Oas A Elec n-t 5:.'
1957 J
Wertclunter Ltd gold 6i<
1950 J
1939 F
gold 5s
2(1
PrUt
Feb. 4
BO.NDS
Mnnoi
Year
1920
Wetk'»
PTtca
?f.
.
.
'^<^<=
8212
8212I
77I4
67-%
7884'
83
82
813s Sale
9512 !5ale
102 34 Sale
8534 96 14
96
100
6734
83
I
sr:
87
717s
623s
771s
80>8
72;'8
9334
997g
1027g
92
9'>34
69
S5
"Tg'i': 'so'
93
Sale
9012
9OI0 Bale
83^8
83
817s 82
SOI2 Sale
80 Sale
88
771..
"
99
Dec '20
81U 9«
O4I2
68:2
60
90
80
61
S
6
57
84
IO8I2
83
81
95
102
86
80
.
78'4 Sale
67*4 Sale
8212
72''8
Aug'20
60
6414
80
98
80
Apr' 16
70
88I4
82
72
82
Slij
Jan' 18
86I2
78l2
86I2
77
90
91
97
96I4
83
S3i2
82
85
1
135
7
64
Due June. ADueJuly. ItDueAttg. oDueOct. pDueNov.
N-
«
96A«
44-';
6
767s
78'4
4
701?
Jan'2l
8OI2
8OI2
7934
IOII2 Sept' 17
96
24
70
88I4
86lt
861,
8II2
'Ifi
Due Dec. lOpUonaaie.
2
2
550
»
2
1
BOSTON STOCK EXCHANGE-Stock
SHARE PRICES— NOT PER CENTUM PRICES
for
Feb.
J
;
S»a nait pa|*
Range for year 1920
Friday
the
Feb. 2.
Feb. 3.
Feb. 4.
1
Banei for Prniomi
Year 1919,
BXCHANQE
Th urndny
Week.
1.
I
i
1
BONDS
Record
STOCKS
BOSTOM STOCK
Saui
Wednenday
TuKSday
MoniUiv
Jan. 31.
Saturdav
Jan. 2Q.
1
LOVMl.
Rallroadt
214 Boston 4 Albany
2.'>S
Boston rcievated
Bitkui
Lomeu.
Bltkttt.
Shari*
128
128
(13
80
21
24
•27
•80
23<2
128
68
128
63
81
621
•27
•130
30
I28I2 I28I2
64 14 65
8OI2
2458
24
30
80
24I2
•8OI2
2334
26
•25
2434
•27
'130
127
•80
80
12812 I28I2
64I4 64 12
82
2412
26
130
30
'130
64I4
631
•8OI2
13
"23'4
23I4
2412
•25
29
Last Sale 130 Jan'21
29
" '.25
.25
.75
.75
.76
135
'130
75
•72
.75
1.30
130
•72
135
•72
135
75
Last Site 3I4 .ran '21
lM.',t Site 120
Nov'20
75
135
72
75
73
72
•41
21
4OI2
22
•70
22
•70
•19
•75
4'^
•41
5012
2
2
•72
•71
•19
•75
4T34
5012
•50
134
2'4
134
3
2
3
938
938
9I4
13*
3
10
9934 100
•>
9934 100
8312 84
9034 100
8434 85
•.25
4II2
411
5OI2
*ll2
12
•18
20
•18
•3
85
85
79
1
13
1218
I2I2
19
3
18
18
3I2
5I3
5
.75
I3I1
•414
2II4
.85
.60
•I3I4
.75
.51
1334
•I3I4
.75
13'%
412
.60
133s
•414
.60
I3I2
4I2
22»4
22
22
17
16
16
16
75
*70I'>
75
7OI2
4U
*4
22I4
*16l2
*70i2
•4
•22
22I2
17
17
*70l2
75
•16312 164
16
16
7I2
*7
163
164
18
»7
16
3434
201?
3434
2OI2
.15
*9l8
10
2812
•25
*4l8
21
1112
*4
91
91
82l2
ll's
8234
•121
122
*19
98
20
99
*90l2
9119
82^4
6II2
•9
10
*9
*27l4
164
ni2
82
6II2
20
99
98
4I4
I2I2
120
*19
121
10
35
21
*4l8
I2I4
III2
91
8234
6O34 611
11934 120
20
99
10
27
165
27
165
4I4
III2
* 1.384
17
17
*6l2
14
17
27
163
*6l2
7
*17
7
7
6I2
7
35
34
103
57
21
*.56l4
57
*20"'8
21
21
21
.3712
38
24l2
1758
1734
I9I4
38'4
24^8
1734
38
24
37I2
*24l8
I7I2
38'4
2434
1734
*33
35
10234 I03I2
1031
*56l4
•20
19
•1512
16
19
*15l3
I6I2
•25'
25
27
30
*
•20
•.75
•51
*.30
•20
21
31s
834
9
.04
16
24
30
I6I2
I7I2
•1634
I7I2
.95
*.75
53
*.25
*20
3
*20
21
8I2
•334
*.03
.01
245
3'4
8I2
838
9
.35
21
*3
3I8
81'
.95
53
85,
83a
.04
* 03
*246 249
10
*978
10
3378
33%
3312
678
914
2%
31
21
*3
67,
9I2
258
3I2
*178
2
*75l2
•20
21
3I4
II2
3I2
2
*.47
*5l
*75!2
678
9'4
*2'4
*3
2
*.47
51
*75'2
.75
5II2
77
20
..50
51
77I2
•3
2
4
*378
634
9I4
2I4
20
*3
*20
*3
338
*ll4
112
*ll4
*3
*2
3I2
2I4
3
•lU
1%
•lU
234
458
*2l2
4I2
453
•234
4419
•I512
3
46
I6I4
•40
8l8
1134
*.35
*134
1912
3
4612
4534
•1558
8I4
12
.50
2
I9I2
*43
83
4OI4
4OI4
84
*83
•.50
2I2
•4I2
2 Mi
3378
33^8
335s
334
4
334
4
9I2
234
3I2
91*2l4
3
9I2
258
3I2
2
134
2
.75
.47
7
3
3
*ll4
3
134
2I4
II4
3
*21'>
II2I
•Us
.10,
*.06
I6I4
16
134
234I
41,1
2%]
2
.80
13
2I3
413
2l8
• 11-
I
*.65
•I2I2
I
.50
prices.
*
35
134'
.10
4
334
4
2%
2
138
234
II2
1934
II4
II4
234
5
5
..55
2
2
.85
•.60
13
•.35
13
178
.75
6 Ex-fltocS dividend,
4
4I4
2I2
234
'
1
46
46
40
4018
81
1
81
8I4
8I4
'115s
1134
8I2
178
20
21
27
40
36
27
39
27
33
.50
II4
1
Last
Last
12
Latt
39
34
Jan'21
-4
lU
Jan'21
.05
4Is
.08
4I4
138
138
I'/s
26g'
2I2
23.5
.^.53
.56
21
I
..50
2I2
4I7
2I2'
5
4I2
I
178'
12
134
.Tan' 21
158
Site 2
Sale .75
20
975
152
170
Sale .48
d Ex-divldend and
4
Blower
5
Tndliiua
40<4 July
991] A-Jf
I>ec
Jaa
83
Om
16
Dec
Oct
82
38>i Sept
116
106
23
100
60
47
Sept
68
6
Dec
Oct
Jas
May
Jaa
Apt
JOBt
Mining
Mohawk
New Cornelia Copper..
New Idria Quicksilver..
New River Company
Do pref
150
165
642 Nlplssiag Mines
976 North Butte
4 Tunnel
Winona
Jan'21
rights.
« Assessment paid,
'
.
ft
Ex-rights,
Nov
118
15
6
Mar 23
6l«
36i2 Jan
4i|
36ii Jan
26
June
60
May 25
No>
Mai
67|
Juoi
No»
34
24
79
172
Jan
Apr
39
Oct
138
23i| Oct
Apr
28
Nov
164
16i|
Dec
May
47|
Jan
31ig
3
283sMay
Apr
88
De*
Dec
J«"
38»4
Not
88
Mar
19
2334
10
25
1
25
25
10
10
25
25
25
35
146 14 Dec 30
85 Dec 3
13 Nov 17
1773 Dec 29
19i2Sept 7
6 Nov 19
Dec 22
27
97I2N0V 13
50
Dec
21
Nov
Dec
15
I412
14
I9I2
27
25
15
15
2
514
1
5
21s
25
25
25
1'2
II4
5
25
25
25
5
5
100
100
1
1
28
25
25
25
lis
90
f
13,
3'4
134
I4
10c
6
7
Mario
1
Dec 30
Dec 21
51
7\
2i
8
ISc
Dec 28
Oct
i Ex- dividend.
1
s
Sept27|
Jan 3
Apr 20
Jan 27
25s Jan 23
3712 Jan 5
68 Jan 3
Jan 3
85
Jan 5
58
Nov 11
Jan 7
Apr 15
25c Jan 10
Jan 7
6
8i8 Jan 29
2
2ii
2
23
6
Jan 8
Jan 7
Jan 10
tljMa'22
wHalX-pald.
21, Jniy
Apr
Feb
18
Nov
ini
Jan
9rto
1^1
62
Mar 480
36'.,
Mar
20
Marl
Mar:
62
July
Jul»
July
141,
De«
July
Jul7
Oct
6I4 July
May.
20c Feb
oijj
July
May
75^
Jul?
2
Mar
78
24
July
Aug
21
4
50c
42
Jul-*
May
May
3»4May
Feb]
Feb]
Apr
Apr;
,':,f»4
July
8t,- Ju'J
Jan
Oct
99c Mar.
Jan
3
4i
July
I
3i!
I
Apr
Apr
Feb
2
21g
4
2
Jan
21s
Feb
Feb
14»4
81s
Jan 10
Oct 21
25c Sept
July
91
IJgMayj
8
Oct 16
31,
May
89
Deo
Jac 6
3h Jan
72ii
Apr
8
Feb 20
3
9
Mar
2
4
4
Dec
Feb
Jan
Jan
12
39
1«4
1
J'jy
Jolr
12U May
9»4
42oNovl8
00.
25
83
350
Aug 7
Dec 29
212
43
491s
23
Jas
>fOT
211, Jaij
20!>!l
Aug
Mar 27
12ij
Mm
66
31
6
20c
33o Dec 2
1%
741,
10»4
5
74 Jan
48
95
Oc'
Not
7
Jan 3
Jan 21
e5g Jan 3{
IU4 Jan 3!
7)j .Tan
Not
May
150
10c
32ta
3
72
24
Oct
De«
Mar
.50
62ij
8O0
3o Dec 23
234
Jon
Apr
214
478
Sig
Oct 14
Dec 17
15 Dec 22
20I2 Dec 29
34'' Dec 21
2534 Dec 21
12i!May 24
50c Dec 28
De«
May
May
16
Jan 5
Jan 14
21lj
1
Dec
Dec
37
33
60 Sept 22
82 June2l|
38 Jan 3
5 M,a7 34
Dec 10
Dee 30
7
8
991»
18
691,
361^
27I4
69I4
18
Feb 27
Jan 3
»4
I214N0V2O
Not
Mm
28
17
Apr 7
Jan 26
4
35o Dec 27
21 Mar 12
Feb 16
79
199
Jan
Jan
July
Jan
?5l8 Oct
7»4 Jan
fligMarail
Dec 23
Feb
44
11
Jan
Jan
42
41, Apr
15'4 Jan
Dec 16
40 '2 Dec 30
July
Jan
Jan
116
52lj Jan
Mar 19
Feb
I2
Dec 31
Dec 31
Dec 27
Dec 17
Dec 21
Dec 20
72
9«
16'
Jan 2
134
250 Nov 11
Feb 13
39
75 Nov 11
15 Dec 29
Nov
Sept
Ja»
Apr 13
77
Dec 29
Aug 17
Jaa
Jai
jQDt
001
36
32l«
eisMarlS! 1078 Aor27
2c Oct 2I
40c Jan 2
200 Declli 409
Jan 3
IOI4 Nov 23
4018 Jan 10
6I2 Dec2ll
16ij Jan 5
Dec 21
25
48*3 Jan
3I2 Dec2ll
47s Mar
478 Dec 22
14U Jan
714 Dec 30
Jan
18
5I4 A&r
50n Aug 11
2
Mai
146
93
14
36
30
26 Feb 3
39i2June 18
33 Jan 21
Jan 9
35
32 Sept 20
Dec 231
Aug 5'
Dec 2,
99
83
Mar 10
23I4
44IJ
40o Aug 10
4OI4 Dec 29
20c Dec 21
11
Jan
47«i
19
Dec 17
Dec 22
Dec 30
Dec 23
Dec 13
Dec 23
Dec 29
Feb
80
67U Nov
Dec 71
BO
Feb 149
130
76
28
49
28
2278 Sept 23
12U Feb 11
Fe9
Dec
Nov
90
Jan 2
Jan
3II2 Jan
2512 Apr
49>4 Apr
133
Jan
15
21
32I2
8epi
858
16
55
-29
90
6»4
Nov 4
101
3638 Jan 3
34ig Mar 30
17618 Jan 19
99 Jan 12
Dcr30
Dec 28
9
Osi
681s
July
28«s
Jan 26
63
Mar
76
13812 Jan 21
19
Dec 30
8258May 8
5
Victoria
2>i
7
Jan 5
14»4 8ept 17
131,
Dec
Dec
Dec
7
Apr 14
29U Oct 9
Dec 21
Jan 2
45
Dec 31
80'} Feb 7
8i8 Apr S
Deo 22
4
lOisNoviS 3178 Apr 8
Olj Apr 30
12i2Septl5
891 2 Dec 29 lOHj Jan 10
88»4 Feb R
86 Nov 1
57 June 8
63«4Nov 8
6
920 South UtahM 48
25
.560 Superior..
Boston Copper. 10
1,815 Siiperlor 4
5
8.980 Trinity Copper Corpn
5
900 Tuolumne Copper
5
1,145 Utah-Apex Mining
9 ,990 Utah Metal
10
127,
SSg
6i«
15
25
North Lake
25
OJibway Mining
25
Old Dominion Co
25
Osceola
25
Qulncy
St Mary's Mineral Land.. 25
par
Seneca Copper Corp.. .00
10
Shannon
25
South Lake
252 Utah Consolidated
78li
10
I7I1
16
25
.
79
24
1
.
35I4
27
6
60c Nov 10
49o Dec 29
12 Nov 18
338 Dec 27
21
Dec 22
I6I2 Deo 27
82 Aug 10
140 May 15
15I2 Dec 22
Dec 27
8
323) Deo 14
1
770 Mavflower-Old Colony.
10 Michigan
95
Jan 6
Apr 20
Apr 17
Apr 23
Apr 14
Jan 3
38
AOI
AUl
A»r
Dec IO8I1 May
Feb 162 Not
84it De«
Jan
Dec 21 ij Not
26it De«
JSD
2
9I4
2ii
Ifl
No»
7I4
Jan
66c
Anr20
Junia
167
83
19
Doc 8
20
Mason Valley Mine
Mass Consol
250
8fl
Apr
Oot
lf)0»4Sept
Dec3o'
3'g D<sc
10|
377 Island Creek Coal
30
Do pref
100 Isle Royale Copper
Kerr Lake
150 Keweenaw Copper
InO Lake Copper Co
30 La Salle Copper
100
100
170
95
50
78ij Jul»
Dec
Dec
Dec
94
i71
Jan 6
July
Mar
697|
25I4
13i'Nov 5
1
14
5
740 Davia-Daly Copper
370 East Butte Copper MIn-..
125 Franklin
Hancock ConsoUdatea
100 HelveUft...
-
180
70
7i4Marl6
SijNov 4
Nov 26
Nov
Ic DwSO'
10 Nov 24
25
10 Daly-West
141
Oct
Fob
99H Mar
89»4 Nov
46<4 Jan
65it Jan
Apr 30
80
70
70
par
300 Butte-Balaklava Copper..
49 Calumet 4 Hecia
1,465 Careon Hill Gold
30 Centennial
281 Cop'ier Range Co
155 Wolverine
Wvanrtotte
I2I2
B()
Bingham Mines
Jan'21
111'
1
ao par
Swift 4 Co
100
25
Torrlngton
6
Twist Drill
Union
United Shoe Mach Corp... 25
25
Do pref
Ventura Consol Oil Fields. 6
10
Waldorf System Inc
100
Waltham Watch
Walworth Manufacturing- 20
50
Warren Bros
50
Do Ist pref
50
Do 2d pref.
Wlckwlre Spencer Steel
5
MInlnii
25
Adventure Consolidated
25
Ahmeek
25
Algomah Mining
25
Allouei!
26
Arcadian Consolidated
Commercial
Arizona
5,
Jan'21
21
Last Sale
*.08
,10
4
4
2I2
.50
2I2
II2
.50
3
46l2
50
115
Ja*
AC
Jaa
168
70c No^
Jai
11
Fet
30
Ja»
136
90 JUDI
110 Jam
No»
Nov
132
84
Jk>
38ii Jal7
Dei-,
3I1
2ig
Mar 30
Sept 27
86
89
86
27 1«
Dec 14
Feb 24
Feb 10
3o
100
100
ShawmutSS
Slmms Mafmeto
Stewart Mfg Corp
Jan'21
Jan'21
4I4I
*33
Last Sile 19
)
13gi
II2'
2
13
3
12
38
.10
41'
•
2I4
8II2
27
.08
21
2I2'
Last Sale ,50
.50
138
II2
..59
.59
*2l2
4I2
2l8
*ll2
31
8I4
1134
8I4
12
I8I2
*.55
*.55
111
*
*3
81
1814
II4
II4
2I2
.55
*2l2
*4l2
II4
ll2|
3
*40
82
I8I2
234
75
77
16
16
16
16
Jan'21
Last Sale, .95
39
3?
2I2
and asked
4612
39
33
2341
'*334
Jan'21
Last Sile II4
Last S lie 234
112
3
•io"
83
2%,
35
2I4
414
23,
.60
21
50
3
234
138
4
•.65
I2I2
•lU
3
46l2
16
II2
.75
33g
13g
3
2I2
4I2
46
91s
2I2
77
2OI2 2OI2
1934 20
Last S de 3
Jan'21
1934
•llg
75
4I4
46
934
258
134
2
2
Last Sale ,65 Dec'20
51
.50
501
51
234
3
II2
13
.75
75
21
20
634
634
918
212
134
75
338
112
7
3I4
77
21
II2'
•.60
13
2I2
5II2I
13»
5
9I4
51
*.06
2I4
678
7
51
II2
2
• Bid
33I2
4
.10
334
•II2
.35
3334
27
40
36
Us
'•Us
9
3I2
1934
138
II2
8I2
3334
27
1914
138
31
8
24812 248I2I 24812 2.50
14I4 14
141
14
8I2 10
10
I4I2
27
*181g
334
II2
234
14
2
201
I8I2
•.06
.04
*134
*32l2
•llg
•lis
*.03
.35
•18
40
.04
..50
27
39
33
•18
21
234
.03
.04
8I4
*19'2
20
3
8I2
9
I2I4
I9I2
.60
.60
51
50
35 Jan"21
8l2
8I4
29
40
36
30
834
12
*.45
*29
*39
*33
.75
2,265
120
201
17
17
54
100
15
8I4
249
439
20
8
.04
471
Dec 30
Jan 20
70 Juno 15
Dec 21
30
48 July 7
268 Orpheum Circuit Inc
1
28 Pacific Mills
10 Plant (Thos G) pref
100
10
Reece Button Hole
300 Root 4 V Dervoort CI A no par
24
30
9
2
*134
1912
20
25
8
8I4
*.35
19
I5I2
834
121s
.50
8l8
1134
1712
234
8
8II2
8
1134
86
29
40
35
•27
3I4
Ohio Body
451
3,.590
378
67,
458
*15l2
*.85
I6I4
21
234
377
Jan'21
20
Last Sale]
21
21
.50
42
2434
34I4
2I2
45
*.85
*.85
84
4%
3
20
51
61
1,321
978
4li
*234
3
.50
.95
54
125
6.59
38
978
*2l4
*ll4
*2l9
ISg
*2lo
.55
*51
*.30
248
10
33
4
28
1634
.40
I6I9
Last Sjle
*25
1710
*.30
16
20
*1634
54
211
377g
2434
I7I2
1334
I5I2
1618
27I2
I7I2
141-
•114
151-
163g
9A
14
*3
151".
27I2
1438
*3
*2
•.47
51
IIU
20'
"2.5'
1334
67s
9'4
238
19
*16
28
25
30
*.55
171
lOIg
I6I2
*
10134
2OI2
2II2
3814
2412
173,
1878
175s
52
280
July 21
K
6
37USept24
15
no par
50
Gorton-Pew Fisheries
25
Greenfield Tap 4 Die
Internal Cement Corp.no par
par
no
Internat Products
Do pref
100
Island Oil 4 Trans Corp.. 10
LIbby, McNeill 4 Llbby.. 10
10
Loew's Theatres
McElwaIn (W H) 1st pref.lOO
100
Massachuaetts Gas Cos
100
Do pref.
Mersenthaler Linotype
100
Mexican Investment Inc.. 10
New England Telephone. .100
Dec' 20
101
77
60
140 Elder Corporation
49
*20l2
3734
2418
I.5I2
191s
16
I4I4
*10
3378
•SI-
3812
247s
6I2
6I4
27
76
97
10c
Jan 8
Jan 2
72
75
Dec 23
Dec 18
Dec 21
1534
Mar
Mar
11
Jan 12
08
32
Oct 20
SOU Apt
Dec
40
130
Maris
132
80
Jan
Oct
Sopt
Apt
146
D<»c
Miscellaneoui
pref
Edison Electric Ilium
Sepf 20
2OI2
56
.55
2114
3734
24I2
I7I2
*20
245
247
14
57
-.56
27
30
28
*50
.40
w^^^
2OI2
*20
.95
*.03
•245
19
*1.5l2
Ifi
•2.5"
54
278
8I2
*834
1738
I6I2
f
I7I2
I7I2
561
2434
19U
*16
'
•16
10114
17
18
7
Last Sal
IOII2 102
34
2678
Jan'21
18
14
6I2
7
32
*32
102
56
*34
103
sue
17
"17
2634
SUe
>
18
Ian 30
65i8 De<-28
Oil Eni?lne€rlns:
Do
19
194
163
Last
190
564
100
Nmv
Oct2i
49
143
260
7
750 Dec 30
50
pref
40
100 Doc 21
3
130
9
Bept 14
Dec
38
89Ii N')V
JRI) Vi8
l.i4
iia
62
86
3
Out 26
68
Dof 211
Doc 30
I312
25
Nov
134
17
Miiy25l
7412 Doc 28
10
Amer Pneumatic Service.. 25
Do pref
50
Amer Telep * Teles
100
Amogkeag Mfg
no par
no par
Do pref
Anijlo-Am Comml Corp.no par
10
Art Metal Construe Ino
Atlas Tack Corporation. »o par
10
Beacon Chocolate
10
BIgheart Prod 4 Ref«
Boston Me.x Pet Truufcean^ par
Century .Steel of Amer Inc. 10
Connor (.lohn T)
10
East Boston Land
10
Eastern Manufacturing
6
26
Eastern SS Llnee Ino
353
69
6II2 62
62
120 124 120 124
Last S'lU igi' Jan'21
99I2
9Si2 9934
98
List Sale 10
Jan'21
27I4
1,10
82
91
82
82t4
245
9II2
1138
6II2
1334
14
18
*133i
418
I2I4
III2
12
91
91
82
Last
1334
4ig
438
I2I4
1134
12
60
Am
166
35
21
9
9
Last Sile 2812 Jan'21
43s
121'
1112
91
82
35
21
35
21
10
9
9I4
9
27
165
85
27
164
85
27;
164
16
28l2
9878
10
16
2OI2
9
19
20
99
9812
*9
16
35
*23l2
I2I2
III2
62
123
01
*v.n
*27l2 28
16212 16212
9I8
28
.75
.50 .60
..55
.70
I3I2
1338
1338
1338
Lrst Sale 4
Jan'21
21I2 21I2
2II2
21
I6I2
I6I2
List Stle 70
Jan'21
I63I2 I63I2 16218 164
17
16
17
List Sale 734
Jan'21
I7I2
7I2
*34'4
2OI2
413
1,341
75
164
7
21
*25
4I2
I2I4
1134
163
86
85
.75
I7I2
16
3tl2
9I8
2812
*4l4
I2I2
1134
9112
8234
6114
164
17
8
34I2
*20l2
21
10
*9l8
121''
•9012
8212
6II4
8
35
*25
438
•1214
162
*16
*7
60
151
2,401
I8I2 I8I2
18
18
Last S'lle 378
Jan'21
5
5
22
.•65
355
335
9934 100
85
Do
69
Fob
119
60
100
100
Do Dref
100
Boston 4 Maine
100
Do pref
100
Boston 4 Providence
100
Bofli/')n Suburban Eleo..«o par
Do pref
»in par
Bost * Wore lOlec pre.a« par
Ohio June Ry 4 U 8 Y
100
Do pref
100
Oeorcla Ry 4 Eleo stampd.lOO
pref
Do
100
Maine Central
..100
N Y N H A llartfora
100
Northern New Hampshire. 100
Norwich A Worcester pref- 100
Old Colony
100
Rutland pref
100
Vormout 4 Mafluachuootts.lOO
West End Street
50
100
.75
I3I2
41,
.85
5
234
9I4
41
Last Sile 80
Jan'21
List Stle 15
Jan'21
I2I4 14
1214 14
.85
•.75
5I4
234
9I8
9^8
85
3i2
5I4
•3
5
*.75
3I2
3
9978 100
.25
20
4
•37g
2
9
9958 100
41I2
51
50
51
•258
*I8
13
1
•50
876
72
Jan'2I
Jan'21
Sile 20
Stle 75
41
4134
1'2
12
13
1
2134
7612
•.25
•.25
•I2I4
71
List
Last
41I2
103
74
74
72
76
72
•
1
70
79
76
75
80
85
84
201;
76
75
22
234
•914
2^8
91
2^8
•9I1
2OI4
•19
•75
5012
134
2034
Last Silc 70
Jan'21
4312 43I2
20I2
1<)18
1834
20
Last Sale 74
Jan'21
43
•71
in
4II2
5012
501)
43
•4114
5OI2
76
75
22
«72
•19
*75
721
2118
43
2OI2
21
87
76
•73I2
•42
43
19
73
Oct' 19
La.it S-Ue 10334
40'2
226
9
40
393
•334
•130"
•72
126
61
126
127
6414
Mar
May
87s
67>4
SI4
f'l.iMar
2»s July
7«s July
61, July
4%
Ooi
July
13I4 June
10
July
July
29U July
121s July
10
83
Feb
28
Mar
Ooi
87
Jan
Not
131s May
Feb
Apr
20*8 July
414 July
40
Mar
Mar
Mar
Mar
Mar
13
Jan
9
25c
76c
sots
45
52
Hj Mar
49c
8c
4
1
71o
Jan
Jan
Mar
Mar
Dee
U4 July
521s Ju!y
July
July
July
261s July
414 July
73
83
75
31s Jun«
60c AUS
llU Jun«
5% Not
2% Sept
3S8
1>4
May
71s
II4
Jan
Jan
12«« July
lU Mar
4<4 July
60c
16
40c
Jan
Mar
Mw'
Jun«
5
July
July
July
iiv. Vf«*
8
81
I
THE CHRONICLE
Feb. 5 1921.]
551
Fridag
Outside Stock Exchanges
Boston Bond Record. — Traiisaotious in bonds
Stock Exchange Jan.
to
21)
Bonds-
Low
Loan 3 Ha. 1932-47
latLlb Loan 4s.. 1932-47
2d Lib Loan 4s. 11)27-42
91.96
87.04
86.44
87 04
85. .56 86.72
88.74 90.14
86.10 87.22
97.04 97.38
77 H 78 ^i
8H, 81 *»
59 'i 60
82
82
67
67
lat
2(1
.
G & \V SS L 5a 19.'V9
Chic June & U S Y 5s. 1940
K C Mom & H Income. 1934
KG & Mem Ry&Udg Ss '29
At!
I
.
Mass Gas 4 4s
MlssRIv Power 5a
N E
81
1929
1951
1932
1944
1932
Telei>lione 5s
Swltt* Co IslSs
Weatorn Tel .t Tol
.5s
80
77
84 M
80
80
79
77
84
4
85
80 ',i
May
May
May
May
8 1.60 May
89.04
82.04
82.04
82 14
$1,850
100
50
14.200
38,0,50
21,650
41,550
33,750
7,400
2,000
10,000
1,000
2,000
5,000
79
78
84 ^i
85
81
1
85.74
81.74
94 .50
72
73 ?i'
58
74
63
80
1
Doc
Doc
May
Doc
81
84
July
Bcpl
July
4
Sopt
93 '/i
84
Jan
Jan
lauy
e'l
JyOSt
Sale.
Price.
Par
Stocks-
J J lull
High.
Low.
Shares
Frldug
lM3t
Stocks—
Par.
Alliance Insurance
Aincilcaii
AiiicrlcaM
Amer
41
41
n'A
114
Rolling Mill. com. 25
Prod, com. 50
Amer Wind Gloss MacU 100
100
Prererro<l
Amer Wind Glass Co, pUOO
Natural Gas.. 10
Arkansas
Bamsdall Corp Class A .25
25
Class B
107
8H
27"
84
100
S'4
SH
29 H
26
29 H
27
H
1
4'/i
3
5
Carbo Hydrogen Co, com.
3
5
Preforrod
5
Carnegie Lead Zinc
GuJtey-GlUos Oil.. (no par)
Habu-shaw El CabloCno p J)
Indep
23 H
Kay County Gas
23 H
25H
12
12
12
3H
50
Brewing, pref
1
25
Lone Star Gas
50
Mtra Light & Heat
5
Marland Refining
Nat Flreprooting, com.. 50
25
50
14
16
Preferred
...1
Ohio Fuel OU
25
Ohio Fuel Supply
Oklahoma Natural C-kS. .25
Pittsburgh Coal, com ..100
1
Plttab Jerome Copper
PIttsb & Mt Shasta Cop. . 1
5
Pittsburgh Oil & Gas
Pittsb Plate Gla.ss, com. 100
100
Union Natural Gas
U 8 Steel Corp. com... 100
West' house Air Brake
50
West'se El & Mfg, com. .50
West Pa Tr &
P com 100
100
Preferred
W
20
50
135
75
30
3,095
55
864
125
220
250
4,490
45
105
107
84
99
107
IH
24 Vi
51
51
2H
6M
2M
6K
34
IH
134
14
164
48 4
29 H
59 J4
11
115
116
83 K
104
35
35
Jan
Jan
3
Feb
Feb
3H
IH
Jan
Jan
24,4
50^8
Feb
2H
Feb
Jan
46 K
28
584
pref
100
.•\inorlcan Stores, (wo par)
l.st preferred
. . 100
Uuff
Susq Corp v t c. 100
Elec Storage Uaitery. 100
General Asphiilt
100
Hunt A
I'.roa<i
Top
Inmininc:'
Co
NA
of
1955
1949
50
327
40
86
83)4
H 954
44 H
114 12
60 H 60M
44 >i
Pittsb Bre%vlng 6s
41
69
10
41
•$1,000
2,000l
69
nuuy
Last
Par
Stocks-
100
100
15
Preferred
Armour & Co. prel
Armour Leather
Beaver Board
of Priict
Low.
IJigh.
ife
D
100
Holland- American Sug_.10
5
UVi
46)^
46
68
68
7
10
niinois Brick
100
100
Inland Steel
Libby, McNeill & Libby. 10
10
Lindsay Light
Mid West Utilities, prof 100
(*)
Mitchell Motor Co
National Leather
10
Orpheum Circuit, Inc
1
Peoples G L & Coke. -.100
(•)
Pick (Albert) & Co
Piggly Wiggly Stores IncC)
Pub Serv of No 111 com 100
Preferred
100
Quaker Oats Co
100
Preferred
100
,
com
10
100
.100
Scrip
Shaw (W W), com
(*)
Rights
Standard Gas & El, pref. 50
Stewart- Warner Sp, comlOO
Swift & Co
100
Swift International
15
Temtor Prod C&F ".A".(
Thompson (J R) com
25
Union Carbide & Carbon 10
,
United Iron
Wks
v
t
2)i
106 K
634
Western Knltttog Mills. (•)
Western Stone
100
Jr,
com
100
50
102
65
12
1,805
K
487
25
100
100
425
430
90
25
25
41
25
5
15
7
47
68
2Ji
219
106 4
654
1004
60
60
77
104
77
72
"l'
7
10
607
7
1,655
614
305
50
104
77
50
724
13
68
68
44
69 Ji
44
12
6
11 Vs
6
12 3^8
7
30
234
30
7
854
27
36
23 M
14 Ji
175
415
90
145
100
8,340
940
60
605
4,340
8>i
13
15
6i4
f>y.
8H
27
36
76
82
K
21
87 'A
94
58
314
27 H
"si"
55 Ji
470
76
76
82
8254
147 H 148
88 H 90
21
22 >4
84
91
94
95
58
61
194 20
125
210
43
80
950
5,665
11,076
825
190
25
7,460
36M 36K
304 34 H
274
21
30
55
12
H
1.585
1.060
100
27 M
21
31
59 5i
26,500
150
3,975
9,125
1,645
375
47
144
lOH
493
124
43 Ji
16
100
25
25
1014 I03H
101
c..50
.--()
Wahl Co
Ward, Montg, & Co, w 1 20
Wrigley
70
219
Hupp Motor
Sears-Roebuck
92H
Vi%
14
Hartman Corporation. _ 100
Reo Motor
Shares.
69K
92
164
3
3
70
70
11
3M
70
101
100
64
Jan
Feb
Jan
Jan
Jan
Jan
Sl'A
'
9iH Feb
42 Ji
9
57 J^
Jan
Jan
Jan
41
Feb
Jan
69
I
220
Wire, .(io par)
I'hila
Klectrlcof
Low.
12
H
324
68
3
IH
5
49'/^
60
200
100
%
12
Feb
Feb
Feb
Penn
Jan
Phlla
Jan
Jan
Sept
Oct
108
Jan
ISM Feb
101
Feb
Dec 1254 Mar
Dec
92
Jan
Dec 105
Jan
Dec
18 « May
Dec
234 Apr
9H
64
Dec
Mar
89
454 Dec 280
Jan
Apr
64 Nov 32
94- Jan
Dec
43.(
22 K Dec
454 Jan
•i% Dec
44
Apr
T% Dec lb% Jan
234 Dec 35
Mar
294 Dec 45
Oct
20 H Dec
50 K Jan
10
Dec
43
July
62
Doc
79}^ Feb
81
Dec
Mar
90
146 J^ Dec 310
Mar
81
Dec
98 M Jan
16 K Dec
28
Mar
85
.\pr
Dec 243
1004 Doc 1184 Fob
51
Dec
Apr
90
15
Nov 184 Dec
33
Dec
42 4 Fob
244 Dec 504 Apr
Jan
90 K Dec 128
95 3i
55
68
8
Nov
Jan
55
49
Mar
52
4 Mar
744
8
Dec
4
69
Jan
42
56
40
24
22
Dec
814
124 Dec
ITA
344
Bonds
Amer Gas & Electric 5s2007
N
r,
60
Jan
93
74
78 4
3454
Dec
Dec
Dec
4
2,210
'A
425
286
120
290
300
;j
l.MO
84
414
33 4
K
22 4
27 4
51
17 '4
55
84
IH
14
30
31
170
170
331^ 36 »4
49 H 494
78
80
50
50
30
86.90
86 9P
OO.Ofi
71
s^
70
1014 102^4
63,4 63 4
54
.54 4
30
30
65
66
71
71
164
42
19
3,674
lOt
59
1.528
863
701
47
20
2.100
800
401
4
5.983
100
53
10
10
si.oon
39..500
42.300
87.10 204.7.50
97.40 36.300
71
Tiitcr-statp
2.000
500
27..'')00
2.000
2.000
2.000
844
1966
1997
Spanish Amer Iron 6s. 1927
United Rys g tr ctf 4g. 1949
Welsbach Co .5s small. 1930
small
do
Reading gen 4s
MM
83
84 4
Sl'A
9S'A
33
93 =K
85
Sl'A
98 Ji
33
mH
Baltimore Stock Exchange.
9
6'f
July
27K Aug
34
Aug
23
56 '-i
64 4
4
141
130
3
10
1
7
Dec
37
63
35
22
57
June
80
404 May
29
Oct
S
!
Jan
Feb
Jan
Oct
Feb
Oct
Jan
Jan
Feb
Dec
Jan
Oct
Feb
Mar
Nov
Nov
60
Sept
56
69
6354
38
28
Nov
744
4
May
Jan
Jan
Oct
Jan
Oct
Jan
44
Doc 30 4
53 ''f
July
•204 Sept
25
26
Dec
27 >. Nov
Jan
12 4 July
28
Jan
Oct
63
49
Nov
65
Feb 103
Sept 3 1-16
Jan
1 1-16
1
Aug
254 Feb
July
37
Jan
23
163
July 1,85
Jan
Jan
20
Dec
57
50 '^4 Oct
ViVi Sept
71
June
75
Jan
Dec 1.50
Mar
50
29
Jan
Aug 32
85.00 Aug
93.10 Oct
83. 20 May
9191 Jan
94 60 Jan
85. SO May
82 30 May
92.88 Jan
94.70May 99.34 Jan
4
.50
H
M
69
66
97
60
Sept
494
Sept
Dec
Oct
Dec
824 Jan
Jan
82
1024 Dec
Mar
07
65
Jan
Oct
304 May
Dec
85
June
Jime
724
85
July
99
17.000
70C
2.000
2.000
2,000
79
Sept
93
81
72
Dec
Apr
934
95
Dec
Dec
1014
33
200
98
Jan
300
3.40C
71
ISVi
25
58
59
70
2.000
SO
80
2.000
95
95
100 4 129 ,50C
90>A
RR
1.5-yr 6 4s..l936
Electric 1st 53.-1966
.56
Dec
70
2007
1945
&
EIpc
Fel)
86
9-16
86.90
85.60
80.18
86.00
97.14
4 J^s 1932-47
2d Mb L'n 4>4s.. 1927-48
3d Lib Loan 4'4s. . . 19?8
4th Lib L'n 4>48. 1933-38
1922-23
Victory i%a
small
Bell Telep of Pa 7s
37^
10
71
30
ni-eferredSO
do
nee
Doc
4 Dec
14
30
Hith.
14
52
66
33
t,VA
2214
27 4
51 "h
22?^
27 '-i
US 1st Lib L 'n
82
Jan
Oct
Jan
Jan
4
Jan
Jan
Nov
88
49
98'4
Jan
Jan
Mar
— Record of transactions at
Friddy
Weck'.^ Range
Last
stocks—
Jan
Apr
May
Mar
Nov
July
Apr
Par.
Celestino Oil
Preferred
.
..
..
25
...25
25
B
E L & Pow.lOO
Consol Gas
Consolidation Coal
100
Davison Chemical -(reo par)
JJigh.
39
22
204
844
254
200
75
2H
64
39
22
20 4
40
22
20 4
88
85 4
28 4
iO
318
126
8254
318
854
844
254
82 4
23 4
.
Preferred v
t r
t
B& Annap
Preferred
61
61
66
82
114
134
284
12 4
1354
2854
76
96
97
76
974
Northern Central -..
-.50
Pennsyl Wat & Power. 100
United Ry & Elec
50
Wash
17
79
7354
79
7354
92
24
r.lOO
100
iiji
50
-
50
Con Gas E L & P 44s 1935
5 per cent notes
7 per cent notes
.562
15
17
5
..,
41
75
500
75
85
2
254
18
62 5i
66 4
82
2
100
65
108
234
92
Preforrod
Share'!.
2%
64
Houston Oil pf tr ctfs.lOO
(.no par)
I
Beneseh
Kentucky Cos Oil
5
Mt V-Woodb'ry v
Sales
for
flange for Year 1920.
Week.
Low.
75
10
10
Commercial Credit
Preferred
Preferred
Sale.
Price.
1
Cent Teresa Sugar
Feb
Apr
Nov
9
Cramp & Sons
York Railways
Dec
Mar
Mar
Mar
Feb
36
70
50
100
Jan
Jan
215
Dec
Dec
Dec
Dec
66
52
66
70
49 K
r^onsol
84
84
67
Imw,
Mar
May
Nov
Jan
Baltimore Stock Exchange, Jan. 29 to Feb. 4, both inclusive, compiled from official sales lists:
504 Nov
23
20
22 K
44 H
29
1
00
50
Preforr.Hl
Wm
r,o>A
1
Trac
J 1st .531932
Peoples tr ctf 4sl045
Rys coll 48 1943
Keystone Telep 1st 53.1fi35
LehiRh Vail gen con 4s 2003
Gen consol 4 4s... 2003
Lehigh Val Coal 1st 5s 1033
54
Oct
Nov
Range for Year 1920.
28
20
29
53
29
9
68
17i^
55
Jan
Jan
Jan
41
69
Feb
Feb
33
50
3,724
100
68
22
84
.50
Westmoreland Coal
i
284
29
1
1
United Gas Im'pt
'
,50
834
974
454
60 H
Dec
78 ?i
Mar
87
86 4
70
76 4
92 'i
93
90
80
50
.
Feb
High.
6% Dec
50
.
1174
Dec 85
Dec 120
Dec
804
Dec
Dec
174
Dec
58
Dec 90
Dec
13M
Dec
75
Dec
244
Dec
98 ^^
Dec 1104
Sept
25
Phila Rapid Transit
Phil.idelphla Traction.
Range for Year 1920.
64
70
60
79 M
Pa
4c
36c
12
116
14
19
July
70
H
25
40
pf
Insiil
Union Traction
fnltcd Cos of N J
3^
7H
May
Oct
Feb
1
18
31
80
64
(cum 6%)50
I'hll (•') (I")
Tonopah Minin?
Week.
70H 704
10
Continental Moto.-^s
Cudahy Pack Co. com. 100
100
Diamond Match
D
70
69 5i
60
41
(*)
.{*)
(*)
Case (J I)
..100
2d preferredChicago Pnoum Tool.. 100
Chicago Rys Part Clf ser 2
Chicago Title & Trust. 100
Commonwealth Edison. 100
Great Lakes
65
92 K
(*)
Preferred
Booth Fisheries, new
Briscoe, common
Suics
for
Week's Range
IOC
American Radiator
American Shipbuilding. 100
90
50.
Penii-<vlv;'.iila
Phila
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
30 H
61
11
.50
Jan
official sales lists:
Sale.
Price.
90
50
Mfg
Pennsyl Salt
Feb
—
t
504
50
Valley
Nort li(' n ( ;<'ntral
12
6
Chicago Stock Exchange. Record of transactions at
Chicago Stock Exchange Jan. 29 to Feb. 4, both inclusive,
compiled from
18
30<A
23
48
20
20
10
Feb
26
53
Au8
Sept
97 H
72 4
514
H
18H
pref...
5
27
494
2c
30c
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Bonds
Indep Brewing Os
.
Pref ctfs of dep
Reading
Tono-Bclmont Davel
Fob
Feb
1134
20 1164
94
1
Jan
Jan
Jan
Jan
6
12
16
1,000
8,500
30
221
117K 1174
115
85
100
Jan
12
190
3c
12
Feb
Feb
Jan
H
H
44
23 M
815
60
33c
Feb
42
1%
80
48
28
Jan
Jan
Feb
Jan
29 H
26
2,990
445
1,195
6K
11
"945^
44 H
107
84
99
520
3c
30c
115'
117,4
11
64
255^
52
3
584
32c
40 Ji
1.400
16
"28"'
J'rice.
.10
100
Gas
Rys
Sales
Kangt]
for
Prices
Week.
of
JJigh
Shares
Low.
ll'fCJt'S
Sale.
I,clil«li
.'Vm Vitrified
76
85
1,000
4,000
1,000
3,000
10,000
Dec
Dec
57
54
824 Mar
—
G HrllK^o
ion
Kpyslonc Telephone pref50
Lake Superior Corp.. 100
T.chltrh Navigation
50
1
Week.
of Prices.
Low.
Range since Jan.
69
74 4
85
1944
85
80
69
J
Sales
for
IKtcA'i" Jiaitge
77
76
58
59
794
,V-
—
Pittsburgh Stock Exchange. Record of transactions at
Pittsburgh Stock Exchange J an. 29 to Feb. 4, both inclusive,
compiled from official sales lists:
74 W July
94 K Dec
85
02
"46
5« "27
5s '56
.58
.5s
High.
Low.
Philadelphia Stock Exchange. Record of transactions
at rhiladc'lphia Stock Exchange, Jan. 29 to Feb. 4, both
inclusive, compiled from official sales lists:
Nov
70
80
Doc
Dec
1<;
A Co lat a f g
No par value.
Rangt for yeur 1920.
for
WetJc
80H BOH ».000
1,000
»6H 96H
63
63 H
6,000
614 62 4 10.000
1943
,5s.
Swift
Jan
Jan
Jan
914 Mar
Nov
77
Mar
85
Mar
ICdlson
Cuduhv Pack 1st M g
I'eo G L & c; ref gold
Pub ISorv Co lat ref g
*
of Prices
IjOw
High
1939
Mar
82
Aug
77
78
76
,000
7,500
7,000
May
Soi)l
80
69 »i
,000
11,800
Dec
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
100.00
93 04
92.34
93.80
92.98
94.96
92.98
99.30
81
Armour 4 Co 4 Ha
Commonw
mgh.
IfOW.
JJlfffl
91.64
87.04
86.44
85.96
.
Kanee for Year 1920.
Week's Range
Price
Debenture 7m
1930
Chicago City Ry 5s ..1927
Chicago Railways 5«. . 1927
Week.
of /'rices
US Lib
Lib L'n 4^8-1932-47
LlbL'n4JiH--l'J27-42
3d Lib Loan 4>i3... 1928
4th Lib L'n 4Ha. 1933-38
1922-23
Victory 4«8
Am Tol & Tel coll 4.S . 1929
Collateral trust 5s. 194«
Sales
for
Week's Har.ge
Last
Sale.
Price.
Bonda-
at Boston
Feb. 4, both inchisivo:
h'nUay
SaJtii
/MSI
Sale.
M 96^
974
145
40
230
90
20
Lew.
75
High.
Dec
24 Dec
5
Nov
39
20
20
82
July
Nov
3.40
95^
11
46
744
10354
89
25 4
Dec
444
674 May
Nov
23
93 4
23 V^
Dec
Dec
Dec
Dec
74
24
20
57
60
74
9
12
28
July
Feb
Dec
Dec
Oct
5,000
6,000
7,000
714 Deo
1,000
3,000
5,000
21,000
2,000
8,000
2,000
3,000
37,.500
1,000
1,000
Nov
77
July
69
Jan
96
83
May
82 4 May
May
55
Mar
42
Mar
56
92 4 June
9254 Dec
4
70
95
70
84 5i
15
204
36
81
ref
44s. .1934
Refimdlns 5s
1950
Convertible 6s
19 3
Ga Car & Nor 1st 5s.. 1929
1949
United Ry & E 4s
Income 4s
Funding 5s
K
86
4
86
4
644 654
46
64
1949
1936
'^ notes
7
6T, notes
Va Mid 5th series 5S-.19'26
744
964 964
99 4
95
New York "Curb"
46
64
994 994
95
95
914 914
Market.
Jan
Jan
May
-^pr
Jan
Dec
Apr
Mar
Jan
Jan
Jan
Nov
Jan
Jan
Jan
Jan
954 Nov
1004
Jan
H
Jan
Jan
Bonds
Consol Coal
May
29
25
June
Dec
June
1
Jan
Jan
Jan
Jan
82
79
984 Apr
97 H Nov
914 Jon
69
494
66
Jon
Sept
NOV
_
Dec
914
Oct
904 Aug
90 4
Aug
85
— Below we give a record of
the transactions in the outside security market from Jan. 29
It covers the week ending Friday
to Feb. 4, both inclusive.
afternoon.
It should be understood that no such rehabihty attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
—
«
5
—
of the transactions.
The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may bo included, should, hence, always be kept in mind,
In the circumstances.
particularly as regards mining shares.
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Friday
Week endUw Feb.
Last
4.
Stocks—
I'or
Week's Ramje
Sale.
of Prices.
Lou\
Hif)h
Price
Industrial & Mlsccll.
1
Acmi'. Coal.r
Allied Packers. r.. (no oar)
Amalgam Loathor com. . (t)
7
J
5H
13
3'-i
13
13«
3H
29 y,
2%
3!^
9Vi
6--^
18
7y»
I6I4
19
18^
19
18
5^^
140
140
6
6
ilVi ATA
2«
2'A
U14
15M
15
IH
8'i
7
9
3
33^
9
SH
9
12^
3
10
7H
64 H
65
par)
23>i
5M
22
111-16
71
10
M
23)4
SH
oH
22
23
1 7-16 2M
16
21
1
70
2,500
100
0,000
2.000
3,700
200
100
200
14
450
200
200
200
400
1,800
7,600
2,700
3.000
11,000
1,300
2,400
3,900
5
400
28.800
3,100
400
IV
2
VA
'<
7.000
10,000
100
1,000
200
6
O.O.-SO
2H
lOU'
50
r (t)
10
UnlonCarbido&Ca-bon r(t)
27 V
64
55
United Profit Sharing. _25c
8 51
Retail SiorpsCan'!y r(t)
S Distributing com.T.50
S Ltg & Heat com.r- 10
3,o.';o
65 M
8
l-'-s
Un
400
10}^
57 M
27 H
05 m;
15
22,500
27V
2
IV
I'a
8
8Vs
30
1
IV
IM
I'i!
I'A
2i'-3
1
10
n
Willys Corp aivn.T.inopar)
First preferred.r
100
2H
IV:
1
20
20
64
40
50
1.
1 ,35.'--
1,000
7,300
0.700
10
9
Fol)
3V
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
V4
6'A
13
68
40
53
4V4
Jan
Jan
Jan
Jan
Fob
Jan
Jan
Jan
i3yj
Feb
48
19 K
I2yi
16
2
M
6V
28}=;
2H
45
Jan
11
6
17
10
15
4V;
130
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
4V
2% Feb
Jan
13 V
41
13
'j
90
IJ-f
5
2y.
8A
2%
7A%
64
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jap
Jan
Jar'
14
17
3V
7V
30',
4V
9%
8
18
V
19M
21
5V
140
6
54
3
15 !i;
15
97
2!i
13
3'A
9Vi
iKl
125^
7H
65
m
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
.Ian
Jan
Jan
Jan
Feb
Jan
Jan
Fob
Jan
Jan
Jan
58)-^
Jan
72
Jan
08
JaT>
12
Jan
Jan
71
19
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
19H
1
V
1«
9
iy»
2
18
1
4
%
27 H
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2
.ran
64
Jan
Jan
8
51
ly^
7A
30
1.87.'^
1
30,700
34,900
2,200
2,100
110
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
12^
IM
1
2V
1
18
V
Fe-
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
23 H
10
5ys
28
2li
1
IV
9%
2
2y2
23
IH
6V
H
2
A
29
69
10k'
60
1%
9
35
IV
IV
1]^
2%
3
25!-:;
F(!b
Jan
Jan
Jan
Jan
Jan
1
America Mines. r
Arizona Globe Copper... 1
1
Atlanta Mines. r
Atlas Gold .r
Belcher-Divide, r
Belcher Extension
lOc
lOc
5
Big Ledge Copper Co
.)
Booth. r
Dev. .5
Boston & Montana
1
Caledonia Mining
1
Candalaria Silver. r
1
Cash Boy Consol.r
Consol Virginia Silver. r..
1
Cortez Silver. r
1
Divide Extension
El Salvador Silver Mln. . . 1
Emma
7-1 fi
IJ^c
23
3
Ho
4'4c
5c
71c
14c
19c
4«
70c
29c
10
Gold Zone Divide.r
Great Bend.r
Harmill Divider
Hecla Mining
Henrietta Silver. r
1
10c
1
1
10c
25c
'
Howe Sound Co
I
Iron Blossom. r
10c
Jim Butler. r
1
'A
2c
25
7J^c
2c
45
23c
3c
33c
AM
3
K
19o
23,200
100
12,700
33,400
70,000
23,000
2c 3 He
4c 4'4c
31, .500
5-16 7-16
5.000
4c
5c
10,200
72c 480.000
62c
17c
14c
24,400
17c
20c
18.000
7c 8J4C
34..'i00
iH
4V
64c
28c
74c
32c
3
78c
1 5-lfi
9-16
4
15-16
28
31
7-16
H
1
Goldfield Consol'd.r
Goldfield Dpvel.r
Goldfield Florenoe.r
21
IH IH
Florence Goldtield.r
Fortv-nlnoMining.r
Gold Deep Mines.r
Vs
IJiSc
7-16
1
1
1
1
3M
Silver
Eureka Croesus
Eureka Holly. r
9-16
870
43.000
75.000
64.000
17.200
.500.000
14.400
55.000
3,200
IK 29,100
V2
7c 8 lie
30,400
2c 2Kc
32.000
46
29
102,400
26c
20c
83,000
IJic 3c
15„500
34-^
25c
108,000
4
4V4
7.32
4
2'A
8,200
3^4
3
500
3-16 H
1.2.'iO
17i>
19c
19 ono
I
%
Jan
Jan
S-16 Jan
Jan
Ic
Jan
15
2c
Jan
2c
Jan
5-10 Jan
Jan
3c
37c
Jan
Jan
14c
Jan
12c
3V$c Jan
Jan
3
62c
Jan
260
Jan
Jan
2
Jan
39c
Jan
1 7-10
Jan
1
Jan
15
22c
1
2c
25
5c
6c
7-16
5c
75c
17c
24c
9c
5
74c
32c
9-16
4
1 5-16
2
31
Jan
y»
li
Jan
IH
1-16
Ic
Jan
Jan
3-32
Jan
Jan
Jan
46
26c
3c
34c
29
20c
''jc
14c
3A
2
H
2V
15 He
16e
Jumbo Extension
Kewaniis
I
r
I
Knix Divider
Cresc.r
1
Mai:.\'aninra .Mining. r
I
(/'opDcr
6
Marsh MlnlnK..r
1
Mo'hcrlodc
I
M
Murray Moa
Ltd
.\l:)ls3ln« Mines
Opiilr Sliver Mines
Ray
(;ons')lldated
Jan
J.an
2Hc
4}-i
Jan
Jan
Jan
4
.Ian
19c
3V
H
23
lOc
5Jic
51c
SK
1
Mln...l
Mm
Am
6c
"Sc'
39
H'Ac
1
sy,
3-16
3c
2c
1
1%
1
I'A
Tonopth IJelmont Dev
Tonopah Divide.r.
Tononah Extension.
1
1
Mining
West End Consol'd
White Caps Exten
White Caps Mining
1%
IH
2H
1
.r,
10c
10c
Wilbert Mining...
1
Former .Standard
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.Ian
Jan
.Ian
Feb
Feb
Jan
Jan
.Ian
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Fob
Feb
Feb
.Ian
Feb
Feb
Feb
Feb
5c
10c
2c
36
mc
1
1-lfi
4c
V
.7.50
24.000
39
9\^e
4„'-.0O
3-16
3c
2c
le
ly.
l-A
Ic
IV
3Vc
i'A
3-16
Ic
66.0.50
\y.
Ic
!^c
9c
4c
Sc
2H(
1.V10
5-lR
JV
6c
V
3Vc Feb
Feb
Jan
Jan
Jao
Jan
2Vc Jan
IH Jan
IV Jan
IV Jan
9-16 Jan
2V Jan
lOVc Feb
7V Jan
Jan
oc
IV Jan
Ic
Jan
Jan
10c
lie
6V
3-16
3c
.Ian
e,'A
Jai
ZHc
Jan
12, .500
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
6c
2V
16,000
23,500
Jan
Feb
Jan
39
Jan
Jan
Jan
Jan
VA
9,400
1
8V
.laij
19..500
IV
51c
Jan
Jan
Jan
Jan
Jan
Jan
25.900
100
7
5c
1
3-32
5-10
S.S.iO
S^C lOMc
4c
1
1,790
i'A
2>A
•iv>
1
5.7.50
1%
Feb
5Vc Jan
VA J^
3.3.55
Jan
Feb
Feb
36
23.100
2.900
1.200
10.400
20.000
6H
2c
^c
8}ic
3c
1
3^c
7
4!.!;c
K
34.0«0
'A
.3-16
Feb
1
2."K)
6c
by,
23 V
10c
.Ian
7V
..SOO
1
Jan
Jan
3.770
3,400
1
'A
I
Divider
y*
20.000
3,100
0.100
m
H
.Ian
Jan
Jan
15c
18
4. .300
5-16
1
1
1
Mining
%
5-10
.000
1 1
17c
6
160
3-10
480
50.000
2.1.500
Feb
.50
72.'Wlfl
22
23 V
8!^c 10c
5)4c 5Hc
48c
51c
8
Jan
8c
4c
7c
18. .300
I7c
Oc
13c
I7c
High.
Jan
Ic
Jan
7!^c Jan
3!^c .Inn
lOc
Jan
4c
22,000
7J^c
2 'Jo 4c
Iflc
Lou.
Shares
On
I2c
4c
10c
Range for Year 1920.
Week.
Hioh
Low.
I
Sales
for
Week's Range
of Prices.
'A
2
St CJroix Silver
1
Silver Kin-,- Divider
I
SlIvtT
(,! Am';r...r..
Sliver I'Ick f^ons'd.r
i
Soulli
Gold & Plat r 10
Standrird Sllver-I.«ad
1
Sulherl.and
"ioc"
5
Consol
Verde Copper
Rex
1
I'rlnce
Suci-css
14c
6c
1
MacVamara
Magma
n'Ac
3J4c
lOc
I/Ono Stnr.r
1
15-10 Jan
!^c .Ian
4c
2c
Jan
Jan
4c
Jan
oil
Subsidiaries
Anglo-Amer Oil.r
Buckovo Pipe Liner
Ohio Oil.r
South Penn Oil.r
17 V»
17V 19%
85
84
276" 276 276
25
100
"67" 237 237
25
£1
.'iO
Standard Oil (Ind) r
Standard Oil of N Y.r.lOO
..100
Vacuum Oil.r
Other
Amer
14c
Com. 10
5
Boston- Wyoming Oil.r..l
1%
15-16
Oil.r
Carib Syndicate. r
Carib Trading. r
Cushing Pet Corp com r..5
Denny
9V
Oil.r
Duquosnc Oil.r
5
Elk Basin Petrol. r
5
1
Enirineers Petrol Co.r
5
Federal Oil.
(no par)
Fensland Oil
Gililland Oil,
com.r(no par)
Glenrock Oil.r
Grenada
10
Corp Cl
Oil
A
.
r
1
Guffey-Gillespie Oll.r-.(t)
1
Hudson Oil.r
Inter Petrol. r ...(no par)
Livingston Petrol. r
.1
Magna Oil & Ref
Maracaibo Oil Explor r (t)
Msriand Oil (Del).r .. (t)
10
Merritt Oil Corn.r
IvTexican Eagle Oil.r
5
10
Mexico Oil Corp
Mid-Columbia Oii.r...(t)
5
Midwest Refining. r
1
Midwest-Texas Oil.r
Mountain Prod.
Noble Oil & Gas
North American Oil.r
Omar
Oil
&
1
5
IC
G<a,s
7V
1
1
10
10
16
2H
6V
23 V
V
I
1-10
K
IV
H
SJ4
11-16
2}^
Jan
21!;
85
288
Fei
2.59
Feb
74
359
325
Jan
Fe!)
Jan
Jan
17
2
5
24
5-16
V
15V
27
1,900
13,900
500
28.200
25
12V
25
IV
5V
6
8-A
9M
IV
900
137
138!-^
200
5-16
yA 41.200
H
V
1.400
13!^
1¥
41.600
2,100
3,200
100
60O
5,200
700
7,000
10 1-2
12
10 J^
1.800
2.200
25^
2
H
9^
4V
2H
10
2V
67
67
5V 6V
4V 5V
V
9V
4V
2
V
4V
2V
8V
8V
1
7
7
10
1
TV
V
IV
5V
137
8>A
%
IV
2K
oH
4V
57
12
V
9V
4V
2
6V
lOV
Bonds
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
.Tan
Jan
Jan
Jan
Jan
.Ian
Jan
Jan
Jan
Jan
Jan
7V Feb
lOV
42
H
lA
3V
8V
IV
2V
15
24
2!s
8
27
9-16
17 V
3V
3V
IV
6
145
Jan
Feb
Jan
Jan
Jan
Jan
Jao
Jan
Jan
Jan
Jan
13-16
3V
2V
67
.Ian
Jan
5V Jan
Jan
14
IV Feb
14
'-i
nv
5V
3
8V
9V
Jan
8
10
%
K
53 '<
.Tan
96 V
97
85
94 V
92 V
Jan
1
V
7-16
10
Feb
1
.Ian
.Tan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
'
Feb
Jan
I ,;
5
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9V
8
Ji
9,950
500
900
Jan
Jan
32V
26 !j
3.000
u
Feb
1-16
Jan
VA
5-lR
IV
Jan
Jan
Jan
1
21
V
1
Feb
Feb
11-16
1
Jan
Jan
Jan
Jan
Feb
200
400
9V
2V
Feb
11
66..300
10
20c
19 V
31
13
V
1
11- 16
K
300
2.600
11.800
7.300
29.500
16.000
2J^
1!4
Jan
Jan
12V Feb
11
21
900
12!i
43.
1
1
2
Jan
Jan
Jan
Jan
Jao
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
.Tan
Feb
S
Pack conv debOs r'3P
Aluminum Mfrs 7s. r. .102.'')
Amfr Agric Chem 7 "^81941
Amer Light & Trac 7s rl025
Amer Tel & Tel 6s_r._1922
1921
6s. .r.
Amer Tobacco 7s. r... 1923
Anaconda Con Min 7s r '2''
102o
Anglo-.\mcr Oil 7V;s.r."29
.\rraour&Co 7% notes r '30
notes Ser
Atlantic Ref 6'
A
o.s.r
54 >^
L <t Tr Os.r
Canadian Nat Rys 7s. 1933
'97 H
90!-«
951-2
'93!-^
HdK
100!-^
96 V
94!^
99 !4
95 V
Brazilian
Corro de Pasco Cop 8s. 1931
8s_.. 1921
Cons Gas of
Pons Textile dob 7s_ ..192^^
NY
ZDentnarkfKingd of)Ss
161
V>
"99
V
194.-
Diamond Match 7^s.r "35
Empire Gas Fuel 6s. r '24
161
Vi
&
notes r 1930
102
French Govt 4s. r
Galena-Signal Oil 7s. r 193n
Gene-al Asplialt 8s. r. 1930
Goodrich (B F) Co 7srl92.';
Gr.ind Trunk Ry 6HS.1936
Heinz (H J) Co 7s. r.. 1030
T 7s. r... 1921
Interboro
R
94 Vi
~9bH
95 V
97
r 1930'
08!^
92
Laelede Gas Light 7s. r
Morris & Co 7V<;s.r. , .1930
90 V
07 V
Kennecott Copper 78
97
89 J^
96 !i
95!^
lOO'V
93 V
86
57
H
90 V
97 H
90 IX
97'-<
90
V
looM
94
87
240.000
15.000
1,S3
.900
20,000
115,000
61.000
5,000
lOOV
91
20.000
83
85.000
99 V
lOOV 100 V
95 V
110 000
90 V 97
99
99
100
175.000
99
99
99 V. 40.000
93 V
12.000
93 V 95
99
99
99
12.000
95',' 90 V 90.000
94!^
89 W, 9oy> 55.0OP
87V
44,000 100!i
101 V2 102
99 V
230.000
103!i 10.5M
220.000
99 V 100
98!<J
97
97V 3.000 95
98
98V 80.000 97 V
99 V
102
59.000
lOf
82
S3
84 V 45.000
92
94
94 V 15.000
1.000 100
102
102
4?
48
48
5.000
93
94! J 95! 5 3S.000
101 16
2.000 101 V
101
90M 91V 50.000 S3
951^
95 V,- 95 V 121.000
94 V
96 V 97 V 45.000
67
68
69 V 61,000
5.000
92
93
87h'
84
22.000
90 V 92
OS
90
16.000
97 V
1.50.000
V
V
19?fi
Co 8%
.54 '4
96V<j
.1031
Beaver Board Cos Ss.rl933
Bergen (City of)Norw 8s Ms
Beth Steel 7^". notes. r 1922
1935
En"ipment 7s. r
Fleish'n
7V
1
IV
2V
2V
US Oil Corn
6s.r
H
%
2'A
25
12M
22!-$
1
1
17
lOV
5
•Y" Oil& Gas
6V
1,700
7V
WondburnOilCorp.r(nopar)
1
22,000
5
Victoria Oil.r
8V
11-16
28
3V
3V
7J4
6
8
United Tex Petrol, r
1
14c
19 V
7V
& Land.r
14,.300
2V 11.000
14
12
1.300
17
15.000
20
2
2V 2.000
2.100
5V 8
2.800
23V 25
5-167-161
9.30P
15V 16 W 7,800
7'H
5
Texas-Ranger. r
Tex-Kon Oil Corp.r
6%
V
3V
2V
IVs.
10
Skelly Oil r
Stanton Oil.r
Oil
17
84
275
237
66 V
332
293
18!4
IS
5
Ryan Cons'd.r
Salt Creek Producer new..
5
Sapulpa Rcfining.r
Settled Prod.r
par)
Simms Petroleum r(no
16c
V
.
Pennock Oil..r
Prodn'^ers & Ref .r
Ranger Gult.r
Red Rock Oi! & Gas.r
1,200
70,000
100
8V
VA IV 31,900
1 1-321 48,800
y»
100
28
28
9H lO?^ 17,300
234
17
20
5-16
%\ 2,000
5.100
K 1
100
2y,
2^
7% 8V 3,800
14c
8y»
IV
Panhandle Prod &Ref rlOO
Texon
210
20
IV
Ui
1
1
Arkansas Nat Gas
Boone Oil.r
British
66 V 7014
356
339
325
320
341
3,500
20
10
10
1.900
Oil Stocks
Allen Oil.r
Allied Oil.r
Allied
Mining Stocks
Alaska-Brit Col Metals. . . 1
(Concluded) Par. Price
S Continental Mines.r. 1
Unity Gold Mines
5
Victory Divide.r
lOc
1
Feb
Hale.
MInlna
U
Jan
I'eb
.Ian
Last
tlnlted ICastern
HIjbU.
3}j
200
30
Hi
5
12V
4^i
19
8,2.'-)0
2M
IK
3,300
VA
22
5
9
2Vz
8V
9'A
22
10
%
200
1-K
2
2'A
Low.
3,700
914
VA
1
Range Since Jan.
1,.500
200
300
72
68
70
7,700
700
2,600
7,200
200
IK
Wt
Republic Rub.r.„(no par)
Roy do Franco ToiletProd
Stan wood Rubb.r-(no par)
10
Sweets Co of Amer.r
Coal
\2%
6%
7
10
Pyrene Mfg.r
Radio Corp of Amer_r.-(t)
V
U
U S Ship Corp.r
U S Steamship
97
V4
10
Nat Leather. r
Nor Am Pulp & Paper. . (t)
r
k'
97
Lima Locomot com.r.. 100
Maxwoll Chalmers B.r
Turn-o-Siop
18
14
97
Indian Paclc Co\-p-i(' opar)
Intercontinental Rubb.lOO
10
Internal Culti prrf
Internat T-ade Mark.r. (t)
1
Kay County '"as.r
Lehigh Val Coal Salea.r.SO
Todd Shipyards Corp
1-2
7%
15
51^
6,100
200
17
48
15
Hoyden Chem.r..(no par)
Imp Tob of G B& I.r.-£1
Swift International. r
13%
45
2H
100
Havana Tobacco com.r 100
Hercules Paper. r.. (no par)
Preferred.r
500
300
18M
Preferred.r
Reo Motor Car.r
53
4
46
19
15
200
900
too
100
2^g
3
Goldwyn Picture. r
(t)
Goodvear T&R com.r-lOO
Hall Switcli & Sig com. 100
Hane3(P.H.)Knltcom_r.lO
10
Common B.r
& Motor. r. 50
10
R.r
1
& R S.r
40
29 V,
6H
29 H
1,000
1,200
2,400
67%
i'A
13
13 H
>
Shwes
200
400
500
13
levis
Colombian Emerald Synd .
Colombian Syndicate. r(t)
Commonwealth F C S DlOO
Conley Tin Foil.r
(t)
Continental Motors.r
par)
Durant Motors r_ (no
Empire Tube <t Steel _ - - (t)
Farre)l(Wm)&8on com r(t)
Federal Tel & Tel
6
Gillette Safety Razor. r.(t)
Wayne
;
PruUi\i
Ton.apah MlnlnT.r
Week.
5«
V
64
40
53
64
Nipple M(s cl A_r.lO
Cities Sorv Banl^ers shs r(t)
Peerless Trli
Perfection T &
Profit Sh C
Prefe-red .r
5
12
Sal C.I
ror
IM
IK
Cllic
Meteor Motors.r.. (no
9
35^
2H
cfim.r--15
Automatic Fuol S.r
Bejiver Board Cos. com.Ct)
Brill (J. G.) Co..r
Brit Ame Che'iical_r--10
£1
Brlt-Amer Tob ord
Ordinary Ijearer
£1
BucyrusCocom.r
100
Powur.r
7J-i
9
l.eatlicir
LK &
1
Vs
(no par)
Amor Candy. r
Amer RefritfiTator.r
Amer Writ Paper com. 100
Car
V
[Vol. 112.
New York
Stock Exchange, for instance, only
membors of the Exchange can engage in business, and thoy
that
are permitted to deal only in securities regularly listed
is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the "tape," or reported
in the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may bo dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
the
Armour
V
V
THE CHRONICLE
552
On
—
H
V
V
V
.T.an
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
.Ian
Feb
Feb
Feb
J.an
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
J.an
60
97!^
97V
91V
98}^
97
Jan
Jan
Jan
Jan
Jan
Jan
lOOV Feb
94 V
89 V
101
Jan
Jan
Jan
98A
.Tan
100
99
98
39 V
96 V
91
102
106 V
100 V
1
99V
100
102 V
85
95V
Tan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
102
Feb
49
97
94 V
94
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
99 V
.Tan
Jan
Jan
Jan
lOLV
Feb
97«
Jan
Jan
Jan
Jan
Tan
98
91V'
72V
THE CHRONICLE
Feb. 5 1921.3
h'lUuiv
:>ale3
LiiSl
Week's Kanie
Salt.
of Prices.
PrUe. Lntc.
Bonils (Coticluasd)CJloak & Suit 8h. .1930
National I^eather Ka.i .19-2.
H&Hartf-r.. .1922
07
99
95 '4'
94 H
93
93 'i
07
99 Ji
90
90
91
94
9.114
951
91
94
10
10
G7
.I'JJI
.l',>22
9.') -I,
.I92S
.1924
94 >a
.192.')
78.r
.195
Ohio I'ower 78. r
Pan-Am Put & Tr 7s. .1920
Russian Govt
48- r
&
19111
78 r'2l
7%
7%
i
Solvay
CleSs.r
Southw
7%
7%
7%
7%
7%
7''<
90
90
1927
78. . 1925
'
100
100
Hell Telt'ii
(Calif) 78.r..'3I
of
V 78. r. .2.'>
ser sold deb.r. . 1920
Bcr Hold deb.r.. 1927
Ker k'old deb.r. . I92S
Ber KoUl deb.r. . 192'>
Stand Oil
Stand Oil
«s h
90
95 Vs
94
90 '4
9Sh
Sears. Roebuck
Co
ser noted. r. Oct 15'22
SIT notes. r. Oct 15'23
Scrip
Sinclair Con Oil 7t<8-r-"2r>
95
9r,'.s
101
'<
101
'-.
101
'k
102
H
N
seruold deb.r.. 1930
10!'
ser cold deb.r.. 1931
101
101
1 01
101
101
101
103 '4'
Swedish Govt
J'ne
fls
1
9ip,
'4
'i
'
,
sm
90^j
81H S3
99 %
99 '<r
99 »<
9S''4'
9.S"S
H
95 S 95 H
98 H 99
U)()H 101
98 k.
l-'el)
95}4
94!'j
Fob
.-
Jivn
97»-i
95',
Jan
Jan
Jun
Jan
Jan
Jan
Jan
97 Va
90
<.5'4
91'.,
13
Wi
97 .'4
Jai:
.ssU'
102
Jan
Jan
Jan
Jan
Jan
Jan
Fob
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
93
102')'
.Ian
91 '-i
102 '4
90 Jt
102
IO2M
.'an
8(i
9S'4'
Jan
99',-
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9S?4
100
Feb
98 ^f
Feb
95'';
Feb
97?i
Jan
lOO.'i
lOO's.
101
',
-s'..
95
79
SO. 000
92.000
85.000
' :•
Jan
102'-..
103
103 'j
103 '4
84
98
4
Jan
Jan
Jan
102
90
1004
Goverfinient
Municipal Bonds
(Dollars per 1,000 Marks)
.Markf
Bremen 4s-r..
44s. r
Frankfort 43. r
15
Stutsrart 4s.r
15
154
No
Jan
Jan
Jan
16%
Jan
15
IH'i
Feb
Feb
15'-
15
18
14
Hamburg 4H8.r
12'
13
IK'
14
13'
4
215.000
15.000
'<
25.000
18'-;^ 110.000
17K 80.000
ISK. 50.000
ISK.
15
Berlin 48. r
Feb
18M Jan
174 Jan
154 Feb
Jan
Jan
Listed as a prospect. J Listed on the Stock
t
New stock.
Exchange this week, where additional transactlouo will be found.
zEx-stcck dividend,
i Ex-dlvldend.
rUnllstid. w When Issued,
y Ex-rlght8.
t Dollars per 1.000 lire. flat, t Correction.
*
Odd
lots,
par
value.
<
CURRENT NOTICES
— Stone.
Prosser
& Doty
in
70
.Aiuer riurety.
65
Bond * MO- 210
<;ity InveetlDS
00
Preferred ..
85
Jan
10
99^4'
Bid
Alliance R'lty
A$t
m
BU
123
the January number of their bouse organ,
known
as "The Little Trader," say:
"Signs for basiness betterments are evidencing themselves. Deflation
of labor is proceeding in orderly fashion. Merchandise is thinning on
Manufacturers are adjusting
shelves.
Buyers are slowly multiplying
their output and wheels of production are gradually turning to meet the
healthy Improvement now taking place. Money is easing and supplying
Transportation is aiding adequately.
conser\-ative needs on a fair basis.
Our foreign relations are being solved and a fair method for tax-reductions
All signs point to satisfactory social, commercial,
Is being seriously sought.
financial and political alignment.
"Underlying all these signs of this readjustment are:
"The largest crops In the coimtry's history, supplemented by ample raw
metal reserves.
"The real values in the securities markets must reflect these signs of
progress.
Many bargains in stocks and bonds are still to be had for good
income and certain appreciation in value."
—The firm of Lage
Brothers & Co. has been organized, ^vlth offices at
160 Broadway, tiiis city, to conduct a general investment and commission
business.
The firm will be repre-sented on the New York Stock Exchange
by Bert V. Smith, the other partners being Frederick Lage and Basil S.
Coiu^ney of New York, and Renaud Lage and Henrique Lage of Rio de
Janeiro, Brazil.
Renaud Lage, Henrique Lage and Frederico Lage compose the firm of Lage Irmaos, merchant bankers of Rio de Janeiro, Brazil.
Henrique Lage is the president of the National Coastwise Navigation Co.,
operating 23 passenger and freight steamers along the coast of Brazil. It is
understood that the new firm of Lage Brothers & Co., in addition to their
regular investment and commission business, intend to specialize in foreign
securities.
70
220 Nat Surety.. 188
70 [N y Title *l
Mortgage.. 110
96
City
Banks and Trust Companies,
All prlcea dollars per share.
Amarloa*
Amer Eieb..
Atlantic
Battery Park.
Bowery*
Broadway Cen
Bronx Boro*
Bronx Nat-.
Bryant Park*
Batch A DroT
Oent Meroan.
Chase
Chat & Pben.
Chelsea Exota*
Chemical
Coal & Iron..
Colonial*
Columbia*
Commerce
Comm'l Ex*.
Banks
190
248
215
170
450
ISO
105
146
146
30
195
315
255
125
525
225
350
150
215
200
255
Induatrliil*...
IrvlEg Nut of
isb'
Liberty
NY
Manhattan •
195
Meoh & Met. 300
leo
12s
166
155
iMutual*
'Nat American
Nat City
35 Now Neth*..
205 New York Co
325 iNew York
265 Pacific *
215
125
Com Exch*.. 290
Cosmop'tan*. 100
Cuba (Bkof).
Eaat River... lYo'
Filth Avenue* SOD
FUth
150
First
890
220
Qarfleld
Greenwich
190
*.
I
I
145
IPark
.Public
240
m
I
I
j
220
Imp &
Republic*
Seaboard
Second
Stale*
Trail.
790
350
500
ijUalon
135
300
110
150
Exch..
United Btatee*
Wash H'tB*..
Yorkvllle*...
590
450
200
200
220
165
155
350
400
166
910
230
200
Brooklyn
f
,iConey Island*
New
American
Bankers Trust 335
Central Union 328
Columbia
295
207
300
205
310
[Commercial..
160
lEqultable Tr.
325
170
150
465
^Farm
Empire
145
300
285
L & Tr. 335
200
Fulton
270
'Guaranty Tr. 315
[Hudson
155
Law Tit & Tr 124
Lincoln Trust 155
Mercantile Tr 280
Metropolitan. 265
Mutual (Weair
ohester) ..
106
Fidelity Inter.
365"
320
615
210
NY
&
N \'
520
570
ntle Gu & Tr 310
U S Mtg & Tr 390
United States 810
170
166
426
I
Alt
340
338
305
290
360
210
320
165
132
1«5
290
280
126
Life Ins
Trust..
Trust-.
!
Montauk*
sYo"
360
516
86
Nassau
220
North Side*.. 196
150
200
People's
Brooklvn
165
Brooklyn Tr. 460
215 {Hamilton...
340
180 Kings County 6;i0
100 ManuIactureTB 196
95
95
People's
06
160
78
103
100
86
540
590
320
410
830
120
160
1«0
(Brooklyn).
8 Casualty.
AMU
QuotatiODs for Sundry Securities
All
bond price* are "and Interest" eicept where markisd
Atk
Par Bid
Anglo American Oil new. £1 •17»4 1>^U
100 9.10 1000
100 lOS 112
100 390 410
60 •.S3
85
Buckeye Pipe l.lno Co
100 175 195
Chesebrongh Mfg uuw
100 100 108
Preferred new
100 105 no
Contlneutiil Oil
33
CrCMCcnt Pipe Lino Co... 60 •30
1:10
Cunil).<rliind PIdo Line. ..100 •120
Co
lOOl
95
90
Kurek:i Pipe Hue
48
Galena Hlgnal Oil 00m... 100 45
100
97
93
Preferred old
100
9H
94
Preferred new
100 173 177
Illinois Pip.) Line
60 •84
87
Indiana Pipe Line Co
Internatlon:il Petrol. (no Dar) •1.534 I6I4
29
National Irauslt Co...l2.6tt •27
New York Transit Co... 100 160 165
97
Northern Pipe Line Co.. 100 94
26*270 280
Ohio Oil Co
26 "33
30
Penn Mex Fuel Co
100 405 475
Prairie Oil A Gas
100 190 195
Prairie Pipe Line
100 365 375
Solrtt Refining
Southern Pipe Line Co. .100 98 [103
100 230 |235
South Penn Oil
72
Southwest Pa Pipe Lines. 100 08
Standard Oil (California) . 100 293 297
0712
Standard Oil (Indiana).. 25 '67
Standard ( )11 (Kansas) ... 100 550 580
(Kentucky) 100 400 420
Standard OU
Standard Oil (Nebraska). 100 370 390
Standard Oil o! New Jer. 26 1.50 [1.55
100 108 ,109
Preferred
Standard OU of New Y'k.lOO 339 343
100 380 400
Standard OU (Ohio)
100 108 HO
Preferred
100
4;
55
Swan & Finch
100/108 113
Union Tank Car Co
100 j98 '01
Preferred
100 310 320
Vacuum OU
10 *30
35
Washington OU
Atlantic Refining
iTelerrcd
Borne Borynisor Co
Other on
Imperial
Stocks
25 •95
100 150
5 •20
OU
Magnolia Petroleum
Mexican
New
I'iiKle
OU
100
160
23
22
138
•19
136
.stock
Midwest ReflnUig
Tobacco Stocke
60
P4r Sh
lOn
82
180
102
•13
Amer Machine A Fdry..l00
American Tobacco scrip
British Amer Tobac ord..£l
Brit Amer Tobac, bearer. £1
Conley Foil (new)_._no par
90
83
•83
•35
102
90
163
92
95
89
Scrip
J)
Tobacco. 25
25
100
stock
Preferred
Tobacco Prod Corp scrip
Weyman-Bruton Co, oomlOO
100
100
lOO
Preferred
YounR
(J 3)
Co
Preferred
Rubber Stocks (Clert litul
Firestone Tire & Rub .com. 10 •85
6%
7%
Georgia 4Vi8
Obes4ipeako A OhloOHa-.-l
CCDtriil of
63
690
1
ClilragoA .A.liun 4H8, ea...l
CblcaKo A lOastern III oHu..
Cblo Ind A Loulsv 4^8
ChIc St Louis A N 06«
Chicago A N
4Hb
Chicago R I A Pac 4H8. 6s..
Colorado & Southern 68
i:rle
4H,
6s
Equipment 4^8.
ICqulpraeut 79.
Kanawha A Michigan
4ri«.Nashville 59...
MlcUlnan Central 58. Os ...
6 90 6.25
6.75, 6.10
Minn 8t P A 8S M 4Hs...
Equipment 58 A 78
7 25I 8 50
7.00' 6 50
7 75 7.00
8.00 7 00
'
Missouri Kansas A Texas 63.
Missouri Pacific 5'3
Mobile A Ohio 4H. 69
New York Cent 4)48. 6b ..
1
60
00 6.30
7. 00 6 25
7.20
7
78
NY
Ontario A West 4)^8..
Norfolk A Western 4^8...
Northern Pacific 78Pacific Fruit Express 78
Pennsylvania RR 4 He.
7 50 7.00
7.00 0.25
7.00 630
6.70 6 20
6 87 e 25
6 87
26
6 75 030
6 90 626
8.00 700
8.00 700
I
Equipment 48
A Lake Erie OVi
Pltt^b
Reading
Co4H8
A
Sou 68.
St Louis Iron Mt
St Louis A San Francisco 6a
Seaboard Air Line 6s
800 7 00
800 700
EqvUpment 4^8
Southern Pacific Co 4H« --.
Ecpilpment 7s
Soutbern Railway 4Hs
Equipment
6 87 6 30
0.06 6. 20
7.26 6 82
7 25
62
58
Toledo A Ohio Central 4a...
Union Pacific 78
Virginian
Ry
0..50
00 « 50
<
A
Equipment
7.00
7 25
0.35
0.26
7 50' 8.75
8 00 7 00
7 75! 6 76
7 37( 6-70
6 90 6.26
6 90* 6.25
0.62| 8 20
lIorklQg Valley 4Hg. 60 ...
Illinois Central 68
Louisville
35
b.25
8 25;
7.25
7 00
6 87t
W
860
7 12
0.16
7.25 0.50
O.61J
68
Amer Gas A Elec com
60
60
106
101-
86
77
45
64
Preferred
Amer Lt A Trao com
Amer Power A Lt com
109
•37I4
lOf
I0(
Prelerred
Preferred ..-
131;
38I4
89
79
48
67
Amer Public Utilities com 100
10
26
260
69
tl
80
16
36
83lt
8
45
go
1314
75
78
15
30
45
81
73
I
80
85
7812--Gen'l Tire A Rub. oom...l00 150 250
80
89
100
Preferred
2OI2 21
Ooodveiir Tire & R. com. lOii
45I2 46
100
Preferred
88
92
100
Miller Rubber
91
Preferred
88
100 14C 200
Mohawk Rubber
22
100
Portage Rubber, com
-. 43
100
Preferred
Swlnehart Tire * R.oom.lOO
..| 40
100
Short Term Securities Pe
Cot OU 6b 1924.-MAS2
Amer Tel A Tel Os 1924. FAA
.*&0
6% notes 1922
Tob7% notes 1921MAN
.MAN
notes 1922
7%
7% notes 1923
,
Equipment
100
6
100
17
Preferred
155
28
Carolina Pow A Light com 100
90
Cities Service Co com. ..100 251
9
100
67
Preferred
106
IOC
9
Colorado Power com
110
100
75
Preferred
80
Com'Wlh Pow Ry A Lt.-lOO 14
90
iOl
34
Preferred
90
81
Elec Bond A Share preI..100
88
5
Federal Light A Traction lOf
37
100
40
Preferred .-IO3I2 Great West Pow 5s 1948. JAJ
75
94
12
Mississippi Rtv Pow com. 100
160
ItW
72
Preferred
90
77
Flrat Mtge 59 1951-..JAJ
110
5
Northern Ohio EIoo Corp.(t)
95
- IOC
25
Preferred
pricts) North' n States Pow com.lOL
41
90
100
79
Preferred
100
100
preferred
preferred.-
4H6 A Oa..|
A Ohlofts..!
20
100
105
83
100
Preferred
Porto Rlcan-Amer Tob..l00
H common
86
200
104
13's
92
100
Reynolds (R
Atk
97
•18
148
Imperial lob of G B & Ire
Johnson Tin Foil A Met. 100
MacAndrewB A Forbes.. IOC
6 75 6.25
6 62
26
7 15 6 36
8 00 7 00
7 40 6 62
6.(i5 6 30
E'julpmeut as
Puelflu
CarolCllnchflelc;
626
6. 75
Equipment 4e
Canadian
35 8.62
7
4Hs
Public Utllitle*
•13i«
Helme (Geo W) Co, com . 100
Preferred
HaltlnioreA Oblij4)^8
A Pltidburgb
p.uff lUicti
Lire.
Pa Bid
American Cigar common. 100 92
Preferred
"t.
HK. e^utftmeatm— Per CI.' Bam.
Standard Oil Stock* Per than
I
Preferred
North Texas Elec Co com 100
70
IW
Prelerred
681;
Istprei 100
79
"si"
Light. ..100
lOu
Preferred
lOr
RepubUc Ry * Light
IOC
Preferred
South Calif Edison >'om . . 100
-100
Preferred
Standard Gas A El (Del) . 61;
50
Preferre^l
Tennessee Ry L A P com. 100
IOC
Preferred
100
United Lt A Rys com
100
preferred1st
100
Western Power Corp
-.-100
Preferred
19
22
64
PacincQasA Eleo
Pu«et 3d
Pow «
61
6
—
712
19
21
88
97
90
101
•12
•35
—
14
3612
Us
1
4
5
26
59
25
22
92
67
95
90
23
90
963.1
63
65
100 libo
Am
100 lOO'U
Industrial
100 10084
and Mlsceliaaoou* Per lAar't
AnacondaCop Mln 69'29. JAJ 80
87
100 190 196
American Rra.sa--100
61
J4J[ 9314 94
65
7b 1929 Series B
American Chicle pref
Anglo Amer on 7 Ha '25 A&O IOOI4 100^4 American Hardware
100 135
Arm'rACo73July 15'30 JAJ 15( 96I4 91)34 Amer Typefounders com- 100 40 r43
991
Beth St 78 July 15 22.JAJ16| 99
100
82
85
Preferred
7% notes July 15 "23 JAJie, 97I2 9812 BllBS fEW) Co, new--No Pjt *24 2S
Canadhjn Pac 69 1924. A S2 94I2 9512
•52
60
56
Preferred
100! iSS
Federal Bug Ktg 6s 1924 M&Nl 91
93
90
Borden Company com
Goodrich (13 F) Co7b*25 AAO, 9OI4 91
lOOj
89
91
Preferred
100 130 135
Hocking Valley 68 1924MA8 92I2 94
CeUulold Companss.
O712 09
Interboro R T 78 1921 MAS
du Pont (E I) de Nemours
100- 180
187
K C Term Ry 4Ha 1921.JAJ 98 99 12 A Co, com9712 99
100
SOij
68 Nov 16 1923..
16
79
Debenture stock
921'> Havana Tobacco Co
100
1'4
Laclede Gae 78 Jan 1929 FAA
2»j
lOO
FAA 69 70"
Lehigh PowSecOs 1927.
8
Preferre<l
Llggett&MyeraTobfl8"21 JAD
9812 99I4
66
5s J une 1 1922. .JAD /*6
Ist g
Penn Co 4^8 1021...JAD1C 9854 99I2 Intercontlncn Rubb com. 100 101; II
89I4 International Salt
1(X)
6du 70
Pub Ser Corp N J 78 '22 .MAS 88
AAOI .ff^7
Reyn (R J) Tob 6s '22. FAA 98I4 99
70
Ist gold 53 1951
Sloss Shcff B A I 6s '29.FAA[
92
87
Inte.-natlonal Silver pref. 100 •84
90
Southern Ry 6s 1922 ...MAS: 9534 901" Lehigh Valley Coal Sales. 60[ •72
75
Bwllt A CoOa 1921... FAA 16
9812 99I2 Phelpe Dodge Corp
100 165
'26 AAOI6
Pow com.. 190' 110 120
9014
Royal Baking
7% notes Oot 16
82lj 831lOOi
Texas Co 78 1923
MAS 99 99S4
Preferred
U 8 Rubber 7 H a 1930. . FA A 99 9954 Singer Manufacturing. ..100| 89 92
£1
•2U 2«*
Utah Bee Corp 8s "22 MAS 16 86I4 87I4 Singer Mfg LtdUl
West Eleo oonv 78 1026 AAO 9SI4 9,S3,
Am
•
UerUl
9OI2
I
MAN
M
—
I
MAN
I
.
270
480
660"
203
290
I
I
.
j
206
160
Banks marked with (*) are State banks, t Bale at aueUon
(Newrtook. z Eix-dlvldentl v Bx-clghtB
this week.
Bia
York
'
140
[First
205
Green point... 160
80
Homestead*..
Meohanloa'*.
87
Rldeewood
*
150
135
450
<270
355
300
Trust Co'«
Ailt
190
U
I
920
25<J
Hanover
Oan'lman
490
150
315
I
Common-
Gotham
200
340
iTradesmen'B*
23d Ward*...
wealth*
Continental..
HUi
180
AU
Aasoe
CSTlUeGuar
West A BruBt
TlUe
I
Banks—AT 7
Sealty
80
195
1
:
New York
Mtf
Alk
Lawyers Mt«9 115
Mtge Bond.. 76
n
I'eo
Jan
Jan
Jan
94 =
23.000
25.000
17.000
25.000
10.000
20.000
00.000
100 '4
9.S''4-
95 ^-
.Ian
90
95 \'
95 4
95
93
93
93
20.00(1
tS.OOO
30,000
33,000
43.000
29.000
110.000
10,000
102.000
75.000
?4
1021s
103
103 '•;
Jiiu
97H
1,000
15 000
lOOH
'i
93
95
70
Realty and Surety Companies.
All prlcea dollars per share.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3S.(100
101
101
9fi'4
100"«
Jai;
99-,
92
100
100 1,
100
1'
1
92
94
65
97'4
99
90 'i O'.l .000
90 '4 100.000
94
D.OOO
91 '; 300.000
100'.
0,000
90 '4 332,000
101 '4 200.000
101 'i 01.000
101*4 44.000
Rl»4
Tide Water OU 63
Union Tank Car eq 7s.l93n
Va-Caro Chem 7 Hs. r. 1932
Weertem Elec conv 78.r.'25
German
-J
102
103
SO'i
'•"S'l
192''>
Swift A Co 7s-r
Switzerland Govt 5 U. 1929
Texas Co 7% notes r. 1923
'
S
i
New York City
Huh.
iMlf.
3.000
50.000
9iH 90
NYN
78. r
78. r
7b. r..
93
93
Nat
Ohio Cities G:i8 7s-r
Hitih.
1920.
Kani/e for vcir
JO'
H'etK.
553
!
I
.
or at Stock
Exchange
• Per share.
/FUt
.tie*-
"N
v>
B
Ex-dlTldend.
pays acorubu dividend.
I Bx-rlgbtt.
«
New
steak
•
.
.
.
554
Ittmstntjenl
^nA
^lailr^axl
|utjellx2pettcje*
RAILROAD GROSS EARNINGS
STEAM
Tho
following table shows the gross earnings of various
roads from whioh regular weekly or monthly returtu
can be obtained. Tho first two oolumns of figures give tho gross earnings for the latest week or month, and the last two
columns the earnings for tho period from Jan. 1 to and including the latest week or month. The returns of the electric railwaya
are brought together separately on a subsequent page.
Jan.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
S
Alabama & Vlcksb November
Ann Arbor
3d wk Jan
330.005
95.7<):5
1 to Latest Date.
Year.
i
3,199.821
322. .502
%
243.222
102.232
S
2.530.799
321.815
& S Fo December isrjf.ooit 17517187 215411414 17990449H
Gulf Colo & 8 Fe. l>ecembor 2,689.282 2.409.842 27.518.089122.181.310
Panhandle H Fo..' Docombor
814..'")02
822.929 9.3.55.874 6.708.470
Atlanta Ulrm & All. December
448.733
430.413 5.7.50. .591 4.961.072
Atlanta & West Pt.l November
248.202
278,037 2.772,046 2. .534.502
Atlantic City
December
243.814
2.52.714 4.667.231 4.152.161
Atlantic Coast Line. December 7,938.361 6.400.2.34 73.633.762 63, .5.58. 452
Baltimore & Ohio.. December 2107482.') 15745813 231944442 182020016
H & O ChTonn.. Docoiuber
2.54.2(53
191.723 2.3.56.795 2.058.917
Bangor & Aroostoolc December
596.1.58
521.012 6,710.098 5.287,299
Atoh Topeka
1
Bellefonte Central..! November
Belt Ry of ChlciKo.i December
Bessemer & L Erie. December
Bingham & Garfield November
12. 6 It)
BirminKham South. December
Boston & Maine
December
Bklyn E D Term...! November
]
Buff
Roch&
Buffalo
8.07t)
485.686
1.261.516
33.306
72.649
346.346
499..57 2
148.154
44.5.57
6,441.185
118.772
85.025
wk Jan 499.139 487.319
December
304.497
145,254
3d wk Jan 1.996.701 1,599,643
4th wk Jan 4.4.33,000 4.330.000
December
390,330 369,738
December
734,992 579.416
Noveitibor 5,190.9.' 3. 9.5 {.430
November
853,904 561.219
November
639 740 511.083
December
301,610 323.620
December 8,645.801 5.675.677
December 2.733.143 2.382.108
Decembr
15271910 12729 301
November 2,909,410 1.680.566
December 2,087.567 1,8.59,491
November 1.464.45'i 1,003.316
December
395.725 321.062
December 13199 828 12586 422
7. 2.56. .550
PIttsb. 4th
&Susq
Canadian N it Rys.
Canadian Pacific
Can Pac Lines in Me
Oaro Clinch & Ohlo-
RR of N J..
Cent New England.
Central Vermont
Charleston & W Car
Central
Ches& Ohio Lines..
Chicago & Alton
Chic Burl & Quincy.
Chicago & East III..
Chicago Great West
Ctiic Ind & Louisv..
Chicago Junction..
Chic Milw & 8t Paul
Chic & North West.
Chic Peoria & St L.
Chic R I & Pac
Chic R I & Gulf.
Chic St P
& Om.
Chic Terre H & S B
Chic Ind & Western
Colo & Southern
Ft
& DenCltyTrln & Brazos Val
Wichita Valley. -Colo & Wyoming
Columbus & Greenv
M
W
December 13161607 11094113
December
237.915
161.302
December 11177108 10151 118
December
702.383
509.591
December 2.665,317 2,412,131
November
696.197
135,169
December
388,283 343.338
3d
wk Jan
December
November
December
December
December
Copper Range
November
Cuba Railroad
November
Camaguey & Nuev November
Delaware & Hudson December
Del Lack & Western December
Denv & Rio Grande Noveinlier
Denver & Salt Lake December
Detroit & Mackinac December
Detroit Tol & Iront. December
630,355 613,069
1.293,164 1,052,636
273.206
161,053
181.881
1.59.479
128.710
25.311
198.812
213,801
95,301
83,047
1,087,457 1,022.351
1.56,916
87.8.59
'.31
3.780.322
15,790. .560 12. .508. 700
1,367.072 1,159.120
660.336
.567.3.50
86.715..564 72.583.880
939.184
1.088.432
1.418.390 1.510,689
3.114.960 2,157.831
5,979,7271 5,103.071
14.6.58.000' 14.1 19.000
2.890.171 2,7.54.9.53
7.634.328 6.277.826
17.027.61 1 40 926.5!')
6.879.088 6.178.555
6.,5.53.2 12
5.338.421
3,471.736 3.121,636
90.190,745 71.475.016
.30.371,933 25.272..334
184610 986 151011438
27.803.307,22,623,057
23.889.976 22.128.189
11. 6 11. 60S 11,^77.925
3.600.429 3.712.478
167771947 150370394
165029625 139589915
2,801.193 1,736,078
195 111578655
6.767.6.56 5,016,028
31,911.606 27,732,018
5,543.733 3,735.700
4,481,147 3.201.570
1,804,861 1.696.871
13,143,676 11,162,3')2
1,963,354 1,266.668
1,825.913 1,227, .501
1,081,795
915,6.50
1,881, .5,59 1,861.983
909,919
928,907
11, .338. 382 10.480.771
2.581.839 2,318.963
44,648,193 34,687,023
81,907.747 71.824,047
{«.l7l.l3i 29.850.621
2.938.479 2,911,041
2,078;601 1.687,341
5.220.601 3,766,755
1.3.5258
4,761,775 2.876,042
8,461.254 6,307,146
4,080 80 2.8in,c)9l
265.680
252,835
146,543
149,0.58
508,665 293,9.59
23"
Det&Tol Shore L_. iSTovember
294
210.934 2. OS'). 83
Dul & Iron Range.. December
157,725
128.418 11.052,316
Dul Mlssabe & Nor_ December
2.59,312
260.051 19.614.069
Dul Sou Shore & Atl 3d wk Jan
90,068
70.682
269.160
Duluth Winn & Pac November
251.,58<i
164.123 2.2S4.5'.)S
East St Louis Conn, December
156,098
130.393 1,512.770
East'n Steamsh Li nes November
240.419
262.406 4.479.323
Elgin Joliet & East- December 2.651,501 1.995.302 25.630.441
El Paso & Sou West December 1.269,896 1.051,049 14.490,557
Erie Railroad
December 10118194 8,120,383 109066 950
Chicago & Erie.. December 1,116.512 896, .546 12.837,811
J&
RR... December
121,615
103.747 1.348.224
Florida East Coast- November 1,074,277
864,.562 12.033.646
Fonda Johns & Glov November
115.846
97.213 1.308. .505
Ft Smith & Western December
213.008
1.55.821 2.015.504
Galv&ston Wliarf.
December
247,098
133.933 1.980..566
Georgia Railroad
November
555,147 690.620 6,090,220
Georgia & Florida.. November
1 15.803
89.443 1..396. 86!)
Grand Trunk Syst.. 3d wk Jan 1,907.473 1,.567, 103 5,954,605
Atl & St Lawrence November
397.191
272.280 2.882.771
OhDetCanGTJct November
238.955
181,561 1,773.994
Det G H & Mllw. November
582,390 362,744 4,586,540
Grand Trk West. November 1.292
1.175.089: 15.6.50 55
Great North System December 9.827.633 8,089.469 124192373
Green Bay & West. November
117.309
123.079 1.1(17.393
Gulf Mobile & Nor. December
446,986 254.161 4,180,491
Gulf & Ship Island- November
281,446 225,738 2,806,571
Hocking Valley
November 1.849.729 796,447 15.551,777
Illinois Central
November 13330129 8.463.829 132036725
Illinois Terminal
December
115.612
75.101 1.119.931
Intemat & Grt Nor. December 2.087.976 1,216.7.35 19.998,851
Kan City Mex & Or November
172.784
224.767 1,5.50.855
K C Mex & O of Tex November 185,862 184.057 1,744,491
Kansas City South. December 1,810,488 1.468.744 19.762.433
Texark&Pt Sm_. December
237,267
81,0.36 2.251.813
Kansas City Term. December
131,269
119.712 1..598. 277
KanOkla& Gulf... November 320.197 114.404 2.488.209
Lake Sup & Ishpem. November
125.717
76.375 1.64-^.7^5
Lake Term Ry
December
168.911
81.993 1,449.021
Lehigh & Hud River December
315.335 213.099 3,116.401
Lehigh & New Eng December
516.992 367.375 4.898.0.55
Lehigh Valley
December 7.312,152 5.443.231 75.097.761
Los Ang & Salt Lake December 2,150.264 1.505.381 20.898.126
Louisiana & Arkan December
404.951
282. .578 4.305.421
Louisiana Ry & Nav December
3.57.702
321.837 4.275.834
Louisville & Nashv. December 112.54141 9.615.628 126371603
Louisv Hend & St L December
282,428
253.21,8 3.163.618
Maine Central
December 1,925,933 1..583,3 13 21,366.537
November
Midland Valley
524.6,55
334,258 4,586.211
Mineral Range
3d wk Jan
9,898
14,293
29,.599
Minneap & St Louis 4th wk Jan 382,828 398,078 1,551,211
November 4,946.331 3.847.139 44,304,223
Minn St P & S 8
Mississippi Central December
74,987
77,374 1,069,815
N
93.
112.737
4,7.30.8.54
NY
M
2.255,35'i
7,961,606
19,991,713
219.347
1.75?, 75!
1,229.439
4.281.769
19,310,380
12,761,391
9 1.797..507
10.401.398
1,141.688
9,124.702
1.1.39.587
1.616.460
988.814
5.868,356
907 978
4.818,717
2.810.408
1.942,739
4,039,790
12 66) 'ViX
106.533739
1.130.519
2,823„503
2,247,071
10,797.807
98.134.460
938.439
14,410,300
1,362,481
1,156,066
15,111,997
1,495.013
1.388.293
1.346,878
997.160
1.105,285
2,687,256
3,981,318
64,528,891
17,209,932
2,220,760
3,512,031
107514965
2,914,103
17„525,178
3,603,480
37,776
1..502, 750
39.009.994
1.011.409
Week or
Month.
Current
Year.
Previous
Year.
$
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
*
week Nov (19 roads)
18 .754.798
week Nov (20 roads).
18 ,862.044
week Nov (19 roads).
24 .998,8321
week Dec (16 roads).
15 ,876.023!
week Dec (20 roads).
18 272.112|
week Dec (16 roads).
15 590.2021
week Dec (14 roads).
17 435,318
week Jan (10 roads)
8 078,145'
week Jan (13 roads)!
12 706,388
week Jan (20 roads)
13 957.148
We no longer include Mexican roads In
Increase or
Decrease.
%
13.1.53.672
14.360.096
7,270.486
12. 324. .508
12,898.166
any of our
388 31.49
723 26.43
098 30.15
63326. 27
1
Precious
Year.
\
W
M
N
N
November
December
December
December
November
December
December
3d wk Jan
December
December
December
December
December
December
November
November
November
November
November
November
November
November
November
December
i
I
I
>
.
i
W
Om
W
W
'
•>
W
N
1
.
»
.
1
and Monthly.
*Monthly Summaries.
Current
Year.
Prev.Yr.l
$
231.01? '421 .180.876
213,434 212.770 408 .582,467
April
221.725 220.918 387 ,680,982
213.206 211.040 387 ,330.487
May
.213.525 208.598 430 .931.483
+ 3.817 103 26.40 June
July
220.459 218.918 467 351.544
+ 2.436 .530118 .52
199.418 441 .423.158
August
199.957
+3.075 22221.41
+ 807 659 11.11 September ..226.955 224.922 594 ,192.321
.4'<9
229.935 633 ,8.52.568
231
+ 381 880 3.09 October
+ 1.058 982 8.21 November -.235,213 233.839 .592 .277.620
totals,
t Comparison with 1917 figures, not 1919.
+4.490
+3.942
+5,791
+3.302
i
I
Kan & Tex December
Mileage.
$
14.264.410
14.919.321
19,207,734
12. .573. 390
14,455,009
Year.
%
%
$
$
3,4.39.476 3,011,374 39.925,436 34,272,092
3.155.403 2,432.996 27.043.881 23.083.760
205.070
118. 55H' 2.115.210: 1..587.826
Mls.sourl Pacific
10694 687 8,6.56.302 11S132429 93.577.081
Monongahela
691,799
303,689 4.671.8.52 3.6.52.667
MonoQgahela Conn.
201. 033
245.807 2.804.650 1,781.332
Montour
1.677.352 1.199.497
163.3311
41 101
Nashv Chatt & St L
2.001.819 1.808. .581 24. 481. .590 20.014.134
Nevada-Calif-Ore ..
15.838
14.168
232
5.279
Nevada Northern..
1.579.440
1.57. 281
1. 588. 638
76.712
Newburgh & Sou Sh
1.920.237 1.328.299
176.151
234.420;
New on Great Nor.
206.960
195.725 2.681,965 2.294.549
N O Texas & Mox-407.379
220.671 3.212.715 2.063.689
Beaum 8 L &
280.326
137.705 2.361.223 1,364,168
St L Brownsv &
511.293 7. .589. 742 5..540. 631
607.093
New York Central.35103 6:4 25642 .31 337U9022 2838.59373
Ind Harbor Bolt.
6.50.014 H.445.945 6.997.296
965.287
Lake Erie & Wiwt
80<.os.; 10.696.679 8.915.210
1.0S3.822
Ml ;hl;;an Central
7.732.922 7.000 358 SO. 121.1 19 71.738.232
ClRv C C & St L..
8.062.170 6.061.072 81. .502. 9.56 66.622.179
Cincinnati North.
299.269
227,737 3..343.719 2,653.227
Pitts & Lake Erie
4.391.2.59 1.979.770 32.022.095 25.574.2,80
Tol & Ohio Cent.
1.501.681
592.701 12.093.1761 8.462.234
Kanawha !i Mich
626.613 275 226 1.951.729 3.9.57.192
Y Chic & St Louis
2, .530. 1.58 2,125.633 28,225.188 23.475.552
N Y N H .t ll.i-tf N)V.;m>.!r 115552J9 9 5-'.' Ms t ii'lrtOvt-). 602.392
Y Ont & Western December 1,140.017 841,992 12.924.934 10.909.615
N Y Susq & West.. December 288,946 351.031 4.450.111 3.915.640
Norfolk Southern . Novein )er
635.0761 623.511 7.179 433 5.877.075
Norfolk & Western. December 8.451.199 6.570.897 86.559. 174176.925. 599
Northern Pacific
December 9.159.871 8.082.601 111168286 100739353
Minn & Internat. December
102.421 1,303.979 1,073.849
125,511
Northwestern Pac. December
.528.865
596.015 7,857.910 6.682.459
OihJ lly & Oinil Co Ni)»'em')er
SS 7-t
l,9)0.r)9,)
1.490.699
I57.80O
Pacific Coast
December
.330,219
446,558
4478S5998
tn
Peniis^rlv Hit «. Co. N )ve nbrfr
5810881) 35737
Bait Ches & Atl.. December
133.628
116,823 1.675,099 1.603.332
Ciiic Lei) & Nor.. November
wi.on lii.9t { l.lS'i.OoS 1.078.691
Grind Rio & In 1 November 1.0 16..585 711 378 8 927.592 7. .578. 496
Long Island
December 1.934.835 1.732.0)8 25.843.749 24.381,973
Mary Del & Va.. December
101.368 1.338.996 1.356,187
108,018
N Y Pull v; N )rl' N)>'en')or 73 2.9i7 754.915 7 \> S'5 7.5>59..567
Tol Peor & West. December
160,073
132,800 2,014.007 1,645,768
1.0.50.5S_>
ler.se V & Seisi V,). ember
769. 3'J.) H.;)3i.205 11.166. 879
Pitts C C ,<c St L. November! 1.385.173 7.180.71S 9-5 197 602 85 100.764
Peoria & Pekln Un. Decembsr
182.298
n3.993 1.679.014 1.243.748
December 3.101.663 3.072.670 40.772.368 35,443,137
Pere Marquette
December
Perklomen
121,321
107.0)6 1,269.616 1,121.8.37
839.122
Phila Beth & N E.. De-ember
80,273
76.49 il 1.295.245
Phlla & Reading
Decembsr 9,670.579 6.104.' .59 94.321.557 72.871.823
Pittsb& Shawmut.. December
223. .565
83.383; 1.8.58.382 1.118.725
150.883
68.711 1,435.648 1,041,922
Pitts Shaw & North November
165.5011 2.292.544 1.310,668
Pittrib & West Va.. November
282.279
Decembsr
Port Reading
271.299
62.913 1.919.198 2.377.412
Quincy
& K C._ Decembar
95.7111 1,365,998 1.117,415
125.874
Rich Fred & Potom. Decembsr 1.036.017 9.56,819 11,019,883 12. 276.01:
Decembar
Rutland
534,122
414.719! 5.966.142 4.838.534
274.922
233.556 3.433.706' 2.932.822
St Jos .fe Grand Isl'd December
St Louis .San Fran.. November 8,518.733 5.997.915 85,430.268 71,361,399
195.840
166.2921 1,799.392 1.487.845
Ft
& Rio Gran November
192.011
141.124 1,635.940 1.406.477
St L-3 P of Texas November
St Louis Southwest- December 1.835,675 1.487.071 21.311.705 13.7.50.285
of Texas November
St L 8
836.409 683.3711 8.427.227 6,140,656
"
""
Total system
3d wk Jan
505.365 531.798 1.490.844 1,522,539
1.32.561
119.697 1,395,505 1.144.2.53
St Louis Transfer.. December
San Ant & Aran Pass December
562.605 448.305 6,041.297 4,516.590
91 7?9 l.379.S-)3 1.001.666
98 47S
S I'l Ant UvaMe & i No-enoer
Seaboard Air Line,. December 4.557.859 3.687. .554|49, 263.645 41.183.532
882.267
M)
li'iffilo _. . Sovemoer
)iii.h
171 'Ht
51 II .| 1.15
Southern Pacific Co December 25005 215 22225 490 282269 504'239657 273
6W 111 6,365.941 9.1.59.867
Atlantic S S Lines November 1.062 174
425.617
288.1441 3.795.271 3.366.098
Arizona Eastern. November
G.ilv Harris & S A November 2.730.731 2.083.433 23.982.824 19.624.293
November 1,256.130 1.075.362 10.876.3.59 8,660.112
Hous & Tex Cent.
Tex. November
282.421
221.718 2.735.9161 2,165.322
Hous E &
467.796 5,380.826 4,234.597
Louisiana Western December
492.079
Morg La & Texas December 1.004.693 980.104 10.429,501 8.065.807
November
687.279 9,070.188 7,334.275
Texas & New Orl.
965.461
Soiitberi ParSvst.. Vov-eab^r 266.51805 219)8735 257264>.59 217431782
Southern Railway.. 3d wk Jan 3.213.722 3.461.532 9.650.910 10.4,57.819
Ala Great South. December 1.015.012 970.219 11. .588. 801 10.529.7.39Gin
O & Tex P. December 1,741.727 1.383, .521 20.858.559,16.313,686Georgia Sou & Fla December
463.1.59
440.668 5.330.810 4.374.501
985,293
3d wk Jan 318.827 320.764 1,019.965
Mobile & Ohio
New on & Nor E. Decombar
661.428 549.256 7.728.115 6.446.802
1.183.932
December
Northern Ala
119,217
104.374, 1,501.881
.4.5s, 681
190 ;<^
201 7\l\ \.r,l< 662
South Rv In \iiss, j-too-,'
1.53,4.57
175,409 1.566.775 1.218,090
Spokane Internat.. December
532.701 9.154.845 7.275.263
757.149
Spok Portl & Seattle Decembsr
203.128
162.861 2.415.149 2.234,671
Staten Island R T_. December
9,726
5.404
3.200
Tenn Ala & Georgia 3d wk Jan
2.212
199.761 2.928.925 2,489,.538
Tennessee Central.. December
226.086
395.00""
412.744 4.758.433 4.002.717
TermRR AssnofStL December
405.453
363,521 4.364.016 3,217,134
St L Mer Bdge T. December
3d wk Jan 786.958 808,930 2.345.902 2.468,954
Texas & Pacific
Toledo St L & West. December 1.005.063 844.083 11,356.935 8,267.877
90.237 1.480,096 1.215.80Q.
103.713
Ulster & Delaware.. December
December 10379 154 8.603.328 13109 < 301 IIO8I95I4
Union Pacific
N ovivnb.-r 1951715? 157 JO VI 19265 109 15351642o
Total svstem
Oregon Short Line December 3.531,720 3,160,987 41,905. U3 38.280.58n
Ore-VVashRR&N November 2,892,123 2,595.920 30,568.636 26,200,64o
Union RR (Penn).. December 1,019.065 593.796 10.977.141 7.710.27fi
169.187 2.009.519 1.309.86?
Decem!)3r
191.161
Utah
295.246 4.092.129 3,028,922
387.584
Vicks Shreve & Pac. November
1.720,093 1.082.469 18.180,051 12075,30?
Virt^inian Railroad. December
December 5,705.328 4,622,171 59.982.282 48.847,085
Wabish RR
701.35?
203.401
Western Maryland. 3d wk Jan 400.129 215.576
December 1,167.223 1.291.017 1.5.981,502 13.6.57.292
Western Pacific
226..-61
227,403 2..552.035 2,322,75?
Western Ryof .Via.. November
Wheel & Lake Erie.iDecember 1,538,320 957,643 17,916.679 12.600.83g
189.414 202,370 2.609.813 2.308.74?
Wichita Falls & NWiDecember
Yazoo & Miss Vallevi November 2.205!9S6'2.320'573 26'.01i; 65022!636!22^
Missouri
Mo K & T Ry of Tex
Mo & North Arkan.
AGGREGATE OF GROSS EARNINGS— Weekly
^Weekly Summaries.
Current
Prerious
Year.
Current
Year.
1 (o Latest Dale.
Jan.
Latest Gross Earnings.
ROADS.
Previous
Year.
Current
Year.
Previoiis
Curr.Yr.
February ...231.304
March
Previous
Year.
348.749
347.090
372.828
348.701
369.225
401.376
367.865
480.408
Increase or
Decrease.
s
787 +72.431.089 20.77
277 +61.492.190 17.73
115
+ 12.852.867
414 +38.629.073
761 +61.705.722
486 +65.925.059
628
..,+73.557 .530
5461+113783775
+130570938
.503.281 630;
438.038 048 +154239572
3.46
11.08
16.98
16.43
19.98
23.88
25.94
35.2 1
THE CHRONICLE
Feb. 5 1921.]
555
—
In the tat)lc which
Latest Gross Earnings by Weeks.
follows wc sum up soparaU'ly the earnings for the third week
The table covers 20 roads and sJiows 8.21%
of January.
increase in the aggregate over the same week last year.
Gross from
Railway.
Chic
U
&
I
Pacific
Jan
1
to
Dec
Dec 31
'20 11.177,108
•19 10,151.118
^20 13,52,5S495
19
Third week of January.
Increase. Decrease.
1920.
1921.
%
896,682
*
13.35:^.486 12.456.804
Reported previous week
95,793
102.332
Ami Arbor
70.682,
Duluth South Shore & Atlantic.
90,068
14,293!
Mineral liiiiiKU
9,S98
5.279
Neviida-Callforala-Oregon
5.232
3.200
Tennessee Alabama & Georgia.
2.242
245.576
Western Maryland
400.429
%
"6',
Jan
539
Chic St P
"4.395
47
958
154,853
11.939
—
Net Earnings Monthly to Latest Dates. The table
following shows the gross and net earnings with charges ami
railroad and industrial companies
surplus of
reported this week:
STEAM
Ann Arbor
Dec
^20
•19
A'et
from
Railttay.
$
Net
after
Taxes.
$
101.948
67.421
504.976
Net after
Equip. Rents.
$
88.922
119.448
42.603
84,147
234.739
713.415
1
570,529
615.9.50
809.650
1.017,162
1,945,606 1.011.092
Atch Top & S Fe
6.007,294 4. 849, ,543 4.77l,3,'J6
Jan 1 to Dec 31 "20 215444414 37.474.824 26.704.007 27,108,499
•19 179904498 49.402,254 41.557.139 40.035.269
266, .«6
198,486
322,449
Gulf Colo &SFo Dec ^20 2.689,282
•19 2.499,842
422.255
673,056
506,021
Jan 1 to Dec 31 "20 27.518.089
551.060 def.362,.509 df 1.065.926
•19 22.184.340
2,835.589 2.433.861
3.883,881
Panhandle S Fe
Dec •20
814,502 deflll.468 dcf31„503 def63,475
•19
114.613
159. .578
822.929
193.649
Jan 1 to Dec 31 ^20 9.355.874 def577.061 def748.977dn, 170.251
•19 6.708.470
361.742
125.843 def213.476
448.733 def64.305 defl05.661 dcf93.903
AOanta Birm & Atl Dec ^20
•19
def49.774
430.413 def42,979 derj8.671
Jan 1 to Dec 31 ^20 5.750,591dfl.060.400dn.294.040dfl,296,060
•19 4.961,072 def 780,080 def973,779 def953.175
Dec '20
243,814 defl32,059 defl47,809 defl72,670
AtianUc City
•19
252,714 defl5,347 def37,459 def52,289
27,859
325.669
Jan 1 to Dec 31 20 4,667.231
505.838
•19 4.452.164
745,651
1,023,714
849,419
Atlantic Coast Line Dec ^20 7.938.361
2,152,634
1,919,214 1.597.106
•19 6.400.2.34
1.515,497
1.578.385 1.377.577
Dec 31 '20 73,6,33,762 7,329,044 4.052.059 3,908.6,50
Jan 1 to
•20 63,558,452 10.058.540
7.528.992 7.144.330
Dec ^20 21.074,825
22.999 def436,880
Baltimore & Ohio
712..507
•19 15.745,813
77,893 defl40.514
775,674
Jan 1 to Doc 31 ^20 231944443 5.660. 396dfl. 162.437 df4.224.883
•19 182620016 12.750.890
7.857.725 5.082.426
6.581
B & O Chicago Doc ^20
254.263 def32.677 def64,249
'19
3.632
Terminal
194.723 def 50. 803 def 77. 345
'20 2.3.56.795 dof9.S8, 581 df 1,324,680 def417,870
Jan 1 to Dec 31
•19 2.058.947 dei"610.631 def940.535
217.902
def 3. 162
def32.870
Bangor & Aroostook Dec ^20
596,158
14.781
•19
10.124
521,042
8.994 def 13, 819
822.738
Jan 1 to Dec 31 ^20 6,740.098
428,860
757.660
•19 5.287.299
104.544
293.926
34.314
70,946
127.754
Bolt Ry of Chicago Dec ^20
485,686
95,713
•19
149,813
346,346
8.875
24.410
^20 4.730.854
Jan 1 to Dec 31
243.017 def37,358 1,631,070
•19 3,780,322
398,451
212,126 1,620.459
Bessemer & L Erie Dec ^20 1.261.516
126. 668dfl. 036.295 def802,877
19
499.572 def794.363 def838.533 def663.797
Jan 1 to Dec 31 ^20 15. 790. .560 3.589.475 2,256,454 4,787,988
'19 12,508,700
1^056,579 1,845,748 1,9,33.559
def94.965
Boston & Maine
Dec '20 7,256.5.50,
139,601
jfr '.20.0
•19 6,441,18?
.846 def851.253dfl ,102.135
Jan
to
571.368
4S3.706
5.528.579
•19 4.533.990
Dec •20 18.550.944
•19 17.517.18
Dec
31
20
'
Jan
1
to
Dec
31 '20 86.715. 5'ji
•19 72,583.880
4.^
<wr ).276df5.338.490df9.8.36.167
3.168.717
.,.^,0.212
4.166.051
437.486
2.098.829
334.334
282.321
1.005,819 def.303,400 def303,405 def 183,663
Jan 1 to Dec 31 ^20 21,712.290 1.049.820
632.120 2,413.858
19 13.955. 591dfl, 073, 135dfl, 353, 707dfl, 048,976
Buffalo &Susq
Dec ^20
63.441
304,479
29,679
15,304
19
145.253 def79.335 def84.736 def59.066
^20 3.114.960 deflOO.994 def202,645
Jan 1 to Dec 31
270.748
•19 2.157.830 def416.586 def457.740 def413.001
Canadian Pacific
Dec ^20 20.604.167 2.222.072
•19 17,025.583
1.682.176
'
Jan 1 to Dec 31 ^20 216641349 33,153,044
'19
6929060 32.933.C "
.036
Dec •20
Can Pac Lines in
390.330
28.654
6.494 def21,868
Maine
19
369,738 def 11, 870 def 30. 304 def 117.943
^20 2,890,171 def5,52.520 def718.780 def888,752
Jan 1 to Dec 30
19 2,754,953 def279,855 def426,588 def600,473
Oaro CUnch & Ohio Dec '20
734.992
150,549
140,393
2,52,517
19
579.416
121,928
86,751
185.350
Jan 1 to Dec 31 ^20 7.634,328 1,899,704 1,526,364 2, 807, .330
19 6,277,826 1,575,2,55 1,348,497 1.487.937
Charleston & West Dec '20
def 814
301,610
14,288
def 9. 075
'19
Carolina
323,620
48,960
37,277
21.006
^20 3.471.736 def247,924 def384.786 def557,097
Jan 1 to Dec 31
'19 3.121.636
298,883
198.768
162,774
Ches & Ohio Lines Dec '20 8.645.801 1,469,937 1.2:J9,755 1.1.55,963
'19 5.675.677 def328.034 def674.545 def(;63,473
Jan 1 to Dec 31 '20 90.190.745 12,485,865 9.645.906 11,3.57,968
'19 71.475,016 10,798,542
8,627,893 7.463,955
Chicago & Alton
Dec '20 2,733,143
141,713
68,484
def 1,719
'19 2.3S2.108
175.9:J0
113,524
:i4,901
Jan 1 to Dec 31 '20 30.374.933 1 .707.285
919,0.56 def268.746
'19 25.272.334
1.718.623
977.162 dcf230.246
Chic Burl & Qulncy Dec '20 15.271.910 def473,626dfl,476,154dfl.892,244
'19 12.729,;i01
1.684.476
896,112
474.138
Jan 1 to Dec 31 '20 184610986 20,899,6:34 12,295,164 8,012,046
'19 1540114:^8 33,518,475 27,712,341 25,156.532
Chic Great West
Dec '20 2,087.567
.55. ,5.39
dofl4.329 def60.926
'19 1.8.59,494
defl7,5.54
def77.073 defl82,.3(i2
Jan 1 to Dec 31 '20 23,889,976 dcf881,183dfl,735,088df2,652,370
•19 22,128.189
2,823.026 2.139,587
1,093,679
Chicago Junction
Dec '20
395,725 deflO.032 defl4,242
30.008
'19
321,062 def23,257 def34,028
1,976
Jan 1 to Dec 31 '20 3,600.429dfl..543.994dfl,583,851dfl,275,475
"19 3.712,478 def511.732 def551,303
def82,179
ChicMilw&StP Dec '20 13,199,828 1,462.122
989.265
755.667
'19 12.586.422 def458.027 def905.691df 1.320,657
Jan 1 to Dec 31 '20 167771947 7,335,430 def84,620df5,819,216
'19 150370394 11,808.689
5.362.271 3,134.849
Chic & North West Dec '20 13.161.607
706.996 def222.277 def290,209
'19 11.094.114 def447.365 def975.848df 1.217. 643
Jan 1 to Dec 31 '20 165029625 11,820.180 3.234.232
969,876
'19 139589915 20.010,528 14,245,620 12,678,7,50
Chic Peoria & St L Dec '20
237.915 def57.377 def64.548 def66'!7u4
•19
161.302 defll9.:i97 defl22.613 dcfll6.768
Jan 1 to Dec 31 "20 2.801.193 def3.57.320 def440.701 def474.604
19 1.736,078 def759,101 def837,198 def868,o05
Buff Roch
.
&
Pitts
Dec
^20
19
M
Jan
Gulf
1
&
1
to
Dec
Cm
to
111.578t)5.")
^20
•19
31 "20
•19
.509„594
6.767.6.56
Dec
Dec
Due
'20
702.383
5,046.028
Railway.
liiwi
1,173,4:50
180. 8S()
Net
after
Taxes.
695,487
4.028,571
14.555.8S9 10.001.632
2.665.317
36(i,.5.58
19 2,412.131
31 '20 31 .91 1 .606
205.049
3.951.267
after
5.35,476
den51,347 def471.035
9,4.5:i,ti97
172.962
121.596
1.138.210
946.312
Net
Egutp. Rents
1.590.488
8,218.751
146.733
121.408
948.141
729.991
1.59.296
121.551
960.777
787.726
2:J0.958
92.8.37
205.284
49.135
2.37ti,.59H
2.420.;J22
'19 27.732,018
4.415.6,".3
3,101.078 2,677,246
dof8.244
388.283
5.426
def 5. 884
19
343.338 defl8.'295 dof(J2.864 d<'f72.181
Jan 1 to Doc 31 20 4.481.147 def305,250 derm8,637 dof.532.863
•19 3.204.570 def385,083 def.525.353 def597.618
Colo & Southern
Dec ^20 1,799.452
698.060
483.690
493.974
'19
1.105.987
218,900
167. .5.54
193,009
Jan 1 to Dec 31 '20 16. 232. .536 3,389,572 2.532.472 2.600.813
'19 12.976.644
2.315.378 1.743.158 1.638.725
Ft
& Den City Dec '20 1.293.164
401.:<40
264.774
269.585
•19 1,0.52,6:16
2:J7,.507
202.851
24.i:i0
Jan 1 to Doc 31 ^20 13.143.676 1.862,747 1.480,053 1.102.73}
•19 ll,162,:i02
3,413,068 3.154.020 2.844.586
Wichita Valley
Dec '20
181,884
41,740
34.7.58
20.116
'19
1.59.479
8,425
2.526 def 3 1.208
Jan 1 to Dec 31 '20 1.825.913
397.055
330.237
145.:i08
'19 1.227..501
317. OHl
256.3.50
187.554
Colo & Wyoming
Dec '20
128.710
14.807
8.807
1.168
•19
def4.920 der22.895 def 24 .478
25.311
"20 1,084.795
Jan 1 to Dec 31
46.539 def 14. 460 def46.267
•19
915.650
164.679
102.704
66.352
^20
Columbus & Green- Doc
198.811
21,445
10.445 defl9.791
ville
213. SOI
•I 9
50.268
41,258
19.402
Jan 1 to Dec 31 '20 1.881.5.59 dof349.739 def466.956 def754.466
'19 1.864.983
120.708
13.695 def74.542
Cuba Railway
Dec '20 1.087.4,57 def238,976 def347.666
"
'19
1.022.351
233,961
130,847
July 1 to Dec 31 '20 5.517.674 def688,656df 1.265,289
'19 6.163.957
1,190,182
783,619
Camaguey &.
Dec '20
156.946
6,415
6.415
'19
Nuev
87.8,59
16.162
16.162
July 1 to Dec 31 '20
693,195 def38.636 def:i8.636
'19
675,281
260,402
260,402
Deny & Salt Lake Dec '20
265,680
def 1,354
5,419
def6.874
'19
2.52.835 defl48,966 defl79,053 defl88.416
Jan 1 to Dec 31 '20 2,938,479 def351,486 def451,712 def527.616
'19 2.911,041 def797.564 def927.234 def951.416
Det & Mackinac
Dec '20
146.543 def96.0.37 defl05.446 def90.383
'19
149.0,56
def50.670 def5H,619 def.56,437
Jan 1 to Dec 31 '20 2.078.601 defl35.136 def278.329 defl52,654
'19 1.687,341
7,716 def81,917 def90,291
Detroit Tol & Iront Doc '20
,508,665 defl75,070 defl81,4,58 def226.245
'19
293.9.59 def 11 1,621 def 120,662 def 131. 404
Jan 1 to Dec 31 '20 5,220,60 Idfl .096,.583dfl 206, 749dfl .,529.306
'19 3.766.7.55 deft90,796 dofr)00..516 def719.588
Dul & Iron Range Doc '20
157.725 def304.781dfl.3.50.052dfl ..366.002
'19
128.418 den67.310 defl75..549 defl44.899
Jan 1 to Dec 31 '20 11.052.316 4.740.688 3.129.448 3.246.565
•19 7,961,606
3,388,451
2,983,815 3,051.715
Dul Missabe & Nor Dec '20
2,59,312 def507.248df3.373,161df3,353.890
'19
260.051 def279,575 def368.678 def355.066
Jan 1 to Dec 31 '20 19.614.069 9.921.810 6.042,939 6,062,809
"19 19,994,713 12.205.262 11.309.223 11,323.729
East St Louis Conn Dec '20
15-). 098
defr>.555 defl5.420 def26.371
'19
130.393
def4.847
def7..391
def23.258
Jan 1 to Dec 31 20 1.512,770 def 199. 414 def229.264 def383.984
•19 1.229.439 defl31.787 def 162. 190 def328.254
Elgin Joliet & East Dec '20 2,651,501
866,847
722,411
527,692
'19 1,995,302
766,351
716,477
604.628
Jan 1 to Dec 31 '20 25.630.441 6.719.283 6.005.632 3.642.405
•19 19,310,380
4,557,858 3,916,881 3.272.647
El Paso & So West Dec '20 1,269,896
729.601
.576,146
588,559
'19 1,051,049
228.272
129.949
117.439
Jan 1 to Dec 31 '20 14,490,5.57 3,978.829 2.747.722 2.797.994
19 12.761.391 *3.874.948 3,149.989 2.995.609
Erie Railroad
Dec '20 10.118.194
:i64.283
2.702
463 357
19 8.120.383
369.431
45.682
244.7:^9
Jan 1 to Dec 31 20 1090669.50df7. 217. 998dfl0.5:n;6i2df9. 1.51 ;8i8
19 91.797.507 3.981.671
565.309
703.913
Chicago & Erie
Dec '20 1.116.512 def 24. .565
6.851 defl24.644
'19
896..546
92.629
44,801d efl55.703
Jan 1 to Dec 31 '20 12.837.811 1.,530. 391 1.091 999 df 2, 383, 425
'19 10.401.398
1.745,671
1,324,777
189,069
J &
Y RR Dec '20
121,615
1,759
1,294
def8,361
'19
106.747
7,300
3,172 defl8,106
Jan 1 to Dec 31 '20 1.348.224
81.348
50.321 def 206. 309
'19 1.144,688
44,949
dof381 defl90.455
Ft Smith & West
Dec '20
213,008 defl2,528 defl8.953 defl8,921
•19
155.821
38.736
36.,320
33;572
'20 2.045.504
Jan 1 to Dec 31
84.778
21.523
54.109
'19 1,646.460
259,233
200,458
242,222
'20
Galveston Wharf
Dec
247,098
90.290
66,886
65,716
'19
133,9.33
36,492
18,469
24,930
Jan 1 to Dec 31 '20 1,980.566
456,873
252,7,55
260,922
'19
988,814
116,901 def38,622 def32,167
Great North Syst
Dec '20 9,827,633 1,279,758
539,424
530.16?*
19 8.089,469
280,181 def864,896 def843.603
T
,
o, ., Jan 1 . T.
to Dec 31 20 124.192.373 13.773.309 4.075.364 6.283.494
19 106.533,739 19.805.720 12.696.522 12.459.618
Gulf MobUe & Nor Dec 20
446.986
.59.470
45.887
34.426
19
2.54.164 ,def31.197
def56.384 def29.817
Jan 1 to Dec 31 20 4,180.494 def5S9.720 dof7.53.544 def846.183
19 2.823.506
199,65 defl30,271 defl08,676
lUinoLs Terminal
Dec 20
115.612
48.624
47.507
16,906
19
75.101
62.607
61.410
56,385
Jan 1 to Dec 31 20 1.119.931
566.615
553.038
474,338
19
938.439
556.767
540,501
529,636
Internat & Grt Nor Dec 20 2,087.976
327.116
296,918
190,140
19 1,216,735 defl93.133 def209.201 def250.822
^
Jan 1 to _
Dec „ 20 19.998.851
31
541. ,366
171.168 def718. 532
19 14.410.300 def779.287defl099,953defl4l3.144
Kansas City South Dec '20 1.810.488
434.051
361,277
315.920
•19 1.468.745
434.6.56
373,083
326.827
Jan 1 to Dec 31 '20 19.762.433 3.602.265 2,762,285 2.268.133
'19 15.111.997
2.996.042 2,192.955 1.917.378
Texark & Ft Sm Dec "20
237.267
98.030
89.960
58.965
19
81.036 def 24..572 def31,132 def;i0.474
Jan 1 to Dec 31 '20 2.251 .813
8.54.091
732.938
498.173
'19 1.495.013
311,881
232.711
252.322
Kansas City Term Dec '20
131,269
14,650
3.558
164.355
•19
119,712
def 9. 948
19,944
205.147
'20 1 .598,277
Jan 1 to Dec 31
def 13. 215 def326.408 2.122.110
"19 1,388.293
219.690 def8S.395 2.387.556
Lake Terminal Ry Dec '20
168.911
24.135
15.814
6.688
'19
84.993
30.263
11.388
1.122
Jan 1 to Dec 31 '20 1,449.021 defl09.580 dofl82.222 def288.228
•19 1.105.285
def40.145 deflll,913 defl48.716
Lehigh & Hud Riv Dec '20
90.049
315.335
81.419
47.319
*19
213.099
119.964
107.940
89.560
'20 3.116.401
Jan 1 to Dec 31
381.146
277.535 der38.306
:i9 2,687,256
644.932
567.593
391,659
Cine Ind
1,0.58.982
Gross from
Kailuay.
S
RI&
*
19,386
13,957.148 12.898.166 1.070,921
Total (20 roads)
increjise (8.21%)..
Net
Chic
Net from
& West
Dec 20
W
"
"
.
,
N
N
I
—
7
IITK CTTRONTCT.E
556
Gross from
fin i I vail.
Lehigh
$
510.992
& New Kuk Koc
Jan
1
to
Dec
Jan
&
1
•20
•1»
31 -20
•19
4,HOK.or,r)
:j.98i.;}is
j\rt from
Uuilicaii.
S'rt after
Taics.
to
Dec
L
Jan
1
to
$
184,802
80.170
128.284
l.'',5.099
09.;il0
70.219
97.3.094
7.18. .'119
98.'-).494
1,02.'>.201
92:J..O.'10
911.97.1
.'•.2.990
^20 7.;n2.ir.2
112.191 def 100.191
"19 .'..44:5.2a I
98.940
80.907
12. .'517
31 '20 7.'">.097.70I (lf3.r)97,244(ir0.077.080af.''),4.')0.8S0
•19 64. ,'.28. 890
3.,'>01 „'i;J9
3.079.100
.1.:J20..'i89
Dec 20
2,1.50,264
1 .,'")0.').384
399,024
:540.8I9
337.900
Dec 31 20 20.898.120
4..'j09..50,'>
3.811.370
3. .584. 808
4, .524, 61
3. 723..521
17.209.9.'J2
20
& Arknn Doc
19
Louisiana
1
Doc 31 20
4. 305. .521
2.220.700
Dec 20
to
404.951
282.578
19
Jan
3.57.702
.321,837
Ry &
Navigation
Jan
Louisville
1
to
Dec
19
31 20
19
& Nashv Doc
4.275,834
3. .542. 034
•20 11.2.54.141
19
Dec 31
9.045.628
.'>1.').870
421
,42.5
371..5.50
00 603
47 938
.53 037
51 005
04 ,233
7S6 483
688 0S3
1.007 ,000
30 ,.588 defl22 208 dcri5I ,005
def.54.193
dcfgo ,803 defl36 ,894
71,400
07 ,037
35 595
62 ,791 dof219 215
263. ,522
249,8.57
79 ,892 dff67 ,242
423 ,219
873.230
497 .369
2.117.627
2.099 ,931
1 .935 .,597
95 ,717
•20 120371693
4.975.882
3.321 221
1 .324 .,5.56
•19 107514965 14.970 827 11,954 ,200 11.791 ,845
2S2.428 dpf.56 ,.594 def70 301 defl05 ,.585
Louisv Hon & St L Dec 20
•19
39 0,52
2.53.218
60 8.59
42 8,59
231 ,,809
455 .,579
383 953
Jan 1 to Dec 31 •20 3,163.048
•19 2.914.103
491 ,802
661 209
598 393
Dec •20 1.925.933 def239 .489 dcf342 .492 dcf343 ,782
Maine Central
•19
I.5S3.313
dcf8 .650 <icf20 ,073
73 537
Jan 1 to Doc 31 •20 21.306.537defl027 363def2165 .591df(;2340 .030
•19 17,252.178
dcf919 ..521dofl231 .427
5 114
89 .386
89 .230
1,53 857
Minneap & St Louis Dec •20 1,.508, 0,57
•19
1,101.724 def.348 .262 def399 .260 dof428 ,908
Jan 1 to Dec 31 •20 17.004.329 def258 ..504 def984 319 def919 .339
•19 13,384,871
380 350 dcf228 .773 def327 012
74.987 defSl .413 def5l ..521 dcf41 668
Mississippi Central Dec '20
•19
77,374 def.58 9.59 d<^f58 1 1 2 def54 921
Jan 1 to Dec 31 •20 1,069,815 def.597 .483 der468 033 def332 288
•19 1,011,409 def207 .418 dof241 350 defl87 ,.562
717 ,381
Dec •20 3.439,476
041 .488
556 .651
Kan & Texas
•19 3,011,374
418 ,1,32
396 .735
206 .049
Jan 1 to Dec 31 '20 39,925,4,30 5,3.33 .243 3.969 2.50 5.872 „527
•19 34,272.092
5,081.929 3,921,747 4.531 .147
8,2,35
9 .088
12.017
& North Arkan Dec •20 205.070
•19
def42.660 def48.921 def52 ,256
148.5.58
Jan 1 to Dec 31 •20 2,115,210 defl37 526 defl93 ,705 def2,56 ,0,59
•19 1.587,826 def511 733 def588 897 def665 ,178
Dec •20 10.694,687 1,732 883 1 ,670 ,738 1 ,3,54 ,844
Missouri Pacific
•19 8,6,56,301
def25 ,944 def;321 ,036
728,8.52
Jan 1 to Dec 31 •20 118132429 7,445,004 3,3,52 740df 1 .090 .480
•19 93,577,081 10,219,457
6,488 016 4.402 ,473
345 920
198 ,339
Dec •20
094,799
367,-525
Monongahela
'19
defl ,023
77 143
303,689
88,986
825 346 def33 „542
911,295
Jan 1 to Dec 31 •20 4,074,851
•19 3,6,52,667
1,259.397 1,202 528 1,029 ,050
14 ,671
16,355 def58 651
Nashv Chatt & 8t L Dec •20 2,001,849
•19 1,808„581
6 ,301
78 ,015
112,022
19 ,255
31 062 def570 ,520
Jan 1 to Dec 31 •20 24,481,590
•19 20,044,134
1,.560 ..506
866 439 1,060 .043
7 7.59
10 .282
17 .636
Dec •29
76,742
Nevada Northern
•19
14 ,287
31 .341
16 ,305
1.57,284
506 688
385 .370
367 ,7.59
Jan 1 to Dec 31 •20 1,588,638
•19 1,579,440
244 ,101
269 ,232
483 883
206,960 def93 ,986 defI06 ,356 defl 02 ,373
New Orl Great Nor Doc •20
•19
defl 2 ,979
defS 582
9 .446
195,725
18 033 defl26 666 defl4 ,092
Jan 1 to Dec 31 •20 2,684,965
•19 2,294,5.50
14 .164
178 ,213
50 293
86 .136
1.58 ,325
123 817
407,379
O Texas & Mex Dec •20
•19
32 ,599
13 .533
13 004
220,671
616 ,102
345 080
782 ,289
Jan 1 to Dec 31 •20 3,212,715
19 2,063,689
198 ,006
284. 957
155 634
70 ,268
56 824
Dec '20
280,326
71 ,792
Beaum S L &
•19
1 .542
11 ,415
15 ,933
137,705
.530 ,906
498 ,807
338 .286
Jan 1 to Dec 31 •20 2„364,223
•19 1,364.168
104 ,911 defl 6 "93
130 ,341
53 ,812
78 ,747
59 ,890
607,093
St Louis Browns- Dec '20
'19
124 ,071
91 .707
Ville & Mexico
.541,293
119 837
898 249
Jan 1 to Dec 31 •20 7, .589.742 1,503 ,449 1,352 .291
•19 5,540,631
1,600 .390 1 .493 ,402 1,212 682
defl80 845 def243 ,498
Chicago &
Dec '20 2, ,530, 1.58
'19 2,125,633
239 ,129
201 ,3,33
St Louis
4.488 269 4,219 ,408
Jan 1 to Dec 31 '20 28,225,188
'19 23,475,552
4,526 352 4,049 ,809
,55 ,775
97 ,075
47 ,075
Y Ont & West Dec '20 1,140.017
'19
841,992 def82 ,810 dcfll5 ,932 def9' 530
56 929
Jan 1 to Dec 31 '20 12,924,935
545 ,548
136 .063
'19 10.909,515
775 .523
783 730
1,105 ,470
Susquehanna
Dec '20
288,946 defl98,,193 def219 542 def208 540
'19
& "Western
351,034 def98,,0,54 defl42 740 defl 38 146
Dec 31 '20 4,450,111 def796,,428df 1,082 6,57 dfl ,035 518
Jan 1 to
•19 3,915.640
134, 182 def281 614 def280 714
981 ,6.56 1,011 ,031 1,317 571
Norfolk & "Western Dec '20 8,451.199
'19 6, .570. 897
519 ,079
259 ,263
367 120
Jan 1 to Dec 31 •20 86,559.174 2.761 ,702 df 1,381 ,287 2,839 7.59
•19 70.925.599 12,904 .313
9,781 .255 10.363 404
Dec '20 9,159,871 1,584 ,692
779 .304 1,144 9.52
Northern Pacific
'19 8,082,601
1,463, 079
945, 845
1,193, .561
'20 111166286 13,071, 227
Jan 1 to Dec 31
3, .545, 640
8,636, 686
'19 100739353 24,559 639 17,053, 050 18.379, 302
def4 289
2 ,061
Minn & Internat Dec '20
125,511
9,336
25,207
20 ,127
16 553
19
102,424
Jan 1 to Dec 31 '20 1,303,979
20,839 def49 ,788 defl75 931
'19 1,073,849
29,110 def27 ,667 def43 693
Northwest'n Pacific Dec '20
528.865 def46.316 def70 ,326 def73 773
•19
45 050
596,045
83,548
57 5J7
Jan 1 to Dec 31 •20 7,867,940 1,506,871 1,169 560 1 .040 335
19 6,682,4,59 1,432,187 1,144 .874 1,150 271
Dec •20
446,558
Pacific Coast Co
27,542
•19
330,219
7,2,56
July 1 to Dec 31 •20 2,930,392
296,107
•19 2,418,168
207,798
Jan
1
to
Mo
Mo
N
W
NY
N
NY
'
'
^
'
Pennsylvania RR
Bait Ches & Atl
Dec
'20
'19
Jan 1 to Dec 31 '20
'19
Dec '20
Long Island
'19
Jan 1 to Dec 31 '20
'19
Mary'd Del Va Dec '20
'19
Jan 1 to Dec 31 '20
•19
Toledo Peoria
Dec •20
&
&
Western
Jan
Peoria
&
Union
19
Dec 31
"20
•19
Pekin
Dec '20
'19
Jan 1 to Dec 31 '20
•19
1 to
Pore Marqucttv
Jan
1
to
Dec
J;in
133,628
4,431
4,902
7,466
116,823
def7,344 defl 1,416
def8,702
,675,099 defll9,511 defl51,641 defl.34,832
,603,332 defl3,176 def55,428 def20,lll
def525,294 def339,502
1 ,934,835
1 ,732,058
defl 56, 926 def213,608
def604,371 def998,855
25 ,843,749
24 ,381,973
2.726.532 2,421.699
108,018
def9.939 defl 1,248 defl 5, 727
104,368
def5.461
def7,396 defl2,126
1 ,338,990 defl94.266 def211,630 def254,902
def30,470 def52,145 def91.268
1 ,356,187
160,073 defl59,274 defl87,774 defl 70. 269
1
1
132,800 def57,692 def66.192
,014,007 def323,641 def445.641
1 ,645,768 defl 53, 639 def25o,639
def7,940
182,298
9,209
123,993 defl2,690
def7,096
1 ,679,044 def230,S25 def352,481
1 ,243,748 def431,205 def530,705
2
def52.329
def262,113
def221,585
14,348
557
def217.359
def338.598
Phila
I
to
Heading
Jan
Pittsburgh
'19 3,072,070
31 '20 40,722,.'<0«
•1» 35.443.137
Doc
Porklomon
&
Dec 20 3,101,602
Dec
1. 370. ,502
'19
Louisiana
Grosi from
Hailvay.
»
$
19
Salt
[Vol. 112.
Net after
liquip. Rents
Doc
Lehigh Valloy
Los Ang
1
1
10
&
•Shawmut
Jan
1
to
Dec
'20 9.670. .579
'19 0.104.2.59
31 •20 94.:<21..5.57
•19 72.871.823
Dec
•20
•19
31 •20
•19
Dec
1
to
124 ..324
107.006
1.209.010
1,121,837
Dec
Dec
Port Reading
Jan
^20
•19
31 '20
'19
'20
Dec 31
'20
•19
19
Quincy Omaha &
Dec
Kansas City
Jan 1 to Dec 31
223. .505
83, .383
1.8.58.382
h'etfriym
llciivai/.
i
305,505
37S814
4.87 9.830
8.719.311
05.973
00.9,55
,5HH..541
.5.59,420
920 .,344
Net
Net after
Equip. KentM.
$
*
208.713
203.927
31S..570
83.323
4.010.503 1.740.876
8.046.078 0.080.357
after
Taxes.
61 ..509
59..5'J8
.5.57.891
538.945
052.165
fl..5:;4.184
407.1.50
4.121.7.58
8,203.019
0.002.723
.5.5'J.OM
97.025
dcr3,739
300.324
1.115.125 defl86.50fi
271. -299
141.297
02.913 def45.9H.5
1.949.198
.529.774
805.6''.>
2.377.412
51.868
50.087
491 .392
.523.419
176.760
204.277
073.703
3.083.280
91 ..335
121,617
def3.840
11,769
288.948
728.078
dof 188.873 def 179.228
129.200
.52. .5.56
def6i.214 dpf97.276
421. .580 dcf248.319
609.9.53
530.298
der07 .389 def72.9.52
def 28 .907 def35.112
125,874 def03, 136
def 14, 221
95,741
1.366,998 def3.50,423 dcf.399 .20'! def4.56.962
1.117.415 defl 10,338 deflOl .003 der208,676
Richmond Fred & Dec
1,036.047
142,516
21 .6.58 def34.668
218.187
Potomac
9.56.819
300,288
253 ,800
Jan 1 to Dec 31 20 11.049.883 2,625„589 2.174 ,290 1,789. .349
19 12.276,017 5.100.261
4.816 982 4,625,914
34 .086
Rutland
Dec '20
534.122
45 .5S4
5 247
'19
17S
4.874
414.749
13 100
Jan 1 to Dec 31 •20 5.966.142 def65 .785 def319 .815 def91,727
•19 4. .838. .534
210.003
131 ..508
363 .3-.!7
Dec •20
274 .922 def44 ,609 def62 .7.37 dof 76. 184
St Joseph &
•19
2.33..5.56
defy .521 def24 .117 def 15. 1.59
Grand Island
Jan 1 to Dec 31 •20 3.433.706 def237 .807 def397 .385 dof466.698
•19 2.932.822
88 ..389 def42 430 def51.6.55
616.849
636 920
792 ,293
St Louis Southwest Dec •20 1.835.675
•19 1.487,071
319 ..523
461 ..579
376 .767
Jan 1 to Dec 31 •20 21.311,705 7,798 ,388 6.896 .465 7.0.56.4.57
•19 13,750,285 3,606 ,528 3.090 .930
3.077.808
47 .926
41.526
Dec •20
132. .561
46 ,452
St Louis Transfer
'19
24.868
36 .988
119.697
37 ,812
'20 1,395,505
286.834
369 .449
372 ,681
Jan 1 to Dec 31
•19 1,144,253
234.897
304 .455
302 .415
Dec •20
562,605 def49 .072 def 61 .794 def43.313
San Antonio &
•19
448.305 def89 444 defl70 .031 defl .55.2.59
Aransas Pass
32 .203 defl28..224 def.54.406
Jan 1 to Dec 3 '20 6.041.297
'19 4,516,590 def908 .964dfl.l56. 1.56 dfl. 170.629
714.191
843. 7.33
971 496
Seaboard Air Line Dec '20 4,.5.57,8.59
'19 3.687.5,54
def 80. 665 defl80.422
.55,,182
'20 49.263,645
df 2. 639. 545
762 ,872 def 932. 263
Jan 1 to Dec 31
1.852.298
19 41,183.532 3.717. 715 2.091. 409
Southern Pacific Sys
24.282
43 .279
34..427
492.079
Louisiana WesternDec '20
'19
123.127
226 ,803
132..096
467.796
20 5..380.826 1.207 .625
720.520
817..072
Jan 1 to Dec 31
'19 4.234.597
1.285.476
1.356..371
1.551 ,292
•20 1.004.693 defl 12 .756 def210,.902 def274.693
Dec
Morgan's Lou312.106
'19
328..809
426 .237
980.104
isiana & Texas
208.373
541,..584
Jan 1 to Dec 31 •20 10.429.501 1.209 .295
•19 8.065.807
1.707 746 1.274..207 1,112.124
Dec '20 25.005.245 4.651 .630 3.820 .082 3. 463..561
Southern Pac Co
•19 22.225.490
5.261 .7.38. 3.12 .406 2.894.636
Jan 1 to Dec 31 •20 2.82269.504 40.155 .714 25.2.50 .705 21.312.344
•19 239657272 51,272 .100 39.308 .410 39.677.067
723.089
703 .385
868 510
Dec '20 12„579,4,30
Southern Railway
'19 12.858.780
2.320 146 1.906 .240 1.698.496
Jan 1 to Dec 31 '20 151864389 22.998 .940 18.282 .014 15..325.801
'19 129787811 16.042 .999 11.926 .598 10,611.611
209.028
226 .032
241 191
Alabama Great
Dec 20 1.045.012
192.2.54
19
248 180
970.249
285 .140
Southern
Jan 1 to Dec 31 20 11.588.804 2.522 .646 2.049 581 2,196.256
19 10.529.739 2.065 .962 1.799 .5.30 1,489,778
204.593
108 .235
124 6.56
Cine New Orl & Dec 20 1.741.727
•19 1.383.521
def 50 .48 def 294 .9.50 defl43.448
Texas Pacific
Jan 1 to Dec 31 20 20.858.559 4.297 .537 3.533 .635 4.126.082
•19 16.313.686
519.244
155 .596
814 .590
31.847
48 .489
24 997
Dec •20
463,159
Georgia .South'23.297
'19
13 .826
440,668
35 .304
ern & Florida
Jan 1 to Dec 31 •20 5. 330.810 defl8 .957 def214 .081 def 230. 444
58.285
19 4,374,501
.053
63
252 .577
Dec 20 1,589,052 defl 78 .873 def243 .896 defl90.234
Mobile & Ohio
19 1,518.454 def 13 .018 def.58 ,084 def48.0.58
Jan 1 to Dec 31 20 18.796. 152dfl.070 643df 1.779 .134dfl.101.061
10 15.636.714 def400 !30 def995 .910dfl.051..543
Dec 20
661.438
2 67 def68 .658 def73.833
New Orleans &
19
Northeastern
,549.256
26 434 defl 58 .931 defl08.9.38
614.067
605 4,53
Jan 1 to Dec 31 •20 7.728.115 1.130 ,721
19 6.446.802
181.831
36 299
521 .523
3..503
31 .679
Dec "20
119.217
30 ,984
Northern Al,adefS.914
19
4 .177
104..374
11 .476
bama
220 .694 def79. 386
270 ,304
Jan 1 to Dec 31 20 1,.501 ,881
19 1,183.932
61.402
126 ,517
80 10
45.641
55 .026
1.53.4.57
03 .467
Spokane InternaDec 20
19
67.276
72 ..529
175.409
79 .500
tional
493 .194
406,990
.562 .281
J.an 1 to Dec 31 20 1.566.775
'10 1.248.090
314.515
362 .394
420 .010
195.408
216 .927
247 .264
757.149
Spokane Portland Dec 20
19
def57 .266 def59.299
17 .836
532.701
& Seattle
Jan 1 to Dec 31 20 9.154.845 2.396 ,173 1.330 .735 1.1.58,623
19 7,275,263 2.170 .824 1.428 ,221 1,631,582
Dec 20
203,128 dcf26 ..537 def30 .100 dcf48.830
Staten Island
19
42.290
Rapid Transit
162.861 defl5 .836 def32 .646
Jan 1 to Dec 31 20 2.415.149 def 237 ,151 dof390 .544 def626.227
'19 2.234.671
59,103
272 .436
93 .960
def9 420 defl5 ,144 def42,386
226.086
Tennessee Central Dec '20
'19
def 19 ,198 def 44, 045
199.761 defl2 196
Jan 1 to Dec 31 '20 2.928.925 der35 .003 defl03 ,160 def429,691
'19 2.489,538 def336 .928 def402 ,498 def 539, 446
08,939
def 7 .000 def63 873
Assn of
Dec "20
305.007
Term
•19
181.077
92 .043
44 .279
412,744
St Louis
516 .627
27 .178 1.544,950
Jan 1 to Dec 31 20 4,758,433
19 4,002,717
136 .361 1.639.115
50 .482
def ,904 def21 ,434 defl5.44&
405.4.53
St Louis Mcrch- Dec "20
'19
12.634
2o ,581
363.521
15 .428
ants Bridge Term
Jan 1 to Dec 31 20 4.364.016 def253 .255 def406 .985 def358.837
19 3,217,134 def326 285 def426 .345 def423.192
502.145
S98 ,099
649 .205
Dec 20 4,255,221
Texas & Pacific
•19 3,613,747
314.460
608 .642
.529 ..543
Jan 1 to Dec 31 '20 41,844,190 4.3S5 .150 3.039 .507 1.474.127
'19 36,212.438
6.074 .865 4.844 .840 3,002.456
174.251
245 ,244
204 .244
Toledo St Louis & Dec '20 1.006.063
'19
103.033
172 .098
146 .095
844,063
Western
Jan 1 to Dec 31 '20 11,3,56,935 2,011 .076 1.639 .631 1,112.642
'19 8,267.877
745.458
1,322 932 1,007 .801
Dec 20 10,379.154 1.979 .037 1,689 .647 1.474.730
Union Pacific
19 8.603.326 1.457 .218 1,315 .0.55 1.311,629
Jan 1 to Dec 31 "20 131093304 36.706 ,099 30.512 ,157 30,252,041
19 110S19514 36,882. 835 33,881 ,779 33.090,527
482 ,923
306 050
341,0.57
Dec 20 3.534.720
Oregon Short
19 3.160.987
978 ,600
826 037
823,312
Line
Jan 1 to Dec 31 •20 44.906.043 12,827 ,312 9,464 .289 9,645,676
•19 38,260,580 13,162 ,215 11,095 532 10.840.884
'
RR
THE CH1U)NICLK
Feb. 5 1921.]
from
All from
Railuau.
S
103,713
•JO
90,237
19
liuilicay.
Oriiss
Ulster
& Delaware
Jan
Doe
tu
1
31 '20
19
Dec 20
Utah
19
Jan
Jan
Wabash
Western
&
1
Dec 31
to
'20
•19
1
to
1,309,KC,'>
1,720,093
l,0S2.Jti9
Dec
lS,ltt0,0.'>l
12,07.'),305
RK
.5,7().'),32S
1,022,171
to
Doc 31
Dec
Wichita Falls &
Norlhwesiorn
Jan 1 to Dec 31
59,982.282
1,1(50,238
1,107,223
1,291.017
4.455,348
199,536
500,578
lo.9Sl.r.02
3,9.')0,ti99
13,057,290
4,112,011
104,182
71.053
2.019, !07
1.731.301
29.410
1
•
,.'.38,320
9.')7,043
•20 17.910.079
'19 12.000.839
'20
189,414
•19
202.370
20
19
94.508
878.814
589.329
448.688
173.220
5,382,630
2.900.304
700,341
324,091
48,817,08.')
19
1
82.4.'')0
191,161
109,187
2.009. ,519
19
31 •20
•19
Dec '20
•19
Jan 1 to Deo 31 •20
•19
Dec •20
Padfic
•19
Jan 1 to Doc 31 "20
•19
Lake Krio Dec '20
Jan
ilcf30.420
(ii-f27.047
l,4S0.09ti cler200.189
1,21.5.S09 Uff88.515
Dec 20
RR
Virginian
Wheel
Dec
%
Xet after
Equip. Rents.
S
dcf.50.519 def52,472
dff32.448 der34,2ti3
dfr329.713 di'f 377.4 19
den43.193 dell53.299
.55.070
71.215
80,810
73,112
717,020
790.245
440.141
498.090
297. .301
235,091
115.480
103,220
4,944.24
4.294,822
2,400,808 2.541.112
Xel
'I'll
aflrr
ley.
$
378.4.55
.509.309
84.079
218.171
dof397;463df3.759.770
831.238
3.143.049
103,.5,59
120.430
490.010
4.37.409
3.178.008 3.404.720
3,515,497 3. .546.4.50
21,707 dof88.379
den3.382
def 04. 101
1,098.1,55
dfn87.312
933,8,59
1,009.752
dcf442
19,494
tlef95.7()0 def 100 .937 den35,824
42.870 d.4'88.0()5 dpf390,3l3
2.009.813
2.30S.744 def 110.817 def235,180 def402.104
Latest Gross Earnings.
Same
or
& Aiinap December
Pow Co of t!an. October
Bait
Latest Gross Earnings.
of
Jan.
1
COS.
to Latest
Date.
Road
or Compaiiu-
Month.
Adirondack El Pow Co Doccmbor
Alabama Power Co.- Deci'inbor
Ry
Atlantic Shore
Uwcraber
November
November
December
November
& P December
('o
Bangor Ry & Elec Co
JkBarcelonaTrac. L& 1'
Baton RouKe Eloc Co
Beaver Valley Tr Co.
Blnghamton ht. H
& E Do<-ember
Blackstone Vail
N'ove.mbcr/
/Brazilian True. L, k
Cape Breton El. Ltd December
Cent Miss Vail Elec. December
Chattanooga Ry & Lt November
December
Cities Service Co
Citizens Traction Co. November
G
1
Cleve Painesv & East
Colorado Power Co..
eColumbia Gas & Elec
Columbus Elec Co. .
Current
Year.
Previous
Year
Current
Year.
S
S
446,699 401.597 4.714,526
394 .373 302.370 4,190,495
15,748
220,703
18.148
120,190 102.292 1,133,842
3163.105 2400.091 24. .507 .401
37,141
47.6,50
471.187
50,878
652.414
61.755
,007
77.315
51
762.336
290.909 262,280 3,260,907
1219>M)()(I 9790.000 122300000
54.327
652,007
68,748
41,923
44.915
490,984
118.487 103.400 1.212.070
1820 493 17.57 .(J22 24,698,039
90.730
78.747
55.068
61.464
735,344
November
98.42.November 104.42<J
December 1458,145 1313.119
Previous
Year.
3,865,264
2.955. .582
181, ()83
981,900
18,499,003
371,269
547,293
2,047",0.59
1033.35000
583.023
424.475
925. 71B
19.977.551
633.060
14',6V4",362 12,"l"2"2",596
December
122.085
Com'w'th P, Ry & Lt December 2982,951
Power.. Decemlier
134,371
Connecticut
Consum Pow (Midi). December 1301,310
Oumb Co (Me) P & L November 201 .040
400,660
Dayton Pow & Light. December
.November
d Detroit Edisou
Duluth-Superior Trac November
Duquesne LtOosubslo
light
& power
cos..
East St Louis & Sub.
E^st Sh G & E Subsid
Eastern Texas Elec..
Edison Elec 111 of Broc
Elec Lt & Pr of Ab&R
El Paso Elec Co
Fall River Gas Works
Federal Light & Trac,
Fort Worth Pow & Ll
Galveston-Hous El Co
General Gas & E Co_
e Great. West Pow Sys
Harrisburg Ry Co
Havana El Ry, L .& P
Haverhill Gas & Lt..
Honolulu R T & Land
Houghton Co El Lt-.
.
105,264 1,547.353 1,309,281
2589,017 31,285,981 25,964,899
117.938 1.473.151 1,260,022
11,55.829 14.157.4.53 11,439,094
238.704 2.827.918 2. .505, 941
.332,820 3.734.487 2,932,868
217(i.8.5<i 1015,015 19.000.024 14.740.417
154,760 163.031 1.753.745 1.761.802
November 1418.061
November 410,547
November
46,779
December
145,204
December
109.654
December
30.125
December
196,319
December
84,647
November 424, .531
NovemlJer
281
..530
1033,650 13.618. .588 10.718,404
209,827 3,925,550 2.884,602
41.814
126.821 1,619,242 1.390,350
112,658 1,302,700 1,096.981
29,172
356,978
294.396
155.460 1,931,629 1,574,676
69.398
909,699
760,712
348.559 4,150.931 3,500.571
160.130
277,168 3.808,953 3,095.151
885,622 11,363,760 9.134,919
581.781 5,874.325 4.873.100
153,169 1,829,449 1,628,207
879.741 lj,366,708 8,470,209
39, .571
450,642
386,632
67,L57
840,624
7.54,620
48,385
572,156
453,162
29,001
320,421
297.151
December
342,134
December 1081,393
November 766,428
December
161,048
November 1037.352
December
39.704
December
76,380
December
68.058
Trac. December
Houghton Co
31,345
Huntington Dev&Gas November
102. .579 102,68(i
November 1914.274 1623.452 18,823.429 15.718.920
d Illinois Traction
Interboro Rap Tran
December 4980, 072 4668 268 54 247.579 47.454 472
Total system
December
Keolruk Elec Co
31, 803
30, 097
356,842
317, 237
Keystone "Telep Co.. December
169, 631 165, 935
758.231 1.6.56, 4.50
December
Key West Elec Co
20. 008
20 648
-227, 260
260.003
Lake Shore Elec Ry.. October
255, 911 221, 749
806.699 2.162, 512
Mwell Elec Lt Corp. December
107, .377 102 907
235.878
995 953
Metropol'n Edison Co December
215 746
2,58, 769
919,806
eMilw El Ry & Lt Co November 1007, 814 1413 277
152,255 13" .350" 92.5
Miss River Power Co. December
249, 131 206 384
,735.371 2,321 954
Nashvilie Ry & Lighi November
319 044 287 241
Nebraska Power Co. _ November
270 711 240 108
Nevada-Calif El Corp November
205 052 181 203
848,493 2,.361, 21!
New England Power. November 499, 0.50 395 ,994
438,496 3,720, 026
New Jersey Pow & Lt December
48, ,133
32 756
484,222
Newp NicH Ry.G&E November 230 ,151 205 070
.534.7.5N 2.510 79:-(
New York Dock Co.. November 518 ,971 478 ,328
836.931 5.211, 053
No Caro Pub Serv Co December
95 ,804
84 ,2,53
025.705
8.56 750
Northern Ohio Elec. December
8.53 ,662 922 ,441
014.845 9,298, ,549
December
Nor Texas Elec Co
343 ,770 329 ,540
,951,650 3,387 854
Northw OhioRy&PCo December
35 ,070
27 ,038
467,713
Pacific Gas & Elec Co November 3048 ,941 2291 ,106
242,705 23.466,448
Pacific Pi>v er & Light Nfovember
Electric Co. December
Paducah
PennCentLt&P&Sub November
Pennsylv Util System December
Philadelphia Co and
Subsid Nat Gas Cos November
Philadelphia Oil Co.. No^ember
Phiia & Western
December
Phila Rap Transit Co December
Portland Gas & Coke. November
November
November
December
December
RepubhcRy & LtCo. November
Rutland Lt & Power. December
St L Rocky Ml & I'ac October
Sandusky Gas & Elec December
Schenectady Ry Co.. November
17th St Incl Plane Cr November
Sierra Pacific Electric December
Porto Rico Railwavs.
Port (Ore) Ry.L&PCo
Puget Sd Tr, Lt & P.
ReadingTrans&Lt Svs
Southern
Tampa
t^al
Edison. .\ukusI
Electric
Tennessee Ry,
Tennes.see
Co.. December
L & P November
Power
November
Third Avenue System. December
Twin City Rap Tran. November
United Gas & El Corp December
Utah PoAver & Light. November
UtahSecCorp&Subs
November
Virginia Ry & Power. December
.
250 .116
48 ,791
215 ,006
254 202
205 ,810
40 ,098
483.570
168 ,413
173 133
2,2"96',i02
1347 409 1055,390 13.395,985 10,895,158
178, 95.'-l 100.481
1.649.03f' 1,185,727
67 9.59
58,805
801 .162
732,301
3889 911 3141,534 38,807,354 35,358,471
247 180 190.140
221
94,888 1,273,461 1.030.305
856 .586 739,971 8,650.6.58 7.841,700
939 901 890.474 10,000,4,30
204 330 249.682 3,040,725
743 762 577.313
52 013
46,987
.589,641
490 071 392,888 4. 275, .522 3.406.342
80 360
65,449
745,743
105 481 142,793 1,727,780 l",5"0"5'.099
4 049
37,008
3,3,50
41.319
68 579
70.342
779,244
681,891
1.528 108 972,974 9.147.,5tJ4 6.8.50.025
144 934 125,656 1,473,630 1,269,248
.5()5 031
.503.710 5.8,58.59;< 5.or,.'->,,i<.»7
221 419 192.82.5 2.251 .9-10 1,9S0,3,53
1108 225 994.990 12,445.452 11,407,976
1182 517 1005.1.54 11.732.212 10.230.020
1105 429 1041.470 12,144,107 10,276,247
090 ,99:; 519.577
843 .500 001,021
1045 ,536 862.549
Date.
Wimiiiieg EI(M. Ky.
Youngst & Ohio River
Current
Year.
$
2.092.334
2,168.119
4.7tiS.910
3,839",757
ISO..569
November
November
135.870
47,462
.
42.3IJ1
4K:<.il')'i
401.4,50
Prerioua
Year.
.57.898
576.016
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Tranelt
,System. the ri-ceiver of the Brooklyn Ileiglits RR. Co. havtiiK. with the
approval of the Court, declined to conllmic payment of the rental; therefore.
since (Jet. 18 1919, the Brooklyn tMly RR. has been operated by its owners,
ft The
Kighth Avenue and Ninth Avenue RR. comijaiiies were furmerly
leased to the New York Railways Co., but these leases were t<irmluatttd on
July 1 1 1919. respe<-tively since which dates these roads have been operated
d Includes
separately,
c Includes fililwaukoe Light, lit>at &. Traction <;o.
/Earnings
all sources,
e Includes constituent or subsidiary comoanies.
giv<Mi in mllrels.
(/Subsidiary companies only, /i Indudeji Tennessee
,
Power Co.. the Nashville Railway & Light Co.. the
Power (^o. and the Chattanooga Railway & Light Co. t Includes
lines.
) Ot Ablnglon & Rockland (Mass.).
Railway. Light
Teunes.see
iS:
both subway and elevated
k (ilven in pesetas.
Electric Railway and Other Public Utility Net Earnings.
Tlic following table ^ivcs the returns of EU'XJTKIC
railway and other publie utility pross and net earnings with
charges and surplus reported this week:
—
Gross Earnings
Current
Prevtous
Year.
Year.
S
Companies.
ELECTRIC RAILWAY AND PUBLIC UTILITY
Co Latest
*
t
VV&jt
1
Pretious
Year.
Current
Year.
Month.
Wash
Jan.
of Road
Company.
Corrected figures.
Name
557
Alabama Power Co
Jan 1 to Dec 31
Dec
Ry L & P.Nov
Nov 30 20.
lit & P Co..Dec
— Net Earnings
Current
Year.
%
394 ,373
4.190.495
302,370
2.955.582
181.433
2.118.832
1.846,274
1.557.260
51,607
603.194
25,924
182,237
822,513
885,623
9.134.919
301.071
221,482
2.392.511
Predoua
Year.
.$
151.727
1.586.945
Arkan.sas Val
Doc
•
1
Bing'n Lt,
19 to
77,315
762.336
Jan 1 to Dec 31
Ft Smith Lt & Trac Co. Nov
Dec 1 19 to Nov 30 ^20. 1 .057.133
General Gas & Elec Co.. Dec 1 ,081 ,393
Jan 1 to Doc 31
11.363,760
Louisville
5,53,446
18,397
267,467
204,102
2.681,359
Gas & El Co.. Nov
^19 to Nov 30 '20. 4.384,866
3. .546.922
2,069,149 1,796,036
Metropolitan Edison Co. Dec
258,769
215.746
76,614
66.648
Jan 1 to Dec 31
2,919,806
853,264
New Jersey Pow & Lt . . . Dec
48 1 33
32.756
13,721
6.007
Jan 1 to Dec 31
484,222
163.889
Northern States Power . . Nov
Dec 1 '19 to Nov 30 •20-11,471.141
'.726".i47
4,372.510 4,0"9"5".l04
Northw Ohio Rv&P Co. Dec
35.070
27.038
1.056
1,563
Jan 1 to £)ec 31
467,713
74.262
Pennsylvania Util Syst..Dec
2.54.202
60125
173.133
47.1S4
Jan 1 to Dec 31
2.296,102
542,581
Reading Tran & Lt Sys.. Dec
264,336
249,682
14,952
22.184
Jan 1 to Dec 31
3,040,725
272,515
Rutland Ry, Lt & P Co. Dec
.52,013
8,189
46,987
9.950
Jan 1 to Dec 31
589.642
140,998
Sandusky Gas & Elec Co Dec
80,360
65,449
11,261
6.684
Jan 1 to Dec 31
745,742
75,713
Santiago Consol Gas & ElNov
866>'9"6
Dec 1 •ig to Nov 30 '20- 2,600,943 2,267,123
lii'Mo
Sayre Electric Co
Dec
19,044
12,922
3,344
2,813
Jan 1 to Dec 31
174,462
31.713
Vermont Hydro-El Corp. Dec
43,775
50,799
1,518
18.045
Jan 1 to Dec 31
594,006
206.981
Western States Gas & El Nov
Dec 1 •ig to Nov 30^20. 2,207.139 1,870,999
824,681
774,977
Gross
Net after
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
$
S
$
'20
Adirondack Power Dec
446,699
158,590
93.697
64,893
'19
& Light
401,597
136,654
52.148
84,506
12 mos ^20 4,714,526 1.213,131
736,402
476.729
•19 3.865.264
813.223
1,387.129
573.906
Atlantic Shore Ry
def4.888
Dec ^20
18,148
62,388
7.276
'19
Co
defl2,133
15,748 6def4,932
7.201
12 mos ^20
220,703
622,181
86,762 def 64, 581
•19
181,683
611,422
86,225 def74,803
Commonwealth
Dec '20 2,982,950 61,121,344
*743,176
378,168
'19 2,589,016 61,093.413
Power. Ry & Lt
*689,0.59
404,354
12 mos '20 31,285,981610,662,592 8.787,674 1,874,918
'19 25.964,899610,628,368 *8,209,240
2,419.128
Dayton Power &
Dec '20
44,631
400,660
94.417
49,786
'19
Light Co
332,820
127.124
95,089
32.035
^20 3,734,487
12 mos
432,628
983,803
551,175
'19 2.932,868
1.093.498
660,288
433,210
Harrisburg Ry Co Dec '20
649,478
40,430
9,048
161,048
'19
.38,082
22,643
153,169
660,725
12 mos 20 1,829,449
6713,900
486,406
227,500
19 1.628,207
6638,960
409,095
169,865
Honolulu Rapid
Dec '20
76,386
618.012
13,945
4,067
•19
Transit & Land Co
67,157
626,358
13.098
13,260
20
12 mos
112.952
840,624
6281,314
168,361
19
6325,251
166.784
754,620
158.467
20
Milwaukee Elec Ry Dec
Light
&
19
12 mos ^20 18,867,7.53 3,026.923 2,038,557
988.366
•19 14,888,446
3.481.612 2,060,343 1.421.269
North Caro Public Dec '20
10,790
95.804
24,673
13,883
'19
Service Co
13,212
84,253
26,418
13,206
124,342
12 mos '20 1,025,705
285,014
161,272
•19
133,124
291,363
850,755
158,239
Northern Ohio Elec Dec ^20
12,192
8.53.661
6213,941
201,749
Corp
135,098
•lO
6306.673
922,440
171,575
833,418
12 mos ^20 11,014.845 63,128,847 2.295.429
•19 9,298,549 63,115.352
2,018.072 1,096,680
United Gas & Elec Dec ^20 1,165,429
184,912
6349,907
164.995
'19 1,041,470
Corp
216,664
6373,467
1,50.803
12 mos '20 12,144,107 63,920.832
1,910,589 2,010,243
'19 10,276,247 63,691,212
1,852,479
1,838,733
Wash Bait & Annap Dec '20
def97,423
31,109 defl28.5;i2
186, .569
'19
Electric Co
20.076 def80,703
135,870 def66,627
287,006
299.899
12 mos ^20 2,092,334
580,905
"19 2,168,119
319,399
295.202
614,601
* Fixed charges include dividends on outstanding preferred stock of coD'
stituent companies in addition to taxes and interest.
6 Before deduction of taxes.
Dec
1
,
FINANCIAL REPORTS.
Financial Reports.
—An index to annual reports of steam
and niiseellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This ind<>x will not
include reports in the issue of the "Chronicle" in which it is
railroads, street railwaj'
published.
The latest inde.x will be fount! in the issue of
Jan. 29. The next will appear in that of Feb. 2G.
—
.
TIIK
558
United States Rubber Co.,
New
York.
— Owlnp:
conditions that have pr(.vallf<l.
It is dosirablo In advanco of tlui annual report tw adviw: the titocltnoldtTS of
tbo general rcsiiItK of thii conii)any'8 oijoralious during tho past year and
of its position at tho close thoroof.
Results.
Tlio net Hales for tlio year 1920 were 3255, 744, 685, being an
increase of S;i0.ir).'').22() over 1910.
Tho net Income before Inmre.st. but after mai<iiiK provision for depreciation of plants and adetjuate reserves for Federal .Canadian and Urltlsh
taxes on incomoand profits, amounted to
$26,925,173
Tho net Interest chargcjs amounted to S,"). 649.649, and the Preferred divi(I(>nds, IncludlnK dividend payable Jan. 31 1921.
amounted to S."). 200. 000 the divideids on minority stock of
subsidiary tos. to ?18,718. and dividends on Common stock
(8%), including dividend payable Jan. 31 1021, amounted to
Deducting llioso charges and dividends, leaves a
»6. -180. 000.
balance, surplus, for th(! year of
$9,576,806
The total siuplus Jan. 1020 «as .$52,310,163, from which there
was distributed a Common stock dividend of 12J^% Feb. 19
Adding the surplus
1920. $9,000,000; balance, $43,310. 103.
for the year, $9,.">(6,800, and adjustments made during the
year, $400,258, makes the total accumulated surplus as of
Dec. 31 1920
853,347.227
These have been written down .511,020,605 out of re ervcs
Inventories.
in previous years; it was not ncces-sary to use any part of tho increated
come for 19z0 for this purpose. A substantial part of tho amount written
off applies to cotton fabrics, of which there are many varieties made according to our own specifications and which, therefore, must be ordered
The company has some outstanding contracts for cotton
well iu advanco.
fabrics subject to future delivery, ail of which will bo needed, and on the
basis of fairly normal operations will be consumed in a short space of time.
Arrangements have baen made to take quantities when and as needed.
Obviously, operations for the year 1921 will get the benefit of the reduced
prices as tho result of writing do%vn inventories, which prices are considered
fair on the basis of prevailing market.
Crude Rubber. Tno company at no time during the year had any socalled forward contracts for crude rubber, and, therefore, was in a position
to take advantage of the low market prices, with the result that on Dec. 31
1920 the company had on hand and subject to delivery about seven months'
supply of 'crude rubber at an average cost of .2679c. per pound. Therefore, it was not necessary to writeoff anything on account of crude rubber.
As to all other materials and supplies, the company had
Other Supplies.
a short inventory position during the latter part of the year, and therefore
was abiB to take advantage of the decline in prices, with the result that our
Inventories Dec. 31 fairly represented prevailing market prices in the case
of many commodities, and in the case of other commodities there was only
slight depreciation.
Refierocs.
As in the past, your directors will in due time consider appropriating some part (not exceeding $6,000,000) of the net surplus for the
year 1920 as a reserve to take care of any future contingencies in connection with inventory valuations, contracts or other matters.
No Additions Required. -The larger part of the new construction which
was laid out prior to 1920 has been completed and paid for, and the directors feel there will be no necessity for additional expansion of fixed properPrcliniiiKirii Report.-
to
—
CHRONICLE
{Prdiviinarij Report for Fiscal Year ending Dec. 31 1920.)
Chairman Samuel P. Colt, Now York, Feb. 3 1921, wrote
in substance:
.
.
[Vol. 112.
United Fruit Company, Boston.
Annual Report Year ended Dec. 31 1920.)
—
{2lsl
President Andrew
in substance:
W.
Preston, Boston, Jan.
'WTote
2.'},
iinii.stiul
—
I
—
—
—
—
—
ties for
some time
to come.
—
With the fall in prices of materials and supplies,
Current Liabilities.
inventories should come down and current borrowing be proportionately
During 1920 we took advantage of all discounts for prompt
reduced.
payment, with the result that the income from discounts substantially exceeded the Interest paid on ciurent borrowing.
WTiile, owing to general business conditions, the outlook is not
Outlook.
what it was a year ago, there are nevertheless signs of improvement in
trade, and with the large and diversified product of rubber goods which our
company manufactures, the Chairman feels encouraged to believe that
the company's earnings the coming year will be satisfactory.
Secured Gold
[The offering during the year of $20,000,000 10-year 7K
Notes due Aug. 1 1930 was fully described in "Chronicle" V. Ill, p. 396.1
—
%
INCOME ACC'T FOR
YEARS—Preliminary
CAL.
1920.
Figures for 1920.
1918.
1917.
1919.
$255,744,685$225,589,465$215,398,425$176,159,694
Net sales
Net income before int.. $26,925, 173 $21,396,099 $20,191,097 $18,459,434
interest charges
Net
_5JB49,649 ^,665^862 _4419,055 _3, 118, 856
$21,275,524 $17,730,237 $16,072,^042 $15,340,578
Net profits
5,218,718 _5^06U)43 _4t,96U992 _4,961,370
Preferred dividends
Com.
divs. -$16,056,806 $12,669,194 $11,110,050 $10,379,208
6,480,000
Divs. to minority stockholders of subsid. cos.___-^^^-.
19,508
20,692
Surplus
$9,576,806 $12,669,194 $11,090,541 $10,358,516
2.098,576
1,133,695
Deductions
6,946,441
Surplus
), 576,806 $10,570,618
$9,956,846 $3,412,075
Surp. for
Common dividends
AdjustmentBcredit
460,258
$10,037 ,064 $10,570,618 $9,956,846 $3,412,075
Surplus
52,310,163 41,739,545 31,891,207 28,479,134
Previous surplus
Stk.div.Feb. '2012,'j% 9,000,000
Balance
$43,310,163 $41,739,545 $41,848,0,53 $31,891,209
—$53,347,227 $52,310,163 $41,848,053 $31,891,209
Total sin-plus
CONSOLIDATED GENERAL BALANCE SHEET DEC.
31.
(1920 Data Preliminary.)
Assets—
Cash
1920.
$13,753,560
48,734,715
Accounts receivable
Notes and loans receivable (incl. notes of employees given for purchase of capital stock and
xlO, 143, 7371
secured by such stock
Finished goods
76,902.244V
Material and supplies, including goods in process 45,970,987j
Total current assets
Securities
Securities
owned and held
in insurance
owned, including stock of U.
S.
Total assets
and Capital
—
9.379,358
5,522,317
3,479,902
176,328,595
5,539,822
rubber plantations
Prepaid and deferred assets
Liabilities, Reserves
9,953,382
87,633.699
R. Co.
_.,
held by subsidiary company
Government bonds
Plants, properties and investments, including
148,610,520
1,194,530
..$389,245,980 $319,534,203
Accounts payable, including acceptances paya$13,629,5861
ble for importation of crude rubber
3,391,040 $24,332,718
Accrued liabilities
49 ,405,000j
Notes and loans payable
$66 425.626
Total current liabilities
& Refdg. Mtge. 5% Gold Bonds, due 1947. x$5S, 426,800
6. 000.000
5-year 7% Secm-ed Gold Notes, due Dec. 1 1923.
Secured Gold Notes, due Aug. 1 '30 20 000,000
10-yr.
Canadian Oonsol. Rubber Co., Ltd., 6% bonds
2,600,000
due 1946
General reserves, incl. provision for Federal in
093,875
come taxes
799,485
Insurance and accident fund reserves
Reserve for depreciation of property and plant. . 16 ,646,492
Reserve for divs. on Pref. and Common stocks
930,000
payable Jan. 31 1921
65 ,000.000
Capital stock Preferred
81 000,000
Capital stock Common
277,200
Minority Can. Consol. Rub. Co., Ltd., stock6 709,275
Fixed surpluses subsidiary companies
53 347,227
Surplus
First
7H%
—
—
— —
.524,332,718
$59,207,000
6,000,000
.
—
—
—
,
INCOME & PROFIT & LOSS
Net
ACC'TS. FISCAL YEAR END. DEC. 31.
1920.
1919.
1917.
1918.
12 jVf OS.
15 Af OS.
12 tos.
\Z [>i.
income from opcr.. $43 ,661 ,238 $37,351,729 $24,046,050 $16,787,448
Interest, divs.,
&c
951,036
Total net income
Le.ss: Interest charges.
„
Estimated taxes
Dividends (see note)
13.021,666
2,601 508
14,812,254
25,187
15,581,780
6,518,990
Rate per anntun
804,943
783,956
(13%)
206,685
18,016,106
839,509
9,896,450
4,025.320
(12
H%)
867,567
3,686.869
3,903,392
(8%)
6,289, .562
(8%)
Balance profit for yearS22,489,317 $13,873,955 $10,068,726 $9,134,563
Accum. profit Jan. 1
49,109,723 35,040,154 25,198,060 2 1.567 ,.370
Total
.S71,.599.010 $48,914,109 $35,266,786 530.701,933
Less: Stock divs. (100%) a5) .000. 030
5.503.874
5.0)0.010
Balance profit
$21,599,010 $48,914,109 $30,266,786 $25,198,059
Credits to profit and loss b4.3S0,970
195,613
4, 773,368
Profit and loss balance$25, 980 ,010 $49,109,722 $35,040,154 $25,198,059
a Capital stock distribution, 100%, paid Jan. 15 1921.
b Balance of reserve for tropical losses credited bank to profit and loss.
The following quartei-ly dividends were declared and charged against
income of 1920, viz.: Dividend paid April 15, July 15 and Oct. 15 1920,
each 3%, or $4 ,518.990; and Jan. 15 1921, 4%, $2,000,000; total. $6,518,990
BALANCE SHEET DEC.
1920.
31.
1920.
1919.
1919.
LiamutesS
S
&eq't 78,197,713 70,233,807 Capital stock... .yoO.000.000
Domestic & Eurodo Stock Oislrib. 250.000,000
pean property.. 8,729,118 8,017,684
debs. (1923) xl95.500
Steamships
(ton4J4% debs. (1925) xl31.500
nage '209,800)-. 19,203,834 11,052,226 Drafts payable... 1,998,932
SS. under coiistr'n 6,729,706 1,909,626 Acc'ts payable... 5,514,749
Dividend payable. 2,000,000
U.S.& Brit. Govt.
securities
13,742,184 19,808,022 Costa Rica Ry.
243,125
Material account
Other investments 5,982,593 4,565,922
382,316 1,186,563
331,739
Replace, reserve
Fund to pay debs.
262,024
20,392,302 19,510,523
Rentals accrued
Cash
213.044
187.455 Other del'd liabll.
246,375
Notes receivable..
815,380
Acc'ts receivable.. 7,349,067 7,513,369 Deferred credits..
683,167 Surplus
Sugar &mol.stocliv3, 105. 064
842,438
378,348
SS. constr. res've 9,102,237
Loans to planters.
972,347
867,564
Tax reserve
20,862,555
Other del'd items.
Res. for tropical
503,796 1,391,070
Deterred debits...
1,338,344
379,061
losses
Transit items
Profit and loss. .25,980,011
AssetsTrop. lands
4H%
S
50,316,500
514,000
.531,000
1,064,457
4,181,177
1,257,913
243,125
280,317
161,267
816,657
660.083
11,687,008
15,534,447
11,326,727
49,100,723
I
Total
v-A.t market,
167,684,127 147684,401
Total
.167,684,126 147684,401
x CMsli rt' po.=itPd to Piy these,
y After deducting .§316,500 acquired during year and held in treasury
Dec. 31. z Issued Jan. 15 1921 to stockholders of record Dec. 20 1920.
Items Included in Tropical Lands and Equipment Account.
191.5
1920.
1919.
$9
S
S
$
346.3-29
347.669
xl4, 624,275 20,537,284 Telephones
Lands
682,073
Houses and bldgs. 9, '207, 183 6.555,239 Wharves, lighters, &c. 678,587
13,622,199 11,426,998 Mdse. (stores)..^ 5,418,720 2,745,101
Cultivations
Material on hand- 7,181,995 3,976.728
2,178,924 1,802,947
Live stock
5.344,767 4,610,999
Tools and mach'y. 1,710,782 1.104,921 Sugarmills
17,232 .375 16 ,028 ,944
Railways
..78,197,713 70,233,807
Total ...
650.233
415.824
Tramways
X Lands $14,624,275 include: Lands in Colombia, $587,447; Costa Rica,
$1,118,796, a-s against $6,71)8.313 in 1919; Cuba, S8,415,4SS; Guatemala,
.$307,058; Vlonduras, .51,886,372, and Jamaica, Sl,156,-252.— V. 112. p.
1920.
477,267,2.53.
Pennsylvania Water & Po-wrer Company.
Annual Report Year ended Dec. 31 1920.)
—
{llth
The report of President C. E. P. Clarke with profit and
account and bal. sheet will be found on a subsequent page
COMPARATIVE INCOME PROFIT & LOSS STATEMENTS.
loss
1919.
1918.
1917
Gross inc (all sources).. $1,867,869
523,910
Exp., maint., taxes, &C-
81,823,066
523,810
$1,700,900
445,064
$1,610,818
394,550
$1,343,^59
8528,550
SI. 299,256
SI. 255.836
S532,850
$518,340
$1,216,268
8518,550
(5)424,750
Net earnings
Interest on bonds
x(6)4%)552,175
Dividends
2.639,018
63,022,100
72,000,000
278,500
6,709,275
52,310,163
1.0.34,5 79
.S44,616,2;4 S3»,38b,:J08 $24,830,006 817,592,:J91
1920.
2,600,000
$389,2.55,980 $319,534,201
Total
X There are also deposited as security for the 5-year 7% Secured Gold
Notes. 6% bonds and to secure 10-year 7}4% Secured Gold Notes $25,000.000 6% bonds of this issue, V. 112, p. 267.
—
,-uid Icjss during the 12 months S20.H70,2SS.
•'"',
authori/<(l capital stock was iricre.i.-rd within the
jear to 'J',V,.£~"'^''"' The dlneiors voted to tran'^f.rr
51,,0.(00,00«.
."JoO.OCJO.OOO from
Capital iiecotint and to issue to the stocrkholders share for share
-y>r?nn^ ?
Mb.mo Kh;ires^{in<ludinK li.Ui,-, shares bought in durin;r l'.i20), to represent
the incrc^aso of the cai.ital account
This brings the total capital stock Issued and outstanding up to •$100,000,000.
ihljciituris.
Through the fund set a.sido in 1919 for this purpo<:e, there
were redeemed S71H,(W0 4 34'.; debentures, leaving a balance of «:i27,000
ouistaiiding, for retirement of whi'.h there is .sufficient cash In the fiind.
I'rint liu:nness.—i)n account of severe drought and wind-storms
at some
"I 'he tropical divisions, there has been a scarcity of fruit.
The cacao ((-hocolate l)eanj cultivations are in very .satisfactory condition
and an increa,sed output is expected during 1921
huaar Business. The output of the company's sugar mills in f:uba for
the crop sca.son of 1020 was 270.961 .275 lljs. of sugar and 7.635.218 ballons
ol molaises, as coniijjued with 2.J2,61.'),900 lbs, of sugar and 6.40tj.021 giillons of inolassos for the previous season.
A portion of this sugar was dl.sposed or locally in Cuija and a few cargoes were sold in Northern markets.
The Revere .Sugar Refinery produced 237,948,806 lbs. of refined sugar
gallon-s of s>Tup for the 12 months, as compared with 198,,">D,> .fxi^v"'^^
9.80,396 lbs. of refined sugar and 1,023,212 gallons of syrup for the previous lo months' period.
The entire output of raw sugar ha-s now been refined.
Steamships.
The company's steamships were reconditioned during the
year for the transport of fruit and special freight and pa-ssengers as before
the war.
Of the eight new steamships ordered in 1919 for the U. S. trade, three of
the banana carriers arc now in service and another (electrically driven) is
neanng completion. Early delivery is expected of the four sliips speclallv
constructed for carrying sugar from Cuba to the refinery in Boston.
Of the six steamships orclered for the ICuropean trade, two are now in service and the remaining foiu- are nearing completion.
One additional steamship has been purchased for this trade and contract has been made for another now under ch.irter.
In order to insure delivery of fuel oil for the tropical railways, sugar mills
and other plants (as well as for the oil-burning steamships) the company
purcha-sed a tanker under construction.
This tanker has a carrying capacity
of 63,000 bbls. of oil and is now in service.
1919.
$20,037,646
40,770,428
$195,505,243 $1,'58,395,155
$2,499,962
$2,331,779
fund
total increase in profit
(6)509,700 (5>2)467,225
$263,234
Balance. siuT)lus
Total adding prev surplus $266 ,551
Deduct
„„„
^95,000
Contingent fund
1/0,000
Depreciation fund
Sinking fund
Rod Cross & United
S256,706
8263,317
$270,271
$277,111
$272,968
$282,340
$150,000
$150,000
$150,000
75,000
35,000
75,000
45,500
75,000
50,500
$1,551
$3,317
$6,611
$6,840
—
.
WW
Surplus Dec. 31.
X See text.
THE CHRONICLE
Feb. 5 1921.]
BALANCE SHEET UEC.
Assets
19J0
1919.
«
1020.
$
8,495.000
Property accouQt.l7,()«6,184 17.538,227 Capluilsiock
3,175,934 181 mtse. I>oui!8..al0.479.000
Spcs. of other cos . 3,177.196
50.000
Klllii piiya'jle
Loosi^ plunl auil
3S.S.K37
91.82ti
80,S90 Accouius payat)le.
oqulprnent
1.101,739
K.OOO ConlliiKeut Imiil.
K.OOO
mils receivable _.
(if.9,03S
4.S3,9sr.
337,955 Ueprwlatlon fund.
Accounts recelv'le.
25.000
7S,9,>9 Hc3. for sluk.fuiid.
H.'i.27S
Cash 400,000
7r),M)7 Slulim fund
Cash to:-l)(l.r(>d(^mp
1 ,552
5.69(5
2,229 Prolli and loss
Prepaid charges..
S, 495,000
10, (157.000
50.000
7-4
,112.000
400.000
It, 2,
-
4:i5,0()0
3.317
21.507.1fi« Sl.aO.I.O^'l
Total
21.507.1fi6 21.30'>091
Total
a After doductlng $215,000 hold In treasury and $461 .000 bonds redonmi-d
V. 112. p. 47.00.
by trustees or canceled for sinking fund investment
—
Arrow Motor Car Co., Buffalo, N. Y.
Annual R( /lort Year Exdcd December 31 1920.)
{4th
Pros. George W. Mixter, Buffalo, Fi'b. 1, wrote iu sub.:
Pierce
—
—
liusiness durinf; the first lialf of the year was active, and
Oenfrat.
operating conditions wire difficult. The last half of the year showed a
During this period
rfHluclion in drniand for both cais and trucks.
marked
Wlieru needed
a substantial rcarranKcinent of the plant was accomplished.
machine tool eiiui()mcnt was modernizeii, and pnnvsses revised. This
were constructed.
No new buildings
revision is now praclii-ally complete.
Incoync i4crounf. -Not profits amounted to .iil .7t)i).91."). after setliiit,'
aside $.5(57.077 for current depreciation. Al the same time. .$()9;i.0i4. being
about 8()% of the value of tools applicable to models of cars and trucks no
longer in active pioduetiou, has been charK'ed afiainst tlie reserves for
deiireciation. thus leaviiit; s;iid reserve Sll.'(),2:i7 less than in 1010.
There have been declared and paid durini? the year four ciuartcrly dividends of S2 each per share of Preferred stock.
There was added to the Surplus .\ccount S0(>9.01.5. equal to $3.88 per
share of Common stock. The book value of Iho Common stock by the
balance sheet is S39. 10 per share.
Charges to property and equipment accounts durniB
Capital Account.
the year amounted to ?1. 938. 01 7, made tip of the cost of tools for new
models and a limited amount of new machinery. As stated abovo .'5603,014
was charged to reserve for depreciation and credited to capital account,
leaving the net incrojise SI .241.603.
During the vear your company has presented to the public
Product.
the new Piorce-Arrow Car. and a line of three new trucks v/ith dual valve
Our trucks consist of 2-ton. Sis-ton. and .O-ton models. The
engines.
Pierce Arrow Car offered to the public for 1921 follows the w(41-known
—
—
Pierce-Arrow engineering principles, combined \vith modernized body lines.
This product has met with a total of orders remarkable considering the
times.
AND
PROFIT
LOSH
ACCOUNT FOR YEAR ENDING DECEMBER
31.
1917.
1918.
1919.
Not stated. S41 .354.440 $32.5i).5,908
Gross sales
4,2;3,172
4.791, 2r4
Net mfg. profit, afterdep. Si, 9S;. OSS $3,101,122
1920.
Deduct
and
— Kxcess war prof.
taxes.-
250,000
inc.
Balance
$1.
Other Income: Div from)
Miscellaneous.
600,000
1,200,000
1,161.802
37,688
$2,561,122
$3,073,172
$3,629,472
10.200
15.944
10,200
5,401
10,200
1,658
.
(See news item on sul>se<iuenl page.]
same from $3,000,000 to *40.000.000
Statement by Chairman Nelson Morris as of Jan. 1921.
The year Just ending has been a very unprofitable one In b<ith the live
During the year, iu accordaiicre with our usual
stock and packing liusinesii
cuslDiii of carrying all our (iroduets on llio market, we cut oiu' inventory
this, couiiled with the demoraliz.allon of foreign
values nearly in lialf and
exchange, lias made it iin])ossil)le lor us to show a prof it for ihe year
The iiicrea.se in packing house and branch luarkei inveisimenis repreMiits
li was also ionsideri<d advis.ii)l>actual exi)eiiditiir(« made during the year
to place permanently in the fixed capital of tlie bii.siiie.ss a large part of the
earnings which ha\i^ acirumulaled during the many ye:irs ol nur M-ry conservative dividend policy, anti S37.00(),000 was therefore uan&ferreu from
.No cash dividends have been paid
the surjilus to the capital uccounl
Our finances are in their usual conservative shape, our current itssots
While I do not look for any
being over 2 75 times our current liabilities
diH-ided boom this coming year, there is no doubt the "cxiruor has been
turned and that our business should Imorove from now on
Our organization is very complete, and I know that we will have the
hearty co-operatiou of all of our employees in making the coming year a
prosperous one
10-year sinking fund
The offering In August 1920 of $15,000,000
gold notes is described in V HI, p 901
"
7H%
]
INCOME ACCT. YEARS END.
Years Ending
.)
/
\
$403,241
Bal.,surp. for year
$909,915 $1,378,570
X The depreciation allowance amounted to $567,677.
BALANCE SHEET, DEC.
S
Plant site, bldsn.,
mach.. &c
6.750.581
Land not lor bus'ns
150.336
tradePatents.
marlts.
&c
Invest In affiliated
selling
company
Finished
vehicles,
251,821
&c
4,756.403
Work In process. 3.116.596
Raw mat' & supp. 8.597.663
Notes & accts. rec. 1.798.858
146.914
Misc. luv. & depos.
Cash
1,338,100
Deferred charges.
448.822
I
Total
5.379,742
144,065
1919.
S
$
10 ,000.000 10,000,000
pref. stock
Inl on borrowed money,
taxes, insurance, &c. .
1920.
$6,066,560
1.634.388
Net income*
Depreciation,
&c
Bond interest...
325,110
Federal tax
Dividends
2,763,905
Balance, surplus
*
$1,343,156
The net Income
2,123,1.59
139,000
600.000
3,571,63'2
1918.
$3,165,489
1919.
Assets-
Lib. bds.
&
Total
--.61,325,284 59,370,7531
112, p. 475.
—V.
An
& loss. $13,271. 797 $53,227,506 $52,823,864
Common stock. $27,000,000, and 333 1-3% In
Total
$37,293,555
X 900% in
$10,000,000.
B.ALAnCE SHEET YEARS
Assets
Oct.
—
30
$
I
ENDED
AND
OCT. 30 1920
Oct.
'20. .Voo. 1 'i9.
30
lAaHlUies—
Pref. stock.
NOV.
1
'20. A'or.
S
1919.
I
'19
$
Common stock. ..30.000.000
PackinK house, real
estate. &c
33.474,287 30,240.619 Preferred stock... lOOOD.O JO
10-year gold notes 15.001.000
markets,
3,000,000
17.9 iO.OOO
4.390.602 Bonds
12.264.254
5.786.384 Bills payable
7,485.308 Acceptauces. drafts
against exports. 6.500.000
35,988,999 Acc'ts payable and
reserve for taxes 1.924.323
464,100
8,679,953 Bond Int. accrued.
21,417.597 Res. fordepr.. &c. 9. 468. .548
13,271.796
12.113 Surplus
16 .750.000
26.971,619
Branch
real estate, &c.. 4.840 .526
Car equipment
6.768 .5.54
Cash.4.571 .927
Inventories, mat'I
.t supplies, &c.. 30. 624. 016
Investments (st'ks
'1 673 .838
and bonds)
Acc'ts receivaMe-.25,881 .463
8 .410
Total
116.843.021 1 4001.575
p. 167; V. Ill, p. 2331.
Total
2.608.893
260.750
11.182.807
53.227.506
116,843.021 114001,575
..
The American Brass Company, Waterbury, Conn.
{Report for Fiscal Year
Ending Dec. 31 1920.)
INCOME ACCOUNT FOR YEARS ENDING DEC.
—
Calendar Years
Net earnings
Dividends paid
Rate per cent
1920.
.$3,354,564
1,800,000
(12%)
Balance, surplus
$1,554,564
1919.
$2,8.56,140
1,800.000
Real
1919.
$
ma-
estate,
chinery,
&c
19 ,420.729 18,512,175
1 ,588.696
3,469,509
Cash..
908,285
Bills receivable
815,.593
Acc'ts receivable.. 6 ,008.009 8,458,135
252,144
224,530
Wood lands
Stks. & bds. owned 1 ,243,367
1.232,766
Govt. bds. owned. 3 388,828 4,583.361
1,000
Patents
1,000
Merchandise
16 ,282,668 12.250.638
...49.064.112 49,575,324
Total
31.
1918.
1917.
$3,992,219
3,000.000
$7,109,177
6.675.000
(12%)
(20 7o)
$992,219
$1,056,140
(44H%)
$434,177
31.
1920.
1919.
Liabilities
$
Capital stock
15,000,000 15,000,000
Accounts payable.
632,812 2,698,587
Reserve for contingencies, taxes.&o. 9,374,524
9.374.524
Surplus
24.056,776 22,502,213
—
Total
...49,064.112 49.575,324
increased in 1920 by $3,408,554 and in 1919
112, p. 472.
Middle States Oil Corporation.
1917.
$8,535,248
{Report for Year ending Dec. 31 1920.)
The consolidated income account and balance sheet as of
Dec. 31 1920 will be found among advertisements on preceding pages. See comparative income account published
in last week's "Chronicle," page 476.
Wells Fargo
& Company, New
York.
Dated Jan. 20 1921— Status Dec. 31 1920.
Pres. B. D. Caldwell, Jan. 20, wrote in substance;
Value Depends on American Railwa>j Express Co. From the accompanying
{Official Statement
—
1920.
S
$
S
..42 ,489,028 37,563,699 Capital stock
25,175.175
Bonded debt
other
5,291.000
Investments
3.981.516 6.799,481 Accounts payable. 1,2.58.549
Inventories
7,777.202 8,289,117 Pay-roll
386,490
Bills receivable...
64,880 Taxe.? accrued
154.664
455,362
Ace' ts receivable.- 4.601.124 4,044.2751 Interest accrued..
18.000
Cash...
1.868.813 2.464.686 Reserves
-.10.032.026
27.767
12.994 Surplus.
Insur. unexpired-.
18,708,682
131.621
Deferred charges. _
425, 170
Property
3,877.099
(5)150.000
4.290.686
3.518,453
(10)300.000 (10)300.000
by $2,812,816. expenditures for permanent improvements. This was
by depreciation allowances of $2,500,000 for each year.
31.
LlaMlUies —
'17.
1
offset, in part,
In 1919 and 1920 Federal and other taxes
for repair and maintenance.
were deducted, and in 1920 an inventory adjustment. The net Income in
1920 includes "miscellaneous income."
BALANCE SHEET DEC.
INCL
$6,845,472 310.6.5S.078 $11,160,077
4H7.500
496. .500
.575.750
1,662.633
1,494,406
2.047,627
Balance, prof.
— V.
$6,830,146 $14,473,512 $21,240,783
1,424.0.52
1,953,713
1,769.166
340,981
353,250
436, .549
7.000.000
8.500,000
2,001,560
2.001.060
1,999,820
$3,063,553
"17 TO '19,
'18
Nov
1
Total surplus
$50,271,797 $53,227,506 $41,211,413 $37,293,565
Revaluation of property
11,612,451
Deductforstockdivs...x37,000.000
1920.
1,250.000
4,081.412
2.000,000
1
Nov
'19
def $2,9.55.709sur $403.6428r$3.917.8.58Sr$5.151 ,071
previous surplus... 53,227,506 52.823.864 37, 293, .555 32,142,484
The property account was
1919.
A NOV.
Balance.
/Ic/d
for the four years is given after deducting all charges
1920.
3,680,065
Dividends
Assets-
Inland Steel Company, Chicago.
{Report for Fiscal Year Ending Dec. 31 1920.)
INCOME ACCOUNT FOR CALENDAR YEARS.
Calendar Years-
1
BALANCE SHEET DEC.
.27,356,096 23,765,203
Total.
OCT. 31 "20
'20.
Not
$4 ,270,508
bonds
762,250
Administrative expenses 2,783,392
Com.
stock (250.000 shares of no
par value, but of
the declared val.
of S5 per share) . 1 250,000
40,000
Capital surplus
,081,411
5.7.50.000
4,996,294 Bank loans
3.473,720 .Accounts payable- 1,201.53S
131,600
5,075,407 Customers' depos .
2.857,517 Accrued excess war
161,598
prof. & Inc. tax.
250,000
150,000
1,424.168 Res. for contlngen.
1,541.547
212.690 Siirphis
-27,356,096 23,765,203
p. 1757.
-V. 111.
1920.
IdabUUies—
8% cum. couveit.
30
profits
Interest on
.$2,173,748
31.
1919.
1920.
S
—
Oct.
Net
-V. 112,
$1,954,574 $2,587,267 $3,088,773 $3.641.3.S0
Total
42.582
323,032
96.197
184.659
JOeduri— Interest (net)...
800,000
800.000
800.000
800.000
Preferred div. paid (8%).
($1 !4)312500(S5)1562,500($2K)625000
Common div. paid...
Assets
—
Bills receivable
216,886
affiliated cos
During
in very satisfactory Indeed
the year they transferred .$37.0(K).000 from surplus to cai)ital. increaslns
which under present day condiiionN
31.
I'JUI.
$
—
559
1919.
$
25,019.500
5.621.000
1,543.400
545,385
344,701
20.250
8.910.991
17,365,526
61,325.284 59,370,753
Morris & Company.
{Report for Fiscal Year Ending Oct. 31 1920.)
official statement issued to the newspapers for release
Jan. 31 says:
Morris & Co., packers, in their financial report for the year ending
Oct. 30 1920, confirm what is already known regarding the poor results
of the packing house industries for the past year in that their surplus has
decreased during the period $2,955,709. Their volume of sales is quite satisfactory compared with previous years; inventories have been priced at market; cash in the bank is over $4,000,000 and their quick liabilities, incl their
acceptance drafts against export shipments, are about $20,000,000. As
their quick assets amoimt to over $60,000,000, the ratio is about 3 to 1,
observed that the value of the company's stock depends
in a largo degree upon the valuation to be placed uixjn the [$10,466.7001
.American Railway Express Co.
stock of the
This stock represents the express plant and equipment, real estate used
exclusively for express purposes and' cash for working capitiil which this
company contributed to the American Railway Express Co. at the time of
its organization following the taking over of the operation of the railroads
by tho U. S. Government. During Government control and up to Aug. 31
1920. the operations of that company were conducted at a large loss which
under the contract \vith the Go\ernment was assumed by the latter [com,pare V. 110. p. 2289; V. HI. p. 1338. 1085. 754. 755. 604. 206].
Prior to Aug. 31 application was made to the Iuter-St.ate Commerce
Commission by the express companies lor authority to continue the unit
operation of the express business by tho .'Vmerican Railway Express Co.. and
by the railroads for the approval of a proposed standard contract with that
company to l)ecome effective Sept. 1 1020. Kceently the Inter-State
Commerce Commission has. in substance, granted Ixitli applications, and a
contract has been made between the railroads and the American Railway
Express Co. for a period ot five years, with the prixilego of tenuination by
statement
it
will be
individual railroads at the end of a period of 2y2 years and for extension
While it is not yet possible to state what the
of five years.
results ot operation under this contract will be it is beUeved that during Its
continuance a reasonable return will Ixi earned by the American Railway
Express Co. (See also "contract" below and V. HI, p. 2532: V. 112. p. 64.]
Your company and the other old express companies ha\e aLso been relieved from the obligation to maintain their corporate existence previously
entered into by them with the Director-General of Railroads.
Adjustment of Accounts. Since tho last annual report to the stockhloders
under date or May 13 1920, tho adjustment of the company's outstanding
accounts from operations prior to Juno 30 1918 has been \-igorously pressed.
beyond the term
—
;
THE
560
,nrp. howovor. of a nulurc which will rff|iilrc .-idditiniuil thnc to disposo
such as a <'oniparatlv(!ly .small aiiioiint ol outslarKlliiK Mnaiici.il paix-r
which
for pa.vinent. nioiithly In dccrcasiiiK anuiuiits. a limited
numlHT ol loss and d.tmaxo claim.s and a coiisidcrahlo niimlxT ot loss
damaKc and personal Injury siiils. These are .ill included in the item ol
$61,1,000 contintroni llal)ilities.
Liquidiiliiit).
Under no circumstances, wc liellevc, would It Ix? .wise lor
this conipanv to resume the conduct ot the exprcs.s business and the stockholders will lx',st prollt by ev(!tnual liquidation.
is i)rc.sciit<'d
COXDITWN OF COMPANY AS OF
DEC.
AND
31 1920
1919.
Dec. :n 20. Dec. 31 "19.
Asspl.1—
Bonds at market value...
$«.3,'>8,0S7 .S10.03,'>,332
Stocks, other than Ihost! listed lX!low,at market val.
70.5, .')96
4,171 .601
Notos. &c., market value
87.''>.4.'>4
967,671
IJeal estate and other property at estimated value.
798.3.54
845.399
•Stock ol WelLs Kargo Nevada Hank at our l)ook
value
3.000.000
Oa.sh
.1.1. I.I.I. III. I...
72.22:<
2,57,:ir.4
Unmalin-ed interest, rents and dividends receivable
ir>7,(><l7
163,182
Hills and accounts receivable
'11,63.')
Stock of Am. Ry. Exp. Co., par value, $10,466,700 Value not estimated
Liabilities
—
*
$23,967,400 $23,967,400
,50.264
61.5.000
liabilities
Under the
[Vol. 112.
In August 1920 the additional freight rate allowi-d by the
Inter-State ( 'ommerce < ommlsHlon to th<! stwim railroads became ef'f.^-tive. and
this item
aione lncroas(« the operating costs of the company over
$1 .000, OOOper y<»r
—Karly In 1920 It w;is nw;f«.sary to make material Increases In the
scales but as conditions which requirc<l this action
at that time are
gniflually disappearing, we confidently exiiect that more
witlsfacUjry aifreomeiits can be entered Into as the (existing contracts expire.
\\'aoe.i
wage
—
Maintenance, dc. Kxpendlturc-s for mainfjnance and renfrwaLs diirlnK
the year amountwl to $4.32i ,021 as compared with $3.0.39
,503 in 1919 an
Oth'T "••irge IntTcas:*," aggregating
'"• '»i^I«%K»'t34<iu«B
i'-lTcv"'^.,^'^ ":,K**iA'^^$.i.Hl,.i.H20. or 41. .34% over 1919. are shown b«:low:
Incr(!a.sed cost of coal
82 060 1 in
'in 700/
Increa.scfi cost of oil
'{'
l...
4 955
180 18^
Increa-sixl cost of labor.
IIIIIII 1,468.755
27:81%
,/-»'''> 'noi—D^irinK the year, to offfct the increa.sed costs very
^i"""."
niaterJal increas<s in rales were secured, of which, however,
only approximately SI ,000,000 is roflwted In the timings, :is many of the InCTeisrs
did
not become effective until the latter part of the year.
With these Increased
rates and the tendency to lower operating costs, a pronounced
Improvement
in carniiiBs for the year 1921 should he shown.
^''<^'^^'^ '^'^''' expenditures for capital account during the
^'''ii^i'U^^
year 1920 aggregated approximately $7,000,000, chiefly for increasing production and transmission faciliti(!s, including a 10.000 k. w. turbine in the
15a tto Creek steam plant, steel tower high tension
transmission Hues from
Hatlh! (.reek through Jackson to Owo.s.so, Mich., and a 10,000 k w fj^
quency changer at Battle (Jreek, which made available for distribution in the
southern section of Michigan electric energy from the western section
Likewise there was installed at Peoria. III., a 12.500 k. w. turbine, and
at
Springfield, O.. an 8,000 k. w. turbin(! with additional boilers
1 he company also acquired a gas coal mine in flarlan County Ky which
produces a high-grade gas coal of sufficient amount to provide approximately 30% of the requirements of the subsidiary gas companies.
Preferred Slock.
A stock .selling campaign throughout the territorv of the
Consumers Power Co. in Michigan resulted in the sale of about $800 000
Prof, stock to about 2,000 individual customers.
Outlook.
Wo feel that during 1921 a policy of .strict economy should be
followed that the floating debt may be reduced a,s rapidly as possible.
.
•
Capital stock outstandinK-.
IJills and accounts payable
Contingent
—
-_
-
CHlU)\I(:r.E
Some
of.
—
.
last
statement issued by the bank,
is suljstantially fn^cator.
There arc al.so a nimibor
of claims in favor of
It
appears that the value
and against the company
pending, some of which are in litigation.
It is not possible at the present
time to slate with accuracy what the outcome of these wall he.
Contract of 1920 Between Amer. Ry. Express Co. and Rail Carriers.
[Salient Data Condensed and In.sertcd by Editor)
The Interstate Commerce Commission on Dec. 7 1920 gave its approval to
a propo.sed standard contract to bo entered into by the several rail carriers
and the American Railway Express Co. The last named company, as
succcs.sor to the express business of seven .separate companies and Wells
Fargo & (^o. at that time operated over apprcviniately 92% of the railroad
mileage of the country andlconducted more than 90% of the express business
of the United States.
[The Southern Ry. Co. and the Mobile & Ohio RR.
have since organized .under laws of Alabama their own express company,
under title of Southeastern Express Co. with $1,000,000 auth. cap. stock
and office in Atlanta. John B. Hockaday formerly Gen. Mgr., of
—
—
ANNUAL
OPERATIONS, METERS IN USE. &C.
1920.
1919.
Saleof gas,eu.ft.3 .845.282.500 3.372,341.600
Av
.
price reed
perl, 000c. f.
in use
1818.
3,
$1.1479
.$1.0039
$0.9047
104,7.57
99.413
982
465,332,748
424.138.677
Southern Express Co. is President.]
The new contract which is to continue in force for a period of five years,
with provisions for termination at the end of a period ot 2i4 years and for
extension beyond the term of fiveyears, had in Dec. 1920 received the assent
of a large majority of carriers. The consummation of the contractwas
made contingent upon a continued consolidation of the express companies
approved by the Commission on Dec. 7 1920, as well as upon its authorization under section 5. paragraph (1). ot the Inter State Commerce Act.
of the grouping or pooling arrangements detailed in Article V of the proposed agreement.
Railroads Grouped for Express Purposes.
The contract for express purposes divides the railway and other lines on which the Express Co. may
operate into three groups which generally speaking will include such of tiie
aforesaid lines as are included in the following districts respectively and such
other lines as may now or hereafter be assigned by tlie Commission to any of
said groups, viz: (o) Eastern Group carriers in the territory east of Chicago
and Cairo and north of the Ohio and Potomac Rivers, (b) Southern Group
carriers in territory cast of the Mississippi River and south of the Ohio and
Potomac Rivers, (c) Westcrri Group carriers in territory west of Chicago,
Cairo and the Mississippi River.
Express Revenue. The gross express revenue it is provided shall be determined for each group monthly by ascertaining and combining (a) the
total express transportation revenue arising from express transportation
over the lines of the several carriers. (6) rents of buildings, etc., (c) joint
rents of real property and equip, (d) miscellaneous rents, (e) car mileage or
per diem earned upon cars owned or controlled by the Express Co. (/)
net income from miscellaneous physical property.
It is especially stipulated that there shall not be included with the foregoing any revenue accruing to the Express Company from operations other
than transportation, such as customs brokerage fees. C. O. D. charges,
Gas meters
money order and other financial revenue, interest, etc.
From the total of items (a) to (/) inclusive shall be deducted the following
Net earnings
$10,662,592 $10,628,246
Fixed chges.. taxes, di vs.
on preferred shares of
underlying companies. 8.787,674
8.209,240
—
—
,
items for the group: (g) All operating expenses of the Express Co. as defined
by the Commission including the stipulated depreciation, indemnities, etc.,
(/i) compensation to carriers operated by the Express Co., but not parties
to this form of contract, (i) uncollectible revenue, (j) ejcpress taxes.
(k) rent for property and equip, used jointly, (.1) rents for rolling stock not
otherwise provided for herein, (m) interest and discount on funds borrowed
for additional express property and equipment not exceeding 8% p. a. but
this borrowed money as long as it remains unpaid .shall not be considered as a
part of the average value of the property employed in the express business.
Income for Division. The balance remaining after this deduction shall be
designated as "Income for Division" and from it shall first be set aside
The remainder
(o) for the Express Co. an amount equaling 2}^ % thereof.
designated as " Net Income for Division" shall be distributed (6) among the
railroads in the group executing this form of contract in the proportion that
the gross express transportation revenue for the month earned on the line
of each such railroad bears to the gross express transportation revenue
earned on the lines of all such railroads in that group for that month.
Sec. 4. As a further consideration, the Express Co. agrees that for each
year in which the sum of the amounts set aside for it at 2}^% ofthe" Income
for Division" in the several groups shall exceed 6% of the average value of
the entire real property and equipment and other capital of the Express
Company employed in the express business such excess "profit" shall be
divided in the following manner: (a) one-half to the Express Company,
(6) the other half to the railroads, parties to this form of contract, to be
apportioned among them.
Moreover the one-half portion of the profit thus accruing to the express
company .shall be accumulated by it until a sum equal to 10% of the value
of the entire real property and equipment and other capital of the express
company then employed in the express transportation business and any
increases thereof, with specified exceptions shall have been reached, after
which any such profit shall be divided in the ratio of one-fovirth to the express company and three-fourths to the other carriers.
Valuation of Express Property.
It is agreed that the value of the entire real
property and oqviipment and other capital hereinabove referred to was on
July 1 1918 $34,642,109 64. as fixed by the Director-General of Railroads.
To such sum shall be added subsequent additions and betterments and
deducted depreciation and retirements. V. Ill, p. 2532.
—
—
—
Commonwealth Power, Railway & Light Company.
{Report for Fiscal Year
Ending Dec. 31 1920.)
President George E. Hardy, Feb.
—
1,
wrote in substance:
Dividend. The directors on Jan. 17 1921 declared the u.sual dividend of
114% on the Pref. .stock, payable Feb. 1 1921 in scrip dated Feb. 1 1921.
due on or before Feb. 1 1927, with interest at 6% p. a. to stockholders of
record Jan. 19 1921.
The gross earnings of all subsidiary companies for 1920 as
Gross Results.
compared with 1919 show increases in gross earnings as follows: Gas. 30.38%
residuals and miscellaneous, 27. 59*^0; electric (sales to .subsidiary comgas
panies eliminated). 23.07%; heating and water, 17.53%; railway: city lines,
15.59%; interurban, 1.69%; freight and miscellaneous, 14.11%. Electricity in 1920 afforded 42.05% of the gross earnings, city railways 20.27%.
interurban lines 10Ji%, and gas 14.11%. Coal sales, a new item, aggre-
—
gated .S294,748.
—
Decline in Prices. The readjustment of costs, except to a comparatively
small extent, cannot be availed of until the expiration of outstanding conThe item of coal is one of the largest, and most of these contracts
tracts.
expire in April. May and June, after which time we confidently expect a
very material saving in operating costs.
Notwithstanding these contracts, and the company's ownership
Coal.
of three coal mines with normal output sufficient for about 40% of its
requirements, the company was obliged during a portion of the year to
purchase "spot" coal for its gas and certain electric plants at prices ranging
from $1 to $7 per ton in excess of contract prices. At one time [railroad]
conditions became so acute that no coal could be secured on any basis, and
it was necessary for a few days to suspend operation of gas plants in both
—
Saginaw and Kalamazoo, Mich,
Dec. 31
Miles gas mains.
Sales elec. k.w.h.
1.018
513.048,858
Av. price reed.
per k. w. h.
$0.8447
93.299
91.365
950
950
.381
720.612
$.0292
$.0267
$.0243
$.0248
173,664
395.048
149.289
327,611
132,456
126,467
99.532,044
87,844,206
91.905,651
12.128,8.52
11,887,941
12,152,248
Electric meters in
use Dec. 31.--
Tons coal minedRev. pass, carr.:
City (transfers
excluded).101.177.351
Interior, (transfers excl.)--
Note.
1917.
147.560.800 2.965,4,55.900
—Electric
IO..333.2O8
sales to subsidiary
companies are eliminated.
EARNINGS OF PRESENT PROPERTIES, EXCLUDING ELECTRIC
SALES TO SUBSIDIARY RAILWAYS.
Calendar Years
—
1920.
1919.
.$4,557,029
Gas and miscellaneous-- $5,908,816
Electric
Railway: City
do Interurban
do Freight & misc-Coal sales
Heating and water
1918.
$4,400,425
8.753.543
10,688,763
5.485,635
3, 306, .544
1.196.705
13.1.55.066
6,340.993
3,362,544
1.365.558
294,749
858,255
1917.
$3,691, .564
2,934.069
930,128
7..594, 242
4,243.042
2.838,034
820,924
591,371
535,929
4..308,524
730,223
Total gross receipts--. $31. 285,981 $25,964,899 $21,918,061 $19,723,736
20,623.389 15.336,6,53 13,418,028 11,078,632
Operatmg expenses
Pref. divs. (C.P.
stock) (6%)
Com. divs. (do)
$8,500,033
.$8,645,105
7.549,130
6.495.479
1.077.180
1.077.010
743,334
SI ,341, 826 def. $126,277
$329,281
R.&L.
4%--
Balance, surplas
1,077.180
1,077,180
$797,738
BALANCE SHEET DECEMBER
1920.
1919.
Assets
s
Sec. & prop. owned49, 593, .556 49 130,451
1920.
1919.
LiabilUies—
S
S
Pref. capital stock 17,953,000 17,953,000
Com. capital stock 18.585,900 18,585,900
—
Cars & equipment.
294,860
Coal prop. & equip. 1,259.477
Debt
Cash
Adv.
31.
Com.
135.477
468.952
to sub. COS.. 6,509,726
Acc'ts rec. (do)..
215,344
Int. rec. (do)
68,358
Divs. rec. (do)
109.776
discount.
stock deliVle 2,414.100
conv. bds. 7.608,400
gold notes 3.570,000
SeripdueFeb. 1'24 1.001,661
Scrip due Feb. 1 "25 1,107,202
Scripdue Feb. 1 '26 1,113,088
Sec. ser. 7% notes- 1,722.500
Sec. ser. 6% notes650.000
5-yr.
1->T.
177.025
492.697
», 180. 113
116,672
61.066
149,594
7%
7%
Coal bonds, &C---
Car trusts
Accrued accounts.
Total (each side)58.655, 526 59,307,618 Surplus
X
Of amounts standing to
669.000
207.624
218.267
X? ,834,784
2.414,100
7,828.250
5.9.50.000
1,047,750
1,101,643
1,884.500'
620,000'
1
297.259
1,625,215
credit of surplus account of subsidiary
com-
panies there are accruing to the Commonwealth Power. Railway & Light Co.
to Dec. 31 1920 undistributed earnings amounting to the sum of $86,683»
V. 112. p. 372.
—
American Wholesale Corporation, Baltimore, Md.
{Annual Report for Fiscal Year ending Dec. 31 1920.)
Calendar Years—
Gross sales
Total earnings
Federaltaxes7%
p. a.(estimated)
Preferred dividends
Federal taxes for year 1918
1919.
1920.
1918.
$25,577,846 $35,315,711 .$25,577,845
694,773
4.270.566
69.000
1,341,954
575.235
(3H%)297,500
1,953.079
Balance, surplus.
A suets
$678,033
BALANCE SHEET DEC.
—
1920
Rl. est., plants. &c. .52,881, 312
Inventories
4.817, 952
Notos & accts.rec 8.151 ,3,51
U. S. obligations 1.022 ,140
.
Investments
2.S2, ,211
Cash
Cash dep.tordlv.
Sundry loans
Empl.sub. stk__
Deferred charges
1,337 .884
143 .377
325 .960
124 .677
209 ,218
Total
—
Liabilities
1920.
1919
S3,024, 428 Pref.7% cum.stk. S. 131.900
stl;(nopar) 4,218,213
6,723, 250 Com.
3,935,000
8,372, 110 Xotes payable.
328,011
23, 900 Accts. payable-
270 473 Deposit accounts
1,181, 648 Accrued inter
Foreign accept.
227,441 Emp.prof.shar.fd
Fed .taxes '20(est)
430,174
31.417
.
519,296,082 319,925.1081
.
Total
1919.
8,500.000
3.928,392
2,300,000
1,316,493
510,111
32.888
16.736
"ilisi
69,000
101.852 Pref.div.p.Jan. 1
%) 143.376
1921
(IJi
Pur m m ortgages 1,295, .500
712,011
.Surplus
.
S50,53S
31.
f,"3¥l.954
1.300,500
678.033
$19,296,082 819,925,108
a The authorized preferred stock amounts to $9,000,000; of this there is
$500,000 unissued. S338.100 retired. S30.000 in the treasury and $8,131,900
b The authorized common stock consists of 150,000 shares,
outstanding,
no par value, including 54,296 unissued shares and 95,704 outstanding.
V. 112, p. 164.
THE CHRONICLE
Feb. 5 1921.]
Boston & Maine 'RK.—UrgeH Suit to Recover $100,000,000.
A iJoston dispatch of Feb. .3 says:
The Boston & Elaine stockholders' protective a.s.sociation through Con-
GENERAL INVESTMENT NEWS.
—
,
RAILROADS, INCLUDING ELECTRIC ROADS.
General Railroad and Electric Railway News.
— The
followiug tablo smiiniarizos rocent railroad aud chu-tric railway news of a more or less fj(>neral charaetiT, full dotails
ooneerning which ai'o commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
m itter
the
becomes public or shortly thereafter.
—
(a)
IT. S.
—
.
$15,000,000.
Abolition of National RR. Wane Agreements
Waoes. V.-l»res. Atterbury
of Penn. RR. urges that to avoid RR. calamity national labor agreements
must be abandoned; wage reductions may then wait 00 days. See "Current
Events" above and compare "Times" Jan. 29, p. 1; Feb. 1 p. 1 & 2; Feb. 2,
Union chiefs threaten strike if said agreements are discarded. Idem
p. 1
Feb. 4, p. 1.
Further Appeal to Labor Board.
Since Sept. 1 200.000 employees have
been laid off by 04 roads, yet in Jan 1921 30 roads failed to earn operating
expenses and 2S more fell short of fixed chagres.
"Sun" Feb. 3. p. 2.
Pending road's appeal, Atlanta Birmingham & Atlantic called off its
—
—
,
.
—
wage
rad W. Crooker, counsel, has requested the directors of the U. & M. RR.
to briiis suit against all directors of N. Y. N. H. & Hartford RR.. the Bos-
RR. Holding Co. and Boston & Maine RR. whoserv«l during the
ton
period
the 11. & M.. umoiinting to what
the
estimates at $100,000,000.
Mr. Crooker states that if the B. & M. directors do not in;>titute suit the
stocklioldors" protective association will push the matter.
V. 112, p.
from
I90t) to 1914 for los.se.s suffered by
.stoiklidlders' protective as.sociation
—
ItiO,
61.
Brooklyn City RR.
— Fare Charge Upheld.—
The Court
of .Vpjiculs at Albany on Feb. 4 handed down a decision upholding the decision of the Appellate Division of the Supreme Court which
held that the comjiaiiy has the right to charge two fai-es on the Flulbiu>h
Ave. line. See V. 112. p. 371.
,
Tho
Supreiiio Court has consented to hoar
arKnmentx Feb. 25 on tho appeal in tlie test case of the Wisconsin RR.
Comni. wliicli contests tho riKlit of the l.-S. C. Oonim. to raise Inira-State
rates under the Kscli-Cuiumins law.
(b) Kitrht of Commission to increase
fares of New York Westchester & Boston affirmed by Court of Ai)peals.
See that company boloiv and "Tinu's" Feb. l>. p. :i.
(c) Ohio HKs. on Fob. 3
hicrea.sed their passon^er rates from 3 to 3..'> cts. p. ni.. as permitted by
temporary injuiiclion Kranled last week by U. S. Dist. Court.
Aew England Roads' Diiisionx Case. The conferonco of KR. officials
seeking to settle this matter closed Feb. 1 the companies affected avcreting
to submit their decision by letter. "Times" Feb. 2, p. IS.
Proposition to
form pool to give the New Kngland lines $15,000,000 yearly. "'I'imes"
Jan. 31. p. 21: "Ky. Age" Jan. 28. p. 29G: "Fin. Am." Feb. 1. p. 1.
Of
the §25,000,000 demanded, the N. Y. N. H. & U. KR. has sought about
Jntra-Slale Tlolvs.
561
cut.
—
Ferry Lines, etc.. Curtail.
No West Shore RR. boats to Weehawken
from 10.10 a. m. to 3:40 p. m.; 50% of port's lighters idle. •Times"
Feb. 2, p. 20.
Other Retrenchment. &c.
(a) Mississippi Central RR. Feb. 1 reduced all
wages 10 to 30%. (b) Soutli Georgia Ry. Feb. 1 made similar cut. "Ry.
Review" Jan. 29. (c) West Va. & North. RR. suspended operations when
men quit following wage cut. "Times" Fob. 2. p. 1
Chesapeake & Wastern also decided to .stop operating, (d) L. & N. RR.. N. V. Ont. & W'est..
Southern Pacific R. R. &c., reduce shop forces, (e) Illinois Central
shop employees reject proposal for 5-day week, (f) Erie RR. said to have
reduced section hands from 48'<;c. an hour to 35 and 38 cts.
A reduction of from S400.000.000 to $500,000,000 in the cost of labor
In the U. S. may be neces.sary.
"Times" Jan. 29, p. 1.
Is RR. Problem Being Solicd'!
Wage Reduction Necessary. Paper by
Editor "Ry. Age' Jan. 28, p. 275.
Valuation for 1920 Rate Adrance
Valuation. How Arrived at.
Statement
by Chairman Clark of l.-S. C. Comm.. "Ry. Age" Jan. 28. p. 299. Com?are previous official statement in "Ry. & Industrial Section" for Nov.
920. p. 0. and "Chronicle" V. 111. p. 551. and statement for Class I
roads in "Ry. Review" Jan. 29. p. 180.
Valuation Act of 19V.i.
Amendment proposed "Ry. Age" Jan. 28. p. 282.
Questionnaires as Basis for Settlement with U. S. Gorf.— Outline of form
presented. "Ry. Review" Jan. 29, p. 180.
Railway Mail Pay. Request for $35,000,000 deficiency appropriation.
"Ry. Age" Jan. 28, p. 274.
Electrical Terminal Subway for N. Y. Waterfront.
(a) Joint N. Y.-N. J.
Harbor Comm. proposes construction at an estimated cost of 8200,000,000
of an "automatic electric" freight subway loop system connecting all the
railways entering N. Y. City with all roads reaching the waterfront on N. Y.
harbor, in N. Y., N.J, and Long I.sland, and also to run direct to waterfronts and piers.
Estimated capacity 14.000.000 tons annually (agst.
8.000,000 tons at present), with annual saving of $14,000,000 in total
terminal cost. "Ry. Age" Jan. 28, p. 269 to 274: "Eng. News Record'
Jan. 27, p. 182.
(b) Special terminal plan of City Comm. for Jersey City.
"Eng. News Record" Jan. 27, p. 177.
Mexican Roads. (a) Mexican Govt, reported to have authorized the
directors to arrange expert examination of the several properties and negotiations with the creditors, preparatory to return of roads to private management. "Ry. Review" Jan. 29. p. 193. (b) President Obregon said to
have offered W^illiam G. McAdoo. now in Mexico. $50,000 a year to take
charge of the State RRs. and rehabilitate them. "Sun" Feb. 1, p. 2.
Chilean Slate ftfls.— Articles II aud III. "Ry. Age" Jan. 21. p. 2413;
Jan. 28. p. 283.
Chinese Roads.
(a) Chinese banks agree to put up SO. 000, 000 (Mexican)
to enable the Govt, to acquire rolling stock for Peking-Hankow and other
lines (Commercial Attache Julian Arnold, Peking). "Ry. Review" Jan. 29.
p. 193.
Bolivian Ry. Developments.
"Ry. Review" Jan. 29. p. 193.
Miscellaneous.— (a) Idle freight cars Jan. 23, 300.669. agst. 253,000
Jan. 16. "Times" Feb. 1. p. 20.
(b) Car loadings for week end. Jan. 15.
709.888. agst. 840.524 in 1920.
(c) So. Ry. Co. denies any Intent to
Bue U. S.
(d) Higher Cuban freight rates effective Dec. 12 1920.
"Wall
St. Jour.' Jan. 22, p. 7.
Switching Case.—Chicago coal men attack report made to Commission.
"Coal Trade Jour." Feb. 2. p. 122.
Canadian RR. Problems. (a) Statment by Sir John Willison.
"Montreal
Gazette" Feb. 1. (b) Speech by F. B. Carvell, Chairman of Dom. Ry.
Commission. Idem Jan. 21. (c) Suit to revoke charter of Ry. Brotherhood. Idem Jan. 31.
Matters Covered in "Chronicle" of Jan. 29.
Gov.
(a) iV. Y. Tractions.
Miller's message and comments thereon, p. 432 to 435; compare "Times"
Jan. 29, p. 1. and subsequent issues,
Board ruling,
(b) RR. Wages.
(c) RR. Expenses.
Expenses, why so enormous, p. 436. (d) U.S.
g. 435.
uaranty .—'Legislation urged, p. 436: compare "Times" Jan. 31, p. 23.
(e) Outside Repairs.
(T. De Witt Cuyler). p. 436.
—
.
RR
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Adrian (Mich.) Street Ry. Operation.
The stockholders have divorced the control of the property from the
Toledo & Western RR which recently went into receivership. Frank R.
Coates was elected President; Morton Seeley. V.-Pres AC. Van Driesen,
Treas.. and Henry Ledbetter. Sec
The system is the terminal for the
Toledo & Western line and has been operated by the Doherty interests for
a number of years
It is barely paying its wav and is for sale.
Recently
the city was considering buying thelines. ("El Ry. Journal. "3
V.111.D.1600
.
:
Alabama & Vicksburg
—
Ry. — To
The stockholders will vote March
4
mortgage of $4,000,000 on the property.
— V.
Ill, p. 1948.
Ry. — Fare
Ardmore
—
Create Mortgage.
on authorizing the placing of a bond
(Okla.) Street
The Oklahoma Corporation Commission has authorized the company to
raise its cash fare within Ardmore City limits to 10 cents.
V. 103. p. 144.
Atlanta Birm.
&
Atlantic
—
Cnt
Canceled.
—
The
orders calling for a wage reduction scheduled which were to take
effect Feb. 1 and affecting all employees, have been canceled by the company
The U. S. Railroad Labor Board ordered the road to hold up the scheduled
wage cut and get together with its employees. It is stated that a reduction
in wages will be made later in a manner satisfactory to all concerned.
V. 112, p. 371.
—
—
Baltimore & Ohio RR. Bmids Authorized.
The I.-S. C. Conunission has authorized tho company to nominally issue
andhold In its treasury $2,744,000 of its Ref. & Gen. Mtge. bonds, .series
B." The Commission has also granted authority to the following subsidianes to issue aud deliver their bonds to tho B. & O. RR. in payment for
additions, improvements and betterments, viz.: Schuvlkill River "iCa^t Side
RR., $678. ,500; Baltimore & Philadelphia RR., $2,.';60; Bait. & Ohio 1{R
Wheeling Pittsburgh & Bait. RR.. $03,500; Fairmont
-SK.OOO: Pittsburgh & W^ostern RR.. $51,Pittsburgh Junction RR.. S.-)62.0n0: Baltimore & Ohio & Chicago RR.,
000;
$51,000; Baltimore & Ohio Southwestern RR., $360,000.
V. 112, p. 468.
in Pa.. .S83.500:
Morgantown & Pittsburgh RR..
—
Pitts. Ry. —/>;>. Increased.—
Carolina Power
The North Carolina
&
—
—
Light Co.
Fare Increase Denied.
Commission has denied the company
Corjxiration
permission to Increase its fare from 7 cents cash with 4 tickets for
8 cents ca.sh with 4 tickets for 30c.
V. Ill p 192
—
—
to
2,5c
,
—
Central of Georgia Ry. Equipment Trust Certificates.
Kiiliii, LtH'b & Co., it is announced, have placed privately
,S()r)(),0()0 (J3^% Equip. Trust Certificates, Series "M":
Although the offering price is not made public the company in its application to the l.-S. C. Commission for authority to Issue the certificates stated
that the bankers had agreed to take them at 96.
Dated Feb. 1 1921. due $00,000 Feb. 1 1926 and $59,000 each Feb. 1
thereafter to 1936.
Denom. $1,000. Int. payable F. & A. Guaranteed
<"ommercial Trast Co., Phila., trastee.
p. & i. by Central of Georgia Ry.
The equipment trusts will be secured on 7 locomotives. 13 passenger cars
and 4 express cars, estimated to cost $1,088,835. A Government loan of
$237,900 has been secured to pay for part of the cost.— V. 112. p. 409. 371.
Chesapeake & Ohio Ry.
The
— Authorization. —
C. Commission has authorized the company to issue from time
to time not to exceed $50,225,000 Common stock for the purpose of effecting
the conversion and cancellation of its $40,180,000 5% C;onv. 30-year
.secured gold bonds now outstanding at rates specified in the trust indenture.
See description in V. 102, p. 1162.
V. 112, p. 161.
l.-S.
—
Chesapeake
& Western
Ry.
— Would End Pass'r
Service.
The company has petitioned tho
Virginia Corporation Commission for
permission to abandon passenger service on its road.
It is pointed out that
motor travel on highly improved paralleling lines has seriously affected
passenger traffic
V. 108. p. 2240.
—
Chicago
The
&
Eastern
RR.
Illinois
— Reorganization. —
following announcement is made on behalf of the several committees
representing security holders of the company: "The approval by the l.-S.
C. Commission of the capitalization of a new company which it is contemin reorganizaplated will succeed the present Chicago & Eastern Illinois
tion enables the representatives of the several classes of security holders to
proceed with the formation of a plan of reorganization, the particulars of
which have already been agreed upon." V. 112. p. 256.
RR
—
Chicago
& North Western
Ry.
.
—
FiZc.s Government Claim.
Tho company has filed a claim for $.59,000,000 against the Government.
This amount includes all that the company claims during the entire time of
Federal control. Of the amount ,S4,000,000, it is said, is due for deficiency
in operating returns in the six months of guarantee.
V. 112. p. 256.
—
Chicago Terre Haoite
& Southeastern
Ry.
— Lease. —
property to the Chicago Milwaukee &
approved by 68% of the stock and 79%
See V. 111. p. 2519.
It is stated that the lease of the
St. Paul Ry. for 999 years has been
of the income bondholders.
—
—
City & Suburban Ry. of Wash. Pays Feb. 1 Interest.
Funds to meet the semi-annual interest due Feb. 1 on the $1.7.50,000
First Mortgage 5%, bonds, has been deposited with the Baltimore Trust
Co., trustee. At the past two interest-paying periods on these bonds the
company took advantage
ing payment.
— V.
of its 90-day clause in the mortgage before meetIll, p. 588.
Cleveland Railway.
— Would Permit
Sale of Stock.
—
the Cleveland City Council amending
the Tavlor service-at-cost franchise so as to permit the sale at not less than
80 of liot more than $3,000,000 Capital stock. See text of ordinance in
"Electric Railway Journal" Jan. 29.
V. 112, p. 409.
An ordinance has been introduced in
—
Cleveland Cine. Chicago
—
—
—
&
—
Guaranty.
St. Louis Ry.
C. Commission has granted authority to guarantee $108,000
Louisville & Jefferson ville Bridge & RR.. as
10-year 6% promissory note of
part securityforaloanof$162, 000. from the United States to the latter company. This Government loan i.« also secured by a note for $54,000, similarly
guaranteed by Chesapeake & Ohio Ry. The proceeds of the loan are to be
used for additions and betterments to way and stnactures of the Louisville
& Jeffersonville Bridge & RR.. made and to be made during 1920 and
subsequently. -V. 112. p. 161.
The
l.-S.
—
Columbus Newark & Zanesville
The
orotective committee for
5%
Extension.
El. Ry.
Columbus Buckeye Lake & Newark Trac-
tion Co. 1st Mtge.
bonds due 1921. of which George K. Johnson is
Chairman (V. 111. p. 2040). announces that the time for deposit of bonds
under the protective agreement of Nov. 10 1920 has been extended to
April 1 1921.— V. Ill, p. 2139. 2040.
Concord Maynard
& Hudson
St.
Ry.
—Operation. —
reported that the towns of Concord. Acton, Hudson, Maynard and
Stow may have to take over the trolley line, as company is imabletomeet
The five towns would have to provide for the maintenance
its expenses
of the road at an annual cost of about $23,000.
It is
Detroit United Ry.
— Netv
Directors.—
C R. Nutt, of Cleveland, and Chas. Laurondau. of Montreal, have been
elected directors, succeeding C. M. Swift and Alonzo Potter. — V. 112, p.
469. 372.
Eastern Massachusetts Street Ry.
Increase. —
RR. —Wage
&
Buffalo Rochester
Semi-annual dh iilinds of 3'', each on the Common and Pref. stocks have
been declared, both payable Feb. 15 to holders of record Feb. 10. Semiannual dividends of 2'i each have bwii paid on tho Common stock from
Feb. 1919 to Aug. 1920. incl.— V. 112, p. 161.
—Earnings. —
SixMos.to Tu-eheMos to
Nov. 30 1920. May 31 1920.
.
-.$6,803,801
6.008,721
103.394
$13,471,220
12,380,439
323.333
$751,745
796.904
$761,447
1,484.518
meet cost of service- .
$45,158
499.489
1.164,747
---
$544,647
Sl.887,817
Total income
Operating expenses
Taxes
Gross income
Interest
and
rentals
Deficit
Ajiiount required to
Add
—
-
Total deficit
—V. 112, p. 257.
East St. Louis
& Suburban
Co.
$723,070
— Botid Ext. —Earnings.
provide for the ($2,110,0001 7% Convertible bonds, due Jan. 1 1921.
the holders thereof were offered tho right to exchange their bonds, par for
par. for new 8% convertible bonds dated Jan. 1 1921 and due Jan. 1 1926.
The new bonds are similar in all respects to the maturing lx)nds and are
.\ semi-annual
callable, all or part, at any time at prict^ named below.
sinking fund of $.50,000. beginning Aug. 1 1921 will be u-sed by the trustee
in 1921. 102 in 1922. 101 \> iH
to purcha.se bonds at not exceeding 102 !i
1923. 101 in 1924. lOOk- in 1925.
To
.
—
of President C. M. CInrk to the Bondholders.
'Dk! outlook for 1021 is favonibln in so far as cxroiiKe accounts arc conreme<l. Tlio coiistanlly niountlnK (expenses In Iho past fow years have
been met to ii consldcrahio extenl by increases in rates iiiifl fans. Tlic
siTecl railway fare In Kast Ht I.ouls is now H cents, and wliili; In many
Eastern coniniunillcfl a 10-cont faro Is rc(|iilr<Ki. It is lioj)e<l that it may
not bo necessary to incrcnso the fnre above H cents in Kastr Ht. Louis. Substantial Increases have been obtained upon the Intcrurban llni» in passcnKor
and coal frelKlit ratca. Uuslne.ss in all departments has been large, but
there lias been some falllne off due to Industrial depression. i>arti<!ularly
In freiKhl eaminRs.
The increases in earninRs in recent months, while
substantial, have not continued lonp? cnouRh to enable the company to do
any new financinR, nor are tlie financial marliets as yot ready to jjureha.sc
new securities of public utility companies, a large part of whose earnings
come from electric railway business.
Combined Stalement of Earnings of E. St. L. Cos. with Inter-Co. Hems Elim'alrd
1918-19.
1919-20.
U)17-l«.
Nov. 3Q Years—
Gro.ss earnings _^
U.2r>r>.m2 .$3,1S0,7H8 .S:i,170.»:58
2.100.f)(i'^
2.M'2.r>:i7
2,111,01.')
Operating expenses ajid rentals
Taxes.,..
172.900
IS.J.'iOO
162. .500
245,692
93,715
Depreciation accruals
464,271
Int. on bonds St floating debt, amort.
493,«5'1
494.439
.501,105
of dl.sct. on bonds & misc. debits..
158,848
1.56,291
128.162
Int. & amort, of disct. on conv. bonds
Data from Letter
.
$18,380
SI 91 .546
There was a balance to credit deprec. res. Nov. 30 1920 of S798.08().
Tlie earnings of the Alton street railway, Interurban railway, gas and
electric properties controlled by the company arc not Included in the above
table, because, following default in interest on the bonds of the Alton
Granite & St. Louis Traction Co. Aug. 1 1918. receivers were appointed in
Aug. 1920 and the Alton properties are being operated separately.
V. 112, p. 372.
Surplus.
Federal Light
&
Traction Co.
— Fare Increase. —
gas Transit Co., a subsidiary, to Increase
recently authorized the Las Vefrom 6 to 8 cents. V. 110.
—
its fares
p. 1088.
& Western RR.— Sale
Fort Smith
Ordered
— New
Co.
—
Federal Judge F. A. Youmans has ordered the sale of this road to the
The road has been In the
highest bidder on M.arch 31 at Fort Smith, Ark.
hands of a receiver for several years. Physical valuation is placed unofficially at $14,000,000.
A new company, the Fort Smith & Western Ry., was Incorporated in Delaware Jan. 10 1921 with an authorized capital of $7,000,000. Incorporators
Alton S. Dustin, Homer H. McKeehan and W. E. Stewart, Cleveland. The
Corporation Tru.st Co. is the company's Delaware representative. V. Ill,
p. 2324.
—
Hocking' Valley Ry. — Govem^nent
Loan. —
C. Commission has approved a Government loan of $1,665,000
to enable the company to provide new additions and betterments to equipment, way and structures. V. Ill, p. 2324.
I.-S.
—
—
—
Sole of Road.
Illinois Southern Ry.
This road, running from Salem, 111., to Bismarck. Mo., about 140 miles
has been sold to a group of business men located in the territory covered
A new company will
by the road at a price said to be under $1,000,000
be formed by the purchasers and the road will be rehabilitated and put into
operation.
The road has ceased operations since Dec 1919 Negotiations
leading up to the sale have been carried on by Frank O Wetmore. Pres of
the First National Bank, Chicago, representing the road, and Clinton H
Crane, Pres. of the St Joseph Lead Co
The road was sold under foreclosure proceedings in Sept. 1920, and
T Abbott on behalf of the bondholders
bought in by
A majority of the $1 ,936,000 1st mtge 5% bonds are held by the Chicago
Clearing House banks, being taken over at the time of the Walsh failure
about three years ago.
When the road's claim against the Government is settled it is expected
The
to pay these bondholders approximately 20 cents on the dollar.
holders of the income 5s. totaling $1,380,000, and the .$4,000,000 of common
and $1,000,000 6% preferred will realize nothing from the sale, at is
W
— V. 112,
p. 61.
Traction Co.
—
—
Fare Increase, &c.
U. Commission has authorized: (a) Decatur Railway &
Light Co to increase its fare from 5 to 6 cents on Its Decatur lines; (6) the
Bloomlngton & Normal Ry & Light Co to issue $72,000 5% 1st & Gen
Mtge. bonds, $108,000 capital stock and $93,000 bond-secured notes.
Illinois
The
Illinois P.
V. 112, p. 469.
RR. — Authorization. —
Indiana Harbor Belt
The I.-S. C. Commission has ordered that the time within which the
company was authorized to Issue $2,200,000 7% promissory notes, payable
on demand (V. Ill, p. 1949), be extended from 60 days to 6 months after
Nov.
See v: 111, p. 1949, 2423.
6 1920.
Co. — Acquisitions. —
Interstate Public Service
The
following companies have applied to the Indiana P, S. Commission
merge with the Interstate Public Service Co.; (1) Louisville & Northern Ry. & Lighting Co.. which operates the line between
Louisville and New Albany; (2) Louisville & Southern Indiana Traction Co.
which operates the electric line between Louisville and New Albany by
way of Jeffersonville; (3) United Gas cfe Electric Co., which operates the
electric light and gas systems of New Albany and Jeffersonville; (4) the
New Albany Water Works and (5) Central Indiana Lighting Co.
In the merger it is said $10,056,000 of Preferred and Common stock will
be canceled and will be replaced by $3,120,000 Preferred and Common
stock.
In addition $765,431 debts of the merged companies will be canfor permission to
celed,
it
was
said.
"We are wiping out $7,000,000 of stock and
We do this because we realize
several hundred thousand dollars of debts.
that we must get down to bed rock." V. 112, p. 469.
President Harry Reid states:
—
— U. P. Seeks Acquisition.
RR. — Earnings — New Director. —
Kansas City Northwestern RR.
See Union Pacific
Little Miami
The total surplus
RR.
below.
— V.
110, p. 1089.
as of Dec. 30 1920, amounted to $955,840, as against
$948,229 In 1919.
Robert L. Black has been elected a director succeeding A. L. Frazier of
Xenia, Ohio.— V. 106, p. 1797.
Long Island
— Equipment
RR.^
Trusts Sold.
— Plympton,
Co., Cassatt & Co., Paine, Webber & Co.,
New York and Strother, Brogden & Co., Baltimore, announce. the sale at prices ranging from 99.51 to 92.18 to
according to maturity of $1,656,000
Equipyield
ment Trusts Series "C" (See adv. pages).
Dated Aug. 1 1920. Due $138,000 each year from Aug. 1 1921 up to
Gardiner
&
6^%
6%
[Vol. 112.
The Incrca.sod far<« became effective at 12:01 a. m. January 29. The
new rates apply to all passenger fares except the 60-trlp commutation, the
46-trlp school anfl the .50-trlp family tickets.
The conipanv has announcc<l
that a petition wrjuld probably be made to the I*. .S. Coninil.ssion to bu.rc-.se
these ratfw.
The Incresise also applies to all ono-way and rounrl-trlp
tickets and to local tnrrtt on the electric line on Atlantic Ave.. Brooklyn.
Alfred A. fiardner. counsel for the company, in his argument for the
annulment of the injunction, said that the 1.-8. C. C^ornmlsslon. not being
open to direct attack by State courts, could not bo attacked collaterally
by them, and that the determination of the C^omnilKslon th.it thi- intraState rales were dl.scrlminatory because they were lower than those of InterState coiniianles was free of attacks by State courts.
I'ublif: Service ('omml.ssioner Alfred ."VI. Barrett announced that an appeal
to the C;ourt of Appeals would be taken Immediately.
The decision of the Appellate nivision similarly affects the Statcn Island
Rapid Transit Ry. ('o.. where the new rates were also to be put Into effect
at once.
V. 112. p. 409.
—
& Jeffersonville Bridge & RR. — U. S. Loan.
& St. Louis Ry atxjve. — V. U p. 2324.
Louisville & Northern Ry. & Lighting Co. — Merger. —
See Interstate Public Hervico Co. above. — V. 112, p. 469.
Louisville & Southern Indiana Tr. Co. — Merger. —
Louisville
See Cleveland Cincinnati Chicago
Manchester Traction
1
.
See Interstate Public Service Co. above.
S322.047
The New Mexico Corporation Commission
stated.
.
THE CHKONTCUE
56;^
The
—
— V. 112, p. 469.
& Power
Light
— Tucker, Antlionv & Co.
,
Co.
—Bonds
Now York
an; offering at
1st
96K and interest to yield about 7.30% 8914,000
Rof Mtge. Sinking Fund Gold Bonds. A circular shows:
Dated Aug. 1 1017. Due Aug. 1 1952. Int. payable F. & A. American
Tru.st Co.. Boston, trastee.
Callable at 105 and Int. all or part for sinking
fund.
Donom. SI .000 and S50') (c* & r) $5,000. Normal Federal Income
tax up to 2% assumed by comyiany.
Company. Owns and operates hydro-electric power plants and tran-smission systems ,ind does the c;ntire commercial electric light .ind power
busine.ss In Manchester and Nashua, N. H., and in 17 surrounding towns.
Also operates .street railway In Manchester and vicinity and supplies gas for
lighting and heating In Nashua.
Population about 140,000.
Purpose.
To refund a like amount of Coasol Mtge. .5s due April 1 1921.
Security.
After April 1 1921 the bonds will be a first lien on the property.
Offered.
7%
—
—
—
Earnings Calendar Years Unci Subsidiaries)
1920.
1919.
1917.
1915.
S2,372„587 52,020,619 S1..573.381 $1.3.56,449
729,.532
680,397
627,703
594.968
Int. charges
295,176
283,514
188,266
139,545
Note.
Over 85 % of present net earn are from electric light power and gas
Capitnlizalion Outstanding Upon Completion of the Present Financing.
Fir.nRef. Mtge.5% bonds $1,642, 000; 7
bond.s $914,000
x$2 ..5.56 .000
Collateral trust 6% notes duo Nov. 1 1922
^
1,750,000
Goff's Falls, Litchfield & Hud.son St. Ry. 1st 5s 1926
200.000
Manchester & Derry St. Ry. 1st 5s, Dec. 1 1927
125.000
Capital .stock ($100 par)
4,250,000
X Does not include .82.059,000 5s held by trustee as collateral for the
Coll. Trust Notes but includes $36,000 held in sinking fund.V. 112, p. 470
Gross...
Net
—
.
,
%
—
&
—
Marcellus (N. Y.)
Otisco Lake RR. Sale.
According to deeds filed at the office of the County Clerk at Syracuse,
N. Y., Fred B. Snyder, who bought the road at auction some time ago,
has sold it to financiers and bitsiness men living in and near Marcellus, N. Y.,
for .$65,000.
About $50,000 of the purchase price was raised by business
men in Marcellus, .Skaneateles, Otisco and other places, and the remainder
was subscribed by farmers living in the district served by the road. A
new company, the Marcellus & Otisco Co., Inc., has been formed.
V. Ill, p. 2520. 692.
—
Minneapolis St. Paul & Sault Ste. Marie Ry. Equipment Notes Sold. Dillon, Read & Co. this week sold S2,.500,000 614% Equip. Trust Gold notes. Series "J." Price, par
and int. for 1926 to 1931 maturities, and increasing 34%
for each maturity thereafter to 101 for 1935 maturity.
Maturing $250,000 annually March 1 1926 to 1935 incl. Int. payable
Denom. $1,000 (c). Central Union Trust Co. of
in New York M. & S.
N. Y., trustee. Co. agrees to pay Federal normal income tax up to 2%.
—
—
Security.
Secured on the following new equipment: 500 lx)x cars. 400
stock cars. 250 refrigerator cars. 3 dining cars. Equipment cost 33 1-3%
in excess of the amount of notes offered.
V. 112. p. 470.
—
—
National Railways of Mexico. Preparations Reported
Looking to Surrender of Government Control.—
The Mexican Government is reported to be making preliminary arrangefor a report on the physical condition of the properties and a posslole
settlement of some kind with the creditors with a view to returning the
property to private management. See "Railway Review" of Jan. 29, p. 193.
ments
—
W. M. Whitenton,
Present Railway Condition in Mexico.
Assistant Chief Operating Officer, Missouri Kansas &
Texas, in an article pubhshed in "Railway Age" of Jan. 8,
p. 113, says in brief:
Track. &c.— The writer recently returned from a two weeks' trip covering
approximately 3.000 miles of railroad In the Republic of Mexico, entering
through the Laredo gateway and returning through the Eagle Pass gateway,
visiting the cities of Monterey, San Luis Potosi, Mexfco, Guadalajara,
I was in the Republic
Aguascalientes, Durango, Torreon and Monclova.
of Mexico in the Spring of 1908 and naturally, I was Interested in the changes
since that time.
greatest surprise
My
was in finding the roadbed of the lines over which
Most of the line from Laredo
traveled in such a good physical condition.
to Mexico City is laid with 85 lb. rail, in good condition, with good joints,
ample ballast and ties. Considerable work has evidently been done on
this track during the past five or six months, as the line, surface and drainage
Our train jogged along at a speed of 40 to 55 miles per hour
is excellent.
with comfort.
Between Mexico City and Guadalajara, Aguascalientes and Durango,
and Durango and Torreon, there is a mixture of 75 and 85 lb. rail, all in
very good condition, but the track does not show the excellent condition
which prevailed so noticeably between Laredo and Mexico City, although
Some of it has good ballast, while there are
there is no "real bad track."
stretches where there is no ballast. The line between Torreon and Monclova is in good ordinary condition 75 lb. rail and fairly good line and
Between
surface but it shows evidence of insufficient tie renewals.
Monclova and Eagle Pass the line is light 56 lb. rail wihch Is in need of ties,
This is the poorest piece of track I saw on the
and the banks are narrow.
1
—
—
entire trip.
Bridges, &c.
— Bridges
Injunction Against Increased Fares Vacated. The Appelthe Supreme Court in Brooklyn on Jan.
28 vacated the injunction granted the city and State authorities by Justice Benedict restraining the company from
increasing fares 20%, which was allowed by the InterState Commerce Commission.
The injunction was granted on the ground that the company operated
an intra-State railroad and was therefore out of the jurisdiction of the
the Durango-Torreon district suffered a great
All the wooden structures were destroyed; they
A good many
instances only temporarily.
have been rebuilt, but
Most of
of the steel structures were dynamited or otherwise damaged.
these have been replaced and repaired.
The track conditions on an average compare favorably with much of
the track in the United States, and is capable of sustaining a considerable
traffic, if giv'en a reasonable maintenance allowance.
Station and shop buildings, roundhotises. etc., in the territories where the
revolution dominated, show considerable damage; in many instances they
were entirely destroyed. It will require a considerable expenditure to
There has been no real progress made the past ten
replace these facilities.
years in the way of additional tracks, yards, station buildings, etc.
The Aguascalientes shop, ten yeirs ago, would have been
Rolling Stock.
considered a modern shop, capable of turning out 25 locomotives per mouth
reparis- the car shops capable of taking care of several hundred
In classified
.\t the present time they are working approximately
cars in heavy repairs.
2,200 men In both the locomotive and car departments, averaging about
20 locomotives per month and repairing several hundred cars.
The greatest need of the railways of Mexico is equipment and rolling
The lines suffered a loss of about 10,000 freight cars and about 400
stock.
locomotives during the revolutionary period. They now have about 350
locomotives awaiting shop, and have a shop capacity of about 75 locomotives per mouth provided they could get material with which to carry on the
Federal Commission.
work.
Int. payable F.
1 1932.
Fidelity Trust Co., Phila.
Aug.
&
A.
Issued under Phila. plan.
Trustee,
passenger cars (delivered)
— Secured on 100 standard cash.
costing $2,070,960 of which .$414,960 paid
of which
Compavij. — The company has outstanding $34,110,250 of
owned by the Pennsylvania Railroad, which guarantees over
.$33,823,500
steel
in
Securiln.
.stock
Is
•$25,000,000 of the refimding bonds. Owns 322 miles of road and leases
70 miles of road. Company also controls all of the electric railwa3's on
Long Island, excepting those of the B. R. T. system.
—
late Division of
in
deal from the revolution.
in
many
—
Labor
is
plentiful.
*_
THE
Fkb. 5 1921.]
ciironiclp:
There are many liundrtid remnants of destroyiHl freight cars. These
have all been gathered and assembled at eenain conveiilent points and will be
repaired as rapidly as funds ean bo provided for this class of work.
The
passenger eciulpment Is In rather deplorable condition, duo to la<-k of
repairs during the past ton yoiirs, and a large amount of the psasonger
traffic Is being handltxl In box cars.
Rales
Passenger fares In Mexico have not been changed for more than
25 years; however, It Is the opinion that the rates will bo Increased about
Jan. 1.
Freight rates, like ours, have Increased the past ten years, and
they are on a fairly remunerative basis.
Employees.
Labor organizations In Mexico are well organized. Train
service employees receive good retnunenitlon. Station and yard employees
are al.so on a good basis.
The shop crafts and tnwk laborers, however,
have not been so well taken care of, but are on a fair living wage.
The present rallro;ul :ulmlnlst ration Is up-to-date and composed of
practical men.
The Dlrector-Ceneral Is a man of about >> years' experience, trained In the early days under the leadership of American railroad
men. and for the past few years superintendent and Oeneral Superintendent
of part of the National Lines.
The employees are made up entirely of
Mexicans, there being only two or tlu'eo Americans In railroad sci^lce on
tlio entire
National Lines system.
Political Siliialion.
-I found a most friendly feeling expressed everywhere
for the United States and for the Americans.
Peace and quiet prevaiU^d
everywhere during the entire trip and the only evidence of revolution to be
seen were the scars wlilch have been left behind.
am of the opinion that
the present government is the strongest that lias boon In power sln<-« the
abdication of the old ni,iz regime ai\d with proper support I am confident
it will bo friendly to the United States.
(The gateway into the United
States for free interchange of traffic was reopenetl on Jan
af er an Inl erval
of several years
Ed J See V. 112. p. 62; V. 111. p. 2140. 189: V. 110. p.
—
—
—
1
—
1409
.
1
I
Railways. — Operating
— Furc Increase Essential
New York
Loss of $240,215 in
Conliniied Operations.
Receiver Job K. ITodores on Wednesday gave out a verbal
.slatenient showiiijj for the eompaiiy for llie fi\'e months
ended Dee. 31 an operating deficit of S2-10,215 dne to
monfhlv deficits as follows: Aufjust $3.'),9S2, September
<519,042, October $24,203, Noveinl)er STG.o.W, December
Five
—
Months
to
^83..'538.
These figures Mr. Hodges says prove tliat Iho lines still
to the company cannot long be operated without an
increased income, and he knew no v.-ay of acquiring this
without an increase in fare. He intimated that the forclosure decree sought by the 4% liondholders would ho believes be granted by the Federal Court witliin a few weeks
unless there is marked imnrovement in the situation.
N. Y.
left
"Times" Feb. 3 said in
A statement prepared by
brief:
direction of Mr. Hedges shows the flnancia
condition of the company, the lines it owns, the lines it leases and the lines
that haveh(H>n separated from th^ system becatise of default in rentals.
The
statement shows ttio deficit for the five month period, including interest on
lionds, aggi-esated $.'571,406.
These figures do not however, include
a) charges for the use of lease<l lines, (b) charges on some imderlying
mortgages on which principal or Interest was in def.oult, nor is charges for
intor^'st on («lS,Or)l .2001 the First Renl K.state & Refunding 4% Mortgage
bomU of 1912 and the (?30,609.4S7) adjustment mortgage .>% bonds.
"It should, therefore, be noted." says the statement, "that the figures
include only those charges which of necessity must be paid to the end that
further disintegration of the service ma.v be avoided, viz.: Broadway Surface
Lexington Ave. & Pavonia FeiTy. Centra! Crosstown, Bleecker St. and
Fulton Ferry. Broadway & Seventh Ave. and ,34th Street Crosstown RR.
Companies and the 23rd St. Rv. Company."
Ijines formerly le^tsed by the New York Railways Co. and returned to their
owners or discontinued, eliminated from operation by the company 77.3
miles of single track, and that the elimination of free transfers because of the
separation of several important lines from the system, had actually increased
the faro to a point above ,5 cents
In March 1910, when Mr. Hedges was appointed receiver there were 287
free transfer point.s.
In JanuaiT,r 1921, there were 76, and at 50 points a
transfer of 2 cents was charged.
V. Ill, o. 2325.
,
—
New York State Rvs. — Refunded. —
The $750,000 Peonies' RR. 5% bonds due Jan. 1 1921 were paid off at
maturityatofficeofTreas. 466 Lexington Ave., N.V.City. In connection
with this payment the company will issue $750,000
Cons. Mtge.
bonds, dated Nov. 1 1912 and due Nov. 1 1962. V. 112. p. 63.
4H%
—
New York Westchester & Boston RR. — Hold
Commission Can Increase Fares.
P.S.
—
of Appeals on Feb. 1 handed down a decision holding that the
P.S. Commission had the right to increase above the .5-cent maximum the
rate of fare prescribed In the agreement between the City of Ne'w York and
the company. See V. 110, p. .562: V. 111. p. 190.
The
— Fare Increase. —
."Vlabama P. S. (Commission has authorized the
company
to charge a
permanent 8-cent fare in Albany and Decatur
The Commission allowed
the company a temporary Increase from 7 to 8 cents last Nov.
V 1 1 1 .p 1950
Northern Pacific Ry.
The
branch
I.-S.
line
—
— Branch
.
—
.
Line Abandoned.
C. Conmiission has authorized the company to abandon a
between Barndt and Bayne, No. Dak., being 1.87 miles in
V. 112, p. 470, 372
length, with 0.175 miles of spur track at the terminxLs.
Ohio Electric Rv.
— Fare. —
—
The Newark (Ohio) City Council has passed an ordinance authorizing the
company to increase its fare from 5 to 6 cents on Its Netrark lines, and to
continue to Jan.
1
1922
— V.
Oklahoma Railway.
112. p. 470. 373.
— Notes
Offered.
—Mississippi Valh^y
Trust Co., St. Louis, are offering at 98 and int. to yield
8.35% $450,000 Bond-Secured 8% Gold Notes.
Dated Jan. 1 1921. Due Jan. 1 1928. Int. payable J. & J. at office of
Mississippi Valley Trust Co., St. Louis, trustee.
Denom. $1,000, $500
and SIOO.
Callable or part at 103 and int. on any int, date.
Convertible
Ref. bonds at rate of 80, or,.$5.000 of bonds for $4,000 of notes.
Earnings Years Ended Dec. 31.
Gross
Operating
Net
hit on 1st
Earninns
Expense.
Earnings Mt. Bonds
1915
.- $793,261
$442,915 .$3.50,346 $197,250
1917
1,125,985
669,220
4.56,765
200.000
1919
1,746,200 1,119,0.59
627,141
200,000
1920 Dec. est
2,002,230 1.434.660
567.570
200,000
Data From Letter of V-Pres. J. W. Shartel. December 31 1920.
The company has been cr.Tnted a SO''.; increase in both city and interurban
fares, which should be reflected in 1921, accompanied by a very .substantial
reduction in expenses. The net earnings for 1921 sliould show earnings
equivalent to o\cr 3 times intei-est charges on the first mortgage debt and
these notes, which are secured by first mortgage bonds.
Capitalization
Authorized. Outstanding.
Preferred stock
S5 ,000 ,000 $ 1 ,795 ,000
Common .stock
1
,000 000 3 ,800 .000
First&ref. mtge. 5% bonds...
12,000,000 a3, 6.53,000
Underlying (closed mortgage) boi ds
2.500.000
x347,000
Bond secured 8 notes (this issue)
825.000
x4.50.000
a Not including $264,000 held in treasury and $680,000 deposited as
security for the Bond secured notes.
X There are $2,500,000 underlying bonds Issued, $2,1.53.000 of which are
deposited under the 1st & ref. mtge, leaving $347,000 outstanding. A like
amount of 1st & ref. 5s are reserved to retire the underlying bonds and
until the entire underlying issue has been obtained the bonds acquired will be
held uncanceled, as security for the 1st and ref. 5s.
y [The company has outstanding $375,000 8% coll. trust notes due
March 1 1921 which we und'-rstand will be refunded through the issuanceof
the balance of this Issue. Ed.l
into 1st
&
—
.
%
—
(«) $680,000 Ist & Ref Mtge. ,^s, (b) by $120,000
5'; bonds, daitid Feb. 1 1905. due Jan. 1 1935.
$500,000 (Juthrio-Kdmond Electric Ry. Isl .Mtge. 5% bonds.
Company. Owns and operates a street and interurban electric railway,
serving Oklahoma City and extending to Kl Reno, Moore, Norman, Kdmond and Outhrle, includiug a total of about i:i9 miles of sij
li
<
ef|Uivalent.
Of this total rnilcagf over UiO milcft are located
->.
right of way the remaining mileage being opera tixl under favorable
Company also own.s valuuLle terminal property in the central disiiici of
Oklahoma City. Poi)ulatlon served over 160,000.— V. 112. p. 373.
Security.— Si-c\iri'A bv
fiuthrie Railway Ist Nltge
(f)
—
'
.
.
I
Oregon- Washington RR.
The
& Nav.Co.
—
Sterling Bonds.
*
'
}'< f.
has authorized the company to Issue
Mtt-'C. bonds, puy.iblc in dollars in exchange, for not exceeding
U
of siniilar bonds now outstanding which may be surri-ndiK-d by
•^s
thereof. The £3, 7S2, 400 sterling bonds have been entered upon llic lotoids
of the company in terms of dollars at the rate of $4 h5 \»t t.
If all of the
outstanding sterling bonds are surrendered the issue of $1S.'.I12.000 dollar
bonds will be required, and the payments of money made in connection
therewitli will amount to $5H7,36(). exclusive of money paid for Interest.
(See al.so Union Pacific Co. below.)— V. Ill, p. 19.50.
I.-S. ('. <'oninils->ion
1
i
Paris-Orleans RR. (Compagnie du Chemin de Fer de
Paris a Orleans i, France.
Bonds Offeered. A. Iselin &
Co., Halsey, Stuart ct Co. and Hempliill. Noves & Co., are
offering Frs..50,000,000 0% bonds (Foreign' Series).
Re^leemablo at par, by drawings, not Utter than 19.5t). The
bonds are offered at 92, which at present rate of exchange is
equi\'alent to .$(55 .50 per fr. 1,000 bond.
Donom. Frs. 1,000. Int. (from Dec.
1920) payable J. & D. at office
of A. Iselin & C;o., N. Y., without deduction for any French taxes, present
—
—
•
1
Tlie payment of principal
held by non-residents of France.
and interest is secured to the company by the guaranty of the French Govt.
These bonds are rodcomabht at par by annual drawings in amounts
sufficient to retire the entire ls.sue by 1956, the company reserving the right
to increase the amount to bo redeemed in any year.
Company agrees to
exchange these bonds at its office in Paris without expense, for an equal
principal amount of the cf>mpany's 6% bonds (French Series) listed on the
Paris Bourse, but subject to French taxes.
The company was organizetl in 1838. The system covers about 7,800
kilometers, or about 4,848 miles, and serves the central part of France and
X)rovides a direct route between Paris and the important .seaports of Bordeaux, Nantes and St. Nazaire.
The French Government guaranty is somewhat similar to that governing
the Midi RR., which see in V. HI, p. 1472. except that the agreement
continues In effect until Dec. 31 1956.
or future.
If
Peoria
The
&
Pekin Union Ry.
— Government Loan Approved.
C. Commission h;is approved a loan of SI. 799. 000 for the purpose of aiding the company in meeting the maturity. Feb. 1 1921, of its
bonded debt airgregatiTig .?.?.'.)0 .000. The carrier itself is required to
finance $1,105,000 to meet the loan.
The I.-S. (-. Commission has granted authority to extend the time of
maturity of $1,459,000 1st and $1,499,000 Income Mortgage bonds for
5 years from Feb. 1 1921 to Feb. 1 1926, incl., and (2) to increa.se the rate
of int. on the First Mtge. bonds from 6% to 7% and on its Income bonds
from 4 Vi % to 7% and (3) to pledge the whole or any part of the bonds with
the United States as seciwity for the payment of any loan or loans that
may be made to it.
A largo number of the bonds have been deposited by the owners thereof,
V. 112, p. 163.
for indorsement of the extension of maturity. &c.
I.-S.
1
,
—
Pittsburgh
& Lake
Jamas B. Yohe has been
Erie
RR.^— Neio
Sacramento Northern RR.
See Wastern Pacific
Director.
RR. Corp.
— New
below.
—V.
—
Offer by West. Pac.
112, p. 258.
— Proposed
— Injunction Against Increased Fare Vacated. —
Staten Island Rapid Transit Ry.
tion
—
elected a director, succeeding R. B. Mellon.
V. Ill, p. 1473.
Electrifica-
The "Electric Railway Journal" Jan 29 has an abstract of a report
compiled by Randolph H. Nex.sen. electrical engineer of the New York
State Public Service Commission, on Staten Island transportation conditions
and the proposed electrification of the rapid transit system in the island.
See Long Island RR. .above.— V. 108, p. 1391.
Texas Electric Railway.
— Earnings for Calendar Years. —
1920.
$3.4.54,615
Gro.ss earnings
Operating exp.& taxes..
The Com-t
North Alabama Traction Co.
563
2.013,072
Net earns, from oper... $1,1 41,.543
Balance, surplus
—v. 109. p. 1893.
Troy (N. Y.) &
The New York PS
356,915
1918.
1019.
82.951,511
1.738,278
$2,381,475
1.436,258
$1,213,233
446.455
$945,217
218,820
New England
Ry.
1917.
$2,i:?8,268
1.147.632
.$990,636
261.476
— Fare Increase. —
18 authorized the company to
The company
raise the fare in each of the three zones from 6 te 8 cents.
in 1920, bringing the total deficit up
operated at a deficit of about $4,600
to about
$32,000—-v.
Commission on
85. p. 100.
.Ian
—
—
Tulsa (Okla.) Street Ry. Fare Increase.
The Oklahoma Corporation Commission recently authorized the company to increase its fare from 5 to 7 cents cash, with four tickets for 25 cents.
Union Pacific RR. Conversion of Sterling Bonds.
The I.-S. C. Commission has authorized the company to issue 1st Lien &
Refunding Mtge. bonds payable in dollars in exchange for not exceeding
£771,600 of similar bonds now outstanding which may be surrendered by
—
—
the lioldcrs thereof.
The £771,(i00 of sterling bonds have been entered upon the records of
the conipanN' in terms of dollars at the rate of $4 S5 per £ the equivalent
If .-Ul of the outstanding sterling bonds are
in dollars being $3,742,260.
surrendered, the issue of $3,858,000 dollar bonds will bo required. The
difference. $115,740, will bo representative of the cash payments made by
(See also Ore-Wash. RR. & Nav.
the holders of surrendered bonds.
The Commission also holds that the delivery of dolKar bonds in exchange
for .sterling Ijonds involves an is.sue of securities within the meaning of
See V. 111. p. 1950.
section 20a of the Inter-State Commerce Act.
—
—
Seeks Terminal at Kansas City.
was reported this week that the company is planning to buy in the
Kansas Citv Northwestern RR. for the purpose of acquiring terminal
facilities at i-Caosas City. This report, however, could not be confirmed.
The Kansas City Northwastern ceased operating Nov. 1 1919. G. M.
Lee is receiver. V. 112, p. 63.
It
—
&
United Power
Calendar
Transportation Co.—Earnings.
Years—
Income from
.stock.
1920.
bds..&c-
General expen-ses .and taxes.
Interest
payments
Balance, surplus
Previous surplus
$509,527
26,6H2
252.140
1919.
—
ISIJ-
,
$564,019
S.^>23.962
$742,242
29,:j42
33.288
257.332
^-l^.SSl
252.140
$282,536
1.006,977
889
2S0.312
230.000
$230,705
Profit & loss adjustin't(deblt)
Dividend-s
1918.
1,008.311
$233,342
1.023,151
5,141
244.375
329.612
$366,798
1 .:?!>,>.
117
-ifi-'-Ox
366.5t)2
Total profit* loss surplus. $1,009,016 $1,008,311 81,006.977 $1,023,151
—v. 112, p. 471.
United Traction Co., (Albany, N. Y.)— Strike.
—
About 1,200 employees of the <onn)any operating in Albany. Troy.
C^ohoes. Rensselaer. Waterford, W'atervlict and iireen I^and wont on strike
on Jan. 29 in protest against a cut in wages from 60 cent.s to 45 cents an hour.
The company has jiisl been granted an 8-cent faro in Albany, and had the
fare decreased from 7 to 6 cents in Troy and 7 to 5 cents m Rens-selaer.
The men had been promised an increase in wagoi if the company were
granted a 10-cent fare.
Seo V. 112, p. 471.
.lii
f
f
THE CHRONICLE
564
United Traction System (Rhode Island).
'tion J'ldii.
— Till) Joint
— Rcorganiza-
licortjaiiizatioii (.'oinniiltcu;, consistirifj
of Mifhaol F. Dooley, Stephen O. Metcalf ami Samuel P.
Colt, lias presented a plan of r<'orKaiiization wliieh has been
by (he
coininiltei's r(^i)resenlin(i the s(;veral participating; issues.
This ])laii will b(> binding on IIk; holders
of <lej)osited soeurities who do not witiulraw within the time
limit.
Further dei)osits will l)e received on or before Mar. 20.
ai)j>T'o\'e{l
A syndieate headisd by Messrs. Colt and Motcalf and
Frederick S. Peck, has apjeed. without compen.sation, to
underwrite at par the .SI, 000, 000 Prior Lien 7% bonds.
Introductory Statement by Committee.
Properties — Tho (;hartor of tho LJnltotl Kloctric Uiillways Co., Rrantod by
the Khodo Lsliind .\ssombly in 1019 and amondod In 1920, authorizes that
company to acquire tho lltiosand property of the Union RK. Co., E'rovldence
Cable Tramway C'o., Pawtuc^ket Htreol Ry. Co. and Rhode Island .Suburban
Ry. (^o. {fornierly leased to the Rhode Island Co., but under stock control
by United Traction & Electric Co., and hence known as the United Traction
System), the lines, &c., owiiod by the Rhode Island t'o.. and those formerly
lea.sed to It by the Sea View RR. Co. and Provldenc* & Danlelson Ry. Co.
The consent of the Attornoy-Oenoral of tho State of Rhode Island Is reIf loss than the whole of the foregolnK properties are acquired.
proposed In this plan to acquire at the time of reorganization the lines
The committee Is
In the Union Traction System.
also authorized In Its dl.scretlon to acquire In such manner as the said
committee may doom expedient such of the Rhode Island Company Properties as .said committee may determine. The property of tho Sea View RU.
Co. is no longer available for acquisition, as It Is now being demolished.
Authorized Capitalization, Ac. The charter limits to $22,000,000 the par
value of the stocks, bonds or other evidences of Indebtedness of the New
Company which may be issued in payment for the lines and properties
hereinabove mentioned, and limits to 6% the dividends which may be paid
upon tho capital stock of the Now Company, except that a deficiency in any
year may bo made good In a sub.sequont year or subseqvient years.
The board of directors is to consist of nine members five elected by the
stockholders, one appointed by the tru.stee under any General and Refunding
Mtge., two appointed by the Governor by and with the. advice and consent
of the Senate, and one appointed by tho Mayor of Providence.
Tax Exemption, A.c. The General As.sembly at its 1920 .session passed
Acts exempting tlie New Company from all taxes except taxes Imposed by
cities or owns upon Its land, buildings or other tangible property, freeing It
from certain paving and street improvement obligations imposed upon
street railway companies by the Rhode Island laws, and making all town
and city ordinances affecting It subject to review by the Public Utilities
quired
It
Is
and properties Included
—
—
Commission.
The City of Providence has also recently passed an ordinance regulating
jitneys (so-called) and motor-bu.ses, which it is believed will prevent in large
measure the unfair competition to which the street railways have heretofore
been subject.
—
Advantages of Plan. The plan possesses the following advantages;
1. It provides at least $1,000,000 cash for rehabilitation.
2. It reduces the fixed charges upon the United Traction Sy-stem to
The amount which the Rhode Island Co. was required by its
$654,928.
leases to pay upon the same properties as fixed charges was IJl.OoO.OOO.
3. It reduces the aggregate capitalization to an amount which, although
much less than the estimated cost of reproduction of the property, should
be representatives of just expectations of income return under ordinary
future conditions.
4. It obtains the benefit of the yearly exemption from taxation and limitation of paving and other obligations hereinbefore mentioned, which will
result, it is estimated, in an annual saving of over $500,000.
5. It substitutes the direct ownership of the entire properties for the
former Involved system of holding companies and leases.
6. It secures the control of the P. U. Commission over the issue of securities, the limitation of capitalization and dividends, and the representation
of the State and the City upon its board all of which it is believed, will be
conducive to the interests of the security holders as well as of the public.
Securities Which May Participate in Plan if Deposited with Depositaries Names.
(1) Depositaiies; National Exchange Bank of Providence;
And as agent. Bankers Trust Co.. New York Citv.
Ciunberland St. Ry. Co. 1st M. 6% bonds, due Oct. 1 1918
$43,000
Pawtuxet Valley Elec. St. Ry. Co. 1st M. 5% bonds, due July 1
247,000
1933, with coupons maturing on and after July 1 1919
Rhode Island Suburban Ry. Co. 1st M. 4% bonds, due Jan. 1
1950, with coupons maturing on and after July 1 1919
4,708,000
(2) Depositaries: R. I. Hospital Trust Co.. Providence,
and First Nat. Bank, Boston; agent, Cen. Union Tr. Co., N. Y.
"United Traction & Elec. Co. 1st M. 5% bonds, due March 1 1933,
with interest warrants maturing on and after March 1 1919
9,000,000
(3) Depasitary, Industrial Tru.st Co., Providence, R. I.
United Traction & Electric Co. Capital stock
8,000,000
—
Reorganization Plan.
Be Created by United Electric Railways Co.
Industrial Tr. Co., trustee.
(1) Prior Lien Mtge. 25-Year Gold Bonds.
Total authorized issue, $5,000,000 (aU equally seciu-ed), of which there
are to be presently issued:
(a) Series A, 7% bdis. dated April 1 1921 (callable all or part at 105
and int.)
To be sold for cash to rehabilitate the properties. _$1 ,000,000
(6) Series B 4% bds. dated Jan. 1 1921 (callable all or part at 101
and int. Denom. $1,000, $500, $200 and $100). To be applied in partial exchange for existing bonds
1,999,200
The remainder of the $5,000,000 Prior Lien bonds ($2,000,800, bearing
not over 7% intere.st) may be issued from time to time, with the approval
of the P. U. Commission, to an amount not exceeding at face value 70% of
,the cost of futui-e extensions, additions, improvements and betterments.
(2) General and Refunding Mortgage SO-Year Gold Bonds.
Total authorized issue, $11,100,000, all equally secured, payable in not
over 30 years from date of mortgage. There are to be presently issued:
Denom. $1,000,
(.a) Series A 5% bonds, dated Jan. 1 1921.
$500, $200 and $100
$8,100,000
Issuable in partial exchange for United Trac. & Elec. 1st M. 5s.
Note. Additional Series A, not exceeding $500,000, may be
issued in the acquisition of such of the Rhode Island Co. Properties as the committee may determine.
Denom. $1,000, $500, $200
(6) Series B 4%, dated Jan. 1 1921.
and $100
2,499,000
To be applied in i)artial exchange for divisional bonds.
(3) Capital Stock, present issue, in exchange for existing, to be.$7,999,800
The committee shall have full authority in its discretion to settle upon
i4he amount of capital stock to be issued in addition to the foregoing.
New
Securities to
.
—
Terms of Eicltange for Eiisting
Amow\t
Prior Lien
Holders of %1, 000 of— Otttslai'dino. Ser. B 4%
Rhode Island Sub. Ry.lS4, 708,000'
?400
1st M. 4%
181,883,200
/
247,000
P.iwtuoket Val. El. Ry.l
400
98.800
1st M. 5%
I
400
•Cumberland St. Ist M.l
43,000/
17,200
6%
1
United Traction & El.l 9,000,000
.
Sccvritiea.
— Gen. Ref. Mart. —
Capital
Ser.A5%. Ser.B4%.
Stock.
tt
S.500
82.354,000
500
)
123,500
I
21,500
f
l.st
M. 5%
Capital stock
/
I
500
S900
8,100,000
8,000,000
.SI 00
5470,800
100
24,700
100
4,300
100
900,000
825
6,600,000
51,999.200x88,100,000 S2,499,0O0yS7 ,999,800
X An additional amount not to excpcrl S.IOO.OOO Gen. * RefunclinK bonds Series A
Isjreserved for Issue to provide for the acquisition of such of the Rhode Island Co.
properties as the committee may determine to acouire.
y Additional capital stock may be issued in the discretion of the comm.ittee for t^c
purposes of the plan to amount permitted by the Rhode Island Public Utllitycs
Total
Commission.
—V.
112. p. 25S.
Virginia Southern RR.
— Government Loan. —
C. Commission has approved a loan of $38,000 to aid the
The carrier itself is require^
carrier in meeting its maturing indebtedness.
iuance $37,000 to meet the loan of the Government,
The
I.
S.
[Vol. 112.
Western Maryland Ry.
The
— Equivmenl
Notes Authorized.
—
has authorized the c^)mpany to Issue $225,000
f)'/,
marine
notes to Ix' sold at par for purpose of obtaining
funds to cover the construction and delivery of one :j-track 2(>-car capacity
steel car float.
.Maryland Trust Co., trustee.
V. 112. p. 259.
I.-H. ('.
(
'oinijiission
c()ulnrnent gfjid
—
Western Pacific RR. Corp.— Increased
mento Northern HIi. Secnrilie.i
The company has submitted a new
—
Offer for Sacra-
offer for the securities of the Sacro.
Northern RR., in which It Incrtia-ses Its offer for tho various cla.s.sos of stock
and agreis to nrovldc a fund of .S40,000 to pay all expciiKes and compen-
sations
If
the deal
—
comjilcted.
Is
Exchange Offer. Pour Wc.-stiTn Pacific RR. Corn, bonds to be exchanged
for 5 bonds of the Sacramento Northern and $2/ 50 per share to bo paid
for tho Ist I'ref. stock; $15 per share for tho 2d Prof., and SO per share for
thet.'ommon stock of the Sacramento NorthtTn RR. The shar<!s and bonds
are to be deposited with cither or both the Union Trust Co. and the First
Federal Trust (-'o., S. Fr., to comply with the requirements of the offer.
The Western Pacific's original offcT was on a basis of W/, of Western
Pacific bond.s for 100% of Sacramento Northern bond.s: $2« .50 in cash for
each share of 1st I'ref. stock; ,$12 50 for each share of 2d Pref.. and $5 for
each share of Common. The previous offer also provided that the sellers
should pay a commission of
on the bonds and cash Involved, but under
the now proposal th(! bondholders will receive the same amount of Westtrn
Pacific bonds as provided in the first offer, but will be relievcxl of the obligation to pay a conunisslon of 2^%, while the stockholders will receive
approximately $.56,618 more than under the first oflor and will be relieved
of the necessity of paying a commission of $16,732, this amount being on a
basis of all the stock being sold to tho Western Pacific.
V. 112, p. 259.
2H%
—
INDUSTRIAL AND MISCELLANEOUS.
—
General Industrial and Public Utility News. The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Evens and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
after the matter becomes public.
Prices.
Wholesale prices again receding compared with the extremes of
1920, as follows (for closing prices, &c., see "Commercial Epitome" on a
—
subsequent page):
Lotresl.
High 1921.
Hioh 1920.
Low 1920.
Wheat. No. 2 red... SI. 78HFeb. 3 $2.12 Jan. 12 $2.60 Jan. 7 $1.79 Xov.27
Corn, No. 2 yellow..
.82
Jan. 31
.96^^Jan. 3 2.31JiMayl5
.94HNov.27
Oats. No. 2 white...
.52
Feb. 3
.OOKJan. 3 1..50 May 7
Nov.22
.60
Sugar, granulated--.06HFeb. 3
.08 Jan. 3
.23
July 12
.08
Dec. 17
Tin
30,7.5Fe'>. 3
.39!^ Jan. 10
.65KJan.ll
.32
Dec. 14
Cotton, mid. uplands 13 fiOFeb. 3
.ISMJan. 10
.43>iJuly 12
.14KDec.22
silver bullion, N. Y.
.57;4Feb. 1
1.37 Jan. 12
.68H.Jan. 6
..WMDeclO
Prices of gasoline and crude oil have been cut.
Leading department .stores
announce reductions of from 10 to 50%. The Borden Co. reduced retail
milk at N. Y. 1 cent a quart Feb. 1.
Steel and Iron.
The "Iron Age" of Feb. 3 says in brief: "Pig iron output
(2.408,845 tons) was about 300,000 tons less in January than in December,
indicating that steel production also declined, though perhaps less
Not
since May 1915, apart from the strike month in 1919, has so little pig iron
boen made in any month as in January. Active furnaces numbered 183
on Feb. 1, against 201 on Jan. 1. To-day only 38 merchant furnaces are
in blast in the entire country.
"The Steel Corporation has had some good rail rollings in the Chicago
district and its pipe mills have been full of work, though in general new
orders in January have not held up. Independent rail mills are not running
as well as was expected and the increase of operations in other lines is spa-smodic. The partial automobile revival at Detroit has not been greatly
felt at the mills.
"The LotiisviUe & Nashville purchase of 2.700 cars requiring 16,500
tons of steel has stood out in relief. The Steel Corporation figures for the
first time as a builder of cars, taking 600 of this order for its Mobile plant.
"The Union Pacific has bought 10,000 tons additional rails and 3.000 tons
of fastenings, and a new order from the Chicago & Eastern Illinois is for
2,500 tons of rails.
"With new business as scarce as it is, price cutting is siu-prisingly small.
"The Steel Corporation's sheet mills posted notice of a 10% wage reduction Feb. 1, whereas union sheet miUs, on the last settlement, got 19J^%
reduction Jan. 1
Apart from this scale adjustment, the Steel Corporation
has made no wage reduction.
"In eastern Pennsylvania sales of foundry grades have been made at $28,
furnace, or $2 below the recent lowest quotation.
Southern iron has been
sold as low as $27 50, Birmingham, but most of the transactions still seem
to be at about .$30.
"High wages demanded by common labor have an unfavorable influence
on the cast iron pipe market, and municipalities continue to hold up orders.
"Reports of foreign pig iron and steel offered in this country are quite
indefinite.
Belgian basis pig iron at $28 or $29, Atlantic seaboard, is not
attractive, and the possibility of German bars at 2.10c. on this side has
aroused no interest."
A number of the independent steel plants have resumed or Increased
operations; Inland Steel is said to be operating at 45% of capacity.
Crucible Steel Co. on Feb. 1 reduced wages some 12 or 15% at its Syracuse plant still working half time. The Midvale Steel & Ordnance Co.
has reduced its mechanics' pay, in some cases by $50 a month. Bethlehem
Shipbuilding Corp. announce a 10% reduction at Fore River for Feb. 14.
New Union Organization, Michael F. Tighe, Chairman, to combat any
wage reduction by U. S. Steel Corp. "Iron Trade Review," Jan. 20.
Coal.
The "Coal Age" of Feb. 3 reports that with buyers on a low
consumption basis and a practical disappearance of spot buying for expoil;,
spot prices for bituminus coal are now only about 3 % above the average
Government price during the war although production costs have increased
over40%. Pitts, mine rtm isquoted at $2.50 against $2.75 Dec 27 1920
(Govt, war price $235)
Bituminous output for week ended Jan. 22.
9,139,000 tons, against 10,464,000 in 1920' anthracite, 1,810,900, against
1,757,000 in 1920' coke, 257,000 tons, against 436,000.
Lehigh Coal & Navigation Co.'s strike which began Jan. 3 ended on or
about Jan. 21.
United Mine Workers back 24 Mingo Co. men accused of murder.
"Times" Jan. 24, p. 2
Oil.
The oil market has witnessed further reductions in the prices of
crude oils, Pennsylvania crude, for instance, falling to $5 a barrel, as
against a recent high of $6 10, and recessions of from 1 to 4 cents in the
—
.
—
—
price of gasoline.
The "Oil Paint and Drug Reporter" of .Tan. 31 says: "Consimiption of
domestic and imported petroleum in the U. S. during 1920 reached the
unprecedented total of 531.186,000 bbls., yet it did not keep pace with the
increase in available petroleum, and at the end of the year there was recorded
a net increase of stocks of more than 10.000.000 bbls.. of which pipeline
and tank farm stocks of domestic petroleum amounted to 5,823.0()0 bbls.
and stocks of Mexican petroleum held in the U. S. by importers amounted
to 4,523.000 bbls.
Although for the entire country there was this total
increase of stocks for the year, conditions in California were reversed, there
being recorded for that State a net decrease in stocks of 8,212.000 bbls.
Preliminary Reswne for Calendar Year 1920 Compared with 1919.
Number
of Barrels
—
1920.
1919.
443.402,000 377,719,000
106,163,000 52,751.000
71,000
12.000
Production
Imports from Mexico
Other imports
549,577.000 430.541,000
531,186.000 418,777.000
5.924,000
8,045.000
Exports
6.140,000
Added to domestic pipeline and tank farm stocks, . 5.823,000
Added to Mex. stocks held in U. S. by importers-. 4,523,000
Total
Consumption
549,577,000 430,541,000
Total
Stocks of Crude Petroleum
Number
Domestic,
of Barrels
all fields
—
Held on Dates Named by Pipeline and Other Market
ing Companies.
Oct. 31 '20. -Vop. 30 '20. Dec. 31 '20.
129,451.000 131,325.000 133.690.000
21.272,000 20.930,000
6.599,000
7,443,000
California (included in above total) 21.265.000
Mex. petroleum held by U.S.importers 5,554.000
THE CHRONICLE
Fkb. 5 1921.]
United Stales Imports and Exports of Mineral Crude Oil (in liarrels).
(Compiled from records of Bureau of Foreimi aud Uomesiic Coinnierce.)
A'or.l920.
13,7f>0.199
Total imports-.
Exports— Canada
COO.Tns
27.996
Other countries
Dec. \ 020. IVor 1920.
12.845.482 10(i,175,2s9
4.^1,1)58
0.472,133
258.030
1.572.771
IVar 1919.
52.821. .W7
5.277.5()Q
640,752
089.088
8,044.907
5.924.320
6.34.794
Exc. imports over exports.13. 115.405 12.155.794 98.1.30,382 46.897.247
Copptr Financing Plan. LeadiiiK copper companies are reportoil to bo
arranging throuRh the Copper Kxport A.ssociation for financint? their surplus
copper l<) a total of about 400,000.000 lbs. possibly by means of the sale of
denenture l)on(ls. ''rimes" Keb. 2. p. 19.
labor.
(a) 5.000 Boston Karnienl workers qui! "'riine-s" Feb. 1, p. 3;
(b) liostoii building strike expands "Iron Age" Feb. 3, "Times" Jan. 31
The movement to ro<luce the hourly wage of skille<l workmen from $1
to 90c., and to require men to work Saturdays. Is spreading to other Miis.sa-
The balance
sheets for Dec. 31 1919-20 show the following notWle coman increase in hills receivable from *4,326,0()0 to 89.4>>3,752:
outstanding common capital stock from $25,047,1(10 to
527,198,000 due to stock dividends, (r) A new issue of five year 6% Gold
parisons:
—
chiisetts cities.
—
Building Grafter Gniltu.
R. P. Brindell, President Building Trades
Council, was found guilty of extortion by jury at N. Y., Feb. 3 "Times"
Feb. 4, p. 1
Matters Covered in "Chronicle" of Jan. 29 ^(a) Packing Control Hill
^
~
Pas.sed bv Senate, p. 410.
(aa) Lire Stock Hill -Als
'Mso pa.ssed. p 420
(b) Canadian Oil
low
Foreign
i7— Ca Govt, considers now policy, I) 414 (c) foreign
^an
i)
Trade Finance Corp (John Mcllugh), p 421
(d) Kenliicki/ Tobacco
Market reopened; marketing organization proposed, p 427-128
(e) $3,-
—
•
—
—
473,000 I'lientploi/ed in U S
Totals by trades, cities and .States, p 429
Views of
(f) Shipping Board Investigation, p. 430.
(e) Tax on Sales
Otto H Kahn, p 438
(i) Cana(h) Anthracite Coal Shipments, p. 443
dian Indii:itries
Statistics for 1918 as to manufacturing industries, thoir
number, distribution, capitalization, wages and value of products, p 431
Misplaced References to "Chronicle" of Jan 22
In this column last week
Items "1" to "z," &c referring to "C'hroniclo" of Jan. 25, were misplaced,
appearing ahead of references "a" to "k." See p. 471.
—
—
—
,
Acme
Steel
Goods
Co., Chicago.
— Earnings,
—
&c.
Net sales for the year ending Dec. 31 1920 were $5,520,838, and net earnS,>14.210.
The balance sheet as at Jan. 1 1921 shows a total surplus
of §2,613,401, as against $2,(09,191.— V. 110, p, 79.
iii;;s
Adams Express
Co.
— Merger
—
— Railroad
—
Corp. — To Increase
Outlook
for Fire Years with Extension Rights.
See Wells-Fargo & Co. under "Financial Reports" above.
Contract
V.lll,p.2522.
Allied Chemical & Dye
Stock to
Afford Stockholders Not Yet in Plan an Opportunity to Do So.
Will. H. Nichols, Chairman, in a notice to the stockholders
of the consolidated companies dated Jan. 31, says in subst.:
Substantially all of the outstanding stock. Preferred and Common, of
each of the consolidated companies is now held by the Allied Chemical &
Dye Corp., the same having been acquired in exchange for its own Preferred
—
and
Common
stock, per plan (f Sept. 9 1920 (V. 111. p. 1379).
In certain cases, however, stockholders found it physically impossible to
arrange for deposit of their shares in time to come in under the plan. It
has, therefore, been determined to afford to such stockholders, as well as
to others who failed to deposit their holdings under the plan, a further opportunity, for a limited period, to exchange their holdings forthis company's
stock on the basis of the plan.
To that end it is planned to increase the
authorized stock. Preferred and Common, not later than March 31 1921
by amounts at least sufficient for issue in exchange for ail stock, I'referred
and Common, of the consolidated companies still remaining in the hands
of the public, which shall bo deposited for that i)urpose on or before Feb. 28
1921; such additional deposits to be made in the same manner as deposits
under the plan.
Accordingly holders of Preferred and Common .stocks of the consolidated
companies who failed to depcsit their holdings vmder the plan but de.sire
to recei\o Preferred and Common stock of this company in exchange for
their holdings on the basis of the plan should deposit their stock certificates
(or V. t. c.) on or before Feb. 28 1921 with Guaranty Trust Co., N. Y.,
depositary.
If the necessary increase of authorized stock is effected before
March 31 this company will issue to the depo.sitors its I'referred :uid Common stock on the basis of exchange in effect under the plan. [The
stockholders will vote
March
7,
on increasing the authorized
capital.]
112, p. 374, 04.
— V.
nottw, sold hist
A merger of this company, and the Cement Securities Co. (V. 112, p.
375: V. Ill, p. 1190), it is stated, has been completed.
The consolidated
company, the Alpha Cement Co. it is said, wiU be capitalized at $30,000,000.
—V. 112. p. 104.
American Agricultural Chemical Co.
The stockholders
— Bonds. —
March
3 on authorizing the creation of 1st &
Ref. Mtge. Sinking Fund bonds and on authorizing a call for the redemption on Aug. 1 of the outstanding .?6.959,000 5% Convertible Debentures.
See details of offering of $30,000,000 1st & Ref. 7 'As in last weeks "Chronicle," p. 472.
v.ill
vote
American Can Co.—Sells $12,000,000
Short
The company has
Term Notes.
sold to the First National Bank $12,000,000 of seven,
eight, nine and ten months' notes, and the Bank has placed the total issue
on a discount basis of
The notes are dated Feb. 1 2 and matiu-e sei ially
$3,000,000 Sept. 12, $3,000,000 Oct. 10, $3,000,000 Nov. 10 and ,$3,000,000 Dec. 12.
The proceeds of the sale of the notes are to be used for the purchase of
raw materials. The amount of this financing is practically identical with
the financing of 1918, 1919 and 1920.
V. 112, p. 164.
_
8%
.
American Express Co.
tract for Five
—
— Merger
Outlook— Railroad Con-
—
Years with Extension Rights.
& Co under Financial Reports" above
See Wells Fargo
'
.
'
—
—
—V
.
.111,
p .2522
—
American Hide & Leather Co. No Din. Earnings.
The directors on Feb. 1 voted to omit the payment of the regular quarterly dividend of 1 Ji % ausually paid April 1 on the Pref. stock.
Quarterly
dividends of 1 34 % each have been paid .since Jan. 1919; an extra of 2% was
also paid in October 1919.
Results for Three
Net earnings
and Six Months ending Dec. 31.
1920—3 Mos.— 1919.
(see note)def$5,245,322
1920—12 Mos.—lQ19.
S550,242def$6.552,612 $1,907,909
_ _
_
31 340
Depreciation
70.,528
a"9"0,3l5
ISS'SJS
al97!720
Balance
def$5,315,850 sur$465,933dfS6, 708,425 sr$l, 078, 349
Net current assets Dec. 31 1920, $5,530,611. The company's fiscal
year has been changed to correspond with the calendar year.
Note.
Results from operations after charging repairs, interest on loans
reserves for taxes and adjustments of inventories amoimting in the halfyear to approximately $5,500,000.
a Includes sinking fund account and depreciation. V. Ill, p. 1754.
Bond interest
—
—
American Light
Calendar
Years—
&
Traction Co.
1920.
Eam.onstks.ofsub.co's. $2,403,505
Miscellaneous earnings.
1,096,712
Gross earnings
Expenses
$3 ,560,277
323,740
6%
.$3,236, .531
notes...
218,082
—
Reijort.
1918.
1917
$3,732,940
593,420
$4,345,215
1,047,399
$4,320,307
311,505
$5,392,()14
369,233
Balance for year
$4,142,863
$4,014,801
$5,023,381
........
$4,142,863
11,869,329
$4,014,801
13,089,479
$5,023,381
$185,037
$3,051,493
Sur.& reserve prev.yr.. 10,324,745
Total surplus..
,.301 ,,545
p. 2388).
— V,
111, p. 1848.
Outlook
road Contract for Five Years unth Exlentsion Rights.
See Wells Fargo
&
—
Co. imder "Financial Reports" above.
American Smelting
— Rail-
— V. 112, p, 64
&
Refining Co. Declares Dividends
dividend of
on the Common and \}i"/, on the
The regular quarterly
1
The Conunon dividend is payable Mar.
Pref. stocks, have been declared.
15 to holders of record Feb. 18 and the Pref., Mar. 1 to holders of rec-ord
Feb. 11. Early in January last, it was rejjorted that the dividend on the
Common stock would probably bo omitted. Si-e V. 112, p. 472, 260, 254,
165.
'
American Tobacco Co.
,'
Dividend Payable in Scrip.
—
quarlerly dividend of 3',; has been declared on both classes of Common
Slock. |)a>al)le in K'; scrip Alarcli 1 to iiolders of record Feb. 10.
Thia
scrip will be exchanged for stock on M.inli 1 192.3.
Scrip dividends of 3%
each were paid in September and Doi;ember last.
[Previous quarterly dividends since 1913 have been 5% each, but of these
se\ en were paid in scrop as follows: (Jne on f-'ept 1 1914 and six from March 1
1918 to June 1919.
From i-'cpt. 1919 to June 1920 paid 5';; each quarter in
cash.— Ed.]— V. Ill, p. 2425.
.\
.
—
American Writing Paper Co.— Reduces Prices.
The comiiany on Feb. 2 announced a reduction in prices of approximate!
15%, effective at once.— V. Ill, p. (i'M.
Atlantic Fruit Co., N. Y.—
Convct. Notes.—
8%
A new
8%
Issue of $(i,0(K).000 ,5-year Convertible
Notes has been underwritten without any commission at 100 and int.
Dated Feb. 1 1921, and
payable Feb. 1 1920, Int. payable seml-ann. Convertible at option of
holders Into Common stock at the rate of one share without par value for
each $20 of principal. Denoins. $1,000, $500 and $100. Red. all or part
at option of company at par and Int. at any time on 30 days' notice.
Issued under a Trust Agreement with The National City Bank of N. Y.
as trtisteo. As unsecured obligations they will rank pari passu with the
present debentures and other present or future unsecured debt.
Shareholders of record Jan. 28 are entitled to subscribe at par and int.
for $100 of such Notes for every six shares of the f'ommon stock without par
value held by them respectively at the office, 61 Broadway, N. Y. City.
Payment in full In New York funds
boforo'12 o'clock noon, Feb. 19 1921.
must accompany the subscription. Holder of less than six shares, may also
subscribe on the same terms for a $100 Note.
[It is reported that a block
of these notes will be used as .security for $1,400,000 5-year 8% notes of
Sec below.] V. 112, p. 65.
West India Sugar Finance Corp.
—
Co. — Dehentxires
—
—
Refining
Sold
Earnings.
hank(^rs named below this week offered and sold at 9934
and int. yielding over 6.50%, $15,000,000 10-year 6}4%
Gold Debentures (See advertising pages).
Bankers Making Offering. Brown Brothers & Co., White, Weld & Co. •
Graham, Parsons & Co., Redmond & Co. and Equitable Trust Co., N. Y«
Dated March 1 1921. Due March 1 1931. Int. payableM.&S. Denom*
Red. all or in lots of $500,000 or more on any
$1,000, $500 and $100 (c*).
int. date before maturity on 30 days' notice at 103 J^ and int. on or before
Mar. 1 1922 and thereafter at M % •e.ss for each half year or part thereof
but not at less than 1003^2 and int. Free of normal Federal income tax not
Equitable Trttst Co., trustee.
to exceed 2%, and the Penn. 4 mills tax.
Data from Letter of President J. W. Van Dyke, dated Jan. 29 1921.
Security.
Sole funded debt consi.sts of this issue and $61,000 of mortAtlantic
The
—
—
Preliminary balance sheet of Dec. 31 1920 (sec below) after allowance for proceeds of this i.ssue shows net assets in exce.<s of $110,900,000.
An appraisal made in 1919 by Ford, Bacon & Davis indicates a value
$25,000,000 greater, making the total valuation $135,900,000Net Earnings before and after Federal Taxes Calendar Years.
Year—
1918.
1910.
1917.
1919.
1920 (est.)
gages.
Net before
after
Fed.taxes. 9,628,000
7,410,000 tll,026,000 11,047,000
9,000,000
t Final figures after adjustment of Federal taxes.
Net earnings before taxes in the 5 years ended Dec. 31 1920 a\-eraged
nearly 15 times annual int. on these debentiu-es and the $61,000 of other
funded debt.
—
No sub.sequent prior obligations can be issued nor can total
Restrictions
funded debt exceed 50% of net as.sets. Company reserves the right to is-sue
obligations secured on marine or other transportation plant and equipment
(acquired subsequent to the date of this issue) for all or part of the piu-chase
price of such equipment and on real estate in Phila. acquired as a site for an
office building
owned by
—
it.
Sinking Fund. Commencing Mar. 1 1922 $500,000 p. a. shall be jiaid
into a sinking fund for purchase of debentures at not over par and int.
If a sufficient amount cannot be purchased in the succeeding 4 months to
exhaust the fund the unexpended balance reverts to the general funds.
Business.
Organized In 1870 and formerly a constituent part of the
Standard Oil Co. Owns modern refineries at Philadelphia, FrankUn, and
Pittsburgh, Pa., and Brunswick, Ga.; an extensive system of sales stations,
warehoiLscs, storage plants throughout Pennsylvania and Delaware; gasolene and motor oil stations in the New England States; 75,000 tons deadweight of tank steamers, marine equipment, &c.; through subsidiaries is
interested in crude production in this country and Mexico.
Consolidated Balance Sheet Dec. 31 [1919 inserted by Ed.]
—
1919.
S
Plant, less deprec. 43,005,918 43,!-57,95S
816,634
Cish
1,847,818
Cash reserve lund. 2,047,000 0,283,168
Acc't.^ & notes rec-17,04.5,4.'")7 15,000,157
Inventory
36, 4,80, .560 22,0.53,874
Assets
19:20.
—
Liabilities-
1920.
—
1919.
S
$
Common stock. .. 5.000,000 5,000,000
Froterred stock
-20,000,000 18,833,350
Pan Bost.Oil l,st7s
101,000
Acc'ts & bills pay. 15,900,0,56 4„598,081
Res. for Fed. taxes 4,2.80,000 4,7,52,623.
Investments
3,;iI4„332
41!), 780 Sundry liabilities.
186,579
819,104
Other a.s.sets_
13,:i6I ,378
3,410,253 Ins., &c., reserves 4,702,279 4,471,304
Deferred a.ssets,..
590,470
553,071 Surplus
67,150,687 56,324.454
Cap. stk. of sub.
COS. not owned
297,200
279,200
by A. R. Co
221,178
Total (each side). 117,788,9,33 95,400.894 .\pnrop. sMrpUis__
229. ,532
Purpose. Proceed.s -vnW be chiefly applied to the reduction of the accounts
and bills payable.— V. 112, p. 473, 164.
.5
.'J,
—
—
—
—
Baldwin Locomotive Works. — Resignation. —
Alba
—
Bonds. —
Subscribe
Barnsdall Corporation. — Rights
Autocar Co. of Ardmore, Pa. Board Increased.
The board of directors was increased front 7 to 9 members by the
of J. Howard Reber and Roscoe T. Anthony.
V. Ill, p. 2420.
li.
Jan. 27.
election
Johnson, formerlv President, has resigned as a director, effective
V. 112, I). 65.
to
to
Holders of class "A" and class "B" Capital stock of record Jan. 31 are
given the right to subscribe on or before Feb. 14 at 97 and int., for 8%
Sinking Fund Conv. Gold bonds. Series" A," due 1931, to theextent of $100
bonds for each 7 shares of Class A and (or) Class B stock held. Compare
V. 112, p. 374.
—
Braden Copper Mines Co.
— Neiv
President
— Tenders. —
R. Guggenheim has been elected President, succeeding W. C. Potter,
who resigned to become (Chairman of the board of the Cuarant.v Trust Co,
The Bankers Trust Co. of N. Y., as trustee, will, until Feb. 17, receive
bids for the sale to it of 15-year 6'; sinking fund gold lionds of 1916 to an
amount sufficient to absorb $668,642 at not exceeding 105 and interest
S.
Net earnings
Interest on
— Annual
1919.
.$3,355,055
1,006,490
June (See V. 110,
American Rail'way Express Co.— Merger
Net
Co. below.
Portyland
(a)
increiuse in
Fed.taxes..$9,828,000 $12,931,000 $19,610,000 $13,023,000 $15,328,000
— Consolidation. —
Alpha
Cement
Alpha Portland Cement Co. — Merger. —
Alpha Cement Co.
See
an
(6)
—
,
505
12, 051, .598
$13,376,239 $16,012,192 $17,104,281 ,$17,074,979
Cash divis. on pref. stk (0%)8.54, 172
8,54,172
8,54,172
8,54,172
Cashdlyis. oncom.stk.(0)l,042„542
2,416,037
2,190,390
1,986.907
Stock divis. on Com.stk . 1,843,188
2,416,637
2,190,390
1,986 ,907
Surplus bal. Dec, 31
$9,036,335 $10,324,745 $11,869,329 $12,246,872
—
'',
111, p. 2524.
iJritish
American Nickel Corporation, Ltd.
See International Nickel Co. below.
— V.
106, p. 2453.
—
—
New
Co.-
—
Sinttts.d-c.
Slock
British American Oil Co., Ltd.
Carl H. Pforzheimor & Co. of New York, who recently offered private'y
a limited amount of this company's stock in a circular states in bria.':
— ——
—
—
— —
—
—
—
—
THK Cin^OXlCLK
.
•
566
CapitcU (Nn Prcf Stock or litmiU)
Authorized. Outstanding.
Capital stork 'par S25)
CM
810.000.000 8.0.500.000
I)iviilrnds.- lias nnld (lividoiids continuously slnni 190!) and Is now paying div ;it ratii of S'l p. a.
lliTotofon^ div. havo boon paid annually In
May but it undm-stoou that In futuro |)aynicnts arc; to bo in May and Nov
Cotiipany.' liK-orp. In llio Dominion of Canada.
Oporatos a refinery
at Toronto. (Int., and for tJio last l.T years liius ron<Iuctod a. inarketlnK
bu.slncss in I'rovliico of Ontario and throUKhout Kastorn Canada.
(.'ojnpany has hninchc.s and plants at 'Moiitrcal. Ottawa, Hamilton, London,
Windsor. Oshawa St. Cathcrlnos. Orillla, IJ(^llevlllo and other points.
Heccntly the ••ompany ac<iuir<>d the a.ssets and buslnes.s of the Winnipeg
on <'o., Ltd.. havliiK Its rhiof plant at M'liinlpe)?, with branches at Hrandon.
Roglna, Moose .law, Calgary, Kdmonton, Saskatoon, Woyburn and other
nolnts and over 100 dlstrlbutinK stations throughout the iYovinces of
Manitoba, Haskatehmvan and Allwrta.
In connection with the oil discoveries in Western Canada In ro<:ent months
the company has taken stoi)s uliieh should enable It to participate in future
develoiHuents. having acf(ulred selected oil leases on over 2.5.000 acres In
various localities where drilling is now in progress. The company has made;
no expenditures for drilling, l)ut In the event of the discovery of oil In
commercial quantities In any of the w(^lls now Ix^ing drilling, the leases
hold by the comi)atiy in the vicinity should be of great value.
Earnings.— l\, is statcid that the annual report for 1920 is expected to show
net profits before depreciation and taxas. in exco:-s.s of 51,000,000, or over
18% compari!d with the i)rescnt dividend rate of 8% on the stock.
Directors.
S. U, Parsons. I'ros.; A. L. Kll.sworth. Toronto, Sec. &
Trea-s.: T. H. Payne, Winnipeg. "Met. of Western Div.; V. L. Suhr, Oil
City, Pa.; H. McHweeney, Atlantic CJity, .N .1.; Sir Augustus M. Nanton,
Winnii)eg; Lieut. Col. Albert K. Goodorham. Toronto.
V. 111. p. 2524.
-
I.-,
.
—
—
Cabot Manufacturing
—
Co., Boston.
Stock Dividend.
The stockholders on Dec. 24 increased the authorized capital stock from
$1 ,000,000 to $:i .000.000, of which $1 .000.000 was is.sucd to the stockholders
of record Dec. 24 1920 as a 100% stock dividend. The balance of $1 ,000,000 Is to be available for disposal in the future as a whole or in part, from
time to time, at not less than par, in the di.scretlon of the directors.
V. 112, p. 261, 164.
& Hawaiian
California
Sugar Refining Co.
Capital.
—
The stockholders
will vote March 10 on increasing the authorizi-d capital
stock from $7.,';00.000 to $15,000,000, par SIOO.
Of the new stock $5,000.V. 112. p. 261.
000, it is stated, will be Preferred.
—
California-Oregon Power Co.^— Reorganization Plan. —
Cement
Securities Co.
-V.
Central Indiana Lighting Co.
of the organization, as the company is only required to disjiose of approxi.SI. 000, 000 of Its as.sets. which total nearly ?90.000.000.
Substance of Decree as Outlined by V.-Prcs. James S. Havens.
"The company must with due diligence offer for sale at fair and reasonable i)rlces Its l'r<:mo i)lant In South Kcx-hc^ter. N. Y., Including machinery
and e(iulpment, also the full llt)e of I'remo cameras manuf;ictured thtTe.
"The decree also provides that in the same manner the company mast
offer for sale Its (-'entury-Folmer and Schwing plant In (Caledonia Ave..
Kochc!ster, with the <;eiitury and (iraphic llncK of caiaera« and any other
lines of cameras manufacturiwl therein.
"Also In the same way there must be offered for sale the company's
Artura brand of photographic pai)<!r and Its S«!ed, Stanley and Standard
brands of dry plaKrs. with an agrcemtint to disclose to the purchasers of these
brands the formulas for their manufa/:ture. The-se factoritw and these
brands of paper and plates wore all acquired by the Eastman company
from other manufacturers of photographic apparatus, materials and supplies within the United States.
"The Premo plant employs tr)-day 358 workers and the Century plant
364 workers. The two plants employ In the aggregate 722 out of the 1 1 ,700
mately
in the Kodak organization in Uochester.
of the other plants Ls affected by the decree. The Artura pai)er
used by profe.sslonal photographers. The decree provides that a sale
iruiy be made to any responsible purcha,ser who intends to prosecute the
businass and who is approvcxl by the Attorney-General of the United States.
If private sale is not effected by the company within two years, the CJovernmont has the right to require sale of these properties at public auction, but
ir that case the minimum prices for the properties will Ije fixed by stipulation between the Attorney-General of the United States and the company,
and in the case of failure to agree the price then will be fixed by the Court.
"The Seed brand of dry plates is the most important of the three brands
to be sold. The company's X-ray plates are not involved in the sale because they were developed by the Eastman company independently of
purcha.se of the Seed formula.
[The Government's suit against the company was filed hi the U. S. DisV. 112, p. 475.
trict Court at Buffalo on June 9 1913.,
workers
"None
is
'
Merger.
—
— V. 90, p. 979.
—
of America.
-Sub. Co. Plant.
The plant of the Ontario Electric Steel Co., Fulton, N. Y., a subsidiary,
will be disposed of at a public sale.
("Iron Age" Jan. 20.)
V. 112, p, 375.
—
—
Chesebrough Manufacturing
Co.^
Addilional Prcf.
The holders of the Common stock (.SI .500,000 now outstanding) will be
given the right to subscribe and pay for in full at Equitable Trast Co.,
N. Y., on or before March 31 at par (.flOO a sharel for $500,000 of Pref.
stock now hold in the treasury, in amounts equal to 33 1-3% of their
respective holdings, as of record Feb. 15.
In Nov. 1919 the stockholders
created .$1,000,000 7% cumulative non-voting Pref. stock and issued .$500,000 at that time. The balance is now being offered and it is understood is
being underwritten by bankers previously identified with the company.
See.V. 109, p. 1989: V. 110, p. 8/3.
—
Cities Service Co., N. Y. 2Uh Monthly Distribution.
The 24th monthly distribution on Cities Service Co. bankers' shares,
gayable Mar. 1 to bankers' shares of record Feb. 15, will be 36^8 cents a
ankers' share.
On Feb. 1 a distribution of 34 cents a bankers' share was
made to
18,642 shareholders of record, an increase of 1,728 holders of record
of bankers' shares since the Jan. 1 distribution. V. 112, p. 473, 375.
—
Water Supply
—
Newtown,
L. I.
Bonds.
The $1 ,000.000 4% bonds which fell due Jan. 1 1921 have been extended
The bonds, at the option of the company, are
to Jan, 1 1926 at 7%.
callable at any interest date at par and int.
Equitable Trust Co., N. Y,,
Citiizens
trustee.
— V.
Co.,
112, p. 165.
& Thurlow
Crowell
Steamship Co.— New
FinanciJig.
—
understood that the company is planning somefinancing of about
$1,000,000 in the form of an equipment trust mortgage on its ships.
V. 112, p. 376.
Cumberland Pipe Line Co., Inc. Report for Cal. Years.
It
is
—
1920.
1918.
1919.
1917.
$389,028
$723,974
$564,054
$487,758
(12%)179,999 (12)179,999 (12)179,999 (10)148,879
Profits for the year
Dividends
$209,029
Bal., surplus
$384,065
$.543,975
$338,879
Balance Sheet Dec. 31
Assets—
LiabitUUs
1919,
1920.
1919.
53,911,433 Capital stock
$1,500,000 SI, 500 .000
Acc'ts payable.
488,687
50.145
63.19G
120.778
79.652 Deprec'n reserve. _ 1,226,330
777,173
364.777
176,600 Oil purch. and .siile
contingencies
667,336
316,489
Profit and loss
1.603,920 1,523,878
1920.
Plant
-
S4.0S6,.')40
Other Investments
A CO' ts receivable-.
Cash
55,060,782 54,167,085
Total
Total
.S5, 060.
782 54.167.685
President Forrest M. Towl, Oil City, Pa., Feb. 1 states that the dividend
paid in 1920 was entirely earned diu-ing that year and prior to its declara,
tion.—V. 112,
p. 66.
Davison Chemical Co.
Defers Dividend
— Earnings. —
The
directors on Jan. 28 voted to defer dividend action on the 200.000
shares of Capital stock of no par value, because of unsettled conditions
which confront the fertilizer industry to-day. and in order to conserve
cash resources. The next dividend was payable Feb. 15. Dividends of
$1 per share each were paid in August and November last, while in June 1916
a like amount was paid.
Gross manufacturing trading profit for the year ending Dec. 31 1920
amounted to $2,402,058; administration expenses, $241,875; making
After deducting interest charges and reserves
gross income $2,160,182.
Deducting
for depreciation, balance before dividends totaled $1,536,563.
the .$400,000 in dividends paid during 1920, the final balance is $1,136,563
for the 12 months.— V. Ill, p. 1855.
—
Dentists' Supply Co.
Capital Increased.
The stockholders have voted to increase the capital stock from $3,000,000
to $6,000,000.
Dow Chemical
Co.
%
Extra Dividend of
IH%- —
has been declared on the Common stock in
extra dividend of n4
addition to the regular quarterly dividend of 1%%, both payable Feb. 15
Extra dividends of 1J^% have been paid
to holders of record Feb. 5.
quarterly since May 1919.— V. Ill, p. 1856.
An
—
Eastern Potash Corp. Preferred Dividends.
A dividend of SM% has been declared on the Preferred stock, payable
in quarterly instalments of lJ<%each, on Feb. 24 and May 24 to holders
of record Jan. 31 and April 30, respectively.
Eastman Kodak Co.
— V.
108, p. 882.
—
Dissolution Decree Settled.
The
Jan, 31 withdrew the appeal it had filed in the
U. S. Supreme Court from conviction before the U. S. District Court at Buffalo under the Sherman Anti-Trust Act.
Chief Justice White on motion of counsel for the company
issued a mandate ordering the company to abrogate the illegal
monopoly in photographic supplies which the Government
alleged it held.
company on
Eureka Pipe Line Co.
Report for Calendar Years
—
Income Account for Year ending Dec. 31.
112, p. 375.
See Interstate Public Service Co. under "Railroads".
Century Steel Co.
f
[Vol. 112.
P'cdoral Judge John ii. Hazel at Buffalo, in consequence
of the company withdrawing its appeal to the U. S, Supreme
f 'oiirl,, ( ntcn^cl a dcfTce directing the dissolution of th.; eomI)any by the sain and di.sjxj.sal of certain of it.s factories,
tog<'th(T with certain lines of iiliolofrrjiphie supi)lies.
The srrtt lenient with the Government results In no substantial disruption
applied to the California Railroad Commission for an
order approving the reorganization plan as outlined in V. Ill, p. 75, 1664.
See Alpha Portland Cement Co. above.-
.
—
The company has
Merger. —
—
— ——
—
—
•
For Cal. Years—
Profits for year
Dividends pald.x
Balance
Assets
,
$487,665
$106,783
Balance Sheet Dec. 31.
1920.
S
—
Pbut
$848,713 $1,111,883
$362,334
(17)849,999(22)1100,000(24)1200,003
(13)650,001
deficit
1917.
1918.
1919.
1920.
$543,218
$88,120
$251,287
1919.
S
1920.
LiabiWUiS
Capltal stock..
5,000,000
453,031
1,139,413 Accovnts payable.
1919.
S
5.000.000
10,681,8.53 10,580.343
other investments
942.663
246.424
Cash.
.592,882
Oil purchase & sale
contlmjenelcs-.
100,504
37').671
85,288
3,726.815
contineencies- ..
200,000
2,884,544
207,979 Bills payable
3,4'91.263
348,584 Depreciation
OH purchase & sale
Acc'ts receivable..
.
Profit
-.12,564,326 12,276,318
Total
and
loan..
3,020,032
12,564,326 12,276,318
Total
X According to the books of the company, $221,278 of the above dlvldends was from earnings prior to March 1 1913.— V. 112, p. 474.
Fairbanks Company of N. Y. Business in 1920.—
Welearn that the company did a gross business in 1920 of over 526,000,000
as against $16,234,492 in 1919.— V. Ill, p. 1187.
Fort William Paper Co., "Ltd.— Bonds
Hough teling &
Offered.
— Peabody
Co., Chicago, it is announced, are offering
serial gold bonds.
at par and int. $1,000,000 1st Mtge.
—See V. Ill, p. 993.
General Motors Corporation. Stockholders.— With the
quarterly dividend checks payable Feb. 1 1921, the company reports that there are at present 49,03.5 stockholders
of record, the maximum number to date.
Quarters.
(1) Comparison of the Total Number of Stockholders of all Classes by
8%
Fourth
Third
Second
First
Quarter
Quarter
Quarter
Quarter
Year ended Dec. 31—
2,920
2,669
2,525
1,927
1917
4,739
3,615
3,737
1918
... 3,918
"
18,214
12,358
12.523
8,012
i919
31,029
36,894
26.136
1920l-I-III--IIIIIII-I--I---24,148
'(2) Stockholders by Classes on Jan. 10 1921 and Dec. 31 1919.
Total
Deb. 7%
Prcf. 6%
Deb. 6%
Common.
Holders No.
49,035
3.064
7,779
9,758
24,434
Jan. 10 1921
24.148
2,845
4.707
10,043
6,553
Dec. 311919
V. 112, p. 377.
Co. Refuses Control.
Globe Soap Co. Wilson
See Wilson & Co. Inc., below and compare V. Ill, p. 2143, 1665.
—
—
—
&
—
Goodyear Tire & Rubber Co. Financing.
The "Financial America" Feb. 1 says in .substance: According to both
New York and Cleveland banking interests closely identified with the
Goodvear refinancing plans are progressing satisfactorily and official
announcement will be made shortly for the provision of at least $45,000,000
Part of this \n\\ be used immediately to
in new money for the companv.
company's $28,800,000 indebtedness to Goldman. Sachs & Co.,
temporary financing arrangement. These notes mattire Feb. 15.
Under a new arrangement ^vith other banking interests Mr. Seiberling
and other officers will, it is said, remain. It is regarded as probable,
however, that an increase of the board from 7 to 11 representatives of
bankers financing the company will be placed as directors. V. 112, p.
retire the
until a
—
158, 166.
Canadian Nickel
Minister, Ontario
Department of Mines, Toronto, -writing for the "Eng. &
Min. Journal" of Jan. 22, said in substance:
The vear 1920 was not a prosperotis one for the nickel industry-.
Output.
The deposits at Sudbury, Ontario, which supply 85% of the world's requirements were drawn upon to maximum capacity during the war period.
1,643,040 tons
The ore raised in 1918, the peak of production, was
The nickel contents of the matte product were estimated at 45,886 tons:
When the war closed, the demand fell
the copper contents at 23,843 tons.
International Nickel Co.
Industry.
Status
of
Thomas W. Gibson, Deputy
—
Large stocks of
off sharply, and subsequentlv almost entirely ceased.
matte and refined nickel had been acctimulated by the AlUes, and the
year 1919 by no means saw tliis entirely absorbed.
In 1919. operations were greatly curtailed and the quantitj' of
614,9o5 tons
ore raised fell to
In 1920, the prfv-war scale of production was resumed for a con-siderable
:.
period, but subsequently fell off.
Ore raised for the first nine months of 1920 amounted to 92o,3( 8
1,100,000 tons
tons, and for the full year to about
Of this, approximately 1,000,000 tons was smelted into matte, representing about 28,000 tons of nickel and 14,500 tons of copper.
Riml Interests. Two companies, the Intern.-itional JSickel Co. or Canada, Ltd., and the Mond Nickel Co., Ltd., have long been the sole occupants of the field.
^,,
During 1920 the British American Nickel Corporation, Ltd., came into production. This company has opened up the old Murray mine, which was
found to contain large reserves of ore: has put up smelting works at the
mine (the company blew in its new nickel-copper smelter at Nickelton
on Jan. 17 1921], and ereated a refinery at Deschenes, Quebec, where a
—
.
THE chkoniclp:
Feu. 5 1921.]
(Compare V. 10.1, p.
sufficient supply of electric power is avallHbl<>.
500, 1000: V. IOC. p. 24.'>3). This jiuikcs two nickel-refiuiiiK workK in
Canada.
'I'lifif Methods of Rffiiiin(i.--.\n unasual feature in the met Hurry of nickel
Tlie Uritish Anieiieau Cotnthat lliere are tlu'ee molhods of refinintt.
pany u.ses the electrolytic process invented by Hyblnette. 'I'he International Company employs the Orford salt-cake proc<«s, both at Port
Colborne, Out., and Itayonne. N. J. The Moiid works, In Wales, are
operated on a process invented by Dr. Mond.
Raff Metals as Hy-prnducls. The .Sudlmry ores carry appreciable quantities of t!old. silver, and metals of the platinum uroup.
In 1010, a total of
1,770 on. of the i>l.itimuu Krouji metals was recovered, which included 0!2
oz. of platinum, 842 oz. of |)alladium, 227 o/.. of rhodium and 70 oz. of
>osmium, iridium, and ruthenium. These were obtained from the International Nickel ("o.'s mattes.
From the Mond Nickel Co.'s mattes. In lOlC, 1017, and UU.S the recovt^ry
of platinum aiuounKxl to 3,372 oz., -1,710 oz. and -1 .0.IS oz. respectively.
Olhfr Deposits.
The nickel deposits of New Caledonia, idle durint? the
war, are a^ain being worketl. but on a reduced scale.
t)re of the Sudbury
is .said to have been f(«ind in the Province of Manitolia, at the Bear
t>T>e
and Oi.seau rivers, points ten or fifteen miles distant but no developments
!i
is
—
—
have
yet taken place.
—
"No Where
to Go."
Undoubtedly the stimulus of war has preatly expanded the capacity of existing companii\s for producing nickel. The
v;ompanles for the raontont feel, in the lanKuage of the lady in the old song,
"all dressed up. but nowhere to i;o."
V. 112, p. Kit).
—
Co.— Quarterly
International Salt
<nding—
Quarters
a Earnings
Fixed charges
&
20. Sept. .30
I'ec. 31
sink, fund-
20.
Jane 30
cr.$.''>32.(i0.')
98,370
98,376
—
Sales.
—
Sales in Januar>- totaliKi $3,215,300' as against $3,051,586 In 1919, an
ncrease of $103,714
112. p. 107.
—V
Lanston Monotype Machine Co.
-Sales
— Net
Profits.
—
The
The
net earnings for Jan 1921 amounted to about .$150,000
following statistics have been confirmed for the "Chronicle":
Results for Month and Ten Months Ending December 31
1920 D^-crniftcr— 1919
1920
12 Mos
1919
Sales
$320,000 $3,443,000 $2,518,000
S390.000
.Net profits
150.000
137,000
1,379,000
906,000
V. Ill, p 1666
—
Lowney
—
—
—
(Walter M.)
Co., Mass.
—
— No
Prcf. Dividend.
The directors in January List decided not to declare at this time the
regtilar quarterly dividend of IM'^ on the $1,000,000 <:!umul. Pref. stock,
usually paid Feb. 1.
V. 109, p. 5S2.
,
—
Maxwell Motor Co.
The
March
—
—
—
Extension
Creditors' Claims.
committee announces an extension of the time to
during which depositing stockholders may without penalty, make
reorganizjition
3,
application for new stock In excess of their minimum rights of purcha.se
under the reorganiziition plan, and make the Initial payment of $10 In respect
of each share of now class A stock applied for.
The committee states that It has been found possible to grant depositing
stockholders this further opportunity to avail themselves of the rights
conferred by the plan In view of the fact that the new money to be provided
In the reorganization and the consolidation of these companies, Is not yet
.required.
William S. Sayres.
Jr.. having been appointed Special Master by the
Court at Detroit gives notice that all creditors must file
their claims with him before Feb. 15 otherwise their claim will be debarred.
This is a result of a suit brought by Jenks & Muirs Manufacturing Co. of
U.S.
District
Detroit, a creditor to the amount of $6,064. in order to prevent other
creditors' suits.
V. 112. p. 263.
—
—
—
Michigan Sugar Co., Detroit. Smaller Dividends.
A quarterly dividend of 1 7c has been declared on the out.standlng .$7,471
100 Common stock, par $100. payable Mar.
to holders of record Feb. 15.
,-
1
In Dec. last a quarterly dividend of 2>ii% and an extra of
paid.— V. 112, p. 159.
Middle States Oil Corp.
— Stock
—
—
& Ordnance
Midvale Steel
for
H
of
Subscriptions.
1%
—
were
President Saklatvala announces that of the recent offering of 250,000
shares of stock, pro rata at $11 a share, the stockholders exercised their
rights to subscribe to more than 248,000 shares, leaving less than 1% for
the underwriters, no stockholder being allowed more than his rights. Fullpaid negotiable receipts can be exchanged for engraved certificates on and
after Feb. 15 1921 at the corporation's transfer agent. Coal & Iron National
Bank, 143 Liberty St.. New York City. V. 112, p. 476, 379.
—
and
(Juurlir
3
lO-.'O-
Co.
Depreciation
$5,6.54,086 $21,024,650 $19,345,840
3.141.509
233.1131
3.073. .531
.546,0601
5,816,309
6,479.821
1.959,275
1.,592,:J09
(2)2.000,000 (2)2.000,000 (8)8.000.000 (9)9.000.000
Dividends
— V.
—Earnings. —
Months eitdiyiy Die. 31.
Mas.- 1910.
1020- 12 Af«».— 1019
1 L'
Net earns, aft. Fed.taxes $4,778,127
Int. on sub. cos.' iMmds.
225.007
Int. on Mldvalo bonds.,537,031
Balance, surplus
Y.-—Receii'ersliii).—
Frank Dor.sey and John K. Shet>h>' of I'erlli Amboy, N. J. have been
appointed receivers for this conipanv with a factory at Perth Amboy. bv
Federal Judge Lj-nch. Assets are set at $345,000 and liabilities at .$1.50,000
— Janvary
—
"20.
cr.$94.'').lK3
Kimberly Phonograph Co., N.
Kresge Co.
the exclusive use of the .Mid-(-o. eompani<-s
Valiuilions.
Hound value of physical properties (American Appraisal
Co. report of Due. 15 1920) plus quick ass<!ts (Balance Slmet Oct. 31 19:iO,
after giving effort to privsi^nt financing) excetMls S18.0(X).000 against which
tills Issue of S2.7."iO,OOI) bonds constitutes a first lien.
This valuation
excludes over S.'i.OOO.OOO of Inianglbli'S allowed by the Aiijiraisal eoinuany
f.'iifirrt;i/<'t4'.— Guaranteed,
principal and InleruKt, by .\I Id-Co. -ileiico
I'etroleum Co. and by M. M. Travis, President, as an individual.
Mid. -Co. Mexico I'etroleum Co. A holding company incorporated In
Delaware to own all of the Capital stock of the Mid-Co. Petroleum Co.,
and affiliated companies. Al.so owns all the Capital stock of the Mld-Oo.Mexico Co., owning laige tracts of i)r<)spective oil lands In Mexico. In
connection with these Alexican projierlies the Mid-Co -.Mexico Co. hha
made a (contract with a subsidiary of the Tidewater Oil Co. for the Joint
develojiment of several of the more important tracts In the Amatlan and
Zaeainlxtle fields under terms which are believed to be advantageous to the
Mid-Co. -.Mexico Co. Under this contract the Tidewater <-ompany is now
drilling and has under construction, railroad, pipe line and storage facilitleK
etc., this work representing at the present time an expenditure by the
Tidewater company of over $2,000, 000. V. 109, p. 77.
Kesull.i
Net
dof$233..380 sur«84C,807 sur$434,319
a Earnings of the company (inel. subsid. cos.l after doflucting all expenses
except Federal taxes. V. 112. p. 07.
(S. S.)
under lease 1,374 tank cars of 8,000 and 10.000 gallon capacity each:
(r) own and operate 61 storage tanks and 14 mUes of S-ln. pipe line from the
Hillings Field to Itlaek Hear, Okla., id' and through the Alid-Co. Transp.
Cu. (owned by alTiliatiHl companies) operate Id) a system of pipe lines for
Report.
def$134,042
90.338
567
$1,282,595
$.56,824
112. p. 379.
Mid'west Refining Co.
— Stock for
$1,388,022
$4,371,298
Employees.
—
The stockhoklers
at tho annual minning Slarch 1 will vote on a proposal
to authorize the directors to adopt a plan for the sale of not to exceed
50,000 sharers of tho capital slock to its employees at such price and upon
such terms as the directors may from time to time det^ermlne. V. 112, p. 369.
—
Co. — Bonds
—
Dillon,
Mil'waukee Coke & Gas
Offered.
& Co., New York, are offering at 98 and int., to net
Rv'ad
7H%, S2,000,000
Dated Feb.
1921
1
.
1st
M.
Coll. Sink.
due Feb.
1
1933
Fund 7i^%
Callable
all
gold bonds.
or part by
lot
on any
date at 103 and Int.
Interest payable F. & A. In New York and Cleveland.
Denom. $1,000 (c*). Union Trust Co., Cleveland, tru.stoe. Co.
agrees to pay the U. S. normal Income tax up to 2% and to refund Penna.
Int.
4-mlll tax.
Data from Letter of Vice-President E. Q. Wilmer.
Secured by pledge of a like amount of l.st M. 6% Serial bonds
Security.
—
due annually Feb.
1 1922 to 1933 Incl.
successful operation for over 17 years.
Owns and operates
a by-product coke oven plant of 160 ovens at Milwaukee, capacity for coking 1 ,000.000 tons of coal p. a. to be Increased approximately 25% through
present construction program, which will Increase the number of ovens to
C^ontrols through ownership of a 75% Interest the Elkhom Plney
190.
Coal Mining Co., whoso coal reserves are estimated to aggregate approximately 250,000.000 tons of high-grade bituminous coal.
Earnings. Net Income, after provision for Federal taxes, available for
interest and depreciation, has averaged $940,3.54 p. a. for past 10 years
ended Doc. 31 1920, and for the past 6 years has averaged $1,180,812.
For tho calendar year 1920 net Income was $920,530, after writing down
inventory $770,105 to market values. Annual Interest on present total
funded debt. Including the.'-e bonds, amounts to $222,000.
Purpose.
To reimburse Co. In part for 70% of additional expenditures.
Sinking Fund. An annual sinking fund will redeem .$167,000 of these
bonds by purchase at or below 103 and int., or by call. V. 106. p. 505.
Company .—In
,
—
— —
—
Montgomery Ward & Co.
— Report — To Increase
Stock.
—
The statement
for the calendar year 1920 shows net sales of $101,745,270,
Inventories at the end of 1920 were
$99,3.36,0.53 for 1919.
compared with
$30,282,671, compared with .$28,136,166 In 1919. Inventory depreciation
and other losses together with losses at factories resulted In a total loss for
the year of $7.8.55,278. which was charged to surplus. The Inventories
made in Dec. 1920 was on the basis of cost or replacement, whichever was
This re.sulted in depreciation for $5,174,434 below cost.
The stockholders will vote Fob. 21 on increasing Common stock from
1,000.000 shares (no par value) to 1,285,000 shares (no par value) so as to
permit holders of the 95,000 shares of class "B" stock now outstanding to
exchange their shares on the basis of one share of class "B" stock for 3
shares of Common stock.
The class "B" stock now participate with the
Common In dividends and assets on the basis of $3 per share on the class
"B" stock for each $1 per share on the Common stock.
Decrease.
Month of January
1920.
1921.
Sales
$5,660,431 $8,636,147 $2,973,716
V. 112, p. 370. 167.
lower.
—
—
— Status — Contract. —
Chicago. — Stock Dividends — Report. —
Morris
— The annual& Co.,published under "Financial Reports" on a
Mid-Co. Mexico Petroleum Co. — Guar. Bond
report
Mid-Co. Petroleum
preceding page, shows the payments (some time between
common
a 900% dividend
Mid-Co. Petroleum Co. — Guaranteed Bond Offered. — Aug. and Dec. 31 1920]
Mid-Co. Mexico Co.
See Mid. Co. Petroleum Co. below.
Status.
See
Co. below.
K
are offering at prices ranging from
8^%
and int. to 96^ and int. to vield
acocrding to
99
maturity $2,750,000 1st Mtge. 8% Serial Sinking Fund
Gold Bonds. A circular shows:
Bankers Making Offering. — King, Hoagland & Co.. Bolger, Mosser &
WiUaman, Chicago: Chandler & Co., Inc., Chicago and New York, and
Howe. Snow, Corrigan & Bertles, Grand Rapids, Mich.
Dated Nov. 1 1920. Maturing serially as follows: $220,000 Nov. 1 1921
and $110,000 quarterly thereafter beginning Feb. 1 1922. Int. payable
Q.-J. at Continental & Commercial Trust & Savings Bank. Chicago,
trustee.
Callable all or part, upon 30 days' notice at 101 and int., on any
Int. date.
Denom. $1,000, $.500 and $100 (c*). Co. pays normal Federal
income tax not
in excess
ot2%.
—
Stock Purchase Warrants.
These bonds, upon issuance, will carry warrants entitling the holder to purcha.se. on or before Feb. 1 1922, Common
stock of the Mid-Co. -Mexico Petroleum Co. at $25 per share. In the ratio
of 5 shares for each SI ,000 bond.
Company. Incorp. in Okla. in May 1914. Company and affiliated
companies constitute a complete and long e.stablished operating unit in the
petroleiim industry covering all essential phases from the production of
crude oil to the delivery of finished products to the ultimate consumer.
Security.
A first lien upon all the properti&s now owned or hereafter
acquired of company and its affiliated companies, the Mid-Co. Gasoline
—
—
Co. and Mid-Co. Oil Sales Co.
Earnings. — Tho combined net earnings of the companies,
and depreciation, have
before taxes
averaged for tho past 4 years $2,300,000 p. a.,
equivalent to over 10 times greatest annual interest requirements and over
3 times greatest annual interest and sinking fund requirements.
Earnings
for 9 months Feb. 1 1920 to Oct. 31 1920, were .$2,065,000.
Sinking Fund.
Monthly deposits of principal and interest, beginning
Sept. 1 1921, are required to be made with tho trustee to retire this entire
issue in 80 months.
^Purpose. To retire floating debt or for working capital.
'< Properties.
Company and its subsidiaries own, wholly or in part, oil
leases covering 14,774 acres in the Mid-Continent oil field of Okla., Kan.,
and Northern Texas, and 3,705 acres in Colo.. Texas and Louisiana. Of
these properties, there are 2,348 acres of producing or absolutely proven oil
lands only partly drilled, about 1 ,925 acres believed to be withiri productive
area, and 3,320 acres of well located, but unproven acreage.
Owns a
settled production of 2,179 barrels of crude oil per day from 163 producing
wells, all in tho Mid-Continent field.
Company's most valuable holdings
are located in Noble and Osage Counties. Okla.
Companies own (a) refinery at West Tulsa. Okla., capacity 6.000 bbls.
CTiide oil per day, also operate under favorable lease another refinery at
Arkansas^City, Ark.,icapacityi6,000 bbls crude oillper day, (6) operate
—
——
in
of: (1)
1
The bankers named below
stock; (2) a .333 1-3% stock dividend in Pi-eferred stock, thus
increasing the capital stock from .1:3,000,000, all of one class,
to .$40,000,000, of which SIO.OOO.OOO is Preferred and
$30,000,000
Common.
The company,
it is stated, is a close corporation, all the
stock e.xcept a few shares held by officers being owned by the
heirs of Nelson Morris, founder of the business, and the
estate of Edward Morris.— V. 112, p. 167; V. Ill, p. 2331.
Motor Products Corp.
— Dividends
Resumed.
—
A
dividend of $1 25 per share was paid Feb. 1 to holders of record Jan. 20
on the Class "A" stock. An initial dividend of $1 per share was paid in
April 1017, which amount was also paid in July and Oct. 1917; none since.
— V.
Ill, p. 698.
—
—
& Electric Co. Lease. &c.
Oklahoma Gas & Electric Co. below. V. 106, p. 924.
National Oil Co. Listing.
The Boston Stock Exchange has approved the li.stiiig of 1.335 additional
shares (par $10) Common stock, tho same having been issued as full-paid
to employees in payment for .services, all in accordance with a vote of the
Muskogee Gas
See
—
directorson Dec. 7 1920.
—
—
— V. Ill, p. 394.
—
—
1.—
Works. — Merqer. —
National Refining Co., Cleveland. Stock Dividend.
A 4% stock dividend has been declared on the Common stock payable
Feb. 15 to holders of record Feb.
Ne'w Albany Water
V. 111. p. 185S.
See Interstate Public Service Co. under "Railroads" above.
Newburyport
(Mass.)
Gas
&
Electric Co.
—Offering. —
invites propo.sals at its office, 70 Slate St., Boston, addressed to Fred C. Abercrombie, Treas., for the purchase, at a price not less
than par and interest, of $650,000 Series A 1st M. 7% gold bonds, dated
Feb. 1 1921, due Feb. 1 1936. The issue was authorized by the Department of Public Utilities.^ V. 107, p. 1290.
The company
—
Ne'w Castle (Pa.) Rubber Co.
— Bankruptcy. —
Schedules In bankruptcy, revealing liabilities of $3,833,667 as against
assets of $745,021, were filed in U. S. District Court at Pittsburgh on
Jan. 29 by the company. A creditors' petition In bankrupto' was filed in
he Federal Court on Dec. 21.— V. 111. p. 994. 300.
—
THE CHRONICLE
568
New England
Oil Corporation.
—Tankers. —
'I.'').
.
—
The stockholders
will
Co.
the ratio of 1.50%, of b<jnds to 1007* of notes, and prr^lded that
net earnings after all prUjr annual Int. charges are 3 llnies the annual
Interest charge on all notes outstanding. Including those to be Issued.
Convertible.
Convertible at any time after Fob. 1 1922 Into
C;umul.
Prof. (a. & d.) stock on the basis of UHyj for notes and 100 for the ITef.
Cap. Incr.
vote Feb. Hi on IncreasitiK thi! capital .stock from
$100.— V. 112, p. 470.
itnnu.il
—
Jersey Zinc Co.
Results for Three Monllis
—Enrninfjs. —
and Twelve Months Ending Dec. .31.
1920—12 Mos.- -1919.
.3
Income
$2 ,790,412
40,000
$881 ..5.57
40.000
t
7.5,000
643.091
UiO.OOO
300.000
.SIO
1
368,000
Profit-.sharinK
Federal
$9,223,134
160,000
225.000
900.000
on 1st MtRO. bonds.
Rftservcd to retire bonds
Int.
;ixes
36,H.000
23.5.000
Reserve for inventory adjustments & Fed'l tax.
311.180
Acer. int. on stock subsc.
13.092
13.002
Dividends
(2 %)840,000 (0)2.100,000(14)5600.000(20)7,000.000
Balance
...def .$11, 635sur. $207, 412Sr$l, 983,803 SrSl,.580.095
X Income (incl. dividends from subsidiary companies) after deductions
for expenses, taxes, maintenance. rei)airs and renywals, betterments, depreciation and contingencies.
Mar.Zl.
.JuneZO.
.Scpr 30.
Dec. 31.
\^20 Quarters Ending
Net income
$2,028,127 $2,756,577 $1,711,874
$841.5.57
V. 112, p. 476. 67.
—
—
New
Month
River
Co. — Coal Oulpul,
Jan.
of
'21.
Coal output(tons) 150,000
amounted
&c. —
It.
Oct. '20.
Air Brake
Co.— To
Sell
Sept. '20.
188,000
of suspensions on contracts in January last,
to 25%.— V. 112, p. 264.
New York
168,000
it is
stated-
Plant.—
The company has placed its plant at Watertown, N. Y., consisting of
4 one-story buildings, on the market. The company recently adopted
a 5-day week schedule at its local shops. ("Iron Age") V. 112, p. 264.
—
—
—
Northern Virginia Power Co. To Is.sue Bonds.
This company, a subsidiary of Hagerstown & Frederick Ry.. it is announced, is offering $1,200,000 7% First Gen. Mtge. gold bonds, due 1930Fidelity Trust Co., Baltimore, trustee.
The proceeds from the sale of $600,000 of the bonds are to be used to
retire short-term notes for more than $550,000, all of which was expended
on improvements at the company's plant at Millville. W. Va. The other
$600,000 is to be used in purchasing all of the common stock and part of
the pref. stock of the Potomac Power Co. of Martinsburg. W. Va.
V. 108, p. 2027.
—
—
Oklahoma Gas &
Electric Co.
Bonds and Notes
Bonbright & Co., E. H. Rollins & Sons, Spencer
Offered.
Trask & Co., Federal Securities Corp., and H. M. Byllesby
& Co. are offering at 95 and int. by advertisement on another
page, $6,000,000 1st & Ref. Mtge.
Gold Bonds.
Dated Feb. 1 1921. Due Feb. 1 1941. Red. all or part on any int. date
—
,
7^%
%
upon 30 days'
notice, at 1073^ up to and incl. Feb. 1 1926; thereafter at 3^
each year up to and incl Feb 1 1 940; and on Aug 1 1 940 at 1 00 and int
Int. payable F. & A. at office of Central Union Trust Co., N. Y., Trustee,
or at First National Bank, Boston, or Continental & Commercial Trust &
Savings Bank, Chicago, without deduction for any Federal income tax not
in excess of 2%.
Penn. 4 mills tax refunded. Denom. $100, $500 and
less
.
.
$1,000
(c*).
J. J. O'Brien, Chicago, Jan. 25.
Company. Organized in 1902 in Oklahoma. System comprises modern
and efficient electric plants and distributes electricity and natural gas for
commercial and industrial purposes In many important cities, incl. Oklahoma City, Muskogee, Sapulpa, El Reno. Enid, Drumright and other
—
towns. Population estimated at 225.000.
Purpose of Issue. Proceeds from the sale of these bonds and notes,
and Preferred stock will provide funds for the retirement of certain underlying bonds and notes and payment of floating debt incurred for extensions
and additions to the property. [The company has the following notes
becoming due (approximately) $332,500 3-yr. 7s due Sept. 1 1921;.$2, 500, 000
l-yr. 7s due March 1 1921 .].
Security.Upon completion of the present financing these bonds will be
secured by a first lien on the entire property of the system, subject only to
the lien of a closed mortgage on the property of the Okla. Gas & El. Co.,
securing $2,788,000 bonds outstanding in the hands of the public and also
$1,800.(100 of bonds which will be pledged as additional security.
Capitalization after This Firmncing
Authorized. Outstanding
First Mortgage 5s, due Oct. 1 1929
Closed x$2,788,000
lst& Ref. Mtge. 7}^s, series "A," due Feb. 1 1941-$30,000,000
6,000,000
Bond-secured 8% Conv. notes (this issue)
7,500,000 y2, 500,000
Common stock
10,000,000
4,500,000
Preferred stock, 7% cumulative
10,000.000
4.000.000
X $1,800,000 additional will be pledged (as additional security) under the
1st & Ref. Mtge. 7Ms.
y $3,750,000 Gen. Mtge. gold bonds due Feb. 1
1931 will be issued and pledged to secure these notes.
[The stockholders will vote Feb. 24 on creating (1) $30,000,000 1st & ref
mtge. bonds, (2) $11,250,000 gen. mtge. bonds to be pledged as security for
the notes (3) $7,500,000 bonds secured gold notes. The bonds are to be
secured on all property now owned and hereafter acquired of both the
Oklahoma Company and the MiLskogee Gas & Electric Co. the entire
stock of which is owned. The stockholders of the latter company will also
vote on Feb. 24 on the above provisions and on leasing the property to the
Oklahoma Gas & Electric Co.]
Earnings 12 Months ended Dec. 31 1920.
Gross earnings
$5 .070,656
Net, after oper. exps., maint. and taxes, but not depreciation
.$1,276,1X4
5s, $139,400; $6,000,000
Annual int. charges on .$2,788,000 1st
Ref. M. 7'As, $450,000; .$2,500,000 bond-secured 8%
1st &
notes, .$200,000
789,400
—
—
—
M
Restrictions.
—Additional bonds may
.
$486,714
only be issued for refimding underly-
ing bonds and for 75% of the cost of permanent extensions and improvements
provided net earnings have been at least twice the annual bond interest
charges, including interest on the bonds to be issued.
Maintenance & Renewals. Company covenants to set aside 12K% of
the electric gross earnings and 15% of the gas revenue for maintenance and
repairs or for renewals and replacements, or for the redemption of these
bonds or underlying bonds at not exceeding the respective cail prices.
—
Notes Offered.
96^ and
8%
—The bankers named below are offering at
over
int., to yield
8H%,
$2,500,000 bond-secured
Conv. Gold Notes.
—
Bankers Making Offering. Federal Securities Corp.. Chicago; H. M.
Byllesby & Co., Inc., Bonbright & Co., Inc., Spencer Trask & Co., E. H.
Rollins & Sons, Chicago, New York, &c.
Dated Feb. 1 1921, due Feb. 1 1931. Callable al! or part on 30 days'
notice on any Int. date up to and incl. Feb. 1 1926 at 105, and thereafter at
1% less during each year up to and Incl. Feb. 1 1930, and on Aug. 1 1930 at
Int. payable F. & A. at office of New York Trust Co.. N. Y..
100 and int.
trustee, or First National Bank, Boston, or Continental & Commercial
Trust & Savings Bank, Chicago, without deduction for any Federal income
tax not in excess of 2%. Penna. 4 mills tax refunded. Denoms. $1,000,
$500 and $100 (c*).
Sinking Fund. Annual sinking fimd of $125,000, payable semi-annually,
eommencing Aug. 1 1921, v/i)l retire notes at not exceeding redemption
Sinking fund will be increased by 5% of any additional notes issued.
prices.
Authorized $7,500,000. The remaining $5,000,000
Additional Notes.
notes may be issued only when Gen. Mtge. bonds due Feb. 1 1931 have been
—
—
|).
Oselda Corp.
l><(;n
New
Preaident
Dawes.
elected I'n sidciu. succtH-dlng B. G.
— Slock Offering. —
Robln.son & Smith, Now York, are offering at $8 per share ,50,(X)0 shares
cap. stk. (no par value).
Auth. and out KW.OfX) shrs. No funded debt.
Data from Letter of President William Adclson Dated Dec. 31 1920.
Company. Incorporated In Delaware. Mainifaclures and markets
pictorial soap as an advertising medium.
This monogram, picture or whatever form the advertisement or design may be. Is guarantetil not to wear off.
Customers Include railroads, steanxshlp lines, hotels. &c. Company owns
and controls valuable patents and machinery. I'lant at Nixon. N. J.
Forecast of Earnings.
Company expects net earnings of at least $4 50
per share In 1921.
Purpose.
To provide additional working capital made necessary by
expansion of business.
Directors.
William Adel.son, Pres.: Allan M. Perkins, James T. Rague
(VIce-Pres.). Harold I>. Robinson, Robert Sealy fSec), D. E. Corbett
—
—
—
—
(Treas.),
Harry H. Winter.
Parker
The
Mills, Fall River, Mass.
directors in January
la.vt
votetl to
quarterly dividend usually paid Feb.
of
1H% was paid.— V.
Penn Seaboard
1.
— Dividend Omitted. —
omit the payment of the r«?ular
In Nov. last a quarterly dividend
Ill, p. 19.56.
—
—
To Issue Stock.
Feb. 10 on authorizing the is.suance of the
78.689 shares (no par value) of uni.ssued stock. This it is believed is In
connection with the proposed acquisition of the Rockaway Rolling Mills.
Compare V. 112, p. 476.
Steel Co.
will vole
—
—
Sales.
(Albert) Pick & Co., Chicago.
Net sales for Jan. last amounted to .$1,163,139, an increa.se of 17.43%
over Jan. 1920. The total sales for the 12 months ending Jan. 31 were
V. 112, p. 168.
$14,195,063, an increase of 36.22% over 1920.
—
Pocasset Mfg. Co., Fall River.
— No
Dividend.
—
regular quarterly dividend usually paid Feb. 1 was omitted on that
date.
In Nov. last a dividend of 3% was paid, compared with 10% in
Aug. last and 6% in May last. V. Ill, p. 395.
The
—
Porto Rican-American Tobacco Co.
—
—
Scri-p Dividend.
regular quarterly dividend of 3% has been declared payable March 3
A like amount was paid
to holders of record Feb. 15. in 3-year 8% scrip.
Dividends were
in 3-year 6% scrip in March, June, Sept. and Dec. last.
.scrip from March 1918 to June 1919. both inclusive,
also paid in stock and
but none until March 1920, owing to strike, which tied up the plant for
V. Ill, p. 18.59.
several months.
The
—
Producers
& Refiners
—
Corp.
— November Earnings. —
1920.
Month of November
Net earnings, before deprecn & depletion. .$400,663
1919.
Increase.
$191,085
$209,578
—V. 112, p. 168.
Pure Oil Co. Regular Cash and Stock Dividends.
The company announces that the 2% cash dividend and the 2% stock
dividend on the Common stock will both be paid March 2 (instead of March
—
—
1, as previou.sly
announced).
Compare V.
.
Data from Letter of V.=Pres.
Balance
Mcllv;iin has
1119.
v..
v. 110,
The stockholders
Nov. '20.
170.000
Dec. '20.
170,000
The number
—
Oklahoma Producing & Refining Corp.
,
1920— Mos- -1919.
X
7%
with adjustment of Int. and <llvs. I)\vn. on l»ref. stock payable
y.-M., and callable at 125 and dlv. V. 110, p. 1193. 1753.
sloc:k,
»75,000.00() to $100,000,000. jsar
New
[Vol. 112.
I)li-<lKed In
F. DoukI.is <'<)<liran«, (chairman cxccutivi! rornniittoo, states that th(!
ShlppliiK Hoard has allotti'd to tho (•<)nii)any tankcra aKKri^RalinK 306,000
barrels capacity as follows; Warwick. r)aniicdalk(! and Danville, .S7,000
each: City of l''rc(i)ort. :ir>,()()(>: Carbrillr, .VI.OOO: .Salcin Connty.
000.
aiidTrlniountaln.dS.OOO. Of these Ktcaui.shlps, City of Freeporl Carbrille.
Salem County and 'lYImountaln are in .service and the other three will
start loadiiiK on Feb. r,. (i and 7.
V. ill. p. 204S. 2.527.
New England Telephone & Telegraph
——
—
—
. •.
Quebec Steamship Co.
112, p. 477.
— Capital Increase, &c. —
The shareholders were to vote Feb. 3 on authorizing the directors to issue
20.000 shares of capital stock. Application will be made to the Parliament
of Canada for authority to increase the authorized capital stock to $10,000,000.
—
Quincy Market Cold Stor. & Warehouse Co. Capital.
The capitalization on Jan. 1 1921 is as follows: .SoOO.OOO mtge. on T
Wharf property, $1,250,000 Pref. stock, 5%, $2,500,000 12% Com. stock.
In addition to the above $2,500,000 Common stock, the company has
authorized and sold $500,000 additional stock, all of which will be paid for
by Aug. 1 1921. There has also been authorized $500,000 additional
5% Pref. stock which will be used at par to retire a mortgage for the same
amount on Battery Wharf.
„_„, .„,
Earnings for year ending March 31 1920: Gross. $2,110,938: net. $(05,165;
depreciation, $.308,481: divs. & interest, $300, 162: surplus, .$880,932.
Blake Brothers & Co., New York and Boston, recommend the Common
V. 108, p. 2439.
stock for investment.
in full
—
Remington Arms-Union Metallic Cartridge Corp.
Vice-President William F. Lawrence died :n
Jan. 28.— V. 110, p. 2297.
—
Raritan Refining Co. Dividend.
A dividend of 14% has been declared on
capital stock (all owned
holders of record Feb. 1.
Rochelle.
N. Y. on
—
the outstanding $1,000,000
by the Eastern Potash Corp.), payable Feb. lo
to
See V. 112, p. 477.
(William A.) Rogers, Ltd.
%
New
— Accumulations. —
on account of accumulations was paid on the Preferred
A dividend of 1 H
stock Feb. 1 to holders of record Jan. 24, thus leaving outstanding arrears
on Preferred at 7%.— V. Ill, p. 2332.
St.
Joseph Lead Co.
— No Extra Dividend. —
outstandThe usual quarterly dividend of 214 7c has been declared on the holders ot
ing $15 ,504.120 Common, stock, par $10, payable Mar. 21 to
paid in the four quareach were
record Mar. 9. Extra dividends of 2H
each;
ters of 1920. in addition to the regular quarterly dividends of 2^4%
dividend was also paid in Sept. 1920. \ 112. p. 3/9.
a 10% stock
%
—
—
.
Scotten-Dillon Co., Detroit, Mich.— 50% Stock Div.
Auth. Capital Stock Increased from $1,500,000 to $3,000,000.—
The stockholders voted Jan. 25: (o) to increase the authorized capital
to
stock from ,51.500,000 to 83.000.000; and (6) to authorize the directors
This distribution wiU increase the
distribute a stock dividend of 50%.
outstanding capital stock from SI .500.000 to $2,250,000.
In 1912 a 100% dividend was paid in stock, mcreasmg capitalization
from SoOO.OOO to $1,000,000, and distributed also cash dividends aggregatA second stock dividend of 50% and cash dividends aggregatmg
ing 50%
28% were distributed in 1915, increasing Capital stock to $1,500,000.
V. 112, p. 67.
Notes.
Sales
Co., Chicago.
Sears, Roebuck
Decrease.
1920.
li'21.
January
Month of •'<"""'
$15,597,766 $29,490,976 $13,893,210
J'_
Sales
in regard to the notes payable item of
Vice-President Albert H. Loeb,
$44 560 165 "shown in the balance sheet of Dec. 31 1920 (see last week s
p. 465), savs: 'AVe expect to reduce Inventories $30,000,000
Chronicle
We
fall.
to $40 000,000 during the next six months, and some more next
The $48,000,000 receivable
will have no trouble in taking care of notes.
surprise many who didn't know we do much business on open books with
countrv customers. It includes, however, many items, amounts due from
railroads express company and factories against advances on merchandise.
in
&c. AVe did heavy business in pianos and phoncgi-ai^hs and losses
V. 112. p. 465, 265.
these lines are nil.''
.
—
— &
—
(WaJden W.) Shaw Corp.
—
—
— Ratify Plan. —
shares of the
Tl^e stockholders on Jan. 2.S approved the plan to vote all the
Yellow Cab Mfir. Co. owned in favor o!' changing and increasing the capital
of the Cab Company all as outlined in \ 112, p. 265.
.
Sloan Shipyards Corp., Seattle.
— DenicdReceivership. —
Federal Judge Neterer on Jan. 14 denied the application of the Federal
Government for the appointement of a receiver for the and allied companies.
In refusing to appoint the receiver, the court held that the Emergency Fleet
Corporation is already in possession or control of the property involved, and
THE CHRONICLE
Feb. 5 1921.]
that it is in a position to coascrve the propt-rty in its own l)t-half and possibly
Tiie defendants in the ease include
at less expense than the court could.
the Sloan Shipyards Corp., the Anacortes Shipbuilding Co., the Capital
City Iron Works.
Co., E.
F(jrl)cs tt
II.
—
—
Boiuia Offered.
HarSon and National City
Southern California Edison Co.
ris,
Ivolliiis A:
Co. art' olTcriiif^c at S7K' and int., \ ii'ldiiifi: ovt-r 7.10''(,
$5,000,000 (mil & Ktf. M. 2.>-Yi'ar 0' ^ (iold bonds of 1017,
due Fob. 1 1944. (Full particulars in V. 108, p. 487. 799;
V. 110, p. 209, 2083.) A circular shows:
Coinpanii. — Oporau-s
with an
10 counties In Southern California and the San
areii of over 55.000 .sq. ni. and a populadoii of
Joaauln \'allev,
over 1, 300. 000. System IniMudes generatlnt; plants with a i>re.seiit total
installed capacity of 311,800 h. p.. of which ITti.OOO h. p. Is hydro-elect rle.
high-tension tran.smlsslou lines, comprehouslve distributing systems and
over 125,000 meters.
The hydro-electric capacity has recently been Incrojisod by the lusUillaA new hydro-elect rlc station of -12.900
tlon of 21,500 additional h. p.
h. p. Is expe<:tod to be completed this spring, and a still further additional
30.000 h. p. Is expected to bo available next summer.
Capitalization Outstandiiw after This Financing.
..$4,000,000
First Preferred stock (8%)
.12,029,<i(ll)
Second Preferred stock (5%)
1(),8.)S. 1, 2
Common stock, now 8%
25.8.8. (KM)
General ami Uefunding Mtge. 6s (including this issue)
In
33,08:i.oi)()
Undorlvlng bonds. _
7.000,000
Debenture bonds
liantinys Year ended Dec. 31 1920 (December Estirtiatcd)
$14,618,000
Gross earnings.
$8,249,000
Net. after oper. exps., taxes, Insurance and maintenance
charge on outstanding mtge. bonds, Ind. this Issue.. 3,294,(i30
Annual Int.
7%
—
Balance available for Int. on debenture bonds, amortization,
$4,954,370
depreciation and dividends
Dividend Rate Increased from 7% la
An extra dividend of 1 ^ has bivn declared on
8%
both payable
tion to the regular quartoi-ly dividend of 1 '4
See V. 112, p. 477, 379.
holders of record Keb. 15.
<
;
—
Annum.
Per
Common stock
the
,
15 to
—
—
Spring Valley Water Co.
The
— Municipal Ownership. —
Hoard of Huper\'i.sors hafi decided to hold a special
election March 8 to submit to the electors a pro|>osal to purchas*; the
Spring Valley Water Co. and to authorize a bond issue of 838,000,000
for the
.San Kj'aiiclsco's
purpose
-V.
12,
1
j).
266.
— No
Standard Match Co. of N. Y.
Ditndend Declared.
—
The reported
declaration of a dividend payable Mar. 15 ib pronounced
enoniMjus so far as this company is concerned, no dividends liaviiig betm
declared b.v it fur some lime.
Standard
The
Oil Co. of N. J.^Culs Bonus and Prices, dke.
on Feb. 2 anuouuctfd a reduction of one cent a gallon in tba
c(Uiii)any
price of
(.'a.-^oline.
The reduction in the price of ga-soline will be made this month, when the
product will be sold from lank wagons at 27 K' centjs a gallon. The firbt part
of last month a cut of one cent a gallon was made from the prevailing price of
In addition, a decrease was made I-eb. 2 in the price
29' J cents a gallon.
of kerosene.
This cut, effective immediately, will make the cott of kerosi'ne 17 'a cents a gallon.
.Simultani-ously announcement was made concerning the dlscoiitiimance
of 10<, or one-half of the cost-of-living bonus put into eff<x:t some tim< ago by
the company.
The bonus cut, affecting the 12,000 employes at the Uayoiine. Bay \V;iy and Kai-'le plants, will ultimately Ije extended to affect the
8,00() other j-mployes in various Slates.
The subscription price fixed for employees by the trustees for the stock
purchase plan for 1921 is $155 a share. The plan providt* that employees
can subscribe for stock U|) to 20'/; of their salary, and for every dollar so
subscribed the <onii)any will i)ay In an additional 50 c(?nts. .Subscription
price for tin; stock is to be established annually by 3 trustees, apiMjinUHl by
the dii'ectors and the j)Ian provides thai it is not to be more tluin lO'/I,
above or below the average market jirice of the stock in the i»receding
three months.
V. 112, p. 168.
—
—
—
Standard Sanitary Manufacturing Co. I^xlra Div.
An extra dividend of 2'/, has been declared on the Common slock in addition to the regular ouarlerly dividends of IK''/!
both payable Feb. 10 to
holders of record Feb. 4.
In Aug and Nov. 'last, extras of 1% each were
paid, together with the regular quarterly dividend of J^ %
In May last a
quarterly dividend of 'A % was paid; in the prc?vious four quarters payments of 2';; were made; in Feb. 1920 an extra ef 2% was also paid.
.
in addi-
March
569
1
.
1
V. 112, p. 266, 68.
Southern California Telephone Co. Bonds Offered.
and
Blytli, Witter & Co., San Francisco are offering at 75
sinking fund
ref mtge.
int. to yield 7. 10 'To $450,000 1st
Guaranteed,
1 1947.
30-year gold bonds of 1917 due
Telegraph
principal and interest, by Pacific Telephone
Cat. years:
Net profits, before taxes
V. 112. p. 477.
Co. by endorsement.
First
K
5%
&
May
.
&
—
Company. Organized May 1 1917 and acquired and consolidated the
telephone systems of Pacific Telephone & Telegraph Co. and Home TeleShone & Telegraph Co. Operates in Los Angeles, South Pasadena. Huntigton Park, Vernon, and other cominunitie.s adjacent, serving a population
exceeding 700,000. Company is controlled by the Pacific Telephone &
Telegraph Co., in turn controlled by American Telephone & Telegraph Co.
Authoized, S12.000.000; outstanding, $6,293,000;
Provisions of Issue.
in sinking fund, $398,000; reserved for Home Tel &Tel Co. i.ssue, $2,091,000;
resened for 75% of capital expenditures, $3,218,000. Compare V. 108,
—
—
p. 486. 387.
Southern Pipe Line Co.
Calendar
Years—
Profits for year
Dividends paid
(17
%
— A7inual Report — SmallerDiv. —
1919.
1920.
$1,315,181
)
1
1917.
1918.
$1,685,995 $2,069,038 $2,534,565
,699 ,999 (20) 1 999 ,999 (2 1 ) 2 199 ,999 (24) 2399 ,999
Stewart-Warner Speedometer Corp.
1920.
Note.
1913.
—
Balance Sheet Dec. 31.
1919.
Liabilities—
1920.
1919.
S5.948,0S8 S5,941.05S Capital stock
S10,O00.00OS10,O00,000
Other Investments 7,274,122 7,290.200 Deprec. reserve.-. 1,818,571 1,046,875
493,779 Acc't.s payable...
181,041
73,957
311,289
Acc'tS& bills rec1,895,871 2,280,689
276.485 Profit and loss
.361,984
Cash
Assets—
1920.
!
Plant
Total
$13.895,483814,001,521
.S13,895,483S14.001.521
of $3 per share has been declared on the capital stock, payable
Quarterly dividends of $4 per share
to holders of record Feb. 14.
has been paid from June 1920 to Dec. 1920 incl., compared with quarterly
Total
A divndend
March
1
dividends of $5 per share paid from Sept. 1918 to
V. 112. p. 68.
Southeastern Express Co.
Review" Jan. 22, sajs:
March
1920, incl.
—Organized. —The
"Railway
With the announcement of a new express company to take over the express business on the Southern Railway and Mobile & Ohio roads on March
1, its backers see a competitor to the American Railway Express which they
hope will ultimately cover most of the South. All contracts with the
American Railway Express Co. of other lines will expires two years from the
coming March 1 and it is believed that by that time the new company will
take over practically all the Southern lines, according to its backers. The
stock is being widely distributed among shippers in the territory covered
and the plan is to increase the capital later and distribute it in the same
manner among shippers on other Southern lines pending the expiration of
present contracts with other Southern carriers. The Southern declined to
sign any contract with the American Railway Express and this permits it to
art independently at this time.
The Southeastern Express Col has been recently organized in Alabama to
It will have a
conduct an express business in the Soiitlicaster .States.
The company
capital of $1 ,()00,000, controlled by Southern business men.
will have headquarters in Atlanta, Ga., and will be managed by men who
have spent their lives in the express service of the South. John B. Hockaday, formerly Vice-President & Gen. Mgr. of the old Southern Express
Co., will become President, succeeding Capt. Charles A. Lyerly of Chat^
,
Tide Water Oil Co.~Bonds Sold.—J. P. Morgan & Co.,
National Bank and National Citv Co. have sold at
98^ and int. $12,000,000 10-Year 03^% gold bonds. (See
advertising pages.)
Dated Feb. 15 1921, due Feb. 15 1931. Int. payable F. & A. Denom.
Red. all or in lots of $500,000 or more on any int.
$1 ,000 and $.500 (c*).
date on 30 days' notice at 103 J-a and int. on or before Feb. 15 1922. and
14% less for each half-year or part thereof elapsed but not
than 100)^ and int. Free of normal Federal income tax not to exceed
2%. First National Bank, N. Y.. trustee.
Security.
Bonds are the sole funded debt of the company. The trust
agreement provides among other things that no subsequent funded obligations can be i.s,sued which will have priority as to present as.sets over those
bonds, nor can the total funded debt exceed 50% of net assets.
Earnings for Calendar Years (y Dec. 1920 Estimated),
thereafter at
,
less
—
1917.
The decision of the Southern and the Mobile & Ohio to contract with the
Southeastern for the handling of express over their lines is stated by officer
of tlie Southern to be based on the firm conviction that the South should
have an express company of its own, engaged primarily in handling business
originating or terminating in the South and operated for the specific purpose
of affording the shipping interests of the South an express service in keeping
with their needs and responsive to their wishes.
South West Pennsylvania Pipe Lines. — Report Dec. 31Years—
1920.
1919.
1918.
Dividends
Bal., sur. or def
sur..S76,150def.$169,687def.$124,276 def.$81,464
the above dividends, $2,681,681 was from earnings prior to March 1
1913.
Balance Sheet Dec. 31.
Assets—
1920.
1919.
times such annual interest requirements.
Dividends.
Dividends have been continuously paid since 1889. During
the past 15 years from 8% to 22% and dividends are now being paid at
the rate of 16%.
Assets.
The net tangible assets, including sub.sidiaries, at Dec. 31 1920
amounted to over $61 ,000 ,000 after deducting reserves of about $1 7 ,600,000
for depreciation and depletion.
Company. A New Jersey corporation constituting a complete and self
contained unit in the petroleum industry, owning its own production, pipe
lines, refineries and distribution facilities.
Main plant at Bayonne, N. J.,
has a capacity of 22,000 bbls. per day and covers approximately 148 acres,
and is equipped with docking facilities for ocean-going tankers. Through
its subsidiaries, the Tide Water Pipe Line Co., Ltd., the company owns
and operates an extensive pipe line system ruiming from Storj', 111., to Bayonne, N. J.
See Mid-Co. Petroleum Co. above. V. Ill, p. 2333.
—
—
,
—
—
—
United Cigar Stores Co. of America.
Month
—
of January
1921.
Sales
$5,962,224
—V. 112, p. 380, 267.
United Gas & Electric Co.
See Interstate
p. 1692.
—
1919.
$5,431,843
$3,970,246
— Merger. —
—
Electric Corporation. —Earnings. —
PubUc
United Gas
Sales.
1920.
&
(Ind.).
Service Co. under "Railroads" above.
V. 106.
Summary
Statement of Earnings for the 12 Months ended Dei. 31.
Excluding Subsidary Companies showing a Deficit.
1920.
1919.
Balance of subsidiary operating companies
$2,050,045 $1 ,850,961
Reserve for renewals
&
replacements
647,787
432,283
1920.
1919.
Total
..85,588,178 $5,484,218
Paper Co., Ltd.
— New Financing.
55,588,178 55,484,218
—V. 112, p. 477.
Spanish River Pulp
&
The shareholders will vote Mar. 10 on authorizing the creation of $20,
000,000 General Mortgage bonds to be issued as the needs of the company
warrant. An i.ssue of .$3,000,000 is being made at once, the rate being 8%
and the issue price in Canada 99 and int. V. Ill, p. 1479.
—
—
—
New Directors.
RajTiiond Flangan, James R. Kicholson of Boston and Thomas J. Carmody of Holyokc, Mass.. have been elected directors, succeeding Richard
T. Rahar of Northampton, Mass., Christian Kallenbach and Thomas
Flanagan, both of Springfield, Mass. V. Ill, p. 2145.
Springfield (Mass.) Breweries Co.
—
Cos. owned by public.
385,242
$1,055,578
242,075
$1,171,048
558.000
134,806
56,820
Income from bond Investments, &c., above
.363,100
*$1 .017,016
154.032
Balance
$1,297,653
Total
Interest on U. Gas & Elec. Corp. bonds..
Interest on U. G. & El. Corp. certfs of mdebt
Amortization of debt discount
55S.00(1
134,806
58,004
Balance, surplus
$421,422
$546,843
In the above earnings statement no account Is taken of profit
Note.
from sale of securities, nor of the capital loss Incurred In connection with the
sale of International Traction Co. securities, foreshadowed In the last
annual report. The above statement Is also exclusive of earnings from oil
—
operations.
—
Liabilities
Capital .stock
Plant
54,0.34,230 53,987,302
S3, 500,000 S3, .500, 000
Other investment. 1,236,891 1,236,891 Deprec'n reserve.. 1,177,042 1,006,719
Acc'ts payable...
Accounts receiva124,203
152,949
225,428 Oil purchase and
ble
232,779
34,597
salocontlne's...
90,026
84,278
750,074
Cash
Profit and loss...
673,924
Total
yl920.
1919.
1917.
$250,312
$295,723
$338,535
S356,149
(87c)279.999 (12)419,999 (12)419,999 (12)419,999
Profits for year
Of
1918.
Net sales.. $28, 020, 805 .$31,436,998 $40,644,352 $46,8^8.784 $60,000,000
X Net inc--$ll,022,708 $10,936,632 $9,551,647 $11,204,881 $14,500,000
X Income available for bond interest and Federal taxes.
Consolidated net income of company and subsidiaries applicable to interest charges, before Federal taxes and after depreciation and depletion
for 1920, was equivalent to more than 18^2 times annual requirements on
these bonds.
The average net income for the last 5 years was over 14}^
Prox)or'n of earns, applic. to stock of subsidiary
tanooga.
Calendar
1917.
1918.
$2,728,472 $2,331,915 $2,002,646 $2,200,774
—
1916.
def..S384,818def.$314,004def.S130,961 .sur.$134,566
Of the above dividends $320,265 was from earnings prior to Mar. 1
Bal., sur. or def
— Earnings. —
1919.
* Balance after deducting deficits. $912,068.
For sub. so. earnings, see "Earnings Dept." above.
Utah-Idaho Sugar Co.
AVilliam H. Wattis. of
ceeding Charles
W.
New
— V.
Ill, p. 1860.
General Manager.
—
Ogden, Utah, has been elected Gen. Mgr., suc-
Nibley.
— V.
112, p. 267.
—
—
West India Sugar Finance Corp. New Financing.
The company, it is reported, is contemplating the issuance of $1,400,000
5-year 8% gold notes (auth. $2,450,000), to be secured by $4,900,000
notes of the Atlantic Fruit Co. (see above) which, it is reported, it recently
acquired.
It is also reported that the company proposes to issue 15,000
shares of its common stock at $200 a share to interests identified with the
company. V. 112. p. 59. (iS.
,
—
Wickwire Spencer Steel Co.
—
Pref. Stock Inc.
The
—
stockholders on Jan. 28 approved an increase in the Pref. stock from
$7,500,000 to $10,000,000.
The company has $12,500,000 7Tc bonds,
80,000 shares of Cla.ss A 4'^ Conmion and 250,000 shares of Common stock.
1'
George F. Wright formerly Vice-Pres. and for the past year Sec. of the
operating committee, has tendered his resignation. V. 1 12, p. 478.
For Other Investment News, see page 671.
5
THE CHRONICLE
570
cjfioxls
atxd
[Vol. 112.
^ocnmznts.
PENNSYLVANIA WATER & POWER COMPANY
ELEVENTH ANNUAL REPOKT,
STATEMIOXT OF CONDITION, DECEMBER,
31, 1920.
.%37 1,01 8.08
Plant, property and power development
Socurltlos In other companies.
Loose plant and stores
.$17, 68.5, 183.
3. 177. 196.0
91,820.02
Prepaid charKos
.''),696.34
Accounts receivable
4.53.98.5.98
8.000.00
Bills receivable
In
hand and with agents.
8.5,278.01
$21,507 166.59
UABILiriES
$8,495, 000.00
Capital stock
First mortKaKc .5% bonds.
Le.ss held In tieasury
I/ess
.'811,185,000.00
$245,000.00
bonds redeemed by trustees
for sinking fund
or canceled
investment
10,479 ,000.00
285, 837.54
.50 000.00
Accounts payable
Hills payable
fund
Reserve for sinking fund.
Depreciation re.sorve
Contingent account
Profit and loss account
400 ,000.00
25, 000.00
609 037.77
SinkltiK
,101 ,7.39.,55
1,
1 ,551
.73
$21,507,166.59
Certified correct,
.JAS. L.
ItlNTOUL,
Treasurer.
Audited
Sharp, Milne & Company,
Chartered Accountants.
1921.
12,
$1,867,869.79
$149, 637. ,56
81,406.92
70,040.01
90,000.00
^... 132,825.78
523,910.27
By
To
balance brought
interest
on
first
down
$1,-343, 959..52
mortgage bonds
528,550.00
Net revenue
.$815,409.52
3,317.21
Balance from 1919.
Total
Distributed as follows;
for quarter
for quarter
for quarter
for quarter
Dividend
Dividend
Dividend
Dividend
To
To
1K%
1M%
1M%
1M%
$818, 726. 73
ending March 31
ending June 30
ending Sept. 30
ending Dec. 31.
$127,425.00
127,425.00
148,662. .50
148,662. ,50
170,000.00
95,000.00
1,551.73
depreciation reserve
contingent account
Profit and loss account
$818,726.73
Certified correct,
JAS.
L.
RINTOUL,
Treasurer.
Audited
Sharp. Milne & Company',
Chartered Accountants.
January 12, 1921.
Report of the Board of Directors of the Pennsylvania Water &
Power Company for the Year 1920, Submitted to the
Stockholders of the
Company
at the
Annual Meeting Held
on February 8 1921.
Tlie Board of Directors of tlie Pennsylvania Water &.
I'ower Company lune pleasure in submitting to the stockholders a statement of the company for the fiscal year eiidintr
December
;]1
1920.
total revenue for the year from all sources amounts to
51,867.869.79
After nialilng provi.sior. for Interest charges, operation and
The
maintenance, there remains a surplus of
which has been di.sposed of as follows;
Dividend of
for quarter ending March 31
Dividend of 1K>% for quarter ending .Tune 30
Dividend of 1 li % for quarter ending Sept. 30
Dividend of 1% % for quarter ending Dec. 31
Transferred to Depreciation Reserve
Reserve for Contingent Account
Balance carried to Profit and Loss
1M%
818,726.73
$127,425.00
127,425.00
148,662.50
148,652.50
170,000.00
95,000.00
1,551.73
A comparison of the gross income for 1920 with 1919
shows a gam of $44,803.42 a like comparison of net revenue
shows a gain of $45,709.52.
Your company's reserve funds (exclusive of sinking fund)
now total .'^l,795,777.o2. It has been found advisal)le to
write-off depreciation on certain property of the company,
from the profits, and thereby the advantage of a deduction
allowed by the Government in connection with assessment
of income tax, may be secured. This has made it necessary
to revise the accounts, charging the contingent account and
;
ui) a depreciation reserve.
U.rpeuscs of Operation. It may be noted that notwithstanding the increase in the general cost of materials and
labor for 1920 over 1919, the careful attention to details that
has been given in the managing of your company is reflected
in a comparison of its running expenses, which expenses for
1920 amounted to $303,870.20 and for 1919 amounted to
setting
—
cadi
ia.se
the variable item of
—
Xcw Power Contract. During the later months of 1920
(he contract with your largest customer exi)ire<l and a new
on(> was made, based on a substantially higher charge for
power. The original contract was entered into at a time
when coal delivered at the steam plant cost .$2.70 i)er long
ton, since wliich time coal has increase<l in price several fold.
The new rate was made at a price well under the fost of
generating steam at the present market cost of coal and will
be of very substantial licnefit, not alone to your company,
l)Ut also to your customer, and to the territory which this
customer supjilies with hydraulic and steam energy.
Opportunities for Extension. Although the market for
hydroelectric power has Ijeen for some time greatly in excess
of the amount of energy obtainable from your development,
yet it was thought wise to defer major additions to the
c(]uipment of your plant until such time as advantage could
be taken of gen(>ral lower construction costs. It is to be rem(>mbered that foundations are in place for two additional
units, Nos. 9 and 10
the output of which units could be
readily absorbed by your customers at the present time, but
the construction of which units it is felt should await the
arrival of lower price levels.
There are other desirable
construction imi)rovements which have been studied and
planned out in part, during the past few years, which will
also serve to increa.se the output from your plant and which
remain to be entered upon at some future date.
Development of Poicer Market. It seems proper to point
out the new and improved conditions now facing your company. It is approximately ten years since your company's
plant was put into operation and commenced delivery of
hydroelectric i)ower.
This interval has served to put the
company's operations on a substantial basis and has effectively convinced your customers of the quality of hydroelectric service, so that in renewing contracts your company
is no longer in the po.sition of having to make concessions
in power supply conditions and rates as inducements to secure otherwise hesitant customers. The effect of this factor
alone upon your company's future might be expected to be
very material, even without the consideration of the effect
of enhanced price of coal upon power values. But, in addition, along with the fuller appreciation of the benefits of
hydroelectric service, there has come a certain competition
among your customers for the available hydroelectric supply, since the demand is now considerably in excess of such
supply, and a large proportion of the load in the territory
—
—
PROFIT AND LOSS ACCOUNT.
By Income from all .sources.
To operating expenses
To general expense
To taxes
To special tax reserve
To maintenance
in
—
461 ,000.00
706,000.00
January
(e.xfJiKliiig
taxes.)
ASSETS
Cash
1920.
served by your company must hereafter be generated by
your customers by steam.
In view of its materially improved status, your company
desiring to share its approaching prosperity with its customers and feeling itself responsible in part for the industrial development of the territories into which it has introduced hydroelectric power has determined upon preserving
to those territories, their favorable power situation in competition with other neighboring cities not enjoying such
hdroelectric service, and your company feels that by making
such favorable power rates, as it is now in position to grant,
it is not only benefiting the public utilities which it supplies, and their customers and the territory thus served, but
by this policy it expects incidentally also to stabilize its
own income and establish itself firmly as a necessity to the
communities it serves, to a degree, perhaps, unusual in such
projects.
Your company believes that its economic position is in
addition rendered particularly favorable in that it has not
been expending heavy sums for construction at the high
It may be noted
costs obtaining during the war period.
that during the last five years, i.e., from 1915 to date, the
fixed charges have increased only from $514,278.14 to $528,5.50.00; i.e., less than 39c, so that your company does not
have new construction jnirchased at high war prices and
involving high interest rates, to take care of out of its
earnings.
It is especially to be noted that notwithstanding hydro
energy was being sold hitherto upon the basis of contracts
made at coal prices of former years, and despite the increase
in cost of materials and labor entering into the running expenses of your plant, yet, the growth of your company's
gross income and net revenue has been a steady one. This
is, in a measure, due to your compauj^'s policy of conservative and adequate planning of its extensions to plant,
coupled with the careful and continuous study by a highly
trained permanent force, of the engineering and financial
details, as these latter apply in particular to hydroelectric
operation, looking towards increasingly higher efficiency
of mechanical operation of the plant and the obtaining of
best results from its staff of employees.
THE CHRONICLE
Feb. 5 1921.]
The electric load in your territory beinj; so imicli in excess of the available capacity of the hydroelectric plant,
and the ferro-alloy market l)eing dull, it has been found
desiral)le during' 1!)L'() to dispose, teinimrarily, to your conijtany's otlier customers, under advantageous conditions, of
the fireater jiortion of tiie ener^ry hitherto used in your
'J'his jilant,
thou;;h ori^^inally
comi>aMy"s furnace i)lant.
built to furnish a market for such hydro ener;;y (in excess
of the off-i)eak loads of your customers) as mi;;ht be available durintr jK'rimls of lar^ce river flow, subsecpiently i)roved
of important us*' in manufacturinjx a ferro-alloy needed in
lar^re (piantilies durinj; the war.
MaiiilciKiiuc.
In line with its i>ast practice your com-
—
to enijiloy generous sums in maintenance,
thereby keeping its e(iuipment up to the high standard of
condition .set in previous years and maintained even during
the difficult war period conditions.
J'ircr Codl.
The Su.siiuehanna Ki\'ei', flowing as it does
through the anthracite coal regions of I'ennsylvania. carries
down stream (plant ities of more or less finely di\idcd coal,
which in the jiast it has been the custom to dredge with
small e(iuii>ments at various jioints along the river, below
the coal fields. The shortages in the supply of bitunnnous
coal during recent years have promoted the development of
methods of using tliis anthracite river coal under lioilers
for steam generation, and this n(>w demand, cou]>leil with
an increased demand for anthra<ite coal for domestic inirposes, has. led to a greater activity in the recovery of such
coal from the river bed. The great reservoir foi-med by your
comi>any's dam is apparently acting as an efficient settling
basin for the dei)ositing of this water borne coal and its
separation from the lighter silt which is carried off further
down the stream. Though jio acurate survey is as yet
possible, it would ajipcar that there are. perhaps, millions of
tons of such coal dejtosited in this reservoir and .vonr company has made arrangements with a dredging concern lookYour
ing towards the conunercial recovery of river coal.
comi>any feels it desirable to conduct such operations slowly
and in a con.servative fashion until such time as the rccovcr.v has been demonstrated to be commercially important,
so that it may r>t that time arrange for the recovery upon a
scale coumiensurate with the amounts of river coal brought
down and deposited. It is expected that, perhaps, for a
few years this recovery will hv rather in the experimental
pany continues
—
stage.
wish to express the appreciation of the management
I
for the loyalty, energy and efficiency of the emplo.ve(>s of
the company and its officers and for the spirit of co-oi)eration iu the company's interests which have resulted so favorable to the stockholders.
CIIAS. E. F. CLARKE. Proiidvnt.
—
—
Willys Corp. Protective Committee for 1st Preferred.
In view of the stoppage of the payments in cash of the dividend on the
1st Pref. slocli and the formation of a creditors' committee, the following
committee has been formed to protect the interest of the 1st Pref. stockholders: Howard Bayne, C^hairman; U. N Bethell. Stedman Butterick. Thomas
B Gannett, RoiJert E. Himter, Leclanche Moan, Robert L. Montgomery,
with Joseph P. Cotton 120 Broadway, counsel, and Willard C. Mason,
60 Broadway. N. Y. City, Secretary.
The Columbia Tru.st Co., N. Y., has been appointed depositary and
First National Bank, Boston, Central Trust Co of Illinois, Chicago, and
Glrard Trust Co Philadelphia, sub-depositaries. V. Ill, p. 2237.
,
,
Wilson
&
Co.
— Not
—
Take Over Globe Soap.
to
—
failure to obtain unanimous consent of the stockholders of the Globe
Soap Co. to transfer the company to Wilson & Co. has resulted in the withdrawal of the offer of the latter to take over control of the company. V. 112,
271.
p.
The
CURRENT NOTICES
— In addition to their already existing private wire connections
in
Mon-
and Toronto, Miller & Co. members New York Stock Kxchange, have
established communications with the Municipal Debenture Corporation, in
Montreal and Quebec, to enable them to offer better services on all Canadian
treal
,
securities
—
Paul H. Davis & Co., C:'hicago, announce the withdrawal of Edward J.
White from the partnership. The business of the firm will be continued
by the remaining; partners, Messrs. Paul H. Davis, Arthur W. Wakely,
I. C. Elston Jr., .special, and George W. Hall, special.
In a pamphlet prepared for distribution, the investment banking house
of A. Iselin & Co.. New York City, are calling attention to a list of highgrade railroad and industrial bonds which they feel at the present pr ces
—
are particularly attractive investments.
—
Due to the large margin of earnings over all interest requirements,
Salomon Bros. & Hutzler are recommending Southern Pacific Co. Convertible Gold 4s to yield about 7.35%.
— Edward D
Company
Manager
.
Jones has severed his connection with the Gundllng-Jones
become associated with Blair & Co. as
of Cleveland and has
of their St. Louis office.
—Eldredge & Co., 7 Wall
new Bankers'
St.,
Now
York, have opened an
Building, Boston, under the
office in the
management of Robert W.
Hawkins.
—
—
—
—
—
—
—
Rollins, Kalbfleisch & Co.. members of New York Stock Exchange,
announce the removal of their offices from 66 Broadway to 52 Broadway.
Walter S. Grubbs, formerly a member of AVliile, Grubbs & Co., of
St. Paul, has become as,sociated with the firm of Gorrell & Co., Chicago.
George S Jones, formerly of Merrill, Lynch & Co., has become
associated with Rutter & Co., and will specialize in Canadian securities.
Stanley Adams is now associated with the firm of John Nuvcen & Co.,
municipal bonds, 38 South Dearborn St., Chicago.
J. K. Rice & Co., 30 Wall St., N. Y. City, have issued a circular regarding E. W. Bliss Co 's past and future.
Watkins & Company have prepared a descriptive circular on Arkansas
Light and Power Company.
Noah MacDowell Jr. has joined the Bond Department of Hallgarten
& Co.
571
Cxiium-cmal IJimcs.
COMMERCIAL EPITOME.
The
ment
.\(ir Yuri:, J'riduu Sifjltt, I'cb. 4 1921.
gist of the bu.siness news is that ii gradual improvein tratle is s|»reading over the country.
Huyers are
They ale
wary.
still evidently afraid of being caught with
on a falling market. Therefore, they are buying for the most part in small lots. Their evident aim is to
siijtply present wants and watch the .situation sharply for
a time before greatly increasing their jturchases.
The
clothing trades still show the most imiirovement. .Jobbers
and ritailcrs have incrctiscd their buying somewhat. Hut
uncm])loyment and low ])rices for farm ijrotlucts, as well as
high i)rices at retail undoui>tedly liit tlie retail business of
the country Inird. The buying i»ower of the farmer is restricted by the big decline in grain, cotton and other coni-
liberal stocks
In agrii'ultural sections this is very jilainly seen.
the great manufacturing sections unemiiloyment or lower
w:i,ires al.so hit retail sales with telling effect.
Many mills
and factories are running on short time, which is tantaniodities.
Ill
mount
have
many cases wages
millions of workers are
to a reduction in wages, while in
b(H>n
reduced outright.
Some
idle tbrtjughout the country.
The bane of the times is the fact that the e<iullibrium in
luisiness has not been restored.
Some things have declined
shar])ly; others have not. It is regrettable that inoduction
does not increase: short time, dulness of trade and current
prices tend to iirevent that.
The abnormal difference bet.ween wholesale and retail jirices has a numbing effe<'t on
general business iu this country; there can be no doubt of
The read.iustment of ju'ices has not gone far enough
that.
to start up tlie wheels of industry in earnest.
Producers
of raw materials are getting low prices and they find finished goods held at prices beyond their reach. This reacts,
of cour.se. ujion the mills and factories.
A sharp cutting
down of retail pric(>s, as has been said for the hundredth
time, is one of the things needed to rejuvenate trade in
tlie T'nited States.
That would help greatly to break up
For the consumers' strike is still on. That
the deadlock.
fact may as well be recognized. The strike is partly involuntary, however, from sheer inability on the part of the
people to pay the high jirices demanded by retail distributers, who are, of course, the onl.v dealers with whom the
great mass of the pojiulation come in contact.
Meanwhile mills and factories undoubtedly have to cont(>nd with the high price of fuel, increased freight charges,
and the fact that though wages have been reduced more or
less they are still far higher than in the pre-war period
that is to say more than 100% greater. Taxes, too, are still
high also machinery and supplies of all kinds. In some
wa.y it is evident costs of production must be reduced, output increased, prices lowered, and the cost of living made
It is manifest, too, that the price of labor and
bearable.
also commodities, especially at retail, must be considerably
reduced in order to set the ball rolling all o^er the country,
both in the industrial sections and in the great farming
States.
^Icanwhile iron prices have declined somewhat and steel
The sales of
is dull and apparently more or less depressed.
coal and lumber have been small. Trices for grain, cotton
and livestock are for the most part lower. An especially
regrettable feature is the continued dulness of iron and
Also a decline in the stock market coincident with
steel.
a ris(> in call money to S and W/c certainly has not tended
Colto hearten the commercial community of this country.
In not
lections are perhaps a little better, but that is all.
a few sections they are slow. And failures, although they
are again smaller than in the previous week, are the largest
for some years pa.st, namely .S1.3, against 420 last wi>ek. 100
this week last year, 114 in l'.)19, 233 in 1!»1S, and 301 in 1917.
In Detroit only 22% it seems of the working pojiulation is
employed. The rubber trade is dull. The ,iewelry business
is dull at the chief centres.
Tobacco is still selling at low
Bituminous
ju'ices with large receipts at Western markets.
coal has declined to a relatively low level, with the mild
weather hurting trade; also the dulness of manufactures.
Mild weather checks the sale of heavyweight goods. The
winter has certainly been the mildest for many years past.
There was some snow early in the week here, but the fall
was light and latterly it has been warmer. The winter contrasts strangely with the exceptional severity of the last
The leather trade is somewhat livelier, with larger
one.
sales of shoes.
But hides are quiet. Ueiwrts about the
winter wheat crop are fairly favorable, but one trouble is
the lack of snow and the fact that tlniwing and freezing
have alternated with possibly detrimental results. On the
Pacific Coast, however, winter crops have been heljied by
;
Iiountiful rains.
In the mountain ranges snows have assisted irrigation interests and hydro-electric power plants.
The week's food price average is put at the lowest for over
four years past. The country faces the future in a hopeful
frame of mind, but is not taking big chances. The trading
is all on a conservative scale, in sharj) contrast with the
more or less reckless methods of a few years ago.
A number of cotton mills in New Bedford have started
up machinery after having been idle for weeks. Near Co-
@
THE CHRONICLE
57»
Ga.,
two
Inriic colton mills 1ihv(>
rcsnincd full fiinc
lunihcr mill at
Pino iniiff. Ark., has rcsiiiiKvl work after liavin^' iieeii
clo.sed down for a lonjr jjcriod.
bricklayers of Ilainiihal.
Mo., have voluntarily aeeei)ted a wafje cut from .fl.^.'i to .$1
per hour. The Blue Rnekle Mills at Uoekhill. S. C, will on
Feb. 14 resnine operations, working day and ni;,'ht shifts,
after liavins been elo.sed siiic(> the middle of Decemlier. 'i'lie
Sinclair Oil & Gas Co., at Tnlsa, Okla.. has cut wa^es approximat<>ly ir5%. The reniisylvania Kailroad's foundries
in two dei>artments at Altoona. Pa., have returned to the
piece-work sy.stcm at the request of the eini)loyees. About
l.'5,000 men resumed work at the Ford Motor Co.'s Highland
Park i)lant on .Tanuary .'?!. The Federal ri(>serve P>oard .savs
that about 100,000 textile mill work(>rs in New Kn.uMand had
their wajxes cut 2'J'/>% on the averatre. durinji .January.
The Keed & Prince Manufacturing Co. of Worcester. Mass..
manufacturers of screw machine productions, has cut wages
10 to 20%. Sev(>ral big rubber mills at Woon.socket, II. I.,
luinl)ii.s,
after two niontlis of
liiilf-tiiiic
work.
A
l)iu'
have reduced wages.
Hat manufacturers in Fngland have reduced prices an additional 1.") to 20% and announce that these prices will hold
until the end of next October. The r(>pair shops of tlie New
York, Ontario & Western KK., at Middletown. N. Y., have
been closed. In Detroit, Mich.. 100,000 men are idle and
35,000 are working half-time. The net gain in employment
during the past week, however, was about 8,000. The Louisville & Nashville RR. shops at Louisville, Ky., has reduced
by 10% the number of men employed in the mechanical department.
The
First National Rank at Streeter. N. D., has closed
This is said to be temporary. The First National Bank of Montezuma, Ca., has closed its doors for
liquidation purposes. An audit of the books of the Jobbers'
Overall Co., Inc., Lynchburg, Va., by certified public accountants, retained by the recently appointed committee of
bank and merchandise creditors, shows, it is said, a deficit
of $2,389,424. John S. Sheppard, Jr., has been appointed receiver for the Chester Cloths, Inc., 79 Fifth Avenue, New
York City, which operates a chain of retail stores in five
cities.
Liabilities are estimated at from ,$350,000 to $400,000, and assets reported at about $150,000.
Before the legislative Committee on Labor and Industries
in Massachusetts, charges were made on Feb. 2 that organized labor is trying to eff.ect a curtailment of production, especially in the building trades.
Robert Brindell has
been convicted here of extortion and will be sentenced on
Tuesday next.
The Cuban moratorium ended on Feb. 1 and a more hopeful tone is I'eported in some financial quarters at Havana.
Bankers and merchants claim that fully 90% of Cuban
firms are solvent. Sugar, however, has continued to decline.
The Standard Oil Co. is to stop the 10% wage bonus. Beits doors.
cause the West Virginia & Northern Railroad announced
a reduction in wages, the road has had to suspend operations; too few accepted it.
LARD lower; prime Western, 13.45@13.55c.; refined to
the Continent, ISJ^^c. South American, 153^c.; Brazil,
in kegs, 163^c. Futures have declined on lower grain and
hogs, together with considerable liquidation. Not only
To make matters
longs, but packers have been selling.
worse about the only buying has been by shorts. And the
monthly statement of stocks in Chicago showed an increase
The total is
in lard during January of 12,102,000 poimds.
33,478,000 pounds of all kinds. It is about 10,000,000
pounds less than that of a year ago, but the increase during
January is the thing on which attention was riveted. It is
true that some are looking for larger exports of both lard and
meats. It remains to be seen whether such expectations will
be realized. Of cut meats the stock in Chicago on Feb. 1
was 103.785,000 pounds, an increase during January of
15,711,000 pounds. To-day prices declined and they are
lower than a week ago.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sit.
January delivery
May
delivery
PORK
cts.l2>!"
IS.r.O
Mon.
12.62
13.25
higher; me: v. TtSI
short clear, $33@$36.
Tues.
13.10
Wed.
13.22
Thurs.
13.20
Fri.
13.05
50@$32
50; family, $40@$42;
closed at S22 25c., a decline
Beef quiet; mess, $16@$18; packet,
May
week of 85c.
S19@$21; family, $27@-$29; extra India mess, $45@f48;
No. 1 canned roast beef, .$3 15; No. 2, $8. Cut meats
dull; pickled hams, 10 to 20 lbs., 20^@21e.; pickled belUes,
for the
10 to 12 lbs., 16 to 19c. Butter, creamery extras, 48 3^
49c.
Cheese, flats, 15 to 29e. Eggs, fresh gathered extras, 59c.
on the spot quiet and lower; No. 7 Rio 65^@
COFFEE
ej^c; No. 4 Santos 9^@10Mc.; fair to good Cueuta 11^
Futures declined with Brazilian prices lower.
@123^c.
And leading trade interests here have sold. There is more
Receipts at Rio
or less buying on a scale down however.
have increased but at Santos and two other points have
fallen off.
There has been some decrease in the receipts at
Santos.
Some think coffee is ripe for an advance if the news
should turn really bulhsh, i. e. a sharp decrease in receipts
or the floating of one or the other of the proposed loans.
One estimate of the 1920-21 crop of Rio and Santos is
11,000,000 bags, but ont a few here think it will be 11,500,000
bags.
Receipts are still large. Today prices declined and
are lower than last week.
[Vol. 112.
Hl)ol(iinofflclal)cls.OV»i|May
March
6 lOf'iC 42i July
SUOAR
lower;
cts.6 83ft06 85 ISopt
ct8.7 05rr/.7 67
7 21f'«7 27 (Decemloer ...8 00<f^8 01
centrifugal, 9()-degr(!es test,
and
Cuban
I'orto Rican, 4.51c.
Refined, granulated, lower at (5. 8.5c.
Futures decilined witli s\)(>i raws. Refined prices })roke
badly.
Harvesting in Cuba is in full swing and the market
is ])oor.
Receipts at ('ul)an ports ran uj) last week to
102,1.52 tons, or witliin 14.500 tons of the total in the same
week last year, wlien 183 centrals v/ero grinding. That is
some 30 more than are now
at work.
It looks as though
the sugar w(;re Ix-ing hurricsd to market.
Later Detroit
wired that b(fet sugar was 0.90c. in all territory. On the
3(1 iiist. 10.000 bags of Cuban raws sold for shipment first
half of February at 3 3^c., cost and freight.
Old and new
crop Cuba sold on the 3d inst. for first half of February
shipment at 3 3^e., cost and freight. Barbadoes centrifugal
ex-store at 334^c. in ])ond and San Domingo afloat at 3V^c.,
c.i.f.
Some 100,000 to 125,000 tons of Cuban raw have
lieen sold to the Royal (.'ommis.sion for March-Ai)ril shipment at 4c., f.o.b. That injected a little more firmness
into the market.
To-day jmces advanced and they are
higher for the week.
Spot (unofucial) cts.3^ [March., cts. 4 12(3,4 HIJuly
cts.4 54<a,4 55
February
OILS.
3
98® 4 04|May
4.34C<94
.35
|September...4.70(«94.73
— Linseed quiet and lower; February-April carloads
70fe72e.; less than carloads 75(a;77c.; five barrels or less
78fe80c. About the only bright feature in the situation is
the nearness of the spring painting season.
Cocoanut,
Ceylon, barrels 12(?' 123^c. Cochin barrels 13c. OUve $2.
Cod, domestic, 60C«62e. Newfoundland, 65@68c. Soya
bean, edible spot, lie. Cottonseed oil sales to-day, 8,900
barrels March closing at 7.93 to 7.9.5c., May at 8.45 to 8.48c.,
and .July at 8.75 to 8.77c., spot 7.50e. Spirits of turpentine
65@69c. Common to good strained rosin S8 50.
lower; refined in bbls. 23.50@24.50c.;
bulk 12.50@13.50c.; cases 25.50@26.50e. Gasohne steady
at 31e. for steel bbls. to garages.
Motor gasoline, U. S.
Navy specifications 23c.; Naptha, 63 to 66 deg. 27.50c.;
66 to 68 deg. 28.50c.
PETROLEUM
Pennsylvania
Corning
Cabell
Somerset, 32 deg.
and above
Ragland
Wooster
Lima
$3 13 Strawn
$2
3 27 Thrall
2
3 27 Healdton
1
Plymouth
2 73 Moran
2
Kansas & OklaHenrietta
2
homa
2 50 Caddo. La light. 3
Corsiqana, light
3 00 Caddo, crude
1
Corsicana, heavy. lOOlDe Soto
3
lElectra.501
2
$5 00 Indiana
3 00 Princeton
3 71 Illinois
1
3 74
1
75
3 55
3 48
.
50
50
26
50
50
25
25
00
RUBBER dull and lower. Smoked ribbed sheets, 17Mc.;
February, 17c.; March, 173^c.; April-June, 20 J^c., and JulyDecember, 24e. In the opinion of Samuel P. Colt, Chairman
of the United States Rubber Co., there are signs of improvement in trade, although the outlook now presenting itself is
not what it was a year ago. Para quiet and unchanged at
18c. for up-river fine.
Centrals dull at 13@14c. for Corinto.
OCEAN FREIGHTS
have remained dull and depressed.
seems are saving large sums by sending goods to
Great Britain \aa the Continent. The freight rate ifrom
New York to the United Kingdom are fixed by the Eastward
Freight Conference at New York at SI per hunch-ed pounds
on many commodities. From New York to French channel
ports rates for the same commodities vary from 20 to 50
cents per hundred pounds.
The rate from New York to
Dutch ports is 30 cents. Rate cutting in the Pacific is
Tokio mail advices it is said that charterers may
reported.
withdraw 800,000 tons of shipping from Atlantic and European waters because of lac^ of business.
Many
it
Charters included 32.000 quarters of grain from a Gulf port to United
Kingdom 8s Feb 15; 165,000 cases refined petroleum from New York to
China 27Hc. prompt; coal from Atlantic range to Scandinavian port S6 50
Februarj': to Rosario S6 50; coal from Charleston or Jacksonville to two
ports in Chile S5 75 February; 1 ,100 standards of timber from a Gulf port
to Bristol Channel 240s. April; 30,000 quarters hea^-y grain from Northern
range to Greece 8s. 6d. per quarter one port of discharge, 8s. 9d. two ports,
February. 32.000 quarters grain from Atlantic range to Greece 8s. 6d.;
coal from Atlantic range to West Italy $5 90 prompt; nitrate soda from
Chile to United States .S5 with options. Februarj'; linseed from Buenos
Aires to New York $3 50 option San Lorenzo S4 50 prompt.
TOBACCO has recently been in somewhat better demand.
There has not been much increase in actual business; far
from it. And it does not look to most people as though the
trade would increase very much in the near future. ManuSome holders
facturers continue to play a waiting game.
profess greater confidence in the immediate outlook. Others
seem rather dubious. As a matter of fact there is room for
Prices are caUed
big improvement in the sales of tobacco.
nominal; certainly not conspicuously steady, stUl less firm.
They are very low at the South. Some buj-ers think the
tendency is obviously dowoiward. Later, however, it is felt
The Census Bureau report shows
things mav brighten.
1,446,914,469 pounds of leaf tobacco held .Jan. 1 1921 by
manufacturers and dealers, against 1,318,131,291 in 1920.
1,271,524,630 on Oct. 1 1920 and 1,452,962,024 on July 1
The quantity of un. temmed on Jan. 1 was 1,255,1920.
083,040 pounds and' of stemmed 191,831,429 pounds.
quiet and unchanged at 12M@13c. for elecOn the 1st inst., there was a report that negotiatrolytic.
tions were pending with regard to the financing through
American bankers of the copper surplus for export. Whether
anything wiU be done in this connection remains to be seen.
And there was a rumor that 400,000,000 lbs. of copper are
to be sold to Germany, and that the question of financing it
has been taken up by a syndicate of German bankers. But
many prominent members of the trade refuse to give credence
to the rumor, while others emphatically deny the truthful-
COPPER
THE CHRONICLE
Feb. 5 1921.]
There was a cousiderablo inen^ase iu bookintjs
it.
during Jan. as fompared with December by wire companies.
And Januarj' sales by producers increased decide(ily as conipared witli the previous month. But taken as a whole, it
is believed that the wire-drawing plants ol" the country are
not workinfi: at more than hull' of tlii'ir capacity. The departments making lead-encased cables an- said to be t Inbusiest,
Tin declined in sympathy witli a lower London
market. Trade is quite. Spot is quoted at 33>2fe^-l<^Lead quiet; spot 4.90(«5c. Zinc dull and lower at 5(t. for
spot St. Louis.
PIG IKON has been dull and to all appearaiir-es more ()r
Birmingham report.-* business at $2S with
less d(>i)re.^sed.
the Pacific Coast, although S-SO is the nominal quotation.
The iron output is being reduced in some sections sharply.
The number of furnaces blown out during the past tliree
months is put at 10(). The .January iron output is stated
at 2.421,293 tons or 2S7,97o tons less than in December.
On Feb. 1 the number of activci furnaces was stated at 184,
the smallest for a year and a half.
STEEL has been dull and prices suffer more or less, it is
E.xport trade is very
intimated, from keen competition.
dull.
Producers comi)lain of lack of trade and consumers
ness of
As the case stands, i)roducThe American Steel &
tion evidently outruns con.sumptioii.
Sheet IMate Co. has cut wages of hot mill workers 10%.
The wage question is, of course, a ticklish one. In the Lake
are
hampered
in the
same way.
Superior iron ore region independent operators put into
effect on Feb. 1 the general wage cut previously announced
Steel prices are to a certain extent nominal in a
of lo%.
quiet waiting market, and with foreign business smaller
tnan ever.
has been in less demand in this country but still
And prices have been reported firm on the
fairly active.
more desirable gi-ades. Other grades may be irregular for a
All is not plain sailing in the American wool Inisiness
time.
Americans continue to buy wool on a big scale in th(»
as 3'et.
Melbourne wool market. Lathrop & Bennett of Boston are
Bradford, England,
particularly mentioned as large buyers.
cabled that America is buying i)ractically all wools offered of
50s. quaUty and above, and these purchases are the chief
oouree of business.
At the Wellington, New Zealand, wool sale on Jan. 31
15,500 bales were offered and 7,700 sold. Superior was in
good demand from America; other descriptions sold less
Superior half-bred ruled from 12 to 14d., crossreadily.
breds"46s. to 48s. were Slid, to 11 Md.; 44-46s, 6d. to 8d.;
At Sydney on Jan. 31 3,900 bales were
36-40s, 4d. to 5 Hd.
Merinos were in good demand from
offered and 2,900 sold.
America and Japan. Continent bought fairly. Yorkshire
bought Httle. Superfine merinos unchanged; medium 10%
Good pieces sometimes 10 to 15%
higher.
Inferiors dull.
higher.
Crossbreds neglected. Boston -wired: At Sydney
where the selection was not especially good, prices, except
the best warp wooh, advanced 10%. Best superstrong at
wound $1 10 clean landed basis. Good 64@70s. combing
-wools were quotable at 96d.. taking exchange at $3 84, ^according to one ad-vdce. while another advice quotes 70s.
super fleeces, half warp wooh at 95e. clean landed basis;
64s average spinners fleeces warp and wet wools fairly long
WOOL
but slightly faulty at O-Oc. and 64c. good pieces and bellies
suitable for average top-making purposes at 53c., the latter
quotations being on the basis of $3 86 for exchange. Prices
A brisk demand is reported from
at the Cape are firm.
Bradford, England, on Feb. 3 reported that some wi>»>l
combers are putting their machinery on full time and that
a few have even commenced running nights, owing to
American pressure for quick shipments. Sixty-fours tops
are quoted at 4s. 8d., 56s at 3s. 2d. and 40s ])repared at
17 'jd.
It is reported that a wool firm is in difficulties.
COTTON
Friday Night, Feb. 4 1921.
as indicated by our
telegrams from the Soutii to-nigiit, is given below. For the
week (tnding this evening the total receipts have reached
149,437 bales, against 141,858 bales last week and 124,041
bales the previous week, making the total receii)ts since
Aug. 1 1920 4.100,172 bales, against 4,824,870 })ales for the
same period of 1919-20 showing a decrea.so since Aug. 1 1920
of 724,698 bales.
THE MOVEMENT OF THE CROP,
Port Arthur, &c.
New Orleans
'
Thurs.
4,087
Fri.
9.439
758
13.960
3.367
4.458
212
8.968
'2".
Total.
"lb".665
l"74i
'9.16:1
534
1.463
414
77
17
2.000
1.125
1.112
2,161
1.439
1.233
128
149
1,119
365
497
Charleston
Wilmington
15
109
189
Norfolk
N'port News, &c.
993
233
882
734
48
1,501
117
160
160
57
66
937
32
New York
Boslon
Baltimore
..
..
Philadelphia
1
777
29.955
29,868
48
3.635
60
23,2.50
2.000
8.142
100
2..558
593
5.249
173
.364
...
Totals this week.
7.58
13.960
3.367
35.017
2,717
945
14
1.974
Savannah
Brunswick
68. .500
1.072
too
514
53
1,288
i'ensat'ola
.)ack.sonville
14.232
15.831
400
2.301
92
36.301 149.437
The following shows week's total receipts, total since Aug.
1920 and stocks to-night, compared with thelast year:
1920-21.
1919-20.
1
Stock.
Receipts to
February 4.
Since Aug
1 1920.
Tliis
Week.
Galveston
Texas City
I
68,500
758
13,960
3,367
This
Week.
1
9;i9,535
2.717
Port Arthur. &c.New Orleans
Mobile
Pensacola
71,969
9,843
64.731
1
Jacksonville
8.142:
Charleston
2,558,
593'
100
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
425,518
5,049
221,3.58
22,6841
401.858
20.467
"248
207.7:^8
H5.7:i9
262,279
3,599
14,578
18,060
75,165
16,318
302,
3,440!
6:i8l
875
1,118
4.603,
,.588.163
15.795
11.824
985.281
127.300
1,040
8,006
22.380
18.875
28.962
92
Totals...
39,0061
1.270|
2,30ll
Philadelphia
338.730
86.128
.55,877
400
1920.
328,941
4,043
173.020'
5.249
48
3,635
1921.
246,875
57,852
21.723
835,223
1
"692
3,131
419,628 30,003
8,985;
4,000
49,726!
3.056
2.000
Savannah
Brunswick
Since Aug,
1 1919.
I
971.815
16.990
281.173
39.471
35.0171
Houston
"l".362i
143.537
2.194
245.470
39.204
75.565'
5'.845
254.373
5.700
61.180
57. .594
92.619
-I
103.052,
11.714'
5"9".7i6
5.515
4.800
9.721
4.175
4.835
149,437 4.100.172 179.885 4.824.870 1.412.294 1,404,240
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons:
we
Receipts at
—
1921.
.
Galveston
1920.
68,500
Texas City.&c
18 085
35.017
2.717
8.142
100
2.558
593
5.249
New
19 9.
1918.
71,969
10,091
39,006
5,049
30.603
4.000
39,618
5..550
34,670
2,110
13.827
3.0.56
8.428
1.040
8.006
302
6,763
149.437
179,885
Orleans.
Mobile
Savannah
Brunswick
Charleston
All others
5%
22.502
Wed.
6".273
Mobile.
Aver3s at 19 to 20c. according to grade, cost-and-freight.
age shrinkage 60s, 58s and 56s obtainaole from Monte-video,
London cabled Feb. 1:
respectively, at 31, 28 and 26 cents.
held by the British Government, amounting to 1,800,000 bales of 350 lbs. each. The arrangement will put an
end to the situation which has arisen by reason of the competition between the growers in Australia and the British
Government. Australians ^vill largely get control of the
wool business by acceptance of the proposal, and much of
"
the London business will be transferred to Australia.
A Boston despatch says that buyers who have inspected
the wools to be offered there by the Government on the
3rd instant, regret and resent the order of tlu> Secretary of
War canceling the sale. They think the action of the War
Department was dictated by the wool growers.
Others
think that the Government intends to exprt the wool to
foreign markets.
On the 2nd instant, at Melbourne 5, .500
bales were offered and 90% sold, largely to eager American
buyers at prices slightly below^ those of December. At
Perth, West Australia, 3,300 bales were sold with a good
demand and prices unchanged to
higher for greasy
superior merino and 5 to 10% higher on greasy good and
medium merino.
12.041
11,463
rues.
Houston
Wilmington
now
Mon.
Sat.
Galvaston
Te.\as (nty
Montevideo and Buenos Aires at firm prices. Good combing Lincolns obtainable at about 123^c., 4s at 16 ^c. and
Bradford says American buying advanced merino tops;
Every mill in the West Rid4s. 6d. paid this week for 64s.
ing of Yorkshire is running on short time except a few on
Russian khaki against sterling payment made in Stockholn.
Washington wired: "A cable from the American Agricultural Trade Commissioner at London says the British
Government has accepted the scheme for the disposition of
Australian wool. This decision closes what is probably
The growers
the largest wool transaction ever known.
assume responsibility for marketing the entire surplus of
Australia -wool carried over from previous seasons, and
573
_.
Norfolk
N'port N.. &c.
Total this wk.
48
1917.
1916.
48.234
15.659
16.359
"'2".28i
26.500
3.226
45.464
3.270
14.991
1.500
2.345
1.243
7.455
392
4.931
2C0
6.463
264
"""817
11.021
107,57li
113.914|
1.873
3.021
1.000
348
57.302
3.728
26.824
1.614
21.778
1.000
1.795
878
173
14.933
6.218
11,028
98,383
147.098
"5".
Since Aug. 1.. 4.100.172 4.824.870 3,453,021 4.200.482 5.310.746 4,989,536
The exports for the
of 200,552 bales, of
week ending
this
evening reach a total
which 63,581 were to Great Britain,
13,397 to France and 123,514 to other destinations.
ports for the week and since Aug. 1 1920 are as follows:
Week ending
Feb. 4 1921.
Exported
—
From. Aug.
to
Ex-
1
1920 to Feb. 4 1921.
Exported to
—
Exports
from
—
Great
Great
Britain. France.
f
;ul\-f-.stnn
- -
Houston
Toxas Citv_
Other.
Total.
6.752 70.098 103.227
13.960
26.377
13,960
Britain.
568,069
141,219
8,980
Fraiiee.
2,32,341
44.111
2,709
Other.
770.975
95.843
6.573
Total.
1.385
281.173
18.262
1..57
650
650
San Antonio
Kl Paso
Pt NoKalez
Vs'.ess
586
.
1.350
"244 V1.262
18.031
"49.477
2V2".724
'5'6".047
1.975
New Orleans
1.975
1.999
16.567
15.797
2.700
102.393
7.828
7.499
'ii.hbit
Mobile
Jacksonville
Savannah
1
.999
2,814
"
eUoi
'
7.352
400
400
Wilmington.
"
Norfolk
1.336
1.336
35.427
7.004
2.747
349
'7.466
119
1,246
5.301
2,898
"
.\nKelc^
2.697
"3'3",532
"
Seattle
Tacoma
Tot.
Tot.
3.605
8.606
32,605
24,710
1,000
8.CO6
Ore
Total
63.581
•19-'20
'IS-'
.586
1.3,10
594.574
28.215
2.810
262.169
7.828
11.499
46.600
51.202
50.779
8.167
4.493
659
659
Philadelphia
San Fran
Portl'd
"4.666
46.600
15,775
36.309
---
Xew York
I.os
6.650
325.803
5. 768
110
118.169
25.658
13.397 123.574 200.552 1.116.083
94.243 36.905
19 28.0.'>0 35.575
42.495 173.643 2.097..394
21.9S7 85.ni2 1 .200 51
392.296
1, 6.54.
2.697
33.532
32,605
24.710
1.000
224J3,062,
603
393.205 1,423.602 3.914.201
412.699 913.877 2.619.0S7
In addition to above exports, our tcflograins to-nieht also
give us tho following amounts of cotton on shipboard, not
cleared, at tho ports named.
Wo add similar figfures for
York.
On Shipboard. Not
Oreat
Feb. 4
at—
10.702
1.867
Cleared for
aer-
Britain. France.
Oalveston
Now Orleans..
Other
many.
Conl't.
—
Coastwise.
Leaving
Total.
Stock.
2.147
1.183
6,000
5,252
10.236
25.379
Oharlston
1.000
5.705
30,085
298.8.56
.39,386
500
Savannah
500
386.132
143.037
244 470
8.728
75 365
1.000
Mobile
3.506
010,450
Norfolk
Now York*
..
400
Other ports*..
3.000
300
400
5,000
200
1.000
"•266
13.9.56
200
1
.300
8.000
101
.7.52
.59.527
Total 1921.. 19.475
3,630 16.6.52 46,2651 8.405' 94,427 1.317.867
Total 1920.. 139.740 19.273 14.861 96.682 16.910 287.466 1.116.774
Total 1919.. 51 ..546 33,2.37
2.8.50 120.161 1.2.58.707
32..528
• Estimated,
a 9.875 for Japan and China.
Speculation
in cotton for future delivery has heon
of late, after a quiet period, and prices
have broken heavily, partly owing to big stocks at the
South and partly because of the decline In stocks and
commodities. Some stress, moreover, has been laid on the
possil)ility of a hitch in the settlement of the German indemnity. The Bureau of Markets says that the available
supply of all kinds of cotton throughout the world for 192021 amounts approximately to 25,624,000 bales, while the
world's consumption for the same period is estimated at
13,166,250 bales, or 25% less than last year's figure of 17,555,000 bales. These figures have made in not a few quarters a profound impression, especially as trade has been
dull in actual cotton. Moreover stocks have not only been
declining, but foreign exchange has wavered and money on
call has risen to 9%.
Manchester reported business very
dull.
Print cloths here and also some other cotton fabrics
have been dull and more or less depressed. In Liverpool
cotton has been steadily declining.
Middling cotton in
northern Texas has latterly, it is said, been sold at as low
as ll%c. Some Dallas, Texas, reports have stated that
within three weeks the basis has risen $10 a bale. Other
reports late in the week stated that the basis in the Southwest was weakening. Reports that New Orleans was doing
a good spot busines^were contradicted. The sales officially
reported daily there and throughout most of the South have
been small. And some fear that the Eastern belt before
long will begin to sell more freely, with a new season approaching. Another matter that has escaped general attention is the report that a considerable number of small banks
in the Eastern belt, notably in Georgia, have I'ecently closed
their doors.
Such at least is declared to have been the
case.
It suggests that the banks have been hit by the decline in cotton, as numerous banks were recently in North
Dakota by the decline in grain and latterly in some cases
in Washington State. There is an impression that east of
the Mississippi River a good deal of cotton has been held
back on a falling market. Latterly, too, the decline in
wheat has affected cotton to a greater or less extent; also
the fall in sugar and coffee, sugar being down to a new
"low." A decline in silver in the fore part of the week had
more or less effect; it certainly did not help matters for
Lancashire, already hard hit by the falling off in its Far
Eastern trade, through the decreased value of the Oriental
fairly
c
THE CHRONICLE
574
New
—
.
.
active
buying medium.
Latterly, too, American retailers have seemed to be well
enough supplied with cotton goods for the present. Meanwhile the stock of cotton at New York is steadily rising.
It has been many years since the certificated stock here
has reached the present total of 78,651 bales. The total
stock in New York at one time was 103.396 bales against
It all tends to make
50,818 at the same time last year.
New York more of a natural or commercial cotton market.
And that, of course, is just so much to the good. At the
same time it lui>! a more or less depressing effect on prices,
especially as it i- intimated that further shipments are on
the way to New York, partly, it i.s declared, with a view of
delivering on contracts from March onward. It is said that
there is an idea of tendering some of this cotton as far
ahead as October. Some 88,000 bales were delivered here
on March contracts, and it does not appear that any of it
has thus far been shipped out or otherwise disposed of.
The notion of most people here seems to be that a good
deal of this cotton may be retendered on March. That is
pure conjecture. Time alone will make it plain how near
Meanwhile, however, it is insisted
it comes to the mark.
that cotton can be brought from Texas and delivered here
on March at a profit. Finally there has been a great deal
of selling on the idea that the carry-over into next season
will be anywhere from seven to nine million bales, according to various calculations. If that is so, there vsdll have to
be a drastic cut, indeed, in the acreage to neutralize it. Liverpool, Wall Street, uptown interests, local traders and
others have been selling. Latterly the South has sold more
freely than for some little time past. In some cases spot
interests have been reported as selling March and buying
May. Some of them have been selling, it appears, in Liverpool in undoing straddles.
On the other hand, the short interest here is undoubtedly
increasing. Many believe it to have become very large on
the recent decline of some 3 cents per pound. Latterly, too.
[Vou
has advanced 3Vid.
silver
And
I>ondon.
in
112.
at
IiiveriK>ol
limes has reported a better sjM)t demand. What is more.
.Viiicricnn trade interests have latterly heen steady buyers
on all declines. .Taiianes*' interests are also understfKxl to
have bought. This has attracted the attention of elos*^'
watchers of the trend of the trading. Since Jan. 1. 100
Southern cotton mills have resumed work. lioston has reI»orted that textile industries in New England have recently
sliowed a marked iniijrovenient. The output has increased,
and also it is declared the demand. At the Australia wool
.sales Americans have been keen bidders and jirices have at
times advanced to some extent, though latterly a little easier.
Where they have not advanced, however, the.v have.
as a rule, been firm.
Then there is the question of the
reduction in the acreage. Feltruary 10 has been designate<l
\>y the (iovernor of Cieorgia as the date on which he re(luests farmers, bankers and business men generally in that
State to assemble In mass meetings and to consider the
(piestion of reducing the cotton acreage.
The recent decline in prices of $15 a bale, it is suggested, maj- apply a
goad to this movement that will tell. To-<lay i>rices advanced, with Liverpool higher, and the technical position
stronger.
Liverpool
Shorts covered more or less freel.\.
bought Jul.y. Japanese interests were buyers. And the
American trade, including mills, bought to a certain extent.
Less was said about the German indemnity. The matter
Prices are 106 to
is expected to come up again on Feb. 28.
108 points lower on March and May for the week. Spot
cotton ended to-day at 13.85c. for middling, a decline for
the week of 90 points.
The official quotation for middling upland cotton in the
New York market each daj- for the past week has been:
Mon. Tues. Wed. Thurs. Fri.
Jan. 29 to Feb. 4
Sat.
Middling uplands
14.30
14.75
14.15
14.15
NEW YORK QUOTATIONS FOR
13.60
13.80
YEARS.
32
The quotations for middling -upland at New York on
Feb. 4 for each of the past 32 years have been as follows:
12.95
10.00
14.65
14.90
9.88
.. 8.31
-. 6.31
... 5.94
1897 .c...
1896
1895
1894
1893
1892
1891
1890
1905-C...... 7.60
.-16.25
1904
1903
.. 9.00
1902
.. 8.25
990
13.85 1913.
37.55 1912
27.45 1911
31.50 1910
14.60 1909
12.00 1908
8.70 1907
12.7511906
1921-C
1920
1919
1918
19'7
1916
1915-.1914.--
-
1901
11.85 1900
11.00 1899
.11.45 1898
...
..
...
..
.-
7.31
8.25
5.62
7.94
9 38
7.44
9.25
-.10.94
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot
Saturday
Quiet,
Quiet,
Quiet,
Tuesday
Wednesday. Quiet,
Thursday .. Quiet.
Quiet,
Friday
Monday
Market
Closed.
SALES.
Futures
Market
Closed.
unchanged-.
45 pts. dec.
15 pts. dec-unchanged..
Spot.
51,700! 51,700
2001
200
Easy
Steady
Verj- steady
Barely steady.
55 pts.
25 pts. adv.. Steady
dec
61,900; 51,900
FUTURES. — The highest,
New York for the past week
lowest and closing prices at
have been as follows:
Monday, Tuesday, Wed'day. Thursd'y
Saturday,
Jan.
29 Jan.
31.
Feb.
1.
Feb. 2.
Fed. 3.
14.37
Closing
—
March
Range
— 13.85
14. 47- .67 14.00-
14 .52-. 53 14.00-
Closing
—
Range
Closing
Mai/
14.60
—
Range
—
13.70
— 13.70 — 13.05 — 13.28 —
13.8214.11-
13.97
13.30
13.9714.17-
— 13.60 —
13.5213.52-
June
Range
Closing ...
July
—
Range
Closing
August —
. .
15.00
— 14.38 — 14.26
15.10- 35 14.5014.55-
15.12
14.1714.42-
. -
. .
15.30
Range
Closing
—
Range
Closing ...
November —
— 14.67 — 14.51
14.65
14.25
14.16
14.20
14.38
14.83
14.67
14.58- .90 14.2014.22-
14.82
— 14.82 — 14.40
14.37
14.20-.62 14.20-/65
14. 52-. .54
14.60
— 14.40
—
. .
15.51- 65 14.94 -.50 14.67 -.87 14.77- .05 14.42- 80 14.50-.68 14.42-.' tV5
14.40
14.95
14.68
14.97
14.79
15.42
—
Range
Closing
1150.
—
— 14.18-55
—
— 14.20-.25
—
15.35
—
—
13 90-.33 13.90-/35
14.20
. .
Range
Closing
—
— 13.98 —
Range
Closing
—
14.53
15.38 -.65 14.75-.35 14.4714.83
14.67
15.35
13. 50-/0.5
13.93-.07 13.93-07
14.03
— 14.45
14.63
15.20
—
— 13.78
14.30- .61 13.9313.95-
14.50
14.53-
Closing
September
December
14.34
13.50-95
I3.S0-S1
14.15
14.23
Range
January
JiVei-
13.53-.00 13. 63- .98 13. 16- .60 13.10-57 13.10-/67
13.85-.87 13.84- .85 13. 18- .23 13.40-44
— 14.03 — 13.91
14.78- .05 14.2014.2314.82
Closing
October
Friday,
Feb. 4.
—
Range
A pril
Total.
Barely steady
Total
February
CoTitr't.]
•
14.75
15.15
15.07
—
'14..52
14.58-.S0 14. .58-. 1-5
14 .SO
—
/14c.
THE VISIBLE SUPPLY OF COTTON
to-night, as made
Foreign stocks, a.?
as follows.
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
uding in it the exports of Friday only.
up by cable and telegraph,
is
THE CHRONICLE
Feb. 6 1921.]
Febniaru ^—
Stock at IJverpool
Stock at Ixjndoii
Stock at Maucheeter
1920
1921.
bales. 1.024. 000 1,007.00(1
5.000
88.000
1019.
01.000
4K2.000
21.000
03.000
573,000
I'fbruaru 4
.Shipped
566.000
Iti.OOO
.1.117.000 1.257.000
29.000
152.000
1»7.0(MI
231.000
13.000
'90,000
87.000
147,000
46,000
Total Groat Britain
Stock at (Jhent
Stock at Ureinen
Stock at Havre.
Stock at Kotterdam. &c
Stock at UarceloDA.
Stock at Genoa.
Stock at Trieste
1920-21
1918.
496.000
10,000
ISO 000
117.000
2.000
1 1 1
38.000
Via
Via
Via
Via
Via
Via
Week.
29.320
8.966
2.796
Louis
.Mounds. &c
St.
Bock Island
524,000
209,000
468,000
6,579.489 6,243,514 5.162 ,938 4,672,031
Total visible supply
Of the above,
American
Uverpool -slock
—
totals of
American and other descriptions are as
1.412,294 1.404,240
1.738,118 1.264.216
305 000
34 000
*179 000
377 .305
1.378 868
1.499 537
•178.000
140.000
,450,025
,278,499
20,719
18 ,228
21,507
648.000
78,000
459.000
433,377
bales.
Manchester stock
Continental stock
_..
American afloat for Europe
U. 8. port .stocks
U. S. Interior stocks
V. S. exports today
Total American
BUist Indian. Brazil, &c.
Liverpool .stock
London slock
Manehiwter stock
Oontiuenlal stock
India aHoat for Europe
—
30,700
376,000
5,OO0
10,000
65,000
66,000
67,000
218,000
973.000
1.36,000
398.000
639.339
309,000
21.000
191.000
16,000
27.000
*30,000
13,000
64,000
380.000
*650,000
208,000
10.000
44.000
70.000
57.000
99,000
224,000
750.000
173.000
21,000
39,000
29,000
93,000
345.000
*540,000
'
.243,514 5.162,938 4.672,031
17.05d.
23.00d
27.72d.
37.80c.
25.00c.
31.70c.
30.79d.
83.,50d.
.30.56d.
34.00d.
38.00d.
47..50d.
24.35d.
21.75d.
17 I7d.
17.42d.
22.00d.
24.60d.
Estimated.
Continental imports for past week have been 61,000 bales.
The above figures for 1921 show a decrease from last week.
of 44,397 bales, a gain of 335,97.'> bales over 1920, an excess
of 1.41G,o.'->l bales over 1919 and a gain of 1,907,458 bales
over 1918.
AT THE INTERIOR TOWN'S
movement— that
the
169.774
4.984
2,348
12,313
58.844
819,274
61.828 1,269.028
6,428
793
10.218
74,820
14,176
142,646
—
Ac. .
the receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night and the same items for the
corresponding period of the previous year is set out in
detail below:
—
.
M»->ement to Feb. 4 1921.
Townx
ReceiTHS.
SMp-
Slocks
Feb.
me ntf
Wee*.
.\la..
Eufaula..
1«
Montgomery
|
Selma
.\rk.,
:
Helena..
Little
Rock.
Pine Bluff...
Ga., Albany. .'
157
149
1.926
3.075
5.359
.
2,102
2,601
3,936
.-Vthens
Atlanta
.\ugusla
Columbus..'
Macon
J
Rome
473
4'>4
Ml8S..Columbusi
Clarksdale ._
462
835
4-3
3.Q0S
Greenwood
1,477
i
La.. Shreveport;
Meridian
Natchez
275
"282
^'icksburK
Yazoo City
509
Mo., St. I.ouls 31.884
X.C.Gr'usboro
.524
.
.!
RalelRh
Okla., AUu.i...!
Chlckasha
164
3,081
2,579
Hugo
Oklahoma
SO, Greenville
Greenwood..
Tenn., Memphis
Nashville ..
Tex., .Abilene.
Brenham
1,08.5
2,292
542
32.959
2,49r>
95
Clarksville ..
Dallas
Honej- Grove
Houston
Season.
8,095
45.972
29,827
37,747
138.728
101.539
10,266
106,045
94,659
269,109
31,963
31.309
23,3S1
71.366
7,888
95,328
85,449
20,726
18,738
11,542
26,633
Week.
.
Week.
Season.
70
11
5,211
64,407
99.
181 17.794
2,570 17.7971
4.373 Oi.437|
...
121
35,733;
498
26,916
324
399
3,779
6,000
162.482:
3,699
1,7821 81,111;
6.5041
I
I. .571
.5<.»,897|
4,232 30,0971
6,30711.59,0061
246; .'.1.435'
r,r,o\ IS. 497
/>S7|
7,896i
3,096
6,991
7,642
2.50
3,467
500
L«6| 04,0371
1.034
263
3,338
4,604 81,928
117
2,552
56,.575
500
346
.3,568
544 13.246
8,734
345
3,120
9,9^)2
59
1,3321
2,084
"soo
4,335!
40
242
17..54S|
3,150
882
9.190|
364,094 48,713
20.286
2.100
4,1,38
600
26. .540
1,900
12,100
22.7.'")0
.i.'U
20,900
.993,03.-,
64.1,50
3,401
3,499
San
700
4.23
77.956
36.007
86,322
465
3,960
Toi:U. 41 towiisl70.6< '4.s^n.:i-0 ISO..}
*
ments
Week.
679
56".24S
.A.ntonlo
Ship-
Receipt.'!
Last year's figures are for Cincinnati
7.'.SilS
167.537
,39.330i
9,163;
128. .576
199,032
437,416
33,974
206,244
47.290
67.845
103
4,300
6,250
10.563
815
7.200
1,000
1,8,88
Stocks
Feb.
6.
2.773
16.369
3,381
7,687
51.601
34,000
2.261
42,106
34.643
173,525
19,500
42.171
12.,500
.52.905
3,481
16,2.58
1,436
112,230
3,757 43,.-)61
99,138
2,400 27.300
7.271
32,186
2,575
10,0.34
24,789
38.5 10,283
16,540
509
9.940
32,268
518.727 19,733
8.217
.33,173
900
7,500
371
9.172
50
23.987
28.451
106,281
14.836
4"..397
783,0291
1.3131
44„5.53
5,910
36,742
.58,975
604
3.444
5.247
3,958 38.075
8.165
43.240 290.728
995
4,183
"soo
40
2,201
545
7,828
1,834 17,326
474
28,729
236.303
6,071
1,893
124,121
61,509
169,270
8,920
231,642
16.884
334.900
587.632
34.944
934.128
movement by rail to Canada, a Revli>ed.
foregoing shows the week's net overland moxeiiient
has been 41,40.') bales, jigainst 34,944 bales for the week last
\»'iir. aiitl (hat for the season to date the aggregated net overland exhibits a decrease from a year ago of 346,496 bales.
*
Including
The
1920-21
Since
In Sight and Spinners'
Aug. I.
Takings.
Week.
KewlptsatportstoPeb. 4
149,437 4.100.172
Net overland to Feb. 4
41.405
587,632
Southcrnconsumptlon to Feb. 4.0 46,000 1,632,000
Total marketed
Oame
Total
Into .sight during
in sight Feb. 4
6.319.804
878,177
236.842
*15.792
Interior stocks In excess.
week... 221, 050
Since
Aug.
I.
4,824,870
934,128
1.886.000
287.829
7.644.998
462.169
•8.882
278,947
8,107,167
7,197.981
Nor. spinners' takings to Feb. 4.. 66.328
*
1919-20
Week.
179.885
34,944
73.000
1,026,493
53,687
1,773.298
a These figures are consumption- takings not
Decrease during week,
available.
Movement into
—
Week
sight in previous years:
Bales.
.Since Aug.
I
1919 Feb. 7
1918 ••
8
•*
I9"7
9
Bales.
1
.217.112 1918-19 Feb. 7
" 8.
161.354 1917-18
" 9
171,47511916-17
7,314,910
8,423.741
9.660,383
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton on
Week ending
Galveston
New Orleans
Mobile -
Savannah
Norfolk
Baltimore
Philadelphia
Saturday.
Monday. Tuesday. Wed- day.
Thursd'v.
14.00
14.25
14.00
15.00
14.00
February 4.
13.50
14.00
13.75
15.00
13.75
15.00
14.55
13.75
13.00
13,25
13.00
14.00
13.00
14.00
13.85
13.00
14.00
12.00
12.40
13.75
11.85
15.00
14.00
14.50
13.05
Augusta
Memphis
13.50
13.75
13.50
15.00
13.50
14.50
14.40
13.50
14.50
12.45
13.00
14.00
12.45
14..50
12.65
13.00
14.50
12.60
Houston
13. .50
Little Kock ... 14.50
Port Worth
13.50
13.60
13.95
14.00
13.50
14.00
14.40
13.50
14.00
12.45
13.00
13.75
12.45
Friday.
13.00
13.25
13.00
14.00
13.00
13.50
14.10
13.00
14.00
12.30
12.65
13.75
NEW ORLEANS CONTRACT MARKET.— The closing
quotations for leading contracts in the New Orleans cotton
markets for the past week have been asfoUows:
Saturday, Monday, Tuesday, Wed'day. Thursd'y.
Jan. 29. Jan. 31. Feb. 1.
Feb. 2.
Feb. 3.
!
February
— 13.57 — 13.30
14.05
March
Friday.
Feb. 4.
—12.71 —13.05
13.43
—
14. 17-. 19 13.69-. 72 13.42-.44 13. 55-. 59 12.83- .85 13. 15-. 17
14.37-.41 13.85-.90 13.65-.68 13.78-.81 13.06-. 10 13.36-.40
14.62-.65 14.09-. 13 13. 89-. 93 14.04-.05 13.35-.38 13.61-. 66
May
July
October
14.85-.91 14.26-.33 14.18
14.95-.97 14.36
14.28
—
December
—
Tone
Spot
Options
Steady
Steady
— 14.29 — 13.62-.69 13.91-.95
— 14.39 —,13.72 —14.06 —
Quiet
1
Steady
Steady
Quiet
Steady
Steady
Quiet
Bar. st'y
Steadj-
Steady
WEATHER REPORTS BY TELEGRAPH.— Our
tele-
graphic advices from the South this evening indicate that
the temperature has been seasonable during the week and
rain light as a rule where there has been precipitation.
From Mobile we are advised that farm work is progressing
slowly, fertilizer sales are small and there is much talk of
reducing acreage 25 to .50%.
Rain.
Abilene. Texas
Dallas
1
Corpus Christ!
1
Rainfall.
day
day
San Antonio
1
al veston
Shreveport
Selma Ala.
1
ii
]
3
..3
2
2
.
Ga
Charlotte.
N.
l.-TO in.
dry
dry
Palestine
Mobile
Savannah.
0.16 in
dry
C
day
day
day
days
days
days
days
high
high
high
high
high
0.04 in.
0..52 in.
0.06 in.
0.20 in.
0.46 in.
0.39 in.
0.22 in.
high
high
high
high
high
high
Thermometer
low 28 mean
low 30 mean
low 50 mean
low 30 mean
68 low 40 mean
low 40
64 low 46 mean
low 30 mean
71
64 low 29 mean
74 low 35 mean
low 37 mean
71
54 low 28 mean
.54
62
72
66
44
46
61
48
54
55
51
46
52
54
41
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
19.'(>-21.
1919-20.
Week and Season.
4.891
Week.
Season.
Week.
Season.
,460,523, 44.438 216,672
105,523
39.301
36,300
r,.!46..-.S8
1
,934
800
2.400
14,384
2,800
19,500
176.419 1?64216
"
The above totals show that the interior stocks have decreased during the week 1.5,792 bales and are to-night 473,902
bales more than at the same time last year.
The receipts at
all towns have been 3,144 bale? greater than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1. —We give below a statement showing the
movement for the week and .since Aug. 1 as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
overland
120,.569
17,439
Del Rio
Yi.b'sh]
71.9.36
Leaving total net overland*... 41. 405
6 1920.
5.658,
916
99.156
33,.'")6S
to Feb.
275 32.6011
Paris
Fort Worth*.
i.
Movement
34
299
14,263
2,304 18,140
94
398.,52 7 29.320 25,8.50 20,611
11.042
1,864
6.132
600
.351
3,197
131
32
48,332
3,429 16,694
.39,134
2,703 10.869
6.534"
281
17.700
47,843
8.768
!..56l
2,000
39,457
3,449 15,365
3,792
15.851
224 13,042
558.315 33,7.54 382.875 43",784
'830
Total tobe duduclod
Dallas
is,
13.448
61,029
4.876
11,643
Overland to N. v.. Boston,
let wtH-n Interior towns.
Inland, Ac, from South
*3 1.000
1,780,000 1,462,000 1,371.000 1.271,000
4.799,489 4.78..514 3,791,938 3,401,031
Total visible supply
6.679,489
Middling uplands, Liverpool
8.35d.
Middling uplands. New York
13.85c.
Egypt, good sakel. Liverpool
20.00d.
Peruvian, rough good. Liverpool. le.OOd.
Broach, fine. I^lverpool
8.50d.
Tlnnevelly, good. Uverpool
8.90d.
*
859,000
862
Virginia points
other routes, &e
I>i(li(Cl .Sliipiiirnl.i
4,799,489 4,781,514 3.791,938 3,401,031
Egypt, Brazil. *c.. afloatStock in Alexandria. E(?ypt
Stock in Bombay. India
Total East India. Ac
Total American.-..
follows;
138,453
15.760
37.856
1.
a521.819
314.860
Total gross overland
209,000
782,000
775.000
Total Europoan stocks
1,641,000 1.725,000
13.000
29,000
57,000
India cotton afloat for Europe...
66.000
377.305
140,000
699.339
-American cotton afloat for Europe 433.377
61.000
93,000
99.000
Eg>'pt,iJrazil,&c.. afloat for Eur e.
07,000
3.S0,000
345.000
224 .000
218,000
Stock in Alexandria, KKypt
750.000 »6.50,000 540,000
Stock in Bombay, India
973.000
Stock in U. H. ports
1.412,294 1,404,240 1,378.868 1,4,50,025
Stock in U. S. interior towns
1.738.118 1,264,216 1 ,499. ,537 1,278,499
18.228
21.507
20.719
U. S. exports to-day.
30.700
Sines
Aug.
Week.
al9.733
11,688
Ann. I.
385.495
1.264
lA>ulsvllle
I
Total OontlnenUl Stocks
1919-20
Sines
—
.000
3.000
69.000
26,000
,52.000
.
575
,
supply Jan .28.
6,623,886
%
Visible supply Aug. 1
American In sl(?ht to Feb. 4
22"f,6.50
Bombay receipts to Feb. 3
660,000
Other India shlpm'ts to Feb. 3..
64,000
Alexandria receipts to Feb. 2..
67,000
Other supply to Feb. 2*
620,000
Islble
Total supply
Deduct
Visible supply Feb. 4
6,579,489
4.
Of which American .
Of which other
Embraces
4,792,018
8,107,167
1,325,000
212,000
669,000
118,000
6.935,936 13,799,238 6,616,769 15,223,185
—
Total takings to Feb.
.-6.159.822
4.956.257
278.947
7,197.981
921.000 139,000
16.000
144,000
19.000
410.000
4,000
170,000
a..
.
356,447
243.447
113.000
6,579.489 6.243.514
6.243,514
375.255
219.255
6,5->5.671
1.54.000
2.454.000
7,219.749
5.383.749
1.836,000
8,979,671
Europe from Brazil. Smyrna. West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,632,000 bales In 1020-21 and 1,886,000 bales In 1919-20
takings not being available and the aggregate amounts taken by Northern
and foreign spinners 5.587,749 bales In 1920-21 and 7,093,671 bales lu
1919-20, of which 3,751.749 bales and 4,639.071 bales American.
receipts In
— —
6
Estimated.
.
.
.
.
.
THE CHRONICLE
576
BOMBAY COTTON MOVEMENT FMOM ALL PORTS
[Vol. 112.
ItKlNSWICK— To Liverpool -Jan. 28—Oranlan. 400
— KuHhIma Maru,
TAC:OMA— To Japan — Jan. 20— AJabair.a Maru. 3,005 -.1.1
8,600.
HKATTLK- To Japan— Jan.
1020-21.
Jan 13
ficcftpts at
—
Bomhav
Ave.
59 000
1918-19.
1919-2V.
Since
Week.
Since
Aug.
Week.
1.
735.000
I.
823.000
91,000
A uffust
Since
Aug.
I
Oreal
Conti- Japa-iABritaii. nent.
China.
Great
Total.
Japan
Contlnent.
Britain.
China.
Total.
w
3.000
17.000 2(1.000
70.000 70,000
34,000 3.0,000
0,000
1919-20
191,S-H)
Oilier Inillii:
1.66c
1920-21
1919-20
191S-19
H.OOO
294.000
209.000
14.000
33,000
10,000
491.000
897.000
321.000
183.000
n.';.''.,ooo
LOO. 000
01.000!
9.066
2,000
2.00C
2,000
.{.000
1.000
3
14
000
000
.000
19,000
2,000
.'.,000
26,000
99.000
3,000
88 0001
1)0 .0001
1
1
2.000
125,000
17H,000
7,000
26,:'<77
6,7.52
1;L887
s'ose
41.655
13,960
Orhans...l8,0.'Jl
244
12,231
2'.203
9,120
,)acksonvilIe
,'j.oor
non
•>
2,->.000
382.000
209.000
r,2.0f)ii
0.000 17,000 29.000
2.000 79,000 84,000
•> non
r^n fxifi 40 000
fi.OOO
2110.000
03.0001
IS.'^.OOO
12,000
016.00'J
7.^4.000 1,07,5,000
22s. OCO
12 and for the corresponding week
the week endinfj: .Jan.
of the two previous years:
Savanii.-'h
Brunswick
January
Receipts (.canlars)
This week ..
Since Aug.
Total
63,581
1918-19.
1919-20.
.
198,679
4,500,940
11,5,.590
2,348„557
.
Since
Week.' Aug. 1.
22.5,952
3,510,34.3
Since
Week.' Aug. 1.
Since
Week. Aug.
1,
121 175,793 16, 724 127,164
67,021
6.428 102,761
45,901
4,048 71,214
5,.500: .58,033
11,792
75! 14,503 34,603 167,629
49,059
42.238
—
MANCHESTER MARKET.— Our
report received by
cable to-night from Manchester states that the market is
easy for yarns and quiet for cloths. We give prices for today below and leave those for previous weeks of this and
year for comparison:
8M
cop
of the week.
.Sales,
Jan.
7
14
»4
21
21
fd,
20 H
&>
@
19K
s
26 H
26 »4
25
25 ^
25
01
2m ©
22
28
4
t"
d
29
29
2fi«
26 J^
®
21H
Co'.'n
cmmon
Mid.
Vvls
<
Fintst.
d.
B.
6
20
@23
@23
@22
19 6
@21
6
19 6
19 6
19
18 6
18
@21
6
21
21
6
©20
(5'20
d.
11.42
10.68
9.54
8 65
d.
50
52
53
69
fc»
61
0>
63
64
&
54
Cof%
Mia.
lbs. Shirt-
Common
t" Finrst.
d.
&
a
JTitfS.
&
K
10.17 56
10.85 5R
9 35 57fe(
9.04 58
8.35 .58
64
(«>
K
66
C}
«s
68
05
70
c«
York, as furnished by Lambert
J4
Si.
d.
34
35
36 6
38
@38
38 4
39 6
39 6
40
40
@42
6 42
d.
Actual export
Forwarded
Total
st ock .
6
6
&A-1 6
f"43
6 43 6
28.79
28.66
27 66
28.31
27.72
(3,39
(940
®41
fi
rates for cotton
&
from
Inc., are
Fiume.
Hamburg,
Lisbon. 1.00c.
50c, Oporto. 1.00c.
Barcelona, direct, 85c.
Japan, 1.25c.
Shanghai, 1.2.5c.
50c.
161 ,000
117,000
The tone of the Liven^ool market for spots and futures
each day of the past week and the daily closing prices of'
spot cotton have been as follows:
Bomh.av, 1.75c. askerl.
Vla-Jivostok,
1.25c.
made
Total bales.
536
.Tan.
1
.536
800
26,377
6,645
107
1
To
To Ghent Feb. 3 Thurland Castle, 5,506
To Venice ^Jan. 29 Burma, 6.286
To Japan Jan. 29 Honoltilu Maru, 4,200
—
—
—
—
—
—
Maru, 2,300
Feb. 2
HOUSTON — To Liverpool— Feb. 3 —Median, 13,960
NEW ORLEANS — To Liverpool —Jan. 28— Custodian,
— Genoa
— Lansdowne, 300
—
—
—— ——
—West Brook,
6,702---Feb. 3 — West Zucker, 2,210
Feb. 3 — Canadier.
To Antwerp— Jan. 29 — Hudson, 798
1.465 --To Hamburg— Feb. 3— Sevre. 320To Genoa — Feb. 2 —Monte Grappa. 5,120- .Feb. 3 —Tonstad,
,
-
2,000
To" Leghorn— Feb. 3'— Tonstad, 2,()66
Ensley City, 7,588
To Japan—Feb.
MOBILE To Japan Jan. 29 Ensley City, 1,975
JACKSONVILLE To Liverpool West Hembrio. 1,999
SAVANN.-^-H To Liverpool Jan. 31— Ingold, 2,814
To Ha^Te Jan. 31 Hannlngton Court, 3,151; Lordship
Manor, 3,250
To Barcelona Jan. 29 Grof Khuen Hedervary, 3,533
To Venice Jan 29 Grof Khuen Hedervary 800
To Genoa— Feb. 1— Sori, 2.669
To Trieste Jan. 29 Grof Khuen Hedervary, 350
——
.
—
— —
—
——
—
,
2,550
8,246
27,123
5.506
6,286
6,500
13,960
1
3—
13,887
14,329-.-
To Manchester Jan 3 1 West Wauna 3 ,402
To Havre Feb. 3 Sevre, 244
To Bremen Jan. 29 Hudson, 2,999--_Jan. 31
.
Mo-
Saturday
.'.P9/.
Market,
Thursday.
Friday.
Quiet.
e-Hday
Quiet.
f
12:15
P. M.
More
demand
{
8.65
8.48
8.58
8.31
8.35
3,000
HOLIDAY
Sales
Dull.
Dull.
I
Mld.Upl'ds
3,000
5,000
3,000
4,000
Quiet
Ftaures.
Market
Quiet
/
13®20
9(cJ12 pts.
1
opened
advance.
dee.
to
pts.
I
Quiet unch.
pts.
decline.
Quiet 2 pts.
f
{
The
Wed'
Tuesday.
day.
Quiet
18@28
10
adv.
pts.
Quiet
4@8
to 3 pts.
decline.
Steady
pts.
Quiet
Easy
7fel0 pts. 17(5*23 pts.
decline.
3® 10
advance.
decline.
Quiet
3® 10
decline.
prices of futures at Liverpool for each
pts
decline.
pts
decline.
day are given
below:
Sat.
Jan. 29
to
Feb. 4.
February
I
d.
March
April
June
August
September
October ..
HOLI-
DAY.
d.
Wed.
Tues.
m
_
May
Men.
4
12)^: 12 "x, 12M
p. m. p. m. p. m.p.
d
12M|
m.p.
p.
d.
9.23 9.15 8.83'
9.42 9.32 9.081
9.50! 9.39 9.16
9.63 9.52 9.30;
9.68| 9.59 9.37
9.79 9.72 9.5l|
9.84 9.771 9.57,
9.89 9.83' 9.64
9.89 9.83, 9.64
9.86 9.80 9.611
9.84 9.78i 9.58
9.82 9.78 9.56
4
m
d
8.87
9.08
9.16
9.30
9.37|
9.51
9.57
9.64'
9.64
9.62
9.60
9.581
12Ml
p.
Thurs.
4
m. p.
m
12Ml
p. m.'p.
Frl.
4
m
d
8.55
8.79
8.87
9.00
9.07
9.311 9.20
9.38 9.27|
9.45 9.33
9.46 9.36
9. .54 9.46 9.34
9.52i 9.44 9.33
9.661 9.50 9.41 9.33
d.
8.93
9.16
9.24
9.38
9.45
9.59
9.65
9.72
9.72
9.70
9.68
d.
8.78
9.01
9.08
9.21
9.28
9.41
9.48
9.56
9.56
d.
8.66
8.90
8.98
9.11
9.18
12}i,
3.
4
m.p. m.
d.
8.70 8.45
8.93 8.74
9.00 8.81
9.12 8.94
9.18 9.00
9.32' 9.14
9.391 9.21
9.46 9.259.50 9.30
9.50 9.30
9. .50 9.30
9.50 9.30-
BREADSTUFFS
Piraeus.
Salonlca
Riga.
Reval.
— 28—Jomar, 800
GALVESTON —To Liverpool—Jan. 28 —Wayfarer, 24,955- --Feb.
3 — Indianola. 1,422
To Havre— Feb. 1— Hegira, 6.645
To Dunldrk— Feb. — Hegira, 107
To Bremen—Jan. 31 —Nils Uuer, 6,256---Feb. — Moimt
Evans, 8,661
Feb. 3 — ThurTo Antwerp—Jan. 28— Waxahachie, 1.349
land Castle, 1,201
To Barcelona—Jan. 29 — Cushnet, 2,500; Infanta Isabel, 2.100
_._Jan. 31 — Lackaw.anna Bridge, 3,646
Genoa—Jan. 28 — Monte Grappa, 15,368; Nobles, 11,755--
—
—
——
—
682,000
87,000
72,000
136,000
90,600
Jan. 28.
Feb. 4.
18,000
20,000
14,000
18,000
9,000
9.000
45,000
38,000
1.030,000 1,024,000
647,000
648. OfX)
18,000
23, OW)
14,000
15.000
139,000
89,000
decrease. 3 ,,301 bales; cotton:
I'eruvian. decrcise. 3.889 bales cotton; Afrlr-an. decrease. 2.026 bales cotton East
Indian, decrease, 1,79,'J bales cotton: total d.-?c-eaie. 11,612 bales cotton.
Amerlsan.
Increase. 21.677 bale< cotton; Esyptlan. Increase. 1.025 bales cotton; West Indian.
Increase, 2,975 bales cotton; total Increase, 25,077 bales cotton.
Net Increase,
14,065 bale.s cotton.
DecemberJanuary __
Gothenburg, S7c.
Bremen, 40c.
Tneste. 1.25c.
NEW YORK—To Genoa— Feb. 2— Duca degli Abruzzi,
—
45,fK)0
,037 ,000 1.068,000
634,000
63,000
61,000
afloat
November
reached 200,552 bales. The shipments in detail as
up from mail and telegraphic returns, are as follows:
Feb.
-1
Of which American
July
on a previous page, the
exports of cotton from the United States the past week have
Piraeus
. -
Of which American
d.
26.98
26.12
20.68
29.16
SHIPPING NEWS. —As shown
To
27.674 200.552
Uri't
8.
Burrows,
cents per pound:
as follows, quotations being in
Liverpool. 80c.
Manchester, 80c.
Antwerp, 56c.
Ghent, via Antwerp
Havre, 50c.
Rotterdam, 50c.
Genoa, 75c.
Chri.stiania, 87c.
Stockholm. S7c.
_
d.
("21 6
@21
d.
8
32s Cop
Tuist
COTTON FREIGHTS.— Current
New
32,000
21,000
4,000
46 ooo
-
American
P.M.
1919-20.
U>s. Shirt-
inas.
Twist
(&
w>
59.463
Jan. 21.
18.000
14,000
8.000
,/an. 14.
.Sales
Market,
1920-21.
2-l'4
400
3.005
8,606
cable from Liverpool we have the folloAving statement of the week's sales, stocks, &c., at that port:
4
17
,352
,
—
—
®
10.319
,336
LIVERPOOL STOCK TAKING.— Brazilian,
Total exports
5,575 163,833 45,200 517,397' 16,724 251,878
A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending Jan. 12 were
115,590 cantars and the foreign shipments 5.575 bales.
3 2s
1
3,005
8,606
26.118
13,397
Total.
6,500 103.227
13,960
7„588 49,477
1,975
1,975
1.999
16.567
..'.'.
Of which American..-
12.
To Liverpool
To Manchester, &c
To Continent and India.
To America
24
31
«
Total Imports
1920-21.
1
Exports (bales)
24
24
6,40i
400
Tacoma
Amount
Alexandria, Egypt,
d.
1,999
2,814
LIVERPOOL. — By
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON. — The following are the receipts and .shipments for
10
Other Europe
South.
Japan.
1 ,336
North
Seattle.
Total all—
1920-21
1919-20
19I«-19
Dec,
—
Ger-
many.
France.
M(>i)ile
-
lOJO 21..
last
Criat
Brilain.
Houston
N(
Note.
200. .5.52
particulars of the fongoing shipments for the week.
arranged in our usual fonn, are as follows
Galveston
<{•
siOOB
The
New York
ICiporlS
from--
400
3 OO.^
:i(;
Total
Since
Week.
1.
e»3.ooo
95.000
For the Week.
Bombay
.
14,629
3, 402
244
11,911
2.263
320
,120
2,000
7,.588
1,9(5
1,999
2,814
6,401
3,5.^3
800
2,669
350
Friday Night, Feb. 4 1921.
Flour has been duU and more or less depressed owing to
the continued decline in wheat. Besides, Northwestern
mills have been reducing prices.
Buyers have held aloof.
This policy has not been unsuccessful during the last six
months. They are buying in only small lots to supply their
actual needs for the time being. Prices under the circumThere has
stances have not only been w^eak but irregular.
been a good deal of reselling. And not a little business has
been done to all a])pearance without much regard to the cost
of wheat, in conjunction with the recent decline in mill feed.
Some miUs, it is pointed out, are less inclined to reduce prices
and that of itself tends to cause more or less irregularity in
quotations. At the same time the export demand is small.
Foreign buyers demur at pajdng even present prices. Recently Great Britain is said to have taken 5,000 bbls. of first
Canadian clears, but as a rule Europe has held aloof. MinneIn carload
apolis reports a decline of 15 to 35 cents per bbl.
lots, family patents w^ere quoted at $8 75 to S9 10 per bbl.
Wheat fell 17e. in two days at Buenos Aires and naturally
Chicago did not escape, though it did not break so badly.
In fact, on the 2d inst. prices there rallied some 4 to 5 cents.
A reported bank failure in Argentina had a disturbing effect;,
A Seattle dispatch said: "The
also one in Washington.
Central Bank & Trust Co. of Yakima, Wash., was closed
by the State Bank Examiner on Saturdav. Deposits had
decreased to $420,000 from $660,000. Loans to farmers,
who were unable to realize on their grain, are giA'en as the
cause." This, after the recent numerous failures of banks
And the export
in North Dakota, had a certain effect.
demand has been disappointing. At times there has been
To make matters w-orse, there
practically none at all.
have been increased shipments from Australia, Argentina
and India. This was supposed to indicate that the European
demand has been diverted from the United States, partlj-.
KB.
if
not
rilE
O 1921.]
largelj',
to lliosc counlriis.
At
oii«^
CilKOMCLE
time European
Argeutiiie wheat wa.s beinfj offiTod at
$2 05 c.i.f. Antwerp, the shipper assuming the risk of the
This had a disturbing hiok. Yet, superexport tax.
ficially at lea.st, the .statistical j)ositiou in tliis country looked
The visible sup))ly decreased last week 1 ,()(>t),(XKJ
bullish.
bushels, leaving the total onlv o4,'JrJ,(JU0 bushels against
Tlu> trouble was that
(iO,;^.'')(),000
bushels a year ago.
foreign nmvs and the lack of a sj)irited export demand took
India, Australia ami
the edge off American statistics.
Argentina seemed to be offering wlieat more freely. B«'lgium is said to be buying in Argentina, wliieh is underselling
f^ablis
stated
that
America.
Yet from the "high" on Jan. l.'i i)ric( s by Feb. 1 had fallen
roughly 80 to 32 cents. And some think that discounts a
good deal. On Feb. 1 too it was reported that Italy and
Holland had bought altogethr some 000,000 bushels at the
Gulf.
The next day Chicago advanced 4 to i3c. The
On that
Southwest(>rn offerings on Feb. 2nd were smaller.
day too Buenos Aires a(l\anced Al^^'. Big cash premiums
Stocks are decreasing
moreover were quoted at the West.
in this country.
To some tlie market looked oversold.
Evidently it was. The buying too by Italy and llolh'.nd
made shorts uneasy. The ])robable delay over the Fordney
Tariff bill and possibly o\-er the settlement of the Ciermany
indemnitj' are of course factors which militate against the
miirket.
But none the less the tendency to overdo the short
side to go no further is expected to cause sharp advances in
this country from time to time.
Cable advices stated thai Argentine export eis have decided
to offer wheat to Europe frcH' of tax.
The market in Argentina after a sharp break early rallied about 4 conts a bushel
owing to this decision and ])uying l)y export interests.
Arrivals of wheat in the United Kingdom continue very
small, but the Royal Commission reiterates that it will consider no offers of wheat until March, except offers of !Manehurlan and Australian. The Commission, it is apparent, is
determined to work down their present big stocks. The
flour trade in the United Kingdom is very slack.
The sodden
condition of the land caused by the mild weather has created
some anxiety in England. In France the crops are looking
well.
Spring cultivation has started and increased sowings
are expected.
In Germany the weather continues mild and
crops look satisfactory.
In Belgium the mild weather has
favored late sowings and, there has been some increase in
wheat acreage there. In Austria the snow covering is
satisfactory.
In Rumania additional seedings have been
permitted owing to the mild weather. In Hungary decontrol of grain is expected next season.
In Spain the crop
outlook is favorable.
In India the acreage planted to wheat has been reduced
In Argentina,
4.000,000 acres as compared with last year.
Belgium is re])orted as having purchased an additional cargo
of new River Plate wiieat, equal to 79s. per quarter of 4S0
pounds, the supertax not being mentioned, so that this will
be to sellers account. This price equals %\ 893^ a bushel.
The British commission on wheat supplies is said to have
sold to Germany a full cargo of Karrachi wheat, the price
being fixed at 75s. per 480 pounds, equal to $1 80 c. i. f. a
bushel.
The posting of Argentine grain quotations on the
Chicago Board of Trade has been stopped. President Griffin
declares that these purported quotations do not intelligently
reflect the supply and demand situation, but, on tlie contrary, are prices made through the medium of controlled
markets. To-day prices advanced, but they are sharply
lower for the week.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat.
Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts.Nom. Nom. Norn. Nom. Nom. 182M
DAILY CLOSING PRICES OF WnEAT FUTURES IN CHICAGO.
SnI.
March deUvery
Mon.
Tues.
1603^ 155
1503^ 148
cts.l62->i
Wed.
1.56>4'
Thurs. Fri.
152i-^
152
144
143
M3H 146K
Indian Corn dechued with other cereals. The weakness
in wheat was one causc>.
Large receipts were another.
Xote the fact that the visible supply last week increased no
less than 4,500.000 bushels against an increase in the same
week last year of only 79,000 bushels. This raised the total
to 14,297,000 against only 3,575,000 bushels a year ago.
Hedging sales against large receipts not unnaturally told
on the price. Not that it broke very badly at any one time,
still less that it followed wheat downwatd at the pace set
by that cereal. In fact at times prices acted rather steady.
Why? Because of a stronger technical oosition. The short
interest had grown.
At times it seemed a bit unwieldy.
Still the receipts last we.ek were double those in the same week
last year, i. e., 11,740,000 bu.shels against 10,420,000 in the
previous week and only 5,108,000 in the same week last year.
The cash demand has been poor. Nothing has been said
about export trade. It has not been a cheerful market.
Today prices advanced slightly, but they are down for the
week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
May
delivery
S/il.
No. 2yeIIow
cts.
83K
Moil.
81h'
Tues.
82H
Wed.
83
Thurs.
82K
Fri.
82JJi
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Maydelivery
Sat.
cts. esVs
Mon.
Tues.
64%
66M
Wed.
Thxirs.
Fri.
65'A 64H
67
67K
66Mi
Oats declined but they were not very greatly affected by
the lower prices of corn and other grain.
A new "low" however was reached.
Large receipts of corn had some effect
.luly
delivery
6414
66"^
65
67
577
on oats. At times, it is true, the price rallied noticeably.
E\idently there is a fair-sized short interest. The price is
only about half that of a year ago. But there is no disguising the fact that supjilies are large of oats and corn, that
I'orn lends to weaken oats, and that trade is poor.
There
has been no talk of «'xport trade and the domestic cash demand has been small. Finally, the visible supply has increased 7.")5,000 Inishels, as against a decrease in the same
week last year of 111.000 bushels. This makes the total
33,()32,(K)0 bushels, against 4,.'»,5(),000 at this time last year.
To-day jirices were higher. They end lower for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mun.
.Sal.
NO. 1 white
No. 2 white
Wed.
Tues.
54
Thurs.
Fri.
.53
5<H 53
53
52
52H 52
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
54
53
cts.54(u,.'>4Mi
53f" 53).i
Mon.
.Sal.
Maydnlivoiy
4n»
Wed.
Tues.
41
t'Jiurs.
Fri.
4114
4\H 4\
July dellvory
41^ 42H 42
42'A
42H
Rye declined sharply with other grain. It was more depressed than corn or oats.
Export demand has been absent.
Sympathy with a break in wheat has .also been plain. The
cts.
supply
visii)le
small, but the trouble
is
The
also small.
4\H
41H
'/»
demand
the
is
is
week 327.000 bushels,
•'\isil)le" fell off last
leavine it (mly 2,08;', ,000 bushels, against 19.194,000 bushels
a year ago.
But this failed to galvanize a market made
ai)athetic by absence of trade.
To-day prices a<lvanced
slightly, but are dedidedly lower for the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sal.
Mon. Tues. Wed. Thurs. Fri.
Maydelivery
cts. 139;^ 135
130Ji
130H 132!^ 130
delivery..
.July
The
llUi
118Ji 114Ji
113Ji 1105< 112
following are closing quotations:
GRAIN.
Wheat
No
Oats
I
2 red
1 spring
$1 82Ji
No.
Com
No. 2
Rye-
No
No.
No
I
Nominal
yellow
53
52
1
72f"t79
8;Kq.94
Malting
162J4
FLOUR.
Spring patents
Winter straights, soft
Hard winter
straights
Clear
Rye
flour
Corn goods, 100 lbs.:
Yellow meal
Cornflour
$865®
8 35®
8 65(5)
6 50®
8 50®
195®
195®
51
Barley
Feeding
$0 82Ji
No. 2
whit«
2 white
3 white
$0 15 Barlev goods
8 65
No 1
Nos
Nos
Nos
9 15
7 50
9 75
barley:
— Portage 87 25
3 and 4 pearl
2-0 and .3-0.-.
4-0 and 5-0. ..
7 50
7 15®
2,
— Carload
spot delivery
Oats goods
2 15
2 10
7 25
7 50
5
80®
6 !•
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
lieceipts at
—
Flour.
')bls.l9r,l'>x.
ChIe?,so
_
.-_
Mirineupoli.s-.
190.000
Mllw.aul;cKJ
Detroit
St.
26,666
.
1.5,000
.
49,000
18,000
1,810,000
Same wk.
366.000
373.000
I
4.487,000
3.628 000
936,000
5S7.00r
,5,040,000
1,S46,00C
533.000
764.000
l,e06,000
25.5.000
11,722,000
6,722,000
4,243,000
4,487.000
2(54,000
'\'.)
Si!iPeAii«.
2,666
22.000
236,000
142,000
212,000
.535,000
,549.000
.561,000
30,000
"20
12,666
15,000
74,000
LOU^OOO
4.57.000
w'-:.
99,000
7.5.000
.51,000
Indianapolis.
K-.ino
230,000
243 000
700,000
123,000
1.206.000
445,000
(>miha
'2]
lbs
000
.5.';.
'94,666
Total wk.
busb .4Slb!: bush.a&lbs.
12s. 000
1.461,000
303,000
72,000
,520,000
280.000
90,000
210,000
2.51 ,000
-.Vi
l.O.iO.OOO
-
Lotils
Pooria
KaiusasClty..
.
Hye.
Barlev.
Onts.
lbs. bu.^h
.'iO
6,047 000
410.000
280.000
2.468,000
021.000
80.000
47.000
Dulijlh
Toledo
Corn.
Wf.cat.
hush. e-Olhs. bush.
,5,121.000
4 ,,523, 000
—
.__ 17.10.'i.OOO 216.730.000 102,006,000 11,5.840,000 1 6, 0> 5 ,000 9. 53s .000
12..3'»7.000 •>o3,oo;,ooo 90,019,000 12.5,.342.000 20,010.00€ 20,359,000
'1 1 1 f, (inn RA4 4^4'!. nno lot; ao, pon 197 7-9 000 .14 7 '5 000 'T. •>:{•) .000
I<r.'0-21
I'l 10-20
l<n«.ui
.
Total receipts of flour and grain at the seaboard ports for
'-.^>•*J>P^>«>1P^
week ended Jan. 29 1921 follow:^'^
^^^^
the
—
Flour.
Wlieat.
Corn.
Oats.
Barley.
Rye.
Barrels
Receipts at
Bu.ihels
Bushels
Bus'-els.
Bushe's.
Bushels.
New York
203.000
67.000
44.000
13.000
813,000
510.000
413.000
313.000
470.000
428,000
925.000
1.000
80.000
1.5'7b.666
50,666
105.666
40,000
20.000
"5,66c
99,666
Total w'i. '21
Since Jaa.r21
573.000
1.967.000
5.119.000
25,627,000
">ok 1920 _.
ifvn r MO
2 n^O 000
164,000
52.660
1,220.000
89,000
190,000
1,000
44,000
308,000
136.000
140.000
41, oor
57,000
Me
Port land.
PhlladclDhla
.
Unltimore
Newport Xewt
Nfw Orleans
Galveston
Monlroal
.
Si
.
*
.
.loliii-
Boston
441.000
m-io"
do not
* Kpci'll)t.s
on
ttironjjli
The
ending
l.i !|.<
1
"
>t*
1,880,000
4„540,00f
609.000
364.000
.582,000
2, COS, oor
1,005,000
3,392,000
352 .oor
9'>4
1
—
Wheal.
'
Busheh.
Xew York
Po-'lan'l,
f^oston
w
ifm> ^
Corn.
OOP
New
1
23S.O00
446 000
Orleans for forelsni ports
•* < .- „ «/
^-
Bushels.
Oats.
Rue.
Barrels.
Bmhels.
Busi'e's
510,000
209,127 217.163
67.000
1.000
V.S7,000
1
Me
6b'2'666
,070,844
.
308.666
67,000
190 000
"40.666
'SB.OOO
'4. •>•>=>, 844
.
1.0'3 127 3^47.163
81 000 160.119
-!
N B
Touil week
\voi-i< in>o
.56"7".666
"
47"? .000
'
.
.
,
.
Peas.
Bushels Bushels
'
V,666
20,000
j
OrIe,ins
Galveston
Barley
week
27. .305 200.218
140.000
1,000
Baltimore
Newport News
660.000
000
3.2.5S
«•
'•^*
Flour.
P!illrtdelp!ili
St John
.548
3 340 000
.000
exports from the several seaboard ports for the
.Ian. 29 are shown in the annexed statement:
Erpyrts from
New
1.066
28,000
craln pa'iMnRltlirouph
i'"lui:i'
of la-li'-;.
,56,000
2,000
472.000
:<04 ono
1
1
KS.OOO
329,000
12.060
'
112,060
1
.000
1,1 90 .000
1
.079. 802
224
,305
S44.:".'9
34.000
69.000
47.660
030,218 4" 200
538 000 •>2?.070
1
.629
—
.
Tho
July
Week
1921.
—
KlnKdom. 125.773
UnllOfl
Continent
So. & Cent. Amor.
West
Bril.
Barrels.
Jan. 29
39.834
91.244
53,949
Indies
Other countries
The
1921.
Bushels.
224.000 07.3.52.210
3.797.841 155.307.1.80
Since
Jan. 29
1921.
July 1
1920.
Bushels
2,917.088
3.818.975
Bushels.
Bushels.
12.000
2.000
S.'i2.3!)0
000.207
2,000
2,881.704
9.000
478.513
10.500
22,557
4',009',386
'"280
700.813
29.709
13.789
229.019.449 1.013.127
114 504.701
81.000
7.012.377
1.797.039
3V,.363
1,004, 7 l.'i
r9b',666
347.103
8,.'",00.47!l
t. 225.844
100.1 HI 12.888.473
Total
Total .919-20
Week
Since
July 1
1020.
Jan. 29
2.2.32.849
3.832, 2.'i2
No. Am. Cols
Com.
Wheat.
Week
Sitxe
July 1
1920.
Barrels.
to
I.97:»,«fl'.'
05..'i43
world's shi|)ment of wheat and corn for tho
ending Jan. 29 1921 and since
shown
since
.July
1
week
1920 and 1919 are
in the following:
Com.
Wheat.
1919-1920.
1920-1921.
Ezporls.
Week
1919-1920.
1920-1921.
Week
Jan. 29.
Since
July 1.
Since
July 1.
Jan. 29.
Since
July 1.
Since
July I.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
9.202,000
1.182.000
Xorth Amer. 8.154.000 276.593.000 202.996.000
795.000
Russla
"
Danube
Vss'.ooo
39"."5"4b'.666 105"."428".666
2.8'20.66o
80.939.000
74.'70'6^666
20.158,000 64.471.000
864.000
4,624.000
230.000
lV9Vf666
200.666
l.b"64"666
1,750.066
9by.66o
.Argentina...
2,1.52.000
.\u.stralla
-.
India
Oth. countr's
12,077 000 341 145 000 374 800 000 3 815 000 91 840 000 77.6.38.000
Total
The
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 29 1921 was as follows:
visible
GRAIN STOCKS.
United States
New York
—
Boston
Philadelphia...
Baltimore
Newport. News
New Orleans.--'.
Wheat,
bush.
3,981,000
1,000
1.418,000
2,007,000
Galveston
3,040,000
3,730,000
Buffalo
5,4.58.000
Toledo
736.000
61.000
805.000
85.000
1.624.000
7.067.000
327.000
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
2. .537. 000
9.000
116.000
1,204,000
Indianapolis
Omaha
Corn.
bush.
272,000
Oals.
bush.
Barley
Rue.
bush
240,000
bush
1,031,000
14,000
330.000
515,000
4,000
3.54.000
1,022,000
244,000
45,000
415.000 2,157.000
204.000
713.000
160.000
30.000
6,432,000 11,790.000
617.000
831.000
43.000 3.016.000
4S6.000 8.397.000
430.000
9.59,000
1.085.000 1,416.000
304,000
376.000
552.000
422.000
950,000 1,329,000
83.000
366,000
1,000
453,000
884.000
2.000
19.000
794,000
1,000
6,000
103,000
225,000
281,000
2,000
2'8'.666
42.000
35.000
47,000
144.000
37.000
11.000
70.000
1.000
2.000
42.000
4r8".666
128.000
67.000
1.219.000
13,000
19,000
Total Jan. 29 1921
34.212,000 14.297.000 33.632.000 2,083.000 2, 728,000
Total Jan. 22 1921
35.878.000 9.788.000 32.877.000 2,410.000 2 805,000
Total .Jan. 31 1920
60.359 000 3,575,000 11,.5.50.000 19.194.000 3 ,217,000
Total Feb. 1 1919. -.130.613,000 5,549,000 30,.505.000 20.764.000 9 ,456,000
.Vnte.
Bonded grain not included above: Oats, 25,000 bushels New York, 460,000
Buffalo, 2,000 Duluth: total. 487.000. against 314,000 bushels In 1920: barley
New York 25,000, Buffalo 129,000, Duluth 1,000: total, 155,000 bushel--, against
38,000 bushels in 1920.
—
Canadian
Montreal
2.50,000
Ft. William &Pt.Arthur-16.027 .000
Total
Total
Total
Total
215,000
48,000
377,000
2,000
9,130.000
8.750.000
5.727.000
4.952.000
2.000
2.000
0.000
3,000
1.859.000
1.831.000
1,639,000
501,000
-.34,212,000 14,297,000 33,632,000
Jan. 29 1921.
Jan. 22 1021Jan. 31 1920.
Feb. 1 1919-
689,000
6.317,000
2,083.000
2.000
1.859.0 00
-19.373,000
-10.700.000
-10.704.000
-41.239,000
215,000
193.000
24.000
150.000
1
Summary
American
Canadian
Total
Total
Total
Total
.19.373.000
Jan. 29 1921.
Jan. 22 1321.
Jan. 31 1920.
Feb. 1 1919-
215.000
9.130.00
-.53.585.000 14,512.000 42,762.000 2.085,000
-.55„584,000 9,981,000 41,633,000 2,412.000
-.71.123.000 3.599.000 17,277.000 19.200.000
.171.8.52,000 5.099.000 35.4.57,000 20,767,000
2.728,000
4. .587.000
4.636.000
4.8.56.000
9.057.000
THE DRY GOODS TRADE
New
York, Friday Night, Fel). 4 1921.
General conditions have been about the same as noted
last week.
Business as a rule has been quiet, but this has
caused little surprise or disappointment, inasmuch as the
majority of conservative merchants had not expected the
marked activity of early January to be maintained for a
long period. It is true that the number of buyers in attendance is still unusually large, giving further evidence of the
continued need of goods in many quarters. Still, the majority are not disposed to operate unless attractively low
prices are named, and whenever a scarcity of any particular line becomes evident no disposition is shown to advance
bids in order to secure supplies. It is evident that jobbers
have been doing a fair business and that their sales are inThe fact that many of the recent buyers have
creasing.
returned after only a short absence would seem to indicate
that goods delivered on former orders have already been
distributed and that stocks of many staple standard lines
are still extremely meager. This fact is also demonstrated
by the many requests for express or fast freight shipments.
It is clear that the goods are wanted for immediate distribution. It is also clear that few if any buyers are willing
to commit themselves for deliveries running more than two
or three months ahead, making it quite evident that no
general confidence exists as to the stability of present
Of course, this cautious attitude is also traceable
prices.
to financial conditions and the prospective further decrease
in the country's buying power because of growing unemployment, reductions in wages, and the lower prices secured
Although commercial
for crops and other commodities.
[Vol. 112.
far from plentlfal, and banks are
restrictians in order to avoid a repetition of the unfavorable siieculative conditions that prevai]c<l eariy last year.
The bulk of pai)er Is still being discounted at T%%, although 7Vj% ha.s been accepted on a
few choice names and .short maturities, whereas on less deslrahle names
was demande<l.
iiioiiey is easier, it
still
Flour.
1
,
.
as bolow:
is
Eipons for Week
and Since
July
week and
tlo.stinatiou of those (exports for tho
1920
1
.
THE CHRONICLE
578
insisting on
i.s
still
many
8%
DO.MKSTIC COTTON (JOODH.— Reports on
business In
finished cotton goods still lack uniformity, but the market
on the whole is distinctly quieter. Mills and first hand
sollors have as a rule not lost confidence because of this
condition and generally adhere firmly to best previous
prices.
Among other sellers, however, competition for business has become more active and more willingness was
shown to work on a smaller margin of profit. In some cases
concessions of
to '/i cent from recent levels were offore<l, but the new prices as a rule did not prove especially
tempting to buyers, the majority of whom are evidently
disposed to defer further jjurchascs until they can be certain that the recent improvement in trade is more than a
temporary development. Needless to say, the lack of confidence Is traceable largely to the drop of raw cotton prices
to new low levels.
In some quarters it is said that more
interest is being shown in medium and lower price<l printed
and woven goods for early spring. Other reports state that
jobbers are inclined to defer receiving delivery of recent
purchases until general business conditions, and especially
the financial situation, show marked improvement. There
have been some claims of a better demand from cutters for
coloretl cottons, but these were by no means general and
came mainly from out of town. One encouraging feature
was the indication of a better foreign inquiry, several small
orders being reported from Latin-America. Gray goods have
been much quieter, with great irregularity in prices. Quotations on many sheeting and print cloth numbers show
variations of
cent. Largely because of the decline
to
in cotton, converters and other buyers have been limiting
purchases to their immediate requirements. At the outset
64x60s were held at 81-2 to 8% cents, but later spot goods
were sold at SM cents, and March-April deliveries at 8 cents.
Buying of April goods at the latter price was the feature
of the late trading. In spite of the inactivity in sheetings,
first-hand sellers quoted unchanged prices early in the
week, whereas second-hands were offering at concessions.
Subsequently the easier tone became more general. Heavy
goods, from duck up to the automobile specialties, were particularly dull and heavy.
While fine goods were also
quieter, a steady small business was reported in specialties
for converting and dress purposes.
A moderate business,
mainly small orders, was done in shirtings. The small
business in voiles was controlled by second-hands, who
were accepting J/2-cent less than Eastern mill agents. Some
holders named prices fully l^^ cent below the recent top
level.
Such sellers also did business at lower prices in organdies, drills and combed yams.
%
%
%
WOOLEN GOODS. — Reports
on the trade in woolens are
degree buying has been limited to
the covering of present requirements by those who had
deferred buying to the eleventh hour. Now the jobbers and
cutters who are buying are extremely anxious about getting
deliveries before Easter. It is evident that the recent drastic price cuts resulted in more active distribution than previously supposed. Some mills not only sold all the stock on
hand, but booked enough orders to absorb their output for
a month or two. In some instances complete exhaustion of
stocks is reported, while orders received for desirable goods
for early spring are far in excess of the prospective supply.
Tricotines and fine twills furnished the feature in dress
still
spotty.
goods,
To a
lar.ge
and when prices were especially attractive
fair ac-
developed in serges, coatings, especially plaid effects,
and velours. Fall business in dress goods develops slowly.
Although the lines opened were said to be of good value,
buyers were generally cautious. A few lines of men's overcoatings were opened for the new season, some fancy backs
being taken up in a fairly active way.
tivity
—
FOREIGN DRY GOODS. The burlap market has continued quiet, but a firmer tone has developed both on spot
and shipment goods. Early in the week light weights on
the spot were quoted from 4..50c. to 4.60c., but later some
holders asked 4.75c. -\t the start spot heavyweights might
have been secured at 5.35c., or possibly slightly less on a
firm bid, but later the general quotation was 5.50c. These
spot prices remained from 10 to 15 points below prices for
replacement in Calcutta, This basis advancing because of
Further unsettlement has
the strong exchange market.
been caused in the American linen market by advices from
the other side regarding prices prevailing in Belfast after
the abrogation of the minimum price list on Jan. 15. Substantial reductions in prices were reported, especially on
25s tow wefts, and as a natural consequence buyers here
became even more cautious than they had been previously.
Retailers and jobbers have shown some interest in spot
goods, but no noteworthy improvement is noted in forward
Representatives of foreign shippers have been
business.
advised as to prices on which business can be accepted, but
they hesitate to name these to domestic buyers, realizing
that the latter are sure to ask concessions from almost any
jirice quoted.
I
THE CHRONICLE
Feb. 5 1921.]
The above sales relate only to permaji»;nt long-term obligaAs far as temporary securities are concerned, there
were negotiated during the month of January loans of this
^he ^hxonitlt
tions.
HUDLISHEO WKKKI.Y
Terms
of Subscription
For One Year.
For Six Months
— Payable in
Advance
$10 00
6 00
European Subscription (Including postage)
European Subscription hIx months (Including postage)
Oanadlan Subscrlptiou (Including postage)
13 50
7 75
11 50
—
NOTICE Oa account of the Cluctuatloua In the rates of eichanfie, remittances for European itubscrlptlona and advertUements muat be made In
New York funds.
Subscription includes following Supplements
—
(monthly) Railwat & Indobtrial (seml-annuaUy)
Railway Earninqs (monthly) Electric Railway (semi-annually)
Statc and Oitt (seml-annuaUy) Bankers' Convention (yearly)
Bank and Quotation
Terms
On
—
—
45 cents
requeet
Chicaoo Opmcb 19 South La Salle Street. Telephone State 5594.
London 0»ficb Edwards & Smith, 1 Drapers' Gardens. E. O.
B.
character amounting to .$66,251,059, including $54,466,059
revenue bonds and bills, corporate stock notes and tax notes
of New York City.
Canadian bonds and debentures floated last month aggregated $21,987,886, including $10,000,00(J by the Province of
Ontario.
Below 'V\e furnish a comparison of all the various forms of
obligations sold in January during the last five years:
of Advertising
Transient display matter per agate line
Contract and Card rates
WILLIAM
DANA COMPANY,
Front, Pin* and Depeyater Streata,
January
1921.
—
%
85,908,806
•TfiiiDorary I'ns (U.S.) 06,251,059
Cunadliiii I'ns (perm't). 21.987,886
Honds ot U.S. poases'nM
None
Permjinout loans (U.S.)
Publishers,
New
Total..
York.
* Includefl
®itxj
^zpitxtmtnt
MUNICIPAL BOND SALES IN JANUARY.
The amount of long-term municipal bonds disposed of in
the United States during the month of Jaimary exceeded any
other total for that month. The aggregate for January, according to our records, was $85,908,806, compared with
$83,128,172 in the same month last year. The largest undertaking in the way of municipal financing in January was
the sale by the City of Detroit, Mich., of $15,876,000 bonds,
representing nine separate issues, consisting (1) of $3,818,000
53^4% sewer bonds; (2) $737,000 5?/2% municipal building
the
site bonds, both awarded to a syndicate composed of
Guaranty Company, the Bankers Trust Co. and Hannahs,
BaUin & Lee of New York and the First National Co., the
DelToit Trust Co. and Keane, Higbie & Co. of Detroit, at
par; (3) $970,000 53^2% fire-extension bonds; (4) .$225,000
building-site bonds to the same syndicate at 100.252;
5M%
(5)
lighting
New York City: <54.466,059 In Jan.
Jan. 1920, S32,730,000 In Jan. 1919, 922,700,000 In Jan. 1918
Jan. 1917.
temporary securities Issued by
111
iind $41,7.')0,000 In
The number of municipalities emitting permanent bonds
and the number of separate issues made during January 1921
were 193 and 262, respectively. This contrasts with 3*21
and 423 for January 1920.
For comparative purposes we add the following table
showing the aggregates of long-term bonds for January for
a
series of years:
1921..
1920
1919
1918
1917..
1916.
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
34. .503.088 1905
a84.(>03,094i 1904
30,414,43911903
25.265.74911902
$85,908,806
83.128,172
25,090,625
24,060,118
40,073,081
..»50. 176.099
i$78,510,275
16,319.478
29,318,403
10,942,968
10.160,146
8,307,582
1901...
$9,240,864
1900
20,374,320
1899
6.075,967
1898
8.147,893
1897
10.406.776
1896
6,507,721
8,436,2.'i3 1895
10,332,101
23,843.801 1894
7,072,267
15,941,796 1893
5,438,577
10,915.845 1892
6,352.000
* Including .S2.'),000,000 bonds of New York State.
a Including %r,\ .000.000 bonds of New York State.
X Including .SOO.OOCOOO Corporate stock of New York City.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
5M%
6% sewer bonds, (6) .$3,000,000
$1,402,000 53^% school bonds, (8) $1,(7)
374,000 5% school bonds, and (9) ,$350,000 53^% lighting
bonds awarded to Kuhn, Loeb & Co., HaUgarten & Co. and
Kidder,. Peabody & Co. at 101.515.
Other important issues
disposed of in .January were: Chicago, HI., $11,455,000 4%
bonds, representing nine separate issues, for muuicipal improvements, awarded to the National City Co. at 90.77, a
basis of about 5.37%; South Dakota, $7,000,000 bonds, consisting of $2,000,000 6% highway bonds, .$2,.500,000 6%
rural credit bonds and .$2,500,000 5J^% rural credit bonds,
to a syndicate composed of the Continental & Commercial
Trust & Savings Bank of Chicago and Harris, Forbes & Co.,
Halsey, Stuart & Co. and the National Cioy Co., all of New
York; Cleveland School District, Ohio, .$5,000,000 6% school
bonds, awarded to a syndicate composed of the Bankers
Trust Co., Guaranty Company, Kissel, Kinnieutt & Co.,
William R. Compton Co., Halsey, Stuart & Co., Inc.,
Stacy & Braun, Eldredge & Co., R. L. Day & Co., First
Trust & Savings Bank, Detroit Trust Co. and the Continental & Commercial Trust & Savings Bank, at 102.68;
Philadelphia, Pa., .$5,000,000 532% 30-year bonds awarded
to a syndicate compo.sed of Elkins, Morris & Co., Biddle &
Henry, Edward B. Smith & Co., the Commercial Trust Co.
and the Franklin Securities Corp., at 102.9199, a basis of
about 4.81%; Washington (State of), .$5,000,000 general
fund bonds to a syndicate composed of the Bankers Trust
Co., the Guaranty Company, Halsey, Stuart & Co., Estabrook & Co., HaUgarten & Co., WiUiam R. Compton Co.,
Stacy & Braun, R. L. Day & Co., Cyrus Pierce & Co.,
Carstens & Earles, Inc., Ferris & Hardgrove, Eldredge &
Co., and John E. Price & Co., at 100.636; Rochester, N. Y.,
$4,225,000 5% improvement bonds, awarded to a syndicate
composed of Brown Bros. & Co., the First National Bank of
New York, White, Weld & Co., and Kissel, Kinnieutt &
Co.; Yonkers, N. Y., $2,312,000 53^% improvement bonds,
sold to a syndicate comprising Estabrook & Co., the Guaranty Company, the Bankers Trust Co., Remick, Hodges &
Co. and Hannahs, Ballin & Lee, at 102.605, a basis of about
5.16%; Idaho. $2,000,000 5% highway bonds, awarded to
the National (Mty Co., E. H. Rollins & Sons and Hannahs,
and
1920.
1919.
leiH.
1917.
S
t
%
t
83,128,172 2.'5,090,625 24,060,118 40,073,081
49,S30.000 43.(5Sfl,0O0 30,477,979 52.454,4:^
15,019.357 6,872.367 6.3<J«,257 6.362,831
None
None
300,000
None
.174,147.751 147.977 .529 75,648.992 61,-206,351 98,880.134
1921, $45,190,000
^tnU and
579
$4,000,000
NEWS ITEMS.
bonds
&
Ballin
Lee, aU of New York, at 95.679; Medford Irrigation District, Ore., $1,250,000
irrigation bonds, sold to
P. W^elch of Medford at 99.00; Elizabeth, N. J., $1,173,000
6%
school bonds sold to the National State Bank of Elizabeth
at 102.174, a basis of about 5.29%; and Winn Parish Road
District No. 11, La., $1,000,000
road bonds, .sold to
Caldwell & Co. of Nashville at par.
5%
—
Maine. Governor Parkhurst Dies. After an illness of
about two weeks, Frederic H. Parkhurst, Governor of
Maine, died at the home of the late James G. Blaine, now
the new Executive Mansion, on Jan. 31.
Percival P.
Baxter, of Portland, who has been President of the Senate,
will succeed to the Governorship for the remainder of the
two-year term.
New York
State.
Amendment
to
Constitution to Extend
—
Indebtedness Proposed.
A resolution
proposing an amendment to Section ten of Article eight of
the State Constitution was introduced in the Senate on
Jan. 24.
It is proposed in the resolution, that the limitation
of local indebtedness be extended for the purpose of providing
a building for meeting places for the various organizations
composed of veterans of wars in which this country has
participated.
We print this resolution below .showing the
proposed new matter in italics and the old, to be omitted,
in brackets:
Section 1.
Resolved (If the Assembly concur). That section ten of
article eight of the constitution be amended to read as follows:
Limitation of local indebtedness. Sec. 10. No county, city, town or
village shall hereafter give any money or property, or loan its money or
credit to or in aid of any individual, a.ssociation or corporation, [or become
Limitation
of
Local
directly or indirectly the owner of stock in, or bonds of, any association or
corporation 1 except for the purpose of providing a building for meeting places
for the Grand Army of the Republic, the United Spanish War Veterans, the
American Legion, and other organizations composed of telerans of wars in
which this country has participated; nor shall any such county, city, town or
village become directly or indirectly tiie owner of stock in, or bonds of, any
association or corporation or be allowed to incur any indebtedness except for
county, city, town or village purposes. This section shall not prevent
such county, city, town or village from maldng such provision for the aid
or support of its poor as may be authorized by law.
No county or city shaU
be allowed to become indiibted for any purpose or in any manner to an
amount which, including existing indebtedness, shall exceed ten per centum
of the assessed valuation of the real estate of such county or city subject to
taxation, as it appeared by the assessment rolls of said county or city on the
last assessment for state or county taxes prior to the incurring of such
indebtedness: and all indebtedness in excess of such limitation, except such
as now maj' exist, shall be absolutely void, except as herein otherwise provided.
No county or city whose present indebtedness exceeds ten per centum of the asscs-sed valuation of its real estate subject to taxation, shall be
allowed to Deconie indebted in any further amoimt until such indebtedness
shall be reduced within such limit.
This section shall not be construed to
prevent the issuing of certificates of indebtedness or revenue bonds issu ed
in anticipation of the cx)llection of taxes for amounts actually contained, or
to be contained in the taxes for the year when such eertificat-es or revenue
bonds are issued and payable out of such taxes: nor to prevent the city of
New York from issuing bonds to be redeeme<l out of the tax levy for the year
next succeeding the year of their issue, pro\ided that the amount of sucli
bonds which may be issued in any one year in o.tcees of the limitations herein
contained shall not exceed one-tenth of one per centum of the assessed
Nor shall this
valuation of the real estate of said city subject to taxation.
section be construed to prevent the issue of bonds t<i provide for the supply
of water: but the term of the bonds issued to provide for the supplying of
water, in excess of the limitation of indebtedness fixed heroin, .shall not
exceed twenty years, and a sinking fund shall be created on the issuing of the
said bonds for their redemption, by raising annually a smn which will produce an amount equal to the sum of the principal and intercut of said bonds
.\11 certificates of indebte<lness or revenue bonds issued
at their maturily.
in anticipation of the collection of taxes, which are not retired within five
years after their date of issue, and bonds issued to pro\ide for the supply
of water, and any debt hereafter Incurred bv any portion or part of a city
if there shall be anj' such debt, shall be included In ascertaining the power of
the city to become otherwise indebted, except that debts inctured by the
city of New York after the first day of Januarj', nineteen hundred and four,
and debts inciured by any city of the second class after the first day of
January, nineteen hundred and eight, and debts incurred by any city of
the third class after the first day of January, nineteen hundred and ten
,
——
—
—
—
.
—
THE CHRONICLE
580
[Vol. 112.
to provide for (lie Rui)pl.v of water, sliull not be bo inrliuhxl: and (except further that, any (1(0)1 hca-afier incurred by the eity of Kvw ^o^k for a public
iniprovenienl owned or to b(' owned by the city, wliich yields to the city
current iicl reveMll(^ afier niakinK any ncu-essarv allowance for repairs
and maintenance for which the city is liable. In excf>.s8 of the Interest on said
debt and of the annual instalments necessary for its amorlizalion may be
excluded in nscerlalninK th(- power of said cily to become olherwise in(l(!t)t(?d
provided that a slnitiiiK fund for ils anion izai ion shall have been c.staljlished
and maintained and that the indebtedness shall not be os excluded durinK
any period of time wlien the revenue aforesaid shall not bo sufficient to
equal the said interest and amortization instalm(!nts. and ex(^ept further
that any in(lel)tedness heretofore incurred l)y lln^ cil.v of N(^w Yorlt for any
rapid transit or dock investment may bo .so excluded proportionately to the
extent to which the current net rev(!nue rec(^i\ed t>y said city therefrom
sliall ineet the interest and amortization instalments lii(>r(v)f. jjrovided
that any increase In the debt Incurrintr power of the city of New \'ork
whicli shall result from the exclusion of debts h(Telofore incurr(!d shall be
available only for the actiuisition or const ru(;t ion of pr()p(^rlies to be used
for rapid transit or dock purposes.
The leKislaturo .shall pr(!.scrlbe the
method l).v which and the terms and conditions under which the amount of
any d(^bt to be so excliuhvl shall be det(>rmined. and no such delit shall 1)(!
excluded except in accordance with the determination so prescribed. The
leRislaturo may in its discretion confer appropriate juris(licti()n on the
appellate division of the supn-me court in the first jvidicial (lei>arl nient
for the purpose of doterinininc the amount of any debt to be so excluded.
No indobt(MlnesK of a cit.v valid at the time of its incei)tion shall tlicicaricr
become invalid by reason of the operation of an.v of the provisions of this
section.
Whenever the boundaries of any city are the same as those of a
county, or when any city .shall include within its boundaries more than one
C(mnty the power of any counl.v wholly indudcjd within such city to become
indebted shall cease, but the debt of the count.v, heretofore existinR, shall
not. for the puri'osos of this section, bo reckoned as a part of the cit.v debt.
Tho amount hereafter to bo raised by tax for county or city purpo.ses. in
any county containinK a city of over one hundred thousand inhaibtants.
or any such city of this state, in addition to providing for the principal
and interest of existing debt, shall not in the aKKregate exceed in any one
year two per centum of the a.sscssed valuation of the real and personal
(»tato of such county or cit.v, to be ascertained as prescribed in this section
iu respect to county or city debt.
Resolved (if the As.sembly concur). That the foregoing amendSec. 2.
ment be referred to the legislature to be chosen at the next general election
of senators and in conformity with section one of article fourteen of the
constitution be published for three months previous to the time of such
1920, are hereby notified
that the following bond is called for payment at the banking
house of Kountze Bros., N. Y. Bond called is numbered as
follows: Bond No. 1 for $1 ,000.
Mabel Curtis is City Clerk.
The official notice of this bond call ivill be found among the advertisements
election.
elsewhere in this Department.
—
New York
Allorney-General Rules That Certain
State.
Railroad Bonds Are Legal as Savings Bank Investments.
We
are informed by the State Banking Department that Charles
D. Newton, Attorney-General of New York, has ruled that
the following bonds are legal for the investment of savings
bank funds:
Lake Shore &. Michigan Southern RR. SJ^s, 1998.
Michigan Central RR. 3Hs, 1998.
New York Central Debenture 4s, 19.34 and 1942.
New York Central Consolidated Mortgage 4s, 1998
Lake Shore & Michigan Southern Debenture 4s, 1928 and 1931.
Bill Proposing the Revision of New York City's Charter Introduced in Legislature.
A bill proposing that a commission
be created to revise the Charter of New York City was introduced in the Legislature on Feb. 2. A special dispatch
to the New York "Herald" from its Albany bureau dated
—
Feb. 2 said:
The bill creating
a commission on reorganization and retrenchment for
New York City, backed by the Brookljai Chamber of Conmierce, was introduced to-day by Senator Burlingame and Assemblyman Wells. The
commission is to be made up of two Senators, foiu- A.ssemiblymen and fifteen
citizens of New York.
The expenses, not exceeding $50,000, are to be
paid by the city. A statement given out in connection with the bill says
that the New York City liudget has grow-n in ten years from $174,000,000
to $345,000,000, the tax rate from $1 75 to $2 48, and the bonded indebtedness from .$840,000,000 to $1,232,000,000.
"The charter under which the city is operating," says the statement, "was
adopted twenty years ago. Since its adoption it has been amended in
more than 1 ,000 places vmtil now it has become a patchwork of confusing
and cumbersome details. Departments and bureaus are not properly
co-ordinating, functions are misplaced, duplication and overlapping exist,
and as a result there is much waste of effort and money in the administra^
tion of the city's business.
"The people of the city generally are convinced that an unprejudiced,
non-partisan commission appointed under authority of law and empowered
to make a searching and constructive stvidy of the origin of departments
and offices in the city government will find many places where offices, bureaus and departments can either be co-ordinated or functions redistributed
and where economies can be introduced in the administration of the city
,
affairs."
—
Pennsylvania. Amendment to Constitution to Provide a
Bonus for Soldiers Proposed. Among the bills introduced in
the Pennsylvania General Assembly is one which proposes
—
to amend section four of Article nine of the State Constitution so as to permit the General Assembly to authorize the
issuance of bonds in such amounts as may be necessary for
the purpose of providing a bonus for persons who served as a
part of the military and navl forces of the United States
during times of war.
print Section four of Article nine
below showing the proposed new matter in italics:
Section 4. No debt shall be created liy or on behalf of the State except to
supply casual deficiencies of revenue repel invasion suppress insurrection
defend the State in war or to pay existing debt and the debt created to
supply deficiencies In revenue shall never exceed in the aggregate at any
one time one million dollars Pro-vided however That the General Assembly
irrespective of any debt may authorize the State to issue bonds to the
amount of fifty millions of dollars for the purpose of improving and rebuilding the highways of the Commonwealth Provided further That the
General Assembly irrespective of any debt may authorize the issue of bonds
in svch amount as may be necessary for the purpose of providing a bonus for
persons who served as a part of the rnililary and naval forces of the United
We
States durinq times of war.
San
Francisco,
Calif.
—Propositions
to
Buy
Water
—
System and Issue Bonds to he Voted on at Special Election.
The Board of Supervisors of San Francisco have set March 8
as the date on which the propositions, to buy the Spring
Valley Water Co. and sanction the issuance of $38,000,000
to provide the funds to finance this project, will be submitted
to the voters.
(V. 112, p. 389).
Seattle,
tractors.
Wash.
— Plans
— Skagit
for
had gone on record at a session of the Council Klnanc<! Committee
Jan. 21 as ai)provlng tho plan of financing the .Skagit work ro(X)mmondcd
by the Mayor, the Hoard of Public Works met In special session, api)roved
plans and specifications for approximately $1 .000,000 worth of hydroelectric machinery for tho Skagit i)lant. and de^;ld{r<l to Issue a call for bids
on this oriulnment, with the hope of being able to lot a contract for Its
purchase Feb. IS.
Bidders on the contract to ftirnlsh this equipment will be required to
acc(!pt payment In bonds from the ?5..')00.0<)0 Issue votftd by the ('<mr\e\\
to finance the first stages of the Skagit develonmont.
They will also b«
asked to submit offers to purchiise an additional $1 .000.(X)0 of the same Issue
of bonds, the money derived In this way to be used In defraying cost of labor
and other expenses connected with the Skagit work."
well,
BOND CALLS AND REDEMPTIONS.
—
River Bonds to Be Offered
continuing
the
to
Con-
development of the
—
Longmont, Boulder County, Colo. Bond Call.
Longmont Paving Improvement District No. 2 bonds,
numbered 4], 42, 43, 44, 4."> and 46, of .|.300 each, have
been called for payment Feb. 12, at wliich time interest
ceases.
C
M. Brown,
Montrose,
Holders of
is
Montrose
(^ity
of
Treasurer.
— Bond
County,
Colo.
Colo., .5%
Montro.se,
March
series of 1910, optional
—
The requu-ement of the Savings Bank Act is that gi-oss
earnings for five years must amount to or exceed five times
The first year
the interest charges on the funded debt.
under that requirement would be 1916, and the gross was
sufficiently large to meet the requirements in every year
except the years of Federal control. The Attorney-General
rules, however, that the years of Federal control are, by
amendment to the Savings Bank Act in 1919 and 1920, specifically exempted from the requirement referred to.
and county
Skagit ]{\\vr project by the City of Seattle were approved
Jan. 21 by the City Council. The Seattle "Post- Intelligencer" has th(,' following to say with reference to the matter:
"After five members of tho City Council, at tho roriuest of Mayor Cald-
Call.
—
water bonds,
1
BOND PROPOSALS AND NEGOTIATIONS
this
week have been
as follows:
ALLIANCE, Box Butte County, Neh.—DESCRIPTION OF BONDS —
The 7% paving bond issued (est. $200,000), awarded on Jan 11 to Benwell, Phillips, Este & Co. of Denver
V. 112, p. 391
is described as
follows: Denom. $1,000 or $500.
Int. J. & J.
Date Jan. 1 1921.
ANSONIA, Darke County, Ohio. BOND OFFERING. Thos. W
—
—
—
Winbigler. Village Clerk, will receive bids until 12 m. Feb. 12 for S5.,^0*
6% water works and electric light plant bonds. Denom. $1,000. Date
Sept. 15 1920.
Due $1,000 yearly on Sept. 15 from 1936 to 1940, Incl..
and $550 Sept. 15 1941. Cert, check for $50, required.
ASHEVILLE, Buncombe County, No. Caro.— BOiVD OFFERING.—
Sealed bids will be received until 12 m. Feb. 15 by G. C. Hunter, City
Secretary and Treasurer, for the S32.000 gold funding bonds at not exceeding 6% interest, offered without success on March 12
V. 111. p. 1773.
Denom. $1,000. Date Jan. 1 1921. Prin. and semi-aim. int. (J. & J.)
in New York.
payable
Due .$4,000 yearly on Jan. 1 from 1924 to 1931.
incl.
Cert, check in cash on an incorporated bank or trust company for
S640 payable to the Commissioner of Public accotints and Finance, required.
These bonds are to be prepared under the supervision of the U.S. Mortgage
& Trust Co., New York, which will certify as to the genuineness of the signatures of the city officials and the seal impressed thereon. The legality of
the bonds will bo examined by Caldwell & Mcisslich of New York, and the
purchaser will be furnished, without charge, the opinion of said attorneys.
Bids are desired on blank forms which will be furnished by the city or said
trust company.
Bonds will be delivered on Feb. 25 1921 or as soon thereaft(!r as the bonds can be prepared, at the office of the U. S. Mortgage &
Trust Co.. New York, and must then be paid for on delivery. Purchaser
to pay accrued interest
—
ASHTABULA COUNTY
Jefferson), Ohio.— BONDS NOT
(P.
—24— two issues 282—-were O. bonds, aggregating received were
The
of 6% road
5362,000, offered
on Jan.
not sold, as the bids
112,
SOLD.
^V.
re-
p.
jected.
AVOCA, Murray County, Minn.— DESCRIPTION OF BONDS.—
The $10,000 6% refunding bonds awarded, as stated in V. 112. p. 178,
are described as follows: Denom. $1,000.
Date April 1 1920. Int.
A.
&
O.
Due
$2,000 yearly on April
1
from 1936 to 1940.
BEAUMONT, Jefferson County, Tex.—CORRECT AMOUNT OF
BONDS VOTED. —At the election held on Dec. 27 the following tax-free
bond
issues, aggregating $1,975,000 (not $2,250,000 as reported in V. 112,
p. 282) were voted.
Improvement and extension of water front facilities
Improvement and extension of municipal water works
System and facilities
Improvement and extension of streets
Improvement and extension of sewers
Imj)rovement and extension of fire department
Improvement and addition to school buildings
Bonds will mature in 40 annual installments and will bear
$500,000
3.50.000
6%
350,000
200,000
75,000
500,060
interest,
payable semi-annually.
The ordinance authorizing the issuance of said bonds will probably be
passed this week and as soon as oonds are approved by the Attorney General,
they will be offered for sale. Total Bonded Debt (including said bonds)
Sinking funds and interest Nov. 30 1920 $556,097. Assessed
$4,579,400.
value 1920 .$42,407,390. Tax rate $2. per $100. Population 1910, 20.640:
B. C. Le Baron is City Clerk.
1920, 40,222.
BELLE PLAINE, Summer County, Kan. BOND SALE. Reports
say that $30,000 6% paving bonds have been awjirded to Vernon H. Branch
of Wichita.
—
BENTON COUNTY ROAD IMPROVEMENT DISTRICT NO.
—
6,
Ark. BOND SALE. Stern Bros. & Co. of Kansas City, Mo., were awarded on Dec. 14 $185,000 6% road impt. bonds. Denoms. $1,000 and 8500.
Int. M. & S.
Due yearly on Sept. 1 from 1923 to 1941
Date Jan. 1 1921
.
inclusive.
BONNEVILLE IRRIGATION DISTRICT (P. O. Bountiful), Davis
County, Utah. BOND SALE
The $600,000 6% tax-free coupon
bonds, which were offered unsuccessfully on Sept. 28 V. 111. p. 1492 have
been sold to the Anglo & London Paris National Bank of San Francisco.
Date Dec. 1 1920
Due yearly on Dec. 1
Int J. & D.
Denom. $1,000
as follows: $150,000. 1931: $66,000, 1932 and $48,000, 1933 to 1940, incl.
Total Bonded Debt $600,000. Assessed value $1,655,315. Actual value
$4,000,000.
BOSTON, Mass. BOND SALE. Dm-ing January the following 4H9c
bonds, all dated Jan. 1 1921, were sold to Sinking and Trust Funds at par:
Purpose.
Maturity.
Aint.'
Jan. 1966.
$9,000 Rapid Transit
Jan. 1971.
425.000 Arlington Station
$20,000 yrly Jan. 1 1922-41.
400.000 Highway Construction
5.000 jTly Jan. 1 1922-41.
100.000 Marine Park. Headhouse\ &c
1.000 >Tly Jan. 1 1922-31.
10.000 Old Harbor Impt
1.000 >Tly Jan. 1 1922-36.
15,000 Wood Island Park
—
—
—
—
BROOKLINE, Norfolk County, Mass.— TEMPORARY LOAN.—
Blake Bros. & Co. of Boston have been awarded at 5.49% discoimt. plus
$1 25, a temporary loan of $200,000, dated Feb. 1 1921 and maturing
Nov. 17 1921.
BROOKLYN HEIGHTS
•«
O. Brooklyn Heights R. F. D. No. 2),
Cuyahoga County, Ohio. BOND OFFERING. Proposals will be received until 12 m. Feb. 14 by A. F. Goldenbogen. Village Clerk, for the
following 6% coupon special assessment water-main bonds:
$9,600 Bradley Road bonds. Int. J. & J. Due $600 Jan. 15 1922 and
$1,000 yearly on Jan. 15 from 1923 to 1931. inclusive.
(P.
—
THE CHRONICLE
Feb. 5 1921.]
$8,083 Broadview Koad bunds. Int. A. & O. Duo $H:i April 1 1923 and
$1,000 yearly on Jan. If. from 1924 to 1931. Inclusive.
Int. A. & ().
Duo $383 April 1 1923 and
2,383 SfhaaJ Road lionds.
$1,000 on April 1 in 1927 and 1931.
Principal and
Date, day of sale.
Denoni. $1,000 and odd amounts.
eml-annual interest, payal)l(> at the Home Havings & TriLst ("o., ot Cleve('ertlfied eheck for 10 '^ of amount ot bonds bid tor, payalile to the
land,
I'urchaser to pay accrued interest.
Village Treasui-er, required.
The
581
—
following ia a complete list of the bids received:
Premium
Xaiiu
Name
HI *• •' I'remiutn.
A. K. Aub&;Co.. Cliin
2,121 00 Seasongood 4 Mayer. Clnn. 9S2 00
K. H. Kollins .V Co.. Chic.l 552 25, Fi.-ld Kichanl-, A Co. Ciun .5ti0.00
Will. K. <'omptoii & Co Chi 51600 Poor .i Co. Clnu
552.76
Federal Securities Corp Chic 40.t.,'>0 Weil itotb &. Co. CJim.-. 775.00
.N'. S.
647.,50lDavis & Bertram Co. Cinn .ISl.OO
Hill & Co. Ciiin
Detroit Trust (V.. Detroit .1 577. (X)
CoiitiiK'iital A; Coniiiiercial
(»
Tr. .V .Savinirs Itk Chic, _ 1 526 .W -Merch ;s N.ii Ilk Defiance 576.80
Stacy \ llraun Toledo... '.t:i4.(M» Iviaiic Wigbi.- A; Co. Det.. 1482.00
Sidney Spitzer & Co. Tol. 433.00 Pruddiii .4: Co.. Toledo... 62500
Pro\idciit
W. L. Slayton i Co.. Tol.. 74200
Savings Bk &
Trust Co.. Cinn
794.58
—
\
i
,
.
BUFFALO,
monthly
local
Due
1921.
Y.—liO.M) .S/tLK.— During January
N.
$1.').396.23
work bonds were issued to the Sinking Fiuid.
Jan.
l.'".
4%
Dale Jan. 15
1922.
CALHOUN COUNTY
(P.
O. Port Lavaca), Tex. -A7> lilDS RE2 an issue of $100,000 5%
CEIVKD —liOSna HKOFFHRKD —On Feb
30-year road bonds was not sold, no bids being submitted
They will be reoffered on March 14.
CANTON SCHOOL DISTRICT
(P.
County
O. Canton), Stark
I,'')
CASWELL COUNTY
O. Yanceyville), No. Caro.~/JO.Y/> OFFERING 11
Board of (\)untv <^ommissioners will receive
Donom.
bid.s until 1 I)
III
Feb 19 for $20,000 (>'; road impt lionds
I'rin. and semi-ann int
Date Nov. 1 1920
(J. & J.) payable
$1,000.
Cert check or casli for 2% of the
at the office of the County Trea.surcr
amount of bonds bid for payable to Caswell County, required. I'urchaser
to pay accrued interest.
(P.
S. Turner. (Mt>rk
CHAVES COUNTY SCHOOL DISTRICT NO.
BOXI) OFFKRJ X(l —Xikls
N. Mex.
Feb 7
for the purcha.se of Sl.'i.OOO 0'
,
Harry Cowan,
•f $2,250, required
6 (P. O.
Haeerman),
m
be received until 2:30 p.
school bldg bonds.
Certified check
will
clerk.
CHICAGO SOUTH PARK DISTRICT
(P. O. Chicago), Cook
County, III.— BOA'/; SALE
On Feb 1 the following three blocks of 4%
bonds totalling SI. 000. 000— V 112. p 488— were awarded to the Continental & Commercial Trust & Savings Bank of Chicago, at 89. 39, a basis of
33';
about
Due .?21,000 yearly
$398,000 public park acquisition and impt. bonds
on July 1 from 1922 to 1939. iiicl and .§20.000 July 1 1940.
Duo $18,000 yearly on July 1
342.000 South Park Ave. Impt bonds
from 1922 to 1940, incl.
260,000 Roo.sevelt Koad bonds. Due $13,000 yearly on July 1 from 1921
—
."j
:
,
to 1940, incl
The public
is
now
being offered these bonds at yields of from
j.50%.
510%
to
CINCINNATI SCHOOL DISTRICT (P. O. Cincinnati), Hamilton
County, Ohio. BOXD SALE — The $700,000 G^, coupon refunding
bonds offered on Feb 1 — \' 11:;. p 282 — were awarded to Harris. F'orbes
*C!o., the National City Co and llayden. Miller & Co for $701,827. equal
to 100 2C1. a basis of about 5 92%.
Date Feb. 1 1921. Due $100,000
yearly on Feb. 1 from 1922 to 1928, incl.
An offering of these bonds is now being made to the public at prices to
yield from 5,'j''( to bu
%
CITRUS UNION HIGH SCHOOL DISTRICT,
Los Angeles County,
Calif.— BOXD OFFERING. Until 11 a.m. Feb. 14 L. E. Lamptou, County
Clerk and ox-officio Clerk Board of County Supervisors {!'. O. Los An.geles)
—
5K%
school bonds.
Denom. $1,000.
$300,000
Date Feb. 1 1921. Prin. and semi-ann. int. pavable at the office of the
County Treasurer. Due $10,000 yearly on Feb. 1 from 1922 to 1951 incl.
Cert, or Cashier's check for 3% of the said bonds, payable to the Chairman
Board of County Commissioners, retiuired. Purchaser to pav accrued
Interest.
Bonded debt, $5,000. Assessed value 1920, $6,122,890.
will receive proposals for
CLAY CENTER,
light
CLAY COUNTY
Kan.—BOA'D SALE. —An
Clay County,
and water bond
$80,000
issue has been disposed of.
(P.
O. Brazil), Ind.— BOJVD OFFfiRZNG .-Proposals
will be received until 10:30 a. m. Feb. 10 by Thomas W. Swinehart,
Treasurer, for the following three issues of road bonds:
County
H. Strain et
4H% John each six monthsal. county line bonds. Denom. $535.
Due .Sl,070
from May 15 1922 to Nov. 15 1931, incl.
17.400 5% W. W. Jones et al. Posey Twp. bonds. Denom. $435. Due
$870 each six months from Mav 15 1922 to Nov. 15 1931, incl.
36,000 5% William R. Jones et al. Van Bureu Twp. bonds Denom. .$450.
Due $1 .800 each six months from May 15 1922 to Nov. 15 1931, incl
Date Jan. 20 1921. Int. M. & N.
CLAY COUNTY (P. O. Spencer), Iowa.— BOA^D SALE —SchAnke &
Oo. of Mason City were recently awarded an issue of $150,000 6% drainage
bonds, due serially from 1925 to 1932, incl.
COLFAX COUNTY SCHOOL DISTRICT NO. 26 (P. O. Maxwell),
N. Mex.— BO.VD SALE.— The $75,000 fi';, 20-30 year (opt.) school bonds,
Offered on Jan. 29
V. 112. p. 282 have been sold to Sidio, Simons, Fels
& Co. of Denver at 97- Denom. $500.
COLUMBUS COUNTY (P. O. V^'hiteville). No. Caro.— BO.VD SALE.
The $200,000 G^, .?0-year road and bridge bonds, offered on Jan. 4
v. 112, p. 79 have been sold it is stated, to Sidney Spitzer & Co. of Toledo,
at par.
Date Dec. 1 1020.
$21,400
—
—
—
—
CONORAVILLE SCHOOL DISTRICT, Gordon County, Ga.—
BOND OFFERING. — W. L. Swain, Superintendent of the County School
Board
5^%
$18,000
school bonds.
Denom.
Due yearly on Jan. 1 from 1922 to 1941, incl.
$1,000.
COUNTY (P. O. Windom), Minn.— BOA'^D SALE
On Jan 26 the Northwestern Trust Co of St Paul was the successful
bidder for the $30,000 6% 15K' year (aver.) funding bonds, dated Jan 1
1921
V. 112, p. 392 at 103.75 and interest, a basis of about 5. 64%
Other bidders:
Mimiesota Loan & TrastCo.$31,105l Wells-Dickey Co
$30,985
Kalman, Matteson & Wood, 31,082
O. Calhoun),
(P.
will sell
—
COTTONWOOD
—
—
COVINGTON, Fountain County, Ind.— BOA^D OFFERING —Pro-
posals for $24,000 6% water and power plant bonds will be received until
Feb 14 by Chas A. Baldwin. City Clerk
Denoms 10 for $500, 10 for
$1,000 and 6 for $1 ,500
Prin and semi-ann. int payable at the F^ountain
Trust Co of Covington. Due yearly on July 1 as follows: $500. 1922 to
1931, incl; $1,000, 1932 to 1937, incl.; $1,500, 1938 to 1943; and $1,000,
1944 to 1947, incl.
COVINGTON, Miami County,
Ohio.
BOND SALE. — It
is
reported
that on Jan. 28 a block of S250.000 '>'A% waterworks bonds was sold to
Weil. Koth & Co. of Cincinnati, for .$250,900, equal to 100.36.
CUYAHOGA FALLS SCHOOL DISTRICT (P. O. Cuyahoga Falls),
BOND SALE. — The Central Savings & Trust
Co. of Akron has purchased the $375,000 5H % school bonds which were
12
Summit County, Ohio.
—
offered on Jan
V 112. p. 179 Due each six months as follows:
$1,000, Oct 1 1922 to Oct 1 1924, incl
$2,000, Apr. 1 1925 to Oct 1
1926, incl
$3,000, Apr 1 1927 to Oct. 1 1928, incl
$4,000, Apr 1 1929
to Oct 1 1930, incl
$5,000 Apr. 1 1931 to Oct. 1 1937, incl.; $6,000. Apr.
1 and Oct. 1 1938; $7,000, Apr 1 1939 to Apr. 1 1946, incl.; $8,000 Oct. 1
1946 to Oct. 1 19.54. incl
and 811,000 Apr. 1 1955.
;
:
;
;
;
DALLAS COUNTY
O. Adel), lov/a.— PRICES PAID —In securing
the $52,000 5,4 *"„ 10-year bonds on Jan. 13 the Second Ward Securities Co.
of Milwaukee paid 97.84, a basis of about 5.79%, while the other issue
($32,000 6% 5-year), also offered on that date, went to the White-Phillips
Co. of Davenport at 97.66, a basis of about 6.559,
The notice of the award of the above issues was given in V. 112, p. 392.
(P.
DAVENPORT, Lincoln County, Wash.— BOJVD SALE.— The $25,000
water bonds recently voted V. 112, p. 392 have been sold to the Western
Union Life Insurance Co.
DELPHOS, Allen County, Ohio.— A'O BIDDERS. There were no
bidders for the $7,500 5K % deficiency funding bonds offered on Jan. 31
—
—
—
V. 112. p. 488.
—
DEFIANCE, Defiance County, Ohio. — BOATD SALE. A. E. Aub
& Co of Cincinnati, bidding $37,121, equal to 106 06, a basis of about
53";,'.
were awarded the $35,000 6% coupon water works impt bonds
5
,
—
offercdon Jan. 31
V. 112. p 283.
•n Sept. 1 from 1940 to 1946, incl.
Date Jan. 15 1921.
i
,
Bri'cd,
Kliott
&
Ilarrison,
Cincinnati ^._.
897.581
_.
Due $5,(300 yearly
—
BOND
DUNLAP, Harrison County,
Ohio. -liOXD OFFKia Xa .— l'i\n>us:i\s lor the purchase of S29S.000 0'.
school bonds will be received until 12 m. Feb. 11 by W. t". I.ane. Clerk of
Board of Education. Denoni. SI .000. Date Feb. 1,'i 1921. I'rin. and
semi-aim. int. pavable at Kountze Hros. of New York. Due Feb.
Cert, check for .$,'>, 000, required.
1961.
—
I
U
Iowa.
OFFERING. It
reporlcii |iial iirojiosals will be received until 8 p. in. Feb. 7 by I. E. Nor6' ; water extension bonds.
(laker. City Clerk, for $39,000
Donom. $3.9(^.
Date March I 1921. Due $3,900 yearly from 1931 to 1940, incl. Cert.
check for S.'.OO, rciiulred
.
EAGLE POINT IRRIGATION DISTRICT (P. O. Eagle' iPoint)
Jackson County, Ore.— BONDS A'07' SOLD — The $200,000 6'; Irrlgalidii bonds offered on Jan.
liccaii.se a satisfactory bit!
Is
-V.
—were not sold on that day,
112. p. 79
was lacking.
EAST CLEVELAND, Cuyahoga County,
— The two
of 6', couiioii special
22
amounting
Ohio.— BONDS NOT SOLD-
is.-ues
a.ssosfciiient stri^^t^impt. bondsV. 112, p. 180 were not
to $46,588 68, offered on Jan.
sold.
Bids of par plus S25 and iiar plus $54 were recoive<l from Weil.
Koth .^ Co. and Seasonpood & Mayer, respectively, but these offers were
rejtx-led.
The Dirwtor of Finance is now offering the bonds at private sale
at par and interest, only offers f.ir liotli i.ssues being considered.
—
—
—
EAST SAN DIEGO, San Diego County, Calif .—BOA^D OFFERING
Scaled bids will be received until op
Feb 16 lor an i.ssue of $100,000 6%
coujion sewerage system bonds
Denoms $1 ,000 aiid $500 Date Feb. 1
1921.
Prin. and semi-anu. int. (F & A.) payable in East San Diego,
Diego
Duo $2,500 yearly on F'eb. 1 from 1922 to 1961 incl. Cert, check
for 1 ';; required
m
,
,
ELYRIA TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Elyria),
Lorain County, Ohio. BOXD SALE
The $10,000 «% coupon schoolliiiildiiig bonds offi-red on J:in. 29 -V. 112, p. 393
were awarded to the
State Industrial Commission of Ohio.
Date Jan. 1 1921. Due $500
yearly on March 1 from 1922 to 1941. incl.
ESSEX COUNTY (P. O. Salem), Mass.— B/DS— At the offering on
—
—
Jan. 10 of the $200,000 9-moiUlis' tuberculosis hospital notes, dated
Jan. 15 1921. and $200,000 lO-moiiths tax-anticipation notes dated Jan. 10
1921, the following bids were received:
\i-Monlhs Loan.
lO-Months Loan.
Xamc of Bidder
—
Warren Nat. Bank. Peabody..6-25% disc.
('ommonwealth Tr. t^o.. Bost. .6.25';;i disc.
Haverhill Nat. Bk...f.$50, 000 6.00% disc.
1150,000 6.19% disc.
Estabrook&Co., Bo.ston
6.18%, disc.
National City Bank, Lynn
6.12%, disc.
(;loucestor Safe Dep. & Tr. Co. 6. 00%, disc, plus $5
Manufacturers' Nat. Bk.. Lynn 5.85% disc.
Naumkeag Trust C-o.. Salem
5.84% disc.
(iraflon
&.
Co., Boston
5.74%<, disc, plus
disc, plus
Tremont Trust Co., Boston. ..5.69%
$10
$10
6.25%
disc.
6.18%
disc.
6.00%
5.97%
disc, plus
$5
disc.
5.69%
6.24%
di.sc. plus $10
disc.
Bk., CJloucester.
(iloucester National Bank
5.87 disc.
Action was delayed by the Board of County Commissioners untilJan. 11.
No report as to the award has yet been received.
TEMPORARY LOAN. The Essex Trast Co. of Lynn was awarded at
5.69% discount a temporary loan of SIO.OOO offered on Jan. 28. Date
Jan. 20 1921. Due July 20 1921.
NOTE SALE. On Feb. 1 the Gloucester Safe Deposit & Trust Co.,
inoffering 100 30, a basis of about 5 44%, was awarded $20,000
daslrial farm loan notes, date Jan. 2(5 1921 and maturing Jan. 20 1922.
C'ape
Ann Nat.
—
—
5H%
EUGENE, Lane County, Ore.- BOA^D
Inc
,
.SALE
— Carstens
&
Earles,
recently acquired $12,500 impt. bonds from this city.
EVERGLADES DRAINAGE DISTRICT (P. O. Tallahassee), Leon
31 1920
$1,500,000 6% tax-free bonds were sold to Spitzer, Korick & Co., of New
County, FX&.—BOND SALE —During the year ending Dec.
York, Chicago, Topeka and Toledo. Denom. $1,000. Date July 1 1920.
Principal and semi-annual interest (J. & J.) payable in gold at the office
of the State Treasiu-er or at the office of the State fiscal agency in New York
City, N. Y., at option of holder.
Due yearly on July 1 from 1926 to 1940.
inclusive; callable at any interest-paying period on sixty days' notice at
102 and interest. Bonds can be registered with the State Treasurer both
The said purchasers are now offering these
as to principal and interest
bonds to investors at par and accrued interest. Bonded debt (includiag
this issue), $4,500,000.
FAIRMONT GRADED SCHOOL DISTRICT
(P. O. Fairmont),
BOA^D OFFERING.
—the purchase of not — Sealed bids willnor
be
than $60,000
Feb. 22 for
Robeson County, No. Caro.
received until 12 m.
less
more than
Certified check for $500 required.
SI 00. 000 30-year 6%, bonds
Address all bids to F. L. Blue, Chairman, Fairmont, Robeson County,
No Caro.
Bonded debt, excluding this issue, Jan. 27 1921, $30,000. Asses-sed value
1920. $2,818,001.
FAIRVIEW, Major County, Okla.— BOA^D S.4LE.— Geo. W. & J. E.
Oklahoma City, have pm-chased the following 6% bonds:
Piorsol. of
v\'ater bonds.
Due on Jan. 1 as follows: $5,000 1925. $7,000 1930.
$10,000 1935. $13,000 1940. and .S15,000 1945.
40,000 sewer bonds. Due on Jan. 1 as follows: $4,000 1925, $6,000 1930.
$8,000 1935, $10,000 1940, and .S12,000 1945.
Denom. $1 ,000. Date Jan. 1 1920. Principal aod semi-annual interest
payable at the Oklahoma fiscal agency in New York City, N. Y.
FALLON CONSOLIDATED SCHOOL DISTRICT "B" (P. O. Fallon),
Churchill County, Nev. BOND SALE —An issue of $418,000 6% bonds,
maturing from 1921 to 1940, incl., has been sold to the Wm. K. Staats Oo.
and Leroy T. Koyne & Co., both of Los Angeles, jointly.
GALLIPOLIS, Gallia County, Ohio.— BOA'D OEFER/AG.— Proposals
P. Kliiig, City Auditor, for $5,000
will be received until 12 m. Feb. 12 bv
6% fire dept. apparatus bonds. Denom. $500. Date Jan. 1 1921. Int.
serai-ann.
Due yearly on Jan. 1 as follows: $500. 1922 to 1927. incl.:
and $1,000 1928 and 1929. Cert, check for 10%, of amount of bonds bid
Bonds to be delivered and
for. payable to the City Auditor, required.
Purchaser to pay accrued
paid fora^within 20 days from date of award.
S50.000
W
interest.
GENEVA, Ashtabula County, Ohio.— BOATD OFFEK/A^G— Proposals
m
Feb. 15 by W. E Morgan, Village Clerk, for
Denom $2,000. Date Dec. 1
$30,000 6% gas-plant purchase bonds
Principal and semi-annual interest (J. & D ) payable at the First
1920
National Bank of Geneva
Due $2,000 yearly on Dec I from 1921 to 1935.
inclusive.
Certified check for 1 'c of amount of bonds bid for, payable to
the Village Treasurer, required. Bonds to be delivered and paid for
within ten days from date of award. Piu-chaser to pay accrued interest.
will be received until 12
GIBBON,
Buffalo
County,
Nebr.
— BOAZ>
SALE.
— The
Bankers
Trust Co. of Denver has xiurchased S.'io.OOO 7%. paving district and $36,000
6'';
inter-section bonds.
Bonded Debt these two issues and $21,500
water bonds. Poiiulation 883.
GIBSON COUNTY
Wm. R. Compton Co..
(P.
O. Trenton),
Tenn.— BOA'D SALE.—The
of St. Lotus was awarde<l the $150,000 6% SVj
year (aver.) funding bonds V. 112, p. 489 on Ja;i. 31 at 99. 00, a basis
of about 6.16%
Date Jan. 1 1921. Due $10,000 yearly on July 1 from
1922 to 1936. incl.
—
—
.
GLACIER COUNTY
(P.
O. Cut Bank),
m
Mont.— BO.VD OFFERING —
Feb 21 for the $100,000 6% highProposals will be received imlil 2 p
Denom
way bonds V 111, p 1493 by J A Heller, County Clerk
Date July 1 1920. Prin and semi-ann int payable at the Lilierty
$1,000
National Bank, N Y. Due $10,000 yearly on July 1 from 1931 to 1940.
preceding their
1
incl., said bonds being redeemable ;is follows: on Jan
respective matiu-lty.
Cert, check on some reli.able bank for $5,000 payable
The said bonds will be printed by the
to the County Treasurer, required.
said county and ready for delivery at the time of sale and the caid county
—
—
——
—
—
—
—
—
THE CHRONICLE
58S
&
will deliver to tbo purcha«or tho approvinK oplnon of Chapman, Cutlor
OITIclal circular Htatcs Ihat no previous Ikhuos of bondH
Parkor, Chicago.
have iKMjn cont<«t«l and that the Intorost and principal of all bondA previously iH8Ucd have Ixion promptly paid at maturity and that there is no
controversy or litigation iHindlnK or threatening, affectnlK the corporate
oxistonco or the boundarioH of Hald county or the title ofits present officials
to their offices or tho validity of tlieso I>onds.
GOSHEN, Utah County, Utah.— ROA/> OFFERING
—At,
00
00
00
'.id
87
2pm
Feb 10. S19,000 C% water bonds will be auctioned off to the highest
bidder.
Dated Fob. 1 1921. Due $1,000 annually from 1927 to HW.'i,
both inclusive, and $2,000 annually from 19.38 to 1940, both Inclusive.
Interest F. & A., with principal nayal)le at National Bank of Commerce.
New York. Locality approved by .Shields & White, attorneys, Denver.
Jno. J. Aspcr.son is Cleric
GREENFIELD SCHOOL DISTRICT (P. O. Greenfield), Dade
County, Mo. BOND SALE — The SIO.OOO «% tax-free school Imnds.
—
voted on Dec .5 V. Ill, p. 2.54.'5
Co. of .St Ix)uis. Denom. $500
—Date Feb.
have
be<'n .sold to the
Wm
R Compton
.
Prin. and semi-ann
1921
Due serially
St Louis
int. (F. & A ) payaiilo at (he Ameri<uin Tru.st Co
on Feb I as follows: $1,000 1922 to 1021 inci ^i..500 1925 to 19:50 incl
19.34 incl
.WO 193.'') to 1937 incl $3,000 1938 to 1940
$2.
$2,000 19.31 to
incl., and .$,3,500 1941
Financial Statement.
$2,500,000
Estimated actual value taxiible property..
As.sessed value taxable property. 1919
1.048.911
Bonded debt, includlnB this issue
40,000
Population, estimated, 2,5(X).
I
.
,
.
,
,
(P.
O. Brighton), La
Grange County,
OFFERING —na,rvoy C. Plank. Township Trustee, will reInd.
ceive bids until 10 a. m. Feb. 15 for the followint; 5% bonds:
$42,000 Civil Twp. bonds. Denoms. 30 for $1,000 and 60 for $200.
Duo $1,400 each six months from May 15 1922 to Nov. 15 1936 incl.
Denoms. 1 for $.500. 30 for $1,000 and 30
38,000 School Twp. bonds
for $250.
Due $1,750 May 15 1922 and $1,250 each six months
from Nov. 15 1922 to Nov. 15 1936 incl.
Date Feb. 15 1921. Int. M. & N.
GREENVILLE SCHOOL DISTRICT (P. O. Greenville), Greenville
County, So. Caro.— PRICE PAID — R M. Grant & Co., of New York,
paid 88 66 and interest, a basis of about 5 99% on Jan. 25, for the $250,000
5% 19H-year school bonds, dated .July 1 1919. The notice of the award
,
of tho al3ovo bonds was already given in V. 112, p. 489.
Other bidders:
& Co
$221,511
Provident Savings Bank & Trust Co
215.375
Sidney Spitzor & Co. and Scasongood & Mayer
218.000
GUYMON, Texas County, Okla. BOND SALE. Reports say that a
$128,000 6% light and power bond i.ssue has been disposed of.
SCHOOL DISTRICT (P. O. Hawthorne), Passaic
County, N. J. BOND OFFERING.^K. C. Latta. District Clerk, will
receive bids until S p. m. Feb. 15 for an issue of 6% coupon (with privilege
of registration) school bonds not to exceed $30,000. Denom. $1,000. Date
Jan. 1 1921. Prin. and semi-ann. int. (J. & J.) payable at the Citizens
Trust Co. of Paterson. Due $2,000 yearly on Jan. 1 from 1922 to 1936,
incl. Cert, check on an incorporated bank or trust company, for 2% of
amount of bonds bid for, payable to the Custodian of School Moneys, required. Legality approved by Hawkins, Delafiekl & Longfellow, of Now
York.
HEBER, Wasatch County, Utah.— BOTV^D ELECTION.— On Feb.
19the$15,O00 6% water extension bonds^V. 112, p. 489— will be voted
upon. J. M. McMullin, City Recorder.
HENDERSON COUNTY (P. O. Hendersonville), No. Care— BOA'D
OFFERING. Until 12 m. Feb. 7 II. G. Edney. Register of Deeds, will
receive proposals for $75,000 6% road and bridge bonds.
Denom. .$500.
Date Jan. 1 1921. Prin. and semi-ann. int. payal^le at the Hanover
National Bajik, N. Y. Due $2..500 yearly on Jan. 1 from 1923 to 1952
incl.
Cert, check on an incorporated baiik or trust company for $1,500
payable to the County Treasurer, required.
Kauffman-Smith-Emert
—
HAWTHORNE
—
HENDERSON COUNTY ROAD DISTRICT NO.
—An issue of $39,000 5^%
26 with the State Comptroller.
REGISTERED.
HENDRICKS SCHOOL DISTRICT
BONDS VOTED. — The
County, Minn.
in this district Indorsed a
bond
8,
Tex.— BONDS
30-ycar bonds was registered
(P.
O.
Hendricks), Lincoln
voters at a special election held
issue of $60,000, for a new school building.
HENRIETTA, Clay County, Tex.— BONDS REGISTERED —The
State Comptroller on Jan. 27 registered $35,000 6% lO-40-year bonds.
HUBBARD SCHOOL DISTRICT (P. O. Hubbard), Trumbull
County, Ohio. BOND OFFERING. — I'roposais for the purchase of
$25,000 6% liigh school equipment bonds will be received until 12 m.
Feb. 12 by li. M. Stewart. Clerk of Board of Education. Denom. $1,000.
Date Mar. 1 1921. Prin. and semi-ann. int. (A. & O.) payable at the
of Hubbard.
Duo $1,000 yearly on Oct. 1 from
1925 to 1949, incl. Cert, check for $200, payable to the Treasurer of the
Board of Education, required.
Hubbard Banking Co.
HUNTSVILLE, Walker County, Tex.— BONDS REGISTERED —On
5% 10-40-year bonds were
Jan. 24 $5,000 sewer and $7,500 street-paving
registered with the State Comptroller.
HURON COUNTY
(P. O. Norwalk), Ohio.— BOA'D SALE.— The
were awarded
.$36,000 6% road bonds offered on Jan. 31— V. 112, p. 393
to the Detroit Trust Co. of Detroit at par and accrued interest.
Date
Jan. 10 1921. Dueyearly on Jan. 10 as follows: $5,000 1928. 1929 and 1930
and $4,000 1931.
IDAHO (State of) BOND S.ALE.— The National City Co.. E. H.
Rollins & Sons and Hannahs, Ballin and Lee, all of New York, purchased
the $2,000,000 5% tax-free coupon (with privilege of registration) State
highway bonds on Jan. 31 V. 112, p. 39.3 at 95.679 and interest. Date
Jan. 1 1921. Due Jan. 1 1941. callable at par and accrued interest on and
after Jan. I 1931
The said bonds, which are a legal invastment for savings
banks in New York, New Jersey, Connecticut, Pennsylvania, New Hampshire, Vermont, Rhode Island and other States, are now being offered by the
purchasers to investors at 97.50 and accrued interest, yielding over 5.20%.
—
—
—
.
INDEPENDENCE^ Cuyahoga County,
Ohio.
— BOA^D OFFERING. —
Proposals will be received until 12 m. Feb. 15 by E. F. Keller, Village Clerk,
at his office, 900 Marshall Building. Cleveland, for the purchase of $35,000
6% coupon electric-transmission bonds. Denom. 20 for $500 and 25 for
Date, day of sale. Principal and semi-annual interast (A. & O.)
$1,000.
payable at the Village Treasurer's office. Due yearly on Oct. 1 as follows:
$2,000 1925: $3,000 1926 to 1928. inclusive, and $4,000 1929 to 1934, incl.
Certified check on some bank other than the one making the bid, for 10%
of amount of bonds bid for. payable to the Village Treasurer, required.
Bonds to be delivered and paid for at the Clark's office within ten days from
date of award. I'urchaser to pay accrued interest
IRVINGTON, Essex County, N. J.— BOND OFFERING— Ptopotia.}!i
Feb. 16 by W. H. Jamauneau, Town Clerk,
will be received nntil 8 p
for an issue of
coupon (with privilege of registration) school bonds,
not to exceed $285,000. Denom. $1,000. Date Feb 1 1921. Int.P &A.
Due yearly on Feb. 1 as follows: $10,000 1922 to 1944, incl and $11,000
1945 to 1949, incl. Cert, check on an incorporated bank or trust company
for 2% of amount of bonds bid for, payable to the "Town of Irvington,"
required.
Legality approved by Hawkins, Delafield & Longfellow of
5H%
m
,
New York.
JACINTO IRRIGATION DISTRICT, Calif .—DESCRIPTION OF
BONDS. — Additional data is at hand relative to the sale of the $238,000
6% tax-free gold couixjn l>onds, awarded to a syndicate consisting of the
Anglo and London Paris National Bank, Blankenhorn-Hunter-Dulin Co.,
Bradford, Weeden & Co.. and Carstens & Earles, Inc. — V. 112, p. 394.
Denom. $1,000. Date Dec. 1 1920. Int. semi-ann. (J. & J.) payable at
the office of the Treasurer of the District. Bayliss, Glenn County. Calif.
yearly on Jan. 1 as follows: $5,000, 1923; $6,000. 1924: $7,000, 1925
and 1926: $8,000, 1927 and 1928; .$9,000, 1929; $10,000. 1930 and 1931;
Due
$11,000. 1932; $12,000, 19,33; $13,000. 19.34: $14,000. 193.^> and 19.36:
$15,000. 19,37: $16,000, 1938; $17,000, 1939; $lK.f)W. 19J0 and $19,000.
1941 and 1942.
—
JAMESTOWN, Chautauqua
County, N. Y.— BOA'D SALE. On
27 the $69,894 ,54 coupon or reRistorpd refundlnK ffrade-croBsliig
elimination bond.s offered on lhat date (V 112. p 394) were awarded to
.Schoellkopf. Mutton i Co of Buffalo, at 100 2.57 for 5 '-is, a basis of about
Date Fel) 11921
5 21%.
Due $4,894 56 Feb I 1922 and 85.000 yearly
on Feb 1 from 1923 to 1935. lnclusl\e
(;oo B (Jibbon'- & Co offered
100 07 for 5Kk.
Jan
COUNTY
JEFFERSON
SCHOOL DISTRICT NO. 1 fP. O. Loui»Ca.- BOND OFf/vft/.Vr;.- Sealed Ijids will be re<uiv<-d until 12 m.
Feb. 21 by J. W. CUirk. Treasurer of the Board of Scbrxil Trustees, for
$74.500 6';; school bonils. Denom. $500. Dale Jan. I 1921. Prin. and
ann. Int. (Jan. 1) pay.-ible In gold or lawful currencv of the Unit(!<l States,
at the National CItv Bank. N. Y.
Due yearly as follows: S3. 000 1935 to
1937. Incl., $3. .500 1938 to 1940 Incl.. $4,000 1941. $4. .500 1942 and 1943.
.$5,000 1944 and 1945. $5.."j00 1946. $0,000 1947. .$»,..500 194H and 1949 and
$7,500 1950. Cert, check for 2';; payable to the above official, required.
Bonds will be printed or engraved by the successful bidder.
ville).
JOHNSON COUNTY
O.
(P.
Franklin),
Twp. road bonds
offere<l
on Jan.
Ind.— .VO BIDDERS.—
— V. % Asa W. Hawen
394.
112,
Thisre wore no bidders for the $4,363 4
it
is
et al.
'.-i
2()
Blue River
p.
JOPLIN SCHOOL DISTRICT (P. O. Joplinj.
BOND ELECTION — At an election to Ix; held on
issue, for
two new schools and improvements to a
Ja>per County,
Mo.—
Feb 7 a $575.(X)0 bond
third, will be voted upon,
stated
KALAMA,
,
GREENFIELD TOWNSHIP
BOND
[Vol. 112.
,
Financial SUitement
Actual value of real estate and personal property (approx.)..$12,768,686
Taxable value (real estate, perKonal and other taxable
property), equalized 1920
4,268,101
Total bonded debt, IncludlnK this issue
30.5,000
2„'161
SinlcinK funds reserved for payment of alM»ve bonds
KloatinK debt (warrants) not hicludod in ;ibove
2I,4.'')2
Population, la-st official consas 1020. 4,200.
on Jan.
.
Town
Potter.
water bonds.
Wash.— BO.VD
County,
Cowlitz
OFFERING.— VAfAo
Treasurer, will receive bids at any time for the $20,000 67,
V. 112. I). 2249.
KENTON COUNTY
<P.
O. Hardin),
Ohio.— BOA'D OFFERING
—
Proposals will be -eceived by the ('ounty .\uditor until 12 m. Feb. 18 for
SIO.OOO 6% bridge bonds. Denom. $1,000. Date Jan. 3 1921. Int.
semi-ann. Due $1,000 yearly on Jan. 3 from 1022 to 1931. incl. Cert.
check for $.500. payable to the County Auditor, required.
KERRVILLE,
County,
Kerr
i,s.sue
p.
Hall. Secretary
I).
drainage bonds. Denom.
Due $500 in 1926 to 1939j
(P.
bl<Is will
1
Cert, check for
called ab(jut
March
6%
purchased $30,000
for $7,000
1921.
Int. M.
required.
&
6%
S.
10%,
KIOWA COUNTY SCHOOL DISTRICT NO.
Lake^, Colo.— BOA'D
O. Vale,, Malheur
be receivKl until 2
Board of Directors,
Date March
.$,500.
Incl.
—A
was registered with the State
KINGMAN COLONY DRAINAGE DISTRICT
County, Ore.— BOAD OFFER/AO.- Sealed
m. Feb. 23 by Frank
REGISTERED
Tex.— BO.VDS
$20,000 5% 5-40-year water-works bond
Comptroller on Jan. 28.
3
O. Sheridan
(P.
ELECTION .— SALE.— Subject to an election to be
& Co. of Denver. have
5. Henville. Phillips. Este
1,5-30 year (opt.) .school bonds.
KIRKWOOD SCHOOL DISTRICT
(P. O. Kirkwood), St. Louis
a vote of I. .334 to 176 the question of
issuing S225.000 school bldg. bonds, carried at a recent election.
County, Mo.
BONDS VOTED. — By
LEAVENWORTH,
Vernon
bonds,
it is
Leavenworth County, Kans.— BOA'D SALE.—
6%
Branch of "Wichita, has purchased 8100.0()0
11.
water works
reported.
LEESBURG SCHOOL DISTRICT,
—
Lee County.
Ga.— BOA'D OFFER-
ING. S. J. Powell, ('ounty Superintendent of Schools (P. O. Leesburg)
school bonds until Feb. 25.
will receive bids for $65.O0O
Denom.
Due yearly on Jan. 1 from 1926 to 1950. inclusive.
Int. J. & J.
$1 ,000.
5%
LEVAN, Juab County, Utah.— BOA'D ELECTION.— On Feb. 15
$16,000 6'v 20-year municipal light plant bonds are to be voted upon.
E. Hansin, Town Clerk.
J.
—
—
LINCOLN, Lancaster County, Nebr. BOA'^D ELBCTJOA' At the
April election $.500,000 bonds, to construct municipal gas plant, will be
voted upon.
LITTLE ROCK, Ark.— H'/IRRAA'T OFFERING— Bids will be received
by Ben D. Brickhouse, Mayor, for .$325,000 funding ivarrants until II a. m.
Due March 25 1922. The bonds will not
March 4. Date March 25 1921
.
bear interest, but carrying charges will be taken care of
MADISON COUNTY
An
issue of .$3()0,000
bj'
prepaj-ment.
O. Jackson), Tenn.— BOA'D ELECTION
road bonds is to be voted upon in the near future.
(P,
—
—
MANILA (City of), Philippine Islands. WILL PROBABLY SEEK
BIDS AG.A.IN FOR M,\NILA BOA'DS.— "Financial America ha.s the following to say with reference to further efforts to be made to place the loan
"
recently offered on behalf of this City:
"In an effort to float the $2.7,50.000 10-.30 year (opt.) 5^2% tax-free
registered gold bond issue, for the City of Manila. Major-General Frank
Mclntyre. Chief of the Bureau of Insular Affairs, on Jan. 31 si'.id he had
written a number of influential bankers looking to a recon.sideration of the
An advertisement for bids opened Jan. 25 resulted in no proposals
matter.
being made.
A misunderstanding of the law, which fixed at $15,000,000 the amount
of bonds the Government of the Philippines could issue is said to have reAn opinion by the Attorney-General that
sulted in the failure of the issue.
the inhibition did not extend to the municipalities in the islands has put the
situation in a different light and offers now are expected.
General Mclntyre will not take any action, however, until he has had
replies from all the banks interrogated."
Mo—
MAPLEWOOD,
St. Louis County,
BOATD ELECTION.— An
election has been called to vote $40,000 sewer: $35,0(X) fire department and
This is a environ of St. Louis.
$12,000 street lamp bonds
MARION COUNTY
(P. O. Marion), Ohio.— BOA'D OFFERING.—
Clerk of Board of Education, will receive bids until 12 m.
Feb 12 for $16,100 6^ coupon HaLsev & Shoots road impt. bonds. Denom.
Date Feb. 1 1921. Prtn and semi1 for $100. 2 for $.500 & 15 for $1,000
payable at the Countv Treasurer's office. Due each
ann. int (M. & S
six months as follows: $100. Mar 1 1922: .^500 Sept. 1 1922 & Mar. 1 1923;
Cert check for $200. payable to
and $1,000 Sept 1 1924 to Sept 1 1930
Bonds to be delivered and
required.
the Board of County Comm'rs
office of the Board of Comm'rs., on Feb. 12. or as soon therepaid for at the
Purchaser to pay accrued interest.
after as they can be prepared.
MARYLAND (State of). BOA'D SALE.— On Feb. 3 the following
three issues of 4 !^ % tax-free coupon bonds were awarded to a syndicate
composed of the Mercantile Trust Co.. the Union Trust Co., Frank Rosenberg & Co., Nelson, Cook & Co.. Westheimer & Co., Townsend, Scott &
Son, Colston & Co., Hambleton & Co., and Baker, Watts & Co. of Baltimore, and the Wm. R. Compton Co.. the Guaranty Co., and Graham.
Parsons & Co. of New York, and Field, Richards & Co. of Cincinnati,
at 95.0869. a basis of about 5.13%:
$1,500,000 Lateral and Post Road bonds. Date Feb. 15 1921. Dueyearly
on Feb. 15 as follows: .?87,000, 1924: $91,000, 1925: S96.000
1926; $99,000,1927; $104,000.1928: $109,000.1929: $114,000.
1930; $119,000.1931; $125,000.19.32: $130,000,1933; $137,000
1934; $142,000. 1935. and S147.000. 1936.
Date Feb. 15 1921. Due yearly on Feb.
500.000 Construction bonds.
15 as follows: S'29.000. 1924: 830,000, 1925; .$32,000, 1926:
.$33,000. 1927; $35,000. 1928: $36,000, 1929; $38,000, 1930:
$40,000, 1931: $42,000. 1932: .$44,000, 1933; $45,000. 1934,
$47,000, 1935: and $49,000, 1936.
500,000 Lateral and Post Road bonds. Date Aug. 15 1920. Due
yearly on Feb. 15 as follows: $74,000. 1932; $137,000, 1933;
$142,000. 1934; and $147,000. 1935.
The bonds are now being retailed to investors at prices yielding from
4.90% to 5.30%, according to reports.
Harley
E Koons,
.
)
.
—
Cerro Gardo County, Iowa.— BOA'D DESCRIPTION
Further
of S175.0O0 514% water
— MASON CITY, are at hand relative to the National Company of Mason
impt. bonds, awarded on Dec. 29 to the
a basis of about 6.03% — V. 112.
490. Denom.
Citv at 96.05 and
1920.
& D. Due Dec. 1930.
$1,000. Date Dec.
details
sale
Fii-st
interest,
1
p.
Int. J.
1
MASSACHUSETTS (State of).— A'OTE S.\LE.— On Feb. 2 the
$7,000,000 tax-free military scr^-ice loan notes (V. 112. p. 490) were awarded
to Salomon Bros. & Hutzler, of Boston, who offered to pay 100.03 for
5^^% notes, maturing as scheduled in Plan I, i. e., 83.000,000 Nov. 15
1921 and $4,000,000 Feb. 15 1922. At this price the basis is about 5.47%
Date Feb. 15 1921. The bids, including those received for maturity
-
THE CHRONICLE
Feb. 5 1921.]
19:^1 $.3,000,
Plttii II.. which was that the notes mature Sa.OOO.OOO Nov. I
000 Nov. 15 1922, and $1,000,000 No\ 15 I92,i. were its follows
Rulf Bid.
I'lan and Int. lUHc.
Name.
Plan No. 1— liitorest 5'a<; -. -.100.03%
Salomon lli-os. & Hutzler..
'1
100 V»
Plan No. 2- Interest 5 '{.
Interest (j^"^: par
Plan No. 1
and interest plus a premium of $029
Plan No. 2—
Old Colony Trust Co
Int. ->\ T. on $3,000,000 due Nov. 15 1921
Beiuliard SchoUe & Co,
Int. 5
S. N. Bond &Co
^c on $3,000,000 due Nov. 15 1922
Im 5'a % on $1 ,000.000 due Nov. 15 1923
Curtis & Sanger
Par anci int plus a i)ri)niiuni of $r.'9
Edmunds Bi-others
Plan No. 1— $3,000,000; interest
par and premium of
$432
National City Co. of Boston.
5!hj
."i
.
.
',"c
—
.
.
'^i
.
''<>
Bank N V
Bankers Trust Co. of N. Y...
The
First National
.
Plan Ni>.
%; par
2—
and premium of
$3,000,01H). interest
and premium of
bH%:
$1,000,000; interest
MejTill.
Oldham & Co
Estabrook & Co.
K. I.. Da.v&t^o
Harris. Korbcs & Co. Inc
—
000. Int,
S.^^c;*]. 000.000, int.
—
—
—
—
—
—
p. 490.
.$4,500 fire truck
bonds. Denom $900. Duo $900 yearly on Feb. 1
from 1922 to 1926. incl.
Denom. $1,100. Due $1,100 yearly on Feb. 1
16,500 drainage bonds.
from 1926 to 1940. incl.
Int. F. & A.
Dat<? Feb. 1 1921.
MINNESOTA (State oO.-UlaHESr PROI'OS.\L HELD FOR CON.•^IDEKATION. A syndicate headed by the National City Co. submitted
the highest bid on Feb. 3 for the $4..''i38.000 5V; tax-free coupon soldiers'
bonus certificates of indebtedness. The proposal, which was equal to
95.4119. is being hold for consideration.
—
MISSOULA COUNTY SCHOOL DISTRICT NO. 40 (P. O. Frenchtown), Mont. BOND SALE — The $15,000 6% school bonds, which were
—
—have been sold to Ferris & Hardgroveof
MITCHELL INDEPENDENT SCHOOL DISTRICT
—
O. Mitchell)
(P.
—
There were no proposals reDavison County, So. Dak. .V6> BIDS
ceived on Jan. 28 for the $200,000 10-20-year (opt ) school-building bonds,
at not exceeding 5% interi>st --V 112, p 284.
MONTGOMERY,
—Oo. of5%Montgomery County, Ala.—CORRECTION—
funding bonds issue which was sold on Dec. 20 to
The
M. Grant &
N. Y., amounted to $250,000 (not
as stated
BOX!) SALE
R.
.$200,000
in V. 112. p. 182).
The $150,000 water-works and $50,000 sanitary and storm-sewer 5%
bonds, which were offered together with the said funding bonds on Dec 20
& Co of
— V whole three — have been sold to Otto Marx become dueBirmingham.
111. p
bear dat* of Nov
1920 and
Nov. 1950.
The
MONTGOMERY COUNTY (P. O. Dayton^ Ohio.— BOND SALE —
The $51,
6% coupon Sec "E" Coviagioji Pike impt bonds offered on
490— were awarded to Elston & Co of Chicago
Jan 31 — V. 112.
a basis of about 5 99%
Date Feb.
1921
51.005 (100 009) and
2.310
issues
.
1
I
(MX)
for
p.
interest,
I
.
Due $6,000 F(^b. 1 1922 and $5,000 yearly on Feb.
The $86,000 6% coupon Sec. F" bonds offered
'
1
from 192,3-31
.
incl
at the .same time were
not sold.
MOUNTAIN SHEEP IRRIGATION DISTRICT (P. O.
BON U OFFERING. — .\ W Schaupp,
Wallowa County, Ore.
Board of Directors,
6 % 5-20 year bonds
.
will receive bid-s until 5 p
Denonxs $500 :i nd S 1 ,000
MOUNTAIN VIEW, Kiowa
.
m
.
March
Int J
.
&
Joseph),
Secretary
for $125,000
1
.1
County, 0\i\a.— BOND .S.4/.E— Reports
say that the S30,000 electric light bond.--, which were referred to in
have been sold to K. J Edwards of Oklahoma City.
p. 314
A'
111,
MT. VERNON, Westchester County, N, Y.—BOND SALE
—On
—
,Tan. 31 A. B. l^ach & V-o. of New York were awarded the $23,000 5'-;%
registered assessment bonds (V 112, p 490) for $23,197 80 (100 86) and
Date Feb 1 1921
Due Feb. 1 1926.
Sherwood & Merrifield bid $23,197 80
and $23,029 90 respectively.
interest, a basis of alxiut 5 .30%
The First National Bank and
MUSSELSHELL COUNTY SCHOOL DISTRICT NO.
BOND ELECTION — Today (Feb
Roundup), Mont.
15-year high school bldg. bonds will
55, (P. O.
.5)
$70,000 6%
Kathi-vn Haffner.
Ix'
.oted upon
.\.
H.— TEMPORARY LOAN — On
Clerk
NASHUA,
Hillsborough County,
.'•j9(»';
,'i99";
20,000 5,99%
Par and accrud int.. if an.\
MEDFORD IRRIGATION DISTRICT (P. O. Medford), Jefferson
Further details :iro at h:ind
County, Ore. DE.SCHll'TlOS OF liOXDS
relative to the sale of the $1 .2.50,000 O'/c ti-40 year irrigation bonds, awarded
Denoms. $1,000 and $,500
on Jan 18 to P Welch at 99 V 112. p. 490
Date Jan 1 1921. Int J & J.
MERIDIAN, Lauderdale County, Miss. BONDS NOT .SOLO —No
sale was made on Jan 17 of the $150,000 ice plant and $20,000 hospital
V 112. p 284.
bonds, at not e.\ceedlng 6% intcre-sl
The city will try to sell those bonds at a private sale.
MICHIGAN (State of).— Din.s RKJECTICD—TO TRY PRIVATE
S^LK. .\11 bids submitted for the SI. 000,000 5% 30-year coupon road
bonds offered on Feb. 1 V. U2, p. 490— >scre rejected. The State Treasurer has been authorized to sell the issue privately.
MILTON SCHOOL DISTRICT (P. O. Milton), Northumberland
County, Pa. BOND SA/vB.— Unofficial reports state that $100,000 C)V<
1-25 vear serial school bonds have been sold to Newburger, llendonson &
Loeb"of Philadelphia. Date Fob. 1 1921
MINEOLA, Nassau County, N. Y. BOND SALE. Geo. B. Gibbous
& Co. of New York, were awarded at 102, a basis of about 5.73%, the
following two issues of 6% bonds, which were offered on Feb. 2 V^ 112,
V. Ill, p. 1299
offered on Oct. 9
Spokane, it is reported.
,'i'.t9'',
2.';0,000
;iu.v
bVi%
—
5.99'';
,000
S.-iO.OOO .''<.99';
(i.l.OOO 5.99';
par
$141
and premium of
[Plan No. 1
Interest 5.75%; par & accr. int.. if
Plan No. 2 $3,000,000, int. 5.70%; $3,000,
{
:M.W)0
175,000 5.99";,
70,000 5.99'^;,
$432
Jan. 28 Arthur Perry & Co of Boston, were ,i warded on a .5.75','; dis(-oiiut
basis a temporary loan of $60,000. dated Jan 31 1921 and maturing Dec
2 1921.
5.99%
.'.000,000 .>,99'"
,".(1(1,000 5,99',
1,500,000 5.99';
l,.M)0.000 5.99',
:«)0.000 5.99^,
700.000 5.99";
I.'iO.OOO
5.99'',
,50.000 5.99<;;
1,7,50.000 5.99',,
225.000 5.99';
75.000 5.99',
5,000.000
5,000,000
5,99',,,
5.99'';,
.500,000
5,99'-;,
5.000.000 5,99''i
1.230.000 5,99';,
f.5,000 5.99',
r.0.000 5 99';;,
1.50.000 5,99',
25,000 5.99",
40.000
100.000
75.000
10,000
5.99%
5.99%
5.99
5.99"
to .000 5,99'
1
15.000 5,90'
5.000.000 5,99"
(State of)—BONDS NOT TO BE OFFERED NOIV
has been decided not ot issue the $12,000,000 20-year soldier bonas and
$5,000,000 30-year bridge and tunnel 5'T, ,ix-free coupon or registered bonds
\'
which wore to have lienn offered on Feb
ll2.p 490. The bonds will
not be sold before June 15.
t
!
r,
—
NEWTON FALLS CONSOLIDATED SCHOOL DISTRICT
Newton
(P.
—
O.
Falls), Trumbull County, Ohio.— SOA'D.S NOT .SOLD
The
$8,000 6% school lx>n<ls which were offered on Sept 15 last V 111. p
1012 have not as yet been sold
NORMAL, McLean County, III.— BOND OFFERING E L Buck
City Clerk, will receive proposals until 7 30 p m Feb 7 for $30,500 5'',
bonds. Due yearly on Mar. 1 as follows; $5,000 1923, $6,000 1924, $5. .500
1925, and $7,000 1926 and 1927.
NORTH CAROLINA rState of\—NOTE SALE.— Thvi Guaranty
Company of New York, S. N. Bond & Co.. aud Stacy &Braun, all of New
York, purchased on Feb. 1 .S4..''>()0.000 Cm% tax-free notes at 100.06 a
basis of about 6.19%.
Denoiib.. $25,000, $10,000. $5,000 and $1,000.
Date Feb. 15 1921. Prin. and semi-ann int. (F. «: \.) pavable al the
Guaranty Trust Co.. N. Y. Du<' Feb. 15 1922. Thaso l)<)n<ls which are
a legal invcslment for New Y'ork Saviiig.s Banks and Trust Funds are now
being offered by the said purchasers to in\estors, to yield (}% interest.
—
—
—
NORTHAMPTON, Hampshire
—
County, Mass.— LO^A" OFFER/A'(7
George AV. Clark, City Treasurer will receive bids until 11;30 a. m. Feb. 9
for the purchase on an interest basis of a temporarv loan of $200,000, dated
Feb. 10 and maturing Get. 27 1921.
These not,es will be engraved under the supervision of the Old Colon}Trust Company, Boston.
The Old Colony Trust Company will guarantee
the signatures and will certify that the notes are issued by virtue and in
pursuance of an order of the (Mty (!ouncll. the validity of which order has
been approved by Hopes. Gra>
fJoydei! & Perkins of Boston.
These
.
July 22 1921
Sc|)t 10 1921
July 15 1921
Sept. 14 1921
June 10 1921
June 14 1921
May 16 1921
Dec 14 1921
Ool. 17 1921
Mar 10 1921
June 14 1921
June 20 1921
Dec 11 1921
April 21 1921
May 20 1921
July 15 1921
Oct. 14 1921
Dec. 14 1921
June 14 1921
Mar. 18 1921
Sept. 18 1921
April 29 1921
.June IH 1921
June 30 1921
nee. 22 1 '21
April 14 1921
Oct. 17 1921
.\prll 29 1921
June 14 1921
Sopt. 14 1921
Nov. 21 1921
Mar. 15 1921
Mar. 22 1921
Dec. 22 1921
June 14 1921
Nov, 22 1921
April 29 1921
.\prll
1 1921
.Aiitou'it
Jan.
Jan.
Jau.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
'
On denmnd
2,4.50.000
Jan,
7
:«)o,ooo 5,99";,
Mar. to 1921 Jan. lU
Mar 10 1921 Jau 10
200,000 5,99%
Nov
,500.000 5,99",.
30.000 5,99";
Feb. 23
A|)rll 29
July 27
July 27
July 27
April 29
April 29
150.000 5 99';
100.000 5.99";,
,50,000
5.99%
100,000 5.99%
400.000 5 99"i
100.000 5 99'
21 1921
1921
1921
1921
1921
1921
1921
l',i2l
Jan.
Jan.
Jan.
Jan.
21
21
24
24
Jun 24
Jan. 24
Jan. 25
Jan, 25
VariiiU3 ^runlc1pul I-urpuses (.•ST.l'JS.OOO)
225,000 5 99
2,185,000
May 2 1921
May
1921
Ou dcmuud
1,115.000 5
Mar. 10 1921
SUO,000
Jan
Jan.
Jan.
Jan.
Jan.
Jan.
5,99',;,
fl
99<;'o
20.000 5.99%
5H"-„
500.000
1,000.000
1,000.000
500.000
440,000
100,000
Jan
Jan
Jan
5.99"^
May
6 1921
On demand
Aug. 22 1921
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
7
10
10
14
20
Sept. 22 1921
20
5.99',;;,
Juno 14 1921
20
21
5.99% Feb. 23 1921
5.99"'„ June 14 1921
28
]Valer Supply ($700,000).
3
.'<i20.000 5.95'i July
1 1921 Jan.
On demand Jan. 7
530.000 5 ^"0
On demand Jan. 14
1.50,000 5!^%
Dock Purposes ($1.4-20,000).
On demand Jan. 7
$175,000 5i<;%
345.000 5.99% Mar. 10 1921 Jan.'. 10
On demand Jan. 15
350.000 5H"^.
50,000 5,99"'o July 27 1921 Jan. 24
,SS5.000 5.99"i June 14 19.' I Jan. 27
115.000 5.99<7„ July 22 1921 Jan. 27
Tax Notes, amountinC to 5500,000.
$500,000 5,99"t, Jan. 6 1922 Jan. 20
Jan.
Jan.
Jan.
Jan.
Jan.
Jan,
Jan,
Jan.
Jan
Jan.
Jan.
Jun
Jan
5.99';;
Jan.
Jan.
Special Revenue Bonds of 1^21, Gold Exempt Corporate Stock,
amounting to $110,000.
amounting to $I,0S9 35.
Jan. 15 1922 Jan. 26
SllO.OOO 5.99';t Jan, 10 1922 Jan. 17 $1,059.35
5H%
NUNN, Weld County, Colo.— BOA'D OFPfc'R/A'G— Sealed
bids will be
W. E Madden, Town Clerk, until Feb 15 for the $30,000 6%
water works bonds— V. 110, p 2590— Denom $500, Date Nov 1 1920,
Prin and semi-ann int, payable at Kountze Bros
N Y. Due Nov. 1
Cert, check for $1,000 payable to the Town Treasurer, required.
1935
received by
,
OGDEN, Weber County, Vtah.— BOND ELECTION CON.SIDERED.—
Mayor Frank Francis urgfs an election to vote on issuing $225,000 street
$325,000 -sanitary .sewer. $1,50,000 storm sewer, $70,000 bridge.
$75,000 park, $20,000 fire, ?25,()(M) curb and gutter, $10,000 sidewalk and
.S325.000 water extension bonds.
I)uviiig,
ORANGE COUNTY
O.
(P.
Paoli),
Ind.— BOA'D OFFERING.—
Teaford. County Treasurer, will receive bids until 2 p. ni. Feb. 7
for .*8.200 Kaincy Road. French Lick Two.; .$5,000 Johnson & .\ntioch
Koads. French Lick Twp., and $6,000 Orleans and West Baden Road.
Orleans Twp. 4^j':i bonds.
Int. semi-ann.
L.
.lohii
OREGON
BOND
(State of).—
,S.4/.E.— On Feb. 1 the $1,000,000 4!^%
V. 112, p. 395 were sold to the
tax-free gold stat« highway bonds
R. Complou t^o. of N. Y. at 92.05, a ba.sis of about 5.28%
Date Jan. 1
Due $25,000 on April 1 and Oct. 1 each year from 1926 to 1945, incl.
1921
These bonds are a legal investment for Savings Banks and Trust Funds in
New Y'ork and other Eastern States. On a preceding page of this issue
these bonds are being advertised to investors at prices yielding from 5 10%
to 5 ,50'^; as folio ws:
Maturity 1926
to yield 5.50%.
Maturities 1927 to 1928 to yield 5.40%,,
Maturities 1929 to 19.^0 to yield 5 30%,
Maturities 1931 to 1932 to yield 5.20%,
Maturities 1933 to 1945 to yield 5. 10%.
—
—
Wm.
.
.
,
COUNTY
(P. O. Albion), N. Y.—BOND S.ALE —The
ORLEANS
V. 112, p. 395— were
$94,000 6"; highway bond.s offered on Feb. 1
awarded on that date to Sherwood & Merrifield of New York, for $94,131 60
Date Jan, 10 1921
(100 11) and interest, a basis of about 5 92%.
Due
$23,000 on July 10 in 1922, 1923 and 1924; and $25,000 July 10 1925
A bid of $94,028 20 was submitted by Geo. B (Jibbons & Co., of New
York.
—
—
ORRVILLE, Wayne County, Ohio BON^DS VOTED. A voie of
449 "for to 207 "against was cast in favor of the proposition to issue
$22,000 ice-plant bonds which was submitted at the Jan. 25 election V. 112.
These bonds will be offered about March 30.
p. 81.
'
'
OSSINING UNION FREE SCHOOL DISTRICT NO.
— O. Ossin-
1 (P.
Westchester County, N. Y. BOND OFFERING
Percy H
Dawdeu. (Mcrk of Board of Education, will receive bidi; until 8 15 p. m
Feb 10 for $12,000 registered gold school bonds, bearing interest at a
Denom, $1,000
Dat« Feb, 1 1921, Prin, and
rate not to exceed 6';;
ingi,
,
semi-ann int (F, & A ) payable in gold coin of the present standard of
weight and fineness, at the District Treasurer's office. Due $1,000 j-early
Cert check on an incorporated hank or
on Feb 1 from 1922 to 1933, incl
trust company for $1 ,000, payable to the Board of Education, required.
OTERO COUNTY SCHOOL DISTRICT
NO.
11
(P.
O. La Junta).
Colo.— .ADDITIONAL D,47Vl.— The $200,000 6% tends recently awarded
to the Bankers Trust Co. and Bosworth, Chanute & Co., both of Denver
V, 112, p. 491 Isear the following description: Denom. $1,000. Date
Feb. 1 1921. Prin. payable at the office of the C-ounty Treasurer: .semiann. int. (F. Si, A.) payable at the office of the County Trea.surer or at
Kountze Bros.. N. Y., at option of holder. Due $10,000 ycarlv on Feb. 1
ftom 1927 to 1946 inclusive.
Financial Statement.
Actual valuation, estimated.
..$8,000,000
As.sessed valuation. 1920
6,725,335
Total Ijonded debt, including this issue
271,500
— —
NEW JERSEY
It
Rapid Transit ($10,100,000;
Itu Kme
Maturity Dale Hold
3,000,000 5.99'
Mar 7 1921 Jon, 7
2,000.000 5.99';
Mar, 7 1921 Jau
7
isa.ooo 5 ^<i
On denuiud Jan
7
475,000
On demand Jan, 7
tilt. Hale.
5f),00U 5.99';;,
$432
par
SI9,41S,OO0
».M.440.I>UU.
.\laturUy
UiUtSuld.
sa.'io.ooo 5.99"; Sept. 15 1921 Jan.
100,000 .) 99''; .\UK. 10 1921 Jan.
Orl. 14 1921 Jan.
i.W.OOO 5,99'
.Vmoum
1.000.000
%; par
5^ %:
NEW YORK
CITY, N. Y.—TE.\fPORARY LOANS. —Darliiii January
the city issued the following sliort-term S(X-iirili<«, conHlsting of Revenue
Hills and Bonds, Corporate Sto<-k Notes, Tax Notes aud Gold Kxempt
Corporate Slock, aggregating $.5-1.466.059 35:
Revenue llillii of IVil, aiigregatlagi Corporate Stock Note*, aftgreeatlog
,'..">
$5Tti
$3,000,000; interest 5,4
notes are exempt from taxation in Massa<'hus<>tts. The legal pai>ers incident to tliLs issue will be filetl vsith the Old Colony Trust Company, where
the.\
inav be inspected,
^^^^^^
•jr.o.ooo
;
54,000,000; InteroBl 5J»
and premium of
.
583
—
Population
estimated
,
8,000
OTERO COUNTY SCHOOL DISTRICT NO. St (P. O.
Colo. — BO.V/).S VOTED— S.\LE.^On Jan. 29 $110,000 6<~,
serial school
Thev have been
bonds carried.
headed by Ben well.
sold to a
Cheraw),
11-20-yoar
Denver syndicate
Esto &. Co.
O. Port Washington), Wise— BOJVD
OFFERING. The County State Koad and Bridge Committee, will receive
sealed bids until 10 a. m. Feb. 15 for S-JIO.OOO 5% road impt. bonds.
Due $54,000 on April 1 in each of the years 1922. 1926.
Int. semi-ann.
If no satisfactory
t:;ert. check for $1,000. required.
1930. and 1934.
scaled bid is received, the said committee reserves the right to proceed
Phillii)s,
OZAUKEE COUNTY
—
(P.
theceafter to sell said bonds at public auction or at private sale.
PAIGE COUNTY DRAINAGE DISTRICT NO.
—
16,
Iowa.— BOA'D
SALE -Vccording to newspaper reports the $6,881 88 drainage bonds,
which were offered on June 16 V 110. p 2697 but then failed to attract
a bid. have been sold to A, La vine of Essex, Iowa
PATASKALA, Licking County, Ohio.— BOA'D 5.4Lii.— The Pataskala
Banking Co. of I'ataskalu has piu-chased at jiar tliree issues of 6''f special
assessment street impt. bonds, aggregating $45,232 20. at par and interest.
Denoms. $1.:«2 98. $215 85 and $2.26161. Date Aug. 16 1920. Int
F.
&
.\.
—
Due serially
for 10 .vears.
—
—
—
——
—
—
TIIK
584
PENDLETON,
—
-
CHRONICLE
SALE NOT CON-
Umatilla County, Or*.— liOND
to
l.ssue to bullfl
&
and
$1,000.
Financial SIntrmrnt.
Assessor's valuation of taxable prop<Tty 1920
Total bonded debt, this Is.suo only
--.
Population, estimated, 800.
PITTSFIELD,
Berkshire
BOND OFFERING
Meigs County, Ohio.— ROATD OFFERJKG.^mAs for
.131,939 93 ()% deficiency lionds will bo received until 12 m. Fob. 12 by O. L.
StraiLss, Village Clerk.
Denoms. .?200 and S139 93. Date Sept. 1 1920.
Purchaser to pay acInt. Komi-ann.
(^ert. check for .S.300 required.
crued interest.
POMEROY,
READING, Hamilton County,
Bemniis.
6%
voters will
high school bldg. bonds
m
27
—
Int.
Due
annual.
STRUTHERS VILLAGE SCHOOL DISTRICT
(P.
—
Villas!' Clerk, will receive bids until 12 ni. Kol). 21 for -So.oOO fi'^
July 31
1931.
O. Struthers),
1929; S3. 000 1930: S2.000 1931; $3,000 1932 and 1933: $4,000 1934 to
1937. inclusive; $5,000 1938 and 1939: $6,000 1940 and 1941; $7,000 1942
.$8,000 1944 to 19.50, inclusive; $9,000 1951; $12,000 19.52; $16,000
19.53; $17,000 19,54; $18,000 19.55 and 19,56; and $19,000 1957. 1958 and
19.59.
Certified check on some bank in Mahoning County for $10,000.
payable to'the Board of Educ^ation, required
Bonds to be delivered and
paid for at tho Clerk's office on March 15. Purchaser to pay accrued Int.
and 1943;
—
REIDSVILLE, Rockingham County, No. Caro.—IiOXD SALE
6% water bonds, to the amount of .SIOO.OOO (V. 112, p. 491) were
awarded on Feb. 2 to Seasongood & Mayer, of Cincinnati, at par. Date
Due yearly on April 1 as follows: $2,000 1923 to 1942 incl.,
Feb.
1921
.
$3,000 1943 to 1954
incl.,
and $4,000
19.5.'5
to 1960 incl.
RICHLAND COUNTY SCHOOL DISTRICT NO.
school bonds
.000
— An issue of Land C^ommissioners, at par.been
Board of
h.as
0',','
.$1
SUGAR NOTCH SCHOOL DISTRICT
121,
County, Pa.— BOND OFFERING.
sold,
it is
reported,
RIVERSIDE COUNTY DRAINAGE DISTRICT NO. 3, Calif.—
BOND SALE. — An issue of S40.720 67 6% drainage bonds has been awarded
sum of $25,000 for the extension of water mains and in.stallation of
purifying plant to enable the city to use Nemaha drainage ditch water,
carried by a good majority at an election held on Jan. 21, it is stated.
in tho
TEXAS (State oO.—BONDS REGISTERED —The following bonds
were registered with the State Comptroller on Jan. 24:
—
bid of
its
to the Genesee Valley Trust Co.
6% plus .$6
premium. Date Feb. 4 1921. Payable June 4 1921 at the Central Union
Trust Co. of New York.
OFFERING. -Proposals are being received until 2:30 p. m. Feb. 8
by J. C. Wilson, City Comptroller, for $850,000 revenue notes, matming
four months from Feb. 11, at the Central Union Trust Co. of New York,
where delivery to piu-chaser is to be made on Feb. 11, Bidders must state
rate of interest, designate denominations desired, and to whom (not bearer)
notes shall be made payable.
1,8.54
1,999
750
1,990
TOLEDO SCHOOL DISTRICT
is at hand relative to the
public school impt. bonds V. 112, p. 28.5 Sealed bids for these bonds
will be received by the Rome City Commission, until 7. 30 p. m. on said
date.
Denom. $1,000 Int semi-ann. Due $5,000 yearly from 1930
to 1949, incl.
Cert, check for $1,000, required.
tion
—
—
— BOND SALE. — On Feb.
1 1 1
--. 5-20 years
5-20 years
5-20 years
.5-20 years
.5-20 years
5-20 years
5-20 years
5%
5%
6%
6%
6%
6%
6%
6%
O. Toledo), Lucas County, Ohio.
1
.
,
$11,500
.
%
"against."
ROSS TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Ham=
mondsville), Jefferson County, Ohio.— BOND OFFERING. — W. A.
La^vry, Clerk of Board of Education, ^vill receive bids until 1 p. m. March 1
Denom. $100. Date March 1 1921.
for $3,500 6% coupon school bonds.
and .semi-ann. int. (A. & O.) payable at he Bergholz State Bank of
Due $100 each six months from April 1 1922 to April 1 1939 incl.
Bergholz.
Cert, check for $100. payable to the Clerk of the Board, required.
Prin.
RYEGATE MUSSELSHELL COUNTY, Mont.— BOiVD SALE.— The
—
$15,000 6% water bonds, which were offered on April 4 V. 110, p. 1451
have been sold to W. P. Roscoe of Billings at par. Date Jan. 1 1920.
Due yearly on Jan. 1 as follows: $1,000, 1931 to 1935, incl. and $2,000,
1936 to 1940, Incl., optional with the town, on the interest payment date
occurring 1 year prior to date of maturity.
The $15,000 6% sewer bonds, also offered on April 14, have not been sold
as yet.
SALINA SCHOOL DISTRICT (P. O. Salina), Saline County, Kans.
—BONDS VOTED. — On Jan. 25 $65,000 school bonds, to build a negro
school, carried
by a 436 majority.
SAN FRANCISCO
(City and County of), Calif.— BOiVO ELECTION.
On March 8 the proposition of purchasing Spring Valley Water Co.'s
property valued at $37,000,000 and railroad of $1,000,000 valuation will
be voted upon.
SANTA MARIA UNION HIGH SCHOOL DISTRICT,
bara County, Calif.— BOA^D OFFERING.
of County Supervisors (P. O. Santa Barbara),
Santa Bar— C. receive bids vmtil 10Board
A. Hunt, Clerk
m.
will
a.
Feb. 7 for $400,000 6% school bonds. Denom. $1,000. Date Jan. 17
Int. semi-ann.
Due $10,000 yearly on Jan. 17 from 1922 to 1961.
1921.
incl.. Cert, or Cashier's check for 10% payable to the Chairman of the
Board of County Supervisors, required.
SCIOTO TOWNSHIP RURAL SCHOOL DISTRICT (P. O. CommerPoint), Pickaway County, Ohio. BOND SALE. — The State
Industrial Commission of Ohio has purchased at par the $25,()00 6%
cial
—
coupon schoolhouse erection which were offered on June 7 last V. 110,
Due $500 on Mar. 1 and Sept. 1 in each of the years from 1921
p. 2219.
incl.
2,000,000 5 J4
J. & J.
SENECA, Nemaha County, Kans.
BOND SALE. —It is reported
6% refunding
that Vernon H. Branch of Wichita recently purchased $23,000
bonds.
SHELBY COUNTY
1
from 1922 to 1961
pear ng on a previous page.
TRINITY COUNTY ROAD DISTRICT NO.
Tex.— BOND OFFERING.— At
bonds
will bo offered for
Davis, County Clerk.
sale.
4 (P. O. Groveton),
10 a. m. Feb. 5 $175,000 5K.% 22-yr. road
Certified check of $1,000. required. J. E
UMATILLA COUNTY SCHOOL DISTRICT NO. 61, Ore.— BOAD
— Clark. Kendall & Co. of Portland, recently acquii-ed, it is reported.
6% school bonds.
UNION, Union County, So. Caro.— BOND SALE.—The $70,000
water works. SCO. 000 sewerage and $30,000 lighting 6% bonds, which
SALE.
$60,000
were offered without success on July 15
to Sidney, Spitzer & Co. of Toledo.
— V.
111. p. 414
—have been sold
URICH SCHOOL DISTRICT (P. O. Urish), Henry County, Mo.—
BOND ELECTION. — On Feb. 8 $20,000 school bonds will be submitted to
a vote.
VALLEJO SCHOOL DISTRICTS, Solano County, Calif.—DESCRIPTION OF BONDS CORRECTION The $250,000 high-school and
$250,000 grammar school 5'4 % bonds, which were sold on Nov. 12 to the
Anglo & London- Paris National Bank of San Francisco at par (V. Ill, p
Denom $1,000 Date May 24
2069) answer to the following description.
Int. M. & N
Due yearly on June 24 as follows: $12,000 1921 to
1920
—
—
The item in V. 111. p
19.50, Inclusive. $14,000 1951 to 1960. Inclusive
1777, stating that the district named had sold $250,000 grammar and
$250,000 high-school 5% % bonds during October to the mentioned bank,
was
incorrect.
VANDERBURGH COUNTY
O. Evansville), Ind.— BOA'^D OFFERfollowing
issues
— Proposals theuntil 10 m. Feb. 10ofby4}4% road-improvement
Walter Smith, County
be received
SCOTT VALLEY IRRIGATION DISTRICT,
CaVif.—DESCRIPTION OF BONDS.— The $103,000
—
Interest
$50,000 yearly on Feb.
The purchasers are now advertising the issue at prices to yield from 5.15%
75%, according to maturities, as announced in an advertisement ap-
bonds
on Dec. 27 to Carstens & Earles. Inc., and J. R. Mason & Co., .iointly, at
92.27 V. 112, p. 183— are in denom. of $1,000 and are dated July 1 1920.
Due
bonds.
to 5
ING
Siskiyou County,
67^ bonds awarded
%
incl.
'
to 1945, incl.
(P.
for
will
foiu-
a.
Treasurer:
$22,440 Creek Road, Pigeon Twp, bonds. Denom $1,122. Due $1,122
each six months from Mav 15 1922 to Nov. 15 1931, inclusive.
Due
12.200 Buena Vi.sta Road. Center Twp.. bonds. Denom. $610
S610 each six months from Mav 15 1922 to Nov 15 1931. inclusive.
Due
40,600 Green River Road, Center Twp bonds. Denom $2,030
$2,030 each six months from May 15 1922 to Nov. 15 1931, incl.
Lower West Franklin Road. Perry Twp bonds. Denom. $1,660.
33,200
Due SI. 660 each six months from May 15 1922 to Nov. 15 1931.
.
,
O. Harlan), Iowa.— BOA'D SALE.— On Jan. 6
R. M. Grant & Co. of Chicago were awarded $75,000 6% funding bonds
Denom. $1,000. Date Jan. 1 1921. Int.
at 101.10 and blank bonds.
M. & N. Due yearly as follows: $10,000, 1928 to 1933 incl., and $15,000,
(P.
1934.
inclusive.
$32,800 Oak Grove Road. Knight T>rp. bonds. Denom. $1,640. Due
SI, 640 each six months from May 15 1922 to Nov. 15 1931 incl.
Denom. .$800. Due $800 each
16,000 Lynch Road Center Twp. bonds.
six months from Mav 1 5 1 0'^'2 to Nov. 15 19dl incl.
Date Feb. 10 1921. Int. M. & N.
BOND SALE The $8,400 4>^% Edmund Winniger et al Allen Road
bonds offered on .Tan. 27 (V. 112. p. 286) have been disposed of at par.
Date ,Tau. 27 1921. Due $420 each six months from May 15 1922 to
.
,
SMITHVILLE SCHOOL DISTRICT, Lee County, Ga.— BOA'D
OFFERING.
bonds by
— Bids willCounty Superintendent of25 $60,000 57c school
be received until Feb.
Powell,
Schools
O. Leesburg)
for
S. J.
(P.
& J.
Dueyearly on Jan. 1 from 1926 to 1950, incl.
SNOW HILL SCHOOL DISTRICT (P. O. Snow Hill), Greene
County, No. Caro. BOA^D OFF£iJ/A^G.— Until 11 a. m. Feb. 21, B. C.
WiUiams, Clerk of the County Board of Education, will receive sealed
Denom.
(P.
Rale.
the following two issues of school bonds, aggregating $4,000,000 (V. 112, p. 396) were awarded to a syndicate comprised
of Stacy & Braun, Kissel, Kinnicutt & Co., the Wm. R. Compton Co., the
Bankers Trust Co. tho Guaranty Co. of New York, all of New York. th&
Detroit Trust Co of Detroit and the First Trust & Savings Bank of Chicago
for $4,000,100 equal to 100.0025, a basis of about 5% %:
bonds. Due .$50,000 yearly on Feb. 1 from 1922 to 1961
$2,000,000 5H
ISSUE VOTED
ROSEVILLE, Placer County,
— At the municipal swimming poolCalif .-BOATDvote of 88 "for"DOWN.
election held Jan 25— V
p 2447 — the voters declined to issue
bonds by a
to 174
.
Due.
20 years
Place and Purpose of Issue
Callahan County Common S. D. No. 19
Clay County Common S. D No. 16
De Witt County (bridge bonds)
De Witt County (bridge bonds)
De Witt County (bridge bonds)
De Witt County (bridge bonds)
De Witt County (bridge bonds)
De Witt County (bridge bonds)
2,500
1,999
1,950
BOND OFFERING — Additional informaoffering on March 10 of the $100,000 5%
Inl.
—
Amt.
$1,.500
—
ROME, Floyd County, Ga.
O. Su?ar Notch), Luzerne
TECUMSEH, Johnson County, Neb.— B0.?V^D5 VOTED.-Bonds,
& Earles, Inc., of Seattle. Denoms. $1,000, S.500 and ,S214 71.
and semi-annual interest (M. & N.) paj^able at the office of the
Date Nov. 8 1920
Due yearly on Nov. 8 as follows:
County Treasurer
$2,714 71 from 1921 to 1933, inclusive, and $2,714 72 1934 and 1935.
ROCHESTER, N. Y.—NOTE SALE.— The block of .S20,000 Plymouth
& Brooks Ave. sewer notes offered on Feb. 1 V. 1 12, p. 491 were awarded
to Carstens
NOTE
(P.
bid. required.
Principal
—
of Rochester, at
—
Paul Albosta. Secretary of Board of
School Directors, will receive bids until 7:30 p, m. Feb. 12 for SIOO.OOO 59?
school bonds.
Denom. $500. Date Aug. 1 1920. Int. semi-ann. Due
$5,000 yearly from 1922 to 1941, incl. Cert, check for 1% of amount of
Mont.— BOJVD
to the State
—
10a
will receive bids until
Mahoning County, Ohio.— BOA'D OFFERING Setb J McNabb, Clerk
of Hoard of Education, will receive propo.sals until 12 m Feb. 21 for
$275,000 6% coupon school bonds. Donom SI .000
Principal and semiannual interest payable at tlie school district depository
Due yearly on
March 15 as follows: $2,000 1924. 1925 and 1926: $1,000 1927. 1928 and
The
SALE.
.
O. Chokio), Minn.— BO.VD OFFERING. Bids will be re<fived until
m. Feb. 10 by Lewis L. Larson. Clerk Board of Educ.-vtion, for $10,000
school bonds.
Denom. $1,000.
Ocrt. clKick for 3%, required.
O. Porter
coupon judgment funding bonds. Denom. .?.500. Prin. and semi-ann. int.
payable at the Reading Hank, of Heading. Cert, check for 5% of amount of
bonds bid for, required. Purchaser to pay accrued interest.
I
Rlch.irds. Jr
STEVENS COUNTY INDEPENDENT SCHOOL DISTRICT NO.
(P.
8 p.
BOND OFFFRTNd .—Car]
Ohio.
—H W
Feb. 19for$14,l805% voting machine certificates of Indi^btednoss Denom.
3 for $4,000 and 1 for $2,180
Date Dec 7 1920. Interest annually on
Doc 7. Due$2.180Dcc 7 1922. and .$4. OOOon Dec 7 1924, 1926 and 1928
Purchaser to pay accrued intf-rest.
'.)
decide whether the.v are in favor of issuinff .$3()."),000
at an election to be held on Feb. 2.5, it is stated.
19.54.
.
OFFKRIKG —
PORTERVILLE UNION HIGH SCHOOL DISTRICT (P.
Tulare County, Calif.— /iO.V/) EI.Kirr I ON .—The
and $10,000,
—
90,000
Proposals for thi^ purchase at (lisconnl of a Icmporary loan of S200.000,
dated l''eb.
and nialurinR Nov.
1921, will be receivetl until 11 a. m.
Feb. H by the City Treasurer.
ville),
19.53,
SPENCER COUNTY (P. O. Rockport), Ind.— BOA'D SALE.— The
$80,000 V,'/, Courl Mouse (•(|iiipineni bonds offered on Jan. 29 V. Ill, p.
2.54,5- w(Te awardi'd to (he Harris Trust & Havings Bank of Chicago, for
$H2.S()4. (iqual to 103. .58. a basis of about 5..52';
Date, Jan. 1 1921.
Due
$2,000 each six months from .May 15 1921 to Nov. 15 1940. incl.
$l,61.3,Rf)0
MaBi.— TJ)AN
County,
— (P. O. Mantoca),
BOND
San Joaquin County, Calif.
OFFERING. I'ropcjsals will be
ro<-eived until 10 a. in. Feb. 15 by H. L. Htccl. Secretary Board of Directors
for $100,000 5K'/;, bonds.
Denom. $1,000. DaUi Sept. 1 1919. Int.
J.
J.
Prin. and Intercwt pavablo at the offico of the Treasurer.
Due
yearly on July 1 as follows: .$5,000. 19.50; $25,000, 1951; $30,000, 19.52;
66 (P. O. Venango),
Nebr. liOND SALK. Henwcll riilllips Ksto & (;o. of Denver have purchased .?!»(). 000 «'/; :^0-:«)-.vr. (opt.) school bonds.
Dated Keb. 1 1<)21. Due
Fob. 1 Hl.ll. optional Fob. 1 liMl. Int. Feb. & Auk. and with principal
payable at ofrice County Treasurer at Grant, Nebr.; In N. Y. Exchange.
Donom.
O. Snvder),
SOUTH SAN JOAQUIN IRRIGATION DISTRICT
Ix) illcKal.
—
,1
<P.
IIONJ) ELECTKfN.—A $7.5.000 5% 40-y<sir bond
high school will be subinltU-d t*) a voUs on Feb. 24.
Scurry County, Tex.
—
PERKINS COUNTY SCHOOL DISTRICT NO.
[Vol. lli.
SNYDER INDEPENDENT SCHOOL DISTRICT
SIJMMATICI).- TUo wile of tho $14,000 fire appanitus and $8,000 park
was
V. 111. j). 'J'A')
ft% l)oinJ.s 'o C'arstiMis *: Karlcs, Inc.. of Votilaiid
never completed l)ec4iu«e the attorneys of tho purchasers found tho Iwnds
—
.
.
$1,000.
Int J.
—
bids for the following 6% bonds:
$50,000 school bonds — V. Ill,
1951.
p.
—^Date
1776
Jan.
1
1921.
Due
Jan.
1
9.000 school bonds. Date Jan. 1 1920. Due Jan. 1 1940.
Denom. $1,000 each or denom. to suit purchaser. Int. semi-ann.
payable at the Chase National Bank. N. Y. Cert, check or cash for 3%
of the amount of bonds bid for payable to the County Board of Education,
required.
Purchaser to pay accrued interest.
—
Nov. 15 1931.
inclusive.
WASHINGTON
BOND
—
(State of).
SALE. A sj-ndicate consisting
of the Bankers Trust Co.. Guaranty Company of New York. Halsey
Stuart & Co., Estabrook & Co., Hallgarten & Co., William R. Compton
Co.. Stacy & Braun, R. L. Day & Co., Cyrus Pierce & Co.. Carstens &
Earles. Inc., Ferris & Hardgrove, Eldredge & Co.. and John E. Price & Co.,
was the successful bidder on Jan. 29 for the $5,000,000 gold tax-free coupon
(with privilege of registration) general fund bonds V. 112, p. 396 at
Date Feb. 1 1921. Prin.
100.636 and interest, for 5Hs. Denom. $1,000.
—
—
THE CHRONICLE
Feb. 5 1921.]
(F. &
Now York
A.) payable at the office of Stale Treasurer in
Due Feb. 1 1911 optional Feb. 1 1931.
(^ity.
The said bonds aro a lesal investment for Savings lianks and Trust Funds
in New York. Connecticut. Massachusetts and elsewlu re and eligible to
In an advertisement appearing on a pre
secure I'ostal Savings deposits.
ceding page of this Lssue the syndicate named Is offering the bonds to the
to optional dale and
investing public at 102.70. to yield about 5.1.')'',
and soml-ann.
iut.
OljTiipla or In
,
&yj%
thereafter.
WASHINGTON COUNTY ROAD DISTRICT NO. 1, Ark.— BONO
SALE— On Jan. 1921 StiO.OOO ()% bonds were .sold to Caldwell Co. of
it.
I
Denoni. $500. Date Dec. 1 1920.
from 1922 to 1910. inclusive.
St. Louis.
on Aug.
1
& A.
Int. F.
Due
yearly
585
$555 Dennick Ave. paving deficit lx)nds. Date Feb. 1 1921. Due
$111 yearly on Oct. I from 19li 1 to 1925. incl.
Due $725
3,625 Calvin St. paving deficit l«juds. Dale Jan. 15 1921.
yearly on Oct. I from I92I to 1925. incl.
Dale Feb. 1 1921. Due $483
2.415 Wayne .\ve. paving defiiit bonds
yeailv on Oct. 1 from 1921 to 1925. incl.
Date Jan. 15 1921
Due
1 .375 Hillniun et al. Stj>. sewer deficit bonds.
S275 yearly on Oct. 1 from 1921 to 1925. incl.
4.085 Waverly et al. Sts. sewer deficit bonils. Dale Mar. 1 1921. Due
SK13 yearly on Oct. I from 1921 to 1925, incl.
Date Feb. 1 1921. Due
2.310 lielle Vista Ave. gra<ling deficit bonds.
from 1921 to 1925. incl.
$|()2 vearly on Oct.
775 Dupo'nt St. grading deficit bonds. Date Fob. 1 1921. Due $155
from I92I to 1925. incl.
yearly on Oct.
Date Feb. 25 1921
Due $4,000 yearly
16.000 Cetlar St. Bridge l)onds.
on Oct. 4 from 1924 to 1927, incl.
Prin. and Kemi-ann. int. payal)le at the office of the SlukitiK Fund Trustees, where delivery to purchaser and payment in full an- to hi- made not
later than Mar. 15. unless one of the local banks is ctio-sen for the idace of
delivery.
Cerlified elHH-k on a solvent bank for 2% of amount bid for,
payable to the City Auditor, is re<iuired with each isMue bid uinm.
.
1
1
.
WASHINGTON SCHOOL TOWNSHIP (P. O. Carlos City), Randolph County, lnd.—IU).\l) OA'f'A'W/.Yr; —Harrison Iliatt. Townsliip
coupon
Trustee, will receive bids until 2 p m Feb 25 for $17,711) IK
(>'",
school-hou.se erection l)onds
Denoins 1 for S21ti -IS and .15 for S5()()
Principal and senii-anmial interest (J & J ) payable
Date Feb 25 1921
Due S2 16 IS July 15 1922: $.500 on
at the Citizens Hanking Co. of Lynn
Jan. 15 and Julv 15 In each of the years from \\)T.i to 102K, Im-lusive; an<l
$1,000 on Jan 15 and S.5()0 on Julv 15 in each of the years from 1929 to
Certified check for $500. i>ayable
1935. inclusive; and SI. 000 Jan. 15 19:iti
I'lircha.ser to pay accrued interest.
to the above trustee. requiriHl
WASHINGTON SCHOOL TOWNSHIP— (P.
Broad
O.
Ripple),
Marion County, Ind- liOXD OFFi:iil\(l -I'ropo.sals will be received
m. Feb. 1 for .$5,000 0' school bldg. bonds by Chas. P. Wright.
Township Tr«,-;tee. Denom. $500. Date Feb. 1 1921. Int. seml-ann.
until 10 a.
Due $500
1
;
yearly on Feb.
1
from 1922 to 1931.
incl.
WASHINGTON SCHOOL TOWNSHIP. Cass County, Ind.— BO.V/J
OFFERIXG — Charles D Marshall. Township Trustee, will receive bids
Interest semi-annual
until 11 a. m Fo b 21 for $130,000
school bonds
WATERFORD, Saratoga County, N. Y.—BOND OFFEKINC —
ti*;,
l'ropo.sals will be recelviti until 8 p. m. Feb. 7
for the following (i% paving bonds:
by
W
.
Karl Lawrence, Village
Clerk
Denoni $465. .30. Date Juno 1 1920.
$2,326.50 Division Street bonds.
Due $405.30 yearly on Oct. i from 1921 to 1925, Incl.
Date Feb. 1
46,137.00 Fourth and State Sts. bonds. Denoni. S1.K05.48.
Due $1 .805.48 vearlv on Oct. 1 from 192oi to 1947. incl.
1921
Int. A. & O.
Cert, check for 2',; leQuired.
.
,
—
WATERTOWN,
Middlesex County, Masa.— LOAN OFFERING
Proposals for the purchase at di-scount of a tempoary loan of $200,000
maturing Nov 30 1921. will V>o received until 3 30 p. m. Fob 10 by the
City Treasurer.
WESTRIVER SCHOOL TOWNSHIP (P. O. Carlos City), Randolph
County, Ind.—BOXn OFFERING —Thomas Sackett. Township Trustee,
•will receive proposals until 2 p. m Feb. 25 for $18,253.52 6% coupon school
bldg. bonds.
Denoms 20 for $600, 1 for $8.53 52 and 6 for $900 Date
payable at the Citizens
Feb. 25 1921.
Prin. and semi-ann. iut. (J. & J
Banking Co. of Modac. Due each six months as follows: $600, July 15 1922
to Jan. 15 1932. incl
52 July 15 1932. and $900 Jan 15 1933 to
.S853
July 15 1935, incl. Cert, check for $500, payable to the above trustee.
)
;
required
WILKES COUNTY (P. O. Washington!, Ga.— BOND OFFERING.—
March 1. H. 1. Cheney, Clerk Hoard of Commissioners of
Roads and Revenues, will entertain proposals for $50,000 5% coupon road
bonds. Date June 1 1919. Prin. and semi-ann. int. (J. & D.) payable at
the County Depository. Washington. Ga., or in New York Exchange, at
Until 12 m.
option of holder. Due yearly on Dec. 1 as follows: $2,000 1929 to 1943.
incl.. and $4,000 1944 to 1948. incl.
A certified check for 5% of each bid
of the amount of the face value of said bonds, upon some member of the
Federal Reserve Hanking System of the United States, or some state bank
authorized by the laws of the State of Georgia to do business therein shall be
deposited with each bid, made payable to the County Board of Com.
missioners.
WILMINGTON, New Hanover
County, No. Caro.-BOND SALE.—
Ry. submitting a bid of 101 017 for 6s. a basis of about 5 91%. the Provident
Savings Bank and Trust Co. of Cincinnati obtained the 050,000 impt.
bonds on Feb. 3 V. 112, p. 492. Date Jan 1 1921
Due yearly on
Jan. las follows: $2,000 1922 to 1939, incl, and $6,000 1940 to 1.55, incl.
—
—
Worcester County, Mass.— TEMPORARY LOAN
On Feb. 3, It is stated, a temporary loan of $375,000, dated Feb. 4 and
maturing July 15 1921, was awarded to Estabrook & Co., of Boston, on a
WORCESTER,
5.
54%
discount basis.
—
COUNTY
YAVAPAI
(P.O. Prescott), Ariz. BOND OFFERING.
Proposals will be received imtil 10 a. m. Feb. 26 by R. E. Donovan, Clerk
Board of County Supervisors, for the $1 ,500,000 6% highway impt. bonds
V. 112, p. 397. Denom. $1,000. Date June 1 1920. Prin. and semi-ann.
int. (J. & D.) payable at the office of the County Treasurer or in New
York City at option of bolder. Due $75,000 yearly on June 1 from 1921
to 1940. incl.
Certified check for 5% of bid required.
Purchaser will be
furnished without charge, the approving opinion of Wood & Oakley. Chic.
—
YOUNGSTOWN, Mahoning County, Ohio. BOND OFFERING.
A. H. Williams. City Auditor, will receive bids imtil 12 m. Feb. 28 for the
following 6% coupon (with privilege of registration) bonds:
$100,000 municipal-hospital bonds. Date Feb. 15 1921. Due $10,000
yearly on Oct. 1 from 1924 to 1933, incl.
400,000 Oak St. grade-elimination bonds. Date Mar. 14 1921. Due
$16,000 yearly on Oct. 1 from 1923 to 1947, incl.
Date Feb. 1 1921. Due $1,000 on
2,600 city's portion impt. bonds.
Oct. 1 in 1922 and 1923. and $600 Oct. 1 1924.
34.850 Clearmont Drive paving bonds. Date Feb. 1 1921. Due $6,970
yearly on Oct. 1 from 1921 to 1925. incl.
13,075 Judson Ave. paving bonds. Date Sept. 1 1920. Due $2,615
yearly on Oct. 1 from 1921 to 1925, incl.
15,910 Judson Ave. pavins? bonds. Date Sept. 1 1920. Due $3,182
yearly on Oct. 1 from 1921 to 1925, incl.
29.450 Philadelphia Ave. paving bonds. Date Sept. 1 1920. Due
$5,890 yearly on Oct. 1 from 1921 to 1925, Incl.
NEW LOANS
YUMA, Yuma County,
Date Jan.
—
1
—
Due
Int.J.&J.
1921.
ZANESVILLE,
Muskingum
Jan.
1
County,
1941
Ohio.
BOND SALE— On
15 Seasongood .V Mavcr of Cincinnati, ofleriiig $35,097.68. e<iual to
100,005. a ba.sis of about 5.99% were awarded $35,095,18 6% deficiency
bonds.
Denom. $1,000 and $1.095. 18. Date Nov. 15 1920. Int. .semiann.
Due Nov. 15 1928.
.laTi.
CANADA,
and Municipalities.
Provinces
its
CAPREOL, Ont.— DEBENTURE SALE. —C.
H. Burgess & Co. of
Toronto, recently purchas(!d. it is stated, $17.0(}iO 6% 10 and 20 year debentures at 83. a basis of about 7.88%.
DARTMOUTH, N. S. -DEBENTURE SALE.— The Royal Securities
Corp. has purchased $100,000 (i% 20-year sewer, water works and general
impt. debentures of this town at 9(i.53.
Dale .Ian. 2 1921. Due Jan. 2
1941.
DECKER CONSOLIDATED SCHOOL DISTRICT NO.
Man.— BIDS REJECTED— Tlw following bids,
Decker),
320 (P. O.
which were
received for the .$40,000 7% coujion debentures offered on Jan. 7 (V. 112.
p. 83). were rejected: Harris. Head & Co., 92.50; Bond &, Debenture Corp..
92.000; and Clifton Cross Co. of Hegina, 91.50.
FORT GARY
R. M., Man.— DEBENTURES VOrF«.— Unofficial
reports indicate that the $50,000 .school debenture by-law submitted to the
ratepayers on Jan. 14
V. 112. i). 184
was favorably voted upon.
—
—
MERRITTON, Ont.— DEBENTURE SALE.— mti^enl. Anderson & Co.
of Toronto, have purchased at 95.137, a basis of about 6H'%. an issue of
$30,000 0% 30-installment public school debenturas. according to reports.
REGINA PUBLIC SCHOOL DISTRICT (P. O. Regina), Sask.—
DEBENTURE SALE — The $250,000 63-^ % 30-year debentures offered on
1 (V. 1 12, p. 493), were awarded to the CJanada Trust Co. at a bid of
100 697 for serial debentures, a basis of about 6.45%.
Feb
ST. VITAL, Man.— DEBENTURES DEFEATED.— 1<ewspapers report
that the ratepayers have turned down a proposition calling for the issuance
of $75,000 debentures for school construction.
SASKATCHEWAN (Province of ).— DEBENTURE SALE.— Harris.
Forbes & Co.. the Dominion Securities Corp. and the National City Co.
on Jan. 27 were awarded an Issue of $3,000,000 6% 1.5-year debentures.
The i)rice paid was 97.637, payable In (Canadian Funds.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.— DEBENTURE
SALE.
—
.\ccording to the "Financial Post" the following is a list of debentures aggregating $27,275 reported sold by the Local Government Board
Jan. 8 to Jan. 15:
from
Grainvicw. $6,000.00, 15 years, 8%: Weed Creek, $4,000.00. 15 years.
8%; Roadside, $4,000.00. 10 years, 8%, H. J. Birkott. Toronto. Ont.
Husiatvn, .$4. ,500. 00, 15 years, 8%, Waterman Waterbury, Regina. Buffalo
Head, $775.00 5 years, 8%, Archie Hi.slop, Areola. Eigenheim, $8,000.00,
15 years. 8%, R. S. Fleury. Kostherii.
AUTHORIZED. The same paper reports that the
following debentures were authorized by the Local Government Board
during the same period: Beaver.slde, $500; Swan Bluff. $1,500; Mountain
,
—
DEBENTURES
Lake,
.$600.
SUDBURY, Ont.— DEBENTURE SALE. — Six blocks
6%
of 5 &
debentures for various purposes amounting to .$147,000 were recently sold to C. H.
Burgess & Vo. of Toronto. Due serially from 1921 to 1940.
WATFORD, Ont.—DEBENTURE SALE.— The $52,000 30-installment
V.
water works debentures which were offered unsuccessfully on Nov. 1
have been sold to C. H. Burgess & Co.. who offered 97.27
Ill, p. 1974
—
—
for OJ-is.
WINDSOR, Ont.— DEBENTURE SALE.— On Jan. 28. it is stated,
the following four blocks of coupon debentures aggregating S4 77. 585.44
were awarded to W. A. Maclcenzio .& Co. of Toronto, for $451,521.83,
equal to 94.542: $110,000 5h'% 30-year installment school debentures;
$234,585.44 5;-2% 10-year installment local impt. debentures; $125,000 6%
20-year installment municipal housing debentures, guaranteed by the
Denoms.
province; and $8,000 6% 40-year installment park debentures.
Prin. and semi-ann. int. payable at Windsor.
$1,000.
WINNIPEG, Man.— DEBENTURES SOLD.—The $1,500,000 6% 30year hydro electric debentures, which the city offered locally last October
V. 111. p. 1395^-did not meet with a largo demand on the part of the
The
citizens of Winnipeg, for only $175,000 of the total were then taken.
remaining $1,325,000 have now been .sold to A. E. Ames & Co.. completing
the sale of the $1,500,000 offered. The price obtained by the city was
96.63. a basis of about 6.25%
.
BOND CALL
CITY OF MONTROSE,
NEW LOAN
BOND SALE. — Seasongixvl & Mayer of
Ariz.
wen; the successful bidders on Jan. 25 for the $.50,000 6% leveoimpt. bond.s V. 112. p. 183 at par and accrued lnt«reet.
Denom. $500.
<'inciiinati
FINANCIAL
COLORADO
BOND CALL
MUNICIPAL BONDS
Underwriting and distributing entire issues of
City, Cotmty, School District and Road District
Bonds of Texas. Dealers' inquiries and offerings
solicited
City of Philadelphia
5 Per
Cent Bonds
Holders of City of Montrose. Colorado. 5%
Water Bonds. Series of 1910, optional March l.st,
1920, are hereby notified that the following bond
is called for payment at the banking house of
Kountze Bros. In the City of New York; Bond
is numbered as follows;
Bond No. 1 for $1,000.00
Dated at Montro.se, Colorado, this 28th day
called
Due January
Price: 104
&
1,
1951
of January, 1921.
interest
[.Seal]
MABEL
104
South Fifth Street
Private Wire to New York
Call Canal 8437
Established 1915
AMERICAN MFG.
Henry
PHILADELPHIA
HOUSTON
WISE
COMPANY TEXAS
G.
City Clerk.
United States and Canadian
Municipal Bonds.
&
HAROLD
CURTIS.
To Net about 4,75%
Biddle
Circulars on request.
COR DAG E
NILA, SISAL,
Ground Floor Singer Building
89 Liberty Street,
New
Telephone Cortland* 3183
CO.
JUTE
York
Nobel and West StreeU, Brooklyn, N.Y.CIty
»
•
>
'
I
« jivvy
.
^
±\yXUl
"^
Classified Department
TRADERS WANTED
RAILKOAD ROND TKADICR WANTED
EXECUTIVES SEEK P OSITION S
POSITIONS WANTED
EXECUTIVE, in financial Institution, or Indus- BOND TRADER— Young unlveredy
by
and okl t>st!ihlisli<x1 bond housr. inr^nibors of
New York Stock KxcbaiiKo, in their bond IradIng depart niont.
Man for this opciiinK must
bi- nioro than an order clerk.
Adclrj'ss Box K-8.
earc of Kinancinl <^hr<>nich>.
New York tMty.
I'ine
()()
corporation
College
and university
graduate, .il, technically trained; six years of
varied IndtLstrial experience in costs, sales and
ac(!ountinK, four years of financial experience,
in Investigation and statistic-s
Writer, posted
on European (conoroic conditions
Keen anatrial
Street.
lyst,
UNLISTED TRADEK WANTED
by Now York
Investment House. To a man that can produce the business, wo offer conimeu.surate
remuneration. Address Rox K-10. care of
Financial (Chronicle, 90 Pino Street. New York
confidence Box F-12,
90
I'ine Street,
c^aro
by
City.
INVESTMENT MEN WANTED
BOND MAN
wanted, by old established Stock
Exchange House, having a clientele in and
about New York City. Only experienced man
would appeal to us. Replies confidential.
EXPERIENC'ED EXEcnJTIVE
posse.s.sing unusual ability for organizing and management,
desires to make a new basiness connection.
Address Box E-2, care of Financial Chronicle.
90 Pine Street, New York City.
Address Box i?-!!, care of Financial Chronicle,
90 Pine Street, New Y'ork City.
SALESMAN WANTED
Exchange House.
by
New York
Must be
Stock
We handle only securities of
established value and are interested In high
Write giving full parclass applicants only.
ticulars. Box F-12, care of Financial Chronicle,
90 Pine Street, New York City.
BUSINESS OPPORTUNITIES
WE WILL SELL at nominal figure 51.000 shares
(control) common stock, $10 par. of an old
established Western company manufacturing a
world-known line of farm implements; one of
the finest plants of its kind in the United
States.
Former incompetent management rea-
WANTED—
To sell Raihoad.
Municipal and Canadian bonds. Knowledge
of bonds desirable, salesmanship required.
R. C, Box F-16, care of Financial Chronicle,
90 Pine Street, New York City.
WE HAVE
WANTED — Young
an up to date plant which costs
S300,000 for tanning hides, side, kip cals, dry
or green salted.
Our organization is made up
of thorough leather men.
We also have a good
selling organization in Boston to sell the
finished merchandise.
We are seeldng some
hide concern or bankers who are ready to tan
sldns on contract.
Prices for tanning are 20%
lower than last year. Address Box E 3, care of
Financial Chronicle. 90 Pine Street, New York
lad, 16 to 18 years of age,
as beginner in newspaper office to do clerical
work.
in
own hand-
Financial
statistical
Chronicle,
Address
CI, care of
90 Pine Street, New York City
writing,
Connection Wanted
—
several universities
of published
de,sired.
and colleges have a number
my
writings to
credit.
Salary
Address Box F-6. care of
Chronicle. 90 Pine Street. New
.$6,000.
Financial
York City.
BOND MAN WITH CLIENTELE
—Experi-
enced executive of unu-sual ability to organize
sales force; also exceptional bond salesman
with clientele wants to represent in Philadelphia territory high-grade Stock Exchange
house. High-grade references will be furni.shed.
Address Box P-4, care of Financial
Chronicle. 90 Pine Street, New York City.
GENTLEMAN,
18 ytjars banking experience in
responsible position abroad, well versed In
foreign exchange and foreign btuinees and
speaking several languages, desires to mak«
connections with first-lass financial firm or
institution.
Address E-12, care of Finandal
Chronicle. 90 Pine Street, New York City.
BANK EQUIPMENT FOR
good salary.
Only connection with some
prominent concern handling
agerial position at
Bronze and walnut
rail,
SALE.
walnut desks, screen
for Tellers' cages, all in very fine condition.
National Exchange Bank, Lockport,
highest class of securities, including large syndicate offerings, desired.
Has had long experience
in municipal and corporation issues and has valuable acquaintance in Philadelphia and Eastern
Pennsylvania. Can sell personally, manage salesmen and produce results. Profit-sharing basis
UNLISTED TRADER,
nine months' experience,
seeks connection with investment house.
Excellently recommended.
Address Box F-19.
care of Financial Chronicle, 90 Pine Street,
New York City.
STATISTICIAN thoroughly familiar with gatherand compiling data on railroad, public
utility and industrial securities desires position
as As.sistant Statistician with an investment
hou.se.
Address Box F-7, care of Financial
ing
Chronicle, 90 Pine St..
New York.
BANK OFFICER SEEKS ENGAGEMENT
BANK OFFICER—New York City and country
CUSTOMERS' MEN WANTED
modest drawing account
City.
SECURITY SALESMAN wishes engagement
with New Y'ork Stock Exchange house that will
plax;e in its organization for
a high calibre man. Address Box F-15, care
of Financial Chronicle, 90 Pine Street, New
Y'ork City.
BOND SALESMAN
wishes to form connection
with New York Investment House. Only have
handled and only interested in handling securiAddress Box F-14,
ties of established value.
care of Financial Chronicle, 90 Pine Street
New York
experience, desires a change. Country bank
preferred.
Now employed. Post Office Box
284-Y, Jamaica, Long Island.
CUSTOMERS' MAN— Large Consolidated House
preferred to straight salary. Address Box F 2, care of Financial
Chronicle, 90 Pine Street, New
York City.
New York
make a permanent
City.
with strong Bond House by a
man now holding lucrative man-
with
having
years of financial .^atLstlcal exi>erlence, destres
position where ability will be appreciated.
In
addition to conducting coursec and giTing
lectur<« on " Investmont«" and economics at
•
son for this opportunty. Company has in
treasury unissued 5260,000 preferred stock; has
about 650 stockholders. Full information to
responsible parties.
"Farmer," P.O. Box 653.
City Hall Station, New York City.
HELP WANTED
and
and encTgy
experienced and
successful.
SALESMAN
of s(<condary Importance, provided ability
will pave the way for a future.
-Address Box F-3. care of Financial Chronicle.
is
City.
turing and business experience, from shopman
to director; production, sales, administration
and conduction of corporate affairs. lOiowledge of accounting, taxes and contracts. Follows economic conditions and .statistics. Can
meet and tactfully deal with business executives.
Po.sitlon sought is one as Assistant to a.
general officer or one requiring a wide range of
work and responsibility. Location to be in, or
near. New York City.
Address Box E-1, care
of Financial Chronicle. 90 Pine Street. New
York City.
Address in
of Financial Chroni-
New York
worker
relcaKfid
90 Pine Street. Now York Mty.
ASSISTANT TO EXECUTIVE.— Technically
educated, .34. with 12 years' varied manufac- STATISTICIAN— University graduate,
prominent Stock Exchange House.
cle,
New York
Street.
City.
GENERAL BOND TRADER WANTED
hard
Address Box
P-20, cAre of Financial Chronicle, 90 Pine
versatile,
graduate.
from military Bervlce abroad,
formorly with one of the oldost Stock Exchange
houses in New York, is sooldng a position
carrying with it the opportunity to learn the
Bond and Inllsted Trading Buslnetw. Salary
jii-it
has an opening for customers' man controlling
active accounts. Exceptional opportunity for
the right man. Address Box E 8, care of
Financial Chronicle, 90 Pine Street, New York
City.
City.
STATISTICIANS
WANTED
STATISTICIAN wanted by New York
Stock
Exchange house just formed; must be capable
of organizing and taking entire charge of statisdepartment. Address Box F-5, care of
Financial Chronicle. 90 Pine St.. N. Y. City.
tical
STATISTICIAN
WANTED
that
is
thoroughly
familiar with railroad, public utility and inAddress Box F-9, care of
dustrial securities.
Financial Chronicle, 90 I*ine Street, New
York City.
SEEKING CAPITAL
USE
IT
A BELGIAN EX-OFFICER,
Whether you are in need of a Salesman with a
clientele or a Trader that can initiate business or a
Statistician capable of organizing a Statistical Department, an ad inserted in this Department will bring
applicants from among the best to be had.
Rates
:
Positions
Wanted and
Office
havtog fought
throughout the entire war, now seeks American
capital in order to set up in the devastated
region of Belgium or France a brick-making
enterprise of most advantageous openings.
Minimum capital required, $65,000. Address
Box F 1, care of Financial Chronicle, 90 Pine
Street,
New
Y^ork City.
and Bank
Equipment For
Sale, 10 cents per word, figure or initial,
with a miinimum charge of $3.00; Investment Men,
Traders and Statisticians Wanted, etc., 15 cents per
word, figure or initial, with a minimum charge of $6.00
Bond Salesmanship
Human Side of Business' is the
best book on this subject ever written."
Price $3, cash with order. Descriptive
" 'The
Published and for sale by
the Investment House of
circular free.
Keep
this
Department
occasion arises.
in
mind
for use
when the
Frederick Peirce
&
Co.
1421 Chestnut Street, Philadelphia
@FedFRASER